Babcock & Wilcox Enterprises, Inc. (BW) 2026 Q2 法說會逐字稿

Good afternoon. Thank you for attending the Babcock & Wilcox Enterprises' second-quarter 2026 conference call. (Operator Instructions)

下午好。感謝各位參加 Babcock & Wilcox Enterprises 2026 年第二季電話法說會。(接線員指示)

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

現在我想把會議交給本次主持人，B&W 傳播總監 Sharyn Brooks。謝謝。Brooks 女士，您可以開始。

Thank you, Krystalyn, and thanks to everyone for joining us on Babcock & Wilcox Enterprises' second-quarter 2026 earnings conference call. I'm Sharyn Brooks, Director of Communications. Joining the call today are Kenny Young, B&W's Chairman and Chief Executive Officer; and Cameron Frymyer, Chief Financial Officer, to discuss our second-quarter results.

謝謝你，Krystalyn，也感謝各位加入 Babcock & Wilcox Enterprises 2026 年第二季財報電話會議。我是傳播總監 Sharyn Brooks。今天與會的還有 B&W 董事長兼執行長 Kenny Young，以及財務長 Cameron Frymyer，將與各位討論我們第二季的業績表現。

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 in our quarterly report on Form 10-Q that was filed with the SEC earlier today. 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屬於前瞻性陳述。這些陳述受到風險與不確定性影響，包括我們前瞻性陳述安全港條款中所列之事項；該條款可在我們財報新聞稿末尾以及我們今日稍早向美國證券交易委員會（SEC）提交的 10-Q 季報中找到。此外，除法律要求外，我們不承擔更新任何前瞻性陳述之義務。

We also provide non-GAAP information regarding certain historical and targeted results to supplement the results provided in accordance with GAAP. This information, which includes a discussion of adjusted EBITDA and adjusted net income, should not be considered superior to or a substitute for the comparable GAAP measures. A reconciliation of historical non-GAAP measures can be found in our second-quarter 2026 earnings release published earlier today and in our company overview presentation filed on Form 8-K, which is posted on the Investor Relations section of our website at babcock.com. Please also see our second-quarter 2026 earnings release published on August 10, 2026, for further information regarding our bookings and backlog.

我們亦提供若干非 GAAP 資訊，針對某些歷史及目標結果作補充，以配合依 GAAP 編製之結果。此等資訊包含調整後 EBITDA 與調整後淨利的討論，不應被視為優於或可取代相對應的 GAAP 衡量指標。歷史非 GAAP 指標之調節表可見於我們今日稍早發布的 2026 年第二季財報新聞稿，以及以 8-K 表格提交的公司概覽簡報；該簡報已張貼於我們網站 babcock.com 的投資人關係專區。另請參閱我們於 2026 年 8 月 10 日發布的 2026 年第二季財報新聞稿，以取得更多關於接單與在手訂單（backlog）的資訊。

I will now turn the call over to Kenny.

接下來我把電話交給 Kenny。

Thanks, Sharyn. Well, good afternoon, everyone, and thanks for joining us on our second-quarter 2026 earnings call. We are pleased to report another strong quarter highlighted by robust financial results and active project development and continued operational momentum in our core business and further strategic debt reduction and stock repurchase.

謝謝你，Sharyn。各位下午好，感謝各位參加我們 2026 年第二季財報電話會議。我們很高興報告本季再度交出強勁表現，亮點包括穩健的財務成果、積極的專案開發、核心業務持續的營運動能，以及進一步的策略性減債與庫藏股回購。

During the second quarter, Babcock & Wilcox continued to benefit from the growing need for reliable electrical generation from all sources of power consumption, including utilities, industrial, and data center customers. These tailwinds drove strong operating results during the quarter and led us to raise our full-year 2026 adjusted EBITDA target range from $80 million to $105 million.

在第二季，Babcock & Wilcox 持續受惠於各類用電端對可靠發電的需求成長，涵蓋公用事業、工業客戶以及資料中心客戶。這些有利趨勢帶動本季強勁的營運成果，並促使我們將 2026 年全年調整後 EBITDA 目標區間由 8,000 萬美元上調至 1.05 億美元。

As excited as we are about the increasing opportunities in new utility, industrial, and AI and data center power generation project opportunities, we're equally excited about the strong results in our core projects as well as our Parts and Services businesses. These businesses have and continue to be strong cash generators for the company and continue to deliver significant growth each quarter due to the increased demand from coal and natural gas utilization, especially in the United States. Our quarterly financial results were highlighted by revenue, net income and adjusted EBITDA, all of which exceeded both company and consensus expectations.

我們對於公用事業、工業，以及 AI 與資料中心發電專案機會日益增加感到振奮；同時，我們對核心專案以及零件與服務（Parts and Services）業務的強勁成果也同樣感到振奮。這些業務一直以來、並將持續為公司帶來強勁的現金流，且由於煤炭與天然氣使用量增加（尤其在美國），每一季都持續實現顯著成長。我們本季財務表現以營收、淨利與調整後 EBITDA 為亮點，三者皆超越公司內部與市場一致預期。

In the second quarter of 2026, our pipeline, bookings, and backlog saw significant development as well. Our total pipeline is now over $14 billion, including 4 to 6 gigawatts worth of power generation opportunities. Our bookings and backlog surged year over year, fueled by our core business growth and continued development of our Base Electron project in North Dakota.

在 2026 年第二季，我們的商機管線（pipeline）、接單（bookings）與在手訂單（backlog）也有顯著進展。我們的總商機管線目前已超過 140 億美元，其中包含約 4 至 6 吉瓦的發電機會。在核心業務成長以及北達科他州 Base Electron 專案持續推進的帶動下，我們的接單與在手訂單較去年同期大幅攀升。

In the first half of 2026, we had bookings of $2.7 billion, which was an increase of more than 1,058% compared to the first half of 2025. Additionally, our backlog was $2.6 billion in the second quarter of 2026, which was a 533% increase compared to the second quarter of 2025. Strong global demand for B&W's technologies, together with increasing investment in power generation, continues to reinforce our positive outlook. We are focused on executing our strategic priorities, delivering on our current pipeline, and maintaining the operational and financial flexibility needed to capitalize on future growth opportunities.

2026 年上半年，我們接單金額為 27 億美元，較 2025 年上半年成長超過 1,058%。此外，2026 年第二季我們的在手訂單為 26 億美元，較 2025 年第二季成長 533%。全球對 B&W 技術的強勁需求，加上對發電領域投資增加，持續強化我們的正向展望。我們專注於落實策略重點、交付目前的商機管線，並維持營運與財務彈性，以把握未來成長機會。

Turning to our core business, our Parts and Services continue to excel, with demand for reliable baseload power growing across North America and global markets as well. This accelerating demand is encouraging utilities to invest in the refurbishment, recommissioning, and continued operation of existing coal-fired generation assets to support grid reliability and meet future load growth. This development serves as a catalyst for B&W's continued growth, positioning us to play a critical role in supporting AI data center expansion and meeting increased baseload generation needs in the years ahead.

回到核心業務，我們的零件與服務持續表現出色，北美及全球市場對可靠基載電力的需求皆在成長。這股加速的需求正促使公用事業加大投資於既有燃煤發電資產的翻修、重新投運（recommissioning）與持續運轉，以支撐電網可靠性並滿足未來負載成長。此一發展成為推動 B&W 持續成長的催化劑，使我們在未來數年能在支援 AI 資料中心擴張與滿足增加的基載發電需求方面扮演關鍵角色。

Our initial data center project with Base Electron is progressing ahead of expectations and on budget. Manufacturing of the boilers, steam turbines, and other long lead time components continues to advance quickly and efficiently, helping to deliver reliable, high-capacity energy generation on the fast-track timeline required by AI data center customers.

我們與 Base Electron 的首個資料中心專案進度超出預期，且符合預算。鍋爐、蒸汽渦輪機及其他長交期零組件的製造持續快速且有效率地推進，有助於在 AI 資料中心客戶所要求的快速時程下，交付可靠且高容量的能源發電。

Base Electron has submitted its conditional use permit application, and we are planning for most of the onsite construction, including civil and mechanical, to start in the first part of 2027. And turbines and boiler components delivered after construction begins. The growth of AI-driven data centers is creating significant opportunities for B&W with more than 4 to 6 gigawatts in new opportunities added from hyperscalers, developers, and utility customers in our pipeline. We remain in active discussions with multiple AI data center customers utilizing coal and natural gas. And we expect a second data center project to move in full notice to proceed this year.

Base Electron 已提交其有條件使用許可（conditional use permit）申請，我們規劃大部分現場施工（包含土木與機械工程）將於 2027 年上半年開始。而渦輪機與鍋爐零組件將在施工開始後交付。AI 驅動的資料中心成長正為 B&W 創造重大機會；我們的商機管線中，來自超大規模業者（hyperscalers）、開發商與公用事業客戶新增的機會超過 4 至 6 吉瓦。我們仍在與多家採用煤炭與天然氣的 AI 資料中心客戶進行積極洽談。我們預期今年將有第二個資料中心專案進入全面開工通知（full notice to proceed）。

In anticipation of this next data center project, B&W has secured the manufacturing reservation rights for an additional 1 gigawatt of steam turbines from Siemens Energy. A total of 20 50-megawatt steam turbines will be produced with the first generator sets being delivered within 12 to 14 months thereafter and additional deliveries to follow on a regular basis. This will help accelerate deployments for future B&W data center projects.

為因應下一個資料中心專案，B&W 已向 Siemens Energy 取得額外 1 吉瓦蒸汽渦輪機的製造產能預留權。總計將生產 20 台 50 兆瓦蒸汽渦輪機，首批發電機組將於其後 12 至 14 個月內交付，後續並將定期持續交付。這將有助於加速未來 B&W 資料中心專案的部署。

As B&W continues to expand, we are increasing our workforce to support the growth in our hiring and our engineering project and business development organizations while increasing the availability of qualified skilled welders and electricians. As the global power demand continues its incline, availability of highly skilled labor, especially in the United States, is in short supply. Specifically, this negatively impacted efficiencies and resulted in higher direct costs on a specific construction project for B&W during the second quarter. We took immediate action in working with the unions to immediately increase qualified labor availability through incentives, rehires, and delayed retirements to ensure qualified skilled labor is available going forward.

隨著 B&W 持續擴張，我們正增加人力以支援招募成長，以及我們的工程專案與業務開發組織，同時提升合格熟練焊工與電工的供給。隨著全球電力需求持續上升，高技能勞動力的供給，尤其在美國，仍相當吃緊。具體而言，這在第二季對 B&W 某一特定施工專案造成效率下滑，並導致較高的直接成本。我們已立即採取行動，與工會合作，透過獎勵措施、回聘以及延後退休等方式，立即提高合格勞動力供給，以確保未來能持續取得合格的熟練人力。

Despite the US industry-wide issues, we successfully navigated these labor impacts while still delivering robust top-line results and strong EBITDA growth as well. We don't expect labor shortages to be persistent issues as our near-term focus within our Construction business has shifted towards variable price construction projects, and we're increasing our recruiting and training efforts across many disciplines as well.

儘管美國整體產業面臨挑戰，我們仍成功因應這些勞動力影響，同時交出強勁的營收表現，並實現穩健的 EBITDA 成長。我們不預期勞動力短缺會成為持續性的問題，因為我們在建築業務的短期重點已轉向可變價格的建造專案，且我們也正加大在多個領域的招募與訓練投入。

Our BrightLoop initiatives continue to move forward as we advance the commercialization of our technology to enable cost-effective energy production. The commercial scale demonstration of BrightLoop at our Massillon, Ohio project site remains a strategic priority. We are continuing fabrication of major components for the facility while we prepare the site for major construction activities to begin yet this year. We have included a few photos of the various BrightLoop reactors in the fabrication process in our company overview presentation on our website.

隨著我們推進技術商業化以實現具成本效益的能源生產，我們的 BrightLoop 計畫持續向前推進。在俄亥俄州馬西隆（Massillon）專案場址進行 BrightLoop 的商業規模示範，仍是我們的策略重點。我們在為今年稍晚開始的重大施工活動進行場址準備的同時，也持續製造該設施的主要組件。我們已在公司網站上的公司概覽簡報中，放入幾張 BrightLoop 各式反應器於製造過程中的照片。

The operation of Massillon in late 2027 will position BrightLoop as a commercially available option for energy production as the demand for new generation assets continues to grow. We believe these efforts will strengthen B&W's leadership in low-carbon energy solutions and support our long-term growth.

馬西隆專案於 2027 年底投入運轉後，將使 BrightLoop 成為可商用的能源生產選項，因為對新發電資產的需求仍在持續成長。我們相信這些努力將強化 B&W 在低碳能源解決方案的領導地位，並支持我們的長期成長。

I'll now turn the call over to Cameron to discuss the financial details of the second quarter for 2026. Cameron?

接下來我把電話交給 Cameron，請他說明 2026 年第二季的財務細節。Cameron？

Thanks, Kenny. I am pleased to review our second-quarter 2026 financial results. Further details of which can be found in the 10-Q that was filed with the SEC this afternoon.

謝謝，Kenny。我很高興向各位回顧我們 2026 年第二季的財務結果。更多細節可見於我們今天下午向 SEC 提交的 10-Q。

Our second-quarter 2026 consolidated revenues were $319.7 million, which is a 130% increase compared to the second quarter of 2025. Net income was $14.3 million for the second quarter, a $72.8 million increase compared to the second quarter of 2025. Finally, adjusted EBITDA was $21.8 million for the second quarter, a $7.9 million increase compared to the second quarter of 2025. These top-line metrics capture the recent growth we've seen across our businesses and illustrate B&W's positive trajectory moving forward.

我們 2026 年第二季合併營收為 3.197 億美元，較 2025 年第二季成長 130%。第二季淨利為 1,430 萬美元，較 2025 年第二季增加 7,280 萬美元。最後，第二季調整後 EBITDA 為 2,180 萬美元，較 2025 年第二季增加 790 萬美元。這些營收端指標反映了我們近期在各項業務所見的成長，並展現 B&W 未來持續向上的正向趨勢。

In the first half of 2026, revenues were $534.1 million, which is a significant increase compared to the revenue of $287.5 million in the first half of 2025. This is primarily driven by an increase in large project volume, including $131.7 million from Base Electron and the growing need for electricity from fossil fuels driven by demand from AI, data centers, and expanding economies.

2026 年上半年營收為 5.341 億美元，較 2025 年上半年 2.875 億美元的營收大幅增加。這主要由大型專案量增加所帶動，其中包括來自 Base Electron 的 1.317 億美元，以及在 AI、資料中心與經濟擴張需求推動下，對以化石燃料發電之電力需求的成長。

Our core Parts and Services continue to perform well during the first half of the year. Net loss in the first half of 2026 was $62.7 million compared to a net loss of $80.5 million in the first half of 2025. Net loss in the first half of 2026 is attributed to $77.4 million of non-cash warrants and other stock-related costs that we recorded this year due to the increase in our stock performance.

我們核心的零件與服務（Parts and Services）在上半年持續表現良好。2026 年上半年淨損為 6,270 萬美元，較 2025 年上半年淨損 8,050 萬美元改善。2026 年上半年淨損主要歸因於我們因股價表現上升而於今年認列的 7,740 萬美元非現金認股權證（warrants）及其他與股票相關的成本。

Excluding the impact of these specific warrants and other stock-related costs, B&W reported adjusted net income of $14.7 million in the first half of 2026. Adjusted EBITDA was $37.8 million in the first half of 2026 compared to $17.9 million in the first half of 2025.

若排除上述特定認股權證及其他與股票相關成本的影響，B&W 於 2026 年上半年之調整後淨利為 1,470 萬美元。2026 年上半年調整後 EBITDA 為 3,780 萬美元，較 2025 年上半年 1,790 萬美元增加。

I'll now turn to the balance sheet, cash flow, and liquidity. Total debt at June 30, 2026, was $276.8 million, which includes unamortized fees and unamortized gains from our bond swap in 2025. The company had a cash, cash equivalents, and restricted cash balance of $382.8 million.

接下來我談資產負債表、現金流與流動性。截至 2026 年 6 月 30 日，總負債為 2.768 億美元，其中包含未攤銷費用以及我們於 2025 年進行債券交換所產生的未攤銷收益。公司持有的現金、約當現金及受限制現金餘額為 3.828 億美元。

In the second quarter of 2026, we announced the repurchase of the remaining $61.8 million in outstanding December 2026 bonds. In addition, B&W's Board of Directors in July of 2026 authorized a share repurchase program for up to $50 million. The combination of our bond payments and the launch of the share repurchase program illustrates B&W's disciplined approach to debt repayment while reflecting the confidence in our balance sheet and strategic approach to building shareholder value.

在 2026 年第二季，我們宣布回購剩餘未償還的 2026 年 12 月到期債券，金額為 6,180 萬美元。此外，B&W 董事會於 2026 年 7 月核准一項最高 5,000 萬美元的庫藏股回購計畫。我們的債券付款與啟動庫藏股回購計畫相結合，展現 B&W 在償債上的紀律，同時也反映我們對資產負債表的信心，以及致力於提升股東價值的策略方向。

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

接下來我把電話交回給 Kenny。

Thanks, Cameron. Well, in closing, we are encouraged by the progress that we have seen across the first half of 2026, which along with our visibility for continued strong demand in the second half helped drive our improved 2026 full-year adjusted EBITDA target range. Our core business continues to see sustained opportunities fueled by growing demand for reliable baseload power and a continued focus on energy security. And we believe B&W is uniquely positioned to capitalize on these trends.

謝謝，Cameron。最後總結，我們對 2026 年上半年在各方面所見的進展感到鼓舞；再加上我們對下半年持續強勁需求的能見度，推動我們上調 2026 年全年調整後 EBITDA 目標區間。在對可靠基載電力的需求成長，以及對能源安全持續聚焦的帶動下，我們核心業務仍持續看到穩定的機會。我們相信 B&W 具備獨特優勢，可把握這些趨勢。

We continue to move forward with Base Electron projects and see additional data center opportunities emerging, and our pipeline now exceeds well over $14 billion in project opportunities, and our bookings and backlog continue to convert at a strong pace. We are encouraged by momentum. We are seeing across our core markets and the opportunities to not only support the growing need for reliable baseload generation, but also to play a key role in advancing energy security and supporting the global energy transition.

我們持續推進 Base Electron 專案，並看到更多資料中心機會浮現；目前我們的專案機會管線已超過 140 億美元，而我們的接單與在手訂單也持續以強勁速度轉換。我們對這股動能感到鼓舞。我們在核心市場看到的趨勢與機會，不僅能支援對可靠基載發電日益增加的需求，也能在推進能源安全、支持全球能源轉型方面扮演關鍵角色。

I will close by recognizing our talented and dedicated employees worldwide whose commitment and expertise continue to drive B&W's success. We are grateful for their ongoing contributions as well as their continued support of our customers, suppliers, and partners around the world. We are optimistic about the opportunities ahead and look forward to further demonstrating B&W's role as a leader and innovator in delivering advanced power generation and environmental solutions that support reliable power and strengthen energy security and shape the future of the global energy landscape.

最後，我要表彰我們遍布全球、才華洋溢且敬業的員工；他們的承諾與專業持續推動 B&W 的成功。我們感謝他們持續的貢獻，以及他們對全球客戶、供應商與合作夥伴的持續支持。我們對未來機會保持樂觀，並期待進一步展現 B&W 作為領導者與創新者的角色，提供先進的發電與環境解決方案，以支援可靠供電、強化能源安全，並塑造全球能源版圖的未來。

With that, I'll turn it back over to Krystalyn, and we have time for just one or two questions. So Krystalyn, I'll turn it over to you.

接下來我把電話交回給 Krystalyn，我們只剩一到兩個問題的時間。Krystalyn，交給你。

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

我們現在開始問答環節。（接線員指示）

Rob Brown, Lake Street Capital Markets.

Rob Brown，Lake Street Capital Markets。

Hi, Kenny. Hi, Cameron. Congratulations on another progress. First question on the Base Electron project, you recognized a fair amount of revenue in the quarter. Could you give us a kind of a layout of how that project is developing and flowing through the income statement and really how the project kind of steps forward over the next few quarters?

嗨，Kenny。嗨，Cameron。恭喜又取得進展。第一個問題關於 Base Electron 專案，你們在本季認列了相當多的營收。你能否為我們概述一下該專案目前的進展情況、如何在損益表中反映，以及未來幾季該專案將如何逐步推進？

Yeah. So we were able to recognize a little bit more revenue in the first part than we anticipated, obviously from the production aspect and manufacturing aspect of various milestones that have been reached, which is exciting for us because we're ahead of expectations right now on that project and on budget.

是的。因此，我們在前段能夠認列的營收比原先預期稍微多一些，顯然是來自生產面與製造面達成了各項里程碑；這對我們來說很令人振奮，因為就那個專案而言，我們目前進度超前預期，而且也在預算之內。

On that standpoint, I think where the real bulk of the revenues pick up is as we move into the construction phase and we begin shipping materials on site, which will have significant milestones, obviously that will begin. That will start early next year on a particular site location. And as mentioned, Base has filed their initial permanent application for the site and they're working through all of those details and we're supporting them heavily on that and we're excited about getting to the construction phase, which again, will start next year.

在這個層面上，我認為營收真正大幅增加會是在我們進入施工階段、開始把材料運送到工地時，屆時顯然會開始出現重要的里程碑。那將在明年初於某個特定場址啟動。另外如先前提到的，Base 已就該場址提交了初步的永久性申請，正在處理所有細節；我們也在這方面大力支援他們。我們很期待進入施工階段，而這同樣會在明年開始。

So we'll talk -- we can actually -- we'll keep an eye out on the revenue aspect, and if we think we can pull in more revenue and even obviously, we'll take a look at that in the coming quarters and make any adjustments accordingly on that standpoint but -- and that's one of the reasons amongst others that we decided to increase the EBITDA range as well too. So we'll see how the milestones shake out. But I think we'll see significantly more revenue going into early part of next year.

所以我們會持續關注——我們其實會密切留意營收面；如果我們認為可以把更多營收提前認列，當然，我們會在接下來幾季檢視並視情況做相應調整，但——這也是我們決定上調 EBITDA 區間的原因之一（當然還有其他原因）。所以我們會看看各項里程碑最終如何落地。但我認為到了明年初，我們會看到顯著更多的營收。

Okay, great. And then on the pipeline, I think you talked about 4 to 6 gigawatts of potential pipeline there. Could you kind of elaborate on how you see those projects developing and maybe how they compare to the Base Electron kind of project in terms of the numbers of projects that you're going after?

好的，很棒。接著談到案源（pipeline），我想你提到大約有 4 到 6 吉瓦的潛在案源。你能否再多說明一下你如何看這些專案的發展，以及它們與 Base Electron 這類專案相比，在你們追逐的專案數量上大概是什麼樣的情況？

Yeah. No, happy to. So we're involved in a number of them now. In discussions and obviously, negotiations on a few. I think these will evolve -- as we've stated publicly before, these will evolve with some sort of an initial LNTP of various sizes up front and then we'll move into full NTP or full notice to proceed on those projects.

可以。很樂意。我們目前已參與其中多個專案。也正在就其中幾個進行討論，當然也包含談判。我認為這些專案會逐步演進——如同我們之前公開說過的，這些專案會先以前期不同規模的初始 LNTP（有限開工通知）啟動，之後再進入完整 NTP 或完整的 notice to proceed（開工通知）。

We're obviously confident, excited about one or two that are developing that we went ahead and placed reservation rights for the Siemens turbines associated with that. In this particular case, instead of the larger boilers, we're using 50-megawatt boilers and steam turbines in an enhanced combined cycle fashion where we can actually install the boiler and the turbine ahead of the combustion turbine and we're able to add a combustion turbine at a later date.

我們對其中一到兩個正在發展的專案顯然很有信心、也很興奮，因此我們已先行為相關的西門子（Siemens）渦輪機取得預留權。在這個特定案例中，我們不是使用較大型的鍋爐，而是採用 50 兆瓦鍋爐與蒸汽渦輪機，以強化型複循環（enhanced combined cycle）的方式運作；如此一來，我們可以在燃氣渦輪機之前先安裝鍋爐與渦輪機，並且在較晚的時間再加裝燃氣渦輪機。

But the customer can realize the full power of the 50-megawatt units that will provide initially 1 gigawatt worth of power, 50 times 20. When the combustion turbine is available, it will basically on the same plot of land double the output from 1 gigawatt to 2 gigawatts.

但客戶可以先充分利用這些 50 兆瓦機組的全部出力，初期可提供 1 吉瓦的電力，也就是 50 乘以 20。當燃氣渦輪機可供交付時，基本上在同一塊土地上就能把輸出從 1 吉瓦加倍到 2 吉瓦。

So it's a real nice advantage for one or two of our customers and we're in discussions -- continuing discussions with them. We're also, and I think this is unique, in discussions around potential other large project opportunities. Some of those are coal related, which I realize many people will have a difficult time believing.

因此，這對我們的一到兩位客戶而言是非常好的優勢，我們也正與他們持續討論——持續洽談中。另外，我們也在討論一些潛在的其他大型專案機會；我認為這點很獨特。其中有些與燃煤相關，我知道很多人可能很難相信。

But even outside the TerraSpark project that we announced, and we're working on the FEED study associated with that project, we're in discussions on other potential coal-related projects, obviously backed by the current administration. But to be used either in a grid connection associated with a data center or a direct connect to a data center at a particular site and these are larger projects as well too. So there are several that we're involved in outside of the coal opportunities, but want to reference that because we think those are unique, and it's also uniquely positioned as B&W is probably one of the only few companies that actually support those projects today.

但即便不含我們已宣布的 TerraSpark 專案、以及我們正在進行該專案相關的 FEED（前端工程設計）研究，我們仍在洽談其他潛在的燃煤相關專案，顯然也有現任政府的支持。這些專案可能用於與資料中心相關的電網併網，或是在特定場址直接連接資料中心；而且這些也都是較大型的專案。所以除了燃煤機會之外，我們也參與了好幾個專案；但我想特別提到燃煤，是因為我們認為這些很獨特，而且 B&W 可能是目前少數仍能支援這類專案的公司之一，因此在這方面也具備獨特的定位。

Okay. Great. And then last question on the customer response to -- I think you have a quicker time to market with your product and an overall kind of comparable cost structure for your system versus others. But what's sort of the need in the marketplace for time to market and how is that resonating with the customer base?

好的。很棒。最後一個問題是關於客戶的回饋——我想你們的產品能更快上市（time to market），而且你們系統的整體成本結構與其他方案大致相當。但市場對於縮短上市時間的需求到底有多強？這點在客戶群中引起了什麼樣的共鳴？

Well, customers always want to go faster and faster, for sure, right? We understand that pressure and we're working to respond to that. That's one of the reasons we're moving quicker on these Siemens turbines to be ready in a 12- to 14-month period to get initial shipments on that to match with the boiler opportunity out there overall.

嗯，客戶當然總是希望越快越好，這是肯定的，對吧？我們理解那樣的壓力，也正在努力回應。這也是我們加快推進這些西門子渦輪機的原因之一，讓它們能在 12 到 14 個月內就緒並開始首批出貨，以配合整體市場上的鍋爐機會。

But from a capital, our focus has always been on the total cost of levelized -- or the levelized cost of electricity. So, looking at total cost of ownership. But the levelized cost of electricity, when you look at that category, or if you want to look at heat rate, when you leverage the enhanced combined cycle plant and structure that we're doing where we're taking the boiler and the turbine and matching it up with a combustion turbine at a later date, the combination of all three of those puts us on a heat rate that's not much worse if you will than a combined cycle plant.

但就資本面而言，我們的重點一直放在平準化總成本——也就是平準化發電成本（levelized cost of electricity）。因此會看總持有成本（total cost of ownership）。而在平準化發電成本這個範疇下，或者你也可以看熱耗率（heat rate）：當你運用我們正在做的強化型複循環電廠架構——先用鍋爐與渦輪機，之後再把燃氣渦輪機匹配進來——這三者的組合所呈現的熱耗率，可以說並不會比傳統複循環電廠差太多。

So when you look at the overall efficiency aspect of those, we're pretty in line or pretty close, but we're providing power three to five years faster on those sites than a combustion turbine alone. I think the other key factor is, and we don't talk about this enough, but it's just a standard combustion turbine with an HRSG and a steam turbine under a combined cycle concept. The reliability of that is a little bit less.

所以從整體效率的角度來看，我們相當一致或非常接近；但我們能在這些場址上比單靠燃氣渦輪機方案快 3 到 5 年提供電力。我認為另一個關鍵因素是——而且我們談得不夠多——那就是在複循環概念下，標準配置是燃氣渦輪機加上 HRSG（餘熱回收蒸汽發生器）與蒸汽渦輪機。那樣的可靠度會稍微低一些。

One, it's well known combustion turbines are not quite as reliable as steam. The second aspect of it is if the combustion turbine goes out of service, that entire amount of electricity is gone.

第一，眾所周知燃氣渦輪機的可靠度不如蒸汽系統。第二個面向是，如果燃氣渦輪機停機，那一整段電力輸出就會消失。

When you have -- in our case, where we're taking a standard steam boiler, converting that into a combination of a HRSG and boiler where it can accept the waste heat from a combustion turbine in the future, then we're able to generate power both from the combustion turbine as well as from the boiler/steam turbine. So if one or the other goes down, you still have one of the units operating. So combined, they'll be producing, let's say, in this case, 100 megawatts, so a 50 megawatt combustion turbine and a 50 megawatt steam and boiler/HRSG would be creating 100 megawatts. When one goes out, you still have 50 operating.

而在我們的案例中，我們把標準蒸汽鍋爐改造成 HRSG 與鍋爐的組合，使其未來能接收燃氣渦輪機的廢熱，這樣我們就能同時由燃氣渦輪機以及鍋爐/蒸汽渦輪機發電。因此如果其中一個停機，另一個機組仍可運轉。合計來看，假設在這個案例中它們會產生 100 兆瓦，也就是 50 兆瓦燃氣渦輪機加上 50 兆瓦蒸汽與鍋爐/HRSG，合計 100 兆瓦。當其中一個停機時，你仍然有 50 兆瓦在運轉。

In a normal combined cycle world, when that combustion turbine goes down for maintenance, you block the entire amount of electricity being produced. So you gain much more reliability. You gain three to five years faster to market on a speed standpoint from a power standpoint. And like I said, the efficiency and heat rate from a levelized cost of electricity is pretty close. So a lot of advantages there on that.

在一般的複循環發電世界裡，當那台燃氣渦輪機停機進行維護時，你就會把正在生產的全部電力都切掉。因此你能獲得更高的可靠性。從電力角度的速度來看，你能更快上市三到五年。而且如我所說，從平準化發電成本的效率與熱耗率來看，兩者其實相當接近。所以那方面有很多優勢。

Having said that, our customers continue to put pressure on us to go faster and faster. And we continually analyze ways and technologies and options to make that happen, and we'll continue to do so. But we're excited about where we are, and obviously, getting a few of these projects across the goal line is important to us and we continue to work on those.

話雖如此，我們的客戶仍持續對我們施壓，要我們越來越快。我們也持續分析各種方法、技術與選項來實現這點，並且會繼續這麼做。但我們對目前的進展感到振奮，而顯然，讓其中幾個專案順利跨過終點線對我們很重要，我們也持續在推進這些工作。

Aaron Spychalla, Craig-Hallum Capital Group.

Aaron Spychalla，Craig-Hallum Capital Group。

Yeah. Hi, Kenny and Cameron. Thanks for taking the questions. Maybe first for us, just on supply chain, can you just kind of speak to confidence in your ability to meet the growth that you're seeing from this first project and kind of additional projects?

是的。嗨，Kenny 和 Cameron。謝謝你們回答問題。也許先從供應鏈談起，你們能否談談你們對於滿足從第一個專案以及後續額外專案所看到的成長需求的能力，有多大信心？

You talked a little bit about labor and obviously kind of ordering some of these turbines. Can you just kind of talk about any investments needed there and just confidence in that growth?

你們稍微提到勞動力，當然也包括訂購一些渦輪機。你們能否談談那方面需要的任何投資，以及對這種成長的信心？

Yeah. So we do continue to work. As we mentioned previously, when we look at the various opportunities, we have different manufacturing. Just talk about the boiler for a second. We have different manufacturers and manufacturing processes that we rely on, both some of that internal to ourselves, some of that is third-party related as well, where we can shift different boiler sizes into different manufacturing facilities. So it gives us the ability to take on more and more project work.

是的。所以我們確實持續在推進。如同先前提到的，當我們看各種機會時，我們有不同的製造資源。先談一下鍋爐。我們依賴不同的製造商與製程，其中一部分是我們內部自有的，一部分也與第三方相關；我們可以把不同尺寸的鍋爐轉移到不同的製造工廠生產。因此這讓我們有能力承接越來越多的專案工作。

B&W has been doing that for quite some time, and that's not any different as it relates to these opportunities. So we feel like that we have that kind of flexibility and capacity on these, and we'll continue working with those manufacturers to increase the output. And also not only the volume, but the speed too as well because obviously, speed to getting this on site is really, really important.

B&W 這樣做已經有相當長一段時間了，針對這些機會也沒有不同。所以我們覺得在這些方面具備那種彈性與產能，並會持續與這些製造商合作以提高產出。而且不只是量，速度也同樣重要，因為顯然，能夠快速把設備送到現場是非常、非常重要的。

On Base Electron's case, as mentioned, we're ahead of where we planned and all of our manufacturing and the large, long lead time items are producing on schedule. And so that project's on track overall with them. As we mentioned, the biggest component is making sure that we have access to, besides the boiler, is the steam turbine, especially for these initial projects where the combustion turbine would be added at a later date. And we obviously have a very close relationship with Siemens and continue to do so there. And we wanted to move ahead and invest in these next gigawatt worth of steam turbines.

以 Base Electron 的案例來說，如前所述，我們的進度領先於原先規劃，所有製造項目以及那些交期很長的大型物件都按計畫生產。因此該專案整體上按軌道推進。如我們提到的，除了鍋爐之外，最大的關鍵組件是確保我們能取得蒸汽渦輪機，特別是對於這些初期專案，燃氣渦輪機會在較晚的時間點再加裝。而我們與 Siemens 顯然有非常緊密的合作關係，並且會持續維持。我們也希望往前推進，投資下一個 GW 規模的蒸汽渦輪機。

And so that reservation has been secured on that and ready to ship in the next 12 to 14 months on those turbine units. And the relationship there is good not only from a supply chain standpoint, but from payment terms standpoint on the financial side as well. So it's very positive in that relationship. And we continue to work with them on the evolution of the turbine and other aspects where we might improve overall efficiencies from a output standpoint, but also efficiencies from a time to market standpoint.

因此，我們已經確保了該預留產能，這些渦輪機組在未來 12 到 14 個月內即可出貨。這段合作關係不僅在供應鏈層面良好，在財務面的付款條件上也很不錯。所以這段關係非常正向。我們也持續與他們合作推進渦輪機的演進，以及其他我們可能改善的面向，以提升整體效率：一方面是輸出端的效率，另一方面也是縮短上市時間的效率。

So those are two characteristics that we're focused on. But that's on those two major areas. When you look at the other aspect you mentioned is on labor, and that's an area that we would continually keep a very close eye on the availability of, I would say, highly skilled labor.

所以這是我們聚焦的兩個特性。但這主要是在兩個重大領域。至於你提到的另一個面向是勞動力，我們會持續非常密切地關注其可得性，我會說是高技能勞動力的可得性。

It's one to have a workforce; two, that workforce has to be highly skilled, especially in these high-pressure welds and those particular areas. And we're working very close with the various unions on that front as well as our customers on that front to make sure that we're aligned to make -- and have the availability that we need when we need it.

有勞動力是一回事；第二，這些勞動力必須具備高技能，特別是在高壓焊接等特定領域。我們也在這方面與各工會以及我們的客戶保持非常緊密的合作，以確保我們步調一致——並在需要的時候具備我們所需的人力可用。

In particular, our base as we move into construction next year, we have been working very close with the unions to be ready to have welders available as we start those projects and a ramp rate, if you will, to increase the supply of quality welders and moving them through our various safety and other training programs to ensure that they're ready to go to work on those particular projects. So we'll continue a focus there. We'll continue to invest in that recruiting and training efforts along with the various unions.

特別是，隨著我們明年進入施工階段，我們一直與工會密切合作，確保在我們啟動這些專案時能有焊工可用，並且（可以這麼說）有一個爬坡速度，來增加優質焊工的供給，並讓他們完成我們各項安全與其他訓練計畫，以確保他們已準備好投入這些特定專案的工作。所以我們會持續聚焦在這裡。我們也會持續與各工會一起投資於招募與訓練工作。

And I will say that the unions have been extremely cooperative and supportive of this as well too. They see that importance and they know the demand is out there, right? So it's a good time in the industry. But anytime you have this massive amount of growth in the marketplace, especially here in the United States, it puts pressure to make sure that we're planning on those resources equally as well as the manufacturing side as well too.

我也要說，工會在這方面非常配合、也非常支持。他們看得到其重要性，也知道市場需求就在那裡，對吧？所以這對產業來說是個好時機。但只要市場出現如此大量的成長，尤其是在美國，就會帶來壓力，必須確保我們在資源規劃上同樣到位，不僅是製造端，資源端也要同步規劃。

So we're staying on top of it. And I feel like we've accomplished a lot over the last quarter and have put us in a good direction going into next year.

所以我們一直掌握進度。我覺得我們在上一季已經完成了很多工作，並讓我們在邁入明年時走在一個良好的方向上。

Got it. Thanks for the color. And then you kind of referenced a FEED study at a coal plant announcement here this past quarter. Can you just give a little bit more detail on what that pipeline -- what that opportunity, what the kind of pipeline looks like? Any thoughts on kind of timing and next steps there?

了解。謝謝補充說明。另外，你們提到本季在一座燃煤電廠宣布了一項 FEED 研究。你們能否再多提供一些細節，關於那條管線——那個機會、以及整體機會管線大概長什麼樣子？在時程與下一步方面有什麼想法嗎？

Yeah. We're working close on the feed. So obviously, the feed is going through the whole front-end engineering design aspect of the plant flows, project power flows, everything else associated with that normal course on that particular piece. There is a lot of involvement with the DOE on that particular project, and we're working very close with them as well too.

是的。我們正在密切推進 FEED。所以很明顯，FEED 正在走完整個前端工程設計流程，涵蓋電廠流程、專案電力流程，以及與該項目正常流程相關的其他所有事項。該專案有很多 DOE 的參與，我們也與他們保持非常緊密的合作。

So it's going through its process and TerraSpark is working through this approach on the process and looking at different options on how to structure the boiler and other pieces to support their long-term goals on that piece. But we're excited to be a part of that. I can tell you from an employee perspective, we've got a lot of employees that never thought they would see the light of day of building a coal plant here in the US. So a lot of our engineers that have been around these subcritical or supercritical plants are excited to be a part of it. And we are as well too.

所以它正在按流程推進，而 TerraSpark 也在依此方法推動流程，並評估不同選項，看看如何配置鍋爐與其他組件，以支持他們在這方面的長期目標。但我們很高興能參與其中。我可以告訴你，從員工角度來看，我們有很多員工從沒想過有生之年會看到在美國建造燃煤電廠。因此，我們許多曾參與這些亞臨界或超臨界電廠的工程師都很興奮能參與其中。我們也是。

So we're supporting their efforts, and obviously, Terraspark's got lead on this, but a lot of discussions with them and working with them on getting this done. So, it's too soon to anticipate quite yet like how we forecast out revenues associated with that project and when past the FEED study, but it's actively involved and engaged, and we'll just have to see how it goes from here.

所以我們正在支持他們的努力，當然，Terraspark 在這方面是主導方，但我們與他們進行了大量討論，並與他們合作推動這件事完成。因此，現在還太早，尚無法預期我們如何去預測與該專案相關的收入，以及在 FEED 研究之後的時間點，但我們正積極參與並投入其中，接下來就只能看事情如何發展。

Okay. Thanks for that. And then maybe one last one for me, just on ClimateBright, you kind of mentioned, I think 2027, can you just kind of talk about next steps there and maybe what that pipeline looks like as we think about growth and getting that project up and running?

好的。謝謝你的說明。然後我最後再問一個，關於 ClimateBright，你剛才提到我想是 2027 年，你能否談談接下來的步驟，以及當我們思考成長並讓該專案啟動運轉時，那個專案管線大概會是什麼樣子？

Yeah. Well, first on the Massillon project, I haven't had -- I assume our presentation is up by now, but on the project, you'll see some pictures of fabrication of the fuel reactors on BrightLoop that will be going in that location.

是的。嗯，先談 Massillon 專案，我還沒有——我想我們的簡報現在應該已經上線了，但就這個專案而言，你會看到一些 BrightLoop 將安裝在該地點的燃料反應器製造照片。

On the commercial aspect of that, there's -- we've got a lot of interest from hyperscalers and others, even oil companies, as it relates to BrightLoop and that commercial demonstration on that particular project.

在其商業面向上，針對 BrightLoop 以及該特定專案的商業示範，我們已經獲得超大規模雲端業者（hyperscalers）和其他單位，甚至石油公司的高度興趣。

So we've obviously accomplished, I think, for the most part, all of the funding necessary to get that in the ground. And so we'll begin construction on site a year later in the fall. But that will begin, and obviously, our anticipation still is to have the fuel reactor and hydrogen reactor and initial phase operational sometime by latter part of 2027 on that location.

所以我們顯然已經在很大程度上完成了讓它落地所需的所有資金。因此我們將在一年後的秋季開始現場施工。施工將會啟動，而我們目前的預期仍然是，燃料反應器、氫反應器以及初期階段將在 2027 年後段左右於該地點投入運轉。

Brightloop, as we talked about, can do hydrogen, but it can also just do steam. And so we've got a lot of interest right now in the concept of that commercial demonstration showing that the fuel reactor at that scale up is important to move it into a higher scale. And when we look at both the West Virginia project, as well as the Wyoming project, a lot of interest right now, given the current environment, is to produce steam from coal, with the CO2 being isolated and used for enhanced methane recovery or enhanced oil recovery at those two locations.

如同我們談到的，BrightLoop 可以產氫，但也可以只產生蒸汽。因此目前對於這個商業示範概念的興趣很高，因為要證明在該規模下的燃料反應器擴大化是重要的，才能推進到更高規模。而當我們看西維吉尼亞專案以及懷俄明專案時，在目前環境下，很多興趣集中在以煤產生蒸汽，同時將 CO2 分離出來，並用於提高甲烷採收（enhanced methane recovery）或提高採油（enhanced oil recovery），就在這兩個地點。

So getting this commercially in the ground is important steps as it relates to those two projects. And obviously, we're in close discussions with both of those customers as it relates to the Base Electron project itself. So the concept of that, I think, still our opinion, it still has the high growth capabilities.

因此，讓這個在商業上真正落地，是與那兩個專案相關的重要步驟。而且很明顯地，就 Base Electron 專案本身而言，我們正與這兩位客戶保持密切討論。所以就這個概念而言，我想我們的看法仍然是，它依然具備高成長能力。

And if we had -- honestly, I'll just make the statement, if we had Massillon in the ground two, three years ago, four years ago on it, which was an impractical aspect, but if we had that commercial project done and moving on to larger projects, I think there's a lot of hyperscalers today that would be in discussions about utilizing BrightLoop for power generation because of its CO2 treatment capabilities, whether it's captured CO2 and sequestered or whether it's used for other enhanced purposes.

而且如果我們——老實說我就直說，如果我們在兩三年前、四年前就讓 Massillon 落地，雖然那在當時是不切實際的，但如果我們已經完成那個商業專案並推進到更大型的專案，我認為今天會有很多超大規模雲端業者正在討論使用 BrightLoop 來發電，因為它具備 CO2 處理能力，不論是把捕獲的 CO2 封存，或是用於其他提升用途。

But in the long run, the hyperscalers still want a pathway and a check the box that there could be at some future point in time some sort of carbon capture associated with these data centers and AI infrastructure. So we're obviously still in a good position. We don't see an end to the power generation demands coming from AI and data centers despite what the public markets have been stating. The demand continues not only here, but worldwide. And I think we're hopefully poised with the company to leverage that once we get this up and going by the end of '27.

但從長期來看，超大規模雲端業者仍然希望有一條路徑，並且能「勾選」確認：在未來某個時間點，這些資料中心與 AI 基礎設施可能會有某種形式的碳捕捉。所以我們顯然仍處於有利位置。儘管公開市場一直在說些什麼，我們並不認為來自 AI 與資料中心的發電需求會結束。需求不僅在這裡，全球也是如此。我想一旦我們在 2027 年底前把這個建起來並運轉，公司就有望善用這股趨勢。

So we'll be looking at bookings in '28, '29, '30, as we previously discussed, BrightLoop, as well as other kind ClimateBright applications, such as our oxy combustion or post-combustion technologies as well.

因此我們將如先前所討論的，在 2028、2029、2030 年關注訂單（bookings），包括 BrightLoop，以及其他各類 ClimateBright 的應用，例如我們的富氧燃燒（oxy combustion）或燃燒後（post-combustion）技術。

It seems like it. Thanks for taking the questions. I'll turn it over.

看起來確實如此。謝謝你回答我的問題。我把時間交回去。

We have reached the end of the Q&A session. I will now turn the call back to Sharyn Brooks for closing remarks.

我們已到達問答環節的結束。我現在把電話會議交回給 Sharyn Brooks 作結語。

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

感謝各位加入我們。本次電話會議到此結束。今天稍晚我們的網站將在有限時間內提供重播。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。