American Superconductor Corp (AMSC) 2024 Q4 法說會逐字稿

Good morning and welcome to the AMSC fourth quarter fiscal 2024 financial results conference call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎參加AMSC 2024財年第四季財務業績電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Nicol Golez, AMSC's Director of Communications. Please go ahead.

現在我將把會議交給AMSC的通訊總監尼科爾·戈萊茲。請繼續。

Thank you, Andrey. Good morning, everyone, and welcome to American Superconductor Corporation's fourth quarter and full fiscal year 2024 conference call. I am Nicol Golez, AMSC's Director of Communications.

謝謝你，安德烈。各位早安，歡迎參加美國超導公司2024財年第四季及全年業績電話會議。我是尼科爾‧戈萊茲，AMSC的通訊總監。

Joining me today are Daniel McGahn, Chairman, President and Chief Executive Officer; and John Kosiba, Senior Vice President, Chief Financial Officer and Treasurer. Yesterday, after market closed, American Superconductor issued its earnings release for the fourth quarter and full fiscal year 2024. A copy is available on the Investors page of the company's website at www.amsc.com.

今天與我一同出席的有董事長、總裁兼執行長丹尼爾·麥克加恩，以及資深副總裁、財務長兼財務主管約翰·科西巴。昨天收盤後，美國超導公司發布了2024財年第四季及全年財報。副本可在公司網站 www.amsc.com 的投資者頁面上取得。

Remarks that management may make during today's call about future expectations, including expectations regarding the company's financial results, plans and prospects constitute forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including those set forth in the risk factors section of our annual report on Form 10-K for the year ended March 31, 2025, which the company filed with the Securities and Exchange Commission on May 21, 2025, and the company's other reports filed with the SEC, which are also available on our website.

管理層在今天的電話會議上可能就未來預期發表的言論，包括對公司財務業績、計劃和前景的預期，均構成前瞻性陳述。由於各種重要因素，實際結果可能與此類前瞻性聲明所指出的結果有重大差異，這些因素包括公司於 2025 年 5 月 21 日向美國證券交易委員會提交的截至 2025 年 3 月 31 日止年度的 10-K 表格年度報告的風險因素部分中列出的因素，以及公司向美國證券交易委員會提交的其他報告（這些公司在美國證券交易委員會的公司報告）。

The company disclaims any obligation to update these forward-looking statements. Also on today's call, management will refer to non-GAAP net income or non-GAAP financial measures. Tables of reconciliation of GAAP to adjusted financial measures can be found in the company's earnings release.

該公司不承擔更新這些前瞻性聲明的義務。在今天的電話會議上，管理階層也將提及非GAAP淨收入或非GAAP財務指標。公司獲利報告中提供了 GAAP 與調整後財務指標的調整表。

With that, I will now turn the call over to Chairman, President and Chief Executive Officer, Daniel McGahn. Daniel?

接下來，我將把電話交給董事長、總裁兼執行長丹尼爾‧麥克加恩。丹尼爾？

Thanks, Nicol. Good morning, everyone, and thank you for joining us. We're really excited to share some great news about the company and not only where we are but where we're headed. I'll begin today by providing an update and sharing a few remarks on our business.

謝謝你，尼科爾。各位早安，感謝各位的參與。我們非常興奮地與大家分享一些關於公司的好消息，不僅包括我們目前的狀況，也包括我們未來的發展方向。今天我先向大家報告公司的最新情況，並就公司業務發表一些看法。

John Kosiba will then provide a detailed review of our financial results for the fourth quarter and full fiscal year 2024. He will also provide guidance for the first quarter of fiscal 2025, which will end June 30, 2025. And following our remarks, we'll open up the line to questions from our analysts.

約翰·科西巴隨後將詳細回顧我們 2024 年第四季和整個財年的財務表現。他也將繼續提供 2025 財年第一季（截至 2025 年 6 月 30 日）的業績指引。在我們發言結束後，我們將開通熱線，回答分析師們的問題。

AMSC delivered its strongest reported performance in years for both the quarter and for the fiscal year. During our fourth quarter, we outperformed expectations across nearly every key metric. We saw revenue grow sequentially quarter over quarter and by nearly 60% against the year ago period as we reached a recent record level of revenue surpassing the $65 million mark.

AMSC 在本季和本財年均取得了多年來最強勁的業績。第四季度，我們在幾乎所有關鍵指標上都超出了預期。我們看到收入環比增長，與去年同期相比增長了近 60%，並達到了近期創紀錄的收入水平，超過了 6500 萬美元大關。

Our grid business revenue grew substantially by more than 60% over the year ago quarter. While our wind business revenue increased significantly by more than 40% for the same period. We achieved our third consecutive quarter of GAAP profitability, our seventh consecutive quarter of non-GAAP profitability as well as our seventh consecutive quarter of generating operating cash flow.

我們的電網業務收入較去年同期大幅成長超過 60%。同期，我們的風電業務收入大幅成長超過 40%。我們實現了連續第三個季度 GAAP 盈利，連續第七個季度非 GAAP 盈利，以及連續第七個季度產生經營現金流。

We believe this record quarterly revenue and continued profitability reflect the strong momentum we've built and the discipline behind our success. For the full fiscal year, I'm proud to say that it was a year of exceptional execution and strong growth across our business.

我們相信，這項創紀錄的季度收入和持續獲利能力反映了我們所建立的強勁發展勢頭以及我們成功背後的自律精神。就整個財政年度而言，我很自豪地說，我們公司在這一年中取得了卓越的執行力和強勁的成長。

We saw total revenue grow over 50% to $222 million. We saw revenue diversity across renewables, industrial, military, utility and the semiconductor sector over a third of our sales were for renewable projects, manufacturing and traditional energy projects represented also nearly a third. Military was about 15% and utility came in just over 10%.

總營收成長超過 50%，達到 2.22 億美元。我們看到收入來源多元化，涵蓋再生能源、工業、軍事、公用事業和半導體領域；超過三分之一的銷售額來自再生能源項目，製造業和傳統能源項目也佔了近三分之一。軍事用途約佔 15%，公用事業用途略高於 10%。

A significant part of our strong performance was driven by our core business, where we achieved nearly 20% organic growth for the fiscal year. Nearly 70% of our revenue came from the United States market. We see this as a very important hedge against the changing American trade policy and tariff landscape. We ended the year with over $85 million in cash.

我們強勁的業績很大程度上得益於核心業務，該業務在本財年實現了近 20% 的內生成長。我們近70%的收入來自美國市場。我們認為這是對沖美國貿易政策和關稅環境變化的重要手段。年底時，我們擁有超過8500萬美元的現金。

Let's now take a look at our order bookings for the quarter, which were extremely strong. Fourth quarter orders grew to $75 million, we are seeing a significant acceleration in our business driven by semiconductors as well as traditional energy projects. We booked nearly $320 million of new orders for fiscal 2024.

現在讓我們來看看本季的訂單情況，訂單量非常強勁。第四季訂單成長至 7,500 萬美元，半導體以及傳統能源項目推動了我們業務的顯著加速成長。我們已預定了 2024 財年近 3.2 億美元的新訂單。

We closed the year with a robust 12-month backlog of over $200 million. This was $140 million a year ago. The business has expanded and orders appear to be accelerating, albeit we are now booking some products for delivery already in fiscal 2026.

我們以超過 2 億美元的強勁 12 個月積壓訂單結束了這一年。一年前這個數字是1.4億美元。業務規模擴大，訂單量似乎也在加速成長，儘管我們現在已經預定了一些產品將在 2026 財年交付。

We successfully expanded into allied navies for the first time with an order from the Royal Canadian Navy marking a key milestone in our global defense business strategy. Additionally, we successfully delivered three ship protection systems for the US Navy.

我們首次成功拓展到盟國海軍領域，並獲得了加拿大皇家海軍的訂單，這標誌著我們全球防務業務戰略的一個重要里程碑。此外，我們也成功向美國海軍交付了三套艦艇防護系統。

These accomplishments highlight the growing demand for our solutions as well as our position as a trusted partner domestically and abroad. We expanded our product portfolio through an acquisition, positioning us to capitalize on opportunities in both the military and industrial sectors.

這些成就凸顯了市場對我們解決方案日益增長的需求，以及我們在國內外作為值得信賴的合作夥伴的地位。我們透過收購擴大了產品組合，使我們能夠抓住軍事和工業領域的機會。

In our wind business, we showed year over year growth as Inox's business prospects strengthened, and our 3 megawatt ECS demonstrated its capabilities. We believe all parts of the business are now aligned and poised to deliver improvement.

在我們的風電業務中，隨著 Inox 業務前景的增強，我們實現了逐年成長，而我們的 3 兆瓦 ECS 也證明了其能力。我們相信，公司各部門現在已經協調一致，準備迎接改善。

Now I'll turn the call over to John Kosiba to review our financial results for the fourth quarter and full fiscal year 2024 and provide guidance for the first quarter of fiscal 2025, which will end June 30, 2025. John?

現在我將把電話交給約翰·科西巴，讓他回顧我們 2024 財年第四季度和整個財年的財務業績，並對 2025 財年第一季（截至 2025 年 6 月 30 日）提供指導。約翰？

Thanks, Daniel, and good morning, everyone. Total revenues for the fourth quarter of fiscal 2024 were $66.7 million. This is an increase of 59% compared to the year ago quarter of $42 million. Grid business revenues of $55.6 million increased by 62% versus the year ago quarter, while our Wind business revenues of $11.1 million increased by 42% versus the year ago quarter.

謝謝你，丹尼爾，大家早安。2024 財年第四季總營收為 6,670 萬美元。與去年同期的 4,200 萬美元相比，成長了 59%。電網業務收入為 5,560 萬美元，比去年同期成長 62%；風能業務收入為 1,110 萬美元，比去年同期成長 42%。

Moving on to the full fiscal year. Our total revenue in fiscal 2024 were $222.8 million. This is an increase of 53% compared to fiscal year 2023 revenues of $145.6 million. Grid business revenues of $187.2 million increased 53% in fiscal 2024 and represented 84% of total revenue.

接下來進入整個財政年度。我們在 2024 財年的總收入為 2.228 億美元。與 2023 財年 1.456 億美元的營收相比，成長了 53%。2024 財年，電網業務營收為 1.872 億美元，成長 53%，佔總營收的 84%。

The year over year increase is a result of organic growth within our new energy product lines accompanied by the addition of NWL. Wind business revenues of $35.6 million increased 51% in fiscal 2024 and represented 16% of total revenue. The year over year increase is a result of increased ECS shipments to Inox for our 2 megawatt and 3 megawatt class ECS systems.

同比增長是由於我們新能源產品線的自然增長以及 NWL 的加入。2024 財年，風能業務營收為 3,560 萬美元，成長 51%，佔總營收的 16%。年比成長是由於我們向 Inox 交付的 2 兆瓦和 3 兆瓦級 ECS 系統 ECS 數量增加所致。

Gross margin for the fourth quarter of fiscal 2024 was 27% compared to 25% in the year ago quarter. For the full fiscal year 2024, AMSC generated gross margins of 28%. This was up from 24% in fiscal 2023. We saw full year gross margin expansion of 353 basis points over the prior year.

2024 財年第四季的毛利率為 27%，去年同期為 25%。2024 財年，AMSC 的毛利率為 28%。這一比例高於 2023 財年的 24%。全年毛利率較上年增加了353個基點。

Now moving on to operating expenses. Research and development and SG&A expenses for the fourth quarter of fiscal 2024 totaled $15.6 million. This was up from $10.3 million in the year ago quarter. Approximately 17% of R&D and SG&A expenses in the fourth quarter were noncash. For the full fiscal year, research and development and SG&A expenses totaled $54.5 million in fiscal 2024 compared with $39.6 million in fiscal 2023. Approximately 14% of R&D and SG&A expenses in fiscal 2024 were noncash.

接下來我們來看營運費用。2024 財年第四季的研發和銷售、一般及行政費用總計 1,560 萬美元。這比去年同期的1,030萬美元有所成長。第四季研發和銷售、管理及行政費用中約有 17% 為非現金支出。2024 財政年度全年研發銷售、一般及行政費用總計 5,450 萬美元，而 2023 財年為 3,960 萬美元。2024 財政年度研發銷售、一般及行政費用中約有 14% 為非現金支出。

Our net income in the fourth quarter of fiscal 2024 was $1.2 million or $0.03 per share compared to -- compared to a $1.6 million loss or $0.05 per share in the year ago quarter. Our non-GAAP net income for the fourth quarter of fiscal 2024 was $4.8 million or $0.13 per share compared with non-GAAP net income of $1.9 million or $0.06 per share in the year ago quarter.

2024 財年第四季，我們的淨收入為 120 萬美元，即每股 0.03 美元，而去年同期則虧損 160 萬美元，即每股虧損 0.05 美元。2024 財年第四季，我們的非 GAAP 淨收入為 480 萬美元，即每股 0.13 美元，而去年同期的非 GAAP 淨收入為 190 萬美元，即每股 0.06 美元。

For the full fiscal year 2024, our net income was $6 million or $0.16 per share, this compares to a net loss of $11.1 million or $0.37 per share in fiscal 2023. For the full fiscal year 2024, our non-GAAP net income was $24 million or $0.65 per share. This compares to non-GAAP net income of $600,000 or $0.02 per share in fiscal 2023.

2024 財年全年，我們的淨收入為 600 萬美元，即每股 0.16 美元，而 2023 財年淨虧損為 1,110 萬美元，即每股虧損 0.37 美元。2024 財年全年，我們的非 GAAP 淨收入為 2,400 萬美元，即每股 0.65 美元。相比之下，2023 財年非 GAAP 淨收入為 60 萬美元，即每股 0.02 美元。

We ended fiscal year 2024 with $85.4 million in cash, cash equivalents and restricted cash. In the fourth quarter of fiscal 2024, we generated $6.3 million in operating cash flow. For the full fiscal year, we generated operating cash flow of $28.3 million.

截至 2024 財年末，我們持有現金、現金等價物及受限現金 8,540 萬美元。在 2024 財年第四季度，我們產生了 630 萬美元的營運現金流。在整個財政年度，我們產生了 2,830 萬美元的經營現金流。

Now turning to our financial guidance for the first quarter of fiscal 2025. We expect that our revenues will be in the range of $64 million to $68 million, our net income on that revenue is expected to exceed $1 million or $0.03 per share, and our non-GAAP net income is expected to exceed $4 million or $0.10 per share.

現在讓我們來看看2025財年第一季的財務預期。我們預計收入將在 6,400 萬美元至 6,800 萬美元之間，預計淨收入將超過 100 萬美元或每股 0.03 美元，預計非 GAAP 淨收入將超過 400 萬美元或每股 0.10 美元。

With that, I'll turn the call back over to Daniel.

這樣，我就把電話轉回給丹尼爾了。

Thanks, John. It really is a different business now. AMSC delivered a terrific year of operational performance, an outcome that reflects our efforts to build a more resilient company. I think this is the first time we're guiding to net income, and we're talking about strong revenue and non-GAAP net income as well. We've cultivated growing relationships with our customers across multiple projects that have increased in size, scope, and technical complexity.

謝謝你，約翰。現在的行業情況確實大不相同了。AMSC 在過去一年取得了非常出色的營運業績，這項成果體現了我們為打造更具韌性的公司所做的努力。我認為這是我們首次預測淨利潤，而且我們也談到了強勁的營收和非GAAP淨利潤。我們與客戶在多個專案中建立了日益緊密的合作關係，這些專案的規模、範圍和技術複雜性都在增加。

Today, we're delivering greater volumes to repeat customers. We believe our diverse bookings, strong balance sheet, and operational success in fiscal 2024 have set the stage for long-term improvement in the business.

今天，我們向老客戶交付了更大批量的產品。我們相信，2024 財年多元化的訂單、強勁的資產負債表和營運成功，為業務的長期改善奠定了基礎。

Over the past three years, we've managed well through a sharp increase in revenue. Back in fiscal 2017, our annual revenue was under $50 million. That was annually, not quarterly. By 2021, we had doubled that, and by 2024, we doubled it again. Our quarterly revenues now exceed that annual level from fiscal year 2017.

過去三年，我們成功應對了收入的急劇增長。2017 財年，我們的年收入不到 5,000 萬美元。那是按年計算的，不是按季度計算的。到 2021 年，我們將其翻了一番；到 2024 年，我們將其翻了一番。我們的季度收入現在已經超過了 2017 財年的年度收入水準。

We delivered operating leverage without requiring major capital investment. The business really is in the strongest position in over a decade, and we believe it's still getting better. We enter fiscal 2025 confident in our ability to continue building a more resilient and profitable company. We are guiding to another quarter of expected high revenue levels for our first quarter of fiscal 2025.

我們在無需大量資本投資的情況下實現了營運槓桿效應。公司目前處於十多年來最強勢的地位，我們相信它還會變得更好。進入 2025 財年，我們有信心繼續打造一家更具韌性和獲利能力的公司。我們預計2025財年第一季營收將再次維持高位。

Again, seeing this $65 million revenue level as possible, the guidance range always depends on customer timing of milestones on many of our projects. It's certainly nice to be talking about $65 million when we were talking about $30 million per quarter only two years ago.

再次強調，雖然 6500 萬美元的收入水平是可能的，但指導範圍始終取決於我們許多專案的客戶里程碑時間表。兩年前我們每季還只能談論 3,000 萬美元，而現在卻能談論 6,500 萬美元，這感覺真是太好了。

With that, let's turn our focus to fiscal 2025, starting with the growing opportunities in our power solutions. Demand for reliable power is rising. Defense priorities dictate a stronger navy. We see demand for our power quality products across the evolving energy landscape where reliability and performance become more critical than ever. The grid is under pressure.

接下來，讓我們把目光轉向 2025 財年，首先關注我們在電力解決方案領域日益增長的機會。對可靠電力供應的需求正在上升。國防優先事項決定了我們需要一支更強大的海軍。在不斷變化的能源格局中，可靠性和性能比以往任何時候都更加重要，我們看到市場對我們的電能品質產品的需求也隨之增長。電網面臨壓力。

Distributed energy and two way power flows are adding complexity. The need for smarter, more resilient and dynamic systems is only increasing. Data centers alone could double global power demand by as early as 2026.

分散式能源和雙向電力流動增加了複雜性。對更智慧、更具彈性和更動態的系統的需求只會不斷增長。光是資料中心一項，就可能在2026年讓全球電力需求翻倍。

Semiconductor fabs in the United States are projected to more than triple by 2032. We've seen a ramp-up in our orders pipeline this quarter, securing multiple orders driven by semiconductor fabs under construction. These orders as well as orders from traditional power customers are the main reason that we see such a dramatic increase in our order intake rate.

預計到 2032 年，美國的半導體製造廠數量將增加三倍以上。本季我們的訂單量有所增加，由於在建半導體工廠的建設，我們獲得了多個訂單。這些訂單以及來自傳統電力客戶的訂單是我們看到訂單量大幅增加的主要原因。

Traditional power production is also making a resurgence, driving industrial growth and grid strain. The US is reshoring advanced manufacturing in many factories where resilient power supply is critical. Our aging infrastructure just can't keep up.

傳統發電方式也在復興，推動了工業成長，並加劇了電網壓力。美國正在將先進製造業遷回國內，許多工廠對電力供應的穩定性要求很高。我們老化的基礎設施已經無法滿足需求了。

Last month, the administration issued an executive order to strengthen grid reliability and security. The Department of Energy is now authorized to use all available power resources to ensure reliable electricity delivery. That's where we come in.

上個月，政府發布了一項行政命令，旨在加強電網的可靠性和安全性。美國能源部現已獲授權使用所有可用電力資源，以確保可靠的電力供應。這就是我們發揮作用的地方。

Our power solutions, capacitor banks, harmonic filters and static synchronous compensators are built for energy-intensive industries like artificial intelligence, data centers, steel and a variety of metals, automotive, chemicals and semiconductors.

我們的電源解決方案、電容器組、諧波濾波器和靜態同步補償器是為人工智慧、資料中心、鋼鐵和各種金屬、汽車、化學和半導體等能源密集產業而設計的。

Our products are designed to maintain reliability, maximize output and enhance power quality and distribution networks impacted by industrial loads. We are uniquely positioned to enable industrials to power facilities in ways that scale without adding complexity or size.

我們的產品旨在維持可靠性，最大限度地提高輸出功率，並改善受工業負載影響的電力品質和配電網路。我們擁有獨特的優勢，能夠幫助工業企業以可擴展的方式為設施供電，而無需增加複雜性或規模。

In fiscal 2024, we expanded our offerings with power supplies and military grade solutions that strengthen our overall product portfolio. These solutions help industries cut admissions, power critical systems and boost the performance of their plant as well as powering critical military systems.

在 2024 財年，我們擴大了產品範圍，增加了電源和軍用級解決方案，從而增強了我們的整體產品組合。這些解決方案可以幫助各行業減少排放，為關鍵系統提供動力，提高工廠性能，並為關鍵軍事系統提供動力。

In each case, these are critical power solutions that need to operate in harsh environments. We have orders in backlog generated from the demand across industrial, utility and military sectors where these products are making a significant impact. We're not just responding to grid changes. We're enabling them. We're focused on capturing the many opportunities ahead in both power and defense.

在每一種情況下，這些都是需要在惡劣環境下運作的關鍵電力解決方案。我們積壓了大量訂單，這些訂單來自工業、公用事業和軍事領域的需求，這些產品在這些領域產生了重大影響。我們不僅僅是在應對電網變化。我們正在助長他們的氣焰。我們正專注於抓住電力和國防領域未來的許多機會。

We see growth from wind in India. We design and supply electrical control systems, or ECS, they make wind turbines more competitive and efficient. In fiscal 2024, we secured nearly $35 million in orders for our 2 megawatt and 3 megawatt ECS from Inox as they ramp up to service their growing demand.

我們看到印度的風能產業正在成長。我們設計並供應電氣控制系統（ECS），它們使風力渦輪機更具競爭力和效率。在 2024 財年，我們獲得了 Inox 公司價值近 3500 萬美元的 2 兆瓦和 3 兆瓦 ECS 訂單，因為他們正在加大產能以滿足其不斷增長的需求。

About half of these shipments were occurred during the year. Our proprietary technology is helping Inox scale, supporting what they've called their strongest backlog in recent memory with over 3 gigawatts of orders.

這些貨物中約有一半是在年內交付的。我們的專有技術正在幫助 Inox 擴大規模，支持他們所說的近年來最強勁的訂單積壓，訂單量超過 3 吉瓦。

Let's now turn to our growing presence in the navy sector. Our Ship Protection Systems or SPS help naval vessels by reducing their visibility to enemy threats. This year marked a major milestone as we expanded our ship protection systems internationally with a breakthrough contract from the Royal Canadian Navy, our first allied navy customer.

現在讓我們來看看我們在海軍領域日益增長的影響力。我們的船艦防護系統（SPS）透過降低海軍艦艇對敵方威脅的可見度來幫助海軍艦艇。今年是我們的一個重要里程碑，我們與加拿大皇家海軍簽訂了一份突破性合同，將我們的船艦防護系統擴展到了國際市場，這是我們的第一個盟國海軍客戶。

We secured a multiyear multiunit contract worth about $75 million with Irving Shipbuilding, the leading builder of Canada's naval fleet. We believe this order represents a strong signal of global demand for our defense systems.

我們與加拿大海軍艦隊的主要建造商歐文造船廠簽訂了一份價值約 7500 萬美元的多年期多單元合約。我們認為，這份訂單強烈顯示了全球對我們國防系統的需求。

We're now preparing to deliver our proprietary solutions to support the US Navy and the Royal Canadian Navy. To date, we've secured five SPS contracts from the US Navy for the San Antonio class ship. We've delivered on three out of the five systems to the following vessels, the USS Fort Lauderdale, the USS Harrisburg and the USS Pittsburgh.

我們現在正準備向美國海軍和加拿大皇家海軍提供我們專有的解決方案。到目前為止，我們已經從美國海軍獲得了五份聖安東尼奧級艦艇的SPS合約。我們已經向以下艦艇交付了五套系統中的三套：勞德代爾堡號航空母艦、哈里斯堡號航空母艦和匹茲堡號航空母艦。

We anticipate delivering our fourth system soon. We're also actively pursuing opportunities beyond the US platforms, including other allied navies. In summary, our progress reflects a company that is delivering strong, consistent results.

我們預計很快將交付第四套系統。我們也積極尋求美國平台以外的機會，包括其他盟國海軍。總之，我們的進展反映出公司正在取得強勁、穩定的業績。

As we look ahead, we believe AMSC is in a better position than it's ever been. We've delivered consistent profitability, higher revenue and increased cash generation. We closed fiscal 2024 with a 12-month backlog of over $200 million and over $85 million in cash, which is critical for supporting larger orders and future growth opportunities.

展望未來，我們相信AMSC目前所處的地位比以往任何時候都要好。我們實現了持續獲利、更高的收入和更多的現金流。截至 2024 財年末，我們擁有超過 2 億美元的 12 個月訂單積壓和超過 8,500 萬美元的現金，這對於支持更大的訂單和未來的成長機會至關重要。

We grew our product portfolio and extended a key solution to an international defense customer. We significantly expanded gross margins year over year. None of these accomplishments would be possible without the incredible dedication of our team. I want to thank each and every one of our team members for truly delivering an outstanding year.

我們拓展了產品組合，並向一家國際國防客戶推廣了一項關鍵解決方案。我們毛利率較去年同期大幅成長。如果沒有我們團隊的無比奉獻，所有這些成就都不可能實現。我要感謝我們團隊的每一位成員，感謝你們共同創造如此卓越的一年。

We are focused well-capitalized and committed to creating long-term value for our customers, our partners as well as our shareholders. We closed a fantastic 2024 and are off to a very good start for fiscal 2025 with tremendous opportunities ahead of us.

我們資金雄厚，目標明確，致力於為我們的客戶、合作夥伴和股東創造長期價值。我們圓滿結束了精彩的 2024 年，並且 2025 財年也開局良好，未來充滿巨大的機會。

We are at the center of some of the most important transformations of our time from defense to industrial growth from renewable integration to grid modernization. Our solutions are helping power the evolution of a grid that is fit for the future, a more reliable and resilient grid built to support and incorporate a broad mix of energy sources.

我們正處於這個時代一些最重要變革的中心，從國防到工業成長，從再生能源併網到電網現代化。我們的解決方案正在協助建置面向未來的電網，一個更可靠、更具韌性的電網，以支援和整合多種能源。

We believe specifically our American-made products supported largely by a domestic supply chain and supply to US customers, which account for 70% to 75% of our total revenue, and our expanded exposure to recession resilient industries positions us strongly against tariff risks and global economic volatility.

我們相信，我們主要依靠國內供應鏈和向美國客戶供應的美國製造產品（占我們總收入的 70% 至 75%），以及我們對抗衰退行業的廣泛投資，使我們能夠有效地抵禦關稅風險和全球經濟波動。

We are executing on our vision and believe that our creativity can meet today's challenges and help us progress to a better future. This means using future-facing technologies to harmonize the world's desire for decarbonization and clean energy with the need for more reliable, effective and efficient power delivery. We are committed to powering progress by designing, developing and deploying power control solutions that harmonize an increasingly complex energy system.

我們正在實踐我們的願景，並相信我們的創造力能夠應對當今的挑戰，幫助我們邁向更美好的未來。這意味著要利用面向未來的技術，協調世界對脫碳和清潔能源的渴望與對更可靠、有效和高效的電力供應的需求。我們致力於透過設計、開發和部署電力控制解決方案來推動進步，從而協調日益複雜的能源系統。

Thank you for your continued trust and support. We look forward to sharing our progress with you in the months ahead. MJ, can we now open up the lines for any questions from our analysts.

感謝您一直以來的信任與支持。我們期待在接下來的幾個月與您分享我們的進展。MJ，我們現在可以開放問答環節，接受分析師的提問嗎？

(Operator Instructions)

（操作說明）

Eric Stine, Craig-Hallum.

艾瑞克‧斯泰恩，克雷格-哈勒姆。

Hi Daniel. Hi John, good morning.

你好，丹尼爾。約翰，早安。

Hey Eric, good to hear your voice.

嘿，艾瑞克，很高興聽到你的聲音。

Hey, you too. So I do appreciate the commentary on semiconductors, but I'm wondering for orders, if you could do -- I think you've done this in the past, but just an order breakdown high level for the grid segment in the fourth quarter? And then what is your expectation, again, high level for how that plays out in fiscal '25?

嘿，你也一樣。我很欣賞您對半導體行業的評論，但我想問一下訂單方面，您能否——我想您以前做過——提供一下第四季度電網業務板塊的訂單細分概覽？那麼，您對2025財年的發展前景有何預期呢？

Yeah. So if I look longer term, I'll start there and then I can think about what the breakout of the orders are. So if you think about the business really kind of as four or five parts, I think where we're headed in the business we're building, it's going to be about 25% materials, including semiconductor.

是的。所以如果我著眼於更長遠的未來，我會從那裡開始，然後我可以考慮訂單的突破情況。所以，如果你把這項業務看作是四到五個部分，我認為我們正在建立的業務方向，大約 25% 將是關於材料，包括半導體。

So all of kind of the industrial chemicals and material processing that we've talked about in the past. I think that what we're seeing is in traditional power generation, we have a unique product offering that we're just learning more and more about where that might be applicable.

所以，所有我們過去討論過的工業化學品和材料加工方面的內容。我認為，在傳統發電領域，我們擁有獨特的產品，我們正在不斷了解它在哪些方面可能適用。

And if we look at where spending is headed, that potentially could drive to as much as 25% of the business as well. I think renewables will continue to be strong for us, particularly in India and in Europe, which is really where we're focused.

如果我們看看支出的走向，這可能會推動業務成長高達 25%。我認為再生能源將繼續為我們帶來強勁的成長，尤其是在印度和歐洲，而這正是我們重點關注的領域。

I think that will be about 25%, and then the remaining quarter is probably on the order, say, 15% military, maybe 10% utility, we're seeing some uptick in utility that could even be stronger. So I think we have a very diverse business. In the past quarter, it was led driven by renewables.

我認為這大約會佔 25%，剩下的四分之一可能在 15% 左右是軍工，10% 左右是公用事業，我們看到公用事業方面出現了一些增長，而且這種增長可能會更強。所以我認為我們的業務非常多元化。上個季度，再生能源引領了成長。

We have a number of projects, not only in India, but in Europe where we see demand as well. Industrials was a big part of that as well utilities participated. But I think the main accelerating factor, Eric, really was the demand change or inflection in semiconductor that we've been talking to for the past couple of quarters, is now really beginning. So a big uptick in the orders going from about a $60 million run rate to now deliver $75 million of new orders really was in a large part delivered by semiconductor.

我們有很多項目，不僅在印度，在歐洲也有很多項目，我們在那裡也看到了需求。工業企業也參與其中，公用事業也貢獻良多。但我認為，埃里克，真正的主要加速因素是半導體行業的需求變化或轉折點，我們過去幾個季度一直在討論這個問題，現在這種變化或轉折點真正開始了。因此，訂單量從約 6,000 萬美元的年化水準大幅增長到目前的 7,500 萬美元，這在很大程度上要歸功於半導體產業。

We see that continuing. We see that with the potential for future growth. Those projects are under construction. So these are projects that are real, that are funded, that are happening. They've been on the plans of our partners for a number of years. And they've been funded and are going to happen. So they get our equipment kind of late in the cycle.

我們看到這種情況還會持續下去。我們看到了未來成長的潛力。這些項目正在建設中。所以這些都是真實存在的、獲得資金支持的、正在進行的項目。這些項目已經列入我們合作夥伴的計劃好幾年了。這些項目已經獲得資金，並且將會實施。所以他們拿到我們設備的時間有點晚了。

So I'm really excited at the diversity that we have. I'm excited that we're now talking not only about renewable power, but more traditional power. We are discovering that we have a very unique offering that can help the grid fix a lot of different problems for a lot of different industries.

所以我對我們擁有的多樣性感到非常興奮。我很高興我們現在不僅討論再生能源，還討論更傳統的能源。我們發現我們擁有非常獨特的產品，可以幫助電網解決許多不同行業面臨的許多不同問題。

That is great. I appreciate that color. And then you did mention wind, and I believe this was your strongest quarter since I think fiscal '16 may be in wind. And I know your orders have been quite good or were in fiscal '24. I don't know if you did.

太好了。我喜歡這個顏色。然後您提到了風能，我相信這是自2016財年以來您業績最好的一個季度，因為我記得2016財年可能是風能產業。我知道你們的訂單狀況一直都很好，或者說在 2024 財年是相當不錯的。我不知道你是否做到了。

I might have missed it, but did you break out wind, I mean, just a percentage of what those were in Q4. And then based on that and based on the backlog of win that you have, kind of what are your high-level thoughts for fiscal '25?

我可能錯過了，但你放屁了嗎？我的意思是，只是比第四季少了百分之幾而已。然後基於此以及你目前積壓的勝利，你對 2025 財年有什麼高層次的想法？

Yeah. I think there's a couple of pieces in there to get at. So the first thing is, what is it? So we've grown from about [8% at the beginning of the year. I think we were 6% the prior year and now we're above 10%, 11%]. So the business with Inox is driving that ramp. It's really the 3 megawatt that we see demand that's greater than what we're delivering today.

是的。我認為這裡面有幾個值得探討的地方。所以首先，它到底是什麼？所以我們已經從大約年初時是 8%。我想前一年是 6%，現在已經超過 10%、11% 了。因此，與 Inox 的業務合作正在推動這一成長。我們看到的實際需求是 3 兆瓦，而我們目前的供應量卻遠遠不夠。

I think the news I'm trying to make sure that people understand, Eric, is that the demand for what we have is not singularly going to be driven by wind. It's going to be driven by semiconductor. It can be driven by traditional power. Longer term, we'll see military near term, we'll see some things with utilities as well.

艾瑞克，我想讓大家明白的是，我們產品的需求並非只由風能驅動。它將由半導體驅動。它可以由傳統動力驅動。從長遠來看，我們會看到軍事方面的變化；從短期來看，我們也會看到一些與公用事業相關的變化。

But I think this is probably the first call. I'm really saying that we have not the potential of a number of tailwinds. We're feeling those tailwinds now. The order book is driving it. The revenue is converting over a variety of these areas.

但我認為這很可能是第一次通話。我的意思是，我們並沒有獲得許多順風的潛力。我們現在感受到了順風。訂單量是主要驅動因素。收入正從這些多個領域轉化而來。

So I think as we look forward with Inox, the one thing to have you understand and have the audience understand is they're a critical partner to us and a great customer. We love working with them. We love the relationship. We try to do the best we can to support them. They're about to go through what we think is going to be another historic ramp up for their company.

所以我認為，展望未來，與 Inox 合作，有一點需要大家和觀眾都明白，他們是我們重要的合作夥伴和重要的客戶。我們很喜歡和他們合作。我們很珍惜這段關係。我們會盡我們所能去支持他們。他們即將經歷我們認為對該公司而言又一次具有歷史意義的成長期。

And we're really proud of what they've done. We're proud of how they've taken it's basically technology and really turned it into profit in the business. They've really done a fantastic job. We have changed the way and the pacing of that part of the business. So when it was a larger fraction of our business, we wanted to have stability.

我們為他們所取得的成就感到非常自豪。我們為他們如何將這項技術轉化為商業利潤而感到自豪。他們做得非常出色。我們改變了這部分業務的運作方式和節奏。所以當它在我們業務中所佔比例較大時，我們希望保持穩定。

So we worked very closely with Inox to have long-term contracts. Today, we're more working on the short term because as we see their ramp, we want to be responsive. So the thing that's different about particularly the backlog is there's not a lot of wind backlog in the 12-month number, and that's because we're converting it pretty fast in the revenue.

因此，我們與 Inox 密切合作，簽訂了長期合約。今天，我們更專注於短期目標，因為我們看到他們的成長勢頭，我們希望能夠迅速做出反應。所以，積壓訂單的不同之處在於，12 個月的資料中風電積壓訂單並不多，這是因為我們將其轉換為收入的速度非常快。

And then we're trying to get the next order and the next order for six months out, nine months out. and continue to do that. So that's something that's different in the business in 2025 than it certainly has been in the past, right? We like to have stability in that business.

然後我們努力爭取下一批訂單，再下一批訂單，爭取六個月後、九個月後的訂單，並繼續這樣做。所以，2025 年的商業環境與過去肯定有所不同，對吧？我們喜歡這個行業保持穩定。

Today, we see it as a stable business. We're trying to be a good partner and being able to provide products as fast as we can. So that's why when you look at the backlog there's not a significant amount of backlog. I said the orders that in '24, we delivered were about $35 million.

如今，我們認為這是一個穩定的行業。我們努力成為優秀的合作夥伴，並盡可能快速地提供產品。所以這就是為什麼你看待待辦事項清單時，會發現並沒有大量的待辦事項。我說過，2024 年我們交付的訂單總額約為 3,500 萬美元。

We said about half of those were already delivered, right? So that's a very light backlog relative to what the demand could be from Inox. And that's because we want to be rapidly responsive to them. They are going to go through a ramp and we want to support that. Did that help with the color on the lead time --

我們之前說過其中大約一半已經交付了，對吧？所以相對於 Inox 的潛在需求而言，目前的積壓訂單非常少。這是因為我們希望能夠快速回應他們的需求。他們將要通過坡道，我們想為此提供支援。這樣對交貨時間的顏色有幫助嗎？--

Yeah. Absolutely helps. And I guess, just it's a new setup that you're -- because it is more kind of order to order and potentially orders in -- I don't want to say small orders, but just smaller orders that add up to a bigger number, those are things that you will not announce.

是的。非常有幫助。我想，這只是你們的新安排——因為它更像是按訂單順序排列，而且可能會有訂單——我不想說是小訂單，但就是小訂單加起來數量比較大，這些事情你們不會公佈。

Yeah. I think the key really is the pacing and the talk about that, and we'll try to highlight that in the call. I think when you look at the financials, getting to the $65 million in revenue and wind is representing $11 million of that I guess we're just north of [66%]. I try to look at it as a threshold we broke through a certain threshold. They're a great customer.

是的。我認為關鍵在於節奏和談話方式，我們會在電話會議中強調這一點。我認為，從財務數據來看，達到 6500 萬美元的收入，其中風能貢獻了 1100 萬美元，我猜我們略高於這個數字。[66%]。我試著把它看作是我們突破了某個閾值。他們是我們非常好的客戶。

But I don't think it's -- I think it doesn't behoove us to overemphasize that because the rest of the business, the growth through grid has happened, the diversification is happening and all those pieces are put in place. And that's something that Inox really encouraged us to do.

但我認為——我認為我們沒必要過度強調這一點，因為業務的其他方面，透過電網實現的成長已經發生，多元化正在發生，所有這些環節都已到位。而這正是 Inox 一直鼓勵我們要做的事。

We are a much better supplier today. I feel because of the financial performance of the business that we can react and weighs a bit differently than maybe we could have even a few years ago.

如今我們已成為更優秀的供應商。我覺得由於公司目前的財務業績，我們現在可以採取與幾年前不同的應對措施和考慮。

Right. And absolutely. I mean, Grid is the biggest part of the business by far. But this is the first time in a long, long time that I've heard you say that the confidence very high that both businesses are working, have tailwinds, et cetera. So --

正確的。當然。我的意思是，Grid 是迄今為止業務中最重要的部分。但這是我很久以來第一次聽到你說，你對兩家企業的營運都非常有信心，而且都處於有利發展勢頭等等。所以--

The whole turn of the corner thing, I think we've turned it and we're not going to look back.

我覺得我們已經扭轉了局面，而且不會再回頭了。

Okay. Thanks a lot.

好的。多謝。

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

Thanks so much guys. Dan, can you talk a little bit about the effectiveness of the cross-selling efforts that you've got now that you've got a couple of platforms integrated. I know asked this repeatedly, but I just want to get a sense of how that's impacting your win rate, order size and the contribution to the overall bookings at the $75 million level?

非常感謝各位。丹，你能否談談你現在整合了幾個平台之後，交叉銷售工作的成效如何？我知道這個問題已經被問過很多遍了，但我只是想了解一下，這會對你們的中標率、訂單規模以及對7500萬美元級別整體預訂量的貢獻產生怎樣的影響？

Yeah, we're not cross-selling anymore. We're just selling. We're selling the whole portfolio to everybody. We're trying to look at it and what do we have that meets the customers' demands and how do we present that as a full series of features that can be designed in their project.

是的，我們不再進行交叉銷售了。我們只是在銷售。我們將整個產品組合出售給所有人。我們正在研究這個問題，看看我們有哪些產品可以滿足客戶的需求，以及如何將這些產品呈現為一系列可以在他們的專案中設計的完整功能。

So that's something that the team has really worked on over the past 18 months or so to get us to the point where we're not thinking, we're not positioning, we're not promoting it as a disparate group of energy control systems -- it's one system for a semiconductor fab.

所以，在過去的 18 個月左右的時間裡，團隊一直在努力實現這一點，使我們不再把它當作一組分散的能源控制系統來思考、定位和推廣——它只是一個半導體製造廠的系統。

So we don't really talk to the customer about, hey, well, this is a D-VAR this comes from NEPSI or this is how it all works. Here's how we mitigate SAG, right? Here's how we get the fab to have more uptime. And we have more dynamic and we have more static and persistent capability than we had before we made an improvement. So in each of these industries, that's what we're talking more and more about.

所以我們不會跟客戶談論，嘿，這是一個 D-VAR，它來自 NEPSI，或者它是如何運作的。這就是我們緩解SAG（下垂）的方法，對吧？以下是我們如何提高晶圓廠正常運作時間的方法。改進之後，我們擁有了比以前更強的動態能力、靜態能力和持久能力。所以在這些行業中，我們越來越多談論的就是這個問題。

So I don't even really see the business really as we did in grid so much anymore. It's a series of control solutions that we try to provide a certain set of customers, and there's a bunch of great industries that they're going to drive the growth, not just one, it's many.

所以，我現在對這個產業的理解，和我們在 Grid 時期相比，已經不太一樣了。這是一系列我們試圖為特定客戶群提供的控制解決方案，這些解決方案將推動眾多產業的發展，而不僅僅是一個產業，而是許多產業。

So it's hard for me to delineate, hey, well, we got to win and we got extra because we have this offering because now -- I mean we're five years into this transformation in the business, and now we're really seeing the financial performance as a result of that.

所以，我很難明確地說，嘿，好吧，我們必須贏，而且因為我們提供了這項服務，我們還獲得了額外的收益，因為現在——我的意思是，我們已經進行了五年的業務轉型，現在我們真正看到了由此帶來的財務業績。

Okay. That's actually super helpful. And then from a margin perspective, as you get a little bit more scale and you've got this common platform that you're selling across multiple applications. Can you talk a little bit about opportunities for driving cost reduction on the manufacturing side, supply chain just either through incremental design adjustments or from just leveraging some of the scale purchasing.

好的。這真的很有幫助。從利潤率的角度來看，隨著規模的擴大，你擁有了一個可以在多個應用程式上銷售的通用平台。您能否談談在製造環節和供應鏈中，如何透過逐步調整設計或利用規模化採購來降低成本的機會？

Yeah. I think all those are available to us. It's something that we're working across the company. A lot of the way the systems are built are very similar. So we're trying to look at learning and efficiency in how we produce but also how we source.

是的。我認為所有這些都是我們能夠獲得的。這是公司上下正在努力的方向。這些系統的建構方式有許多相似之處。因此，我們正在努力從學習和提高生產效率以及採購效率兩方面著手。

The team really learned a lot that it's paying off today with supply chain to be very flexible and to be very dynamic with how do we deal with if supply gets constrained or cost changed. So we're trying to do the best we can in managing those costs. And to date, we rarely haven't seen much that impacts the business. That isn't to say that we won't. That isn't to say that we'll talk to customers about how the world is going to change.

團隊確實學到了很多，如今在供應鏈方面，保持高度的靈活性和動態性，能夠應對供應受限或成本變化的情況，這帶來了回報。所以我們正在盡最大努力控制這些成本。到目前為止，我們很少看到對業務產生重大影響的情況。但這並不意味著我們不會這樣做。但這並不意味著我們會和客戶談論世界將如何改變。

I think we've done a very good job of being patient with our cost and passing -- pricing changes on the customers when it made sense when the customer could accept it, all those things. And I think that, again, we're going to had another -- through another period of that. where there's a chance to re-establish the value with the customer and make sure that we're getting the appropriate value out of it.

我認為我們在成本控制方面做得非常好，並且在客戶能夠接受的時候，適時地調整價格，讓客戶接受價格變化等等。而且我認為，我們還會經歷另一個類似的時期，這讓我們有機會重新確立與客戶之間的價值，並確保我們從中獲得應有的價值。

But we do work on supply chain all the time. I don't have today for your kind of goals or objectives, say, we're going to take this cost out of that cost out on the product. We really are just trying to drive more through the factory get efficiencies in buying and bundling, purchasing as we can and continue to move the needle with gross margin.

但我們一直在從事供應鏈方面的工作。我今天沒有時間去實現你所說的這類目標或目的，比如說，我們要從產品成本中扣除這部分成本。我們真的只是想提高工廠的效率，在採購和捆綁方面提高效率，盡可能多地採購，並繼續提高毛利率。

Gross margin change year to year was pretty dramatic, right? So now we're trying to incrementally improve as the business grows. And I think if we can do that, I think that would be quite valuable.

毛利率年變動相當顯著，對吧？所以現在我們正努力隨著業務的成長逐步改進。我認為如果我們能做到這一點，那將非常有價值。

Thanks so much guys.

非常感謝各位。

Justin Clare, Roth Capital Partners.

Justin Clare，Roth Capital Partners。

Hey, good morning, thanks guys. So wanted to follow up on the semiconductor opportunity here. And just wanted to see if you could share a little bit more about the visibility you have into the pipeline of opportunities in semiconductor.

嘿，早上好，謝謝大家。所以我想跟進一下這裡的半導體產業機會。我想問您能否再多分享一下您對半導體產業發展機會的了解。

And then if you could speak to -- are you primarily seeing the growth being driven by the US market? Or are you also seeing healthy international growth? And then lastly, maybe if you could just speak to order sizes within semiconductors and how they might be trending?

那麼，您能否談談—您認為成長主要是由美國市場推動的嗎？或者，你們也看到了健康的國際成長？最後，您能否談談半導體產業的訂單規模及其發展趨勢？

Yeah, make sure I hit all those points because I think it's tremendous to get people to understand what we're seeing. I mean the pipeline is huge. It's triple-digit potential for us. And again, if we grow the business, it could be a triple-digit part of the business, if it really gets to a point where if materials driven by semiconductor -- not semiconductor loan, probably could get to that level.

是的，我一定要把這些要點都講清楚，因為我覺得讓人們理解我們所看到的情況非常重要。我的意思是，這條輸油管規模非常龐大。這對我們來說是三位數的潛在收益。再說一遍，如果我們發展這項業務，它可能會成為公司三位數的份額，如果它真的發展到一定程度，如果半導體驅動的材料——而不是半導體貸款——可能會達到那個水平。

And that's based upon projects that we know that are low risk that we feel that are either about to be constructed or in construction. It's global. So it's not just the US. There's definitely a drive in the US to re-shore to bring that capacity and capability here.

這是基於我們知道風險較低、我們認為即將開工或正在建設中的項目而做出的決定。它是全球性的。所以這不僅發生在美國。美國確實存在著將生產能力和產能遷回國內的趨勢。

But there's the broader issue, which is there's a need for more computational power, particularly small device computational power in a variety of applications that really fit into the fabs that we deliver our solution to.

但還有一個更廣泛的問題，那就是需要更多的運算能力，特別是各種應用中小型設備的運算能力，而這些應用恰好適合我們提供解決方案的晶圓廠。

Today, a fab order could be as small as $2 million. One time, we were trying to get it up to $1 million. But today, I think they're almost all over $2 million. And the larger ones can approach $8 million to $10 million. I think we see things on the horizon where a single fab could be $10 million to $15 million in a few years, given where we're headed, where the size of fabs are going to grow and the level of static and dynamic capability that we provide to that business.

如今，工廠訂單的金額可能小至 200 萬美元。有一次，我們想把它提高到 100 萬美元。但如今，我認為它們的價格幾乎都超過了 200 萬美元。而較大的那些，造價可接近 800 萬至 1000 萬美元。我認為，鑑於我們未來的發展方向、晶圓廠規模的增長以及我們為該行業提供的靜態和動態能力水平，未來幾年內，一座晶圓廠的成本可能會達到 1000 萬至 1500 萬美元。

So we're really pleased. And it's not just with one maker, it's several makers. We're trying to get further and deeper in what our capability is for them so they can understand the value that they get from our offering. And again, as I kind of said a little bit earlier, we're just selling it as an AMSC solution, and the teams are working as one, not necessarily separately on these key accounts, specifically like semiconductor is a great example of that.

所以我們真的很高興。而且不只是一個製造商，而是好幾個製造商。我們正在努力更深入地了解我們能為他們提供什麼，以便他們能夠理解他們從我們的產品和服務中獲得的價值。再說一遍，就像我之前稍微提過的那樣，我們只是把它作為 AMSC 的解決方案來銷售，各個團隊都在協同工作，而不是在這些關鍵客戶身上各自為政，半導體行業就是一個很好的例子。

Okay. That's really helpful. And then I just guess more broadly on demand and the orders that you're seeing, fiscal Q4 was strong. Wondering if the implementation of the tariffs and then the pause? Has that had any notable effect on the cadence of orders that you've seen from your customers? I'm wondering if you could just speak to how things have kind of evolved into your fiscal Q1 here?

好的。這真的很有幫助。然後，我更廣泛地猜測，從需求和訂單來看，第四財季表現強勁。想知道關稅實施後是否又暫停了？這是否對您從客戶觀察到的訂單頻率產生了任何顯著影響？我想請您談談貴公司第一財季的業績發展？

Yeah. I think in the short term, I can say, if anything, it's helped I think in the future, if anything, it's going to continue to help the level of reshoring that we're seeing and the level of investment that's being considered it's extraordinary. And I think we really sit at the center where there's a power quality problem or a power control problem.

是的。我認為短期來看，可以說它起到了一定的幫助作用；我認為未來它將繼續促進製造業回流，我們所看到的製造業回流水平以及正在考慮的投資水平都非常驚人。我認為我們正處於電力品質問題或電力控制問題的中心。

We have some unique offerings and in some cases, we're the only American provider to be able to provide. So I kind of saw this as the rhetoric is changing after the election that this could present itself as an opportunity for the company. I see that today, and I hope to see that going forward as well.

我們提供一些獨特的產品和服務，在某些情況下，我們是唯一能夠提供這些產品和服務的美國供應商。所以我認為，選舉之後輿論風向發生了變化，這可能為公司帶來機會。我今天看到了這一點，也希望將來能看到這一點。

Got it. Okay. And then maybe just shifting over to the navy here. So you have delivered the three systems to the US Navy now. And wondering if you have any details on how those systems are performing? Have they been in the field?

知道了。好的。然後或許就轉到海軍服役了。現在你們已經向美國海軍交付了這三套系統。我想知道您是否有關於這些系統運作情況的詳細資訊？他們去過實地嗎？

And do you have kind of demonstrated performance that has advantages over legacy solutions that could help you to sell more of those systems. I know this information is fairly sensitive given that it's with the military, but to the extent that you have any detail there?

你們是否有已經證明的效能優勢，可以與傳統解決方案相媲美，從而幫助你們銷售更多這類系統？我知道鑑於這些資訊涉及軍方，所以相當敏感，但您是否掌握任何細節？

Yeah. All I can really say is yes to everything that you said. It is a differentiated solution that works. It works as well or better than advertised. The US Navy is excited about what we're doing, not just there but in other parts, we've talked about the power continuum for them.

是的。我只能說，你說的每一句話我都同意。這是一個行之有效的差異化解決方案。它的效果與廣告宣傳的一樣好，甚至更好。美國海軍對我們正在做的事情感到興奮，不僅在那裡，而且在其他地區，我們也和他們討論電力連續體的問題。

I think getting the Canadian Navy then reaffirms the whole technology, again, that this is really valuable and viable. So I know somebody tell me the other day that they like superconductors ever get commercialized. And I'm like, yeah, that happened years ago. This is real, it's effective, it works. They're happy. I don't want to get into the differentiators because that gets into some classified stuff.

我認為加拿大海軍的加入再次印證了這項技術的價值和可行性。前幾天有人跟我說，他們很想知道超導體是否能夠商業化。我當時就想，是啊，那都是幾年前的事了。這是真的，是有效的，它真的有效。他們很高興。我不想深入探討其中的區別，因為那涉及一些機密資訊。

But we're really happy, it's a pleasure working with the Canadian Navy so far. It's been a very proud moment for us as a company to be able to provide real-world systems for the US Navy. So the hope is we can go scale that and be able to bring that to other allies. It's a great offering that we have, and it's real.

但我們真的很高興，到目前為止與加拿大海軍的合作非常愉快。能夠為美國海軍提供實際應用的系統，對我們公司來說是一個非常值得驕傲的時刻。所以我們希望能夠擴大規模，並將其推廣到其他盟友那裡。這是我們提供的非常棒的產品，而且是真實存在的。

Okay. Sounds good. All right. Thank you.

好的。聽起來不錯。好的。謝謝。

Thank you. At this time, there are no further questions in the queue. This concludes our question-and-answer session. And I would now like to turn the call back over to Mr. McGahn for closing remarks.

謝謝。目前隊列中沒有其他問題了。我們的問答環節到此結束。現在我謹將電話交還給麥克加恩先生，請他作總結發言。

Great. That was a wonderful articulation in my name. I just want to close up on growth because I think the main question is we come out of a great year in position to continue to get better and better. I think the question on your mind might be, and I know that's what we're trying to drive the team is what's really going to drive our growth in the near term. I think in semiconductor is right here right now.

偉大的。那真是對我名字的精彩詮釋。我只想最後談談成長，因為我認為最主要的問題是，我們剛剛度過了輝煌的一年，這讓我們有能力繼續變得越來越好。我想你心中可能在想，而且我知道這也是我們努力推動團隊前進的方向，那就是什麼才是真正能夠推動我們近期發展的動力。我認為半導體產業現在正處於最佳發展階段。

I think it will be followed up pretty quickly with traditional energy. I think we have a unique offering there. We're learning about it. We're working with partners to better understand the and utilities. A lot of the kind of problems that we see are becoming more commonplace across different utilities.

我認為傳統能源很快就會跟進。我認為我們在這方面提供了獨特的產品或服務。我們正在了解這件事。我們正與合作夥伴共同努力，以更好地了解公用事業。我們看到的這類問題在不同的公用事業公司中變得越來越普遍。

We've really seen the beginning of an acceleration in these parts of our business. So semiconductors are expected to be a key driver for orders, and we're already seeing that impact with the acceleration to the $75 million in orders this quarter. This momentum positions us really to benefit from the continued expansion that's coming in the sector.

我們已經看到公司這些業務領域開始加速發展。因此，半導體有望成為訂單的主要驅動力，我們已經看到這種影響，本季訂單金額已加速成長至 7,500 萬美元。這種發展勢頭使我們能夠真正受益於該行業即將到來的持續擴張。

As I commented in the questions, it's global. It's not just domestic, but there is a strong driver domestically for sure. We're now really involved in seeing orders come from traditional energy. I've talked a little bit about it briefly, but I haven't really gotten into it.

正如我在問題中提到的，這是全球性的。這不僅限於國內市場，但國內市場確實存在強勁的驅動力。我們現在正積極參與傳統能源訂單的取得。我之前簡單提過一點，但還沒有真正深入探討過。

What we've learned is the combined offering of the different pieces that we've put together may be very uniquely positioned for traditional energy. And if you think about that market, it's really divided into kind of three main stages upstream, midstream and downstream. So upstream involves drilling and extraction. Midstream refers to storage and transportation via pipelines they're supported by compressors and pump stations. They all need critical power to ensure flow.

我們發現，我們把各種不同的零件組合在一起，可能在傳統能源領域有非常獨特的優勢。如果你仔細想想這個市場，它其實分為上游、中游和下游這三個主要階段。因此，上游業務涉及鑽探和開採。中游業務是指透過管道進行儲存和運輸，並由壓縮機和泵站提供支援。它們都需要關鍵電力來確保電力供應。

So think about what we're doing is just like we would do with the semiconductor fab, just like we would do with the chemical plant, you're trying to power a pipeline, how do you view that in a resilient way, right? How do you do that in an effective way? How do you drive all that equipment, it has to be in harsh and hardened environment.

所以想想我們正在做的事情，就像我們在半導體製造廠做的事情一樣，就像我們在化工廠做的事情一樣，你正在努力為一條管道供電，你如何以一種有韌性的方式來看待這件事，對吧？如何才能有效地做到這一點？你如何駕駛所有這些設備？它們必須在惡劣嚴苛的環境下運作。

The other market, we've seen some recent wins in this downstream, which handles the refining and distribution to users of the energy products. So we're really not just about renewables. We've diversified now to energy in a broader sense.

另一個市場，我們最近在下游領域取得了一些成功，該領域負責能源產品的提煉和分銷給用戶。所以，我們關注的不僅僅是再生能源。現在我們已經從更廣泛的意義上多元化發展到能源領域。

We're now involved in all three phases upstream, midstream and downstream. And our solutions mitigate power impacts from the equipment are processes at each stage, and we try to boost productivity and efficiency in each of these traditional energy operations. I think the third area I'd talk about is we're really involved in a variety of different utility projects that enhance grid resilience and support the energy transition.

我們現在參與了上游、中游和下游這三個階段的所有環節。我們的解決方案可以減輕設備在每個階段的運作過程對電力的影響，我們努力提高每個傳統能源操作的生產力和效率。我想談的第三個方面是，我們積極參與各種不同的公用事業項目，這些項目旨在增強電網韌性並支持能源轉型。

And now what we're seeing is a utility may do one of these and now multiple utilities are doing many of these, right? And again, these are projects take a little bit longer to be able to deliver. The scope might be a bit higher as well. But we see -- and I think this is a key one to highlight as we kind of close out the call, and this is new news for us. We're strengthening substation power quality to support the demand from data centers.

現在我們看到的情況是，一家公用事業公司可能會做其中一項，而現在多家公用事業公司都在做很多項，對吧？再次強調，這些項目需要更長的時間才能交付。範圍可能還會更大一些。但我們看到——我認為這是我們在結束電話會議時需要強調的一點，這對我們來說也是個新消息。我們正在加強變電站的電力質量，以滿足資料中心的需求。

We are seeing direct demand now. I talked before, we didn't have a direct solution. We're seeing the solution as we have now that we can directly add that into capital projects for data centers to support this rapid build out. It's new. We're excited, it's a big part of our future pipeline. It's a whole kind of pivot where we're going. I had some hope and lessen kind of indications that maybe we would get in that direction.

我們現在看到了直接的需求。我之前談過了，我們沒有找到直接的解決方案。我們現在看到的解決方案是，我們可以直接將其添加到資料中心的資本項目中，以支援這種快速建設。這是新的。我們感到非常興奮，這是我們未來發展計畫的重要組成部分。這是我們正在經歷的徹底的轉型。我曾經抱持著一些希望，也有一些跡象顯示我們或許能朝著那個方向發展。

And I think now we're starting to see it. We have the proof that we've delivered, and we have the proof that we've been able to secure additional orders in that area. We're implementing reactive power systems for voltage stability. You guys know about that. We've talked about that for years.

我覺得現在我們開始看到這種情況了。我們有證據表明我們已經交付了產品，也有證據表明我們已經在該地區獲得了額外的訂單。我們正在實施無功功率系統以穩定電壓。你們都知道這件事。這個問題我們已經討論過好幾年了。

But kind of one of the new applications is for the retirement of thermal plants. And we're seeing more and more of these plants where older plants are going to be taken offline that provides disturbances on the grid that we can uniquely be able to mitigate and manage.

但其中一項新應用是用於退役火力發電廠。我們看到越來越多的老舊電廠被淘汰，這會對電網造成乾擾，而我們能夠以獨特的方式減輕和管理這些幹擾。

We talk a lot historically, but to remind you about reinforcing transmission infrastructure to support industrial load growth. Good example is large mining operations on vulnerable lines. We're seeing that globally as there's a drive to be able to process and refine materials.

我們常常談論歷史，但還是要提醒大家加強輸電基礎設施以支持工業負載成長。一個典型的例子是在脆弱線路上進行的大型採礦作業。我們看到全球範圍內都在尋求加工和提煉材料的能力，這種趨勢正在發生。

And semiconductors is a highly refined, highly processed material that's really key here in the short term as well. So we're really trying to build a diverse business driven by materials like semiconductors, power and energy, both from traditional and renewable sources.

半導體是一種高度精煉、高度加工的材料，在短期內也至關重要。因此，我們正在努力打造一個多元化的業務，以半導體、電力和能源等材料為驅動，這些材料既包括傳統能源，也包括再生能源。

So each of those three pieces really could represent about a quarter of our future business. The remaining quarter is probably going to come from military and utilities combined. Military might be a bit bigger. We'll see where utilities and data centers where that goes, maybe that becomes a bigger part of it.

所以，這三項業務中的任何一項都可能代表我們未來業務的四分之一左右。剩餘的四分之一可能來自軍費和公用事業。軍方規模可能會稍大。我們將拭目以待，看看公用事業和資料中心的發展方向，也許這會成為其中更重要的一部分。

But I think the business is clearly aligned for not only the energy transition, but also to support the reshoring of domestic manufacturing in America. And I think that's different. It's a different business I talked to you today about than we did in 2017 or 2020 or even 2022. We're evolving. We're growing. We're trying to meet customer demands. We're trying to extend our product portfolio where we're capable.

但我認為，該業務顯然不僅與能源轉型相契合，也支持美國國內製造業的回流。我認為這不一樣。今天我跟你們談的生意跟 2017 年、2020 年甚至 2022 年談的生意都不一樣了。我們正在不斷發展。我們正在發展壯大。我們正在努力滿足客戶需求。我們正在盡我們所能，努力擴大我們的產品組合。

I'm really happy with what the team did. I think if you just recap big orders over the year that we had diversified more navies involved. I think a big part of it is really a testament to the overall team trying to drive this change in the company, and we're starting to see the manifestation of that now.

我對團隊的表現非常滿意。我認為，如果你回顧過去一年的大訂單，你會發現我們已經多元化，更多海軍參與其中。我認為這很大程度上要歸功於整個團隊努力推動公司變革，而我們現在已經開始看到成效了。

So again, all these calls, everybody says, oh, you sound really excited. If I can't say it enough. I'm really excited not only about what we just did, but what we're going to go do. So thank you, everybody, for your trust, your patience with me. We are really in a great position and thanks for the time.

所以，所有這些電話，每個人都說，哦，你聽起來真的很興奮。我真的要再說一次。我不僅對我們剛剛完成的事情感到興奮，也對我們即將要做的事情感到興奮。所以，謝謝大家對我的信任與耐心。我們現在處境非常好，感謝您抽出時間。

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

會議到此結束。感謝各位參加今天的報告會。現在您可以斷開線路了。