REE Automotive Ltd (REE) 2024 Q4 法說會逐字稿

Good morning and thank you for joining us on today's conference call to discuss REE Automotive's fourth quarter and full year 2024 results. During the course of this call, management will make, express, and imply forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other US Federal securities laws.

早上好，感謝您參加今天的電話會議，討論 REE Automotive 2024 年第四季度和全年業績。在本次電話會議過程中，管理階層將根據 1995 年《私人證券訴訟改革法案》和其他美國聯邦證券法做出、表達和暗示前瞻性陳述。

These forward-looking statements include but are not limited to those statements regarding the company's financial condition, including the impact that it will have on Reis's future business and plan. It's ability to implement its current business, including as impacted by the going concern. It's plan to address its going concern, including through a significant reduction in operational expenses, which includes a reduction in force.

這些前瞻性陳述包括但不限於有關公司財務狀況的陳述，包括其對 Reis 未來業務和計劃的影響。它執行當前業務的能力，包括受持續經營影響的能力。該公司計劃解決持續經營問題，包括大幅削減營運費用，包括裁員。

It needs to obtain significant additional financing. The growing demand for res products and technology from OEMs and technology companies as reflected in expanding customer reservations and deepening engagement with OEMs.

它需要獲得大量額外融資。原始設備製造商和技術公司對再生能源產品和技術的需求不斷增長，這體現在客戶預訂量的擴大和與原始設備製造商的合作的加深上。

The ability to generate revenue from REEai Cloud, the implementation of the next phase of our mission, REEs ability to generate software-based revenues both in the near term and long term. REE's software-based business being less capital intensive. REE's ability to license its technology and its broader transition toward a subscription-based revenue model. It's plans regarding production of its P7 lineup.

從 REEai Cloud 創造收入的能力，是我們使命的下一階段的實施，REE 在短期和長期內創造基於軟體的收入的能力。REE 的軟體業務資本密集度較低。REE 授權其技術的能力以及向基於訂閱的收入模式的更廣泛轉型。這是有關 P7 系列生產的計劃。

REE's ability to integrate our software alongside existing products from OEMs and technology companies. Delivery of initial trucks to its North American customers and the timing thereof. Its ability to improve its operational efficiencies, impact of US tariffs and trade policies on its business in 2025.

REE 能夠將我們的軟體與 OEM 和科技公司的現有產品整合。向北美客戶交付首批卡車及其時間。其提高營運效率的能力以及美國關稅和貿易政策對其 2025 年業務的影響。

Addressing our supply chain and reassessment of production, including to tariff uncertainty and our Q1 2025 expected cash. Such forward-looking statements and their implications involve known and unknown risks, uncertainties, and other factors that may cause actual results or performance to differ materially from those projected.

解決我們的供應鏈和生產重新評估，包括關稅不確定性和我們 2025 年第一季的預期現金。此類前瞻性陳述及其意義涉及已知和未知的風險、不確定性和其他因素，可能導致實際結果或績效與預測有重大差異。

The forward-looking statements during the course of this call are subject to other risks and uncertainties, including those discussed in the risk factors section and elsewhere in REE's annual report on Form 20F for the year ended December 31, 2024, filed with the Securities and Exchange Commission and elsewhere in subsequent filings with the Securities and Exchange Commission.

本次電話會議中的前瞻性陳述也受到其他風險和不確定性的影響，包括在風險因素部分和 REE 向美國證券交易委員會提交的截至 2024 年 12 月 31 日的 20F 表年度報告的其他部分中討論的風險和不確定性，以及隨後向美國證券交易委員會提交的其他文件中討論的風險和不確定性。

Today's call is hosted by Daniel Barel, REE's co-founder and CEO; and Hai Aviv Ree's Chief Financial Officer. I will now turn the call over to Daniel Barel.

今天的電話會議由 REE 聯合創始人兼執行長 Daniel Barel 和 Hai Aviv Ree 財務長主持。現在我將電話轉給丹尼爾·巴雷爾。

Welcome everyone and thank you for joining us today. We are pleased with our performance in 2024. We began this journey over a decade ago, and I'm encouraged by the progress we made this year. The milestones achieved have laid a solid foundation for REE as a differentiated technology company in the automotive industry.

歡迎大家並感謝大家今天的參加。我們對 2024 年的表現感到滿意。我們十多年前就開始了這段旅程，今年我們的進展令我感到鼓舞。這些里程碑的實現為REE作為汽車產業差異化技術公司奠定了堅實的基礎。

I'd like to take some time to recap our 2024 and provide you with some recent updates. We saw demand increase significantly for our technology, and we reached several critical technology milestones, reinforcing our position as a leader in the SDV space.

我想花點時間回顧我們的 2024 年，並向您提供一些最新動態。我們看到對我們技術的需求顯著增加，並且我們達到了幾個關鍵的技術里程碑，鞏固了我們在 SDV 領域的領先地位。

Notably, we received the first Federal Motor Vehicle Safety Standards certification for a full by wire vehicle in the US. Also, Airbus, in collaboration with us, successfully completed the first autonomous drive on an active runway using our SDV technology.

值得注意的是，我們獲得了美國第一份全線控汽車聯邦機動車安全標準認證。此外，空中巴士與我們合作，利用我們的 SDV 技術成功完成了首次在活躍跑道上的自動駕駛。

We launched REEai Cloud in collaboration with [Geotub], introducing vehicle services and advanced data analytics that provide predictive maintenance and optimize operations, opening up a path for what we see as a new software revenue opportunity. 2024 was a breakthrough year for me. Our achievements point to one thing. Our vision for it is coming to life.

我們與 [Geotub] 合作推出了 REEai Cloud，引入了車輛服務和高級數據分析，提供預測性維護和優化運營，為我們所看到的新的軟體收入機會開闢了道路。 2024 年對我來說是突破性的一年。我們的成就顯示了一件事。我們的願景正在變成現實。

Our technology has been tested on the road under real world condition and within a commercial framework. This is a critical time in the industry as we see it converge of electric, autonomous, and connected vehicles, all of which we see as an opportunity to tap into through our scalable, software-driven platform.

我們的技術已經在真實環境和商業框架內進行了道路測試。這是行業的關鍵時刻，因為我們看到電動、自動駕駛和連網汽車的融合，所有這些都被視為透過我們的可擴展、軟體驅動的平台來利用的機會。

With that said, while we enter 2025 with this positive momentum, we have recently experienced unprecedented and unpredictable challenges. The current US tariffs and trade policy has significantly impacted our supply chain, similar to many in the global automotive industry. More specifically, over 2024 and beginning of 2025, we have tirelessly worked and deployed our race capital towards hitting the key milestone needed to work out ways towards putting vehicles on the road.

話雖如此，儘管我們帶著這種積極的勢頭進入2025年，但我們最近也經歷了前所未有且難以預測的挑戰。目前美國的關稅和貿易政策對我們的供應鏈產生了重大影響，與全球汽車產業的許多供應鏈類似。更具體地說，從 2024 年到 2025 年初，我們孜孜不倦地工作並部署我們的比賽資本，以達到製定車輛上路方法所需的關鍵里程碑。

We achieved the first FMVSS certification for a full by wire vehicle in the US. Advanced production of certain vehicles, work to prepare US facility for scale manufacturing, including product tooling, solidified our order book, and signed a significantly large non-binding MOU to integrate our technology into a customers autonomous shuttles.

我們獲得了美國首個全線控汽車 FMVSS 認證。某些車輛的先進生產，努力準備美國工廠進行規模化生產，包括產品工具，鞏固我們的訂單，並簽署了一份相當大的非約束性諒解備忘錄，將我們的技術整合到客戶的自動班車中。

Unfortunately, the US tariffs and trade policy created an environment that makes it significantly challenging to continue to move our original plan forward for the time being. As such, we have made a difficult but prudent decision to temporarily pause, not stop production until the situation stabilizes, until we see the uncertainty around the broader terrorist environment settle. We are focusing on what's in our control. Once the tariffs and trade situation stabilizes.

不幸的是，美國的關稅和貿易政策創造了一個環境，​​使得我們暫時無法繼續推動原計劃。因此，我們做出了一個艱難但謹慎的決定：暫時停止生產，直到局勢穩定下來，直到我們看到更廣泛的恐怖主義環境的不確定性消退。我們專注於我們能夠控制的事情。一旦關稅和貿易情勢穩定下來。

We would look to address our supply chain accordingly and reassess our post production. In the meantime, we remain in active dialogue with our suppliers and customers, and we are looking at solutions to alleviate the pressure that we and the entire auto industry are experiencing currently. We are also in discussion with technology companies on new autonomous programs and are restructuring our technology teams to focus on software programs.

我們將尋求相應地解決我們的供應鏈問題並重新評估我們的後製。同時，我們仍在與供應商和客戶保持積極對話，尋找解決方案來緩解我們和整個汽車行業目前面臨的壓力。我們也正在與科技公司討論新的自主程序，並正在重組我們的技術團隊以專注於軟體程式。

We are encouraged with the accelerated progress that our software business has made, which we now view as mature and gaining traction in the market as we are actively engaging with OEMs that are interested in our software. Our view is that SDV is the cornerstone of the technology which we find to be incredibly important for the future of mobility.

我們的軟體業務取得了快速進展，這讓我們感到鼓舞，現在我們認為我們的軟體業務已經成熟並在市場上獲得了吸引力，因為我們正在積極與對我們的軟體感興趣的原始設備製造商合作。我們認為，SDV 是這項技術的基石，對於未來的行動行程至關重要。

It's not just about the EV itself, but rather about the intelligent vehicle and the intelligence they can bring to both passenger and commercial marketplace. We are focused on generating revenue across both the near term and long term for our software business. In the near term, we are working closely with OEMs and technology companies to integrate our software alongside their existing products, ensuring a seamless fit within their platform and accelerating adoption.

這不僅關乎電動車本身，還關乎智慧汽車以及它們能為乘客和商業市場帶來的智慧。我們專注於為我們的軟體業務創造短期和長期收入。短期內，我們將與原始設備製造商 (OEM) 和技術公司密切合作，將我們的軟體與他們現有的產品集成，確保與他們的平台無縫契合併加速採用。

Looking further ahead, we're advancing our strategy to license our technology as part of our broader transition for the subscription-based revenue model. This dual approach not only meets what we see as current market demand but also positions us for sustained recurring revenue. In addition to pausing production and accelerating the prioritization of our SDV business.

展望未來，我們正在推進我們的技術授權策略，作為我們向基於訂閱的收入模式進行更廣泛轉型的一部分。這種雙重方法不僅滿足了我們所認為的當前市場需求，而且還使我們獲得了持續的經常性收入。除了暫停生產並加速我們的 SDV 業務的優先排序之外。

We will be laser focused on cost reduction. We intend to significantly reduce our monthly burn by reduction of operating costs and adjustment of headcount and leadership structure. As you can see while the broader macro environment has negatively impacted our business plan and all the excellent work and progress we made in 2024. We remain nimble.

我們將全力致力於降低成本。我們打算透過降低營運成本和調整員工人數和領導結構來大幅減少每月的開支。正如您所看到的，更廣泛的宏觀環境對我們的業務計劃以及我們在 2024 年所做的所有出色工作和進展產生了負面影響。我們保持靈活。

In our exploring path to deliver for our shareholders while working in parallel to accelerate our software offering, which we'll go into more details about later in the course. I'd like to turn the call over to Hai to discuss our financial milestones. And a review of our financial results.

在我們探索為股東提供服務的道路上，我們同時致力於加速我們的軟體產品供應，我們將在課程的後面詳細介紹這一點。我想將電話轉給海來討論我們的財務里程碑。並回顧我們的財務表現。

Thank you, Daniel, and hello everyone. In 2024, we strengthened our financial position. Our liquidity improved to $72 million inclusive of $18 million credit facility at the end of the year, reflecting the impact of two successful registered securities offerings.

謝謝你，丹尼爾，大家好。2024年，我們加強了財務狀況。截至年底，我們的流動性改善至 7,200 萬美元，其中包括 1,800 萬美元的信貸額度，這反映了兩次成功註冊證券發行的影響。

These offerings raised approximately $60 million in gross proceeds, including $45 million from MNG and Madison Group in September 2024 and an additional $50 million earlier in 2024 from MNG. In the first quarter of 2025, we raised an additional $36.5 million in gross profits through two more registered offerings, each led by MNG and Madison Group.

這些發行籌集了約 6000 萬美元的總收益，其中包括 2024 年 9 月來自 MNG 和 Madison Group 的 4500 萬美元，以及 2024 年早些時候來自 MNG 的另外 5000 萬美元。2025 年第一季度，我們透過另外兩次註冊發行額外籌集了 3,650 萬美元的毛利，每次發行均由 MNG 和 Madison Group 牽頭。

During the last 12 months, we have spent approximately $75 million on production readiness and R&D completion. Looking ahead, we will continue to prioritize enhancing our capital position with plans to expand financing options that will enable us to accelerate our technology-driven strategy.

在過去的 12 個月中，我們在生產準備和研發完成方面花費了約 7,500 萬美元。展望未來，我們將繼續優先提高我們的資本狀況，並計劃擴大融資選擇，以使我們能夠加速我們的技術驅動策略。

Now turning to the [P&L] for the full year, our GAAP net loss was $111.8 million a slight improvement from $114.2 million net loss in 2023. This was primarily driven by lower engineering and R&D expenses as we completed substantial portion of the P7 program R&D phase, along with operational efficiencies that helped to reduce overall operating costs.

現在來看看全年的損益表，我們的 GAAP 淨虧損為 1.118 億美元，較 2023 年的 1.142 億美元淨虧損略有改善。這主要是由於我們完成了 P7 專案研發階段的大部分工作，從而降低了工程和研發費用，同時營運效率的提高也有助於降低整體營運成本。

However, we were impacted by non-cash losses related to the remeasurement of warrants and derivative liabilities. On a non-GAAP basis, our net loss improved to $70.3 million from $98.3 million in 2023. This improvement was driven by reduction in engineering and R&D expenses and operating efficiencies as mentioned earlier.

然而，我們受到了與認股權證和衍生負債重新計量相關的非現金損失的影響。以非公認會計準則計算，我們的淨虧損從 2023 年的 9,830 萬美元改善至 7,030 萬美元。如前所述，這項改善是由於工程和研發費用的減少以及營運效率的提高。

In Q4 2024, our GAAP net loss was $37.3 million compared to $38.5 million in Q3 2024 and $35.2 million in Q4 2023. The quarter over quarter improvement was primarily driven by lower non-cash losses related to remeasurement of warrants and derivative liabilities partially offset by higher cost of revenues associated with the production of the P7 vehicles. The year over year increase in net loss was primarily driven by non-cash losses from the re-measurement of warrants and derivative liabilities.

2024 年第四季，我們的 GAAP 淨虧損為 3,730 萬美元，而 2024 年第三季為 3,850 萬美元，2023 年第四季為 3,520 萬美元。季度環比改善主要得益於與認股權證和衍生負債重估相關的非現金損失減少，但與 P7 汽車生產相關的收入成本增加部分抵消了這一影響。淨虧損年增率主要是因為認股權證和衍生性負債重新計量所產生的非現金損失。

Partially offset by increased non-recurring engineering development cost in Q4 2023, our non-GAAP net loss in Q4 was $19.8 million compared to $16.8 million in Q3 2024 and $32.2 million in Q4 2023. The quarter over quarter increase was largely driven by the higher cost of revenues associated with the production of P7 vehicles.

部分被 2023 年第四季非經常性工程開發成本的增加所抵消，我們第四季的非 GAAP 淨虧損為 1,980 萬美元，而 2024 年第三季為 1,680 萬美元，2023 年第四季為 3,220 萬美元。環比成長主要是由於與生產 P7 汽車相關的收入成本增加所致。

The year of a real improvement was mainly attributed to higher non-recurring engineering development costs in Q4 2023 compared to Q4 2024. A reconciliation of GAAP to non-GAAP measures have been provided in the financial statements tables included in our earnings press release.

真正改善的一年主要歸因於 2023 年第四季與 2024 年第四季相比非經常性工程開發成本較高。我們的收益新聞稿中的財務報表表格提供了 GAAP 與非 GAAP 指標的對帳表。

We continue to narrow our free cash flow burden year over year thanks to the operational efficiencies and the completion of significant R&D efforts as part of our ongoing financial review, due to the recent changes in the macroeconomic environment entire situation negatively affecting our ability to bring our P7 to the market as planned and affecting our ability to raise that which directly impact our revenue forecast.

由於營運效率的提高和作為我們正在進行的財務審查的一部分的重大研發工作的完成，我們的自由現金流負擔逐年縮小，因為最近宏觀經濟環境的變化，整個形勢對我們按計劃將 P7 推向市場的能力產生了負面影響，並影響了我們提高盈利能力的能力，這直接影響了我們的收入預測。

Management has determined that there is essential doubt about our ability to continue as a going concern for the next 12 months. Our plans to alleviate these going concerns include temporarily pausing production and significantly reducing costs, adjusting headcount with a view to optimize the corporate structure to become more flexible in the face of industry uncertainty.

管理層已確定，我們在未來 12 個月內繼續經營的能力存在重大疑問。我們緩解這些持續經營的計劃包括暫時停止生產並大幅降低成本，調整員工人數，以優化公司結構，使其在面對行業不確定性時更加靈活。

We will announce details of this in the near future, but for now, investors should expect a significant reduction in operational expenses alongside the production pod. We'll be announcing Q1 results promptly, but our expected Q1 2025 cash and cash equivalent balance is approximately $79.6 million including credit facility of $80 million. And we remain committed to providing OEMs with differentiated technologies that we have custom built over there.

我們將在不久的將來公佈相關細節，但目前，投資者應該預期生產艙的營運費用將大幅減少。我們將及時公佈第一季業績，但我們預計 2025 年第一季的現金和現金等價物餘額約為 7,960 萬美元，其中包括 8,000 萬美元的信貸額度。我們仍然致力於為 OEM 提供我們在那裡定制的差異化技術。

I'll now turn it back over to Daniel for his closing comments before going to Q&A.

現在，在進入問答環節之前，我將把時間交還給丹尼爾，請他發表最後評論。

As you've heard today, we made meaningful progress in 2024 technologically, commercially, and financially. REE is and has always been a technology company. Our mission from day one has been to create a scalable, technology-driven mobility platform built on both software and hardware. We were never focused on becoming a traditional [OEM].

正如大家今天所聽到的，我們在 2024 年在科技、商業和財務方面取得了有意義的進展。REE 是一家科技公司。從第一天起，我們的使命就是創建一個基於軟體和硬體的可擴展、技術驅動的行動平台。我們從未專注於成為傳統[原始設備製造商]。

Today we are accelerating the next phase of that mission, enabling the future of mobility by partnering with OEMs, technology companies, and others to bring vehicles built on our proprietary SDV technology to market faster with better performance and with more efficient manufacturing. The critical question for in recent years has been identifying the most effective business model to bring our technology to the customer who need it most.

今天，我們正在加速這項使命的下一階段，透過與原始設備製造商、科技公司和其他公司合作，實現移動出行的未來，將基於我們專有的 SDV 技術製造的車輛以更快的速度推向市場，提供性能更佳、製造效率更高的車輛。近年來的關鍵問題是確定最有效的商業模式，將我們的技術帶給最需要它的客戶。

We are seeing the answer through a path of developing our technology through less capital-intensive means, including licensing and partnership models. We embarked on a journey towards mass production in order to demonstrate our technology and its capabilities, and while this remains important, it is not the only path forward.

我們正在透過採用資本密集程度較低的方式（包括授權和合作模式）來開發我們的技術來尋找答案。為了展示我們的技術及其能力，我們踏上了大規模生產的旅程，雖然這仍然很重要，但這並不是唯一的前進道路。

Given the hindered uncertainty and risk in today's production environment, we've made a strategic decision to focus on our software technology. This decision is rooted in a commitment to being goods towards of capital. Preserving cash today allows us to preserve flexibility for tomorrow, ensuring we can adopt as market conditions evolve.

鑑於當今生產環境中的不確定性和風險，我們做出了專注於軟體技術的策略決策。這項決定根植於對資本商品的承諾。今天保留現金可以讓我們為明天保留彈性，確保我們能夠隨著市場條件的變化而調整。

Importantly, we are not resting on our laurels. Our technology can be deployed through less capital intensive means, including licensing and partnership models. We are actively advancing several commercial opportunities along these lines, and we remain confident in our ability to pursue potential long term profitable growth, even in the face of broader industry and trade headwinds.

重要的是，我們不會滿足於現狀。我們的技術可以透過資本密集程度較低的方式來部署，包括授權和合作模式。我們正在積極推動這方面的多項商業機會，即使面臨更廣泛的產業和貿易逆風，我們仍然對自己追求潛在長期獲利成長的能力充滿信心。

Our future lies in providing the software and intelligence that will drive tomorrow's vehicles. We envision that through recurring revenue and margin expansion, which is increasingly important in today's market. Through our software first approach, OEMs and technology companies can leverage our modular SDV technology to design and develop vehicles more quickly and cost effectively without the need for costly hardware design.

我們的未來在於提供驅動未來車輛的軟體和智慧。我們設想透過經常性收入和利潤擴張來實現這一點，這在當今市場越來越重要。透過我們的軟體優先方法，OEM 和技術公司可以利用我們的模組化 SDV 技術更快、更經濟地設計和開發車輛，而無需昂貴的硬體設計。

We are gaining traction in the market, illustrating to OEMs and technology companies that we are here to be a solution for them, not another competitor. The growing interest in our SDV technology reflected in the expanding customer reservation and deepening engagement with OEM underscores the market validation of re strategy.

我們在市場上的吸引力正在增強，向原始設備製造商和技術公司表明，我們是為他們提供解決方案，而不是另一個競爭對手。客戶預訂量的不斷擴大以及與 OEM 的持續深化合作反映出人們對我們 SDV 技術的興趣日益濃厚，這凸顯了市場對我們策略的認可。

We believe that these collaborations strengthen our credibility and positioned us as a reliable enabler of SDV innovation, giving OEMs and mobility technology providers the confidence that we can support their growing demand and requirements for the next generation of vehicles. The future of mobility is evolving, and so must the way vehicles are built.

我們相信，這些合作增強了我們的信譽，並使我們成為 SDV 創新的可靠推動者，讓 OEM 和行動技術提供者相信我們能夠滿足他們對下一代汽車日益增長的需求和要求。未來的出行方式正在不斷發展，車輛的製造方式也必須不斷發展。

REE's role is to support OEMs and suppliers with a flexible platform that enables better performance, faster adaptability, and more efficient manufacturing. By doing so, re is helping others succeed while also building a more sustainable, scalable, and profitable business model for ourselves. We believe that this approach will allow REE to move faster to market and be more profitable. It's an essential advantage in today's economic climate.

REE 的角色是透過靈活的平台為 OEM 和供應商提供支持，以實現更好的性能、更快的適應性和更有效率的製造。透過這樣做，我們在幫助他人取得成功的同時也為自己建立了更永續、可擴展且更有利可圖的商業模式。我們相信這種方法將使 REE 更快進入市場並獲得更多利潤。這是當今經濟環境下的重要優勢。

We believe our technology is matured and the customers demand is strong, and we are advancing into a more scalable and profitable phase of our growth, guided by our technology first model and commitment to supporting the industry's transition to software defined mobility.

我們相信，我們的技術已經成熟，客戶的需求也很強勁，在技術優先模式和支援產業向軟體定義行動轉型的承諾的指導下，我們正在進入更具可擴展性和盈利能力的增長階段。

With that Operator, please open the line for questions.

請與接線員聯繫，以便我們解答疑問。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

[Paul Frat], AGP Alliance Global partners.

[Paul Frat]，AGP Alliance Global 合作夥伴。

Yeah, good afternoon, Daniel, good afternoon. Hai, the first question I had was, can you talk about the conversion of the MOU to a definitive agreement. And do these changes potentially push out the timing of that finalization or have any impact on the MOU as you see it right now?

是的，下午好，丹尼爾，下午好。你好，我的第一個問題是，你能談談諒解備忘錄轉化為最終協議的情況嗎？這些變更是否會推遲最終確定的時間或對您目前看到的諒解備忘錄產生任何影響？

Hey, good morning, sorry. Thanks for the question. Regarding the MOU currently we don't see any change in the timeline that we've indicated, we have already started to receive payments from the MOU on services that we've been delivering and currently we believe that we're on track, as to what we previously announced in terms of timeline.

嘿，早上好，抱歉。謝謝你的提問。關於諒解備忘錄，目前我們沒有看到我們所指示的時間表有任何變化，我們已經開始從諒解備忘錄中收到我們所提供的服務的付款，目前我們相信我們正在按照我們之前宣布的時間表進行。

Great and Hai, could you repeat the first quarter cash balance and ignore the credit facility? What is the actual cash that you had on the balance sheet at the end of the quarter? The first quarter that is.

太好了，您能重複一下第一季的現金餘額並忽略信貸額度嗎？本季末資產負債表上的實際現金是多少？也就是第一季。

Yeah, thanks for the question. So, it's $61 million excluding the credit facility for the end of the first quarter.

是的，謝謝你的提問。因此，第一季末不包括信貸額度的金額為 6,100 萬美元。

And just if I may, if I could ask about, I know you want to, you don't have, you're going to release details on the restructuring and, your plan going forward, none of these potential changes impacted your run rate in the first quarter, am I correct? And secondly, can you talk about your cash burn, the.

如果可以的話，我可以問一下，我知道您想要，但您沒有，您將發布有關重組的細節以及您的未來計劃，這些潛在的變化都不會影響您第一季的運行率，對嗎？其次，您能談談您的現金消耗嗎？

If you will, the starting point from what from which you're going to start to cut costs, can you, is it roughly $18 million to $20 million of cash burned in the first quarter that you're going to look to narrow? Can you talk about headcount at the end of the quarter and maybe give us a little flavor on, you talked about restructuring the leadership team. Can you talk about how that might shape or how that how that might change the leadership structure?

如果可以的話，您從哪裡開始削減成本，您是否打算將第一季的現金消耗量縮小到大約 1800 萬至 2000 萬美元？您能否談談本季度末的員工人數，並給我們提供一些信息，您談到了重組領導團隊。您能談談這將如何影響或改變領導結構嗎？

Sure. So as we said, we are taking immediate actions to reduce our cash burn, including parts of our production, discussions with our suppliers, and of course, significant reduction in our operating costs. We previously communicated that the anticipated operating expenses will be between $5 million to $6 million a month. We ended, as we said, the quarter with $61 million and going forward, we plan to reduce the operating expenses over time and to reach an operating expense of between $3 million to $4 million by the end of the year.

當然。正如我們所說，我們正在立即採取行動減少現金消耗，包括部分生產、與供應商的討論，當然還有大幅降低營運成本。我們之前曾表示，預計每月營運費用將在 500 萬至 600 萬美元之間。正如我們所說，本季結束時我們的營運費用為 6,100 萬美元，未來我們計劃逐步降低營運費用，到年底將營運費用控制在 300 萬至 400 萬美元之間。

Great. Thanks, thank you so much. That's helpful.

偉大的。謝謝，非常感謝。這很有幫助。

(Operator Instructions)

（操作員指示）

[Paul Frat], AGP Alliance Global partners.

[Paul Frat]，AGP Alliance Global 合作夥伴。

Yes, sorry. Can, Daniel, can you talk about your, the reservations and whether these changes potentially, change the reservation book they're non-binding reservation to begin with, but have you seen any? Cancellations or do you anticipate any cancellations and then can you just talk about the path to first revenue or the rampant revenue can you just sort of highlight how much that might have shifted out into the future?

是的，抱歉。丹尼爾，您能談談您的預訂情況嗎？這些變更是否有可能改變預訂簿？預訂簿一開始就是非約束性預訂，但您見過嗎？取消，或者您是否預計會有任何取消，然後您能否只談論第一筆收入的途徑，或者猖獗的收入，您能否強調一下未來可能會轉移多少？

Sure, Regarding the reservation, of course, we're working with our customers, to assess the current production situation and it's basically, affecting everybody here in the industry. And it's we believe it's important to remain in open dialogue, in active dialogue and work collaboratively, to finding solutions for that.

當然，關於預訂，當然，我們正在與客戶合作，評估當前的生產情況，這基本上影響到業內的每個人。我們認為，保持開放的對話、積極的對話和合作以找到解決方案非常重要。

Our, the good news is, the costs, customers are telling us that, their interest in our product has increased given our SDV, our software defined vehicle, and not just because it's an EV, with great, of course, characteristics and offering, but the strongest sell point that we hear from our customers is that the software, defined vehicle technology that we have.

我們的好消息是，客戶告訴我們，由於我們的 SDV（軟體定義汽車），他們對我們產品的興趣增加了，這不僅僅是因為它是一款電動車，當然，它具有很好的特性和產品，但我們從客戶那裡聽到的最強賣點是我們擁有的軟體定義汽車技術。

Now we believe that the [$1 billion, close to $1 billion] dollar in reservation, which of course includes binding orders and capacity reservations such as the previous dimension and you and others, prove that there is a strong demand for our technology and due to the fact that we're temporarily posing production, it's a little bit too early to say, when we're going to be resuming production and therefore to assess, when we're going to be ramping up deliveries and, generating revenue from deliveries.

現在，我們相信 [10 億美元，接近 10 億美元] 的預訂，當然包括具有約束力的訂單和產能預訂，例如之前的維度以及您和其他人，證明對我們的技術有強勁的需求，並且由於我們暫時處於生產狀態，現在說我們何時恢復生產還為時過早，因此無法評估我們何時會加大收入並從交付中產生收入。

With that being said, we've always said that we are a tech company and technology, in, it's in our core and We are, we're very excited by the fact that, we currently believe that the, our technology is mature and we have demand for that that the software defined technology, the software itself, and that actually allows us to move our focus in the interim as we evaluate the macroeconomic conditions and tariffs.

話雖如此，我們一直說我們是一家科技公司，技術是我們的核心，我們非常興奮，因為我們目前相信我們的技術已經成熟，並且我們對軟體定義技術、軟體本身有需求，這實際上使我們能夠在評估宏觀經濟條件和關稅時暫時轉移我們的注意力。

We will be focusing more and more on our software business and it's worth mention also regarding the MOU that there is a good portion there that is also related to that. And we believe that we would be having great products to the market around our software, in the meantime, where our goal is to generate revenue from software and software related business in the interim as we continue to assess.

我們將越來越多地關注我們的軟體業務，值得一提的是，諒解備忘錄中有很大一部分也與此相關。我們相信，我們將圍繞我們的軟體向市場推出優秀的產品，同時，我們的目標是在此期間從軟體和軟體相關業務中創造收入，我們將繼續進行評估。

Great Thank You

非常感謝

Thank you. I would now like to turn the conference back to Daniel Barel for closing remarks.

謝謝。現在我想請丹尼爾·巴雷爾致閉幕詞。

Thank you and thank you everybody for taking the time today. I think we're seeing as we said, some challenging times in the industry, and I'm very proud of [Teamie] and their accomplishment not only in 2024, but the way they have and are handling the current situations in 2025. I see an amazing team of people, that gives me a lot of confidence that they're able to manage your current situation well and, to generate strong and significant, value for our shareholders. And with that, I want to thank everybody again, for the time today.

謝謝大家，也謝謝大家今天抽出時間。我認為正如我們所說的那樣，我們正在看到行業中一些充滿挑戰的時期，我為 [Teamie] 及其不僅在 2024 年取得的成就感到非常自豪，而且為他們在 2025 年處理當前局勢的方式感到非常自豪。我看到了一個了不起的團隊，這讓我非常有信心，他們能夠很好地管理當前的情況，並為我們的股東創造強大而重大的價值。最後，我要再次感謝大家今天抽出時間。

Thank you.

謝謝。