Aspen Aerogels Inc (ASPN) 2024 Q4 法說會逐字稿

Good morning.

早安.

Thank you for attending the Aspen Aerogels Inc Q4 2024 Financial Results Call.

感謝您參加 Aspen Aerogels Inc 2024 年第四季財務績效電話會議。

(Operator Instructions)

（操作員指令）

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，我想將會議交給主持人尼爾·巴拉諾斯基 (Neal Baranosky)，他是阿斯彭的高級主管、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，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 the Aspen Aerogels fourth quarter 2024 financial results conference call.

早安，感謝您參加 Aspen Aerogels 2024 年第四季財務業績電話會議。

With us today are Donald 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首席執行官唐納德楊 (Donald Young) 和首席財務官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 Aspen 財務業績和業務發展的新聞稿以及我們今天談話的幻燈片可在 Aspen 網站 www.aerogel.com 的投資者部分找到。

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

幻燈片簡報和收益報告的背麵包含了 GAAP 和非 GAAP 指標之間的對帳。

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預期做出前瞻性陳述。

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

這些聲明受風險和不確定性的影響，可能導致我們的實際結果有重大差異。

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美國證券交易委員會提交的文件中確定的因素。

Please review the disclaimer statements 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，因為我們的電話會議內容將受此語言的約束。

I'd also like to note that from time to time in connection with the vesting of restricted stock units and or stock options issued under our long-term equity incentive program, we expect that our Section 16 officers will file Forms 4 to report the sale and or withholding of shares in order to cover the payment of taxes and or the exercise price of options.

我還想指出的是，就我們長期股權激勵計劃下發行的限制性股票單位和/或股票期權的歸屬而言，我們預計我們的第 16 條官員將不時提交表格 4 來報告股份的出售和/或扣留，以便支付稅款和/或期權的行使價格。

I also want to highlight a few of our near-term IR engagements.

我還想強調一下我們近期的一些 IR 工作。

On Tuesday, February 25, Management will be hosting virtual one on one investor meetings at the Oppenheimer 10th Annual Emerging Growth Conference.

2 月 25 日星期二，管理層將在 Oppenheimer 第十屆年度新興成長會議上舉辦虛擬一對一投資者會議。

On Wednesday, February 26.

2 月 26 日，星期三。

Management will be hosting virtual one on one investor meetings at the CG Sustainability Virtual Summit.

管理層將在 CG 永續發展虛擬高峰會上舉辦虛擬一對一投資者會議。

And finally, on Monday, March 17, the Manager will be hosting one on one meetings at the 37th Annual ROTH Conference in Dana Point, California.

最後，3 月 17 日星期一，經理將在加州達納角舉行的第 37 屆 ROTH 年會上主持一對一會議。

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 Q4 2024 earnings call.

感謝您參加我們的 2024 年第四季財報電話會議。

My comments will focus on the recent quarter and full year performance, the status and expected impact of several key elements of our strategy, and our view of the current environment.

我的評論將集中在最近一個季度和全年的業績、我們策略的幾個關鍵要素的現狀和預期影響以及我們對當前環境的看法。

Ricardo will dig deeper into our 2024 financial performance and our strategy and will provide a first look at our 2025 plan.

里卡多將深入研究我們的 2024 年財務表現和策略，並初步了解我們的 2025 年計畫。

We look forward to your questions.

我們期待您的提問。

We operated well in Q4 and for the full year 2024.

我們第四季和 2024 年全年運作良好。

The execution of the plan was driven by the strength of our teams throughout the company.

該計劃的實施得益於我們整個公司團隊的力量。

Revenue of $453 million adjusted EBITDA of $90 million and net income of $13 million were all milestones.

營收 4.53 億美元、調整後 EBITDA 9,000 萬美元以及淨收入 1,300 萬美元均創下歷史新高。

We grew revenue by 90% in 2024, exceeded our long-term target of 35% gross margins, and increased adjusted EBITDA from negative $23 million in 2023 to positive $90 million.

2024 年，我們的營收成長了 90%，超過了 35% 毛利率的長期目標，調整後的 EBITDA 從 2023 年的負 2,300 萬美元增加到正 9,000 萬美元。

Our Pyro Thin thermal barrier revenue increased from $7 million in 2021 to $56 million in 2022 to $110 million in 2023 and to $307 million in 2024.

我們的 Pyro Thin 隔熱層收入從 2021 年的 700 萬美元增加到 2022 年的 5,600 萬美元，再到 2023 年的 1.1 億美元和 2024 年的 3.07 億美元。

At the last earnings call, we announced a new OEM award to supply pirates and thermal barriers to Mercedes Benz, and on this call, we are pleased to announce a Pirates and thermal barrier design award from Volvo Truck, our second in the commercial vehicle segment, highlighting the significant opportunities in this space.

在上次財報電話會議上，我們宣布了一項新的 OEM 獎項，為梅賽德斯奔馳提供海盜和隔熱層。

A major Korean battery manufacturer supplying the cells to Volvo Truck, and we expect to startup production during the second half of 2026 and for sales to ramp in 2027.

一家主要的韓國電池製造商為沃爾沃卡車供應電芯，我們預計將於 2026 年下半年啟動生產，並在 2027 年實現銷售成長。

This award was our third in 2024 and our eighth overall.

這是我們在 2024 年獲得的第三個獎項，也是我們總共獲得的第八個獎項。

Our energy industrial business also had an outstanding 2024 and a significant fourth quarter.

我們的能源工業業務在 2024 年也取得了出色的成績，並且在第四季度表現顯著。

A key achievement was the productive transition to our external manufacturing facility, or EMF and the better matching of our supply capabilities with a growing global demand for our energy industrial products.

一項關鍵成就是實現了向外部製造設施（EMF）的生產轉型，使我們的供應能力更好地匹配全球對我們能源工業產品日益增長的需求。

The year-long drive to qualify our full line of products and to produce them in a high quality, efficient manner was a success, with gross margins measurably exceeding our overall target of 35%.

我們經過一年的努力，使全系列產品達到合格標準，並以高品質、高效率的方式生產，並取得了成功，毛利率明顯超過了我們 35% 的總體目標。

Our energy industrial revenue in Q4, most always the strongest quarter of any year, was $53 million with over $48 million produced by EMF and up from just over $3 million from EMF in the same quarter in 2023.

我們第四季的能源工業收入幾乎一直是一年中最強勁的季度，為 5,300 萬美元，其中 EMF 創造了超過 4,800 萬美元，高於 2023 年同期的 300 萬美元。

As a point of reference for the year 2024, we paid approximately 30% tariffs for energy industrial products delivered from EMF to the US and generated gross margins exceeding 40%.

作為 2024 年的參考點，我們為從 EMF 運送到美國的能源工業產品支付了約 30% 的關稅，並產生了超過 40% 的毛利率。

Historically, approximately 40% of our overall energy industrial sales have been made in the US.

從歷史上看，我們整體能源工業銷售額的約 40% 是在美國實現的。

In 2025, we are proactively addressing potential tariff risks through pricing strategies, sourcing optimization, and working closely with our EMF partner to lower product costs.

2025年，我們將透過定價策略、採購優化以及與EMF合作夥伴密切合作來降低產品成本，積極應對潛在的關稅風險。

In a world where tariffs are used to accomplish a wide range of national and international goals and can come and go over relatively short periods of time, we believe it is difficult and likely unwise for us to make reactive and substantial structural changes based on tariffs.

在當今世界，關稅被用來實現廣泛的國家和國際目標，並且可以在相對較短的時間內發生變化和取消，我們認為，基於關稅做出被動的、實質性的結構性變化是困難的，也可能是不明智的。

Overall, we believe the energy industrial business is well positioned for a policy approach in the United States that promotes an intensified focus on energy and power generation.

整體而言，我們認為，能源工業業務非常適合美國推動加強對能源和發電的政策方針。

The goal for the energy industrial team is to create shareholder value by consistently expanding the baseload of revenue and profit for the company.

能源工業團隊的目標是透過不斷擴大公司的收入和利潤基數來創造股東價值。

Looking back on 2024, we executed successfully three key elements of our strategy.

回顧2024年，我們成功執行了策略的三個關鍵要素。

First, the conversion of the East Providence Aerogel manufacturing plant to support the growth of the pyro thin thermal barrier business.

首先，改造東普羅維登斯氣凝膠製造工廠，以支持薄熱障業務的成長。

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

第二，向我們的外部製造工廠轉型，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 in part by generating positive net income in 2024 and by finishing the year with over $220 million of cash on the balance sheet.

第三，財務管理將增強公司的實力和靈活性，部分原因是，公司在 2024 年實現了正淨收入，並在年底時資產負債表上擁有超過 2.2 億美元的現金。

We believe that our strategic execution in 2024 provides the resources and operating flexibility necessary to navigate any near-term challenges and to deliver long-term profitable growth.

我們相信，我們 2024 年的策略執行將提供必要的資源和營運靈活性，以應對任何近期挑戰並實現長期獲利成長。

Looking ahead to 2025, we are taking decisive actions to navigate an evolving environment.

展望2025年，我們將採取果斷行動，以應對不斷變化的環境。

Most notably, we have made the decision to cease construction of Plant 2 in Statesboro, Georgia, and we'll meet long-term thermal barrier demand by maximizing capacity at our East Providence manufacturing facility while utilizing a flexible supply strategy.

最值得注意的是，我們已決定停止在喬治亞州斯泰茨伯勒建造二號工廠，並且我們將透過最大限度地提高東普羅維登斯製造工廠的產能，同時採用靈活的供應策略來滿足長期的隔熱需求。

Our strong working relationship with EMF, which has been vital to our energy industrial segment, provides additional options to support our manufacturing capacity as we scale our businesses.

我們與 EMF 建立的牢固的合作關係對我們的能源工業部門至關重要，在我們擴大業務規模時為支持我們的製造能力提供了額外的選擇。

This approach allows us to create capacity in a modular fashion that can more closely anticipate the demand curve and to do so with minimal capital.

這種方法使我們能夠以模組化的方式創造產能，從而能夠更緊密地預測需求曲線，並且以最少的資本來實現這一點。

Other actions we are taking include the reduction of fixed costs by at least $8 million per quarter, which returns us to a level on par with the 2023 run rate.

我們正在採取的其他措施包括每季減少至少 800 萬美元的固定成本，這使我們回到與 2023 年運行率相當的水平。

When we shared our 2024 outlook a year ago, we thought we were being aggressive with revenue growth rate approaching 50% and with significant improvement in adjusted EBITDA.

當我們一年前分享我們的 2024 年展望時，我們認為我們的收入成長率接近 50%，調整後的 EBITDA 也將顯著改善，這是非常積極的。

We had doubled revenue from 2021 to 2023, and there was plenty of uncertainty around EV adoption rates and the transition to EMF to serve our energy industrial business.

從 2021 年到 2023 年，我們的收入翻了一番，但電動車的採用率以及向 EMF 過渡以服務我們的能源工業業務存在許多不確定性。

As the year played out, our initial outlook proved conservative, with beaten raises in each quarter, culminating in a full year revenue growth of 90% and a correspondingly high adjusted EBITDA result.

隨著這一年的過去，我們最初的預測被證明是保守的，每個季度都有所增長，最終全年收入增長 90%，調整後的 EBITDA 結果也相應較高。

As we enter 2025, there are of course even more variables at play, and we feel it is prudent to provide an outlook for Q1 alone, at least until the macro environment settles and the rules of the game become more clear.

隨著我們進入 2025 年，當然還會有更多變數在起作用，我們認為僅提供第一季的展望是明智的，至少在宏觀環境穩定下來、遊戲規則變得更加清晰之前。

Our lead EB customer, GM had a robust 2024, and our numbers reflected that level of activity.

我們的主要 EB 客戶通用汽車在 2024 年表現強勁，我們的數據反映了這一活動水平。

GM has set 300,000 vehicles as its target for 2025 and reiterated that number again this week.

通用汽車已將 30 萬輛汽車設定為 2025 年的目標，並在本週再次重申了這一數字。

While our Q1 outlook does not reflect that pace, we are prepared to meet it as General Motors' sole source thermal barrier supplier.

雖然我們的第一季展望並未反映出這一速度，但作為通用汽車的唯一隔熱供應商，我們已準備好迎接這項挑戰。

With a strong foundation in place, we are confident in our ability to adapt, innovate, and capture significant opportunities in 2025.

憑藉著堅實的基礎，我們有信心有能力適應、創新並抓住 2025 年的重大機會。

Our focus remains on delivering both critical solutions to our customers and sustained value to our shareholders.

我們始終致力於為客戶提供關鍵解決方案和為股東提供持續價值。

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 record-breaking quarter on behalf of our team starting on slide 3.

我很高興能代表我們的團隊從幻燈片 3 開始報告另一個破紀錄的季度。

We delivered $123.1 million of revenue in Q4, which translates into 46% growth year over year.

我們第四季的營收為 1.231 億美元，年增 46%。

This reflects an annual revenue run rate of over $490 million.

這反映出年收入運行率超過 4.9 億美元。

Having our Q4 revenues exceed our annual revenues of 2021 is a testament to our team's ability to efficiently scale our capacity.

我們的第四季收入超過了 2021 年的年收入，證明了我們團隊有效擴大產能的能力。

Our annual revenues of $452.7 million reflect a 90% year over year increase.

我們的年收入為 4.527 億美元，年增 90%。

And slightly beat our most recently communicated expectations of $450 million for the year.

並且略微超過了我們最近傳達的今年 4.5 億美元的預期。

Our energy industrial revenue set another quarterly record at $53.1 million a 70% year over year increase, and the near doubling of our supply constrained revenues in Q3.

我們的能源工業收入創下了另一個季度記錄，達到 5,310 萬美元，比去年同期增長 70%，而第三季度的供應限制收入幾乎翻了一番。

Most of the segment's product was supplied by our external manufacturing facility.

該部門的大部分產品由我們的外部製造工廠供應。

Total 2024 revenues of $145.9 million reflect a 13% year over year increase and another all-time record that exceeded our most recently communicated guidance of $135 million for this segment in 2024.

2024 年總營收為 1.459 億美元，年增 13%，創下歷史新高，超過了我們最近公佈的 2024 年該部門 1.35 億美元的預期。

EV thermal barrier revenue of $70 million was up 32% year over year and down by 23% quarter over quarter, reflecting the point that we've been making for several quarters about produce parts requiring several weeks to make their way through our customers' value chains into produced vehicles.

電動車隔熱層收入為 7,000 萬美元，年增 32%，環比下降 23%，反映了我們幾個季度以來一直在強調的觀點，即生產零件需要數週時間才能通過客戶的價值鏈進入生產的車輛。

We clearly produced a lot of the parts that were used in Q4 vehicle production during Q3, and this vehicle production schedule had at least 10 fewer production days in Q3s due to various holidays.

顯然，我們在第三季度生產了許多用於第四季度汽車生產的零件，而且由於各種假期，該汽車生產計劃在第三季的生產天數至少減少了 10 天。

As vehicle inventory hit our customers' target levels.

由於車輛庫存達到了我們客戶的目標水準。

We started seeing OEMs revised production schedules downward after the US Presidential election, even if vehicle sales increased at the end of the quarter.

美國總統大選後，我們開始看到原始設備製造商下調生產計劃，即使在季度末汽車銷量有所增加。

More on this later.

稍後將詳細介紹。

Nonetheless, revenues of $306.8 million in EV thermal barriers represents a 179% year over year increase and then over 50% beat over our initial expectations for this segment in 2024.

儘管如此，電動車隔熱板的收入仍達到 3.068 億美元，年增 179%，並且比我們對 2024 年該領域的初步預期高出 50% 以上。

In Q4, company level gross profit margins were 38%, and our gross profit of $47.1 million was a 59% improvement over the same quarter last year.

第四季度，公司層級的毛利率為38%，我們的毛利為4,710萬美元，比去年同期成長了59%。

The year's gross profit of $182.9 million reflects a 40% gross margin and three times the gross profit that we generated last year, highlighting the scalability of our business.

全年毛利1.829億美元，毛利率達到40%，是去年毛利的三倍，凸顯了我們業務的可擴展性。

Both our segments contributed to this performance, with our energy industrial business driving growth margins of 39% in Q4 and 40% for the year.

我們的兩個部門都為此業績做出了貢獻，其中能源工業業務推動第四季度的成長利潤率達到 39%，全年成長利潤率達到 40%。

Our EV thermal barrier business had gross margins of 41% for the year and 38% during the fourth quarter, which was impacted by the lower part volume produced during the quarter but still above our segment targets of 35%.

我們的電動車隔熱層業務全年毛利率為 41%，第四季為 38%，受到本季零件產量較低的影響，但仍高於我們 35% 的分部目標。

Our adjusted EBITDA was $22.7 million in Q4 compared to $9.1 million during the same period last year.

我們第四季的調整後 EBITDA 為 2,270 萬美元，而去年同期為 910 萬美元。

The adjusted EBITDA of $89.9 million.

調整後的 EBITDA 為 8,990 萬美元。

It's $112.8 million higher than 2023, adjusted EBITDA loss of $22.9 million and very close to our most recently communicated expectation for 2024 of $90 million.

它比 2023 年高出 1.128 億美元，調整後的 EBITDA 虧損為 2,290 萬美元，非常接近我們最近傳達的 2024 年 9,000 萬美元的預期。

As a reminder, we define adjusted EBITDA 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，我們定義的調整後 EBITDA 淨收入或虧損不包括利息、稅項、折舊攤提、股票薪酬費用以及其他我們認為不能反映我們核心經營績效的項目。

In Q4, these adjustments were limited to $2.5 million of stock-based compensation, $5.4 million of depreciation, $3.5 million of net interest expenses, and $200,000 of net income tax expenses.

在第四季度，這些調整僅限於 250 萬美元的股票薪資、540 萬美元的折舊、350 萬美元的淨利息支出和 20 萬美元的淨所得稅支出。

Positive net income in Q4 of $11.4 million or $0.14 per diluted share, assuming 82.99 million shares, contributed to the year's positive net income of $13.4 million or $0.17 per share on 80.3 million shares.

第四季淨收入為 1,140 萬美元，或每股攤薄收益 0.14 美元（假設股票數量為 8,299 萬股），為全年淨收入貢獻了 1,340 萬美元，或每股攤薄收益 0.17 美元（股票數量為 8,030 萬股）。

Next, alternative cash flow and our balance sheet.

接下來是替代現金流量和我們的資產負債表。

We generated positive free cash flow of $20.9 million in Q4 by freeing up $14.6 million for working capital and funding CapEx of only $14.8 million.

我們在第四季透過釋放 1,460 萬美元作為營運資金以及僅為 1,480 萬美元的資本支出產生了 2,090 萬美元的正自由現金流。

$7.4 million to this CapEx funded plan two in Statesboro, Georgia, while the remainder funded projects at our Aerogel plant in Rhode Island and additional assembly equipment for new OEM programs at our EV thermal barrier assembly facility in Mexico.

該資本支出中的 740 萬美元用於資助位於佐治亞州斯泰茨伯勒的二期計劃，其餘資金則用於資助我們位於羅德島的氣凝膠工廠的項目以及位於墨西哥的電動汽車隔熱層裝配工廠的新 OEM 項目的額外裝配設備。

Our net financing activities in the quarter of $86.5 million included all the ins and outs of the company's $93.2 million equity offering on October 21, 2024, and a $6.5 million repayment of our term loan.

我們本季的淨融資活動為 8,650 萬美元，其中包括公司於 2024 年 10 月 21 日發行的 9,320 萬美元股票的所有細節，以及償還 650 萬美元的定期貸款。

We ended the quarter with $220.9 million of cash and shareholders' equity of $614.7 million.

截至本季末，我們的現金餘額為 2.209 億美元，股東權益為 6.147 億美元。

With our business generating positive free cash flow and the lower CapEx forecast.

我們的業務產生了正的自由現金流和較低的資本支出預測。

More on this later, we will seek to opportunistically use our cash to optimize our capital structure as we work our way through 2025.

稍後我們會詳細介紹，在 2025 年之前，我們將尋求機會利用我們的現金來優化我們的資本結構。

Next, I'll turn over to slide 4 and walk you through some of the main differences between what drove our business in 2024 and what we're factoring into our planning for 2025.

接下來，我將翻到投影片 4，向您介紹我們 2024 年業務發展的因素與我們 2025 年規劃中考慮的因素之間的一些主要差異。

We are fortunate to be leveraging our Aerogel technologies and products into two complementary and largely uncorrelated markets.

我們很幸運能夠將我們的氣凝膠技術和產品推向兩個互補且基本上不相關的市場。

Our energy industrial business and ED thermal varied business segments are each more than pulling their own weight by delivering gross margins of over 35% and growing.

我們的能源工業業務和 ED 熱能多元化業務部門均發揮重要作用，毛利率超過 35% 且不斷成長。

Our energy industrial installation business is no longer supply constrained in 2025.

2025年，我們的能源工業安裝業務不再受到供應限制。

Our markets of subsea, refining, LNG, and power generation favor investment and increasing the efficiency of assets across the board.

我們的海底、煉油、液化天然氣和發電市場有利於全面投資和提高資產效率。

We believe that depending on product mix, we can deliver anywhere between $150million and $200 million of product each year, while continuing to very profitably replicate an annual growth rate in the teams taken to our 13% growth rate of 2024.

我們相信，根據產品組合的不同，我們每年可以提供 1.5 億美元到 2 億美元的產品，同時繼續非常有利可圖地複製團隊的年增長率，到 2024 年增長率達到 13%。

The demand winds in 2025 are as favorable as those of 2024, and we have supplied flexibility to grow here.

2025 年的需求風向與 2024 年一樣有利，我們提供了在此方面發展的靈活性。

Our EV thermal barrier business continues to evolve as the benchmark sell to sell product for OEMs to deploy as they develop the next generation of EVs or make meaningful mid-cycle actions in these.

我們的電動車隔熱罩業務將繼續發展，成為原始設備製造商在開發下一代電動車或在其中採取有意義的中期行動時部署的基準銷售產品。

We continue adding awards to a growing list of OEMs in a market where EV investment continues being re-timed as demand expectations in North America and Europe are reset.

隨著北美和歐洲的需求預期重新設定，電動車投資在不斷調整的市場中，我們將繼續為不斷增長的 OEM 名單中增加獎項。

In the long term, we believe that as we build a business from a low base, we can continue to outpace the growth of the EV market by supplying the right customers.

從長遠來看，我們相信，當我們從低基礎開始建立業務時，透過向合適的客戶提供產品，我們能夠繼續超越電動車市場的成長。

In 2024, We benefited from scaling a new product into the automotive industry and the initial vehicle inventory buildup that is required to do this.

2024 年，我們受益於將新產品擴展到汽車產業以及實現這一目標所需的初始汽車庫存累積。

By supporting multiple new vehicle launches, we had demand for parts that were used by automakers to own in their manufacturing processes and improve their yields, as well as parts to build an initial set of inventory of finished vehicles.

透過支援多款新車的發布，我們對汽車製造商在其製造過程中使用的零件產生了需求，並提高了他們的產量，以及建立了一套初始成品車庫存的零件。

This additional demand of 70 days to 100 days of finished vehicles was meaningful.

將整車生產週期延長 70 天至 100 天，這項額外需求意義重大。

And it drove most of the outsized demand that we fulfilled in 2024 that was beyond our initial expectations.

它推動了我們在 2024 年滿足的大部分超額需求，超出了我們最初的預期。

A $7500 ED credit in the US in combination with the threat of tightening emissions and fuel economy standards also motivated OEMs to aggressively ramp up production in 2024.

美國 7500 美元的 ED 抵免額，加上收緊排放和燃油經濟性標準的威脅，也促使原始設備製造商在 2024 年積極提高產量。

Going into 2025, these demand tailwinds aren't as pronounced, given the number of vehicle launches involved and the fact that OEMs have already built up inventory banks of several weeks of finished vehicles.

進入 2025 年，考慮到所涉及的汽車發布數量以及 OEM 已經建立了數週成品汽車庫存的事實，這些需求順風並不那麼明顯。

We're also eyes wide open on the effect that continuously high interest rates and the potential reduction of EV incentives can have a new vehicle demand and in particular EV sales.

我們也密切關注持續的高利率和電動車激勵措施的潛在減少可能產生的影響，這可能會對新的汽車需求，尤其是電動車的銷售產生影響。

We also question how motivated OEMs are to produce a high number of EVs and a potentially less punishing emissions and fuel economy regulatory environment.

我們也質疑原始設備製造商生產大量電動車的積極性，以及潛在不那麼嚴格的排放和燃油經濟性監管環境。

Having said this, we believe that to land at the appropriate level of revenues that can be expected for our EV thermal business in 2025.

話雖如此，我們相信，到 2025 年，我們的電動車熱能業務的收入將達到適當的水平。

We need to look at its revenues of $110 million in 2023 and our original expectations of $200 million in 2024 versus the more than $100 million of outsized performance that it delivered of $306.8 million in 2024.

我們需要考慮其 2023 年 1.1 億美元的收入和我們最初預期的 2024 年 2 億美元，以及其 2024 年 3.068 億美元的超額業績。

Tracing the line to 2025 from 2023 or our initial 2024 expectations versus the 2024 actuals seems to make the most sense given the demand dynamics involved and the fact that we do not expect volume from European OEMs to be meaningfully reflected in our P&L until late 2025 in the first half of 2026.

考慮到所涉及的需求動態，以及我們預計歐洲 OEM 的銷量要到 2025 年底（2026 年上半年）才會在我們的損益表中得到有意義地反映，從 2023 年或我們最初的 2024 年預期與 2024 年的實際情況相比，追踪到 2025 年的趨勢似乎是最有意義的。

It is likely that these new programs could drive outsized 2026 demand in a similar fashion to what we experienced with the Altium launches in 2024.

這些新項目很可能會像我們在 2024 年推出 Altium 時所經歷的那樣，推動 2026 年的超額需求。

Turning over to slide 5.

翻到幻燈片 5。

Just as in early 2023 we called that EV expectations were ahead of any potential reality and retimed all our capital investments while accelerating our path to profitability.

正如在 2023 年初我們所說的那樣，電動車的預期超出了任何潛在的現實，並重新調整了我們所有的資本投資，同時加速了我們的獲利之路。

In 2025, we are very cautiously going into the year by preemptively doing three things.

2025年，我們以非常謹慎的態度邁進，並先發制人地做好三件事。

First, we're stopping construction of plan two.

首先，我們停止二號計畫的建造。

We're meeting long term demand by investing to maximize capacity.

我們透過投資來最大限度地提高產能，以滿足長期需求。

At our Aerogel facility in Rhode Island and supplementing that by leveraging the external manufacturing model that has worked so well in 2024 for our energy industrial products.

在我們位於羅德島的氣凝膠工廠，並利用 2024 年在我們的能源工業產品中運作良好的外部製造模式進行補充。

It feels great to not take on an incremental $671 million of debt on the balance sheet and to still be able to fulfill all the expected demand.

資產負債表上不再增加 6.71 億美元的債務，而且仍然能夠滿足所有預期需求，感覺很棒。

Second, we are aiming to improve our profitability gearing by reducing the fixed cost base of the company by over $35 million per year through our reduction of various positions and outside spend.

其次，我們計劃透過減少各類職位和外部支出，每年減少公司3,500多萬美元的固定成本基礎，以提高獲利能力。

Third, we strengthen our balance sheet in the fall of last year and currently have $228 million of cash on hand as of the end of January.

第三，我們在去年秋季加強了資產負債表，截至 1 月底手頭上有 2.28 億美元現金。

This fully funds our plans.

這為我們的計劃提供了充足的資金。

It also enables us to play offense and evaluate a variety of opportunities, including additional paths of organic and inorganic growth, optimizing the capital structure, and potentially returning capital to shareholders.

它還使我們能夠進攻並評估各種機會，包括有機和無機增長的額外途徑、優化資本結構以及可能向股東返還資本。

In addition to our balance sheet, we have $57 million of unused capacity on the revolver, bringing our total available liquidity to $285 million.

除了我們的資產負債表外，我們還有 5,700 萬美元的循環信貸未使用額度，使我們的總可用流動資金達到 2.85 億美元。

With these actions behind us, we believe that we are uniquely positioned to protect our company's profit and cash generation potential through a broad range of potential demand outcomes.

透過採取這些行動，我們相信，我們擁有獨特的優勢，可以透過廣泛的潛在需求結果來保護我們公司的利潤和現金創造潛力。

Providing annual guidance doesn't make sense, and instead we'll work through this year quarter by quarter.

提供年度指導是沒有意義的，相反，我們將逐季度完成今年的工作。

We'll give you our best estimate of the broad range of outcomes for as far as we can clearly see and work to excel in executing through these outcomes.

我們將就我們能夠清楚看到的廣泛結果為您提供最佳估計，並努力出色地執行這些結果。

When our visibility for the rest of the year improves, we'll go back to providing a baseline expectation for the year.

當我們對今年剩餘時間的了解有所改善時，我們將重新提供今年的基準預期。

Now turning over to slide 6 and focusing on Q1 of 2025.

現在翻到第 6 張投影片，重點放在 2025 年第一季。

We expect total revenues of $75million to $95 million in the first quarter of the year.

我們預計今年第一季的總營收為 7,500 萬至 9,500 萬美元。

The revenue split is expected to be of $35million to $40 million for our energy industrial segment, with the remainder covered by our EV thermal barrier segment.

預計我們的能源工業部門的收入分成 3,500 萬美元至 4,000 萬美元，其餘部分由我們的電動車隔熱層部門承擔。

Within this revenue range, we expect to deliver break even EBITDA to $15 million of EBITDA or a net loss of $15 million to break even on a net income basis.

在此收入範圍內，我們預計實現 EBITDA 收支平衡，達到 1500 萬美元的 EBITDA，或淨虧損 1500 萬美元，以在淨收入基礎上實現收支平衡。

This range also reflects a range of earnings per share from a loss to $0.19 (sic, please see slide 7, "$0.18") to being approximately break-even.

這一範圍也反映了每股收益範圍，從虧損 0.19 美元（原文如此，請參見投影片 7，「0.18 美元」）到約損益平衡。

Well, we assess and minimize the cost of the mobilizing plan here in Georgia.

嗯，我們評估並儘量降低喬治亞動員計畫的成本。

We are not expecting to invest more than $7 million in CapEx, supporting our operations in Rhode Island and Mexico during the quarter.

我們預計本季不會投資超過 700 萬美元的資本支出來支持我們在羅德島和墨西哥的業務。

CapEx for the year outside of Plan two will be managed to be less than $25 million without including the cost to the mobilized plan two.

計畫二以外的年度資本支出將控制在 2,500 萬美元以下（不包括動員計畫二的成本）。

We realize that this is a meaningful reset from the levels of the most recent three quarters.

我們意識到，與最近三個季度的水平相比，這是一個有意義的調整。

Q1 represents an inevitable bump in the road and potential low point in the development of our EV thermal barrier business.

Q1 代表著我們電動車隔熱板業務發展過程中不可避免的坎坷和潛在的低谷。

We actually had a similar one in Q1 of 2023.

事實上，我們在 2023 年第一季也遇到類似的情況。

And as OEM vehicle sales start aligning with production on the successful nameplate that we've launched, there's potential upside to capture during the rest of the year.

而且隨著 OEM 汽車銷售開始與我們推出的成功品牌的生產保持一致，今年剩餘時間內仍有潛在的上升空間。

Let me be crystal clear.

讓我說清楚一點。

We're talking about finished vehicle inventories at General Motors, where we are single sourced, not pirates and inventories in the value chain, which we have full visibility on.

我們談論的是通用汽車的整車庫存，我們是單一來源，而不是盜版者，並且價值鏈中的庫存，我們對此有完全的了解。

GM had a strong production ramp in 2024 and is targeting over 300,000 vehicles in 2025 if we include the Honda and Acura nameplates.

通用汽車在 2024 年實現了強勁的產量成長，如果算上本田和謳歌品牌，目標是到 2025 年生產汽車超過 30 萬輛。

Our guide for Q1 reflects what we believe is a temporary drop in production to reduce finished vehicle inventory levels.

我們對第一季的預期反映了我們認為的暫時產量下降，以降低整車庫存水準。

With an annualized sales rate in the US of over 270,000 vehicles in Q4 of last year and market share of 19%, it is fair to expect GM to increase production after Q1 to meet its targets and launch three additional name plates.

去年第四季度，通用汽車在美國市場的年化銷售量超過 27 萬輛，市佔率為 19%，因此可以合理預期，通用汽車將在第一季之後提高產量，以達到其目標，並推出另外三個品牌。

Looking further ahead into 2026 and beyond, new programs will drive and diversify our revenue base in this segment further.

展望 2026 年及以後，新項目將進一步推動和多樣化我們在這一領域的收入基礎。

For instance, we estimate the Volvo award that Don mentioned adds at least $45 million to revenue per year once it's launched.

例如，我們估計唐提到的沃爾沃獎項一旦推出，每年至少會增加 4,500 萬美元的收入。

From looking at the trends of the past 5 quarters on the right side of the slide, one can see that our team has very recent experience on accelerating the company's path to profitability while ratcheting back spending to generate cash.

透過查看幻燈片右側過去 5 個季度的趨勢，我們可以看出，我們的團隊在加速公司盈利的同時，還擁有減少支出以產生現金的最新經驗。

Thanks to our recent decisive actions, we are energized to continue replicating this approach at a scale that isn't limited by capacity constraints anymore, and we cannot be more driven to keep executing.

由於我們最近採取的果斷行動，我們有動力繼續以不再受容量限制的規模複製這種方法，並且我們有更大的動力繼續執行。

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

說完這些，我非常高興地將電話轉回給唐。

Thank you very much for your attention and continued support.

非常感謝您的關注與持續支持。

Thank you, Ricardo.

謝謝你，里卡多。

Before we move to Q&A, I'd like to comment that while we may have an unsettled near-term environment, we believe that electrification through this decade will be a major driver for both our thermal barrier and energy industrial businesses.

在我們進入問答環節之前，我想先評論一下，雖然我們可能面臨短期環境不穩定，但我們相信，未來十年的電氣化將成為我們隔熱和能源工業業務的主要驅動力。

Our customers in these two businesses have vital safety, cost, and performance goals, and our products, both current and future, provide critical solutions to them.

我們這兩項業務的客戶都有重要的安全、成本和效能目標，我們現有和未來的產品都能為他們提供關鍵的解決方案。

Going forward, we are confident that electric vehicles will be the choice of a growing number of car buyers and that energy and power generation will be important macroeconomic drivers, and we have an important role to play in both.

展望未來，我們相信電動車將成為越來越多購車者的選擇，能源和發電將成為重要的宏觀經濟驅動力，我們在這兩方面都發揮著重要作用。

We continue to invest in our strategy to leverage our Aerogel technology platform into large dynamic markets.

我們將繼續投資我們的策略，將我們的氣凝膠技術平台推向大型動態市場。

Our operational and financial performance in 2024 exceeded all expectations, and we believe we will continue to perform at a high level in the years to come.

我們 2024 年的營運和財務表現超出了所有人的預期，我們相信在未來幾年我們將繼續保持高水準的表現。

We are focused on profitable growth and believe that we are positioned to thrive and to win.

我們專注於獲利性成長，並相信我們有能力蓬勃發展並取得成功。

Ezra let's turn to Q&A, please.

埃茲拉，請我們進入問答環節。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作員指令）

Our first question comes from George Gianarikas with Canaccord Genuity

我們的第一個問題來自 Canaccord Genuity 的 George Gianarikas

George, your line is now open.

喬治，你的電話現在已經接通。

Please go ahead.

請繼續。

Hi, good morning, everyone.

大家早安。

Thank you for taking my questions.

感謝您回答我的問題。

Good morning.

早安.

So maybe, given the change in business strategy, can you just help us sort of quantify and think about what the long term.

因此，考慮到業務策略的變化，您能否幫助我們量化並思考長期策略？

Financial profile slash business model looks like.

財務狀況和商業模式如下。

What sort of EBITDA margin can we expect?

我們可以預期什麼樣的 EBITDA 利潤率？

What sort of revenue capacity?

什麼樣的收入能力？

What sort of free cash flow margin do you think the enterprise is capable of producing over time?

您認為企業隨著時間的推移能夠產生多少自由現金流利潤？

Thank you.

謝謝。

Thanks George.

謝謝喬治。

Yeah, I mean, the margin targets remain unchanged.

是的，我的意思是利潤目標不變。

We want to do everything at 35% plus gross margins and to gear the company to deliver over 20% EBITDA on margins.

我們希望所有業務的毛利率都達到 35% 以上，並使公司達到 20% 以上的 EBITDA 利潤率。

The supply strategy does not change that.

供應策略不會改變這一點。

And in fact, as you've seen in the energy business, we picked up a couple of points of margin thanks through working with our external manufacturing supply.

事實上，正如您在能源業務中看到的，透過與外部製造供應合作，我們獲得了幾個利潤點。

And so, when we look at that for the EV thermal barrier business versus deploying an incremental $671 million of capital, it really is a no brainer, right?

因此，當我們將電動車隔熱罩業務與部署 6.71 億美元的增量資本進行比較時，這真的是一件輕而易舉的事，對嗎？

We can more modularly build up the supply source for that.

我們可以更模組化地建構其供應源。

We would not have gotten awards last year and this year if customers were not okay with that.

如果客戶不同意的話，我們去年和今年就不會獲獎。

And Everything that we've discussed previously about our revenue potential and the pipeline remains the same.

我們之前討論過的有關我們的收入潛力和管道的所有內容都保持不變。

It's just that rather than supplying it now with one very large capacity original project, which is what Plan two was, we're going to incrementally build the capacity before him and you know Don and the team was actually in China here a couple of weeks ago looking at that capacity get built up and it's just really encouraging to see how that.

只是，我們不會現在就提供一個非常大容量的原始項目（這就是二號計劃），而是會逐步地在他之前建立產能，你知道，幾週前，唐和他的團隊實際上在中國，觀察產能的建立情況，看到這種情況真的令人鼓舞。

We'll be there ready to supply all of this additional demand that we expect in as early as 2026 without requiring additional capital from us.

我們將做好準備，滿足預計最早在 2026 年出現的所有額外需求，且無需我們額外投入資本。

Thank you.

謝謝。

Maybe as a follow up, so is China the jurisdiction in which you'll be building additional capacity for pyro thin, or is it, or are you exploring other geographies and how much Okay.

也許作為後續問題，中國是否是你們將建造額外焦炭產能的管轄範圍，或者你們是否正在探索其他地區，以及有多少好的。

Yeah, initially, yes, 2026.

是的，最初是的，2026 年。

Sorry, George, go for it.

抱歉，喬治，去吧。

So, the and the margin targets that you've talked about, those are inclusive of any tariffs, etc. In these other in from China.

所以，您談到的利潤目標包括任何關稅等。

That's correct.

沒錯。

Thank you.

謝謝。

Thank You very much.

非常感謝。

Our next question comes from Colin Rusch with Oppenheimer.

下一個問題來自奧本海默公司的科林拉什。

Colin, your line is now open.

科林，你的電話現在已經接通。

Please go ahead.

請繼續。

Thanks so much guys.

非常感謝大家。

With the lower fixed cost, can you just walk us through timing on how we should start thinking about that that savings being realized and what the nature is of it?

由於固定成本較低，您能否向我們介紹我們應該如何開始考慮實現節約以及節約的性質？

Is that related to some of the scrap getting reduced in the manufacturing process, or is there, a process change that we should be thinking about in terms of, the production or is it really just related to, migrating some of the production into the contract manufacturing.

這是否與製造過程中廢料的減少有關，或者是否存在我們應該從生產角度考慮的製程變化，或者這是否僅僅與將部分生產遷移到合約製造有關。

So, the cost reductions that Don and I mentioned, the roughly $8 million per quarter and $35 million that I mentioned, those are actually just structural costs.

因此，唐和我提到的成本削減，也就是每季大約 800 萬美元和我提到的 3500 萬美元，實際上只是結構性成本。

So, we are reducing, I mean we already reduced in the first half of this quarter several positions in the company.

所以，我們正在裁員，我的意思是我們在本季上半年已經裁減了公司的幾個職位。

Looking at overhead in the operations as well as our op spend and external spend.

查看營運中的間接費用以及我們的營運支出和外部支出。

We mentioned that there are basically $3 million of restructuring charges that we expect to impact us here in Q1 and those are reflected in the guidance.

我們提到，預計第一季的重組費用將影響我們約 300 萬美元，這些費用已反映在指引中。

But then from Q2 onwards, that's when we can start expecting these $8 million of savings from the fixed cost base.

但從第二季開始，我們就可以開始預期從固定成本基礎節省 800 萬美元。

Not material costs and other parts of the P&L, this is, I mean, we're in essence bringing the fixed cost structure of the company back to the levels that they were in roughly Q4 of 2023.

不是材料成本和損益表的其他部分，我的意思是，我們本質上是將公司的固定成本結構恢復到大約 2023 年第四季的水平。

And obviously as we pick up upside from GM here in hopefully the second half of this year or even in Q2, we think that can yield several benefits and again our main focus with these actions is to protect the company's ability to generate a profit and generate cash flow.

顯然，隨著我們預計在今年下半年甚至第二季度從通用汽車中獲得收益，我們認為這可以帶來多種好處，而且我們採取這些行動的重點仍然是保護公司創造利潤和產生現金流的能力。

That's super helpful and then from a customer perspective, you guys have been out, you know.

這非常有幫助，然後從客戶的角度來看，你們已經出去了，你知道。

Working with customers for a number of years now, I'm curious about, not just with the pricing dynamic, but just in terms of the product development and integration into new vehicles.

與客戶合作已有多年，我不僅對定價動態感到好奇，而且對產品開發和新車輛整合感到好奇。

Are you seeing any sort of acceleration in the sales cycle, any slowdown and any commentary around, kind of previous expectations for ramp with some of these European OEMs and timing of those production schedules would be helpful.

您是否看到銷售週期有任何加速、放緩和評論，對於一些歐洲 OEM 的先前預期以及這些生產計劃的時間安排，這將會有所幫助。

Yeah, we see acceleration and adoption interest, but deceleration when it comes to ultimately the OEMs making the sourcing decision and launching these nameplates, right?

是的，我們看到了加速和採用興趣，但是當最終由 OEM 做出採購決策並推出這些銘牌時，速度就會減慢，對嗎？

With the Europeans, I think we all know what's going on at Northolt.

對於歐洲人來說，我想我們都知道諾索爾特發生了什麼事。

It's worth highlighting that our award with Audi and Scania was originally intended to be supplied with Northolt cells.

值得強調的是，我們與奧迪和斯堪尼亞簽訂的合約最初打算供應 Northolt 電池。

We're actually in the middle of validating, the Plan B cell source for those programs.

實際上，我們正​​在驗證這些項目的 B 計劃細胞來源。

And just reiterating what I mentioned in my remarks, we do expect those guys to launch here towards the end of this year and in the first half of next year.

我再次重申我在演講中提到的內容，我們確實預計這些人將在今年年底和明年上半年在這裡推出。

Great, thank you so much guys

太好了，非常感謝你們

I think some.

我認為有些。

Thank you very much.

非常感謝。

Just as a reminder, we kindly ask you to please limit yourself to one question only.

溫馨提醒，我們懇請您只問一個問題。

Our next question is from Eric Stine with Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Eric Stine。

Eric, your line is now open.

艾瑞克，你的電話現在已經接通。

Please go ahead.

請繼續。

Hi Donna, Ricardo.

你好，唐娜，里卡多。

Hi Eric.

你好，埃里克。

Good morning.

早安.

So, should we take it from your commentary?

那麼，我們應該聽取您的評論嗎？

Is it fair to say that you think that the GM inventory is something that, largely normalizes in Q1 and then Ricardo in your in in the remarks you talked about looking at, the progression from '23 to your original '24 outlook as a way to about way to think about '25.

您是否認為通用汽車的庫存在第一季基本上恢復正常，然後里卡多在您談到的評論中談到了從 23 年到您最初的 24 年展望的進展，以及對 25 年的思考。

Could you just be a little more specific?

能更具體一點嗎？

Are you saying.

你是說。

Take the original outlook you had for '24 and kind of take that progression and grow it from there, just looking for some directional outlook, and I realized there are a lot of uncertainty, there's a lot of headwinds here, at least in the near term, but that would be helpful.

採取你對 24 年最初的展望，然後以此為基礎進行發展，尋找一些方向性的展望，我意識到這裡存在著許多不確定性，有很多阻力，至少在短期內是這樣，但這會有所幫助。

Yeah, I mean, the way we look at it is this way.

是的，我的意思是，我們看待這個問題的方式是這樣的。

Regardless of what General Motors is saying around their production targets and how many vehicles they're going to wholesale this year.

無論通用汽車對其生產目標和今年要批發多少輛汽車有何說法。

We estimate that there are about 83,000 units, that there were about 83,000 units sitting in inventory at the end of the year.

我們估計大約有 83,000 台，年底大約有 83,000 台庫存。

And then I mean, we're dealing with the reality here, right?

我的意思是，我們正在處理現實問題，對嗎？

The production schedule is something that we've been, we get for 40 weeks out.

我們制定了生產計劃，為期 40 週。

In the near term it's pretty accurate and we started to see that come down here in December and January.

從短期來看，它是相當準確的，我們在 12 月和 1 月就開始看到它的下降。

And when we look at the inventory levels, we can, it's easy to understand why?

當我們查看庫存水準時，我們就可以輕鬆地理解為什麼？

When it comes to Picking out the right level for the year.

當談到選擇適合年份的正確等級時。

The reason why in my remarks I point folks to looking at our original expectations for last year which were basically of $200 million so doubling our 2023 levels.

在我發表演說時，我之所以要提醒大家看看我們去年最初的預期，基本上是 2 億美元，因此 2023 年的水準將會翻倍。

Using that as a jumping off point for then trying to size out 2025 makes more sense versus using the outperformance of $100 million on top of the $200 million that we were originally expecting for last year.

以此為起點，然後嘗試規劃 2025 年的業績，比使用 1 億美元的超額表現加上我們去年最初預期的 2 億美元更有意義。

So, I think that the number can still be higher than what we delivered last year if General Motors truly gets to the 300,000-unit level.

所以我認為，如果通用汽車真的達到30萬輛的水平，這個數字仍然可以高於我們去年交付的水平。

But just based on the demand for parts and this inventory bank of vehicles, we just don't see it in Q1 and in Q2, it'll likely start ramping up again, but I mean, given the environment, given the $7500 credit.

但僅基於對零件和車輛庫存的需求，我們在第一季和第二季看不到這種情況，它可能會再次開始增加，但我的意思是，考慮到環境，考慮到 7500 美元的信貸。

You know that all those incentives that were so strong prior to the election for these OEMs to just build, incentivize and clear out EVs and offer cheap leases are not as prevalent here in 2025 or as clear, right?

您知道嗎，在選舉之前，這些原始設備製造商都採取了強有力的激勵措施，以製造、激勵和清理電動車並提供廉價租賃，但在 2025 年，這些激勵措施將不再那麼普遍或明確，對嗎？

And so, while we, I mean if GM gets the 300,000 vehicles plus more if we actually include the Honda and the Acura name plates, we will be ecstatic, right?

所以，我的意思是，如果通用汽車獲得 30 萬輛汽車，如果實際上包括本田和謳歌品牌，銷量還會更多，我們就會欣喜若狂，對嗎？

It'll be a better year than last year.

今年將會比去年更好。

That's just not what we're seeing in Q1.

這與我們在第一季看到的情況不同。

Got it.

知道了。

So, to clarify jumping off point, you're just saying $200 million is a fair place to start and then make your judgment about how the remainder of the year plays out.

因此，為了澄清起點，您只是說 2 億美元是一個公平的起點，然後再判斷今年剩餘時間的走勢。

Correct, I mean we doubled '23 to 2024, right?

正確，我的意思是我們將 23 年翻了一番，到 2024 年，對嗎？

Then we almost doubled that again and I think the growth rate for '25 could be somewhere in between a You know where we would have ended up in 2024 with our original expectations and doubling, right?

然後我們幾乎又將其翻了一番，我認為 25 年的成長率可能介於兩者之間。

Very helpful, thanks.

非常有幫助，謝謝。

Anytime.

任何時候。

Thank you.

謝謝。

Our next question is from Chip Moore with ROTH.

我們的下一個問題來自 ROTH 的 Chip Moore。

Chip, your line is now open.

奇普，你的線路已經開通。

Please go ahead.

請繼續。

Good morning.

早安.

Thanks for taking the question.

感謝您回答這個問題。

I want to ask on, Statesboro, the capital you've deployed there, can you use some of the assets?

我想問一下，斯泰茨伯勒，你們在那裡部署的資金，可以使用其中的一些資產嗎？

How much capital is stranded and some of the equipment on the ground?

有多少資金被滯留？

What are your plans there?

你在那裡有什麼計劃？

Some of it, we are moving to Rhode Island to increase the throughput of that facility, particularly some post-processing equipment.

我們將把其中一部分轉移到羅德島，以增加該設施的產量，特別是一些後處理設備。

And then the rest, as we mentioned in the in the press release and in our remarks, I do think there's a lot of value there, and we'll work to capitalize it, capitalize on it, and there's a potential to send some of the equipment to the external manufacturing facility as well, which we'll be evaluating.

然後其餘的，正如我們在新聞稿和評論中提到的那樣，我確實認為那裡有很多價值，我們將努力利用它，利用它，並且有可能將一些設備發送到外部製造工廠，我們將對此進行評估。

But that's all happening now as we speak.

但就在我們說話的同時，這一切都正在發生。

Ricardo, and for, this sort of modular strategy and adding capacity as you need it, is there a thought on how quickly you can do that and stage that, obviously I would assume it was faster with external partners, but how do you think about that the first staging?

里卡多，對於這種模組化策略和根據需要增加容量，您是否考慮過能夠多快地實現這一點並分階段實施，顯然我認為與外部合作夥伴合作會更快，但您如何看待第一次分階段實施？

Yeah, I mean, again, going back to what we covered with with George, in essence.

是的，我的意思是，再次回顧我們與喬治討論的內容。

I mean we have to find a supply source for 2026.

我的意思是我們必須找到 2026 年的供應來源。

If you recall, plan two would not have been available until 2027.

如果你還記得的話，第二期計畫要到 2027 年才能實施。

And so, the facility that would supply this is being built right now as we speak, Don and the team was there in January.

所以，正如我們所說，提供這些產品的設施現在正在建設中，唐和他的團隊一月份就在那裡。

And the speed with which things get done there.

以及那裡完成事情的速度。

It is really incredible.

這實在令人難以置信。

So, the goal is to have this facility online ready to supply in 2026.

因此，我們的目標是讓該設施在 2026 年投入運作並投入供應。

Got it.

知道了。

And if I could speak one last one in, back to capital and maybe, getting some more from Statesboro, you mentioned, organic and inorganic potentially uses of capital just expand on that and then even return to capital, you buy back or what are you thinking about there.

如果我可以最後再講一點，回到資本，也許，從 Statesboro 那裡得到更多，你提到，有機和無機資本的潛在用途只是擴大這一點，然後甚至回到資本，你回購或者你在想什麼。

Thanks.

謝謝。

Yeah, I mean, I think we obviously want to see how the rest of the year plays out and even though we're playing it safe here in Q1.

是的，我的意思是，儘管我們在第一季採取了謹慎的策略，但我們顯然想看看今年剩餘時間的表現如何。

There's no denying to the fact that we're sitting on $220 million of cash, right?

無可否認，我們擁有 2.2 億美元現金，對吧？

And so, we have several R&D efforts that we could lever upon.

因此，我們可以利用多項研發成果。

If you take this strategy of mission critical materials that solve key problems where you can generate 35% gross margins, we do see several opportunities in that space.

如果您採取這種關鍵任務材料策略來解決關鍵問題，從而產生 35% 的毛利率，我們確實會看到該領域的一些機會。

And I do think that as we work our way through the year we're going to figure out what the right amount of cash on the balance sheet is and to what extent that there's, to whatever extent there's some excess cash, we always need to see where the equity is at I think at that point we could go out and reduce the share count.

我確實認為，隨著我們全年的工作進展，我們將弄清楚資產負債表上的現金數量是多少，以及有多少過剩現金，無論有多少過剩現金，我們總是需要了解股權狀況，我認為在那時我們可以出去減少股票數量。

Thank you very much.

非常感謝。

Our next question is from Jeff Osborne with TD Cowen.

下一個問題來自 TD Cowen 的 Jeff Osborne。

Jeff, your line is now open.

傑夫，你的電話線現在開通了。

Please go ahead.

請繼續。

Yeah, thank you.

是的，謝謝。

Maybe just following up on a couple other questions before, as it relates to the annualized capacity with moving the Georgia equipment to Rhode Island and also the EMF expansion that Don saw in China.

也許只是跟進之前的幾個其他問題，因為它與將喬治亞州的設備轉移到羅德島的年化產能以及唐在中國看到的 EMF 擴展有關。

Can you just give us an update on what that annualized capacity will be in 2026 and then adjacent to that or in relationship to that question, what is the process for qualifying Chinese-made pyro thin product with GM and others?

您能否向我們介紹一下 2026 年的年產能情況？

Is that a re-qualification, rebidding, re-pricing process, or do they not care where it's made?

這是一個重新認證、重新招標、重新定價的過程嗎，或者他們並不關心它在哪裡製造？

They don't care where it's made, it's basically another PAP for recertifying, and we're looking at adding that capacity increments of $150million to $200 million of supply per year.

他們不關心它是在哪裡生產的，它基本上是另一個重新認證的 PAP，我們正在考慮每年增加 1.5 億到 2 億美元的供應產能。

Then what will Rhode Island be with the equipment movement?

那麼羅德島的裝備移動情況會如何呢？

Rhode Island could be closer to $600 million.

羅德島的賠償金額可能接近 6 億美元。

And China's 200 today and adding 150 to 200 more.

中國目前有 200 名，也增加了 150 到 200 名。

Correct.

正確的。

And then with literally no limit to that, right?

那麼實際上就沒有限制了，對嗎？

So we could replicate that several times over within China or even outside of China.

因此，我們可以在中國國內甚至國外多次複製這一做法。

Thanks Ricardo.

謝謝里卡多。

Anytime.

任何時候。

Our next question comes from David Anderson with Barclays.

下一個問題來自巴克萊銀行的戴維·安德森。

David, your line is now open.

大衛，你的電話現在已經接通。

Please go ahead.

請繼續。

David, could we double check you're not muted at all?

大衛，我們可以再確認你是否沒有被靜音嗎？

We're going to have to go through to the next question with Ryan Pfingst with B. Riley.

我們將與 B. Riley 的 Ryan Pfingst 一起討論下一個問題。

Ryan, your line is now open.

瑞安，你的電話現在已經接通。

Please go ahead.

請繼續。

Yeah, hey guys, thanks for taking my question.

是的，嘿夥計們，謝謝你們回答我的問題。

Hey Ryan

嘿瑞安

Hey Ricardo, for the Volvo commercial trucks program, could you give us an idea of CPV there and just broadly and you touched on it earlier, but do you see additional wins coming here in the near term or our OEMs maybe taking a wait and see approach as policy changes take hold.

嘿，里卡多，對於沃爾沃商用卡車項目，您能否給我們介紹一下 CPV 的情況，廣義上您之前也提到過，但您是否認為短期內會有更多的勝利，或者我們的 OEM 可能會隨著政策變化採取觀望態度。

Yes, so on the CPV, I mean it's comparable to our other commercial vehicle truck program to give you an idea, our on a 70 kilowatt to 90 kilowatt-hour prismatic battery, we would have roughly $300 of content.

是的，所以在 CPV 上，我的意思是它與我們的其他商用車卡車計劃相當，給你一個想法，在 70 千瓦到 90 千瓦時的方形電池上，我們大約有 300 美元的內容。

This, I mean some of these batteries are up to 350. 300 plus kilowatt-hour size and so the CPV opportunity is meaningful.

我的意思是，其中一些電池的容量高達 350、300 多千瓦時，因此 CPV 機會十分重大。

Without going into a ton of detail on the specifics of their configuration.

無需詳細了解其配置細節。

To your question on just the broader environment.

對於您關於更廣泛環境的問題。

It's really interesting.

這真的很有趣。

China is at 50% EV penetration already.

中國的電動車普及率已達50%。

In North America and Europe, we continue to double in this 10% to 15% level.

在北美和歐洲，我們繼續將這一10%至15%的水平翻倍。

So, you do start wondering, right, like Is that progress?

所以，你確實開始懷疑，對吧，那是進步嗎？

And so, While there's a lot of noise and uncertainty here around the US regulatory environment, It all really seems to be lower on the priority list relative to a bunch of other things that the new administration seems to be doing.

因此，儘管美國監管環境存在許多噪音和不確定性，但與新政府正在做的一系列其他事情相比，這一切似乎在優先順序上處於較低水平。

And so really time will tell.

時間會證明一切。

That's why I think if you Look at some of what some of the OEMs are saying.

這就是為什麼我認為如果你看看一些 OEM 所說的話。

They're all just sort of staying the course.

他們都只是堅持到底。

And putting out targets with an asterisk, right, basically saying, assuming the regulatory environment stays the same, this is what we're going to deliver.

並且用星號標註目標，基本上就是說，假設監管環境不變，這就是我們要實現的目標。

And I think that is probably the right thing to do given how drawn out any regulatory changes are, right?

我認為，考慮到監管變革的漫長過程，這或許是正確的做法，對嗎？

I mean, the Trump administration basically ran out of time during the first term trying to amend the CAFE standards.

我的意思是，川普政府在第一個任期基本上沒有時間修改 CAFE 標準。

So, this stuff takes quite a while and for companies to pivot.

所以，這些事情需要公司花相當長的時間去轉變。

Too quickly, it's really expensive and they can end up earning a lot of capital that they just don't pay back.

速度太快的話，成本真的很高，而且他們最終可能會賺到很多無法償還的資本。

Then in Europe, we just don't see the requirements being relieved at all.

而在歐洲，我們根本沒看到要求有任何放寬。

And so these with these OEMs being global and with our European customers, those guys are staying the course, still trying to build a certain level of EV mix.

因此，這些全球性的 OEM 和我們的歐洲客戶都堅持不懈，仍在努力建立一定程度的 EV 組合。

And four years within a 20-year transition of electrification is not a ton.

在20年的電氣化轉型過程中，四年的時間並不算多。

And so I do see some OEMs staying the course but being overly cautious as they deploy capital, right?

因此，我確實看到一些 OEM 堅持下去，但在部署資本時過於謹慎，對嗎？

The broader new vehicle market seems to be stressed as the Western OEMs lose China, and so that is having an effect on their CapEx budgets, and that I believe is ultimately why they are being a little slower to launch new vehicles, launch new name plates, and just source new technologies, including ours.

由於西方汽車製造商失去中國市場，更廣泛的新車市場似乎面臨壓力，這對他們的資本支出預算產生了影響，我認為這最終解釋了為什麼他們在推出新車、推出新品牌以及採購新技術（包括我們的技術）方面進展緩慢。

So, we are cautiously going into 2025, but this is stuff that we foresaw back in the beginning of 2023 when we re time plan too.

因此，我們正謹慎地邁入 2025 年，但這也是我們在 2023 年初重新制定時間規劃時預見的事情。

Got it.

知道了。

I appreciate that.

我很感激。

Call Ricardo.

打電話給里卡多。

Anytime.

任何時候。

Thank you very much.

非常感謝。

Our next question is from Tom Curran with Seaport Research Partners.

下一個問題來自 Seaport Research Partners 的湯姆‧柯倫 (Tom Curran)。

Tom, your line is now open.

湯姆，你的電話線現在開通了。

Please go ahead.

請繼續。

Good morning, guys.

大家早安。

Hi Tom

嗨，湯姆

Just to clarify, Ricardo, try to put a fine point on it.

只是為了澄清一下，里卡多，請嘗試對這一點進行詳細說明。

Is what you're doing on the structural cost savings front.

您在結構性成本節約方面做了什麼？

Is that so that as we move through 2025 and head into 2026 and you have the incremental capacity coming online at the EMF in China and generating more production for EBITDA, is that all in the associated tariffs to ensure that you can defend.

這樣，當我們進入 2025 年和 2026 年時，中國 EMF 的增量產能將上線，並為 EBITDA 創造更多產量，相關關稅是否能確保你們能夠防禦？

This hell or high-water baseline for gross margin of 35% or is it expected to actually generate upside and take you to a new higher run rate for gross margin.

這是毛利率 35% 的最高基準，還是預計實際上會產生上升空間，並將毛利率提升到一個新的更高水平。

No, I don't think it's really tied to gross margin.

不，我認為這與毛利率沒有太大關係。

It's actually more to protect the EBITDA net income potential of the company.

這實際上更多的是為了保護公司的 EBITDA 淨收入潛力。

So, it's quite a bit of it is below the gross margin line.

因此，其中相當一部分是低於毛利率線的。

And it's to protect Q1 and protect the rest of 2025.

這是為了保護第一季並保護 2025 年剩餘的時間。

Some of this is also just general housekeeping, right?

其中一些也只是一般的家務事，對嗎？

When you go through an expansion as the one that we did.

當你經歷像我們一樣的擴張。

You sit back and realize that some positions were critical and some you could do without.

您坐下來，意識到有些職位至關重要，而有些職位則可以不用。

And and we just thought that it'd be prudent to do that early on going into this year regardless of the demand and supply outcomes.

我們只是認為，無論供需結果如何，在今年年初就採取這項措施都是明智之舉。

Tom, I would just reiterate or emphasize if I could just emplify one point, when we talked about the $8 million per quarter.

湯姆，當我們談到每季 800 萬美元時，如果我可以舉例說明一點，我只想重申或強調。

We've completed those actions.

我們已經完成了這些行動。

I thought by your question you might be suggesting that we are going to do it over the course of the year.

我認為你的問題可能是暗示我們將在今年內完成這件事。

These actions have been taken.

這些行動已經採取。

Got it.

知道了。

So it's all done.

這樣就全部完成了。

It's been fully implemented and you're 100% there SFT too.

它已完全實施，您也 100% 實現了 SFT。

Exactly, that's correct.

沒錯，完全正確。

Okay, great, helpful, and then shifting to EI Don could you share some colour on how the LNG and market is shaping up for 2025, do you expect it to, account for at least 30% of EI's revenue in 2025 and then how we might see the mix between US and international revenue of all over 2025 for EI.

好的，非常好，很有幫助，然後轉到 EI Don，您能否分享一下 2025 年液化天然氣和市場的發展情況，您是否預計它會在 2025 年佔 EI 收入的至少 30%，然後我們如何看待 EI 在 2025 年美國和國際收入之間的混合。

Yeah.

是的。

So, the LNG business, Tom, we know is strong.

所以，湯姆，我們知道液化天然氣業務很強。

It was strong in 2024, and I think in this new environment.

它在 2024 年表現強勁，我認為在這種新環境中。

It's poised to be yet even stronger, and I do think Cryogels are coal processing materials.

它也將變得更加強大，而且我確實認為冷凝膠是煤炭加工材料。

They are headed to 30%.

他們正努力達到 30%。

They're not quite there yet in terms of the split geographically, as I said in my comments, about 40% historically has been US based.

從地理分佈上看，他們還沒有完全達成一致，正如我在評論中所說，歷史上大約有 40% 的人居住在美國。

It's interesting.

這很有趣。

Some of our larger LNG projects are located here in the US, so it's possible that number can shift around.

我們的一些大型液化天然氣項目位於美國，因此這個數字可能會改變。

But our business in the other regions is strong as well, so it, I don't mean to suggest that that will be a meaningful or dramatic change, I guess I should say, but we are in we're in good shape in this business, of course.

但是我們在其他地區的業務也很強勁，所以，我並不是說這將是一個有意義或戲劇性的變化，我想我應該說，但我們在這個業務上的狀況當然很好。

Some uncertainty on the EV side, the flip side of that is, some pretty clear tailwinds on the energy industrial side, and by the way, it's terrific to be able to be unconstrained in our capacity for that business here in 2025.

電動車方面存在一些不確定性，但另一方面，能源工業方面存在一些相當明顯的順風，順便說一句，2025 年我們能夠不受限制地開展該業務，真是太好了。

Understood.

明白了。

I appreciate you taking my questions.

感謝您回答我的問題。

Thanks Tom

謝謝湯姆

Thank you very much.

非常感謝。

We currently have no more questions.

目前我們沒有其他問題。

That marks the end of our Q&A session.

我們的問答環節到此結束。

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

現在我將把發言權交還給唐，請他做最後發言。

Thank you, Ezra.

謝謝你，以斯拉。

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

我們一如既往地感謝您對 Aspen Aerogels 的關注，並期待在 5 月初向您報告我們的第一季業績。

Be well.

保重。

Have a good day.

祝你有美好的一天。

Thank you.

謝謝。

Thank you very much, Don, and thank you, Neal and Ricardo for being our speakers today.

非常感謝唐，也感謝尼爾和里卡多今天擔任我們的演講者。

Thank you everyone for joining.

感謝大家的加入。

We appreciate your participation.

我們感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路了。