Aspen Aerogels (ASPN) This autumn 2021 Earnings Name Transcript

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Aspen Aerogels (NYSE:ASPN)
This autumn 2021 Earnings Name
Feb 17, 2022, 5:00 p.m. ET

Contents:

• Ready Remarks
• Questions and Solutions
• Name Individuals

Ready Remarks:

Operator

Good afternoon. Thanks for attending the Aspen Aerogels Inc. fourth quarter 2021 earnings name. All strains will probably be muted in the course of the presentation portion of the decision, with a possibility to the query and solutions on the finish.

I’d now like to show the convention over to your host, Laura Guerrant with Aspen Aerogels. Thanks. You might proceed, Ms. Guerrant.

Laura Guerrant — Vice President of Investor Relations and Company Communications

Thanks, Lauren. Good night, and thanks for becoming a member of us for the Aspen Aerogels fiscal 12 months 2021 monetary outcomes convention name. I am Laura Guerrant, Aspen’s vice chairman of investor relations and company communications. With us as we speak are Don Younger, president and CEO; John Fairbanks, our chief monetary officer; and Ricardo Rodriguez.

Ricardo is Aspen’s chief technique officer, and he will probably be assuming the function of CFO upon John’s retirement on April 1. There are a number of housekeeping objects that I might like to deal with earlier than turning the decision over to John. The press launch asserting Aspen’s monetary outcomes and enterprise developments, in addition to a reconciliation of administration’s use of non-GAAP monetary measures. in comparison with essentially the most relevant GAAP measures is offered on the Traders part of Aspen’s web site www.aerogel.com.

Included within the press launch is a abstract assertion of operations, a abstract of stability sheet, and a abstract of key monetary and working statistics for the fourth quarter and full 12 months ended December 31, 2021. As well as, I might like to focus on that we’ve got uploaded to our web site a slide deck that can accompany our dialog as we speak. You’ll find the deck on the Traders part of our web site. An archive of as we speak’s webcast will probably be on our web site for roughly one 12 months.

Please be aware that our dialogue as we speak will embrace forward-looking statements together with any statements relating to outlook, expectations, beliefs, projections, estimates, targets, prospects, enterprise plans, and another assertion that isn’t a historic reality. These forward-looking statements are topic to dangers and uncertainties. Aspen Aerogels’ precise outcomes could differ materially from these expressed in these forward-looking statements. A listing of things that would have an effect on the corporate’s precise outcomes will be present in Aspen’s press launch issued as we speak, Web page 1 of the presentation, and as mentioned in additional element on the studies Aspen information with the SEC, significantly within the firm’s most up-to-date Annual Report on Type 10-Ok.

The corporate’s press launch issued as we speak and filings with the SEC may also be discovered on the Traders part of Aspen’s web site. Ahead-looking statements made as we speak signify the corporate’s views as of as we speak, February 17, 2022. Aspen Aerogels disclaims any obligation to replace these forward-looking statements to replicate future occasions or circumstances. Throughout this name, we’ll consult with non-GAAP monetary measures together with adjusted EBITDA.

These monetary measures will not be ready in accordance with U.S. typically accepted accounting rules or GAAP. These non-GAAP monetary measures will not be meant to be thought-about in isolation or as an alternative to outcomes ready in accordance with GAAP. The definitions and reconciliations of those non-GAAP monetary measures to essentially the most immediately comparable GAAP monetary measures and a dialogue of why we current these non-GAAP monetary measures are included in as we speak’s press launch.

I am going to now flip the decision over to John. John?

John Fairbanks — Chief Monetary Officer

Thanks, Laura. I am going to present a abstract of our 2021 monetary outcomes and focus on our 2022 outlook earlier than turning the decision over to Don and Ricardo. At a excessive degree, our 2021 outcomes and our 2022 outlook share the identical drivers. First, we’re producing income progress in every of our principal markets.

We’re benefiting from the speedy adoption of our PyroThin thermal limitations within the electrical automobile market. We’re experiencing strong progress within the vitality infrastructure market related to the preliminary phases of a post-COVID restoration and we’re gaining share within the European sustainable constructing supplies market with our Spaceloft line merchandise. Second, we’re investing in individuals, sources, and capital belongings to help our quickly rising e-mobility alternatives. This funding consists of elevated spending to boost our technical, operational, and business groups supporting our thermal barrier enterprise, the analysis and growth staff supporting our carbon aerogel battery materials alternative, our authorized sources to broaden and defend our IP portfolio and our finance, data expertise and common administration personnel to handle the anticipated sturdy progress in our enterprise.

This funding additionally consists of deliberate capital expenditures to design and assemble our second silica aerogel manufacturing plant, to construct out our thermal barrier fabrication operations, and to broaden our carbon aerogel battery supplies manufacturing, fabrication, and testing amenities. We’re assured that these investments are commensurate with the dimensions of our EV alternative. Focusing in on 2021, complete income elevated by $21.3 million versus 2020 to $121.6 million. This $21.3 million improve in income was composed of a $12.6 million improve in vitality infrastructure income, $6.7 million in preliminary income within the EV thermal barrier market, and $1.9 million of progress within the sustainable constructing supplies market.

Our income may have been larger. We estimate that our manufacturing output was depressed by between $6 million and $8 million in the course of the fourth quarter as a consequence of COVID-related staffing points and a few uncooked materials shortages. With out these points, our 2021 income would have been within the higher finish of our outlook vary, which as a reminder, we raised thrice in the course of the 12 months. Importantly, we’re experiencing an enchancment in each staffing and uncooked materials availability to this point in the course of the first quarter of 2022.

Turning to prices and bills. Throughout 2021, materials prices elevated by 33% or $14.5 million, manufacturing bills by 28% or $11.6 million, and working bills by 40% or $14.3 million versus 2020. The expansion in price and bills have been pushed by each the rise in income by our funding in individuals and sources to arrange for progress in 2022 and past. Accordingly, internet loss elevated to $37.1 million or $1.22 per share in 2021 versus a internet lack of $21.8 million, or $0.83 per share in 2020.

And adjusted EBITDA was adverse $26 million in 2021, in comparison with adverse $6.4 million in 2020. As a reminder, we outline adjusted EBITDA as internet revenue or loss earlier than curiosity, taxes, depreciation, amortization, stock-based compensation expense, and another objects that we don’t consider are indicative of our core working efficiency. In 2021, these different objects included a $3.7 million achieve on extinguishment of debt. Subsequent, I am going to flip to our stability sheet and money movement for 2021.

Money utilized in operations of $18.6 million mirrored our adjusted EBITDA of adverse $26 million, offset partly by a $7.4 million lower in working capital funding. Capital expenditures in the course of the 12 months of $13.8 million included engineering and designs for our second manufacturing facility and investments to broaden our carbon aerogel capability. Money supplied by financing actions of $92.5 million included $73.5 million of proceeds from our June 2021 personal placement with Koch strategic companions and $19.4 million from gross sales of fairness by way of our ATM facility. We ended the 12 months with $76.6 million of money, no borrowings underneath our revolving credit score facility, and shareholders’ fairness of $128.4 million.

We additionally had $12.6 million obtainable underneath our revolving credit score facility at year-end. I am going to now flip to our full 12 months 2022 outlook. We anticipate continued income progress in 2022, related to a tripling of our PyroThin thermal barrier income to $20 million for the 12 months, the continuation of the post-COVID restoration within the international vitality infrastructure market, and continued demand progress within the European sustainable constructing supplies market. In consequence, we’re setting our 2022 income outlook to between $145 million and $155 million for the 12 months equal to progress of between 19% and 27% in comparison with 2021.

As mentioned earlier, we plan to proceed to extend funding in personnel and sources to capitalize on our quickly rising e-mobility alternatives. Accordingly, our preliminary 2022 full-year outlook is as follows. We anticipate complete income of between $145 million and $155 million, internet lack of between $66.7 million and $70.7 million, adjusted EBITDA of between adverse $42 million and adverse $46 million, EPS of between a lack of $1.95 and a lack of $2.07 per share. This EPS outlook assumes a weighted common of 34.2 million shares excellent for the 12 months.

As well as, this 2022 outlook assumes depreciation of $9.7 million, stock-based compensation expense of $8.2 million, and curiosity expense of $6.8 million. We additionally anticipate to incur between $250 million and $275 million of capital expenditures in the course of the 12 months principally for the Plant 2 venture. Earlier than turning the decision over to Don, I wish to categorical that it has been a privilege to work with my fellow Aspen workers since 2006. The staff at Aspen is proficient, hardworking, and utterly dedicated to the corporate’s success.

I significantly wish to thank Don for his management over time and our shared aim of constructing Aspen into an excellent firm, wealthy with alternative. As well as, I wish to stress how really impressed I am with Ricardo. He’s remarkably proficient and has the appropriate mixture of automotive and monetary expertise to make sure Aspen will succeed within the coming years. With Don on the helm and Ricardo as CFO, I am assured we is not going to skip a beat after my retirement.

And at last, I wish to thank our buyers and analysts. It has been an honor to work with you all since our IPO in 2014. I am going to flip it over now to Don.

Don Younger — President and Chief Government Officer

Thanks, John. Good night, everybody. Thanks for becoming a member of us for our This autumn 2021 earnings name. When John and I first met in 2006, I satisfied him to hitch the corporate to assist create a robust basis.

I stated simply give us three years. Effectively, after all, during the last 15 years, John has performed an instrumental function in constructing an organization that has an unlimited alternative and a tradition of openness, transparency, and equity. To honor John, we as an Aspen staff commit to maintain this tradition at our core. On behalf of all of us at Aspen, thanks, John.

I want to welcome to this name Ricardo Rodriguez, our chief technique officer, who will change John as our CFO upon John’s retirement on the finish of the primary quarter. Ricardo has a deep automotive and tier 1 background and has already turn out to be a invaluable member of the Aspen staff. Ricardo is one other instance of the various proficient individuals we’ve got at Aspen, who’re turbocharging our efforts to turn out to be a extremely invaluable expertise chief in sustainability. At present, I’ll describe the important thing parts of our progress towards attaining our near-term and longer-term enterprise targets.

Ricardo will present an in depth evaluation of our thermal barrier alternative. John, Ricardo, and I’ll conclude as we speak’s name with a Q&A session. The primary key level to cowl is the current $150 million funding from Koch Strategic Platforms. The funding is comprised of convertible notes and customary fairness and follows KSP’s $75 million fairness funding made in June 2021.

We recognize the vote of confidence from KSP and as importantly, the extension of the working relationships we’ve got with varied entities at Koch Industries. As I’ve described up to now, we’re leveraging a number of sources at Koch with the aim of de-risking the scaling of our enterprise as we ramp to be a fast-growing provider of essential components to EV OEMs. Probably the most instant instance pertains to the planning, engineering, and execution of our Plant 2 capital venture. The $150 million funding from KSP and our year-end money stability of greater than $75 million present a robust basis for elevating further capital over the subsequent 12 months as we fund our important progress and worth creation initiatives.

The second key level to cowl is an replace to the expansion targets that we first shared roughly one 12 months in the past. At the moment, we set targets to double income from 2021 to 2023 and to double income once more from 2023 to 2025. We’re reiterating the goal to double income from 2021 to 2023, and we are actually upgrading the goal to triple income from 2023 to 2025 to roughly $720 million in 2025. We’ve made important progress in the course of the previous 12 months as a way to attain and broaden these targets.

In 2021, we generated PyroThin income from 10 prospects. PyroThin income for 2021 and estimated for 2022 is multiples bigger than what we anticipated and mentioned one 12 months in the past. The doubling of income from 2021 to 2023 is predicated on the expectation that our industrial enterprise will return to pre-pandemic exercise ranges, which we’re effectively on the best way to realize and that we ramp PyroThin thermal barrier income in line with present awarded applications with our North American and Asia-based automotive OEMs. We estimate that the awarded enterprise from these two prospects to whom we are actually delivering manufacturing components represents 100% of the 2023 PyroThin thermal barrier income goal.

Like different tier 1 suppliers, we outline the time period awarded enterprise as estimated gross program revenues from the quantity forecasts of consumers taking into consideration our negotiated program pricing. The upgraded goal to triple income from 2023 to 2025 assumes low double-digit progress in our industrial enterprise and anticipated continued penetration within the EV area. We estimate that 60% of the focused PyroThin income for 2025 will probably be derived from our present awarded applications. Moreover, we anticipate that we’ll convert our extremely lively prototyping and quoting work into further program awards within the battery platforms of different automotive OEMs.

The third key level focuses on our plans and expectations for Plant 2 in help of our increasing and accelerating demand plan. We introduced as we speak that Plant 2 will probably be in Statesboro Georgia. Statesboro is a college city close to the port metropolis of Savannah and central to a rising automotive and battery ecosystem. We plan to construct Plant 2 significantly bigger than initially anticipated, with anticipated income capability of roughly $1.35 billion.

The primary part of Plant II can have roughly $650 million of income capability and the start-up date in late 2023. At the moment, we can have the income capability in our two crops of roughly $900 million, sufficient to service our industrial enterprise and roughly 2.2 million electrical automobiles. As we method full capability utilization at this degree, we venture our gross margin to be roughly 35% and our EBITDA margin to be roughly 25%. Through the constructing of the primary part of Plant 2, we additionally plan to assemble the required infrastructure to help each the primary and second phases.

This method is most cost-efficient and permits us so as to add one other $700 million of income capability in roughly 15 months from the kick-off of the second part. The quantity and timing flexibility is essential, as we anticipate potential further awards for battery platforms from different automotive OEMs. As a reminder, we estimate we’ve got present capability enough to satisfy the goal to double income from 2021 to 2023 to roughly $240 million. The focused tripling of income from 2023 to 2025 to roughly $720 million will be met from Plant 1 and the primary part of Plant 2 and factors on to the explanation why we’re constructing Plant 2 to be a lot bigger than the unique plan.

Upon the completion of the second part, we anticipate to have general income capability of roughly $1.6 billion throughout each crops. With the auto business on monitor to take a position $0.5 trillion within the subsequent 5 years to make the transition to electrical automobiles, the pace and dimension of our potential ramp is growing quickly. With our expertise and scale, we’re positioning ourselves to be a valued provider to a rising listing of EV producers. We venture the primary part of Plant 2 with full infrastructure would require capital of roughly $575 million, and the second part would require capital of roughly $125 million.

Capex per greenback of income for the complete venture is lower than $0.55, which is a decrease price than our prior projection of $0.65 per greenback of income capability. Our year-end money stability of greater than $75 million and the KSP funding of $150 million present the monetary basis for a enterprise capable of generate $1.6 billion of income, roughly $550 million of gross revenue, and roughly $400 million of EBITDA. We’ll discover over the subsequent 12 months financing alternate options to boost extra money required to fund the rest of our important enterprise alternative. Along with our EV and industrial companies, we proceed to put money into the technique to leverage our aerogel expertise platform into different high-value markets with sustainability themes.

Our work with carbon aerogel is the catalyst for Aspen battery supplies the place our preliminary focus is on the silicon-rich anode supplies. Throughout 2022, we plan to share key metrics associated to efficiency, price, and third-party validation and to match these metrics with different attention-grabbing corporations within the discipline. With the 2021 investments in individuals and gear, ABM is well-positioned to answer the growing variety of requests from battery and automotive OEMs for analysis supplies and for growth collaborations. Lastly, I want to start the apply of highlighting our ESG work throughout quarterly earnings calls.

ESG has turn out to be a enterprise crucial for all good corporations. Accordingly, we’ve got begun the method of reorganizing our environmental and social efforts right into a extra formal ESG technique. This spring, we plan to publish our first ESG report, which will probably be adopted by a extra in-depth report the place we’ll recap our 2022 ESG progress and outline our ESG positioning for the long run. Our aim is to supply a basis for deeper discussions on particular ESG matters with buyers and different stakeholders to ensure that varied ESG scorecards and score companies to have entry to correct and well timed data.

And with that, let me now flip the decision over to Ricardo. Ricardo?

Ricardo Rodriguez — Chief Technique Officer

Thanks, Don. I actually recognize it and could not be happier being a part of the staff. As we execute the plan that Don laid out and put money into growing our PyroThin capability to Plant 2, we predict that it is value stepping again and spending a while speaking intimately what makes this such a compelling mission. Thermal runaways and uncontrolled vitality launched within the cell triggered by varied design, manufacturing, and utilization points that finally consequence within the decomposition of all the supplies within the cell.

A runaway cell’s excessive temperature can push the close by cell into thermal runaway and such propagation often destroys the battery or begins a fireplace. A lithium-ion battery pack when on hearth consumes every thing that it will probably as a consequence of its excessive temperature, together with a whole automobile. These fires often worsen with water because it reacts with lithium to broaden the hearth and solely Class B kind of extinguishers can be utilized to regulate them and put them out. The quantity of vitality launched in thermal runaway is important and equal to greater than the vitality used to cost the pack, given the formability of a number of the supplies inside the pack.

So, this is likely one of the most complicated system-level points that our prospects face as they combine and launch protected and dependable electrical automobiles in file time. It is actually thrilling to be enabling a protected and dependable transition expertise by way of electrification as a part of some nice automobile nameplates and physique types that we are able to all safely take pleasure in with our households. If we put ourselves in our prospects’ footwear, integrating an EV isn’t any straightforward train. This complexity will increase when an OEM takes over the design and integration of the battery pack as effectively.

On this feat of system integration, a automobile has many diverging necessities or issues that characterize it, the place making one higher tends to have an effect on the opposite. These items decide whether or not your automobile is large, small, quick, environment friendly, agile, filled with really feel, or boring to drive. Issues just like the automobile dimension, weight, vary, its efficiency targets, charging, discharging charges, ease of meeting, crashworthiness, recyclability, and so on., drive battery pack design and structure selections. These selections embrace what cell chemistry, what kind issue, pack design, or structure are used, all with the intent of offering as a lot vitality density per unit of mass and area within the automobile.

A key challenge is that this vitality density wants to face the check of time and persist inside a suitable and constant vary that customers see day-after-day on their gauge as they quick cost or drive their automobiles in all kinds of temperatures and circumstances for over 10 years. The mixing may be very complicated even when security is de-prioritized. Nevertheless, we’re seeing most OEMs go the additional mile prioritizing security and addressing thermal runaway with each lively measures in passive techniques corresponding to our PyroThin thermal limitations. Our price proposition is highest in NMC and combined silicon graphite anode chemistry.

The OEMs that the majority eagerly attain out to resolve their challenges are centered on pouch or prismatic kind elements, given their high-energy density and the area for passive safety options as these allow. The current information of producing defects, sturdy impacts, or erratic cost in new cycles inflicting EV fires are proof that lively techniques alone cannot stop thermal runaway 100% of the time. OEM funding in superior lively techniques is pricey and time-consuming from an R&D standpoint as their validation requires testing a number of variants of each management technique, instances each kind of cell, module, and pack to the purpose of failure. Validating superior controls for electrochemical processes is difficult.

We’re inspired by current investments from OEMs and different tier 1s on this area, on condition that we’re all within the first inning of making certain electrical automobile security. However our prospects foresee a passive system as a key a part of their battery pack design in the identical means {that a} automobile with traction management, computerized emergency braking, and collision avoidance techniques nonetheless requires crumple zones, high-strength metal beams, and doorways, impact-resistant gasoline techniques, airbags, and seatbelts. Once more, it is a multi-variable drawback with various necessities, buyer priorities, and approaches. However as we began manufacturing and interact in conversations with extra prospects, the necessity for passive design parts and supplies that work to supply thermal and hearth security as a system is turning into more and more clear.

There isn’t a silver bullet to stop or cease the consequences of thermal runaway, and we intend to work with the remainder of the business to supply an excellent lead bullet to this drawback for a very long time. Everyone knows that not all supplies are alike. And when these supplies are combating for valuable area and weight within a battery pack to carry out a essential security perform, they higher ship and show their value. On the core, our prospects are on the lookout for the thinnest and lightest materials that gives the very best degree of runaway prevention and safety.

In addition they need a materials that may compress and recuperate with out degradation to maintain the cells of their place as their kind adjustments throughout their life. On the left, you’ll be able to see in a simplified means how PyroThin and different supplies work collectively as gasoline limitations, cell-to-cell limitations, and compression pads within the pack. They have an inclination to behave very otherwise on this thermal runaway — thermal resiliency or fireproofing vary, together with the vary of drive underneath which they are often compressed after which be capable to absolutely recuperate. You can too see that per unit of thickness, it could take twice the fabric and a pair of.8 instances the mass of the closest cell-to-cell barrier materials to ship the efficiency of PyroThin.

These charts additionally present why growing the thermal and hearth resistance of the fabric per unit of thickness and weight, together with broadening its compressibility and restoration vary are on the coronary heart of our PyroThin R&D efforts. A thermal barrier that additionally acts as a compression pad is an instance of how we’ll optimize content material per automobile or CPV. Past that, we’ll proceed to focus R&D on the scalability of our manufacturing processes for the Aerogel base, together with automation tooling and techniques for thermal barrier fabrication. On the far proper, you’ll be able to see how we’re at the moment fascinated by CPV.

On condition that we’re within the first innings of such a automobile content material, having simply began supplying manufacturing components within the final quarter, we’re exhibiting you a broad vary of the place our equipped CPV lies, whether or not we’re a tier 1 or tier 2 provider. Our understanding is knowledgeable by the automobile applications that we’re supplying and it is evolving with our quoting. What we all know for positive is that we can’t win by solely specializing in growing CPV, as we have to earn each cubic inch or ounce inside prospects’ battery packs. We’re centered as a substitute on growing the proportion of the general thermal barrier content material that’s PyroThin.

For our projection, we’re assuming a CPV that settles within the vary of $300 to $325, with PyroThin content material making up round 60% of that, understanding that it will range with design adjustments, new program awards, and prospects’ growing want to prioritize security. We actually sit up for enabling prospects accelerating EV product plans and evolving wants with a system-level method to thermal runaway options. Serving because the associate with the appropriate R&D, validation, design, integration, and manufacturing capabilities offers us the appropriate to play in a number of ranges of the worth chain, and we’ll proceed delivering accretive CPV. Once more, these are our preliminary ideas, and we’ll present updates as our pondering evolves.

With that, I am pleased to show the decision again to Don to summarize our technique and ship his closing remarks.

Don Younger — President and Chief Government Officer

Thanks, Ricardo. Earlier than we transfer to Q&A, let me summarize key factors. Our complete focus is on creating important worth with our aerogel expertise platform. We’re enjoying in massive markets as a expertise chief and sustainability.

Our proficient staff is executing our technique to optimize and broaden the worth of our present set of markets and investing in leveraging the expertise right into a subsequent set of alternatives. We obtained a $150 million funding from KSP with our — which with our year-end money stability of over $75 million, offers a robust basis and momentum for elevating further capital over the subsequent 12 months to fund our initiatives to create important worth. We’re reiterating our 2021 to 2023 income progress goal of 2x and upgrading our 2023 to 2025 income progress goal from 2x instances to 3x to $720 million in 2025. We’re dedicated to constructing Plant 2 to be bigger and extra capital environment friendly than initially deliberate to higher match the rising and accelerating buyer demand plan and to help the enterprise capable of generate an estimated $1.6 billion of income, roughly $550 million of gross revenue and roughly $400 million of EBITDA.

I’ll now flip the decision again to Lauren for the Q&A session.

Questions & Solutions:

Operator

Thanks. [Operator instructions] Our first query comes from the road of Eric Stine from Craig Hallum. Eric, please go forward.

Eric Stine — Craig-Hallum Capital Group — Analyst

Everybody, thanks for all the small print. Sure. So, nice that you would disclose GM and Toyota within the presentation. Simply curious, when you may give extra readability on the ten OEMs that you just shipped to in 2021, perhaps how that breaks down between the 2 prospects you might be delivery to business volumes and the opposite? After which what sort of visibility that doubtlessly offers you into whether or not it is RFQ exercise going ahead subsequent awards, issues alongside these strains?

Don Younger — President and Chief Government Officer

Effectively, thanks, Eric. Of these 10, let me simply say that the truth that we’re producing income signifies that we’re offering prototype supplies to those potential longer-term prospects. And we’re, I’d simply say going — turning into far more skilled on this discipline and a a lot larger useful resource to those subsequent set of consumers as they develop their battery platforms. And I’d simply say that these battery platforms by way of the gating merchandise and being awarded further applications actually is the event of these battery platforms.

I’d say that the sooner prospects that we had have been forward in lots of regards from the event of these battery platforms. And so, we’re on a pleasant tempo so as to add to that listing, and we consider that we’ll try this over each 2022 and onwards. 

Eric Stine — Craig-Hallum Capital Group — Analyst

Bought it. So, I imply, is it truthful to say that it is extra in regards to the growth, I imply, by way of after we take into consideration timing for extra work, it is extra in regards to the growth on the OEM facet moderately than you profitable the struggle to creating progress inside these OEMs?

Don Younger — President and Chief Government Officer

Yeah. So, Eric, we predict that we’ve got a robust resolution that we’re bringing actual worth to those corporations. I believe Ricardo did a pleasant job describing it. I’d additionally simply reiterate one among my feedback, which was that for our 2023 goal income from PyroThin, we really feel that we’ve got 100% of that estimated income from these at the moment awarded applications.

And so, we’re in a robust place on this first double. After which with respect to the — to the tripling, 2023 to 2025, we estimate that we’ve got roughly 60% of the income from our present awards, once more, estimated to play out in that timeframe. So, we’re in a robust place. And on condition that sequence, if you’ll, we’re assured that we will convey on further battery platforms, further awards to complement, let’s simply say our income combine as we get out into that 2023 and 2025 timeframe.

However we all know, Eric, these builds are proper.

Eric Stine — Craig-Hallum Capital Group — Analyst

Sure. No, completely. Sure. You realize, on the subject of 2025, I do know you’ve got elevated that fairly a bit and clearly extra OEMs, however perhaps when you may simply form of sq. that or describe that how you might have up to now, you’ve got form of talked in regards to the three ranges of engagement.

So, perhaps the place that stands now, perhaps the place it did versus the place it did 1 / 4 in the past or a 12 months in the past?

Don Younger — President and Chief Government Officer

You realize, we’re offering detailed prototype components to a variety of those automotive OEMs as we speak. And let me simply say the same monitor to the one which we’re on within the two wins that we have garnered so far and the 2 awards that we have obtained. So, we’re on a really comparable monitor to have the ability to win further awards, Eric. And so, we’ve got, once more, quite a lot of confidence that we will announce further awards over the course of 2022 and 2023 and spherical out that income combine such that we’re serving variety of these EV producers.

Eric Stine — Craig-Hallum Capital Group — Analyst

And I’d assume that signifies that you with Toyota, I imply, you are assuming — or is it truthful to say you are assuming that you just win the entire platform moderately than simply the one automobile?

Don Younger — President and Chief Government Officer

We predict that we’re in a robust place to transcend a single nameplate, a single mannequin, and to win quantity of Toyota’s enterprise throughout its battery platform.

Operator

Our subsequent query comes from the road of Jeff Osborne from Cowen. Please proceed.

Jeff Osborne — Cowen and Firm — Analyst

Yeah, I used to be simply curious. Thanks for all the data. On Web page 9 of the deck, the non-PyroThin income, are you able to speak about what that’s? It is 40% on the weighted common content material of $300 to $325.

Don Younger — President and Chief Government Officer

Ricardo, do you wish to —

Jeff Osborne — Cowen and Firm — Analyst

You bought 60% down for PyroThin and 40% as non-PyroThin? So, I used to be simply curious. Is that superior battery supplies or is that income attributable to the ending steps?

Ricardo Rodriguez — Chief Technique Officer

No. So, that is really income the place we’re placing. So, when you take a look at the configuration of the thermal barrier, the bookends of what our thermal barrier seems like are on essentially the most simplified kind. It is mainly simply aerogel formed to a selected kind and despatched to the OEM.

However then it is most superior kind is definitely a sandwich of a number of layers of various supplies, similar to — just about those that we present within the chart on the left on Web page 8. And so, after we point out different content material when talking of CPV, we’re referring to those different buy supplies which can be being built-in as a part of the thermal barrier meeting.

Jeff Osborne — Cowen and Firm — Analyst

Bought it. That is useful. I used to be questioning when you may additionally simply contact on the financial savings of $0.10 per greenback of income, the place that was attributable to relative to the preliminary expectations. After which how will we take into consideration price per sq. meter for Georgia relative to Rhode Island?

Don Younger — President and Chief Government Officer

John, do you wish to take that?

John Fairbanks — Chief Monetary Officer

Yeah. I wish to get somewhat further element on the $0.10. Are you able to clarify that query?

Jeff Osborne — Cowen and Firm — Analyst

Yeah, thanks very a lot. John, as you stated, that the aim was $0.65 of capex per greenback of income and it is now $0.55. So, I used to be curious the place that $0.10 got here from versus expectations a 12 months or so in the past? After which additionally when you may examine the price construction per sq. meter relative to perhaps your newest of the three strains in Rhode Island.

John Fairbanks — Chief Monetary Officer

Sure. You realize, so it is a perform of a number of — it truly is the improved design that we’re deploying within the Georgia plant, finally, by way of its capability to supply a product. We have all the time stated that our second line is extra productive than our first in East Windfall. And our third, it is 20% extra productive than the second line.

And so, we have been capable of — we have not — we deployed the third manufacturing line in East Windfall in 2015. And so, our designs, our growth, our expertise, our manufacturing course of expertise has superior considerably in that point interval. So, as we design this plant and we have labored our means by way of bottlenecks, it’s simply a much more productive design, extra energy-efficient, cleaner, greener, and extra productive. Then as well as, by way of its use of utilities and quite a lot of the type of operational prices, we’re seeing working prices financial savings of about 33% over the — what we even have in East Windfall, Rhode Island.

So, only a extra environment friendly, extra productive asset, and after we designed it and we seemed on the productiveness of that design, finally, it was higher than what we had anticipated a 12 months in the past.

Jeff Osborne — Cowen and Firm — Analyst

Bought it. Thanks, guys. I recognize it.

John Fairbanks — Chief Monetary Officer

Thanks, Jeff.

Operator

Our subsequent query comes from the road of Alex Potter from Piper Sandler. Please go forward.

Alex Potter — Piper Sandler — Analyst

OK. Good. Thanks, guys, and congrats, John. Thanks for all the assistance.

So, I suppose I’ve a few questions on fabrication. Certain. Did you ever put a price ticket on that fabrication facility in Mexico? I do not know the way materials it’s, if it actually strikes the needle in your capex information. After which perhaps as a follow-on to that.

What proportion of the time — I do know that you just talked about there’s the 60-40 cut up in your general CPV calculation. However what proportion of the time do you anticipate to be simply promoting type of pure product out of the ability in Georgia and what number of your prospects are going to truly ask you to be doing extra value-added by way of the fabrication steps?

John Fairbanks — Chief Monetary Officer

So, I believe — I imply, I might most likely deal with each of these questions. So, first, we did not present steering on Mexican fabrication facility at current. It’s little much less capital-intensive course of than what we’ve got deploying in an aerogel manufacturing plant. And it was far more capable of scale it.

So, as we see income progress, because it evolves, we’re capable of deploy capital, perhaps 9 to 12 months prematurely of the necessity for that kind of — that facility. So, within the mixture, this chance because it will increase, we’ll deploy a major quantity of capital there, however it’s scalable and considerably completely different from what we have handled, with the aerogel manufacturing plant up to now. Then by way of the content material that we’re , after we did the content material per automobile in that $300 to $325 vary, that is us our present contracts, our award wins, and searching on the vary of quotes that we have given to potential prospects as effectively. And so, it’s our greatest estimate of the place the content material per automobile is more likely to shake out by way of time.

Nevertheless, I believe Ricardo talked about this. We do anticipate it to evolve, and these techniques will proceed to evolve by way of time. However at current, I might say it is a perform of the ten prospects that we had in 2021, plus all the different prospects who we supplied — we supplied responses to in RFI or RFQ conditions. And so, it is our greatest estimate for the place we predict it would shake out long run.

Alex Potter — Piper Sandler — Analyst

That’s tremendous useful.

Don Younger — President and Chief Government Officer

I may simply add to that to John’s reply. Sure. Alex, if I may simply add to perhaps to John’s remark. It’s a strategic consideration for us that we’ll contemplate right here within the coming 12 months or two round tier 1 versus tier 2.

And it’s also true that, as we speak, even within the awarded — awards that we’ve got so far from the applications, in a single case, we’re very a lot a tier 1, and in one other case, we’re a tier 2. And I’d simply — the benefit for us within the tier 1 spot for the second is that we’re far more deeply concerned as a expertise associate in engineering with the client an answer. And as Ricardo talked about in his be aware, it places us in a a lot stronger place to extend the aerogel content material. I’ve talked about up to now round this concept of battery efficiency and security, our capability to play larger roles in — inside a battery pack is de facto essential for us and one thing that we’re very centered on and, we predict, once more, will be considerably value-add from our perspective.

Alex Potter — Piper Sandler — Analyst

So, all else equal, when you had the selection between tier 2 kind relationship or tier 1, you’d select tier 1 as typically as you’ll be able to. Is that truthful to say?

Don Younger — President and Chief Government Officer

What would you say, Ricardo?

Ricardo Rodriguez — Chief Technique Officer

Yeah. I imply, I believe it is actually — proper now, it is about maximizing the chance and supplying as many OEMs as potential with out letting go of the deep technical relationship. So, frankly, whether or not they have been a tier 1 or a tier 2, as I discussed in my remarks, proper, the business does not like paying individuals for doing nothing of their worth chain. And so, we simply wish to earn our place within the worth chain.

Wanting on the present content material and the 60-40 cut up that we’ve got on our planning expectations, that is in essence, OEM signaling to us that they recognize the worth that we add integrating the thermal barrier as a system, proper? However on some components the place the configuration seems like simply Aerogel, there’ll gladly be a tier 2 that has a deep technical relationship on the fabric facet with a fabric that is ready to do what 4 or 5 supplies on this chart present, proper? So, we truthfully do not see it as a mutually unique scenario so long as we’re maximizing the chance and actually fixing OEMs issues first.

Alex Potter — Piper Sandler — Analyst

OK. I am going to take it. I’ll go.

Operator

Our subsequent query comes from the road of Colin Rusch from Oppenheimer. Colin, please go forward.

Colin Rusch — Oppenheimer & Co. Inc. — Analyst

Thanks a lot. Guys, as you are getting nearer to a few of these prospects and the actual wants inside these battery packs, are you engaged on any significant efforts to evolve the components or the recipe for the PyroThin expertise to get enhanced efficiency the place it’d be capable to seize a bit extra quantity?

Don Younger — President and Chief Government Officer

Effectively, that is an excellent query and the reply is definitely sure. Once I referenced the truth that we’re studying quite a bit — that we have gotten fairly skilled in understanding the phenomenon itself and given the leverage that we all know play with our personal supplies and being requested to do extra inside these techniques, I believe it units us up very effectively, Colin, to be that business skilled that we wish to — that we wish to be. And you understand very effectively that we have put in effectively over a $1 billion of fabric into sure settings and quite a lot of that has been round passive hearth safety. And it is a very logical extension of that understanding of these learnings.

And so, I believe we have been on an accelerated path right here and it’s what has given us confidence to reiterate our 2x aim in ’21 to ’23 and improve to a 3x income progress aim from ’23 to ’25. It’s a perform of our understanding of the scenario. It’s a perform of our engagement with a number of the — what we predict will probably be a number of the main OEMs within the EV area.

Colin Rusch — Oppenheimer & Co. Inc. — Analyst

Nice. That is tremendous useful. After which by way of the financing plan for the ability in Georgia, are you able to speak about how mature your conversations are round into the gear finance or leverage on that facility as we start to construct it out?

Don Younger — President and Chief Government Officer

John, do you wish to — do you wish to take that? You realize that John and I — and we have been form of all the above form of method to this over time. And I believe you’ll be able to fairly effectively depend on that being true once more right here over the course of the subsequent 12 months or two as we fund our plan. Clearly, as we’ve got a really outlined path to profitability, it continues to open a lot of alternatives, further alternatives for us to boost capital, and to not point out producing money of our personal right here as we transfer ahead by way of this time interval that we have talked about. So, proper, that is the most effective type of financing you’ll be able to have.

So, that is actually what we’re centered on, Colin. However we predict that we’ll have alternatives to neatly and creatively fund our progress plans right here over the course of the subsequent, you understand, one, three, and 5 years.

Operator

Our subsequent query comes from the road of Chip Moore from EF Hutton. Please go forward.

Chip Moore — EF Hutton — Analyst

Thanks, and congrats on the great momentum, guys. 

Don Younger — President and Chief Government Officer

Thanks.

Chip Moore — EF Hutton — Analyst

John, thanks, and congratulations. It has been nice working with you for the previous 10 years or so. Simply wished to circle again to that tier 1, tier 2 dialogue. I believe you’ve got been very good to be OEM agnostic.

Clearly, everybody is de facto anxious about provide chains proper now. Is there alternative to speed up extra wins as OEMs look to lock up capability? Or is that one thing you suppose you’ve got seen already?

Don Younger — President and Chief Government Officer

Effectively, we’ve got a really sturdy staff of individuals, a lot of who’ve joined our firm within the final one and two years with deep automotive and tier 1 backgrounds who come from the exact same corporations that we’re engaged with both as automotive OEMs or as tier 1s. And we’re going by way of qualification processes. Actually regularly, we’re engaged with experimenting with completely different merchandise for various battery platforms actually on a day by day and weekly foundation with an entire host of corporations. So, our engagement, and I’ve stated this earlier than, I believe profitable these is — the gating merchandise is the event of the platform itself.

And we consider that we’re well-positioned to play an necessary function in not solely within the two corporations with whom we’re delivering manufacturing components however to variety of the businesses we anticipate to be leaders within the EV area going ahead in all three main areas.

Chip Moore — EF Hutton — Analyst

Understood. Simply perhaps yet one more on type of extra close to time period, you understand, as we glance to Statesboro to begin up later subsequent 12 months. You talked about a number of the provide chain constraints that you just noticed this quarter. Seems like the value per sq. foot had a pleasant bump.

Perhaps simply large image ideas on margins this 12 months and subsequent as we glance towards that start-up.

John Fairbanks — Chief Monetary Officer

Yeah. You realize, so I believe these are — yeah, and somewhat little bit of a path to profitability query. We see in 2022, we’re investing considerably in manufacturing sources the place we’re seeing a rise in manufacturing bills. In consequence, we’re establishing amenities that can deal with very important progress in thermal barrier operations in 2023 and 2024, in keeping with our progress targets, the 2x and the 3x.

And so, that is miserable gross margins as we speak and it is mirrored in our 2022 outlook. We did point out it in the course of the scripts, however our gross margin expectations in 2022 could be the excessive single digits due to these — the addition of these bills. We will go to Monterrey, Mexico, arrange a fabrication operation larger — put in overhead there, important overhead that can hit our earnings this 12 months, however will set us up for a major revenue progress in 2023 and past. After 2022, we’d roughly see for each greenback of income that we generate, we get about $0.40 in gross revenue, so an incremental gross margin of about 40% on that incremental income and about $0.33 of incremental adjusted EBITDA per greenback of income.

So, a couple of third of that can drop right down to the adjusted EBITDA line. And that is that incremental profitability that finally outcomes, so after we get out to $900 million of income to construct the second plant — the primary part of the second plant the place we would see gross margins at that time of about 35%, EBITDA margin about 25%. So, the low level by way of margin and profitability is 2022 with income progress, we’ll see very important enhancements in profitability out in ’23, ’24, and past as much as these capability economics that we gave you in our feedback.

Operator

The following query comes from the road of Doug Becker from Benchmark Analysis. Doug, please go forward.

Doug Becker — The Benchmark Firm — Analyst

Thanks. You talked about that at full capability, you will be producing important free money movement to fund future capability growth. I used to be questioning when you may simply speak by way of a number of the large shifting components of going from $1.6 billion of income to $400 million of EBITDA, what kind of free money movement would you expect to throw off at that time?

John Fairbanks — Chief Monetary Officer

Sure. So, Doug, I imply, it is principally — so capex could be — after we’re beginning to construct the second plant, most of our financing want, our capital want out over the subsequent couple of years is related to the Plant 2 building. As Don alluded to, quite a lot of that is front-loaded, the $575 million for first part, $125 million for the second part. After which past that, we’d simply have incremental capex related to increasing our fabrication operations, which might be at a considerably decrease degree than the form of funding we require for setting up an aerogel plant.

So, capex — upkeep capex wouldn’t be a major drag on our working money movement and so quite a lot of that adjusted EBITDA could be obtainable to us as much less free money movement.

Doug Becker — The Benchmark Firm — Analyst

Would you anticipate to be a money taxpayer at that degree? Or are there NOL?

John Fairbanks — Chief Monetary Officer

Yeah. I imply, you are able to do the mathematics fairly shortly, Doug. However we’d — after we break worthwhile with these incremental margins I simply described, in a short time, we would be adjusted EBITDA constructive and begin to generate internet revenue. And we do have a major NOL that can block our money tax funds for a time frame.

However we have really run by way of these in fairly brief order. And so, once you’re speaking about being a $1.6 billion firm with $400 million value of EBITDA, very important internet revenue, we’d have gone by way of our NOLs, and we might be a money taxpayer at that time.

Operator

Subsequent query comes from the road of Amit Dayal from H.C. Wainwright. Please proceed.

Amit Dayal — H.C. Wainwright & Co. — Analyst

Thanks. Good afternoon, everybody. Congrats on all of the progress.

John Fairbanks — Chief Monetary Officer

Thanks.

Operator

Our subsequent query comes from the road of Jed Dorsheimer from Canaccord. Evidently he is disconnected. [Operator instructions] The following query comes from the road of Jed Dorsheimer from Canaccord Genuity. Jed, please go forward.

Jed Dorsheimer — Canaccord Genuity — Analyst

Hello. Thanks, guys. Again on the bus right here. So, just some questions from me.

So, I suppose the expectation is — so after we look on Slide 5 for the annual income capability of the $900 million and the $1.6 billion, is that along with the $250 million from East Windfall? Or is that together with the $250 million from Windfall?

Don Younger — President and Chief Government Officer

That features the $250 million from East Windfall.

Jed Dorsheimer — Canaccord Genuity — Analyst

Bought it. After which on the Windfall plant, that is by no means carried out $250 million. So, has there been a change by way of yield out of that plant by way of the power to form of double the revenues there as a result of it looks as if there’s been some breakthrough?

John Fairbanks — Chief Monetary Officer

Sure. So, I am going to take that. So, Jed, we have all the time stated that our East — that is earlier than the thermal barrier enterprise. So, the capability of our East Windfall plant has been about $200 million.

That is simply straight aerogel on the vitality infrastructure market. The rise to $250 million is a mix of the aerogel content material that we’re promoting within the vitality infrastructure market, in addition to the aerogel content material that we would be utilizing to help the thermal barrier enterprise, plus the extra supplies that Ricardo described that we’re incorporating into the thermal barrier sandwiches that we’re delivery to our prospects. So, it is aerogel content material, plus buy supplies, plus the income related. We do mark up fabrication bills as effectively to our automotive prospects.

And so, it is the mixture of all of these. So, it is not a productiveness enchancment. It is actually a change within the nature of our enterprise, but it surely’s the identical fundamental aerogel capability we had earlier than with further billable objects on prime of it.

Operator

Our subsequent query comes from the road of Chris Souther from B. Riley. Please go forward.

Chris Souther — B. RIley Monetary — Analyst

I simply wished to verify on the 60% visibility on the 2025’s tripling. That features GM’s platform, plus simply the one mannequin with Toyota and Subaru. So, you would presumably get nearer to 100%, when you gained the complete platform with Toyota. Is that form of a great way to consider the present visibility?

Don Younger — President and Chief Government Officer

Yeah. I imply, I believe one of many the explanation why we put that statistic, if you’ll, that estimate in there was we wished to display that factor. The — with an extra one or two wins in different battery platforms, it’s — the mathematics performs out fairly neatly. Let me simply say that.

And so, our capability to realize these — the explanation we’re assured in these targets, the explanation that we’re growing these targets is only a perform of our engagement with not solely the 2 prospects with whom we’re delivering manufacturing components however to a variety of further ones the place we’re assured that we’re very engaged, once more, from a prototyping, quoting, working by way of high quality techniques, we’ve got very detailed engagement with these further corporations. So, we really feel we’re in a robust place to help these 2x and 3x goal.

Chris Souther — B. RIley Monetary — Analyst

OK. Nice. After which of the eight that you just shipped PyroThin for income final 12 months excluding GM, Toyota, are you able to speak in regards to the number of battery chemistries which have been utilized by these prospects, majority are NMC, however are any utilizing NMC or another chemistries that you just’re seeing?

Ricardo Rodriguez — Chief Technique Officer

Yeah. I imply — yeah, I am unsure you might be accustomed to completely all eight of them and that degree of element, however take it away, it is much more at a better degree.

Don Younger — President and Chief Government Officer

Yeah. I imply, they’re actually all prototype components. So, going into an excessive amount of element of the particular chemistry that is getting used is not essentially aligned with what could find yourself going to manufacturing as effectively, however they’re principally NMC and both pouch or prismatic cells as we have indicated within the remarks.

Operator

Our remaining query comes from the road of Tom Curran from Seaport Analysis Companions. Tom, please go forward.

Tom Curran — Seaport World Holdings — Analyst

Final however definitely not least, I belief. I wish to make certain, John, simply congratulate you on financially.

Don Younger — President and Chief Government Officer

Batting clean-up.

Tom Curran — Seaport World Holdings — Analyst

Proper Batting clean-up. There you go. John, congrats on financially piloting Aspen by way of each chapter of its growth progress over the previous 15 years. I actually recognize your detailed steering, responsiveness, and lucid explanations.

So, better of luck to you.

John Fairbanks — Chief Monetary Officer

Thanks, Tom. Respect it.

Tom Curran — Seaport World Holdings — Analyst

So, at your complete annual income goal for 2025 of $740 million, thermal limitations could be anticipated to contribute 75% or $540 million. Of the remaining $180 million, what could be the anticipated cut up between vitality infrastructure and the battery supplies phase?

John Fairbanks — Chief Monetary Officer

Tom, perhaps a great way to calculate it could be simply to say that we bear in mind again that our pre-pandemic degree of commercial was within the vary of $130 million. And we have assumed low double-digit progress from there. So, when you add over the course of these three years or 4 years, when you’re placing a ten% or 12% progress fee on that, we’re very comfy with that form of wrapped into that.

Don Younger — President and Chief Government Officer

Sure. And, Tom, the Aspen battery supplies enterprise, it is somewhat unclear by way of what — how that will probably be structured and we will should decide about whether or not we license that expertise to others and allow them to produce some supplies, or we put money into further belongings to supply these supplies ourselves and promote them into the market. And so, at current our estimates, we’ve got the price and bills and the analysis and growth funding required to fund that initiatives in our fashions, however we have not put in income assumptions. And we predict that that is a conservative method, however we finally are very enthusiastic about that enterprise.

We predict it would generate income, however we do not know what kind but. And so, on that foundation, we have tried to exclude it from all of the projections we supplied as we speak.

Tom Curran — Seaport World Holdings — Analyst

No, that is — you each helped to reply what I used to be attempting to get at, but it surely’s reassuring to know that it doesn’t assume any income contribution from battery supplies. So, you do anticipate to have the ability to cowl that full $720 million between thermal limitations and the legacy industrial enterprise. After which — now that you have been capable of verify that the thriller Asian automakers, certainly Toyota, we are able to house in with our questions on that pacing of potential of that relationship. May you replace us on the place they’re at with finalizing their very own devoted battery platform to assist us with the timing of once you would possibly win extra than simply the bZ4X? After which would you anticipate an growth to any form of platformwide contract to additionally embrace Subaru?

Don Younger — President and Chief Government Officer

We simply wish to be very cautious about speaking about particular applications proper now and particular expectations with these corporations. And we simply wish to be very conscious and respectful of their very own developments and what have you ever. So, let me simply say perhaps what I’ve stated a bit up to now, which is that we really feel we’re in a really sturdy place that these corporations, once more, these we have been awarded enterprise and others that have been within the later stage innings, if you’ll, of being awarded enterprise we anticipate. I’d — we simply really feel like we’re in a robust place and we really feel that we’re bringing quite a lot of worth to the discussions.

And sure, it comes from our expertise, but it surely additionally comes from the technique that we have talked about for over a 12 months now round being OEM agnostic, being actually the business useful resource right here, bringing experience into this actually troublesome difficult drawback. I assumed Ricardo did a pleasant job simply describing the complexity of this and the probability of those automotive OEMs attempting to handle this example, each with lively and passive techniques concurrently. That is the best way we see it enjoying out definitely over any time frame. So, once more, we simply wish to be somewhat cautious about speaking about particular applications.

Operator

OK. That’s the finish of the Q&A session as we speak. So, I’ll now hand you again over to Don Younger for closing remarks.

Don Younger — President and Chief Government Officer

Thanks, Lauren, very a lot. To everybody, we recognize your curiosity in Aspen Aerogels. We sit up for reporting our Q1 2022 ends in late April. Be effectively.

Have night. Thanks very a lot.

Operator

[Operator signoff]

Period: 76 minutes

Name individuals:

Laura Guerrant — Vice President of Investor Relations and Company Communications

John Fairbanks — Chief Monetary Officer

Don Younger — President and Chief Government Officer

Ricardo Rodriguez — Chief Technique Officer

Eric Stine — Craig-Hallum Capital Group — Analyst

Jeff Osborne — Cowen and Firm — Analyst

Alex Potter — Piper Sandler — Analyst

Colin Rusch — Oppenheimer & Co. Inc. — Analyst

Chip Moore — EF Hutton — Analyst

Doug Becker — The Benchmark Firm — Analyst

Amit Dayal — H.C. Wainwright & Co. — Analyst

Jed Dorsheimer — Canaccord Genuity — Analyst

Chris Souther — B. RIley Monetary — Analyst

Tom Curran — Seaport World Holdings — Analyst

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