(MVST) 2023 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. We welcome you to Microvast second-quarter 2023 earnings call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議操作員。我們歡迎您參加 Microvast 2023 年第二季度財報電話會議。提醒一下，所有參與者都處於只聽模式，並且正在錄製會議。 （操作員說明）

I would now like to turn the conference over to Rodney Worthen, Microvast's Director of Investor Relations. Please go ahead.

我現在想將會議轉交給 Microvast 投資者關係總監 Rodney Worthen。請繼續。

Thank you, operator, and thank you, everyone, for joining us today. Joining me on today's call are Mr. Yang Wu, Founder, Chairman, President, and CEO; Mr. Sascha Kelterborn, Chief Revenue Officer; and Mr. Craig Webster, Chief Financial Officer.

謝謝運營商，也謝謝大家今天加入我們。參加今天電話會議的有創始人、董事長、總裁兼首席執行官楊武先生； Sascha Kelterborn 先生，首席營收官；克雷格·韋伯斯特先生，首席財務官。

Ahead of this call, Microvast issued its second-quarter 2023 earnings press release, which can be found on the Investor Relations section of the company's website at ir.microvast.com.

在此次電話會議之前，Microvast 發布了 2023 年第二季度收益新聞稿，您可以在該公司網站 ir.microvast.com 的投資者關係部分找到該新聞稿。

In addition, we have posted a slide presentation to accompany management's prepared remarks. As a reminder, please note that we will be making forward-looking statements on this call. These statements are based on current expectations and assumptions and reflect our views only as of today. They should not be relied upon as representative of views for subsequent dates, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.

此外，我們還發布了幻燈片演示文稿，以配合管理層準備好的評論。請注意，我們將在本次電話會議上發表前瞻性聲明。這些陳述基於當前的預期和假設，僅反映我們截至目前的觀點。不應將其視為後續日期的觀點代表，並且我們不承擔根據新信息或未來事件修改或公開發布這些前瞻性陳述的任何修改結果的義務。

These statements are subject to a variety of risks and uncertainties that could cause the actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our annual reports on Form 10-K filed on March 16, 2023, and the 10-Q filed earlier today.

這些陳述受到各種風險和不確定性的影響，可能導致實際結果與預期存在重大差異。有關可能影響我們財務業績的重大風險和其他重要因素的進一步討論，請參閱我們向SEC 提交的文件，包括我們於2023 年3 月16 日提交的10-K 表格年度報告以及之前提交的10-Q表格今天。

In addition, during today's call, we may discuss non-GAAP financial measures, including adjusted gross profit, adjusted net loss, and adjusted EBITDA, which we believe are useful as supplemental measures of Microvast's performance. These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results. These non-GAAP measurements have been reconciled to their most comparable GAAP metric and the tables included at the end of our press release.

此外，在今天的電話會議中，我們可能會討論非 GAAP 財務指標，包括調整後毛利潤、調整後淨虧損和調整後 EBITDA，我們認為這些指標可作為 Microvast 業績的補充指標。這些非公認會計原則措施應作為公認會計原則結果的補充，而不是替代或孤立於公認會計原則結果。這些非 GAAP 衡量指標已與最具可比性的 GAAP 指標和新聞稿末尾的表格進行了調整。

A webcast replay of this call will also be available on the Investor Relations section of our company website.

本次電話會議的網絡直播重播也將在我們公司網站的投資者關係部分提供。

With that, I will turn the call over to Mr. Wu for opening remarks.

接下來，我將把電話轉交給吳先生致開幕詞。

Thank you, Rodney, and I thank you all for joining us today. I would like to start off with a high-level overview of the quarter before providing some operational highlights. I will then turn the call over to Sascha Kelterborn, our Chief Revenue Officer, who will discuss some of our key wins in the quarter, followed by Craig Webster, our Chief Financial Officer, who will discuss the financials in more detail. I will then address our outlook for Q3 and the full-year 2023 before opening the call up to questions.

謝謝羅德尼，我也感謝大家今天加入我們。我想首先對本季度進行總體概述，然後再提供一些運營亮點。然後，我將把電話轉給我們的首席營收官 Sascha Kelterborn，他將討論我們在本季度取得的一些關鍵成果，然後是我們的首席財務官 Craig Webster，他將更詳細地討論財務狀況。然後，在開始提問之前，我將闡述我們對第三季度和 2023 年全年的展望。

Please turn to slide 4 as I cover a few highlights from our second quarter. We posted a 16% revenue growth in Q2 2023, delivering a revenue of $75 million. This increase came from growth in our European business, along with a strong demand from our customers in China.

請翻到幻燈片 4，我將介紹第二季度的一些亮點。我們公佈 2023 年第二季度收入增長 16%，收入達到 7500 萬美元。這一增長源於我們歐洲業務的增長以及中國客戶的強勁需求。

We once again achieved a double-digit gross margin with an adjusted gross margin of 17.3%, a 7 percentage point increase year over year. We ended the second quarter with a record backlog of $675.9 million, driven by a strong order intake of $271.3 million from our commercial vehicle business. This growing backlog demonstrates the rapid adoption of our new 53 amp-hour (sic - "53.5 amp-hour") power cell technology across commercial vehicle and the ESS applications.

我們再次實現了兩位數的毛利率，調整後毛利率為 17.3%，同比增長 7 個百分點。在商用車業務 2.713 億美元的強勁訂單推動下，我們第二季度末的積壓訂單達到創紀錄的 6.759 億美元。這種不斷增長的積壓表明我們的新型 53 安培小時（原文如此，“53.5 安培小時”）電池技術在商用車和 ESS 應用中得到了快速採用。

Turning to slide 5. Our most significant operational achievement in Q2 was our Phase 3.1 expansion in Huzhou for our 53.5 amp-hour cell. This has now transitioned from entire production to shipping qualified products to our customers.

轉向幻燈片 5。我們在第二季度最重要的運營成就是我們在湖州的 53.5 安培小時電池的 3.1 期擴建。現在，這已經從整個生產轉變為向我們的客戶運送合格的產品。

Since Q1, our contract capacity for deliveries of our 53.5 amp-hour power cell from Huzhou through Q2 2024 has increased from 50% to 75%. We expect customer orders and deliveries to increase further as the year progresses, especially for deliveries to the United States and Europe.

自第一季度以來，到 2024 年第二季度，我們從湖州交付 53.5 安培小時電池的合同產能已從 50% 增加到 75%。我們預計隨著時間的推移，客戶訂單和交貨量將進一步增加，特別是向美國和歐洲的交貨量。

We would also like to provide an update on our ESS container assembly operations, as you will see from slide 6. Due to the rule change related to how domestic contents is valued as a part of Inflation Reduction Act, we have decided to locate all ESS container assembly operations in the United States.

我們還想提供有關ESS 集裝箱組裝操作的最新信息，如您從幻燈片6 中看到的那樣。由於作為《通貨膨脹減少法案》的一部分，與國內內容如何估值相關的規則發生了變化，我們決定查找所有ESS美國的集裝箱組裝業務。

Because this change could have adversely impacted our customers, we expanded our Colorado footprint and would no longer base any of those operations in Mexicali. This company owned the facility in Windsor, Colorado, has a capacity to assemble 1,000 containers annually.

由於這一變化可能會對我們的客戶產生不利影響，因此我們擴大了科羅拉多州的業務範圍，並且不再將任何業務設在墨西卡利。該公司在科羅拉多州溫莎擁有工廠，每年可組裝 1,000 個集裝箱。

We are preparing Windsor to start assembly operations and expect to begin shipments of finished 4.3 megawatt-hour ESS containers in early Q4 to customer job sites. We had originally planned to start shipments in Q3. And therefore, we expect some push-out in recognizing revenues from our ESS business this year.

我們正在準備 Windsor 開始組裝作業，並預計在第四季度初開始將成品 4.3 兆瓦時 ESS 集裝箱運送到客戶作業現場。我們原本計劃在第三季度開始發貨。因此，我們預計今年 ESS 業務的收入確認會有所推遲。

This short-term impact on booking revenues this year is far outweighed by ensuring our assembly facility with our customers and partners in a best position to claim the domestic content bonus credit.

通過確保我們的客戶和合作夥伴的組裝設施處於獲得國內內容獎勵積分的最佳位置，這對今年預訂收入的短期影響遠遠抵消了。

I would now like to turn the call over to our Chief Revenue Officer, Sascha Kelterborn, who will discuss some of our key sales, partnerships, and achievements in the quarter.

我現在想將電話轉給我們的首席營收官 Sascha Kelterborn，他將討論我們本季度的一些關鍵銷售、合作夥伴關係和成就。

Thank you, Mr. Wu, and thank you all for joining us today. First, I would like to provide a bit more color on our backlog. As Mr. Wu mentioned, our backlog increased six times year over year, driven by both the rapidly expanding energy storage business in the US and strong commercial vehicle demand in Europe.

謝謝吳先生，也謝謝大家今天加入我們。首先，我想為我們的積壓工作提供更多的信息。正如吳先生提到的，在美國儲能業務快速擴張和歐洲商用車需求強勁的推動下，我們的積壓訂單同比增長了六倍。

Over 80% of our record USD675.9 million backlog is comprised of orders for 53.5 ampere-hour cell from customers in the US and Europe. We also saw increasing demand in South Korea and India, where we successfully secured several important projects.

我們創紀錄的 6.759 億美元積壓訂單中，超過 80% 來自美國和歐洲客戶的 53.5 安培小時電池訂單。我們還看到韓國和印度的需求不斷增長，我們在這兩個國家成功獲得了幾個重要項目。

Now please turn to slide 7 as I cover a few highlights from the second quarter. During the quarter, we received the first purchase order from a leading US commercial vehicle OEM for deliveries contractual starting in 2024. Additionally, we received an order from a leading European car vehicle OEM for new heavy-duty part applications. Both projects further expand our footprint and serving commercial vehicle customers.

現在請翻到幻燈片 7，我將介紹第二季度的一些亮點。本季度，我們收到了來自一家領先的美國商用車 OEM 的第一份採購訂單，合同從 2024 年開始交付。此外，我們還收到了來自一家領先的歐洲汽車 OEM 的新型重型零件應用訂單。這兩個項目都進一步擴大了我們的足跡並為商用車客戶提供服務。

We also signed a general purchase agreement for 1,000 units for our 21 ampere-hour gen-three pack with JBM Group, the leading Indian bus OEM. Delivery started in May and extends to the second quarter of next year. JBM Group is a global automotive conglomerate with operations in more than 25 locations across 10 countries, and Microvast presently represents the main supplier of lithium technology for JBM.

我們還與印度領先的客車原始設備製造商 JBM 集團簽署了 1,000 輛 21 安時第三代電池組的總採購協議。交付從五月份開始，一直延續到明年第二季度。 JBM 集團是一家全球汽車集團，業務遍及 10 個國家的 25 個以上地點，而 Microvast 目前是 JBM 鋰技術的主要供應商。

Turning to slide 8. We substantially increased our backlog for one of our largest customer, Iveco Group, during the quarter. During this year, we announced an initial contract for a new 53.5 ampere-hour battery pack, which will power the new Crossway low-entry city and intercity bus platforms.

轉向幻燈片 8。本季度我們大幅增加了我們最大的客戶之一依維柯集團的積壓訂單。今年，我們宣布了一份新的 53.5 安培小時電池組的初始合同，該電池組將為新的 Crossway 低入口城市和城際巴士平台提供動力。

Furthermore, we are providing Weichai, a leading multinational industrial equipment company, with our gen-four high-power battery for the Hybrid Truck platform. Weichai is operating globally with a focus on new energy vehicles and strategies such hybrid and fuel cell technologies.

此外，我們還為領先的跨國工業裝備公司濰柴動力的混合動力卡車平台提供第四代高功率電池。濰柴在全球範圍內運營，重點關注新能源汽車以及混合動力和燃料電池技術等戰略。

Microvast is also extending our partnership with Refire, a leading hydrogen technology company, to equip over 100 units of the 4.5-tonne Hydrogen Truck with our gen-three packs. Refire is a long-term partner of ours, focused on R&D and product development for advanced fuel cell systems.

Microvast 還擴大了與領先的氫技術公司 Refire 的合作夥伴關係，為 100 多輛 4.5 噸氫卡車配備了我們的第三代電池組。 Refire是我們的長期合作夥伴，專注於先進燃料電池系統的研發和產品開發。

Microvast is a major supplier of batteries to both Weichai and Refire for the hybrid and fuel cell product offerings. And we are proud to support them in the global transition to clean energy.

微宏是濰柴和 Refire 混合動力和燃料電池產品的主要電池供應商。我們很自豪能夠在全球向清潔能源轉型的過程中支持他們。

Another positive benefit here is that we strengthen our technology references for future applications, which presents opportunities for future developments and partnerships. We had another excellent quarter in building up our European business.

另一個積極的好處是，我們加強了未來應用的技術參考，這為未來的發展和合作提供了機會。我們在建立歐洲業務方面又度過了一個出色的季度。

Our European revenue increased 91% year over year in the second quarter and accounted for 13% of our total revenue, up from 8% of revenue a year ago. This growth was driven by the continuously ramp-up of several customer projects. In addition to Iveco Group for [sole] and re-entering several deliveries, multiple customers have placed multi-year contract.

第二季度我們的歐洲收入同比增長 91%，佔總收入的 13%，高於一年前的 8%。這一增長是由多個客戶項目的不斷增加推動的。除了依維柯集團[獨家]並重新簽訂多次交付外，多個客戶還簽訂了多年合同。

Looking ahead to the next quarter, we expect to add significant multi-year contracts to our backlog for European commercial vehicle customers dedicated to both existing and new technologies.

展望下個季度，我們預計將為致力於現有技術和新技術的歐洲商用車客戶的積壓訂單中增加重要的多年期合同。

I will now turn the call over to our Chief Financial Officer, Craig Webster, to review our financial performance in the quarter.

我現在將把電話轉給我們的首席財務官克雷格·韋伯斯特，以審查我們本季度的財務業績。

Thank you, Sascha. I'll spend the next few minutes discussing our Q2 2023 financial results. Please turn to slide 10, and I will summarize the main line items from our Q2 P&L.

謝謝你，薩沙。我將在接下來的幾分鐘內討論我們 2023 年第二季度的財務業績。請翻到幻燈片 10，我將總結第二季度損益表中的主要項目。

We recorded another strong quarter with Q2 revenue of $75 million, an increase of 16% from $64.4 million in Q2 2022. Growth was primarily driven by an increase in sales volume, led by strong sales in China and increasing deliveries in Europe as our OEM customers ramp up their production volumes.

我們又錄得強勁的季度業績，第二季度收入為7500 萬美元，比2022 年第二季度的6440 萬美元增長16%。增長主要是由銷量增長推動的，其中中國銷量強勁以及OEM 客戶在歐洲的交付量增加為主導提高產量。

On a year-to-date basis, revenue was $121.9 million, up 21% from $101.1 million in the prior-year six-month period. Our gross margin improved to 15.3% in Q2 2023 compared to 7.5% in Q2 2022.

今年迄今，收入為 1.219 億美元，比去年同期的 1.011 億美元增長 21%。我們的毛利率在 2023 年第二季度提高至 15.3%，而 2022 年第二季度為 7.5%。

After adjusting for noncash settled share-based compensation expense in cost of sales, adjusted gross margin increased to 17.3% in Q2 2023 compared to 10.4% in Q2 2022, a 6.9 percentage points improvement. The increase in gross margin was due to a combination of improved economies of scale, more favorable product mix, and lower raw material prices.

對銷售成本中的非現金結算的股份補償費用進行調整後，2023 年第二季度調整後毛利率增至 17.3%，而 2022 年第二季度為 10.4%，提高了 6.9 個百分點。毛利率的增長歸因於規模經濟的改善、更有利的產品組合以及原材料價格的下降。

Operating expenses were $39 million in Q2 2023 compared to $50.4 million in Q2 2022. Consistent with the past few quarters, the largest contributor to the decrease in operating expenses was the decline in our share-based compensation expense, which totaled $16.3 million in the quarter compared to $28.6 million in Q2 2022.

2023 年第二季度的運營費用為3900 萬美元，而2022 年第二季度為5040 萬美元。與過去幾個季度一致，運營費用下降的最大貢獻者是我們的股權激勵費用的下降，本季度總計1630 萬美元相比之下，2022 年第二季度為 2860 萬美元。

After adjusting for non-cash SBC expense in SG&A, our adjusted operating expenses in Q2 2023 were $22.7 million compared to $21.7 million in Q2 2022, an increase of $1 million where the increasing headcount cost as we expand our business being the largest contributor.

對SG&A 中的非現金SBC 費用進行調整後，我們2023 年第二季度調整後的運營費用為2270 萬美元，而2022 年第二季度為2170 萬美元，增加了100 萬美元，其中隨著業務擴展而增加的員工成本是最大的貢獻者。

GAAP net loss was $26.1 million in Q2 2023 compared to net loss of $44.2 million in Q2 2022. After adjusting for non-cash SBC expense and changes in fair value of our warrant liability, adjusted net loss was $8.3 million in Q2 2023 compared to an adjusted net loss of $14.9 million in Q2 2022. On a year-to-date basis, adjusted net loss was $19.9 million compared to an adjusted net loss of $44 million in the prior-year six-month period.

2023 年第二季度的GAAP 淨虧損為2610 萬美元，而2022 年第二季度的淨虧損為4420 萬美元。在對非現金SBC 費用和認股權證負債公允價值變化進行調整後，2023 年第二季度調整後的淨虧損為830 萬美元，而2022 年第二季度的淨虧損為830 萬美元。 2022 年第二季度調整後淨虧損為1,490 萬美元。從年初至今來看，調整後淨虧損為1,990 萬美元，而上一年六個月期間調整後淨虧損為4,400 萬美元。

You can see the impact of these adjustments in slide 11. And reconciliations of these non-GAAP metrics to the most comparable GAAP metrics are included in the tables at the end of our earnings press release.

您可以在幻燈片 11 中看到這些調整的影響。這些非 GAAP 指標與最具可比性的 GAAP 指標的調節結果包含在我們收益新聞稿末尾的表格中。

Slide 12 shows the geographic breakdown of our revenue for Q2 2023 compared to the prior-year period. As you can see, our European business showed a strong 91% year-over-year increase and accounted for 13% of our revenue, up from just 8% a year ago as key customers begin their vehicle ramp up.

幻燈片 12 顯示了 2023 年第二季度與去年同期相比我們收入的地理分佈情況。正如您所看到的，隨著主要客戶開始增加車輛數量，我們的歐洲業務同比增長了 91%，占我們收入的 13%，而一年前僅為 8%。

We continue to expect growth in our European revenues throughout the second half, especially for the 53.5 amp-hour cell in line with vehicle build plans from our customers. Although our US revenue increased a modest 1% year over year, we continue to expect US revenue to rise this year as we begin deliveries on our 1.2-gigawatt-hour ESS projects in the second half of the year.

我們繼續預計下半年歐洲收入將增長，尤其是 53.5 安培小時電池，這符合我們客戶的車輛製造計劃。儘管我們的美國收入同比小幅增長 1%，但隨著我們在下半年開始交付 1.2 吉瓦時 ESS 項目，我們仍然預計今年美國收入將增長。

As Mr. Wu mentioned, there is a near-term impact to when we recognize some of those revenues after making the strategic decision to make Windsor, Colorado, our dedicated ESS assembly hub. Looking ahead, we expect US revenue growth to pick up in Q4 and to continue to accelerate next year as Clarksville will come online.

正如吳先生提到的，在做出將科羅拉多州溫莎作為我們專用 ESS 組裝中心的戰略決策後，當我們確認其中一些收入時，會產生近期影響。展望未來，我們預計美國收入增長將在第四季度回升，並隨著克拉克斯維爾的上線而在明年繼續加速。

Turning to slide 13. We ended the quarter with cash, cash equivalents, restricted cash, and short-term investments of $195.8 million. Net cash used in operating activities during the quarter was $29.8 million, which was primarily due to operating loss and working capital.

轉向幻燈片 13。本季度結束時，我們的現金、現金等價物、限制性現金和短期投資為 1.958 億美元。本季度經營活動使用的現金淨額為 2980 萬美元，主要是由於經營虧損和營運資金。

Negative free cash flow in the quarter of $87.6 million resulted from this net operating cash outflow as well as our capital investment program. The majority of this capital expenditure in Q2 was to fund our capacity expansions in Clarksville and Huzhou which totaled $52.5 million.

本季度自由現金流為 8760 萬美元，這是由於淨運營現金流出以及我們的資本投資計劃造成的。第二季度的大部分資本支出用於資助我們在克拉克斯維爾和湖州的產能擴張，總計 5250 萬美元。

We also have capital expenditures totaling $5.2 million relating to improvements to our existing facilities and ongoing R&D projects. Looking ahead, we estimate that our full-year capital expenditures will remain in the range of $180 million to $210 million and will primarily be used for the Clarksville Phase 1A capacity expansion. As Mr. Wu mentioned, we are pleased to report that our Clarksville facility remains on track for a Q4 start of trial production.

我們還有總計 520 萬美元的資本支出用於改善現有設施和正在進行的研發項目。展望未來，我們預計全年資本支出將保持在1.8億美元至2.1億美元之間，主要用於克拉克斯維爾1A期產能擴張。正如吳先生提到的，我們很高興地報告，我們的克拉克斯維爾工廠仍有望在第四季度開始試生產。

Turning to slide 14, we show you the financial resilience of Microvast. Our total debt outstanding of $93 million is very modest. You can see that the maturity profile requires only $6.5 million to be repaid in the second half.

轉向幻燈片 14，我們向您展示 Microvast 的財務彈性。我們的未償債務總額為 9,300 萬美元，這個數字非常小。您可以看到，到期概況僅需要下半年償還 650 萬美元。

Looking further out, total debt repayments of December 31, 2025, are a very manageable $33.6 million. All of this debt is for our China operation and none of it has any recourse to our US holding structure or asset.

展望未來，截至 2025 年 12 月 31 日的債務償還總額為 3360 萬美元，非常可控。所有這些債務都是為了我們在中國的業務，沒有任何債務可以追索我們的美國控股結構或資產。

Turning to the US operations. These currently remain free of leverage, and we are making solid progress on our debt financing, which is likely to be secure by the Phase 1A expansion. We expect that facility to be in place during Q3.

轉向美國業務。這些目前仍然沒有槓桿，我們在債務融資方面正在取得紮實進展，這很可能通過 1A 階段的擴張來保證。我們預計該設施將在第三季度到位。

As outlined on slide 15, we closed the second quarter with record backlog of $675.9 million, up from $486.7 million in the first quarter and an over six times increase year over year. The 39% sequential growth in our backlog was once again driven by commercial vehicle projects in Europe.

正如幻燈片 15 中所述，我們第二季度的積壓訂單達到創紀錄的 6.759 億美元，高於第一季度的 4.867 億美元，同比增長超過六倍。我們的積壓訂單環比增長 39%，這再次受到歐洲商用車項目的推動。

Our solid backlog underpins our expectations of multiple years of fast growth, given the rapid and accelerating adoption of our 53.5 amp-hour cell for commercial vehicles and ESS project. Currently the 53.5 amp-hour cell accounts for over 80% of our total backlog.

鑑於我們的 53.5 安培小時電池在商用車和 ESS 項目中的快速採用，我們紮實的積壓訂單支撐了我們對多年快速增長的預期。目前，53.5 安培小時電池占我們積壓總量的 80% 以上。

Turning to slide 16. Based on our backlog, we anticipate high utilization rates for our Phase 1A expansion in Clarksville. At full utilization on Phase 1A, Clarksville will have an IRA Section 45X potential of around $80 million per year.

轉向幻燈片 16。根據我們的積壓工作，我們預計克拉克斯維爾 1A 期擴建的利用率很高。 1A 期充分利用後，Clarksville 將擁有每年約 8000 萬美元的 IRA 第 45X 款潛力。

With the ability to monetize these credits early, Clarksville has the capacity to self-fund this additional expansions. If we fill Phase 1A, it generates IRA credits. And if Phase 1A has no spare capacity, then we need to expand, which generates additional IRA credits. And we would only expand if we have obtained customer commitment; that's the golden rule.

由於能夠儘早將這些積分貨幣化，克拉克斯維爾有能力為額外的擴張提供自籌資金。如果我們填寫第 1A 階段，它會產生 IRA 積分。如果 1A 階段沒有閒置產能，那麼我們需要擴建，這會產生額外的 IRA 積分。只有獲得客戶承諾，我們才會擴張；這是黃金法則。

You can see from slide 17 that we are targeting adjusted gross margins in the 20% range next year as we scale our business and putting us on a path to profitability over the next two to three years. We're already starting to see that gross margin expansion this year. We expect to achieve continued margin improvement through our key levers of industrialization, automation, utilization, and relentless innovation.

您可以從幻燈片 17 中看到，隨著我們擴大業務規模並在未來兩到三年內走上盈利之路，我們的目標是將明年調整後的毛利率控制在 20% 的範圍內。我們今年已經開始看到毛利率的擴張。我們期望通過工業化、自動化、利用率和不斷創新的關鍵槓桿來實現利潤率的持續提高。

With that, I will turn it back over to Mr. Wu to review our outlook.

接下來，我將把它轉回給吳先生來回顧我們的前景。

Thanks, Craig. Please turn to slide 19. We maintain guidance for our full-year revenue to be in the range of $348 million to $368 million, representing year-over-year revenue growth of 70% to 80%. Even with a near-term delay in the shift to Windsor, Colorado, we are very encouraged about our continued backlog growth, which greatly increase our visibility into 2024 and beyond.

謝謝，克雷格。請參閱幻燈片 19。我們維持全年收入指引在 3.48 億美元至 3.68 億美元之間，即收入同比增長 70% 至 80%。即使轉移到科羅拉多州溫莎的計劃近期有所延遲，我們對積壓訂單的持續增長感到非常鼓舞，這大大提高了我們對 2024 年及以後的預見性。

For the third quarter, we expect revenue to be in a range of $72 million to $80 million, up 97% from Q3 a year ago as a midpoint, driven by the continued ramp of our European commercial vehicle projects, as well as orders from customers in Asia Pacific. As we continue to enhance our substantial backlog position, we'll retain clarity into the second half of 2023, propelled by our commercial vehicle segment and expansion of our energy storage business in the United States.

在歐洲商用車項目持續增長以及客戶訂單的推動下，我們預計第三季度收入將在 7200 萬美元至 8000 萬美元之間，較去年第三季度中點增長 97%在亞太地區。隨著我們繼續加強大量積壓訂單，在我們的商用車細分市場和美國儲能業務擴張的推動下，我們將在 2023 年下半年保持清晰的狀態。

We see strong demand trajectories for Microvast battery solutions across the globe and anticipated that growth and a momentum to carry forward as customer orders remain robust throughout this year and into the next.

我們看到全球範圍內對 Microvast 電池解決方案的強勁需求軌跡，並預計隨著客戶訂單在今年和明年保持強勁，增長和繼續發展的勢頭。

We are proud of what we have achieved thus far in the first half of the year, with Huzhou Phase 3.1 successfully ramping up to qualified production of our 53.5 amp-hour. Its production will continue ramping up in the second half. Additionally, we succeeded to in securing a new company owned facility in Colorado to begin assembly our complete US-made ESS solution for customers across the country.

我們對今年上半年迄今為止所取得的成就感到自豪，湖州 3.1 期已成功實現 53.5 安培小時的合格生產。下半年產量將繼續增加。此外，我們成功地在科羅拉多州建立了一家新的公司自有工廠，開始為全國各地的客戶組裝我們完整的美國製造的 ESS 解決方案。

As we look to second half, our focus shifts to bringing our costs will Phase 1A operation online and a begin entire production in Q4, so we can hit the ground running as we enter 2024. While we must continue to execute, we are encouraged by our backlog growth, gross margin improvement, and a customer excitement as our new and upcoming capacity expansions begin to fulfill orders around the world.

展望下半年，我們的重點將轉移到將1A 階段的成本投入線上，並在第四季度開始全面生產，這樣我們就可以在進入2024 年時立即開始運行。雖然我們必須繼續執行，但我們感到鼓舞的是隨著我們新的和即將進行的產能擴張開始滿足世界各地的訂單，我們的積壓訂單增長、毛利率提高，以及客戶的興奮。

I would like to take this moment and I personally thank the Microvast team for their tireless work and a commitment to our mission. Our focus on results and our ability to execute have been and will continue to be a competitive advantage for Microvast.

我想藉此機會，我個人感謝微宏團隊的不懈努力和對我們使命的承諾。我們對結果的關注和執行能力已經並將繼續成為微宏的競爭優勢。

And now I will turn the call back over to the operator to start the Q&A session.

現在我將把電話轉回接線員以開始問答環節。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

Colin Rusch, Oppenheimer.

科林·魯施，奧本海默。

Thanks so much. Can you speak to the key drivers of the cost savings at the gross margin line? And how much was driven by supply chain? How much from utilization improvement and how that likely evolves for the balance of the year?

非常感謝。您能談談毛利率線成本節省的關鍵驅動因素嗎？有多少是由供應鏈驅動的？利用率的提高有多少？今年餘下時間這可能會如何發展？

Colin, I'll take that one. Some of it's definitely coming from product mix, which is just more 53.5 amp-hour. As that ramps up throughout the year, we expect utilization is going to increase. You can see that in the trajectory for future quarters.

科林，我要那個。其中一些肯定來自產品組合，即多於 53.5 安培小時。隨著全年的增長，我們預計利用率將會增加。您可以在未來幾個季度的發展軌跡中看到這一點。

Certainly, we're seeing benefits in raw material prices. That's helped as well. And some of it's also -- saw that geographic shift as well, more revenues being recognized in Europe.

當然，我們看到了原材料價格的好處。這也有幫助。其中一些也看到了地理上的轉變，更多的收入在歐洲得到認可。

That's super helpful. And then when we look at the backlog number, at the Analyst Day, you talked a little bit about some of the awards that you've gotten. Could you give us an update on where you're at in terms of incremental order contracts and which end markets those may be coming from?

這非常有幫助。然後，當我們在分析師日查看積壓訂單數量時，您談到了您獲得的一些獎項。您能否向我們介紹一下您在增量訂單合同方面的最新情況以及這些合同可能來自哪些終端市場？

Sascha, do you want to deal with the first bit and then I will -- in terms of the additional backlog? And then I'll give a bit more color in terms of 2024, yeah.

Sascha，你想處理第一部分，然後我會處理額外的積壓嗎？然後我會為 2024 年提供更多的色彩，是的。

Sure. Sure, Craig, I will. Thanks, Colin, for the question. So generally speaking, we will increase our backlog purely dedicated on the commercial vehicle. This means in the bus section; it means on the truck section. So the 53.5 ampere-hour is dedicated for that.

當然。當然，克雷格，我會的。謝謝科林的提問。所以一般來說，我們將增加純粹專注於商用車的積壓訂單。這意味著在公交車段；這意味著在卡車部分。因此 53.5 安培小時專用於此。

And we see a couple of significant wins upcoming in the next quarters. And we already increased due to the fact that the European OEMs are now doing their start of production rollout. We increased existing contracts and we were able to gain total backlog in this contract as well.

我們看到接下來的幾個季度即將取得一些重大勝利。由於歐洲原始設備製造商現在正在開始生產，我們已經增加了產量。我們增加了現有合同，並且我們也能夠獲得該合同的總積壓訂單。

Colin, I'll just add a bit more context here as well. So you saw that over 80% of the backlog is 53.5 amp power. So we're just starting to ramp that up. As we do that, that's one that's going to help us with that gross margin expansion because we just hit a higher utilization.

科林，我也會在這裡添加更多背景信息。所以您看到超過 80% 的積壓是 53.5 安培的功率。所以我們才剛剛開始加大力度。當我們這樣做時，這將有助於我們毛利率的擴張，因為我們剛剛達到了更高的利用率。

And then in terms of production planning, over 60% of the backlog is to '24. And the backlog gives us two really big areas of comfort. It underpins the numbers for this year. And we know we've got to have a big Q4.

然後在生產計劃方面，超過60%的積壓是到'24。積壓的訂單給我們帶來了兩個非常大的安慰。它支撐了今年的數字。我們知道我們必須有一個重要的第四季度。

That's not a sales challenge, right? The sales are there; they're in backlog. We just got to produce as much as we can. Everything that we can produce, it's got a home for. And then as we look out to '24, we can see already that we're going to have already had a significantly bigger year than this year. And that's all again based on 53.5 amp power.

這不是銷售挑戰，對吧？銷量就在那裡；他們積壓了。我們必須盡可能多地生產。我們能生產的所有東西，都有它的歸宿。然後，當我們展望 24 年時，我們已經可以看到，我們將經歷比今年大得多的一年。這一切都是基於 53.5 安培的功率。

Excellent. Thanks so much for the detail, guys. And then the last one for me is just how are you seeing the competitive landscape evolving for commercial vehicle batteries?

出色的。非常感謝您提供的詳細信息，伙計們。我的最後一個問題是，您如何看待商用車電池的競爭格局演變？

Obviously, the 53.5 amp-hour cells have been really well received by the market. Are you seeing other OEMs start to follow your lead on that?

顯然，53.5安時電池確實受到了市場的歡迎。您是否看到其他原始設備製造商開始效仿您的做法？

That's a good question, Colin. So we're not only the producers 53.5, but this is one of the leading future product of ours. And we see that further OEMs are adopting these cell technologies. They see clearly the advantage of lifecycle and fast-charging capability. And this plays a very important role for their total cost of ownership calculation.

這是個好問題，科林。因此，我們不僅是 53.5 的生產商，而且這是我們未來領先的產品之一。我們看到更多的原始設備製造商正在採用這些電池技術。他們清楚地看到生命週期和快速充電能力的優勢。這對於他們的總擁有成本計算起著非常重要的作用。

So I will report most likely in the next tender, in Q3 and Q4, about some further -- very, very nice update on the 53.5, especially on the commercial vehicle side. So you will see that there, we are right now in the process of getting these -- these things move ahead.

因此，我很可能會在下一次招標中（即第三季度和第四季度）報告有關 53.5 的一些進一步非常非常好的更新，尤其是在商用車方面。所以你會看到，我們現在正在實現這些——這些事情正在向前推進。

You can see that the 53.5 is not only up -- rising in Europe but we have also interesting demand, as you can see on our slides. Also, with JBM in India, so they are not only dedicated to 21 ampere, but they are also moving towards 53.5. So it's picking up in general. The technology plays a major role for us in the commercial vehicle application.

您可以看到，53.5 不僅在歐洲上漲，而且我們也有有趣的需求，正如您在我們的幻燈片中看到的那樣。此外，印度的 JBM 不僅致力於 21 安培，而且還向 53.5 安培邁進。所以總體來說正在回升。該技術對我們在商用車應用中發揮著重要作用。

But they have also the 48, which is the same standards, same LBC cell, which will also play a big role, especially on the fuel cell side, which we talked about. So this will be also a topic which will -- where we will see more increasing demand on the commercial vehicle side.

但他們也有 48，這是相同的標準，相同的 LBC 電池，這也將發揮很大的作用，特別是在我們談到的燃料電池方面。因此，這也將是一個話題，我們將看到商用車方面的需求不斷增長。

I have some clarifications on that, but I'll take it offline. Thanks so much, guys.

我對此有一些澄清，但我會將其下線。非常感謝，伙計們。

Okay.

好的。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾 (Amit Dayal)，H.C.溫賴特。

Thank you. Good afternoon, everyone. With respect to sort of the margin outlook, it looks like some revenues are being pushed out from 3Q to 4Q. Will that impact margin performance next quarter? Fee-based gross margins?

謝謝。大家下午好。就利潤率前景而言，一些收入似乎被從第三季度推遲到了第四季度。這會影響下個季度的利潤表現嗎？基於費用的毛利率？

Hi, Amit. It's only going to be a little bit of revenue pushout next year with the chance that we can recover it. Because what we don't include in backlog is a lot of China revenues.

嗨，阿米特。明年只會減少一點收入，我們有機會恢復它。因為我們未將大量中國收入納入積壓訂單中。

And as you see from previous quarters, Q4 is always super strong for China. That could make up some of that. And whether it's going to be for an energy storage or commercial vehicle customer, what we're ramping up at 53.5 amp power, so pushing a little bit out is not going to impact margins.

正如您從前幾個季度看到的那樣，第四季度對中國來說總是非常強勁。這可以彌補其中的一些。無論是針對儲能還是商用車客戶，我們都會以 53.5 安培的功率提升功率，因此稍微推高不會影響利潤率。

Okay. Thank you for that. I mean, it's good to see the execution on that front continuing to come through. And then on the operating expense side, is this sort of where we will be for the rest of the year, Craig, in terms of total OpEx, what we saw for Q2?

好的。謝謝你。我的意思是，很高興看到這方面的執行繼續取得進展。然後在運營支出方面，克雷格，就總運營支出而言，我們在今年剩餘時間裡會處於這種情況嗎？我們在第二季度看到了什麼？

What will happen is particularly on like sales side, I mean, as we -- we're probably going to get very close to doubling revenues from where we are today in Q4. So you can have some more sales expense around that.

我的意思是，我們的第四季度收入可能會非常接近於目前的水平翻一番。所以你可以有更多的銷售費用。

R&D expense is not going to increase significantly throughout the year. G&A is manageable. I think we've guided you before that where we're trying to manage this year is around sort of $20 million to $25 million in cash OpEx. And it is still the target.

全年研發費用不會大幅增加。一般行政費用是可控的。我想我們之前已經告訴過您，今年我們試圖管理的現金運營支出約為 2000 萬至 2500 萬美元。而且它仍然是目標。

And I think we've got all of the infrastructure in place to deliver these increasing revenue. So I just don't much impact. What we'll be focused on really Q3/Q4 that's going to impact margins is just improving yields. And as we improve yields, we'll improve margin.

我認為我們已經擁有了所有基礎設施來實現這些不斷增長的收入。所以我只是沒有太大影響。我們在第三季度/第四季度真正關注的將影響利潤率的是提高收益率。當我們提高產量時，我們也會提高利潤率。

Okay. Thank you. Just one last one for me on the separator side maybe. Any updates with respect to how you US betting in the timeline expectations for that offering?

好的。謝謝。也許只是我在分離器一側的最後一個。關於您如何押注該產品的時間表預期有任何更新嗎？

You just broke up right at the start, Amit. What's the first bit on?

阿米特，你一開始就分手了。第一點是什麼？

For the separator product. Any update around the timeline -- yeah, on the timeline for commercialization? Post the developments last quarter, just wanted to see how the timeline for bringing the product to market might have changed?

用於分離器產品。關於時間表的任何更新 - 是的，關於商業化的時間表？發布上個季度的進展，只是想看看將產品推向市場的時間表可能會發生怎樣的變化？

This is Yang Wu. In separator right now, we are focusing on China, the 10 million square meter small production line. We (technical difficulty) that's wrong. And they sent the samples, that's our first, and we are still in the planning to build a bigger factory in later years.

這是楊武。目前在分離機方面，我們主要關注中國，1000萬平方米的小型生產線。我們（技術難度）那是錯誤的。他們寄來了樣品，這是我們的第一個樣品，我們仍在計劃在以後的幾年裡建造一個更大的工廠。

Okay. Thank you. That's all I have.

好的。謝謝。這就是我的全部。

Shawn Milne, Janney.

肖恩·米爾恩、珍妮.

Hey, guys, nice quarter and thanks for taking my questions. Craig, I was trying to kind of back end. You gave a total backlog of $676 million. You talk about China having $370 million contracted volumes. Then I think you said like 80% of backlogs, the 53.5 amp-hour cells. Can you clarify how much backlog you have for Clarksville at this point?

嘿，伙計們，美好的季度，感謝您回答我的問題。克雷格，我正在嘗試後端。您提供的積壓總額為 6.76 億美元。您談到中國的合同額為 3.7 億美元。然後我想你說的是 80% 的積壓，53.5 安培小時的電池。您能否澄清一下克拉克斯維爾目前有多少積壓訂單？

Okay. So you might recall, I might have misspoke, but the very little backlog for China in there. So China is a much more short-term market. So this is the beauty of the backlog. So over 80% is 53.5 amp power. Backlog is about 10% at the China market and the balance is split roughly 50/50 Europe and then US.

好的。所以你可能還記得，我可能說錯了，但中國的積壓很少。因此，中國是一個短期市場。這就是積壓的美妙之處。因此超過 80% 的功率為 53.5 安培。中國市場的積壓量約為 10%，其餘部分大約由歐洲和美國各佔 50/50。

The way we look at backlog for Clarksville is like whatever we can produce for an energy storage customer. That could come from the US. But right now, the only production we have is Huzhou. So all 53.5 amp power cell production this year is going come from Huzhou because that's what's available.

我們看待克拉克斯維爾積壓訂單的方式就像我們可以為儲能客戶生產的任何產品一樣。這可能來自美國。但目前我們唯一的生產地是湖州。因此，今年所有 53.5 安培電池的生產都將來自湖州，因為這是可用的。

Does that answer your question?

這是否回答你的問題？

Yeah, that's helpful. And then you talked about a 1,000 units per year for the container manufacturing or assembly facility. I'm just trying to think -- that's above -- like is that in preparation for a Phase 1B of Clarksville because it's more than the output you'll have, right?

是的，這很有幫助。然後您談到每年 1,000 個容器製造或組裝設施。我只是想——上面的內容——就像為克拉克斯維爾的 1B 階段做準備一樣，因為它比你能得到的輸出更多，對嗎？

Yeah. Look, Shawn, good question. I suppose the easy way to think about it is 1,000 containers is about a $1 billion a year in revenue. Phase 1A is roughly like -- excluding IRA, Phase 1A is going to be about a $500 million. Phase 1B would be the same, would be another 500. So the beauty about Windsor is that it's sized for the Phase 1A and Phase 1B.

是的。聽著，肖恩，好問題。我想最簡單的理解是 1,000 個集裝箱每年的收入約為 10 億美元。 1A 階段大致相當於——不包括 IRA，1A 階段的資金約為 5 億美元。 1B 期將是相同的，將另外 500 個。所以 Windsor 的美妙之處在於它的大小適合 1A 期和 1B 期。

Okay. That's really helpful. And then I guess like one last question, if you can take it. But in terms of timing for the larger utility-scale storage projects, are you waiting on some of the domestic content revision clarity, what are your customers telling you in terms of what they're waiting to put in additional firm orders there?

好的。這真的很有幫助。然後我想最後一個問題，如果你能接受的話。但就大型公用事業規模存儲項目的時間安排而言，您是否正在等待一些國內內容修訂的明確性？您的客戶在等待在那裡下額外的確定訂單時告訴您什麼？

Actually, we are not waiting for. We are working so hard to increase the capacity as much as possible. And right now, the purchase order is more than whatever we can make. And it's a good problem to have.

事實上，我們並沒有等待。我們正在努力盡可能地增加產能。現在，採購訂單超出了我們所能生產的數量。這是一個好問題。

Okay. Great. Thank you, guys, and nice quarter.

好的。偉大的。謝謝你們，伙計們，祝您季度愉快。

Thanks a lot, Shawn.

非常感謝，肖恩。

There are no more phone questions at this time. I would like to turn the call back over to Rodney to address questions that have come in via e-mail.

目前沒有更多電話問題。我想將電話轉回給羅德尼，以解決通過電子郵件提出的問題。

Thank you, operator. We'd like to take a just a couple of questions on from the online for the management team.

謝謝你，接線員。我們想從網上向管理團隊提出幾個問題。

In relation to the backlog growth, can you give a bit more color on to what is happening and where you see the backlog going from here?

關於積壓的增長，您能否進一步說明正在發生的情況以及您認為積壓的未來走向？

Okay. About it, it's -- demand from commercial vehicle customers is super strong, and I think Sascha can touch a bit more on that. And then energy storage customers, which is US, as Mr. Wu just mentioned, it's more of a -- what we've got available than sales.

好的。關於這一點，商用車客戶的需求非常強勁，我認為 Sascha 可以在這方面做更多的探討。然後是美國的儲能客戶，正如吳先生剛才提到的，這更多的是我們所擁有的而不是銷售。

And our expectation is that Clarksville 1A is going to be super high utilization as soon as it's running. And based on orders, we've got customers that want to book out 25 capacity already. And as we get that 25 capacity booked, we have to take prepayment, like cash comes in early, and then we can use that to then fund the additional capacity expansion needed.

我們的預期是，Clarksville 1A 一旦運行就會達到超高利用率。根據訂單情況，我們已經有客戶想要預訂 25 個容量。當我們預訂了 25 個產能時，我們必須預付款，就像提前收到現金一樣，然後我們可以用它來為所需的額外產能擴張提供資金。

Sascha, do you want to add anything else on commercial vehicle backlog growth?

Sascha，您對商用車積壓訂單增長還有什麼想說的嗎？

Yes, let me add three things. Craig, thanks a lot. So in general, we are gaining also through the volumes in other markets like South Korea, Taiwan. We're increasing our backlog in India. So we are probably increasing backlogs for projects which are dedicated to '25, '26 onwards on commercial vehicle side, also in Europe.

是的，讓我補充三件事。克雷格，非常感謝。因此，總的來說，我們還通過韓國、台灣等其他市場的銷量獲得收益。我們正在增加印度的積壓訂單。因此，我們可能會增加專門用於“25”、“26”之後商用車方面（也在歐洲）的項目的積壓。

And we clearly see that similar to the development of Europe, we are getting more and more prototype orders into the US. So also here, we will see over '24, '25 upcoming for the product order backlog increases.

我們清楚地看到，與歐洲的發展類似，我們正在向美國獲得越來越多的原型訂單。因此，同樣在這裡，我們將看到 '24、'25 即將到來的產品訂單積壓會增加。

And also on the commercial vehicle side, we see that European customers, which we have, are moving to the US, winning their electrification projects and they're using as well the same technology which they use in Europe today already with the 53.5. So they're taking that technology also to the US market.

同樣在商用車方面，我們看到我們擁有的歐洲客戶正在轉向美國，贏得他們的電氣化項目，並且他們正在使用與今天在歐洲使用的 53.5 相同的技術。因此他們也將這項技術引入美國市場。

All right. That's it. I'll turn it back to the operator.

好的。就是這樣。我會將其返還給接線員。

Thank you. This will conclude the question-and-answer session. I would like to turn the conference back over to Mr. Wu for closing remarks.

謝謝。問答環節就此結束。我想請吳先生致閉幕詞。

Yeah. Thank you all. Thank you all for joining us today. I thanked your time and hope you guys think of Microvast more with your beautiful dreams. Thank you.

是的。謝謝你們。感謝大家今天加入我們。感謝大家抽出寶貴的時間，希望大家帶著美好的夢想更多地思考微宏。謝謝。

Thank you. This does conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。