Ballard Power Systems Inc (BLDP) 2025 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Ballard Power Systems fourth quarter and full year 2025 results conference call.

感謝您耐心等候。我是會議接線員。歡迎參加 Ballard Power Systems 2025 年第四季及全年業績電話會議。

(Operator Instructions) And the conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Sumit Kundu, Investor Relations. Please go ahead.

(接線員指示) 本次會議將被錄音。(接線員指示) 現在我想把會議交給投資人關係的 Sumit Kundu。請開始。

Thank you, operator, and good morning. Welcome to Ballard's fourth quarter and full year financial and operating results conference call. With us on today's call are Marty Neese, Ballard's CEO; and Kate Igbalode, Chief Financial Officer.

謝謝你，接線員，各位早安。歡迎參加 Ballard 2025 年第四季及全年財務與營運成果電話會議。今天與會的有 Ballard 執行長 Marty Neese，以及財務長 Kate Igbalode。

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.

我們將發表前瞻性陳述，這些陳述係基於管理層對未來事件的目前預期、信念與假設。實際結果可能會有重大差異。

Please refer to our annual information form and other public filings for our complete disclaimer and related information. I'll now turn the call over to Marty.

請參閱我們的年度資訊表及其他公開申報文件，以取得完整的免責聲明與相關資訊。接下來我把電話交給 Marty。

Thank you, Sumit, and good morning, everyone. Today, I'll review fourth quarter and full year results. Additionally, I'd like to walk you through the structural changes underway at Ballard and the foundations we are laying in building towards sustained positive cash flow over the next two years.

謝謝你，Sumit，各位早安。今天我將回顧第四季與全年業績。此外，我也想帶各位了解 Ballard 正在進行的結構性變革，以及我們在未來兩年邁向持續正向現金流所奠定的基礎。

Let me begin with last year's performance. I'm pleased with our results in Q4 and across the full year. In 2025, we delivered record engine shipments, approaching 800 engines and more than 75 megawatts of power.

我先從去年的表現談起。我對我們在第四季以及全年取得的成果感到滿意。2025 年，我們交付了創紀錄的引擎出貨量，接近 800 台引擎，總功率超過 75 兆瓦。

That represents 38% growth in megawatts shipped compared to 2024. The majority of these shipments were into Europe and North America, with particularly strong activity in Canada.

相較於 2024 年，出貨兆瓦數成長 38%。這些出貨多數流向歐洲與北美，其中加拿大的活動特別強勁。

These shipments translated into full year revenue of $99 million plus, up 43% year-over-year. We also secured our largest marine order to date, a 6.4 megawatt award from eCAP Marine and Samskip. And on Tuesday announced our largest commercial agreement with New Flyer of 50 megawatts.

這些出貨帶動全年營收超過 9,900 萬美元，年增 43%。我們也拿下迄今最大的海事訂單：來自 eCAP Marine 與 Samskip 的 6.4 兆瓦案。並於週二宣布與 New Flyer 簽訂我們最大的商業協議，規模為 50 兆瓦。

But the real shift in 2025 was not just growth. It was structural progress toward our goal of becoming cash flow positive within the next two years. We have made decisive changes to align our cost structure with market realities and position Ballard for durable, sustainable performance.

但 2025 年真正的轉變不僅是成長。而是朝向在未來兩年內達成正向現金流目標的結構性進展。我們已採取果斷措施，使成本結構與市場現實一致，並讓 Ballard 具備長期、可持續的營運表現定位。

We reduced our cash operating costs in Q4 by 41% compared to the same period last year, fundamentally resetting our cost base. We are now seeing the financial impact of that reset.

我們在第四季將現金營運成本較去年同期降低 41%，從根本上重設了成本基礎。我們現在已開始看到這次重設帶來的財務影響。

In Q4, we achieved positive 17% gross margin and positive 5% for the full year, both representing meaningful improvement year-over-year. While quarterly performance is not yet ratable due to seasonality, the margin profile of the business is strengthening and is foundational for us to achieve our profitability goals.

第四季我們達成 17% 的正毛利率，全年則為 5% 的正毛利率，兩者皆較去年同期有顯著改善。雖然受季節性影響，單季表現尚未能呈現穩定的可比性，但公司的毛利結構正在強化，這也是我們達成獲利目標的基礎。

Most notably, in Q4, we generated $11 million in cash flow from operating activities, which underscores our structural actions are working, and we are making measurable progress towards our profitability targets.

最值得注意的是，第四季我們自營運活動產生 1,100 萬美元現金流，這凸顯我們的結構性措施正在奏效，且我們正朝獲利目標取得可衡量的進展。

With significant improvements in our cost structure and operating discipline, the next phase is clear, expanding revenue and gross margins. Our plan centers on five near-term focus areas, improving commercial terms, product cost reductions, enhanced fleet service offerings, expanding product reach and business model innovations.

在成本結構與營運紀律大幅改善之後，下一階段的方向很清楚：擴大營收與提升毛利率。我們的計畫聚焦五項短期重點：改善商業條款、降低產品成本、強化車隊服務方案、擴大產品觸及範圍，以及商業模式創新。

Let me briefly touch on each. First, commercial terms. Throughout 2025, we strengthened our commercial foundation. Our newer agreements reflect more comprehensive pricing structures and balanced commercial terms, including protections against tariff exposure, exchange rates, inflation and precious metal volatility.

我簡要說明每一項。第一，商業條款。在 2025 年期間，我們強化了商業基礎。我們較新的協議反映更完整的定價架構與更平衡的商業條款，包括針對關稅曝險、匯率、通膨與貴金屬價格波動的保護機制。

These changes improve transparency with our customers, enhance margin visibility, reduce earnings variability and support stronger long-term partnerships. Our customers have been constructive in these discussions as they are navigating similar cost pressures with their customers.

這些改變提升了與客戶之間的透明度，增強毛利可視性，降低獲利波動，並支持更強健的長期合作關係。客戶在這些討論中採取建設性態度，因為他們也正面對與其客戶相似的成本壓力。

In some cases, finalizing these improved structures has shifted certain order announcements into 2026, but the result is higher quality agreements that better protect long-term value for both parties.

在某些情況下，完成這些改善後的架構使部分訂單公告延後至 2026 年，但結果是更高品質的協議，能更好地保障雙方的長期價值。

A recent example is commercial agreement with New Flyer, their largest commitment to Ballard to date, covering 500 FCmove HD plus engines or 50 megawatts. This is an exciting opportunity to support New Flyer as more and more US transit agency customers adopt fuel cell buses.

近期例子是與 New Flyer 的商業協議，這是其迄今對 Ballard 最大的承諾，涵蓋 500 台 FCmove HD plus 引擎或 50 兆瓦。這是一個令人振奮的機會，能在越來越多美國運輸機構客戶採用燃料電池巴士之際，支持 New Flyer。

Increasingly, these customers are understanding the value proposition offered by fuel cells, including superior range, especially in cold weather and lower infrastructure costs related to charging infrastructure. We also expect additional activity in stationery and rail markets in the coming months.

這些客戶正日益理解燃料電池所提供的價值主張，包括更優異的續航里程（尤其在寒冷天候）以及與充電基礎設施相關的較低基礎建設成本。我們也預期未來幾個月在固定式與鐵道市場會有更多活動。

Our second focus area is product cost reduction through a holistic approach. We are systematically cost reducing our products using three key levers, negotiations, execution and innovation.

第二個重點領域是以整體性方法降低產品成本。我們透過三個關鍵槓桿系統性地降低產品成本：談判、執行與創新。

Our supply chain and sourcing teams are continuously securing and adding new alternative lower-cost suppliers, while our operations team continues to increase productivity and improve manufacturing process yields.

我們的供應鏈與採購團隊持續爭取並導入新的替代性低成本供應商；同時，我們的營運團隊持續提升生產力並改善製造流程良率。

We are also innovating in areas that increase performance, simplify our products and design in more durable components. Nothing reflects this approach better than the FCmove.

我們也在提升效能、簡化產品，以及在設計中導入更耐用零組件等領域進行創新。最能體現此方法的就是 FCmove。

This platform achieves a 40% reduction in total park count, while simultaneously improving power density, durability and capability. Fewer parts translate directly into lower cost materials, simplified assembly and enhance maintainability and serviceability.

該平台將零件總數降低 40%，同時提升功率密度、耐久性與能力。更少的零件可直接降低材料成本、簡化組裝，並提升可維護性與可服務性。

We are also advancing Project Forge, our high-volume bipolar plate automated manufacturing line, which is on track to begin serial production midyear. This line has fewer processing steps, higher volumes and throughput and improved quality and process yields.

我們也在推進 Project Forge——我們的高產量雙極板自動化製造產線，按計畫將於年中開始量產。該產線具備更少的製程步驟、更高的產量與產出速率，並改善品質與製程良率。

Further, it combines enhanced in-line metrology and state-of-the-art automation, resulting in plate cost reductions of up to 70% at full volume. Together, these systemic approaches significantly improve our cost position, strengthen gross margin and enhance the competitiveness of our products.

此外，它結合強化的線上量測（in-line metrology）與最先進的自動化，使雙極板成本在滿載產量下最多可降低 70%。綜合而言，這些系統性方法大幅改善我們的成本地位、強化毛利率，並提升產品競爭力。

Third, we are focused on leveraging our installed base through enhanced fleet services offerings enabled by product level intelligence. We now have thousands of fuel cell engines operating globally supported by a deeply experienced service organization and nearly 300 million kilometers of real-world operating experience.

第三，我們聚焦於透過由產品層級智慧所驅動的強化車隊服務方案，來發揮既有裝機基礎的價值。目前我們在全球已有數千台燃料電池引擎運行，由經驗豐富的服務組織支援，並累積近 3 億公里的真實世界運行經驗。

Every engine is equipped with a remote data unit, which transmits engine performance data. Each product is smart and adds to the collective intelligence of our installed fleet. Today, our smart engines provide a trove of performance data enabled preventive and customer maintenance and insights into enhanced customer uptime.

每台引擎都配備遠端資料單元，可傳輸引擎效能數據。每項產品都是智慧化的，並為我們的裝機車隊累積集體智慧。目前，我們的智慧引擎提供大量效能數據，支援預防性維護與客戶維護，並帶來提升客戶稼動率的洞察。

In the near future, additional insights will provide the foundation for prognostic and enhanced maintenance services, both co-located with our customers and from our remote operations center in Canada.

在不久的將來，更多洞察將為預測性與強化維護服務奠定基礎，這些服務可在客戶現場提供，也可由我們位於加拿大的遠端營運中心提供。

This installed footprint creates a significant opportunity to expand recurring revenue under Ballard Fleet Services, including long-term service agreements, parts supply, technical support, operational monitoring, customer technician training and ongoing stack servicing.

這樣的裝機足跡為 Ballard Fleet Services 擴大經常性收入創造重大機會，包括長期服務協議、零件供應、技術支援、營運監控、客戶技師訓練，以及持續的電堆維修保養。

Ever increasing fleet intelligence and added services will provide performance benefits to our customers while expanding our fleet services business over time.

不斷提升的車隊智慧與新增服務，將為客戶帶來效能效益，同時也會隨時間擴大我們的車隊服務業務。

This service-led approach increases revenue visibility, strengthens customer intimacy and retention and adds a more stable recurring component to our business mix that scales with every unit and for years after initial delivery.

這種以服務為導向的方法可提高營收可視性、強化客戶黏著度與留存率，並為我們的業務組合增加更穩定的經常性成分；該成分會隨每一台交付的單位擴大，並在初次交付後持續多年。

Our installed base is becoming a compounding asset, supporting both customer success and sustained financial performance. We believe this is a significant source of long-term competitive advantage and differentiation and we will continue to invest in our fleet services capabilities.

我們的已安裝基礎正逐步成為可複利累積的資產，同時支撐客戶成功與持續的財務表現。我們相信這是長期競爭優勢與差異化的重要來源，並將持續投資於我們的車隊服務能力。

Our fourth focus area is expanding in near-term markets. We are leveraging our technology platforms and durability expertise to expand into mature and rapidly growing market segments. One example is materials handling.

我們的第四個重點領域是擴展至近期市場。我們正運用技術平台與耐久性專業，擴展至成熟且快速成長的市場區隔。其中一個例子是物料搬運。

This is a market where cost and durability are critical. By applying our technical and operating experience gained in heavy-duty applications, we have developed a stack to deliver superior total cost of ownership due to its longer lifetime.

這是一個成本與耐久性至關重要的市場。透過運用我們在重載應用中累積的技術與營運經驗，我們已開發出一套堆疊（stack），因其更長的使用壽命而能提供更優異的總持有成本。

Another example is stationary power. We are increasingly focused on replacing diesel gen sets and powering data centers.

另一個例子是定置式電力。我們愈來愈聚焦於取代柴油發電機組並為資料中心供電。

While PEM fuel cells have traditionally been positioned as backup solutions, we believe our technology can also support peak power and in certain applications, even primary power, where hydrogen supply is available.

雖然 PEM 燃料電池傳統上多被定位為備援解決方案，但我們相信在氫氣供應可得的情況下，我們的技術也能支援尖峰用電，且在某些應用中甚至可作為主電力來源。

We have deployed solutions for a wide variety of off-grid, microgrid, high uptime and critical infrastructure applications. These have ranged from historical telecom backup installations to peak shaving and more recently to powering TV and film productions and very large construction sites.

我們已為各式各樣的離網、微電網、高可用性與關鍵基礎設施應用部署解決方案。這些應用範圍從早期的電信備援安裝，到削峰填谷（peak shaving），以及近期為電視與電影製作、以及非常大型的建築工地供電。

Our stationary power products have generated over 100,000 hours of power, which is nearly 10 years equivalent of reliable service. This scalable, flexible power generation capability is now being deployed and evaluated for multi-megawatt data center applications in select target markets.

我們的定置式電力產品已累計產生超過 100,000 小時的電力，相當於近 10 年的可靠服務。這項可擴充、具彈性的發電能力，現正於特定目標市場中用於多兆瓦等級資料中心應用的部署與評估。

Our engines provide clean, quiet, emissions-free power with very high reliability. These highly bankable features, ease permitting are welcome and are welcomed in any jurisdiction.

我們的引擎可提供潔淨、安靜、零排放且高度可靠的電力。這些高度可融資（bankable）的特性，加上許可申請便利性，在任何司法管轄區都受到歡迎。

We look forward to continuing to advance our product offerings to address the growth in these exciting markets and we'll provide additional updates in the coming months. Finally, our fifth focus area is unlocking broader access to the hydrogen ecosystem.

我們期待持續推進產品供應，以因應這些令人振奮市場的成長，並將在未來幾個月提供更多更新。最後，我們的第五個重點領域是解鎖更廣泛的氫能生態系可及性。

In addition to advancing our technology, we are innovating in commercial and operating models that lower both the financial and technical barriers to adoption. As customers evaluate hydrogen solutions, upfront capital costs, infrastructure complexity and long-term performance risk remain key considerations.

除了推進技術之外，我們也在商業與營運模式上創新，以降低採用的財務與技術門檻。當客戶評估氫能解決方案時，前期資本成本、基礎設施複雜度與長期性能風險仍是關鍵考量。

We are addressing these through flexible commercial and financial structures, service-based offerings and partnerships, which simplify integration and reduce risk.

我們透過彈性的商業與財務架構、以服務為基礎的產品方案以及合作夥伴關係來因應，藉此簡化整合並降低風險。

Innovative business models will provide our customers with complete solutions, including financing models that allow a win-win value proposition and simplified development. As part of these solutions, we are offering extended warranties based on our proven durability and comprehensive service capabilities.

創新的商業模式將為客戶提供完整解決方案，包括可實現雙贏價值主張並簡化開發的融資模式。作為這些解決方案的一部分，我們基於已驗證的耐久性與全面的服務能力，提供延長保固。

As adoption becomes easier and more predictable, our addressable market expands, creating a virtuous cycle of scale, cost reduction and growth while at the same time, improving the full solution value we deliver for our customers.

隨著採用變得更容易且更可預測，我們的可服務市場將擴大，形成規模擴張、成本下降與成長的良性循環，同時提升我們為客戶交付的整體解決方案價值。

These five focus areas act as a one to two punch in tackling both the revenue and margin side of our cash flow equation, offering a realistic near-term path for achievement. Finally, let me close with a few thoughts.

這五個重點領域在解決我們現金流方程式中的營收端與毛利端方面形成一記「一到兩拳」的組合，提供可在近期達成的務實路徑。最後，讓我以幾點想法作結。

Over the past year, we have fundamentally strengthened the foundation of the business. We improved financial performance, reinforced our commercial discipline, delivered record volumes, reduced our cost structure and expanded margins, all while navigating a complex market environment.

在過去一年中，我們從根本上強化了公司的基礎。我們改善了財務表現、強化商業紀律、交付創紀錄的出貨量、降低成本結構並擴大毛利，同時在複雜的市場環境中前行。

We have a path to improve revenue and margins to build a business design to generate sustainable positive cash flow within the next few years. With over $500 million of cash and lower cash utilization, we have the additional flexibility to deploy capital strategically in support of this goal.

我們有一條提升營收與毛利的路徑，並建立一種商業設計，使公司在未來幾年內能產生可持續的正向現金流。憑藉超過 5 億美元的現金與較低的現金消耗，我們在策略性配置資本以支持此目標方面具備更大的彈性。

With a well-managed cost structure, improving gross margins and a focused execution plan, Ballard is entering its next phase with greater financial discipline and operational clarity. We are very grateful for our long-term customer relationships and are deeply committed to continuing to deliver more and more solutions of value to serve them.

在成本結構管理得宜、毛利率改善以及聚焦的執行計畫之下，Ballard 正以更高的財務紀律與更清晰的營運方向進入下一階段。我們非常感謝與客戶的長期合作關係，並深切承諾持續提供愈來愈多具價值的解決方案來服務他們。

Core to our progress are the people at Ballard. I want to thank them for their dedication and professionalism. The improvements we delivered in 2025 are a direct reflection of their expertise and commitment. We are confident in the path ahead, and we are committed to deliver fuel cell power for a sustainable plan.

推動我們進展的核心是 Ballard 的員工。我要感謝他們的投入與專業精神。我們在 2025 年所交付的改善，直接反映了他們的專業與承諾。我們對前方道路充滿信心，並致力於提供燃料電池動力，以支持永續的計畫。

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

接下來，我將把電話會議交給 Kate，請她回顧詳細財務數據。

Thank you, Marty. 2025 delivered strong financial performance across revenue, margins and cost structure. As Marty highlighted, fourth quarter revenue was approximately $34 million, up 37% year-over-year.

謝謝你，Marty。2025 年在營收、毛利與成本結構方面都展現強勁的財務表現。如 Marty 所強調，第四季營收約為 3,400 萬美元，年增 37%。

Full year revenue exceeded $99 million, up 43% in 2024, based primarily on record engine sales approaching 800 units or over 75 megawatts of delivered power. Our Q4 gross margin improved to 17%, a 30 point increase year-over-year.

全年營收超過 9,900 萬美元，較 2024 年成長 43%，主要來自創紀錄的引擎銷售，接近 800 台，或交付電力超過 75 兆瓦。我們第四季毛利率提升至 17%，較去年同期增加 30 個百分點。

Our full year gross margin was positive 5%, up 37 points from 2024. The improvement in gross margin in the fourth quarter of 2025 as compared to the fourth quarter of 2024 is due primarily to a decline in onerous contract provisions, product cost reduction initiatives taking hold and lower manufacturing overhead costs as a result of the global corporate restructuring.

我們全年毛利率為正 5%，較 2024 年提升 37 個百分點。2025 年第四季相較於 2024 年第四季毛利率的改善，主要是因虧損性合約準備（onerous contract provisions）下降、產品降本措施開始發揮效果，以及因全球企業重整而使製造間接費用降低。

Total operating expenses for the full year were approximately $109 million, 32% lower than the previous year due to the rightsizing of our cost structure. This was at the middle of our guidance range, which was between $100 million and $120 million.

全年總營業費用約為 1.09 億美元，因成本結構調整至適當規模（rightsizing）而較前一年降低 32%。此數字位於我們指引區間（1 億至 1.2 億美元）的中位。

If we exclude restructuring and related expenses of $23 million, our total operating expenses in 2025 would have been approximately $86 million, below the lower end of the guidance range.

若排除 2,300 萬美元的重整及相關費用，則我們 2025 年的總營業費用約為 8,600 萬美元，低於指引區間下緣。

In 2026, we expect total operating expenses to range between $65 million and $75 million. Our total capital expenditures in 2025 were $10.2 million, at midrange of our revised outlook between $8 million and $12 million.

在 2026 年，我們預期總營業費用將介於 6,500 萬至 7,500 萬美元。我們 2025 年的資本支出總額為 1,020 萬美元，位於修正後展望（800 萬至 1,200 萬美元）的中位。

For 2026, we expect capital expenditures to moderate further and be between $5 million and $10 million. As Marty highlighted, we are absolutely thrilled with the cash flow progress we have achieved in the fourth quarter.

對於 2026 年，我們預期資本支出將進一步趨緩，介於 500 萬至 1,000 萬美元。如 Marty 所提到，我們對第四季所達成的現金流進展感到非常振奮。

While we have cyclicality in our revenue and don't expect this type of performance to be ratable yet, this is a huge milestone for us. Even more impressive is that this was achieved with nearly all of our revenue was from fuel cell product sales.

雖然我們的營收具有循環性，且尚不預期這類表現能夠穩定按期重複（ratable），但這對我們而言是一個重大里程碑。更令人印象深刻的是，這是在我們幾乎所有營收都來自燃料電池產品銷售的情況下達成的。

Another huge highlight is that our cash usage for the full year of 2025 was down nearly 50% from 2024, underpinning the improved foundation and financial stability of the organization.

另一個重大亮點是，我們 2025 年全年的現金使用量較 2024 年下降近 50%，支撐了組織更強的基礎與財務穩定性。

We ended the year with nearly $530 million in cash, up $1.4 million from Q3, no bank debt and no near or midterm financing requirements. As we have emphasized on this call and on previous calls, we remain steadfast on disciplined spending, growing our top line revenue, expanding our margins and maintaining our financial health.

我們在年底的現金接近 5.3 億美元，較第三季增加 140 萬美元，沒有銀行負債，且沒有近期或中期的融資需求。正如我們在本次與先前的電話會議中所強調的，我們將持續堅持嚴謹的支出紀律、成長營收規模、擴大毛利率並維持財務健康。

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

接下來，我把電話會議交給主持人進行提問。

(Operator Instructions) Baltej Sidhu with National Bank of Canada.

（主持人指示）加拿大國家銀行（National Bank of Canada）的 Baltej Sidhu。

So just on the restructuring side, as you alluded to in the prepared remarks, the 2025 OpEx would have been around $86 million, and the midpoint of our guide would imply a $16 million of reduction relative to that.

我想就重整部分請教一下，如同你們在事先準備的講稿中提到，2025 年的營業費用（OpEx）若調整後大約會是 8,600 萬美元，而你們指引的中位數意味著相較於此將再減少 1,600 萬美元。

Would you say that the large items have been harvested? And just as a follow-up on that, what are the key drivers of the incremental cost contraction?

你會說那些大型項目已經收割完成了嗎？另外追問一下，推動增量成本收縮的關鍵驅動因素是什麼？

Thanks for the question, Baltej. So I think that if we're looking at kind of the year-over-year changes, we don't anticipate any kind of additional major restructuring that we saw in 2025 or 2024 to be in the cards for 2026.

謝謝你的提問，Baltej。我想，如果我們看的是年對年變化，我們不預期 2026 年還會出現像 2025 年或 2024 年那樣的額外重大重組。

So I think that the midpoint of our guidance range is a reasonable expectation for our overall cost structure in 2026. And if you could just repeat and clarify the second part of your question, that would be helpful.

所以我認為，我們指引區間的中位數，是對 2026 年整體成本結構相當合理的預期。另外，如果你能把問題的第二部分再重複並釐清一下，會很有幫助。

Yeah. Just the cost drivers of the incremental contraction. And the first part was about the large items already been harvested, which I think you've touched on.

好的。就是增量收縮的成本驅動因素。第一部分是關於大型項目是否已經收割完成，我想你剛剛已經提到了。

Yeah. I would say that they have been. And I would say that the kind of key pieces that we're focusing on, I think that we've really rightsized our overall cost structure at an organizational level.

對。我會說確實已經收割完成了。而我也會說，我們目前聚焦的關鍵部分是：在組織層級上，我們已經把整體成本結構調整到合適規模（rightsized）。

And that is continuing to drive cost out of our products through additional innovation initiatives, manufacturing efficiencies and product scaling.

而這也持續透過額外的創新計畫、製造效率提升以及產品規模化，來把成本從我們的產品中進一步擠出來。

So I think you're going to start to see the cost reductions show up more on the product side relative to the overall OpEx side. I don't know if you have any other comments on that, Marty.

所以我認為，你會開始看到成本下降更多體現在產品端，而不是整體營運費用（OpEx）端。Marty，你對這點還有其他補充嗎？

I would just say that it's really a combination of looking for every penny structurally from the bottom up of the company.

我只想說，這其實是從公司最底層往上、結構性地把每一分錢都找出來的綜合結果。

We essentially, in 2025, re-established kind of a zero-based budgeting approach and re-baseline everything we spend money on. And so that work is starting to pay off in our structural approach, specifically around some of the operating expenses that are variable in nature.

我們基本上在 2025 年重新建立了某種零基預算（zero-based budgeting）的方法，並把我們花的每一筆錢都重新定基準。因此，這些工作開始在我們的結構性做法上看到成效，特別是在一些本質上屬於可變動的營運費用項目上。

That's great color. And just one more, if I may. Just with the magnitude of reduction, there's always trade-offs and scope prioritization or the piece for it.

這些說明很有幫助。如果可以的話，我再問最後一個。就降幅的幅度而言，通常都會有取捨，以及範疇優先順序的安排。

Have these actions materially alter your R&D road map or the timing of emission of key initiatives just as you aim to accelerate now value from your puts vertical as evidenced with the announcement a few days back?

這些行動是否在實質上改變了你們的研發（R&D）路線圖，或關鍵計畫的推出時程？尤其是你們希望加速從你們的「puts」垂直領域中實現價值，而幾天前的公告也顯示了這點。

Materially, we've taken the approach that we're leveraging our product portfolio and prior investments to get as much out of them as we can.

就實質面而言，我們採取的做法是：善用我們的產品組合與既有投資，盡可能從中榨取最大價值。

So when you think about material handling, we had a very long history of material handling, and we extended our know-how in that segment to create a new product that we're getting very good feedback that, that extended durability product is going to be well received.

所以當你想到物料搬運（material handling），我們在這個領域有非常長的歷史，我們把在該細分市場的專業延伸，打造出一款新產品；我們收到非常好的回饋，顯示那款延長耐用度（extended durability）的產品會很受市場歡迎。

Similar approach can be taken when you think about heavy-duty applications, that can be used for stationary power, if you will. Some of our prior investments in heavy-duty applications can be transferred, if you will, from, let's say, a heavy-duty trucking environment.

類似的做法也可以用在重型應用（heavy-duty applications）上，也就是可用於固定式電力（stationary power）。我們過去在重型應用上的一些投資，可以從例如重型卡車的使用環境中，轉移到固定式電力的應用上。

And the core technology is extensible to a stationary power application when packaging is done differently or configurations are done differently.

而核心技術是可延展到固定式電力應用的，只要在封裝（packaging）方式或配置（configurations）上做不同的設計。

So that's a way to say the R&D is more focused on how to extract as much value as possible from innovations that have already been materially realized and have been reduced to practice. The longer-term innovations is a different aspect.

所以換句話說，研發會更聚焦在：如何從那些已經在實質上實現、並已落地（reduced to practice）的創新中，盡可能萃取價值。至於更長期的創新，則是另一個面向。

And I would put that as more in the three to five year kind of range of outlook before we need to do something significantly different in our approach. We have a good runway of product portfolio and existing innovations that we can commercialize and we're getting really, really strong feedback that these products are going to hit the market well.

我會把那部分放在大約三到五年的展望區間內，在我們需要對做法做出顯著不同調整之前。我們有很好的跑道：產品組合與既有創新可以商業化，而且我們收到非常、非常強勁的回饋，顯示這些產品會在市場上有很好的表現。

Rob Brown with Lake Street Capital Markets.

Lake Street Capital Markets 的 Rob Brown。

Just wanted to follow up on the New Flyer contracts. Great news there. What's the sort of duration of that contract or potential? And how do you see that ramping?

我想追問一下 New Flyer 的合約。那是個好消息。這份合約的期限或潛在延伸大概是怎樣？你們怎麼看它的放量（ramping）？

The contract itself is for 500 units, and we're not discussing the duration of the contract. We're more focused on the actual megawatts and unit volumes. And then, of course, we have a long-standing partnership and relationship with New Flyer, and it's not really predicated on a quarter here or a quarter there.

合約本身是 500 台（units），我們不討論合約期限。我們更聚焦在實際的兆瓦數（megawatts）與出貨台數。當然，我們與 New Flyer 有長期的合作夥伴關係與合作歷史，並不是以某一季或下一季為前提。

We have flexibility to work strategically with them to realize their growth ambitions as well as our own. And that's the way we've characterized the relationship. Realize that also includes a long-term service tail that goes with everything we're doing.

我們有彈性可以與他們進行策略性合作，來實現他們的成長企圖以及我們自己的成長目標。我們就是用這樣的方式來描述這段關係。也請理解，這同時包含我們所做的一切所帶來的長期服務尾端（service tail）。

So that's part of the compounding set of assets. The bigger the New Flyer fleet gets the more that service tail grows and the deeper we get in the relationship with them, which is proving to be extraordinarily helpful and valuable for both of us.

所以那也是資產複利式累積的一部分。New Flyer 的車隊規模越大，服務尾端就越成長，我們與他們的關係也越深入；這已被證明對我們雙方都極其有幫助且很有價值。

Okay, great. That's good color and it helps you, I mean the visibility helps you plan your operations, I'm sure. And then second on the stationary market.

好的，很棒。這些補充很有幫助；我想可見度也能幫助你們規劃營運。第二個問題是關於固定式市場（stationary market）。

How much of a kind of new product portfolio do you need to enter that market? Or can you take what you have and really expand there and maybe a sense of just the opportunity in the stationary market at this point for you?

你們需要多少新的產品組合才能進入那個市場？還是可以用你們現有的產品去擴張？以及就目前而言，你們在固定式市場的機會大概是什麼樣子？

Yeah. I'll just say it in general. We have an XD product and that XD product and HD products that preceded it in conjunction with it. Both of those products can address the stationery market, depending on how they're configured and packaged. So really, the work is the configuration packaging.

對。我先用比較概括的方式說。我們有 XD 產品，而 XD 產品以及在它之前、並與它搭配的 HD 產品。這兩種產品都可以因應固定式市場，取決於它們如何被配置與封裝。所以真正的工作在於配置與封裝。

When I say packaging, it's the arraying of multiple engines to do different quantums of work, if you will. Whether that's a single unit that's for a mobile diesel gen set replacement or whether that's an array of units that's scaled up to 20 plus megawatts up to 50 megawatts.

我說的封裝（packaging），是指把多個引擎做陣列配置，以完成不同量級的工作。不論是一台單機，用來取代移動式柴油發電機組（diesel gen set），或是把多台機組做陣列擴展到 20 兆瓦以上、最高到 50 兆瓦。

The packaging and the numbering up of those core engines that HD or XD capability is really being well received. At the same time, we're also making additional innovations, so that we can get more kilowatts out of each one of those stacks.

封裝以及把具備 HD 或 XD 能力的核心引擎做數量擴增（numbering up），目前市場反應非常好。同時，我們也在做額外的創新，讓每一組堆疊（stack）能輸出更多千瓦（kilowatts）。

So think of that as like if you could imagine getting from 100 kilowatts to 120 kilowatts up to 135 or 150 kilowatts per engine and then numbering that up. So that helps drive both performance and cost down and starts making the numbering up more and more attractive from a total cost of ownership and deployment level.

所以可以這樣想像：如果我們能把每台引擎從 100 千瓦提升到 120 千瓦，再到 135 或 150 千瓦，然後再做數量擴增。這有助於同時提升效能並降低成本，並且從總持有成本（total cost of ownership）與部署層面，讓數量擴增變得越來越有吸引力。

Dushyant Ailani with Jefferies.

Jefferies 的 Dushyant Ailani。

I just wanted to touch on one based I wanted to dig in on stationary if that's okay. Could you maybe talk about a little bit more in terms of the opportunities, the timing that you're seeing?

我想先補問一點，然後如果可以的話，我想深入談談固定式（stationary）。你能否多談一些你們看到的機會與時程？

And also, how does the XT and HD compared with other competing offerings that you're seeing or the conversations that you're having with your customers?

另外，XT 和 HD 與你們看到的其他競品方案相比如何？或是你們與客戶對談時，得到的比較是什麼？

Yeah. So let's see if we can unpack that a little bit. So the stationary power market known to all on this call. For sure, everyone understands the time to power mandate, if you will. So when you see constraints in the global landscape of where data centers are being promulgated.

好的。我們看看能不能把這個拆解一下。固定式電力市場在這通電話上的各位都很熟悉。毫無疑問，大家都理解所謂「快速供電」（time to power）的要求。因此，當你看到全球版圖中資料中心正在大量佈建的地點受到限制時。

There is a very strong opportunity for us to have a ready now product to address those needs for Power now. So we are seeing more and more interest in that regard. And when I think of that, that's really supporting a thesis along the behind the meter side of things in stationary power for now.

我們有非常強的機會，現在就能推出一款現成產品來滿足當前對電力的需求。因此，我們看到在這方面的興趣愈來愈高。而當我想到這點時，這其實是在支持一個論點：就目前而言，固定式電力在「表後」（behind the meter）端會有發展空間。

And then over time, as constraints ameliorate, you might see those transition from behind the meter to be grid connected, but this is 7, 10 years from now.

然後隨著時間推進，當限制逐步緩解，你可能會看到這些應用從表後轉為併網，但那會是從現在起 7 到 10 年之後。

So there's a very strong value proposition for our fuel cells to help solve that time to power it packaged and arrayed correctly. At the same time, our costs and the products were designed to go into largely heavy-duty trucking.

因此，我們的燃料電池具備非常強的價值主張：只要在封裝與陣列配置上做得正確，就能協助解決「通電時間」（time to power）問題。同時，我們的成本與產品原本是為主要用於重型卡車運輸而設計。

So if you can compete at the engine level in heavy-duty trucking, it suggests a very strong capability on a cost per kilowatt basis relative to other solutions that are out there that are not PEM fuel cells, but maybe other kinds of fuel cells.

所以如果你能在重型卡車運輸的引擎層級具備競爭力，就代表在每千瓦成本（cost per kilowatt）方面，相較於市面上其他不是 PEM 燃料電池、而可能是其他類型燃料電池的解決方案，我們具備非常強的能力。

And on a cost per kilowatt, our total installed cost of ownership, we feel like we've got a really good value proposition emerging, which will help significantly address the market.

而就每千瓦成本、以及我們的總安裝持有成本（total installed cost of ownership）而言，我們認為一個非常好的價值主張正在形成，這將有助於顯著切入並滿足市場需求。

Jeffrey Osborne with TD Cowen.

TD Cowen 的 Jeffrey Osborne。

Kate, maybe for you. I actually, I saw the year should be back-end loaded, but any hints about the first half versus the second half relative to the makeup of 2025 or sequentially how we should think about Q1 versus a year ago or the prior quarter?

Kate，可能先請教你。我確實看到今年應該會是後段比重較高，但能否提示一下上半年相對於下半年、就 2025 年的組成而言，或是我們應該如何按序看待 Q1 相較於一年前或上一季？

I think kind of as we've discussed and we've seen historically, I think a 40, 60 split H1, H2 is a reasonable expectation for 2026.

我想如同我們先前討論、以及歷史上所見，我認為 2026 年上半年/下半年 40/60 的分配，是一個合理的預期。

And I think as Marty commented in his remarks, we're also really looking into how we can further kind of level load and smooth out our kind of quarter-over-quarter variability and seasonality helps across the board in terms of operations, our cost structure, et cetera. But I think a reasonable planning assumption for this year would be that kind of 40, 60 split.

而且我想如 Marty 在他的談話中提到的，我們也正在深入研究如何進一步讓我們的季度間波動更平均、更加平滑；季節性在營運、成本結構等各方面都會有所幫助。但我認為今年一個合理的規劃假設，就是大致 40/60 的分配。

That's helpful. Marty, maybe for you, just with the refined focus that you've had, you have stationary this time around a couple of analysts have asked about that. But if you look back prior to joining Ballard, I think FCwave, clear Gen 2, you had a test with Vertiv and others.

這很有幫助。Marty，可能請教你：在你更聚焦的方向下，這次你提到固定式（stationary），有幾位分析師也問到。但如果回頭看你加入 Ballard 之前，我想像是 FCwave、ClearGen 2，你也和 Vertiv 等做過測試。

Can you just further elaborate on what's so unique about the XD and HD platform combined with new packaging relative to Ballard? I don't want to say failed attempts, but challenged attempts four, five, six years ago in the stationary power market.

你能否再進一步說明，XD 與 HD 平台結合新的封裝方式，相較於 Ballard 在固定式電力市場於四、五、六年前那些——我不想說是失敗的嘗試，但確實是較具挑戰的嘗試——到底有什麼獨特之處？

I'm just trying to understand what's new in light of, at least in many parts of the world, hydrogen availability is still challenged.

我只是想了解，在全球許多地區氫氣供應仍然吃緊的情況下，現在到底有哪些新的變化？

Yes. So if you historically rewind the clock a little bit, you have to think about the product wins that we had in 2023, 2024 that were more scaled products like the ones you referenced. Those would have been conceived in the 2020, 2021 time frame.

是的。所以如果你把時間往回倒一點，你必須想到我們在 2023、2024 年拿到的產品訂單，那些是更具規模化的產品，就像你提到的那些。那些產品其實是在 2020、2021 年的時間框架下構思出來的。

All of this is the pre ChatGPT moment, yes? So everything went vertical once the AI moment happened. So the products that we designed prior to the AI boom, if you will, were more designed for off-grid, for microgrids, for Island Power, things of that nature.

這些都是在 ChatGPT 出現之前的時刻，對吧？所以當 AI 時刻發生後，一切都呈現垂直式爆發成長。因此，我們在 AI 熱潮之前設計的產品，如果你這麼說的話，更多是為離網、微電網、島嶼供電這類應用而設計。

And the customers at the time had perspectives that they were doing very similar types of products. Hey, can we do a 1 megawatt microgrid to be deployed in an island type application? Things have changed. That is not what the customers want today.

而當時的客戶也認為他們在做非常類似的產品。例如：「我們能不能做一個 1 兆瓦的微電網，部署在島嶼型應用？」情況已經改變了。那不是客戶今天想要的。

So we have had a number of workshops and I say multi-day workshops with large technical team engagement with customers who are serving hyperscalers and others, and we're getting a much clearer view of what people care about today and what our product needs to enable.

所以我們已經進行了多場工作坊，而且我說的是與客戶大型技術團隊深度參與、為期多天的工作坊；這些客戶服務於超大規模業者（hyperscalers）及其他客群。我們因此更清楚地看到：人們今天在意什麼，以及我們的產品需要具備哪些能力。

And I've already alluded to a significant portion of it, which is not surprising. It's got to be speed and cost. And speed and costs are front and center with what we're doing, and that's unlocking a significant amount of interest.

我之前已經提到其中很大一部分，這並不令人意外。必須是速度與成本。速度與成本是我們正在做的事情的核心焦點，而這正在解鎖大量的市場興趣。

And taken together with the bridge power requirements that are out there with some of the gaps in the market with some of the delays and constraints and bottlenecks across the AI landscape. It's power, that's the problem, as everyone on the call knows of where the stationary market is going.

再加上目前市場上對「橋接電力」（bridge power）的需求，以及 AI 產業鏈中存在的一些延遲、限制與瓶頸所造成的市場缺口。問題在於電力——正如電話會議上的各位都知道的，這也是固定式市場走向的核心。

So we have a role to play in that. We don't know exactly what size or what quantum or what level. But we definitely have a product that meets the market and we'll have a role to play in that. And then we have to fight for our share after that based on delivered performance and delivered cost.

所以我們在其中有角色可以扮演。我們不確定確切的規模、量級或程度會到哪裡。但我們確實有一款符合市場需求的產品，也會在其中扮演一定角色。之後我們必須依靠交付的性能與交付成本來爭取市占。

And the ability to really listen deeply to what the customer cares about and package a solution that meets what they want, more capably than the examples you provided from 2021 to 2022, and the pre-ChatGPT moment, if you will.

以及真正深入傾聽客戶在意什麼，並把解決方案封裝成符合他們需求的形式；相較於你提到的 2021 到 2022 年、也就是所謂「前 ChatGPT 時刻」的那些案例，我們現在能做得更到位。

Got it. Maybe just one quick follow-up on that. Would the focus be on Europe and Canada, just given greater availability of hydrogen as a fuel relative to natural gas? I'm just trying to understand where the commercialization efforts would be placed?

了解。也許再快速追問一點：商業化的重點會放在歐洲與加拿大嗎？畢竟相較於天然氣，氫作為燃料的可得性更高。我只是想了解商業化推進會主要落在哪些地區？

Yeah. That stands to reason. Those are our home markets and the number of products or projects progressing to FID. I think the Hydrogen Council referenced some $35 billion in year-over-year projects advancing to FID.

是的。這樣推論是合理的。那些是我們的本土市場，而且推進到最終投資決策（FID）的產品或專案數量也在增加。我記得氫能委員會（Hydrogen Council）提到，年增有約 350 億美元的專案正在推進到 FID。

All of those projects can't just feed the refinery business or the industrial applications. They are keenly looking for offtake partners such as the kinds of partners that would be associated with integrating fuel cell power or others with data centers of all stripes.

所有這些專案不可能只供應煉油業務或工業應用。他們也非常積極尋找承購（offtake）夥伴，例如與各類型資料中心整合燃料電池供電等相關的合作夥伴。

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。我想把電話會議交回給 Marty Neese，請他做結語。請開始。

Thank you for joining us today. It's been a pleasure speaking with all of you. Kate, Sumit and I look forward to speaking with you next quarter. And thanks again, everyone.

感謝各位今天加入我們。很高興能與各位交流。Kate、Sumit 和我期待在下個季度再與各位對話。也再次感謝大家。

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。各位可以掛線。感謝參與，祝各位有美好的一天。