Aspen Aerogels Inc (ASPN) 2024 Q2 法說會逐字稿

Good morning.

早安.

Thank you for attending the Aspen Aerogels, Inc. Q2 2024 financial results call.

感謝您參加 Aspen Aerogels, Inc. 2024 年第二季財務績效電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to your host, Neal Baranosky, Aspen's Senior Director, Head of Investor Relations, and Corporate Strategy.

現在我想將會議交給東道主尼爾·巴拉諾斯基（Neal Baranosky），他是阿斯彭的高級總監、投資者關係和企業策略主管。

Thank you.

謝謝。

You may proceed, Mr. Baranosky.

您可以繼續了，巴拉諾斯基先生。

Thank you, Elissa.

謝謝你，艾莉莎。

Good morning, and thank you for joining us Aspen Aerogel's Second Quarter 2024 Financial Results Conference Call.

早安，感謝您參加 Aspen Aerogel 2024 年第二季財務業績電話會議。

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

今天與我們在一起的有總裁兼執行長 Don Young；財務長兼財務主管里卡多·羅德里格斯 (Ricardo Rodriguez)。

The press release announcing Aspen's financial results and business developments and the slide deck that will accompany our conversation today are available on the Investors section of Aspen's website, www.aerogel.com.

宣布阿斯彭財務業績和業務發展的新聞稿以及我們今天談話中的幻燈片可在阿斯彭網站 www.aerogel.com 的投資者部分獲取。

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。

The reconciliations between GAAP and non-GAAP measures are included in the back of the presentation and earnings release.

GAAP 和非 GAAP 指標之間的調整包含在簡報和收益發布的後面。

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。

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

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語言管轄。

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

我還想指出，有時與限制性股票單位的行使或即將到期有關，以及根據我們的長期股權激勵計劃發行的股票選擇權。

We expect that our Section 16 officers will file forms for to report the sale and/or withholding shares in order to cover the payment of taxes and/or the exercise price of options.

我們希望我們的第 16 節官員將提交表格來報告出售和/或預扣股份，以支付稅款和/或選擇權的行使價。

Lastly, I want to call out that next Tuesday and Wednesday, August 13 and 14, Don, Ricardo and I will be hosting one-on-one investor discussions at Canaccord's 44th Annual Growth Conference.

最後，我想指出，下週二和週三，即 8 月 13 日和 14 日，Don、Ricardo 和我將在 Canaccord 第 44 屆年度增長會議上主持一對一的投資者討論。

This event will also include a fireside chat with Don and Ricardo on Tuesday, August 13, from 8 to 8:25 a.m. EST.

該活動還包括在美國東部時間 8 月 13 日星期二上午 8 點至 8:25 與 Don 和 Ricardo 進行爐邊聊天。

On Wednesday, September 4, the company will host one on one investor discussions at the company will host investor discussions at the Barclays 30th Annual CEO Energy Power Conference in New York.

9 月 4 日星期三，該公司將在紐約舉行的巴克萊第 30 屆年度執行長能源電力會議上舉辦一對一的投資者討論會。

And finally, on Tuesday, September 24, the company will host one-on-one discussions at Oppenheimer's innovating Sustainability Summit to be held virtually.

最後，9 月 24 日星期二，該公司將在奧本海默以虛擬方式舉行的創新永續發展高峰會上舉辦一對一的討論。

I'll now turn the call over to Don.

我現在將電話轉給唐。

Don?

大學教師？

Thanks, Neal.

謝謝，尼爾。

Good morning, everyone.

大家早安。

Thank you for joining us for our Q2 2024 earnings call.

感謝您參加我們的 2024 年第二季財報電話會議。

My comments will focus on Q2 and first half performance, 2024 full year outlook and the status and expected impact of several key elements of our strategy.

我的評論將重點放在第二季度和上半年的業績、2024 年全年展望以及我們策略的幾個關鍵要素的現狀和預期影響。

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。

As Neal indicated, we will conclude with a Q&A session.

正如尼爾所指出的，我們將以問答環節結束。

We operated very well in Q2.

我們在第二季度運作得很好。

The strong execution leveraged and extended the momentum that we built throughout 2023, and during Q1 of this year.

強大的執行力充分利用並擴大了我們在 2023 年全年和今年第一季建立的勢頭。

The performance is reflected in the Q2 financial results and in the higher 2024 revenue and adjusted EBITDA outlook, our second beat and raise quarter of the year.

這一業績反映在第二季度的財務業績以及更高的 2024 年收入和調整後的 EBITDA 前景中，這是我們今年第二季的業績成長和成長。

Quarterly revenue grew to $118 million, which was accompanied by a 44% gross profit margin.

季度營收成長至 1.18 億美元，毛利率達 44%。

Adjusted EBITDA grew to $29 million, resulting in an adjusted EBITDA margin of 25%.

調整後 EBITDA 增至 2,900 萬美元，調整後 EBITDA 利潤率為 25%。

Quarterly revenue and gross profit were at record levels in both our energy industrial and EV PyroThin thermal barrier businesses.

我們的能源工業和電動車 PyroThin 熱障業務的季度收入和毛利均創歷史新高。

We are well positioned to be net income positive for 2024, an important milestone for the company.

我們已做好準備，在 2024 年實現正淨利潤，這對公司來說是一個重要的里程碑。

Our profitability metrics are driven by both leveraging our fixed assets and controlling expenses.

我們的獲利指標是透過利用固定資產和控制費用來驅動的。

Our operating facilities are placing an emphasis on important safety, operational and financial objectives and are producing outsized value for Aspen and our customers.

我們的營運設施注重重要的安全、營運和財務目標，並為阿斯彭和我們的客戶創造巨大的價值。

The gross profit margin over the past six quarters has expanded from 11% to 17% to 23% to 35% to 37% and now to 44%.

過去六個季度的毛利率從11%擴大到17%、23%、35%、37%，現在擴大到44%。

Our adjusted EBITDA margin over the same six quarter period has grown from negative 31% to positive 25%.

在同一六個季度內，我們調整後的 EBITDA 利潤率已從負 31% 成長至正 25%。

Comparing the second quarter of 2024 to the second quarter of 2023, revenue increased by approximately $70 million and gross profit grew by approximately $43 dropping 62% of incremental revenue to the gross profit line.

與 2024 年第二季和 2023 年第二季相比，營收增加了約 7,000 萬美元，毛利成長了約 43 美元，佔毛利線增量收入的 62%。

These results demonstrate the power of leveraging growth through our focus on unit economics and cost controls both key elements of our business model.

這些結果證明了我們透過關注單位經濟效益和成本控制（我們業務模式的關鍵要素）來利用成長的力量。

We believe we can continue to improve our performance.

我們相信我們可以繼續提高我們的業績。

As demonstrated above driving incremental revenue through existing capacity is extra valuable in terms of our profitability metrics, especially as we continue to improve yield throughout the manufacturing and parts assembly processes.

如上所述，透過現有產能推動增量收入對於我們的獲利指標非常有價值，特別是當我們不斷提高整個製造和零件組裝流程的產量時。

The transition to the supplemental supply in support of our Energy and Industrial business is also strengthening our gross margin expansion.

向補充供應的過渡以支持我們的能源和工業業務也加強了我們毛利率的擴張。

Our External Manufacturing Facility or EMF, supplied 10% of our Energy Industrial revenue in Q4 2023, 50% in Q1 2024 and over 75% in Q2.

我們的外部製造設施或 EMF 在 2023 年第四季度提供了我們能源工業收入的 10%，在 2024 年第一季提供了 50%，在第二季度提供了超過 75%。

Over these three quarters, our energy industrial gross margin grew from 32% to 42%.

這三個季度，我們的能源工業毛利率從32%成長到42%。

We anticipate that the EMF supply percentage will continue to grow as we more fully dedicate our East Providence plant to the thermal barrier business.

我們預計，隨著我們將東普羅維登斯工廠更全面地致力於熱障業務，EMF 供應百分比將繼續增長。

Energy Industrial activity remained strong across all regions and segments, including significant growth of Cryogel products serving the LNG industry.

所有地區和細分市場的能源工業活動仍然強勁，包括服務液化天然氣行業的 Cryogel 產品顯著成長。

Since the launch of Cryogel products in 2007, 29 facilities globally have been built or converted for LNG export.

自 2007 年推出 Cryogel 產品以來，全球已建造或改造了 29 個液化天然氣出口設施。

Aspen's Cryogel is being used on 23 of these facilities.

其中 23 個設施正在使用 Aspen 的 Cryogel。

We have also won our first two carbon capture projects, where our Cryogel products deliver high-performance thermal management.

我們還贏得了前兩個碳捕獲項目，我們的 Cryogel 產品在其中提供高性能熱管理。

These important wins reinforce our role in sustainability and introduce an additional high potential segment to our Energy Industrial business.

這些重要的勝利加強了我們在永續發展方面的作用，並為我們的能源工業業務引入了額外的高潛力領域。

We believe our Energy Industrial team will drive steady, long-term and highly profitable growth for the company, including a record year in 2024 of at least $150 million in revenue and with gross margins exceeding our original 35% target.

我們相信，我們的能源產業團隊將推動公司穩定、長期和高利潤的成長，包括在 2024 年創紀錄地實現至少 1.5 億美元的收入，毛利率超過我們最初的 35% 目標。

In the medium-term, the team is focused on doubling size of the business and providing a valuable base load revenue and profits.

從中期來看，該團隊的重點是使業務規模擴大一倍，並提供有價值的基本負載收入和利潤。

We started the year with an outlook for revenue of $350 million and for adjusted EBITDA of $35 million, which we raised to $380 million and $55 million, respectively, at the time of our Q1 earnings call.

今年伊始，我們預計營收為 3.5 億美元，調整後 EBITDA 為 3,500 萬美元，在第一季財報電話會議上，我們將其上調至 3.80 億美元和 5,500 萬美元。

The mid-year results and momentum of both businesses have given us confidence again to boost our 2024 revenue outlook by $10 million to at least $390 million and our adjusted -- in our 2024 adjusted EBITDA outlook by $5 million to at least $60 million.

兩項業務的年中業績和動能再次讓我們有信心將 2024 年營收前景提高 1,000 萬美元，至至少 3.9 億美元，並將 2024 年調整後 EBITDA 前景提高 500 萬美元，至至少 6,000 萬美元。

Per usual, this outlook is comprised of baseline numbers, and our objective is to exceed them.

像往常一樣，這一前景由基線數字組成，我們的目標是超越這些數字。

In fact, we believe that we have over $50 million of upside to our baseline revenue outlook, predominantly in our EV PyroThin Thermal Barrier business.

事實上，我們相信我們的基準收入前景有超過 5000 萬美元的上升空間，主要是我們的 EV PyroThin 熱障業務。

During Q2, we announced our sixth design award from a large EU battery manufacturer to supply the next-generation battery platform for Porsche, the EU luxury sports car brand under the VW umbrella.

第二季度，我們宣布獲得一家大型歐盟電池製造商頒發的第六個設計獎，為大眾汽車旗下的歐盟豪華跑車品牌保時捷提供下一代電池平台。

The EU battery manufacturer has delivered over two million battery systems since year 2019.

自 2019 年以來，這家歐盟電池製造商已交付超過 200 萬套電池系統。

The battery platform is expected to underpin multiple nameplates for Porsche and has an expected start of production in 2025.

該電池平台預計將為保時捷的多個品牌提供支持，並預計於 2025 年開始生產。

Our EV commercial activity remains at peak levels.

我們的電動車商業活動仍處於高峰水平。

During Q3, we expect to deliver over 100,000 prototype or preproduction parts to over a dozen programs in our development pipeline.

在第三季度，我們預計將向我們的開發管道中的十幾個項目交付超過 100,000 個原型或預生產零件。

We are in final contract negotiations with a major European OEM which we expect to become a formal design award during the third quarter.

我們正在與一家主要的歐洲原始設備製造商進行最終合約談判，我們預計該合約將在第三季成為正式的設計合約。

This award would be our seventh.

該獎項將是我們的第七個獎項。

We anticipate securing additional OEM, EV Zero programs this year which will further solidify and diversify our position in the Electric Vehicle market.

我們預計今年將獲得更多 OEM、電動車零計劃，這將進一步鞏固我們在電動車市場的地位並使其多元化。

With respect to our commercial activity with General Motors, GM reiterated, during its Q2 earnings call that it is targeting to produce between 200,000 and 250,000 EVs in 2024.

關於我們與通用汽車的商業活動，通用汽車在第二季財報電話會議上重申，其目標是在 2024 年生產 20 萬至 25 萬輛電動車。

IHS cited 108,000 Ultium-based EVs produced in the first half of the year and that it anticipated acceleration in the second half of the year with the launch of several new vehicle nameplates.

IHS 表示，今年上半年生產了 108,000 輛基於 Ultium 的電動車，預計下半年將隨著幾款新汽車銘牌的推出，產量將加速成長。

For our cautious planning purposes and embedded in our 2024 outlook, we anticipate that GM will produce in 2024 180,000 LTM based EVs for GM nameplates plus an additional 45,000 Ultium-based EVs for Honda and Acura.

出於我們謹慎規劃的目的並融入我們的 2024 年展望，我們預計通用汽車將在 2024 年為通用汽車生產 180,000 輛基於 LTM 的電動汽車，並為本田和謳歌另外生產 45,000 輛基於 Ultium 的電動汽車。

As Ricardo will discuss, the July sell-through levels were notable and support our expectations for the year.

正如里卡多將討論的那樣，7 月的銷售水平非常顯著，支持了我們對今年的預期。

The potential upside to our revenue outlook that I cited earlier is largely based on GM maintaining its current ramp-up and achieving its targeted production range.

我之前提到的我們收入前景的潛在上行主要是基於通用汽車維持當前的成長並實現其目標生產範圍。

We are fully prepared to supply GM PyroThin Thermal Barriers demand should they meet or exceed their targeted production range.

如果 GM PyroThin 熱障達到或超過目標生產範圍，我們已做好充分準備滿足其需求。

We believe that our strategic accomplishments, both commercial and operational, keep us on a direct path to utilize our current capacity and supply arrangements and to realize our interim baseline target of at least $650 million in revenue, $230 million in gross profit and $160 million in adjusted EBITDA.

我們相信，我們在商業和營運方面的策略成就使我們能夠直接利用我們目前的產能和供應安排，並實現我們的中期基準目標，即至少6.5 億美元的收入、2.3 億美元的毛利和1.6 億美元的利潤。

Our first half 2024 financial performance more than supports these profitability metrics.

我們 2024 年上半年的財務表現足以支持這些獲利指標。

We are executing three elements of our strategy that are important to our revenue and profitability goals.

我們正在執行策略的三個要素，這對我們的收入和獲利目標非常重要。

First, the full conversion of Plant 1 and East Providence Rhode Island to support the growth of the PyroThin Thermal Barrier business; second, the transition to our external manufacturing facility to support the growth of the energy industrial business; and third, the financial stewardship to reinforce the strength and flexibility of the company necessary to achieve our interim and long-term goals.

首先，全面改造一號工廠和羅德島州東普羅維登斯，以支持 PyroThin 熱障業務的成長；其次，向外部製造設施轉型以支持能源工業業務的成長；第三，財務管理，以增強公司實現中期和長期目標所需的實力和靈活性。

In terms of financial strength and flexibility, we finished Q2 with over $90 million in cash, just $10 million lower compared to the end of Q1.

就財務實力和靈活性而言，我們第二季末擁有超過 9,000 萬美元的現金，僅比第一季末減少 1,000 萬美元。

And as noted above, with the momentum from our recent operating performance, we now anticipate for the full year 2024 at least $60 million in adjusted EBITDA and positive net income.

如上所述，憑藉我們近期經營業績的勢頭，我們現在預計 2024 年全年調整後 EBITDA 和正淨利潤將至少達到 6,000 萬美元。

As we plan for revenue beyond $650 million, we are focused on our second Aerogel manufacturing facility in Georgia, which will add approximately $1.2 billion of revenue capacity by 2027.

由於我們計劃收入超過 6.5 億美元，因此我們將重點放在位於喬治亞州的第二個氣凝膠製造工廠，到 2027 年該工廠將增加約 12 億美元的收入產能。

Several months ago, we announced that the US Department of Energy Loan Programs Office invited Aspen into the formal due diligence and term sheet negotiation stage of the process.

幾個月前，我們宣布美國能源部貸款計畫辦公室邀請阿斯彭進入該流程的正式盡職調查和條款清單談判階段。

This loan application is one of the key drivers for restarting the construction of Plant 2.

這筆貸款申請是重啟二號工廠建設的關鍵驅動力之一。

We have made steady progress with the Loan Programs Office.

我們與貸款計劃辦公室取得了穩步進展。

While we do not have assurance that DOE will issue a conditional commitment, we remain deeply engaged with the LPO and its advisers and continue to believe that we are a strong candidate to partner with the DOE LPO in this program.

雖然我們不能保證能源部會發出有條件承諾，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能源部 LPO 在此計劃中合作的有力候選人。

We believe that we are in the final stages of the due diligence process.

我們相信我們正處於盡職調查過程的最後階段。

If we are successful, the next step would be a letter of conditional commitment.

如果我們成功了，下一步將是一份有條件承諾書。

We expect to be able to provide additional details prior to at the time of our next quarterly earnings call.

我們希望能夠在下一次季度財報電話會議之前提供更多詳細資訊。

Ricardo, over to you.

里卡多，交給你了。

Thank you, Don, and good morning, everyone. (technical difficulty) reported another record-breaking quarter in a row on behalf of our team, starting on slide 4.

謝謝你，唐，大家早安。 （技術難度）代表我們團隊連續報告了另一個破紀錄的季度，從幻燈片 4 開始。

We delivered $117.8 million of revenue in Q2 which translates into 145% growth year-over-year and 25% growth quarter-over-quarter.

第二季我們實現了 1.178 億美元的收入，年增 145%，季增 25%。

This reflects an annual revenue run rate of over $470 million.

這反映出年收入運行率超過 4.7 億美元。

Most importantly, we believe that operating at this run rate demonstrates the scalability of our asset base and validates that it was only a matter of time before demand caught up with our team's ability to deliver what we've been laying out and some for over a year.

最重要的是，我們相信，以這樣的運行速度運行證明了我們資產基礎的可擴展性，並驗證了需求趕上我們團隊交付我們一直在佈局的內容和一些已經超過一年的內容的能力只是時間問題。

Our energy industrial revenue was $36.9 million, an increase of 4% year-over-year and a 27% increase quarter-over-quarter. $20.3 million was delivered through our external manufacturing facility, which has nearly doubled its ability to supply product quarter-over-quarter, and is well on its way to enable us to deliver over $150 million of revenues in this segment as we close out the second half of 2024.

我們的能源工業收入為 3,690 萬美元，較去年同期成長 4%，較上季成長 27%。透過我們的外部製造工廠交付了 2,030 萬美元，該工廠供應產品的能力環比增加了近一倍，並且在我們結束第二季度時，我們將在該領域實現超過 1.5 億美元的收入2024 年一半。

As Don mentioned in his remarks, the applications, recurring maintenance and new projects continue driving excess demand and we are incentivized to continue increasing supply in this segment.

正如唐在演講中提到的那樣，應用程式、定期維護和新項目繼續推動過剩需求，我們有動力繼續增加該領域的供應。

EV thermal barrier revenue of $80.8 million was up more than six-fold year-over-year and 24% quarter-over-quarter, reflecting a higher-than-expected ramp in GM's production of Ultium platform-based electric vehicles and higher volumes from Toyota, Scania and more preproduction parts for Audi.

電動車熱障收入為 8,080 萬美元，年成長超過六倍，環比成長 24%，反映出通用汽車基於 Ultium 平台的電動車產量增幅高於預期，以及銷量增加。奧迪預生產零件。

Our prototype and preproduction part volumes continue to exceed those over the prior quarters.

我們的原型和預生產零件數量持續超過前幾季。

Next, I'll provide a summary of our main expenses.

接下來，我將總結我們的主要開支。

Cost of goods sold of $66.2 million or 56 percentage points of sales reflect relatively flat material costs quarter-over-quarter, but a significant improvement in conversion costs as a percentage of sales.

銷售成本為 6,620 萬美元，佔銷售額的 56 個百分點，反映出材料成本與上一季相比相對持平，但轉換成本佔銷售額的百分比卻顯著改善。

Let's remember that we define conversion costs as all production costs required to convert raw materials into finished products.

請記住，我們將轉換成本定義為將原材料轉換為成品所需的所有生產成本。

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、製造費用、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。

The higher revenue levels and our team's ability to scale and deliver lower our cost of goods sold by 7% quarter-over-quarter.

更高的收入水平以及我們團隊的擴展和交付能力使我們的銷售成本環比降低了 7%。

This is an 18% improvement in our ability to deliver gross profit from lower conversion costs, which tended to make up around 30% of our sales.

這使我們透過降低轉換成本來實現毛利的能力提高了 18%，而轉換成本往往占我們銷售額的 30% 左右。

So the effect that the team's focus on optimizing our capacity, introducing automation and improving production yields among many other things is materializing faster than expected.

因此，團隊專注於優化我們的產能、引入自動化和提高產量等，其效果比預期更快實現。

We also believe this improvement could continue if revenues ramp further with each incremental dollar of revenues above Q2's revenue level, bringing over 50 percentage points of sales as gross profit regardless of mix.

我們也相信，如果收入進一步增長，每增加一美元收入都高於第二季度的收入水平，那麼這種改善可能會持續下去，無論組合如何，都能將銷售額作為毛利潤提高50 個百分點以上。

In Q2, company-level gross profit margins were 44% and our gross profit of $51.6 million is a $43.2 million improvement over our gross profit of $8.4 million during the same quarter last year.

第二季度，公司級毛利率為 44%，毛利為 5,160 萬美元，比去年同期的 840 萬美元毛利提高了 4,320 萬美元。

Our Energy Industrial segment delivered $15.5 million of gross profit or a 62% year-over-year increase on comparable revenues.

我們的能源工業部門實現了 1,550 萬美元的毛利，即可比營收年增 62%。

In EV thermal barriers, we delivered $36.1 million of gross profit in Q2.

在電動車熱障領域，我們第二季實現了 3,610 萬美元的毛利。

The resulting gross profit margins during the quarter were 42% and 45% for our energy industrial and EV thermal barrier segments, respectively.

本季能源工業和電動車熱障領域的毛利率分別為 42% 和 45%。

Most of the one-time charges of obsolete inventory and equipment related to customer-driven engineering changes that we implemented in Q1 were reversed in Q2 as we receive the benefit of those changes and the reimbursement from customers.

我們在第一季實施的與客戶驅動的工程變更相關的大部分過時庫存和設備的一次性費用在第二季度被逆轉，因為我們收到了這些變更的好處和客戶的報銷。

With this in mind, the best way to look at the profitability of our EV thermal barrier business is by looking at the results of the first half rather than each quarter separately.

考慮到這一點，衡量電動車熱障業務盈利能力的最佳方法是查看上半年的業績，而不是單獨查看每個季度的業績。

Operating expenses, which are sized for our near-term projected annual revenue capacity of over $650 million, were at $31.6 million in Q2 were down by $1.1 million quarter-over-quarter.

第二季的營運支出為 3,160 萬美元，比上一季下降了 110 萬美元，該支出是根據我們近期超過 6.5 億美元的預計年收入能力計算的。

This would have been even lower without several one-time expenses linked to performance pay, recruiting and talent development.

如果沒有與績效工資、招募和人才發展相關的多項一次性費用，這一數字還會更低。

Higher than expected insurance costs also drove OpEx to these levels.

高於預期的保險成本也導致營運支出達到這樣的水平。

We will continue managing OpEx in the second half of the year, and we'll focus increases on driving incremental demand and profitability only.

我們將在下半年繼續管理營運支出，並將重點放在推動增量需求和獲利能力上。

Our team continues to visiting every key company process and implementing new systems with the intent of bolstering our capabilities, reducing fixed costs and driving our OpEx towards the recurring $110 million per year level.

我們的團隊繼續存取每個關鍵的公司流程並實施新系統，旨在增強我們的能力、降低固定成本並推動我們的營運支出達到每年 1.1 億美元的經常性水準。

Putting these elements together, our adjusted EBITDA was of $28.9 million in Q2 compared to negative $10.8 million during the same period last year.

將這些因素放在一起，我們第二季調整後的 EBITDA 為 2,890 萬美元，而去年同期為負 1,080 萬美元。

Delivering 25% EBITDA margins in Q2 this year at the current revenue run rate, more than validate the planning and execution of the gearing that we defined over a year ago.

按照目前的營收運行速度，今年第二季的 EBITDA 利潤率為 25%，這不僅驗證了我們一年多前定義的槓桿率的規劃和執行。

As a reminder, we define adjusted EBITDA as net income or loss before interest, taxes, depreciation, amortization, stock-based compensation and any other nonrecurring items that we do not believe are indicative of our core operating performance.

提醒一下，我們將調整後的 EBITDA 定義為扣除利息、稅項、折舊、攤提、股票薪酬以及我們認為不能反映我們核心經營業績的任何其他非經常性項目之前的淨收入或虧損。

In Q2, these adjustments were limited to $3 million of stock-based compensation, $1.1 million of interest income and $2.3 million of interest and financing-related expenses.

第二季度，這些調整僅限於 300 萬美元的股票薪酬、110 萬美元的利息收入以及 230 萬美元的利息和融資相關費用。

Our net income in Q2 increased to $16.8 million or $0.21 per diluted share versus a net loss of $15.8 million or $0.22 per diluted share in the same quarter of 2023.

我們第二季的淨利潤增至 1,680 萬美元，即稀釋後每股 0.21 美元，而 2023 年同一季度的淨虧損為 1,580 萬美元，即稀釋後每股 0.22 美元。

We could not be more excited about reversing this loss in 12 months' time.

對於 12 個月後扭轉這一損失，我們感到無比興奮。

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 generated by our operations of $6.8 million reflected our adjusted EBITDA of $20.9 million, interest income of $1.1 million and $23 million used for working capital.

我們的營運產生的現金為 680 萬美元，反映出調整後的 EBITDA 為 2,090 萬美元、利息收入為 110 萬美元以及用於營運資本的 2,300 萬美元。

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, prepaid 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，但被應付帳款、預付費用和應計費用的增加所抵銷。

If we counted revenue collected from customers of $28 million in the week after closing the quarter, we would have generated free positive cash flow.

如果我們計算本季結束後一週內從客戶收取的收入為 2,800 萬美元，我們將產生自由的正現金流。

Our capital expenditures during the quarter were of $24.8 million.

本季我們的資本支出為 2,480 萬美元。

These put our operating cash needs for the quarter at $18 million, down by 59% quarter-over-quarter from $43.6 million in Q2.

這使得我們本季的營運現金需求為 1,800 萬美元，比第二季的 4,360 萬美元下降了 59%。

Again, if we included the revenue collected during the week after we closed the quarter, we would have generated over $10 million of positive free cash flow.

同樣，如果我們將季度結束後一周內收集的收入包括在內，我們將產生超過 1000 萬美元的正自由現金流。

In Q2, we spent $12.3 million towards slowly advancing progress to fully enclose the main structures at Plant 2 and temperature control in all areas.

第二季度，我們花了 1230 萬美元，緩慢推進 2 號工廠主要結構的完全封閉以及所有區域的溫度控制。

To date, we have incurred $300.2 million in cumulative expenses through the end of the second quarter towards Plant 2 in Georgia, to position the project for a potential restart of construction after we've obtained conditional approval from the US Department of Energy's loan programs office as part of our application to fund the remaining construction cost of Plant 2 through a loan pursuant to the DOE's advanced technology, vehicle manufacturing or ATVM loan program.

到目前為止，截至第二季末，我們已為佐治亞州 2 號工廠累計支出 3.002 億美元，以便在獲得美國能源部貸款計劃辦公室的有條件批准後，為該項目重新啟動建設做好準備作為我們申請的一部分，根據能源部的先進技術、車輛製造或ATVM 貸款計劃，透過貸款為2 號工廠的剩餘建設成本提供資金。

The remaining CapEx spent in the quarter of $12.5 million went towards additional improvements at our aerogel plant in Rhode Island and EV thermal barrier equipment in Mexico that will enable the potential continued ramp of our business in 2025.

本季剩餘的 1,250 萬美元資本支出用於進一步改善我們位於羅德島州的氣凝膠工廠和位於墨西哥的電動車熱障設備，這將使我們的業務在 2025 年能夠持續成長。

Our financing activities in the quarter, included $8.1 million release through the exercising of employee stock options that were close to expiring, within our equity compensation plan.

我們本季的融資活動包括透過行使股權補償計畫中即將到期的員工股票選擇權釋放 810 萬美元。

Looking ahead, we continue pursuing capital leases to fund a meaningful portion of this year's remaining CapEx outside of Plant 2, which I'll go into when we discuss our updated outlook.

展望未來，我們將繼續尋求資本租賃，為今年 2 號工廠之外的剩餘資本支出的很大一部分提供資金，我將在討論更新後的前景時對此進行討論。

We ended the quarter with $91.4 million of cash and shareholders' equity of $517.8 million.

本季結束時，我們的現金為 9,140 萬美元，股東權益為 5.178 億美元。

We continue meaningfully working our way through the due diligence and term sheet negotiation phase with the US Department of Energy's loans programs office as part of our application to fund the remaining construction costs of Plant 2 through a loan pursuant to the DOE's advanced technology vehicle manufacturing or ATVM program.

我們將繼續與美國能源部貸款計劃辦公室進行盡職調查和條款清單談判，作為我們申請的一部分，透過根據能源部先進技術車輛製造或技術提供貸款來資助 2 號工廠的剩餘建設成本。

In the appendix, we have a graphic of the different phases of the DOE's application steps and details on the work streams that make up the due diligence and term sheet negotiation phase and our progress within these.

在附錄中，我們提供了能源部申請步驟的不同階段的圖表，以及構成盡職調查和條款清單談判階段的工作流程的詳細信息，以及我們在這些方面的進展。

As our operating performance improves, we continue assessing relatively inexpensive debt options that have become available.

隨著我們經營業績的改善，我們繼續評估現有的相對便宜的債務選擇。

These include asset-backed loans, term debt and a potential revolving line of credit to support our business.

其中包括資產支持貸款、定期債務和支持我們業務的潛在循環信貸額度。

We expect to end the year with a capital structure aimed at continuing to lower our cost of capital and making sure that we have the flexibility to fund a potentially faster than expected but very profitable ramp in our business.

我們預計今年年底的資本結構旨在繼續降低我們的資本成本，並確保我們能夠靈活地為我們的業務提供可能比預期更快但利潤豐厚的成長。

Now I'll turn over to slide 5 and walk through our updated thoughts on the outlook for the rest of the year.

現在我將翻到投影片 5，介紹我們對今年剩餘時間的前景的最新想法。

I'll focus on the EV thermal barrier segment, as Don covered our Energy Industrial segment in his opening remarks, and we have a very clear line of delivering at least $150 million of revenue there this year.

我將重點關注電動車熱障領域，因為唐在他的開場白中談到了我們的能源工業領域，我們有一個非常明確的路線，今年將在該領域實現至少 1.5 億美元的收入。

We remain sold out and revenues there depend on our ability to increase broad supply of all our product variants.

我們仍然銷售一空，那裡的收入取決於我們增加所有產品變體的廣泛供應的能力。

With two quarters of EV production behind us, we could not be more impressed by the launch of the Honda Prologue, a vehicle that we weren't expecting to launch until later in the year.

電動車生產已經過了兩個季度，本田 Prologue 的推出給我們留下了深刻的印象，我們原本預計這款車要到今年晚些時候才會推出。

We believe that Honda is a very attractive product here being produced by General Motors.

我們相信本田是通用汽車生產的一款非常有吸引力的產品。

Everything about the way this vehicle was launched from the product plan the timing of the advertising blitz, pricing and availability seems to be working in the US marketplace.

關於這款車的推出方式、產品計劃、廣告宣傳的時機、定價和可用性的一切似乎都在美國市場上發揮作用。

In July of this year, almost 3,500 of them were sold, and we expect that the annual sales run rate of 42,000 units will increase as the year progresses.

今年7月份，已售出近3,500輛，我們預計全年銷售運行率將隨著年內的進展而增加42,000輛。

With this in mind, we think it's worth splitting the Honda Prologue along with the Acura ZDX area from the rest of the GM production volumes in our outlook as we show here on the left side of slide 5.

考慮到這一點，我們認為有必要將本田 Prologue 和謳歌 ZDX 區域從我們的展望中的其他通用汽車產量中分開，正如我們在幻燈片 5 左側所示的那樣。

We expect at least 45,000 of these to be produced in 2024.

我們預計 2024 年將生產至少 45,000 輛。

GM continues ramping up production of a broad range of other Altium based nameplates.

通用汽車繼續提高各種其他基於 Altium 的銘牌的產量。

In mid-June, it revised its external 2024 Altium production forecast from 200,000 to 300,000 units down to a range of 200,000 to 250,000 units.

6月中旬，它將外部2024年Altium產量預測從20萬至30萬台下調至20萬至25萬台。

This trimming of the upper end of their production goals does not impact our outlook and we are actually revising our baseline production outlook of GM's Altium vehicles down by 10% from 200,000 vehicles to 18vehicles to 180,00be safe.

生產目標上限的調整不會影響我們的前景，我們實際上正在修改通用汽車 Altium 車輛的基準生產前景，將產量從 200,000 輛下調 10%，降至 18 輛，再到 180,000 輛。

GM can very well still exceed 180,000 units as it ramps up production in the second half of the year of nameplates like the Equinox and Silverado.

隨著通用汽車在今年下半年加大 Equinox 和 Silverado 等品牌的產量，其產量很有可能超過 18 萬輛。

At the same time, we expected to launch the GMC Sierra EV, the Escalade IQ and the Cadillac OPTIQ.

同時，我們預計將推出GMC Sierra EV、Escalade IQ和凱迪拉克OPTIQ。

We continue to believe that GM's established brands with long-running customer loyalty along with the size and scope of its distribution scale can enable it to drive sales beyond these expectations.

我們仍然相信，通用汽車擁有長期客戶忠誠度的知名品牌，以及其分銷規模的規模和範圍，能夠使其銷售量超出這些預期。

Putting GMs and Hondas accurate volumes together, we now expect to supply over 225,000 vehicles and enable our EV thermal barrier business to deliver over $240 million of revenue in combination with Toyota, some initial Scania and Stellantis volumes, along with a high level of prototype sales.

將通用汽車和本田的準確銷量放在一起，我們現在預計將供應超過225,000 輛汽車，並使我們的電動汽車熱障業務與豐田、斯堪尼亞和Stellantis 的一些初始銷量以及高水平的原型銷售結合，帶來超過2.4 億美元的收入。

A question that we get often from investors is centered around the sell-through of EV production and whether we see risk in it affecting GM's production long term.

我們經常從投資者那裡得到的一個問題集中在電動車生產的銷售情況以及我們是否認為它存在影響通用汽車長期生產的風險。

In the center of slide 5, one can see that in the US, the sales rate of Altium based vehicles grew by about 50% in July over June to 156,000 vehicles per year.

在幻燈片 5 的中間，我們可以看到，在美國，基於 Altium 的車輛 7 月份的銷量比 6 月份增長了約 50%，達到每年 156,000 輛。

Through the end of July, we believe that around 45,000 vehicles have been sold and if July sales rates were to stop growing, over 110,000 vehicles can be expected to be sold in 2024.

截至 7 月底，我們認為已售出約 45,000 輛汽車，如果 7 月銷量停止成長，預計 2024 年將售出超過 11 萬輛汽車。

To support sales of 225,000 vehicles, dealers would still need around 60 days of inventory on hand or 40,000 vehicles at least.

為了支援 225,000 輛汽車的銷售，經銷商仍需要大約 60 天的庫存，至少 40,000 輛汽車。

This inventory may need to be even higher to support many different vehicle nameplates.

該庫存可能需要更高才能支援許多不同的車輛銘牌。

So to confidently produce over 225,000 vehicles in 2024, only around 75,000 incremental vehicles beyond the July sales rate need to be sold within the year.

因此，要自信地在 2024 年生產超過 225,000 輛汽車，年內只需銷售超出 7 月銷量的約 75,000 輛增量汽車。

We believe that this is achievable, especially as attractive lease incentives are offered to consumers, and therefore, we continue to see very profitable upside to our business baseline outlook.

我們相信這是可以實現的，特別是在向消費者提供有吸引力的租賃激勵措施的情況下，因此，我們繼續看到我們的業務基線前景非常有利可圖的上升空間。

A vehicle like the Chevy Equinox, which is now the most attractively priced EV in the US market could drive most of the incremental unit sales required in the second half of the year.

像雪佛蘭Equinox這樣的車目前是美國市場上價格最具吸引力的電動車，可以推動今年下半年所需的大部分增量銷售。

We also continue seeing some investors attempt to connect our customers' volume plans to our revenues, and we strongly advise against this as there is a significant delay of weeks or even months for a finished EV thermal barrier part that we invoice customers for to end up in a produced vehicle.

我們也繼續看到一些投資者試圖將客戶的銷售計劃與我們的收入聯繫起來，我們強烈建議不要這樣做，因為我們向客戶開具發票的成品電動汽車熱障部件會出現數週甚至數月的嚴重延遲在生產的車輛中。

This delay is even longer for our sold vehicle.

對於我們出售的車輛來說，這種延遲甚至更長。

We continue to include in slide 12 in the appendix of this presentation to illustrate this, and we recommend studying it and reaching out to Neal if you have any questions.

我們繼續在本簡報附錄的幻燈片 12 中對此進行說明，我們建議您進行研究，如果您有任何問題，請聯絡 Neal。

For reference, on slide 5, we are also showing IHS' expectations for what the LTM production ramp looks like in the second half of 2024 versus the first half of the year to get to a total of 244,000 units.

作為參考，在投影片 5 上，我們也展示了 IHS 對 2024 年下半年 LTM 產量成長（與上半年相比）的預期，總計達到 244,000 輛。

While time will tell whether 244,000 units in 2024 is right expectation, we believe that an increase going into the first half of 2025 is still likely.

雖然時間會證明 2024 年 244,000 套的預期是否正確，但我們認為 2025 年上半年仍有可能成長。

Turning over to slide 6.

翻到幻燈片 6。

Combining both segments results in a total revenue outlook of at least $390 million, which would be a 63% year-over-year increase from our revenues in 2023 and a $10 million increase over our prior revenue baseline for 2024.

將這兩個部門合併起來，總收入前景至少為 3.9 億美元，這將比我們 2023 年的收入同比增長 63%，比我們之前的 2024 年收入基準增長 1000 萬美元。

With this updated baseline, we believe that we can deliver over $16 million of operating income in 2024, a 45% improvement over our prior EBIT baseline of $11 million, which assuming D&A of around $30 million and stock-based compensation of $14 million would translate into over $60 million of adjusted EBITDA.

根據這項更新後的基準，我們相信我們可以在2024 年實現超過1600 萬美元的營業收入，比之前1100 萬美元的息稅前利潤基準提高45%（假設D&A 約為3000 萬美元，股票薪酬為1400 萬美元）調整後 EBITDA 超過 6000 萬美元。

This is a 9% improvement over our prior baseline EBITDA outlook and it implies 50% EBITDA margins on the incremental $10 million of revenue, demonstrating our ability to continue scaling profitability without relying on outsized revenue growth.

這比我們先前的基線 EBITDA 前景提高了 9%，這意味著增量 1000 萬美元的 EBITDA 利潤率為 50%，這表明我們有能力在不依賴超額收入成長的情況下繼續擴大獲利能力。

Our updated 2024 EBITDA outlook continues considering some potential headwinds to our near-term profitability, such as the cost of new launches, higher power prototype sales, engineering changes that could lead to inventory obsolescence and expedited freight costs driven by the start-stop nature of some of nameplates in our thermal barrier demand.

我們更新的2024 年EBITDA 展望繼續考慮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、更高功率的原型銷售、可能導致庫存過時的工程變更以及由啟動停止性質驅動的快速貨運成本。

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 and fund new program launches.

我們還可以趁機決定增加營運支出，以繼續推動我們在關鍵領域的研發，加速我們技術銷售能力的發展，並為新專案的啟動提供資金。

As we reintroduced the rest of our energy industrial products, a mix that includes these products can also impact gross profit in this segment.

當我們重新推出其餘能源工業產品時，包含這些產品的組合也會影響該領域的毛利。

On the flip side, if additional demand is truly there, we expect a disproportionate amount of it to flow to our bottom line as it did in Q2, and our team will continue reducing our fixed costs, increasing our production yields are uptime and driving the right energy industrial pricing and mix.

另一方面，如果確實存在額外的需求，我們預計會有不成比例的需求像第二季度一樣流入我們的底線，我們的團隊將繼續降低固定成本，增加我們的產量、正常運行時間並推動正確的能源工業定價和組合。

Continuing with rest of our 2024 outlook, $60 million of positive EBITDA would translate into net income of over $7 million or $0.09 per diluted share, assuming a share count of 79.3 million shares.

繼續我們對 2024 年展望的其餘部分，假設股數為 7,930 萬股，6,000 萬美元的正 EBITDA 將轉化為超過 700 萬美元的淨利潤，即稀釋後每股收益 0.09 美元。

We are increasing our net income outlook by $5 million or over 3.5 times.

我們將淨利潤預期提高了 500 萬美元或超過 3.5 倍。

On our diluted EPS outlook by $0.06 per share from $0.03 per share or threefold.

我們的稀釋後每股收益預期從每股 0.03 美元下調 0.06 美元，即三倍。

Our CapEx without including plant 2 is expected to be reduced by $5 million to $45 million from $50 million for the year, thanks to our team's ability to deliver a higher level of uptime from our EV thermal barrier equipment in Mexico.

我們的資本支出（不包括2 號工廠）預計將從5000 萬美元減少500 萬美元至4500 萬美元，這要歸功於我們的團隊能夠透過墨西哥的電動車熱障設備提供更高水平的正常運行時間。

We continue believing that this investment is enough for us to ramp up our production capacity in 2025.

我們仍然相信這項投資足以讓我們在 2025 年提高產能。

As I mentioned earlier, we only spent $20.5 million in the first half of the year towards advancing the construction of Plant 2 in Georgia versus our original expectation $30 million.

正如我之前提到的，我們上半年只花了 2050 萬美元來推進喬治亞州 2 號工廠的建設，而我們最初的預期為 3000 萬美元。

Looking ahead, we are not planning to spend more than $15 million advancing the construction of Plant 2 until we receive a potential conditional approval on the loan pursuant to the DOE's advanced technology vehicle manufacturing or ATVM program.

展望未來，在我們根據美國能源部的先進技術汽車製造或 ATVM 計劃獲得貸款的潛在有條件批准之前，我們不打算花費超過 1500 萬美元來推進 2 號工廠的建設。

This investment will still ensure that the site is advanced enough to preserve all our investments made to date, and it enables the potential reacceleration of construction in the fourth quarter of this year.

這項投資仍將確保該場地足夠先進，以保留我們迄今為止所做的所有投資，並有可能在今年第四季重新加速建設。

On the right side of slide 6, before moving on, I think that it's worth pausing again and taking stock of the operational and financial journey that our team has been on over the past 2.5 years.

在投影片 6 的右側，在繼續之前，我認為值得再次暫停並評估我們團隊在過去 2.5 年中所經歷的營運和財務歷程。

The basic metrics of revenue growth, gross margins, EBITDA and operating income that had to be up and to the right are surpassing our initial expectations, thanks to the work of everyone on the Aspen team that continues doing more with less and sharpening our acts by developing new capabilities.

收入成長、毛利率、EBITDA 和營業收入等基本指標必須向上且向右，超出了我們最初的預期，這要歸功於阿斯彭團隊中每個人的工作，他們繼續以更少的投入做更多的事情，並透過以下方式加強我們的行動：發展新能力。

I couldn't be happier with our performance progression, and I'm excited to see it lower our cost of capital in real time as we continue creating opportunity for the same team that that got us here and our company.

我對我們的業績進步感到非常高興，我很高興看到它即時降低了我們的資本成本，因為我們繼續為使我們和我們公司走到今天的同一個團隊創造機會。

Next, I'd like to please turn over to slide 7.

接下來，請翻到投影片 7。

Before handing the call back to Don, we thought it's important to take a look at what's happening in the US electric vehicle market, our in-production OEMs mostly participate in, so that we aren't rattled by the day-to-day headlines of

在將電話交還給 Don 之前，我們認為有必要了解美國電動車市場正在發生的事情，我們的生產中的 OEM 廠商大多參與其中，這樣我們就不會被每天的頭條新聞弄得心慌意亂。

(technical difficulty).

（技術難度）。

There just doesn't seem to be an even KLV out there.

那裡似乎沒有一個均勻的 KLV。

So we spent some time looking at the year-to-date market ourselves.

因此，我們花了一些時間親自研究今年迄今為止的市場。

Let's just face it.

讓我們面對現實吧。

The US EV market didn't grow year-to-date through the end of July relative to last year in the US.

與去年相比，截至 7 月底，美國電動車市場今年迄今並未出現成長。

It's only up around 1%, which is comparable to the growth rate of overall new vehicle sales.

僅成長了 1% 左右，與整體新車銷售的成長率相當。

We foresaw this in early 2023 as we were planning for 2024, considering the effect of rising interest rates.

考慮到利率上升的影響，我們在 2023 年初就預見了這一點，因為我們正在計劃 2024 年。

This fact is a key ingredient in developing our 2024 revenue baseline.

這一事實是製定 2024 年收入基準的關鍵因素。

Still though, EVs made up around 7% of the market and over 1.3 million EVs are expected to be sold in the US this year.

儘管如此，電動車仍佔約 7% 的市場份額，預計今年美國將售出超過 130 萬輛電動車。

So this has become a meaningful part of the market.

所以這已經成為市場的一個有意義的部分。

Within it, there are some obvious share winners and losers.

其中，有一些明顯的份額贏家和輸家。

And as we started our EV thermal barrier business from zero in 2021, supplying newly developed platform in nameplates, we are benefiting from the demand gains of the OEMs that we supply.

隨著我們於 2021 年從零開始電動車熱障業務，提供新開發的銘牌平台，我們正受益於我們供應的 OEM 的需求成長。

PyroThin is equipped on six out of 10 new EV nameplates that have been introduced in the US in 2024 and those vehicles that were developed before we had a sell-to-sell solution are aging and losing share versus a range of fresh nameplates from OEMs that are gaining share.

PyroThin 配備在2024 年在美國推出的10 輛新電動車銘牌中的6 輛上，而那些在我們擁有銷售解決方案之前開發的車輛已經老化，並且與原始設備製造商(OEM) 的一系列新銘牌相比正在失去份額。

At this point, PyroThin is equipped on 100% of EVs sold by GM, Toyota and Honda in the US.

目前，通用汽車、豐田和本田在美國銷售的電動車 100% 都配備了 PyroThin。

These OEMs are only scratching the surface of what their share can be relative to their overall position in the entire new car market and the scale of their distribution.

這些原始設備製造商僅觸及其在整個新車市場中的整體地位及其分銷規模的份額的表面。

We believe that they will continue making gains as they launch new nameplates and offer attractive incentives on these vehicles to drive volume.

我們相信，隨著他們推出新的銘牌並為這些車輛提供有吸引力的激勵措施以提高銷量，他們將繼續獲得收益。

The need to produce EVs at a rate that properly enables the absorption of fixed manufacturing costs is, in our mind, expected to drive production rates in the second half of 2024 more than demand.

我們認為，以能夠適當吸收固定製造成本的速度生產電動車的需求預計將在 2024 年下半年推動生產力超過需求。

The only thing more expensive than incentives up to a point is running at below 50% of one's capacity.

在某種程度上，唯一比激勵更昂貴的是運作能力低於 50%。

I'll let you spend more time with this slide on your own time.

我會讓您在自己的時間裡花更多的時間來觀看這張投影片。

But when we look at the EV market in 2024, we continue seeing opportunities for additional sell-through within the OEMs that we supply, thanks to an interesting circular reference of higher production volumes needed to deliver profitability and higher incentives needed to drive those volumes.

但當我們展望2024 年的電動車市場時，我們繼續看到我們提供的OEM 廠商有額外銷售的機會，這要歸功於一個有趣的循環參考，即提供盈利能力所需的更高產量以及推動這些產量所需的更高激勵措施。

Thinking longer term and moving to slide 8, it's worth remembering why OEMs built up all of this capacity to make EVs in the first place.

從長遠考慮並轉向幻燈片 8，值得記住為什麼 OEM 最初要建立所有這些產能來製造電動車。

Understanding the regulatory environment in the US around emissions and fuel economy standards is important.

了解美國有關排放和燃油經濟性標準的監管環境非常重要。

As a guided investment that was made over the last four to five years within OEMs in preparation of tighter standards that will ramp up this next year.

作為過去四到五年原始設備製造商內部進行的指導性投資，旨在準備明年將提高的更嚴格標準。

I won't bore you with all the details but US new vehicle emissions and fuel economy regulation is driven by 2 major federal regulatory agencies.

我不會向您提供所有細節，但美國新車排放和燃油經濟性監管是由兩個主要聯邦監管機構推動的。

The Environmental Protection Agency or EPA and the National Highway Traffic Safety Administration or NHTSA.

環保署（EPA）和國家公路交通安全管理局（NHTSA）。

At the state level for 18 states that make up over 40% of new vehicle sales, including California this is driven within the California Air Resources Board or CARB standards.

在州一級，佔新車銷售 40% 以上的 18 個州（包括加州）是在加州空氣資源委員會或 CARB 標準的範圍內推動的。

Neal would be happy to point you in the direction of good reading material to understand these standards in detail.

Neal 很樂意為您指明良好的閱讀材料，以詳細了解這些標準。

These agencies can enforce fines, sue or enforce penalties on OEMs who do not comply with their standards, and, therefore, impact the profit potential of currently lucrative sales.

這些機構可以對不遵守其標準的原始設備製造商處以罰款、起訴或執行處罰，從而影響當前利潤豐厚的銷售的利潤潛力。

Focusing on the EPA, when looking at 2026 to be minimum compliant with these regulations, the industry would need to reach roughly 15% EV sales mix, up about 7 percentage points from the current penetration or more than doubling.

以 EPA 為例，預計到 2026 年，該產業的電動車銷售比例將需要達到約 15%，比目前的滲透率提高約 7 個百分點，即增加一倍以上。

This includes the exhaustion and rollover of emissions credits purchased or generated from the sale of EVs in prior years.

這包括前幾年購買或銷售電動車產生的排放信用額度的耗盡和展期。

General Motors, for example, would need to quadruple the CV penetration from 4% in July of 2024 to around 16% by 2026 to be barely compliant.

例如，通用汽車需要將商用車滲透率從 2024 年 7 月的 4% 提高到 2026 年的 16% 左右，才能勉強達標。

It is estimated that Ford would need to triple its CD mix from its current levels also barely comply with the EPA submissions regulations.

據估計，福特需要將其 CD 組合從目前的水平增加三倍，這也勉強符合 EPA 提交規定。

If we go to what will be our next most important market after the US, Europe, the CO2 emissions there get even more stringent for OEMs, and that is why we see a lot of new programs from those OEMs in our core pipeline.

如果我們進入美國、歐洲之後的下一個最重要的市場，那裡的二氧化碳排放量對原始設備製造商來說會變得更加嚴格，這就是為什麼我們在我們的核心管道中看到這些原始設備製造商推出了很多新項目。

As we built up our thermal barrier business, we've met not only with teams inside the OEMs that are working to address thermal runaway in batteries for all form factors and chemistries but we've also met planning teams that are making sure that OEMs are positioned to comply with these regulations in 2025, 2026 and beyond.

在我們建立熱障業務時，我們不僅會見了 OEM 內部的團隊，他們致力於解決所有外形尺寸和化學成分的電池熱失控問題，而且我們還會見了規劃團隊，他們確保 OEM 能夠準備在2025 年、 2026 年及以後遵守這些法規。

OEMs take these regulations more seriously than one would think from reading the press or investor relations materials.

原始設備製造商對這些法規的重視程度超出了人們透過閱讀新聞或投資者關係資料所想像的程度。

And this is what continues giving us the conviction to keep investing in this market, particularly now that our operating model is being validated on quarter after another.

這讓我們有信心繼續投資這個市場，特別是現在我們的營運模式正在一個又一個季度得到驗證。

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

至此，我很高興將電話轉回給唐。

Thank you for your attention and support.

感謝您的關注與支持。

Don Young

唐楊

Thank you, Ricardo.

謝謝你，里卡多。

While we operated well in Q2 and for the first half of 2024, we believe we have room to improve upon our record financial performance as we continue to focus on leveraging fixed assets, controlling expenses and executing key elements of our strategy.

雖然我們在第二季和2024 年上半年運作良好，但我們相信，隨著我們繼續專注於利用固定資產、控制費用和執行策略的關鍵要素，我們在創紀錄的財務業績的基礎上還有改進的空間。

The Aspen team has done an outstanding job and the team is positioned to continue to win.

阿斯彭隊表現出色，球隊有望繼續獲勝。

Elissa, let's turn to Q&A.

艾莉莎，讓我們開始問答。

Thank you.

謝謝。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

（操作員說明）George Gianarikas，Canaccord Genuity。

Hey everyone.

嘿大家。

Good morning and thank you for taking my questions.

早上好，感謝您回答我的問題。

I'd like to focus on the gross margin upside.

我想重點關注毛利率的上升。

I mean, you talked a little bit about how you got there, but maybe just a little more detail as to what's driving that improvement and also your view on the sustainability of that.

我的意思是，您談到瞭如何實現這一目標，但也許只是更詳細地說明了推動這項改進的因素以及您對永續性的看法。

Thank you.

謝謝。

Yes.

是的。

So as I mentioned in my remarks, right, in terms of material costs, we just don't think that there's a lot more room there left to squeeze.

正如我在發言中提到的，就材料成本而言，我們只是認為沒有更多的空間可以擠壓。

Those have settled out at levels that that we were surprised by 2 quarters ago.

這些已經穩定在兩個季度前令我們驚訝的水平。

And it's very encouraging to see that trend continue.

看到這種趨勢持續下去是非常令人鼓舞的。

And as we renew some of the contracts for Ross, they're all shaping out to end up at around the levels that that we saw -- we've seen here over the past 2 quarters.

當我們續簽羅斯的一些合約時，它們最終都會達到我們所看到的水平——我們在過去兩個季度所看到的水平。

Now, when it comes to fixed cost absorption, that's where we believe that there's still quite a bit of juice left to squeeze up to a point, right?

現在，當談到固定成本吸收時，我們認為仍然有相當多的果汁可以擠到一定程度，對吧？

It really depends on the revenue mix that we have as we ramp up some of the other EV launches, I think the launch phase tends to be relatively expensive as we saw here with General Motors throughout 2022 and the beginning of 2023 and so those will impact the gross margin to a point.

這實際上取決於我們在增加其他一些電動車的推出時所擁有的收入組合，我認為推出階段往往相對昂貴，正如我們在2022 年全年和2023 年初在通用汽車公司看到的那樣，因此這些都會影響毛利率達到一個點。

And then at same time, on the energy industrial side, as we start ramping up production of Cryogel, that does not have the same gross margins as some of our higher running products.

同時，在能源工業方面，當我們開始提高 Cryogel 的產量時，它的毛利率與我們一些運行速度較高的產品不同。

And so I do think that remark that I made of basically incremental revenue beyond the run rate of this quarter, coming in at about 50 percentage points of gross margin broadly is the right way to think about this.

因此，我確實認為，我所說的基本增量收入超出了本季的運行速度，大致佔毛利率的 50 個百分點左右，這是正確的思考方式。

Obviously, until we find some other breakthrough in efficiency which still -- which would require quite a bit more development, and we just don't have line of sight to that just yet.

顯然，直到我們在效率方面找到其他突破，這仍然需要更多的開發，而我們只是還沒有看到這一點。

I think, George, I would just add to what Ricardo said, I talked about -- we still have room to improve our performance.

我想，喬治，我只想補充一下里卡多所說的，我談到的——我們仍然有提高表現的空間。

And one aspect of that is as we continue to drive yields, both in our Aerogel manufacturing facility and in our parts assembly activities, again, there's room for us to improve there.

一方面是，隨著我們繼續提高氣凝膠製造工廠和零件組裝活動的產量，我們在這方面還有改進的空間。

And then as that gross profit translates to EBITDA and EBITDA margin, we largely have in place today the OpEx structure at the organization to support further growth.

然後，隨著毛利轉化為 EBITDA 和 EBITDA 利潤率，我們今天在組織中基本上已經建立了營運支出結構來支持進一步的成長。

So Ricardo mentioned it a number of times, our focus on straight lining and maintaining our current level of costs and OpEx.

因此，里卡多多次提到，我們的重點是直線和維持當前的成本和營運支出水準。

So that gross profit gains -- those profit gains fall down to EBITDA gains as well.

因此，毛利的成長－這些利潤的成長也會下降到 EBITDA 的成長。

So we do believe that there's an opportunity to sustain these kind of margins just as Ricardo described.

因此，我們確實相信，正如里卡多所描述的那樣，有機會維持這種利潤率。

Yes.

是的。

I mean, frankly, George, our mines are starting to shift from being excited about gross margins to being excited about what ultimately matters, which is operating income, net income and targeting generating positive free cash flow.

喬治，坦白說，我的意思是，我們的礦場正開始從對毛利率感到興奮轉變為對最終重要的事情感到興奮，即營業收入、淨利潤和產生正自由現金流的目標。

And there, given -- as Don said, given the OpEx, it doesn't take a ton of incremental gross profit to increase those metrics by multiples, right, which is -- it's sort of implicit in the updated guide, which was pretty modest.

在那裡，正如唐所說，考慮到營運支出，不需要大量的增量毛利就能使這些指標成倍增加，對吧，這在更新的指南中是隱含的，這非常好謙虛的。

But to increase our net income per share threefold, that to us is the ultimate measure of profitability in it.

但將我們的每股淨利潤增加三倍，這對我們來說是獲利能力的最終衡量標準。

Thanks.

謝謝。

And maybe just as a follow-up, I'd like to focus on Energy Industrial, where relationships in China appear to be going well.

也許作為後續行動，我想重點關注能源工業，該行業在中國的關係似乎進展順利。

Any update there?

有更新嗎？

Any potential for that revenue capacity to flex higher over the near to medium-term?

在中短期內，這種收入能力是否有可能進一步提升？

Thanks.

謝謝。

The relationship is strong, and the cooperation is strong -- very much of a mutually beneficial relationship.

這種關係很牢固，合作也很牢固——這是一種互惠互利的關係。

And the answer is yes.

答案是肯定的。

They have the capabilities of expanding their capacity.

他們有能力擴大自己的能力。

And so we believe that there upside to that, not so much necessarily in 2024 beyond the numbers that we've suggested to date.

因此，我們認為，到 2024 年，這一數字不一定會超出我們迄今為止所建議的數字。

But as we go into 2025, the ability to -- as I said in my remarks, our team is focused on doubling the size of that business here in the medium-term.

但隨著我們進入 2025 年，正如我在演講中所說，我們團隊的重點是在中期內將業務規模擴大一倍。

As you know, very valuable baseload of both revenue and profit for us.

如您所知，這對我們來說是非常有價值的收入和利潤。

And so we're having those discussions with our manufacturing partner to be able to execute on that strategy.

因此，我們正在與我們的製造合作夥伴進行討論，以便能夠執行該策略。

Yes.

是的。

I mean our run rate within the baseline guide, right, our run rate needs to increase to over $42 million a quarter here in the second half in order for us to get to $150 million.

我的意思是我們的運行率在基準指南內，對吧，下半年我們的運行率需要增加到每季 4,200 萬美元以上，才能達到 1.5 億美元。

And so we're obviously very incentivized to increase that supply, and that's implied within the baseline.

因此，我們顯然非常有動力增加供應，這也隱含在基線中。

We're still trying to catch up with demand, frankly, especially in certain parts of that business.

坦白說，我們仍在努力滿足需求，尤其是在該業務的某些部分。

And as I noted, we've won two carbon capture programs here in North America which I think, foreshadow a nice opportunity for us as we go forward over the course of the -- again, over the course of the medium-term.

正如我所指出的，我們在北美贏得了兩個碳捕獲項目，我認為這對我們來說預示著一個很好的機會，因為我們在中期過程中繼續前進。

Thanks.

謝謝。

Thanks, George.

謝謝，喬治。

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Thanks so much, guys.

非常感謝，夥計們。

Given the -- given -- kind of the cadence of what's going on the industry and certainly some other some other suppliers looking at the opportunity and your success, can you talk a little bit about the competitive landscape and what you're hearing and seeing from customers and of those folks that may try to wedge into this market?

考慮到行業正在發生的事情的節奏，當然還有其他一些供應商正在關注機會和您的成功，您能否談談競爭格局以及您所聽到和看到的情況來自客戶和那些可能試圖進入這個市場的人？

We don't see people trying to wedge in, especially more given the headline views, right?

我們沒有看到人們試圖介入，尤其是考慮到頭條新聞的觀點，對吧？

I mean if you look at folks that are currently selling components into EV manufacturers or that were sourced when we were just getting started here on other parts of the EV value chain, they're all rethinking their investments into the EV market, right?

我的意思是，如果你看看目前正在向電動車製造商銷售零件的人，或者我們剛開始涉足電動車價值鏈其他部分時採購的零件，他們都在重新考慮對電動車市場的投資，對嗎？

And so, while we used to -- or this space used to look extremely attractive a year ago, it doesn't look that way for them either.

因此，雖然我們曾經——或者一年前這個空間曾經看起來非常有吸引力，但對他們來說也不是這樣。

And that actually, I think, gives us room to just continue chipping away here at converting customers, right?

我認為，這實際上給了我們繼續努力轉換客戶的空間，對嗎？

When we look at the US market and we see that we're on six of the 10 new nameplates that have been introduced, we can't help but wonder why are we not on the other four?

當我們觀察美國市場時，我們發現我們在已推出的 10 個新銘牌中佔據了 6 個，我們不禁想知道為什麼我們不在另外 4 個銘牌上？

And the reason is because we were nowhere when those four vehicles were being developed.

原因是因為當這四輛車正在開發時我們還處於無處可去的狀態。

But as we look ahead, it's not that competitive.

但展望未來，我們會發現競爭沒那麼激烈。

I mean there isn't another material that we know of that can deliver the three requirements that OEMs keep asking us to deliver, right?

我的意思是，據我們所知，沒有其他材料可以滿足 OEM 不斷要求我們滿足的三個要求，對嗎？

So, the fireproofing within the thinnest profile possible, the thermal isolation within the thinnest profile possible and then the mechanical properties, which are everybody else is a (technical difficulty), including the thickness, right?

那麼，在盡可能最薄的型材內進行防火，在盡可能最薄的型材內進行隔熱，然後是機械性能，其他人都是（技術難度），包括厚度，對吧？

And so -- yes, I mean for us, as Don mentioned in his remarks, and I brought this up as well, the building that we're sitting in right now, which works on our EV thermal barrier prototypes could not be busier as we ramp up new programs and that -- we're just going to continue leaning into that even if these programs end up getting retimed and pushed out by the OEMs.

所以- 是的，我的意思是對我們來說，正如唐在他的演講中提到的那樣，我也提出了這一點，我們現在所在的建築，用於我們的電動汽車熱障原型，再繁忙不過了我們增加了新的項目，即使這些項目最終被原始設備製造商重新安排並推出，我們也將繼續致力於這一點。

We hope that some of the remarks that we covered around the regulatory environment, really put this in perspective, when we're looking at 2026, I mean these nameplates have to launch, right?

我們希望我們圍繞著監管環境所發表的一些言論能夠真正正確地看待這一點，當我們展望 2026 年時，我的意思是這些銘牌必須推出，對嗎？

Paying fines is very expensive for these OEMs.

對於這些整車廠來說，繳納罰款是非常昂貴的。

We know that there's teams in there optimizing the mix as they set up their product plans.

我們知道有些團隊在製定產品計劃時正在優化組合。

And there's a reason where they continue investing in some EV capacity even if it's at a slower rate.

他們繼續投資一些電動車產能是有原因的，即使投資速度較慢。

And we don't see any other competitors going in to meet these three requirements today.

今天我們沒有看到任何其他競爭對手能夠滿足這三個要求。

That's super helpful.

這非常有幫助。

And then thinking about where some of the growth is coming from as you see that you start to ramp more capacity and guys continue to perform well there with customers.

然後思考一些成長來自哪裡，因為你看到你開始增加更多的產能，人們繼續在客戶那裡表現良好。

How do you think about serving that market, especially given the success that you've had with the contract manufacturing and the energy market?

您如何看待服務該市場，特別是考慮到您在合約製造和能源市場上的成功？

Is that that something we should be thinking about as part of the long-term model?

這是我們應該在長期模型中考慮的事情嗎？

I mean I think we're incentivized to leverage the facilities that we have in Mexico as much as possible, right?

我的意思是，我認為我們有動力盡可能地利用我們在墨西哥擁有的設施，對吧？

The scalability that the overhead there delivers is incredible.

那裡的開銷提供的可擴展性是令人難以置信的。

And if I just think to a previous life and the notion of ramping up facilities in Europe, that's a really hard place to make stuff in.

如果我只想到以前的生活以及在歐洲增加設施的想法，那真是一個很難製造東西的地方。

You almost need to go to Eastern Europe or places like Morocco, Tunisia, and even there, the costs are rising.

你幾乎需要去東歐或像摩洛哥、突尼斯這樣的地方，即使在那裡，費用也在上漲。

And so we're inclined to really stick to our strategy here.

因此，我們傾向於真正堅持我們的策略。

And if we are able solve for the cost of capital for the plant in Georgia, we would ramp up plant in Georgia right away to meet all of this demand that we expect in 2027 and 2028 and beyond.

如果我們能夠解決喬治亞州工廠的資本成本問題，我們將立即擴大喬治亞州工廠的規模，以滿足我們預計在 2027 年、2028 年及以後的所有需求。

And then continue leaning into our assets in Mexico, we're actually setting up a warehouse in the Netherlands for some of these customers, so that we could have some inventory near their production facilities.

然後繼續依靠我們在墨西哥的資產，我們實際上正在荷蘭為其中一些客戶設立一個倉庫，這樣我們就可以在他們的生產設施附近擁有一些庫存。

But just given the profitability trajectory that we're on and the margin progress that we've made, we want to be very careful in expanding our footprint.

但考慮到我們目前的獲利軌跡和我們取得的利潤率進步，我們希望在擴大我們的足跡時非常小心。

Super helpful.

超有幫助。

Thanks guys.

謝謝你們。

You bet.

你打賭。

Ryan Pfingst, B. Riley.

普芬斯特 (Ryan Pfingst)，B.萊利 (B. Riley)。

Hey, guys, thanks for taking my question.

嘿，夥計們，謝謝你提出我的問題。

Hey Ryan.

嘿瑞安。

Ricardo, just to follow-up on that last one.

里卡多，只是為了跟進最後一個。

With the six OEM award for PyroThin and another expected in the third quarter, what's the strategy if and when that awarded volume in 2026 or 2027 or 2028 exceeds your expected $1.7 billion and revenue capacity after Plant 2 comes online?

PyroThin 獲得了6 個OEM 獎項，預計第三季將獲得另一個OEM 獎項，如果2026 年、2027 年或2028 年授予的銷量超過您預期的17 億美元以及2 號工廠上線後的收入能力，我們將採取什麼策略？

Boy, that's an amazing problem to have.

男孩，這是一個令人驚訝的問題。

I'd love to be the CFO of the company.

我很想成為公司的財務長。

I mean, yeah, I mean, for us, the plant in Mexico still has an ability to ramp.

我的意思是，是的，我的意思是，對我們來說，墨西哥的工廠仍然有能力擴大產能。

And our current assets, last time we sized up our capacity, we mentioned that it was $650 million, but our team in Rhode Island continues finding additional efficiency, right?

我們目前的資產，上次我們評估產能時，我們提到是 6.5 億美元，但我們羅德島州的團隊仍在繼續尋找更高的效率，對吧？

And we're incentivized to find as much productivity and capacity as we can until Plant 2 comes online sometime towards the end of 2027.

我們有動力尋找盡可能多的生產力和產能，直到 2 號工廠在 2027 年底的某個時候上線。

And so if we solve our cost of capital issue here for Plant 2, the strategy is the same.

因此，如果我們在這裡解決 2 號工廠的資本成本問題，策略是相同的。

Let's just ramp up Plant 2.

讓我們加速 2 號工廠的建設。

We do think that there may be room in 2025 and 2026 to get all of these programs together.

我們確實認為 2025 年和 2026 年可能有空間將所有這些計劃整合在一起。

It will be tight, but get all of these programs fulfilled out of Rhode Island and potentially supplemented with some material from our external manufacturing facility for selected programs.

時間會很緊張，但要在羅德島州完成所有這些項目，並可能為選定的項目補充一些來自我們外部製造工廠的材料。

But that would be a great problem to have.

但這將是一個很大的問題。

I mean, we just want to take it one step at a time.

我的意思是，我們只想一次踏出一步。

I think the most immediate one is solving for the cost of capital to get Plant 2 in Georgia restarted as soon as possible.

我認為最迫切的任務是解決資金成本問題，以盡快重啟喬治亞州二號工廠。

And our team in Mexico and our teams in Rhode Island continue finding additional capacity.

我們在墨西哥的團隊和在羅德島州的團隊繼續尋找額外的產能。

And as those improvements are demonstrated, we -- it's fair to expect us to revise our capacity update from $650 million of capacity to something that can bridge the gap to when Plant 2 comes online potentially.

隨著這些改進得到證明，我們可以公平地期望我們將產能更新從 6.5 億美元修改為可以彌補 2 號工廠可能上線時的差距。

Got it.

知道了。

Makes sense.

有道理。

And then maybe just a second question on something a little more near term.

然後也許只是關於更近期的事情的第二個問題。

Ricardo, could you potentially go a little deeper on the working capital dynamics and your expectations for collections and inventory here in the second half?

里卡多（Ricardo），您能否更深入地了解營運資金動態以及您對下半年藏品和庫存的預期？

It really depends on the volume trajectory, right?

這確實取決於成交量軌跡，對吧？

So if we have to continue capturing additional demand beyond our baseline expectations, we would continue consuming working capital similar to what we did here in Q2.

因此，如果我們必須繼續捕捉超出我們基準預期的額外需求，我們將繼續消耗類似於第二季所做的營運資金。

But at the same time, if the demand flattens out a bit on us, which is what's implied in the baseline very conservatively, then all of that working capital would reverse itself and I mean we get paid pretty reliably within 45 days of when we invoice something.

但同時，如果我們的需求稍微趨於平緩（這就是基線中非常保守地暗示的情況），那麼所有營運資金都會自行逆轉，我的意思是，我們會在開立發票後45 天內相當可靠地收到付款某物。

And so I think that overall, it's a net positive, right?

所以我認為總的來說，這是一個淨積極的結果，對吧？

I mean, if the -- for cash flow generation, demand increases and we have to flex up, we'll consume a little bit of cash take into what happened here in Q2.

我的意思是，如果對於現金流產生的需求增加，我們必須靈活應對，考慮到第二季發生的情況，我們將消耗一點現金。

But then if it doesn't, then our cash flow position would be potentially even better as the working capital reverses itself.

但如果沒有，那麼隨著營運資本的逆轉，我們的現金流狀況可能會更好。

And so we think we're sitting here looking at the second half favorably from a cash position.

因此，我們認為我們坐在這裡從現金狀況來看下半年是有利的。

And it's a net neutral in terms of working capital and collections.

就營運資金和收款而言，它是淨中性的。

I mean, our AR on the energy side is extremely tight.

我的意思是，我們在能源方面的 AR 非常緊張。

We've rarely written things off there.

我們很少在那裡寫下東西。

We sell to very legitimate and large customers and so we have no concerns on our ability to collect.

我們向非常合法的大客戶出售產品，因此我們不擔心我們的收款能力。

Great.

偉大的。

And also, Ricardo, you mentioned in your script Ricardo, the possibility of a working capital line.

另外，里卡多，您在劇本里卡多中提到了營運資金額度的可能性。

Just to manage these things, I mean, we really managed through the first half of the year, our working capital without that kind of working capital lines.

我的意思是，為了管理這些事情，我們確實在上半年管理了我們的營運資金，而沒有那種營運資金額度。

So it's very possible we could do that, and it would be very -- I think, very normal for a business like ours to benefit from that.

因此，我們很有可能做到這一點，而且我認為，對於像我們這樣的企業來說，從中受益是非常正常的。

That second point, Don, I mean I think we keep increasing our level of sophistication here.

第二點，唐，我的意思是我認為我們不斷提高這裡的複雜程度。

And so there's -- the things that we are considering, such as the working capital line, our revolver.

因此，我們正在考慮的事情，例如營運資金線、我們的左輪手槍。

There's also factoring that we could do with our AR to help free up cash flow earlier.

我們還可以利用 AR 進行保理，以幫助更早釋放現金流。

We now have the margins and the reliability to be able to do that.

我們現在有足夠的利潤和可靠性來做到這一點。

With a little bit of insurance, we could actually do fairly cheap factoring as well.

只要有一點保險，我們實際上也可以做相當便宜的保理業務。

And so we've got plenty of options to fund what could be a very profitable expansion here going into 2025.

因此，我們有很多選擇來為 2025 年可能非常有利可圖的擴張提供資金。

Thanks guys.

謝謝你們。

Anytime.

任何時候。

Dave Anderson, Barclays.

戴夫安德森，巴克萊銀行。

Hey.

嘿。

Good morning, Don.

早安，唐。

Only 13 years between earnings calls for me.

我的收入間隔只有 13 年。

A little bit changed here.

這裡有一點改變。

I want to ask you about

我想問你關於

--

--

Yeah.

是的。

I want to ask you about -- I just want to ask what kind of overall kind of the bigger picture for your business over the next few years.

我想問你——我只是想問你的業務在未來幾年的整體大局是什麼樣的。

A lot of concerns about EV demand in the US and Rest of World slowly, Ricardo mentioned that, how on the other hand domestic OEM manufacturer really just starting to ramp up.

Ricardo 提到，人們對美國和世界其他地區的電動車需求慢慢感到擔憂，而另一方面，國內 OEM 製造商確實剛開始崛起。

Just curious in your -- as you're sort of thinking about it and GM is obviously an anchor customer here.

只是對你感到好奇——因為你正在思考這個問題，而通用汽車顯然是這裡的主要客戶。

But when you're looking out there and cut their ramp-up, and I guess your other customers as they're ramping up, what is the govern on the pace of that ramp up?

但是，當你觀察並削減他們的成長時，我猜你的其他客戶也在成長，那麼成長速度的控制因素是什麼？

What's guiding that?

是什麼在指導這一點？

Is it the EV sales?

是電動車銷量嗎？

Are they looking at sales and all that?

他們有在關注銷量之類的嗎？

Or is it more their manufacturing, as they're building out and improving manufacturing, I'm sure GM is probably trying to do all sorts of things with that whole new line of products out there.

或者更多的是他們的製造，當他們正在建立和改進製造時，我確信通用汽車可能正在嘗試用全新的產品線做各種各樣的事情。

So how do we think about those two?

那我們要如何看待這兩個人呢？

Because it feels to me like there's a lot of worries about EV demand, but I'm not sure it really matters to your business in the next kind of two to three years.

因為在我看來，人們對電動車的需求有很多擔憂，但我不確定它在未來兩到三年內對您的業務是否真的很重要。

Am I thinking about that the right way?

我的思考方式正確嗎？

Yeah.

是的。

I mean, that's exactly right.

我的意思是，這是完全正確的。

And that's what we were trying to go to with our remarks, right?

這就是我們言論的目的，對嗎？

There's a blend of carats and sticks driving EV production.

推動電動車生產的因素是克拉和棍棒的混合體。

And I would argue that those matter more for the OEMs than the demand itself, to your point.

我認為，就您的觀點而言，對於原始設備製造商來說，這些比需求本身更重要。

And so there's another gate which is these OEMs ability to make cells, make modules, make battery packs and make vehicles, which is an all-new thing for them, right?

所以還有另一個關口，就是這些原始設備製造商製造電池、製造模組、製造電池組和製造車輛的能力，這對他們來說是全新的事情，對吧？

You're seeing that in Europe where some of these folks that had very large expectations around building up capacity quickly are struggling to make their first batch of cells for a vehicle and therefore, delaying the manufacturing of some of these programs.

你會看到，在歐洲，一些對快速建立產能抱有很大期望的人正在努力製造第一批汽車電池，因此推遲了其中一些項目的製造。

But when we look at an OEM like Ford, for example, that has been making EVs here in the US, we -- it's fair to expect them that on a next-generation product, they could ramp up pretty quickly given the regulatory environment and the EV mix that they'll need to have to be able to sell vehicles period in 2026 through 2030 and beyond.

但是，當我們看到像福特這樣一直在美國生產電動車的原始設備製造商時，我們可以公平地期望他們在下一代產品上，考慮到監管環境和他們需要能夠在2026 年至2030 年及以後銷售車輛所需的電動車組合。

So that's ultimately the gating item, right?

所以這最終是門控項目，對吧？

If you're -- and the OEMs don't advertise this for obvious reasons, right?

如果您是——並且原始設備製造商出於明顯的原因不會對此進行廣告，對嗎？

It means expenses, it means deploying capital, but they need to make EVs.

這意味著支出，意味著部署資本，但他們需要製造電動車。

And then once you set up that capacity, you basically have this straight off as an OEM on whether you run at a very low portion of that capacity and have no volumes your guaranteed to lose money or do you provide certain incentives through leases.

然後，一旦您設定了該產能，您基本上可以作為原始設備製造商直接獲得此信息，無論您是否以該產能的極低部分運行並且沒有保證虧損的產量，或者您是否通過租賃提供某些激勵措施。

Leases are a very effective way for the OEMs to drive volume and without having a ton of cost.

對於原始設備製造商來說，租賃是一種非常有效的提高銷售量的方式，而且無需花費大量成本。

And then that way, they'll hopefully get up to utilizing most of that capacity that they've deployed and make gross profit, right?

這樣，他們就有希望充分利用已部署的大部分產能並賺取毛利，對嗎？

So we think that all of them will go through some sort of ramp-up phase, but that will really intensify in 2026, given the fixed and carried environment that that the regulations provide.

因此，我們認為所有這些都將經歷某種形式的提升階段，但考慮到法規提供的固定和攜帶環境，這種情況將在 2026 年真正加劇。

I also think they're gaining experience and the market and the consumer is becoming increasingly comfortable and interested in these types of vehicles.

我還認為他們正在累積經驗，市場和消費者對這些類型的車輛變得越來越舒適和感興趣。

And Ricardo mentioned the prologue during his -- the Honda prologue it's a really attractive vehicle.

里卡多在他的本田序言中提到了序言，這是一輛非常有吸引力的車輛。

GM, the Equinox is a well-priced vehicle, very stylish, great drive range.

通用汽車的 Equinox 是一款價格合理的汽車，非常時尚，行駛里程長。

We have high confidence that we're going to get a good -- that they will get a good pull-through on that as well.

我們非常有信心，我們會取得好成績，他們也會在這方面取得良好的進展。

And I think those things will reinforce themselves or the production as you cited.

我認為這些東西會增強自身或你所引用的生產。

And -- and I also think there will be good demand for growing demand for these vehicles, especially some of the newer nameplates.

而且——我還認為，這些車輛的需求將會不斷增長，尤其是一些較新的銘牌。

So in your guidance for that potential -- hey, there's a potential $50 million in upside here in 2024.

因此，在您對這一潛力的指導中——嘿，2024 年這裡可能有 5000 萬美元的上漲空間。

What's the swing factor on that?

其影響因素為何？

Is that just -- are you in your guidance just assuming, hey, you know what, we're going to we're going to take -- be conservative here.

這是否只是——你在你的指導中只是假設，嘿，你知道嗎，我們將採取——在這裡保持保守。

There could be some production kind of hiccups for GM, and that's why our guidance is where it is.

通用汽車可能會出現一些生產問題，這就是我們的指導方針所在的原因。

Whereas the upside is, hey, if everything goes according to plan, that's how it is?

然而好的一面是，嘿，如果一切都按計劃進行，事情就是這樣嗎？

So I'm just kind of curious what's sort of the difference?

所以我只是有點好奇有什麼差別？

Is it more GM internally figuring this out and getting better at this?

是不是更多的通用汽車內部已經弄清楚了這一點並在這方面做得更好了？

Is that kind of the gating factor?

這是門控因素嗎？

Just if -- I just pull it back to this year's guidance?

如果——我只是將其拉回今年的指導？

Yeah.

是的。

So I think there's actually two stages of upside within the baseline outlook, right?

所以我認為基線前景實際上有兩個階段的上行空間，對嗎？

So we're obviously playing it safe, looking at GM's track record of producing and selling these vehicles and their approach to Honda has been a little bit different, right?

因此，我們顯然是在謹慎行事，看看通用汽車生產和銷售這些車輛的記錄，以及他們對本田的態度有點不同，對嗎？

They've been producing mostly higher-end models, higher trim levels.

他們生產的大多是高端車型，裝飾水平更高。

And so that's why we cut our baseline outlook to 180,000 vehicles for GM, right?

這就是為什麼我們將通用汽車的基準預測下調至 18 萬輛，對吧？

But if GM does get to their 200,000 vehicles level, for us, that could be a good $20 million of revenue upside during the year, right?

但如果通用汽車確實達到了 20 萬輛汽車的水平，對我們來說，今年的收入可能會增加 2000 萬美元，對嗎？

And it could all fall in Q3 or Q4 or split out in various different ways.

它可能全部落在第三季或第四季度，或以各種不同的方式分裂。

Like it's hard to determine how that would plan.

就像很難確定如何計劃一樣。

Then there's the same element of the upside, which is whether they get to 250,000 right?

然後還有同樣的上漲因素，那就是他們能否達到 25 萬，對吧？

And that would be another -- depending on the vehicle, that would be another 50 plus -- $50 million to $65 million of revenue upside depending on what vehicles they make, right?

這將是另一個 - 根據車輛的不同，這將是另外 50 多 - 5000 萬至 6500 萬美元的收入增長，具體取決於他們生產的車輛，對嗎？

So they make more Equinoxes, it's on the lower end of that number.

所以他們製造了更多的春分點，它處於該數字的較低端。

If they make more Hummers, Escalades, larger battery pack vehicles and our CPV would be higher.

如果他們製造更多的悍馬、凱雷德、更大的電池組車輛，我們的 CPV 就會更高。

We just want to manage our business here and plan our expenses, not having to worry about whether GM goes to 225 or 190.

我們只想在這裡管理我們的業務併計劃我們的開支，而不用擔心GM是去225還是190。

We take our baseline guide very seriously.

我們非常重視我們的基準指南。

We think the planning internally pretty seriously.

我們內部認為這個規劃非常認真。

And it'd be great to just run our business without having to worry what GM is saying at some investor conference around their EV outlook, right?

如果能夠直接經營我們的業務，而不必擔心通用汽車在一些投資者會議上圍繞其電動車前景所說的話，那就太好了，對吧？

The other part that's worth mentioning is that we read the coverage of the OEMs and their messaging and right now, the market is incentivizing OEMs to say that they're producing less EVs because they perceive us an impact on their profitability, right?

值得一提的另一部分是，我們閱讀了原始設備製造商的報導及其消息，目前，市場正在激勵原始設備製造商說他們正在減少電動車的生產，因為他們認為我們對其盈利能力產生了影響，對嗎？

But at some point, EVs are really a driver of their sustainability as Acentia can sell vehicles, at least in the US and in in Europe, 2026 and beyond, right?

但在某種程度上，電動車確實是其永續發展的驅動力，因為 Acentia 可以在 2026 年及以後銷售車輛，至少在美國和歐洲，對吧？

And so I think people should not lose sight of that.

所以我認為人們不應該忽視這一點。

And that's why while our long-term outlook is still very optimistic here in the near term, we just want to be careful with what we set our expectations of GM to produce.

這就是為什麼雖然我們的長期前景在短期內仍然非常樂觀，但我們只是想謹慎對待我們對通用汽車生產的預期。

Yeah.

是的。

David, another source of that upside is -- that potential upside is the energy industrial business, which I know you know very well, probably in the range of $10 million to $20 million.

大衛，這種上漲的另一個來源是——潛在的上漲是能源工業業務，我知道你對此非常了解，可能在 1000 萬美元到 2000 萬美元之間。

And it's not about demand.

這與需求無關。

In this particular case, it's about production and our ability to supply largely from external manufacturing facility.

在這種特殊情況下，這關係到生產和我們主要從外部製造工廠供應的能力。

So that's kind of another leg of the stool, I guess, when we think about our upside versus our baseline that we that we cited today at $390 million.

因此，我想，當我們考慮我們今天引用的 3.9 億美元的基準線的優勢時，這就是另一條凳子。

Great.

偉大的。

Thank you very much, Don.

非常感謝你，唐。

I appreciate it.

我很感激。

Thanks.

謝謝。

Welcome.

歡迎。

Thanks for initiating coverage debt.

感謝您發起承保債務。

Eric Stine, Craig-Hallum.

艾瑞克·斯坦，克雷格·哈勒姆。

Good morning everyone.

大家早安。

Thanks for sneaking me in here at the end.

謝謝你最後偷偷帶我來這裡。

Hey Eric.

嘿埃里克。

Hey.

嘿。

So I'm just curious, you mentioned in your remarks and also in the presentation, this potential seventh OEM in the third quarter, major German OEM.

所以我只是很好奇，您在演講和演示中提到了第三季度潛在的第七家 OEM，主要的德國 OEM。

Just curious, I mean, can you give any details there?

只是好奇，我的意思是，你能提供一些細節嗎？

Is that potentially a parent company of nameplates or brands you already have?

這是否可能是您已有銘牌或品牌的母公司？

Is that a new OEM altogether?

這是一個新的 OEM 嗎？

Anything you can share would be great.

任何你能分享的東西都會很棒。

All new -- I think Neal put a German flag on the slide, right?

全新的——我想尼爾在幻燈片上放了一面德國國旗，對嗎？

So, at least one of them out, right?

那麼，至少其中一個被淘汰了，對嗎？

It would be all new and it's an OEM that we've been working with for quite some time.

它將是全新的，並且是我們已經合作了一段時間的原始設備製造商。

And they do have a relatively strong EV penetration globally already.

他們確實已經在全球範圍內擁有相對較強的電動車普及率。

And yes -- I mean the -- it's one where we have a very high level of confidence just based on the work that's been done so far, and we do expect to have that contract signed here in the near-term.

是的，我的意思是，根據迄今為止所做的工作，我們對此充滿信心，我們確實希望在短期內在這裡簽署該合約。

Got it, that is great.

明白了，太棒了

And then last one for me.

然後是我的最後一張。

You mentioned carbon capture and two initial projects.

您提到了碳捕獲和兩個初始項目。

Can you size -- well, I guess, first of all, I assume we should think about this as being kind of like LNG in the early days where you get in, it's very small you get in a little bigger and then potentially a project or a contract that's much larger.

你能否確定規模——嗯，我想，首先，我認為我們應該將其視為早期的液化天然氣，它很小，你可以更大一點，然後可能是一個項目或更大的合約。

Is that how we should think about this?

我們該這樣思考嗎？

And maybe as you think about what the content is, maybe what it is today and kind of what you're shooting for?

也許當你思考內容是什麼時，也許今天是什麼以及你拍攝的目的是什麼？

It's a little bit of a work in progress.

這是一項正在進行中的工作。

But I would cite some differences actually with our LNG work.

但我想說的是我們的液化天然氣工作實際上存在一些差異。

When we broke into the LNG business, and again, it's a very conservative group of engineers that surround that business and the failures are extremely costly and difficult.

當我們進入液化天然氣業務時，圍繞該業務的是一群非常保守的工程師，失敗的代價極其高昂且困難重重。

So, we really sort of cut our teeth in that on the maintenance side, doing relatively small projects within LNG facilities, building the confidence, getting our data in place.

因此，我們確實在維護方面有所嘗試，在液化天然氣設施內開展了相對較小的項目，建立了信心，並獲取了數據。

And as I cited in my -- and we are very active in the vast majority of projects now these many years later.

正如我在我的文章中所引用的——多年後，我們在絕大多數專案中都非常活躍。

I think on the carbon capture side, the initial activities are sort of more project-oriented just given the newness of these facilities.

我認為在碳捕獲方面，考慮到這些設施的新穎性，最初的活動更加以專案為導向。

And again, I think we have some work to do before we can really size the market.

再說一遍，我認為在真正確定市場規模之前，我們還有一些工作要做。

But I believe the opportunities on a per project basis will be notable.

但我相信每個項目的機會都將是值得注意的。

And so give us a couple of quarters to kind of work our way into this market, but there's a nice pipeline of projects.

因此，請給我們幾個季度的時間來努力進入這個市場，但有很多項目正在醞釀中。

And we think these carbon capture programs are important from a sustainability point of view.

我們認為，從永續發展的角度來看，這些碳捕獲計畫非常重要。

And also, they're being driven largely by the companies that we've served in our traditional energy industrial business.

而且，它們主要是由我們在傳統能源工業業務中服務過的公司所推動的。

And so we have excellent channels into them relationships with the engineering groups and we have an excellent solution as well from a thermal management point of view.

因此，我們擁有與工程團隊建立良好關係的管道，從熱管理的角度來看，我們也擁有出色的解決方案。

Okay, that’s great.

好的，那太好了。

Thanks.

謝謝。

Thank you, Eric.

謝謝你，埃里克。

Tom Curran, Seaport Research Partners.

湯姆‧柯蘭，海港研究夥伴。

Good morning guys.

早安，夥計們。

Thanks for going into extra innings here and taking my questions.

感謝您參加加時賽並回答我的問題。

Happy to.

很高興。

Happy to.

很高興。

Yes.

是的。

No, you guys always do.

不，你們總是這樣。

For your internal modeling that underpins guidance, would you tell us what average CPV you're assuming for the Honda Prologue and Acura ZDX, respectively?

對於支持指導的內部模型，您能告訴我們您對本田 Prologue 和謳歌 ZDX 分別假設的平均 CPV 是多少嗎？

Yes, they're about $900 per vehicle.

是的，每輛車大約 900 美元。

For both, Ricardo?

對於兩者，里卡多？

Yes.

是的。

Great.

偉大的。

And then turning to the Scania contract.

然後轉向斯堪尼亞合約。

As a commercial vehicle brand, that marquees activity is just a bit more opaque.

作為一個商用車品牌，這種招牌活動有點不透明。

It's kind of tougher to track and get insights into.

追蹤和深入了解有點困難。

Could you speak to what indications you've gotten about how that production volume is expected to ramp?

您能否談談您獲得的有關產量預計將如何增加的跡象？

And will you be starting with the Scania 45p electric truck and just that auto initially, are there additional models in the queue?

您會從 Scania 45p 電動卡車開始嗎？

Could you just share some color on the current visibility and expectations you have specifically for the Scania ramp?

您能否分享一些關於當前斯堪尼亞坡道的可見性和期望的資訊？

Yes.

是的。

So initially, it's just on one of these -- one of these commercial trucks, the 45p, as you mentioned, the -- it's worth highlighting that Scania is actually using North Volt cells.

因此，最初，它只是在其中一輛——其中一輛商用卡車，45p，正如您所提到的——值得強調的是，斯堪尼亞實際上正在使用 North Volt 電池。

And so even though they have -- we have fairly high expectations for the nameplate in Europe, in particular.

因此，儘管他們有——我們對歐洲的銘牌抱有相當高的期望，尤其是。

It's dependent on the ability of the cell manufacturing to scale up, right?

這取決於電池製造規模化的能力，對嗎？

And so until that really starts happening, it's hard for us to gauge the ramp-up of that one.

因此，在這種情況真正開始發生之前，我們很難衡量其成長情況。

Okay.

好的。

And then I'll squeeze in one more quick one here.

然後我會在這裡再快速塞進一篇。

On the energy industrial side, Don, could you just remind us when it comes to an LNG project, when do your orders tend to hit relative to the projects FID announcement?

在能源產業方面，Don，您能否提醒我們，當談到液化天然氣專案時，相對於專案最終投資決定公告，您的訂單往往會在什麼時候到達？

What are the differences for you between a liquefaction project and a regasification opportunity?

對您來說，液化專案和再氣化機會有什麼不同？

Well, we've from a -- on the regas side, I would say the largest project we've done on LNG has been a regasification facility.

嗯，我們在再氣化方面，我想說我們在液化天然氣方面完成的最大項目是再氣化設施。

You might remember, PTT in Thailand.

您可能還記得，泰國的 PTT。

The majority of the projects we've done have been export facilities, though.

不過，我們完成的大部分項目都是出口設施。

And those have tended to be smaller but still meaningful.

這些往往較小，但仍然有意義。

And again, as I said in my comments, we've participated in the vast majority of those over the course of the past five years, actually longer than that.

正如我在評論中所說，我們在過去五年中參與了其中的絕大多數，實際上比這更長。

So sorry, I forgot the first part of your question.

很抱歉，我忘了你問題的第一部分。

Just the timing of when you tend to see your orders hit and you get spectate relative to, let's say, a high-profile FID announcement?

只是你傾向於看到你的訂單被命中並且你會受到關注的時間，比方說，一個高調的 FID 公告？

Yes.

是的。

So we get spectate relatively early in that process, but we deliver product relatively in the stage of construction project, right?

所以我們在這個過程中相對較早地獲得了觀眾，但我們在建設專案階段相對地交付了產品，對嗎？

Insulation is one of the part of the latter phase of these construction programs that the LNG terminals have.

隔熱是液化天然氣接收站建設工程後期的一部分。

So again, we get visibility on it relatively soon, but then we deliver towards the end of the projects.

因此，我們很快就能看到它，但隨後我們會在專案結束時交付。

Got it.

知道了。

Thank you.

謝謝。

Let me check through my final questions.

讓我檢查一下我的最後問題。

Thanks, Tom.

謝謝，湯姆。

Alex Potter, Piper Sandler.

亞歷克斯·波特，派珀·桑德勒。

Hi, guys.

嗨，大家好。

Hi, Alex.

嗨，亞歷克斯。

I know, I'm up on time here.

我知道，我準時到達。

I'll just ask one, and it's on the STLA medium platform from Stellantis.

我只想問一個，它位於 Stellantis 的 STLA 介質平台上。

I guess, maybe a two-parter.

我想，也許是兩個人。

Would you agree, first of all, that in terms of incremental volume in 2025 versus 2024, that this is the, I guess, single most consequential new target for Pyrothin next year versus this year?

首先，就 2025 年與 2024 年的增量而言，我認為這是 Pyrothin 明年與今年相比最重要的單一新目標，您是否同意？

And then the second follow-up question to that is, what's the update there?

然後第二個後續問題是，有什麼更新？

Have you had -- there's been some rumors of Stellantis potentially delaying a couple of launches.

有傳言稱 Stellantis 可能會推遲幾次發布。

I don't know if that's accurate or if that aligns with what you've been seeing.

我不知道這是否準確，或者是否與您所看到的相符。

Anything you could give us on that relationship would be helpful.

你能給我們提供的關於這種關係的任何資訊都會有幫助。

Thanks.

謝謝。

Sure.

當然。

So I'll start with the first one.

所以我將從第一個開始。

We actually think that Audi could ramp up faster than Stellantis here.

事實上，我們認為奧迪在這裡的發展速度可能比 Stellantis 更快。

And the reason for that is because this STLA medium platform that we're expecting or the subset within that is the one that is using cells made by ACC in France.

原因是因為我們期望的 STLA 培養基平台或其中的子集是使用法國 ACC 製造的細胞的平台。

And so until that ramps, that's when -- that's really when one can start thinking of timing of those nameplates.

因此，直到這種情況出現之前，那就是人們可以開始考慮這些銘牌的時機的時候。

And to your second part of the question, I think that's why we assumed those volumes to show up in the second half of 2025 versus in 2024, right?

對於問題的第二部分，我認為這就是為什麼我們假設這些數量會在 2025 年下半年而不是 2024 年出現，對吧？

And so as 2024 is materializing here, it's no secret that people are seeing that the vehicles just aren't launching here in 2024 and we expected that.

因此，隨著 2024 年即將到來，人們發現這些車輛並沒有在 2024 年在這裡推出，這已經不是什麼秘密了，而這正是我們所期望的。

But we believe that, that will ramp up meaningfully in the second half of 2025.

但我們相信，這一數字將在 2025 年下半年顯著增加。

And -- but it should be a close second to Audi.

而且——但它應該緊跟著奧迪。

Okay.

好的。

Perfect.

完美的。

Thanks.

謝謝。

I'll take the rest offline.

我會把剩下的部分離線。

Thanks, guys.

謝謝，夥計們。

Thanks, Alex.

謝謝，亞歷克斯。

For your time.

為了你的時間。

Thank you.

謝謝。

Sameer Joshi, H.C. Wainwright.

薩米爾‧喬希 (Sameer Joshi)，H.C.溫賴特。

Don and Ricardo, congrats on all the progress.

唐和里卡多，祝賀所有的進展。

One comment and then a question.

一則評論，然後一個問題。

It seemed that the increase in top-line guidance of around this $10 million is pretty conservative given that your baseline volumes have increased from 200 to roughly 225.

考慮到您的基準交易量已從 200 增加到大約 225，因此 1000 萬美元左右的營收指導增長似乎相當保守。

So I'll just let that hang.

所以我就讓它掛起來吧。

But on the second -- the question on that is -- on the DOE loan application process, is there a concern, and this is a good problem to have that the process could be delayed that would prevent you from achieving the capacity that you will need to deliver in 2026, 2027 time frame?

但第二個問題是，關於能源部貸款申請流程，是否存在擔憂，這是一個好問題，因為該流程可能會被推遲，這將阻止您實現您想要的能力需要在2026年、2027年的時間範圍內交付？

And how are you planning for that potential delays that materialize with the DOE?

對於能源部可能出現的延誤，您有何計畫？

Sure.

當然。

So happy to -- in reaction to the comment, I would just emphasize that it's baseline or greater than.

很高興 - 作為對評論的回應，我只是強調它是基線或大於基線。

And so we understand that, but we don't want to get ahead of our skis, right?

所以我們理解這一點，但我們不想超越我們的滑雪板，對吧？

Then in terms of any potential delays on the DOE loan.

然後是能源部貸款的任何潛在延誤。

I mean I think my answer there is just no.

我的意思是我認為我的答案是否定的。

I mean we are moving as fast as we can on it.

我的意思是，我們正在盡可能快地採取行動。

The DOE has been extremely engaged with us.

美國能源部一直與我們密切合作。

I would not be surprised if within our team, we're spending at least 10 hours with them on any given week since we made it to the face of the process.

如果在我們的團隊中，自從我們進入流程以來，我們每周至少花 10 個小時與他們在一起，我不會感到驚訝。

And we obviously cannot get ahead of expectations here disclosing something, but we are very optimistic about where we sit in the process.

顯然，我們不能超出預期，在此披露一些信息，但我們對我們在過程中所處的位置非常樂觀。

Everybody is incentivized to get this done before the election, and so we don't expect any delays.

每個人都有動力在選舉前完成這項工作，因此我們預計不會有任何延誤。

And that actually aligns perfectly with our time line.

這實際上與我們的時間表完全一致。

Got it.

知道了。

Thanks for that, Ricardo and good luck.

謝謝你，里卡多，祝你好運。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

So I'd like to hand the call back over to Don for any additional remarks.

因此，我想將電話轉回給 Don，以徵求任何補充意見。

Thank you, Alison.

謝謝你，艾莉森。

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

我們感謝您對 Aspen Aerogels 的興趣，並期待向您報告我們 2024 年第三季的業績。

Be well, and have a good day.

祝你一切順利，祝你有美好的一天。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you all for your participation.

感謝大家的參與。

You may now disconnect your lines.

現在您可以斷開線路。