Aspen Aerogels Inc (ASPN) 2021 Q4 法說會逐字稿

Good afternoon. Thank you for attending the Aspen Aerogels, Inc. Fourth Quarter 2021 Earnings Call. (Operator Instructions)

午安.感謝您參加 Aspen Aerogels, Inc. 2021 年第四季財報電話會議。 （操作員說明）

I would now like to turn the conference over to your host, Laura Guerrant, with Aspen Aerogels. Thank you. You may proceed, Ms. Guerrant.

現在我想將會議交給您的東道主 Laura Guerrant，她是 Aspen Aerogels 的代表。謝謝。您可以繼續了，蓋蘭特女士。

Thank you, Lauren. Good evening, and thank you for joining us for the Aspen Aerogels Fiscal Year 2021 Financial Results Conference Call. I'm Laura Guerrant, Aspen's Vice President of Investor Relations and Corporate Communications. With us today are Don Young, President and CEO; John Fairbanks, our Chief Financial Officer, and Ricardo Rodriguez.

謝謝你，勞倫。晚上好，感謝您參加 Aspen Aerogels 2021 財年財務業績電話會議。我是勞拉‧蓋蘭特 (Laura Guerrant)，阿斯彭投資者關係與企業傳播副總裁。今天與我們在一起的有總裁兼執行長 Don Young；我們的財務長約翰·費爾班克斯 (John Fairbanks) 和里卡多·羅德里格斯 (Ricardo Rodriguez)。

Ricardo is Aspen's Chief Strategy Officer and he will be assuming the role of CFO upon John's retirement April 1. There are a few housekeeping items that I'd like to address before turning the call over to John. The press release announcing Aspen's financial results and business developments as well as a reconciliation of management's use of non-GAAP financial measures. compared to the most applicable GAAP measures is available on the Investors section of Aspen's website www.aerogel.com.

Ricardo 是 Aspen 的首席策略官，他將在 John 於 4 月 1 日退休後接任財務長。新聞稿宣布了阿斯彭的財務表現和業務發展，以及管理層使用非公認會計原則財務指標的調節。與最適用的 GAAP 衡量標準的比較可在 Aspen 網站 www.aerogel.com 的投資者部分查看。

Included in the press release is a summary statement of operations, a summary of balance sheet and a summary of key financial and operating statistics for the fourth quarter and full-year ended December 31, 2021. In addition, I'd like to highlight that we have uploaded to our website a slide deck that will accompany our conversation today. You can find the deck at the Investors section of our website. An archive of today's webcast will be on our website for approximately 1 year.

新聞稿中包含截至 2021 年 12 月 31 日的第四季度和全年的營運摘要表、資產負債表摘要以及主要財務和營運統計數據摘要。我們的網站，該幻燈片將伴隨我們今天的對話。您可以在我們網站的投資者部分找到該套牌。今天網路廣播的存檔將在我們的網站上保留大約一年。

Please note that our discussion today will include forward-looking statements including any statements regarding outlook, expectations, beliefs, projections, estimates, targets, prospects, business plans and any other statement that is not a historical fact. These forward-looking statements are subject to risks and uncertainties. Aspen Aerogels' actual results may differ materially from those expressed in these forward-looking statements.

請注意，我們今天的討論將包括前瞻性陳述，包括任何有關展望、期望、信念、預測、估計、目標、前景、業務計劃的陳述以及任何其他非歷史事實的陳述。這些前瞻性陳述存在風險和不確定性。 Aspen Aerogels 的實際結果可能與這些前瞻性陳述中所表達的結果有重大差異。

A list of factors that could affect the company's actual results can be found in Aspen's press release issued today, Page 1 of the presentation and as discussed in more detail on the reports Aspen files with the SEC, particularly in the company's most recent Annual Report on Form 10-K.

可能影響公司實際業績的因素清單可以在今天發布的Aspen 新聞稿、簡報的第1 頁中找到，並且在Aspen 向SEC 提交的報告中進行了更詳細的討論，特別是在該公司最近的年度報告中表格 10-K。

The company's press release issued today and filings with the SEC can also be found on the Investors section of Aspen's website. Forward-looking statements made today represent the company's views as of today, February 17, 2022. Aspen Aerogels disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.

該公司今天發布的新聞稿以及向美國證券交易委員會提交的文件也可以在阿斯彭網站的投資者部分找到。今天所做的前瞻性陳述代表了本公司截至今天（2022 年 2 月 17 日）的觀點。

During this call, we will refer to non-GAAP financial measures including adjusted EBITDA. These financial measures are not prepared in accordance with US Generally Accepted Accounting Principles or GAAP. These non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. The definitions and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures and a discussion of why we present these non-GAAP financial measures are included in today's press 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。這些財務指標並非根據美國公認會計原則或公認會計原則（GAAP）制定。這些非公認會計原則財務指標不應被孤立考慮，也不能取代根據公認會計原則編制的結果。今天的新聞稿中包含了這些非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的定義和調節，以及我們為何提出這些非公認會計準則財務指標的討論。

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

我現在將把電話轉給約翰。約翰？

Thanks, Laura. I will provide a summary of our 2021 financial results and discuss our 2022 outlook before turning the call over to Don and Ricardo.

謝謝，勞拉。在將電話轉給 Don 和 Ricardo 之前，我將提供 2021 年財務業績摘要並討論 2022 年前景。

At a high level, our 2021 results and our 2022 outlook share the same drivers. First, we're generating revenue growth in each of our principal markets. We're benefiting from the rapid adoption of our PyroThin thermal barriers in the electric vehicle market. We're experiencing solid growth in the energy infrastructure market associated with the initial stages of a post-COVID recovery and we're gaining share in the European sustainable building materials market with our spacelin -- Spaceloft line products.

從整體來看，我們 2021 年的業績和 2022 年的前景具有相同的驅動因素。首先，我們在每個主要市場都實現了收入成長。我們受益於 PyroThin 熱障在電動車市場的快速採用。我們在新冠疫情後復甦的初始階段經歷了能源基礎設施市場的穩健增長，並且憑藉我們的 spacelin – Spaceloft 系列產品，我們正在歐洲可持續建築材料市場上獲得份額。

Second, we're investing in people, resources and capital assets to support our rapidly growing e-mobility opportunities. This investment includes increased spending to enhance our technical, operational, and commercial teams supporting our thermal barrier business, the research and development team supporting our carbon aerogel battery material opportunity, our legal resources to expand and defend our IP portfolio and our finance, information technology and general management personnel to manage the anticipated strong growth in our business.

其次，我們正在投資人員、資源和資本資產，以支持我們快速成長的電動交通機會。這項投資包括增加支出以增強我們的技術、營運和商業團隊，支持我們的熱障業務；研發團隊支持我們的碳氣凝膠電池材料機會；我們的法律資源，以擴大和捍衛我們的智慧財產權組合以及我們的財務、資訊科技和一般管理人員來管理我們業務的預期強勁成長。

This investment also includes planned capital expenditures to design and construct our second silica aerogel manufacturing plant, to build out our thermal barrier fabrication operations and to expand our carbon aerogel battery materials production, fabrication and testing facilities. We're confident that these investments are commensurate with the scale of our EV opportunity.

這項投資還包括計劃的資本支出，用於設計和建造我們的第二個二氧化矽氣凝膠製造工廠，建造我們的熱障製造業務以及擴大我們的碳氣凝膠電池材料生產、製造和測試設施。我們相信這些投資與我們的電動車機會的規模相稱。

Focusing in on 2021, total revenue increased by $21.3 million versus 2020 to $121.6 million. This $21.3 million increase in revenue was composed of a $12.6 million increase in energy infrastructure revenue, $6.7 million in initial revenue in the EV thermal barrier market and $1.9 million of growth in the sustainable building materials market. Our revenue could have been higher.

著眼於 2021 年，總收入較 2020 年增加 2,130 萬美元，達到 1.216 億美元。這 2,130 萬美元的收入成長包括能源基礎設施收入成長 1,260 萬美元、電動車熱障市場初始收入 670 萬美元以及永續建築材料市場成長 190 萬美元。我們的收入本來可以更高。

We estimate that our production output was depressed by between 6 and $8 million during the fourth quarter due to COVID-related staffing issues and some raw material shortages. Without these issues, our 2021 revenue would have been in the upper end of our outlook range, which as a reminder, we raised 3 times during the year. Importantly, we're experiencing an improvement in both staffing and raw material availability thus far during the first quarter of 2022.

我們估計，由於與新冠病毒相關的人員配備問題和一些原材料短缺，第四季度我們的產量下降了 600 至 800 萬美元。如果沒有這些問題，我們 2021 年的收入將處於我們展望範圍的上限，提醒一下，我們在這一年籌集了 3 次資金。重要的是，2022 年第一季迄今，我們的人員配備和原料供應都在改善。

Turning to costs and expenses. During 2021, material costs increased by 33% or $14.5 million, manufacturing expenses by 28% or $11.6 million and operating expenses by 40% or $14.3 million versus 2020. The growth in cost and expenses were driven by both the increase in revenue by our investment in people and resources to prepare for growth in 2022 and beyond. Accordingly, net loss increased to $37.1 million or $1.22 per share in 2021 versus a net loss of $21.8 million, or $0.83 per share in 2020. And adjusted EBITDA was negative $26 million in 2021 compared to negative $6.4 million in 2020.

轉向成本和費用。 2021 年，與2020 年相比，材料成本增加了33%（即1,450 萬美元），製造費用增加了28%（即1,160 萬美元），營運費用增加了40%（即1,430 萬美元）。費用的成長是由我們的投資收入增加所推動的人力和資源，為 2022 年及以後的成長做好準備。因此，2021 年淨虧損增加至3,710 萬美元，即每股1.22 美元，而2020 年淨虧損為2,180 萬美元，即每股0.83 美元。 640 萬美元。

As a reminder, we define adjusted EBITDA as net income or loss before interest, taxes, depreciation, amortization, stock-based compensation expense and any other items that we do not believe are indicative of our core operating performance. In 2021, these other items included a $3.7 million gain on extinguishment of debt.

提醒一下，我們將調整後的 EBITDA 定義為扣除利息、稅項、折舊、攤提、股票補償費用以及我們認為不能反映我們核心經營業績的任何其他項目之前的淨收入或虧損。 2021 年，這些其他項目包括債務清償帶來的 370 萬美元收益。

Next, I will turn to our balance sheet and cash flow for 2021. Cash used in operations of $18.6 million reflected our adjusted EBITDA of negative $26 million, offset in part by a $7.4 million decrease in working capital investment. Capital expenditures during the year of $13.8 million included engineering and designs for our second manufacturing facility and investments to expand our carbon aerogel capacity.

接下來，我將談談我們2021 年的資產負債表和現金流。所抵消。本年度的資本支出為 1,380 萬美元，包括我們第二個製造工廠的工程和設計以及擴大碳氣凝膠產能的投資。

Cash provided by financing activities of $92.5 million included $73.5 million of proceeds from our June 2021 private placement with Koch strategic partners and $19.4 million from sales of equity through our ATM facility. We ended the year with $76.6 million of cash, no borrowings under our revolving credit facility and shareholders' equity of $128.4 million. We also had $12.6 million available under our revolving credit facility at year-end.

融資活動提供的現金為 9,250 萬美元，其中包括 2021 年 6 月與 Koch 戰略合作夥伴進行私募的 7,350 萬美元收益，以及透過 ATM 設施出售股權的 1,940 萬美元收益。截至年底，我們的現金為 7,660 萬美元，循環信貸安排下沒有借款，股東權益為 1.284 億美元。截至年底，我們的循環信貸額度還提供了 1,260 萬美元的可用資金。

I'll now turn to our full-year 2022 outlook. We expect continued revenue growth in 2022, associated with a tripling of our PyroThin thermal barrier revenue to $20 million for the year, the continuation of the post-COVID recovery in the global energy infrastructure market and continued demand growth in the European sustainable building materials market. As a result, we're setting our 2022 revenue outlook to between 145 and $155 million for the year equivalent to growth of between 19% and 27% compared to 2021.

我現在談談我們的 2022 年全年展望。我們預計 2022 年收入將持續成長，這與 PyroThin 隔熱層收入增加兩倍至 2000 萬美元、全球能源基礎設施市場疫情後復甦的持續以及歐洲可持續建築材料市場需求的持續增長有關。因此，我們將 2022 年的營收前景設定為 145 至 1.55 億美元，相當於比 2021 年成長 19% 至 27%。

As discussed earlier, we plan to continue to increase investment in personnel and resources to capitalize on our rapidly growing e-mobility opportunities. Accordingly, our initial 2022 full-year outlook is as follows. We expect total revenue of between 145 and $155 million, net loss of between 66.7 and $70.7 million, adjusted EBITDA of between negative $42 million and negative $46 million, EPS of between a loss $1.95 and a loss of $2.07 per share.

如前所述，我們計劃繼續增加對人員和資源的投資，以利用我們快速成長的電動交通機會。因此，我們對 2022 年全年的初步展望如下。我們預計總營收在145 至1.55 億美元之間，淨虧損在66.7 至7070 萬美元之間，調整後EBITDA 在負4200 萬美元至負4600 萬美元之間，每股收益在虧損1.95 美元至2.07 美元之間。

This EPS outlook assumes a weighted average of 34.2 million shares outstanding for the year. In addition, this 2022 outlook assumes depreciation of $9.7 million, stock-based compensation expense of $8.2 million and interest expense of $6.8 million. We also expect to incur between 250 and $275 million of capital expenditures during the year principally for the Plant 2 project.

該 EPS 展望假設今年已發行股票的加權平均數為 3,420 萬股。此外，2022 年展望假設折舊為 970 萬美元，股票補償費用為 820 萬美元，利息費用為 680 萬美元。我們也預計年內將產生 2.5 至 2.75 億美元的資本支出，主要用於 2 號工廠項目。

Before turning the call over to Don, I want to express that it's been a privilege to work with my fellow Aspen employees since 2006. The team at Aspen is talented, hardworking and completely committed to the company's success. I particularly want to thank Don for his leadership over the years and our shared goal of building Aspen into a great company, rich with opportunity.

在將電話轉給 Don 之前，我想表示，自 2006 年以來與我的 Aspen 員工同事一起工作是我的榮幸。 Aspen 的團隊才華橫溢、勤奮，並完全致力於公司的成功。我特別要感謝 Don 多年來的領導，以及我們的共同目標，即將阿斯彭打造成一家充滿機會的偉大公司。

In addition, I want to stress how truly impressed I'm with Ricardo. He is remarkably talented and has the right combination of automotive and financial experience to ensure Aspen will succeed in the coming years. With Don at the helm and Ricardo as CFO, I'm confident we will not skip a beat after my retirement.

此外，我想強調我對里卡多印象深刻。他才華橫溢，擁有汽車和金融經驗的完美結合，以確保阿斯彭在未來幾年取得成功。在 Don 掌舵、Ricardo 擔任財務長的情況下，我相信在我退休後我們不會有任何懈怠。

And finally, I want to thank our investors and analysts. It's been an honor to work with you all since our IPO in 2014. I'll turn it over now to Don.

最後，我要感謝我們的投資人和分析師。自 2014 年 IPO 以來，我很榮幸與大家合作。

Thanks, John. Good evening, everyone. Thank you for joining us for our Q4 2021 earnings call.

謝謝，約翰。大家晚上好。感謝您參加我們的 2021 年第四季財報電話會議。

When John and I first met in 2006, I convinced him to join the company to help create a strong foundation. I said just give us 3 years. Well, of course, over the last 15 years, John has played an instrumental role in building a company that has a vast opportunity and a culture of openness, transparency and fairness.

當我和約翰在 2006 年第一次見面時，我說服他加入公司，幫助建立堅實的基礎。我說只給我們3年。當然，在過去 15 年裡，約翰在建立一家擁有巨大機會和開放、透明和公平文化的公司方面發揮了重要作用。

To honor, John, we as an Aspen team commit to keep this culture at our core. On behalf of all of us at Aspen, thank you, John. I'd like to welcome to this call Ricardo Rodriguez, our Chief Strategy Officer, who will replace John as our CFO upon John's retirement at the end of the first quarter.

為了紀念約翰，我們作為阿斯彭團隊致力於將這種文化作為我們的核心。我代表阿斯彭的所有人，謝謝你，約翰。我歡迎我們的首席策略官里卡多·羅德里格斯 (Ricardo Rodriguez) 參加本次電話會議，約翰將於第一季末退休後，他將接替約翰擔任我們的財務長。

Ricardo has a deep automotive and Tier 1 background and has already become a valuable member of the Aspen team. Ricardo is another example of the many talented people we have at Aspen, who are turbocharging our efforts to become a highly valuable technology leader in sustainability.

Ricardo 擁有深厚的汽車和一級背景，已成為 Aspen 團隊的重要成員。里卡多是阿斯本眾多人才的另一個例子，他們正在推動我們成為永續發展領域極具價值的技術領導者。

Today, I will describe the key elements of our progress towards achieving our near-term and longer-term business goals. Ricardo will provide a detailed assessment of our thermal barrier opportunity. John, Ricardo and I will conclude today's call with a Q&A session.

今天，我將描述我們在實現近期和長期業務目標方面取得進展的關鍵要素。里卡多將對我們的熱障機會進行詳細評估。約翰、里卡多和我將以問答環節結束今天的電話會議。

The first key point to cover is the recent $150 million investment from Koch Strategic Platforms. The investment is comprised of convertible notes and common equity and follows KSP's $75 million equity investment made in June 2021. We appreciate the vote of confidence from KSP and as importantly, the extension of the working relationships we have with various entities at Koch Industries. As I have described in the past, we are leveraging several resources at Koch with the goal of de-risking the scaling of our business as we ramp to be a fast-growing supplier of critical parts to EV OEMs.

第一個要討論的關鍵點是 Koch Strategy Platforms 最近的 1.5 億美元投資。該投資由可轉換票據和普通股組成，是繼KSP 於2021 年6 月進行的7500 萬美元股權投資之後進行的。工作關係得到了擴展。正如我過去所描述的，我們正在利用科赫的多種資源，目標是在我們成為快速成長的電動車原始設備製造商關鍵零件供應商的同時，降低業務規模的風險。

The most immediate example relates to the planning, engineering and execution of our Plant 2 capital project. The $150 million investment from KSP and our year-end cash balance of more than $75 million provide a strong foundation for raising additional capital over the next year as we fund our significant growth and value creation initiatives.

最直接的例子涉及我們 2 號工廠資本項目的規劃、工程和執行。 KSP 的 1.5 億美元投資和我們超過 7500 萬美元的年終現金餘額為明年籌集額外資金奠定了堅實的基礎，為我們的重大增長和價值創造計劃提供資金。

The second key point to cover is an update to the growth targets that we first shared approximately 1 year ago. At that time, we set targets to double revenue from 2021 to 2023 and to double revenue again from 2023 to 2025. We are reiterating the target to double revenue from 2021 to 2023, and we are now upgrading the target to triple revenue from 2023 to 2025 to approximately $720 million in 2025. We have made significant progress during the past year in order to reach and expand these targets.

要討論的第二個關鍵點是我們大約一年前首次分享的成長目標的更新。當時，我們設定的目標是從2021 年到2023 年收入翻一番，並從2023 年到2025 年收入再翻一番。目標升級到從2023 年到2025 年收入翻三倍。

In 2021, we generated PyroThin revenue from 10 customers. PyroThin revenue for 2021 and estimated for 2022 is multiples larger than what we expected and discussed 1 year ago. The doubling of revenue from 2021 to 2023 is based on the expectation that our industrial business will return to pre-pandemic activity levels, which we are well on the way to achieve and that we ramp PyroThin thermal barrier revenue according to existing awarded programs with our North American and Asia-based automotive OEMs.

2021 年，我們從 10 個客戶處獲得了 PyroThin 收入。 PyroThin 2021 年的收入和 2022 年的預期收入比我們一年前預期和討論的收入高出數倍。 2021 年至2023 年收入翻倍是基於我們的工業業務將恢復到大流行前的活動水平的預期，我們正在很好地實現這一目標，並且我們根據現有的獲獎計劃與我們的合作，增加PyroThin 熱障收入北美和亞洲的汽車原始設備製造商。

We estimate that the awarded business from these 2 customers to whom we are now delivering production parts represents 100% of the 2023 PyroThin thermal barrier revenue target. Like other Tier 1 suppliers, we define the term awarded business as estimated gross program revenues from the volume forecasts of customers taking into account our negotiated program pricing.

我們估計，我們現在正在向這兩家客戶提供生產零件的得標業務佔 2023 年 PyroThin 熱障收入目標的 100%。與其他一級供應商一樣，我們將「授予業務」一詞定義為根據客戶數量預測並考慮到我們協商的計劃定價而估算出的計劃總收入。

The upgraded target to triple revenue from 2023 to 2025 assumes low double-digit growth in our industrial business and anticipated continued penetration in the EV space. We estimate that 60% of the targeted PyroThin revenue for 2025 will be derived from our existing awarded programs. Furthermore, we anticipate that we will convert our highly active prototyping and quoting work into additional program awards in the battery platforms of other automotive OEMs.

從 2023 年到 2025 年，營收成長三倍的升級目標是假設我們的工業業務實現兩位數的低成長，並預計電動車領域將繼續滲透。我們估計 2025 年 PyroThin 目標收入的 60% 將來自我們現有的獲獎項目。此外，我們預計我們將把我們高度活躍的原型設計和報價工作轉化為其他汽車原始設備製造商電池平台的額外項目獎項。

The third key point focuses on our plans and expectations for Plant 2 in support of our expanding and accelerating demand plan. We announced today that Plant 2 will be in Statesboro Georgia. Statesboro is a university town near the port city of Savannah and central to a growing automotive and battery ecosystem.

第三個關鍵點是我們對 2 號工廠的計畫和期望，以支持我們擴大和加速需求計畫。我們今天宣布 2 號工廠將位於喬治亞州斯泰茨伯勒。斯泰茨伯勒是一座大學城，靠近港口城市薩凡納，是不斷發展的汽車和電池生態系統的中心。

We plan to build Plant 2 considerably larger than initially anticipated, with expected revenue capacity of approximately $1.35 billion. The first phase of Plant II will have approximately $650 million of revenue capacity and the start-up date in late 2023. At that time, we will have the revenue capacity in our 2 plants of approximately $900 million, enough to service our industrial business and approximately 2.2 million electric vehicles.

我們計劃建造比最初預期大得多的 2 號工廠，預計收入能力約為 13.5 億美元。第二工廠一期將擁有約 6.5 億美元的營收能力，啟動日期為 2023 年底。萬輛電動車。

As we approach full capacity utilization at this level, we project our gross margin to be approximately 35% and our EBITDA margin to be approximately 25%. During the building of the first phase of Plant 2, we also plan to construct the necessary infrastructure to support both the first and second phases. This approach is most cost-efficient and enables us to add another $700 million of revenue capacity in approximately 15 months from the kick-off of the second phase. The volume and timing flexibility is critical, as we anticipate potential additional awards for battery platforms from other automotive OEMs.

當我們接近這一水準的全部產能利用率時，我們預計毛利率約為 35%，EBITDA 利潤率約為 25%。在二號工廠第一期建設期間，我們也計劃建造必要的基礎設施以支援第一期和第二期工程。這種方法最具成本效益，使我們能夠在第二階段啟動後約 15 個月內再增加 7 億美元的收入能力。數量和時間靈活性至關重要，因為我們預計其他汽車原始設備製造商的電池平台可能會獲得額外的獎項。

As a reminder, we estimate we have existing capacity adequate to meet the target to double revenue from 2021 to 2023 to approximately $240 million. The targeted tripling of revenue from 2023 to 2025 to approximately $720 million can be met from Plant 1 and the first phase of Plant 2, and points directly to the reason why we are building Plant 2 to be much larger than the original plan.

提醒一下，我們估計我們現有的產能足以實現 2021 年至 2023 年收入翻倍至約 2.4 億美元的目標。 1 號工廠和 2 號工廠第一期工程可以實現 2023 年至 2025 年收入增加兩倍至約 7.2 億美元的目標，這直接說明了我們將 2 號工廠建設得比原計劃大得多的原因。

Upon the completion of the second phase, we expect to have overall revenue capacity of approximately $1.6 billion across both plants. With the auto industry on track to invest $0.5 trillion in the next 5 years to make the transition to electric vehicles, the speed and size of our potential ramp is increasing rapidly. With our technology and scale, we are positioning ourselves to be a valued supplier to a growing list of EV producers. We project the first phase of Plant 2 with full infrastructure will require capital of approximately $575 million, and the second phase will require capital of approximately $125 million.

第二階段完成後，我們預計兩個工廠的總收入能力將達到約 16 億美元。隨著汽車產業預計在未來 5 年內投資 5 兆美元向電動車轉型，我們潛在成長的速度和規模正在迅速增加。憑藉我們的技術和規模，我們將自己定位為越來越多的電動車生產商的有價值的供應商。我們預計，擁有完整基礎設施的二號工廠第一期工程將需要約 5.75 億美元的資本，第二期工程將需要約 1.25 億美元的資本。

CapEx per dollar of revenue for the full project is less than $0.55, which is a lower cost than our prior projection of $0.65 per dollar of revenue capacity. Our year-end cash balance of more than $75 million and the KSP investment of $150 million provide the financial foundation for a business able to generate $1.6 billion of revenue, approximately $550 million of gross profit and approximately $400 million of EBITDA. We will explore over the next year financing alternatives to raise additional cash required to fund the remainder of our significant business opportunity.

整個專案每美元收入的資本支出低於 0.55 美元，比我們之前預測的每美元收入能力 0.65 美元的成本要低。我們超過 7,500 萬美元的年終現金餘額和 1.5 億美元的 KSP 投資為企業能夠產生 16 億美元的收入、約 5.5 億美元的毛利和約 4 億美元的 EBITDA 提供了財務基礎。我們將在明年探索融資替代方案，以籌集所需的額外現金，為我們剩餘的重要商業機會提供資金。

In addition to our EV and industrial businesses, we continue to invest in the strategy to leverage our aerogel technology platform into other high-value markets with sustainability themes. Our work with carbon aerogel is the catalyst for Aspen battery materials where our initial focus is on the silicon-rich anode materials.

除了我們的電動車和工業業務外，我們還繼續投資策略，利用我們的氣凝膠技術平台進入其他具有永續發展主題的高價值市場。我們對碳氣凝膠的研究是阿斯本電池材料的催化劑，我們最初的重點是富矽陽極材料。

During 2022, we plan to share key metrics related to performance, cost and third-party validation and to compare those metrics with other interesting companies in the field. With the 2021 investments in people and equipment, ABM is well positioned to respond to the increasing number of requests from battery and automotive OEMs for evaluation materials and for development collaborations.

2022 年，我們計劃分享與績效、成本和第三方驗證相關的關鍵指標，並將這些指標與該領域其他有興趣的公司進行比較。隨著 2021 年對人員和設備的投資，ABM 已做好充分準備，能夠滿足電池和汽車 OEM 廠商對評估材料和開發合作日益增長的需求。

Finally, I would like to begin the practice of highlighting our ESG work during quarterly earnings calls. ESG has become a business imperative for all good companies. Accordingly, we have begun the process of reorganizing our environmental and social efforts into a more formal ESG strategy. This spring, we plan to publish our first ESG report, which will be followed by a more in-depth report where we will recap our 2022 ESG progress and define our ESG positioning for the future. Our goal is to provide a foundation for deeper discussions on specific ESG topics with investors and other stakeholders in order for various ESG scorecards and rating agencies to have access to accurate and timely information.

最後，我想開始在季度財報電話會議上強調我們的 ESG 工作。 ESG 已成為所有優秀公司的業務當務之急。因此，我們已開始將我們的環境和社會工作重組為更正式的 ESG 策略。今年春天，我們計劃發布第一份 ESG 報告，隨後將發布一份更深入的報告，我們將回顧 2022 年 ESG 進展並定義我們未來的 ESG 定位。我們的目標是為與投資者和其他利害關係人就特定 ESG 主題進行更深入的討論提供基礎，以便各種 ESG 記分卡和評級機構能夠獲得準確、及時的資訊。

And with that, let me now turn the call over to Ricardo. Ricardo?

現在讓我把電話轉給里卡多。里卡多？

Thank you, Don. I really appreciate it and couldn't be happier being part of the team. As we execute the plan that Don laid out and invest in increasing our PyroThin capacity to Plant 2, we think that it's worth stepping back and spending some time communicating in detail what makes this such a compelling mission. Thermal runaways and uncontrolled energy released in the cell triggered by various design, manufacturing and usage issues that ultimately result in the decomposition of all of the materials in the cell. A runaway cell's high temperature can push the nearby cell into thermal runaway and such propagation usually destroys the battery or starts a fire.

謝謝你，唐。我真的很感激，並且很高興能成為團隊的一員。當我們執行 Don 制定的計劃並投資增加 2 號工廠的 PyroThin 產能時，我們認為值得退後一步，花一些時間詳細溝通是什麼讓這項任務如此引人注目。各種設計、製造和使用問題引發電池中的熱失控和不受控制的能量釋放，最終導致電池中所有材料的分解。失控電池的高溫會使附近的電池陷入熱失控，這種傳播通常會損壞電池或引發火災。

A lithium-ion battery pack when on fire consumes everything that it can due to its high temperature, including an entire car. These fires usually worsen with water as it reacts with lithium to expand the fire and only Class B type of extinguishers can be used to control them and put them out. The amount of energy released in thermal runaway is significant and equal to more than the energy used to charge the pack, given the formability of some of the materials within the pack.

鋰離子電池組著火時會因其高溫而消耗掉所有可能的東西，包括整輛車。這些火災通常會因水而惡化，因為它與鋰發生反應使火勢擴大，只能使用 B 類滅火器來控制和撲滅它們。考慮到電池組內某些材料的可成形性，熱失控中釋放的能量非常大，並且大於用於為電池組充電的能量。

So, this is one of the most complex system-level issues that our customers face as they integrate and launch safe and reliable electric vehicles in record time. It's really exciting to be enabling a safe and reliable transition experience through electrification as part of some great vehicle nameplates and body styles that we can all safely enjoy with our families. If we put ourselves in our customers' shoes, integrating an EV is no easy exercise. This complexity increases when an OEM takes over the design and integration of the battery pack as well. In this feat of system integration, a vehicle has many diverging requirements or considerations that characterize it, where making one better tends to affect the other. These things determine whether your car is big, small, fast, efficient, agile, full of feel or boring to drive. Things like the vehicle size, weight, range, its performance targets, charging, discharging rates, ease of assembly, crashworthiness, recyclability, et cetera, drive battery pack design and architecture decisions.

因此，這是我們的客戶在創紀錄的時間內整合和推出安全可靠的電動車時面臨的最複雜的系統級問題之一。透過電氣化來實現安全可靠的過渡體驗，作為一些偉大的車輛銘牌和車身風格的一部分，我們都可以與家人安全地享受，這真的很令人興奮。如果我們設身處地為客戶著想，整合電動車並不是一件容易的事。當 OEM 接管電池組的設計和整合時，這種複雜性就會增加。在這項系統整合壯舉中，車輛具有許多不同的要求或考慮因素，其中一個的改進往往會影響另一個。這些東西決定了你的車是大、小、快、有效率、敏捷、充滿感覺還是開起來無聊。諸如車輛尺寸、重量、續航里程、性能目標、充電、放電速率、組裝簡易性、耐撞性、可回收性等，驅動電池組設計和架構決策。

These decisions include what cell chemistry, what form factor, pack design, or layout are used, all with the intent of providing as much energy density per unit of mass and space in the vehicle. A key issue is that this energy density needs to stand the test of time and persist within an acceptable and consistent range that consumers see every day on their gauge as they fast charge or drive their vehicles in all sorts of temperatures and conditions for over 10 years.

這些決策包括使用什麼電池化學成分、什麼外形尺寸、電池組設計或佈局，所有這些都是為了在車輛的單位質量和空間內提供盡可能多的能量密度。一個關鍵問題是，這種能量密度需要經受時間的考驗，並保持在消費者每天在儀表上看到的可接受且一致的範圍內，因為他們在各種溫度和條件下快速充電或駕駛車輛超過10 年。

The integration is very complex even if safety is de-prioritized. However, we are seeing most OEMs go the extra mile prioritizing safety and addressing thermal runaway with both active measures in passive systems such as our PyroThin thermal barriers. Our value proposition is highest in NMC and mixed silicon graphite anode chemistry. The OEMs that most eagerly reach out to solve their challenges are focused on pouch or prismatic form factors, given their high-energy density and the space for passive protection features as these enable.

即使不考慮安全性，整合也是非常複雜的。然而，我們看到大多數原始設備製造商在優先考慮安全性和解決熱失控方面付出了額外的努力，並在被動系統（例如我們的 PyroThin 熱障）中採取了主動措施。我們的價值主張在 NMC 和混合矽石墨陽極化學領域是最高的。最急於解決挑戰的原始設備製造商主要關注袋裝或棱柱形外形尺寸，因為它們具有高能量密度和被動保護功能的空間。

The recent news of manufacturing defects, strong impacts, or erratic charge in new cycles causing EV fires are evidence that active systems alone can't prevent thermal runaway 100% of the time. OEM investment in advanced active systems is expensive and time-consuming from an R&D standpoint as their validation requires testing multiple variants of every control strategy, times every type of cell, module and pack to the point of failure. Validating advanced controls for electrochemical processes is hard.

最近有關製造缺陷、強烈衝擊或新循環中不穩定充電導致電動車起火的消息證明，僅靠主動系統無法 100% 防止熱失控。從研發的角度來看，OEM 對先進主動系統的投資既昂貴又耗時，因為它們的驗證需要測試每種控制策略的多種變體，對每種類型的電池、模組和電池組進行計時直至出現故障。驗證電化學過程的先進控制非常困難。

We are encouraged by recent investments from OEMs and other Tier 1s in this space, given that we are all in the first inning of ensuring electric vehicle safety. But our customers foresee a passive system as a key part of their battery pack design in the same way that a vehicle with traction control, automatic emergency braking and collision avoidance systems still requires crumple zones, high-strength steel beams and doors, impact-resistant fuel systems, airbags and seatbelts.

鑑於我們都處於確保電動車安全的第一局，我們對原始設備製造商和其他一級供應商最近在這一領域的投資感到鼓舞。但我們的客戶預見到被動系統將成為其電池組設計的關鍵部分，就像具有牽引力控制、自動緊急煞車和防撞系統的車輛仍然需要防撞緩衝區、高強度鋼樑和車門、抗衝擊性能一樣。

Again, this is a multi-variable problem with varying requirements, customer priorities and approaches. But as we started production and engage in conversations with more customers, the need for passive design elements and materials that work to provide thermal and fire safety as a system is becoming increasingly clear. There is no silver bullet to prevent or stop the effects of thermal runaway, and we intend to work with the rest of the industry to provide a very good lead bullet to this problem for a long time.

同樣，這是一個多變量問題，具有不同的要求、客戶優先順序和方法。但隨著我們開始生產並與更多客戶進行對話，對能夠作為一個系統提供熱和消防安全的被動設計元素和材料的需求變得越來越明顯。沒有什麼靈丹妙藥可以防止或阻止熱失控的影響，我們打算與業界其他公司合作，在很長一段時間內為解決這個問題提供非常好的解決方案。

We all know that not all materials are alike. And when these materials are fighting for precious space and weight inside of a battery pack to perform a critical safety function, they better deliver and prove their worth. At the core, our customers are looking for the thinnest and lightest material that provides the highest level of runaway prevention and protection. They also want a material that can compress and recover without degradation to keep the cells in their place as their form changes during their life.

我們都知道並非所有材料都是相似的。當這些材料在電池組內部爭奪寶貴的空間和重量以執行關鍵的安全功能時，它們可以更好地提供並證明自己的價值。從本質上講，我們的客戶正在尋找最薄、最輕的材料，以提供最高水準的失控預防和保護。他們還需要一種能夠壓縮和恢復而不會降解的材料，以便在細胞生命週期中形態發生變化時將細胞保持在原來的位置。

On the left, you can see in a simplified way how PyroThin and other materials work together as gas barriers, cell-to-cell barriers and compression pads inside of the pack. They tend to behave very differently on this thermal runaway -- thermal resiliency or fireproofing range, along with the range of force under which they can be compressed and then be able to fully recover.

在左側，您可以以簡化的方式看到 PyroThin 和其他材料如何一起作為電池組內部的氣體屏障、電池間屏障和壓縮墊。它們在這種熱失控方面往往表現得非常不同——熱彈性或防火範圍，以及它們可以被壓縮然後能夠完全恢復的力範圍。

You can also see that per unit of thickness, it would take twice the material and 2.8x the mass of the closest cell-to-cell barrier material to deliver the performance of PyroThin. These charts also show why increasing the thermal and fire resistance of the material per unit of thickness and weight, along with broadening its compressibility and recovery range are at the heart of our PyroThin R&D efforts.

您還可以看到，每單位厚度需要兩倍的材料和 2.8 倍的質量，最接近的細胞間屏障材料才能提供 PyroThin 的性能。這些圖表也說明了為什麼提高每單位厚度和重量材料的耐熱性和耐火性，以及擴大其可壓縮性和恢復範圍是我們 PyroThin 研發工作的核心。

A thermal barrier that also acts as a compression pad is an example of how we'll optimize content per vehicle or CPV. Beyond that, we will continue to focus R&D on the scalability of our manufacturing processes for the Aerogel base, along with automation tooling and systems for thermal barrier fabrication. On the far right, you can see how we're currently thinking about CPV. Given that we're in the first innings of this type of vehicle content, having just started supplying production parts in the last quarter, we're showing you a broad range of where our supplied CPV lies, whether we're a Tier 1 or Tier 2 supplier.

熱障還可充當壓縮墊，這是我們如何優化每輛車或 CPV 內容的範例。除此之外，我們將繼續將研發重點放在氣凝膠基礎製造流程的可擴展性上，以及用於熱障製造的自動化工具和系統。在最右側，您可以看到我們目前如何考慮 CPV。鑑於我們正處於此類車輛內容的第一局，在上個季度剛開始供應生產零件，我們將向您展示我們提供的 CPV 的廣泛範圍，無論我們是 1 級還是2 級供應商。

Our understanding is informed by the vehicle programs that we're supplying and it's evolving with our quoting. What we know for sure is that we won't win by solely focusing on increasing CPV, as we need to earn every cubic inch or ounce inside customers' battery packs. We are focused instead on increasing the percentage of the overall thermal barrier content that is PyroThin. For our projection, we're assuming a CPV that settles in the range of $300 to $325, with PyroThin content making up around 60% of that, understanding that this will vary with design changes, new program awards and customers' increasing desire to prioritize safety.

我們的理解來自於我們提供的車輛程序，並且隨著我們的報價而不斷發展。我們確信的是，僅僅專注於增加 CPV 是無法取勝的，因為我們需要贏得客戶電池組中的每一立方英寸或每一盎司的利潤。相反，我們專注於增加 PyroThin 佔總熱障含量的百分比。對於我們的預測，我們假設 CPV 穩定在 300 美元到 325 美元之間，其中 PyroThin 內容約佔 60%，我們了解這將隨著設計變更、新專案獎項以及客戶日益增長的優先考慮願望而變化安全。

We really look forward to enabling customers accelerating EV product plans and evolving needs with a system-level approach to thermal runaway solutions. Serving as the partner with the right R&D, validation, design, integration and production capabilities gives us the right to play in multiple levels of the value chain, and we will continue delivering accretive CPV. Again, these are our initial thoughts and we will provide updates as our thinking evolves.

我們真誠地期待透過系統級方法實現熱失控解決方案，幫助客戶加快電動車產品計劃並滿足不斷變化的需求。作為擁有適當研發、驗證、設計、整合和生產能力的合作夥伴，我們有權在價值鏈的多個層面發揮作用，並且我們將繼續提供增值的 CPV。同樣，這些是我們最初的想法，我們將隨著我們想法的發展提供更新。

With that, I'm happy to turn the call back to Don to summarize our strategy and deliver his closing remarks.

至此，我很高興將電話轉回給 Don，讓他總結我們的策略並發表結束語。

Thank you, Ricardo. Before we move to Q&A, let me summarize key points. Our entire focus is on creating significant value with our aerogel technology platform. We are playing in large markets as a technology leader and sustainability. Our talented team is executing our strategy to optimize and expand the value of our current set of markets and investing in leveraging the technology into a next set of opportunities. We received a $150 million investment from KSP with our -- which with our year-end cash balance of over $75 million, provides a strong foundation and momentum for raising additional capital over the next year to fund our initiatives to create significant value.

謝謝你，里卡多。在我們進行問答之前，讓我先總結一下要點。我們的全部重點是透過我們的氣凝膠技術平台創造顯著的價值。我們作為技術領導者和永續發展者在大型市場中發揮作用。我們才華橫溢的團隊正在執行我們的策略，以優化和擴大當前市場的價值，並投資利用該技術來抓住下一組機會。我們從 KSP 獲得了 1.5 億美元的投資，我們的年終現金餘額超過 7500 萬美元，為明年籌集更多資金為我們創造重大價值的舉措提供了堅實的基礎和動力。

We are reiterating our 2021 to 2023 revenue growth target of 2x and upgrading our 2023 to 2025 revenue growth target from 2x times to 3x times to $720 million in 2025. We are committed to building Plant 2 to be larger and more capital efficient than initially planned to better match the growing and accelerating customer demand plan and to support the business able to generate an estimated $1.6 billion of revenue, approximately $550 million of gross profit and approximately $400 million of EBITDA.

我們重申2021 年至2023 年營收成長2 倍的目標，並將2023 年至2025 年營收成長目標從2 倍提高到3 倍，到2025 年達到7.2 億美元。 、資本效率更高的工廠 2更好地滿足不斷增長和加速的客戶需求計劃，並支持業務能夠產生估計 16 億美元的收入、約 5.5 億美元的毛利和約 4 億美元的 EBITDA。

I will now turn the call back to Lauren for the Q&A session.

我現在將把電話轉回勞倫進行問答環節。

(Operator Instructions) Our first question comes from the line of Eric Stine from Craig-Hallum.

（操作員說明）我們的第一個問題來自 Craig-Hallum 的 Eric Stine。

Yes. So great that you could disclose GM and Toyota in the presentation. Just curious, if you could give more clarity on the 10 OEMs that you shipped to in 2021, maybe how that breaks down between the 2 customers you are shipping to commercial volumes and the other? And then what kind of visibility that potentially gives you into whether it's RFQ activity going forward next awards, things along those lines?

是的。太好了，您可以在演示中透露通用汽車和豐田。只是好奇，如果您能更清楚地說明您在 2021 年向 10 家 OEM 發貨的情況，也許您向商業批量發貨的 2 個客戶與另一個客戶之間是如何劃分的？那麼什麼樣的可見性可能會讓您了解是否是下一個獎項的詢價活動，類似的事情？

Well, thanks Eric. We are -- of those 10, let me just say that the fact that we are generating revenue means that we are providing prototype materials to these potential longer-term customers. And we are, I would just say going -- becoming much more expert in this field and a much greater resource to these next set of customers as they develop their battery platforms. And I would just say that those battery platforms through the gating item and being awarded additional programs really is the development of those battery platforms. I would say that the earlier customers that we had were ahead in many regards from the development of those battery platforms. And so we are on a nice pace to add to that list and we believe that we will do that over both 2022 and onwards.

嗯，謝謝艾瑞克。我們——在這 10 家公司中，我只想說，我們正在創造收入這一事實意味著我們正在向這些潛在的長期客戶提供原型材料。我只想說，我們正在成為該領域的更專家，並在下一代客戶開發電池平台時為他們提供更多資源。我只想說，那些透過門控項目並獲得額外計劃的電池平台確實是這些電池平台的發展。我想說，我們早期的客戶在這些電池平台的開發中在許多方面都處於領先地位。因此，我們正以良好的步伐添加到該清單中，我們相信我們將在 2022 年及以後做到這一點。

Got it. So, I mean, is it fair to say that it's more about the development, I mean, in terms of when we think about timing for more work, it's more about the development on the OEM side rather than you winning the war to making progress within those OEMs?

知道了。所以，我的意思是，公平地說，這更多的是關於開發，我的意思是，當我們考慮更多工作的時間安排時，更多的是關於OEM 方面的開發，而不是贏得戰爭以取得進展在那些原始設備製造商內？

Yes. Eric, we think that we have a strong solution that we're bringing real value to these companies. I think Ricardo did a nice job describing it. I would also just reiterate one of my comments, which was that for our 2023 target revenue from PyroThin, we feel that we have 100% of that estimated revenue from those currently awarded programs. And so we're in a strong position in this first double. And then with respect to the -- to the tripling, 2023 to 2025, we estimate that we have approximately 60% of the revenue from our current awards, again, estimated to play out in that timeframe. So, we're in a strong position. And given that sequence, if you will, we are confident that we will be able to bring on additional battery platforms, additional awards to supplement, let's just say our revenue mix as we get out into that 2023 and 2025 timeframe. But we know, Eric, these builds are right.

是的。艾瑞克，我們認為我們有一個強大的解決方案，可以為這些公司帶來真正的價值。我認為里卡多描述得很好。我還要重申我的評論之一，即對於 PyroThin 的 2023 年目標收入，我們認為我們 100% 的估計收入來自目前授予的項目。所以我們在第一場雙打中處於有利地位。然後，到 2023 年至 2025 年，成長兩倍，我們估計，我們目前的獎項中約有 60% 的收入將在該時間範圍內發揮作用。所以，我們處於有利地位。考慮到這個順序，如果你願意的話，我們相信我們將能夠引入更多的電池平台，額外的獎勵來補充，讓我們說說我們進入 2023 年和 2025 年時間框架時的收入組合。但我們知道，埃里克，這些構建是正確的。

Yes. No, absolutely. On the topic of 2025, I know you've increased that quite a bit and obviously more OEMs, but maybe if you could just kind of square that or describe that how you have in the past, you've kind of talked about the 3 levels of engagement. So maybe where that stands now, maybe where it did versus where it did a quarter ago or a year ago?

是的。不，絕對是。關於 2025 年的主題，我知道您已經增加了相當多的數量，並且顯然有更多的 OEM，但也許如果您可以對此進行平方或描述您過去的情況，那麼您已經談到了 3參與程度。那麼，也許現在的情況如何，也許它與一個季度前或一年前的情況相比呢？

We're providing detailed prototype parts to a wide range of these automotive OEMs today. And let me just say a similar track to the one that we are on in the 2 wins that we've garnered to date and the 2 awards that we've received. So we're on a very similar track to be able to win additional awards, Eric. And so we have, again, a lot of confidence that we're going to announce additional awards over the course of 2022 and 2023 and round out that revenue mix such that we're serving a good number of these EV producers.

今天，我們正在為眾多汽車原始設備製造商提供詳細的原型零件。讓我簡單說一下與我們迄今為止獲得的 2 場勝利和我們獲得的 2 項獎項類似的軌跡。因此，我們處於非常相似的軌道上，能夠贏得更多獎項，艾瑞克。因此，我們再次充滿信心，我們將在 2022 年和 2023 年期間宣布額外的獎項，並完善收入組合，以便我們為大量電動車生產商提供服務。

And I would assume that means that you with Toyota, I mean, you're assuming or is it fair to say you're assuming that you win the whole platform rather than just the one vehicle?

我認為這意味著你和豐田一起，我的意思是，你假設或公平地說你假設你贏得了整個平台而不僅僅是一輛車？

We think that we're in a strong position to go beyond a single nameplate, a single model and to win a good amount of Toyota's business across its battery platform.

我們認為，我們處於有利地位，可以超越單一銘牌、單一型號，並透過其電池平台贏得豐田的大量業務。

Our next question comes from the line of Jeff Osborne from Cowen.

我們的下一個問題來自考恩的傑夫·奧斯本。

Yes, I was just curious. On Page, what is 9 of the deck, the non-PyroThin revenue, can you talk about what that is? It's 40% at the weighted average content of $300 to $325.

是的，我只是好奇。在Page上，這副牌的9是什麼，非PyroThin的收入，可以談談那是什麼嗎？加權平均內容為 300 至 325 美元時，比例為 40%。

Ricardo, do you want to?

里卡多，你願意嗎？

You got 60% down for PyroThin and 40% as non-PyroThin? So, I was just curious. Is that advanced battery materials or is that revenue attributable to the finishing steps?

PyroThin 的折扣為 60%，非 PyroThin 的折扣為 40%？所以，我只是好奇。這是先進的電池材料還是來自完成步驟的收入？

No. So that's actually revenue where we are putting. So if you look at the configuration of the thermal barrier, the bookends of what our thermal barrier looks like are on the most simplified form. It's basically just aerogel shaped to a particular form and sent to the OEM. But then it's most advanced form is actually a sandwich of multiple layers of different materials, very similar to -- pretty much the ones that we show in the chart on the left on Page 8. And so when we mention other content when speaking of CPV, we're referring to these other purchase materials that are being integrated as part of the thermal barrier assembly.

不。因此，如果您查看熱障的配置，我們的熱障的書擋看起來是最簡化的形式。它基本上只是將氣凝膠成型為特定形式並發送給 OEM。但它最先進的形式實際上是多層不同材料的三明治，非常類似於我們在第 8 頁左側圖表中顯示的那些。是作為熱障組件一部分整合的其他採購材料。

Got it. That's helpful. I was wondering if you could also just touch on the savings of $0.10 per dollar of revenue, where that was attributable to relative to the initial expectations? And then how do we think about cost per square meter for Georgia relative to Rhode Island?

知道了。這很有幫助。我想知道您是否也可以談談每美元收入節省 0.10 美元，這歸因於相對於最初的預期？那麼我們如何看待喬治亞州相對於羅德島州的每平方公尺成本？

John, do you want to take that?

約翰，你想接受這個嗎？

Yes. I want to get a little additional detail on the $0.10. Can you explain that question?

是的。我想了解 0.10 美元的更多詳細資訊。你能解釋一下這個問題嗎？

John, as you said that the goal was $0.65 of CapEx per dollar of revenue and it's now $0.55. So, I was curious where that $0.10 came from versus expectations a year or so ago? And then also if you could compare the cost structure per square meter relative to maybe your latest of the 3 lines in Rhode Island.

John，正如您所說，目標是每美元收入 0.65 美元的資本支出，現在是 0.55 美元。所以，我很好奇這 0.10 美元與大約一年前的預期相比是從哪裡來的？然後，您是否可以將每平方公尺的成本結構與羅德島州 3 條線路中最新的線路進行比較。

Yes. So it's a function of multiple -- it really is the improved design that we're deploying in the Georgia plant, ultimately, in terms of its ability to produce a product. We've always said that our second line is more productive than our first in East Providence. And our third, it's 20% more productive than the second line. And so we've been able to -- we haven't -- we deployed the third production line in East Providence in 2015.

是的。所以它是多重功能的——它實際上是我們在喬治亞工廠部署的改進設計，最終是在其生產產品的能力方面。我們總是說我們的第二條生產線比東普羅維登斯的第一條生產線更有生產力。我們的第三條生產線比第二條生產線的生產力高出 20%。因此，我們已經能夠——我們還沒有——於 2015 年在東普羅維登斯部署了第三條生產線。

And so our designs, our development, our technology, our manufacturing process technology has advanced significantly in that time period. So as we design this plant and we've worked our way through bottlenecks, it is just a far more productive design, more energy efficient, cleaner, greener and more productive. Then in addition, in terms of its use of utilities and a lot of the sort of operational costs, we're seeing operating costs savings of about 33% over the -- what we actually have in East Providence, Rhode Island. So just a more efficient, more productive asset, and it's -- when we designed it and we looked at the productivity of that design, ultimately, it was better than what we had anticipated a year ago.

因此，我們的設計、開發、技術、製造流程技術在這段時間內取得了顯著進步。因此，當我們設計這個工廠時，我們已經克服了瓶頸，這是一個生產力更高、更節能、更乾淨、更環保、生產力更高的設計。此外，就公用事業的使用和大量營運成本而言，我們發現營運成本比羅德島州東普羅維登斯的實際營運成本節省了約 33%。因此，這只是一種更有效率、更有生產力的資產，當我們設計它並查看該設計的生產力時，最終，它比我們一年前的預期要好。

Our next question comes from the line of Alex Potter from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Alex Potter。

Okay. Perfect. And congrats, John. So I guess I have a couple of questions on fabrication. Sure. Did you ever put a price tag on that fabrication facility in Mexico? I don't know how material it is, if it really moves the needle in your CapEx guide.

好的。完美的。恭喜，約翰。所以我想我有幾個關於製造的問題。當然。您是否曾經為墨西哥的製造工廠貼過價格標籤？我不知道它到底有多重要，是否真的能在你的資本支出指南中發揮推動作用。

And then maybe as a follow-on to that. What percentage of the time -- I know that you mentioned there's the 60-40 split in your overall CPV calculation. But what percentage of the time do you expect to be just selling sort of pure product out of the facility in Georgia and what percentage of your customers are going to actually ask you to be doing more value-added through the fabrication steps?

然後也許作為後續。我知道您提到在總體 CPV 計算中存在 60-40 的比例。但是，您預計在喬治亞州的工廠中銷售純產品的時間比例是多少，而您的客戶中有多少比例實際上會要求您透過製造步驟提供更多增值服務？

So, I think -- I mean, I'd probably handle both of those questions. So, first, we didn't provide guidance on Mexican fabrication facility at present. It is little less capital-intensive process than what we have deploying in an aerogel manufacturing plant. And it was much more able to scale it. So as we see revenue growth, as it evolves, we're able to deploy capital, maybe 9 to 12 months in advance of the need for that type of -- that facility. So in the aggregate, this opportunity as it increases, we will deploy a significant amount of capital there, but it is scalable and significantly different from what we've dealt with, with the aerogel manufacturing plant in the past.

所以，我想——我的意思是，我可能會處理這兩個問題。因此，首先，我們目前沒有提供有關墨西哥製造工廠的指導。與我們在氣凝膠製造工廠中部署的流程相比，此流程的資本密集度要低得多。而且它更能夠擴展它。因此，當我們看到收入成長時，隨著它的發展，我們能夠部署資本，也許比此類設施的需求提前 9 到 12 個月。因此，總的來說，隨著這個機會的增加，我們將在那裡部署大量資本，但它是可擴展的，並且與我們過去處理的氣凝膠製造廠有很大不同。

Then in terms of the content that we're looking at, when we did the content per vehicle in that $300 to $325 range, that's us looking at our existing contracts, our award wins and looking at the range of quotes that we've given to prospective customers as well. And so it is our best estimate of where the content per vehicle is likely to shake out through time. However, I think Ricardo talked about this. We do expect it to evolve and these systems will continue to evolve through time. But at present, I'd say it's a function of the 10 customers that we had in 2021, plus all of the other customers who we provided -- we provided responses to in RFI or RFQ situations. And so it's our best estimate for where we think it will shake out long term.

然後就我們正在查看的內容而言，當我們在 300 美元到 325 美元範圍內製作每輛車的內容時，我們會查看現有合約、我們贏得的獎項以及我們給出的報價範圍以及潛在客戶。因此，這是我們對每輛車的內容隨著時間的推移而可能發生變化的最佳估計。然而，我認為里卡多談到了這一點。我們確實期望它能夠發展，並且這些系統將隨著時間的推移而繼續發展。但目前，我想說這是我們在 2021 年擁有的 10 個客戶以及我們提供的所有其他客戶的函數——我們在 RFI 或 RFQ 情況下提供了回應。因此，這是我們對長期影響的最佳估計。

That is super helpful.

這非常有幫助。

I could just add to that to John's [comment]. Yes. Alex, if I could just add to maybe to John's comment. It is a strategic consideration for us that we will consider here in the coming year or 2 around Tier 1 versus Tier 2. And it is also true that, today, even in the awarded -- awards that we have to date from the programs, in one case, we're very much a Tier 1 and in another case, we are a Tier 2. And I would just -- the advantage for us in the Tier 1 spot for the moment is that we are much more deeply involved as a technology partner in engineering with the customer a solution. And as Ricardo mentioned in his note, it puts us in a much stronger position to increase the aerogel content. I've talked about in the past around this idea of battery performance and safety, our ability to play greater roles in -- within a battery pack is really critical for us and something that we're very focused on. And we think, again, can be significantly value add from our perspective.

我可以將其添加到約翰的[評論]中。是的。亞歷克斯，如果我可以添加到約翰的評論中。對我們來說，這是一個戰略考慮，我們將在未來一年或兩年內圍繞一級與二級進行考慮。在一種情況下，我們很大程度上是一級，而在另一種情況下，我們是二級。設計解決方案的技術合作夥伴。正如里卡多在他的筆記中提到的，這使我們在增加氣凝膠含量方面處於更有利的地位。我過去曾圍繞電池性能和安全性的想法討論過，我們在電池組中發揮更大作用的能力對我們來說確實至關重要，也是我們非常關注的事情。我們再次認為，從我們的角度來看，可以顯著增加價值。

So all else equal, if you had the choice between Tier 2 type relationship or Tier 1, you would choose Tier 1 as often as you can, is that fair to say?

因此，在其他條件相同的情況下，如果您可以在第 2 層類型關係或第 1 層類型關係之間進行選擇，您會盡可能地選擇第 1 層，這樣說公平嗎？

What would you say, Ricardo?

你會說什麼，里卡多？

Yes. I mean I think it's really -- it's -- right now, it's about maximizing the opportunity and supplying as many OEMs as possible without letting go of the deep technical relationship. So frankly, whether they were a Tier 1 or a Tier 2, as I mentioned in my remarks, right, the industry doesn't like paying people for doing nothing in their value chain. And so we just want to earn our position in the value chain. Looking at the current content and the 60-40 split that we have on our planning expectations, that's in essence, OEM signaling to us that they appreciate the value that we add integrating the thermal barrier as a system, right? But on some parts where the configuration looks like just Aerogel, there will gladly be a Tier 2 that has a deep technical relationship on the material side with a material that is able to do what 4 or 5 materials on this chart show, right? So, we honestly don't see it as a mutually exclusive situation as long as we're maximizing the opportunity and really solving OEMs problems first.

是的。我的意思是，我認為現在的重點是最大化機會並為盡可能多的原始設備製造商提供服務，同時又不放棄深厚的技術關係。坦白說，無論他們是一級還是二級，正如我在演講中提到的那樣，該行業不喜歡向在價值鏈中無所事事的人付錢。所以我們只想贏得我們在價值鏈中的地位。看看當前的內容以及我們對規劃預期的 60-40 劃分，這本質上是 OEM 向我們發出的信號，表明他們欣賞我們將熱障集成為一個系統所增加的價值，對嗎？但在某些配置看起來只是氣凝膠的部件上，很高興會出現第2 層，它在材料方面與能夠實現此圖表中4 或5 種材料顯示的功能的材料有深厚的技術關係，對嗎？因此，老實說，只要我們最大限度地利用機會並首先真正解決原始設備製造商的問題，我們並不認為這是一種相互排斥的情況。

Our next question comes from the line of Colin Rusch from Oppenheimer.

我們的下一個問題來自奧本海默的科林·魯施（Colin Rusch）。

Guys, as you're getting closer to some of these customers and looking at the real needs within these battery packs, are you working on any meaningful efforts to evolve the formula or the recipe for the PyroThin technology to get enhanced performance where it might be able to capture a bit more volume?

夥計們，當您越來越接近其中一些客戶並了解這些電池組的真正需求時，您是否正在做出任何有意義的努力來發展PyroThin 技術的公式或配方，以在可能的情況下獲得增強的性能能夠捕捉更多的音量嗎？

Well, that's a very good question and the answer is certainly yes. When I referenced the fact that we are learning a lot -- that we are becoming quite expert in understanding the phenomenon itself and given the leverage that we know how to play with our own materials and being asked to do more within these systems, I think it sets us up very well, Colin, to be that industry expert that we want to -- that we want to be.

嗯，這是一個非常好的問題，答案當然是肯定的。當我提到我們正在學習很多東西的事實時——我們在理解現象本身方面變得非常專家，並且考慮到我們知道如何使用我們自己的材料並被要求在這些系統中做更多的事情，我認為科林，這使我們能夠成為我們想要成為的行業專家。

And you know very well that we've installed well over a $1 billion of material into certain settings and a lot of that has been around passive fire protection. And this is a very logical extension of that understanding of those learnings. And so I think we've been on an accelerated path here and it is what has given us confidence to reiterate our 2x goal in '21 to '23 and upgrade to a 3x revenue growth goal from '23 to '25. It is a function of our understanding of the situation. It is a function of our engagement with a host of the -- what we think will be some of the leading OEMs in the EV space.

您很清楚，我們已經在某些環境中安裝了價值超過 10 億美元的材料，其中許多都用於被動防火。這是對這些知識的理解的非常合乎邏輯的延伸。因此，我認為我們一直在加速發展，這讓我們有信心重申 21 年至 23 年 2 倍的目標，並將 23 至 25 年收入成長目標升級為 3 倍。它取決於我們對情況的理解。這是我們與許多我們認為將是電動車領域領先的原始設備製造商合作的結果。

Great. That's helpful. And then in terms of the financing plan for the facility in Georgia, can you talk about how mature your conversations are around into the equipment finance or leverage on that facility as we begin to build it out?

偉大的。這很有幫助。然後，就喬治亞州設施的融資計劃而言，您能否談談當我們開始建造該設施時，您在設備融資或槓桿方面的對話有多成熟？

John, do you want to -- do you want to take that? You know that, John, and I -- and we've been kind of all of the above kind of approach to this over the years. And I think you can pretty well count on that being true again here over the course of the next year or 2 as we fund our plan. Obviously, as we have a very defined path to profitability, it continues to open lots of opportunities, additional opportunities for us to raise capital and not to mention generating cash of our own here as we move forward through this time period that we've talked about. So -- right, that's the best form of financing you can have. So, that's really what we're focused on, Colin. But we think that we will have opportunities to smartly and creatively fund our growth plans here over the course of the next 1, 3 and 5 years.

約翰，你想──你想接受那個嗎？你知道，約翰和我——多年來我們一直在採取上述所有方法來解決這個問題。我認為，當我們為我們的計劃提供資金時，您完全可以相信，在未來一兩年內，這一點將再次成為現實。顯然，由於我們有一條非常明確的盈利之路，它繼續為我們提供大量機會，額外的機會來籌集資金，更不用說在我們向前邁過我們所討論的這個時期的過程中創造我們自己的現金了關於。所以——沒錯，這是您可以獲得的最佳融資形式。所以，這確實是我們關注的重點，科林。但我們認為，我們將有機會在未來 1 年、3 年和 5 年中巧妙地、創造性地為我們的成長計劃提供資金。

Our next question comes from the line of Chip Moore from EF Hutton.

我們的下一個問題來自 EF Hutton 的 Chip Moore。

Congrats on the tremendous momentum, guys. John, thanks, and congratulations. It's been great working with you for the past 10 years or so. Just wanted to circle back to that Tier 1, Tier 2 discussion. I think you've been very smart to be OEM agnostic. Obviously, everyone is really worried about supply chains right now. Is there opportunity to accelerate more wins as OEMs look to lock up capacity? Or is that something you think you've seen already?

夥計們，恭喜你們的巨大勢頭。約翰，謝謝，恭喜你。在過去十年左右的時間裡與您合作真是太好了。只是想回到第一層、第二層的討論。我認為你對 OEM 不可知論是非常聰明的。顯然，現在每個人都非常擔心供應鏈。當原始設備製造商尋求鎖定產能時，是否有機會加速獲得更多勝利？或者您認為您已經看到過這種情況？

Well, we have a very strong team of people, many of who have joined our company in the last 1 and 2 years with deep automotive and Tier 1 backgrounds who come from the very same companies that we're engaged with either as automotive OEMs or as Tier 1s. And there -- we are going through qualification processes. Really on a regular basis, we're engaged with experimenting with different products for different battery platforms really on a daily and weekly basis with a whole host of companies.

我們擁有一支非常強大的團隊，其中許多人在過去 1 和 2 年裡加入我們公司，擁有深厚的汽車和一級背景，他們來自與我們合作的汽車 OEM 或汽車製造商的同一家公司。 1 級。在那裡，我們正在經歷資格審查程序。實際上，我們每天和每週都會與眾多公司一起嘗試針對不同電池平台的不同產品。

So, our engagement and I've said this before, I think winning these is -- the gating item is the development of the platform itself. And we believe that we're well-positioned to play an important role in not only in the 2 companies with whom we're delivering production parts but to a good number of the companies we expect to be leaders in the EV space going forward in all 3 major regions.

因此，我們的參與，我之前已經說過，我認為贏得這些的關鍵是平臺本身的發展。我們相信，我們處於有利地位，不僅可以在與我們合作提供生產零件的兩家公司中發揮重要作用，而且可以在許多我們預計將成為電動車領域未來領導者的公司中發揮重要作用。主要地區。

Understood. Just maybe one more on sort of more near term as we look to Statesboro to start up later next year. You talked about some of the supply chain constraints that you saw this quarter. Looks like the price per square foot had a nice bump. Maybe just big picture thoughts on margins this year and next as we look towards that start-up.

明白了。我們預計斯泰茨伯勒將於明年稍晚啟動，短期內可能還會有一個。您談到了本季看到的一些供應鏈限制。看起來每平方英尺的價格有了很大的提升。當我們展望這家新創公司時，也許只是對今年和明年的利潤率進行大局思考。

Yes. So I think those are -- yes, and a little bit of a path to profitability question. We see in 2022, we are investing significantly in manufacturing resources where we're seeing an increase in manufacturing expenses. As a result, we're setting up facilities that will handle very significant growth in thermal barrier operations in 2023 and 2024, in line with our growth targets, the 2x and the 3x. And so that's depressing gross margins today and it's reflected in our 2022 outlook.

是的。所以我認為這些是——是的，而且是盈利之路上的一個問題。我們預計到 2022 年，我們將在製造資源上進行大量投資，而製造費用將會增加。因此，我們正在建立設施，以應對 2023 年和 2024 年熱障業務的大幅成長，符合我們的 2 倍和 3 倍成長目標。因此，今天的毛利率很低，這也反映在我們 2022 年的展望中。

We did mention it during the scripts, but our gross margin expectations in 2022 would be the high single digits because of those -- the addition of those expenses. We're going to go to Monterrey, Mexico, set up a fabrication operation higher -- put in overhead there, significant overhead that will hit our earnings this year, but will set us up for a significant profit growth in 2023 and beyond. After 2022, we would roughly see for every dollar of revenue that we generate, we get about $0.40 in gross profit, so an incremental gross margin of about 40% on that incremental revenue and about $0.33 of incremental adjusted EBITDA per dollar of revenue.

我們確實在劇本中提到過這一點，但由於這些費用的增加，我們 2022 年的毛利率預期將是高個位數。我們將前往墨西哥蒙特雷，在更高的地方建立一個製造工廠，在那裡投入大量的管理費用，大量的管理費用將影響我們今年的收益，但將為我們在2023 年及以後的利潤大幅增長奠定基礎。 2022 年後，我們粗略地看到，我們每產生1 美元的收入，就能獲得約0.40 美元的毛利，因此增量收入的增量毛利率約為40%，每美元收入的增量調整後EBITDA 約為0.33 美元。

So, about a third of that will drop down to the adjusted EBITDA line. And that's that incremental profitability that ultimately results, so when we get out to $900 million of revenue to build the second plant -- the first phase of the second plant where we'd see gross margins at that point of about 35%, EBITDA margin about 25%. So the low point in terms of margin and profitability is 2022 with revenue growth, we will see very significant improvements in profitability out in '23, '24 and beyond up to those capacity economics that we gave you in our comments.

因此，其中大約三分之一將下降到調整後的 EBITDA 線。這就是最終帶來的增量獲利能力，所以當我們的收入達到9 億美元來建造第二家工廠時——第二家工廠的第一階段，我們會看到毛利率約為35%，EBITDA利潤率約25%。因此，隨著收入成長，利潤率和獲利能力的最低點是2022 年，我們將在23 年、24 年及以後看到獲利能力的顯著改善，達到我們在評論中向您提供的產能經濟學。

The next question comes from the line of Doug Becker from Benchmark Research.

下一個問題來自 Benchmark Research 的 Doug Becker。

You mentioned that at full capacity, you'll be generating significant free cash flow to fund future capacity expansion. I was wondering if you could just talk through some of the big moving parts of going from $1.6 billion of revenue to $400 million of EBITDA, what type of free cash flow would you be expecting to throw off at that point?

您提到，在滿載生產的情況下，您將產生大量的自由現金流，為未來的產能擴張提供資金。我想知道您是否可以談談從 16 億美元的收入到 4 億美元的 EBITDA 的一些重大變化部分，您預計此時會產生什麼類型的自由現金流？

Yes. So Doug, I mean it's principally -- so CapEx would be -- when we're starting to build the second plant, most of our financing need, our capital need out over the next couple of years is associated with the Plant 2 construction. As Don alluded to, a lot of that's front-loaded, the $575 million for first phase, $125 million for the second phase. And then beyond that, we would just have incremental CapEx associated with expanding our fabrication operations, which would be at a significantly lower level than the kind of investment we require for constructing an aerogel plant. So CapEx, maintenance CapEx would not be a significant drag on our operating cash flow and so a lot of that adjusted EBITDA would be available to us as less free cash flow.

是的。道格，我的意思是，當我們開始建造第二座工廠時，我們的大部分融資需求、未來幾年的資本需求都與二號工廠的建設有關。正如 Don 所提到的，其中許多都是前期投入的，第一階段 5.75 億美元，第二階段 1.25 億美元。除此之外，我們只會有與擴大製造業務相關的增量資本支出，這將大大低於我們建造氣凝膠工廠所需的投資水準。因此，資本支出、維護資本支出不會對我們的營運現金流產生重大拖累，因此我們可以利用較少的自由現金流來獲得大量調整的 EBITDA。

Would you expect to be a cash taxpayer at that level? Or are there NOL?

您希望成為該級別的現金納稅人嗎？或有NOL嗎？

Yes. I mean you can do the math pretty quickly, Doug. But we would -- when we break profitable with those incremental margins I just described, very quickly, we'd be adjusted EBITDA positive and start to generate net income. And we do have a significant NOL that will block our cash tax payments for a period of time. But we've actually run through those in pretty short order. And so when you're talking about being a $1.6 billion company with $400 million worth of EBITDA, very significant net income, we would have gone through our NOLs, and we would be a cash taxpayer at that point.

是的。我的意思是，你可以很快地完成數學計算，道格。但我們會——當我們以我剛才描述的增量利潤實現盈利時，很快，我們的 EBITDA 就會調整為正數，並開始產生淨利潤。我們確實有大量的NOL，這將在一段時間內阻止我們的現金納稅。但我們實際上已經在很短的時間內完成了這些任務。因此，當你談論成為一家價值 16 億美元、EBITDA 價值 4 億美元、非常可觀的淨利潤的公司時，我們會經歷我們的 NOL，那時我們將成為現金納稅人。

Next question comes from the line of Amit Dayal from H.C. Wainwright.

下一個問題來自 H.C. 的 Amit Dayal。溫賴特。

Congrats on all the progress.

祝賀所有的進步。

The next question comes from the line of Jed Dorsheimer from Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Jed Dorsheimer。

Back of the bus here. So just a few questions from me. So, I guess the expectation is -- so when we look on Slide 5 for the annual revenue capacity of the $900 million and the $1.6 billion, is that in addition or to the $250 million from East Providence? Or is that including the $250 million from Providence?

公車後面這裡。我只問幾個問題。所以，我想預期是——所以當我們查看幻燈片 5 的 9 億美元和 16 億美元的年收入能力時，這是在東普羅維登斯的 2.5 億美元之外還是額外的？還是說這包括來自普羅維登斯的 2.5 億美元？

That includes the $250 million from East Providence.

其中包括來自東普羅維登斯的 2.5 億美元。

Got it. And then on the Providence plant, that's never done $250 million. So has there been a change in terms of yield out of that plant in terms of the ability to kind of double the revenues there because it seems like there's been some breakthrough?

知道了。而在普羅維登斯工廠，這一數字還沒有達到 2.5 億美元。那麼，該工廠的產量是否發生了變化，是否有能力使收入翻倍，因為似乎已經取得了一些突破？

Yes. So, I'll take that. So Jed, we've always said that our East -- this is before the thermal barrier business. So the capacity of our East Providence plant has been about $200 million. That's just straight aerogel on the energy infrastructure market. The increase to $250 million is a combination of the aerogel content that we're selling in the energy infrastructure market, as well as the aerogel content that we'd be using to support the thermal barrier business, plus the additional materials that Ricardo described that we're incorporating into the thermal barrier sandwiches that we're shipping to our customers. So it's aerogel content, plus purchase materials, plus the revenue associated. We do markup fabrication expenses as well to our automotive customers. And so it's the combination of all of those. So it isn't a productivity improvement. It's really a change in the nature of our business, but it's the same basic aerogel capacity we had before with additional billable items on top of it.

是的。所以，我會接受的。所以傑德，我們總是說我們的東方——這是在熱障業務之前。因此，我們東普羅維登斯工廠的產能約為 2 億美元。這只是能源基礎設施市場上的直接氣凝膠。增加到 2.5 億美元的金額是我們在能源基礎設施市場銷售的氣凝膠含量、我們用於支援熱障業務的氣凝膠含量以及里卡多描述的其他材料的組合。給客戶的隔熱夾層中。所以它是氣凝膠含量，加上採購材料，加上相關的收入。我們也向汽車客戶收取加價製造費用。所以它是所有這些的結合。所以這並不是生產力的提升。這確實是我們業務性質的變化，但它與我們之前擁有的基本氣凝膠容量相同，但除此之外還增加了額外的計費項目。

Our next question comes from the line of Chris Souther from B. Riley.

我們的下一個問題來自 B. Riley 的 Chris Souther。

I just wanted to confirm on the 60% visibility on the 2025's tripling. That includes GM's platform, plus just the one model with Toyota and Subaru. So, you could presumably get closer to 100%, if you won the full platform with Toyota. Is that kind of a good way to think about the current visibility?

我只是想確認 2025 年增長三倍的 60% 可見度。其中包括通用汽車的平台，以及豐田和斯巴魯的一款車型。因此，如果您贏得了豐田的完整平台，您可能會接近 100%。這是考慮當前可見度的好方法嗎？

Yes. I mean, I think one of the reasons why we put that statistic, if you will, that estimate in there was we wanted to demonstrate that thing. The -- with an additional 1 or 2 wins in other battery platforms, it is -- the math plays out pretty neatly. Let me just say that. And so our ability to achieve those -- the reason we're confident in those targets, the reason that we're increasing those targets is just a function of our engagement with not only the 2 customers with whom we're delivering production parts, but to a range of additional ones where we are confident that we're very engaged, again, from a prototyping, quoting, working through quality systems, we have very detailed engagement with these additional companies. So, we feel we're in a strong position to support those 2x and 3x target.

是的。我的意思是，我認為我們將統計數據（如果你願意的話）放在其中的原因之一是我們想證明這一點。加上在其他電池平台上的額外 1 到 2 場勝利，數學結果非常漂亮。我就這麼說吧。因此，我們實現這些目標的能力——我們對這些目標充滿信心的原因，我們提高這些目標的原因不僅僅是我們與我們提供生產零件的 2 個客戶的互動，但對於一系列其他公司，我們有信心我們非常參與，再次，從原型設計、報價、透過品質系統工作，我們與這些其他公司進行了非常詳細的接觸。因此，我們認為我們有能力支持這些 2 倍和 3 倍目標。

Okay. Great. And then of the 8 that you shipped PyroThin for revenue last year excluding GM, Toyota, can you talk about the variety of battery chemistries that have been used by those customers, majority are NMC, but are any using NMC or any other chemistries that you're seeing?

好的。偉大的。然後，在您去年銷售PyroThin 獲得收入的8 種電池中（不包括通用汽車、豐田），您能否談談這些客戶使用的各種電池化學物質，大多數是NMC，但是否有使用NMC 或您認為的任何其他化學物質的電池？

Yes I mean -- yes, I am not sure you are familiar with absolutely all 8 of them and that level of detail, but take it away, it is even more at a higher level.

是的，我的意思是 - 是的，我不確定您是否完全熟悉所有 8 個內容以及該級別的細節，但除去它，它甚至處於更高的級別。

Yes. I mean they're really all prototype parts. So going into too much detail of the specific chemistry that's being used isn't necessarily aligned with what may end up going to production as well, but they're mostly NMC and either pouch or prismatic cells as we've indicated in the remarks.

是的。我的意思是它們實際上都是原型零件。因此，對所使用的特定化學物質進行過多的詳細介紹並不一定與最終可能投入生產的化學物質一致，但正如我們在評論中指出的那樣，它們主要是 NMC 以及軟包或棱柱形電池。

Our final question comes from the line of Tom Curran from Seaport Research Partners.

我們的最後一個問題來自 Seaport Research Partners 的 Tom Curran。

Last but certainly not least, I trust. I want to be sure, John, just congratulate you on financially.

最後但並非最不重要的一點是，我相信。約翰，我想確定的是，我只是在經濟上祝賀你。

Batting clean-up.

擊球清理。

Right Batting clean-up. There you go. John, congrats on financially piloting Aspen through every chapter of its development growth over the past 15 years. I really appreciate your detailed guidance, responsiveness and lucid explanations. So, best of luck to you.

右擊球清理。就這樣吧。約翰，恭喜您在過去 15 年在財務上引導阿斯彭完成其發展成長的每一個階段。我非常感謝您的詳細指導、回應能力和清晰的解釋。所以，祝你好運。

Thanks, Tom. Appreciate it.

謝謝，湯姆。欣賞它。

So at your total annual revenue target for 2025 of $740 million, thermal barriers would be expected to contribute 75% or $540 million. Of the remaining $180 million, what would be the expected split between energy infrastructure and the battery materials segment?

因此，根據 2025 年 7.4 億美元的年總收入目標，隔熱層預計將貢獻 75%，即 5.4 億美元。在剩餘的 1.8 億美元中，能源基礎設施和電池材料領域的預期分配比例是多少？

Tom, maybe a good way to calculate it would be just to say that we remember back that our pre-pandemic level of industrial was in the range of $130 million. And we've assumed low double-digit growth from there. So if you add over the course of those 3 years or 4 years, if you are putting a 10% or 12% growth rate on that, we're very comfortable with that kind of [earning into that].

湯姆，也許計算它的一個好方法就是說我們記得大流行前的工業水準在 1.3 億美元左右。我們假設此後將出現兩位數的低成長。因此，如果你在這 3 年或 4 年的過程中加上 10% 或 12% 的成長率，我們對這種[收益]感到非常滿意。

Yes. And Tom, the Aspen battery materials business, it's a little unclear in terms of what -- how that will be structured and we're going to have to make a decision about whether we license that technology to others and let them produce some materials, or we invest in additional assets to produce those materials ourselves and sell them into the market. And so at present our estimates, we have the cost and expenses and the research and development investment required to fund that initiatives in our models, but we haven't put in revenue assumptions. And we think that that's a conservative approach, but we ultimately are very excited about that business. We think it will generate revenue, but we don't know what form yet. And so on that basis, we've tried to exclude it from all the projections we provided today.

是的。湯姆，阿斯彭電池材料業務，目前還不清楚如何構建，我們必須決定是否將該技術許可給其他人並讓他們生產一些材料，或者我們投資額外的資產來自己生產這些材料並將其出售到市場上。因此，目前我們的估計是，我們有成本和費用以及為我們的模型中的舉措提供資金所需的研發投資，但我們尚未納入收入假設。我們認為這是一種保守的做法，但我們最終對這項業務感到非常興奮。我們認為它將產生收入，但我們還不知道是什麼形式。因此，在此基礎上，我們試圖將其排除在我們今天提供的所有預測之外。

No, that's -- you both helped to answer what I was trying to get at, but it's reassuring to know that it does not assume any revenue contribution from battery materials. So, you do expect to be able to cover that full $720 million between thermal barriers and the legacy industrial business. And then -- now that you've been able to confirm that the mystery Asian automakers, indeed Toyota, we can home in with our questions about that pacing of potential of that relationship. Could you update us on where they're at with finalizing their own dedicated battery platform to help us with the timing of when you might win more than just the bZ4X? And then would you expect an expansion to any kind of platform-wide contract to also include Subaru?

不，那是——你們都幫忙回答了我想要表達的意思，但令人放心的是，它不假設電池材料帶來任何收入貢獻。因此，您確實希望能夠承擔熱障和傳統工業業務之間的全部 7.2 億美元費用。然後，現在您已經能夠確認神秘的亞洲汽車製造商，實際上是豐田，我們可以直接回答有關這種關係的潛力的問題。您能否向我們介紹他們在最終確定自己的專用電池平台方面的最新進展，以幫助我們確定您何時可能贏得的不僅僅是 bZ4X？那麼您是否期望擴展到任何類型的平台範圍合約也包括斯巴魯？

We just want to be very careful about, talking about specific programs right now and specific expectations with these companies. And we just want to be very mindful and respectful of their own developments and what have you. So let me just say maybe what I've said a bit in the past, which is that we feel we're in a very strong position that these companies, again, those we've been awarded business and others that were in the later stage innings, if you will, of being awarded business we anticipate. I would -- those -- we just feel like we're in a strong position and we feel that we are bringing a lot of value to the discussions.

我們只是想非常小心地談論現在的具體計劃以及與這些公司的具體期望。我們只想非常關注和尊重他們自己的發展以及你所擁有的。因此，讓我想說一下我過去說過的話，那就是我們覺得我們處於非常有利的地位，這些公司，再一次，那些我們被授予業務的公司以及後來的其他公司如果您願意的話，我們預計會獲得我們預期的業務。我會——那些——我們只是覺得我們處於有利地位，我們覺得我們為討論帶來了很多價值。

And it's -- yes, it comes from our technology, but it also comes from the strategy that we've talked about for over a year now around being OEM agnostic, being really the industry resource here, bringing expertise into this really difficult challenging problem. I thought Ricardo did a nice job just describing the complexity of this and the likelihood of these automotive OEMs trying to manage this situation, both with active and passive systems simultaneously. That's the way we see it playing out certainly over any period of time. So, again, we just want to be a little careful about talking about specific programs.

是的，它來自我們的技術，但它也來自我們已經討論了一年多的策略，圍繞 OEM 不可知論，成為真正的行業資源，將專業知識帶入這個真正困難的挑戰性問題。我認為里卡多做得很好，他描述了這種情況的複雜性，以及這些汽車原始設備製造商嘗試同時使用主動和被動系統來管理這種情況的可能性。這就是我們在任何時期內看到的情況。因此，我們再次強調在談論具體計劃時要小心一些。

Okay. That is the end of the Q&A session today. So, I will now hand you back over to Don Young for closing remarks.

好的。今天的問答環節到此結束。因此，我現在將您交還給唐·楊（Don Young）進行閉幕致辭。

Thank you, Lauren, very much. To everyone, we appreciate your interest in Aspen Aerogels. We look forward to reporting our Q1 2022 results in late April. Be well. Have a good evening. Thank you very much.

非常感謝你，勞倫。感謝大家對阿斯彭氣凝膠的興趣。我們期待在 4 月下旬報告 2022 年第一季的業績。祝你一切順利。祝你晚上愉快。非常感謝。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。