Bloom Energy Corporation (BE) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the Bloom Energy second-quarter 2026 earnings call. Just a reminder that today's call is being recorded.

各位好，歡迎參加 Bloom Energy 2026 年第二季財報電話會議。提醒各位，今天的電話會議將被錄音。

At this time, I would like to hand things over to Mr. Michael Tierney. Please go ahead.

此刻，我想把時間交給 Michael Tierney 先生。請開始。

Thank you, and good afternoon, everybody. Thank you for joining us for Bloom Energy's second-quarter 2026 earnings call. To supplement this conference call, we furnished our second-quarter 2026 earnings press release and supplemental financial information with the SEC on Form 8-K and have posted these materials which we will reference throughout this call to our Investor Relations website.

謝謝，各位下午好。感謝各位參加 Bloom Energy 2026 年第二季財報電話會議。為補充本次電話會議，我們已向美國證券交易委員會（SEC）以 8-K 表格提交 2026 年第二季財報新聞稿及補充財務資訊，並已將這些資料（我們在本次會議中將引用）發布於投資人關係網站。

During this conference call, both in our prepared remarks and in answer 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, markets, customers, strategy, financial position, liquidity, and full-year outlook for 2026. 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, we assume no obligation to revise any forward-looking statements made on today's call.

在本次電話會議中，無論是在我們的事先準備發言或在回答各位問題時，我們可能會作出前瞻性陳述，代表我們對未來事件及未來財務表現的預期。其中包括關於公司營運結果、產品、市場、客戶、策略、財務狀況、流動性，以及 2026 年全年展望的陳述。這些陳述是基於我們的預期、估計與假設所作出的預測。然而，由於這些陳述涉及未來事件，因此會受到多項已知與未知風險及不確定性的影響；相關內容已在我們向 SEC 提交的文件中詳加說明，包括我們最近提交的 10-K 與 10-Q 表格。我們不承擔在今日電話會議中所作任何前瞻性陳述之修訂義務。

During this call and in our second-quarter 2026 earnings press release and supplemental financial information, we refer to GAAP and non-GAAP financial measures. The non-GAAP financial measures are not prepared in accordance with US generally accepted account principles and are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP. A reconciliation between the GAAP and non-GAAP financial measures is included in these materials, which are available on our Investor Relations website.

在本次電話會議，以及我們 2026 年第二季財報新聞稿與補充財務資訊中，我們會提及 GAAP 與非 GAAP 財務衡量指標。非 GAAP 財務衡量指標並非依照美國一般公認會計原則編製，係作為補充，並非取代或優於依 GAAP 編製的財務績效衡量指標。GAAP 與非 GAAP 財務衡量指標之間的調節表已包含於上述資料中，並可於我們的投資人關係網站取得。

Joining me today on the call are K.R. Sridhar, Founder, Chairman, and Chief Executive Officer; and Simon Edwards, our Chief Financial Officer. K.R. will begin with an overview of our progress, and then Simon will review financial highlights for the quarter. After our prepared remarks, we will have time to take your questions.

今天與我一同參與電話會議的有：創辦人、董事長兼執行長 K.R. Sridhar，以及財務長 Simon Edwards。K.R. 將先概述我們的進展，接著 Simon 將回顧本季的財務重點。在我們的事先準備發言結束後，將保留時間回答各位的提問。

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

現在我把電話會議交給 K.R.。

Good afternoon, everyone, and thank you for joining us. It took Bloom 21 years to deliver its first $1 billion year in 2022. It took us another three years to double our 2022 revenue. Now, we are guiding to double that revenue in just one year, having achieved our first $1 billion quarter.

各位下午好，感謝各位加入我們。Bloom 花了 21 年，才在 2022 年達成首個年營收 10 億美元。我們又花了三年時間，將 2022 年的營收翻倍。現在，我們的指引是在短短一年內再把該營收翻倍，因為我們已達成首個單季 10 億美元的里程碑。

Bloom Energy's business is accelerating. We are expanding at breakneck speed and continue to grow more profitable. We have successfully demonstrated the earning power of our agile business model, doing exactly what we built it to do. And through all of it, we kept the promise that we make to our customers; Bloom will not be your bottleneck. We deliver power at AI speed and enable our customers to grow. This makes us a vital strategic partner and builds customer loyalty.

Bloom Energy 的業務正在加速。我們以驚人的速度擴張，並持續提升獲利能力。我們已成功展現敏捷商業模式的獲利能力，正如我們打造它時所設計的那樣運作。在這一切過程中，我們始終履行對客戶的承諾；Bloom 不會成為你的瓶頸。我們以 AI 的速度交付電力，協助客戶成長。這使我們成為關鍵的策略夥伴，並建立客戶忠誠度。

And demand is compounding. Newcomers are arriving at a faster pace than ever. Landing a mega customer used to take us years, a moat that protected the incumbents. Now, the proven success of our technology, coupled with an increasingly urgent need for efficient, clean, and reliable power, has collapsed the time from first engagement to first order. Because we can book, ship, and convert orders to revenue inside the same fiscal year, that demand shows up in results now, while also adding to and diversifying our backlog.

而需求正在加速累積。新客戶加入的速度比以往更快。過去我們要拿下一個超大型客戶往往需要數年時間，這道護城河保護了既有業者。如今，我們技術已被證明成功，再加上對高效率、潔淨且可靠電力的需求日益迫切，使得從首次接觸到首次下單的時間大幅縮短。由於我們能在同一個會計年度內完成接單、出貨並將訂單轉為營收，需求會立即反映在當期成果上，同時也會增加並分散我們的在手訂單（backlog）。

Notably, just this year, several customers who had alternative solutions in place abandoned them and came to Bloom. Once customers are in, they see the total economic value of our solution and place more orders. We have booked major customers as of today who are not in our reported backlog at the end of last year, for whom we will ship some of our systems this year. These customers are now placing longer-term orders leading to our backlog growing at a faster pace than revenue. Let me repeat, leading to our backlog growing at a faster pace than revenue.

值得注意的是，就在今年，有數位原本採用替代方案的客戶放棄原方案，轉而選擇 Bloom。一旦客戶導入後，他們會看到我們解決方案的整體經濟價值，並下更多訂單。截至今日，我們已簽下多個主要客戶，這些客戶並未包含在去年底所揭露的在手訂單中，而我們將於今年出貨部分系統給他們。這些客戶目前也在下更長期的訂單，使得我們的在手訂單成長速度快於營收。我再重申一次，使得我們的在手訂單成長速度快於營收。

Bloom Energy has emerged as the standard for onsite power as we predicted we would in our third-quarter call last year. At that time, we had just announced our first direct hyperscaler customer, Oracle, and delivered them power for a data center within 55 days. Today, all the major US hyperscalers and over a dozen US neoclouds, AI labs, and colocation data center operators have validated and approved our power solutions for their AI factories. Our commercial and industrial business continues to grow. We are the standard for onsite power for hospitals, factories, telecom providers, university campuses, and retail stores.

Bloom Energy 已如我們在去年第三季電話會議所預測，成為現場供電（onsite power）的標準。當時我們剛宣布第一位直接的超大規模雲端（hyperscaler）客戶 Oracle，並在 55 天內為其資料中心交付電力。今天，美國所有主要 hyperscaler，以及十多家美國新雲（neocloud）、AI 實驗室與機房代管（colocation）資料中心營運商，皆已驗證並核准我們的供電解決方案，用於其 AI 工廠。我們的商用與工業（C&I）業務持續成長。我們已成為醫院、工廠、電信業者、大學校園與零售門市等場景的現場供電標準。

But it took us nearly a decade to become the accepted solution in these verticals, contrast that to AI data centers where we have become a standard in less than a year. I founded Bloom on the conviction that onsite power would be essential to powering the world and ushering in the digital transformation. And we have built our company to offer the best onsite power solution that removes friction for our customers. We are clean and reliable and fast and affordable. Customers do not have to choose or compromise. And over time, we are reducing friction and turning headwinds to tailwinds.

然而，我們花了將近十年才在這些垂直領域成為被接受的解決方案；相較之下，在 AI 資料中心領域，我們不到一年就成為標準。我創立 Bloom 的信念是：現場供電將是為世界供能並推動數位轉型的關鍵。我們打造公司，就是為了提供最佳的現場供電解決方案，為客戶消除摩擦。我們潔淨、可靠、快速且具成本效益。客戶不必在其中取捨或妥協。而隨著時間推進，我們正在降低摩擦，並把逆風轉為順風。

Let's take a moment to discuss four friction points: capital, community, permitting, and speed.

讓我們花點時間討論四個摩擦點：資本、社區、許可，以及速度。

Start with capital. For a century, the cost of power plants and the grid was spread across millions of ratepayers and amortized over decades, a new load simply plugged into surplus capacity and only paid a monthly bill, but surplus grid capacity is now gone. New data center load now means new infrastructure, heavy capital, long lead time, and ratepayers who will not fund or subsidize capacity for a corporate customer. The faster, cheaper, more predictable path for that customer is islanded onsite power. But that solution demands either a capital budget, most end customers do not have, or a financing partner behind a power purchase agreement. And negotiating bespoke terms across financiers, developers, operators, OEMs, and end users is complicated and slow, so we kill that friction with strong financial partners who provide our customers project capital.

先從資本談起。一個世紀以來，電廠與電網的成本由數以百萬計的用戶分攤，並在數十年內攤銷；新增負載只要接入既有的剩餘容量，僅需按月支付電費即可，但如今電網的剩餘容量已不復存在。新的資料中心負載如今意味著新的基礎設施、龐大資本支出、漫長交期，以及不會為企業客戶提供資金或補貼容量的用戶。對該客戶而言，更快、更便宜且更可預期的路徑，是孤島式（islanded）的現場供電。但該方案要嘛需要多數終端客戶並不具備的資本預算，要嘛需要在購電協議（PPA）背後的融資夥伴。而在融資方、開發商、營運商、OEM 與終端用戶之間協商客製化條款既複雜又耗時，因此我們透過強大的金融合作夥伴為客戶提供專案資金，以消除這項摩擦。

Brookfield anchors that financing shelf. We formed a partnership last fall at $5 billion. Nine months later, in June, Brookfield expanded its commitment fivefold $25 billion. One of the largest and most experienced infrastructure investors in the world evaluated our technology, our delivery record, and our pipeline backed us with $5 billion, watched us execute and then multiplied that backing by 500%. Capital of that quality and quantity does not follow letters of intent, MOUs, or press releases. It follows performance, happy customers, and firm bankable orders.

Brookfield 是該融資平台的核心支柱。我們在去年秋天建立了 50 億美元的合作夥伴關係。九個月後的 6 月，Brookfield 將其承諾擴大五倍至 250 億美元。全球規模最大且經驗最豐富的基礎建設投資人之一，在評估我們的技術、交付紀錄與案源後，以 50 億美元支持我們；觀察我們的執行成果後，再將支持力度提高 500%。如此高品質且大規模的資本，不會追隨意向書、備忘錄（MOU）或新聞稿。它追隨的是績效、滿意的客戶，以及確定且可融資（bankable）的訂單。

And Brookfield is not alone. This quarter, Industrial Development Funding, who has previously funded Bloom deployments, partnered with Oaktree, MUFG Bank, and Morgan Stanley to fund Bloom deployments, cumulatively bringing their total commitment to $2.6 billion, and more financing partners are in the wings. Gigawatt demand needs giga dollars of capital. We arrange that in advance.

而 Brookfield 並非唯一。本季，Industrial Development Funding（先前已為 Bloom 部署提供資金）與 Oaktree、MUFG Bank 及 Morgan Stanley 合作，為 Bloom 部署提供資金，使其累計總承諾達到 26 億美元，且還有更多融資夥伴正在醞釀中。GW 等級的需求需要「十億美元等級」的資本。我們會提前安排到位。

Next friction point, community. Communities have learned. They cannot live with combustion. However, they've also learned they can live next to Bloom Energy servers, no combustion, negligible air pollution compared to turbines and engines, negligible water use, a power server that is aesthetically appealing and runs quieter than air conditioning equipment. No construction project is [Nebius] proof, but communities welcome Bloom, and that is proving to be a real competitive advantage.

下一個摩擦點是社區。社區已經學會了。他們無法與燃燒共存。然而，他們也學到他們可以住在 Bloom Energy 電力伺服器旁邊，沒有燃燒，與渦輪機和引擎相比空氣污染可忽略不計，用水量可忽略不計；這是一種外觀美觀、運轉聲音比空調設備更安靜的電力伺服器。沒有任何建設專案是 [Nebius] 免疫的，但社區歡迎 Bloom，而這正被證明是一項真正的競爭優勢。

Our customers can get air permits with our technology faster than they can with a combustion alternative, and every month saved on permits is a month closer to power availability, which brings me to speed because time to power is really time to token revenue. Bloom is increasingly seen as the solution that eliminates the power availability friction point for AI.

我們的客戶使用我們的技術取得空氣許可的速度，比採用燃燒替代方案更快；而許可每節省一個月，就代表離電力可用性更近一個月——這也帶到速度，因為通電時間其實就是代幣收入的時間。Bloom 越來越被視為能消除 AI 在電力可用性上的摩擦點的解決方案。

Ships without power our inventory, not intelligence. Grid operators got years, timelines on which billion-dollar compute clusters go obsolete in a warehouse. Legacy suppliers celebrate backlog stretching to 2029 and beyond. We think a four-year backlog is not a trophy. It's a confession of constrained supply. By contrast, Bloom meets the time-critical needs of our customers and delivers power in months.

沒有電力，出貨的是庫存，不是智慧。電網營運商的時程以年計，而在這樣的時間軸上，價值數十億美元的運算叢集可能在倉庫裡就過時了。傳統供應商慶祝訂單積壓延伸到 2029 年甚至更久。我們認為四年的訂單積壓不是獎盃。那是供應受限的自白。相較之下，Bloom 能滿足客戶對時間極為關鍵的需求，並在數月內交付電力。

Since the beginning of the year, we have been continuously adding to our American manufacturing capacity in copy exact increments and will continue to do so ahead of committed orders.

自年初以來，我們一直以完全相同的增量持續擴充我們在美國的製造產能，並將在已承諾訂單之前持續這麼做。

And our speed is dependable because we have built a resilient supply chain with broadly available materials by design, multiple qualified suppliers across multiple countries for every critical input, inventory ahead of the ramp, relationships forged over two decades, no single supplier, and no single country determines our destiny. And every part of our supply chain is prepared to scale with our growth.

而我們的速度之所以可靠，是因為我們在設計上打造了具韌性的供應鏈：採用廣泛可得的材料、每一項關鍵投入在多個國家都有多家合格供應商、在產能爬坡前先行備庫、二十年來建立的合作關係，沒有任何單一供應商，也沒有任何單一國家能決定我們的命運。而我們供應鏈的每一個環節都已準備好隨著我們的成長而擴張。

When the business case is measured in months of AI compute, the fastest dependable path to power wins. We are on that path, and nobody else is close. None of this is by accident. We will scale into our model years ago for a simple reason. If we were right about the market need for onsite power, the company had to be able to scale rapidly.

當商業案例以 AI 運算的「月數」來衡量時，最快且可靠的通電路徑就會勝出。我們就在那條路徑上，而且沒有人接近。這一切都不是偶然。我們多年前就把規模化納入我們的模型，原因很簡單。如果我們對市場對就地供電的需求判斷正確，公司就必須能夠快速擴張。

Now, you're seeing that play out in practice. Capital, community, permitting, speed, remove all four frictions and the market renders its verdict. Supplier of choice. I choose those words deliberately because customers are choosing.

現在，你正看到這在實務上如何展開。資本、社區、許可、速度——把這四個摩擦全部移除，市場就會給出裁決。首選供應商。我刻意選用這些字，因為客戶正在做出選擇。

Customers who had ordered combustion turbines and reciprocating engines cancel those orders and choose Bloom. Nebius did it this quarter. Existing customers are coming back with expansion opportunities, and the largest infrastructure investors in the world are underwriting our deployments at scale, trusted partner to customer, to the community, and to capital.

那些原本訂購燃燒式渦輪機與往復式引擎的客戶取消了訂單，轉而選擇 Bloom。Nebius 本季就這麼做了。既有客戶帶著擴充機會回來，而全球最大的基礎建設投資人正在為我們的大規模部署提供承作支持——成為客戶、社區與資本都信賴的夥伴。

The market has noticed. Customers now come to us late in their development process and ask Bloom to step in as the primary onsite power solution. The entry point differs; the outcome does not.

市場已經注意到了。客戶現在在其開發流程的後期才來找我們，並請 Bloom 介入，作為主要的就地供電解決方案。切入點不同；結果不變。

Once they see our capability, our execution, and the total value we deliver over the life of ownership, the conversation expands from one project to a portfolio.

一旦他們看到我們的能力、我們的執行力，以及我們在整個持有期間所交付的總價值，對話就會從單一專案擴展到一個投資組合。

So let me be very clear. Bloom Energy is not dependent on one customer or one project. It is multiple customers and multiple projects across every stage of development. And because our copy exact Lego block servers redeploy from site to site painlessly. Unlike bespoke traditional equipment, every project in the portfolio is fungible. Diversity, fungibility, and nimbleness allows us to navigate the fast-changing AI landscape. Consequently, we have visibility and conviction in our growth trajectory for 2026 and beyond.

所以讓我非常清楚地說。Bloom Energy 不依賴單一客戶或單一專案。我們有多個客戶與多個專案，涵蓋開發的每一個階段。而且因為我們的完全相同、像樂高積木般的伺服器可以在不同場址之間無痛重新部署。不同於量身打造的傳統設備，投資組合中的每個專案都可互換。多元性、可互換性與敏捷性，使我們能在快速變動的 AI 版圖中穿梭前行。因此，我們對 2026 年及之後的成長軌跡具備能見度與信心。

Let me close with how we run this company because I know what's on your minds; will AI investment keep growing at the breakneck pace? Our engagement with customers suggests that the pace of investment will not just continue but accelerate; however, I do not know for sure. And I will not insult you by pretending to.

最後我想以我們如何經營這家公司作結，因為我知道你們在想什麼：AI 投資是否會以這種驚人的速度持續成長？我們與客戶的互動顯示，投資步伐不僅會延續，還會加速；但我並不確定。我也不會假裝確定來冒犯各位。

Henry Ford could not control that America wanted to drive. He controlled the cost, quality, and availability of the Model T. Like Ford, we are focused on managing the controllables. We drive costs down every single year while others benefiting from these buildouts talk only about raising prices.

亨利・福特無法控制美國人想要開車。他能控制的是 Model T 的成本、品質與供應可得性。就像福特一樣，我們專注於管理可控的事項。我們每一年都在降低成本，而其他受惠於這些建置潮的人只談漲價。

We innovate continuously to better serve our customers and meet every commitment we make. We are experiencing the tailwinds of rapid TAM growth and increasing market share simultaneously. And we are grateful we can meet the market's demands. At the same time we are building a durable advantage by earning the trust of both our customers And the communities.

我們持續創新，以更好地服務客戶並履行我們做出的每一項承諾。我們同時正受惠於 TAM 的快速成長與市占率的提升。我們很感謝自己能夠滿足市場需求。同時，我們也透過贏得客戶與社區的信任，建立持久的優勢。

With that, let me hand it to Simon to take you through the numbers. I'll rejoin you for Q&A. Simon?

接下來，我把時間交給 Simon，帶各位看數字。我會在問答環節回來。Simon？

Thank you, K.R. Good afternoon, everyone. This is my second earnings call as Bloom's CFO and my first with a full quarter behind me.

謝謝你，K.R. 各位下午好。這是我擔任 Bloom 財務長的第二次法說會，也是我在完整經歷一個季度後的第一次。

In April, I told you why I joined Bloom; belief in the mission, the architectural shift in power, the quality of the team, and the chance to help build a generational company. Three months in, that conviction has only strengthened. The demand environment is robust, and we are neither gated by capacity nor our supply chain.

四月時，我告訴各位我為何加入 Bloom：對使命的信念、電力架構的轉變、團隊的品質，以及協助打造一家世代級公司的機會。三個月過去，這份信念只更加堅定。需求環境強勁，而我們既不受產能限制，也不受供應鏈限制。

The operating discipline is real. The factory improved every week, and cost out is a rhythm here, not a program.

營運紀律是真實存在的。工廠每週都在改善，而成本下降在這裡是一種節奏，不是一個專案。

And in finance, we have a strong foundation, and my focus is on scaling our systems and processes to keep pace with our rapid growth.

在財務方面，我們有堅實的基礎，而我的重點是擴展我們的系統與流程，以跟上我們的快速成長。

Before the results, let me come back to the Brookfield announcement K.R. discussed, a fivefold expansion of our strategic partnership as Brookfield increases its framework finance Bloom power projects for AI infrastructure. A commitment of that size from one of the world's largest infrastructure investors is significant on its own.

在談業績之前，我想回到 K.R. 提到的 Brookfield 公告：隨著 Brookfield 增加其為 AI 基礎設施的 Bloom 電力專案提供框架融資，我們的策略夥伴關係擴大了五倍。來自全球最大基礎建設投資人之一、如此規模的承諾，本身就意義重大。

It is also the best way into our revenue model because you cannot fully appreciate what that partnership does without understanding the model behind it. And given our shareholder base has grown considerably this past year, let me take a minute to walk through how a Bloom deal works.

這也是理解我們營收模式的最佳切入點，因為若不理解其背後的模式，你無法充分體會該合作關係帶來的影響。鑑於我們的股東基礎在過去一年大幅成長，我花一點時間說明一筆 Bloom 交易是如何運作的。

Every Bloom deal starts with a contract with the end customer, the party that will actually use the power. That contract takes one of two basic forms. Either the customer buys the equipment outright, which is a CapEx sale, or the contract for power or capacity without owning the equipment.

每一筆 Bloom 交易都始於與終端客戶簽訂合約，也就是實際使用電力的一方。該合約基本上有兩種形式。要嘛客戶直接買斷設備，這是資本支出（CapEx）銷售；要嘛客戶簽的是電力或容量合約，而不擁有設備。

As our 10-K described, the second form comes in a few flavors. A power purchase agreement price per kilowatt hour, a capacity agreement, or an equipment lease price on installed capacity.

如同我們的 10-K 所述，第二種形式又有幾種樣態。例如：按每度電（kWh）計價的購電協議（PPA）、容量協議，或按已安裝容量計價的設備租賃。

Economically, they all work the same way. The customer pays overtime rather than owning the assets. In any case, every contract carries committed commercial operation date.

在經濟實質上，它們的運作方式都相同。客戶是隨時間付費，而不是擁有資產。無論哪一種，每份合約都包含承諾的商轉日期。

Since most customers choose to pay overtime rather than own, we bring in a financier, an institution like Brookfield, that purchases the energy service from Bloom owns them and deliver to the end customer under the contract we originated.

由於多數客戶選擇隨時間付費而非持有資產，我們會引入融資方——像 Brookfield 這樣的機構——由其向 Bloom 購買能源服務、持有相關資產，並依我們所促成的合約交付給終端客戶。

So when you see the word customer in our filings, it can mean either party; the financier that buys from us and appears in our revenue and concentration disclosures or the end customer whose demand created the deal.

因此，當你在我們的申報文件中看到「客戶」一詞時，它可能指任一方；可能是向我們採購並在我們的營收與集中度揭露中出現的融資方，或是其需求促成該筆交易的終端客戶。

The IDF partnership that was recently announced is another live example of that model. And it was a meaningful contributor to the quarter. Mechanically, it is our standard structure. Nebius has signed the offtake and IDF, an independent third party is purchasing the energy server on cash terms against identified site and delivery schedules.

近期宣布的 IDF 合作夥伴關係，就是該模式的另一個即時例子。而且它對本季有顯著貢獻。在運作機制上，這是我們的標準架構。Nebius 已簽署承購（offtake），而 IDF 這個獨立第三方則以現金條件，依據已確認的場址與交付時程購買能源伺服器。

One feature of this model worth understanding, especially for newer investors, is that large campus deliveries are lumpy. One or two customers could lead our revenue in any given quarter, and the customers rotate a different projects reach their delivery windows.

這個模式有一個特點值得理解，特別是對較新的投資人而言：大型園區的交付具有不均勻性（lumpy）。在任何一個季度，一到兩位客戶都可能成為我們的主要營收來源，而客戶會隨著不同專案進入其交付窗口而輪替。

The revenue can look concentrated in any single quarter that concentration reflects delivery timing, not the composition of our backlog. The backlog spans multiple hyperscalers, neoclouds, colocation providers, and commercial and industrial operators, and our contracts carry payment security appropriate to the transaction side.

營收在單一季度看起來可能高度集中；這種集中反映的是交付時點，而非我們在手訂單（backlog）的組成。在手訂單涵蓋多家超大規模雲端業者（hyperscalers）、新型雲（neoclouds）、機房代管（colocation）供應商，以及商業與工業營運商；而我們的合約也會依交易對象端配置相應的付款保障。

Now to the results. As a reminder, I will focus on non-GAAP adjusted metrics. A full GAAP to non-GAAP reconciliation is in the press release and the supplemental deck on our IR website. Revenue was $1.065 billion, up 166% year over year and 42% sequentially. This was another record quarter for Bloom and the first time we exceeded $1 billion in quarterly revenue, reflecting accelerating data center deliveries and disciplined execution, converting signed demand into revenue.

接著談業績。提醒一下，我將聚焦於非 GAAP 調整後指標。完整的 GAAP 與非 GAAP 調節表載於新聞稿與我們 IR 網站的補充簡報中。營收為 10.65 億美元，年增 166%，季增 42%。這是 Bloom 再創紀錄的一季，也是我們季度營收首次突破 10 億美元，反映資料中心交付加速與嚴謹執行，將已簽署的需求轉化為營收。

Product revenue was $935 million, up 215% year over year and 43% sequentially and represented nearly 90% of total revenue in the quarter. Gross margin was 34.3%, up 604 basis points year over year. The improvement reflected both favorable mix and margin expansion across both product and services.

產品營收為 9.35 億美元，年增 215%，季增 43%，本季約占總營收近 90%。毛利率為 34.3%，年增 604 個基點。改善主要來自有利的產品組合，以及產品與服務兩端的毛利率擴張。

Product gross margin was 37.2%, up 193 basis points sequentially and up 291 basis points from Q2 of 2025.

產品毛利率為 37.2%，季增 193 個基點，較 2025 年第二季增加 291 個基點。

A word on price. We deliver value, not a commodity kilowatt. Our customers are paying the time to power and what the solution can do, whether that is following the load profile of an AI campus for being ready to carbon capture, and our pricing reflects that. And on cost, we continue to drive product cost down across materials, labor and overhead, and we are doing that while ramping up our capacity and adding new capabilities.

談一下價格。我們交付的是價值，而不是商品化的每千瓦。客戶支付的是「通電時間（time to power）」以及解決方案能做到的事，例如貼合 AI 園區的負載曲線，或為碳捕捉做好準備；我們的定價也反映這些價值。在成本方面，我們持續在材料、人工與製造費用上降低產品成本，同時也在提升產能並新增能力。

Services margin was 22%, up 977 basis points year over year and our fifth-consecutive quarter of double-digit service margin. Service revenue is recognized ratably, net of guarantees, while the service costs are booked as incurred. So the timing of fleet maintenance, replacements in particular, moves the margin quarter to quarter.

服務毛利率為 22%，年增 977 個基點，且為連續第五季達到雙位數服務毛利率。服務營收會在扣除保證後按期（ratably）認列，而服務成本則在發生時入帳。因此，機隊維護（尤其是更換）時點會使毛利率在季度間波動。

Underneath that timing, margins have now reached the 20%-plus level driven by fleet performance, longer stack life, and scale, and we believe we will sustain them there over the long term.

在上述時點因素之下，受機隊表現、更長的堆疊壽命（stack life）與規模效益帶動，毛利率現已達到 20% 以上水準；我們相信長期可維持在此水準。

Blended gross margin will move quarter to quarter, driven by the pricing mix of projects delivered in any given period, deliberate trade-offs between cost optimization, and expediting where the customers' time to power is worth more than the incremental cost and the service maintenance timing I just described. Across all of it, we continue to feel good about our full-year gross margin outlook of approximately 34%, which we revised up last quarter.

綜合毛利率將隨季度變動，主要受當期交付專案的定價組合、在成本最佳化與加急交付之間的刻意取捨（當客戶的通電時間價值高於額外成本時），以及我剛提到的服務維護時點所驅動。綜合而言，我們對全年約 34% 的毛利率展望仍感到樂觀；該展望已於上季上修。

Operating income was $240 million, up 737% year over year, and operating margin was 22.5%, an expansion of approximately 1,536 basis points. Adjusted EBITDA was $253 million, approximately 24% of revenue. Non-GAAP diluted EPS was $0.78, and GAAP diluted EPS was $0.62. The increase in profitability reflects both higher volume and substantial operating leverage as the business scales.

營業利益為 2.40 億美元，年增 737%；營業利益率為 22.5%，擴張約 1,536 個基點。調整後 EBITDA 為 2.53 億美元，約占營收 24%。非 GAAP 稀釋後 EPS 為 0.78 美元，GAAP 稀釋後 EPS 為 0.62 美元。獲利能力提升反映了更高的出貨量，以及隨業務規模擴大而產生的顯著營運槓桿。

To that point, the operating leverage in these numbers is notable. This is structural, not a one-quarter effect. Revenue grew 166%, while operating expenses grew just 48%, and the mechanics behind that should persist.

就此而言，這些數字中的營運槓桿相當顯著。這是結構性的，而非單一季度效應。營收成長 166%，而營業費用僅成長 48%，其背後的運作機制應可持續。

The leverage comes from how we have built our cost structure. Our R&D base and our G&A infrastructure are largely fixed against a rapidly growing revenue base, so each incremental gigawatt of deliveries carries little incremental over. We run our support functions the way we run our factories, using automation and analytics across SG&A, service operations, and supply chain. So those functions grow with technology rather than people.

槓桿來自我們如何打造成本結構。我們的研發基礎與一般及行政（G&A）基礎設施，對應快速成長的營收基礎而言多屬固定成本，因此每增加一個 GW 的交付，新增的間接成本很少。我們以經營工廠的方式經營支援職能，在銷售、一般及行政（SG&A）、服務營運與供應鏈中運用自動化與分析。因此，這些職能隨技術而非人力成長。

We will continue to invest across the business, including G&A and R&D, but we expect operating expense growth to remain well below revenue growth which should drive continued operating margin expansion.

我們將持續在全公司投資，包括 G&A 與研發，但我們預期營業費用成長將持續遠低於營收成長，進而推動營業利益率持續擴張。

Cash flow from operations was $226 million, an increase of $439.5 million from the same period last year driven by profitability and favorable working capital performance. Free cash flow was $175 million, and we ended the quarter with $2.7 billion of cash. Generating significant operating cash flow while growing revenue at this current rate truly reflects the strength of the underlying business and the working capital discipline of the team.

營運活動現金流為 2.26 億美元，較去年同期增加 4.395 億美元，主要由獲利能力提升與有利的營運資金表現所帶動。自由現金流為 1.75 億美元，本季末現金為 27 億美元。在以目前速度成長營收的同時仍能產生可觀的營運現金流，確實反映了底層業務的強勁，以及團隊在營運資金管理上的紀律。

Now, turning to guidance. On the strength of our year-to-date performance as well as the visibility and confidence we have for our second half, we are raising our full-year revenue outlook to $3.9 billion to $4.2 billion. At the midpoint, that represents 100% growth over 2025 revenue of just over $2 billion.

接著談指引。基於我們年初至今的表現，以及對下半年所具備的能見度與信心，我們將全年營收展望上調至 39 億至 42 億美元。以中位數計算，這代表相較 2025 年略高於 20 億美元的營收，成長 100%。

Our outlook is built bottoms up in two layers. The foundation is backlog conversion, signed commitment delivering against customer site readiness dates.

我們的展望是以自下而上方式建立，分為兩層。基礎層是將在手訂單轉為營收：已簽署承諾依客戶場址就緒日期進行交付。

The second layer is in-year bookings. We intentionally reserve manufacturing capacity for time to power customers who need power in months and for whom we expect to book and convert into that capacity at rates consistent with recent experience.

第二層是當年度新增訂單（in-year bookings）。我們刻意保留製造產能給重視通電時間、需要在數月內取得電力的客戶；並預期能以與近期經驗一致的速度取得訂單並轉換至該產能。

On gross margin, we are holding our full-year margin rate at approximately 34% on a non-GAAP basis.

在毛利率方面，我們維持全年非 GAAP 毛利率約 34% 不變。

I'll also use this as an opportunity to make one point on how we run the business. When we have to choose between protecting a point of margin in a given quarter and expediting to deliver an order quickly to a customer who is going to be with us for years, we are going to prioritize the customer and the long-term strategic value of that relationship.

我也藉此機會說明一點我們如何經營業務。當我們必須在某一季守住一個百分點的毛利率，與加速交付以快速把訂單交到一位將與我們合作多年的客戶之間做選擇時，我們會優先考量客戶，以及該關係的長期策略價值。

Time to power is what our customers value most right now, and we are going to keep delivering against that. Over a full year, that discipline is fully consistent with the margin rate we are guiding to.

通電時間是客戶目前最重視的價值，我們將持續在這方面交付成果。以全年來看，這樣的紀律與我們所提供的毛利率指引完全一致。

On operating income, we are raising our full-year non-GAAP operating income outlook to $800 million to $900 million. And at the updated revenue midpoint, this implies an operating margin of approximately 21%. That is a material step-up from the $425 million to $450 million operating income guide at the beginning of the year, which represented a 14% margin at the midpoint. This is the operating leverage I described earlier flowing directly through the model.

在營業利益方面，我們將全年非 GAAP 營業利益展望上調至 8.00 億至 9.00 億美元。以更新後的營收中位數計算，這意味著營業利益率約 21%。這相較於年初指引的 4.25 億至 4.50 億美元營業利益（中位數為 14% 利益率）是顯著上調。這正是我先前所描述的營運槓桿，直接反映在模型之中。

Full-year non-GAAP diluted EPS outlook is now expected to be $2.55 to $2.85.

全年非 GAAP 稀釋後 EPS 展望目前預期為 2.55 至 2.85 美元。

Finally, a word on how to read our guidance. Demand in the AI business does not follow the traditional selling cycle. Today, we see the demand, we book the order, and when the customer is ready, we ship the equipment to both the level and shape of our outlook come from the same inputs, which are signed commitment and their schedules, our capacity, and our time to power pipeline. What was one seasonality is now simply delivery timing based on customer readiness.

最後，談一下如何解讀我們的指引。AI 業務的需求並不遵循傳統的銷售週期。今天，我們看到需求、我們確認訂單，而當客戶準備好時，我們就出貨設備；因此，我們展望的「水準」與「形狀」都來自相同的輸入，也就是已簽署的承諾及其時程、我們的產能，以及我們的通電（time to power）管線。過去所謂的季節性，如今只是取決於客戶準備程度的交付時點。

To conclude, this was a milestone quarter. We exceeded $1 billion in quarterly revenue for the first time, delivered record profitability, generated strong cash flows, and raised our full-year outlook. We are executing with discipline against the demand environment that keeps getting stronger.

總結來說，這是一個里程碑季度。我們首次單季營收突破 10 億美元，創下獲利能力新高，產生強勁現金流，並上調全年展望。面對持續轉強的需求環境，我們正以紀律嚴謹地執行。

With that, operator, we are now ready for questions.

接下來，接線員，我們已準備好回答問題。

(Operator Instructions) Mark Strouse, JPMorgan.

(接線員指示) JPMorgan 的 Mark Strouse。

Yes, good afternoon. Thank you very much for taking our recording. Yeah, K.R., I want to go back to your comment about all of the major US hyperscalers and over a dozen other operators are now validated and approved to use your technology. Are you able to talk about a bit more how many of those are actively using your technology today? And how many of those are kind of in your backlog or in your near-term pipeline?

是的，午安。非常感謝讓我們進行錄音。K.R.，我想回到你提到的評論：所有主要的美國超大規模雲端業者（hyperscalers）以及十多家其他營運商，現在都已完成驗證並獲准使用你們的技術。你能否多談一些：其中有多少家目前正在積極使用你們的技術？又有多少家是屬於你們的在手訂單（backlog）或近期管線？

And then I've got a quick follow-up. Thank you.

另外我還有一個簡短的追問。謝謝。

Mark, as you very well know, we let our customers speak about the deployments and what they do. What I can tell you is the combination of the three things that you spoke about: customers already using it, customers who booked orders and we have shipped units to them for whom the power will be delivered is in construction, and customers who have given us definitive agreements.

Mark，如你非常清楚的，我們會讓客戶自行對外說明其部署情況以及他們在做什麼。我能告訴你的是，你提到的三類客戶的組合：已經在使用的客戶、已下單且我們已出貨給他們而其通電交付仍在施工中的客戶，以及已與我們簽署具約束力協議的客戶。

They fall in that category. We are not going to split that up, but it is all the major, as you pointed out, it's all the major US hyperscalers and over a dozen of the neoclouds and the ecosystem around it, colocation partners. That is all true. We don't break it up. But again, let's just take a moment to think about this.

他們都屬於那個範疇。我們不會把它拆分，但如你所指出的，確實涵蓋所有主要的美國 hyperscalers，以及十多家新雲（neocloud）業者與其周邊生態系、機房代管（colocation）合作夥伴。這些都是真的。我們不做拆分。不過，再讓我們花點時間想一想。

Nine months ago, we announced our first direct hyperscaler customer and said, we want to enter into this market and do what we did in C&I and become a standard.

九個月前，我們宣布了第一位直接的 hyperscaler 客戶，並表示我們希望進入這個市場，像我們在商用與工業（C&I）領域所做的一樣，成為標準。

It took us 10 years to do that previously for commercial and industrial. And I would have -- I can tell you, I never thought within nine months, we will become the standard. It just speaks to our value proposition in this entire industry, okay? This is not a faster horse. This is a car. And that is why this is happening, and this is not reversible. Thank you.

我們過去花了 10 年才在商用與工業領域做到那一點。我可以告訴你——我從未想過在九個月內，我們就會成為標準。這正說明了我們在整個產業中的價值主張，好嗎？這不是一匹更快的馬。這是一輛車。這就是為什麼會發生這一切，而且這是不可逆的。謝謝。

Okay. Very helpful. If I can sneak one more in. I know going back to the last call, you don't want to get into specific comments on capacity anymore. But just maybe just relative to the last call, I mean, just given your comments today several times about things accelerating, is it safe to assume that you were -- maybe your timeline or your magnitude of capacity that you're planning is accelerating as well?

好的。非常有幫助。如果我可以再塞一個問題。我知道回到上一次電話會議，你不想再談產能的具體細節。但相對於上次電話會議，考量你今天多次提到事情正在加速，是否可以合理推論：你們規劃的產能時程或規模也在加速？

Yes. So here's how we do the capacity planning. It is very clear to us based on our commercial pipeline and our commercial orders. Then our customers need their products and when they are ready to turn the units on.

是的。我們的產能規劃是這樣做的。根據我們的商業管線與商業訂單，對我們而言非常清楚。接著是客戶何時需要產品，以及他們何時準備好讓設備上線（turn the units on）。

And as you understand, very clearly, depending on whose reports you read, somewhere between 30 and 40 gigawatts of new AI data center capacity is going to be turned on in 2027, right? And they are in various stages of development. They're all greenfield.

而如你很清楚的，取決於你讀的是哪一份報告，約有 30 到 40 吉瓦的新 AI 資料中心產能將在 2027 年啟用，對吧？而且它們正處於不同的開發階段。它們全都是綠地（greenfield）專案。

And we have a very sophisticated algorithm that we use to figure out how many of those projects are going to land when. And luckily for us, unlike everybody else, our units are fungible. When they're on a truck, we can redirect them to a different site if we need to. And that's how fungible our systems are. So based on that, we can predict what our capacity needs are going to be such that we never become the bottleneck to the customer.

我們使用一套非常精密的演算法來判斷這些專案中有多少會在何時落地。而幸運的是，與其他人不同，我們的機組是可互換調度（fungible）的。當它們在卡車上時，如果需要，我們可以把它們改送到不同的場址。這就是我們系統的可互換性。因此，我們可以預測所需產能，確保我們永遠不會成為客戶的瓶頸。

And I can tell you, as we sit here today, we are confident of keeping that promise for everything we have in the order book and everything that we see coming forward. That's all we're going to comment on our capacity. Capacity is not going to be a constraint as we see right now.

我可以告訴你，就目前而言，我們有信心對訂單簿中的所有項目，以及我們看到未來將到來的一切，都能履行這個承諾。這就是我們對產能的全部評論。以我們目前所見，產能不會成為限制。

Chris Dendrinos, RBC Capital Markets.

RBC Capital Markets 的 Chris Dendrinos。

Yeah, thank you, and congratulations on the strong quarter. I wanted to ask about the supply chain here. And I guess, when you're having conversations with hyperscalers, what are they asking you and what are you telling them or responding to them to the confidence that you won't be the bottleneck in terms of delivering on time? Thanks.

是的，謝謝，也恭喜你們交出強勁的一季。我想問一下供應鏈的情況。我想，當你們與 hyperscalers 對話時，他們會問你們什麼？而你們又會如何向他們說明或回應，以讓他們相信你們在準時交付方面不會成為瓶頸？謝謝。

That's a very good question. Look, you are raising something very important. These are extremely sophisticated consumers and customers. So the amount of diligence that they go through is not just about our product, not just about our performance, not just about our economic value proposition. They want to understand where we are with respect to committed orders, where we are with respect to new orders that can come online.

這是一個非常好的問題。你提出了一個非常重要的點。這些都是極其成熟的消費者與客戶。因此，他們進行的盡職調查不僅是針對我們的產品，不僅是針對我們的效能，也不僅是針對我們的經濟價值主張。他們想了解我們在已承諾訂單方面的狀況，以及在可能上線的新訂單方面的狀況。

And look, most of them, if you talk to them, are not just signing up for a single transaction. They are signing up with us for the future. They want to be a strategic partner with us for the future. They want to understand as they share confidentially with us what their capacity expansion plans are and ask us if we can meet that. And we have to walk through with them under NDA in great detail and convince them that we will be able to scale. That's when we get validated.

而且你看，他們大多數人——如果你跟他們談——並不是只簽一筆交易。他們是為了未來而與我們簽約。他們希望在未來與我們成為策略夥伴。他們會在保密前提下與我們分享其產能擴張計畫，並問我們是否能滿足。我們必須在 NDA 之下與他們非常詳細地逐步說明，並讓他們相信我們有能力擴張規模。這就是我們獲得驗證的時刻。

So to that previous question of what does all that validation mean? That's the process we go through. It's a pretty rigorous process. It's a pretty rigorous process with each of those customers.

所以回到前一個問題：那些驗證到底代表什麼？那就是我們所走的流程。這是一個相當嚴謹的流程。對每一位客戶而言，都是相當嚴謹的流程。

Got it. And then, I guess, maybe fair to say that you go through that same process with IDF and Brookfield. And then maybe just as a follow-up here on the Brookfield topic. You expanded that partnership by $20 billion. How should we think about the timing to execute on that? Is there sort of a window to which you all think about being able to execute on $20 billion of transactions? Thanks.

了解。那我想，也可以說你們對 IDF 和 Brookfield 也會走同樣的流程。接著就 Brookfield 的議題再追問一下。你們把合作夥伴關係擴大了 200 億美元。我們應該如何看待執行該額度的時程？你們是否有一個時間窗口，用來思考在多長時間內能執行 200 億美元的交易？謝謝。

Sure. Great two-part question you snuck into one question. So -- but I'm happy to answer both of them. They're very relevant.

當然。你把一個問題巧妙地塞成了兩段式的好問題。所以——但我很樂意兩個都回答。它們都非常相關。

The first part is, look, at the end of the day, the financial customers take title of our equipment. When they take title of our equipment, it is not just about can they base it in service. They care about how will it operate through the entire period to be able to deliver.

第一部分是，你看，歸根結底，金融客戶會取得我們設備的所有權。當他們取得我們設備的所有權時，重點不只是他們能否把它投入服務。他們在意的是它在整個期間將如何運作，以便能夠交付。

So they go through additional layers of our ability to perform, our ability to be available, our ability to be available, and can we upkeep that equipment for the time that is needed based on the financial model that they came up with so they can actually get their returns. So it is two additional layers of detail that they would go through in their diligence and they go through the same other process that we discussed.

因此，他們會再深入檢視我們的履約能力、我們的可用性、我們的可用性，以及我們是否能依照他們建立的財務模型，在所需期間內維護該設備，讓他們實際取得回報。所以在他們的盡職調查中，會多出兩個額外的細節層次，而且他們也會走我們剛才討論過的其他相同流程。

And even in today's world, $20 billion is a lot of money. So very obviously, they go through this process deeply with us. And again, remember this, they didn't come into it in first step. They put the $5 billion in, they watched how we perform. They watched what we are capable of. They watched the execution.

即使在今天的世界，200億美元也是一大筆錢。所以很明顯，他們會和我們一起非常深入地走完這個流程。而且再次提醒，這不是他們第一步就進來做的。他們先投入了50億美元，觀察我們的表現。他們觀察我們能做到什麼。他們觀察執行力。

And they spoke to several of our customers, the oldest of them now being more than 15 years our customer, to understand how we perform and how satisfied they are. Happy customers is absolutely essential. So it is our strength of all that, they come and invest.

他們也與我們的多位客戶交流，其中最早的客戶如今與我們合作已超過15年，以了解我們的表現以及他們的滿意度。滿意的客戶絕對至關重要。因此，基於我們在這些方面的實力，他們才來投資。

As to the timing, look, think of this as a financial shelf. This shelf is now available. The pace at which it will get used up is going to depend on the uptake of those funds.

至於時點，你看，把這想成是一個金融的「貨架」。這個貨架現在已經就位可用。它被用完的速度將取決於這些資金的承接／動用情況。

I think I can again say it's very similar to us becoming the standard for AI in less than nine months. I wouldn't have predicted nine months ago when they invested $5 billion. We'll come back that quickly for the next $20 billion. And this just speaks to the pace of acceleration both in AI and in our business. Thank you.

我想我可以再說一次，這非常類似於我們在不到九個月內成為AI的標準。九個月前他們投了50億美元時，我不會預測我們會這麼快就回來談下一筆200億美元。而這正好反映了AI以及我們業務的加速速度。謝謝。謝謝。

David Arcaro, Morgan Stanley.

David Arcaro，摩根士丹利。

Thanks so much. Appreciate you taking my questions. So there have been some project development challenges that have gotten headlines at a few large projects. I was wondering if you could characterize your financial exposure to project delays, any contractual protections that you typically have in place and alternatives that you may work on with customers.

非常感謝。感謝你回答我的問題。最近有幾個大型專案出現一些專案開發挑戰，並登上了新聞標題。我想請問你們能否說明一下你們對專案延遲的財務曝險、通常會有哪些合約保護條款，以及你們可能會與客戶一起採取的替代方案。

Yeah. Thanks for the question. Look, I think we don't comment specifically on individual projects, as you know. But I take a step back and just think about how we contract. Our contracts are structured with master service agreements, and there's flexibility for us to deploy this equipment given its copy exact nature to various customer projects.

好的。謝謝你的問題。你也知道，我們不會針對個別專案做具體評論。但我先退一步，談談我們如何簽約。我們的合約以主服務協議（master service agreements）為架構，並且因為設備具有「複製一致」（copy exact）的特性，我們在將設備部署到不同客戶專案上具有彈性。

With that said, we have strong protections with our contract? And then ultimately, our financial years also need those same protections, right? So as you think about the way these contracts flow to the extent that there are any project delays, the end customer is able to redeploy that equipment to other projects. But ultimately, the finance year is on the hook to take delivery of the equipment from Bloom.

話雖如此，我們的合約有很強的保護條款。而最終，我們的金融合作方也需要同樣的保護，對吧？因此，當你思考這些合約如何傳導時，若出現任何專案延遲，終端客戶可以把設備重新部署到其他專案。但最終，金融合作方仍有義務從Bloom接收交付該設備。

And the other thing, extremely important point to talk about in terms of projects because it would be on the minds of people. We can tell you when we gave you this guidance, and we upward revised it. The 2026 revenue guidance is not dependent on any single project. Again, we have a sophisticated algorithm, and we expect certain projects to push out certain projects to come in, certain projects to just come out of the blue and absorb it in the same year as we described in our script. So we take all that into account when we give the guidance.

另外一點，就專案而言非常重要、也是大家會關心的。我們可以告訴你，當我們給出這份指引並上修時，2026年的營收指引不依賴任何單一專案。再次強調，我們有一套成熟的演算法，我們預期某些專案會延後、某些專案會進來、某些專案會突然出現並在同一年吸收掉，正如我們在講稿中所描述的。因此，我們在給出指引時已把這些因素都納入考量。

So construction projects, as long as construction projects have existed, I'm sure there have been delays. Okay. I'm not a historian, but that's what I would expect. We should bake that in, but that's not going to affect our revenue guidance because we have sophisticated all of them to figure that out for the year. So our 2026 guidance is not going to have any dependence on any single project.

建設專案自從存在以來，我相信就一直會有延遲。好嗎。我不是歷史學家，但我會這麼預期。我們應該把這點納入模型，但這不會影響我們的營收指引，因為我們有成熟的方法把全年情況算進去。所以我們的2026年指引不會依賴任何單一專案。

Yeah, understood. Thank you, both, for that. Thanks for the color. That's helpful.

好的，了解。謝謝你們兩位的說明。謝謝補充細節。這很有幫助。

And then K.R., I appreciate your additional comments on the supply chain and your confidence there. I was wondering if you could address your access to scandium, which has gotten a lot of attention. Is there any way that you might characterize your use of scandium, how much you see as available supply and stockpile, et cetera?

另外，K.R.，我也很感謝你對供應鏈的補充評論以及你在這方面的信心。我想請你談談你們取得鈧（scandium）的情況，這個議題受到很多關注。你能否描述一下你們對鈧的使用情況、你們看到的可用供應量與庫存（stockpile）等？

Look, I think we have put out a detailed blog on this topic and we have filed an 8-K. The three takeaways for you all as investors to understand are the following: there is enough scandium on the planet that can be recovered economically viable to part of the planet. That is what's available on the planet. We have visibility currently based on what we are working for, for 25 gigawatts of like deployments. And so -- and we are not dependent on China. Those are the statements we made. That's all we are going to say about it. Everything else is proprietary to the company.

你看，我們已就這個主題發布了詳細的部落格文章，也提交了一份8-K。作為投資人，你們需要理解的三個重點如下：地球上有足夠的鈧，而且可以在經濟上可行地回收。這就是地球上可取得的資源狀況。以我們目前正在推進的工作來看，我們對約25吉瓦等量部署有可視性。因此——而且我們不依賴中國。這些就是我們所做的陳述。關於這點我們就說到這裡。其他一切都屬於公司的專有資訊。

Next question.

下一個問題。

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

Hey guys, how are you? Simon, sorry, I'm going to -- I'll put you on the hot seat for a little bit. Just curious, so obviously, impressive raise in guidance on a strong 2Q. But the free cash flow guide was pulled, just wanted to get some context around that and just considering that you have $2.7 billion worth of cash on the balance sheet, just thinking through kind of capital allocation.

嗨，各位好嗎？Simon，抱歉，我要——我會讓你稍微坐一下「熱椅」。我只是好奇，顯然在強勁的第二季之後，你們大幅上調了指引，令人印象深刻。但自由現金流指引被撤下了，我想了解一下背後的背景；另外考量到你們資產負債表上有27億美元現金，也想請你談談資本配置的思路。

Yeah. Hey, Nick, thanks for the question. So just to level set here. The company has historically included a supplemental presentation that has included some metrics that are not formed guidance. And so we've just really aligned now the presentation to where we truly guide.

好的。嗨，Nick，謝謝你的問題。我先把基準說清楚。公司過去一向會附上一份補充簡報，其中包含一些並非正式指引的指標。所以我們現在只是把簡報內容對齊到我們真正提供指引的項目。

But to come back to your question on cash, which I think is a relevant one, we see significant conversion from operating income down to free cash flow.

但回到你關於現金的問題，我認為這很相關；我們看到從營業利益到自由現金流有顯著的轉換。

As you think about where we started the year with an op income guide of the midpoint of $450 million with $200 million of CFOA, we raised that to $675 million, and now we're looking at $850 million at the midpoint. So there's about $175 million raise versus our prior op income guidance, and we see 100% of that dropping down to CFOA. So you should kind of think about $375 million plus as being our new baseline. But as you know, kind of we don't provide formal guidance as part of our earnings release, but I just want to make sure that you get the comfort that we see strong conversion here.

如果你回顧我們年初的狀況，當時營業利益指引的中位數是4.5億美元，而營運活動現金流（CFOA）是2億美元；我們把營業利益上調到6.75億美元，現在中位數看的是8.5億美元。所以相較於先前的營業利益指引，大約上調了1.75億美元，而我們看到其中100%會落到營運活動現金流（CFOA）。因此你大致可以把3.75億美元以上視為我們新的基準。但如你所知，我們不會在財報新聞稿中提供正式指引；我只是想讓你放心，我們在這裡看到很強的轉換。

Got it. No, that makes perfect sense. And then as we think about just kind of I guess, longer-term AI demand and just kind of why the CapEx from every hyperscaler right now is so high when we think about where the returns are actually going to be generated. Just as we think about that and think about your backlog and kind of the conversations you guys are having K.R., are you starting to have any conversation just along the lines of inference reasoning? Or is it still really just kind of speed to power the -- on AI training?

了解。不，這完全說得通。接著，當我們思考比較長期的 AI 需求，以及為什麼目前每一家超大規模業者（hyperscaler）的資本支出（CapEx）都這麼高、而我們在思考實際回報將會在哪裡產生時。就著這點、再結合你們的訂單積壓（backlog）以及你們正在進行的對話，K.R.，你們是否開始有一些關於推論（inference）推理（reasoning）方面的對話？還是目前主要仍然是為了 AI 訓練的「快速通電（speed to power）」？

Yes. So it's both. It's absolutely both. Look, time to power is super important, number one. And I think -- let me try to explain time to power in a slightly different way because for many of the analysts who look at utilities and power as well as some of our investors, it's important for you to understand a full stack AI provider that is responsible for everything in the data center financially, a 1 gigawatt data center in one single year, depending on the nature of the AI customer will deliver between $12 billion and $24 billion in revenue per year. So you pull in power for them within a month, which is the tall pole, that is $1 billion to $2 billion of revenue that they would not have had on a 40% to 50% gross margin and a 20% to 25% net margin.

是的。所以兩者都有。絕對是兩者都有。你看，通電時間（time to power）非常重要，這是第一點。我想——讓我用稍微不同的方式來解釋通電時間，因為對許多研究公用事業與電力的分析師以及我們的一些投資人而言，理解這點很重要：一個負責資料中心內所有財務面向的全棧 AI 供應商（full stack AI provider），一座 1 吉瓦（gigawatt）的資料中心在單一年份內，依 AI 客戶的性質不同，每年可帶來 120 億到 240 億美元的營收。因此，如果你能在一個月內把電力接進來——這是最關鍵的瓶頸（tall pole）——那就等於是他們少掉了 10 億到 20 億美元的營收，而這些營收的毛利率是 40% 到 50%，淨利率是 20% 到 25%。

So among the 35 to 40 gigawatts that needs to get deployed next year, take a guess on how much of that those projects will be delayed because the power provider is not able to provide power on time, okay? We are the place to go for time to power. And the math is you don't even have to do the math if we can provide that. This is why time to power is important for the large data centers.

所以，在明年需要部署的 35 到 40 吉瓦之中，你猜有多少專案會因為供電方無法準時供電而延宕，好嗎？我們就是「快速通電」的首選。而且如果我們能做到，你甚至不需要算那個數學。這就是為什麼快速通電對大型資料中心很重要。

Now, as inference comes along, if the transmit and distribution infrastructure in the country is having difficulty doing transmission, building highways, imagine how difficult it will be for them to upgrade distribution, which is surface streets. That's where inference power is going to be needed.

現在，隨著推論需求到來，如果全國的輸電與配電（transmit and distribution）基礎設施在輸電、建「高速公路」方面都已經很吃力，想像一下他們要升級配電——也就是「地面道路」——會有多困難。而那正是推論用電力將會需要的地方。

Bloom is ideally suited for that. You cannot put a gas turbine in the middle of Manhattan. So we see both opportunities as extremely robust for us, not this quarter, not next quarter for years to come. Thank you.

Bloom 在這方面非常適合。你不可能在曼哈頓市中心放一台燃氣渦輪機。所以我們看到兩種機會對我們而言都極其強勁——不是這一季、不是下一季，而是未來好幾年。謝謝。

Ben Kallo, Baird.

Ben Kallo，Baird。

Hey, thanks for taking my questions. I have two. Maybe, I don't know if you guys think about competition and supply/demand curves out there. But maybe if you do, could you give us your thoughts about where we sit just in overall new capacity coming online, whether it's reciprocating engines or it's combined cycle turbines or other versus your decision process?

嗨，謝謝讓我提問。我有兩個問題。也許——我不知道你們是否會思考外部的競爭以及供需曲線。但如果會的話，你們能否分享一下你們對整體新增產能上線的位置的看法——不論是往復式引擎（reciprocating engines）、聯合循環渦輪機（combined cycle turbines）或其他——相對於你們的決策流程是怎麼看的？

And then I have a follow-up, which is kind of at a higher level.

然後我還有一個追問，層級會更高一些。

I think given the huge supply demand gap right now, I think every single technology that can provide power quickly for the next few years is going to help play. Let's just start with that.

我認為，鑑於目前巨大的供需缺口，未來幾年任何能夠快速供電的技術都會派上用場。我們先從這點開始。

So if engine makers, turbine makers increase their capacity, there's going to be a need for it. If Bloom increase its capacity, there's going to be a need for it.

所以如果引擎製造商、渦輪機製造商提升產能，市場會需要。如果 Bloom 提升產能，市場也會需要。

But let's fast forward and think through competitively at a point, if a single customer has to choose between a turbine engine and a fuel cell.

但我們把時間往前推，從競爭角度來想：在某個時間點，如果單一客戶必須在渦輪引擎與燃料電池之間做選擇。

The first thing that matters is not LCOE, which is just an absurd construct for on-site power. It is the total cost to tokens, the total cost of power to token revenue.

第一個重要的不是平準化發電成本（LCOE），那對於現場供電（on-site power）而言只是個荒謬的概念。重要的是「每個 token 的總成本」，也就是電力成本相對於 token 營收的總成本。

Bloom's ability to provide 800-volt DC power, Bloom's ability to provide reliability without overbuild. Bloom's ability to be able to locate inside a city outside of city because we don't pollute the air. Bloom's ability to get a permit, okay? None of the other competition, there is not a single commercial vendor today who can provide that total value proposition other than Bloom.

Bloom 能提供 800 伏直流（800-volt DC）電力的能力、Bloom 在不需要過度冗餘建置（overbuild）的情況下提供可靠性的能力。Bloom 能夠在城市內或城市外部署，因為我們不會污染空氣。Bloom 取得許可（permit）的能力，好嗎？在今天，除了 Bloom 之外，沒有任何一家商業供應商能提供這樣完整的價值主張。

So what we do then is we don't obsess on the competition. We obsess on the customer.

所以我們做的事情是：我們不會執著於競爭對手。我們執著於客戶。

Okay. Just maybe from a commodity model or Chinese open source models that have I think people worried or uncertain. Can you just talk to us about if you view that as an opportunity, either of them or a threat going forward?

好的。就像商品化模型或中國的開源模型，我想這讓一些人感到擔憂或不確定。你能否談談你們是否把這些視為機會——不論是哪一種——或是未來的威脅？

Look, whether it is the Chinese, whether it's the American labs, it just doesn't matter. It is a -- I would say, as a technology optimist, to me, it's a given that token cost and token efficiency and tokens ability to do things are all going to improve. In that cost will get better, cheaper, efficiency of the token will get much better what a token is able to do with respect to productivity will keep increasing. All of them will happen.

你看，不管是中國的，還是美國的實驗室，其實都不重要。我會說，作為一個技術樂觀主義者，對我而言，token 成本、token 效率，以及 token 能做事情的能力都會提升，這是必然的。成本會變得更好、更便宜；token 的效率會大幅提升；token 在生產力方面能做到的事情會持續增加。這些都會發生。

That means the token price point will come down, but the total token usage will go up like crazy because at G1's paradox. And when that happens, you need more power, not less power.

這意味著 token 的價格點會下降，但 token 的總使用量會瘋狂上升，因為是 G1 悖論（G1's paradox）。而當那發生時，你需要的是更多電力，而不是更少電力。

So if anything, this is going to accelerate, if anything, whatever we are predicting on AI is an underestimate, not an overestimate. Thank you.

所以如果說有什麼影響，那就是會加速；如果說有什麼結論，那就是我們對 AI 的任何預測都可能是低估，而不是高估。謝謝。

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

Hi. You built this company -- started building this company 21 years ago. You had a vision of the cell. And obviously, you've come a long way. I'm trying to understand what's the vision of the product for the next three to four years, coming back to your preliminary comments of what you can control in context of Henry Ford. So where do you see this product moving in the next three to four years?

嗨。你在 21 年前建立——開始建立——這家公司。你對電池（cell）有一個願景。顯然，你們已經走了很長一段路。我想了解的是，未來三到四年產品的願景是什麼？回到你先前提到、以亨利·福特為脈絡的「你能控制什麼」。那麼你認為未來三到四年這個產品會往哪個方向發展？

Look, I think very clearly, imagine our on-site power, DC is going to be the primary source, whether it's data centers, whether it's anywhere else, whether it's fleet charging of electric vehicles, whether it is a large apartment complexes and microgrids being built for residential complex as DC is where the world is going to go, right, predominantly.

你看，我認為非常清楚：想像一下，我們的現場供電（on-site power），直流（DC）將會成為主要來源——不論是資料中心、不論是其他任何地方、不論是電動車車隊充電、不論是大型公寓社區，以及為住宅社區建置的微電網（microgrids）——直流就是世界將要走向的方向，對吧，將會是主流。

So DC power being generated on site, being able to use the heat to do both the heating and the cooling. And then on top of that, on like top of that, decarbonization in my view, is going to become super important, and Bloom is able to do carbon capture better than anybody else. So we're going to be focused on how do we give a comprehensive solution where the fuel is getting utilized at 90%-plus efficiency, combined efficiency.

所以，在現場發電的直流電力，能夠利用熱能同時做供暖與制冷。此外，在那之上——再更上一層——在我看來，去碳化（decarbonization）將會變得非常重要，而 Bloom 的碳捕捉（carbon capture）能力比任何人都更好。因此我們會專注於：如何提供一個全面性的解決方案，讓燃料以 90% 以上的效率被利用，也就是綜合效率（combined efficiency）。

It is not polluting the air. It's not using water. The same format that a customer gets used to, to power large data centers, is the same format, the same technology that powers your neighborhood store, that powers your neighborhood inference data center because that is the vision, and we want it to be like an appliance that you can plug in and get power. This is where we're going to go.

它不會污染空氣。它不使用水。客戶用來為大型資料中心供電所習慣的同一種形式（format），也就是同一種形式、同一種技術，也能為你家附近的商店供電，也能為你家附近的推論資料中心供電，因為那就是願景；我們希望它像一台家電一樣，你插上就有電。這就是我們要走的方向。

Maheep Mandloi, Mizuho Securities.

Maheep Mandloi，瑞穗證券。

One question on capacity expansion for the next few years. Like one theme we're hearing from other manufacturers across other industries is just inflation on the CapEx estimates. Just curious on your thoughts on these. I know your manufacturing equipment is different. So how should we think about that now as you expand from 2 gigawatts to beyond that?

有一個關於未來幾年產能擴張的問題。我們從其他產業的製造商那邊聽到的一個主題，是資本支出（CapEx）估算因通膨而上升。想請教你對這些情況的看法。我知道你們的製造設備不太一樣。那麼，當你們從2吉瓦擴張到更高規模時，我們現在應該如何看待這件事？

Thank you so much for asking that question because that's a significant distinguisher for us. Our factories, the return on investment is a few months. We don't come from the whole world. This is not your industrial age power company. We are relying on the technologies that made consumer electronics and semiconductor devices become better available in larger quantities to everybody on the planet and get lower in cost and provide greater value.

非常感謝你問這個問題，因為這正是我們的一個重要差異化點。我們工廠的投資報酬期是以「幾個月」來計的。我們不是那種從全世界各地採購、也不是工業時代的那種電力公司。我們仰賴的是那些讓消費性電子與半導體裝置能以更大量供應給全球每一個人、成本更低、價值更高的技術。

That's the model we are adopting. That's the model we're going to follow. So let them deal with whatever they're dealing with from our perspective. For us to expand capacity, the return on investment is going to be a few months, and we keep adding capacity as long as the demand is there.

這就是我們採用的模式。這也是我們將要遵循的模式。所以就讓他們去處理他們所面臨的問題，從我們的角度來看，我們要擴產，投資報酬期會是幾個月；只要需求存在，我們就會持續增加產能。

Sunaina Ocalan, Bernstein.

Sunaina Ocalan，Bernstein。

Hey, team. Thank you for taking my question. Maybe if I can ask about the competitive landscape and just a follow-up on the comments that were made on the call as well as somebody's question ahead of mind. It makes sense -- I think what you're saying makes sense, which is on-site power Bloom solution, not having NOx and SOx, not using water is a superior solution. That makes sense and it's clear.

嗨，團隊。謝謝你們回答我的問題。我想問一下競爭態勢，並追問一下本次電話會議上提到的評論，以及先前有人提出的問題。我覺得你們的說法很合理——也就是說，Bloom 的就地供電解決方案，不排放 NOx 和 SOx，也不使用水，是更優越的方案。這點很合理，也很清楚。

How are you thinking about the market share over the next maybe 12 to 24 to 36 months on some of the other fuel cell models that are targeting essentially the same data center space. So I'm getting asked about molten carbonate, for instance. If you can just provide some color on the fuel cell market share, that would be great.

你們如何看待未來大概12到24到36個月，在其他同樣瞄準資料中心市場的燃料電池機型之下的市占率？例如有人問我熔融碳酸鹽（molten carbonate）。如果你們能就燃料電池市場的市占率提供一些說明，那就太好了。

Look, I think it's for them to tell you how many megawatts and how many gigawatts they can install, okay? It's not for us to comment to you today within the data center space, I would say we would be in the very high-90s in terms of our market share. If like somebody is going to get in and think that they're going to compete with us, competition is a very good thing.

你看，我認為應該由他們來告訴你，他們能安裝多少兆瓦、多少吉瓦，好嗎？至於資料中心領域，我們今天不便對你評論其他人；但我會說，就市占率而言，我們大概是在非常高的90%區間。如果有人要進來並認為他們能與我們競爭，競爭其實是非常好的事情。

Competition makes us hungrier. Competition makes us run faster. Competition makes with paranoid, and we will thrive in competition, so I welcome competition from anybody and everybody.

競爭讓我們更有飢渴感。競爭讓我們跑得更快。競爭讓我們更警覺，我們會在競爭中茁壯，所以我歡迎任何人、所有人的競爭。

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

Thanks so much. Yeah, I guess, if you get into this a little bit deeper with the data centers and have those time to power advantages. Can you talk a little bit about evolution of your thinking on pricing and target margins for the platform as well as just giving us a sense of how many projects you're selling into where you're displacing a different technology that was originally planned for those sites?

非常感謝。是的，我想如果能再更深入談談資料中心，以及你們在通電時間（time to power）上的優勢。你能否談談你們對該平台定價與目標毛利率的思考如何演進？另外也請讓我們了解一下，你們賣進去的專案中，有多少是取代了原本規劃在那些場址上的其他技術？

Look, again, we don't think about LCOE price of electricity because we're not a utility, okay? We are a strategic partner to our customers, and we deliver value to them. And based on that value, they should be happy buying from us, and they should be happy allowing us to capture value. So it is not just a sense per kilowatt hour story for us. It's about the added benefits we bring to them. It's about an entire solution that we look at.

你看，再說一次，我們不以平準化發電成本（LCOE）的電價來思考，因為我們不是公用事業，好嗎？我們是客戶的策略夥伴，並為他們交付價值。基於這個價值，他們應該樂於向我們採購，也應該樂於讓我們擷取價值。所以對我們而言，這不只是每度電多少錢的故事。而是我們為他們帶來的附加效益。我們看的是一整套解決方案。

And for us, being able to increase these margins are by capturing value is extremely important. And look, when you think about this, right, we are so excited about talking about growth. We forget to highlight something extremely important that's happening in the company.

對我們而言，透過擷取價值來提升這些毛利率極其重要。而且你看，當你思考這件事時，我們太興奮於談成長，反而忘了強調公司正在發生的一件極其重要的事。

I remember seven years ago, most of you, the same folks analysts, the only thing you're worried about is our service losses. That's the only thing you're worried about. And we kept telling you the technology product is going to get robust and you will see us get to the 20% gross margin that we talked to you about.

我記得七年前，你們大多數人——同一批分析師——唯一擔心的就是我們的服務虧損。你們只擔心這件事。而我們一直告訴你們，技術產品會變得更穩健，你們會看到我們達到我們跟你們談過的20%毛利率。

So we just reported this quarter a 22% gross margin. I want to take this opportunity to give a huge shout out to the team out here that's worked tirelessly to go make that number happen. Think about it. When we went public eight years ago, minus 21% gross margin, negative 21% this quarter, plus 22%, 43% swing in service margin.

所以我們這一季剛公布了22%的毛利率。我想藉此機會，向在這裡不懈努力、讓這個數字實現的團隊致上最深的敬意。想想看。我們八年前上市時，毛利率是負21%；這一季是正22%，服務毛利率擺盪了43個百分點。

Now, let me focus on one more thing. It's service margin is a financial metric. But the first word in that is service. Who are we serving? We're serving our customers. At the end of the day, it's happy customers that matter.

現在，我再聚焦一件事。服務毛利率是一個財務指標。但它的第一個字是「服務」。我們在服務誰？我們在服務我們的客戶。歸根結底，重要的是客戶滿意。

So we are not just achieving that financial metric. If you look at 2025, 80% of the orders that we booked were repeat orders from customers have given us multiple repeat orders. That speaks more loudly than anything else about how happy our customers are. So very, very proud of that accomplishment.

所以我們不只是達成那個財務指標。如果你看2025年，我們所簽下訂單中有80%是來自回購訂單，且這些客戶已經多次重複下單。這比任何事情都更有力地說明我們的客戶有多滿意。所以對這項成果感到非常、非常自豪。

I truly believe, and I'm going to close with this. I truly believe that that service part of the business and the service revenue and the margins is a big driver to our enterprise value, and more importantly, how we serve our customers in a proper way.

我真心相信——我就用這點作結。我真心相信，業務中的「服務」部分、服務營收與毛利率，是推動我們企業價值的一大驅動因素；更重要的是，我們如何以正確的方式服務客戶。

Very proud of that team. I want to give a huge shout out. And if you combine what I just told you, by looking at our backlog, the demand out there, how we fit perfectly to the needs of a future digitized world unlike previous technologies.

為那個團隊感到非常自豪。我想給予高度肯定。如果你把我剛才說的，結合我們的在手訂單（backlog）、外部需求，以及相較於過去技術，我們如何完美契合未來數位化世界的需求。

Look at how we are executing as a team. And then combine that all together to see the trust that we are building within the communities we operate and the companies we serve. I have a lot to be grateful for and a lot to be appreciative of a great Bloom team that has done a phenomenal job.

再看看我們作為一個團隊的執行力。然後把這一切綜合起來，你就能看到我們在營運所在的社區，以及我們所服務的企業之中，正在建立的信任。我有很多值得感恩、也很感激的事——Bloom 團隊表現非常出色，做得非常卓越。

Thank you, all.

謝謝各位。

Ladies and gentlemen, this does conclude today's conference. We would like to thank you all for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。