Gauzy Ltd (GAUZ) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Gauzy second-quarter 2025 earnings call conference. (Operator Instructions) This call is being recorded on Wednesday, August 13, 2025.

女士們、先生們，早安，歡迎參加 Gauzy 2025 年第二季財報電話會議。（操作員指示）本次通話於2025年8月13日星期三進行錄音。

I would now like to turn the conference over to Dan Scott. Please go ahead.

現在我將把會議交給丹·斯科特。請繼續。

Thank you, operator, and thank you, everyone, for joining us today. Hosting the call today are Gauzy's CEO and Co-Founder, Eyal Peso; and CFO, Meir Peleg.

謝謝接線員，也謝謝各位今天收看我們的節目。今天主持電話會議的是 Gauzy 的執行長兼聯合創始人 Eyal Peso 和財務長 Meir Peleg。

On this call, management will be making forward-looking statements, not historical facts, which are based on management's current expectations, beliefs, projections, and assumptions, many of which, by their nature, are inherently uncertain. These forward-looking statements, which are subject to risks and uncertainties, actual results that differ materially from our forward-looking statements, if any, of our key expectations, beliefs, projections, or assumptions are incorrect because of other factors discussed in today's earnings news release and in the comments made during this conference call, or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our website, www.gauzy.com. We do not undertake any duty to update any forward-looking statements.

在本次電話會議上，管理階層將發表前瞻性聲明，而非歷史事實，這些聲明基於管理階層目前的預期、信念、預測和假設，其中許多內容本質上具有不確定性。這些前瞻性聲明受風險和不確定性因素的影響，實際結果可能與我們的前瞻性聲明有重大差異。我們今天發布的獲利新聞稿、本次電話會議中的發言以及我們向美國證券交易委員會提交的最新報告和文件中討論的其他因素，均可能導致我們關鍵預期、信念、預測或假設的不準確。所有這些文件均可在我們的網站 www.gauzy.com 上找到。我們不承擔更新任何前瞻性聲明的義務。

This call contains time-sensitive information that is accurate only as of today, August 13, 2025. Except as required by law, Gauzy disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

本次通話包含時效性訊息，僅在 2025 年 8 月 13 日當天有效。除法律另有規定外，Gauzy 不承擔任何公開更新或修改任何資訊以反映本次通話後發生的事件或情況的義務。

Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's second-quarter press release for definitional information and reconciliations of historical non-GAAP measures to the comparable financial measures.

今天的簡報中也提到了非GAAP財務指標。有關定義資訊以及歷史非GAAP指標與可比較財務指標的調節表，請參閱本公司第二季新聞稿中的資訊。

With that, let me turn the call over to Eyal.

那麼，我把電話交給埃亞爾吧。

Thank you very much, Dan, and good morning, everyone. Thank you for joining us today as we discuss our second-quarter 2025 results.

非常感謝你，丹，大家早安。感謝各位今天蒞臨，與我們一同探討我們2025年第二季的業績。

For today's call, I'd like you to focus on five key statements. First, the significant sequential increase in our backlog of orders we shipped in '25 confirms our customers' support and demand for our technology, which I will highlight with an example momentarily. Second, our full-year expectations remain intact in light of certain changes in the timing of shipments during the second quarter that are reflected in our results. As a reminder, our business can vary from quarter to quarter, which is why we encourage investors to consider our results on an annual basis.

今天的電話會議，我希望大家能專注於以下五個關鍵陳述。首先，我們在 2025 年的訂單積壓量顯著增加，這證實了我們的客戶對我們技術的支援和需求，我稍後將舉例說明。其次，儘管第二季度發貨時間發生了一些變化，並反映在我們的業績中，但我們全年的預期仍然保持不變。需要提醒的是，我們的業務每季都會有所不同，因此我們鼓勵投資者以年度為單位來考慮我們的業績。

Third, we continue to achieve new technological and business milestones that will drive our growth in 2025 and beyond. Fourth, since the beginning of the second quarter, we have closed on $15 million of debt financing under favorable terms as part of our plan to strengthen our balance sheet. And finally, our reaffirmed guidance, supported by a strong backlog of purchase orders to be shipped in '25 and an enhanced balance sheet.

第三，我們不斷取得新的技術和業務里程碑，這將推動我們在 2025 年及以後的發展。第四，自第二季初以來，作為我們加強資產負債表計畫的一部分，我們已以優惠條件完成了 1500 萬美元的債務融資。最後，我們重申了業績指引，這得益於 2025 年待發貨的大量採購訂單以及不斷改善的資產負債表。

Our teams worked hard in the quarter to execute despite the momentary disruptions of the business caused by the conflict with Iran. This included supply chain and operating disruptions for the majority of the month of June, which resulted in some shipping delays into the back half of 2025.

儘管伊朗衝突對業務造成了短暫的干擾，但我們的團隊在本季度仍然努力工作，完成了各項任務。這包括 6 月大部分時間的供應鏈和營運中斷，導致部分貨物的出貨延遲到 2025 年下半年。

I'm pleased to say that in light of this and tariff announcements earlier in the year, the strong demand we've seen from our customers continues as evidenced by our record jump in near-term backlog of $43 million to be shipped in 2025. An example of this is our largest customer in Asia today, Yutong, the world's largest bus manufacturer, more than doubled its orders for the year during this quarter.

我很高興地表示，鑑於此以及今年早些時候的關稅公告，我們看到客戶的強勁需求仍在持續，這從我們近期積壓訂單創紀錄地增長到 4300 萬美元（將於 2025 年發貨）即可看出。例如，我們目前在亞洲最大的客戶宇通客車（全球最大的客車製造商）在本季的訂單量比去年同期增加了一倍以上。

These factors resulted in lower revenues as compared to Q2 of 2024, which we again view as an issue of timing and doesn't impact our full-year outlook for the business. We expect the second half to be significantly stronger than the first half, supported by a record spike in the backlog of purchase orders to be shipped in 2025.

這些因素導致營收比 2024 年第二季有所下降，我們再次認為這只是時間問題，不會影響我們對公司全年業務的展望。我們預計下半年業績將明顯強於上半年，這得益於2025年待出貨採購訂單積壓量創歷史新高。

Now, let me highlight some of the key business milestones we achieved during the second quarter and subsequent period. We achieved a major milestone with the first customer delivery of General Motors' Cadillac CELESTIQ, featuring the industry's largest piece of dimmable smart glass ever used in serial production. Powered by our SPD technology, this multi-zone, independently controlled panoramic roof demonstrates our ability to bring advanced materials to serial production at scale.

現在，讓我重點介紹一下我們在第二季及之後一段時間內取得的一些關鍵業務里程碑。我們實現了一個重要的里程碑，通用汽車的凱迪拉克 CELESTIQ 已交付給首位客戶，該車型配備了業內有史以來在批量生產中使用的最大的可調光智慧玻璃。這款採用我們 SPD 技術驅動的多區域獨立控制全景天窗，展現了我們大規模批量生產先進材料的能力。

This long-term contract with GM represents a significant leap forward in bringing dynamic glass from concept to reality. Building on our SPD integrations with Ferrari, McLaren, Mercedes-Benz, the Cadillac program expands our presence in the EV segment and positions us to capitalize on the global automotive smart glass market projected to grow from $16 billion in 2024 to over USD25 billion by 2028.

與通用汽車簽訂的這份長期合約標誌著動態玻璃技術從概念走向現實的重大飛躍。以我們與法拉利、麥克拉倫、梅賽德斯-奔馳的SPD整合為基礎，凱迪拉克項目擴大了我們在電動車領域的業務，並使我們能夠充分利用全球汽車智慧玻璃市場，該市場預計將從2024年的160億美元增長到2028年的250億美元以上。

Next, we launched our breakthrough pre-fabricated smart glass stack, a turnkey solution that accelerates OEM adoption of dynamic glazing in the automotive market. This fully industrialized product combines our dimmable smart glass films, conductive elements, and adhesive interlayers into a single unit that eliminates costly post-processing steps and enables Tier 1 suppliers and OEMs to integrate smart glass at scale with speed.

接下來，我們推出了突破性的預製智慧玻璃堆疊，這是一個交鑰匙解決方案，可加速汽車市場 OEM 採用動態玻璃。這款完全工業化的產品將我們的可調光智慧玻璃薄膜、導電元件和黏合中間層組合成一個單元，省去了昂貴的後處理步驟，使一級供應商和原始設備製造商能夠快速大規模地整合智慧玻璃。

Our annual production capability of more than 1.9 million square feet positions us to capture significant market share through predictable, high-margin, business-to-business channels. Multiple Tier 1 suppliers and vehicle programs are evaluating our pre-fabricated stacks for integration into late 2025 through 2027 production platforms. These two announcements better position Gauzy to win in the automotive smart glass market projected to reach $25 billion by 2028 and growing at over 11% CAGR.

我們年產能超過 190 萬平方英尺，這使我們能夠透過可預測的、高利潤的 B2B 管道獲得顯著的市場份額。多家一級供應商和車輛專案正在評估我們的預製堆疊，以便將其整合到 2025 年底至 2027 年的生產平台中。這兩項公告使 Gauzy 在汽車智慧玻璃市場中佔據更有利的地位，預計到 2028 年，該市場規模將達到 250 億美元，年複合成長率將超過 11%。

We're excited about our strategic expansion into the marine sector, where we see significant opportunity within the $6.2 billion global marine glass market. Following our successful implementation at the new MSC Cruise Terminal in Miami, the biggest terminal in the world, our PDLC and SPD smart glass technologies are gaining strong traction, with cruise lines seeking sustainable, experience-driven vessel design.

我們對進軍海洋領域的戰略擴張感到非常興奮，我們看到了價值 62 億美元的全球海洋玻璃市場蘊藏著巨大的機會。繼我們在邁阿密新建的 MSC 郵輪碼頭（世界上最大的碼頭）成功實施之後，我們的 PDLC 和 SPD 智慧玻璃技術正獲得強勁的市場認可，郵輪公司正在尋求可持續的、以體驗為導向的船舶設計。

We've now secured nine programs in the maritime sector, validating demand in the higher-margin setting. With over 50 ships onboard globally and the cruise industry's aggressive focus on reimagining the onboard experience, our technologies deliver the privacy, solar control, and energy efficiency that operators need to meet their ESG goals while enhancing passenger experience.

我們目前已在海事領域獲得了九個項目，驗證了高利潤領域的需求。在全球超過 50 艘郵輪上，以及郵輪產業積極致力於重新構想船上體驗，我們的技術能夠提供營運商所需的隱私、太陽能控制和能源效率，以滿足其 ESG 目標，同時提升乘客體驗。

In our Architecture division, we continue to be selected by some of the biggest companies in the world to outfit their commercial spaces, including, most recently, Moderna for their corporate headquarters. In our Aeronautics division, we're pleased to share that we will be revealing a new commercial airline cabin shading product at CES early 2026. This is expected to serve as our main growth engine in this segment as we move from cockpit into commercial cabin. As a reminder, the decision on how to control light in commercial aircraft has moved from the OEM to also include the airline. This opens our business to more than 700 individual airlines, both new production and retrofitting their existing fleets.

在我們的建築設計部門，我們不斷被一些世界上最大的公司選中，為其商業空間進行裝修，最近的例子就是 Moderna 為其公司總部進行裝修。我們很高興地宣布，航空事業部將在 2026 年初的 CES 展會上推出一款全新的商用航空客艙遮陽產品。隨著我們從駕駛艙轉向商用客艙，這有望成為我們在該領域的主要成長引擎。需要提醒的是，商用飛機燈光控制的決定權已經從原始設備製造商轉移到航空公司。這將使我們的業務拓展到 700 多家航空公司，包括新飛機生產和現有機隊的改裝。

And in our Safety-Tech business, I'm excited to announce that Gauzy's Smart-Vision ADAS is now installed also in buses across the big metropolis of Strasbourg, France, and Manchester in the United Kingdom. We will also be launching our new AI-based ADAS product, Smart-Vision for Buses, in October as a premier event for the bus industry in Brussels called Busworld. This follows the successful and ongoing deployment of Smart-Vision for Trucks with customers like Ford Trucks, like previously announced.

在我們的安全技術業務方面，我很高興地宣布，Gauzy 的 Smart-Vision ADAS 現在也已安裝在法國斯特拉斯堡大都市和英國曼徹斯特的公車上。我們也將於 10 月在布魯塞爾舉行的巴士行業頂級盛會 Busworld 上推出我們基於人工智慧的全新 ADAS 產品——Smart-Vision for Buses。先前已宣布，Smart-Vision for Trucks 已成功並持續部署在福特卡車等客戶手中。

With regards to governance, subsequent to quarter-end, we announced important Board changes aligned with our public company evolution. Following our first annual shareholder meeting, we welcomed back long-time investor and former Director, Alejandro Weinstein, to the Board of Directors. His expertise in global expansion, M&A, and public company leadership will be invaluable as we scale operations and advance our market leadership.

在公司治理方面，季度末之後，我們宣布了與公司上市發展一致的重要董事會變更。在我們的第一次年度股東大會之後，我們歡迎長期投資者兼前董事 Alejandro Weinstein 重返董事會。他在全球擴張、併購和上市公司領導方面的專業知識，對於我們擴大業務規模和鞏固市場領導地位將具有無可估量的價值。

Before I turn it over to Meir, I want to emphasize that we ended the quarter on exceptionally strong footing to accomplish our full-year objectives. Our first-half performance, together with our record purchase order backlog of $43 million to be delivered in 2025, are in cadence with our expected sales performance to meet the guidance. The entire Gauzy organization is excited to deliver on this tremendous momentum.

在將發言權交給梅爾之前，我想強調，我們本季末的業績非常強勁，為實現全年目標奠定了堅實的基礎。我們上半年的業績，加上2025年將交付的價值4,300萬美元的創紀錄採購訂單積壓，與我們預期的銷售業績相符，能夠達到預期目標。整個 Gauzy 組織都對能夠把握住這股巨大的發展勢頭感到無比興奮。

And with that, I will turn it over to Meir for an update on Gauzy's financial results.

接下來，我將把麥克風交給梅爾，讓他介紹高茲公司的財務表現。

Thank you, Eyal.

謝謝你，埃亞爾。

I'd like to begin by providing a detailed overview of our second-quarter 2025 financial results. For the second quarter, we generated revenues of $20.1 million. At the segment level, all our divisions experienced shifts in timing dynamics, as Eyal discussed, at corporate level. At the same time, the improvements that we noted across the board in our record backlog was represented within our Aeronautics division.

首先，我想詳細概述我們2025年第二季的財務表現。第二季度，我們實現了 2,010 萬美元的營收。正如 Eyal 在公司層面所討論的那樣，我們所有部門在業務層面都經歷了時間動態的變化。同時，我們在創紀錄的積壓訂單方面取得的全面改進，也體現在我們航空部門。

Due to the lower top line over the same fixed cost base, our gross margin was 21.4% compared to 27% in the prior year period. Gross margin variance was primarily attributed to dynamics within our Aeronautics division, which reported a gross margin of 23% during the quarter compared to 37% in the prior year, reflecting lower segment revenue across a relatively fixed cost base and a change in product mix. Typically, our highest-margin category has also had a compounding effect of bringing down our overall margin for the quarter. The remainder of segments collectively experienced more stability and margin performance.

由於在相同的固定成本基礎上，營收下降，我們的毛利率為 21.4%，而去年同期為 27%。毛利率差異主要歸因於我們航空部門內部的動態變化，該部門本季的毛利率為 23%，而去年同期為 37%，這反映出在相對固定的成本基礎上，該部門的收入有所下降，以及產品組合的變化。通常情況下，我們利潤率最高的類別也會產生連鎖反應，拉低我們本季的整體利潤率。其餘各業務板塊整體表現得更穩定，利潤率也更高。

Total operation expenses for the second quarter were $16.8 million compared to $14.5 million in the prior year quarter. The change was mainly due to higher corporate expenses associated with being a public company versus a private company during the same quarter last year.

第二季總營運支出為 1,680 萬美元，而上年同期為 1,450 萬美元。這項變化主要是由於上市公司相比私人公司，在去年同期需要承擔更高的企業開支。

Additionally, there was higher depreciation and amortization accounting for third of the difference and higher R&D expenses this quarter as compared to Q2 2024. The difference between the operating expenses of this quarter compared to the same quarter last year was planned, positive, and executed to support dramatically stronger quarters in the near term.

此外，與 2024 年第二季相比，本季折舊及攤銷費用較高，佔差額的三分之一，研發費用也較高。本季營運費用與去年同期相比的差異是計劃內的，是積極的，並且已經得到執行，以支持近期內業績的大幅增長。

Based on these factors, adjusted EBITDA this quarter was negative $8.7 million compared to negative $3.9 million in the prior year quarter. Importantly, our production facilities across all divisions are slightly covered more than double the current run rate of production, so we are well positioned to execute the order ramp-up and deliveries in the coming quarters.

基於這些因素，本季調整後的 EBITDA 為負 870 萬美元，而去年同期為負 390 萬美元。重要的是，我們所有部門的生產設施產能都略高於目前生產速度的兩倍，因此我們有能力在未來幾季順利完成訂單增加和交付。

Turning to our capital resources. During the quarter, our free cash flow improved to an outflow of $5.2 million compared to negative $11.5 million in the prior year quarter. This is reflective of the operational discipline and cash management strategies we have implemented to accelerate our path toward cash flow positivity.

轉向我們的資金資源。本季度，我們的自由現金流改善為 520 萬美元的流出，而去年同期為負 1,150 萬美元。這體現了我們為加快實現現金流為正而實施的營運紀律和現金管理策略。

We ended the quarter was only of $36.2 million, including $35 million of available capacity under our undrawn credit line. Total debt at quarter-end was $53 million, including $9.2 million of short-term receivable financing. Since quarter-end, we have raised an additional $5 million of plain vanilla debt with Bank Mizrahi under favorable terms. This brings our total borrowing with Mizrahi to $15 million.

本季末，我們的淨利潤僅為 3,620 萬美元，其中包括我們未提取信貸額度下的 3,500 萬美元可用額度。截至季末，總債務為 5,300 萬美元，其中包括 920 萬美元的短期應收帳款融資。自季度末以來，我們已在米茲拉希銀行以優惠條件籌集了額外的 500 萬美元普通債務。這使得我們在米茲拉希銀行的總借款額達到 1500 萬美元。

We have received approval from our Board to raise an additional $10 million to $15 million of debt and are in the process of working with new and existing lenders to extend our borrowing. We are committed to funding our business through non-dilutive capital sources and will continue to pursue plain vanilla debt as our primary focus until we achieve cash flow positivity. This is consistent with our previously announced plan to strengthen our balance sheet.

我們已獲得董事會批准，可以額外籌集 1000 萬至 1500 萬美元的債務，目前正在與新的和現有的貸款機構合作，以延長我們的借款期限。我們致力於透過非稀釋性資本來源為我們的業務提供資金，並將繼續以普通債務融資作為我們的主要關注點，直到我們實現正現金流。這與我們先前宣布的加強資產負債表的計劃是一致的。

We believe we are well positioned to meet our goals as we enter the second half of the year with a strong backlog and energized operations. We continue to expect revenue to be in the range of $130 million, $140 million, representing more than 30% growth at the midpoint compared to 2024.

我們相信，憑藉強勁的訂單儲備和充滿活力的運營，我們已做好充分準備，迎接下半年的到來，實現我們的目標。我們仍預期營收將在 1.3 億美元至 1.4 億美元之間，與 2024 年相比，中位數成長超過 30%。

Based on the benefits of scale, the favorable operating leverage, and the strong recurring revenue base that we have, we also continue to expect adjusted EBITDA to be positive for the full year 2025. This guidance reflects the strong demand we're seeing across all our segments, our record backlog at quarter-end, the growing adoption of our technologies by leading OEMs, and the expanded production capacity we'll put in place to meet this demand.

基於規模效益、有利的經營槓桿以及我們擁有的強勁的經常性收入基礎，我們仍然預計 2025 年全年調整後 EBITDA 將為正值。這項預期反映了我們所有業務部門的強勁需求、季度末創紀錄的訂單積壓、領先的原始設備製造商對我們技術的日益普及，以及我們將為滿足這一需求而擴大的產能。

Now, I will turn it back over to Eyal for closing remarks.

現在，我將把發言權交還給埃亞爾，請他作總結發言。

Thank you, Meir. Looking ahead to the remainder of 2025, our enthusiasm for the opportunities before us continues to grow. Our business momentum keeps building with our record order backlog delivering full year of revenue visibility.

謝謝你，梅爾。展望 2025 年剩餘時間，我們對擺在我們面前的機會的熱情與日俱增。我們的業務發展勢頭持續增強，創紀錄的訂單積壓量確保了全年的收入可見度。

From an operational standpoint, we're in a position to deliver on tremendous order and delivery growth. We're excited about recent enhancements we have made inside our organization. We have promoted a new Executive Vice President with the Aeronautics division. We have also moved each division's production teams from the business division to the global operations team, reporting to the COO. This streamlines procurement, supply chain, and best practice sharing across the organization.

從營運角度來看，我們有能力實現訂單和交付量的巨大成長。我們對公司內部近期進行的一些改進感到非常興奮。我們提拔了一位新的航空事業部執行副總裁。我們也把各部門的生產團隊從業務部門轉移到了全球營運團隊，直接向營運長報告。這有助於簡化整個組織的採購、供應鏈和最佳實務分享流程。

I am more confident than ever in Gauzy as reinforced by my recent significant purchase of additional shares in June. Mr. Weinstein, our newly elected Director and long-time investor, joined me in this purchase of 560,000 shares, underscoring leadership's strong conviction in the company's strategic direction and future growth.

我對 Gauzy 的信心比以往任何時候都更加堅定，這體現在我最近於 6 月增持了大量股份。新當選的董事兼長期投資者韋恩斯坦先生與我一同購買了 56 萬股股票，凸顯了領導階層對公司策略方向和未來發展的堅定信念。

We are energized by the accelerating adoption of our light and vision control technologies across industries. We have a strong innovation pipeline across all four business divisions. We're expanding our addressable markets and remain committed to delivering on our goals to increase shareholder value.

看到我們的光控和視覺控制技術在各行業中得到加速應用，我們倍感振奮。我們在所有四個業務部門都擁有強大的創新管道。我們正在擴大目標市場，並將繼續致力於實現提高股東價值的目標。

In conclusion, I extend heartfelt appreciation to our dedicated employees, valued customers, strategic partners, and committed shareholders for their unwavering support and trust in Gauzy.

最後，我衷心感謝我們敬業的員工、尊貴的客戶、策略夥伴和忠誠的股東們對高茲公司堅定不移的支持和信任。

Thank you for your time today. Now, we will open up the line for questions.

感謝您今天抽出時間。現在，我們將開放提問環節。

(Operator Instructions) Dan Levy, Barclays.

（操作員指示）Dan Levy，巴克萊銀行。

Hi. Good morning. Thank you for taking the questions. First, wanted to ask if you could just double-click on some of the timing dynamics that threw off the revenue. If you could just unpack what went on there, and what is the comfort that these dynamics won't occur in the future?

你好。早安.感謝您回答這些問題。首先，我想問一下，您能否雙擊查看一些影響收入的時間因素？如果能把那裡發生的事情徹底弄清楚，以及是什麼讓人感到安心，認為這些情況將來不會再發生呢？

Hi, Dan. Good morning. This is Eyal. So thanks for the question.

嗨，丹。早安.這是埃亞爾。謝謝你的提問。

What we have announced and my answer is that we had some shifts in timing of deliveries, and we repeat this every quarter. And it's still the case that we can have shifts between quarters, but we are very comfortable and confident still in our annual guidance. It's basically shifting from H1 to H2 of deliveries that we have in the book.

我們已經宣布，我的答覆是，我們的交貨時間有所調整，而且我們每季都會重複這種情況。雖然季度之間仍可能出現波動，但我們對年度業績預期仍然非常有信心。基本上就是把我們書中的交付計畫從上半年（H1）過渡到下半年（H2）。

And I'd like you to refer to the backlog that we reported of $42.9 million. The spike there shows the numbers are there. So we had a few deliveries move into H2 from H1. It is sometimes hard to predict. And mostly, it is because of Aero, where we always have also the best projection for the business by the nature of the business. So if you look at the first segment, what we have done in H1, then you'd see the big differences in Aero and that's also our biggest part of the backlog that has to be shipped in 2025.

請您參考我們先前報道的4,290萬美元的積壓訂單。那裡的峰值表明數量確實存在。因此，我們有部分貨物的交付時間從上半年調整到了下半年。有時很難預測。這主要是因為 Aero，根據業務性質，我們總是對業務有最好的預測。所以，如果你看第一部分，也就是我們在上半年所做的工作，你會看到 Aero 的巨大差異，這也是我們積壓訂單中最大的一部分，必須在 2025 年交付。

So I'd like to say the following. First of all, if you add H1 delivery plus the backlog June 30, you reach about $86 million that we've done or we have orders to ship in '25. And that is in cadence. It is within the expectations that we had. So there are a few million dollars that could have been delivered in H1 that are going to be delivered in H2. These are POs in the system that are well within the cadence of sales orders that we expect and certainly within the expectations that we have for the full year.

所以我想說以下幾點。首先，如果加上 H1 交付量和 6 月 30 日的積壓訂單，我們已完成或將在 2025 年交付的訂單總額約為 8,600 萬美元。這就是節奏。這符合我們的預期。因此，原本可以在上半年交付的幾百萬美元，現在將在下半年交付。這些採購訂單已在系統中，完全符合我們預期的銷售訂單節奏，當然也符合我們對全年的預期。

There were a few reasons for shipment delays, mainly in the Aeronautics segment. And also, due to our production stop, we had two or three weeks in June. As you know, there was a conflict that was surprising. End of the quarter, we had to be shutting down the production in Tel Aviv for two or three weeks.

發貨延遲的原因有幾個，主要集中在航空領域。另外，由於我們停產，六月我們有兩到三週的空閒時間。如你所知，發生了一起出乎意料的衝突。季度末，我們不得不關閉特拉維夫的生產設施兩到三週。

That, of course -- and then we said that a few times we are very happy to say that did not affect, at all, the business itself. Customers support us. And those things shift a little bit into Q3 and into H2. I'd like to say that, again, it's timing and not taking away anything from the confidence we have for the full-year guidance.

當然，我們也曾多次說過，我們很高興地說，這完全沒有對業務本身造成任何影響。顧客支持我們。這些情況會在第三季和下半年有所變動。我想再次強調，這只是時機問題，並不會削弱我們對全年業績指引的信心。

Okay. So related to that, and I think you've been addressing this, the first half to second half ramp is aggressive. That would put 70% of your full-year revenue in the second half. So maybe what's the confidence that there won't be timing issues in the second half? And then also, given that would be a dramatic increase over anything you've ever delivered in the implied second half, what's the confidence that the execution will be there to meet that demand?

好的。所以，與此相關的是，我認為你一直在討論這個問題，前半程到後半程的加速非常激進。這將使你全年收入的 70% 集中在下半年。那麼，我們有多大信心認為下半場不會出現時間安排問題呢？此外，考慮到這將比你在下半年交付的任何產品都大幅增加，你對執行能力能否滿足這項需求有多大信心？

So that's a great question. I'd like to say that from when we budgeted 2025 approved in the Board, the quarters, we have prepared the company to deliver $45 million and $50 million quarters. That was always the case. That's how we -- that's the budget we approved the Board. So the company is set both HR, meaning we have two shifts across all the business divisions when we need it, approved to work also on weekends when we need. So the company has the capacity to ship $45 million and $50 million quarters.

這是一個很好的問題。我想說，自從我們在董事會批准了 2025 年的預算以來，我們已經做好準備，公司每個季度都能實現 4500 萬美元和 5000 萬美元的業績。一直都是這樣。這就是我們——這就是我們批准給董事會的預算。因此，公司在人力資源方面做出了規定，這意味著我們在需要時可以在所有業務部門實行兩班制，並且批准我們在需要時也可以在周末工作。因此，該公司有能力交付價值 4,500 萬美元和 5,000 萬美元的季度產品。

And if you align that with the fact that we have the sales order cadence to reach our targets, then yes, execution is possible. It's what we really planned from the get-go for Q4. It's then also going to be a bigger Q3. But we have designed the company this year to be delivering $45 million and $50 million quarters. So that is as we planned.

如果再加上我們擁有實現目標所需的銷售訂單節奏，那麼是的，執行是可能的。這正是我們從一開始就為第四季制定的計劃。那麼第三季業績也會更好。但我們今年已將公司的目標設定為每季實現 4,500 萬美元至 5,000 萬美元的營收。一切都按計劃進行。

So I'd like to say that as long as the sales orders are coming in the cadence they should, and again, you see the delivery in H1 plus what we needed June 30, the backlog, it's completely within the expectations of what we had expected in the beginning. We could have had $2 million, $3 million, $4 million already delivered and it would go down from the backlog, but it's still within that world of expectations. So that's where investors should get -- we have prepared ourselves for $45 million and $50 million deliveries per quarter.

所以我想說，只要銷售訂單按計劃進行，而且你們也看到了上半年的交付量，加上我們6月30日所需的積壓訂單，這一切都完全符合我們最初的預期。我們本來可以交付價值 200 萬、300 萬、400 萬美元的訂單，這樣就能減少積壓訂單，但這仍然在預期範圍內。所以投資者應該明白這一點——我們已經做好準備，每季交付 4,500 萬美元至 5,000 萬美元。

Okay. Thanks. If I could just squeeze one more in, and it's about the liquidity. So you ended the quarter with $1 million on the balance sheet. And I know there's a note here that you're supposed to get $5 million of debt financing in the third quarter in July. But can you just talk about the liquidity dynamics and just what's the comfort that there's sufficient liquidity going forward? Thanks.

好的。謝謝。如果我能再擠出一點時間就好了，這關係到流動性。所以，本季末你的資產負債表上有100萬美元。我知道這裡有一個備註，說你們應該在7月份的第三季獲得500萬美元的債務融資。但您能否談談流動性動態，以及是什麼讓您確信未來流動性充足？謝謝。

Sure. So we're doing our best. Of course, liquidity of -- you're right, Dan, we're running cash. If you see, we ended Q1 and Q2 with the same level of cash in the bank. But we have a $35 million credit line that we can tap on in any time signing me and Meir and withdraw money.

當然。所以我們正在盡力而為。當然，流動性——你說得對，丹，我們使用的是現金。如果你看一下，你會發現我們第一季末和第二季末的銀行存款餘額相同。但我們有 3500 萬美元的信貸額度，我們可以隨時動用這筆錢，簽下我和梅爾，然後提取資金。

However, as we always mentioned, we'd like -- if we can get a better debt financing, simple debt, I mean, plain vanilla, no equity involved, so we do that to better perform our cash flow performance. We have received from our own main bank that has been accompanying us for 15 years since we initiated the company, Mizrahi, we've received a much better terms debt on $10 million that we got in Q2 and we have additional $5 million from them in Q3.

但是，正如我們一直提到的，我們希望——如果我們能獲得更好的債務融資，簡單的債務，我的意思是，純粹的債務，不涉及股權，這樣我們就能更好地改善我們的現金流表現。我們從自公司成立以來就一直陪伴我們 15 年的主要銀行 Mizrahi 那裡獲得了更好的 1000 萬美元債務條款，這筆債務我們在第二季度獲得了，而且我們在第三季度還將從他們那裡獲得 500 萬美元。

And I'd like to say that we also -- we always said that we'd need more simple debt financing in order to get to cash flow positive. We are on good terms to receive the rest that we need. But again, I want -- as long as everyone understands that the $35 million are as good as cash, we can tap on them anytime we want.

我想說的是，我們一直都說，我們需要更簡單的債務融資才能實現正現金流。我們關係良好，能夠得到我們需要的休息。但是，我再次強調——只要大家都明白這 3500 萬美元就像現金一樣，我們可以隨時動用它。

And that provides us visibility, with regards to liquidity, all the way through to end of '26, where we have guided the market and we still reaffirm that we're going to be cash flow positive. And as we go through H2, the business is balancing. And we reaffirmed that we are going to be EBITDA positive for the full year. So also kind of balancing the business, the inflow and outflow should give a lot of comfort with regards to liquidity.

這讓我們能夠清楚地了解流動性情況，一直到 2026 年底，我們一直引導市場，我們仍然重申，我們將實現正現金流。隨著下半年的到來，業務正在趨於平衡。我們重申，全年將實現 EBITDA 為正。所以，從某種程度上來說，平衡業務、資金流入和流出應該能為流動性帶來很大的保障。

So I'd like just to mention that, again, we always have these $35 million in place if we need. If we get better terms from, for instance, like Mizrahi, we'd take it. But it's there for us to use if we need. So I'd like really to mention again that the $35 million is part of our liquidity for financing the business until we're cash flow positive.

所以我想再次強調，如果需要的話，我們總是擁有這 3500 萬美元的儲備金。如果我們能從米茲拉希等人那裡獲得更好的條件，我們會接受的。但如果我們需要，它就在那裡供我們使用。因此，我想再次強調，這 3500 萬美元是我們流動資金的一部分，用於在實現正現金流之前為公司提供資金。

Okay. Thank you.

好的。謝謝。

Josh Nichols, B. Riley.

喬許·尼科爾斯，B·萊利。

Hi. This is Matthew on for Josh Nichols. Thanks for taking my questions. I guess just to start off, I mean, you just reiterated your expectation for positive EBITDA debt this year. Can you walk us through the levers you expect to get there? Is it mainly just from ramping revenue in the second half? Or how should we expect you to get there? Thanks.

你好。這裡是馬修，替喬許‧尼可斯報道。謝謝您回答我的問題。我想先說明一點，您剛才重申了您今年對 EBITDA 債務為正的預期。可以詳細介紹一下你打算如何實現這個目標嗎？主要原因是否在於下半年營收成長？或者我們應該期望你如何到達那裡？謝謝。

Thanks, Matthew. I'd like to refer -- always refer back to our Q4 '24, where we walked the talk of getting to justice EBITDA positive. We've done that with $31.1 million of revenue. And I confirm -- I mean, I'd like to reiterate the message, the following message. As long as we have more than $31 million, $32 million revenues, we're adjusted EBITDA positive.

謝謝你，馬修。我想回顧一下——總是要回顧一下我們 2024 年第四季的業績，當時我們說到做到，實現了 EBITDA 為正。我們實現了3,110萬美元的收入。我再次確認——我的意思是，我想重申以下訊息。只要我們的收入超過 3,100 萬美元或 3,200 萬美元，我們的調整後 EBITDA 就是正的。

So if you'd like to just average out -- as long as we are going to average the full year at $31 million, $32 million, the full year is going to be EBITDA positive. That's where -- that's why I'd like investors to analyze that. That's the point of breakeven.

所以，如果我們取平均值——只要我們把全年平均收入定在 3,100 萬美元或 3,200 萬美元，那麼全年的 EBITDA 就會為正值。這就是為什麼我希望投資者分析這一點的原因。這就是損益平衡點。

And if you look at the guidance we have towards year-end and the order book that we need to deliver, so you'd see that in H2, we're much stronger. We're reaffirming the guidance we gave. So it's leaving us in Q3, Q4, a top line that would improve our gross margin dramatically. And that -- we showed that also in Q4 '24, our fixed cost is a big, big lever on our gross margin.

如果你看看我們對年底的業績預期以及我們需要交付的訂單量，你會發現，在下半年，我們的業績會好得多。我們重申我們之前給予的指導意見。因此，第三季和第四季，營收將大幅提高我們的毛利率。而且——我們在 2024 年第四季也證明了這一點，固定成本對我們的毛利率產生了巨大的影響。

The more we have on top line, then the gross margins improve dramatically. So if you look at the Q4 '24 bridge that, you'd see how we -- why we are reaffirming EBITDA positive for the full year on guidance of the top line that we gave and why we feel so confident that that's achievable and balancing H2 would balance H1 as we expected from the beginning.

營收越多，毛利率就會大幅提高。所以，如果你看一下 2024 年第四季的業績報告，你就會明白我們——為什麼我們重申全年 EBITDA 為正，並按照我們給出的營收指引進行預測，以及為什麼我們如此有信心實現這一目標，並且下半年業績平衡將如我們一開始所預期的那樣平衡上半年業績。

Got it. Thank you. And in terms of the mix and the backlog, does it lean more towards a certain segment? And which segment should we see as a key contributor for hitting that full-year guidance?

知道了。謝謝。從產品組合和積壓訂單來看，它是否更傾向於某個特定領域？那麼，我們應該將哪個業務板塊視為實現全年業績目標的關鍵貢獻者呢？

Yeah, thanks. And that goes to, again, adding some more comfort level to the guidance that we provided. So the biggest contributor to the backlog, June 30, is Aeronautics, where that's also the business we always had the best projections of -- because these things tend to not change much, they're not -- there are no -- during the year, there are not many changes within our customers' projections. You don't suddenly make more jets or less jets. It's usually things that within the year don't change.

嗯，謝謝。這再次增強了我們提供的指導的可靠性。因此，截至 6 月 30 日，積壓訂單的最大貢獻者是航空業，而航空業也是我們一直以來預測最好的業務——因為這些事情往往不會發生太大變化，一年中，我們客戶的預測也不會發生太多變化。你不會突然製造出更多或更少的噴射機。通常是指一年內不會改變的事情。

So if you look at the backlog in page 7 of our deck, $21.3 million is associated to Aero. And that's also where we -- if you compare H1 '24, let's say, to H1 '25, where we had -- if you compare these two and we had the biggest miss, but the miss is only, again, with timing of shipments. And then you're going to see that bouncing back in H2. And we are 100% confident that for the Aero business, we're going to hit the target and it's also the biggest part of our backlog. And it just adds into our confidence for the guidance we gave for the full year.

所以，如果你看一下我們簡報第 7 頁的積壓訂單，你會發現其中有 2,130 萬美元與 Aero 有關。而且，如果你比較一下 2024 年上半年和 2025 年上半年，你會發現我們最大的失誤，但失誤只是出貨時間的問題。然後你會看到它在下半年反彈。我們百分之百有信心，航空業務能夠實現目標，而且它也是我們積壓訂單中最大的一部分。這更增強了我們對全年指導的信心。

Thank you. And I guess the last one for me. You mentioned the company having the capacity to ship outsized quarters in the second half. So how should we expect working capital items to change in support of that?

謝謝。我想這應該是我的最後一個問題了。你提到該公司有能力在下半年運送超大尺寸的硬幣。那麼，我們應該預期營運資本項目會如何改變以支持這個目標呢？

Yeah, that's a great question. I'd like to say that today, Meir, 80% or 85% of our business is factored.

是的，這是一個很好的問題。我想說的是，梅爾，如今我們80%到85%的業務都是透過保理完成的。

80%.

80%。

80%, yeah. So the good thing about our business, I mean, it's something we'd like one day to get rid of. But the fact that we're serving companies like Boeing and Airbus, the Tier 1, we're serving Tier 2 to a Ferrari and McLaren in Automotive, Ford, IVECO, MAN, Airbus, helicopters, we're serving customers that are very easily and very cheaply factored. It means that we're financing the invoices.

80%，沒錯。所以，我們這個行業的好處在於，我們希望有一天能夠擺脫它。但事實上，我們服務於波音、空中巴士等一級供應商，服務於法拉利、麥克拉倫等二級汽車供應商，以及福特、依維柯、曼恩、空中巴士、直升機等客戶，我們服務的都是很容易且成本非常低的供應商。這意味著我們正在為這些發票提供融資。

So the working capital structure that we need, of course, it has to be healthier to support quarters of $40 million and $50 million. But the way we're doing it is the fact that we have this engine of working capital in Gauzy can support itself due to the fact that we're factoring, today, 80% of our business. It means that we're getting paid once we invoice that payment immediately. We don't need to wait for payment terms so that we can always get cash once we invoice and that can support the production of next week or the next week and the next week.

因此，我們需要的營運資本結構當然必須更加健康，才能支撐 4,000 萬美元和 5,000 萬美元的季度表現。但我們採取的方式是，由於我們目前 80% 的業務都透過保理方式進行，Gauzy 的營運資金引擎能夠自我維持。這意味著一旦我們開立發票，就能立即收到款項。我們無需等待付款條件，因此我們一開立發票就能立即收到現金，這可以支持下週、下下週以及下下週的生產。

So when you factor 80% of your business and you're getting your money day one, it's so much easier to plan growth in relation to working capital. Good question, and I hope I answered it. I hope -- it doesn't make sense, so I'm just saying that the growing -- working capital is growing. And the way we're supporting it is by factoring more and more of our invoices to get money day one that can support the production of the following week and the following months and so on and so forth.

所以，當你把 80% 的業務成本都考慮進去，並且從第一天起就能拿到錢時，就更容易根據營運資金來規劃成長了。問得好，希望我的回答能幫到你。我希望——這聽起來可能不太合理，所以我只是想說，營運資金正在成長。我們支持生產的方式是，透過對越來越多的發票進行折現，以便在第一天就能獲得資金，從而支持接下來一周、接下來幾個月的生產，以此類推。

Got it. Thank you. That was all for me.

知道了。謝謝。這就是我全部的內容了。

Thanks.

謝謝。

(Operator Instructions) Itay Michaeli, TD Cowen.

（操作說明）Itay Michaeli，TD Cowen。

Great. Thank you. Hi, everybody. Just two follow-ups on the second-half outlook. I was curious if you can comment on how we should think about the cadence between Q3 and Q4. Should we expect roughly a similar level of revenue in each quarter? Or will there be a skewed from one quarter to another?

偉大的。謝謝。大家好。關於下半年的展望，還有兩點需要補充。我想請您談談我們應該如何看待第三季和第四季之間的節奏。我們是否可以預期每季的營收水準大致相同？或者，數據會從一個季度向另一個季度傾斜嗎？

Hi, Itay. Thanks for the question. Today, I mean, again, we don't want to say -- again, quarterly projections are not as accurate, and I'd like to be careful here. But I can say that roughly around Q4, if you look back three, four, or five years, it's always our strongest quarter. So you should expect that to be the case this year and maybe even a little bit more than years before.

你好，Itay。謝謝你的提問。今天，我的意思是，我們不想再說一次——季度預測並不那麼準確，我在這裡要謹慎一些。但我可以肯定地說，大約在第四季度，如果你回顧過去三、四或五年，那總是我們業績最好的季度。所以你應該預料到今年會出現這種情況，甚至可能比往年更嚴重一些。

So you're going to see a stronger and Q4 than Q3, especially with the vacation patterns in Europe, less so much within Gauzy, but with our customers, still 65% of our business is in Europe. In August, in many cases, customers are actually shutting down. But Q3, I'd say I'd be careful and say about 40%, 60% is what you can expect. But I'd like to say that this is, again, a very rough estimation and not something that is to be taken very accurately.

因此，第四季業績將比第三季強勁，尤其是在歐洲的假期模式方面，Gauzy 內部受到的影響可能不大，但我們的客戶仍然有 65% 的業務來自歐洲。8月份，很多客戶其實都關門歇業了。但第三季度，我覺得應該要謹慎一些，預計大概在 40% 到 60% 之間。但我想再次強調，這只是一個非常粗略的估計，不能完全當真。

Thanks, Eyal. That was helpful. And then going back to the kind of bridging to positive EBITDA, if we take the second quarter starting point of $20 million revenue and roughly a $9 million EBITDA loss, it does still imply a very, very strong incremental margin to get back to where you were in the fourth quarter of last year. So I'm curious whether that's mostly underutilization of fixed costs. Is there some OpEx to think about just to help us in terms of the implied incremental margin from first half to second half on your guidance?

謝謝你，埃亞爾。那很有幫助。然後回到實現正 EBITDA 的過渡問題上，如果我們以第二季度 2000 萬美元的收入和大約 900 萬美元的 EBITDA 虧損為起點，這仍然意味著需要非常非常強勁的增量利潤率才能恢復到去年第四季的水平。所以我很好奇這是否主要是固定成本未充分利用。在您給予的績效指引中，是否有一些營運支出方面的因素需要考慮，以幫助我們了解上半年到下半年的隱含增量利潤率？

So thanks, Itay. It's really -- I'd like to refer, when you look at Gauzy, we need to see an annual kind of things straightened out on an annual level. So if we did -- if we say we claim when we did that before, we did it in Q4 '24, if we claim the $31 million is where we're breaking even on EBITDA, the cost structure of the company hasn't changed much. It's in some cases actually improved. You should expect the same on average to get to EBITDA positive. Also that our top line improves, a $40 million quarter would also dramatically improve our gross margin. So that's where you can analyze your leftover EBITDA.

謝謝你，伊泰。我想說的是，當你審視 Gauzy 時，我們需要看到一些事情在年度層面得到解決。所以，如果我們——如果我們說我們之前這樣做過，我們在 2024 年第四季度這樣做過，如果我們說 3100 萬美元是我們 EBITDA 收支平衡點，那麼公司的成本結構並沒有發生太大變化。在某些情況下，情況實際上有所改善。平均而言，要實現 EBITDA 為正，您應該預期需要相同的時間。此外，如果我們的營收能夠提升，一個季度達到 4,000 萬美元的營收也將大幅提高我們的毛利率。所以你可以在這裡分析剩餘的 EBITDA。

But we already showed that on $31.1 million, where EBITDA breakeven are a little bit positive, so that's where I'd like you to get comfort from in the reference. Also, it's very important to say that there is also quite a big effect of -- when you look at EBITDA of Q2, there's quite a bit of effect on vacation. We are 700 and something employees. We have a lot of the employees are located in Europe where vacation patterns change quite dramatically between Q2 and Q3. You can see that in former years.

但我們已經證明，在 3,110 萬美元的情況下，EBITDA 損益平衡點略微為正，所以我希望你們能從這個參考資料中獲得信心。另外，非常重要的是要指出，第二季的 EBITDA 也受到了相當大的影響——當你查看第二季的 EBITDA 時，你會發現假期對其影響相當大。我們有700多名員工。我們有許多員工位於歐洲，而歐洲員工的休假模式在第二季和第三季之間會發生相當大的變化。從往年的情況可以看出來。

So you should expect also, and it is significant enough to mention, that there's going to be vacation liability dropping in the second half. But because of the fact that the year ends in Q2 for European employees on vacation, and it's quite a bit of a liability. Meir, what was the liability?

所以你也應該預料到（這點非常重要，值得一提），下半年假期負債將會下降。但由於歐洲員工的休假時間在第二季結束，這會造成相當大的損失。梅爾，責任是什麼？

In total, liability was $4.8 million.

總計負債480萬美元。

So $4.8 million of vacation liabilities only that we had end of Q2. You should expect to see a big change in that in Q3 and onward for two reasons. And that's also something worth knowing about Gauzy, it's that most of our employees, that's a cutoff date for accumulating vacation and it goes to zero end of Q2.

因此，截至第二季末，我們光是假期負債就高達 480 萬美元。從第三季開始，這種情況應該會發生很大的變化，原因有二。還有一點值得了解的是，對於 Gauzy 的大多數員工來說，這是累積假期的截止日期，假期將在第二季結束時清除。

And also, there's usually a big drop in August because that's when they take their annual vacation. And it is a big liability, if you can see that out of our EBITDA. But also just always remember that $31 million, that's where we break even. Anything above that with much improved gross margins because of the top line is going to contribute significantly to the EBITDA.

此外，8 月通常會大幅下降，因為那是他們一年一度的休假時間。如果你能從我們的 EBITDA 中看出這一點，就會發現這是一個很大的負債。但也要始終記住，3,100萬美元是我們的損益平衡點。高於此水準的任何利潤，加上營收大幅成長帶來的毛利率提升，都將對 EBITDA 做出重大貢獻。

That's very helpful. Thank you for all that detail.

那很有幫助。謝謝你提供的所有細節。

Thanks. Thanks, Itay.

謝謝。謝謝，伊泰。

Thank you. There are no further questions at this time. I would now like to turn the conference over to Eyal Peso, CEO. Please go ahead, sir.

謝謝。目前沒有其他問題了。現在我將把會議交給執行長埃亞爾·佩索。請繼續，先生。

So thanks, everyone, for joining in today. Excited about what's coming and looking forward to talking to you soon again.

謝謝大家今天的參與。對即將發生的事情感到興奮，期待很快再次與您交談。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。