Bloom Energy Corp (BE) 2025 Q4 法說會逐字稿

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

女士們、先生們，感謝你們的耐心等待。我的名字是[黛西蕾]我今天將擔任你們的會議接線生。

At this time, I would like to welcome everyone to the Bloom Energy fourth-quarter 2025 earnings conference call.

在此，我謹代表Bloom Energy歡迎各位參加2025年第四季財報電話會議。

(Operator Instructions)

（操作說明）

I would now like to turn the conference over to Michael Tierney, Vice President of Investor Relations. You may begin.

現在我將把會議交給投資者關係副總裁邁克爾·蒂爾尼先生。你可以開始了。

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

謝謝大家，下午好。感謝您參加 Bloom Energy 2025 年第四季及全年業績電話會議。

To supplement this conference call, we furnished our fourth-quarter and full-year 2025 earnings press release with the SEC on Form 8-K; and have posted, 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，我們已向美國證券交易委員會提交了 2025 年第四季度和全年收益新聞稿（8-K 表格）；並且已將補充財務資訊（我們將在本次電話會議中提及）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 2026.

在本次電話會議中，無論是在我們準備好的發言中，還是在回答你們的問題時，我們可能會發表一些前瞻性聲明，這些聲明代表了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 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、估計和假設而做出的預測。然而，由於這些聲明涉及未來事件，因此存在許多已知和未知的風險和不確定性，我們在提交給美國證券交易委員會的文件中對此進行了詳細討論，包括我們最近提交的 10-K 表格和 10-Q 表格。

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所作任何前瞻性陳述的義務。

During this call and in our fourth-quarter and full-year 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.

在本次電話會議以及我們 2025 年第四季和全年財報新聞稿中，我們將提及 GAAP 和非 GAAP 財務指標。非GAAP財務指標並非依照美國公認會計原則編製；它們是依照GAAP編製的財務績效指標的補充，而非替代或優於後者。

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

我們投資者關係網站上提供的 2025 年第四季和全年收益新聞稿中包含了 GAAP 和非 GAAP 財務指標之間的調整表。

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

今天與我一起參加電話會議的有：創辦人、董事長兼執行長 KR Sridhar；以及我們的代理財務長兼財務長 Maciej Kurzymski。

KR 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.

KR將首先概述我們的進展。接下來，Maciej 將回顧本季的財務亮點。在我們發言完畢後，我們將有時間回答大家的問題。

I now turn the call over to KR.

現在我將通話轉給KR。

Good afternoon and thank you for joining us today.

下午好，感謝各位今天蒞臨。

Bloom is rapidly becoming the standard for on-site power, as evidenced by our excellent fourth quarter, capping our best year yet. We delivered record revenue, gross margin, and operating margin for the year.

Bloom 正迅速成為現場供電的標準，我們第四季的出色業績證明了這一點，也為我們迄今為止最好的一年畫上了圓滿的句號。我們今年的營收、毛利率和營業利潤率均創歷史新高。

Our Product backlog increased 140% year over year to about $6 billion. Our Service business has been profitable for eight quarters in a row. In the fourth quarter, we achieved 20% gross margin in Service, with around $14 billion of Service backlog and a growing Product backlog that is 100% attached to Service. Bloom is well positioned for durable growth in Service revenue and profits in the years ahead.

我們的產品積壓訂單年增 140%，達到約 60 億美元。我們的服務業務已連續八個季度獲利。第四季度，我們的服務業務毛利率達到 20%，服務業務積壓訂單約 140 億美元，產品業務積壓訂單也在不斷增長，且 100% 與服務業務相關。Bloom 已做好充分準備，在未來幾年內實現服務收入和利潤的持續成長。

Our growth has been fueled by seismic changes in customer attitudes towards power. Bring your own power has become the mantra for data centers and power-hungry factories. On-site power has moved from being a decision of last resort to a vital business necessity. This shift has led large power users to seek Bloom to fulfill their needs.

我們的成長得益於消費者對電力態度的巨大轉變。自帶電源已成為資料中心和耗電量大的工廠的口號。現場供電已經從最後的選擇變成了至關重要的業務必需品。這種轉變導致大型用戶尋求 Bloom 來滿足他們的需求。

Our demand from data center and commercial and industrial, or C&I, customers is secular and growing. In 2026, we will further invest in our commercial team to capitalize on growing sales opportunities.

我們對資料中心、商業和工業（C&I）客戶的需求是長期存在的，並且還在不斷增長。2026年，我們將進一步投資於我們的商業團隊，以把握不斷成長的銷售機會。

AI is a huge tailwind for the power industry and a big catalyst for Bloom's growth. The backlog we reported today includes half a dozen hyperscale and neocloud end customers compared to just one a year ago. Bloom has a master contract structure to enable these customers to keep returning to us for repeat orders, much as we have expanded with our C&I customers.

人工智慧是電力產業的巨大推動力，也是Bloom公司發展的巨大催化劑。我們今天公佈的積壓訂單包括六個超大規模和新雲端終端客戶，而一年前只有一個。Bloom 擁有一套總合約結構，讓這些客戶能夠持續向我們重複訂購，就像我們不斷擴大與工商業客戶的合作一樣。

We are also experiencing surging demand in our C&I business. C&I backlog grew over 135% year over year. It consists of several verticals: telecom, manufacturing, logistics, retail, healthcare, and education. Digitization, automation, electrification, and reshoring are driving C&I customers to seek on-site power. Our C&I sales pipeline is stronger than ever.

我們的工商業業務也正經歷需求激增。工商業積壓訂單年增超過 135%。它由多個垂直行業組成：電信、製造、物流、零售、醫療保健和教育。數位化、自動化、電氣化和製造業回流正在推動工商業客戶尋求現場供電。我們的工商業銷售管道比以往任何時候都更加強勁。

The geographic mix of our US backlog is noteworthy. Two years ago, over 80% of our US backlog was composed of installations in California and the Northeast; traditionally, the high cost of power states.

我們美國積壓訂單的地域組成值得關注。兩年前，我們在美國積壓的訂單中，超過 80% 來自加州和東北部地區的安裝項目；傳統上，這些州的電力成本很高。

But, this year, over 80% of our backlog comes from other states with lower power costs. This geographic shift highlights two important dynamics at play:

但是，今年我們積壓的訂單中有超過 80% 來自電力成本較低的其他州。這種地理上的變化凸顯了兩個重要的動態因素：

First, companies are locating factories and data centers in states where they can quickly secure reliable and affordable power, either from the grid or on-site. The states where we are growing fastest have robust natural gas infrastructure and favorable regulatory and policy frameworks for on-site power generation.

首先，企業正在將工廠和資料中心選址在能夠快速獲得可靠且價格合理的電力供應的州，無論是來自電網還是現場供電。我們成長最快的州擁有強大的天然氣基礎設施和有利於現場發電的監管和政策框架。

Second, in these states with lower power costs, Bloom is cost-competitive. Our value proposition, fast time to power, high reliability, and lower emissions strongly resonates for our customers.

其次，在這些電力成本較低的州，Bloom 具有成本競爭力。我們所提供的價值主張——快速供電、高可靠性和低排放——引起了客戶的強烈共鳴。

In short, our customer base is diversified, with numerous customers in every key sector, including AI. We are rapidly becoming the standard for on-site power.

簡而言之，我們的客戶群十分多元化，在每個關鍵領域都擁有眾多客戶，包括人工智慧領域。我們正迅速成為現場供電的標準。

Given our healthy backlog and our robust funnel, I'm sure your questions will now shift from, why we are expanding manufacturing capacity to when we will expand even more? Let me address that with some background:

鑑於我們健康的訂單積壓和強大的銷售管道，我相信你們的問題現在會從「我們為什麼要擴大生產能力」轉變為「我們何時會進一步擴大生產能力」？讓我先介紹一些背景資訊：

At the core, Bloom is a technology innovator that rapidly delivers cost-competitive platform products at meaningful scale to satisfy customers' current and future needs. We are building solid-state digital power for the digital age. We are not an industrial era energy company.

Bloom 的核心是技術創新，它能夠快速且大規模地提供具有成本競爭力的平台產品，以滿足客戶當前和未來的需求。我們正在為數位時代建構固態數位電源。我們不是工業時代的能源公司。

Bloom's manufacturing IP and supply chain diversity enable us to scale, without facing the multi-year delivery backlogs plaguing traditional suppliers. Our ability to scale also comes with a high ROI and low-risk profile.

Bloom 的製造智慧財產權和供應鏈多樣性使我們能夠擴大規模，而不會面臨困擾傳統供應商的多年交付積壓問題。我們的規模化能力也帶來了高投資報酬率和低風險的特徵。

Capacity expansion requires a significantly lower upfront investment, a fraction of what legacy players need. Our return on invested capital for capacity expansion is a few months, not years. This gives us the freedom to expand, without predicting market size many years into the future to justify our deployment of capital.

產能擴張所需的初始投資要少得多，僅為傳統廠商所需投資的一小部分。我們用於產能擴張的投資報酬期只有幾個月，而不是幾年。這使我們能夠自由擴張，而無需預測未來多年的市場規模來證明我們資本部署的合理性。

The simplicity of our manufacturing process is anything but simple. It represents years of innovation, thought, and intellectual property. We have created a differentiated asset-light approach to manufacturing, with the control and execution afforded only by in-house production and complemented with a diversified and global supply chain that flex us to meet market demand, much like a tech supplier.

我們的生產流程看似簡單，但其實一點也不簡單。它代表了多年的創新、思考和智慧財產權。我們打造了一種差異化的輕資產製造方式，只有內部生產才能實現控制和執行，並輔以多元化的全球供應鏈，使我們能夠靈活地滿足市場需求，就像一家科技供應商一樣。

So my answer to questions on capacity expansion is simple: The Bloom Energy team reiterates its clear and simple promise to potential customers that have large time to power needs. Bloom will not be the bottleneck to your growth. You can count on us to deliver timely power.

因此，對於產能擴張的問題，我的回答很簡單：Bloom Energy 團隊重申其對有大量電力需求的潛在客戶的明確而簡單的承諾。Bloom不會成為你成長的瓶頸。您可以信賴我們，我們會及時為您提供電力。

We will deliver our power platform faster than you can build your greenfield facilities, be it an AI factory or a C&I facility. We demonstrated this recently by delivering a hyperscale AI factory order in 55 days against a 90-day commitment; and power for a large factory before they could complete construction and commence operation.

我們將以比您建造全新設施（無論是人工智慧工廠還是工商業設施）更快的速度交付我們的電力平台。我們最近透過在 55 天內交付超大規模 AI 工廠訂單（原承諾 90 天）證明了這一點；並且在大型工廠完成建設和開始運營之前就為其提供了電力。

That is quick time to power, the Bloom way. In short, we will continue to expand deliberately and with discipline, at a fraction of the cost and time it will take traditional legacy vendors. We will offer our customers quickly deployable power that's reliable, clean, and price-competitive to meet their present and future needs.

這就是 Bloom 式的快速啟動方式。簡而言之，我們將繼續穩定、有條不紊地擴張，而所需成本和時間僅為傳統供應商的一小部分。我們將為客戶提供可快速部署、可靠、清潔且價格具競爭力的電力，以滿足他們當前和未來的需求。

Speaking of future needs, let me address 800-volt DC.

說到未來的需求，讓我來談談 800 伏特直流電。

First, what is 800-volt DC? Why does it matter?

首先，什麼是 800 伏特直流電？為什麼這很重要？

The electric grid, turbines, and engines were designed for the electricity loads of the 20th century factories and process industries. Large amounts of alternating current or AC power delivered at high voltage: 35,000 to 69,000 volts.

電網、渦輪機和發動機都是為滿足 20 世紀工廠和加工工業的電力負載而設計的。大量交流電或高壓交流電：35,000 至 69,000 伏特。

Contrast that to the needs of the digital age: Computer chips, devices, and other semiconductor equipment -- everything digital in our modern world -- run on low-voltage direct current or DC power.

與此形成鮮明對比的是數位時代的需求：電腦晶片、設備和其他半導體設備——我們現代世界中的一切數位化產品——都採用低壓直流電或直流電源運作。

The upcoming AI computer racks will consume almost 100 times more power than traditional CPU compute racks of yesteryears. To reduce copper use, increase efficiency, and enhance compute density, aI racks will be architected to receive 800 volts DC.

即將推出的AI電腦機架的耗電量將比以往的傳統CPU電腦機架高出近100倍。為了減少銅的使用、提高效率和增強運算密度，人工智慧機架將採用 800 伏特直流電架構。

This switch to 800 volts DC is a necessity and not a choice; and will happen at the compute-rack level, irrespective of whether power is being supplied from an electric grid or on-site power. 800 volts DC will soon be the data-center standard because physics requires it.

切換到 800 伏特直流電是必然之舉，而非可選項；無論電源來自電網還是現場供電，都將在電腦架層級進行切換。 800 伏特直流電很快就會成為資料中心的標準，因為物理定律決定了這一點。

Any AI data center using grid, turbines, or engines will need to install numerous transformers, rectifiers, and power conditioning tools to convert high-voltage AC to 800 volts DC. This adds significant cost, reduces reliability, and increases emissions.

任何使用電網、渦輪機或引擎的AI資料中心都需要安裝大量的變壓器、整流器和電源調節設備，將高壓交流電轉換為800伏直流電。這會顯著增加成本、降低可靠性並增加排放。

Bloom -- and only Bloom -- natively produces 800 volts DC today, no Band-Aids or adapters needed. Starting now, every Bloom server we ship will be 800 volts DC-ready, with a removable adapter that allows customers to deploy in legacy AC environments and migrate to DC on their own timeline. This is a compelling future-proofed offering.

目前只有 Bloom 能夠直接產生 800 伏特直流電，無需任何輔助設備或轉接器。從現在開始，我們出貨的每一台 Bloom 伺服器都將支援 800 伏特直流電，並配有可拆卸適配器，方便客戶在傳統的交流電環境中部署，並根據自身情況逐步遷移到直流電。這是一個極具吸引力且面向未來的產品。

We also offer to convert any servers we have shipped in the past to 800 volts DC with simple modifications, highlighting backward compatibility of this new future. 800 volts DC is one of our many innovative apps that integrate seamlessly on our energy platform, much like an app installed to a smartphone.

我們還提供將以往交付的伺服器轉換為 800 伏特直流電的方案，只需進行簡單的改造，即可實現，這凸顯了未來新技術的向下相容性。 800 伏特直流電是我們眾多創新應用之一，它能像智慧型手機應用一樣無縫整合到我們的能源平台中。

We will continue to make healthy investments in technology advancements this year and further strengthen our position as the innovative leader in the power sector.

今年我們將繼續增加對技術進步的投資，進一步鞏固我們在電力產業創新領導者的地位。

While we invest in the future, we'll continue to reduce costs of our core platform, keeping us on a path of anticipated margin accretion and further increasing our advantage over traditional solutions. We look forward to a strong 2026, as we continue our journey to become the standard for on-site power, a benchmark for speed, reliability, and customer value in the digital age.

在投資未來的同時，我們將繼續降低核心平台的成本，從而保持預期的利潤成長，並進一步增強我們相對於傳統解決方案的優勢。我們期待在 2026 年取得強勁發展，我們將繼續努力成為現場供電的標準，成為數位時代速度、可靠性和客戶價值的標竿。

Over to Maciej now for the financial overview. I'll join you in a few minutes to answer questions. Maciej?

現在請Maciej為大家帶來財務概況。我稍後會過來回答大家的問題。Maciej？

Thank you, KR. Good afternoon, everyone.

謝謝你，KR。大家下午好。

On today's call, I will discuss results of both the fourth quarter and the full year and, also, provide our full year-2026 guidance.

在今天的電話會議上，我將討論第四季和全年的業績，並提供我們 2026 年全年的業績指引。

Let me start by recognizing all of our employees at Bloom for incredible execution in 2025 by calling out three highlights that the team drove this year:

首先，我要表揚Bloom的所有員工，感謝他們在2025年的卓越成就。我特別要強調團隊今年的三項主要成就：

First, we achieved record financial results in several key metrics. I would like to highlight the $271.6 million in adjusted EBITDA, proving just how much operating leverage there is in the business, as we start to scale.

首先，我們在幾個關鍵指標上取得了創紀錄的財務表現。我想專注於 2.716 億美元的調整後 EBITDA，這證明了隨著我們開始擴大規模，業務中存在著多麼大的經營槓桿。

Second, we were free cash flow-positive for the second consecutive year.

其次，我們連續第二年實現了自由現金流為正。

Third, our Service business achieved approximately 20% non-GAAP gross margin for the first time.

第三，我們的服務業務首次實現了約 20% 的非 GAAP 毛利率。

None of that would be possible without the fantastic performance and dedication of the entire Bloom team.

如果沒有Bloom團隊全體成員的出色表現和敬業精神，這一切都不可能實現。

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.

再次提醒大家，我的討論將聚焦在非GAAP調整後的財務指標。有關 GAAP 與非 GAAP 的調整表，請參閱我們網站上的新聞稿和補充資料。

Revenue for the quarter was $777.7 million, up 35.9% year over year. On-site power continues to accelerate, relative to the grid. Bloom's ability to deploy our energy servers and power-up sites in record time continue to highlight Bloom's value proposition and drive the revenue growth.

本季營收為7.777億美元，年增35.9%。相對於電網而言，現場發電量持續快速成長。Bloom 能夠在創紀錄的時間內部署能源伺服器並為網站供電，這持續凸顯了 Bloom 的價值主張，並推動了營收成長。

Gross margin was 31.9%, lower than the 39.3% gross margin in Q4 of 2024. Gross margin will continue to fluctuate, given the mix of individual projects in the quarter. But we will continue to manage this movement through Product cost-reduction efforts and operating expense efficiencies, leading to a stronger EBITDA.

毛利率為 31.9%，低於 2024 年第四季的 39.3% 毛利率。鑑於本季各個項目的組合情況，毛利率將繼續波動。但我們將繼續透過降低產品成本和提高營運費用效率來應對這一趨勢，從而實現更強勁的 EBITDA。

Our operating income was $133 million versus $133.4 million in Q4 last year.

我們的營業收入為 1.33 億美元，而去年第四季為 1.334 億美元。

Adjusted EBITDA was $146.1 million versus $147.3 million in Q4 2024, while EPS was $0.45 versus $0.43 a year ago.

調整後 EBITDA 為 1.461 億美元，而 2024 年第四季為 1.473 億美元；每股收益為 0.45 美元，去年同期為 0.43 美元。

Again, these are all non-GAAP results.

再次強調，這些都是非GAAP財務報表。

Our Product margins were 37%, while our Service margins were approximately 20%. This is the third straight quarter of double-digit margins in the Service business. While we will see some volatility in these results on a quarterly basis, we expect to continue to see annual improvement.

我們的產品利潤率為 37%，而我們的服務利潤率約為 20%。這是服務業務連續第三個季度實現兩位數利潤率。儘管這些業績在季度層級上會有一些波動，但我們預計年度業績將繼續改善。

Our balance sheet is much stronger than a year ago, as we added significant cash through convertible bonds. We ended the quarter with $2.5 billion in total cash on the balance sheet.

我們的資產負債表比一年前強勁得多，因為我們透過可轉換債券增加了大量現金。本季末，我們的資產負債表上共有25億美元現金。

Our inventory ended the year at $643 million, slightly higher than what we expected at the beginning of 2025, as we prepare for a strong 2026.

截至年底，我們的庫存為 6.43 億美元，略高於我們在 2025 年初的預期，我們正為強勁的 2026 年做好準備。

Our cash flow from operating activities was an inflow of $113.9 million, while CapEx was $57 million.

我們的經營活動現金流入為 1.139 億美元，而資本支出為 5,700 萬美元。

Turning to the full year, revenue was a record $2 billion, up 37.3% from 2024. Non-GAAP gross margin of 30.3% was up from 28.7% in 2024. Non-GAAP operating profit of $221 million, up $113.4 million from the previous year on a revenue increase of $550.1 million or 20.6% drop-through to operating income.

展望全年，營收創下 20 億美元的紀錄，比 2024 年成長 37.3%。非GAAP毛利率為30.3%，高於2024年的28.7%。非GAAP營業利潤為2.21億美元，較上年增加1.134億美元，營收成長5.501億美元，營業利潤下降20.6%。

Non-GAAP gross profit in our Service business was $29.7 million, a significant improvement from 2024, as I mentioned earlier. Service was profitable on a non-GAAP basis during every quarter of 2025 for the second consecutive year. Looking forward, we continue to expect to drive improvements in Service profitability, as we expand our installed base and scale.

正如我之前提到的，我們服務業務的非GAAP毛利為2970萬美元，比2024年有了顯著改善。2025 年，該服務業務連續第二年每季以非 GAAP 準則獲利。展望未來，隨著我們擴大用戶基礎和規模，我們將繼續推動服務獲利能力的提升。

Before we get to guidance, I want to talk a bit about our backlog. We see tremendous momentum in commercial engagement across both the data center market, as well as C&I.

在討論指導意見之前，我想先談談我們積壓的工作。我們看到資料中心市場以及工商業領域的商業合作都呈現出巨大的發展動能。

Our Product backlog has more than doubled from a year ago. We also have approximately $14 billion in Service backlog. We have grown our backlog, while maintaining healthy customer mix and do not have oversized concentration to any one customer.

我們的產品積壓訂單數量比一年前增加了一倍以上。我們還有大約 140 億美元的服務積壓訂單。我們的訂單積壓量有所增加，同時保持了健康的客戶結構，沒有過度集中於任何單一客戶。

This brings us to guidance for 2026, while 2025 was a great year for Bloom, we expect 2026 to accelerate.

由此，我們對 2026 年的發展前景有了展望。雖然 2025 年對 Bloom 來說是輝煌的一年，但我們預計 2026 年的發展速度將會加快。

We expect 2026 revenue to be $3.1 billion to $3.3 billion; non-GAAP gross margin of approximately 32%; and non-GAAP operating income of approximately $425 million to $475 million.

我們預計 2026 年營收為 31 億美元至 33 億美元；非 GAAP 毛利率約為 32%；非 GAAP 營業收入約為 4.25 億美元至 4.75 億美元。

We expect capital spending to be $150 million to $200 million and cash flow from operations to be close to $200 million.

我們預期資本支出為 1.5 億美元至 2 億美元，經營活動產生的現金流將接近 2 億美元。

We do expect to invest in our R&D roadmap and commercial efforts. But, as you can see from our operating income projections, we expect to capitalize on the significant operating leverage of the business to drive profit expansion.

我們計劃加大對研發路線圖和商業化工作的投入。但是，正如您從我們的營業收入預測中看到的那樣，我們預計將利用業務的顯著經營槓桿來推動利潤成長。

To conclude, Bloom's disciplined execution is delivering accelerated growth, while maintaining sustainable profitability, as we scale. We believe that we are rapidly becoming the standard for the on-site power generation market. I could not be more excited about the opportunity in front of us.

總之，Bloom 嚴謹的執行力帶來了加速成長，同時在規模擴大的同時保持了可持續的獲利能力。我們相信，我們正迅速成為現場發電市場的標竿企業。我對我們面前的機會感到無比興奮。

Operator, we are now happy to take questions.

接線員，我們現在樂意回答您的問題。

(Operator Instructions)

（操作說明）

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

I was wondering, could you speak to the follow-on opportunities at existing customers? I was curious, how have the initial projects gone? How seriously are some of those customers now -- considering follow-on orders -- with you?

我想請問，能否談談現有客戶的後續合作機會？我很好奇，最初的專案進度如何？現在這些客戶中，有多少人認真考慮跟你下後續訂單？

David, nice to hear from you.

大衛，很高興收到你的來信。

Yes. Look, that's a very important question you're asking.

是的。你問的這個問題非常重要。

You build a strong company on the basis of happy customers. We have seen that from the day we started.

要建立強大的公司，就必須讓客戶滿意。從我們開始創業的第一天起，我們就看到了這一點。

We can tell you, even in our commercial and industrial business that has been our traditional bread and butter, over two-thirds of our business year over year comes from repeat customers bringing in multiple repeat orders to us.

我們可以告訴你，即使在我們一直以來賴以生存的商業和工業業務中，每年超過三分之二的業務收入也來自回頭客多次重複下單。

This is how it operates: Once people get used to Bloom, they love Bloom because we keep our promise and we deliver to them. This is no different, right now, with the newer sectors.

它的運作方式是這樣的：一旦人們習慣了 Bloom，他們就會喜歡 Bloom，因為我們信守承諾，滿足他們的需求。目前，新興產業的情況也並無二致。

The customers that have lately engaged with us, be it our utility partners; be it a hyperscale end customer is seeking us out, once they have tried us out. That's strong traction.

最近與我們有過接觸的客戶，無論是我們的公用事業合作夥伴，還是超大規模的終端客戶，一旦他們嘗試過我們的服務，就會主動聯繫我們。這是強勁的吸引力。

Oracle would be a very good example. That's happening on a daily basis. We have great conversations with them on so many projects. We are working with them on many prospective projects in the future.

Oracle 就是一個很好的例子。這種情況每天都在發生。我們與他們就許多項目進行了非常棒的交流。未來我們將與他們進行許多潛在項目的合作。

Okay. Excellent. I appreciate that color.

好的。出色的。我喜歡這個顏色。

Also, some of your thoughts on further manufacturing capacity expansion. I was wondering, as you consider the potential for the next one -- the next capacity expansion -- just curious, what are the milestones or triggers that you'd be watching for? When do you think a decision could potentially be made about that next tranche of additional production capacity?

另外，您對進一步擴大生產能力有什麼看法？我想知道，在您考慮下一次擴容的可能性時，您會關注哪些里程碑或觸發因素？您認為何時可能會就下一批新增產能做出決定？

Look, for us, making a decision on expanding is, like, everyday business for us. It's not a major issue for a very simple reason: We are extremely capital-light in order for us to expand. We have standing orders with our suppliers of equipment, with our supply chain; with everybody else to ramp up as quickly as we need to. The return on investment, for us, is a few months.

對我們來說，決定是否擴張就像是日常業務一樣。這並不是什麼大問題，原因很簡單：為了擴張，我們的資金非常有限。我們已與設備供應商、供應鏈以及其他所有相關方簽訂了長期訂單，要求他們根據我們的需求盡快提高產能。對我們來說，投資報酬期只有幾個月。

When do we make a decision? It's fairly simple. If we see a large opportunity on a time to power and we need to be able to expand our capacity to be able to provide that additional power to a customer, we can ramp up and provide that additional power to that customer before they are ready.

我們何時做出決定？這很簡單。如果我們發現某個時期有很大的電力需求機會，並且我們需要擴大產能才能為客戶提供額外的電力，我們可以提高產能，並在客戶準備好之前就向其提供額外的電力。

Typically, it takes more than a year to stand up a greenfield data center. It takes more than a year to stand up a factory, from permits all the way to full implementation. We can be ready for them before then.

通常情況下，建造一個全新的資料中心需要一年以上的時間。從獲得許可到全面實施，建立工廠需要一年以上的時間。我們可以在那之前做好準備。

This is a continuous decision we will make, going forward, quarter after quarter. The reason we signaled to you last year that we are going from 1 to 2 gigawatts was, there was concern in the market about, do we have a pipeline? Do we have an order?

這是一個我們將持續做出的決定，每季都會如此。我們去年向你們發出訊號，我們將從 1 吉瓦增加到 2 吉瓦，因為市場擔心我們是否有足夠的產能。我們有訂單嗎？

We just wanted you to show how much confidence we had. So we signaled that. Now, you all understand why we are expanding.

我們只是想讓你看到我們有多信任你。所以我們發出了訊號。現在，你們都明白我們為什麼要擴張了吧。

But, going forward, we'll just continuously keep expanding our capacity. That's just normal business for us.

但展望未來，我們將持續擴大產能。對我們來說，這只是正常的業務流程。

Christopher Dendrinos, RBC Capital Markets.

克里斯多福‧登德里諾斯，加拿大皇家銀行資本市場。

Congratulations on the strong quarter and year-end outlook.

恭喜貴公司對本季和全年業績展望都非常樂觀。

To start here, I wanted to follow up on the HVDC architecture. When do you think we could start seeing that solution set deployed? How are those conversations going with customers? It seems like you all will have quite a bit of an advantage here, from a cost perspective, without needing to deploy all that extra electrical equipment.

首先，我想跟進一下高壓直流輸電架構。您認為我們什麼時候才能開始看到這套解決方案的部署？與客戶的溝通進度如何？從成本角度來看，你們似乎都擁有相當大的優勢，因為無需部署所有額外的電氣設備。

I'm just curious how that's shaping up in the pipeline; and how you're thinking about that opportunity.

我只是好奇這個項目目前的進展；以及您是如何看待這個機會的。

Thank you for that question. Thank you, Chris, for your sentiments about the quarter and the year.

謝謝你的提問。克里斯，謝謝你對本季和今年的感想。

We are super excited about the accelerating momentum that we are seeing in our business, as we sit here today.

今天，我們坐在這裡，對公司業務目前呈現的加速發展勢頭感到無比興奮。

Clearly, we just, I think, add even more of a competitive advantage by bringing in the 800-volt DC. I think you're all beginning to understand why that's important, from whether it's a CapEx perspective, a reliability perspective -- use of copper and lack of availability of copper and transformers, with the alternative option, as well as the operating cost because of efficiency losses you get from switching from extremely high-voltage DC or medium-voltage DC to the 800-volt DC. All those reasons, you understand.

顯然，我認為引入800伏直流電會進一步增強我們的競爭優勢。我想你們都開始明白這為什麼重要了，無論是從資本支出角度，還是從可靠性角度——銅材的使用以及銅材和變壓器的供應短缺，還有替代方案帶來的效率損失，以及從極高壓直流電或中壓直流電切換到800伏直流電所導致的運營成本。所有這些原因，你們都明白。

Now, we are betting. Like we bet 25 years ago, DC architecture is the right way to go. You can see where we are today. We are betting that, very quickly, this solution is going to be sought after.

現在，我們要下注了。正如我們25年前所預料的那樣，直流架構是正確的發展方向。你可以看到我們如今所處的位置。我們預計，這種解決方案很快就會受到市場的青睞。

Anybody who's not implementing that on day 1 for their data centers now because they don't have the supply chain on their sites ready for implementing that architecture will want to switch our equipment to that DC as soon as they are ready. That's the reason we're going to ship everything, going forward, as 800-volt DC.

現在，任何因為供應鏈尚未準備好實施該架構而未能在其資料中心第一天就實施該架構的人，一旦準備就緒，都會希望將我們的設備轉移到該資料中心。這就是為什麼我們今後所有產品都將採用 800 伏特直流電的原因。

Your question on, when will the data centers be ready for it? That's better left to ask them, as opposed to us. We are always going to future-proof them and be a step ahead.

你問的是，資料中心何時才能做好準備？這個問題最好問他們，而不是問我們。我們始終會使其面向未來，並保持領先地位。

The key to being a great supplier in the digital economy is you're anticipating what their needs are and you're there ahead of when they need it. That brings everyone forward with greater speed.

在數位經濟時代，成為優秀供應商的關鍵在於預測客戶的需求，並在他們需要的時候提前滿足他們的需求。這樣一來，所有人都能更快前進。

We are moving at AI speed on this one. Thank you.

我們在這件事上的進展速度堪比人工智慧。謝謝。

Maybe as a follow-up, just sticking on that point of anticipating customer needs, on the R&D side of things and the technology roadmap, what's the next step for Bloom here? How are you thinking about the evolution of the product?

或許可以接著問，就預測客戶需求這一點而言，在研發方面和技術路線圖方面，Bloom 的下一步是什麼？您如何看待產品的未來發展？

Look, we are working on a lot of apps, right now. But I'll tell you one that I think we have talked about a little bit here and there in the past.

你看，我們目前正在開發很多應用程式。但我要告訴你一個我們過去也曾零星討論過的問題。

One I'm super excited about and makes our customers and potential customers who come out to take a look at our operating systems in the lab is this rapid load following of the AI load being handled by our systems without requiring batteries.

其中一項讓我非常興奮，也讓前來實驗室參觀我們作業系統的客戶和潛在客戶感到興奮的是，我們的系統無需電池即可快速追蹤 AI 負載。

That is huge: The ability to, in an islanded mode, operate our systems without needing any back-up, in terms of back-up generators, because of our high reliability.

這意義重大：由於我們系統的高可靠性，我們能夠在孤島模式下運行系統，而無需任何備用發電機。

But, add to that, not needing batteries to keep up with the wild swings that the AI load have, in terms of power, is a super important application. Every day, we are making that better and more robust.

但是，除此之外，無需電池來應對 AI 負載在功率方面的劇烈波動，這是一個非常重要的應用。我們每天都在努力讓它變得更好、更強大。

Any time a potential customer throws an AI load profile at us, our team is able to just seamlessly integrate that into our product and show them why it will work really well. That's a huge advantage, not just in terms of cost savings; in terms of safety of avoiding all those batteries inside a data center complex and the, like, fire assets that, like, may create the maintenance issues it may create.

每當潛在客戶向我們提供 AI 負載配置文件時，我們的團隊都能將其無縫整合到我們的產品中，並向他們展示為什麼它能很好地發揮作用。這不僅是節省成本的巨大優勢，也是避免資料中心內所有電池以及可能造成維護問題的消防資產等安全優勢。

On top of that, think about this: As the AI data centers grow, that battery supply chain also becomes a constraint. We are completely eliminating that constraint, not even mitigating it.

除此之外，也要考慮這一點：隨著人工智慧資料中心的成長，電池供應鏈也會成為一個限制因素。我們正在徹底消除這項限制，甚至連緩解它都不做。

So super excited about applications like that. There'll be many more to come, as the time goes by. Stay tuned.

我對這樣的應用感到非常興奮。隨著時間的推移，還會有更多這樣的事情發生。敬請關注。

All that I can tell you is we have a lot more ideas of a lot more apps that are going to reside on the smart platform.

我只能告訴你們，我們還有很多想法，計劃在智慧平台上推出更多應用程式。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

Congrats on a very strong quarter, KR.

恭喜KR本季業績表現非常出色。

I wanted to ask you about the progress you're making on combined heat and power solutions. Most data centers are using vapor compression chillers powered by electricity. I think your absorption chillers would be using thermal process that is powered from waste heat.

我想問您在熱電聯產解決方案方面的進展。大多數資料中心都使用電力驅動的蒸汽壓縮式製冷機。我認為你們的吸收式製冷機使用的是利用廢熱驅動的熱能過程。

At this point, vapor compression chillers are the primary source of cooling; and then, absorption chillers are being deployed for some supplemental cooling.

目前，蒸汽壓縮式製冷機是主要的製冷來源；然後，吸收式製冷機被用於一些輔助製冷。

I'm trying to understand, in a world where electricity is very expensive and grid power is not available, can absorption chillers actually grow at a faster pace than vapor chillers? If it does happen, then how does BE benefit? Your product already has an 800-volt advantage. Do absorption chillers make it even more competitive?

我想了解的是，在電力價格昂貴且電網供電不足的情況下，吸收式製冷機的成長速度是否真的會比蒸汽式製冷機更快？如果這種情況真的發生，那麼BE能從中獲得什麼好處呢？您的產品已經擁有 800 伏特的優勢。吸收式製冷機是否使其更具競爭力？

Manav, I wouldn't have expected anything other than a strong technical question from you. Like, kudos to you on your very good research report on the 800 volts DC. I think it's a must-read for people to understand that. Well done on that.

馬納夫，我原本以為你會提出一個很強的技術問題。非常感謝你撰寫的關於800伏特直流電的出色研究報告。我認為這篇文章對於理解這方面內容的人來說是必讀之作。幹得好。

On the absorption chillers, here's the answer, right? Thus far, wafer compression was being used simply because the energy coming into a data center came in the form of electricity from a wire. The generation facility that made that electricity was made hundreds of miles away somewhere; and, therefore, you couldn't pipe the heat -- the excess heat -- all the way from that far away generation capacity to where the data center is.

關於吸收式製冷機，答案就在這裡，對吧？到目前為止，晶圓壓縮技術之所以被使用，只是因為進入資料中心的能量是以電線輸送的電力形式存在的。發電廠位於數百英里之外；因此，你無法將熱量——多餘的熱量——從遙遠的發電廠一直輸送到資料中心。

Now, with on-site power generation being the go-to option -- a necessity option -- for data center customers, if we are generating power for them on site, in addition to our extremely high electrical efficiency, we have high-quality heat and that heat is allowed to drive a very well-established technology called absorption chilling to provide cooling.

現在，對於資料中心客戶而言，現場發電已成為首選方案—一種必然選擇。如果我們為他們現場發電，除了我們極高的電力效率外，我們還擁有高品質的熱量，而這些熱量可以驅動一種非常成熟的技術——吸收式製冷——來提供冷卻。

We think we can reduce electricity usage in the data center by at least 20% to 0%. That's a big number for this huge power-hungry gigawatt-plus data centers.

我們認為可以將資料中心的用電量至少降低 20%，甚至降至 0%。對於這些耗電量龐大的千兆瓦級資料中心來說，這是一個龐大的數字。

What do we do with that? It's chilled water at somewhere around 5 degrees Celsius or 40-degree Fahrenheit coming in. We have systems now that we are operating in this mode chilling and cooling our factory, just to demonstrate to customers.

我們該如何處理它？進水是大約 5 攝氏度（40 華氏度）的冰水。我們現在有系統以這種模式運行，為我們的工廠進行冷卻和冷卻，只是為了向客戶展示。

Customers are super interested in the solution, right now, a, because it is more efficient, less expensive, and there's an additional environmental benefit coming out of those absorption chillers in that they don't use hydrofluorocarbons -- that is a big issue for global warming; and, lastly, by using absorption chillers, where they do on-site power generation, they are not competing with the same supply chain constraints that they have to on the vapor compression.

目前，客戶對這種解決方案非常感興趣，原因有二：一是它效率更高、成本更低；二是吸收式製冷機還具有額外的環境效益，因為它們不使用氫氟碳化合物——這對全球變暖來說是一個大問題；三是通過使用吸收式製冷機進行現場發電，他們不必像使用蒸汽壓縮製冷機那樣受到供應鏈的限制。

For all those reasons, this is extremely important. Think of this as another app on our platform.

鑑於以上所有原因，這件事極為重要。您可以把它看作是我們平台上的另一個應用程式。

You asked the question of, does it make us more competitive? A smartphone that has more apps and can solve more problems for a customer is always a more competitive solution. That is what we are quickly becoming out here, as you can see.

你問，這是否會讓我們更有競爭力？擁有更多應用程式、能夠為客戶解決更多問題的智慧型手機，始終是更具競爭力的解決方案。正如你所看到的，我們在這裡正迅速變成那樣。

Congrats on all the positive developments that are happening in your company, sir. Congratulations. I'll turn it over.

先生，恭喜貴公司取得的所有正面進展。恭喜。我把它翻過來。

Davis Sunderland, Baird.

戴維斯桑德蘭，貝爾德。

Please let me echo the ones before me in saying congratulations on a great quarter and a great year.

請允許我與前面的人一起，祝賀你們取得了出色的季度成績和輝煌的年度業績。

I wanted to ask, your guys' technology is increasingly being comped to legacy incumbents, such as combined cycle gas turbines. Could you maybe talk about if you guys are seeing project wins against these or other types of technologies?

我想問一下，你們的技術越來越多地被拿來與傳統的現有技術（例如聯合循環燃氣渦輪機）進行比較。能否談談你們在採用這些或其他類型技術時是否看到專案成功案例？

Our answer to you -- I will not discuss about the competitive landscape. That is something you should ask the end user, in terms of what did they compare before they choose us.

我們的回答是－我不會討論競爭格局。你應該問問最終用戶，在選擇我們之前，他們比較了哪些產品。

But you can clearly see from the stamp sizes of the projects we operate, we are operating in that class, very clearly. We are no longer the 10- and 20-megawatt systems. We have hundreds of megawatts going into the gigawatts very soon.

但從我們經營的項目的郵票尺寸可以清楚看出，我們顯然屬於這一類。我們不再是10兆瓦和20兆瓦的系統了。我們很快就會有數百兆瓦的裝置容量達到吉瓦等級。

Single-site location, that is the stamp size you're looking at. Very clearly, it's in the same category of a combined cycle gas turbine, right?

單一地點，這就是您看到的郵票尺寸。很明顯，它和聯合循環燃氣渦輪機屬於同一類，對吧？

If you consider the entire value proposition, not just in any one narrow aspect, from a customer's point of view, if it is on-site power that is islanded, can a combined cycle gas turbine operate and provide power at partial loads? Can it swing up and down with the needs of the load? What happens to that system in high altitude? What happens to their efficiency? Can you modularly pay as you grow and operate that system? Or is it monolithic, okay?

如果從客戶的角度來看，考慮整個價值主張，而不僅僅是任何一個狹隘的方面，如果現場電力處於孤島狀態，聯合循環燃氣渦輪機能否在部分負荷下運行並提供電力？它能根據負載需求上下擺動嗎？該系統在高海拔地區會發生什麼變化？它們的效率會受到什麼影響？能否根據系統的發展和營運情況採用模組化付費方式？或者它是整體式的，好嗎？

None of the features of a very large stamp size -- anything -- really matches with how a digital world of a data center operates, okay? When you've taken the cost associated with all that stuff -- and then, very large mechanical equipment with its inertia cannot swing up and down in milliseconds and seconds like our solid-state digital platform does. It cannot follow a load that way.

超大尺寸郵票的任何特徵——或者說任何特徵——都與資料中心的數位世界運作方式不符，明白嗎？當你考慮到所有這些東西的成本之後——而且，慣性很大的大型機械設備無法像我們的固態數位平台那樣在幾毫秒或幾秒內上下擺動。它無法以這種方式跟隨負載。

You need Band-Aids for that; and then, a huge combined cycle gas turbine because of the large amount of power it puts out, monolithically, can only do that with reasonable amount of copper at very high voltage. You need Band-Aids to, now, be able to bring that to 800 volts.

你需要創可貼來解決這個問題；而且，由於大型聯合循環燃氣渦輪機能夠輸出大量的電力，因此，從整體上看，它只能在高電壓下使用適量的銅來實現這一點。現在，你需要創可貼才能把電壓升到 800 伏特。

You put all that together, can we compete? Yes, yes, we can. The fact that we are winning these stamp sizes should show you that we are able to do that not just in high-cost value places but in states where cost of electricity is traditionally low.

綜合所有因素來看，我們能與之競爭嗎？是的，是的，我們可以。我們能夠贏得這些郵票尺寸的銷售，這應該向你們表明，我們不僅能夠在高消費地區做到這一點，而且能夠在電力成本歷來較低的州做到這一點。

Even in a place where -- irrespective of gas prices, irrespective of utility prices, we are able to compete. We're soon becoming the standard.

即使在這樣一個地方——無論天然氣價格如何，無論公用事業價格如何——我們都能參與競爭。我們很快就會成為業界標準。

The customers who evaluate the entire value proposition will choose us; customers who just look at, first, cost.

那些會全面評估價值主張的顧客會選擇我們；而那些先只專注於成本的顧客則會選擇我們。

Surely, if you can find it and if you can install it in a short amount of time, you'll be able to use a combined cycle gas turbine.

當然，如果你能找到合適的燃氣渦輪機，並且能在短時間內安裝好，你就可以使用它了。

As a follow-up, could you talk just a bit about how the life of fuel cell stacks has improved; maybe, how it relates to Service margins; and how you guys think about risk in the Service business?

作為後續問題，您能否談談燃料電池堆的壽命是如何提高的；或許，這與服務利潤率有何關係；以及您如何看待服務業務中的風險？

Yeah. Thank you for asking me to highlight that. That should no longer be a question on any one of your minds.

是的。謝謝您讓我強調這一點。你們任何人心中都不該再有這樣的疑問了。

We fully understand, when we were losing money every single quarter on Service; and we told you that we have a roadmap to get to gross margin-neutral and then, gross margin-positive and keep accreting, you had a reason to wonder about, tell us the specifics, show us that you're making progress.

我們完全理解，當我們每個季度都在服務業務上虧損時；我們也告訴過你們，我們有一個路線圖，可以實現毛利率中性，然後是毛利率為正並持續增長，你們有理由質疑，請告訴我們具體細節，向我們展示你們正在取得進展。

What you're looking from the last eight quarters is eight continuous quarters -- contiguous and continuous quarters -- of profits in the Service business. On top of that, Q4 of 2025, we had a 20% gross margin.

你要從過去八個季度中看到的是服務業務連續八個季度的利潤——連續且連續的季度。此外，2025 年第四季度，我們的毛利率達到了 20%。

As our fleet sizes increase; as our technology keeps getting better -- and if you look at our $14 billion backlog in service, then you understand that every order that we are booking has a 100% attach rate to Service and will add to that backlog.

隨著我們的車隊規模不斷擴大；隨著我們的技術不斷進步——如果你看看我們140億美元的服務積壓訂單，你就會明白，我們預訂的每一個訂單都有100%的服務附加率，並且會增加積壓訂單。

You will clearly see that Service is going to be a growing profit-generating, revenue-generating business for Bloom for years to come, which is going to be a huge advantage. This is the reason why we have worked so hard on it. We'll continue to work hard on it.

您將清楚地看到，在未來幾年裡，服務將成為 Bloom 不斷增長的盈利和收入來源，這將是一個巨大的優勢。這就是我們為此付出如此多努力的原因。我們會繼續努力。

Improving life, reducing cost, operating the system with AI-driven digital platform. Let me highlight that for a second. Here is what you need to know:

改善生活，降低成本，利用人工智慧驅動的數位平台營運系統。讓我再強調一下這一點。以下是您需要了解的內容：

We have a few trillion cell hours of field operation is what Bloom has. A few trillion cell hours. More than 6 billion data points come from our field to us every single day.

Bloom 擁有數兆小時的現場運作資料。幾萬億個細胞小時。每天，我們現場都會收到超過 60 億個數據點。

We are using AI. We are not only benefiting from AI on our revenue side. We are using AI to our benefit for all this to improve our performance every single day because we have a digital twin associated to every single fuel cell stack. Data from the real field is coming and feeding the digital twin and making our models better and better.

我們正在使用人工智慧。人工智慧帶給我們的好處不僅限於收入方面。我們利用人工智慧來提高我們每天的效能，因為每個燃料電池堆都有一個與之關聯的數位孿生體。來自真實領域的數據不斷湧入，為數位孿生模型提供養分，使我們的模型越來越好。

This is how we are going to build that business. It's a strong business for us.

這就是我們建立這項業務的方式。這對我們來說是一項強勁的業務。

You shouldn't have to worry, going forward, about what are we going to do with Service business. The more important question is, are you placing enough enterprise value to this Service business?

今後您不必擔心我們將如何處理服務業務。更重要的問題是，你是否給予這項服務業務足夠的企業價值？

Michael Blum, Wells Fargo.

麥可布魯姆，富國銀行。

Congrats on the quarter.

恭喜你本季取得佳績。

I'm wondering if you could speak to one of your suppliers. Mstar Technologies had extremely bullish comments on the earnings call, projecting 30% growth CAGR to 2030 for Bloom Energy.

我想問您是否可以和您的供應商談談。Mstar Technologies 在財報電話會議上發表了極為樂觀的評論，預測 Bloom Energy 到 2030 年的複合年增長率將達到 30%。

I'm wondering if you could just speak to that and maybe help us square that with the updated backlog number.

我想請您就此談談，或許可以幫我們核對一下這個數字和更新後的積壓工作量是否一致。

We are appreciative of the enthusiasm that our strong supply chain partners have and how bullish they are about what we do. But, Michael, either to all of you or to our Board or to our vendors, we have not provided any long-term guidance. You can't attribute any of that to us.

我們非常感謝強大的供應鏈夥伴們的熱情，以及他們對我們所做工作的信心。但是，邁克爾，無論是對你們所有人、我們的董事會或我們的供應商，我們都沒有提供任何長期指導。這些都與我們無關。

You would have to ask them where their confidence is coming from and square that with your own models. But we have not provided any guidance that far out.

你需要問他們自信的來源，並用你自己的模型來驗證這一點。但我們尚未提供如此長遠的指導意見。

Again, this is not a flip-in comment. Let me tell you what's just happening, right?

再次聲明，這不是插話評論。讓我來告訴你剛才發生了什麼，好嗎？

Just take the last three days, last two days, of what you're all seeing in the market. Amazon came out today, along with us, after the market and said they're upping their capital expense almost 100% to $200 billion for the year 2026., right? Google did the same thing yesterday or -- yeah, yeah, yesterday, after the bell -- and, again, upping their CapEx heavily to $175 billion to $185 billion.

就看看過去三天，或是過去兩天，你們在市場上看到的情況吧。亞馬遜今天和我們一樣，在股市收盤後宣布，他們將把2026年的資本支出提高近100%，達到2,000億美元，對吧？谷歌昨天也做了同樣的事情——是的，是的，昨天，在收盤後——再次大幅提高了資本支出，達到 1750 億美元至 1850 億美元。

This is all for the digital infrastructure. You know what? What you're seeing happening, is the horizon, at best, is 6 months -- long-term horizon. Nobody has visibility past that because this entire field is accelerating at that pace.

這一切都是為了數位基礎設施。你知道嗎？你現在看到的，充其量只能是 6 個月——這是長期的展望。沒有人能預見更遠的未來，因為整個領域都在以這樣的速度加速發展。

For us to sit here and talk about 2030, that's the old industrial age resource planning that the utility companies used to do. That's not where the digital age is going.

我們坐在這裡談論 2030 年，這還是老一套的工業時代資源規劃，是公用事業公司過去常做的那種規劃。數位時代的發展方向並非如此。

We don't have any predictions for 2030, right now, other than to say we are extremely bullish and it's going to accelerate. Thank you.

目前我們對 2030 年沒有任何預測，只能說我們非常看好，而且成長速度將會加快。謝謝。

I appreciate the clarity there.

我很欣賞這種清晰的解釋。

Other question I had was on the backlog. I'm wondering if you could tell us what the mix is, US, international. Really, the broader question is, if you could speak to your conversations you're having with prospective customers, should we expect most of your business is going to be in the US, going forward? Or is there a meaningful international market opportunity, also, that we should be thinking about?

我還有一個關於積壓工作的問題。我想知道您能否告訴我們其中一部分客戶來自美國，一部分來自國際。實際上，更廣泛的問題是，如果您能談論您與潛在客戶的對話，我們是否可以預期您的大部分業務在未來將主要來自美國？或者，是否存在值得我們考慮的、有意義的國際市場機會？

Thank you. That's a good question.

謝謝。這是個好問題。

We don't break down the mixes between US and international.

我們不會細分美國和國際市場之間的混合比例。

But, look, to answer your broader question, Bloom is going to be a global company. We are going to expand and really play a major role in other countries.

但是，要回答你更廣泛的問題，Bloom 將會是一家全球性公司。我們將擴大業務，並在其他國家發揮重要作用。

Actually, if you think about what is the infrastructure we need to be able to play in those areas, it's going to lag behind the US, simply because LNG terminals, the amount of LNG available for new projects -- given what's happened in the world with, like, Russian gas being cut off to Europe, things like that -- is necessarily going to take a few more years to take off in a big way.

實際上，如果你想想我們在這些領域開展業務所需的基礎設施，你會發現它落後於美國，原因很簡單，液化天然氣接收站，以及可用於新項目的液化天然氣數量——考慮到世界上發生的事情，比如俄羅斯天然氣被切斷對歐洲的供應等等——必然還需要幾年時間才能大規模發展起來。

If there is gas going to these countries now, it is to support existing infrastructure. It's barely available to support new growing infrastructure.

如果現在有天然氣輸送到這些國家，那也是為了支援現有的基礎設施。它幾乎不足以支持不斷增長的新興基礎設施。

You're not seeing very large projects in Europe for that reason. You're not hearing about the 0.5-gigawatt and 1-gigawatt data centers being built out there. right, other than where power is already available.

也因為如此，你才看不到歐洲有很多大型計畫。除了電力供應充足的地方之外，你幾乎沒聽說過正在建造的0.5吉瓦和1吉瓦的資料中心。

So it's going to lag behind a little bit. But we are going to stay on top of it.

所以它會稍微落後一些。但我們會密切關注此事。

A predominance of the opportunities, right now, for everybody in the world is here in the US. The growth rate is unbelievable.

目前，全世界絕大多數人的機會都在美國。成長速度令人難以置信。

Do we see, at least, for the foreseeable future US being the key area of focus? The answer is yes.

我們是否至少在可預見的未來，美國將成為重點區域？答案是肯定的。

In terms of the diversity of the mix, I want to remind you all, as much as we talk about AI, commercial and industrial business is very strong for us. We have had a 135% growth year over year in our commercial and industrial backlog.

就業務組合的多樣性而言，我想提醒大家，儘管我們經常談論人工智慧，但商業和工業業務對我們來說仍然非常強大。我們的商業和工業積壓訂單年增了 135%。

Companies, factories, campuses, retail businesses; they're all digitizing. They're all automating. They're all using robots. They're all seeking AI. Their power needs, their power draw, is going up.

公司、工廠、校園、零售企業；它們都在進行數位轉型。它們都在實現自動化。他們都在使用機器人。他們都在尋求人工智慧。他們的用電需求，也就是他們的用電量，正在增加。

That Electricity demand is very high. When a factory is getting built, they can't wait for the power company to give them the power at their own pace. We see them coming more and more to us.

電力需求非常高。工廠建設時，他們不能坐等電力公司以自己的步調供電。我們看到他們越來越多地向我們走來。

It's all happening in the middle of the country where there is gas availability and where there's proper policy for on-site power being encouraged.

這一切都發生在國家中部，天然氣供應充足，並且有鼓勵現場發電的適當政策。

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

Guys, as you look at the depth of the market and the breadth of customers that you're dealing with and the value-added elements that you have to your system with the future-proofing and cooling dynamics, can you just talk about your pricing strategy?

各位，考慮到市場的深度、顧客群的廣度，以及你們系統在面向未來和散熱方面的增值特性，能否談談你們的定價策略？

As you get a little bit deeper into this, how much pricing leverage do you have? How much do you want to take here over the next 12 to 24 months?

當你深入了解之後，你擁有多大的價格談判優勢？未來 12 至 24 個月，你打算在這裡投入多少？

Look, pricing, really, is very much a market phenomena, like, based on where people are. People are now going to states where they can get affordable power.

你看，定價實際上很大程度上是一種市場現象，它取決於人們所處的位置。現在人們都搬到電力價格合理的州去。

But, affordable power, remember, is value-based, okay? Most of our customers place value on time to power; place value on ease of permitting because we don't create air pollution. They don't want to get caught in a backlash or -- either a non-permit -- or a backlash from their local community.

但是，請記住，價格合理的電力是基於價值的，好嗎？我們的客戶大多重視供電速度；重視核准的便利性，因為我們不會造成空氣污染。他們不想因此遭到強烈反對，要嘛被拒絕發放許可證，要嘛遭到當地社區的強烈反對。

We feel very, very good that our customers truly value the proposition we bring to them. And so if you just looked at where we are, we don't see us having to choose between growth and profitability, okay; between our continuous cost reductions and efficiencies, given where electricity prices are going elsewhere

我們感到非常欣慰，我們的客戶真正重視我們為他們帶來的價值主張。所以，如果我們只看我們目前的處境，就會發現我們不必在成長和獲利之間做出選擇；也不必在持續降低成本和提高效率之間做出選擇，尤其是在其他地區電價上漲的情況下。

If you just listen to the legacy suppliers of turbines and engines, they're all talking about pricing leverage. What does that mean? They're actually increasing their prices.

如果你只聽聽傳統渦輪機和引擎供應商的說法，他們都在談論價格優勢。這意味著什麼？他們實際上正在提價。

Electricity, for customers, is going in only one direction. What we offer is really a competitive price but at a value stack that they're extremely happy with and are willing to pay. So I don't think, in the foreseeable future, we have to be looking at worrying about pricing.

對使用者而言，電力只會朝著一個方向發展。我們提供的價格確實很有競爭力，而且性價比很高，客戶非常滿意，也願意為此付費。所以我認為，在可預見的未來，我們不必擔心價格問題。

And then, the follow-up here is really around any interest in potential M&A. Obviously, you've got a lot of wood to chop with the core product here. But with an augmented balance sheet and a very robust currency, right now, with the stock, is there any reason or opportunities for you guys to start looking at incremental acquisitions to scale the platform, at all?

接下來，我們要進一步了解大家對潛在併購的興趣。顯然，這個核心產品還有很多工作要做。但是，鑑於目前資產負債表的改善和貨幣的強勢，以及股票的上漲，你們是否有任何理由或機會開始考慮進行增量收購來擴大平台規模？

Look, we can be selective about things that matter to us and things that matter to our customers.

你看，我們可以選擇性地決定哪些事情對我們重要，哪些事情對我們的客戶重要。

If we had some acquisitions, will that make it easier for us to bring that entire smart platform to our customers in a better way?

如果我們進行一些收購，這是否會讓我們更容易、更好地將整個智慧平台帶給我們的客戶？

Other than that, our potential addressable market and our ability to light up the planet is just unthinkably big that we don't need to be looking at what else should we be doing.

除此之外，我們潛在的市場規模和照亮地球的能力是難以想像的龐大，我們根本不需要考慮我們還應該做些什麼。

Like, lighting up the planet is a good day job. I don't need another day job.

例如，點亮地球就是一份不錯的日常工作。我不需要另一份日常工作。

Mark Strouse, JP Morgan.

馬克‧斯特勞斯，摩根大通。

KR, I thought it was really interesting when you said that over 80% of the backlog today is in some of those lower-cost states outside of California and the Northeast.

KR，你說如今超過 80% 的積壓案件都集中在加州和東北部以外的一些低成本州，我覺得這很有意思。

Appreciating maybe some of that's driven by data centers. I was curious if you could maybe give that metric for your non-AI business; what that mix might look like?

或許部分原因在於資料中心。我很好奇您能否提供您非人工智慧業務的衡量指標；這種組合可能是什麼樣的？

No. Sorry. We just don't do that.

不。對不起。我們根本不會那樣做。

Give me another question, I can answer you.

再問我一個問題，我可以回答你。

Okay. All right. I'll follow up offline. Thank you.

好的。好的。我會線下跟進。謝謝。

Can I ask on the book-and-ship business? This time, last year, I think you said 2024 was the first year that the majority of your revenue came from book-and-ship. Can you talk about what that looked like in '25; and how you're thinking about that, going forward?

我可以問一下關於圖書和船舶業務的問題嗎？去年這個時候，我想您說過 2024 年是您大部分收入來自預訂和運輸的第一年。能談談2025年的狀況嗎？以及您未來對此有何想法？

Yeah. Yeah. Sure. That's an important thing, right?

是的。是的。當然。那可是件很重要的事，對吧？

We in, like, '25, we had a significant double-digit percentage, let's just put it that way, of book-and-ship that we were able to do: booking, shipping, turning power on for our customer.

大約在 2025 年，我們實現了兩位數的預訂和發貨比例，這麼說吧，我們能夠完成預訂、發貨，並為我們的客戶開通電源。

You heard one example of that where we powered a data center, like, 55 days, right?

你聽過一個例子嗎？我們曾為一個資料中心供電，持續了大約 55 天，對吧？

And so that was a significant part of the business. We would expect there are plenty of our valued customers who are going to come to us and want that power very urgently for whatever reason they have.

因此，這構成了公司業務的重要組成部分。我們預計會有很多尊貴的客戶前來尋求協助，無論是什麼原因，他們都非常迫切地需要這種電力。

Most often, I can tell you, Mark, it is some other vendor who did not keep their promise and they come to us. We see this as a competitive advantage. We want to be able to support a customer under those circumstances.

馬克，我可以告訴你，大多數情況下，都是其他供應商沒有履行承諾，然後他們才會來找我們。我們認為這是一個競爭優勢。我們希望能夠在這些情況下為客戶提供支援。

We have the capacity to do that. We would love to do that.

我們有能力做到這一點。我們很樂意這樣做。

I would think it will still be in, like, double digits, in terms of percentages.

我認為以百分比計算，應該還是會保持在兩位數左右。

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比，BTIG。

Last month, AEP exercised their option for fuel cells under that gigawatt agreement with Bloom. But the offtake would not be finalized until the second quarter of this year.

上個月，AEP 根據與 Bloom 達成的千兆瓦協議，行使了燃料電池的選擇權。但這項承購協議要到今年第二季才能最終敲定。

My question is,: Would you expect them to take delivery of the fuel cells, regardless, given the existing power demand environment and the infrastructure they put in the ground, as well?

我的問題是：考慮到現有的電力需求環境以及他們已經投入使用的基礎設施，您是否認為他們會接收燃料電池？

Yes. AEP very clearly said that in their press release. We reiterated that.

是的。AEP在新聞稿中非常明確地說明了這一點。我們重申了這一點。

That, our sale of that product is unconditional. They will take possession.

也就是說，我們出售該產品是無條件的。他們將接管。

Obviously, they wouldn't have accepted that if they didn't believe very strongly that they could get this going, number one, in terms of that project.

顯然，如果他們不是非常有信心能夠啟動這個項目，他們就不會接受這個結果。

But, additionally, here is what you need to know, right? AEP and us are working on several projects together. They're great partners of ours. We expect that our combined business is only going to grow.

此外，您還需要了解以下內容，對嗎？AEP和我們正在合作多個專案。他們是我們非常棒的合作夥伴。我們預計合併後的業務只會持續成長。

They didn't have any concerns about signing a definitive order with us, even though they had to go through some formalities on their side because Bloom's energy servers are not a perishable. They can easily put that to use in multiple other locations that they are potentially considering us for.

他們並不擔心與我們簽訂正式訂單，儘管他們那邊需要辦理一些手續，因為布魯姆的能源伺服器不是易腐品。他們可以輕鬆地將這項技術運用到他們可能正在考慮讓我們前往的其他多個地點。

Second, I do want to ask about the warrant transaction with Oracle. That deal helps align your interest, of course.

其次，我想詢問一下與 Oracle 的認股權證交易狀況。當然，這項交易有助於使你們的利益保持一致。

I'm wondering, how do you think about doing similar transactions with other hyperscalers, if that's something they're interested in?

我想知道，如果其他超大規模資料中心營運商也對此感興趣，您如何看待與他們進行類似的交易？

Again, we still haven't executed that agreement. As you know, we are working through that strategic partnership agreement that we have.

我們仍然沒有執行那項協議。如您所知，我們正在落實我們之間的策略合作協議。

Because of that, I can't speak to the details of it because it's not out there. But you'll see that soon.

正因如此，我無法透露詳情，因為相關資訊尚未公開。但你很快就會看到這一點。

Everything is on a case-by-case basis. In this particular case, I'll tell you what the criteria was.

一切視具體情況而定。在這個具體案例中，我會告訴你評判標準是什麼。

It was a great strategic partnership, where both enterprises had lot to gain. By doing that -- and remember, these are not penny warrants. These were done at market pricing on the day we agreed to, like, what we do. So it is not in lieu of something, other than both parties enhancing enterprise value.

這是一項極佳的策略合作，雙方企業都從中獲益良多。這樣做－記住，這些不是一分錢的認股權證。這些都是按照我們約定的市場價格在當天完成的，就像我們平常會做的那樣。所以它並非用來取代其他東西，而是為了雙方提升企業價值。

I'm not going to say yes or no to this. It will all be evaluated on a case-by-case basis, if there's enterprise value. So the answer is neither a yes or a no. It depends.

我不會對此說“是”或“否”。一切都將根據具體情況逐案評估，看是否有企業價值。所以答案既不是“是”，也不是“否”。這取決於。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯，圖伊兄弟。

I wanted to ask about the Product margins and the supply chain.

我想了解一下產品利潤率和供應鏈的情況。

I was just wondering what your thoughts are on your visibility into your input costs for components. I'm just wondering if there was any trend you're considering towards longer-term contracting or forward-purchasing from vendors to exercise your leverage with cost.

我只是想了解一下您對零件投入成本的透明度有何看法。我只是想知道您是否考慮過與供應商簽訂長期合約或提前採購，以利用成本優勢來增強自身競爭力。

No. Thank you so much. I'm going to ask for your indulgence and say, let me not do a follow-up question because we are, like, running on the hour. But let me answer this very good question you asked.

不。太感謝了。請各位見諒，我不想再問後續問題了，因為我們時間已經很緊迫了。但請容許我回答您提出的這個非常好的問題。

Look, we are constantly working, both internally in the company and with our supply chain partners, to figure out efficiencies -- how to bring scale-related efficiencies; how to bring about technology and process-related efficiencies -- and continuously keep bringing down the cost.

你看，我們一直在公司內部以及與供應鏈合作夥伴一起努力，尋找提高效率的方法——如何提高規模相關的效率；如何提高技術和流程相關的效率——並不斷降低成本。

We are also extremely judicious of watching what is going on in the world and securing at-risk buys, if we need to; if we see certain things happen.

我們也非常謹慎地關注世界局勢，並在必要時進行風險投資；如果我們看到某些事情發生。

You can see we are not pinching the last penny on the amount of inventory we hold. There are very good reasons for those things because we're very strategic about all those decisions.

可以看出，我們在庫存數量上並沒有吝惜每一分錢。這些決定都有非常充分的理由，因為我們在做出所有這些決定時都非常注重策略。

In terms of cost reduction, overall, double-digit cost reduction is in our DNA every single year. We make that happen.

就降低成本而言，每年實現兩位數的成本降低已經融入了我們的基因。我們促成此事。

Sometimes, all of that translates out. Sometimes -- because, suddenly, a tariff regime came along, instead of saying our cost went up, we're able to neutralize a lot of that. Or, during COVID, when the cost of logistics went up, we didn't have to increase our price because we could make up for that cost increase using our cost reductions.

有時候，所有這些都會變成現實。有時——因為突然間，一項關稅制度出台了，我們不會說我們的成本上升了，而是能夠抵消許多成本上升的影響。或者，在新冠疫情期間，當物流成本上升時，我們不必提高價格，因為我們可以透過降低成本來彌補成本的上升。

But we have always delivered that. We'll continue to deliver that. That's in our DNA.

但我們一直以來都做到了這一點。我們將繼續做到這一點。這是刻在我們基因裡的。

So that's how we are going to bring about margin accretion over a long period of time in this company and keep growing our margins, okay?

所以，這就是我們公司在很長一段時間內實現利潤成長並持續提高利潤率的方法，明白嗎？

With that, let me conclude to say in the closing, look, you all see, Bloom's really executing from a position of strength. But we are also scaling with discipline.

最後，我想說的是，你們都看到了，布魯姆確實是在優勢地位上執行戰術的。但我們也正以嚴謹的態度進行規模化發展。

We are on a very firm path to make sure that we become the standard for on-site power; the benchmark for speed, reliability, flexibility, everything.

我們正堅定地朝著成為現場供電標準的目標邁進；成為速度、可靠性、靈活性等各方面的標竿。

As you heard in the last couple of days from the large digital companies, they're all increasing their CapEx by amounts that would have seemed unbelievable, even two years ago. These numbers are staggering. This is all for CapEx infrastructure.

正如你最近幾天從大型數位公司聽到的那樣，它們都在增加資本支出，其數額之大，即使在兩年前也是令人難以置信。這些數字令人震驚。以上全部都是資本支出基礎建設項目。

Everything is digital. This is digital infrastructure. Digital runs on electricity. Electricity, at that pace, cannot be delivered by anyone in the free world today using poles and wires. On-site power is a necessity.

一切都數位化了。這是數位基礎設施。數位技術需要電力才能運作。以這樣的速度，當今自由世界的任何單位都無法使用電線桿和電線輸送電力。現場供電是必需的。

Bloom brings very clear competitive advantages that legacy providers that built their technology for the industrial age cannot adapt to. So we are very confident in the path we have charted for ourselves; and are excited for the future.

Bloom 帶來了非常明顯的競爭優勢，而那些為工業時代建構科技的傳統供應商卻無法適應。因此，我們對我們為自己規劃的道路非常有信心；並且對未來感到興奮。

We look forward to another very good year. Thank you so much.

我們期待又一個美好的年份。太感謝了。

Ladies and gentlemen, that concludes today's call. Thank you, all, for joining in. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連線了。