American Superconductor Corp (AMSC) 2025 Q4 法說會逐字稿

Good day, and welcome to the AMSC fourth 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 會計年度第四季財務業績電話會議。(接線員指示) 請注意，本活動將被錄音。

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

現在我想把會議交給傳播總監 Nicol Golez。請開始。

Thank you, Keith. Good morning, everyone, and welcome to American Superconductor Corporation's fourth quarter and full 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，Keith。各位早安，歡迎參加 American Superconductor Corporation 2025 會計年度第四季及全年電話會議。我是 Nicol Golez，AMSC 傳播總監。今天與我一同出席的有：董事長、總裁兼執行長 Daniel McGahn；以及資深副總裁、財務長兼司庫 John Kosiba。

Yesterday, after market close, American Superconductor issued its earnings release for the fourth quarter and full fiscal year 2025. A copy of this release is available on the Investors page of the company's website at www.amsc.com. Remarks that management may make during today's call about American Superconductor's future expectations, including future 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, 2026, which the company filed with the Securities and Exchange Commission on May 27, 2026, and the company's other reports filed with the SEC, which are also available on our website. The company disclaims any obligation to update these forward-looking statements.

昨天收盤後，American Superconductor 發布了 2025 會計年度第四季及全年財報新聞稿。該新聞稿可於公司網站 www.amsc.com 的投資人頁面取得。管理層在今日電話會議中可能就 American Superconductor 未來預期（包括未來財務結果、計畫與展望）所作之評論，均構成前瞻性陳述。實際結果可能因多項重要因素而與此等前瞻性陳述所示有重大差異，包括 American Superconductor 截至 2026 年 3 月 31 日止年度之 Form 10-K 年報「風險因素」章節所載事項（公司已於 2026 年 5 月 27 日向美國證券交易委員會提交），以及公司向 SEC 提交之其他報告；上述文件亦可於本公司網站查閱。公司不承擔更新此等前瞻性陳述之任何義務。

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

在今日電話會議中，管理層將提及非 GAAP 淨利，這是一項非 GAAP 財務衡量指標。GAAP 與調整後財務衡量指標之調節表可於公司財報新聞稿中查閱。

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

接下來，我將把電話會議交給董事長、總裁兼執行長 Daniel McGahn。Daniel？

Thanks, Nicol. Good morning, everyone, and thank you for joining us. 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 fourth quarter and full fiscal year 2025. He will also provide guidance for the first quarter of fiscal 2026, which will end June 30, 2026. And following our remarks, we'll open up the line for questions from our analysts.

謝謝你，Nicol。各位早安，感謝各位加入我們。我今天將先提供最新進展並分享幾點關於我們業務的看法。接著 John Kosiba 將就 2025 會計年度第四季及全年財務結果進行詳細說明。他也將提供 2026 會計年度第一季（將於 2026 年 6 月 30 日結束）的財測指引。在我們發言之後，我們將開放分析師提問。

We are really excited to report a record revenue quarter. Our fourth quarter closed a very successful fiscal 2025, and we delivered another year of significant growth. Revenue for the quarter came in at a new high, surpassing $85 million. We saw revenue grow by nearly 30% over the year ago quarter. Our Grid business revenue grew by more than 30% over the year ago quarter, while our Wind business revenue increased by 15% for the same period. We delivered three recent record revenue quarters during the fiscal year, over $72 million for the first quarter, over $74 million in the third quarter and now over $85 million in the fourth quarter.

我們非常興奮地報告一個創紀錄的營收季度。第四季為非常成功的 2025 會計年度畫下句點，我們也再度交出顯著成長的一年。本季營收創新高，突破 8,500 萬美元。相較去年同期，本季營收成長近 30%。我們的電網（Grid）業務營收較去年同期成長逾 30%，而風電（Wind）業務營收在同期間成長 15%。在本會計年度中，我們交出三個近期的單季營收新高：第一季超過 7,200 萬美元、第三季超過 7,400 萬美元，而第四季現已超過 8,500 萬美元。

We have delivered 7 consecutive quarters of GAAP profitability and 11 consecutive quarters of non-GAAP profitability. We believe these record results and continued profitability reflect the strong momentum and the discipline behind our success. The business is growing, the business is scaling and the business has been consistently profitable.

我們已連續 7 個季度達成 GAAP 獲利，並連續 11 個季度達成非 GAAP 獲利。我們相信，這些創紀錄的成果與持續獲利，反映了我們成功背後的強勁動能與紀律。業務正在成長、業務正在擴張規模，而且業務一直維持穩定獲利。

Now let's take a look at our order bookings for the quarter, which were extremely strong. Fourth quarter orders reached nearly $100 million, driven by strong utility and traditional energy demand. In the traditional energy sector, we are increasingly supporting the growing demand for reliable power across natural gas, coal and large industrial power applications. As these energy facilities expand and modernize, their operations rely on large motors, compressors and electrical systems that can create power quality and Grid challenges.

現在來看看本季的訂單預訂（order bookings），表現極為強勁。第四季訂單接近 1 億美元，主要由公用事業與傳統能源的強勁需求所帶動。在傳統能源領域，我們正日益支援天然氣、燃煤以及大型工業用電應用對可靠電力日益成長的需求。隨著這些能源設施擴建與現代化，其營運仰賴大型馬達、壓縮機與電力系統，可能造成電能品質與電網方面的挑戰。

For example, LNG facilities cool natural gas into a liquid for easier transportation, then convert it back into gas for local distribution. These facilities utilize large motors, compressors, drives and other heavy electrical loads that require a certain level of power and can create harmonics, poor power factor and voltage instability. To mitigate these electrical disturbances, we provide solutions which help the site maintain power quality and protect assets within their operations. Our offerings are for both power supplies and power quality solutions for this key market.

例如，LNG 設施會將天然氣冷卻成液態以利運輸，之後再轉回氣態以供當地配送。這些設施使用大型馬達、壓縮機、驅動器及其他重型電力負載，對供電能力有一定要求，並可能產生諧波、功率因數不佳與電壓不穩等問題。為了降低這些電氣擾動，我們提供解決方案，協助場站維持電能品質並保護其營運中的資產。我們在此關鍵市場提供的產品涵蓋電源供應與電能品質解決方案。

Additionally, nearly 10% of our fourth quarter orders were driven by the data center sector within our utility market. This demand, combined with our orders in traditional energy reflects a powerful tailwind across our core markets. We closed the fiscal year with a robust 12-month backlog of over $280 million. This represents nearly a 40% increase versus the year ago 12-month backlog of $200 million. We believe that this puts us in great position to keep momentum going in the business for fiscal year 2026.

此外，在我們的公用事業市場中，資料中心產業帶動了第四季訂單的近 10%。此一需求加上我們在傳統能源的訂單，反映出我們核心市場的強勁順風。我們以超過 2.8 億美元的 12 個月在手訂單（backlog）結束本會計年度。相較去年同期 12 個月在手訂單 2 億美元，增加近 40%。我們相信，這使我們在 2026 會計年度能夠維持業務動能，處於非常有利的位置。

Average quarterly orders in fiscal 2025 exceeded $70 million. This compares to about $60 million in the prior year, adjusting the numbers for the onetime Royal Canadian Navy order, which was more than $70 million itself. We booked a total of nearly $290 million of new orders in fiscal 2025 across larger projects, repeat customers and increasing activity in our end markets.

2025 會計年度的平均單季訂單超過 7,000 萬美元。相較之下，若將一次性的加拿大皇家海軍訂單（其本身超過 7,000 萬美元）調整後，前一年度約為 6,000 萬美元。2025 會計年度我們合計取得近 2.9 億美元新訂單，涵蓋大型專案、重複客戶，以及終端市場活動的增加。

Overall, fiscal 2025 represented a significant step forward for our company. We completed the acquisition of Comtrafo, which broadened our transformer product portfolio and expanded our reach into Brazil and Latin America. We believe this acquisition creates new opportunities across utilities, transmission infrastructure and Grid expansion. We saw total revenue grow more than 30% to nearly $300 million. We saw revenue diversity across traditional energy, renewables, materials, military, utility as well as some other sectors.

整體而言，2025 會計年度是公司向前邁出的一大步。我們完成對 Comtrafo 的收購，擴充了我們的變壓器產品組合，並將觸角延伸至巴西與拉丁美洲。我們相信，此項收購將在公用事業、輸電基礎設施與電網擴建等領域創造新的機會。我們看到總營收成長逾 30%，接近 3 億美元。我們的營收來源多元，涵蓋傳統能源、再生能源、材料、軍事、公用事業以及其他一些領域。

Over half our sales came from traditional and renewable projects combined. The remainder came from materials at over 15%, followed by military and utility projects at over 10% each.

我們超過一半的銷售額來自傳統與再生能源專案的合計。其餘部分中，材料占比超過 15%，其次為軍事與公用事業專案，各自占比均超過 10%。

A significant part of our strong performance was driven by our core business, which achieved approximately 25% organic growth for the fiscal year. We ended the year with over $145 million in cash. These accomplishments highlight the growing demand for our solutions as well as our position as a trusted partner domestically and growingly abroad.

我們強勁表現的重要一環來自核心業務，該業務在本會計年度達成約 25% 的有機成長。我們以超過 1.45 億美元的現金結束本年度。這些成果凸顯市場對我們解決方案日益成長的需求，以及我們作為國內可信賴合作夥伴並逐步拓展海外的地位。

We also made great strides in our military business. In fiscal year 2025, we completed the delivery of another ship protection system for the US Navy San Antonio Class platform aboard the USS Richard McCool Jr. Today, our power supplies play a critical role in the shipyards by providing steady, reliable power to vessels during assembly and docking when they're disconnected from other power sources. And principally, we are powering critical ship systems for the US Navy.

我們在軍事業務方面也取得了重大進展。在2025會計年度，我們完成向美國海軍「聖安東尼奧級」平台（USS Richard McCool Jr.號）交付另一套艦艇防護系統。如今，我們的電源供應器在造船廠中扮演關鍵角色：在船舶組裝與入塢期間、當其與其他電源斷開連接時，為船舶提供穩定且可靠的電力。而且最主要的是，我們正在為美國海軍的關鍵艦艇系統供電。

Through our renewable installations, we're facilitating the Grid infrastructure needed to safely expand and integrate distributed power. This ensures utilities can maintain reliability without sacrificing performance. In our Wind business, we showed year-over-year growth driven by Inox business and the proven capabilities of our 2- and 3-megawatt ECS. We believe the business is aligned and poised to deliver improvement.

透過我們的再生能源安裝案，我們正在促成安全擴展並整合分散式電力所需的電網基礎設施。這可確保公用事業在不犧牲效能的情況下維持可靠性。在風電業務方面，我們在Inox業務帶動以及我們經驗證的2兆瓦與3兆瓦ECS能力支持下，實現年對年成長。我們相信該業務已對齊並蓄勢待發，可帶來改善。

Now I'll turn the call over to John Kosiba to review our financial results for the fourth quarter and full fiscal year 2025 and provide guidance for the first quarter of fiscal 2026, which will end June 30, 2026. John?

接下來我把電話會議交給John Kosiba，請他回顧我們2025會計年度第四季與全年財務結果，並提供2026會計年度第一季（將於2026年6月30日結束）的展望指引。John？

Thanks, Daniel, and good morning, everyone. Total revenues for the fourth quarter of fiscal 2025 were $86.4 million. This is an increase of 30% compared to the year ago quarter of $66.7 million. Grid business revenues of $73.7 million increased by 33% versus the year ago quarter, while our Wind business unit revenues of $12.7 million increased by 15% versus the year ago quarter.

謝謝你，Daniel，各位早安。2025會計年度第四季總營收為8,640萬美元。相較去年同期的6,670萬美元，成長30%。電網（Grid）業務營收7,370萬美元，較去年同期成長33%；而我們風電（Wind）事業單位營收1,270萬美元，較去年同期成長15%。

Moving on to the full fiscal year. Our total revenues in fiscal 2025 were $299.2 million. This is an increase of 34% compared to fiscal year 2024 revenues of $222.8 million. In fiscal 2025, our Grid business revenues increased by 34% and represented 84% of total revenue. The year-over-year increase is a result of organic growth as well as contributions from Comtrafo.

接著看全年。我們2025會計年度總營收為2億9,920萬美元。相較2024會計年度營收2億2,280萬美元，成長34%。在2025會計年度，我們的電網（Grid）業務營收成長34%，並占總營收的84%。年對年成長來自有機成長，以及Comtrafo的貢獻。

Wind business revenues increased 34% in fiscal 2025 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.

風電（Wind）業務營收在2025會計年度成長34%，並占總營收的16%。年對年成長主要來自我們向Inox增加出貨2兆瓦與3兆瓦級ECS系統。

Gross margin for the fourth quarter of fiscal 2025 was 27.3% compared to the year ago quarter of 26.5%. Included in cost of goods sold in the fourth quarter was approximately $1.5 million of purchase accounting and noncash adjustments related to Comtrafo. This had an impact of approximately 170 basis points on the quarter.

2025會計年度第四季毛利率為27.3%，相較去年同期為26.5%。第四季銷貨成本中包含約150萬美元與Comtrafo相關的收購會計（purchase accounting）及非現金調整。這對本季造成約170個基點的影響。

For the full fiscal year, AMSC generated gross margins of 30.5%. This was up from 27.8% in fiscal year 2024. This represents a gross margin expansion of 270 basis points over the prior year.

就全年而言，AMSC的毛利率為30.5%。較2024會計年度的27.8%提升。這代表毛利率較前一年擴張270個基點。

Now moving on to operating expenses for the fourth quarter of fiscal 2025. Research and development and SG&A expenses totaled $18.8 million. This was up from $15.6 million in the year ago quarter. Approximately 20% of R&D and SG&A expenses in the fourth quarter of fiscal 2025 were noncash. For the fiscal year, research and development and SG&A expenses totaled $73.4 million compared with $54.5 million in fiscal 2024.

接著看2025會計年度第四季的營業費用。研發以及銷售、一般及行政（SG&A）費用合計1,880萬美元。高於去年同期的1,560萬美元。2025會計年度第四季研發與SG&A費用中，約20%為非現金項目。就全年而言，研發與SG&A費用合計7,340萬美元，對比2024會計年度為5,450萬美元。

The year-over-year increase is largely associated with the inherited operating expenses and onetime acquisition-related expenses from our recent acquisition of Comtrafo.

年對年增加主要與我們近期收購Comtrafo所承接的營運費用，以及一次性收購相關費用有關。

Our net income in the fourth quarter of fiscal 2025 was $4.5 million or $0.10 per share. This compares to $1.2 million or $0.03 per share in the year ago quarter. Included in our fourth quarter fiscal 2025 net income was a $4.2 million loss on contingent consideration, a noncash expense related to the likelihood of achieving Comtrafo earn-out targets.

2025會計年度第四季淨利為450萬美元，或每股0.10美元。相較去年同期為120萬美元，或每股0.03美元。我們2025會計年度第四季淨利中包含420萬美元的或有對價損失，這是一項非現金費用，與達成Comtrafo分期給付（earn-out）目標的可能性相關。

Our non-GAAP net income for the fourth quarter of fiscal 2025 was $14.1 million or $0.31 per share. This is compared to a non-GAAP net income of $4.8 million or $0.13 per share in the year ago quarter. Included in our fourth quarter of fiscal 2025 net income and non-GAAP net income was a tax benefit of $5.3 million due to the release of the valuation allowance on deferred tax assets.

2025會計年度第四季非GAAP淨利為1,410萬美元，或每股0.31美元。相較去年同期非GAAP淨利為480萬美元，或每股0.13美元。我們2025會計年度第四季的淨利與非GAAP淨利中包含530萬美元的稅務利益，係因釋放遞延所得稅資產的估值備抵（valuation allowance）。

For the full fiscal year, our net income was $133.8 million or $3.12 per share. This compares to a net income of $6 million or $0.16 per share in fiscal 2024. Our non-GAAP net income for fiscal 2025 was $158.1 million or $3.68 per share. This compares to non-GAAP net income of $24 million or $0.65 per share for fiscal 2024. Included in our fiscal year 2025 net income and non-GAAP net income was a tax benefit of $118.4 million due to the release of a valuation allowance on deferred tax assets.

就全年而言，我們淨利為1億3,380萬美元，或每股3.12美元。相較2024會計年度淨利為600萬美元，或每股0.16美元。我們2025會計年度非GAAP淨利為1億5,810萬美元，或每股3.68美元。相較2024會計年度非GAAP淨利為2,400萬美元，或每股0.65美元。我們2025會計年度的淨利與非GAAP淨利中包含1億1,840萬美元的稅務利益，係因釋放遞延所得稅資產的估值備抵（valuation allowance）。

We ended fiscal year 2025 with $147.6 million in cash, cash equivalents and restricted cash. This compares with $85.4 million on March 31, 2025. In the fourth quarter of fiscal 2025, we generated $9.3 million in operating cash flow. For the full fiscal year, we generated $23.1 million in operating cash flow.

我們在2025會計年度結束時，現金、約當現金及受限制現金為1億4,760萬美元。相較於2025年3月31日的8,540萬美元。在2025會計年度第四季，我們產生930萬美元的營運現金流。就全年而言，我們產生2,310萬美元的營運現金流。

Now turning to our financial guidance for the first quarter of fiscal 2026. We expect our revenues will exceed $85 million. Our net income on that revenue 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. Included in our net income and non-GAAP net income guidance is approximately $1.5 million of purchase accounting and noncash amortization associated with the Comtrafo acquisition that is expected to be expensed into cost of goods sold. These charges will taper down starting in Q2 FY 2026.

接下來談2026會計年度第一季的財務指引。我們預期營收將超過8,500萬美元。在該營收水準下，我們預期淨利將超過300萬美元，或每股0.07美元；非GAAP淨利預期將超過800萬美元，或每股0.17美元。我們的淨利與非GAAP淨利指引中包含約150萬美元與收購Comtrafo相關的收購會計及非現金攤銷，預計將列入銷貨成本費用化。這些費用將自2026會計年度第二季起逐步下降。

Once these noncash purchase accounting charges fall off the amortization schedule, we expect Comtrafo's gross margin will fall well within AMSC's gross margins.

一旦這些非現金的收購會計費用自攤銷時程中到期消失，我們預期Comtrafo的毛利率將會落在AMSC毛利率區間之內。

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

那麼，我把電話交給 Daniel。Dan？

Thanks, John. AMSC delivered a transformational year. During fiscal 2025, we grew organically while expanding throughout acquisition. Profitability improved this year, marking an important milestone for us. After delivering 7 consecutive quarters of GAAP profitability and 11 consecutive quarters of non-GAAP profitability, we are now operating as a profitable company, and that includes adapting to normal financial items such as tax expenses.

謝謝，John。AMSC 交出了一個具變革性的年度。在 2025 財年，我們在擴大併購版圖的同時，也實現了有機成長。今年獲利能力提升，對我們而言是一個重要里程碑。在連續 7 個季度達成 GAAP 獲利、以及連續 11 個季度達成非 GAAP 獲利之後，我們現在以一家獲利公司在運作，而這也包括適應如稅費等正常的財務項目。

As our company scales and to the extent that we're unable to utilize our existing net operating losses, we expect items such as tax expenses to become more regular going forward. We are now seeing our financials reflect the characteristics of a more mature company.

隨著公司規模擴大，且在我們無法充分利用既有淨營運虧損（NOL）的情況下，我們預期像稅費這類項目未來將更為常態化。我們現在看到財務表現反映出更成熟公司的特徵。

More importantly, this progress reflects the strength of the business and the customer relationships we've built over time. We've cultivated growing relationships with our customers across multiple projects that have increased in size, scope and technical complexity. Today, we're delivering greater volumes to repeat customers. In addition, we are delivering integrated solutions that add unique value to the challenges customers face. B

更重要的是，這些進展反映了業務實力，以及我們長期建立的客戶關係。我們在多個專案上與客戶培養並深化合作關係，這些專案在規模、範疇與技術複雜度上都持續提升。如今，我們對回購客戶交付的出貨量更大。此外，我們也提供整合式解決方案，為客戶所面臨的挑戰帶來獨特價值。B

y delivering integrated power systems, we ensure that certain products such as rectifiers, filters, STATCOMs, capacitor banks and/or transformers are designed to work together. This design simplifies integration and improves project reliability. We believe our integrated power systems help improve power quality and meet Grid requirements from the start, avoiding extra cost, downtime, redesigns, expensive Grid updates or penalties from utilities.

透過交付整合式電力系統，我們確保整流器、濾波器、STATCOM、電容器組和/或變壓器等特定產品能夠協同設計並共同運作。此一設計可簡化整合並提升專案可靠性。我們相信，我們的整合式電力系統有助於從一開始就改善電能品質並滿足電網（Grid）要求，避免額外成本、停機、重新設計、昂貴的電網更新或公用事業單位的罰款。

We are now providing our integrated power solutions to customers in the mining and utility sector. We believe our diverse bookings, strong balance sheet and operational success in fiscal 2025 have set the stage for long-term improvement in the business. The business is in its strongest position ever, and we believe it's still getting better.

我們目前正向採礦與公用事業領域的客戶提供整合式電力解決方案。我們相信，多元的接單、強健的資產負債表，以及 2025 財年的營運成果，已為業務的長期改善奠定基礎。公司正處於史上最強的狀態，我們相信仍在持續變得更好。

We enter fiscal 2026 confident in achieving our goal to continue building a more resilient and profitable company. It is certainly nice to be talking about $85 million of revenue this quarter, considering we were talking about $30 million of revenues per quarter only 3 years ago.

我們以信心進入 2026 財年，將達成持續打造更具韌性且更獲利公司的目標。考量到僅在 3 年前我們每季談的營收還只有 3,000 萬美元，如今能談到本季 8,500 萬美元的營收，確實令人欣慰。

With that, let's turn our focus to fiscal 2026, starting with the growing opportunities in our power solutions. Global energy demand is accelerating, putting more pressure on the Grid. Traditional energy, renewables, semiconductors, data centers and defense are driving major investments in power infrastructure, while reshoring and aging infrastructure increase the need for reliability. This is creating strong demand for our power solutions as customers expand capacity, particularly in environments where harmonics, voltage instability and rapidly changing loads challenge Grid performance. Our solutions are supporting applications across natural gas, mining, renewable heavy grids and data centers, and we are participating in more utility projects.

接下來，讓我們把焦點轉向 2026 財年，先從我們電力解決方案日益成長的機會談起。全球能源需求正在加速，對電網造成更大壓力。傳統能源、再生能源、半導體、資料中心與國防正推動對電力基礎設施的大規模投資，而製造回流與基礎設施老化也提高了對可靠性的需求。這使得客戶在擴充產能時，對我們電力解決方案的需求強勁，尤其是在諧波、電壓不穩定與快速變動負載對電網效能造成挑戰的環境中。我們的解決方案支援天然氣、採礦、再生能源占比高的電網與資料中心等應用，我們也參與更多公用事業專案。

During fiscal 2025, we extended our utility presence into Latin America as well as entering the data center market. These utility projects improve substation power quality to support demand, including that of data centers, stabilize voltage to enable expansion as thermal plants retire, reinforce transmission infrastructure to support industrial load growth, including large mining operations on vulnerable lines and integrating renewables and distributed energy resources while supporting Wind, rooftop and community solar and battery storage systems.

在 2025 財年，我們將公用事業業務版圖延伸至拉丁美洲，並且進入資料中心市場。這些公用事業專案透過提升變電站電能品質以支援需求（包括資料中心需求）、在火力電廠退役之際穩定電壓以促成擴建、強化輸電基礎設施以支援工業負載成長（包括位於脆弱線路上的大型採礦作業），並在支援風電、屋頂型與社區型太陽能及電池儲能系統的同時，整合再生能源與分散式能源資源。

Our products are designed to optimize reliability, maximize output and enhance power quality. We are uniquely positioned to enable our customers to power facilities in ways at scale without adding complexity or size. We're not just responding to Grid challenges. We're enabling the changes to support the changing environment.

我們的產品旨在最佳化可靠性、最大化輸出並提升電能品質。我們具備獨特優勢，能讓客戶以規模化方式為設施供電，而不增加複雜度或體積。我們不只是回應電網挑戰。我們正在促成變革，以支援不斷變化的環境。

Additionally, our power supplies power critical ship systems and deliver reliable power for shipyards and docked vessels. Our Ship Protection Systems, or SPS, help naval vessels by reducing their visibility to enemy threats. Over the last several years, we've delivered on 4 out of the 5 SPS systems to the US Navy's following vessels: the USS Fort Lauderdale, the USS Harrisburg, the USS Pittsburgh and most recently, this fiscal 2025, we delivered on the USS Richard McCool Jr.

此外，我們的電源供應器為關鍵艦船系統供電，並為造船廠與靠港船舶提供可靠電力。我們的艦船防護系統（Ship Protection Systems，SPS）可透過降低可視性來協助海軍艦艇減少暴露於敵方威脅。過去幾年，我們已向美國海軍以下艦艇交付 5 套 SPS 系統中的 4 套：USS Fort Lauderdale、USS Harrisburg、USS Pittsburgh，以及最近在 2025 財年交付的 USS Richard McCool Jr.。

We expect to begin our first delivery to the Royal Canadian Navy this fiscal year 2026. We've continued to deliver advanced power solutions that keep naval operations running strong at the shipyard.

我們預期將在 2026 財年開始對加拿大皇家海軍進行首次交付。我們持續交付先進電力解決方案，讓海軍在造船廠的作業維持強勁運行。

In our Wind business, we design and supply Electrical Control Systems, or ECS, that make Wind turbines more competitive and efficient. In fiscal 2025, we secured nearly $50 million in orders for our 2- and 3-megawatt ECS from Inox to service their growing demand. About 40% of these systems were shipped during the fiscal year, leaving our backlog in a great position. Our proprietary technology is helping Inox scale, supporting what they've called their strongest backlog in recent memory with over 3 gigawatts of orders.

在風電業務方面，我們設計並供應電氣控制系統（Electrical Control Systems，ECS），使風力渦輪機更具競爭力且更有效率。在 2025 財年，我們自 Inox 取得近 5,000 萬美元的 2MW 與 3MW ECS 訂單，以滿足其不斷成長的需求。其中約 40% 的系統已於該財年出貨，使我們的積壓訂單（backlog）處於非常有利的位置。我們的專有技術正協助 Inox 擴大規模，支援其所稱近年來最強的積壓訂單，訂單量超過 3GW。

In closing, fiscal 2025 was a defining year of execution and scale for our company. We delivered record revenue, growing more than 30% year-over-year, driven by 25% organic growth. We increased our workforce from 569 to 1,195 team members during the year, marking a new record employment level. We are surrounded by an exceptionally driven, innovative and accountable team that helps us take our service, value and company to the next power. We closed an acquisition backed by an ambitious team that is deeply inspired by our purpose to power progress.

總結而言，2025 財年是我們公司在執行力與規模化方面的關鍵一年。我們創下營收新高，年增逾 30%，其中 25% 來自有機成長。我們在年度期間將員工人數從 569 人增加至 1,195 人，創下就業人數新紀錄。我們身邊有一支極具驅動力、創新精神與責任感的團隊，協助我們把服務、價值與公司推向更高層次。我們完成了一項併購，背後是一支雄心勃勃的團隊，並深受我們「推動進步」使命所激勵。

Operationally, we experienced momentum from powerful tailwinds. We expanded our 12-month backlog by 40% to over $280 million, giving us exceptional visibility into the next fiscal year while maintaining a strong balance sheet with over $145 million of cash. Strategically, we successfully diversified our revenue base by expanding our geographic footprint, expanding our product portfolio and delivering integrated solutions. Furthermore, our initial entry to data centers, while early, validates our ability to capture high-growth tailwinds. We closed a fantastic fiscal 2025 and are off to a very good start for fiscal 2026 with tremendous opportunities ahead of us.

在營運面，我們受惠於強勁的順風動能。我們將 12 個月積壓訂單擴大 40%，至超過 2.8 億美元，讓我們對下一財年具備極佳能見度，同時維持強健的資產負債表，現金超過 1.45 億美元。在策略面，我們透過擴大地理版圖、擴充產品組合並交付整合式解決方案，成功分散了營收來源。此外，我們對資料中心的初步切入雖仍在早期，但已驗證我們有能力掌握高成長的順風趨勢。我們以出色表現結束 2025 財年，並在 2026 財年有一個非常好的開局，未來機會巨大。

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. With a proven strategy, a strong capital position and a unified organization, we believe we are exceptionally well positioned to drive long-term value for our customers. 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.

我們正處於當代最重要的一些轉型核心：從國防到工業成長、從再生能源整合到電網現代化。憑藉經驗證的策略、強健的資本實力與一致協同的組織，我們相信自己具備極佳定位，能為客戶創造長期價值。我們的解決方案正協助推動電網演進，使其適用於未來——打造更可靠、更具韌性的電網，以支援並納入多元的能源來源組合。

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 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.

我們正在落實我們的願景，並相信我們的創造力能夠應對當今的挑戰，並幫助我們邁向更美好的未來。這意味著運用面向未來的技術，使全球對去碳化的渴望與對更可靠、更有效且更高效率的電力輸送之需求相協調。我們致力於透過設計、開發並部署電力控制解決方案來驅動進步，以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 and invite you to explore our new website, which better reflects the company AMSC has become.

感謝您持續的信任與支持。我們期待在未來幾個月與您分享我們的進展，並邀請您瀏覽我們的新網站，其更能反映 AMSC 如今所成為的公司樣貌。

Keith, we can now open the line to any questions from our analysts.

Keith，我們現在可以開放電話線，接受分析師的提問。

(Operator Instructions)

(接線員指示)

Eric Stine, Craig-Hallum.

Eric Stine，Craig-Hallum。

So can we just talk about the orders first? I mean, obviously, a highlight of the quarter. And this is a pretty good step up. You referenced the $70 million average over the last previous four. So just curious how much of that is Comtrafo? Is this -- is there something that impacted this that's out of the ordinary? Or should we expect this to kind of be a new level as your business historically has kind of made these steps up over time?

那我們先談談訂單可以嗎？我的意思是，顯然這是本季的一大亮點。而且這是相當明顯的一次躍升。你提到前四季平均約 7,000 萬美元。所以我想了解其中有多少來自 Comtrafo？這裡是否有什麼不尋常的因素影響了結果？或者我們是否應該預期，這會成為一個新的水準，因為你們的業務過去確實會隨時間推進而出現這種階梯式上升？

We're hoping it's a step up to the next level. I think to be blunt, so far in 2026, things have started out very well for us. These tailwinds are really driving the business. There's a part of it, but it's proportional for Comtrafo. So they're moving at the right pace. We're very excited about them and the prospects there in that market.

我們希望這是邁向下一個水準的一次躍升。坦白說，截至 2026 年目前為止，我們的開局非常好。這些順風因素確實正在推動業務成長。其中有一部分來自 Comtrafo，但占比是相稱的。所以他們正以合適的節奏推進。我們對他們以及該市場的前景感到非常振奮。

It's a diverse set of orders. A lot of it is traditional energy. We highlighted 10% of it is data centers, where last quarter, we had 5% was data centers. So that's a piece.

訂單組合相當多元。其中很大一部分是傳統能源。我們提到其中 10% 來自資料中心；而上一季資料中心占比是 5%。所以這是一塊。

I think we're just in the right place at the right time. The problems that we solve are paramount and being invested in by a number of parties. And we're very excited, Eric, about what the prospects bear for us for 2026.

我認為我們只是處在對的時間、對的位置。我們所解決的問題至關重要，且有多方正在投入資金。Eric，我們對 2026 年我們的前景非常興奮。

No, absolutely. Maybe just sticking with data center. So I know that last quarter, one thing you highlighted is that you had made a sale or delivered directly to a data center customer. I know historically, you have been involved, but it is in support of utilities as they prepare for everything that's required there. And it sounds like the 10% this quarter was more skewed to utility. So maybe just kind of talk about the breakout.

是的，完全同意。也許就繼續談資料中心。我知道上一季你們強調的一點是，你們已直接向某個資料中心客戶完成銷售或交付。我知道歷史上你們也有參與，但多半是支援公用事業公司，協助其為相關需求做準備。而聽起來本季的 10% 比較偏向公用事業端。所以能否談談這部分的拆分？

Yes, that was again -- I'm sorry, -- it was direct to utility, which is why we -- sorry, direct to data center, which is why we highlighted. There's additional utility business. And we do think that there will be a fit for us for the same application set in Latin America as well, and that's something that we're going to work on.

是的，那筆再次說明——抱歉——是直接給公用事業公司；我們——抱歉，是直接給資料中心，這也是我們特別強調的原因。另外還有更多來自公用事業的業務。我們也認為，在拉丁美洲同樣的應用組合上會有我們的契合點，這也是我們將要推進的工作。

Okay. And I guess just last thing. I mean, I know in some of your other applications, the way that they have played out over time as you get in, you prove the application, then eventually you are spec-ed in. So I know it's still pretty early days, but is that kind of how you see this playing out in the data center space as well?

好的。我想最後一點。我的意思是，我知道在你們其他一些應用上，通常的發展路徑是：先切入、驗證應用，然後最終被納入規格（spec-ed in）。我知道現在還算早期，但你們是否也認為資料中心領域會以類似方式發展？

That's what we hope. That's the playbook that we've run in the other markets, and we're seeing the beginning of that. We have a pretty robust pipeline of future orders for data center, which is why I'm opening my big mouth today highlighting it again. We think it's part of the business. I'm always joyful in the diversification that this opportunity presents.

這正是我們所希望的。這是我們在其他市場採用的作戰手冊，而我們也正在看到這種情況的開端。我們在資料中心方面有相當強勁的未來訂單管線，所以我今天才會再次大聲強調它。我們認為這會成為業務的一部分。我一直很樂見這個機會所帶來的多元化。

We're a well-diversified company in power. And I think that we're in a fantastic position. And it's really now incumbent on us as you're getting at the order book, seeing that grow certainly helps support the thesis that we're taking advantage of these tailwinds, which is what we want to continue to do.

我們是一家在電力領域高度多元化的公司。我認為我們處於極佳的位置。而現在正如你提到的訂單簿，看到它成長，確實有助於支持我們正在把握這些順風因素的論點，而這正是我們希望持續做的事。

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

Dan, can you talk a little bit about the Comtrafo integration and progress on qualifying the transformer product for the US. I'm just curious about from a product perspective, if there's a mix headwind near term as you guys work through all the supply chain optimization and then how quickly we might be able to see some of those transformers sold into North America?

Dan，你能談談 Comtrafo 的整合，以及在美國對變壓器產品進行認證（qualifying）的進展嗎？我想從產品角度了解，當你們推進供應鏈最佳化時，短期內是否會有組合不利因素（mix headwind）；以及我們可能多快能看到部分變壓器銷往北美？

Yes, I don't see a headwind there. What I see is a company that is very excited to be part of us. What I see is a company that's operating exceptionally well, driven by a family that is super excited to be part of AMSC. I think the opportunities ahead of us combined are extraordinary to be very blunt. I think in the near term, we need to tend to our knitting in Brazil. There's a huge opportunity in the utility space and in the industrial space in Brazil alone.

是的，我不認為那裡會有不利因素。我看到的是一家公司非常興奮能成為我們的一部分。我看到的是一家公司在一個家族的帶領下運作得非常出色，而他們也非常興奮能加入 AMSC。坦白說，我認為我們結合後的未來機會非常非凡。我認為短期內，我們需要先把巴西的本業做好。僅在巴西，公用事業與工業領域就有巨大的機會。

The main reason that we went forward with the acquisition of Comtrafo is the access to that opportunity and the expansion of the product line in the form of large power transformers. So I think that alone really is the focus and what's going to drive us. I do think the North American market will come. I am very excited about the prospects there. I'm very excited about the progress that we're making.

我們推進收購 Comtrafo 的主要原因，是為了取得進入該機會的管道，並透過大型電力變壓器來擴充產品線。所以我認為光是這一點就會是我們的重點，也是推動我們前進的動力。我確實認為北美市場會到來。我對那裡的前景非常興奮。我也對我們正在取得的進展感到非常振奮。

And I look forward, Colin, that becomes a highlight of a future call. But right now, we're trying to get the team to focus on let's take advantage of the Brazilian opportunity let's set plant the seeds throughout Latin America to be able to expand the combined business in mining and in utilities throughout Latin America and then be in a position to be a qualified supplier for North American utilities.

Colin，我期待那會成為未來某次電話會議的亮點。但目前我們正努力讓團隊聚焦：先把握巴西的機會；在整個拉丁美洲播下種子，以便憑藉合併後的業務在拉丁美洲的礦業與公用事業領域擴張；然後再讓我們具備成為北美公用事業合格供應商的條件。

The third part will take time, but I'm very excited that we'll be able to demonstrate some progress hopefully, along the way as that develops. So there's kind of a 3-step focus on Brazil, expand throughout Latin America with the combined product offering and then bring those large power transformers here to North America.

第三部分需要時間，但我非常期待在其發展過程中，我們能夠一路展示一些進展。所以大致上是一個三步驟的重點：聚焦巴西、以合併後的產品組合擴展至整個拉丁美洲，然後把那些大型電力變壓器帶到北美。

Perfect. And then shifting gears a little bit into the military opportunity. I appreciate the level of detail on the ship protection systems. But I'm curious about the port opportunity and how quickly that might move. We're seeing pretty substantial numbers passed around for budgets in the US. And curious, given the portfolio that you have and the ability to really support incremental power out to the ports, how we might see that start flowing through the Grid business?

很好。接著稍微轉換一下話題到軍事方面的機會。我很感謝你對船舶防護系統提供的細節程度。但我也好奇港口方面的機會，以及它可能會多快推進。我們看到美國預算方面流傳著相當可觀的數字。也想請教，考量你們的產品組合，以及你們確實能夠為港口提供額外增量電力支援的能力，我們可能會如何看到這些需求開始反映在你們的電網（Grid）業務上？

Yes. I think as we look at where we are, given the conflicts in the world, Garret, given where we are with energy demands and prices for things that we are seeing demand driven on the Grid in a variety of areas. And the port thing is we initially started looking at shipyards and how we take our industrial power supplies and bring them there.

是的。我想當我們看目前的情況，考量到全球的衝突，Garret，以及我們在能源需求與價格方面所處的位置，電網在多個領域都出現由需求帶動的成長。至於港口這件事，我們一開始是從造船廠著手，思考如何把我們的工業電源供應設備帶到那裡。

I think that there is further diversification that we're going to see happen throughout energy infrastructure all the way through to the delivery at the port. So it's an opportunity that we're positioned, we hope to take advantage of, and we're excited about that broader opportunity in more traditional power.

我認為我們將會看到能源基礎設施一路到港口交付端出現進一步的多元化。因此這是一個我們已就位、希望能把握的機會，我們也對在更傳統電力領域的更廣泛機會感到興奮。

Justin Clare, ROTH Capital Partners.

Justin Clare，ROTH Capital Partners。

I wanted to follow up just on the data center opportunity. Wondering if you could just better help us understand how AMSC is participating here and where in the value chain. If you could share which types of products are being pulled forward by the data center-related demand. And then is this primarily utility side power quality equipment that's at the substation? Or are you actually supplying equipment that is installed on the data center campus or within the facility itself?

我想就資料中心的機會再追問一下。想請你們更清楚地幫我們理解 AMSC 在這裡是如何參與、位於價值鏈的哪個環節。如果可以的話，請分享哪些類型的產品是被資料中心相關需求所提前拉動。另外，這主要是公用事業端、變電站的電能品質設備嗎？還是你們實際上也供應安裝在資料中心園區內或設施本體內的設備？

Let me try to unpack all that. So the data center wins that we've had direct to the data centers are principally for power quality at the data center as the data center is being constructed. What's being realized in the industry is that as data centers get larger, there is a persistent power quality problem that we can uniquely solve. It's very akin to what we do in semiconductors with semiconductor fabs. So it's managing voltage -- it's managing harmonics. It's basically providing power quality.

我來試著把這些拆開說明。我們直接拿到、面向資料中心的訂單，主要是在資料中心建置期間，提供資料中心端的電能品質（power quality）解決方案。業界正在意識到的是，隨著資料中心規模變大，會出現持續性的電能品質問題，而這是我們能以獨特方式解決的。這非常類似我們在半導體領域、為晶圓廠所做的事情。也就是管理電壓——管理諧波。基本上就是提供電能品質。

Now that being said, we do think that there's an opportunity for power supplies at data centers. And part of the mindset and shifting to have a more broad offering in transformers, a lot of transformers are getting sold into data centers. It puts us in the position now to be an offering, again, direct to data centers for there.

不過話說回來，我們確實認為資料中心在電源供應方面也有機會。而我們的思維之一、以及轉向提供更廣泛產品組合的一部分，是在變壓器方面；有大量變壓器正在銷往資料中心。這讓我們現在也能成為一個供應選項，同樣是直接面向資料中心提供相關產品。

We do also kind of as a complement, continue to see demand on the utility side to be able to further bolster the Grid in part because of data center demand. So there's kind of -- what we used to say was kind of we were kind of a second order driver to data centers. Now we kind of have a one-two punch, support the data center directly and also be able to support the utilities as clusters of these grow and the Grid itself gets more strained or constrained.

另外作為互補，我們也持續看到公用事業端的需求，為了進一步強化電網，部分原因就是資料中心需求所致。所以有點像——我們過去常說，我們對資料中心算是第二順位的驅動因素。現在我們有點像一記「一二連擊」：既能直接支援資料中心，也能在這些資料中心群聚成長、電網本身變得更吃緊或受限時，支援公用事業端。

Got it. Okay. I appreciate that. And then we're just looking through the 10-K, we saw that the Asia Pacific Grid revenue for fiscal '25, it increased almost 6 times year-over-year relative to fiscal '24. I was wondering if you could just help us understand what drove the magnitude of that growth. Was this concentrated in a few large projects or with specific customers? Or does this reflect kind of a broader regional inflection in the demand you're seeing there?

了解。好。謝謝你的說明。另外我們在看 10-K 時注意到，亞太地區電網（Grid）營收在 2025 會計年度相較 2024 會計年度年增接近 6 倍。想請你們幫我們理解，這麼大幅度成長的驅動因素是什麼。這是集中在少數幾個大型專案或特定客戶嗎？還是反映你們在當地看到的更廣泛、區域性的需求拐點？

That's a good pickup in the tables in the detail. So on the Grid side, if you look on the Wind side, that's really driven by Inox. On the Grid side, it's a couple of things. It's supporting some very large renewable projects in the region, which I won't say is brand new to us, but it was a bigger business opportunity this year, which helped drive some of that growth. But principally, it's semiconductor and in the material space.

你在表格細項裡抓到這點很不錯。所以在電網這邊，如果你看風電那邊，主要是由 Inox 帶動。在電網端，則有幾個因素。其中之一是支援該地區一些非常大型的再生能源專案；這對我們來說不算全新，但今年的商機規模更大，因而帶動了部分成長。但主要還是半導體以及材料領域。

So we are actively promoting not only in North America, but in Asia Pacific, those solutions and offerings, and we had a tremendous year in the Asia Pac region overall.

因此我們不只在北美，也在亞太地區積極推廣這些解決方案與產品組合，而我們在整個亞太地區今年表現非常亮眼。

(Operator Instructions)

（接線員指示）

Tim Moore, Clear Street.

Tim Moore，Clear Street。

Congratulations on your order growth and backlog magnitude subsequent to the Comtrafo contribution boost in the December quarter. Good job on the EBITDA margin expansion. I just want to kind of go into a thread on SG&A expense leverage. I mean that's been an important part of our thesis. We know you'll expand gross margin with volume, but we know that there's SG&A seasonality seems to be the lowest percentage of revenue in the last 3 years in your fiscal fourth quarter. How do you think about SG&A as a percentage of revenues improving this fiscal year despite getting Comtrafo?

恭喜你們在 12 月季度因 Comtrafo 併入帶動而出現的訂單成長與在手訂單（backlog）規模提升。EBITDA 利潤率擴張也做得很好。我想深入談一下 SG&A 費用槓桿。我的意思是，這一直是我們投資論點的重要部分。我們知道你們會隨著出貨量提升而擴大毛利率，但我們也注意到 SG&A 的季節性——在過去 3 年中，你們的第四會計季度 SG&A 佔營收比重似乎是最低的。你們如何看待在本會計年度、即使納入 Comtrafo 之後，SG&A 佔營收比重仍能改善？

Yes. So if you look at our Q4 SG&A, I would say that, that's a fairly good reference. If you back out the contingent consideration, obviously, we don't know what that will be quarter-to-quarter. But if you look at the research and development, sales and marketing and regular G&A, we feel pretty good, but that's not a bad baseline to run into 2026. We'll have some growth as the business scales up, but not to the level of, hopefully, the revenue growth that we experienced.

是的。如果你看我們第四季的 SG&A，我會說那是一個相當不錯的參考點。如果把或有對價（contingent consideration）扣除，當然我們也不知道它每季會是多少。但若看研發、銷售與行銷，以及一般管理費用（G&A），我們感覺相當不錯；以那個水準作為 2026 年的起點並不差。隨著業務規模擴大，我們會有一些成長，但希望不會到我們所經歷的營收成長那樣的幅度。

I said several times that we still believe the business we're still sized overall that we think the business can grow substantially before we have to really see substantial increases in SG&A.

我已經說過好幾次，我們仍然相信，就整體而言我們目前的人力與費用規模配置，足以讓業務在不需要看到 SG&A 大幅增加之前，先實現相當可觀的成長。

No, that's a great driver of incremental EBITDA margin part of our thesis. And then just switching gears, I know you've talked a lot about the backlog. But just please correct me if I'm wrong. Your backlog figure that you report in your release and talk about quarterly, that's the 12-month amount, right, not the 18-month value that could be $75 million or $100 million higher. Is that true?

不，這確實是我們投資論點中、推動增量 EBITDA 利潤率的一個很重要的驅動因素。接著換個話題，我知道你們談了很多在手訂單。但如果我理解有誤請糾正我。你們在新聞稿中披露、並在每季討論的在手訂單數字，是 12 個月的金額，對吧？不是 18 個月的金額；後者可能會高出 7,500 萬或 1 億美元。這樣說對嗎？

Yes. The total backlog, I think, is about $375 million. North of that -- and the 12-month number we highlight because it gives people a good predictor of what the next four quarters could look like at any point in time. And our lead times are still kind of averaging in that 9 to 12 months, which means that we can continue to add orders to improve the forward-looking four quarters.

是的。我想總在手訂單大約是 3.75 億美元。高於這個——我們之所以強調 12 個月的數字，是因為它能讓大家在任何時間點更好地預測接下來四個季度可能的樣貌。而我們的交期目前平均仍大約在 9 到 12 個月，這意味著我們可以持續新增訂單，來改善未來四個季度的展望。

That's terrific. And we know you're going to plan to add capacity in Brazil for Comtrafo. But how comfortable are you with any capacity constraints in the US and North America, given your backlog that's been growing? Are you -- do you need to add any more capacity?

太棒了。而且我們知道你們計畫在巴西為 Comtrafo 增加產能。但鑑於你們持續成長的在手訂單，你們對美國與北美地區可能出現的產能限制有多大把握？你們是否——需要再增加任何產能？

The only -- the good thing about the way the business is designed is to increase capacity, it's just increasing labor. So going to more days and more shifts. And we're seeing some of that beginning in some of our factories. So we're really excited about the opportunities that our customers are presenting to us for challenging work for our employees.

唯一——這個業務設計的好處在於，要提升產能，其實就是增加人力。也就是增加工作天數與增加班次。我們已經在部分工廠看到這種情況開始出現。因此，對於客戶帶給我們的機會——也就是為員工提供具挑戰性的工作——我們感到非常振奮。

So we're very much in a -- we need to take care of our business now, operate very well and service our customers, and that's coming back kind of in spades with bigger orders and more business from those customers. So the factories are set up to be able to scale to be able to respond, and it's really principally driven by labor.

所以我們目前非常專注於——先把眼前的業務照顧好，把營運做好並服務好客戶，而這也以更大的訂單與更多來自這些客戶的業務回饋給我們。因此工廠的設置具備可擴充性、能夠因應需求，而這主要是由人力所驅動。

Great. I appreciate that. My last question is, now that Comtrafo integration is underway, you've had it for almost 6 months. We know you got to do capacity planning expansion there. How comfortable would the management team be to possibly make another acquisition this fiscal year, maybe something in North America given your cash balance?

很好。感謝你的說明。我最後一個問題是，既然 Comtrafo 的整合正在進行，你們已經擁有它將近 6 個月。我們知道你們需要在那裡做產能規劃擴張。考量你們的現金餘額，管理團隊對於在本會計年度可能再進行另一項收購（也許是在北美）會有多大把握？

Yes. I think we'll see on that. I think we're still digesting Comtrafo. We're only four months into the relationship with them. It's really brought a whole new level of excitement because in North America, the team is very excited about some of the earlier comments that were made that I tend to say, well, let's take our time. But the team is very excited about the opportunities for Comtrafo in North America to the point where I kind of try to slow it down and say, hey, let's make sure we're taking advantage of all our opportunities.

是的。我想我們再看看。我認為我們仍在消化 Comtrafo。我們與他們的合作關係才進入第 4 個月。這確實帶來了全新層級的興奮感，因為在北美，團隊對於先前提到的一些評論非常振奮；而我通常會說，嗯，我們慢慢來。但團隊對 Comtrafo 在北美的機會非常興奮，以至於我有時會試著放慢節奏並說，嘿，先確保我們把所有機會都充分掌握。

But I think the combined product offering throughout Latin America really is a huge winner. And I don't think that's something that we've probably talked a lot about. Hopefully, in coming quarters, we'll have demonstrable success that we can highlight along the way. But we're a very different company than we were even a year or so ago. I mean the total available market for us went up by 50%.

但我認為，整個拉丁美洲的整合式產品組合確實會是非常大的贏家。而我不認為這是我們過去談很多的事情。希望在接下來幾個季度，我們能有可展示的成功案例，並在過程中加以強調。但我們已經是一家與一年前甚至更早相比非常不同的公司。我的意思是，我們的總可服務市場（TAM）增加了 50%。

I don't know people appreciate that. The opportunity for this company and the tailwinds that we're seeing really is a unique time in history. And we're super excited, and we're trying to be in a position to take advantage of those opportunities as they come.

我不知道大家是否意識到這點。這家公司所面臨的機會，以及我們看到的順風因素，確實是歷史上非常獨特的時刻。我們非常興奮，也正努力讓自己處於能夠把握這些機會的有利位置，當機會出現時就能抓住。

That does conclude the question-and-answer session. I would like to turn the conference back over to Daniel McGahn for any closing comments.

問答環節到此結束。我想把電話會議交回給 Daniel McGahn，請他做任何結語。

I think one thing I'll say is, in John's remarks, he made a very important reflection on gross margin. So that would be something I definitely would point out and say he really tried to explain things so you understand that gross margin will continue to improve probably incrementally really, but going forward, it's growing the top line and getting the leverage over the operating expenses that we're going to see really help drive profit. And that's what the team is focused on going forward.

我想我會說的一點是，在 John 的發言中，他對毛利率做了一個非常重要的反思。所以這是我一定會特別指出的：他確實試著把事情解釋清楚，讓你理解毛利率未來可能會持續改善——大概是逐步、漸進式地改善；但往前看，真正能推動獲利的是營收成長（top line）以及對營業費用的槓桿效應。而這正是團隊接下來的重點。

This has really been a transformative year for the company. I can't say that enough for in many different ways. I don't think it's fully appreciated. I think within our employee base, they're just starting to really understand we are much bigger and broader than we ever have been or ever thought we would be from a product lineup standpoint. The nearly $300 million in revenue, that represents really -- it's 34% growth. I mean it's extraordinary and really driven by the organic part of the business.

對公司而言，這確實是具有轉型意義的一年。我再怎麼強調都不為過，因為在很多不同面向都是如此。我不認為外界已完全理解。我認為在我們的員工群體內部，他們才剛開始真正理解：從產品線的角度來看，我們比以往任何時候都更大、更廣，也比我們曾經想像的更大、更廣。接近 3 億美元的營收，這代表——是 34% 的成長。這非常驚人，而且主要是由業務的有機成長所驅動。

We showed pretty significant improvement in gross margin, going from about 28% to about 30%, right? So continuing to be able to move that. Delivering profit consistently. That's something that we're very proud of, but we know now we need to drive the leverage throughout the business. We believe we're positioned for growth given just where the FY '26 backlog sits and having the acquired revenue from Comtrafo.

我們的毛利率也顯著改善，從約 28% 提升到約 30%，對吧？所以我們會持續推動這方面的提升。穩定地交付獲利。這是我們非常自豪的一點，但我們也知道，現在需要在整個業務中推動槓桿效應。考量 FY '26 的在手訂單所處的位置，以及來自 Comtrafo 的併購營收，我們相信我們已具備成長的有利條件。

The expansion you can hear I'm just jubilant about in Latin America, the diversification of our revenue, and this is really driven by traditional energy and utility business. We're becoming now really about power and the new tagline of the company is to the next power AMSC. That's really purposeful. It's very powerful, and that's where we're headed.

你可以聽得出來，我對拉丁美洲的擴張感到非常振奮；我們的營收多元化，而這確實是由傳統能源與公用事業業務所驅動。我們現在正真正成為一家以電力為核心的公司，而公司的新標語是「to the next power AMSC」。這是非常有意為之的。它很有力量，而這就是我們前進的方向。

So we're excited. I hope that you are as well. We appreciate your time and attention and look forward to be able to talk to you in the coming months. Thank you. Be well.

所以我們很興奮。希望你們也是。感謝各位的時間與關注，也期待在接下來幾個月能與各位再交流。謝謝。祝安好。

Thank you. This concludes today's teleconference. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝各位參加今天的簡報。各位現在可以掛線。