Beam Global (BEEM) 2023 Q3 法說會逐字稿

Good day and welcome to the Beam Global third-quarter 2023 financial results and corporate update. (Operator Instructions) I would now like to turn the conference over to Kathy McDermott, CFO.

美好的一天，歡迎閱讀 Beam Global 2023 年第三季財務業績和公司最新動態。 （操作員指示）我現在想將會議轉交給財務長凱西·麥克德莫特 (Kathy McDermott)。

Thank you. Good morning and thank you for participating in Beam Global's 2023 third-quarter conference call this early morning. We appreciate you joining us today to hear an update on our business. Joining me is Desmond Wheatley, President, CEO, and Chairman of the Board of Beam Global. Desmond will be providing an update on recent activities at Beam, followed by a question-and-answer session.

謝謝。早安，感謝您今天早上參加 Beam Global 2023 年第三季電話會議。感謝您今天加入我們，聆聽我們業務的最新動態。與我一起的還有 Beam Global 總裁、執行長兼董事會主席 Desmond Wheatley。 Desmond 將介紹 Beam 最近活動的最新情況，然後進行問答環節。

But first, I'd like to communicate to you that during this call, management will be making forward-looking statements, including statements that address Beam's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Beam's most recently filed Form 10-K and other periodic reports filed with the SEC. The content of this call contains time-sensitive information that is accurate only through today, November 14, 2023. Except as required by law, Beam disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

但首先，我想告訴您，在這次電話會議中，管理層將做出前瞻性聲明，包括涉及 Beam 對未來業績或營運結果的預期的聲明。前瞻性陳述涉及風險和其他因素，可能導致實際結果與這些陳述有重大差異。有關這些風險的更多信息，請參閱 Beam 最近提交的 10-K 表格以及向 SEC 提交的其他定期報告中描述的風險因素。本次電話會議的內容包含時效性信息，僅在今天（2023 年11 月14 日）之前準確。除非法律要求，否則Beam 不承擔任何公開更新或修改任何信息以反映本次電話會議後發生的事件或情況的義務。

Next, I'd like to provide an overview of our financial results for Beam's third quarter and the first nine months of 2023. The revenues for the third quarter of 2023 continued strong at $16.5 million, a 149% increase over $6.6 million revenue reported in Q3 of 2022. Revenue to the first nine months of 2023 were $47.3 million, a 236% increase over $14.1 million reported for the same period in 2022. Our revenue growth in 2023 is primarily driven by an increase in deliveries to federal agencies.

接下來，我想概述一下Beam 第三季和2023 年前9 個月的財務業績。2023 年第三季的營收持續強勁，達到1,650 萬美元，比2023 年報告的660 萬美元收入成長了149% 。2022 年第三季。2023 年前 9 個月的收入為 4730 萬美元，比 2022 年同期的 1410 萬美元增長 236%。我們 2023 年的收入增長主要是由聯邦機構交付量的增加所推動的。

We also increased our energy storage revenues by $2.5 million year to date compared to the same period in 2022. 10% of our revenues year to date are international sales, primarily for our energy storage business. But we're looking forward to beginning production of EV ARCs at our new Serbian facility to expand our EV charging sales into Europe.

與 2022 年同期相比，今年迄今我們的儲能收入增加了 250 萬美元。今年迄今為止，我們收入的 10% 來自國際銷售，主要用於我們的儲能業務。但我們期待在我們的塞爾維亞新工廠開始生產 EV ARC，以將我們的電動車充電銷售擴大到歐洲。

Our gross profit for the quarter ended September 30, 2023, was $0.3 million or 1.7% of revenues compared to a gross loss of $0.3 million or 5.1% of sales. Gross profit year to date through September 30, 2023, was $0.8 million or 1.7% of sales compared to gross loss of $1 million for the same period in the prior year. As a percentage of sales, our gross profit year to date improved by 9%. The improvement in gross margin was primarily due to the increase in production levels compared to our prior year, which resulted in favorable fixed overhead absorption and labor efficiencies. We're also beginning to see some vendor cost reductions and benefit from recent engineering design changes.

截至 2023 年 9 月 30 日的季度，我們的毛利為 30 萬美元，佔營收的 1.7%，而毛虧損為 30 萬美元，佔銷售額的 5.1%。截至 2023 年 9 月 30 日，年初至今的毛利為 80 萬美元，佔銷售額的 1.7%，而去年同期的毛虧損為 100 萬美元。年初至今，我們的毛利佔銷售額的百分比增加了 9%。毛利率的提高主要是由於與前一年相比生產水準的提高，這導致了有利的固定管理費用吸收和勞動效率。我們也開始看到一些供應商成本降低，並從最近的工程設計變化中受益。

Operating expenses for the third quarter of 2023 were $4 million compared to $6.5 million in the same period in the prior year, an improvement of 73% of revenues year over year. Operating expenses decreased by $3.9 million for non-cash contingent consideration recorded in Q3 2022 related to the All Cell acquisition, partially offset by increases for sales commission and non-cash compensation expense.

2023 年第三季的營運費用為 400 萬美元，而去年同期為 650 萬美元，佔營收年增 73%。 2022 年第三季記錄的與 All Cell 收購相關的非現金或有對價的營運費用減少了 390 萬美元，部分被銷售佣金和非現金補償費用的增加所抵銷。

For the nine months ended September 30, 2023, we reported operating expenses of $11.9 million or 25% of revenues compared to $10.9 million or 78% of revenues for the same period in 2022, an improvement of 52% as a percentage of revenues. Year to date 2022 only included seven months of expenses for energy storage business operations based on the March 2022 acquisition date. 2023 cost increases are primarily attributable to non-cash compensation expense, administrative salaries and bonus accruals, sales and marketing expenses including commission accrual, and investment in R&D, salaries, and expenses. These increases were partially offset by a decrease of $2.4 million for non-cash and cash contingent consideration related to the All Cell acquisition.

截至2023 年9 月30 日的九個月，我們報告的營運費用為1,190 萬美元，佔收入的25%，而2022 年同期為1,090 萬美元，佔收入的78%，佔收入的百分比提高了52 %。基於 2022 年 3 月的收購日期，2022 年迄今僅包含七個月的儲能業務營運費用。 2023 年成本增加主要歸因於非現金薪酬費用、行政工資和應計獎金、銷售和行銷費用（包括應計佣金）以及研發投資、工資和費用。這些成長被與 All Cell 收購相關的非現金和現金或有對價減少 240 萬美元部分抵銷。

Our net loss was $3.6 million or 22% of revenue for the third quarter of 2023 compared to $6.8 million or 103% of revenue for the same period in 2022. Net loss was $11 million for the nine months ended September 30, 2023, compared to $11.9 million for the first nine months of 2022. The year-to-date net loss included non-cash expense items such as depreciation, intellectual property amortization, and non-cash compensation expense of $3 million in 2023 and $5.2 million in 2022.

2023 年第三季度，我們的淨虧損為360 萬美元，佔營收的22%，而2022 年同期為680 萬美元，佔營收的103%。截至2023 年9 月30 日的九個月，淨虧損為1,100 萬美元，而2022 年第三季的淨虧損為2022 年前9 個月為1,190 萬美元。年初至今的淨虧損包括折舊、智慧財產權攤銷和非現金補償費用等非現金支出項目，2023年為300 萬美元，2022 年為520 萬美元。

On September 30, 2023, we had cash of $14.8 million compared to $1.7 million at December 31, 2022. The cash increase was primarily due to capital raise in June 2023, offset by increased accounts receivable due to the increased revenues and operating losses. Our working capital increased from $6.8 million to $3.4 million from December 31, 2022, to September 30, 2023. The working capital balance is increased by the $25 million net capital raise in June and increased accounts receivable based on increased sales.

截至2023 年9 月30 日，我們擁有現金1,480 萬美元，而2022 年12 月31 日為170 萬美元。現金增加主要是由於2023 年6 月籌集資金，被收入和經營虧損增加導致的應收賬款增加所抵銷。從2022年12月31日到2023年9月30日，我們的營運資金從680萬美元增加到340萬美元。營運資金餘額因6月份淨資本籌集2500萬美元以及因銷售額增加而增加的應收帳款而增加。

With that, I will now turn it over to Desmond to provide a business update. Desmond?

現在，我將把它交給德斯蒙德，以提供業務更新。戴斯蒙？

Kathy, thanks very much for that, and thanks also to everybody who's listening in today, particularly those of you who are on the West Coast. I'm well aware of the fact that this is the second time in a week of actually a gap in the wee hours to join these exciting being global updates so thank you for that.

凱西，非常感謝，也感謝今天收聽的所有人，特別是那些在西海岸的人。我很清楚，這是一周內第二次在凌晨的間隙參加這些令人興奮的全球更新，所以謝謝你們。

I'm actually speaking to you from Europe where I spent the last 10 days in our new facilities in Belgrade and Kraljevo in Serbia. Having spent the last 11 months negotiating the acquisition of the company that was formerly known as Amiga and is now Beam Europe, the parties which were formerly sitting on opposite sides of the table are now all engaged in the creation of a growth engine for Beam Global in the largest market in the world for our products.

實際上，我是在歐洲與你們交談的，過去 10 天我是在我們位於貝爾格萊德和塞爾維亞克拉列沃的新工廠裡度過的。經過過去 11 個月的談判，收購前身為 Amiga（現為 Beam Europe）的公司，之前坐在談判桌兩側的各方現在都致力於為 Beam Global 創建增長引擎我們的產品在世界上最大的市場。

Beam Europe is a reality. And as each day goes by, we're operating more and more as one company. It's been an exciting and fantastically busy 10 days. During which, I and the entire management team over here have been totally immersed in the integration of Beam Europe into our global operations. I hope the many of you were able to join the live tour of our new 6.5-acre facility last week. It was an intense and information-packed hour during which I tend to show the scale and capabilities of our operations over here. In case you missed it, there's an archived version which you can find on the Investor Relations section of our website.

光束歐洲已成為現實。隨著時間一天天過去，我們越來越像一家公司在運作。這是令人興奮且異常忙碌的十天。在此期間，我和這裡的整個管理團隊完全沉浸在將 Beam Europe 融入我們全球營運的過程中。我希望你們中的許多人上週能夠參加我們佔地 6.5 英畝的新設施的現場參觀。這是一個緊張且充滿資訊的時間，在此期間我傾向於展示我們在這裡運作的規模和能力。如果您錯過了，您可以在我們網站的投資者關係部分找到存檔版本。

I'll return to the subject of our European expansion later on in this call because it's certainly the most significant event in Beam Global in 2023. And in my opinion, after the invention for our sales and production of EV ARC, it's the most important evolution in our company's history. It's quite an achievement for any event to be referred to as the most significant in our 2023, a year in which we've seen absolutely phenomenal growth and improvements in every area of our business. None of them are insignificant and all have contributed to making Beam Global a better company than at any time in our history.

稍後我將在本次電話會議中回到我們的歐洲擴張主題，因為這無疑是2023 年Beam Global 最重要的事件。在我看來，繼EV ARC 的銷售和生產發明之後，這是最重要的事件我們公司歷史的演變。對於任何活動來說，被稱為 2023 年最重要的事件都是一項相當大的成就，在這一年中，我們的業務各個領域都取得了驚人的成長和改進。他們中沒有一個是微不足道的，並且都為使 Beam Global 成為一家比我們歷史上任何時候都更好的公司做出了貢獻。

We've dramatically increased the rate of production of our products. We've dramatically increased our revenues. We've dramatically improved our gross profitability, and we've significantly reduced our operating costs as a percentage of revenues as the year has advanced.

我們大大提高了產品的生產率。我們的收入大幅增加。隨著時間的推移，我們的毛獲利能力大幅提高，營運成本佔收入的比例也大幅降低。

Starting with revenues. We delivered triple-digit year-over-year percentage growth in each quarter of this year. Our Q3 results were a continuation of the trend. $16.5 million of revenue we generated in the third quarter of 2023 represents a 149% year-over-year increase. And as I said, that's the third quarter in a row where we've had triple-digit year-over-year growth. We're looking at our year-to-date results. We obviously have another record of over $47 million in revenue. That's a 236% increase over 2022. And to put it into further context, just looking at absolute numbers, we did $22 million in revenue in 2022 and we're already at $47 million with another quarter left in this year to add to that.

從收入開始。今年每季我們都實現了三位數的年成長。我們第三季的業績是這一趨勢的延續。 2023 年第三季度，我們創造了 1,650 萬美元的收入，年增 149%。正如我所說，這是我們連續第三個季度實現三位數的年增長。我們正在研究今年迄今的結果。顯然，我們還有一項收入超過 4700 萬美元的記錄。比 2022 年成長了 236%。更進一步來看，僅看絕對數字，我們在 2022 年的收入為 2,200 萬美元，目前已經達到 4,700 萬美元，今年還剩一個季度可以增加這一收入。

This is a quick historical reminder. We did $6 million in revenue in 2020, $9 million in 2021, $22 million in 2022, and now we're at $47 million just three quarters into 2023. So clearly, a phenomenal growth story that continues today.

這是一個快速的歷史提醒。 2020 年我們的收入為600 萬美元，2021 年為900 萬美元，2022 年為2200 萬美元，現在到2023 年僅四分之三，我們的收入就達到4700 萬美元。很明顯，一個驚人的增長故事一直持續到今天。

The acceleration in the pace of our production of both batteries and EV ARC products is even more impressive. Production of EV ARC so far in 2023 has increased 295% year over year, and our battery manufacturing facility in Chicago produced something in the order of 10 times more kilowatt hours of batteries than they did before we acquired them.

我們電池和 EV ARC 產品生產步伐的加快更加令人印象深刻。截至 2023 年，EV ARC 的產量已同比增長 295%，我們位於芝加哥的電池製造工廠生產的電池比我們購買之前多了 10 倍千瓦時。

In case you're wondering how it can be that the 295% year-over-year growth in EV ARC production is greater than the 236% increase in revenue. The main explanation for this is that we produce more EV ARCs than we were able to deliver in Q3, in no small part due to the threatened federal government shutdown at the end of that quarter. It's not that those deliveries won't take place. It's just because there was uncertainty around whether or not federal employees would be at work, deliveries of certain EV ARCs were postponed. This temporary blip is just that temporary. And we believe that as long as there's not another and prolonged federal shutdown, we should catch up, back up in the next few months.

如果您想知道 EV ARC 產量 295% 的年成長為何高於營收 236% 的成長。造成這種情況的主要原因是，我們生產的 EV ARC 數量超過了第三季的交付量，這在很大程度上是由於該季度末聯邦政府面臨關閉的威脅。這並不是說這些交付不會發生。只是因為聯邦僱員是否上班存在不確定性，某些 EV ARC 的交付被推遲。這個暫時的現像只是暫時的。我們相信，只要聯邦不再出現另一次長期關閉，我們就應該迎頭趕上，在未來幾個月內恢復。

We had backlog of over $31 million at September 30, and our sales team continues to convert elements of the over $100 million in pipeline that we have into backlog on a regular basis. While we continue to see lumpiness in large order cadence, the flow of purchase order wins brought in by the sales team is actually improving over prior years, and we've received no indication from any of our existing customers or prospects that they're slowing down their plans for EV charging deployments.

截至 9 月 30 日，我們的積壓訂單已超過 3,100 萬美元，我們的銷售團隊將繼續定期將超過 1 億美元的待售訂單中的部分轉化為積壓訂單。雖然我們繼續看到大訂單節奏出現波動，但銷售團隊帶來的採購訂單流實際上比前幾年有所改善，而且我們沒有收到任何現有客戶或潛在客戶的跡象表明他們正在放緩降低了電動車充電部署計畫。

We're all aware that there have been reports in the media recently about a slowing in the growth of adoption of electric vehicles. Certain of the large automobile manufacturers have announced reductions in their aggressive growth plans for the electrification of their fleets in coming months.

我們都知道，最近媒體有通報電動車的採用成長放緩。某些大型汽車製造商已宣布削減未來幾個月其車隊電氣化的積極成長計畫。

To put this into context, we need to look at the facts behind the stories. While it's true that there's been a reduction in the speed of electric vehicle adoption as a percentage in August and September this year only, the absolute numbers continue to grow rapidly. And the slowing down that the media is referring to might be better described as a significant growth instead of a phenomenal growth.

為了理解這一點，我們需要看看這些故事背後的事實。儘管僅在今年八月和九月，電動車採用速度的百分比確實有所下降，但絕對數字仍在快速增長。媒體所指的經濟放緩可能更適合描述為顯著成長，而不是顯著成長。

2023 EV sales are 61% higher than they were by this time in 2022. Interestingly, it seems that Tesla has taken the hardest hit with 41% year-over-year growth while the combination of all the other brands have seen 98% year-over-year growth in the same period. And I view that as a further mainstreaming of EVs as they move from the niche Tesla audience to everyone else. Any way you look at this, it's still phenomenal growth and far, far higher growth than that, which has been experienced by internal combustion engine vehicles or ICEVs.

2023 年電動車銷量比 2022 年同期增長 61%。有趣的是，特斯拉似乎受到了最嚴重的打擊，同比增長 41%，而所有其他品牌的銷量合計同比增長 98%。同比增長。我認為，隨著電動車從特斯拉的小眾受眾轉向其他所有人，這是電動車的進一步主流化。無論如何來看，它仍然是驚人的成長，而且比內燃機汽車或內燃機汽車所經歷的成長要高得多。

The installation of electric vehicle charging infrastructure has not kept pace with EV sales, and there was already not enough publicly available chargers for the existing fleet of electric vehicles. Far less than the tremendous growth that we're still seeing. The two biggest barriers to consumer adoption of electric vehicles continue to be number one, perception of their costs; and number two, lack of available charging infrastructure. Beam Global is in the business of solving for number two. And as I've already said, those of us in the EV charging industry are and will be playing catch up and therefore, less susceptible to predictable fluctuations in consumer adoption of the ever-expanding lineup of new EVs.

電動車充電基礎設施的安裝並沒有跟上電動車銷售的步伐，而且現有的電動車隊已經沒有足夠的公共充電樁。遠低於我們仍然看到的巨大成長。消費者採用電動車的兩個最大障礙仍然是第一，即對其成本的認知；第二，缺乏可用的充電基礎設施。 Beam Global 致力於解決第二大問題。正如我已經說過的，電動車充電行業的人們正在並將繼續追趕，因此，消費者對不斷擴大的新電動車產品線的採用率不太容易受到可預測波動的影響。

By the way, Norway gives us a good look at what the future holds for the rest of the world. There, EV sales are 98% of the market. There's been heavy investment in education and EV charging infrastructure in Norway and they've now amassed enough data to show that total vehicle ownership costs are around 20% less for the consumer. And that data includes the earlier models of EVs, which are much more expensive in today's offerings. So the argument that EVs are more expensive is already false.

順便說一句，挪威讓我們很好地了解了世界其他地區的未來。在那裡，電動車銷量佔市場的 98%。挪威在教育和電動車充電基礎設施方面進行了大量投資，現在已經累積了足夠的數據，顯示消費者的汽車總擁有成本降低了約 20%。這些數據包括早期的電動車型號，這些型號在當今的產品中要貴得多。因此，關於電動車更昂貴的論點已經是錯誤的。

When consumers get the hang of that, I think we'll see a rapid shift in sentiment. Between shifting consumer sentiment and continued government tailwinds, we anticipate, as I've said, nothing but growth for the foreseeable future. Any fluctuations that we do see in order cadence in 2023 and in the next several quarters will be more likely to do with the sometimes unpredictable pace of federal and state orders brought about by budget uncertainties and potentially, impactful events like threatened or actual government shutdowns. But none of this, I think, will be meaningful in the long term.

當消費者掌握了這一點時，我認為我們會看到情緒的快速轉變。正如我所說，在消費者信心的轉變和政府持續的推動下，我們預計在可預見的未來只會出現成長。我們在2023 年和接下來的幾個季度中確實看到的訂單節奏的任何波動更有可能與預算不確定性以及政府威脅或實際關閉等潛在影響事件帶來的聯邦和州訂單有時不可預測的速度有關。但我認為，從長遠來看，這些都沒有意義。

Again, I still firmly believe, and I think that all the evidence confirms this, but however lumpy this order cadence may be, the macro trend provides for nothing but sustained growth for the next several decades. Electric vehicles are not going away. On the contrary, government tailwinds are continuing to strengthen as the increasing awareness of climate impacts matched by continuing geopolitical uncertainties associated with the global oil industry make it more difficult not to double down on already aggressive carbon reduction plants.

再說一次，我仍然堅信，我認為所有證據都證實了這一點，但無論這種訂單節奏有多麼不穩定，宏觀趨勢只會帶來未來幾十年的持續成長。電動車不會消失。相反，隨著人們對氣候影響的認識不斷增強，再加上與全球石油工業相關的持續的地緣政治不確定性，政府的推動力正在繼續加強，這使得不加倍加大本已積極的碳減排工廠的力道變得更加困難。

Additionally, while most experts accept that there is some short-term slowing of the rapid increasing the adoption of electric vehicles, they're equally certain that the widespread electric vehicle adoption is inevitable and that the infrastructure requirements will somehow have to keep pace with consumers' demand for the products. All of the reputable studies that I've looked at still show the majority of consumers stating that they're considering an electric vehicle for their next purchase.

此外，雖然大多數專家承認電動車的快速普及在短期內會有所放緩，但他們同樣確信電動車的廣泛採用是不可避免的，而且基礎設施要求必須以某種方式跟上消費者的步伐' 對產品的需求。我看過的所有知名研究仍然表明，大多數消費者表示他們正在考慮下次購買電動車。

In the meantime, I and the rest of the management team at Beam Global are ensuring that we diversify our opportunities for revenue generation. Said another way, we're widening the top of the funnel. We're doing that in the United States by adding sales resources and targeting a broader set of customer prospects as well as deepening our government relations and playing a greater role in the formation of policy rather than waiting for that to happen without us.

同時，我和 Beam Global 管理團隊的其他成員正在確保我們創造收入機會多樣化。換句話說，我們正在擴大漏斗的頂部。我們在美國正在這樣做，透過增加銷售資源和瞄準更廣泛的客戶前景，以及深化我們的政府關係並在政策的製定中發揮更大的作用，而不是坐等這一切在我們沒有參與的情況下發生。

Of course, absolutely the most significant step that we've taken to broaden our prospects is the opening up of Europe as a market for our products. Europe is by every measure the largest potential market for our products. So we haven't just widened the top of the funnel marginally. We doubled or tripled it. As we continue to evolve the lumpiness that we experienced in one market, should be offset by corresponding lumpiness moving the opposite direction in another.

當然，我們為拓寬前景而採取的最重要的一步絕對是開放歐洲作為我們產品的市場。無論從哪方面來看，歐洲都是我們產品最大的潛在市場。所以我們不只是稍微擴大了漏斗的頂部。我們將其增加了一倍或三倍。隨著我們不斷發展，我們在一個市場所經歷的不穩定性應該會被另一個市場中相反方向的相應不穩定性所抵消。

The fundamental takeaways from these preceding points is that there continues to be significant growth in our addressable markets, significant improvement in our ability to address those markets, and a continued growth and urgency in the requirements for the unique attributes delivered by our portfolio of patented products. We're not just using geographic market expansion and additional segments to widen the moat of our funnel. We're also diversifying our product offering while staying true to our strategic goals.

從上述幾點得出的基本結論是，我們的潛在市場持續顯著增長，我們應對這些市場的能力顯著提高，以及對我們的專利產品組合所提供的獨特屬性的需求持續增長和緊迫感。我們不僅僅是利用地理市場擴張和額外的細分市場來拓寬我們漏斗的護城河。我們還在實現產品供應多元化的同時堅持我們的策略目標。

Up until 2022, EV ARC sales provided materially all of our revenues. In 2022, with the acquisition of All Cell Technologies, we're adding batteries to our product mix. The sale of batteries to external customers, in other words, not those used in our own products, has contributed over $6 million to our revenues in the first three quarters of this year, a significant contributor to our growth and an excellent diversification of revenue opportunities for us.

直到 2022 年，EV ARC 的銷售幾乎提供了我們所有的收入。 2022 年，透過收購 All Cell Technologies，我們將在我們的產品組合中添加電池。換句話說，向外部客戶銷售電池，而不是我們自己產品中使用的電池，今年前三季為我們貢獻了超過600 萬美元的收入，這是我們成長的重要貢獻者，也是收入機會的絕佳多元化為了我們。

The acquisition of All Cell Technologies has also contributed significantly to our gross margin improvement through a reduction in costs in the batteries, which we've integrated into our products. We're going to start to see the biggest impact of those cost reductions in the fourth quarter of this year and the fourth -- and the first quarter of next. Really significant savings.

收購 All Cell Technologies 還透過降低電池成本（我們已將電池整合到我們的產品中）對毛利率的提高做出了重大貢獻。我們將在今年第四季和第四季以及明年第一季開始看到這些成本削減的最大影響。確實節省了很多錢。

Now, our engineers in San Diego, Chicago, Belgrade, and Kraljevo are all working on the next and what I believe will be the most significant diversification in our product offering in the company's history. We have made more progress in the development of our EV Standard product in the last months than in the last four years. EV Standard is a street light replacement, which will provide renewed and energized EV charging and energy security infrastructure at the curb without the requirement for significant stable and electrical projects.

現在，我們在聖地牙哥、芝加哥、貝爾格萊德和克拉列沃的工程師都在致力於下一步，我相信這將是公司歷史上產品供應中最重要的多元化。過去幾個月，我們在電動車標準產品的開發方面取得了比過去四年更多的進展。 EV 標準是路燈的替代品，它將在路邊提供更新且充滿活力的電動車充電和能源安全基礎設施，而不需要重大的穩定和電力項目。

Comprising much of the same technological excellence, which is found in the EV ARC, but in a different form factor, it will solve the very real challenges associated with installing electric vehicle charging for on-street parking. Providing charging to vehicles parked on the street is essential to the success of the electrification of transportation. I know of no more elegant solution to do that than the EV Standard.

它包含許多與 EV ARC 相同的卓越技術，但外形不同，它將解決與為路邊停車安裝電動車充電相關的非常現實的挑戰。為停放在街道上的車輛提供充電對於交通電氣化的成功至關重要。據我所知，沒有比 EV 標準更優雅的解決方案了。

But the major consideration in the acquisition of Amiga was that they were one of the top streetlight manufacturers in Europe and have sold those sorts of products across 17 nations. They've already manufactured solar-powered streetlights and other types of street furniture with renewable energy and electronics integrated. And as a result, have the perfect combination of experience and expertise to assist our EV charging and energy storage engineers in the perfection of the EV Standard product.

但收購 Amiga 的主要考慮因素是，他們是歐洲頂級路燈製造商之一，並且已在 17 個國家銷售此類產品。他們已經製造了太陽能路燈和其他類型的整合再生能源和電子產品的街道設施。因此，擁有經驗和專業知識的完美結合，可以幫助我們的電動車充電和儲能工程師完善電動車標準產品。

The level of collaboration between our engineering teams in Europe and those in the United States is really impressive. In the very near future, I believe that diversifying our product offering in this manner should have a significant effect, not only on the lumpiness in order cadence, but much more importantly on delivering another tremendous growth engine for Beam Global, both in Europe and in the United States.

我們歐洲和美國工程團隊之間的協作程度確實令人印象深刻。在不久的將來，我相信，以這種方式實現產品供應多元化應該會產生重大影響，不僅會降低訂單節奏的混亂程度，更重要的是，會為Beam Global 在歐洲和其他地區提供另一個巨大的成長引擎。美國。

So we're executing on a multipronged strategy to increase our opportunities through geographic expansion, expansion of the verticals that we were targeting within the geography, and through the introduction of new products, which are equally or more unique and compelling. And we're doing all of that, while at the same time delivering triple-digit growth in revenues, improving our gross profit, and reducing our overhead costs as a percentage of revenue.

因此，我們正在執行多管齊下的策略，透過地理擴張、我們在地理範圍內瞄準的垂直行業的擴展以及透過推出同樣或更獨特和引人注目的新產品來增加我們的機會。我們正在做所有這些，同時實現收入三位數的成長，提高我們的毛利，並降低管理成本佔收入的百分比。

We continued to generate gross profits during the third quarter, about 3% when excluding non-cash items. Year to date were gross profitable and we have yet to be positively impacted by the significant cost savings, which our engineering and operations teams have identified and are now putting into effect. As I told you during our second-quarter earnings call, the gross profits we were generating then and are generating now are as a result of increased efficiencies and volumes of product running through our factory. Those volumes are sufficient to overcome the fixed overhead burdens, which had previously caused us to report negative gross profits, even though the unit economics on the EV ARC have been positive since quite early in that product's development.

第三季我們繼續產生毛利，扣除非現金項目後約 3%。今年迄今為止，我們實現了毛利潤，但我們的工程和營運團隊已經確定並正在實施顯著的成本節約，但尚未對我們產生積極影響。正如我在第二季財報電話會議上告訴您的那樣，我們當時和現在產生的毛利是由於我們工廠的效率和產品數量的提高而產生的。這些銷售量足以克服固定管理費用負擔，這導致我們先前報告毛利為負，儘管 EV ARC 的單位經濟效益自該產品開發之初就一直是積極的。

We're better off from a cash point of view every time an EV ARC leaves the factory, not worse off as would be the case if the unit economics were not positive. Now we're entering a new era of cost improvements, which are more dramatic than those which we've received simply through increasing volumes. Engineering and operational improvements should deliver a better than 20% improvement in our cost structure and a similar improvement in our gross profit.

從現金角度來看，每次 EV ARC 出廠時，我們的境況都會更好，而不是像單位經濟效益不佳時的情況那樣更糟。現在，我們正在進入一個成本改善的新時代，這比我們僅僅透過增加產量所獲得的效果更為顯著。工程和營運改善將使我們的成本結構改善 20% 以上，毛利也會有類似的改善。

I stated previously that those cost savings should take effect material in the fourth quarter and be fully manifested by the end of Q1 2024. The facts are supporting that prediction, and we're now looking at current costs to reduce EV ARC, which are meaningfully lower than at any time in our history. That's a process which will not end.

我之前說過，這些成本節省應該在第四季度產生實質效果，並在2024 年第一季末充分顯現。事實支持了這一預測，我們現在正在研究減少EV ARC 的當前成本，這非常有意義低於我們歷史上的任何時期。這是一個不會結束的過程。

Even though we're going to present significant cost reductions in the next couple of quarters, we do not consider this job done. On the contrary, these cost savings are simply the next step on our relentless path to improving our gross profitability while maintaining quality and the unique attributes of our products. We know that there are further opportunities to generate more significant cost reductions, and we'll continue to develop and invest in those areas which will enable the savings.

儘管我們將在接下來的幾個季度大幅降低成本，但我們認為這項工作尚未完成。相反，這些成本節約只是我們不斷提高毛利潤率、同時維持產品品質和獨特屬性的下一步。我們知道還有更多機會可以顯著降低成本，我們將繼續開發和投資那些能夠實現成本節約的領域。

Beam Europe actually provides a couple of excellent examples of these opportunities. Our operations over there will benefit immediately from the reduced costs, which are now incumbent in the latest generation of EV ARC products. But also from day one, Beam Europe will have a lower cost structure, not just because Serbia has a much lower cost environment in which to operate, but because Beam Europe is better equipped than our US operations. And as a result, able to self-perform a couple of activities which are elevated cost centers due to outsourcing in the United States.

Beam Europe 實際上提供了一些此類機會的絕佳範例。我們在那裡的營運將立即受益於成本的降低，而這些成本現在已在最新一代的 EV ARC 產品中反映出來。而且從第一天起，Beam Europe 將擁有更低的成本結構，不僅因為塞爾維亞的營運成本環境要低得多，而且因為 Beam Europe 的裝備比我們美國的業務更好。因此，能夠自行執行一些由於在美國外包而導致成本中心升高的活動。

Beam Europe has its own sandblasting and painting operations. We outsource those activities in the US. Sand blasting and painting in San Diego is already an expensive undertaking because of the highly restrictive compliance environment that exists in California. We then have to add to that the gross profits taken by the company that provides those services to us, as well as all the handling and transportation costs, which result from our having to ship heavy steel sections to and from the service provider.

Beam Europe 擁有自己的噴砂和噴漆工廠。我們將這些活動外包給美國。由於加州有嚴格限制的合規環境，聖地牙哥的噴砂和噴漆已經是一項昂貴的工作。然後，我們必須加上向我們提供這些服務的公司獲得的毛利，以及由於我們必須向服務提供者運送重型鋼型材而產生的所有裝卸和運輸成本。

Europe will have the raw costs, labor and materials, though less expensively than in the US, but not the gross profits on those elevated costs or the logistical costs of handling and transport. Beam Europe has its own sandblasting and painting facilities already. And future EV ARC and EV Standard products produced there will not need to leave the factory for this important activity, nor will the dollars associated with that have to leave our accounts.

歐洲將擁有原材料成本、勞動力和材料，儘管比美國便宜，但不會獲得這些成本上升或裝卸和運輸的物流成本帶來的毛利。 Beam Europe 已經擁有自己的噴砂和噴漆設施。未來在那裡生產的 EV ARC 和 EV 標準產品將不需要離開工廠來進行這項重要活動，與之相關的美元也不需要離開我們的帳戶。

Another expensive process, which we outsource in the US is the forming of our engineered ballasts and traction pad. This forming is vital to our product and it's an expensive and not without risk process, which also involves logistical challenges. Beam Europe has in-house capabilities to perform this forming task with none of the risks are elevated costs that we're paying to a vendor in the US. Incredibly, only three weeks after closing on the acquisition, our Beam Europe team is already making engineered ballasts and traction pads for EV ARC systems. That process is arguably the most technically demanding where the structure of EV ARC is concerned. So it's very encouraging to see Beam Europe have success with self-performing this activity so soon after becoming part of Beam Global.

我們在美國外包的另一個昂貴的流程是我們的工程鎮流器和牽引墊的成型。這種成型對我們的產品至關重要，這是一個昂貴且並非沒有風險的過程，還涉及物流方面的挑戰。 Beam Europe 擁有執行此成型任務的內部能力，不會因我們向美國供應商支付的成本增加而面臨任何風險。令人難以置信的是，收購完成僅三週後，我們的 Beam Europe 團隊就已經開始為 EV ARC 系統生產工程鎮流器和牽引墊。就 EV ARC 的結構而言，該過程可以說是技術要求最高的過程。因此，看到 Beam Europe 在成為 Beam Global 的一部分後很快就自行開展這項活動取得了成功，真是令人鼓舞。

If you've seen the tour of Beam Europe that we did last week, either live or on YouTube, then you'll have noted my excitement when I saw one of these great big heavy plates being run through the machine that forms it. I and the team in Europe know that if they can perform this task, there's nothing else in the production of EV ARC that they will not be able to do. This single task is responsible for about 2% of our cost structure in the US. It's not going to disappear entirely in Europe, but it will become practically immaterial. Insourcing, painting, and sandblasting will have much more profound effects on our efforts to reduce costs, and Beam Europe's already there.

如果你看過我們上週舉辦的Beam Europe 巡演（無論是現場直播還是在YouTube 上），那麼你一定會注意到，當我看到這些又大又重的板材之一通過形成它的機器運行時，我感到多麼興奮。我和歐洲團隊知道，如果他們能夠完成這項任務，那麼在 EV ARC 的生產中就沒有什麼是他們做不到的。這項任務約占我們美國成本結構的 2%。它不會在歐洲完全消失，但實際上會變得無關緊要。內包、噴漆和噴砂將對我們降低成本的努力產生更深遠的影響，而 Beam Europe 已經做到了這一點。

Frankly, another benefit of this acquisition is that we now have, as part of our organization, these European operations with their 30 years of experience in improving their production capabilities and facilities. In the US, we've only been seriously producing for a couple of years. And we've made tremendous improvements during that time, but we're going to learn a lot from our new European colleagues.

坦白說，這次收購的另一個好處是，作為我們組織的一部分，這些歐洲工廠現在擁有 30 年來提高生產能力和設施的經驗。在美國，我們認真生產才幾年。在那段時間裡，我們取得了巨大的進步，但我們將從新的歐洲同事身上學到很多。

The other significant impact to gross profitability, which is coming, but as yet has not affected our results is the price increase we put into effect this year. New sales will include this increase in price, which adds about 8% to our base model. That 8% will go straight to gross profitability because nothing else has changed where the price raises concerned.

對毛獲利能力的另一個重大影響即將到來，但尚未影響我們的業績，那就是我們今年實施的漲價。新銷售將包括價格上漲，這比我們的基本型號增加了約 8%。這 8% 將直接計入毛利率，因為在價格上漲方面沒有任何其他變化。

Combining the price increase with the cost savings now being realized in the EV ARC systems that are coming off the line today will give us an improvement in our gross profitability in the mid to high 20s percentages. Again, the full impact of this improvement will come when all the current cost improvements are implemented and we've worked through our current backlog, which was priced before the increase went into effect. A backlog to last us through the first quarter, so you should anticipate the full gross profit improvement at or towards the end of that Q.

將價格上漲與今天即將下線的 EV ARC 系統實現的成本節約相結合，將使我們的毛利提高到 20 倍以上。同樣，當所有當前的成本改進都得到實施並且我們已經解決了當前的積壓訂單（這是在漲價生效之前定價的）時，這一改進的全面影響將會顯現。積壓的訂單將持續整個第一季度，因此您應該預計在該季度末或接近該季度末時毛利將全面改善。

We generated over $1.5 million of gross profit so far this year, net of non-cash items. Had we been operating all year with a lower cost now being integrated into our current products and with the price increase, we would have generated $8 million to $10 million in gross profits. Our total loss for the year to date is about $11 million. So that you can see with a couple of other tweaks to our model like those that I just outlined, our European operations, cash flow is far from a distant and very premise, especially when non-cash items are removed from that $11 million.

今年迄今為止，扣除非現金項目後，我們的毛利超過 150 萬美元。如果我們全年都以較低的成本運營，現在將其整合到我們當前的產品中，隨著價格的上漲，我們將產生 800 萬至 1000 萬美元的毛利。今年迄今為止，我們的總損失約為 1100 萬美元。因此，您可以看到，透過對我們的模型進行一些其他調整（例如我剛剛概述的模型），我們的歐洲業務、現金流遠非遙遠且非常前提的情況，特別是當從1100 萬美元中刪除非現金項目時。

We can't go back in time, obviously. But this thought experiment looking at 2023 volume, but with gross profit improvements, we expect in 2024 provides a very useful forecasting methodology for where we're going. It's simple arithmetic at this point. Remember also that Beam Europe's core business generates a positive cash flow and will be accretive to our overall business. I'm often asked if we can cash flow in 2024. Well, you can make your own assessment based upon the factors I've just outlined.

顯然，我們無法回到過去。但這個思想實驗著眼於 2023 年的銷售量，但隨著毛利的提高，我們預期 2024 年為我們的發展方向提供了一個非常有用的預測方法。此時這是簡單的算術。還要記住，Beam Europe 的核心業務產生正現金流，並將增加我們的整體業務。我經常被問到 2024 年我們能否實現現金流。好吧，你可以根據我剛才概述的因素做出自己的評估。

One of the most significant results of these improvements to our gross profitability is the reduction of our reliance on the cash on our balance sheet through our day-to-day operations. If we improve nothing else and have a first three quarters of 2024 that's identical to the first three quarters of 2023, except that we're operating with improved gross profitability that I've just described, we'd need to dig into our cash per $1 million.

我們毛獲利能力改善的最顯著成果之一是減少了我們日常營運對資產負債表上現金的依賴。如果我們沒有其他任何改進，而且 2024 年前三個季度與 2023 年前三個季度相同，只是我們的營運毛利率有所改善，正如我剛才描述的那樣，我們需要深入挖掘每季度的現金100萬美元。

At September 30, we had approximately $15 million in cash, $15 million in AR, and $14 million in inventory. We convert AR and inventory to cash in generally less than 90 days, giving us over $40 million of firepower to pay our bills. We're well capitalized, have no debt, and are looking at a real scenario in which our reliance on investment dollars on the balance sheet is less and less crucial. Beam Europe does not require a material investment. It's already cash flowing and any amounts that we do invest to start producing EV ARC and EV Standard in that market should be more than offset by the lower costs inherent in operating in Serbia and with a very well-equipped facility, which is much less reliant on outsourced services than our US operations are.

截至 9 月 30 日，我們擁有約 1500 萬美元的現金、1500 萬美元的 AR 和 1400 萬美元的庫存。我們通常在 90 天內將 AR 和庫存轉化為現金，為我們提供了超過 4000 萬美元的火力來支付賬單。我們資本充足，沒有債務，並且正在考慮一個真實的場景，在這個場景中，我們對資產負債表上投資美元的依賴越來越不那麼重要。 Beam Europe 不需要物質投資。它已經是現金流，我們為開始在該市場生產 EV ARC 和 EV 標準而投資的任何金額都應該被塞爾維亞運營固有的較低成本以及裝備精良的設施所抵消，該設施的依賴性要小得多外包服務比我們在美國的業務還要多。

Beam Europe's already featured quite a lot in my comments because even though it's a brand new to us, it's so important both from a strategic growth point, and also from the point of view of positive impact to profitability. It's strategically important because it gets us into the largest market in the world for our products and also because it's so important to the development and production of our EV Standard product, which I believe will be the biggest earner for us not long after we release it.

Beam Europe 在我的評論中已經佔據了相當多的位置，因為儘管它對我們來說是全新的，但從戰略增長的角度以及對盈利能力的積極影響的角度來看，它都非常重要。它具有戰略重要性，因為它使我們的產品進入了世界上最大的市場，也因為它對我們的電動車標準產品的開發和生產非常重要，我相信在我們發布該產品後不久，這將成為我們最大的收入來源。

It's important from a profitability point of view because of the lower cost structure, better capabilities, and increased opportunities for profitable revenue at banks, along with its long history of discipline, leading to positive cash flows. We paid EUR10 million for Beam Europe. That price was reasonable, even low-end valuation for the business that we acquired on its own. But we didn't just get the business. We've got the land, the buildings, and all the equipment too. The land has recently been independently appraised around EUR7 million. Buying the equipment from scratch would cost between EUR6 million and EUR10 million.

從獲利角度來看，這一點很重要，因為銀行成本結構更低、能力更強、獲利機會增加，加上其悠久的紀律歷史，可以帶來正現金流。我們為 Beam Europe 支付了 1000 萬歐元。這個價格是合理的，對於我們自己收購的業務來說甚至是低端估值。但我們不僅得到了生意。我們有土地、建築物和所有設備。該土地最近經過獨立評估，價值約 700 萬歐元。從頭開始購買設備將花費 600 萬至 1000 萬歐元。

I said another way, had we gone to Europe and bootstrapped, we would have had to spend over EUR13 million just to get the property plant and equipment. Then we have to recruit the 35 engineers and the other 170s or so employees and try to start building a customer base from zero. Instead, we have a mature, experienced, an excellent team. We have solid customer relationships in 17 nations. We have a history of performance delivering to exactly the same customer profile with whom we're having success in the US. We have credibility and, in many cases, existing contracts. We have a solid and growing complementary line of business, which generates positive cash flows. And we have an excellent management team.

我換句話說，如果我們去歐洲自力更生，我們就必須花費超過 1,300 萬歐元才能獲得地產廠房和設備。然後我們必須招募35名工程師和其他170多名員工，並嘗試從零開始建立客戶群。相反，我們擁有一支成熟、經驗豐富、優秀的團隊。我們在 17 個國家擁有穩固的客戶關係。我們擁有向與我們在美國取得成功的客戶群完全相同的業績提供服務的歷史。我們有信譽，並且在許多情況下還有現有合約。我們擁有穩固且不斷成長的互補業務線，可產生正現金流。我們擁有一支優秀的管理團隊。

[Pro International], who we hired to do the due diligence, described Amiga as one of the best-run companies they've ever seen in Serbia. We got all of that for less than we would have had to pay for the buildings and the machinery in them. It's true that this acquisition could cost more if Beam Europe hits its very aggressive earnouts that we put in place for 2024 and '25. But that's exactly the way I like to pay for a company, a low-end valuation for the initial consideration with a great opportunity for the sellers if, and only if, they stick around and knock it out of the park for Beam Global. It's not only fair it's an excellent incentive for all involved to make a tremendous success out of the integration of our organizations. I can see that already happening.

我們聘請的 [Pro International] 進行盡職調查，他將 Amiga 描述為他們在塞爾維亞見過的運營最好的公司之一。我們獲得所有這些的費用低於我們為建築物及其中的機器支付的費用。確實，如果 Beam Europe 實現我們為 2024 年和 25 年制定的非常激進的盈利，此次收購的成本可能會更高。但這正是我喜歡為一家公司支付費用的方式，最初考慮的估值較低，並且只有當且僅當他們堅持不懈並為 Beam Global 取得成功時，他們才會有很好的機會。這不僅是公平的，而且是對所有參與者從我們組織的整合中取得巨大成功的絕佳激勵。我可以看到這已經發生了。

Again, any of you who watched the tour will have seen how far we've come in an incredibly short time. Just three weeks after closing the deal, Beam Europe is making EV ARC pieces, the employees are working in Beam uniforms, and signage and other branding on-site has largely Beam Europe. There's a lot more work to do to entirely transform what was Amiga into Beam Europe, but the progress we've made so far is exemplary and faster than I've ever seen with any previous acquisition.

再說一次，任何觀看過這次巡演的人都會看到我們在極短的時間內取得了多大的進步。交易完成後僅三週，Beam Europe 就開始生產 EV ARC 零件，員工穿著 Beam 制服工作，現場標誌和其他品牌也主要採用 Beam Europe 品牌。要徹底將 Amiga 轉變為 Beam Europe，還有很多工作要做，但我們迄今為止所取得的進展堪稱典範，而且速度比我之前在任何收購中看到的都要快。

This is certainly an instance of two plus two equals more than four. Much more remains to be seen, but I'm very confident that bringing Beam Global to Europe and bringing Europe to Beam Global will provide all of the tremendous growth that we've had in the US market. And in my opinion, it will offer more. So the effect will be, in my opinion again, to far more than double our business. We did that using about one-tenth of our market cap even in this market when growth stocks have been so severely devalued and without taking on any debt in this elevated interest rate environment.

這當然是二加二等於四的例子。還有很多事情有待觀察，但我非常有信心將 Beam Global 引入歐洲並將歐洲引入 Beam Global 將為我們帶來美國市場的巨大成長。在我看來，它會提供更多。因此，我再次認為，其效果將是使我們的業務增加一倍以上。即使在成長型股票已經嚴重貶值的市場中，我們也使用了大約十分之一的市值來做到這一點，並且在這種高利率環境下沒有承擔任何債務。

So Beam Global is a very different company than it was last time I reported to you. We now have 370 employees, more than a tenth of whom are advanced engineers. We have a whole new set of products and opportunities, and we're rapidly advancing new products, which we all believe will be highly impactful to our bottom line. We're operating the largest market in the world for our products at a time when Europe has committed to zero-emission vehicles in 12 years and zero emissions energy by 2050. This is also the time that Europe has felt least secure in its energy infrastructure since the end of the Second World War due to the war in Ukraine.

因此，Beam Global 與我上次向您報告時相比是一家非常不同的公司。公司現有員工370人，其中資深工程師超過十分之一。我們擁有一整套全新的產品和機會，我們正在快速推出新產品，我們都相信這將對我們的利潤產生巨大影響。當歐洲承諾在 12 年內實現汽車零排放、到 2050 年實現能源零排放時，我們正在經營世界上最大的產品市場。這也是歐洲感到其能源基礎設施最不安全的時期自第二次世界大戰結束以來，由於烏克蘭戰爭。

There could not be a better time to add this huge new opportunity to be Beam Global's business, and I don't think we could have done it in a better manner. Please do take the time to watch at least some of the video material that we did last week. I don't think you'll be disappointed.

現在正是將這個巨大的新機會添加到 Beam Global 業務中的最佳時機，而且我認為我們本可以以更好的方式做到這一點。請至少花時間觀看我們上週製作的一些影片素材。我認為你不會失望的。

So let's sum up. Record results. No doubt, well capitalized, highly differentiated in a growing industry, and now with massive new markets opened to our products and the ability to capitalize on them. Our share price is one-tenth of where it was when we had more or less none of these things. How long can I go on? We're doing what we committed to do. And the entire Beam team is executing across the board. Personally, I'm very busy, and I must spend a lot of time with my family, but I'm loving being a part of Beam Global. And I believe more than ever that it's a great time to be Beam.

那我們來總結一下。記錄結果。毫無疑問，我們資本充足，在不斷發展的行業中具有高度差異化，現在我們的產品打開了巨大的新市場，並且有能力利用它們。我們的股價是我們或多或少沒有這些東西時的十分之一。我還能繼續多久？我們正在做我們承諾要做的事情。整個 Beam 團隊正在全面執行。就我個人而言，我很忙，我必須花很多時間陪伴家人，但我很喜歡成為 Beam Global 的一員。我比以往任何時候都更相信，現在是成為 Beam 的好時機。

With that, I'll return the call to the operator, I think, and take your questions. Thank you very much.

這樣，我想我會將電話回給接線員，並回答您的問題。非常感謝。

(Operator Instructions) Tate Sullivan, Maxim Group.

（操作員說明）Tate Sullivan，Maxim Group。

Hi, Desmond. Great to hear the update. And you mentioned building the foundations for the EV ARCs already in Europe when we saw those last Thursday. Are those demo units? Are those for orders? Can you talk about how you're planning to build out the EV ARCs?

嗨，戴斯蒙德。很高興聽到更新。當我們上週四看到這些時，您提到已經在歐洲為 EV ARC 奠定了基礎。那些是演示單位嗎？那些是為了訂單嗎？您能談談您計劃如何建造 EV ARC 嗎？

Yes. I'm quite comfortable and confident in saying to you that we are not changing our strategy of not making anything unless it sold.

是的。我可以非常輕鬆且自信地對您說，我們不會改變不生產任何東西的策略，除非賣出去。

All right. And then also on the Amiga legacy business, can you remind us how much Amiga generated recently in revenue? And will you move employees away from that business to the EV ARCs or will that business continue to potentially grow?

好的。關於 Amiga 的傳統業務，您能否提醒我們 Amiga 最近的收入是多少？您是否會將員工從該業務轉移到 EV ARC，或者業務是否會繼續成長？

So that's one of the really exciting things that we've been going over during the last 10 days. Amiga reported revenues of, I think something north of EUR8.5 million last year. We haven't announced any numbers for them this year. But I can tell you, they're not doing worse this year. Not by any means.

這是我們在過去 10 天裡一直在討論的真正令人興奮的事情之一。 Amiga 報告稱去年的收入超過 850 萬歐元。今年我們還沒有公佈他們的任何數字。但我可以告訴你，他們今年的表現並沒有更糟。無論如何都不會。

And what's really interesting about that is that because Amiga runs their business as a cash flow business, typical of a sort of the smaller business, family-type-run business operations where they do everything out of their own cash flow. They have certain inefficiencies by the way they produce products. They have to staff for the peak production. And like any business, there are peaks and troughs in demand also late during the year. And so sometimes they have people who are not being fully utilized because again, they have to stop those peaks in demand when their customers want their street furniture products, whatever those may be, they want them pretty quickly.

真正有趣的是，因為 Amiga 作為現金流業務來經營他們的業務，這是典型的小型企業、家族式經營的業務運營，他們用自己的現金流來做所有事情。他們生產產品的方式存在著一定的低效率。他們必須為高峰生產配備人員。與任何企業一樣，需求在年末也會出現高峰和低谷。因此，有時他們的人員沒有得到充分利用，因為當客戶想要他們的街道家具產品時，他們必須阻止需求高峰，無論這些產品是什麼，他們很快就會想要它們。

And what we discovered last week is that we can help them to kind of flatline that production a little bit, produce more with less people. And the result of that will be not that we get rid of those excess people. But what it means is that we'll be able to introduce into the production of EV ARC and EV Standards, and take advantage of those resources, which because of just improved efficiencies, the way we're handling the orders, we will split them on EV ARCs and EV Standard production.

上週我們發現，我們可以幫助他們稍微平緩生產，用更少的人生產更多的產品。這樣做的結果不會是我們擺脫那些多餘的人。但這意味著我們將能夠引入 EV ARC 和 EV 標準的生產，並利用這些資源，由於效率的提高，我們處理訂單的方式，我們將拆分它們關於 EV ARC 和 EV 標準生產。

I do anticipate we'll have to grow the team because I think we're going to do so much in EV ARC and EV Standard in Europe. But for the moment, just by being more efficient in the way we're using people, we should be able to do both.

我確實預計我們必須擴大團隊規模，因為我認為我們將在歐洲的 EV ARC 和 EV 標準方面做很多事情。但就目前而言，只要提高我們用人方式的效率，我們就應該能夠做到這兩點。

And the last one for me is on the revolving credit, the $100 million. Can you use that for Amiga's receivables? Do you have the change of facility, and have you access that facility at all into the quarter?

對我來說最後一筆是循環信貸，也就是 1 億美元。您可以將其用於 Amiga 的應收帳款嗎？您是否更換了設施，並且您在本季是否可以使用該設施？

As it happens, I met with [OCI] yesterday. They're the provider of $100 million credit facility. And you may remember that when I first mentioned this $100 million credit facility, OCI is used to doing deals in the sort of billions. And so the question was why were they mucking around with this smaller number? The answer was because they were very, very interested in our potential to expand into Europe, particularly with renewably energized products.

碰巧的是，我昨天與 [OCI] 會面。他們提供了 1 億美元的信貸額度。您可能還記得，當我第一次提到這筆 1 億美元信貸額度時，OCI 習慣於進行數十億美元的交易。所以問題是他們為什麼要修改這個較小的數字？答案是因為他們對我們向歐洲擴張的潛力非常非常感興趣，特別是再生能源產品。

You will be aware that many of the large funding institutions over here are aggressively looking for clean technology, so-called green-type funding opportunities. And so there's a lot of money looking for a home for these types of opportunities in Europe. And the result of my meeting with OCI yesterday was confirmation of what I already knew, which is that they will be just as interested and just as aggressive in financing our European opportunities as they will be in financing anything that we do in North America.

您會意識到，這裡的許多大型融資機構都在積極尋找清潔技術，也就是所謂的綠色型融資機會。因此，有許多資金在歐洲尋找此類機會的落腳點。昨天我與OCI 會面的結果證實了我已經知道的事情，那就是他們對我們在歐洲的機會的融資將同樣感興趣，也同樣積極，就像他們為我們在北美所做的任何事情提供融資一樣。

Chris Souther, B. Riley.

克里斯·索瑟，B.萊利。

Hey, Des. Thanks for taking questions here. Maybe just initial kind of thoughts around Amiga's kind of traditional customers, introducing the EV ARC products. Could you give us a sense of what you think the initial demand is and walkthrough kind of the cadence of building interest with those customers, with new customers. Where do we go from here in Europe, I think, would be helpful.

嘿，德賽爾。感謝您在這裡提出問題。也許只是圍繞著 Amiga 的傳統客戶的初步想法，推出 EV ARC 產品。您能否讓我們了解一下您認為最初的需求是什麼，並介紹一下與這些客戶和新客戶建立興趣的節奏。我認為，我們在歐洲下一步該何去何從，將會有所幫助。

Yeah. So Amiga has spent the last 30 years selling street furniture, certainly a big part of that being streetlights, to municipalities, states, militaries, nations, and corporate customers. They've also produced a lot of telecommunications products and a lot of energy infrastructure products.

是的。因此，Amiga 在過去 30 年裡一直向市政府、州、軍隊、國家和企業客戶銷售街道設施，其中很大一部分當然是路燈。他們也生產了大量電信產品和能源基礎設施產品。

What you find is that all of the customers to whom they've been selling for the last 30 years are almost identical in their profile, to those customers to whom we've had good luck selling our EV charging infrastructure products in the United States. And on top of that, we're arriving at this at a time when all of these municipalities and states and militaries and corporates and everybody else are desperately trying to add electric vehicle charging infrastructure.

您會發現，過去 30 年他們一直向其銷售產品的所有客戶的個人資料幾乎與我們在美國幸運地向其銷售電動車充電基礎設施產品的客戶相同。最重要的是，我們正值所有這些城市、州、軍隊、企業以及其他所有人都在拼命嘗試增加電動車充電基礎設施的時候。

Now, it's not easier to do that in Europe, the traditional way, connecting to the grid and all that sort of stuff. In fact, it's more complicated. So we now have an opportunity, and this is what we're doing right now. Again, it's easy to see the tremendous progress when you can see EV ARC components being manufactured in the facility.

現在，在歐洲以傳統的方式做到這一點並不容易，連接到電網和所有類似的東西。事實上，情況更複雜。所以我們現在有一個機會，這就是我們現在正在做的事情。同樣，當您看到工廠正在製造 EV ARC 組件時，您很容易看到巨大的進步。

Perhaps less easy to appreciate the fact that the sales team is now already out and already talking to existing customers with whom we have good credibility and, in many cases, existing contracts and saying, hey, you've been buying solar-powered streetlights from us. You've been buying electronic integrated street furniture and all that other kind of stuff. Well, we now have these renewably energized, rapidly deployable, very low-impact EV charging product.

也許不太容易理解這樣一個事實：銷售團隊現在已經離開，並已經與我們擁有良好信譽的現有客戶進行了交談，在許多情況下，還與現有合約進行了交談，並說，嘿，您一直在從我們的公司購買太陽能路燈。我們。您一直在購買電子整合街道設施和所有其他類型的東西。好吧，我們現在擁有這些再生能源、可快速部署、影響極低的電動車充電產品。

Are you interested? And I mean, I shouldn't have to tell you, and I'm sure I don't. The response in a very large number of instances, yes, we are interested. So as I always say to the sales team, if there's no ink, it stinks. Interest means nothing. Interest is not revenue. But sales come from interested customers, especially when you've got credibility with them in existing contracts. And when they have a profile which is pretty much identical to those people who are buying from us in the US, both from a government side and a corporate side.

你有興趣嗎？我的意思是，我不應該告訴你，而且我確信我不會。在很多情況下的反應是，是的，我們感興趣。正如我經常對銷售團隊所說的那樣，如果沒有墨水，就會發臭。興趣不代表什麼。利息不是收入。但銷售來自有興趣的客戶，尤其是當你在現有合約中贏得了他們的信任時。當他們的個人資料與在美國從我們這裡購買的人幾乎相同時，無論是政府方面還是企業方面。

So it's a perfect match. The sales team is really excited about this. And as I said, we've established ways that we can add capacity without dramatically increasing labor costs there. So a bit more efficiency, basically, which will make them even more profitable. And remember, they're already cash flow. So, I mean, this has been just a perfect match for our requirements, this opportunity. And it's very hard to find that. It's taken me years. I've been looking for international expansion opportunity for about five years now, and we found it here. I'm really encouraged by the work they're doing.

所以這是一個完美的搭配。銷售團隊對此感到非常興奮。正如我所說，我們已經找到了在不大幅增加勞動成本的情況下增加產能的方法。因此，基本上，提高一點效率，這將使他們獲得更多利潤。請記住，它們已經是現金流。所以，我的意思是，這個機會完美地滿足了我們的要求。而且很難找到它。我花了好幾年的時間。五年來我一直在尋找國際擴張機會，我們在這裡找到了。他們所做的工作讓我深受鼓舞。

That's great to hear. And then maybe just on the overall backlog trajectory. Obviously, we've been kind of working through those large orders from the second half of last year. You talked about government shutdown as an obstacle that we've recently been facing. But can you just give us a sense of the pipeline versus backlogs, growth, discussion. I think would be helpful for folks in framing. Obviously, it's lumpy. You've talked about. What can you kind of say around the overall backlog, where it should be exiting this year to give visibility for growth next year, and how we should think about it overall?

聽到這個消息我很高興。然後也許只是整體積壓軌跡。顯然，我們從去年下半年開始就一直在處理這些大訂單。您談到政府關閉是我們最近面臨的一個障礙。但您能否讓我們了解流程與積壓、成長、討論的情況。我認為這對人們在框架中有所幫助。顯然，它是塊狀的。你已經談到了。關於總體積壓，您能說些什麼嗎？今年應該從哪裡退出，以便為明年的增長提供可見性？我們應該如何整體考慮？

So we've got purchase orders in hand now for pretty much through the end of the first quarter. I know it's given people some concern that we haven't announced some gigantic federal order here. I'm aware of that. I am not though concerned about our growth. And the reason for that is because the nature of any time when you get these large orders, particularly when there's lots of other complexities in terms of getting them over the finish line, you're going to have this type of lumpiness, and I've been pretty consistent with that.

因此，我們現在手上的採購訂單幾乎持續到第一季末。我知道人們對我們沒有在這裡宣布一些巨大的聯邦命令感到擔憂。我對此很清楚。但我並不擔心我們的成長。原因是因為任何時候當你收到這些大訂單時，特別是當在讓它們越過終點線方面存在許多其他複雜性時，你都會遇到這種類型的塊狀情況，而我'與此非常一致。

I don't view it in any way as an indication that there's anything fundamentally wrong with our long-term growth. On the contrary, it's just that everything that we're hearing from all of our prospects, federal state, local, and corporate, is that they're going to be doing more EV charging deployments, not less. It's only getting harder to do the grid-tied ones as the low-hanging fruit is being plucked, meaning locations where it's easy to deliver a circuit to a charger where somebody would park their car.

我並不認為這表明我們的長期成長有任何根本性問題。相反，我們從所有潛在客戶（聯邦州、地方和企業）那裡聽到的一切都是，他們將進行更多而不是更少的電動車充電部署。隨著唾手可得的果實被摘取，實現併網的難度只會變得越來越大，這意味著可以輕鬆地將電路連接到有人停車的充電器的位置。

And we're eating up available circuits and capacity and everything else. And frankly, the other thing that's encouraging for us is that everybody, government and corporate, is becoming more aware of capacity and vulnerability issues around it. People quite often say, oh well, Beam's going to solve the disaster preparedness side of this, and perhaps nothing else. No, it's both. We're speed, we're scale, we're lower total cost of ownership, and we're solving the disaster preparedness and capacity issues. So all of these things are becoming more meaningful to people as they deploy more and more charging.

我們正在耗盡可用的電路、容量以及其他一切。坦白說，另一件令我們感到鼓舞的事情是，每個人，無論是政府還是企業，都越來越意識到與之相關的能力和脆弱性問題。人們常說，哦，好吧，Beam 將解決災難準備方面的問題，也許除此之外什麼都沒有。不，兩者都是。我們注重速度、注重規模、降低整體擁有成本，並且我們正在解決備災和容量問題。因此，隨著人們部署越來越多的充電設施，所有這些事情對人們來說變得越來越有意義。

So I am not concerned by this, this lumpiness. However, as I said in my comments, not being concerned by it doesn't mean that I'm not taking steps to make things better, and I am. And the way that I and the whole team are doing that is by diversifying these opportunities for revenue. New product offerings, new geographic environments, obviously the biggest of those being Europe. And then just different verticals that we're going after in the United States.

所以我並不關心這個，這個塊狀。然而，正如我在評論中所說，不擔心並不意味著我沒有採取措施讓事情變得更好，而我確實這樣做了。我和整個團隊正在採取的方式是使這些收入機會多樣化。新產品供應、新地理環境，其中最大的明顯是歐洲。然後就是我們在美國追求的不同垂直領域。

But I think you'd have to be very, very pessimistic indeed to think that with the introduction of this new market -- Europe has 405 million cars, the United States has 290 million, China has 319 million. This is by far the biggest market in the world. I think you'd have to be very, very pessimistic to suggest that Beam Global is going to have a worst future and have less growth than we've had up to this date with the steps that we're taking. And I'm just not that pessimistic because I'm not getting any of those signals from the broader market or from what we're seeing from our prospects.

但我認為，隨著這個新市場的引入，你必須非常非常悲觀——歐洲有 4.05 億輛汽車，美國有 2.90 億輛，中國有 3.19 億輛。這是迄今為止世界上最大的市場。我認為你必須非常非常悲觀，才能認為 Beam Global 的未來將是最糟糕的，而且其成長速度將低於我們迄今為止所採取的措施。我只是沒有那麼悲觀，因為我沒有從更廣泛的市場或我們從前景中看到的任何信號。

[James McCollin], Private Investor.

[詹姆斯·麥科林]，私人投資者。

Jim McCollin. How are you? Thanks for taking my call. A couple of questions. First on the US operations and the prior analysts just touched on the backlog. You mentioned there was some lumpiness and delays due to the government shutdown. However, it doesn't look like those delays resulted in any increase in backlog. So from last quarter, sales were down about $0.5 million on a quarterly run rate and the backlog was down about $3 million. So I would have expected maybe any delays in purchase orders to show up in an increased backlog. Is there any seasonality on the order rate or any other factors in the fourth quarter that might have impacted the incoming order rate?

吉姆·麥科林。你好嗎？感謝您接聽我的電話。有幾個問題。首先是美國業務，之前的分析師剛剛談到了積壓問題。您提到，由於政府關閉，出現了一些混亂和延誤。然而，這些延誤似乎並沒有導致積壓的增加。因此，與上季度相比，銷售額按季度運行率減少了約 50 萬美元，積壓訂單減少了約 300 萬美元。因此，我預計採購訂單的任何延遲都可能會導致積壓訂單增加。第四季的訂單率是否有季節性或任何其他因素可能影響收到的訂單率？

Yes, same answer I just gave, Jim, really. It's all just down to timing. I'm not -- the problem, these things are not very well measured quarter by quarter. Third quarter was up 149% over prior year. And from an order cadence point of view, it's really just the answer I just gave to Chris. It's lumpy. It's going to move around and we're not going to do a very good job of predicting it in the early days. We don't have a lot of historical data to go on. But again, all the indications are of macro growth across the board. But we'll keep working to find other opportunities, of course, as well.

是的，吉姆，我剛才給的答案是一樣的。這一切都取決於時機。我不是——問題是，這些事情並沒有得到很好的逐季度衡量。第三季較去年同期成長 149%。從訂單節奏的角度來看，這實際上只是我剛剛給克里斯的答案。它是塊狀的。它會四處移動，而我們在早期無法很好地預測它。我們沒有太多的歷史數據可以繼續。但同樣，所有跡像都顯示宏觀經濟全面成長。但當然，我們也會繼續努力尋找其他機會。

Again, not because I'm concerned, but because it's prudent and I want more and more growth. I'm very aggressive about this. I'm not looking at treading water here. We're looking at continuing this meteoric growth and we're going to.

再說一次，不是因為我擔心，而是因為這是謹慎的做法，而且我想要越來越多的成長。我對此非常激進。我不打算在這裡原地踏步。我們正在尋求繼續這種快速增長，並且我們將這樣做。

Well, I think that's great. We'd also the additional growth opportunities reflected in the share price. So the other issue was on the growth margins going into next year. I think you'd mentioned that in the first quarter, there's about a $12,000 per unit cost savings through engineering improvements, material improvements, as well as that 8.5% price increase, which would take effect -- fully take effect in the first quarter.

嗯，我認為這很好。我們也希望股價能反映出額外的成長機會。因此，另一個問題是明年的成長率。我想你提到過，在第一季度，透過工程改進、材料改進以及 8.5% 的價格上漲，每單位成本節省了大約 12,000 美元，這將在第一季度完全生效。

Back of the no-foot numbers, do you have any clarity on growth margins going into next year? It looks like they should improve just on those two factors alone to over 20%. So do you have any clarity for the group on that?

在無足跡數據的背後，您對明年的成長利潤率是否有任何明確的了解？看起來他們僅在這兩個因素上就應該提高到 20% 以上。那麼您對小組有什麼了解嗎？

Yes. In fact, in my comments, my prepared comments, I was more aggressive than that. I think we'd get better than 20% improvement in growth profitability. And then I went one step further than that and did the back-of-the-napkin arithmetic for you. And you can see that with that rate of growth profitability, we would basically -- had we had the same rate of growth possibility that we're anticipating in the first quarter and moving forward.

是的。事實上，在我的評論中，我準備好的評論中，我比那更激進。我認為我們的成長獲利能力將提高 20% 以上。然後我比這更進一步，為你做了餐巾紙背面的算術。你可以看到，按照這樣的獲利成長率，如果我們在第一季和未來的成長率與我們預期的成長率相同，我們基本上會這樣做。

And again, we're not going to stop improving either. But just on the numbers that we we're talking about today, had we had that same level of gross profitability throughout all of this year, we would be pretty close to breakeven right now.

再說一次，我們也不會停止改進。但就我們今天討論的數字而言，如果我們今年全年的毛利水平保持相同水平，我們現在就非常接近盈虧平衡。

And then a set of questions from the European operations. Are there any potential delays just on the qualification process either for all of Europe or individual municipalities or countries? Are you looking at a European standard that want to sell --

然後是來自歐洲業務的一系列問題。對於整個歐洲或個別城市或國家來說，資格審查過程是否有任何潛在的延誤？您是否正在尋找想要出售的歐洲標準——

We will be putting CE on two of our products over here. Here's the good news about that. Again, this is an area where Beam Europe is much better equipped than we are in the United States just because we've been doing this a lot longer. They have all sorts of ISO certifications and all sorts of elements, which by the way, have already been healthy for us. Just a slight departure from answering your question, we recently responded to an RFQ that required a certain level of certification that we would not have complied with had we not made this acquisition. It's fantastic.

我們將在這裡對我們的兩種產品進行 CE 認證。這是關於這一點的好消息。再說一次，Beam Europe 在這個領域的裝備比我們在美國好得多，只是因為我們在這方面做得更久了。他們擁有各種 ISO 認證和各種要素，順便說一句，這對我們來說已經很健康了。與回答您的問題略有不同的是，我們最近回覆了一份詢價，該詢價要求獲得一定程度的認證，如果我們沒有進行此次收購，我們就不會遵守該認證。這是夢幻般的。

And when we realize that my god, on closing, we have all these certifications that we can qualify for this RFQ that we previously would not have been able to go after. I mean, as you can no doubt tell, I'm very enthusiastic by what we've just done in Europe. I'm really, really glad to have them on team there. Just wonderful, hardworking, well educated, English speaking. Again, I encourage everybody watched the video that we did last week because I want you to see what this place is all about and its capabilities.

當我們意識到天哪，在交易結束時，我們擁有了所有這些認證，我們可以有資格獲得此詢價，而這是我們以前無法追求的。我的意思是，正如你毫無疑問可以看出的那樣，我對我們剛剛在歐洲所做的事情感到非常熱情。我真的非常非常高興有他們在團隊裡。非常棒，勤奮，受過良好教育，會說英語。我再次鼓勵大家觀看我們上週製作的視頻，因為我希望您了解這個地方的全部內容及其功能。

But yes, there will certainly be some European requirement. A lot of different things that we have to do for Europe. Its metric, their voltage is different here, frequencies are different here. And we will do CE certification on our products rather than UL listing. And those things are processes. But we're talking small number of months. We're not talking about years or anything. And we're also not talking about huge sums of money, particularly in light of the fact that, again, the team over here is very, very well versed in doing those things.

但是，是的，肯定會有一些歐洲要求。我們必須為歐洲做很多不同的事情。它的度量，它們的電壓在這裡不同，頻率在這裡不同。我們將對我們的產品進行CE認證，而不是UL認證。這些東西就是流程。但我們談論的是很少的幾個月。我們不是在談論幾年或任何事情。我們也不是在談論巨額資金，特別是考慮到這裡的團隊非常非常擅長做這些事情。

And on voltages and frequencies, unless anybody's worried about that, don't be. That really to an electrical engineer, it's like saying do we do the A thing or do we do the B thing? It's really not a big deal. But it's a process. But we have very, very well-qualified people working on that right now.

至於電壓和頻率，除非有人擔心，否則不用擔心。對於電氣工程師來說，這實際上就像是在說我們是做 A 件事還是做 B 件事？這真的不是什麼大不了的事。但這是一個過程。但我們現在有非常非常合格的人員在從事這方面的工作。

Another thing I just want to tell you about on the European team that I'm also very encouraged about is they actually started working on this stuff before we closed. We were all very confident that we were going to close. And just to show you how enthusiastic and what a great attitude they all have, there's none of that head shaking and people are not feeling negative about this and they're very excited about the new products and started working on developing them before we can close the deal, which I think is a great indication of the quality of people we're dealing with.

我想告訴你們關於歐洲團隊的另一件事，我也非常受鼓舞的是，他們實際上在我們結束之前就開始研究這些東西了。我們都非常有信心我們會結束。只是為了向您展示他們都有多麼熱情和多麼偉大的態度，沒有人搖頭，人們對此並沒有感到消極，他們對新產品非常興奮，並在我們關閉之前開始致力於開發它們這筆交易，我認為這很好地表明了我們正在處理的人員的品質。

All right, Desmond. The last two or three years of conference calls, I don't think I've ever heard you when you were not enthusiastic about demand.

好吧，戴斯蒙德。在過去兩三年的電話會議中，當你對需求不熱情時，我想我從來沒有聽過你的聲音。

I love the business. I love the business, Jim. It's important to love what you do and I do love it. And I'm very, very confident about where we're going.

我熱愛這個行業。我熱愛這個行業，吉姆。熱愛你所做的事情很重要，我也確實喜歡它。我對我們的發展方向非常非常有信心。

And two final questions on the Europe operations. You mentioned there's -- that you get the assets significantly below market value. However, there's a payout over the next couple of years or incentive payouts based on performance. Could you give us a little clarity on that? Is it based on profitability, on volume, and what kind of impact would that have on the gross profits of Beam Europe?

最後兩個問題是關於歐洲業務的。您提到，您獲得的資產遠低於市場價值。然而，未來幾年將會有支付或基於績效的激勵支付。您能給我們解釋一下嗎？是基於獲利能力還是銷量？這會對 Beam Europe 的毛利產生什麼樣的影響？

Yeah. And by the way, just to go back to your previous comment about my enthusiasm. That enthusiasm would be rather boring if it wasn't borne out by facts. But again, 295% increase in production this year. I'm proud of my enthusiasm, and I'm proud of the team who's validating it, frankly. We keep doing what we say we're going to do. We keep expanding in the way that we say we're going to keep expanding. We keep improving every aspect of the business. And that's part of the reason I remain so enthusiastic, I suppose.

是的。順便說一句，回到你之前對我的熱情的評論。如果沒有事實證明，這種熱情會顯得相當無聊。但今年的產量再次增加了 295%。坦白說，我為自己的熱情感到自豪，也為驗證這種熱情的團隊感到自豪。我們繼續做我們說過要做的事。我們按照我們所說的不斷擴張的方式不斷擴張。我們不斷改進業務的各個方面。我想這就是我保持如此熱情的部分原因。

But I'm sorry, Jim. I lost my train of thought there because it was so important to me to say that. Go ahead. Oh yeah, on the earnouts. Yes, on the earnouts. So very quickly, because I do want to make sure we give some time to other questioners.

但我很抱歉，吉姆。我在那裡失去了思路，因為說這句話對我來說太重要了。前進。哦，是的，關於收益。是的，關於收益。很快，因為我​​確實想確保我們給其他提問者一些時間。

But very quickly on the earnouts, 2024, the trigger point for the earnout is $13.5 million. Anything that they do in excess of $13.5 million, they'll get $2 worth of shares for every $1 worth of revenue that they do in excess of that. And then in 2025, they'll have to exceed whatever they do in 2024 by 135% in order to get the next trigger, and then the same rules will apply. In no event can they have more than 19.9% of the shares, so it doesn't matter how well they do. And of course, we want to do incredibly well, and we're going to do everything that we can to support them to do incredibly well, because it's great for the company. But in no event can they own more than 19.9% of the shares.

但很快，到 2024 年，收益的觸發點就會達到 1,350 萬美元。他們所做的任何事情超過 1,350 萬美元時，每超過 1 美元的收入，他們將獲得價值 2 美元的股票。然後到 2025 年，他們必須比 2024 年所做的事情多出 135% 才能獲得下一個觸發條件，然後將適用相同的規則。無論如何他們都不能擁有超過19.9%的股份，所以他們做得再好也無所謂。當然，我們希望做得非常好，我們將盡一切努力支持他們做得非常好，因為這對公司來說很棒。但無論如何，他們所持股份不得超過19.9%。

The shares that they do receive, both for the initial consideration and for the earnouts, will be restricted [144 stock] with a six-month restriction on them. When they do, if they lift those restrictions, they are further restricted to sell no more than 4% of weekly volume forever. So there's no danger that the seller is worthy to do this. And again, they're all staying, continuing to work for us, and vital to the operation. I'm really glad to have them, and I'm very glad to have them tied up with these earnouts and with these restrictions.

他們收到的股票，無論是初始考慮還是收益，都將受到限制[144股]，期限為六個月。當他們這樣做時，如果他們解除這些限制，他們將被進一步限制為永遠銷售不超過每週交易量的 4%。因此，賣方沒有資格這樣做。再說一次，他們都留下來，繼續為我們工作，對我們的運作至關重要。我真的很高興擁有它們，也很高興讓它們與這些收益和這些限制聯繫在一起。

But in the event that they did decide to sell their shares, they can sell no more than 4% of weekly volume. In other words, having no meaningful impact on trading as a result of their adding shares into the marketplace.

但如果他們確實決定出售股票，則出售量不得超過每週交易量的 4%。換句話說，他們在市場上增加股票不會對交易產生任何有意義的影響。

I think we need to move to the next question now, Operator, please. Because I've got to give some other people some time.

我想我們現在需要進入下一個問題，接線員，請。因為我必須給其他人一些時間。

Abhi Sinha, Northland Capital.

阿比‧辛哈 (Abhi Sinha)，北國首都。

Thanks for taking my question. Quickly, I want to understand that profitability in fourth quarter. I know in first quarter next year, you laid out very clearly. But in fourth quarter, what should we look at sequentially in terms of gross margins?

感謝您提出我的問題。很快，我想了解第四季的獲利能力。我知道明年第一季你們已經佈局得很清楚了。但第四季毛利率我們該看什麼？

Yeah, so I'm quite encouraged by the fact that EV ARCs that we are now building have most of the cost savings built into them. So we won't get a full quarter, full fourth quarter impact to those cost savings, but we'll certainly get a significant impact of it. And so you should be looking at materially improved gross profitability in the fourth quarter.

是的，所以我對我們現在建造的 EV ARC 節省了大部分成本這一事實感到非常鼓舞。因此，我們不會對這些成本節省產生整個季度、整個第四季的影響，但我們肯定會得到顯著的影響。因此，您應該看到第四季度毛利潤率的大幅提高。

But the first quarter next year, especially by the end of it, we'll get all of the cost savings integrated. That will happen early on in the quarter. I mean, those that we've identified -- again, it's a never-ending story for us. We're not going to quit. But by the end of the first quarter, when we've burned through all of our existing backlog, then I think you should also anticipate to see that 8% or so increase in price starting to join with the cost reductions to give us even more impactful gross profitability.

但明年第一季度，尤其是年底，我們將整合所有節省的成本。這將在本季初發生。我的意思是，那些我們已經確定的——同樣，這對我們來說是一個永無止境的故事。我們不會放棄。但到第一季末，當我們用完所有現有的積壓訂單時，我認為您也應該預計到價格將上漲 8% 左右，同時成本也會降低，從而為我們帶來更多收益。具有影響力的毛盈利能力。

And again, as I said in my comments, we're looking at mid to high 20s from a percentage point of view, just with these savings alone. And again, as I said in my comments, you can see that from a Beam Europe point of view, when we look at how much money we're going to save on painting and sandblasting and forming the base pad, as well as many other processes, those are opportunities for us and things that we've already targeted in the United States to insource as a means to save money.

再說一次，正如我在評論中所說，我們從百分比的角度來看，僅考慮這些節省，我們就看到了 20 多歲的中高水平。再說一次，正如我在評論中所說，從 Beam Europe 的角度來看，當我們考慮在噴漆、噴砂、形成基墊以及許多其他方面將節省多少錢時，您可以看到這一點。流程，這些對我們來說是機會，也是我們在美國已經瞄準的目標，將其作為省錢的手段進行內包。

That'll take a little bit more time to do that because, of course, unlike Beam Europe, we don't have the existing facilities to do that. But there's nothing scientific that prevents us from doing it, it's just the further steps to take.

這將需要更多的時間來做到這一點，因為當然，與 Beam Europe 不同，我們沒有現有的設施來做到這一點。但沒有什麼科學根據可以阻止我們這樣做，只是需要進一步的步驟。

Sure. Thanks. And from the earlier comment, did you imply or are you implying that you might get [ABW] in Q1 next year or did I hear it wrong?

當然。謝謝。從先前的評論來看，您是否暗示或正在暗示您可能會在明年第一季獲得 [ABW] 還是我聽錯了？

I said people asked me if we can do that. And I think that the arithmetic clearly shows that we could do it. So for more than that, I'm not going to say. Some of that will, of course, come down to decisions we make about investment and growth and other things. But certainly, it's easy on the back of a napkin to show how we could do it.

我說人們問我是否可以這樣做。我認為算術清楚地表明我們可以做到。所以對於更多的事情，我不會說。當然，其中一些因素將取決於我們在投資、成長和其他方面所做的決策。但當然，在餐巾紙背面很容易展示我們如何做到這一點。

The last one I have is for the sales of battery. Can you comment on how should we model that trajectory there? And what should we look at the battery margins versus comparing that with the sales of the EV ARC margins?

我的最後一個是電池的銷售。您能否評論一下我們應該如何模擬該軌跡？與 EV ARC 的銷售利潤率相比，我們應該如何看待電池利潤率？

Much harder. Very much more diversified. The EV ARC is a single product. Margin is pretty fixed on it, improving but fixed. Whereas with the batteries, you've got quite a lot of different types of products and margins are different across the board. The big thing for us about the batteries is they're saving the battery business, saving us a lot of money on our core business, and also bringing us these other revenues. As I said in my comments, this is part of our strategy to diversify our opportunities for revenue because of this lumpiness thing that we know exists.

困難得多。更加多樣化。 EV ARC 是單一產品。利潤率相當固定，有改善但固定。而對於電池來說，有許多不同類型的產品，而且利潤率也各不相同。對我們來說，電池最重要的是它們拯救了電池業務，為我們的核心業務節省了大量資金，同時也為我們帶來了其他收入。正如我在評論中所說，這是我們實現收入機會多元化策略的一部分，因為我們知道存在這種塊狀現象。

So getting that extra $6 million boost from the acquisition that we made as well as all the production of batteries for our products and all the cost savings and everything else that they've delivered has been really meaningful to us. But we intend to continue to grow the battery business. And like any other aspect of our business, we intend to continue to improve the margins where that's concerned. No different than the rest of what we're doing.

因此，從我們進行的收購中獲得額外的 600 萬美元收益，以及為我們的產品生產電池、節省成本以及他們提供的其他一切對我們來說非常有意義。但我們打算繼續發展電池業務。與我們業務的任何其他方面一樣，我們打算繼續提高相關的利潤率。與我們正在做的其他事情沒有什麼不同。

Noel Parks, Tuohy Brothers Investment Research.

諾埃爾‧帕克斯 (Noel Parks)，圖伊兄弟投資研究部。

Just a couple of things. I think you might have touched on this, but I just wanted to maybe hear a bit more about the advances in water and wind resiliency that you announced over the course of the quarter. And I'm just curious, are those initiatives something that's just a matter of continuous improvements or are we going to see future generations of just other things that you do to sort of harden the units and provide the resiliency?

只是幾件事。我想您可能已經談到了這一點，但我只是想聽聽更多有關您在本季度宣布的水和風彈性方面的進展的信息。我只是很好奇，這些舉措是否只是持續改進的問題，或者我們是否會看到未來幾代人所做的其他事情，以加強單位並提供彈性？

I'm really glad you brought that up because there's just so much to talk about this quarter that I did not include those things in my prepared comments. But it can't be denied that they're very important. EV ARC is now flood proof to 9.5 feet. And just to put that in context for everybody, in general, the kind of flooding that you see in city environments, usually 60 or less. It's very rare to see more than that level. So what that's basically telling you is that EV ARC will survive almost any anticipatable flooding.

我真的很高興您提出這個問題，因為本季度有太多值得討論的內容，因此我沒有將這些內容包含在我準備好的評論中。但不可否認的是，它們非常重要。 EV ARC 現在可防水至 9.5 英尺。為了讓每個人都了解這一點，一般來說，你在城市環境中看到的那種洪水，通常是 60 或更少。超過這個水平的情況非常罕見。所以這基本上告訴您的是，EV ARC 幾乎可以承受任何可預見的洪水。

And of course, the flooding is greater than 9.5 feet, probably got other things to worry about than whether or not the EV chargers are working. And so that is it. And it's just amazing how many places. Sacramento, California, for example, is very, very far inland. You wouldn't really think that was a flooding risk, but actually Sacramento is in a flood plain. It's at sea level and prone to flooding and that, so is New York and so are so many other customers. So that's a huge benefit.

當然，洪水超過 9.5 英尺，除了電動車充電器是否正常運作之外，可能還需要擔心其他事情。就是這樣。令人驚訝的是有這麼多地方。例如，加州薩克拉門托位於非常非常遙遠的內陸地區。你不會真的認為這是洪水風險，但實際上薩克拉門托位於洪氾平原。它位於海平面，容易發生洪水，紐約也是如此，許多其他客戶也是如此。所以這是一個巨大的優點。

Then also on top of that, we improved the products wind rating for 125 miles per hour to 160 miles per hour. Actually, we know it will survive a lot more than that, but this is the independent stance that we received from an outsourced facility and are able to publish. And again, that's not with the vehicle owner or anything. that's just sitting it's on its own 160 mile per hour ratings right now.

除此之外，我們還將產品的風速從每小時 125 英里提高到了每小時 160 英里。實際上，我們知道它的生存時間遠不止於此，但這是我們從外包機構收到並能夠發布的獨立立場。再說一遍，這與車主或其他任何人無關。目前它的時速為 160 英里。

These things are important because we're seeing increasingly violent weather events, we're seeing rising sea levels, we're seeing flooding, we're seeing all these other things, and we're becoming more reliant on electricity than we've ever been at any time in our history. Vulnerability is a very serious problem. It's not just me that's saying that now. Now you're hearing that in the halls of government in Washington and in city capitals across the country.

這些事情很重要，因為我們看到越來越猛烈的天氣事件，我們看到海平面上升，我們看到洪水，我們看到所有這些其他事情，我們對電力的依賴比以前更加嚴重我們歷史上的任何時期都曾出現過。漏洞是一個非常嚴重的問題。現在不只是我這麼說。現在，你在華盛頓的政府大廳和全國各地的首都都會聽到這樣的聲音。

To answer your question, we are not going to stop improving on that point that point of view either. I mean I think that now we've reached 160 mile an hour, 9.5 feet, probably win rating and flooding is not going to be an area of major focus for us. But there are other things that we're integrating into our products, which will make them more reliable, which will make them better to forecast. I mean, we still haven't even got into a AI or learning or any other things that are part of our future. But yeah, expect to see them get more resilient. And again, because of that, add more value and become more vital to our customer segments.

為了回答你的問題，我們也不會停止在這一點上改進這一點。我的意思是，我認為現在我們已經達到了 160 英里每小時，9.5 英尺，可能獲勝評級和洪水不會成為我們主要關注的領域。但我們正在將其他一些東西整合到我們的產品中，這將使它們更加可靠，這將使它們更好地進行預測。我的意思是，我們還沒有進入人工智慧或學習或任何其他屬於我們未來一部分的事物。但是，是的，希望看到他們變得更有彈性。正因為如此，增加更多價值並對我們的客戶群變得更加重要。

Great. And it's been really encouraging to hear about just the enthusiasm you have for the new European team. And I'm just sort of trying to extrapolate a bit on that. Of course, the EV ARC progress is striking in the course of the videos you see of deployment and how fast it is in such small spaces. I'm just wondering, how do you prepare for what might be an extremely enthusiastic uptake in the acceptance of the product in Europe as your capacity expands there?

偉大的。聽到你們對新歐洲隊的熱情真是令人鼓舞。我只是想對此進行一些推論。當然，從您看到的部署影片以及在如此狹小的空間中的速度來看，EV ARC 的進步是驚人的。我只是想知道，隨著您的產能擴大，您如何準備好應對歐洲對該產品的極度熱情接受度？

And again, thank you for pointing out how enthusiastic I am. I'm bound to say again, the only thing that's more impressive than my enthusiasm is our results, because I have not become almost 300% more enthusiastic since we last talked. But we certainly produce almost 300% more product.

再次感謝您指出我有多熱情。我必須再說一遍，唯一比我的熱情更令人印象深刻的是我們的結果，因為自從我們上次談話以來，我的熱情還沒有變得幾乎 300%。但我們的產品產量確實增加了近 300%。

But yeah, look, we've got a great deal of room for expansion in Europe. We've got 6.5 acres, 220,000 square feet under roof. We're producing what we're producing in North America in 53,000 square feet on a much smaller piece of property. So we've got a huge amount of room for expansion in Europe. Huge. We can get over $300 million in revenue out of our San Diego facility. Multiply that by several times. That's what the European facility is capable of.

但是，是的，我們在歐洲有很大的擴張空間。我們擁有 6.5 英畝、220,000 平方英尺的地下空間。我們在北美 53,000 平方英尺的一塊小得多的土地上生產我們生產的產品。因此，我們在歐洲有巨大的擴張空間。巨大的。我們可以從聖地牙哥工廠獲得超過 3 億美元的收入。將其乘以數倍。這就是歐洲設施的能力。

And again, I can't stress this strong enough. We own it. You take a look at our P&L, look at how much rent is an impact on us in the United States. There's no rent in Europe. We own it outright. We own the land. We own the buildings. We will not have the ongoing cost of rent or anything else there to deal with. It's also very inexpensive for us to expand the roofed over others. I say we've got 220,000 square feet under roof on 6.5 acres. And Beam Europe as it now is, very capable of self-performing much of what's required to roof over other areas of it.

再說一次，我再強調這一點都不夠強烈。我們擁有它。你看看我們的損益表，看看租金對我們美國的影響有多大。歐洲沒有房租。我們完全擁有它。我們擁有土地。我們擁有這些建築物。我們不會有持續的租金或其他任何需要處理的費用。對我們來說，在其他地方擴建屋頂的成本也非常低。我說我們在 6.5 英畝的土地上擁有 220,000 平方英尺的屋頂。現在的 Beam Europe 非常有能力自行執行覆蓋其其他區域所需的大部分功能。

So listen, I believe we are going to see that dramatic increase in requirement. Much of it will come from the EV Standard product, and the EV Standard product requires a lot less square footage to produce. You can also ship a lot more. We can only put two EV ARCs in a 40-foot shipping container. We can put countless EV Standards in a 40-foot shipping container.

所以聽著，我相信我們將會看到需求的急劇增加。其中大部分將來自電​​動車標準產品，而電動車標準產品的生產所需面積則少得多。您還可以運送更多。我們只能將兩個 EV ARC 放入 40 英尺的貨櫃中。我們可以將無數電動車標準放入 40 英尺的貨櫃中。

So I'm happy with where we are. And of course, if we are expanding at those type of breathtaking rates, and I expect that we will, and I intend that we will, then we will add more facilities. I've always said that too. In the United States, my belief is that we need four or five such facilities we have in San Diego, and Europe will not be fully served by what we now have in Serbia.

所以我對我們現在的處境很滿意。當然，如果我們以驚人的速度擴張，我預計我們會，而且我打算我們會，那麼我們將增加更多設施。我也一直這麼說。在美國，我認為我們需要在聖地牙哥擁有四到五個這樣的設施，而歐洲目前在塞爾維亞擁有的設施無法充分滿足歐洲的需求。

One other thing you should know, we're in 17 nations out of Serbia, and several of those are in Africa. And Africa is not a huge market for EV right now, but it certainly is a huge market for renewable energy and that type of infrastructure. And we believe that just as Africans went from no telephone straight to wireless telephony, they never did the wired phone thing.

您應該知道的另一件事是，我們遍布塞爾維亞以外的 17 個國家，其中有幾個國家位於非洲。非洲目前並不是電動車的巨大市場，但它無疑是再生能源和此類基礎設施的巨大市場。我們相信，正如非洲人從沒有電話直接轉向使用無線電話一樣，他們也從未使用過有線電話。

We also believe that as they adopt vehicles in the future, they will largely go straight to electrification, and there will be a massive requirement for our products down there. And we've got our sights on that, not for next year or the year after, but as part of our future growth. Without a doubt, Africa will be a massive market.

我們也相信，隨著他們未來採用汽車，他們將在很大程度上直接轉向電氣化，並且對我們的產品將有大量需求。我們的目標不是明年或後年，而是我們未來成長的一部分。毫無疑問，非洲將是一個巨大的市場。

And actually, don't be surprised if you see some wins pretty early on from that, because there's a lot of European and even North American aid money moving into that market, looking for products like ours.

事實上，如果您很早就看到一些勝利，請不要感到驚訝，因為有大量歐洲甚至北美的援助資金進入該市場，尋找像我們這樣的產品。

Great. Thanks a lot.

偉大的。多謝。

Thank you. I think we're coming to the end of our time here, operator. If you have another question, I'm happy to answer it, but I'm also mindful of people's time.

謝謝。我想我們在這裡的時間即將結束，接線員。如果您還有其他問題，我很樂意回答，但我也很注意人們的時間。

Chris Pierce, Needham & Company.

克里斯皮爾斯，李約瑟公司。

Good afternoon. Just real quick, looping on EV Standard you just touched on. How quickly could you be manufacturing and selling those products out of Serbia? And what's the ASP on that product versus the typical product that Amiga customers buy at this point in time?

午安.非常快，循環播放您剛剛提到的 EV 標準。您能多快在塞爾維亞生產和銷售這些產品？與 Amiga 客戶此時購買的典型產品相比，該產品的平均售價為何？

Great question. And as I said in my prepared remarks, we have made more progress on EV Standard development in the last month than we have in the last four years. So we're going to have a stand-up beta version of it very soon. I'm not going to put an exact date on it because that's a great way to always get into trouble, but very soon. We're making tremendous progress on it right now.

很好的問題。正如我在準備好的演講中所說，上個月我們在電動車標準制定方面取得的進展比過去四年還要多。所以我們很快就會推出它的獨立測試版。我不會給出確切的日期，因為這總是會遇到麻煩的好方法，但很快就會遇到麻煩。我們現在正在這方面取得巨大進展。

Remember that Beam Europe makes these types of structures all day long, everything from the tiniest ornate things that you might see in a small village all the way up to the massive towers that you see going down the center of a freeway. So they do everything and everything in between. And they're very well-equipped to do this. So it's coming very quickly.

請記住，Beam Europe 整天都在製造這些類型的建築，從您在小村莊中可能看到的最微小的華麗物體，一直到您在高速公路中心看到的巨大塔樓。所以他們做一切事情以及介於兩者之間的一切。他們非常有能力做到這一點。所以它來得很快。

ASP, I'm not going to comment on at all. But I will tell you this, the other great thing about Beam Europe is they have a fantastic database of what people pay for these things all across Europe. They've sold them. If you've been in Miami, you've walked underneath Amiga streetlamps, by the way. So they're not just sold in Europe, but also in North America. So they have a very good idea of what the market will bear. And we're also working on some really other interesting things in terms of how we might end up financing these things into the marketplace.

ASP，我根本不打算評論。但我要告訴你的是，Beam Europe 的另一個偉大的事情是他們有一個很棒的資料庫，記錄了整個歐洲人們為這些東西支付的費用。他們已經把它們賣掉了。順便說一下，如果您去過邁阿密，您一定曾經走過 Amiga 路燈。因此它們不僅銷往歐洲，還銷往北美。所以他們非常清楚市場將承受什麼。我們也正在研究一些真正有趣的事情，即我們最終如何將這些東西融資到市場上。

It's part of the reason I met with those OCI again yesterday, because there are lots of other opportunities to expand that business and integrate EV Standard in with normal lamp sales as part of the mix in a way which will be a great differentiator for us, because Amiga was already one of the largest EV or one of the largest streetlight, lamp standard producers in Europe. They know a great deal about their competition. We do as well. And I can tell you that if we start introducing these renewably energized EV charging products and some of the other products we're going to bring to market, we will be alone in the market in our ability to do that amongst all the competition. So that's another just really fantastic area of opportunity for us.

這是我昨天再次與那些OCI 會面的部分原因，因為還有很多其他機會來擴展該業務並將EV 標準與正常車燈銷售結合起來，作為組合的一部分，這對我們來說將是一個巨大的差異化因素，因為Amiga已經是歐洲最大的電動車之一或最大的路燈、燈具標準製造商之一。他們對自己的競爭非常了解。我們也這樣做。我可以告訴你，如果我們開始推出這些再生能源電動車充電產品以及我們將要推向市場的其他一些產品，我們將在市場上的所有競爭對手中成為唯一有能力做到這一點的公司。所以這對我們來說是另一個非常好的機會領域。

Okay. Thank you.

好的。謝謝。

Quadruple that year, and we've done it very inexpensively in a very wise manner. Again, no debt, high interest rate environment, and very, very low dilution to get this done. So a great time to be doing what we're doing. I very much appreciate your support and your interest.

那年增長了四倍，我們以非常明智的方式以非常低廉的成本做到了這一點。再說一次，沒有債務、高利率環境以及非常非常低的稀釋度來完成這件事。現在是做我們正在做的事情的好時機。我非常感謝您的支持和興趣。

Obviously, the macro market conditions, share prices for growth stocks, something that maybe is beyond my pay grade. I'm going to keep doing what I do. And Beam team is going to continue to do what it does, which is get better and better and offer more and more growth because at the end of the day, fundamentals are going to win out and we're going to produce them

顯然，宏觀市場狀況、成長股的股價，可能超出了我的薪資等級。我會繼續做我所做的事情。 Beam 團隊將繼續做它所做的事情，變得越來越好，並提供越來越多的成長，因為最終，基本面將獲勝，我們將生產它們

So thank you. Thank you, everybody, for your time. And I look forward to speaking to you all again in the near future.

所以謝謝。謝謝大家抽出時間。我期待在不久的將來再次與大家交談。

The conference has now concluded. Thank you.

會議現已結束。謝謝。