American Superconductor Corp (AMSC) 2025 Q3 法說會逐字稿

Good day and welcome to the AMSC third-quarter fiscal 2025 financial results conference call. (Operator Instructions). Please note, this event is being recorded.

大家好，歡迎參加AMSC 2025財年第三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, Director of Communications. Please go ahead.

現在我將把會議交給傳播總監尼科爾·戈萊茲。請繼續。

Thank you, Bailey. Good morning, everyone, and welcome to American Superconductor Corporation's third-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，貝利。各位早安，歡迎參加美國超導公司2025財年第三季電話會議。我是尼科爾‧戈萊茲，AMSC的通訊總監。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。

Yesterday, after market closed, American Superconductor issued its earnings release for the third quarter of fiscal year 2025. A copy of this 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財年第三季的財報。您可以在公司網站 www.amsc.com 的投資者頁面上找到此新聞稿的副本。

Remarks that management may make during today's call about American Superconductor's 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 American Superconductor's 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, all of which are available on our website. The company disclaims any obligation to update these forward-looking statements.

管理層在今天的電話會議上可能就美國超導公司的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存在重大差異，這些因素包括美國超導公司截至 2025 年 3 月 31 日止年度的 10-K 表格年度報告「風險因素」部分中列出的因素（該公司於 2025 年 5 月 21 日向美國證券交易委員會提交了該公司的其他證券交易委員會報告）。該公司不承擔更新這些前瞻性聲明的義務。

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.

在今天的電話會議上，管理階層將提及非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, and good morning, everyone. I will 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 third fiscal quarter which ended December 31, 2025, and we'll provide guidance for the fourth fiscal quarter, which will end March 31, 2026. Following our comments, we'll open up the line to questions from our analysts.

謝謝你，尼科爾，大家早安。今天我將先報告我們公司的最新情況，並分享一些看法。約翰·科西巴隨後將詳細回顧截至 2025 年 12 月 31 日的第三財季的財務業績，我們還將提供截至 2026 年 3 月 31 日的第四財季的業績指引。在我們發表評論之後，我們將開通熱線，回答分析師們的提問。

We are excited to share a quarter of outstanding financial results. Total revenue for the third quarter of fiscal year 2025 exceeded our guidance range and came in at over $74 million. Revenue grew over 20% versus the year ago period, driven by organic growth as well as a few weeks of contributions from the acquisition of Comtrafo, which we closed on December 5, 2025.

我們很高興與大家分享本季優秀的財務表現。2025 財年第三季總營收超出預期範圍，達到 7,400 萬美元以上。與去年同期相比，營收成長超過 20%，這主要得益於內生成長以及收購 Comtrafo 後幾週的營收貢獻（我們於 2025 年 12 月 5 日完成了對 Comtrafo 的收購）。

The business outperformed this quarter. We delivered our sixth consecutive quarter of profitability and our tenth consecutive quarter of non-GAAP profitability. Strong market demand drove bookings resulting in a robust 12-month backlog of over $250 million. Gross margins again topped 30%. We and we closed the quarter with a strong balance sheet of over $145 million in cash after acquiring Comtrafo.

該業務本季業績超出預期。我們實現了連續第六個季度獲利，也是連續第十個季度實現非GAAP獲利。強勁的市場需求推動了訂單量的成長，使得未來 12 個月的訂單積壓額超過 2.5 億美元。毛利率再次超過30%。收購 Comtrafo 後，我們本季末的資產負債表強勁，現金餘額超過 1.45 億美元。

Total revenue for the past nine months is nearly total revenue for the entire previous fiscal year. This means that most of what we do in the fourth quarter will contribute to year-over-year growth. Our grid revenue accounted for 85% of AMSC's total revenue and grew over 20% versus the year ago period. Nearly 15% of the revenue came from our wind business, which grew by 25% versus the year ago period.

過去九個月的總收入幾乎相當於上一整個財政年度的總收入。這意味著我們在第四季度所做的大部分工作都將有助於實現同比成長。我們的電網收入佔 AMSC 總營收的 85%，與去年同期相比成長超過 20%。近 15% 的收入來自我們的風電業務，該業務比去年同期成長了 25%。

During our third quarter, we generated revenue across a diverse set of sectors. Traditional energy accounted for nearly one-third of shipments. Renewables represented about one quarter. Military and utility markets each contributed over 15%. And materials, including semiconductors, made up more than 10% of revenue.

第三季度，我們在多個不同領域都實現了收入。傳統能源佔出貨量的近三分之一。再生能源約佔四分之一。軍事和公用事業市場各佔15%以上。材料（包括半導體）佔總收入的 10% 以上。

Additionally, we delivered into a data center project this quarter. We've talked about this for the past couple of quarters. We believe this delivery marks an important milestone for additional potential opportunities in this market.

此外，本季我們也完成了一個資料中心專案。過去幾季我們一直在討論這個問題。我們相信，此次交付標誌著該市場未來發展的重要里程碑，為我們帶來了更多潛在機會。

We said we were going to deliver on a data center order and we did, but please remember, these projects make up about 5% of total revenue. Our revenue mix is well diversified, and we expect our recent acquisition to strengthen our reach to utilities, while expanding our overall end market exposure. This quarter, we did record a significant tax benefit due in large part to our recent history of sustained profitability and our forecasted future earnings outlook. This is an important moment in the history of our company's financial progress, and John will get into more detail later in the call.

我們說過要交付資料中心訂單，我們也做到了，但請記住，這些項目只佔總收入的 5% 左右。我們的收入結構多元化，我們預計最近的收購將加強我們對公用事業的覆蓋，同時擴大我們在終端市場的整體份額。本季度，我們獲得了可觀的稅收優惠，這主要得益於我們近期持續的盈利能力以及我們對未來盈利前景的預測。這是我們公司財務發展史上的一個重要時刻，約翰稍後會在電話會議中詳細介紹。

Now, I'll turn the call over to John Kosiba to review our financial results for the third quarter of fiscal year 2025 and provide guidance for the fourth quarter of fiscal year 2025, which will end March 31, 2026. John.

現在，我將把電話交給約翰·科西巴，讓他回顧我們 2025 財年第三季度的財務業績，並對 2025 財年第四季度（截至 2026 年 3 月 31 日）提供指導。約翰。

Thanks, Daniel, and good morning, everyone. AMSC generated revenues of $74.5 million for the third quarter of fiscal 2020 and compared to $61.4 million in the year ago quarter. Our Grid business unit accounted for 85% of total revenues, while our wind business unit accounted for 15%.

謝謝你，丹尼爾，大家早安。AMSC 2020 財年第三季營收為 7,450 萬美元，而去年同期為 6,140 萬美元。我們的電網業務部門佔總收入的 85%，而我們的風能業務部門佔總收入的 15%。

Grid business unit revenues of $63.2 million increased by 21% in the third quarter versus the year ago quarter. The increase in revenue was primarily driven by organic growth within our new energy product lines as well as the addition of Comtrafo revenues, which totaled $4.6 million in the quarter.

電網業務部門第三季營收為 6,320 萬美元，比去年同期成長 21%。營收成長主要得益於我們新能源產品線的內生成長，以及 Comtrafo 收入的增加，該季度 Comtrafo 收入總計達 460 萬美元。

Please note that Comtrafo revenue and associated financial activity in the quarter was for a partial period from the date we closed on December 5, 2025, through the end of the quarter. There were approximately 19 days of Comtrafo financial activity included in our Q3 results.

請注意，Comtrafo 在本季的收入和相關財務活動僅涵蓋 2025 年 12 月 5 日結算日到本季末的部分期間。我們的第三季業績中包含了約 19 天的 Comtrafo 財務活動。

Our Wind business unit revenues of $11.3 million increased by 25% over the same time period. The increase in revenue was primarily driven by additional shipments of electrical control systems. Looking at the P&L in more detail. Gross margin for the third quarter of fiscal 2025 was 31%, compared to 27% in the year ago quarter. This marks the third sequential quarter with gross margins exceeding 30%.

我們的風能業務部門營收為 1,130 萬美元，比同期成長了 25%。收入成長主要得益於電氣控制系統出貨量的增加。更詳細地查看損益表。2025財年第三季毛利率為31%，去年同期為27%。這是連續第三個季度毛利率超過 30%。

Included in cost of goods sold in the third quarter of fiscal 2025 is approximately $400,000 in noncash adjustments related to the purchase and accounting for the acquisition of Comtrafo. The year-over-year increase in gross margin was primarily driven by higher revenues, a favorable product mix, both within our Grid and Wind business units.

2025 財年第三季的銷售成本中包含約 40 萬美元的非現金調整，該調整與收購 Comtrafo 以及對其進行會計處理有關。毛利率年增率主要得益於電網和風能業務部門收入增加以及產品組合優化。

Moving on to operating expenses, R&D and SG&A expenses for the third quarter of fiscal 2025 were $19 million compared to $14.6 million in the year ago quarter. The year-over-year increase includes the acquired operating expenses of our recent acquisition Comtrafo.

接下來是營運費用，2025 財年第三季的研發和銷售、一般及行政費用為 1,900 萬美元，而去年同期為 1,460 萬美元。年比增幅包括我們近期收購 Comtrafo 所產生的營運費用。

Additionally, there was approximately $1.2 million of acquisition and related expenses to complete the Comtrafo acquisition. Approximately 20% of R&D and SG&A expenses in the third quarter of fiscal 2025 were noncash compared to 19% in the year ago quarter. Our net income for the third quarter of fiscal 2025 was $117.8 million or $2.68 per share. Our non-GAAP net income for the third quarter of fiscal 2025 was $123.5 million or $2.81 per share. Included in our third quarter net income and non-GAAP net income was a tax benefit of $113.1 million due to the release of a valuation allowance on deferred tax assets.

此外，完成 Comtrafo 的收購還有約 120 萬美元的收購及相關費用。2025 財年第三季研發銷售、一般及行政費用中約有 20% 為非現金支出，而去年同期這一比例為 19%。2025財年第三季度，我們的淨收入為1.178億美元，即每股2.68美元。我們 2025 財年第三季的非 GAAP 淨收入為 1.235 億美元，即每股 2.81 美元。第三季淨利和非GAAP淨利潤中包含了1.131億美元的稅收優惠，這是由於釋放了遞延所得稅資產的估值準備金。

Excluding this tax benefit, net income in the third quarter of fiscal 2025 was $4.7 million or $0.11 per share. This compares to net income of $2.5 million or $0.07 per share in the year ago quarter. Excluding the tax benefit, non-GAAP net income was $10.5 million or $0.24 per share. This compares to a non-GAAP net income of $6 million or $0.16 per share in the year ago quarter. Please see our press release issued last night for a reconciliation of GAAP to non-GAAP results.

不計入此稅收優惠，2025 財年第三季淨收入為 470 萬美元，即每股 0.11 美元。相比之下，去年同期淨收入為 250 萬美元，即每股 0.07 美元。不計稅務優惠，非GAAP淨收入為1,050萬美元，即每股0.24美元。相較之下，去年同期非GAAP淨收入為600萬美元，即每股0.16美元。請參閱我們昨晚發布的新聞稿，以了解 GAAP 與非 GAAP 結果的調整。

We ended the third quarter of fiscal 2025 with $147.1 million in cash, cash equivalents and restricted cash, which compares with $218.8 million on September 30, 2025. Included in the quarter was the acquisition of Comtrafo, which included cash consideration of $88.3 million.

截至 2025 財年第三季末，我們持有現金、現金等價物和受限現金 1.471 億美元，而截至 2025 年 9 月 30 日，這一數字為 2.188 億美元。本季其中包括對 Comtrafo 的收購，收購對價為 8,830 萬美元。

We generated $3.2 million of operating cash flow in the third quarter of fiscal 2025. Our CapEx for the quarter was $900,000. I would like to note it would not be unusual for CapEx to exceed $1 million a quarter, and at times, it may even exceed a couple of million dollars in a quarter as we scale up production particularly within our power transformer lines, which are seeing high levels of demand.

我們在 2025 財年第三季產生了 320 萬美元的營運現金流。本季資本支出為 90 萬美元。我想指出，資本支出每季超過 100 萬美元並不罕見，有時甚至可能達到每季幾百萬美元，因為我們正在擴大生產規模，尤其是在電力變壓器生產線上，這些生產線的需求很高。

Now, turning to our financial guidance for the fourth quarter of fiscal 2025, we expect that our revenues will exceed $80 million. Our net income is expected to exceed $3 million or $0.07 per share, and our non-GAAP net income is expected to exceed $8 million or $0.17 per share.

現在，展望 2025 財年第四季的財務預期，我們預計營收將超過 8,000 萬美元。我們的淨收入預計將超過 300 萬美元，即每股 0.07 美元；非 GAAP 淨收入預計將超過 800 萬美元，即每股 0.17 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. We're very pleased with this quarter's results and super excited about the rest of the fiscal year. We believe going forward, the company has the capability to deliver consistent profit.

謝謝你，約翰。我們對本季的業績非常滿意，並對本財年剩餘時間充滿期待。我們相信，展望未來，公司有能力持續獲利。

We achieved two quarters of what I consider record-breaking revenue levels, one of over $72 million, that was our first quarter earlier this year and now over $74 million in the quarter that just ended. And we're guiding to another possible quarter that could become another record-breaking quarter for our fourth quarter.

我們連續兩個季度實現了我認為是破紀錄的收入水平，其中一個季度超過 7200 萬美元，那是今年早些時候的第一個季度，而剛剛結束的這個季度則超過 7400 萬美元。我們預計第四季可能會再次打破紀錄。

As we approach the final quarter of fiscal year 2025, total revenue for the past three quarters reached an impressive $212 million. With three quarters completed, our revenue nearly matches our total revenue for the entire prior fiscal year. The business has demonstrated growth, both organically as well as through our recent acquisition.

隨著 2025 財年最後一個季度的臨近，過去三個季度的總收入達到了令人矚目的 2.12 億美元。三個季度過後，我們的收入幾乎與上一整個財政年度的總收入持平。公司業務已實現成長，既包括自身業務成長，也包括我們最近透過收購實現的成長。

Let's discuss some additional benefits that we expect of the acquisition when combined. The team has done an excellent job of integrating and making the last several acquisitions work and work together. The acquisition of Comtrafo strengthens our utility position and positions us to capture opportunities in Brazil and the broader Latin American markets.

讓我們來討論一下此次收購合併後我們預期能帶來的其他好處。團隊在整合和實施最近幾次收購方面做得非常出色，使各項收購項目能夠有效運作並協同增效。收購 Comtrafo 鞏固了我們在公用事業領域的地位，使我們能夠抓住巴西和更廣泛的拉丁美洲市場的機會。

Comtrafo brings 30 years of operating history a manufacturing presence in Brazil and deep relationships with utility customers across one of the world's fastest-growing electricity markets. Comtrafo expands our transformer offering to include distribution and large power transformers up to 250 MDA.

Comtrafo 擁有 30 年的營運歷史，在巴西設有製造工廠，並與全球成長最快的電力市場之一的公用事業客戶建立了深厚的合作關係。Comtrafo 擴大了變壓器產品範圍，新增了高達 250 MDA 的配電變壓器和大型電力變壓器。

With their strong local demand, driven by government-led grid investment, we can now serve critical transmission and grid expansion needs that we could not previously address. In closing, this was an exceptional quarter for our company. The results reflect the strength of our core business and the discipline of our operations.

在政府主導的電網投資推動下，當地需求強勁，我們現在可以滿足以前無法滿足的關鍵輸電和電網擴容需求。總之，對於我們公司來說，這是一個非常出色的季度。這些業績反映了我們核心業務的實力和營運的嚴謹性。

We delivered strong financial results and remain focused on execution. The business grew organically and the addition of Comtrafo opens new possibilities. Overall, we are truly excited about this business. We are developing business opportunities in new areas with utilities for data centers and for pipelines for traditional energy. We are very well positioned as a company that has diversified and has been growing.

我們取得了強勁的財務業績，並將繼續專注於執行。公司業務自然成長，而 Comtrafo 的加入則開啟了新的可能性。總而言之，我們對這項業務感到非常興奮。我們正在開發新的業務機會，涉及資料中心公用事業和傳統能源管道等領域。作為一家多角化經營且不斷發展的公司，我們擁有非常有利的地位。

I am personally very excited about the future of the company. We believe we are in a tremendous position, to take advantage of our end markets. We are prepared to capitalize on the growing demand for energy and the need for a stable grid to support it. We have delivered another outstanding quarter, and we can see the fundamentals of our business are well grounded. This is an exciting and positive moment for us here at AMSC -- 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.

我個人對公司的未來感到非常興奮。我們相信我們處於非常有利的地位，可以充分利用我們的終端市場。我們已做好準備，充分利用日益增長的能源需求以及支撐這種需求的穩定電網。我們又完成了一個出色的季度，我們可以看到我們業務的基本面非常穩固。對AMSC來說，這是一個令人興奮且積極的時刻——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渴望與對更可靠、有效和高效的電力傳輸的需求。

We're now focused not only on the American market, but on the entire Americas. I look forward to reporting back to you at the completion of our fourth fiscal quarter and fiscal year-end. Bailey, we'll now take questions from our analysts.

我們現在不僅關注美國市場，而且關注整個美洲市場。我期待在第四財季和財年結束時向您報告情況。貝利，現在我們將回答分析師們的問題。

(Operator Instructions) Justin Clare, Roth Capital Partners.

（操作員說明）賈斯汀·克萊爾，羅斯資本合夥公司。

I wanted to start out just on the data center opportunity. So you mentioned that you have delivered a solution to a data center product here. And so just wondering if you could speak to the scope of the engagements, which products were involved? And then just within your portfolio, which solutions do you see as kind of the strongest fit for the data center application at this point in time? And then I guess just lastly, is the opportunity largely at the utility substation that you see at this point, or is this inside the data center facility?

我原本只想先從資料中心這個機會著手。您剛才提到您已經為這裡的資料中心產品提供了一個解決方案。所以我想請您談談合作的範圍，涉及哪些產品？那麼，就您目前的產品組合而言，您認為哪些解決方案最適合資料中心應用？最後我想問的是，目前我們看到的機會主要集中在公用設施變電站，還是資料中心內部？

Yes. Let me talk a little bit about what we're doing. So it represented about 5% of revenue in the quarter. So on the 74, 75 that we did. So a significant project.

是的。讓我簡單談談我們正在做的事情。因此，它約佔該季度收入的 5%。所以，我們做了 74、75 件事。這是一個意義重大的項目。

It's something that we were telegraphed and that we thought would happen. And really, the only reason we're talking about it is because I get asked the question wherever I go about data centers and what are you going to do? What we're finding is as these data centers get bigger, particularly when there are areas where they have a weaker grid, what we can do is modulate the instantaneous change in voltage. And -- we do that through a very compact footprint. So the more that they're loading equipment in for managing thermal load, HVAC the more that they have higher computing power and they're worried about very small disruptions similar to what we do in a semiconductor fab.

這是我們之前就有所預感，我們認為會發生的事。事實上，我們之所以討論這個問題，唯一的原因是無論我走到哪裡，都會有人問我關於資料中心的問題，以及你打算怎麼做？我們發現，隨著這些資料中心規模的擴大，尤其是在電網較弱的地區，我們可以做的就是調節電壓的瞬時變化。而且——我們透過非常緊湊的佔地面積實現了這一點。因此，他們投入更多設備來管理熱負荷和暖通空調系統，他們的運算能力就越強，他們就越擔心像我們在半導體製造廠中的微小幹擾。

The more we think we fit -- and we think that the footprint may be a unique competitive advantage that makes it easy for either the utility or the data center construction project to buy the equipment from us. So in this case, this is really our first win in the construction of a data center. Alongside this in this current quarter, we also helped a utility that has a lot of data centers and had some challenges coming from them. So I think the answer to part of your question, Justin, is yes to both.

我們越認為我們越合適——而且我們認為這種規模可能是一種獨特的競爭優勢，使得公用事業公司或資料中心建設專案更容易從我們這裡購買設備。所以，就資料中心建設而言，這確實是我們取得的第一個勝利。除此之外，在本季度，我們還幫助了一家擁有大量資料中心的公用事業公司，該公司在資料中心方面遇到了一些挑戰。所以，賈斯汀，我認為你問題的一部分答案是肯定的。

I think that there are opportunities for us going forward in data center construction projects, but also to help support challenges with the utility. That's no different than what we've seen in semiconductor. It's no different than what we see in mining. The market and the investment drives the need.

我認為，未來我們在資料中心建設專案方面有很多機會，同時也可以幫助應對公用事業方面面臨的挑戰。這和我們在半導體領域看到的情況並無二致。這和我們在採礦業中看到的情況並無二致。市場和投資驅動著這種需求。

And then the question is, where does the solution physically fit -- where does it fit within the grid? Is it on the pad that sits as part of the data center, or is it somewhere in the grid that's supporting that effort, so it's really no different application than what we do for semi, what we've done for a lot of other industrials.

那麼問題來了，這個解決方案在物理上應該放在哪裡——它在網格中應該放在哪裡？它是位於資料中心的一部分的平台上，還是位於支援這項工作的電網中的某個地方？所以它實際上與我們為半導體產業所做的，以及我們為許多其他工業產業所做的應用並無不同。

What we're finding is that there are changes in induction at the site that we can modulate what we think in a very unique way. It's one data point, however, right? So it's hard for us to say this is the white paper and here's how we're going to analyze the return on investment for the customers.

我們發現，在我們可以以非常獨特的方式調節我們想法的部位，誘導發生了變化。但這只是一個數據點，對吧？因此，我們很難說這是白皮書，然後告訴我們將如何分析客戶的投資報酬率。

Those are all things that we're going to figure out. But what we found is there are a number of data center operators and a number of data center builders that have approached us looking for exactly the type of solution that we uniquely offer.

這些都是我們要想辦法解決的問題。但我們發現，有許多資料中心營運商和資料中心建立商都聯絡我們，尋求我們獨有的那種解決方案。

So I'm very opportunistic that and optimistic that this could become a part of the business. But again, we like diversity in what we do. Did I get to all the different pieces, Justin, if I didn't, I apologize and you can ask it again.

所以我非常看好這個機會，並且樂觀地認為這可能會成為公司業務的一部分。但是，我們仍然喜歡工作內容的多樣性。賈斯汀，我有沒有問過所有不同的部分？如果沒有，我道歉，你可以再問一次。

Yes. No, I think you got to everything there. So yes, I definitely appreciate that explanation. And I guess just thinking through it a little bit, just how significant do you think the growth opportunity might be here. And I'm just wondering, has your solution been installed and is now operating effectively with this project, or is that coming in the next few months, just wondering if this kind of proves out that your solution is effective and then others can see the effectiveness and this could potentially lead to upside in your orders here?

是的。不，我覺得你已經把那裡的一切都講完了。是的，我非常感謝您的解釋。我想，仔細想想，你認為這裡的成長機會到底有多大？我只是想問一下，您的解決方案是否已安裝並在此專案中有效運行，還是需要幾個月的時間？我只是想知道這是否能證明您的解決方案是有效的，然後其他人也能看到它的效果，這是否有可能為您帶來訂單增長？

Yes. I think the hardest part for people that follow us is to realize so much of what we do is industrial construction. So there's a pacing that things go through a year to be able to build. So I'm pleased to announce we got the order, I'm pleased to announce that we delivered on the order, but that's as far as we can take it.

是的。我認為對於關注我們的人來說，最難理解的是我們所做的事情很大程度上是工業建設。所以事情的發展需要一年的時間才能循序漸進。所以我很高興地宣布我們收到了訂單，也很高興地宣布我們完成了訂單，但我們只能做到這樣了。

We're not at the point where it's going to operate and we'll get all the learning out of it. That's all going to come -- it's a customer that knows us well, that we know well and we'll try to use that as best as we can to try to market having a bonafide solution in the wild that works. But again, simplistically, this is no different than what we do in all the other markets. I think that there's an interesting need. I think the form factor and the speed that we can go to market really becomes a critical advantage here. If I speak more broadly, we have a huge pipeline of larger orders. I keep talking about order expansion, and we used to talk about cross-selling.

我們還沒到能夠讓它投入運作並從中汲取所有經驗教訓的階段。這一切都會到來——這是一個了解我們的客戶，我們也了解他，我們將盡最大努力利用這一點，努力將一個真正有效、切實可行的解決方案推向市場。但簡單來說，這和我們在其他所有市場所做的並無不同。我認為這裡存在著一種很有意思的需求。我認為產品外形尺寸和上市速度在這裡確實成為了關鍵優勢。如果更廣泛地說，我們有大量的大訂單正在等待處理。我一直在談論訂單擴張，而我們以前經常談論交叉銷售。

Now, we just talk about selling. We have hundreds of millions of dollars of opportunity across all the different areas that we have tailwinds in. We have probably in a dozen or two projects that are very large we have several hundred million of potential business, not just for data centers, but for mines for semiconductor, for traditional energy, that the business is really working.

現在，我們只談銷售。我們在各個有利領域都擁有數億美元的機會。我們可能有十幾個或二十幾個非常大的項目，蘊藏著數億美元的潛在商機，不僅涉及資料中心，還涉及半導體礦山、傳統能源等領域，這些業務確實在蓬勃發展。

The business is expanding because we're being relied on to deliver more content into larger projects. That's what we've been talking about for the past few years. That trend seems positioned to continue to grow. And data center it will be a part of it I hope to not have to talk about in every conference call because it's a piece of the business, and it's something that people get excited about.

公司業務正在擴張，因為我們被委以重任，要為更大的專案提供更多的內容。這就是我們過去幾年一直在討論的問題。這一趨勢似乎還會繼續發展。資料中心也是其中的一部分，我希望不必在每次電話會議上都談到它，因為它是業務的一部分，也是人們會感到興奮的事情。

But we're not a data center stock, and we're not we shouldn't be thinking of ourselves as a play just in one area. This is really a diversified company that's focused on the problem with energy, which is the grid designed today to be able to meet those needs and those demands that many uses and many sources of generation require to have a very effective and reliable and resilient grid.

但我們不是資料中心股票，我們也不應該把自己看成只是一個領域的公司。這是一家業務多元化的公司，專注於解決能源問題，即當今的電網設計旨在滿足眾多用途和眾多發電來源對高效、可靠和有彈性電網的需求。

Eric Stine, Craig Hallum.

艾瑞克·斯泰恩，克雷格·哈勒姆。

Maybe we could just talk about traditional energy. I believe that was a third of the quarter. And obviously, that's been a pretty increased focus here over the last year plus. I mean, as we think about that -- can you just talk to us about kind of where you're selling, where you play in there? I mean, should we view that as cyclical that it's more -- the swings in oil prices have an impact, or is it insulated because it's more tied to traditional infrastructure that would be helpful for me to clarify my thinking?

或許我們可以談談傳統能源。我相信那是季度的三分之一。顯然，在過去一年多的時間裡，這方面已經成為了我們越來越關注的重點。我的意思是，當我們思考這個問題時——您能跟我們談談您的銷售管道，以及您在其中扮演的角色嗎？我的意思是，我們應該把它看作是週期性的，也就是受油價波動的影響，還是因為它更多地與傳統基礎設施聯繫在一起而不受影響？如果能解釋清楚，將有助於我理清思路。

Yes. I think it's more insulated in that it's persistent demand -- in general, I think what's changed in the American economy is that traditional energy is no longer considered something that people don't want to invest in. But creating cleaner energy in a traditional way is something we can help powering pipelines that move gas are an area that we fit in and as well as kind of general oil profits being able to take from the distraction the source of the moving downstream, midstream and Endstream the types of processes that move and refine that create other byproducts, all are becoming more and more energy dependent.

是的。我認為它更具包容性，因為它的需求持續存在——總的來說，我認為美國經濟的變化在於，傳統能源不再被認為是人們不想投資的東西。但是，以傳統方式創造更清潔的能源是我們可以幫助實現的。為輸送天然氣的管道提供動力是我們能夠參與的領域，此外，從分散注意力到下游、中游和末端，以及那些產生其他副產品的加工和提煉過程，所有這些過程都變得越來越依賴能源。

So you need energy to be able to move and process the traditional energy sources. And that's really where we come in. So we see it as a long-term kind of persistent trend for us. The climate is really more apropo there. We think there's a fit definitely in North America. We think there's a potential in Latin America as well as we look at the three quarters and years.

所以，你需要能量才能移動和處理傳統的能量。而這正是我們發揮作用的地方。所以我們認為這對我們來說是一種長期的、持續的趨勢。那裡的氣候確實更適合。我們認為這在北美絕對是一個合適的市場。我們認為，從未來三個季度和幾年來看，拉丁美洲也具有潛力。

The other part I'll say, Eric, realize and take everything I say with a little bit of a grain of salt. Part of these times are 9, 12 months for many products, right? So anything that we're going to do today that we think is exciting is really going to affect the financials a year plus out

另外，艾瑞克，你要明白，我對你說的話都要有所保留。對於許多產品來說，這些時間中有一部分是 9 個月或 12 個月，對吧？所以，今天我們所做的任何我們認為令人興奮的事情，都將對一年多以後的財務狀況產生深遠影響。

Okay. Yes. No, that's very helpful. That makes sense. Maybe just as you think about growth in the business, now you're guiding to $80 million plus a new level on a quarterly perspective, I know capacity is less of an issue than I think in the past, you've talked about labor. I mean, any updates you can share there? It clearly is an area which maybe is a bit of a push point, but just that would be great. an update?

好的。是的。不，這很有幫助。這很有道理。也許就在您考慮業務成長的時候，現在您預計季度收入將達到 8000 萬美元以上，達到一個新的水平，我知道產能問題不像我過去認為的那樣嚴重，您也談到了勞動力問題。我的意思是，您那邊有什麼最新消息可以分享嗎？這顯然是一個可能存在一些分歧的領域，但如果能有更新就太好了。

Yes. I think the team has done very well at hiring. I feel like all the factories are being utilized very well. We have a lot of demand. We have a lot of bigger demand.

是的。我認為團隊在招募方面做得非常出色。我覺得所有工廠都得到了很好的利用。我們需求量很大。我們有很多更大的需求。

So we feel really good. I think the new wrinkle in our portfolio is Brazil and very strong actual demand there and the need potentially for some more expansion and John kind of directly said that given us CapEx guidance that we believe the business is positioned to ramp and we may have to expand capability, particularly in Brazil to be able to meet all of that demand two, threee, four, five years out.

我們感覺非常好。我認為我們投資組合中的新變化是巴西，那裡的實際需求非常強勁，可能需要進一步擴張。約翰也直接表示，鑑於我們對資本支出的指導，我們相信業務已經做好了快速增長的準備，我們可能需要擴大產能，尤其是在巴西，以便在未來兩到五年內滿足所有這些需求。

So there's a longer-term plan that we want to be able to implement. We're at a point where the business really is driving cost. We have a multiple set of very strong tailwinds that are pushing us, and we just need to be able to react to the market. If we do a good job for existing customers, they're going to come back again and again as they have -- as they come back with harder and bigger problems for us to solve.

所以我們希望能夠實施一項長期計劃。現在，業務真正開始推高成本。我們擁有多股強勁的順風，正朝著目標前進，我們只需要能夠對市場做出反應。如果我們為現有客戶提供優質服務，他們就會像以前一樣一次又一次地回來——而且他們會帶著更棘手、更大的問題來讓我們解決。

Got it. And maybe last one for me. I know well, data center. Just -- I mean, is that something as we think about that similar to semiconductor, where potentially if it's a large data center operator or EPC that you potentially are spec-ed in, or do you view it as it's a little more lumpy and then it would be kind of not one-off projects, but it would be more based on different projects moving forward rather than a few key partners.

知道了。也許這是我最後一個了。我對資料中心很了解。我的意思是，當我們思考這個問題時，是否覺得它類似於半導體產業，例如大型資料中心營運商或EPC公司可能會指定你參與專案？或者你認為它更像是一個分散的項目，而不是單一的項目，而是基於不同的項目推進，而不是幾個關鍵的合作夥伴？

Yes. I don't think I have clear visibility on that. Our EPC customers tend to try to design us in and we see a print that has our rectangle on it, and that's what we try to do. Obviously doing one of these. We're not at that level yet.

是的。我對此並不十分清楚。我們的EPC客戶傾向於在設計中融入我們的元素，我們看到圖紙上印有我們的矩形，而這正是我們努力的方向。顯然是在做其中之一。我們還沒達到那個水準。

So I think this has the potential for that? Yes. If this market grows faster than other markets, we'll have to invest in then the mix that they grow to be able to maintain the diversity. -- part of the portfolio. that's tremendously valuable. It's a stabilizing effect on the business and allows us to grow on multiple fronts in parallel.

所以我認為這有這種潛力？是的。如果這個市場成長速度超過其他市場，我們必須投資它所成長的投資組合，以維持投資組合的多樣性——這非常重要。它對業務起到穩定作用，使我們能夠在多個方面並行發展。

Tim Moore, Clear Street.

提姆摩爾，克利爾街。

Congratulations on your revenue growth and operating leverage. That was very nice to see. My first question for you is about the potential to cross-sell and bundle customers. You've done that extremely well on oil and gas to target upstream, midstream and downstream power systems, maybe curious if you can shed some light on maybe what end markets make the most sense to cross sell near-term besides oil and gas? Is there potential in mining or chemicals or just your overall thoughts on end markets to really get that through.

恭喜貴公司實現營收成長和營運槓桿效應。看到這一幕真是太好了。我的第一個問題是關於交叉銷售和捆綁銷售客戶的潛力。您在石油和天然氣領域做得非常出色，成功瞄準了上游、中游和下游電力系統。或許我很好奇，除了石油和天然氣之外，近期內哪些終端市場最適合進行交叉銷售？您認為採礦業、化工業或其他終端市場是否有發展潛力？

Yes. It's pretty much everything, Jim. The way that business is now aligned as we no longer cross-sell we just sell. So we have combined solutions that come from the family of acquisitions that we have that we're now presenting in some cases, they're $10 million projects. In some cases, they're $25 million projects where we're presenting a combined offering to be able to manage voltage to be able to transform voltage, to be able to modulate AC-DC power flows and to be able to do all of those features and functions for customers.

是的。吉姆，基本上就是一切。現在的業務模式已經調整為不再交叉銷售，只進行銷售。因此，我們現在推出的解決方案，一部分來自我們收購的一系列公司，其中一些項目價值 1000 萬美元。在某些情況下，這些項目價值 2500 萬美元，我們提出的綜合方案能夠管理電壓、轉換電壓、調節交流/直流功率流，並能夠為客戶提供所有這些特性和功能。

So we no longer have to sell them as separate. We do as many of our customers think of them that way. But as for the larger projects, I'll say, more established customers, they like where we've headed with what we've added. And it's for mining, it's for traditional energy. It's for semiconductor to some extent, it's even for renewable projects as we see them.

因此，我們不再需要將它們分開出售。我們確實這麼做了，因為我們的許多客戶都這麼認為。但就規模較大的專案而言，我想說，對於更成熟的客戶來說，他們很喜歡我們新增的功能和方向。它是用於採礦，是用於傳統能源。它在某種程度上適用於半導體產業，甚至在我們看來，它也適用於再生能源專案。

Wherever we can, we want to be valuable to our customer. And if we can keep demonstrating that value, both from what the product does, and what our engineers can help solve or derisk for the end customer, that's where we win and that's why we win.

我們希望盡一切可能為客戶創造價值。如果我們能夠不斷證明這種價值，無論是產品的功能，還是我們的工程師能夠幫助最終客戶解決的問題或降低的風險，這就是我們獲勝的地方，也是我們獲勝的原因。

That's terrific color. Just switching gears to my second question. I mean you're clearly busy integrating Comtrafo in Brazil. And I know some comments were made on CapEx there, and they've got a great factory that you can expand.

這顏色真棒。換個話題，問第二個問題。我的意思是，你們顯然正忙於在巴西整合 Comtrafo。我知道有人對那裡的資本支出發表了一些評論，他們有一個很棒的工廠，可以進行擴建。

The organic growth is awesome there, and the backlog is quite big. So can you maybe just give us a little bit more color on the near-term plan on increasing output there? And then just on the topic of acquisitions, how comfortable do you need to be with integration there, maybe how many quarters in until you maybe consider doing your next acquisition given you're sitting on a lot of cash right now.

那裡的自然成長非常強勁，積壓訂單也相當多。那麼，能否再詳細介紹一下近期提高該地區產量的計畫？那麼，關於收購這件事，你對整合需要有多大的把握？考慮到你現在手握大量現金，你大概會在多少個季度後考慮進行下一次收購？

Yes. It's hard at this point to speculate. We're 19 days in plus the days we've had in January. So it's early days for us it will take us some time to be able to digest and leverage.

是的。目前很難做出推測。現在已經過去19天了，再加上一月的天數。所以現在對我們來說還處於早期階段，我們需要一些時間來消化和利用這些資源。

We have a huge opportunity just in Brazil alone that we want to go after with everything that the company has to offer there. So I think -- we'll take our time and it will be as we have been with each of them. We want them to run as they run because we like the culture.

光是在巴西，我們就擁有巨大的發展機遇，我們希望利用公司在巴西所能提供的一切資源去抓住這個機會。所以我想——我們會慢慢來，就像我們對待他們每個人一樣。我們希望他們繼續保持現在的風格，因為我們喜歡這種文化。

We like the financials. That's true of all the acquisitions we've done and then over time, how do we do more together? And that becomes a question that helps affect things 2, 3 years out from now. So I don't anticipate we're going to turn around and do another acquisition right away. But we do have a lot of inbound.

我們喜歡這份財務報告。這一點適用於我們所做的所有收購，隨著時間的推移，我們如何才能更好地合作？而這個問題將會影響未來兩三年的發展。所以我預計我們不會馬上進行另一次收購。但我們確實有很多郵件要進。

We do have a list. We are working -- it's becoming -- the business is evolving, too.

我們確實有一份清單。我們正在努力——它正在發展——業務也在不斷發展。

We have an operation business and then an opportunistic part led by John here. to say, okay, what can we add to the portfolio? And how do we do that? We're also looking, and you can hear it in my tone at combining product to basically come up with whole new sets of opportunities for us. And that's taken some R&D investment to be able to do all those things.

我們有一個營運業務部門，還有一個由約翰領導的機會主義業務部門，負責思考：我們還能為投資組合增加什麼？我們該如何做到這一點？我們也在尋找，從我的語氣中你可以聽出來，我們正在嘗試將產品結合起來，為我們創造全新的機會。而要做到這一切，需要投入大量的研發資金。

So the company is evolving and maturing in all the right ways.

所以，公司正在朝著正確的方向發展和成熟。

That's great color and comforting that you won't rush into the next acquisition, so you're ready. But thanks a lot.

這顏色真好看，而且讓人欣慰的是，你不會急於進行下一次購買，所以你已經準備好了。非常感謝。

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

Would love to just get a quick read on working capital and how that transitions over time. Obviously, with the acquisition, you've got a substantial amount of inventory and some receivables that grew would love to understand kind of how that trends over the next few quarters?

我很想快速了解營運資本以及它如何隨時間變化。顯然，透過此次收購，你們擁有了大量的庫存，應收帳款也有所成長。我很想了解未來幾季的趨勢如何？

Yes. Good question, Colin. We have -- I don't want to call it a drain on working capital, but we have invested into the growth of the company over the last couple of quarters. To the extent we continue that growth. And if we can maintain elevated levels of growth, then we'll continue to invest in working capital.

是的。問得好，科林。我不想稱之為對營運資金的消耗，但在過去幾個季度裡，我們確實對公司的發展進行了投資。如果我們能繼續保持這種成長勢頭。如果我們能夠維持高水準的成長，那麼我們將繼續投資於營運資金。

If growth tapers to, call it, single-digit growth, then we would see working capital probably turn favorable. So it's difficult to tell depending on our growth strategy, but I can -- if working capital is an investment, I can assure you it's to support growth.

如果成長放緩至個位數成長，那麼營運資本狀況可能會變得有利。所以，根據我們的成長策略，很難說，但我可以肯定的是──如果營運資金是一種投資，那它是為了支持成長。

Okay. And then we haven't talked about some of the military opportunities. Certainly, there's an awful lot of activity in Washington right now around enhanced military capabilities. Can you just talk a little bit outside of the ships, you talked about the ports and infrastructure being a meaningful growth opportunity in your sales pipeline, what are you seeing these days? And how do you see that starting to flow through into the P&L over the next couple of years?

好的。而且我們還沒有談到一些參軍的機會。當然，目前華盛頓圍繞著提升軍事能力方面有很多活動。能否稍微談談船舶以外的領域？您剛才提到港口和基礎設施是銷售管道中重要的成長機會，您最近看到了什麼？那麼，您認為在未來幾年內，這將如何體現在損益表中？

Yes. I think just topically for the quarter, Colin, we had a good percentage in military, more than 15%. I think typically, it's closer to 10% quarter to quarter, and that was because we're doing a bunch of things at once within the quarter, which is good, and that helps strengthen quarters. I think longer term, we're kind of front and center in some of the critical problems that (technical difficulty) have and ports have, and those opportunities are going to be persistent in kind of long term. But I'd say there's nothing I'll say specifically that's going to change the trajectory of that business in the next two to four quarters.

是的。科林，就本季而言，我認為我們在軍事領域佔比很高，超過 15%。我認為通常情況下，季度環比增長接近 10%，這是因為我們在一個季度內同時做了很多事情，這很好，也有助於增強季度業績。我認為從長遠來看，我們在解決（技術​​難題）和港口面臨的一些關鍵問題上處於領先地位，這些機會將在長期內持續存在。但我認為，在接下來的兩到四個季度裡，我不會透露任何能夠改變該業務發展軌蹟的具體資訊。

Awesome. And then just a final one on the R&D roadmap, your customer intimacy has improved. You're getting a look at what the real needs are for a bunch of these applications in a different way. And obviously, you guys have capabilities around customization for given applications.

驚人的。最後，研發路線圖上還有一項：您與客戶的親密度都提升了。你會以一種不同的方式了解這些應用程式的真正需求。顯然，你們具備針對特定應用程式進行客製化的能力。

But I would love to understand how you're thinking about the cadence of evolving the product suite and just the leverage that you have out of the existing design to meet all of the opportunities that you're seeing with your customers intake.

但我很想了解您是如何考慮產品套件演進的節奏，以及您如何利用現有設計來滿足您在客戶需求方面看到的所有機會。

Yes. I will take the example. So we're working towards a project for a very large mine and there's opportunities at the site, but there's also opportunities with the utility that the grid is going to need to be improved. So I think our capability has matured now to the point we really understand the problems that capital investment will cause in capacity from electricity standpoint.

是的。我舉個例子。所以我們正在努力推進一個大型礦山項目，礦場本身就有很多機會，而且由於電網需要改進，公用事業方面也存在著許多機會。所以我認為我們的能力現在已經成熟到足以真正理解資本投資從電力角度來看會對產能造成哪些問題。

So we try to just start with that as the premise and then work backwards and say, okay, what are going to be all the electrical challenges that this CapEx investment for this end customer is going to create not just locally, but more broadly in the utility. So being able to combine our capabilities into products that are more proprietary, more defensible, more valuable to customers. That's where we're trying to push things as much as we can.

因此，我們嘗試以此為前提，然後反向推演，思考這項針對最終客戶的資本支出投資將會帶來哪些電力方面的挑戰，不僅在當地，而且在更廣泛的公用事業領域。因此，我們能夠將我們的能力結合起來，創造出更具專有性、更具防禦性、對客戶更有價值的產品。這就是我們努力的方向。

This concludes our question-and-answer session. I'd like to turn the conference back over to Daniel McGahn for closing remarks.

我們的問答環節到此結束。我謹將會議交還給丹尼爾·麥克加恩，請他作閉幕致詞。

Thanks, Bailey. As we look forward to the future, it's clear that the opportunities ahead are vast. We stand ready to capitalize on the rising demand for energy. And the critical need for a dependable grid to support it. We reached another recent record quarter with revenue levels of over $70 million. And we guided for our next quarter to potentially exceed $80 million.

謝謝你，貝利。展望未來，顯而易見，前方的機會是巨大的。我們已做好準備，充分利用不斷增長的能源需求。以及一個可靠的電網來支撐它的關鍵需求。我們最近一個季度再次創下營收紀錄，營收超過 7,000 萬美元。我們預計下一季營收可能會超過 8,000 萬美元。

The business has already demonstrated a strong year through the first nine months into the fiscal year. We see more traditional energy and utility projects, including those driven by data center demand on the horizon.

在本財年的前九個月，公司業績已經展現出強勁的成長動能。我們看到，未來將出現更多傳統的能源和公用事業項目，包括那些由資料中心需求驅動的項目。

In the longer term, we have a very strong pipeline of materials and semiconductor projects as well. I look forward to talking to you again when we report our full-year results. Thank you, everybody, for your support and attention, and have a great day.

從長遠來看，我們還有非常強大的材料和半導體專案儲備。我期待在公佈全年業績時再次與您交流。感謝大家的支持和關注，祝福大家今天過得愉快。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。