Ballard Power Systems Inc (BLDP) 2026 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Ballard Power Systems second-quarter 2026 results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

感謝各位稍候。我是會議接線員。歡迎參加 Ballard Power Systems 2026 年第二季業績電話會議。(接線員指示) 本次會議將被錄音。(接線員指示)

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

現在我想將會議交給投資人關係的 Sumit Kundu。請開始。

Thank you, operator, and good morning. Welcome to Ballard Power Systems' second-quarter 2026 financial and operating results conference call. With us on today's call are Marty Neese, Ballard's President and Chief Executive Officer; and Kate Igbalode, Chief Financial Officer.

謝謝接線員，大家早安。歡迎參加 Ballard Power Systems 2026 年第二季財務與營運成果電話會議。今天與會者包括 Ballard 總裁兼執行長 Marty Neese，以及財務長 Kate Igbalode。

Before we begin, I would like to remind listeners that certain statements made during this call may be forward looking in nature and are based on management's current expectations, assumptions, and beliefs. Actual results could differ materially. Please refer to our public filings for a complete discussion of risk factors and forward-looking statements.

在開始之前，我想提醒各位，本次電話會議中所作的某些陳述可能屬於前瞻性陳述，並以管理層目前的預期、假設與信念為基礎。實際結果可能存在重大差異。請參閱我們的公開申報文件，以取得對風險因素與前瞻性陳述的完整討論。

Additionally, we will be making statements about our definitive agreement to acquire GeoPura. Completion of the GeoPura acquisition remains subject to customary closing conditions and applicable regulatory approvals, with close anticipated sometime in the second half of the year.

此外，我們也將就我們收購 GeoPura 的最終協議發表相關陳述。GeoPura 收購案的完成仍須符合慣常交割條件及適用的監管核准，預計將於今年下半年某個時間完成交割。

I will now turn the call over to Marty.

現在我把電話交給 Marty。

Thank you, Sumit, and good morning, everyone.

謝謝你，Sumit，各位早安。

This morning, I will focus on what I believe is one of the most transformative milestones in Ballard's history, our definitive agreement to acquire GeoPura. I want to detail why this transaction makes compelling strategic and financial sense for both companies, how we value the underlying business, and what lies ahead. This is a pivotal moment for Ballard, one that fundamentally expands our business model and accelerates our growth trajectory and underpins our path to profitability.

今天早上，我將聚焦於我認為是 Ballard 歷史上最具變革性的里程碑之一：我們已簽署收購 GeoPura 的最終協議。我想說明為何這筆交易對兩家公司在策略與財務上都極具吸引力、我們如何評估其基礎業務價值，以及未來的規劃。這是 Ballard 的關鍵時刻，將從根本上擴展我們的商業模式、加速成長軌跡，並支撐我們邁向獲利的路徑。

Let me first place this acquisition within the context of our goal to become profitable by the end of 2027. We have made tremendous progress in reducing our product and corporate cost structures, delivering another quarter of positive and improving gross margins and lower year-over-year total operating expenses.

首先，讓我把這項收購放在我們目標於 2027 年底前達成獲利的脈絡下來看。我們在降低產品與公司成本結構方面已取得巨大進展，並再度交出一季毛利率為正且持續改善、以及總營運費用年對年下降的成績。

Our attention now turns to revenue growth. As a fuel cell engine supplier, effectively one critical component in a large ecosystem, we focus on the technology and innovation levers within our control, namely developing new products for near-term markets, driving down product costs, and creating higher margin recurring after-sales service offerings.

我們的重點現在轉向營收成長。作為燃料電池引擎供應商——在龐大生態系中實質上是一個關鍵零組件——我們專注於自身可控的技術與創新槓桿：也就是為近期市場開發新產品、降低產品成本，以及打造更高毛利、可重複發生的售後服務方案。

Expansion beyond components supply and into the extended value chain creates opportunities to accelerate adoption and revenue growth. Through direct influence across the value chain, we can optimize hydrogen supply and total cost of ownership while capturing greater ecosystem value.

從零組件供應擴展至更長的價值鏈，將創造加速採用與營收成長的機會。透過在價值鏈上的直接影響力，我們能優化氫氣供應與總持有成本（TCO），同時擷取更多生態系價值。

This brings me to why we are so excited by the GeoPura-Ballard combination. GeoPura was founded in 2019 with a clear mission: to provide zero-emission power that can be deployed wherever and whenever it is needed. They design, manufacture, and operate hydrogen power units, or HPUs, that convert hydrogen into clean electricity using Ballard fuel cell engines at their heart.

這也帶到我們為何對 GeoPura 與 Ballard 的結合如此興奮。GeoPura 成立於 2019 年，使命明確：提供可在任何地點、任何時間部署的零排放電力。他們設計、製造並營運氫能發電機組（HPU），以 Ballard 燃料電池引擎為核心，將氫氣轉換為潔淨電力。

GeoPura also produces and distributes compressed hydrogen made through electrolysis at their production sites. To date, they have delivered hundreds of tons of green hydrogen using the largest hydrogen distribution fleet in the UK. They operate a growing fleet of more than 60 HPUs, which are rented directly to customers. Customers are provided a one-stop complete energy-as-a-service solution, combining fuel supply and power generation equipment. All told, they are integrated across the hydrogen value chain from molecule to megawatt.

GeoPura 也在其生產基地以電解方式製造並配送壓縮氫氣。截至目前，他們透過英國最大規模的氫氣配送車隊，已交付數百噸綠氫。他們營運一支持續成長、超過 60 台 HPU 的機隊，並直接出租給客戶。客戶可獲得一站式、完整的「能源即服務」解決方案，結合燃料供應與發電設備。總體而言，他們在氫能價值鏈上從分子到兆瓦皆有整合布局。

This acquisition is highly complementary for both companies to accelerate our mutual growth. Ballard overcomes the industry's classic hydrogen fuel supply bottleneck and gains immediate access to proven category-defining stationary power products, such as GeoPura's 100-kilowatt portable HPUs that can be towed by a pickup truck to their 500-kilowatt HPU2 power blocks that can be numbered up to 50 megawatts. GeoPura also comes with established relationships with numerous blue chip customers.

這項收購對兩家公司而言高度互補，可加速彼此的成長。Ballard 得以克服產業典型的氫燃料供應瓶頸，並立即取得已被驗證、具品類定義性的定置式電力產品，例如 GeoPura 的 100 千瓦可攜式 HPU（可由皮卡拖曳），以及其 500 千瓦的 HPU2 power blocks（可擴充組合至 50 兆瓦）。GeoPura 亦帶來與多家一線藍籌客戶的既有合作關係。

Meanwhile, GeoPura gains the global scale, balance sheet strength, brand recognition, and reach needed to expand leases and sales of its HPUs. Ballard provides greater access to heavy-duty mobility customers for hydrogen sales. Together, we expect to scale faster and at a lower cost, transforming Ballard into an energy-as-a-service provider capable of lowering customer TCO and capturing revenue across the entire value chain. Ballard's fuel cells have been central to GeoPura's products since the beginning, and now, we are bringing the entire technology stack under one horizontally integrated solution.

同時，GeoPura 將獲得其擴大 HPU 租賃與銷售所需的全球規模、更強的資產負債表、品牌知名度與市場觸及能力。Ballard 也能為氫氣銷售提供更多接觸重型移動應用客戶的機會。我們預期雙方能以更快速度、較低成本擴張，將 Ballard 轉型為「能源即服務」供應商，降低客戶總持有成本（TCO），並在整個價值鏈中擷取營收。Ballard 的燃料電池自一開始就是 GeoPura 產品的核心，如今我們將把完整技術堆疊納入同一個橫向整合的解決方案之中。

To illustrate the strategic power of this acquisition to Ballard, we look at it through a simple framework, which we walk through on the deal announcement call. In short, we say 3, 5, 10, now.

為了說明這項收購對 Ballard 的策略力量，我們用一個簡單的框架來看待，並在交易公告電話會議中逐步說明。簡而言之，我們說：3、5、10、現在。

3, 3x the growth rate. GeoPura's high-growth business model accelerates our combined trajectory, supporting an expected 3 times revenue growth rate. To be clear, this 3x projection is a baseline grounded in their current operations and organic growth. It does not yet factor in major long-term upside opportunities, such as expanding hydrogen production, significant cross-selling fuel to our heavy-duty mobility customers, data center opportunities, or bringing HPU rentals and sales to North America. These represent highly attractive additive growth vectors.

3，成長率 3 倍。GeoPura 的高成長商業模式將加速我們合併後的成長軌跡，支持預期 3 倍的營收成長率。需要說明的是，這個 3 倍的預估是以其目前營運與有機成長為基礎的基準情境。其中尚未納入重大的長期上行機會，例如擴大氫氣產能、向我們的重型移動應用客戶大量交叉銷售燃料、資料中心機會，或將 HPU 租賃與銷售帶到北美。這些都是極具吸引力的額外成長動能。

5, 5x the value capture. By bundling the ecosystem, we expand our value capture per deployed megawatt by approximately 5 times compared to selling standalone fuel cell engines. While engine sales remain a solid core business, they capture approximately 15% of the total value chain on a dollar per megawatt basis.

5，價值擷取 5 倍。透過將生態系打包整合，我們每部署一兆瓦所能擷取的價值，與單純銷售獨立燃料電池引擎相比，約可提升 5 倍。雖然引擎銷售仍是穩健的核心業務，但以每兆瓦的美元價值衡量，其僅能擷取整體價值鏈約 15% 的價值。

As ecosystem fleet owners with recurring equipment rental business combined with fuel, we would control over 75% of this value chain. This integration allows us to lower delivered power costs and guarantee fuel delivery for both stationary and mobility customers.

若我們作為生態系機隊擁有者，透過結合燃料的設備租賃循環性業務，我們將可掌控此價值鏈超過 75% 的價值。這種整合使我們能降低交付電力成本，並為定置式與移動式客戶保證燃料供應。

Customers are willing to pay for a simplified solution, providing six nines of reliable power without the complexity of managing hardware and fuel logistics separately. By offering a fully managed one-stop solution, we make our customers' lives easier, allowing us to accelerate adoption while simultaneously building more predictable, recurring, high-margin revenue streams.

客戶願意為更簡化的解決方案付費，在不必分別管理硬體與燃料物流的複雜度下，仍可獲得「六個九」的可靠供電。透過提供全代管的一站式解決方案，我們讓客戶更省心，從而加速採用，同時建立更可預測、可重複發生且高毛利的營收來源。

10, 10x the market. Our total addressable market expands tenfold. This acquisition extends our footprint beyond heavy-duty mobility into an estimated $300 billion installed base of diesel gensets with an annual replacement rate of approximately $16 billion per year, a rapidly growing $4 billion data center backup power market, and a $20 billion hydrogen fuel supply market.

10，市場規模 10 倍。我們的可服務總市場（TAM）擴大十倍。這項收購將我們的版圖從重型移動應用延伸至：估計 3,000 億美元的柴油發電機組（gensets）存量市場（每年約 160 億美元的汰換需求）、快速成長的 40 億美元資料中心備援電力市場，以及 200 億美元的氫燃料供應市場。

This forms a highly complementary two-way bridge. Ballard gains immediate entry into high-growth stationary and fuel markets, while GeoPura leverages our global brand and deep industrial experience to expand into heavy-duty mobility in North American markets.

這形成一座高度互補的雙向橋樑。Ballard 立即切入高成長的定置式與燃料市場，而 GeoPura 則可運用我們的全球品牌與深厚的工業經驗，擴展至北美市場的重型移動應用領域。

Now, cost parity now. We are not waiting on future technology or other innovation milestones. We are focused on ready-now markets with supportive policies such as the HAR program in the UK. In such regions, GeoPura's HPUs achieved cost parity with incumbent diesel today.

現在，成本已達到平價。我們不必等待未來技術或其他創新里程碑。我們專注於已可立即切入、且具備支持性政策的市場，例如英國的 HAR 計畫。在這些地區，GeoPura 的 HPU 如今已在成本上與既有柴油方案達到平價。

By unifying our organizations, we have the ability to drive further scale and efficiencies in engineering, supply chain optimization, component cost reductions, and vertical integration benefits. By further lowering costs, we can expand the geographic markets where our solutions win on pure economics. Ultimately, customers can have both: clean energy and lower costs.

透過整合我們的組織，我們有能力在工程、供應鏈最佳化、零組件成本降低，以及垂直整合效益方面進一步推動規模化與效率提升。藉由進一步降低成本，我們可以擴大在純粹經濟性上勝出的地理市場範圍。最終，客戶可以兩者兼得：潔淨能源與更低成本。

Importantly, this acquisition supports and strengthens our path to becoming profitable by the end of 2027. We are acquiring a high-performing business already on a clear trajectory toward profitability, with proven technology, operating model, and enviable customer base.

重要的是，這項收購支持並強化我們在 2027 年底前達成獲利的路徑。我們正在收購一家高績效企業，其已走在明確的獲利軌道上，並擁有經驗證的技術、營運模式，以及令人稱羨的客戶基礎。

The underlying leasing model is straightforward. GeoPura's HPUs have an expected operating life of approximately 15 years, with an expected capital payback period under three years due to high-margin rental revenue and fuel supply mix.

其底層的租賃模式相當直接。GeoPura 的 HPU 預期營運壽命約 15 年，且由於高毛利的租賃收入與燃料供應組合，預期資本回收期不到三年。

As the fleet expands, recurring hydrogen fuel cells from their hydrogen production sites grow in tandem. This creates a self-reinforcing, highly profitable growth engine, with significant financing flexibility to fund sustainable growth. These strong economics underpin our agreement to acquire GeoPura for GBP275 million in upfront consideration. This valuation is supported by GeoPura's highly defensible operational reliability advantage.

隨著機隊擴張，來自其氫氣生產據點的經常性氫燃料電池需求也會同步成長。這將形成一個自我強化、獲利能力極高的成長引擎，並具備顯著的融資彈性以支持永續成長。這些強勁的經濟性支撐我們同意以 2.75 億英鎊的預付款對價收購 GeoPura。此估值亦受到 GeoPura 高度可防禦的營運可靠性優勢所支持。

Delivering six nines uptime of mission-critical power to customers requires seamless orchestration across production, distribution, logistics and site operations. GeoPura has solved this operational puzzle, creating a significant competitive moat. This proven reliability is why their HPUs are already trusted to power live TV and film productions for major events like the PGA Tour and to provide critical power for the UK's largest multi-year construction project, the Lower Thames Crossing.

要向客戶提供任務關鍵電力的「六個九」可用率，需要在生產、配送、物流與現場營運之間進行無縫協同。GeoPura 已解決這個營運難題，建立了顯著的競爭護城河。這種經驗證的可靠性，正是其 HPU 已被信任用於為 PGA 巡迴賽等大型活動的現場電視與影視製作供電，並為英國最大、跨多年建設專案——下泰晤士河跨越工程（Lower Thames Crossing）——提供關鍵電力的原因。

In addition to a portion of their expected GBP38 million, or approximately USD50 million, of revenue in 2026, we also anticipate realizing approximately $25 million in annual run rate EBITDA synergies by 2028 through joint manufacturing, supply chain integration, cost reductions through vertical integration, and commercial cross-selling.

除了其 2026 年預期 3,800 萬英鎊（約 5,000 萬美元）營收中的一部分之外，我們也預期可在 2028 年前，透過聯合製造、供應鏈整合、垂直整合帶來的成本降低，以及商業交叉銷售，實現約 2,500 萬美元的年度常態化 EBITDA 協同效益。

We are targeting a September close, pending customary approvals. Our teams are deeply focused on integration planning, communications, and day one execution readiness. This will ensure we have a successful launch and rapidly seize the numerous opportunities in front of us.

我們目標在 9 月完成交割，仍需取得慣常的核准。我們的團隊正高度專注於整合規劃、溝通，以及第一天的執行就緒。這將確保我們成功啟動，並迅速把握眼前眾多機會。

Now, before I turn the call over to Kate, I want to express my immense gratitude for the combined teams of Ballard and GeoPura. Our long-standing relationship has served us well over the past months as we execute this deal. Once we are closed, we can double down on providing great service and value to our combined customer base.

在我把電話會議交給 Kate 之前，我想對 Ballard 與 GeoPura 的合併團隊表達由衷的感謝。我們長期的合作關係在過去幾個月執行這筆交易時發揮了很大助益。一旦完成交割，我們就能加倍努力，為合併後的客戶群提供卓越的服務與價值。

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

接下來，我把電話會議交給 Kate。

Thanks, Marty.

謝謝，Marty。

I would like to briefly comment on our commercial and financial progress in the quarter. Order intake in the quarter exceeded $64 million, driven by order flow from our previously announced wins in the transit bus market, such as New Flyer, as well as a multi-year commitment from more than 150 fuel cell modules to GeoPura. This stationary order further highlights the growth of the hydrogen genset market and reinforces the immediate synergies of our acquisition.

我想簡要評論本季我們在商務與財務方面的進展。本季訂單承接超過 6,400 萬美元，主要由我們先前公布在大眾運輸巴士市場的得標案（例如 New Flyer）的訂單流入所帶動，此外還包括 GeoPura 對超過 150 套燃料電池模組的多年期承諾。這筆固定式（stationary）訂單進一步凸顯氫能發電機組（genset）市場的成長，並強化我們此次收購所帶來的即時協同效益。

Additionally, we saw positive and improving gross margins alongside a year-over-year increase in revenue and decreases in both operating expenses and cash usage. All of this continues our steady progression towards becoming profitable by the end of 2027, a trajectory that the GeoPura acquisition adds to and more.

此外，我們看到毛利率呈現正向且持續改善，同時營收年增，營運費用與現金使用量也雙雙下降。這些都使我們持續穩步邁向在 2027 年底前達成獲利；而 GeoPura 的收購將在此基礎上帶來更多助益。

Total revenue for the quarter was $20.6 million, representing 15% growth compared to Q2 2025. The growth is attributed to increases in bus, stationary, and other markets, in particular materials handling.

本季總營收為 2,060 萬美元，較 2025 年第二季成長 15%。成長主要來自巴士、固定式及其他市場的增加，尤其是物料搬運（materials handling）。

Gross margin was 20% compared to negative 8% in the prior year period. This represents a 28-point improvement year over year. Gross margin improvement was largely driven by product cost reduction initiatives and lower manufacturing overhead costs and through adjustments to warranty and inventory provisions which further lifted margins.

毛利率為 20%，相較去年同期為負 8%。這代表年增改善 28 個百分點。毛利率改善主要由產品降本措施與較低的製造間接費用所驅動，並透過保固與存貨準備的調整進一步推升毛利率。

It is worth noting that the warranty adjustments are as a result of our fuel cell engines demonstrating high reliability and field durability, allowing us to reverse warranty provisions we recorded in prior years. While these adjustments are one time in nature, the performance improvements are expected to be reflected in our ongoing product costs and associated margins, supporting our pathway to profitability and underscoring our technology capabilities.

值得注意的是，保固調整源於我們的燃料電池引擎展現出高度可靠性與現場耐久性，使我們得以回轉（沖回）先前年度所提列的保固準備。雖然這些調整屬一次性，但效能改善預期將反映在我們持續性的產品成本與相關毛利率上，支持我們的獲利路徑，並凸顯我們的技術能力。

Total operating expenses were $20.9 million, representing a 34% reduction compared to prior year, and adjusted EBITDA was negative $9.8 million compared to negative $30.6 million in Q2 2025.

本季總營運費用為 2,090 萬美元，較去年同期減少 34%；調整後 EBITDA 為負 980 萬美元，而 2025 年第二季為負 3,060 萬美元。

Cash used in operating activities was $11.4 million, compared to $20.3 million in the prior year, and we ended the quarter with over $502 million in cash and cash equivalents. We continue to maintain a strong balance sheet with significant liquidity and no near-term financing requirements.

營運活動使用現金為 1,140 萬美元，較去年同期的 2,030 萬美元下降；本季末我們持有超過 5.02 億美元的現金及約當現金。我們持續維持強健的資產負債表，具備充足流動性，且短期內無融資需求。

Looking ahead, and 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 roughly 60% back half weighted for the year. Total operating expenses are expected to be between $65 million and $75 million, and capital expenditures are expected to be between $5 million and $10 million. We expect to update this guidance after Ballard closes the GeoPura acquisition, which we anticipate will be later this year.

展望未來，並延續以往作法，鑑於市場仍處於早期發展階段，我們不提供具體的營收、淨利或毛利率指引。我們仍預期今年營收約有 60% 將集中在下半年。預期總營運費用介於 6,500 萬至 7,500 萬美元，資本支出預期介於 500 萬至 1,000 萬美元。在 Ballard 完成對 GeoPura 的收購後，我們預期將更新上述指引；我們預計交割將在今年稍晚。

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) Rob Brown, Lake Street Capital Markets.

(接線員指示) Rob Brown，Lake Street Capital Markets。

Good morning. Just wanted to follow up on one of your comments on the GeoPura acquisition around some of the growth opportunities you see, specifically the North American HPU market. What's the sort of view there, what that can be, or maybe how you enter that market or areas that you would look to address there? Thank you.

早安。我想就你們對 GeoPura 收購案的一段評論追問一下，關於你們看到的一些成長機會，特別是北美的 HPU 市場。你們對那邊的看法是什麼——它可能會是什麼規模，或者你們會如何進入該市場、以及會優先切入哪些領域？謝謝。

Yeah. So I think the starting point for Canada and the US, North American markets, we would replicate some of the early success that GeoPura has used to land and expand, if you will, HPU deployments in other markets.

是的。我認為在加拿大與美國、也就是北美市場的起點，是我們會複製 GeoPura 早期用來「先落地、再擴張」的成功做法，將 HPU 的部署推進到其他市場。

For example, some of the current customers that are part of GeoPura's portfolio are multinationals that have a presence in both Canada and the US. We would seek sponsorship from those customers and seek to grow their business outside the UK and EU and replicate the same sorts of deployments in Canada and the US.

例如，GeoPura 現有客戶組合中的一些客戶是跨國企業，在加拿大與美國都有據點。我們會尋求這些客戶的支持，並推動其業務從英國與歐盟以外擴張，將同類型的部署複製到加拿大與美國。

That includes, largely, market opportunities around film, TV, live productions and events, that's been a very good multinational platform if you will, and also for construction. So there are large construction companies that have international operations, and they're looking to replicate the same sort of solutions that they've enjoyed in the UK and the EU outside of those environments and into Canada and the US.

這主要包括影視、電視、現場製作與活動等市場機會——這一直是非常好的跨國平台——以及建築施工領域。因此，有一些大型建築公司具備國際營運，他們希望把在英國與歐盟所採用並受益的同類解決方案，複製到那些環境之外，延伸到加拿大與美國。

Okay, great. And then, I guess do you see kind of that business continuing to be a recurring revenue model, where you're doing the fuel supply and the rental model together? Is that the sort of the vision sort of in the US market or the North American market as well?

好的，很棒。接著，我想請問您是否認為這項業務會持續作為一種經常性收入模式，也就是同時提供燃料供應與租賃模式？這是否也是您在美國市場或北美市場的願景？

That's correct. Yes, we would look to replicate the model outside the UK and EU. And over time, if you look on an extended horizon, which we'll cover more in our Ballard Forum in October, we look to be a very good supplier of green hydrogen through both integrated capabilities as well as partnerships.

沒錯。是的，我們會希望在英國與歐盟以外複製這個模式。而且隨著時間推進，若以更長期的視角來看（我們會在10月的 Ballard Forum 中更深入說明），我們希望透過整合式能力以及合作夥伴關係，成為綠氫的優質供應商。

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

好的。謝謝。我把時間交回去。

Ameet Thakkar, BMO Capital Markets.

Ameet Thakkar，BMO 資本市場。

Good morning, and congrats on another quarter of progress. This might be a bit of a kind of a housekeeping or kind of an accounting question, but I know you guys mentioned as part of the orders this quarter that a portion of that is for GeoPura units. When that acquisition closes, will you be kind of -- will that kind of be reduced as an intercompany elimination? And then, I've got one follow-up on GeoPura.

早安，並恭喜你們又一季取得進展。這可能比較像是例行或會計方面的問題，但我知道你們提到本季訂單中有一部分是 GeoPura 的機組。當那項收購完成後，這部分是否會以公司間交易沖銷（intercompany elimination）的方式被扣除？另外我還有一個關於 GeoPura 的追問。

I think the short answer is yes. That will be changed to -- instead of a revenue stream, it will be an intercompany transfer.

我想簡短的答案是會。那將會改成——不再是一個營收來源，而是公司間移轉。

Okay. And then just as you kind of envision this as an energy-as-a-service model, can you just kind of speak to like how you anticipate kind of needing, I guess, additional balance sheet capacity to kind of support that rather than kind of selling the product as a CapEx solution for customers? Thank you.

好的。接著，既然你們把這視為一種「能源即服務」（energy-as-a-service）的模式，能否談談你們預期在資產負債表上需要如何增加承載能力，以支援這種模式，而不是把產品當作客戶的資本支出（CapEx）方案來銷售？謝謝。

Yeah. So as we sit today, we have over $500 million in cash on the balance sheet. We're contemplating additional financial structures that provide some level of asset-backed financing that would be in support of the 15-year asset life and the cash flows therein. So think about it as supplementary asset-backed financing that would be a companion potential.

好的。以目前來看，我們資產負債表上有超過5億美元的現金。我們正在考慮額外的金融架構，提供某種程度的資產擔保融資（asset-backed financing），以支援15年的資產壽命以及其間的現金流。所以可以把它想成是一種補充性的資產擔保融資，作為可能的搭配方案。

We're exploring those opportunities. Those ABF structures were successfully used by GeoPura, and that's one of the things we've learned about their business model and how best to extend it to the Ballard business at large. And with the $500 million in cash on the balance sheet, it gives us significant potential capacity to expand.

我們正在探索這些機會。GeoPura 已成功使用這些 ABF 架構，而這也是我們從他們的商業模式中學到的一點：如何最好地把它延伸到 Ballard 整體業務。而資產負債表上5億美元的現金，也讓我們具備相當可觀的擴張潛在能力。

Thank you. I'll pass it along.

謝謝。我把問題交給下一位。

Jeff Osborne, TD Cowen.

Jeff Osborne，TD Cowen。

Yeah. Good morning. Two questions on my side, if you don't mind. One, I was curious back on GeoPura. I think the largest unit they have today is about 0.5 megawatt that, on the website, says can scale to 50 megawatts. So I was curious, two-part question, one, how many sites do they have deployed over a megawatt? And then, do you intend to develop a larger unit? Some of the applications like data centers and whatnot that you mentioned, I assume would want a multi-megawatt solution and not 0.5 megawatt.

是的。早安。我這邊有兩個問題，如果方便的話。第一個是回到 GeoPura。我想他們目前最大的機組大約是0.5兆瓦，網站上寫可擴展到50兆瓦。所以我想問兩個部分：第一，他們部署超過1兆瓦的站點有多少？第二，你們是否打算開發更大的機組？你們提到的一些應用，例如資料中心等等，我猜應該會需要多兆瓦的解決方案，而不是0.5兆瓦。

Yeah. So first, on the quantum of multi-megawatt sites, that's a dynamic situation as you think about some events require larger deployments, so you would have multi-megawatts involved in one particular event or production site or construction site. So it's not static, meaning that they don't have a number of installed units that are static deployments, but there are some.

是的。首先，關於多兆瓦站點的規模，這是個動態情況；因為有些活動需要更大規模的部署，所以在某個特定活動、製作場地或工地上，可能會涉及多兆瓦的配置。因此它不是靜態的，也就是說，他們並沒有一個固定不變、永久部署的已安裝機組數量，但確實有一些。

Now, I'm speaking a bit for them in this regard, and it would be better in the fullness of time to have their management team, once integrated, speak to the historical context there. But let's just say that it's multiple multi-megawatt sites that are under current deployment.

在這點上我有點是在替他們回答；更完整的說法，應該等到整合完成後，由他們的管理團隊來談其歷史背景會更好。但可以這麼說：目前正在部署的多兆瓦站點有好幾個。

At the product level itself, we currently have a collective capacity where we're using 500-kilowatt power blocks, if you will, or HPU2s. Those can be changed through time. As you imagine, the power density of a module from Ballard increases the size. So let's imagine that there's five 100-kilowatt units in a solution today and we provided 150-kilowatt solution in the future, you could change the five 100s to five 150s and you'd be at a 750 kilowatt without doing much redesign, if you will, to the product.

就產品層面而言，我們目前的整體容量是使用500千瓦的 power block（如果你這麼稱呼的話），或 HPU2。這些都可以隨時間調整。如你所想，Ballard 模組的功率密度提升，就能帶來更大的規模。所以假設今天的方案是由五個100千瓦單元組成，而未來我們提供150千瓦方案，你可以把五個100換成五個150，在不需要太多重新設計的情況下，就能達到750千瓦。

But more importantly is optimizing the larger quantum as you are indicating. And there is considerable investigatory work being done by the combined technology teams to suss out exactly what the most optimum solution is for the right markets, the right kind of potential data center type applications and how to optimize the economics therein. But it's every bit on our mind of how to increase the power density while simultaneously maintaining the six nines of reliability and lowering the total cost of ownership.

但更重要的是，正如你所指出的，要去最佳化更大的規模。目前合併後的技術團隊正在做大量的研究工作，以釐清針對正確市場、正確類型的潛在資料中心應用，最優的解決方案究竟是什麼，以及如何最佳化其中的經濟性。但我們確實一直在思考：如何在提升功率密度的同時，維持「六個九」的可靠度，並降低總持有成本（TCO）。

That's helpful, Marty. Maybe for yourself or Kate, just a last question, could you flesh out -- you mentioned material handling was strong in the quarter. Is that repowering or new organic growth? Can you just flesh that out where that came from?

這很有幫助，Marty。也許請你或 Kate 再回答最後一個問題：你提到本季物料搬運（material handling）表現強勁。那是來自翻新換裝（repowering），還是新的有機成長？能否再具體說明一下來源？

It's a bit of both, yeah. So just in short, we have been doing some repowering for some select customers. And then other customers, it's new installations for distribution center customers that they're providing the end solution and the service on-site, and we're providing them with stacks.

兩者都有。簡單說，我們確實為部分特定客戶做了一些 repowering。另外一些客戶則是新的安裝案，面向配送中心客戶；他們提供最終解決方案與現場服務，而我們提供電堆（stacks）。

Perfect. That's all I had. Thank you.

完美。我就這些。謝謝。

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. We look forward to seeing all of you at the Ballard Forum in October. So welcome to Canada in October, and we'll see you then.

感謝各位今天加入我們。我們期待在10月的 Ballard Forum 與各位相見。所以10月歡迎來加拿大，我們到時見。

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。