Aspen Aerogels Inc (ASPN) 2025 Q1 法說會逐字稿

Good morning. Thank you for attending the Aspen Aerogel first-quarter 2025 financial results call. (Operator Instructions)

早安.感謝您參加 Aspen Aerogel 2025 年第一季財務業績電話會議。（操作員指示）

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. Thank you. You may proceed, Mr. Baranosky.

現在，我想將會議交給主持人、Aspen 高級總監、投資者關係和企業策略主管 Neal Baranosky。謝謝。您可以繼續，巴拉諾斯基先生。

Thank you, Bruno. Good morning and thank you for joining us for the Aspen Aerogel's first-quarter 2025 financial results conference call. With us today are Don Young, President and CEO; and Ricardo Rodriguez, Chief Financial Officer and Treasurer.

謝謝你，布魯諾。早安，感謝您參加 Aspen Aerogel 2025 年第一季財務業績電話會議。今天和我們在一起的是總裁兼執行長唐楊 (Don Young)；以及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 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 and adjusted net income. The reconciliations between GAAP and non-GAAP measures are included in the back of the slide presentation and earnings release.

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 和調整後的淨收入。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. These statements are subject to risks and uncertainties that can cause our actual results to differ materially. These risks and uncertainties include the factors identified in our filings with the SEC. Please review the disclaimer statements on page 1 of the slide deck as the content of our call will be governed by this language.

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。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大不相同。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。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 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，有時，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，我們預計第 16 條官員將提交表格 4 來報告股份的出售和/或扣留，以支付稅款和/或期權的行使價格。

I also wanted to highlight a near-term IR engagement. On Wednesday, May 21, management will be hosting one-on-one investor meetings at the B. Riley Securities 25th Annual Investor Conference.

我還想強調一下近期的 IR 參與。5 月 21 日星期三，管理層將在 B. Riley Securities 第 25 屆年度投資者大會上主持一對一投資者會議。

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

我現在將電話轉給唐。大學教師？

Thanks, Neal. Good morning, everyone. Thank you for joining us for our Q1 2025 earnings call. My comments will focus on our performance, the status and expected impact of several key elements of our strategy, and our view of the current environment. Ricardo will dig deeper into our Q1 financial performance, our strategy, and will provide comments on our Q2 outlook. We look forward to your questions.

謝謝，尼爾。大家早安。感謝您參加我們的 2025 年第一季財報電話會議。我的評論將集中在我們的績效、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。里卡多將深入研究我們第一季的財務表現和策略，並對我們的第二季前景發表評論。我們期待您的提問。

Our goal is to build a strong and profitable company. The focus during Q1 was to strengthen our resilience by broadening our commercial activities in both the EV Thermal Barrier and Energy Industrial businesses by building a robust and flexible supply chain, and by optimizing our cost structure.

我們的目標是建立一家強大且有利可圖的公司。第一季的重點是透過建立強大而靈活的供應鏈以及優化成本結構來擴大我們在電動車隔熱層和能源工業業務中的商業活動，從而增強我們的韌性。

This important work continues in Q2 and will continue throughout the year. Starting with our Thermal Barrier business, we secured during Q1 a major PyroThin award with GM for a next-generation prismatic EV platform. This PyroThin award, following recent awards from Mercedes-Benz and Volvo Truck, demonstrates our value in additional EV battery form factors and chemistries, and we believe, is a clear endorsement of our innovation and trusted performance.

這項重要工作將在第二季度繼續進行，並將持續全年。從我們的熱障業務開始，我們在第一季與通用汽車公司獲得了一項重要的 PyroThin 獎項，用於下一代棱柱形電動車平台。繼最近獲得梅賽德斯-奔馳和沃爾沃卡車獎項之後，此次 PyroThin 獎項證明了我們在更多電動車電池外形和化學方面的價值，我們相信，這是對我們的創新和值得信賴的性能的明確認可。

This momentum validates our role in the electrification ecosystem and sets the stage for continued platform expansion across new and existing OEMs. We are also encouraged by the record level quoting activity in our PyroThin Thermal Barrier business, which we believe signals that the leading OEMs continue to invest in the battery electric platforms of the future, positions Aspen as a key technology partner, and reinforces our strategic leadership in EV battery performance and safety.

這一勢頭證實了我們在電氣化生態系統中的作用，並為新舊 OEM 的持續平台擴展奠定了基礎。我們也對 PyroThin 熱障業務創紀錄的報價活動感到鼓舞，我們相信這表明領先的原始設備製造商將繼續投資於未來的電池電動平台，將 Aspen 定位為關鍵技術合作夥伴，並鞏固我們在電動車電池性能和安全方面的戰略領導地位。

While the first-quarter performance for the Energy Industrial business was on par with the first three quarters of 2024, it could not keep the torrid pace of Q4 2024 when we had record revenue of over $53 million. It has not been uncommon in this segment for the first quarter revenue to tail off compared to the fourth quarter of the previous year.

雖然能源工業業務第一季的業績與 2024 年前三個季度持平，但無法跟上 2024 年第四季創紀錄超過 5,300 萬美元收入的強勁成長步伐。與去年第四季相比，該領域第一季的營收下降並不罕見。

A frequent pattern for the Energy Industrial business has been for revenue to step back in Q1 and then to build throughout the year. It is also likely that we are experiencing some destocking in our distribution channel.

能源工業業務的常見模式是收入在第一季回落，然後在全年增加。我們的分銷管道也可能正在經歷一些去庫存的情況。

While our supply capacity -- when our supply capacity is constrained as it has been since 2023, distributors and contractors tend to store additional safety stock. Our lead times during the period of supply constraint were as long as six months versus more typical and current lead times of approximately one month.

當我們的供應能力受到限制時——就像 2023 年一樣，分銷商和承包商傾向於儲存額外的安全庫存。在供應受限期間，我們的交貨週期長達六個月，而目前的典型交貨週期約為一個月。

Now that we have our external manufacturing facility or EMF fully transitioned and an adequate supply from two aerogel manufacturing sources, there is less need for distributors and contractors to hold as much safety stock as they prepare for maintenance work and projects at our end users' facilities. We believe we are now reaching an equilibrium with respect to inventory held by our distributors and contractors, and that EI revenue will build throughout the year and reach a full-year revenue level approximating last year's revenue of $145.9 million.

現在，我們的外部製造設施或 EMF 已完全轉型，並且從兩個氣凝膠製造源獲得了充足的供應，分銷商和承包商在為最終用戶設施的維護工作和項目做準備時，無需持有那麼多的安全庫存。我們相信，我們現在正達到分銷商和承包商持有的庫存方面的平衡，並且 EI 收入將在全年增加，並達到接近去年 1.459 億美元的全年收入水準。

While there is some uncertainty in the energy markets, we note that most of the major oil and gas companies, including important end users of our products such as Exxon, Chevron, Shell, and Total, maintain their 2025 capital expenditure guidance during recent earnings calls. We believe that we have ample opportunities for profitable long-term growth in our core segments and new adjacent markets.

儘管能源市場存在一些不確定性，但我們注意到，大多數大型石油和天然氣公司，包括埃克森、雪佛龍、殼牌和道達爾等我們產品的重要終端用戶，都在最近的財報電話會議上維持了 2025 年的資本支出指引。我們相信，我們的核心業務領域和新的鄰近市場擁有充足的長期獲利成長機會。

Overall, we believe our Energy Industrial business is well positioned for a policy approach in the United States that promotes an intensified focus on energy and power generation. We've been working since 2023 to diversify our raw material supply chain and to create a second source for aerogel. We have been successful in building a resilient and flexible supply chain for raw materials and aerogel, which is an important tool in an environment with fluctuating tariff regimes.

總體而言，我們相信我們的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。自 2023 年以來，我們一直致力於實現原料供應鏈多樣化，並創造第二個氣凝膠來源。我們成功地建立了具有彈性和靈活性的原材料和氣凝膠供應鏈，這是在關稅制度波動的環境中的重要工具。

We have broad optionality from Asia, Europe, and of course strongly from the United States to optimize raw materials for our aerogel manufacturing plant in East Providence. For aerogel supply, we can optimize sourcing for Energy Industrial with the flexibility to shift production for US customers to the East Providence facility and to serve the rest of the world from EMF.

我們從亞洲、歐洲，當然還有美國獲得了廣泛的選擇，可以優化我們位於東普羅維登斯的氣凝膠製造廠的原料。對於氣凝膠供應，我們可以優化能源工業的採購，靈活地將美國客戶的生產轉移到東普羅維登斯工廠，並透過 EMF 為世界其他地區提供服務。

In addition to sourcing optimization for Energy Industrial, we are proactively seeking to address potential tariff risks through pricing strategies and by working closely with EMF to lower product costs. With respect to finished Thermal Barrier parts that we fabricate in Mexico, these products are USMCA compliant and currently exempt from tariffs.

除了為能源產業進行採購優化之外，我們還積極尋求透過定價策略解決潛在的關稅風險，並與 EMF 密切合作以降低產品成本。關於我們在墨西哥生產的成品熱障零件，這些產品符合 USMCA 標準，目前免關稅。

In terms of financial stewardship, we have taken and are continuing to take decisive actions to simplify and streamline the company. As Ricardo will describe in more detail, the goal is to reduce fixed cash costs to 2022 levels, to lower dramatically the revenue level required for positive adjusted EBITDA performance, and to minimize CapEx investments.

在財務管理方面，我們已經採取並將繼續採取果斷行動來簡化和精簡公司。正如里卡多將更詳細地描述的那樣，目標是將固定現金成本降低到 2022 年的水平，大幅降低實現正調整後 EBITDA 業績所需的收入水平，並儘量減少資本支出。

Our target for the new cost structure is to reduce the revenue level required for adjusted EBITDA breakeven to approximately $245 million. We believe the optimized cost structure will enable us to achieve the same $90 million adjusted EBITDA that we recorded in 2024 with approximately $360 million of revenue, significantly lower than last year's revenue of $453 million.

我們對新成本結構的目標是將調整後的 EBITDA 損益平衡所需的收入水準降低至約 2.45 億美元。我們相信，優化的成本結構將使我們能夠實現與 2024 年相同的 9,000 萬美元調整後 EBITDA，營收約為 3.6 億美元，遠低於去年的 4.53 億美元收入。

In terms of CapEx, our EMF relationship and flexible sourcing strategy allow us to create capacity in a modular fashion that can more closely anticipate the demand curve and to do so with minimal capital. We believe we have the resources to grow both of our businesses and to navigate an evolving environment. These actions reflect our commitment to building a resilient, growth-oriented, and profitable business.

在資本支出方面，我們的 EMF 關係和靈活的採購策略使我們能夠以模組化的方式創造產能，從而可以更緊密地預測需求曲線，並以最少的資本實現這一目標。我們相信，我們擁有資源來發展我們的業務並應對不斷變化的環境。這些行動體現了我們致力於打造一個有韌性、以成長為導向且獲利的企業的承諾。

Ricardo, over to you.

里卡多，交給你了。

Thank you, Don, and good morning, everyone. I'm happy to report another quarter on behalf of our team starting on slide 3.

謝謝你，唐，大家早安。我很高興代表我們的團隊從幻燈片 3 開始報告另一個季度的情況。

We delivered $78.7 million of revenue in Q1, which translates into a 17% year-over-year decline. This reflects an annual revenue run rate of almost $315 million and fell in line with our expectations for the quarter.

我們第一季的營收為 7,870 萬美元，年減 17%。這反映了年收入運行率接近 3.15 億美元，符合我們對本季的預期。

Our Energy Industrial segments revenues saw a modest increase of 2% (sic, see press release, "3%") year over year by coming in at $29.8 million, reflecting the dynamics that Don mentioned in his remarks regarding inventory rebalancing at distributors and contractors following 18 months of supply constraints and several project completions during the second half of 2024.

我們的能源工業部門收入同比小幅增長 2%（原文如此，參見新聞稿“3%”），達到 2980 萬美元，這反映了 Don 在講話中提到的動態，即在經歷了 18 個月的供應限制以及 2024 年下半年完成多個項目之後，分銷商和承包商的庫存重新平衡。

EV Thermal Barrier revenue of $48.9 million represents a 25% decrease year over year as demand aligned with a lower vehicle production schedule at our key customers. We were encouraged to see General Motors continue gaining US market share and managed finished vehicle inventory levels of EVs in a way that gives us confidence of a potentially more direct relationship between show floor sales and production demand for our parts.

電動車隔熱層收入為 4,890 萬美元，年減 25%，原因是需求與我們主要客戶的汽車生產計劃減少相一致。我們很高興地看到通用汽車繼續獲得美國市場份額，並以一種讓我們相信展廳銷售和我們零件的生產需求之間可能存在更直接的關係的方式管理電動車的成品車庫存水平。

In Q1, company level gross profit margins were of 29%, and our gross profit of $22.8 million represented a 35% decline over the same quarter last year. Our Energy Industrial business led with gross margins of 39%, and our EV Thermal Barrier business had gross margins of 23%, which was below our target of 35%, driven by reduced fixed cost leverage on lower production volumes and pricing initiatives.

第一季度，公司層級的毛利率為29%，我們的毛利為2,280萬美元，比去年同期下降了35%。我們的能源工業業務以 39% 的毛利率領先，而我們的電動車隔熱層業務的毛利率為 23%，低於我們的 35% 的目標，這是由於產量較低和定價舉措導致固定成本槓桿降低所致。

Early in the year and as part of longer-term additional award negotiations, we may occasionally and strategically leverage near-term prices to exchange commitments with customers as we expand our business. We expect the impact of those price actions to lessen over time as the benefits of ongoing productivity initiatives that we are aggressively pursuing materialized.

在年初，作為長期額外獎勵談判的一部分，我們可能會在擴大業務的同時，偶爾策略性地利用近期價格與客戶交換承諾。我們預計，隨著我們積極推行的持續生產力措施的效益逐漸實現，這些價格行為的影響將逐漸減弱。

While we believe that 35%-plus growth margins are appropriate at higher volumes, it is reasonable to expect our margins in this segment to hover in the mid to high 20% range this year, due to our limited ability to absorb fixed manufacturing costs at lower run rates in combination with lower content per vehicle due to smaller battery pack size mix.

雖然我們認為在產量較高的情況下 35% 以上的成長率是合適的，但有理由預計今年我們在這一領域的利潤率將在 20% 左右徘徊，這是因為我們在較低運行率下吸收固定製造成本的能力有限，加上電池組尺寸較小導致每輛車的含量較低。

Our adjusted operating income of negative $2.9 million was enabled by an adjusted OpEx run rate of $25.8 million and our adjusted EBITDA was a $4.9 million in Q1. 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.

我們的調整後營業收入為負 290 萬美元，這是由調整後的營運支出運作率為 2,580 萬美元實現的，而我們第一季的調整後 EBITDA 為 490 萬美元。提醒一下，我們將調整後的 EBITDA 定義為扣除利息、稅項、折舊、攤提、股票薪酬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前的淨收入或虧損。

In Q4, these adjustments were meaningful, and they included $286.6 million in impairment of Plant 2 assets in Statesboro, Georgia, $9.8 million of restructuring and financing expenses linked to Plant 2, $2.1 million of stock-based compensation, $5.8 million of depreciation and amortization, along with $1.9 million of net interest expenses.

在第四季度，這些調整意義重大，其中包括喬治亞州斯泰茨伯勒 2 號工廠資產減值 2.866 億美元、與 2 號工廠相關的重組和融資費用 980 萬美元、股票薪酬 210 萬美元、折舊和攤銷 580 萬美元，以及淨利息費用 190 萬美元。

Negative net income in Q1 of $301.2 million or $3.67 per diluted share, assuming 82.2 million shares, would have been negative $4.8 million or $0.06 per diluted share, if we exclude the Plant 2 asset impairment and restructuring costs of the quarter.

第一季淨收入為負 3.012 億美元，即每股攤薄收益 3.67 美元（假設股票數量為 8,220 萬股），如果我們排除本季 2 號工廠的資產減值和重組成本，則淨收入將為負 480 萬美元，即每股攤薄收益 0.06 美元。

Next, I'll turn to cash flow and our balance sheet. Our operations consume $7.4 million of cash in Q1 by generating $5.6 million in operating cash flow and investing $13 million of CapEx. Operating cash flow benefited from a $31.9 million reduction in accounts receivable that drove an $11.2 million reduction in net working capital, highlighting our efforts to free up cash from the operations.

接下來，我將討論現金流和我們的資產負債表。我們在第一季的營運中產生了 560 萬美元的營運現金流並投資了 1300 萬美元的資本支出，消耗了 740 萬美元的現金。經營現金流受益於應收帳款減少 3,190 萬美元，這導致淨營運資本減少 1,120 萬美元，凸顯了我們為從營運中釋放現金所做的努力。

In Q1, to reduce our interest expenses, we paid down over $20 million of debt, including $13.2 million towards our revolving credit facility and a $6.5 million payment towards our term loan with midcap, bringing down our total debt on these facilities to $141.8 million at the end of the quarter.

在第一季度，為了減少我們的利息支出，我們償還了超過 2000 萬美元的債務，其中包括 1320 萬美元的循環信貸額度和 650 萬美元的中型企業定期貸款，從而使我們在這些信貸額度上的總債務在本季度末降至 1.418 億美元。

Within our $13 million of CapEx during the quarter, $7.7 million went towards the remaining obligations of Plant 2, and the rest towards equipment in Mexico and Rhode Island linked to future EV Thermal Barrier launches scheduled for later this year and 2026.

在本季度的 1300 萬美元資本支出中，有 770 萬美元用於履行 2 號工廠的剩餘義務，其餘部分用於墨西哥和羅德島的設備，這些設備與計劃於今年晚些時候和 2026 年推出的未來 EV 熱障相關。

As we make progress in mobilizing the site in Georgia, we are now in a phase that positions us to recapture value from the equipment and building on site over the next several quarters. We expect to spend an additional -- up to an additional $20 million to finish demobilizing the site and close out all remaining open obligations.

隨著我們在喬治亞州現場調動方面取得進展，我們現在正處於一個階段，可以在未來幾季內重新獲得現場設備和建築的價值。我們預計將額外花費最多 2000 萬美元來完成該場地的拆除工作並結清所有剩餘的未償債務。

At the same time, we are already selling equipment to a set of selected buyers before holding an auction for the remainder, and the plant is available to purchase through our broker. We expect that these activities will enable us to more than recoup the incremental spend over the next several quarters.

同時，我們已經將設備出售給一組選定的買家，然後將剩餘的設備進行拍賣，並且可以透過我們的經紀人購買該工廠。我們預計，這些活動將使我們在未來幾季內收回增量支出。

We ended the quarter with $192 million of cash and equivalents and shareholders equity of $314.8 million. We believe that our balance sheet and operating performance in combination with the recent amendment to the minimum liquidity and adjusted EBITDA covenants of our mid-cap debt facilities, gives us the resiliency required to keep executing and flexibility to continuously optimize our capital structure.

本季末，我們的現金及等價物為 1.92 億美元，股東權益為 3.148 億美元。我們相信，我們的資產負債表和經營業績，加上最近對中型債務工具的最低流動性和調整後 EBITDA 契約的修訂，為我們提供了繼續執行所需的彈性和不斷優化資本結構的靈活性。

Before walking you through our outlook for the second quarter of the year, we thought that briefly discussing our positioning and ability to mitigate the current international trade environment made sense on slide 4. Initially, we had a complicated chart that laid out the entire value chain of our business segments, showing what percentage of inputs and outputs were affected by what tariff rate as these crossed from one trade block to another, but we won't bore you with all of that. Instead, we think that it's worth remembering a few key points when it comes to our supply chain as trade policy evolves over the next several weeks.

在向您介紹我們對今年第二季的展望之前，我們認為在第 4 張投影片上簡要討論一下我們的定位和緩解當前國際貿易環境的能力是有意義的。最初，我們有一個複雜的圖表，列出了我們業務部門的整個價值鏈，顯示了在從一個貿易區到另一個貿易區時，投入和產出的百分比受到哪種關稅稅率的影響，但我們不會讓您感到厭煩。相反，我們認為，隨著未來幾週貿易政策的演變，在談到我們的供應鏈時，值得記住幾個關鍵點。

The first one is that we are lucky to have operations on both sides of the two main trade blocks that have been delineated recently on either side of the US-China trade lines. And this enables us to generally produce within a region for the region.

第一，我們很幸運能夠在最近劃定的中美貿易線兩側的兩個主要貿易區開展業務。這使我們能夠在某個區域內為該區域進行生產。

The second point is that at our current demand levels, we have been able to source most of our raw materials within the production trade block. And this caps our total 2025 tariff exposure to less than $4.5 million on the raw materials side.

第二點是，在我們目前的需求水準下，我們已經能夠在生產貿易區內採購大部分原料。這使得我們 2025 年原料方面的關稅總額限制在 450 萬美元以下。

The team has been working since the second half of last year to potentially make this even lower by switching or buying of silanes and batting used for production in Rhode Island to US sources, and we believe that we can get this impact down to less than $1 million if all goes as planned.

該團隊自去年下半年以來一直致力於透過將羅德島生產所使用的矽烷和棉絮轉換或購買到美國來源，盡可能地降低這一數字，我們相信，如果一切按計劃進行，我們可以將這一影響降至 100 萬美元以下。

Our different business segments are also treated very differently given their geographical scope and the classification codes used to import and export the products across trade lines. Within our Energy Industrial business, all of our products are included in Annex 2, which is a list of specific goods that are not subject to the additional duties levied on imports announced on April 2 of this year.

由於地理範圍和跨貿易進出口產品所使用的分類代碼不同，我們不同的業務部門也受到不同的對待。在我們的能源工業業務中，我們所有的產品都包含在附件 2 中，該附件是一份不受今年 4 月 2 日宣布的進口附加關稅約束的特定商品清單。

This list was developed to protect the sourcing of strategically important materials to the US and, in our case, makes the total tariffs and duties of importing our products from China to the US add up to about 50% of the product's costs versus the roughly 174% that products not included in Annex 2 would practically pay by the time you include all general duties, or the 30% that one would pay before the implementation of the 2025 tariffs, highlighting the importance of our mitigation work on raw material sourcing, flexible production, and pricing. Some of our main raw materials like S40 and silicon carbide are also included in Annex 2.

制定此清單是為了保護美國具有戰略意義的重要材料的採購，就我們而言，從中國進口到美國的產品的總關稅和稅費加起來約佔產品成本的 50%，而附件 2 中未包括的產品在包含所有一般關稅時實際上要支付的約 174%，或者在 2025 年定價實施之前要支付的 30%，這顯著生產和成本附件 2 中也列出了我們一些主要的原料，如 S40 和碳化矽。

With 50% to 60% of our Energy Industrial product revenues coming from outside of the US, the tariff regime for that portion of our revenues remains unchanged. For the remaining products sold in the US, we are leveraging our capacity in Rhode Island to produce over half of the product in this segment within the region using raw materials that are also predominantly sourced from the US or also included in Annex 2.

我們的能源工業產品收入的 50% 至 60% 來自美國以外，因此這部分收入的關稅制度保持不變。在美國銷售的其餘產品，我們利用位於羅德島的產能，在該地區生產該領域一半以上的產品，使用的原材料也主要來自美國或也包含在附件 2 中。

Our EV Thermal Barrier business is mainly focused on North America with aerogel production in the US and parts assembly in Mexico. This makes our parts USMCA compliant and not subject to the tariffs. We also have a maquila set up in Mexico that enables us to temporarily import inventory to Mexico, add value to it, and then have our customers exported without any trade duties or value-added taxes.

我們的電動車隔熱層業務主要集中在北美，在美國生產氣凝膠，在墨西哥組裝零件。這使得我們的零件符合 USMCA 規定並且不受關稅約束。我們還在墨西哥設立了加工廠，使我們能夠暫時將庫存進口到墨西哥，為其增值，然後讓我們的客戶出口，而無需繳納任何貿易關稅或增值稅。

For all our revenues in this segment, our customers are the importers of record to wherever the vehicle or battery pack is being assembled, so we do not import or export any finished EV Thermal Barrier parts. And again, these parts are all USMCA compliant.

對於我們在此領域的所有收入，我們的客戶都是車輛或電池組組裝地的記錄進口商，因此我們不進口或出口任何成品電動車熱障零件。再次強調，這些零件都符合 USMCA 標準。

In summary, the current tariff environment does not meaningfully affect our company or operations, thanks to the strategic importance of what we produce, what we procure, and the efforts from our team to diversify our supply chain. The uncertainty in trade policy may, however, impact demand for new vehicles and energy capital projects by affecting overall sentiment, and that is what we are focused on developing additional resiliency from.

總而言之，由於我們生產的產品和採購的產品具有戰略重要性，並且我們的團隊為實現供應鏈多元化所做的努力，當前的關稅環境不會對我們的公司或營運產生重大影響。然而，貿易政策的不確定性可能會影響整體情緒，進而影響對新車和能源資本項目的需求，而這正是我們專注於提高額外彈性的原因。

Next, let's please turn over to slide 5 and discuss our Q2 outlook. With what we know today, we expect to deliver a range of $70 million to $80 million of revenue. This would translate into break even to $7 million of adjusted EBITDA, which would drive a net income loss of loss of $4 million to $11 million or $0.05 to $0.13 per share.

接下來，請翻到第 5 張投影片，討論一下我們對第二季的展望。根據我們目前掌握的信息，我們預計將實現 7,000 萬至 8,000 萬美元的收入。這意味著調整後的 EBITDA 將達到 700 萬美元，導致淨收入損失 400 萬美元至 1,100 萬美元，或每股 0.05 美元至 0.13 美元。

CapEx to support our operations in Rhode Island and Mexico will continue being front loaded to the first three quarters of the year, and we expect to spend less than $10 million, aiming to still manage this to less than $25 million for the year without including any of the remaining costs to demobilize Plant 2.

用於支持我們在羅德島和墨西哥的運營的資本支出將繼續提前到今年前三個季度，我們預計支出將低於 1000 萬美元，目標是在不包括拆除 2 號工廠的剩餘成本的情況下，將全年支出控制在 2500 萬美元以下。

We realize that this continues to represent the lower level of demand relative to where we were in the second half of last year. With the facts in front of us, it is easy to think of a baseline expectation for the year at the low end of our expected Q2 revenue run rate and our Q1 adjusted EBITDA run rate, so at least $280 million of revenues and $20 million of adjusted EBITDA for the year. When our visibility for the rest of the year improves, we'll provide a more detailed expectation for the remainder of the year.

我們意識到，與去年下半年相比，這仍然代表著需求水準較低。結合眼前的事實，我們很容易就能想到，今年的基準預期是我們預期的第二季度收入運行率和第一季調整後的 EBITDA 運行率的低端，因此今年的收入至少為 2.8 億美元，調整後的 EBITDA 為 2000 萬美元。當我們對今年剩餘時間的了解有所提高時，我們將對今年剩餘時間提供更詳細的預期。

Turning over to slide 6 and returning to the topic of protecting our profitability and cash flow generation. Even though our Q1 results didn't totally reflect the full benefits of the fixed cost reductions that we made in mid-February of this year, we'd like to emphasize that we have further reductions in progress that will continue improving our profit potential and the amount of revenue required to deliver positive operating income or EBIT.

翻到第 6 張投影片，回到保護我們的獲利能力和現金流產生的主題。儘管我們的第一季業績並未完全反映出我們在今年 2 月中旬削減固定成本所帶來的全部好處，但我們想強調的是，我們正在進一步削減成本，這將繼續提高我們的盈利潛力和實現正營業收入或息稅前利潤所需的收入。

On an annualized basis, our goal is to keep protecting the P&L from a broad range of demand outcomes and ensure that we are delivering at least $20 million of adjusted EBITDA on annualized revenues of as low as $250 million or over 20% lower than our Q1 run rate of $315 million.

以年率計算，我們的目標是繼續保護損益表免受各種需求結果的影響，並確保在年化收入低至 2.5 億美元或比第一季 3.15 億美元的運行率低 20% 以上的情況下，實現至少 2000 萬美元的調整後 EBITDA。

With additional process improvements, material savings, role expansions, and reorganization, we believe that we are on a path to put the company's potential adjusted EBITDA on the green line that is on the chart on the left side of the slide, which represents various potential annualized EBITDA levels at various annualized revenue levels.

透過進一步的流程改進、材料節省、角色擴展和重組，我們相信我們正在將公司的潛在調整後 EBITDA 置於幻燈片左側圖表的綠線上，該綠線代表了不同年化收入水平下的各種潛在年化 EBITDA 水平。

The red line shows the EBITDA that could be expected from the fixed cost structure that we were carrying at the end of last year. The blue line represents the fixed cost structure that we got to in March of this year, and the green line represents a target that we're pursuing as we enter the second half of the year. If we're able to meet this target, we'll have a business that is able to deliver an additional $65 million of adjusted EBITDA at any revenue run rate relative to the fixed cost path that we ended last year on.

紅線顯示了我們去年年底的固定成本結構所預期的 EBITDA。藍線代表我們在今年 3 月達到的固定成本結構，綠線代表我們進入下半年時追求的目標。如果我們能夠實現這一目標，那麼相對於我們去年結束的固定成本路徑，我們的業務將能夠以任何收入運行率實現額外的 6500 萬美元調整後 EBITDA。

On the right side of the slide, one can see how our EBIT or operating income breakeven revenue level has come down from $360 million to $320 million of annual revenues. And we are now targeting to bring this down further to approximately $270 million of annual revenues. That would mean a $90 million reduction in the revenues required to achieve breakeven operating income. In our minds, this is how we control the company's destiny in the near-term environment of demand uncertainty by driving what we can control versus worrying about the broader macro environment.

在投影片的右側，我們可以看到我們的 EBIT 或營業收入損益平衡收入水準如何從 3.6 億美元下降到 3.2 億美元的年收入。我們現在的目標是將年收入進一步降至約 2.7 億美元。這意味著實現收支平衡的營業收入需要減少 9,000 萬美元。在我們看來，這就是我們如何在短期需求不確定的環境中控制公司的命運，透過推動我們能夠控制的事情而不是擔心更廣泛的宏觀環境。

Turning over to slide 7 and before handing the call back to Don, I think that it's worth emphasizing and remembering why we remain so energized executing our strategy of leveraging our technology into our Energy Industrial and EV Thermal Barrier segments. All one needs to do is think beyond the current day, see the longer-term trends, and think about a potential scenario for 2027.

翻到投影片 7，在將電話交還給唐之前，我認為值得強調並記住為什麼我們仍然如此充滿活力地執行將我們的技術應用到我們的能源工業和電動車熱障領域的策略。人們需要做的就是放眼未來，看清長期趨勢，並思考 2027 年的潛在情境。

While we navigate through the uncertainty of 2025, we keep our eyes focused on what we can deliver in as little as two years' time, thanks to the asset base that we manage, the customer relationships that have been developed over more than 20 years, and in the case of our EV thermal barrier segment, a new set of OEM awards that are now tied to more realistic growth expectations with meaningful launches ramping up in 2026 and 2027. These new OEMs can drive over $200 million of additional revenues in as early as 2027.

在我們應對 2025 年的不確定性的同時，我們始終關注在短短兩年內我們能夠交付什麼，這要歸功於我們管理的資產基礎、20 多年來建立的客戶關係，就我們的電動汽車隔熱箱細分市場而言，我們獲得了一系列新的 OEM 獎項，這些獎項現在與更現實的增長預期掛鉤，有意義的產品發布將在 2026 年加速和 2027 年。這些新的 OEM 最早可以在 2027 年帶來超過 2 億美元的額外收入。

If we look at the supply capabilities that we now have within our Energy Industrial segment, we believe that with our current products and through reaping the rewards of sales investment in new geographies and resourcefully exploring adjacent markets, we can grow that business to over $225 million of annual sales.

如果我們看看我們目前在能源工業部門的供應能力，我們相信，憑藉我們現有的產品，並透過在新地區獲得銷售投資的回報並巧妙地探索鄰近市場，我們可以將該業務的年銷售額增長到 2.25 億美元以上。

For our EV Thermal Barrier business, if we take the current revenue pipeline of all awards on hand at face value, this segment has the potential to deliver over $700 million of revenue in 2027. Applying a 50% discount to that would still make it a $350 million business that represents 75% growth over the annual rate that we delivered in Q1 of this year of $196 million.

對於我們的電動車隔熱罩業務，如果我們按面值計算當前所有獎項的收入管道，那麼該部門有可能在 2027 年創造超過 7 億美元的收入。即使打 50% 的折扣，我們的業務規模仍將達到 3.5 億美元，比我們今年第一季實現的 1.96 億美元的年增長率高出 75%。

As the team continues winning in the marketplace, taking share from other insulation materials in the energy infrastructure side, and winning additional awards from the world's best automotive OEMs with our EV Thermal Barrier business, we will continue improving our market and financial positioning with a now leaner cost structure that should help us do justice to the asset base and the talent that we manage.

隨著團隊在市場上不斷獲勝，在能源基礎設施領域從其他絕緣材料中奪取市場份額，並憑藉我們的電動汽車隔熱層業務贏得全球最佳汽車原始設備製造商的更多獎項，我們將繼續改善我們的市場和財務定位，採用現在更精簡的成本結構，這將有助於我們公平地利用我們管理的資產基礎和人才。

We look forward to keeping our heads down executing over the next several quarters and managing proactively what we can control to capture more than our fair share of returns on the capital that we've invested as sentiment improves.

我們期待在接下來的幾個季度中埋頭苦幹，積極主動地管理我們能夠控制的事情，以便在市場情緒好轉時，從我們所投資的資本中獲得超過公平份額的回報。

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

說完這些，我很高興把電話轉回給唐。

Thank you, Ricardo. Before we move to Q&A, I would like to reiterate that we believe that electrification through this decade will be a major driver for both our Thermal Barrier and Energy Industrial businesses. The goal for the Energy Industrial team is to create shareholder value by expanding the base load of revenue and profit for the company.

謝謝你，里卡多。在進入問答環節之前，我想重申，我們相信未來十年的電氣化將成為我們熱障和能源產業業務的主要驅動力。能源工業團隊的目標是透過擴大公司的收入和利潤基數來創造股東價值。

PyroThin Thermal Barrier Design Awards from Mercedes-Benz, Volvo Truck, and the recent additional award from GM are clear demonstrations that leading automotive OEMs continue to invest in next-generation battery electric platforms, and they are choosing Aspen as a key technology partner. These contracts add to our portfolio of long-term growth programs and position us for continued platform expansion with both existing and new OEMs.

梅賽德斯-奔馳、沃爾沃卡車頒發的 PyroThin 熱障設計獎以及通用汽車最近頒發的額外獎項清楚地表明，領先的汽車原始設備製造商繼續投資下一代電池電動平台，並選擇 Aspen 作為關鍵技術合作夥伴。這些合約豐富了我們的長期成長計劃組合，並使我們能夠與現有和新的 OEM 繼續擴展平台。

With a strong foundation in place, we are confident in our ability to adapt, innovate, and deliver both critical solutions to our customers and durable value to our shareholders. Bruno, let's turn to Q&A, please.

憑藉著堅實的基礎，我們有信心適應、創新並為客戶提供關鍵解決方案，為股東創造持久價值。布魯諾，請我們進入問答環節。

(Operator Instructions) Colin Rusch, Oppenheimer.

（操作員指示）科林·拉什，奧本海默。

Evaluating what to do with the Georgia facility, is there some residual value that you guys might think about monetizing? Are you thinking to just hang on to it and keep it for a little while? Just want to get a sense of what you're planning to do with that facility here.

在評估如何處理喬治亞州的工廠時，你們是否會考慮將其中一些剩餘的價值貨幣化？您是否想保留它並維持一段時間？只是想了解您打算如何使用這裡的設施。

Sure, Colin. We caught the tail end of the question. I think we missed the beginning, but if I -- let me just play it back to you and let me know if this -- if the question matches what our thinking is on what you were asking. So you're mentioning what our plan is in the near term for the plant in Georgia, right, whether we want to hold it or just get valuation up.

當然，科林。我們抓住了問題的尾端。我想我們錯過了開頭，但是如果我——讓我把它重播給你聽，讓我知道這個問題是否與我們對你所問的問題的想法相符。所以你提到了我們近期對喬治亞州工廠的計劃，對吧，我們是想保留它還是只是提高估值。

No, I mean, we've been pretty clear on this since going back three, four months ago on this that we want to just capture the value from it as soon as possible. I mentioned in my remarks that we're already looking to place some of the equipment with a few strategic buyers, and then we'll hold an auction for the remainder. And then you should see the plant get listed for sale here pretty soon, and we do have quite a bit of interest since it's a pretty unique asset in a very good location. And our goal is just to recoup cash from those assets here in the near term.

不，我的意思是，自從三、四個月前回顧這一點以來，我們就已經非常清楚，我們只想盡快從中獲取價值。我在發言中提到，我們已經開始尋找一些策略性買家來購買部分設備，然後我們將對剩餘的設備進行拍賣。然後你應該很快就會看到該工廠在這裡掛牌出售，我們確實很感興趣，因為它是一個非常獨特的資產，地理位置非常好。我們的目標只是在短期內從這些資產中收回現金。

It's obviously tough to sell stuff in the environment that we're in. But that's why we're sprinting to get as much of it sold as soon as possible.

顯然，在我們所處的環境下銷售產品非常困難。但這就是為什麼我們要盡快賣出盡可能多的產品。

Okay. Great. And then with that oil and gas business, the inventory clearing, I guess what signals are you seeing from your customers at this point that have changed in the last, call it, four to six weeks that give you comfort that the inventory clearing is fully wrapped up?

好的。偉大的。然後對於石油和天然氣業務，庫存清理，我想您現在從客戶那裡看到的哪些信號在過去四到六週內發生了變化，讓您放心庫存清理已經完全結束？

Well, Colin, we have a reasonably clear view of our -- the supply that distributors and contractors hold. Not perfect, but a reasonable view of that. And we have seen those levels decrease here in that time frame that you're talking about really over the course of the past couple of months at least.

嗯，科林，我們對經銷商和承包商持有的供應情況有相當清晰的認識。雖然不完美，但這是一個合理的看法。並且，我們看到，至少在過去幾個月中，這些水平在您所說的時間範圍內有所下降。

When I just compare 2020 -- where we are here in 2025 relative to 2024, we are basically on par with the first three quarters of last year. And yes, we had the gangbuster Q4. We had some extra project work in that particular quarter that came to an end during the quarter. We see project opportunities as we go through the year. And our expectation is that we will -- now that we've reached that equilibrium, I think, in the destocking process and the inventory of our distributors and contractors, that will build revenue over -- the build revenue over the course of the second half of this year and end up a year similar to our revenue levels from 2024.

當我比較 2020 年——2025 年相對於 2024 年的情況時，我們基本上與去年前三個季度持平。是的，我們取得了輝煌的第四季成績。我們在那個季度有一些額外的專案工作，這些工作在該季度結束。隨著時間的推移，我們看到了專案機會。我們的預期是——現在我們已經達到了平衡，我認為，在去庫存過程中，以及我們的分銷商和承包商的庫存中，我們將在今年下半年創造收入，並最終達到與我們 2024 年的收入水平相似的水平。

All right. I'll hop back in the queue and circle back. Thanks guys.

好的。我會跳回隊列並繞回來。謝謝大家。

David Anderson, Barclays.

巴克萊銀行的大衛安德森。

Thank you. Good morning, gentlemen. So I have a specific question on thermal barriers and kind of a broader strategic question. So in your commentary, you said lower content mix per vehicle. I'm just curious, is that a trend you're expecting going forward? Is that sort of a one quarter thing?

謝謝。先生們，早安。所以我有一個關於熱障的具體問題和一個更廣泛的戰略問題。因此，在您的評論中，您說每輛車的內容組合較低。我只是好奇，這是您預期的未來趨勢嗎？這是四分之一的事嗎？

And then sort of related to that you talked about the next-gen LFP contract you have with GM. I would assume that's less revenue per vehicle as well just because of the nature of it. Can you just walk through that for a few minutes with me? Thank you.

然後與您談論的與通用汽車簽訂的下一代 LFP 合約有關。我認為由於其性質，每輛車的收入也會減少。您能花幾分鐘跟我一起講解一下嗎？謝謝。

Yeah, definitely. I mean, this is exactly why content per vehicle is the wrong metric to apply to us as a supplier to the OEMs, right? We've seen this metric used by the Tier 1s broadly and they get penalized when the content per vehicle goes down.

是的，確實。我的意思是，這就是為什麼每輛車的內容對於我們作為 OEM 供應商來說是一個錯誤的衡量標準，對嗎？我們已經看到 Tier 1 廣泛使用這項指標，當每輛車的內容下降時，他們就會受到懲罰。

In our case, it's a very different dynamic because as, you know, the form factor of the cells inside of these battery packs are ultimately what drives the content per vehicle. And so this will definitely go down over the next several years and quarters as we launch more prismatic cell battery pack products versus the pouch cell vehicles that we've been generally supplying up to this point.

在我們的案例中，這是一個非常不同的動態，因為，你知道，這些電池組內部電池的形狀最終決定了每輛車的容量。因此，隨著我們推出更多方形電池組產品（而非迄今為止我們普遍供應的軟包電池汽車），未來幾年和幾季這一數字肯定會下降。

And the content per vehicle has drifted from over $1,000 a vehicle. Right now, we believe we're sitting at about $800 a vehicle. And if you recall on the prismatic cells, it could be as low as $200 to $250 per vehicle.

每輛車的保費已從 1,000 美元以上降至 1,000 美元以上。目前，我們認為每輛車的成本約為 800 美元。如果你還記得方形電池的話，每輛車的價格可能低至 200 至 250 美元。

So what we're more focused on is really just making sure that we consistently deliver 35% gross margins at a reasonable run rate and that we pay back all of the capital that we're deploying. And there's actually something pretty attractive in that within the prismatic parts that have the lower content per vehicle in the sense that we can share the equipment across various different OEMs, which will enable us to pay back the CapEx much better than how we've been paying back the CapEx on the current pouch programs.

因此，我們更關注的實際上是確保我們以合理的運行率持續提供 35% 的毛利率，並償還我們部署的所有資本。實際上，在每輛車的含量較低的棱柱形部件中，有一些非常有吸引力的東西，那就是我們可以在不同的 OEM 之間共享設備，這將使我們能夠比在當前的袋裝項目中償還資本支出更好地償還資本支出。

So yeah, I do think just in general, CPV is not really indicative of what to expect from us when it comes to our ability to generate margins and pay back the capital that we're deploying.

所以，是的，我確實認為，總的來說，CPV 並不能真正表明我們在創造利潤和償還所部署資本的能力方面能取得什麼成就。

David, I would just add one point to what Ricardo said. I would think of some of these new form factors and chemistries as being additive and not really replacements necessarily for our current business. This is an expanding market and we anticipate -- we've anticipated this as we bid on these projects.

大衛，我只想對里卡多所說的話補充一點。我認為這些新的形式因素和化學性質只是附加的，並不一定會取代我們目前的業務。這是一個不斷擴大的市場，我們預計——我們在競標這些項目時就已經預料到了這一點。

So we're not particularly surprised by this phenomenon. But again, I'd like for you to think about it as a growing market with -- as opposed to kind of a zero-sum game across different product forms.

因此我們對這種現象並不感到特別驚訝。但我再次希望您將其視為一個不斷成長的市場——而不是不同產品形式之間的零和遊戲。

Right, understood, an expanding market in a number of different ways and you have other opportunities there. I totally understand that. My bigger strategic question is around the US market versus the European market for your business. Obviously, GM has lowered their expectation for the year. There are a lot of headwinds. I'm sure there's a lot of uncertainty in GM on the EV program.

是的，我明白，市場正在以多種不同的方式不斷擴大，你還擁有其他機會。我完全理解這一點。我更大的策略問題是關於貴公司在美國市場和歐洲市場之間的差異。顯然，通用汽車已經降低了今年的預期。有很多阻力。我確信通用汽車在電動車計劃上存在著許多不確定性。

Just curious, just looking at across the sea here into Europe and those areas there. I saw on your chart there Mercedes, Volvo, a number of those other players over there. What's the opportunity for a European expansion? And are you thinking about maybe shifting that to Europe because that would seem to be at least a more opportunistic market at least over the next three and half years, I would think?

只是好奇，只是想看看穿過大海進入歐洲和那裡的那些地區。我在你的圖表上看到了梅賽德斯、沃爾沃以及許多其他公司。歐洲擴張的機會是什麼？您是否考慮將業務轉移到歐洲，因為我認為至少在未來三年半內，歐洲似乎是一個更具機會的市場？

Yeah, so far, those customers have not been averse to purchasing product made in Mexico. And we would prefer to supply that through -- from Mexico with some warehousing in Europe just to fully leverage what we've spent and invested in Mexico. And so we, I think, expanding into Europe can be pretty risky if you don't have enough of a baseline set of demand to start that with.

是的，到目前為止，這些客戶並不反對購買墨西哥製造的產品。我們更願意透過墨西哥提供這些產品，並在歐洲設立一些倉儲設施，以充分利用我們在墨西哥的支出和投資。因此，我認為，如果沒有足夠的基礎需求，那麼擴展到歐洲可能會非常危險。

We see labor costs in Europe are nowhere near comparable with Mexico. And so we think that -- especially as we try to use the same equipment for all of these programs, we think that supplying that out of Mexico makes the most sense.

我們發現歐洲的勞動成本與墨西哥完全不相上下。因此我們認為——特別是當我們嘗試對所有這些項目使用相同的設備時，我們認為從墨西哥供應是最合理的。

And David, I would just add to that, that this is a set of customers who are dedicated to electrification and over that time period that you mentioned will help us diversify and be a little less concentrated on our work here in the United States. And so these are good companies. We've worked extremely closely with them, technically and commercially. And we're very optimistic that we'll have a great business in Europe.

大衛，我想補充一點，這是一群致力於電氣化的客戶，在您提到的那段時間內，這將幫助我們實現業務多元化，並減少對我們在美國工作的關注。所以這些都是好公司。我們在技術和商業上與他們進行了非常密切的合作。我們非常樂觀地認為我們在歐洲的業務將會取得巨大成功。

Okay, great. Thank you very much, Don, appreciate it.

好的，太好了。非常感謝，唐，非常感激。

(technical difficulty)

（技術難度）

(Operator Instructions) Leanne Hayden, Canaccord.

（操作員指示）Leanne Hayden，Canaccord。

Hey. How's it going? Just to start, can you please talk about any conversations or traction you may have seen with any South Korean EV OEMs?

嘿。怎麼樣了？首先，您能否談談您與韓國電動車原始設備製造商之間的對話或合作情況？

Yeah, I mean, they've been in the pipeline for a while, and they're obviously interested in the product for cell-to-cell work. They did have a meaningful number of launches here recently. So in order to get on those vehicles, one would have had to have a product in 2019 or 2020. But our team is actively engaged for the next generation and some of the potential refreshes of those launches either directly with them or with the cell manufacturers.

是的，我的意思是，他們已經準備了一段時間了，而且他們顯然對用於細胞間工作的產品很感興趣。他們最近確實在這裡進行了多次發射。因此，為了獲得這些車輛，人們必須擁有 2019 年或 2020 年的產品。但我們的團隊正積極參與下一代產品的研發，並直接與他們或電池製造商合作推出一些潛在的更新產品。

Yeah, I would just emphasize that we are very close to both LG and to Samsung on the cell manufacturing side of it. And the Korean OEMs are good at what they do, and we're determined to partner with them and have them be a customer.

是的，我只想強調一下，在電池製造方面，我們與 LG 和三星的關係非常密切。韓國原始設備製造商在其領域表現出色，我們決心與他們合作並讓他們成為我們的客戶。

Okay, thank you. That's very helpful. And just additionally, how quickly can we expect any additional OEM wins to gather momentum and impact your P&L?

好的，謝謝。這非常有幫助。另外，我們預計額外的 OEM 勝利多久會積聚勢頭並影響您的損益表？

Yeah, I mean, that's what we were alluding to there on slide 7 when we think about 2027. And in my prepared remarks, I mentioned that if we look at some of the additional OEMs that we are not currently in production with, those can add up to over $200 million of revenues in 2027. And we think that that's pretty meaningful growth especially as the OEMs that we're currently supplying could keep growing by then as well.

是的，我的意思是，當我們思考 2027 年時，這就是我們在第 7 張投影片上提到的。我在準備好的演講中提到，如果我們看看一些目前還沒有與我們合作生產的其他原始設備製造商，到 2027 年，這些原始設備製造商的收入加起來可以超過 2 億美元。我們認為這是一個非常有意義的成長，特別是因為我們目前供應的 OEM 到那時也能繼續成長。

And then a lot of the quotes that we are working on now and some of the additional awards that we have now have pretty early 2028 start production dates as well. So it is fair to keep expecting the demand curve to get built up here from 2027 onwards from other OEMs.

然後，我們現在正在處理的許多報價以及我們現在獲得的一些額外獎項也都將於 2028 年初開始生產。因此，可以合理地預期，從 2027 年起，其他 OEM 的需求曲線將會持續上升。

Okay, got it. Thank you very much.

好的，明白了。非常感謝。

We currently have no further questions. So I'd like to hand the call back to Don Young for closing remarks. Over to you.

目前我們沒有其他問題。因此，我想將電話轉回給唐楊 (Don Young) 做最後發言。交給你了。

Thank you, Bruno. We appreciate your interest in Aspen Aerogels and look forward to reporting to you our second-quarter results in early August. Be well. Have a good day. Thank you.

謝謝你，布魯諾。感謝您對 Aspen Aerogels 的關注，並期待在 8 月初向您報告我們的第二季業績。保重。祝你有美好的一天。謝謝。

Ladies and gentlemen, this concludes today's call. Thank you for joining. Have a good day.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。祝你有美好的一天。