Beam Global (BEEM) 2024 Q3 法說會逐字稿

Hello, and welcome to the Beam Global's third-quarter 2024 operating results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Beam Global 2024 年第三季營運業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to hand the call to Lisa Potok, Chief Financial Officer. Please go ahead.

現在我想把電話交給財務長 Lisa Potok。請繼續。

Hi. Good afternoon, and thank you for participating in Beam Global's third-quarter '24 operating results conference call. We appreciate you joining us today to hear an update on our business. Joining me is Desmond Wheatley, the President, CEO, Chairman of Beam. Desmond will be providing an update on recent activities at Beam followed by a question-and-answer session.

你好。下午好，感謝您參加 Beam Global 24 年第三季營運業績電話會議。感謝您今天加入我們，了解我們的業務最新進展。與我一起的是 Beam 總裁、執行長兼董事長 Desmond Wheatley。德斯蒙德將介紹 Beam 最近的活動，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.

但首先，我想告訴大家，在本次電話會議中，管理層將發表前瞻性陳述，包括涉及 Beam 對未來業績或營運結果的預期的陳述。

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 10-Q and other periodic -- I'm sorry, 10-K and other periodic reports filed with the SEC.

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 最近向美國證券交易委員會提交的 10-Q 和其他定期（對不起，是 10-K 和其他定期）報告中所述的風險因素。

The content of this call contains time-sensitive information that is accurate only as of today, November 15, 2024. 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.

本次通話內容包含時間敏感訊息，僅截至今天（2024 年 11 月 15 日）準確。除法律要求外，Beam 不承擔公開更新或修改任何資訊以反映本次電話會議後發生的事件或情況的義務。

Next, I would like to provide an overview of our financial results for Beam's third quarter of 2024. Our third-quarter revenues are $11.5 million. This is the second highest third quarter revenue in the history of the company. 47.9% of our revenue in third quarter was derived from commercial customers. This is an increase of 80% over quarter 3 of 2023.

接下來，我想概述一下 Beam 2024 年第三季的財務表現。我們第三季的營收為 1150 萬美元。這是該公司史上第二高的第三季營收。我們第三季的 47.9% 收入來自商業客戶。這比 2023 年第三季成長了 80%。

For the nine months ended September 30 of '24, our revenues were $41 million. We have grown our pipeline of prospective customers to over 200 million. Although we cannot be sure of when or its prospective orders will turn into actual sales.

截至 24 年 9 月 30 日的九個月，我們的收入為 4,100 萬美元。我們的潛在客戶數量已成長至2億多。儘管我們不能確定其預期訂單何時會轉化為實際銷售。

Our backlog is $7 million for the USA and an additional $3.6 million for Europe, for a total of $10.6 million as of November 7. We generated GAAP gross margin of 10.7% compared to 1.7% in 2023. So we have an improvement of 9 percentage points compared to Q3 of '23.

我們的美國積壓訂單為 700 萬美元，歐洲積壓訂單為 360 萬美元，截至 11 月 7 日，總額為 1,060 萬美元。我們的 GAAP 毛利率為 10.7%，而 2023 年為 1.7%。因此，與 23 年第三季相比，我們提高了 9 個百分點。

Our gross profit, non-GAAP included $800,000 for noncash depreciation and intangible amortization, which negatively impacts our profit. Net of these noncash items, our gross margin would have been 17.6%; this is non-GAAP.

我們的非公認會計準則毛利包括 80 萬美元的非現金折舊和無形資產攤銷，這對我們的利潤產生了負面影響。扣除這些非現金項目後，我們的毛利率將達到 17.6%；這是非公認會計準則。

For the nine months ended September 30 of '24, our gross profit was 12% of sales, which included a negative impact of the $2.8 million for the noncash depreciation and intangible amortization. Our nine-month non-GAAP gross profit, net of these noncash items was 18.3%.

截至 24 年 9 月 30 日的九個月內，我們的毛利佔銷售額的 12%，其中包括 280 萬美元的非現金折舊和無形資產攤銷的負面影響。我們九個月的非公認會計準則毛利（扣除這些非現金項目）為 18.3%。

The continued improvement in gross margin is primarily because we are able to recognize the engineering design changes to our EV ARC that resulted in cost reductions to our bill of materials and labor efficiencies. Additionally, there were reductions in material costs as a result of purchasing discounts as well as an operational improvement and positive margins generated from the acquisition of Amiga.

毛利率的持續提高主要是因為我們能夠認識到 EV ARC 的工程設計變更，從而降低了物料清單成本並提高了勞動效率。此外，由於採購折扣以及收購 Amiga 帶來的營運改善和正利潤，材料成本也有所降低。

Additionally, our engineering and operations teams continue to identify further cost reductions and efficiencies, which, along with support from being Europe facilities, we believe will improve our gross margin in future quarters.

此外，我們的工程和營運團隊繼續尋找進一步降低成本和提高效率的方法，再加上歐洲工廠的支持，我們相信這些方法將提高未來幾季的毛利率。

Our operating expenses for Q3 of '24 was a credit of $50,000 due to the reversal of the fair value of the contingent consideration for the Amiga acquisition. To be able to compare Q3 of '24 to Q3 of '23, if we back out the noncash items, which is non-GAAP, we would back out to $6.1 million related to the noncash change in the fair value of the contingent consideration for the Amiga acquisition.

由於 Amiga 收購的或有對價的公允價值被沖銷，我們 24 年第三季的營運費用貸記了 5 萬美元。為了能夠比較 24 年第三季和 23 年第三季度，如果我們剔除非現金項目（非 GAAP），我們將剔除與或有對價公允價值非現金變動相關的 610 萬美元。

We offset this by $200,000 for the noncash warrant amortization and $200,000 for the stock compensation related to the timing of the Board grant. We issued those in July of '24 this year.

我們用 20 萬美元的非現金認股權證攤銷和 20 萬美元與董事會授予時間相關的股票補償來抵銷這筆金額。我們在今年 24 年 7 月發布了這些。

This results in a $1.7 million increase in operating expenses quarter over quarter. And these are mainly related to: we have $1.2 million in operating expenses for Beam Europe. We have $300,000 in customer service accommodation costs, and we have $100,000 in our facility expansion costs. And then we have $100,000 for consulting for government relations and engineering.

這導致營業費用較上季增加 170 萬美元。這些主要與以下內容相關：我們對 Beam Europe 的營運費用為 120 萬美元。我們的客戶服務住宿成本為 30 萬美元，設施擴建成本為 10 萬美元。然後我們還有10萬美元用於政府關係和工程諮詢。

Our operating expenses for the nine months ending Q3 '24 was $11.6 million. When you remove the $4.5 million noncash decrease in fair value of contingent consideration for the Amiga acquisition in '24, and then in '23, we had a $300,000 increase in the fair value of contingent consideration for the AllCell acquisition, the net change in the fair value of the contingent consideration is $4.3 million. This is offset by noncash increases in warrant and warrant amortization expense of $300,000, stock compensation of $300,000 and a bad debt allowance of $400,000, resulting in $3.3 million increase in operating expenses.

截至 24 年第三季的九個月，我們的營運費用為 1,160 萬美元。當你扣除 24 年 Amiga 收購案或有對價的公允價值 450 萬美元的非現金減少額，以及 23 年 AllCell 收購案或有對價的公允價值增加 30 萬美元後，淨變動額或有對價的公允價值為430萬美元。這被認股權證和認股權證攤銷費用 30 萬美元、股票補償 30 萬美元和壞帳準備 40 萬美元的非現金增加所抵消，導致營運費用增加 330 萬美元。

So these increases in operating expenses of $3.3 million year over year is $2.1 million for Beam Europe, $400,000 in the facility expansion costs, $300,000 in commissions due to earned at time of customer payment. So commissions are paid to our salespeople when the customer actually pays. We have $300,000 in customer service accommodation costs and $300,000 related to acquisition costs.

因此，與去年相比，營運費用增加了 330 萬美元，其中 Beam Europe 增加了 210 萬美元，設施擴建成本增加了 40 萬美元，客戶付款時應得的佣金增加了 30 萬美元。因此，當客戶實際付款時，我們就會向銷售人員支付佣金。我們的客戶服務住宿成本為 300,000 美元，而收購成本為 300,000 美元。

The resulting net income was $1.3 million for the third quarter of '24 compared to a net loss of $3.6 million for the same period in '23. Net income included the noncash of $6.1 million for contingent consideration, depreciation, intellectual amortization and the allowance for bad debt.

24年第三季的淨收入為130萬美元，而23年同期的淨虧損為360萬美元。淨收入包括 610 萬美元的非現金，用於或有對價、折舊、知識攤提和壞帳準備。

The net loss for the nine months ending September of '24 were $6.7 million. When we back out the noncash expense items related to depreciation, intellectual property, amortization, the noncash compensation expense and the allowance for bad debt and the fair value of the contingent consideration, the adjusted non-GAAP net loss was $5.8 million, 14.2% of revenue, compared to 2023 noncash adjusted net loss of $8 million, which is 16.9% of revenue and almost 3 percentage points better.

截至 24 年 9 月的九個月的淨虧損為 670 萬美元。當我們扣除與折舊、智慧財產權、攤提、非現金薪酬費用、壞帳準備和或有對價的公允價值相關的非現金費用項目時，調整後的非 GAAP 淨虧損為 580 萬美元，佔收入，而2023 年非現金調整後淨虧損為800 萬美元，佔營收的16.9%，幾乎提高了3 個百分點。

Our cash balance at Q3 of '24 was $4.9 million compared to $10.4 million at the end of Q4 of '23. The cash decrease included our onetime cash outlays for the second tranche payment for the acquisition of Amiga of $2.7 million in early Q1 of '24, and our net outlay of cash for the acquisition of Telcom in Q3 '24, which was approximately $300,000.

我們 24 年第三季的現金餘額為 490 萬美元，而 23 年第四季末的現金餘額為 1,040 萬美元。現金減少包括我們在 24 年第一季初收購 Amiga 的第二筆付款的一次性現金支出 270 萬美元，以及我們在 24 年第三季收購 Telcom 的淨現金支出約為 30 萬美元。

Our net cash used for operating activities for the nine months ending September 30, 24, was $3.1 million compared to $13.8 million for the same period in '23. We continue to be debt free other than small auto leases, and we still have our $100 million line of credit really available.

截至 24 年 9 月 30 日的九個月，我們用於經營活動的淨現金為 310 萬美元，而 23 年同期為 1,380 萬美元。除小額汽車租賃外，我們沒有任何債務，而且我們仍然擁有 1 億美元的實際可用信用額度。

After adjusting for noncash contingent consideration, which was a current liability, our Q3 working capital decreased by $3.5 million, 17% from Q2. That is expected to rebound over the following quarters as our sales increase, our margins continue to increase, and we continue to manage our expenses.

在調整非現金或有對價（一項流動負債）後，我們第三季的營運資本減少了 350 萬美元，較第二季減少了 17%。隨著我們的銷售額增加、利潤率持續提高以及我們繼續管理我們的費用，預計這一數字將在接下來的幾個季度反彈。

I will now turn this over to Desmond to provide a business update.

現在我將把這個交給 Desmond 來提供業務更新資訊。

Thanks, Lisa, (technical difficulty) for the third quarter 2024 Beam Global earnings call and business update. And just before I get into my comments, there was several mentions of warrants in Lisa's commentary. I just want to be clear and remind everybody that the warrants that we issued as part of our 2019 of listing to Nasdaq have all year (technical difficulty).

感謝 Lisa（技術難題）提供有關 2024 年第三季 Beam Global 收益電話會議和業務更新的資訊。在我發表評論之前，麗莎的評論中多次提到了逮捕令。我只是想明確地提醒大家，我們在 2019 年納斯達克上市時發行的認股權證全年都有效。（技術難度）。

I'm speaking tonight from -- tonight from Amman in Jordan, where it's heading towards 1:00 in the morning. I'm in Amman as part of a much more extensive trip to Europe, Africa and the Middle East, promoting Beam Global's products and business. I'll give you more information on this trip later in the call. But first, I want to talk about our third-quarter results and describe some of the exciting progress we're making.

我今晚在約旦安曼發表講話，現在正是凌晨 1 點。我這次前往安曼，是歐洲、非洲和中東之行的一部分，目的是推廣 Beam Global 的產品和業務。我稍後會在通話中向您提供有關此次旅行的更多資訊。但首先，我想談談我們的第三季業績並描述我們取得的一些令人興奮的進展。

Just in case I drop off this call, which is always possible when I'm in the Middle East or these distant parts, chat amongst yourselves and I'll dial back in as quickly as I can. Q3 paradoxically has been one of the most expansive for Beam Global (inaudible) our history because, of course, I'm speaking of expansion during a quarter when we've just announced a reduction in revenues from the same period prior year.

萬一我掉線了，當我在中東或這些遙遠的地方時，這種情況總是有可能發生的，你們可以聊聊，我會盡快回撥。矛盾的是，第三季度是 Beam Global（聽不清楚）歷史上擴張最快的季度之一，因為我指的是我們剛剛宣布收入與去年同期相比有所減少的這個季度的擴張。

But the fact is that we've grown our geographic coverage very significantly and we've released a whole suite of new products as a result of our best customers' demands, and we saw growth actually in our battery business during the period. Geographic expansion and the addition of new products puts us in a position to capitalize on much larger and much more varied sets of opportunities, both in the United States and internationally.

但事實是，我們已經大幅擴大了我們的地理覆蓋範圍，並且根據我們最優質客戶的需求，我們發布了一整套新產品，而且我們在此期間的電池業務確實實現了成長。地理擴張和新產品的增加使我們能夠利用美國國內和國外更大、更多樣化的機會。

This is especially relevant because of that third-quarter revenue, which came in at $11.5 million (inaudible), primarily in the same period last year. The question is, why and what does this mean for our future? Is it an indication of some sort of fundamental decline? Or is it simply a bump in the road and symptomatic of the lumpiness in our order cadence, which I predicted in previous earnings calls.

這尤其重要，因為第三季的營收為 1,150 萬美元（聽不清楚），主要是去年同期的收入。問題是，為什麼？這是否是某種根本衰退的跡象？或者這只是道路上的一個顛簸，是我們訂單節奏不穩定的表現，我在之前的收益電話會議上已經預測到了這一點。

While I'm very confident that the answer to that question is the second of those two possibilities, not the first, the electrification of transportation is accelerating globally, and so is the requirement for increased renewable energy to power that transition and all the other new demands that are coming, like data centers, AI and electrification of industry.

雖然我很有信心這個問題的答案是第二種可能性，而不是第一種，但全球交通電氣化正在加速，對增加再生能源的需求也在增加，以推動這項轉型和所有其他新即將到來的需求，例如資料中心、人工智慧和工業電氣化。

My international travels are making it very clear to me (inaudible) the direction of travel in the US in the short term. There's no question that our products are becoming more relevant every day. That perhaps explains why our pipeline is over $200 million today at an all-time high.

我的國際旅行讓我非常清楚（聽不清楚）短期內在美國旅行的方向。毫無疑問，我們的產品正變得越來越重要。這或許可以解釋為什麼我們的管道如今已超過2億美元，達到歷史最高水準。

We're not losing interest. We're simply seeing delays in the decision to issue a purchase order amongst certain customers in the (inaudible).

我們並沒有失去興趣。我們只是看到某些客戶在決定下達採購訂單時有所延遲（聽不清楚）。

This, I believe, temporary decline in our revenues can be explained by three or four contributing factors. I'm going to describe them to you. I'm also going to tell you what we're doing about them. Firstly, as I said, we've seen some slowing down of orders from our federal customers. We can't be entirely sure about all of this, but without a doubt there (inaudible) a great deal of uncertainty. And I'm bound to say that uncertainty still exists today while we wait for the new administration.

我認為，我們的收入暫時下降可以用三到四個因素來解釋。我將向你描述它們。我也會告訴你們我們針對這些問題所採取的措施。首先，正如我所說，我們發現來自聯邦客戶的訂單有所放緩。我們無法完全確定這一切，但毫無疑問存在（聽不清楚）很大的不確定性。我必須說，在我們等待新政府的今天，不確定性仍然存在。

Donald Trump has made some conflicting statement about electric vehicles and sustainable energy sources. But in balance, what he said has been negative, and that's had an effect on federal purchasers who are not sure what policy will look like in 2025. Nobody's canceled orders. But they have moved them, right, while they wait to see what will happen.

唐納德·川普對電動車和永續能源發表了一些相互矛盾的言論。但總的來說，他所說的是負面的，這對聯邦採購員產生了影響，他們不確定 2025 年的政策會是什麼樣的。沒有人取消訂單。但他們已經把它們移走了，對吧，同時等著看會發生什麼。

This federal uncertainty seems to have spread to a few state and even municipal customers. When combined with the general and unfounded negativity on EVs in the press, we've seen this contribute to a slowing of order cadence in the United States.

這種聯邦的不確定性似乎已經蔓延至一些州甚至市政客戶。結合媒體對電動車的普遍和毫無根據的消極報道，我們看到這導緻美國訂單節奏放緩。

In fact, the drop in our revenues year over year can be explained by this alone because decline in federal revenue from Q3 2023 is actually more than the full quarterly decline that I just described. We believe it's only moved right as I say, no one is capital anything and that we'll get it back in 2025.

事實上，僅憑這一點就可以解釋我們收入的同比下降，因為從 2023 年第三季開始聯邦收入的下降實際上超過了我剛才描述的整個季度的下降。我們相信它只會像我所說的那樣向右移動，沒有人是資本，我們會在 2025 年收回它。

The next factor is that we've seen some evolution in the regulatory environment, especially in our case where UL certification of energy storage solutions is concerned. Over the years, we produced products which comply with whatever requirements the regulators had at the time we produce them. And we've seen those change as batteries become more (inaudible) capabilities and potential risks.

下一個因素是我們看到監管環境發生了一些變化，特別是在我們涉及能源儲存解決方案的 UL 認證的情況下。多年來，我們生產的產品均符合當時監管機構的所有要求。隨著電池的功能和潛在風險不斷增強，我們已經看到了這些變化。

During the last year, we've seen increasing certification requests and then requirements among certain of the purchasing authorities we deal with. As a result of this, we're going through a recertification process with UL, which will result in us being issued with the most up-to-date certification. We have some purchase orders which are on hold, awaiting this latest level of certification.

在過去的一年裡，我們發現與我們打交道的某些採購機構的認證請求和要求不斷增加。因此，我們正在與 UL 進行重新認證流程，這將使我們獲得最新的認證。我們有一些採購訂單處於擱置狀態，等待最新等級的認證。

Two factors are worthy of note here. The first is that UL has inspected our products and has not ever suggested that they are in any way unsafe. UL has never actually started -- and the second is that because of the unique and innovative nature of our products, UL has never actually certified anything like them with these new standards.

這裡有兩個因素值得注意。首先，UL 已經對我們的產品進行了檢查，並且從未表示過我們的產品有任何不安全因素。UL 實際上從未開始——第二，由於我們產品的獨特性和創新性，UL 從未真正使用這些新標準對類似產品進行認證。

Our engineering teams are working directly with UL, and I must say it's a learning journey for both teams, ours and theirs. This inevitably causes delays. And so the UL certification that I thought would happen this year looks more likely to take place at the end of the (inaudible) year.

我們的工程團隊直接與 UL 合作，我必須說這對我們和他們的團隊來說都是一次學習之旅。這不可避免地會造成延誤。因此，我認為今年會進行的 UL 認證看起來更有可能在（聽不清楚）年底進行。

At that time, we should be able to take advantage of the pent-up demand from those customers who are unwilling or unable to issue purchase orders until we are able to provide this new UL certification.

屆時，我們應該能夠利用那些在我們能夠提供這項新的 UL 認證之前不願意或無法發出採購訂單的客戶的被壓抑的需求。

In the meantime, we continue to sell to others who are less sensitive on this matter because as I already said, the lack of certification, there's no (inaudible) or efficacy. We have a lot of certification in the products, just not these newest ones.

同時，我們繼續向對此事不太敏感的人銷售產品，因為正如我已經說過的，缺乏認證，就沒有（聽不清楚）或功效。我們有很多產品獲得認證，但不是這些最新的產品。

The good news is that once we get this latest certification, it should bring (inaudible) several opportunities and will also enhance our product and make it easier to manufacture and sell both in the US and Europe.

好消息是，一旦我們獲得這項最新認證，它將帶來（聽不清楚）許多機會，也將增強我們的產品，使其更容易在美國和歐洲製造和銷售。

Thirdly, we're still very susceptible to large swings in revenue as a result of order timing or order sizing or a combination of both. During the last several years, we've seen very significant growth in EV ARC sales, particularly to government customers, especially since COVID. The Beam team has done a magnificent job of delivering that growth, and that's come along with these orders.

第三，由於訂單時間或訂單規模或兩者兼而有之，我們的收入仍然很容易受到大幅波動的影響。在過去幾年中，我們看到 EV ARC 的銷售量顯著成長，尤其是對政府客戶，尤其是自 COVID 以來。Beam 團隊在實現這一成長方面做得非常出色，而且這是伴隨著這些訂單而來的。

Our revenues were $6 million in 2020, $9 million in 2021, $22 million in 2022 and just under $70 million in 2023. We're about flat in the first half of 2024. Even with this year's relatively flat growth, our five-year CAGR is (inaudible) fantastic way of growth. But it's almost all come from one product and with a high degree of customer concentration.

我們的營收在 2020 年為 600 萬美元，2021 年為 900 萬美元，2022 年為 2,200 萬美元，2023 年略低於 7,000 萬美元。到 2024 年上半年，這一數字基本上持平。即使今年的成長相對平穩，我們的五年複合年增長率仍然是（聽不清楚）非常棒的成長方式。但幾乎​​都來自於一種產品，且顧客集中度較高。

Naturally, with concentration comes risk from timing and other externalities, and we believe that we've seen some of that over the last couple of quarters. We're still confident that just as the pendulum is (inaudible) this moment, it will swing back to growth again in 2025. In spite of what may be going on at the federal level with the new administration, there's a great deal of investment in this transition, which is very unlikely to be impacted in a negative way, and there will still need to be a lot of spending on infrastructure outside of US federal budgets.

當然，集中精力會帶來時機和其他外部因素帶來的風險，我們相信，過去幾季我們已經看到了這方面的風險。我們仍然相信，正如此刻鐘擺（聽不清楚）一樣，到 2025 年它將再次擺回增長。儘管新政府在聯邦層面上可能會發生一些事情，但這一過渡已經投入了大量資金，不太可能受到負面影響，而且仍然需要大量支出用於美國聯邦預算之外的基礎設施。

But to be clear, I think those federal budgets come back, too. Because fleet managers know that electrification is upon them, and they cannot lose four years of preparation for it.

但要明確說明的是，我認為這些聯邦預算也會回來。因為車隊管理人員知道電氣化已經來臨，他們不能失去四年的準備時間。

So what are we doing about these factors? We have the following strategies to grow our business and immunize it against any reduction in US federal spending on EV ARC products. Our (inaudible) which are in no way related to US budget cycles.

那麼，我們該如何應對這些因素呢？我們有以下策略來發展我們的業務，並使其免受美國聯邦政府對 EV ARC 產品的支出減少的影響。我們的（聽不清楚）與美國預算週期毫無關係。

Our new product offerings deliver value, which for many of them are based upon EV ARC engineered platform, they do not seek investment from the same customers or fulfill the same functions. And as such, they create a whole new set of opportunities for us, but without creating an whole new set of cost centers or complexity in our production lines.

我們推出的新產品具有很高的價值，其中許多產品都是基於 EV ARC 工程平台，它們並不尋求相同客戶的投資，也不發揮相同的功能。因此，它們為我們創造了一系列全新的機遇，但不會為我們的生產線帶來一系列全新的成本中心或複雜性。

Our focus on corporate as well as government sales is paying off as evidenced by the fact that around 50% of our Q3 revenues came from nongovernment customers so much for us being a government-only shop.

我們對企業和政府銷售的關注正在獲得回報，事實證明，我們第三季約 50% 的收入來自非政府客戶，而我們是一家專門針對政府的商店。

We've added a new VP of Sales (inaudible) Europe. What both of these individuals have in common is a solid history of engaging distributors, resellers and agents. This is another crucial part of our strategy to broaden our funnel of opportunities.

我們增加了一位新的歐洲銷售副總裁（聽不清楚）。這兩個人的共同點是都有著與經銷商、經銷商和代理商打交道的豐富經驗。這是我們拓寬機會通路策略的另一個重要部分。

Historically, all of our sales will be made by a small team of in-house salespeople. They've done a fantastic job. $70 million of sales in a year made by five people is nothing to sniff at, but they're necessarily limited in how many prospects they can engage with. They're efficient, and we have a solid tech stack for improving the efficiency of our sales process. But the universe of interested prospects is larger than a team of that size could ever hope to reach.

從歷史上看，我們所有的銷售都是由一小隊內部銷售人員完成的。他們做得非常出色。五個人一年就能創造 7,000 萬美元的銷售額，這並沒有什麼可小覷的，但他們能夠接觸到的潛在客戶數量必然是有限的。他們非常高效，而且我們擁有可靠的技術堆疊來提高銷售流程的效率。但有興趣的球員範圍太廣了，遠非如此規模的球隊能夠涵蓋的範圍。

With that, we're now working on a force multiplication strategy to get a lot more people out there describing our products and the value they bring to a far larger audience. It's already starting to work for us. Though it's early days, we already have a European distributor under contract, who brought us a purchase order within the first month of being on board.

為此，我們現在正在製定一項力量倍增策略，讓更多的人向更廣泛的受眾描述我們的產品及其帶來的價值。它已經開始為我們發揮作用了。雖然還處於早期階段，但我們已經與一家歐洲分銷商簽訂了合同，該分銷商在與我們合作的第一個月就為我們帶來了採購訂單。

I've just been in Ethiopia with a new agent team that we've contracted to address this market other opportunities in Africa. Now I'm in Amman, Jordan, where we have another well-connected reseller working with us to expand our Middle Eastern opportunities. And in the US, we have several new resellers under contract or in the process of working through our agreements with us.

我剛剛和一支新的代理商團隊來到衣索比亞，我們已簽約該團隊來開拓這個市場並尋找非洲的其他機會。現在我在約旦安曼，這裡還有另一家關係良好的經銷商與我們合作，以擴大我們在中東的機會。在美國，我們與幾家新經銷商簽訂了合約或正在履行協議。

All of these reselling or selling resources are paid on success only; that means they do not add to our SG&A burden or add operating cost of the business. They get paid only when they bring us new customers and those new customers pay us.

所有這些轉售或出售資源只有在成功後才需付費；這意味著它們不會增加我們的銷售、一般及行政費用負擔或增加業務的營運成本。只有當他們為我們帶來新客戶並且新客戶付錢給我們時他們才會得到報酬。

The point of all these strategies, new geographies, new products, expanded sales resources and focus on broader verticals is to reduce our susceptibility to revenue shifts caused by single order timing and product and customer concentration, and to create lots of opportunities for growth in markets and with products, which we've not had before.

所有這些策略、新地域、新產品、擴大銷售資源和關注更廣泛垂直市場的目的，都是為了降低我們因單一訂單時機、產品和客戶集中度而受到收入變化的影響，並為市場成長創造大量機會以及我們以前從未有過的產品。

Our (technical difficulty) to this effort provided an excellent example already of the strategy working $1 million in EV ARC sales to the British Army in Cypress, other POs delivered in Europe and the supporting of our efforts in Africa and the Middle East are clear examples of opportunities that we would not have had had we not moved into this market. I'm confident that we're only just getting started here, and we're also benefiting from both legacy businesses -- from both legacy businesses we acquired, which are solid and growing.

我們在這項努力中遇到的技術困難已經為該戰略提供了一個很好的例子，即在塞浦路斯向英國陸軍銷售了100 萬美元的EV ARC，在歐洲交付了其他採購訂單，並支持了我們在非洲和中東的努力，這些都是明顯的例子如果我們沒有進入這個市場，我們就不會有這些機會。我相信我們才剛起步，我們也受益於我們收購的兩家傳統業務，它們都很穩定並且不斷成長。

We're not just working to reduce lumpiness in our current US business. This is much more -- about much more than that. Everything we've done to date has come from more or less a single (inaudible) product or market. We're now expanding into much larger niches with multiple products and in very much larger geographies and markets.

我們不只是致力於減少當前美國業務的不平衡性。這其中涉及的內容遠不止這些。到目前為止，我們所做的一切或多或少都來自單一（聽不清楚）產品或市場。現在，我們正在透過多種產品向更大的市場領域拓展，業務範圍涵蓋更大的地理和市場。

So while I talk about these strategies, it means to defend against negative revenue impacts, they're really much more about Beam Global's continued long-term dramatic growth. It's about maintaining and improving on that [7% to 8%] five-year CAGR.

因此，當我談論這些策略時，它的意思是抵禦負面的收入影響，它們實際上更多的是為了 Beam Global 持續的長期大幅增長。這是為了維持和提高 [7% 到 8%] 的五年複合年增長率。

While I'm speaking of our European operations, I have to spend a couple of minutes on the news we announced earlier this week, our first sponsorship deal. This fantastic piece of news describes the first establishment of a business model, which I've been working on for many years. In fact, it's the only thing I've told everyone Beam would do that we have done until now.

當我談到我們的歐洲業務時，我必須花幾分鐘時間談談我們本週早些時候宣布的消息，這是我們的第一份贊助協議。這個奇妙的消息描述了我多年來一直致力於的一個商業模式的首次建立。事實上，這是我告訴大家 Beam 會做的唯一一件事，而且到目前為止我們也確實做了。

Through an agreement with VINCI Group, one of the largest airport management companies in the world, we now have permission to deploy EV ARC systems at Belgrade International Airport. We don't pay for this right because of the fantastic amenity which we're providing in their premium parking facilities, the ability to charge EVs for free while waiting at the airport.

透過與世界上最大的機場管理公司之一 VINCI 集團達成的協議，我們現在獲得在貝爾格萊德國際機場部署 EV ARC 系統。我們不為這項權利付費，因為我們在其高級停車設施中提供了極好的便利，可以在機場等候時免費為電動車充電。

We get our revenue not from charging cars, which is a model I don't like, but from charging for branding all over the EV ARCs, which is a model I love. The sponsor is Globos, the fastest-growing insurance company in the Balkans.

我們的收入不是來自汽車充電，這是我不喜歡的模式，而是來自在 EV ARC 上進行品牌推廣的收費，這是我喜歡的模式。贊助商是巴​​爾幹半島發展最快的保險公司 Globos。

What they get is the highest visibility in most (inaudible) marketing I've ever seen. When you first arrive at Belgrade and you're walking towards baggage (inaudible) window and you'll see Globos-branded EV ARCs. After you get your bags as soon as you exit the main airport building, you'll see Globos-branded EV ARCs. When you go to your car or ride your -- or pick up your ride, you'll see Globos-branded EV ARCs. And if you're arriving at the airport by car, you guessed it, you'll see Globos-branded EV ARCs.

他們所獲得的是大多數（聽不清楚）行銷中最高的知名度。當您第一次抵達貝爾格萊德並走向行李（聽不清楚）窗口時，您會看到 Globos 品牌的 EV ARC。領取行李後，一走出主機場大樓，就會看到印有 Globos 品牌的 EV ARC。當您走向您的汽車或騎車或取車時，您會看到 Globos 品牌的 EV ARC。如果您開車抵達機場，您猜對了，您會看到 Globos 品牌的 EV ARC。

Tens of millions of eyeballs a year attached people with money and property to ensure we'll see Globos insurance-branded EV ARCs even if they've never even thought about buying an EV.

每年都有數千萬的眼球吸引有錢有勢的人，以確保我們能看到 Globos 保險品牌的 EV ARC，即使他們從未想過購買電動車。

Globos is delighted and Beam Global is delighted because we now have (inaudible) scale (inaudible) business to add to our other sources of income. VINCI Airports is delighted because they're working hard to reduce their carbon footprint. And because they knew they'd have to install EV charging, but didn't know how they were going to get electricity to the parking spaces without huge cost and disruption. EV ARC solved (inaudible) for everyone.

Globos 很高興，Beam Global 也很高興，因為我們現在有了（聽不清楚）規模（聽不清楚）業務，可以增加我們的其他收入來源。VINCI 機場感到非常高興，因為他們正在努力減少碳足跡。因為他們知道必須安裝電動車充電裝置，但不知道如何在不產生巨大成本和乾擾的情況下將電力輸送到停車位。EV ARC 為每個人解決了（聽不清楚）問題。

In fact, VINCI is so happy that we'll repeat this across other airports for them. They operate 70 major airports globally, including some in the USA. I encourage you to look at the press release we just put about this.

事實上，VINCI 非常高興，我們將在其他機場為他們重複這項措施。他們經營全球 70 個主要機場，其中包括美國的一些機場。我鼓勵你看看我們剛剛發布的有關此事的新聞稿。

I'm delighted by this evolution for our business and not just because it allows me to say that we've now done everything we've ever claimed (inaudible) we would do. One deployment like this, having proved the business model will lead to many other and not just the airports, this sponsor driving on Sunshine model to work anywhere that's highly visible and as EV adoption increases, so too, I believe, what corporations be inclined to sponsor it.

我對我們業務的這種發展感到高興，這不僅僅因為它讓我可以說我們現在已經做了我們曾經聲稱（聽不清楚）要做的一切。像這樣的部署，已經證明了商業模式將引領許多其他模式，而不僅僅是機場，這個贊助商駕駛陽光模式可以在任何可見的地方工作，隨著電動車的普及，我相信，企業也會傾向於贊助它。

Moving back to our results for a minute and to gross margins. They are, again, paradoxically another good news story for us in the quarter because although we're reporting a slightly lower percentage than in Q2, that's all to do with volume. Because our volumes were down in the quarterly overhead allocations ate into our gross profits, but the unit economics are another story.

回顧我們的業績和毛利率。但矛盾的是，這對我們來說是本季度的另一個好消息，因為儘管我們報告的百分比略低於第二季度，但這都與數量有關。因為我們的季度間接費用分配量下降，所以侵蝕了我們的毛利，但單位經濟效益又是另一回事。

Our gross profit (inaudible) product level is up. And in fact, we had unit economics averaging in the 40% to 50% gross ranges, net of overhead allocation, of course. These unit economics have improved steadily over the year as we've made improvements to our purchasing, engineering and operations and also in part due to the price increase in those last years.

我們的毛利（聽不清楚）產品水準上升了。事實上，我們的單位經濟效益平均在 40% 到 50% 之間，當然這是扣除間接費用後的毛利。由於我們在採購、工程和營運方面取得的進步，以及部分由於過去幾年價格的上漲，這些單位經濟效益在過去一年中穩步提高。

In Q3, approximately 50% of EV ARC sales carried a new price. So that helped. But much more importantly, so too did the improvements we made in manufacturing the product.

第三季度，約有 50% 的 EV ARC 銷售都有了新價格。這很有幫助。但更重要的是，我們在產品製造方面也取得了進展。

Unit economics are crucial. Because as we return to higher volumes, we'll see more and more of those higher product gross margins impact our GAAP growth because of the reduced (inaudible) I've often said that I'm targeting 50% gross margins. And when you see that we're reaching that at the unit level already, you can see why I'm confident that we'll get there even with overhead burdens in the future as volumes increase.

單位經濟效益至關重要。因為隨著我們恢復到更高的銷量，我們會看到越來越多的更高產品毛利率對我們的GAAP 成長產生影響，因為（聽不清楚）我經常說我的目標是50% 的毛利率。當您看到我們已經在單位層級達到了這一目標時，您就會明白為什麼我有信心，即使未來隨著業務量的增加，我們有管理費用負擔，也能達到這一目標。

A lot of help for this has come again from our European operations. We're now manufacturing certain components of EV ARC in Serbia and shipping them to our facilities in San Diego for assembly because we save money doing that. I've mentioned before that this is because, a, the cost structure is better in Serbia; and b, we're able to self-perform so much more in our Serbian than we do in San Diego.

我們的歐洲業務再次為此提供了很大幫助。我們現在在塞爾維亞生產 EV ARC 的某些零件，然後將它們運送到我們位於聖地牙哥的工廠進行組裝，因為這樣做可以節省成本。我之前提到過，這是因為，a，塞爾維亞的成本結構更好； b，我們在塞爾維亞語的表現比在聖地牙哥時好得多。

The simple fact is (inaudible) we can actually (inaudible) in Serbia and ship it to a customer in the US cheaper than we can make it and ship it from San Diego. You might ask why we don't move entirely to that model. And the answer is because we have so many government customers who require -- buy American qualifications.

簡單的事實是（聽不清楚）我們實際上可以在塞爾維亞（聽不清楚）將其運送給美國客戶，這比我們從聖地牙哥生產並運送更便宜。您可能會問為什麼我們不完全採用該模型。答案是因為我們有很多政府客戶需要購買美國資格。

It's important for us to maintain our US manufacturing because as I've already stated, we still believe that there'll be a lot of growth from US government purchases.

對我們來說，維持美國製造業非常重要，因為正如我已經說過的，我們仍然相信美國政府採購將帶來很大的成長。

My American requirements will, if anything, get tougher, we may have to do even more in the US and source components here, which cost more than those which we're buying elsewhere. This will inevitably push our costs up, but we intend to make this an opportunity, not a liability. It's possible, likely (inaudible) perhaps for SKUs for Made in the US. It will cost more, but the government entities that insist upon it will understand that.

我對美國的要求可能會變得更加嚴格，我們可能不得不在美國做更多的事情，並在這裡採購零件，而這比我們在其他地方購買的零件更貴。這不可避免地會推高我們的成本，但我們打算將其變成一個機遇，而不是負擔。對於「美國製造」的 SKU 來說，這是有可能的，很可能（聽不清楚）。雖然這樣做的成本會更高，但堅持這樣做的政府實體會理解這一點。

And it will not impact us competitively because everyone else will face the same restrictions and cost increases. We still have unique products and very good IP protection. And we'll still be cheaper than digging trenches and doing the electric work that grid-type chargers require.

而且這不會對我們的競爭力產生影響，因為其他人也會面臨同樣的限制和成本增加。我們仍然擁有獨特的產品和非常好的智慧財產權保護。而且，這比挖溝和做電網型充電器所需的電力工作還要便宜。

Beam Europe is going to be even more impactful in the coming months and years as a result of our acquisition of Telcom, a power electronics engineering and manufacturing company. We'll increasingly replace third-party power electronics in our products with our own specially designed and manufactured components.

由於我們收購了電力電子工程和製造公司 Telcom，Beam Europe 將在未來幾個月和幾年內產生更大的影響。我們將越來越多地用我們自己專門設計和製造的組件取代我們產品中的第三方電力電子設備。

(inaudible) will make our cost because we won't be paying margins to others, increased barriers for the competition; and lastly and importantly, reduce our warranty and service costs. A great majority of problems we experience with our products come from the failure of third-party electronics. We intend to eliminate or at least greatly reduce those failures. Warranty and service costs impact our margins, and so this will be another positive evolution for Beam.

(聽不清楚)會增加我們的成本，因為我們不會向其他人支付利潤，從而增加競爭障礙；最後，也是最重要的，降低我們的保固和服務成本。我們的產品遇到的絕大多數問題都來自於第三方電子設備的故障。我們的目標是消除或至少大大減少這些失敗。保固和服務成本會影響我們的利潤，因此這對 Beam 來說將是另一個積極的發展。

The Telcom acquisition was another excellent deal for us, combination of cash and stock, which resulted in us having more cash and working capital after the transaction than we had before it. I encourage you to read the filings on this one. And if you have questions, get in touch with me directly.

對我們來說，Telcom 的收購是另一項極好的交易，採用現金和股票相結合的方式，使我們在交易後擁有比交易前更多的現金和營運資金。我鼓勵你閱讀這份文件。如果您有任何疑問，請直接與我聯絡。

Suffice it to say, we ended up with an excellent team of talented engineers and manufacturing experts, a top-tier group of new customers and another new set of opportunities for growth, and we paid a very, very good price for it.

可以這麼說，我們最終擁有了一支由才華橫溢的工程師和製造專家組成的優秀團隊、一群頂級的新客戶和另一組新的成長機會，而且我們為此付出了非常非常好的代價。

It was like our other transactions, a win-win deal and the principles of Telcom are all staying on and are now working as part of our Beam Europe team, and also closely with our US-based engineers. I'm delighted to have them and thrilled by the contribution they're making already.

這就像我們的其他交易一樣，是一項雙贏的交易，電信公司的原則都保留了下來，現在作為我們 Beam 歐洲團隊的一部分開展工作，並且與我們駐美國的工程師密切合作。我很高興他們能來，並且為他們已經做出的貢獻感到興奮。

Our efforts to improve gross margins are matched by our efforts to control and even reduce operating costs. Any increase in operating expenses we reported are simply as a result of our acquisitions, which, of course, bring the (inaudible) infrastructure. We've reduced corporate overhead and made our operations more efficient at the same time. Returning to growth in revenues, as I'm sure we will, will really shine a light on our ability to run a very lean operation.

我們在提高毛利率的同時，也努力控制甚至降低營運成本。我們報告的任何營運費用的增加僅僅是由於我們的收購，當然，收購帶來了（聽不清楚）基礎設施。我們減少了公司管理費用，同時提高了營運效率。我確信我們將會恢復收入成長，這將真正凸顯我們精實營運的能力。

Now I want to spend a few minutes describing the incredible pace of new products we've released over the last couple of months and why. (inaudible) BeamSpot, which was formerly known as EV standard. BeamSpot is our streetlight replacement product, which makes charging at the curbside possible in a way that nothing else in the market can. I've been showing off in Europe, Africa and the Middle East, and everyone loves it.

現在我想花幾分鐘來描述我們過去幾個月發布新產品的驚人速度以及原因。(聽不清楚) BeamSpot，以前稱為 EV 標準。BeamSpot 是我們的路燈替代品，它使路邊充電成為可能，這是市場上其他產品無法做到的。我已經在歐洲、非洲和中東炫耀過，大家都很喜歡。

Charging on the curb is important because contrary to popular belief, most people will not be able to charge at home in the future. And most of the world does not have a big flat parking lots like we're used to, particularly in the Western United States.

在路邊充電很重要，因為與普遍的看法相反，大多數人將來將無法在家中充電。世界上大多數地方都沒有我們習慣的大型平坦停車場，尤其是在美國西部。

The only option is to charge on street, the curb, when parked, but it's very difficult to get electricity to the curb. You have to identify the nearest point of connection and then go through the leases, easements, construction and electrical work to deliver it to the car.

唯一的選擇是在街道上、路邊、停車時充電，但將電力輸送到路邊非常困難。您必須確定最近的連接點，然後透過租賃、地役權、施工和電氣工作將其運送到汽車。

It's so onerous is to be economically and practically impossible in most cases, and yet it's essential. Some companies have put EV chargers on to existing streetlights, and that's a great idea. But a typical streetlight only has enough power to run a light bulb, not fill up a car.

它非常繁重，在大多數情況下從經濟和實踐角度來說都是不可能的，但它是必不可少的。一些公司已經在現有的路燈上安裝了電動車充電器，這是一個好主意。但一般的路燈所含的電力僅夠點亮一個燈泡，而無法為汽車充滿電。

BeamSpot is a street light, but (inaudible) the existing streetlight BeamSpot in its place. We use the Streetlight circuit, but we also have sun tracking solar array and the light wind generator making more electricity, all of which is combined in our proprietary onboard batteries. Because we're combining three circuits, we can get much more power to the EV charger and BeamSpot will continue to provide lighting and EV charging during a blackout, something that's increasingly common and increasingly important.

BeamSpot 是一盞路燈，但（聽不清楚）其位置上有現有的路燈 BeamSpot。我們使用路燈電路，但我們也有追蹤太陽的太陽能電池陣列和產生更多電力的輕型風力發電機，所有這些都結合在我們專有的車載電池中。因為我們結合了三個電路，所以我們可以為電動車充電器提供更多的電力，並且 BeamSpot 將在停電期間繼續提供照明和電動車充電，這種情況越來越常見，也越來越重要。

We just launched BeamSpot a couple of months ago, and we already have our first purchase order for it. I believe that this product may end up being our biggest seller, and we'll get really good at making them because Beam Europe is, amongst other things, one of Europe's largest (inaudible).

我們幾個月前剛推出 BeamSpot，並且已經收到了第一份採購訂單。我相信這款產品最終可能會成為我們最暢銷的產品，而且我們會非常擅長製作它們，因為 Beam Europe 是歐洲最大的（聽不清楚）。

BeamBike is the next product we announced. Based on the EV ARC platform, this is a grid independent electric bike charging station, also very popular when I describe on my travels. Electric bike adoption is growing all over the world. I've just spent a few days in London, Paris and Belgrade. And in all cities, the demand for e-bikes and the infrastructure to charge them is growing rapidly.

BeamBike 是我們發布的下一款產品。基於EV ARC平台，這是一個獨立於電網的電動自行車充電站，在我旅行中描述時也很受歡迎。電動自行車在世界各地的普及率正在不斷增長。我剛剛在倫敦、巴黎和貝爾格萊德待了幾天。所有城市對電動自行車及其充電基礎設施的需求都在迅速增長。

But actually, the impetus for this product came from one of our large US municipal customers where there are a lot of e-bikes in use, largely for food delivery. People are buying these bikes and using them to earn a living and they're charging them in their apartments. Cheaper bikes (inaudible) cheaper batteries (inaudible) and there have been tragically several fatalities from these sorts of fires.

但實際上，這款產品的動力來自於我們在美國的一個大型市政客戶，該客戶使用大量電動自行車，主要用於送餐。人們購買這些自行車並用它們謀生，並在自己的公寓裡為它們充電。較便宜的自行車（聽不清楚）較便宜的電池（聽不清楚）而且不幸的是，這類火災已經造成了數人死亡。

So cities want to start to provide outdoor charging facilities, which will reduce those sorts of risks. The EV ARC platform is a perfect place to start, so we develop, what in my mind, is the perfect solution. But we won't just deploy in those cases.

因此，城市希望開始提供戶外充電設施，這將降低此類風險。EV ARC 平台是一個完美的起點，因此我們開發了我認為完美的解決方案。但我們不會只在這些情況下進行部署。

(inaudible) each towns, campuses, corporate facilities and even military bases are all fertile ground to the BeamBike solution. This is a great way for us to leverage our existing engineering, IP, patents and manufacturing to create a whole new set of opportunities.

（聽不清楚）每個城鎮、校園、公司設施甚至軍事基地都是 BeamBike 解決方案的沃土。這是我們利用現有工程、智慧財產權、專利和製造來創造全新機會的絕佳方式。

After BeamBike came BeamWell, another (inaudible) product (inaudible). This one really makes the [hero man] stands up, and it's very important during my trips in the Middle East. It's designed for disaster and war zones. And of course, sadly, there are no shortage of those at the moment.

BeamBike 之後又推出了另一款（聽不清楚）產品 BeamWell（聽不清楚）。這次真的讓這位[英雄]站了起來，這對我中東之行來說非常重要。它是專為災區和戰區設計的。當然，令人悲傷的是，目前這樣的人並不缺乏。

We developed BeamWell in direct response to the requirement of NGOs and donor organizations operating in Gaza. That's why I'm here. They're trying to feed people and get medicine to them, but they have no electricity, no water and no means of delivering the food, water or medications. BeamWell is equipped with an integrated desalination plant, which enables it to convert salt, brackish or dirty water into clean water for cooking and drinking.

我們開發了 BeamWell，直接回應了在加薩活動的非政府組織和捐助組織的要求。這就是我來這裡的原因。他們試圖為人們提供食物和藥品，但他們沒有電力、沒有水，也沒有運送食物、水或藥物的手段。BeamWell 配備了一體化海水淡化裝置，可將鹽水、鹹水或髒水轉化為烹飪和飲用的清水。

The (inaudible) power electricity for cooking and refrigeration and we've integrated four Benzina Zero rugged e-mopeds, equipped with delivery packages onto the bundle. Hence, BeamWell solves all the problems faced by the NGOs. It makes water, it makes electricity, and it keeps medical supplies refrigerated. It provides the means to deliver the food, water, medicine to people who need it, all in one bundle.

(聽不清楚) 用於烹飪和冷藏的電力，我們還整合了四輛 Benzina Zero 堅固耐用的電動輕便摩托車，並配備了運送包裹。因此，BeamWell 解決了非政府組織面臨的所有問題。它可以生產水、發電，還可以冷藏醫療用品。它能夠將食物、水和藥品一次性運送給需要的人。

Like all of our EV ARC products, it's delivered in a 20-foot shipping container and deployed rapidly without the requirement of any on-site construction or development. I'm sure you can imagine how important that is in Gaza. We just put it next to the (inaudible) off/on and let it go to work.

與我們所有的 EV ARC 產品一樣，它採用 20 英尺貨櫃運輸，可快速部署，無需任何現場施工或開發。我相信你能想像這對加薩有多重要。我們只需將其放在（聽不清楚）關閉/打開旁邊，然後讓它開始工作。

I'm in Amman, as I said, just in the project planning and funding for the first of these BeamWell systems. We intend to make them available to the UN militaries, emergency agencies and anyone else who's in the business of dealing with wars or disasters.

正如我所說的，我現在在安曼，只是為了負責第一個 BeamWell 系統的專案規劃和資助。我們打算將它們提供給聯合國軍隊、緊急機構以及任何參與處理戰爭或災難的人員。

Our recent pressure on EV ARC system is continuing to operate in 8 feet of storm surge (inaudible) gives ample proof of the ruggedness and disaster surviving capabilities of our products. If you haven't seen that picture, look it up, it's unbelievable.

我們最近對 EV ARC 系統施加的壓力在 8 英尺的風暴潮（聽不清楚）中繼續運行，充分證明了我們產品的堅固性和抗災能力。如果你還沒看過那張照片，那就去看一下吧，它簡直令人難以置信。

BeamWell is designed to go into these sorts of regions post hurricane during or after a war and provide the essentials for life while people wait for the rebuilding. I'm very proud of it. We see great opportunities for its sales and (inaudible) excellent set of products.

BeamWell 的設計目的是在戰爭期間或颶風過後進入此類地區，為等待重建的人們提供生活必需品。我對此感到非常自豪。我們看到了其銷售和（聽不清楚）優秀產品系列的巨大機會。

Incidentally, we intend to do a lot more with Benzina Zero and their lineup of rugged e-mopeds and e-bikes. I'm actually meeting with them enrollment that coming because they have European operations. But they're actually an Australian company, and they see endless opportunities for our products, both alone and bundled with theirs in the Australian market.

順便說一句，我們打算對 Benzina Zero 及其堅固耐用的電動摩托車和電動自行車系列做更多的事情。我實際上正在與他們會面，因為他們在歐洲有業務。但他們實際上是一家澳洲公司，他們看到了我們的產品在澳洲市場上的無限商機，無論是單獨銷售還是與他們的產品捆綁銷售。

They supply pizza delivery and postal services already in the Outback and other remote locations. Charging is a real challenge, and they recognize that we can solve that. I look forward to getting more engaged with them and creating more force multiplying opportunities through them. The products are also an excellent fit in Ethiopia and Africa, in general. So it will be lead to significantly increase sales for both of us.

他們已經為內陸地區和其他偏遠地區提供披薩外送和郵政服務。充電是一個真正的挑戰，他們認識到我們可以解決這個問題。我期待與他們進行更多接觸並透過他們創造更多力量倍增的機會。總體而言，這些產品也非常適合埃塞俄比亞和非洲。因此這將大幅提高我們雙方的銷售額。

Just this past Tuesday, we launched BeamPatrol, again, based EV ARC, but this time, set up and bundled with four Zero Motorcycle law enforcement (inaudible) electric motorcycles. Not to be confused with Benzina Zero, Zero Motorcycles is a US company with a fantastic lineup of electric motorcycles. I own one now, and I've owned several of them.

就在上週二，我們再次推出了基於 EV ARC 的 BeamPatrol，但這次，它與四輛 Zero Motorcycle 執法（聽不清楚）電動摩托車捆綁在一起。不要與 Benzina Zero 混淆，Zero Motorcycles 是一家擁有出色電動摩托車系列的美國公司。我現在有一輛，而且我曾經擁有過好幾輛。

They're having great success selling to law enforcement and other responders globally. Electric motorcycles are fast, cheap to maintain, require no gasoline and are very quiet, allowing law enforcement to get to a suspect without them knowing (inaudible) they're used by police, border patrol, military, park service and a whole host of others internationally patrol will give them an opportunity to purchase the motorcycles, the charging infrastructure and all the fuel we'll ever need under one purchase order through being global.

他們的產品銷往全球執法部門和其他救援人員並取得了巨大成功。電動摩托車速度快、維護成本低、不需要汽油，而且非常安靜，可以讓執法人員在不知情的情況下找到嫌疑人（聽不清楚）它們被警察、邊境巡邏隊、軍隊、公園管理處和大量其他國際巡邏將為他們提供機會，透過全球採購，在一份採購訂單下購買摩托車、充電基礎設施和我們所需的所有燃料。

These agencies often like bundles because they don't have to integrate anything because the contract bundles (inaudible), one PO, one invoice or will financing -- finance them using our line of credit. Charging infrastructure is always a challenge, and we've learned from existing customers and other prospects that have bundled product, which has the bikes and the charging infrastructure that can be deployed anywhere without the requirement for projects or integration would be a great value.

這些機構通常喜歡捆綁銷售，因為他們不需要整合任何東西，因為合​​約捆綁了（聽不清楚）、一個採購訂單、一張發票或將融資——使用我們的信用額度為他們融資。充電基礎設施始終是一個挑戰，我們從現有客戶和其他潛在客戶那裡了解到，他們已經捆綁了產品，這些產品包含自行車和充電基礎設施，可以在任何地方部署而不需要項目或集成，這將具有巨大的價值。

Just read the quote from veteran police Chief Steve Willis in our press release to get our flavor. Here again, we've leveraged our existing IP and capabilities to produce products which are in demand by our customers and prospects. Here again, we've created a whole new set of selling opportunities to increase our revenues and reduce our reliance on a single product or concentrated customers. In fact, we believe that many even our concentrated customers that have to hold off on EV ARC purchases for now might be able to buy these other products while they wait on EV ARC for charging EVs.

只要閱讀我們新聞稿中資深警察局長史蒂夫威利斯的引言就能了解情況。在這裡，我們再次利用現有的智慧財產權和能力來生產客戶和潛在客戶所需的產品。在這裡，我們再次創造了一整套新的銷售機會來增加我們的收入並減少對單一產品或集中客戶的依賴。事實上，我們相信，即使是我們的許多集中客戶，現在也不得不推遲購買 EV ARC，在等待 EV ARC 為電動車充電時，也能夠購買這些其他產品。

But the real opportunity comes from all new conversations we can have with new customer prospects that we know we have needs, which we can fulfill with (inaudible). Our revenue per EV ARC will increased significantly with all these bundles, which is another benefit and part of our strategy to grow the business through force multiplication.

但真正的機會來自於我們與新客戶進行的所有新對話，我們知道我們的需求，我們可以滿足這些需求（聽不清楚）。有了這些捆綁服務，我們每輛 EV ARC 的收入將大幅增加，這是另一個好處，也是我們透過力量倍增來發展業務的策略的一部分。

Now I promise I'd give you a bit of color on why it was in Ethiopia. You may not know very much about Ethiopia, but you should know that this distinguished itself by (inaudible) internal combusting engine vehicles. Prime Minister, Abiy Ahmed, has made a dramatic commitment to winning Ethiopia fossil fuels through aggressively electrifying transportation.

現在我保證我會告訴你為什麼它會出現在衣索比亞。您可能對埃塞俄比亞不太了解，但您應該知道，這個國家以（聽不清楚）內燃機汽車而聞名。總理阿比·艾哈邁德做出了重大承諾，要透過積極推動電氣化交通運輸來贏得埃塞俄比亞的化石燃料市場。

They currently import all their oil and it costs them a lot and it's a strategic disadvantage. They also have very, very poor air quality. I can tell you that; I mean, just been there for a week.

他們目前進口所有石油，成本高昂，並且在戰略上處於劣勢。他們的空氣品質也非常非常差。我可以告訴你；我的意思是，我剛到那裡一個星期。

They're hugely in favor of electric vehicles, and you already actually see a lot of them in Addis Ababa. There are resource-rich nation, particularly where renewable energy is concerned because of the large hydroelectric facilities. But as is common in so many other places, they lack the transmission and distribution infrastructure required to make the deployment of EV charters anything other than very burdensome and complex.

他們非常支持電動車，事實上在亞的斯亞貝巴已經看到很多電動車了。這個國家資源豐富，特別是再生能源，因為有大型水力發電設施。但正如其他許多地方常見的情況一樣，這些地方缺乏必要的輸電和配電基礎設施，使得電動車包機的部署變得非常繁重和複雜。

Needless to say, Beam Global's products solve for these challenges, and that's why I'm bringing them to that market. I've been honored to meet with the Ministers of Transportation, the Minister of Energy, several key enterprises, the Department of Streets and His Excellence Ahmed Shide, the Minister of finance, a man in the country under Abiy Ahmed, who it's likely I'll meet in the future because of the transformative influence of Beam Global's products.

毋庸置疑，Beam Global 的產品解決了這些挑戰，這就是我將它們帶入市場的原因。我很榮幸能與交通部長、能源部長、幾家重要企業、街頭部長以及財政部長艾哈邁德·希德閣下會面，希德閣下是阿比·艾哈邁德領導下的政府首腦，我很可能因為 Beam Global 產品的變革性影響力，我們將來會再見面。

You could say that the EV ARC, BeamSpot and our other products are the embodiment of the Prime Minister's ambitious vision. That's certainly what I heard while I was there. We will (inaudible) orders won't be from our Serbian facilities we as service Cypress. It's fantastic that we've proven we can do that.

可以說，EV ARC、BeamSpot 和我們的其他產品都是首相雄心勃勃願景的體現。這確實是我在那裡聽到的。我們（聽不清楚）訂單不會來自我們為賽普拉斯提供服務的塞爾維亞工廠。太棒了，我們已經證明我們可以做到這一點。

These meetings were set as a result of the efforts of our new very well-connected agents in this market as well as with the assistance of the United States embassy in Addis Ababa. I'm grateful for their efforts and was very grateful and honored by my meeting with the US (inaudible) just last (inaudible). It's important that it's receiving a great deal of outside investment and what it spends on importing oil, we could cover the whole country in EV ARCs and BeamSpots, not to mention our other products. It's also a gateway to Africa, which will be one of the biggest growth markets in the coming years.

這些會議是我們在這個市場上人脈廣泛的新代理商的努力以及美國駐亞的斯亞貝巴大使館的協助的結果。我感謝他們的努力，並非常感激和榮幸能與美國（聽不清楚）在上一次會面中（聽不清楚）。重要的是，它獲得了大量的外部投資，而且它在進口石油上花費的資金，我們可以涵蓋整個國家的 EV ARC 和 BeamSpots，更不用說我們的其他產品了。它也是通往非洲的門戶，非洲將成為未來幾年最大的成長市場之一。

African's adopted cell phones without ever really having wired infrastructure and they'll adopt EVs without ever really having internal combustion engines. They'll also adopt distributed energy without ever really having a wired grid infrastructure. I want us in Africa early because I believe that there's a massive opportunity for growth to match what we're doing in Europe and the US.

非洲人在還沒有真正擁有有線基礎設施的情況下就開始使用手機，他們在還沒有真正擁有內燃機的情況下就開始使用電動車。他們還將採用分散式能源，而實際上並沒有有線電網基礎設施。我希望我們能儘早進入非洲，因為我相信那裡有巨大的成長機會，可以媲美我們在歐洲和美國所做的事情。

Chinese aren't nearby accident. We can own a (inaudible) large market, a lot of Pro Western and Pro American field, but mostly because our products are just better, and we have support of groups National Development Finance Corporation and others to help to pay for them.

中國人附近不會發生意外。我們可以擁有一個（聽不清楚）大市場，很多親西方和親美國的領域，但主要是因為我們的產品更好，而且我們得到國家發展金融公司和其他團體的支持來幫助支付費用。

I left Ethiopia on Friday and traveled to Amman in Jordan. My last stop will be in Rome as I previously mentioned before returning to our offices in San Diego next week. (inaudible) it's not over yet, but it's been a fantastic opportunity for me to be the sharp tip of the spear that Beam grows into these international markets, which need our products so badly.

我於週五離開衣索比亞，前往約旦安曼。正如我之前提到的，我的最後一站將是羅馬，下週將返回我們位於聖地牙哥的辦公室。 （聽不清楚）這還沒結束，但這對我來說是一個絕佳的機會，讓我成為 Beam 進軍國際市場的先鋒，這些市場非常需要我們的產品。

I think of the growth we've had in the US and then start to multiply that across these other markets. I can see how Beam Global will become very much larger without having to invest (inaudible) large amounts. Now the last point I want to briefly touch upon is that we've engaged an internal IR manager.

我認為我們在美國已經取得了成長，然後開始在其他市場倍增。我可以預見 Beam Global 無需投入（聽不清楚）大量資金就能發展壯大。現在我想簡要談的最後一點是我們已經聘請了一位內部 IR 經理。

We know that selling our products profitably is the most important thing we can do to increase shareholder value. We also know that if we don't tell anyone about our successes that no one will buy our stock.

我們知道，以獲利的方式銷售我們的產品是增加股東價值最重要的事。我們也知道，如果我們不告訴任何人我們的成功，就沒有人會買我們的股票。

With that in mind, we've invested in some IR communications tools and a full-time internal resource, Luke Higgins. Luke's an engineer, not an IR veteran. I wanted someone who understands what we do and why we're doing it to tell our story. He's passionate about our industry and Beam's role in it.

考慮到這一點，我們投資了一些紅外線通訊工具和全職內部資源 Luke Higgins。盧克是工程師，而不是 IR 老手。我希望有人能夠理解我們在做什麼以及為什麼這麼做，並講述我們的故事。他對我們的行業以及 Beam 在其中所扮演的角色充滿熱情。

He's learning the IR business and he's currently concentrating on doing a better job of communicating our wins and identifying anyone who's invested in businesses like ours, but not invested in Beam. And he's telling them why we think we're a better place for their money in the long run.

他正在學習 IR 業務，目前專注於更好地傳達我們的成功，並識別那些投資了像我們這樣的企業但沒有投資 Beam 的人。他告訴他們為什麼我們認為從長遠來看我們是更適合他們投資的地方。

You may have already heard from him, and if you haven't, you probably will. Please help him. Tell us what you want to know and how we can do a better job of being responsible in communicating with you. And of course, tell them who else we should be talking to.

您可能已經聽說過他的消息，如果還沒有，那麼您很可能會聽到。請幫助他。告訴我們您想知道的內容以及我們如何更好地負責任地與您溝通。當然，告訴他們我們還應該和誰交談。

Okay. That's enough for now. I have a day jammed with meeting tomorrow and not much time left for sleep. So I'm going to hand it back to the operator to take some questions. Operator?

好的。現在就夠了。我今天要參加很多明天的會議，沒有太多時間睡覺。所以我要把它交還給接線員來回答一些問題。操作員？

(Operator Instructions) Tate Sullivan, Maxim Group.

（操作員指示）Tate Sullivan，Maxim Group。

Congratulations on all the new products. It sounds like a great opportunity to sell. I'm interested in Europe, what you've seen, is there more government funding available for EV charging structure in Europe going forward than in the US in your opinion?

恭喜所有新產品問世。這聽起來像是一個很好的銷售機會。我對歐洲很感興趣，就您所看到的情況，您認為未來歐洲用於電動車充電結構的政府資金是否比美國更多？

I mean, look, I don't want to guess at what's going to happen in the US. As I said in my comments, I think that uncertainty is the biggest problem that we're facing right now. But there certainly is going to be a tremendous amount of spending in Europe.

我的意思是，看，我不想猜測美國會發生什麼事。正如我在評論中所說，我認為不確定性是我們現在面臨的最大問題。但歐洲肯定會有巨額支出。

I met with OZEV, the Office for Zero Emission Vehicles, while I was in London, met with people in Paris and all over Europe. And this electrification things going at pace. As you know, they banned the sale of internal combustion (inaudible) in 2035. There's an awful lot of work to do. There's not enough energy on the grid, capacity on the grid and it takes a long time to install grid type charging infrastructure.

我在倫敦期間會見了零排放汽車辦公室 (OZEV)，並與巴黎和歐洲各地的人們會面。電氣化進程正在快速推進。如你所知，他們在 2035 年禁止銷售內燃機（聽不清楚）。有大量的工作要做。電網能源和容量不足，安裝電網型充電基礎設施需要很長時間。

So the same things that made us successful in the US are going to make us as successful if not much more so in Europe. And by the way, for anybody that's questioning whether or not EVs (inaudible) happen (inaudible) believable here. Half the car on the roads today are electric vehicles already. And they're starting to bang up against the same problems, lack of capacity on the grid and taking too long to deploy.

因此，讓我們在美國取得成功的因素也將讓我們在歐洲取得同樣的成功，甚至更大的成功。順便說一句，對於那些質疑電動車（聽不清楚）是否在這裡出現（聽不清楚）的人來說，這是可信的。如今道路上的汽車有一半已經是電動車。他們開始面臨同樣的問題：電網容量不足以及部署時間過長。

So I think we're going to see an awful lot of government spending everywhere. But yes, Europe is the largest market in the world and probably we'll see the most money spend.

因此我認為我們將會看到各地政府支出大幅增加。但確實，歐洲是世界上最大的市場，我們可能會看到最多的資金投入。

And then just the certification process is just with the UL in the US, are there any similar certification challenges that you run into in Europe yet?

那麼認證過程只是透過美國的 UL 進行，您在歐洲是否遇到類似的認證挑戰？

Without a doubt, I mean this is an evolving process. Batteries, stationary storage, the integration of energy storage and renewable sources or grid sources for that matter. All of these are evolving, and we are seeing increased regulations, and we're seeing evolving certification processes, and we're trying to keep up with them.

毫無疑問，我認為這是一個不斷發展的過程。電池、固定式儲能、能源儲存與再生能源或電網能源的整合。所有這些都在發展，我們看到法規越來越嚴格，認證流程也在不斷發展，我們正努力跟上它們的步伐。

And the biggest challenge that we're facing right now is that the certifying all these (inaudible) done this before. And so I want to be careful what I say, but our people are teaching the people who are certifying us in many instances.

而我們現在面臨的最大挑戰是認證所有這些（聽不清楚）以前都做過這件事。因此我要謹慎行，但在許多情況下，我們的人正在教導那些為我們頒發證書的人。

Same thing in Europe. We've got CE in Europe. But the good news is all the efforts that we put into UL we'll do this -- we'll solve for the CE thing. So (inaudible) anything in Europe. We still have a lot of customer prospects who are not impacted by it.

歐洲也發生同樣的事情。我們在歐洲擁有 CE。但好消息是，我們為 UL 付出的所有努力都會實現這一目標——我們將解決 CE 問題。那麼（聽不清楚）歐洲的一切。我們仍有許多未受到影響的潛在客戶。

But it's taken a chunk out of our sales. And I just wanted everybody to understand when we're looking at reduction in some of these (inaudible) moving right of some of these purchase orders, some of them are explicitly because of these new UL certification requirements.

但它卻損失了我們很大的銷售額。我只是想讓大家明白，當我們考慮減少其中一些（聽不清楚）採購訂單時，其中一些顯然是因為這些新的 UL 認證要求。

We're going to meet them. And the good news is, as is always the case with Beam Global. We use this as forcing opportunities to force us to take further steps to make the product better and much easier to make. And the next sort of evolution of EV ARC that will meet these new certification requirements will be less expensive and faster to produce but a better product again.

我們要去見他們。好消息是，Beam Global 的情況一如既往。我們利用這個作為強制機會，迫使我們採取進一步措施，使產品變得更好，更容易製造。滿足這些新認證要求的 EV ARC 的下一代演進將更便宜、生產速度更快，但產品品質會更好。

So it's onerous. It's time consuming; it's pushed some of our purchase orders to the right. But we'll come through on the other side of it without losing those opportunities with a better product. And as I said in my comments, I think we'll see a bit of a logjam bursting with a couple of them when we do get that UL certification, which at the moment, we are very hopeful we'll get before the end of the first quarter.

所以這很繁重。這很耗時；它將我們的一些採購訂單推到了右邊。但我們會克服困難，並推出更好的產品，而不會失去這些機會。正如我在評論中所說，我認為當我們獲得 UL 認證時，我們會看到一些僵局，目前，我們非常希望在年底之前獲得認證。

But I'm not going to make promises that other people have to keep. I've been wrong about that before, but that's what I'm hearing from everybody.

但我不會做出必須別人遵守的承諾。我以前就錯了，但這就是我從每個人那裡聽到的。

Noel Parks, Tuohy Brothers.

諾埃爾‧帕克斯 (Noel Parks)、陶伊兄弟 (Tuohy Brothers)。

Thanks for all the great information. Just a few things. Interested to hear what you were saying about adding resources and partnership for international marketing. And I guess, I'm thinking in your overall resource right now.

感謝提供的所有重要資訊。僅舉幾例。我很有興趣聽聽您關於增加資源和合作夥伴關係以進行國際行銷的看法。我想，我現在正在考慮你的整體資源。

If you have one next project or goal that you need to address, whether it's hiring in a particular product or function or manufacturing capacity in a particular region. Sort of what's next? What's sort of your next thing to sort of tackle to kind of keep overall business momentum going?

如果您有需要解決的下一個專案或目標，無論是針對特定產品或職能招聘，還是特定地區的製造能力。接下來是什麼？您下一步要採取什麼措施來維持整體業務發展動能？

Yes. So from a human resource point of view, it's definitely the addition of resellers, distributors and agents, something we've never had before. I've been keen on doing it for a while. Because as I said, we -- all the sales that we've made today have been made by our sales that (inaudible) six. And we sold just under $70 million worth of product.

是的。因此，從人力資源的角度來看，這絕對是經銷商、經銷商和代理商的增加，這是我們以前從未有過的。我一直熱衷於做這件事。因為正如我所說，我們 — — 我們今天的所有銷售額都是由那六個銷售額實現的。我們的產品銷售價值接近7000萬美元。

Just imagine what could happen if it wasn't five or six people, but 50 or 60 people out there telling the story because as a fund of telling my sales team [380 million] or some odd people in the United States. We've only talked to a few thousands of them.

試想一下，如果不是五、六個人，而是五六十個人來講述這個故事，會發生什麼情況？ 作為向我的銷售團隊（3.8 億人）或美國的一些奇怪的人講述這個故事的基金。我們僅與其中幾千人進行了交談。

So it's bringing in these distributors, resellers and agents. That's the thing that we're really focusing on at the moment. And by the way, some of that was also pushed by Europe. Europe likes to think of itself like a sort of United States, but the truth of the matter is it's a different sale in France than it is in Spain than it is in Germany, et cetera. So we want to try and gauge some local resources, but that do not add overhead costs for us.

因此它引入了這些分銷商、經銷商和代理商。這正是我們目前真正關注的事情。順便說一句，其中一些也是由歐洲推動的。歐洲喜歡將自己視為美國，但事實是，法國的銷售情況、西班牙的銷售情況、德國的銷售情況等是不同的。因此，我們想嘗試評估一些本地資源，但這不會增加我們的管理費用。

And that's what's great about the people that we're bringing in. They work on success fees only. So we don't end up with SG&A burden. We pay them when we get paid by our customers.

這正是我們所引進的人才的優秀之處。他們只收取成功費。因此我們不會背負銷售、一般及行政費用的負擔。當我們收到客戶付款時，我們就會付款給他們。

Right, right. That totally makes sense. And I am thinking of a couple of years. I mean do you see yourself as -- in order to sort of handle maybe the next step function upwards in growth, do you see yourself at any point being capital-constrained in terms of just what you need to do to keep up with manufacturing capacity or other needs?

對，對。這完全是有道理的。我正在考慮幾年。我的意思是，你是否認為自己——為了處理好下一步的成長功能，你是否認為自己在任何時候都會受到資本限制，你需要做些什麼來跟上製造能力？

Well, the good news is we still have a great deal of room for expansion within our US and European facilities. I mean, we even are very busiest. We still had room for about 4x expansion in the US. And we have much more room for expansion in Europe. We've got huge facilities, 6 acres, 250,000 square feet under roof and a lot of cheap land around us there.

好消息是，我們在美國和歐洲的工廠仍有很大擴張空間。我的意思是，我們甚至非常忙碌。我們在美國仍有大約 4 倍的擴張空間。我們在歐洲還有更大的擴張空間。我們擁有巨大的設施，佔地 6 英畝，建築面積 250,000 平方英尺，周圍還有許多廉價土地。

So I think we've got a lot of room for expansion. We'll invest in growth. We've done a little investment in growth. We've increased our Chicago facilities this year. But Lisa mentioned that there was some $100,000-or-something in our operating expenses, which was due to facilities expansion. We've expanded our Chicago facilities this year because we intend to finish out BeamSpot products in that facility, and we need more space to do it along with the fact that the battery business is back to growth again.

所以我認為我們還有很大的擴展空間。我們將對成長進行投資。我們為了成長做了一些投資。我們今年擴大了芝加哥的工廠。但麗莎提到，我們的營運費用大約有10萬美元左右，這是因為設施擴建而建造成的。我們今年擴建了芝加哥工廠，因為我們打算在該工廠完成 BeamSpot 產品的生產，而且我們需要更多的空間來完成這項工作，而且電池業務也恢復了成長。

Obviously, we're going to fill up our existing (inaudible) capacity, which is, as I say, got lots and lots of room for growth. And then we're going to invest carefully as we need to moving forward. If we do have to use capital for expansion in the future, it will be because we're trying to keep up with tremendous growth, which is the best possible reason to use capital.

顯然，我們將填補我們現有的（聽不清楚）產能，正如我所說，這還有很大的成長空間。然後，我們將根據需要謹慎投資，以繼續前進。如果我們將來確實需要使用資本進行擴張，那是因為我們試圖跟上巨大的成長，這是使用資本的最佳理由。

Sure. Absolutely. And just a question talking about sort of this postelection period. I'm just curious, do you sort of see California's leadership role with decarbonization and EVs as sort of keeping the ball moving in terms of incentives, policy to sort of maybe help offset what might be a period of sort of extended federal uncertainty?

當然。絕對地。這個問題只是談論選舉後時期的情況。我只是好奇，您是否認為加州在脫碳和電動車方面的領導作用能夠在激勵措施和政策方面保持發展，或許有助於抵消可能持續一段時間的聯邦不確定性？

Yes. I can tell you that what I've heard so far is that -- anything that the new administration does to reverse the momentum with EVs at the federal level, the states are not having that. I mean look, the fact is that transportation is going to electrify anyway. And as Mark's comments, even federal customers know that they cannot afford to lose four years.

是的。我可以告訴你，到目前為止我聽到的是——新政府在聯邦層級採取的任何扭轉電動車發展勢頭的措施，各州都沒有採取。我的意思是，事實是交通無論如何都會電氣化。正如馬克所說，即使是聯邦客戶也知道他們不能承受四年的損失。

In four years, we'll only have six years left before basically everybody electrifies. So this is kind of annoying, but it's not fundamentally going to negatively impact the industry. And I think you'll see the states pushing hard on this, and you'll see cities, municipalities pushing (inaudible).

四年之後，基本上所有汽車都將電氣化，我們只剩下六年的時間了。這確實有點煩人，但不會對產業產生根本性的負面影響。我認為你會看到各州大力推動此事，你會看到各城市、市政當局推動此事（聽不清楚）。

And frankly, the federal customers have to do it as well. You talk to anybody in the Marine Corps or the Army, they're not electrifying their fleets because they're tree huggers or because Biden on anybody else told them to do it. They're doing it because it's a strategic imperative. And so they're going to push forward with it one way or another. I think the problem that we have, both from a purchasing point of view and also frankly, from a share price in view.

坦白說，聯邦客戶也必須這樣做。你可以和海軍陸戰隊或陸軍的任何人交談，他們不會因為他們是環保主義者或因為拜登或其他任何人告訴他們這樣做而給他們的艦隊配備電氣化。他們這樣做是因為這是戰略需求。所以他們會以某種方式推動這件事。我認為我們所面臨的問題，無論是從採購的角度，或是從股價的角度。

At this time, we have no further questions. I would now like to turn the call back to Mr. Wheatley for closing remarks.

目前，我們沒有其他問題。現在我想請惠特利先生作結束語。

Okay. Well, listen, thanks, everybody, again. Thanks for your questions. And if there are any of you that still have questions or that just didn't want to speak up on the call, feel free to get in touch with us directly. Again, touch with Luke Higgins. We're all first name.last name@beamforall.com, and you can always get in touch with me (inaudible) by now.

好的。好吧，聽著，再次感謝大家。感謝您的提問。如果你們還有疑問或只是不想在通話中發言，請隨時直接與我們聯繫。再次與盧克希金斯 (Luke Higgins) 取得聯繫。我們都是 first name.last name@beamforall.com，您現在隨時可以與我聯絡（聽不清楚）。

So please remember that I'm often in a strange time zone. It's now 1 -- getting on for 1:30 in the morning where I am. But as always, I feel very good about what we're doing. I love the new products we brought out, and it's been very exciting for me to be (inaudible) leased and in Europe and see how much demand there is.

所以請記住我經常處於奇怪的時區。在我這裡現在是凌晨 1 點 —— 快到 1 點半了。但和往常一樣，我對我們所做的事情感到非常滿意。我很喜歡我們推出的新產品，而且我很高興能夠（聽不清楚）在歐洲租賃並看到那裡的需求如此之大。

And I say when I compare that to the growth that we've had in the US, think about the multiplication effect of that, it's nothing but good news for us. So I appreciate your support. I appreciate you staying in touch and we're going to keep our noses to the grindstone and keep building a great company. Thank you.

我說，當我將其與美國的成長進行比較時，想想它的乘數效應，這對我們來說無疑是個好消息。所以我感謝您的支持。感謝您保持聯繫，我們將繼續努力，繼續打造一家偉大的公司。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。