Bloom Energy Corp (BE) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Bloom Energy's second-quarter 2025 financial results call. (Operator Instructions)

感謝您的支持。我叫格雷格，今天我將擔任您的會議主持人。現在，我歡迎大家參加今天的 Bloom Energy 2025 年第二季財務業績電話會議。（操作員指示）

I would now like to turn the call over to Michael Tierney, Head of Investor Relations. Michael?

現在我想將電話轉給投資者關係主管 Michael Tierney。麥可？

Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's second-quarter 2025 earnings call. To supplement this conference call, we furnished our second quarter 2025 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.

謝謝大家，下午好。感謝您參加 Bloom Energy 2025 年第二季財報電話會議。為了補充本次電話會議，我們以 8-K 表格的形式向美國證券交易委員會提交了 2025 年第二季度收益新聞稿，並將其與我們將在本次電話會議中引用的補充財務信息一起發佈到我們的投資者關係網站上。

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 2025.

在本次電話會議中，無論是在我們準備好的發言中還是在回答您的問題時，我們都可能會做出前瞻性的陳述，代表我們對未來事件和未來財務業績的預期。其中包括有關公司業務成果、產品、新市場、策略、財務狀況、流動性和 2025 年全年展望的聲明。

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-K and 10-Q.

這些陳述是基於我們的預期、估計和假設的預測。然而，由於這些聲明涉及未來事件，因此它們會受到許多已知和未知的風險和不確定性的影響，正如我們向美國證券交易委員會提交的文件中詳細討論的那樣，包括我們最近提交的 10-K 表和 10-Q 表。

We assume no obligation to revise any forward-looking statement made on today's call. During this call and in our second quarter 2025 earnings press release, we refer to GAAP and non-GAAP financial measures. The non-GAAP 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 measures of financial performance prepared in accordance with GAAP.

我們不承擔修改今天電話會議上所作的任何前瞻性聲明的義務。在本次電話會議和 2025 年第二季財報新聞稿中，我們參考了 GAAP 和非 GAAP 財務指標。非 GAAP 財務指標並非按照美國公認會計原則編制，並且是對按照 GAAP 編制的財務業績指標的補充，而非替代或優於該指標。

A reconciliation between the GAAP and non-GAAP financial measures is included in our second quarter 2025 earnings press release available on our Investor Relations website. Joining me on the call today are K.R. Sridhar, Founder, Chairman and Chief Executive Officer; and Maciej Kurzymski, our Acting Principal Financial Officer.

我們的 2025 年第二季財報新聞稿中包含了 GAAP 和非 GAAP 財務指標之間的對賬，可在投資者關係網站上查閱。今天與我一起參加電話會議的還有創辦人、董事長兼執行長 K.R. Sridhar；以及我們的代理財務長 Maciej Kurzymski。

K.R. will begin with an overview of our progress, and then Maciej will review financial highlights for the quarter. After our prepared remarks, we will have time to take your questions. I will now turn the call over to K.R.

K.R. 將首先概述我們的進展，然後 Maciej 將回顧本季的財務亮點。在我們準備好發言之後，我們將有時間回答您的問題。現在我將電話轉給 K.R.

Good afternoon, and thank you for joining us today. Bloom had an excellent quarter, the highest revenue and most profitable second quarter in our 24-year history. When the company was founded and again, in our IPO prospectus seven years ago, we painted a bold vision to become the power provider of choice for the digital world.

下午好，感謝您今天加入我們。Bloom 本季表現出色，是該公司 24 年歷史上收入最高、利潤最高的第二季。在公司成立之初，以及七年前的IPO招股說明書中，我們都描繪了一個大膽的願景：成為數位世界的首選電力供應商。

Over the last couple of calls, I've told you that our business is at an inflection point as demand for clean, reliable and rapidly deployable power is surging. Now there is tangible evidence. Six months ago, we announced a strategic partnership with a major US utility company, American Electric Power. Yesterday, AEP announced that Amazon Web Services and Coralogix, both data center operators are deploying Bloom systems in Ohio.

在過去的幾通通話中，我告訴過你們，隨著對清潔、可靠和快速部署的電力的需求激增，我們的業務正處於轉折點。現在有確鑿的證據。六個月前，我們宣布與美國大型公用事業公司美國電力公司建立策略夥伴關係。昨天，AEP 宣布，兩家資料中心營運商亞馬遜網路服務和 Coralogix 正在俄亥俄州部署 Bloom 系統。

AEP's CEO, Bill Fehrman, noted that demand for power is, growing at a pace I haven't seen in my 45-year career. But he notes interconnection agreements take five to seven years in many US states, even for AEP, the largest owner of electric transmission systems in the US.

AEP 執行長 Bill Fehrman 指出，電力需求的成長速度是我 45 年職業生涯中從未見過的。但他指出，在美國許多州，互連協議需要五到七年的時間，即使對於美國最大的電力傳輸系統所有者 AEP 也是如此。

To avoid such a long delay, Bill also added that AEP is giving its customers solutions so they can come online quicker. Fuel cells will get AWS and Coralogix up and running quickly. Indeed, AI companies need power at AI speed, waiting five to seven years is untenable and Bloom moves at AI speed. Just last week, for instance, we announced our partnership with Oracle to power their AI data centers. We have committed to having power available to their first data center in 90 days.

為了避免如此長時間的延遲，比爾還補充說，AEP 正在為其客戶提供解決方案，以便他們可以更快地上線。燃料電池將使 AWS 和 Coralogix 快速啟動並運作。確實，人工智慧公司需要以人工智慧速度提供動力，等待五到七年是站不住腳的，而布魯姆正以人工智慧的速度前進。例如，就在上週，我們宣布與 Oracle 合作，為其 AI 資料中心提供支援。我們承諾在 90 天內為他們的第一個資料中心提供電力。

Time to power is one of many value propositions Bloom brings. We are also cleaner, more reliable and more cost effective than alternatives. Because our power systems are designed and purpose-built for data centers and other mission-critical applications, our installations do not require the band-aids that turbines and engines need to power data centers.

掌權時間是布魯姆帶來的眾多價值主張之一。與其他替代品相比，我們也更乾淨、更可靠、更有經濟。由於我們的電力系統是專為資料中心和其他關鍵任務應用而設計和建造的，因此我們的安裝不需要渦輪機和引擎為資料中心供電所需的附加裝置。

For example, we don't need multiple AC to DC converters or specialized equipment to suppress harmonics. Eliminating these band-aids enable data centers to lower costs, increase reliability and reduce carbon footprint.

例如，我們不需要多個交流到直流轉換器或專門的設備來抑制諧波。消除這些障礙可以讓資料中心降低成本、提高可靠性並減少碳足跡。

We are excited to collaborate directly with Oracle to help them leverage all of the benefits the Bloom platform provides. The result, Oracle can optimize the watts-to-flops ratio, resulting in increased revenue growth and margins. Commercial and industrial customers are also increasingly valuing the velocity with which we operate. Quanta Computer, for instance, builds the AI servers that are used in the AI data centers. Their demand growth is highly correlated with AI data center demand growth.

我們很高興能與 Oracle 直接合作，協助他們利用 Bloom 平台提供的所有優勢。結果，Oracle 可以優化瓦特與浮點運算的比率，從而提高收入成長和利潤率。商業和工業客戶也越來越重視我們的營運速度。例如，廣達電腦建構了用於人工智慧資料中心的人工智慧伺服器。它們的需求成長與人工智慧資料中心的需求成長高度相關。

We informed you about our rapid deployment at their Fremont facility last year. Happy with our execution, they ordered an islanded load following microgrid, which we installed in Q2. We expect new orders from other AI hardware ecosystem players soon, complementing demand we see from our more traditional commercial and industrial customers. Bloom is clearly delivering for customers. And our strong fundamentals mean we are also delivering for you, our investors.

我們去年向你們通報了我們在其弗里蒙特工廠的快速部署。他們對我們的執行情況感到滿意，並訂購了孤島負載追蹤微電網，我們在第二季度安裝了該微電網。我們預計很快就會收到其他人工智慧硬體生態系統參與者的新訂單，以補充我們從更傳統的商業和工業客戶那裡看到的需求。Bloom 顯然正在為客戶提供服務。我們強勁的基本面意味著我們也為您—我們的投資者—提供服務。

This quarter, we had record profits and operating margin, the third quarter in a row that we are hitting similar marks. Our service business has been profitable for six quarters in a row. And for the first time ever, we had double-digit percentage margins, evidence of our increased reliability. And we refinanced our debt notes that were previously due in 2025, providing increased optionality to finance growth.

本季度，我們的利潤和營業利潤率創歷史新高，這是我們連續第三個季度達到類似的水平。我們的服務業務已連續六個季度獲利。而且，我們有史以來第一次實現了兩位數的百分比利潤率，這證明我們的可靠性得到了提高。我們也對原定於 2025 年到期的債務票據進行了再融資，為融資成長提供了更多選擇。

One other highlight for the quarter, US lawmakers and the administration restored tax credit benefits to companies who install our fuel cell systems. Our country's leaders recognize that baseload power is critical to winning the AI race, reshoring factories, creating jobs and growing the economy. The tax credit will be another tailwind as we continue to grow our business.

本季的另一個亮點是美國立法者和政府恢復了安裝我們燃料電池系統的公司的稅收抵免優惠。我們國家的領導人認識到，基載電力對於贏得人工智慧競賽、工廠回流、創造就業機會和發展經濟至關重要。隨著我們業務的持續成長，稅收抵免將成為另一個順風。

Let me close by reflecting on our position. Bloom is in a strong place. In the 12 years since we began shipping product, we have generated over 40 terawatt hours of electricity. We have deployed more than 22,000 energy servers, our power generators, totaling well over 1 million fuel cell stacks. Each of those 1 million-plus fuel cell stacks has a unique digital twin.

最後，請容許我反思我們的立場。布魯姆處於強勢地位。自從我們開始運送產品以來的 12 年裡，我們已經生產了超過 40 太瓦時的電力。我們已部署了超過 22,000 台能源伺服器、發電機，總計超過 100 萬個燃料電池堆。這 100 多萬個燃料電池堆中的每一個都有一個獨特的數位孿生。

And over our history, we have collected over 4.5 trillion data points from the field. Now thanks to AI, we are unlocking new ways to improve our performance, reduce costs and deliver more value to our customers. We are operating at scale and are scaling with purpose. Now our robust product has robust demand. We will double our factory capacity from 1 gigawatt a year now to 2 gigawatts a year by the end of next year. Our mission has never felt more urgent, and we are ready.

在我們的歷史上，我們已經從現場收集了超過 4.5 兆個數據點。現在，由於人工智慧，我們正在開闢新的方法來提高我們的績效，降低成本並為客戶提供更多價值。我們正在大規模運營，並且有目的地擴大規模。現在我們強勁的產品有著強勁的需求。到明年年底，我們的工廠產能將翻一番，從現在的每年 1 千兆瓦增加到每年 2 千兆瓦。我們的使命從未如此緊迫，我們已經準備好了。

I'll turn it over to Maciej now, and I look forward to answering your questions.

現在我將把時間交給 Maciej，我期待回答您的問題。

Thank you, K.R., and good afternoon, everyone. As K.R. mentioned, selection of our fuel cell energy service by Oracle to power their cloud computing is another proof point for how well our technology is suited for on-site, highly reliable and variable load following power. I am thrilled to see further adoption of our fuel cell technology by leaders in the AI space. Beyond that, I'm going to limit my comments to our Q2 financial performance.

謝謝你，K.R.，大家下午好。正如 K.R. 所提到的，Oracle 選擇我們的燃料電池能源服務來為其雲端運算提供支持，這再次證明了我們的技術非常適合現場、高可靠性和可變負載追蹤電源。我很高興看到人工智慧領域的領導者進一步採用我們的燃料電池技術。除此之外，我的評論將僅限於我們第二季的財務表現。

A consistent theme at Bloom has been a relentless focus on our product cost reduction and discipline around all other spend to drive profitable growth. The first half of fiscal 2025 is evidence of those efforts. Equally important, commercial execution was strong. All of this yielded a strong second quarter and first half for us. Highlights included record second quarter revenue and gross margin and our sixth consecutive quarter of profitability in our service business.

Bloom 的一貫主題是堅持不懈地專注於降低產品成本，並嚴格控制所有其他支出，以推動獲利成長。2025財年上半年就是這些努力的證明。同樣重要的是，商業執行力強勁。所有這些都為我們帶來了強勁的第二季和上半年業績。亮點包括第二季創紀錄的收入和毛利率以及我們的服務業務連續六個季度獲利。

As a reminder, I will focus my discussion on non-GAAP adjusted cost and profitability metric. For a reconciliation of GAAP to non-GAAP, please see our press release and the supplemental deck on our website.

提醒一下，我將重點放在非 GAAP 調整後的成本和獲利能力指標。有關 GAAP 與非 GAAP 的對照表，請參閱我們的新聞稿和網站上的補充資料。

Revenue for the quarter was $401 million, up 19.5% year-over-year. Gross margin was 28.2%, 650 basis points higher than the 21.8% gross margin in Q2 of 2024, attributable to mix and level loaded manufacturing. As we said last quarter, we took advantage of our balance sheet and our visibility into customer demand to maximize efficiency and level load our factory during the first half of the year.

本季營收為4.01億美元，年增19.5%。毛利率為 28.2%，比 2024 年第二季的 21.8% 毛利率高出 650 個基點，這歸因於混合和水平負載製造。正如我們上個季度所說，我們利用資產負債表和對客戶需求的了解，在上半年最大限度地提高效率並平衡工廠負荷。

We expect to work down this inventory as our shipment of product accelerate in the second half of fiscal 2025. Our operating income was $28.6 million versus $3.2 million loss in Q2 last year. Adjusted EBITDA was $41.2 million versus $10.2 million in Q2 of 2024, while EPS was a positive $0.10 versus a loss of $0.06 a year ago. Again, these are all non-GAAP results. With this quarter, we have now had a profitable service business for six consecutive quarters.

隨著 2025 財年下半年產品出貨量的加速，我們預期庫存將會減少。我們的營業收入為 2,860 萬美元，而去年第二季虧損 320 萬美元。調整後的 EBITDA 為 4,120 萬美元，而 2024 年第二季為 1,020 萬美元，每股收益為正 0.10 美元，而去年同期為虧損 0.06 美元。再次強調，這些都是非 GAAP 結果。截至本季度，我們的服務業務已連續六個季度獲利。

We expect this trend to continue together with margin improvement. Finally, during the second quarter, we refinanced $113 million of our convertible note that was due in August 2025 to provide more optionality to fund future growth. It was exchanged into our existing 2029 convertible notes.

我們預計這一趨勢將持續下去，利潤率也將提高。最後，在第二季度，我們為 2025 年 8 月到期的 1.13 億美元可轉換票據進行了再融資，以提供更多選擇權來資助未來的成長。它被兌換成我們現有的 2029 年可轉換票據。

Turning to the full year. We are reiterating our 2025 guidance. As a reminder, we expect 2025 revenue of $1.65 billion to $1.85 billion, non-GAAP gross margin of approximately 29% and non-GAAP operating income of $135 million to $165 million. We expect positive cash flow from operations around the same level that you saw in fiscal 2024.

展望全年。我們重申我們的 2025 年指導方針。提醒一下，我們預計 2025 年營收為 16.5 億美元至 18.5 億美元，非 GAAP 毛利率約為 29%，非 GAAP 營業收入為 1.35 億美元至 1.65 億美元。我們預計營運現金流將與 2024 財年持平。

We also expect CapEx to be around the same level as fiscal 2024. As we have mentioned before, we expect to see similar revenue seasonality with roughly a 40, 60 first half, second half split. We are committed to maintaining strong fiscal discipline as we continue to scale.

我們也預期資本支出將與 2024 財年大致相同。正如我們之前提到的，我們預計收入季節性將類似，上半年和下半年的收入比例分別約為 40% 和 60%。我們致力於在不斷擴大規模的同時保持嚴格的財政紀律。

To conclude, we delivered record Q2 financial results and are reiterating our 2025 guidance. Our fuel cell solution was built for this moment when on-site, scalable, reliable, low following power is required in a matter of months. We are well-positioned to meet the moment.

總而言之，我們取得了創紀錄的第二季財務業績，並重申了我們的 2025 年指導方針。我們的燃料電池解決方案正是為此需求而建造的，即在幾個月內需要現場、可擴展、可靠、低追蹤電力。我們已做好準備迎接這項機會。

Operator, we are now happy to take questions.

接線員，我們現在很樂意回答問題。

(Operator Instructions)

（操作員指示）

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Oh hi, thanks so much. I appreciate it. I'm wondering if you could elaborate on your recent success with hyperscalers. How are you seeing Bloom servers being used? Are they the exclusive power source for these AI data centers? Are these large-scale deployments? And maybe broadly with that customer set, could you see this Oracle partnership potentially act as an accelerant and spur more additional deals?

噢，嗨，非常感謝。我很感激。我想知道您是否可以詳細說明您最近在超大規模方面的成功。您如何看待 Bloom 伺服器的使用情況？它們是這些AI資料中心的專屬電源嗎？這些都是大規模部署嗎？也許從廣泛的客戶群來看，您是否認為與 Oracle 的這種合作關係有可能起到加速器的作用，並刺激更多的交易？

David, first, welcome to the family of analysts that are covering us. Nice to have you on. And yes, look, the Oracle deal, is the first time we as a company are directly interacting with the hyperscaler as our customer. And here, yes, it is a -- it falls in the size class of the AI data centers and it will be one single data center that the first project will power and we are working with them on many of the projects. And here again, it's an islanded power.

大衛，首先，歡迎加入報道我們的分析師大家庭。很高興您能來。是的，你看，與 Oracle 的交易是我們作為一家公司第一次直接與作為我們客戶的超大規模企業互動。是的，它屬於人工智慧資料中心的規模類別，它將是第一個專案供電的單一資料中心，我們正在與他們合作進行許多專案。在這方面，它又是一個孤島大國。

It is not connected to the grid. And so we carry the primary and the secondary load for this particular customer. So it is significant. It is exactly what we have built this -- our architecture for. They will be able to use it to a lot of capability Bloom is able to offer, and it offers an opportunity for us to get started there and keep improving the number of capable attributes that Bloom brings flowing all the way into the data center and thereby optimizing both capital cost and operating cost for the customer.

它沒有連接到電網。因此，我們為這位特定客戶承擔主要和次要負載。所以這很重要。這正是我們建造這個建築的目的。他們將能夠利用 Bloom 能夠提供的眾多功能，這也為我們提供了一個機會，讓我們從那裡開始，並不斷提高 Bloom 流入資料中心的強大屬性的數量，從而優化客戶的資本成本和營運成本。

So we see this as extremely significant, and we are the primary source, and it is load following. So it will prove that we can load follow at large scale. It will prove that we can operate at large scale and most importantly, AI speed. It will prove that we can install stamp sizes at that level within the 90 days that we have told you we would do in our opening remarks.

因此，我們認為這非常重要，我們是主要來源，並且是負載追蹤。所以這將證明我們可以大規模地進行負載追蹤。這將證明我們能夠大規模運作，最重要的是，能夠達到人工智慧的速度。這將證明我們能夠在 90 天內安裝該等級的郵票尺寸，正如我們在開場白中所說的那樣。

Excellent. Thanks for the color. Certainly quite an accomplishment. And maybe following on that, what gives you the confidence here now to double your production capacity? Are you -- do you also have kind of an inflection in visibility? And does the backlog give you confidence there? Or is it the underlying fundamentals of the industry, which have certainly been indicating strong demand here?

出色的。謝謝你的顏色。這確實是一項相當大的成就。那麼，接下來是什麼讓您有信心將生產能力翻倍呢？您是否也存在可見性方面的某種變化？那麼積壓的訂單是否為您帶來了信心？或者是該行業的基本面確實顯示了這裡的需求強勁？

Thank you, David. Yes, we have always stated when we've been asked that we will never get past our headlights. So we have told you in the past that in the last two quarters, we have seen strong commercial activity. We have told you that it is very diverse, and it is high quality. At this point in time, when we look at that pipeline, it has gotten us to a level of confidence where we absolutely feel like this is the right thing to do. That's why we are expanding the capacity, number one, right?

謝謝你，大衛。是的，當有人問我們時，我們總是說我們永遠不會超越我們的前燈。我們過去曾告訴過你們，在過去兩個季度，我們看到了強勁的商業活動。我們已經告訴過您，它非常多樣化，而且品質很高。此時，當我們審視這條管道時，它讓我們充滿信心，我們絕對覺得這是正確的做法。這就是我們擴大產能的首要原因，對吧？

Number two, this should be fairly simple, and it should be mind-boggling for all of us, and we shouldn't get numb to this fact. The large hyperscalers put together are going to spend more than $1 billion a day on CapEx, weekday and weekend. It's more than $500 billion are going to be spent just in this calendar year by those people. So you take that number of $500 billion and you say, an order of magnitude down, at least $50 billion of power capital equipment needs to be spent to electrify that additional demand that's going to come on.

第二，這應該相當簡單，對我們所有人來說都應該是令人難以置信的，我們不應該對這個事實麻木。大型超大規模企業加起來每天的資本支出將超過 10 億美元，包括工作日和週末。光是今年這些人的支出就將超過 5,000 億美元。因此，如果你把 5,000 億美元這個數字降低一個數量級，那麼至少需要花費 500 億美元的電力資本設備來滿足即將出現的額外電力需求。

And you take that and you do a simple math and say more than one sizable nuclear power plant's worth of baseload is what is needed every month. And we all know what can be done by the existing legacy electric infrastructure in this country. It cannot move at AI speed. We are an obvious solution. It is self-evident to me that our demand is going to be high.

您只需進行簡單的計算就可以知道，每月所需的基本負載超過一座大型核電廠的負載。我們都知道這個國家現有的電力基礎設施可以扮演什麼角色。它無法以 AI 速度移動。我們是一個顯而易見的解決方案。對我來說，不言而喻，我們的需求將會很高。

And it would be wrong for us not to go and invest that money because we have that level of confidence, not just from what we are seeing in the pipeline, but when we look at this kind of investment, and we look at where is the tail for this. This is a secular trend. It is not a one-year or a two-year trend. You put that together, absolutely, we should be building these factories. And the 2 gigawatt is a start to multi-gigawatts we will keep building over time, absolute confidence. Thank you.

如果我們不去投資這筆錢，那就錯了，因為我們有這樣的信心，不僅是因為我們看到了管道的情況，還因為我們在審視這種投資，我們看看它的尾部在哪裡。這是一個長期趨勢。這不是一年或兩年的趨勢。綜合起來，我們絕對應該建造這些工廠。2 千兆瓦只是多千兆瓦的開始，我們絕對有信心，會隨著時間的推移繼續建造。謝謝。

Excellent. Thank you so much for taking my questions.

出色的。非常感謝您回答我的問題。

Mark Strouse, JPMorgan.

摩根大通的馬克‧斯特勞斯。

This is Michael on for Mark. I guess just a follow-up on that last question. How long do you expect it to take to build out this capacity? And I guess, what's the time line in terms of when you expect to exceed the current 1 gigawatt of capacity? Thanks.

這是邁克爾代替馬克。我想這只是最後一個問題的後續回答。您預計需要多長時間才能實現這項產能？我想問一下，您預計什麼時候能夠超過目前的 1 千兆瓦容量？謝謝。

So look, I think the exact time lines are not something that we would be discussing at this point in time. But here is the point, Michael. We pride ourselves on moving at AI speed. We are going to make sure that we are going to have capacity all of this year and all of next year to meet the kind of time lines that others can't or definitely what our customers want. And so the capacity we built and how quickly we get that on, we were built for this moment.

所以，我認為我們現在還不會討論具體的時間表。但重點是，麥可。我們為能夠以人工智慧的速度前進而感到自豪。我們將確保今年和明年全年都有足夠的產能，以滿足其他公司無法滿足的時間表或客戶的需求。因此，我們所建構的能力以及我們實現這一目標的速度都是為了這一刻而建構的。

It is not like, you can take any factory of any other legacy technology and expand capacity at this rate. It takes deliberate thought process to have said, I need the supply chain ready. I need the manufacturing ready. I need the equipment ready. We can move on a dime.

這並不意味著，你可以按照這種速度擴大任何其他傳統技術的工廠的產能。我需要經過深思熟慮才能說出「我需要準備好供應鏈」。我需要做好製造準備。我需要準備好設備。我們可以立即行動。

We can increase capacity in months. And we can -- in most cases, I would venture to guess, provide that kind of additional capacity faster than a data center can stand up their own data center. So this is where we are today. This is where we'll continue to be through 2026, and that is why we are doing this expansion plan.

我們可以在幾個月內增加產能。而且，在大多數情況下，我大膽猜測，我們可以比資料中心建立自己的資料中心更快地提供這種額外的容量。這就是我們今天的處境。我們將持續保持這種狀態直到 2026 年，這就是我們制定這項擴張計劃的原因。

Okay. Great. Maybe if I could just throw one more in. Is there any estimate on how much this will cost? Or how should we expect you to fund the expansion?

好的。偉大的。也許我可以再加一個。有沒有估算一下這要花多少錢？或者我們應該如何期望您為擴張提供資金？

So we are funded for what we -- we are well funded for what we need to do in terms of going to 2 gigawatts. Round ballpark numbers, think about $100 million is how you should be thinking about this. And it will come spread over quarters. And we have enough. We are well funded for it.

因此，我們有足夠的資金來實現 2 千兆瓦的目標。大致的數字，想想 1 億美元，這就是你應該考慮的。並且它將蔓延至各個地區。我們已經足夠了。我們為此準備了充足的資金。

Thank you.

謝謝。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Congratulations on a strong quarter. I wanted to focus a little bit on the improvement we are seeing in the operating margin. I mean, you are at already about 7.1%. And if you look at your guide for this year, it's close to like 8.5%, I think the midpoint of it. So making excellent progress on the operating margin. So help us understand what's driving it. And then when we look at 2026 or '27, would the target be to get to double-digit operating margin levels also?

恭喜本季業績強勁。我想稍微關註一下我們所看到的營業利潤率的提高。我的意思是，你已經達到 7.1% 左右了。如果你看今年的指南，它接近 8.5%，我認為這是它的中間點。因此，營業利潤率取得了顯著進步。所以請幫助我們了解背後的原因。那麼，當我們展望 2026 年或 2027 年時，目標是否也是達到兩位數的營業利潤率水準？

Operating margin, yes. Manav, that's a great question. Look, as you clearly understand and you are looking at the numbers and you've been predicting our models. What you're seeing is tremendous fiscal discipline, right? So we have a finance team here that works so well with the rest of our organization in managing how we spend, whether it's in OpEx, whether it is in how we procure and whether -- and also, we have a commercial team that's extremely good at making sure that our customers get great value at the same time, we get value for what we bring to them in terms of time to power and other issues.

營業利潤率，是的。Manav，這個問題問得很好。你看，正如你所清楚理解的，你正在查看這些數字，並且一直在預測我們的模型。您所看到的是極為嚴格的財政紀律，對嗎？因此，我們這裡有一個財務團隊，他們與我們組織的其他部門合作得很好，管理我們的支出方式，無論是在營運支出方面，還是在採購方式方面——而且，我們還有一個商業團隊，他們非常擅長確保我們的客戶獲得巨大的價值，同時，我們也從我們在供電時間和其他問題方面為他們帶來的價值中獲得價值。

Between that combination and our cost reduction continuing, you should absolutely expect our operating income to keep getting better as we go forward. Will it vary quarter-to-quarter within a year? Absolutely. That depends on mix and volume. That will happen.

透過這種結合以及我們持續的成本削減，您絕對可以期待我們的營業收入在未來繼續變得更好。一年內各季度之間會有所改變嗎？絕對地。這取決於混合和體積。那將會發生。

But what has helped us this year is we are more level loaded by choice, and you're seeing that in our inventory hold when you look at our cash, okay? You're seeing that. That is a deliberate choice that we have made. And overall, for the entire year, we will reap the benefits of it by level loading that factory.

但今年對我們有幫助的是，我們選擇更加均衡，當您查看我們的現金時，您會在我們的庫存持有中看到這一點，好嗎？你看到了。這是我們經過深思熟慮後做出的選擇。總體而言，從全年來看，我們將透過平衡工廠負荷來獲得收益。

Perfect, sir. We were on the AEP call yesterday, and they said some very nice things about you and your scalability of your product. I'm just trying to understand, you can scale up that order. I think you're doing a couple of data centers through AEP. And as you work with them, do you continue to see more AEP, BE collaboration and more deployment of your product through AEP?

非常好，先生。我們昨天參加了 AEP 電話會議，他們對您和您產品的可擴展性給予了高度評價。我只是想了解，您可以擴大該訂單。我認為您正在透過 AEP 建立幾個資料中心。當您與他們合作時，您是否會繼續看到更多的 AEP、BE 合作以及透過 AEP 部署更多的產品？

As you know, the service agreement was for 1 gigawatt. And if you just look at the AEP numbers and look at where their demand and where that gap is, we are hopeful that working together that we can fulfill that gigawatt and think about future agreements like this very soon. And we are working together. It's not just a hope. There is a pipeline, and that pipeline for AEP is again robust, and we work with them. And you will hear more, I'm sure, in the coming months.

如您所知，服務協議的規模為 1 千兆瓦。如果你只看 AEP 數字並看看他們的需求和差距在哪裡，我們希望透過共同努力，能夠實現千兆瓦的目標，並很快考慮這樣的未來協議。我們正在共同努力。這不僅僅是一個希望。有一個管道，而 AEP 的管道再次變得強大，我們與他們合作。我相信，在接下來的幾個月裡，您會聽到更多消息。

Yes. I would only like to say one thing conclusively. Two quarters ago, I think I asked you a question that this DeepSeek is happening and some data center providers are pulling back and you were very firm, this is a blip, do not look at it. Things will correct very quickly. And you had great vision and foresight. Absolutely, it was a blip. Nobody is even talking about it now. So thank you.

是的。我只想最後說一句話。兩個季度前，我想我問過您一個問題，DeepSeek 正在發生，一些資料中心提供者正在撤退，而您非常堅定地表示，這只是一個小插曲，不要去看它。事情很快就會得到糾正。您有遠大的眼光和遠見。絕對的，這只是一個小插曲。現在甚至沒有人談論它。所以謝謝你。

Thank you, I appreciate that.

謝謝，我很感激。

(Operator Instructions)

（操作員指示）

Chris Dendrinos, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Chris Dendrinos。

Yeah, thank you. I wanted to ask about the value proposition you all bring. And I guess maybe specifically on the combined heat power solution. I know in the past, you've kind of spoken about it and it seems really appealing from an efficiency standpoint. So I'm curious, are you deploying that with Oracle here? And if not, I mean, what's kind of the interest level? And where are you at kind of in that solution process with other potential customers? Thanks.

是的，謝謝。我想問一下你們帶來的價值主張。我想也許具體是針對熱電聯產解決方案。我知道您過去曾談論過這個問題，而且從效率的角度來看它確實很有吸引力。所以我很好奇，您是否在這裡使用 Oracle 進行部署？如果不是，我的意思是，興趣程度如何？您在與其他潛在客戶合作的解決方案過程中處於什麼階段？謝謝。

That's a very good question, Chris. And here is what we see. In our pipeline, the interest as soon as our customers know that we can offer the CHP solution commercially is very high. So most customers we are talking to today, their approach is, give us this quick time to power ASAP. And within a few months, can we come back to you and retrofit the combined heat and power.

這是一個非常好的問題，克里斯。這就是我們所看到的。在我們的產品線中，一旦客戶知道我們可以商業化地提供 CHP 解決方案，他們就會產生濃厚的興趣。因此，我們今天與之交談的大多數客戶的做法是，盡快給我們這個快速供電的時間。幾個月內，我們就能回到您身邊，改造熱電聯產系統。

The beauty of our solution is we are able to offer that, right? It's like adding an app on your phone. We can add the CHP as an app. And that flexibility, that beauty of our technology is very appealing to them. So we are seeing that not just from data center customers, but from our commercial and industrial customers whose factories need to be air conditioned or whose factories need steam.

我們的解決方案的優點在於我們能夠提供這一點，對嗎？這就像在手機上添加一個應用程式。我們可以將 CHP 新增為應用程式。我們的技術的靈活性和美感對他們來說非常有吸引力。因此，我們不僅在資料中心客戶那裡看到了這一點，而且在工廠需要空調或蒸汽的商業和工業客戶那裡也看到了這一點。

So we are seeing this across the board in every area. And you are correct to point out from a value proposition wise, right, it is the equivalent of not needing 20% of your power in a data center, right? It is the equivalent of not paying for it when you have taken care of your cooling with our waste -- with the waste heat as opposed to putting more electricity. That's a big deal. Thank you.

我們在各個領域都看到了這種情況。從價值主張的角度來看，您說得對，這相當於資料中心不需要 20% 的電力，對嗎？這相當於當您利用我們的廢物——廢熱而不是投入更多電力來冷卻時，您無需支付任何費用。這可是件大事。謝謝。

(Operator Instructions)

（操作員指示）

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗。

Hi, thanks for taking the question. This is actually David Benjamin on for Mandeep. So I understand there's a robust demand and it looks like based on prior guidance, 40% in the first half. It looks like you guys are on track towards the top end of the guidance. I was wondering just the first part is like what would it take to raise the bottom end? And then secondly, are there any concerns with pushouts from the fourth quarter due to potentially ITC being available next year? Thank you.

你好，謝謝你回答這個問題。這實際上是 Mandeep 的 David Benjamin。因此，我知道需求強勁，根據先前的預測，上半年的需求將達到 40%。看起來你們正朝著指引的最高目標前進。我只是想知道第一部分是怎麼才能提升底端？其次，由於明年可能推出 ITC，因此是否擔心第四季的延期？謝謝。

Great question. So -- or a two part question. That was nice of you to sneak in the two questions together. So let me answer the second part first, David. On ITC, I should have been clearer in my prepared remarks, but let me try to be very slow, deliberate and perfectly clear so everybody understands this.

好問題。所以——或者說是由兩個部分組成的問題。您能偷偷地把這兩個問題放在一起，真是太好了。那麼，讓我先回答第二部分，大衛。關於 ITC，我本應在準備好的發言中表達得更清楚，但請允許我盡量緩慢、慎重、非常清楚地表達，以便每個人都能理解這一點。

Our customers have no gap from a timing perspective on ITC. They used to enjoy ITC last year through this year. They'll continue enjoying all of this year, and it will continue from '26 all the way to '32, okay? There is zero gap. There seems to be some confusion among people reading this.

從 ITC 的時間角度來看，我們的客戶沒有差距。他們去年到今年一直享受著 ITC。他們會繼續享受這一年，從 26 年持續到 32 年，好嗎？零差距。讀到這篇文章的人似乎有些困惑。

Yes, you're absolutely right. The BBB reinstated ITC for fuel cells starting January of 2026, okay? However, we have secured enough volume under safe harbor. So our customers in '25 don't have to wait for '26 to be to avail of those credits. And therefore, there should be no penalty for any customer or no advantage to any customer to push out buying or installing their systems in 2025.

是的，你完全正確。BBB 從 2026 年 1 月開始恢復燃料電池的 ITC，好嗎？然而，我們已經確保了安全港下的足夠交易量。因此，我們 25 年的客戶不必等到 26 年才能享受這些積分。因此，對於任何推遲在 2025 年購買或安裝其係統的客戶，都不應受到任何懲罰，也不應給予任何好處。

Is that clear?

清楚了嗎？

Crystal.

水晶。

Okay. Now in terms of the guidance and where we are, we have reiterated the guidance. Where we fall in that range, why do we give you a range? It has nothing to do with our ability to ship the systems. It's got everything to do with if the customer is ready.

好的。現在就指導意見和我們所處的位置而言，我們已經重申了指導意見。我們處於這個範圍內，為什麼我們要給你一個範圍？這與我們運送系統的能力無關。這與客戶是否準備好有很大關係。

Many of these things are greenfield. They need to finish their factory or their data center on time. They need to be able to connect. Gas needs to be there and like permits need to be there. So it could easily move out a couple of weeks on either side or a month on either side. None of these projects are in jeopardy of coming in or not. But when we recognize revenue will depend on those things. And until we have clarity on that, we have to give you a range.

其中許多都是未開發的項目。他們需要按時完成工廠或資料中心的建設。他們需要能夠連接。那裡需要有天然氣，也需要有許可證。因此，它可以輕鬆地向兩側移動幾週或向兩側移動一個月。這些項目均不存在進入或不進入的危險。但我們何時認識到收入將取決於這些因素。在我們弄清楚這一點之前，我們必須給你一個範圍。

Chris Senyek, Wolfe Research.

沃爾夫研究公司的克里斯·森耶克（Chris Senyek）。

Hey, thanks for taking my question. So congrats on the Oracle deal. I was just curious, since that order was expected to be delivered within 90 days, there was no change in the full year guidance. Should we assume this is already embedded? Or would you need to announce additional deals in order to achieve those targets? Thanks.

嘿，謝謝你回答我的問題。恭喜您與 Oracle 達成交易。我只是好奇，因為該訂單預計將在 90 天內交付，所以全年指導沒有變更。我們是否應該假設它已經嵌入？或者您需要宣布更多交易才能實現這些目標？謝謝。

We have told you from the beginning of the year, and we'll continue to reiterate that statement that a portion of our revenue for the year would be -- would come from deals that we book, build, ship and recognize revenue in the same year. It's a wonderful thing. I just remember right after our IPO, it used to be 18 to 24 months on average to book something and then get a deal done, right?

我們從年初就告訴過你們，並且我們將繼續重申這一聲明，即我們今年的部分收入將來自我們在同一年預訂、建造、發貨和確認收入的交易。這是一件非常美妙的事。我記得就在我們首次公開募股之後，平均需要 18 到 24 個月才能完成一筆交易，對嗎？

The pace at which business is moving now allows us to do that -- to shrink that cycle very well. And we would be concerned about that shrunk cycle if there was reasons to believe that it's not a secular trend, and it's just a seasonal move. We don't see this as a seasonal move. And the fact that we have a secular trend where the pace of business, the velocity of being able to convert a deal to a booking happens faster is all fantastic from where we sit.

現在業務發展的步伐使我們能夠做到這一點——很好地縮短這個週期。如果有理由相信這不是長期趨勢，而只是一種季節性走勢，我們就會對這種縮短的週期感到擔憂。我們不認為這是季節性的舉動。事實上，我們有一個長期趨勢，即業務節奏、將交易轉化為預訂的速度更快，從我們的角度來看，這一切都非常棒。

Dushyant Ailani, Jefferies

杜象特·艾拉尼（Dushyant Ailani），傑富瑞

Hi, thanks for taking the question. Just the one on -- I guess, in the past, you've talked about opportunities outside the U.S. And I think you've also mentioned Taiwan in the past. Could you kind of briefly mention how those conversations are progressing and what opportunities you're seeing outside the US?

你好，謝謝你回答這個問題。就這一點而言——我想，您過去曾談到美國以外的機會。而且我認為您過去也提到過台灣。您能否簡要介紹一下這些對話的進展以及您在美國以外看到哪些機會？

Look, today, when we look at our business in general, roughly 30% of that comes from international, 70% comes from domestic, okay? And we expect to continue that ratio at least through the next year or so because as all of you know and follow from what's going on, there's tremendous action here in the US market, okay? And so we see that. But we truly believe in the diversity of the market.

你看，今天，當我們總體看我們的業務時，大約 30％ 來自國際業務，70％ 來自國內業務，好嗎？我們預計至少在接下來的一年左右會保持這一比例，因為正如大家所知並關注的情況，美國市場正在發生巨大的變化，好嗎？我們看到這一點。但我們確實相信市場的多樣性。

Not only are we continuing to show strength in Korea and keep that business going. We are developing new markets. I think we have mentioned to you Taiwan, Germany, Italy and the UK are the obvious next places we are looking at.

我們不僅繼續在韓國展現實力並維持業務發展。我們正在開發新市場。我想我們已經提到過，台灣、德國、義大利和英國顯然是我們正在關注的下一個地方。

And in all those places, we are making progress, establishing into a new market and being able to get the policymakers, the regulators lined up with something new to them, very similar to it was new to people in California and like New England when we started in the early days. That process is going, but I'm very happy with the progress we are making in those places.

在所有這些地方，我們都在取得進展，進入新市場，並能夠讓政策制定者和監管機構接受一些對他們來說很新的東西，這與我們早期剛開始時對加州和新英格蘭地區的人們來說很相似。這個過程正在進行中，但我對我們在這些地方取得的進展感到非常高興。

Colin Rusch, Oppenheimer & Co.

奧本海默公司（Oppenheimer & Co.）的科林·拉什（Colin Rusch）

Thanks so much. As you look out at the landscape of opportunities, are there situations where you could end up being used as temporary power for a couple of years and then have those servers move on to other locations? And are you starting to see any sort of incremental demand growth for longer cycle industrial, potentially chemical plants and other things that are looking to ramp and have power shortages as well as the data center opportunity you guys talked about?

非常感謝。當您審視各種機會時，是否存在這樣的情況：您的伺服器可能被用作幾年的臨時電源，然後轉移到其他位置？您是否開始看到對長週期工業、潛在化工廠和其他正在尋求擴大規模並面臨電力短缺的行業以及您談到的數據中心機會的任何形式的增量需求增長？

Colin, that's a very good question. And the answer is absolutely yes, okay? And this is the reason, if you remember, we completely changed our -- how we install our systems from a go and pour concrete and install it on a concrete to on a skid, okay? Think of this as grid to go, okay? We can just take these units on a truck and drop it in a site and then move that skid from one location to another with ease.

科林，這是一個非常好的問題。答案是肯定的，好嗎？這就是原因，如果你還記得的話，我們徹底改變了我們的系統安裝方式，從澆築混凝土並將其安裝在混凝土上到安裝在滑軌上，好嗎？把這想像成要去的網格，好嗎？我們可以將這些裝置裝上卡車，放到某個地點，然後輕鬆地將滑橇從一個地方移動到另一個地方。

And all it takes is three connections, the gas connection, the electric connection and the communications, which is wireless. So it's as simple as that. And here is another interesting thing, right? It is even better than, if you think of temporary power coming from combustion engines because you can't take a few blades and put it in one location and a few other blades in another location if you want to take 100 megawatt and break it into 5 -- like 20 megawatts.

它所需要的只是三個連接，即燃氣連接、電力連接和無線通訊。就這麼簡單。這裡還有另一件有趣的事情，對吧？它甚至比您想像的來自內燃機的臨時電力更好，因為如果您想將 100 兆瓦的電力分解成 5（例如 20 兆瓦），您就無法將幾個葉片放在一個位置，並將其他幾個葉片放在另一個位置。

With our Bloom systems, the modular nature of it, not only can you take our units and put them in different locations, you can fragment it or aggregate it as you wish. And so it is definitely a very attractive option that we can offer.

透過我們的 Bloom 系統，由於其模組化特性，您不僅可以將我們的單元放置在不同的位置，還可以根據需要對其進行分割或聚合。因此，這絕對是我們可以提供的非常有吸引力的選擇。

And even the hyperscalers are very interested in that because in some locations, if they're able to get power, they can easily move it to another location where they need more power, right? So this becomes very, very attractive. In fact, to us, this is an amazing selling point. And are we concerned about will they need the power two years from now?

甚至超大規模企業也對此非常感興趣，因為在某些地方，如果他們能夠獲得電力，他們可以輕鬆地將其轉移到需要更多電力的另一個地方，對嗎？所以這變得非常非常有吸引力。事實上，對我們來說，這是一個令人驚嘆的賣點。我們是否擔心兩年後他們是否還需要電力？

Anybody who thinks two year is the bridge and something miraculous is going to be there, you're just going to go to the next bridge. It's a bridge to a bridge. It's not a bridge to a solution, and you all know that.

任何人如果認為兩年是一座橋，並且將會發生奇蹟，那麼你只需要前往下一座橋。這是一座橋與一座橋之間的橋樑。這不是解決問題的橋樑，大家都知道這一點。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

Hey, thanks for taking my question. Another tax credit question. Safe harbor aside, the BBB does give more visibility. And my understanding is that domestic content bonuses have actually been raised. So my question is, with the tax credit picture is set, hopefully set, does that put you in a position to push pricing?

嘿，謝謝你回答我的問題。另一個稅收抵免問題。除了安全港之外，BBB 確實提供了更多的可見性。我的理解是，國內內容獎金實際上已經提高了。所以我的問題是，稅收抵免情況已經確定，希望能夠確定，這是否能讓您推動定價？

Sorry, something got cut off on this. I'm like really sorry on our end. Can you just repeat that question one more time, if you don't mind, Sherif? Sorry.

抱歉，有些事情被打斷了。我對我們這邊真的很抱歉。警長，如果您不介意的話，您能再重複一次這個問題嗎？對不起。

Sure. I'm saying that BBB crystallizes the tax credit picture. And I think in some cases, it actually increases the benefit. So does that give you -- does that level of visibility put you in a position to push pricing?

當然。我的意思是 BBB 明確了稅收抵免的情況。我認為在某些情況下，它實際上會增加收益。那麼，這種程度的知名度是否能讓您有能力推動定價？

Yeah. So what happens with the BBV is there is no domestic content adder when it comes to the ITC, right? So I think I'm answering your question. If not, let me know, and I'll answer it. So it is a flat 30%, okay? Whereas in the previous version of the bill that ended last year, but safe harbored now, our customers can avail of either 40% or 50%, depending on whether they are not in an energy community or in an energy community.

是的。那麼，BBV 的情況是，當涉及 ITC 時，沒有國內內容添加器，對嗎？所以我想我正在回答你的問題。如果沒有，請告訴我，我會回答。所以是固定的 30%，好嗎？而在去年結束但目前得到安全保護的先前版本的法案中，我們的客戶可以享受 40% 或 50% 的優惠，具體取決於他們是否在能源社區中。

If they're not in an energy community, it's 40%. If they're in an energy community, it's 50%. So from that perspective, yes, their subsidies go down a little bit. But given how high the price of electricity has gone up, at 30%, our attractiveness will be extremely high. And you also know that every year, we bring down cost reductions between those two things, we don't see any issues with relation to maintaining our margins, if that's your question.

如果他們不在能源社區，則比例為 40%。如果他們身處能源社區，則這一比例為 50%。所以從這個角度來看，是的，他們的補貼確實減少了一點。但考慮到電價上漲了30%，我們的吸引力就非常大了。而且您也知道，每年我們都會在這兩件事之間降低成本，我們認為在維持利潤率方面沒有任何問題，如果這是您的問題的話。

Yeah, that's very helpful. Thanks, K.R.

是的，這非常有幫助。謝謝，K.R.

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯 (Noel Parks)、圖伊兄弟 (Tuohy Brothers)。

Hello, good afternoon. I wonder if you could talk a bit about product development and maybe update us on your upcoming generation of the Bloom Energy server and what incremental benefits you're anticipating from that? And any comment you have on the effect on the economics for the product for you would be?

大家好，下午好。我想知道您是否可以談談產品開發，並向我們介紹即將推出的 Bloom Energy 伺服器，以及您預期它將帶來哪些增量收益？您對該產品對經濟的影響有何評論？

No. Thank you very much for that question. So here is what is really interesting about the Bloom platform going forward, okay? That improvement that we are talking about does not need to happen by generation as a step function. It is happening continuously quarter after quarter of things coming of new ideas being robustized, completely manufacturable and entering into production in a line.

不。非常感謝您提出這個問題。那麼，這就是 Bloom 平台未來發展真正有趣的地方，好嗎？我們所談論的改進並不需要透過階躍函數產生來實現。每個季度，新想法不斷湧現，不斷完善，完全可製造，並進入生產線。

So think of our product continuously improving as opposed to going from one model of a product to another model of a product. And we are able to incorporate that seamlessly. So lots of developments are continuing to happen. And in a way, if you saw our earnings script, we are maintaining guidance on our margin even though there can be a 4% tariff fit on our materials, right? All that is coming from further improvements coming into our product.

因此，我們的產品應該不斷改進，而不是從一種產品型號轉變為另一種產品型號。我們能夠將其無縫地結合起來。因此，許多發展正在繼續發生。從某種程度上來說，如果你看過我們的獲利腳本，你會發現，儘管我們的材料可能被徵收 4% 的關稅，但我們仍會維持利潤率指導，對嗎？所有這些都源自於我們產品的進一步改進。

So we don't anymore talk about our product in terms of generations, but in terms of, it is getting healthier and healthier as the days go by, and it's getting better and better. Why is that? Again, it goes back to -- if you look at my script, we get real-time feedback from the digital twins that we have set in place, the 4 trillion data points that come into us and how we analyze it, how we learn from it, how we improve it, gives us a unique ability that I don't think exists in the power industry other than at Bloom where we are able to improve our product.

因此，我們不再從世代角度談論我們的產品，而是隨著時間的推移，它會變得越來越健康，而且會變得越來越好。這是為什麼？再次，這又回到了——如果你看一下我的腳本，我們會從我們設置的數位孿生中獲得即時反饋，進入我們的 4 兆個數據點以及我們如何分析它、如何從中學習、如何改進它，這給了我們一種獨特的能力，我認為除了在 Bloom 之外，電力行業不存在這種能力，在那裡我們能夠改進我們的產品。

So this is -- you will see this as a continuous improvement as opposed to a step improvement going forward. And we bring new attributes. So for example, CHP was a new attribute. Load following was a new attribute. Being able to operate island and load following was a new attribute. So we bring these attributes into the product.

因此，您將看到這是一個持續的改進，而不是逐步的改進。我們帶來了新的屬性。例如，CHP 是一個新屬性。負載追蹤是一個新屬性。能夠操作島嶼和負載追蹤是一項新屬性。因此我們將這些屬性融入產品中。

Chris Dendrinos, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Chris Dendrinos。

Yeah, thanks for taking the follow up. I wanted to go back to the value proposition, and I think you slightly hit on this in Colin's question. But maybe just comparing your solution to like a natural gas turbine, we've seen those get deployed in some situations. And I think -- could you just help us, I guess, paint a better picture of where you see your solution really being the most optimal compared to a gas turbine. I mean, to me, it looks like it should always be, but there's certainly reasons that are driving some customers to take up a gas turbine. And so just trying to get a sense of what those kind of driving forces might be. Thanks.

是的，感謝您的跟進。我想回到價值主張，我認為你在柯林的問題中稍微提到了這一點。但也許只是將您的解決方案與天然氣渦輪機進行比較，我們已經看到它們在某些情況下部署。我認為——您能否幫助我們更好地描述一下，與燃氣渦輪機相比，您認為您的解決方案實際上是最優的。我的意思是，對我來說，它看起來應該一直如此，但肯定有一些原因促使一些客戶選擇燃氣渦輪機。所以只是想了解這些驅動力可能是什麼。謝謝。

Chris, I completely agree with you, but nobody gets fired for buying IBM, right? So anyway, if you look at economics, here's what I can tell you, you look at the demand growth and you look at where numbers are going, what we heard even six months ago of 20% of data centers may be islanded and not connected to the grid, that number is now hovering on 40%.

克里斯，我完全同意你的觀點，但沒有人會因為購買 IBM 而被解僱，對吧？所以無論如何，如果你看一下經濟學，我可以告訴你，你看看需求增長，看看數字的走向，我們六個月前就聽說 20％ 的數據中心可能是孤島並且沒有連接到電網，這個數字現在徘徊在 40％ 左右。

The amount of data centers that are telling us in the surveys that they would use islanded power is going up. When you go there, the monolithic turbine needs one additional monolith to be able to -- so when one unit is being serviced, the other unit is on standby.

在調查中告訴我們將使用孤島電力的資料中心數量正在增加。當你到達那裡時，整體式渦輪機需要一個額外的整體才能 - 因此當一個單元正在維修時，另一個單元處於待命狀態。

You put that together compared to the Bloom architecture where it's LEGO block and you compare apples and apples for a grid level availability of 999 or even a high 9s available of 99999s or 999999s you compare that apples and apples, our CapEx compares favorably or at a minimum at parity with turbines.

將其與 Bloom 架構（就像樂高積木）進行比較，將蘋果和蘋果進行比較，以獲得 999 的電網級可用性，甚至 99999 或 999999 的高 9，將蘋果和蘋果進行比較，我們的資本支出與渦輪機相比具有優勢或至少處於同等水平。

On the other hand, those turbines have at least 15 to 20 percentages -- like percentage points more fuel that they will consume compared to us. So on the OpEx, there's a significant win. And on top of that, we have no air pollution, whereas getting an air permit to put a lot of turbines if you live in a populated area is very difficult. You're probably reading in the press. So you combine all those things, A, because we are easier to permit, we remove the friction to permitting, so we are faster. Time to power is everything in this business. Secondly, operating cost is lower. CapEx is at parity. You put them all together, I think we compare more than favorably to any other alternative way of producing electricity.

另一方面，這些渦輪機消耗的燃料比我們的燃料至少多 15% 到 20% 個百分點。因此，就營運支出而言，這是一個重大勝利。最重要的是，我們沒有空氣污染，如果你住在人口稠密的地區，要獲得安裝大量渦輪機的空氣許可證是非常困難的。您可能正在閱讀報紙。所以你把所有這些事情結合起來，A，因為我們更容易獲得許可，我們消除了許可的摩擦，所以我們更快。在這個行業中，掌權的時間就是一切。其次，營運成本較低。資本支出持平。把它們綜合起來，我認為我們比其他發電方式都更有優勢。

Skye Landon, Rothschild & Co. Redburn.

斯凱‧蘭登 (Skye Landon)，羅斯柴爾德公司雷德伯恩 (Rothschild & Co. Redburn)。

Hi, thanks very much. More of a clarification from myself. On the AEP announcement recently regarding the Amazon Web Services and the other company, are you able to confirm whether those projects are included within the 100 megawatts or if those are additional on top of the 100 megawatts? Thanks.

你好，非常感謝。這是我自己的進一步澄清。關於 AEP 最近發布的有關亞馬遜網路服務和其他公司的公告，您能否確認這些項目是否包含在 100 兆瓦內，還是在 100 兆瓦之外的額外項目？謝謝。

It is part of the 100 megawatts that was in the PO and the other 900 megawatts are what we are working actively on the pipeline. Thank you.

它是採購訂單中 100 兆瓦的一部分，另外 900 兆瓦是我們正在積極建造的管道。謝謝。

Perfect, thanks.

非常好，謝謝。

Dimple Gosai, Bank of America.

美國銀行的 Dimple Gosai。

Hi, good evening. Thank you so much for taking my question. I actually have two, if that's okay. The first one is just trying to get more clarity or understanding around the Oracle deal. Is this a done deal? Is there a framework to deploy? Any KPIs that need to be met? Any color would be super helpful for us. And the second question is if you can talk a little bit about your capital needs or liquidity in terms of funding the manufacturing expansion. Thank you.

嗨，晚上好。非常感謝您回答我的問題。如果可以的話，我實際上有兩個。第一個只是想更清楚地了解或理解 Oracle 交易。這事兒已經成定局了嗎？是否有一個可以部署的框架？有什麼需要滿足的 KPI 嗎？任何顏色對我們來說都非常有幫助。第二個問題是，您能否談談為製造業擴張提供資金方面的資本需求或流動性？謝謝。

So on the -- first question on the Oracle deal, we are a company that don't discuss on earnings calls, LOI and MOUs and things like that, okay? This is a purchase order we are executing. They will have power in 90 days period. In terms of how much capacity and dollars we need, you may have joined us late. I don't want to hold everybody up on that.

那麼關於 Oracle 交易的第一個問題，我們是一家不會在收益電話會議、意向書 (LOI)、諒解備忘錄 (MOU) 等會議上討論此類事情的公司，好嗎？這是我們正在執行的採購訂單。他們將在 90 天內獲得權力。就我們需要多少產能和資金而言，您可能加入我們得太晚了。我不想因此耽誤大家的時間。

We have already answered that question. It will be in the transcript. Thank you very much. And with that last question, let me say that, look, AI is moving faster than any technology in history, faster than the Internet. And of course, orders of magnitude faster than the electricity industry.

我們已經回答了這個問題。它將出現在成績單中。非常感謝。對於最後一個問題，我想說，人工智慧的發展速度比歷史上任何技術都要快，比網路還要快。當然，比電力產業快幾個數量級。

And it's demanding more, more power, more data centers, more urgency. Our company Bloom, our entire company was built for such a moment. We are ready, and we can move at AI speed. The advantages of our purpose-built digital platform has never been more obvious and relevant to everybody. And the opportunity in front of us is both massive and secular.

而且它要求更多，更多的電力，更多的資料中心，更緊迫。我們的公司 Bloom，我們的整個公司就是為了這樣的時刻而建立的。我們已經做好準備，可以以人工智慧的速度行動。我們專門建構的數位平台的優勢從未如此明顯，並且與每個人息息相關。我們面前的機會是巨大的，也是長期的。

We are confident in our strategy. We are confident in our execution. And internally, we ourselves have shifted to a higher gear because we are going to blaze forward. We thank you for your confidence in us and your continued support. We wish you a good day.

我們對我們的策略充滿信心。我們對我們的執行力充滿信心。而在內部，我們自己也換上更高的檔位，因為我們將一路向前。我們感謝您對我們的信任和持續的支持。祝您有美好的一天。