Ballard Power Systems Inc (BLDP) 2025 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Ballard Power Systems first-quarter 2025 results call. (Operator Instructions) I would now like to turn the conference over to Mr. Sumit Kundu, Manager-Investor Relations. Please go ahead, sir.

感謝您的支持。我是會議主持人。歡迎參加 Ballard Power Systems 2025 年第一季業績電話會議。（操作員指示）現在，我想將會議交給投資者關係經理 Sumit Kundu 先生。先生，請繼續。

Thank you, operator. Good morning. Welcome to Ballard's first-quarter financial and operating results conference call. With us on the call today are Randy MacEwen, Ballard's President and CEO; and Kate Igbalode, Chief Financial Officer.

謝謝您，接線生。早安.歡迎參加巴拉德第一季財務與經營業績電話會議。今天與我們一起參加電話會議的有 Ballard 總裁兼執行長 Randy MacEwen；以及財務長 Kate Igbalode。

Given that our 2024 year-end earnings call was only eight weeks ago, we will keep today's scripted remarks relatively brief.

鑑於我們的 2024 年年終收益電話會議僅在八週前舉行，我們今天的腳本演講將相對簡短。

We will be making forward-looking statements that are based on management's current expectations, beliefs, and assumptions concerning future events. Actual results could be materially different. Please refer to our most recent annual information form and other public filings for our complete disclaimer and related information.

我們將根據管理層目前的預期、信念和對未來事件的假設做出前瞻性陳述。實際結果可能會有重大差異。請參閱我們最新的年度資訊表和其他公開文件，以了解我們的完整免責聲明和相關資訊。

I'll now turn the call over to Randy.

我現在將電話轉給蘭迪。

Thank you, Sumit. Welcome, everyone, to today's conference call. In the first quarter, amidst an uncertain macroeconomic geopolitical and industry context, we made important progress against our controllables, including our customer deliveries, our operating costs, and our product development programs.

謝謝你，Sumit。歡迎大家參加今天的電話會議。第一季度，在宏觀經濟、地緣政治和產業環境不確定的情況下，我們在客戶交付、營運成本和產品開發計劃等可控方面取得了重要進展。

Compared to prior year, 2025 Q1 revenue increased 6%, engine shipments were up 31%, gross margin improved by 14 points, and total operating expenses were down 31%. We're starting to see the positive financial impact of the corporate restructuring we initiated in September last year. We expect to realize further reductions to our operating costs and reduce cash utilization over the remainder of the year from this restructuring. In addition to realizing the benefits from the 2024 restructuring, we're actively assessing opportunities for deeper cost rationalization in 2025.

與去年同期相比，2025 年第一季營收成長 6%，引擎出貨量成長 31%，毛利率提高 14 個百分點，總營運費用下降 31%。我們開始看到去年九月啟動的公司重組所帶來的正面財務影響。我們期望透過此次重組在今年剩餘時間內進一步降低營運成本並減少現金使用率。除了實現 2024 年重組帶來的好處之外，我們還在積極評估 2025 年更深層的成本合理化機會。

Now before we get into the commercial highlights, we'd like to make a few comments regarding tariffs. While uncertainties around evolving global tariff policies remain, expected policy changes are not likely to materially impact our business in 2025. We're closely monitoring tariff developments that may impact the sale of our Fuel Cell products, including into the U.S. We've reviewed the bills of materials for each of our fuel cell engines and assessed the potential tariff impact based on the country of origin of each [bomb] component. We expect sales in the U.S. to represent roughly 20% of our 2025 revenue. Based on current information and following certain mitigation actions, we expect an increased tariff cost of about 20% on products being sold into the U.S. market for which we expect to fully pass the incremental costs on to our customers.

在我們討論商業亮點之前，我們想就關稅發表一些評論。儘管全球關稅政策變化的不確定性仍然存在，但預期的政策變化不太可能對我們 2025 年的業務產生重大影響。我們正在密切關注可能影響我們燃料電池產品銷售的關稅動態，包括對美國市場的銷售。我們審查了每台燃料電池引擎的物料清單，並根據每個[炸彈]零件的原產國評估了潛在的關稅影響。我們預計美國的銷售額將占我們 2025 年收入的 20% 左右。根據目前的資訊並採取某些緩解措施，我們預計銷往美國市場的產品的關稅成本將增加約 20%，我們預計將把增量成本全部轉嫁給我們的客戶。

Moving next to Bus. We're encouraged with the demand growth in the bus market, which contributed 81% of Q1 revenue, up 41% year-over-year. We continue to be the market leader for supplying fuel cell engines to bus OEMs in the European and North American transit bus markets. We believe there's a growing recognition by transit bus operators of the value proposition of fuel cell buses.

移到巴士旁。我們對公車市場的需求成長感到鼓舞，該市場貢獻了第一季營收的 81%，年增 41%。我們繼續成為向歐洲和北美公車市場中的公車原始設備製造商供應燃料電池引擎的市場領導者。我們相信，公車業者越來越認可燃料電池公車的價值主張。

We ended Q1 with an order backlog of $158 million, including a 12-month order book of $92.4 million. As discussed on many previous calls, market adoption remains early in our target applications, with the transition from customer trials to higher volume deployments over time.

我們第一季的訂單積壓額為 1.58 億美元，其中包括 12 個月的訂單金額為 9,240 萬美元。正如之前多次電話會議所討論的那樣，我們的目標應用程式仍處於市場採用的早期階段，隨著時間的推移，將從客戶試用過渡到更大批量的部署。

Accordingly, our business remains project based. This means new order intake is subject to significant variability quarter-to-quarter and can be lumpy. After securing record new order intake of $75.4 million in Q4 of 2024, order intake in Q1 was soft. Notwithstanding, we continue to progress significant sales opportunity which we expect to convert to closed orders over the coming quarters, including opportunities in rail, stationary, and marine.

因此，我們的業務仍然以項目為基礎。這意味著新訂單量每季都會有很大的變化，而且可能會不穩定。在 2024 年第四季獲得創紀錄的 7,540 萬美元新訂單量後，第一季的訂單量疲軟。儘管如此，我們仍在繼續推動重要的銷售機會，我們預計這些機會將在未來幾季轉化為已完成的訂單，包括鐵路、固定和海運領域的機會。

As we look to the remainder of 2025, we'll continue to navigate uncertainties related to hydrogen policies and trade tariffs. We'll continue to focus on our customers, new order intake, on-time delivery of quality products, gross margin expansion initiatives and prioritize product development, and cost reduction programs.

展望 2025 年剩餘時間，我們將繼續應對氫能政策和貿易關稅相關的不確定性。我們將繼續關注我們的客戶、新訂單、優質產品的準時交貨、毛利率擴張計劃，並優先考慮產品開發和成本削減計劃。

With that, I'll now pass the call over to Kate.

說完這些，我現在將電話轉給凱特。

Thank you, Randy. In our seasonally slow Q1, Ballard delivered $15.4 million in revenue, up 6%, driven by strong growth in the Bus vertical, which increased by 41% in the period, but largely was offset by decreases in other verticals. Our Fuel Cell product sales revenue made up 94% of the total revenue, compared to 88% in Q1 of last year, once again, emphasizing our shift into a commercial products company. Fuel cell engine shipments were up 31%, compared to Q1 2024, representing 14 megawatts of fuel cell deliveries.

謝謝你，蘭迪。在我們季節性緩慢的第一季度，巴拉德實現了 1540 萬美元的收入，增長 6%，這得益於巴士垂直業務的強勁增長，該業務在此期間增長了 41%，但很大程度上被其他垂直業務的下降所抵消。我們的燃料電池產品銷售收入佔總收入的 94%，而去年第一季這一比例為 88%，這再次強調了我們向商業產品公司的轉變。與 2024 年第一季相比，燃料電池引擎出貨量成長了 31%，相當於燃料電池交付量為 14 兆瓦。

Similar to prior years, we expect 2025 revenue to be indexed to the second half of the year. Although Q1 growth margin was negative 23%, we realized a 14-point improvement compared to Q1 2024. Gross margin remains negative as we continue to be impacted by relatively low revenue and absorption against our manufacturing overhead costs. The 14-point improvement was primarily driven by lower manufacturing overhead costs resulting from our 2024 restructuring activities.

與往年類似，我們預計 2025 年的收入將與下半年掛鉤。儘管第一季的成長率為-23%，但與2024年第一季相比，我們實現了14個百分點的改善。由於我們繼續受到相對較低的收入和製造間接成本吸收的影響，毛利率仍然為負。14 點的提升主要得益於我們 2024 年重組活動所帶來的製造間接成本降低。

Total operating expenses of $25.5 million and cash operating costs of $23.2 million were down 31% and 22%, respectively. The reduction in total operating expenses reflects reductions of 28% in research and product development, 32% in general and administrative, and 23% in sales and marketing expenses. Our total operating expenses guidance for 2025 is between $100 million and $120 million, reflecting an approximately 30% reduction at the midpoint compared to 2024.

總營運費用為 2,550 萬美元，現金營運成本為 2,320 萬美元，分別下降了 31% 和 22%。總營運費用的減少反映了研究和產品開發費用減少28%，一般和行政費用減少32%，以及銷售和行銷費用減少23%。我們對 2025 年的總營運費用預期在 1 億美元至 1.2 億美元之間，與 2024 年相比，中期減少約 30%。

Capital expenditures totaled $2.7 million in the quarter, primarily for planned investments in production and test equipment, including related to Project Forge. Q1 CapEx was 64% lower compared to Q1 of 2024, and our capital expenditure guidance is between $15 million to $25 million for the year, also reflecting an approximately 38% reduction at the midpoint compared to 2024 guide. Notably, we are actively reviewing and considering various options to reduce both our operating cost structure and our capital expenditure plans for 2025, which may result in revisions to our guidance ranges.

本季資本支出總計 270 萬美元，主要用於生產和測試設備的計畫投資，包括與 Project Forge 相關的投資。與 2024 年第一季相比，第一季的資本支出下降了 64%，我們的年度資本支出指導價在 1500 萬美元至 2500 萬美元之間，與 2024 年指導價相比，中點也減少了約 38%。值得注意的是，我們正在積極審查和考慮各種方案，以降低我們的營運成本結構和 2025 年的資本支出計劃，這可能會導致我們修改指導範圍。

Importantly, we ended Q1 with $576.7 million in cash, no debt, and no requirements for near or midterm financing. We will maintain disciplined spending and balance sheet strength for long-term sustainability. We believe our balance sheet strength represents another significant competitive advantage for Ballard compared to other pure-play PEM fuel cell competitors.

重要的是，我們在第一季結束時擁有 5.767 億美元現金，沒有債務，也沒有近期或中期融資要求。我們將維持有紀律的支出和強勁的資產負債表，以實現長期永續發展。我們相信，與其他純 PEM 燃料電池競爭對手相比，我們的資產負債表實力代表了 Ballard 的另一個顯著競爭優勢。

With that, I'll turn it over to the operator for questions.

說完這些，我將把問題交給接線員回答。

(Operator Instructions)

（操作員指示）

Saumya Jain, UBS.

瑞銀的 Saumya Jain。

Good morning. Do you have any update on the Caterpillar and Microsoft collaboration or any future data center partnerships in sight?

早安.您對卡特彼勒和微軟的合作有什麼最新消息嗎？或是未來資料中心的合作情況如何？

Saumya, first of all, thank you for the question. I would say that's still kind of in whip. CAT and Microsoft had some announcements related to that last year, including winning a DOE award. But I think, converting it from a first trial to next stage is going to take likely a year or two before we see some progress against that.

Saumya，首先感謝您的提問。我想說的是，這仍然有點瘋狂。CAT 和微軟去年發布了一些與此相關的公告，包括贏得 DOE 獎。但我認為，從初步試驗到下一階段的轉變可能需要一兩年的時間才能看到一些進展。

Got it. Thank you. And then how is the cost per kilowatt for the customers looking and what's impacting that specifically?

知道了。謝謝。那麼，客戶每千瓦的成本如何？具體有哪些因素影響成本？

So the cost per kilowatt, there's two variables that I want to highlight. First is the sales price, and then the second is the cost. And on the sales price, I would say, particularly in the China market, there's a lot of pressure on the selling price in the China market. I would say, in Europe and North America, we're seeing pressure there as well, both from a value proposition for the customer as well as competitive pressures.

因此，對於每千瓦的成本，我想強調兩個變數。首先是銷售價格，其次是成本。關於銷售價格，我想說，特別是在中國市場，中國市場的銷售價格面臨很大壓力。我想說，在歐洲和北美，我們也看到了壓力，既來自客戶的價值主張，也來自競爭的壓力。

And then on the cost side, the key variables there for a fuel cell engine relate to the fuel cell stack plus the balance of plant components. We continue to do a lot of important work on reducing the cost of the stack and reducing the cost of the balance of plant components for a full engine. And we've talked about some of the product cost reduction initiatives we've been engaged in over the last number of years. And one of the key ones, in my opinion, on the stack side is Project Forge that Kate alluded to in terms of the investment we're making there. We expect to see pretty significant reductions in our bipolar plate costs, and that project should be fully implemented by the end of this year. So we expect to see some enhancement there.

然後在成本方面，燃料電池引擎的關鍵變數與燃料電池堆以及工廠組件的平衡有關。我們繼續做大量重要的工作來降低堆疊成本並降低整台引擎的平衡工廠組件成本。我們討論了過去幾年來我們一直致力於的一些產品成本降低措施。在我看來，堆疊方面的關鍵項目之一是 Kate 提到的 Project Forge，就我們在那裡進行的投資而言。我們預計雙極板成本將大幅降低，該計畫預計將在今年底全面實施。因此，我們期望看到一些改進。

But as a trend, I would say, the overall selling price is relatively flat this year compared to the prior year, and we expect to see the cost coming down later this year.

但我認為，從趨勢上看，今年的整體售價與去年相比相對持平，我們預計今年稍後成本將會下降。

Okay. Thank you.

好的。謝謝。

Rob Brown, Lake Street Capital Markets.

羅布布朗 (Rob Brown)，Lake Street Capital Markets。

Good morning. On your sales pipeline, at this point, where are you seeing the most activity and how do you see that playing out throughout the year?

早安.在您的銷售管道中，目前您看到最多的活動在哪裡？您認為全年的銷售活動將如何進行？

Rob, thanks for the question. Certainly, I would say where we see the most consistent and repeat business opportunities is in the Bus segment, for sure. Both in Europe and North America, we see customers there with repeat orders over the last year or two, but going forward as well. In fact, just about two weeks ago, we had an end user, a transit operator in our office here in Vancouver. They have a pretty significant deployment in the U.S. market and are looking to add a significant number of fuel cell buses to their fleet which is very encouraging. So the bus market is certainly a key contributor in the sales pipeline.

羅布，謝謝你的提問。當然，我想說，我們看到最穩定和重複的商業機會肯定是在巴士領域。在歐洲和北美，我們都看到客戶在過去一兩年內重複下單，未來還會繼續下單。事實上，大約兩週前，我們在溫哥華的辦公室裡有一位最終用戶，一位交通運輸業者。他們在美國市場有相當大的部署，並希望在其車隊中增加大量燃料電池公車，這是非常令人鼓舞的。因此，公車市場無疑是銷售管道中的關鍵貢獻者。

But then we do get significant lumpy projects in rail, in stationary, and I would say, kind of distant third would be marine. And so rail and stationary, we see lots of opportunity there for validating value propositions with customers and longer term, moving to a more consistent cadence. But right now very lumpy.

但是，我們確實在鐵路、固定設施方面獲得了一些重要的項目，我想說，排名第三的是海運。因此，我們看到鐵路和固定設施中有很多機會可以與客戶驗證價值主張，並且從長遠來看，可以轉向更一致的節奏。但目前情況非常不平穩。

On the rail side, we continue to see opportunity in the freight locomotive market in North America as well as some commuter rail opportunities in the North American market as well. Stationary, a number of different applications we're seeing interest in and particularly, some of what I'd call off-grid or weak-grid scenarios where customers are looking for remote sites or construction or event-type power requirements or even EV charging. And those are the applications we're seeing kind of the most uptake in our sales opportunities right now.

在鐵路方面，我們繼續看到北美貨運機車市場以及北美市場的一些通勤鐵路機會。固定式，我們看到人們對許多不同的應用感興趣，特別是一些我稱之為離網或弱網場景，客戶正在尋找遠端站點或建築或事件類型的電力需求甚至電動車充電。這些是我們目前在銷售機會中看到的最大應用。

Great. Thank you for the color. And on the bus market that's got the most sort of maturity of of deployments, are you starting to see cases where you can get the value proposition economics and value proposition sketched out? I guess, where do you see the most functional deployments and the most data?

偉大的。謝謝你的顏色。在部署最成熟的公車市場上，您是否開始看到可以勾勒出價值主張經濟學和價值主張的案例？我猜，您在哪裡看到最多的功能部署和最多的資料？

So we have just under 600 fuel cell buses operating today in Europe and North America with very good data coming back from the field in terms of uptime, availability, reliability, safety, all those metrics, of course. And what I'd say is that -- And by the way, there are quite a few buses that will be entering into service over the coming 12 to 18 months. So it's very encouraging to see that. And there, what we're seeing effectively is that the key variable on customers having an improved total cost of ownership is really the cost of the fuel. And that's a variable we don't have a lot of control over. We do expect to see by 2030 more access to low-cost low-carbon hydrogen in both the North American and European markets at a price approaching TCO parity. But it still is a premium compared to diesel buses today.

因此，目前我們在歐洲和北美運營近 600 輛燃料電池公車，並從現場傳回了非常好的數據，包括正常運行時間、可用性、可靠性、安全性等所有這些指標。我想說的是——順便說一下，未來 12 到 18 個月將有相當多的公車投入使用。看到這一點非常令人鼓舞。我們實際上看到的是，影響客戶整體擁有成本提高的關鍵變數實際上是燃料成本。這是我們無法控制的變數。我們確實預計，到 2030 年，北美和歐洲市場將有更多人以接近 TCO 平價的價格獲得低成本低碳氫化合物。但與今天的柴油公車相比，它的價格仍然較高。

Great. Thank you. I'll turn it over.

偉大的。謝謝。我把它翻過來。

Rupert Merer, National Bank.

魯珀特·梅勒，國家銀行。

Good morning, everyone. With the restructuring you've gone through, can you talk about the process and what compromises you've had to make to achieve your targets? And have you had any impact to your product cost reduction initiatives or have you given up any fundamental R&D initiatives?

大家早安。關於您所經歷的重組，您能談談這個過程以及為了實現目標您必須做出哪些妥協嗎？這對降低產品成本的措施有什麼影響嗎？還是您放棄了任何基礎研發計畫？

Great question, Rupert. So I think any time you look at a cost reduction, the biggest question is what are you going to stop doing and what are you compromising or what are the puts and takes and the trade-offs. And we certainly believe that much of the value creation that occurs at Ballard is in our technology and our engineering. So we've tried to, as much as possible, protect the core IP and obviously, the core roadmap that relates to our core products.

問得好，魯伯特。因此我認為，任何時候考慮降低成本時，最大的問題是你要停止做什麼、你要妥協什麼、或付出什麼、得到什麼、做出什麼權衡。我們堅信，巴拉德創造的大部分價值來自於我們的技術和工程。因此，我們盡可能地保護核心智慧財產權，顯然還有與我們的核心產品相關的核心路線圖。

And so basically, we've prioritized and sequenced product development programs.I would say, previously, you would have seen us doing a number of different programs in parallel. And now, we're going to more of a sequential approach. With the push-out in the timeline for adoption, particularly in the truck market, we've deprioritized investment into fuel cell engines at this time that relate to the truck market. So our focus is very much on making sure we have higher-performing lower-cost modules for the bus market, a market that we're winning in and a market we plan to continue to win in.

所以基本上，我們對產品開發專案進行了優先排序。我想說，以前，你會看到我們同時進行許多不同的專案。現在，我們將採取更連續的方法。隨著採用時間表的推進，特別是在卡車市場，我們目前已降低與卡車市場相關的燃料電池引擎的投資優先順序。因此，我們的重點是確保我們為公車市場提供性能更高、成本更低的模組，我們已經在這個市場中贏得了勝利，並且我們計劃繼續在這個市場中贏得勝利。

So winning in the bus market is critical, and as some of these other markets start to scale longer term, we'll be taking the products that we're developing for the bus market, applying them to some of these other markets. And similarly, as we kind of look at the larger products for stationary and rail and the truck market, making sure that the balance of plant components, to the extent they can be harmonized with the smaller products, there's some leverage there.

因此，在公車市場取勝至關重要，隨著其他一些市場開始長期擴大規模，我們將把為公車市場開發的產品應用到其他一些市場。同樣，當我們著眼於固定、鐵路和卡車市場的較大產品時，確保工廠組件的平衡，使其能夠與較小的產品協調，這樣就有一定的槓桿作用。

There certainly has been some reduction in R&D, and I think we've focused on making sure we're preserving the core MEA R&D activities where we think we have a competitive advantage and less activity perhaps on things like the balance of plant component where we think the supply chain has been a little bit more matured over the last two years than previously.

研發投入確實有所減少，我認為我們的重點是確保保留核心的 MEA 研發活動，我們認為在這些方面我們具有競爭優勢，而在諸如工廠組件平衡等方面的活動可能會減少，我們認為供應鏈在過去兩年中比以前更加成熟。

So there certainly have been some compromises. One of the key ones though is really focusing the product roadmap and doing fewer programs and looking at sequential product development programs rather than in parallel.

因此肯定會有一些妥協。然而，其中一個關鍵點是真正專注於產品路線圖，減少項目數量，並著眼於連續的產品開發項目，而不是並行的項目。

So would you still be on track with your cost reduction plans from a few years ago?

那麼，您還會繼續執行幾年前的成本削減計劃嗎？

That's one of the areas we think we've made a lot of progress on. Certainly, on the MEA front, we've realized pretty significant reductions there. Project Forge, as I mentioned earlier, will come online. It's pretty well, almost finished installation right now. And that will dramatically reduce the cost of the bipolar plate.

我們認為這是我們取得很大進展的領域之一。當然，在 MEA 方面，我們已經實現了相當顯著的削減。正如我之前提到的，Project Forge 將會上線。非常好，現在安裝幾乎完成了。這將大大降低雙極板的成本。

And just as a reminder for people, Project Forge is kind of this really important plan where we look at not only materially reducing the cost, but also scaling the production of kind of next-generation graphite plates. And it kind of reduces the cost of the plates by about 70% and increases the production capacity by about 10 times, while also significantly reducing production (inaudible) times. And really, the throughput is enhanced. But some additional things like reduced energy demand and elimination of wastewater consumption from plate manufacturing, there are a lot of benefits from this project. So we expect to see a step-change in our plate production starting next year. And after MEAs, bipolar plates are the next largest cost item in the fuel cell stack.

需要提醒大家的是，Project Forge 是一項非常重要的計劃，我們不僅要大幅降低成本，還要擴大下一代石墨板的生產規模。它可以降低板材成本約 70%，提高生產能力約 10 倍，同時也大幅縮短生產（聽不清楚）時間。吞吐量確實提高了。但是，還有一些額外的事情，例如減少能源需求和消除板材製造中的廢水消耗，這個項目有很多好處。因此，我們預計從明年開始我們的板材生產將發生重大變化。繼 MEA 之後，雙極板是燃料電池堆中第二大成本項目。

So from an MEA and a bipolar plate product cost reduction perspective, no impact from our program plans there. And then, I think the balance of plant components, much of those have been specified not just for products that we have in the field, but for our next generation, what we call our small core product, that will significantly lower the cost of engines and enhance our margins.

因此，從 MEA 和雙極板產品成本降低的角度來看，我們的計劃不會產生影響。然後，我認為工廠組件的平衡，其中許多不僅適用於我們在該領域擁有的產品，也適用於我們的下一代產品，我們稱之為小型核心產品，這將顯著降低引擎成本並提高我們的利潤率。

Thank you, Randy. I'll leave it there.

謝謝你，蘭迪。我就把它留在那裡。

Jordan Levy, Truist Securities.

喬丹·利維（Jordan Levy），Truist Securities。

Hi all. It's Henry, on for Jordan here. Thanks for taking my questions. Understanding that the tariff situation remains very fluid, I'm just curious if there are any actions or updates we should be looking for from you all later on this year with regards to supply chain movement or material sourcing.

大家好。亨利代替喬丹上場。感謝您回答我的問題。我了解到關稅情況仍然非常不穩定，我只是好奇今年晚些時候在供應鏈流動或材料採購方面我們是否應該期待你們採取任何行動或更新。

Henry, first of all, thanks for the question. There are a bunch of mitigation actions we've already taken into account. So just as a couple of illustrative examples, as a one-time measure, we did accelerate the movement of some components and materials into the U.S. market before the tariffs were implemented. And then secondly, of course, there are suppliers that we're looking at transitioning. Some of that comes with some complexity and some timing, of course. I don't think there's anything -- any one change that's material by itself, but a couple of them together will be quite helpful.

亨利，首先感謝您的提問。我們已經考慮了許多緩解措施。舉幾個例子，作為一次性措施，在關稅實施之前，我們確實加速了一些零件和材料進入美國市場。其次，當然，我們正在考慮轉型一些供應商。當然，其中一些會伴隨一定的複雜性和時間因素。我認為沒有任何一項改變是單獨具有實質的，但幾項改變結合起來就會非常有幫助。

And then, of course, I think the key is the whole market, just understanding that there's going to be some pass-through here of tariffs cost through the value chain. So I don't expect to have any major update on this front later this year. I expect it to be kind of more of the same that we profiled here today.

當然，我認為關鍵在於整個市場，只要理解關稅成本會透過價值鏈轉嫁出去即可。所以我預計今年稍後這方面不會有任何重大更新。我希望它與我們今天在這裡介紹的類似。

Got you. Understood. Thank you for that. And then maybe just a quick housekeeping one for me. Looking at the relatively light CapEx spend for the first quarter here, I guess how should we think about the cadence of that kind of moving through the remainder of the year? Thank you.

明白了。明白了。謝謝你。然後對我來說可能只是一個快速的整理工作。看看第一季相對較少的資本支出，我想我們該如何看待今年剩餘時間內這種支出的節奏？謝謝。

Maybe I'll just make a comment and then Kate can follow up as well. I think one of the things to understand as well is we did -- you go back a few years ago when we first started talking about Project Forge, this is an $18 million program, we're just now seeing the trailing costs of that occurring in 2025. And as you look forward for the foreseeable future, in my opinion, at least through 2030 and beyond, we really don't have any material one-time CapEx spend during that time period. So there's really a burn-off, if you will, of this Project Forge in 2025 and that's really front-end loaded as well as typical maintenance CapEx that we have here for our facilities in Vancouver. Kate, I don't know if there's anything additional you'd want to add to that.

也許我只是發表評論，然後凱特也可以跟進。我認為還有一件事需要理解，那就是我們做了——幾年前，當我們第一次開始談論 Project Forge 時，這是一個耗資 1800 萬美元的項目，我們現在才看到 2025 年的後續成本。展望可預見的未來，我認為，至少到 2030 年及以後，我們在此期間確實不會有任何重大的一次性資本支出。因此，如果你願意的話，2025 年 Project Forge 的資金確實會耗盡，這實際上是前端加載的，也是我們在溫哥華的設施的典型維護資本支出。凱特，我不知道您是否還有什麼要補充的。

I think, Henry, for the purposes of kind of modeling an outlook for the year, I think taking kind of the midpoint of the guidance range would be a reasonable expectation and just sort of run-rating that across the quarters. To Randy's point, there really isn't any kind of material expectations for outside spend in one quarter versus the other.

亨利，我認為，為了對今年的前景進行建模，我認為採取指導範圍的中點是一個合理的預期，並且只是對各個季度進行運行評級。正如蘭迪所指出的，對於一個季度與另一個季度相比的外部支出，實際上並不存在任何實質的預期。

(Operator Instructions) This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Randy MacEwen for any closing remarks. Please go ahead, sir.

（操作員指示）我們的問答環節到此結束。我想將會議交還給蘭迪·麥克尤恩先生，請他作最後發言。先生，請繼續。

Thank you for joining us today, and we look forward to speaking with you next quarter.

感謝您今天加入我們，我們期待下個季度與您交談。

This brings today's meeting to a close. You may disconnect your lines. Thank you for your participation and have a pleasant day.

今天的會議到此結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。