Bloom Energy Corp (BE) 2024 Q3 法說會逐字稿

Hello and welcome to Bloom Energy third-quarter 2024 earnings conference call.

您好，歡迎參加 Bloom Energy 2024 年第三季財報電話會議。

Please note that this call is being recorded. (Operator Instructions)

請注意，此通話正在錄音。 （操作員說明）

Thank you.

謝謝。

I'd now like to hand the call over to Michael Tierney, Vice President, Investor Relations.

現在我想將電話轉給投資者關係副總裁 Michael Tierney。

You may now begin.

你現在可以開始了。

Thank you and good afternoon, everybody.

謝謝大家，大家下午好。

Thank you for joining us for Bloom Energy's third-quarter 2024 earnings call to supplement this conference call.

感謝您參加 Bloom Energy 的 2024 年第三季財報電話會議，以補充本次電話會議。

We furnished our third quarter, 2024 earnings press release with the SEC on form eight K and have posted it along with supplemental financial information that we will reference throughout this call to our investor relations website during this conference call, both in our prepared remarks and in answers to your questions.

我們以8 K 表的形式向SEC 提供了2024 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期間在我們的投資者關係網站上引用這些信息，無論是在我們準備好的發言中還是在回答你的問題。

We may make forward-looking statements that represent our expectations regarding future events and our future financial performance.

我們可能會做出前瞻性陳述，代表我們對未來事件和未來財務表現的預期。

These include statements about the company's business results, products, new markets strategy, financial position, liquidity and full year outlook for 2024.

其中包括有關公司業務業績、產品、新市場策略、財務狀況、流動性和 2024 年全年展望的聲明。

These statements are predictions based upon our expectations, estimates and assumptions.

這些陳述是基於我們的預期、估計和假設的預測。

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-K and 10-Q, we assume no obligation to revise any forward-looking statements made on today's call during this call.

然而，由於這些聲明涉及未來事件，它們受到許多已知和未知的風險和不確定性的影響，正如我們向SEC 提交的文件（包括我們最近提交的表格10-K 和10-Q）中詳細討論的那樣，我們不承擔任何義務修改本次電話會議期間所做的任何前瞻性陳述。

And in our third quarter, 2024 earnings press release, we referred to GAAP and Nongaap financial measures.

在 2024 年第三季財報新聞稿中，我們提到了 GAAP 和 Nongaap 財務指標。

The Nongaap financial measures are not prepared in accordance with us generally accepted accounting principles and are in addition to and not a substitute for or superior to of financial performance prepared in accordance with GAAP, a reconciliation between the GAAP and Nongaap financial measures is included in our third quarter, 2024 earnings press release available on our investor relations website.

Nongaap 財務指標並非按照我們公認的會計原則編制，並且是對按照GAAP 編制的財務業績的補充，而不是替代或優於按照GAAP 編制的財務業績，GAAP 和Nongaap 財務指標之間的調節包含在我們的報告中。

Joining me on the call today are Kr Sridhar, founder, Chairman and Chief Executive Officer and Dan Berenbaum.

今天和我一起參加電話會議的還有創辦人、董事長兼執行長 Kr Sridhar 和 Dan Berenbaum。

Our co kr will begin with an overview of our process and then Dan will review financial highlights for the quarter.

我們的 co kr 將首先概述我們的流程，然後 Dan 將審查本季的財務亮點。

After our prepared remarks, we will have time to take your questions.

在我們準備好發言後，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。

Hello everyone and thanks for joining us today.

大家好，感謝您今天加入我們。

The energy landscape is going to change this at a pace we have never seen before and it's both turbulent and transformational as an energy transformation company.

能源格局將以我們以前從未見過的速度改變這一點，作為一家能源轉型公司，這既動盪又充滿變革。

We at bloom are both adapting to and creating change just walking the halls of where our commercial team operates and looking at the computer screens and whiteboards and hearing their calls and conversations.

我們在綻放時既適應又創造變化，只需走在我們商業團隊運作的大廳裡，看著電腦螢幕和白板，聽到他們的電話和對話。

There is a palpable sense of positive momentum.

有明顯的正面勢頭。

The team is looking at a number of opportunities and it is clear that they are working on several complex and large deals.

團隊正在尋找許多機會，很明顯他們正在處理幾項複雜且大型的交易。

A big shift in our business today is time to power.

今天我們業務的一個重大轉變就是權力的時代。

We. Are. Providing. Solutions. To meet the urgent needs of our customers who cannot fulfill their power needs from the grid. In these cases. We rapidly book build, ship install and power sites for our customers in a matter of months. A much faster timeline than a grid connection.

我們。是。提供。解決方案。滿足無法滿足電網電力需求的客戶的迫切需求。在這些情況下。我們在幾個月內迅速為客戶預訂建造、船舶安裝和供電地點。比電網連接更快的時間軸。

Such rapid drill activities will necessarily come with timeline variances, both pull ins and delays and will affect our quarterly revenue line.

如此快速的鑽探活動必然會帶來時間安排上的差異，包括拉動和延遲，並將影響我們的季度收入線。

You are seeing this in our Q3 numbers based on our current projects and the visibility we have through year end.

您可以在我們基於當前專案和截至年底的可見性的第三季數據中看到這一點。

I'm extremely confident that bloom energy will meet our total year guidance.

我非常有信心綻放能量將達到我們全年的指導目標。

This is because of our team remaining focused on serving our customers and on delivering results for our enterprise.

這是因為我們的團隊仍然專注於服務客戶並為我們的企業交付成果。

I want to thank them for their hard work and dedication.

我要感謝他們的辛勤工作和奉獻精神。

More states in the US are now facing unprecedented power outages, storages and steep price increases.

美國更多州現在面臨前所未有的停電、停電和價格急劇上漲。

Our us commercial and industrial sectors that include health care, education, retail telecom and other industrials remain strong and these customers new and repeat find our clean, reliable and cost, predictable power solution.

我們的美國商業和工業部門（包括醫療保健、教育、零售電信和其他工業）仍然強勁，這些新舊客戶都發現我們清潔、可靠、成本低、可預測的電力解決方案。

Very attractive.

非常有吸引力。

We have seen an uptick in our US commercial and industrial business.

我們看到美國商業和工業業務有所成長。

We are very bullish about A I and the data center market and what that means for bloom's growth.

我們非常看好 AI 和資料中心市場，以及這對 Bloom 的成長意味著什麼。

You see our bloom energy fuel cell systems were purpose built like a custom for the data center.

您會看到，我們的 Bloom Energy 燃料電池系統是專為資料中心量身訂製的。

Hand.

手。

Here are the five fingers or attributes.

這是五個手指或屬性。

One, the millisecond scale time response of our solid oxide fuel.

一是我們的固體氧化物燃料的毫秒時間響應。

Cell technology to load.

電池技術載入。

Variations is an advantage for A I loads.

變化對於 AI 負載來說是一個優勢。

Two, the fault. Tolerant pay as you grow and high power density features of our system architecture make our solution economically attractive.

二、過錯。隨著您的成長而獲得的寬容報酬以及我們系統架構的高功率密度特性使我們的解決方案在經濟上具有吸引力。

Three.

三。

The ability to deliver AC or DC power at various medium voltage settings provides future electrical options for the use of high temperature heat to provide cooling is a big benefit for GPUS that power the.

在各種中壓設定下提供交流或直流電源的能力為未來使用高溫熱量提供冷卻提供了電力選擇，這對於為 GPU 供電的 GPU 來說是一個很大的好處。

A. I revolution and phi the ability to.Go.Zero.Carbon with natural gas.

A. I 革命和 phi 使用天然氣實現零碳排放的能力。

And switch to hydrogen in the future makes bloom a sustainable solution.

未來改用氫氣將使布魯姆成為永續的解決方案。

The level of commercial activity in the data center space has picked up even more than when I spoke to you 90 days ago.

資料中心領域的商業活動水平甚至比我 90 天前與您交談時的水平還要高。

These are multiparty deals that are complex.

這些都是複雜的多方交易。

A 100 megawatt data center deal has a commercial value of over $1 billion and so it takes a minute, maybe a long Texas minute to get a deal done.

一筆 100 兆瓦的資料中心交易的商業價值超過 10 億美元，因此需要一分鐘，甚至可能是德州漫長的一分鐘才能完成交易。

We are making good progress.

我們正在取得良好進展。

Expect to hear more from us on this topic.

期待聽到我們關於這個主題的更多資訊。

In the near future, I'd like to highlight a few key themes that demonstrate Bloom's ability to navigate and succeed in the evolving energy environment and deliver on our commitments to our customers first.

在不久的將來，我想強調幾個關鍵主題，這些主題展示了 Bloom 在不斷變化的能源環境中駕馭並取得成功的能力，以及首先履行我們對客戶的承諾的能力。

Our ability to execute on large scale projects is evident.

我們執行大型專案的能力是顯而易見的。

The highlight of the quarter was a landmark agreement for an 80 megawatt fuel cell project in South Korea in partnership with SK and Korea Development Bank KDB to create the world's largest single site fuel cell installation in history.

本季度的亮點是與 SK 和韓國開發銀行 KDB 合作在韓國簽署了一項具有里程碑意義的 80 兆瓦燃料電池專案協議，以創建世界上歷史上最大的單點燃料電池裝置。

This project is a significant milestone for us and a testimony that fuel cells are now a core solution for large scale power generation.

該計畫對我們來說是一個重要的里程碑，也證明了燃料電池現在已成為大規模發電的核心解決方案。

We are excited to partner with.

我們很高興與之合作。

Two global leaders.

兩位全球領袖。

Terex is a long time partner of Bloom and has been a distributor of our energy solutions in South Korea since 20.19.

特雷克斯是 Bloom 的長期合作夥伴，自 20.19 起一直是我們能源解決方案在韓國的經銷商。

Korea Development Bank is among the largest banks in the world fostering industrial development of Korea with over $230 billion in assets.

韓國開發銀行是世界上最大的銀行之一，致力於促進韓國工業發展，資產超過 2,300 億美元。

This is a model we. Will replicate going forward that is.

這是我們的一個模型。今後將會複製。

Partnering with renowned. Global companies and financial institutions to bring our solutions to other international markets. Importantly, this large. Power block. Project is a proof point to show bloom can power large data. Centers. Second, it is.

與知名企業合作。全球公司和金融機構將我們的解決方案帶到其他國際市場。重要的是，這麼大。電源塊。該專案證明了 Bloom 可以為大數據提供支援。中心。其次，確實如此。

Clear that the power grid is simply not keeping up with the growth demands.

顯然，電網根本無法跟上成長需求。

Large amounts of. Power are needed.

大量。需要電源。

From new. Sources of capacity.

從新的。能力來源。

Bloom energy servers provide.

Bloom能源伺服器提供。

This additionality behind and in front of the meter without adversely impacting the ratepayer or grid reliability.

電錶前後的這種額外性不會對納稅人或電網可靠性產生不利影響。

We spoke a quarter ago about a unique front of the meter agreement between Bloom Energy and Silicon Valley Power.

一個季度前，我們談到了 Bloom Energy 和 Silicon Valley Power 之間獨特的電錶前端協定。

Today we announced an agreement with FDM development for 20 megawatts of Bloom's SOFC across two strategic locations in Los Angeles.

今天，我們宣布與 FDM 開發公司達成協議，在洛杉磯的兩個戰略地點開發 20 兆瓦的 Bloom SOFC。

This power provides additional capacity to southern California utilities while taking advantage of Bloom's clean, reliable, affordable power.

這種電力為南加州公用事業公司提供了額外的容量，同時利用了布魯姆清潔、可靠、負擔得起的電力。

We are currently in negotiations with utilities in other parts of the country.

我們目前正在與該國其他地區的公用事業公司進行談判。

Transmission is a critical aspect of the energy business and we have been partnering with utilities to complement transmission solutions and remove bottlenecks for our customers.

輸電是能源業務的重要方面，我們一直與公用事業公司合作，以完善輸電解決方案並消除客戶的瓶頸。

The recent ferc ruling highlights the consensus on the need for large scale interconnections through new capacity additions.

FERC 最近的裁決凸顯了人們對於需要透過增加新容量來實現大規模互連的共識。

Utilities that adopt this model will likely find it easy to get their projects approved by regulators.

採用這種模式的公用事業公司可能會發現他們的專案很容易獲得監管機構的批准。

Our VP model has been successful and allows us to work with utilities in a mutually beneficial manner by adding front and behind the meter capacity.

我們的 VP 模式取得了成功，使我們能夠透過增加表前和表後容量，以互利的方式與公用事業公司合作。

We can ensure grid reliability and maintain competitive customer rates.

我們可以確保電網可靠性並保持有競爭力的客戶價格。

In addition to front of the meter solutions to meet customer needs with a utility partner, we also work on behind the meter solutions directly with the customer as an example.

除了與公用事業合作夥伴一起提供表前解決方案以滿足客戶需求外，我們還直接與客戶合作開發表後解決方案。

We spoke earlier this year about how quanta needed power for an industrial facility in northern California to support A I data centers.

今年早些時候，我們談到了量子公司如何為加州北部的工業設施提供電力來支援人工智慧資料中心。

Bloom was able to book manufacture, test and install energy servers to fulfill that need.

Bloom 能夠預訂製造、測試和安裝能源伺服器來滿足這項需求。

Later in the year, Quona returned with a request to increase the power capacity by more than 150% and create the largest islanded microgrid in Silicon Valley.

今年晚些時候，Quona 回來了，要求將電力容量增加 150% 以上，並創建矽谷最大的孤島微電網。

Bloom was once again able to meet their demand ahead of schedule.

布魯姆再次能夠提前滿足他們的需求。

In this islanded mode, we not only provide clean, reliable power but also follow the load needs of the customer.

在這種孤島模式下，我們不僅提供清潔、可靠的電力，而且還遵循客戶的負載需求。

A new feature load following that we have added. To our offering.

我們新增了一個新的功能負載。我們的奉獻。

Lastly. We remain steadfast in our commitment to cost reduction.

最後。我們仍然堅定地致力於降低成本。

It is ingrained. In our DNA.

這是根深蒂固的。在我們的 DNA 中。

And we are delighted to report that we are on course to achieve double digit cost reductions for the year just as we have done in previous years by.

我們很高興地報告，我們今年有望實現兩位數的成本削減，就像我們前幾年所做的那樣。

Continuously optimizing our.Operations, driving efficiencies in manufacturing and focusing on continued technical innovation.

不斷優化我們的運營，提高製造效率並專注於持續的技術創新。

We can deliver our cost reduction goals this year and look forward to doing the same as we go forward.

我們今年可以實現降低成本的目標，並期待未來也能實現同樣的目標。

As we look ahead.

當我們展望未來時。

We are confident in our ability to grow the.

我們對我們的發展能力充滿信心。

Business based on strong commercial momentum, excellent operational execution and ongoing innovation.

業務基於強勁的商業動力、卓越的營運執行力和持續的創新。

Our ability to execute large scale projects, reduce costs and provide reliable power solutions make us a trusted partner for our customers.

我們執行大型專案、降低成本和提供可靠電力解決方案的能力使我們成為客戶值得信賴的合作夥伴。

Put simply if you want to generate 24 7 power reliably at the point of use without air pollution and noise and you need it.

簡而言之，如果您想在使用時可靠地產生 7 天 24 小時的電力，而沒有空氣污染和噪音，並且您需要它。

Now, there is no better solution in the market than bloom energy servers.

現在，市場上沒有比Bloom能源伺服器更好的解決方案了。

We are excited about our opportunities ahead.

我們對未來的機會感到興奮。

I look forward to taking your questions, but for now, I'll turn it over to Dan.

我期待著回答您的問題，但現在我將把它交給丹。

Thank you, Kr and good afternoon, everyone.

謝謝Kr，大家下午好。

During last quarter's earnings call, I spoke about how excited I was to be at Bloom and how after one quarter of working with this team, I felt like our commercial opportunities positioned us well for revenue and profitability growth.

在上個季度的財報電話會議上，我談到了我對在Bloom 感到多麼興奮，以及在與這個團隊合作一個季度後，我覺得我們的商業機會使我們能夠很好地實現收入和盈利能力的增長。

Six months into the job.

入職六個月。

I have even greater conviction that our expanding set of solutions including micro grid load following carbon capture and combined heat and power solutions along with our increasing power density align.

我更加堅信，我們不斷擴大的解決方案（包括碳捕獲後的微電網負載和熱電聯產解決方案）與我們不斷增加的功率密度是一致的。

Well, with the requests that we see from our existing and potential customers, ALL 2,100 bloom employees are prepared to execute on this opportunity as we provide solutions to the critical problem of power at the point of use.

嗯，根據我們現有和潛在客戶的要求，所有 2,100 名 Bloom 員工都準備好抓住這個機會，為使用時的關鍵電力問題提供解決方案。

And as we continue to be a leader in the global energy transition, turning to near term results and outlook.

隨著我們繼續成為全球能源轉型的領導者，我們轉向近期業績和前景。

As you know, we generally recognize product revenue as we ship our energy servers for customer projects.

如您所知，我們通常在為客戶專案運送能源伺服器時確認產品收入。

These customer projects naturally have schedule variability, both positive and negative.

這些客戶專案自然會存在進度可變性，既有積極的也有消極的。

You've all seen this variability impact bloom in the past, pulling in or pushing out revenue by a quarter.

過去，大家都已經看到這種變化的影響不斷擴大，導致收入增加或減少四分之一。

Our second half 2024 is a case of this.

我們的 2024 年下半年就是一個例子。

And we recognize that our Q3 results and our expectations for Q4 reflect this natural variability because of the project we are currently executing.

我們認識到，由於我們目前正在執行的項目，我們第三季度的業績和對第四季度的預期反映了這種自然變化。

We have full confidence in delivering second half and full year results in line with the guidance that we have previously provided to reiterate, we expect revenue between $1.4 billion to $1.6 billion.

我們對實現下半年和全年業績充滿信心，符合我們先前提供的指導，並重申，我們預計收入在 14 億美元至 16 億美元之間。

Nongaap gross margin of approximately 28% and Non-GAAP operating income of $75 million to $100 million.

Nongaap 毛利率約 28%，非 GAAP 營業收入為 7,500 萬至 1 億美元。

Bloom is a growing company in a large changing market.

Bloom 是一家在不斷變化的市場中成長的公司。

I feel confident that we can deliver full year results even as we adjust to these market changes to provide a little more color on these changing market dynamics.

我相信，即使我們根據這些市場變化進行調整，為這些不斷變化的市場動態提供更多色彩，我們也能實現全年業績。

We've talked over the past few quarters about the steep rise in demand for electricity and the delays that us businesses are experiencing and getting additional power from their utilities.

在過去的幾個季度中，我們討論了電力需求的急劇增長以及美國企業正在經歷的從公用事業公司獲得額外電力的延遲。

This dynamic is playing out in our US commercial and industrial business where we see robust customer activity along with data center.

這種動態正在我們的美國商業和工業業務中上演，我們看到強勁的客戶活動以及資料中心。

This is fueling a mix shift towards the US even while our care shipments remain strong.

儘管我們的護理產品出貨量仍然強勁，但這正在推動向美國的混合轉變。

Further our time to power.

進一步我們掌權的時間。

Customers have an urgent need to grow their businesses and meet their own market demands for these customers.

客戶迫切需要發展他們的業務並滿足這些客戶自己的市場需求。

We are booking shipping and recognizing revenue within a relatively shorter time frame and we do try to prioritize customers with time urgent requirements.

我們在相對較短的時間內預訂運輸並確認收入，我們確實嘗試優先考慮時間緊迫的客戶。

As you can imagine this dynamic along with larger project sizes and complexity is part of why we're seeing this year's quarter to quarter variability and also why we have confidence in achieving our full year goals through all of this, our top priority is profitable growth.

正如您可以想像的那樣，這種動態以及更大的專案規模和複雜性是我們看到今年季度與季度變化的部分原因，也是我們有信心透過這一切實現全年目標的部分原因，我們的首要任務是獲利成長。

We expect that emphasis to show in our Q4 results as well as in 2025 crucial to that profitability is our continued focus on product cost reductions.

我們預計第四季度的業績以及 2025 年的業績中將體現出對盈利能力至關重要的重點是我們繼續關注產品成本降低。

Our technology engineering and manufacturing teams have consistently been able to reduce the cost of our core energy servers by 10% or more per year.

我們的技術工程和製造團隊始終能夠將核心能源伺服器的成本每年降低 10% 或更多。

And we have a roadmap for future progress at a similar rate.

我們有一個未來以類似速度取得進展的路線圖。

Turning to our Q3 results revenue for the quarter was $330.4 million.

轉向我們第三季的業績，該季的營收為 3.304 億美元。

A decrease of 17.5% over the third quarter of 2023 which as a reminder was positively impacted by a large repowering Q3 revenue was also down slightly from Q2 largely due to a decline in install revenue.

較 2023 年第三季下降 17.5%，這是受到第三季大規模重新供電的正面影響，也較第二季略有下降，主要原因是安裝收入下降。

While product revenue increased by $7.5 million and service revenue was flattish.

產品收入成長了 750 萬美元，而服務收入則持平。

This revenue dynamic also led to a sequential improvement in gross margin.

這種收入動態也導致毛利率持續改善。

While Nongaap gross margin of 25.2% was down from 31.6% in the third quarter of 2023 it increased from last quarter's 21.8% as mix shifted towards product.

雖然 Nongaap 的毛利率為 25.2%，低於 2023 年第三季的 31.6%，但隨著產品組合轉向產品，該毛利率較上季的 21.8% 有所上升。

And our product cost reductions continued in line with our expectations.

我們的產品成本降低繼續符合我們的預期。

Our service business was again profitable in Q3, we continue to expect service to be profitable for the full year 2024 which would be the first time in Bloom's history that service is profitable across a full year.

我們的服務業務在第三季再次實現盈利，我們仍然預計服務業務將在 2024 年全年實現盈利，這將是 Bloom 歷史上首次服務全年盈利。

Nongaap operating profit for the third quarter.

Nongaap 第三季營業利潤。

Was $8.1 million.

是810萬美元。

A decrease of $43.7 million from the third quarter of 2023 and an increase from Q2's $3.2 million loss.

較 2023 年第三季減少 4,370 萬美元，較第二季 320 萬美元的虧損增加。

Nongaap Eps was a loss of a penny per share.

Nongaap Eps 每股虧損一便士。

Cash flow from operating activities was an outflow of $69 million in the third quarter.

第三季經營活動現金流出6900萬美元。

Primarily the increases in receivables due to timing of transactions and an increase in inventory made to meet anticipated demand.

主要是由於交易時間和為滿足預期需求而增加庫存而導致的應收帳款增加。

In Q4, we still expect cash flow from operations to be positive for the second half of 2024.

在第四季度，我們仍然預計 2024 年下半年的營運現金流將為正值。

We ended the quarter with $549 million total cash on the balance sheet.

本季結束時，我們的資產負債表上的現金總額為 5.49 億美元。

As we discussed last quarter, changes in our product mix are impacting the way we use certain metrics to manage our business.

正如我們上季度所討論的，我們產品組合的變化正在影響我們使用某些指標來管理業務的方式。

Specifically, we're reevaluating our use of key operating metrics including measures on a per kilowatt basis as our offerings evolve and expand the cost of our core energy server as a percentage of total product cost can vary significantly depending on the solution offered.

具體來說，隨著我們的產品的發展和核心能源伺服器成本的擴大，我們正在重新評估關鍵營運指標的使用，包括以每千瓦為基礎的衡量標準，因為根據所提供的解決方案，佔產品總成本的百分比可能會大不相同。

For example, we package our energy servers on skids to accelerate installation time essential in a world where time to power is critical to many customers.

例如，我們將能源伺服器包裝在滑軌上，以加快安裝時間，這對許多客戶來說供電時間至關重要。

This adds value to our solutions that is not accurately reflected in a per kilowatt measure.

這為我們的解決方案增加了價值，而這一價值並未準確反映在每千瓦的衡量標準中。

Similarly engineering solutions to increase our power density such as stackable energy servers combined heat and power solutions, carbon capture solutions and our increasingly popular microgrid solutions all increase both value and cost in a way that is not necessarily correlated to the kilowatts or megawatts of a particular project.

Similarly engineering solutions to increase our power density such as stackable energy servers combined heat and power solutions, carbon capture solutions and our increasingly popular microgrid solutions all increase both value and cost in a way that is not necessarily correlated to the kilowatts or megawatts of a particular專案.

We are committed to providing investors with the right level of useful information and we intend to provide the right set of metrics that will simply and clearly help investors model and analyze our business to conclude our commercial opportunities remain robust and we are on track to show improved financial results as we scale, we are extremely focused on positioning bloom to scale profitably.

我們致力於為投資者提供適當水平的有用信息，並且我們打算提供正確的指標集，這些指標將簡單而清晰地幫助投資者建模和分析我們的業務，以得出我們的商業機會仍然強勁的結論，並且我們有望展示出改進的成果隨著我們規模的擴大，我們的財務表現非常注重定位，以實現盈利。

As we continue to provide clean, reliable solutions for the world's evolving energy needs.

我們將繼續為世界不斷變化的能源需求提供清潔、可靠的解決方案。

With that operator, please open the line for questions.

請透過該接線生撥打電話提問。

(Operator Instructions) Andrew Percoco, Morgan Stanley.

（操作員指示）Andrew Percoco，摩根士丹利。

Hey guys, thanks for taking the question and congrats on some strong commercial progress with those announcements tonight.

大家好，感謝您提出問題，並祝賀今晚這些公告取得了一些強勁的商業進展。

I guess I want to, you know, maybe take a look at or ask a question about how you're thinking about the roll forward to 2025.

我想，你知道，也許我想看看或問一個問題，看看你是如何看待推遲到 2025 年的。

I know you're not giving specific guidance on that, but just with the ITC schedule to phase down with the election.

我知道您並沒有就此提供具體指導，而只是根據 ITC 時間表逐步減少選舉。

Now behind us, can you just give us any directional comment about how you're thinking about the setup for 2025.

現在，您可以就您對 2025 年設定的看法向我們提供任何方向性的評論嗎？

Obviously, we're sitting in November now.

顯然，我們現在正處於十一月。

So I assume you have some view of where your backlog stands.

所以我假設您對積壓的情況有一定的了解。

So anything directionally that you can help us in terms of where we should be expecting revenue and maybe margins to trend as we look forward into 2025.

因此，在我們展望 2025 年時，您可以在我們預期收入和利潤趨勢方面提供任何方向性的幫助。

And then my follow up question would just be around the data center opportunity, apologies if I missed this in the prepared remarks.

然後我的後續問題將圍繞資料中心機會，如果我在準備好的評論中錯過了這一點，我深表歉意。

But can you give us an update in terms of where you stand?

但您能為我們介紹一下您的最新立場嗎？

Obviously, you're making some good progress outside of data centers with your traditional commercial and industrial customer base as it relates to data centers?

顯然，您在資料中心以外的傳統商業和工業客戶群中取得了一些與資料中心相關的良好進展？

I think entering the year you were talking about maybe announcing some rather large data centers by year end of 2024.

我認為進入您所說的這一年，可能會在 2024 年底之前宣布一些相當大的資料中心。

What's your latest thinking there in terms of timeline and maybe what's some key milestones that we should be keeping a look for.

您在時間表方面的最新想法是什麼，也許我們應該專注於一些關鍵的里程碑。

Andrew?

安德魯？

Hello, you know, thank you so much for those two questions.

您好，您知道，非常感謝您提出這兩個問題。

So on the first part, in terms of where we are seeing the commercial pipeline, what we're seeing, let me break that Up into two parts, right?

因此，在第一部分中，就我們在哪裡看到商業管道而言，我們所看到的，讓我將其分為兩部分，對吧？

The first is our traditional business as you have seen. Over. The. Last 3 to 4 years. What we are seeing is a significant.Uptake in the US commercial and industrial market.Our courier volumes.Are.Stable.And. Strong but the growth we are clearly seeing in the UC. Which we think is really good because it's across sectors, it's across regions here in the US and certain new states are opening up for.Us.

第一個是我們的傳統業務，正如您所看到的。超過。這。最近3到4年。我們看到的是美國商業和工業市場的顯著成長。強勁，但我們在加州大學看到了明顯的成長。我們認為這真的很好，因為它跨行業、跨美國地區，而且某些新州正在向美國開放。

All this put together, we believe that that.Core.Business.As we have called it over the.Years in the US is very strong, that will.Continue that.Way.

所有這些加在一起，我們相信，核心業務，正如我們多年來所說的那樣，在美國非常強大，將會繼續下去。

As I see it in 20.25.We think that data centers.And the opportunity specifically with large A I data centers.Is going to.Happen.

正如我在 20.25 所看到的。

We are in active negotiations with multiple partners.

我們正在與多個合作夥伴進行積極談判。

We are happy with the progress. Would I be, would I want more urgency on the speed?

我們對進展感到高興。我會，我會想要更迫切的速度嗎？

You bet you, you know, you bet you, I would.Want to see that.But these are complex deals.

你打賭你，你知道，你打賭你，我會。

But they're all.Moving in the right direction.

但他們都在朝著正確的方向前進。

So can I handicap.It for.A.Particular date.

那麼我可以在特定日期限制它嗎？

On the calendar?

日曆上？

No, but can I tell you, we expect to have some good news in that area soon based on where.Everything is trending?The answer is absolutely yes.Next question please.

不，但我可以告訴你，我們預計很快就會在該領域收到一些好消息。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

One question, what I really liked about this press release was that you had three orders with three different markets.

一個問題，我真正喜歡這篇新聞稿的一點是，你在三個不同的市場收到了三個訂單。

And that's, I mean, there's a lot of focus on data centers but diversity also matters and going ahead.

我的意思是，人們非常關注資料中心，但多樣性也很重要並繼續前進。

Should we think about the diversity as like these three areas where you'll be providing to utilities?

我們是否應該像您將向公用事業提供服務的這三個領域一樣考慮多元化？

In the US maybe power internationally and then the data center.

在美國，可能會為國際供電，然後是資料中心。

So should we expect that the three diverse markets you showed us in this press release, that trend will continue.

因此，我們是否應該期望您在本新聞稿中向我們展示的三個不同的市場，這種趨勢將會持續下去。

Man is very good observation.

人的觀察力很好。

You're absolutely right.

你是絕對正確的。

There are two things about your order book, right?

您的訂單簿有兩件事，對嗎？

It is the orders you have, but also the quality of the order book and diversity of orders, both in terms of sectors and.

這是您擁有的訂單，也是訂單簿的品質和訂單的多樣性，無論是在行業還是在方面。

Geography is a huge deal as you think about building a company, not just for the next quarter, but for a decade to come and you.Know.Many decades to come.

當你考慮建立一家公司時，地理位置是一件大事，不僅僅是為了下個季度，而是為了未來十年，你知道，未來幾十年。

I'm.Particularly.Thrilled about these three orders and where they are.So I think you broke it down nicely.

我對這三個訂單及其所在位置感到特別興奮，所以我認為你很好地分解了它。

The shortage of power that we are all seeing.Not just.

我們都看到了電力短缺。

In the US.But we start seeing that in other geographies too.

在美國。

We have already started seeing them in places like.Dublin.And Ireland and Frankfurt and Germany and Singapore.You know, like places like that. Now, it's not just about generation.It's.About transmission.

我們已經開始在都柏林、愛爾蘭、法蘭克福、德國和新加坡等地看到它們。現在，這不僅僅是關於一代，而是關於傳播。

Transmission in the US is going to be a bottleneck for a very long time to come.

美國的傳輸將在未來很長一段時間內成為瓶頸。

So our asset becomes both a transmission asset and the end user as well. So to help the utility mitigate the long cycles, it's going to take them.To get transmission to where they need to supply the power.To their customer. A short circuit.To that would.Be to use our box in front of the.Meter.Not have to do transmission.Upgrades and.Supply large blocks of.Power to a customer. You are seeing examples of that with.SVP.And now with the latest announcement that we made in southern California.Expect to see.More of that. The quanta.On the other hand, is in places where the utility because of its regulation or becauseOf other priorities does not want to do that with us.

因此，我們的資產既成為傳輸資產，也成為最終用戶。因此，為了幫助公用事業公司緩解長週期，他們需要將電力傳輸到他們需要供電的地方。短路。您正在看到高級副總裁的例子。另一方面，量子是在公用事業公司由於其監管或其他優先事項而不想與我們合作的地方。

The.Customer has the choice of coming to us and asking us to.Be behind the meter.And it's the same solution.

客戶可以選擇來找我們並要求我們在儀表後面。

It's just who is going to deliver the power to whom, right, whether it's the.Utility providing the clean, reliable, always on power.To the.Customer.Using.Our boxes.Or the customer directly getting it from us.

這只是誰要向誰提供電力，對吧，無論是向使用我們的盒子的客戶提供清潔、可靠、始終通電的公用事業，還是直接從我們這裡獲得電力的客戶。

Without the, we think they both will play in different places for different reasons.

如果沒有，我們認為他們都會因為不同的原因在不同的地方踢球。

On top of that, I think you asked, you know, if you, so there you have those deals.

最重要的是，我想你問過，你知道，如果你，那麼你就有了這些交易。

The third part is we think international for us going forward in the next few years is not.Just going to be Korea, we are making good strides in other parts, Europe is a good.

第三部分是我們認為國際化對我們未來幾年的發展來說不是。

Example, other parts of Asia, we think Taiwan is a phenomenal opportunity going forward.

例如，在亞洲其他地區，我們認為台灣是一個巨大的未來機會。

And so we think that these markets are going to open up.

因此我們認為這些市場將會開放。

So what you're going to see.Is diversity in geography, diversity.In.Customers, you know.Like diversity in sectors, giving us a business that can be less and less.Prone to.Cycles in the market.

所以你會看到的是地理上的多樣性，客戶的多樣性，你知道。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，加拿大皇家銀行資本市場部。

Yeah, good afternoon.

是的，下午好。

I appreciate the opportunity to ask a question here.

我很高興有機會在這裡提問。

We noted that you all are expanding manufacturing capacity at the Fremont facility.

我們注意到你們都在擴大弗里蒙特工廠的生產能力。

I guess, I guess I just want to ask a question on, you know, can you comment on the rationale behind that capacity expansion?

我想，我想我只是想問一個問題，你能評論一下產能擴張背後的理由嗎？

Is it indicative of demand increases?

這是否表示需求增加？

And then how should we translate that into the outlook for 2020 five?

那麼我們該如何將其轉化為 2020 年五年的展望呢？

Very good question.

非常好的問題。

So we have expanded our capacity in Fremont where we will have a gigawatt worth of capacity next year for our fuel cells.

因此，我們擴大了弗里蒙特的產能，明年我們的燃料電池產能將達到千兆瓦。

And the answer is very simple.

答案很簡單。

We are not going to build capacity expecting they come.

我們不會期望他們來就建立能力。

We.Think that this market is growing.Rapidly and.This is.Something we will do.

我們認為這個市場正在快速成長，這是我們要做的事情。

In fact.Let me tell you that we have enough space there and in six.To nine month time frames, we can add an additional gigawatt to that gigawatt.As needed.

事實上，讓我告訴你，我們在那裡有足夠的空間，在六到九個月的時間框架內，我們可以根據需要在該千兆瓦的基礎上再增加一千兆瓦。

And so not only are we do we have a.Time toPower play.

因此，我們不僅有一個「Time to Power」遊戲。

We have a time to expansion play so we can expand more rapidly than most people can andBe able.To meet this voracious demand that's going to be out there in the marketplace.So we not only selected.The factory and the.Size but also how we scale to be able to scale extremely quickly as we see the demand go up and.

我們有時間進行擴張，因此我們可以比大多數人更快地擴張。極快的速度進行擴展。

Chris, I'll just add, as you might imagine, we are still very conscious of our commitment to grow profitably and to be very mindful of how we use cash.

克里斯，我只想補充一點，正如你可能想的那樣，我們仍然非常清楚我們對獲利成長的承諾，並且非常注意我們如何使用現金。

So to reiterate what Kr said, we will expand as we see demand, we believe that we are able to expand our capacity rapidly enough to meet demand.

因此，重申一下 Kr 所說的，我們將根據需求進行擴張，我們相信我們能夠足夠快地擴大產能以滿足需求。

So we won't fall short.

所以我們不會落後。

We have the time to do it.

我們有時間去做。

We'll spend our wisely.

我們會明智地花錢。

You will note that as I said in my prepared remarks, our inventories went up this quarter and that's because we expect demand and we're doing that, we're making the right investments as we see the demand as we see the commercial activity increasing for, for and beyond.

您會注意到，正如我在準備好的發言中所說，我們的庫存本季有所增加，這是因為我們預計會有需求，而且我們正在這樣做，我們正在做出正確的投資，因為我們看到需求，因為我們看到商業活動增加為了、為了、超越。

So we will do this in a very measured, very controlled.

所以我們會非常謹慎、非常有控制地做到這一點。

Very rational.Fashion.

非常理性、時尚。

Thanks.

謝謝。

Your next question comes from Noel Parks from Toy Brothers.

您的下一個問題來自玩具兄弟公司的諾埃爾·帕克斯。

Your line is now open.

您的線路現已開通。

Hi, good afternoon.

嗨，下午好。

You know, you, you've just touched on one of the things I was wondering about, which was the capital in the and this is kind of a big picture question have there in terms of the many types of partnerships that could be beneficial.

你知道，你剛剛談到了我想知道的一件事，那就是資本，這是一個大問題，涉及多種可能有益的合作關係。

I was wondering, have you looked into direct partnership between Bloom and NC gas pipeline infrastructure operators as a means of sort of approaching different regional markets?

我想知道，您是否考慮過 Bloom 和北卡羅來納州天然氣管道基礎設施營運商之間的直接合作夥伴關係，作為進入不同區域市場的一種手段？

Because as we see the A I growth coming.

因為我們看到人工智慧的成長即將到來。

And it does seem to me that there's some geographical concentration and I'm just wondering if that, that point in the energy value chain is something that could be fruitful.

在我看來，確實存在一定的地理集中度，我只是想知道能源價值鏈中的這一點是否會富有成果。

I think it's a very good question.

我認為這是一個非常好的問題。

We are in early.Conversations is what I'll tell you.

我們還很早。

They are not late stage conversations.

它們不是後期對話。

We are in early conversations.

我們正處於早期對話中。

And.I.Think.Correct me if I'm wrong.I think your question comes from the nature.Of if there are huge transmission problems and if there are these large loads.Be it A I data centers or others that require.Lots of power, wouldn't you be better.Off being very close to a gas pipeline with what.We do and be able to provide.That power to that customer?

我想，如果我錯了，請糾正我。好嗎？

Absolutely.Logical.

絕對，合乎邏輯。

We think there's a huge play there, but that kind of opportunity is just opening.Up as seen.By the investors and the gas companies and some of them have been approaching us.

我們認為那裡有一個巨大的市場，但這種機會才剛剛出現。

I would say we are in early stage conversations on that we'll post.You as appropriate if something breaks.

我想說，我們正處於早期階段的對話中，我們將發布該內容。

Dyshyant Ailani, Jefferies.

迪希安特·艾拉尼，杰弗里斯。

Hi.

你好。

Thanks for taking my.Question. Just wanted to push a little bit on.The ITC expiring this year.

感謝您提出我的問題。只是想推動一點。

It's how are your conversations with customers?

這就是你與客戶的對話如何？

I mean, are.They.Worried.About.It?

我的意思是，他們擔心嗎？

Any kind of thoughts there would be helpful?

有什麼想法會有幫助嗎？

Sure.

當然。

So look, we've been, you know, we've been in this commercial market for almost 15 years and policy and regulation.And.That.Relating to incentives and subsidies have always been part of the situation.

所以你看，我們已經進入這個商業市場近 15 年了，政策和監管以及與激勵和補貼相關的政策和監管一直是情況的一部分。

We have always learned how to navigate through this and this year is going to be no different for.Us.That's the first point to make.

我們一直在學習如何渡過難關，今年對我們來說也不會有什麼不同。

The second point is.Remember.A significant portion of our business for the last four years, somewhere closer to 40% and even greater numbers as we.Go.Forward doesNot.Depend on the ITC.

第二點是。

Already.

已經。

The third point to make is our costs are coming down as you heard from our prepared remarks.

第三點是，正如您從我們準備好的演講中聽到的那樣，我們的成本正在下降。

And we don't.Need to tell you.How the electricity prices are going up and that reliability is going down and you know, forget cost for people who need power.

我們不需要。

The price of not.Having power is a lot more expensive.Than the cost of power and they're not able to get power between all these.Dynamics.

沒有電力的代價。

We are, we clearly have a game plan to operate.

我們顯然有一個可操作的遊戲計劃。

With or without ITC.That being said, things like ITC are like nitro, if you're playing a video game, you know, they help boost your growth, they help you.But that.Not being available is not a break.

不管有沒有ITC。一種休息。

It's a speed bump and we are now at a place where we will know how to navigate.That pretty well.So that's how we think about it.

這是一個減速帶，我們現在知道如何導航。

Thank you.

謝謝。

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比，BTIG。

Hi, good afternoon.

嗨，下午好。

Thanks for taking my question.

感謝您提出我的問題。

I was curious if you can shed some light on what the energy server installation process looks like.

我很好奇您是否可以介紹一下能源伺服器的安裝過程。

Are there any downstream bottlenecks that could cause acceptance, acceptances?

是否存在任何可能導致接受、接受的下游瓶頸？

Excuse me to push.

對不起，我推一下。

Right.

正確的。

Even if an order is ready to leave Fremont on time.

即使訂單準備好準時離開弗里蒙特。

That's a great question.

這是一個很好的問題。

So look how we, how we recognize revenue.Depends on the contract.And you know, there are multiple contracts in some place in some cases and they are fairly small, it would be we can recognize revenue when we turn the power off. In other cases, it is when we should irrespective of what it is.

那麼看看我們如何，我們如何確認收入。在其他情況下，無論是什麼情況，我們都應該這樣做。

Ultimately, it is in our interest.Because we are serving a customer.To turn their power on as quickly as possible.

最終，這符合我們的利益。

So now let meExplain that process, independent.Of us having received direct.Revenue recognition.It's important for us.That we serve.Our customer right by turning that power on as.Quickly as possible.

現在讓我解釋一下這個過程，獨立的。

So in most cases, by the time our servers free gas is already facilitated.The electrical interconnection is already.Facilitated.

因此，在大多數情況下，當我們的伺服器自由氣體已經實現時。

Those permissions are there, the site is already.Prepared.

這些權限已經有了，網站已經準備好了。

So the process of literally connecting three interfaces, electrical water and gas to our system because all the communication is wireless is ready and it is done and there will be a local inspection for fire safety gas, all that.

因此，由於所有通訊都是無線的，因此將三個介面、水電和燃氣連接到我們的系統的過程已經準備就緒，並且已經完成，並且將對消防安全氣體進行本地檢查，所有這些。

And we're able to turn the power on for the customer.

我們能夠為客戶打開電源。

That process when it is seamless can be less than a week.

如果無縫的話，這個過程可能會不到一周。

But you know, construction is construction permit, you know, you know, permits permissions are all over the map.

但你知道，施工是施工許可證，你知道，你知道，許可證權限遍佈整個地圖。

So.

所以。

The variance on that time can be pretty large. One important point to highlight here.Is the fact that now our units are all platform mounted.

那個時間的差異可能相當大。這裡要強調的重要一點是，現在我們的設備都是平台安裝的。

This is the skids is we can.Simply drop that.Skid without having to pour concrete without having to do anything and be able to connect.It shortened our process so much.

這就是我們可以做的滑板。 只需將其放下即可。

And it also gives the.Flexibility for the customer to move it from one location to another location.

它還為客戶提供了將其從一個位置移動到另一個位置的靈活性。

If they need.To.

如果他們需要的話。

We.See this as a.Humongous step change in our ability.To install very quickly.

我們認為這是我們能力的巨大進步，安裝速度非常快。

I hope I answered your question.

我希望我回答了你的問題。

We'd be more than happy to have you come out.And.Watch an installation of ours.

我們非常高興您能出來並觀看我們的裝置作品。

It's a joy.

這是一種快樂。

I mean, it's basically LEGO blocks being put together.

我的意思是，它基本上是把樂高積木拼湊在一起。

And the Thank you.

還有謝謝你。

Anne Thakkar, BMO Capital Markets.

Anne Thakkar，BMO 資本市場。

Hi, good afternoon.

嗨，下午好。

Thanks for taking my question.

感謝您提出我的問題。

Just real quick.

真的很快。

It looks like in your 10-Q, you guys have factored about $184 million of accounts receivable.

看來你們在 10-Q 中考慮了大約 1.84 億美元的應收帳款。

Year-to-date so far I was just wondering, does any of that include I guess the receivable that we've asked about before with the.Aws.

今年到目前為止，我只是想知道，其中是否包括我猜我們之前向.Aws詢問過的應收帳款。

So, I mean, we're not being specific about what's included in factoring, but I will say that that specific receivable that we've spoken to the SK receivable.

所以，我的意思是，我們並沒有具體說明保理業務中包含的內容，但我會說我們所說的 SK 應收款中的特定應收款。

We do expect to collect that before the end of the year.

我們確實希望在今年年底前收集到這些數據。

We are very confident that SK is obviously a very strong partner for us.

我們非常有信心，SK 顯然是我們非常強大的合作夥伴。

And all I'll say is we remain confident in collecting that.Receivable.

我要說的是，我們對收回應收帳款仍然充滿信心。

Jordan Levy, Truist Securities.

喬丹·利維 (Jordan Levy)，Truist 證券公司。

Hi, all.

大家好。

It's Henry on for Jordan here.

亨利替補喬丹登場。

Congratulations on the new, new orders.

恭喜新訂單。

Just on the SK one.

就在SK那一關。

What is the long term opportunity look like there for, you know, potential additional site developments with them?

您知道，與他們一起進行潛在的額外網站開發的長期機會是什麼樣的？

And then can we see, you know, larger order sizes moving forward getting into the maybe triple digits of megawatts or is this kind of the.Ceiling we should expect?

然後我們可以看到，你知道，更大的訂單規模可能會達到兆瓦的三位數，或者這是我們應該預期的上限嗎？

Look so far it's been a fairly steady numbers and again, you can look them up.

到目前為止，這是一個相當穩定的數字，您可以再次查看它們。

We like to report them by quarter and, you know, you know, by year it's, you know, it's been fairly steady over the last four years.

我們喜歡按季度報告它們，你知道，你知道，按年份報告，你知道，過去四年來相當穩定。

Korea.Is no.Different from the rest of the world. They, if.You just go and read about it, have.Talked about A I being very important to them.And.The Chairman of the.Entire SK group just last week and it's in the public records.

韓國。他們，如果。

That's why I'm stating this.Talked about them wanting to play a very important role in a I and.Specifically called out the partnership with Bloom Energy and how they're going to use our systems for that A I.

這就是我這麼說的原因。

So that's in the public records, you can go see it.

所以這是在公共記錄中的，你可以去看看。

So given the need for A I industrialization.The semiconductor chips and everything that goes alongWith it, system integration A I.

因此考慮到人工智慧產業化的需要。

So.Can that market grow similar to the US market?

那麼，該市場能否像美國市場一樣成長呢？

The.Answer is hopefully yes, because it's.An important trading.Partner for us.

希望答案是肯定的，因為它是我們重要的貿易夥伴。

Korea.Is an important trading.Partner for us and we are.Uniquely positioned with our technology.To support it and weBelieve that we have a.Terrific partner in SK. Thank you.

韓國。謝謝。

Martin Malloy, Johnson Rice.

馬丁·馬洛伊，約翰遜·賴斯。

Good afternoon.

午安.

I also want to ask a question on the 80 megawatt award something you mentioned in the press release about the project financing there.

我還想問一個關於 80 兆瓦獎勵的問題，您在有關專案融資的新聞稿中提到過這一點。

And I was just kind of curious, is this something new that lenders are willing to, they're comfortable enough with the bloom technology to offer project financing on projects using the bloom servers or is it something new?

我只是有點好奇，這是貸方願意的新事物嗎？

And how important do you think this is?

您認為這有多重要？

So that's a great question.

這是一個很好的問題。

So let me answer it in the following way, Martin until rules changed and everything happened, the only process through which these fuel cells were getting deployed was an auction process. The.Auction.Process typically happened with the large electric companies that are owned by the Korean government.So it was very different.Now that.Auction processNow requires developers to come.And develop projects.On their own. And so.Financing becomes very.Important. But we had stated earlier that.The auctionProcess is just one mechanism through which we can sell.

因此，讓我用以下方式回答這個問題，馬丁，直到規則改變並且一切都發生了，部署這些燃料電池的唯一過程是拍賣過程。拍賣過程通常發生在韓國政府擁有的大型電力公司中。所以，融資就變得非常、非常重要。但我們之前已經說過，拍賣過程只是我們出售的機制。

Our.Partners are.Capable.Of developing processes or opportunities outside the auction process.And not only to be able to develop this process outside but find a financier.Of the.Caliber.Of Korea Development.Bank because.This is your blue chip financier.

我們的合作夥伴有能力在拍賣流程之外開發流程或機會。

So your question.Is very appropriate and the answer is yes, it is because of theperformance of bloom for a little over seven years that we have.Been there.

所以你的問題是非常恰當的，答案是肯定的，正是因為七年多一點的綻放的表現，我們才一直在那裡。

And how comfortable they are getting.With our technology that a financier like that is coming and willing to.Backstop.A long term contract.It's a very goodSign.For us going.Forward.

他們感到多麼舒適。

Thank.You.

謝謝。

Chris Senyek, Wolfe Research.

克里斯森耶克，沃爾夫研究中心。

Hey, hey guys, thanks for taking my question.

嘿，嘿夥計們，謝謝你回答我的問題。

I just wanted to ask like, what, what drives your conviction to me for your guidance?

我只是想問，什麼，是什麼促使你對我有信心來尋求你的指導？

I see the F PM order is expected to be delivered by year end but any color on timing from the upsized quantum capacity in the 80 megawatt order with SK Enix, like should we think about those deliveries to be in 2025?

我看到 F PM 訂單預計將在年底前交付，但與 SK Enix 簽訂的 80 兆瓦訂單中的量子容量擴大的時間表有什麼不同嗎？

And also given the timing, it doesn't seem like we'll see anything from Greenfield or Brownfield data Center customers for this year.

而且考慮到時間安排，今年我們似乎不會看到來自綠地或棕地資料中心客戶的任何資訊。

Is that a fair assumption?

這是一個公平的假設嗎？

Thanks.

謝謝。

Hey, Chris.

嘿，克里斯。

So a lot of questions kind of baked in there.

所以很多問題都在其中。

I'll say the FK A turns that's 2025 revenue for us.

我想說的是，FK A 是我們 2025 年的收入。

And we talked about that.

我們談到了這一點。

We expect that commissioning in 2025.

我們預計將於 2025 年投入運作。

We expect to help our partner with that in 2025 for 2024.

我們期望在 2025 年至 2024 年幫助我們的合作夥伴實現這一目標。

As I said in my prepared remarks, we have visibility on to very specific projects that take us through the end of the year.

正如我在準備好的演講中所說，我們可以看到非常具體的項目，這些項目將帶領我們度過今年年底。

And I talked to my prepared remarks about some of the puts and takes the quarter to quarter variability that we see.

我談到了我準備好的關於一些看跌期權的評論，並考慮了我們看到的季度與季度之間的變化。

We are a large project based business as we see more of these US c and projects and customers coming to us that leads to some of that quarter to quarter variability.

我們是一家以專案為基礎的大型企業，因為我們看到越來越多的美國專案和客戶來到我們這裡，這導致了季度與季度之間的一些變化。

But very specifically when we look at Q4, we're looking at very specific projects that are in various stages of contracting, for example, that lead us to be confident in our ability to hit the full year guidance.

但非常具體的是，當我們查看第四季度時，我們正在查看處於不同承包階段的非常具體的項目，例如，這使我們對達到全年指導的能力充滿信心。

So these are very specific conversations that we have looking at our relationships with our customers and the projects that they are moving forward with.

因此，這些是非常具體的對話，我們著眼於我們與客戶的關係以及他們正在推進的專案。

David Sunderland, Baird.

大衛桑德蘭，貝爾德。

Hey Dan.

嘿丹。

Hey Kr, thanks guys.

嘿，Kr，謝謝大家。

I appreciate you taking my question.

我很感謝你回答我的問題。

I know you talked earlier in the year about making some adjustments to both your sales team and your sales process, just as some of these deals in the very close to hundreds of megawatts go up to the C suite for customers at some point.

我知道您在今年早些時候談到對您的銷售團隊和銷售流程進行一些調整，就像其中一些接近數百兆瓦的交易在某個時候會上升到客戶的最高管理層一樣。

Just wondering if you could talk to any traction you've been getting with these new processes.

只是想知道您是否可以談談這些新流程對您的吸引力。

And specifically, if you think there's going to be a long sale cycle going forward or if maybe there will be an acceleration after the first one or two larger deals are signed.

具體來說，如果您認為未來的銷售週期將會很長，或者在簽署第一筆或兩筆較大交易後可能會加速。

Thank you.

謝謝。

David.

大衛.

Thank you this.

謝謝你這個。

So, you know, let me start with the last part.

所以，你知道，讓我從最後一部分開始。

First, I.Think, I think the.First couple when you breaking and into any new market is always.The hardest.

首先，我認為，我認為，當你闖入任何新市場時，第一對夫婦總是最困難的。

It takes.The longest.

這需要最長的時間。

That is.The typical cycle that we.Have seen when we enter any segment or any geography.And this is similar, but in many cases, some of.These end users are very familiar with our technology.You know.It's.Not a technology issue.It's a multi party issue.Okay?When something.This large is installed, there are multiple parties.Involved as you can imagine and bringing multiple parties together, making sure all the interests are met.

那就是。問題。

And.You know, there is a proper deal.To put together.And when you're doing it for the first time, there's a lot of back and forth.

而且，你知道，有一個合適的交易。

So what is going on right now is not.Discussing whether we.Should do something or not do something or figuring out.The technology qualified, there's nobody in the data center market that will say that Bloom energy technology.Cannot properly support the data center.

所以現在發生的事情不是。

So the technology.Qualified.

所以技術。

So this is more on the on the commercial process. And like I said in my remarks, it takes a minute.

所以這更多的是關於商業過程。正如我在發言中所說，這需要一分鐘。

Okay.I would like to see it happen in seconds living in Silicon Valley, but.It does take a minute.

好吧，我希望在矽谷生活中看到這一切在幾秒鐘內發生，但是，這確實需要一分鐘。

So.Be.Patient.

所以，要有耐心。

We are hoping.That we can come back to you soon with some news. Thank you.

我們希望能夠盡快為您帶來一些消息。謝謝。

Brett Castelli, Morningstar.

布雷特·卡斯泰利，晨星。

Hi, thank you.

你好，謝謝。

I just had one on on the bigger picture.

我只是在更大的圖景上放了一張。

Bigger picture question on cost reduction.

關於降低成本的更大問題。

Curious if you can talk about the timeline on future product generations and the impact they may have on your cost road map.

很好奇您能否談談未來產品的時間表以及它們可能對您的成本路線圖產生的影響。

Thank.

感謝。

You. Thank you, Brad.

你。謝謝你，布拉德。

That's a very good question. So the way to think about what we bring to the table is not just product.Generations, it is really about the attributes.Of the product.But the key attribute being.If we reduce the cost.We increase the affordability and we increase our competitiveness in.Markets.Where we are just sitting onThe edge of being competitive with the grid, right?

這是一個非常好的問題。因此，思考我們帶來什麼的方式不僅僅是產品。與電網競爭的邊緣，對嗎？

So for both those.Reasons, affordability and expansion of market.As well as expansion of margin cost reduction.Is super important.It's been in our DNA.

因此，出於這兩個原因，可承受性和市場擴張，以及利潤成本降低的擴張。

We do that every single year and you know, last year we had a double digit.This year, we will have a double digit cost reduction.And I absolutely expect nothing less than a double digit cost election next year and this will.Continue. So we look for the best.Ways to bring that.Cost reduction while we are adding.

我們每年都會這樣做，你知道，去年我們的成本達到了兩位數。因此，我們尋找最好的方法來實現這一目標，同時在增加的同時降低成本。

Features.To our product. So exactly where we bring that cost production today.

特點。這正是我們今天的成本生產的所在。

If you think about it, the islanded microgrid.Making our products suitable.For islanding. Let me explain this to.You because that's not a common word.

如果您考慮一下，孤島微電網。讓我跟你解釋一下，因為這不是常用詞。

Everybody understands right.

大家都理解的沒錯。

An islanded solution of ours means that.It is.Absolutely not connected to the grid and the unit supports the power in the building.

我們的孤島解決方案意味著，它絕對不會連接到電網，並且該裝置支援建築物內的電力。

Then what do you need to do?

那你需要做什麼？

The load in the.Building goes.Up.And down, it can be turned on, it can be turned off and in the morning tonight.Peak times.Load changes. People are not familiar with a.Solid oxide fuel.Cell being able to load follow.And we never.Sold load following before.

大樓裡的負載有上有下，可以開，可以關，今晚早上尖峰時段，負載變化。人們不熟悉固態氧化物燃料。

Our new products allow us to be able to follow the load for a customer.And not depend on the grid as a flywheel to go up and down to take care of the.You know, net metering.Is not going.To work when the grid is not able to take care of its own needs properly.So bloom.Solution is so much superior than it can island.And not rely onThe grid.

我們的新產品讓我們能夠跟隨客戶的負載。解決方案比它可以孤島優越得多。

It takes away the congestion from the grid, it takes.Away the dependence on the grid.So these are the places now we are more.Focused on.Making advancements and bringing.Costs down.Rather than just thinking about what is the next release.

它消除了電網的擁堵，它消除了對電網的依賴。

Our next releases now are a combination of better fuel.Cells with better features.But I want you to understand we're doing all this.And still continuing to bring the cost down.More features lower cost.

我們的下一個版本現在是更好的燃料、電池和更好的功能的組合。

So I'll just add, as K said, it is about adding more value to our customers.

所以我要補充一點，正如 K 所說，這是為了為我們的客戶增加更多價值。

But rest assured, I have to give a shout out to our manufacturer operations.

但請放心，我必須對我們的製造商營運大聲疾呼。

Our engineering teams, they are maniacal about improving the quality reliability cost of the product.

我們的工程團隊熱衷於提高產品的品質可靠性成本。

And so those folks do a tremendous job every single day.

所以這些人每天都做著巨大的工作。

And even as we add more value with these new solutions, we are maniacal about.

即使我們透過這些新解決方案增加了更多價值，我們也對此感到瘋狂。

That operations discipline and focus.

即操作紀律和重點。

Your next question comes from Colin Rusch from Oppenheimer.

您的下一個問題來自奧本海默的 Colin Rusch。

Your line is now open.

您的線路現已開通。

Thanks so much guys as you start bidding on larger projects.

非常感謝你們開始投標更大的項目。

Can you provide some insight into how you're approaching pricing and, and relative to whether it's natural gas turbines or other technologies and how much value you really put on potentially future proofing these sites as.

您能否提供一些見解，說明您如何定價，以及相對於天然氣渦輪機還是其他技術，以及您真正對這些網站的潛在未來證明有多少價值。

Micro grids?

微電網？

Look.

看。

We there is.Plenty in the market.Today.Opportunities.That we bring in a valuable solution to a customer and we value price. You know, the gas turbine market is hundreds of gigawatts and they will keep selling.Where.They sell.And they should be.But the things that we can do.A.Gas turbineCannot.

我們有。你知道，燃氣渦輪機市場有數百吉瓦，他們將繼續銷售。

Do and the things that we do a customer needs.

做客戶需要的事情，我們做的事情。

So a customer is going to look at whether we are providing a value, we are providing enough value for them to transact with us.

因此，客戶會考慮我們是否提供了價值，我們是否為他們提供了足夠的價值來與我們進行交易。

And we have demonstrated time and again in multiple market.Sectors, multiple segments.Multiple geographies that we are.Able to do this.

我們已經在多個市場、多個部門、多個細分市場、多個地區一次又一次地證明了我們有能力做到這一點。

And if we are not able to satisfy a customer, more than two thirds of.Our order book will not be from repeat customers. Thank you.

如果我們無法滿足客戶，那麼我們三分之二以上的訂單將不會來自回頭客。謝謝。

Tim Moore, Clear Street.

提姆摩爾，《清街》。

Thank you.

謝謝。

I had a question regarding ESK partnership. Do you expect to maybe drive a higher bid win rate if you did full manufacturing in South Korea to maybe complement your high assembly step?

我對 ESK 合作關係有疑問。如果您在韓國進行全面製造以補充您的高組裝步驟，您是否預計會提高中標率？

Just wondering if that might convert to more wins.

只是想知道這是否會轉化為更多的勝利。

That's a very good question.

這是一個非常好的問題。

We currently have a joint.Venture.

我們目前有一家合資企業。

In Korea with SK a.Lot of the assembly work outside our core technology which we call the hot box.

在韓國，SK a.很多組裝工作都在我們的核心技術之外，我們稱之為熱箱。

Is done in Korea.

是在韓國完成的。

Yes.It leads to not.Only the cost benefits you.Talked about but a very important localization we bring to a country when.We enter that market to create a win, win for.That countryAnd in addition to that given, given that, you know, like.Tariff regime that we have lived in and we will definitely live in for the next few years.Those units being assembled in Korea and shipped to.Those customers do not have to undergo those tariffs.

是的。到，你知道，就像。

So they're all benefits.

所以它們都是好處。

But the core technology is not something that we will do anywhere other than in places that we have absolute control on.

但核心技術不是我們在任何地方都可以做的，除非是在我們有絕對控制權的地方。

That is Bloom's proprietary technology.Thank you.

這是 Bloom 的專有技術。

That concludes our question and answer session.

我們的問答環節到此結束。

I'd now like to hand back over to K.R. Sridhar, CEO.

我現在想把時間交還給 K.R.斯里達爾，執行長。

Thank you very much.

非常感謝。

Lie as we close, let me reiterate on a few points first and most important for you. We are reaffirming.Our guidance for this complete year.Okay.

在我們結束時，讓我先重申對您來說最重要的幾點。我們正在重申。

We are reaffirming second.The deals we announced today show you.The.Quality and.The diversity.Of.The places where our value proposition is very attractive and there's a strong interest and demand for our.Bloom energy servers. The third is that.We're.Excited about our robust and.Growing sales prospects. And as we look in the marketplace, we see that.Our US C and business there is an.Uptick and it's accelerating.And we think because.Of the macros.That we see in theElectricity market, it will only continue.

我們重申第二點。第三，我們對強勁且不斷成長的銷售前景感到興奮。當我們觀察市場時，我們看到。

The fourth thing is the dynamics in the marketplace is.Very much in our favor time to power.Fer regulation saying.If you are going to connect, you need to bring additionality, all those things are.Clearly playing in our favor data centers and entire A I.Supply chain is going to create a demand.

第四件事是市場的動態。鏈將創造需求。

Unlike any other that we have ever seen.Since Edison put a grid together and we are hand in glove.For that.Market.

與我們見過的其他任何東西都不一樣。

I can't tell you how.Excited I am about.It. But most of all any of.This we cannot be doing.But for our dedicated, hard working team.Members.Who are focused on executing and serving the mission of bloom every single day.I'm excited about our future.

我無法告訴你怎麼做。但最重要的是，我們無法做到這一點。

Glad that you are part of it and we are working hard.To make your stake in this company.Very.Valuable.

很高興您成為其中的一部分，我們正在努力工作。

Thank you.

謝謝。

Thank you for attending today's call.

感謝您參加今天的電話會議。

You may now disconnect.

您現在可以斷開連線。

Have a wonderful day.

祝你有美好的一天。