燃料電池能源 (FCEL) 2022 Q3 法說會逐字稿

Good day. My name is Chantel, and I'll be your conference operator today. At this time, I would like to welcome everyone to the FuelCell Energy's Third Quarter Earnings Call. As a reminder, today's conference call is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the #1 on your telephone keypad. If you would like to withdraw your question, please press star 1 again. Thank you. Tom Gelston, Senior Vice President of Finance and Investor Relations, you may begin your conference.

再會。我的名字是 Chantel，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 FuelCell Energy 的第三季度財報電話會議。提醒一下，今天的電話會議正在錄音中。所有線路都已靜音，以防止任何背景噪音。講者致辭後，將進行問答環節。如果您想在此期間提出問題，只需按星號，然後按電話鍵盤上的 #1。如果您想撤回您的問題，請再次按星號 1。謝謝你。 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。

Thank you. 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 third 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.

謝謝你。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 財年第三季度的財務業績，我們的收益新聞稿和我們的 10-Q 表格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 will be provided with today will consist of forward-looking statements within the meaning of the Securities Exchange Act of 1934. Such statements express our 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 fuel cell 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. 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. During the course of this call, we will be discussing certain non-GAAP financial measures, and we refer you to our website and to our earnings press release and the appendix to 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 www.fuelcellenergy.com under the Investors tab.

在我們開始之前，請注意，您今天將聽到或將提供的一些信息將包含 1934 年證券交易法含義內的前瞻性陳述。這些陳述表達了我們對未來，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、商業化和融資的計劃和預期以及我們的業務計劃和戰略的陳述。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。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。在本次電話會議期間，我們將討論某些非 GAAP 財務指標，並請您訪問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，以便將這些指標與 GAAP 財務指標進行對賬。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 www.fuelcellenergy.com 的“投資者”選項卡下獲得。

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. Following our prepared remarks, we will be available to take your questions and be joined by other members of the leadership team. I would now like to hand the call over to Jason for opening remarks. Jason?

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 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。我現在想把電話交給 Jason 來做開場白。傑森？

Thank you, Tom, and good morning, everyone. Thanks for joining us on our call today. In the third quarter, we achieved our strongest quarterly revenue in 5 years, reflecting product sales and continued progress executing on the themes we presented during our Investor Day held earlier this year. Before getting into the business results, for anyone who might be new to the story, let's look at an overview of FuelCell Energy on Slide 3. We are a leader in manufacturing stationary FuelCell Energy platforms, and our focus is leveraging our proprietary technologies to decarbonize power and produce hydrogen. We operate across 3 continents, and we are focused on entering more markets around the world. Our manufacturing locations are currently located in the U.S., Canada and Germany, which we believe enables us to meet local content requirements, create an efficient distribution network and leverage our centers of expertise. We have 95 platform installations in commercial operation, which we believe demonstrates the commercial feasibility of our energy platforms.

謝謝你，湯姆，大家早上好。感謝您今天加入我們的電話會議。在第三季度，我們實現了 5 年來最強勁的季度收入，這反映了產品銷售和我們在今年早些時候舉行的投資者日期間提出的主題的持續進展。在了解業務成果之前，對於可能不熟悉這個故事的任何人，讓我們看一下幻燈片 3 上的 FuelCell Energy 概述。我們是製造固定式 FuelCell Energy 平台的領導者，我們的重點是利用我們的專有技術進行脫碳發電並產生氫氣。我們的業務遍及三大洲，我們專注於進入全球更多市場。我們的製造基地目前位於美國、加拿大和德國，我們相信這使我們能夠滿足當地內容要求、創建高效的分銷網絡並利用我們的專業中心。我們有 95 個平台安裝在商業運營中，我們相信這證明了我們能源平台的商業可行性。

In fiscal year 2021, our revenue of nearly $70 million came from these 3 revenue categories, service and license, advanced technologies, and generation, all of which represent diversified sources of recurring revenue under multiyear contracts. In fiscal year 2021 and 2020, we had no revenue from product sales. However, product sales returned to our revenue mix with orders for 20 modules from Korea FuelCell in fiscal year 2022. We have delivered via X works 12 of those replacement modules to service Korea FuelCell's existing installations in South Korea. We have made it a priority to focus on generating new product sales in South Korea in addition to other Asian markets, select countries in Europe, the Middle East, Africa and North America.

在 2021 財年，我們近 7000 萬美元的收入來自這 3 個收入類別，即服務和許可、先進技術和發電，所有這些都代表了多年合同下經常性收入的多元化來源。在 2021 財年和 2020 財年，我們沒有產品銷售收入。然而，產品銷售恢復到我們的收入組合，在 2022 財年從韓國 FuelCell 訂購了 20 個模塊。我們通過 X 工廠交付了其中 12 個替換模塊，以服務於韓國 FuelCell 在韓國的現有裝置。除了其他亞洲市場、歐洲、中東、非洲和北美的特定國家，我們已將重點放在在韓國創造新產品銷售。

On Slide 4, you will see our purpose statement. Across our company, we are committed to a shared purpose of enabling a world empowered by clean energy. Looking to the future, every industry will be meaningfully impacted by the transition to net-zero, and we believe our technology is well positioned to be part of the solution. There is an ever-increasing need for reliable power and now the demand has shifted toward energy that has created in an environmentally responsible manner. We believe FuelCell Energy is uniquely positioned to assist customers on a safe, secure and practical path to carbon zero. We propose to do this by decarbonizing power, producing hydrogen and using hydrogen as a clean energy fuel and as an energy storage medium. We believe we have the only technology that can capture CO2 while producing power and hydrogen, produce hydrogen, power and water from a single platform and produce hydrogen in multiple ways. For example, utilizing electricity and water via electrolysis, or biogas using our TriGen platform. Importantly, FuelCell Energy's technology provides local solutions for clean energy that reduce Scope 1 and 2 emissions and delivers real-time benefits to the communities where our platforms operate. 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 our passion for our work.

在幻燈片 4 上，您將看到我們的目的聲明。在整個公司，我們致力於實現一個由清潔能源賦能的世界的共同目標。展望未來，每個行業都將受到向淨零過渡的重大影響，我們相信我們的技術已做好準備成為解決方案的一部分。對可靠電力的需求不斷增長，現在需求已轉向以對環境負責的方式創造的能源。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。我們建議通過使電力脫碳、生產氫氣以及將氫氣用作清潔能源燃料和儲能介質來實現這一目標。我們相信我們擁有唯一能夠在生產電力和氫氣的同時捕獲二氧化碳的技術，從單一平台生產氫氣、電力和水，並以多種方式生產氫氣。例如，通過電解利用電力和水，或使用我們的 TriGen 平台利用沼氣。重要的是，FuelCell Energy 的技術為清潔能源提供了本地解決方案，可減少範圍 1 和 2 排放，並為我們平台運營所在的社區帶來實時收益。我們這樣做的方式是支持高水平的生活和經濟增長。在保護環境的同時，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對工作的熱情。

Next, I would like to turn the discussion to the results and business developments during the quarter summarized on Slide 5. We continue to make progress advancing our strategic agenda, executing against our backlog, recognizing product revenue and working toward commercialization of new technologies. We delivered 6 modules via X works to Korea FuelCell during the third quarter, and we have completed manufacturing the remaining 8 modules from the initial aggregate 20 module order placed by Korea FuelCell this fiscal year, and expect to deliver those modules via X Works and recognize the resulting revenue in the fourth quarter of fiscal year 2022. We also delivered 6 modules in the first quarter of fiscal year 2022. We continue to invest in scaling our commercial organization in Korea in support of building a pipeline of opportunities in the Korean and broader Asian markets.

接下來，我想將討論轉向幻燈片 5 中總結的本季度的結果和業務發展。我們繼續在推進我們的戰略議程、執行我們的積壓工作、確認產品收入和致力於新技術的商業化方面取得進展。我們在第三季度通過 X 工廠向韓國 FuelCell 交付了 6 個模塊，我們已經完成了韓國燃料電池本財年最初總計 20 個模塊訂單的剩餘 8 個模塊的製造，並希望通過 X Works 交付這些模塊並承認在 2022 財年第四季度產生的收入。我們還在 2022 財年第一季度交付了 6 個模塊。我們繼續投資擴大我們在韓國的商業組織，以支持在韓國和更廣泛的領域建立機會管道亞洲市場。

Another key accomplishment for the quarter was beginning the initial conditioning phase of certain portions of the 2.3 megawatt tri-generation platform as civil construction work has significantly advanced for Toyota at the Port of Long Beach. This project is an example of FuelCell Energy's ability to deliver distributed green hydrogen today. We continue to anticipate that the remaining construction and commissioning activity will be completed in late calendar year 2022 or early calendar year 2023. When the project achieves commercial operations, this energy platform will deliver carbon neutral electricity, green hydrogen, and water, which is a significant benefit within the Western region of the United States that is experiencing extreme droughts. During the third quarter, we continued to invest in our internal R&D activities as we focus on commercialization of our patented solid oxide platform. And across our operations, we are making progress in optimizing capacity for our carbonate platform with the goal of achieving 100 megawatts of annualized integrated on-site manufacturing and conditioning capacity.

本季度的另一項關鍵成就是開始了 2.3 兆瓦三聯電平台某些部分的初始調節階段，因為豐田在長灘港的土建工程已顯著推進。該項目是 FuelCell Energy 今天提供分佈式綠色氫的能力的一個例子。我們繼續預計剩餘的建設和調試活動將在 2022 年末或 2023 年初完成。當項目實現商業運營時，該能源平台將提供碳中和電力、綠色氫和水，這是一個正在經歷極端乾旱的美國西部地區的重大利益。在第三季度，我們繼續投資於我們的內部研發活動，因為我們專注於我們的專利固體氧化物平台的商業化。在我們的運營中，我們正在優化碳酸鹽平台的產能，目標是實現 100 兆瓦的年化綜合現場製造和調節能力。

We provided an update on our progress on the U.S. Navy project located in Groton, Connecticut in our release and quarterly report on Form 10-Q filed this morning. Our plan is to achieve commercial operations by September 30, although at a reduced output of approximately 6 megawatts or 80% of the nameplate capacity for the first year of operation. In our disclosure, we outlined that during the restart of commissioning, we encounter performance anomalies at the plant, primarily in the mixer inductor Oxidizer or MEO. The MEO is a sophisticated specialized component specific to the Groton project designed to optimize fuel and air flow to deliver higher electrical efficiency. As a result of our observation and commitment to quality, we are considering operating this platform at a reduced output of 3 megawatts per system for a total of approximately 6 megawatts at the start of commercial operations. Our engineering team believes this will allow us to optimize performance of each of the 2 MEO units and over a period of approximately 1 year implement upgrades to each of the 2 MEO units in order to bring the platform to its rated capacity of 7.4 megawatts. Under a prior extension provided by the U.S. Navy, the deadline for achieving commercial operations is September 30, 2022. Therefore, we have approached both the U.S. Navy and the Connecticut Municipal Electric Energy Cooperative, or CMEEC, to discuss our findings and proposal to start commercial operations by September 30th at the reduced output of approximately 6 megawatts. While discussions are advancing commencement of operations at approximately 6 megawatt requires approval for both the U.S. Navy and CMEEC, and we cannot guarantee that they will provide their approval. Of course, we will provide updates as appropriate on our progress with this project.

我們在今天上午提交的 10-Q 表格的發布和季度報告中提供了關於位於康涅狄格州格羅頓的美國海軍項目的最新進展。我們的計劃是在 9 月 30 日之前實現商業運營，儘管在運營的第一年產量會減少約 6 兆瓦或銘牌容量的 80%。在我們的披露中，我們概述了在重新啟動調試期間，我們在工廠遇到了性能異常，主要是在混頻器電感器氧化劑或 MEO 中。 MEO 是 Groton 項目專用的精密專用組件，旨在優化燃料和空氣流動以提供更高的電力效率。由於我們對質量的觀察和承諾，我們正在考慮在商業運營開始時以每個系統 3 兆瓦的減少輸出來運行該平台，總計約 6 兆瓦。我們的工程團隊相信，這將使我們能夠優化 2 個 MEO 單元中的每一個的性能，並在大約 1 年的時間內對 2 個 MEO 單元中的每一個實施升級，以使平台達到 7.4 兆瓦的額定容量。根據美國海軍先前提供的延期，實現商業運營的最後期限是 2022 年 9 月 30 日。因此，我們已經與美國海軍和康涅狄格市電力合作社 (CMEEC) 接洽，討論我們的調查結果和啟動提案到 9 月 30 日開始商業運營，發電量減少約 6 兆瓦。雖然正在討論推進約 6 兆瓦的運營需要美國海軍和 CMEEC 的批准，但我們不能保證他們會提供批准。當然，我們將酌情提供有關我們在此項目上的進展情況的更新。

Like you, we are disappointed by the current challenge. We remain steadfast in our commitment to delivering quality platforms to our customers. We believe the plan we have proposed to achieve commercial operations at approximately 6 megawatts by September 30th is the right path forward and provides benefits to all stakeholders in the project. As a team, we are working tirelessly to achieve resolution. We continue to expect this project to highlight the ability of FuelCell Energy's platforms to perform at high efficiencies while advancing the U.S. Navy's sustainability objectives and contributing to a reduction in Scope 2 emissions. Incorporation of the platform into a microgrid is expected to demonstrate the capacity of Poso Energy's platforms to increase grid stability and resiliency while supporting the U.S. military's efforts to fortify base energy supply.

和您一樣，我們對當前的挑戰感到失望。我們堅定不移地致力於為客戶提供優質平台。我們認為，我們提出的在 9 月 30 日之前實現約 6 兆瓦商業運營的計劃是正確的前進道路，並為項目的所有利益相關者帶來好處。作為一個團隊，我們正在不知疲倦地工作以實現解決方案。我們繼續期望該項目能夠突出 FuelCell Energy 平台高效運行的能力，同時推進美國海軍的可持續發展目標並有助於減少範圍 2 排放。將該平台併入微電網預計將展示 Poso Energy 平台提高電網穩定性和彈性的能力，同時支持美國軍方加強基礎能源供應的努力。

Next, we are continuing to progress towards commercialization of our advanced technologies. In the first quarter of fiscal year 2022, we achieved a technical milestone on our joint development agreement with ExxonMobil Technology and Engineering company or EMTEC, and at the end of the second quarter fiscal year 2022, we extended the term of the joint development agreement, enabling our companies to continue working to advance fuel cell carbon capture and storage technology. Under the joint development agreement, we are also conducting a joint market study with EMTEC to define application opportunities and commercialization strategies and identify partners for a potential pilot or demonstration projects as we pursue carbon capture across a broad landscape of industrial applications.

接下來，我們將繼續推進我們先進技術的商業化。在 2022 財年第一季度，我們與埃克森美孚技術與工程公司或 EMTEC 的聯合開發協議實現了技術里程碑，在 2022 財年第二季度末，我們延長了聯合開發協議的期限，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。根據聯合開發協議，我們還將與 EMTEC 進行聯合市場研究，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尋求碳捕獲。

My third key message is that we are continuing to build our scale and growth path internationally. We are scaling our commercial organization in Korea in support of building a pipeline of opportunities in Korea and the broader Asian market, where we believe that FuelCell Energy's differentiated technology is a desirable choice for utility scale projects. The South Korean government has announced an aggressive hydrogen economy road map, which we believe should create opportunities in this market. In addition, Japan has also announced goals to expand hydrogen usage. In June, we announced a memorandum of understanding with Tanar Limited, an independent renewable energy and green hydrogen developer focused on delivering low-carbon electricity and hydrogen to North Africa and Europe. We look forward to bringing our unique distributed generation and distributed hydrogen platforms to markets around the world as the hydrogen transitioning continues to develop.

我的第三個關鍵信息是，我們將繼續在國際上建立我們的規模和增長路徑。我們正在擴大我們在韓國的商業組織，以支持在韓國和更廣泛的亞洲市場建立一系列機會，我們相信 FuelCell Energy 的差異化技術是公用事業規模項目的理想選擇。韓國政府宣布了一項激進的氫經濟路線圖，我們認為這應該會在這個市場上創造機會。此外，日本還宣布了擴大氫氣使用的目標。 6 月，我們宣布與 Tanar Limited 簽署諒解備忘錄，Tanar Limited 是一家獨立的可再生能源和綠色氫能開發商，專注於向北非和歐洲提供低碳電力和氫能。隨著氫能轉化的不斷發展，我們期待著將我們獨特的分佈式發電和分佈式氫平台推向世界各地的市場。

And to focus on domestic policy, we are very supportive of the recently enacted Inflation Reduction Act. We expect that the various policy mechanisms within the Inflation Reduction Act will provide businesses with the long-term market and tax certainty needed to make important investment decisions, including in hiring, manufacturing and partnerships. With this legislation, users and producers of fuel cell technology will be able to take advantage of investment tax credits, production tax credits for clean power and hydrogen and carbon capture utilization and sequestration credits, which we have summarized on Slide 6. Together, we believe these are important incentives for building and deploying more clean energy assets across the country, ensuring the United States leverages its rich natural resources, and decarbonizing our most challenging sectors without the industrialization. The investments FuelCell Energy is making in our business are well aligned with these policy goals.

並且為了關注國內政策，我們非常支持最近頒布的《通脹降低法案》。我們預計，《降低通脹法案》中的各種政策機制將為企業提供做出重要投資決策所需的長期市場和稅收確定性，包括招聘、製造和合作夥伴關係。通過這項立法，燃料電池技術的用戶和生產商將能夠利用投資稅收抵免、清潔能源生產稅收抵免以及氫和碳捕獲利用和封存抵免，我們在幻燈片 6 中進行了總結。我們相信這些是在全國建立和部署更多清潔能源資產的重要激勵措施，確保美國利用其豐富的自然資源，並在沒有工業化的情況下使我們最具挑戰性的部門脫碳。 FuelCell Energy 對我們業務的投資與這些政策目標完全一致。

Next, on Slide 7, we highlight our capabilities that are available today as well as the technology solutions we are driving toward commercialization. We believe that our portfolio creates optionality for fuel cell energy as the energy transition evolves. Our distributed power platforms are versatile and can be located in brownfield locations in dense urban areas. This local deployment is made possible by the low noise profile and low emissions of our platforms, which makes them good neighbors and easy to site. They can operate on a variety of fuels, including pipeline natural gas, renewable natural gas, on-site biogas, hydrogen blends or a variety of other fuels. Once commercialized, our solid oxide platform will be capable of operating on 100% hydrogen. Shown here is our Bridgeport Fuel Cell Park in Bridgeport, Connecticut, which we believe demonstrates the ability of such an installation to play a part in revitalizing an urban community. We also have built several utility microgrid applications, including a microgrid fuel cell at the University of California, San Diego shown here. These distributor platforms are located near the point of use and provide power to critical resources in the event of a utility grid outage helping to ensure that power remains available for central services. A great example of our distributed hydrogen solution is the facility we are building for Toyota in Long Beach, California, which I previously discussed. This platform is expected to illustrate the ability to deploy a green hydrogen solution at the point of consumption, reducing infrastructure requirements.

接下來，在幻燈片 7 中，我們重點介紹了我們今天可用的能力以及我們正在推動商業化的技術解決方案。我們相信，隨著能源轉型的發展，我們的產品組合為燃料電池能源創造了選擇性。我們的分佈式電源平台用途廣泛，可位於密集城市地區的棕地。我們平台的低噪音和低排放使這種本地部署成為可能，這使它們成為好鄰居並且易於安裝。它們可以使用多種燃料，包括管道天然氣、可再生天然氣、現場沼氣、氫氣混合物或各種其他燃料。一旦商業化，我們的固體氧化物平台將能夠使用 100% 的氫氣運行。這裡展示的是我們位於康涅狄格州布里奇波特的布里奇波特燃料電池公園，我們相信它展示了這種設施在振興城市社區方面發揮作用的能力。我們還建立了幾個公用微電網應用，包括加州大學聖地亞哥分校的微電網燃料電池，如圖所示。這些配電平台位於使用點附近，並在公用電網中斷的情況下為關鍵資源提供電力，幫助確保電力仍可用於中央服務。我們分佈式氫氣解決方案的一個很好的例子是我們在加利福尼亞長灘為豐田建造的設施，我之前討論過。預計該平台將展示在消費點部署綠色氫解決方案的能力，從而降低基礎設施要求。

I also want to highlight our carbon capture and carbon separation technology, which is being deployed at the Scotford Upgrader of Canadian Oil Sands bitumen processor. Each of these solutions is manufactured in the U.S. with more than 80% of all materials coming from the U.S. in a factory providing clean employment opportunities in a distressed municipality list on the Connecticut Public investment community list.

我還想強調我們的碳捕獲和碳分離技術，該技術正在加拿大油砂瀝青處理器的 Scotford Upgrader 中部署。這些解決方案中的每一個都是在美國製造的，超過 80% 的所有材料來自美國的一家工廠，在康涅狄格州公共投資社區名單上的陷入困境的市政當局名單中提供清潔的就業機會。

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

現在我將把電話轉給邁克，以更詳細地討論第三季度的財務業績。麥克風？

Thank you, Jason, and good morning to everyone on the call today. You've heard from Jason about the key developments during our third fiscal quarter of 2022, and now I will provide some details regarding our financial results. For the third quarter of fiscal year 2022, we reported total revenues of $43.1 million compared to $26.8 million in the third quarter of fiscal year 2021, which is an increase of 61%. Looking at revenue drivers by category, product revenues were $18 million compared to no product revenues in the comparable prior year period. The increase in product revenues was a result of module sales to Korea Fuel Cell Company, or KFC, for which the company recognized $18 million on the X Works delivery of 6 fuel cell modules from our facility in Torrington, Connecticut in June of 2022. Service agreement revenues decreased 37% to $9 million from $14.3 million. The decrease is primarily due to fewer module exchanges and fewer non-routine maintenance activities during the third quarter of fiscal year 2022 than during the third quarter of fiscal year 2021. Generation revenues increased 75% to $10.9 million from $6.2 million, primarily due to the completion of the Long Island Power Authority or LIPA Japan project during the 3 months ended January 31, 2022, and the higher operating output of the generation fleet portfolio as a result of module exchanges during the last 9 months of fiscal year 2021. Generation revenues for the third quarter of fiscal year 2022 also include revenues from sales of renewable energy credits, which resulted in an increase of generation revenues by approximately $1.7 million.

謝謝你，傑森，今天電話中的每個人早上好。您從傑森那裡聽說了我們 2022 年第三財季的主要發展，現在我將提供一些有關我們財務業績的細節。對於 2022 財年第三季度，我們報告的總收入為 4310 萬美元，而 2021 財年第三季度的總收入為 2680 萬美元，增長了 61%。按類別查看收入驅動因素，產品收入為 1800 萬美元，而去年同期沒有產品收入。產品收入的增加是由於向韓國燃料電池公司 (KFC) 銷售模塊，該公司在 2022 年 6 月從我們位於康涅狄格州托靈頓的工廠向 X Works 交付 6 個燃料電池模塊時確認了 1800 萬美元。協議收入從 1430 萬美元下降 37% 至 900 萬美元。下降的主要原因是與 2021 財年第三季度相比，2022 財年第三季度的模塊更換和非常規維護活動減少。發電收入從 620 萬美元增長 75% 至 1090 萬美元，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 日本項目，並且由於在 2021 財年的最後 9 個月更換模塊，發電機隊組合的運營產出增加。 2022 財年第三季度還包括可再生能源信用額的銷售收入，這導致發電收入增加了約 170 萬美元。

Advanced technology contract revenues decreased 17% to $5.2 million from $6.2 million. Compared to the third quarter of fiscal year 2021, advanced technology contract revenues recognized under our joint development agreement with ExxonMobil Technology and Engineering Company, or EMTEC, were approximately $3.1 million lower during the third quarter of fiscal year 2022, partially offset by an increase in revenue recognized under government contracts and other contracts of $2 million for the third quarter of fiscal year 2022. Gross loss for the third quarter of fiscal year 2022 totaled $4.2 million compared to a gross profit of $1.1 million in the comparable prior year quarter. The increase in gross loss was driven by higher manufacturing variances, $6.9 million of costs that cannot be capitalized related to the construction of the Toyota project and lower advanced technology contract margin. These were partially offset by reduced generation gross loss, excluding the impact of non-capitalizable costs related to the construction of the Toyota project and higher service gross profit.

先進技術合同收入從 620 萬美元下降 17% 至 520 萬美元。與 2021 財年第三季度相比，根據我們與埃克森美孚技術與工程公司 (EMTEC) 的聯合開發協議確認的先進技術合同收入在 2022 財年第三季度減少了約 310 萬美元，部分被2022 財年第三季度根據政府合同和其他合同確認的收入為 200 萬美元。2022 財年第三季度的毛虧損總額為 420 萬美元，而去年同期的毛利潤為 110 萬美元。毛損失的增加是由於製造差異增加、與豐田項目建設相關的 690 萬美元無法資本化的成本以及先進技術合同利潤率下降所致。這些被減少的發電總虧損部分抵消，不包括與豐田項目建設相關的非資本化成本和更高的服務毛利潤的影響。

Operating expenses for the third quarter of fiscal year 2022 increased to $23.8 million from $11.7 million in the third quarter of fiscal year 2021. Administrative and selling expenses increased to $14.2 million from $8.7 million due to higher sales, marketing and consulting costs as we continue to invest in rebranding and accelerating our sales and commercialization efforts, including increasing the size of our sales and marketing teams, which resulted in an increase in compensation expense from additional headcount. Research and development expenses totaled $9.7 million during the quarter, up from $3 million in the third quarter of fiscal year 2021 and reflect increased spending on the company's ongoing commercial development efforts related to our solid oxide platform and carbon capture solutions compared to the comparable prior year period.

2022 財年第三季度的運營費用從 2021 財年第三季度的 1170 萬美元增至 2380 萬美元。由於銷售、營銷和諮詢成本增加，行政和銷售費用從 870 萬美元增至 1420 萬美元。投資於品牌重塑和加速我們的銷售和商業化工作，包括增加我們的銷售和營銷團隊的規模，這導致增加員工人數的補償費用增加。本季度的研發費用總額為 970 萬美元，高於 2021 財年第三季度的 300 萬美元，這反映了與去年同期相比，公司與固體氧化物平台和碳捕獲解決方案相關的持續商業開發工作的支出增加時期。

Net loss was $29 million for the third quarter of fiscal year 2022 compared to a net loss of $12 million in the third quarter of fiscal year 2021, driven primarily by a gross loss compared to a gross profit in the third quarter of fiscal year 2021 and higher operating expenses. Additionally, the provision for income tax was higher in the third quarter of fiscal year 2022 compared to the third quarter of fiscal year 2021. Adjusted EBITDA totaled negative $20.8 million in the third quarter of fiscal year 2022 compared to adjusted EBITDA of negative $5.2 million in the third quarter of fiscal year 2021. Please see the discussion of non-GAAP financial measures, including adjusted EBITDA in the appendix of our earnings release. The net loss per share attributable to common stockholders in the third quarter of fiscal year 2022 was $0.08 compared to $0.04 in the third quarter of fiscal year 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 July 31, 2021.

2022 財年第三季度的淨虧損為 2900 萬美元，而 2021 財年第三季度的淨虧損為 1200 萬美元，主要原因是與 2021 財年第三季度的毛利潤相比，毛虧損和較高的運營費用。此外，與 2021 財年第三季度相比，2022 財年第三季度的所得稅撥備更高。調整後的 EBITDA 在 2022 財年第三季度總計為負 2080 萬美元，而調整後的 EBITDA 為負 520 萬美元2021 財年第三季度。請參閱我們的收益發布附錄中對非公認會計原則財務指標的討論，包括調整後的 EBITDA。 2022財年第三季度歸屬於普通股股東的每股淨虧損為0.08美元，而2021財年第三季度為0.04美元。每股普通股淨虧損較高的主要原因是歸屬於普通股股東的淨虧損較高，部分被自 2021 年 7 月 31 日以來因股票發行而導致的已發行加權平均股數增加所抵消。

Next, please turn to Slide 10 for additional details on our financial performance and backlog. The chart on the left-hand side of the slide graphically shows some of the numbers we just reviewed for the third quarters of fiscal years 2021 and 2022. Looking at the right-hand side of the slide, we finished the quarter with backlog that was down just slightly year-over-year to $1.284 billion. Drivers were the reduction in service agreements and advanced technology contract backlog, which was offset by the addition of product sales backlog from the module order received from KFC. Drilling down further, advanced technology contract backlog primarily represents remaining revenue under our joint development agreement with EMTEC and government projects. Note that in the first quarter of fiscal year 2022, approximately $22.2 million of backlog, which was previously classified as service and license was reclassified to product as a result of the settlement agreement with POSCO Energy and KFC, and represents the value of the performance guarantee associated with KFC's module order.

接下來，請轉到幻燈片 10，了解有關我們財務業績和積壓工作的更多詳細信息。幻燈片左側的圖表以圖形方式顯示了我們剛剛審查的 2021 財年和 2022 財年第三季度的一些數字。看看幻燈片的右側，我們完成了本季度的積壓工作，即同比僅略微下降至 12.84 億美元。驅動因素是服務協議和先進技術合同積壓的減少，這被肯德基收到的模塊訂單增加的產品銷售積壓所抵消。進一步深入研究，先進技術合同積壓主要代表我們與 EMTEC 和政府項目的聯合開發協議下的剩餘收入。請注意，在 2022 財年第一季度，由於與 POSCO Energy 和肯德基達成和解協議，大約 2220 萬美元的積壓訂單（之前被歸類為服務和許可）被重新歸類為產品，並代表了履約保證的價值與肯德基的模塊順序相關。

Please turn to Slide 11. This slide represents an update on our liquidity and the ongoing investment in project assets. As of July 31, 2022, we had total cash, restricted cash and cash equivalents of approximately $479.6 million. This includes approximately $456.5 million of unrestricted cash and cash equivalents represented by the darker blue bar on the chart in the center of the slide, and $23.2 million of restricted cash and cash equivalents represented by the lighter blue bar.

請轉到幻燈片 11。這張幻燈片代表了我們的流動性和對項目資產的持續投資的最新情況。截至 2022 年 7 月 31 日，我們的現金、受限現金和現金等價物總額約為 4.796 億美元。這包括大約 4.565 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 2320 萬美元的限制性現金和現金等價物（由較淺的藍色條表示）。

On July 12, 2022, we commenced an at-the-market offering program under which the company may from time to time, offer and sell up to 95 million shares of the company's common stock. During the quarter, we sold approximately 18.5 million shares under the program at an average sale price of $3.63 per share. Of the 18.5 million shares sold, approximately 7.8 million shares were issued and settled during the period ended July 31st 2022, resulting in net proceeds to the company of approximately $27.2 million after deducting fees and commissions. The balance of approximately 10.7 million shares were settled subsequent to July 31st 2022, resulting in net proceeds to the company of approximately $38.4 million after deducting commissions.

2022 年 7 月 12 日，我們啟動了市場發售計劃，根據該計劃，公司可以不時發售和出售最多 9500 萬股公司普通股。在本季度，我們根據該計劃以每股 3.63 美元的平均售價出售了大約 1850 萬股股票。在已售出的 1850 萬股股票中，約有 780 萬股在截至 2022 年 7 月 31 日的期間發行和結算，扣除費用和佣金後，公司獲得的淨收益約為 2720 萬美元。約 1070 萬股的餘額在 2022 年 7 月 31 日之後結算，扣除佣金後，公司的淨收益約為 3840 萬美元。

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.

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。

At the end of the third quarter of fiscal year 2022, our gross project assets totaled approximately $274 million, which excludes accumulated depreciation. As detailed on Slide 20 in the appendix of this presentation, our generation portfolio totaled 76.3 megawatts of assets as of July 31st 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 generation revenue. Additionally, as these projects in process reach mechanical completion or achieve commercial operation, we expect to seek additional tax equity financing as well as long-term back leverage debt transactions to further reinvest capital back into the business.

截至 2022 財年第三季度末，我們的項目總資產總額約為 2.74 億美元，其中不包括累計折舊。如本演示文稿附錄中的幻燈片 20 所述，截至 2022 年 7 月 31 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發電收入。此外，隨著這些在建項目機械完工或實現商業運營，我們預計將尋求額外的稅收股權融資以及長期反向槓桿債務交易，以進一步將資本再投資回業務。

Finally, turning to Slide 12. We discuss the target areas of investment that we originally 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 expenditures are in the areas of increased capacity expansion, additional test and laboratory facilities and upgrades and expansion of our business systems. We are decreasing our estimated full year CapEx to a range of $20 million to $30 million, owing to the timing of certain investments that we now expect to be made in fiscal year 2023 versus fiscal year 2022. Looking at research and development, our R&D efforts are focused on the commercialization of our hydrogen technologies, including long-duration energy storage. We estimate that full year 2022 R&D expenses will be in the range of $30 million to $40 million. We are committed to continuing the build-out of our generation portfolio.

最後，轉到幻燈片 12。我們討論了我們最初在 3 月的投資者日和公開文件中分享的投資目標領域。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產品組合。資本支出用於增加產能擴張、增加測試和實驗室設施以及升級和擴展我們的業務系統。由於我們現在預計將在 2023 財年與 2022 財年進行某些投資的時機，我們正在將估計的全年資本支出減少到 2000 萬至 3000 萬美元的範圍內。在研發方面，我們的研發工作專注於氫技術的商業化，包括長期儲能。我們估計，2022 年全年的研發費用將在 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產品組合。

As projects begin operation under long-term power purchase agreements, we expect to see growth in recurring revenues. As of July 31st 2022, we had 34.9 megawatts of projects under development and construction. To build out this portfolio, as of July 31st 2022, we estimate the remaining investment in project assets to be in the range of approximately $90 million to $100 million. For fiscal year 2022, we forecast project expenditures to be in the range of $40 million to $60 million, which includes amounts being expensed to the Toyota project that totaled $14 million for the 9 months ended July 31st 2022. We expect these investments to result in revenue growth for the company. 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.

隨著項目根據長期購電協議開始運營，我們預計經常性收入將增長。截至 2022 年 7 月 31 日，我們有 34.9 兆瓦在建項目。為構建此投資組合，截至 2022 年 7 月 31 日，我們估計項目資產的剩餘投資在約 9000 萬美元至 1 億美元之間。對於 2022 財年，我們預計項目支出將在 4000 萬美元至 6000 萬美元之間，其中包括在截至 2022 年 7 月 31 日的 9 個月內用於豐田項目的費用總額為 1400 萬美元。我們預計這些投資將導致為公司帶來收入增長。正如我們在投資者日中所討論的，我們制定了到 2025 財年末收入超過 3 億美元、到 2030 財年末收入超過 10 億美元的目標。

In closing, we are pleased with the continued progress being made. As Jason mentioned, we believe that the passage of the Inflation Reduction Act provides a constructive tailwinds for our sector and company alike and is another validation point for the investments that FuelCell Energy is making in commercializing our solid oxide and carbon capture technologies. These investments for the future, combined with our significant backlog, the recurring revenue from our generation fleet and our continued sales focus keep us well positioned for long-term success. I will now turn the call back to Jason.

最後，我們對正在取得的持續進展感到高興。正如 Jason 所提到的，我們相信《通脹降低法案》的通過為我們的行業和公司提供了建設性的順風，並且是 FuelCell Energy 在將我們的固體氧化物和碳捕獲技術商業化方面進行投資的另一個驗證點。這些對未來的投資，加上我們大量的積壓、發電船隊的經常性收入以及我們持續的銷售重點，使我們能夠為長期成功做好準備。我現在將電話轉回傑森。

Thanks, Mike. On Slide 14, as a summary of our Powerhouse business strategy, which serves as our guiding strategy toward achieving long-term growth, the first tenet is 'grow'. We want to pursue growth in markets and customer segments where we see significant opportunities for our technology. The second is 'scale'. We plan to scale our existing platform by investing in, extending, and deepening our leadership and total human capital across the organization. And third, 'innovate'. Over our 50-year history, we have never stopped innovating. We believe this will enable our participation in the growth of the hydrogen economy and carbon capture and drive us to deliver on our purpose. The Powerhouse business strategy has evolved over the past couple of years to now focus on growth. With the current energy transition happening at an accelerated pace, we believe our technologies have an important role to play 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.

謝謝，邁克。在幻燈片 14 上，作為我們實現長期增長的指導戰略的 Powerhouse 業務戰略的總結，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。二是“尺度”。我們計劃通過投資、擴展和深化我們在整個組織的領導力和總人力資本來擴展我們現有的平台。第三，“創新”。在我們 50 年的歷史中，我們從未停止過創新。我們相信這將使我們能夠參與氫經濟和碳捕獲的增長，並推動我們實現我們的目標。 Powerhouse 業務戰略在過去幾年中已經發展到現在專注於增長。隨著當前能源轉型的步伐加快，我們相信我們的技術在幫助社會實現我們的全球可持續發展目標方面發揮著重要作用。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。

Earlier this year, we published our first sustainability report, which was an important milestone for FuelCell Energy. I want to reaffirm and reiterate that our dedication to achieving net-zero remains in the forefront of priorities. We are committed to achieving net-zero in Scope 1 and Scope 2 emissions by 2030 and Scope 3 emissions by 2050. We are aligned with the leading standards organizations and the UN climate action goals that we believe we can impact. Beyond our environmental commitments, we are equally focused on our employees, the people in the communities in which we work and live, and being a diverse, equitable and inclusive organization. In support of our journey, we took an important step by recently naming Betsy Schaefer as FuelCell Energy's Sustainability Officer reporting directly to me. We are thrilled to have Betsy apply her considerable talents to leading our sustainability efforts and believe integrating this critical effort will further solidify our commitment to achieving net-zero.

今年早些時候，我們發布了第一份可持續發展報告，這是 FuelCell Energy 的一個重要里程碑。我想重申並重申，我們致力於實現淨零排放仍然是首要任務。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認為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之外，我們同樣關注我們的員工、我們工作和生活的社區中的人們，並成為一個多元化、公平和包容的組織。為了支持我們的旅程，我們邁出了重要的一步，最近任命 Betsy Schaefer 為 FuelCell Energy 的可持續發展官，直接向我匯報。我們很高興讓 Betsy 運用她的大量才能來領導我們的可持續發展工作，並相信整合這一關鍵努力將進一步鞏固我們對實現淨零排放的承諾。

I will conclude my prepared remarks with some takeaways on Slide 16. The company has executed several strategic actions over the past few years that have strengthened our balance sheet, enhanced liquidity and reduced our cost of borrowing, which we believe positions us to execute on our growth strategy. We have multiple sources of funding, including well-established relationships with financing providers. We have further expanded sources of liquidity through tax equity transactions that provide flexibility to scale our operations by allowing capital to be recycled as projects reach completion.

我將以幻燈片 16 的一些要點來結束我準備好的評論。公司在過去幾年中執行了幾項戰略行動，這些行動加強了我們的資產負債表，增強了流動性並降低了我們的借貸成本，我們相信這使我們能夠在我們的增長戰略。我們有多種資金來源，包括與融資提供者建立良好的關係。我們通過稅收股權交易進一步擴大了流動性來源，這些交易通過允許在項目完成時回收資金來靈活地擴大我們的運營規模。

We have $1.28 billion of backlog with recurring revenues from long-term contracts. Our financial foundation will enable us to grow, scale and innovate while we also explore strategic opportunities for partnerships. We will be thoughtful about allocating capital to fund the next phase of growth aligned with the addressable market opportunity.

我們有 12.8 億美元的積壓訂單以及來自長期合同的經常性收入。我們的財務基礎將使我們能夠成長、擴大和創新，同時我們也探索建立合作夥伴關係的戰略機會。我們將深思熟慮地分配資金，為與可尋址市場機會相一致的下一階段增長提供資金。

Globally, policies to support the energy transition are gaining momentum as evidenced by passage of the Inflation Reduction Act in the United States. I will now turn it over to the operator to begin Q&A.

在全球範圍內，支持能源轉型的政策正在獲得動力，美國通過了《降低通脹法案》就證明了這一點。我現在將它交給接線員開始問答。

At this time, I would like to remind everyone, in order to ask a question, please press star #1. We will pause for just a moment to compile the Q&A roster. Our first question comes from Colin Rusch with Oppenheimer. Your line is open.

這時，我想提醒大家，為了提問，請按星號#1。我們將暫停片刻以編制問答名單。我們的第一個問題來自 Colin Rusch 和 Oppenheimer。你的線路是開放的。

Thank you so much, guys. Can you talk a little bit about the incremental production capacity that you're talking about? How much of that is being driven by improved efficiency at the stack level and how much of that is just really just more units coming through the factory?

十分感謝大家。你能談談你所說的增量生產能力嗎？其中有多少是由堆棧級別的效率提高推動的，而其中有多少實際上只是更多的單元進入工廠？

Colin, good morning. Thank you for the question. I'll turn that over to Mike Lisowski and let him give you an update on what we're doing to actually get to the increased capacity out of our factory.

科林，早上好。感謝你的提問。我會把它交給邁克·利索夫斯基，讓他告訴你我們正在做些什麼來真正提高我們工廠的產能。

Good morning, Colin, and thank you for the question. Yes, so we're taking a series of strategic actions to fully integrate our carbonate manufacturing capabilities, both from a capacity and current technology and future technology generation standpoint. There's a number of actions that we're taking to optimize our operations, including the integration of our additional conditioning facilities, which will give us that 100 megawatts of on-site capacity. We also have plans and capabilities to double that on-site capacity in the future to support future growth demand. We are also making improvements across our platform in a number of ways in the cell technology development, of course, to support longer life and extended output power levels.

早上好，科林，謝謝你的提問。是的，所以我們正在採取一系列戰略行動來充分整合我們的碳酸鹽製造能力，無論是從產能、當前技術還是未來技術產生的角度來看。我們正在採取許多措施來優化我們的運營，包括整合我們額外的調節設施，這將為我們提供 100 兆瓦的現場容量。我們還計劃和能力在未來將現場容量翻倍，以支持未來的增長需求。當然，我們還在電池技術開發中以多種方式改進我們的平台，以支持更長的壽命和更高的輸出功率水平。

All right. That's super helpful. And then just thinking about the balance of plant outside the stacks and all the labor around that, can you talk about the efforts that you're making around supply chain optimization and efficiency around labor? Certainly, those are big concerns for a lot of investors.

好的。這非常有幫助。然後只是考慮堆外工廠的平衡以及圍繞它的所有勞動力，你能談談你在供應鏈優化和勞動力效率方面所做的努力嗎？當然，這些是許多投資者的大問題。

Yes, Colin. Thanks for the follow-up question. So, we have a long-standing foundational relationship with our supply chain. Like every company, we have experienced challenges across cost pressures as well as extended lead times. And we have taken a number of actions some time ago to strengthen our supply chain. We have leveraged existing project execution work to qualify additional sources of supply to increase our capacity, specifically around balance of plant suppliers and other key engineered component suppliers. So we are actively working that and expanding our manufacturing footprint to be able to support our global growth demand. So there is a number of initiatives that we have underway, both domestically and abroad to increase that capacity to stay ahead of our demand curve to ensure that we can fulfill and meet unique customer requirements.

是的，科林。感謝您的後續問題。因此，我們與供應鏈有著長期的基礎關係。像每家公司一樣，我們在成本壓力和交貨時間延長方面都遇到了挑戰。不久前，我們採取了一些行動來加強我們的供應鏈。我們利用現有的項目執行工作來確定額外的供應來源，以提高我們的產能，特別是圍繞工廠供應商和其他關鍵工程部件供應商的平衡。因此，我們正在積極努力並擴大我們的製造足跡，以支持我們的全球增長需求。因此，我們在國內外採取了許多舉措來提高這種能力，以保持領先於我們的需求曲線，以確保我們能夠滿足和滿足獨特的客戶要求。

And Colin, this is Jason. I would just add one additional thing to that, Colin, that is important, I think, for us from a supply chain perspective, that we have eliminated a lot of those supply chain issues as a result of more than 80% of our materials in our platforms are sourced within the United States. So that significantly helps when you look at shipping lanes and other things that are causing significant challenges in supply chain, which we get to avoid a lot of those.

科林，這是傑森。科林，我只想補充一件事，我認為，從供應鏈的角度來看，這對我們來說很重要，由於我們 80% 以上的材料在我們的平台來自美國。因此，當您查看航道和其他對供應鏈造成重大挑戰的事物時，這將大有幫助，我們可以避免其中的很多挑戰。

Perfect. Thanks, guys.

完美的。多謝你們。

Our next question comes from Chris Souther with B. Riley. Your line is open.

我們的下一個問題來自 Chris Souther 和 B. Riley。你的線路是開放的。

Hey, guys. Thanks for taking my question here. On the challenges that we are seeing with the Groton project related to the MEOs, can you provide a bit more color on why this is a unique project-specific challenge? Just wanted to get a better sense of why this is not something we should be concerned about with some of the other pipeline projects? And can you give more of a sense how there is confidence that this is like a 1-year fix to get up to the full 7.4 megawatts?

大家好。感謝您在這裡提出我的問題。關於我們在 Groton 項目中看到的與 MEO 相關的挑戰，您能否就為什麼這是一個獨特的項目特定挑戰提供更多色彩？只是想更好地了解為什麼這不是我們應該關注的其他一些管道項目？您能否更進一步地了解，這就像 1 年的修復，以達到 7.4 兆瓦的全部功率？

Yes. Chris, thank you for the question, and thank you for joining the call this morning. We tried to provide a real detailed update in the 10-Q. Our plan is to run the plant at 6 megawatts. The thing that makes this different from our other projects is that the MEO in this configuration is unique to this particular plant. And the same configuration is not present on our other installed plants around, whether it's the U.S. or internationally. And so the issues are unique to this plant. Our engineering team feels very confident over the next year that we'll be able to work through the issues they have. They are well understood, and they know how we are going to drive those improvements. But that same issue is not present on our other platforms.

是的。克里斯，謝謝你的提問，也謝謝你今天早上加入電話會議。我們試圖在 10-Q 中提供真正詳細的更新。我們的計劃是以 6 兆瓦的功率運行該工廠。與我們其他項目的不同之處在於，這種配置中的 MEO 對於這個特定的工廠來說是獨一無二的。同樣的配置也沒有出現在我們周圍其他已安裝的工廠上，無論是美國還是國際上。因此，這些問題對於這家工廠來說是獨一無二的。我們的工程團隊對明年我們將能夠解決他們遇到的問題充滿信心。他們很好理解，他們知道我們將如何推動這些改進。但同樣的問題在我們的其他平台上不存在。

Okay. And then, maybe on the product sales for new customers, any update on the progress there? I am curious what we are seeing outside of some of the existing customer base in Korea for replacements. I am curious if you're seeing any impacts on the energy crisis in Europe on sales efforts with challenges in natural gas supplies. Maybe just talk about the scope of some of the MOUs out there in Korea and North Africa would be helpful for folks.

好的。然後，也許關於新客戶的產品銷售，那裡的進展有什麼更新嗎？我很好奇我們在韓國的一些現有客戶群之外看到了什麼替代品。我很好奇您是否看到歐洲能源危機對天然氣供應挑戰的銷售工作有任何影響。也許只是談論一些在韓國和北非的諒解備忘錄的範圍會對人們有所幫助。

Yes, we are seeing a lot of momentum in growing the pipeline that we have. As we announced a little while ago, we brought in a new Chief Commercial Officer for the company, and we're seeing a lot of strong momentum there. We are seeing a significant push, whether you're looking at Korea, as you mentioned, or other Asian markets or in Europe to have momentum toward hydrogen and trying to get faster to a hydrogen economy. We're seeing that as a pretty significant driver as one way to maybe deal with the pressure that's being seen with rising natural gas prices and particularly in the EU. With respect to the markets overall, we are seeing strong demand for grid retention reliability.

是的，我們在發展我們擁有的管道方面看到了很大的動力。正如我們不久前宣布的那樣，我們為公司引入了一位新的首席商務官，我們在那裡看到了很多強勁的勢頭。我們看到了巨大的推動力，無論你是在看韓國，正如你提到的，還是其他亞洲市場或歐洲，都在推動氫能源發展，並試圖更快地實現氫經濟。我們認為這是一個非常重要的驅動因素，可能是應對天然氣價格上漲所帶來的壓力的一種方式，尤其是在歐盟。就整個市場而言，我們看到對電網保持可靠性的強烈需求。

In addition to some of the things that we're doing with our platform around carbon separation we are seeing strong interest in carbon capture. And we think that is going to increase, and particularly here in the U.S. with the passage of the IRA, given the improved economics around 45-Q. So across the board, we feel good about the pipeline that we're building and the commercial opportunities that we have, whether it be in the U.S. or EU as well as the Middle East and Africa.

除了我們在碳分離平台上所做的一些事情之外，我們還看到了對碳捕獲的濃厚興趣。我們認為這將會增加，特別是在美國，隨著 IRA 的通過，考慮到 45-Q 左右的經濟改善。因此，總體而言，我們對我們正在建設的管道和我們擁有的商業機會感到滿意，無論是在美國還是歐盟以及中東和非洲。

With respect to the MOUs, those are all around the hydrogen economy and taken advantage of. If you look at Tunisia and Northern Africa, you've got really strong coverage with the sun. It makes it a great market to produce green hydrogen using solar, and its proximity to Europe with some of the pipeline infrastructure that already exists there and the ability to move hydrogen via pipe into Europe as a very strong source of supply. So, we feel really good about those opportunities to participate in that. Given the high efficiency that we anticipate having with our solid oxide platform, we think our platform is very well positioned to be a meaningful contributor to hydrogen production in that part of the world.

關於諒解備忘錄，這些都是圍繞氫經濟並被利用的。如果你看看突尼斯和北非，你會發現太陽的覆蓋範圍非常大。它使其成為利用太陽能生產綠色氫氣的絕佳市場，並且它靠近歐洲，那裡已經存在一些管道基礎設施，並且能夠通過管道將氫氣輸送到歐洲作為一個非常強大的供應來源。因此，我們對參與其中的機會感到非常高興。鑑於我們預計固體氧化物平台的高效率，我們認為我們的平台非常適合成為世界該地區氫氣生產的重要貢獻者。

Got it. No, that's really helpful. I appreciate the color there. I'll hop in the queue here. Thanks, guys.

知道了。不，這真的很有幫助。我很欣賞那裡的顏色。我會在這裡插隊。多謝你們。

Again, if you would like to ask a question, please press star #1. Our next question comes from Eric Stine with Craig-Hallum. Your line is open.

同樣，如果您想提出問題，請按星號 #1。我們的下一個問題來自 Eric Stine 和 Craig-Hallum。你的線路是開放的。

Good morning, everyone. So, I just want to stick on the product side. I noticed in the presentation, you mentioned an MOU with KEPCO and I know that you have done a project with one of their operating subsidiaries many years ago. But to me, that seems new unless I missed that announcement. So maybe just talk about the opportunity there, obviously, on the utility side, especially South Korea as a great market. KAPCO's got a number of operating subsidiaries. And so just maybe dig down a little deeper into South Korea in that specific MOU.

大家，早安。所以，我只想堅持產品方面。我在演講中註意到，您提到了與 KEPCO 的諒解備忘錄，我知道您在多年前與他們的運營子公司之一完成了一個項目。但對我來說，這似乎是新的，除非我錯過了那個公告。所以也許只是談論那裡的機會，顯然，在公用事業方面，尤其是韓國這個巨大的市場。 KAPCO 擁有許多運營子公司。因此，也許只是在那個特定的諒解備忘錄中更深入地了解韓國。

Yes. So as you mentioned, we have an existing platform in Korea that is a FuelCell Energy platform with KOSPO. That is a 20 megawatt platform that is grid-connected and then also providing thermal energy for district heating. That MOU then with KEPCO is about the opportunity to develop additional large-scale utility projects in South Korea that take advantage of the unique capabilities of our platform to deliver thermal energy all the way up to steam. And as you may know, in South Korea, District heating is a big part of the energy infrastructure in South Korea. So, we think we are well positioned to provide those services and have a competitive advantage, we believe, over other fuel cell offerings in the market.

是的。正如你所提到的，我們在韓國有一個現有的平台，即與 KOSPO 合作的燃料電池能源平台。那是一個 20 兆瓦的平台，它與電網連接，然後還為區域供熱提供熱能。當時與 KEPCO 的諒解備忘錄是關於在韓國開發更多大型公用事業項目的機會，這些項目利用我們平台的獨特能力將熱能一直輸送到蒸汽。如您所知，在韓國，區域供熱是韓國能源基礎設施的重要組成部分。因此，我們認為我們有能力提供這些服務，並且我們相信，與市場上的其他燃料電池產品相比，我們具有競爭優勢。

I mean, is that something that we should view movement there as an indication that maybe with some clarity around the litigation that's not being cleared up with POSCO that, that is part of the reason why that MOU was signed and that potentially there is some activity there?

我的意思是，我們應該將那裡的動向視為一種跡象，表明可能對未與 POSCO 澄清的訴訟有一些明確性，這就是簽署諒解備忘錄的部分原因，並且可能存在一些活動那裡？

Settlement with POSCO was really helpful with respect to just making it clear that we are back in the market, that the exclusivity that POSCO had no longer exists, and that we are the manufacturer and distributor of our technology in the Korea market, and that clarity has been quite helpful to driving interest and market activity for us in Korea and South Korea.

與 POSCO 達成和解非常有助於明確我們重新進入市場，POSCO 的排他性不再存在，我們是我們技術在韓國市場的製造商和分銷商，以及明確性對推動我們在韓國和韓國的興趣和市場活動非常有幫助。

Okay. Got it. And maybe lastly, just on the product side, sticking there. You mentioned the interest in carbon capture around 45-Q. But with regulatory certainty, I know that for a number of quarters, and obviously, it's been a focus for a long time, increased product sales in the U.S., and you've been more optimistic that you're making traction there, but they are long sales cycles, maybe where you stand now? And do you expect to start to see some product momentum in the U.S.?

好的。知道了。也許最後，只是在產品方面，堅持在那裡。您提到了對 45-Q 左右碳捕獲的興趣。但由於監管的確定性，我知道幾個季度以來，很明顯，很長一段時間以來，它一直是關注的焦點，增加了美國的產品銷售，你對你在那裡取得的吸引力更加樂觀，但他們銷售週期長，也許你現在的立場是什麼？您是否希望開始在美國看到一些產品勢頭？

We do. We do expect to see product momentum in the U.S. And again, we continue to focus on areas where we have advantages and the right to win with our technology, really leveraging the platform. So we think with our ability to do carbon separation with our own platform, deliver carbon as a product. I mean, if you think about, I think it was a week ago in the Wall Street Journal, there was a pretty robust article about CO2 shortages and what's happening with food producers in the U.S. and around the world and the need for carbon. We believe our platform gives the opportunity for those customers to take advantage of not only our clean power generation, but the ability to create certainty not only around supply of CO2 but something they can't really get today in today's markets around CO2, and that is price certainty around CO2 over the long term, which our platforms are 20-year life platform. So being able to create effectively a 20-year hedge on CO2 pricing is quite attractive to customers. So we're seeing momentum there.

我們的確是。我們確實希望在美國看到產品發展勢頭。再次，我們將繼續專注於我們擁有優勢和有權通過我們的技術取勝的領域，真正利用該平台。因此，我們認為憑藉我們自己的平台進行碳分離的能力，將碳作為產品提供。我的意思是，如果你想一想，我想是在一周前的《華爾街日報》上，有一篇關於二氧化碳短缺以及美國和世界各地的食品生產商正在發生的事情以及對碳的需求的非常有力的文章。我們相信，我們的平台為這些客戶提供了機會，不僅可以利用我們的清潔發電，還可以創造確定性的能力，不僅是圍繞二氧化碳的供應，而且是他們今天在當今的二氧化碳市場上無法真正獲得的東西，而且是長期圍繞二氧化碳的價格確定性，我們的平台是 20 年壽命平台。因此，能夠有效地創建 20 年的二氧化碳定價對沖對客戶來說非常有吸引力。所以我們看到了那裡的勢頭。

And then, of course, when you start to think about large-scale carbon capture and sequestration,which 45-Q plays into, the economics there increased the incentive for industrial customers particularly, to want to move forward with those kind of projects to take advantage of that and to capture those economics not only from an economic standpoint, but from what their customers are demanding that they do. following along with their own commitments around sustainability around their own reductions in emissions. And so we think the advantage of 45-Q whether it is sequestration and/or utilization creates quite an attractive opportunity for us. And then as we have communicated previously, we believe with respect to carbon capture that we are the only platform that has the ability to capture carbon, produce power, and hydrogen from a single platform. And we think over the long run, that would give us an advantage on the cost of capture versus competing technologies.

然後，當然，當你開始考慮 45-Q 參與的大規模碳捕獲和封存時，那裡的經濟狀況尤其增加了工業客戶的動力，他們希望繼續推進此類項目不僅從經濟角度，而且從客戶要求他們做的事情來捕捉這些經濟性。遵循他們自己圍繞自身減排的可持續性承諾。因此，我們認為 45-Q 的優勢，無論是封存和/或利用，都為我們創造了相當有吸引力的機會。然後正如我們之前所傳達的，我們相信在碳捕獲方面，我們是唯一能夠從單一平台捕獲碳、發電和氫氣的平台。我們認為，從長遠來看，與競爭技術相比，這將使我們在捕獲成本方面具有優勢。

Got it, that is helpful. Thank you.

明白了，很有幫助。謝謝你。

Our next question comes from Noel Parks with Tuohy Brothers. Your line is open.

我們的下一個問題來自 Noel Parks 和 Tuohy Brothers。你的線路是開放的。

Good morning. Just a couple of things. One, I thought I heard you mention regarding the Exxon JDA that you were exploring other partnership opportunities. Was that with Exxon within the JDA or similar ones with other priorities?

早上好。只是幾件事。一，我想我聽說你提到過你正在探索其他合作機會的 Exxon JDA。是 JDA 內的埃克森美孚還是其他優先事項的類似公司？

Yes. So within the Exxon JDA and the extension that we did through the balance of this calendar year, one of the things that we did in that extension was to agree to collaboratively work on a joint marketing plan. And that joint marketing plan is specific to going out and positioning our technology as a carbon capture solution for other prospective customers, and that is the work that's being done there. So yes, that would mean that the technology will be deployed at other customers outside of Exxon through that joint marketing plan work.

是的。因此，在埃克森美孚 JDA 和我們通過本日曆年剩餘時間所做的擴展中，我們在該擴展中所做的一件事是同意合作制定聯合營銷計劃。該聯合營銷計劃專門針對將我們的技術定位為其他潛在客戶的碳捕獲解決方案，這就是在那裡正在進行的工作。所以是的，這意味著該技術將通過聯合營銷計劃工作部署在埃克森美孚以外的其他客戶身上。

Great. And then just one other one. You were talking a little bit about the Inflation Reduction Act. I was wondering, could you maybe characterize, are there any particular types of clients that, I am thinking maybe on the generation side especially, that might have, in particular, been waiting to get clarity on whether we were going to get new legislation? So do you have any sense of who might be, say, first out of the gate for a commitment now that we know what the incentive structure is like?

偉大的。然後只是另外一個。你剛才談到了《通貨膨脹減少法案》。我想知道，您能否描述一下，是否有任何特定類型的客戶，我認為可能特別是在一代人方面，可能一直在等待明確我們是否會獲得新的立法？那麼，既然我們知道激勵結構是什麼樣的，那麼您是否知道誰可能首先走出承諾的大門？

Yes, that's a great question. We think that it actually helps kind of across the board in general, just because of the way that the new incentive structure is laid out. But particularly, with the ability to take advantage of the investment tax credit as more of a direct payment, we think municipalities are great examples, or non-taxpayers or great opportunities for taking advantage of the new structure. But we think it opens the door with respect to just core power generation. We think it opens the door for distributed hydrogen as another attractive opportunity in that. And for us, that cuts across both what we can do with our TriGen platform like what we're doing in California and then ultimately with the commercialization of our SOEC platform to produce hydrogen. We think those become attractive opportunities. And then again, just going back to carbon and carbon separation and carbon capture, we think those are great opportunities.

是的，這是一個很好的問題。我們認為它實際上總體上有所幫助，只是因為新的激勵結構的佈局方式。但特別是，由於能夠將投資稅收抵免作為更多的直接支付方式，我們認為市政當局是很好的例子，或者是非納稅人，或者是利用新結構的絕佳機會。但我們認為它為核心發電打開了大門。我們認為它為分佈式氫氣打開了大門，這是另一個有吸引力的機會。對我們來說，這既涉及到我們可以使用 TriGen 平台做的事情，比如我們在加利福尼亞所做的事情，也涉及到最終將我們的 SOEC 平台商業化以生產氫氣。我們認為這些成為有吸引力的機會。再說一遍，回到碳、碳分離和碳捕獲，我們認為這些都是很好的機會。

We have reached the end of the question-and-answer session. I will now turn the call back over to Jason for closing remarks.

我們已經到了問答環節的尾聲。我現在將把電話轉回給 Jason 以結束髮言。

Chantel, thank you very much for that. And I want to thank everyone for joining our call today. Again, we look forward to the opportunity to really leverage our technology and to help our customers reduce their carbon footprint and contribute to their sustainability goals. And we are excited to work and deliver against our purpose of enabling the world to live a life with power by clean energy. Thank you very much for joining our call today, and we look forward to speaking to you again soon. Thank you.

尚特爾，非常感謝你。我要感謝大家今天加入我們的電話會議。同樣，我們期待有機會真正利用我們的技術，幫助我們的客戶減少碳足跡並為他們的可持續發展目標做出貢獻。我們很高興能夠實現我們的目標，即讓世界通過清潔能源過上充滿動力的生活。非常感謝您今天加入我們的電話會議，我們期待很快再次與您交談。謝謝你。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。