Westport Fuel Systems Inc (WPRT) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Westport Q1 2026 conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 Westport 2026 年第一季電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today. Ashley Nuell, please go ahead.

現在我想把會議交給今天的第一位講者。Ashley Nuell，請開始。

Good morning, everyone. Welcome to Westport's conference call regarding the first-quarter 2026 financial and operational results. This call is being held to coincide with the press release containing our financial results that was issued yesterday after market close. On today's call, speaking on behalf of Westport will be our Chief Executive Officer and Director, Daniel Sceli; and our Chief Financial Officer, Elizabeth Owens.

各位早安。歡迎參加 Westport 關於 2026 年第一季財務與營運結果的電話會議。本次會議配合我們於昨日收盤後發布、載有財務結果的新聞稿同步舉行。今天代表 Westport 出席並發言的有：我們的執行長兼董事 Daniel Sceli，以及財務長 Elizabeth Owens。

Attendance on this call is open to the public, but questions will be restricted to the analyst community. You are reminded that certain statements made on the conference call and our responses to certain -- may constitute forward-looking statements within the meaning of US and applicable Canadian securities laws, and as such, forward-looking statements are made based on our current expectations and involve certain risks and uncertainties.

本次電話會議對大眾開放旁聽，但提問將限於分析師社群。提醒各位，電話會議中的某些陳述以及我們對某些問題的回應，可能構成美國及適用之加拿大證券法所定義的前瞻性陳述；因此，前瞻性陳述係基於我們目前的預期，並涉及若干風險與不確定性。

With that, I will turn the call over to you, Dan.

接下來，我把電話交給您，Dan。

Thank you, Ashley, and good morning, everyone. I'll turn to our financial results. Cespira's momentum continues to build with revenue up 33% year-over-year in the first quarter that growth is increasingly material to Westport reflecting stronger volumes, broader market adoption of HPDI and progress with the a second OEM.

謝謝你，Ashley，各位早安。我先談我們的財務結果。Cespira 的動能持續增強，第一季營收年增 33%；這項成長對 Westport 的貢獻正變得愈發顯著，反映出更強勁的出貨量、HPDI 更廣泛的市場採用，以及與第二家 OEM 的進展。

Importantly, we expect this momentum to continue through 2026, supported by favorable fuel economics, tightening emissions regulations and growing OEM and fleet interest in practical low-carbon solutions.

重要的是，我們預期這股動能將延續至 2026 年，並受惠於有利的燃料經濟性、日益嚴格的排放法規，以及 OEM 與車隊對務實低碳解決方案日益提升的興趣。

The significance for our investors is not only top line growth, but the financial read-through, as Cespira continues to scale and improve operating performance, we expect our funding requirements for the joint venture to continue to decline. That creates a more direct link between commercial execution at Cespira and improved capital efficiency at Westport.

對投資人而言，其重要性不僅在於營收成長，更在於財務面的傳導效應。隨著 Cespira 持續擴大規模並改善營運表現，我們預期對該合資企業的資金需求將持續下降。這使得 Cespira 的商業執行與 Westport 資本效率的提升之間，形成更直接的連結。

The broader market backdrop also remains supportive Volvo Trucks recently announced it has delivered more than 10,000 gas-powered trucks globally highlighting growing adoption in key European markets. While cognitive market research projects the European LNG heavy truck market to grow at 12.5%, growth rate through 2031. Together, those indicators reinforce our view that Cespira is participating in a market with both near-term momentum and multiyear growth potential.

整體市場背景同樣仍具支撐力。Volvo Trucks 近期宣布其全球已交付超過 10,000 輛燃氣卡車，凸顯在歐洲主要市場的採用度正在提升。同時，Cognitive Market Research 預估歐洲 LNG 重型卡車市場至 2031 年的成長率為 12.5%。綜合這些指標，強化了我們的觀點：Cespira 正參與一個兼具短期動能與多年成長潛力的市場。

Our high-pressure controls business has also reflected improved results in Q1 2026 with a 21% increase in revenue compared with the same period last year. What makes it truly meaningful is how we delivered it. Our brand GFI Control Systems provides critical components that make this system viable, while AFS ensures that the technologies come together as a complete real-world solution, enabling the performance, reliability and control our customers expect.

我們的高壓控制業務在 2026 年第一季也呈現改善，營收較去年同期成長 21%。真正有意義之處在於我們如何達成。旗下品牌 GFI Control Systems 提供使該系統可行的關鍵零組件，而 AFS 則確保各項技術能整合為完整的實際解決方案，提供客戶所期待的性能、可靠性與控制能力。

Adding to this result, we commenced production at the expanded product development and manufacturing facility in Cambridge, Ontario and GFI's new China Hydrogen Innovation Center and manufacturing facility in Zhangzhou, China. With production underway at all facilities, combined with strong demand from large industrial companies, we remain optimistic about its performance this year, building off this strong start.

此外，我們已在加拿大安大略省劍橋市擴建的產品開發與製造設施，以及 GFI 位於中國漳州的新中國氫能創新中心與製造設施啟動生產。隨著所有設施皆已投產，加上大型工業公司需求強勁，我們對今年的表現仍保持樂觀，並將在這個強勁開局的基礎上持續推進。

Moving on to some recent excitement at the ACT Conference in Las Vegas. I believe it provides some key insights into our experience. Getting this truck to Las Vegas on time, show ready and performing was a complex, high-pressure effort and the fact that we delivered speaks volumes. At ACT, from the moment the show floor opened, we saw strong interest, other exhibitors, fleets and OEMs stopping to take a closer look and excited by what they saw because this is not a concept.

接著談談近期在拉斯維加斯 ACT 大會上的一些令人振奮的進展。我認為這提供了我們經驗的一些關鍵洞見。要讓這輛卡車準時抵達拉斯維加斯、具備展出狀態並能正常運行，是一項複雜且高壓的任務，而我們能夠交付，意義重大。在 ACT，從展場一開放起，我們就看到強烈的興趣，其他參展商、車隊與 OEM 都停下來仔細觀看，並對所見感到興奮，因為這不是概念展示。

It's a fully integrated platform that proves we can deliver diesel performance with cleaner, more cost-effective fuel today. A focus team brought this to life, but their success reflects something bigger, our ability to execute, to integrate and to lead. As we showcased this platform, we demonstrated what sets us apart, not just innovation but the ability to bring it to market where it matters most and fleets and OEMs are starting to notice. It was clear from the volume of interactions this year compared to previous years that this is an exciting time for Westport. We are making clear steps forward in expanding our technology reach.

這是一個完整整合的平台，證明我們今天就能以更潔淨、成本更具效益的燃料，提供柴油等級的性能。一個專案團隊讓它成真，但他們的成功反映出更大的能力：我們的執行力、整合力與領導力。當我們展示這個平台時，我們展現了自身的差異化——不只是創新，更是能把創新帶到最重要的市場並成功商業化，而車隊與 OEM 也開始注意到。從今年與往年相比的互動量可清楚看出，對 Westport 而言這是令人振奮的時刻。我們正明確地向前邁進，擴大我們的技術觸及範圍。

What we see growing demand for high-performance, lower emission alternatives. The conference success was a clear signal that we are advancing our high-pressure CNG storage solution into a North American market with real momentum, positioning Westport to capture long-term growth opportunities in the global heavy-duty transportation market.

我們看到對高性能、低排放替代方案的需求正在成長。此次大會的成功清楚表明，我們正把高壓 CNG 儲存解決方案推進到具備實質動能的北美市場，使 Westport 得以在全球重型運輸市場中掌握長期成長機會。

Now I'll have Elizabeth run through some financial details, and then we'll come back. Elizabeth?

接下來我請 Elizabeth 說明一些財務細節，之後我們再回來。Elizabeth？

Thank you, Dan, and good morning, everyone.

謝謝你，Dan，各位早安。

I'll highlight a few key milestones that Westport has achieved the first of which remains our strong cash position through the first quarter of 2026. As of March 31, 2026, our cash and cash equivalents position stood at $24.5 million compared to $27.2 million at December 31, 2025. Net cash used in operating activities from continuing operations was $3.4 million for the quarter ended March 31, 2026 compared to $8.6 million in the prior year an improvement of $5.2 million as a result of changes in working capital.

我將重點說明 Westport 在 2026 年第一季達成的幾項關鍵里程碑。第一項是我們在 2026 年第一季仍維持強勁的現金部位。截至 2026 年 3 月 31 日，我們的現金及約當現金為 2,450 萬美元，較 2025 年 12 月 31 日的 2,720 萬美元下降。就持續營運而言，本季營運活動使用之淨現金為 340 萬美元，較去年同期的 860 萬美元改善 520 萬美元，主要由於營運資金變動所致。

Our capital contributions to the Cespira joint venture decreased from $4.7 million in the first quarter of 2025 to $2.9 million in Q1 of 2026, reflective of the improvement of Cespira's financial performance. Our total outstanding debt sits at $1.9 million, a reduction of $1 million from the $2.9 million reported at year-end 2025. This debt will be retired in the third quarter of 2026. Our High-Pressure Controls business segment saw meaningful growth with revenue for Q1 2026, increasing 21% to $2.3 million from $1.9 million reported in Q1 2025. Higher year-over-year sales volumes drove the revenue increase with gross profit of $0.5 million, consistent with the prior period.

我們對 Cespira 合資企業的資本投入由 2025 年第一季的 470 萬美元降至 2026 年第一季的 290 萬美元，反映 Cespira 財務表現的改善。我們的未償還總負債為 190 萬美元，較 2025 年年底報告的 290 萬美元減少 100 萬美元。該筆負債將於 2026 年第三季償還。我們的高壓控制業務部門呈現顯著成長，2026 年第一季營收年增 21%，由 2025 年第一季的 190 萬美元增至 230 萬美元。較去年同期更高的銷售量帶動營收增加；毛利為 50 萬美元，與前期一致。

As Dan highlighted, Cespira's revenue growth is accelerating as we enter 2026. In Q1 2026, total revenue generated was $22.2 million compared to $16.7 million in the same period last year, representing an increase of 33%, driven by higher sales volumes. Cespira product revenue of $19.5 million increased 48%, compared to $13.2 million in Q1 2025.

如 Dan 所強調，進入 2026 年後，Cespira 的營收成長正在加速。2026 年第一季總營收為 2,220 萬美元，較去年同期的 1,670 萬美元增加 33%，主要由更高的銷售量所帶動。Cespira 產品營收為 1,950 萬美元，較 2025 年第一季的 1,320 萬美元成長 48%。

Cespira gross profit improved to $1.6 million compared to $0.4 million one year ago. Gross margin improved in Q1 2026 to 7% from 3% in Q1 2025. Cespira also significantly improved the bottom line with a net loss in Q1 2026 of $2.5 million, a 65% reduction from the $7.1 million net loss reported in the prior year quarter.

Cespira 毛利提升至 160 萬美元，較一年前的 40 萬美元增加。2026 年第一季毛利率提升至 7%，高於 2025 年第一季的 3%。Cespira 也大幅改善最終損益，2026 年第一季淨損為 250 萬美元，較去年同期報告的 710 萬美元淨損減少 65%。

This progress is supported by strong market adoption, including Volvo, reaching the milestone of more than 10,000 natural gas trucks on the road equipped with Cespira's HPDI fuel system. We are also encouraged by the continued progress of a second OEM that is currently conducting truck trials, and we're excited about the opportunities ahead as we target an improvement in Cespira's capital requirements.

這項進展受到強勁的市場採用所支撐，包括 Volvo 達成里程碑：道路上配備 Cespira HPDI 燃料系統的天然氣卡車已超過 10,000 輛。我們也對第二家 OEM 的持續進展感到鼓舞，該 OEM 目前正在進行卡車試驗；同時，隨著我們以降低 Cespira 資本需求為目標推進，我們對未來機會感到振奮。

With that, I'll pass the call back to Dan.

接下來我把電話交回給 Dan。

Thank you, Elizabeth. We are operating (technical difficulty) continues to strengthen. We are seeing solid year-over-year growth in our Cespira joint venture with Volvo Group supported by increasing demand for LNG-powered heavy-duty trucks in Europe and other parts of the world and favorable fuel economics that are driving adoption.

謝謝你，Elizabeth。我們正在營運（技術問題）持續強化。我們與 Volvo Group 的 Cespira 合資企業年對年呈現穩健成長，受惠於歐洲及全球其他地區對 LNG 動力重型卡車需求增加，以及有利的燃料經濟性正推動採用。

At the same time, tightening emissions regulations and the need for practical lower emission solutions are reinforcing the role of technologies like ours in the transition of the Heavy-Duty sector. Against this backdrop, Westport is well positioned to capitalize on these trends. Cespira's HPDI fuel system technology (inaudible) performance with lower emissions, and we are seeing growing validation through increased volumes with both Volvo and an additional OEM undergoing testing as we speak.

同時，日益嚴格的排放法規以及對務實低排放解決方案的需求，正在強化像我們這類技術在重型產業轉型中的角色。在此背景下，Westport 已具備良好條件把握這些趨勢。Cespira 的 HPDI 燃料系統技術（聽不清）可在降低排放的同時提供性能；我們也看到透過 Volvo 與另一家正在進行測試的 OEM 所帶來的出貨量增加，市場驗證正持續提升。

The momentum we demonstrated at ACT Expo highlights our ability to bring fully integrated solutions to market, and we are now focused on execution, scaling commercial volumes, advancing our high-pressure CNG solutions into North America and expanding into new regions and applications. Together, these efforts position us to build meaningful scale and capture long-term growth opportunities across the global heavy-duty transportation market.

我們在 ACT Expo 所展現的動能，凸顯了我們將完整整合式解決方案推向市場的能力；目前我們聚焦於執行落地、擴大商業出貨量、將我們的高壓 CNG 解決方案推進北美市場，並拓展至新的地區與應用。這些努力相輔相成，使我們得以建立具實質意義的規模，並在全球重型運輸市場中把握長期成長機會。

Thank you. That concludes the discussion.

謝謝。討論到此結束。

(Operator Instructions)

（接線生指示）

Eric Stine, Craig-Hallum Capital Group.

Eric Stine，Craig-Hallum Capital Group。

Good morning, everyone.

各位早安。

Hey, good morning, Eric.

嗨，早安，Eric。

Maybe just starting with Cespira. So the second truck trial, I mean, it does -- I know we just connected, what, a couple of weeks ago but it does feel like you're given a more optimistic tone about that trial. So curious, am I reading that right? And with that in mind, can you remind us of next steps for that or the time line we should look for over the remainder of '26 and into '27?

也許先從 Cespira 談起。第二個卡車試驗，我是說，它確實——我知道我們才剛聯繫，大概兩週前吧——但感覺你對那個試驗的語氣更樂觀了。所以我想確認一下，我這樣解讀對嗎？在此基礎上，你能否提醒我們接下來的步驟，或是 2026 年剩餘時間到 2027 年期間我們應該關注的時程？

Sure. Yes. I do feel more optimistic. I mean the truck trial is going really well. So discussions and negotiations continue for the next phase of this, which is a higher volume. The initial truck trial, I think, was around 200 trucks. But moving on to larger volumes and commercializing this is the discussion that's ongoing right now.

當然。是的，我確實更樂觀了。卡車試驗進展非常順利。因此，關於下一階段（也就是更高的出貨量）的討論與談判仍在進行中。最初的卡車試驗，我記得大約是 200 輛卡車。但目前正在進行的是往更大規模的量產與商業化推進的討論。

Okay. And time line in terms of, I think, last time you said that you expected a decision and maybe it's a decision as part of the negotiations you mentioned later this year. Does that still hold?

了解。那在時程方面，我記得上次你說你預期會在今年稍晚做出決定——也可能是你剛提到的談判的一部分所做出的決定。這點仍然成立嗎？

It does. Yeah, a determination on this project before year-end.

是的，仍然成立。會在年底前對這個專案做出判定。

Okay. And then maybe anything -- you talked -- you gave a lot of detail about Q4 and the end of '25 in terms of some of the new markets that Volvo and Cespira seeing momentum on a global basis, obviously, North America, a big focus, but just curious, I mean, are there any other contributors to Q1 that are worth highlighting as awareness of that product expands?

好的。那再來也許問一下——你談到——你對第 4 季以及 2025 年底在一些新市場方面提供了很多細節，Volvo 和 Cespira 在全球範圍內看到動能，當然北美是重點，但我想了解的是，隨著市場對該產品的認知擴大，是否還有任何對第 1 季有貢獻、值得特別強調的其他因素？

We do see beachheads opening up in India and Brazil. There's already trucks in Peru and Chile. India and Brazil are two massive markets. And we're seeing strong interest in those markets to move to alternative fuel. So we're very excited about that opportunity coming to us.

我們確實看到在印度與巴西出現了突破口。目前在秘魯與智利已經有卡車在運行。印度與巴西是兩個非常龐大的市場，而我們看到這些市場對轉向替代燃料有強烈興趣。因此，我們對這個即將到來的機會感到非常興奮。

Got it. All right. Maybe last one for me. Just because of how things are trending with the joint venture and expectations that, that momentum continues. Can you just update us on maybe current thoughts on contributions needed to the joint venture here going forward?

了解。好，那也許我最後一個問題。鑑於合資企業的趨勢以及你們預期這股動能會持續，你能否更新一下，對於未來合資企業所需投入（contributions）的目前想法？

Yeah, so obviously you saw that we've been putting it, the contributions are going down at a steady rate simply because volumes are going up at a steady rate. From being the product revenue alone, the last 48% expecting it to that rate. And as we go from 2027 -- mid-2027, the contribution reduced a lot more.

好的，所以很明顯你也看到，我們的投入正在以穩定的速度下降，原因很簡單：出貨量正在以穩定的速度上升。就產品營收本身而言，過去是 48%，我們預期會維持在那個水準。而當我們進入 2027 年——到 2027 年年中時，投入會大幅降低。

Okay, you were cutting in and out there, but I guess I'll take that, clarify some stuff offline. Thank you.

好的，你剛剛有點斷斷續續，不過我先這樣理解，之後我再線下釐清一些細節。謝謝。

Okay, thanks, Eric.

好的，謝謝你，Eric。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，RBC Capital Markets。

Yeah, good morning, thank you. I mean maybe just a follow up here a bit on Cespira here. A good quarter with some solid gross margin there. How are you thinking about gross margin for the remainder of the year? And I guess what I'm kind of curious about is you highlighted some deliveries to the test OEM. I'm curious what that volume looks like maybe for the rest of the year and how that's playing out in terms of gross margin? Thanks.

是的，早安，謝謝。我想在 Cespira 這邊再追問一下。本季表現不錯，毛利率也相當穩健。你們如何看待今年剩餘期間的毛利率走勢？另外我比較好奇的是，你提到有一些交付給測試用的 OEM。我想了解今年剩餘時間那個量大概會是什麼樣子，以及這對毛利率的影響會如何？謝謝。

Yes, sure. So I mean, as we've been talking about for the last few years. Cespira's margins are going to continue to grow just in volume. We built out this business completely to be a Tier 1 to an automotive OEM like Volvo, you need to have a completely built-out and certified business.

好的，當然。正如我們過去幾年一直在談的，Cespira 的毛利率會隨著出貨量提升而持續成長。我們把這個業務完整打造為能夠成為像 Volvo 這樣汽車 OEM 的一級供應商（Tier 1）；你必須建立一個完整建置且通過認證的體系。

So that was day one, almost two years ago, all disciplines, all departments, full certifications in IATF, all of that. So the expense of building of the business was laid down. We're now (technical difficulty) forward in time (technical difficulty).

所以那是第一天就開始做的事，差不多兩年前，涵蓋所有專業領域、所有部門，完整取得 IATF 等各項認證。也就是說，建立這個業務的成本已經先投入了。我們現在（技術問題）隨著時間往前推進（技術問題）。

Got it. And then maybe just as a follow-up here, there is the service segment, and I think that project rolls off at the end of this year. Is there anything that would potentially come in and replace that?

了解。那再追問一下，還有服務（service）部門，我記得那個專案會在今年底結束。是否有任何可能進來替代它的項目？

Yes. I mean that service is -- this is really two major projects, HPDI 3.0, which is in conjunction with Volvo launching (technical difficulty) at the end of this year. And it's an advanced HPDI system. It's an advanced Volvo engine. That's the first part that we'll be wrapping up. The second is we are still doing the development work for Volvo's hydrogen project and they've recently announced the (technical difficulty) road we are doing that development work over the next couple of years.

有的。我的意思是，那個服務——其實主要是兩個大型專案。第一個是 HPDI 3.0，這是配合 Volvo 在今年底推出（技術問題）。這是一套先進的 HPDI 系統，也是先進的 Volvo 引擎。這是我們即將收尾的第一部分。第二個是，我們仍在為 Volvo 的氫能專案進行開發工作，他們最近也已宣布（技術問題）路線，我們會在未來幾年持續進行該開發工作。

So that service work is going to continue. We're looking at additional service work, which engineering development work on a couple of other projects that we're not allowed to talk about yet, as you can understand. And we can -- we hope that we can announce that further down the road.

因此，這些服務工作會持續。我們也在尋找額外的服務工作，也就是針對另外幾個專案的工程開發工作——如你所理解的，我們目前還不能談。我們希望之後在適當時點可以對外宣布。

Got it. Thank you very much.

了解。非常感謝。

(Operator Instructions)

（接線生指示）

Rob Brown, Lake Street Capital Markets.

Rob Brown，Lake Street Capital Markets。

Hey, good morning. Good morning. Just kind of at a high level, what are the next steps in the North American market? You had good -- kind of a good showing at the ACT Expo and good interest. What's sort of the next steps in the North American market development?

嗨，早安。早安。從較高層次來看，北美市場接下來的步驟是什麼？你們在 ACT Expo 的表現不錯，也獲得很好的關注。北美市場開發接下來的步驟大概會是什麼？

Yeah. Rob, I got to tell you, it was more than successful. It was overwhelming. The excitement, the interest that we got at the ACT show we built out a truck, Volvo got us a truck and an engine. We built it out and drove it down from Vancouver to Las Vegas. The funny thing was we had a Chase card.

是的，Rob，我得說，那不只是成功，而是超乎預期。ACT 展上我們獲得的興奮與關注非常強烈。我們打造了一台卡車，Volvo 提供了卡車與引擎。我們把它改裝完成，然後從溫哥華一路開到拉斯維加斯。有趣的是，我們用了一張 Chase 卡。

The truck spent $280 on gas getting there more than the Chase -- or less than the Chase card. And the interest is overwhelming. So there's an awful lot of discussion right now between fleets, dealers and the OEM on what's next.

那台卡車一路過去加油花了 280 美元，比 Chase——或者說比 Chase 卡還少。市場的興趣非常強烈。所以目前車隊、經銷商與 OEM 之間正在進行大量討論，下一步該怎麼走。

And certainly, we are planning to do more demos, fleet driven demos. There is planning to be done for the EPA certification to launch this. So that's all activity that is picking up pace just coming out of the actual because of the interest from multiple fleets, multiple very large fleets. So we're very excited.

而且我們確實規劃要做更多展示與示範，包括由車隊實際駕駛的示範。也需要規劃 EPA 認證，以便推出這項產品。由於多個車隊、且是多個非常大型的車隊表達興趣，這些工作在 ACT 展後都正在加速推進。因此我們非常興奮。

Okay. And then in the High-Pressure Controls business, you had a good step up in gross margin. I assume that has a lot to do with getting China production running. How is the gross margin trend in the controls business going forward?

好的。那在高壓控制（High-Pressure Controls）業務方面，你們的毛利率有明顯提升。我猜這很大程度與中國產能開始運轉有關。那控制業務的毛利率趨勢往後會如何？

Yeah, we expect, down the road is the volume, because it is a volume actually to move the manufacturing equipment out of Italy and move it to between Cambridge and China. The China piece was really built out to focus on the China market only for localized cost, localized geopolitics. And, of course, we're going to be. Localizing some of the components. So we expect the margins to grow there, but we need the volume to pick up. There is still the pause in hydrogen.

是的，我們預期，長期來看關鍵在於出貨量，因為這本質上是靠量來攤提；我們正在把製造設備從義大利移出，轉移到劍橋與中國之間。中國那一部分主要是為了只聚焦中國市場而建置，以達到在地成本、在地地緣政治的考量。當然，我們也會把部分零組件在地化。因此我們預期那邊的毛利率會提升，但需要出貨量上來。目前氫能仍然處於暫停狀態。

We're hearing from the Chinese government that's going to get pushed forward again. So the underlying product is a very -- Product that we can get good margins on. What we need right now is volume, and that volume is starting to come. And, we're seeing it already this year. And, one of our, I'm sure you've called them as well, customers in that call earlier this week are going to. So, all over the volume is starting to go up for higher growth. And as that volume goes up, the market is going to be there.

我們從中國政府那邊聽到，這會再度被推進。所以底層產品本身是一個——我們可以取得不錯毛利的產品。我們現在需要的是出貨量，而那個出貨量正在開始出現。我們今年已經看到一些跡象。而且我們的一位——我相信你們也有打給他們——在本週稍早那通電話中的客戶也將會。所以整體而言，出貨量正開始上升、帶動更高成長。隨著出貨量上升，市場也會在那裡。

And I'm showing no further questions. I would now like to turn the call to Dan for closing remarks.

我這邊顯示沒有進一步的問題。現在我想把電話交給 Dan 做結語。

Well, thank you for your time today. We're very excited about where we're headed, lots of positive trends. (technical difficulty)

好的，感謝各位今天撥冗參與。我們對未來的方向感到非常振奮，許多趨勢都很正向。（技術問題）

And this concludes today's conference. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。