CVD Equipment Corp (CVV) 2021 Q2 法說會逐字稿

Greetings, and welcome to our CVD Equipment's 2021 Second Quarter Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 CVD Equipment 2021 年第二季業績電話會議。（接線員指示）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 Thomas McNeill, Executive Vice President and Chief Financial Officer.

我們將先進行事先準備的發言，隨後進入問答環節。今天出席並發言的有總裁兼執行長 Emmanuel Lakios，以及執行副總裁兼財務長 Thomas McNeill。

We have posted our earnings press release and call replay information to the Investor Relations section of our website at www.cvdequipment.com. Before I begin, I would 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.

我們已將盈餘新聞稿及電話重播資訊發布於本公司網站 www.cvdequipment.com 的投資人關係（Investor Relations）專區。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（forward-looking statements），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。

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, 2020. 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 new circumstances or revised expectations.

這些前瞻性陳述係基於特定假設、預期與推估，並受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，包括但不限於我們截至 2020 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'd like to turn the call over to Manny. Manny?

現在我想把電話交給 Manny。Manny？

Thank you. Welcome to our CVD Equipment Corporation Quarterly Conference Call.

謝謝。歡迎參加 CVD Equipment Corporation 季度電話會議。

My name is Emmanuel Lakios, CEO and President, and I am pleased to be presenting you today regarding important company developments and pertinent information related to our business. As we will be providing substantive information, your thoughts are important to us. We request that you wait with your questions and at the end of the Q&A session.

我叫 Emmanuel Lakios，擔任執行長兼總裁，很高興今天向各位報告公司重要進展以及與我們業務相關的重點資訊。由於我們將提供實質性資訊，各位的想法對我們很重要。我們請各位先保留問題，並在問答環節結束時再提出。

I would like to introduce our CFO, Mr. Thomas McNeill, who will provide you our financial second quarter 2021 summary.

我想介紹我們的財務長 Thomas McNeill 先生，他將為各位提供 2021 年第二季財務摘要。

Thank you, Manny, and good afternoon, everyone.

謝謝你，Manny，各位下午好。

CVD's second quarter 2021 revenue was $4 million as compared to $3.7 million in the second quarter of 2020, an increase of $300,000 or 8.5%. Net income for the second quarter was $1.5 million or $0.22 per diluted share as compared to a net loss of $1.1 million or $0.17 per diluted share in the second quarter of 2020.

CVD 2021 年第二季營收為 400 萬美元，相較於 2020 年第二季的 370 萬美元，增加 30 萬美元，增幅 8.5%。第二季淨利為 150 萬美元，或稀釋後每股 0.22 美元；相較之下，2020 年第二季為淨損 110 萬美元，或稀釋後每股虧損 0.17 美元。

With respect to our first half results, as a result of the COVID-19 pandemic, CVD's new order bookings substantially decreased commencing in the first quarter of 2020, which reduced revenues in subsequent quarters, resulting in revenue of $7.4 million in the first half of 2021 as compared to $9.8 million in the first half of 2020, a decrease of $2.4 million or 24.1%.

就上半年業績而言，受 COVID-19 疫情影響，CVD 的新訂單接單量自 2020 年第一季起大幅下降，進而降低後續季度營收，導致 2021 年上半年營收為 740 萬美元，相較於 2020 年上半年的 980 萬美元，減少 240 萬美元，降幅 24.1%。

Net loss for the first half of 2021 was $35,125 or $0.01 per diluted share as compared to net income of $500,000 or $0.08 per diluted share for the first half of 2020. Let me note that during the first quarter of 2020, CVD benefited from the CARES Act, which allowed for the carryback of net operating losses and resulted in CVD recognizing an income tax benefit of $1.5 million in the second quarter and first half of 2020.

2021 年上半年淨損為 35,125 美元，或稀釋後每股虧損 0.01 美元；相較之下，2020 年上半年淨利為 50 萬美元，或稀釋後每股 0.08 美元。我補充說明，於 2020 年第一季，CVD 受惠於《CARES 法案》，該法案允許淨營運虧損結轉回溯（carryback），使 CVD 在 2020 年第二季及上半年認列 150 萬美元的所得稅利益。

With respect to CVD's second quarter and first half results for 2021, we were positively impacted by the gain on debt extinguishment in the amount of $2.4 million, which was related to our PPP loan received due to the effects of COVID-19 pandemic and subsequently forgiven in June 2021. In our second quarter of 2021, sequential improvement was achieved as CVD's revenue in the second quarter was $4 million as compared to $3.4 million in the first quarter of 2021, an increase of $600,000. And the operating loss decreased to $1.1 million in the second quarter of 2021 as compared to an operating loss of $1.6 million in the first quarter of 2021, an improvement of $500,000. This is a result of increased revenue and the improvement in product margins.

就 CVD 2021 年第二季及上半年業績而言，我們受到 240 萬美元債務清償利益（gain on debt extinguishment）的正面影響，該利益與我們因 COVID-19 疫情影響而取得之 PPP 貸款相關，並於 2021 年 6 月獲得豁免。於 2021 年第二季，我們達成連續季度改善：第二季營收為 400 萬美元，相較於 2021 年第一季的 340 萬美元，增加 60 萬美元；營業損失亦由 2021 年第一季的 160 萬美元降至 2021 年第二季的 110 萬美元，改善 50 萬美元。這主要是因營收增加以及產品毛利率改善所致。

The company's backlog at June 30, 2021 improved by $2 million to $8 million at June 30 as compared to $6 million at March 31, 2021. Since the first quarter of 2020, the company continued to experience significant negative effects from the COVID-19 pandemic, including reductions of new orders. However, the company's order activity has improved in both the first and second quarters of 2021, and we believe its longer-term improvements will be benefited by the anticipated slow recovery in the aerospace markets, which industry reports indicate will begin to occur in 2022 to '23 time frame.

公司截至 2021 年 6 月 30 日的在手訂單（backlog）較 2021 年 3 月 31 日的 600 萬美元增加 200 萬美元，提升至 800 萬美元。自 2020 年第一季以來，公司持續受到 COVID-19 疫情的顯著負面影響，包括新訂單減少。然而，公司在 2021 年第一季與第二季的接單活動均有所改善；我們相信，隨著航太市場預期緩慢復甦，公司的長期改善將可受益。產業報告指出，該復甦預計將於 2022 至 2023 年期間開始出現。

With respect to our 555 building sale, as previously announced, we are pleased to have closed on the sale of our facility located at 555 North Research Place in Central Islip on July 26, 2021. With a sales price of $24.4 million, we satisfied our mortgage debt of approximately $9.1 million outstanding at June 30 and paid various transaction-related costs. The net proceeds of approximately $14 million dramatically improves our current cash position, which now exceeds $18 million and provides us with the balance sheet for sustainable growth strategies.

關於我們 555 大樓的出售案，如先前所公告，我們很高興已於 2021 年 7 月 26 日完成出售位於 Central Islip、地址為 555 North Research Place 的設施。出售價格為 2,440 萬美元，我們清償了截至 6 月 30 日約 910 萬美元的未償抵押貸款債務，並支付各項與交易相關的成本。約 1,400 萬美元的淨收益大幅改善我們目前的現金部位，目前已超過 1,800 萬美元，並為我們提供可支持永續成長策略的資產負債表基礎。

Our cash and cash equivalents were $5.4 million at June 30, 2021 as compared to $7.7 million at December 31, 2020. However, as I just mentioned, with the closing of the 555 sale that occurred in July, our cash balance now exceeds $18 million.

截至 2021 年 6 月 30 日，我們的現金及約當現金為 540 萬美元，相較於 2020 年 12 月 31 日的 770 萬美元。然而，正如我剛才提到的，隨著 7 月完成 555 出售案，我們的現金餘額目前已超過 1,800 萬美元。

Working capital was $11.5 million at June 30, 2021 as compared to $8.1 million at December 31, 2020, an increase of $3.4 million or 42%. This is primarily the result of our actions taken to sell the 555 building, which we closed in July, and thus resulted in classifying our long-term assets and liabilities related to the sale as short term at June 30, 2021.

截至2021年6月30日，營運資金為1,150萬美元，相較於2020年12月31日的810萬美元，增加340萬美元或42%。這主要是我們為出售555大樓所採取的行動所致；該交易於7月完成交割，因此在2021年6月30日，我們將與該出售相關的長期資產與負債分類為短期。

In addition, during the first half, we have substantially reduced our CapEx from $862,000 in the first half of 2020 to $118,000 during the first half of 2021. This relating to ceasing further U.S. spend on the Tantaline product line.

此外，在上半年期間，我們已大幅將資本支出（CapEx）從2020年上半年的862,000美元降至2021年上半年的118,000美元。這與停止在美國對Tantaline產品線的進一步支出有關。

The longer-term impacts from COVID-19 outbreak are highly uncertain and cannot be predicted, especially now with the recent outbreaks of the COVID-19 Delta variant. Our return to profitability is dependent upon, among other things, the receipt of new equipment orders, the lessening of the ongoing effects of COVID-19 and the Delta variant on our business and the aerospace market and improvement in operational efficiencies as well as managing planned CapEx and operating expenses. Based on all these factors, we believe our cash and cash equivalent positions and cash flow from operations will be sufficient to meet our working capital and capital expenditure requirements for the next 12 months of the filing of this Form 10-Q. Should the current environment continue longer or worsen, we will continue to assess our operations and take actions anticipated to maintain our operating cash to support the working capital needs.

COVID-19疫情爆發的長期影響高度不確定且無法預測，尤其是在近期COVID-19 Delta變異株再度爆發的情況下。我們能否恢復獲利能力，取決於（除其他因素外）是否能取得新的設備訂單、COVID-19及Delta變異株對我們業務與航太市場的持續影響是否減弱、營運效率是否提升，以及對計畫中的資本支出與營運費用的管理。基於上述所有因素，我們相信在提交本Form 10-Q後的未來12個月內，我們的現金與約當現金部位以及營運活動現金流將足以滿足營運資金與資本支出需求。若目前環境持續更久或惡化，我們將持續評估營運並採取預期可維持營運現金的行動，以支應營運資金需求。

At this point, I'd like to turn the call back over to Manny, our CEO.

此時，我想把電話交回給我們的執行長Manny。

Tom, thank you for your presentation.

Tom，感謝你的簡報。

As we completed our second quarter and are entering into the second half of 2021, we are pleased to state that we are seeing a modest, but nonetheless, recovery in demand for our products. We continue to be cautiously optimistic that the COVID pandemic impact to our business and product demand is decreasing. We do see negative effects of COVID on our supply chain with increase in cost and lead times for our materials. Our operating team is working through these issues daily, and we do not expect a major impact to our revenue timing nor our gross margins.

隨著我們完成第二季並進入2021年下半年，我們很高興表示，我們看到對我們產品的需求出現溫和但確實的復甦。我們仍審慎樂觀地認為，COVID疫情對我們業務與產品需求的影響正在減弱。我們確實看到COVID對供應鏈的負面影響，包括材料成本上升與交期拉長。我們的營運團隊每天都在處理這些問題，我們預期不會對營收認列時點或毛利率造成重大影響。

Over the last several quarters, we have noted the substantial impact to one of our focused and largest served markets, aerospace. We believe based on industry reports that the timing of increased gas turbine engine demand will begin to recover in late 2022 to beginning of 2023. Assuming this materializes, we should start seeing an increased demand for our products and services in 2022.

在過去幾個季度，我們注意到我們所聚焦且服務規模最大的市場之一——航太——受到顯著衝擊。根據產業報告，我們認為燃氣渦輪引擎需求增加的時點將在2022年末至2023年初開始復甦。若此情況實現，我們應會在2022年開始看到對我們產品與服務的需求增加。

We recently announced that our company orders were approximately $6 million in the second quarter of 2021. The FirstNano systems business contributed with 8 system orders in the first half of the year. Furthermore, we announced that we received a $1.7 million order in July from a production customer. The customer is OneD Battery Sciences based in Palo Alto, California. The system will be used to produce electric vehicle battery material using OneD's SINANODE manufacturing process. The system is scheduled to be completed in Q1 2022. The order supports our plan and is fully aligned with our strategy to mitigate the company into growth production applications of nanotechnology materials. This order rate indicates a very favorable trend with an increase from Q1 2021 and very much so from the same period 2020. Our SDC Tantaline, MesoScribe businesses also saw strong product demand.

我們近期宣布，公司在2021年第二季的訂單約為600萬美元。FirstNano系統業務在上半年貢獻了8套系統訂單。此外，我們宣布於7月收到一位量產客戶的170萬美元訂單。該客戶為位於加州帕羅奧圖（Palo Alto）的OneD Battery Sciences。該系統將用於採用OneD的SINANODE製造製程生產電動車電池材料。該系統預計於2022年第一季完成。此訂單支持我們的計畫，並與我們將公司導向奈米科技材料之成長型量產應用的策略完全一致。此訂單速度顯示非常有利的趨勢，較2021年第一季增加，且相較2020年同期更為明顯。我們的SDC Tantaline與MesoScribe業務也看到強勁的產品需求。

The sale of the 555 building was completed in July with the outcome of providing $14 million of additional cash on hand. The sale of the building provides both short-term working capital as well as for future growth opportunities.

555大樓的出售已於7月完成，結果為我們帶來1,400萬美元的額外現金。該大樓出售同時提供短期營運資金以及未來成長機會所需資金。

In summary, even with these positive indicators, the year is far from over, and we expect to face many challenges. However, our focus remains consistent on our customers, employees and shareholders and the pursuit of growth and return to profitability.

總結而言，即使有這些正面指標，今年仍遠未結束，我們預期將面臨許多挑戰。然而，我們的重點仍一貫聚焦於客戶、員工與股東，以及追求成長並恢復獲利能力。

Your comments and questions are important to us. With the close of our presentation, we would like to open the floor to your questions. Operator?

各位的意見與提問對我們很重要。隨著簡報結束，我們想開放時間回答各位的問題。接線員？

(Operator Instructions) Our first question comes from the line of Brett Reiss with Janney Montgomery Scott.

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

The ID (sic) [OneD] systems order that you just booked, do you have any idea what the total addressable market for that kind of niche product might be domestically and abroad?

你們剛剛簽下的那筆ID（原文如此）[OneD]系統訂單，你們是否知道這類利基產品在國內與海外的整體可服務市場（TAM）大概有多大？

That's actually an excellent question, Brett. That's an area where we're trying to and the marketing team is working on quantifying the size of the marketplace. It's an emerging market, both for us. And in the field, it's a bit early to be able to give you that information. We hope to have more so during our strategic planning in the third and fourth quarter of this year. So we'll give you an update as we have more information.

這確實是個很好的問題，Brett。這是我們正在努力的領域，行銷團隊也在量化市場規模。這對我們而言是個新興市場，而就整個領域來說，目前要提供該資訊仍稍早。我們希望在今年第三季與第四季的策略規劃期間能掌握更多資訊；一旦有更多資料，我們會向各位更新。

Okay. Now in this market, do you have other company competitors or is your competitor your customer themselves that might decide to do what you just did in-house?

好的。在這個市場裡，你們是否有其他公司競爭對手？或者你們的競爭對手其實是你們的客戶本身——他們可能決定把你們剛做的事情改為內部自製？

We provide, first, as far as in-house customer competitors building their own equipment, many of them already do build their own equipment. And they turn to us for production-level equipment and scale-up. That's where we provide value, both from areas of safety, throughput and also being able to produce these systems in a more timely manner than they ever could. So we see our customers not as our competitors. We are not producing the material. We produce the equipment. Many of them come to us with their own process. We respect their proprietary nature of that process.

首先，關於客戶在內部自製設備、成為競爭者這件事，很多客戶其實早就會自行製造設備。而他們會轉向我們，是為了量產等級設備與擴產（scale-up）。這正是我們提供價值之處，包括安全性、產能（throughput），以及我們能以比他們自行製造更及時的方式交付這些系統。因此我們不把客戶視為競爭對手。我們不生產材料；我們生產設備。許多客戶帶著他們自己的製程來找我們，我們尊重該製程的專有性。

As far as other competitors in the field, again, CVD has a very unique presence in that we, for 37 years, have provided application-specific custom equipment. And at this point in time, most of the battery material customers that we would serve have a different process. Many of those are based on both carbon and other nanowire-type materials where we have a library of processes. So we have quite a bit of experience. I think we are very well positioned in this space against both equipment companies and add enough value to the customer base for us to be able to garnish additional orders.

至於領域內的其他競爭者，同樣地，CVD具有非常獨特的地位，因為37年來我們一直提供針對特定應用的客製化設備。就目前而言，我們所服務的大多數電池材料客戶各自有不同的製程；其中許多是以碳與其他奈米線類材料為基礎，而我們擁有一套製程資料庫。因此我們具備相當多的經驗。我認為我們在這個領域相較於其他設備公司具有很好的競爭位置，並能為客戶群創造足夠價值，使我們能夠爭取到更多訂單。

Okay. I appreciate that. Now CVD Materials did $1.7 million the first 6 months. If you annualize it, that's $3.4 million, which is twice what that segment did in 2018, twice what it did in 2019 and 1.5x what you did in 2020. Are these 2 businesses finally, Tantaline and MesoScribe, finally gaining momentum and traction so that these kind of revenue numbers are sustainable looking forward?

好的。我很感謝。現在 CVD Materials 在前 6 個月做了 170 萬美元。如果把它年化，就是 340 萬美元，這是該部門在 2018 年的兩倍、2019 年的兩倍，以及 2020 年的 1.5 倍。這兩項業務——Tantaline 和 MesoScribe——是否終於開始累積動能並獲得市場牽引力，使得這類營收數字在未來具有可持續性？

So let me just speak to that. Thank you for that. Again, the numbers are, they're smaller in size. And the materials portion of the business, the Tantaline and MesoScribe typically, they account for anywhere from 10% to 20% of total revenue in a depressed equipment market. The demand side for Tantaline is stronger than it was in the past. But again, we are properly sized to account for that. On the MesoScribe, we issued a few press releases that we had closed 2 contracts that are multiyear contracts, and that also supports the revenue from those contracts. So to answer your question, it's a technically a yes, but they still are smaller pieces of our business relative to the equipment.

我來談一下這點。謝謝你的提問。再次強調，這些數字的規模相對較小。而業務中的材料部分——Tantaline 和 MesoScribe——在設備市場低迷時，通常占總營收約 10% 到 20%。Tantaline 的需求端比過去更強，但同樣地，我們已適當配置規模以因應。至於 MesoScribe，我們發布了幾則新聞稿，提到已簽下 2 份多年期合約，這也支撐了這些合約帶來的營收。因此回答你的問題，技術上是「是」，但相較於設備業務，它們仍是我們業務中較小的部分。

I know you don't give quarterly guidance, but looking out into the future 3 years from now, where do you think the Tantaline and MesoScribe or CVD Materials, where would you like to see the annualized revenue run rate of those 2 businesses that are under the CVD umbrella?

我知道你們不提供季度指引，但往未來看，例如 3 年後，對於 Tantaline 和 MesoScribe（或 CVD Materials），你們希望在 CVD 旗下這兩項業務的年化營收運行率能達到什麼水準？

Yes. It would be, Brett, it would be irresponsible, I think, for me to really comment too much on that. Where I would like to see them and where we would cautiously project them to be would be 2 different matters. I hope over the next couple of quarters to be able to present more information on some of the smaller businesses and where we think the served markets are growing and where we think that the future could hold for us. At this time, I'm not prepared to do that on this call.

是的。Brett，我認為我若對此評論太多會是不負責任的。我希望它們達到的水準，與我們審慎預估它們可能達到的水準，是兩回事。我希望在接下來幾個季度，能提供更多關於一些較小業務的資訊，包括我們認為其服務市場如何成長，以及我們認為未來可能為我們帶來什麼。但在這通電話上，我還沒準備好談這些。

Okay. One last one and I'll drop back in queue. Just if you could just update us on the oxygenator cartridge that you're developing with Stony Brook? Any updates on that?

好的。最後一個問題，我就回到隊列。你能否更新一下你們與 Stony Brook 正在開發的氧合器匣（oxygenator cartridge）？有任何進展嗎？

Okay. Well, just to provide a bit of technical alteration to the question posed. We're not developing it in collaboration with Stony Brook. We are using Stony Brook as a testing facility for certain aspects of the device. There, we are working with potential partners to help us further pioneer this. It is not in the top 3 activities of the company, may I say. And we don't have really any substantive information to provide on this particular call.

好的。我先對問題做一點技術性修正。我們並不是與 Stony Brook 合作開發；我們是把 Stony Brook 作為測試機構，用於該裝置某些面向的測試。在這方面，我們正與潛在合作夥伴合作，以協助我們進一步推進這項技術。可以說，這並非公司前三大重點活動。而且在這次電話會議上，我們也沒有任何實質性資訊可以提供。

Our next question comes from the line of Robert Sussman with Bentley Capital.

下一個問題來自 Bentley Capital 的 Robert Sussman。

Can you give us an idea, this first order for the batteries for EVs, are you talking to or have you seen interest from any other EV battery manufacturers? Are you seeing interest? And is the interest just domestic or is it international as well where most of these batteries are made?

你能否讓我們了解一下：這筆針對電動車電池的第一筆訂單，你們是否也在與其他電動車電池製造商洽談或看到他們的興趣？你們是否看到市場興趣？而這些興趣僅限於國內，還是也包含國際市場（畢竟大多數電池是在海外製造）？

First, there is a driver for bringing it home to the United States. I think we're all aware of that. Also, it is a global market. We are seeing interest in our carbon and our nanotechnology materials segment, specifically for energy storage, electric vehicles being the largest opportunity. There are competing technologies and techniques for some of this material. The order that we did receive is for one very clever technology that's been pioneered. Again, I stated earlier, it was with OneD Battery Sciences, and I welcome you to visit their website. And that is one technique. There are other techniques that we're also exploring with other battery or energy storage manufacturers. So to answer your question, it's global. We are having conversations with multiples and we're pleased that we were selected by OneD for their production requirements.

首先，將供應鏈帶回美國是一個驅動因素，我想大家都很清楚。此外，這也是一個全球市場。我們在碳材料與奈米科技材料業務板塊看到興趣，特別是在能源儲存領域，其中電動車是最大的機會。針對這些材料也存在競爭性的技術與方法。我們收到的那筆訂單，是用於一項非常巧妙、已被開創的技術。再次重申，我先前提到那是與 OneD Battery Sciences 合作，我也歡迎你去看他們的網站。那是一種方法；我們也正與其他電池或能源儲存製造商探索其他方法。所以回答你的問題：這是全球性的。我們正在與多家業者對話，也很高興 OneD 選擇我們來滿足其量產需求。

Is there something unique about OneD? There obviously is that makes your equipment optimal where it would be just another piece of equipment for other technologies different than OneD systems.

OneD 有什麼獨特之處嗎？顯然是有的，才會讓你們的設備成為最佳選擇；但對於其他不同於 OneD 系統的技術而言，你們的設備可能就只是另一台設備而已。

Yes. I would be trespassing on our nondisclosure and confidentiality agreements with our customer if I was to elaborate any further on that. But again, we were selected, and we're very pleased with that.

是的。如果我再進一步說明，就會觸犯我們與客戶之間的保密與機密協議。但再次強調，我們被選中，我們對此非常高興。

Okay. One last one on that. You may not want to answer. Would this satisfy OneD for at least the next 12 months, one system? Or is this the beginning of a larger order that could take place over the next 12 months?

好的。關於這點最後一個問題，你可能不想回答。這一套系統是否足以滿足 OneD 至少未來 12 個月的需求？還是說，這只是更大規模訂單的開端，而該訂單可能在未來 12 個月內發生？

I think you are right. I really can't answer that. I cannot. But obviously, I have my own hopes and desires.

我想你說得對。我真的不能回答。我無法回答。但顯然，我有我自己的希望與期待。

There are no other questions in the queue. I'd like to hand the call back to management for closing remarks.

目前隊列中沒有其他問題。我想把電話交回管理層作結語。

We appreciate everyone's attendance. We hope all and everyone stays safe in these, again, difficult times, and we look forward to communicating with you in the near and midterm. Thank you very much.

感謝各位出席。我們希望大家在這些——再次強調——艱難的時期都能平安，也期待在近期與中期內與各位保持溝通。非常感謝。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

各位女士、先生，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線，祝您有美好的一天。