Babcock & Wilcox Enterprises Inc (BW) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for attending the Babcock & Wilcox Enterprises third-quarter 2025 conference call. (Operator Instructions)

午安.感謝您參加巴布科克-威爾科克斯企業2025年第三季電話會議。（操作說明）

I would now like to turn the conference over to our host, Sharyn Brooks, B&W's Director of Communications. Thank you. You may proceed, Ms. Brooks.

現在，我謹將會議交給我們的主持人，B&W 通訊總監 Sharyn Brooks。謝謝。您可以繼續了，布魯克斯女士。

Thank you, Victoria, and thanks to everyone for joining us on Babcock & Wilcox Enterprises third-quarter 2025 earnings conference call. Joining the call today are Kenny Young, B&W's Chairman and Chief Executive Officer; and Cameron Frymyer, Chief Financial Officer, to discuss our third quarter results.

謝謝維多利亞，也謝謝各位參加巴布科克-威爾科克斯企業2025年第三季財報電話會議。今天參加電話會議的有 B&W 董事長兼執行長 Kenny Young 和財務長 Cameron Frymyer，他們將討論我們第三季的業績。

During this call, certain statements we make will be forward-looking. These statements are subject to risks and uncertainties, including those set forth in our safe harbor provision for forward-looking statements that can be found at the end of our earnings press release and also in our Form 10-Q that was filed this afternoon and our Form 10-K that is on file with the SEC and provide further detail about the risks related to our business. Additionally, except as required by law, we undertake no obligation to update any forward-looking statements.

在本次電話會議中，我們所做的某些陳述將具有前瞻性。這些聲明存在風險和不確定性，包括我們在盈利新聞稿末尾、今天下午提交的 10-Q 表格以及已提交給美國證券交易委員會的 10-K 表格中列出的前瞻性聲明安全港條款，這些條款提供了有關我們業務相關風險的更多詳細信息。此外，除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

We also provide non-GAAP information regarding certain of our historical and targeted results to supplement the results provided in accordance with GAAP. This information should not be considered superior to or as a substitute for the comparable GAAP measures. A reconciliation of historical non-GAAP measures can be found in our third quarter earnings release published last week and in our company overview presentation filed on Form 8-K this afternoon and posted on the Investor Relations section of our website at babcock.com.

我們還提供有關我們某些歷史業績和目標業績的非GAAP信息，以補充根據GAAP提供的業績。此資訊不應被視為優於或取代相應的GAAP指標。有關歷史非GAAP指標的調整信息，請參閱我們上週發布的第三季度收益報告以及今天下午提交的8-K表格公司概況介紹，該介紹已發佈在我們網站babcock.com的投資者關係部分。

Thanks, Sharyn. Well, good afternoon, everyone, and thanks for joining us today on our call. We continue to execute on our strategy to expand our Global Parts & Services business while also focusing on large opportunities within North America and reducing the majority of our debt obligations. The increasing demand for power in North America drives our growth and aligns well with our strategy to divest certain noncore assets to significantly reduce our debt while positioning B&W to play a pivotal role in supporting AI data center expansion and increased baseload generation needs.

謝謝你，莎琳。大家下午好，感謝各位今天參加我們的電話會議。我們將繼續執行擴大全球零件和服務業務的策略，同時專注於北美地區的巨大機遇，並減少大部分債務。北美地區日益增長的電力需求推動了我們的成長，這與我們剝離某些非核心資產以大幅降低債務的策略非常契合，同時使 B&W 能夠在支援人工智慧資料中心擴張和增加的基本負載發電需求方面發揮關鍵作用。

We are pleased to report a number of positive developments this quarter at Babcock & Wilcox, both in relation to our quarterly financials as well as our recent projects and partnerships that we have completed. Adjusted EBITDA and operating income significantly outperformed company and consensus expectations this quarter. Adjusted EBITDA was 58% higher compared to third quarter of 2024, while operating income was up 315% when compared to the same period of 2024. Our improved margins directly reflect the record quarter results for our Parts & Services business.

我們很高興地報告，巴布科克-威爾科克斯公司本季度取得了一系列積極的進展，包括季度財務業績以及我們最近完成的專案和合作關係。本季調整後 EBITDA 和營業收入均顯著超出公司和市場預期。調整後 EBITDA 比 2024 年第三季成長了 58%，而營業收入比 2024 年同期成長了 315%。我們利潤率的提高直接反映了零件和服務業務創紀錄的季度業績。

During the third quarter, our Global Parts & Services achieved the highest quarterly and year-to-date bookings, revenue and gross profit in recent company history. Our growing backlog continues to benefit from increasing demand across projects, upgrades and construction as power generation needs for industrials and utilities in North America continue to accelerate. In total, we saw our backlog rise 56% quarter over quarter to a total of over $393 million.

第三季度，我們的全球零件及服務業務實現了公司近期歷史上最高的季度和年初至今的訂單量、收入和毛利。隨著北美工業和公用事業的發電需求持續加速成長，專案、升級和建設方面的需求不斷增加，我們的積壓訂單也因此受益匪淺。整體而言，我們的積壓訂單季增 56%，總額超過 3.93 億美元。

Through a combination of disposition of noncore assets and equity raises, we have paid or will pay down the February 2026 notes by end of the year 2025. We also have the liquidity to pay down the December 2026 bonds, a process that we plan to begin by end of year. Over the course of the past several months and with key equity raises last week, our balance sheet has significantly improved.

透過處分非核心資產和股權融資，我們已經或將在 2025 年底前償還 2026 年 2 月到期的票據。我們還有足夠的流動資金來償還 2026 年 12 月到期的債券，我們計劃在年底前開始償還。在過去的幾個月裡，加上上週的關鍵股權融資，我們的資產負債表已顯著改善。

With this improvement, along with the tailwinds from baseload generation demand in the market, we have positioned B&W for substantial growth in 2026. We are currently projecting a range of $70 million to $85 million in EBITDA from our core business in 2026, which is 80% growth year over year from 2025. And this does not include any revenues or margin from our recently announced AI data center projects.

憑藉這項改進，以及市場基本負載發電需求的順風，我們已為 B&W 在 2026 年實現大幅成長做好準備。我們目前預計，到 2026 年，我們核心業務的 EBITDA 將達到 7,000 萬美元至 8,500 萬美元，比 2025 年年增 80%。這還不包括我們近期宣布的人工智慧資料中心專案帶來的任何收入或利潤。

We have been in discussions on several opportunities within the AI data center space, and we are seeing Agentic AI as a new catalyst for higher power demand in the US and around the world. We are pleased to announce that we have signed a limited notice to proceed with Applied Digital to begin work for the delivery and installation of natural gas technology that will provide 1 gigawatt of efficient energy for an AI factory and data center project. The total project valued at full notice to proceed will be over $1.5 billion in total once finalized, and we anticipate that full notice to proceed to be released in the next few months.

我們一直在探討人工智慧資料中心領域的幾個機遇，我們認為智能體人工智慧將成為美國乃至全世界電力需求成長的新催化劑。我們很高興地宣布，我們已與 Applied Digital 簽署了一份有限通知，開始交付和安裝天然氣技術的工作，該技術將為人工智慧工廠和資料中心專案提供 1 吉瓦的高效能源。該專案最終確定後的總價值將超過 15 億美元，我們預計該專案將在未來幾個月內獲得全面開工許可。

As a part of this deal, B&W plans to design and install four 300-megawatt natural gas-fired power plants consisting of proven boilers and associated steam turbines to support Applied Digital's AI factory. The plant is targeted to begin operation in 2028. This technology carries equal efficiency as simple cycle turbines and can be operational much faster than combined or simple cycle power plant options. The impact from this deal on B&W is profound adding $3 billion to $5 billion in AI data center opportunities in our pipeline.

作為該協議的一部分，B&W 計劃設計並安裝四座 300 兆瓦天然氣發電廠，這些發電廠由成熟的鍋爐和相關的蒸汽渦輪機組成，以支援 Applied Digital 的人工智慧工廠。該工廠計劃於 2028 年開始運作。這項技術與簡單循環渦輪機具有相同的效率，並且比聯合循環或簡單循環發電廠的運行速度快得多。這項交易對B&W的影響是深遠的，它將為我們帶來價值30億至50億美元的人工智慧資料中心專案機會。

We are also pursuing other projects and opportunities, which brings our total global pipeline to $10 billion to $12 billion in totality, including ClimateBright and BrightLoop. Taking a look at our BrightLoop technologies, our efforts to progress BrightLoop are moving forward as we further the commercial development of our existing projects and continue working to improve the overall operational effectiveness of these technologies to produce low-cost hydrogen or steam. We're seeing increasing activity for BrightLoop technology, both for steam generation and hydrogen production that can produce energy with lower cost and expenditures. In fact, we're in discussions with a number of oil and gas companies and large utilities about using BrightLoop for specific steam or hydrogen generation projects.

我們也正在尋求其他項目和機會，這使得我們的全球項目儲備總額達到 100 億至 120 億美元，其中包括 ClimateBright 和 BrightLoop。縱觀我們的 BrightLoop 技術，隨著我們進一步推進現有項目的商業開發，並繼續努力提高這些技術的整體運行效率以生產低成本的氫氣或蒸汽，我們在推進 BrightLoop 方面的努力正在向前邁進。我們看到 BrightLoop 技術的應用越來越廣泛，無論是蒸汽發生還是氫氣生產，都能以更低的成本和支出生產能源。事實上，我們正​​在與多家石油天然氣公司和大型公用事業公司洽談，探討將 BrightLoop 用於特定的蒸汽或氫氣生產項目。

From a ClimateBright perspective, we are seeing an increased demand to leverage carbon credits, both in waste to energy and coal to energy as optional offtake revenues for our customers. We also are in discussions on several opportunities and believe we can announce a significant carbon capture project utilizing our SolveBright technology very soon.

從 ClimateBright 的角度來看，我們看到，客戶對利用碳信用的需求不斷增長，無論是垃圾發電還是煤炭發電，都可以作為可選的承購收入。我們目前也正在探討幾個合作機會，相信很快就能宣布一項利用我們 SolveBright 技術的重大碳捕獲計畫。

I'll now turn the call over to Cameron to discuss the financial details for the third quarter of 2025. Cameron?

現在我將把電話交給卡梅倫，讓他討論2025年第三季的財務細節。卡梅倫？

Yeah. Thanks, Kenny. I am pleased to review our third quarter results, further details of which can be found in the 10-Q that is on file with the SEC. Our third quarter consolidated revenues were $149 million, which was roughly in line with the third quarter of 2024. Global Parts & Service remained strong in the third quarter of 2025 with revenues of $68.4 million compared to revenues of $61.7 million in the third quarter of 2024. The improvement is primarily due to the increasing need for electricity from fossil fuels, driven by the demand from artificial intelligence, data centers, and expanding economies.

是的。謝謝你，肯尼。我很高興回顧我們第三季的業績，更多詳情請參閱已提交給美國證券交易委員會的 10-Q 表格。我們第三季的合併收入為 1.49 億美元，與 2024 年第三季大致持平。2025 年第三季度，全球零件及服務業務保持強勁成長，營收達 6,840 萬美元，而 2024 年第三季的營收為 6,170 萬美元。這項改善主要是由於人工智慧、資料中心和經濟擴張等因素推動了對化石燃料發電需求的增加。

Our net operating income in the third quarter of 2025 was $6.5 million compared to operating income of $1.6 million in the third quarter of 2025. Loss from the continuing operations in the third quarter of 2025 was $2.3 million compared to a loss of $7.9 million in the third quarter of 2024, and our adjusted EBITDA was $12.6 million compared to $8 million in the third quarter of 2024, beating Street expectations. As Kenny stated earlier, we have announced our 2026 full year adjusted EBITDA target range of $70 million to $85 million stemming from our core business, which does not take into account any growth related to data centers.

2025 年第三季度，我們的淨營業收入為 650 萬美元，而 2025 年第三季的營業收入為 160 萬美元。2025 年第三季持續經營業務虧損 230 萬美元，而 2024 年第三季虧損 790 萬美元；調整後 EBITDA 為 1,260 萬美元，而 2024 年第三季為 800 萬美元，超出市場預期。正如 Kenny 之前所說，我們已經宣布了 2026 年全年調整後 EBITDA 目標範圍為 7000 萬美元至 8500 萬美元，這主要來自我們的核心業務，並未考慮與數據中心相關的任何增長。

I'll now turn to our balance sheet, cash flow, and liquidity. Total debt at September 30, 2025, was $379.3 million (sic - see Slide 15, "$309.3 million") consisting of $98.4 million of February 2026 bonds, $90.9 million of December 2026 bonds and $121 million of bonds due in 2030, with the remaining debt being related to our letters of credits. As of September 30, we had zero drawn on our asset-based loan. The company had cash, cash equivalents and restricted cash balance of $201.1 million, giving us a net debt as of September 30, 2025, of $178.2 million. On October 2, B&W paid down $70 million of bonds that were due in February of 2026, and we recently announced the remaining outstanding February 2026 bonds will be paid down fully in December of 2025.

接下來，我將介紹我們的資產負債表、現金流量和流動性。截至 2025 年 9 月 30 日，總債務為 3.793 億美元（原文如此 - 參見投影片 15，「3.093 億美元」），其中包括 2026 年 2 月到期的 9,840 萬美元債券、2026 年 12 月到期的 90,190 萬美元債券和 201.201.200 億美元的債務。截至9月30日，我們的資產抵押貸款尚未動用任何資金。截至 2025 年 9 月 30 日，本公司擁有現金、現金等價物及受限現金餘額 2.011 億美元，淨債務為 1.782 億美元。10 月 2 日，B&W 償還了 2026 年 2 月到期的 7000 萬美元債券，我們最近宣布，剩餘的未償還的 2026 年 2 月到期債券將於 2025 年 12 月全部償還。

Another notable development took place last week when the company was able to raise an additional $65 million of equity, which has further strengthened our balance sheet and shows the ability to pay down the remaining of the 2026 bonds that are due in December of 2026. When factoring in our recent equity raise, this will leave us with a pro forma net debt of $113.2 million, which will be between 0.8 to 1.6x targeted 2026 EBITDA. Lastly, although we said on Friday that we would be pausing sales under the ATM program, we've decided to resume ATM sales and intend to sell shares under the ATM program opportunistically based on market conditions and our share price.

上週，公司又籌集了 6,500 萬美元的股權，這進一步增強了我們的資產負債表，並表明我們有能力償還 2026 年 12 月到期的剩餘債券。考慮到我們最近的股權融資，這將使我們的備考淨債務為 1.132 億美元，這將是 2026 年目標 EBITDA 的 0.8 至 1.6 倍。最後，雖然我們在周五表示將暫停 ATM 計劃下的銷售，但我們已決定恢復 ATM 銷售，並打算根據市場情況和股價，擇機出售 ATM 計劃下的股份。

I'll now turn the call back over to Kenny.

現在我將把電話轉回給肯尼。

Cameron, thanks. Well, in closing, as always, I would just like to recognize the efforts of our dedicated and talented employees that are around the world who focus on working hard every day to meet the challenges and supporting our customers while meeting the energy demands of today. I will now turn the call back over to Victoria, who will -- and I think we have time for about three questions. So Victoria, I'll turn it back over to you. Thanks.

卡梅倫，謝謝。最後，一如既往，我想感謝我們遍布全球的敬業且才華橫溢的員工，他們每天努力工作，應對挑戰，支持我們的客戶，同時滿足當今的能源需求。現在我將把電話轉回給維多利亞，她將——我想我們還有時間問三個問題。維多利亞，現在我把麥克風交還給你。謝謝。

(Operator Instructions) Aaron Spychalla, Craig-Hallum.

（操作說明）Aaron Spychalla，Craig-Hallum。

Maybe first on the $1.5 billion project. Can you just talk a little bit about next steps that are needed and how you see potential contribution from a timing and margin perspective moving forward? And then just thoughts on the supply chain and kind of working capital needs as that ramps?

或許是這個耗資15億美元的計畫中的第一個。您能否簡要談談接下來需要採取的步驟，以及您認為從時間和利潤率的角度來看，未來可能會做出哪些貢獻？那麼，隨著業務成長，您對供應鏈和營運資金需求方面有什麼想法呢？

Sure. No. I appreciate that, Aaron. Thanks for jumping on the call today. So first of all, we're actually right now working with Applied, obviously, to finalize the exact location where this will take place and so we can finalize the full notice to proceed, which again, as [John] mentioned in the comments, we anticipate being done here in the next couple of months.

當然。不。謝謝你，亞倫。感謝您今天參加電話會議。首先，我們目前正在與 Applied 公司合作，確定特定的施工地點，以便最終確定完整的施工通知。正如 [John] 在評論中提到的，我們預計這項工作將在未來幾個月內完成。

As part of that, we're also behind the scenes working with a few of the steam turbine generators at this point in time and have secured some verbal commitments that we have the ability to meet these time frames. And so we'll look to finalize those details on that as well as our own manufacturing of these particular boilers.

作為其中的一部分，我們目前也在幕後與一些蒸汽渦輪機發電機組進行合作，並已獲得一些口頭承諾，我們有能力滿足這些時間框架。因此，我們將著手敲定這些細節，以及我們自行生產這些特定鍋爐的事宜。

The great news, I think, in this case is that we're using -- I'm going to use the term off-the-shelf. So these are -- these 300-megawatt boilers are designs that we have installed at several locations prior to this event. So this is a proven technology and architecture. And so there's very little, if any, engineering that needs to be performed in order to get these to a manufacturing state. We already have the construction drawings of each of these fabrication diagrams, the layout -- the header layout, the tubing, everything associated with this type of a boiler to meet the specs and standards here in the US.

我認為，在這種情況下，最大的好消息是我們正在使用——我這裡要用「現成的」這個詞。所以這些——這些300兆瓦的鍋爐是我們在這事件之前在多個地點安裝過的設計。所以這是一項經過驗證的技術和架構。因此，要使這些產品達到可生產狀態，幾乎不需要進行任何工程設計。我們已經有了每張製造圖的施工圖，佈局圖——集管佈局圖、管道圖，以及與這種鍋爐相關的所有圖紙，以滿足美國這裡的規格和標準。

And so it's an easy method for us to move that right into the manufacturing process. And that's the exciting part here. It's a rare opportunity for us to do and utilize a design that we have implemented in many locations prior. So we're obviously very comfortable with the standards and the performance of the boilers, easy to move into manufacturing and leveraging the fact that we have access to the steam turbines in a much faster go-to-market model than trying to leverage a combined cycle or simple cycle turbine plant today.

因此，對我們來說，這是一種很容易就能將其融入生產流程的方法。這就是令人興奮的地方。對我們來說，這是一個難得的機會，可以運用我們之前在許多地方都實施過的設計方案。因此，我們顯然對鍋爐的標準和性能非常有信心，很容易投入生產，並且利用我們能夠以比現在嘗試利用聯合循環或簡單循環汽輪機電廠快得多的速度進入市場這一事實。

So that's the benefit here on that. But we're working through all of those in parallel with Applied and again, plan to have the full notice proceed signed here in the next couple of months. And we're working diligently behind the scenes to move the project full forward.

這就是它的好處。但我們正在與 Applied 公司同步推進所有這些工作，並計劃在接下來的幾個月內簽署完整的審批程序通知。我們正在幕後努力工作，以全面推進該項目。

As it relates to working capital aspects on it, we'll work with Applied on the timing of that and how we move that forward. That will be part of the full notice to proceed process here over the next couple of months. Typically, for us, we typically keep the working capital on projects like this at a neutral to positive. So down payment requirements that we have with manufacturers or subcontractors are typically collected upfront on these projects and have no reason to believe it would be any different here.

至於營運資金方面的問題，我們將與 Applied 公司合作，確定時間表以及如何推進此事。這將是未來幾個月內全面推進專案審批流程的一部分。通常情況下，我們會將此類專案的營運資金保持在中性或正值水準。因此，我們與製造商或分包商約定的預付款要求通常會在這些項目中預先收取，我們沒有理由相信這裡的情況會有所不同。

So there -- that we're moving forward under that direction and Applied understands that as well. So we think that will help minimize this a little bit overall and any impact to working capital in the company, and we should remain cash flow positive on this as we typically do on projects like this at this point in time.

所以，我們正朝著這個方向前進，Applied 也理解這一點。因此，我們認為這有助於將這種情況總體上稍微減輕一些，並減少對公司營運資金的影響，而且我們應該能夠保持現金流為正，就像我們通常在這個時候對這類專案所做的那樣。

So that's the overall plan. As far as revenue recognition goes and margin recognition, obviously, we're a POC shop under that. It will depend on timing of when we can apply the cost to the project into next year. Some of that will be based on the final notice to proceed and the time frame there.

這就是總體計劃。就收入確認和利潤確認而言，顯然，我們目前還處於概念驗證階段。這將取決於我們何時能將這筆成本計入明年的專案預算。其中一些將取決於最終的開工通知及其規定的時間框架。

So it's a little bit vague and it won't be terribly much, I would say, in '26. I don't know, I'm just throwing out a number, maybe 10%, 15% of the value would be realized then. The bulk of it would, based on the accounting method would be realized more in the '27 and obviously '28. So we've -- based on the fact that we're still finalizing that NTP and our guidance next year, we have not included this project or any other data center projects in that $70 million to $85 million range. So this would represent complete upside and probably significant upside to any number that we would be putting out right now.

所以這有點模糊，而且我認為，在 2026 年不會有太大的進展。我不知道，我只是隨便說說，也許能達到10%、15%的價值。根據會計方法，其中大部分收益將在 2027 年和 2028 年實現。因此，基於我們仍在最終確定 NTP 和明年指導方針這一事實，我們沒有將該項目或任何其他數據中心項目納入 7000 萬美元至 8500 萬美元的範圍內。因此，這將代表著完全的上漲空間，而且很可能比我們現在公佈的任何數字都有顯著的上漲空間。

Cameron, I don't know if you have anything you want to add to that, but otherwise, I'll turn it back to you.

卡梅倫，我不知道你還有什麼要補充的，如果沒有，我就把這個問題交還給你了。

No, no. I think you hit all the points, Kenny.

不，不。肯尼，我覺得你說的都對。

That's very helpful. And then maybe just second on the additional pipeline, it sounds like last week, it was $1.5 billion. Today, it sounds like maybe $3 billion to $5 billion. So maybe some growth there. Can you just talk about how mature some of those opportunities are and potential timing of when you could see some of those move forward as well?

那很有幫助。然後，或許第二重要的是新增管道，聽起來上週是 15 億美元。今天看來，這個數字可能在30億到50億美元之間。所以或許會有一些成長。您能否談談其中一些機會的成熟程度，以及您認為其中一些機會何時能夠取得進展？

We are obviously in talks with several as it relates to -- and have been -- I want to emphasize that have been prior to this announcement in talks with several on this particular solution in different sizes, right? Meaning and some would be smaller in maybe 0.5 gigawatt range, some are perhaps even a little larger in a 1.5 to 2 gigawatt range. So there's a number of these opportunities where this solution makes the most sense from both a cost standpoint as well as delivery and time frame standpoint.

顯然，我們正在與幾家公司就此進行洽談——而且一直都在進行洽談——我想強調的是，在此公告發布之前，我們已經與幾家公司就不同規模的這一特定解決方案進行了洽談，對吧？也就是說，有些可能較小，功率在 0.5 吉瓦範圍內；有些甚至可能稍大一些，功率在 1.5 到 2 吉瓦範圍內。因此，在許多情況下，無論從成本角度還是從交付和時間框架角度來看，這種解決方案都是最合理的。

Some of that would be subject to complete availability in the manufacturing and the steam turbine side. And again, the early indications are we've got some real positive capacities there to meet this entire demand. And so it's -- on some of those, that we'll be working with them to move forward, hopefully, on a couple of the opportunities if we can get them to commit I would say those would be in the next year's time frame to announce on that regard. But we're obviously involved with these other opportunities that are out there and fully intend to push those across the goal line.

其中一些取決於製造方面和汽輪機方面的完全可用性。再次強調，初步跡象表明，我們確實具備滿足所有需求的積極產能。因此，對於其中一些項目，我們將與他們合作推進，希望能夠抓住幾個機會。如果我們能夠讓他們做出承諾，我認為我們將在明年宣布相關消息。但我們顯然也參與了其他一些機會，並且完全打算將這些機會推進到最終目標。

That's on this solution. The other ones that we're heavily working with is related to our Denham partnership, and we are working very closely with Denham Capital right now on a number of locations to convert some coal plants to natural gas, and that's also in the works as well, too. So I think we have -- those opportunities are within that opportunity and pipeline as well as the other natural gas and steam turbine combination that were proposed for Applied would also be in that opportunity as well. So the combination of all that and the sizes of those, we decided to take the pipeline up even a little bit further from last week.

這就是這個解決方案。我們正在大力推進的其他項目都與我們和丹漢姆的合作關係有關，目前我們正與丹漢姆資本密切合作，在多個地點將一些燃煤電廠改造成天然氣電廠，這項工作也在進行中。所以我認為，這些機會就在那個機會和管道之中，而為應用技術公司提出的其他天然氣和蒸汽渦輪機組合也將在那個機會之中。綜合考慮所有這些因素以及這些管道的規模，我們決定將管道的輸送量比上週再增加一點。

Rob Brown, Lake Street Capital Markets.

羅布布朗，湖街資本市場。

On the ability or your capacity for that pipeline, what is your capacity sort of in this power gen segment? And how do you sort of think about capacity kind of limits there?

關於您在該管道方面的能力或容量，您在發電領域的能力如何？那麼，您如何看待那裡的容量限制呢？

So the main -- so there's two main components to that capacity aspect, Rob, and thanks for jumping on, by the way. There's two aspects to that. One is the manufacturing of the boiler fabrication of the boiler.

所以，容量方面主要有兩個組成部分，羅布，順便感謝你的參與。這其中包含兩個面向。一是鍋爐的製造，即鍋爐的加工製造。

For us, that's part for the course, right? That's what we do. And we have been looking and evaluating our own internal capacities that we have today as well as our external partners that we use in various places around the world to manufacture these kind of systems.

對我們來說，這是課程的一部分，對吧？這就是我們所做的。我們一直在審視和評估我們目前擁有的內部能力，以及我們在世界各地用於製造這類系統的外部合作夥伴。

So all of those companies are on board with this. And quite frankly, it's a volume. Many of these manufacturing and fabrication groups are comfortable and used to dealing with projects of this size. So it's just a matter of how much we can put into each location on that, and we're going through that right now.

所以所有這些公司都同意這樣做。坦白說，這是一本卷冊。許多製造和加工企業都樂於且習慣處理這種規模的專案。所以問題就在於我們能在每個地點投入多少資金，而我們現在正著手解決這個問題。

So within -- I would say, within the pipeline that we have today, again, depending on the exact timing of some of this, we feel pretty comfortable that we can complete the manufacturing and have the capacity to do that on the boiler fabrication and manufacturing. On the steam turbine aspect of this, the good news is there's a lot more steam turbine companies than there are combined cycle and simple cycle companies out there.

所以，就我們目前的流程而言——當然，這取決於具體時間表——我們很有信心能夠完成鍋爐的製造，並且有能力進行鍋爐的製造。就蒸汽渦輪機而言，好消息是蒸汽渦輪機公司比聯合循環和簡單循環公司要多得多。

We're in -- can't give names right now, but we're in discussions with several and are quickly trying to move into a relationship with them that we have this capacity secured. And we believe, just based on a lot of the early conversations that we're having with these particular groups that, that capacity does exist. Maybe across a couple of different manufacturers, and we'll have to -- we'll work through that.

我們正在與幾家公司洽談——現在還不能透露公司名稱——並正在迅速與他們建立合作關係，以確保我們能夠獲得這種合作機會。根據我們與這些特定群體進行的大量早期對話，我們相信，這種能力是存在的。可能涉及幾個不同的製造商，我們需要—我們會解決這個問題。

But from a steam turbine perspective, we think these opportunities do exist. They're obviously very excited because this is a way for them to get involved in a high-growth area for them as well, too. So so far, it's been full energy, if you will, across both the manufacturing side and on the steam turbine side as well.

但從蒸汽渦輪機的角度來看，我們認為這些機會確實存在。他們顯然非常興奮，因為這對他們來說也是一個參與高成長領域的機會。所以到目前為止，無論是在製造方面還是在蒸汽渦輪機方面，都充滿了活力。

Okay. On the -- just switching to kind of the ClimateBright projects. I think you mentioned the CO2 capture opportunity that's developing. Could you give a little more color there on when that might happen and what the size could be?

好的。在－只是切換到ClimateBright專案。我想你提到了正在發展的二氧化碳捕捉技術機會。您能否詳細說明一下這種情況何時會發生，以及規模可能有多大？

Yeah. So there are a few projects that we're in dialogue and discussions on. Some of these are FEED studies that we always talk about FEED studies out there, FEED studies, meaning Front-End Engineering Design studies, and we have several of those going on at this case. So we're in discussions right now to finalize an opportunity and feel like that could happen fairly soon, hopefully, not days, weeks at max on a project that we can put out.

是的。所以，我們正在就幾個項目進行對話和討論。其中一些是 FEED 研究，我們經常談論 FEED 研究，FEED 研究，即前端工程設計研究，在這個案例中，我們有好幾個這樣的研究正在進行中。所以我們現在正在討論最終敲定一個合作機會，感覺應該很快就能實現，希望不會幾天，最多幾週就能推出一個專案。

And order of magnitude would be in the, I'll just call it, $70 million to $100 million-ish in that category. I'll give it kind of a little bit of a range there as we finalize it. But on the initial project itself, and then there's probably more opportunities and upside on that.

而數量級大概在，我就姑且稱之為，7000萬美元到1億美元左右。在最終確定方案時，我會給出一個大致的範圍。但就最初的項目本身而言，可能還有更多的機會和發展空間。

But we are seeing in the US from some of these operators and the hyperscalers and other aspects where a few occasions, they would like to have the CDRs or the carbon offtake as -- and the groups that are building out these power plants are looking at how they can capture CDRs or carbon to be able to sell those as additional revenue for the plant owners as it relates to building out the infrastructure to support the hyperscalers. And we've seen that with a few developers, and we've got, I think, a pathway here to hopefully announce a project or two, but one specifically in the next days, if not weeks.

但我們看到，在美國，一些營運商、超大規模資料中心以及其他方面，在某些情況下，他們希望獲得 CDR 或碳排放權——而正在建造這些發電廠的集團正在研究如何捕獲 CDR 或碳，以便將其作為電廠所有者的額外收入出售，從而支持超大規模資料中心的基礎設施建設。我們已經看到一些開發者這樣做了，而且我認為，我們有辦法宣布一兩個項目，其中一個項目可能會在接下來的幾天甚至幾週內宣布。

Congratulations on the progress.

恭喜取得進展。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼，D.A.戴維森。

Kenny, I want to ask just back on the Applied Digital contract, the $1.5 billion, is that all within B&W's scope? I know this is all getting worked out. But obviously, it's a massive potential uptick to the backlog that you have today. So I just wanted to kind of understand what's all in there.

Kenny，我想問關於Applied Digital的合同，那15億美元，是否都在B&W的業務範圍內？我知道這一切都會得到解決。但很顯然，這可能會導致你目前積壓的工作量大幅增加。所以我只是想了解裡面都有些什麼。

Yeah. No, this is -- that $1.5 billion would anticipate and represent BW scope as associated with this project, right? B&W would bring all of the aspects and elements of the boiler and the steam capabilities plus the construction aspect, right? We have our own construction company here in the US. So it would be blended with construction, the steam turbines and the boiler aspect of it.

是的。不，這指的是——這 15 億美元將預估並代表與該項目相關的 BW 範圍，對嗎？B&W公司會提供鍋爐的所有面向和要素、蒸汽能力以及建造方面的服務，對嗎？我們在美國擁有自己的建築公司。因此，它將與建築、蒸汽渦輪機和鍋爐等方面融合在一起。

And then we'll work through some of the other elements to complete the plant on time and on schedule. We'll work with Applied on that. So we put it as over $1.5 billion at that site. The total value could be higher depending on final scope, and we'll just have to work through that.

然後我們將著手處理其他一些環節，以確保工廠按時按計劃建成。我們會和應用材料公司合作解決這個問題。所以我們在那個網站上把它估算為超過15億美元。總價值可能會更高，具體取決於最終範圍，我們還需要仔細考慮。

But I wanted to give some idea and indication of what it looks like from a B&W perspective. So we intended that to be our scope. The scope of the project would be a little bit larger under that scenario, but we'll work with them to complete that once we have the NTP finalized.

但我希望從黑白角度展現它的樣子，給大家一些概念和參考。所以，我們原本就打算把這個範圍限定在那個水平。在這種情況下，專案的範圍會稍微大一些，但一旦 NTP 最終確定，我們將與他們合作完成這項工作。

Okay. Yeah, I appreciate that, Kenny. And then I guess, just as a follow-up, anything you can say in terms of just risk sharing associated with it. Is this all fixed price in terms of execution? And I noticed there's an equity component that Applied Digital gets in BW. Maybe just talk about that and whether that's going to be something that's ongoing as you look to maybe some of these other opportunities out there.

好的。是的，我很感激，肯尼。然後，我想作為後續問題，您能否就相關的風險分擔方面發表一些看法？執行方面的價格都是固定的嗎？我注意到Applied Digital在BW中獲得了股權部分。或許可以談談這件事，以及在你尋找其他機會的同時，這件事是否會一直持續下去。

Hard to say whether that same model would exist elsewhere too early. Not saying it won't, but hard to say right now on it. We viewed it as a very positive thing. We think having those warrants out there, obviously, there's incentives for Applied to get the NTP done sooner and complete, obviously.

很難說同樣的模式是否會在其他地方過早出現。我不是說不會，但現在很難說。我們認為這是一件非常正面的事情。我們認為，有了這些認股權證，顯然會激勵Applied公司更快完成NTP（新設備交付協議）的批准和交付。

But also, there's buying, if you will, or support for BW overall, not only as a potential customer and client but as a shareholder as well, too. And we think all of that is very much positive. And we obviously have seen that throughout some of the data center and other aspects as well, too. So we view that as overall very, very positive.

但同時，也存在著對 BW 的整體支持，不僅是作為潛在客戶和顧客，也是作為股東。我們認為所有這些都是非常積極的。而且我們顯然也在資料中心和其他方面看到了這一點。所以我們認為這總體上是非常非常積極的。

As far as the risk share, we're working through that right now on how that would appear to be. And obviously, with the outside manufacturers and speed turbines companies would share a part of that risk overall as well, too. And we -- as we always do, we look to balance it. I think the biggest piece here is that -- and this is what greatly reduces the risk overall to us is that this is -- these are projects and technologies that we have performed on a multitude of other occasions.

至於風險分擔問題，我們目前正在研究如何解決。顯然，外部製造商和渦輪機公司也會分擔一部分風險。而我們——就像我們一直以來所做的那樣——會努力尋求平衡。我認為最重要的一點是——這也是大大降低我們整體風險的原因——這些都是我們已經在許多其他場合實施過的專案和技術。

So there's no new technology being designed or installed here or implemented here. This is well-proven technology that has been installed in tens, if not dozens of locations where B&W has actually constructed these. Obviously, we have the I think, advantage in the US having our construction company and leveraging the boiler makers who are a great welding and fabrication aspect of this on-site.

所以這裡並沒有設計、安裝或實施任何新技術。這是一項經過充分驗證的技術，B&W 已經在數十個甚至幾十個地方實際建造了類似的建築，並採用了這項技術。我認為，在美國，我們擁有自己的建築公司，並能利用鍋爐製造商的優勢，這顯然有利於現場的焊接和製造工作，我們在這方面很有優勢。

But again, these are all boilers that have been built previously. So we know the performance, we know the complexity that's involved in these, the time frame that's involved in these and as well as we've gone through all of the risk aspect of overseeing the manufacturing processes of these and understand how to manage that manufacturing process effectively. And we've got all the best practices and everything from each of these that we've implemented in prior periods.

但再次強調，這些都是以前建造過的鍋爐。因此，我們了解性能，了解其中的複雜性，了解其中的時間框架，並且我們已經了解了監督這些製造過程的所有風險方面，並了解如何有效地管理該製造過程。我們擁有所有這些最佳實踐，以及我們在以往各個時期實施的所有經驗。

So this is unlike any other large project that B&W has been in historically. This one, I think, is extremely unique and opportunistic because it is something that has been done many, many times before, and there is absolutely no new technologies being implemented here. So to us, that's a significant reduction in risk in that case. And the terms and conditions all be detailed in the final notice to proceed.

所以這與黑白電影公司歷史上參與過的任何大型專案都截然不同。我認為，這個例子非常獨特且具有投機性，因為它是以前無數次做過的事情，而且這裡絕對沒有採用任何新技術。所以對我們來說，這意味著風險大大降低。所有條款和條件都將在最終的施工通知中詳細說明。

Thank you for your questions. That will conclude our question-and-answer session today. I would now like to pass the call back to Sharyn for any final remarks.

感謝您的提問。今天的問答環節到此結束。現在我想把電話轉回給莎琳，請她作最後的總結發言。

Thank you for joining us. This concludes our conference call. A replay will be available for a limited time on our website later today.

感謝您的參與。本次電話會議到此結束。今天晚些時候，我們將在網站上限時提供重播。

That concludes today's call. Thank you for your participation, and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您今天餘下的時間愉快。