Loop Industries Inc (LOOP) 2026 Q2 法說會逐字稿

Good morning ladies and gentlemen.

女士們、先生們，早安。

Thank you for standing by. Welcome to Loop Industries second quarter fiscal 2026 corporate update call.

感謝您的耐心等待。歡迎參加 Loop Industries 2026 財年第二季公司業績更新電話會議。

(Operator Instructions)

（操作說明）

This conference is being recorded today, Thursday, October 16, 2025.

本次會議於2025年10月16日星期四進行錄製。

The earnings release accompanying this call was issued.

本次電話會議同時發布了獲利報告。

The earnings release accompanying this call was issued after the market closed yesterday, Wednesday, October 15, 2025. On our call today are Luke Industries, Chief Executive Officer, Daniel Solomita and Kevin O'Dowd, head of investor relations. I would now like to turn the conference over to Kevin O'Dowd to read a disclaimer regarding forward-looking statements.

本次電話會議附帶的獲利報告是在昨天（2025 年 10 月 15 日，星期三）股市收盤後發布的。今天參加我們電話會議的有 Luke Industries 的執行長 Daniel Solomita 和投資者關係主管 Kevin O'Dowd。現在我謹將會議交給凱文·奧多德，讓他宣讀一份關於前瞻性聲明的免責聲明。

Thank you, operator. Before we begin, please note that this morning's discussion will include forward-looking statements within the meaning of US security laws.

謝謝接線生。在開始之前，請注意，今天上午的討論將包含美國證券法意義上的前瞻性陳述。

These statements relate to our expectations, beliefs, projections, future plans and strategies, anticipated events, and other future performance matters. Forward-looking statements involve risks and uncertainties that may cause actual results to offer different materials.

這些聲明與我們的預期、信念、預測、未來計劃和策略、預期事件以及其他未來業績事項有關。前瞻性陳述涉及風險和不確定性，可能導致實際結果與預期有所不同。

For a more complete discussion of these risks and uncertainties, please refer to the risk factors and forward-looking statement sections and our most recent quarterly report on Form 10-Q filed yesterday with the SEC.

有關這些風險和不確定性的更完整討論，請參閱風險因素和前瞻性聲明部分以及我們昨天向美國證券交易委員會提交的最新季度報告（10-Q 表格）。

Our annual report on Form 10-K filed with the SEC on May 29, 2025, as amended in the Form 10-k filed May 30th, 2025 in our accompanying press release issued yesterday. These documents are available at www.sec.gov, loop industries.com or form. [Our investor relations team].

我們於 2025 年 5 月 29 日向美國證券交易委員會提交了 10-K 表格年度報告，該報告已於 2025 年 5 月 30 日在隨附的新聞稿中進行了修訂，並於昨日發布。這些文件可在 www.sec.gov、loop industries.com 或表格中找到。[我們的投資人關係團隊]。

With that, I'll turn the call over to Daniel Solomita, Chief Executive Officer and founder of Loop Industries.

接下來，我將把電話交給 Loop Industries 的執行長兼創辦人 Daniel Solomita。

Thank you very much.

非常感謝。

Thank you everyone for joining the call this morning.

感謝各位今天上午參加電話會議。

Q2 is an extremely busy quarter for loop as we move towards the construction phase of the Infinite Loop India manufacturing facility. I'm pleased to report several positive developments.

第二季度對loop來說是一個非常繁忙的季度，因為我們正朝著Infinite Loop印度製造工廠的建設階段邁進。我很高興地報告幾個積極的進展。

We have executed a supply contract with a leading sports apparel company in the world to be our anchor customer for the Infinite Loop India manufacturing facility. The contract is for Loop to supply our customer with a fixed amount of twist.

我們已與世界領先的運動服裝公司簽訂了供貨合同，該公司將成為我們在印度 Infinite Loop 製造工廠的主要客戶。合約規定 Loop 向我們的客戶供應固定數量的撚線。

Our Textile to textile polyester resin on an annual basis at a fixed price for multiple years. There is a guaranteed take or pay element to the contract as well. This means if the customer does not take delivery of the material, they still pay us a percentage of the sales price.

我們每年以固定價格向紡織品供應商提供聚酯樹脂，多年供應。合約中也包含保證照付不議的條款。這意味著即使客戶沒有提貨，他們仍然需要向我們支付銷售價格的一定比例。

So it's a very strong contract, very bankable contract. We also executed a supply contract with Taroplast, an Italian specialty po polymer manufacturer, to buy DNT produced from the infinite loop India.

所以這是一份非常穩固、非常可靠的合約。我們也與義大利特種聚合物製造商 Taroplast 簽訂了供應合同，購買由印度無限循環公司生產的 DNT。

We are finalizing a detailed engineering contract with a, with an engineering firm to begin the detailed engineering. So the project is trending on time. Our goal is to have the project up and running by the end of 2027. And that's the goal that we're maintaining.

我們正在與一家工程公司敲定一份詳細的工程合同，以開始詳細的工程設計工作。所以這個項目就照計劃進行。我們的目標是到 2027 年底使該專案投入運作。這就是我們一直堅持的目標。

Customer contracts will be, one of the dating items to get the debt financing completed. So we're on schedule with the project to have the project built by the end of 2027.

客戶合約將是完成債務融資的必要條件之一。因此，我們正按計劃推進該項目，預計將於 2027 年底前完成。

Awesome, thank you. And then one more for me, the Tarolala offtake is a key milestone. Can you talk about the commercial pipeline for DMT and Polymers beyond automotive? And then on the sportswear brand, should we expect their twist products in the market in 2026 or beyond that?

太棒了，謝謝。對我來說，Tarolala 的出口還有一個重要的里程碑。您能否談談DMT和聚合物在汽車產業以外的商業應用前景？那麼，關於運動服飾品牌，我們是否可以期待他們在 2026 年或更晚的時候推出 Twist 系列產品？

So for the sports brand, this contract is for the Indian facility. So the facility will be up by the end of 2027, so you can expect that to be starting in 2028.

所以對於這個運動品牌來說，這份合約是針對其在印度的工廠。因此，該設施將於 2027 年底建成，預計 2028 年開始投入使用。

The customer is an existing customer of our facility in Montreal, Canada today, so we do supply them with material today, so there could be small amounts of material that are used in 2026 and 2027 prior to the larger commercial facility in India being up and running.

該客戶目前是我們位於加拿大蒙特利爾工廠的現有客戶，因此我們目前確實向他們供應材料，所以在印度的大型商業工廠投入運營之前，可能會在 2026 年和 2027 年使用少量材料。

DMT is an interesting monomer. Today it's made from fossil fuels. It starts off from crude oil. There's only a handful of companies in the world, Eastman and SK Chemical, that produce DMT today and ship it around the world.

DMT是一種有趣的單體。如今它是由化石燃料製成的。它始於原油。目前世界上只有少數幾家公司，例如伊士曼和SK化學公司，生產DMT並將其銷往世界各地。

It's mainly used for specialty polymers in computer chips, some specialty chemicals, the automotive industry, the textile industry, so there's a lot of uses for DMT. We're the only, we're one of the only ones, maybe the only one. I'm not sure if there's any competition out there for Virgin quality DMT made from 100% recycled content.

DMT主要用於電腦晶片中的特殊聚合物、一些特殊化學品、汽車工業、紡織業，因此DMT的用途非常廣泛。我們是唯一一家，我們是極少數的，或許是唯一一家。我不確定市面上是否有任何產品能與採用 100% 回收材料製成的優質原生 DMT 相媲美。

And so, we've been working with certain chemical companies on, qualifying our material and seeing and looking and engaging that market. It's just interesting for us to be able to diversify our portfolio to have the FDA approved bottle grade resin.

因此，我們一直在與一些化學企業合作，對我們的材料進行認證，並觀察、了解和參與這個市場。對我們來說，能夠拓展產品組合，擁有獲得 FDA 批准的瓶裝級樹脂，是一件很有趣的事情。

The textile to textile resin for the apparel brands, DMT for specialty polymers, and MEG, which is widely used by many different companies. So, we can play in many different segments because of the flexibility that our technology has. So bringing on DMT customers is really interesting for us.

紡織品對紡織品樹脂用於服裝品牌，DMT 用於特殊聚合物，MEG 被許多不同的公司廣泛使用。因此，由於我們技術的靈活性，我們可以涉足許多不同的領域。所以，吸引DMT客戶對我們來說真的很有意義。

We have access to DMT at our facility and that selling that off to the chemical companies is is fantastic.

我們工廠有DMT，把它賣給化學企業真是太棒了。

So it's something we look forward to doing more of. The chemical market is more of a spot market, so we'll be mainly using that on the spot market, but some companies do want to to get access to the material and lock in some supplies. So, that was, the reasoning for the Tarolas contract.

所以，我們期待著以後能多做一些這樣的事情。化學品市場更像是現貨市場，所以我們主要會在現貨市場上使用它，但有些公司確實希望獲得原材料並鎖定一些供應。所以，這就是塔羅拉斯合約背後的原因。

Awesome, thank you, Daniel. I appreciate it. I'm going to jump back in line.

太棒了，謝謝你，丹尼爾。謝謝。我要重新排隊。

Thank you.

謝謝。

Thank you. Our next question comes from Varyk Kutnick with Divyde Capital Partners. Please go ahead, your line is now open.

謝謝。我們的下一個問題來自 Divyde Capital Partners 的 Varyk Kutnick。請繼續，您的線路已開通。

Good Morning, Daniel. Morning Kevin. How are you guys?

早上好，丹尼爾。早安，凱文。你們好嗎？

Fantastic.

極好的。

Thank you, Ver.

謝謝你，Ver。

Well, let's get into.

好，我們開始吧。

It so. The Sheen Kong and the higher Sun contract, could you maybe unpack what the commercial roles actually look like? Are we talking?

確實如此。沈康和孫宇晨的高薪合約，您能否詳細解讀商業角色究竟是什麼樣的？我們在說話嗎？

Co-branded yarn, integrated fabric production, just trying to get a sense of how the economics will work with them.

聯名紗線、一體化布料生產，只是想了解這種模式的經濟效益如何。

So the economics, it's a great question. So the, so, the big thing with the textile and the apparel industry is the brands are not used to buying resin because that resin has to get spun into a fiber, then the fiber needs to get put into a fabric, then the fabric gets, dyed and treated.

所以，經濟學方面，這是一個很好的問題。所以，紡織服裝業最大的問題是，品牌商不習慣直接購買樹脂，因為樹脂必須紡成纖維，然後纖維需要製成織物，然後織物還要染色和處理。

So some companies just buy garments ready-made, some people buy spun fiber or the fabric rolls. So certain customers are more more used or would prefer to buy spun fiber rather than buying the resin and having to figure out the supply chain of who to send the resin to.

所以有些公司直接購買成衣，有些人則購買紡好的纖維或布料捲。因此，某些客戶更習慣或更喜歡購買紡絲纖維，而不是購買樹脂並自行解決將樹脂運送給誰的供應鏈問題。

And so what we've done is we've partnered with the two biggest and most respected. A spinning companies in the world, Yung and Shengkong, which work with all of the different players in the marketplace.

因此，我們與兩家規模最大、最受尊敬的公司建立了合作關係。世界領先的紡紗公司永康和盛康與市場上的所有不同參與者都有合作。

So now that there's two ways this relationship works is we can bring our customers and say if you prefer to have a spun fiber, we can work with Yung or we can work with Shinkong, and they can spin the fiber for you and we can sell you the fiber directly.

現在這種合作關係有兩種運作方式，我們可以帶客戶來，告訴他們，如果您更喜歡紡好的纖維，我們可以與永康公司合作，或者我們可以與新光公司合作，他們可以為您紡製纖維，然後我們可以直接將纖維賣給您。

On the other side, for some, there's a lot of different smaller players out there that don't buy huge volumes, and those are usually the ones that that have trouble buying resin.

另一方面，對某些人來說，市面上有許多規模較小的玩家，他們的採購量並不大，而這些玩家通常很難買到樹脂。

Yun and Shing Kong can now offer loops material to their customers and say, we can offer you this material spun into a fiber or made into a fabric, and this is the underlying technology.

雲和星空現在可以向客戶提供環狀材料，並說，我們可以將這種材料紡成纖維或製成織物，這就是其基本技術。

So for larger customers, loopu will always have the relationship with the customers, so we'll be selling the material to them. For smaller players, that's where Sinkong can come in and aggregate maybe 10 different small suppliers together to make enough volume to purchase directly from us.

所以對於大客戶，loopu 始終與客戶保持聯繫，因此我們會向他們銷售材料。對於規模較小的企業來說，這就是 Sinkong 可以發揮作用的地方，它可以將大約 10 個不同的小供應商聚集在一起，形成足夠的規模，直接從我們這裡購買。

So it's really on a customer-specific kind of scenario, but, we're working really well. We just did a trade show in Paris for the apparel company with Yong.

所以這其實是針對特定客戶的情況，但是，我們目前進展非常順利。我們剛剛和Yong一起為這家服裝公司在巴黎參加了一個貿易展。

It was very well received by a bunch of smaller, a lot of these different smaller fashion brands that are looking for sustainability, and they already have the relationship with Yong or Shengkong, and so this brings our material into those mixes.

它受到了許多規模較小的時尚品牌的熱烈歡迎，這些品牌都在尋求永續性，並且已經與永康或盛康建立了合作關係，因此這將我們的材料融入到這些合作中。

Awesome.

驚人的。

Thank you for the call on that. And then So I'm reading between the lines here and what you said and others, demand outweighs supply by multiple orders of magnitude.

謝謝你打電話過來。所以，我從你和其他人的話中讀出了弦外之音，那就是需求比供給大幾個數量級。

You've got the luxury of being selective with customers here. How are you thinking about diversification one, and then you know India is 70 metric tons at nameplate capacity. Is there room for expansion there or would you rather allocate incremental demand to other sites?

在這裡，你可以自由選擇客戶。你如何考慮多元化發展？你知道印度的額定產能是70公噸。那裡還有擴張空間嗎？還是您更願意將新增需求分配給其他地點？

Great question again. So for us it's about having a more diversified portfolio. So that's why we have the textile to textile for the apparel industry.

又是一個好問題。所以對我們來說，關鍵在於擁有更多元化的投資組合。所以這就是為什麼服裝業需要紡織品對紡織品這種管道。

We have the packaging side for, mainly on the bottles. So we're working with some of the beverage companies, especially for the European market, where there's significant regulation in Europe where they have to use a percentage of recycled content in their packaging.

我們主要負責包裝方面的工作，尤其是瓶子。因此，我們正在與一些飲料公司合作，特別是針對歐洲市場，因為歐洲有嚴格的法規，要求他們在包裝中使用一定比例的回收材料。

And so those brands are looking for really high-quality PET resin. So all of our packaging customers so far that we're discussing with would be taking the material from India, shipping it into Europe, and using it within their European packaging.

因此，這些品牌都在尋找真正高品質的PET樹脂。因此，到目前為止，我們正在洽談的所有包裝客戶都會從印度進口這種材料，然後運送到歐洲，並在歐洲的包裝中使用。

So that diversifies the portfolio there and then the DMT and DMEG are really interesting markets depending on, pricing and what the market is looking like. Sometimes you get these squeezes in the market when people are really need DMT or MEG we'll be able to, supply them with that material.

這樣可以分散投資組合，而DMT和DMEG是非常有趣的市場，取決於定價和市場狀況。有時市場會出現供應緊張的情況，當人們真正需要DMT或MEG時，我們將能夠為他們提供這些材料。

So really having a diversified portfolio is really important for us, so we want to do some packaging, some textile, and some on the chemical side, which I think covers us no matter, what the market comes in 322 years from now, we'll be ready to play in each one of those markets and we'll always allocate a certain amount of material for the stock markets.

所以，擁有多元化的投資組合對我們來說非常重要，因此我們想涉足包裝、紡織和化學領域，我認為這足以應對未來 322 年的市場變化，我們將做好準備參與到每個市場中，並且我們始終會為股票市場分配一定比例的資金。

The second part of your question, yes, 70,000 tons is the first facility. Now the land we bought the 93 acres of land, that's enough for two facilities.

關於你問題的第二部分，是的，7萬噸是第一個設施。現在我們買的這塊93英畝的土地，已經夠蓋兩個設施了。

So we are planning an expansion quite rapidly after the first facility is up and constructed. The second facility that's being planned is 100,000 tons, so we would have approximately a 50% increase in capacity for the second facility on the on the same existing site, which again will bring down CapEx because we'll be able to reuse part of the utilities that are on the site.

因此，我們計劃在第一個設施建成後迅速擴張。正在規劃的第二個工廠產能為 10 萬噸，因此，在同一個現有廠址上，第二個工廠的產能將比第一個工廠提高約 50%，這將再次降低資本支出，因為我們將能夠重複利用廠址上的部分公用設施。

So we are planning to have a second expansion in India. India right now for me, from everything I've seen, I don't think there's a better place in the world right now to be putting up one of these facilities as it's the lowest cost structure.

因此，我們計劃在印度進行第二次擴張。就我目前所見，我認為在印度建立這類設施，世界上沒有比印度更適合的地方了，因為它的成本結構最低。

That we can see and that goes a long way with being able to offer our customers with a very high-quality product without the need for significant green premiums, and that's the key to having a long-term successful project here.

這一點我們看得出來，這對於我們能夠為客戶提供高品質的產品而無需支付大量的綠色溢價至關重要，而這正是我們在這裡取得長期成功專案的關鍵。

But we are working with Social, the French bank in Europe. There are certain regulations in Europe that are driving brands to buy European sourced material.

但我們正在與歐洲的法國銀行 Social 合作。歐洲的一些法規正在促使品牌商購買歐洲本土生產的原料。

So there's significant incentives right now in France to be able to to source material from within the European Union, which is really making the accelerated timeline on the front on the project in Europe.

因此，目前法國有很大的動力從歐盟內部採購材料，這確實加快了歐洲計畫進度。

That's really important for us, like I said.

正如我所說，這對我們來說非常重要。

We anticipate as soon as these, I think we're down to 4 different sites.

我們預計一旦這些都確定下來，我認為我們就只剩下 4 個不同的站點了。

In Europe that the teams are looking at, all of the sites come with full utilities, or almost all of the utilities which will drive down CapEx. They're all close to a port which allows us to bring in modules, which again brings down CapEx, and for us it brings in meaningful engineering revenue.

在歐洲，各團隊正在考察的地點，所有場地都配備了完整的公用設施，或幾乎全部公用設施，這將降低資本支出。它們都靠近港口，這使我們能夠引進模組，從而降低資本支出，並為我們帶來可觀的工程收入。

And it brings in meaningful those two other milestone payments of $5 million each. So the sooner that we can start getting that engineering revenue and tapping into those two milestone payments, I mean, that covers all of our back office expenses for several years out. So that would be a fantastic achievement.

它還帶來了另外兩筆意義重大的里程碑付款，每筆500萬美元。所以，我們越早開始獲得工程收入並開始支付這兩筆里程碑款項，我的意思是，這就能涵蓋我們未來幾年的所有後台費用。那將是一項了不起的成就。

Okay, thanks for that. And then I'm going to sneak one more in right here. I saw it in the do you guys just put out that the cash covenant, or I don't know if it's a cash covenant, but on your line of line of credit was removed in October. That's a good vote of confidence right there. Was there anything that triggered that?

好的，謝謝。然後我還要在這裡偷偷再加一個。我看到你們在公告裡說，你們的現金契約，或者我不知道是不是現金契約，但是你們的信用額度在十月份被取消了。這無疑是對他們極大的信任。是什麼原因引發了這種情況？

Well, we asked for the government to be removed. I.

我們要求政府下台。我。

Think it's about.

我覺得是關於這個的。

Confidence.

信心。

It's a vote of confidence in the sense that now I think we can have more predictable revenue streams and profitability coming from the engineering services, and that gives banks the confidence to be able to give us more leeway on and flexibility on those type of instruments.

從某種意義上說，這是一種信任投票，因為現在我認為我們可以從工程服務中獲得更可預測的收入來源和盈利能力，這讓銀行有信心在這些類型的金融工具上給予我們更大的迴旋餘地和靈活性。

Cool. I'll.

涼爽的。患病的。

Jump back in the queue. Thanks, guys.

重新排隊。謝謝各位。

Thank you.

謝謝。

Thank you. As a reminder, if you would like to ask a question today, please do so now by pressing start, followed by the number one on your telephone keypad.

謝謝。再次提醒，如果您今天想提問，請立即按下開始鍵，然後按下電話鍵盤上的數字 1。

Our next question is a follow-up from Verek Kutnik with Divy Capital Partners. Please go ahead, Verre.

我們的下一個問題是來自 Divy Capital Partners 的 Verek Kutnik 的後續問題。請繼續，維爾。

Back on so quickly, so.

這麼快就又回來了。

This was probably listening to your comments in the beginning, the update on the debt financing for India, this indication it's probably the most confident I've ever heard you guys sound.

這可能跟我一開始聽你們的評論，以及關於印度債務融資的最新進展有關，這表明​​你們的語氣可能是我聽過的最有信心的。

So you have no worries about the equity contribution for the India JV even though it's somewhat unfunded right now. You're confident you guys will be able to reach that and liquidity will be strong moving into 2026.

所以即使印度合資企業目前資金尚不充足，您也不必擔心股權出資問題。你們有信心能夠實現這個目標，並且到 2026 年流動性將保持強勁。

Yeah, we have several different options, as we've said in the past, we have the government funding in place for a portion of the equity. We have other options for the remaining equity that's needed for loop's positions, so very confident on that side, and the debt syndication is going.

是的，我們有幾種不同的選擇，正如我們之前所說，我們已經獲得了政府的部分股權資金。對於 loop 持股所需的剩餘股權，我們還有其他選擇，因此對此我們非常有信心，而且債務融資也在進行中。

Really well, they started the process, I believe, in August, end of August, so within the, within maybe 1 month and a half, two months, we've seen a lot of interest for this project.

非常好，我相信他們是從八月底開始的，所以在大約一個半月到兩個月的時間裡，我們看到了很多人對這個計畫的興趣。

A lot of sovereign wealth funds and these multilateral development banks are looking for projects in India, sustainabilitylied. So really happy with the work stream with KPMG so far.

許多主權財富基金和多邊開發銀行都在印度尋找可持續發展的項目。到目前為止，我對與畢馬威的合作進展非常滿意。

They're bringing top quality players to the table and the terms that we've seen proposed so far are in line with our expectations. So, that's, that financing workstream is working really well.

他們帶來了頂尖的球員，而我們目前看到的提案條款也符合我們的預期。所以，融資工作流程進展非常順利。

Okay. And then one more, the 1.5 million engineering services agreement. Remind me, is that recognized upfront or is that spread across a couple of quarters.

好的。還有一份價值 150 萬美元的工程服務協議。提醒我一下，這是事先確認的，還是分幾季確認的？

Yeah.

是的。

Something on that.

差不多就是這樣。

Yeah, that's going to start, I would assume in the beginning of November once we kick off the detail engineering phase, so there's a detailed engineering firm that's going to be contracted by the joint venture, so an external firm, and then who who works side by side with that firm. So that revenue will be starting next next month.

是的，我估計會在 11 月初開始，屆時我們將啟動詳細工程設計階段。合資企業會與一家外部詳細工程設計公司簽訂合同，然後由一家公司與該公司並肩工作。所以這部分收入將從下個月開始產生。

Seems like things are finally working out for you guys. I'm excited. So, good luck with everything. Look forward to hearing about next quarter.

看來你們的事情終於步上正軌了。我很興奮。祝你一切順利。期待聽到下個季度的消息。

Yeah, it's definitely the most progress we've ever had on a project so far.

是的，這絕對是我們迄今為止在專案上取得的最大進展。

Again, testament to low cost manufacturing, the shift and the transition to becoming a low cost producer, in the world we live in today, it was really the right decision for us, being able to offer our product to our customers at prices that they're used to paying things at and there's no need for significant green premiums. I think that's a key.

再次證明低成本製造的優勢，以及轉型為低成本生產商的重要性。在我們當今生活的世界裡，這確實是一個正確的決定，使我們能夠以客戶習慣的價格向他們提供產品，而無需支付大量的環保溢價。我認為這是關鍵。

Decision decision factor, and we have a fantastic partner in India who's really hit all of the marks, the construction, the, cost estimates, the whole India factor, the feedstocks, we've locked in. Feedstock.

決策是關鍵因素，我們在印度有一個非常棒的合作夥伴，他真的滿足了我們所有的要求，包括建造、成本估算、印度相關因素、原料供應等等，我們已經敲定了。原料。

We have two independent studies on the feedstock confirming the amount of feedstock available, the pricing of the feedstock.

我們有兩個關於原料的獨立研究，證實了原料的可用量和原料的價格。

So we've really done a great job in preparing this project and it's, it shows the confidence that KPMG and the lenders have for the project to be sending us term sheets shows how solid of a project this is.

因此，我們在準備這個專案方面做得非常出色，這反映了畢馬威會計師事務所和貸款方對該專案充滿信心，他們向我們發送條款清單，這表明該專案非常穩固。

I can give you some runway here because you mentioned something I've always thought about, the green premium, people have always prioritized sustainability but have always forgot about the second piece about profitability.

我可以給你一些思考的空間，因為你提到了我一直在思考的問題，那就是綠色溢價。人們總是優先考慮永續性，但卻總是忘記了獲利能力這第二點。

It seems from our conversations you've always talked about without sustainability you can't have, a product here or you can't have profitability. So talk about that equation right there, sustainability with profitability, and you think every project you guys go into, you're set to keep that equation in balance.

從我們的談話中可以看出，你一直認為沒有永續性，你就無法擁有產品，也無法獲利。所以，談談永續性和獲利能力這個等式，你們認為你們所進行的每一個項目，都是為了維持這個等式的平衡。

I mean, sustainability is still very important and we see a shift maybe in which brands are more or less committed to sustainability.

我的意思是，永續發展仍然非常重要，我們或許可以看到一些品牌對永續發展的重視程度有所轉變。

So I think that, there's a, that's a cyclical type of a market where sustainability could become more important or less important. The underlying factor is all companies right now are looking for bringing down costs and being, cost competitive and having a a good product on the market at a good price.

所以我認為，這是一個週期性的市場，永續性可能會變得更重要，也可能變得不那麼重要。根本原因在於，目前所有公司都在尋求降低成本，提高成本競爭力，並以合理的價格向市場提供優質產品。

So for us, the ability to offer our customers the highest quality material with the sustainability angle is fantastic. And then being able to bring that in in a cost that they're, very comfortable with or the same that they're buying other lesser quality material for really allows for them to make an easier decision on signing a contract with us.

因此，對我們來說，能夠以永續發展的角度為客戶提供最高品質的材料，這真是太棒了。然後，我們能夠以他們非常滿意的價格，或者與他們購買其他品質較差的材料的價格相同的價格，提供這種材料，這確實讓他們更容易決定與我們簽訂合約。

It's not super easy to sign contracts, but what you, you're You're able to really have, really in-depth discussions with these companies because they can see the quality, they know the quality, they know the sustainability angle, and now they have it at a price that makes a lot of sense for them.

簽訂合約並不容易，但好處在於，你可以與這些公司進行非常深入的討論，因為他們可以看到質量，了解質量，了解可持續性，而且現在他們能以一個對他們來說非常合理的價格買到這些產品。

So that's really, refreshing and a testament to the low cost nature in India. On the textile side, there's a lot of interest in getting more and more textile to textile material into the marketplace. And for us being able to offer that at a really competitive price, is great for the apparel companies.

這真是令人耳目一新，也證明了印度物價低廉的特點。在紡織業方面，人們對將越來越多的紡織品投入市場表現出濃厚的興趣。對我們來說，能夠以極具競爭力的價格提供這些產品，對服飾公司來說是件好事。

On the flip side, at that competitive pricing, we're still making, really strong returns for our investors and for our project. And so, if I compare this to things that I've seen in the past, this is by far the most, profitable project we've ever seen and being able to offer it at a good price to the customers.

另一方面，在這種具有競爭力的價格下，我們仍然為投資者和專案帶來了非常可觀的回報。因此，如果我將它與我過去見過的項目進行比較，這無疑是我們迄今為止見過的最賺錢的項目，而且我們還能以優惠的價格提供給客戶。

Awesome. Thanks for all the color on, Daniel, and good luck.

驚人的。丹尼爾，感謝你帶來的繽紛色彩，祝你好運。

With the rest of the year here.

今年剩下的日子就到這裡了。

Thank you very much.

非常感謝。

Thank you. At this time, we do not have any further questions registered, and so as a final reminder, if you would like to ask a question today, please do so now by pressing start, followed by the number one on your telephone keypad.

謝謝。目前我們沒有收到任何其他問題，因此最後提醒一下，如果您今天想提問，請立即按下開始鍵，然後按下電話鍵盤上的數字 1。

We have not received any further questions so I'll turn the call back over to the management team for any closing remarks.

我們沒有收到任何其他問題，因此我將把電話轉回給管理團隊，請他們作總結發言。

Well, thank you all very much for attending the conference call. It's been a really exciting quarter for us as we move down the path towards construction. So, looking forward to updating you, at our next call.

非常感謝各位參加電話會議。對我們來說，這是一個非常令人興奮的季度，因為我們正朝著建設的目標穩步前進。期待下次通話中向您報告最新情況。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you everyone for joining us today. This concludes our call and you may now disconnect your lines.

感謝各位今天蒞臨。通話到此結束，您可以掛斷電話了。