Bloom Energy Corporation (BE) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Bloom Energy's third-quarter 2026 earnings call After today's prepared remarks, we will host question-and-answer session. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 Bloom Energy 2026 年第三季財報電話會議。在今天的預先準備發言之後，我們將進行問答環節。（接線員指示）

I will now hand the call over to Michael Tierney. Please go ahead.

我現在把電話交給 Michael Tierney。請開始。

Thank you and good afternoon, everybody. Thank you for joining us for Bloom Energy's third-quarter 2026 earnings call. To supplement this conference call, we furnished our third-quarter 2026 earnings press release and supplemental financial information with the SEC and 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 年第三季財報電話會議。為補充本次電話會議，我們已向美國證券交易委員會（SEC）提交 2026 年第三季財報新聞稿與補充財務資訊，並以 Form 8-K 形式申報，同時已將這些資料發布於我們的投資人關係網站；我們在本次會議中將多次引用這些資料。

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, 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，無論是在我們的預先準備發言或回答各位問題時，我們可能會作出前瞻性陳述，代表我們對未來事件以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 提交的文件中詳細說明，包括我們最近提交的 Form 10-K 與 Form 10-Q。我們不承擔修訂今日電話會議中任何前瞻性陳述的義務。

During this call and in our third-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 accounting 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 年第三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（US GAAP）編製，屬於補充性資訊，並非依 GAAP 編製之財務績效衡量指標的替代品，也不優於 GAAP 指標。GAAP 與非 GAAP 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 on today's 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.

今天與我一同出席電話會議的有：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 將回顧本季財務重點。在預先準備發言之後，我們將保留時間回答各位的問題。

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

我現在把電話交給 K.R.。

Good day, everyone. At the end of September, as we were closing out another record quarter, I celebrated Bloom's 25th anniversary and our inclusion in the S&P 500 by ringing the opening bell at the New York Stock Exchange surrounded by many of our manufacturing team members. Our mission has not changed in a quarter of a century, providing clean, reliable, accessible and affordable power for everyone. After all, in our modern age, electric power is essential to economic and physical well-being and to human dignity and happiness.

各位好。在九月底、我們結束另一個創紀錄的季度之際，我在紐約證券交易所敲響開市鐘，身旁圍繞著許多製造團隊成員，一同慶祝 Bloom 成立 25 週年，以及我們納入標普 500 指數。在四分之一個世紀以來，我們的使命始終不變：為每個人提供潔淨、可靠、可取得且可負擔的電力。畢竟在現代社會，電力對經濟與身心福祉，以及人的尊嚴與幸福都至關重要。

The last time Bloom rang the bell was eight years ago for our IPO. Then, we were seen by the market as a niche provider of electricity. Now, we are seen as a standard for on-site power, critical to powering the AI revolution. I'm confident that eight years from now, we will look back and understand that Bloom led the first major architectural change in the history of the 150-year-old power industry.

Bloom 上一次敲鐘是在八年前的首次公開募股（IPO）。當時，市場將我們視為利基型的供電業者。如今，我們被視為現場供電的標準，對於驅動 AI 革命至關重要。我有信心，八年後回頭看，我們會理解：Bloom 引領了這個擁有 150 年歷史的電力產業中，第一次重大的架構性變革。

Fuel cell-based on-site power will become a preferred choice and complement to the grid for power delivery across all industries and geographies. Countries with insufficient grid infrastructure will leapfrog to distributed on-site power, just as developing countries bypassed landlines and directly adopted cell phones.

以燃料電池為基礎的現場供電，將成為各產業與各地區電力供應的優先選擇之一，並作為電網的互補方案。電網基礎設施不足的國家，將像開發中國家跳過市話、直接採用行動電話一樣，跨越式轉向分散式的現場供電。

Hyperscalers have been the first to embrace on-site power. They need power rapidly and at large scale. Some individual data centers use more power than some small states. But the grid was designed to provide power that was evenly distributed across a very large number of customers spread over large areas. It is overwhelmed by the concentrated and huge power needs of data centers.

超大規模業者（hyperscalers）是最早擁抱現場供電的族群。他們需要快速、且大規模的電力。有些單一資料中心的用電量，甚至超過某些小型州。但電網的設計，是為了向分布在廣大區域、數量龐大的客戶提供相對均勻分散的電力。面對資料中心高度集中且龐大的用電需求，電網不堪負荷。

Mandated cost-plus rate designs and utility franchise laws have exacerbated this problem. By design, they do not incentivize regulated utilities to innovate or create efficiency. Flat electricity demand over two decades prior to AI led to lack of investment and much-needed upgrades. The speed and scale of the AI revolution made the grid shortcomings obvious. Hyperscalers scrambled to find any available grid power and soon realized that bringing their own on-site power was the path forward.

強制性的成本加成（cost-plus）費率設計與公用事業特許經營法規，使這個問題更加惡化。在制度設計上，這些規範並不激勵受監管的公用事業公司創新或提升效率。在 AI 出現之前的二十年間，電力需求持平導致投資不足，許多必要的升級未能進行。AI 革命的速度與規模，讓電網的缺陷一目了然。超大規模業者急於尋找任何可用的電網電力，並很快意識到：自建現場供電才是前進的道路。

Bloom quickly emerged as a standard solution. It is community-friendly and more secure. The redundant, fault-tolerant, and distributed architecture offers higher availability and resilient to natural disasters, cyber and physical attacks. It eliminates the need for backup generators. And we win on total cost of ownership, safety, access, speed and sustainability with a clear path to net-zero emissions.

Bloom 很快成為標準解決方案。它對社區更友善，也更安全。其具備冗餘、容錯且分散式的架構，提供更高的可用性，並能抵禦天然災害、網路與實體攻擊。它消除了對備援發電機的需求。在總持有成本（TCO）、安全性、可取得性、速度與永續性方面，我們都具備優勢，且有清晰的路徑邁向淨零排放。

Now, the same forces that pushed hyperscalers are driving broad swaths of the electricity market towards on-site power. One quarter of all commercial and industrial facilities in the US expect to be fully powered on-site by 2030, according to our recent power survey of over 200 C&I businesses across 15 unique segments. 35% of facilities expect to be fully powered on-site by 2035. Why? Going forward, electrification and digitization, population growth, and automation will mean that factories and businesses will consume large amounts of power and require very high reliability.

如今，當初推動超大規模業者的同樣力量，正驅動電力市場的廣大領域走向現場供電。根據我們近期針對 15 個不同產業區隔、超過 200 家商業與工業（C&I）企業所做的電力調查，美國所有商業與工業設施中，有四分之一預期在 2030 年前將完全由現場供電。有 35% 的設施預期在 2035 年前將完全由現場供電。為什麼？展望未來，電氣化與數位化、人口成長與自動化，將意味著工廠與企業會消耗大量電力，並需要極高的可靠性。

In fact, the IDEA projects global electricity demand to increase 40% by 2035. The grid is ill suited to either rapidly scale or power concentrated loads with high reliability, just as it's struggling to power AI factories. Bloom will become the solution of choice for this large segment of the market. We will be a leader in enabling the electricity market to capture the new global demand and grow annually to about $6 trillion in the next decade, up from about $3 trillion today.

事實上，IDEA 預測全球用電需求將在 2035 年前增加 40%。電網不適合快速擴張，也不適合以高可靠性為集中負載供電；正如它目前在為 AI 工廠供電時所面臨的困境。Bloom 將成為這一大市場區塊的首選解決方案。我們將成為領導者，協助電力市場掌握新增的全球需求，並在未來十年將年規模成長至約 6 兆美元，高於目前約 3 兆美元。

So after 25 years, we are just getting started. Now, our growth is accelerating, there is better understanding for the value we provide and widespread recognition of our brand. We started our 2026 Q1 earnings call expecting a year-on-year revenue growth of 60%. Today, we are upward revising that guidance and projecting over 120% year-on-year revenue growth at the midpoint. Our customer pipeline continues to grow. And our backlog is continuing to expand faster than our revenue with increasing diversity in customers, verticals, and geographies.

因此，25 年後，我們才正要開始。如今，我們的成長正在加速，市場對我們所提供價值的理解更深，品牌也獲得廣泛認可。在 2026 年第一季財報電話會議時，我們原本預期全年營收年增 60%。今天，我們上調該指引，並在中位數預估下，預測營收年增超過 120%。我們的客戶管線持續成長。而我們的在手訂單（backlog）也持續以快於營收的速度擴張，且客戶、產業垂直領域與地理區域的多元性不斷提升。

We are delivering for our customers. Just 15 months ago, we announced our first project with Oracle and delivered power to their Utah site in less than two months. We are achieving the same thing with Nebius in New Jersey. We were able to get planning board approvals for our fuel cells within three months of signing the contract.

我們正在為客戶交付成果。就在 15 個月前，我們宣布與 Oracle 的第一個專案，並在不到兩個月內為其猶他州據點交付電力。我們在新澤西州與 Nebius 也達成同樣的成果。我們在簽約後三個月內，就為燃料電池取得了規劃委員會的核准。

Two months after these approvals, we have the first block of power ready for customer use. Our business in this important segment is robust and growing rapidly. Communities and policymakers recognize that we are clean and quiet. They are the best option for firm on-site power.

在取得這些核准後兩個月，我們就讓第一個電力模組可供客戶使用。我們在這個重要市場區隔的業務表現強勁，且正快速成長。社區與政策制定者認同我們的方案潔淨且安靜。我們是提供穩定（firm）的現場供電的最佳選擇。

For example, in a 2026 Energy Plan, Virginia, Governor Abigail Spanberger explicitly called out non-combustant fuel cells and said, I quote, compared to the conventional gas-fired generation, they produce substantially lower local emissions, reducing health impacts in nearby communities.

例如，在一份 2026 年能源計畫中，維吉尼亞州州長 Abigail Spanberger 明確提到非燃燒式燃料電池，並表示（引述原文）：與傳統燃氣發電相比，它們產生的在地排放顯著更低，從而降低對附近社區的健康影響。

This is significant because this is not just any jurisdiction. Virginia is the home to most of the data centers in the world. It is also ground zero for the challenging relationship between data centers and communities. We applaud Governor Spanberger for recognizing the values that our non-combustion solutions bring to the table at this critical moment for both the data center industry and the communities they operate in.

這點意義重大，因為這不只是任何一個司法管轄區。維吉尼亞州是全球大多數資料中心的所在地。它同時也是資料中心與社區之間緊張關係的「震央」。我們讚許州長 Spanberger 在這個對資料中心產業及其營運所在社區都至關重要的時刻，認可我們非燃燒解決方案所帶來的價值。

Here are five commercial wins from the quarter that exemplify how we are expanding our total addressable market. First, the US Army has conditionally awarded our partner Indelible. Long-term leases to build and operate commercial power generation using Bloom Energy servers at US Army installations. The purpose is to enhance power security using our distributed and onsite architecture. We view securely powering military and civilian critical infrastructure such as bases, water treatment plants, hospitals, and airports as a growth opportunity.

以下是本季五項商業勝利，展現我們如何擴大可服務總市場（TAM）。第一，美國陸軍已對我們的合作夥伴 Indelible 作出有條件授標。授予長期租賃，以在美國陸軍設施使用 Bloom Energy 伺服器建置並營運商用發電。其目的在於透過我們分散式與就地（onsite）架構提升供電安全。我們將為軍民關鍵基礎設施（如基地、自來水處理廠、醫院與機場）提供安全供電視為一項成長機會。

Second, AEP revealed that 700 megawatts of carbon capture and sequestration-enabled Bloom Energy servers will be used to provide Google with near net zero electricity in a first-of-its-kind project. Unlike turbines and engines. Bloom's technology makes CCS viable at scale. We see CCS as critical to meeting decarbonization goals and as a potential trillion-dollar market opportunity for Bloom.

第二，AEP 揭露在一項首創專案中，將使用具備碳捕捉與封存（CCS）能力的 Bloom Energy 伺服器、總計 700 兆瓦，為 Google 提供接近淨零的電力。不同於渦輪機與引擎。Bloom 的技術使 CCS 得以在規模化下具備可行性。我們認為 CCS 對達成去碳化目標至關重要，並且對 Bloom 而言可能是一個兆美元級的市場機會。

Third, we have talked to you about our expanding footprint in the Rocky Mountain, Midwest, and Great Lakes regions. Our value proposition has become competitive even in the American states with the lowest cost of power, such as Texas, where we are shipping our first units this quarter.

第三，我們已向各位談過我們在落磯山脈、中西部與五大湖地區不斷擴大的布局。即使在美國電力成本最低的州，我們的價值主張也已具備競爭力，例如德州；我們本季正在出貨首批機組。

Fourth, we consider the utility relationships we are building as a channel to powering America forward through the power shortage. Many utilities are increasingly recognizing that our clean base load generation asset, a Bloom Energy server, when deployed at their distribution networks is a faster and more economical way to fulfill power growth demand of their customers and enhance the distribution network stability and reliability. I expect to see significant wins in our utility-related business, often called, front-of-the-meter arrangements.

第四，我們將正在建立的公用事業（utility）關係視為一個渠道，協助美國在電力短缺下持續前進。許多公用事業日益認知到：將我們的潔淨基載發電資產——Bloom Energy 伺服器——部署於其配電網路，是滿足客戶用電成長需求、並提升配電網穩定性與可靠性的一種更快速且更具成本效益的方法。我預期我們在公用事業相關業務（常稱為「表前」（front-of-the-meter）安排）將取得顯著斬獲。

Finally, the fifth, we are witnessing strong interest in deploying Bloom systems to meet rapidly growing power demand in many international markets. We are engaged with potential local partners in a few of these markets. We look forward to updating you soon on some wins.

最後，第五，我們看到在許多國際市場中，為滿足快速成長的用電需求而部署 Bloom 系統的興趣強勁。我們正與其中幾個市場的潛在在地合作夥伴洽談。我們期待很快向各位更新一些勝利進展。

To summarize, Bloom is a solution of choice for community-friendly onsite power that is rapidly deployed, clean, reliable, and competitive. Our onsite solution is deployed to power gigawatt-scale intelligence factories, megawatt-scale inference data centers. Factories, commercial businesses, and mission-critical infrastructure, such as hospitals, telecom hubs, and essential services. The demand for Bloom's on-site power is growing both domestically and internationally, and we are establishing strong partnerships.

總結而言，Bloom 是社區友善型就地供電的首選方案，具備快速部署、潔淨、可靠且具競爭力等特點。我們的就地解決方案已部署用於為吉瓦級智慧工廠、兆瓦級推論資料中心供電。也用於工廠、商業企業與任務關鍵基礎設施，例如醫院、電信樞紐與必要公共服務。Bloom 的就地供電需求在國內外皆持續成長，我們也正在建立強健的合作夥伴關係。

This growth potential, in combination with future growth opportunities such as CCS and 800V DC, points to bloom capturing a large share of the growing electricity market. This conviction provides us with clarity on what our future looks like. It will require us to scale and execute to take advantage of this once-in-a-century opportunity. I have great confidence in my team and know that they are ready to take on this challenge.

這些成長潛力，加上 CCS 與 800V 直流（DC）等未來成長機會，顯示 Bloom 有望在不斷擴大的電力市場中取得可觀市占。這份信念讓我們更清楚看見未來的樣貌。要把握這個百年一遇的機會，我們必須擴大規模並確實執行。我對我的團隊非常有信心，也知道他們已準備好迎接這項挑戰。

With that, let me turn it over to you, Simon, to walk us through the numbers.

接下來，我把時間交給你，Simon，請你帶我們看一下數字。

Thank you, K.R., and good afternoon, everyone. As a reminder, I will focus on non-GAAP adjusted metrics. Reconciliations to GAAP are in our press release and supplemental materials. The third quarter was another record quarter for Bloom. Revenue of $1.24 billion was up 138% year over year and operating income of $286 million grew faster still, up over 500% year over year.

謝謝你，K.R.，各位下午好。提醒一下，我將聚焦於非 GAAP 的調整後指標。與 GAAP 的調節表已載於我們的新聞稿與補充資料中。第三季對 Bloom 而言再度創下紀錄。營收 12.4 億美元，年增 138%；營業利益 2.86 億美元增速更快，年增超過 500%。

On the strength of the quarter, we are raising our full year outlook for revenue. Operating income and EPS for the third time this year. Before turning to the details, it's worth stepping back and looking at what we've accomplished so far this year. Year-to-date revenue of $3.05 billion is already 50% above what we generated in all of 2025. Operating income in this quarter alone exceeded operating income for all of last year. That is the operating leverage embedded in our model now showing up in the results.

基於本季的強勁表現，我們上調全年營收展望。並且在今年第三次上調營業利益與每股盈餘（EPS）。在進入細節之前，值得退一步回顧我們今年迄今的成果。年初至今營收 30.5 億美元，已比我們 2025 全年創造的營收高出 50%。僅本季的營業利益就已超過去年全年的營業利益。這正是我們模型中內含的營運槓桿，如今在結果中展現出來。

Operating margin for the quarter expanded to 23.1% from 8.9% a year ago as revenue grew 138%, while operating expenses grew only 26%. As K.R. said, taking advantage of this once-in-a-century opportunity will require us to both scale and execute, and we are continuing to invest in our innovation and engineering roadmap, growth initiatives and the infrastructure needed to support our scale.

本季營業利益率由一年前的 8.9% 擴張至 23.1%；在營收成長 138% 的同時，營業費用僅成長 26%。如 K.R. 所說，把握這個百年一遇的機會需要我們同時擴大規模並確實執行；我們也持續投資於創新與工程路線圖、成長計畫，以及支撐規模化所需的基礎設施。

Year-to-date capital expenditures were $231 million as we invest in capacity to support future growth and fund that investment from operations. Despite investing four times what we spent in all of 2025, our cash balance remains roughly in line with where we started this year. Our margin structure gives us the ability to invest in scaling the business while preserving the strength of our balance sheet. That is the financial model we deliberately designed and put into operation, and it is performing to plan.

年初至今資本支出為 2.31 億美元；我們投資產能以支援未來成長，並以營運現金流為該投資提供資金。儘管投資金額是 2025 全年支出的四倍，我們的現金餘額仍大致與今年年初持平。我們的利潤結構使我們能在維持資產負債表強度的同時，投資於業務規模化。這是我們刻意設計並投入運作的財務模型，而它正按計畫運行。

Now turning to the details for the quarter. As I mentioned earlier. Revenue for the quarter was $1.24 billion, up 138% year over year and 16% sequentially. Product revenue was $1.07 billion, up 179% year over year and 15% sequentially, crossing $1 billion in the quarter for the first time and representing 87% of total revenue. Product revenue is recognized when controlled transfers to the customer. So it is the direct measure of systems delivered and accepted in the quarter.

接著看本季細節。如我先前提到。本季營收為 12.4 億美元，年增 138%，季增 16%。產品營收為 10.7 億美元，年增 179%，季增 15%；本季產品營收首次突破 10 億美元，佔總營收 87%。產品營收在控制權移轉給客戶時認列。因此，它是衡量本季交付並獲客戶驗收之系統的直接指標。

Service revenue was $67.6 million, up 15% year over year and roughly flat sequentially. Installation revenue was $84.9 million, up 29% year-over-year and 66% sequentially. Installation scope varies across customers and projects, with revenue recognized over time as the work progresses. As a result, installation and product revenue do not move together quarter to quarter, and installation revenue will fluctuate with the timing and mix of customer projects.

服務營收為 6,760 萬美元，年增 15%，季比大致持平。安裝營收為 8,490 萬美元，年增 29%，季增 66%。安裝範疇因客戶與專案而異，營收會隨著工程進度按期間認列。因此，安裝營收與產品營收不會在每一季同步變動；安裝營收將隨客戶專案的時點與組合而波動。

Turning to margins, products gross margin was 38.4%, up 250 basis points year over year and 120 basis points sequentially in a quarter when we were both ramping new production lines and expediting deliveries. That is a direct read on both our pricing strength and the cost reductions we are driving through the product.

再看毛利率：產品毛利率為 38.4%，年增 250 個基點，季增 120 個基點；而本季我們同時在拉升新產線產能並加速出貨。這直接反映出我們的定價力，以及我們透過產品推動的成本下降。

Services margin was 21.4%, up 700 basis points year over year and marking our second consecutive quarter above 20%. Total gross margin was 34.5%, up 412 basis points year over year with expansion in both product and services partly offset by the timing of installation revenue in the mix. Given these quarter-to-quarter mix movements, this is why we manage and guide gross margin on a full year basis.

服務毛利率為 21.4%，年增 700 個基點，且連續第二季高於 20%。總毛利率為 34.5%，年增 412 個基點；產品與服務毛利率的擴張，部分被組合中安裝營收時點的影響所抵銷。鑑於這些季度間的組合變動，這也是我們以全年為基礎管理並提供毛利率指引的原因。

Operating expenses for the quarter were $141 million, reflecting continued investment in our engineering roadmap, growth initiatives and infrastructure. Operating income was $286 million, up over 500% year-over-year and 19% sequentially, and operating margin was 23.1%, up 60 basis points sequentially.

本季營業費用為 1.41 億美元，反映我們持續投資於工程路線圖、成長計畫與基礎設施。營業利益為 2.86 億美元，年增超過 500%，季增 19%；營業利益率為 23.1%，季增 60 個基點。

Adjusted EBITDA was $299 million, representing 24% of revenue and an expansion of 1,286 basis points year over year.

調整後 EBITDA 為 2.99 億美元，約佔營收 24%，年增擴張 1,286 個基點。

Non-GAAP diluted EPS was $0.94 compared with $0.15 a year ago. GAAP diluted EPS was $0.78 compared to a loss of $0.10 a year ago.

非 GAAP 稀釋每股盈餘為 0.94 美元，較一年前的 0.15 美元成長。GAAP 稀釋每股盈餘為 0.78 美元，相較一年前每股虧損 0.10 美元。

Turning to cash flow from operations in the quarter was a use of $27 million. Net income was more than offset by an increase in working capital, driven primarily by inventory, contract assets and receivables, as we supported the significant growth in the business and built inventory for future deliveries.

接著談到本季營運活動現金流，為淨流出 2,700 萬美元。淨利被營運資金增加所抵銷，主要由存貨、合約資產與應收款項帶動，因我們支援業務的顯著成長並為未來交付建立存貨。

As I noted earlier, product revenue is recognized when controlled transfers to the customer. Billing follows contract milestones that can occur in a different quarter. As a result, cash collection can follow revenue recognition with the difference reflected in contract assets and receivables until billed and collected. The timing of large deliveries and related cash collections will vary from quarter to quarter, and those differences even out over time. We expect to continue investing in working capital to support future growth and scale alongside our customers.

如我先前提到，產品收入在控制權移轉給客戶時認列。開立帳單則依合約里程碑進行，而里程碑可能發生在不同季度。因此，現金收款可能會落後於收入認列，差額在開立帳單並收款前會反映於合約資產與應收款項中。大型交付及相關現金收款的時點將隨季度而變動，而這些差異會隨時間推移而趨於平衡。我們預期將持續投資於營運資金，以支援未來成長，並與客戶一同擴大規模。

Capital expenditures were $153 million in the quarter and $231 million year-to-date, driven primarily by investments in machinery and production capacity to support expansion within our existing Fremont and Newark facilities. Adding capacity in these increments means our capital spending tracks demand as we see it, rather than running ahead of it.

本季資本支出為 1.53 億美元，年初至今為 2.31 億美元，主要由機械設備與產能投資所帶動，以支援我們既有 Fremont 與 Newark 廠區的擴建。以這種增量方式增加產能，代表我們的資本支出會隨我們所見的需求而調整，而不是超前需求。

Free cash flow was a use of $181 million in the quarter and positive $42 million year-to-date, and we ended the quarter with $2.5 billion of cash.

本季自由現金流為淨流出 1.81 億美元，年初至今為正 4,200 萬美元；季末現金為 25 億美元。

Finally, during the quarter, Bloom was added to the S&P 500. We view this inclusion as recognition of the scale, profitability and consistency we have built into the business, and we welcome the broader base of shareholders it brings.

最後，本季 Bloom 被納入標普 500 指數。我們認為此次納入是對我們在業務中建立的規模、獲利能力與一致性的肯定，也歡迎因此帶來更廣泛的股東基礎。

Turning to guidance. We are raising our full year revenue outlook to $4.4 billion to $4.6 billion. That represents year-over-year growth of approximately 122% at the midpoint. The increase reflects our third quarter performance and greater visibility into fourth quarter customer delivery timing. Our quarterly cadence is driven by customer readiness and delivery timing, which is why we manage the business and provide guidance on a full year basis.

接著談展望。我們將全年營收展望上調至 44 億至 46 億美元。以區間中點計算，這代表約 122% 的年增率。此次上調反映我們第三季表現，以及對第四季客戶交付時點更高的能見度。我們的季度節奏由客戶準備度與交付時點所驅動，因此我們以全年為基礎管理業務並提供指引。

As with each of our increases this year, our outlook is built on two layers. The first is backlog, which we assess customer by customer against site readiness and conversion timing. The second is a probability weighted view of our pipeline and customers who need power within the quarter. With one quarter remaining, the timing of a small number of deliveries around year-end will determine where in the range we land.

如同我們今年每次上調一樣，我們的展望建立在兩個層面之上。第一是在手訂單（backlog），我們會逐一以客戶為單位，依據場址準備度與轉換時點進行評估。第二是對我們商機管線（pipeline）以及在該季度內需要電力的客戶，採用機率加權的觀點。在僅剩一個季度的情況下，年末前後少數交付的時點將決定我們落在區間的哪個位置。

We are maintaining our most recent non-GAAP gross margin outlook of approximately 34%. This is up from 30% in 2025 and from our original outlook of approximately 32% at the beginning of the year. This view reflects our expected fourth quarter revenue mix and business line margins.

我們維持最近一次提出的非 GAAP 毛利率展望約 34%。這高於 2025 年的 30%，也高於年初我們原先約 32% 的展望。此觀點反映我們預期的第四季營收組合與各業務線毛利率。

We are also raising our non-GAAP operating income outlook to $960 million to $1.03 billion. At the midpoint, that is a 22% operating margin compared with 14% at the midpoint of our February outlook. Our non-GAAP diluted EPS outlook is now $3.10 to $3.40.

我們也將非 GAAP 營業利益展望上調至 9.6 億至 10.3 億美元。以中點計算，營業利益率為 22%，相較我們 2 月展望中點的 14%。我們目前的非 GAAP 稀釋每股盈餘展望為 3.10 至 3.40 美元。

To conclude, we are delivering record results, raising our outlook and making the investments required to capture the significant opportunity in front of us. We are doing that while expanding margins and preserving the strength of our sheet.

總結來說，我們交出創紀錄的成果、上調展望，並進行必要投資以把握眼前的重大機會。我們在擴大利潤率的同時，也維持資產負債表的穩健。

With that, operator, we will now take questions.

接下來，接線員，我們現在開始提問。

Mark Strouse, JPMorgan.

JPMorgan 的 Mark Strouse。

Yes, good afternoon. Thanks very much for taking our questions.

是的，下午好。非常感謝讓我們提問。

K.R., I was curious if you can just talk about the recent decision to expand your real estate footprint in Fremont. You spend quite a bit of time on the call talking about kind of multiple paths of TAM expansion. I'm just curious though, why make that decision now? And since you've talked about your current manufacturing footprint supporting over 5 gigs of annual output, should we now assume that that's over 10 gigs once that facility is up and running?

K.R.，我想請你談談近期決定在 Fremont 擴大不動產版圖的原因。你在電話會議中花了不少時間談到 TAM 擴張的多種路徑。但我想知道，為什麼現在做這個決定？另外，既然你提到目前的製造據點可支援每年超過 5 GW 的產出，那麼等該設施啟用後，我們是否應該假設可支援超過 10 GW？

Mark, thank you for that question. Look, it is very clear to us, right? There are some things in this uncertain world that you can be absolutely certain about. The use of electricity, the need for electricity, the demand for electricity is just going to skyrocket, not just because of AI, but because of so many market segments that require electricity in this digital age.

Mark，謝謝你的提問。你看，這對我們來說非常清楚，對吧？在這個充滿不確定性的世界裡，有些事情你可以非常確定。用電量、對電力的需求、電力需求只會急遽攀升，不僅因為 AI，也因為在這個數位時代有許多市場區隔都需要電力。

It is going to happen not just within the shores of the US. We are beginning to see that same trend play out in Asia, in Europe, in other parts of the world. We see electricity demand for on-site kind of power as opposed to the grid power, coming from various other pools other than just data centers being told to bring their own power. This is coming from resiliency, it's coming from security. You're looking at critical installations during various different scenarios in the world where their need for reliable, secure power that's on site is becoming important.

這不只會發生在美國境內。我們開始看到同樣的趨勢在亞洲、歐洲以及世界其他地區上演。我們看到對於現場端（on-site）電力、相對於電網供電的需求，來源不僅僅是資料中心被要求自備電力。這來自韌性需求，也來自安全需求。你會看到在世界各種不同情境下的關鍵設施，其對於可靠、安全且在現場端的電力需求正變得愈來愈重要。

When we put all this together, it is very obvious to us. It was always obvious to us, but from a timing perspective, it is very obvious to us that the 5-gigawatt milestone, which was just a milestone in a long journey, we can clearly see that coming and we need to get prepared for what is after that. And that's what you're seeing out here. And we will never increase our capacity in a step function.

把這些因素綜合起來，對我們而言非常明顯。這一直都很明顯，但就時點而言，我們非常清楚：5 GW 的里程碑只是漫長旅程中的一個里程碑；我們清楚看到它即將到來，也需要為其後的階段做好準備。這就是你現在看到我們所做的事。而且我們永遠不會以跳躍式（step function）的方式提升產能。

We will do that as the need comes along in an analog dial, if you want to think it that way, to keep up and we will never go past our headlights, but we will never be slow enough that we are the bottleneck to our customer getting the power. It is through this process that we do this, we are not going to provide a timeline of when that's going to happen, but we have strong conviction and there is enough confidence we are getting from the marketplace to tell us that we should start preparing for past the milestone of the 5 gigawatts, that's why we're doing this. Hopefully that answers your question.

我們會在需求出現時，以你可以把它想成類比旋鈕（analog dial）的方式逐步調整以跟上需求；我們不會超前太多，但也不會慢到成為客戶取得電力的瓶頸。透過這個流程，我們不會提供何時發生的時間表，但我們有很強的信念，而且市場給我們足夠的信心，告訴我們應該開始為超越 5 GW 里程碑之後做準備，這就是我們這麼做的原因。希望這回答了你的問題。

That was great. Thank you. And then just a quick follow-up for Simon. On the point of gross margin outlook for the year staying the same despite the higher revenue, I think you touched on that's at least partially due to mix. Any other color you can give us there?

很棒。謝謝。接著給 Simon 一個簡短追問。關於全年毛利率展望在營收提高的情況下仍維持不變，我想你提到至少部分原因是組合（mix）。你還能提供其他補充說明嗎？

And then, I obviously know you're not guiding to '27 yet, but just kind of directionally as your revenue ramps, should we continue to expect further upside in gross margin? Thank you.

另外，我當然知道你們還沒有提供 2027 年的指引，但就方向性而言，隨著營收爬升，我們是否應該持續期待毛利率還有進一步上行空間？謝謝。

So look, at first, I take a step back and just look at how far we've already come, right, total gross margin was 28.7% in 2024, 30.3% in 2025 and now 34.5% in the third quarter, so I think we have this demonstrated track record of expanding margins as the business has been scaling. Within that, I feel really good about what we're seeing in product margins. So I mentioned on the prepared remarks, pricing remains strong and the cost reductions we've been driving are showing up in the numbers.

所以你看，首先我先退一步，看看我們已經走了多遠，對吧？整體毛利率在 2024 年是 28.7%，2025 年是 30.3%，而現在第三季是 34.5%；因此我認為我們已經展現出隨著業務規模擴大而擴張利潤率的實績。在這之中，我對我們在產品毛利率上看到的情況感到非常樂觀。我在事先準備的發言中提到，定價仍然強勁，而我們推動的成本降低也已反映在數字上。

And so I think though, at the same time, we're balancing this margin expansion with also capturing the market opportunity in front of us. As K.R. mentioned, we're ramping new production lines, we're expediting deliveries to meet these customer timelines and I think that carries some near-term cost and then we've also got a number of engineering, sourcing, manufacturing and cost reduction programs and those will take some time to flow through to COGS.

因此我認為，同時我們也在平衡毛利率擴張，並把握眼前的市場機會。如 K.R. 所提到的，我們正在加速擴建新的產線、加快交付以符合客戶時程；我認為這會帶來一些短期成本。此外，我們也有多項工程、採購、製造與降本計畫，而這些需要一些時間才會反映到銷貨成本（COGS）中。

So I would think about it, you asked about next year, we think about it from the lens of the long game. We know that scaling comes with start-up costs, and I think we've reflected that in a measured gross margin outlook. But as these projects move into production, as we continue to mature our lines and utilization increases, we think we'll get more benefit from scale. And I just say, look, in my first six months here, I've been really impressed with what I've seen both operationally from the team and then how that progress is showing up in the numbers.

所以我會這樣看待，你問到明年，我們是從長期布局的角度來思考。我們知道擴產會伴隨啟動成本，我認為我們已在審慎的毛利率展望中反映了這點。但隨著這些專案進入量產、我們持續讓產線更成熟且稼動率提升，我們認為將能更充分受益於規模效益。我也想說，看看我到任的前六個月，我對團隊在營運面的表現以及這些進展如何反映在數字上，都印象非常深刻。

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

Hey, guys. Thanks so much. Just trying to -- Simon, if I could, just kind of drill into just the free cash flow profile. Obviously, use of $27 million in the quarter. Just given the margin expansion and the like, just wanted to drill into that, any kind of puts and takes that we could kind of or one-offs that we can kind of frame up?

嗨，各位。非常感謝。我想再深入問一下——Simon，如果可以的話，我想更聚焦在自由現金流的輪廓。本季顯然使用了 2,700 萬美元的現金。考量到毛利率擴張等因素，我想更深入了解一下，有沒有什麼主要的增減因素，或是我們可以框定的一次性項目？

Yeah, hi, Nick. So look, I think the first point I'd make is we really view this as a self-funding business. So when you think about the operating performance of the business, that's what's funding the investments required to grow. I do want to highlight that this really matters for us because it's going to reduce our dependence on external capital, really lowers our execution risk and then I think it gives us the flexibility that K.R. talked about to invest against that customer demand.

好的，嗨 Nick。首先我想說的是，我們確實把這視為一個自給自足（self-funding）的業務。所以當你看公司的營運表現時，正是這些表現為成長所需的投資提供資金。我也想強調，這對我們非常重要，因為它會降低我們對外部資本的依賴、實質降低執行風險，並且我認為也讓我們具備 K.R. 所談到的彈性，能針對客戶需求進行投資。

So I'd say that all of that in the context of really looking at cash generation over the full year rather than extrapolating from any one quarter. And I would say that we really do believe that this business will be a free cash flow positive business as we think about continuing to be able to fund their own growth.

因此我會在這樣的脈絡下來看：更應該看全年整體的現金創造能力，而不是從單一季度去外推。我也會說，我們確實相信，隨著我們持續能夠為自身成長提供資金，這個業務將會成為自由現金流為正的業務。

As I then kind of come back to the first part of your question, this quarter we used cash from operations, but that's not the beginning of a trend. We've generated positive CFOA year-to-date even as we've increased operating investments in people and capabilities. And then as I mentioned in my prepared remarks, funded the working capital to support some of these customer deployments. So I think the fact that we've been able to support the investments from an operating standpoint and then also fund our CapEx year-to-date just kind of speaks to the capital efficiency of this business. And then if I tie that all back to the returns that we're able to generate from our CapEx investments, we feel really good about the trajectory we're on.

回到你問題的第一部分，本季我們的營運活動使用了現金，但這並不是一個趨勢的開始。即便我們在人才與能力上增加營運投資，今年迄今我們仍然產生了正的營運活動現金流（CFOA）。另外，如我在事先準備的發言中提到的，我們也投入了營運資金以支援部分客戶部署。所以我認為，我們能在營運面支撐這些投資，同時今年迄今也能支付資本支出（CapEx），這某種程度上說明了這個業務的資本效率。最後，如果把這一切連結回我們從資本支出投資中能取得的報酬，我們對目前的發展軌跡感到非常有信心。

Great. Thanks. And then, K.R., if I could just kind of drill in on, so you had said you had mentioned kind of just the increased demand and kind of relationships that you guys have had on the utility side, obviously, kind of it more thinking of you guys more of a behind the mirror solution now it seems more a little bit more complimentary from that perspective.

很好。謝謝。接著，K.R.，如果可以的話我想再深入問一下：你提到需求增加，以及你們在公用事業端建立的關係；顯然，從某種角度看，過去大家可能更把你們視為「表後」（behind the meter）的解決方案，但現在看起來似乎更偏向互補的定位。

If we think about just kind of what's been put out there already, I mean, we've seen IRPs in different jurisdictions that have now included fuel cells. If we could just kind of -- I put a finer point on the opportunity and TAM that you guys are seeing within, I guess, just broadly as you think about it, specifically within that regulated utility opportunity and the opportunity there.

如果我們回頭看目前已經公開的內容，我的意思是，我們已經在不同司法管轄區看到整合資源規劃（IRP）已納入燃料電池。如果可以的話，能否更精準地說明一下你們所看到的機會與 TAM（總可服務市場），我想是更廣義地來看，尤其是在受監管公用事業這個機會領域內，你們看到的機會是什麼？

Nick, that's a wonderful question. So, let's first talk about, as seen by the customer, okay? And here I'm going to say, let us think of two customers. One is the ratepayer who is the ultimate customer and the other customer for us is the utility that serves that ratepayer, right? If you look at optimizing for the two of them, the more they start seeing us as a distribution asset through which they can reduce their total cost and still keep serving their customer, the better it is for the ratepayer, the better it is for them to go to their policymakers and ask them to rate base their procurement of Bloom Energy servers to put into the transmission and distribution base as both a transmission asset and a distribution asset.

Nick，這是個很棒的問題。我們先從客戶的視角來談，好嗎？在這裡我會說，讓我們想像兩類客戶。一個是最終客戶——用戶（ratepayer）；另一個對我們而言的客戶，是服務該用戶的公用事業公司（utility），對吧？如果你從同時最佳化這兩者的角度來看，當他們越來越把我們視為一項配電資產，能透過它降低總成本、同時仍持續服務其客戶，這對用戶更好；也更有利於公用事業公司去向政策制定者溝通，將其採購 Bloom Energy 伺服器（servers）納入費率基礎（rate base），把它放進輸配電資產基礎中，作為輸電資產與配電資產。

What does that do for them? It allows them to put us in front of the meter and distribute that load as it comes. They don't need to wait for a customer to ask for an order. They can procure like they do in their IRPs right now based on the plans and place on the demands without any specific customer in mind.

這對他們有什麼作用？它讓他們可以把我們部署在電表前（front of the meter），並隨著負載到來進行分配。他們不需要等到某個客戶提出訂單需求。他們可以像現在在 IRP 中所做的一樣，依據規劃與需求配置來採購，而不必先鎖定任何特定客戶。

Why should they do this as opposed to buying a central asset? The transmission distribution and the cost associated with it and the bottlenecks associated with it and the timing associated with it does not work for them.

為什麼他們要這麼做，而不是去買一個集中式資產？輸配電以及其相關成本、相關瓶頸與時間週期，對他們而言都行不通。

They are finding that out, so the customer has to go behind the meter. They lose their customer, they lose their rate base. If they lose their customer and they lose their rate base. Then they have to increase the cost from the rest of the ratepayers, which is not what the state wants and which is not what the end customer wants. So we are a real asset to this industry at this point in time across the board.

他們正在意識到這一點，因此客戶不得不轉向電表後（behind the meter）。他們會失去客戶，也會失去其費率基礎（rate base）。如果他們失去客戶、失去費率基礎，那他們就必須把成本轉嫁到其餘用戶身上，這不是州政府想要的，也不是終端客戶想要的。因此在此時此刻，我們對整個產業而言都是一項真正的資產，全面皆然。

So you're going to see this play out in multiple territories as soon as they begin understanding this. And our team has been doing a very good job of educating the various utilities. On the benefits of bringing on-site power as a complement to the grid, we have been saying why the grid is inadequate. The utilities are finally getting the leeway they need from their regulators to include these assets and so they are jumping on the opportunity. So we see this as a huge growth business for us going forward. Thank you.

所以一旦他們開始理解這點，你會看到它在多個地區逐步發酵。而我們的團隊一直在非常有效地教育各家公用事業公司。關於把現場供電（on-site power）作為電網的互補方案所帶來的好處，我們一直在說明為何電網是不足的。公用事業公司終於從監管機構那裡獲得所需的空間，把這些資產納入規劃，因此他們正積極把握這個機會。所以我們認為，這將是我們未來一項巨大的成長型業務。謝謝。

David Arcaro, Morgan Stanley.

David Arcaro，Morgan Stanley。

Oh, hi. Thanks so much for taking our questions. K.R., you have several future opportunities, I guess, in carbon capture, in combined heat and power, and as the industry goes to 800-volt DC. I was wondering, for those future initiatives, could you address where those stand in terms of commercial opportunities emerging and what the market adoption is that you're seeing in the near term?

喔，嗨。非常感謝回答我們的問題。K.R.，我想你們在未來有幾個機會領域，包括碳捕捉、熱電共生（combined heat and power），以及產業走向 800 伏直流（800-volt DC）。我想請問，對於這些未來的計畫，你能否說明目前在商業化機會浮現的進度，以及你們在短期內看到的市場採用情況？

David, hi. So thanks for that question. Yeah, let me address that. Look, I cannot tell you how thrilled I am with the AEP announcement of the 700 megawatts of carbon capture providing near net zero electricity to a hyperscale customer, Google, in this case, is what they have announced.

David，你好。謝謝你的問題。好的，我來回應一下。你知道，我對 AEP 宣布的消息感到非常振奮：他們宣布 700 兆瓦的碳捕捉方案，為超大規模（hyperscale）客戶提供接近淨零的電力——在這個案例中是 Google。

What this is going to do is to provide timely, on-site, reliable, no air pollution, no water use, and near net zero electricity. How much better can this get, okay? And we have, here is the key point that I think the investors on the call need to understand combustion technologies co not offer an affordable and scalable pathway to carbon capture today. Bloom's technology in the commercial world is unique in that it can offer the concentrated carbon dioxide for carbon capture.

這將帶來的是：及時、就地、可靠、無空氣污染、無用水，且接近淨零的電力。還能更好嗎，對吧？而且，這裡有個我認為電話會議上的投資人需要理解的關鍵點：燃燒技術目前並未提供一條可負擔且可規模化的碳捕捉路徑。Bloom 的技術在商業領域是獨特的，因為它能提供高濃度的二氧化碳以利於碳捕捉。

This is the genius of and the power of and that Bloom does. It is both good for the pocketbook and it's environmentally friendly. So I believe the fastest way the world will decarbonize when it's ready is to use our technology with natural gas to produce abundant electricity that is reliable, at the same time, planet friendly. And when the world is ready for this, I see this as a greater than $1 trillion opportunity, that's how big I think it is.

這就是 Bloom 所做之事的天才之處與力量所在。它既有利於荷包，也對環境友善。因此我相信，當世界準備好要快速去碳化時，最快的方法就是運用我們的技術搭配天然氣，生產充沛且可靠、同時也對地球友善的電力。而當世界準備好採用這一點時，我認為這是一個超過 1 兆美元的機會，我認為它就是這麼大。

800-volt DC is a no-brainer. We have shown in a report that we put out that in the first five years of operations, a gigawatt data center will save over $5 billion by adopting to 800 volt DC as opposed to the current archaic industrial age architecture of power delivery. 800-volt DC is anyway happening. We don't have to push the market to get there. But why use all the translations in between and pay the additional $5 billion?

800 伏直流（DC）是毫無疑問的選擇。我們在一份發布的報告中已經展示，在營運的前五年，一座 1GW 的資料中心若採用 800 伏直流，相較於目前過時的工業時代供電架構，將可節省超過 50 億美元。800 伏直流本來就正在發生。我們不必推動市場才能走到那一步。但為什麼要走完中間所有轉換流程，還要多付那 50 億美元呢？

I'm extremely confident that we will see that adoption happen when the server racks with 800-volt DC come out. We are in conversations with all the hyperscalers. There's a lot of interest in this area. It'll happen when the DC data centers are built, the date, and goal DC, as the standard. It is not if, it is how soon they are in a better position to answer the timing question than I am.

我非常有信心，當採用 800 伏直流的伺服器機櫃推出時，我們會看到這項採用發生。我們正在與所有超大規模業者（hyperscalers）洽談。這個領域的興趣非常高。當直流資料中心建成、並把直流（DC）作為標準時，就會發生。問題不在於會不會，而在於多快；他們在回答時程問題上比我更有條件。

On heat capture, which is CHP, we absolutely believe that when you do on-site generation. Throwing away that heat that can be cooling and reducing 20% of your power demand is again a no-brainer. So this is an and to everything we do, whether you do it AC power to the data center, 800-volt DC power to the data center, with carbon capture, without carbon capture, it doesn't matter. This becomes an obvious choice.

關於熱能回收，也就是 CHP（熱電共生），我們絕對相信當你做現場發電時，把那些可用於冷卻、並能降低 20% 用電需求的熱能丟掉，同樣是毫無疑問的不智之舉。所以這是我們所有作法的加分項：不論你是用交流（AC）供電到資料中心、用 800 伏直流供電到資料中心、有碳捕捉或沒有碳捕捉，都無所謂。這會成為一個顯而易見的選擇。

And here's what's interesting about CHP Most industrial applications, and we believe C&I is going to be a huge growth factor for us, are going to require either heat in the form of steam or cooling, and they will utilize CHP. So I see that as a huge growth factor and a value creation for commercial and industrial customers to use this.

而 CHP 有趣之處在於：多數工業應用——我們相信商業與工業（C&I）將成為我們巨大的成長動能——將需要以蒸汽形式提供的熱能或冷卻，並且會利用 CHP。

So the beauty, it's the same platform. So that's why we have been telling everybody Bloom's a platform and not a product. We are able to give any and all of the options in our platform to the customer as they need it. Thank you.

所以它的美妙之處在於：是同一個平台。這也是為什麼我們一直告訴大家，Bloom 是一個平台，而不是一個產品。我們能在平台內，依客戶需要提供任何與所有選項。謝謝。

Sorry -- David, do you have a follow on?

抱歉——David，你有要追問嗎？

Chris Dendrinos, RBC Capital Markets.

RBC Capital Markets 的 Chris Dendrinos。

Yeah, great. Thanks for taking the questions here. Congratulations on the strong quarter. I wanted to ask about time to power. And I think going back, you mentioned it during your prepared remarks, the ability to deliver to Oracle in less than two months a year ago. As demand is ramping and you guys are scaling, is the time to power still sub-90 days or is that extended just given the strength of the backlog here? And then maybe just put a finer point on how quickly you were able to deliver power to the Nebius site. I think you mentioned the first block is about to power on, but what does that translate to in terms of megawatts?

好的，很棒。謝謝讓我在這裡提問。恭喜本季表現強勁。我想問關於「通電時間」（time to power）。回頭看，你在事先準備的發言中提到，一年前你們能在不到兩個月內為 Oracle 交付。隨著需求升溫、你們也在擴產，通電時間仍能維持在 90 天以內嗎？還是因為目前在手訂單（backlog）很強而拉長？另外也請更具體說明一下，你們多快就能為 Nebius 的場址供電。我想你提到第一個區塊快要上電了，但換算成容量大約是多少兆瓦（MW）？

Thank you, Chris. That's a very good question. Look, we have our servers ready for the Nebius data center. And again, we stand by and we have actually delivered on the promise we made to them.

謝謝你，Chris。這是個非常好的問題。你看，我們已經把 Nebius 資料中心所需的伺服器準備好了。而且再次強調，我們信守承諾，也確實已經履行了對他們做出的承諾。

We will not be the bottleneck to them turning on their data center. Their entire 300 megawatts. We will not be the bottleneck. So we are ready. We will go, but I think you're familiar with how data centers are stood up.

我們不會成為他們啟用資料中心的瓶頸。他們整體 300 兆瓦。我們不會成為瓶頸。所以我們已經準備就緒。我們會到位，但我想你也熟悉資料中心是如何建置啟用的。

They're not stood up from zero to 300 in a day. They do it block by block. And their first block is almost getting ready. And we are already there for the first block. We will be there for every other block that they build.

它們不是一天之內就從 0 拉到 300（兆瓦）。他們是按區塊逐步建置。而他們的第一個區塊幾乎已經準備好了。我們也已經為第一個區塊到位。他們後續建的每一個區塊，我們都會到位。

Before they are ready, so we don't become their bottleneck. So the rest of the timing on the data centers is up to the customer to speak and we will not comment on that. But your larger question. Look, just this morning, I think Berlin time or maybe it was yesterday, I can't remember, at the Berlin GTC, the CEO of NVIDIA said the following.

在他們準備好之前我們就會先到，確保我們不會成為他們的瓶頸。因此，資料中心其餘時程要由客戶來說明，我們不予評論。但回到你更大的問題。你看，就在今天早上，我想是柏林時間，或可能是昨天，我記不清了，在柏林的 GTC 上，NVIDIA 的執行長說了以下這段話。

Every quarter delay in a gigawatt data center translates to $10 billion of missed revenue. So every 100 megawatt data center, a quarter delay would be a $1 billion lost revenue. That overwhelms every other value proposition that you will have on the power block. And there is no cleaner technology available today for on-site power to get an air permit.

一座 1GW 資料中心每延遲一個季度，就等於少了 100 億美元的營收。所以每一座 100 兆瓦的資料中心，若延遲一個季度，就會損失 10 億美元營收。這會壓過你在供電模組上所能提出的任何其他價值主張。而且在今天，沒有比我們更乾淨、可用於現場供電並取得空污許可（air permit）的技術。

There is no faster technology available to power a customer on and there is no complete future proofing and all the attributes we talked about in the previous question about the additional value we can supply. So that is the reason we are bullish about this particular sector and what it means for us. Thank you.

沒有任何技術能比我們更快讓客戶通電，也沒有任何技術能提供完整的未來可延展性（future proofing），以及我們在前一個問題中談到的所有屬性與我們能提供的額外價值。因此，這就是我們看好這個特定產業，以及它對我們意味著什麼的原因。謝謝。

Thank you. And maybe just as a follow-up and going back to Mark's questions on the expanding footprint, is there an opportunity to add increased automation here and just how are you all thinking about, I guess, the manufacturing opportunity and what kind of cost savings that might drive? Thanks.

謝謝。另外追問一下，回到 Mark 關於擴大產能版圖的問題，這裡是否有機會導入更多自動化？你們如何看待製造端的機會，以及可能帶來哪些成本節省？謝謝。

Look, I think when people have taken a tour of our factory, our general manager, Brad Fields, who is amazing, says the following line that people remember. He just reminds them that years ago when we did 100 megawatts a year of stack production, we had about 600 employees working 24/7.

你看，我認為當人們參觀過我們的工廠後，我們很棒的總經理 Brad Fields 會說一句大家都記得的話。他會提醒大家，多年前當我們每年堆疊（stack）產能是 100 兆瓦時，我們大約有 600 名員工 24/7 輪班工作。

Now when we are at a gigawatt production, we will have 600 employees per year in that production line, that is 10 times. And when we get to 5 gigawatts, we'll still have 600 employees working in that line. And that is -- Bloom is a place where cost reduction is in our DNA, creating efficiencies in our DNA. And we continue to innovate. So absolutely. And we are not only a beneficiary of AI in that they are our customer, we are a beneficiary of AI in so many different places, including automation.

現在當我們達到 1GW 產能時，那條產線每年仍是 600 名員工，也就是產能提升了 10 倍。而當我們達到 5GW 時，那條產線仍然會是 600 名員工在工作。這就是——Bloom 是一個把降本寫在 DNA 裡、把效率提升寫在 DNA 裡的地方。我們也會持續創新。所以絕對是。而且我們不只是因為 AI 是我們的客戶而受益，我們也在許多不同環節受益於 AI，包括自動化。

Thank you.

謝謝。

Manav Gupta, UBS.

UBS 的 Manav Gupta。

K.R., I want to go back to the last call. You said something incredibly insightful where you said the total cost -- the LCOE is an absurd construct for on-site power and data centers focus on the total cost. Can you help us a little bit to understand what the data centers are seeing in terms of what is the LCOE versus actually the power which is delivered to them is actually pricing in much higher and your solution actually is more effective?

K.R.，我想回到上一通電話會議。你說了一個非常有洞見的觀點：你說對於現場供電而言，總成本——LCOE（平準化發電成本）是一個荒謬的概念，而資料中心關注的是總成本。你能否再幫我們更理解一些：資料中心看到的 LCOE 與實際交付給他們的電力價格之間的差異是什麼？實際上電力的定價更高，而你們的解決方案其實更有效？

Quickly on that September 15, 16 report that you highlighted, that is a very good report because it talks about all the money you save by switching to your solution. And I think you had said that a 1-giga power facility can save up to 9% by switching to your solution.

快速回到你提到的 9 月 15、16 日那份報告，那是一份非常好的報告，因為它談到改用你們的解決方案可以省下多少錢。而且我記得你曾說過，一座 1GW 的電力設施改用你們的解決方案，最多可節省 9%。

And the last part of that question, I promise, is we understand your solution has lower NOx and SOx emissions, but we also think there is a water conservation here. Your solution uses less water than your competitors. And that could be a major advantage when you compete in this business. So if you could highlight some of some parts of all that question. Thank you.

我保證這是這個問題的最後一部分：我們了解你們的解決方案能降低 NOx 與 SOx 排放，但我們也認為這裡還有節水效益。你們的解決方案用水量比競爭對手少。而且當你們在這個業務中競爭時，這可能是一項重大優勢。所以如果你能強調一下這整個問題中的幾個重點。謝謝。

Okay, Manav. Thank you. There are many questions. I'll try to remember as many and answer. Let me start with the water question, right? Look, we had when we had made a if you just look at for every gigawatt. The amount of water consumption on the power plant if you use a combustion technology versus us. We are not even in the rounding error of the second decimal. So if you have a gigawatt worth of data center, your anual lifetime usage of water is enormous when you're operating with a CCGT.

好的，Manav。謝謝。問題很多。我會盡量記住並回答越多越好。我先從用水問題開始，好嗎？你看，我們之前做過比較，如果你只看每 1GW。若電廠採用燃燒式技術，相較於我們，在用水量上差異非常大。我們的用水量甚至小到連小數點後第二位的四捨五入誤差都不到。所以如果你有一座 1GW 規模的資料中心，當你用 CCGT（聯合循環燃氣渦輪）運轉時，其全生命週期的年用水量會非常驚人。

For example, it would be somewhere in the neighborhood of 25,000 million gallons of water is what will get consumed if it's a wet cold CCGT over the life of that 1-gigawatt data center. That's a lot of water. Compared to that 25,000 million, we are 1.4 million. So it is not even a drop in the ocean from a water usage perspective. Okay, that's the way to think about water.

例如，如果是濕式冷卻的 CCGT，在那座 1GW 資料中心的整個生命週期中，耗用的水量大約會在 250 億加侖左右。那是非常大量的水。相較於 250 億，我們是 140 萬加侖。所以從用水角度來看，幾乎可以說是滄海一粟。好，這就是看待用水的方式。

Now, you are asking about the cost advantage compared to grid power. Look, from the grid power, the power all the way going to Iraq. From it going to less, from the 99.9%, not clean from a voltage and power perspective, I'm not talking about the environmental aspects, the cleanliness of the electric power, which is what a UPS does.

接著你問的是相較於電網供電的成本優勢。你看，從電網供電一路到機房機櫃（rack），從 99.9% 的供電品質來說——我指的是電壓與電力品質層面，不是在談環境面向、也不是在談電力的「潔淨度」——這些是 UPS（不斷電系統）在處理的。

And then the reliability. Then you add to that the conversion to the voltage and the direct current that you need. All that is cost associated from grid power to rack power. But then within the rack, because the grid delivered technology cannot cycle up and down or a turbine cannot cycle up and down, there is inefficiencies created inside the rack. And they simply burn that electricity so as not to burn out the turbines or the engines or the batteries on the other side.

然後還有可靠性。再加上你需要把電壓轉換成你所需的電壓與直流電。從電網電力到機櫃電力，這些全部都有成本。但接著在機櫃內部，因為電網供電的技術無法快速上下調度，或渦輪機也無法快速上下調度，所以在機櫃內會產生效率損失。他們只是把電力「燒掉」，以避免另一端的渦輪、引擎或電池被燒壞。

You don't need to do that with the fuel cell. So the real cost for a data center is total electricity cost to the amount of tokens you actually deliver on the other side. So it is the token cost of electricity.

燃料電池就不需要這麼做。所以對資料中心而言，真正的成本是：總用電成本相對於你在另一端實際交付的 token 數量。也就是每個 token 的電力成本。

From LCOE, it goes to delivered grid power. From delivered grid power, it goes to rack power costs. From rack power costs, it goes to token power costs. You put all this together, we are an overwhelming cost leader, lowest cost leader, if you put that total cost. That is the understanding people are beginning to understand. And I hopefully answered most of your questions, Manav. We'll take the next one. Thank you.

從 LCOE（平準化發電成本）到電網交付電力。從電網交付電力到機櫃電力成本。從機櫃電力成本到 token 電力成本。把這些全部加總起來，如果你看的是總成本，我們就是壓倒性的成本領導者、最低成本領導者。這就是大家開始理解的事情。希望我回答了你大部分的問題，Manav。我們來下一位。謝謝。

Thank you so much, sir. Thank you.

非常感謝您，先生。謝謝。

Ben Kallo, Baird. Can we ask all remaining analysts to keep to one question only in the interest of time?

Ben Kallo，Baird。為了時間起見，我們能否請剩下的分析師都只問一個問題？

Hi. Thank you. I have two questions very quickly. Number one, just going back to Mark and the expansion, you guys have talked about expanding, I think, 250 to 300 megawatts per quarter. I'm just trying to think about how we should think about that, as you approach the 5 gigawatts going into next year, and any kind of supply constraints that we should think about?

嗨，謝謝。我有兩個問題，很快。第一個，回到 Mark 和擴產，你們談過擴產，我記得是每季擴 250 到 300 兆瓦。我想了解，當你們接近明年進入 5GW 時，我們應該如何看待這件事，以及是否有任何供應限制需要考量？

And then my second question is not in my backyard. We've seen headlines that maybe some developers are moving internationally, and I'm wondering how we should expect you guys to capitalize if that is true, and if there's the same type of benefits that you guys have, whether it's water, noise, or SOX and NOx emissions. And thank you, guys.

第二個問題是「不要在我家後院」（NIMBY）。我們看到一些新聞標題說，也許有些開發商正在轉往海外，我想知道如果這是真的，你們預期會如何把握這個機會，以及你們是否也有同樣類型的優勢，不論是用水、噪音，或 SOx 與 NOx 排放。謝謝各位。

Thank you, Ben. So on the first question, let me be very clear, we have not given any numbers on quarter-to-quarter growth or year growth. What we have said is it's a dial and we dial it up or dial it down depending on where that need is. And based on everything I told you, I don't see us dialing down anytime soon. It's all dialing up. So it is how much we dial up will depend purely on the load. That's number one.

謝謝你，Ben。關於第一個問題，我要非常清楚地說，我們沒有提供任何逐季成長或年度成長的數字。我們說的是這是一個「旋鈕」，我們會依需求把它調高或調低。根據我剛才告訴你的所有事情，我看不到我們短期內會把旋鈕往下調。全部都是往上調。所以要調高多少，完全取決於負載需求。這是第一點。

Number two on the question on international, look, the part to remember is if the total delivered electricity for token becomes a lot less using the Bloom system. That means the amount of fuel you consume for the same number of tokens goes down.

第二點，關於國際市場：你要記得的是，如果使用 Bloom 系統後，每個 token 的總交付電力成本大幅降低。那就代表在相同 token 數量下，你消耗的燃料會下降。

In most international markets where the cost of natural gas is so much higher than it is in the US, the advantage we bring even further enhances. And for all those reasons, yes, international markets are very attractive to us. And we are looking at international expansion. And like I said in my prepared remarks, expect some good news from us in the near future on that score. Thank you.

在多數國際市場，天然氣成本遠高於美國，因此我們帶來的優勢會更加放大。基於這些原因，是的，國際市場對我們非常有吸引力。我們也正在評估國際擴張。而且如同我在事先準備的發言中所說，關於這方面，近期請期待我們帶來一些好消息。謝謝。

Ameet Thakkar, BMO Capital Markets.

Ameet Thakkar，BMO Capital Markets。

Congratulations on the quarter and the revised outlook. Just one quick one for me, I'll stick to the rules. But K.R., you've done a lot about scale today. What's the largest single-site kind of bloom deployment operating in the US. Today in terms of megawatts? And how do we think about the relative to the size of the projects you kind of mentioned that you're about to deploy in Wyoming or New Jersey?

恭喜本季表現以及上修展望。我只有一個簡短問題，我會遵守規則。不過 K.R.，你今天談了很多關於規模化。目前在美國運行中的、單一場址最大規模的 Bloom 部署是多少？以兆瓦計。以及相較於你提到即將在懷俄明州或新澤西州部署的專案規模，我們應該如何看待？

We are in the 100-megawatt class already, and Wyoming is also a 100-megawatt class approaching the gigawatt class because 700 megawatts. So our smallest systems are 150 kilowatts powering a small Home Depot and our largest systems are approaching the gigawatt scale. And I'll tell you, each of those customers is valuable to us and we keep them all happy. Thank you.

我們已經進入 100 兆瓦等級了，而懷俄明州也是 100 兆瓦等級，並且正接近 GW 等級，因為是 700 兆瓦。所以我們最小的系統是 150 千瓦，為一家小型 Home Depot 供電；而我們最大的系統正接近 GW 規模。我可以告訴你，這些客戶每一位對我們都很重要，我們也會讓他們都滿意。謝謝。

Thank you.

謝謝。

Maheep Mandloi, Mizuho.

Maheep Mandloi，Mizuho。

Hey, guys, good evening. Thanks for the questions here. Just one small one. On the backlog growth, I think in the prepared remarks, we kind of talked about backlog growing faster than revenues. And I'm trying to understand like how what to interpret given revenue is up like roughly maybe 140% year over year versus last year. So is that a framework to kind of think about the backlog growth over here this quarter?

各位好，晚安。謝謝讓我提問。只有一個小問題。關於在手訂單（backlog）的成長，我記得在事先準備的發言中，你們提到 backlog 成長速度快於營收。我想理解這句話該怎麼解讀，因為營收年增大概約 140%，相較於去年。所以這是否是一個用來思考本季 backlog 成長的框架？

Maheep, thanks for that question. Luckily, you don't have to wait very long given that it is Q4 in our beginning of the year. We will give you exact guidance and I think over the last few quarters, we have shown to you that we have discipline and we give you numbers that we actually deliver on, so we will get you that number. But I would say, look, I think the growth is solid. It's robust, so expect a solid growth. I'm not going to directionally bracket it for you. Sorry.

Maheep，謝謝你的提問。幸運的是，因為現在是我們年初的第四季，你不需要等太久。我們會給你明確的指引；而且我想在過去幾個季度，我們已經向你們展示了我們有紀律，並且我們給出的數字都是我們實際能交付的，所以我們會把那個數字提供給你。但我會說，你看，我認為成長是穩健的。很強勁，所以請預期會有穩健的成長。我不會在方向上替你劃定區間。抱歉。

Sorry, the time for the question.

抱歉，提問時間到了。

Yeah.

是。

Sanin Ocalan, Bernstein.

Sanin Ocalan，Bernstein。

Hey, good afternoon. Thank you for taking my question and squeezing me in. Maybe I can ask in light of the A.T. Google deal, can you provide some color on maybe some of the other hyperscaler conversations you're having? Are you seeing CCS come up more as sort of a potential optionality for the hyperscale conversations and maybe what it does to deliver power costs from your perspective? I appreciate the CO2 stream being cleaner in your options. So just maybe more thoughts on that?

嗨，午安。謝謝你們接受我的提問並把我加進來。或許我可以就 A.T. 與 Google 的交易來問：你們能否分享一下你們與其他超大規模雲端業者（hyperscaler）正在進行的對話的一些細節？你們是否看到 CCS 在這些超大規模對話中更常被提出，作為一種潛在的選項；以及從你們的角度，它對於交付電力成本可能帶來什麼影響？我理解在你們的選項中，CO2 流更乾淨。所以想聽聽你們更多的看法？

Look, I think, very good question. I would say yes, there is significant interest. From all our hyperscale customers today asking about the optionality of carbon capture, we think it will become extremely important as we go forward. I think almost all our customers would very soon, at a minimum, start buying systems from us that are carbon capture ready.

你問得很好。我會說是的，確實有相當大的興趣。我們目前所有的超大規模客戶都在詢問碳捕捉的選擇性；我們認為隨著未來推進，這會變得極其重要。我想幾乎所有客戶很快至少都會開始向我們採購「碳捕捉就緒」（carbon capture ready）的系統。

So when the ecosystem of wherever they are has a CO2 pipeline that brings them to a sequestration well, they will be able to accommodate. That is number one.

因此，當他們所在的生態系統具備 CO2 管線、能把 CO2 輸送到封存井時，他們就能夠配合導入。這是第一點。

Number two, think about a 10% to 15% cost. As being a reasonable cost that most hyperscalers today would accept to be able to provide zero carbon power. So if you were able to provide that would be where they would go voluntarily absent a mandate. And Bloom will be able to deliver in that range all in full cost for carbon capture and sequestration. This is why I said we are the most affordable and technologically ready platform to do carbon capture and sequestration.

第二點，請把 10% 到 15% 的成本增幅視為一個合理的成本範圍；目前大多數超大規模業者願意接受這樣的成本，以便提供零碳電力。也就是說，為了能提供零碳電力，這是多數超大規模業者今天會接受的合理成本。所以如果你能提供這樣的方案，即使沒有法規強制，他們也會自願採用。而 Bloom 能夠在這個範圍內，提供包含碳捕捉與封存（CCS）在內的全包成本。這就是我說我們是最具成本效益、且在技術上已準備就緒、可執行碳捕捉與封存的平台的原因。

Thank you.

謝謝。

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

Thanks so much, guys. It's a two-part question. The first question is really about the contract asset growth and how you expect that to move into being able to build for that and collect on that. And then the second question, the second part of it, is really around the strategy for monetizing carbon capture.

非常感謝，各位。我有兩個部分的問題。第一個問題主要是關於合約資產的成長，以及你們預期它如何轉化為可建置、並且可收款的進展。第二個問題則是關於碳捕捉變現的策略。

We're believers that you guys can really make a meaningful impact on that, and just if you'll expect to monetize through server sales or if you'll likely bring to market a new solution that augments some of the opportunities that you have with the servers right now?

我們相信你們能在這方面產生實質影響；想請教你們預期會透過伺服器銷售來變現，還是可能推出一個新方案，來強化你們目前與伺服器相關的部分機會？

Yeah, I'll take the first part of that, Colin. So look, I'd say to characterize the contract assets, what I do expect is they're going to turn. So while contract asset balance might grow, what's really important for us is that they're turning because we're reaching those billing milestones and we're collecting cash. And so I think that's an important nuance here that I want to hide.

好的，Colin，我先回答第一部分。我會這樣描述合約資產：我確實預期它們會「周轉」（turn）。所以即使合約資產餘額可能成長，對我們真正重要的是它們在周轉，因為我們正在達成那些開立帳單的里程碑並回收現金。我認為這裡有個重要的細微差異，是我不想掩蓋的。

And then look, in general, I would expect us to continue to be able to manage working capital as we scale this business, but I think just making sure that we're turning both our receivables and contract assets is our primary focus.

另外，整體而言，我預期在我們擴大這項業務規模的同時，仍能持續管理營運資金；但我認為，確保我們的應收帳款與合約資產都能周轉，是我們的首要重點。

So Colin, on how do we monetize carbon capture, right? Again, this answer should not surprise you. This is how Bloom does everything in its business models and even in its product offerings. We will cater to the needs of the end customer.

那麼 Colin，關於我們如何讓碳捕捉變現，對吧？同樣地，這個答案應該不會讓你意外。這就是 Bloom 在所有商業模式、甚至產品提供上，一貫的做法。我們會依終端客戶的需求來量身打造。

If the end customer happens to be a gas company or an oil and gas company, with ability to carbon capture, they can bolt this on and they can monetize it and using the credits as well as the revenue stream that comes from the customer. We can work with a partner to offer a complete solution end-to-end and figure out how to divide those proceeds or, in some cases, the end customer may have the need for the carbon credits and they take it themselves and they pay us in return on the implied electricity costs or the capital equipment plus a margin.

如果終端客戶剛好是天然氣公司或油氣公司，且具備碳捕捉能力，他們可以把這套方案加裝上去，並透過碳權以及來自客戶的收入流來變現。我們也可以與合作夥伴一起提供端到端的完整解決方案，並討論如何分配這些收益；或者在某些情況下，終端客戶可能需要碳權，他們自行取得碳權，並以隱含的用電成本回報，或以資本設備費用加上利潤的方式支付給我們。

We are agnostic to all of them. That's the beauty of our model is that we create optionality for our customer and that's how we think about anything we do. At the end of the day, we are there to serve a customer with data server need and there are multiple pathways to get into that.

對以上各種方式，我們都保持中立。我們模式的美妙之處在於：我們為客戶創造選擇性；這也是我們看待任何事情的方式。歸根結底，我們是為了服務有資料伺服器需求的客戶，而進入這個市場有多條路徑可走。

So with that, let me actually -- since you're on top of the hour and past it, let me just wrap up and I want to acknowledge while everything you heard from us is super positive, I want to acknowledge the unsettling times we're living in right now. Like most of you, I see that there's a lot of uncertainty in the world and there's volatility in the market.

那麼，既然現在已經到整點並且超過了，我就做個總結；我也想先致意：雖然你們從我們這裡聽到的一切都非常正面，但我也想承認，我們正處在令人不安的時期。和各位一樣，我看到世界充滿不確定性，市場也有波動。

However, it is during times like this that we should remind ourselves of the compelling reasons for optimism about our collective future. At a personal level, I can tell you, I feel really blessed to be at Bloom. It's an island of stability, certainty and purpose for me.

然而，正是在這樣的時刻，我們更應該提醒自己：對我們共同的未來，仍有令人信服的樂觀理由。就個人層面而言，我可以告訴你們，我覺得能在 Bloom 工作非常有福氣。對我來說，這裡是一座穩定、確定與使命感的島嶼。

Let me explain to you. I grew up in a place where power was a scarcity. I know what it means to not be able to count on having electricity. How it dampens economic activity, human health and prosperity is something I know very well.

我來解釋一下。我在一個電力稀缺的地方長大。我知道無法指望有電可用是什麼感受。它如何抑制經濟活動、人類健康與繁榮，我非常清楚。

In today's digital world, having power is even more important than it was when I was growing up as a child. Power needs to be -- power needs without a question are going to be rising and are circular. One thing you can be certain, the need for power will soar in the coming years and Bloom has built a platform to deliver power cleanly, reliably and at scale to those who need it. And as we approve time and again, we are able to deliver it, and generate profits and returns for our shareholders and scale our business for growth using a self-funded model.

在今天的數位世界裡，電力的重要性甚至比我童年時更高。電力需求——毫無疑問——將會上升，而且是循環式的。有一件事你可以確定：未來幾年電力需求將大幅飆升，而 Bloom 已打造出一個平台，能以更潔淨、可靠且可規模化的方式，向有需求的人提供電力。而且正如我們一次又一次證明的，我們能夠交付，並為股東創造利潤與報酬，同時以自籌資金的模式擴大業務規模以推動成長。

Our future is bright. I'm grateful to the work and really grateful to work with such a strong team and on such a meaningful mission that I'm so energized and I see our beauty, our bright future very clearly in my eyes.

我們的未來一片光明。我很感謝這份工作，也非常感謝能與如此強大的團隊一起投入這麼有意義的使命；我充滿能量，而且我非常清楚地看見我們美好、光明的未來。

Thank you for supporting Bloom. You all have a great day.

感謝你們支持 Bloom。祝各位有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以斷線。