Bloom Energy Corp (BE) 2022 Q3 法說會逐字稿

Good afternoon. My name is Joel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bloom Energy Third Quarter 2022 Earnings Conference Call. (Operator Instructions)

下午好。我叫喬爾，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Bloom Energy 2022 年第三季度收益電話會議。 （操作員說明）

I'd now like to turn the conference over to Ed Vallejo, Vice President of Investor Relations. Sir, you may begin your conference.

我現在想把會議交給投資者關係副總裁 Ed Vallejo。先生，您可以開始您的會議了。

Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's third quarter 2022 earnings call. To supplement this conference call, we furnished our third quarter 2022 earnings press release with the SEC on Form 8-K and have posted it along with supplemental financial information that we will reference throughout this call to our Investor Relations website. Our third quarter 2022 10-Q is also in the process of being submitted today as we speak.

謝謝大家，大家下午好。感謝您參加 Bloom Energy 的 2022 年第三季度財報電話會議。為了補充本次電話會議，我們在 8-K 表格中向 SEC 提供了 2022 年第三季度收益新聞稿，並將其與補充財務信息一起發布，我們將在本次電話會議中參考我們的投資者關係網站。正如我們今天所說，我們的 2022 年第三季度 10-Q 也在提交過程中。

During this conference call, both in our prepared remarks and in answers to your questions, we may make forward-looking statements that represent our expectations regarding future events and our future financial performance. These include statements about the company's business results, products, new markets, strategy, financial position, liquidity and full year outlook for 2022. These statements are predictions based upon our expectations, estimates and assumptions. However, as these statements deal with future events, they are subject to numerous known and unknown risks and uncertainties as discussed in detail in our documents filed with the SEC, including our most recently filed Forms 10-Q and 10-K. We assume no obligation to revise any forward-looking statements made on today's call.

在本次電話會議期間，無論是在我們準備好的講話中還是在回答您的問題時，我們都可能會做出前瞻性陳述，以代表我們對未來事件和未來財務業績的預期。其中包括關於公司業務成果、產品、新市場、戰略、財務狀況、流動性和 2022 年全年展望的陳述。這些陳述是基於我們的預期、估計和假設的預測。然而，由於這些陳述涉及未來事件，它們受到許多已知和未知的風險和不確定性的影響，正如我們提交給 SEC 的文件中詳細討論的那樣，包括我們最近提交的 10-Q 和 10-K 表格。我們不承擔修改在今天電話會議上做出的任何前瞻性陳述的義務。

During this call and in our third quarter 2022 earnings press release, we refer to GAAP and (technical difficulty) not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between the GAAP and non-GAAP financial measures is included in our third quarter 2022 earnings press release available on our Investor Relations website.

在本次電話會議和我們的 2022 年第三季度收益新聞稿中，我們提到 GAAP 和（技術難度）不能替代或優於根據 GAAP 編制的財務業績指標。 GAAP 和非 GAAP 財務指標之間的對賬包含在我們的投資者關係網站上提供的 2022 年第三季度收益新聞稿中。

Joining me on the call today are KR Sridhar, Founder, Chairman and Chief Executive Officer; and Greg Cameron, our Chief Financial Officer. KR will begin with an overview of our business, then Greg will review the operating and financial highlights of the quarter. And after our prepared remarks, we will have time to take your questions.

今天和我一起參加電話會議的是創始人、董事長兼首席執行官 KR Sridhar；和我們的首席財務官 Greg Cameron。 KR 將從概述我們的業務開始，然後 Greg 將回顧本季度的運營和財務亮點。在我們準備好發言之後，我們將有時間回答您的問題。

I will now turn the call over to KR.

我現在將把電話轉給 KR。

Thank you, Ed. Hello, everyone. Good day to you. We're very pleased with our financial and operating results in the third quarter and the outlook for the fourth quarter and fiscal year 2022. Greg, will go into details on the financial and operating performance in his remarks in a few minutes. Before that, let me share with you some observations on market dynamics and 2 company highlights. On the market dynamics, the world lacks energy security. The disruption of oil and gas supplies to Europe, the Russian attack on grid infrastructure and power plants in Ukraine and the long-duration power outages that affected large populations in the aftermath of Hurricane Ian in Florida, all demonstrate the fragile and brittle nature of our fuel and electricity infrastructure. And it could have been worse. We came perilously close to catastrophic power outages in Texas and California during the summer months. Now, the Northeast fear its power reliability over the winter.

謝謝你，埃德。大家好。祝你有美好的一天。我們對第三季度的財務和運營業績以及第四季度和 2022 財年的前景感到非常滿意。格雷格將在幾分鐘後的講話中詳細介紹財務和運營業績。在此之前，讓我與您分享一些關於市場動態和 2 家公司亮點的觀察。在市場動態方面，世界缺乏能源安全。對歐洲的石油和天然氣供應中斷、俄羅斯對烏克蘭電網基礎設施和發電廠的襲擊以及佛羅里達州伊恩颶風過後影響大量人口的長期停電，都表明我們的脆弱性和脆弱性。燃料和電力基礎設施。情況可能更糟。在夏季的幾個月裡，我們危險地接近德克薩斯州和加利福尼亞州的災難性停電。現在，東北地區擔心它在冬天的電力可靠性。

Businesses and governments are quickly realizing that absent significant changes, our disruptions will increase in severity and frequency as extreme weather events become more frequent. In addition to energy security, the volatility and price increase for both fuel and electricity are contributing heavily to economic insecurity. But the fuel and power industries are not responding to these challenges with the alacrity. Instead, they are waiting for the perfect zero carbon solution of the future. They are reluctant to deploy anything that may become a stranded asset due to policy and regulatory bands. This void creates a large opportunity for Bloom. We see that our commercial and industrial consumers want pragmatic solutions that can power their growth today and meet their zero carbon needs in the future.

企業和政府很快意識到，如果沒有重大變化，隨著極端天氣事件變得更加頻繁，我們的中斷的嚴重性和頻率將會增加。除了能源安全之外，燃料和電力的波動和價格上漲也在很大程度上導致經濟不安全。但燃料和電力行業並沒有迅速應對這些挑戰。相反，他們正在等待未來完美的零碳解決方案。他們不願意部署任何可能由於政策和監管範圍而成為擱淺資產的東西。這種空白為布魯姆創造了巨大的機會。我們看到我們的商業和工業消費者需要務實的解決方案，以推動他們今天的增長並滿足他們未來的零碳需求。

In Bloom, our customers see a peerless platform that is purposeful and practical. By powering them with non-combustion based always on clean power today using natural gas and offering to transition them to net zero fuels when they become viable. We are offering them energy security, economic security and environmental security. We are confident that our quick time to power skid-mounted energy server will become a solution of choice for commercial, industrial and utility customers. As a company, we see the market conditions turning favorably for greater adoption of our server platform. We are well positioned to execute on the goals we have set and meet the moment.

在 Bloom，我們的客戶看到了一個具有目的性和實用性的無與倫比的平台。通過在今天始終使用天然氣的清潔能源為它們提供非燃燒動力，並在它們變得可行時提供將它們轉變為淨零燃料。我們為他們提供能源安全、經濟安全和環境安全。我們相信，我們快速為撬裝式能源服務器供電的時間將成為商業、工業和公用事業客戶的首選解決方案。作為一家公司，我們看到市場條件轉好，有利於我們的服務器平台得到更多采用。我們有能力執行我們設定的目標並滿足當下。

Now 2 highlights. First, we have invested in our capacity expansion by standing up a new factory in Fremont, California. In 2021, we announced our decision to fund and build additional manufacturing capacity to support our growth. Many of you saw that factory under construction during our Investor Day. We told you that we would derisk the execution by using copy exact manufacturing tools and processes and deliver a doubling of stacked manufacturing capacity by end of 2022. We are on track to doing what we said we would do.

現在有2個亮點。首先，我們通過在加利福尼亞州弗里蒙特建立新工廠來投資擴大產能。 2021 年，我們宣布決定資助和建設額外的製造能力以支持我們的增長。你們中的許多人在我們的投資者日期間看到了那家正在建設中的工廠。我們告訴過您，我們將通過使用複制精確的製造工具和流程來降低執行風險，並在 2022 年底之前將堆疊製造能力提高一倍。我們正在按照我們所說的去做。

Last month, we produced 40% more stacks than we did in July. We are on track to double our stack production by the end of the year over 2021 levels. The factory also has functional flexibility and advantages we told you it would have. The manufacturing line is currently producing fuel cell stacks and electrolyzer stacks using the same equipment and same team members on the same lines. The commercial and operational advantages of this flexibility is huge and it is unique to the Bloom Energy Server platform and architecture. You will see the benefit of our on-time execution of the factory through better margins in Q4 as our volumes ramp up.

上個月，我們生產的堆棧比 7 月份多 40%。我們有望在 2021 年年底之前將我們的堆棧產量翻一番。該工廠還具有我們告訴您的功能靈活性和優勢。該生產線目前正在使用相同的設備和相同的團隊成員在同一條生產線上生產燃料電池堆和電解槽堆。這種靈活性的商業和運營優勢是巨大的，它是 Bloom Energy Server 平台和架構所獨有的。隨著我們的產量增加，您將在第四季度通過更高的利潤率看到我們按時執行工廠的好處。

Second, our technology is flexible. Different products that serve different customer needs run on the same basic technology. We have discussed the ease and speed with which we can adapt the platform to new applications. Now, I can point to our marine application to illustrate these points. We signed our first contract with Chantiers de l'Atlantique in June of last year and at that time said we plan to deploy on our first ship in Q3 of 2022. I I'm very pleased to say we did that with near-perfect execution.

其次，我們的技術是靈活的。滿足不同客戶需求的不同產品運行在相同的基本技術上。我們已經討論了使平台適應新應用程序的簡便性和速度。現在，我可以用我們的海洋應用來說明這些要點。去年 6 月，我們與 Chantiers de l'Atlantique 簽訂了第一份合同，當時表示我們計劃在 2022 年第三季度在我們的第一艘船上進行部署。我很高興地說，我們以近乎完美的執行力做到了這一點.

As of a few weeks ago, we are providing 150 kilowatts of power for MSC's New World Europa, the world's largest liquefied natural gas-powered cruise ship and one of the first to incorporate fuel cell technology. It is on its way to Doha, Qatar, to host guests during the World Cup. This is a sea change moment in this massive industry as it evolves towards a net zero and sustainable future. The industry wants clean vessels and in many cases, have been holding off ship purchases to wait for the perfect technologies even though they may still be years away.

截至幾週前，我們正在為 MSC 的 New World Europa 提供 150 千瓦的電力，這是世界上最大的液化天然氣動力遊輪，也是最早採用燃料電池技術的遊輪之一。它正在前往卡塔爾多哈的途中，在世界杯期間接待客人。這是這個龐大行業的巨變時刻，因為它正在朝著淨零和可持續的未來發展。該行業需要清潔的船舶，並且在許多情況下，一直推遲購買船舶以等待完美的技術，即使它們可能還需要數年時間。

Bloom's Energy Server offers them a better solution that they can deploy today and a clear pathway to a net zero future. As Linden Coppell, Head of Sustainability and ESG at MSC Cruises, has said publicly, Bloom's fuel cells will reduce emissions of greenhouse gases substantially compared to conventional LNG engines without producing emissions of nitrogen oxide, sulfur oxides or particulates. She also recognized that Bloom's technology was future-proof. It is compatible with a low and zero carbon fuels of the future, such as green methanol, ammonia, synthetic LNG and hydrogen. This is why CDA and MSC adopted Bloom's technology. On the marine front, we believe our execution and success is leading to real momentum and we will have more to say in the coming months.

Bloom 的能源服務器為他們提供了一個更好的解決方案，他們可以在今天部署，並為未來實現淨零排放提供了明確的途徑。正如 MSC Cruises 可持續發展和 ESG 負責人 Linden Coppell 公開表示的那樣，與傳統的 LNG 發動機相比，Bloom 的燃料電池將大大減少溫室氣體的排放，而不會產生氮氧化物、硫氧化物或顆粒物的排放。她還認識到 Bloom 的技術是面向未來的。它與未來的低碳和零碳燃料兼容，例如綠色甲醇、氨、合成液化天然氣和氫氣。這就是 CDA 和 MSC 採用 Bloom 技術的原因。在海事方面，我們相信我們的執行力和成功正在帶來真正的動力，我們將在未來幾個月內有更多話要說。

Let me now turn it over to Greg to elaborate on our financial and operational performance and join you after that to answer your questions. Greg?

現在讓我把它交給 Greg 來詳細說明我們的財務和運營業績，然後與您一起回答您的問題。格雷格？

Thanks, KR. I agree with you. We had a very strong operating and financial quarter and are well positioned for the future. To begin, let me point to a few key highlights. We had a record third quarter total revenue of $292 million, up 41% versus the third quarter 2021 on increased product acceptance. We improved our liquidity through a successful completion of a secondary equity offering. We are on track for doubling our manufacturing capacity this year. We continue to see strong customer interest across our energy server and electrolyzers. We are reaffirming our 2022 guidance.

謝謝，KR。我同意你的看法。我們有一個非常強勁的運營和財務季度，並且為未來做好了準備。首先，讓我指出幾個關鍵亮點。由於產品接受度提高，我們第三季度的總收入達到創紀錄的 2.92 億美元，比 2021 年第三季度增長 41%。我們通過成功完成二次股權發行提高了我們的流動性。我們有望在今年將製造能力翻一番。我們繼續看到客戶對我們的能源服務器和電解槽的濃厚興趣。我們正在重申我們的 2022 年指導方針。

With those as highlights, let me provide some additional context to our third quarter performance. Our ending cash balance for the third quarter was nearly $670 million, up over 100% versus the same quarter last year and compares favorable to our recourse debt of $294 million. In August, we executed a secondary offering of 15 million Class A shares. The deal was oversubscribed at $26 a share, yielding $389 million of gross proceeds. We also received notice from SK ecoplant that they were executing their second tranche option to purchase an additional 13.5 million Class A shares at $23.05 per share for gross proceeds of $311 million. They also will be converting their $10 million redeemable convertible preferred shares to Class A shares. The share purchase is subject to the completion of regulatory reviews and both conversion and the purchase are expected to close in the first quarter of 2023. Our partnership with SK ecoplant is strong and continues to find new avenues for growth.

以這些為亮點，讓我為我們的第三季度業績提供一些額外的背景。我們第三季度的期末現金餘額接近 6.7 億美元，比去年同期增長 100% 以上，與我們的追索權債務 2.94 億美元相比是有利的。 8 月，我們進行了 1500 萬股 A 類股票的二次發行。該交易以每股 26 美元的價格獲得超額認購，總收益為 3.89 億美元。我們還收到 SK ecoplant 的通知，他們正在執行第二批期權，以每股 23.05 美元的價格購買額外的 1350 萬股 A 類股票，總收益為 3.11 億美元。他們還將把價值 1000 萬美元的可贖回可轉換優先股轉換為 A 類股。股份購買需完成監管審查，轉換和購買預計將在 2023 年第一季度完成。我們與 SK ecoplant 的合作夥伴關係牢固，並繼續尋找新的增長途徑。

Our value proposition for the energy servers and electrolyzers is robust. The energy servers quickly bring additional resilient power to a client site while providing a pathway to decarbonize. Our customers need solutions today to reduce their carbon intensity while providing future optionality to move to on-site net zero solutions like hydrogen. In hydrogen production using our electrolyzer, we are engaging large-scale developers of hydrogen and green ammonia projects. As they build their project economics, they clearly value the demonstrated efficiency advantages of our high-temperature solid oxide technology and our manufacturing readiness that aligns with their time lines. The Inflation Reduction Act past this summer continues to be a tailwind across our business. Our third quarter total revenue of $292 million was driven by strong demand, with an increase in our manufacturing capacity. Product and service revenues were up nearly 50% versus the same quarter last year as we delivered 65% more acceptances.

我們對能源服務器和電解器的價值主張是穩健的。能源服務器迅速為客戶站點帶來額外的彈性電力，同時提供脫碳途徑。我們的客戶今天需要解決方案來降低他們的碳強度，同時提供未來的選擇，以轉向現場淨零解決方案，如氫氣。在使用我們的電解槽生產氫氣方面，我們正在與氫氣和綠色氨項目的大型開發商合作。當他們建立項目經濟性時，他們清楚地重視我們高溫固體氧化物技術所展示的效率優勢以及我們與他們的時間線相一致的製造準備情況。今年夏天過去的《通脹降低法案》繼續為我們的業務帶來順風。我們第三季度的總收入為 2.92 億美元，這是由強勁的需求推動的，同時我們的製造能力有所提高。與去年同期相比，產品和服務收入增長了近 50%，因為我們的接受率增加了 65%。

Our third quarter non-GAAP gross margins of 19% were roughly in line with the third quarter of 2021. Pricing continues to remain strong, while our unit costs are temporarily elevated by the commissioning of our new Fremont manufacturing facility. Our supply chain team is navigating the current pressured environment and continues to manage availability, inflation and lead times for our critical items. Like in the second quarter, as the number of builds increased versus the prior quarter, we saw a modest decrease in the unit costs quarter-over-quarter. We expect unit costs to decrease as we continue our manufacturing ramp. As a note, roughly 40% of our 2022 system build are being completed in the fourth quarter. We continue to invest in our manufacturing capacity, research and development and our commercial resources. Our engineering teams are developing our technology road map for electrolyzer, microgrid and future generations of our servers.

我們第三季度的非公認會計原則毛利率為 19%，與 2021 年第三季度大致持平。定價繼續保持強勁，而我們的新弗里蒙特製造工廠的投產暫時提高了我們的單位成本。我們的供應鏈團隊正在應對當前的壓力環境，並繼續管理我們關鍵物品的可用性、通貨膨脹和交貨時間。與第二季度一樣，隨著構建數量與上一季度相比有所增加，我們看到單位成本環比略有下降。我們預計單位成本會隨著我們繼續生產增長而下降。請注意，我們 2022 年系統構建的大約 40% 將在第四季度完成。我們繼續投資於我們的製造能力、研發和商業資源。我們的工程團隊正在為電解槽、微電網和我們的下一代服務器製定技術路線圖。

In sales and marketing, we are adding resources to build our selling capability for electrolyzers, waste energy, data centers and broadening into international markets. Through the year, we've invested in inventories and capacity to meet demand. We've doubled our manufacturing capacity this year. As we exit 2022, we will have over 600 megawatts of fuel cell capacity, which when converted at the higher power rating, that's over 1.3 gigawatts of electrolyzer capacity. Next year, within our existing facilities, we plan to again double our capacity.

在銷售和營銷方面，我們正在增加資源，以建立我們在電解槽、廢物能源、數據中心的銷售能力，並拓展國際市場。這一年，我們在庫存和產能上進行了投資以滿足需求。今年我們的製造能力翻了一番。當我們退出 2022 年時，我們將擁有超過 600 兆瓦的燃料電池容量，當以更高的額定功率轉換時，電解槽容量將超過 1.3 吉瓦。明年，在我們現有的設施內，我們計劃再次將產能翻一番。

As planned, we expect most fourth quarter acceptances and revenue to be domestic, which will benefit from the increase in ITC as part of the Inflation Reduction Act. During the fourth quarter, we plan to execute a repowering of PPA 4. The financial profile will be like the second quarter PPA 3A repowering with a noncash charge to accelerate amortization of the prior structure, a reduction in nonrecourse debt and product sales at an attractive margin. These repowerings of currently consolidated PPA structures are simplifying our financial reporting and strengthening our service platform.

正如計劃的那樣，我們預計大多數第四季度的承兌匯票和收入將來自國內，這將受益於 ITC 的增加，作為《通脹降低法案》的一部分。在第四季度，我們計劃重新啟動 PPA 4。財務狀況將類似於第二季度 PPA 3A 的重新啟動，以非現金費用加速先前結構的攤銷，減少無追索權債務和以有吸引力的產品銷售利潤。目前合併的 PPA 結構的這些重新授權正在簡化我們的財務報告並加強我們的服務平台。

We are reaffirming our 2022 guidance for revenue, margins and cash flows. With our strong backlog and pipeline, we remain confident that we can deliver at least $1.1 billion of annual revenue. To achieve our margin plan, we will need fourth quarter non-GAAP gross margins to be about 30%. We have several paths to deliver these margins as our product costs reduce with increased output, higher ITC on domestic acceptances and a favorable price mix for our planned acceptances. By achieving the roughly 24% non-GAAP gross margins for 2022, we would expect to deliver positive non-GAAP operating margin and cash flows from operations.

我們重申 2022 年的收入、利潤率和現金流指引。憑藉我們強大的積壓和管道，我們仍然相信我們可以提供至少 11 億美元的年收入。為了實現我們的利潤率計劃，我們需要第四季度的非公認會計原則毛利率達到 30% 左右。我們有多種途徑來實現這些利潤，因為我們的產品成本隨著產量的增加、國內承兌匯票的 ITC 提高以及我們計劃承兌匯票的有利價格組合而降低。通過在 2022 年實現大約 24% 的非 GAAP 毛利率，我們預計將提供正的非 GAAP 營業利潤率和運營現金流。

A note on CFOA. Historically, we have factored some of our receivables to align revenue and cash collections more closely. Given the rising interest rate environment and our strong cash position, we're reevaluating the economic value of this practice. Our current cash flow guidance assumes we continue to factor. And if we make a change, it will impact the timing of cash receipts in our 2022 CFOA guidance. In summary, we had a strong operational quarter and are building momentum into the fourth quarter in 2023. We've had significant tailwinds with the push for abundant, clean and resilient energy. We believe the company is at an inflection point to build upon our mature technology platform, solid record of accomplishment and robust growth road map. We are extremely excited about our future.

關於 CFOA 的說明。從歷史上看，我們已經考慮了一些應收賬款，以更緊密地調整收入和現金收款。鑑於不斷上升的利率環境和我們強勁的現金狀況，我們正在重新評估這種做法的經濟價值。我們目前的現金流指導假設我們繼續考慮因素。如果我們做出改變，它將影響我們 2022 年 CFOA 指南中現金收入的時間安排。總而言之，我們有一個強勁的運營季度，並在 2023 年第四季度建立勢頭。在推動豐富、清潔和有彈性的能源方面，我們獲得了巨大的順風。我們相信，公司正處於一個轉折點，可以依靠我們成熟的技術平台、堅實的成就記錄和穩健的增長路線圖。我們對我們的未來感到非常興奮。

With that, operator, please open the line for questions.

有了這個，接線員，請打開問題線。

Absolutely. (Operator Instructions) The first question is from the line of Sam Burwell with Jefferies.

絕對地。 （操作員說明）第一個問題來自 Sam Burwell 和 Jefferies。

I was wondering if we could start off actually on the nuclear integration with solid oxide electrolyzers. And curious if there's anything on the horizon that we can expect to see you guys leverage out of the Westinghouse agreement?

我想知道我們是否可以真正開始與固體氧化物電解槽的核集成。並且好奇是否有什麼我們可以期待看到你們從西屋協議中利用的東西？

So, first and foremost Sam, welcome to Bloom team coverage. We are glad to have you on board. And this is KR. So, we clearly, I think, the IML demonstration, which is what you're referring to and to bring everybody up to speed. We demonstrated using the Department of Energy that our electrolyzer is significantly, significantly, even our early iteration, 30% better in terms of energy efficiency, when we do heat integration with where we need to go with significant room on the upside. So, this is what got Westinghouse excited and this is where we form the relationship. Currently, as we sit here, we are jointly working with them on several opportunities. And again, as is tradition in Bloom, we will speak about it when something actually materializes and the customer allows us to speak about it. But we see this as a huge opportunity.

所以，首先是 Sam，歡迎來到 Bloom 團隊的報導。我們很高興有您加入。這就是KR。所以，我認為，我們很清楚，IML 演示，這就是你所指的並讓每個人都跟上進度。我們使用能源部證明了我們的電解槽顯著，顯著，甚至我們的早期迭代，在能源效率方面提高了 30%，當我們與我們需要去的地方進行熱集成並有很大的上行空間時。所以，這就是讓西屋公司興奮的原因，這就是我們建立關係的地方。目前，當我們坐在這裡時，我們正在與他們合作尋找幾個機會。再一次，按照 Bloom 的傳統，當某件事真正實現並且客戶允許我們談論它時，我們會談論它。但我們認為這是一個巨大的機會。

The next question is from the line of Michael Blum with Wells Fargo.

下一個問題來自富國銀行的 Michael Blum。

I wanted to ask in terms of hitting the guidance for the year, service margins are still a negative territory. So, I wonder if you could just speak to is part of the plan to get to these numbers for the year include service margins turning positive? And if so, what's going to drive that?

我想問一下，就達到今年的指導而言，服務利潤率仍然是負數。所以，我想知道你是否可以談談是實現今年這些數字的計劃的一部分，包括服務利潤率轉為正數？如果是這樣，那將是什麼驅動呢？

Michael, it's Greg. So, as we put the construct together this year around service, the biggest component of that service is product costs related to replacement power modules that we put into the fleet. The same issues that we've had, making sure that we continue to drive the cost down of our new product is the same thing that translates over into our service business. So, as we've been building out the Fremont facility and carrying more capacity than we were currently outputting and absorbing that, those unit costs for both the new product as well as for replacement modules has been somewhat elevated.

邁克爾，我是格雷格。因此，當我們今年圍繞服務進行構建時，該服務的最大組成部分是與我們投入車隊的更換電源模塊相關的產品成本。我們遇到的同樣的問題，確保我們繼續降低新產品的成本，這與我們的服務業務是一樣的。因此，由於我們一直在建設弗里蒙特工廠並承載比我們目前輸出和吸收更多的產能，新產品和替換模塊的單位成本有所提高。

Our expectation is, as we move through the remainder of this year and into next year and we're building more units, better absorption, lower product costs, you should see that in our new product business as well as our service business. If you look particularly within the fourth quarter around how we're building that framework, I would expect some improvement in our service margins given that, but there is still about a breakeven assumption within the business that we're still able to get to our full year guidance around gross margins.

我們的期望是，隨著我們在今年剩餘時間和明年進入，我們正在建造更多的單位，更好的吸收，更低的產品成本，你應該在我們的新產品業務以及我們的服務業務中看到這一點。如果您在第四季度特別關注我們如何構建該框架，我預計我們的服務利潤率會有所改善，但我們仍然能夠在業務中實現盈虧平衡假設全年毛利率指導。

And one more thing I'd add [Sam], when you think about this, this is KR is the following, right? Look at the fundamentals of the service business, as Greg said, we are seeing the lifetimes improve with time on our modules, which is key to the service. Our costs, while COVID-related, supply chain related, where in a standstill, we are going to get back to that treadmill of bringing the cost down quarter after quarter. That is going to happen. So, you put those things in place, if the life gets longer and the cost of replacement gets cheaper, clearly, the units we are shipping, we will see the costs come down. Now, there will be other pressures that we will be willingly taking, which is when we go into new territories, that will be in the early days with low volume, you will see that service will be a cost center there. But that is necessary for growth and we will do that. So, that's the balance you will see. But fundamentally, the thesis that we presented to you of service being accretive to the business as we go forward is solid and we stand by it.

還有一件事我要補充 [Sam]，當你想到這一點時，這是 KR 是以下內容，對嗎？看看服務業務的基礎，正如 Greg 所說，我們看到模塊的生命週期隨著時間的推移而提高，這是服務的關鍵。我們的成本，雖然與 COVID 相關，與供應鏈相關，在停滯不前的情況下，我們將回到那個季度又一個季度降低成本的跑步機上。那將會發生。所以，你把這些東西放在適當的位置，如果壽命變得更長並且更換成本變得更便宜，顯然，我們正在運送的單位，我們會看到成本下降。現在，我們將願意承擔其他壓力，那就是當我們進入新領域時，這將是在早期的低產量，你會看到服務將成為那裡的成本中心。但這是增長所必需的，我們會這樣做。所以，這就是你將看到的平衡。但從根本上說，我們向您提出的關於服務在我們前進的過程中會增加業務的論點是可靠的，我們堅持這一點。

The next question is from the line of Maheep Mandloi with Credit Suisse.

下一個問題來自瑞士信貸的 Maheep Mandloi。

Congratulations on the ramp there. First, I just want to touch upon the revenue growth and the gross margin you're expecting in Q4, Greg, you talked about favorable mix of fire ASP projects. Could you just provide some more context around this? Is it some specific customers in the U.S. or like a PPA 4, PPF 5 simplification, which is driving that? And also just wanted to understand and I think in the Q, you've talked about ITC benefiting the Q3 revenues or higher ITC rather. So, how should we think about that in Q4?

祝賀那裡的坡道。首先，我只想談談你對第四季度的收入增長和毛利率的預期，Greg，你談到了火 ASP 項目的有利組合。您能否就此提供更多背景信息？是美國的一些特定客戶，還是像 PPA 4、PPF 5 的簡化，是什麼推動了這一點？而且也只是想了解，我認為在 Q 中，您談到 ITC 使第三季度的收入或更高的 ITC 受益。那麼，我們在第四季度應該如何考慮呢？

Yes. Thanks, Maheep. So, a couple things impacting there. One is we've definitely seen an increase in our acceptances each quarter and thus an increase in our revenues each quarter as we've gone through the year and we brought Fremont stack manufacturing online. Stack manufacturing, as you know, has been our capacity constraint. We have more than enough capacity in our Newark, Delaware facility around assembly. It's really been about stack and we've built that out each quarter. Expectation, I think I have said it in the script, was we would expect about 40% of our annual builds this year to be done within the fourth quarter. So, that was really going to help us as we continue to drive forward to get to our revenue guidance on the year.

是的。謝謝，馬希普。所以，有幾件事會影響那裡。一個是我們肯定看到每個季度的接受度都有所增加，因此隨著我們一年的過去，我們每個季度的收入都在增加，我們將弗里蒙特堆棧製造上線。如您所知，堆棧製造一直是我們的產能限制。我們在特拉華州紐瓦克工廠的組裝能力綽綽有餘。這真的是關於堆棧的，我們每個季度都在構建它。期望，我想我已經在腳本中說過，我們預計今年大約 40% 的年度構建將在第四季度完成。因此，這確實對我們有所幫助，因為我們將繼續努力實現今年的收入指導。

Listen, on mix in ITC, for the quarter, as we look at the fourth quarter, we're very much focused on making sure that we can deliver the revenue against our backlog and pipeline to continue to grow our revenue to where our guidance is. We do see a path to get to our 24% gross margin targets for the year, really driven by a couple -- a few things. One is unit costs should continue to come down like it's come down every quarter so far this year as builds have been increased. We would expect to see those unit costs to come down and that's a margin improvement. The second thing is we've been shipping -- we've been prioritizing our shipments to SK ecoplant as part of their take-or-pay contract because we've been constrained. So, we wanted to make sure we could meet our requirements to them for the year.

聽著，關於 ITC 的混合，對於本季度，當我們查看第四季度時，我們非常專注於確保我們能夠根據我們的積壓和管道交付收入，以繼續將我們的收入增長到我們的指導是.我們確實看到了實現今年 24% 毛利率目標的途徑，這實際上是由幾件事推動的——一些事情。一個是單位成本應該繼續下降，就像今年到目前為止每個季度都在下降一樣，因為建造量增加了。我們預計這些單位成本會下降，這是利潤率的提高。第二件事是我們一直在發貨——我們一直在優先向 SK ecoplant 發貨，作為他們照付不議合同的一部分，因為我們受到了限制。所以，我們想確保我們能夠滿足我們對他們今年的要求。

We've been shipping them through the course of the year and are nearly done on that. So, we've got a lot in the fourth quarter that is expected to get shipped to U.S. domestic customers, including the PPA for repowering that we're going to do within the fourth quarter. And ultimately, we've done that and when we've taken a look at our mix and to make sure that we can get to our targets this year, we have the flexibility and timing with a lot of our customers where we can pick and choose within a 90-day period around how we want that mix of acceptances to come.

我們在這一年中一直在運送它們，並且幾乎完成了。因此，我們在第四季度有很多預計將運往美國國內客戶的產品，包括我們將在第四季度完成的用於重新供電的 PPA。最終，我們已經做到了，當我們審視我們的組合併確保我們能夠在今年實現目標時，我們與許多客戶有靈活性和時間安排，我們可以選擇和在 90 天的期限內選擇我們希望接受的混合方式。

So, you may see within the fourth quarter a slightly above average -- average selling price as we continue to make sure that we can meet our commitments that we've made to everybody and get to the margin numbers that we've had and that will regulate as we get into 2023. Really encouraging thing about margins this year is price has been relatively flat over the last 5 or 6 quarters, and we've been able to hold price. And as cost is beginning to improve, you're beginning to see a margin improvement on our product management.

因此，您可能會在第四季度看到略高於平均水平的平均售價，因為我們將繼續確保我們能夠履行我們對每個人做出的承諾並達到我們已經擁有的利潤率數字，並且隨著我們進入 2023 年，我們將進行監管。關於今年利潤率的真正令人鼓舞的是，過去 5 或 6 個季度的價格相對持平，而且我們已經能夠維持價格。隨著成本開始改善，您開始看到我們的產品管理的利潤率有所提高。

In the third quarter, one thing that we're able to do, when ITC for 2022 went from 26% to 30%, we circled back with some of our financiers that we had U.S. domestic acceptances within 2022 and part of our good relationships with them were that we were able to make sure that, that upside that was coming through was shared equally between where customers were, where our financiers were and where we were. So, you saw about an $8 million benefit, I think as you read the Q, we talked about that we took within the third quarter. Given the domestic shipments within the fourth quarter, I would expect to see a number larger than that as we pull in and build our framework for Q4. So hopefully, there's not too much detail in there, but it gives you a sense of how we're thinking about our margins and how ITC benefits us for 2022.

在第三季度，我們能夠做的一件事是，當 2022 年的 ITC 從 26% 下降到 30% 時，我們與我們的一些金融家一起回過頭來，我們在 2022 年獲得了美國國內的認可，並且我們與他們是我們能夠確保，所帶來的好處在客戶所在的地方、我們的金融家所在的地方和我們所在的地方之間平均分配。因此，您看到了大約 800 萬美元的收益，我認為當您閱讀 Q 時，我們談到了我們在第三季度獲得的收益。考慮到第四季度的國內出貨量，我預計隨著我們進入並建立第四季度的框架，這個數字會更大。所以希望那裡沒有太多細節，但它讓您了解我們如何考慮我們的利潤以及 ITC 如何在 2022 年使我們受益。

The next question is from the line of Julien Dumoulin-Smith with Bank of America.

下一個問題來自美國銀行的 Julien Dumoulin-Smith。

So first off, just keeping with the IRA focus, if I can, what geographies and applications are seeing greater retention? Clearly, commercial utility rates and demand charges going higher, ITC should be invigorating. Can you talk a little bit more about the backlog? And then related there, you all at the Analyst Day, talked a little bit about the interconnect opportunity. Utilities obviously having challenges. Data centers talking that up of late. Are you still seeing an opportunity for novel load which can't be met with utilities as you look at your backlog creation into 23%?

所以首先，只要保持 IRA 的關注點，如果可以的話，哪些地區和應用程序的保留率更高？顯然，商業公用事業費率和需求費用走高，ITC 應該會振作起來。你能多談談積壓的事情嗎？然後，在分析師日，你們都談到了互連機會。公用事業顯然面臨挑戰。數據中心最近在談論這個問題。當您將積壓工作增加到 23% 時，您是否仍然看到實用程序無法滿足的新負載機會？

Yes. Julien, it's Greg. So, let me kick it off and what I miss, I'll ask KR to clean up for me. So listen, on IRA, we are still really encouraged by everything that we're seeing in there. Whether it is the ITC benefit on our core microgrid equipment or whether it's on the ITC benefit being extended into our biogas, waste-to-energy business and more of that product getting in. We're really encouraged about that as that helps our projects become more attractive to our customers. The 45Q credit around carbon capture were important to us. We've talked before, not only going from $50 to $85, but the size of the projects were before about 200 megawatts and now can get down into single megawatts, probably makes sense for us in the 20 megawatts to 30 megawatts, but a lot more opportunity to play in there. And then obviously, with the hydrogen PTC at $3 for our electrolyzer business within the U.S., given its performance for there, we're really excited about that.

是的。朱利安，我是格雷格。所以，讓我開始吧，我錯過了什麼，我會要求 KR 為我清理。所以聽著，在愛爾蘭共和軍上，我們仍然對我們在那裡看到的一切感到鼓舞。無論是我們核心微電網設備的 ITC 收益，還是將 ITC 收益擴展到我們的沼氣、廢物發電業務以及更多此類產品的進入。我們對此感到非常鼓舞，因為這有助於我們的項目對我們的客戶更具吸引力。圍繞碳捕獲的 45Q 信用對我們很重要。我們之前談過，不僅從 50 美元到 85 美元，而且項目的規模以前是 200 兆瓦左右，現在可以降到單兆瓦，可能對我們來說在 20 兆瓦到 30 兆瓦是有意義的，但很多更多的機會在那裡玩。然後很明顯，我們在美國的電解槽業務的氫 PTC 價格為 3 美元，鑑於其在美國的表現，我們對此感到非常興奮。

What I'd say generally about how we think about the IRA within our business across all those different applications, product lines and geographies within the U.S., I would say that our velocity within the deals that we've seen is definitely increasing. It has created some scarcity around resources and other things that we can use to our advantage to make sure that we're moving these deals through the system quickly. No big announcements to make for you or no insights into where we think where the backlog will be for the end of the year. But we're really excited about the activity we're seeing. And specifically about the interconnects and the time to power, listen, whether it is in the data center space, the advanced manufacturing space, including semiconductors, there is a tremendous need for power right now, whether it's from onshore, onshoring back to the U.S. of those activities or just the needs within data centers.

關於我們如何看待美國境內所有這些不同應用程序、產品線和地區的 IRA，我一般要說的是，我們在所見交易中的速度肯定在增加。它在資源和其他東西方面造成了一些稀缺性，我們可以利用這些東西來確保我們在系統中快速轉移這些交易。沒有重大公告可以為您發布，也沒有關於我們認為今年年底的積壓工作將在哪裡的見解。但我們對我們所看到的活動感到非常興奮。特別是關於互連和供電時間，聽著，無論是在數據中心領域，還是在包括半導體在內的先進製造領域，現在都對電力有巨大的需求，無論是從陸上，還是從陸上回到美國。這些活動或僅僅是數據中心內的需求。

And quite frankly, as they go to their local utilities which they've shared with previously around this is going to be their energy demand when they made the commitment to build in that location. They're being told that it is going to take several quarters, if not several years to get to the power that they needed. We've engaged several customers in that space. We're really encouraged about the velocity of those deals. And the focus really becomes around our manufacturing capability in that we have product that we can continue to bring -- that we can bring to their site quickly.

坦率地說，當他們前往他們之前共享的當地公用事業公司時，當他們承諾在該地點建造時，這將是他們的能源需求。他們被告知需要幾個季度，甚至幾年才能達到他們需要的功率。我們已經在該領域聘請了幾位客戶。我們對這些交易的速度感到非常鼓舞。重點真正圍繞著我們的製造能力，因為我們擁有可以繼續帶來的產品——我們可以快速將其帶到他們的網站。

Two is the performance of our equipment that it can operate in what we call in a free bird, which is simply just not an interconnect in so we can bring power in and we don't have to go through that application process. And then ultimately, all everything comes back to our core value prop around the quality of our product, the sustainability of our electricity, the predictability and the resilience of it and that all plays very well within the market. So, we continue to see a lot of pickup there. We're still working through our normal fourth quarter that we have around here, but we're really encouraged about the velocity of deals that we're seeing.

二是我們設備的性能，它可以在我們所謂的自由鳥中運行，這根本不是互連，因此我們可以引入電力，而我們不必經歷那個應用程序。然後最終，所有一切都回到了我們圍繞產品質量、電力可持續性、電力的可預測性和彈性的核心價值支柱，所有這些都在市場中發揮了很好的作用。因此，我們繼續看到那裡有很多回升。我們仍在正常的第四季度工作，但我們對我們所看到的交易速度感到非常鼓舞。

Julien, I would add to that a couple of things, right? When you look at that growth because of onshoring of manufacturing and data centers and look at specific hotspots in the country, where that gap between supply and projected demand is in the hundreds of megawatts. That could be a dual play. The dual play is, like Greg mentioned, it could be a free bird, a self-operating microgrid that supplies power for that customer. The other one could be in front of the meter working with the utilities being able to provide the utility with the tools to put this power for their customer. But as they bring transmission distribution and as they alleviated, thanks to our skid mounted platforms, they can move those around where they need to move. So this must be super attractive for a utility to be interested. So not only are we talking to potential customers in our funnel, we are also engaged with utilities to say, how can we partner? And this should be a win for the utilities, number 1.

朱利安，我想補充幾點，對吧？當您查看由於製造和數據中心的外包而導致的增長並查看該國的特定熱點時，供應與預計需求之間的差距為數百兆瓦。這可能是一個雙重遊戲。就像格雷格提到的那樣，雙重角色可能是一隻自由的小鳥，一個為該客戶供電的自運營微電網。另一個可能在電錶前面，與公用事業公司合作，能夠為公用事業公司提供工具，為他們的客戶提供電力。但是，由於它們帶來了傳輸分配，並且由於它們的緩解，由於我們的撬裝平台，它們可以將那些移動到他們需要移動的地方。因此，對於感興趣的實用程序來說，這必須是超級有吸引力的。因此，我們不僅在漏斗中與潛在客戶交談，我們還與公用事業公司合作，說我們如何合作？這應該是公用事業公司的勝利，排名第一。

The other question you asked in IRA and Greg alluded to this, biogas and waste to power, right? Waste to power, and I'll tell you, we have seen an order of magnitude increase in the funnel that we are seeing because of IRA. So I'll tell you, it's somewhere between 200 and 300 megawatts worth of funnel inquiry that we have in the -- like waste to power market. These are project developers. Many of these are brand-new trying to utilize all the IRA benefits. What will actually materialize, what will not, time will tell. But we clearly see a 200 to 300 megawatt funnel out there in terms of opportunities. So super exciting.

您在 IRA 和 Greg 中提出的另一個問題暗示了這一點，沼氣和廢物發電，對嗎？浪費電力，我會告訴你，我們已經看到由於愛爾蘭共和軍而看到的漏斗增加了一個數量級。所以我會告訴你，我們在垃圾發電市場上進行的漏斗查詢價值在 200 到 300 兆瓦之間。這些是項目開發人員。其中許多是全新的嘗試利用所有 IRA 福利。什麼會真正實現，什麼不會，時間會證明一切。但就機會而言，我們清楚地看到了 200 到 300 兆瓦的漏斗。太令人興奮了。

The next question is from the line of Martin Malloy with Johnson Rice.

下一個問題來自 Martin Malloy 和 Johnson Rice。

I wanted to ask about the Taylor Farms press release that you had during the quarter. I thought that was particularly interesting. And maybe if you could just give any insights that you can into the customers' thought process and leaving the grid and going with Bloom Servers? And if you're seeing similar kinds of inquiries from other industrial users?

我想問一下您在本季度發布的泰勒農場新聞稿。我覺得這特別有趣。也許您可以就客戶的思維過程提供任何見解並離開網格並使用 Bloom Servers？如果您從其他工業用戶那裡看到類似的詢問？

Martin, this is KR. Thanks for asking that question. Look, Taylor Farms is a great example for us of a repeat customer who started very small with us and grew with us as we went along. For people that are not familiar with the name. If you go to a grocery store and buy a good salad mix, chances are that's the Taylor Farms packaged salads, okay? They are the country's largest provider of this. So very, very large footprint, serving a very important need for the country. Now, they are a fantastic example of what again we are seeing with our current electricity system. These farms and where these packaging plants are, typically at the very end of the line in rural areas. As the energy system is getting constrained, the electricity system is getting constrained, even on a good day, the quality and the reliability of the power that they have at the end of the line is terrible and God forbid things like PSPS happen, which they have experienced for days on end, they don't have power. And the amount of damage it does to their ability to do business is profound.

馬丁，這是KR。謝謝你問這個問題。看，Taylor Farms 對我們來說是一個很好的例子，他是一個回頭客，他們從很小的時候開始和我們一起成長，隨著我們的發展而成長。對於不熟悉這個名字的人。如果你去雜貨店買一份好的沙拉混合物，那很可能是 Taylor Farms 的包裝沙拉，好嗎？他們是該國最大的提供者。非常非常大的足跡，服務於國家的一個非常重要的需求。現在，它們是我們在當前電力系統中再次看到的一個很好的例子。這些農場和這些包裝廠所在的地方，通常位於農村地區生產線的最末端。隨著能源系統受到限制，電力系統也受到限制，即使在好的一天，他們在線路末端所擁有的電力的質量和可靠性也很糟糕，上帝禁止像 PSPS 這樣的事情發生，他們連續幾天經歷，他們沒有力量。它對他們的經商能力造成的損害是巨大的。

And therefore, they wanted a micro grid that was completely independent of the grid, and they could just operate. And this was the requirement. And what we have always said is, when you combine our baseload power with a little bit of energy storage, with a little bit of engines, if you need it, with solar, you put all that together, you get the Goldilocks of electricity, okay? And what you get is energy security, economic security and environmental stewardship. If we put the 3 together, that is -- Taylor Farms is an example of where we believe in their strong conviction, the rest of the -- like business world is going to go when they realize what is needed.

因此，他們想要一個完全獨立於電網的微電網，他們可以直接運行。這就是要求。我們一直說的是，當你將我們的基本負荷電力與一點點能量儲存和一點點發動機結合起來，如果你需要它，加上太陽能，你把所有這些放在一起，你就會得到電力的金發姑娘，好的？你得到的是能源安全、經濟安全和環境管理。如果我們將這三個放在一起，那就是——泰勒農場是我們相信他們堅定信念的一個例子，當他們意識到需要什麼時，其他的——就像商業世界一樣。

The next question is from the line of Noel Parks with Tuohy Brothers.

下一個問題來自 Noel Parks 和 Tuohy Brothers。

I wanted to touch a bit more back on biogas. You've talked about the funnel of inquiries you have and just how big it is in the waste to power space. I recall you having some optimism earlier in the year that it would be a big second half for that business line. So I wonder if you could just expand a little bit on that. Are the drivers pretty much everything you anticipated? Of course, IRA is helpful. And do you have any sense about what trajectory the growth might take as you cross into next year?

我想多談談沼氣。您已經談到了您所擁有的查詢漏斗，以及它在電力空間的浪費有多大。我記得您在今年早些時候曾樂觀地認為這將是該業務線的下半年。所以我想知道你是否可以稍微擴展一下。驅動程序幾乎是您所期望的一切嗎？當然，IRA 很有幫助。當你跨入明年時，你對增長可能採取的軌蹟有什麼看法嗎？

Look, that's a great question. We are -- yes, when we talked about the IRA, and the benefits that it had created for taking what would be a problem in that methane from the waste going into the atmosphere, and converting that into an opportunity. Everything was lined up there, right? So that story, absolutely holds. And we are seeing that more people are realizing that is not only a good thing to do for the environment, it's a good thing to do for their wallet. Is that okay? And then those 2 things combined, market takes off. So there are 2 aspects of this waste energy that I want to focus. One aspect of the waste to energy is, whether it's landfill, whether it is like dairy farms, and like animal waste, and all that, there you would see that our systems require minimal cleanup, our systems don't need to be very large. And for the amount of biomethane, that you've produced, they will deliver the maximum amount of electricity under the same. For those reasons, we are the preferred choice by most developers in this field, whether it's a wastewater treatment plant, whether it's a dairy farm, anybody else, right? So that's the value proposition there. We see multiple opportunities there.

看，這是一個很好的問題。我們是——是的，當我們談到愛爾蘭共和軍時，以及它所創造的好處，因為它可以將廢物中的甲烷排放到大氣中，並將其轉化為機會。一切都排在那裡，對吧？所以這個故事，絕對成立。我們看到越來越多的人意識到這不僅對環境有益，對他們的錢包也有益。可以嗎？然後將這兩件事結合起來，市場起飛。因此，我想關注這種浪費能源的兩個方面。廢物轉化為能源的一個方面是，無論是垃圾填埋場，還是像奶牛場一樣，還是像動物廢物，等等，你會看到我們的系統需要最少的清理，我們的系統不需要非常大.對於您生產的生物甲烷的數量，它們將在相同的情況下提供最大的電力。由於這些原因，我們是該領域大多數開發商的首選，無論是污水處理廠，還是奶牛場，還是其他任何人，對嗎？這就是那裡的價值主張。我們在那裡看到了多種機會。

In places like wastewater treatment, it's also a resiliency play, because should there be a big national disaster and the grid not operate, they're eating their own dog food, right? So they're able to make methane and then convert that to electricity and operate their -- like wastewater treatment plant, and that resiliency brings a fantastic advantage. But then you go to the other side of the clean fuel credits, whether it's (inaudible), LCFS, it's all that there is a very strong formula on CI score. And these are very large projects being developed in the Midwest, for example. And even though they have to pay a slightly higher premium to use Bloom's electricity, by using Bloom's electricity as opposed to the grid, they lower their CI score. And the advantage they get on the biofuel is significantly greater than the premium they pay for the electricity. So we have 8 to 10 projects between all these. We are actively working on right now. So while it's difficult for me to handicap for you, and even if I could, I won't give you a number as you know. From that 200 to 300 megawatts, we would expect a pretty reasonable chunk to actually go into contract next year.

在像污水處理這樣的地方，這也是一種複原力的遊戲，因為如果國家發生大災難，電網不運轉，他們是在吃自己的狗糧，對吧？因此，他們能夠製造甲烷，然後將其轉化為電力並運營他們的——就像污水處理廠一樣，這種彈性帶來了巨大的優勢。但是然後你去清潔燃料信用的另一邊，無論是（聽不清），LCFS，這就是CI分數的一個非常強大的公式。例如，這些都是在中西部開發的非常大的項目。儘管他們必須支付稍高的溢價才能使用 Bloom 的電力，但通過使用 Bloom 的電力而不是電網，他們降低了 CI 分數。他們在生物燃料上獲得的優勢遠遠大於他們為電力支付的溢價。所以我們在所有這些之間有 8 到 10 個項目。我們現在正在積極努力。因此，雖然我很難為您設置障礙，即使可以，我也不會像您所知的那樣給您一個數字。從 200 到 300 兆瓦，我們預計明年會有相當合理的一部分實際簽訂合同。

The next line -- the next question is from the line of Kashy Harrison with Piper Sandler.

下一行——下一個問題來自 Kashy Harrison 和 Piper Sandler。

Just 2 quick ones for me. I was wondering if you guys could give us a sense of your current system contract value backlog. I know it's the metric you typically provide annually, but I was wondering if maybe we could get a sneak peek of where it stands today. And then also, looks like non-GAAP OpEx picked up quarter-over-quarter because of investments. And is maybe tracking up 25% year-over-year versus revenues up about 20%-ish. And so, just wondering how you guys are thinking about operating leverage entering 2023.

對我來說只有 2 個快速的。我想知道你們是否可以讓我們了解你們當前的系統合同價值積壓。我知道這是您通常每年提供的指標，但我想知道我們是否可以偷看它今天的位置。此外，由於投資，非 GAAP 運營支出似乎環比回升。並且可能同比增長 25%，而收入增長約 20%。因此，只是想知道你們如何考慮進入 2023 年的運營槓桿。

Listen on GAAP and OpEx, right, so as we went through and looked at where we needed to make investments in the company, clearly we are investing in R&D. That's both in engineers to develop projects, but materials that they can use in the laboratory. And we are putting a foot to the accelerator to make sure that especially post IRA that we can bring these products to market resiliently and hardened quickly from the team. So we've definitely put an accelerator to our technical team to go do.

聽聽 GAAP 和 OpEx，對，所以當我們仔細研究需要對公司進行投資的地方時，顯然我們正在投資於研發。這既是工程師開發項目，也是他們可以在實驗室中使用的材料。我們正在加速加速器，以確保特別是在 IRA 之後，我們可以將這些產品彈性地推向市場，並從團隊中迅速強化。所以我們肯定已經為我們的技術團隊投入了加速器去做。

On the commercial side, listen, we're continuing to build out our capability, whether it is with resources in the sale of our hydrogen electrolyzers, in the waste energy that KR was just speaking about, to utilities or to building out our international platform, we are adding resources to there.

在商業方面，聽著，我們正在繼續建設我們的能力，無論是銷售我們的氫電解槽的資源，KR 剛剛談到的廢棄能源，公用事業或建立我們的國際平台，我們正在向那裡添加資源。

And then lastly, on making sure that we are running this business in a controlled fashion as you would expect us to make sure we have the resources we have in place, we've done that. With each quarter, there's a few things that pop through on the OpEx that were one-timers or things you hadn't planned on. There was a couple that came through this quarter. But from a discipline standpoint, this business is all about getting from, as you said, the low-20s as a -- OpEx as a percentage of revenue to that 15% OpEx as a percentage of revenue by the middle part of this decade. And we're committed to do that. There was a bit of catch-up we had made over the last couple of years. And as we pull our plans together this year, KR, my expectation is, we won't continue to grow at that rate and get to see some operating leverage out of it. But clearly we've made sure that we are -- if we're going to err, we're going to err on the side of growth and being able to sell our project and control our product. But we ought to get some operating leverage to your point, especially as we move into next year, given the revenue expectations that we see.

最後，在確保我們以可控的方式經營這項業務時，正如您所期望的那樣，我們確保我們擁有現有的資源，我們已經做到了。每個季度，OpEx 上都會出現一些一次性的事情或您沒有計劃的事情。本季度有一對夫婦。但從紀律的角度來看，正如你所說，這項業務就是要從低 20 歲的運營支出佔收入的百分比到本十年中期的 15% 的運營支出佔收入的百分比。我們致力於做到這一點。在過去的幾年裡，我們做了一些追趕。當我們今年將我們的計劃整合在一起時，KR，我的期望是，我們不會繼續以這樣的速度增長，並從中看到一些運營槓桿。但很明顯，我們已經確保我們 - 如果我們要犯錯，我們將在增長方面犯錯，並且能夠銷售我們的項目並控制我們的產品。但是，鑑於我們看到的收入預期，我們應該獲得一些運營槓桿，尤其是在我們進入明年的時候。

In regards to our bookings in the sneak peek, I invite you back in 90 days when we do our year-end call. And we'll be happy to lay out then what a great success the team has had on landing the opportunities for this year. And I'll say no more other than I'll see you in 90 days on that one.

關於我們在偷窺中的預訂，我邀請您在 90 天后我們進行年終電話會議時回來。我們將很高興地說明球隊在今年獲得機會方面取得了多麼巨大的成功。我只想說 90 天后見。

The next question is from the line of Alex Kania with Wolfe Research.

下一個問題來自 Wolfe Research 的 Alex Kania。

Just thinking about your cash balance, turning to positive, I guess, plus or minus operating cash flow, I guess, depending on the accounting towards the end of the year and then also the additional cash sitting in the beginning part of next year. Just kind of thinking about, how are you looking at kind of capital investment, kind of in this environment? And kind of, if you like, which is the evolving backlog that you've got. Are you already thinking about the need to add new manufacturing capacity?

想想你的現金餘額，我猜是正數，加上或減去運營現金流，我猜，這取決於年底的會計，然後還有明年年初的額外現金。只是想一想，在這種環境下，您如何看待資本投資？而且，如果您願意，這就是您所擁有的不斷發展的積壓工作。您是否已經在考慮是否需要增加新的製造能力？

Alex, it's Greg. So, listen, on the cash balance in part around the secondary, a lot of that was to make sure that we had properly capitalized to display, not only to our supply chain, but to developers or projects, especially as we've gotten into some more complicated that we had the substantial financial resources to be able to participate at the level that we needed to. And we wanted to signal to the supply chain that we are increasing our capacity significantly and we have the financial wherewithal to encourage them to invest. And that was the primary reason that we did the secondary over the summer in August.

亞歷克斯，我是格雷格。所以，聽著，部分在二級市場周圍的現金餘額，其中很多是為了確保我們有適當的資本來展示，不僅是我們的供應鏈，而且是開發商或項目，特別是當我們已經進入更複雜的是，我們有大量的財政資源能夠以我們需要的水平參與。我們想向供應鍊錶明，我們正在顯著提高產能，並且我們有足夠的資金來鼓勵他們進行投資。這就是我們在 8 月的夏天進行次要的主要原因。

On capital investment, we're very focused on bringing the Fremont facility up this year and next year. So where we were about 300 megawatts of total stack capacity at the end of last year, we'll be 600 megawatts of total stack capacity on a fuel cell basis. And that's over a gigawatt of electrolyzer capacity that we have, as of today, based on the investments that we've been able to make so far this year. We'll continue to bring those online next year. And the investment for it is about $200 million. And from that we'll be up -- we'll double our capacity again next year on that same $200 million that we've been investing this year and next year. So the payback on that is incredibly attractive at 6 to 8 months and we'll go from there. So far, we think after we've gotten that manufacturing capacity in Fremont, we're encouraging the team that they can be able to get more capacity out of that same facility going forward. We don't think we stop at the gigawatt a fuel cell capacity, or the 2.5 gigawatts of electrolyzer capacity in Fremont. But to the extent we need to build another factory down the road in a different location, we're glad to know that we have the financial wherewithal to make those investment decisions. And once you've got the building, it's fairly quick to make those investment decisions. So it's about 6 to 8 months to bring it online. And once you get it fully utilized, its 6 to 8 months to get it done.

在資本投資方面，我們非常專注於在今年和明年將弗里蒙特工廠建設起來。因此，去年年底我們的電堆總容量約為 300 兆瓦，以燃料電池為基礎，我們的電堆總容量將達到 600 兆瓦。根據我們今年迄今為止所做的投資，截至今天，這已經超過了我們擁有的 1 吉瓦電解槽容量。我們將在明年繼續將這些內容上線。它的投資約為2億美元。從那以後，我們將站起來——明年我們將在今年和明年投資的 2 億美元的基礎上再次將產能翻一番。因此，在 6 到 8 個月的時間裡，回報是非常有吸引力的，我們將從那裡開始。到目前為止，我們認為在弗里蒙特獲得製造能力後，我們正在鼓勵團隊他們能夠從同一設施中獲得更多產能。我們認為我們不會停留在千兆瓦的燃料電池容量或弗里蒙特的 2.5 吉瓦電解槽容量。但就我們需要在不同地點建造另一家工廠而言，我們很高興知道我們有足夠的資金來做出這些投資決策。一旦你得到了建築物，就可以很快地做出這些投資決定。因此，將其上線大約需要 6 到 8 個月。一旦你充分利用它，它需要 6 到 8 個月才能完成。

Alex, one more thing that I want to add to what Greg, like told you. Like question was, would we continue to invest to double the capacity next year? The answer is absolutely yes. And while we understand the context of the economic environment that we're all seeing in the macro, just look at electricity and look at the drivers for the demand, whether it is electrification of transportation, whether it is digitization and datacenter growth, whether it is waste to energy, and that being an opportunity that's already been created, whether it is electrolyzers, or the PTC. From their reset, this is not going to slow down for us. The astronomical pace at which it needs to happen may come down a little bit down to earth, but you'll still be huge growth opportunity. And both with the previous question on our OpEx, as well as this question on our CapEx. We are going to meet the moment. That's the reason why we raised the money. And we are sitting with a product and a platform that is relevant for today, relevant for tomorrow, relevant for the long-term future. So, we're in a -- and we see nothing but opportunity and we will continue to invest both in building the team, as well as investing in the CapEx to go lead and be the lead player in this transmission.

亞歷克斯，我想在 Greg 告訴你的內容中添加一件事。就像問題是，我們是否會繼續投資以使明年的產能翻一番？答案是肯定的。雖然我們了解宏觀經濟環境的背景，但只要看看電力，看看需求的驅動因素，是否是交通電氣化，是否是數字化和數據中心的增長，是否浪費能源，這是一個已經創造的機會，無論是電解槽還是 PTC。從他們的重置開始，這對我們來說不會慢下來。它需要發生的天文速度可能會下降一點點，但你仍然會有巨大的增長機會。之前關於我們運營支出的問題以及關於我們資本支出的這個問題都是如此。我們要去見那一刻。這就是我們籌集資金的原因。我們正坐在一個與今天相關、與明天相關、與長期未來相關的產品和平台上。因此，我們處於 - 我們只看到機會，我們將繼續投資於建立團隊，以及投資於資本支出，以領先並成為這一傳輸的主要參與者。

The next question is from the line of Sangita Jain with KeyBanc.

下一個問題來自 KeyBanc 的 Sangita Jain。

Can you share with us how Bloom is participating in the various hydrogen hub proposals that are being prepared for submission to the DOE?

您能否與我們分享 Bloom 如何參與正在準備提交給 DOE 的各種氫樞紐提案？

We are in active conversations with multiple hubs. And again, these are the hubs keep, how they talk about and which hubs who participates fairly competitive at this stage. So I don't know that I'm at a liberty to talk about which hubs. But trust us there are multiple hubs competing. And I think when it comes to hydrogen, I have used this before, I think in the last call, we sell the (inaudible) to the people who want to go hunt for [them gold], okay? So we are participating with anybody and everybody that wants our superior electrolyzer to put together a superior proposal to them.

我們正在與多個中心進行積極的對話。再一次，這些是樞紐保留，他們如何談論以及在此階段參與競爭的樞紐。所以我不知道我可以自由談論哪些集線器。但相信我們，有多個中心在競爭。而且我認為當談到氫氣時，我以前用過這個，我想在最後一次電話會議中，我們將（聽不清）賣給想要去尋找[他們黃金]的人，好嗎？因此，我們正在與任何希望我們的卓越電解槽向他們提出卓越建議的人一起參與。

The next question is from the line of Colin Rusch with Oppenheimer.

下一個問題來自 Colin Rusch 和 Oppenheimer。

Could you speak to the improvement in yields that you're getting out of that California facility at this point?

您能否談談此時您從加利福尼亞工廠獲得的收益提高？

The improvement in yields?

產量的提高？

Yes, out of the factory. How that's trending?

是的，出廠了。趨勢如何？

Yes, listen, it's a copy exact pace process, right? So the same printer technology, the same furnace technologies, the same manufacturing processes, the same part go through both our Sunnyvale factory, that go through our Fremont facility. And in some cases, as we brought the Fremont facility on, we were using both facilities to create stacks as we brought that process through. So it's not as there's not a different manufacturing process nor a different outcome between what we get out of Fremont versus what we get out of Sunnyvale.

是的，聽著，這是一個複制精確節奏的過程，對吧？因此，相同的打印機技術、相同的熔爐技術、相同的製造工藝、相同的零件都經過我們的桑尼維爾工廠和弗里蒙特工廠。在某些情況下，當我們啟用弗里蒙特設施時，我們會同時使用這兩個設施來創建堆棧，因為我們已經完成了這個過程。所以這並不是因為我們從弗里蒙特得到的東西和我們從桑尼維爾得到的東西之間沒有不同的製造過程，也沒有不同的結果。

The capacity that we've been able to add has really been amazing over the course of the year. And this is really speaks to the ability of the team to bring this tooling on place very quickly. Kudos to the team that built the original manufacturing line, that they've been able to bring these processes in and build out this manufacturing line. And we've got it 95% up, and we'll have the remainder up by this year. And we'll add, like 2 more lines next year. But our expectation is that, the yield from it from a process standpoint, will be equivalent to where we had in the first place. While we always look to improve that with automation, in improving our manufacturing processes, we spend a lot of time on that is way to help drive an improvement in quality, as well as a reduction in cost. But no real difference between the California facilities.

在這一年中，我們能夠增加的容量確實令人驚嘆。這確實說明了團隊能夠非常迅速地將這種工具投入使用。對建造原始生產線的團隊表示敬意，他們能夠將這些流程引入並建造出這條生產線。我們已經把它提高了 95%，到今年我們將把剩下的提高。我們將添加，比如明年再增加 2 行。但我們的期望是，從流程的角度來看，它的產量將與我們最初的產量相當。雖然我們一直希望通過自動化來改進這一點，但在改進我們的製造流程時，我們花費了大量時間來幫助推動質量改進和成本降低。但加州設施之間沒有真正的區別。

And one very important thing, if you're thinking about it this way, right? Our copy exact, but also our modular technology, right? Means that it is giving you not a on/off function or starting a new factory. You keep adding capacity every week, every month as a new tool comes onboard. So if I were to give you the example, right, in our Fremont factory, bringing tools on every month means that in October, we were able to produce 17% more fuel cells than in September. 25% more than in August, and 40% more than in July. So every week, every month as we go on, we keep ramping up from that 1x to 2x. So by the end of the year, we will be at 2x the capacity of where we were. So this is a low-risk approach to scaling [our output].

還有一件非常重要的事情，如果你這樣想，對吧？我們的複制精確，也是我們的模塊化技術，對吧？意味著它不是為您提供開/關功能或啟動新工廠。隨著新工具的推出，您每週、每月都會不斷增加容量。所以如果我給你舉個例子，對了，在我們的弗里蒙特工廠，每個月都配備工具意味著在 10 月份，我們能夠比 9 月份多生產 17% 的燃料電池。比 8 月份增加 25%，比 7 月份增加 40%。因此，每週，每個月，我們都會不斷地從 1 倍增加到 2 倍。因此，到今年年底，我們的產能將是原來的 2 倍。因此，這是一種擴展 [我們的輸出] 的低風險方法。

The next question is from the line of Ameet Thakkar with BMO Capital.

下一個問題來自 BMO Capital 的 Ameet Thakkar。

Maybe a quick one for Greg. But it looks like the installation margins were like 140 basis point drag on gross margins this quarter. And that's been kind of you guys have said that that this is kind of going away. And you can kind of see that it's kind of fading. Is that like another kind of potential kind of tailwind for you guys in the fourth quarter? Is that kind of like basically kind of ceased by the fourth quarter?

也許對格雷格來說是一個快速的。但看起來安裝利潤率本季度的毛利率拖累了 140 個基點。你們已經說過這種情況正在消失。你可以看到它有點褪色。這對你們來說是第四季度的另一種潛在的順風嗎？這種喜歡基本上在第四季度就停止了嗎？

Yes, it's a good question, Ameet. So we are definitely engaging more and more with EPC partners here in the U.S. They're taking this work away from us, and they're bringing their expertise to help drive lead times with the customers, as well as to improve the profitability, given that it's their core competency and not ours. I think if you look at particularly at the fourth quarter, though, the one thing I'd caution you on is, you probably going to see something very similar to what we saw on the third quarter, just given the amount of U.S. domestic installations that we're going to do. So while we may improve on each project and our expectation with the (inaudible) team is that they will, but just you'll nominally have more deals in the U.S. in the fourth quarter. So it'll be there.

是的，這是一個很好的問題，Ameet。因此，我們肯定會越來越多地與美國的 EPC 合作夥伴合作。他們正在從我們手中奪走這項工作，他們正在利用他們的專業知識來幫助縮短與客戶的交貨時間，並提高盈利能力，因為這是他們的核心競爭力，而不是我們的。我想如果你特別看第四季度，我要提醒你的一件事是，你可能會看到與我們在第三季度看到的非常相似的情況，只是考慮到美國國內的安裝量我們要做的。因此，雖然我們可能會改進每個項目，並且我們對（聽不清）團隊的期望是他們會，但只是名義上你會在第四季度在美國有更多的交易。所以它會在那裡。

Over the long-term, right, the way we get to our margin levels at 30% by the middle of this decade is, we continue to make the product at the profitability we are now. We get service profitable, and we make install a smaller part of the overall P&L. So even if it loses a few dollars, it doesn't impact our margins negatively going forward. So it remains a key part of our framework and on improving our margins.

從長遠來看，我們在本世紀中期達到 30% 的利潤率水平的方式是，我們將繼續以現在的盈利能力生產產品。我們使服務盈利，我們使安裝佔整個損益表的一小部分。因此，即使它損失了幾美元，也不會對我們的利潤產生負面影響。因此，它仍然是我們框架和提高利潤率的關鍵部分。

The last question today is from the line of Jeff Osborne with Cowen and Company.

今天的最後一個問題來自 Cowen and Company 的 Jeff Osborne。

Just curious on 2 things. One, any commentary you have on pricing, in particular on the electrolyzer side? I'm just curious what you're seeing as you're going out bidding projects.

只是對兩件事感到好奇。一，您對定價有何評論，特別是在電解槽方面？我只是好奇你在投標項目時看到了什麼。

What was your second 1, Jeff, so we can get them both and get them answered?

你的第二個 1 是什麼，Jeff，所以我們可以同時得到它們並讓它們回答？

Certainly. And I hopped on a few minutes late, so I don't know if it's in the prepared remarks you addressed. Eversource's comments earlier in the week on gas shortages. How we should think about that? What your exposure is to the Northeast?

當然。而且我遲到了幾分鐘，所以我不知道這是否在你準備好的評論中。 Eversource 本週早些時候關於天然氣短缺的評論。我們應該怎麼想？您對東北的了解程度如何？

Yes. Great. Listen, on pricing on electrolyzers, I will tell you, our view on this remained -- this is not a [BOM] plus times 1.4 targeting a 40% margin business. Our technology, we think is proven out to be second to none around efficiencies. We're somewhere between 15% to 30%, maybe even 40%, if we can find access sources of heat to bring in displace the need for electricity within there. And since '80], the 70% to 80% of the cost of breaking water and creating hydrogen is going to be the input energy costs. We think we've got a competitive advantage.

是的。偉大的。聽著，關於電解槽的定價，我會告訴你，我們對此的看法仍然存在——這不是 [BOM] 加上 1.4 倍，目標是 40% 的利潤率業務。我們認為，我們的技術在效率方面被證明是首屈一指的。如果我們能找到熱源來取代那裡對電力的需求，我們的比例在 15% 到 30% 之間，甚至可能達到 40%。自 80 年代以來，破水和製氫成本的 70% 到 80% 將成為輸入能源成本。我們認為我們有競爭優勢。

As we look to build our pricing over the long-term, we're going to value price, meaning as we pull together with project developers, whether they're doing ammonia, whether -- green ammonia, whether they're doing clean hydrogen, whether they are manufacturers that are decarbonizing using our technology on-site, we're going to look to create value for them and share value from them. So I do not -- I don't generally get into the discussions of how many hundreds of dollars per kilowatt will our electrolyzer be. And how do we compete versus alkaline versus PEM. To us, it's not the right discussion to go have. This is all about creating value for our customers, and making sure that their projects get to their economic hurdles, and we think we can do that while we meet our economic hurdles on it. So we're excited about it.

當我們尋求建立長期定價時，我們將重視價格，這意味著當我們與項目開發商合作時，他們是否在做氨，是否 - 綠色氨，他們是否在做清潔氫，無論他們是在現場使用我們的技術進行脫碳的製造商，我們都將尋求為他們創造價值並分享他們的價值。所以我不 - 我通常不會討論我們的電解槽每千瓦需要多少數百美元。以及我們如何與鹼性與 PEM 競爭。對我們來說，這不是正確的討論。這一切都是為了為我們的客戶創造價值，並確保他們的項目能夠克服他們的經濟障礙，我們認為我們可以在克服經濟障礙的同時做到這一點。所以我們對此感到興奮。

On the gas side, clearly, I didn't read, particularly on the Eversource. But we spend a lot of time talking to the gas companies in the U.S., and there is a process here that they are getting a lot of phone calls and a lot of demand. It's the second order question when -- first when the local utilities can't provide the electricity and people begin to say how do I then do on-site generation, whether it's with a fuel cell or some other type of technology that they're getting asked to do a lot going forward. We see it as a short-term issue. And we think we can work our way through it. We found the community to be incredibly engaging, and in problem solving. And the projects are not -- I'm going to say this right, are not LCOE-driven in most cases, it's really about a time to power in the missed opportunity. So there is opportunity here and value the creation that allows you maybe to spend a little bit of money in the short-term to get power to them, while the overall deal hurdles for everybody, but that's the focus. Maybe not saving the last $0.07 on the length of pipe. It's really about how quickly we move that process forward.

在氣體方面，很明顯，我沒有閱讀，尤其是在 Eversource 上。但是我們花了很多時間與美國的天然氣公司交談，這裡有一個過程，他們接到了很多電話和大量需求。這是第二個問題——首先噹噹地公用事業公司無法提供電力時，人們開始說我該如何進行現場發電，無論是使用燃料電池還是其他類型的技術被要求做很多事情。我們認為這是一個短期問題。我們認為我們可以通過它來解決問題。我們發現社區的參與度和解決問題的能力令人難以置信。而且這些項目不是 - 我要說的是對的，在大多數情況下不是 LCOE 驅動的，這真的是在錯過的機會中發揮力量的時候了。所以這裡有機會並重視創造，讓你可能在短期內花一點錢來獲得權力，而整體交易對每個人來說都是障礙，但這是重點。也許不會在管道長度上節省最後的 0.07 美元。這真的是關於我們推進這個過程的速度。

So I hope that answers your question, Jeff. I'm going to turn it over to KR, we're right at the top of the hour and let you close out here for the team.

所以我希望這能回答你的問題，傑夫。我將把它交給 KR，我們正處於時間的頂端，讓你在這里為團隊結束。

Thank you, Greg, and thank you all for taking the time to join us today. As you can tell, we are super excited about the opportunity and -- in front of us. And you've seen us tell you what we will do in terms of, not just what the product can do, not in terms of the revenue we can generate, but also in terms of our -- the ability of our platform to be versatile, and be able to plug into so many applications. The marine application that we just talked about during the prepared remarks is an example of that. But we see very similar stories in our other growth drivers we have spoken to you about.

謝謝你，格雷格，感謝大家今天抽出時間加入我們。如您所知，我們對這個機會感到非常興奮，而且——在我們面前。您已經看到我們告訴您我們將做什麼，不僅僅是產品可以做什麼，不是我們可以產生的收入，還包括我們平台的多功能能力，並且能夠插入如此多的應用程序。我們剛剛在準備好的評論中談到的海洋應用就是一個例子。但我們在與您交談過的其他增長動力中看到了非常相似的故事。

In terms of the overall demand in the marketplace, we think the electricity demand is going to continue to be robust. And there is going to be in specific areas that are extremely well suited for Bloom. There is a big supply-demand mismatch, and it's all about the time to power. We see that as a huge opportunity. And we continue to be thankful and amazed at the execution of our team in delivering on time, development projects, production capability, supply chain readiness and being able to deliver to a customer. All this put together, we are excited about the future and look forward to talking to you in 90 days about how we finish the year. Thank you.

就市場的整體需求而言，我們認為電力需求將繼續保持強勁。並且將有非常適合佈魯姆的特定領域。供需嚴重不匹配，一切都到了上電的時候了。我們認為這是一個巨大的機會。我們繼續對我們團隊在按時交付、開發項目、生產能力、供應鏈準備和能夠交付給客戶方面的執行表示感謝和驚訝。綜上所述，我們對未來感到興奮，並期待在 90 天內與您討論我們如何結束這一年。謝謝你。

Thank you.

謝謝你。

This concludes today's conference call. You may now disconnect your lines.

今天的電話會議到此結束。您現在可以斷開線路。