CVD Equipment Corp (CVV) 2022 Q3 法說會逐字稿

Greetings, and welcome to the CVD Equipment Corporation 2022 Third Quarter Results Conference Call. As a reminder, this conference is being recorded.

各位好，歡迎參加 CVD Equipment Corporation 2022 年第三季財報電話會議。提醒各位，本次會議將被錄音。

We will begin with some prepared remarks followed by a question-and-answer session. Presenting on the call today will be Emmanuel Lakios, President and CEO and member of the CVD Board of Directors; and Richard Catalano, Vice President and Chief Financial Officer. We have posted our earnings press release and call replay information to the Investor Relations section of our website at www.cvdequipment.com.

我們將先進行管理層預先準備的發言，隨後進入問答環節。今天出席並發言的有：Emmanuel Lakios 先生（總裁兼執行長，亦為 CVD 董事會成員）以及 Richard Catalano 先生（副總裁兼財務長）。我們已將財報新聞稿與電話會議重播資訊發布於公司網站 www.cvdequipment.com 的投資人關係專區。

Before I begin, I'd like to remind you that many of the comments made on today's call contain forward-looking statements including those related to future financial performance, market growth, total available market, demand for our products and general business conditions and outlook. These forward-looking statements are based on certain assumptions, expectations and projections and are subject to a number of risks and uncertainties described in our press release and in our filings with the SEC, including, but not limited to, the Risk Factors section of our 10-K for the year ended December 31, 2021. Actual results may differ materially from those described during this call. In addition, all forward-looking statements are made as of today, and we undertake no obligation to update any forward-looking statements based on the new circumstances or revised expectations.

在開始之前，我想提醒各位，今天電話會議中的許多評論包含前瞻性陳述，包括與未來財務表現、市場成長、可服務總市場（TAM）、對我們產品的需求，以及一般商業狀況與展望相關的內容。這些前瞻性陳述係基於若干假設、預期與推估，並可能受到我們新聞稿及向美國證券交易委員會（SEC）提交之文件中所述的多項風險與不確定性影響，包括但不限於截至 2021 年 12 月 31 日止年度 10-K 年報中的「風險因素」章節。實際結果可能與本次電話會議所述內容存在重大差異。此外，所有前瞻性陳述均以今日為準，我們不承擔因新情況或修正預期而更新任何前瞻性陳述之義務。

Now I would like to turn the call over to Emmanuel Lakios.

現在我想把電話交給 Emmanuel Lakios。

Thank you. Welcome to our CVD Equipment Corporation's quarterly conference call. My name is Emmanuel Lakios, CEO and President, and I am pleased to be presenting to you today regarding our third quarter 2022 performance and important company developments and pertinent information related to our business. Your thoughts are important to us, and we look forward to your questions in our Q&A session.

謝謝。歡迎參加 CVD Equipment Corporation 的季度電話會議。我是 Emmanuel Lakios，執行長兼總裁。很高興今天向各位報告我們 2022 年第三季的表現、公司重要進展，以及與我們業務相關的重點資訊。各位的想法對我們很重要，我們也期待在問答環節回答各位的提問。

Before discussing the results of the third quarter, I would like to first provide you with an update on our sale and leaseback transaction. In September, we announced that we had entered into an agreement to sell our main facility in Central Islip and lease it back for a period of 10 years with 2 5-year renewal options. The potential purchaser had 30 days to complete their due diligence, during which time they retain the ability to cancel the agreement. On November 3 and 4, we amended the agreement with the potential purchaser to extend the due diligence period to last Friday, November 11.

在討論第三季業績之前，我想先向各位更新我們的售後回租交易進度。9 月，我們宣布已簽署協議，出售我們位於 Central Islip 的主要廠房，並以 10 年期租回，另附 2 個各 5 年的續租選擇權。潛在買方有 30 天可完成盡職調查，在此期間其保有取消協議的權利。11 月 3 日與 4 日，我們與潛在買方修訂協議，將盡職調查期限延長至上週五（11 月 11 日）。

On November 11, 2022, the potential purchaser notified the company that it was terminating the purchase agreement in its entirety. Each party will bear its own costs and expenses in connection with the foregoing. Either party will pay a termination fee with respect to the termination of the purchase agreement. While we are disappointed, we are -- that we are not able to complete the sale and leaseback transaction, we may explore a sale and leaseback or other transaction in the future.

2022 年 11 月 11 日，潛在買方通知公司其將全面終止該購買協議。就上述事項，各方將各自承擔其相關成本與費用。任一方均不需就終止購買協議支付終止費。雖然我們對未能完成此售後回租交易感到失望，但未來我們可能會探索售後回租或其他交易。

Now back to our third quarter and year-to-date results. First, I'm pleased to report that we achieved an operating profit of $122,275 for the third quarter and net income of $63,538. While our revenue and profitability will continue to fluctuate due to the timing of orders and shipments, we believe that we are on the right track to achieve consistent long-term profitability over the years ahead.

接著回到我們第三季與年初至今的業績。首先，我很高興報告第三季我們達成營業利益 122,275 美元，淨利為 63,538 美元。雖然由於訂單與出貨時點的影響，我們的營收與獲利仍將持續波動，但我們相信公司正走在正確的道路上，未來數年可望達成穩定且長期的獲利能力。

First 9 months of 2022 have been an exciting period for all the stakeholders of CVD Equipment. The year-to-date order rate for 2022 lends further support that our belief that we are on the right path. Our core strategy, which includes focusing on markets that support the electrification of everything is fueling our present growth. This market segment continues -- includes electric vehicle battery technology as well as high-power electronics for power charging and transmission.

2022 年前 9 個月對 CVD Equipment 的所有利害關係人而言都是令人振奮的時期。2022 年年初至今的接單速度進一步支持我們相信公司正走在正確的道路上。我們的核心策略（包括聚焦於支持「萬物電氣化」的市場）正推動目前的成長。此市場區隔持續涵蓋電動車電池技術，以及用於電力充電與輸配電的高功率電子。

Our Q3 2022 orders were $7.3 million compared to $6.1 million in Q3 of the prior year. Through the first 9 months of 2022, we have received orders exceeding $15.5 million for our CVD systems and services segment as compared to approximately $8.3 million for the same period 2021. This is an 86% year-over-year increase in orders for the equipment group.

我們 2022 年第三季接單為 730 萬美元，較前一年第三季的 610 萬美元增加。2022 年前 9 個月，我們在 CVD 系統與服務事業部收到超過 1,550 萬美元的訂單，相較 2021 年同期約 830 萬美元。這代表設備事業群的訂單年增 86%。

These orders primarily consisted of 22 FirstNano/CVD systems compared to 23 orders for the entire 2021 year. Of the 2020 -- of the 22 system orders, 14 of our -- were for our newly launched PVT-150 system that addresses silicon carbide growth and processing, 2 were for superconducting tape applications, and the remainder of the system orders are for battery nanomaterials, both R&D and production, as well as advanced carbon-based capacitors, and of course, for our legacy advanced R&D FirstNano system.

這些訂單主要由 22 套 FirstNano/CVD 系統構成，相較之下 2021 全年共 23 筆訂單。在這 22 套系統訂單中，14 套為我們新推出的 PVT-150 系統，用於碳化矽的生長與製程；2 套用於超導帶材應用；其餘系統訂單則用於電池奈米材料（包含研發與量產）、先進碳基電容器，當然也包含我們既有的先進研發用 FirstNano 系統。

We announced recently that we are selected and received an order in the fourth quarter from a major aircraft engine manufacturer. Specifically, the orders for production chemical vapor and filtration system valued at approximately $3.7 million. As I stated earlier, the system will be used to manufacture ceramic matrix composite materials for our aerospace gas turbine engines. We believe that this order is a tangible sign of the beginning of the aerospace market recovery, which traditionally has been a significant part of the CVD Equipment Corporation business. We are also continuing to engage and market our CVI systems to other gas turbine engine manufacturers.

我們近期宣布已獲選，並於第四季收到一家主要航太發動機製造商的訂單。具體而言，該訂單為用於量產的化學氣相沉積與過濾系統，價值約 370 萬美元。如我先前所述，該系統將用於製造航太燃氣渦輪發動機所需的陶瓷基複合材料。我們相信此訂單是航太市場復甦開始的具體跡象；傳統上，航太市場一直是 CVD Equipment Corporation 業務的重要組成。我們也持續與其他燃氣渦輪發動機製造商接洽並推廣我們的 CVI 系統。

We continue to receive orders for consumables and spare parts that serve our installed base in the aerospace market, while we believe that this new order rate is a sign that the aerospace market is beginning to recover. We do not expect it to fully recover for at least until the latter part of 2023.

我們持續收到耗材與備品訂單，以服務航太市場的既有裝機基礎；同時我們認為這樣的新接單速度顯示航太市場正開始復甦。我們預期航太市場至少要到 2023 年後半才可能完全復甦。

Our SDC segment had increased sales over prior year of 23.1%, and increased orders in the third quarter that reflects a higher demand for our gas and liquid control system products. Our Tantaline and MesoScribe product lines continue to be profitable. Supply chain issues, though, continued to negatively impact our revenue timing and profitability for all the segments of the company. The lingering pandemic and geopolitical instability has impacted most global supply chains. The negative effect has been felt by all companies with increases in commodity and product material cost as well as in delayed product deliveries.

我們的 SDC 事業部銷售額較去年增加 23.1%，且第三季訂單增加，反映市場對我們氣體與液體控制系統產品的需求更高。我們的 Tantaline 與 MesoScribe 產品線持續維持獲利。然而，供應鏈問題仍持續對公司各事業部的營收認列時點與獲利能力造成負面影響。疫情餘波與地緣政治不穩定已影響多數全球供應鏈。其負面效應已反映在所有公司身上，包括大宗商品與產品材料成本上升，以及產品交付延遲。

We continue our drive towards increased operational self-reliance. We received and installed additional machine centers in our Central Islip facility to offset the supply chain issues related to machine parts. In addition, we are working closely with our OEM suppliers to mitigate as much as possible the delivery delays and increases in prices and components of the materials.

我們持續推動提升營運自給自足能力。我們在 Central Islip 廠區新增並安裝了更多加工中心，以因應與機械零件相關的供應鏈問題。此外，我們也與 OEM 供應商密切合作，盡可能降低交期延誤，以及材料與零組件價格上漲的影響。

I would like to turn our call over to our CFO, Rich Catalano, who will provide our third quarter and year-to-date 2022 financial summary. Rich?

接下來我想把電話交給我們的財務長 Rich Catalano，由他提供 2022 年第三季及年初至今的財務摘要。Rich？

Okay. Thank you, Manny, and good afternoon.

好的。謝謝你，Manny，各位下午好。

Our revenue for the third quarter of 2022 was $8.1 million. This compares to $4.3 million for the third quarter of 2021. That represents an increase of $3.8 million or 88.4%. Net income for the third quarter was $63,538 or $0.01 per basic and diluted share, this compares to net income of $6 million for year or $0.89 per basic and diluted share in the third quarter of 2021. However, keep in mind that the 2021 quarter included a $6.9 million nonoperating gain on the sale of 1 of our buildings.

我們 2022 年第三季營收為 810 萬美元，相較 2021 年第三季的 430 萬美元，增加 380 萬美元，增幅為 88.4%。第三季淨利為 63,538 美元，或每股基本及稀釋盈餘 0.01 美元；相較之下，2021 年第三季淨利為 600 萬美元，或每股基本及稀釋盈餘 0.89 美元。不過請注意，2021 年該季度包含出售我們其中一棟建築所產生的 690 萬美元非營業利益。

Operating income for the third quarter of 2022 was $122,275. This represents an improvement of $1 million from both the operating losses of $9 million that we reported in both the second quarter of this year 2022 and also the third quarter of 2021. This improvement in operating results from the prior year quarter was an increase related -- increased revenue of $3.8 million, and this resulted in increased gross profit of $1.6 million. This was offset by an increased operating expense of about $0.5 million, $500,000. The increase in gross profit was primarily the result of leveraging our fixed cost on higher sales levels as well as an improved product mix. This offset increases that we had in certain material components and compensation costs.

2022 年第三季的營業利益為 122,275 美元。這較我們在 2022 年第二季以及 2021 年第三季所報告的 900 萬美元營業損失，均改善了 100 萬美元。與去年同期相比，營運成果的改善主要來自營收增加 380 萬美元，進而使毛利增加 160 萬美元；但被營業費用增加約 50 萬美元（500,000 美元）所抵銷。毛利增加主要是因我們在較高的銷售水準下攤提固定成本（發揮固定成本槓桿效益），以及產品組合改善所致；此亦抵銷了我們在部分材料零組件與薪酬成本上的增加。

The increase in our operating expenses is due to higher employee-related costs to support the growth of our business, including additional marketing and engineering efforts as well as we incurred an employee severance charge during the quarter.

我們營業費用的增加係因為為支援業務成長而產生較高的員工相關成本，包括額外的行銷與工程投入，且我們在本季亦認列了一筆員工資遣費用。

For the 9 months ended September 30, 2022, our revenue was $18.6 million as compared to $11.7 million for the same period in 2021. This is an increase of $6.9 million or 58.4%. The net loss for the 9 months ended September 30, 2022, was $1.8 million or $0.26 per basic and diluted share. This compares to net income of $5.9 million or $0.89 per basic and diluted share in the same period of 2021. However, you should note that in the 9 months ended September 30, 2021, it included 2 nonoperating gains that totaled $9.3 million. We had a $6.9 million gain on the sale of the building and a $2.4 million gain on debt extinguishment from the forgiveness of the company's PPP loan.

截至 2022 年 9 月 30 日止 9 個月，我們的營收為 1,860 萬美元，相較於 2021 年同期的 1,170 萬美元，增加 690 萬美元或 58.4%。截至 2022 年 9 月 30 日止 9 個月的淨損為 180 萬美元，或每股基本及稀釋淨損 0.26 美元；相較之下，2021 年同期為淨利 590 萬美元，或每股基本及稀釋淨利 0.89 美元。不過請注意，2021 年截至 9 月 30 日止 9 個月包含兩項合計 930 萬美元的非營業利益：出售大樓利益 690 萬美元，以及因公司 PPP 貸款獲豁免而產生的債務消滅利益 240 萬美元。

For the 9 months ended September 30, 2022, our operating loss decreased by $2 million to $1.6 million as compared to the operating loss that we had in the same period in 2021. This improvement was the result of the increased revenue of $6.9 million that resulted in an additional gross profit of $2.3 million. This was offset by increased operating expenses of $0.3 million.

截至 2022 年 9 月 30 日止 9 個月，我們的營業損失較 2021 年同期減少 200 萬美元至 160 萬美元。此改善係因營收增加 690 萬美元，帶來額外毛利 230 萬美元；但被營業費用增加 30 萬美元所抵銷。

Similar to the results for the quarter of quarter 3, the increase in gross profit was primarily the result of our leveraging our fixed costs, again, on our higher sales levels as well as an improved mix. This has been offset by higher material component cost and higher compensation costs.

與第三季的結果類似，毛利增加主要是因我們在較高的銷售水準下發揮固定成本槓桿效益，以及產品組合改善所致；但被較高的材料零組件成本與較高的薪酬成本所抵銷。

Our operating expenses did increase over the prior year due to higher employee-related costs as we were focused on growing our business. So we had additional marketing and engineering costs for R&D. This increase was offset by lower building costs, however, we did consolidate our Central Islip operations in 2021, and we also benefited from lower professional fees as compared to the prior year.

相較前一年，我們的營業費用確實增加，原因是我們專注於擴大業務而導致較高的員工相關成本，因此增加了行銷與工程（研發）成本。不過，此增幅部分被較低的建物成本所抵銷；此外，我們於 2021 年整併了 Central Islip 的營運據點，且相較前一年亦受惠於較低的專業服務費用。

Now turning to our backlog. Our backlog at September 30, 2022, was $15.7 million as compared to $10.4 million at the beginning of the year as of December 31, 2021. This represents an increase of $5.3 million or 50.9%. Our cash and cash equivalents at September 30 was $11.9 million. This compares to $16.7 million at December 31, 2021. This is a decrease of $4.8 million, and this is primarily the result of the satisfaction of our mortgage debt on our Central Islip facility earlier in the year that was for $1.8 million. We have our net loss as adjusted for noncash items of $2.3 million, and we also invested in our capital, our PPE of approximately $0.6 million. Our working capital at September 30 is $15 million, and this compares to $16.7 million at December 31, 2021.

接著談談我們的在手訂單（backlog）。截至 2022 年 9 月 30 日，我們的在手訂單為 1,570 萬美元，相較於年初（2021 年 12 月 31 日）的 1,040 萬美元，增加 530 萬美元或 50.9%。截至 9 月 30 日，我們的現金及約當現金為 1,190 萬美元；相較於 2021 年 12 月 31 日的 1,670 萬美元，減少 480 萬美元。此減少主要是因我們於年初償清 Central Islip 廠房的房貸債務 180 萬美元。我們的淨損（經非現金項目調整後）為 230 萬美元，且我們亦投入約 60 萬美元於資本支出（PPE）。截至 9 月 30 日，我們的營運資金為 1,500 萬美元，相較於 2021 年 12 月 31 日的 1,670 萬美元。

We continue to be unable to predict the extent the lingering impact of the pandemic and the current geopolitical uncertainties we'll have on our financial position and results of operations for the balance of 2022 and, of course, going forward into 2023 and beyond. Due to various uncertainties regarding our supply chain disruptions, rising cost, the impact on the aerospace sector that impacted the company over the past couple of years. And -- but the impact can be material in the future periods, whether indirectly or directly. Again, the longer-term impacts on the pandemic and the geopolitical uncertainties are still uncertain and cannot ultimately be predictive.

我們仍無法預測疫情殘餘影響以及當前地緣政治不確定性，對 2022 年剩餘期間、以及當然延伸至 2023 年及其後的財務狀況與營運結果將造成多大影響。由於供應鏈中斷、成本上升，以及過去幾年影響公司之航太產業景氣等因素存在各種不確定性；而這些影響在未來期間可能會以間接或直接方式造成重大影響。再次強調，疫情與地緣政治不確定性的長期影響仍不明朗，最終亦無法加以預測。

Our return to consistent profitability is dependent among other things on the receipt of new equipment orders, our ability to mitigate the impact of supply chain disruptions and the inflationary pressures as well as managing planned capital expenditures and operating expenses.

我們能否回到穩定獲利，取決於多項因素，其中包括取得新設備訂單、我們緩解供應鏈中斷與通膨壓力影響的能力，以及對既定資本支出與營業費用的管理。

In addition, our revenues and orders have historically fluctuated based on changes in order rate as well as other factors in our manufacturing process that impacts the timing of our revenue recognition. Accordingly, orders received from customers and revenue recognized may fluctuate from quarter-to-quarter.

此外，我們的營收與訂單歷來會因訂單率變動以及製造流程中影響收入認列時點的其他因素而波動。因此，客戶下單與我們認列的營收可能會在各季度之間出現波動。

After considering all these factors, we believe our cash and cash equivalent positions and our projected cash flow from operations will be sufficient to meet our working capital and capital expenditure requirements for the next 12 to 18 months. Should the current economic environment continue longer or even worsen, we will continue to assess our operations and take actions, anticipate to maintain our operating cash to support our working capital needs.

在考量上述所有因素後，我們相信目前的現金及約當現金部位，以及我們預估的營運現金流量，將足以支應未來 12 至 18 個月的營運資金與資本支出需求。若目前的經濟環境持續更久甚至惡化，我們將持續評估營運並採取行動，預期以維持營運現金以支援營運資金需求。

I'll now turn the call back over to Manny.

我現在把電話交回給 Manny。

Rich, thank you for your presentation.

Rich，謝謝你的簡報。

In summary, the third quarter and year-to-date results of 2022 reflect the actions we took since 2021 to reorganize, focus on everything we do and those who we actually serve. Our focus remains on our customer markets, our employees, our shareholders and the pursuit of growth and return to consistent profitability. We look forward to continuing to build on our success in the year ahead and continue to be cautiously optimistic. Your comments and questions are important to us.

總結而言，2022 年第三季及年初至今的結果反映了我們自 2021 年以來所採取的重整行動，聚焦於我們所做的一切以及我們實際服務的對象。我們的重點仍放在客戶市場、員工、股東，以及追求成長並回到穩定獲利。我們期待在未來一年持續在既有成功基礎上再接再厲，並持續保持審慎樂觀。各位的意見與提問對我們很重要。

With the close of our presentation, I would like to open the floor to your questions.

在我們的簡報結束後，我想開放現場讓各位提問。

(Operator Instructions) Our first question comes from Brett Reiss with Janney Montgomery.

（接線員指示）我們的第一個問題來自 Janney Montgomery 的 Brett Reiss。

First, congrats on a profitable quarter. It's nice to see. And welcome aboard to Rich. First question, the battery type orders, if we go into a recession, do you think that part of the business will be somewhat recession resistant?

首先，恭喜本季轉為獲利，很高興看到這點。也歡迎 Rich 加入。第一個問題是，電池類型的訂單，如果我們進入衰退，你認為這部分業務會在某種程度上具備抗衰退性嗎？

So when you speak about the batteries, if it's the batteries exclusively or if it's charging of the batteries and the battery, the nano material used in the battery because they do go hand in hand. As far as being recession proof to the extent that on a macro scale, it's possible. I can't really comment on that. I can comment that there is a lot of funding going into silicon carbide for power electronics used for converters and also in the automobile and also in the charging station and transmission as well as new battery material. We've seen an increase more so in the demand for silicon carbide growth systems to date, then the evolutionary new nano materials for battery.

所以當你談到電池時，是指僅電池本身，還是包含電池充電以及電池所使用的奈米材料，因為它們是相互關聯的。至於在多大程度上能抗衰退、在宏觀層面是否可能，我無法真正評論。我能評論的是，目前有大量資金投入碳化矽，用於轉換器等功率電子，也用於汽車、充電站與輸電，以及新型電池材料。到目前為止，我們看到對碳化矽生長系統的需求增加更為明顯，相較之下，對用於電池的演進型新奈米材料的需求則較少。

So is it a recession proof? I really can't -- I can't say. But I can say, though, that there are plans to continue to expand it. And our market research says that over the next -- and it's available to the public, of course, is that the silicon carbide market over the next several years, will continue to expand. So -- and we hope to partake in that.

那麼它是否具備抗衰退性？我真的無法——我無法斷言。不過我可以說的是，確實有計畫會持續擴張。而我們的市場研究顯示，在接下來——而且當然這些資料也對外公開——未來幾年碳化矽市場將持續擴大。所以——我們也希望能參與其中、分一杯羹。

Okay. The -- did the seller -- the potential purchaser of the property sale that fell through, did they share with you why they took a pass on purchasing it? Was it because interest rates moved up and the...

好的。那個——先前那筆未能成交的資產出售案，賣方——也就是該物業交易中原本的潛在買方——有沒有跟你們分享他們為什麼決定不買？是因為利率上升以及……

Clearly, from the time we started the discussion and we received the initial offer. And more recently, this past Friday, the interest rates have gone up by several points. And as you can imagine, that has -- that's affected most real estate and most real estate transactions. I'm confident that, that played a role in their decision as well.

很明顯，從我們開始討論並收到初始報價的時候起，到最近——就在上週五——利率已經上升了好幾個百分點。你可以想像，這已經——影響了大多數不動產以及大多數不動產交易。我有信心，這也在他們的決定中扮演了角色。

If rates move back down, could the buyer come back or he's gone?

如果利率再降回來，買方會回來嗎？還是他已經走了？

Would they come back? I think about the -- I can't speculate on whether or not they particularly would come back or not. I do think that the building was fairly priced initially. And I think that the real estate market is cyclical. So probably all I can really say on that.

他們會回來嗎？我想——我無法推測他們是否一定會回來。我確實認為這棟大樓一開始的定價相當合理。而且我認為不動產市場是循環性的。所以大概我能說的也就這些。

Okay. And one last one. The margins you're enjoying on the $3.7 million aerospace order, you're happy with the margins?

好的。最後一個問題。你們在那筆 370 萬美元的航太訂單上享有的毛利率，你們對這個毛利率滿意嗎？

Yes, yes.

是的，是的。

Okay. Once again, fantastic on the profitable quarter, and I will drop back in queue.

好的。再次恭喜本季獲利表現出色，我先回到排隊等候。

(Operator Instructions) And it doesn't look like we have any questions coming in. Well, one just came in. We have one that just came in from George (inaudible).

（接線員指示）看起來目前沒有問題進來。嗯，剛剛有一個問題進來了。我們收到 George（聽不清）的一個提問。

I want to go back to silicon carbide. The other gentleman had asked about that. I'm an investor in many companies that are really taking advantage of the boom in silicon carbide. I listened and read many references that talk about for quite many years to come, demand is exceeding supply. So -- well that's 1 of your markets, correct?

我想回到碳化矽的話題。剛才另一位先生也問到這個。我投資了很多真正受惠於碳化矽熱潮的公司。我聽過也讀過很多資料都提到，在未來相當多年裡，需求都會大於供給。所以——嗯，這也是你們的市場之一，對吧？

It is 1 of our markets, yes, correct.

是的，沒錯，這是我們的市場之一。

So can you talk about your customers? Should I refer to your annual reports -- are any of these customers more than 10% of your revenue at this point?

那你能談談你們的客戶嗎？我是否應該去看你們的年報——目前是否有任何客戶占你們營收超過 10%？

Customers -- under NDA, we don't list our customers specifically. We launched our PVT-150 system, which is a silicon carbide boule growth system. We've launched it, received orders in December of 2021. We shipped the first ones in early Q3. We've reported and mentioned in this report that we received 14 this year. And we announced in -- for our Q4 results that we received 6. So that's a total of 20 systems on the launch of that product. So we see this electrification of everything, which is we play both into the silicon carbide boule growth as well as in the additive -- the silicon additive to carbon anode nanomaterials.

關於客戶——在保密協議（NDA）之下，我們不會具體列出客戶名單。我們推出了 PVT-150 系統，這是一套碳化矽晶錠（boule）生長系統。我們已經推出，並在 2021 年 12 月收到訂單。我們在第三季初期（Q3 early）出貨了第一批。我們在本次報告中也已揭露並提到，今年我們收到 14 套訂單。而我們在——公布第四季（Q4）結果時也宣布收到 6 套。也就是說，該產品上市以來合計 20 套系統訂單。因此我們看到「萬物電氣化」的趨勢，而我們同時參與碳化矽晶錠生長，以及添加劑——也就是用於碳負極奈米材料的矽添加劑。

Okay. I mean, I'm focused on the boule growth. So the systems that you talked about, the 14...

好的。我是聚焦在晶錠生長這一塊。所以你提到的那些系統，那 14 套……

20 total.

總共 20 套。

20 total. I'll throw some company names out there. You've got -- it used to be [Two Six], now it's Coherent; you've got Onsemi, who bought GT Advanced; you've got Wolfspeed, Wolfspeed announced they're going to be opening up another facility in North Carolina, I think it was -- I mean it's just booming. So it seems like there's a huge opportunity for you guys if you can execute.

總共 20 套。我隨便點幾個公司名字。你們有——以前叫 [Two Six]，現在是 Coherent；還有 Onsemi，他們收購了 GT Advanced；還有 Wolfspeed，Wolfspeed 宣布他們要在北卡羅來納州再開一座新廠，我記得是——我是說，這一切都在爆發式成長。所以看起來如果你們能把執行做好，對你們來說會是個巨大的機會。

It's -- Wolfspeed has said many times that it's very, very difficult. I mean, you guys have expertise. I'm a relatively new investor to your company. It just seems like from everything I've read and the companies I'm invested in and watching closely that there's a huge opportunity here. It's just a huge demand for this.

確實——Wolfspeed 已經多次表示這非常、非常困難。我的意思是，你們具備專業能力。我算是你們公司相對新的投資人。從我讀到的所有資料、以及我投資並密切關注的公司來看，這裡有一個巨大的機會。對這個的需求就是非常龐大。

If the forecast for electric vehicles are right. I mean -- you can argue 5, 10 years down the road, what's going to happen, whether the grid is going to keep up and all that government policy and how all that's going to factor in. But right now, in the near future, the demand is just out there. It's just booming and everyone from Onsemi to Wolfspeed to Infineon and every major player in silicon carbide saying that they just can't keep up.

如果電動車的預測是正確的。我的意思是——你可以爭論 5 年、10 年之後會怎樣，電網是否跟得上、政府政策以及這些因素會如何影響。但就目前、在可預見的近期，需求就擺在那裡。它正在爆發式成長，從 Onsemi 到 Wolfspeed 到 Infineon，以及每一家碳化矽的主要玩家都在說他們就是跟不上。

And you can imagine, George, what I can tell you, you can imagine that there are new players also that are more on the merchant side of the silicon carbide wafer. You listed Wolfspeed and Onsemi, which are both captive houses for the most part. They grow the silicon carbide for their own devices. So we would conservatively agree with you. And again, we just recently within the last 9 months to 10 months, launch the product, delivering the first ones in the beginning of Q3. So on this side of the table. But again, that's probably I can't mention who are our customers because we are under NDA. But you listed a large number of the very big houses for silicon carbide.

George，你可以想像我能告訴你的——你也可以想像，還有一些新進者也在碳化矽晶圓的商用（merchant）市場端。你提到的 Wolfspeed 和 Onsemi，大多數情況下兩者都是自用型（captive）的廠商。他們生長碳化矽主要是供自家元件使用。所以我們會保守地同意你的看法。而且再次強調，我們也只是最近 9 到 10 個月內才推出這個產品，並在第三季初開始交付第一批。所以就我們這邊的角度來看是這樣。不過同樣地，由於我們受 NDA 約束，我大概不能提我們的客戶是誰。但你列舉了不少碳化矽領域非常大的廠商。

Yes, I did. And I know that there are many others. All right. Well, I wish you guys well, and hopefully, all your shareholders, including myself, can benefit.

是的，我提到了。而且我知道還有很多其他家。好吧。祝你們一切順利，也希望所有股東——包括我自己——都能受惠。

(Operator Instructions) And it doesn't look like we have any questions coming in.

（接線員指示）看起來目前沒有任何問題進來。

So with that close of the question-and-answer session, I want to thank everybody for their participation and also for the loyalty expressed by our shareholders, customers and, of course, our employees. We have a long way over the last 1.5 years to 2 years. But we still have a way to go, and we look forward to speaking to you again in the quarter. Thank you.

那麼，隨著問答環節結束，我想感謝各位的參與，也感謝我們股東、客戶，當然還有員工所展現的忠誠支持。過去 1.5 年到 2 年我們走了很長一段路，但我們仍然還有路要走，也期待在下一季再與各位交流。謝謝。

Thank you. This concludes today's conference call. We thank you for your participation. You may disconnect your lines at this time, and have a great day.

謝謝。今天的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話，祝您有美好的一天。