Aspen Aerogels Inc (ASPN) 2024 Q3 法說會逐字稿

Good morning.

早安.

Thank you for attending the Aspen Aerogels, Inc. Q3 2024 financial results call.

感謝您參加 Aspen Aerogels, Inc. 2024 年第三季財務績效電話會議。

(Operator Instructions) 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.

（操作員指示）我現在想將會議轉交給東道主尼爾·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, Ezra.

謝謝你，以斯拉。

Good morning, and thank you for joining us for Aspen Aerogels third quarter 2024 financial results conference call.

早安，感謝您參加我們的 Aspen Aerogels 2024 年第三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 slide presentation and earnings release.

GAAP 和非 GAAP 指標之間的調整包含在投影片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 the disclaimer statement on page 1 of the slide deck as the content of our call will be governed by this language.

請查看投影片第 1 頁的免責聲明，因為我們的通話內容將受此語言管轄。

On November 19, Ricardo and I will be hosting an investor discussions in New York at the Craig-Hallum Alpha Select Conference and the Bernstein Annual Industrials Forum.

11 月 19 日，里卡多和我將在紐約的 Craig-Hallum Alpha Select 會議和伯恩斯坦年度工業論壇上主持投資者討論會。

Also, on November 19, we will be attending an investor dinner in Menlo Park for the Piper Sandler 2024, Bay Area EV and Batteries Bus Tour.

此外，11 月 19 日，我們將參加在門洛帕克舉辦的 Piper Sandler 2024、灣區電動車和電池巴士之旅投資者晚宴。

On November 20, Ricardo and I will host investor meetings at Barclays Annual Global Automotive and Mobility Tech Conference.

11 月 20 日，里卡多和我將在巴克萊年度全球汽車和行動技術會議上主持投資者會議。

This event will also include a fireside chat with Ricardo from 1:00 to 1:35 PM EST.

該活動還包括在美國東部時間下午 1:00 至 1:35 與 Ricardo 進行爐邊聊天。

On December 4 and 5, our team will be presenting at the Deploy24 Conference in D.C. hosted by the Department of Energy.

12 月 4 日至 5 日，我們的團隊將在能源部主辦的華盛頓特區 Deploy24 會議上發表演講。

And finally, on December 5, Ricardo and I will be hosting investor discussions at the Janney Clean Energy Investment Symposium in New Orleans.

最後，12 月 5 日，里卡多和我將在新奧爾良舉行的詹尼清潔能源投資研討會上主持投資者討論。

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 Q3 2024 earnings call.

感謝您參加我們的 2024 年第三季財報電話會議。

My comments will focus on Q3 and year-to-date performance, our revised 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三季和年初至今的業績、我們修訂後的 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, 2024 outlook and recent financing activities.

里卡多將深入探討我們的財務表現、2024 年展望和近期融資活動。

We will conclude with a Q&A session.

我們將以問答環節結束。

We operated well in Q3.

我們在第三季運作良好。

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

強大的執行力充分利用並擴大了我們在 2023 年全年和今年上半年建立的勢頭。

The performance is reflected in the Q3 financial results and in a higher 2024 revenue and adjusted EBITDA outlook, our third beat-and-raise quarter of the year.

這一業績反映在第三季的財務表現、更高的 2024 年收入和調整後的 EBITDA 前景中，這是我們今年第三個季度的業績成長。

Our year-to-date numbers and our Q4 momentum are the basis for raising our 2024 outlook to $450 million of revenue and $90 million of adjusted EBITDA.

我們今年迄今的數據和第四季的勢頭是我們將 2024 年營收展望提高至 4.5 億美元和調整後 EBITDA 9,000 萬美元的基礎。

Since we first issued our 2024 outlook, we have increased guidance on revenue by $100 million and on adjusted EBITDA by $60 million, reflecting the good work of the Aspen team.

自我們首次發布 2024 年展望以來，我們已將收入指引增加了 1 億美元，調整後 EBITDA 增加了 6000 萬美元，這反映了 Aspen 團隊的出色工作。

Our quarterly revenue mix was comprised of $91 million of PyroThin Thermal Barriers and a modest $27 million for energy industrial.

我們的季度收入組合包括 9,100 萬美元的 PyroThin 熱障和 2,700 萬美元的能源產業收入。

With respect to energy industrial, this year has been dedicated to the transition to our supplemental supplier in support of the business.

在能源工業方面，今年我們致力於向我們的補充供應商過渡以支持業務。

Our external manufacturing facility serving our energy industrial business performed a successful five week planned turnaround during Q3 aimed at upgrading equipment to be more flexible and efficient and importantly, to expand capacity.

我們為能源工業業務服務的外部製造工廠在第三季度成功完成了為期五週的計劃週轉，旨在升級設備，使其更加靈活和高效，重要的是擴大產能。

While the long duration of the turnaround dampen Q3 results for energy industrial, it positions our energy industrial team for a solid fourth quarter, and we believe, for a record 2025.

雖然長期的復甦影響了能源工業第三季的業績，但它使我們的能源工業團隊能夠在第四季度取得穩健的業績，我們相信，在 2025 年將創紀錄。

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。

We believe our energy industrial team will drive profitable growth with a medium-term goal of doubling the size of the business to provide a valuable baseload of revenue and profit for the company.

我們相信，我們的能源工業團隊將推動獲利成長，中期目標是將業務規模擴大一倍，為公司提供寶貴的收入和利潤基礎。

Our revenue for our PyroThin Thermal Barrier business was driven by continued EV growth at GM.

PyroThin 熱障業務的收入受到通用汽車電動車持續成長的推動。

As we navigate this phase of EV adoption, we are benefiting greatly from a strong collaboration with GM, both commercial and technical.

在我們經歷電動車採用的這一階段時，我們從與通用汽車在商業和技術方面的強大合作中受益匪淺。

We were energized by GM's Investor Day and its Q3 earnings call where they expressed their full-throated commitment to electrification, including the launching of a full lineup of profitable EVs.

通用汽車的投資者日和第三季財報電話會議讓我們感到振奮，他們在會上表達了對電氣化的全力承諾，包括推出全系列可獲利的電動車。

In addition to GM and our previously announced five other OEM awards, we are pleased to announce a new OEM award to supply PyroThin Thermal Barriers to Mercedes-Benz for its battery electric platform based on prismatic cells with production expected to begin in 2027.

除了通用汽車和我們之前宣布的其他五個OEM 獎項外，我們很高興地宣布一項新的OEM 獎項，為梅賽德斯-奔馳的基於棱柱形電池的電池電動平台提供PyroThin 熱障，預計將於2027 年開始生產。

This additional OEM award is through ACC, a battery cell joint venture between Stellantis, Saft, TotalEnergies and Mercedes-Benz.

這項額外的 OEM 合約是透過 ACC 獲得的，ACC 是 Stellantis、Saft、TotalEnergies 和梅賽德斯-奔馳之間的電池合資企業。

Earlier awards from ACC were for Stellantis' STLA medium platforms, which we expect to begin to ramp in late 2025.

ACC 的早期獎項授予了 Stellantis 的 STLA 中型平台，我們預計該平台將於 2025 年底開始推廣。

The continued adoption of PyroThin Thermal Barriers is a testament to the strength and uniqueness of our portfolio.

PyroThin 熱障的持續採用證明了我們產品組合的實力和獨特性。

We are confident in our ability to serve this ever-evolving market with our innovative and agile technology platform.

我們對透過創新和敏捷的技術平台服務這個不斷發展的市場的能力充滿信心。

Our focus is on securing our 8th OEM design award, which would further diversify our customer base and support our long-term growth through the decade.

我們的重點是獲得第八個 OEM 設計獎，這將進一步豐富我們的客戶群並支持我們十年來的長期成長。

While it's challenging to pinpoint the exact timing of nominations, even in cases, we've agreed upon technical and commercial terms, we believe this next OEM program award is on the near-term horizon.

雖然確定提名的確切時間具有挑戰性，即使在某些情況下，我們已經就技術和商業條款達成一致，但我們相信下一個 OEM 計劃授予即將到來。

We will keep you informed about the progress.

我們將隨時向您通報進度。

As we build our Energy Industrial and PyroThin Thermal Barrier businesses, we are focused not only on growth, but on profitable growth.

當我們建立能源產業和 PyroThin 熱障業務時，我們不僅專注於成長，而且專注於獲利成長。

From 2021 to 2023, we nearly doubled revenue while driving gross profit margin from 8% to 24%.

從 2021 年到 2023 年，我們的收入幾乎翻了一番，同時毛利率從 8% 提高到 24%。

We are ahead of schedule for doubling revenue again from 2023 to 2025 with an expected revenue growth rate in 2024 alone approaching 90%.

我們提前實現了 2023 年至 2025 年收入翻倍的目標，預計僅 2024 年收入成長率就接近 90%。

And again, with profitability in mind, our gross profit margin through three quarters this year has expanded to over 40%.

同樣，考慮到獲利能力，我們今年三個季度的毛利率已擴大到 40% 以上。

With our revised outlook, we anticipate growing revenue in 2024 by $211 million and adjusted EBITDA by $113 million or 54% of incremental revenue.

根據修訂後的展望，我們預計 2024 年營收將成長 2.11 億美元，調整後 EBITDA 將成長 1.13 億美元，佔增量收入的 54%。

Our commercial and operating progress since 2021 demonstrates the financial power of leveraging scale and driving margins.

我們自 2021 年以來的商業和營運進展證明了利用規模和提高利潤的財務實力。

Importantly, we anticipate additional profitable growth in 2025 and to continue a direct path to fully utilizing our current capacity and supply arrangements of at least $650 million of revenue capacity with at least 35% gross profit margins and 25% adjusted EBITDA margins.

重要的是，我們預計2025 年將實現額外的利潤成長，並繼續直接充分利用我們目前的產能和供應安排，收入至少為6.5 億美元，毛利率至少為35%，調整後EBITDA 利潤率為25% 。

We believe our financial performance during the first three quarters of 2024 more than supports these profitability metrics.

我們相信 2024 年前三個季度的財務表現足以支持這些獲利指標。

As a reminder, we are executing three key elements of our strategy that are in support of these revenue and profitability targets.

提醒一下，我們正在執行策略的三個關鍵要素，以支持這些收入和獲利目標。

First, the full conversion of the East Providence aerogel manufacturing plant to support the growth of the PyroThin Thermal Barrier business.

首先，東普羅維登斯氣凝膠製造廠全面改建，以支持 PyroThin 熱障業務的成長。

Second, the transition to our external manufacturing facility to support the growth of the energy industrial business.

其次，向外部製造設施轉型以支持能源工業業務的成長。

And third, the financial stewardship to reinforce the strength and flexibility of the company necessary to achieve our interim and long-term goals and to take advantage of opportunities as they present themselves.

第三，財務管理，以增強公司的實力和靈活性，以實現我們的中期和長期目標，並充分利用出現的機會。

In terms of financial strength and flexibility, during Q3, we generated $21 million in operating cash flow and finished the quarter with over $113 million in cash.

就財務實力和靈活性而言，第三季我們產生了 2,100 萬美元的營運現金流，本季結束時現金超過 1.13 億美元。

In addition, we put in place a $100 million working capital revolver.

此外，我們也設立了 1 億美元的周轉資金。

Since Q3, we took the next major step towards efficiently financing our plant -- [Statesboro] aerogel manufacturing plant by receiving the conditional commitment from the DOE LPO for a loan of up to $670 million.

自第三季以來，我們在為我們的工廠——[Statesboro]氣凝膠製造工廠高效融資方面邁出了重要一步，獲得了 DOE LPO 的有條件承諾，提供高達 6.7 億美元的貸款。

While we do not have assurance that the DOE will close the loan, we believe the remaining conditions for closing the loan are controllable.

雖然我們不能保證能源部會結束貸款，但我們相信結束貸款的其餘條件是可控的。

The Statesboro aerogel manufacturing plant is expected to have revenue capacity at between $1.2 billion and $1.6 billion and is designed to generate not only accretive margins, but also positive cash flow at moderate capacity utilization levels.

斯泰茨伯勒氣凝膠製造廠的營收能力預計在 12 億至 16 億美元之間，其設計目的不僅是增加利潤，而且在適度的產能利用率水準下產生正現金流。

Also in October, we raised over $90 million in an equity offering to strengthen our balance sheet.

同樣在 10 月份，我們透過股票發行籌集了超過 9,000 萬美元，以加強我們的資產負債表。

Our overall financial strength and profitable operating performance provide us with the resources and flexibility to execute our strategy and to drive long-term profitable growth.

我們的整體財務實力和獲利的經營業績為我們提供了執行策略和推動長期獲利成長的資源和靈活性。

As a reminder, our strategy is to leverage our aerogel technology platform into large dynamic markets, especially those with sustainability themes.

提醒一下，我們的策略是利用我們的氣凝膠技術平台進入大型動態市場，特別是那些具有永續發展主題的市場。

In work unrelated to the Loan Programs Office, the U.S. Department of Energy awarded Aspen Aerogels with a $7.3 million R&D grant dedicated to advancing our aerogel technology platform in the field of battery materials.

在與貸款專案辦公室無關的工作中，美國能源部向 Aspen Aerogels 授予了 730 萬美元的研發補助金，專門用於推進我們在電池材料領域的氣凝膠技術平台。

Our R&D teams have advanced the development of our carbon aerogels in various battery chemistries and this DOE R&D grant, sponsors our team of scientists to further develop a proprietary carbon aerogel to enhance the performance of fast-charging high-power LFP cathode materials.

我們的研發團隊推進了碳氣凝膠在各種電池化學領域的開發，能源部的這項研發撥款資助我們的科學家團隊進一步開發專有的碳氣凝膠，以提高快速充電高功率LFP 正極材料的性能。

As part of this R&D grant, Aspen is partnering with the Oak Ridge National Laboratory to leverage its deep LFP battery expertise and to both advance and validate the technology.

作為這項研發資助的一部分，阿斯彭正在與橡樹嶺國家實驗室合作，利用其深厚的磷酸鋰電池專業知識來推進和驗證該技術。

The DOE grant and the Oak Ridge partnership provide to us the resources and complementary expertise to demonstrate the fast-charging LFP technology and to expand the scale from lab to pilot.

美國能源部的撥款和橡樹嶺的合作夥伴關係為我們提供了資源和補充專業知識，以展示快速充電 LFP 技術並將規模從實驗室擴展到試點。

If successful, Aspen's LFP cathode material may offer a domestically sourced high-performance and cost-effective solution to fast-charging LFP batteries.

如果成功，阿斯本的磷酸鋰正極材料可能為快充磷酸鐵鋰電池提供國產高性能且經濟高效的解決方案。

We will keep you informed about the progress.

我們將隨時向您通報進度。

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'm happy to report another productive quarter on behalf of our team, starting on slide 4.

我很高興代表我們的團隊報告又一個富有成效的季度，從幻燈片 4 開始。

We delivered $117.3 million of revenue in Q3, which translates into 93% growth year-over-year.

第三季我們實現了 1.173 億美元的收入，年增 93%。

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

這反映了約 4.7 億美元的年收入運行率。

Sustaining a comparable level quarter-over-quarter is great, but this could have been even higher.

季度環比保持可比較的水平很好，但這個數字本來可以更高。

Our energy industrial segment revenue was $26.8 million, a decrease of 4% year-over-year and a 27% decrease quarter-over-quarter.

我們的能源工業部門營收為 2,680 萬美元，年減 4%，季減 27%。

At this point, most of the segment's product was supplied by our external manufacturing facility.

此時，該部門的大部分產品都是由我們的外部製造工廠提供的。

As Don mentioned in his remarks, we went through a five week operational improvement turnaround at this facility to enable a higher throughput rate in Q4 and into 2025.

正如 Don 在演講中提到的，我們對該工廠進行了為期五週的營運改進週轉，以在第四季度和 2025 年實現更高的吞吐量。

We remain sold out in this segment, and there's no doubt that without the operational improvement shutdown, our revenues here could have been at least $10 million higher for the quarter.

我們在這一領域的銷售仍然處於售空狀態，毫無疑問，如果沒有營運改善關閉，我們本季的收入可能會增加至少 1000 萬美元。

EV thermal barrier revenue of $90.6 million was up over 176% year-over-year and 12% quarter-over-quarter, reflecting a high level of demand from our main customers in this segment.

電動車熱障收入為 9,060 萬美元，年成長超過 176%，較上季成長 12%，反映了該領域主要客戶的高需求。

In Q3, company-level gross profit margins were 42% and our gross profit of $49 million, is a $35.2 million improvement over gross profit of $13.8 million during the same quarter last year.

第三季度，公司級毛利率為 42%，毛利為 4,900 萬美元，比去年同期的毛利 1,380 萬美元提高了 3,520 萬美元。

Our energy industrial segment delivered $10.8 million of gross profit or an 84% year-over-year increase on comparable revenues.

我們的能源工業部門實現了 1,080 萬美元的毛利，即可比營收年增 84%。

In EV thermal barriers, we delivered $38.3 million of gross profit in Q3.

在電動車熱障領域，我們第三季實現了 3,830 萬美元的毛利。

The resulting gross profit margins during the quarter were 40% and 42% for our energy industrial and EV thermal barrier segment, respectively.

本季能源工業和電動車熱障部門的毛利率分別為 40% 和 42%。

Without any material onetime charges in Q3.

第三季沒有任何材料一次性費用。

It was encouraging to see our gross margins increase by 90 basis points over our overall gross margin of 41% during the first half of the year, which is a more direct comparison versus splitting out Q1 and Q2 due to various onetime charges that hurt the P&L in the first quarter but benefited in the second quarter as these were reimbursed.

令人鼓舞的是，我們的毛利率比上半年41% 的整體毛利率增長了90 個基點，這與由於各種一次性費用損害損益而將第一季度和第二季度分開的情況進行了更直接的比較在第一季度，但在第二季度受益，因為這些費用已得到償還。

Operating expenses, which are sized for our near-term projected annual revenue capacity of over $650 million were $31.6 million in Q3 or flat quarter-over-quarter.

第三季的營運支出為 3,160 萬美元，與上一季持平，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確定的。

These would have been lower without several onetime expenses linked to performance pay.

如果沒有幾筆與績效工資相關的一次性費用，這些費用本來會更低。

With our OpEx flat or down here over the last three quarters, I'll reemphasize that any increases will be aimed at driving incremental demand and profitability only.

由於過去三個季度我們的營運支出持平或下降，我將再次強調，任何增加都將僅旨在推動增量需求和獲利能力。

Putting these elements together, our adjusted EBITDA was $25.4 million in Q3 compared to negative $7.3 million during the same period last year.

將這些因素放在一起，我們第三季調整後的 EBITDA 為 2540 萬美元，而去年同期為負 730 萬美元。

Echoing Don's remarks, 22% adjusted EBITDA margins put us ahead of any expectations that we had as we were gearing the company's cost structure two years ago.

與 Don 的言論相呼應，22% 的調整後 EBITDA 利潤率使我們超出了兩年前調整公司成本結構時的任何預期。

Our team continues validating that we've set up the business to be profitable without having to rely on outsized revenue growth.

我們的團隊不斷驗證我們的業務已實現盈利，而無需依賴超額收入成長。

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.

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、股票補償費用以及我們認為不能反映我們核心經營業績的其他項目之前的淨收入或虧損。

In Q3, these adjustments were limited to $2.6 million of stock-based compensation, $5.3 million of depreciation, $1.2 million of interest income and $31.3 million of interest and financing-related expenses, which included the loss on extinguishment of debt of $27.5 million related to the redemption of the company's convertible note with Koch industries.

第三季度，這些調整僅限於 260 萬美元的股票薪酬、530 萬美元的折舊、120 萬美元的利息收入以及 3,130 萬美元的利息和融資相關費用，其中包括與債務清償相關的 2,750 萬美元損失。與科赫工業公司贖回該公司的可轉換票據。

Our net loss in Q3 was $13 million or negative $0.17 per diluted share versus a net loss of $13.1 million or negative $0.19 per diluted share in the same quarter of 2023.

我們第三季的淨虧損為 1,300 萬美元，即稀釋後每股負 0.17 美元，而 2023 年同一季度的淨虧損為 1,310 萬美元，即稀釋後每股負 0.19 美元。

Without the loss on extinguishment of debt related to the convertible note, we would have had $14.5 million of net income.

如果沒有與可轉換票據相關的債務清償損失，我們將擁有 1,450 萬美元的淨利潤。

Next, I'll turn over 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 $20.8 million reflected our adjusted EBITDA of $25.4 million and $3.5 million used for working capital.

我們的營運產生的現金為 2,080 萬美元，反映出我們調整後的 EBITDA 為 2,540 萬美元，其中 350 萬美元用於營運資金。

Interest expenses of $0.8 million and income tax expenses of $0.3 million.

利息支出為 80 萬美元，所得稅支出為 30 萬美元。

Quarter-over-quarter, our working capital increases were reduced by 85%, confirming that what we've been saying all along about our team's ability to preserve cash if we don't have much quarter-over-quarter revenue growth.

與上一季相比，我們的營運資本增幅減少了 85%，這證實了我們一直以來所說的，如果我們的季度環比收入增長不大，我們的團隊有能力保留現金。

Our capital expenditures during the quarter were $20.8 million, which was fully funded by the cash generated from our operations.

本季我們的資本支出為 2,080 萬美元，完全由我們營運產生的現金提供資金。

So the core business did not consume any cash during the quarter.

因此核心業務在本季沒有消耗任何現金。

In Q3, we spent $16.1 million towards slowly advancing progress of Plant 2.

第三季度，我們花了 1,610 萬美元來緩慢推進 2 號工廠的進度。

To date, we have incurred $316.3 million in cumulative capital expenses towards Plant 2 in Georgia to position the project for a potential restart of construction after we've closed the loan from the U.S. Department of Energy's Loan Programs Office targeted in Q1 of next year.

迄今為止，我們已為佐治亞州 2 號工廠累計資本支出 3.163 億美元，以便在我們關閉美國能源部貸款計劃辦公室預計於明年第一季提供的貸款後，該項目有可能重新啟動建設。

I'll go into more details around our Statesboro Plant in a minute.

稍後我將詳細介紹我們斯泰茨伯勒工廠的更多細節。

Our net financing activities in the quarter of $22.2 million included all the ins and outs of the company's redemption of the legacy convertible note for $150 million, the establishment of a $125 million term loan facility and the drawdown of $43 million within a $100 million asset-based revolving credit facility with mid-cap financial.

我們本季的淨融資活動為 2,220 萬美元，包括公司以 1.5 億美元贖回遺留可轉換票據、建立 1.25 億美元定期貸款融資以及在 1 億美元資產中提取 4,300 萬美元的所有細節。的循環信貸便利。

We ended the quarter with $113.5 million of cash and shareholders' equity of $507.6 million.

本季結束時，我們的現金為 1.135 億美元，股東權益為 5.076 億美元。

More recently, on October 21, we closed an underwritten public offering with net proceeds of $93.2 million and as of October 31, our cash balance was of $203 million.

最近，10 月 21 日，我們完成了一次承銷公開發行，淨收益為 9,320 萬美元，截至 10 月 31 日，我們的現金餘額為 2.03 億美元。

Our Statesboro Plant will be fully funded after we close on the DOE loan.

在我們結束能源部貸款後，我們的斯泰茨伯勒工廠將獲得全額資助。

We are jointly targeting Q1 of next year to finalize that and could not be more excited about focusing our energies on playing offense and defining incremental elements of our strategy that go beyond plant two in 2025.

我們共同的目標是在明年第一季完成這一目標，並且非常高興能夠集中精力進攻，並定義我們戰略中超越 2025 年二號工廠的增量要素。

Now I'll turn over to slide 5.

現在我將翻到投影片 5。

And walk you through our updated thoughts on the outlook for the rest of the year.

並帶您了解我們對今年剩餘時間前景的最新想法。

With only one quarter left and recent communications from General Motors confirming their plans to produce 200,000 EVs for their own brands in 2024, we are leading our Ultium-based production expectations unchanged to 225,000 vehicles, including approximately 45,000 units of the Honda Prologue and the Acura ZDX.

只剩下四分之一的時間了，通用汽車最近確認其計劃在2024 年為自己的品牌生產200,000 輛電動車，我們將基於Ultium 的產量預期保持不變，為225,000 輛汽車，其中包括約45,000輛本田Prologue 和謳歌ZDX。

This leaves 180,000 units for GM and its brands.

這為通用汽車及其品牌留下了 180,000 輛汽車。

While the recent annualized sales rate in the US at around 200,000 units for Ultium vehicles over the last three months is very encouraging, IHS estimates that General Motors has produced about 137,000 vehicles for its brands through the end of Q3.

雖然過去三個月 Ultium 汽車在美國的年化銷量約為 20 萬輛，非常令人鼓舞，但 IHS 估計，截至第三季末，通用汽車為其品牌生產了約 137,000 輛汽車。

So ramping up to produce over 60,000 units in Q3 as possible but we feel more confident around our prior estimate of 180,000 vehicles wholesale by GM in 2024.

因此，我們將盡可能在第三季生產超過 60,000 輛汽車，但我們對 2024 年通用汽車批發 180,000 輛汽車的先前估計更有信心。

When thinking about the revenues of our EV thermal barrier segment, and our guidance update, it's worth highlighting a couple of important things.

在考慮我們的電動車熱障部門的收入以及我們的指導更新時，值得強調一些重要的事情。

The first is that as we've been reminding everyone over the last several quarters, it may take several weeks or months for our parts to make their way into a battery pack or a vehicle and even more time into a sold vehicle.

首先，正如我們在過去幾個季度一直提醒大家的那樣，我們的零件可能需要幾週或幾個月的時間才能進入電池組或車輛，甚至需要更多的時間進入已售車輛。

Trying to tie vehicle production or sales to our revenues is a high-level directional and varying precise exercise.

試圖將車輛生產或銷售與我們的收入聯繫起來是一項高水準的定向性和多變的精確性練習。

The second is that during the launch phase of battery module, pack and vehicle assembly, OEMs have been procuring a higher number of parts to produce a vehicle than expected.

其次，在電池模組、電池組和車輛組裝的啟動階段，原始設備製造商購買的零件數量超出了預期。

As initial production yields at the OEMs improve, any demand risk is more than counterbalanced with incremental vehicle throughput over time, and we are not concerned about this reducing demand in the future.

隨著原始設備製造商初始產量的提高，隨著時間的推移，任何需求風險都會被車輛吞吐量的增量所抵消，我們並不擔心未來需求的減少。

The third is that contracts can give us the right to invoice an OEM for several weeks of forward-looking demand if we have produced those parts.

第三，如果我們已經生產了這些零件，合約可以讓我們有權向 OEM 開立未來幾週的前瞻性需求的發票。

This notion of billing and holding in combination with weekly delivery schedules for six to nine month rolling periods, enable smoother planning across the value chain and reduce potential volume fluctuations for suppliers.

這種計費和持有的概念與六到九個月的滾動週期的每週交付計劃相結合，可以使整個價值鏈的規劃更加順利，並減少供應商潛在的數量波動。

And the last one is that we generally have visibility into the OEMs inventory of our parts, and they focus on maintaining a low level of working capital throughout the value chain.

最後一點是，我們通常可以了解原始設備製造商的零件庫存，他們專注於在整個價值鏈中維持較低水準的營運資金。

So the idea of an OEM suddenly not ordering, because they have excess inventory, is not only something that can be foreseen, but it's highly unlikely when a range of vehicle nameplates is being launched.

因此，原始設備製造商由於庫存過剩而突然不訂購的想法不僅是可以預見的，而且在推出一系列車輛銘牌時也極不可能發生。

With all that in mind, we now expect our EV thermal barrier segment to deliver $315 million of revenues in 2024.

考慮到所有這些，我們現在預計電動車熱障部門將在 2024 年實現 3.15 億美元的收入。

This is a 31% or $75 million increase over our prior outlook of $240 million, mainly driven by the second and third points that I just made, along with increasing power prototype volumes for new customers.

這比我們之前預測的 2.4 億美元增加了 31%，即 7500 萬美元，這主要是由我剛才提出的第二點和第三點以及新客戶的功率原型數量增加推動的。

Switching gears to our energy industrial segment, which without an external manufacturing facility would have been supply constrained to less than $10 million of product per quarter at this point.

轉向我們的能源工業領域，如果沒有外部製造設施，此時每季的產品供應量將限制在 1000 萬美元以下。

We now expect to be able to supply $135 million of product in 2024 or at least $42 million in Q4.

我們現在預計能夠在 2024 年供應 1.35 億美元的產品，或在第四季度供應至少 4,200 萬美元。

The operational turnaround in Q3 and the validation of the resulting capacity improvements from it forced us to push out $15 million of supply into 2025, but now enable that facility to deliver over 20% more output per unit of time depending on product mix as we position that business for next year.

第三季的營運週轉以及由此產生的產能改善的驗證迫使我們在2025 年之前投入1500 萬美元的供應，但現在使該設施能夠在單位時間內交付超過20% 的產出，具體取決於我們定位的產品組合明年的業務。

Turning over to slide 6 and putting our outlook together.

轉到投影片 6，總結我們的展望。

We now expect to deliver $450 million of revenue in 2024.

我們現在預計 2024 年將實現 4.5 億美元的收入。

This level would enable $9 million of net income versus our prior outlook of over $7 million.

這一水準將實現 900 萬美元的淨利潤，而我們先前的預期為超過 700 萬美元。

The encouraging thing is that we are making this outlook update after having incurred $27.5 million towards redeeming the prior convertible note.

令人鼓舞的是，我們在贖回之前的可轉換票據花費了 2,750 萬美元之後做出了本次展望更新。

So we excluded that to assess the net income generated by the underlying business improvement over our prior outlook would be of $29.5 million on an incremental $60 million of revenue.

因此，我們排除了以下因素：與我們先前預期的相比，基礎業務改善所產生的淨利潤將為 2,950 萬美元，增量收入為 6,000 萬美元。

Our updated EBITDA outlook of $90 million is a 50% improvement over our prior outlook of over $60 million while continuing to consider some potential headwinds to our near-term profitability, such as the potential cost of new launches, higher power prototype sales, engineering changes that could lead to inventory obsolescence and expedited freight cost driven by the start-stop nature of some nameplates in our thermal barrier demand.

我們更新後的EBITDA 前景為9000 萬美元，比之前超過6000 萬美元的預期提高了50%，同時繼續考慮我們近期盈利能力的一些潛在不利因素，例如新產品發布的潛在成本、更高功率的原型銷售、工程變更由於我們的熱障需求中某些銘牌的啟動停止性質，這可能會導致庫存過時和加速貨運成本。

On the flip side, if additional demand is truly there, we expect a disproportionate amount of it to continue not just flowing to our bottom line, but now to our cash balance.

另一方面，如果確實存在額外需求，我們預計其中大量需求不僅會繼續流入我們的利潤，而且現在還會流入我們的現金餘額。

Our diluted EPS outlook is improving by $0.02 per share to $0.11 per share over $0.09 per share on a post offering share count of 84 million shares.

我們的稀釋後每股收益預期將由每股 0.09 美元提高 0.02 美元，至每股 0.11 美元，發行後股份數量為 8,400 萬股。

Again, this update would be significantly higher without the loss on extinguishment of debt tied to the redemption of the convertible note.

同樣，如果沒有與可轉換票據贖回相關的債務清償損失，這項更新將顯著更高。

Our CapEx without including Plant 2 is expected to be reduced by $5 million to $40 million from $45 million for the year, thanks to our team's ability to deliver a higher level of upside 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 4,500 萬美元減少 500 萬美元至 4,000 萬美元，這要歸功於我們的團隊有能力利用墨西哥的電動車熱障設備提供更高水準的收益。

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。

We spent $36 million year-to-date towards advancing the construction of Plant 2 in Statesboro, Georgia.

今年迄今為止，我們已花費 3,600 萬美元推進喬治亞州斯泰茨伯勒 2 號工廠的建設。

Looking ahead, we are not planning to spend more than $20 million advancing the construction of Plant 2 until we close the loan pursuant to the DOE's advanced technology vehicle manufacturing or ATVM program targeted in Q1 of 2025.

展望未來，在我們根據能源部先進技術車輛製造或目標於 2025 年第一季的 ATVM 計劃結束貸款之前，我們不打算花費超過 2000 萬美元來推進 2 號工廠的建設。

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

這項投資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，並有可能在明年重新加速建設。

On the right side of slide 6, before moving on, I'll let you take stock of the journey that our team has been on for the past five quarters.

在投影片 6 的右側，在繼續之前，我將讓您回顧我們團隊過去五個季度的歷程。

This quarter, we're particularly proud of being free cash flow neutral on what should have been a quarter with higher and accretive energy industrial revenues.

本季度，我們特別自豪的是自由現金流保持中性，本應是一個能源工業收入更高且不斷增長的季度。

The team deserves a lot of credit for staying on top of working capital and we look forward to managing our investments outside of plant two in a way that makes generating positive free cash flow a habit.

該團隊因保持營運資金的領先地位而值得稱讚，我們期待以一種讓產生正的自由現金流成為一種習慣的方式管理我們在二號工廠之外的投資。

Next, let's turn over to slide 6.

接下來，我們翻到投影片 6。

With the recent announcement of the conditional commitment for a direct loan of up to $670.6 million from the Department of Energy's loan programs office towards our plant in Georgia, we wanted to provide you with a quick update on the project and some key parameters that our team is ensuring as we prepare to restart construction after we close on the loan in the first quarter of 2025.

最近宣布能源部貸款計劃辦公室向我們位於喬治亞州的工廠提供高達 6.706 億美元的有條件直接貸款，我們希望向您提供該項目的快速更新信息以及我們團隊確定的一些關鍵參數正在確保我們準備在2025年第一季結束貸款後重新啟動建設。

The scope of the project has evolved through the right timing of the last two years in a way that gives us very strong conviction to make it a critical part of the current leg of our strategy aimed at driving the uninterrupted profitable growth of our EV thermal barrier segment.

該項目的範圍在過去兩年的正確時機不斷發展，這讓我們非常堅定地相信，將其作為我們當前戰略的關鍵部分，旨在推動電動汽車熱障的不間斷盈利增長部分。

Let's start with the costs.

讓我們從成本開始。

The last estimate that we had disclosed around the cost of the plant was so $710 million in Q1 of 2023.

我們最近披露的關於該工廠成本的最新估計是 2023 年第一季的 7.1 億美元。

Adjusting this for the cost of right timing the project, inflation and scope that includes our latest process improvements.

根據專案正確時機的成本、通貨膨脹和範圍（包括我們最新的流程改善）進行調整。

As we requote the project today, we expect it to cost anywhere from $800 million to $960 million.

當我們今天重新報價該項目時，我們預計其成本為 8 億至 9.6 億美元。

The DOE loan is designed to fully fund our remaining spend on the project.

美國能源部貸款旨在為我們該項目的剩餘支出提供全額資金。

The structure of project financing with treasury rates and Georgia as the borrower, we see the loan as a critical enabler for the project.

根據國債利率和喬治亞州作為借款人的專案融資結構，我們認為貸款是該專案的關鍵推動因素。

It's worth understanding how advanced Plant 2 processes are and the underlying product economics that these enable.

值得了解 Plant 2 製程的先進程度以及這些製程所帶來的基礎產品經濟性。

By combining two critical stages of our aerogel manufacturing process into one set of equipment and one step with an unrestricted footprint that enables linear product flow without overhead transfers, we expect Plant2 to enable fixed costs that are at least 25% lower than those of comparable aerogel production facilities.

透過將氣凝膠製造製程的兩個關鍵階段整合到一套設備中，並且一個步驟的佔地面積不受限制，可實現線性產品流而無需開銷轉移，我們預計Plant2 的固定成本比同類氣凝膠至少低25%生產設施。

This means that even though the two main clusters of equipment that we're installing there, enable $1.2 billion to $1.6 billion of capacity.

這意味著，儘管我們在那裡安裝的兩個主要設備群集仍可實現 12 億至 16 億美元的容量。

The facility only needs to be producing $200 million of revenues within our EV thermal barriers segment to be accretive to our 42% gross margins of this most recent quarter, while generating enough cash to service the debt of the project.

該設施只需要在我們的電動車隔熱層領域產生 2 億美元的收入，即可增加我們最近一個季度 42% 的毛利率，同時產生足夠的現金來償還該項目的債務。

In summary, our EV thermal barrier segment with our plant in Rhode Island that currently has an annual EV thermal barrier revenue capacity of approximately $500 million and just a sliver of the capacity of Plant 2 can continue growing profitably without skipping a beat and service the debt.

總而言之，我們位於羅德島州工廠的電動車熱障部門目前的電動車熱障年收入能力約為5 億美元，僅佔2 號工廠產能的一小部分，可以繼續實現盈利增長，而不會錯過任何機會並償還債務。

If we wanted to stress test the breakeven point of Plant 2 stand-alone, we estimate that it only needs $250 million of demand to deliver our current gross margins.

如果我們想對 2 號工廠獨立的損益平衡點進行壓力測試，我們估計只需要 2.5 億美元的需求即可實現我們目前的毛利率。

Moreover, only $400 million of annual demand or just a bit more than 10% and of our Q3 EV thermal barrier segment run rate would be required to service the debt over the tenure of the loan.

此外，僅需要 4 億美元的年需求或僅略高於我們第三季電動車熱障部門運作率的 10% 即可在貸款期限內償還債務。

Turning over to slide 7.

翻到幻燈片 7。

If we know that we only need an incremental $200 million of demand over the $500 million of Plant 1 in Rhode Island can supply to make Plant 2 more than viable and accretive to the current margins of our EV thermal barrier segment, then let's look at our latest revenue pipeline from 2026 to 2029.

如果我們知道我們只需要在羅德島州1 號工廠5 億美元的供應基礎上增加2 億美元的需求，就能使2 號工廠變得更加可行並增加我們電動汽車熱障部門當前的利潤，那麼讓我們來看看我們的工廠2026 年至 2029 年的最新收入管道。

This is an update over a similar slide that we showed in February of this year during our 2023 full year results earnings call.

這是我們在今年 2 月 2023 年全年業績電話會議上展示的類似幻燈片的更新。

It reflects a small decrease in total demand, driven by some of the ebbs and flows of vehicle programs and the launch delays within the OEMs, some of which you may have read in the press over the past few months.

這反映了總需求的小幅下降，這是由於車輛項目的一些起伏以及原始設備製造商內部的發布延遲所推動的，其中一些您可能在過去幾個月中在媒體上讀到過。

Like last time, the bars on this slide represent the estimated value of our currently awarded and quoted business, which assumes our customers' internal volume projections times the price that we've quoted for each part.

與上次一樣，這張投影片上的條形代表我們目前授予和報價業務的估計價值，假設我們客戶的內部體積預測乘以我們為每個零件報價的價格。

The red line that we have now added represents what our EV thermal barrier segment's revenues would be if we discount this pipeline by 60% in each year.

我們現在添加的紅線代表瞭如果我們每年將該管道折價 60%，我們的電動車熱障部門的收入將是多少。

One can see here that we will arguably need the plant in 2026 and that we not only would need in 2027, but that the revenue level driven by a 60% discount from our pipeline is above the point in which our EV thermal barrier business can operate both plants without impacting our current gross margins.

從這裡可以看出，我們可以說在2026 年需要這座工廠，而且我們不僅在2027 年需要，而且我們的管道60% 的折扣所帶來的收入水平高於我們的電動汽車熱障業務可以運營的水平這兩個工廠不會影響我們目前的毛利率。

For 2029, although we continue working to secure additional demand through OEM awards that go well beyond then, we need to discount the estimated demand by 43% and to not run out of the capacity from both plants in five years from now.

到 2029 年，儘管我們繼續努力透過遠遠超過那時的 OEM 獎項來確保額外需求，但我們需要將估計需求折扣 43%，並且在從現在起的五年內不要耗盡兩家工廠的產能。

In summary, we continue estimating that there are multiples of excess demand between our customers' estimates of their demand our latest capacity plan assessment and what is required to make Plant 2 accretive to our current margins.

總之，我們繼續估計，客戶對我們最新產能計畫評估的需求估計與使 2 號工廠增加我們當前利潤所需的需求之間存在多倍的超額需求。

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 grow profitably and drive our business model in the interim.

我們認為，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，而不會影響我們盈利增長和在此期間推動我們的業務模式的能力。

Moving over to slide 8.

轉到投影片 8。

It's worth emphasizing the market dynamics that drive this demand at a higher level.

值得強調的是，推動這種需求達到更高水準的市場動態。

We're encouraged to see OEMs admit in their most recent investor presentations and events that the current nickel and iron-based chemistries, along with the three predominant form factors are what the industry has to work with over the next 10-plus years to address global EV demand.

我們很高興地看到原始設備製造商在最近的投資者演示和活動中承認，當前的鎳基和鐵基化學物質以及三種主要的形狀因素是該行業在未來 10 多年中必須合作解決的問題全球電動車需求。

We've been saying this for the past two years in response to random news articles reporting one potential battery breakthrough after another that is many years away from being validated, let alone to a point in which it can be implemented into a production vehicle.

過去兩年來，我們一直在回應隨機新聞文章，報導了一個又一個潛在的電池突破，但距離驗證還需要很多年，更不用說能夠應用於量產車了。

The last 20 years of battery development and industrialization have taught us that battery advancement is easier said than done.

過去20年的電池發展和產業化告訴我們，電池的進步說來容易做來難。

Our team stands ready with solutions for all the chemistries and form factors in play.

我們的團隊隨時準備好針對所有化學物質和外形尺寸的解決方案。

If push comes to shove, we can also have a solution for cylindrical cells, and our team has one under development for an OEM that is willing to cluster some cells to provide thermal runaway and propagation protection.

如果到了緊要關頭，我們還可以為圓柱形電池提供解決方案，我們的團隊正在為 OEM 開發一個解決方案，該解決方案願意將一些電池聚集起來以提供熱失控和傳播保護。

We also continue making inroads commercially on prismatic cells.

我們也繼續在棱柱形電池的商業化方面取得進展。

In this quarter alone, our PyroThin pursue team landed Mercedes-Benz through a new award with ACC.

僅在本季度，我們的 PyroThin 追蹤團隊就透過 ACC 的新獎項贏得了梅賽德斯-奔馳。

Mercedes-Benz is committed to its electrification efforts and we look forward to doing everything we can to serve them across a range of potential form factors and chemistries in the future.

梅賽德斯-奔馳致力於其電氣化工作，我們期待在未來盡一切努力為他們提供各種潛在的外形尺寸和化學成分的服務。

If we look at the two sets of bars, on the middle and the right side of the slide, one can see that in the North American and European market where EV production is expected to increase fivefold from 2024 to 2030 to 15.7 million vehicles.

如果我們看一下幻燈片中間和右側的兩組長條圖，我們可以看到，在北美和歐洲市場，電動車產量預計從 2024 年到 2030 年將增加五倍，達到 1570 萬輛。

In 2030, 86% of these are expected to have pouch or prismatic cells.

到 2030 年，預計其中 86% 將採用軟包或方形電池。

With the remaining 14% cylindrical cell vehicle split with two-third of that demand from Tesla and the remaining 5% of the market split across all other OEMs.

剩餘 14% 的圓柱形電池汽車需求中，三分之二來自特斯拉，其餘 5% 的市場份額則由所有其他 OEM 廠商瓜分。

The body style, size and energy demand requirements of vehicles in North America and Europe drive a mix of high nickel base chemistries today of approximately 92% of the market, and even with some expected gradual improvements in the charging speed and energy density of iron-based chemistry cells, these are only expected to carve out 27% of the North American and European market in 2030.

北美和歐洲車輛的車身樣式、尺寸和能源需求要求推動了當今約 92% 市場的高鎳基化學物質的混合使用，即使預計鐵的充電速度和能量密度會逐漸提高，基於化學電池的化學電池預計到2030 年只能佔據北美和歐洲市場27% 的份額。

All these forecasts are obviously directional.

所有這些預測顯然都是有方向性的。

But we believe that even if we take a very conservative view and assume content per vehicle of $350 per car in 2030 [times] 86% of a 15.7 million vehicle North American and Europe EV production market, we end up with an over $4 billion annual market that are expected, 2024 revenues of $315 million can grow into.

但我們相信，即使我們採取非常保守的觀點，並假設2030 年每輛車的內容為350 美元，佔北美和歐洲電動車生產市場1,570 萬輛汽車的86%，我們最終的年收入將超過40 億美元預計到 2024 年，該市場的收入將成長到 3.15 億美元。

This opportunity is what motivates our team to continue executing in this segment and to make sure that the timing, size and gearing of our investments enable us to continue on a path of profitable growth after all the work that it's taken for us to get to this point.

這個機會激勵我們的團隊繼續在這一領域執行任務，並確保我們的投資時機、規模和槓桿率使我們能夠在付出了所有努力之後繼續走上盈利增長的道路。

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, Ricardo.

謝謝你，里卡多。

Before we move to Q&A, we want to comment briefly on the recent elections.

在進行問答之前，我們想先簡單評論一下最近的選舉。

The answer to most related questions we expect to receive from you today, the answer is we are not sure.

對於我們今天期望從您那裡收到的大多數相關問題的答案，答案是我們不確定。

As the nation transitions from campaign rhetoric to policy shifts, we will remain agile.

隨著國家從競選言論轉向政策轉變，我們將保持敏捷。

Over the past decade, climate policy has become inextricably intertwined with energy policy, economic policy and foreign policy.

過去十年，氣候政策與能源政策、經濟政策和外交政策密不可分。

And at the same time, hundreds of billions of dollars of capital have been invested in the United States and around the world.

同時，數千億美元的資本已投入美國和世界各地。

We believe change will come, but that it will be constrained by these complexities, and that will take time.

我們相信改變將會到來，但它將受到這些複雜性的限制，而這需要時間。

We will continue to focus on profitable growth for both our Energy Industrial and PyroThin Thermal Barrier businesses.

我們將繼續專注於能源產業和 PyroThin 熱障業務的獲利成長。

Our energy industrial business is well positioned, especially with strong value propositions in Subsea and LNG.

我們的能源工業業務定位良好，尤其是在海底和液化天然氣領域擁有強大的價值主張。

And it is important to note that we launched our successful PyroThin Thermal Barrier business during President-elect Trump's first term and that we intend to continue to grow the business during his second term.

值得注意的是，我們在當選總統川普的第一個任期內成功推出了 PyroThin 熱障業務，並且我們打算在他的第二個任期內繼續發展該業務。

We are executing our profitable growth strategy at a high level.

我們正在高水準執行我們的獲利成長策略。

And furthermore, we are well capitalized with a strong balance sheet.

此外，我們資本充足，資產負債表強勁。

We believe we are positioned to thrive and to win.

我們相信我們有能力蓬勃發展並取得勝利。

Ezra, let's turn to Q&A.

以斯拉，讓我們進入問答環節。

(Operator Instructions)

（操作員說明）

Eric Stine, Craig-Hallum.

艾瑞克·斯坦，克雷格·哈勒姆。

Good morning everyone.

大家早安。

Hey, Eric.

嘿，艾瑞克。

Hey, thanks for taking the question.

嘿，謝謝你提出問題。

So I can definitely appreciate some nature being not clear on what the election means and a lot of moving parts.

因此，我絕對可以欣賞一些對選舉意味著什麼不清楚的性質以及許多變化的部分。

But could you maybe just go through the DOE loan, the steps that are needed from today through first quarter when you were expecting a close?

但是，您是否可以只完成能源部貸款，即從今天到第一季您預計結束時所需的步驟？

And then maybe just talk about your thoughts on funding once it is closed in a new administration where there's obviously been rhetoric and pushback against EVs and that sort of thing.

然後，也許只是談談你對新政府關閉後的資助的想法，顯然存在針對電動車之類的言論和阻力。

Again, I mean, I know this is a really difficult question to answer, but I do know that's top of mind for investors.

我再說一遍，我知道這是一個很難回答的問題，但我確實知道這是投資人最關心的問題。

Thanks Eric.

謝謝埃里克。

Yeah, I mean, I'm not sure how informative any speculation around how things could develop over the next several months would be.

是的，我的意思是，我不確定有關未來幾個月事態發展的任何猜測會有多少資訊。

All we know today is that the conditional commitment milestone is a meaningful one.

今天我們所知道的是，有條件承諾里程碑是一個有意義的里程碑。

At that point, the funds are earmarked for this purpose.

屆時，資金將專門用於此目的。

And so let's not lose sight of that, right?

所以我們不要忽視這一點，對嗎？

Then at the same time, I mean, I think we're all for team America winning here as we try to leverage our platform into supplying OEMs around the world.

同時，我的意思是，我認為我們都支持美國隊在這裡獲勝，因為我們試圖利用我們的平台為世界各地的原始設備製造商供貨。

And we're confident that we can drive alignment around that.

我們有信心能夠圍繞這一點推動協調。

Our goal is to produce this in America with our plant in Georgia.

我們的目標是在美國喬治亞州的工廠生產這種產品。

And I'm pretty sure that we can drive alignment around that over the next several months.

我非常確定我們可以在接下來的幾個月內圍繞這一點進行調整。

And I think other than that, we'll -- as Don mentioned in his remarks, right, we'll be agile, we'll work with whoever we need to work with make this project a successful possibility and to deliver it.

我認為除此之外，正如唐在他的演講中提到的那樣，我們將變得敏捷，我們將與我們需要合作的任何人合作，使這個專案成為成功的可能性並交付它。

I would just add, Eric -- sorry, Eric, I was just going to add that this project is a significant benefit to Georgia.

我想補充一點，艾瑞克——對不起，艾瑞克，我只是想補充一點，這個計畫對喬治亞州來說是一個重大的好處。

It's important to remember that it is a loan.

重要的是要記住這是一筆貸款。

We're a debt worthy company that will pay back the loan.

我們是一家有償債能力的公司，會償還貸款。

And so it has a category, I think, of its own relative to -- again, some of the campaign rhetoric that was so prevalent over the course of the past six months.

因此，我認為，它有一個與過去六個月中非常流行的一些競選言論相關的類別。

Yeah.

是的。

And that's a key point, and it's it is a loan and also that -- I mean the funds are already set aside, right?

這是一個關鍵點，它是一筆貸款，而且——我的意思是資金已經撥出，對吧？

I mean this is there, you just need to close it to get that.

我的意思是這個就在那裡，你只需要關閉它就可以得到它。

Okay, thank you.

好的，謝謝。

And then the other point on EVs, just to add one thing, Eric.

然後是關於電動車的另一點，只是補充一件事，艾瑞克。

I mean once you drive one, it's tough to go back to one, if you can live within the range limitations and the infrastructure evolves.

我的意思是，一旦你駕駛了一輛，如果你能在範圍限制內生活並且基礎設施不斷發展，就很難再回到一輛。

So we just don't -- I mean, even in this world of uncertain geopolitics, it's tough to see a world in which China has already made the leap to EVs.

所以我們只是不——我的意思是，即使在這個地緣政治不確定的世界裡，也很難看到中國已經實現了電動車的飛躍。

And Chinese consumers are loving their EVs, right?

中國消費者喜歡他們的電動車，對吧？

So for us to imagine a world in which the US goes backwards on this, I just don't see how that's progressed for consumers.

因此，如果我們想像一個美國在這方面倒退的世界，我只是不知道這對消費者來說有何進展。

And we do believe that consumers will -- after they drive an EV and EVs make their share here.

我們確實相信，消費者在駕駛電動車後，電動車將在這裡分享自己的份額。

Like they're not going back to burning diesel.

就像他們不會再繼續燃燒柴油一樣。

And then we also have Europe to work with as well.

我們還可以與歐洲合作。

And Europe has been pretty steadfast on some of the mandates that are driving vehicle development towards electrification.

歐洲在推動車輛電氣化發展的一些規定上一直非常堅定。

Colin Rusch, Oppenheimer.

科林‧魯施，奧本海默。

Thanks so much guys.

非常感謝你們。

Thanks for the detail around some of the customer dynamics and the opportunity set on geometries.

感謝您提供有關一些客戶動態和幾何形狀機會的詳細資訊。

Could you guys talk a little bit about how quickly and how dynamic some of the platforms are adjusting to the macro environment, we're seeing any number of OEMs change platform time frames and some of the design elements and potentially bringing some products forward faster, pushing ramps out.

你們能談談一些平台適應宏觀環境的速度和動態嗎？

But just want to get a sense of those customer engagement dynamics and how it might translate into timing for these launches and your content in some in these vehicles.

但只是想了解這些客戶參與動態，以及它如何轉化為這些車輛的發佈時間和您的內容。

Yeah.

是的。

So we see within the current awards, we see the OEMs pretty steadfast focused on launching those vehicles.

因此，我們在當前的獎項中看到，原始設備製造商非常堅定地專注於推出這些車輛。

But where they are struggling is on execution, right?

但他們的困境在於執行力，對嗎？

As we mentioned, I think everybody is realizing that launching cell manufacturing at scale and then EV manufacturing at scale is easier said than done.

正如我們所提到的，我認為每個人都意識到，大規模啟動電池製造，然後大規模啟動電動車製造說起來容易做起來難。

Each of these OEMs is going through their version of production health, right?

這些原始設備製造商中的每一個都正在經歷他們的生產健康狀況，對嗎？

Then when we're looking at programs that will launch in 2027 and beyond, I do think that there, we are seeing the OEMs just be more thoughtful around how to more leverage the investments that they'll make then to be more efficient.

然後，當我們考慮將在 2027 年及以後推出的項目時，我確實認為，我們看到 OEM 廠商在如何更多地利用他們隨後進行的投資以提高效率方面更加深思熟慮。

And so we do see quite a bit of opportunities for them to adopt sell to pack designs and that are a logical fit for what we supply.

因此，我們確實看到他們有很多機會採用按包裝銷售的設計，這與我們提供的產品是合乎邏輯的。

We see them all very focused on safety, way more than they were two years ago, and that is not changing.

我們看到他們都非常注重安全，比兩年前更注重，這一點並沒有改變。

But I do think that once the noise around policy here settles down one way or another, we're going to get a lot more clarity around how steadfast they will be with the investments for 2027 and beyond.

但我確實認為，一旦圍繞政策的噪音以某種方式平息下來，我們就會更清楚地了解他們對 2027 年及以後投資的堅定程度。

And you see that in our case as well, right?

您在我們的案例中也看到了這一點，對吧？

If you look at how we are managing Plant 2, we're -- we've done a lot of work to bring the breakeven point on that so that it's accretive to be as low as possible.

如果你看看我們如何管理 2 號工廠，我們已經做了很多工作來實現損益平衡點，以便盡可能降低損益平衡點。

And then we're taking it step by step.

然後我們會一步一步地進行。

And I think that same agility is the way a lot of the OEMs are going to manage their EV investments over the next three years.

我認為，許多原始設備製造商在未來三年內將採用相同的敏捷性來管理其電動車投資。

That's super helpful.

這非常有幫助。

And then just on the CapEx number for the Statesboro plant, it's a pretty big delta with that $160 million.

僅從斯泰茨伯勒工廠的資本支出數字來看，這就是一個相當大的增量，達 1.6 億美元。

I just want to understand what the variables are there that we can track.

我只是想了解我們可以追蹤哪些變數。

Is that just a construction contingency that you guys have in place?

這只是你們的施工應急措施嗎？

Or are there some other elements in that, that we should be thinking about for the delta in those numbers?

或者其中是否還有其他一些因素，我們應該考慮這些數字的增量？

Yeah.

是的。

I think the contingency is one, the main element is probably speed to summarize it, right?

我認為偶然性是其一，主要因素可能是總結速度吧？

If you -- if we want it fast, it'd be more expensive if we want it sooner it would be on the lower end of that range.

如果你——如果我們想要更快，那麼如果我們想要更快的話，它會更貴，那麼它就會處於該範圍的下限。

And so for us, that really depends on just really when we make the decision, when we close the loan and when we need that supply buy, right?

因此，對我們來說，這實際上取決於我們何時做出決定、何時結束貸款以及何時需要購買供應，對嗎？

So I think that's what will determine where on that range we land through this speed.

所以我認為這將決定我們以這個速度降落在那個範圍內的哪個位置。

Okay.

好的。

Awesome guys.

太棒了，夥計們。

Thanks.

謝謝。

George Gianarikas, Canaccord Genuity.

喬治‧賈納里卡斯 (George Gianarikas)，Canaccord Genuity。

Good morning and thank you for taking my question.

早安，感謝您提出我的問題。

Somewhat related to the change in administration -- but if you could give us an early glimpse potentially to 2025, there's a lot of puts and takes, obviously, with the GM ramp and also the potential for a pushback EV mandates.

在某種程度上與政府的變化有關——但如果你能讓我們對2025 年的前景有一個初步的了解，顯然，隨著通用汽車的產能擴張以及推遲電動汽車指令的可能性，存在很多變化。

How should we be thinking about the bridge from 2024 to 2026 and beyond.

我們該如何思考 2024 年至 2026 年及以後的橋樑。

Thank you.

謝謝。

Yeah.

是的。

I think we commented on 2026 during the last call, if the current regulation mandates and incentives stayed in place, right?

我想我們在上次電話會議中評論了 2026 年，如果當前的監管要求和激勵措施保持不變，對嗎？

So it's definitely up and to the right.

所以它肯定是向上且向右的。

And we -- under that scenario, we do see OEMs having to increase their EV mix and in many cases, more than double it.

在這種情況下，我們確實看到原始設備製造商必須增加其電動車組合，並且在許多情況下，增加一倍以上。

Now as we plan for 2025, I mean, we do see steel production rates holding up closer to our expectations.

現在，當我們規劃 2025 年時，我的意思是，我們確實看到鋼鐵生產率更接近我們的預期。

But it is a bit early to guide for 2025.

但現在預測 2025 年還為時過早。

So I would say stay tuned here for -- definitely before the end of the year, we'll have a firmer view on what our outlook for next year and how that walk to 2026 will look like.

所以我想說，請繼續關注——肯定在今年年底之前，我們將對明年的前景以及邁向 2026 年的前景有更堅定的看法。

I also think, George, as I commented in my closing remark, it's complex, and it will take time to change policy, to unwind policy, to create new policy, to implement policy.

我還認為，喬治，正如我在結束語中所評論的那樣，這很複雜，改變政策、放鬆政策、制定新政策、實施政策都需要時間。

And so I think it will be something that plays out over the course of 2025 before we can really get clarity, not just our situation, but the situation more broadly.

因此，我認為這將在 2025 年期間發生，然後我們才能真正弄清楚，不僅是我們的情況，而且是更廣泛的情況。

Alex Potter, Piper Sandler.

亞歷克斯·波特，派珀·桑德勒。

Great.

偉大的。

Thanks a lot guys.

非常感謝大家。

A lot of good color in the call today.

今天的電話會議有很多精彩的內容。

I was hoping you could talk maybe first on the STLA medium platform, I guess, also related to that, this Mercedes announcement.

我希望你能先談談 STLA 媒體平台，我想，這也與梅賽德斯的聲明有關。

I know all of that relies on ACC, this battery joint venture sort of ramping up.

我知道這一切都依賴 ACC，這家電池合資企業正在蓬勃發展。

Any color you can provide on how that ramp is going.

您可以提供有關坡道運行情況的任何顏色。

You mentioned production hell for these big battery plants.

您提到了這些大型電池工廠的生產地獄。

I know that both the Stellantis and the Mercedes platforms are going to require that plant to come on.

我知道 Stellantis 和梅賽德斯平台都需要工廠啟動。

So is it -- do you anticipate something similar to what happened with Ultium, right, where they had multiple quarters potentially of delays or scrap issues or I don't know.

也是如此 - 您是否預計會出現類似於 Ultium 發生的情況，對吧，他們有多個季度可能會出現延誤或報廢問題，或者我不知道。

I know it's maybe difficult to put words in the mouth of your customer.

我知道向客戶說出話可能很困難。

But any color you can shed on the ramp there would be helpful.

但是你可以在坡道上塗上任何顏色都會有幫助。

Yeah.

是的。

I mean we're in the middle of that, right?

我的意思是我們正處於其中，對吧？

When we won some of these awards, the start of production expectations were in 2024, but then when we were translating that into our revenue planning and some of the investments that we have to make in Mexico to ramp up these programs, we were betting on more of a second half of 2025 start of production.

當我們贏得其中一些獎項時，生產預期的開始時間是 2024 年，但當我們將其轉化為我們的收入計劃以及我們必須在墨西哥進行的一些投資以擴大這些項目時，我們押注於多於2025年下半年開始生產。

It's what we've been saying all along here for the past couple of quarters since we won those awards -- since when the Stellantis award.

自從我們獲得這些獎項以來——自從我們獲得 Stellantis 獎以來，這就是我們過去幾個季度一直在說的。

And we believe that, that pretty much hedges away some of the risk here that we see in terms of being able to ramp up.

我們相信，這幾乎可以對沖我們在擴大產能方面所面臨的一些風險。

And so we do still see line of sight to these awards being able to ramp up in the second half of next year.

因此，我們仍然認為這些獎項能夠在明年下半年增加。

And I think that captures any of the operational risk that we're seeing today.

我認為這涵蓋了我們今天看到的任何營運風險。

Okay.

好的。

Great.

偉大的。

That's good to hear.

很高興聽到這個消息。

And then just from a revenue recognition standpoint, from Aspen's perspective, and I know the timing of product shipments and things like this all come into play here.

然後，僅從收入確認的角度來看，從阿斯彭的角度來看，我知道產品發貨的時間以及類似的事情都會在這裡發揮作用。

But let's say that you're correct that I don't know, late 2025 is when that platform launches.

但假設你是對的，我不知道，2025 年底就是該平台推出的時間。

Does that mean you start shipping product and recognizing revenue in early 2025, mid-2025 or when you say late 2025, is that when you expect to start shipping product and the vehicles will be in showrooms in 2026.

這是否意味著您在 2025 年初、2025 年年中或您所說的 2025 年末開始運輸產品並確認收入，即您預計開始運輸產品且車輛將於 2026 年進入展廳。

Correct.

正確的。

We're basically saying that we don't expect revenues from these programs until the second half of 2025.

我們基本上是說，預計這些項目要到 2025 年下半年才會產生收入。

Okay.

好的。

Perfect.

完美的。

That's good clarity.

這清晰度很好啊

And then maybe one last one, if I can sneak it in.

如果我能偷偷溜進去的話，也許還有最後一個。

Content per vehicle roughly on the Mercedes platform?

梅賽德斯平台上每輛車的內容大致如何？

How does it compare versus GM and some of the other programs that you've been aligned with?

與 GM 以及您所參與的其他一些計劃相比，它如何？

Right along the lines of all of our other prismatic programs, so in that $300 per vehicle range.

與我們所有其他棱柱形項目一樣，每輛車 300 美元。

Excellent.

出色的。

Thank you guys.

謝謝你們。

Appreciate it.

欣賞它。

Thanks, Alex.

謝謝，亞歷克斯。

Ryan Pfingst, B. Riley.

普芬斯特 (Ryan Pfingst)，B.萊利 (B. Riley)。

Hey guys, I'll ask about the legacy business here.

大家好，我想問關於遺留業務的問題。

Could you just size what annual revenue capacity for Energy Industrial looks like today after the expansion?

能否估算一下能源工業公司擴張後的年收入能力？

And how should we think about the potential timeline for doubling revenue for the segment?

我們應該如何考慮該部門收入翻倍的潛在時間表？

I think we have -- as you know, we've been operating well, last quarter in the high-20s with the turnaround, we've made it into the 30s.

我認為我們——正如你所知，我們一直運作良好，上個季度在 20 多歲的情況下，隨著扭虧為盈，我們已經進入了 30 多歲。

We've made it into the 40s one-time and indicated this current quarter, it's likely to be in the $40 million plus range.

我們已經一次性進入了 40 年代，並表示本季的銷售額可能在 4000 萬美元以上。

Capacity today, it's really a combination, Ryan, of making the lines fully -- more fully efficient and productive, if you will.

瑞安，今天的產能實際上是一個組合，讓生產線充分發揮作用——如果你願意的話，可以說更加高效和富有成效。

And second, qualifying the full range of our products in that facility.

其次，驗證該工廠的全系列產品。

We delivered -- I believe it was approximately 85% of our revenue last quarter from that facility.

我們交付了——我相信我們上季度收入的 85% 左右來自該設施。

That's really, in part, a function of not only throughput which we've improved upon, but also product qualification, which we've also made progress on here recently.

這實際上在某種程度上不僅取決於我們改進的吞吐量，而且還取決於產品資格，我們最近在這方面也取得了進展。

So to answer your question, we believe that we can make our way into the $50 million per quarter range as we work our way through 2025 from a capacity point of view.

因此，為了回答您的問題，我們相信，從產能的角度來看，到 2025 年，我們可以進入每季 5,000 萬美元的範圍。

And in terms of doubling the size of that business, we think our team is geared to doing that within a five year period of time.

就業務規模擴大一倍而言，我們認為我們的團隊已準備好在五年內實現這一目標。

So again, at the current margins that we're operating at, which were plus 40% this past quarter and the quarter before.

再說一次，按照我們目前的營運利潤率，上個季度和上個季度增加了 40%。

Yeah.

是的。

I mean on the supply side, if you look at our implied guidance for in this segment, we would need to be running at $168 million annual run rate to deliver $42 million in Q4.

我的意思是，在供應方面，如果你看看我們在這一領域的隱含指導，我們需要以 1.68 億美元的年運行率運行，才能在第四季度交付 4200 萬美元。

And so that will be a judgment day here for us in terms of our ability to get to that point and beyond.

因此，對我們來說，這將是一個審判日，判斷我們是否有能力達到這一點以及超越這一點。

As I said in my comments, Ryan, demand remains strong. we continue to see LNG activities at robust levels, and we're engaged with many, many, many of those projects and we talk about policy shifts and what have you, one can make the argument that the policy shifts that are likely to come from energy policy are in our favor.

正如我在評論中所說，瑞安，需求仍然強勁。我們繼續看到液化天然氣活動處於強勁水平，我們參與了很多很多這樣的項目，我們談論政策轉變，你可以說政策轉變可能來自能源政策對我們有利。

Excellent makes sense.

優秀是有道理的。

Thank you Don.

謝謝唐。

Thank you.

謝謝。

Tom Curran, Seaport Research Partners.

湯姆‧柯蘭，海港研究夥伴。

Thank you.

謝謝。

Good morning guys.

早安，夥計們。

Assuming there is no attempt to negatively intervene or somehow disrupt the DOE LPOs process for advancing your loan towards a financial close, and what sounds like the accelerated timeline you expect to be on relative to most of the other loan recipients.

假設沒有嘗試負面乾預或以某種方式破壞 DOE LPO 推進您的貸款以實現財務結算的流程，並且相對於大多數其他貸款接受者而言，您預計的時間表會加快。

It sounds like you think you'll be able to get to a financial close pretty quickly.

聽起來您認為您將能夠很快完成財務結算。

And that in turn means you're not only going to be in the driver's seat with regards to right timing, Plant 2, but also going to be able to enhance and sort of maximize your visibility on rightsizing it and determining where you should come in at between that $1.2 billion to $1.6 billion of annual production capacity.

反過來，這意味著您不僅能夠掌控 2 號工廠的正確時機，而且還能夠增強並最大限度地提高您在調整工廠規模和確定應該進入的位置方面的可見性年產能在12 億至16 億美元之間。

As part of that, Ricardo, given how state-of-the-art the facility is going to be the fact that it's going to be able to produce aerogels at 25% lower than the operating cost of any of the existing aerogel manufacturing capacity out there.

Ricardo 作為其中的一部分，考慮到該設施將達到最先進水平，它將能夠以比任何現有氣凝膠製造能力低 25% 的營運成本生產氣凝膠。

Are there any key gating items equipment-wise, technology-wise that are going to determine how fast you'll be able to move.

是否有任何關鍵的門控項目（設備方面、技術方面）將決定您能夠移動的速度。

Obviously, it sounds as if closing for the DOE LPO loan isn't so much the issue anymore.

顯然，聽起來能源部 LPO 貸款的結束似乎不再是問題了。

I'm just wondering if there's anything related to this facility being state-of-the-art that could be.

我只是想知道是否有任何與該設施最先進相關的東西。

Yeah.

是的。

So the funny thing is that a lot of this equipment was procured back in 2021, and it's been there on site for at least a year at this point.

有趣的是，許多這類設備是在 2021 年購買的，而且此時它們已經在現場至少一年了。

So the project today -- and we have -- we actually have a picture of it in the appendix of the deck is it's really more around finishing the building, finishing the piping, the electrical than sourcing equipment.

所以今天的項目——我們有——我們實際上在甲板的附錄中有一張它的圖片，它實際上更多地圍繞著完成建築、完成管道、電氣而不是採購設備。

A lot of the equipment is actually being stored there on site already.

許多設備實際上已經存放在現場。

Got it.

知道了。

So there's no key pieces of technology or automation or anything that you have in order to get and could become a supply chain pain point?

那麼，沒有關鍵的技術或自動化或任何您可以獲得的東西，並且可能成為供應鏈的痛點嗎？

Correct.

正確的。

That's correct.

這是正確的。

Yes.

是的。

So we have flexibility there.

所以我們在那裡有靈活性。

And as we mentioned, we can bring up the plant anywhere between 12 to 18 months from when we decide to restart it at full steam.

正如我們所提到的，從我們決定全速重啟工廠起，我們可以在 12 至 18 個月內將工廠投入運作。

Great.

偉大的。

And then just as a follow-up, I'll give legacy business some love as well along with Ryan there.

作為後續行動，我將與 Ryan 一起給予傳統業務一些關懷。

Don, could you update us just on sizing how the LNG business is growing -- quantify it somehow for us in terms of its contribution this year versus last or maybe expected next year versus this year?

唐，您能否向我們介紹一下液化天然氣業務增長方式的最新情況——以某種方式為我們量化它今年與去年相比的貢獻，或者明年與今年的預期相比？

Just on the demand side, when you talk about how you're essentially trying to grow your capacity to meet the demand, how big of a driver is LNG becoming as you ramp here?

就需求方面而言，當您談到您實際上是如何努力提高產能以滿足需求時，隨著您的發展，液化天然氣將成為多大的推動力？

You don't have to go back very many years when Cryogel was roughly 10% of our product mix.

您不必回到很多年前，那時 Cryogel 大約占我們產品組合的 10%。

And today, we're roughly 30% of our product mix coming out of that product line, driven principally by LNG and other gas processing activities.

如今，我們大約 30% 的產品組合來自該產品線，主要由液化天然氣和其他天然氣加工活動所驅動。

I can see that continuing to grow and perhaps into the 40% range.

我可以看到這一數字繼續增長，也許會達到 40% 的範圍。

But I think that would be a very logical spot for it.

但我認為這將是一個非常合乎邏輯的地方。

I would just say, Tom, that -- the -- when we started on the LNG side, we were doing maintenance work, demonstrating our capabilities, participating in turnarounds, working our way into specifications.

湯姆，我只想說，當我們開始從事液化天然氣方面時，我們正在進行維護工作，展示我們的能力，參與週轉，努力達到規範。

And we continue to do a fair amount of maintenance work, but we're also competing for the big projects as well.

我們繼續做大量的維護工作，但我們也在爭奪大型專案。

And when you see big Cryogel orders, they can be pretty lumpy and consume a lot of a manufacturing plant for a period of time.

當你看到大的 Cryogel 訂單時，它們可能非常不穩定，並且會在一段時間內消耗大量製造工廠的資源。

So part of our turnaround that we talked about at EMF was geared to higher productivity levels of Cryogel materials.

因此，我們在 EMF 上討論的轉型的一部分是為了提高 Cryogel 材料的生產率水準。

So I just raised that point just consistent with your question, it is becoming an increasingly important part of our mix, now a-third, and it could very well be 40% of our business.

所以我剛才提出的這一點與你的問題一致，它正在成為我們組合中越來越重要的一部分，現在已經佔了三分之一，而且很可能占我們業務的 40%。

And in any given quarter, it can obviously spike up from there.

在任何特定季度，它顯然都會從那裡飆升。

But I think that's a good way of thinking about it.

但我認為這是一個很好的思考方式。

Yeah, that's exactly what I was looking for in line with what I expected.

是的，這正是我所尋找的，符合我的預期。

Thanks for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Jeff Osborne, TD Cowen.

傑夫·奧斯本，TD·考恩。

Yeah.

是的。

Just two quick ones.

就兩個快的。

Just a clarification.

只是一個澄清。

Is the 25% lower production comment in Georgia.

是喬治亞州產量下降 25% 的評論。

Is that -- you mentioned relative to other facilities.

您提到的是相對於其他設施而言的。

Does that include your Rhode Island facility?

這包括您在羅德島州的工廠嗎？

Or is the cost structure comparable to that facility?

或成本結構與該設施相當嗎？

Yes.

是的。

So that includes Rhode Island, EMF and several other facilities that we've benchmarked.

這包括羅德島州、EMF 和我們進行基準測試的其他幾個設施。

Got it.

知道了。

And then another quick one here, Ricardo.

然後是另一個快速的，里卡多。

The Audi platform, I think their battery suppliers had some struggles.

奧迪平台，我認為他們的電池供應商遇到了一些困難。

How should we think about the launch cadence there, which I think was originally scheduled for the second half of next year?

我們該如何看待那裡的發布節奏，我認為原定於明年下半年？

Yes.

是的。

Same thing.

同樣的事情。

I mean I do -- I think that by I'm not expecting those revenues until the second half of next year.

我的意思是我確實 - 我認為我預計要到明年下半年才能獲得這些收入。

I think that's our hedge.

我認為這就是我們的對沖。

If you go back to the announcements when that vehicle was announced, they were expecting it to start production this year.

如果你回顧該車發佈時的公告，他們預計該車將在今年開始生產。

And that could very well still happen.

這種情況很可能仍然會發生。

I mean our prototype volumes to them have increased here over the past couple of months, but we don't expect full volume production until the second half of next year.

我的意思是，在過去的幾個月裡，我們向他們提供的原型數量有所增加，但我們預計要到明年下半年才能實現全面量產。

Got it.

知道了。

The last one is just -- and I recognize, as Don said in his prepared remarks, there's a lot of uncertainty with President Trump.

最後一個是——我認識到，正如唐在他準備好的演講中所說，川普總統存在著許多不確定性。

But have you started exploring alternative over backup plan, so to speak, in the event that the LPO office ceases to exist after the January 20, in terms of like reengaging with GM on the debt facility that you once had or other alternatives that might be non-dilutive capital?

但是，您是否已經開始探索備用計劃之外的替代方案，可以這麼說，如果LPO 辦公室在1 月20 日之後不再存在，例如與通用汽車重新就您曾經擁有的債務融資或其他可能的替代方案進行合作非稀釋資本？

No.

不。

We're really engaged here, sprinting ahead to get this done in Q1.

我們真的很投入，衝刺以在第一季完成這項工作。

Got it.

知道了。

Thank you.

謝謝。

Thank you, Jeff.

謝謝你，傑夫。

Thank you very much, everyone.

非常感謝大家。

That marks the end of the question-and-answer session.

這標誌著問答環節結束。

I will now hand back over to Don for any closing remarks.

現在我將把閉幕詞交還給唐。

Thank you, Ezra.

謝謝你，以斯拉。

We appreciate your interest in Aspen Aerogels, and we look forward to reporting to you our fourth quarter and full year 2024 results.

我們感謝您對 Aspen Aerogels 的興趣，我們期待向您報告我們的第四季度和 2024 年全年業績。

Be well, and have a good day.

祝你一切順利，祝你有美好的一天。

Thanks again.

再次感謝。

Thank you very much, Don, and thank you, everyone, for joining.

非常感謝你，唐，也感謝大家的加入。

This concludes today's call.

今天的電話會議到此結束。

You may now disconnect your lines.

現在您可以斷開線路。