Ballard Power Systems Inc (BLDP) 2026 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 2026 results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

感謝您耐心等候。我是會議接線員。歡迎參加 Ballard Power Systems 2026 年第一季業績電話會議。（接線員指示）本次會議將被錄音。（接線員指示）

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

我想將會議交給投資人關係部的 Sumit Kundu。請開始。

Thank you, operator, and good morning. Welcome to Ballard's First Quarter Financial and Operating Results Conference Call. With us today on the call are Marty Neese, Ballard's President and CEO; Kate Igbalode, Chief Financial Officer; and Ralph Robinett, Ballard's new Chief Operating Officer.

謝謝您，接線員，各位早安。歡迎參加 Ballard 第一季財務與營運成果電話會議。今天與會的有 Ballard 總裁暨執行長 Marty Neese；財務長 Kate Igbalode；以及 Ballard 新任營運長 Ralph Robinett。

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

我們將根據管理階層對未來事件之目前預期、信念與假設發表前瞻性陳述。實際結果可能有重大差異。請參閱我們最新的年度資訊表及其他公開申報文件，以取得——完整免責聲明及相關資訊。

I'll now turn the call over to Marty.

我現在把電話交給 Marty。

Thank you, Sumit, and welcome, everyone, to today's conference call. This morning, I will give an overview of our Q1 2026 performance and provide a commercial update. I will focus on the progress we are seeing in the bus market. We are also joined by our new Chief Operating Officer, Ralph Robinett, who will introduce himself and share updates on our operations. Kate will then review our financial results in more detail.

謝謝你，Sumit，也歡迎各位參加今天的電話會議。今天早上，我將概述我們 2026 年第一季的表現並提供商務更新。我將聚焦於我們在巴士市場看到的進展。我們也邀請到新任營運長 Ralph Robinett，他將自我介紹並分享營運方面的最新進度。接著 Kate 會更詳細地回顧我們的財務結果。

We had a solid start to the year. Deliveries into the bus and rail markets drove revenue growth compared to last year. We also delivered another quarter of positive gross margins. This is our third consecutive quarter of positive gross margin. It reflects disciplined cost and commercial management and marks an important step in our transformation towards becoming cash flow positive.

我們今年開局穩健。對巴士與軌道市場的交付帶動營收較去年成長。我們也再度交出一季正向毛利率。這是我們連續第三季毛利率為正。這反映了嚴謹的成本與商務管理，並標誌著我們轉型邁向現金流轉正的重要一步。

To build on this progress, we have set a few near-term focus areas, including deepening our partnerships with bus OEMs in key geographies, improving and expanding our fleet services capabilities and offerings, lowering costs through automation and intelligence. I'll spend a few minutes on these and provide some additional color.

為了延續這項進展，我們設定了幾個短期重點，包括：在關鍵地區深化與巴士 OEM 的合作夥伴關係、提升並擴大我們的車隊服務能力與產品組合、以及透過自動化與智慧化降低成本。我將花幾分鐘說明並補充一些細節。

Turning to buses. We have made several important announcements in the bus market this year. In North America, we signed a multiyear agreement with New Flyer, representing approximately 50 megawatts of fuel cell engine supply. This strengthens our position as fleets continue to scale in the US bus market. In the UK, Wrightbus selected Ballard to power its next-generation hydrogen bus platform using our newest FCmove-SC engine. In the EU, Solaris also selected Ballard as the fuel cell supplier for its next-generation hydrogen bus platform including the FCmove-SC for its 12-meter bus.

接著談巴士。我們今年在巴士市場發布了幾項重要公告。在北美，我們與 New Flyer 簽署多年期協議，約涵蓋 50 兆瓦的燃料電池引擎供應。這在美國巴士市場車隊持續擴張之際，強化了我們的地位。在英國，Wrightbus 選擇 Ballard，採用我們最新的 FCmove-SC 引擎為其下一代氫能巴士平台提供動力。在歐盟，Solaris 也選擇 Ballard 作為其下一代氫能巴士平台的燃料電池供應商，其中包含其 12 公尺巴士所採用的 FCmove-SC。

These announcements matter for several reasons. First, these new agreements are multiyear partnerships with leading bus OEMs in major markets. They include both engine sales and long-term service support. This strengthens our position as fleets scale and as our fleet services business continues to grow. Our intelligent fuel cell engines help us deliver better service. They provide real-time performance data that allows us and our OEM partners to respond faster and keep buses on the road.

這些公告之所以重要，有幾個原因。第一，這些新協議是與主要市場領先巴士 OEM 的多年期合作夥伴關係。內容同時包含引擎銷售與長期服務支援。這在車隊規模擴張、以及我們車隊服務業務持續成長之際，強化了我們的地位。我們的智慧燃料電池引擎有助於提供更好的服務，能提供即時效能數據，使我們與 OEM 夥伴能更快速回應，讓巴士保持上路營運。

Our remote operations center adds another layer of support by improving parts planning, logistics and predictive insights. Combined with our industry-leading durability, these capabilities position our engines as a zero-emission solution that can match or even exceed battery electric and diesel alternatives on uptime and total cost of ownership.

我們的遠端營運中心透過改善零件規劃、物流與預測洞察，提供另一層支援。結合我們業界領先的耐久性，這些能力使我們的引擎成為零排放解決方案，在出勤率（uptime）與總持有成本方面，能與甚至超越純電池電動與柴油替代方案。

Ballard's fleet services plays a key role in this strategy. We are moving from being only a module supplier to becoming a proactive, data-driven fleet partner. Our approach is built on more than 300 million kilometers of real-world operating data.

Ballard 的車隊服務在此策略中扮演關鍵角色。我們正從單純的模組供應商，轉型為主動式、數據驅動的車隊合作夥伴。我們的方法建立在超過 3 億公里的真實世界營運數據之上。

Using this experience, we created the industry-first uptime standard, which brings together predictive maintenance, training, service support and parts assurance. These offerings are designed to deliver up to 98% fleet availability. This creates real value for OEMs by reducing aftersales friction and lowering risk. It also gives operators more predictable life cycle costs and stronger protection against budget swings. As our installed base grows, these services expand our recurring revenue and turn our fleet into a long-term strategic asset.

憑藉這些經驗，我們建立了業界首創的出勤率標準（uptime standard），整合預測性維護、訓練、服務支援與零件保障。這些方案旨在實現最高達 98% 的車隊可用率。這透過降低售後摩擦並降低風險，為 OEM 創造實質價值；同時也讓營運商擁有更可預測的全生命週期成本，並更能抵禦預算波動。隨著我們的裝機基礎擴大，這些服務將擴增我們的經常性收入，並使我們的車隊成為長期策略資產。

Second, these long-term agreements support our product cost reduction goals. Both Wrightbus and Solaris have committed to our ninth generation FCmove-SC platform. This engine was designed to reduce cost and simplify installation and maintenance. We cut the number of components by more than 40%, while improving power density and durability. Each new bus we deploy also creates a long tail of service opportunities.

第二，這些長期協議支持我們的產品降本目標。Wrightbus 與 Solaris 均承諾採用我們第九代 FCmove-SC 平台。此引擎的設計旨在降低成本並簡化安裝與維護。我們將零組件數量減少超過 40%，同時提升功率密度與耐久性。我們每部署一輛新巴士，也會帶來長尾的服務機會。

Buses stay in service for 8, 12 and even 16 years. Our growing fleet gives us a multiyear runway for operations, maintenance and training services. Through Ballard Academy, we continue to support operators and technicians with the skills they need to run these fleets effectively. Taken together, these agreements and deep relationships reinforce our long-term market position. Ballard holds a leading share of the fuel cell bus market in North America, the UK and Europe.

巴士的服役年限可達 8 年、12 年，甚至 16 年。我們不斷成長的車隊，為營運、維護與訓練服務提供多年期的發展跑道。透過 Ballard Academy，我們持續協助營運商與技術人員具備有效運行這些車隊所需的技能。綜合而言，這些協議與深厚關係鞏固了我們的長期市場地位。Ballard 在北美、英國與歐洲的燃料電池巴士市場均擁有領先市占。

Being selected for next-generation platforms positions us to maintain that leadership as adoption accelerates and total cost of ownership continues to improve. Delivering industry-leading fleet services throughout the life of the bus is a major opportunity, and we are only getting started. We will now move to operations, which are central to delivering scalable, cost competitive and commercially ready products.

被選入下一代平台，使我們能在採用加速、且總持有成本持續改善之際維持領導地位。在巴士全生命週期提供業界領先的車隊服務是一大機會，而我們才剛開始。我們現在將轉到營運議題，這是交付可擴量、具成本競爭力且具商業化就緒產品的核心。

For that, I will hand it over to our new Chief Operating Officer, Ralph Robinett.

為此，我將把電話交給我們的新任營運長 Ralph Robinett。

Thank you, Marty, and good morning, everyone. I'm pleased to join Ballard at this pivotal stage in our transformation. By way of background, I bring more than 25 years of experience in operations, manufacturing and supply chain across advanced technology and clean energy companies. My career has been defined by a focus on implementing the operational framework necessary to move advanced technologies from lab to high-volume manufacturing, scaling production, launching new products and using automation to improve productivity and reduce costs.

謝謝你，Marty，各位早安。我很高興在我們轉型的關鍵階段加入 Ballard。簡要介紹背景：我在先進科技與潔淨能源公司領域的營運、製造與供應鏈方面擁有超過 25 年經驗。我的職涯一直聚焦於建立必要的營運架構，將先進技術從實驗室推向大規模量產、擴大產能、推出新產品，並運用自動化提升生產力與降低成本。

Most recently, I served as Chief Operating Officer and a leader in the residential solar manufacturing and service space. I led manufacturing, supply chain, fulfillment and factory expansion. This included the launch of an automated production facility built around a closed-loop learning process where field performance data from tens of thousands of homes fed directly back into the product design and process improvement. Proactively taking action to prevent performance issues further differentiated our products, services and solutions in the eyes of the customers.

最近，我擔任住宅太陽能製造與服務領域的營運長及領導者，負責製造、供應鏈、履約交付與工廠擴建。其中包括啟動一座自動化生產設施，其核心為閉環學習流程：來自數萬戶家庭的現場效能數據會直接回饋到產品設計與製程改善。主動採取行動以預防效能問題，進一步在客戶眼中凸顯了我們的產品、服務與解決方案的差異化。

In short, I bring a track record of scaling technology and building efficient high-quality manufacturing and service systems. This aligns directly with Ballard's goal of reducing costs as we move towards cash flow positivity. What excites me about Ballard is the combination of strong technology and a market that is now scaling.

簡而言之，我具備擴大技術規模、並建立高效率且高品質的製造與服務體系的實績。這與 Ballard 在邁向現金流轉正的過程中降低成本的目標直接一致。Ballard 令我振奮之處在於，兼具強大的技術，以及如今正在擴張的市場。

As Marty noted, this shift requires a sharp focus on execution. My team and I are prioritizing what matters most to our customers: quality, cost reduction, improved throughput, consistent delivery at scale and closed-loop issue resolution. Relentless customer collaboration used to drive product and process improvements directly from customer field data and performance is critical.

正如 Marty 所指出的，這項轉變需要對執行力保持高度聚焦。我和我的團隊正優先處理客戶最在意的事項：品質、降本、提升產出效率（throughput）、在規模化下的穩定交付，以及閉環式問題解決。透過不懈的客戶協作，運用客戶現場數據與性能表現直接驅動產品與流程改善，至關重要。

A key part of our process improvement work is Project Forge, our high-volume automated bipolar plate manufacturing line. At Ballard, we already use AI-assisted vision systems to detect defects in our MEAs. With Project Forge, we are deploying the same methodology to detect defects on our plates. By moving to higher volume with significantly more automation, we expect lower unit cost, reduced material waste and improve quality consistency and scalability. We continue to expect Project Forge to enter full production in the second half of the year, delivering that ramp successfully is a top priority.

我們流程改善工作的一個關鍵部分是 Project Forge——我們的高產量自動化雙極板製造產線。在 Ballard，我們已使用 AI 輔助的視覺系統來偵測 MEA 的缺陷。透過 Project Forge，我們正部署相同的方法論來偵測板件上的缺陷。藉由轉向更高產量並大幅提高自動化程度，我們預期可降低單位成本、減少材料浪費，並提升品質一致性與可擴展性。我們仍預期 Project Forge 將於今年下半年進入全面量產，成功完成該爬坡（ramp）是最優先事項。

As mentioned, we are increasingly focused on optimizing the value of the intelligence of our engines. While the first order of business is to maximize uptime for our customers, there is even more we can do with these data-driven insights. As our deployed fleet continues to grow, we are increasingly leveraging the engine performance data from the field, creating insights and feedback to our manufacturing, supply chain and product development teams.

如前所述，我們正日益聚焦於最佳化引擎智慧所帶來的價值。雖然首要任務是為客戶最大化正常運行時間（uptime），但我們還能利用這些數據驅動的洞察做得更多。隨著已部署車隊持續成長，我們愈來愈多地運用來自現場的引擎性能數據，產生洞察與回饋，提供給製造、供應鏈與產品開發團隊。

Ultimately, this work is about serving our customers by driving efficiency, simplifying our processes, improving quality, lowering costs and ensuring we can deliver high-performance products at scale. Much of this happens behind the scenes, but I expect we will see the impact in product margin expansion and improved working capital management as these changes take hold.

歸根結底，這些工作是為了服務客戶：提升效率、簡化流程、改善品質、降低成本，並確保我們能以規模化方式交付高性能產品。這些多半在幕後進行，但隨著變革逐步落地，我預期我們將在產品毛利率擴張與營運資金管理改善上看到成效。

Marty, back to you.

Marty，交回給你。

Thanks, Rob. Before I turn the call over to Kate, I will close with a few brief thoughts. Across the business, we remain focused on balancing cost discipline with growth. We are reducing product costs, improving commercial structures and expanding our service offerings. We are also moving into new applications where our technology provides a clear advantage.

謝謝你，Rob。在我把電話會議交給 Kate 之前，我做幾點簡短的結語。就整體業務而言，我們仍專注於在成本紀律與成長之間取得平衡。我們正在降低產品成本、改善商業架構並擴大服務供給。我們也正進入新的應用領域，在那裡我們的技術具備明確優勢。

Today, we highlighted progress in commercial terms and product cost reductions through our work in the bus market and through our operational initiatives. We also have additional business development activities underway in rail, material handling and stationary power. In stationary power specifically, we continue to see green shoots of opportunities to improve grid stability and energy resilience, including in defense applications with NATO nations. These collective efforts are important building blocks for long-term growth, and we will continue to update you as these programs advance.

今天，我們重點說明了在巴士市場的工作以及營運舉措所帶來的商業條款進展與產品降本。我們也在鐵道、物料搬運與固定式電力（stationary power）方面推進更多業務開發活動。就固定式電力而言，我們持續看到改善電網穩定性與能源韌性的機會萌芽（green shoots），其中也包括與北約國家相關的國防應用。這些集體努力是長期成長的重要基石，我們將在這些專案推進時持續向各位更新。

Stepping back, we are encouraged by the progress we are making. We are seeing stronger gross margins, better commercial agreements and continued cost reduction. These are clear signs that our transformation is taking hold. There is more work ahead, but we believe we are building a stronger, more scalable business.

從更宏觀的角度來看，我們對目前取得的進展感到鼓舞。我們看到更強的毛利率、更好的商業協議，以及持續的成本下降。這些都是我們轉型正在奏效的明確跡象。前方仍有更多工作，但我們相信正在打造一家更強大、可更有效擴張的企業。

As a final note, we will be hosting our Capital Markets Day event called the Ballard Forum on October 22 of this year. This will be an opportunity to get an up-close look at our work and discuss in-depth our path to profitability.

最後補充一點，我們將於今年 10 月 22 日舉辦資本市場日活動，名為 Ballard Forum。這將是一次近距離了解我們工作的機會，並深入討論我們邁向獲利的路徑。

With that, I will turn the call over to Kate.

接下來，我把電話會議交給 Kate。

Thanks, Marty. As Marty mentioned earlier, we continue to make progress toward cash flow -- towards positive cash flow in Q1. These results reflect the early impact of the transformation initiatives underway across the business. Total revenue for the quarter was $19.4 million, which represents a 26% growth compared to last year and is driven by our rail and bus verticals.

謝謝你，Marty。正如 Marty 先前提到的，我們持續朝現金流——朝著第一季現金流轉正——取得進展。這些結果反映了全公司正在推動的轉型舉措所帶來的初步影響。本季總營收為 1,940 萬美元，較去年成長 26%，主要由鐵道與巴士兩大垂直領域帶動。

Gross margin improved to 14%. This is a 37-point increase compared to Q1 2025. It also marks our third straight quarter of positive gross margin. The improvement was driven by higher revenue and lower manufacturing overhead.

毛利率提升至 14%。相較 2025 年第一季提高了 37 個百分點。這也標誌著我們連續第三個季度實現正毛利率。改善主要由更高的營收與更低的製造間接費用所驅動。

Turning to operating expenses and cash. Our total operating expenses were $16.4 million, which is a 36% reduction compared to last year. The decrease reflects disciplined cost control across R&D, SG&A and commercial activities. It also reflects the benefit of restructuring actions completed in 2025.

接著談營運費用與現金。我們的總營運費用為 1,640 萬美元，較去年下降 36%。下降反映了在研發、銷售與一般管理（SG&A）以及商業活動方面的嚴格成本控管，也反映了 2025 年完成的重整措施所帶來的效益。

Cash used in operating activities was $7.8 million. This compares to $24.4 million in the prior year, a 65% (sic – see press release, "68%") improvement. The change reflects the impact of restructuring actions and stronger operating performance as the business continues to scale. Adjusted EBITDA improved to negative $11.4 million compared to negative $27.5 million in Q1 of 2025. The improvement was driven by stronger margins and lower operating expenses.

營運活動使用的現金為 780 萬美元。相較前一年為 2,440 萬美元，改善 65%（原文如此——請參閱新聞稿，「68%」）。此變化反映了重整措施的影響，以及隨著業務持續擴張而帶來更強的營運表現。調整後 EBITDA 改善至負 1,140 萬美元，而 2025 年第一季為負 2,750 萬美元。改善主要由更強的毛利率與更低的營運費用所驅動。

We ended the quarter with $516.8 million in cash and cash equivalents. This is a decrease of about 2% from the prior quarter and we have no bank debt and no near or midterm financing needs. This strong balance sheet gives us the flexibility to deploy capital in support of our goal of becoming cash flow positive.

本季結束時，我們持有 5.168 億美元的現金及約當現金。較前一季約下降 2%，且我們沒有銀行負債，也沒有近期或中期的融資需求。這份強健的資產負債表讓我們能更有彈性地部署資本，以支持我們達成現金流轉正的目標。

Consistent with past practice and given the early stage of the hydrogen fuel cell market, we are not providing specific revenue or net income guidance for 2026. We do expect revenue to be weighted towards the second half of the year. Our 2026 guidance ranges are as follows: total operating expense of $65 million to $75 million and capital expenditures of $5 million to $10 million.

依循過往慣例，且鑑於氫燃料電池市場仍處於早期階段，我們不提供 2026 年具體的營收或淨利指引。我們預期營收將偏重於下半年。我們 2026 年指引區間如下：總營運費用 6,500 萬至 7,500 萬美元，資本支出 500 萬至 1,000 萬美元。

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

接下來，我把電話會議交給接線員進行提問。

(Operator Instructions)

（接線員指示）

Baltej Sidhu, National Bank.

Baltej Sidhu，National Bank。

Could you elaborate on the drivers behind the strong growth in stationary revenues? Specifically, how much was supported by onetime deliveries and the extent to which demand is coming from data center customers versus traditional verticals?

能否進一步說明固定式業務營收強勁成長背後的驅動因素？具體而言，有多少是一次性（onetime）交付所支撐？以及需求在多大程度上來自資料中心客戶，相較於傳統垂直領域？

Yes, I'll start. The stationary power business that we're seeing growth in year-over-year is largely diesel genset replacement business, not necessarily tied to data centers. The data center opportunity is an area of deep exploration for the company and we expect that to materially change as we go forward. But right now, the increase that you're seeing is more what I would call diesel genset replacement business in the stationary power market.

好的，我先回答。我們看到固定式電力業務的年對年成長，主要是柴油發電機組（diesel genset）替換業務，未必與資料中心直接相關。資料中心機會是公司正在深入探索的領域，我們預期未來將出現實質性的變化。但就目前而言，你所看到的增量，更像是我所稱的固定式電力市場中的柴油發電機組替換業務。

All right. That's great. And then just on the bus segment, what were the key drivers of the decline this quarter? Was it largely delivery timing related? Or are there any changes in customer ordering patterns or funding dynamics that we should be aware of?

好的。太好了。接著就巴士業務部門而言，本季下滑的主要驅動因素是什麼？主要是交付時點相關嗎？還是客戶下單模式或資金動態有任何變化是我們需要留意的？

Sorry, what was the first part of the question?

不好意思，問題的第一部分是什麼？

Just on the bus segment, the key drivers of the decline this quarter for the year-on-year.

就巴士業務部門而言，今年同季相比，本季下滑的關鍵驅動因素。

Yes. It's just timing. More than anything else, it's the amount of inventory they have in the channels already and their build-out, if you will. Additionally, in the EU, there was some slowness in some of the funding support and that translated into year-over-year changes in the demand flow. We expect that to change going forward as the friction is reduced.

是的。主要就是時點因素。最重要的是他們在通路端既有的庫存量，以及他們的建置／擴張進度（如果你這麼說的話）。另外，在歐盟，一些資金支持的撥付有些遲緩，這也反映為年對年需求流的變化。我們預期隨著摩擦降低，未來這種情況會有所改變。

More importantly, though, is the Wrightbus and Solaris announcements are huge wins for the company. Those are major design wins for next-generation buses and no matter the lumpiness of the 2025 to 2026 epoch, if you will, we see that as being really strong indications of the value of our new product, and that will translate materially into significant demand in our order book over the protracted period of multiyear agreements, if you will.

不過更重要的是，Wrightbus 和 Solaris 的公告對公司而言是重大勝利。這些都是下一代巴士的重大設計導入（design win）。無論 2025 到 2026 這段期間的波動性（如果你這麼說的話）如何，我們都將其視為新產品價值的強烈指標，而這將在多年期協議的較長期間內，實質轉化為我們訂單簿中的顯著需求。

Rob Brown, Lake Street Capital Markets.

Rob Brown，Lake Street Capital Markets。

First question is on the fleet services business model that you're developing. How do you see that playing out? Do the new sales kind of come with a service contract element as well? Or what's your sort of vision on how the service business develops?

第一個問題是關於你們正在打造的車隊服務（fleet services）商業模式。你們認為它會如何發展？新的銷售是否也會搭配服務合約的元素？或者你們對服務業務發展的願景是什麼？

Yes. That's a great question, Rob. And yes, for sure, each new sale does come with a service level agreement accompanying it. And so that's a matter of basic warranty, extended warranty, parts packages, training. We have just an entire suite of value-added activities and services that we've been complementing our initial CapEx sales with.

是的。這是個很好的問題，Rob。是的，確實，每一筆新銷售都會搭配一份服務水準協議（SLA）。這包含基本保固、延長保固、零件套裝、訓練等。我們有一整套加值活動與服務，用來補強我們最初的資本支出（CapEx）銷售。

And what that translates into with the long asset life is an extended service tail. So you could think of that as like you get the onetime sale of the CapEx, but then you get an annuity of the service for the duration of the extended asset.

而在資產壽命很長的情況下，這會帶來更長的服務尾端（service tail）。你可以把它想成：你先有一次性的 CapEx 銷售，接著在資產延長使用期間內，會有服務收入的年金式（annuity）貢獻。

Okay. And then the rail business was strong in the quarter, and I think you have some kind of contracts you're delivering. But how is the rail business sort of play out over the next few years? Is it -- or a few quarters, I should say? Is it delivering your current contracts or just a sense of how the cadence of that flows?

了解。接著鐵道業務本季表現強勁，我想你們也有一些正在交付的合約。但未來幾年——或應該說未來幾季——鐵道業務會如何發展？是主要交付現有合約，還是你能否談談其出貨節奏大致會怎麼走？

We're expecting that the prior work done in the rail business is now opening up future opportunities for us. And what I mean by that, to be more specific, is we did very large scale deployments with rail customers, and they've had the products in their hands for some period of time.

我們預期先前在鐵道業務所做的工作，現在正為我們打開未來的機會。更具體來說，我們曾與鐵道客戶進行非常大規模的部署，而他們已經把產品使用了一段時間。

And as they're starting to see the value proposition come into start to relief and getting more and more comfortable and familiar with a fuel cell locomotive, if you will, they're starting to be more bullish on their future, which bodes well for us. We think that could be a really exciting piece of business for us. It could end up being one of those kind of annuity type accounts, where every year, there's a capability to replace diesel engines with fuel cells and do that year after year after year until they materially decarbonize fleets.

當他們開始更清楚地看到價值主張、並且對燃料電池機車（如果你這麼說的話）越來越熟悉、越來越有信心時，他們對未來的態度也會更為樂觀，這對我們很有利。我們認為這可能會成為一塊非常令人興奮的業務。它最終可能會成為那種年金型（annuity type）的客戶：每年都有機會以燃料電池替換柴油引擎，年復一年地進行，直到他們在車隊層面實質達成去碳化。

But that's early days for us, but the product is performing well. The team is happy. The customers are happy, and we expect that there will be further advancements in that market over time.

不過對我們而言這仍是早期階段，但產品表現良好。團隊很滿意，客戶也很滿意，我們預期隨著時間推進，該市場會有進一步的發展。

Michael Glen, Raymond James.

Michael Glen，Raymond James。

Can you maybe just discuss how has the infrastructure and hydrogen availability changed? Or do you see any meaningful investments taking place behind the scenes to improve hydrogen availability or distribution of hydrogen?

你能否談談基礎設施與氫氣可得性（availability）有哪些變化？或者你是否看到幕後有任何具意義的投資正在發生，以改善氫氣的供應或配送？

Yes. We have been seeing meaningful progress in the availability of molecules. The supply is reasonable. The unit economics is what needs to continue to improve. And that's starting to also gain a bit more momentum.

是的。我們確實看到分子供應（molecules availability）方面有實質進展。供給是合理的；需要持續改善的是單位經濟性（unit economics）。而這方面也開始獲得更多動能。

When you start being able to provide molecule suppliers with stronger and more predictable patterns of offtake, they can get more aggressive in their pricing depending on the tenor of the contracts that they are signing with different folks. Our job so far is to focus on creating the downstream demand and the offtake signal that allows the supply to keep being built and being consumed appropriately.

當你能為分子供應商提供更強且更可預測的承購（offtake）模式時，他們就能在定價上更具進取性，這取決於他們與不同對象所簽合約的期限（tenor）。到目前為止，我們的工作重點是創造下游需求與承購訊號，讓供給端能持續建置並被適當消化。

So far, so good on that. And we're starting to see more and more interest outside of like the large-scale industrial use cases. And that bodes well for applications such as mobility and stationary power.

目前為止進展良好。而且我們開始看到，除了大型工業用途案例之外，市場興趣也越來越高。這對移動應用與定置式電力等應用而言是正面的訊號。

And historically, I guess, a lot of hydrogen has been generated from fossil fuel like natural gas type sources. Have you seen any change to bring back renewables in terms of hydrogen generation or anything along those lines?

另外從歷史上看，我想很多氫氣是由化石燃料（例如天然氣）來源製造的。你是否看到在氫氣製造方面有任何轉變，例如更多導入再生能源之類的趨勢？

Yes. So my prior comments were really focused more on green hydrogen. So green hydrogen is starting to see more and more penetration. The traditional gray hydrogen, methane-based gray hydrogen is certainly going nowhere. It's there. It's incumbent. It is competing with other outlets for natural gas, if you will. So gray hydrogen has to have its own economic footing.

是的。我先前的評論其實更聚焦在綠氫。綠氫的滲透率正逐步提高。傳統的灰氫——以甲烷為基礎的灰氫——當然不會消失；它仍在那裡，是既有（incumbent）的供應，並且（如果你這麼說的話）會與天然氣的其他去向競爭。因此灰氫必須有其自身的經濟基礎。

But green hydrogen is starting to take more and more advantage of the penetration of renewables around the globe. And so the green hydrogen and to some degree, blue hydrogen will find their paths on an increasingly ambitious agenda, if you will, over the next few years.

但綠氫正越來越能受益於全球再生能源滲透率的提升。因此，綠氫以及在某種程度上的藍氫，將在未來幾年沿著更具企圖心的議程（如果你這麼說的話）逐步找到各自的發展路徑。

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

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。

Thank you for joining us today. We look forward to speaking with you next quarter.

感謝各位今天的參與。我們期待在下個季度再與各位交流。

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。