StableX Technologies Inc (SBLX) 2023 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good morning and welcome to the AYRO, Inc., second-quarter 2023 financial results and corporate update conference call. (Operator Instructions)

女士們先生們，感謝你們的支持。早上好，歡迎參加 AYRO, Inc. 2023 年第二季度財務業績和公司更新電話會議。 （操作員說明）

Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes. A webcast replay of the call will be available approximately one hour after the end of the call through November 15, 2023.

本次電話會議的參與者請注意，本次電話會議的音頻正在通過互聯網進行現場直播，並且還被錄製用於回放。電話會議的網絡直播重播將在電話會議結束後大約一小時內進行，直至 2023 年 11 月 15 日為止。

I would now like to turn the call over to Joey Delahoussaye of CoreIR, the company's investor relations firm. Please go ahead, sir.

我現在想將電話轉給該公司投資者關係公司 CoreIR 的 Joey Delahoussaye。請繼續，先生。

Thank you, Anthony. Good morning and thank you for participating in today's conference call. Joining me from AYRO's leadership team are Tom Wittenschlaeger, Chief Executive Officer; and Dave Hollingsworth, Chief Financial Officer.

謝謝你，安東尼。早上好，感謝您參加今天的電話會議。與我一起加入 AYRO 領導團隊的是首席執行官 Tom Wittenschlaeger；和首席財務官 Dave Hollingsworth。

During this call, management will be making forward-looking statements, including statements that address AYRO's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in AYRO's most recently filed annual report on Form 10-K and subsequent periodic reports filed with the SEC in AYRO's press release that accompanies this call, particularly the cautionary statements in it.

在本次電話會議中，管理層將做出前瞻性聲明，包括涉及 AYRO 對未來業績或運​​營業績預期的聲明。前瞻性陳述涉及風險和其他因素，可能導致實際結果與這些陳述存在重大差異。有關這些風險的更多信息，請參閱AYRO 最近提交的10-K 表格年度報告以及隨後在本次電話會議隨附的AYRO 新聞稿中向SEC 提交的定期報告中描述的風險因素，特別是其中的警示性聲明。

Today's conference call includes adjusted EBITDA, a non-GAAP financial measure that AYRO believes can be useful in evaluating its performance. You should not consider this additional information in isolation or as a substitute for results prepared in accordance with GAAP. For a reconciliation of this non-GAAP financial measure to net loss, its most recently -- its most directly comparable GAAP financial measure, please see the reconciliation table located in AYRO's earnings press release, which is available on its website at www.ayro.com under the investors tab.

今天的電話會議包括調整後的 EBITDA，這是 AYRO 認為可用於評估其業績的非 GAAP 財務指標。您不應孤立地考慮此附加信息，也不應將其視為根據 GAAP 準備的結果的替代品。有關這一非GAAP 財務指標與淨虧損（其最新的、最直接可比的GAAP 財務指標）的調節表，請參閱AYRO 收益新聞稿中的調節表，該新聞稿可在其網站www.ayro 上獲取。 com 在投資者選項卡下。

Content of this call contains time-sensitive information that is accurate only as of today, August 15, 2023. Except as required by law, AYRO disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

本次電話會議的內容包含時效性信息，僅截至今天（2023 年8 月15 日）準確。除非法律要求，AYRO 不承擔任何公開更新或修改任何信息以反映本次電話會議後發生的事件或情況的義務。

It is now my pleasure to turn the call over to CEO, Tom Wittenschlaeger.

現在我很高興將電話轉給首席執行官 Tom Wittenschlaeger。

Thank you, Joey, and good morning to everyone on the call.

謝謝你，喬伊，祝所有參加電話會議的人早上好。

We've continued to make progress in the second quarter and beyond towards our goal of commercializing our new LSEV, the AYRO Vanish. While our entire and singular focus today is the successful launch of the Vanish and its many payload options, we've made all preparations to efficiently advance our Valet and Vapor models as line extensions of the Vanish in the next phases of development following the successful launch of the Vanish.

我們在第二季度及以後繼續取得進展，實現我們的新型 LSEV AYRO Vanish 商業化的目標。雖然我們今天的全部重點是Vanish 及其眾多有效載荷選項的成功發射，但我們已經做好了一切準備，以在成功發射後的下一階段的開發中有效地推進我們的Valet 和Vapor 模型，作為Vanish 的產品線延伸消失者。

We've strengthened our balance sheet, ramped up inventory build, and are awaiting the receipt of final certifications of our homologation, safety, and testing requirements, which we anticipate will be completed shortly. These certifications will enable AYRO to commence sales with confidence in our product's performance, safety, and quality in earnest, and we're thrilled to have passed all of the requisites to obtain these.

我們已經加強了我們的資產負債表，增加了庫存建設，並正在等待收到我們的認證、安全和測試要求的最終認證，我們預計該認證將很快完成。這些認證將使 AYRO 能夠對我們產品的性能、安全性和質量充滿信心地開始銷售，我們很高興能夠通過獲得這些認證的所有必要條件。

In addition to homologation, we've been very busy drive testing and track tuning the drive performance, suspension settings, regenerative motor breaking, and even climate control performance, enclosed and open environments of the Vanish so that it will represent what we believe are the highest engineering standards in the LSEV space. We're in the final stages of calibrating our braking and motor control tuning after completing our ride dynamics optimization of the suspension, tires, steering and handling features.

除了認證之外，我們還一直忙於駕駛測試和賽道調整，包括 Vanish 的驅動性能、懸架設置、再生電機制動，甚至氣候控制性能、封閉和開放環境，以便它能代表我們所認為的LSEV領域最高的工程標準。在完成懸架、輪胎、轉向和操控功能的行駛動力學優化後，我們正處於校準制動和電機控制調整的最後階段。

In addition to the two prominent design awards the Vanish has received term Red Dot and from Frost & Sullivan, we want to ensure that the manufacturing of the vehicle and the customer experience match award-winning design elements.

除了 Vanish 獲得的紅點獎和 Frost & Sullivan 頒發的兩項著名設計獎外，我們還希望確保車輛的製造和客戶體驗與獲獎的設計元素相匹配。

With a combination of numerous payload options available for the Vanish, along with all of the quality control measures I've just described, we believe the Vanish will find strong customer acceptance in the market for a host of end market uses whether it be campus or arena setting or even in a last mile or last mile extension application.

憑藉 Vanish 提供的眾多有效負載選項的組合，以及我剛才描述的所有質量控制措施，我們相信 Vanish 將在許多終端市場用途（無論是校園還是校園）中找到強大的客戶接受度。競技場設置，甚至在最後一英里或最後一英里延伸應用中。

With homologation largely behind us, our attention is now focused on completing the transition to low-rate initial production or LRIP. We're working to make AYRO synonymous with quality, innovation, safety, and performance. And we believe our production ramp is now more streamlined as we addressed a number of supply chain and sourcing constraints in the quarter.

隨著認證工作已基本完成，我們現在的注意力集中在完成向低速初始生產或 LRIP 的過渡上。我們致力於使 AYRO 成為質量、創新、安全和性能的代名詞。我們相信，隨著我們在本季度解決了許多供應鍊和採購限制，我們的產量提升現在更加精簡。

Our focus has now turned to building out inventory, and I'm delighted to report that we're close to finishing the build of our 12 Vanish first article unit. Numerous models have been used in our homologation testing, while others have gone to our marketing efforts for demonstration to distributors, strategic partners, upfitters, and potential customers. We expect we will continue into full-fledged LRIP in the coming quarter with the intention of beginning the ramp to production quantities of the Vanish.

我們現在的重點已轉向建立庫存，我很高興地報告說，我們即將完成 12 Vanish 第一篇文章單元的構建。我們的認證測試中使用了許多型號，而其他型號則用於我們的營銷工作，向經銷商、戰略合作夥伴、改裝商和潛在客戶進行演示。我們預計我們將在下個季度繼續全面的 LRIP，旨在開始提高 Vanish 的產量。

We plan to build approximately 60 Vanish units during LRIP with the intention of selling and placing these early units with vehicle upfitters, distributors, strategic partners, and key end customers that we believe will offer the greatest sales leverage entering 2024. Of course, it will be a learning curve for our manufacturing team during LRIP as we scale the manufacturing floor and gain further assembly and product flow experience.

我們計劃在LRIP 期間建造約60 輛Vanish 單元，目的是向車輛改裝商、分銷商、戰略合作夥伴和主要最終客戶銷售和放置這些早期單元，我們相信這將在進入2024 年時提供最大的銷售槓桿。隨著我們擴大製造車間並獲得進一步的裝配和產品流程經驗，這將成為我們製造團隊在 LRIP 期間的學習曲線。

Following LRIP and the Vanish launch, we will target moving to full-scale production, which we currently expect to commence in early 2024. For context, we currently anticipate producing nine vehicles per day with our first full shift underway, which would translate to over 2,000 vehicles per year of capacity under the guidelines mentioned above.

繼LRIP 和Vanish 推出之後，我們的目標是轉向全面生產，目前預計將於2024 年初開始。就背景而言，我們目前預計每天生產9 輛車，第一個全班次正在進行中，這將意味著超過根據上述指導方針，每年產能為 2,000 輛。

Assuming a ramp in demand, we are in a position to add a second shift here in Round Rock in our Round Rock factory as well as utilizing an established automotive OEM partner to manage surge demand. We believe our infrastructure in preparation for fulfilling demand is developed, sound, and on target.

假設需求增加，我們可以在朗德羅克工廠增加第二個班次，並利用成熟的汽車原始設備製造商合作夥伴來管理激增的需求。我們相信，我們為滿足需求而準備的基礎設施是發達、健全且符合目標的。

Once we move to full production, we anticipate cost savings per vehicle resulting from the use of production tooling, volume leverage, and learning curve improvements, all of which are customary in vehicle production programs. We believe that these advances in 2024 will allow us to improve our gross margins.

一旦我們進入全面生產，我們預計通過使用生產工具、批量槓桿和學習曲線改進（所有這些都是車輛生產計劃中的慣例）來節省每輛車的成本。我們相信，2024 年的這些進步將使我們能夠提高毛利率。

As we continue to make progress on our goals to produce our award-winning Vanish, we're also keenly focused on sales and marketing and have made strides in building a growing network of dealers; potential fleet customers; and a growing cadre of potential large multi-vehicle customers in the stadium, resort, campus, corporate, and hospitality fields, among others.

隨著我們在生產屢獲殊榮的 Vanish 的目標上不斷取得進展，我們也熱衷於銷售和營銷，並在建立不斷壯大的經銷商網絡方面取得了長足的進步；潛在的車隊客戶；體育場、度假村、校園、企業和酒店等領域的潛在大型多車輛客戶隊伍不斷壯大。

Our relationship with Masters Golf in utility vehicles in Ontario, Canada is ongoing. And we're excited to move forward into full production and commence sales and marketing activities that we envision will bear strong results. We've signed a growing number of dealers under our dealer program, and we look forward to expanding this impressive list.

我們與加拿大安大略省多用途車領域的 Masters Golf 的合作關係仍在繼續。我們很高興能夠全面投入生產並開始銷售和營銷活動，我們預計這些活動將產生強勁的成果。我們已經根據我們的經銷商計劃簽署了越來越多的經銷商，我們期待著擴大這個令人印象深刻的名單。

We further formed relationships with the vehicle upfitters that will see the Vanish as an enabler to improve functionality in their respective spaces. We're making steady progress on our efforts in establishing our direct to consumer or DTC sales channel. We're finalizing our e-commerce site and our first on-site location in Florida that will enable our DTC efforts, allowing customers to order, configure, and customize the Vanish directly from AYRO's e-commerce website.

我們進一步與車輛改裝商建立了關係，他們將 Vanish 視為改進各自空間功能的推動者。我們在建立直接面向消費者或 DTC 銷售渠道方面正在穩步取得進展。我們正在最終確定我們的電子商務網站和我們在佛羅里達州的第一個現場地點，這將使我們的 DTC 工作得以實現，允許客戶直接從 AYRO 的電子商務網站訂購、配置和定制 Vanish。

Establishing our presence in Florida will serve two goals for AYRO. Florida happens to be one of several states where direct-to-consumer vehicle sales are permitted. It is also an expansive potential market for the Vanish and our follow-on products, the people mover, we call the Valet; and what we believe is the world's most stylized golf cart, the Vapor. We believe we're on track with establishing our DTC capability and expect to launch within a week.

在佛羅里達州建立業務將為 AYRO 實現兩個目標。佛羅里達州恰好是允許直接面向消費者銷售汽車的幾個州之一。對於 Vanish 和我們的後續產品（我們稱之為 Valet）的旅客捷運車來說，這也是一個廣闊的潛在市場；我們相信，Vapor 是世界上最時尚的高爾夫球車。我們相信我們正在建立 DTC 能力，並預計在一周內推出。

On the intellectual property front, we're strengthening our IP portfolio consisting of both design patents as well as utility patents. We continue to believe the combination of our anticipated future sales and sales growth, together with our growing IP portfolio, has the potential to create sustainable shareholder value and provide numerous differentiators in this segment that otherwise hasn't evolved with prevailing technologies nor market opportunities in several decades.

在知識產權方面，我們正在加強我們的知識產權組合，包括設計專利和實用專利。我們仍然相信，我們預期的未來銷售額和銷售增長，加上我們不斷增長的知識產權組合，有潛力創造可持續的股東價值，並在這一領域提供眾多的差異化優勢，而這些差異化優勢還沒有隨著主流技術或市場機會的發展而發展。幾十年。

Moving on to our financials. Sales in the second quarter were in line with our expectations of the sunsetting of our legacy Club Car Current vehicle, slightly higher than sales in the first quarter. As I've mentioned before, our principal focus has been on the development of the Vanish and our inventory of remaining Club Car Current vehicles is now quite minimal.

繼續我們的財務狀況。第二季度的銷量符合我們對舊款 Club Car Current 車輛淘汰的預期，略高於第一季度的銷量。正如我之前提到的，我們的主要重點是 Vanish 的開發，而我們剩餘的 Club Car Current 車輛的庫存現在非常少。

We began increasing inventory during the second quarter to prepare for LRIP and beyond. As an EV company building a disruptive product in markets with very strong demand, we aim to sell large distributors, strategic partners, and customers with large appetites. So our need to ramp inventory according to our forecast is significant.

我們在第二季度開始增加庫存，為 LRIP 及以後做好準備。作為一家在需求非常強勁的市場中打造顛覆性產品的電動汽車公司，我們的目標是向大型分銷商、戰略合作夥伴和胃口大的客戶銷售產品。因此，我們需要根據我們的預測增加庫存，這一點非常重要。

We believe our efforts to create a plurality of vehicles on our new platform are exciting and significant and will offer flexibility and leverage for additional vehicles beyond the Vanish.

我們相信，我們在新平台上創建多種車輛的努力令人興奮且意義重大，並將為 Vanish 之外的其他車輛提供靈活性和影響力。

To this end, we recently raised $22 million in cash from existing stockholders. This additional capital allows us to continue building our business and execute our strategic plan without a market pause for capital and offers additional runway and strategic options to ramp inventory, to grow the platform count along our path to profitability. Quite simply, we're now better positioned financially.

為此，我們最近從現有股東那裡籌集了 2200 萬美元現金。這些額外的資本使我們能夠繼續發展我們的業務並執行我們的戰略計劃，而無需市場暫停資本，並提供額外的跑道和戰略選擇來增加庫存，以增加我們盈利之路上的平台數量。很簡單，我們現在的財務狀況更好了。

That concludes my opening remarks. Now I'd like to turn the call over to Dave Hollingsworth, who will review our financial results in more detail. Dave?

我的開場白就到此結束。現在我想將電話轉給戴夫·霍林斯沃思 (Dave Hollingsworth)，他將更詳細地審查我們的財務業績。戴夫？

Thanks, Tom, and good morning, everyone.

謝謝，湯姆，大家早上好。

Here's a summary of our second-quarter 2023 financial results. Revenue for the quarter ended June 30, 2023, was $139,544, a decrease of a 6% year over year. The sales recorded in the second quarter of 2023 represents the runoff of Club Car Current inventory as we transition to the AYRO Vanish.

以下是我們 2023 年第二季度財務業績的摘要。截至 2023 年 6 月 30 日的季度收入為 139,544 美元，同比下降 6%。 2023 年第二季度記錄的銷售額代表了我們過渡到 AYRO Vanish 後 Club Car 當前庫存的流失。

Total operating expenses for the second quarter of 2023 were approximately $6.1 million as compared to approximately $4.1 million in the second quarter of 2022. The year-over-year increase in total operating expenses was due primarily to the completion of the Vanish product and a ramp to LRIP and full production.

2023 年第二季度的總運營費用約為 610 萬美元，而 2022 年第二季度約為 410 萬美元。總運營費用同比增長主要是由於 Vanish 產品的完成和產能的增加LRIP 和全面生產。

Adjusted EBITDA, a non-GAAP measure, for the second quarter of 2023 was a loss of approximately $5.5 million versus a loss of approximately $3.6 million in the second quarter of 2022. Net loss for the quarter ending June 30, 2023, was approximately $6 million versus a net loss of approximately $6 million in the year ago quarter.

2023 年第二季度調整後 EBITDA（非 GAAP 指標）虧損約 550 萬美元，而 2022 年第二季度虧損約 360 萬美元。截至 2023 年 6 月 30 日的季度淨虧損約為 6 美元百萬美元，而去年同期淨虧損約為600 萬美元。

Cash and marketable securities at June 30, 2023, was approximately $33 million versus $48.9 million at the end of 2023. Total debt was zero at June 30, 2023, as it was on December 31, 2022.

截至 2023 年 6 月 30 日，現金和有價證券約為 3,300 萬美元，而 2023 年底為 4,890 萬美元。截至 2023 年 6 月 30 日，債務總額為零，與 2022 年 12 月 31 日相同。

As of June 30, 2023, the company had 37,536,101 common shares outstanding.

截至2023年6月30日，公司已發行普通股37,536,101股。

That concludes my prepared remarks. I'd like to turn the call back over to Tom for any remaining comments.

我準備好的發言就到此結束。我想將電話轉回湯姆以徵求任何剩餘意見。

Thank you, Dave.

謝謝你，戴夫。

We look forward to continuing to execute on our business model and to accomplishing our goals to become a leading force in the very exciting LSEV space.

我們期待繼續執行我們的商業模式並實現我們的目標，成為令人興奮的低速電動汽車領域的主導力量。

And with that, I'd like to turn the call over to the operator, so we can begin the question-and-answer session. Operator.

這樣，我想將電話轉給接線員，以便我們可以開始問答環節。操作員。

(Operator Instructions) It appears we have no questions. I would like to turn the conference back over to Tom Wittenschlaeger for any closing remarks.

（操作員說明）看來我們沒有問題。我想將會議轉回湯姆·維滕施萊格 (Tom Wittenschlaeger) 發表閉幕詞。

Thank you, Anthony. I'd like to thank all of you for participating on today's call and for your interest in AYRO. We look forward to sharing our progress on our next quarterly conference call when we report our third-quarter 2023 results likely in November of 2023. Thank you and have a good day.

謝謝你，安東尼。我要感謝大家參加今天的電話會議以及對 AYRO 的興趣。我們期待在下一次季度電話會議上分享我們的進展，屆時我們可能會在 2023 年 11 月報告 2023 年第三季度業績。謝謝，祝您有美好的一天。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。