Energy Recovery, Inc. (ERII) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Energy Recovery's second-quarter 2026 earnings call.

各位女士、先生，大家好，歡迎參加 Energy Recovery 2026 年第二季財報電話會議。

During today's call, Energy Recovery may make projections and other forward-looking statements under the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995 regarding future events or the future financial performance of the company.

在今天的電話會議中，Energy Recovery 可能會依據 1995 年《私人證券訴訟改革法案》所載之安全港條款，就未來事件或公司未來財務表現作出預測及其他前瞻性陳述。

These statements may discuss our business, economic and market outlook, growth expectations, new products and their performance, cost structure and business strategy. Forward-looking statements are based on information currently available to the company and on management's beliefs, assumptions, estimates and projections.

這些陳述可能涉及我們的業務、經濟與市場展望、成長預期、新產品及其表現、成本結構與業務策略。前瞻性陳述係基於公司目前可得資訊，以及管理層的信念、假設、估計與預測。

Forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors.

前瞻性陳述並非對未來績效的保證，且可能受到特定風險、不確定性及其他因素影響。

We refer you to documents the company files from time to time with the SEC, specifically the company's annual Form 10-K and quarterly Form 10-Q. These documents identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements.

我們請您參閱公司不時向美國證券交易委員會（SEC）提交的文件，特別是公司年度 Form 10-K 與季度 Form 10-Q。這些文件列示可能導致實際結果與我們的預測或前瞻性陳述所載內容出現重大差異的重要因素。

All statements made during this call are made only as of today, August 5, 2026, and the company expressly disclaims any intent or obligation to update any forward-looking statements made during this call to reflect subsequent events or circumstances unless otherwise required by law.

本次電話會議中所作之所有陳述僅截至今日（2026 年 8 月 5 日）為止；除非法律另有要求，公司明確聲明不具有、亦不承擔更新本次電話會議中任何前瞻性陳述以反映後續事件或情況之意圖或義務。

Our hosts for today's call are Alex Buehler, Interim President and Chief Executive Officer of Energy Recovery; and Aidan Ryan, Interim Chief Financial Officer.

今天電話會議的主持人為 Energy Recovery 代理總裁兼執行長 Alex Buehler，以及代理財務長 Aidan Ryan。

I would now like to turn the call over to Mr. Buehler.

現在我想把電話交給 Buehler 先生。

Thank you, operator. Good afternoon, everyone. Earlier today, we released the letter to shareholders on the Investor Relations section of our website that reviews business and financial performance during the quarter.

謝謝，接線員。各位下午好。今天稍早，我們已在公司網站「投資人關係」專區發布致股東信，回顧本季的業務與財務表現。

Prior to opening the line for questions and answers, I'd like to highlight a few important takeaways from that letter.

在開放問答之前，我想先強調該信中的幾項重要重點。

We are focused on bringing our CEO search to a close and have been impressed with the breadth and the quality of the candidate pool. The combination of energy recovery's long-term tailwinds, technology leadership, and platform strength have allowed us to attract accomplished leaders who are ready to lead our next chapter of growth. We look forward to updating you further as this search progresses.

我們正專注於完成執行長遴選，並對候選人名單的廣度與品質印象深刻。Energy Recovery 長期的順風因素、技術領先地位與平台優勢的結合，使我們得以吸引具成就的領導者，準備帶領我們邁向下一階段的成長篇章。隨著遴選進展，我們也期待能進一步向各位更新。

As interim CEO, I'm focused on ensuring the successful execution of our business initiatives and continuity with our customers and employees. During this search process. In addition to my past career across water, energy and infrastructure services, I have also had the privilege of serving on Energy Recovery's Board for over a decade.

作為代理執行長，我專注於確保我們各項業務計畫的成功執行，並在此遴選過程中，維持與客戶及員工的連續性。在此遴選過程中。除了我過去在水務、能源與基礎設施服務領域的職涯之外，我也有幸在 Energy Recovery 董事會服務超過十年。

With this background, I am ensuring that we keep pace on growth, innovation, manufacturing transformation and capital discipline.

憑藉這樣的背景，我將確保我們在成長、創新、製造轉型與資本紀律方面持續跟上進度。

Moving now to our outlook, we sit in attractive end markets with dural. Stronger growth in the high single-digits. While the war has temporarily impacted us and clouded our visibility, we are confident in our long-term pipeline and a return to growth as these headwinds pass.

接著談到我們的展望，我們所處的終端市場具吸引力，且具持久、更強勁的高個位數成長。雖然戰爭暫時對我們造成影響並使能見度受限，但我們對長期案源管線充滿信心，並相信在這些逆風消退後將重回成長。

Lastly, we demonstrated our discipline in operating costs this year and that practice will continue in addition to a steady pace of improvements in overhead efficiency. Our ongoing manufacturing transformation will provide significant cost improvement when our new facility in Saudi Arabia achieves planned run rate production.

最後，我們今年在營運成本方面展現了紀律，這項作法將持續推進，同時也會穩步提升間接費用效率。當我們位於沙烏地阿拉伯的新廠達到規劃的量產運轉率時，持續進行的製造轉型將帶來顯著的成本改善。

With that, we will now move to the question-and-answer portion of our conference call. Operator, please open the line for questions.

接下來，我們將進入本次電話會議的問答環節。接線員，請開放提問。

(Operator Instructions) Ryan Pfingst, B. Riley Securities.

（接線員指示）Ryan Pfingst，B. Riley Securities。

Hey, guys. Thanks for taking the questions.

嗨，各位。謝謝讓我提問。

First, could you just talk about your current visibility on mega projects in the Middle East as of the last call? I believe there were no formal delays given to you guys, but they were expected. Is that still the case?

首先，能否談談相較於上次電話會議，目前你們對中東大型專案的能見度如何？我記得你們當時沒有收到任何正式的延遲通知，但預期會有延遲。現在仍是如此嗎？

Well, let me start kind of with the pipeline and then I'll specifically address the second part of your question, Ryan. I will say the pipeline is strong. I would even characterize it as uniquely strong. We do have really good forward visibility. Obviously, in this market, we've got structural, durable demand drivers and those certainly have not changed.

好，我先從案源管線談起，接著再具體回應你問題的第二部分，Ryan。我會說管線很強。我甚至會形容它是特別強勁。我們確實有非常好的前瞻能見度。顯然，在這個市場中，我們有結構性、持久的需求驅動因素，而這些當然沒有改變。

Predicting a market recovery, although we're unable at this juncture to kind of put a date and a timeline on that. When we look at our guideline, we do have named projects, in some cases with EPCs appointed, in other cases without, with named customers as well.

至於預測市場復甦，雖然我們目前還無法給出具體日期與時間表。但當我們檢視我們的指引時，我們確實有具名專案；有些已指定 EPC（工程、採購與施工承包商），有些尚未指定，同時也有具名客戶。

And that forward visibility can extend out for five years. So the pipeline looks good. It looks uniquely strong from my perspective, but we are still in this environment where we are seeing delays. Some of those delays to your specific question have in fact been formalized and communicated.

而這樣的前瞻能見度可延伸到五年。因此管線看起來不錯。以我的角度來看，它顯得特別強勁，但我們仍處於一個持續看到延遲的環境中。就你具體的問題而言，其中一些延遲確實已被正式化並已傳達。

Obviously, those are caused by financing challenges in this current environment of geopolitical risk where risk premiums go up.

顯然，這些延遲源於在當前地緣政治風險環境下的融資挑戰，因為風險溢酬上升。

Obviously, we have procurement challenges from our EPCs. And then we just have logistic challenges as well in terms of getting things started and proceeding into the execution phases of these things. So a good pipeline, but still with uncertain timing is the punch line there.

同時，我們也面臨來自 EPC 的採購挑戰。此外，在啟動並推進到這些專案的執行階段方面，也存在物流挑戰。所以結論是：管線良好，但時程仍不確定。

I appreciate that detail.

感謝你提供這些細節。

And then secondly, could you dig in more on the cost impact that your new facility in Saudi Arabia is expected to have and the extent of the potential margin uplift there?

第二個問題，能否更深入說明你們在沙烏地阿拉伯的新廠預期帶來的成本影響，以及潛在毛利率提升的幅度？

So the Saudi Arabia facility is primarily strategic in nature. It's designed to get us closer to customers and to minimize freight and shipping costs to those customers and also to build a local presence in a region that's very important for us over time. It is, I'd say, complementary with our facilities in California, we plan to use both as we talked about in the letter.

沙烏地阿拉伯的工廠主要具有策略性意義。其設計目的是讓我們更貼近客戶，並將運費與運輸成本降到最低，同時在對我們長期而言非常重要的地區建立在地據點。我會說它與我們在加州的設施是互補的，我們計畫如同在致股東信中所談，兩者並用。

We do see it as a source of margin improvement in the future and a lot of those margin improvements come from just freight and shipping and procurement and then there are some generally lower operating costs in the region. We'll see those margin improvements come gradually over time as the facility ramps in '27 and '28 and beyond, as well as when we introduce new products, including our Q650 into the market.

我們確實將其視為未來毛利率改善的來源，而許多改善來自運費與運輸、採購，以及該地區整體較低的營運成本。隨著工廠在 2027 年、2028 年及之後逐步爬坡，以及我們將包括 Q650 在內的新產品導入市場，這些毛利率改善將會逐步顯現。

So don't think about it as a we open the factory, all of a sudden margin snap up. It is something that's going to happen over time and it's probably too early to quantify that. But we do expect improvement.

所以不要把它想成工廠一開張，毛利率就立刻跳升。這會是隨時間逐步發生的事情，而且現在可能還太早去量化。但我們確實預期會有所改善。

That makes sense. I appreciate that. And then last one for me on the wastewater side, what are some of the key actions that you're taking today to accelerate business there? And when do you think we'll ultimately see a commercial inflection point for energy recoveries products in that market?

了解。謝謝你。最後一題，關於廢水（wastewater）業務，你們目前正在採取哪些關鍵行動來加速那邊的業務？你認為我們最終何時會在該市場看到 Energy Recovery 產品的商業化拐點？

Yeah, obviously, we like the wastewater market that goes without saying. We continue to invest there. What we see is a growing market as we look at several use cases and applications for our products and technology.

是的，顯然我們看好廢水市場，這不言而喻。我們也持續在那裡投資。我們看到的是一個正在成長的市場，因為我們從多個使用情境與應用來看待我們的產品與技術。

You would have noted in some of our earlier press releases that we have achieved and announced product success and reference projects. We have also expanded and diversified our portfolio of products. So we can do high pressure, ultra high pressure, low pressure and ultra low pressure that certainly broaden the aperture of our technologies in those range of use cases, but certainly we are also focused on accelerating market adoption and revenue growth.

您可能已在我們先前的一些新聞稿中注意到，我們已達成並宣布了產品成功與示範/參考專案。我們也擴充並多元化了我們的產品組合。因此，我們可以提供高壓、超高壓、低壓與超低壓的解決方案，這確實拓寬了我們技術在各類使用情境中的適用範圍；同時，我們也專注於加速市場採用與營收成長。

I think some things we're doing there are we are better allocating our resources to where the market opportunity is.

我認為我們在那方面所做的一些事情，是把資源更好地配置到市場機會所在之處。

For example, a lot of opportunity in Asia, especially in places like China and India, where they haven't really taken up MLB, ZLB as industrial or national policies in those markets for obvious reasons.

例如，亞洲有很多機會，特別是在中國和印度等地；由於眾所周知的原因，這些市場尚未真正把 MLB、ZLB 作為工業或國家政策來推動。

We are also trying to balance kind of our key account management approach and our go-to-market strategy, so we are trying to position with the right sort of OEM players. In the right end markets and cover those accounts, obviously if we can get stacked in with some of those RO companies, that could mean a significant uplift in revenue and an opportunity to scale more quickly.

我們也在嘗試平衡我們的關鍵客戶管理方式與市場進入（go-to-market）策略，因此我們正努力與合適的 OEM 廠商建立定位。在合適的終端市場中覆蓋這些客戶；顯然，如果我們能與其中一些 RO 公司形成配套/綁定合作，這可能意味著營收的顯著提升，以及更快擴張的機會。

We are also thinking we're going to run this with more efficiency as well. So you would have probably picked up on that in the shareholder letter. So we're balancing revenue growth and efficiency, and that's through better resource allocation and in some cases, leaner operations on the sales management side, certainly not reducing our sales resources, especially as we think about our priority geo markets and target accounts but running it more efficiently from a sales management perspective.

我們也在思考要以更高效率來推動這件事。所以您大概也在致股東信中看到了這一點。因此，我們在平衡營收成長與效率，做法是更好的資源配置，並在某些情況下於銷售管理端採取更精實的運作；我們當然不會削減銷售資源，特別是在我們的優先地理市場與目標客戶上，但會從銷售管理的角度更有效率地運行。

So that's how we think about wastewater. Obviously, the results were pretty soft, but we still feel really good about the market, its size, our product success and the case of project references that we are developing.

這就是我們看待廢水市場的方式。顯然，結果相當疲弱，但我們仍然對市場本身、其規模、我們的產品成功，以及我們正在建立的專案參考案例感到非常有信心。

Understood. I appreciate all that detail. Thanks, guys.

了解。感謝你們提供這麼多細節。謝謝，各位。

Ryan Connors, Northcoast.

Ryan Connors，Northcoast。

Thanks. Good afternoon, gentlemen, and thanks for your time today.

謝謝。各位先生下午好，感謝今天撥冗。

I wanted to start off on the big picture and then kind of move down from there, but obviously the Iran conflict is a key part of the story right now. And I'm just I think one of the unique things about it, it's been the on again, off again nature of it. One minute we're looking at a resolution, and then we're not.

我想先從宏觀層面談起，然後再往下深入；但顯然，伊朗衝突是目前故事中的關鍵部分。而我認為其中一個獨特之處在於它時而升溫、時而降溫的反覆性。前一分鐘我們還在看似乎要達成解決方案，下一分鐘又不是了。

And I'm just curious what you think is going to be the catalyst to open the market up and reduce those risk premium as you talked about, Alex. I mean, when this thing keeps head faking that it's resolved and then not, does it have to be resolved for six or nine months very clearly before some of these countries open things back up or -- just curious because it seems like a very something that just is coming and going almost every other day or week here.

我很好奇，您認為打開市場、並如您所說（Alex）降低那些風險溢價的催化因素會是什麼。我的意思是，當這件事不斷假動作、看起來要解決又沒有解決時，是否必須非常明確地解決並維持六到九個月，這些國家才會重新開放？或是——只是想了解，因為它看起來幾乎每隔幾天或每週就來來去去。

Yeah, like obviously difficult to say where things are going on the geopolitical side and yeah, we can all acknowledge and appreciate that whiplash, right, there's a deal, there's no deal, missiles are flying again, now we're in a ceasefire. I think what we need to see on our side is projects moving to financing, EPC appointments as well as sort of execution in terms of award to delivery. In certain cases, we get awards, although deliveries pushed out, obviously, that doesn't help.

是的，顯然很難說地緣政治接下來會怎麼走；我們也都能理解並感受到那種「甩鞭效應」——有協議、沒協議、飛彈又開始飛、現在又進入停火。我認為就我們這邊而言，需要看到的是專案推進到融資階段、EPC（工程採購施工）任命，以及在授標到交付的執行層面真正往前走。在某些情況下，我們拿到授標，但交付被往後推，顯然那並沒有幫助。

That helps us from a backlog perspective, but not necessarily from a revenue perspective, right, because we're still dependent on that execution timeline. It's one of those things we'll notice when we see it because we'll see normal order of operations, timing and velocity.

那對我們的在手訂單（backlog）角度有幫助，但不一定對營收角度有幫助，對吧？因為我們仍然取決於那個執行時程。這種事情我們一看到就會知道，因為我們會看到正常的作業節奏、時程與速度恢復。

In our desal pipeline, which is sort of the difference between an award date and a make water date and then earlier than that, the difference between a project manifesting and its award date. Right now, we're just out of bounds there. So we will see it come in bounds hopefully soon, but one can never tell.

在我們的海水淡化專案管線中，也就是授標日期與產水日期（make water date）之間的差距；再更早一點，則是專案成形（manifesting）與授標日期之間的差距。目前這些都超出正常範圍。因此我們希望很快能回到正常範圍，但誰也說不準。

How that correlates to geoalytical environment, I can't possibly say, right? Like what needs to happen on that side, ceasefire, a cessation of hostile activity, whatever that is. But I can tell you, we'll know it when we see it in our project pipeline as we measure those key project milestones and the time in between those milestones.

這與地緣政治環境如何對應，我不可能說得準，對吧？例如需要發生什麼——停火、敵對行動停止，或不管那是什麼。但我可以告訴你的是，當我們在專案管線中衡量那些關鍵里程碑，以及里程碑之間的時間間隔時，我們一看就會知道情況是否改善。

No, that's very helpful perspective on it.

不，這個觀點非常有幫助。

And that kind of leads to my next question, which was totally understand the impossibility of reinstating guidance in this kind of environment like you described. But the one thing you do stress a couple of times in the release in the letter is the backlog, so the $27 million.

這也引出我的下一個問題：完全理解在您描述的這種環境下，不可能恢復財測指引。但你們在新聞稿與信中有幾次強調在手訂單，也就是 2,700 萬美元。

How do we think about that number? What does that number mean for us? Can we think about that as kind of a floor to the second half or is that -- I'm just curious, that is the one metric we have and I'm just curious how you would frame that for us, how we should be thinking about that from a modeling perspective?

我們該如何看待這個數字？這個數字對我們意味著什麼？我們能否把它視為下半年某種程度的底部（floor）？還是——我只是好奇，這是我們目前唯一的量化指標，我想了解你們會如何幫我們框架它、以及我們在建模時應該如何思考？

Yeah, I primarily look at our comments around the strength of the backlog in 2027 and beyond. I think that's when we're going to see growth start to reappear. We have seen some contracting activity this year resume, but there is also some delay in contracting activity. So we disclosed the backlog number, but the ability to use that to read through into the rest of our year, I think is limited in this circumstance.

是的，我主要會把重點放在我們對 2027 年及以後在手訂單強度的評論上。我認為那時我們將會看到成長重新出現。我們確實看到今年有些簽約活動恢復，但也有一些簽約活動延遲。因此我們披露了在手訂單數字，但在這種情況下，用它來推估今年剩餘期間的表現，我認為其參考性有限。

So I think we're trying to get the focus to really be on the long-term pipeline. Now that's on the and and that's on the MVD side though, you heard us say that OEM and aftermarket business we expect to be resilient through the rest of this tier, so keep that in mind too.

所以我想我們是希望把焦點放在長期的專案管線上。不過那是 MVD 端的情況；同時你們也聽到我們說，OEM 與售後市場業務我們預期在今年剩餘期間仍具韌性，這點也請一併納入考量。

Now you talked about the PX Q650 earlier. Obviously, this whole air pocket here with the Iran conflict ends up being poorly timed as it relates to that launch. Should we think about this as kind of pushing out the PX Q50 launch and rollout to where that's really going to impact the top line?

另外你先前提到 PX Q650。顯然，伊朗衝突造成的這段空窗期，對那次上市時點而言時機不佳。我們是否應該把它理解為 PX Q50 的上市與推廣被往後推遲，因而真正影響營收？

And I guess you've mentioned it will impact the margins as well. Do we kind of think about that more as a -- almost a 20 -- late, '27, '28 story at this point where it really moves the needle?

而且我想你也提到它會影響毛利率。我們是否應該把它更多視為——幾乎是 2027 年末、2028 年的故事，到了那時才會真正帶來顯著影響？

No, it shouldn't impact the product launches at all, right, so we haven't launched that product, we are seeing commercial uptake even from key customers. And that too is a demonstration of our product leadership, our innovative spirit, as well as the strength of our value proposition. We certainly think it makes sense as more countries are launching these multi-year national water programs and trains are getting larger, volumetric flow is increasing, right?

不，這不應該影響產品上市，對吧？我們尚未正式推出該產品，但已經看到來自關鍵客戶的商業採用。而這也證明了我們的產品領導力、創新精神，以及我們價值主張的強度。我們確實認為，隨著更多國家推出多年期的國家水資源計畫、且各期（trains）規模變大、體積流量增加，這樣的產品是合理且必要的。

So this just seems like a natural play into that changing market environment. It also strengthens our competitive position pretty well, very well I would say. So when you look at our performance against any competitive benchmarks out there, which there aren't many on the NPD side anyway, but as we look at large mega projects in the pipeline, when you look at things like efficiency, specific energy consumption, back pressure, useful life, warranty coverage, et cetera.

因此，這看起來就是順勢切入這個正在變化的市場環境。它也強化了我們的競爭地位——我會說是非常明顯地強化。所以當你把我們的表現拿去對照任何競爭基準（雖然在 NPD 端本來就不多），並且觀察管線中的大型超級專案時，像是效率、單位能耗（specific energy consumption）、背壓、使用壽命、保固範圍等等。

I just think it puts us in such a strong competitive position and strengthens our value proposition accordingly. So the short answer to your question is no, it won't delay the product launch. We are inking deals for the $650, both small and large, and we expect that we will continue to ink those deals.

我只是認為，這讓我們處於非常強勁的競爭地位，並相應地強化了我們的價值主張。所以對你問題的簡短回答是：不會，它不會延後產品上市。我們正在為 650 美元的方案簽訂合約，無論是小型或大型案子都有，我們預期會持續簽下這些合約。

And then going back to the new facility, the new manufacturing facility in Saudi Arabia, congratulations on that. I know that's been something that's been in the works for a while. And I want to take that from the flip side as the earlier question on the margin benefit.

接著回到新廠房，也就是在沙烏地阿拉伯的新製造設施，恭喜你們。我知道這件事已經籌備了一段時間。我想從另一個角度來看，也就是呼應先前關於毛利率效益的問題。

But in terms of the capital cost there and the cash flow impact over the next, I guess, year and a half as that ramps up, Aidan, do you have anything you can share with us on the total capital cost for that and how that will sequence over the next year, however long that takes?

不過就那邊的資本成本，以及接下來我想大約一年半、隨著產能爬坡的現金流影響而言，Aidan，你能否分享一下該項目的總資本成本，以及未來一年（或所需時間）內的支出節奏會如何？

Yeah, I think about it as a very limited capital cost. As a reminder, we're not greenfielding a new site, we are leasing a space. So the incremental capital cost is really around equipment, some fixed assets. We gave guidance this year for $3 million to $6 million of total CapEx that still stands.

是的，我把它視為資本成本非常有限。提醒一下，我們不是在一塊空地上新建廠區（greenfield），而是租用一個空間。因此新增的資本成本主要在設備與一些固定資產上。我們今年給出的指引是總資本支出（CapEx）3 百萬到 6 百萬美元，這個指引仍然不變。

You might remember maintenance CapEx is less than that. So we're talking about a few million bucks this year. There may be some next year as we build out that facility further, but it's a limited CapEx facility.

你可能記得，維護性資本支出低於這個水準。所以我們今年談的是幾百萬美元的規模。明年隨著我們進一步擴建該設施，可能還會有一些支出，但這是一個資本支出有限的廠房。

Fair enough. Well, thanks for your time.

了解。謝謝你撥冗。

Thank you.

謝謝。

(Operator Instructions) Jeffrey Campbell, Seaport Research Partners.

(接線員指示) Jeffrey Campbell，Seaport Research Partners。

Thank you for taking my questions.

謝謝讓我提問。

You've said that the O&M and aftermarkets are going to remain pretty resilient. Can you give us some kind of broad guidance on what that represents for the rest of '26? Is it going to be similar to the first two quarters? How do you think about that?

你們提到 O&M（營運與維護）以及售後市場將會維持相當有韌性。能否給我們一些對 2026 年剩餘期間的大方向指引？會和前兩季差不多嗎？你們怎麼看？

A comment about the resiliency was really a full year comment. In the first half, we've obviously in OEM and aftermarket come down a little bit below where we were last year. But when we look at the second half of the year and when we look at the full year, I characterize our expectations that those businesses will remain resilient.

關於韌性的評論其實是針對全年而言。上半年我們在 OEM 與售後市場的表現，確實比去年略有下滑。但當我們看下半年、以及看全年，我會形容我們的預期是：這些業務將維持韌性。

There was a little choppiness obviously in the first half from everything that happened in the war. Those businesses are not amused by any means to the goings on there, but again, resilient for the full year.

上半年顯然因為戰爭所發生的一切而有些波動。這些業務對那邊的情勢發展絕非無動於衷，但再次強調，就全年而言仍具韌性。

You noted that the low pressure PX energy savings were 23% and 25% of real-world applications. I'm just wondering what sort of improvement does that represent over what you were offering prior to the low PX development?

你提到低壓 PX 的節能效果在實際應用中是 23% 與 25%。我想了解，這相較於你們在開發低壓 PX 之前所提供的方案，代表了多大的提升？

Pretty similar, those products really just address other use cases within wastewater. So it's a product that will expand the TAM for us.

相當類似；那些產品主要是針對廢水領域中的其他使用情境。因此這是一項能為我們擴大 TAM（可服務總市場）的產品。

You mentioned that megaproject construction activity had resumed in some Middle East conflict areas. Those apparently are not producing deals for energy recovery at this point. I thought that might be a good opportunity to just review what's the typical lag between when a project starts actual construction and then when you receive a tender for your devices.

你提到在中東部分衝突地區，大型專案的施工活動已經恢復。但目前看起來這些並未帶來能源回收方面的訂單。我想這是個好機會請你回顧一下：一般而言，從專案開始實際施工到你們收到設備招標（tender）之間，典型的時間落差大概是多久？

Usually, we're on the early side of the procurement cycle. So I will let you know that we're kind of 1% to 2% of the capital value here, but in most cases, because of our production schedule slotting in production, right, they're going to want to order products from us and get those in hand and in-house, right? So we have seen a lag -- we have seen that lag grow in this environment.

通常我們在採購週期中算是比較早期的一環。我也補充一下，我們大概只占整體資本價值的 1% 到 2%，但多數情況下，因為我們的生產排程需要安排產能時段，他們會希望向我們下單，並把產品拿到手、運到廠內。所以我們確實看到有時間落差——而且在目前環境下，這個落差變得更長。

But back to the earlier part of your question, obviously, I mean, we've got great comprehensive visibility of the MPD pipeline. So there's not a project out there that we don't see and we don't see early, and we're not in discussion with those customers. I mean, the users are the auth-takers, the developers, the EPCs, et cetera. So we've got incredible coverage and early and poor visibility on those projects. So that's the point I would want to reinforce there, right?

但回到你問題的前半段，顯然我們對 MPD 管線有非常全面的能見度。所以外面沒有任何一個專案是我們看不到的；而且我們都很早就能看到，也都會與那些客戶討論。我的意思是，使用者、承購方、開發商、EPC 等等。因此我們覆蓋非常完整，對這些專案有非常早期且良好的能見度。這就是我想在這裡強調的重點，對吧？

So we're not going to miss an MPD project. We're going to see them all and we're going to be positioned early and be closely monitoring that project timeline.

所以我們不會錯過任何 MPD 專案。我們會看到所有專案，並且會在早期就做好布局，密切監控該專案的時程。

Okay.

好的。

And then my last one that I'll ask is going back to these targeted changes that you're making in wastewater, you've already given some good color on that, but I wondered if you (inaudible), particularly on the synergies that you said you want to unlock with the broader organization, I'm wondering if those are those organizational or are we talking about manufacturing, what kind of synergies are you thinking about?

最後一個問題是回到你們在廢水領域所做的這些針對性調整，你們已經提供了一些不錯的說明，但我想再問一下（聽不清），特別是你提到希望與更廣泛的組織解鎖的協同效益，我想了解那是組織面的協同，還是製造端的協同？你們指的是哪一類協同效益？

Yeah, I mean, what we're finding is that there are some common customers here. So when we think about sales coverage in a territorial sense, we have sort of separate and parallel. Business units between water or desal and wastewater, I think what we've done is taken a view of what is the customer overlap, what are the key accounts, and then how many salespeople or territory specialists do we need in any specific area to cover those key accounts in that territory, that one area of call it synergies, right?

是的，我們發現這裡有一些共同客戶。所以當我們從區域覆蓋的角度思考銷售配置時，我們在水務或海淡與廢水之間，原本有些各自獨立、平行的事業單位。我認為我們所做的是檢視客戶重疊度、哪些是關鍵客戶，然後在特定區域內，為了覆蓋該區域的關鍵客戶，我們需要多少位業務或區域專員；這就是其中一種協同效益。

The other area of synergies is on the sales management side. Obviously, we do have a sales management infrastructure for desal. We do have a sales management infrastructure for wastewater. In some cases, those are duplicative and overlapping. So we could certainly drive, realize efficiencies and economize between those two. So I have a point to both of those kind of overlapping sales resources in certain cases and then overlapping sales management in other cases.

另一個協同效益的面向是在銷售管理端。很明顯地，我們在海淡有一套銷售管理架構。在廢水也有一套銷售管理架構。在某些情況下，這兩者是重複且重疊的。因此我們當然可以在兩者之間推動並實現效率提升與規模經濟。所以我指的是：某些情況下重疊的銷售資源，以及另一些情況下重疊的銷售管理。

Great. No, that was helpful. Thank you. I appreciate it.

很好。不，那很有幫助。謝謝。我很感謝。

We have reached the end of the question-and-answer session. I would like to turn the floor back over to Alex Buehler for closing comments.

問答環節到此結束。我想把時間交回給 Alex Buehler 作結語。

Thank you, operator. I want to thank all of our stakeholders for your continued interest and support, and we look forward to updating you on our next call after the third quarter.

謝謝，接線員。我要感謝所有利害關係人持續的關注與支持，我們期待在第三季之後的下一次電話會議上向各位更新。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。