(MVST) 2021 Q3 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

And this is the conference operator.

這是會議操作員。

Welcome to the Microvast Third Quarter 2021 Earnings Call.

歡迎參加 Microvast 2021 年第三季財報電話會議。

(Operator Instructions) And the conference is being recorded.

（操作員指示）會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Sarah Alexander, Microvast's General Counsel.

我現在想將會議交給 Microvast 總法律顧問 Sarah Alexander。

Please go ahead.

請繼續。

Thank you, Therese, and thank you, everyone, for joining us today.

謝謝你，特蕾莎，也謝謝大家今天加入我們。

Hosting the call with me are Mr. Yang Wu, President and Chief Executive Officer; and Leon Zheng, Chief Financial Officer.

與我一起主持電話會議的是總裁兼執行長楊武先生；鄭立昂，財務長。

Shane Smith, our Chief Operating Officer, is also on the line to help out Q&A.

我們的營運長 Shane Smith 也在線上幫助解答問題。

Ahead of this call, Microvast issued its third quarter press release, which can be found on the Investor Relations section of our website at ir.microvast.com.

在此次電話會議之前，Microvast 發布了第三季新聞稿，您可以在我們網站 ir.microvast.com 的投資者關係部分找到新聞稿。

Please note that on this call, we will be making forward-looking statements based on current expectations and assumptions which are subject to risks and uncertainties.

請注意，在本次電話會議中，我們將根據目前的預期和假設做出前瞻性聲明，這些預期和假設存在風險和不確定性。

These statements reflect our views only as of today and should not be relied upon as representative about views as of any subsequent date.

這些陳述僅反映我們今天的觀點，不應被視為任何後續日期的觀點的代表。

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.

我們沒有義務根據新資訊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。

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

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有重大差異。

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 the quarterly report on Form 10-Q filed this afternoon.

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，包括今天下午提交的 10-Q 表格季度報告。

In addition, during today's call, we may discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Microvast's performance.

此外，在今天的電話會議中，我們可能會討論非 GAAP 財務指標，我們認為這些指標可作為 Microvast 業績的補充指標。

These non-GAAP measures should be considered in addition to and not as a substitute for or in isolation from GAAP results.

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。

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

本次電話會議的網路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'd like to turn the call over to Mr. Wu.

說完，我想把電話轉給吳先生。

Thank you, Sarah, and good afternoon, everyone.

謝謝莎拉，大家下午好。

I would like to start out by thanking our employees with their outstanding contributions to Microvast's success.

首先，我要感謝我們的員工為微宏的成功做出的傑出貢獻。

I would also like to thank our shareholders for their commitment and our customers for their support.

我還要感謝我們的股東的承諾和客戶的支持。

The third quarter of 2021 was eventful.

2021年第三季是多事之秋。

We successfully completed our business combination with Tuscan Holdings in July.

我們於七月成功完成與托斯卡納控股的業務合併。

Transaction raised $708 million in net cash proceeds upon our growth initiatives, including our ongoing capacity expansion in Clarksville, Tennessee and Huzhou, China.

透過我們的成長舉措，包括我們在田納西州克拉克斯維爾和中國湖州正在進行的產能擴張，此次交易籌集了 7.08 億美元的淨現金收益。

In addition, we will move into our new R&D facility in Orlando, Florida.

此外，我們將搬進位於佛羅裡達州奧蘭多的新研發設施。

We are pleased with the progress of the 3 of those sites.

我們對其中 3 個站點的進展感到滿意。

This is a difficult time for construction projects, given labor shortages in (inaudible) and the other challenges.

鑑於（聽不清楚）勞動力短缺和其他挑戰，對於建設項目來說，這是一個困難時期。

We presently posted (inaudible) to our special media accounts showing the progress of the construction of the new building -- buildings on our campus in Huzhou, which will be referred to as Phase III.

我們目前在我們的特殊媒體帳戶上發布（聽不清楚）顯示新大樓的建設進度——我們湖州校區的建築，將被稱為第三期。

Once completed, this [million well future] approximately 700,000 square feet of manufacturing space designed for 12-gigawatt hour per year production capacity in total.

一旦完工，這個[百萬井未來]約 70 萬平方英尺的製造空間設計每年總產能為 12 吉瓦時。

The 2-gigawatt hour per year fully automated production line is under construction and planning to be completed in end of 2022 to first quarter of 2023.

每年2吉瓦時的全自動生產線正在建設中，計劃於2022年底至2023年第一季完工。

I am proud of the progress we have made in just a few months since this transaction closed.

我對自此次交易結束後短短幾個月內所取得的進展感到自豪。

In Clarksville, we purchased [an existing during] our previous year as the renovations to make the building and the utilities ready for our manufacturing are underway.

在克拉克斯維爾，我們在前一年購買了[現有的]，因為正在進行翻修，以使建築物和公用設施為我們的製造做好準備。

And in [Oriental], our existing employees will move into the new facility and will be actively recruiting to expand our R&D team.

在[東方]，我們現有的員工將搬入新工廠，並將積極招募人員以擴大我們的研發團隊。

We'll continue to invest in R&D to ensure that our battery technologies remain on the forefront, and we expect to announce 2 new products in the first quarter of 2022.

我們將繼續投資研發，以確保我們的電池技術保持領先地位，我們預計將在 2022 年第一季推出 2 款新產品。

We will have more information about those developments in our next earnings call.

我們將在下一次財報電話會議中了解有關這些進展的更多資訊。

Before turning the call over to Leon to review our financial results and to highlight a few key takeaways of Microvast, we are now revealed to the public markets.

在將電話轉給 Leon 審查我們的財務業績並強調 Microvast 的一些關鍵要點之前，我們現在向公開市場披露。

And we have been in business since 2006, and we are an established battery manufacturer and innovator.

我們自 2006 年開始營業，是一家成熟的電池製造商和創新者。

We achieved a revenue growth of 20% during the quarter and 43% year-to-date, 43% year-to-date.

本季我們的營收成長了 20%，年初至今成長了 43%，年初至今成長了 43%。

Each as compared to the same period in 2020.

均與 2020 年同期相比。

This growth was achieved in a phase of many macroeconomic energy level challenges, including global supply chain disruptions, logistic challenges, increasing raw material prices, inflation and ongoing COVID-19 pandemic.

這一成長是在面臨許多宏觀經濟能源層面挑戰的階段實現的，包括全球供應鏈中斷、物流挑戰、原材料價格上漲、通貨膨脹和持續的 COVID-19 大流行。

Historically, our business was concentrated in Asia Pacific.

從歷史上看，我們的業務集中在亞太地區。

However, we are focused and gaining momentum with our customer base in Europe and in North America.

然而，我們專注於歐洲和北美的客戶群並獲得動力。

This momentum is evidenced by 53% growth in our forecasted contracted revenue, which grew from $1.5 billion in February 2021, when the merger was announced, to $3.3 billion at the end of September.

我們預測的合約收入成長了 53%，從 2021 年 2 月宣布合併時的 15 億美元成長到 9 月底的 33 億美元，就證明了這一勢頭。

When we refer to forecasted contracted revenue, we are describing backlog plus management estimates for revenue we expect to realize from existing contractual relationships with customers to be included.

當我們提到預測合約收入時，我們描述的是積壓訂單加上管理層對我們期望從與客戶的現有合約關係中實現的收入的估計。

We also has signed contract in place, purely in the form of framework or supply agreement.

我們也簽署了合同，純粹是框架或供應協議的形式。

In addition, we have had advanced discussion with customers about the future volume requirements for particular projects or particular model.

此外，我們也與客戶就特定項目或特定型號的未來產量需求進行了深入討論。

This contract also include pricing and other terms and conditions.

該合約還包括定價和其他條款和條件。

However, we do not adequately include volume commitments.

然而，我們沒有充分包括數量承諾。

We expect to realize carrying forecasted contract revenue between 2021 to 2031.

我們預計將在 2021 年至 2031 年期間實現預計合約收入。

We also saw backlog growth of 65% to $53 million from $32 million in September 2020.

我們還發現積壓訂單從 2020 年 9 月的 3,200 萬美元增加了 65%，達到 5,300 萬美元。

We are pleased that you see the global trends toward electrification continue in the United States with the recent passage of the Infrastructure Investment and the Jobs Act, the bill provides solid support for electrification efforts in the United States, which we expect to increase our addressable market and accelerate our progress and opportunities in North America.

我們很高興看到全球電氣化趨勢在美國持續發展，隨著最近《基礎設施投資和就業法案》的通過，該法案為美國的電氣化工作提供了堅實的支持，我們預計這將增加我們的潛在市場並加速我們在北美的進步和機會。

I now turn it over to Leon to discuss third quarter financial results.

我現在將其交給萊昂討論第三季的財務表現。

Thank you, Mr. Wu.

謝謝吳先生。

Despite the many industry-wide headwinds we have faced, we grew revenue for the third sequential quarter.

儘管我們面臨許多全行業的阻力，但我們第三季的收入仍然成長。

Revenue grew 20% this quarter and is up 43% year-to-date, each compared to the same period last year.

與去年同期相比，本季營收成長 20%，年初至今成長 43%。

Gross loss was $35.9 million compared to gross profit of $3.7 million in Q3 2020.

2020 年第三季的毛虧損為 3,590 萬美元，而毛利為 370 萬美元。

The change was largely due to a $35.6 million (sic) [$34.1 million] product warranty expense accrual and a $6.6 million inventory write-down, in addition increased price in raw material costs and a $2.3 million share-based compensation accrued following the business combination also negatively impacted our Q3 gross profit.

這項變更主要是由於3,560 萬美元（原文如此）[3,410 萬美元]的產品保固費用應計和660 萬美元的庫存減記，此外原材料成本價格上漲以及業務合併後應計的230 萬美元的股權補償也對我們第三季的毛利產生了負面影響。

Before we move to operating expenses, I would like to provide more context on the warranty accrual.

在我們討論營運費用之前，我想提供更多有關保固應計費用的背景資訊。

Most warranty accrual in this quarter was related to a legacy product sold to certain customers in China during 2017 and 2018.

本季度的大部分應計保固與 2017 年和 2018 年期間銷售給中國某些客戶的舊產品有關。

This legacy product experienced performance, which doesn't meet our standards, leading us to perform a rigorous root cost analysis followed within the completion of the root cost analysis in early October 2021, we determined the cost was the component sourced from a third-party supplier.

這款舊產品的性能不符合我們的標準，導致我們進行了嚴格的根本成本分析，並於 2021 年 10 月初完成了根本成本分析，我們確定該成本是來自第三方的組件供應商。

We believe it's more likely than not, we will need to be [pleased] this legacy product during the remaining warranty period and the term of the sales contract.

我們相信，在剩餘保固期和銷售合約期限內，我們需要[滿意]這種遺留產品。

Accordingly, we accrued a $34.1 million onetime warranty expense related to this legacy product in this third quarter.

因此，我們在第三季累計了與該舊產品相關的 3,410 萬美元一次性保固費用。

The component was not incorporated into any of our other products.

該組件未合併到我們的任何其他產品中。

If we exclude the onetime warranty expense accrual, the inventory write-down and the share-based compensation expense, the company's adjusted gross profit would have been $7 million instead of negative $3.59 million (sic) [$35.9 million] loss during the quarter.

如果我們排除一次性保固費用應計費用、庫存減記和股權激勵費用，該公司本季調整後的毛利將為700 萬美元，而不是359 萬美元（原文如此）[3590 萬美元]的負虧損。

This translates to an adjusted gross margin of 19%.

這意味著調整後的毛利率為 19%。

Operating expense was $78 million compared to $12.7 million in the prior year period.

營運費用為 7,800 萬美元，而去年同期為 1,270 萬美元。

The change in operating expenses was primarily due to a $56 million share-based companion expense accrued following the business combination as well as include head count to support the company's planned growth initiative and other expenses related to the operating as a public company.

營運費用的變化主要是由於業務合併後產生的 5,600 萬美元的基於股份的配套費用，以及支持公司計劃增長計劃的員工人數以及與上市公司運營相關的其他費用。

Finally, net loss was $116.4 million compared to a net loss of $10.1 million in the same quarter of last year.

最後，淨虧損為 1.164 億美元，而去年同期淨虧損為 1,010 萬美元。

The change was primarily due to the reduction in gross profit and higher operating expenses as we discussed -- described above.

正如我們上面所討論的，這項變更主要是由於毛利的減少和營運費用的增加。

Turning to our balance sheet.

轉向我們的資產負債表。

The business combination with Tuscan in July bolstered our cash position.

七月與托斯卡納的業務合併增強了我們的現金狀況。

Microvast ended the third quarter with approximately $612.5 million in cash, cash equivalents and restricted cash.

Microvast 第三季末擁有約 6.125 億美元的現金、現金等價物和限制性現金。

Finally, let me talk about our backlog and the CapEx spending.

最後，讓我談談我們的積壓和資本支出。

As of September 30, 2021, we had a backlog of $52.7 million, the increase of 65% from $31.7 million in the same quarter of last year.

截至 2021 年 9 月 30 日，我們的積壓金額為 5,270 萬美元，比去年同期的 3,170 萬美元成長了 65%。

We are currently ramping up our production efforts to perform a majority of this backlog in Q4 this year, which gave us confidence and reaffirm our 2021 revenue guidance.

我們目前正在加大生產力度，以在今年第四季完成大部分積壓訂單，這給了我們信心，並重申了我們 2021 年的營收指引。

However, we are closely monitoring modest, especially bottlenecks in international shipping.

然而，我們正在密切關注國際航運的適度瓶頸，尤其是瓶頸。

Moving to CapEx.

轉向資本支出。

Based on the equipment, delivery time line and schedule during the upcoming holiday season, the company expects some of its previously planned capital expenditure for 2021 to take place in early 2022.

根據即將到來的假期期間的設備、交付時間表和時間表，該公司預計先前計劃的 2021 年部分資本支出將在 2022 年初實施。

Total capital expenditure for 2021 are now expected to be in the range of $120 million to $150 million.

目前預計 2021 年的資本支出總額將在 1.2 億至 1.5 億美元之間。

With that, I will turn back to Mr. Wu to discuss our business outlook.

接下來，我將回到吳先生來討論我們的業務前景。

Thank you, Leon.

謝謝你，萊昂。

As Leon mentioned, we are closely monitoring challenges in the international shipping.

正如萊昂所提到的，我們正在密切關注國際航運的挑戰。

Based on the current market conditions, backlog, business trends and other factors, we are reaffirming our previous outlook and continue to expect the full year 2021 revenues to be in the range of $145 million to $155 million.

基於當前的市場狀況、積壓訂單、業務趨勢和其他因素，我們重申先前的展望，並繼續預計 2021 年全年收入將在 1.45 億美元至 1.55 億美元之間。

Additionally, as temporary supply chain headwinds dissipate, we believe we are well positioned to capitalize in 2022 and beyond.

此外，隨著暫時的供應鏈阻力消散，我們相信我們已做好充分準備，可以在 2022 年及以後利用資本。

We are in the middle of our budget cycle and expect to be able to provide additional clarity on 2022 on our next earnings call.

我們正處於預算週期的中期，預計能夠在下一次財報電話會議上進一步明確 2022 年的情況。

Thank you for your time today.

感謝您今天抽出時間。

I will turn it back over to the operator, who will open up the line for questions.

我會將其轉回給接線員，接線員將開通電話以供提問。

(Operator Instructions) At this time, there are no questions from the phone lines.

（操作員說明） 此時，電話線上沒有任何問題。

Thank you, operator.

謝謝你，接線生。

At this time, we're going to move to questions submitted in response to our Ask Microvast campaign.

目前，我們將討論針對「詢問 Microvast」活動而提交的問題。

We appreciate all the questions submitted, and it's great to have such strong support across our retail investor base.

我們感謝您提交的所有問題，很高興能在我們的散戶投資者群體中獲得如此強大的支持。

Given the volume we've received, we will focus on the most frequently asked topics, but we love hearing directly from all of you.

鑑於我們收到的資訊量很大，我們將專注於最常見的主題，但我們喜歡直接聽取大家的意見。

With that, by far, the most frequently asked category of question related to updates on specific customers or contracts.

到目前為止，最常見的問題類別與特定客戶或合約的更新有關。

Now Shane, I know we have nondisclosure agreements in place with almost all of our customers, but what updates are we able to share with the investment community at this time?

謝恩，我知道我們幾乎與所有客戶都簽訂了保密協議，但此時我們可以與投資界分享哪些最新消息？

Thanks, Sarah.

謝謝，莎拉。

We are sometimes able to negotiate with our customers to make public announcements about specific projects or partnerships, but not always.

我們有時能夠與客戶協商，公開宣布特定專案或合作夥伴關係，但並非總是如此。

What we can tell you is that our forecasted contracted revenue has grown significantly since we announced the business combination in February 2021.

我們可以告訴您的是，自 2021 年 2 月宣布業務合併以來，我們的預測合約收入已大幅成長。

It's up 53% from $1.5 billion to $2.3 billion.

從 15 億美元增至 23 億美元，成長了 53%。

This is an encouraging metric that shows we're continuing to win major multiyear contracts with leading OEMs, validating the strength of our existing product portfolio.

這是一個令人鼓舞的指標，表明我們正在繼續贏得與領先原始設備製造商的主要多年合同，驗證了我們現有產品組合的實力。

We do hope to be in a position to provide some additional details about these new and existing customer relationships in the next couple of months.

我們確實希望能夠在接下來的幾個月內提供有關這些新客戶和現有客戶關係的更多詳細資訊。

Great.

偉大的。

Thanks, Shane.

謝謝，謝恩。

We recently announced the purchase of a new R&D facility in Florida, and we also received a lot of follow-up questions on that.

我們最近宣佈在佛羅裡達州購買一個新的研發設施，我們也收到了很多關於此的後續問題。

Mr. Wu, are you able to elaborate on the plans for this new facility?

吳先生，您能詳細介紹一下這個新設施的計畫嗎？

Yes, Sarah.

是的，莎拉。

As everybody note, Microvast is a fully vertically integrated company.

如大家所注意到的，Microvast 是一家完全垂直整合的公司。

We make materials, battery cell, battery pack, battery system, you know this from the top to the bottom.

我們做材料、電芯、電池組、電池系統，你從上到下都知道。

And our R&D center will do the same to support our growth.

我們的研發中心也會做同樣的事情來支持我們的成長。

On the center in Florida, we will explore all spectrum of technologies from a battery material to battery cell, battery pack, battery management.

在佛羅裡達州的中心，我們將探索從電池材料到電池、電池組、電池管理的所有技術。

And our mission statement for a research center is create excellences to power the world.

我們研究中心的使命宣言是創造卓越，為世界提供動力。

Great.

偉大的。

Thank you.

謝謝。

There was also a lot of interest in our ongoing capacity expansions.

人們對我們正在進行的產能擴張也很感興趣。

Shane, are you able to add any color?

Shane，你能加一些顏色嗎？

Sure.

當然。

Our capacity expansions are underway, and we expect CapEx to increase in Q4 as we implied in the guidance we provided in the press release.

我們的產能擴張正在進行中，我們預計第四季度資本支出將增加，正如我們在新聞稿中提供的指導中所暗示的那樣。

I would like to go through each one of the facilities real quick.

我想快速瀏覽一下每項設施。

In Huzhou, as Mr. Wu previously noted, we're building a new building on our existing campus.

在湖州，正如吳先生先前所提到的，我們正在現有園區內建造一座新建築。

We're ordering enough equipment to support 2-gigawatt hours of capacity.

我們正在訂購足夠的設備來支援 2 吉瓦時的容量。

But the building is designed to support 12-gigawatt hours that we will need to add to the utility infrastructure.

但該建築的設計目的是支援 12 吉瓦時的電力，我們需要將其添加到公用事業基礎設施中。

So the building is coming along, and we're in the process of ordering the equipment right now.

大樓正在建設中，我們現在正在訂購設備。

In Clarksville, we purchased an existing building.

在克拉克斯維爾，我們購買了一棟現有的建築。

We're in the middle of renovations to make the layout of the building suitable for our needs.

我們正在進行翻修，以使建築物的佈局適合我們的需求。

Again, the initial capacity will support 2-gigawatt hour per year, but the existing building in utilities will be designed for 4-gigawatt hours so we can rapidly respond to customer demand.

同樣，初始容量將支援每年 2 吉瓦時，但現有公用設施建築將設計為 4 吉瓦時，以便我們能夠快速回應客戶需求。

And additionally, there's enough space on the existing land to add an additional 4-gigawatt hours to support future customer demand, giving us a total potential capacity of 8-gigawatt hour on the Clarksville facility.

此外，現有土地上有足夠的空間可以額外增加 4 吉瓦時的容量，以滿足未來客戶的需求，從而使克拉克斯維爾設施的總潛在容量達到 8 吉瓦時。

Our Berlin facility is operational already, able to ship to customers today.

我們的柏林工廠已經投入運營，今天就可以向客戶發貨。

So overall, plans are progressing nicely.

整體而言，計劃進展順利。

We're looking forward to completing these projects to meet customer demand.

我們期待完成這些項目以滿足客戶的需求。

We believe we will realize some nice efficiencies with some of the new manufacturing equipment we order, including a higher level of automation, resulting in less head count.

我們相信，我們訂購的一些新製造設備將實現一些不錯的效率，包括更高水準的自動化，從而減少人員數量。

Awesome.

驚人的。

Thanks for that color.

謝謝那個顏色。

I think we've got time to cover one more question from our retail investors, and I believe we have a question on the investment professional line as well.

我想我們還有時間回答散戶投資者提出的另一個問題，我相信我們還有一個關於投資專業領域的問題。

Mr. Wu, a few of our investors have requested additional clarity with respect to Microvast plans in the passenger vehicle market.

吳先生，我們的一些投資者要求進一步澄清微宏在乘用車市場的計畫。

Yes, sorry.

是的，抱歉。

While we are focused on the commercial vehicles, for passenger vehicles, as we said before, we think all the -- most of the car manufacturers, they are going to build a battery manufacturer, I mean, by themselves.

雖然我們專注於商用車，但對於乘用車，正如我們之前所說，我們認為所有——大多數汽車製造商，他們將自己建立一家電池製造商。

Microvast intended to be their material supplier, a component supplier and as well as we plan to license the technology to them as well.

Microvast 打算成為他們的材料供應商、組件供應商，我們也計劃向他們授權技術。

If we develop it, a very advanced technology, if they like it, that's our -- the overview of the passenger vehicle business.

如果我們開發它，這是一項非常先進的技術，如果他們喜歡它，那就是我們的——乘用車業務的概述。

Thank you, everybody.

謝謝大家。

Great.

偉大的。

I think we have one more question from the investment community.

我認為投資界還有一個問題。

So I'll pass it back over to the operator to put him on the line.

所以我會把它傳回接線生讓他接通。

Next question comes from [Jack Kester] with Bluesky Capital.

下一個問題來自 Bluesky Capital 的 [Jack Kester]。

Thanks for putting up a great quarter.

感謝您度過了一個精彩的季度。

A lot of us here in the states have been a little bit disappointed in the lack of communication.

我們很多人在美國都對缺乏溝通感到有點失望。

We'd like to see more clarity, and I understand you have to do the NDAs for a number of your clients, but we would really appreciate any updates you can give us and any granularity and clarity going forward as you progress.

我們希望看到更多的清晰度，我知道您必須為許多客戶簽署保密協議，但我們非常感謝您可以向我們提供的任何更新以及隨著您的進展而提供的任何粒度和清晰度。

We think Microvast is an exciting company, and we're behind you 100%.

我們認為 Microvast 是一家令人興奮的公司，我們 100% 支持您。

You've got a big retail base along with the institutional investors.

你擁有龐大的散戶基礎和機構投資人。

And we'd like to see that grow, maybe get some analyst coverage, et cetera.

我們希望看到這種成長，也許得到一些分析師的報道，等等。

So anything that you can do to help us out would be greatly appreciated in terms of communication and clearly letting us know.

因此，如果您能在溝通和明確告知我們方面為我們提供幫助，我們將不勝感激。

A new slide deck today would have been great.

如果今天有一個新的幻燈片就太好了。

We've been using the one since February.

我們從二月起就一直在使用這個。

And if you can get that updated, that would be great, too.

如果你能得到更新，那就太好了。

Well, Jack, all really good points.

嗯，傑克，所有的觀點都非常好。

And I think you will hear a lot about Microvast going forward.

我想您會聽到很多有關 Microvast 未來發展的資訊。

There's actually a lot to talk about.

其實有很多話可以講。

We -- as a newly public company, there was a lot of things we had to get in place, but we believe those are in place, and we did want to start giving some visibility in what we're seeing with new customers.

作為一家新上市的公司，我們有很多事情必須落實到位，但我們相信這些都已經落實到位，而且我們確實希望開始讓新客戶了解我們所看到的情況。

That's why we're highlighting $800 million in new contract wins.

這就是為什麼我們強調贏得 8 億美元的新合約。

That's a pretty significant mark.

這是一個非常重要的標誌。

Now sometimes being able to, as I spoke earlier, being able to name what those customers are, that can be tough.

現在，正如我之前所說，有時能夠說出這些客戶的名稱，這可能很困難。

But hey, we're working on those -- getting their permissions to get those press releases out, and sometimes we're going to be successful at doing that, sometimes we're not.

但是，嘿，我們正在努力解決這些問題——獲得他們的許可來發布這些新聞稿，有時我們會成功做到這一點，有時卻不會。

But I think we're heading in the right direction.

但我認為我們正朝著正確的方向前進。

I think you can expect to hear more announcements from us, as we knock down those achievements and make the progress towards our goals.

我想您可以期待聽到我們更多的公告，因為我們將取得這些成就，並在實現我們的目標方面取得進展。

That's great.

那太棒了。

We're looking forward to that.

我們對此很期待。

Can you give us any color on the U.S. Postal Service contract with Oshkosh?

您能給我們介紹一下美國郵政服務公司與奧什科甚簽訂的合約嗎？

I really wish I could.

我真的希望我可以。

Oshkosh is a great strategic investor and a great partner.

奧什科甚是一位偉大的策略投資者，也是一位偉大的合作夥伴。

Again, one of those subjects that I know you can get frustrated with when you can't say anything about it.

再說一遍，我知道當你對此無話可說時，你可能會感到沮喪。

And it's just -- we're really fortunate to have Oshkosh as a partner.

我們真的很幸運有奧什科甚作為合作夥伴。

Understand.

理解。

Understand.

理解。

Thank you very much for your time today.

非常感謝您今天抽出時間。

And please keep us up on all the developments going on at Microvast.

請讓我們隨時了解 Microvast 的所有進展。

It sounds like it's an exciting time.

聽起來這是一個令人興奮的時刻。

Sure will.

當然會。

Thanks a lot, Jack.

非常感謝，傑克。

At this time, there are no additional questions in the queue.

目前，隊列中沒有其他問題。

We will turn it back over to Mr. Wu for closing remarks.

我們將把它轉回給吳先生做總結發言。

Yes.

是的。

Thank you all for this afternoon to join our conference and wish you that -- everybody, have a good dream tonight.

感謝大家今天下午參加我們的會議，祝大家今晚有個好夢。

This concludes the conference call.

電話會議到此結束。

You may disconnect your lines.

您可以斷開線路。

Thank you for participating, and have a pleasant day.

感謝您的參與，祝您有個愉快的一天。