Broadwind Inc (BWEN) 2025 Q2 法說會逐字稿

Greetings and welcome to Broadwind's second quarter 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Broadwind 2025 年第二季業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to your host, Mr. Tom Ciccone. Thank you. You may begin.

現在我想將會議交給主持人湯姆·西科尼先生。謝謝。你可以開始了。

Good morning, and welcome to the Broadwind second quarter 2025 results conference call. Leading the call today is our CEO, Eric Blashford; and I'm Tom Ciccone, the company's Vice President and Chief Financial Officer.

早安，歡迎參加 Broadwind 2025 年第二季業績電話會議。今天主持電話會議的是我們的執行長 Eric Blashford；我是公司副總裁兼財務長 Tom Ciccone。

We issued a press release before the market opened today detailing our second quarter results. I would like to remind you that management's commentary and responses to questions on today's conference call may include forward-looking statements which, by their nature, are uncertain and outside of the company's control.

我們在今天開市前發布了一份新聞稿，詳細介紹了我們的第二季業績。我想提醒您，管理層在今天的電話會議上的評論和回答可能包括前瞻性陳述，這些陳述本質上是不確定的，並且超出了公司的控制範圍。

Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially. For a discussion of some of the factors that could cause actual results to differ, please refer to the Risk Factors section of our latest annual and quarterly filings with the SEC.

儘管這些前瞻性陳述是基於管理階層目前的預期和信念，但實際結果可能存在重大差異。有關可能導致實際結果不同的一些因素的討論，請參閱我們向美國證券交易委員會提交的最新年度和季度文件中的風險因素部分。

Additionally, please note that you can find reconciliations of the historical non-GAAP financial measures discussed during our call in the press release issued today. At the conclusion of our prepared remarks, we will open the line for questions.

此外，請注意，您可以在今天發布的新聞稿中找到我們電話會議中討論的歷史非 GAAP 財務指標的對帳表。在我們準備好的發言結束後，我們將開放提問熱線。

With that, I'll turn the call over to Eric.

說完這些，我會把電話轉給 Eric。

Thanks, Tom, and welcome to those joining us today. We continue to advance our strategic priorities during the second quarter, prioritizing our focus on high-value precision manufacturing end markets, while moving toward a leaner or diversified business capable of delivering profitable growth through the cycle.

謝謝，湯姆，歡迎今天加入我們的各位。我們在第二季度繼續推進我們的戰略重點，優先關注高價值精密製造終端市場，同時轉向能夠在整個週期內實現盈利增長的更精簡或多元化的業務。

Second quarter revenue increased on both a sequential and year over year basis, driven by increased demand from the wind and industrial verticals. In June, we announced the pending sale of our industrial fabrication operations in Manitowoc, Wisconsin. This represents a meaningful step toward further optimizing our asset footprint, improving our balance sheet flexibility and sharpening our focus within stable, higher-margin precision manufacturing verticals.

受風能和工業垂直領域需求成長的推動，第二季營收季比和年比均成長。六月，我們宣布即將出售位於威斯康辛州馬尼托沃克的工業製造業務。這代表著我們朝著進一步優化資產佈局、提高資產負債表靈活性以及加強我們在穩定、利潤率更高的精密製造垂直領域的關注邁出了有意義的一步。

We are on pace to complete this transaction in the third quarter and expect it will add approximately $13 million of cash to our balance sheet while reducing costs by $8 million annually. Customer activity continues to accelerate with order rates rising 14% year over year to $21 million.

我們預計在第三季完成此項交易，預計它將為我們的資產負債表增加約 1300 萬美元的現金，同時每年降低 800 萬美元的成本。客戶活動持續加速，訂單率年增 14%，達到 2,100 萬美元。

Robust demand from power generation and increasing demand from oil and gas customers offset softness in wind, industrial and mining. These market dynamics reinforce the importance of our diverse customer base, especially during sustained periods of US trade policy uncertainty.

發電需求強勁以及石油和天然氣客戶需求的增加抵消了風能、工業和採礦業的疲軟。這些市場動態強化了我們多元化客戶群的重要性，尤其是在美國貿易政策持續不確定的時期。

Orders within our heavy fabrications business were adjusted to reflect the estimated backlog that will be transferring with the sale of the Manitowoc operation. In the second quarter, we also received the final purchase order release against the long-term customer agreement we entered into in early 2023.

我們對重型製造業務的訂單進行了調整，以反映馬尼托瓦克業務出售後預計轉移的積壓訂單。第二季度，我們也收到了根據 2023 年初簽訂的長期客戶協議的最終採購訂單。

So new tower orders for that customer will add to backlog. Gearing orders continue to rebound, increasing 45%. And as we continue to see strength in power generation and some resurgence in the oil and gas aftermarket.

因此，該客戶的新塔訂單將會增加積壓訂單。負債訂單持續反彈，成長45%。我們繼續看到發電行業的強勁成長以及石油和天然氣售後市場的復甦。

In July, this momentum continued. As we received a follow-on order for $6 million of gearing products for the power generation market. This acceleration in order activity is a direct result of the investments we made and capabilities and quality certifications in this business.

7月份，這股勢頭仍在延續。我們收到了一份價值 600 萬美元的發電市場齒輪產品的後續訂單。訂單活動的加速是我們在該業務上進行的投資以及能力和品質認證的直接結果。

In Q2 2025, orders within our industrial solutions business remained very strong, more than tripling year over year driven by strong demand for new gas turbine units as well as upgrades and services. We're pleased to have set another record for both orders and backlog in this segment.

2025 年第二季度，我們的工業解決方案業務的訂單依然強勁，同比增長兩倍多，這得益於對新燃氣渦輪機組以及升級和服務的強勁需求。我們很高興在這一領域創下了訂單和積壓訂單的另一個紀錄。

Operationally, we continue to invest in equipment technology to improve our process capabilities, reduce costs and improve our profitability. In the second quarter of 2025, margins were temporarily impacted by early production process and efficiencies at our Manitowoc and Abilene facilities and lower capacity utilization levels within our gearing segment.

在營運方面，我們不斷投資於設備技術，以提高我們的製程能力、降低成本並提高獲利能力。2025 年第二季度，利潤率暫時受到馬尼托沃克和阿比林工廠早期生產流程和效率以及齒輪傳動部門產能利用率較低的影響。

We expect profitability to improve as production normalizes throughout the duration of the year. In the industrial solutions segment, we are investing in additional manufacturing capacity in order to service our current backlog and meet future customer demand in the rapidly growing gas power generation equipment market. Within our heavy fabrication segment, Q2 revenue grew year over year, primarily due to an increase in wind towers, and repowering adapters sold, offset by lower demand from the mining market.

我們預計，隨著全年生產恢復正常，獲利能力將會提高。在工業解決方案領域，我們正在投資額外的製造能力，以滿足我們目前的積壓訂單並滿足快速成長的燃氣發電設備市場未來客戶的需求。在我們的重型製造部門，第二季度營收年增，主要原因是風力發電塔和再供電適配器銷量增加，但採礦市場需求下降抵消了這一影響。

Revenue in our gearing segment fell year over year due to lower demand from the oil and gas gearing market partially offset by strength in the mining and industrial sectors. We've taken further cost actions to align production capacity with the present demand levels while maintaining the key manufacturing and engineering talent required to accommodate the increasing order intake we're experiencing this year.

由於石油和天然氣齒輪市場需求下降，但採礦業和工業領域的強勁表現部分抵消了這一影響，我們的齒輪部門收入較去年同期下降。我們採取了進一步的成本措施，使生產能力與當前的需求水準保持一致，同時保持所需的關鍵製造和工程人才，以適應今年不斷增加的訂單量。

Within industrial solutions, we saw growth year over year primarily due to stronger shipments into the new gas turbine equipment market.

在工業解決方案領域，我們看到年成長，這主要歸功於新燃氣渦輪機設備市場的出貨量增加。

In summary, the team and business continued to perform well as we sharpen our focus within adjacent higher-margin precision manufacturing verticals. Recent strategic actions to divest our Manitowoc facility will position us for increased balance sheet strength and optionality while reducing overhead costs materially.

總而言之，隨著我們將重點放在相鄰的高利潤精密製造垂直領域，團隊和業務繼續表現良好。我們最近採取的剝離馬尼托沃克工廠的戰略行動將使我們的資產負債表實力和可選性增強，同時大幅降低管理費用。

While the trade policy environment remains volatile, our 100% domestic manufacturing base remains a key competitive advantage, positioning us to partner with Tier 1 OEMs and who value our commitment to quality, on-time service and deep technical expertise.

儘管貿易政策環境依然動盪，但我們 100% 的國內製造基地仍然是一個關鍵的競爭優勢，使我們能夠與一級原始設備製造商 (OEM) 合作，他們重視我們對品質、準時服務和深厚技術專長的承諾。

With that, I'll turn the call over to Tom for a discussion of our second quarter financial performance.

說完這些，我將把電話轉給湯姆，討論我們第二季的財務表現。

Thank you, Eric. Turning to slide 5 for an overview of our second quarter performance. Second quarter consolidated revenues were $39.2 million, an 8% increase versus the prior year period. During the second quarter, we restarted the Manitowoc tower production for a limited customer run ahead of the planned asset sale and recognize increased repowering revenue in both our Manitowoc and Abilene facilities.

謝謝你，埃里克。請翻到投影片 5 查看我們第二季業績的概覽。第二季綜合營收為 3,920 萬美元，較去年同期成長 8%。在第二季度，我們提前重啟了馬尼托沃克塔的生產，供有限的客戶使用，這比計劃中的資產出售要早，並且馬尼托沃克和阿比林工廠的再發電收入均有所增加。

Sequentially, revenue was up nearly 7% due to stronger deliveries within our industrial solutions segment as we resolve some of the temporary supply chain headwinds that impacted the first quarter.

由於我們解決了影響第一季的一些暫時的供應鏈阻力，工業解決方案部門的交付量增加，收入環比增長近 7%。

Despite an increase in revenue, second quarter adjusted EBITDA declined to $2.1 million versus the prior year at $3.6 million. Adjusted EBITDA margin dropped to 5.3% due primarily to lower capacity utilization within our gearing segment, manufacturing inefficiencies associated with the production of a new larger wind tower design in both the Manitowoc and Abilene facilities and additional labor to support increased volumes within the wind and power generation verticals.

儘管營收增加，但第二季調整後的 EBITDA 下降至 210 萬美元，去年同期為 360 萬美元。調整後的 EBITDA 利潤率下降至 5.3%，主要原因是我們的負債部門產能利用率較低，馬尼托沃克和阿比林工廠生產新的更大風力發電塔設計導致製造效率低下，以及需要額外的勞動力來支持風能和發電垂直領域產量的增加。

Q2 orders totaled $21 million, an increase of 14% versus the prior year second quarter, driven primarily by stronger demand for natural gas timing content, serving power generation markets in our industrial solutions segment.

第二季訂單總額為 2,100 萬美元，較去年同期成長 14%，主要受天然氣計時內容需求強勁的推動，服務於我們工業解決方案部門的發電市場。

Turning to slide 6 for a discussion of our heavy fabrications segment. Second quarter orders of $0.2 million were muted given the timing of wind-related orders and the fact that we're winding down operations within our Manitowoc facility.

翻到幻燈片 6，討論我們的重型製造部分。由於風能相關訂單的時間安排以及我們正在逐步減少馬尼托瓦克工廠內的運營，第二季度 20 萬美元的訂單量有所減少。

It should be noted that during the second quarter, we received purchase order releases satisfying the volume associated with the long-term customer supply agreement that we announced in January of 2023. Going forward, purchase orders received from that customer will again be recognized as orders and incremental backlog.

值得注意的是，在第二季度，我們收到了滿足我們於 2023 年 1 月宣布的長期客戶供應協議相關數量的採購訂單。展望未來，從該客戶收到的採購訂單將再次被確認為訂單和增量積壓。

Second quarter revenues of $25 million are up 27% versus the prior year quarter, driven by an increase in wind tower sections sold, as we restarted Manitowoc tower production on a limited run and increased revenue related to repowering adapters, offset by lower demand for mining customers despite an increase in revenue, second quarter segment adjusted EBITDA was flat versus the prior year at $2.8 million due to the manufacturing headwinds previously mentioned.

第二季營收為 2,500 萬美元，較去年同期成長 27%，這得益於風力發電塔零件銷售增加，因為我們重啟了馬尼托瓦克塔架的小規模生產，以及與重新供電適配器相關的收入增​​加，儘管收入增加，但EBIT 對去年同期成長了這一影響，由於前面提到的製造業逆風，第二季分後調整了這一影響，由於前面提到的製造業後逆風持平，第二季後調整後的 20 萬美元，為 20 萬美元製造業後逆風持平，第二季後的 20 萬美元，為 20 萬美元，約 20 萬美元產業逆風持平，第二季後銀行調整後的 20 萬美元。

Turning to slide 7. Gearing orders of $6.8 million were up over $2 million versus the prior year period. Of note, we received follow-on orders from a significant customer serving the power generation market, with whom in July, we subsequently announced a multiyear supply agreement for gearing products to be used in natural gas turbines.

翻到幻燈片 7。負債訂單為 680 萬美元，比去年同期增加了 200 多萬美元。值得注意的是，我們收到了服務於發電市場的重要客戶的後續訂單，隨後在 7 月份，我們與其宣布了一項用於天然氣渦輪機的齒輪產品的多年供應協議。

In addition, oil and gas order growth accelerated for the second quarter in a row as we may be benefiting from onshoring in reaction to recent US trade policies. Segment revenue was $7.3 million, up sequentially but down over $3 million versus the prior year quarter, recognized an adjusted EBITDA loss of $0.1 million, driven by lower revenue and reduced capacity utilization.

此外，由於我們可能受益於響應美國近期貿易政策而出現的在岸化，石油和天然氣訂單成長連續第二季加速。分部營收為 730 萬美元，季增，但比去年同期下降 300 千萬美元，調整後 EBITDA 虧損 10 萬美元，原因是營收下降和產能利用率下降。

Turning to slide 8. Industrial Solutions recorded nearly $14 million of orders during the second quarter, surpassing the previous $10 million record achieved last quarter. Segment participates in the natural gas power equipment industry, which is experiencing a significant resurgence driven by the increasing demand for reliable and flexible power supply.

翻到幻燈片 8。工業解決方案部門第二季的訂單金額接近 1,400 萬美元，超過了上一季創下的 1,000 萬美元的紀錄。該部門參與天然氣發電設備產業，該產業正在經歷受可靠和靈活電力供應需求不斷增長推動的顯著復甦。

Segment backlog also hit a new record high of nearly $30 million at the end of the second quarter, eclipsing the previous record of $23 million set in Q1. This quarter represents the third straight quarter with record order and backlog levels. Q2 segment revenue was $7.4 million, up 30% sequentially as much of the supply chain headwinds impacting shipments in the first quarter were resolved during Q2.

第二季末，分部積壓訂單也創下了近 3,000 萬美元的新高，超過了第一季創下的 2,300 萬美元的紀錄。本季是訂單和積壓訂單量連續第三個季度創下新高。第二季分部營收為 740 萬美元，季增 30%，因為第一季影響出貨量的供應鏈阻力大部分在第二季解決。

Revenue was up 14% versus the prior year second quarter, but adjusted EBITDA of $0.7 million was down slightly from the prior year due to a lower margin mix of products sold as well as additional overhead to support increased production volume.

營收較去年同期第二季成長 14%，但調整後的 EBITDA 為 70 萬美元，較去年同期略有下降，原因是所售產品利潤率較低，以及為支持增加產量而產生的額外管理費用。

Turning to slide 9. We ended the second quarter with total cash and availability on our credit facility of approximately $15 million. Line of credit borrowings increased during Q2 to support a nearly $14 million increase and operating working capital. This working capital increase was driven most notably by our deposit balance returning to more normal operating levels, while our inventory levels increased in response to higher wind-related production levels.

翻到第 9 張投影片。截至第二季末，我們的現金總額和可用信貸額度約為 1,500 萬美元。第二季度，信用額度借款增加，以支持近 1,400 萬美元的成長和營運資金。營運資本的增加最顯著的原因是我們的存款餘額恢復到了更正常的營運水平，而我們的庫存水平也因風電相關生產水平的提高而有所提高。

We expect that inventory levels will decrease in the third quarter. Finally, with respect to our financial guidance in connection with the pending asset sale of Manitowoc and related operations, we are suspending our previously issued financial guidance for the full year 2025.

我們預計第三季庫存水準將會下降。最後，關於與馬尼托瓦克及相關業務即將進行的資產出售有關的財務指導，我們將暫停先前發布的 2025 年全年財務指導。

We intend to reinstate new financial guidance, excluding contributions from Manitowoc upon closing of the transaction, which is expected during the third quarter of 2025, consistent with prior expectations. That concludes my remarks.

我們打算在交易完成後恢復新的財務指導，不包括馬尼托瓦克的貢獻，預計交易將在 2025 年第三季完成，與先前的預期一致。我的發言到此結束。

I will turn the call back over to Eric to continue our discussion.

我會將電話轉回給 Eric 繼續我們的討論。

Thanks, Tom. Now allow me to provide some thoughts as we move into Q3. We continue to refocus production capacity towards stable recurring revenue streams across diverse end markets. With recent gearing wins in the power generation markets, and growing opportunities in a large utility scale natural gas turbines. We continue to see robust quote activity in both gearing and the industrial solutions segment.

謝謝，湯姆。現在，在我們進入第三季之際，請允許我提供一些想法。我們將持續重新調整生產能力，以實現不同終端市場的穩定經常性收入流。隨著近期發電市場的勝利，以及大型公用事業規模天然氣渦輪機的不斷增長的機會。我們繼續看到齒輪傳動和工業解決方案領域的報價活動強勁。

In our gearing segment, we continue to execute our strategy to move beyond traditional gearing toward other precision machine products. The recent sizable orders we received from the power generation sector are evidence that our strategy is working.

在我們的齒輪傳動領域，我們繼續執行我們的策略，從傳統的齒輪傳動轉向其他精密機械產品。我們最近從發電行業獲得的大量訂單證明我們的策略正在發揮作用。

We're pleased at the increasing level of customer activity we're seeing in various new markets, including infrastructure support, such as cement plants, and aggregate material processing, among others. In industrial solutions, significant growth in the natural gas turbine industry is having a positive commercial impact on our business.

我們很高興看到各個新市場的客戶活動水準不斷提高，其中包括水泥廠等基礎設施支援和骨材加工等。在工業解決方案方面，天然氣渦輪機產業的顯著成長對我們的業務產生了積極的商業影響。

In Q2, we eclipsed the quarterly bookings record that was previously set in Q1 2025 by over $3.5 million and established a new record quarterly backlog. Due to strong demand for power worldwide, our key customers are adding significant production capacity in order to meet both the current and foreseeable future demand.

在第二季度，我們打破了 2025 年第一季創下的季度預訂量記錄超過 350 萬美元，並創下了新的季度積壓記錄。由於全球對電力的需求強勁，我們的主要客戶正在大幅增加生產能力，以滿足當前和可預見的未來需求。

In order to take full advantage of the significant growth opportunity within our industry, we're investing in the necessary personnel and equipment such as adding robotic welding, expanding painting and machining capacity and upgrading testing equipment to meet this higher demand level and to maximize our growth opportunities within this dynamic market.

為了充分利用我們行業內的巨大成長機會，我們正在投資必要的人員和設備，例如增加機器人焊接、擴大噴漆和加工能力以及升級測試設備，以滿足更高的需求水平，並最大限度地提高我們在這個充滿活力的市場中的成長機會。

We believe that our current actions will position us to capitalize on the opportunities to grow and expand within this high-growth market. In our heavy fabrication segment, we've expanded our service and commercial teams for our Clean Fuels PRS line to better serve the DJ Basin and Bakken regions. This includes adding a cold weather performance package for the climate in these regions.

我們相信，我們目前的行動將使我們能夠利用這個高成長市場中成長和擴張的機會。在重型製造領域，我們擴大了清潔燃料 PRS 生產線的服務和商業團隊，以便更好地服務 DJ 盆地和巴肯地區。這包括為這些地區的氣候添加寒冷天氣性能套件。

Our L-70 low flow unit has performed well in field trials and is now available to purchase lease and rent. The addition of this product complements our current product offerings, which are the medium and high flow units to meet the various guest delivery requirements of our customers.

我們的 L-70 低流量裝置在現場試驗中表現良好，現在可供購買租賃。該產品的加入補充了我們現有的產品系列，即中高流量裝置，可以滿足客戶的各種客人配送需求。

We have just completed our first field start-up on a medium flow M-125 export unit through a key distribution partner, and we're excited about the opportunities that this could bring over time. We believe the domestic onshore wind tower activity will continue at its present rate through 2026.

我們剛剛透過一家主要分銷合作夥伴完成了中等流量 M-125 出口裝置的首次現場啟動，我們對這將隨著時間的推移帶來的機會感到非常興奮。我們相信，到 2026 年，國內陸風電塔架活動將以目前的速度持續下去。

We are encouraged by the continued momentum in the wind repowering market as we are seeing sustained demand from our OEM customers for the adapters we manufacture, which are required to upgrade most legacy turbines.

風力發電市場持續成長的勢頭令我們感到鼓舞，因為我們看到 OEM 客戶對我們生產的適配器的需求持續增長，這些適配器是升級大多數傳統渦輪機所必需的。

In our view, the recent policy announcements from Washington provide clarity for our customers, which they need to confidently move forward with projects. We have good visibility for tower production through the balance of 2025 and into 2026.

我們認為，華盛頓最近宣布的政策為我們的客戶提供了明確的指導，他們可以充滿信心地推進專案。我們對 2025 年和 2026 年塔式發電產量有良好的預測。

In summary, I'm pleased with the order growth and strategic actions we've taken this year as we continue to demonstrate strong execution of our strategic priorities. Our divisions are well positioned to support the nation's growing need for power generation and infrastructure improvement, which we see as long-term opportunities for us.

總而言之，我對我們今年的訂單成長和採取的策略行動感到滿意，因為我們繼續展現對策略重點的強勁執行。我們的部門能夠很好地支持國家日益增長的發電和基礎設施改善需求，我們認為這是我們的長期機會。

Our quality with response and ability to solve complex manufacturing challenges for our customers, continue to help us win new opportunities notably within the gearing and industrial solutions businesses. We're reducing our cost structure, investing wisely and taking strategic actions to refocus our resources toward higher value and growing end markets.

我們的品質、回應能力和為客戶解決複雜製造挑戰的能力，繼續幫助我們贏得新的機遇，尤其是在齒輪和工業解決方案業務領域。我們正在降低成本結構，明智投資，並採取策略行動，將資源重新集中到更高價值和不斷成長的終端市場。

We value our people and are committed to keeping them safe, fulfilled and productive. All of our plants are US-based. So we're prepared to capitalize on any opportunities afforded by the pro domestic manufacturing policy backdrop afforded by the current administration.

我們重視我們的員工並致力於保障他們的安全、充實和高效。我們所有的工廠都位於美國。因此，我們準備好利用現任政府提供的支持國內製造業政策背景所提供的任何機會。

We're encouraged that our order intake continues to grow, positioning us for improved utilization of our manufacturing footprint for the rest of the year and into 2026. As we strengthen our foundation for steady, profitable growth, serving the power generation, infrastructure and other key markets with high-quality precision components and proprietary products to capitalize on improved demand in the years ahead.

我們很高興看到訂單量持續成長，這使我們能夠在今年剩餘時間和 2026 年提高製造足跡的利用率。我們不斷鞏固穩定獲利成長的基礎，為發電、基礎設施和其他關鍵市場提供高品質精密零件和專有產品，以滿足未來幾年不斷增長的需求。

With that said, I'll turn the call over to the moderator for the Q&A session.

話雖如此，我會把電話轉給主持人進行問答環節。

(Operator Instructions)

（操作員指示）

Justin Clare, Roth Capital Partners.

羅斯資本合夥公司的賈斯汀‧克萊爾 (Justin Clare)。

Hey, good morning, thanks for the time here.

嘿，早上好，感謝您抽出時間。

Morning, Justin.

早安，賈斯汀。

Morning. So first, I just wanted to start on the guidance. I wanted to see if you could just expand a little bit on the uncertainty that may be created by the Manitowoc sale, whether it's timing related or whether your revenue or margins could be affected by the sale. And then just beyond that, are there any other uncertainties within the business that is making it more challenging to provide guidance for the remainder of the year here.

早晨。因此首先，我只是想開始指導。我想看看您是否可以稍微詳細說明馬尼托瓦克出售可能造成的不確定性，無論是與時間有關，還是您的收入或利潤是否會受到出售的影響。除此之外，業務中是否還存在其他不確定因素，使得為今年剩餘時間提供指導變得更具挑戰性。

Yeah. Thanks for your question, Justin. I think it's mostly related to timing. There's some uncertainty in terms of when we will close. There's not any uncertainty about closing, but the timing is a little up for grabs. So that will impact the amount of industrial fab revenue that we're ultimately able to recognize and realize.

是的。謝謝你的提問，賈斯汀。我認為這主要與時間有關。關於我們何時結束，仍存在一些不確定性。對於結束並沒有任何不確定性，但時機有點難以掌握。這將影響我們最終能夠確認和實現的工業晶圓廠收入。

So yeah, it's mostly timing. There are also some transitional costs that we'll be incurring as a result of winding down the operations in Manitowoc. So we'll be shipping some materials down to the Abilene when we're incurring some legal costs. So we're vetting all that out, and we just want to be prudent and accurate with our guidance.

是的，這主要與時機有關。由於馬尼托沃克業務的結束，我們還將產生一些過渡成本。因此，當我們產生一些法律費用時，我們會將一些材料運送到阿比林。因此，我們正在審查所有這些，我們只是希望我們的指導能夠謹慎而準確。

In terms of other phenomenon that you're talking about, I don't think there's anything -- any other reason why in any other business units that we pulled the guidance.

至於您談到的其他現象，我認為沒有其他原因導致我們在其他業務部門撤回了指導。

Got it. Okay. I appreciate that added detail there. And then just on industrial solutions, I think record orders, your backlog is up I think, more than 100% here. So just wondering if you could speak to the visibility you have into additional demand.

知道了。好的。我很欣賞那裡添加的細節。然後就工業解決方案而言，我認為記錄訂單，我認為您的積壓訂單已經增加了，這裡超過 100％。所以我只是想問您是否可以談談您對額外需求的了解。

Is your visibility improving in terms of when you see orders and the time frame expected for the delivery of those orders? And then maybe you just speak to the capacity you have to fulfil the demand and whether there's anything that you need to do in order to expand.

就您查看訂單的時間以及預計交付這些訂單的時間範圍而言，您的可見度是否有所提高？然後，也許你只是談談你滿足需求的能力，以及是否需要做些什麼來擴大規模。

Yeah. Thanks, Justin. This is Eric. I'll take that call. So industrial solutions, primarily services the large gas turbine markets, and those are over 100 megawatts. So far this year through Q2, the market sold 93 units versus 21 units last year at the same time. So that's 4 times up.

是的。謝謝，賈斯汀。這是埃里克。我會接聽那通電話。因此，工業解決方案主要服務於大型燃氣渦輪機市場，其功率超過 100 兆瓦。今年第二季迄今，市場已售出 93 套，去年同期為 21 套。所以增加了 4 倍。

Our customers vary, but our largest customer is GE Vernova in that, and they are dominant in the field. We do see visibility with that customer, again, based on their reporting for several years out, we do follow that. We do talk to that customer frequently.

我們的客戶各不相同，但我們最大的客戶是 GE Vernova，他們在該領域佔據主導地位。我們確實看到了該客戶的可見性，同樣，根據他們幾年來的報告，我們確實關注這一點。我們確實經常與那位客戶交談。

They're saying that they've got visibility up through '28 and beyond that, and they're increasing their own capability to produce these turbines and so that would drive demand for us. When we see orders taken in the market, it's about a 12 to 18 month lag time before we see orders because it just takes some time for these things to get set up.

他們說，他們已經預見了 28 年及以後的前景，並且正在提高生產這些渦輪機的能力，這將推動我們的需求。當我們看到市場上的訂單時，大約需要 12 到 18 個月的延遲時間才能看到訂單，因為這些事情需要一些時間來設定。

As far as available capacity, we do have the capacity. We've got room in that facility in Sanford, North Carolina. We also have the ability to expand into an adjacent facility and really, it just becomes continuing to increase our capabilities.

就可用容量而言，我們確實有容量。我們在北卡羅來納州桑福德的工廠有房間。我們還有能力擴展到相鄰的設施，實際上，這只是不斷提高我們的能力。

That's where we talked about robotic welding, our paint capacity, some machining capacity, some testing capacity and then it's all about a material movement. So we do believe we can receive this increased volume quite handily.

我們在那裡討論了機器人焊接、噴漆能力、一些加工能力、一些測試能力，然後都是關於材料移動。因此，我們確實相信我們可以相當輕鬆地獲得這增加的數量。

Got it. Okay. And then just as you expand the business here, wondering if you could speak to the margin profile and whether as a result of operating leverage you may have you could see an expansion in margins over time here?

知道了。好的。然後，當您在這裡擴展業務時，想知道您是否可以談談利潤率狀況，以及由於經營槓桿的作用，您是否可以看到利潤率隨著時間的推移而擴大？

Yeah, I think that's reasonable to assume. I mean, we have a fairly large, fixed cost structure -- and the more fixed cost coverage that we get from increase in revenue, a tick up in revenue, definitely helps us. So it's, for us, a big factor in our profitability is capacity utilization.

是的，我認為這是合理的假設。我的意思是，我們有一個相當大的固定成本結構——收入增加帶來的固定成本覆蓋越多，收入的增加肯定會對我們有幫助。因此，對我們來說，獲利能力的一個重要因素是產能利用率。

Okay, got it. All right. Thank you. I'll pass it on.

好的，明白了。好的。謝謝。我會傳達的。

Thank you, Justin.

謝謝你，賈斯汀。

Amit Dayal, HC Wainwright.

阿米特·達亞爾、HC 溫賴特。

Thank you, good morning everyone, and congrats on sort of continuing to put together good quarters despite some airlines you guys are facing. In that context, what else is being done to maybe capitalize on the growing demand for the power generation side of things?

謝謝大家，早安，祝賀你們儘管面臨一些航空公司的挑戰，但仍繼續保持良好的業績。在這種背景下，我們還在做些什麼來滿足日益增長的發電需求呢？

Like are you adding more folks on the sales side? Just wanted to see how that pipeline is being built up or what you are thinking strategically you could take advantage of to participate maybe in a bigger way in that opportunity?

例如，您是否在銷售方面增加了更多人員？只是想看看這個管道是如何建立起來的，或者您在策略上認為可以利用什麼來以更大的方式參與這個機會？

Well, thank you, Amit, for that question. We have, within our Gearing segment, really expanded our independent sales rep organizations across the country. We've now have pretty good representation west of the Rockies, which we hadn't had before.

好吧，阿米特，謝謝你提出這個問題。在我們的 Gearing 部門內，我們確實擴大了我們在全國範圍內的獨立銷售代表組織。現在我們在落基山脈以西地區有相當好的代表性，這是我們以前沒有的。

We brought in some new reps that are actually on our payroll that have specificity in markets like cement and aggregates and to a lesser extent, power generation. But with regard to taking advantage, taking advantage of that, I think it's capacity increases that we've done in industrial solutions and in and in the gearing market.

我們引進了一些新的銷售代表，他們實際上在我們的工資單上，專門從事水泥和骨料等市場，以及在較小程度上從事發電業務。但就利用這一點而言，我認為我們在工業解決方案和齒輪傳動市場中已經實現了產能的提升。

Also, the PRS, which is this our proprietary product within compressed natural gas, we released that product the L-70, which is the lowest volume -- our lowest power unit, and that's really ideal for backup power supply support. So I think the more that, that product is accepted in the marketplace and prove and I think that will help us expand opportunities within power generation.

此外，PRS 是我們壓縮天然氣領域的專有產品，我們發布了該產品 L-70，它是體積最小、功率最低的裝置，非常適合備用電源支援。因此我認為，該產品在市場上被接受和證明的越多，我認為這將有助於我們擴大發電領域的機會。

Understood. You mentioned there's a new tower order that -- I'm not sure if that is showing in the backlog you highlighted in the earnings release. How big is this new tower order?

明白了。您提到有一個新的塔式訂單 - 我不確定這是否顯示在您在收益報告中強調的積壓訂單中。這份新塔訂單有多大？

Well, we were talking about the manufacturing challenges that we had with a tower order -- small tower order that we were building in Manitowoc. That order was received late last year and we're producing it this year. That's the one that -- it's a very large tower with a very fixed deal.

好吧，我們正在談論我們在馬尼托沃克建造的塔式訂單（小型塔式訂單）所面臨的製造挑戰。該訂單是去年年底收到的，我們今年正在生產。那是一座非常大的塔，有著非常固定的交易。

It's actually twice as thick as the normal steel we produce. So it's presented some challenges for our engineers to make sure that, that those cans that are made by that out of that fixed deal can be moved appropriately to construct the wind tower. That's what we're referring to are remarks.

它的厚度實際上是我們生產的普通鋼材的兩倍。因此，這給我們的工程師帶來了一些挑戰，他們需要確保用固定材料製成的罐子能夠適當地移動，以建造風力發電塔。這就是我們所指的評論。

Sorry. So it's already part of the background. Yeah, understood. Okay.

對不起。所以它已經是背景的一部分了。是的，明白了。好的。

Right. But one of the things we did say is that at the end of the quarter two, we have completed the long-term agreement we had with one of our key OEM partners. -- that had always been in backlog for the last two years.

正確的。但我們確實說過的一件事是，在第二季末，我們完成了與我們的主要 OEM 合作夥伴達成的長期協議——這項協議在過去兩年裡一直積壓著。

And so as we were receiving PO releases against that order, they weren't counting as new orders because the order was already in backlog. Since we've now completed that, new orders, in fact, orders that we've received in July and beyond will count as new orders and new backlog. That was also referenced in my prepared remarks.

因此，當我們收到針對該訂單的採購訂單時，它們並不算新訂單，因為該訂單已經積壓。由於我們現在已經完成了，新訂單，實際上是我們在七月及以後收到的訂單將算作新訂單和新積壓訂單。我在準備好的發言中也提到了這一點。

Okay. Understood. It looks like the sentiment around wind, at least from a news headline perspective, still is a little sort of depressed. But from the commentary, it looks like things are picking up for you? Like how should folks sort of think about the opportunity ahead for you with respect to the wind-related business?

好的。明白了。至少從新聞標題的角度來看，圍繞風能的情緒似乎仍然有些低迷。但從評論來看，事情似乎正在好轉？例如，人們該如何看待風能相關業務的未來機會？

Sure. Well, the Big Beautiful Bill Act did have some challenges in it for renewables as our investors are aware of. But one of the things that it did have is the 45x credit that we take advantage of as do others component manufacturers in our market are still in place, but they end in 2028 as opposed to a couple of years later.

當然。嗯，正如我們的投資者所知，《大美麗法案》確實對再生能源提出了一些挑戰。但它確實擁有的其中一項優勢是，我們和市場上的其他零件製造商一樣，可以利用 45 倍的信貸，但這種信貸將在 2028 年結束，而不是幾年後。

So I think we could see actually in pulling in of some orders in '26 and '27 ahead of that. There's also provision that projects have to start construction by July 4, 2026, to avoid a deadly placed in service deadline which impacts the PTC, the production tax credit, which benefits developers.

因此，我認為我們實際上可以看到在 26 年和 27 年之前會有一些訂單。其中還規定該項目必須在 2026 年 7 月 4 日之前開工建設，以避免致命的投入使用期限，這會影響有利於開發商的生產稅收抵免 PTC。

So again, I think certainly in '26 and likely '27, there would be a pull-in of orders as developers take advantage of the changes in the tax law.

因此，我再次認為，隨著開發商利用稅法的變化，26 年以及很可能 27 年的訂單肯定會大幅增加。

Understood. That's all I've guys. Thank you so much.

明白了。夥計們，這就是我所擁有的一切。太感謝了。

Thank you.

謝謝。

Eric Stine, Craig-Hallum Capital Group.

艾瑞克‧史坦 (Eric Stine)，Craig-Hallum 資本集團。

Hi Eric. Hi Tom.

你好，埃里克。你好，湯姆。

Hey Eric, good morning.

嘿，艾瑞克，早安。

Good morning, So maybe just getting back to wind. So you mentioned that you've satisfied the original order with GE, and I believe that was for -- or is for the SunZia project. Just curious, as you think about that going forward and now you will be recognizing those orders, what type of what type of demand do you see? Is that part of the visibility you mentioned that you have through 2026 on the tower side out of Abilene. Just maybe any thoughts on that would be great.

早安，也許只是回到風。所以您提到您已經滿足了與 GE 的原始訂單，我相信那是針對 - 或者是為了 SunZia 項目。只是好奇，當您考慮未來並且現在您將認識到這些訂單時，您看到什麼類型的需求？這是您提到的到 2026 年阿比林塔樓一側的可預見性的一部分嗎？也許對此有任何想法都會很棒。

Sure. Yeah. Just remember, we're one of only several in the US that are qualified to produce for as many OEMs as we are. And that one particular OEM, we had the long-term agreement with is still an important customer of ours.

當然。是的。請記住，我們是美國僅有的幾家有資格為如此多的 OEM 廠商進行生產的公司之一。與我們簽訂了長期協議的那個特定的 OEM 仍然是我們的重要客戶。

I think, in fact, the relationship is every bit as strong as it ever was. So when I mentioned that we've got good visibility certainly through '25 into for orders, we literally have those booked through January 2026. And let's just say, very strong customer indications that we will have a good flow throughout the whole year of 2026 of towers and adapters in Abilene.

我認為，事實上，這種關係仍然和以前一樣牢固。因此，當我提到我們對 25 年的訂單有很好的了解時，我們實際上已經預訂了 2026 年 1 月的訂單。可以這麼說，客戶強烈表示，到 2026 年全年，阿比林的塔和轉接器將會有良好的供應。

And you're seeing from that customer and others? Or are you more focused on that customer?

您從那位顧客和其他人那裡看到了什麼嗎？還是你更關注那個客戶？

Well, from that customer and others. From that customer and others. And I would say, directionally, if we were operating, call it, 50%, 60% capacity utilization rate, in that plant in 2025, we would comfortably be more like 60% to 80% capacity utilization in that plant through 2026, including towers and adapters from multiple OEMs.

嗯，來自那位顧客和其他人。來自該客戶和其他人。我想說，從方向上看，如果我們在 2025 年運營該工廠，其產能利用率為 50% 或 60%，那麼到 2026 年，該工廠的產能利用率將很容易達到 60% 至 80%，其中包括來自多個 OEM 的塔和適配器。

That's great. Then maybe just heavy fab as a whole. I know that the order level, you mentioned some of its timing and maybe you did mention this and I missed it, but I mean, I would think there was some impact related to just some of the variability or uncertainty related to selling Manitowoc. So maybe do you sense that there are heavy fab orders that are kind of tent up and that you would see upon closing? Or how do you view that as we think about 3Q and the remainder of the year into '26?

那太棒了。那麼也許只是整體上的重型工廠。我知道訂單水平，您提到了它的一些時間，也許您確實提到了這一點，但我錯過了，但我的意思是，我認為與銷售馬尼托瓦克相關的一些變化或不確定性有關的影響。那麼，您是否感覺到有大量的晶圓廠訂單正在籌備中，並且您會在收盤時看到這些訂單？或者當我們考慮第三季以及 26 年剩餘時間的情況時，您如何看待這一點？

When I would say regarding the orders that we have for Abilene, I think the customers received the news quite well. We did have a customer cancel a fall adapter order and that customer intends to give -- to redo that adapter order in Abilene for 2026 production.

當我談到我們為阿比林所下的訂單時，我認為客戶對這個消息反應很好。我們確實有一位客戶取消了秋季適配器訂單，並且該客戶打算在阿比林重新訂購該適配器，以便在 2026 年進行生產。

But as far as industrial fabrication, orders. Those orders were still taking those orders, but those orders will be -- will transfer over to the new operator of that facility. So we delineate between industrial fab. Those are the crane orders, Eric, and the construction owners we produce in Manitowoc. As far as Abilene, those orders would not impact this this particular sale. PRS orders and tower and adapter orders seem to be flowing as usual.

但就工業製造而言，有訂單。這些訂單仍在接受中，但這些訂單將轉移到該設施的新營運商。因此，我們對工業工廠進行了劃分。這些是起重機訂單，埃里克，以及我們在馬尼托沃克生產的建築業主。就阿比林而言，這些訂單不會影響這項銷售。PRS 訂單以及塔和適配器訂單似乎如常流動。

Okay. And then maybe last one for me. Just you mentioned $8 million in cost savings related to the planned divestiture. Can you just remind me the split between cost of goods and OpEx?

好的。這對我來說也許是最後一個了。您剛才提到了與計劃中的資產剝離相關的 800 萬美元的成本節省。您能提醒我商品成本和營運支出之間的差異嗎？

I think I would say that's it's all -- that would be all in cost of goods sold. It's mostly fixed overhead. Yeah.

我想我會說這就是全部——這就是全部銷售成本。它主要是固定開銷。是的。

Okay. Thank you.

好的。謝謝。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Eric Blashford for closing comments.

問答環節已結束。現在我想將電話轉回給 Eric Blashford 來做最後發言。

Yeah. Well, thank you, everyone, for your interest, and we look forward to getting back with you after our third quarter results to discuss them with you. Have a great day.

是的。好吧，謝謝大家的關注，我們期待在第三季業績公佈後與您再次討論。祝你有美好的一天。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。您現在可以斷開您的線路，我們感謝您的參與。