Aspen Aerogels Inc (ASPN) 2025 Q4 法說會逐字稿

Good morning. Thank you for attending the Aspen Aerogel (sic - Areogels) Inc., Q4 2025 and full-year 2025 financial results call. (Operator Instructions)

早安.感謝您參加 Aspen Aerogel (sic - Areogels) Inc. 2025 年第四季和 2025 年全年財務表現電話會議。（操作說明）

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

現在，我謹將會議交給主持人尼爾·巴拉諾斯基，他是阿斯彭公司的高級總監、投資者關係和企業策略主管。謝謝。巴拉諾斯基先生，您可以繼續前進了。

Thank you, Gabby. Good morning, and thank you for joining us for the Aspen Aerogels fourth-quarter and full-year 2025 financial results conference call. With us today are Don Young, President and CEO; and Grant Thoele, Chief Financial Officer and Treasurer. 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.

謝謝你，加比。早安，感謝各位參加 Aspen Aerogels 2025 年第四季及全年財務業績電話會議。今天與我們在一起的是總裁兼首席執行官唐·楊，以及首席財務官兼財務主管格蘭特·索爾。公佈 Aspen 財務業績和業務發展的新聞稿以及今天我們將要討論的幻燈片可在 Aspen 網站 www.aerogel.com 的投資者關係部分找到。

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，我們將提及非GAAP財務指標，包括調整後的EBITDA和調整後的淨收入。GAAP 和非 GAAP 指標之間的調整表包含在投影片簡報和收益發布文件的背面。

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，管理層將就我們的預期發表前瞻性聲明。這些聲明存在風險和不確定性，可能導致我們的實際結果與這些聲明有重大差異。這些風險和不確定性包括我們在提交給美國證券交易委員會的文件中確定的因素。請仔細閱讀投影片第 1 頁的免責聲明，因為我們本次電話會議的內容將受其約束。

I'd also like to note that 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，在我們長期股權激勵計畫下發行的限制性股票單位和/或股票選擇權歸屬時，我們預計我們的第 16 條高階主管將不時提交 4 號表格，報告出售和/或扣留股份的情況，以便支付稅款和/或選擇權的行使價格。

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

現在我將把電話交給唐。大學教師？

Thanks, Neal. Good morning, everyone. Thank you for joining us for our Q4 2025 earnings call. My comments will cover the evolving demand environment for electric vehicles and our related organizational adjustments, our growth outlook for the Energy Industrial segment and our progress in developing a Battery Energy Storage systems segment.

謝謝你，尼爾。各位早安。感謝您參加我們2025年第四季財報電話會議。我的演講將涵蓋電動車不斷變化的需求環境以及我們相關的組織調整、能源工業部門的成長前景以及我們在發展電池儲能係統部門方面取得的進展。

I will also outline our strong liquidity position and the strategic review process that we are undertaking to explore opportunities to maximize shareholder value. Grant will amplify these points with his comments, and we look forward to your questions.

我也會概述我們強勁的流動性狀況，以及我們正在進行的策略審查流程，以探索最大化股東價值的機會。格蘭特將在他的評論中進一步闡述這些觀點，我們期待你們的提問。

Throughout 2025 and into 2026, we streamline the organization, lowered our fixed cost base, strengthened liquidity, and positioned Aspen to operate effectively in a resetting EV market. As expected, U.S. EV sales in Q4 dropped significantly. GM followed suit with a ramp down of its EV production rates beginning in Q4 2025. We expect GM and other North American EV OEMs will determine the demand for EVs absent incentives and regulation during the first half of 2026 and align inventory and production rates based on the new market conditions.

在 2025 年及 2026 年，我們精簡了組織架構，降低了固定成本，增強了流動性，使 Aspen 能夠在重塑的電動車市場中有效運作。正如預期，美國第四季電動車銷量大幅下降。通用汽車也效倣此舉，從 2025 年第四季開始逐步降低其電動車的產量。我們預計，通用汽車和其他北美電動車原始設備製造商將在 2026 年上半年在沒有激勵措施和監管的情況下確定電動車的需求，並根據新的市場情況調整庫存和生產力。

From this reset level, we expect EV penetration to resume growth, though at a more measured pace than in prior years. GM has maintained its full line of EV nameplates and has stated that it remains dedicated to its long-term EV success including in its Cadillac division, where EV sales represented nearly 30% of total sales over the year 2025.

從目前的調整水平來看，我們預計電動車滲透率將恢復成長，但成長速度將比往年更加緩慢。通用汽車保留了其全部電動車品牌，並表示將繼續致力於電動車的長期成功，包括其凱迪拉克部門，預計到 2025 年，電動車銷量將佔總銷量的近 30%。

In Europe, we see stronger structural drivers for our PyroThin Thermal Barriers segment. The key factors of market penetration, charging infrastructure, and steadier policy guidelines create a more visible multiyear adoption trajectory for OEMs. Battery electric vehicles now represent over 20% of new vehicle registrations in the region. At our last earnings call, we disclosed the battery design award from a major European OEM. That customer is Volvo Car, bringing our total to seven European OEM design wins.

在歐洲，我們看到 PyroThin 隔熱材料業務板塊有更強勁的結構性驅動因素。市場滲透率、充電基礎設施和更穩定的政策指導等關鍵因素，為原始設備製造商 (OEM) 創造了更清晰的多年採用軌跡。目前，電池電動車在該地區新車註冊量中佔比超過 20%。在上次財報電話會議上，我們揭露了我們獲得了來自歐洲主要原始設備製造商的電池設計獎。該客戶是沃爾沃汽車，這使我們在歐洲 OEM 設計領域的成功案例總數達到了七個。

We remain actively engaged with other European OEMs as they advance to their next-generation EV platforms, and we anticipate securing an additional award during the year. Across these European awards, we are supporting programs that incorporate battery cells from a diversified global supply base, including European, Korean, Japanese, and leading Chinese manufacturers. We are encouraged by our momentum in Europe and believe the region will be an important contributor to our revenue in 2027 and beyond.

我們將繼續積極與其他歐洲汽車製造商合作，共同推動下一代電動車平台的發展，並期待在年內獲得另一個獎項。在這些歐洲獎項中，我們支持的專案採用了來自多元化全球供應鏈的電池，包括歐洲、韓國、日本和中國領先的製造商。我們對我們在歐洲的發展勢頭感到鼓舞，並相信該地區將在 2027 年及以後為我們的收入做出重要貢獻。

Our Energy Industrial segment is poised to grow through the year 2026. Revenue in 2025 of $102 million was comprised largely of baseload maintenance and limited LNG work and was largely absent subsea project work where we had record years in 2023 and 2024. We believe 2026 growth in this segment could reach 20%, supported by three primary drivers. First, we now have a robust pipeline for subsea projects and anticipate strong demand throughout the decade as more subsea developments move into deeper water and more challenging environments.

我們的能源工業板塊預計在 2026 年實現成長。2025 年的收入為 1.02 億美元，主要來自基本負載維護和有限的液化天然氣工作，而海底項目工作則基本缺失，我們在 2023 年和 2024 年的海底項目工作創下了紀錄。我們認為，在三大主要驅動因素的推動下，到 2026 年，該領域的成長率可能達到 20%。首先，我們現在擁有強大的海底項目儲備，並預計未來十年隨著更多海底開發項目向更深的水域和更具挑戰性的環境推進，需求將保持強勁。

Aspen has led this segment for two decades, and we are well placed to benefit from the current subsea cycle. We are off to a good start in 2026 with our first award win for an attractive North Sea pipe and pipe subsea project, which we expect to deliver in Q3.

Aspen 已在該領域領先二十年，我們完全有能力從當前的海底經濟週期中獲益。2026 年我們開局良好，贏得了第一個獎項，這是一個極具吸引力的北海管道和海底管道項目，我們預計將在第三季度交付。

Second, LNG is an attractive growth vector for our Energy Industrial segment, and we're positioned across the entire LNG value chain, not just liquefaction. The market is in a multiyear build cycle, and we expect our LNG and natural gas infrastructure activity in 2026 to roughly double versus 2025 in both project count and revenue contribution, and we also see steady opportunities through the decade.

其次，液化天然氣是我們能源產業部門一個有吸引力的成長點，我們在整個液化天然氣價值鏈中都有佈局，而不僅僅是液化環節。市場正處於多年建設週期中，我們預計到 2026 年，我們的液化天然氣和天然氣基礎設施活動在項目數量和收入貢獻方面都將比 2025 年翻一番，而且我們還看到未來十年將有穩定的機會。

Accelerating electricity demand keeps natural gas central for reliability and speed to power. We are positioned to convert this demand into profitable growth for our Energy Industrial segment. And the third key factor is pent-up demand for maintenance and refinery and petrochemical end users who have run their facilities hard and profitably over the past year while minimizing maintenance and turnarounds. Again, we are well placed to meet this demand and to increase our important baseload maintenance revenue.

不斷增長的電力需求使天然氣在電力供應的可靠性和速度方面繼續發揮核心作用。我們有能力將這種需求轉化為能源工業領域的獲利成長。第三個關鍵因素是煉油和石化終端用戶對維護的積壓需求，他們在過去一年中努力經營設施並從中獲利，同時最大限度地減少了維護和檢修。我們完全有能力滿足這項需求，並增加我們重要的基礎維護收入。

Collectively, these three drivers support the potential for 20% growth in 2026 for our Energy Industrial segment with opportunities for similar growth in 2027 and 2028. In 2026, we are investing in our Energy and Industrial business by adding to our customer-facing sales and technical service teams around the world. Our objective is to scale Energy Industrial into a $200 million high-margin segment without the need for incremental capital investment.

綜合來看，這三大驅動因素支撐著我們的能源產業部門在 2026 年實現 20% 的成長潛力，並在 2027 年和 2028 年有機會實現類似的成長。2026年，我們將增加對能源和工業業務的投資，在全球擴充面向客戶的銷售和技術服務團隊。我們的目標是在無需額外資本投資的情況下，將能源工業發展成為年利潤率高達 2 億美元的細分市場。

As part of our growth -- long-term growth strategy, we are also investing in the development of additional commercial segments to leverage our unique technology, sales, and technical service teams, and existing manufacturing assets. We believe the effort will diversify and broaden Aspen's addressable market. A key example is battery energy storage systems or BESS, where macro policy and technology shifts are aligning in our favor.

作為我們長期成長策略的一部分，我們也在投資開發其他商業領域，以利用我們獨特的技術、銷售和技術服務團隊以及現有的製造資產。我們相信這項措施將使 Aspen 的目標市場多元化並擴大其規模。電池儲能係統（BESS）就是一個典型的例子，宏觀政策和技術變革正朝著有利於我們的方向發展。

As developers move toward higher density LFP architectures, they are encountering the same thermal propagation challenges we have already solved in EV platforms. We are actively engaged in multiple qualifications and bids supporting grid infrastructure, data centers, and other high reliability applications.

隨著開發人員轉向更高密度的磷酸鋰電池架構，他們遇到了我們在電動車平台中已經解決的熱傳播挑戰。我們積極參與多項資質認證和投標活動，為電網基礎設施、資料中心和其他高可靠性應用提供支援。

With EV proven performance in domestic manufacturing capability, we believe we are well positioned to participate in this growing market beginning in 2026. We have taken decisive actions to strengthen and increase the flexibility of our balance sheet. We ended 2025 with approximately $159 million in cash and in a strong net cash position. In March, we will receive a payment from General Motors of nearly $38 million related to a commercial settlement associated with prior EV capacity adjustments.

憑藉電動車在國內製造能力方面已得到驗證的性能，我們相信我們已做好充分準備，從 2026 年開始參與這個不斷增長的市場。我們已採取果斷措施，加強並提高資產負債表的彈性。截至 2025 年底，我們擁有約 1.59 億美元的現金，淨現金狀況良好。3 月份，我們將收到通用汽車支付的近 3,800 萬美元，這筆款項與先前電動車產能調整相關的商業和解有關。

In addition, we have advanced the sale of our Plant II assets and are entering due diligence with the leading bidder following a competitive process. In addition, we continue to manage cash and working capital tightly. In parallel, we have structurally reduced fixed cash costs by approximately $75 million annually and expect further streamlining in 2026 with a longer-term goal to lower our adjusted EBITDA breakeven to $175 million of revenue.

此外，我們已推進二號工廠資產的出售，並在經過競爭性流程後，對領先的競標者展開盡職調查。此外，我們繼續嚴格管理現金和營運資金。同時，我們已從結構上減少了每年約 7,500 萬美元的固定現金成本，並預計在 2026 年進一步精簡，長期目標是將調整後的 EBITDA 損益平衡點降低到 1.75 億美元的收入。

Importantly, beyond the breakeven level, incremental revenue carries an expected 50% to 60% adjusted EBITDA margin while requiring limited incremental capital investment. Again, we are initiating a strategic review to ensure our growth strategy and capital allocation priorities are aligned to maximize long-term shareholder value. Following a period of market change and internal restructuring, this review is a disciplined evaluation of our strategic options. Importantly, it is being conducted from a position of financial strength and operational progress.

重要的是，超過損益平衡點後，新增收入預計可帶來 50% 至 60% 的調整後 EBITDA 利潤率，同時所需的新增資本投資有限。我們再次啟動策略審查，以確保我們的成長策略和資本配置重點能夠最大限度地提高股東的長期價值。經過一段時間的市場變化和內部重組，本次審查是對我們的策略選擇進行的嚴謹評估。重要的是，這項工作是在財務實力雄厚、營運進展順利的情況下進行的。

Our objective is clear: ensure our strategy, capital structure, and asset base are optimized to drive long-term value creation. Grant, over to you.

我們的目標很明確：確保我們的策略、資本結構和資產基礎得到最佳化，從而推動長期價值創造。格蘭特，接下來就交給你了。

Thanks, Don, and good morning, everyone. I'll review our fourth-quarter and full-year 2025 results, provide our Q1 outlook, discuss the European EV market, and close with our strategic framework. 2025 was a transitional year for Aspen. North American EV production levels fell in response to accelerated deregulation and end market demand, while Energy Industrial results were weighted toward maintenance activity with fewer large project awards.

謝謝你，唐，大家早安。我將回顧我們2025年第四季和全年業績，展望第一季度，探討歐洲電動車市場，並總結我們的策略架構。 2025年是Aspen的轉型之年。受加速放鬆管制和終端市場需求的影響，北美電動車產量下降；而能源工業的表現則以維護活動為主，大型專案授予較少。

We believe the recovery is around the corner as EV demand finds a floor and a new baseline is established with momentum building our energy business. More on this later.

我們相信，隨著電動車需求觸底反彈，新的基準線建立起來，以及我們能源業務的發展勢頭強勁，經濟復甦指日可待。稍後會詳細說明。

Fourth-quarter revenue was $41.3 million, including $25.3 million in energy, industrial and $16.1 million in thermal barrier. GAAP net loss was $72.9 million, and adjusted EBITDA was negative $18 million. Gross margin was materially impacted by lower production volumes and certain discrete items incurred during the quarter. Adjusted operating expenses, excluding impairments, restructuring charges, and bad debt expense declined from $22.6 million in Q3 to $21 million in Q4, reflecting continued cost discipline.

第四季營收為 4,130 萬美元，其中能源、工業營收為 2,530 萬美元，隔熱屏障營收為 1,610 萬美元。GAAP淨虧損為7,290萬美元，調整後EBITDA為負1,800萬美元。受產量下降和本季發生的某些特殊項目的影響，毛利率受到重大影響。經調整後的營運費用（不包括減損損失、重組費用和壞帳支出）從第三季的 2,260 萬美元下降到第四季的 2,100 萬美元，反映出持續的成本控制。

Q4 results included several one-time items: a $22.5 million noncash charge related to underutilized assembly equipment, which materially impacted conversion costs and gross margin, a $3 million of bad debt expense associated with a customer solvency issue, several year-end material adjustments, temporary -- temporarily elevated material costs to 48% of revenue in Q4, which we view as nonrecurring.

第四季業績包含幾項一次性項目：與未充分利用的裝配設備相關的 2250 萬美元非現金支出，對轉換成本和毛利率產生了重大影響；與客戶償付能力問題相關的 300 萬美元壞帳支出；幾項年末重大調整；暫時性——第四季度材料成本暫時升至收入的 48%，我們認為這是非經常性的第四季度。

Importantly, we do not believe Q4 profitability levels reflect our go-forward cost structure. Lower EV production volumes during the year reduced manufacturing absorption, particularly in Q4, and we responded by implementing structural cost actions.

重要的是，我們認為第四季的獲利水準並不能反映我們未來的成本結構。年內電動車產量下降，導致生產吸收能力降低，尤其是在第四季度，我們透過實施結構性成本控制措施來應對此問題。

Turning to full-year performance. Revenue totaled $271.1 million with $102.2 million from Energy Industrial and $168.9 million from thermal barrier. GAAP net loss was $389.6 million and adjusted EBITDA was $2.9 million. Gross profit was $46.3 million, representing a 17% gross margin. Excluding one-time items, gross margins would have been approximately 27% and adjusted EBITDA approximately $13 million for the year.

接下來是全年業績。總收入為 2.711 億美元，其中能源工業收入為 1.022 億美元，隔熱屏障收入為 1.689 億美元。GAAP淨虧損為3.896億美元，調整後EBITDA為290萬美元。毛利為 4,630 萬美元，毛利率為 17%。剔除一次性項目後，本年度毛利率約 27%，調整後 EBITDA 約為 1,300 萬美元。

Despite P&L headwinds, we generated $6.1 million of cash in Q4 and ended the year with $158.6 million in cash and cash equivalents. This performance reflects disciplined working capital management, inventory optimization, and materially reduce capital expenditures. In December, we amended our MidCap credit agreement to enhance covenant flexibility, and we maintain a substantial liquidity cushion under the revised terms.

儘管損益表面臨不利因素，但我們在第四季度仍產生了 610 萬美元的現金，並在年底時擁有 1.586 億美元的現金及現金等價物。這一業績反映了公司嚴格的營運資金管理、庫存優化以及大幅降低的資本支出。12 月，我們修改了中型企業信貸協議，以增強契約的靈活性，並且在修訂後的條款下，我們保持了充足的流動性緩衝。

Turning to slide 4. For the first quarter of 2026, we expect total revenue between $35 million and $40 million. We anticipate approximately $25 million of that revenue to come from the Energy Industrial segment. Our guidance assumes GM production at an annualized rate of approximately 40,000 to 50,000 vehicles in the quarter down from the 72,000 annual rate in Q4.

翻到第4張投影片。我們預計 2026 年第一季總營收將在 3,500 萬美元至 4,000 萬美元之間。我們預計其中約 2500 萬美元的收入將來自能源工業部門。我們的預測是，通用汽車本季的年化產量約為 4 萬至 5 萬輛，低於第四季的年化產量 7.2 萬輛。

This decline was anticipated and reflects typical Q1 planned production downtime and inventory drawdown, along with the effects of GM's previously announced EV transition actions. We expect production levels to normalize as the year progresses.

這一下滑在預料之中，反映了第一季典型的計畫內生產停工和庫存消耗，以及通用汽車先前宣布的電動車轉型措施的影響。我們預計隨著時間的推移，產量水準將恢復正常。

Accordingly, we expect Q1 to represent the lowest revenue quarter of the year. From this base, we anticipate sequential revenue growth through 2026, supported by three primary drivers. First, increasing GM production as downtime subsides and EV volumes normalize through the year. Second, the continued ramp of our European OEM programs, which we expect to contribute approximately $10 million to $15 million of revenue in 2026. Third, we expect approximately 20% revenue growth in Energy Industrial with a greater concentration of project activity in the second half of the year.

因此，我們預計第一季將是全年收入最低的季度。在此基礎上，我們預計到 2026 年營收將持續成長，這主要得益於三大驅動因素。首先，隨著停工時間減少和電動車產量在年內恢復正常，通用汽車將提高產量。其次，我們歐洲 OEM 計畫的持續推​​進，預計到 2026 年將貢獻約 1,000 萬至 1,500 萬美元的收入。第三，我們預計能源產業領域的營收將成長約 20%，專案活動將在下半年更加集中。

As volumes increase and we continue to lower our cost structure, we expect improved operating leverage and margin expansion throughout the year. Given the mix in the revenue range, we expect adjusted EBITDA to be between negative $13 million and negative $10 million for the quarter. We expect working capital being neutral to slightly positive and capital expenditures to remain minimal. Including scheduled debt amortization, we anticipate approximately $10 million to $15 million of net cash outflows in the quarter.

隨著銷售量增加，我們繼續降低成本結構，預計全年營運槓桿和利潤率將有所提高。鑑於收入範圍的組成，我們預計本季調整後的 EBITDA 將在 -1300 萬美元至 -1000 萬美元之間。我們預計營運資金將維持中性或略微為正，資本支出將維持在最低水準。計入預定的債務攤銷，我們預計本季淨現金流出約為 1,000 萬至 1,500 萬美元。

Including the expected $38 million payment from GM, we anticipate ending Q1 well above our 12/31 cash balance of $158.6 million. This level of liquidity provides flexibility to further delever the business, and we're evaluating a host of options, while staying nimble to opportunistically invest in growth initiatives. Over the past year, we have methodically restructured Aspen to operate with a significantly more efficient cost base while preserving long-term revenue capacity.

加上通用汽車預計支付的 3,800 萬美元，我們預計第一季末的現金餘額將遠高於 12 月 31 日的 1.586 億美元。這種流動性水準為進一步降低業務槓桿提供了靈活性，我們正在評估一系列方案，同時保持靈活，以便抓住機會投資於成長計畫。過去一年，我們有條不紊地對 Aspen 進行了重組，使其營運成本結構更加高效，同時維持了長期的收入能力。

In 2024, adjusted EBITDA breakeven was approximately $330 million of revenue. In 2025, that level declined to approximately $270 million. And by the end of 2026, we will have reduced that further to approximately $200 million. Looking ahead to 2027, as further structural efficiencies are realized, we're targeting an adjusted EBITDA breakeven level of approximately $175 million of revenue.

2024 年調整後的 EBITDA 損益平衡點約為 3.3 億美元的營收。到 2025 年，這一水準下降至約 2.7 億美元。到 2026 年底，我們將進一步減少到約 2 億美元。展望 2027 年，隨著結構效率的進一步提高，我們的目標是調整後的 EBITDA 損益平衡點約為 1.75 億美元收入。

For 2026, we currently expect $10 million of capital expenditures and approximately $35 million of scheduled debt payments, including $24 million of term loan principal amortization. Proceeds from the potential sale of Plant II assets would be applied directly toward term debt and offset scheduled principal payments on a dollar-for-dollar basis.

2026 年，我們目前預計資本支出為 1,000 萬美元，計畫債務支付約為 3,500 萬美元，其中包括 2,400 萬美元的定期貸款本金攤銷。出售第二工廠資產所得款項將直接用於償還定期債務，並以一比一的比例抵消預定的本金支付。

Factoring in scheduled debt amortization, disciplined capital spending, and improving profitability through the year, we expect to expand our net cash position from approximately $60 million today to over $70 million by the end of this year. As we navigate 2026 maintaining balance sheet strength remains a top priority.

考慮到按計劃償還債務、有紀律的資本支出以及全年盈利能力的提高，我們預計到今年年底，我們的淨現金頭寸將從目前的約 6000 萬美元增加到 7000 萬美元以上。展望2026年，維持資產負債表的穩健性仍是我們的首要任務。

Let me turn to slide 5 to highlight our positioning in Europe, which we view as a structurally attractive EV market with increasing visibility into future platform launches. EV penetration is projected to approach 40% of European production by 2030, supported by continued infrastructure expansion, OEM electrification commitments, and evolving regulatory frameworks. Importantly, Aspen is embedded across major European EV platforms spanning both passenger and commercial vehicles.

讓我翻到第 5 張投影片，重點介紹我們在歐洲的定位。我們認為歐洲是一個結構上具有吸引力的電動車市場，未來平台的推出也越來越清晰可見。在基礎設施持續擴張、汽車製造商電氣化承諾以及不斷發展的監管框架的支持下，預計到 2030 年，電動車在歐洲的滲透率將接近 40%。重要的是，Aspen 已嵌入到歐洲主要的電動車平台中，涵蓋乘用車和商用車。

Our European-only pipeline represents approximately $220 million tied to 2027 launches, expanding to more than $450 million in 2028. These figures reflect customer provided full production volume assumptions and normal platform ramp profiles. We model these programs conservatively and even under moderated volume assumptions, we continue to see meaningful growth potential into 2027 and 2028.

我們僅在歐洲的研發項目價值約 2.2 億美元，預計 2027 年推出，到 2028 年將擴大到 4.5 億美元以上。這些數據反映了客戶提供的完全生產量假設和正常的平台爬坡曲線。我們對這些項目進行了保守的建模，即使在銷售假設有所調整的情況下，我們仍然看到到 2027 年和 2028 年有顯著的成長潛力。

These programs incorporate similar part designs allowing us to utilize common assembly equipment across these platforms. This supports capital-efficient growth with minimal incremental CapEx as most of the required equipment is already in place. While this slide highlights Europe, we remain actively engaged in quoting programs in North America and Asia as well. Taken together, Europe is positioned to become a meaningful revenue contributor beginning in 2027 with attractive capital efficiency as these platforms ramp.

這些程式採用了類似的零件設計，使我們能夠在這些平台上使用通用的組裝設備。由於大部分所需設備已經到位，因此可以實現資本高效增長，同時最大限度地減少新增資本支出。雖然這張投影片重點介紹了歐洲，但我們仍然積極參與北美和亞洲的報價項目。綜合來看，隨著這些平台的發展，歐洲有望從 2027 年開始成為重要的收入貢獻者，並具有有吸引力的資本效率。

Lastly, I'll build on Don's comments by framing our long-term strategy around three clear priorities. First and foremost, we have a healthy balance sheet. This provides flexibility, flexibility to operate through market volatility, allocate capital deliberately, and pursue growth from a position of strength. With that foundation in place, our strategy centers on three pillars.

最後，我將以唐的觀點為基礎，圍繞著三個明確的優先事項來建立我們的長期策略。首先，我們的資產負債表非常健康。這賦予了企業靈活性，使其能夠在市場波動中靈活運營，有意識地配置資本，並從優勢地位追求成長。在此基礎上，我們的策略圍繞著三大支柱展開。

First, continue driving structural operating leverage. We've reset our EBITDA breakeven level from $330 million in 2024 to $175 million in 2027, with additional efficiency opportunities ahead. Above that level, incremental revenue delivers 50% to 60% EBITDA margins, meaning a core market recovery translates directly into profitability.

首先，繼續推動結構性經營槓桿。我們將 EBITDA 損益平衡點從 2024 年的 3.3 億美元下調至 2027 年的 1.75 億美元，未來還有更多提高效率的機會。超過該水平，增量收入可帶來 50% 至 60% 的 EBITDA 利潤率，這意味著核心市場的復甦將直接轉化為獲利能力。

Second, strengthening and optimizing our capital structure. We have line of sight to increasing our net cash position by the end of 2026. We've transitioned to a capital-light, flexible manufacturing model that eliminates the need for new plant construction and allows us to scale using existing assets and swing capacity. This flexibility allows us to fund key growth initiatives while maintaining a strong liquidity profile.

第二，加強和優化我們的資本結構。我們預計到 2026 年底將增加淨現金部位。我們已經轉型為輕資本、靈活的製造模式，無需新建工廠，並允許我們利用現有資產和靈活產能擴大規模。這種靈活性使我們能夠在保持強勁流動性的同時，為關鍵成長計畫提供資金。

And third, accelerating growth through Aerogel platform expansion and pursuing transformative opportunities to unlock the full potential of the business. We are scaling our core EV and Energy Industrial platforms, including growing European EV momentum and renewed subsea and LNG activity, and at the same time, broadening our Aerogel technology into adjacent markets and other next-generation energy applications.

第三，透過氣凝膠平台擴張加速成長，並尋求變革性機遇，以釋放業務的全部潛力。我們正在擴大核心電動車和能源工業平台，包括不斷增長的歐洲電動車發展勢頭以及重新煥發的海底和液化天然氣業務，同時，我們將氣凝膠技術擴展到鄰近市場和其他下一代能源應用領域。

Through our strategic review process, we're evaluating unique and transported pathways that could accelerate growth and enhance long-term value creation. We've engaged highly qualified advisers to rigorously test our assumptions, evaluate capital allocation options and sharpen our strategic road map. Importantly, this review is being conducted from a position of strength, not necessity. Our objective is clear: thoughtful and disciplined execution of our strategy that maximizes value creation.

透過我們的策略審查流程，我們正在評估能夠加速成長和增強長期價值創造的獨特且可行的途徑。我們聘請了高素質的顧問，嚴格檢驗我們的假設，評估資本配置方案，並完善我們的策略路線圖。重要的是，這次審查是在實力地位的基礎上進行的，而不是迫不得已的。我們的目標很明確：深思熟慮、嚴謹自律地執行我們的策略，以最大限度地創造價值。

In closing, we've stabilized the business with a strong balance sheet and built a financial framework that supports both resilience and growth. We remain confident in our core markets and in the differentiated value of our Aerogel technology. With a deliberate strategic review underway and a clear three-pillar framework in place, we are positioned to expand our addressable markets, strengthen our competitive position, and deliver sustainable long-term shareholder value.

總之，我們透過穩健的資產負債表穩定了業務，並建立了一個既能支持韌性又能支持成長的財務框架。我們對核心市場和氣凝膠技術的差異化價值仍然充滿信心。透過正在進行的審慎策略審查和明確的三支柱框架，我們有能力擴大目標市場，增強競爭地位，並為股東創造可持續的長期價值。

Operator, over to you for Q&A.

操作員，接下來請您回答問題。

(Operator Instructions) Eric Stine, Craig-Hallum.

（操作說明）埃里克·斯泰恩，克雷格-哈勒姆。

So maybe just starting with PyroThin and -- let's see, it's slide 5, that is very helpful. I guess I just wanted to confirm, so the numbers you're giving for 2027 and 2028, the awarded number. Is that the full value of what is being provided by your customers or is that discounted as I know when you've done it in the past, you have given it a pretty healthy discount.

所以或許可以從 PyroThin 開始——讓我看看，這是第 5 張投影片，這很有幫助。我只是想確認一下，你們給的 2027 年和 2028 年的數字，也就是最終確定的數字。這是您的客戶提供的全部價值，還是已經打了折？我知道您過去的做法是給予相當大的折扣。

And then curious, as you think about these numbers, I know a lot of these programs are in ramp mode. But when you compare that to GM, and I know there's uncertainty as to what GM looks like as well. I mean, what do you think the mix looks like when you get out into 2027 and 2028 between your primary OEM today and a lot of these programs that are coming on in Europe?

然後，當你思考這些數字時，你會好奇地發現，我知道很多專案都處於加速階段。但當你將它與通用汽車進行比較時，我知道通用汽車的未來發展方向也存在不確定性。我的意思是，你認為到了 2027 年和 2028 年，你目前的主要 OEM 和歐洲正在進行的許多項目之間的組合會是什麼樣子？

Good questions, Eric. To answer your first one, it is fully -- full customer volumes in 2027 and 2028, so that blue shaded portion of the chart the 120 and the 150, that's what they have provided to us. And when we look forward at '27 and '28, there are -- there's a lot of activity. You can see how much floated activity we have with programs that start in 2027 and really ramp in '28, combined with our awarded programs today.

問得好，埃里克。回答你的第一個問題，是 2027 年和 2028 年的全部客戶量，所以圖表中藍色陰影部分 120 和 150，就是他們提供給我們的數據。展望 2027 年和 2028 年，有許多活動。你可以看到，我們有很多計劃在 2027 年啟動，並在 2028 年真正加速推進，再加上我們今天已獲批准的項目，這些計劃的開展情況非常活躍。

As we think about North America versus Europe and the shifts in mix in '27 and '28, it's probably fair to assume that GM will probably continue to be at least half in 2027 and 2028. We're opportunistically looking at these kind of quoted pipeline and current awards that they will ramp faster. And so that mix could change.

當我們考慮北美與歐洲以及 2027 年和 2028 年的市場組合變化時，可以合理地假設，通用汽車在 2027 年和 2028 年可能仍將至少佔一半的市場份額。我們正在抓住機會，關注這些已公佈的在建項目和當前已授予的合同，這些項目將會加速成長。因此，這種組合可能會發生變化。

And it's worth noting that these are all at similar margins. So our 35% gross margin target, these will be very accretive to the current business.

值得注意的是，這些利潤率都比較接近。因此，我們35%的毛利率目標，將對現有業務產生非常顯著的促進作用。

Got it. That's helpful. And then maybe just for my follow up. So you mentioned -- and you have a little bit in the past that battery storage, I'm wondering if you can provide any clarity. You mentioned that you're actively involved in some quoting and some potential opportunities, maybe clarity there. And just -- I mean, if you're able to any idea or any estimate of what you think that means in terms of fitting into that 20% growth for EI in '26?

知道了。那很有幫助。然後也許只是為了我的後續跟進。所以你提到了——而且你過去也稍微談到過電池存儲，我想知道你是否能提供一些更清晰的解釋。您提到您積極參與了一些報價和一些潛在機會，或許需要對此進行一些澄清。我的意思是，如果你能對這在 2026 年 EI 增長 20% 的目標中意味著什麼有任何想法或估計的話？

Eric, this is Don. So actually, we think about it independently. When we talk about the potential for 20% growth in EI, we are focused on our core maintenance LNG, subsea type work. And so these contributions from energy storage would be in addition to that. We are deep in the qualification and bidding activity levels.

艾瑞克，我是唐。所以實際上，我們是獨立思考這個問題的。當我們談到EI 20%的成長潛力時，我們主要關注的是我們核心的LNG維護和海底類型的工作。因此，儲能的這些貢獻將是在此基礎上增加的。我們目前正處於資格審查和投標活動的深入階段。

We are providing significant sampling and as we go through that process, auditing, et cetera, of our facilities. So we are deep in that process. And as I said in my script, we anticipate beginning revenue in this new segment here in 2026.

我們正在進行大量的抽樣調查，並在調查過程中對我們的設施進行審核等。所以我們已經深入這個過程了。正如我在稿子裡所說，我們預計將於 2026 年在這個新領域開始產生收入。

Okay. Thank you.

好的。謝謝。

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

Just -- I want to dig into the stationary storage product. There's a lot of interest around rack level storage and indoor applications. And I'm just curious about where you're seeing interest? Is it really for some of these larger systems that are outside some of the data centers looking at various duty cycles around kind of voltage management and some of the heavy [duty] cycling, or is it more tailored towards some of the UPS systems and some of the things that may end up inside billings, just where it seems like some of your safety attributes could be more valuable. Would love any sort of color on that.

我只是想深入了解文具收納產品。人們對機架式儲存和室內應用非常感興趣。我只是好奇你覺得哪些方面比較受歡迎？它真的適用於一些資料中心之外的大型系統，這些系統需要關注電壓管理方面的各種佔空比以及一些重負載循環嗎？還是它更適合某些 UPS 系統以及一些最終可能會計入帳單的設備，在這些設備上，某些安全屬性似乎更有價值？任何顏色我都喜歡。

Yeah. Thank you, Colin. It's both actually. We are doing some of the larger-scale external systems, but we're also doing rack-level modular type systems as well. Again, as you point out, where fire safety is most critical, right?

是的。謝謝你，科林。實際上兩者都是。我們正在做一些規模較大的外部系統，但我們也做機架級模組化系統。正如您所指出的，消防安全在哪些地方最為關鍵？

And that's what we're bringing to the party in this particular case. So we're working with large companies on this project -- on these projects, I should say. And again, we're deep in the qualification and bidding process. We have some policy, not only are we bringing important technology to it, but we have some policy advantages as well with our domestic capacity here in the US, which is creating benefit for those projects.

而這正是我們在這個特殊案例中為這場博弈帶來的價值。所以我們正在與一些大公司合作這個專案——或者更確切地說，是這些專案。我們目前正處於資格審查和投標過程的深入階段。我們有一些政策，不僅為這些項目帶來了重要的技術，而且憑藉我們在美國國內的產能，我們也擁有一些政策優勢，這為這些項目創造了好處。

Okay. Awesome. And then I guess, a market where it seems like there's some applications, and we have heard a lot about it in around the military, certainly if you're doing things out at sea and there's a buildup of incremental EVs or EV-related devices. Just curious about any sort of initial conversations or potential for you guys to enter into the defense market in a little bit more substantial way?

好的。驚人的。然後我想，在某些市場中，似乎有一些應用，我們在軍事領域也聽到了很多相關消息，尤其是在海上作業時，電動車或與電動車相關的設備會不斷增加。我只是好奇你們是否有任何初步洽談，或者是否有可能以更實質的方式進入國防市場？

It's an interesting question. And we do have a team, as I've talked in the past, this idea of broadening our addressable market defense, and we have deep roots in the defense industry going back to our early first decade really. We are focusing on certain applications within defense. Our first priority, though, in adding a segment is on the energy storage side most immediately, and that's where we're applying the majority of our resources.

這是一個有趣的問題。正如我之前所說，我們確實有一個團隊，致力於擴大我們的目標市場國防領域，而且我們在國防工業有著深厚的根基，這可以追溯到我們成立的第一個十年。我們正專注於國防領域的某些應用。不過，我們增加業務板塊的首要任務是能源儲存方面，這也是我們投入大部分資源的地方。

All right. Thanks so much, guys.

好的。非常感謝各位。

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

Thank you for taking my question. I'd like to focus on the Energy Industrial side and ask if you've tried to make an assessment as to what your market share trends have been over the last several quarters. And it's good to see it getting back to growth this year, but I'm just sort of curious as to what, if you've discerned, what the lack of growth was due to last year?

感謝您回答我的問題。我想專注於能源工業方面，請問您是否嘗試評估一下過去幾季您的市佔率趨勢如何？很高興看到它今年恢復成長，但我很好奇，如果您已經了解的話，去年成長乏力的原因是什麼？

Thank you, George. It's -- we, of course, spend a good amount of time analyzing this. And I think we can point pretty clearly to the lack of project work that separates our 2023 and 2024 numbers from our 2025 number. Let's just say roughly a $30 million, $35 million gap between the earlier years and last year. And you can go straight to Subsea, for example, and that accounts for the vast majority of that gap.

謝謝你，喬治。當然，我們會花大量時間分析這個問題。我認為我們可以很清楚地指出，2023 年和 2024 年的數據與 2025 年的數據之間的差距，在於專案工作的缺乏。簡單來說，前幾年和去年之間大約有 3000 萬美元到 3500 萬美元的差距。例如，您可以直接進入海底領域，這可以彌補絕大部分的差距。

And our market share in that segment is extremely high. Yes, we occasionally lose a project, but not very often. And so the fact in 2025, there just weren't many projects to be had. And when we look at the pipeline for 2026, 2027, and 2027 -- sorry, '28, it is much more robust.

我們在該細分市場的佔有率非常高。是的，我們偶爾會丟掉項目，但並不常見。因此，到了 2025 年，可供選擇的項目並不多。當我們展望 2026 年、2027 年和 2028 年（抱歉，是 2028 年）的管道時，就會發現它更加穩健。

And the project that we won earlier this year gets us back -- I mean, 2023 and 2024 were unusually large years for Subsea, more typically is a number in the mid-teens and the project that we won earlier this year that we will deliver in Q3 gets us a long ways towards getting back to that average level, and we have other projects that we're trying to tie down now for the second half of this year.

我們今年早些時候贏得的這個項目讓我們——我的意思是，2023 年和 2024 年對於 Subsea 來說是異常大的年份，通常情況下，這個數字在十幾個百分點左右，而我們今年早些時候贏得的這個項目將在第三季度交付，這將使我們離恢復到平均水平有很大的一步，而且我們還有其他項目正在努力敲定，以便在今年半年完成。

And that's why, George, we believe that we will grow our Energy Industrial business throughout the year. We'll build on it quarter in and quarter out through the year and do believe that we've got that opportunity to grow that business by 20%.

正因如此，喬治，我們相信我們的能源工業業務將在今年持續成長。我們將在此基礎上，逐季推進，並相信我們有機會將業務成長20%。

Thank you. And maybe as a follow up, on slide 5, you talk a lot about this growth potential for Europe, particularly in '27, '28, I'm sort of curious as to how you juxtapose that with some of the news coming out of Europe that the ACC. I know they're still operating, but they appear to be winding down some of their growth projects? I mean, are there other battery manufacturers that you're working with to supply some of the OEMs that are involved in that joint venture?

謝謝。或許可以作為後續問題，在第 5 張幻燈片中，您談到了歐洲的成長潛力，尤其是在 2027 年和 2028 年，我很好奇您是如何將此與歐洲的一些新聞（例如 ACC）進行對比的。我知道他們仍在運營，但他們似乎正在逐步停止一些成長項目？我的意思是，你們是否與其他電池製造商合作，為參與該合資企業的部分原始設備製造商 (OEM) 提供電池？

Yes, George. I think both Grant and I had referenced in our comments, we are, in fact, working with battery cell manufacturers who are European, Korean, Japanese, and a couple of the leading Chinese manufacturers as well. So that has given us a more robust, I think, outlook on Europe and a little less dependent on any single cell manufacturer.

是的，喬治。我認為格蘭特和我都在評論中提到過，事實上，我們正​​在與歐洲、韓國、日本的電池製造商以及幾家領先的中國製造商合作。因此，我認為這讓我們對歐洲市場有了更穩健的展望，也減少了對任何單一電池製造商的依賴。

You mentioned ACC. We had [north vault] as well, as just as an example, in the north vault case, those battery cells were replaced by Asia-based cell manufacturers. And we're right in the middle of those programs. So that diversity is important to us, I think, and gives us confidence about that the European market.

你提到了ACC。我們也曾有[北金庫]的案例，舉個例子來說，在北金庫的案例中，那些電池單元被亞洲的電池單元製造商更換了。我們正處於這些專案的核心階段。所以我認為，這種多樣性對我們來說很重要，也讓我們對歐洲市場充滿信心。

Thanks so much.

非常感謝。

Chip Moore, ROTH Capital Partners.

Chip Moore，ROTH Capital Partners。

Thanks for taking the question. Don, maybe on adjacent growth opportunities beyond best. Any more you can share on what you might be looking at, obviously, building materials in the past has been something you've targeted. But any update on some of those end markets?

感謝您回答這個問題。唐，或許在鄰近的成長機會方面，這是最好的選擇。您能否分享一下您正在關注的內容？顯然，過去您一直在關注的是建築材料。但關於這些終端市場，有什麼最新進展嗎？

We have a strong background on the B&C side, and we are working on a product today that we believe can be effective in that -- in a slice of that market. It's a very large market. And so a slice is additive for us and incremental for us. And as we pointed out, incremental revenue is extremely valuable to us. It is a product that we would most probably supply from our EMF supplier.

我們在B&C領域擁有強大的背景，我們目前正在研發一款產品，我們相信這款產品可以在該領域的部分市場中發揮有效作用。這是一個非常大的市場。因此，對我們來說，切片是可加可增的，也是漸進的。正如我們所指出的，增量收入對我們來說極為寶貴。這很可能是我們將從電磁場供應商採購的產品。

And we want to make sure we have just the right product, it gets certified properly. And then we renew the relationships that we had in that space. And we did -- before we became tight on capacity in the late teens, we developed that segment into a multimillion-dollar effort on our part. And we think we can rekindle that with our fire safety and thermal performance characteristics.

我們希望確保我們提供的產品恰到好處，並且能夠獲得正確的認證。然後我們重新建立起我們在這個領域已有的關係。我們確實做到了——在20世紀10年代末產能緊張之前，我們投入數百萬美元開發了這一領域。我們認為，憑藉我們的防火安全和隔熱性能特性，我們可以重燃這種激情。

And you think you're up with sort of the target market still?

你覺得你現在仍然能把握住目標市場嗎？

I'm sorry, say that again?

不好意思，再說一次？

With like Europe, in particular, would that be more of the target opportunity for that type of product?

特別是像歐洲這樣的國家，是否會成為這類產品的目標市場？

Yeah, sorry. Yes. Just the building type and more of the thermal efficiency regulation and the style of buildings in Europe suit our retrofit type approach to the market and increasing thermal performance in existing buildings.

抱歉。是的。歐洲的建築類型、熱效率法規以及建築風格都適合我們針對市場採取的改造方式，以提高現有建築的熱性能。

And maybe just for my follow-up question. Just on the strategic review, just any more you can give us on the process and timeline and potential options that you might consider?

也許還可以回答我的後續問題。關於策略評估，您能否提供更多關於流程、時間表以及您可能考慮的潛在方案的資訊？

Thank you, Chip. Look, from the strategic review, we have had a lot of change in our commercial markets. We have restructured the company significantly. We are -- we have strengthened our balance sheet significantly, and we have made -- we can feel that we're making operational progress that translates into quarter-over-quarter growth throughout this coming year. And from a strategic review point of view, we just want to make sure that we had some external influences on our thinking and that we don't get too caught in our own thinking.

謝謝你，奇普。從策略評估來看，我們的商業市場發生了很大變化。我們對公司進行了重大重組。我們已經大幅加強了資產負債表，並且我們能夠感受到，我們在營運方面取得了進展，這將轉化為未來一年內每季的環比成長。從策略審查的角度來看，我們只是想確保我們的思考受到一些外在因素的影響，而不是過度陷入我們自己的思考。

So testing our assumptions externally, we think is a prudent thing for us to do. We're able to do it again much more off of our front foot as opposed to our back foot. And so we're going to be very deliberate about it on the one hand, but this is important to us, and we're going to do it with urgency, and we have a broad view. We're in our early stages.

因此，我們認為從外部檢驗我們的假設是明智之舉。我們能夠更多地用前腳而不是後腳來完成這個動作。因此，一方面我們會非常謹慎地對待這件事，但另一方面，這件事對我們來說很重要，我們會盡快完成，而且我們有廣闊的視野。我們尚處於早期階段。

So we don't want to take anything off the table, but we're not prepared quite yet to say what the logical outcome would be of that effort.

所以我們不想排除任何可能性，但我們目前還不準備說這項努力的合乎邏輯的結果是什麼。

And maybe just to add to Don's comments, we are in the early stages. But right now, we have plenty of cash runway. So this is not about just kind of bolstering the balance sheet more or anything like that. What -- really, what we are focused on is foreign gasoline on the fire. We want to accelerate growth.

或許可以補充唐的評論，我們目前還處於早期階段。但目前我們現金流充裕。所以，這並不是為了進一步改善資產負債表之類的目的。實際上，我們關注的焦點是外國勢力火上加油。我們希望加快成長。

And to do that, we want to have world-class advisers and have fresh thinking and make sure that we are pursuing every strategic opportunity and while maintaining optionality for the business. So we're going to be very deliberate in our search and in our process. And in doing so, I think that we'll naturally over time, funnel down these opportunities to find that unicorn.

為了實現這一目標，我們希望擁有世界一流的顧問，擁有創新思維，確保我們抓住每一個策略機遇，同時保持業務的靈活性。因此，我們將在搜索和過程中非常謹慎。這樣做，我認為隨著時間的推移，我們自然會逐步篩選出這些機會，最終找到那隻獨角獸。

Thank you.

謝謝。

Ryan Pfingst, B. Riley.

Ryan Pfingst，B. Riley。

Thanks for taking the questions. To follow up on battery storage first. Can you size the revenue opportunity, maybe if not this year, perhaps later in the decade as it matures or still early to do that there?

謝謝您回答問題。首先跟進電池儲存問題。能否估算收入機會？或許今年不行，也許十年後隨著專案成熟可以估算，或現在估算還為時過早？

It is still early, Ryan, to really get to exact numbers or exact projections, if you will, by the end of the decade. But what I would say is that we know it's a growing market, an important market and we wouldn't do it unless it could be impactful, and also leverage our current technology and our current manufacturing capability.

瑞安，現在要得出確切的數字或預測還為時過早，到十年末可能會出現什麼情況。但我想說的是，我們知道這是一個不斷成長的市場，一個重要的市場，除非它能產生影響，並且能夠利用我們現有的技術和製造能力，否則我們是不會去做的。

So for us, this is a little bit of [betweener] in the sense that it leverages our expertise around Thermal Barriers, but it's in more of an industrial setting. So it is a natural extension of our existing markets and capabilities. But again, what I would just say, over the course of the remaining part of this decade, we wouldn't be doing it if it didn't have impactful growth potential.

所以對我們來說，這有點像是介於兩者之間的一種方式，因為它利用了我們在隔熱屏障方面的專業知識，但它更多地是在工業環境中應用。因此，這是我們現有市場和能力的自然延伸。但我想再次強調的是，在接下來的十年裡，如果它沒有巨大的成長潛力，我們就不會去做這件事。

Got it. Appreciate that. And then maybe one on the EV side and quoting activity. Don, I think you mentioned it in your prepared remarks, but how are you thinking about potential wins this year? And how do those wins compare to some of your current OEM partners in terms of scope?

知道了。謝謝。然後或許可以寫一篇關於電動車方面的文章，談談報價活動。唐，我想你在準備好的演講稿中提到過，你如何看待今年的潛在勝利？從規模上看，這些成功案例與您目前的一些 OEM 合作夥伴相比如何？

We -- I did indicate that we think we're in a strong position to add an additional opportunity in Europe, and potentially here in the United States as well. And we don't exclude some of the work that we're doing in Asia as well. So we do think we have the opportunity to add one, two, possibly three additional awards.

我的確表示過，我們認為我們有能力在歐洲增加新的發展機會，而且有可能在美國也增加新的發展機會。我們也不排除我們在亞洲所進行的一些工作。所以我們認為我們有機會再增加一個、兩個，甚至三個獎項。

What I would say about the awards is that these OEMs are more experienced. Their technology has developed more significantly than even two years ago or three years ago, let alone five and six years ago when some of the platforms that are rolling off now were originally conceived. So our work is much faster and more technical and with just a greater knowledge base, not only for ourselves but for those OEMs as well.

關於這些獎項，我想說的是，這些原始設備製造商（OEM）經驗更豐富。他們的技術發展比兩年前或三年前有了顯著提高，更不用說五、六年前了，當時一些現在正在推出的平台最初就是以這種技術形式構思出來的。因此，我們的工作速度更快、技術性更強，知識儲備也更豐富，這不僅對我們自己有益，對那些原始設備製造商 (OEM) 也是如此。

So we see these programs proceeding much more effectively. And as I said, we see the European market just the structural aspects of that market with steadier policy and a more mature infrastructure to be a great opportunity for us as we showed, I think, in the opportunity base in one of our slides here today.

因此，我們看到這些專案進展得更順利有效。正如我所說，我們認為歐洲市場的結構性因素，例如更穩定的政策和更成熟的基礎設施，對我們來說是一個巨大的機遇，正如我們今天在一張幻燈片中展示的機會基礎一樣。

Great. Thanks, guys. Thanks, Don.

偉大的。謝謝各位。謝謝你，唐。

We currently have no further questions. So I will hand back to Don for closing remarks.

我們目前沒有其他問題。那麼，我將把發言權交還給唐，請他作總結發言。

Thank you, Gabby. We appreciate your interest in Aspen Aerogels, and we look forward to reporting to you our first-quarter results in May. Be well and have a good day. Thank you.

謝謝你，加比。感謝您對 Aspen Aerogels 的關注，我們期待在 5 月向您報告第一季業績。祝您身體健康，有美好的一天。謝謝。

Thank you. This concludes today Aspen Aerogels Inc., Q4 2025 and full-year 2025 financial results call. Thank you for joining. You may now disconnect your lines.

謝謝。Aspen Aerogels Inc. 2025 年第四季及全年財務績效電話會議到此結束。感謝您的參與。現在您可以斷開線路了。