Canoo Inc (GOEV) 2024 Q3 法說會逐字稿

Greetings.

問候。

Welcome to the Canoo Q3 2024 Earnings Presentation.

歡迎來到 Canoo 2024 年第三季財報簡報。

(Operator Instructions) Please note that this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Kunal Bhalla, Chief Financial Officer.

現在我將會議交給主持人財務長庫納爾·巴拉 (Kunal Bhalla)。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, everyone, for joining us on our Q3 2024 earnings call.

感謝大家參加我們的 2024 年第三季財報電話會議。

During the call, Tony will update you on our business.

在通話期間，托尼將向您介紹我們的業務最新情況。

I will provide an update on our capital raising efforts.

我將提供有關我們融資工作的最新資訊。

Ramesh will go over the Q3 financial results.

拉梅什將回顧第三季的財務表現。

Please be advised that we may make forward-looking statements based on current expectations.

請注意，我們可能會根據目前的預期做出前瞻性陳述。

These are subject to significant risks and uncertainties and our actual results may differ materially.

這些都面臨重大風險和不確定性，我們的實際結果可能會有重大差異。

For a discussion of factors that could affect our future financial results and business, please refer to the disclosure in today's earnings release and our most recent Form 10-Q and 10-K and other reports that we may file with the SEC, including Form 8-K.

有關可能影響我們未來財務表現和業務的因素的討論，請參閱今天的收益發布中的披露以及我們最新的 10-Q 和 10-K 表以及我們可能向 SEC 提交的其他報告，包括表 8 -K 。

All of our statements are made as of today and are based on information currently available to us.

我們所有的聲明都是截至今天所做的，並且基於我們目前掌握的資訊。

Except as required by law, we assume no obligation to update any such statements.

除法律要求外，我們不承擔更新任何此類聲明的義務。

During the call, we'll discuss non-GAAP financial measures, you can find a reconciliation of these non-GAAP financial measures to GAAP financial measures in today's earnings release, which can be found on the IR section of our website.

在電話會議期間，我們將討論非 GAAP 財務指標，您可以在今天的收益發布中找到這些非 GAAP 財務指標與 GAAP 財務指標的調整表，該調整表可以在我們網站的 IR 部分找到。

With that, I'll hand it over to Tony.

這樣，我就把它交給東尼了。

Thanks, Kunal.

謝謝，庫納爾。

The automotive industry is facing challenges that are not only inflation, interest rates, supply chain disruptions but also in the center of political debate as it relates to rare earth materials and the transition to EVs, which means there is volatility until America becomes fully independent.

汽車產業面臨的挑戰不僅包括通貨膨脹、利率、供應鏈中斷，而且還成為政治辯論的中心，因為它涉及稀土材料和向電動車的過渡，這意味著在美國完全獨立之前存在波動。

With that backdrop, we have also struggled to navigate the capital markets to align with our step-level manufacturing plan.

在此背景下，我們也努力引導資本市場以與我們的階梯式製造計畫保持一致。

While we sharpen our focus on our core customers and markets, we must continue to flatten the organization and take aggressive actions to be more cost disciplined as we realign our North American operations, which we should have done earlier in 2024.

在我們加強對核心客戶和市場的關注的同時，我們必須繼續扁平化組織，並在重新調整北美業務時採取積極行動，以更加嚴格地控製成本，而我們本應在 2024 年初完成這項工作。

This starts with a committed executive team, which believes in the value of what we are building and are willing to do what it takes, including short-term pay cuts in exchange for long-term incentives, aligning us all with our shareholders and creating a leaner, flatter and more efficient and cross-functional operating structure.

這始於一支忠誠的執行團隊，他們相信我們正在建立的東西的價值，並願意採取必要的行動，包括以短期減薪換取長期激勵，使我們所有人與股東保持一致，並創造一個更精簡、更扁平、更有效率、跨職能的營運結構。

With that, Kunal and I will be more focused on raising the needed capital to meet our customers' demand for our product and solutions and getting us back on track with our step-level manufacturing plan.

這樣，庫納爾和我將更加專注於籌集所需的資金，以滿足客戶對我們的產品和解決方案的需求，並使我們的逐步製造計劃重回正軌。

Our footprint consolidation, consolidating our facilities from 6 to 3: Justin, Texas; Oklahoma City and Pryor, Oklahoma.

我們的足跡整合，將我們的設施從 6 個整合到 3 個：德克薩斯州賈斯汀；俄克拉荷馬市和俄克拉荷馬州普賴爾。

While we have been through some turbulence, we have brought a net increase of higher-paying engineering and advanced manufacturing jobs to the states of Oklahoma and Texas.

雖然我們經歷了一些動盪，但我們為俄克拉荷馬州和德克薩斯州帶來了高薪工程和先進製造工作的淨增長。

Unfortunately, we've been on a rollercoaster which has impacted our workforce.

不幸的是，我們的經歷就像坐過山車一樣，這影響了我們的員工隊伍。

And most recently, we made the difficult decision to furlough 23% of our workforce or 30 of our teammates in Oklahoma City, which weighs heavy upon us.

最近，我們做出了艱難的決定，讓 23% 的員工或俄克拉荷馬城的 30 名隊友暫時休假，這給我們帶來了沉重的壓力。

This will continue to be difficult in a critical period as we consolidate, but we will do everything we can to get the capital in place and bring those jobs back online.

在我們進行整合的關鍵時期，這仍然會很困難，但我們將盡一切努力獲得資本並讓這些工作重新上線。

On the positive, we have achieved 45 relocations to date from California to our Oklahoma facilities and Justin, Texas.

從積極的方面來看，迄今為止，我們已將 45 家工廠從加州搬遷至俄克拉荷馬州工廠和德克薩斯州賈斯汀。

We have received FTC certifications, completed, established Oklahoma as our base for exports and import building blocks for both left- and right-hand drive markets.

我們已獲得聯邦貿易委員會 (FTC) 認證，並已完成並建立俄克拉荷馬州作為我們左舵和右舵市場的出口和進口基礎設施的基地。

Further, many of our suppliers will be happy to hear that we have established a share pool for our supplier partners, part of our supply chain partnership harmonization.

此外，我們的許多供應商會很高興聽到我們為供應商合作夥伴建立了一個共享池，這是我們供應鏈合作夥伴關係協調的一部分。

Focus on commercial, government and fleet customers only.

僅關注商業、政府和車隊客戶。

Our prices are firming with growing customer demand.

隨著客戶需求的成長，我們的價格正在堅挺。

Electrifying fleets is not just an environmentally-friendly decision, it's also an economically beneficial business decision.

車隊電氣化不僅是一項環保決策，也是一項具有經濟效益的商業決策。

In this phase, we will be solely focused on our fleet order books.

在此階段，我們將只專注於我們的船隊訂單。

Therefore, we have made the difficult decision to refund customer deposits for consumer vehicles.

因此，我們做出了退還消費者車輛押金的艱難決定。

We appreciate all of our consumer orders we have received to date, but as many of you know, entering the consumer market is not profitable or viable for us until we have scale, thus, our focus on fewer high credit-grade customers that are serviceable and profitable at lower volumes.

我們感謝迄今為止收到的所有消費者訂單，但正如你們許多人所知，在我們達到規模之前，進入消費市場對我們來說是無法盈利或不可行的，因此，我們將重點放在較少的可服務的高信用等級客戶上並以較低的產量獲利。

We are grateful for the support as the company started originally with its focus on consumer vehicles.

我們感謝大家的支持，因為該公司最初專注於消費車輛。

But as you all have seen over the prior quarters, we have pivoted the business into a very strong and fleet market.

但正如大家在前幾個季度所看到的那樣，我們已將業務轉向一個非常強大的車隊市場。

We have started also diversifying to pro-EV markets with approved mandates and government-backed incentives like the UK.

我們也開始向支持電動車的市場進行多元化發展，並獲得批准的授權和政府支持的激勵措施，例如英國。

After successful engagements with major fleets in the UK, we established a legal entity and selected Bicester Motion to launch commercial operations in the country.

在與英國主要船隊成功合作後，我們建立了法人實體，並選擇 Bicester Motion 在該國開展商業運營。

We completed IVA, which is individual vehicle approval, for our 2 pilot vehicles within 3 months and with 2% BOM change from our existing LDV 130 and 190 platforms.

我們在 3 個月內完成了 2 輛試驗車輛的 IVA（個人車輛批准），並且 BOM 較我們現有的 LDV 130 和 190 平台發生了 2% 的變化。

Improved cycle time, developed and validated product with a customer, the USPS, which requires a right-hand drive vehicle.

縮短了周期時間，與需要右側駕駛車輛的客戶 USPS 一起開發和驗證了產品。

Our platform flexibility to economically expand into these right-hand drive markets reduces launch time for us to enter a new market with a validated and proven product that has been tested and used by heavy fleet users.

我們的平台具有靈活性，可以經濟地擴展到這些右駕市場，從而縮短了我們進入新市場的啟動時間，該產品已經過重型車隊用戶的測試和使用，並且經過驗證和驗證。

SMR support for our customers, we selected automobile associations, service maintenance and repair and announced that agreement.

為了支援我們的客戶SMR，我們選擇了汽車協會、服務維護和維修並宣布了該協議。

And we now have a pilot program with a prestigious U.K. fleet, testing our vehicles during the busiest, coldest and wettest season.

我們現在與著名的英國車隊合作開展了一項試點計劃，在最繁忙、最冷和最潮濕的季節測試我們的車輛。

Looking forward, we are mapping our UK rollout in a three-phased approach.

展望未來，我們正在分三階段規劃我們在英國的推廣。

Phase 1 with customers who represent the infrastructure in the backbone of the country.

第一階段的客戶代表該國骨幹基礎設施。

Phase 2, diversifying to various industries.

第二階段，向各行業多元化。

This is our framework.

這是我們的框架。

We will only sell vehicles to customers after they have road-tested it and we have debugged our product for their specific uses and markets.

我們只會在客戶進行道路測試並針對其特定用途和市場調試我們的產品後才向客戶銷售車輛。

Rushing to build, deliver product and underwriting high-warranty risk is not our business model.

急於建置、交付產品和承保高保固風險不是我們的商業模式。

The UK government incentives on clean energy, net zero goals of 70% of new vans sold in the UK to be zero emission by 2030 and 100% by 2035.

英國政府對清潔能源採取激勵措施，目標是到2030年英國銷售的70%新貨車實現零排放，到2035年達到100%。

Recently, they reapproved the GBP 5,000 maximum plug-in grant available for large fleets, the UK providing GBP 120 million in 2025 and '26.

最近，他們重新批准了向大型車隊提供的最高 5,000 英鎊的插件補助，英國將在 2025 年和 26 年提供 1.2 億英鎊。

Over 2 billion over 5 years to support the automotive sector, including zero emission vehicles, manufacturing sector and supply chain approved as part of the autumn 2024 budget.

作為 2024 年秋季預算的一部分，批准在 5 年內提供超過 20 億美元用於支援汽車產業，包括零排放汽車、製造業和供應鏈。

For those who have followed me know my track record, I have operated in over 90 countries, and my past company opened a new office every 90 days.

關注我的人都知道我的業績記錄，我的業務遍及 90 多個國家，我以前的公司每 90 天就開設一個新辦公室。

We understood currencies.

我們了解貨幣。

We learned about them.

我們了解了他們。

Importance of localization, denominated manufacturing, labor pools, and et cetera.

本地化、計價製造、勞動力儲備等的重要性。

Our modular flexible architecture was designed to support activities in different regions as kits, we call it the MPP, the multipurpose platform, assemblies for full manufacturing.

我們的模組化靈活架構旨在以套件形式支援不同地區的活動，我們稱之為 MPP，即多用途平台、用於全面製造的組件。

More on this topic as we roll out our UK strategy.

我們將在推出英國戰略時詳細介紹這個主題。

As we established international opportunities, domestic demand for Canoo LDVs also continue to build.

隨著我們建立國際機遇，國內對 Canoo LDV 的需求也不斷增加。

Submitted application for California's Department of General Services, DGS, for our LDV 130.

已向加州綜合服務部 (DGS) 提交了 LDV 130 的申請。

Current contract does not have enough electric vehicles available for state agencies, with agencies unable to meet state electrification mandates, if approved, opens LDV 130 to a TAM of a few thousand vehicles.

目前的合約沒有足夠的電動車可供國家機構使用，機構無法滿足國家電氣化指令，如果獲得批准，LDV 130將向數千輛汽車的TAM開放。

With that, I'll turn it back over to Kunal.

有了這個，我會把它轉回給庫納爾。

Thank you, Tony.

謝謝你，托尼。

I am humbled by the confidence that Tony and the Board have entrusted in me to take on the role as Chief Financial Officer at this very pivotal time in our company's evolution.

東尼和董事會對我的信任，讓我在公司發展的這個關鍵時刻擔任財務官，這讓我深感榮幸。

Many of you already know me from my previous roles across Chief of Staff, Capital Markets, Corporate Development, Investor Relations and, most recently, purchasing over the course of my 3-plus-year tenure at Canoo.

你們中的許多人已經透過我之前在 Canoo 的三年多任期中擔任的幕僚長、資本市場、企業發展、投資者關係以及最近的採購職位而認識我。

Those experiences have given me a unique perspective and understanding of the company's strategy, business operations, challenges and areas of potential opportunities.

這些經驗讓我對公司的策略、業務營運、挑戰和潛在機會領域有了獨特的視角和理解。

But most importantly, I have had an opportunity to learn from Tony, and my fellow team members, the power of teamwork and what we can achieve together, and I will emphasize transparency and accountability as many who will work for me already know.

但最重要的是，我有機會向托尼和我的團隊成員學習團隊合作的力量以及我們可以共同實現的目標，我將強調透明度和問責制，正如許多為我工作的人已經知道的那樣。

I look forward to navigating this journey together and welcome your questions and insights along the way.

我期待著共同度過這段旅程，並歡迎您一路提出問題和見解。

Now let me quickly update you a few highlights from this quarter.

現在讓我快速向您更新本季的一些亮點。

We reported our highest revenue quarter at $891,000 in revenue.

我們報告了收入最高的季度，收入為 891,000 美元。

This includes higher-margin engineering service revenues associated with onboarding our partner as we set up alternative supply chain options to further reduce our lines in China.

這包括與我們的合作夥伴合作帶來的更高利潤的工程服務收入，因為我們建立了替代供應鏈選項，以進一步減少我們在中國的線路。

We raised $28 million in capital this quarter.

本季我們籌集了 2800 萬美元的資金。

And earlier this month, we secured a $12 million credit facility approved by the independent Board with AFV Management Advisors LLC, an entity affiliated with Tony Aquila.

本月早些時候，我們獲得了獨立董事會批准的 AFV Management Advisors LLC（Tony Aquila 的附屬實體）1,200 萬美元的信貸額度。

Tony mentioned in his opening remarks, our mandate is clear: greater focus on capital raising activities, cutting costs and reducing waste, supply chain negotiation and harmonization.

東尼在開場白中提到，我們的任務很明確：更重視融資活動、削減成本和減少浪費、供應鏈談判和協調。

I will update you on our progress in the coming quarters.

我將向您通報我們未來幾季的最新進展。

Finally, during my time at Canoo, I worked very closely with Ramesh Murthy on many initiatives.

最後，在 Canoo 期間，我與 Ramesh Murthy 在許多措施上密切合作。

Ramesh has been a great leader, a pillar of stability and help navigate the company in many functions, including finance and accounting.

拉梅什是一位偉大的領導者，是穩定的支柱，並幫助領導公司的許多職能，包括財務和會計。

I look forward to continuing our partnership and congratulate Ramesh on his step into his additional role of Chief Administrative Officer.

我期待著繼續我們的合作夥伴關係，並祝賀拉梅什擔任首席行政官的額外職務。

With that, I will now turn the call over to Ramesh to cover the financial update.

現在，我將把電話轉給拉梅什，介紹最新的財務狀況。

Thanks, Kunal.

謝謝，庫納爾。

Now let me walk you through the results for the third quarter fiscal year 2024.

現在讓我向您介紹 2024 財年第三季的業績。

We continue to focus on our financial discipline.

我們繼續關注我們的財務紀律。

Key accomplishments include a record-breaking revenue of $891,000 in Q3 of 2024 with the life-to-date revenues of about $1.5 million, 20% further reduction in research and development in Q3 of 2024 compared to Q3 of 2023 driven by substantial completion of our product.

主要成就包括2024 年第三季創紀錄的收入達到891,000 美元，迄今為止的收入約為150 萬美元；與2023 年第三季相比，2024 年第三季的研發費用進一步減少20%，這是由於我們的實質完成的產品。

The consolidation of our Torrance, California site into Oklahoma and Justin reflected in operating expenses follows our disciplined approach to drive savings and efficiency over the long term while expecting annualized savings of $12 million to $14 million.

我們將加州托蘭斯工廠合併到俄克拉荷馬州和賈斯汀，這反映在營運費用上，這遵循了我們長期推動節約和提高效率的嚴格方法，同時預計年節約額為1200 萬至1400 萬美元。

Moving to the income statement, our third quarter 2024 results are as follows: a 6.5% or $2.6 million quarterly adjusted EBITDA improvement from negative $40.4 million in Q3 of 2023 to negative $37.7 million in Q4 of 2024; research and development expenses, excluding stock-based compensation, totaled $18.8 million for the quarter primarily driven by our support for key large customers and pilot programs; final engineering improvements and testing compared to $21.3 million in the prior year period, a 12% reduction from Q3 of 2023; SG&A expenses, excluding stock-based compensation, totaled $19.6 million for the quarter compared to $18.6 million in the prior year period.

轉向損益表，我們2024 年第三季的業績如下：季調整後EBITDA 改善6.5%，即260 萬美元，從2023 年第三季的負4,040 萬美元增至2024 年第四季的負3,770 萬美元；本季研發費用（不包括股票薪酬）總計 1,880 萬美元，主要是由於我們對主要大客戶和試點項目的支持；最終的工程改進和測試費用與去年同期的 2,130 萬美元相比，比 2023 年第三季減少了 12%；該季度的 SG&A 費用（不含股票薪酬）總計 1,960 萬美元，而去年同期為 1,860 萬美元。

We will continue to optimize cost and improve efficiency as a part of our footprint consolidation effort.

作為我們足跡整合工作的一部分，我們將繼續優化成本並提高效率。

As it relates to our key non-GAAP metrics, here is our summary: 2.3% or $0.9 million quarterly adjusted EBITDA improvement from negative $38.6 million in Q2 of 2024 to negative $37.7 million in Q3 of 2024; 74.3% or negative $6.20 adjusted net loss per share improvement from negative $8.34 per share for 9 months ended September 30, 2023, to negative $2.14 for the same period in 2024; 11.5% or negative $0.07 adjusted net loss per share improvement from negative $0.61 per share in Q2 of '24 to negative $0.54 per share in Q3 of 24.

由於它與我們的關鍵非GAAP 指標相關，因此我們的摘要如下：季度調整後EBITDA 改善2.3%，即90 萬美元，從2024 年第二季的負3860 萬美元增至2024 年第三季的負3,770 萬美元； 74.3%或負6.20美元調整後每股淨虧損從截至2023年9月30日的9個月每股負8.34美元改善至2024年同期負2.14美元； 11.5％或負0.07美元調整後每股淨虧損從2024年第二季的每股負0.61美元改善到24年第三季的每股負0.54美元。

Turning to the cash flow, we ended the quarter with cash, cash equivalents and restricted cash of $16.1 million.

談到現金流，本季末我們的現金、現金等價物和限制性現金為 1,610 萬美元。

Net cash provided by financing activities for the 3 months ended September 30, 2024, was $26.3 million compared to $76.7 million in the prior year period, a 65.7% decrease from the prior year.

截至 2024 年 9 月 30 日的三個月，融資活動提供的淨現金為 2,630 萬美元，而去年同期為 7,670 萬美元，比去年同期減少 65.7%。

Cash used in operations for the 3 months ended September 30, 2024, was $26.5 million compared to $35.9 million in the prior period.

截至 2024 年 9 月 30 日的三個月營運中使用的現金為 2,650 萬美元，而上一期間為 3,590 萬美元。

We will continue to optimize our working capital needs in the future quarters.

我們將在未來幾季繼續優化營運資金需求。

Our cash outflows from investing activities was $2.8 million for the 3 months ended September 30, 2024, compared to $11.5 million in the prior year period.

截至 2024 年 9 月 30 日的三個月，我們的投資活動現金流出為 280 萬美元，去年同期為 1,150 萬美元。

We anticipate our cash outflow to be between $30 million to $40 million in the coming quarter, driven from our consolidation of locations.

由於地點整合，我們預計下一季的現金流出將在 3,000 萬至 4,000 萬美元之間。

Let me turn it back to Tony for closing remarks.

讓我把它轉回給托尼做總結發言。

Tony?

托尼？

Thanks, Ramesh.

謝謝，拉梅什。

I would like to say thank you to our customers, suppliers, associates and stakeholders for your support and believing in the long-term vision.

我想對我們的客戶、供應商、同事和利害關係人表示感謝，感謝你們的支持和對長期願景的信任。

Recent changes have been tough, but necessary.

最近的變化雖然艱難，但卻是必要的。

While the automotive space is experiencing a tightening cycle, we remain focused on our cost discipline and continue to pursue the growing opportunities in the commercial EV space domestically and in our targeted markets.

雖然汽車領域正在經歷緊縮週期，但我們仍然專注於成本控制，並繼續在國內和目標市場的商用電動車領域尋求不斷增長的機會。

With that, we'll turn it over to the operator for questions.

這樣，我們會將其轉交給操作員詢問。

(Operator Instructions) Amit Dayal, H.C. Wainwright.

（操作員說明）Amit Dayal, H.C.溫賴特。

So just addressing sort of the elephant in the room, Tony, what are the financing options in front of you?

那麼，托尼，我只是在解決房間裡的大象問題，您面前的融資選擇是什麼？

Are you just going to slowly sort of raise capital to meet your OpEx needs, working capital needs?

您是否只是要慢慢籌集資金來滿足您的營運支出需求和營運資金需求？

Or is there sort of a different view on how you want to address this aspect of the business and that could allow you to maybe get to production, et cetera, in a faster time frame?

或者對於您希望如何解決這方面的業務有不同的看法，這可以讓您在更快的時間內投入生產等？

Just any color on what options you have in front of you would be very helpful.

只要你面前的選項有任何顏色就會非常有幫助。

Yes.

是的。

So we, I think for the first time, received also a letter of encouragement from some of the available programs from the US government.

因此，我認為這是我們第一次收到美國政府的一些可用計劃的鼓勵信。

But in addition to that, we've been working on a few transactions for capital raising efforts and, in addition to that, just looking at how we would use our ATM efficiently.

但除此之外，我們還一直在進行一些融資交易，除此之外，我們還在研究如何有效地使用我們的 ATM。

We've been happy to see volume in our stock, so that gives us the options.

我們很高興看到我們的庫存量很大，這給了我們選擇。

Plus I put in place a revolving line of credit to help them until they can secure more financing that is debt related as well.

另外，我還設立了循環信貸額度來幫助他們，直到他們能夠獲得更多與債務相關的融資。

In addition to that, we're in discussions with some Tier 1 banks on purchase order financing, which generally is a 5- to 6-month growth on it for manufacturing so we can harmonize our supply chain.

除此之外，我們正在與一些一級銀行討論採購訂單融資，這通常是製造業的 5 到 6 個月的成長，以便我們能夠協調我們的供應鏈。

And also, we finally completed creating a pool for our suppliers so that they can participate in the shares of the company.

而且，我們最終完成了為我們的供應商創建一個池，以便他們可以參與公司的股份。

So we'll focus on raising capital that is nondilutive where we can.

因此，我們將專注於盡可能籌集非稀釋性資本。

We're entering markets that have incentives that we can access as we bring our products to localization.

我們正在進入具有激勵措施的市場，當我們將產品在地化時，我們可以進入這些市場。

We picked very strong allied nations to United States as well as working with sovereign-type investors for this next phase.

我們選擇了與美國非常強大的盟友，並與主權投資者合作進行下一階段。

We got over the part of getting the product right.

我們已經完成了讓產品正確的部分。

Now we're getting how we service the customers and the geography expansion part right.

現在我們正在了解如何正確地服務客戶和地理擴展部分。

Now we've got a supply chain that we got to harmonize and we got to catch up on.

現在我們已經有了一條必須協調並迎頭趕上的供應鏈。

Some we got to realign agreement, some we have to completely reshape the agreement and others we have to add into the system based on the final configuration that we learned from our customers.

有些我們必須重新調整協議，有些我們必須完全重塑協議，有些我們必須根據從客戶那裡了解到的最終配置添加到系統中。

So those things are kind of moving in conjunction with that.

所以這些事情就是與此相關的。

That ability helps us to reduce our demand on cash for front-loading our supply chain.

這種能力有助於我們減少供應鏈前期的現金需求。

So those are the multiple areas of capital we'll focus on.

這些是我們將重點關注的多個資本領域。

And we are very focused on doing it, though, in a step level.

不過，我們非常專注於逐步做到這一點。

In other words, we don't want to raise too much capital at once.

換句話說，我們不想一次募得太多資金。

As we learned over these 4 years, the efficiency of a young company is not at the highest maturity, obviously, because it's young.

正如我們在這四年中了解到的那樣，一家年輕公司的效率顯然還沒有達到最高成熟度，因為它還年輕。

I do believe we now enter a period of we understand where we should be spending money and on which customers, which segments, and I think I feel like our maturity level for that is good, which align well with our raising of capital.

我確實相信我們現在進入了一個時期，我們了解應該把錢花在哪些地方、哪些客戶、哪些細分市場上，我認為我們在這方面的成熟度很好，這與我們籌集資金非常吻合。

Okay.

好的。

Understood.

明白了。

So in this context, how should we think about production capabilities and production time lines?

那麼在這樣的背景下，我們該如何思考生產能力和生產時間線呢？

We have certain assumptions for 2024 and 2025.

我們對 2024 年和 2025 年有一定的假設。

I'm guessing visibility around that is very limited at this point.

我猜目前對此的能見度非​​常有限。

But any guidance in terms of how you are thinking about meeting customer needs for the moment with the resources you have would be helpful.

但是，任何有關您目前如何考慮利用現有資源滿足客戶需求的指導都會有所幫助。

Yes.

是的。

So I think right now, based on the fact that you probably saw some of the vehicles that have been exposed, we don't disclose what our customers, our pilot customers or anyone, is doing.

因此，我認為現在，基於您可能看到了一些已暴露的車輛這一事實，我們不會透露我們的客戶、我們的飛行員客戶或任何人正在做什麼。

We consider this part of their business secrets, the way they operate.

我們認為這屬於他們的商業機密以及他們的運作方式。

And we are behind plan, to your point, which is part of my comments in there.

就你的觀點而言，我們落後於計劃，這是我在那裡評論的一部分。

We thought we'd be further along than we are by now.

我們以為我們會比現在走得更遠。

By Q4 of 2025, we should be at 3 jobs per day and moving up to multiple jobs per hour in 2026.

到 2025 年第四季度，我們應該每天完成 3 個工作崗位，並在 2026 年增加到每小時多個工作崗位。

We'll give more on that detail.

我們將提供更多有關該細節的資訊。

But we did have some good breakthroughs in the quarter.

但我們在本季確實取得了一些良好的突破。

As you know, AFV partners purchased the manufacturing facility, and we did receive notification that a tenant within the area in the complex is leaving, which gives us access to an entire paint shop.

如您所知，AFV 合作夥伴購買了製造設施，我們確實收到了綜合體區域內的一名租戶即將離開的通知，這使我們能夠進入整個噴漆車間。

This has been something that was in our strategy.

這一直是我們策略的一部分。

Of course, we bought the building from the tenant, and that will allow us to paint multiple jobs per hour in an already established paint shop.

當然，我們從租戶那裡購買了這座建築，這將使我們能夠在已經建立的油漆車間每小時進行多項油漆工作。

I know there's been commentary about paint shop.

我知道有關於油漆車間的評論。

We've been very deliberate on why we slowed down on that investment and the type of investment because we knew there was the ability for that tenant to leave.

我們一直在深思熟慮為什麼我們放慢了這項投資和投資類型，因為我們知道該租戶有能力離開。

So hopefully, we'll get ahead of schedule here, and we'll even do better than this.

所以希望我們能提前完成計劃，甚至做得更好。

But that site can do as it is configured today, with the addition of some e-coat equipment, we now have the paint shop capability, we have to do some modifications to it, but we will get that site up to roughly 10 jobs per hour on the MPP1 and 8 jobs per hour for the full build, and we're currently capable of doing 5 battery modules for entire vehicles per hour.

但是該站點可以按照今天的配置進行操作，透過添加一些電泳設備，我們現在擁有噴漆車間功能，我們必須對其進行一些修改，但我們將使該站點的每個工作崗位最多達到大約 10 個。上每小時可完成8 個工作，完整建造每小時可完成8 個工作，目前我們每小時能夠為整輛車生產5 個電池模組。

So we're still a little lumpy in there.

所以我們那裡仍然有點混亂。

We still got to smooth out some pieces.

我們仍然需要平滑一些部分。

The biggest thing for us now is getting our supply chain.

現在對我們來說最重要的是建立我們的供應鏈。

And the final piece is now we know the exiting tenant for our facilities in Oklahoma City and then crank up production.

最後一步是，現在我們知道了俄克拉荷馬城工廠的現有租戶，然後加快生產。

In the meantime, we'll slow build our vehicles, which means it's more manual process.

同時，我們將緩慢地建造我們的車輛，這意味著它是更多的手動過程。

We've been building the MPP1s out of Oklahoma City and following all the proper regulations for labeling the vehicles built in Oklahoma.

我們一直在俄克拉荷馬城建造 MPP1，並遵循所有適當的法規來為俄克拉荷馬州製造的車輛貼上標籤。

So that kind of gives you probably a bit more color on facilities, CapEx as well as production.

因此，這可能會讓你對設施、資本支出以及生產有更多的了解。

(Operator Instructions) Jawad Bhuiyan, Stifel.

（操作員說明）Jawad Bhuiyan，Stifel。

I want to touch on some of the speculation on right-hand drive units and potentially vehicles coming into the UK postal service.

我想談談一些關於右舵駕駛裝置和可能進入英國郵政服務的車輛的猜測。

I was wondering if you might talk a little bit about that in terms of timing or I guess, if there's anything tangible to share.

我想知道你是否可以在時間方面談談這一點，或者我想，是否有任何切實的東西可以分享。

And then I had another quick follow-up.

然後我又進行了一次快速跟進。

Yes, Jawad.

是的，賈瓦德。

So we never comment on customer pilots or activities, as you may or may not have experienced with us.

因此，我們絕不會評論客戶試點或活動，因為您可能經歷過也可能沒有經歷過我們的經驗。

And like I said, we see ourselves as partners.

正如我所說，我們將自己視為合作夥伴。

And to do the work we have done in this company and others that we built is to make sure we protect our customers' way of doing business, the way they use our configurable platform to optimize their business operations.

我們在這家公司和我們建立的其他公司所做的工作是為了確保我們保護客戶的經營方式，即他們使用我們的可配置平台來優化其業務運營的方式。

So I can confirm to you that we have built a right-hand drive vehicle.

因此，我可以向您確認，我們已經製造了一款右側駕駛車輛。

There's well over probably 15,000-plus delivery miles, I would imagine by now, by the U.S. mail, and the delivery mile is stopping every 50 feet.

我想到目前為止，美國郵件的投遞里程可能超過 15,000 多英里，而且投遞里程每隔 50 英尺就會停下來。

So there are right-hand drive vehicles.

所以就有了右舵車。

We're IVA certified, and that's all I can kind of tell you at this time.

我們已獲得 IVA 認證，這就是我目前能告訴您的全部內容。

No, that's fair.

不，這很公平。

I was wondering if you could also shed some color relating in terms of ramping production at your manufacturing facilities in Oklahoma and I guess if there were any updates on, I guess, how we should start to see meaningful volumes coming out of the factory.

我想知道您是否也可以透露一些與俄克拉荷馬州製造工廠的產量增加有關的信息，我想是否有任何更新，我想，我們應該如何開始看到工廠生產出有意義的產量。

Yes.

是的。

I think before we talk about meaningful volumes, we've got to get our capital in place and this reconfigured supply chain fully aligned.

我認為，在我們談論有意義的產量之前，我們必須讓我們的資本到位，並使重新配置的供應鏈完全一致。

As you know, many OEMs and any level of manufacturer, a TEM or whatever, will go through a period of where they land on their final products, if you will, kind of their first-generation commercializable product.

如您所知，許多 OEM 和任何級別的製造商（TEM 或其他什麼）都會經歷一段時期，他們將最終產品（如果您願意的話）稱為第一代商業化產品。

We've hit that point.

我們已經達到了這一點。

We have also a couple of derivatives in the queue that we still will have to engineer in order to kind of get to volume.

我們還有一些衍生產品正在等待中，我們仍然需要對其進行設計才能達到大量生產的目的。

But capital and supply chain, that's where we got a little bit out of alignment.

但是資本和供應鏈，這就是我們有點不一致的地方。

We were anticipating a bit faster access to capital.

我們預期獲得資本的速度會更快一些。

And so it's tough to ramp all of the divisions up in harmony.

因此，要協調所有部門的發展是很困難的。

They're constantly tugging on each other.

他們不斷地互相拉扯。

I think we're closer in alignment now than ever.

我認為我們現在比以往任何時候都更加一致。

Unfortunately, it costs for some dislocation, and that weighed on us for certain people in Oklahoma City.

不幸的是，這會造成一些混亂，這給俄克拉荷馬城的某些人帶來了壓力。

But we will be in a better position to talk about how we ramp.

但我們將能夠更好地談論我們如何提升。

As you see us announce capital, it's going to have a direct correlation to manufacturing the vehicles, with the exception of the lead time on the reconfigured supply chain that Kunal talked about as part of his mandate.

正如您所看到的，我們宣布資本，它將與車輛製造直接相關，但庫納爾在任務中提到的重新配置的供應鏈的交付時間除外。

And our next question comes from Poe Fratt with Alliance Global Partners.

我們的下一個問題來自聯盟全球合作夥伴的 Poe Fratt。

I had two questions just to clarify earlier comments.

我有兩個問題只是為了澄清之前的評論。

One, can you just clarify on the working capital line that you've put in place?

第一，您能否澄清一下您已設立的營運資金額度？

Is one now secured?

現在有一個安全嗎？

And is it also a 90-day facility?

它也是 90 天的設施嗎？

Is that correct?

這是正確的嗎？

No, it's a 12-month facility, Poe.

不，這是一個為期 12 個月的設施，Poe。

But I thought it matures in 90 days or 3 months, Tony.

但我認為它會在 90 天或 3 個月內成熟，托尼。

I think those were the grid notes that then converted into the line of credit.

我認為這些是網格票據，然後轉換為信用額度。

Okay.

好的。

So it's a 12-month facility then?

那麼這是一個為期 12 個月的設施嗎？

Yes.

是的。

So the way to think about that, Poe, is that those were like bridge loans, if you will, until the independent Board could approve the credit facility.

所以，坡，思考這個問題的方法是，如果你願意的話，這些就像過橋貸款，直到獨立委員會批准信貸安排。

Yes.

是的。

I'm sorry, I thought I read it differently, but thanks for clarifying that.

抱歉，我以為我的閱讀方式有所不同，但感謝您的澄清。

And then I think in response to the first question, you talked about nondilutive capital, and I might have misheard, but I thought you had said that there was substantial progress or favorable progress on getting governmental program loans.

然後我認為在回答第一個問題時，您談到了非稀釋資本，我可能聽錯了，但我認為您說過在獲得政府計劃貸款方面取得了實質性進展或有利進展。

Did I hear that correctly?

我沒聽錯嗎？

And if so, can you expand a little bit on that?

如果是這樣，您能否對此進行一些擴展？

So we're in a Red State, as you know, Poe.

所以，正如你所知，坡，我們處於紅州。

We recently have received our first letter of encouragement, accessing some of the nondilutive capital.

我們最近收到了第一封鼓勵信，並獲得了一些非稀釋資本。

Our estimation is that this administration will likely wrap up, like most administrations when they're on their way out, the programs that they've opened up.

我們的估計是，本屆政府可能會像大多數即將卸任的政府一樣結束他們已經開放的計劃。

And we're optimistic as the new administration kind of figures out its American manufacturing plan, that people in the Heartland will get a bigger share, or let's say, an appropriate share, of that type of funding.

我們樂觀地認為，隨著新政府制定其美國製造計劃，心臟地帶的人們將獲得此類資金的更大份額，或適當的份額。

And then, of course, we're all excited to see Elon and Vivek getting positions to make our country and our manufacturing environment much more self-independent.

當然，我們都很高興看到伊隆和維韋克獲得職位，使我們的國家和我們的製造環境更加獨立。

Can I just ask a little bit, so do you expect a letter of commitment before this administration turns over?

我可以問一下，在本屆政府換屆之前，您是否期望收到一份承諾書？

And are we talking about the DOE program, the AFPM, or whatever the acronym is?

我們談論的是 DOE 計劃、AFPM 還是其他縮寫詞？

Yes.

是的。

So it would be more difficult to predict the government when it decides to make its distribution than the market itself, Poe.

因此，預測政府何時決定進行分配比預測市場本身更困難，坡。

So I will tell you, we got a letter of encouragement for the first time.

所以我告訴你，我們第一次收到一封鼓勵信。

We've got mostly, in the last year or so, letters of discouragement.

在過去一年左右的時間裡，我們收到的大部分都是洩氣的信。

And so that's a super-positive sign when you think about it.

所以當你仔細想想，這是一個超級正面的訊號。

And maybe they just got to the areas we're in, but that will be coming out of the current administration's announced programs.

也許他們只是到達我們所在的領域，但這將來自現任政府宣布的計劃。

And we've applied for multiple ones, by the way, but we've only received one letter.

順便說一句，我們已經申請了多封信，但我們只收到了一封信。

And is it for the big program, Tony?

東尼，這是為了大計畫嗎？

Like, when you look at the sustainable aviation fuels programs, there were 2 huge commitments announced recently.

例如，當您查看永續航空燃料計畫時，您會發現最近宣布了兩項巨大的承諾。

Is it those type of programs?

是那些類型的程式嗎？

No, they're not that big.

不，它們沒有那麼大。

But for our size and for the phasing approach we're going, it's meaningful to us.

但就我們的規模和我們正在採取的分階段方法而言，這對我們來說很有意義。

And there are no additional questions at this time.

目前沒有其他問題。

I'll hand the floor back to management for any closing comments.

我將把發言權交還給管理階層，以徵求結束意見。

Operator, we just, again, would reiterate our thanks to the team and to all our supporters out there.

運營商，我們再次重申對團隊和所有支持者的感謝。

Thanks, everyone, for joining us today.

謝謝大家今天加入我們。

Thank you.

謝謝。

And with that, we conclude today's conference.

我們今天的會議就到此結束。

All parties may disconnect.

所有各方都可以斷開連接。

Have a good day.

祝你有美好的一天。