Aspen Aerogels Inc (ASPN) 2025 Q2 法說會逐字稿

Good morning. Thank you for attending the Aspen Aerogels, Incorporated Q2 2025 financial results call. (Operator Instructions) I would now like to turn the conference over to your host, Neal Baranosky, Aspen's Senior Director, Head of Investor Relations and Corporate Strategy. Thank you.

早安.感謝您參加 Aspen Aerogels, Incorporated 2025 年第二季財務業績電話會議。（操作員指示）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。

You may proceed, Mr. Baranosky.

您可以繼續，巴拉諾斯基先生。

Thank you, Megan. Good morning, and thank you for joining us for the Aspen Aerogels second-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，梅根。早安，感謝您參加 Aspen Aerogels 2025 年第二季財務業績電話會議。今天與我們一起出席的有總裁兼首席執行官唐·楊 (Don 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 財務表現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 could 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 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，在根據我們的長期股權激勵計劃發行的限制性股票單位和/或股票期權歸屬方面，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，以支付稅款和/或期權的行使價格。

I also want to highlight a few near-term IR engagements. On Monday, August 11, Ricardo and I will be hosting one-on-one virtual meetings at the Oppenheimer 28th Annual Technology Internet & Communications Conference. On Tuesday, August 12 and Wednesday, August 13, Don and Ricardo will be hosting one-on-one meetings at Canaccord Genuity's 45th Annual Growth Conference at the Intercontinental Boston Hotel. Both conferences will also feature fireside chats, the live webcast of these presentations can be found on the Investors section of Aspen's website.

我還想強調一些近期的 IR 活動。8 月 11 日星期一，里卡多和我將在奧本海默第 28 屆年度技術互聯網和通訊會議上主持一對一的虛擬會議。8 月 12 日星期二和 8 月 13 日星期三，Don 和 Ricardo 將在波士頓洲際酒店舉行的 Canaccord Genuity 第 45 屆年度增長會議上主持一對一會談。這兩個會議還將設有爐邊談話環節，這些演講的現場網路直播可以在 Aspen 網站的投資者部分找到。

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 Q2 2025 earnings call. My comments will cover our CFO transition, the expected impact of simplifying and streamlining our organization, our operating performance and our view of the current environment and second half outlook. Ricardo will amplify these points with his comments. We look forward to your questions.

謝謝，尼爾。大家早安。感謝您參加我們的 2025 年第二季財報電話會議。我的評論將涵蓋我們的財務長的過渡、簡化和精簡組織的預期影響、我們的營運表現以及我們對當前環境和下半年前景的看法。里卡多將透過他的評論來詳細闡述這些觀點。我們期待您的提問。

As we announced in our Q2 earnings press release, Ricardo plans to step down from his position as Chief Financial Officer at the end of the third quarter. Ricardo joined the company in November 2021 as the Chief Strategy Officer and assumed the role of CFO in April 2022. He has been an invaluable partner to me these past years. He has elevated our game in many ways, which has directly resulted in our strong balance sheet and overall financial position.

正如我們在第二季財報新聞稿中所宣布的那樣，里卡多計劃在第三季末辭去財務長一職。里卡多於 2021 年 11 月加入公司，擔任首席策略官，並於 2022 年 4 月擔任財務長。過去幾年來，他一直是我非常寶貴的合作夥伴。他在許多方面提升了我們的水平，這直接導致了我們資產負債表和整體財務狀況的強勁。

I'm deeply grateful for Ricardo's many contributions to Aspen and have no doubt that he has great things ahead in his career. We are pleased to announce that Grant Thoele will become Aspen's Chief Financial Officer at the end of the third quarter. Grant currently serves as our Chief of Staff to the CEO and our VP of Corporate Strategy and Finance.

我非常感謝里卡多對阿斯本的許多貢獻，並且毫不懷疑他的職業生涯將會取得偉大的成就。我們很高興地宣布，Grant Thoele 將在第三季末成為 Aspen 的財務長。格蘭特目前擔任我們執行長的幕僚長以及公司策略和財務副總裁。

He has been with Aspen since 2021 and has played a pivotal role in shaping our financial strategy, including our MidCap financing and our recent cost optimization efforts. Grant will be returning from parental leave later in August, and will continue to work closely with Ricardo and the senior executive team to ensure a seamless transition.

他自 2021 年起就加入 Aspen，在製定我們的財務策略（包括我們的中型企業融資和我們最近的成本優化工作）方面發揮了關鍵作用。格蘭特將於 8 月下旬結束育嬰假回歸公司，並將繼續與里卡多和高階管理團隊密切合作，確保順利過渡。

Our core objective is to build a strong, profitable, capital-efficient business. The focus during the first half of the year was to streamline and simplify the organization to optimize our cost structure, drive profitability and build resilience. We have made significant progress. As shown in slide 2, by the red, blue and green lines, we have shifted our fixed cost structure to drive profitability at lower revenue levels. We have removed approximately $65 million in cost, including lowering OpEx back to 2022 levels on a run rate basis.

我們的核心目標是建立強大、獲利、資本高效的企業。上半年的重點是精簡和簡化組織，以優化我們的成本結構、提高獲利能力和增強韌性。我們已取得重大進展。如投影片 2 中的紅線、藍線和綠線所示，我們已經改變了固定成本結構，以在較低的收入水平下提高獲利能力。我們已削減了約 6500 萬美元的成本，包括將營運支出按運行率降低至 2022 年的水平。

We have also structured the company to require minimum capital expenditures. The aerogel manufacturing facility in Rhode Island and our EMF supplemental supply are positioned to provide the capacity to meet significant revenue growth in the future and to support a flexible sourcing strategy, aimed at mitigating risk associated with the potential for fluctuating tariff scenarios.

我們也對公司進行了結構調整，以要求最低資本支出。位於羅德島的氣凝膠製造工廠和我們的 EMF 補充供應能夠滿足未來大幅收入成長的需求，並支持靈活的採購策略，旨在降低與關稅波動情境潛在相關的風險。

It is clear that US based OEMs value domestic supply, and we are well positioned to serve them. In an environment where the growth rate in the EV market is facing regulatory headwinds, especially in the US and the energy sector overall is in flux with a turbulent global economy.

顯然，美國的原始設備製造商重視國內供應，我們有能力為他們提供服務。在電動車市場成長率面臨監管阻力的環境下，尤其是在美國，整個能源產業都因全球經濟動盪而處於動盪之中。

We have structured our teams and operating resources to build a resilient, growth-oriented and profitable business. In Q2, we delivered revenue, gross profit and adjusted EBITDA at the high end of expectations. Their performance was led by our PyroThin thermal barrier business which has been holding steady here in Q3.

我們已經建立了團隊和營運資源，以打造一個有彈性、以成長為導向且獲利的業務。在第二季度，我們的營收、毛利和調整後的 EBITDA 均達到預期的高點。他們的業績主要由我們的 PyroThin 熱障業務引領，該業務在第三季保持穩定。

Our Energy Industrial segment is currently experiencing a slowdown in project activity, which traditionally contributes around 40% of the segment's total revenue. This has been particularly evident in our subsea market. Dating back more than 10 years, subsea revenue cycled between $5 million and $15 million per year.

我們的能源工業部門目前正在經歷專案活動的放緩，而該專案傳統上佔該部門總收入的 40% 左右。這在我們的海底市場尤其明顯。回顧十多年前，海底收入每年在 500 萬美元到 1500 萬美元之間波動。

In 2023 and 2024, it averaged approximately $30 million per year. While the whole of the Energy Industrial business is behind expectation, weak subsea is the main reason we are having trouble keeping pace with last year.

2023年和2024年，平均每年約3000萬美元。雖然整個能源工業業務都落後於預期，但海底業務疲軟是我們難以跟上去年步伐的主要原因。

If there is a bright spot in an otherwise unsettled energy environment, we are seeing key customers such as TechnipFMC winning subsea projects in 2025 that we believe will translate into attractive project revenue for us in 2026. Similarly, after strong LNG revenues in 2024, we are seeing a dip in LNG revenues in 2025.

如果在動盪的能源環境中存在一絲亮點的話，那就是我們看到像 TechnipFMC 這樣的重點客戶將在 2025 年贏得海底項目，我們相信這將在 2026 年為我們帶來可觀的項目收入。同樣，在 2024 年液化天然氣收入強勁之後，我們預計 2025 年液化天然氣收入將下降。

But like the subsea segment, we are seeing opportunities for attractive LNG project work in 2026. Overall, we believe our Energy Industrial segment is well positioned for a policy approach in the United States that promotes an intensified focus on energy and power generation.

但與海底領域一樣，我們看到了 2026 年有吸引力的液化天然氣計畫工作機會。總體而言，我們相信我們的能源工業部門已做好準備，以適應美國加強對能源和發電的政策方針。

We anticipate that we will grow revenue and produce high gross profit margins in 2026 and beyond. Looking ahead to the second half of 2025, our revenue outlook is roughly on par with that of the first half. The major distinction is that we anticipate generating approximately 2 times the adjusted EBITDA.

我們預計，2026 年及以後我們的收入將增加，毛利率也將提高。展望2025年下半年，我們的營收預期與上半年大致持平。主要差異在於我們預計將產生約 2 倍的調整後 EBITDA。

This leverage reflects the progress we made during the first half of the year to streamline our organization and optimize our fixed cost structure. We are operating with discipline to build a business with strength and resilience and enhanced profitability. Ricardo, over to you.

這一槓桿率反映了我們上半年在精簡組織和優化固定成本結構方面的進展。我們嚴格遵守紀律，致力於打造實力雄厚、富有韌性、獲利能力強的企業。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. We delivered $78 million of revenue in Q2, which translates into a 34% year-over-year decline and a nearly flat trend quarter-over-quarter.

謝謝你，唐，大家早安。我很高興代表我們的團隊報告另一個季度的情況，從幻燈片 3 開始。我們第二季的營收為 7,800 萬美元，年減 34%，環比幾乎持平。

The annual run rate of approximately $312 million came in on the higher end of our expectations for the quarter. You may recall that we were expecting between $70 million and $80 million of revenues for Q2. Our Energy Industrial segment's revenue saw a significant decrease in quarterly revenues to $22.8 million or 38% year-over-year.

年度運行率約為 3.12 億美元，高於我們對本季的預期。您可能還記得，我們​​預計第二季的營收將在 7,000 萬至 8,000 萬美元之間。我們的能源工業部門的季度收入大幅下降至 2,280 萬美元，年減 38%。

This reflects the dynamics that Don mentioned in his remarks regarding inventory rebalancing of distributors and contractors, along with the near-term absence of new projects from end users. Don also mentioned the absence of subsea demand in the quarter. Live input from the field from our team, along with oil prices that are over 20% lower year-over-year, along with refining capacity being fully utilized in the summer months, lead us to believe that turnarounds and new projects are being retimed for the fall of this year and next year.

這反映了唐在演講中提到的分銷商和承包商庫存再平衡的動態，以及近期最終用戶缺乏新項目的情況。唐也提到本季缺乏海底需求。我們團隊從現場獲得的即時回饋，加上油價年減 20% 以上，以及夏季煉油能力得到充分利用，讓我們相信，扭虧為盈和新項目將在今年秋季和明年重新安排。

EV thermal barrier demand of $55.2 million represents a 32% decrease year-over-year as demand aligned with a lower vehicle production schedule at our key customers. General Motors continues gaining US market share, and it is encouraging to see the production volumes not just stabilize, but increased meaningfully quarter-over-quarter.

電動車隔熱層需求為 5,520 萬美元，年減 32%，因為需求與我們主要客戶的汽車生產計劃減少相一致。通用汽車繼續贏得美國市場份額，令人鼓舞的是，其產量不僅保持穩定，而且環比大幅增長。

This led our revenues in this segment to increase by 14% quarter-over-quarter. In Q2, company-level gross profit margins were 32% and our gross profit of $25.3 million represented a 51% decline over the same quarter last year. Our Energy Industrial business was still able to maintain gross margins of 36%, thanks to our flexible supply strategy on lower revenues.

這使得我們該部門的收入環比增長了 14%。第二季度，公司層級的毛利率為 32%，毛利為 2,530 萬美元，比去年同期下降了 51%。由於我們採取了靈活的供應策略，在收入較低的情況下，我們的能源工業業務仍能維持 36% 的毛利率。

And our EV thermal barrier business had gross margins of 31%, which was still below our target of 35%, but a full 8 percentage points higher quarter-over-quarter, thanks to higher part production volumes and various productivity improvements in Rhode Island and Mexico.

我們的電動車隔熱層業務的毛利率為 31%，仍低於我們的目標 35%，但由於零件產量增加以及羅德島和墨西哥的各種生產力改進，環比增長了 8 個百分點。

Our net loss of $5.2 million was driven by an adjusted OpEx run rate of $24.6 million, and our adjusted EBITDA was of $9.7 million in Q2, highlighting one of Don's earlier points. As we work to lower our fixed cost structure, it was encouraging to see adjusted EBITDA nearly double quarter-over-quarter by $4.8 million on revenues that were $700,000 lower.

我們的淨虧損為 520 萬美元，是由調整後的營運支出運作率為 2,460 萬美元造成的，而我們第二季的調整後 EBITDA 為 970 萬美元，這突顯了唐之前提出的觀點之一。在我們努力降低固定成本結構的同時，令人鼓舞的是，調整後的 EBITDA 環比增長近一倍，達到 480 萬美元，而收入卻減少了 70 萬美元。

If you recall, the high end of our EBITDA guidance for the quarter was of $7 million, so we exceeded that by 38%. 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.

如果你還記得的話，我們本季 EBITDA 預期的最高值為 700 萬美元，因此我們的預期超出了 38%。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、股票薪酬費用和其他我們認為不能反映我們核心經營績效的項目前的淨收入或虧損。

In Q2, these adjustments were meaningful and included $1 million in impairments linked to some oven-related equipment at our plant in Rhode Island, $3 million of restructuring costs linked to our recent OpEx and manufacturing overhead reductions, $1.9 million related to demobilizing Plant II, $3.2 million of stock-based compensation, $5.8 million of depreciation and amortization along with $3.9 million of net interest expenses. Our net loss in Q2 was of $9.1 million or $0.11 per diluted share, assuming 82.2 million shares.

在第二季度，這些調整意義重大，包括與我們位於羅德島的工廠的一些烤箱相關設備相關的 100 萬美元減值、與我們最近的營運支出和製造費用削減相關的 300 萬美元重組成本、與復員第二工廠相關的 190 萬美元、320 萬美元的股票薪酬、580 萬美元的折舊支付和淨利息以及 300 萬美元的淨利息。假設股票數量為 8,220 萬股，我們第二季的淨虧損為 910 萬美元，即每股攤薄虧損 0.11 美元。

Next, I'll turn to cash flow and our balance sheet. Our operations consumed $16.8 million of cash in Q2 by requiring $3.9 million in operating cash flow and investing $12.9 million of CapEx. Operating cash flow benefited from a $4.6 million reduction in inventories as we continue to free up cash from the operations by focusing on every element of working capital.

接下來，我將談談現金流和我們的資產負債表。我們在第二季的營運消耗了 1,680 萬美元的現金，其中需要 390 萬美元的營運現金流，並投資了 1,290 萬美元的資本支出。由於我們繼續透過關注營運資本的每個要素來釋放營運現金，因此營運現金流受益於庫存減少 460 萬美元。

In Q2, to continue reducing our interest expenses, we paid down $6.5 million of our term loan with MidCap bringing our total debt on this loan and the revolver to $135.3 million at the end of the quarter. Within our $12.9 million of CapEx, only $3.6 million went towards remaining obligations at Plant II, which was meaningfully lower than last year -- last quarter's Plant II expenses of $7.7 million.

在第二季度，為了繼續降低我們的利息支出，我們向 MidCap 償還了 650 萬美元的定期貸款，使得本季末這筆貸款和循環信貸的總債務達到 1.353 億美元。在我們的 1,290 萬美元資本支出中，只有 360 萬美元用於支付二號工廠的剩餘債務，這比去年同期（上個季度二號工廠的支出為 770 萬美元）低得多。

The rest is linked to equipment in Mexico and Rhode Island for EV thermal barrier launches in the second half of this year in 2026. As we finish closing out remaining obligations in Georgia for Plant II, we expect to recoup meaningful value from these assets over the next several quarters. The equipment is expected to bring in approximately $25 million over the next three quarters and the plant is available to purchase through our broker, and we expect that to be sold for over $25 million.

其餘部分將與墨西哥和羅德島的設備有關，用於 2026 年下半年推出的電動車隔熱板。隨著我們完成對喬治亞州二號工廠剩餘債務的清償，我們預計在未來幾季內從這些資產中收回可觀的價值。預計該設備將在未來三個季度帶來約 2500 萬美元的收入，您可以透過我們的經紀人購買該工廠，我們預計其售價將超過 2500 萬美元。

The proceeds from the sale of these assets will bolster our balance sheet as they'll be used to prepay the term loan and reduce the company's interest expenses further. We ended the quarter with $168 million of cash and equivalents and shareholders equity of $308.8 million.

出售這些資產所得的收益將增強我們的資產負債表，因為它們將用於預付定期貸款並進一步降低公司的利息支出。本季末，我們擁有 1.68 億美元的現金及等價物以及 3.088 億美元的股東權益。

We believe that a strong positive net cash position in combination with meaningful enhancements and profitability, thanks to a lower fixed cost structure and tight controls around net working capital, position the company to keep executing without needing any additional capital.

我們相信，由於較低的固定成本結構和對淨營運資本的嚴格控制，強勁的淨現金狀況加上有意義的增強和盈利能力，使公司能夠繼續運營而無需任何額外資本。

As we work our way towards the end of the year, higher EBITDA levels in combination with lower restructuring charges, freeing up additional working capital, no more expenses linked to Plant II, and our contained CapEx plans would enable the company's cash position to remain around the current levels even after paying down another $13 million of debt.

隨著我們接近年底，更高的 EBITDA 水平加上更低的重組費用、釋放額外的營運資本、不再與工廠 II 相關的費用以及我們包含的資本支出計劃將使公司的現金狀況即使在償還另外 1,300 萬美元的債務後仍能保持在當前水平。

The asset sales that I mentioned earlier linked to Plant II would further improve the net cash position by at least $50 million and give the company added strategic flexibility in the future to refine the capital structure.

我之前提到的與二號工廠相關的資產出售將進一步改善淨現金狀況至少 5000 萬美元，並為公司未來提供額外的戰略靈活性，以完善資本結構。

Next, let's turn to slide 4 to review our outlook for the second half of the year. With what we know today, we expect to deliver a range of $140 million to $160 million of revenue in the second half of the year. Added to the actuals of the first half of the year, this translates into $297 million to $317 million of revenue for the year.

接下來，我們翻到第 4 張投影片來回顧我們對下半年的展望。根據我們目前掌握的信息，我們預計今年下半年的收入將達到 1.4 億至 1.6 億美元。加上今年上半年的實際收入，這意味著全年收入將達到 2.97 億美元至 3.17 億美元。

This would translate into $20 million to $30 million of adjusted EBITDA in the second half of the year, so potentially double what we delivered in the first half. Echoing some of Don's earlier remarks, this highlights the benefits of the lower fixed cost structure that our team has been working on implementing.

這意味著下半年調整後的 EBITDA 將達到 2,000 萬至 3,000 萬美元，因此可能是上半年的兩倍。與唐恩先前的一些言論相呼應，這凸顯了我們的團隊一直致力於實施的較低固定成本結構的好處。

Adding the $15 million of adjusted EBITDA that we delivered in the first half would position the company to deliver $35 million to $45 million of adjusted EBITDA for the year. Net income for the second half of the year is expected to range from a loss of $7 million, or negative $0.08 per share to positive net income of $3 million or $0.04 per share.

加上我們上半年實現的 1,500 萬美元調整後 EBITDA，公司全年調整後 EBITDA 將達到 3,500 萬至 4,500 萬美元。預計下半年淨收入範圍為虧損 700 萬美元或每股虧損 0.08 美元至淨收入 300 萬美元或每股獲利 0.04 美元。

CapEx to fund our operations in Rhode Island and Mexico will continue being managed to less than $25 million for the year, without including the remaining costs to demobilize Plant II. This guidance for the second half of the year implies a potentially higher level of revenues than what we were expecting earlier this year and it is driven by stable EV production volumes at GM.

用於資助我們在羅德島和墨西哥的營運的資本支出將繼續控制在 2500 萬美元以下，這還不包括拆除第二工廠的剩餘成本。這一下半年預期意味著收入水準可能高於我們今年稍早的預期，這得益於通用汽車穩定的電動車產量。

We believe that even after the $7,500 tax credit to consumers ends on September 30 in the US, the market share gains of vehicles like the Chevy Equinox and various Cadillac EVs cannot be ignored. If there is a near-term surge in sales as we get closer to the end of September, Q4 and early 2026 can very well be times to rebuild inventory levels and that would drive stable demand for our EV thermal barrier parts during the entire second half of the year.

我們認為，即使在 9 月 30 日美國消費者 7,500 美元的稅收抵免政策結束後，雪佛蘭 Equinox 和各種凱迪拉克電動車等車輛的市佔率成長也不容忽視。如果接近 9 月底時銷售額出現短期激增，那麼第四季度和 2026 年初很可能成為重建庫存水準的時機，這將推動我們整個下半年對電動車隔熱零件的穩定需求。

With this being my last earnings call at Aspen, I would like to sincerely thank Don, our Board of Directors and the rest of the Aspen team. I'm also grateful to the broader investment community for making my nearly four-year tour of duty at Aspen such an active, fulfilling, productive and rewarding time.

這是我在 Aspen 的最後一次財報電話會議，我謹真誠地感謝 Don、我們的董事會和 Aspen 團隊的其他成員。我還要感謝廣大投資界，讓我在阿斯本的近四年任期如此活躍、充實、富有成效且有益。

I leave the team convinced that Aspen is well capitalized and positioned to deliver on its strategy and take with me many fond memories of ideas and discussions with you that shaped our thinking around the company and how to make the most of our resources. Grant joined the team at Aspen shortly before I did.

我離開團隊時確信，Aspen 擁有充足的資金，能夠實現其戰略，並且帶走了與你們一起進行的想法和討論的許多美好回憶，這些想法和討論塑造了我們對公司的看法以及如何最大限度地利用我們的資源。格蘭特在我之前不久加入了阿斯彭團隊。

He has been more than a right-hand man to me as we led the finance function together with Santhosh, Neal and Jack. He, along with some great recruits like Zach Reed and Matt Ovrom and others have built an FP&A team that punches well above its weight. All in all, we have a productive team that includes some of the best finance talent that I have worked with. And I'm sure that Grant will transition into the role seamlessly as he returns from parental leave to pick up the baton at the end of the quarter. And I'm very excited for all of you to get to meet them over the next several weeks.

他對我來說不僅僅是一位得力助手，我們與桑托什、尼爾和傑克一起領導財務部門。他與 Zach Reed 和 Matt Ovrom 等一些優秀的新成員一起組建了一支實力超群的 FP&A 團隊。總而言之，我們擁有一支高效的團隊，其中包括一些我曾經合作過的最好的金融人才。我相信，格蘭特將順利過渡到這個角色，因為他將在本季末結束育嬰假回來接過接力棒。我非常高興大家能在接下來的幾週內見到他們。

Now I'm happy to hand the call back to Don for his closing remarks.

現在我很高興將電話交還給唐，請他作結束語。

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. 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. Our decisive actions this year reflect our commitment to building a resilient, growth-oriented and profitable business. Megan, let's turn to Q&A, please.

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。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。我們今年的果斷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良好的企業的承諾。梅根，請讓我們進入問答環節。

(Operator Instructions)

（操作員指示）

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Hi Don. Hi Ricardo.

你好，唐。你好，里卡多。

Hi Eric.

你好，埃里克。

Hey Eric.

嘿，艾瑞克。

Good morning. Hey, maybe -- gosh, a lot of things here. Maybe to start with Energy Industrial. I know that in Q1, you did call out distributor destocking. But it did seem like at least the thought then was that, that was relatively a short-term dynamic. And then this quarter, I mean, it seems pretty clear that, that's ongoing. Any updated thoughts? I mean, it doesn't sound like you believe that this segment grows this year, and that would be pretty tough given the start. But just maybe where do you think distributors stand on this?

早安.嘿，也許——天哪，這裡有很多東西。也許可以從能源工業開始。我知道在第一季度，您確實呼籲分銷商減少庫存。但至少當時的想法是，這只是一種短期動態。然後這個季度，我的意思是，似乎很明顯，這是持續的。有任何更新的想法嗎？我的意思是，聽起來你並不相信這個細分市場今年會成長，而且從一開始的情況來看，這將是相當困難的。但您認為分銷商對此持什麼立場？

Thanks, Eric. We've made a dent in those inventories in our distributors, but we have still ways to go. We -- our project revenue is just lower than we anticipated. I think we could have done a better job coming into the year seeing that pipeline, frankly. And -- but we are -- as I said in my comments, we see good activity in some of our partner companies and customers.

謝謝，埃里克。我們已經減少了分銷商的庫存，但我們還有很長的路要走。我們的項目收入低於我們的預期。坦白說，我認為我們今年本來可以做得更好，看看這個管道。而且 — — 但是 — — 正如我在評論中所說，我們在一些合作夥伴公司和客戶中看到了良好的活動。

I mentioned TechnipFMC, for example, who are winning projects here in 2025 that we do think will translate into revenue for us in 2026. And Eric, I would also just add, we have seen this sort of cycle before, of course, where we have a surge in project revenue and then a dip.

例如，我提到了 TechnipFMC，他們在 2025 年贏得了一些項目，我們認為這些項目將在 2026 年轉化為我們的收入。艾瑞克，我還要補充一點，我們以前當然也看過這種週期，專案收入激增，然後下降。

And again, we could have done a better job anticipating this, I think. But having said that, we're confident that we'll work our way out of it, work through those distributor inventories and win our fair share of projects and get this thing growing, again, at gross margins that have been consistent with our recent performance.

我認為，我們本來可以更好地預測這一點。但話雖如此，我們有信心，我們會努力擺脫困境，處理好分銷商的庫存，贏得我們應得的項目份額，並使這個產品再次增長，毛利率與我們最近的業績保持一致。

Yeah, and I would think this go around, that was made worse by the fact that it is supply constrained, right? I mean, distributors not used -- very long lead times that all of a sudden, no longer the case?

是的，我認為由於供應受限，情況變得更糟，對嗎？我的意思是，經銷商以前沒有使用過很長的交貨時間，但突然之間，這種情況就不再發生了？

It's a great point. Let's face it. We were capacity constrained, inconsistent capacity for, what, five or six quarters. And just turning the corner on that, we -- again, we might have been able to anticipate that a little bit differently. But again, I think our EI revenue in the second half will be somewhat on par with what it was in the first half as we work through these issues.

這是一個很好的觀點。讓我們面對現實吧。我們的產能受到限制，五、六個季度的產能不穩定。只要轉過彎，我們——再一次，我們可能能夠以稍微不同的方式預測這一點。但我再次認為，隨著我們解決這些問題，下半年的 EI 收入將與上半年持平。

Got it. Okay. That is helpful. Maybe then just turning to PyroThin. I know GM put out their July sales, and they were quite strong. And I would think that, that's got a positive read-through to just working through any excess inventory that they may have.

知道了。好的。這很有幫助。也許然後就轉向 PyroThin。我知道通用汽車公佈了七月份的銷售情況，而且業績相當強勁。我認為，這對於處理他們可能擁有的任何多餘庫存具有積極的意義。

As you think about the tax credit expiring, where do you see things as you stand today? I mean, do you believe that third quarter sales there means pretty steady volumes for you over the back half of the year or maybe how do you think that the third quarter, fourth quarter might be weighted in that segment?

當您想到稅收抵免即將到期時，您認為目前的情況如何？我的意思是，您是否認為第三季的銷售額意味著下半年的銷售相當穩定，或者您認為第三季和第四季在該領域的比重如何？

Yeah, I mean I think just going back to my remarks there on this one, Eric. I do see more optimistic view in Q4 than one would think just based on the tax credit going away. But if you look at how much market share GM has gained mostly at Tesla expense within the EV market, we have a couple of slides in the appendix of the deck that show just how much of a gain GM has made. And I don't think they're going to let go of that market share, right?

是的，我的意思是我想回到我對這個問題的評論，埃里克。我確實看到第四季度的前景比人們僅基於稅收抵免取消所想像的更為樂觀。但是，如果你看看通用汽車在電動車市場中以犧牲特斯拉為代價獲得了多少市場份額，我們在簡報的附錄中有幾張幻燈片可以顯示通用汽車獲得了多少收益。我認為他們不會放棄這個市場份額，對嗎？

I mean it's been pretty clear that GM's longer-term North Star to have a high EV mix, and they'll be driving that with or without the $7,500 credit. And if you look at how much market share they've gained on the coastal markets here in the US, yeah, I just don't think that, that's something that they're ready to walk away from, given that the demand is clearly there.

我的意思是，很明顯，通用汽車的長期目標是擁有高比例的電動車，無論有沒有 7,500 美元的信貸，他們都會推動這一目標。如果你看看他們在美國沿海市場獲得了多少市場份額，是的，我只是不認為他們準備放棄這個市場，因為那裡的需求顯然存在。

Yeah, okay. And maybe just sneaking one last one in, just to clarify. So Ricardo, did you unclear whether or how much is left to spend for Plant II if it's largely wrapped up or if there's more to go to get it in a position to monetize it?

嗯，好的。也許只是偷偷地加最後一個，只是為了澄清。那麼里卡多，你是否不清楚如果二號工廠的建設基本上完成，是否還剩下多少錢可以用於二號工廠，或者是否還需要更多的資金才能使其盈利？

Yeah, at this point is pretty much wrapped up. I mean, we have less than $10 million to spend but then as I mentioned, we believe that we can recoup over $50 million here over the next several quarters. So I think we've rounded the bend. We actually paid out the last large invoice towards Plant II here in July.

是的，現在基本上已經結束了。我的意思是，我們可供支出的資金不到 1000 萬美元，但正如我所提到的，我們相信我們可以在接下來的幾個季度內收回超過 5000 萬美元。所以我認為我們已經解決了難題。實際上，我們在 7 月就支付了第二工廠的最後一張大額發票。

And it was booked in June, and we're well past it and looking to move on from that.

六月就已經預訂好了，但現在已經過了預定時間，我們打算繼續前進。

Okay, thank you.

好的，謝謝。

Anytime.

任何時候。

Colin Rusch, Oppenheimer.

科林·拉什，奧本海默。

Thanks so much guys. Can you talk about design-in activity with new OEMs? And how that's trending here over the last quarter or two and when we might start to see some real meaningful incremental revenue from EV OEMs either later this year or next year?

非常感謝大家。您能談談與新 OEM 合作的設計活動嗎？過去一、兩個季度的趨勢如何？我們什麼時候才能在今年稍後或明年開始看到來自電動車原始設備製造商的真正有意義的增量收入？

Yeah, Colin, I mean, if you read in the press every day, there's quite a bit of flux around the product plans at these automakers as they are all reacting to some pretty drastic policy changes over the past several weeks. But we do see -- when you look at the pipeline, we do see a couple of anchor OEMs that are going to drive incremental revenues within the Thermal Barrier segment over the next six quarters.

是的，科林，我的意思是，如果你每天閱讀報紙，你會發現這些汽車製造商的產品計劃發生了相當大的變化，因為他們都在對過去幾週的一些相當劇烈的政策變化做出反應。但我們確實看到——當你查看管道時，我們確實看到一些主力原始設備製造商將在未來六個季度內推動熱障領域的增量收入。

The main ones are Stellantis, like that's not changing. The policy in Europe is not changing. The volumes there are expected to ramp up here in the fourth quarter of this year and next year. And then we have Daimler in 2027.

主要的是 Stellantis，這一點沒有改變。歐洲的政策沒有改變。預計今年第四季和明年這裡的產量將會增加。2027 年我們將迎來戴姆勒。

The other OEMs are going through either a process of assessing their time line or switching cells from -- mostly away from Northvolt over to a different cell supplier, and we're still very well in the mix, but that's obviously pushing the timing of those launches to the second half of 2026 and some of them potentially even later.

其他 OEM 廠商要么正在評估他們的時間表，要么正在將電池從 Northvolt 轉移到其他電池供應商，我們仍然處於良好的狀態，但這顯然將這些產品的發佈時間推遲到 2026 年下半年，有些甚至可能更晚。

When it comes to new quoting activity, I mean, the team is busy as ever. We -- the trend that we had here in Q1 of record-level prototyping and quoting activity here in this building that Don and I are in right now is still holding up. But you obviously need to be realistic and look at what the longer-term product pipeline of these OEMs is, they're all just reacting to the recent policy changes in the US.

當談到新的報價活動時，我的意思是，團隊像往常一樣忙碌。我們——我們在第一季所呈現的創紀錄的原型設計和報價活動的趨勢，在唐和我目前所在的這棟大樓裡仍然保持著。但你顯然需要現實一點，看看這些 OEM 的長期產品線是什麼，它們都只是對美國最近的政策變化做出反應。

And while at the same time, coming up with a way to compete in China, which has an over 50% EV mix and then Europe, where we're seeing a resurgence of EVs as well. So as we supply some of these European OEMs, we do see that we're very well positioned in Europe to continue adding wins definitely next year. And you're going to see the results of a lot of this prototyping and development work and technical sales work that the team is doing today.

同時，我們也要想辦法在中國市場競爭，中國的電動車佔超過 50%，而在歐洲，我們也看到了電動車的復甦。因此，當我們為一些歐洲原始設備製造商提供產品時，我們確實看到我們在歐洲處於非常有利的地位，明年肯定會繼續贏得勝利。您將會看到團隊今天所做的大量原型設計和開發工作以及技術銷售工作的成果。

Colin, I would just add, I was with the senior leadership of ACC in Europe at the end of Q2, and they are making strides with their productivity and quality of making cells for the European market, which is encouraging for us.

科林，我想補充一點，我在第二季末與 ACC 歐洲的高層領導會面，他們在為歐洲市場生產電池的生產力和品質方面取得了長足進步，這對我們來說是令人鼓舞的。

Thanks so much guys. And then from an R&D perspective, obviously, you guys have made some pretty meaningful innovations in and around product development for the various battery applications. I'm just curious about how much there can shift in terms of what you're offering or how much you can change or improve the offering out to OEMs as we see optimizing -- their optimized vehicle designs as well as some evolution on the battery, geometries and chemistries.

非常感謝大家。然後從研發的角度來看，顯然你們在各種電池應用的產品開發上做出了一些非常有意義的創新。我只是好奇，就您所提供產品而言，您可以發生多大程度的變化，或者，隨著我們所看到的優化——他們的優化車輛設計以及電池、幾何形狀和化學方面的一些發展，您可以改變或改進向 OEM 提供的產品。

I guess, how should we think about the product cycle for you guys and when we might start seeing some meaningful shifts in that?

我想，我們應該如何看待你們的產品週期，以及我們何時才能開始看到其中的一些有意義的轉變？

We've done work with our existing OEMs and with prospective OEMs as they work through their chemistry expansions, if you will. And I mean, General Motors is a good example of that. And our R&D group and our design group are engaged with Asia-based companies, European-based companies and the US. OEMs as well, trying to stay current and ahead and really being thought leaders with these companies.

如果您願意的話，我們已經與現有的 OEM 以及潛在的 OEM 合作，以幫助他們進行化學擴展。我的意思是，通用汽車就是一個很好的例子。我們的研發團隊和設計團隊與亞洲公司、歐洲公司和美國公司都有合作。原始設備製造商 (OEM) 也同樣努力保持領先地位，真正成為這些公司的思想領袖。

Colin, I would just tangential to that, we are -- it is interesting, we are the emphasis on having US based supply of these materials has been a positive for us. I think the OEMs, and I said this in my prepared remarks, view this favorably, and that's an important element of our ability to supply domestic product here in the US as well.

柯林，我只是想順便提一下，有趣的是，我們強調在美國供應這些材料對我們來說是有利的。我認為原始設備製造商（我在準備好的演講中也說過）對此持正面態度，這也是我們能夠在美國供應國內產品的重要因素。

Yes. Maybe just to add, Colin, the requirements are no longer moving target at all, and that makes R&D and all the development and the technical sales work way more efficient. And so I think the company is going to benefit from that greatly here given that we know what the requirements are pretty clearly and how we can meet them relative to any potential option that the OEMs could be looking at.

是的。也許只是補充一下，科林，要求不再是移動目標，這使得研發和所有開發以及技術銷售工作更有效率。因此，我認為公司將從中受益匪淺，因為我們非常清楚地知道要求是什麼，以及相對於 OEM 可能正在考慮的任何潛在選擇，我們如何滿足這些要求。

Incredibly, helpful guys. Thanks so much.

令人難以置信的是，他們非常樂於助人。非常感謝。

Thanks Colin.

謝謝科林。

Ryan Pfingst, B. Riley.

Ryan Pfingst、B. Riley。

Hey guys, thanks for taking my questions. I'll ask one follow-up on Energy Industrial. You've talked about the potential '27 revenue buildup of $175 million or even higher with potential expansion areas. Just curious given your comments earlier, Don, if you still feel confident in the path to get there? And maybe if you could give us a sneak preview of how you're thinking about growth in 2026, given the activity you talked about with subsea and LNG projects starting to show again?

嘿夥計們，謝謝你們回答我的問題。我將就能源工業提出一個後續問題。您曾談到，隨著潛在的擴張領域，27 年的收入可能增加 1.75 億美元甚至更高。只是好奇，鑑於您之前的評論，唐，您是否仍然對到達那裡的道路充滿信心？鑑於您提到的海底和液化天然氣計畫活動開始再次顯現，您是否可以向我們簡要介紹一下您對 2026 年成長的看法？

Yeah. Look, our goal right now, Ryan, is to be sure that we're well positioned to participate in the project side of our business. And I said it in my comments, historically, it's been about 40% of our revenue. And it represents -- typically, it represents almost all of our variability from year-to-year. And so our project teams are focused to be sure that we get back on track and participate in any and all subsea projects and LNG projects. And we believe that we will do that.

是的。瑞安，你看，我們現在的目標是確保我們有能力參與我們業務的專案方面。我在我的評論中說過，從歷史上看，這約占我們收入的 40%。它代表了——通常，它代表了我們每年幾乎所有的變化。因此，我們的專案團隊致力於確保我們重回正軌並參與所有海底專案和液化天然氣專案。我們相信我們能夠做到這一點。

With respect to 2026, we firmly believe that we will begin a new growth pattern at high gross profit margins. And we've increased those profit margins significantly, a combination of productivity, efficiency and yields on our end and our EMF transition that we made and also some price increases along the way. So again, we believe we're in a strong position to reignite growth in that segment in 2026, both revenue and profitability.

展望2026年，我們堅信我們將開啟高毛利率的新成長模式。我們大幅提高了利潤率，這得益於我們生產力、效率和收益的提高，以及我們進行的 EMF 轉型，同時也帶來了一些價格上漲。因此，我們再次相信，我們有能力在 2026 年重新點燃該領域的成長，無論是收入還是獲利能力。

Appreciate that, Don. And then Ricardo, you touched on it, but curious what conversations have been like with your non-GM customers that you've already signed up and have been awarded. And maybe when we could expect to see some of those shipments start to show up in a meaningful way for Aspen?

非常感謝，唐。然後里卡多，你提到了這一點，但很好奇你與已經簽約並獲得獎勵的非通用汽車客戶的對話是什麼樣的。也許我們什麼時候才能看到其中一些貨物開始以有意義的方式出現在阿斯彭？

Yeah, as I mentioned earlier, I think you're going to see in Q4 some for ACC and definitely next year, that will ramp up. And then Daimler will become a meaningful one in 2027. And there are several with other OEMs that we haven't yet announced that could contribute in 2027 as well.

是的，正如我之前提到的，我認為你會在第四季度看到 ACC 的一些表現，而且明年肯定會有所提升。到2027年，戴姆勒將成為一家真正意義上的企業。我們與其他 OEM 的合作還有幾項尚未公佈，但也可能在 2027 年做出貢獻。

Got it, appreciate it guys. I'll turn it back.

明白了，謝謝大家。我會把它轉回去。

Thank you, Ryan.

謝謝你，瑞安。

David Anderson, Barclays.

巴克萊銀行的大衛安德森。

Thanks. Good morning. So in your remarks, you were talking about lowering your fixed cost by $65 million this quarter. I was just kind of curious going forward in the Thermal Barrier revenue -- in Thermal Barrier business, how quickly you can adjust costs kind of going forward?

謝謝。早安.所以在您的演講中，您談到本季將固定成本降低 6500 萬美元。我只是有點好奇熱障收入的未來——在熱障業務中，您能多快調整未來的成本？

I'm just looking at the IHS forecast, which are essentially calling for GM EV production to stay relatively flat. I'm just wondering what happens if that is materially lower? How quickly can you adjust those costs? Is it -- are you at a point now where you can kind of move things around and within a quarter, you can kind of get back to those same kind of 35% operating margins?

我只是看了 IHS 的預測，它基本上預測通用汽車電動車的產量將保持相對穩定。我只是想知道如果這個數字大幅降低會發生什麼事？您能多快調整這些成本？是不是—您現在是否能夠調整策略，在一個季度內，就會恢復到 35% 的營業利潤率？

Just one thing, Dave. Taking the $65 million, that was an endeavor that took place both in Q1 and in Q2. And so -- but to your point, look, there's no question that for us to be able to achieve 35% gross margins on the Thermal Barrier business, we do need some volume to absorb those fixed costs. We think we're in a good position today from a cost structure point of view to be able with what we see in front of us to maintain those targets of 35%. We were pretty close to that here in Q2, reporting here in Q2.

只有一件事，戴夫。以 6500 萬美元來說，這是第一季和第二季都進行的努力。所以 — — 但就你的觀點而言，毫無疑問，為了能夠在熱障業務上實現 35% 的毛利率，我們確實需要一定的產量來吸收這些固定成本。我們認為，從成本結構的角度來看，我們目前處於有利地位，能夠憑藉眼前的狀況維持 35% 的目標。我們在第二季就非常接近這個目標，並在第二季進行了報告。

And we think that those are very realistic targets. Yes, we have room around the edges to continue to fine-tune our cost structure depending on what we see going forward. But at this moment, we feel like we've done a lot of hard work. We've made a lot of tough decisions and -- but we're in a good position right now.

我們認為這些都是非常現實的目標。是的，我們還有空間根據未來的發展繼續微調我們的成本結構。但此刻，我們感覺我們已經做了很多努力。我們做出了很多艱難的決定，但目前我們的狀況良好。

And you're looking at this IHS forecast that they're putting out there, you feel confident that those are pretty close to kind of what you're hearing from GM. So I'm just a little surprised they're not more severe in terms of the declines you're expecting over the next four quarters?

如果你看他們發布的 IHS 預測，你就會確信這些預測與你從通用汽車那裡聽到的非常接近。所以我只是有點驚訝，就您預計的未來四個季度的下滑幅度而言，情況並沒有更加嚴重？

Yes. The customers are always higher than IHS. So we had to make our own calls here. But yeah, no, I mean, I think when we look at IHS today, we do see that as a realistic scenario. And then the team has really knocked on with various cost improvement projects at the plant in Rhode Island to increase our efficiency.

是的。客戶永遠比IHS高。所以我們必須自己做決定。但是，是的，不，我的意思是，我認為當我們今天看 IHS 時，我們確實認為這是一個現實的情況。然後，團隊在羅德島工廠開展了各種成本改進項目，以提高我們的效率。

And I think these are things that have been in the works for well over three years that would enable us to increase roll lengths even further and therefore, give us more productivity because remember, a year ago, we were on a path to $650 million-plus of revenues and trying to increase the capacity of the plant in Rhode Island as much as possible to be able to push out the Plant II decision further and further, right?

我認為這些事情已經醞釀了三年多，這將使我們能夠進一步增加捲筒長度，從而提高我們的生產力，因為記得，一年前，我們的收入達到了 6.5 億美元以上，並試圖盡可能地提高羅德島工廠的產能，以便能夠進一步推遲第二工廠的決策，對嗎？

And so now as the team has had a chance to take a breather here on lower volumes, all of these projects for continuous improvement have been accelerated. And that will give the company the necessary cost structure to improve our gross margin profile next year on comparable volumes which, to your question, Dave, I mean, even if the volumes were to go down further, I think the company will be even more resilient quarter-over-quarter here as these projects take hold.

現在，由於團隊有機會在較低的產量下稍事休息，所有這些持續改進的項目都得到了加速。這將為公司提供必要的成本結構，以改善我們明年在可比產量上的毛利率狀況，對於你的問題，戴夫，我的意思是，即使產量進一步下降，我認為隨著這些項目的實施，公司季度環比的恢復力將更強。

Okay. Ricardo. So Don, you were talking -- in the Energy Industrial side, you're talking about Subsea and TechnipFMC. I was a little surprised by the comments that, that's so slow considering what we've been seeing on FTI's backlog. I mean, they're going to be -- after this they'll be $30 billion over three years, do you think there's additional going forward $10 billion annually.

好的。里卡多。所以唐，你在談論——在能源工業方面，你談論的是 Subsea 和 TechnipFMC。我對這些評論感到有點驚訝，考慮到我們在 FTI 積壓工作中看到的情況，這進展太慢了。我的意思是，此後三年內他們將投入 300 億美元，您認為未來每年還會額外投入 100 億美元嗎？

Is this just a timing question because there is an enormous amount of subsea trees that are about to be installed over the next three or four years. So I guess I'm just kind of curious, your product, maybe -- and I'm -- just maybe help me understand kind of when your product is kind of ordered, I guess?

這只是一個時間問題嗎，因為未來三、四年內將有大量的海底採油樹需要安裝。所以我想我只是有點好奇，您的產品，也許 - 我 - 也許可以幫助我了解您的產品何時被訂購，我猜？

Like how close to delivery or how close to when the subsea trees are installed are they ordering Aspen Aerogels? Because to me, it's just like which quarter is it? Or when it starts? Could you just provide a little bit of help and tell us how that works out?

例如，他們訂購 Aspen Aerogels 的時間是距離交貨還有多久，或者距離海底採油樹安裝還有多久？因為對我來說，這就像它是哪個季度？或什麼時候開始？您能否提供一點幫助並告訴我們結果如何？

Yeah. No, that's great. Look, we just came off of two years where we had approximately, on average, about $30 million per year, which are strong years for us. And we do -- we just feel we're in a little bit of lull because we see the same thing that you do and our activity levels are high. Typically, for us, when we win -- we come late in projects that applies both to subsea and to LNG terminals, frankly.

是的。不，那太好了。你看，我們剛剛度過了兩年，平均每年收入約 3000 萬美元，這對我們來說是強勁的兩年。我們確實——我們只是覺得我們處於一點平靜期，因為我們看到了和你們一樣的事情，而且我們的活動水平很高。通常情況下，對我們來說，當我們獲勝時——坦白說，我們在適用於海底和液化天然氣終端的專案中來得晚。

And when we do receive an order, we typically deliver it within a quarter or maybe a quarter or two. And so you can kind of piece that together. We see those same backlogs and activity levels that you're seeing, Dave, in your work.

當我們收到訂單時，我們通常會在一個季度或一兩個季度內交付。這樣你就可以把它們拼湊在一起。戴夫，我們在工作中看到了和你一樣的積壓和活動量。

And again, we -- not every project, I should say, requires pipe-in-pipe insulation though. And so while that backlog is robust, it is a subsegment of that, that are pipe-in-pipe, typically the most challenging projects. Plenty of them are going to require pipe-in-pipe, but not every single one.

再說一次，我們應該說，並不是每個項目都需要管中管絕緣。因此，雖然積壓項目很多，但它只是其中的一個子部分，屬於管道中管道，通常是最具挑戰性的項目。其中很多都需要管中管，但並不是每一個都需要。

Don, you said it was $30 million. I think I might have misunderstood you. Did you say that the revenue was down about $30 million because of Subsea? I wasn't sure what that $30 million was in reference to?

唐，你說是 3000 萬美元。我想我可能誤會你了。您是否說過由於 Subsea 的原因收入下降了約 3000 萬美元？我不確定這 3000 萬美元指的是什麼？

Yeah. Let me say it again. In 2023 and 2024, we averaged approximately $30 million of Subsea revenue. And our historic numbers, if you go back 10 years through the cycles, we have typically been in the range of $5 million to $15 million. And so much of our decrease for Energy Industrial overall has been because of the Subsea law.

是的。讓我再說一次。2023 年和 2024 年，我們的海底收入平均約為 3,000 萬美元。而我們的歷史數據，如果回顧 10 年前的週期，我們通常處於 500 萬美元到 1500 萬美元的範圍內。而能源工業總體產量下降很大程度是由於海底法造成的。

And again, we believe we're seeing the same thing that you are, that we have the opportunity to get back on a growth track as we win our fair share of these projects. And it's why I answered Ryan's question that we believe in 2026, you will see both growth and solid profitability.

再次，我們相信我們看到的和你們看到的一樣，當我們贏得這些項目的公平份額時，我們就有機會回到成長軌道上。這就是為什麼我回答瑞安的問題時說，我們相信到 2026 年，你將看到成長和穩健的獲利能力。

That makes a lot of sense. Ricardo, it was a pleasure working with you. Best of luck on your future endeavors.

這很有道理。里卡多，很高興與您合作。祝你未來一切順利。

Thanks so much, Dave. I'll see you.

非常感謝，戴夫。我會見到你的。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great, thanks. Good morning, everybody. Just two follow-ups from me. First, could we just kind of revisit the 2027 potential revenue buildup for Thermal? And just if you can call out if anything has sort of significantly moved around versus, I think, the [$700 million-plus] we talked about last quarter from a launch or other volume perspective from what you know currently?

太好了，謝謝。大家早安。我只想跟進兩件事。首先，我們能否重新審視 Thermal 2027 年的潛在營收成長？您是否可以指出，就您目前所知，與上個季度我們討論的 [7 億多美元] 相比，從發布或其他交易量角度來看，是否有任何重大變化？

We see that unchanged still, Itay. I mean the team does have a path to getting there, both on the EI side and the Thermal Barrier side. The two launches that I mentioned, ACC and Daimler, along with GM continuing to gain share here can help us get the 2027 number that we mentioned during the last call for Thermal Barriers.

我們看到這一點仍然沒有改變，Itay。我的意思是，團隊確實有一條到達那裡的路徑，無論是在 EI 方面還是在熱障方面。我提到的兩次發布，ACC 和戴姆勒，以及通用汽車繼續在這裡獲得份額，可以幫助我們獲得上次熱障電話會議中提到的 2027 年數字。

And to Don's point, I mean, even if you take what we're expecting on the Energy Industrial side for this year, add back the project work and then look at some of the other applications and markets that the team is working to start to commercialize by then, we're still confident that the company can get there.

至於唐的觀點，我的意思是，即使你把我們對今年能源產業的預期，加上專案工作，然後看看團隊正在努力開始商業化的一些其他應用和市場，我們仍然相信公司可以實現目標。

That's very helpful. And then as a follow-up, I think, Ricardo, you mentioned your team has still a healthy quoting activity. I'm curious what you're seeing within that in terms of timing of future launches, the level of content, kind of maybe a bit of a regional mix of the quoting pipeline. Just kind of curious, any interesting insights to kind of glean from that?

這非常有幫助。然後作為後續問題，里卡多，我想你提到你的團隊仍然擁有健康的報價。我很好奇您在未來發布的時間、內容水平以及報價管道的區域組合方面看到了什麼。只是有點好奇，從中可以得到什麼有趣的見解嗎？

Yes. So the content is definitely tilting towards the prismatic cells and the requirements that come from that. And if you recall, that's a simpler, thinner part, mostly for the European OEMs and also here in North America with the likes of GM, Ford and Rivian and others, right?

是的。因此，內容肯定傾向於方形電池及其產生的要求。如果你還記得的話，那是一個更簡單、更薄的部件，主要用於歐洲原始設備製造商，也用於北美的通用汽車、福特、Rivian 等公司，對嗎？

We do see them taking their time more making these decisions because the OEMs are going from having a gun pointed to their head to develop EVs and start having them make up a meaningful portion of their fleet to now potentially the polar opposite, right?

我們確實看到他們在做這些決定時花了更多時間，因為原始設備製造商從被槍指著頭開始開發電動車並開始讓它們成為其車隊的重要組成部分，到現在可能完全相反，對嗎？

And so I think OEMs right now are just really getting a read on what the consumer demand level for EVs is going to be. And as that becomes clear in the first half of next year, we expect to hear on some final decisions around vehicles that have been in development for the past year or so where the OEMs have had a quote from us or a proposal for quite some time, and they just need those projects approved once they have a good idea of where consumer demand is likely to be for EVs.

因此我認為，原始設備製造商現在才真正了解消費者對電動車的需求程度。隨著明年上半年情況逐漸明朗，我們預計將聽到一些關於過去一年左右一直在開發的車輛的最終決定，原始設備製造商已經從我們這裡得到了報價或提案很長一段時間了，他們只需要在了解消費者對電動汽車的需求後批准這些項目。

Perfect. That's very helpful. Thank you.

完美的。這非常有幫助。謝謝。

Thank you.

謝謝。

Leanne Hayden, Canaccord Genuity.

Leanne Hayden，Canaccord Genuity。

Morning everyone. Thanks so much for taking my questions. Just wanted to start by following up on some previous commentary. Mercedes recently announced plans to launch 15 new EVs, I believe, in the next two-ish years. Do you expect any impact from this, especially considering the Mercedes ACC partnership? Thank you.

大家早安。非常感謝您回答我的問題。我只是想先跟進一下之前的一些評論。我相信，梅賽德斯最近宣布計劃在未來兩年內推出 15 款新型電動車。您預計這會產生什麼影響嗎，尤其是考慮到與梅賽德斯 ACC 的合作關係？謝謝。

Yes. No, thanks, Leanne. That's actually a good point. I mean, there is potential for incremental volume within the ACC award and Mercedes is a meaningful stakeholder in ACC. So all of those units could drive incremental volumes for the cells that we are on and the packs that we are on.

是的。不，謝謝，Leanne。這確實是一個很好的觀點。我的意思是，ACC 獎項有增加數量的潛力，而且梅賽德斯是 ACC 的重要利益相關者。因此，所有這些單元都可以推動我們所使用的電池和電池組的增加容量。

Those vehicles are planned right now initially for Europe, and they'll -- from based on what we've read, there'll be Mercedes is kind of second attempt at cracking the EV market in the US.

這些車輛目前計劃首先在歐洲上市，根據我們所了解的情況，這將是梅賽德斯第二次嘗試打入美國電動車市場。

Appreciate it. Okay. That's very helpful. Just one more quick one from me. Have you seen any incremental traction in alternative battery form factors like prismatic or cylindrical or anything like that?

非常感謝。好的。這非常有幫助。我再簡單說一下。您是否看到過替代電池形狀（例如方形或圓柱形或類似形狀）的增量牽引力？

No. I mean, it's really just been prismatic and pouches primarily, mostly prismatics. And then we're seeing a lot of the hype around the inserts of the cells dying down, which confirms the hypothesis that we've had for quite a while that the current form factors and the current chemistries are what the OEMs have to work with for the next 15-plus years.

不。我的意思是，它實際上主要是棱柱形和小袋，大部分是棱柱形。然後，我們看到圍繞電池插入件的大量炒作逐漸消退，這證實了我們長期以來的假設，即當前的形式因素和當前的化學性質是 OEM 在未來 15 年內必須採用的。

Got it. Got that's very helpful. Thank you very much, appreciate it.

知道了。明白了，非常有幫助。非常感謝，感激不盡。

Anytime, Leanne.

隨時都可以，Leanne。

Tom Curran, Seaport Research Partners.

湯姆‧柯倫 (Tom Curran)，海港研究夥伴。

Thank you. Ricardo, congratulations on an impressive transformative tenure and I'd echo with Don and seeing great things ahead for you.

謝謝。里卡多，祝賀你在任期內取得了令人印象深刻的變革，我贊同唐的觀點，並期待你未來取得偉大的成就。

Thank you. Thank you, Tom.

謝謝。謝謝你，湯姆。

Yeah, I wanted to follow up on EI. Don, could you speak for both subsea and LNG, what the mix was expected to be between new projects, turnaround and maintenance for each of the businesses? And to the extent any one of those three areas has negatively surprised, what has the nature of it been? Has it been just a delay? Have you actually seen any cancellations or other issues.

是的，我想跟進 EI。唐，您能否談談海底和液化天然氣業務，預計每個業務的新項目、週轉和維護之間的組合情況如何？如果這三個領域中的任何一個領域都帶來了負面影響，其性質是什麼？這只是延遲嗎？您是否確實看到任何取消或其他問題？

Just curious for a bit more color there, both on the mix and then where -- any aspects of how the demand has materialized might have disappointed relative to what you anticipated?

我只是好奇想了解更多細節，包括混合情況和地點——需求實現的任何方面可能與您的預期相比令人失望？

Yeah. So on the subsea, that is pure project work, no maintenance associated with that, no maintenance opportunities associated with that. Look, I think that has been the biggest surprise for us because as Dave Anderson cited, and I know you know, Tom, the project work subsea that the backlogs for the next one, two, three, four years are really quite robust.

是的。因此，在海底，這是純粹的專案工作，沒有與之相關的維護，也沒有與之相關的維護機會。聽著，我認為這對我們來說是最大的驚喜，因為正如戴夫安德森所提到的，而且我知道，湯姆，海底計畫工作未來一、二、三、四年的積壓工作確實相當強勁。

So we believe that we're in a little bit of a lull moment after two very strong years and that we'll -- again, we'll get our fair share, especially of the pipe-in-pipe projects. LNG is a combination of maintenance work and project work.

因此，我們相信，在經歷了兩年非常強勁的成長之後，我們正處於一個平靜期，而且我們將再次獲得公平的份額，特別是管道項目中的份額。LNG 是維護工作和專案工作的結合。

The big headlines though, of course, are when we can win a project. We know from history that project work can be anywhere from $5 million per project to -- our biggest project was $40 million, an unusually large project.

當然，最大的新聞是我們何時能夠贏得一個項目。我們從歷史上知道，每個項目的費用可以從 500 萬美元到 4000 萬美元不等，我們最大的項目是 4000 萬美元，這是一個異常大的項目。

But that -- but those are big ranges. We do a lot of maintenance work in facilities all around the world, and that maintenance work typically gives us an opportunity to demonstrate our value proposition before those facilities go on to have an expansion, and it allows us to get ourselves in the specifications and in a good position with the engineering companies and the asset owners. So those are really the two -- those are the two areas.

但那——但那些範圍很大。我們在世界各地的設施中做了很多維護工作，這些維護工作通常使我們有機會在這些設施進行擴建之前展示我們的價值主張，並使我們能夠滿足規範並與工程公司和資產所有者保持良好的關係。所以這其實是兩個——這兩個領域。

I mean I think we all know that LNG forecasts are positive and North America is a strong location for exports. And again, we're in good positions, both with export facilities and in receiving terminals. So those are the two areas that -- where we think we've got an opportunity to reignite growth and again, maintain significant profitability in that segment.

我的意思是，我想我們都知道液化天然氣預測是積極的，北美是出口的強大地點。而且，我們在出口設施和接收終端方面都處於有利地位。因此，我們認為這兩個領域有機會重新激發成長，並再次保持該領域的顯著獲利能力。

And Don, could you just remind us on the lead time that you tend to have with orders for each of the Cryogel for LNG and the Spaceloft for subsea. How far in advance do you tend to get the booking ahead of when you would expect to ship?

唐，您能否提醒我們液化天然氣用 Cryogel 和海底用 Spaceloft 訂單的交付週期。您通常會提前多久預訂預計出貨的時間？

Yeah. For subsea, we tend to win a project and deliver it within a quarter or two. That has been standard for us for a long time. LNG has a little bit more of a lead time. And as we work our way in, we do come, as you know, late in these projects from a build point of view.

是的。對於海底項目，我們通常會在一兩個季度內贏得一個項目並交付。這對我們來說早已是標準了。LNG 的交貨時間稍微長一些。如你所知，隨著我們不斷努力，從建設的角度來看，我們確實在這些項目中落後了。

And so sometimes projects can be well underway by the time we secure our position within that facility. So these projects are not maybe one to two quarters, but maybe two, three and four quarters in advance.

因此，有時當我們在該設施內確定位置時，專案可能已經順利進行了。因此，這些項目可能不是提前一到兩個季度，而是提前兩、三、四個季度。

Got it. I appreciate the time and answers.

知道了。我感謝您的時間和回答。

Thank you, Tom.

謝謝你，湯姆。

There are no additional questions waiting at this time. So I'd like to pass the conference back over to Mr. Young for closing remarks.

目前沒有其他問題。因此，我想將會議交還給楊先生，請他作最後發言。

Thank you, Megan. We appreciate everyone's interest in Aspen Aerogels. We look forward to reporting our third quarter results to you in early November. Thank you so much. Be well.

謝謝你，梅根。我們感謝大家對 Aspen Aerogels 的關注。我們期待在 11 月初向您報告我們的第三季業績。太感謝了。保重。

That concludes today's conference call. Thank you for your participation, and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您今天過得愉快。