燃料電池能源 (FCEL) 2022 Q2 法說會逐字稿

Good morning. My name is Julianne, and I'll be your conference operator today. At this time, I would like to welcome everyone to the FuelCell Energy's Second Quarter 2022 Earnings Conference Call. (Operator Instructions)

早上好。我叫 Julianne，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加 FuelCell Energy 的 2022 年第二季度收益電話會議。 （操作員說明）

Tom Gelston, Senior Vice President, Finance and Investor Relations, you may begin your conference.

Tom Gelston，財務和投資者關係高級副總裁，您可以開始您的會議了。

Good morning, everyone, and thank you for joining us on the call today. As a reminder, this call is being recorded. This morning, FuelCell Energy released our financial results for the second quarter of fiscal year 2022, and our earnings press release and our quarterly report on Form 10-Q are available in the Investors section on our website at www.fuelcellenergy.com. Consistent with our practice, in addition to this call and our earnings press release, we have posted a slide presentation on our website. This webcast is being recorded and will be available for replay on our website approximately 2 hours after we conclude the call.

大家早上好，感謝您今天加入我們的電話會議。提醒一下，此通話正在錄音中。今天上午，FuelCell Energy 發布了我們 2022 財年第二季度的財務業績，我們的收益新聞稿和表格 10-Q 的季度報告可在我們網站 www.fuelcellenergy.com 的“投資者”部分獲得。根據我們的慣例，除了本次電話會議和我們的收益新聞稿外，我們還在我們的網站上發布了幻燈片演示。此網絡廣播正在錄製中，通話結束後約 2 小時可在我們的網站上重播。

Before we begin, please note that some of the information that you will hear or be provided with today will consist of forward-looking statements within the meaning of the Securities Exchange Act of 1934. Such statements expressed are expectations, beliefs and intentions regarding the future and include, without limitation, statements with respect to our anticipated financial results, our plans and expectations regarding the continuing development, commercialization and financing of our FuelCell technology and our business plans and strategies. Our actual future results could differ materially from those described in or implied by such forward-looking statements because of a number of risks and uncertainties.

在我們開始之前，請注意，您今天將聽到或獲得的一些信息將包含 1934 年證券交易法含義內的前瞻性陳述。表達的這些陳述是對未來的期望、信念和意圖包括但不限於關於我們的預期財務結果、我們對燃料電池技術的持續開發、商業化和融資以及我們的業務計劃和戰略的計劃和期望的聲明。由於存在許多風險和不確定性，我們的實際未來結果可能與此類前瞻性陳述中描述或暗示的結果存在重大差異。

More information regarding such risks and uncertainties is available in the safe harbor statement in the slide presentation and in our filings with the Securities and Exchange Commission, particularly the Risk Factors section of our most recently filed annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q.

有關此類風險和不確定性的更多信息，請參閱幻燈片演示中的安全港聲明以及我們提交給證券交易委員會的文件，特別是我們最近提交的 10-K 表格年度報告的風險因素部分以及隨後提交的任何文件表格 10-Q 上的季度報告。

During the course of this call, we will be discussing certain non-GAAP financial measures and we will refer you to our website and to our earnings press release and the appendix of the slide presentation for the reconciliation of those measures to GAAP financial measures. Our earnings press release and a copy of today's webcast presentation are available on our website at fuelcellenergy.com under Investors.

在本次電話會議期間，我們將討論某些非 GAAP 財務措施，我們將向您推薦我們的網站和我們的收益新聞稿以及幻燈片演示文稿的附錄，以便將這些措施與 GAAP 財務措施進行協調。我們的收益新聞稿和今天的網絡廣播演示文稿的副本可在我們的網站fuelcellenergy.com 的投資者下獲得。

For our call today, I am joined by Jason Few, FuelCell Energy's President and Chief Executive Officer; and Mike Bishop, our Executive Vice President, and Chief Financial Officer and Treasurer. Following our prepared remarks, we will be available to take your questions and be joined by other members of the leadership team.

在今天的電話會議中，FuelCell Energy 總裁兼首席執行官 Jason Few 加入了我的行列；以及我們的執行副總裁兼首席財務官兼財務主管 Mike Bishop。在我們準備好的評論之後，我們將可以回答您的問題，並與領導團隊的其他成員一起加入。

I would like to now hand the call over to Jason for opening remarks. Jason?

我現在想把電話交給 Jason 來做開場白。傑森？

Thank you, Tom, and good morning, everyone. Thank you for joining us on our call today. In the second quarter, we made continued progress in executing our Powerhouse business strategy.

謝謝你，湯姆，大家早上好。感謝您今天加入我們的電話會議。在第二季度，我們在執行我們的 Powerhouse 業務戰略方面取得了持續進展。

Before I get into the results for the quarter, always like to provide a brief overview of the company. As shown on Slide 3, in summary, what we do is decarbonized power and produce hydrogen. We do this as a leader in manufacturing stationary FuelCell platforms that leverage our proprietary technologies. We operate across 3 continents. And as we previously stated, we are focused on targeting new opportunities in new markets across the globe. In fact, just this week, we announced a collaboration opportunity in North Africa. Our manufacturing locations are currently located in the United States, Canada and Germany, which we believe positions FuelCell Energy for local content requirements and efficient distribution, which is increasingly important given global supply chain constraints and clog shipping ways. We have 95 platforms in commercial operation, which we believe demonstrate the commercial feasibility of our products.

在我了解本季度的結果之前，我總是喜歡提供公司的簡要概述。如幻燈片 3 所示，總而言之，我們所做的是脫碳發電並生產氫氣。作為製造利用我們專有技術的固定式燃料電池平台的領導者，我們做到了這一點。我們在三大洲開展業務。正如我們之前所說，我們專注於在全球新市場尋找新機會。事實上，就在本週，我們宣布了在北非的合作機會。我們的製造基地目前位於美國、加拿大和德國，我們認為 FuelCell Energy 可以滿足當地含量要求和高效分銷，鑑於全球供應鏈限制和運輸方式受阻，這一點變得越來越重要。我們有95個平台投入商業運營，我們相信這證明了我們產品的商業可行性。

In fiscal year 2021, our revenue of nearly $70 million came from 3 revenue categories: servicing licenses, advanced technologies and generation, all of which represent diversified sources of recurring revenue under multiyear contracts. Over the past 2 fiscal years, we have had no revenue from product sales. However, product sales returned to our revenue mix in the first quarter of this year with an initial order for 12 replacement modules to service POSCO Energy's existing installations in Korea, 6 of which were delivered in the first quarter of this year. We expect to deliver additional modules from the initial order in the third quarter of this year and pursuant to the terms of the settlement agreement with POSCO Energy, We expect Korea FuelCell to place a non-cancelable order for 8 additional modules by June 30, 2022.

在 2021 財年，我們近 7000 萬美元的收入來自 3 個收入類別：服務許可證、先進技術和發電，所有這些都是多年合同下經常性收入的多元化來源。在過去 2 個財政年度，我們沒有產品銷售收入。然而，產品銷售在今年第一季度恢復了我們的收入組合，最初訂購了 12 個替換模塊，以服務於 POSCO Energy 在韓國的現有裝置，其中 6 個在今年第一季度交付。我們預計將在今年第三季度從初始訂單中交付更多模塊，根據與 POSCO Energy 的和解協議條款，我們預計韓國 FuelCell 將在 2022 年 6 月 30 日之前下達不可取消的額外 8 個模塊訂單.

We continue to target delivery of all 20 modules by the end of fiscal year 2022. With the Asian market once again open to us as a result of that agreement, we are optimistic that in the future, we will see revenues from new product sales in Korea in addition to other Asian markets as well as select countries in Europe, the Middle East, Africa, Latin America and North America where we have made it a priority to target product sales.

我們的目標是在 2022 財年年底前交付所有 20 個模塊。由於該協議，亞洲市場再次向我們開放，我們樂觀地認為，未來我們將看到新產品銷售收入韓國以及其他亞洲市場以及歐洲、中東、非洲、拉丁美洲和北美的選定國家/地區，我們已將產品銷售作為優先目標。

On Slide 4, you will see our purpose. As a company, we are committed to our purpose of enabling a world empowered by clean energy. Today and in the future, every industry and company will be impacted by the transition to net zero and we believe our technology is well positioned. The world will always need reliable power, created in an environmentally responsible manner. Therefore when it comes to what we do, we believe FuelCell Energy is uniquely positioned to assist customers on a safe, secure and practical path to carbon Zero. We believe we can do this by decarbonizing power and producing hydrogen. We believe we have the only technology that can capture CO2 while producing power and hydrogen and produce hydrogen, power and water simultaneously.

在幻燈片 4 上，您將看到我們的目的。作為一家公司，我們致力於實現一個由清潔能源賦能的世界的目標。今天和未來，每個行業和公司都將受到向淨零過渡的影響，我們相信我們的技術處於有利地位。世界將永遠需要可靠的電力，以對環境負責的方式創造。因此，當談到我們所做的事情時，我們相信 FuelCell Energy 具有獨特的優勢，可以幫助客戶走上安全、可靠和實用的零碳之路。我們相信我們可以通過使電力脫碳和生產氫氣來做到這一點。我們相信我們擁有唯一可以在生產電力和氫氣的同時捕獲二氧化碳並同時生產氫氣、電力和水的技術。

FuelCell Energy's technologies provide localized solutions for clean energy that deliver real-time benefits to the communities in which our platforms operate while reducing Scope 1 and 2 emissions. We do this in a manner which supports high standards of living and economic growth while protecting the environment, minimizing land use when compared to wind and solar projects, avoiding costly transmission build-outs and adapting to new resource challenges. This purpose drives our strategic focus and the work we are passionate about doing.

FuelCell Energy 的技術為清潔能源提供本地化解決方案，為我們平台運營所在的社區帶來實時收益，同時減少範圍 1 和 2 的排放。我們這樣做的方式是支持高標準的生活和經濟增長，同時保護環境，與風能和太陽能項目相比，最大限度地減少土地使用，避免昂貴的輸電建設並適應新的資源挑戰。這一目的推動了我們的戰略重點和我們熱衷於做的工作。

Now I will move on to the key messages for the second quarter beginning on Slide 5. We continue to make steady progress advancing our strategic agenda, executing against our backlog and working toward commercialization of new technologies. At the 7.4 megawatt project at the U.S. Navy Submarine Base in Groton, Connecticut, we have completed the commissioning process of 1 of the 2 platforms installed on site. The second platform requires additional component work. And when that's complete, we will then resume the final stage of commissioning. We expect the project to be commercially operational this summer, at which time it will be added to our generation portfolio. When fully operational, the platforms incorporation into the microgrid is expected to demonstrate the capacity of FuelCell Energy's platforms to increase grid stability and resilience. It will support the U.S. military's efforts to fortify its base energy supply while demonstrating the U.S. Navy's commitment to clean, reliable power with microgrid capabilities.

現在，我將從幻燈片 5 開始討論第二季度的關鍵信息。我們將繼續穩步推進我們的戰略議程，執行我們的積壓工作並努力實現新技術的商業化。在位於康涅狄格州格羅頓的美國海軍潛艇基地的 7.4 兆瓦項目中，我們已經完成了現場安裝的 2 個平台中的 1 個的調試過程。第二個平台需要額外的組件工作。完成後，我們將恢復調試的最後階段。我們預計該項目將在今年夏天投入商業運營，屆時它將被添加到我們的發電產品組合中。完全投入運行後，併入微電網的平台有望展示 FuelCell Energy 平台提高電網穩定性和彈性的能力。它將支持美國軍方加強其基礎能源供應的努力，同時展示美國海軍對具有微電網能力的清潔、可靠電力的承諾。

Another key project is the 2.3 megawatt tri-generation platform we are constructing for Toyota at the Port of Long Beach. That will produce electricity, hydrogen and water. FuelCell platform equipment has been built and delivered to the site and civil construction work has significantly advanced. We are nearing the completion of the construction phase of the project with the remaining project activity anticipated to be completed in late 2022 or early 2023. As a result, while we have made substantial progress, we do anticipate that commercial operations will be delayed beyond June 30, 2022, and we will need to request and receive from Toyota an extension to the hydrogen power purchase agreement. When the project achieve commercial operations, this energy platform will deliver carbon neutral electricity, green hydrogen and water in a region experiencing extreme drought conditions, and we expect our product to improve the air quality in Long Beach, California, an area hampered by poor air quality.

另一個重點項目是我們在長灘港為豐田建造的 2.3 兆瓦三聯電平台。這將產生電力、氫氣和水。 FuelCell平台設備已建成並交付現場，土建工作顯著推進。我們即將完成項目的建設階段，剩餘的項目活動預計將在 2022 年底或 2023 年初完成。因此，雖然我們取得了實質性進展，但我們確實預計商業運營將推遲到 6 月以後2022 年 3 月 30 日，我們將需要向豐田申請並獲得氫能購買協議的延期。當該項目實現商業運營時，該能源平台將在遭受極端乾旱條件的地區提供碳中和電力、綠色氫氣和水，我們希望我們的產品能夠改善加利福尼亞州長灘的空氣質量，該地區因空氣質量差而受阻質量。

The hydrogen produced from our platform will provide the fuel needed to power the transportation sector in both passenger vehicles and Class 8 heavy-duty trucks. Once completed, this project is expected to be a real-world example of how distributed green hydrogen can be deployed to repower and refuel the transportation sector, including maritime, aviation, rail, bussing and more.

我們平台生產的氫氣將為乘用車和 8 級重型卡車的運輸部門提供動力所需的燃料。一旦完成，該項目預計將成為一個真實世界的例子，展示如何部署分佈式綠色氫來為包括海運、航空、鐵路、公共汽車等在內的運輸部門提供動力和燃料。

During the quarter, we continued to invest capital in our internal R&D, much of which is focused on driving commercialization of our patented solid oxide platform to deliver power generation, electrolysis and energy storage. Additionally we are making progress in optimizing capacity for the carbonate platform with the goal of achieving 100 megawatts of annualized integrated onsite manufacturing and conditioning capacity. The latter being a key recent development that is expected to lower costs while increasing throughput.

在本季度，我們繼續在內部研發方面投入資金，其中大部分專注於推動我們獲得專利的固體氧化物平台的商業化，以提供發電、電解和儲能。此外，我們在優化碳酸鹽平台產能方面取得進展，目標是實現 100 兆瓦的年化綜合現場製造和調節能力。後者是近期的一項關鍵發展，預計將在提高吞吐量的同時降低成本。

Second, we are also continuing to focus on the advancement of carbon capture and carbon separation technology toward commercialization. Following the achievement of our critical technical milestone associated with our differentiated carbon capture application under the joint development agreement with ExxonMobil Technology and Engineering Company, or EMTEC, we entered into an extension of our collaborative development agreement, enabling our companies to continue working to advance FuelCell carbon capture and storage technology. Additionally, we are also conducting a joint market study to define application opportunities and commercialization strategies and identify partners for potential pilot or demonstration projects as we pursue carbon capture across a broad landscape of industrial applications.

其次，我們還將繼續關注碳捕獲和碳分離技術向商業化的發展。根據與埃克森美孚技術和工程公司 (EMTEC) 的聯合開發協議，我們實現了與我們的差異化碳捕獲應用相關的關鍵技術里程碑之後，我們簽訂了合作開發協議的延期，使我們的公司能夠繼續努力推進燃料電池碳捕獲和儲存技術。此外，我們還在進行一項聯合市場研究，以確定應用機會和商業化戰略，並為潛在的試點或示範項目確定合作夥伴，因為我們在廣泛的工業應用領域追求碳捕獲。

During our recent Investor Day presentation and our 8-K filed with the SEC on March 21, 2022, we highlighted that we believe the combined cumulative market for carbon capture leveraging our technology is approximately $1 trillion through 2030. We are also making progress with our first-generation carbon capture and storage technologies. This includes our work in the United Kingdom with DRAX, one of the largest biomass power plants in the world to capture carbon and Canadian National Resource Limited, a consortium of oil sand companies and some supporting Canadian government entities.

在我們最近的投資者日演講和我們於 2022 年 3 月 21 日向美國證券交易委員會提交的 8-K 中，我們強調，我們相信到 2030 年，利用我們的技術進行碳捕獲的總累計市場約為 1 萬億美元。我們還在我們的第一代碳捕獲和儲存技術。這包括我們在英國與 DRAX（世界上最大的碳捕獲生物質發電廠之一）和加拿大國家資源有限公司（由油砂公司和一些支持加拿大政府實體組成的財團）的合作。

My third key message is that we are continuing to build our path forward in Asia. We continue to build our commercial organization in Korea in support of our efforts to build new opportunities in the broader Asian market. We believe that in Korea, FuelCell Energy's differentiated technology is a highly desirable choice for utility-scale projects given its high-quality thermal attributes that support the district heating requirements in the country. The Korean government previously announced an aggressive hydrogen economy roadmap, which should create exciting opportunities in this market. In addition, Japan has also announced goals to expand hydrogen usage cost and supply targets. We look forward to bringing our unique distributed generation and distributed hydrogen platform to the Asian market as Asia looks to lead in the hydrogen transition.

我要傳達的第三個關鍵信息是，我們將繼續在亞洲建立我們的前進道路。我們將繼續在韓國建立我們的商業組織，以支持我們在更廣闊的亞洲市場上創造新機遇的努力。我們相信，在韓國，FuelCell Energy 的差異化技術是公用事業規模項目非常理想的選擇，因為它具有支持該國區域供熱需求的高質量熱屬性。韓國政府此前宣布了一項積極的氫經濟路線圖，這應該會在這個市場上創造令人興奮的機會。此外，日本還宣布了擴大氫氣使用成本和供應目標的目標。我們期待將我們獨特的分佈式發電和分佈式氫平台帶到亞洲市場，因為亞洲希望在氫能轉型中處於領先地位。

Additionally, recall that last quarter we reached a settlement agreement with POSCO Energy, which called for 20 replacement modules to be ordered during fiscal year 2022 to service its existing installed base. 6 modules were delivered last quarter. And while none were delivered this quarter, we continue to target delivery of all 20 modules by the end of fiscal year 2022.

此外，回想一下，上個季度我們與 POSCO Energy 達成了一項和解協議，該協議要求在 2022 財年訂購 20 個替換模塊，以服務其現有的安裝基礎。上季度交付了 6 個模塊。儘管本季度沒有交付任何模塊，但我們繼續計劃在 2022 財年末交付所有 20 個模塊。

And now I will turn it over to Mike to discuss the quarter financial results in more detail. Mike?

現在我將把它交給邁克，以更詳細地討論季度財務業績。麥克風？

Thank you, Jason, and thanks to those that have joined our call today. Now I'd like to spend a few minutes providing some details on our financial results for the second fiscal quarter of 2022, beginning on Slide 7. In the second quarter of fiscal 2022, we reported revenues of $16.4 million compared to $14 million in the second quarter of fiscal '21, an increase of approximately 17%.

謝謝你，傑森，也感謝今天加入我們電話會議的人。現在，我想花幾分鐘時間提供一些有關我們 2022 年第二財季財務業績的詳細信息，從幻燈片 7 開始。在 2022 財年第二季度，我們報告的收入為 1640 萬美元，而上一財年為 1400 萬美元。 '21 財年第二季度，增長約 17%。

Looking at revenues by category. Consistent with our expectations, there were no product revenues in the second quarter as there were no modules delivered. We do expect product revenues in the third quarter as we expect to deliver additional modules from the 12 module order we received from a subsidiary of POSCO Energy in the first fiscal quarter of 2022. Additionally, pursuant to the terms of the settlement agreement with POSCO Energy, we expect a subsidiary of POSCO Energy to place a non-cancelable order by June 30, 2022, for 8 additional modules. We are targeting delivery of all 20 modules, of which 6 were delivered in the first quarter by the end of our fiscal year.

按類別查看收入。與我們的預期一致，由於沒有交付模塊，第二季度沒有產品收入。我們確實預計第三季度的產品收入，因為我們預計將在 2022 年第一財季從 POSCO Energy 的子公司收到的 12 個模塊訂單中交付額外的模塊。此外，根據與 POSCO Energy 的和解協議的條款，我們預計 POSCO Energy 的子公司將在 2022 年 6 月 30 日之前下達不可取消的訂單，訂購 8 個附加模塊。我們的目標是交付所有 20 個模塊，其中 6 個在本財年末的第一季度交付。

Service agreements revenues increased 300% to $2.6 million from $700,000. The increase in revenues for the second quarter of fiscal 2022 is primarily due to the fact there was a refurbished module exchange and non-routine maintenance activities during the quarter. Generation revenues increased 46% to $9.1 million from $6.2 million, primarily due to the completion of the Long Island Power Authority or LIPA Yaphank project, during the 3 months ended January 31, 2022, and the higher operating output of the generation fleet portfolio as a result of module replacements during the last 6 months of fiscal year 2021.

服務協議收入從 700,000 美元增長 300% 至 260 萬美元。 2022財年第二季度收入的增長主要是由於該季度進行了翻新模塊更換和非常規維護活動。發電收入從 620 萬美元增長 46% 至 910 萬美元，這主要是由於在截至 2022 年 1 月 31 日的 3 個月內完成了長島電力局或 LIPA Yaphank 項目，以及發電機隊組合的較高運營產出作為2021 財年最後 6 個月更換模塊的結果。

Advanced Technologies contract revenues decreased 34% to $4.7 million from $7.1 million. Compared to the second quarter of fiscal 2021, advanced technology contract revenues recognized under the joint development agreement with ExxonMobil Technology and Engineering Company or EMTEC, formerly known as ExxonMobil Research and Engineering Company, were approximately $3.2 million lower during the second quarter of fiscal 2022, offset by an increase in revenue recognized under government and other contracts of $900,000 for the second quarter of fiscal 2022.

Advanced Technologies 合同收入從 710 萬美元下降 34% 至 470 萬美元。與 2021 財年第二季度相比，根據與埃克森美孚技術與工程公司或 EMTEC（前身為埃克森美孚研究與工程公司）的聯合開發協議確認的先進技術合同收入在 2022 財年第二季度減少了約 320 萬美元，被 2022 財年第二季度政府和其他合同確認的收入增加 900,000 美元所抵消。

Gross loss for the second quarter of fiscal 2022 totaled $7.3 million compared to a gross loss of $4.8 million in the comparable prior year quarter. The increase in gross loss was driven by higher manufacturing variances, $4.8 million of non-recoverable costs related to the construction of the Toyota project and lower advanced technologies margin, partially offset by reduced generation gross loss, excluding the impact of the non-recoverable costs related to the construction of Toyota project and reduced service gross loss.

2022 財年第二季度的總虧損為 730 萬美元，而去年同期的總虧損為 480 萬美元。毛損失增加的原因是製造差異增加、與豐田項目建設相關的 480 萬美元不可收回成本以及先進技術利潤率下降，部分被發電毛損減少（不包括不可收回成本的影響）所抵消與豐田項目建設和減少服務毛損有關。

Operating expenses for the second quarter of fiscal 2022 increased to $20.9 million from $12.6 million in the second quarter of fiscal 2021. Administrative and selling expenses increased due to higher sales, marketing and consulting costs as the company is investing in rebranding and accelerating its sales and commercialization efforts, including increasing the size of its sales and marketing teams, which resulted in an increase in compensation expenses. Research and development expenses were $7.7 million during the second quarter, up from $3 million in the second quarter of fiscal 2021, reflecting increased spending on the company's hydrogen commercialization initiatives, namely acceleration of our commercial development efforts related to our solid oxide platform.

2022 財年第二季度的運營費用從 2021 財年第二季度的 1,260 萬美元增加到 2,090 萬美元。由於公司投資於品牌重塑和加速其銷售和商業化努力，包括增加其銷售和營銷團隊的規模，這導致補償費用增加。第二季度的研發費用為 770 萬美元，高於 2021 財年第二季度的 300 萬美元，這反映了公司氫商業化計劃的支出增加，即加快了與固體氧化物平台相關的商業開發工作。

Net loss was $30.1 million in the second quarter of fiscal 2022 compared to a net loss of $18.9 million in the second quarter of fiscal 2021, driven by a higher gross loss and higher operating expenses. Additionally, interest expense was higher in the second quarter of fiscal 2022 compared to the prior year period. Adjusted EBITDA totaled negative $21.2 million in the second quarter of fiscal 2022 compared to adjusted EBITDA of negative $11.3 million in the second quarter of fiscal 2021. Please see the discussion of non-GAAP financial measures, including adjusted EBITDA in the appendix at the end of our earnings release.

2022 財年第二季度的淨虧損為 3010 萬美元，而 2021 財年第二季度的淨虧損為 1890 萬美元，原因是毛虧損增加和運營費用增加。此外，與去年同期相比，2022 財年第二季度的利息費用更高。 2022 財年第二季度調整後 EBITDA 總計為負 2120 萬美元，而 2021 財年第二季度調整後 EBITDA 為負 1130 萬美元。請參閱非 GAAP 財務措施的討論，包括附錄中的調整後 EBITDA我們的收益發布。

The net loss attributable to common stockholders in the second quarter of fiscal 2022 was $31 million or $0.08 per basic and diluted share compared to $19.7 million or $0.06 per basic and diluted share in the second quarter of fiscal 2021. The higher net loss per common share is primarily due to the higher net loss attributable to common stockholders, partially offset by the higher number of weighted average shares outstanding due to share issuances since April 30, 2021.

2022 財年第二季度歸屬於普通股股東的淨虧損為 3100 萬美元或每股基本和稀釋後每股 0.08 美元，而 2021 財年第二季度為 1970 萬美元或每股基本和稀釋後每股 0.06 美元。每股普通股淨虧損較高主要是由於普通股股東應占淨虧損增加，部分被自 2021 年 4 月 30 日以來股票發行導致的已發行加權平均股數增加所抵消。

Next, please turn to Slide 8 for additional details on our financial performance and backlog. The chart at the left-hand side graphically shows certain of the numbers we just reviewed for the second quarters of fiscal years '21 and '22. Looking at the right-hand side of the slide, we finished the quarter with a backlog that was up slightly year-over-year to $1.33 billion, primarily as a result of the addition of product sales backlog partially offset by a reduction of service and Advanced Technologies backlog and reflecting the continued execution of backlog and adjustments to generation backlog. Specifically, changes to backlog reflect the addition of product sales backlog from the module order received from a subsidiary of POSCO Energy and module exchanges in our generation portfolio that are expected to contribute to higher future output and revenues.

接下來，請轉到幻燈片 8，了解有關我們財務業績和積壓工作的更多詳細信息。左側的圖表以圖形方式顯示了我們剛剛審查的 21 財年和 22 財年第二季度的某些數字。從幻燈片的右側看，我們在本季度末的積壓訂單同比略有增加，達到 13.3 億美元，這主要是由於產品銷售積壓的增加部分被服務和服務的減少所抵消。先進技術積壓並反映積壓的持續執行和對代積壓的調整。具體而言，積壓訂單的變化反映了從 POSCO Energy 的子公司收到的模塊訂單以及我們發電組合中的模塊交易所增加的產品銷售積壓，這些訂單預計將有助於提高未來的產量和收入。

Our Advanced Technologies backlog reflects new contracts from the U.S. Department of Energy, partially offset by work performed under our joint development agreement with EMTEC.

我們的先進技術積壓反映了美國能源部的新合同，部分被我們根據與 EMTEC 的聯合開發協議執行的工作所抵消。

Turning to Slide 9. I would like to give an update on enhanced liquidity and the ongoing investment in our project assets. As of April 30, 2022, we had total cash, restricted cash and cash equivalents of approximately $489.6 million. This includes approximately $467.8 million of unrestricted cash and cash equivalents represented by the darker blue bar on the chart in the center of the slide and $21.8 million of restricted cash and cash equivalents represented by the lighter blue bar.

轉到幻燈片 9。我想提供有關增強流動性和對我們項目資產的持續投資的最新信息。截至 2022 年 4 月 30 日，我們的現金、受限現金和現金等價物總額約為 4.896 億美元。這包括大約 4.678 億美元的非限制性現金和現金等價物，由幻燈片中央圖表中的深藍色條表示，以及 2180 萬美元的限制性現金和現金等價物，由較淺的藍色條表示。

About a year ago, in June of 2021, to strengthen our liquidity and financial flexibility, we commenced an at-the-market offering program with Jefferies and Barclays Capital to offer up to $500 million of our common stock. In the third and fourth quarters of last fiscal year, we sold approximately 44 million shares under the program, generating net proceeds to the company of approximately $369 million. In the second fiscal quarter of 2022, we sold an additional 19.9 million shares of common stock, resulting in net proceeds of $118.3 million.

大約一年前，即 2021 年 6 月，為了增強我們的流動性和財務靈活性，我們與 Jefferies 和 Barclays Capital 啟動了一項市場發售計劃，以提供高達 5 億美元的普通股。在上一財年的第三和第四季度，我們根據該計劃出售了大約 4400 萬股股票，為公司帶來了大約 3.69 億美元的淨收益。在 2022 年第二財季，我們額外出售了 1990 萬股普通股，淨收益為 1.183 億美元。

Looking at the right-hand side of the slide, there is a chart illustrating our total project assets, which make up our company-owned generation portfolio. We intend to continue to develop, construct and grow our portfolio of project assets. Investments to date reflect capital spent on completed operating projects as well as capital spent on projects currently in development and under construction. At the end of the second quarter of fiscal 2022, our gross project assets totaled approximately $264.1 million, which excludes accumulated depreciation.

在幻燈片的右側，有一張圖表說明了我們的項目總資產，這些資產構成了我們公司擁有的發電投資組合。我們打算繼續開發、建設和發展我們的項目資產組合。迄今為止的投資反映了用於已完成運營項目的資本以及用於當前開發和在建項目的資本。截至 2022 財年第二季度末，我們的項目總資產總額約為 2.641 億美元，其中不包括累計折舊。

As detailed on Slide 19 in the appendix of this presentation, our generation portfolio totaled 76.3 megawatts of assets as of April 30, 2022. This includes 41.4 megawatts of operating assets and 34.9 megawatts of projects in process. As projects in process begin commercial operation, they are expected to contribute higher revenue. Additionally, as these projects in process reach mechanical completion and/or achieve commercial operation, we expect to seek additional long-term tax equity financing as well as back leverage debt transactions to further reinvest capital back into the business.

如本演示文稿附錄中的幻燈片 19 所述，截至 2022 年 4 月 30 日，我們的發電組合資產總計 76.3 兆瓦。這包括 41.4 兆瓦的運營資產和 34.9 兆瓦的在建項目。隨著在建項目開始商業運營，預計它們將貢獻更高的收入。此外，隨著這些在建項目機械完工和/或實現商業運營，我們預計將尋求額外的長期稅收股權融資以及支持槓桿債務交易，以進一步將資本再投資回業務。

Please turn to Slide 10. As we previously shared during our Investor Day in March and in our public filings, we are targeting investments in 3 primary areas: capital expenditures, research and development and continued build-out of our generation portfolio. Capital spending will be in the areas of increased capacity expansion, additional test and laboratory facilities and upgrades to and expansion of our business systems. We are decreasing our estimated full year CapEx to a range of $30 million to $40 million from an earlier estimate of $40 million to $50 million due to timing of certain investments that we now expect will be made in fiscal year 2023 rather than 2022.

請轉到幻燈片 10。正如我們之前在 3 月的投資者日和公開文件中所分享的，我們的目標是在 3 個主要領域進行投資：資本支出、研發以及繼續擴大我們的發電投資組合。資本支出將用於增加產能擴張、增加測試和實驗室設施以及升級和擴展我們的業務系統。由於某些投資的時間安排，我們現在預計將在 2023 財年而不是 2022 年進行某些投資，因此我們將估計的全年資本支出從先前估計的 4,000 萬美元至 5,000 萬美元降低至 3,000 萬美元至 4,000 萬美元。

Looking at research and development. Our R&D efforts are focused on commercialization of our hydrogen technologies, including long-duration energy storage. We are decreasing our estimated full year R&D expenses to a range of $30 million to $40 million from an earlier estimate of $45 million to $55 million. We are committed to continuing the build-out of our generation portfolio, which should benefit from the growth in recurring revenues as projects begin operation under power purchase agreements.

著眼於研發。我們的研發工作專注於氫技術的商業化，包括長期儲能。我們正在將估計的全年研發費用從先前估計的 4500 萬美元到 5500 萬美元降低到 3000 萬美元到 4000 萬美元之間。我們致力於繼續擴大我們的發電組合，隨著項目根據購電協議開始運營，這將受益於經常性收入的增長。

As of April 30, 2022, the company had 34.9 megawatts of projects under development and construction, some of which are expected to generate operating cash flows beginning in fiscal year 2022. To build out this portfolio, as of April 30, 2022, we estimate the remaining investment in project assets to be approximately $89 million. For fiscal year 2022, we forecast project asset expenditures to be in the range of $40 million to $60 million. We expect these investments to result in growth for the company, and we believe that FuelCell Energy is well positioned to participate in the accelerating energy transition.

截至 2022 年 4 月 30 日，該公司有 34.9 兆瓦的項目正在開發和建設中，其中一些預計將在 2022 財年開始產生經營現金流。為了構建該投資組合，截至 2022 年 4 月 30 日，我們估計項目資產的剩餘投資約為8900萬美元。對於 2022 財年，我們預測項目資產支出將在 4000 萬美元至 6000 萬美元之間。我們預計這些投資將為公司帶來增長，我們相信 FuelCell Energy 能夠很好地參與加速能源轉型。

As discussed in our Investor Day, we have established targets for revenue in excess of $300 million by the end of fiscal year 2025 and in excess of $1 billion by the end of fiscal year 2030. In closing, we are pleased with the continued progress being made. At this time, while we recognize that there are some sectors that have the potential to be negatively impacted in the coming months; our current view is that the combination of our substantial backlog, recurring revenue from our fleet and continued sales focus will keep us well positioned for the future.

正如我們的投資者日所討論的那樣，我們制定了到 2025 財年末收入超過 3 億美元和到 2030 財年末收入超過 10 億美元的目標。最後，我們對持續取得的進展感到高興製成。目前，雖然我們認識到某些行業可能在未來幾個月內受到負面影響；我們目前的觀點是，我們大量的積壓訂單、我們車隊的經常性收入以及持續的銷售重點將使我們為未來做好準備。

I will now turn the call back over to Jason. Jason?

我現在將把電話轉回給傑森。傑森？

Thanks, Mike. On Slide 12, I want to reiterate the highlights of our Powerhouse business strategy, which is our guiding strategy for our journey towards long-term growth. The first tenet is growth. We want to pursue growth in markets and customer segments where we see significant opportunities for our technology.

謝謝，邁克。在幻燈片 12 上，我想重申我們 Powerhouse 業務戰略的亮點，這是我們實現長期增長的指導戰略。第一個原則是增長。我們希望在我們認為我們的技術存在重大機遇的市場和客戶群中尋求增長。

The second is scale. To achieve growth, we plan to scale our existing platform by investing in, extending and deepening our leadership in total human capital across the organization.

二是規模。為了實現增長，我們計劃通過投資、擴展和深化我們在整個組織的總人力資本方面的領導地位來擴展我們現有的平台。

And third, innovate. We believe that our continued focus on innovation will enable our participation in the growth of the hydrogen economy and carbon capture markets. 2 opportunities where we believe the combined cumulative market through 2030 is greater than $1.5 trillion and we expect will help us deliver on our purpose. Our Powerhouse business strategy has evolved over the past couple of years to focus on growth. The energy transition is happening at an accelerated pace, and we believe our technologies will play an important role in helping society achieve our global sustainability goals. We are moving forward with investments in capacity, capability and global talent, which we believe will enhance our ability to capture more of the market opportunity over the coming years and deliver enhanced shareholder returns over the long run.

第三，創新。我們相信，我們對創新的持續關注將使我們能夠參與氫經濟和碳捕獲市場的增長。 2 個機會，我們認為到 2030 年的累計市場總和超過 1.5 萬億美元，我們預計將幫助我們實現我們的目標。在過去的幾年中，我們的 Powerhouse 業務戰略已經演變為專注於增長。能源轉型正在加速進行，我們相信我們的技術將在幫助社會實現我們的全球可持續發展目標方面發揮重要作用。我們正在推進對產能、能力和全球人才的投資，我們相信這將增強我們在未來幾年抓住更多市場機會的能力，並從長遠來看提高股東回報。

On Slide 13, we have provided more detail on how we are working to achieve growth by pursuing global opportunities. I am proud of the progress we are making as an organization and how we are growing our sales team and capabilities with the goal of achieving the long-term targets shared at our recent Investor Day. Part of this is optimizing our business by which we mean capitalizing on our core technology strengths in key product markets. Just one example is the module cells to Korea FuelCell that we discussed today. These product sales utilize our existing technology and manufacturing processes to add meaningful revenue growth. One of our important goals has been to drive commercial excellence and support of this, I am very happy to have Mark Feasel, recently joined our team as Executive Vice President and Chief Commercial Officer. I look forward to his leadership in helping to strengthen our customer-centric relationships and further build our sales opportunities across applications, customer segments and geographic markets.

在幻燈片 13 中，我們提供了更多關於我們如何通過尋求全球機遇來實現增長的詳細信息。我為我們作為一個組織所取得的進步以及我們如何發展我們的銷售團隊和能力以實現我們最近的投資者日分享的長期目標而感到自豪。其中一部分是優化我們的業務，我們的意思是利用我們在關鍵產品市場的核心技術優勢。我們今天討論的韓國 FuelCell 模塊電池就是一個例子。這些產品銷售利用我們現有的技術和製造流程來增加有意義的收入增長。我們的重要目標之一是推動商業卓越和對此的支持，我很高興 Mark Feasel 最近加入我們的團隊，擔任執行副總裁兼首席商務官。我期待他的領導，幫助加強我們以客戶為中心的關係，並進一步在應用程序、客戶群和地理市場上建立我們的銷售機會。

To expand geographically and by market, we are focused on targeting opportunities in Korea and across Asia, Europe as well as the United States and geographies across rest of the world. We have made significant progress in building our sales force in Asia with the goal of increasing our sales opportunities in that region. We also added Palmer, Palmer as SVP, Chief Corporate Development Officer as we pursue our multi-pronged growth strategy and John Torrance, SVP solid oxide manufacturing as we commercialize and scale solid oxide.

為了擴大地域和市場，我們專注於瞄準韓國以及亞洲、歐洲和美國以及世界其他地區的機會。我們在建立亞洲銷售隊伍方面取得了重大進展，目標是增加我們在該地區的銷售機會。在我們追求多管齊下的增長戰略時，我們還增加了 Palmer, Palmer 作為高級副總裁兼首席企業發展官，並在我們將固體氧化物商業化和擴大規模時增加了固體氧化物製造高級副總裁 John Torrance。

In February, we published our first sustainability report, and I want to highlight that our dedication to achieving net zero remains in the forefront. We are committed to achieving net zero on Scope 1 and Scope 2 emissions by 2030 and Scope 3 emissions by 2050. We are aligned with the leading standard organizations and the UN Climate Action goals that we can impact. Beyond our environmental commitments, we are equally focused on our teammates, the people and the communities in which we work and live and be in a diverse, equitable and inclusive organization. This commitment is shared across our company and our Board in every aspect of our business.

2 月，我們發布了第一份可持續發展報告，我想強調的是，我們致力於實現淨零排放仍處於最前沿。我們致力於到 2030 年實現範圍 1 和範圍 2 排放量的淨零，到 2050 年實現範圍 3 排放量。我們與領先的標準組織和我們可以影響的聯合國氣候行動目標保持一致。除了我們的環境承諾，我們同樣關注我們的團隊成員、我們工作和生活的人和社區，並成為一個多元化、公平和包容的組織。我們公司和董事會在我們業務的各個方面都分享了這一承諾。

Finally, to conclude my remarks on Slide 15, we have executed several strategic actions to strengthen our balance sheet, enhance liquidity and reduce our cost of borrowing, which we believe have positioned the company to execute on our growth strategy. We have well-established relationships with financing providers. We continue to expand our source of liquidity as evidenced by our tax equity transactions we discussed today and the liquidity provides the company with the flexibility to scale our operations and make investments in commercializing technologies as well as sales and marketing.

最後，結束我對幻燈片 15 的評論，我們已經執行了幾項戰略行動，以加強我們的資產負債表、提高流動性並降低我們的借貸成本，我們認為這使公司能夠執行我們的增長戰略。我們與融資提供者建立了良好的關係。正如我們今天討論的稅收股權交易所證明的那樣，我們繼續擴大我們的流動性來源，流動性為公司提供了擴大業務規模和投資於商業化技術以及銷售和營銷的靈活性。

We have $1.3 billion of backlog with recurring revenues from long-term contracts. We believe that our technologies have a key role to play in the global goals of decarbonizing the grid, developing the hydrogen economy and supporting existing energy and industrial infrastructure investments with differentiated carbon capture solutions.

我們有 13 億美元的積壓訂單以及來自長期合同的經常性收入。我們相信，我們的技術在實現電網脫碳、發展氫經濟以及通過差異化的碳捕獲解決方案支持現有能源和工業基礎設施投資的全球目標中發揮著關鍵作用。

Finally, we intend to be a leader in sustainability and environmental stewardship through the technology we deliver and the full lifecycle of our platforms.

最後，我們打算通過我們提供的技術和我們平台的整個生命週期成為可持續發展和環境管理的領導者。

I will now turn it over to the operator to begin Q&A.

我現在將它交給接線員開始問答。

(Operator Instructions) Our first question comes from Colin Rusch from Oppenheimer & Company.

（操作員說明）我們的第一個問題來自 Oppenheimer & Company 的 Colin Rusch。

Can we get an update on your plans to monetize the carbon capture technology beyond the development agreement. I'm just curious how things are emerging in a little bit more concrete way as you continue to make a lot of progress there?

我們能否獲得有關您在開發協議之外將碳捕獲技術貨幣化的計劃的最新信息。我只是好奇隨著您繼續在那裡取得很大進展，事情是如何以更具體的方式出現的？

Sure, Colin. As we announced, we extended the agreement with Exxon through the balance of this year. And one of the things that's different than what we've talked about previously is that this agreement also, the extension includes developing a joint marketing and commercialization plan around the technology. And so that work is being done to really think about the customer segments and geographies that we can go after kind of as Phase 1, if you will, of the technology to demonstrate the capability for us to effectively capture carbon against industrial applications as our first target. And so that will cut across.

當然，科林。正如我們宣布的那樣，我們將與埃克森美孚的協議延長至今年剩餘時間。與我們之前討論的內容不同的一件事是，該協議還包括圍繞該技術制定聯合營銷和商業化計劃。因此，正在開展工作以真正考慮我們可以追求的客戶群和地理區域，如果您願意的話，我們可以將其作為技術的第 1 階段，以證明我們有能力在工業應用中有效捕獲碳作為我們的第一個目標。所以這將跨越。

When we talk about industrial applications, that really thinks about like boiler applications for example, like the project we're doing in Canada, where we're capturing carbon from a process upgrade boiler where it might be a refining or petrochemical kind of application or boilers that are used in other manufacturing processes. So that's the focus of that effort. And we'll really look to try to likely demonstrate the technology against a couple of different geographies as well as against a couple of different kind of market segment types. And that -- and we'll look to include as part of that kind of a full-on solution set.

當我們談論工業應用時，實際上是在考慮鍋爐應用，例如我們在加拿大進行的項目，我們從工藝升級鍋爐中捕獲碳，它可能是煉油或石化應用或用於其他製造過程的鍋爐。所以這就是努力的重點。我們真的會嘗試在幾個不同的地區以及幾個不同類型的細分市場類型中展示這項技術。而且——我們希望將其作為完整解決方案集的一部分。

So not just the carbon capture, but what's the infrastructure to actually move CO2 to a point of sequestration, for an example, what's the subsurface kind of worker technology that we're going to use to actually execute against the sequestration. So it will be a full wholesome plan around how we're going to commercialize the technology and move it forward.

因此，不僅是碳捕獲，還有將二氧化碳實際轉移到封存點的基礎設施是什麼，例如，我們將用於實際執行封存的地下工人技術是什麼。所以這將是一個完整的健康計劃，圍繞我們如何將技術商業化並推動它向前發展。

And then now that you've got some additional sales resources working on [PGR]. Can you talk a little bit about the competitive dynamics and where you guys are competing well, where you might need to make some changes in terms of growing that business on the product side and really driving some sell rate revenue?

然後，現在您已經獲得了一些額外的銷售資源在 [PGR] 上工作。您能否談談競爭動態以及你們在哪些方面競爭得很好，在哪些方面您可能需要在產品方面發展業務並真正推動一些銷售率收入方面做出一些改變？

Yes, sure. So when we look at our business and if I just kind of break the world into 2 and I say the U.S. and rest of the world. We see about 40% of our opportunity really across the U.S. and about 60% across markets, inclusive of the EU, Mid East, Africa, LatAm, Asia, as an example. And then when you look at the particular applications, we see utility opportunities across all of those markets.

是的，當然。因此，當我們審視我們的業務時，如果我只是將世界一分為二，我會說美國和世界其他地區。我們看到大約 40% 的機會真正來自美國，大約 60% 來自市場，包括歐盟、中東、非洲、拉丁美洲和亞洲，例如。然後，當您查看特定應用程序時，我們會看到所有這些市場的實用機會。

We see food and beverage, when you think about our opportunity to deliver CO2 from a utilization standpoint, so not just sequestration. I mean if you look at just today in the Financial Times, for example, it was reported that CF Industries is shutting down one of its fertilizer plants and Cheshire that's going to have an impact on not only fertilizer and food supply, but on CO2 for meat processing, we think those kind of applications represent great opportunities for us.

當您從利用的角度考慮我們提供二氧化碳的機會時，我們會看到食品和飲料，而不僅僅是封存。我的意思是，如果你看一下今天的《金融時報》，據報導，CF Industries 正在關閉其一家化肥廠和柴郡，這不僅會影響化肥和食品供應，還會影響二氧化碳排放量肉類加工，我們認為這些應用對我們來說代表著巨大的機會。

And we're seeing that across the globe in terms of opportunities that we look at. In the U.S., we see more focus around microgrid, grid resilience and reliability, and we think that we compete quite effectively there, and we have a number of demonstrated applications. And we also see biofuels as an opportunity that's going to continue to be strong for us given some of the uniqueness of our capabilities and particularly on the carbonate side.

就我們所看到的機會而言，我們在全球範圍內看到了這一點。在美國，我們看到更多關注微電網、電網彈性和可靠性，我們認為我們在美國的競爭非常有效，並且我們有許多展示的應用。鑑於我們能力的一些獨特性，特別是在碳酸鹽方面，我們還將生物燃料視為一個機會，它將繼續為我們帶來強大的力量。

And then when we look to international markets, and we talk about markets like, for example, like Korea, we definitely see district heating and cooling as a big opportunity because that's a big part of the market there. And then we see strong interest in distributed hydrogen and distributed hydrogen for multiple ways of producing hydrogen.

然後，當我們關注國際市場時，我們談到像韓國這樣的市場，我們肯定將區域供熱和供冷視為一個巨大的機會，因為這是那里市場的重要組成部分。然後我們看到分佈式氫氣和分佈式氫氣用於多種制氫方式的濃厚興趣。

So even outside of the U.S. kind of hub concept that's coming out of the infrastructure package, we see distributed hydrogen demand being produced from fuel. And so we think as we demonstrate the Toyota project, we're seeing strong port interest as a ship to shore, resource as well as distributed hydrogen for goods movement at a port level, and we're seeing that not only in the U.S. but other parts of the world. And then, of course, a lot of strong interest in electrolysis and that's the project we just announced or MAU in North Africa, that's all around leveraging our technology around electrolysis and then being able to leverage great sun coverage in North Africa and pipelines to move that hydrogen back into Italy and the EU markets as an example.

因此，即使在美國那種從基礎設施包中產生的樞紐概念之外，我們也看到燃料產生分佈式氫需求。因此，我們認為，當我們展示豐田項目時，我們看到了對港口的強烈興趣，即港口層面的船舶、資源以及用於貨物運輸的分佈式氫氣，我們不僅在美國看到了這一點，而且在美國也看到了這一點。世界其他地區。然後，當然，人們對電解產生了濃厚的興趣，這就是我們剛剛宣布的北非項目或 MAU，這一切都圍繞著利用我們的電解技術，然後能夠利用北非的良好陽光覆蓋和管道移動以氫回到意大利和歐盟市場為例。

Our next question comes from Laurence Alexander from Jefferies.

我們的下一個問題來自 Jefferies 的 Laurence Alexander。

This is actually Kevin Estok on for Laurence Alexander. So my first question is sort of broad and has to do with green and blue hydrogen. I guess a bit of the Toyota project, I guess, I'm just curious to hear how long you think it would take to build out further green hydrogen capacity. And I guess that's something you thought you might be interested in. And my second question has to do with gross margins. Basically when do you expect them to turn positive? And any commentary there would be helpful.

這實際上是勞倫斯亞歷山大的凱文埃斯托克。所以我的第一個問題有點寬泛，與綠色和藍色氫有關。我猜是豐田項目的一部分，我想，我只是想知道你認為需要多長時間才能建立更多的綠色氫產能。我想這是你認為你可能感興趣的事情。我的第二個問題與毛利率有關。基本上你預計他們什麼時候會轉正？那裡的任何評論都會有所幫助。

Yes. So when we think about green hydrogen or blue hydrogen or pink hydrogen, you kind of pick a color, we really try to think about it more from a carbon intensity standpoint because we think that's really a better way to think about hydrogen and the hydrogen that's going to be delivered for particular applications or use cases.

是的。因此，當我們考慮綠色氫或藍色氫或粉紅色氫時，您會選擇一種顏色，我們真的嘗試從碳強度的角度更多地考慮它，因為我們認為這確實是一種更好的方式來考慮氫和氫將為特定的應用程序或用例交付。

In the case of the Toyota project, because we're leveraging R&D, we're delivering green hydrogen, we're delivering carbon-neutral power and water on that project. And we think that those kind of projects are going to continue to be real opportunities for us, both domestically and internationally. And so we think there's an opportunity to maybe move those projects forward more rapidly versus some of the pure green electrolysis hydrogen projects because one of the things that's still a bit of a challenge you have there is infrastructure for moving that hydrogen without putting it in a tube trailer and putting it on a truck and moving it.

以豐田項目為例，因為我們正在利用研發，我們正在提供綠色氫，我們正在為該項目提供碳中和的電力和水。我們認為，無論是在國內還是國際上，這類項目都將繼續為我們提供真正的機會。因此，我們認為與一些純綠色電解氫項目相比，有機會更快地推進這些項目，因為其中一個仍然有點挑戰的事情是移動氫而不將其放入的基礎設施。管拖車並將其放在卡車上並移動它。

And so there's work that still needs to be done there, but we think our ability to do distributed hydrogen even leveraging fuel and delivered green hydrogen in that application will be a strong opportunity for us. And yes, we are very interested in more of those opportunities and expanding that both domestically and internationally. And maybe I'll let Mike talk a little bit about the margin profile.

因此，仍然需要在那裡完成工作，但我們認為，即使在該應用中利用燃料和交付綠色氫，我們也有能力進行分佈式氫，這對我們來說將是一個很好的機會。是的，我們對更多這樣的機會非常感興趣，並在國內和國際上擴大這些機會。也許我會讓邁克談談保證金概況。

Sure. Thanks, Jason. So from a margin perspective, maybe I'll just walk through line items on our P&L and give you my perspective there. So this quarter, consistent with our expectations, we did not have any product revenue. Recall last quarter, we had $18 million of product revenue from a subsidiary of POSCO Energy. That generated about 18% margins.

當然。謝謝，傑森。因此，從利潤的角度來看，也許我會簡單介紹一下損益表上的項目，然後給你我的觀點。因此，本季度，與我們的預期一致，我們沒有任何產品收入。回想上個季度，我們從 POSCO Energy 的子公司獲得了 1800 萬美元的產品收入。這產生了大約 18% 的利潤率。

We do expect the balance of that order. That was a $60 million order. We expect the balance of that to be delivered by the end of our fiscal year. So you'll see additional revenue and margin coming from that line item. Service revenue this quarter, about $2.6 million that was negative margin. Service is variable. As the fleet expands, we do expect positive margins from service generation, you'll typically see margins negative to flat. What's coming through generation is really 2 things. We have depreciation.

我們確實期望該訂單的餘額。那是一筆 6000 萬美元的訂單。我們預計餘額將在我們的財政年度結束時交付。因此，您會看到來自該訂單項的額外收入和利潤。本季度的服務收入約為 260 萬美元，即負利潤率。服務是可變的。隨著機隊的擴大，我們確實預計服務產生的利潤率為正，您通常會看到利潤率為負數或持平。世代相傳的東西實際上是兩件事。我們有折舊。

And then we've also been expensing project costs related to the Toyota project in that line item. So how the company thinks about generation is really on an EBITDA basis. Typically, we're targeting EBITDA margins in the 40% to 50%. And if you back out those 2 line items that I just mentioned, that brings you EBITDA margins around 42% for the quarter.

然後我們還在該項目中計入了與豐田項目相關的項目成本。因此，公司對發電的看法實際上是基於 EBITDA。通常，我們的目標是 EBITDA 利潤率在 40% 到 50% 之間。如果你取消我剛才提到的那兩個項目，那麼本季度的 EBITDA 利潤率約為 42%。

And then finally, Advanced Technologies, you've consistently seen positive margins from advanced technologies that Advanced Technologies is a combination of our work with EMTEC or ExxonMobil. And this quarter, you saw margins in the range of 25% coming through advanced technologies.

最後，先進技術，您一直看到先進技術帶來的正利潤，先進技術是我們與 EMTEC 或埃克森美孚合作的結合。本季度，您看到先進技術帶來的利潤率在 25% 範圍內。

Our next question comes from Noel Parks from Tuohy Brothers.

我們的下一個問題來自 Tuohy Brothers 的 Noel Parks。

I have a couple of things. One is that there was a mention earlier about module exchanges in the generation portfolio. And how much visibility do you have into the timing of those?

我有幾件事。一是前面提到了發電組合中的模塊交換。您對這些時間安排有多少了解？

This is Mike. I'll take that one. So the way to think about our generation portfolio, these are typically 20-year assets. These are assets held by the company on balance sheet. And the reason why the company has retained a generation portfolio is to benefit from the long-term recurring cash flows. And you've seen revenues from our generation portfolio increased in recent quarters as projects have come online, for example, the LIPA Yaphank project came online in the first quarter, and that's why you're seeing higher revenues coming through. So what -- the way that we kind of think about this is, will -- as we continue to build out the fleet, you'll see higher revenues coming through from this portfolio.

這是邁克。我會拿那個。因此，考慮我們的發電投資組合的方式，這些通常是 20 年的資產。這些是公司在資產負債表上持有的資產。而公司之所以保留一代投資組合，是為了受益於長期的經常性現金流。隨著項目上線，您已經看到我們發電產品組合的收入在最近幾個季度有所增加，例如，LIPA Yaphank 項目在第一季度上線，這就是您看到更高收入的原因。那麼——我們的思考方式是，將——隨著我們繼續擴大機隊，你會看到這個投資組合帶來更高的收入。

And the module exchanges that those are sort of predictable…

模塊交換這些是可以預測的……

I'm sorry. Just to follow on to the module exchanges. The -- so over the course of the power purchase agreement, you -- we will replace modules and the way our technology works is the current lifecycle of modules that we're deploying today is around 7 years. So we have visibility to be able to plan out those module exchanges. And when they occur, that will lead to higher revenue because the module essentially degrades about 10% over its life. So you're seeing slight reductions in revenue over time. And then when the new module comes online, that's what leads to the revenue increase. Sorry, I wasn't clear in my first answer there.

對不起。只是為了繼續進行模塊交換。 - 所以在電力購買協議的過程中，您 - 我們將更換模塊，我們的技術工作方式是我們今天部署的模塊的當前生命週期約為 7 年。因此，我們有能力規劃這些模塊交換。當它們發生時，這將帶來更高的收入，因為模塊在其生命週期內基本上會退化約 10%。因此，隨著時間的推移，您會看到收入略有減少。然後當新模塊上線時，這就是導致收入增加的原因。對不起，我在那裡的第一個答案不清楚。

No problem at all. And I just wanted to touch on the Toyota project. You've mentioned a couple of times about the booking of cost for that. And just looking ahead of it, is there a shift in how the costs get represented upon or approaching final commissioning that we'll see in the future?

完全沒有問題。我只是想談談豐田項目。你已經提到過幾次關於預訂費用的問題。放眼未來，成本在表示或接近最終調試的方式上是否會發生變化，我們將在未來看到這種變化？

So the Toyota project, we -- the way to think about that project, we have not yet secured a renewable natural gas contract for that project. So as a result, we're not able to fully estimate the project economics. So what we've been doing from an accounting perspective and going back several quarters, which has been disclosed, we're capitalizing recoverable costs, which is essentially the power plant and expensing site work and what we're calling non-recoverable costs. As we get closer to commissioning the company is working on securing that renewable natural gas source economics will become clearer, and there might be an opportunity to capitalize additional costs going forward, but that really is dependent on the future economics of the project. The project, we do expect to be cash flow positive as -- or EBITDA positive in the range that I talked about for our other projects. But as I mentioned, we are expensing part of the capital cost of that project.

所以豐田項目，我們 - 考慮該項目的方式，我們尚未為該項目獲得可再生天然氣合同。因此，我們無法完全估計項目的經濟性。因此，從會計的角度來看，我們一直在做的事情以及已經披露的幾個季度，我們正在資本化可收回成本，這本質上是發電廠和費用化現場工作以及我們所說的不可收回成本。隨著我們越來越接近調試，公司正在努力確保可再生天然氣資源的經濟性將變得更加清晰，並且可能有機會利用未來的額外成本，但這實際上取決於項目的未來經濟性。該項目，我們確實希望現金流為正 - 或 EBITDA 在我談到的其他項目的範圍內為正。但正如我所提到的，我們正在花費該項目的部分資本成本。

Great. And I just wonder sort of as a general topic. We have been hearing more, I guess, over the past 6 months or 1 year. About hydrogen hub projects, many of them sort of independently financed, there is also potential support from the infrastructure bill in the mix. And I just wonder, as you see those developing across different regions, just where those trends might fit in with what you foresee for hydrogen adoption overall and whether those would have an influence on your own business?

偉大的。我只是想知道這是一個一般性的話題。我猜，在過去的 6 個月或 1 年裡，我們聽到的更多。關於氫樞紐項目，其中許多項目是獨立融資的，其中也有來自基礎設施法案的潛在支持。我只是想知道，當你看到那些跨越不同地區的發展時，這些趨勢可能與你對氫採用的總體預期相吻合，以及這些趨勢是否會對你自己的業務產生影響？

Yes. Noel, this is Jason Few. Look, we think the hydrogen hubs for an exciting opportunity. If you look at the infrastructure package that was actually signed by President Biden, there's about $9.5 billion allocated toward hydrogen-related items, everything from these hydrogen hubs, which is roughly about $8 billion. And then you've got another $1.5 billion between infrastructure and additional R&D kind of allocated out of that total $1 trillion-plus infrastructure package. The original intent or what was described by the DOE was to do 4 hydrogen hubs around the country, kind of conventional wisdom right now is that's probably going to be at least 8%. And what you've seen are a number of states and/or entities kind of pair up to actually be in a position to submit programs or proposals to the DOE to win those hydrogen hub opportunities.

是的。諾埃爾，這是傑森·福。看，我們認為氫樞紐是一個令人興奮的機會。如果你看一下拜登總統實際簽署的基礎設施一攬子計劃，大約有 95 億美元用於與氫相關的項目，這些項目都來自這些氫中心，大約 80 億美元。然後，在超過 1 萬億美元的基礎設施一攬子計劃中，還有 15 億美元用於基礎設施和額外的研發。美國能源部最初的意圖或描述是在全國范圍內建立 4 個氫能樞紐，目前的傳統觀點是，這可能至少會達到 8%。您所看到的是，許多州和/或實體實際上有能力向美國能源部提交計劃或提案，以贏得這些氫樞紐機會。

So as an example, we are participating in a number of those. But just to give an example, in Connecticut, we're part of one that includes Connecticut, New Jersey, New York and Massachusetts as an example. And so if you consider that the Northeast corridor, the plan is to put together a program that will be compelling for the DoE to want to support that project, and there'll be funding from the DoE, there'll be funding from the companies in the states to try to make those projects successful in demonstrating hydrogen production and utilization. And one of the things as you think about the DOE, what they've indicated that they want to do is show hydrogen production from a multitude of sources.

例如，我們正在參與其中的一些。但舉個例子，在康涅狄格州，我們是其中的一部分，其中包括康涅狄格州、新澤西州、紐約州和馬薩諸塞州。因此，如果你考慮到東北走廊，計劃是製定一個計劃，讓美國能源部想要支持該項目，並且會有來自美國能源部的資金，也會有來自公司的資金在各州嘗試使這些項目成功地展示氫的生產和利用。你對 DOE 的看法之一是，他們表示他們想做的是展示來自多種來源的氫氣生產。

So just to give you a perspective for our company, we can demonstrate, as we're doing with Toyota, the ability to produce hydrogen utilizing fuel. So that might be one way that the DOE is interested in showing distributed hydrogen being produced via fuel, perhaps for transportation application or some other use for that hydrogen. They also want to be able to show hydrogen production from renewable energy like wind and solar. So that's where technology that we're working to commercialize like our electrolysis platform could be utilized to demonstrate converting renewable energy and water into hydrogen and then using that hydrogen potentially for power production or using that hydrogen as a potential replacement fuel for manufacturing steel or using it in gas blending applications to bring down the carbon intensity on that gas. So a number of different ways we think these hubs are going to come together. We're participating in a number of those. The DOE's RFP, if you will, has not come out yet, so everyone is waiting on that. And that really will kick off the process in earnest.

因此，只是為了讓您對我們公司有一個看法，我們可以證明，就像我們對豐田所做的那樣，利用燃料生產氫氣的能力。因此，這可能是美國能源部有興趣展示通過燃料生產分佈式氫氣的一種方式，可能用於運輸應用或氫氣的其他用途。他們還希望能夠展示風能和太陽能等可再生能源生產氫氣。因此，我們正在努力商業化的技術（例如我們的電解平台）可用於演示將可再生能源和水轉化為氫氣，然後將氫氣潛在地用於發電或將氫氣用作製造鋼鐵或使用的潛在替代燃料它在氣體混合應用中降低了該氣體的碳強度。因此，我們認為這些樞紐將通過多種不同的方式聚集在一起。我們正在參與其中的一些。如果您願意的話，DOE 的 RFP 還沒有出來，所以每個人都在等待。這真的會真正啟動這個過程。

(Operator Instructions) Our next question comes from Eric Stine from Craig-Hallum.

（操作員說明）我們的下一個問題來自 Craig-Hallum 的 Eric Stine。

So maybe just sticking with Toyota. Could you just go into a little more detail? I know you said you're almost done with construction, but there are a few more steps left and you need to get an extension on the PPA. I mean, do you anticipate any challenges on that? Or what are kind of the next things we should look for going forward?

所以也許只是堅持豐田。你能再詳細一點嗎？我知道你說你幾乎完成了建設，但還剩下幾個步驟，你需要對 PPA 進行擴展。我的意思是，你預計這方面會遇到什麼挑戰嗎？或者我們應該尋找的下一步是什麼？

Yes. Eric, this is Jason. And maybe, I'll just start, and then I'll turn it over to Mike to maybe -- Michael Lisowski to maybe talk about the project itself. We are making very solid progress in the project. And as we indicated, we're close to on the mechanical side. We believe that Toyota remains very committed to this project.

是的。埃里克，這是傑森。也許，我會開始，然後我會把它交給邁克，也許邁克爾·利索夫斯基可能會談論項目本身。我們在項目中取得了非常紮實的進展。正如我們所指出的，我們接近機械方面。我們相信豐田仍然非常致力於這個項目。

And this is part of the process in these projects to work through extensions or those types of things. I mean, if you think about this project and you go back to the very beginning, as you may recall, we were initially delayed as a result of some issues with the utility wanting to challenge the PUC. So we had to work through those issues that really began the initial delay in this project.

這是這些項目中通過擴展或那些類型的東西工作的過程的一部分。我的意思是，如果您考慮這個項目並回到最開始，您可能還記得，由於公用事業公司想要挑戰 PUC 的一些問題，我們最初被推遲了。因此，我們必須解決那些真正導致該項目最初延遲的問題。

And so I think both Toyota and FuelCell have worked through extensions previously in this, and we think that we'll get through this as well, and we think that they remain very committed to the project. And in fact, I mean, if you were to actually be at the Port of Long Beach right now, you would see a pretty impressive view of the platform that's there. And so I think they're excited as are we. Mike, I don't know if you want to talk about the project some more.

所以我認為豐田和FuelCell之前都在這方面進行過擴展，我們認為我們也會完成這個，我們認為他們仍然非常致力於這個項目。事實上，我的意思是，如果你現在真的在長灘港，你會看到那裡的平台令人印象深刻。所以我認為他們和我們一樣興奮。邁克，我不知道你是否想多談談這個項目。

Yes. Thank you, Jason. And thank you, Eric, for the question. This is Mike Lisowski, Chief Operating Officer. I'm quite proud of the advancement and progress made on execution of this project. Just to unpack it a little bit, the design of the platform is complete, all of the engineered equipment and skids have been fabricated and built and have been delivered to the site, as Jason highlighted. The site civil construction is, that element of execution is nearing completion and all of the mechanical equipment is being assembled and connected together. We've launched the electrical assembly portion of the work. And then the way to think about the remaining steps is we will, once complete through mechanical completion, we'll then engage and launch the commissioning process. And that's work that we'll thoughtfully work through bringing the plant up and commissioning the plant and bringing it to commercial operation, as indicated, later this calendar year into the -- perhaps the beginning of next calendar year.

是的。謝謝你，傑森。謝謝你，埃里克，提出這個問題。我是首席運營官 Mike Lisowski。我為這個項目的執行所取得的進步和進步感到非常自豪。正如 Jason 強調的那樣，只需稍微拆開包裝，平台的設計就完成了，所有工程設備和滑軌都已製造和建造並已交付到現場。現場土建施工即將完成，所有機械設備正在組裝和連接在一起。我們已經啟動了工作的電氣裝配部分。然後考慮剩餘步驟的方法是，一旦通過機械完成完成，我們將參與並啟動調試過程。正如所指出的，我們將在本日曆年晚些時候進入 - 可能是下一個日曆年的開始，通過將工廠啟動和調試工廠並將其投入商業運營進行深思熟慮的工作。

But as Jason highlighted, the progress on the site is very visible, quite impressive, and we're continuing to march forward very collaboratively with Toyota on the project and looking ahead to commercial operation.

但正如 Jason 強調的那樣，該網站的進展非常明顯，令人印象深刻，我們將繼續與豐田在該項目上非常合作地向前推進，並展望商業運營。

And in terms of -- I mean, I know there's a lot of activity going on in renewable natural gas. I mean also a lot of competition for those volumes, but I would -- is it safe to say that you're not all that worried about an RNG contract to feed the facility?

就 - 我的意思是，我知道在可再生天然氣方面有很多活動。我的意思是這些數量的競爭也很激烈，但我會 - 可以肯定地說你並不擔心 RNG 合同來供應設施嗎？

No. Look, we think that getting RNG is not going to be a challenge for the facility, just given the volumes that are there, the number of projects that are going on in California, we think that there's going to be continued development around RNG. And I mean, the other thing that you're seeing, which we think is a positive as you're seeing the major integrated is getting into the RNG space in a major way. And we believe that they're going to participate in this area at large volumes because that's what they do. And so we feel pretty good about that.

不。聽著，我們認為獲得 RNG 對設施來說不會是一個挑戰，考慮到那裡的數量，加州正在進行的項目數量，我們認為圍繞 RNG 將繼續發展.我的意思是，你看到的另一件事，我們認為這是積極的，因為你看到主要的整合正在以一種主要的方式進入 RNG 領域。我們相信他們將大量參與這一領域，因為這就是他們所做的。所以我們對此感覺很好。

Yes, absolutely. Okay. Well, then maybe last for me. Just on the product side. I know you've -- you're certainly focused on that. You've got the agreement or the amended agreement with POSCO. But just curious, I mean you are clearly more positive, but anything you can maybe give in terms of detail around quoting levels or the pipeline. And I'm not sure if you're willing to make a prediction on timing of when you might see some product momentum outside of the replacement modules?

是的，一點沒錯。好的。好吧，那也許對我來說是最後一次。只是在產品方面。我知道你已經 - 你當然專注於此。您已經與 POSCO 簽訂了協議或修改後的協議。但只是好奇，我的意思是你顯然更積極，但你可以提供任何關於報價水平或管道的細節。而且我不確定您是否願意預測何時可能會在更換模塊之外看到一些產品勢頭？

Yes. Here's what I'd say about that and as you know, we don't give forecast on that. But what I would say is we think the sales cycle is a 12-month, 18-month kind of sales cycle, although we terminated our agreement, for example, with POSCO in -- it was June of 2021 or something like that. We -- 2020. We still had that overhang out there between the dispute that we had going, and now that, that's resolved, I would tell you the engagement level from prospective customers as well as existing is much stronger now that, that cloud has lifted. And so we feel really good about that. And then just in general, our focus in growing our sales team and having a focus in broader markets around the world, which tend to be more product purchase markets than PPA markets. As has been our traditional experience in the EU, we would expect that to continue, and we would certainly expect to see that in other parts of the world where we're expanding the business.

是的。這就是我要說的，如你所知，我們不會對此做出預測。但我想說的是，我們認為銷售週期是 12 個月、18 個月的銷售週期，儘管我們終止了我們的協議，例如與 POSCO 的協議——那是 2021 年 6 月或類似的時間。我們 - 2020 年。在我們正在進行的爭議之間，我們仍然存在懸而未決的問題，現在，這已經解決了，我會告訴你，潛在客戶和現有客戶的參與度要強得多，因為雲已經舉起。所以我們對此感覺非常好。然後總的來說，我們的重點是發展我們的銷售團隊，並專注於全球更廣泛的市場，這些市場往往是比 PPA 市場更多的產品採購市場。正如我們在歐盟的傳統經驗一樣，我們希望這種情況會繼續下去，我們當然希望在我們正在擴展業務的世界其他地區看到這種情況。

We have no further questions in queue. I'd like to turn the call back over to Jason Few for closing remarks.

我們在隊列中沒有其他問題。我想把電話轉回給 Jason Few 做結束語。

Julianne, thank you very much. I appreciate that and really want to thank everyone for joining the call today. We will continue to execute on our Powerhouse business strategy with the goal of delivering growth and optimizing returns. The FuelCell Energy team is excited about our work to deliver on our purpose of enabling a world to be empowered clean energy. Thank you for joining, and have a great day, and we look forward to speaking to you again next quarter. Thank you.

朱麗安，非常感謝。我很感激，並且非常感謝大家今天加入電話會議。我們將繼續執行我們的 Powerhouse 業務戰略，目標是實現增長和優化回報。 FuelCell Energy 團隊很高興我們的工作能夠實現我們的目標，即讓世界擁有清潔能源的能力。感謝您的加入，祝您有美好的一天，我們期待下個季度再次與您交談。謝謝你。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。