American Superconductor Corp (AMSC) 2025 Q1 法說會逐字稿

Good day, and welcome to the AMSC First Quarter Fiscal 2025 Financial Results Conference Call. (Operator Instructions)

大家好，歡迎參加 AMSC 2025 財年第一季財務業績電話會議。（操作員指示）

Please note this event is being recorded. I would now like to turn the conference over to Ms. Nicol Golez, Director of Communications at AMSC. Please go ahead, ma'am.

請注意，此事件正在被記錄。現在，我想將會議交給 AMSC 通訊總監 Nicol Golez 女士。請繼續，女士。

Thank you, Chuck. Good morning, everyone, and welcome to American Superconductor Corporation's First Quarter of Fiscal Year 2025 Conference Call. I am Nicol Golez, AMSC's Director of Communications. Joining me today are Daniel McGahn, Chairman, President and Chief Executive Officer; and John Kosiba, Senior Vice President, Chief Financial Officer and Treasurer.

謝謝你，查克。大家早安，歡迎參加美國超導公司2025財年第一季電話會議。我是 AMSC 的通訊總監 Nicol Golez。今天與我一起出席的還有董事長、總裁兼首席執行官丹尼爾·麥加恩 (Daniel McGahn) 和高級副總裁、首席財務官兼財務主管約翰·科西巴 (John Kosiba)。

Yesterday, after market closed, American Superconductor issued its earnings release for the first quarter of fiscal year 2025. A copy of the release is available on the Investors page of the company's website at www.amsc.com.

昨天收盤後，美國超導公司發布了2025財年第一季財報。您可在本公司網站 www.amsc.com 的投資者頁面上查閱該新聞稿的副本。

During today's call, remarks that management may make regarding American Superconductor's future expectations, including financial results, plans and prospects, constitute forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements due to various factors, including those outlined on Form 10-K for the year-ended March 31, 2025, which the company filed with the Securities and Exchange Commission on May 21 as well as our other filings, all of which are available on our website. The company disclaims any obligation to update these forward-looking statements.

在今天的電話會議中，管理層可能就美國超導公司的未來預期（包括財務業績、計劃和前景）發表的言論構成前瞻性陳述。由於各種因素，實際結果可能與此類前瞻性陳述所示的結果有重大差異，包括公司於 5 月 21 日向美國證券交易委員會提交的截至 2025 年 3 月 31 日的 10-K 表中概述的因素以及我們的其他文件，所有這些文件均可在我們的網站上查閱。該公司不承擔更新這些前瞻性陳述的任何義務。

On today's call, management will refer to non-GAAP net income, non-GAAP financial measures. Tables of reconciliation of GAAP to adjusted financial measures can be found in the company's earnings release.

在今天的電話會議上，管理階層將參考非公認會計準則淨收入、非公認會計準則財務指標。在公司的收益報告中可以找到 GAAP 與調整後財務指標的對帳表。

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

現在，我將把電話轉給董事長、總裁兼執行長 Daniel McGahn。

Thanks, Nicol, and good morning, everybody. I'll begin today by providing an update and sharing a few remarks on our business. John Kosiba will then provide a detailed review of our financial results for the first fiscal quarter, which ended June 30, 2025, and provide guidance for the second fiscal quarter, which will end September 30, 2025. Following our comments, we'll open the line up to questions from our analysts.

謝謝，尼科爾，大家早安。今天我將首先介紹我們的業務的最新情況並分享一些評論。隨後，John Kosiba 將詳細回顧我們截至 2025 年 6 月 30 日的第一財季的財務業績，並為截至 2025 年 9 月 30 日的第二財季提供指導。在我們發表評論之後，我們將開始回答分析師的問題。

We kicked off fiscal 2025 with accelerated growth. Our results surpassed expectations, highlighting the strength and discipline fueling our business. This was our strongest quarter in years, a clear signal that our strategy is delivering consistent positive results and that the financial leverage we've talked about can happen.

我們以加速成長開啟了 2025 財年。我們的業績超越了預期，凸顯了我們業務發展的實力和紀律。這是我們多年來表現最強勁的一個季度，這清楚地表明我們的策略正在持續產生積極成果，而且我們所談論的財務槓桿可以實現。

One of the key highlights for the quarter was a request from a customer who asked us to accelerate delivery for a specific project. This boosted our results, reflects the strong relationship we have with our customers and demonstrates the rising demand across multiple markets, especially in the Materials sector.

本季度的一個主要亮點是來自客戶的請求，他要求我們加快特定專案的交付。這提高了我們的業績，反映了我們與客戶之間的牢固關係，並表明了多個市場（尤其是材料領域）的需求不斷增長。

We crossed a major milestone this quarter. Revenue exceeded $70 million for the first quarter. This is the acceleration we've been signaling over the past months. Total revenue came in above our guidance range, growing by 80% versus the year ago period, significantly driven by organic growth. Our Grid revenue led the way, accounting for over 80% of AMSC's total revenue and growing over 85% versus the year ago period. Meanwhile, our Wind business posted extremely strong growth as well, up nearly 55% from the year ago quarter. We delivered net income of over $6 million, marking our fourth consecutive quarter of profitability.

本季我們跨越了一個重要的里程碑。第一季營收超過7000萬美元。這是我們過去幾個月來一直在發出的加速訊號。總收入高於我們的預期範圍，較去年同期成長 80%，主要得益於有機成長。我們的電網收入處於領先地位，佔 AMSC 總收入的 80% 以上，比去年同期成長了 85% 以上。同時，我們的風能業務也實現了極其強勁的成長，比去年同期成長了近 55%。我們的淨收入超過 600 萬美元，這是我們連續第四個季度實現盈利。

Gross margins topped 30%, driven by a combination of higher revenues and increased operating leverage through a near ideal product mix. A key thing to note is that this quarter truly showcased the margin profile and operating leverage we've been working towards. In many ways, it was a near-perfect quarter, one the team feels very proud of, and one made possible by the relationships we have with our customers. We closed the quarter with a strong balance sheet of over $210 million in cash. Simply put, the business really is thriving.

毛利率突破 30%，這得益於更高的收入和近乎理想的產品組合而增加的經營槓桿。需要注意的關鍵一點是，本季真正展示了我們一直在努力實現的利潤率狀況和經營槓桿。從許多方面來看，這是一個近乎完美的季度，團隊對此感到非常自豪，而這得益於我們與客戶的關係。本季結束時，我們的資產負債表表現強勁，現金超過 2.1 億美元。簡而言之，生意確實興隆。

This quarter, the Materials sector was the main growth driver driven directly by semiconductor capacity expansion. We believe this sector growth is fueled by demand for artificial intelligence applications and data center infrastructure. We closed the quarter with a 12-month backlog of over $200 million, up from $160 million the year ago quarter, and a total backlog of over $300 million. Over the past two quarters, we brought in an average of just under $70 million in new orders each quarter. This is above the trailing 4-quarter average of over $60 million of new orders per quarter.

本季度，材料產業是受半導體產能擴張直接推動的主要成長動力。我們相信，該行業的成長是由對人工智慧應用和資料中心基礎設施的需求所推動的。截至本季末，我們的 12 個月積壓訂單量超過 2 億美元，高於去年同期的 1.6 億美元，總積壓訂單量超過 3 億美元。在過去兩個季度中，我們平均每季獲得近7,000萬美元的新訂單。這高於過去四個季度每季超過 6000 萬美元的平均新訂單量。

We continue to see strength across a range of industries. Revenue this quarter came from a diverse set of sectors. About one quarter of our sales came from Traditional Energy projects with another quarter from Renewable Energy projects. Materials projects driven by semiconductor accounted for nearly 25%, while military and other industrial sectors made up the remaining portion. First quarter orders exceeded $63 million and reflected demand across Renewables, Traditional Energy, Materials, specifically semiconductors and mining as well as Industrials and Utilities.

我們繼續看到各行各業的強勁成長。本季的營收來自多個領域。我們的銷售額約有四分之一來自傳統能源項目，另有四分之一來自再生能源項目。由半導體驅動的材料項目佔近25%，而軍事和其他工業領域則佔剩餘部分。第一季的訂單超過 6,300 萬美元，反映了再生能源、傳統能源、材料（特別是半導體和採礦業）以及工業和公用事業領域的需求。

Notably, the semiconductor industry is in the midst of a major capital expenditure cycle, and we are seeing the benefits of this. We see more semiconductor orders on the horizon and more broadly in the Materials sector. I'm including semiconductors in the materials sector along with mining, metals and other specialty materials. Traditional Energy appears to be robust in the coming quarters as well. We feel encouraged by our strong momentum and believe the business is exceptionally well positioned for the future.

值得注意的是，半導體產業正處於重大資本支出週期，我們正在看到其帶來的好處。我們預計半導體訂單將會增加，材料領域的訂單也將更加廣泛。我將半導體與採礦、金屬和其他特殊材料一起納入材料領域。傳統能源在未來幾季似乎也將表現強勁。我們對強勁的發展勢頭感到鼓舞，並相信公司業務已為未來做好了充分準備。

Now I'll turn the call over to John Kosiba to review our financial results for the first quarter of fiscal 2025 and provide guidance for the second quarter, which will end September 30, 2025.

現在，我將把電話交給 John Kosiba，讓他回顧我們 2025 財年第一季的財務業績，並為截至 2025 年 9 月 30 日的第二季提供指導。

Thanks, Daniel, and good morning, everyone. AMSC generated revenues of $72.4 million for the first quarter of fiscal 2025 compared to $40.3 million in the year ago quarter. Our Grid business unit accounted for 83% of total revenues, while our Wind business unit accounted for 17%.

謝謝，丹尼爾，大家早安。AMSC 2025 財年第一季的營收為 7,240 萬美元，而去年同期為 4,030 萬美元。我們的電網業務部門佔總收入的 83%，而風能業務部門佔 17%。

Grid business unit revenues increased by 86% in the first quarter versus the year ago quarter. This year-over-year increase was led by organic growth and the contribution of NWL revenue. Wind business unit revenues increased by 54% in the first quarter versus the year ago quarter. This year-over-year change was driven by increased ECS shipments.

第一季電網業務部門營收較去年同期成長了 86%。這一同比增長主要得益於有機增長和 NWL 收入的貢獻。第一季風電業務部門營收較去年同期成長 54%。這一同比變化是由於 ECS 出貨量增加所致。

Looking at the P&L in more detail. Gross margin for the first quarter of fiscal 2025 was 34%. This is up from 30% in the year ago quarter. Gross margin for the quarter was favorably impacted by increased revenues, a favorable product, project and market mix, which includes beneficial impacts across the business due to pricing increases across our product lines. And lastly, we continue to experience high levels of factory utilization. This was an ideal culmination of events that yielded these elevated gross margins.

更詳細地查看損益表。2025財年第一季的毛利率為34%。這一數字比去年同期的 30% 有所上升。本季的毛利率受到收入增加、良好的產品、項目和市場組合的正面影響，其中包括由於我們各產品線價格上漲而對整個業務產生的有利影響。最後，我們的工廠利用率持續維持高水準。這是一系列事件的理想結果，從而帶來了毛利率的提高。

Moving on to operating expenses. R&D and SG&A expenses for the first quarter of fiscal 2025 were $18.5 million compared to $11.2 million in the year ago quarter. Approximately 23% of R&D and SG&A expenses in the first quarter of fiscal 2025 were non-cash.

繼續討論營運費用。2025 財年第一季的研發和銷售、一般及行政費用為 1,850 萬美元，去年同期為 1,120 萬美元。2025 財年第一季約有 23% 的研發及銷售、一般及行政費用為非現金。

Our net income in the first quarter of fiscal 2025 was $6.7 million or $0.17 per share. This compares to a net loss of $2.5 million or $0.07 per share in the year ago quarter. Our non-GAAP net income for the first quarter of fiscal 2025 was $11.6 million or $0.30 per share compared with non-GAAP net income of $3 million or $0.09 per share in the year ago quarter. Please see our press release issued last night for a reconciliation of GAAP to non-GAAP results.

我們 2025 財年第一季的淨收入為 670 萬美元，即每股 0.17 美元。相比之下，去年同期的淨虧損為 250 萬美元，即每股 0.07 美元。我們 2025 財年第一季的非 GAAP 淨收入為 1,160 萬美元或每股 0.30 美元，而去年同期的非 GAAP 淨收入為 300 萬美元或每股 0.09 美元。請參閱我們昨晚發布的新聞稿，以了解 GAAP 與非 GAAP 結果的控制。

We ended the first quarter of fiscal 2025 with $213.4 million in cash, cash equivalents and restricted cash. This compares with $85.4 million on March 31, 2025. In June, we completed a public offering, generating total net proceeds of $124.6 million, including the follow-on option. We generated $4.1 million of operating cash flow in the first quarter of fiscal 2025.

截至 2025 財年第一季度，我們擁有 2.134 億美元的現金、現金等價物和受限現金。相比之下，2025 年 3 月 31 日這一數字為 8,540 萬美元。6 月份，我們完成了公開發行，包括後續選擇權在內，淨收益總額為 1.246 億美元。我們在 2025 財年第一季產生了 410 萬美元的營運現金流。

Now turning to our financial guidance for the second quarter of fiscal 2025. We expect our revenues will be in the range of $65 million to $70 million. Our net income on net revenue is expected to exceed $2 million or $0.05 per share. We expect our non-GAAP net income to exceed $6 million or $0.14 per share.

現在談談我們對 2025 財年第二季的財務指引。我們預計我們的收入將在 6500 萬美元至 7000 萬美元之間。我們的淨收入預計將超過 200 萬美元或每股 0.05 美元。我們預計非公認會計準則淨收入將超過 600 萬美元或每股 0.14 美元。

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

說完這些，我就把電話轉回給丹尼爾。

Thanks, John. During the first fiscal quarter, the business accelerated faster than projected, and the results speak for themselves. The business outperformed. We saw revenue grow sequentially now for the past five quarters. We reported our fourth consecutive quarter of net income. We achieved our eighth consecutive quarter of non-GAAP profitability with more than $10 million this quarter, outpacing even our internal scenarios for the quarter. We showed significant gross margin expansion, and our backlog continues to be very healthy.

謝謝，約翰。在第一財政季度，業務成長速度超乎預期，結果不言而喻。業務表現優異。我們看到過去五個季度的收入連續成長。我們報告了連續第四個季度的淨收入。本季度，我們實現了連續第八個季度的非 GAAP 盈利，盈利額超過 1000 萬美元，甚至超過了我們本季度的內部預測。我們的毛利率顯著擴大，而且我們的積壓訂單仍然非常健康。

This was a remarkable and exceptionally strong quarter. We have sustained an average quarterly revenue above $65 million for the past three quarters, elevating our business to a higher performing level. And you can see we are bullish about our expectations that this trend could continue next quarter. We are growing. We are ahead of schedule, and we are executing with discipline and focus. These results reflect our progress in scaling the business, diversifying revenue and driving outstanding financial performance.

這是一個非凡且異常強勁的季度。過去三個季度，我們的平均季度收入一直保持在 6500 萬美元以上，將我們的業務提升到了更高的績效水平。您可以看到，我們非常樂觀地預期這一趨勢可能會在下個季度持續下去。我們正在成長。我們提前完成了計劃，並且嚴格、專注地執行。這些結果反映了我們在擴大業務規模、實現收入多元化和推動卓越財務表現方面取得的進展。

We see major tailwinds and long-term opportunities across our core sectors. In 2025, Traditional Energy, led by oil and gas, will see over $1 trillion in capital expenditures. Mining projects have over a $1 trillion global pipeline. Defense spending nears $3 trillion. Renewables will attract over $0.75 trillion and global data centers are set to exceed $0.5 trillion in capital investments. Semiconductors driven by AI and Data demand will see approximately $160 billion in investments in 2025.

我們看到核心產業存在重大順風和長期機會。2025年，以石油和天然氣為主導的傳統能源資本支出將超過1兆美元。全球範圍內的採礦項目投資總額超過 1 兆美元。國防開支接近3兆美元。再生能源將吸引超過 0.75 兆美元的資金，全球資料中心的資本投資預計將超過 0.5 兆美元。受人工智慧和數據需求驅動的半導體將在 2025 年獲得約 1,600 億美元的投資。

Our footprint outside the United States, particularly in Renewables, positions us well to benefit from international investments. In India, for example, wind capacity is set to double by 2030. These are massive durable tailwinds, and we believe we are well positioned to benefit.

我們在美國以外的業務，特別是在再生能源領域，使我們能夠從國際投資中獲益。例如，到 2030 年，印度的風力發電能力將翻倍。這些都是巨大而持久的順風，我們相信我們已準備好從中受益。

So what's next? We see a strong business continuing in Materials driven by semiconductors. This quarter was exceptionally strong because, as I previously have mentioned, one key customer pulled in systems earlier than expected, highlighting our ability to execute. Even with that pull forward, our outlook remains strong with revenue levels over $65 million a quarter. The guide for our second quarter is better than we communicated for our first quarter.

那麼下一步是什麼？我們看到半導體驅動的材料業務持續強勁成長。本季表現異常強勁，因為正如我之前提到的，一位關鍵客戶比預期更早引入了系統，凸顯了我們的執行能力。即使如此，我們的前景仍然強勁，每季的營收水準超過 6,500 萬美元。我們第二季的指導比我們第一季的指導要好。

We also see continued strength and a healthy pipeline in Traditional Energy. We're making inroads into data center infrastructure projects, which we believe could become a meaningful growth driver going forward. It is early days for us here.

我們也看到傳統能源持續強勁且管道健康。我們正在進軍資料中心基礎設施項目，我們相信這將成為未來有意義的成長動力。對我們來說，現在還處於早期階段。

Looking further ahead to next year, we see increasing potential in the Renewables market, particularly in India, where the ramp is projected to continue. We anticipate continued strength in Materials and expect Traditional Energy to accelerate even further.

展望明年，我們看到再生能源市場的潛力不斷增大，特別是在印度，預計這一成長趨勢將持續下去。我們預計材料產業將持續保持強勁成長，而傳統能源產業將進一步加速成長。

We also believe our Military business could expand. As a reminder, we now serve military needs in three keyways: protecting ships, powering critical onboard systems and supporting essential manufacturing capacity at shipyards. Stay tuned for some potential progress here.

我們也相信我們的軍事業務可以擴大。提醒一下，我們現在主要透過三種方式滿足軍事需求：保護艦船、為關鍵艦載系統提供動力以及支援造船廠的基本製造能力。請繼續關注此處的一些潛在進展。

In summary, the momentum we've generated has set a strong foundation. We're excited about the future, and we're exceptionally well positioned to capitalize on the opportunities ahead.

總而言之，我們所創造的勢頭已經奠定了堅實的基礎。我們對未來充滿期待，並且我們已做好充分的準備來利用未來的機會。

Our backlog remains robust. Our orders pipeline shows some large potential orders on the horizon. We do feel several tailwinds potentially pushing the business more rapidly. There is a robust pipeline of acquisition targets that we might be able to add to our product portfolio. We're actively looking at how to best expand our business. We've been looking at both our Grid and Military offerings. We are in discussions with several targets, and we plan to remain disciplined in our approach.

我們的積壓訂單仍然充足。我們的訂單管道顯示即將出現一些潛在的大額訂單。我們確實感覺到有幾種順風因素可能會推動業務更快發展。我們擁有大量可以添加到我們的產品組合中的收購目標。我們正在積極尋找如何最好地擴展我們的業務。我們一直在關注電網和軍事產品。我們正在與多個目標公司進行討論，並計劃繼續嚴格遵守我們的做法。

Our future-facing technologies help harmonize the world's desire for decarbonization and clean energy with the need for more reliable, effective and efficient power delivery. I look forward to reporting to you again following the completion of our second fiscal quarter of fiscal year 2025.

我們面向未來的技術有助於協調世界對脫碳和清潔能源的需求與對更可靠、有效和高效的電力傳輸的需求。我期待在 2025 財年第二季結束後再次向您報告。

Chuck, we'll now take questions from our analysts.

查克，我們現在來回答分析師的問題。

(Operator Instruction)

（操作員指令）

Eric Stine, Craig Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Hi, Daniel. Hi, John. Good morning.

你好，丹尼爾。你好，約翰。早安.

Hey. Happy Thursday.

嘿。星期四快樂。

Hey. Happy Thursday. So maybe just to start on the gross margin number. I mean, I believe that's your all-time high number. But I mean, it sure seems like from your commentary that while, I think you said nearly perfect, there were no onetime items in there that skewed that. So I guess, first, I'd like to confirm that. But then second, kind of your confidence level that this can be, given the momentum in the business, a 30%-plus gross margin business going forward?

嘿。星期四快樂。因此也許只是從毛利率數字開始。我的意思是，我相信這是你的歷史最高數字。但我的意思是，從你的評論來看，雖然我認為你說的是近乎完美，但其中沒有任何一次性的東西扭曲了這一點。所以我想，首先，我想確認一下這一點。其次，考慮到業務發展勢頭，您是否有信心未來該業務的毛利率能達到 30% 以上？

Yes. We've been talking about getting to 30% and above. We posted 30%, I think, before, but I think you're right, maybe not this high. We've talked about getting in the mid-30%s. And as you can see with -- at this revenue level, with this mix, it's possible. So my hope is a lot of the times when we have these conversations on what the potential of the business is, having the proof point, I think, is extremely valuable.

是的。我們一直在談論達到 30% 甚至更高。我認為我們之前公佈的比率是 30%，但我認為你是對的，也許沒有這麼高。我們討論過要達到35%左右。正如你所看到的，在這個收入水平和這個組合下，這是可能的。因此，我希望，當我們討論業務潛力時，能夠有很多證據，我認為這是非常有價值的。

John, if you want to dig into any of the puts and takes in the margin, feel free.

約翰，如果你想深入了解利潤中的任何投入和產出，請隨意。

Hi, Eric. So to answer your question directly, there are no, what I would say, one-time, call it, nonrecurring events like that, special events. We did have a very strong product mix within our product portfolios and our market mix. So we had, for lack of a better term, an ideal mix within our products, but not per se, like, call it, an inventory correction or something unique in an accounting calculation.

你好，埃里克。因此，直接回答你的問題，不存在所謂的一次性、非重複事件或特殊事件。我們的產品組合和市場組合中確實有非常強大的產品組合。因此，由於缺乏更好的術語，我們的產品中存在理想的組合，但本質上並不是所謂的庫存調整或會計計算中獨特的東西。

But -- so no, I would say this was just a remarkably strong quarter with -- and I gave you the four bullets, right? When you have an ideal -- first, you got to have strong revenue, which gets the factories full. Second, you got to have a good mix, and we had both of those. So it was a great quarter all around when it comes to contribution margin of the business.

但是 - 所以不，我想說這只是一個非常強勁的季度 - 我給了你四點建議，對嗎？當你有一個理想時——首先，你必須有強勁的收入，讓工廠充分運作。其次，你必須有一個好的組合，而我們兩者兼具。因此，就業務貢獻利潤率而言，這是一個整體表現出色的季度。

Yes. No, that's great. Thanks for that.

是的。不，那太好了。謝謝。

Maybe turning to Wind then. I think last quarter, Daniel, I believe the direct quote was that Inox was on the cusp of a historic volume ramp. Curious, I mean, another step-up in Wind? I mean, does this kind of give you the confidence that, that historic volume ramp is underway? Or maybe the trends you see there, I guess, both on the order front and -- but also throughout the remainder of fiscal '25?

或許那時就會轉向風。丹尼爾，我想上個季度，我相信直接引用的是 Inox 正處於歷史性產量成長的邊緣。好奇，我的意思是，風能又進步了？我的意思是，這是否讓您有信心，歷史性的銷售成長正在進行中？或者我想，您看到的趨勢不僅體現在訂單方面，還體現在 25 財年的剩餘時間？

Yes. I tried to be deliberate in what I said that this is something that we expect maybe as early as next year. And why I'm saying that is it gets down to the lead time on product and the demand that Inox is seeing from their customers appears to be growing, which should improve their cash position, which should then translate into the demand to us. But we try to be very careful and not overly optimistic that something dramatically in their behavior is going to change.

是的。我試圖慎重地表示，這是我們預計最早可能在明年就會發生的事情。我之所以這麼說，是因為它與產品的交付週期有關，而且 Inox 看到的客戶需求似乎在增長，這應該會改善他們的現金狀況，進而轉化為對我們的需求。但我們盡量保持謹慎，不會過於樂觀地認為他們的行為會發生巨大變化。

But their business seems to be doing very well. They have a tremendous amount of backlog that they're able to either maintain or grow, and they're in a really good position to be able to ramp for their customers. A lot of what their effort right now is in construction. So getting things constructed and then connected and handed over to their customers is important. And we're there trying to support them as the best partner we possibly can be.

但他們的生意似乎做得很好。他們擁有大量的積壓訂單，能夠維持或增加這些訂單，並且他們處於非常有利的位置，能夠為客戶提供量身定制的服務。他們目前的大部分精力都投入了建設。因此，建置、連接並交付給客戶非常重要。我們盡力為他們提供支持，成為他們最好的合作夥伴。

We love the relationship with them. It's a well-run company, a great family that's involved in it. And we think that they're really in a great position, not just for the next quarters or year, but for the coming years, we hope. At least that's what it looks like from how they talk about their business. Things can always change, but it feels really strong at this point.

我們喜歡與他們的關係。這是一家經營良好的公司，裡面有一個很棒的家庭。我們認為他們確實處於非常有利的地位，不僅是在下個季度或下一年，而且在未來幾年也是如此，我們希望如此。至少從他們談論自己的業務的方式來看是這樣。事情總是會發生變化，但此時此刻，這種感覺真的很強烈。

Right. And your -- and just to confirm, when you talk about a potential ramp early next year, are you talking calendar year or fiscal year?

正確的。而且您—只是為了確認一下，當您談到明年年初可能的成長時，您指的是日曆年度還是財政年度？

To me, they're almost the same, right? It's only a quarter off. So I try to -- things in general trend. I don't know what specific quarter we're going to start to see the change happening, but we're at a level now. We've been much healthier than we've been, and their backlog is commensurate with the potential higher revenue level for us in that business.

對我來說，它們幾乎是一樣的，對嗎？只差四分之一。所以我嘗試——事物的總體趨勢。我不知道我們將在哪個具體季度開始看到變化發生，但我們現在已經處於一個水平。我們的狀況比以前更健康，他們的積壓訂單與我們在該業務中潛在的更高收入水平相稱。

But I think the best part of the whole conversation about American Superconductor is they're one of a series of great customers. They're a piece of the puzzle and a piece of the business. It's not the main driver for the business quarter-to-quarter or for growth year-to-year, it's a business that we want to be able to be present with that. We feel a great responsibility to them to help make their business go, and we're in a much healthier position to do that today than we've ever been.

但我認為關於美國超導公司的整個對話中最精彩的部分是，他們是一系列優秀客戶之一。他們是拼圖中的一塊，也是生意中的一塊。它不是業務逐季度或逐年成長的主要驅動力，而是我們希望能夠實現的業務。我們感到自己肩負著重大責任，要幫助他們發展業務，而且我們今天比以往任何時候都更有能力做到這一點。

Okay, thank you.

好的，謝謝。

(Operator Instruction) Colin Rusch, Oppenheimer & Co., Inc.

（操作員指示）Colin Rusch，Oppenheimer & Co., Inc.

Thank you so much, guys. As you look at the growth in the business and the fact that you had high utilization rates here this quarter, can you talk a little bit about how you're thinking about capacity expansion? And the capabilities that you might want to weave into that incremental capacity either from a design or manufacturing flexibility perspective as you look at taking another step function with the business over the next three to five?

非常感謝你們，夥伴們。當您看到業務成長以及本季的高利用率時，您能否談談您對產能擴張的看法？當您考慮在未來三到五年內推動業務邁向新的一步時，您可能希望從設計或製造靈活性的角度將哪些功能融入到增量容量中？

Yes. We're looking pretty seriously at how we can expand capacity, and that could be bringing labor in. It could be adding some additional tooling. As we've said kind of consistently, our manufacturing model is pretty CapEx-light. So nothing that we're thinking is a huge capital investment.

是的。我們正在認真考慮如何擴大產能，這可能會帶來勞動力的流入。它可能會增加一些額外的工具。正如我們一直所說的那樣，我們的製造模式是相當輕的資本支出。因此，我們認為這不需要巨額資本投資。

But I think as we're mindful of the potential targets for acquisition that we look at, maybe there's some leverage there that could be done where we could also think about expanding maybe in a different way than we've done in some of the most recent acquisitions. Not that, that would be a driver for it, but certainly, we got to look at any and all options.

但我認為，當我們留意我們所關注的潛在收購目標時，也許可以利用一些槓桿，我們也可以考慮以不同於最近的一些收購的方式進行擴張。這並不是說這會成為其驅動力，但當然，我們必須考慮所有選擇。

I feel very comfortable, and John, please comment how you feel incrementally expanding labor, we've been able to do it in the markets that we're in. We've talked about expanding beyond this level of revenue in the past, and I think the capability is still there.

我感到非常舒服，約翰，請評論一下您對逐步擴大勞動力的看法，我們已經能夠在我們所處的市場中做到這一點。我們過去曾討論過超越這一收入水平，我認為我們仍然有能力做到這一點。

Yes. Just to add to that, Colin. So when you look at capacity, you first have, call it, labor capacity and then secondly, you have space capacity. For us, we're still in the labor capacity constraint, not in the space. So we're really -- for most of our plants, we're very well utilized on one shift, and that's an important note. So we stick -- and we carefully monitor that to not go to a second shift because then you hit a different level of utilization if you trip into the second shift. But we're still on one shift in almost all of our plants.

是的。我再補充一點，科林。因此，當你考慮產能時，你首先要考慮的是勞動力產能，其次是空間產能。對我們來說，我們仍然受到勞動力能力的限制，而不是空間的限制。因此，對於我們的大多數工廠來說，我們在一個班次中就得到了很好的利用，這一點很重要。所以我們堅持——並且我們會仔細監控，以免進入第二班，因為如果你進入第二班，你的利用率就會達到不同的水平。但幾乎​​所有工廠仍採用單班制。

So the good thing for us is we keep on hiring people within one shift, and we're able to keep it in the existing footprint. At some point, we go to a second shift. And then if that second shift become fully utilized, then we would look at, call it, plant expansions.

因此，對我們來說，好處是我們可以在一個班次內繼續招募員工，並且能夠將其保持在現有的規模內。在某個時候，我們會進入第二班。如果第二班次得到充分利用，那麼我們就會考慮擴建工廠。

And it gives us the leverage like we had in this quarter where a customer says, can you do it faster? And we want to service our customers as best we can. So we had that instance here with this quarter. It's something we tried to get ahead as quickly as we could. And I think it's really a testament to the team that they were able to accelerate some shipments of some pretty large systems, which changed the financial profile of the company. But we try to let our customers dictate what they need and our financials are an output as opposed to a driver for these things. So we have a benefit of a great quarter, but it's really because of some great customers.

這為我們提供了槓桿作用，就像本季度我們遇到的情況一樣，當客戶問“你能做得更快嗎？”我們希望盡力為客戶提供最好的服務。本季我們就遇到了這種情況。我們盡力盡快取得進展。我認為這確實證明了團隊能夠加速一些相當大的系統的出貨，從而改變了公司的財務狀況。但我們試圖讓客戶決定他們需要什麼，我們的財務狀況是產出，而不是驅動力。因此，我們獲得了一個良好季度的收益，但這實際上是因為有一些優秀的客戶。

Excellent. And then as you look at ways to drive revenue growth, could you talk a little bit about the potential for geographic expansion, if that's a consideration or the potential for increased pricing monetization of the value creation that you guys are providing? Because it looks to me like particularly in some of the higher tech areas, you guys are providing power quality solution that saves not only CapEx but also reduce the risk on operations for facilities.

出色的。然後，當您尋找推動收入成長的方法時，您能否談談地理擴張的潛力（如果這是一個考慮因素）或提高您所提供的價值創造的定價貨幣化的潛力？因為在我看來，特別是在一些高科技領域，你們提供的電能品質解決方案不僅可以節省資本支出，還可以降低設施營運的風險。

Yes. I think both of those levers can be pulled on. So to go to the second one, what we're seeing is the value creation of the combined offering post the series of the multiple acquisitions is greater than the sum of the parts. So we're able to do more, I think, today with what we have than we could have done separately as the different entities. So if the value is higher and you can convince customers that it is, then obviously, pricing can scale with that. So we try to do that as best we can. It's not always the case, but we're finding more and more in projects. We're bidding in a lot more content per order than we were even a couple of years ago.

是的。我認為這兩個槓桿都可以拉。因此，談到第二點，我們看到的是，一系列多次收購之後，合併後的價值創造大於各部分的總和。因此，我認為，今天我們利用現有資源能夠做的事情比各個實體單獨做能做的事情更多。因此，如果價值更高，並且您可以讓客戶相信這一點，那麼顯然，定價可以隨之調整。因此我們會盡力做到這一點。情況並非總是如此，但我們在專案中發現的情況越來越多。與幾年前相比，我們每個訂單的競標內容要多得多。

So -- and then the second one is international, something strategically we look at and examine. We kind of made a purposeful pivot back to the US a long time ago when we were trying to reconstitute the business grid and really focus on execution at home and build a business, get the nascent business in the Military going, and I talked about the multiple shots on goal there with that one. So it feels like I think there's more expansion potentially in the US and North America. But there obviously is a lot of fertile ground globally that we could go into in Europe or even Latin America or geographies that we participated in but maybe haven't really had a full offering from an operational standpoint there.

所以 — — 第二個是國際問題，我們從戰略上來審視和研究它。很久以前，當我們試圖重建業務網絡並真正專注於國內執行和建立業務，讓新興的軍事業務運作起來時，我們就有目的地回到了美國，我談到了那裡的多次射門。因此，我認為美國和北美還有更大的擴張潛力。但顯然，全球有許多沃土可供我們進入，例如歐洲、拉丁美洲或我們參與過的地區，但從營運的角度來看，我們可能還沒有真正提供全面的服務。

So that's something strategically you look at, but you kind of need the right situation, and that might be something that through acquisitions help kind of get us there quicker. But that all remains to be seen. I don't want to tell you, Colin, definitely, that's where we're going to head, but it definitely is something that we need to look and consider. And it really then continues to expand the markets we can participate in.

所以這是從策略角度考慮的事情，但你需要正確的情況，而透過收購也許可以幫助我們更快地實現目標。但這一切還有待觀察。科林，我不想告訴你，這肯定是我們要去的地方，但這絕對是我們需要研究和考慮的事情。這確實會繼續擴大我們可以參與的市場。

But I think the team has done a really good job of proving what we can do here in the US, proving how we can be responsive to customers, proving the value of the technical expertise and the technology itself. And if we can expand the market globally, we'll certainly look at that in the coming years.

但我認為團隊已經很好地證明了我們在美國能做什麼，證明了我們如何回應客戶，證明了技術專長和技術本身的價值。如果我們能夠擴大全球市場，我們肯定會在未來幾年考慮這一點。

Excellent. Thanks so much, guys.

出色的。非常感謝大家。

(Operator Instructions)

（操作員指示）

Justin Clare, Roth Capital Partners.

羅斯資本合夥公司的賈斯汀‧克萊爾 (Justin Clare)。

Yes. Good morning, guys. Thanks for the questions here.

是的。大家早安。感謝您的提問。

So I wanted to just follow up on the gross margin. I wanted to see if you could share maybe a little bit more detail on potentially what end markets or particular product lines might have driven the higher gross margins in the quarter? For example, does the semi business tend to have higher margins than the corporate average?

所以我只是想跟踪一下毛利率。我想看看您是否可以分享更多細節，說明哪些終端市場或特定產品線可能會推動本季毛利率上升？例如，半導體業務的利潤率是否往往高於企業平均？

And then just as we think through, as you scale revenues here, if you are delivering revenues, let's say, at $70 million or above, would you anticipate gross margins at 30%-plus? Is that kind of a fair assumption here? [Technical Difficulty]

然後，正如我們所想，當您擴大收入規模時，如果您的收入達到 7000 萬美元或以上，您是否預計毛利率會達到 30% 以上？這是一個合理的假設嗎？【技術難度】

I might have lost you guys.

我可能已經失​​去你們了。

Pardon me, this is the operator. It seems that our speaker line has disconnected. Please hold while we reconnect.

不好意思，我是接線生。看來我們的揚聲器線斷了。請稍候，我們正在重新連線。

We have our speaker line to reconnect. Please proceed.

我們需要重新連接揚聲器線路。請繼續。

That was a fun little glitch. Can you hear us okay, Justin?

這是一個有趣的小故障。賈斯汀，你聽得到我們說話嗎？

Yes, I got you. Did you hear my question?

是的，我明白了。你聽到我的問題了嗎？

Yes, I got you all and I started to answering that and I started to hear music again. So sorry about that. I guess it's so good that there's music in the air for everything that we're doing today.

是的，我明白你們的意思，我開始回答這個問題，然後我又開始聽到音樂了。對此我深感抱歉。我想，我們今天所做的每件事都能聽到音樂，這真是太好了。

But specifically to the margin, part of it is Materials and Semiconductor. There was an acceleration in that for some key projects that we had. And to be very blunt, the content, I'll say -- I won't say the pricing is different, but the content that we shipped was things that, as you put in the period, have a higher margin. But on the total project and you look at them, they're similar to the rest of the business. So it was a little bit of a -- maybe an anomaly or a one-time kind of thing from that standpoint.

但具體到利潤率，其中一部分是材料和半導體。我們的一些重點項目正在加速推進。坦白說，關於內容，我會說——我不會說定價不同，但我們運送的內容是，正如你在期間所說，利潤更高的東西。但從整個專案來看，它們與其他業務類似。所以從這個角度來看，這有點——也許是一個異常現像或一次性的事情。

But I don't want you to feel like the Semiconductor business is substantially different. Most of our projects are about the same margin. So the challenge we have sometimes is there'll be either a push or a pull on a part or a full project, and that may change, and that's partly what we put into the range of the guidance there. So we feel really good about the material part of the business, and we feel great about grid.

但我不想讓你覺得半導體業務有很大不同。我們的大多數項目的利潤率都差不多。因此，我們有時面臨的挑戰是，整個或部分專案會受到推動或拉動，這可能會發生變化，而這正是我們納入指導範圍的部分內容。因此，我們對業務的材料部分感到非常滿意，並且對電網也感到非常滿意。

You want to comment more specifically, John? You said, you talked about $70 million plus in revenue and 30% gross margin?

約翰，你想更具體地評論一下嗎？您說，您談到了 7000 萬美元以上的收入和 30% 的毛利率？

Yes. I mean you saw this quarter on north of 70%. We were in, call it, the upper low-30s, 34%, right? Given a normal mix, I mean, of course, there's going to be scenarios where, call it, the opposite happens, a really bad mix. We could be in the upper 20s maybe. But I would say when you're looking at -- if we had a, call it, a normal mix, but just normal, call it, run-of-the mill mix, I would say 30% is a number we should be very comfortable with when we're approaching 70% -- $70 million in revenue.

是的。我的意思是，您看到本季的漲幅超過了 70%。我們處於，可以稱之為 30 多歲，34% 左右，對嗎？考慮到正常混合，我的意思是，當然，會出現相反的情況，即非常糟糕的混合。我們可能在 20 多歲左右。但我想說的是，當我們看一下——如果我們有一個，稱之為正常的組合，但只是正常的，稱之為普通的組合，我會說 30% 是一個我們應該非常滿意的數字，當我們接近 70%——7000 萬美元的收入時。

And we purposely didn't put out a target like that because we knew it was going to happen, and we figured for the audience that the proof is in the pudding. It's better to do it than talk about it. So we don't talk about the targets and where we can go. And I know sometimes people get particularly annoyed with me when they ask those questions. And a lot of it is, let's just show you.

我們刻意沒有設定這樣的目標，因為我們知道這會發生，而且我們向觀眾保證，事實勝於雄辯。做起來比說起來好。所以我們不談論目標和我們可以去哪裡。我知道有時候當人們問這些問題時他們會對我特別惱火。其中很多都是，我們只是向你展示一下。

The business really has come a long way from $40 million, $55 million a quarter to now and to the -- we're guiding to above the mid-60s. So it's really a robust business and the operating leverage is there. And we don't have to say it will be there. We can show now that it is.

業務確實取得了長足的進步，從每季 4,000 萬美元、5,500 萬美元到現在，我們預計會達到 60% 左右。所以這確實是一個強勁的業務，並且具有經營槓桿。我們不必說它會在那裡。現在我們可以證明這一點。

If you just look at last year, we averaged $55 million a quarter in revenue, and we were at 28% gross margin. So all the evidence is there. I don't get too worked over any one quarter. This was a great quarter. We're proud of it. But when you look at the business over a longer period of time, when you look at this business at the end of the year, and if we were pushing $70 million a quarter for all four quarters, I mean, we're going to have a good result, no question.

如果你看去年，我們每季的平均收入為 5,500 萬美元，毛利率為 28%。所以所有證據都在那裡。我不會因為任何一個季度而過於勞累。這是一個偉大的季度。我們對此感到自豪。但是，當你從更長遠的角度看待這項業務時，當你在年底看待這項業務時，如果我們在所有四個季度中每個季度都達到 7000 萬美元，那麼，毫無疑問，我們將會取得良好的結果。

Yes, certainly. And yes, it's definitely good to see.

是的，當然。是的，看到這個確實很高興。

I guess then maybe just shifting over, you had talked about inroads into data center infrastructure projects. Just wondering if you could give us an update on how you're pursuing that market? Are you in conversations with data center developers or is it primarily with utilities or EPCs? And then just trying to think through, would your products be more likely to be suited at the substation or do you think there are opportunities within the data center infrastructure within the building that are areas that you could pursue?

我想也許只是轉換一下話題，您剛剛談到了資料中心基礎設施專案的進展。我只是想知道您是否可以向我們介紹一下您開拓該市場的最新情況？您是否正在與資料中心開發人員進行對話，或者主要與公用事業公司或 EPC 進行對話？然後試著想一想，您的產品是否更適合變電站，或者您是否認為建築物內的資料中心基礎設施中存在您可以追求的領域？

I don't want to be trident. So the answer to everything you said is yes, but I think the answer is, yes, and we're trying to figure it out. What we're finding is that the EPCs, the end customers, they're clamoring for capacity. And I think what we figured out is I think we have something that works for them at the substation level.

我不想成為三叉戟。所以你所說的所有問題的答案都是肯定的，但我認為答案是肯定的，我們正在努力弄清楚。我們發現，EPC、最終客戶都在爭相搶產能。我認為我們已經找到了在變電站層面為他們提供有效幫助的方法。

Do we have something that fits inside? It looks like we might. But you ask me, when we'll see realizable revenue for that? It's not in the coming quarters. So I want to be careful. I don't want people to get overly excited that, hey, this is going to impact you in the next six weeks, right? We're now thinking in the next six quarters or so, how can we further impact the business.

我們有適合放進去的東西嗎？看起來我們有可能。但你問我，什麼時候我們才能看到可實現的收入？這不會在未來幾季發生。所以我要小心一點。我不希望人們太興奮，認為這會在接下來的六週內對你產生影響，對吧？我們現在正在考慮在接下來的六個季度左右，我們如何進一步影響業務。

Could this have some meaningful piece to it? Yes. But again, just like we try to toot our horn with diversity, we're trying to build in all these markets in parallel. I think there is a tailwind on the Grid side with data centers and AI, and we're trying to do our best way to navigate it and try to sell what we think is some value to what customers -- to some critical customers need today. Some of these are EPCs that know us really well, which makes the conversations very straightforward. I'll leave it at that.

這其中是否蘊含著一些有意義的東西？是的。但是，就像我們試圖透過多元化來吹噓自己一樣，我們也在嘗試同時在所有這些市場中進行建造。我認為，資料中心和人工智慧在電網方面具有順風優勢，我們正在盡最大努力駕馭它，並嘗試向客戶——一些關鍵客戶——推銷我們認為有價值的產品。其中一些是對我們非常了解的 EPC，這使得對話變得非常簡單。我就不多說了。

Again, don't feel like this is going to dramatically change quarter-on-quarter. The kind of acceleration that we had this quarter is really just trying to help a customer with their immediate demand and getting their projects to meet a certain timetable. So most of our lead times on products are 9 months plus. In some cases, it can be 15 months plus.

再說一次，不要覺得這會在季度間發生巨大變化。我們本季採取的加速措施實際上只是為了幫助客戶滿足他們的迫切需求，並讓他們的專案滿足一定的時間表。因此，我們大多數產品的交貨週期都超過 9 個月。在某些情況下，可能需要15個月以上。

Got it. Okay. And then just one more. I wanted to just check in. What do you see as the key factors that are enabling your success in the semiconductor market? Is this proprietary technology? Is it the breadth of the portfolio that you have? Are you able to put together a solution that is unique here given the wider portfolio that you have? Maybe you -- could you just speak to what's enabling you to win there?

知道了。好的。然後再來一個。我只是想登記一下。您認為您在半導體市場取得成功的關鍵因素是什麼？這是專有技術嗎？這是您投資組合的廣度嗎？考慮到您擁有的更廣泛的產品組合，您能否提出一個獨特的解決方案？也許您—您能談談是什麼讓您在那裡獲勝嗎？

Yes. I think, again, just to answer yes to all the different pieces that you're saying there. I think it's more content, it's more valuable content, it's more proprietary content. I think we have something that is unique in the market. I think that we've been able to hone our chops in getting projects and bigger projects and now you're starting to see more significant capital spend in the semi space, but also broader in materials and mining and metals and the processing of all those materials.

是的。我認為，再次對您所說的所有不同部分給出肯定的答案。我認為它是更多的內容，是更有價值的內容，是更多專有的內容。我認為我們擁有市場上獨一無二的產品。我認為我們已經能夠在獲取專案和更大專案方面磨練自己的能力，現在你開始看到我們在半導體領域有更大的資本支出，而且在材料、採礦、金屬和所有這些材料的加工領域也更加廣泛。

So most of those processes are very electrically intensive, which means power quality, power resiliency and power supply are all critical to the operation. So we're now able to sell, what I'll say, a more complete solution, and we're benefiting from that.

因此，大多數這些過程都需要大量電力，這意味著電力品質、電力彈性和電力供應對於運作至關重要。因此，我們現在能夠銷售更完整的解決方案，並且我們從中受益。

Okay. Well, it's good to see. Thanks, guys.

好的。嗯，很高興看到。謝謝大家。

(Operator Instructions)

（操作員指示）

Tim Moore, Clear Street.

蒂姆·摩爾，Clear Street。

Thanks. Impressive execution on your strategy and the profit margin expansion.

謝謝。您的策略執行和利潤率擴大令人印象深刻。

Part of our investment thesis when we launched coverage recently was really your operating leverage step-up of absorbing the fixed costs and adding acquisitions helps to really drive higher incremental margin as seen in the June quarter you just reported. So one question I actually have is, if I back out our rough estimate of possible sales contribution from acquisitions, I mean, organic growth just seems phenomenally strong, maybe 35% in the quarter -- the June quarter. What do you think is -- looking at your backlog and the lead times you mentioned and conversion and where they stand, what do you think might be a realistic organic sales growth pace for this year? Is 20% possible on the organic growth side as you (inaudible) the acquisitions?

我們最近發布報告時的投資論點的一部分實際上是，透過吸收固定成本和增加收購來提高營運槓桿，有助於真正推動更高的增量利潤率，正如您剛剛報告的 6 月季度所見。所以我實際上有一個問題，如果我收回我們對收購可能帶來的銷售貢獻的粗略估計，我的意思是，有機增長似乎非常強勁，本季度（6 月季度）可能達到 35%。您認為—根據您提到的積壓訂單和交貨時間以及轉換率及其現狀，您認為今年現實的有機銷售成長速度是多少？隨著您（聽不清楚）進行收購，有機成長率有可能達到 20% 嗎？

You asked fantastic questions, Tim. So I think your thesis got proved pretty quickly in the leverage. So kind of kudos to you to come in and say that's what you thought could happen to us, and now it's happening. So I -- and then you're doing the reverse math, and I had the answer in case -- and we grew quarter-by-quarter by almost 15%. So I don't want to say I simply don't know. We've been growing at 20%, 25% when we look at kind of the organic business. Some quarters, it might be 15% -- some years, it might be 15%.

你問的問題非常棒，提姆。所以我認為你的論點很快就得到了證明。所以，我非常感謝您能來告訴我們，您認為這可能會發生在我們身上，現在它真的發生了。所以我——然後你做反向計算，我已經知道答案了——我們每個季度的成長速度接近 15%。所以我不想說我只是不知道。從有機業務來看，我們的成長率一直維持在 20% 到 25% 左右。有些季度，這個數字可能是 15%；有些年份，這個數字可能是 15%。

It feels like today that we're going into a bigger market. It feels like there's a lot more investment in the areas that we're seeing benefit from, and I tried to go through a bit of that in the prepared remarks. We're just trying to hang in here with key customers and be able to deliver as rapidly as we can. And that's why John can answer the questions about capacity pretty succinctly because these are things that we're thinking about every day.

今天感覺我們正在進入一個更大的市場。感覺我們在受益的領域投入了更多資金，我試著在準備好的發言中稍微闡述這一點。我們只是試圖與主要客戶保持聯繫並儘快交付產品。這就是為什麼約翰可以非常簡潔地回答有關容量的問題，因為這些都是我們每天都在思考的事情。

I don't want to dodge your question totally, Tim, but I don't really know how much it could be, but we've demonstrated we can do 20% to 25%. And organic, I guess, we've now demonstrated we can do 35%. If the markets continue to hold, the business wants to be able to respond with the growth that the customers drive us to. But again, it really comes down to what the offering is, the proprietary nature to it and these key customer relationships. We've gotten designed in with so many industries now that it gives us multiple shots on goal and more diversification in the markets that can drive us.

提姆，我不想完全迴避你的問題，但我真的不知道這個數字能達到多少，但我們已經證明我們可以做到 20% 到 25%。我想，我們現在已經證明有機食品可以達到 35%。如果市場持續保持穩定，企業希望能夠透過客戶推動的成長來應對。但歸根究底，這還是取決於產品是什麼、它的專有性質以及這些關鍵的客戶關係。現在我們已經融入瞭如此多的行業，這為我們提供了多個目標，並且能夠推動我們發展的市場更加多樣化。

That was actually very helpful. I appreciate the color.

這確實非常有幫助。我很欣賞這個顏色。

Another question that we have is, obviously, the strengthening of the US electrical grid has been a theme in the last couple of years. But from what we're seeing in some of our coverage, it's really accelerating more since the April executive order, maybe by the administration. Have you seen kind of any more incoming calls or inquiries just for better awareness of your brand and your solutions out there for grid reliability and efficiency? Have you kind of seen an uptick on that in the last couple of months?

我們的另一個問題是，顯然，加強美國電網是過去幾年的一個主題。但從我們的一些報導來看，自四月政府發布行政命令以來，這一進程確實在加速。您是否看到更多來電或詢問，只是為了更好地了解您的品牌以及您在電網可靠性和效率方面的解決方案？在過去的幾個月裡，您是否看到這種現像上升？

Yes. In general, I'll say yes. I think what you're seeing is a signal in the market that maybe there's a bit more stability in the policy that can help drive solve some of the problems that have been with the grid now for us -- for the better part, I'll say, of a decade that are becoming more exacerbated as our general thesis on why we're so relevant is that the grid is not designed to do what we're asking it to do. And in many ways, we try to step in and fix incrementally the existing grid to make the next project work, be it on the power generation side or be it on power consumption side or just in the grid itself, hardening the grid, making it more robust and making it more resilient.

是的。總體來說，我會說是的。我認為，你所看到的是市場發出的一個信號，即政策可能更加穩定，有助於解決目前電網存在的一些問題——我想說，在過去十年的大部分時間裡，這些問題變得更加嚴重，因為我們之所以如此重要的一般論點是，電網的設計目的並不是按照我們的要求去做。在許多方面，我們都試圖介入並逐步修復現有電網，以使下一個項目能夠正常運轉，無論是在發電方面，還是在電力消耗方面，或者僅僅是在電網本身，加強電網，使其更加穩健，更具彈性。

So in a lot of ways, I think the thesis is our time has kind of come here. This is the investment in the grid that people have thought needs to happen, should happen. And I think the demand for electricity is really what's ultimately driving that investment. And as long as that continues to persist for the coming years, we want to be in a position to take best advantage of that, that we can.

所以從很多方面來說，我認為我們的時代已經來了。這是人們認為需要、應該進行的電網投資。我認為電力需求才是最終推動這項投資的真正因素。只要這種情況在未來幾年繼續持續下去，我們就希望能夠盡最大努力充分利用這一點。

Great. That's really helpful. Thanks for sharing that color and that's it for my questions.

偉大的。這真的很有幫助。感謝您分享這個顏色，這就是我的問題。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Daniel McGahn for any closing remarks. Please go ahead, sir.

我們的問答環節到此結束。我想將會議交還給丹尼爾·麥加恩先生，請他作最後發言。先生，請繼續。

This quarter really has been exceptional. Our first quarter performance confirms we're growing faster, more profitably and with greater scale than ever before. Our growth reflects the strength of our business and the market demand for our products and services. We are prepared to capitalize on the growing demand for energy and the need for a stable grid to support it.

本季確實非常出色。我們第一季的業績證明，我們的成長速度比以往任何時候都更快、利潤更高、規模更大。我們的成長反映了我們業務的實力以及市場對我們的產品和服務的需求。我們準備利用日益增長的能源需求和穩定的電網來支援這項需求。

We've delivered another outstanding quarter, and we can see that the fundamentals of our business are well grounded. The acquisition of NWL has exceeded our expectations. This is truly an exciting time here at AMSC. We approach the remainder of fiscal 2025 with confidence in our team and business and thank you all for listening today.

我們又度過了一個出色的季度，我們可以看到，我們的業務基礎十分穩固。對NWL的收購超出了我們的預期。對 AMSC 來說這確實是一個令人興奮的時刻。我們對我們的團隊和業務充滿信心，迎接 2025 財年的剩餘時間，感謝大家今天的聆聽。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。