Canoo Inc (GOEV) 2022 Q1 法說會逐字稿

Greetings, and welcome to the Canoo First Quarter 2022 Earnings Call. (Operator Instructions) Please note that this conference is being recorded.

您好，歡迎參加 Canoo 2022 年第一季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I would now like to turn the call over to our host, Nick Cunningham, Senior Vice President of Investor Relations and Capital Markets. Thank you. You may begin.

現在我想將電話轉給我們的主持人、投資者關係和資本市場高級副總裁尼克·坎寧安 (Nick Cunningham)。謝謝。你可以開始了。

Welcome to Canoo's quarterly earnings conference call.

歡迎參加 Canoo 的季度財報電話會議。

This is Nick Cunningham, and I'm the SVP of Investor Relations and Capital Markets at Canoo. This is my second earnings conference call since joining the company, and I'm thrilled to be working alongside such experienced and innovative partners. Today, I have with me Investor, Chairman and CEO, Tony Aquila; and Interim CFO and Chief Accounting Officer, Ramesh Murthy. Tony will give you an update on our business last quarter. Ramesh will then run through our financial results for the quarter. He will then turn it back to Tony, who will provide closing remarks. We'll then open the call up for questions.

我是 Nick Cunningham，我是 Canoo 投資人關係與資本市場資深副總裁。這是我加入公司以來第二次召開收益電話會議，我很高興能與如此經驗豐富、富有創新精神的合作夥伴一起工作。今天，與我在一起的還有投資者、董事長兼執行長 Tony Aquila；臨時財務長兼首席會計官 Ramesh Murthy。托尼將向您介紹我們上季度業務的最新情況。然後拉梅什將回顧我們本季的財務表現。然後他會將其轉回給托尼，托尼將發表結束語。然後我們將打開電話提問。

Please be advised we may make forward-looking statements based on current expectations. These are subject to significant risks and uncertainties, and our actual results may differ materially. 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 on our most recent Form 10-Q and 10-K and other reports that we may file with the SEC, including Form 8-Ks. All of our statements are made as of today and are based on information currently available to us. Except as required by law, we assume no obligation to update any such statements.

請注意，我們可能會根據目前的預期做出前瞻性陳述。這些都面臨重大風險和不確定性，我們的實際結果可能有重大差異。有關可能影響我們未來財務表現和業務的因素的討論，請參閱今天的收益報告以及我們最新的 10-Q 和 10-K 表格以及我們可能向 SEC 提交的其他報告中的披露內容，包括表格8- K。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。除法律要求外，我們不承擔更新任何此類聲明的義務。

During this call, we'll discuss non-GAAP financial measures. You can find the 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.

在本次電話會議中，我們將討論非公認會計準則財務指標。您可以在今天的收益報告中找到這些非 GAAP 財務指標與 GAAP 財務指標的對賬，該報告可以在我們網站的 IR 部分找到。

With that, I will turn the call over to Tony.

這樣，我就把電話轉給托尼。

Thanks, Nick, and thanks, everyone, for joining today for an update on our Q1 2022 activity.

謝謝尼克，也謝謝大家今天加入我們，了解我們 2022 年第一季活動的最新情況。

Last quarter, we made it clear that we are a high-tech customer-centric advanced mobility company. Again, to all our believers and supporters, thank you for riding alongside us on our journey. Today, I'm going to cover highlights from the quarter, including our solid and growing partnerships with 2 states and the nation. The NASA win, an update on financing and our progress towards production.

上個季度，我們明確表示我們是一家以客戶為中心的高科技先進行動公司。再次感謝我們所有的信徒和支持者，感謝你們在我們的旅程中與我們並肩作戰。今天，我將介紹本季的亮點，包括我們與兩個州和國家牢固且不斷發展的合作夥伴關係。 NASA 獲勝、融資最新情況以及我們的生產進展。

Governments around the world are helping to accelerate the migration to EVs and clean energy. We are inspired by our future forward partners in the state of Oklahoma and Arkansas as well as the Cherokee Nation, which continued to attract significant technology investments to the region. I was recently in Oklahoma where Google announced an additional investment in the state where they have invested a total of $4.4 billion in their data center in prior. The data center is the second largest in the world. This adds to the growing number of leading companies investing in the region.

世界各國政府正在協助加速向電動車和清潔能源的遷移。我們受到俄克拉荷馬州、阿肯色州以及切羅基族未來未來合作夥伴的啟發，他們繼續為該地區吸引大量技術投資。我最近在俄克拉荷馬州，Google宣佈在該州進行額外投資，此前他們已在該州的資料中心投資總計 44 億美元。該數據中心是世界第二大數據中心。這使得越來越多的領先公司在該地區進行投資。

With the passage of the large-scale economic activity and development or, if you will, LEAD Act, we believe the state of Oklahoma will offer an increasingly business-friendly climate. The legislation creates a nearly $700 million program to incentivize top job-creating businesses to invest in Oklahoma. The bill received overwhelming bipartisan support from the Oklahoma legislature, passing the Senate by a 41 to 5 vote and the house by an 81 to 17 vote. Thank you both the House and the Senate for their support of this monumental achievement.

隨著大規模經濟活動和發展的通過，或者如果您願意的話，LEAD 法案的通過，我們相信俄克拉荷馬州將提供一個越來越有利於商業的環境。該立法制定了一項近 7 億美元的計劃，以激勵創造就業機會的頂級企業在俄克拉荷馬州投資。該法案得到了俄克拉荷馬州立法機構兩黨壓倒性的支持，參議院以 41 比 5 票通過，眾議院以 81 比 17 票通過。感謝眾議院和參議院對這項里程碑式成就的支持。

I'd like to give a few shout-outs, starting with House Speaker, Charles McCall; Senate President Pro Tem, Greg Treat; and Governor, Stitt, for their incredible leadership. Senator, Roger Thompson and the Representative, Kevin Wallace, deserves particular credit for helping to draft and pass this important legislation. Thank you, Senator, Kevin Matthews of Tulsa and your Democratic colleagues for your help in driving bipartisan support for this bill. We were active in supporting this initiative and are encouraging key partners to invest in the region.

我想大聲疾呼，首先是眾議院議長查爾斯·麥考爾（Charles McCall）；臨時參議院主席 Greg Treat；以及州長斯蒂特，感謝他們令人難以置信的領導力。參議員羅傑·湯普森和眾議員凱文·華萊士幫助起草和通過了這項重要立法，值得特別讚揚。感謝塔爾薩參議員凱文·馬修斯和民主黨同事為推動兩黨支持該法案的幫助。我們積極支持這項舉措，並鼓勵主要合作夥伴在該地區投資。

We appreciate the support from Governor, Asa Hutchinson, and his collaboration with Oklahoma. He is positioning Arkansas as a leader in advanced mobility and clean energy, and we are here to assist. He established a 3-state partnership with Oklahoma and Louisiana to create a regional hub for the development, production and use of clean hydrogen. I hosted a hands-on event in Bentonville, which includes several LDVs. It was attended by fleet managers from municipalities and state agencies of Oklahoma and Arkansas.

我們感謝州長阿薩·哈欽森的支持以及他與俄克拉荷馬州的合作。他將阿肯色州定位為先進行動和清潔能源領域的領導者，我們隨時為您提供協助。他與俄克拉荷馬州和路易斯安那州建立了三州合作夥伴關係，以創建一個開發、生產和使用清潔氫的區域中心。我在本頓維爾舉辦了一場實作活動，其中包括幾輛 LDV。來自俄克拉荷馬州和阿肯色州各市政府和州機構的車隊經理出席了這場活動。

In June, we are planning to attend the UP Summit in Bentonville, which includes visionaries across multidimensional mobility community, we are gathering to generate ideas that we believe will challenge and change the mobility landscape. Over the coming quarter, we expect to move a 1,000 vehicle order from the state of Arkansas from Stage 2 to Stage 3. Our team will continue to work with the states for additional incentives to further solidify the region as a center for advanced mobility.

6 月，我們計劃參加在本頓維爾舉行的 UP 峰會，其中包括多維出行社區的遠見者，我們齊聚一堂，提出我們相信將挑戰和改變出行格局的想法。在下個季度，我們預計將阿肯色州的1,000 輛汽車訂單從第二階段轉移到第三階段。地位。

This environment was selected for the combination of 2 visionary states and a nation; the Cherokee Nation, where we stand by our commitment toward workforce development. We have already broken ground on our mega-micro factory in Pryor, Oklahoma and are getting ready for the next phase of development. I would like to personally thank our government affairs team, in particular, Chris Moore for their many, many months of work in supporting initiatives within the states and the nation. Thank you to the citizens of Oklahoma and Arkansas and the Cherokee Nation for the strong support we have never felt more welcome.

這個環境是為了兩個有遠見的國家和一個民族的結合而選擇的；切羅基民族，我們恪守對勞動力發展的承諾。我們位於俄克拉荷馬州普賴爾的超微型工廠已經破土動工，正在為下一階段的開發做好準備。我個人要感謝我們的政府事務團隊，特別是克里斯·摩爾 (Chris Moore)，感謝他們為支持各州和國家的倡議所做的許多個月的工作。感謝俄克拉荷馬州、阿肯色州和切羅基族人民的大力支持，我們感到從未如此受歡迎。

Great news as well, the Final CFIUS Dilution Condition related to the shareholder, DD Global Holdings, has been satisfied, and we are no longer subject to any further provisions under the national securities agreement. On the federal level, the administration continues to make strides with the national electric vehicle infrastructure formula program, which dedicated $7.5 billion in infrastructure funds over the next 5 years to the states for additional EV charging stations. Our 5 initial rollout states will receive over $665 million or $5.8 billion allocated to states to fund EV charging infrastructure with over 50% of that rolling out in the next 3 years. An additional $2.5 billion will be devoted to EV charging in rural areas and in underserved communities.

還有個好消息，與股東 DD Global Holdings 相關的最終 CFIUS 稀釋條件已得到滿足，我們不再受國家證券協議中任何進一步條款的約束。在聯邦層面，政府繼續在國家電動車基礎設施公式計劃方面取得進展，該計劃在未來 5 年內向各州投入 75 億美元的基礎設施資金，用於增加電動車充電站。我們最初推出的 5 個州將獲得超過 6.65 億美元或分配給各州的 58 億美元，用於資助電動車充電基礎設施，其中超過 50% 將在未來 3 年內推出。另外 25 億美元將專門用於農村地區和服務欠缺社區的電動車充電。

In March, the administration authorized use of the Defense Production Act to provide funding for mining, processing and recycling of lithium, nickel, cobalt, graphite and manganese and other materials. While the benefits from this initiative may not be immediate, we believe it may increase the supply of these materials from domestic sources over the medium to long term. This potentially benefits our partners like Arkansas, which has one of the nation's largest lithium reserves.

今年三月，政府授權使用《國防生產法》為鋰、鎳、鈷、石墨和錳等材料的開採、加工和回收提供資金。雖然這項措施的好處可能不會立竿見影，但我們相信，從中長期來看，它可能會增加國內這些材料的供應。這可能有利於我們的合作夥伴，例如阿肯色州，該州擁有全國最大的鋰儲量之一。

We were chosen by NASA in a competitive process to produce vehicles that will transport astronauts to the launch pad for the Artemis lunar missions. These will be the first electric NASA crew transport vehicles. The Artemis program will be the first human lunar landing in over 50 years and will be the first to bring a woman and a person of color to the moon. A quick shout out to Representative, Steve Womack, from the Third District of Arkansas, who recently highlighted our NASA contract on the House floor. Artemis may well prove to be one of the longest running space programs, and we are honored to partner with NASA in this historic endeavor. Over 600 million people tuned in to watch the first moon landing in 1969. And with today's media landscape and population, we anticipate billions of impressions associated with the Artemis program. These vehicles will be produced in America by the people of the Heartland, including native Americans and veterans. We look forward to sharing more info in the future.

我們在競賽中被美國太空總署選中來生產將太空人運送到阿耳忒彌斯登月任務發射台的車輛。這些將是美國太空總署第一批電動載人運輸車輛。阿耳忒彌斯計畫將是 50 多年來人類首次登月，也是第一個將女性和有色人種送上月球的計畫。快速向來自阿肯色州第三選區的眾議員史蒂夫·沃馬克致敬，他最近在眾議院強調了我們的 NASA 合約。阿耳忒彌斯很可能是運行時間最長的太空計畫之一，我們很榮幸能與 NASA 合作進行這項歷史性的努力。超過 6 億人收看了 1969 年的首次登月。這些車輛將由美國腹地人民（包括美國原住民和退伍軍人）在美國生產。我們期待將來分享更多資訊。

On to financing. We have been clear with our partners and associates regarding our philosophy of raising capital judiciously. We will continue with this disciplined approach. It is a different market today, one with challenging conditions, but our strategy aligns with this type of market environment. We live in uncertain times. The team and myself have successfully navigated similar turbulent markets in the past. I reiterate we will raise appropriate amounts to satisfy what we need, bridge 2 milestones and be in a position to take advantage of our track record, our value creation and potentially improving market conditions.

談融資。我們已向合作夥伴和同事明確表達了我們審慎籌集資金的理念。我們將繼續採用這種嚴格的方法。如今，這是一個不同的市場，一個條件充滿挑戰的市場，但我們的策略與這種市場環境一致。我們生活在一個不確定的時代。我和我的團隊過去曾成功應對過類似動盪的市場。我重申，我們將籌集適當的資金來滿足我們的需求，跨越兩個里程碑，並能夠利用我們的業績記錄、我們的價值創造和潛在改善的市場狀況。

To start, we entered into a $250 million equity purchase agreement with financing partner Yorkville Advisors. Next, we have a commitment for a $50 million pipe from an existing shareholder, further demonstrating long-term support and belief in the company. We also filed a $300 million shelf, bringing our total accessible capital to $600 million, optimizing our financial needs to SOP. We are in ongoing discussions with parties for additional financing as it makes sense based on our disciplined approach to managing our execution plan. A related party is exploring raising up to 100 -- or excuse me, up to $1 billion of nondilutive capital for the construction of the prior facility. Oklahoma Mega-Micro factory in Mid-America Industrial Park in the form of an ESG Clean Energy Native American affected communities opportunity zone funding vehicle. Further to our focus on sourcing regenerative nondilutive investment capital, this taps into eco-friendly high net worth investors focused to deploy this capital in a tax-efficient manner that makes a big ESG difference.

首先，我們與融資合作夥伴 Yorkville Advisors 簽訂了 2.5 億美元的股權購買協議。接下來，我們現有股東承諾提供 5000 萬美元的管道，進一步表明了對公司的長期支持和信任。我們還申請了 3 億美元的擱置，使我們的可用資本總額達到 6 億美元，優化了我們對 SOP 的財務需求。我們正在與各方持續討論額外融資，因為根據我們管理執行計劃的嚴格方法，這是有意義的。關聯方正在考慮籌集最多 100 美元——或者對不起，最多 10 億美元的非稀釋資本，用於建造先前的設施。位於中美洲工業園區的俄克拉荷馬州超微型工廠，採用 ESG 清潔能源美國原住民受影響社區機會區融資工具的形式。除了我們專注於尋找再生性非稀釋性投資資本外，這也吸引了環保高淨值投資者，他們專注於以節稅的方式部署這些資本，從而產生巨大的 ESG 差異。

Moving on to supply chain dislocations, risks and achievements. We have sourced 95% of parts for our LV and LDV domestic production and are grateful to be sourcing 91% of parts from the U.S. and allied nations. We take a different approach to traditional problems in the supply chain, starting with our design, which requires 50% less parts. Today, we have arranged for an on-time delivery of 100% of the required semiconductor chips for gamma and TT builds. Building on what I said last quarter, supply chain issues have worsened, especially as things have heated up on the geopolitical arena.

接下來討論供應鏈錯位、風險和成就。我們為 LV 和 LDV 的國內生產採購了 95% 的零件，並很高興從美國和盟國採購了 91% 的零件。我們對供應鏈中的傳統問題採取不同的方法，從我們的設計開始，減少 50% 的零件需求。今天，我們已安排 100% 按時交付 gamma 和 TT 構建所需的半導體晶片。基於我上季所說的，供應鏈問題已經惡化，特別是在地緣政治領域局勢升溫的情況下。

We are still in process of securing on-time delivery of 26% of the semiconductor chips needed for SOP, which at standard costs represent less than 2% of our BOM. This issue has our team's full attention, and we are working aggressively to resolve it. As many OEMs and others have indicated, there may be industry relief for the semiconductor supply chain shortage coming in just in time, aligning to our Q4 2022 SOP. We expect to hit SOP in Q4 2022. What remains is whether we will hit our full target of 3,000 to 6,000 units is still remaining open. Since the end of Q1, we have more than doubled the gamma builds to 39 vehicles. We completed our second year of deep winter testing of more than 2,000 additional miles.

我們仍在確保按時交付 SOP 所需的 26% 半導體晶片，以標準成本計算，這些晶片僅占我們 BOM 的不到 2%。這個問題得到了我們團隊的充分關注，我們正在積極努力解決它。正如許多 OEM 和其他廠商所表示的那樣，半導體供應鏈短缺的行業可能會及時緩解，這與我們的 2022 年第四季 SOP 保持一致。我們預計將在 2022 年第四季達到 SOP。自第一季末以來，我們的伽瑪車輛數量增加了一倍多，達到 39 輛。我們完成了第二年的深冬測試，額外行駛了 2,000 多英里。

We will soon be entering desert testing for the second year validate our systems once temperatures have reached optimal conditions. There is an open invitation to any analyst out there that covers us that would like to come down to do a test drive in one of our complete gammas. You will find it an exciting and different experience. With gammas increasingly coming off the line and entering testing, we are preparing to start the scale of production at our Bentonville advanced manufacturing facility. Our second building is going up now, and we are front-loading battery production for SOP. Battery module production increased over 156% sequentially to battery modules for 43 gamma vehicles. We have been hiring and training personnel for Bentonville, and they are currently training on our battery line.

我們很快就會進入第二年的沙漠測試，一旦溫度達到最佳條件，就會驗證我們的系統。我們向所有關注我們的分析師發出公開邀請，邀請他們來試駕我們的一輛完整的伽瑪車。您會發現這是一次令人興奮且不同的體驗。隨著伽馬射線越來越多地下線並進入測試，我們正準備在本頓維爾先進製造工廠開始規模生產。我們的第二棟大樓正在建設中，我們正在為 SOP 進行前期電池生產。 43 輛伽瑪汽車的電池模組產量較上季增加超過 156%。我們一直在為本頓維爾招募和培訓人員，他們目前正在我們的電池生產線上進行培訓。

On to sales. Our Stage 2 orders have increased 17% from Q4 2021 to Q1 2022, totaling over 17,500 units to date. Our preorders are completely organic. We continue to move forward sales discussion with several key partners, and we solidly anticipate that we will be sold out this year and next. We will keep you updated as we make further progress with our sales efforts. I would like to thank our partners, our suppliers, our employees for continuing to contribute to Canoo's mission. We are here today with the spirit of embracing challenge and change rather than shying away from it.

繼續銷售。從 2021 年第四季到 2022 年第一季度，我們的第二階段訂單增加了 17%，迄今總計超過 17,500 台。我們的預訂是完全有機的。我們繼續與幾個主要合作夥伴進行銷售討論，我們堅信今年和明年的產品將售罄。隨著我們的銷售工作進一步進展，我們將隨時向您通報最新情況。我要感謝我們的合作夥伴、供應商和員工繼續為 Canoo 的使命做出貢獻。今天，我們懷著擁抱挑戰和改變的精神來到這裡，而不是迴避它。

And now for our financials. Ramesh?

現在我們的財務狀況。拉梅什？

Thank you, Tony.

謝謝你，托尼。

Our first quarter of 2022 results are as follows. Research and development expenses of $82.5 million for the quarter compared to $39.3 million in the prior year period. Excluding $7 million of stock-based compensation, research and development expense was $75.5 million. SG&A expense was $55.6 million for the quarter, consistent with the prior year period. Excluding $13.7 million of stock-based compensation, SG&A expense was $41.9 million.

我們 2022 年第一季的業績如下。本季的研發費用為 8,250 萬美元，而去年同期的研發費用為 3,930 萬美元。不包括 700 萬美元的股票薪酬，研發費用為 7,550 萬美元。本季的 SG&A 費用為 5,560 萬美元，與去年同期持平。不包括 1,370 萬美元的股票薪酬，SG&A 費用為 4,190 萬美元。

GAAP net loss was $125.4 million for the quarter compared to a GAAP net loss of $15.2 million in the prior year period. GAAP net loss in the first quarter of 2022 included a $15.5 million noncash gain on the fair value change of earn-out shares liability related to the periodic remeasurement of the fair value of our contingent earn-out shares liability. Adjusted EBITDA was negative $117.4 million for the quarter compared to negative $49.8 million in the prior year period.

本季 GAAP 淨虧損為 1.254 億美元，而去年同期 GAAP 淨虧損為 1,520 萬美元。 2022 年第一季的 GAAP 淨虧損包括與定期重新計量或有獲利股票負債公允價值相關的獲利股票負債公允價值變動帶來的 1,550 萬美元非現金收益。本季調整後 EBITDA 為負 1.174 億美元，而上年同期為負 4,980 萬美元。

Turning to the balance sheet and cash flow. We ended the quarter with $104.9 million of cash and cash equivalents. Cash used in operations for the 3 months ended March 31, 2022, was $120.3 million compared to $53.9 million for the 3 months ended March 31, 2021. Capital expenditures were $28.4 million for the 3 months ended March 31, 2022, compared to $12.1 million for the 3 months ended March 31, 2021. Due to the timing of the inflow from our announced funding, management has added a going concern qualification to our financial statements for Q1.

轉向資產負債表和現金流量。本季結束時，我們的現金和現金等價物為 1.049 億美元。截至2022年3月31日止三個月的營運現金為1.203億美元，而截至2021年3月31日止三個月為5,390萬美元。為2,840萬美元，而截至2022年3月31日止三個月為1,210萬美元截至2021 年3 月31 日的三個月。財務報表中新增了持續經營資格。

Turning to our guidance. For the second quarter of 2022, we anticipate the following expenditures; approximately $95 million to $115 million for operating expenses, excluding stock-based compensation and depreciation and approximately $85 million to $105 million for capital expenditures.

轉向我們的指導。對於 2022 年第二季度，我們預計支出如下：營運費用約為 9,500 萬至 1.15 億美元（不含股票報酬和折舊），資本支出約 8,500 萬至 1.05 億美元。

Before we open the call up for Q&A, I'll turn it over to Tony for closing remarks. Tony?

在我們開始問答之前，我將把它交給托尼做結束語。托尼？

Thank you, Ramesh.

謝謝你，拉梅什。

We will push forward to support workforce development within the Heartland, where we will build our vehicles. We are committed to technological, industrial level change, which will upfit these communities and uplift them. Our commitment to hiring and training a workforce, consisting of veterans and native Americans is just solid. We are in a good spot to listen to learn, to act and to provoke this change. I would like to thank, again, our partners, our suppliers and our associates for their unwavering support of our mission. As always, we will keep our eyes on the goal and stick to our philosophy of big news or no news.

我們將推動支持中心地帶的勞動力發展，我們將在那裡製造我們的車輛。我們致力於技術、工業水準的變革，這將改善和提升這些社區。我們對僱用和培訓由退伍軍人和美洲原住民組成的勞動力的承諾是堅定的。我們處於傾聽、學習、行動和推動這項變革的有利位置。我要再次感謝我們的合作夥伴、供應商和同事對我們使命的堅定支持。我們將一如既往地緊盯目標，堅持「大新聞或無新聞」的概念。

Thank you. Nick?

謝謝。缺口？

Operator, please open it up for questions.

接線員，請打開它提問。

(Operator Instructions) And our first question comes from Sameer Joshi with H.C. Wainwright.

（操作員說明）我們的第一個問題來自 Sameer Joshi 和 H.C.溫賴特。

Yes. Just a quick question on the expected CapEx that was announced or guided during the previous conference call of around $60 million to $80 million. I think it came in at $28.4-ish million. Was this related to financing timing? Or was it related to some other reasons?

是的。我想簡單問一下上次電話會議期間宣布或指導的預計資本支出約為 6000 萬至 8000 萬美元。我認為它的收入約為 2840 萬美元。這與融資時機有關嗎？還是與其他一些原因有關？

Yes. Thank you, Sameer, for your questions. So it was not related to financing timing. Frankly, what it is, is it's more -- it's a payment related to a milestone recognition of our fixed assets. So once we get fixed assets, we have to follow the accounting rules for milestone recognition. So what you see lower on CapEx in Q1 is what gets picked up into Q2.

是的。謝謝薩米爾的提問。所以與融資時間無關。坦白說，它是什麼，更多的是——這是與我們固定資產的里程碑式認可相關的付款。因此，一旦我們獲得固定資產，我們就必須遵循會計準則來確認里程碑。因此，您在第一季看到的資本支出較低的內容在第二季有所回升。

Right. And so that's why the guidance is slightly higher for this quarter. So for the year, are we still looking at around -- and this is our estimation of around 245 -- around $230 million to $250 million?

正確的。這就是為什麼本季的指引略高的原因。那麼今年，我們是否仍在關注——這是我們對 245 左右——大約 2.3 億至 2.5 億美元的估計？

Sameer, as you know, we typically provide guidance only for 1 quarter. So we provided our guidance for Q2 '22.

Sameer，如您所知，我們通常只提供 1 個季度的指導。因此，我們提供了 22 年第二季的指導。

But I think our capital raising efforts kind of tells you -- and if you know our track record, I mean, pretty disciplined.

但我認為我們的融資努力在某種程度上告訴了你——如果你知道我們的往績記錄，我的意思是，非常有紀律。

Yes. I mean, that was going to be my next question. The $250 million plus $50 million plus additional share is of $300 million. What do you expect the time line to be for, one, the closing of the first pipe and then draw down of the rest of the $250 million?

是的。我的意思是，這將是我的下一個問題。 2.5 億美元加上 5,000 萬美元加上額外股份即 3 億美元。您預計關閉第一條管道然後提取其餘 2.5 億美元的時間是怎樣的？

I mean the first pipe will probably close this week, no problem. And then just after the S-3 filing, they access to the Yorkville, so that's a couple of weeks. So it's pretty -- it's virtually immediate.

我的意思是第一條管道可能會在本週關閉，沒問題。然後就在 S-3 備案之後，他們進入了約克維爾，所以這需要幾週的時間。所以它很漂亮——幾乎是即時的。

Understood. One more question on the VDL net car. There was some return of a prepayment of around $30.4 million. Is this now out of the way? Or is there anything more to be expected?

明白了。還有一個關於VDL網車的問題。預付款項已返還約 3,040 萬美元。現在這已經不成問題了嗎？還是還有什麼值得期待的？

No. But we continue to have a working relationship with them, with VDL. They're actually doing some stuff with us. So we have a continuing relationship. So we're continuing to receive benefits from our partnership.

不會。他們實際上正在和我們一起做一些事情。所以我們有持續的關係。因此，我們將繼續從我們的合作夥伴關係中獲益。

Understood. And congratulations on the NASA relationship. Can you give us a little bit more insight into -- from now until the vehicles are launched? Is there -- what kind of testing or prequalification or any other check boxes, milestones that you need to achieve?

明白了。祝賀美國宇航局的關係。您能否讓我們更深入地了解一下從現在到車輛推出之前的情況？您需要實現什麼類型的測試或資格預審或任​​何其他複選框、里程碑？

Yes. So look, I think the thing that we're very focused on is the second building in Bentonville. The first building is up. It's getting ready for some of its installation work. The second building is moving at record speed. The team there is doing an incredible job. That's a pretty big focus for us, obviously, because Bentonville can produce 20,000-ish vehicles for us. I think also in addition to that, you saw the commentary about exploring more nondilutive capital in the essence that the MA IP where we're building this is an opportunity zone so that could give us access to some very interesting capital.

是的。所以看，我認為我們非常關注的是本頓維爾的第二座建築。第一棟大樓已建成。它正在為一些安裝工作做準備。第二棟建築正在以創紀錄的速度移動。那裡的團隊正在做著令人難以置信的工作。顯然，這對我們來說是一個相當大的關注點，因為本頓維爾可以為我們生產 20,000 輛左右的車輛。我認為除此之外，您還看到了關於探索更多非稀釋性資本的評論，其本質是我們正在建造的 MA IP 是一個機會區，因此可以讓我們獲得一些非常有趣的資本。

And a lot of people talk about ESG like it's a thing. For us, it's just our culture. That's why we're doing what we're doing. So it aligns well. So we be very focused on that in the quarter. In addition to that, the microchips gap for SOP, we've secured gamma and TT, but that 2% of the BOM cost does give us a little bit of agitation. So we're going to dog pile on that and find the various sources. I mean, one thing with using half the number of microchips of almost all vehicles out there, it does make you more reliant on the chips you have, right, from a yin and a yang.

很多人談論 ESG 就好像它是一件事。對我們來說，這只是我們的文化。這就是我們正在做我們正在做的事情的原因。所以它對齊得很好。因此，我們本季將非常關注這一點。除此之外，SOP 的微晶片缺口，我們已經確保了 gamma 和 TT，但是 2% 的 BOM 成本確實讓我們有點不安。因此，我們將對此進行深入研究並找到各種來源。我的意思是，使用幾乎所有車輛一半數量的微晶片，它確實會讓你更加依賴你擁有的晶片，對吧，從陰到陽。

Yes. You actually answered the next question I was going to ask, but for NASA itself, is there any other -- any additional hurdles or milestones that you need to achieve or pass before the vehicles can actually be launched to the moon?

是的。你實際上回答了我要問的下一個問題，但對於 NASA 本身來說，在車輛真正發射到月球之前，你還需要實現或通過任何其他障礙或里程碑嗎？

Yes. So this is the content of that would be confidential and really a NASA discussion. Any discussions we make on that would most likely be joint and/or authorized, but it's a very exciting program. In fact, I will be spending most of the week there with some of our team members. I'm really proud of what the country is doing, and it's just an amazing privilege to be a part of it.

是的。所以這就是保密的內容，而且其實是 NASA 的討論。我們對此進行的任何討論很可能都是聯合和/或授權的，但這是一個非常令人興奮的計劃。事實上，我一周的大部分時間都會和我們的一些團隊成員一起度過。我對這個國家正在做的事情感到非常自豪，能夠成為其中的一部分我感到非常榮幸。

Yes. No, certainly. Congrats on all the progress you've made thus far and good luck.

是的。不，當然。恭喜您迄今為止所取得的所有進展，祝您好運。

(Operator Instructions) Our next question comes from Jaime Perez with R.F. Lafferty.

（操作員說明）我們的下一個問題來自 Jaime Perez 和 R.F.拉弗蒂。

Could you give us an update on the equipment in the plant -- I think last quarter, you gave us an update on how much is in the plant? And so could you just give us some color on that?

您能否向我們介紹工廠設備的最新情況—我想上個季度，您向我們介紹了工廠設備的最新情況？您能給我們一些說明嗎？

We're producing vehicles now. We're running somewhere between, call it, up to 12 units a week right now. So we have -- that's giving us a chance to work with our current robotics and everything and work out our processes. When you have half the number of parts and you have a unique design that's designed to be repairable, it actually is proving to be much better. We have areas that we've been able to accelerate so that we can improve our processes. So those items are going in there. We're testing and we're fine-tuning them. We're getting them ready for SOP in Bentonville. And I don't know if you guys can travel yet, but love to have you come down and drive them. Driving a sports vehicle by wire is an experience. So I'd love to have you come down.

我們現在正在生產車輛。我們現在每週運行最多 12 台。所以我們——這讓我們有機會使用我們目前的機器人技術和一切來制定我們的流程。當您擁有一半數量的零件並且擁有可修復的獨特設計時，事實證明它要好得多。我們在某些​​領域已經能夠加速，以便改善我們的流程。所以這些物品都會放進去。我們正在測試並對其進行微調。我們正在讓他們為本頓維爾的 SOP 做好準備。我不知道你們是否可以旅行，但很高興你們能下來開車。透過線控駕駛跑車是一種體驗。所以我很想讓你下來。

Well, I'm not that far away. So I think I take you up on your offer. Now the gamma vehicles, are they testing are they in customers' hands? Or are these customers -- if the customers are the individuals or fleets? Could you give us some update on that?

嗯，我離得併不遠。所以我想我會接受你的提議。現在伽瑪車，他們正在測試它們是否在客戶手中？還是這些客戶是個人還是車隊？您能為我們提供一些最新情況嗎？

Yes. So right now, we are using them for customer engagement. And we're primarily concentrating on fleet customers right now.

是的。所以現在，我們正在使用它們來吸引客戶。我們現在主要關注車隊客戶。

All right. And as far as the preorder, is the bulk of that fleet customers or individual reserve?

好的。就預訂而言，大部分是車隊客戶還是個人預訂？

Those are purely organic. We haven't laid in there anything, but the 1,000 of the 2,000 fleet orders. And I believe maybe some, probably 1/3 of it is coming from various fleets in the order, maybe a little more than that, I'd have to get the specific breakdown, but we can get that to you if you want it. But the focus for us right now is obviously on larger users, because we want to book ourselves out into priors opening.

這些都是純有機的。除了 2,000 個艦隊訂單中的 1,000 個之外，我們沒有放任何東西。我相信也許有一些，可能有 1/3 來自訂單中的各個艦隊，也許比這個多一點，我必須得到具體的細目，但如果你想要的話，我們可以給你。但我們現在的重點顯然是更大的用戶，因為我們想提前預訂。

Right. Now, any feedback from these large clients as far as the performance of the vehicles on the median requirements because we hear from other EVs. I've been in touch with the potential clients or fleet clients and they sort of demanded some load requirements, I mean, how is that going along with Canoo?

正確的。現在，我們從其他電動車那裡聽到了這些大客戶對車輛性能中位數要求的任何回饋。我一直在與潛在客戶或車隊客戶聯繫，他們提出了一些負載要求，我的意思是，Canoo 的進展如何？

It's going really well. I mean, we should have played -- I was driving them around in L.A., I guess, a week ago. And I mean, people are just stopping us on the street, asking questions, pulling up to us on stop signs, just because of the amount of space, the utilization, the turning radius -- the capabilities are -- is the best I've felt about it all coming together. But the best thing is I tell everyone, when you drive it and you sit in it and you see it and you park it next to something that you're used to, it just tells you what we did. So that's going to be the best way for you to write your note is to actually come down and drive it.

一切進展順利。我的意思是，我們應該玩——我想，一周前我開車帶他們在洛杉磯閒逛。我的意思是，人們只是在街上攔住我們，問問題，在停車標誌上停車，只是因為空間大小、利用率、轉彎半徑——這些能力——是我最好的。在一起了。但最好的事情是我告訴大家，當你駕駛它，坐在裡面，看到它，並將它停在你習慣的東西旁邊時，它只會告訴你我們做了什麼。因此，寫筆記的最佳方式就是實際下來並驅動它。

Yes, I can't wait, especially the unique design. Now as far as the NASA, congratulations on the Artemis win. I know this might be a little bit hypothetical, but what other opportunities are you looking at in just because it's a pretty -- you mentioned it's a pretty visible thing to go to watch the count down and watch a Canoo vehicle take the astronauts to the rocket ship. So I mean what are the opportunities do you think this might open as far as maybe government or other programs?

是的，我已經等不及了，尤其是獨特的設計。現在就美國太空總署而言，祝賀阿耳忒彌斯號獲勝。我知道這可能有點假設，但你還在尋找其他什麼機會，只是因為它很漂亮——你提到這是一個非常明顯的事情，可以觀看倒數計時並觀看 Canoo 飛行器將宇航員帶到太空火箭飛船。所以我的意思是，您認為這可能會為政府或其他項目帶來哪些機會？

Well, I mean, I think, Jaime, we told you about our focus was to focus on the market movers and really focus on purpose-built activities and that have a high return for our customers and for ourselves. And obviously, this is not just the only thing we're focused on, right. So although it's an important one, but it does open us to engage with other government agencies, which we already are.

嗯，我的意思是，海梅，我們告訴過你我們的重點是關注市場推動者，真正專注於專門的活動，這些活動能為我們的客戶和我們自己帶來高回報。顯然，這不僅僅是我們關注的唯一事情，對吧。因此，雖然它很重要，但它確實讓我們能夠與其他政府機構合作，我們已經這樣做了。

There are no further questions at this time. I'll turn the floor back to management for closing remarks.

目前沒有其他問題。我將請管理層作結束語。

Thank you all for joining our call, and have a great day.

感謝大家加入我們的通話，祝您有美好的一天。

Thank you. All parties may now disconnect. Have a good day.

謝謝。所有各方現在都可以斷開連接。祝你有美好的一天。