Ballard Power Systems Inc (BLDP) 2025 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Ballard Power Systems third-quarter 2025 results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. (Operator Instructions)

感謝您的耐心等待。這是會議接線員。歡迎參加巴拉德動力系統公司2025年第三季業績電話會議。提醒各位，所有與會者均處於唯讀模式，會議正在錄音。（操作說明）

I would now like to turn the conference over to Sumit Kundu, Investor Relations. Please go ahead.

現在我將把會議交給投資者關係部的 Sumit Kundu。請繼續。

Thank you, operator, and good morning. Welcome to Ballard's third quarter financial and operating results conference call. Joining me today is Marty Neese, Ballard's President and Chief Executive Officer; and Kate Igbalode, our Senior Vice President and Chief Financial Officer.

謝謝接線員，早安。歡迎參加巴拉德第三季財務與營運業績電話會議。今天與我一同出席的有巴拉德公司總裁兼執行長馬蒂·尼斯，以及我們的高級副總裁兼財務長凱特·伊格巴洛德。

Before we begin, please note that 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.

在開始之前，請注意，我們將根據管理層目前對未來事件的預期、信念和假設做出前瞻性陳述。實際結果可能與預期大相逕庭。請參閱我們最新的年度資訊表和其他公開文件，以獲取完整的免責聲明和相關資訊。

I'll now turn the call over to Marty.

現在我將把電話交給馬蒂。

Thank you, Sumit, and welcome, everyone, to our third quarter earnings call. Today, alongside our quarterly financial and operational highlights and updates on our market verticals, I'll share progress on our recent restructuring and strategic alignment, discuss our path toward becoming cash flow positive and provide updates on key developments across our global organization.

謝謝 Sumit，也歡迎各位參加我們第三季的財報電話會議。今天，除了季度財務和營運亮點以及市場垂直領域的最新進展外，我還將分享我們最近的重組和策略調整的進展情況，討論我們實現現金流為正的路徑，並提供我們全球組織關鍵發展的最新資訊。

I'll begin with an overview of our business and markets. Overall, I'm pleased with our performance in the quarter. We continue to progress on pace with order delivery resulting in a 120% year-over-year revenue increase, largely from our deliveries to the bus and rail segments, representing more than 70% of this quarter's revenue.

我將首先概述我們的業務和市場。總體而言，我對本季的業績感到滿意。我們在訂單交付方面繼續按計劃推進，實現了同比增長 120% 的收入增長，這主要得益於我們向公共汽車和鐵路部門的交付，佔本季度收入的 70% 以上。

Net order intake was approximately $19 million, and we achieved a positive gross margin of 15%, reflecting meaningful progress in reducing product costs and a net reduction in onerous contract provisions. While this margin result may not represent a new ratable baseline, it demonstrates the progress of our product cost improvements and overall profitability trajectory.

淨訂單金額約為 1,900 萬美元，毛利率為 15%，這反映出在降低產品成本方面取得了實質進展，並且減少了繁重的合約條款。雖然這項利潤率結果可能並不代表新的可評估基準，但它顯示了我們在產品成本改進和整體獲利能力發展方面的進展。

Our revenue makeup highlights the importance of the bus market, a market we expect to continue growing in the coming years. I recently had the opportunity to attend Busworld and meet with bus OEMs and transit operators. What was truly eye-opening was the interest in electrification for buses has grown substantially with combustion engines largely absent from the show and an almost exclusive focus being on electric alternatives, including fuel cells. This is not surprising when considering that nearly 60% of new bus sales are now zero emission.

我們的收入組成凸顯了巴士市場的重要性，我們預計該市場在未來幾年將繼續成長。我最近有機會參加了 Busworld 展會，並與公車原始設備製造商和公車營運商進行了會面。真正令人大開眼界的是，人們對公車電氣化的興趣大幅增長，內燃機在展會上基本上消失，而關注點幾乎完全集中在包括燃料電池在內的電動替代方案上。考慮到目前新售公車中近 60% 為零排放公車，這一點並不令人驚訝。

In this electrified space, the advantages of fuel cells to serve a wide variety of routes, short refueling times and the increasing infrastructure costs in face of grid constraints is becoming ever clearer. As the market attractiveness and technical and competitive merits of fuel cell buses grow, so too is the competition in the fuel cell bus engine space.

在這個電氣化的空間裡，燃料電池能夠服務各種各樣的路線，加註燃料的時間短，並且能夠應對電網限制下不斷上漲的基礎設施成本，其優勢正變得越來越明顯。隨著燃料電池公車的市場吸引力、技術和競爭優勢不斷增強，燃料電池公車引擎領域的競爭也日益激烈。

With new entrants coming in, it is more important than ever for us to continue to differentiate ourselves as the fuel cell industry leader. Here, we believe that our decades of innovation and hundreds of millions of delivered kilometers positions us well. Having the most experienced and most durable, reliable products with the lowest demonstrated total cost of ownership sets us apart.

隨著新進者的不斷湧現，我們比以往任何時候都更需要繼續保持燃料電池產業領導者的地位。我們相信，憑藉數十年的創新和數億公里的交付里程，我們在這方面處於有利地位。我們擁有經驗最豐富、最耐用、最可靠的產品，且產品的總擁有成本最低，這使我們脫穎而出。

We are also ready for the next generation of buses. At Busworld, we launched the FCmove-SC, and initial feedback from OEMs has been very positive. Customers recognize the potential benefits of higher power density, simpler and more integrated functionality, a smaller, lighter footprint and higher operating temperatures. These are all features that lower their total cost of ownership. Further, we continue to improve our core stack lifetime and industry-leading durability. Taken together, our customers are excited with these innovations.

我們也為下一代公車做好了準備。在 Busworld 展會上，我們推出了 FCmove-SC，來自 OEM 廠商的初步回饋非常正面。客戶認識到更高的功率密度、更簡單、更整合的功能、更小更輕的佔地面積和更高的工作溫度所帶來的潛在好處。這些特性都能降低它們的總擁有成本。此外，我們不斷提高核心堆疊壽命和業界領先的耐用性。總而言之，我們的客戶對這些創新感到興奮。

In terms of timing, product availability is expected to line up well with OEM timing for homologation into their next generation of vehicles. Additionally, we are enhancing our product cost leadership and long product life with a more comprehensive focus on delivering best-in-class service.

就時間安排而言，預計產品上市時間將與 OEM 廠商下一代車輛的認證時間吻合。此外，我們更專注於提供一流的服務，從而增強了我們在產品成本優勢和延長產品壽命方面的優勢。

We are complementing our products with additional services, including digital operations and maintenance services, extended warranties, spares management and on-site and virtual technician training and support. Our strong balance sheet and commitment to long-term service and support sets us apart, and our customers are eager to engage with us further to enhance these offerings.

我們正在透過提供額外的服務來完善我們的產品，包括數位化營運和維護服務、延長保固、備件管理以及現場和虛擬技術人員培訓和支援。我們穩健的資產負債表以及對長期服務和支援的承諾使我們脫穎而出，我們的客戶也渴望與我們進一步合作，以增強這些服務。

Moving briefly to our rail and marine segments. We continue to see momentum for freight and passenger rail locomotives. Recently in a milestone for sustainable transportation, Stadler's FLIRT H2 hydrogen-powered train officially entered service in San Bernardino, California, another important step towards carbon-free public transit. The train sets a new benchmark for clean, efficient and passenger-friendly rail travel in the region that we are proud to be powering.

接下來簡單介紹一下我們的鐵路和海運業務。我們看到貨運和客運鐵路機車市場持續保持成長動能。最近，在永續交通領域取得了一項里程碑式的成就：Stadler 公司的 FLIRT H2 氫動力列車在加州聖貝納迪諾正式投入使用，這是邁向無碳公共交通的另一個重要步驟。這列火車為該地區的清潔、高效、以乘客為中心的鐵路旅行樹立了新的標桿，我們很榮幸能為其提供動力。

In the marine segment, during the quarter, we recorded our largest order ever to the marine market with our order totaling 6.4 megawatts to eCAP and Samskip. These are both interesting markets for Ballard, though I would add that both these markets remain at early stage of development and customer adoption.

在海洋領域，本季度我們獲得了有史以來最大的海洋市場訂單，向 eCAP 和 Samskip 訂購了總計 6.4 兆瓦的電力。這兩個市場對巴拉德來說都很有意思，不過我想補充的是，這兩個市場目前都還處於發展和客戶接受的早期階段。

For the stationary power market, let me address the topic that is particularly hot at this time, AI data centers. It is clear that the rapid growth and the need for data centers and related infrastructure is creating challenges for local grids, and there is a shift to evaluate potential sources of off-grid power as well as address CO2 emissions rules and noise requirements in many jurisdictions. This applies for both backup and primary power sources.

對於固定電源市場，我想談談目前特別熱門的話題—人工智慧資料中心。很明顯，資料中心及相關基礎設施的快速成長和需求給本地電網帶來了挑戰，許多司法管轄區正在轉向評估離網電源的潛在來源，並解決二氧化碳排放規則和噪音要求。這適用於備用電源和主電源。

Ballard's stationary solutions to date have demonstrated that we can supply kilowatts to megawatts of power. Our near-term product offering for this market is focused on backup power solutions to replace diesel generators. Unit volumes in our forecast continue to increase as does our product evolution from hundreds of kilowatts to multi megawatts.

巴拉德迄今為止的固定式解決方案已經證明，我們可以提供千瓦到兆瓦的電力。我們近期針對該市場的產品供應重點是替代柴油發電機的備用電源解決方案。根據我們的預測，單位銷售將繼續成長，同時我們的產品也從數百千瓦發展到數兆瓦。

We are leveraging these factors to innovate further with our stationary power and data center customers. Our FCmove-XD product enables us to increase power densities today to 500 kilowatts and up to 2 to 3 megawatts in a small form factor module in the near future. This leading power density in a compact footprint opens the door to potential additional use cases.

我們將利用這些因素，為我們的固定電源和資料中心客戶帶來更多創新。我們的 FCmove-XD 產品使我們能夠將功率密度提高到目前的 500 千瓦，並且在不久的將來，在小型模組中提高到 2 至 3 兆瓦。這種在緊湊尺寸下實現領先功率密度的特性，為潛在的更多應用場景打開了大門。

Hydrogen supply partnerships are essential, and we are actively working on collaboration opportunities in this area. This is an exciting area of product innovation. We will continue to provide updates as customer engagements develop further.

氫氣供應夥伴關係至關重要，我們正在積極尋求這方面的合作機會。這是產品創新領域一個令人興奮的方向。我們將隨著客戶合作的進一步發展，持續提供最新資訊。

Turning to our strategic realignment. We are making meaningful progress as we work toward cash flow positivity. On the cost side, our recent restructuring actions are delivering tangible benefits with significant reductions in cash operating costs and total operating expenses, excluding restructuring charges.

接下來談談我們的策略調整。我們在實現現金流為正的目標方面取得了實質進展。在成本方面，我們最近的重組措施帶來了切實的好處，大幅降低了現金營運成本和總營運費用（不包括重組費用）。

On margin and revenue, we remain focused on driving down product costs and expanding our order book and total order back -- excuse me, backlog. Building out our order pipeline is taking additional time as we work with current customers to secure more sustainable contract terms, and some orders have shifted to Q4 2025 or Q1 2026. We believe this extra time is well invested to ensure long-term sustainability and appropriately balanced commercial agreements.

在利潤率和收入方面，我們仍然專注於降低產品成本，擴大訂單量和訂單積壓總量。由於我們正在與現有客戶合作以確保更永續的合約條款，因此建立我們的訂單管道需要額外的時間，一些訂單已推遲到 2025 年第四季或 2026 年第一季。我們相信，投入這些額外的時間是值得的，這有助於確保長期的可持續發展和適當平衡的商業協議。

Looking ahead to 2026 and '27, we anticipate further improvement in gross margins, supported by ongoing pricing and growth initiatives, additional product cost reductions and the initial sales of our FCmove-SC product. In addition, we expect further growth as we reenter the material handling market. We are seeing interest in our extended durability stack offering, which more than doubles current material handling stack lifetimes available in the market today.

展望 2026 年和 2027 年，我們預計毛利率將進一步提高，這得益於持續的定價和成長舉措、進一步的產品成本降低以及 FCmove-SC 產品的初步銷售。此外，隨著我們重新進入物料搬運市場，我們預計業務將進一步成長。我們發現，市場對我們延長使用壽命的堆疊產品很感興趣，該產品的使用壽命是目前市場上現有物料搬運堆疊產品的兩倍以上。

Customers see this product as an excellent way to increase their delivered value and lower their overall costs, especially related to stack service and maintenance. As mentioned, as we further refine our product offering for the stationary power market, we expect growth in this market as well. For both material handling and stationary power, we will provide more details on pipeline and order book conversion efforts as these potential opportunities mature.

客戶認為該產品是提高交付價值和降低整體成本的絕佳方式，尤其是在堆疊服務和維護方面。如同前面所提到的，隨著我們進一步完善固定電源市場的產品供應，我們預期該市場也將實現成長。對於物料搬運和固定式電源，隨著這些潛在機會的成熟，我們將提供更多關於管道和訂單轉換工作的詳細資訊。

Taken together, these efforts are critical in moving us towards our goal of cash flow positivity. While there is still work to be done to achieve long-term sustainability, we are taking the right steps to grow our business in areas that make strategic sense, all while maintaining a strong balance sheet for our long-term resilience and in support of our customers.

總而言之，這些努力對於我們實現現金流為正的目標至關重要。雖然要實現長期永續發展還有很長的路要走，但我們正在採取正確的措施，在具有戰略意義的領域發展業務，同時保持強勁的資產負債表，以增強我們的長期韌性並支持我們的客戶。

Moving to two other items of note for Ballard's global operations. First, due to changes in funding options and updated capacity outlook, we have decided not to pursue the Texas gigafactory development. Our analysis shows our existing global manufacturing capacity with minor adjustments will meet forecasted volumes. This decision underscores our commitment to capital discipline and focus on efficient execution.

接下來是巴拉德全球營運的另外兩項值得注意的事項。首先，由於資金來源的變化和產能前景的更新，我們決定不再繼續推進德州超級工廠的開發。我們的分析表明，只需稍作調整，我們現有的全球生產能力即可滿足預測的產量。這項決定凸顯了我們對資本紀律和高效率執行的承諾。

And second, as part of our strategic focus, we are further reducing our involvement in the Weichai Ballard joint venture in China, allowing us to concentrate resources on North America and Europe.

其次，作為我們策略重點的一部分，我們將進一步減少在中國濰柴巴拉德合資企業中的參與，以便將資源集中到北美和歐洲。

Before I pass the call to Kate to review our financials, I would summarize this quarter as showing progress on our turnaround efforts. Year-over-year growth in shipments and revenue, progress on margin expansion, executing disciplined capital spending and launching compelling new products and services that deliver lower costs and more value to our customers is a really good start. There is much more to do to further transform the company and get to cash flow positivity, and we are committed to this overarching goal.

在我將電話轉交給凱特來審查我們的財務狀況之前，我想總結一下本季度的情況，即我們的扭虧為盈工作取得了進展。出貨量和收入逐年增長，利潤率擴張取得進展，嚴格執行資本支出，並推出能夠為客戶降低成本、創造更大價值的引人注目的新產品和服務，這確實是一個非常好的開始。要進一步改造公司並實現現金流為正，還有很多工作要做，我們將致力於實現這一總體目標。

With that, I'll turn the call over to Kate for a detailed review of our financial results.

接下來，我將把電話交給凱特，讓她詳細回顧我們的財務表現。

Thanks, Marty, and good morning, everyone. For the third quarter of 2025, Ballard delivered revenue of $32.5 million, an increase of 120% year-over-year, driven primarily by the bus and rail deliveries. Gross margin improved to 15% compared to negative 56% in Q3 2024, a 71 point improvement. This reflects lower manufacturing overhead, continued product cost reductions and a net reduction in onerous contract provisions.

謝謝你，馬蒂，大家早安。2025 年第三季度，巴拉德公司營收 3,250 萬美元，年增 120%，主要得益於公車和鐵路的交付。毛利率從 2024 年第三季的 -56% 提高到 15%，提高了 71 個百分點。這反映了製造成本降低、產品成本持續下降以及苛刻合約條款的淨減少。

This reduction in onerous contract provisions, coupled with a higher margin onetime off-road sales transaction contributed to the outsized gross margin performance in the quarter. Without these onetime benefits, our gross margin would be slightly negative, still illustrating a market year-on-year and quarter-on-quarter improvement.

合約中繁瑣條款的減少，加上利潤率較高的一次性非公路車輛銷售交易，促成了本季毛利率的大幅成長。如果沒有這些一次性收益，我們的毛利率將略微為負，但這仍然表明市場同比和環比均有所改善。

As Marty highlighted, we continue to make measured progress towards gross margin expansion and expect this to be reflected in our 2026 outlook.

正如馬蒂所強調的，我們在毛利率擴張方面持續穩步前進，並預計這將在我們的 2026 年展望中得到體現。

Total operating expenses were $34.9 million, down 36% year-over-year or 55% lower when excluding restructuring costs. Cash operating costs declined 40% year-over-year as the benefits of restructuring actions flowed through to our results. The rightsizing of our corporate cost structure, while never easy, was critical for our long-term sustainability and financial health.

總營運支出為 3,490 萬美元，年減 36%，若不計重組成本，則下降 55%。由於重組措施帶來的好處體現在我們的業績中，現金營運成本較去年同期下降了 40%。調整公司成本結構雖然從來都不是一件容易的事，但對我們的長期永續發展和財務健康至關重要。

Adjusted EBITDA improved to negative $31.2 million compared to negative $60.1 million in the prior year. Cash used by operating activities was $22.9 million, an improvement from $28.6 million in Q3 of 2024. We ended the quarter with $525.7 million in cash and cash equivalents, no bank debt and no near-term financing requirements. Our strong balance sheet and firm hand on prudent capital allocation is a key differentiator amongst peers and provides us with business flexibility and resilience in this dynamic macro environment.

經調整後的 EBITDA 改善至負 3,120 萬美元，去年同期為負 6,010 萬美元。經營活動所用現金為 2,290 萬美元，較 2024 年第三季的 2,860 萬美元有所改善。本季末，我們擁有 5.257 億美元的現金及現金等價物，沒有銀行債務，也沒有近期融資需求。我們穩健的資產負債表和審慎的資本配置是我們區別於同業的關鍵優勢，並為我們在這個動態的宏觀環境中提供了業務靈活性和韌性。

Looking ahead, consistent with prior practice, we are not providing specific revenue, net income or margin guidance given the early stage of market development. We continue to expect revenue to be back half weighted for the year and total operating expenses, excluding restructuring charges, are expected to be below the low end of our $100 million to $120 million guidance range. Including restructuring costs, expenses are expected to be towards the high end of the guidance range.

展望未來，鑑於市場發展尚處於早期階段，我們與以往的做法一致，不提供具體的收入、淨利或利潤率指引。我們仍預計今年的收入將恢復到上半年水平，不包括重組費用在內的總營運支出預計將低於我們先前預測的 1 億美元至 1.2 億美元區間的下限。包括重組成本在內，預計支出將接近指導範圍的高端。

We now expect capital expenditures of $8 million to $12 million, down from our prior guidance of $15 million to $25 million, reflecting disciplined capital allocation and deferred facility investments. Looking to 2026, you can expect us to maintain our lean organizational cost structure and continue to demonstrate capital discipline. Maintaining a healthy balance sheet and accelerating our pathway to profitability is critical for our success and to deliver value to our shareholders.

我們現在預計資本支出為 800 萬至 1200 萬美元，低於我們之前預期的 1500 萬至 2500 萬美元，這反映了我們嚴格的資本配置和推遲的設施投資。展望 2026 年，您可以期待我們保持精簡的組織成本結構，並繼續展現嚴格的資本紀律。保持健康的資產負債表並加快實現盈利的步伐，對我們的成功以及為股東創造價值至關重要。

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

接下來，我將把電話轉交給接線員，回答大家的問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。現在開始問答環節。（操作說明）

Rob Brown, Lake Street Capital Markets.

羅布布朗，湖街資本市場。

Hi, good morning. Just wanted to get your thoughts on the growth kind of rates in the bus market. Are there additional kind of growth order activity that you're pursuing and get a successful conference activity? But just wanted to get your sense on the growth rate in the bus market going forward.

您好，早安。想聽聽您對巴士市場成長率的看法。您是否正在追求其他類型的成長訂單活動，並希望舉辦成功的會議活動？我只是想了解一下您對未來公車市場成長率的看法。

Yeah. I would answer that, Rob, by saying that the reception at Busworld was tremendous. The new product is being very well received, and that's by both existing OEMs and some OEMs in development, if you will. Further, the constraints I mentioned around infrastructure pinch points for battery electric charging infrastructure, if you will, is starting to change the dynamics for fuel cells where we look much more compelling than previously outlined, if you will, relative to battery electric.

是的。羅布，我會這樣回答：Busworld 的反應非常熱烈。新產品受到了熱烈歡迎，無論是現有 OEM 廠商還是正在開發中的 OEM 廠商都對此表示讚賞。此外，我之前提到的電池電動車充電基礎設施瓶頸問題，正在改變燃料電池的格局，使其相對於電池電動車更具吸引力。

So I would say that that's a good news for fuel cells story and starts pointing towards a larger fleet size adoption, especially where the infrastructure constraints can be overcome by adopting fuel cell buses. So in general, I would say Europe is making steady and improving progress and adoption rates for fuel cells. North America is essentially flattish year-over-year. And that's -- yeah, that's where I'd leave it.

所以我認為這對燃料電池的發展來說是個好消息，預示著燃料電池車隊規模將進一步擴大，尤其是在可以透過採用燃料電池公車來克服基礎設施限制的情況下。總的來說，我認為歐洲在燃料電池的普及和應用方面正穩步取得進展。北美地區的經濟年比基本持平。就這樣吧——嗯，我就說到這裡吧。

Okay. Thank you. And then quickly on gross margin. I think you talked about a slightly negative sort of adjusted out. Is that the baseline you expect to grow from or improve from going forward?

好的。謝謝。然後迅速關注毛利率。我想你剛才說的是一種略微負面的調整結果。這是你期望未來發展或改進的基準線嗎？

The short answer is yes. But Kate, maybe you could provide some more details on the gross margin bridge for Q3 and then kind of what you're outlooking from there.

簡而言之，答案是肯定的。凱特，或許你可以提供更多關於第三季毛利率差距的細節，以及你對未來的展望。

Yeah, absolutely. So you're spot on, Rob, in that in our remarks, we did highlight that without this kind of onetime pieces in the quarter, it would be slightly negative. I think that's kind of where we expect to close out in Q4 as well. And looking into 2026, again, I think you can expect low to mid-single digits on our gross margin. We don't provide margin guidance, but I think you do expect us to see incremental progress going forward from here on out.

是的，絕對的。羅布，你說得完全正確，我們在評論中確實強調，如果沒有這類一次性項目，季度業績會略微下滑。我認為這大概也是我們預期第四季結束時的業績水準。展望 2026 年，我認為我們的毛利率預計會保持在個位數低到中等水平。我們不提供利潤率指引，但我認為您會期望我們從現在開始看到逐步取得進展。

Okay, thank you. I'll turn it over.

好的，謝謝。我把它翻過來。

Jeff Osborne, TD Cowen.

Jeff Osborne，TD Cowen。

Thank you. I was going to ask on the former Project Forge and the Texas facility, some of the targets that were laid out for the restructuring there. Are those still achievable without the Texas facility? Can you remind me how important that was as it relates to getting gross margins higher than what Kate just mentioned?

謝謝。我原本想問關於之前的「鍛造計畫」和德州工廠的情況，以及為那裡的重組制定的一些目標。如果沒有德州的設施，這些目標還能實現嗎？你能提醒我一下，這對於提高毛利率（高於凱特剛才提到的水平）有多重要嗎？

Yeah. I would say Project Forge is primarily automation and materials efficiency. And that is, in fact, still in flight, yielding well, heading in the right direction and not dependent on Texas in any way, shape or form. Texas was more of an integrated view for complete stacks and modules with Project Forge and the automation being a core attribute. But that's being done in Canada as we speak. So we're good on that front.

是的。我認為「鍛造計劃」主要關注自動化和材料效率。事實上，該計畫仍在進行中，進展順利，朝著正確的方向前進，並且在任何方面、任何形式上都不依賴德州。德州更注重整體堆疊和模組的整合化，以 Project Forge 和自動化為核心屬性。但就在我們說話的時候，加拿大正在這樣做。所以這方面我們沒問題。

Good to hear. And then, Marty, you mentioned reentering the material handling space. I think from memory years ago, you were just in the liquid-cooled side for sort of the ride-on units versus, I think, the smaller pallet jack lifters were air-cooled. Are you doing both? Or are you just doing the liquid-cooled? Can you just further detail what specifically the strategy is on material handling?

很高興聽到這個消息。然後，馬蒂，你提到了重新進入物料搬運領域。我記得幾年前，駕駛式設備好像都採用液冷式，而小型托盤搬運車則採用風冷式。你兩件事都在做嗎？還是你只打算用液冷？能否進一步詳細說明物料搬運的具體策略？

Yeah. The near-term interest we're seeing is for air-cooled. And so air-cooled with additional durability is resonating well with a handful of new customers. And when I say additional durability, I mentioned at least 2x the state-of-the-art as we see the market today. That really is attractive when you think about the service obligations for customers over the long run. And so different customers are really valuing that in a more thoughtful way as they get more and more experienced servicing and managing a long lifetime fleet. And so that durability equation is starting to show economic clarity for them.

是的。我們看到的近期市場需求是針對風冷式引擎。因此，具有額外耐用性的風冷設計引起了一些新客戶的共鳴。我說的額外耐用性，是指至少是目前市場上最先進技術的兩倍。從長遠來看，考慮到對客戶的服務義務，這確實很有吸引力。因此，隨著客戶在維護和管理長期車隊方面累積了越來越多的經驗，他們也越來越重視這一點。因此，耐用性方程式開始對他們而言展現出經濟上的清晰度。

Got it. Thanks for the detail.

知道了。謝謝你提供的詳細資訊。

(Operator Instructions)

（操作說明）

Craig Irwin, ROTH Capital.

Craig Irwin，ROTH Capital。

Hey guys, it's Andrew on for Craig. One quick one for me. Congrats on signing your largest marine order to date with the Samskip vessels. I know you've been working with this partner for a couple of years now, I think, since 2021. So can you kind of talk about the -- just evolution of this agreement, how it came about and maybe what you can take away from it and learn from -- for other customers?

大家好，我是Andrew，代Craig發言。我這邊就問一個問題。恭喜您與 Samskip 船隊簽訂了迄今為止最大的船舶訂單。我知道你和這位合作夥伴已經合作好幾年了，我想應該是從 2021 年開始。那麼，您能否談談這項協議的演變過程，它是如何產生的，以及您可以從中汲取哪些經驗教訓，供其他客戶參考？

Yes. I might pass that to Kate for additional clarity. But the headline is we have been developing this opportunity for a couple of years. And the product, FCwave product is DNV certified for a marine application. And so that took a good bit of time on certifications and standards bodies, but we were the first ones to do that. And after that heavy lift was complete on the certs, then we started seeing an adoption rate like the Samskip order.

是的。我可能會把這個轉交給凱特，讓她進一步解釋清楚。但最重要的是，我們已經為此機會籌備好幾年了。該產品，即 FCwave 產品，已獲得 DNV 認證，可用於船舶應用。因此，認證和標準機構花了我們不少時間，但我們是第一個這樣做的。在完成認證的艱鉅工作之後，我們開始看到像 Samskip 訂單那樣的採用率。

Noteworthy is that FCwave product has additional use cases beyond marine, and that certification of DNV, if you will, for the marine application, provided a lot of comfort to other customers in using that product and the approach that we use relative to that product.

值得注意的是，FCwave 產品除了船舶應用外，還有其他應用場景。 DNV 對船舶應用的認證，為其他客戶在使用該產品以及我們針對該產品所採用的方法提供了很大的保障。

So that's kind of what I know from a background or context standpoint. If there's more relative to the contract evolution, Kate, that you want to add, feel free.

以上就是我從背景或語境中了解到的情況。凱特，如果你還有其他關於合約演變的內容想要補充，請隨意。

No, I think those are excellent points, Marty. And I think I'm glad you asked about this, Andrew, because I think there's a number of key learnings, not only on a technical basis, but also commercial and contractual and how we work with customers. I mean these are large projects. They take years to develop and form.

不，我覺得你說的很有道理，馬蒂。安德魯，我很高興你問了這個問題，因為我認為這其中有很多重要的經驗教訓，不僅在技術層面，而且在商業和合約方面，以及我們如何與客戶合作方面。我的意思是，這些都是大型專案。它們需要數年時間才能發展和形成。

And I think for me, one of my big takeaways was how are we listening to our customers in terms of what's important to them from a technological point of view and how we're using that to inform our next generation of product development. And then I think the other piece, too, is understanding their entire ecosystem around how they're getting hydrogen supply at a cost that is affordable to them.

我認為，我最大的收穫之一是，我們如何傾聽客戶的意見，了解他們在技術方面最重視什麼，以及我們如何利用這些資訊來指導下一代產品的開發。我認為另一點也是需要了解他們如何以可負擔的成本獲得氫氣供應的整個生態系統。

So it's kind of looking at the whole holistic view of what it really takes to get these projects across the goal line. And it's a very collaborative effort for us with our technical teams, our commercial teams and also on the aftercare and service piece is incredibly important in these types of applications, which really require very high reliability and ease of maintenance. So I was really happy to be involved on this across the last number of years, and I'm thrilled to see it come to fruition.

所以，這其實是從整體來看要讓這些專案最終成功完成究竟需要哪些條件。對我們來說，這是一項需要與我們的技術團隊、商業團隊密切合作的工作，而且售後服務在這些應用中也至關重要，因為這些應用確實需要非常高的可靠性和易於維護性。所以我很高興能在過去幾年參與其中，看到它最終實現，我感到非常興奮。

Great, we really appreciate the call and thank you for taking my question.

太好了，非常感謝您的來電，也謝謝您回答我的問題。

This concludes the question-and-answer session. I would like to turn the conference back over to Marty Neese for any closing remarks. Please go ahead.

問答環節到此結束。我謹將會議交還給馬蒂·尼茲，請他作總結發言。請繼續。

Thank you everyone for participating in today's call. Really appreciate it and we look forward to providing additional updates in the future.

感謝各位參加今天的電話會議。非常感謝，我們期待未來能提供更多更新資訊。

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

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。