American Superconductor Corp (AMSC) 2026 Q2 法說會逐字稿

Good day. And welcome to AMSC second-quarter fiscal '26 financial results conference call. (Operator Instructions) Please note this event is being recorded.

大家好。歡迎參加 AMSC 2026 會計年度第二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.

現在我想將會議交給傳播總監 Nicol Golez。請開始。

Thank you, [Sager]. Good morning, everyone, and welcome to American Superconductor Corporation second quarter of fiscal year 2026 conference call. I am Nicole 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，[Sager]。各位早安，歡迎參加 American Superconductor Corporation 2026 會計年度第二季電話會議。我是 Nicole Golez，AMSC 的傳播總監。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、財務長兼財務主管（Treasurer）John Kosiba。

Yesterday, after market close, American Superconductor issued its earnings release for the second quarter of fiscal year 2026. 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，American Superconductor 發布了 2026 會計年度第二季的財報新聞稿。該新聞稿可於公司網站 www.amsc.com 的投資人頁面取得。

Remarks that management may make during today’s call about American Superconductor’s future expectations, including expectations regarding the company’s 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.

管理層在今天電話會議中可能就 American Superconductor 未來預期所作的陳述（包括對公司未來財務結果、計畫與前景的預期）均屬前瞻性陳述。由於多項重要因素，實際結果可能與此等前瞻性陳述所示存在重大差異，包括 American Superconductor 截至 2026 年 3 月 31 日止年度之 Form 10-K 年報中「風險因素」章節所列因素（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 提交的其他報告；上述文件亦可於我們網站取得。公司不承擔更新此等前瞻性陳述的任何義務。

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.

在今天的電話會議中，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見於公司財報新聞稿。

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, and good morning, everyone. 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 second fiscal quarter which ended September 30, 2026, and provide guidance for the third fiscal quarter which will end December 31, 2026. Following our comments, we’ll open up the line to questions from our analysts.

謝謝你，Nicol，各位早安。我今天先就我們的業務提供最新進展並分享幾點看法。接著 John Kosiba 將就截至 2026 年 9 月 30 日止的第二會計季財務結果進行詳細說明，並提供截至 2026 年 12 月 31 日止第三會計季的財測指引。在我們發言之後，我們將開放分析師提問。

We executed another quarter of strong results, with revenue exceeding $90 million. This is our second consecutive quarter at this higher revenue level. Second-quarter revenue marked a significant increase of more than 40% year over year, reflecting strong execution across our grid and wind business. This strength reflects continued customer-requested acceleration in projects throughout the first half of our fiscal year and we closed the quarter with a strong balance sheet of over $100 million in cash.

我們又完成了一個表現強勁的季度，營收超過 9,000 萬美元。這是我們連續第二個季度維持在較高的營收水準。第二季營收年增超過 40%，反映我們在電網與風電業務的強勁執行力。這項強勁表現反映在本會計年度上半年，客戶要求加速推進的專案持續增加；我們在季末亦維持強健的資產負債表，現金超過 1 億美元。

This quarter’s revenue came from a broad mix across our core markets. More than half of revenue came from traditional and renewable energy, with utility and materials projects each at nearly 20% and military just under 10%. This diverse mix reflects the growing demand across our end markets and the reach of our technology.

本季營收來自我們核心市場的多元組合。超過一半的營收來自傳統能源與再生能源，其中公用事業與材料專案各接近 20%，軍事業務略低於 10%。這種多元組合反映我們終端市場需求的成長，以及我們技術的覆蓋範圍。

During the second quarter, our power solutions saw excellent traction. Orders exceeded $95 million, driven primarily by traditional and renewable energy as well as demand from our materials and utilities customers. Strong bookings pushed first-half orders to about $230 million. This is more than double the year-ago period. We believe this puts us in great position to keep momentum going during fiscal year 2026.

在第二季期間，我們的電力解決方案業務獲得極佳進展。訂單金額超過 9,500 萬美元，主要由傳統能源與再生能源帶動，同時也受惠於材料與公用事業客戶的需求。強勁的接單使上半年訂單總額達約 2.3 億美元。這是去年同期的兩倍以上。我們相信，這讓我們在 2026 會計年度得以維持成長動能、處於非常有利的位置。

Now I’ll turn the call over to John Kosiba to review our financial results for the second quarter of fiscal 2026 and provide guidance for the third quarter of fiscal 2026 which will end December 31, 2026. John?

現在我將把電話會議交給 John Kosiba，請他回顧我們 2026 會計年度第二季的財務結果，並提供將於 2026 年 12 月 31 日結束之 2026 會計年度第三季的指引。John？

Thanks, Daniel, and good morning, everyone. AMSC generated revenues of $94 million for the second quarter of fiscal 2026 compared to $65.9 million in the year-ago quarter. Our Grid business unit accounted for 82% of total revenues while our Wind business unit accounted for 18%.

謝謝你，Daniel，各位早安。AMSC 2026 會計年度第二季營收為 9,400 萬美元，去年同期為 6,590 萬美元。我們的電網（Grid）事業部占總營收的 82%，風電（Wind）事業部占 18%。

Grid business unit revenues increased by 41% in the second quarter versus the year-ago quarter. The increase in revenue was driven by organic growth and the contribution from the acquisition of Comtrafo. Wind business unit revenues increased 51% over the same time period. The increase in revenues was driven by additional shipments of electrical control systems.

電網事業部第二季營收較去年同期成長 41%。營收成長主要來自有機成長，以及收購 Comtrafo 的貢獻。風電事業部營收在同一期間成長 51%。營收增加主要由於電氣控制系統出貨量提升。

Looking at the P&L in more detail, gross margin for the second quarter of fiscal 2026 was 28% compared to 31% in the year-ago quarter. When compared to the first quarter of fiscal 2026, gross margins improved sequentially by 190 basis points. The quarter-over-quarter improvement was driven primarily by higher Comtrafo factory utilization as they ramp up to deliver on their increased backlog.

更詳細來看損益表，2026 會計年度第二季毛利率為 28%，去年同期為 31%。與 2026 會計年度第一季相比，毛利率季增 190 個基點。此一季對季改善主要來自 Comtrafo 工廠稼動率提升，因其正加速擴產以交付增加的在手訂單（backlog）。

Now moving on to operating expenses, R&D and SG&A expenses for the second quarter of fiscal 2026 were $22 million compared to $17.1 million in the year-ago quarter. This increase was primarily driven by the incremental addition of Comtrafo’s operating expenses. Approximately 29% of R&D and SG&A expenses in the second quarter of fiscal 2026 were non-cash.

接著看營業費用，2026 會計年度第二季研發（R&D）與銷售、一般及行政（SG&A）費用為 2,200 萬美元，去年同期為 1,710 萬美元。此一增加主要由於新增併入 Comtrafo 的營運費用。2026 會計年度第二季研發與 SG&A 費用中約 29% 為非現金項目。

We generated non-GAAP net income for the second quarter of fiscal 2026 of $9.1 million or $0.20 per share, compared to $8.9 million or $0.20 per share in the year-ago quarter. Our net income in the second quarter of fiscal 2026 was $3 million or $0.06 per share. This compares to $4.8 million or $0.11 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 2026 會計年度第二季的非 GAAP 淨利為 910 萬美元，或每股 0.20 美元；去年同期為 890 萬美元，或每股 0.20 美元。我們 2026 會計年度第二季的淨利為 300 萬美元，或每股 0.06 美元。相較之下，去年同期為 480 萬美元，或每股 0.11 美元。GAAP 與非 GAAP 結果之調節，請參閱我們昨晚發布的新聞稿。

We ended the second quarter of fiscal 2026 with $181.9 million in cash, cash equivalents, and restricted cash, which compares with $218.8 million on September 30, 2025. We generated $32.7 million of operating cash flow in the second quarter of fiscal 2026. This increase in operating cash flow was the result of strong collections on several of our larger active projects. In fact, our Q1 and Q2 operating cash flow totaled $48.7 million on revenue of $188.1 million. These are record level results in working capital management.

我們在 2026 會計年度第二季季末持有現金、約當現金及受限制現金合計 1.819 億美元，相較於 2025 年 9 月 30 日的 2.188 億美元。我們在 2026 會計年度第二季創造了 3,270 萬美元的營運現金流。營運現金流增加是由於我們在數個較大型的進行中專案上回收款項表現強勁。事實上，我們第一季與第二季的營運現金流合計達 4,870 萬美元，對應營收為 1.881 億美元。這些是營運資金管理方面的創紀錄水準成果。

Now turning to our financial guidance for the third quarter of fiscal 2026. We expect that our revenues will exceed $80 million, our net income from that revenue is expected to exceed break-even, and our non-GAAP net income is expected to exceed $7 million or $0.15 per share.

現在轉到我們對2026會計年度第三季的財務指引。我們預期營收將超過8,000萬美元；由該營收帶來的淨利預期將超過損益兩平；非GAAP淨利預期將超過700萬美元，或每股0.15美元。

I would like to remind everyone that our revenue and associated profit from quarter to quarter historically had variability based on the projects being delivered during a quarter and we’d expect this variability to continue. When you look at our results over a longer period of time, this tends to smooth out any variation. For example, AMSC’s average trailing three quarters of revenue is $91.5 million, and our average trailing non-GAAP net income is $10.3 million.

我想提醒各位，我們的營收及其相關利潤在歷史上每季之間會因當季交付的專案而有所波動，我們也預期這種波動將持續。當你以較長期間來看我們的結果時，這通常會平滑任何變動。例如，AMSC過去連續三季的平均營收為9,150萬美元，而我們過去連續的平均非GAAP淨利為1,030萬美元。

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

接下來，我把電話交回給Daniel。

Thanks, John. Our revenue results surpassed expectations again. However, it does make the third quarter challenging as there was an acceleration of projects delivered into the second quarter. As is common in our business, timing plays a key role in quarterly results.

謝謝，John。我們的營收結果再次超出預期。不過，這也使第三季更具挑戰，因為有部分專案交付加速提前到第二季。如同我們業務的常態，時點在季度業績中扮演關鍵角色。

These past two quarters benefited from accelerated deliveries which shifted projects from the next quarter. For the first half of the fiscal year, we generated more than $185 million in revenue. This is over just six months and shows our team’s capacity to scale operations rapidly. This performance proves we can successfully accelerate project deliveries when our customers request them.

過去兩季受惠於加速交付，使原本屬於下一季的專案被提前。在本會計年度上半年，我們創造了超過1.85億美元的營收。這僅在六個月內達成，顯示我們團隊能快速擴大營運規模的能力。這項表現證明，當客戶提出需求時，我們能成功加速專案交付。

As John highlighted, we generated more than $10 million in average quarterly non-GAAP net income over the past three quarters on approximately $90 million in revenue. In fact, since we acquired Comtrafo, AMSC has generated over $58 million in operating cash flow. We accomplished this in just three quarters. We’re also seeing the strength of our offerings in North America.

如John所強調，過去三季我們在約9,000萬美元營收的基礎上，平均每季創造超過1,000萬美元的非GAAP淨利。事實上，自我們收購Comtrafo以來，AMSC已產生超過5,800萬美元的營運現金流。我們僅用三季就達成這一點。我們也看到我們在北美的產品與服務方案展現出強勁實力。

During our second quarter we completed the delivery and commissioning of a customer engineered 165 MVA transmission class power transformer from Comtrafo in Brazil for a major utility scale solar and energy storage project in Texas. This project demonstrates our ability to deliver complex solutions across the entire project life cycle, from engineering and manufacturing in Brazil to international logistics, installation and commissioning in the United States.

在第二季期間，我們完成了向德州一項大型公用事業級太陽能與儲能專案交付並試運轉一台由客戶工程設計、來自巴西Comtrafo的165 MVA輸電等級電力變壓器。此專案展現我們在整個專案生命週期交付複雜解決方案的能力，從在巴西的工程設計與製造，到國際物流、美國境內的安裝與試運轉。

We are ahead of schedule in accessing the North American market with Comtrafo transformers and we’re working on additional projects of a similar scale. We had initially expected deliveries into North America at the earliest in 2028 and I’m very proud of the team’s ability to deliver within calendar year 2026.

我們以Comtrafo變壓器切入北美市場的進度超前，並正推進其他規模相近的專案。我們原先預期最早要到2028年才會向北美交付，我對團隊能在2026曆年內完成交付感到非常自豪。

This success reflects the growing demand for our solutions and the opportunities we see in the North American market. We are well positioned to deliver power solutions that help utilities and energy intensive industries access reliable power, improve grid performance and meet growing electricity demands.

這項成功反映出市場對我們解決方案的需求日益增加，以及我們在北美市場看到的機會。我們具備良好條件提供電力解決方案，協助公用事業與高耗能產業取得可靠電力、提升電網效能並滿足不斷成長的用電需求。

Additionally, our orders demand outpaced our accelerated execution. In the first and second quarters, our average orders reached above $100 million per quarter, up from approximately $70 million per quarter last year. We are growing. We are executing with discipline and focus. And we have tremendous tailwinds at our back. These results show that we are operating ahead of schedule, driving strong business growth and setting the stage for a bright future.

此外，我們的接單需求成長速度超過了我們加速執行的速度。在第一與第二季，我們平均每季接單超過1億美元，高於去年約每季7,000萬美元。我們正在成長。我們以紀律與專注執行。而且我們背後有非常強勁的順風。這些結果顯示我們的營運進度超前，推動強勁的業務成長，並為光明的未來奠定基礎。

In the second quarter, we saw strong order demand across energy markets as well as our other core markets. About two-thirds of our orders came from the energy sector, with traditional energy accounting for over 40% and renewables contributing more than 25%. The rest was spread across materials and utility markets, each at around 10%. This demand is supported by powerful tailwinds across multiple sectors, with significant investment projected for 2026.

在第二季，我們在能源市場以及其他核心市場都看到強勁的接單需求。約三分之二的訂單來自能源領域，其中傳統能源占比超過40%，再生能源貢獻超過25%。其餘則分布於材料與公用事業市場，各約10%。這些需求受到多個產業強勁順風的支撐，並預期2026年將有大量投資。

In energy, we see several significant projects on the horizon, particularly in the US, where investment in traditional energy continues to support demand for our products. Globally, traditional energy, including oil and gas, are expected to see around $1.2 trillion in capital spending this year.

在能源方面，我們看到多個重要專案即將到來，尤其是在美國，傳統能源投資持續支撐我們產品的需求。在全球範圍內，包含油氣在內的傳統能源今年預計資本支出約1.2兆美元。

Globally, renewable energy capital expenditure remains strong, with investments for the first half of 2026 exceeding $325 billion. According to the US Energy Information Administration, solar is expected to account for most growth in US electricity supply for 2026, supporting growth opportunities across our renewable portfolio.

在全球範圍內，再生能源資本支出仍然強勁，2026年上半年投資已超過3,250億美元。根據美國能源資訊署（EIA），太陽能預期將占2026年美國電力供給增長的大部分，支撐我們再生能源產品組合的成長機會。

Projected international growth, particularly in energy, both traditional and renewables, present a layer of long-term opportunity. Investment in mining and materials creates opportunities for us, particularly at energy-intensive sites where grid connections can be costly, delayed or unreliable.

預期的國際成長，特別是在能源領域（包含傳統與再生能源），提供了一層長期機會。礦業與材料的投資為我們帶來機會，尤其是在高耗能場址，電網接入可能成本高昂、延遲或不可靠。

The global mining project pipeline is estimated at approximately $1.2 trillion, with more than $250 billion in projects already under construction. Our solutions can help customers maintain power quality and support stable operations.

全球礦業專案管線估計約1.2兆美元，其中已有超過2,500億美元的專案正在建設中。我們的解決方案可協助客戶維持電力品質並支持穩定營運。

Specifically in the semiconductor sector, we have developed a pipeline of about $200 million of potential projects slated to be built in the coming several years. These opportunities are not currently in our backlog and could have a meaningful impact on our future growth. Although the timing of these opportunities will vary by quarter, we have recently been asked to revisit our lead times to meet an accelerated schedule over the next 12 to 24 months.

特別是在半導體領域，我們已建立約2億美元的潛在專案管線，預計在未來數年內建置。這些機會目前尚未納入我們的在手訂單，可能對我們未來成長產生實質影響。雖然這些機會的時點會因季度而異，但近期我們被要求重新檢視交期，以配合未來12至24個月的加速時程。

Industry capital expenditures in semiconductors are projected to reach $200 billion in 2026, up 20% from 2025. Because semiconductor manufacturing requires reliable power, our SAG mitigation, voltage management and harmonic filtering solutions can uniquely help protect sensitive production processes and reduce costly disruptions.

半導體產業的資本支出預計在2026年達到2,000億美元，較2025年成長20%。由於半導體製造需要可靠電力，我們的SAG緩解、電壓管理與諧波濾波解決方案能以獨特方式協助保護敏感的生產流程並降低昂貴的中斷風險。

We’re also seeing demand from utilities responding to rising electricity consumption and changing grid requirements, including demand associated with data centers. We delivered product to data center projects in our second quarter. We received orders for data center projects in our second quarter, and we are positioned to deliver data center revenues in our third quarter. This is a small part of our business.

我們也看到公用事業因應用電量上升與電網需求變化（包括與資料中心相關的需求）而帶來的需求。我們在第二季向資料中心專案交付了產品。我們在第二季也取得資料中心專案的訂單，並已具備在第三季認列資料中心營收的條件。這僅占我們業務的一小部分。

US utility capital spending is projected to exceed $1.2 trillion from 2026 through 2030. Utilities are evaluating our solutions to improve grid stability. Our power systems position us well to address these emerging power quality and reliability needs.

美國公用事業資本支出預計在2026年至2030年間超過1.2兆美元。公用事業正在評估我們的解決方案以提升電網穩定性。我們的電力系統使我們具備良好條件，因應這些新興的電力品質與可靠度需求。

In the military market, global defense spending is projected to reach nearly $3 trillion, providing a strong foundation for potential growth as naval modernization and electrification continue. These sectors represent massive long-term capital investment. We believe we are well positioned to benefit with our broad product portfolio. We closed the quarter with a strong 12-month backlog of nearly $320 million. That’s a 50% increase from the year-ago quarter.

在軍事市場方面，全球國防支出預計將接近3兆美元；隨著海軍現代化與電氣化持續推進，這為潛在成長提供了堅實基礎。這些領域代表龐大的長期資本投資。我們相信，憑藉廣泛的產品組合，我們具備良好條件從中受益。本季結束時，我們的12個月在手訂單接近3.2億美元。較去年同期季度增加50%。

In summary, we are operating ahead of schedule, driving strong business growth and paving the way for a successful future. We reached a new level of revenue and gross margins have expanded. We generated over $45 million in operating cash for the first half of the fiscal year. We had customer pull ins that may or may not occur in the December quarter. Customers typically are not receiving much during the holiday season. We may see another acceleration in the coming quarters.

總結而言，我們的營運進度超前，推動強勁的業務成長，並為成功的未來鋪路。我們達到新的營收水準，且毛利率已擴大。在本會計年度上半年，我們產生超過4,500萬美元的營運現金。我們有客戶提前拉貨，這些拉貨在12月季度可能會發生也可能不會。客戶通常在假期季節不會收到太多貨。我們可能在接下來幾季看到另一波加速。

We are $20 million ahead of our revenue guidance for the first half of the year. This was unexpected but shows that we are able to deliver some product lines on shorter timelines than are contracted, which customers are pushing us to deliver more rapidly.

我們在今年上半年營收指引之上超出2,000萬美元。這原本出乎意料，但顯示我們能在比合約約定更短的時程內交付部分產品線，而客戶也正推動我們加快交付速度。

When we look at the first three quarters, our results plus the guidance given today, we’re at about $20 million of revenue per quarter and having that translate into about $10 million of non-GAAP net income. This is where we’ve hoped to be. The business is working very well. We see a strong second half as well.

當我們看前三個季度的實際結果，加上今天提供的指引，我們每季約2,000萬美元營收，並可轉化為約1,000萬美元的非GAAP淨利。這正是我們一直希望達到的水準。業務運作得非常好。我們也看到下半年同樣強勁。

What really excites me today is the rate that orders have been coming in. Our average orders per quarter have gone from $70 million last year to over $100 million this year. The business is poised to grow. And where we see that growth coming is in traditional energy where there are significant capital investments, especially in the US in energy and power.

今天真正讓我感到振奮的是訂單湧入的速度。我們每季平均訂單金額已從去年7,000萬美元提升到今年超過1億美元。業務已蓄勢待發、準備成長。而我們看到成長主要來自傳統能源領域，該領域有大量資本投資，尤其是在美國的能源與電力方面。

We have a substantial footprint of equipment in the Middle East that is positioned to expand once the region comes and capital is injected to expand capacity. We have equipment in the largest LNG hub and we power pipelines, areas that are poised for investment.

我們在中東擁有相當可觀的設備佈局；一旦該地區回溫並注入資本以擴充產能，這些佈局就具備擴張條件。我們在最大的LNG樞紐有設備，並為管線提供電力，這些都是具備投資潛力的領域。

Secondly, and perhaps more importantly, is the ramp in semiconductor capacity that is underway globally. We have visibility on nearly $200 million of pipeline of orders in the sector that appears ready to be converted into orders as early as this fiscal year. That would translate into revenue next year.

第二點，而且或許更重要的是，全球半導體產能擴張正在加速推進。我們在該產業可見度接近2億美元的訂單管線，且看起來最快在本會計年度就可轉換為實際訂單。這將在明年轉化為營收。

One of the challenges with revenue forecasting is we have a large semiconductor project that will be manufacturing in Q3, but we plan to ship in Q4. That project is too large to imagine it accelerating. This is part of the lumpiness that I hope doesn’t confuse investors. We have reached a new revenue level this fiscal year and we’re in position to expand beyond that as we end this fiscal year and enter into the next.

營收預測的一項挑戰在於：我們有一個大型半導體專案將在第三季製造，但我們計畫在第四季出貨。該專案規模太大，幾乎不可能加速。這也是我希望不會讓投資人困惑的營收波動性（lumpiness）的一部分。我們在本會計年度已達到新的營收水準，並且在本會計年度結束、進入下一年度時，具備進一步擴張的條件。

We are ahead of plan in our expansion of our Brazilian transformer manufacturer into North America. We commissioned transformers for a large project in Texas. We’re positioning the larger AMSC offering into many projects in both North and South America. We see a very healthy pipeline of these projects.

我們將巴西變壓器製造商的業務拓展至北美的進度，已超前原計畫。我們已為德州一個大型專案完成變壓器的投運（commissioned）。我們正把AMSC更完整的產品/解決方案導入北美與南美的多個專案。我們看到這些專案有非常健康的管線。

We have a very strong balance sheet that we’re looking to deploy to better serve our customers and expand our offerings. This is a wonderful time in our company’s history. The hard work of our team across the globe and their commitment to excellence in serving our customers is translating into strong and healthy business.

我們擁有非常強健的資產負債表，並希望加以運用，以更好地服務客戶並擴大我們的產品/服務範疇。這是公司歷史上一個非常美好的時刻。我們全球團隊的辛勤努力，以及以卓越服務客戶的承諾，正轉化為強勁且健康的業務表現。

And while the elections may bring changes in policy priorities, the fundamental drivers of our business remain intact. We believe the growing electricity demand and the need for reliable power will remain a long-term priority.

即使選舉可能帶來政策優先順序的變化，我們業務的基本驅動因素仍然不變。我們相信，電力需求的成長以及對可靠電力的需求，將長期維持為優先事項。

We’re excited about the future, and we believe we are exceptionally well positioned to capitalize on the opportunities ahead. 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.

我們對未來感到振奮，並相信我們具備極佳的定位，可把握前方的機會。我們面向未來的技術，有助於協調全球對去碳化與潔淨能源的渴望，以及對更可靠、更有效且更高效率電力輸送的需求。

I look forward to reporting to you again following the completion of our third fiscal quarter of 2026. Operator will now take questions from our analysts.

我期待在我們2026會計年度第三季完成後，再向各位報告。接下來由接線員開始接受分析師提問。

(Operator Instructions) Eric Stine, Craig-Hallum.

(接線員指示) Eric Stine，Craig-Hallum。

So great to hear about Comtrafo and some of the early -- the project -- the solar project in Texas. You know, I’m just curious, how do you feel market awareness is of that acquisition and of your capabilities?

很高興聽到關於Comtrafo以及一些早期——那個專案——德州的太陽能專案。我只是好奇，你覺得市場對這項收購以及你們能力的認知度如何？

You talked about several large projects in South America, North America, et cetera. Curious if those are potentially fiscal ’27 events, or should we think about those more long term as you get out in the market with that offering?

你提到南美、北美等地有幾個大型專案。我想了解這些是否可能是會計年度27年的事件，還是我們應該把它們視為更長期的機會，等你們帶著這項產品/方案更深入市場之後才會發生？

I hope and I feel like customers are being positively responsive to the addition of power transformers to the product lineup. We’re doing a lot of outreach to get our existing customer base to understand to think about us more than just power quality but also think about power supply. And that’s being very well received.

我希望、也覺得客戶對於把電力變壓器納入產品組合的反應是正面的。我們做了很多外展溝通，讓既有客戶群理解：對我們的認知不應只停留在電能品質（power quality），也要把我們視為電力供應（power supply）的提供者。而這點獲得非常好的回響。

And as you can hear in my tone, we’re being pushed by a lot of our customers to go faster. And the team has responded very well, the supply chain has responded very well. And where we can, we’ve tried to deliver more rapidly.

而且從我的語氣你也聽得出來，很多客戶都在推著我們加快速度。團隊的回應非常好，供應鏈的回應也非常好。在可行之處，我們也嘗試更快速地交付。

Lead time for large power transformers, typically are about a year. So as we get wins, hopefully they’ll become larger over time. But this is all revenue, Eric, I think that we’ll be able to recognize probably in 2027.

大型電力變壓器的交期通常約為一年。因此，隨著我們取得更多案子，希望其規模能隨時間變得更大。但我認為，Eric，這些營收大概會在2027年才能認列。

We got an order for Comtrafo transformers in the US. We have a pipeline of additional projects. I won’t say that they’re the largest projects that we have, but they’re certainly larger than what Comtrafo has historically delivered. So we think we’re well positioned to not only sell power transformers, but the combined offering in North and South America.

我們已在美國拿到Comtrafo變壓器的訂單，並且還有其他專案的管線。我不會說它們是我們手上最大的專案，但確實比Comtrafo過去歷史交付的案子更大。因此我們認為，我們不僅具備銷售電力變壓器的良好定位，也具備在北美與南美銷售整合式方案（combined offering）的良好定位。

Got it. That’s helpful. And then maybe you talked about a large semiconductor award that you expect will be a fiscal fourth-quarter event. And I know you’re not providing guidance for that, but any thoughts on size, that sort of thing, as we kind of think about the cadence here in the back half of the year?

了解。這很有幫助。另外，你提到一個大型半導體得標案，你預期會在會計年度第四季發生。我知道你們不會對此提供指引，但就規模等方面，你有什麼想法嗎？讓我們在思考今年下半年的節奏時有個概念。

Yeah. We talked about the expanded offering of the combined company that’s now AMSC and what we can really provide for SAG mitigation service for semiconductor. And we’re designed into a number of makers. And what we’re being pushed now is we have a large order that was reported as part of our orders earlier this fiscal year that will deliver in the fourth quarter. That will be a pretty significant part of revenue. That puts us in a great position, we believe, for the fourth quarter.

是的。我們談到合併後公司（現在是AMSC）的擴大產品/方案，以及我們在半導體領域能提供的SAG緩解服務（SAG mitigation service）。我們已被設計導入（designed in）多家製造商的系統中。而目前客戶推動我們加速的是：我們在本會計年度較早時、作為訂單的一部分所公告的一筆大型訂單，將在第四季交付。那將會是營收中相當重要的一部分。我們相信這讓我們在第四季處於非常有利的位置。

Going forward, we are working on terms and conditions of a number of projects, and I don’t know exactly when they’re going to close. But what it sounds like is we’re being asked to deal with our capacity to be able to deliver the combined offering of AMSC into these projects.

展望未來，我們正在就多個專案的條款與條件進行協商，我不確定它們確切何時會結案（close）。但聽起來，客戶要求我們處理的重點在於：我們是否具備產能，能把AMSC的整合式方案交付到這些專案中。

So what’s happening, and we’ve telegraphed this before, the average order size is going up, and these are pretty significant projects where, you know, bluntly, some of the orders for some of the fabs are larger than entire years of capacity in prior years. So the team’s really done a really good job of getting ready and being in position to be able to deliver at a faster rate. But that’s really going to be dictated by the customer and trying to understand, as they contract product, on what pace that’s going to need to be delivered.

因此正在發生的是——我們之前也已經預告過——平均訂單規模正在上升；而這些都是相當重大的專案，坦白說，其中一些晶圓廠（fabs）的訂單規模，甚至大於我們過去某些年度的全年產能。因此團隊在準備工作上做得非常好，並已就位以更快的速度交付。但最終仍將由客戶決定；我們需要在客戶簽約產品時，了解其所需的交付節奏。

So it’s hard for me to kind of forecast and, you know, I don’t really guide that far out in time. But we’ll talk about, as we get those orders, Eric, to try to get a better sense for people to understand how the pace of the business is changing. But what I’m kind of standing up here saying to you is we believe the pace of the business is going to change, and we’re working to make sure that we can keep up.

所以對我來說，要去做某種程度的預測其實很困難，而且你知道，我也不太會把指引拉到那麼久以後。但我們會在拿到那些訂單時再來談，Eric，試著讓大家更清楚了解業務節奏正在如何變化。不過我現在站在這裡想跟你說的是，我們相信業務的節奏將會改變，而我們也正在努力確保我們能跟得上。

So this is a really great position right now for the company. It’s something the team’s really worked very hard over the past several years to put us in position to be able to win larger orders and be able to deliver them on the customer timing.

所以就目前而言，這對公司來說是一個非常好的位置。這是團隊在過去幾年非常努力的成果，讓我們具備條件去贏得更大型的訂單，並且能依照客戶的時程交付。

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

You know, now that you’re selling more at the platform level, can you talk a little bit about the R&D opportunity and how much harmonization and incremental efficiency we can think about the system-level performance for the company as a whole?

你知道，既然你們現在更多是以平台層級在銷售，能否談談研發（R&D）的機會，以及我們可以如何看待整體系統層級效能的整合（harmonization）與增量效率提升，對公司整體而言會是什麼樣子？

We’re trying to get the combined offering not only to make installation easier, but to make information more valuable for the customer. So those are kind of the two main themes that we’re looking at. How do we provide an offering that ultimately provides more value for the customer by sourcing more of the product suite from us directly?

我們正嘗試把整合後的產品組合做出來，不只是讓安裝更容易，也讓資訊對客戶更有價值。所以這大概是我們在看的兩個主要主題。我們要如何提供一個方案，最終透過讓更多產品組合由我們直接供應，來為客戶帶來更高的價值？

We don’t make or dictate to customers that they have to buy a broader offering from us. If they need a piece of the solution from us, we’re more than happy and eager and willing to be able to provide. But I think what we’re going to see over time is installation difficulties will go down, speed can go up, and the amount of information that we’re able to get back in the customer’s hand about how their electricity project is performing will be stronger. And those are, I think, key things that we’ll be able to differentiate.

我們不會要求或規定客戶必須向我們購買更廣泛的產品組合。如果他們只需要我們方案中的某一個部分，我們也非常樂意、也很積極願意提供。但我認為隨著時間推移，我們會看到安裝難度下降、速度提升，而我們能回饋到客戶手上的資訊量——關於他們的電力專案表現如何——也會更強。而我認為這些將是我們能夠做出差異化的關鍵點。

The general sense to make installations easier is what we’re really good at, being able to put every product, be it Comtrafo, to all of our products, into a small, durable set or system or container that really works well in the key markets we’re going after. Durability and speed are really paramount in most of the markets we’re operating on.

整體而言，讓安裝更容易是我們真正擅長的；能把每一項產品——不論是 Comtrafo 或我們所有產品——整合到一個小型、耐用的套件、系統或容器中，並且在我們鎖定的關鍵市場中運作良好。在我們所處的大多數市場裡，耐用性與速度都是最重要的。

So those, I think, will continue to be competitive advantages. And that’s where a lot of our R&D focus is, how do we make sure we can keep pace and have the durability of the product.

所以我認為這些將會持續是我們的競爭優勢。而我們很多研發重點也在這裡：我們要如何確保能跟上節奏，並且讓產品具備足夠的耐用性。

And then, I guess, going along a separate line, we’re coming up on the end of the continuing resolution on the budget. We’ll see kind of how the defense activity evolves here. But could you just give us an update on some of the mine protection system activity and how we should think about that on the next couple of years?

另外我想，沿著另一條線來看，我們也快要走到預算「持續決議」（continuing resolution）的尾聲了。我們會看看國防相關活動接下來會如何演變。但你能否就一些水雷防護系統（mine protection system）的相關進展給我們更新一下，以及未來幾年我們應該如何看待？

Obviously, you’re not providing guidance, but just if you’ve got ships that are moving through their budget process, we should think about kind of a steady cadence with those coming back to you, or maybe an acceleration in that.

顯然你們不提供指引，但如果有一些艦艇正在走預算流程，我們應該把它想成會以相對穩定的節奏回到你們這邊，還是可能會加速？

We have a lot of interest in requests for quote on the military side from all three of the applications, be it protecting ships, you know, and the subset of that is the mine countermeasure part of that, as well as powering shipyards and as well as powering critical ship systems.

在軍方端，我們在三種應用上都收到很多報價請求（RFQ）的關注：不論是保護艦艇——其中一個子集合就是水雷反制（mine countermeasure）——以及為造船廠供電，還有為艦艇關鍵系統供電。

We’ve had a very strong influx in quotation activity from the military. And what we’re finding is there’s probably a surge that’s going to come. It’s hard for me right now, because we’re trying to work on lead times with some of these things, on when that’s going to hit.

我們來自軍方的報價活動出現非常強勁的湧入。而我們觀察到，可能會出現一波需求高峰。但就目前而言我很難判斷那會在何時發生，因為我們正在針對其中一些項目的交期（lead times）做協調。

My expectation: it’s not a 2027 event. It’s probably a 2029 event, could affect 2028 just from the lead times that we’re seeing. Again, it’s on all three applications. So certainly not things that are going to affect the next quarter or even the next year. But I think it’s a long-term tailwind that we’re going to see, we think, continued significant investment in not only ship protection, but really the power part of the solution set for the military.

我的預期是：這不是 2027 年的事件。比較可能是 2029 年的事件，依我們看到的交期，甚至可能影響到 2028 年。再次強調，這涵蓋三種應用。所以當然不會影響下一季，甚至不會影響明年。但我認為這會是我們將看到的一個長期順風；我們認為軍方不僅會在艦艇防護上持續大幅投資，也會在解決方案組合中的「供電」部分持續顯著投入。

Tim Moore, Clear Street.

Tim Moore，Clear Street。

And impressive job on the free cash flow and the working capital management. That was nice to see. Just one thing I want to follow up on I’m guessing maybe why the stock isn’t what’s doing today. I know that the orders are lumpy and we understand your guidance, and it seems like December could be a pretty good quarter too. Can you just elaborate a little bit more on kind of the pull-in maybe into the September quarter maybe roughly how much that was because you’ll have Comtrafo for 2.5 months in this December quarter, That’s maybe $10 million in revenue.

自由現金流（free cash flow）和營運資金管理做得很出色。很高興看到這點。我想追問一件事，我猜這可能也是今天股價表現不如預期的原因。我知道訂單有波動性（lumpy），我們也理解你們的指引，而且看起來 12 月那一季也可能會是相當不錯的一季。你能否再多談一點，關於可能拉貨（pull-in）到 9 月那一季的大概規模？因為在 12 月這一季你們會有 Comtrafo 併入 2.5 個月，這可能帶來約 1,000 萬美元的營收。

I mean, I know wind has been very strong, and maybe that isn’t because you did phenomenally, well, almost 50% growth the last six months. But is there anything else you can maybe tell us, just to kind of wrap my head around the organic growth on the Grid side implied by guidance for the December quarter?

我的意思是，我知道風電一直很強，或許這不是因為你們表現特別驚人——嗯，過去六個月幾乎有 50% 的成長。但除此之外，你還能告訴我們什麼，好讓我能更理解在你們對 12 月那一季的指引之下，電網（Grid）端所隱含的有機成長（organic growth）？

Yeah. It’s pretty much across the board. What we’re seeing is the desire for our customers are trying to push us to be able to go faster than contracted lead times. So if you go back to the June quarter, I think we guided $85 million; we delivered almost $95 million, right? So you’re almost $10 million up relative to where we thought the pace of the business would be in June. And then we’re saying again today that happened again in September. Usually that’s the next quarter it’ll be a struggle to keep pace because you might have projects that have pulled forward that you can’t then backfill into the next quarter.

是的，基本上是全面性的。我們看到的是，客戶希望推動我們能比合約約定的交期更快交付。所以如果你回到 6 月那一季，我記得我們指引是 8,500 萬美元；我們實際交付接近 9,500 萬美元，對吧？所以相較於我們原先在 6 月所預期的業務節奏，你幾乎高出 1,000 萬美元。然後我們今天又說，9 月也再次發生同樣的情況。通常這會導致下一季很難跟上節奏，因為你可能把一些專案提前拉到前面，但下一季就無法再用其他專案補回來。

And what happened is we had six months of this. And what I’m saying is I really don’t know in December if there’s going to be more of those or not. Typically in the December quarter, most of our customers celebrate holidays at the end of the year, so often the last week or two of the December quarter there’s not a lot of shipment activity.

而實際發生的是，我們連續六個月都出現這種情況。我想說的是，我真的不知道 12 月那一季是否還會有更多這類情況。通常在 12 月那一季，我們大多數客戶會在年底慶祝假期，所以 12 月那一季的最後一到兩週通常不會有太多出貨活動。

We’ve had projects where we’ve had to get one or two projects done during that week, but typically those weeks aren’t as active. And given the fact that I know we have a large project on the material side that’s going to be built Q3 but delivered in Q4, that’s really why the guidance is where it is.

我們曾經有過一些專案，需要在那一週內完成一到兩個專案，但通常那些週並不會那麼忙。而且考量到我知道我們在材料端有一個大型專案，將在第三季建置、第四季交付，這也正是為什麼指引會落在目前這個水準。

What we’re trying to make sure we say is, as we look at the second half, however, that in totality the second half looks very strong as well. So I think the net-net to all this is we’re going to deliver what we think is going to be on a fantastic 2026. And then we’ll look at the rate that the business is bringing in orders and delivering on those orders, for instance, in the March quarter to try to set the tone and the pace for what we could potentially do next year.

我們想確保表達清楚的是：當我們看下半年時，整體而言下半年看起來也非常強勁。所以我認為總結來說，我們將交付我們認為會是一個非常出色的2026年。接著我們會觀察業務帶進訂單以及交付這些訂單的速度，例如在3月季度，來嘗試為我們明年可能做到的事情定下基調與節奏。

Tim, I think the golden nugget for you to think about is the 12-month backlog went up by another $20 million. And if you take our Q3 guidance and you back that out, I mean, and you know our normal book and burn rate, you know, it’s indicating that we’re pretty bullish about the next 12 months of the business.

Tim，我認為你需要留意的關鍵重點是：12個月在手訂單（backlog）又增加了2,000萬美元。而如果你把我們第三季的指引扣回去，再結合你也知道我們正常的接單與消化（book-and-burn）速度，這顯示我們對未來12個月的業務相當樂觀。

Okay, I understand. The other question I had was maybe for you, John. Do you run off the Comtrafo amortization pretty much after this quarter? I know that’s been a little bit of a drag on COGS.

好的，我明白。我另外一個問題可能是問你，John。Comtrafo 的攤銷在這一季之後是不是差不多就跑完了？我知道那對銷貨成本（COGS）一直有些拖累。

And then just a more medium-term question. I mean, this company could have really high incremental gross margins. I mean, as your revenue continues to accelerate, it seems like you can get a lot of fixed-cost leverage. There’s definitely some costs built in already that you might not have to add to as much or hire.

然後再問一個偏中期的問題。我的意思是，這家公司可能有非常高的增量毛利率。也就是說，隨著你們營收持續加速，看起來可以取得很多固定成本的槓桿效益。確實有一些成本已經先行投入，你們可能不需要再增加那麼多成本或再招那麼多人。

Do you see an inflection point maybe a year or two out where really incremental margins could jump up and get to the mid-30s a couple years from now? Just kind of curious about that.

你是否看到大概一到兩年後會出現一個拐點，讓增量利潤率真的跳升，並在幾年後達到約35%上下（mid-30s）？只是想了解一下。

Two separate questions. I’ll bifurcate both of them. The Comtrafo amortization purchase accounting, some does fall off after this quarter. They will -- some of it continues through the fiscal year and then falls off into ’28. I would say it starts becoming less meaningful, though. I mean, we are starting to get back to, you know, normalized gross margins.

這是兩個不同的問題。我把它們分開回答。Comtrafo 的攤銷（收購會計）有一部分會在本季之後到期。但其中一些會持續到本財年，然後延續到2028年才到期。不過我會說它開始變得沒那麼重要了。我的意思是，我們正開始回到較正常化的毛利率水準。

When you ask about further margin expansion, yeah, we believe that there is, you know, potential to see this business expand margins back into the 30% range for sure.

至於你問到進一步的利潤率擴張，是的，我們相信確實有潛力讓這項業務的利潤率回到30%區間。

John’s really tried to condition me to think more about the bottom-line leverage, because that’s really where the company -- the cash leverage the company has and the bottom leverage is high. And kind of what we’re saying is if right now, we’re at about $90 million in revenue and about $10 million on non-GAAP, you’re at about 11%. We’ve talked about getting that in the low teens.

John 一直試著讓我更多從最終獲利端的槓桿來思考，因為公司真正的——現金槓桿與底線槓桿都很高。我們想表達的是：如果現在我們大約是9,000萬美元營收、非GAAP大約1,000萬美元，那大約是11%。我們談過要把它提升到十幾%的低段。

That’s certainly probable and predictable to happen. I think that’s consistent with everybody’s model already, so I’m not telling you anything that you don’t already believe. But I think the certainty around that is getting higher and higher. So what we’re trying to do is to get more net leverage out of the business, particularly on the non-GAAP line or the operating margin line. And that’s really where we’re focused on, the continued improvement there.

這當然很可能、也可預期會發生。我想這也已經符合大家模型裡的假設，所以我並沒有告訴你任何你原本不相信的事。但我認為對這件事的確定性正變得越來越高。因此我們正在努力的是，從業務中取得更多的淨槓桿，特別是在非GAAP那一行或營業利益率那一行。這就是我們真正聚焦的地方，也就是持續改善那裡。

If you go back and look at the company, a few years ago we were at 15% gross margin. Now we’re kind of bouncing around the high 20s, hitting 30%. So we do think there is a step up, but I think it will be more dramatic on, say, the non-GAAP line than perhaps even the gross margin line.

如果你回頭看這家公司，幾年前我們的毛利率是15%。現在我們大概在接近30%的高20%區間上下波動。所以我們確實認為還有再往上一步的空間，但我認為在非GAAP那一行的改善幅度，可能會比毛利率那一行更明顯。

Thank you. This concludes our question-and-answer session. I would like to turn the conference back over to Daniel McGahn, CEO, for any closing remarks.

謝謝。問答環節到此結束。我想把電話會議交回給執行長 Daniel McGahn，請他做結語。

I’m very excited about the business today and hopefully that resonates to everybody listening. Our results are ahead of our expectations pretty dramatically. Our orders are outpacing our ability to deliver even at an accelerated rate. Comtrafo is way ahead of plan in North America, which is really a tribute to them and the combined effort with AMSC. And our growth has clear drivers that are there that are going to be persistent for long-term investment here over multiple years on our customers increasing their capacity and their need for more electricity from the grid.

我對目前的業務非常興奮，希望這也能讓所有收聽的人感受到。我們的業績大幅超出我們的預期。即使我們加快交付速度，我們的訂單成長仍然超過我們的交付能力。Comtrafo 在北美的表現遠超計畫，這確實要歸功於他們以及與 AMSC 的共同努力。而我們的成長有明確且持續的驅動因素：客戶在未來多年將持續投資、提升產能，並且因為需要從電網取得更多電力而帶動需求。

We’re really in a wonderful time at this point and I think that if people look at the results, on average or over longer-term trends, this business continues to get stronger. We have a pretty significant cash balance. We’re going to look at how we can do more for our customers with that and we’re really, really excited about the future.

我們正處在一個非常好的時點。我認為如果大家看結果，不論是平均表現或更長期的趨勢，這項業務都在持續變得更強。我們有相當可觀的現金餘額。我們會思考如何運用這些資金為客戶做得更多，我們也對未來感到非常、非常興奮。

I want to thank everybody for all their support, particularly their attention today. And I really look forward to being able to talk to you next time. Thank you everybody.

我要感謝大家一直以來的支持，特別是今天的關注。我也非常期待下次能再與各位交流。謝謝大家。

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

謝謝。本次電話會議到此結束。感謝您參加今天的簡報。您現在可以掛線。