Origin Materials Inc (ORGN) 2025 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Origin Materials third-quarter 2025 earnings call. (Operator Instructions) And the conference is being recorded. (Operator Instructions)

感謝您的耐心等待。這是會議接線員。歡迎參加 Origin Materials 2025 年第三季財報電話會議。（操作說明）會議正在錄音。（操作說明）

At this time, for opening remarks and introductions, I will turn the call over to Ryan Smith, Co-Founder and Chief Product Officer. Please go ahead.

此時，我將把電話交給共同創辦人兼首席產品長 Ryan Smith，由他來致開幕詞和介紹。請繼續。

Thank you. Good afternoon, and thank you for joining us, everyone. Speaking first today is Origin's CEO and Co-Founder, John Bissell; followed by CFO and CEO, Matt Plavan. Then we'll open the call to questions from analysts and discuss questions submitted as part of this quarter's Ask Origin campaign.

謝謝。下午好，感謝各位的參與。今天首先發言的是 Origin 的執行長兼聯合創始人 John Bissell；接下來是財務長兼執行長 Matt Plavan。然後我們將開放電話會議，接受分析師的提問，並討論本季「Ask Origin」活動中提交的問題。

Ahead of this call, Origin has issued its 2025 third-quarter press release and presentation. These can be found on the Investor Relations section of our website at originmaterials.com. Please note that during our discussion today, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties.

在本次電話會議之前，Origin 發布了 2025 年第三季的新聞稿和簡報。這些資訊可在我們網站 originmaterials.com 的投資者關係欄位中找到。請注意，在今天的討論中，我們將根據當前的預期和假設做出前瞻性陳述，這些陳述存在風險和不確定性。

These statements reflect our views as of today, should not be relied upon as representative about views of any subsequent date 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. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion on the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our quarterly report on Form 10-Q filed today.

這些聲明反映了我們截至今天的觀點，不應被視為對任何後續日期觀點的代表，我們也沒有義務根據新的資訊或未來事件對這些前瞻性聲明進行修訂或公開披露任何修訂結果。這些聲明受到多種風險和不確定因素的影響，可能導致實際結果與預期結果有重大差異。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，請參閱我們向美國證券交易委員會提交的文件，包括我們今天提交的 10-Q 表格季度報告。

During today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Origin Materials performance. These non-GAAP measures should be considered in addition to and not a substitute for or in isolation from GAAP results. You will find additional disclosures regarding the non-GAAP financial measures discussed on today's call in our press release issued this afternoon and our filings with the SEC, which will be posted to our website. The webcast of this call will also be available in the Investor Relations section of our company website.

在今天的電話會議中，我們將討論非GAAP財務指標，我們認為這些指標可以作為Origin Materials績效的補充衡量標準。這些非GAAP指標應作為GAAP結果的補充考慮因素，而不是替代或孤立地看待GAAP結果。有關今天電話會議上討論的非GAAP財務指標的更多披露信息，請參閱我們今天下午發布的新聞稿以及我們向美國證券交易委員會提交的文件，這些文件將發佈在我們的網站上。本次電話會議的網路直播也將發佈在我們公司網站的投資者關係版塊。

And with that, I will turn the call over to John.

接下來，我會把電話交給約翰。

Thank you, Ryan. Good afternoon. Today, we are announcing financing that strengthens our balance sheet and provides access to additional capital that can be staged according to our manufacturing capacity build-out. This financing fuels the scale-up of PET cap production. Our financing is composed of debt financing, both equipment backed and corporate level debt with the flexibility to optimize cash management and cost of capital by optionally servicing the debt with equity.

謝謝你，瑞恩。午安.今天，我們宣布一項融資計劃，該計劃將增強我們的資產負債表，並提供額外的資金，這些資金可以根據我們的生產能力建設分階段到位。這項融資將推動PET瓶蓋生產規模的擴大。我們的融資方式包括債務融資（包括設備擔保債務和公司層面的債務），並可靈活地透過選擇性地使用股權償還債務來優化現金管理和資本成本。

Following our evaluation of multiple corporate financing structures over the past couple of quarters, we have executed a secured convertible debt facility with an initial close of $15 million in cash by the end of the month, with the capacity for additional tranches up to a total of $90 million as needed to maintain a healthy cash flow and to fund growth. During the third quarter, we evaluated a number of term sheets for CapFormer equipment financing and from those in the fourth quarter added USD20 million in equipment backed financing capacity, bringing our total equipment financing capacity to approximately $30 million. We believe the funding from these two sources will enable us to continue to keep pace with our manufacturing build-out and to serve the forthcoming volume orders pursuant to qualification.

經過過去幾季對多種企業融資結構的評估，我們已達成一項有擔保的可轉換債務融資協議，首期將於本月底以現金形式支付 1500 萬美元，並可根據需要追加至多 9000 萬美元，以維持健康的現金流並為增長提供資金。第三季度，我們評估了 CapFormer 設備融資的多項條款清單，並在第四季度從中增加了 2,000 萬美元的設備擔保融資能力，使我們的設備融資總能力達到約 3,000 萬美元。我們相信，來自這兩個管道的資金將使我們能夠繼續跟上生產建設的步伐，並根據資格要求滿足即將到來的批量訂單。

For those new to Origin, we are making a big difference with a small cap and the technology behind it. Our technology platform produces what we believe are the only commercial-ready PET caps as opposed to the HDPE and polypropylene caps, which today dominate the over $65 billion closures market.

對於那些剛接觸 Origin 的人來說，我們正在透過小市值和背後的技術帶來巨大的改變。我們的技術平台生產出我們認為唯一可商用的PET瓶蓋，而不是目前主導著價值超過650億美元的瓶蓋市場的HDPE和聚丙烯瓶蓋。

Our platform excels in seven areas: recyclability; oxygen and CO2 barrier, enabling shelf life extension; closure diameter, which enables more economic large-format production; thickness, which enables lightweighting; rigidity for a premium fuel; use of recycled content; and optical clarity. Our innovation stands to be transformative for the packaging industry.

我們的平台在七個方面表現出色：可回收性；氧氣和二氧化碳阻隔性，可延長保質期；瓶蓋直徑，可實現更經濟的大尺寸生產；厚度，可實現輕量化；剛性，適用於優質燃料；使用回收材料；以及光學透明度。我們的創新有望為包裝產業帶來改變。

In addition to achieving key financing milestones this year, we continue to execute our operating plan. Our CapFormer deployment schedule is on track, and we are maintaining our related guidance. As such, we continue to expand PET cap production capacity in accordance with our revenue growth strategy.

除了今年實現關鍵融資里程碑外，我們還將繼續執行我們的營運計劃。我們的 CapFormer 部署計劃進展順利，我們將維持相關的指導意見。因此，我們將繼續根據我們的營收成長策略擴大PET瓶蓋產能。

We remain on track for completing factory acceptance testing through CapFormer Line 6 by the end of 2025. To optimize capital deployment, Line 7 and Line 8 start up could extend into Q1 2027, updated from Q4 2026. On the commercialization front, we are executing our water first go-to-market strategy with line of sight to our revenue targets in 2026.

我們仍按計畫在 2025 年底前完成 CapFormer 6 號生產線的工廠驗收測試。為了優化資本部署，7 號線和 8 號線的啟動時間可能會從 2026 年第四季延長至 2027 年第一季。在商業化方面，我們正在執行以水產品為先的市場進入策略，目標是在 2026 年實現收入目標。

Last quarter, in California, we put our closures on what we believe are the only beverage products on the market with PET caps. Since then, we've built sales momentum globally, marketing our products in North America, Europe, South America and Asia and bolstering our customer pipeline in accordance with our water first growth strategy. In recent months, our sales team displayed PET caps at key international conferences for the plastic parts and beverage industries and it is clear that Origin holds a strong lead in PET cap commercialization.

上個季度，我們在加州為我們認為市場上唯一採用 PET 瓶蓋的飲料產品安裝了我們的瓶蓋。從那時起，我們在全球範圍內建立了銷售勢頭，在北美、歐洲、南美和亞洲推廣我們的產品，並根據我們以水為先的成長策略加強了我們的客戶通路。近幾個月來，我們的銷售團隊在塑膠零件和飲料行業的重要國際會議上展示了PET瓶蓋，很明顯，Origin在PET瓶蓋商業化方面處於領先地位。

Water customer demand is strong, growing and provides a path on the way to CSD sales. More than half of the water brands in Origin's customer qualification funnel are also potential CSD customers. This quarter, our customer Berlin Packaging placed its first order, which we are now in the process of fulfilling. Berlin Packaging is a respected market leader and represents a sales and distribution partner for Origin. Berlin's broad and deep distribution footprint not only extends our market reach for 1881, but opens the door for all our forthcoming formats across closure applications globally. You can find more about our Berlin packaging relationship in our August 2025 press release.

消費者對飲用水的需求強勁且不斷增長，為碳酸飲料的銷售鋪平了道路。在 Origin 的客戶資格篩選管道中，超過一半的瓶裝水品牌也是潛在的碳酸飲料客戶。本季度，我們的客戶柏林包裝公司下了第一筆訂單，我們目前正在處理訂單。Berlin Packaging 是備受尊敬的市場領導者，也是 Origin 的銷售和分銷合作夥伴。柏林廣泛而深入的分銷網絡不僅擴大了 1881 的市場覆蓋範圍，而且為我們即將推出的所有瓶蓋應用產品打開了全球市場的大門。您可以在我們的 2025 年 8 月新聞稿中找到更多關於我們與柏林包裝公司合作關係的資訊。

We extended our technology lead this quarter by making significant progress with two priority challenges: Impact resistance and multi-day heated horizontal stress testing. Amongst separate cap designs, we successfully exceeded performance requirements for both of these tests. In upcoming production trials, we expect to consolidate these features into a single cap design.

本季度，我們在兩項優先挑戰方面取得了重大進展，進一步擴大了我們的技術領先優勢：抗衝擊性和多日加熱水平應力測試。在不同的帽蓋設計中，我們成功地超越了這兩項測試的性能要求。在即將進行的生產試驗中，我們計劃將這些功能整合到單一的瓶蓋設計中。

With that, I'll hand it over to Matt, who will discuss the quarter's financing and strategic highlights and provide a review of our expected near-term financial performance.

接下來，我將把發言權交給 Matt，他將討論本季的融資和策略亮點，並對我們近期的財務表現進行展望。

Thanks, John, and good afternoon, everyone. First, while the details of the convertible debt financing will be published in the 8-K to be filed in the coming days, I would like to share a qualitative perspective on our financing strategy. We expect the next several quarters to be operationally dynamic at Origin with concurrent executions of a number of critical workflows, including key design iterations, multiple customer qualification processes, and significant capital equipment acquisition and capacity build-out activities.

謝謝你，約翰，大家下午好。首先，雖然可轉換債券融資的細節將在未來幾天提交的 8-K 文件中公佈，但我想分享我們融資策略的定性觀點。我們預計在接下來的幾個季度裡，Origin 的營運將充滿活力，許多關鍵工作流程將同時執行，包括關鍵的設計迭代、多個客戶資格認證流程以及重要的資本設備購置和產能建設活動。

At the moment, we believe the combination of our equipment financing and convertible debt instrument is the optimal funding strategy for the agility to best respond to the rapidly evolving working capital needs and to have ready access to future equipment funding at the optimal cost of capital for a given situation. We anticipate drawing additional tranches in 2026 as needed, although we are not obligated to do so. It is at our discretion, contingent upon meeting certain minimum equity and financial conditions. Similarly, it is the company's decision whether to service any outstanding debt with either cash or shares, contingent on meeting certain minimum liquidity requirements.

目前，我們認為將設備融資和可轉換債券工具相結合，是能夠靈活應對快速變化的營運資金需求，並在特定情況下以最優資本成本隨時獲得未來設備融資的最佳融資策略。我們預計在 2026 年根據需要提取額外的款項，儘管我們沒有義務這樣做。是否批准由我們酌情決定，但需滿足一定的最低股權和財務條件。同樣，公司可以自行決定是否以現金或股票償還任何未償債務，但前提是必須滿足一定的最低流動性要求。

Second, our revenue and run rate adjusted EBITDA guidance remains unchanged. Before consideration of potential strategic review outcomes, we continue to expect 2026 revenues of $20 million to $30 million, 2027 revenues of $100 million to $200 million, and we continue to expect to reach EBITDA adjusted run rate breakeven in 2027.

其次，我們的收入和運行率調整後 EBITDA 預期保持不變。在考慮潛在的策略審查結果之前，我們仍預期 2026 年的營收為 2,000 萬美元至 3,000 萬美元，2027 年的營收為 1 億美元至 2 億美元，且我們仍預期在 2027 年實現 EBITDA 調整後的營運率損益平衡。

Third, during this quarter, Origin settled securities litigation with no finding of liability or wrongdoing. Announced in October 2025, Origin entered into binding agreements to settle the shareholder class action lawsuit and the related derivative lawsuit initially filed in August 2023 and March 2025, respectively, pending in the United States Court for the East District of California.

第三，本季度，Origin 解決了證券訴訟，沒有發現任何責任或不當行為。Origin 於 2025 年 10 月宣布，已達成具有約束力的協議，以解決分別於 2023 年 8 月和 2025 年 3 月在美國加州東區法院提起的股東集體訴訟和相關衍生訴訟。

The proposed settlement, which will be fully covered by insurance, resolves all claims asserted against Origin and the other named defendants in the lawsuit. Even when a company has strong confidence in its position, which Origin does, the way the litigation process works, it can often cost more to fight through vindication than it does to settle and make the case go away. This settlement allows us to avoid distractions associated with the lawsuits and avoid uncertainty and focus on our core business.

擬議的和解方案將由保險全額支付，解決針對 Origin 和訴訟中其他被告提出的所有索賠。即使像 Origin 這樣的公司對自己的立場充滿信心，但訴訟程序的運作方式決定了，打贏官司的成本往往比和解並結束訴訟的成本更高。這項和解協議使我們能夠避免訴訟帶來的干擾和不確定性，從而專注於我們的核心業務。

Lastly, Origin's strategic review engagement with RBC Capital Markets announced in our Q2 2025 earnings release is progressing well with productive engagement from potential counterparties. We look forward to sharing more on this topic as appropriate.

最後，Origin 與 RBC Capital Markets 的策略審查合作（我們在 2025 年第二季財報中宣布）進展順利，潛在交易對手方也積極參與其中。我們期待在適當的時候就此主題分享更多資訊。

With that, I'll pass it back to John for concluding remarks.

接下來，我將把發言權交還給約翰，請他做總結發言。

Thanks, Matt. I'll conclude with the following. We secured financing that strengthens our balance sheet and provides access to substantial additional capital. We are the clear technology leader for PET caps poised to grow and dominate a new market category. We are making strong progress with respect to our manufacturing capacity build-out and product development and demand is strong, both for water and CSD applications.

謝謝你，馬特。最後，我想補充以下幾點。我們獲得了融資，這增強了我們的資產負債表，並為我們提供了獲得大量額外資金的途徑。我們在PET瓶蓋領域擁有絕對的技術領先地位，蓄勢待發，準備在新市場類別中發展壯大並佔據主導地位。我們在產能建設和產品開發方面取得了顯著進展，無論是水處理還是碳酸飲料應用，市場需求都很強勁。

We look forward to sharing our milestones with you as we progress in our mission centered on the future of packaging, sustainable materials and recycling that actually works. With that, I'll open up the call for questions. Operator, may we have the first question, please.

我們期待與您分享我們在推動以包裝未來、可持續材料和真正有效的回收為中心的使命過程中取得的里程碑式進展。接下來，我將開始接受提問。接線員，請問我們第一個問題可以嗎？

(Operator Instructions) Frank Mitsch, Fermium Research.

（操作員說明）Frank Mitsch，費米研究公司。

Hey, good afternoon, John and Matt, and congrats on the financing. Can I -- I wanted to ask a couple of questions on the cash position and the convertible debt financing. Okay. So you're going to get $15 million by the end of this month. And it is at your option to get up to the $90 million, the additional $75 million.

嘿，約翰和馬特，下午好，恭喜你們獲得融資。我可以問一下關於現金狀況和可轉換債券融資的幾個問題嗎？好的。所以到本月底你將獲得1500萬美元。您可以選擇獲得高達 9000 萬美元的額外 7500 萬美元。

I believe, Matt, you mentioned that there were some milestones or some mileposts that were necessary for you to pass in order to get the future funding. Can you -- is that true? And can you just kind of describe that, those mileposts?

馬特，我相信你曾經提到過，為了獲得未來的資金，你需要跨越一些里程碑或里程碑事件。你能相信嗎？ ——這是真的嗎？能簡單描述一下那些里程碑嗎？

Yeah. Frank, thanks for the question. And at this point, the 8-K with the deal terms, it's going to be out by month end, probably sooner. And frankly, I think it's best to see all the terms together at one time in order to get a proper understanding of how the instrument works. And so I think I need to wait until we file that to really get into a level of detail beyond what we did in the prepared comments. So I think that's the approach we should take at the moment.

是的。弗蘭克，謝謝你的提問。目前來看，包含交易條款的 8-K 文件應該會在月底前發布，可能會更早。坦白說，我認為最好一次性了解所有術語，以便正確理解該儀器的工作原理。所以我覺得我需要等到我們提交文件之後，才能真正深入探討我們在準備好的評論中已經做過的細節。所以我認為這就是我們目前應該採取的方法。

All right. Fine. I'll be on the lookout for that. The burn rate in the third quarter was $15 million. It's a little bit higher than perhaps I've been thinking. Can you offer your outlook in terms of the burn rate for the next couple of quarters?

好的。美好的。我會留意這件事。第三季的資金消耗率為 1500 萬美元。比我預想的要高一些。您能否預測一下未來幾季的資金消耗速度？

Yeah. So the burn rate is a combination of kind of -- at the moment, kind of what our operating expenses are, cash operating expenses. And as we talked about in Q1 and Q2 together in the first six months, that was approximately $20 million, and then the rest was CapEx for CapFormers. In Q3, it was roughly $10 million on OpEx and $5 million on CapEx, so relatively consistent. And I think as we look into 2026, that's probably a good guide to use.

是的。所以，目前的資金消耗率是多種因素綜合起來的──也就是我們的營運費用，現金營運費用。正如我們在第一季和第二季的前六個月一起討論的那樣，這大約是 2000 萬美元，其餘部分是 CapFormers 的資本支出。第三季度，營運支出約 1,000 萬美元，資本支出約 500 萬美元，相對穩定。我認為展望 2026 年，這或許是個很好的參考標準。

Of course, as we begin generating gross profit, we're going to reduce the net burn. But as we've said before, this is a capacity build story to gather all the -- to be able to service all the demand. So we're going to keep building the CapFormers, and that's kind of why we have the financing lined up that we do to take care of that. But it's a relatively straightforward split, 50-50, 60-40, something like that, between OpEx and CapEx for the foreseeable future.

當然，隨著我們開始產生毛利潤，我們將減少淨消耗。但正如我們之前所說，這是一個產能建設的故事，目的是收集所有資源，以滿足所有需求。所以我們會繼續打造 CapFormers，這也是我們為此安排融資的原因。但在可預見的未來，營運支出和資本支出之間的比例將相對簡單明了，大約是 50-50、60-40 之類的。

Terrific. Thank you. And John, you indicated that Lines 2 and 4 are going to be starting up in the fourth quarter and in the first quarter. And I was wondering if you could give us an idea as to when you expect that that's going to be generating acceptable product quality for the customers because it's kind of important, I guess, given the NASDAQ delisting, I guess, is you're extended until April of 2026.

了不起。謝謝。約翰，你曾說過第 2 行和第 4 行將分別在第四季和第一季開始運行。我想知道您能否告知我們您預計何時才能為客戶生產出合格的產品質量，因為考慮到納斯達克退市，這一點似乎很重要，而且您的期限也延長到了 2026 年 4 月。

So if these lines are up and running and you're qualified, et cetera, then I think there could be scope to see the stock get to $1 on its own. But yeah, if you can give us a little more color on the start ups of Lines 2 and 4, please.

所以，如果這些生產線已經投入運營，而且你也符合資格等等，那麼我認為該股有可能自行達到 1 美元。不過，如果您能再詳細介紹一下第 2 行和第 4 行的啟動情況，那就太好了。

Yeah. So we're making good progress on the start up of those lines already. And we're excited to get them up running and producing consistent product that we can test with our customers. As we said before, it can be a little bit tricky to predict exactly when we're going to get line time with customers to do that qualification on the customers' lines, right?

是的。所以，這些生產線的啟動工作已經取得了良好進展。我們很高興能夠讓它們投入運行，並生產出穩定的產品，以便我們與客戶一起進行測試。正如我們之前所說，要準確預測何時才能獲得與客戶一起進行客戶生產線資格認證的時間，可能有點棘手，對吧？

So first, you've got to get our lines up and running, and then you've got to be take that product from those lines and specifically use it in the customer lines, check that off. And then you can figure out exactly what the timing is to start generating revenue off of that and making sales into that customer line.

首先，你們必須確保我們的生產線正常運轉，然後你們必須將這些生產線上的產品專門用於客戶的生產線，完成這項任務。然後你就可以準確地確定何時開始從中產生收入，並向該客戶群進行銷售。

But we do think that we can make really significant progress across all of those items in the window that you were just referring to, which is really sort of through the end of Q1. We think we can do a lot across those. We're sort of not ready to commit on any single particular customer at this point, but we really think we can make a lot of progress across all of those. There's plenty of time for us to do that, and we're -- we like the way that the Lines 2 and 4 are starting up right now anyway.

但我們認為，在您剛才提到的時間窗口內，也就是第一季末之前，我們可以在所有這些項目上取得非常顯著的進展。我們認為我們可以在這些方面做很多事情。目前我們還不打算對任何特定客戶做出承諾，但我們真的認為我們可以在所有這些客戶身上取得巨大進展。我們有充足的時間去做這件事，而且我們——我們很喜歡 2 號線和 4 號線目前的啟動方式。

All right. Very helpful. And then I guess, lastly, speaking of customers, you're getting your first order, you received your first order from Berlin Packaging. I assume that that's for a water application. I'm curious -- and I assume that you're through qualifications, et cetera. But any color that you can give on that first order and what your prognosis is for future orders from Berlin Packaging.

好的。很有幫助。最後，說到客戶，你們收到了第一份訂單，你們收到了來自柏林包裝公司的第一份訂單。我猜那是用於水處理的應用。我很好奇——我假設你已經通過了資格認證等等。但是，您能否提供第一筆訂單的顏色信息，以及您對未來從柏林包裝公司訂購的訂單的預測？

Yeah. So we're excited to ship it. We haven't heard feedback from Berlin's customers on it yet. So we're excited to see that. I think that's going to be part of what we talked about I suspect next quarter is learning everything that we learned from those -- from Berlin's customers.

是的。所以我們很高興能盡快發貨。我們尚未收到柏林客戶對此的回饋。所以我們很期待看到這一點。我認為這將是我們下個季度要討論的內容之一，我懷疑我們會吸取從柏林客戶那裡學到的所有經驗教訓。

We have been busy setting up our customer support service. So a lot of the work that we've been doing is really product development-oriented engagement with customers where we're going from qualifying in a very prescribed fashion with Berlin. What's a little bit different is we don't necessarily control exactly which customers are going to be using our caps there. So we need to have the ability to responsively provide customer service instead of just sort of planning too far in advance.

我們一直忙著搭建客戶支援服務系統。因此，我們所做的許多工作實際上是以產品開發為導向與客戶互動，我們從柏林方面非常規範的資格審查方式轉變為以產品開發為導向與客戶互動。略有不同的是，我們不一定能精確控制哪些客戶會在那裡使用我們的帽子。所以我們需要具備快速回應客戶服務的能力，而不是只提前長時間進行規劃。

So we're excited to do that. We've got that capability pretty much set up. And I think that's going to give us a heck of a lot of information about how our cap is performing, how people are using it. And as with most applications in the world, as you as you start to use something for that application, you're going to learn things that you weren't expecting. And that's, frankly, as an engineer and scientist, that's really exciting.

所以我們很高興能做到這一點。我們已經基本上具備了這種能力。我認為這將為我們提供大量信息，讓我們了解我們的上限表現如何，人們是如何使用它的。就像世界上大多數應用程式一樣，當你開始使用該應用程式的某些功能時，你會學到一些你意想不到的東西。坦白說，作為一名工程師和科學家，這真的令人興奮。

Now I'll turn it over to Ryan Smith, Co-Founder and Chief Product Officer, for a Q&A section answering Ask Origin questions submitted by investors prior to today's call.

現在我將把發言權交給聯合創始人兼首席產品官 Ryan Smith，由他來回答投資者在今天電話會議之前提交的“Ask Origin”問題。

Thank you, operator. Prior to our earnings call, we invited all investors to submit questions as part of our Ask Origin campaign. So thank you so much to everyone who participated. These questions were, of course, submitted before our call today, and we answered many of them thoroughly with our prepared remarks. We will generally be answering the most relevant questions today during the time that we have.

謝謝接線生。在財報電話會議之前，我們邀請所有投資者提交問題，作為我們「Ask Origin」活動的一部分。非常感謝所有參與者。當然，這些問題都是在我們今天通話之前提交的，我們在準備好的發言稿中對其中許多問題進行了詳盡的回答。今天，我們將在有限的時間內回答最相關的問題。

So let's start with the first question. The investor asks, could you please provide more explanation about the various phases of qualification and their significance? And this is specifically in reference to qualification of the Lines, terms like FAT and SAT.

那麼，讓我們從第一個問題開始。投資者問道：“您能否詳細解釋一下資格審查的各個階段及其意義？”這裡特指線路的資格認證，例如 FAT 和 SAT 等術語。

Yeah. So first, I think your comment just now, Ryan, is a useful one to remind everybody of, which is, for better or for worse, we do talk about qualification in two different contexts. One of them is qualifying our product with customers on their bottling lines. And that's been a significant focus of ours over the last year or so. And that's a process where we send them caps.

是的。首先，瑞安，我認為你剛才的評論提醒大家很有用，那就是，不管好壞，我們確實在兩種不同的語境中談論資格。其中一項工作是與客戶一起在填充生產線上驗證我們的產品。在過去一年左右的時間裡，這一直是我們的重點工作。這是一個我們向他們寄送帽子的過程。

They run our caps on their bottling lines. And they see both how do those caps perform from a throughput and a quality perspective in their bottling lines, examples of things that could go wrong there, not specifically for our caps, but caps in general, could be misapplication of the caps or jamming of their bottling systems.

他們在填充線上使用我們的瓶蓋。他們會從產量和品質兩個角度觀察這些瓶蓋在填充線上的表現，以及可能出現的問題（並非特別指我們的瓶蓋，而是所有瓶蓋都可能出現的問題），例如瓶蓋使用不當或填充系統堵塞。

And then the other thing that they're really looking for in the aggregate is how do those caps end up performing on those -- the products that they are making on the line. So there's sort of the performance of the cap running through the process and then there's the performance of the cap as part of the final package for the product. And there, you could have under application of the caps that might make it not feel properly or could be over application of the caps, which might cause a problem for, I don't know, tamper evidence or it might make it too hard to get off or something like that. These are sort of generic comments on what could go wrong with those sort of things.

此外，他們總體上真正想了解的另一件事是，這些蓋子最終在他們生產線上生產的產品上表現如何。所以，瓶蓋的性能既體現在整個生產過程中，也體現在作為產品最終包裝一部分的成品中。而且，瓶蓋可能蓋得不夠緊，導致感覺不對勁；也可能蓋得太緊，導致一些問題，例如無法防止竄改，或難以取下等等。這些是對這類事情可能出現的問題的一些概括性評論。

And so those are the two elements of customer qualification. And of course, with customer qualification, you're both looking for our particular cap design that's being qualified. It's also what do we maybe need to change, adjust settings on their lines in order to make our cap run properly on their lines. These are pretty typical things that you might manage your way through during a customer qualification process, whether it's a PET cap or any other cap.

所以，以上就是客戶資格審查的兩個要素。當然，在客戶資格認證方面，你們雙方都在尋找我們正在進行資格認證的特定帽子設計。這也是我們需要更改或調整他們生產線上的哪些設置，才能使我們的產品在他們的生產線上正常運作。這些都是你在客戶資格審查過程中可能會遇到的非常典型的問題，無論是 PET 瓶蓋還是其他任何瓶蓋。

And so that process is what we often are referring to. And the key part of that process is we have to get on to our customers' operating lines. And they have to give us the time to do those runs, collect the data appropriately, make sure that our cap is working properly, and then they can incorporate our caps into their product and planning cycles going forward.

因此，我們通常所指的就是這個過程。而這個過程的關鍵在於，我們必須連接客戶的營運生產線。他們必須給我們時間進行這些測試，適當地收集數據，確保我們的容量帽正常運作，然後他們才能將我們的容量帽納入他們未來的產品和規劃週期中。

But obviously, that's a long-winded way of saying, that's actually not what the question was about, although I think it was really worth walking through. The question is about our qualification of our own lines. So not the lines for using caps, but the lines for making caps. So this is what -- these are our cap forming lines.

但很顯然，這麼說其實是在委婉地表達，這並不是問題的真正意義所在，儘管我認為這個問題確實值得探討一番。問題在於我們對自身產品的資格認證。所以不是使用瓶蓋的線路，而是製作瓶蓋的線路。這就是我們的帽殼成型生產線。

And what we do during factory acceptance testing which is FATs, which is something we talk a lot about, is that's us testing the performance of the equipment at the site that the equipment was fabricated and assembled. So hence, in the factory, not our factory, but the factory of the equipment suppliers. And that's verifying that before the equipment ever leaves the factory that it's operating the way it's supposed to, to all of its specs.

我們在工廠驗收測試（FAT）期間所做的工作（我們經常談到這一點）是在設備製造和組裝的現場測試設備的性能。所以，問題出在工廠裡，不是我們自己的工廠，而是設備供應商的工廠。這意味著在設備離開工廠之前，要驗證它是否能夠以預期的方式運行，並符合所有規格。

With successful completion of the FAT, the factory acceptance test, it all gets boxed up. It gets shifted to wherever we're going to install and operate that equipment. So frequently, that means our Reed City manufacturing location in Michigan.

工廠驗收測試 (FAT) 順利完成後，所有零件都會被裝箱打包。它會被運送到我們將要安裝和操作該設備的任何地方。所以通常情況下，這意味著我們在密西根州里德城的生產基地。

We unbox all of the equipment. We reintegrate all of it, assemble it, start it up and then we run it again. And we see if it performs the same way now installed at a completely different location where we're going to be operating it for the foreseeable future, to see if it runs the way that it did during the factory acceptance testing. When we have checked that off and it is running the way that it was before, that is the completion largely of the site acceptance test or the SAT. So that's the FAT and the site acceptance test.

我們把所有設備都拆箱了。我們把所有零件重新整合、組裝、啟動，然後再次運作。現在，我們將把這台設備安裝在一個完全不同的地點，並在那裡運行一段時間，看看它的性能是否與出廠驗收測試時一樣，以檢驗其運行情況。當我們檢查完畢並且它像以前一樣運行後，這基本上就完成了現場驗收測試（SAT）。這就是工廠驗收測試（FAT）和現場驗收測試。

Now we also go through a line start-up and qualification process for ourselves, which is where we're really -- we're not testing whether the equipment is working. We are dialing in the equipment so that it is operating exactly to the performance specifications that we're looking for as long-term operations of that equipment. And that's less of a test if this equipment work, that's do we have it honed in properly so that we're getting the level of precision that we want to see on those lines so that when we're shipping caps to customers, we are comfortable with those caps, statistically are meeting the specifications as frequently as they need to, to make sure that when we go on to customer qualifications on their lines, that those caps are going to work the way that they're supposed to.

現在我們也要進行生產線啟動和驗證流程，這才是我們真正要做的事情——我們並不是在測試設備是否正常運作。我們正在對設備進行調試，使其能夠完全按照我們期望的性能規格運行，以滿足該設備長期運行的需求。這與其說是測試這套設備是否有效，不如說是測試我們是否已經將其調整到位，從而達到我們想要的精度水平，這樣當我們向客戶發貨時，我們才能放心，這些蓋子在統計數據上能夠滿足所需的規格要求，從而確保當我們對客戶的生產線進行認證時，這些蓋子能夠按預期工作。

Great. Thank you. The next question from an investor asks, can you speak to the customer demand in Europe versus the US given the environmental stance of the current US administration and how that factors into your expected growth plans?

偉大的。謝謝。投資人接下來的問題是：鑑於美國現任政府的環境立場，您能否談談歐洲和美國的客戶需求有何不同，以及這會如何影響您預期的成長計畫？

Yeah. I think the first thing to say here is we see a real delamination between the sort of sustainability treatment and public opinion of something like a sustainable material or climate technology, low-carbon materials, those sorts of things. And end of life and recycling type sustainability.

是的。我認為首先要說的是，我們看到永續處理方式與大眾對永續材料或氣候技術、低碳材料等事物的看法之間存在著真正的脫節。以及報廢和回收利用類型的可持續性。

So those -- they're often sort of different working groups, if you're looking at the larger sort of meta organizations. They are frequently handled by suddenly different people, even if they might report up into the same broader sustainability group in inside of a company, and they're driven by different consumer factors.

所以，如果你觀察到的是更大的元組織，那麼這些通常是不同的工作組。即使他們可能向公司內部同一個更廣泛的永續發展小組匯報，但這些工作通常由不同的人負責，而且他們受到不同的消費者因素的驅動。

So while we have -- I think, like everybody else, certainly seen somewhat of a change in tenor on the climate side of things. And notwithstanding that, that really hasn't changed our own view of the importance of climate, but I think that the broader view on climate has changed. We have not seen a reduction in intensity for end-of-life recycling type value propositions or sustainability efforts.

所以，雖然我們——我想，和其他人一樣——肯定也看到了氣候方面情況的一些變化。儘管如此，這並沒有真正改變我們自身對氣候重要性的看法，但我認為更廣泛的氣候觀點已經改變了。我們沒有看到報廢回收類型的價值主張或永續發展努力的力度減弱。

And so we have seen a lot of push still in the US just like we had before around resolving the issues for recycling and end of life, particularly for plastics. And I think -- and same in Europe, obviously, there's tethering in Europe that is leading a little bit sort of tethering activities or other kinds of end of life activities in the US. But I'd say, in both cases, we see really strong demand elements that are coming from this end-of-life and recycling sustainability desire.

因此，我們看到美國仍然像以前一樣大力推動解決回收和報廢問題，特別是塑膠回收和報廢問題。而且我認為——顯然歐洲也是如此——歐洲的安樂死做法在某種程度上引領了美國的安樂死活動或其他類型的臨終關懷活動。但我認為，在這兩種情況下，我們都看到了來自產品報廢和回收利用永續性意願的強勁需求因素。

I think also, as the plastic and plastic microparticles are becoming more inherently linked to consumers, I think that's driving recycling more. And frankly, we think that that favors PET quite significantly compared to other packaging materials. So we're really excited, frankly, about all of those demand elements. And I think it's all good right now for PET caps as far as you can tell.

我認為，隨著塑膠和塑膠微粒與消費者之間的連結越來越緊密，這也推動了回收的增加。坦白說，我們認為與其他包裝材料相比，PET 在這一點上具有相當大的優勢。坦白說，我們對所有這些需求因素都感到非常興奮。就目前來看，PET瓶蓋的狀況應該都很好。

Excellent. All right. And so this next question, I think, was motivated by the fact that Origin has participated in a number of trade shows recently. The investor asks, have any concrete developments come from your recent spate of trade shows in the US and Europe?

出色的。好的。我認為，提出下一個問題的原因是 Origin 最近參加了許多貿易展覽會。投資人問道，您最近在美國和歐洲舉辦的一系列貿易展是否取得了任何實質進展？

Yeah. So not things that we're ready to sort of communicate externally. A lot of these deals can take quite a long time. There's a lot of involvement especially if it's not just a straight up, I'm going to buy some caps from you that you're already making. And obviously, in our face of life, there are a lot of transactions or sort of commercial development activities that involve something that we could do or will do in the future or those kinds of things.

是的。所以，這些事情我們目前還不方便對外溝通。很多這類交易可能需要很長時間。尤其是當事情不僅僅是簡單地「我要從你這裡買一些你已經在生產的帽子」的時候，就涉及到很多方面的參與。顯然，在生活中，有很多交易或商業開發活動涉及我們將來可能做或將做的事情，或諸如此類的事情。

And those take a little while to be able to communicate out. So lots of concrete things that happened there. not all things that we can talk about. But I will say our sales team and our business development team has been really busy with the outputs of not just those trade shows, but in general, and I think that our experience so far has been as people become aware of what we are doing, we get a lot of inbound interest as a result of that.

而這些人需要一段時間才能與外界溝通。那裡發生了很多具體的事情，但並非所有事情我們都能談論。但我要說的是，我們的銷售團隊和業務拓展團隊一直非常忙碌，不僅是這些展會，而是所有方面。我認為到目前為止，我們的經驗是，隨著人們了解我們正在做的事情，我們因此獲得了大量的潛在客戶。

And so that sort of qualitatively tells us that there's lots and lots of markets that we haven't touched, haven't tapped, isn't aware of us. It's going to be valuable for us to continue to push our message and show people our product and that there is a high percentage of the market that is very interested in PET caps across the board, both small companies and large covers.

因此，從定性上來說，這告訴我們，還有很多我們尚未觸及、尚未開發、也尚未了解我們的市場。對我們來說，繼續宣傳我們的理念，向人們展示我們的產品，並說明市場上有很大一部分人對 PET 瓶蓋非常感興趣，無論是小型公司還是大型企業，這都將是非常有價值的。

Yeah. That makes sense. All right. And then last question here, John, to close this out. What do we have to get excited about as we look into the future?

是的。這很有道理。好的。約翰，最後一個問題，也算是結束今天的討論。展望未來，我們有哪些值得興奮的事？

Look, we are excited about the capacity that we're bringing online. We think that, that's going to enable us to really drive caps to the larger customers. We're excited about new product features and continued product development, which left us -- access more parts of the market.

我們對即將上線的產能感到非常興奮。我們認為，這將使我們能夠真正為大客戶設定上限。我們對新產品功能和持續的產品開發感到興奮，這使我們能夠進入更多的市場領域。

And frequently with -- especially with large customers, while they want to start with a single product, they want to have a vision for how something like a PET cap can solve a lot of their -- solve the sort of cap and sustainability problem associated with caps of different non-PET materials, solve that for their whole portfolio. And so showing how we can do that to them is something that additional product types or product features can do, and we're really excited about that.

而且，尤其是對於大客戶而言，雖然他們希望從單一產品開始，但他們希望對 PET 瓶蓋等產品如何解決他們的許多問題有一個願景——解決與不同非 PET 材料瓶蓋相關的瓶蓋和可持續性問題，並為他們的整個產品組合解決這些問題。因此，向他們展示我們如何做到這一點，可以透過增加產品類型或產品功能來實現，我們對此感到非常興奮。

We're excited about the financing that we just closed here. And we think we can show how that can drive the business the way that we all wanted to. And I think I think with all of that said, I think we're in a really good spot. And we've got the right products in the right market and we have the right resources to go execute on it. So there's going to be a lot to talk about. Thank you.

我們對剛剛完成的融資感到非常興奮。我們認為我們可以證明，這可以如何推動業務朝著我們所有人希望的方向發展。綜上所述，我認為我們現在處境非常好。我們擁有合適的產品，進入合適的市場，並且擁有執行所需的資源。所以有很多話要說。謝謝。

Excellent. And that's all for our Ask Origin questions. Thank you, John. Thank you, Matt, and thanks to all of our investors on the line today. This concludes our call.

出色的。以上就是我們「Ask Origin」欄位所有的問題。謝謝你，約翰。謝謝馬特，也感謝今天所有線上的投資者。通話到此結束。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。