Bloom Energy Corp (BE) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is [Colby]. I'll be your conference operator today.

女士們、先生們，感謝你們的支持。我的名字是[科爾比]。今天我將擔任您的會議主持人。

At this time, I'd like to welcome you to the Bloom Energy third-quarter 2025 earnings results.

現在，我歡迎您閱讀 Bloom Energy 2025 年第三季的財報。

(Operator Instructions) Thank you.

（操作員指示）謝謝。

I'd like to turn the call over to your host today to Michael Tierney, Vice President, Investor Relations. Sir, you may begin.

今天我想把電話轉給主持人、投資者關係副總裁 Michael Tierney。先生，您可以開始了。

Thank you and good afternoon, everybody. Thank you for joining us for Bloom Energy's third-quarter 2025 earnings call.

謝謝大家，下午好。感謝您參加 Bloom Energy 2025 年第三季財報電話會議。

To supplement this conference call, we furnished our third-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.

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 年第三季收益新聞稿，並將其與我們將在本次電話會議中引用的補充財務資訊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 or 2026.

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表現的預期。其中包括有關公司業務成果、產品、新市場、策略、財務狀況、流動性以及 2025 年或 2026 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 statements made on today's call.

我們不承擔修改今天電話會議上所作的任何前瞻性陳述的義務。

During this call and in our third-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's 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.

在本次電話會議和 2025 年第三季財報新聞稿中，我們參考了 GAAP 和非 GAAP 財務指標。非公認會計準則財務指標並非依照美國公認會計準則編制，而是依照公認會計準則編製的財務績效指標的補充，而非替代或優於公認會計準則編製的財務績效指標。

A reconciliation between the GAAP and non-GAAP financial measures is included in our third-quarter 2025 earnings press release, available on our Investor Relations website.

我們的 2025 年第三季財報新聞稿中包含了 GAAP 和非 GAAP 財務指標之間的對賬，可在我們的投資者關係網站上查閱。

Joining me on the call today are K.R. Sridhar, Founder, Chairman, and Chief Executive Officer; and Maciej Kurzymski, our Acting Principal Financial Officer.

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.

K.R. 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。

I will now turn the call over to K.R..

我現在將電話轉給 K.R.。

Good afternoon and thank you for joining us today.

下午好，感謝您今天加入我們。

I'm delighted that Bloom had its fourth consecutive quarter of record revenue. This seminal year for Bloom positions us for an even stronger 2026 and beyond, with higher growth and more profitability.

我很高興看到 Bloom 連續第四個季度創下營收紀錄。對 Bloom 來說，這是具有開創性的一年，它將為我們在 2026 年及以後更加強勁的發展奠定基礎，實現更高的成長和更高的獲利能力。

Three major tailwinds benefiting Bloom today have created a once-in-a-generation opportunity for us to become the global standard for on-site power generation.

如今，三大利好因素使 Bloom 受益匪淺，為我們成為現場發電的全球標準創造了千載難逢的機會。

First, the AI build-outs and their power demands are making on-site power generated by natural gas a necessity. Second, winning the AI race is a nation-state priority, driving government policy and removing barriers that had previously been headwinds for on-site power generation. Third, our product innovation is advancing at a pace more akin to semiconductor evolution than to that of traditional industrial products.

首先，人工智慧的建造及其電力需求使得現場天然氣發電成為必要。其次，贏得人工智慧競賽是民族國家的首要任務，推動政府政策並消除先前阻礙現場發電的障礙。第三，我們的產品創新速度更類似半導體的演化，而不是傳統工業產品的演化。

Every year, for over a decade, our fuel cells have seen double-digit year-over-year cost reduction. While our costs are coming down, our performance is going up. Our fuel cells last longer; are more reliable; are more efficient; and, today, produce 10 times more power in the same footprint than they did 10 years ago.

十多年來，我們的燃料電池成本每年都達到兩位數的年減。我們的成本正在下降，但我們的業績卻在上升。我們的燃料電池使用壽命更長、更可靠、更有效率；而且，與 10 年前相比，如今在相同的佔地面積上可以產生 10 倍以上的電力。

These improvements have opened up large market opportunities. For example, we historically sold exclusively in high-cost electricity markets, such as California and the Northeast. We are now competitive in large power-hungry markets of the Midwest, Mid-Atlantic, Mountain West, Texas, and many European and Asian cities.

這些改進開啟了巨大的市場機會。例如，我們過去只在加州和東北部等高成本電力市場銷售。我們現在在中西部、中大西洋地區、山區西部、德克薩斯州以及許多歐洲和亞洲城市的大型電力需求市場上具有競爭力。

Bloom is now positioned to become the standard in on-site power, which many of us believe will be a $1 trillion market. Becoming the standard means we will be the benchmark by which all others are measured. The reference point for speed, reliability, and performance in on-site power. When customers, partners, regulators, and governments think about dependable dispatchable electricity. they should think about Bloom first.

Bloom 目前的目標是成為現場發電的標準，我們許多人相信這將是一個價值 1 兆美元的市場。成為標準意味著我們將成為衡量所有其他人的基準。現場電力的速度、可靠性和性能的參考點。當客戶、合作夥伴、監管機構和政府考慮可靠的可調度電力時，他們應該先考慮 Bloom。

While we built Bloom with the conviction that this moment would arrive, we had no illusions of the difficulties we would face to gain acceptance as we embarked on this journey. To be even considered, we had to be better in every dimension. We persevered and delivered step by step.

雖然我們在創作 Bloom 時堅信這一刻終將到來，但我們並沒有幻想在踏上這段旅程時會面臨獲得認可的困難。為了獲得考慮，我們必須在各方面都做得更好。我們堅持不懈，一步一步實現目標。

Now, after 24 years, we have robust supply chains, manufacturing processes, installation capabilities, and field performance data to show our customers we offer an unparalleled on-site power solution at speed and scale.

如今，經過 24 年的發展，我們擁有強大的供應鏈、製造流程、安裝能力和現場性能數據，可以向客戶展示我們能夠以速度和規模提供無與倫比的現場電力解決方案。

We obsess about meeting our customers' needs and do not expect them to compromise. We do not offer them false choices -- clean, reliable, or fast; instead, we offer them and end solution. We ship on time and aim to ship faster than anyone else. We are more reliable and resilient; and offer our customers superior price-to-performance value.

我們致力於滿足客戶的需求，並且不希望他們妥協。我們不會為他們提供錯誤的選擇——乾淨、可靠或快速；相反，我們為他們提供最終的解決方案。我們按時發貨，並力爭比其他任何人都更快發貨。我們更加可靠、更具彈性；並為客戶提供卓越的性價比。

Our mass-produced modular power systems allow us to power sites as small as your neighborhood retail store and as large as a giga AI factory that mass manufactures intelligence.

我們量產的模組化電力系統使我們能夠為小到您附近的零售店、大到大規模生產智慧的超級人工智慧工廠等場所供電。

Bloom Energy Servers are safe; operate without consuming water; do not pollute the local air; and have curb appeal. All features that make them welcomed in the communities where they are installed.

Bloom Energy Servers 是安全的；運作時無需消耗水；不會污染當地空氣；並且具有吸引力。所有這些特點使得它們在安裝它們的社區中受到歡迎。

The precursor to becoming the standard is to first earn our place in the evaluation process, alongside the well-entrenched and very capable competitors that have defined the market for decades. We are now executing on this phase, working to replicate, in new markets, the success we have achieved in sectors like semiconductor manufacturing and telecommunications, industries that demand the highest reliability.

成為標準的前提是，首先要在評估過程中贏得一席之地，與幾十年來一直主導市場的根深蒂固、能力強大的競爭對手並駕齊驅。我們目前正在執行這一階段，致力於在新市場中複製我們在半導體製造和電信等對可靠性要求最高的行業所取得的成功。

Today, we are the standard for on-site power in telecom and semiconductor manufacturing, as evidenced by the rapid adoption of our technology by the top-tier players and the strong sales pipeline in those segments.

如今，我們已成為電信和半導體製造領域現場供電的標準，頂級廠商迅速採用我們的技術，並在這些領域擁有強大的銷售管道，證明了這一點。

Our strategy is deliberate and simple. In each vertical, we establish our credibility with a lighthouse account; and then, build on that success with other Tier 1 customers. For example, in telecommunications, we first secured AT&T as a lighthouse customer in 2011. After they became convinced of our operational excellence, they deployed us in multiple sites in many states. Soon, we added Verizon and T-Mobile as customers and have sold over 100 megawatts of on-site power to telecoms. Today, we are a go-to on-site power choice for US telecom companies.

我們的策略是深思熟慮且簡單的。在每個垂直領域，我們都透過燈塔帳戶建立我們的信譽；然後，在此基礎上與其他一級客戶共同取得成功。例如，在電信領域，我們在 2011 年首次獲得 AT&T 作為燈塔客戶。在他們確信我們的卓越營運後，他們在許多州的多個地點部署了我們。很快，Verizon 和 T-Mobile 也成為我們的客戶，並向電信公司出售了超過 100 兆瓦的現場電力。如今，我們已成為美國電信公司的首選現場供電公司。

Now, we are following the same playbook to become the standard on-site power solution for AI. We are embedded in seven distinct AI ecosystem channels. In each channel, we have secured a lighthouse customer in our robust pipelines.

現在，我們正在遵循同樣的策略，成為人工智慧的標準現場電源解決方案。我們嵌入了七個不同的人工智慧生態系統管道。在每個管道中，我們都已在強大的管道中獲得了燈塔客戶。

First, the hyperscalers. Back in August, we announced our first deal to power an AI factory with Oracle. We have fulfilled our delivery ahead of schedule. We promised to deliver in 90 days. We delivered in 55 days.

首先是超大規模企業。早在今年 8 月，我們就宣布了與 Oracle 合作打造 AI 工廠的首筆交易。我們提前完成了交貨。我們承諾在 90 天內交貨。我們在 55 天內交貨。

Second, electricity providers. Last year, we signed a gigawatt agreement with AEP, which purchased our fuel cell systems to power another big hyperscaler, AWS.

第二，電商。去年，我們與 AEP 簽署了一項千兆瓦協議，AEP 購買了我們的燃料電池系統，為另一個大型超大規模企業 AWS 提供電力。

Third, gas providers. We signed our first deal with a major gas provider who will convert its gas to electricity with Bloom fuel cells and sell that on-site power to a third hyperscaler. The hyperscaler will announce details of this installation when it is ready.

第三，瓦斯供應商。我們與一家大型天然氣供應商簽署了第一份協議，該供應商將利用 Bloom 燃料電池將其天然氣轉化為電能，並將現場電力出售給第三家超大規模企業。超大規模企業將在準備就緒後公佈此安裝的詳細資訊。

Fourth, our co-location providers. We work with many; including Equinix, which has deployed over 100 megawatts across data centers in multiple states.

第四，我們的主機託管提供者。我們與許多公司合作，其中包括 Equinix，該公司已在多個州的資料中心部署了超過 100 兆瓦的電力。

Fifth, neoclouds. Our systems are generating on-site power for top neocloud provider, CoreWeave, at a high-performance data center in Illinois.

第五，NeoClouds。我們的系統正在伊利諾州的一個高效能資料中心為頂級 Neocloud 供應商 CoreWeave 提供現場電力。

Sixth, data center developers. When an understanding has been reached on key terms, developers begin to file permits and permissions. You may have seen some of these public filings, recently.

第六，資料中心開發商。當就關鍵條款達成諒解後，開發商就開始申請許可證和許可。您最近可能已經看到了一些公開文件。

Seventh, infrastructure owners. Large infrastructure funds are increasingly developing their own AI factories. Brookfield, the world's largest AI infrastructure investor, has invested $50 billion in AI opportunities and is tripling the size of its AI strategy over the next three years. It announced an AI infrastructure partnership with Bloom Energy and made an initial investment of $5 billion. Bloom will be the preferred on-site provider for Brookfield's trillion-dollar infrastructure portfolio of AI factories, data center operators, corporate facilities, and factories.

第七，基礎設施所有者。大型基礎設施基金正在越來越多地開發自己的人工智慧工廠。全球最大的人工智慧基礎設施投資者 Brookfield 已向人工智慧領域投資 500 億美元，並將在未來三年內將其人工智慧戰略規模擴大兩倍。該公司宣布與 Bloom Energy 建立人工智慧基礎設施合作夥伴關係，並進行了 50 億美元的初步投資。Bloom 將成為 Brookfield 價值數兆美元的人工智慧工廠、資料中心營運商、企業設施和工廠基礎設施組合的首選現場供應商。

Brookfield will also finance Bloom-sourced AI opportunities. We have already completed projects. Brookfield plans to announce a Bloom-powered European AI inference data center project by the end of the year.

布魯克菲爾德也將為布魯姆基金會提供的人工智慧機會提供資金。我們已經完成了專案。布魯克菲爾德計劃在今年底前宣布一個由 Bloom 提供支援的歐洲人工智慧推理資料中心計畫。

To recap, we have strong traction across all channels of the AI ecosystem. Each channel is anchored by a lighthouse customer and accompanied by robust commercial activity. As we continue to penetrate new geographies and verticals, success builds upon itself and should make each new market entry easier than the first.

總而言之，我們在人工智慧生態系統的所有管道都擁有強大的吸引力。每個渠道都由燈塔客戶支撐，並伴隨強勁的商業活動。隨著我們不斷滲透到新的地域和垂直領域，成功將不斷積累，並使每次進入新市場都比第一次更容易。

The opportunity is vast. We are still in the early innings. So what are we doing to make sure we are ready to handle growth, as well as further advance our leadership position?

機會是巨大的。我們仍處於初期階段。那麼，我們要做什麼來確保我們準備好應對成長，並進一步提升我們的領導地位？

As we have previously announced, we are doubling our capacity to 2 gigawatts by December 2026, which will support about 4 times our 2025 revenue. That expansion is all systems go. Bloom's capacity will not be a bottleneck for our customers.

正如我們之前宣布的那樣，到 2026 年 12 月，我們將把產能翻一番，達到 2 千兆瓦，這將支持我們 2025 年收入的約 4 倍。此次擴張已一切準備就緒。Bloom 的產能不會成為我們客戶的瓶頸。

We are also investing in operational talent and capabilities needed for the expansion of our production capacity beyond the 2 gigawatts. We are building a commercial team that can capture opportunities across diverse market segments and geographies.

我們也正在投資擴大生產能力（超過 2 千兆瓦）所需的營運人才和能力。我們正在組建一支能夠抓住不同細分市場和地區機會的商業團隊。

We are continuing to invest in R&D to increase our lead in on-site power. We are doing all of this while maintaining our focus on operational excellence and financial discipline to achieve margin expansion, over time.

我們將繼續投資研發，以增強我們在現場電力方面的領先地位。我們在做這一切的同時，繼續專注於卓越營運和財務紀律，以實現利潤率的長期成長。

Based on what we see today, we expect 2025 to be better than our previously stated annual guidance on our financial metrics.

根據我們今天看到的情況，我們預計 2025 年的財務指標將比我們之前提出的年度指引更好。

In addition, we expect double-digit product cost reductions to continue and keep us on a path of margin accretion. We look forward to a strong 2026, as we march forward and build a future where Bloom powers the digital age and is the recognized standard for on-site power globally.

此外，我們預計產品成本將繼續以兩位數的速度下降，並使我們保持利潤率的成長。我們期待 2026 年取得強勁發展，我們將繼續前進，創造一個 Bloom 為數位時代提供動力並成為全球現場電力公認標準的未來。

I'll turn over to Maciej now. 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. Good afternoon, everyone.

謝謝，K.R。大家下午好。

As K.R. mentioned, Bloom is now positioned to become a standard in on-site power. Our announced customer base and financial results are a testament to this.

正如 K.R. 所提到的，Bloom 現在有望成為現場電力的標準。我們公佈的客戶群和財務表現證明了這一點。

On today's call, I will discuss our Q3 financial performance and make a few comments about fiscal 2025.

在今天的電話會議上，我將討論我們第三季的財務業績，並對 2025 財年發表一些評論。

The last four quarters have been a record operational and financial performance and Q3 was no exception. While our commercial success have been most visible, the work our engineering, manufacturing, and support teams have done (inaudible) to drive product cost reduction is evident in our financial results.

過去四個季度的營運和財務表現均創下紀錄，第三季也不例外。雖然我們的商業成功最為顯著，但我們的工程、製造和支援團隊為降低產品成本所做的工作（聽不清楚）在我們的財務表現中也得到了明顯體現。

Highlights include record third-quarter revenue, positive cash flows from operating activities, and our seventh consecutive quarter of profitability in our Service business.

亮點包括創紀錄的第三季收入、來自經營活動的正現金流以及我們的服務業務連續第七個季度獲利。

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

提醒一下：我將重點討論非 GAAP 調整後的財務指標。有關 GAAP 與非 GAAP 的對照，請參閱我們的新聞稿和我們網站上的補充資料。

Revenue for the quarter was $519 million, up 57% year over year. Time-to-power needs are creating demand for on-site power. This, together with the advantages of our fuel cell technology for AI factories, is driving our revenue growth. Gross margin was 30.4%, 510 basis points higher than the 25.2% gross margin in Q3 of 2024, driven by continued focus on product costs and manufacturing efficiencies.

本季營收為 5.19 億美元，年增 57%。供電時間需求正在產生對現場電力的需求。這一點，加上我們的燃料電池技術對人工智慧工廠的優勢，正在推動我們的營收成長。毛利率為 30.4%，比 2024 年第三季的 25.2% 毛利率高出 510 個基點，這得益於持續關注產品成本和製造效率。

Our operating income was $46.2 million versus $8.1 million in Q3 last year. Adjusted EBITDA was $59 million versus $21 million in Q3 of 2024, while EPS was a positive $0.15 versus $0.01 loss a year ago.

我們的營業收入為 4,620 萬美元，而去年第三季為 810 萬美元。調整後的 EBITDA 為 5,900 萬美元，而 2024 年第三季為 2,100 萬美元，每股收益為正 0.15 美元，而去年同期為虧損 0.01 美元。

Again, these are all non-GAAP results.

再次強調，這些都是非 GAAP 結果。

Our Product margins were 35.9%, while our Service margins were 14.4%. This is the second straight quarter of double-digit margins in the Service business. We expect this trend to continue.

我們的產品利潤率為 35.9%，而我們的服務利潤率為 14.4%。這是服務業務連續第二季實現兩位數的利潤率。我們預計這一趨勢將會持續下去。

As we have talked about on each call this year, we took advantage of our balance sheet and a visibility into customer demand to level load our factory. We expect to work down inventory in Q4, as our shipments of product accelerate.

正如我們今年在每次電話會議中所談到的，我們利用資產負債表和對客戶需求的了解來平衡工廠的負荷。隨著產品出貨量的加快，我們預計第四季庫存將減少。

Cash flow from operating activities was an inflow of $20 million, primarily due to working capital improvements. We ended the quarter with $627 million in total cash on the balance sheet.

經營活動現金流入 2,000 萬美元，主要因為營運資金改善。截至本季末，我們的資產負債表上現金總額為 6.27 億美元。

Turning to the full year, as K.R. mentioned, based on what we see today, we expect fiscal 2025 to be better than our previously stated annual guidance on our financial metrics.

談到全年，正如 K.R. 所提到的，根據我們今天看到的情況，我們預計 2025 財年的表現將好於我們先前對財務指標所做的年度指導。

To conclude, Bloom is focused on not just on scale but on showing sustainable profitability as we grow. We are uniquely positioned to benefit from this unprecedented market dynamic. I could not be more excited about the opportunity in progress.

總而言之，Bloom 不僅注重規模，還注重在發展過程中實現可持續的獲利能力。我們擁有獨特的優勢，可以從這前所未有的市場動態中獲益。我對即將到來的機會感到無比興奮。

Operator, we are now happy to take questions.

接線員，我們現在很高興回答問題。

(Operator Instructions)

（操作員指示）

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Great. A very helpful commentary, too.

偉大的。這也是非常有用的評論。

I was wondering if you could talk about the pace of commercial activity that you're seeing. You've had success now with multiple agreements in a short period of time. How do you see this playing out as we look forward to the next agreements in the pipeline, just in the context of the market demand that you're seeing?

我想知道您是否可以談談您所看到的商業活動的步伐。您現在已經在短時間內成功達成了多項協議。當我們期待下一項協議時，就您所看到的市場需求而言，您如何看待這一結果？

David, hi. Thanks for that [call].

大衛，你好。謝謝[稱呼]。

Look, I think we've been saying in the last three earnings calls that the commercial momentum is robust. All that I can tell you, if I looked at it this week and last week; and if I walk over to the commercial section of our offices, is that momentum is clearly accelerating and it's palpable, okay.

聽著，我認為我們在過去三次財報電話會議上都說過，商業勢頭強勁。我可以告訴你的是，如果我這周和上週看過它；如果我走到我們辦公室的商業部門，就會發現這種勢頭顯然正在加速，而且是顯而易見的，好吧。

So forget questions of, is it static or is it slowing down? It's accelerating. That's all we see. We see that across the board.

所以忘記這些問題吧，它是靜止的還是正在減速？它正在加速。這就是我們所看到的一切。我們普遍看到這種情況。

By the way, it's accelerating not just in AI. Our Traditional, Commercial, Industrial segments are doing the same. So it's across the board.

順便說一句，它不僅在人工智慧領域加速發展。我們的傳統、商業、工業部門也在做同樣的事情。所以這是全面的。

The larger the deals get, the more the actors that get involved, as I explained in the entire AI value chain. These are complex deals. Each one goes to a different phase, different momentum. Some close extremely fast because (inaudible); some take a little bit longer.

正如我在整個人工智慧價值鏈中所解釋的那樣，交易規模越大，參與的參與者就越多。這些都是複雜的交易。每個人都會進入不同的階段，擁有不同的動力。有些關閉得非常快，因為（聽不清楚）；有些則需要更長的時間。

But make no mistake, the commercial momentum is absolutely accelerating.

但毫無疑問，商業動能絕對正在加速。

Okay. Excellent.

好的。出色的。

I was wondering, we've seen other technologies emerging in recent data center deals, small-scale gas turbines, gas engines. I'm wondering if you could describe what you're seeing with the competitive environment; how your product compares to some of the other solutions?

我想知道，我們在最近的資料中心交易中看到了其他技術的出現，小型燃氣渦輪機、燃氣發動機。我想知道您是否可以描述一下您所看到的競爭環境；您的產品與其他一些解決方案相比如何？

Is the competition heating up? How do you see it playing out?

競爭是否正在升溫？您認為結果會怎樣？

Look, I think the supply-demand mismatch is so large that everybody who has a solution that's viable today has a market out there for them to address. So you're going to see data center developers, hyperscalers wanting any and every solution that they can find.

瞧，我認為供需不匹配的情況非常嚴重，以至於每個擁有當今可行解決方案的人都會有一個市場供他們解決。因此，你會看到資料中心開發商、超大規模開發商想要找到任何他們能找到的解決方案。

But there are very clearly -- you're asking for distinction between us and other technologies. These were purpose built for the data centers. The additional benefit and value we bring to them is enormous compared to band-aided solution of something that was created for the mechanical age, trying to solve this very sophisticated digital AI problem.

但很明顯——你要求區分我們和其他技術。這些都是專門為資料中心建造的。與為機械時代創造的臨時解決方案相比，我們為他們帶來的額外利益和價值是巨大的，試圖解決這個非常複雜的數位人工智慧問題。

We stand to benefit every single time that -- we stand to benefit our end customer using our technology.

我們每次都會受益——我們會讓使用我們技術的最終客戶受益。

You asked me to compare, let me compare. Other technologies that generate on-site create air pollution, we don't. Other technologies that now using mechanical-combustion moving parts cannot load, follow, and require lots of batteries to be able to maintain an on-site power because these are not connected to the grid; whereas our solid-state power does not require batteries and we are able to provide that power.

你讓我比，我就比。其他現場發電技術會造成空氣污染，而我們不會。目前使用機械燃燒運動部件的其他技術無法加載、跟隨，並且需要大量電池才能維持現場電力，因為這些電池沒有連接到電網；而我們的固態電源不需要電池，我們能夠提供這種電力。

Today, we are able to provide our power faster than most of the others who have supply chain constraints. We can expand our capacities a lot faster than anybody else.

今天，我們能夠比大多數受到供應鏈限制的公司更快提供電力。我們可以比任何人都更快地擴大我們的產能。

We are future-proofing our customers for future technology advances, whether it is in the field of DC power; whether it is in the field of carbon capture and zero carbon or a green molecule. We offer all those optionalities that others don't have.

我們正在為客戶提供未來技術進步的保障，無論是在直流電源領域；無論是在碳捕獲和零碳領域還是綠色分子領域。我們提供其他人所沒有的所有選擇。

You put all those together from -- and then, if you take the same amount of gas that is available, we can produce a lot more power and allow the hyperscaler to put out a lot more tokens.

把所有這些放在一起——然後，如果你使用相同數量的可用氣體，我們可以產生更多的電力，並允許超大規模者推出更多的代幣。

At the end of the day, it is converting those watts to tokens is where the game is. (inaudible) did the same amount of gas that's available, same amount of space that's available, we can produce a lot more tokens for the hyperscaler than any other technology can today, end to end.

歸根究底，遊戲就是將這些瓦特轉換成代幣。 （聽不清楚）使用相同數量的可用氣體，相同數量的可用空間，我們可以為超大規模生產比當今任何其他技術都能端到端生產的更多的代幣。

And so the value for the hyperscaler is not about the cost of power. It's about that cost of the entire value chain across the board. So price performance ratio, we can compete with anybody.

因此，超大規模的價值並不在於電力成本。這涉及整個價值鏈的成本。因此，性價比我們可以與任何人競爭。

That's the answer, David. Thank you.

這就是答案，大衛。謝謝。

Chris Dendrinos, RBC Capital Markets.

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

Congratulations on the strong quarter.

恭喜本季業績強勁。

I wanted to follow up on the Brookfield partnership here. I'm hoping you could just expand a little bit on the relationship; and provide some more details around the potential development timeline; and then, just how should we think about this partnership financially and how that benefits you.

我想在此跟進 Brookfield 的合作關係。我希望您能稍微詳細闡述這種關係；並提供一些有關潛在發展時間表的更多細節；然後，我們應該如何從財務角度看待這種合作關係，以及它如何使您受益。

Chris, thank you so much.

克里斯，非常感謝你。

Brookfield. Look, they're an incredible partner to Bloom, right? They are at the heart of the AI value chain. I think I mentioned this in the script, they've already invested over $50 billion in AI and want to triple that very quickly in the next two to three years.

布魯克菲爾德。瞧，他們是布魯姆不可思議的合作夥伴，對吧？它們是人工智慧價值鏈的核心。我想我在劇本中提到過這一點，他們已經在人工智慧領域投資了超過 500 億美元，並希望在未來兩到三年內迅速將這一數字增加兩倍。

But to put that in a broader context: They're one of the world's largest infrastructure owners, with over $1 trillion in (inaudible) assets that comprise of 140 data centers operating; and using approximately 1 gigawatt of critical load capacity; and wanting to accelerate and grow that enormously in AI.

但從更廣泛的角度來看：他們是世界上最大的基礎設施所有者之一，擁有超過 1 兆美元的（聽不清楚）資產，包括 140 個營運中的資料中心；並使用約 1 千兆瓦的關鍵負載容量；並希望在人工智慧領域加速和發展。

On top of that, they have a portfolio of factories. They have a portfolio of commercial offices and real estate. There are all going to be beneficiaries of AI.

除此之外，他們還擁有一系列工廠。他們擁有商業辦公室和房地產投資組合。所有人都將成為人工智慧的受益者。

As they automate, as they bring robots, those factories are going to need more power. So Brookfield is using their balance sheet and using their relationship with us as the power provider and making us the preferred choice that they would recommend to all their portfolio companies, including their data centers.

隨著自動化程度的提高和機器人的引入，這些工廠將需要更多的電力。因此，Brookfield 正在利用他們的資產負債表以及他們與我們作為電力供應商的關係，使我們成為他們向所有投資組合公司（包括他們的數據中心）推薦的首選。

On top of that, Brookfield believes that they, themselves, are going to be a large AI infrastructure developer. There, they're going to use us.

除此之外，Brookfield 相信他們自己將成為一家大型人工智慧基礎設施開發商。在那裡，他們將會利用我們。

On top of that, if there are Bloom-sourced deals that require financing so we can offer a customer a PPA, they are willing to step in and be the financier for that.

最重要的是，如果 Bloom 發起的交易需要融資，以便我們可以向客戶提供 PPA，他們願意介入並成為融資方。

This is all not -- and they have made it very clear that this $5 billion investment is an inaugural investment.

這還不是全部——他們已經明確表示，這筆 50 億美元的投資是一筆初始投資。

Now, what Brookfield -- with Brookfield, we have already done some deals together. They have said that they will announce a European AI insurance data center before the end of the year using Bloom as a power source so stay tuned for that.

現在，我們與 Brookfield 已經達成了一些交易。他們表示，他們將在今年年底前宣佈建立一個使用 Bloom 作為電源的歐洲 AI 保險資料中心，敬請期待。

It's a very big relationship. I cannot understate how important it is to us.

這是一個非常重要的關係。我不能低估它對我們的重要性。

Got it. Maybe just as a follow-up, sticking with the European opportunity here, can you maybe just expand on the global opportunity? Are you seeing the same power limitations globally as you are in the US? Does that present a strong opportunity for more international growth?

知道了。也許只是作為後續，堅持這裡的歐洲機會，您能否擴大全球機會？您是否發現全球範圍內的電力限制與美國一樣？這是否為進一步的國際成長提供了強大的機會？

Yeah. Chris, that's a great question.

是的。克里斯，這個問題問得非常好。

Look, I have been to these capitals, whether it is Frankfurt or it's Munich; whether it's Dublin; whether it's Taipei, okay? They all have a power shortage problem. They all clearly recognize that their central power plants, along with transmission distribution, cannot keep up with AI speed.

你看，我去過這些首都，無論是法蘭克福還是慕尼黑；無論是都柏林；無論是台北，好嗎？他們都面臨電力短缺的問題。他們都清楚地認識到，他們的中央發電廠以及輸電分配無法跟上人工智慧的速度。

That's across the board. This is true in Delhi this is true in Mumbai, okay?

這是普遍現象。在德里是這樣，在孟買也是這樣，好嗎？

Now, what is happening in Europe, Asia, if you take as an example, I was just recently in Tokyo and what I heard there is, finally, the sentiment of natural gas not just being a short-term bridge but a long-term solution; and the agreements the US is reaching with our friendly countries, our friendly allies, to say, we will supply you long-term LNG, is now making them take a very different look at natural gas.

現在，以歐洲和亞洲的情況為例，我最近在東京聽到的消息是，人們終於認為天然氣不僅僅是一種短期橋樑，而是一種長期解決方案；美國正在與我們的友好國家、我們的友好盟友達成協議，說我們將向你們長期供應液化天然氣，這讓他們對天然氣有了截然不同的看法。

Once that policy unlock happens, of saying, natural gas projects can move forward, we think there will be a tremendous acceleration in those places and we are extremely well positioned to be able to play.

一旦政策放開，也就是說，天然氣計畫可以向前推進，我們認為這些地方將會出現巨大的加速發展，而且我們處於非常有利的地位。

The interest in Europe for our carbon capture solutions, where you can go to almost net zero using natural gas as a fuel, tremendous interest there. No other technology. The turbines in the Indians cannot do that. We can. So tremendous interest there.

歐洲對我們的碳捕獲解決方案很感興趣，我們可以使用天然氣作為燃料來實現幾乎零排放，這在歐洲引起了極大的興趣。沒有其他技術。印第安人的渦輪機無法做到這一點。我們可以。因此那裡有極大的興趣。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Generally, when you tell a customer, I can deliver the order in 90 days, the customer is happy to get the order in 360 days. So incredible feed delivering it in 55 days.

一般來說，當你告訴客戶，我可以在 90 天內交付訂單時，客戶會很高興在 360 天內收到訂單。55 天內就能送達，真是太不可思議了。

My first question, sir, here is last week, Energy Secretary Center drafted a proposal to FERC that would limit the regulatory review period for data center connections to power grid to just 60 days, expediting a process that can currently extend up to years.

先生，我的第一個問題是，上週，能源部長中心向聯邦能源管理委員會起草了一份提案，將資料中心連接到電網的監管審查期限制為 60 天，從而加快了目前可能長達數年的審查過程。

Help us understand how this could help Bloom Energy.

幫助我們了解這對 Bloom Energy 有何幫助。

Manav, thank you for those kind remarks. A shout out to our team for doing that.

Manav，謝謝你的善意評論。向我們的團隊致敬，感謝他們這樣做。

Look, the first thing I want to say about that or people who are not familiar with that is, again, the Energy Secretary asked FERC to start a hearing process and a rule-making change to allow large loads, like data centers and AI factories and other factories, to get rapid interconnection with the grid, which has been an issue.

關於這一點，我想對那些不熟悉這一點的人說的第一件事是，能源部長再次要求聯邦能源管理委員會啟動聽證程序和規則制定變更，以允許數據中心、人工智能工廠和其他工廠等大負荷與電網快速互連，這一直是一個問題。

First and foremost, we applaud the policymakers and regulators for doing that. I think it's the right thing for us, as a country, to do.

首先，我們讚揚政策制定者和監管者的做法。我認為，作為一個國家，這是我們應該做的正確的事情。

The second thing I want to say is, if you read that announcement, it's very obvious, even when you get that interconnection, they state very clearly, you're entering the age of BYOP -- bring your own power -- okay? You get curtailed, even if you have an interconnection, if you don't bring your own power.

我想說的第二件事是，如果你讀過那個公告，你會發現很明顯，即使你實現了互連，他們也非常清楚地表明，你正在進入 BYOP 時代——自帶電源——好嗎？如果你不自備電力，即使你有互連，你也會受到限制。

Large AI data centers are not going to operate in a place where the utility is going to curtail them and not curtail them, depending on what their load and peaks are, right? So that becomes extremely important.

大型人工智慧資料中心不會在公用事業公司根據其負載和峰值來限制它們的地方運行，對嗎？所以這變得極為重要。

Obviously, time-to-power is the reason this is being done. We are able to provide our servers very quickly to a utility who wants to interconnect and offer the power to either a data center or a factory.

顯然，上台時間就是這樣做的原因。我們能夠非常快速地向想要互連並為資料中心或工廠提供電力的公用事業公司提供伺服器。

It's not unlike what AEP is trying to do. We think it's just going to accelerate other utilities wanting to do the same thing. So that's how we think it's going to help our business.

這與 AEP 正在嘗試做的事情並無不同。我們認為這只會加速其他公用事業公司採取同樣行動。所以我們認為這對我們的業務有所幫助。

For people from the utility listening to that, right, it's very simple. You don't make your nuclear power plants. You don't make your gas turbines. You don't make your fuel cell.

對於公用事業部門的人來說，這很簡單。你不建造自己的核電廠。你不製造燃氣渦輪機。你不需要製造燃料電池。

You can now buy our fuel cells very quickly and install it in front of the meter and offer it to your customer. But when you do that, here are the additional benefits you get: ancillary support for the grid.

現在您可以快速購買我們的燃料電池並將其安裝在電錶前面並提供給您的客戶。但是當你這樣做時，你會得到額外的好處：電網的輔助支援。

Let me explain this. It's not an easy concept to understand. Engines and turbines can offer reactive power. It is something that you can provide as a byproduct, in addition to supplying power to your load, almost for free into the grid. The grid benefits from that in stabilizing the local grid.

讓我解釋一下。這不是一個容易理解的概念。發動機和渦輪機可以提供無功功率。除了為您的負載供電之外，您還可以將其作為副產品提供給電網，而且幾乎免費。電網從中受益，有助於穩定當地電網。

Now, engines and turbines can -- or any other kind of combustion device that has rotation or movement can only do that in a very narrow range. Bloom has an amazing range, in terms of that power factor. That benefit will be enormous in places like [PJM], where you have grid condition and grid instability; or places like California, where the amount of renewables you have completely destabilize the grid. We are a stabilizing factor.

現在，引擎和渦輪機——或任何其他具有旋轉或運動的燃燒裝置只能在非常狹窄的範圍內做到這一點。就功率因數而言，Bloom 具有驚人的範圍。這種好處在像 [PJM] 這樣電網狀況不佳且不穩定的地方，或者在像加州這樣可再生能源數量過多導致電網完全不穩定的地方，將是巨大的。我們是一個穩定因素。

In addition, we can easily provide a lot more power into the grid in short notice to make up peaks and non-peaks if they want a net meter, either as a utility, because we are constantly standing in hot standby; and when the data center is not using it, you can export that power.

此外，如果他們想要一個淨電錶，我們可以在短時間內輕鬆地向電網提供更多的電力，以彌補峰值和非峰值，無論是作為公用事業，因為我們一直處於熱待機狀態；當資料中心不使用它時，你可以輸出這些電力。

However, if you're going to use a bunch of turbines to be able to do it, you don't keep the turbines on hot standby, it' not economically possible. So you have to start it up and bring it up, which means you need five, six minutes; and that may be the time you need to peak.

然而，如果你要使用一堆渦輪機來實現這一點，你就不能讓渦輪機處於熱備用狀態，這在經濟上是不可行的。所以你必須啟動它並把它調高，這意味著你需要五、六分鐘；這可能是你達到高峰所需的時間。

So we are a tremendous asset to benefit, first, the data centers being built fast; again, for the utilities to be able to provide that and win with that; third, for the utilities to use our ancillary services and benefit from that; and fourth, because we don't pollute the air via a benefit to the communities where they are installed.

因此，我們是一筆巨大的資產，可以帶來以下好處：首先，數據中心正在快速建設；其次，公用事業公司能夠提供這些服務並從中受益；第三，公用事業公司可以使用我們的輔助服務並從中受益；第四，因為我們不會通過為安裝這些設施的社區帶來利益而污染空氣。

So this is a win, win, win. We love this proposition.

所以這是一場勝利，勝利，勝利。我們喜歡這個提議。

My second question -- and I apologize in advance. I am an electronics engineer but it's been two decades since I graduated. So in case it's an invalid question, please just ignore it.

我的第二個問題——我提前道歉。我是電子工程師，但畢業已經二十年了。因此，如果這是一個無效的問題，請忽略它。

Sir, I recently read somewhere that some chip makers are looking to move from 400-volt AC to 800-volt DC by 2027. I think it was NVIDIA, I'm just trying to understand if that does happen, would it make your fuel cell even more efficient? Would DC/DC power be even more efficient than a DC/AC power because of transmission losses?

先生，我最近在某處看到一些晶片製造商計劃到 2027 年將交流電從 400 伏特轉換為直流電 800 伏特。我認為是 NVIDIA，我只是想知道如果真的發生了這種情況，它會讓你的燃料電池更有效率嗎？由於傳輸損耗，DC/DC 電源是否比 DC/AC 電源更有效率？

If you could just talk about that.

如果你能談談這個的話。

Don't undersell your technical knowledge, it is spot on.

不要低估你的技術知識，它是正確的。

I think, given how you phrased it, let me -- this is such an important question and we didn't address it. It is probably a miss on my part to have not addressed it in the script. So let me take a few minutes to explain this so everybody understands how it's so important.

我認為，考慮到您的措辭，讓我——這是一個非常重要的問題，但我們卻沒有解決它。這可能是我的失誤，我沒有在劇本中提到這一點。因此，請容許我花幾分鐘來解釋這一點，以便每個人都明白它的重要性。

Here's the important part -- and I want you to understand this: This moving from -- converting that 400-volt AC to 48-volt DC, which is how server racks -- which are the size of a refrigerator roughly sitting in a data center. These are the machines that manufacture the intelligence, okay?

這是重要的部分——我希望你們能夠理解這一點：將 400 伏特交流電轉換為 48 伏特直流電，這就是伺服器機架——其大小與資料中心內的冰箱差不多。這些是製造智慧的機器，好嗎？

Today, the standard has been, ever since we had data centers, low voltage, like 48-volt AC. So it gets converted.

如今，自從我們有了資料中心以來，標準一直是低電壓，例如 48 伏特交流電。因此它被轉換了。

So think of this: The power is going -- so I'm thinking of an analog as you asked me this question. It may not be perfect but I think it will answer the question. Think of power coming in into the rack as a hungry human being drinking water, okay? They can only drink through a straw. That straw was sufficient. That is the 48-volt DC because it's small wire to which a small amount of water comes into the store. That water was sufficient to satiate the thirst.

所以想想這個：力量在發揮作用——所以當你問我這個問題時，我在想一個類比。它可能並不完美，但我認為它可以回答這個問題。想像一下，進入機架的電源就像一個飢餓的人在喝水，好嗎？他們只能用吸管喝水。那根稻草就夠了。這是 48 伏特直流電，因為它是一根細電線，少量的水通過它進入商店。那水足以解渴。

That was when CPU racks were 13 kilowatts. We have put a lot of band aids on it to make sure [Blackwell] chips that come somewhere near the 130 kilowatts can handle it to the trough. Guess what? The [Rubin] chips and going forward are going to be 5 times that to 10 times that. There is no way you can pump that much of fluid for the body to keep up, if that's the amount of water you need, that's the amount of power you need through that little trough.

當時 CPU 機架的功率為 13 千瓦。我們採取了許多措施來確保功率接近 130 千瓦的 [Blackwell] 晶片能夠承受住這種壓力。你猜怎麼著？[魯賓] 晶片未來將會是這個數字的 5 倍到 10 倍。你不可能泵出這麼多液體來讓身體保持活力，如果這就是你需要的水量，那就是你需要透過那個小槽提供的能量。

But in the rack, there is no more space than the straw. What does that mean? You have to increase the pressure of the water that you're shoving to that straw. That's the only way you're going to get more water through. That pressure equivalent in the water is voltage in power.

但在架上，沒有比吸管更多的空間。這意味著什麼？你必須增加推入吸管的水的壓力。這是讓更多的水流過的唯一方法。水中的壓力當量就是電壓。

So it is -- the loss of physics dictate that you have to go to an 800-volt DC architecture, if you want AI chips that have more power density, which is the only way you can improve upon AI in the next generation.

所以，物理學的缺失決定瞭如果你想要具有更高功率密度的 AI 晶片，你必須採用 800 伏特直流架構，這是你在下一代中改進 AI 的唯一方法。

This is not an if. This is not a nice to have. This is a must-have.

這不是一個如果。這並不是一件好事。這是必須具備的。

Now, go to the other side. All our wonderful legacy power-generation systems that helped us propel into the mechanical age was built for the mechanical age. They are like Niagara Falls dropping water. You cannot make it to the voltage that you need. You need to make it very, very high voltage. Otherwise, you can't bring all that water in a pipe of reasonable size to where you want to bring it.

現在，去另一邊。所有幫助我們進入機械時代的優秀傳統發電系統都是為機械時代而建造的。它們就像是尼加拉瀑布傾瀉而下的水。您無法達到所需的電壓。你需要使電壓非常非常高。否則，您無法透過合理大小的管道將所有水輸送到您想要的位置。

Even an on-site 50-megawatt turbine cannot produce directly at 800 volts or the amount of copper you need becomes too bulky, too big. It's not just physically viable.

即使現場的 50 兆瓦渦輪機也無法直接產生 800 伏特的電壓，或者所需的銅量會變得太大、太大。這不僅僅是物理上可行的。

Guess what we did at Bloom? We saw this coming one day -- we didn't know what day -- in 2000, when we initially created the architecture. We built an architecture where we can feed these draws appropriately, right at that 800 volts. We decided every unit we have shipped for the last 15 years has that.

猜猜我們在 Bloom 做了什麼？有一天，我們預見了這一點——我們不知道是哪一天——那是在 2000 年，當時我們最初創建了這個架構。我們建立了一個架構，可以在 800 伏特的電壓下適當地供應這些電力。我們認為過去 15 年來我們運送的每一台設備都具備這種功能。

But after that, we have one other box that takes that DC and makes it into AC and provides it because we were making color TV images, the world was only consuming black and white. So we are converting our color TV images to black and white.

但在那之後，我們還有另一個盒子，它將直流電轉換成交流電並提供它，因為我們製作彩色電視影像，而世界只消費黑白影像。因此我們將彩色電視影像轉換為黑白影像。

But the other guys create black and white. Now, you have to colorize them all and provide low definition when we already have high-definition color image. That's the analog.

但其他人創造的是黑白的。現在，當我們已經有高清彩色圖像時，您必須將它們全部著色並提供低清晰度。這就是模擬。

So we are super excited about this. As I see it, it's self-evident to me that this has to become the standard. Bloom has set the standard for the digital age, digital power.

所以我們對此感到非常興奮。在我看來，這顯然必須成為標準。Bloom 為數位時代、數位力量樹立了標準。

Nick Amicucci, Evercore ISI.

尼克‧阿米庫奇 (Nick Amicucci)，Evercore ISI。

I just wanted to build upon on the doubling of capacity by the end of 2026 and the commentary that we would support ForEx, the fiscal '25 revenue.

我只是想在 2026 年底前將產能翻一番，並支持 ForEx 的 25 財年收入。

How should we think about the utilization on that capacity as we enter into -- again, as we enter into 2027 and we have that the 2 gigawatts up and running. Because, if we're exploring opportunities to go beyond that 2 gigawatts, it seems like ForEx full-year '25 revenue, that seems like a big number that we could get there relatively quickly.

當我們進入 2027 年並且有 2 千兆瓦的產能投入運作時，我們應該如何考慮該產能的利用率。因為，如果我們正在探索超越 2 千兆瓦的機會，那麼對於 ForEx 25 年全年收入來說，這似乎是一個很大的數字，我們可以相對快速地實現這一目標。

So I just wanted to parse that out a little bit.

所以我只是想稍微分析一下這一點。

Yeah. Here is a simple way to think about it, right? We didn't get to where we are today to deliver what I just explained, this purpose-built factory, based on just meeting a market demand as we see it right now. We just prepared ourselves.

是的。這是一種簡單的思考方式，對嗎？我們今天所取得的成就並不是我剛才所解釋的那樣，建造這座專門的工廠只是為了滿足我們目前所看到的市場需求。我們只是做好了準備。

What is the beauty of Bloom being able to expand its capacity and offer what we do? It's the return on investment, like invested capital. So we are fiscally very disciplined. We only make decisions based on that added cost and its absorption. Will it have a great rate of return? So we have a very disciplined process on this.

Bloom 能夠擴大其容量並提供我們所做的事情，這有什麼好處呢？這是投資回報，就像投資資本一樣。因此，我們在財政上非常嚴格。我們僅根據增加的成本及其吸收做出決策。它的報酬率會很高嗎？因此，我們對此有一個非常嚴謹的流程。

On top of that, we have a very clear understanding right now, given time-to-power shortages and the importance of this as a nation-state issue for AI. We are committing to strive and work as hard as we need to and stay ahead, such that we will never be the constraint to our customer on growing their data center.

最重要的是，考慮到時間到權力的短缺以及人工智慧作為民族國家問題的重要性，我們現在對此有了非常清晰的認識。我們致力於竭盡全力、努力工作並保持領先地位，這樣我們就不會成為客戶發展資料中心的障礙。

That's what we are positioned for. We will increase capacity. We will increase it in whatever steps necessary, as we see fit.

這就是我們的定位。我們將增加產能。我們將按照我們認為合適的任何必要步驟增加這一數字。

But as you saw, this 2-gigawatt capacities, all systems go, based on that. Would we use it for the capacity? When we use it, will we use it for steady capacity? All that, you'll hear from us, as we talk about our backlog and other things next year.

但如您所見，所有系統都基於這個 2 千兆瓦的容量運作。我們會用它來增加容量嗎？我們在使用的時候，會用它來穩定容量嗎？當我們談論明年的積壓工作和其他事情時，您就會聽到我們的消息。

But we are now using our OpEx wisely to invest in capability and talent to think about how do we expand beyond 2 gigawatts.

但我們現在明智地利用我們的營運支出來投資能力和人才，思考如何擴展到 2 千兆瓦以上。

That's all I can say, right now.

我現在只能說這麼多。

Got it. That makes sense.

知道了。這很有道理。

As we see the here and now, obviously, the power demand is here; and obviously, you guys are ready, willing, and able to address it. But as we think out -- and I bring this up because you had mentioned an inference data center in Europe -- can you just convey the additive value when we think of the inference and when latency becomes an issue; when we get to inference and reasoning within the AI complex, how Bloom are taking that?

正如我們所看到的，現在顯然存在電力需求；而且顯然你們已經準備好、願意並且能夠解決這個問題。但當我們思考時——我之所以提到這一點，是因為你提到了歐洲的一個推理資料中心——當我們考慮推理並且延遲成為問題時，你能否傳達附加價值；當我們在人工智慧綜合體中進行推理和推理時，布魯姆是如何看待這一點的？

Thanks for asking that question. It's very important, right?

謝謝你提出這個問題。這很重要，對吧？

Here is the beauty: Our exact same architecture, with fewer LEGO blocks, okay? Think of each of our Bloom Power Systems as a LEGO block, with a fewer LEGO blocks as an inference data center. Multiply that many times over, it can power a training data center.

美妙之處在於：我們的建築完全相同，但使用的樂高積木更少，好嗎？將我們的每個 Bloom Power Systems 想像成一塊樂高積木，用更少的樂高積木作為推理資料中心。乘以這個數字，它就可以為訓練資料中心提供動力。

No difference; know the technology can do that. That's how we built it. That's the power of our modular fault tolerant architecture, number one.

沒有區別；知道技術可以做到這一點。我們就是這樣建造它的。這就是我們的模組化容錯架構的強大之處，第一。

Number two, inference data centers are going to be close to your bedroom window and your office window. You don't want that to be polluting. You don't want that to be noisy. We are -- we should be, for those inference data centers, the power producer of choice.

第二，推理資料中心將靠近您的臥室窗戶和辦公室窗戶。你不希望它造成污染。你不希望那裡太吵。對於那些推理資料中心來說，我們應該是首選的電力生產商。

Ben Kallo, Baird.

本卡洛，貝爾德。

Hey, K.R..

嘿，K.R.。

Maybe, could you just talk about -- I think the biggest project you guys have announced is 80 megawatts with SK, could you just talk about how you view -- because there's been permits out there, huge numbers on them on doing bigger projects -- how your customers gotten comfortable with your technology over time?

也許，您能否談談——我認為您們宣布的最大項目是與 SK 合作的 80 兆瓦項目，您能否談談您如何看待——因為已經獲得了許可證，並且在進行更大的項目方面獲得了巨額許可——您的客戶如何隨著時間的推移逐漸適應您的技術？

Maybe in the time-to-power, how you think about the size of projects you can do and where we think you guys fit in, if it's 100 megawatts or 900 megawatts.

也許在上電過程中，您如何考慮可以做的專案的規模以及我們認為您適合做什麼，是 100 兆瓦還是 900 兆瓦。

Ben, that's a very good question.

本，這是一個非常好的問題。

Look, again, our architecture was purpose-built. Our factories do copy exact modules. The boxes don't know whether they are sitting along with five other boxes or 5,000 other boxes. Nothing in our scaling has scaling risk, right?

再說一遍，我們的建築是專門建造的。我們的工廠確實複製了精確的模組。這些箱子不知道是和其他五個箱子還是其他五千個箱子放在一起。我們的擴充中沒有任何內容有擴展風險，對嗎？

So yes, we are talking to customers with a lot bigger stamps, right now; and working with them on ideas and projects in various stages of negotiations of much larger sizes.

是的，我們現在正在與擁有更大影響力的客戶進行交談；並與他們一起在更大規模的談判的各個階段就想法和專案展開合作。

We can do that. We can do your neighborhood retail store. We are talking to customers about that, too.

我們可以做到。我們可以經營您附近的零售店。我們也正在與客戶討論這個問題。

So that is the flexibility of our architecture. You're adding no additional risk. In fact, think about it because these are part-swappable LEGO blocks. The more LEGO blocks you have, the more reliable our system gets. So large block power becomes a lot more reliable than small block power.

這就是我們架構的靈活性。您沒有增加任何額外的風險。事實上，想想看，因為這些都是可更換零件的樂高積木。您擁有的樂高積木越多，我們的系統就越可靠。因此，大塊電力比小塊電力更可靠。

Thank you.

謝謝。

Maybe a follow-up: Just as we think about capacity -- I think other people asked about this but we see these big numbers out there. What's go/no-go decision from going 2 gigawatts more? How fast can you do that?

也許是後續問題：正如我們考慮容量一樣——我想其他人也問過這個問題，但我們看到了這些大數字。增加 2 千兆瓦的可行性和不可行性是什麼決定？你能多快做到？

Look, we get a (inaudible) stuff. You're building capacity too fast. We get accused of, we don't think you can build too fast.

看，我們得到了（聽不清楚）的東西。您的容量建造速度太快了。我們被指責，我們認為你不能建設得太快。

Let me be very clear: We are going to strive to make sure we are able to provide power for our customers before they are ready for it. We will not be the bottleneck.

讓我明確一點：我們將努力確保能夠在客戶準備好之前為他們提供電力。我們不會成為瓶頸。

As we designed our factories, we built it with that in mind.

我們在設計工廠時就考慮到了這一點。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Mark Strouse, J.P. Morgan.

摩根大通的馬克‧斯特勞斯。

K.R., things, obviously, are changing very rapidly here. It's been a bit [there] since you've provided long-term margin targets.

K.R.，顯然，這裡的情況正在迅速改變。自從您提供長期利潤目標以來，情況已經有些不同了。

So to the earlier point about capacity expanding but also as the utilization of that capacity increases, how we should think about gross or operating margins under that scenario?

那麼，回到前面關於產能擴張的問題，但隨著產能利用率的提高，在這種情況下我們該如何考慮毛利率或營業利益率？

Thank you.

謝謝。

Look, here's how I'd answer it: (inaudible), 90 days from now, to hear our annual guidance for next year.

聽著，我會這樣回答：（聽不清楚），從現在起 90 天后，聽取我們對明年的年度指導。

But in the meantime, if you want to think about it, here's how you can think about it:

但同時，如果你想考慮一下，你可以這樣思考：

For over a decade, every single year, we have a cost down in double digits. Number one.

十多年來，每年我們的成本都以兩位數的速度下降。第一。

Number two. When we transact on electricity as we grow our volume, the pricing pressure on electricity is going to be based on the macros and there's a shortage of electricity. So you go figure out what that pricing pressure would be.

第二。當我們進行電力交易時，隨著交易量的增加，電力的定價壓力將基於宏觀因素，並且會出現電力短缺的情況。所以你要弄清楚定價壓力是多少。

We have tremendous operating discipline within the company that you have seen us exercise these last three, four quarters. That's how we'll continue going forward.

我們公司內部有嚴格的營運紀律，正如您所看到的那樣，我們在過去三、四個季度中一直在嚴格執行這些紀律。這就是我們繼續前進的方式。

Our factories are not capital-intensive. We have made that statement very clear. You know what those numbers are.

我們的工廠不是資本密集的。我們已經非常明確地表達了這項聲明。你知道這些數字是多少。

There is it that we will spend investment. We'll invest in our people. We'll continue to invest in our technology. We will invest in the talent necessary for scaling our operations. We'll invest in the skills needed in our commercial team to go capture opportunity. We will continue to invest in technology to further enhance our leadership position on on-site power.

有的是我們會投入資金。我們將投資於我們的人民。我們將繼續投資我們的技術。我們將投資擴大業務規模所需的人才。我們將投資商業團隊所需的技能，以抓住機會。我們將繼續投資技術，進一步增強我們在現場電力領域的領導地位。

So those are the things to take away.

這些就是需要帶走的東西。

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

You've given us some good information on how to think about the Brookfield partnership and the scope of that. But can you give something similar with Oracle? Can you give us a sense of the size of that opportunity set and how exactly Bloom will play a role in that partnership because they also obviously have pretty big ambitions, as well?

您為我們提供了一些關於如何看待 Brookfield 合作夥伴關係及其範圍的有用資訊。但是你能給出一些與 Oracle 類似的東西嗎？您能否向我們介紹這個機會集的規模，以及 Bloom 將如何在這項合作中發揮作用，因為他們顯然也有很大野心？

Michael, I can't speak to any one customer. You should be asking them about that question.

邁克爾，我無法與任何一位顧客交談。你應該問他們這個問題。

But I think what I can refer you to there would be their statement when we had the press release saying that what we did for them earlier was the first of many, right?

但我認為我可以向你推薦的是，我們在新聞稿中發表的聲明說，我們之前為他們所做的只是眾多行動中的第一次，對嗎？

So we think they are going to play an extremely big role in this space. They are going to be growing in many, many geographies. They are not only looking at how we have executed on the first year but they're intimately familiar with what's in our technology roadmap and all the value we can bring to them.

因此我們認為他們將在這個領域發揮極其重要的作用。它們將在很多地區得到發展。他們不僅關注我們第一年的執行情況，而且非常熟悉我們的技術路線圖以及我們能為他們帶來的所有價值。

So we just obsess on placing the customer. Then, the customer will do the right thing. So that's what we do.

所以我們只是專注於客戶。然後，客戶就會做正確的事。這就是我們所做的。

Thank you.

謝謝。

Ameet Thakkar, BMO Capital Markets.

Ameet Thakkar，BMO 資本市場。

I've just got a quick housekeeping question. Your 10-Q refers to $288 million of related power -- so related-party revenues during the quarter. I was just wondering: Is that related to Brookfield or is that related to SK?

我只是想問一個簡單的問題。您的 10-Q 指的是 2.88 億美元的相關電力 - 因此是本季度的相關方收入。我只是想知道：這與 Brookfield 有關還是與 SK 有關？

Yeah. This is Maciej.

是的。這是 Maciej。

Part of the contracts with Brookfield, we made equity investments into the vehicles. Because of those equity investments, those JVs became a related party to grow. That's what created the disclosure around the related-party revenue.

根據與 Brookfield 簽訂的合約的一部分，我們對車輛進行了股權投資。由於這些股權投資，這些合資企業成為了共同成長的關聯方。這就是關聯方收入揭露的原因。

Again, it's important to note that the equity investments are fairly small. The way the contract is being set up is that we put a little bit of ceiling on those investments to be very significant.

再次強調，值得注意的是股權投資相當小。合約的製定方式是，我們為這些投資設定了一點上限，使其非常重要。

That said, there's a criteria to go through. If you meet the criteria of equity investment, you get into the related-party disclosure.

話雖如此，但還是需要遵循一定的標準。如果你符合股權投資的標準，你就會進入關聯方揭露。

Colin Rusch, Piper Sandler.

科林·拉什、派珀·桑德勒。

No. It's Colin Rusch but I am from Oppenheimer.

不。我是 Colin Rusch，但我來自奧本海默。

Just in terms of the balance of 2025 and looking into '26, can you talk a little bit about the mix shift from direct product sales into some of these financing options with partners or related parties?

就 2025 年的平衡以及展望 2026 年而言，您能否談談從直接產品銷售到與合作夥伴或相關方的一些融資選擇的組合轉變？

And then, also, if we could get a quick update on the CFO search and that coming to conclusion.

然後，如果我們能快速了解一下財務長搜尋的最新情況並得出結論的話。

Yes. I'll take the CFO search.

是的。我將負責財務長的搜尋。

Look, it's a very important position for us. We take it very seriously. And so we have a process in place and that search is going on.

看，這對我們來說是一個非常重要的職位。我們對此非常重視。因此，我們已經建立了流程，並且正在進行搜索。

We have a sense of urgency but no sense of rush. So we will let you know when we hire one.

我們有緊迫感，但沒有匆忙感。因此，當我們僱用一名員工時，我們會通知您。

Yeah. As far as the financing goes, if you go back -- and we talked about this in pretty good detail in our 10-K, where -- there are three ways of going to market.

是的。就融資而言，如果你回顧一下——我們在 10-K 中非常詳細地討論了這一點——有三種進入市場的方式。

There is a direct sale, which we refer to as CapEx, which is effectively a customer showing up and writes a big check, which effectively is (inaudible) prepaying electricity for a number of years; (inaudible) a PPA financing structure in place; and the managed services, which is the sale-leaseback transaction.

有一種直接銷售，我們稱之為資本支出，實際上就是客戶出現並開出一張大額支票，實際上是（聽不清楚）預付幾年的電費；（聽不清楚）現有的 PPA 融資結構；以及託管服務，即售後回租交易。

We haven't done many Service transactions in quite some time. We don't expect to do those, going forward.

我們已經很久沒有進行過很多服務交易了。我們不希望今後再做這些事。

I would say majority of the transactions we get into are actually further PPA structures, although there are some topic deals every quarter from time to time where the customer is wanting to find (inaudible).

我想說，我們參與的大多數交易實際上都是進一步的 PPA 結構，儘管每個季度都會有一些主題交易，客戶希望找到（聽不清楚）。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗。

Thanks for taking the question. Most of the high-level are answered but (inaudible) housekeeping on the guidance for Q4.

感謝您回答這個問題。大多數高層問題都得到了解答，但（聽不清楚）是關於第四季度指引的內部問題。

If you could you just talk about, like, the reason to not disclose that? Is it just timing of these lumpy installations you have in December or January or is there something else over there?

您能否談談不揭露該資訊的原因？你們在 12 月或 1 月進行的這些不定期安裝的時間是否恰好如此，還是還有其他原因？

Yeah. I think you just answered your question, Maheep.

是的。我想你剛剛回答了你的問題，Maheep。

We have said that at the beginning of the year, why do we give a range? Because project-based installations, many of them being greenfield for changes and changes in variations. Lots of things could happen on the customer end.

我們在年初就說過了，為什麼要給一個範圍呢？因為基於專案的安裝，其中許多都是為變化和變化而新建的。客戶端可能會發生很多事情。

We have no difficulty supplying our boxes on time, ahead of time, as you saw. But the customer has to be ready to take the power, which is when we ship.

如您所見，我們可以毫無困難地提前或準時供應箱子。但客戶必須做好接電的準備，也就是我們出貨的時候。

So a project can fall a few days in front of or on the other side of December 31, which is just a deadline. It has no impact on that project or that revenue, other than a pure timing issue.

因此，一個項目可能在 12 月 31 日（這只是一個最後期限）之前或之後幾天完成。除了純粹的時間問題之外，它對該項目或收入沒有影響。

Yes, with 365 days in the year, we would give you one guidance. Now, 300 of those are gone. We have 65 days left so we're giving you a slightly better guidance but we can't pinpoint it.

是的，一年365天，我們給你一個指導。如今，其中 300 個已經消失。我們還剩下 65 天的時間，所以我們會給你稍微好一點的指導，但我們無法確定。

That's exactly right.

完全正確。

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比 (Sherif Elmaghrabi)，BTIG。

For the Brookfield partnership, you mentioned they're bringing a substantial balance sheet to the equation. But any capital commitments for Bloom under those joint ventures or other costs related to that, obviously, besides [Fremont] CapEx that you're already investing?

對於 Brookfield 合夥企業，您提到他們為這個等式帶來了可觀的資產負債表。但是，除了您已經投資的 [Fremont] 資本支出之外，Bloom 在這些合資企業下還有任何資本承諾或與此相關的其他成本嗎？

Yeah. Other than the equity investments that we agreed to make on the core respective projects, very small equity investment, there is none.

是的。除了我們同意對核心各項目的股權投資（非常小的股權投資）之外，沒有其他投資。

Okay. With that, I just want to bring this to a close as we are getting to the top of the hour.

好的。好了，現在時間已經到了，我想結束本次演講了。

Thank you, all.

謝謝大家。

We are delighted with our results in Q3. Our commercial activity is robust and the momentum is accelerating across the board.

我們對第三季的業績感到非常滿意。我們的商業活動十分活躍，勢頭正在全面加速。

This year has been a big transition year for Bloom. I want to thank our team inside for stepping up and contributing to our success in such a great way.

今年對 Bloom 來說是一個重大的轉型之年。我要感謝我們的團隊，感謝他們如此積極地為我們的成功做出貢獻。

We appreciate the trust of our long-term shareholders. We welcome our newest shareholders. Thanks to all of you for placing trust in us.

我們感謝長期股東的信任。我們歡迎我們的新股東。感謝大家對我們的信任。

I think we have an exciting journey ahead of us, together, as we go forward to become the standard for on-site power.

我認為，在我們共同努力成為現場電力標準的過程中，我們將迎來一段令人興奮的旅程。

Thank you. Have a great day.

謝謝。祝你有美好的一天。

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

今天的電話會議到此結束。您現在可以斷開連線。