Danimer Scientific Inc (DNMR) 2023 Q1 法說會逐字稿

Greetings. Welcome to the Danimer Scientific 2023 First Quarter Earnings Call. (Operator Instructions) This call is being recorded on Wednesday, May 10 2023. I would now like to turn the presentation over to Mr. James Palczynski, the company's Investor Relations representative.

問候。歡迎來到 Danimer Scientific 2023 年第一季度財報電話會議。 （操作員說明）此電話將於 2023 年 5 月 10 日星期三進行錄音。我現在想將演示文稿轉交給公司的投資者關係代表 James Palczynski 先生。

Thank you, operator, and good afternoon to everyone, and thank you for joining us today for Danimer Scientific's 2023 First Quarter Earnings Call. Leading the call today is Steve Croskrey, Chairman and Chief Executive Officer; and Mike Hajost, Chief Financial Officer. I'd like to note that there is a slide deck that accompanies today's discussion, which is available on the Investor Relations section of our website at danimerscientific.com. I'll call your attention to the company's safe harbor language, which is published in our SEC filings and on Slide 2 of the presentation I just referenced.

謝謝接線員，大家下午好，感謝您今天加入我們參加 Danimer Scientific 的 2023 年第一季度財報電話會議。今天主持電話會議的是董事長兼首席執行官 Steve Croskrey；和首席財務官 Mike Hajost。我想指出的是，今天的討論附帶了一張幻燈片，可以在我們網站 danimerscientific.com 的投資者關係部分找到。我會提請您注意公司的安全港語言，該語言發佈在我們的 SEC 文件和我剛剛引用的演示文稿的幻燈片 2 中。

On today's call, we may discuss forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended. Forward-looking statements include, among other things, statements regarding future results of operations, including margins, profitability, capacity, production, customer programs and market demand levels. Actual results could differ materially from what is expressed or implied in our forward-looking statements. The company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date hereof, except as required by law.

在今天的電話會議上，我們可能會討論經修訂的 1995 年《私人證券訴訟改革法案》安全港條款含義內的前瞻性陳述。前瞻性陳述除其他事項外，包括有關未來經營業績的陳述，包括利潤率、盈利能力、產能、生產、客戶計劃和市場需求水平。實際結果可能與我們前瞻性陳述中明示或暗示的內容存在重大差異。除非法律要求，否則公司不承擔更新任何前瞻性陳述以反映本協議日期後發生的事件或情況的義務。

Today's presentation also includes references to non-GAAP financial measures within the meaning of SEC Regulation G. We believe these non-GAAP measures have analytical value but note that they should be taken as an additional measure of performance to GAAP results. We have provided reconciliations for non-GAAP financial measures to the most comparable GAAP financial measures in our earnings release and our presentation.

今天的演示文稿還包括對 SEC 條例 G 含義內的非 GAAP 財務措施的引用。我們認為這些非 GAAP 措施具有分析價值，但請注意，它們應被視為 GAAP 結果的額外績效衡量標準。我們在收益發布和演示中提供了非 GAAP 財務指標與最具可比性的 GAAP 財務指標的對賬。

Thank you. And it's now my pleasure to turn the call over to Steve Croskrey, Chairman and Chief Executive Officer of Danimer Scientific.

謝謝。現在我很高興將電話轉交給 Danimer Scientific 的董事長兼首席執行官 Steve Croskrey。

Thank you, James. Good afternoon, and thank you for joining us to talk about our progress thus far in 2023. When we reported our 2022 year-end results, we were just a few days shy of completing our first quarter, and as you might anticipate, our quarterly results are in line with our expectations. They show the pressure of a timing shift in top line revenue, which impacted gross profitability, but that temporary situation is now behind us.

謝謝你，詹姆斯。下午好，感謝您加入我們討論我們在 2023 年迄今取得的進展。當我們報告 2022 年年終業績時，我們距離完成第一季度僅剩幾天時間，正如您所預料的那樣，我們的季度結果符合我們的預期。它們顯示了頂線收入時間變化的壓力，這影響了毛利率，但這種暫時的情況現在已經過去了。

What's also clear in the first quarter numbers and is expected to remain clear in future quarters is the progress we've made in controlling our operating costs. We continue to expect with the impact of new commercial opportunities to accelerate our growth through the remainder of the year. We are gathering momentum in the business, harnessing our research and development to drive new solutions into the market and growing in confidence about the path in front of us. We have gained additional and specific visibility into the levels of demand associated with a discrete set of near-term commercial opportunities. If captured in full, this business would require the lion's share of our remaining production capacity.

第一季度的數字也很清楚，並且預計在未來幾個季度將保持清晰，這是我們在控制運營成本方面取得的進展。我們繼續期待新商業機會的影響將在今年剩餘時間內加速我們的增長。我們正在積聚業務動力，利用我們的研發將新的解決方案推向市場，並對我們面前的道路充滿信心。我們已經獲得了對與一組離散的近期商業機會相關的需求水平的額外和具體的可見性。如果全部收購，這項業務將需要我們剩餘產能的大部分。

We have a solid strategic and competitive position to secure those programs with uniquely capable material and ready capacity. We are increasingly confident that we will finish 2023 on a strong pace.

我們擁有穩固的戰略和競爭地位，可以確保這些項目具有獨特的能力材料和現成能力。我們越來越有信心以強勁的步伐完成 2023 年。

I'd like to walk through a few recent operational and strategic highlights that should demonstrate why we feel that way. I'll start by reviewing some important advances in our customer and product portfolio. While it is premature to make any customer or program announcements, we are energized about the near-term opportunities that are materializing in the quick service restaurant channel were straws and for cutlery, especially but also in a cup category with our coating materials.

我想介紹一下最近的一些運營和戰略亮點，這些亮點應該可以證明我們為什麼會有這種感覺。我將從回顧我們的客戶和產品組合中的一些重要進展開始。雖然現在發布任何客戶或計劃公告還為時過早，但我們對快速服務餐廳渠道中正在實現的近期機會充滿活力，這些機會是吸管和餐具，尤其是在我們的塗層材料的杯子類別中。

As we speak, our product is in a multi-store test for straws with a new major QSR chain with thousands of locations in the United States. We anticipate a successful test will lead to a wider rollout in the third quarter. Additionally, we are in the late stages of an opportunity with another major QSR chain for straws, also numbering in the thousands of locations in the United States alone.

就在我們說話的時候，我們的產品正在美國一家新的大型 QSR 連鎖店進行吸管的多店測試，該連鎖店在美國有數千個地點。我們預計成功的測試將導致第三季度更廣泛的推廣。此外，我們正處於與另一家主要 QSR 吸管連鎖店的合作機會的後期階段，僅在美國就有數千家連鎖店。

Further, we are excited to be moving quickly forward with our biodegradable cutlery resin. As we announced last quarter, we were pleased to capture in coordination with HAVI, cutlery for an important snack line with Zespri. We made the first shipments to execute that program at the end of the first quarter and believe that a fully biodegradable solution for this high visibility application will prove to be brand-enhancing.

此外，我們很高興能夠快速推進我們的可生物降解餐具樹脂。正如我們在上個季度宣布的那樣，我們很高興與 HAVI 合作，為 Zespri 的重要小吃系列提供餐具。我們在第一季度末進行了第一批執行該計劃的出貨，並且相信用於這種高可見度應用的完全可生物降解的解決方案將被證明可以提升品牌知名度。

We are also pursuing a large and high priority opportunity in the cutlery market with a major QSR that we expect to begin shipping to in early 2024. We believe that the unique environmental benefits of our PHA-based resins are becoming increasingly visible, and we were honored to be invited to ring the closing bell of the New York Stock Exchange on April 17 to help recognize the importance of Earth Day. In conjunction with that event, we announced that we have successfully developed a partnership with TotalEnergies Corbion, a new engineered resin for the manufacturer of single-use coffee pods. That material, which is used in an injection molding process, has been in development for a little over 2 years. While any new resin we develop benefits from decades of research into various blends, this is a challenging material to formulate given the combination of requirements for heat tolerance, barrier properties and stringent biodegradability standards required within the EU market for this product.

我們還在餐具市場尋求一個重要的優先機會，我們預計將在 2024 年初開始向其發貨。我們相信，我們的 PHA 基樹脂的獨特環境效益正變得越來越明顯，我們很榮幸受邀於 4 月 17 日敲響紐約證券交易所的收盤鐘，以幫助認識到地球日的重要性。結合該活動，我們宣布我們已成功與 TotalEnergies Corbion 建立合作夥伴關係，這是一種用於一次性咖啡膠囊製造商的新型工程樹脂。這種用於注塑工藝的材料已經開發了 2 年多一點。雖然我們開發的任何新樹脂都受益於數十年來對各種混合物的研究，但鑑於歐盟市場對該產品的耐熱性、阻隔性和嚴格的生物降解性標準的要求相結合，這種材料的配製具有挑戰性。

Importantly, we have experienced in this category and currently have a PLA-based material used for the manufacture of coffee pods for a U.S. brand. We are pleased to have received certification for this new material from TUV Austria for Home Compost and are currently in testing with multiple potential customers. While somewhat obvious, this means that our material biograde safely and quickly in-home as well as industrial composting and can eliminate a tremendous amount of waste from the environment. While the EU legislation is still a bit into the future, we expect that demand for our material may be strong even in advance of the legislations in action as major suppliers seek to preposition themselves to avoid potential disruption to their business.

重要的是，我們在這方面經驗豐富，目前有一種基於 PLA 的材料用於為美國品牌製造咖啡包。我們很高興獲得了 TUV Austria 對這種新材料的家庭堆肥認證，目前正在與多個潛在客戶進行測試。雖然有些明顯，但這意味著我們的材料可以在家庭和工業堆肥中安全快速地生物降解，並且可以消除環境中的大量廢物。雖然歐盟立法還需時日，但我們預計，即使在立法生效之前，對我們材料的需求也可能會很強勁，因為主要供應商會尋求預先定位，以避免對其業務造成潛在干擾。

I'd like to turn to cup coating materials, which provide a barrier to contain liquids. In the aggregate, this is a significant application for single-use plastics. Currently, paper cups achieved functionality with a petroleum plastic liner, making them essentially nonrecyclable. Our PHA-based biodegradable coating materials can change that as an important customer of ours is demonstrating. We were very excited to see WinCup launch a new paper cup product with a Nodax-based coating under its distinctive Phade brand.

我想轉向杯子塗層材料，它提供了一個包含液體的屏障。總的來說，這是一次性塑料的重要應用。目前，紙杯通過石油塑料襯裡實現功能，使其基本上不可回收。我們基於 PHA 的可生物降解塗層材料可以改變這一點，我們的一位重要客戶正在證明這一點。我們很高興看到 WinCup 在其獨特的 Phade 品牌下推出了一種新的紙杯產品，該產品具有基於 Nodax 的塗層。

Phade is an increasingly meaningful and visible brand in an otherwise commodity-oriented set of categories. We think that is a powerful statement to the market, and we're proud to provide the unique PHA-based resins that enable their products. While we share a vision for the future with many customers, we think what WinCup doing in the market speaks exceptionally well to that mission.

在以商品為導向的一系列類別中，Phade 是一個越來越有意義和知名度的品牌。我們認為這是對市場的有力聲明，我們很自豪能夠提供獨特的基於 PHA 的樹脂來支持他們的產品。雖然我們與許多客戶有著共同的未來願景，但我們認為 WinCup 在市場上的表現非常好地詮釋了這一使命。

As we look toward the second half of the year, we're confident that our Kentucky manufacturing plant is capable of operating at a high level. It has consistently performed at or above all requested throughput targets. Further, we are working toward improved product quality and process efficiency, all of which should benefit our margins.

展望下半年，我們相信我們的肯塔基製造廠能夠高水平運營。它的表現始終達到或超過所有要求的吞吐量目標。此外，我們正在努力提高產品質量和流程效率，所有這些都應該有利於我們的利潤。

In closing, I'll just note that we have no information to provide regarding the Department of Energy's process. We will communicate any developments as soon as the DOE informs us of our status.

最後，我只想指出，我們無法提供有關能源部流程的信息。一旦 DOE 通知我們我們的狀態，我們將傳達任何進展。

Now I'll turn the call over to Mike Hajost for a discussion of our first quarter results.

現在，我將把電話轉給 Mike Hajost，討論我們第一季度的業績。

Thank you, Steve, and good afternoon, everyone. I'll start with our financial results on Slide 7 of our presentation for those of you following along. First quarter revenues were $11.9 million as compared to $14.7 million in the same quarter of 2022. We experienced a modest decline in both product and service revenue.

謝謝史蒂夫，大家下午好。我將從我們演示文稿的幻燈片 7 上的財務結果開始，供你們跟隨。第一季度收入為 1190 萬美元，而 2022 年同期為 1470 萬美元。我們的產品和服務收入略有下降。

First quarter product revenue was $2.1 million lower versus prior year, driven largely by an unfavorable shift in the timing of PHA-based shipments to a large customer relative to the first quarter of 2022. This was partially offset by modest growth in the PLA-based product sales in the quarter. I'd also note that the PLA business now shows normalized comparisons as disruption to that business from the war in the Ukraine impacted both this year's and last year's quarter.

第一季度產品收入比上年同期減少 210 萬美元，這主要是由於基於 PHA 的產品向大客戶的發貨時間相對於 2022 年第一季度發生了不利變化。這部分被基於 PHA 的產品的適度增長所抵消本季度的產品銷量。我還要指出，PLA 業務現在顯示正常化比較，因為烏克蘭戰爭對該業務的破壞影響了今年和去年的季度。

First quarter services revenue continues to be lower, reflecting, as was the case in the fourth quarter that certain customers that have completed funded R&D projects are now moving to commercialization. We reported a first quarter 2023 gross loss of $6.3 million compared to a gross loss of $1.3 million in the first quarter of 2022. An increase of $3.4 million in noncash depreciation and amortization expenses was by far the largest driver. After adjusting for depreciation, stock-based compensation and certain nonrecurring items, we reported an adjusted gross loss of $1 million as compared to adjusted gross profit of $2 million in the first quarter of 2022.

第一季度服務收入繼續較低，這反映出與第四季度一樣，某些已完成資助研發項目的客戶現在正在轉向商業化。我們報告 2023 年第一季度的毛虧損為 630 萬美元，而 2022 年第一季度的毛虧損為 130 萬美元。非現金折舊和攤銷費用增加 340 萬美元是迄今為止最大的驅動因素。在對折舊、股票薪酬和某些非經常性項目進行調整後，我們報告調整後的毛虧損為 100 萬美元，而 2022 年第一季度的調整後毛利潤為 200 萬美元。

On top of an increase in fixed production costs associated with greater capacity in Kentucky, we also had unfavorable leverage of those fixed costs due to decreased production volume. We expect gross margin to recover nicely with growing volume. R&D and SG&A expenses, excluding depreciation and amortization, stock-based compensation and onetime items totaled $7.6 million in the first quarter compared to $12.3 million in the prior year quarter. This improvement was a result of a broad cost control program that yields savings in many areas of the business.

除了與肯塔基州產能增加相關的固定生產成本增加外，由於產量下降，我們對這些固定成本也有不利的影響。我們預計毛利率將隨著銷量的增長而恢復良好。不包括折舊和攤銷、基於股票的薪酬和一次性項目的研發和 SG&A 費用在第一季度總計 760 萬美元，而去年同期為 1230 萬美元。這一改進是一項廣泛的成本控制計劃的結果，該計劃在許多業務領域產生了節約。

Adjusted EBITDA loss for the first quarter improved to $8.9 million compared to an adjusted EBITDA loss of $10.6 million in the first quarter of 2022. Despite the revenue timing impact, and fall off in adjusted gross margin, the positive operating cost factors permitted adjusted EBITDA to improve by $1.7 million year-over-year. Adjusted EBITDA excludes stock comp, other income, and other add-backs as reconciled in the appendix. Including $12 million of restricted cash that has since become unrestricted, effective liquidity at the end of the first quarter was $114 million as compared to $62.8 million at the end of 2022.

第一季度調整後的 EBITDA 虧損改善至 890 萬美元，而 2022 年第一季度調整後的 EBITDA 虧損為 1060 萬美元。儘管收入時間受到影響，並且調整後的毛利率有所下降，但積極的運營成本因素允許調整後的 EBITDA 至同比增加 170 萬美元。調整後的 EBITDA 不包括附錄中調節的股票補償、其他收入和其他附加收益。包括 1200 萬美元的受限制現金（此後已不受限制），第一季度末的有效流動資金為 1.14 億美元，而 2022 年底為 6280 萬美元。

Capital expenditures in the first quarter were $16.4 million, mainly related to pre-existing obligations for the greenfield facility. This should represent the highest budgeted quarterly spend for CapEx this year. We continue to guide to full year CapEx spend in the range of $26 million to $31 million. We ended the first quarter with a total debt balance of $380 million. This now reflects the term loan we closed on during the first quarter. I'll remind you that this includes about $46 million of new market tax credit loans, which we expect will be forgiven starting in 2026.

第一季度的資本支出為 1640 萬美元，主要與綠地設施的現有債務有關。這應該是今年資本支出預算最高的季度支出。我們繼續指導全年資本支出在 2600 萬至 3100 萬美元之間。我們在第一季度末的總債務餘額為 3.8 億美元。這現在反映了我們在第一季度關閉的定期貸款。我會提醒您，這包括大約 4600 萬美元的新市場稅收抵免貸款，我們預計這些貸款將從 2026 年開始被免除。

As we noted on our year-end call, the key to our performance in 2023 will be the magnitude and timing of the customer demand ramp-up for PHA-based resins and our increased utilization to serve that demand from our Kentucky operations. Our first quarter was fully consistent with our expectations and therefore has had no impact on our full year guidance. We are maintaining our expectation for adjusted EBITDA in the range of negative $31 million to negative $23 million in 2023, an improvement in profitability of between $14 million to $22 million over the negative $45 million we reported for 2022.

正如我們在年終電話會議上指出的那樣，我們 2023 年業績的關鍵將是客戶對基於 PHA 的樹脂需求增加的幅度和時間，以及我們為滿足肯塔基州業務的需求而增加的利用率。我們的第一季度完全符合我們的預期，因此對我們的全年指導沒有影響。我們維持對 2023 年調整後 EBITDA 負 3100 萬美元至負 2300 萬美元的預期，與我們報告的 2022 年負 4500 萬美元相比，盈利能力提高 1400 萬至 2200 萬美元。

I'll now hand the call back to Steve for his closing remarks.

我現在將電話轉回給史蒂夫，聽取他的結束語。

Thank you, Mike, and to everyone for joining us. Even in the short time since our last call, we've been able to make progress across the board. We feel really good about a few recent developments in particular, identification of some specific high-volume sales opportunities, which we expect to be decided very soon, ongoing process engineering work in Kentucky, increasing discipline on our expense line and progress on research and development is specific to a number of significant market opportunities. The momentum in our business is tangible. Major customer opportunities are now very close at hand, and we are very excited about the future we are creating.

謝謝你，邁克，感謝大家加入我們。即使在我們上次通話後的很短時間內，我們也已經能夠全面取得進展。我們對最近的一些發展感到非常滿意，特別是確定了一些特定的大批量銷售機會，我們預計很快就會決定，肯塔基州正在進行的工藝工程工作，加強對我們費用線的紀律以及研發方面的進展特定於許多重要的市場機會。我們業務的發展勢頭是有形的。主要的客戶機會現在近在咫尺，我們對我們正在創造的未來感到非常興奮。

Thank you to everyone listening to today's call for your attention and your support. And operator, we're now ready to take questions.

感謝大家收聽今天的電話會議，感謝大家的關注和支持。接線員，我們現在準備好提問了。

(Operator Instructions) And first question comes from Laurence Alexander with Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 Laurence Alexander。

This is Kevin Estok on for Laurence Alexander. I guess my first question -- I actually have more than two, so I'll maybe hop back on the line after. But I guess if you were to roll together all the brand launches that you hear customers intend for this year. And you talked a bit about this on the call already, but I guess what is the implied run rate of demand if those all scale as expected? And I guess, what is the potential demand just from those customers, if those launches go well and then they flip the switch and then embrace PHA in a more aggressive fashion, I guess like sort of an upside scenario. Just curious to your thoughts there.

這是 Kevin Estok 代替 Laurence Alexander。我想我的第一個問題 -- 實際上我有兩個以上的問題，所以我可能會在之後跳迴線上。但我想如果你把你聽到的客戶今年打算推出的所有品牌都放在一起。你已經在電話中談到了這一點，但我想如果所有這些都按預期擴展，隱含的需求運行率是多少？我猜想，如果這些發布進展順利，然後他們翻轉開關，然後以更積極的方式接受 PHA，那麼這些客戶的潛在需求是什麼，我想這是一種上行方案。只是好奇你的想法。

Yes. Thanks, Kevin. This is Steve. If every one of the forecasted launches hits and hits at the scale that's forecasted, I guess the first step is that we would fill up Kentucky? If those customers then get even more aggressive and move forward with follow-on applications, we could fill up the greenfield as well.

是的。謝謝，凱文。這是史蒂夫。如果預測的每一次發射都按預測的規模命中並命中，我想第一步是我們要填滿肯塔基州？如果這些客戶變得更加積極，並繼續推進後續應用，我們也可以填滿綠地。

Okay. That's really helpful. And then I was just wondering if you could provide an update on the adhesive partnership. I guess, any progress there? And I guess, what would be a reasonable time frame for seeing a revenue stream and maybe another monetization event?

好的。這真的很有幫助。然後我只是想知道你是否可以提供有關粘合劑合作夥伴關係的最新信息。我想，那裡有什麼進展嗎？我想，看到收入流和另一個貨幣化事件的合理時間框架是什麼？

I'm sorry, Kevin, which partnership?

對不起，凱文，哪個夥伴關係？

On adhesives, Yes, your adhesives' partnerships or even maybe an update on the Novomer applications in acrylic acid. I guess, any progress there? Just curious to get some updates on partnerships you have.

在粘合劑方面，是的，您的粘合劑合作夥伴關係，甚至可能更新了 Novomer 在丙烯酸中的應用。我想，那裡有什麼進展嗎？只是想獲得有關您擁有的合作夥伴關係的一些最新信息。

Sure. So on the Danimer Catalytic Technologies side, which was the Novomer acquisition, we are building out the pilot plant. All the modules have been delivered and booked up and we're well along the way in commissioning that facility. In terms of the partnerships, as we've talked about in the past, we're negotiating a co-location agreement in the Gulf Coast, and we're also negotiating an offtake agreement with a major chemical company. Those conversations are still going well, and they're actively being negotiated. So we still expect to be able to complete those or at least make some announcements about those towards the end of the year.

當然。因此，在 Danimer Catalytic Technologies 方面，這是 Novomer 的收購，我們正在建設試驗工廠。所有模塊都已交付並預訂完畢，我們正在順利調試該設施。在合作夥伴關係方面，正如我們過去談到的那樣，我們正在就墨西哥灣沿岸的託管協議進行談判，我們還正在與一家大型化學公司談判承購協議。這些對話仍然進行得很順利，並且正在積極協商中。因此，我們仍然希望能夠完成這些工作，或者至少在年底前就這些工作發布一些公告。

And next question, we have Thomas Boyes with TD Cowen.

下一個問題是 Thomas Boyes 和 TD Cowen。

Maybe the first one, just -- looking at the kind of the coffee pod opportunity more broadly, I mean you kind of articulated what it looked like in Europe, -- but since you already have a PLA version here in the U.S., just wondering if you could kind of give me a sense of maybe potential demand or size of opportunity that you could see here. I know the overall policy landscape is a little bit more fragmented in the U.S. than in Europe, but I was just trying to get a bit of sense there of what's going on or what could go on?

也許第一個，只是 - 更廣泛地看一下咖啡包的機會，我的意思是你在某種程度上闡明了它在歐洲的樣子， - 但由於你已經在美國這裡擁有 PLA 版本，只是想知道如果你能讓我了解一下你可以在這裡看到的潛在需求或機會的大小。我知道美國的整體政策格局比歐洲更加分散，但我只是想了解一下那裡正在發生什麼或可能發生什麼？

Yes. Thanks, Thomas. Good question. Off the top of my head, I do not know the market share for that particular application in the U.S. So I can't answer that, but we can find that out and get back to you. So that we do have a PLA version of the pod, which we've been selling in the U.S. for quite some time. But I don't see that growing. It's part of our PLA business which we don't really see as strategic, but we could see those sales flipping over to PHA and then potentially becoming a growth driver. But it's not a current part of our forecast.

是的。謝謝，托馬斯。好問題。在我的腦海中，我不知道該特定應用程序在美國的市場份額。所以我無法回答這個問題，但我們可以找到答案並回复您。所以我們確實有 PLA 版本的吊艙，我們已經在美國銷售了很長一段時間。但我看不到這種增長。這是我們 PLA 業務的一部分，我們並不認為它具有戰略意義，但我們可以看到這些銷售轉向 PHA，然後可能成為增長動力。但這不是我們預測的當前部分。

Got it. I appreciate the insight there. And then -- maybe another question would just be on the work that you're doing with Corbion, since you're both kind of committing resins there. Is that the same kind of split? Are you 50-50 as far as what that final product looks like? Is there still more work to be done on final formulation and kind of getting it exactly where you want it to be? Or is that set in stone and you know what kind of fillers and additives you need to get it to -- formulate the way you want?

知道了。我很欣賞那裡的洞察力。然後——也許另一個問題是關於你在 Corbion 所做的工作，因為你們都在那裡做樹脂。那是同一種分裂嗎？就最終產品的外觀而言，您是 50-50 歲嗎？在最終配方上是否還有更多工作要做，以及如何將其準確地放在您想要的位置？還是那是一成不變的，你知道你需要什麼樣的填料和添加劑——按照你想要的方式配製？

The formulation is set in stone, although sometimes we think that there could be potential tweaks along the way as you scale up. But right now, we think that's in final form, and it's in the very final stages of testing to be able to go live -- with a specific customer testing to be able to go live this year with that. As far as kind of how that arrangement works, it's really similar to how we have always done business in terms of formulating with PLA. It's a buy-sell. So we buy the PLA from TotalEnergies Corbion and then we formulate it and sell into the market.

該公式是一成不變的，儘管有時我們認為在您擴大規模的過程中可能會有潛在的調整。但是現在，我們認為這是最終形式，並且處於能夠上線的測試的最後階段 - 特定的客戶測試能夠在今年上線。就這種安排的運作方式而言，它與我們在製定 PLA 方面一直開展業務的方式非常相似。這是買賣。因此，我們從 TotalEnergies Corbion 購買 PLA，然後我們對其進行配製並在市場上銷售。

Next question, we have Jon Tanwanteng with CJS Securities.

下一個問題，我們有 CJS 證券的 Jon Tanwanteng。

It's nice to see that you're getting better visibility here. I was wondering if you could give a bit more sense of how you expect utilization in our Kentucky facility to trend with all these new and large, I guess, projects that are in the pipeline. Any hope of getting it towards flow utilization by the end of next year? Is there any milestones that you want to reach before that, just help us get a sense of how quickly these things are actually going to ramp from a volume perspective?

很高興看到您在這裡獲得更好的知名度。我想知道您是否可以更清楚地了解您期望我們肯塔基州設施的利用率如何隨著所有這些新的和大型的，我想，正在籌備中的項目而發展。有希望在明年年底前實現流量利用嗎？在此之前你有沒有想達到的里程碑，只是幫助我們了解這些東西從數量的角度來看實際上會以多快的速度增長？

Yes. Thanks, Jon. Yes, I think it's a reasonable expectation to think that by the end of '24, we would be at full utilization there.

是的。謝謝，喬恩。是的，我認為認為到 24 年底我們將在那裡得到充分利用是一個合理的期望。

Okay. And your sense of full utilization is like, what, 80%, 90% or thereabout that range?

好的。你對充分利用的感覺是，80%、90% 或大約這個範圍？

Sure. Yes.

當然。是的。

Okay. Got it. The color reannouncement is interesting because my understanding is that, that probably uses a lot more PHA unit than a straw would. Could you help us understand the economics of something like that and how it's being distributed in kind of the use cases?

好的。知道了。顏色重新聲明很有趣，因為我的理解是，它可能比吸管使用更多的 PHA 單元。你能幫助我們了解類似的東西的經濟性以及它是如何在各種用例中分佈的嗎？

Sure. So as far as the amount of PHA, I don't think that you could say that it uses more PHA on a percentage basis than a straw resin would. But what it really comes down to is what end of life standard you're trying to achieve in terms of the amount of PHA that we need to put in it. So to achieve industrial compostable, we use -- we don't need much at all. To achieve home compostable,, we need more and then to achieve marine degradable, we would need even more.

當然。因此，就 PHA 的含量而言，我認為您不能說它使用的 PHA 按百分比計算比稻草樹脂多。但它真正歸結為您在我們需要放入其中的 PHA 量方面試圖達到的壽命終止標準。因此，為了實現工業可堆肥，我們使用——我們根本不需要太多。為了實現家庭堆肥，我們需要更多，然後實現海洋可降解，我們需要更多。

So we're -- right now, we have more than 1 formulation out in on market trials. And so there's sort of a range, but it's in the mid -- it's still kind of in that mid -- like 50%, 60% kind of area as far as the amount of PHA that's in the formulation.

所以我們——現在，我們在市場試驗中有不止一種配方。所以有一個範圍，但它在中間——它仍然在那個中間——就配方中的 PHA 量而言，大約是 50%、60% 的區域。

Okay. I was actually thinking of like the absolute amount. Just in comparison to the straw, I assume that it would be significantly...

好的。我實際上在想絕對數量。與吸管相比，我認為它會顯著...

No, I'm sorry. Yes. Okay. Jon, I misunderstood. From what I've seen from individual customers, I would say that the size of those 2 markets, at least when you look at like 1 QSR, any 1 QSR, the size of those markets are similar. If what recovery might be a little larger than straws, but not a whole lot larger.

不，我很抱歉。是的。好的。喬恩，我誤會了。從我從個人客戶那裡看到的情況來看，我會說這兩個市場的規模，至少當你看 1 個 QSR，任何 1 個 QSR 時，這些市場的規模是相似的。如果回收率可能比吸管大一點，但不會大很多。

Okay. Understood. Got one for Mike, just your OpEx was just a little bit under $8 million on an adjusted basis. Is that a good run rate to be using going forward? Or what are the puts and takes that you progress through the year?

好的。明白了。給邁克買了一個，只是你的運營支出在調整後略低於 800 萬美元。這是一個很好的運行率嗎？或者你一年中取得的進展是什麼？

I think overall, we're continuing to control costs very carefully. We were pleased with what we did achieve in the first quarter, especially on a year-over-year basis, which I think was substantial. Some of those related to reversals of bad debt reserve and things like that. So we'll have to kind of see if we continue to move the needle on things like that. But from an overall cost perspective, we are very cautious of looking at those costs.

我認為總體而言，我們將繼續非常謹慎地控製成本。我們對我們在第一季度取得的成就感到滿意，尤其是在同比基礎上，我認為這是可觀的。其中一些與壞賬準備金的逆轉等相關。所以我們必須看看我們是否會繼續在這樣的事情上有所作為。但從整體成本的角度來看，我們對這些成本非常謹慎。

As you know, when we came out as a public company, we had to stand up a lot of things very quickly and that cost -- that took a lot of external spend to get us in a position to be able to manage those. And we've been able to reduce a lot of those costs by bringing those in-house, just by having more internal experience now and skills. So we're really pleased with how we've been able to get rid of outside services. We brought in our own internal general counsel, and we believe that is savings us a lot in legal expenses there.

如您所知，當我們作為一家上市公司上市時，我們必須非常迅速地應對很多事情，而且成本——需要大量外部支出才能讓我們能夠管理這些事情。我們已經能夠通過將這些成本引入內部來降低很多成本，只是現在擁有更多的內部經驗和技能。因此，我們對擺脫外部服務的方式感到非常滿意。我們聘請了自己的內部總法律顧問，我們相信這為我們節省了大量的法律費用。

So I'll say a lot of things between outside services, consulting and all of that. We would expect to maintain those levels going forward, and we'll continue then to look at the next tranche of cost that we can kind of manage. So we're hopeful it can go down further. Certainly, we don't expect it to go up.

所以我會在外部服務、諮詢和所有這些之間說很多事情。我們希望在未來保持這些水平，然後我們將繼續研究我們可以管理的下一部分成本。所以我們希望它能進一步下降。當然，我們不希望它上漲。

Next question, we have Charles Neivert with Piper Sandler.

下一個問題，我們有 Charles Neivert 和 Piper Sandler。

Just a couple of things. One, when you look at the build-out of the things that you mentioned, the cutlery, the straws, some of the other end markets, and I know you talked already about the size of those markets as they are, I guess, today. When we get to the more full use, not the except the period of introduction in there, where -- which products are the biggest in terms of sort of split of where the PHA is going? And where do you estimate them looking out longer term, which one has the strongest -- the best possibility for volume.

只是幾件事。第一，當你看看你提到的東西，餐具，吸管，一些其他終端市場的構建時，我知道你已經談到了這些市場的規模，我想，今天.當我們得到更充分的使用時，除了那裡的引入期之外，哪裡 - 就 PHA 的去向分類而言，哪些產品是最大的？你在哪裡估計他們從長遠來看，哪一個具有最強的 - 最好的數量可能性。

So Charlie, let me take a stab at that. I'm not 100% sure I got the question, but I'll give you an answer, and if it's not the right question, you can repeat. So straws and cutlery are sizable opportunities for us given the amount of capacity that we have available. But cups is kind of the next domino to fall. And that is a much bigger opportunity, coatings for cups. Those coatings can be extrusion, which are PHA-based or they can be aqueous coatings that are PHA-based. Order of magnitude, again, from what I've seen with individual customers that the size of that business can be 8 to 10x larger than straws for coating.

所以查理，讓我試一試。我不是 100% 確定我得到了問題，但我會給你一個答案，如果問題不對，你可以重複。因此，考慮到我們可用的容量，吸管和餐具對我們來說是相當大的機會。但杯子就像是下一張倒下的多米諾骨牌。這是一個更大的機會，杯子的塗層。這些塗層可以是基於 PHA 的擠出塗層，也可以是基於 PHA 的水性塗層。數量級，再次，從我與個人客戶的觀察來看，該業務的規模可能比用於塗層的吸管大 8 到 10 倍。

Got it. And no, that's perfect. And also, though, -- so if I look going forward, your opportunities -- you've got some opportunities in straws, they're growing. We got some opportunities in [use] centers, they're growing. But is there any reason that over the course of the next 1.5 years, you're going to, for lack of a better term, reserve some capacity for the cup coatings if they start to move. Is that something you're going to have to do? I mean, you just said this potentially is the biggest thing we got and you might be getting some traction on it in the -- over the course of the next, let's say, 12 months. Is that -- given the fact that you won't have the new plant up for a while, how do you strategize going forward in terms of gaining volume? Is that something you're going to have to -- it's a nice problem to deal with, but how do you deal with that considering that, considering the...

知道了。不，那是完美的。而且，雖然， - 所以如果我展望未來，你的機會 - 你有一些吸管的機會，它們正在增長。我們在 [使用] 中心獲得了一些機會，它們正在增長。但是，在接下來的 1.5 年裡，如果杯子塗層開始移動，您是否會因為沒有更好的術語而保留一些容量。這是你必須要做的事嗎？我的意思是，你剛剛說這可能是我們得到的最大的東西，你可能會在接下來的過程中得到一些牽引力，比方說，12 個月。那是——考慮到你暫時不會建立新工廠的事實，你如何在增加產量方面製定未來的戰略？這是你必須要做的事情嗎——這是一個很好處理的問題，但考慮到這一點，你如何處理這個問題，考慮到……

Yes, good question. So when I answered Jon's question earlier on, I was Jon or Thomas asked about our run rate at the end of next year. I'm including in that assumption that there's going to be some cup business in there. So our plan would be to try to match the timing of the greenfield coming online with the timing of customers' ramp-ups. And that doesn't mean that there's -- you're not going to hit some point where that means you're flat on the top line for some period of time. But obviously, we want to compress that as much as possible.

是的，好問題。所以當我早些時候回答喬恩的問題時，我是喬恩或託馬斯問到明年年底我們的運行率。我假設那裡會有一些杯子業務。因此，我們的計劃是嘗試將綠地上線的時間與客戶上線的時間相匹配。這並不意味著 - 你不會達到某個點，這意味著你在一段時間內持平於頂線。但顯然，我們希望盡可能地壓縮它。

Got it. And one last question. This one is a little sort of upbeat. Is the cutlery that you guys put out with the resin and we'll call it for the -- on the commercial side, not residential, not marine side. Is that -- well, let's say, for lack of a better term, flimsy like polypropylene or stiff and firm like polystyrene would be in the cutlery business. What's the -- how to (inaudible) that?

知道了。最後一個問題。這個有點樂觀。是你們用樹脂製成的餐具嗎？我們稱之為 - 在商業方面，不是住宅方面，也不是海洋方面。是——好吧，讓我們說，由於沒有更好的術語，像聚丙烯一樣脆弱或像聚苯乙烯一樣堅硬而堅固的材料會出現在餐具行業中。這是什麼——如何（聽不清）？

Yes. Good question, Charlie. I mean, we think the quality is fantastic, and the items that our customers have seen are getting good reviews. I would say that the answer to me, it depends on the thickness of the cutlery. So different molds, as you're aware, have different thicknesses. Now honestly, I can't personally tell you that a 60 mil thickness, is it softer or stiffer than polystyrene or polypropylene. I'm not sure because I know -- I see the differences at different thicknesses. So I'm not 100% sure.

是的。問得好，查理。我的意思是，我們認為質量非常好，我們的客戶看到的商品得到了好評。我會說對我來說，答案取決於餐具的厚度。正如您所知，不同的模具具有不同的厚度。老實說，我不能親自告訴你 60 密爾厚度，它比聚苯乙烯或聚丙烯更軟還是更硬。我不確定，因為我知道——我看到了不同厚度的差異。所以我不是 100% 確定。

Yes. I mean I asked the question because of who might be the buyers that the better cutlery the -- former stuff is done by sort of higher in places and places that use the polypropylene are looking for really cheap. And again, you can hardly cut anything or pick anything up with their forks. So it's sort of a problem move into a higher end of the market.

是的。我的意思是我問這個問題是因為誰可能是更好的餐具的買家 - 以前的東西是由更高的地方和使用聚丙烯的地方正在尋找非常便宜的地方完成的。再一次，你幾乎不能用他們的叉子切任何東西或撿起任何東西。因此，進入高端市場有點問題。

Yes, good question. I will tell you that every sample that I've seen is not floppy, okay? They're firm enough to be able to cut food with and things like that. But here's a key point is it depends on the customer, what does the customer want. We can formulate to meet either standard, if you will.

是的，好問題。我會告訴你，我見過的每個樣本都不是軟盤，好嗎？它們足夠堅固，可以用來切食物之類的東西。但這裡的一個關鍵點是它取決於客戶，客戶想要什麼。如果您願意，我們可以製定滿足任一標準的配方。

Next question, we have Laurence Alexander with Jefferies.

下一個問題，我們有 Jefferies 的 Laurence Alexander。

This is Kevin again. I guess I was just wondering if you could impact, I guess, trends you're seeing in ASPs -- so I mean have -- like in the different applications and product categories, are they relatively stable? Or are they sort of moving just as sort of the rising uncertainty in the U.S., but just curious what you're seeing in terms of pricing in your end applications?

這又是凱文。我想我只是想知道您是否可以影響您在 ASP 中看到的趨勢——所以我的意思是有——就像在不同的應用程序和產品類別中一樣，它們是否相對穩定？或者它們是否像美國不斷上升的不確定性一樣發生變化，但只是想知道您在最終應用程序中看到的定價情況？

Yes, Kevin, good question. What we saw through '21 and '22 was some real rapid inflation, and that drove up a lot of our raw material costs. And so we were passing on costs that pushed the average selling price up, but that has stabilized. And so we have not seen -- as far as trends go, there has not been any trend up or down with respect to current products that are on the market.

是的，凱文，問得好。我們在 21 年和 22 年看到的是一些真正的快速通貨膨脹，這推高了我們的原材料成本。因此，我們轉嫁了推高平均售價的成本，但這種情況已經穩定下來。因此，我們還沒有看到——就趨勢而言，市場上現有的產品沒有任何上升或下降趨勢。

Got it. Okay. And I guess my last question, I guess, I'm just curious to hear what you're hearing from your customers and further downstream, I guess, what are you hearing? And what do you expect maybe in the cadence of launches? Like do you -- could they change if there's a recession in the back half of this year and in 2024? Just curious to hear what you're hearing from customers.

知道了。好的。我想我的最後一個問題，我想，我只是想听聽你從你的客戶那裡聽到什麼，我想，你聽到了什麼？您對發布的節奏有什麼期望？就像你一樣 - 如果今年下半年和 2024 年出現經濟衰退，他們會改變嗎？只是想听聽您從客戶那裡聽到了什麼。

Yes, I wish I was that good at predicting the future. But obviously, anything could happen, especially if there's a dramatic change in the economy. But the things that we're focused on right now are a long way down the road. I would expect that even in the event of some -- as long as it was in some kind of massive economic upheaval, in a mild recession, I wouldn't expect a significant impact on our forecast.

是的，我希望我能那麼擅長預測未來。但顯然，任何事情都可能發生，尤其是在經濟發生巨大變化的情況下。但是我們現在關注的事情還有很長的路要走。我預計，即使在某些情況下——只要是在某種大規模的經濟動盪中，在溫和的衰退中，我預計不會對我們的預測產生重大影響。

(Operator Instructions) Next question, we have Thomas Boyes with TD Cowen.

（操作員說明）下一個問題，我們有來自 TD Cowen 的 Thomas Boyes。

Follow-up here. Just I didn't see in the deck, can you let us know what percentage of revenue was attributable to PHA for the quarter?

跟進這裡。只是我沒有在甲板上看到，你能告訴我們本季度 PHA 收入的百分比是多少嗎？

Yes. I never calculated that personally. Do you have that, Mike.

是的。我從來沒有親自計算過。你有那個嗎，邁克。

I believe, I'm not sure if that's something, yes. Let me get that for you here. If you have another question, I'll get that information for you.

我相信，我不確定那是否是什麼，是的。讓我在這里為你拿來。如果您還有其他問題，我會為您獲取相關信息。

Sure. Yes, I just wanted to kind of better understand the nature of the restricted cash release. Was that performance related with something that's going on? Or is there something else there?

當然。是的，我只是想更好地了解限制現金發放的性質。這種表現與正在發生的事情有關嗎？或者還有別的東西嗎？

Yes. I'll take that here as I go. We had changes in our restricted cash for the most part were kind of related to the IP term loan, and those are short term in nature. The one that has really stuck with us is the interest reserve account where we had to put about $12.5 million into that and roughly maintain that balance over the next couple of years to have reserves for the interest payments on the loan. There was, I would say, some short-term -- I would say, cash availability constraints that we had. We had to go through and get some consents from the new market tax credit lenders for our Kentucky operation, which we have gotten in place already.

是的。我去的時候會把它帶到這裡。我們的受限現金變化大部分與 IP 定期貸款有關，而且這些都是短期性質的。真正困擾我們的是利息儲備賬戶，我們必須向該賬戶投入約 1250 萬美元，並在未來幾年內大致維持該餘額，以便為貸款利息支付準備金。我想說，我們有一些短期的現金可用性限制。對於我們已經到位的肯塔基州業務，我們必須通過並獲得新的市場稅收抵免貸方的一些同意。

And -- but prior to that, we did have some restrictions on about $45 million of minimum cash balance that we maintained of those proceeds. And we also had to put $12 million into a restricted account -- a blocked account just for any kind of subsequent -- to those loans in the event that we never did get that consent. So there's a lot of noise in the restricted cash line this quarter, a lot to do about nothing, but we've got all of that kind of worked out at this point. And the only real change for the most part to have is just a restricted interest payment. So I think going forward, as we talk about, we kind of look through all of that. And when we talked about our -- really our effective liquidity being $140 million. But you're realizing that $12 million of that was actually in a restricted account for a short period of time. Does that help you?

而且 - 但在此之前，我們確實對我們維持這些收益的大約 4500 萬美元的最低現金餘額有一些限制。如果我們從未獲得同意，我們還必須將 1200 萬美元存入一個受限賬戶 - 一個僅用於任何後續類型的凍結賬戶 - 用於這些貸款。因此，本季度在受限現金額度方面有很多噪音，很多事情無所事事，但我們現在已經解決了所有這些問題。在大多數情況下，唯一真正的變化只是限制利息支付。所以我認為展望未來，正如我們所談論的，我們會審視所有這些。當我們談到我們的——實際上我們的有效流動資金是 1.4 億美元。但您意識到其中的 1200 萬美元實際上在短時間內處於受限賬戶中。這對你有幫助嗎？

No, that makes sense. I appreciate I just kind of wanted to make sure I understood the machinations that were going on. So you have enough time for PHA percentage or we can always take it offline here.

不，這是有道理的。我很感激我只是想確保我了解正在發生的陰謀。所以你有足夠的時間了解 PHA 百分比，或者我們可以隨時將其離線。

Yes, my stellar staff is pinging me here on that. And PHA was about 42% in the current quarter. And it's about 52% in the prior quarter. And I think this is in the 10-Q.

是的，我的優秀員工正在就此提醒我。本季度 PHA 約為 42%。上一季度約為 52%。我認為這是在 10-Q 中。

Next question, we have Jon Tanwanteng with CJS Securities.

下一個問題，我們有 CJS 證券的 Jon Tanwanteng。

I was wondering if you could give us a sense of just what's happening in Q2 just directionally, I know timing impact to Q1. Have those issues been resolved and kind of a regular production resuming number one. And do you have any programs -- actually ramping in Q2? I know you mentioned Q3, Q4, Q1, but I didn't hear any mention actually this quarter.

我想知道您是否可以讓我們了解 Q2 的方向性情況，我知道時間對 Q1 的影響。這些問題是否已得到解決，是否恢復了正常生產？你有沒有任何計劃——實際上是在第二季度增加？我知道你提到了 Q3、Q4、Q1，但實際上這個季度我沒有聽到任何提及。

Yes, Jon, the issue that caused the tough comparison to last quarter was really the Eagle, Starbucks ramp -- and so that's behind us. Going forward, we expect year-over-year growth. But as Mike caveated the last quarter, we're still small and these are big customers. So it's still possible that we'll see lumpiness as these things scale up. And as far as any Q2 scale-up, we do have 1 large QSR that's starting store trials this quarter, which is really just the first step in the ramp-up. So we have every expectation that we'll continue -- that ramp will continue to scale, and we'll end up with all of their straw business.

是的，喬恩，導致與上個季度進行艱難比較的問題實際上是 Eagle、星巴克的增長——所以這已經過去了。展望未來，我們預計會出現同比增長。但正如邁克在上個季度警告的那樣，我們仍然很小，而且這些都是大客戶。因此，隨著這些事情的擴大，我們仍然有可能看到腫塊。就任何第二季度的擴大規模而言，我們確實有一個大型 QSR 本季度開始進行商店試驗，這實際上只是擴大規模的第一步。因此，我們完全期望我們會繼續——這種增長將繼續擴大，我們將結束他們所有的稻草業務。

Great. And then, Mike, any update on just input costs and where those are going relative to where you thought they would be earlier this year?

偉大的。然後，邁克，關於投入成本的任何更新，以及相對於今年早些時候你認為的投入成本的變化情況？

Yes. Look, we've been really pleased with what we're seeing as the direction of canola prices. They kind of got pretty high last year, especially as the war in Ukraine took off and that put a lot of pressure on commodity prices in general. And we are -- on our forward outlook, and these are numbers that we're starting to kind of lock in with our contracts. We see prices that were up in the mid-90s sometime last year and then low 90s as some of the things that we're experiencing even our first quarter into our second quarter as we kind of work off some of those inventories.

是的。看，我們對油菜籽價格的走勢非常滿意。去年它們有點高，尤其是在烏克蘭戰爭爆發並給大宗商品價格總體上帶來很大壓力的情況下。而且我們 - 在我們的前瞻性展望中，這些是我們開始與我們的合同鎖定的數字。我們看到去年 90 年代中期的某個時候價格上漲，然後是 90 年代的低價，這是我們在第一季度到第二季度經歷的一些事情，因為我們正在處理其中一些庫存。

But as we look forward here, we're looking at prices now that we can contract in Q1 that could be in the low 70s. And we think that maybe it's a little bit of -- if you can be a little bit patient what we're hearing from our brokers and vendors is we can start seeing things that are maybe mid- to high 60s, maybe second quarter of next year. So I think it's very promising compared to where we've been as a sizable input cost that we track.

但正如我們在這裡展望的那樣，我們現在正在考慮價格，我們可以在第一季度收縮可能處於 70 年代的低位。我們認為這可能有點——如果你能有點耐心，我們從我們的經紀人和供應商那裡聽到的是，我們可以開始看到可能是 60 年代中後期的東西，也許是下一個第二季度年。因此，與我們跟踪的相當大的投入成本相比，我認為這是非常有前途的。

Great. Last one for you. Just how much interest was actually capitalized in the quarter? Could you give us that number?

偉大的。最後一個給你。本季度實際資本化了多少利息？你能給我們那個號碼嗎？

There's very little interest capitalized in the quarter. It's, I think, less than $1 million and probably less than that. Overall, as we've kind of paused the greenfield projects and our CapEx spend has come way down, our CIP has gone way down as well. So at this point, the majority of our interest is now flowing through the interest expense line as opposed to being capitalized. If we -- once we get the funding for the greenfield project and that starts up again, we can see a change on that going forward. But right now, the amount of interest that we're seeing capitalized is pretty de minimis.

本季度很少有利息資本化。我認為，它不到 100 萬美元，而且可能更少。總的來說，由於我們暫停了綠地項目並且我們的資本支出大幅下降，我們的 CIP 也大幅下降。所以在這一點上，我們的大部分利息現在都流經利息支出線，而不是被資本化。如果我們 - 一旦我們獲得綠地項目的資金並再次啟動，我們可以看到未來的變化。但現在，我們看到資本化的利息數量非常少。

There are no further questions at this time. Steve, do you have any closing remarks?

目前沒有其他問題。史蒂夫，你有什麼結束語嗎？

Yes. Thanks, Brian. I'd like to thank everyone on the call with us again for your time and attention today. We're excited about the increased awareness of PHA-based materials among consumers and customers, pleased to have major opportunities for growth right in front of us and grateful for the ongoing support and dedication and shared vision of our investors, employees, partners, teammates and customers. We'll be looking forward to speaking to you about our continued progress again next quarter.

是的。謝謝，布萊恩。我想再次感謝所有與我們通話的人，感謝你們今天的時間和關注。我們很高興看到消費者和客戶對基於 PHA 的材料的認識不斷提高，很高興有重大的增長機會擺在我們面前，並感謝我們的投資者、員工、合作夥伴和隊友的持續支持和奉獻以及共同的願景和客戶。我們期待著在下個季度再次與您討論我們的持續進展。

This concludes your conference call for today. Thank you for participating and ask that you please disconnect your lines.

您今天的電話會議到此結束。感謝您的參與，請斷開您的線路。