燃料電池能源 (FCEL) 2022 Q4 法說會逐字稿

Good morning, and welcome to FuelCell Energy's Fourth Quarter and Fiscal Year 2022 Financial Results Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Tom Gelston, Senior Vice President of Finance and Investor Relations. Thank you. Please go ahead, Mr. Gelston.

早上好，歡迎來到 FuelCell Energy 的第四季度和 2022 財年財務業績電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。我現在想把電話轉給財務和投資者關係高級副總裁 Tom Gelston。謝謝你。請繼續，蓋爾斯頓先生。

Thank you, and 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 fourth quarter and fiscal year 2022, and our earnings press release and our annual report on Form 10-K are available in the Investors section of our website at www.fuelcellenergy.com.

謝謝，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 發布了第四季度和 2022 財年的財務業績，我們的收益新聞稿和 10-K 表格年度報告可在我們網站 www.fuelcellenergy.com 的投資者部分獲取。

Consistent with our practice, in addition to this call, in 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.

根據我們的慣例，除了這次電話會議之外，在我們的收益新聞稿中，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，將在我們結束通話後大約 2 小時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 and Exchange Commission 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.

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 年證券交易委員會法含義內的前瞻性陳述。此類陳述表達了我們的期望、信念和意圖關於未來的聲明，包括但不限於關於我們預期財務業績的聲明、我們關於燃料電池技術的持續開發、商業化和融資的計劃和期望，以及我們的業務計劃和戰略。

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 our filings with the Securities and Exchange Commission, particularly the Risk Factors section of the most recently filed annual report on Form 10-K.

由於存在許多風險和不確定性，我們未來的實際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和我們向美國證券交易委員會提交的文件，尤其是最近提交的 10-K 表格年度報告的風險因素部分。

During the course of this call, we will be discussing certain non-GAAP financial measures, and we refer you to their 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 www.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，我們建議您訪問他們的網站和我們的收益新聞稿以及幻燈片演示的附錄，以了解這些措施與 GAAP 財務措施的協調情況。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”部分獲取。

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.

FuelCell Energy 總裁兼首席執行官 Jason Few 也出席了今天的電話會議；以及我們的執行副總裁兼首席財務官 Mike Bishop。在我們準備好的發言之後，我們將可以回答您的問題，並由領導團隊的其他成員加入。

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

我現在將把電話轉給傑森，讓他發表開場白。傑森？

Thank you, Tom, and good morning, everyone. Thanks for joining us on our call today. Since we met last quarter, we achieved some exciting accomplishments on our journey to enable the world to be empowered by clean energy. Today, we announced our best annual revenue since 2015 as a result of strong execution of product sales and continued progress on 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。自從我們上個季度會面以來，我們在讓世界獲得清潔能源賦能的道路上取得了一些令人振奮的成就。今天，我們宣布了自 2015 年以來的最佳年度收入，這是由於產品銷售的強勁執行以及我們 Powerhouse 業務戰略的持續進展。

More on that in a few minutes, but before getting into the business results, I always like to give an overview of Fuel Cell Energy on Slide 3 for anyone who might be new to the Fuel Cell energy story. In operation for over 50 years, Fuel Cell is a leader in developing stationary Fuel Cell energy platforms. Our goal is to leverage our proprietary technologies to decarbonize power and produce hydrogen. We operate in North America, Asia and Europe, and we are focused on entering more markets around the world as we commercialize and scale our technologies.

幾分鐘後會詳細介紹這一點，但在進入業務成果之前，我總是喜歡在幻燈片 3 上為可能對燃料電池能源故事不熟悉的任何人概述燃料電池能源。 Fuel Cell 運營了 50 多年，是開發固定式燃料電池能源平台的領導者。我們的目標是利用我們的專有技術使電力脫碳並生產氫氣。我們在北美、亞洲和歐洲開展業務，隨著我們的技術商業化和規模化，我們專注於進入全球更多市場。

Our manufacturing facilities are currently located in the United States, Canada and Germany, which creates an efficient distribution network, leverages our centers of expertise and helps us to meet local content requirements. We have 95 platform installations in commercial operation, which, we believe demonstrates the commercial feasibility of our energy platforms.

我們的製造工廠目前位於美國、加拿大和德國，這創造了一個高效的分銷網絡，利用了我們的專業知識中心，並幫助我們滿足當地成分要求。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。

Our first commercial platform was deployed in 2003 in Japan, where we demonstrated our fuel flexibility using biofuels produced on site. For the full fiscal year 2022, we reported revenues of over $130 million across 4 revenue categories: product, service agreements, advanced technologies and generation, which together represent diversified sources of recurring revenue under multiyear contracts.

我們的第一個商業平台於 2003 年在日本部署，在那裡我們使用現場生產的生物燃料展示了我們的燃料靈活性。在整個 2022 財年，我們報告了 4 個收入類別的收入超過 1.3 億美元：產品、服務協議、先進技術和發電，它們共同代表了多年合同下經常性收入的多元化來源。

In fiscal year 2021 and 2020, we had no revenue from product sales, but they returned to our revenue mix in fiscal year 2022 with orders for 20 molten carbonate fuel cell modules from Korea Fuel Cell. We have delivered these modules Ex Works to Korea Fuel Cell to service its installations in the South Korea market, generating new product sales in South Korea as well as other Asian markets, select countries in Europe. The Middle East, Africa and North America is a priority for us.

在 2021 財年和 2020 財年，我們沒有產品銷售收入，但在 2022 財年，他們從 Korea Fuel Cell 訂購了 20 個熔融碳酸鹽燃料電池模塊，重新回到我們的收入組合中。我們已將這些模塊出廠交付給 Korea Fuel Cell，為其在韓國市場的安裝提供服務，從而在韓國以及其他亞洲市場和歐洲部分國家/地區產生新產品銷售。中東、非洲和北美是我們的首要任務。

Starting January 1, 2023, the limitations in our settlement agreement with POSCO Energy, and we can work directly with existing POSCO Energy, KFC customers to provide new long-term service agreements for the existing installed base in addition to KOSPO where we already provide 20 megawatts directly.

從 2023 年 1 月 1 日開始，我們與 POSCO Energy 的和解協議受到限制，我們可以直接與現有的 POSCO Energy、KFC 客戶合作，為現有安裝基礎提供新的長期服務協議，除了我們已經提供 20 個 KOSPO直接兆瓦。

It is also important that we keep our sights on our company's purpose, which is shown on Slide 4. Across our company, we are committed to a shared purpose of enabling a world empowered by clean energy, as world events have recently shown us, every industry will be meaningfully impacted in the future by the energy transition. We believe Fuel Cell Energy is well positioned to be part of that solution by assisting customers on a safe, secure and practical path to carbon zero, and this purpose drives our strategic focus and our passion for our work.

同樣重要的是，我們始終關注我們公司的宗旨，如幻燈片 4 所示。在我們公司，我們致力於實現一個共同的目標，即實現一個由清潔能源賦能的世界，正如世界事件最近向我們展示的那樣，每能源轉型將在未來對工業產生重大影響。我們相信 Fuel Cell Energy 可以很好地幫助客戶走上安全、可靠和實用的碳零之路，成為該解決方案的一部分，這一目標推動了我們的戰略重點和我們對工作的熱情。

Next, let's turn to the key business developments during the quarter shown on Slide 5. Over the fiscal year, we continued to execute against our strategic agenda, delivering projects in our backlog, completing and delivering product orders and making tangible progress toward commercialization of our new technologies.

接下來，讓我們來看看幻燈片 5 所示的本季度的主要業務發展。在本財年，我們繼續執行我們的戰略議程，交付積壓的項目，完成和交付產品訂單，並在我們的商業化方面取得切實進展新技術。

As I mentioned, we delivered 8 more modules Ex Works to Korea Fuel Cell during the fourth quarter, completing the initial 2 orders for a total of 20 modules placed earlier this year. We are continuing to scale our commercial organization in Korea in anticipation of developing a pipeline of opportunities in Korea and other Asian markets.

正如我所提到的，我們在第四季度向 Korea Fuel Cell 交付了另外 8 個出廠模塊，完成了今年早些時候下達的總共 20 個模塊的最初 2 個訂單。我們正在繼續擴大我們在韓國的商業組織，以期在韓國和其他亞洲市場開發一系列機會。

Importantly, as I previously stated, starting January 1, 2023, we will regain full access to the Korea market, including legacy customers that were previously solely serviced by Korea Fuel Cell. On December 16, we announced that the platform at the U.S. Navy Submarine Base in Groton, Connecticut, achieved commercial operations.

重要的是，正如我之前所說，從 2023 年 1 月 1 日開始，我們將重新獲得進入韓國市場的完全權限，包括以前僅由 Korea Fuel Cell 提供服務的傳統客戶。 12月16日，我們宣布位於康涅狄格州格羅頓的美國海軍潛艇基地平台實現商業運營。

We entered into an amended and restated power purchase agreement with Connecticut Municipal Electric Energy Cooperative, or CMEEC, to allow the plant to operate at a reduced output of approximately 6 megawatts, while a technical improvement plan is implemented over the next year with the goal of bringing the platform to its rated capacity of 7.4 megawatts by December 31, 2023.

我們與 Connecticut Municipal Electric Energy Cooperative (CMEEC) 簽訂了經修訂和重申的購電協議，允許該電廠以約 6 兆瓦的減少輸出運行，同時在明年實施技術改進計劃，目標是到 2023 年 12 月 31 日，使該平台的額定容量達到 7.4 兆瓦。

In conjunction with this project reaching commercial operation, we have closed on a previously announced tax equity transaction with East West Bancorp. 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 the reduction in Scope 2 emissions. Incorporation of the Fuel Cell platform project into a microgrid is expected to demonstrate the capacity of FuelCell Energy's platforms to increase grid stability and resiliency, while supporting the U.S. military's efforts to fortify base energy supply.

結合該項目的商業運營，我們已經完成了先前宣布的與 East West Bancorp 的稅收股權交易。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。將燃料電池平台項目納入微電網有望展示 FuelCell 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 recently announced the important milestone that we are accepting orders for our solid oxide platform for both power generation and hydrogen electrolysis applications. We have also entered into our first contract for our solid oxide fuel cell with a repeat customer, Trinity College in Hartford, Connecticut. We continue to invest in our internal R&D activities as we focus on full commercialization of our patented solid oxide platform. More details on this in just a minute.

接下來，我們最近宣布了一個重要的里程碑，即我們正在接受用於發電和氫電解應用的固體氧化物平台的訂單。我們還與康涅狄格州哈特福德的回頭客三一學院簽訂了我們的第一份固體氧化物燃料電池合同。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全面商業化。稍後將詳細介紹這方面的內容。

Additionally, we have announced our intent to deploy our solid oxide electrolysis platform integrated with new scale small modular reactor to produce hydrogen and ammonia in Ukraine, to support energy security and agriculture. We believe this will be an important application for solid oxide technology, and are excited about this opportunity. The timing of the project will be predicated on further resolution of the unfortunate conflict in Ukraine and other factors. We continue to hope for the restoration of peace in Ukraine, while offering our prayers and support to the people in that region who are suffering greatly.

此外，我們已宣布打算部署與新型小型模塊化反應器集成的固體氧化物電解平台，以在烏克蘭生產氫氣和氨氣，以支持能源安全和農業。我們相信這將是固體氧化物技術的重要應用，並對這個機會感到興奮。該項目的時間安排將取決於烏克蘭不幸衝突的進一步解決和其他因素。我們繼續希望烏克蘭恢復和平，同時向該地區遭受巨大苦難的人們祈禱和支持。

Next, we are continuing to progress towards commercialization of our advanced technologies for carbon capture. Under our joint development agreement with ExxonMobil Technology and Engineering Company, or EMTEC, we recently completed a joint marketing study to define application opportunities and commercialization strategies that Exxon and Fuel Cell Energy will pursue in collaboration.

接下來，我們將繼續推進先進碳捕獲技術的商業化。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，我們最近完成了一項聯合營銷研究，以確定埃克森美孚和燃料電池能源公司將合作尋求的應用機會和商業化戰略。

In addition, we have now extended our joint development agreement until August 31, 2023, to further the technology and prepare for demonstrations. Together, we will continue to identify partners for commercial trials or demonstration projects as we pursue carbon capture across a broad landscape of industrial application.

此外，我們現已將聯合開發協議延長至 2023 年 8 月 31 日，以進一步推進技術並為示範做準備。隨著我們在廣泛的工業應用領域追求碳捕獲，我們將一起繼續為商業試驗或示範項目尋找合作夥伴。

My fourth key message is that we are encouraged by developments in global policy support for decarbonization, including the inflation Reduction Act in the U.S., a carbon tax in Canada and an overall policy support across Europe, Asia, Africa and the Middle East. We believe we are well positioned to capitalize on the evolving global energy landscape with a portfolio of solutions that aim to decarbonize power and produce hydrogen.

我的第四個關鍵信息是，我們對全球脫碳政策支持的發展感到鼓舞，包括美國的通貨膨脹減少法案、加拿大的碳稅以及歐洲、亞洲、非洲和中東的整體政策支持。我們相信，我們有能力利用不斷變化的全球能源格局，提供一系列旨在使電力脫碳和生產氫氣的解決方案。

On Slide 6, we wanted to illuminate that we believe our company is well positioned for future growth as a result of the Inflation Reduction Act, or IRA. As a U.S. manufacturer and a company that has demonstrated a long-term commitment and practice of sourcing U.S. materials, we find the IRA to be a very meaningful and supportive domestic policy. We believe that the various policy mechanisms within the IRA, as highlighted on this chart, will provide Fuel Cell Energy with the long-term market and tax certainty needed to support our continued investment decisions in hydrogen, carbon capture and manufacturing expansion, as well as team members passionate about our purpose.

在幻燈片 6 中，我們想說明我們相信我們公司已為未來的增長做好準備，這是由於《降低通貨膨脹法案》或 IRA 的結果。作為一家美國製造商和一家長期致力於採購美國材料的公司，我們發現 IRA 是一項非常有意義和支持性的國內政策。我們相信，IRA 內的各種政策機制，如本圖所示，將為燃料電池能源提供長期市場和稅收確定性，以支持我們在氫、碳捕獲和製造擴張方面的持續投資決策，以及團隊成員對我們的目標充滿熱情。

With this legislation, we believe that Fuel Cell Energy and customers of our 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.

通過這項立法，我們相信燃料電池能源和我們燃料電池技術的客戶將能夠利用投資稅收抵免、清潔能源和氫的生產稅收抵免以及碳捕獲利用和封存抵免，我們已經總結了幻燈片 6。

To illustrate how we believe the IRA may work, I want to highlight 2 examples. First, even though the Fuel Cell investment tax credit expires in 2 years, given our molten carbonate platform's fuel flexibility to operate on biofuels or a hydrogen blend, and our solid oxide platform's ability to operate on 100% pure hydrogen, the green power generation investment tax credit, or Section 48E, is expected to extend incentives which benefit the sale of our platforms through 2032.

為了說明我們相信 IRA 可能會如何運作，我想強調 2 個例子。首先，儘管燃料電池投資稅收抵免將在 2 年內到期，但考慮到我們的熔融碳酸鹽平台的燃料靈活性，可以使用生物燃料或混合氫，以及我們的固體氧化物平台可以使用 100% 純氫，綠色發電投資稅收抵免或第 48E 條預計將有利於我們平台銷售的激勵措施延長至 2032 年。

The second example relates to our carbon capture platform under development, where we expect to benefit from Sections 45Q and 48C as a U.S. manufacturer. Across the board, we believe that these are important [pillars] to achieve 3 critical objectives: first, building and deploying more clean energy assets across the country, ensuring that the United States leverages its rich natural resources; second, decarbonizing our most challenging sectors without deindustrialization; and third, supporting U.S. manufacturers and rapidly scaling capacity, thereby driving down unit costs and creating favorable economics for global deployment of U.S. manufactured clean energy technologies, such as fuel cell energy. The investments Fuel Cell Energy is making in our business are well aligned with these policy goals and constructive energy transition policies around the world.

第二個例子與我們正在開發的碳捕獲平台有關，我們希望作為美國製造商從第 45Q 和 48C 節中受益。總體而言，我們認為這些是實現 3 個關鍵目標的重要[支柱]：第一，在全國建設和部署更多清潔能源資產，確保美國利用其豐富的自然資源；第二，在不去工業化的情況下使我們最具挑戰性的部門脫碳；第三，支持美國製造商並迅速擴大產能，從而降低單位成本並為全球部署美國製造的清潔能源技術（例如燃料電池能源）創造有利的經濟效益。 Fuel Cell Energy 對我們業務的投資與這些政策目標和全球建設性的能源轉型政策完全一致。

Next, on Slide 7. I'd like to go into further detail about our solid oxide platform which has progressed far enough in the design cycle and commercialization process, that we are now accepting customer orders. Over the past several quarters, we have provided you with specific updates, including photographs of our prototype units. In recent months, the technology has undergone independent lab testing at Idaho National Labs, or INL, and their teams validated that the Fuel Cell stack has performed well in test in a broad range of conditions and unexpected events. This independent validation has allowed us to move forward with our first order from Trinity College in Hartford, Connecticut, for a 250-kilowatt solid oxide fuel cell.

接下來，在幻燈片 7 上。我想進一步詳細介紹我們的固體氧化物平台，該平台在設計週期和商業化過程中取得了足夠的進展，我們現在正在接受客戶訂單。在過去的幾個季度中，我們為您提供了具體的更新，包括我們原型機的照片。最近幾個月，該技術在愛達荷國家實驗室 (INL) 進行了獨立實驗室測試，他們的團隊驗證了燃料電池堆在各種條件和意外事件中的測試表現良好。這種獨立的驗證使我們能夠繼續從康涅狄格州哈特福德的三一學院訂購 250 千瓦的固體氧化物燃料電池。

We are very excited about potential opportunities for a sub megawatt power generation platform and our targeted geographic markets, in addition to the sub megawatt power generation platforms we currently offer across the European Union and the U.K.

除了我們目前在歐盟和英國提供的次兆瓦發電平台之外，我們對次兆瓦發電平台和我們的目標地理市場的潛在機會感到非常興奮。

In support of future production, we are expanding our facility in Calgary, Canada, with additional dedicated manufacturing space as part of the first phase of increased solid oxide capacity. We will provide more insight on our expansion plans as they progress in conjunction with reevaluating our market opportunity in light of the IRA and other favorable developments around the world.

為了支持未來的生產，我們正在擴建我們在加拿大卡爾加里的工廠，增加專用製造空間，作為增加固體氧化物產能的第一階段的一部分。隨著我們的擴張計劃的進展，我們將提供更多關於我們的擴張計劃的見解，同時根據 IRA 和全球其他有利的發展重新評估我們的市場機會。

Next, on Slide 8, we highlight the specific advantages of Fuel Cell Energy solid oxide fuel cell and solid oxide electrolysis cell technologies. There are many characteristics that make our technology attractive, including fuel flexibility, efficiency, reliability and a small footprint for easy co-location. The most important factor is, the cost of electrolysis produced hydrogen, however, is the cost of electricity. Efficiency is one of the most effective ways to lower cost, and we believe Fuel Cell Energy's solid oxide platform is among the most efficient electrolysis technologies available.

接下來，在幻燈片 8 中，我們強調了 Fuel Cell Energy 固體氧化物燃料電池和固體氧化物電解電池技術的具體優勢。有許多特性使我們的技術具有吸引力，包括燃料靈活性、效率、可靠性和占地面積小以便於託管。然而，最重要的因素是，電解制氫的成本是電力成本。效率是降低成本最有效的方法之一，我們相信 Fuel Cell Energy 的固體氧化物平台是最有效的電解技術之一。

Therefore, among competing technologies, we believe, our solid oxide platform offers one of the best chances of achieving the $1 per kilogram levelized cost of hydrogen targeted by the U.S. Department of Energy by 2050. We believe solid oxide presents the best opportunity for hydrogen production facilities to minimize the overall cost while maximizing efficiencies, and that this platform will give more organizations the option to implement a flexible energy strategy.

因此，我們認為，在競爭技術中，我們的固體氧化物平台提供了到 2050 年實現美國能源部目標的每千克氫氣 1 美元平準化成本的最佳機會之一。我們相信固體氧化物是製氫的最佳機會設施以最大限度地降低總體成本，同時最大限度地提高效率，並且該平台將為更多組織提供實施靈活能源戰略的選擇。

In addition, with the renewed focus on nuclear energy, extended operational dates and the recognition that nuclear energy is an excellent source of power for hydrogen generation utilizing electrolysis, we believe, our high-temperature solid oxide electrolysis platform is well positioned to capitalize on this developing opportunity.

此外，隨著對核能的重新關注、運行日期的延長以及人們認識到核能是利用電解產生氫氣的極佳動力來源，我們相信，我們的高溫固體氧化物電解平台完全有能力利用這一點發展機會。

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，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. Now that you've heard from Jason, I will provide some details regarding our financial results.

謝謝你，傑森，今天在電話中的每個人早上好。既然您已經收到 Jason 的來信，我將提供一些有關我們財務結果的詳細信息。

For the fourth quarter of fiscal year 2022, we reported total revenues of $39.2 million compared to $13.9 million in the fourth quarter of fiscal year 2021, an increase of 181%.

在 2022 財年第四季度，我們報告的總收入為 3920 萬美元，與 2021 財年第四季度的 1390 萬美元相比增長了 181%。

Looking at revenue drivers by category. Product revenues were $24 million in the quarter compared to no product revenues in the comparable prior year quarter. Product revenues are the result of module sales to Korea Fuel Cell Company, or KFC, for which the company recognized $24 million on the Ex Works delivery of 8 fuel cell modules from our manufacturing facility in Torrington, Connecticut.

按類別查看收入驅動因素。本季度產品收入為 2400 萬美元，而去年同期沒有產品收入。產品收入是向韓國燃料電池公司 (KFC) 銷售模塊的結果，該公司在我們位於康涅狄格州托靈頓的製造工廠交付的 8 個燃料電池模塊的出廠交付中確認了 2400 萬美元。

Service agreement revenues decreased to negative $1.1 million from negative $0.1 million. The decrease was primarily a result of a reduction in service revenues due to higher future cost estimates related to future module exchanges compared to our prior estimates, which more than offset revenue recognized in the quarter.

服務協議收入從負 10 萬美元降至負 110 萬美元。減少的主要原因是服務收入減少，因為與我們之前的估計相比，與未來模塊交換相關的未來成本估計更高，這超過了本季度確認的收入。

Generation revenues increased 30% to $8.8 million from $6.7 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 Montreal exchanges and continuous fleet improvements during fiscal year 2021.

發電收入從 670 萬美元增長 30% 至 880 萬美元，這主要是由於長島電力局或 LIPA Yaphank 項目在截至 2022 年 1 月 31 日的 3 個月內完成，以及發電機組組合的運營產出更高2021 財年蒙特利爾交換和船隊持續改進的結果。

Advanced Technologies contract revenues increased slightly to $7.5 million from $7.3 million. Compared to the comparable prior year quarter, Advanced Technology contract revenues recognized under the joint development agreement with ExxonMobil Technology and Engineering Company, were approximately $1.8 million lower, offset by an increase in revenue recognized under our government and other contracts of $2 million.

Advanced Technologies 合同收入從 730 萬美元小幅增長至 750 萬美元。與去年同期相比，根據與埃克森美孚技術和工程公司的聯合開發協議確認的先進技術合同收入減少了約 180 萬美元，被政府和其他合同確認的收入增加 200 萬美元所抵消。

Gross loss for the fourth quarter of fiscal year 2022 totaled $15.2 million compared to a gross loss of $8.4 million in the comparable prior year quarter. The increase in gross loss was driven by higher manufacturing variances, $8.7 million of costs that cannot be capitalized related to the construction of the Toyota project, lower service margin as a result of higher future cost estimates related to future module exchanges, and lower Advanced Technology contract margin. These were partially offset by favorable margins on module sales to KFC.

2022 財年第四季度的毛虧損總計 1520 萬美元，而去年同期的毛虧損為 840 萬美元。毛損增加的原因是製造差異增加、與豐田項目建設相關的 870 萬美元無法資本化的成本、由於與未來模塊交換相關的未來成本估計增加導致的服務利潤率降低以及先進技術的降低合約保證金。這些部分被肯德基模塊銷售的有利利潤率所抵消。

Operating expenses for the fourth quarter of fiscal year 2022 increased to $27.5 million from $14.2 million. Administrative and selling expenses increased to $15.3 million from $10.7 million due to higher sales, marketing and consulting costs, as we 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.

2022 財年第四季度的運營費用從 1420 萬美元增加到 2750 萬美元。由於銷售、營銷和諮詢成本增加，行政和銷售費用從 1070 萬美元增加到 1530 萬美元，因為我們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，從而導致增加在額外員工的補償費用中。

R&D expenses increased to $12.2 million during the quarter, up from $3.5 million in the fourth quarter of fiscal year 2021, reflecting increased spending on ongoing commercial development efforts related to our solid oxide platform and carbon capture solutions.

本季度研發費用從 2021 財年第四季度的 350 萬美元增加到 1220 萬美元，反映出與我們的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。

Net loss was $42 million in the fourth quarter of fiscal year 2022 compared to a net loss of $24.2 million in the comparable prior year quarter driven primarily by the gross loss and higher operating expenses. Additionally, the provision for income tax was $0.3 million higher compared to a negligible amount in the fourth quarter of fiscal year 2021.

2022 財年第四季度淨虧損為 4200 萬美元，而去年同期淨虧損為 2420 萬美元，主要原因是毛虧損和更高的運營費用。此外，與 2021 財年第四季度微不足道的數額相比，所得稅撥備增加了 30 萬美元。

Adjusted EBITDA totaled negative $36.1 million in the fourth quarter of fiscal year 2022 compared to adjusted EBITDA of negative $16.9 million in the fourth quarter of fiscal year 2021. Please see the discussion of non-GAAP financial measures, including adjusted EBITDA in the appendix at the end of our earnings release.

2022 財年第四季度調整後 EBITDA 總計為負 3610 萬美元，而 2021 財年第四季度調整後 EBITDA 為負 1690 萬美元。請參閱附錄中關於非 GAAP 財務措施的討論，包括調整後的 EBITDA我們的收益發布結束。

The net loss per share attributable to common stockholders in the fourth quarter of fiscal year 2022 was $0.11 compared to $0.07 in the fourth 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 outstanding shares due to share issuances since October 31, 2021.

2022 財年第四季度歸屬於普通股股東的每股淨虧損為 0.11 美元，而 2021 財年第四季度為 0.07 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 2021 年 10 月 31 日以來發行股票導致的加權平均流通股數量增加所抵消。

Please turn to Slide 11 for additional details on our financial performance and backlog. The chart at the left-hand side of the slide graphically shows some of the numbers we just reviewed in the fourth quarters of fiscal years 2021 and 2022.

請轉到幻燈片 11，了解有關我們的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回顧的 2021 和 2022 財年第四季度的一些數字。

Looking at the right-hand side of the slide, we finished the quarter with backlog of approximately $1.09 billion, a decrease of 15.4% since October 31, 2021. The primary driver was the reduction in generation backlog due to the decision in the fourth quarter of fiscal year 2022 not to move forward with the development of the 7.4 megawatt and 1.0 megawatt Hartford projects, given their current economic profiles.

從幻燈片的右側看，我們在本季度末的積壓訂單約為 10.9 億美元，自 2021 年 10 月 31 日以來下降了 15.4%。主要驅動因素是由於第四季度的決定而導致的發電積壓訂單減少考慮到 7.4 兆瓦和 1.0 兆瓦的哈特福德項目目前的經濟狀況，2022 財年不會繼續推進這些項目的開發。

On Slide 12 is an update on our liquidity and ongoing investments in project assets. As of October 31, 2022, we had total cash, restricted cash and cash equivalents of approximately $481 million. This total includes approximately $458.1 million of unrestricted cash and cash equivalents, represented by the darker blue bar on the chart in the center of the slide, and $23 million of restricted cash and cash equivalents represented by the lighter blue bar.

在幻燈片 12 上更新了我們的流動性和對項目資產的持續投資。截至 2022 年 10 月 31 日，我們的現金總額、受限制現金和現金等價物約為 4.81 億美元。這一總額包括約 4.581 億美元的非受限現金和現金等價物，由幻燈片中央圖表中的深藍色條表示，以及 2300 萬美元的受限現金和現金等價物，由淺藍色條表示。

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 with a clear focus on only those projects that will drive long-term value to Fuel Cell Energy and our shareholders.

查看幻燈片的右側，有一張圖表說明了構成我們公司自有發電組合的項目總資產。我們打算繼續開發、建設和發展我們的項目資產組合，明確關注那些將為 Fuel Cell Energy 和我們的股東帶來長期價值的項目。

Investments to date reflect capital spent on completed operating projects as well as capital spent on projects currently in development and under construction. As of October 31, 2022, our gross project assets totaled approximately $262.4 million, which excludes accumulated depreciation.

迄今為止的投資反映了已完成運營項目的資本支出以及目前正在開發和建設中的項目的資本支出。截至 2022 年 10 月 31 日，我們的項目總資產總計約為 2.624 億美元，不包括累計折舊。

As detailed on Slide 21 in the appendix of this presentation, our generation portfolio totaled 63.1 megawatts of assets as of October 31, 2022. This includes 36.3 megawatts of operating assets and 26.8 megawatts of projects in process. As projects in process begin commercial operations, they are expected to contribute higher generation revenue.

如本演示文稿附錄中的幻燈片 21 所詳述，截至 2022 年 10 月 31 日，我們的發電組合資產總計 63.1 兆瓦。這包括 36.3 兆瓦的運營資產和 26.8 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。

Additionally, as these projects in process reach mechanical completion and/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.

此外，隨著這些在建項目達到機械完工和/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，以進一步將資本重新投入業務。

Turning to Slide 13, I will introduce our projected investments that we expect to make in fiscal year 2023 in order to drive future growth. The 3 primary target areas for investments are: capital expenditures, research and development, and continued build-out of our generation portfolio.

轉到幻燈片 13，我將介紹我們預計在 2023 財年進行的預計投資，以推動未來增長。投資的 3 個主要目標領域是：資本支出、研發和持續擴建我們的發電組合。

Capital expenditures are expected to range between $60 million to $90 million for fiscal year 2023, which includes expected investments in our manufacturing facilities for both molten carbonate and solid oxide production capacity expansion, the addition of test facilities for new products and components, the expansion of our laboratories and upgrades to an expansion of our business systems.

預計 2023 財年的資本支出將在 6000 萬至 9000 萬美元之間，其中包括對我們的製造設施的預期投資，以擴大熔融碳酸鹽和固體氧化物的產能，增加新產品和組件的測試設施，擴大我們的實驗室和升級以擴展我們的業務系統。

The solid oxide production capacity expansion is underway in our Calgary, Canada facility, and is expected to increase manufacturing capacity of the facility from 1 megawatt to 10 megawatt per year of solid oxide fuel cell production and 4 megawatts to 40 megawatts per year of solid oxide electrolysis cell production by the middle of fiscal year 2024. In addition, FCE is currently evaluating the potential for additional manufacturing facilities to complement Calgary and support the growth that we anticipate.

我們的加拿大卡爾加里工廠正在進行固體氧化物產能擴建，預計將使該設施的固體氧化物燃料電池生產能力從每年 1 兆瓦增加到 10 兆瓦，固體氧化物每年從 4 兆瓦增加到 40 兆瓦到 2024 財年年中電解槽生產。此外，FCE 目前正在評估額外製造設施的潛力，以補充卡爾加里並支持我們預期的增長。

Looking at Research & Development. Our R&D efforts continue to be focused on commercialization of our hydrogen technologies, including long-duration energy storage. We estimate that full year R&D expenses for fiscal year 2023 will be in the range of $50 million to $70 million. As projects in our generation portfolio begin operation under long-term power purchase agreements, we expect this to translate into growth in recurring revenues.

著眼於研發。我們的研發工作繼續專注於氫技術的商業化，包括長期儲能。我們估計 2023 財年的全年研發費用將在 5000 萬至 7000 萬美元之間。隨著我們發電組合中的項目根據長期購電協議開始運營，我們預計這將轉化為經常性收入的增長。

As of October 31, 2022, we had 26.8 megawatts of projects under development and construction, and to build out this portfolio, we estimate the remaining investment in project assets to be in the range of $45 million to $65 million, down from our prior estimates due to the removal of the Hartford projects that I previously mentioned. We expect all of these investments in aggregate to result in sustainable revenue growth for the company.

截至 2022 年 10 月 31 日，我們有 26.8 兆瓦的項目在開發和建設中，為了擴大這一投資組合，我們估計項目資產的剩餘投資在 4500 萬至 6500 萬美元之間，低於我們之前的估計由於刪除了我之前提到的 Hartford 項目。我們預計所有這些投資的總和將為公司帶來可持續的收入增長。

At our Investor Day in March of 2022, we presented long-term revenue targets, whereby we expect revenues to exceed $300 million by the end of fiscal year 2025 and for revenues to exceed $1 billion by the end of fiscal year 2030. As Jason discussed, we see favorable tailwinds from the recently passed Inflation Reduction Act, or IRA. And as a result, we expect to revise our long-term revenue targets during fiscal year 2023.

在 2022 年 3 月的投資者日，我們提出了長期收入目標，我們預計到 2025 財年末收入將超過 3 億美元，到 2030 財年末收入將超過 10 億美元。正如 Jason 所討論的，我們看到最近通過的通貨膨脹減少法案 (IRA) 帶來了有利的順風。因此，我們預計將在 2023 財年修改我們的長期收入目標。

And with that, I will now turn the call back to Jason.

有了這個，我現在將把電話轉回傑森。

Thanks, Mike. I feel it is important that each quarter, we remain grounded with our summary of the Powerhouse business strategy, which serves as our guiding strategy toward achieving long-term growth.

謝謝，邁克。我認為每個季度，我們都以 Powerhouse 業務戰略的總結為基礎，這一點很重要，該戰略是我們實現長期增長的指導戰略。

Shown on Slide 15, the first tenet is grow. We are working to optimize our business for achieving growth in markets 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 in total human capital across the organization. Across our operations, we are making progress in optimizing capacity for our molten carbonate platform with the goal of achieving 100 megawatts of annualized integrated on-site manufacturing and conditioning capacity. And third, innovate. Over our 50-year history, we have never stopped innovating. We believe our technologies and our culture enable our participation in the growth of the hydrogen economy and carbon capture, and drive us to deliver on our purpose.

如幻燈片 15 所示，第一個原則是增長。我們正在努力優化我們的業務，以在我們認為技術具有重大機遇的市場實現增長。二是規模。我們計劃通過投資擴大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。在我們的運營中，我們正在優化我們的熔融碳酸鹽平台的產能，目標是實現 100 兆瓦的年化綜合現場製造和調節能力。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，我們的技術和文化使我們能夠參與氫經濟和碳捕獲的發展，並推動我們實現我們的目標。

We are developing diversified revenue streams by delivering multiple products and services that support the global energy transition. At the beginning of the year, we published our first sustainability report. Today, I want to reaffirm our dedication to achieving net 0, which remains in the forefront of Fuel Cell Energy's priorities. We reiterated our commitment to achieving net 0 on Scope 1 and 2 emissions by 2030 and Scope 3 emissions by 2050. We are aligned with the leading standard organizations and the United Nations Climate Action goals that we believe we can impact.

我們通過提供支持全球能源轉型的多種產品和服務來開發多元化的收入來源。今年年初，我們發布了第一份可持續發展報告。今天，我想重申我們致力於實現淨零，這仍然是燃料電池能源的首要任務。我們重申了到 2030 年實現範圍 1 和 2 淨零排放以及到 2050 年範圍 3 排放淨零的承諾。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。

In addition to commitments to our environmental objectives, we are focused on the safety of our employees, the people in our communities in which we work and live, and on maintaining a diverse, equitable and inclusive organization.

除了對我們的環境目標的承諾外，我們還關注員工、我們工作和生活所在社區的人們的安全，以及維護一個多元化、公平和包容的組織。

Before moving to Q&A, I will conclude my prepared remarks with some takeaways on Slide 17. We have a strong balance sheet which positions us to fund projects in development as well as commercialization activities to execute on our growth strategy. We have multiple sources of funding, including well-established relationships with financing providers. We have expanded our sources of liquidity through tax equity transactions, such as the recent transaction with East West Bancorp. These provide flexibility to scale our operations by allowing capital to be recycled as projects reach completion.

在進行問答之前，我將在幻燈片 17 上用一些要點來結束我準備好的發言。我們擁有強大的資產負債表，這使我們能夠為開發中的項目和商業化活動提供資金，以執行我們的增長戰略。我們有多種資金來源，包括與融資提供者建立的良好關係。我們通過稅收股權交易（例如最近與 East West Bancorp 的交易）擴大了我們的流動性來源。這些交易允許在項目完成時回收資本，從而靈活地擴大我們的業務規模。

We have over $1 billion of backlog with recurring revenues from long-term contracts. We have a rigorous and thoughtful approach toward allocating capital so that the next phase of growth is aligned with the addressable market opportunity.

我們有超過 10 億美元的積壓訂單以及來自長期合同的經常性收入。我們在分配資本方面採取嚴謹而周到的方法，以便下一階段的增長與可尋址的市場機會保持一致。

Our solid oxide platform will add sub megawatt power generation and high-efficiency electrolysis to our product portfolio, and we are investing in capacity expansion to capture this strong market opportunity. Global policies to support the energy transition are gaining momentum, as evidenced by the passage of the inflation Reduction Act in the United States.

我們的固體氧化物平台將在我們的產品組合中增加亞兆瓦發電和高效電解，我們正在投資擴大產能以抓住這個強大的市場機會。支持能源轉型的全球政策正在蓄勢待發，美國通貨膨脹法案的通過就是明證。

We believe our technologies have an important role to play in helping society achieve our global sustainability goals. We are making investments in capacity, capability and global talent, which, we believe will position Fuel Cell Energy to capture market opportunities over the coming years and deliver enhanced shareholder returns over the long run.

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可以發揮重要作用。我們正在對容量、能力和全球人才進行投資，我們相信這將使 Fuel Cell Energy 能夠在未來幾年抓住市場機遇，並從長遠來看提高股東回報。

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

我現在將它翻過來開始問答。

(Operator Instructions) Our first question comes from Manav Gupta from UBS.

（操作員說明）我們的第一個問題來自瑞銀集團的 Manav Gupta。

A lot of positive developments here. The next leg of development as we see, obviously, is the commercialization of both the fuel cell and the [electrolysis] on the solid oxide side. So help us walk us through some more details on how you're achieving that? How confident are you that you can actually start getting more electrolyzer orders or fuel cell orders from solid oxide cells in the future? If you could just talk about that?

這裡有很多積極的發展。正如我們所見，下一步的發展顯然是燃料電池和固體氧化物方面[電解]的商業化。那麼，請幫助我們詳細介紹一下您是如何實現這一目標的？您對未來實際上可以開始從固體氧化物電池獲得更多電解槽訂單或燃料電池訂單有多大信心？如果你能談談那個？

I'll maybe start and then some of the team members may jump in as well. With respect to our solid oxide platform, as we indicated, we have advanced the commercialization process far enough where we have started to take orders, and in fact, have secured our initial order with Trinity here in Connecticut for a 250-kilowatt platform. We're excited about that opportunity because that really opens up the aperture for us quite a bit on smaller scale opportunities in the U.S., which -- for the most part, with our molten carbonate platform at 1.4 megawatts, those are opportunities that we previously could not pursue, at least domestically.

我可能會開始，然後一些團隊成員也可能會加入。關於我們的固體氧化物平台，正如我們所指出的，我們已經將商業化進程推進得足夠遠，我們已經開始接受訂單，事實上，我們已經獲得了康涅狄格州 Trinity 的 250 千瓦平台的初始訂單。我們對這個機會感到興奮，因為這確實為我們在美國的小規模機會上打開了很大的空間，其中 - 在大多數情況下，我們的熔融碳酸鹽平台為 1.4 兆瓦，這些是我們之前的機會不能追求，至少在國內。

On the solid oxide electrolysis side, it's the same platform that we're utilizing to deliver electrolysis. And the work that we've been doing to demonstrate our capabilities both internally with respect to our efficiencies and the work that we've already done with INL has demonstrated really strong performance for electrolysis.

在固體氧化物電解方面，它與我們用來提供電解的平台相同。我們一直在做的工作是在內部證明我們在效率方面的能力，以及我們已經與 INL 完成的工作已經證明了電解的強大性能。

So right now, where we are as a company is really focused on scaling our manufacturing capabilities to meet, what we believe is going to be demand for our platform, given our efficiency and differentiation. So we feel very confident about where we are, about the commercialization progress we've made, and our ability to scale manufacturing for that platform.

所以現在，作為一家公司，我們真正專注於擴大我們的製造能力以滿足，我們認為，考慮到我們的效率和差異化，對我們平台的需求。因此，我們對我們所處的位置、我們取得的商業化進展以及我們為該平台擴大製造規模的能力充滿信心。

My very quick follow-up here is, there is a little bit of increase in CapEx '23 versus '22, and that should be the case. IRA is a game changer. Help us understand how you'll be spending this money and whether this is a good run rate for the next couple of years as you commercialize all these new businesses?

我在這裡非常快速的跟進是，與 22 年相比，23 年的資本支出略有增加，情況應該如此。 IRA 改變了遊戲規則。幫助我們了解您將如何花這筆錢，以及在您將所有這些新業務商業化時，這是否是未來幾年的良好運行率？

I'll ask Mike to take that one.

我會讓邁克拿那個。

And as Jason hit on, we are investing in solid oxide manufacturing. We have -- in our 10-K, we indicated that we are expanding the size of our footprint in Calgary. So with that will come capacity expansion. So a large chunk of the expenditures in fiscal '23 are going to that. In parallel to that, we are also looking for additional facilities potentially in the U.S., as we think about growth in the future around both electrolysis and solid oxide, Power Gen.

正如傑森所說，我們正在投資固體氧化物製造。我們 - 在我們的 10-K 中，我們表示我們正在擴大我們在卡爾加里的足跡規模。因此，隨之而來的是產能擴張。因此，23 財年的大部分支出都用於此。與此同時，我們也在尋找可能在美國的額外設施，因為我們考慮到未來圍繞電解和固體氧化物、Power Gen 的增長。

We're also investing in the carbonate technology capacity expansion as well, thinking about automation in our facilities in Torrington, and then also preparing for the large opportunity around carbon capture with the carbonate platform as well, and looking at implementing CapEx related to that so that we're prepared for that growth as well. So that's where the chunk of CapEx is coming from for fiscal '23. I would say this is a meaningful investment that the company is making in '23 to be able to capitalize on this growth. We'll obviously evaluate future expenditures around CapEx later in fiscal '23, and as we go into fiscal '24, but this gives us confidence in being able to hit the growth plans that we have laid out in the future.

我們也在投資於碳酸鹽技術產能擴張，考慮在我們托靈頓的設施中實現自動化，然後也為碳酸鹽平台碳捕獲的巨大機遇做準備，並考慮實施與此相關的資本支出，以便我們也為這種增長做好了準備。這就是 23 財年大部分資本支出的來源。我想說這是公司在 23 年進行的一項有意義的投資，以便能夠利用這種增長。顯然，我們將在 23 財年晚些時候以及進入 24 財年時評估圍繞資本支出的未來支出，但這讓我們有信心能夠實現我們在未來製定的增長計劃。

Just to maybe add to that. I mean, if you think about what we laid out in our Investor Day, a $2 trillion market, which we intend to relook at in light of the IRA, if you just think about the opportunities around carbon capture, we tagged that at about $1 trillion total available market between now and 2030. And then, if you take distributed hydrogen and energy storage, that's another $550 billion or so that we viewed in our outlook. And so, that capital that we're deploying is to aggressively go after those opportunities.

只是為了可能添加到那個。我的意思是，如果你想想我們在投資者日所展示的內容，一個 2 萬億美元的市場，我們打算根據 IRA 重新審視它，如果你只考慮碳捕獲方面的機會，我們將其標記為大約 1 美元從現在到 2030 年，可用市場總量為萬億美元。然後，如果你考慮分佈式氫和儲能，我們在展望中看到的又是 5500 億美元左右。因此，我們正在部署的資金是為了積極抓住這些機會。

And when you look at IRA, you look at Canada's response to IRA, and you have to believe that the EU is going to do something similar to IRA, and then you certainly have the same kind of programs happening in Asia. We think those are smart investments for us to make to pursue those opportunities.

當你看 IRA 時，你看加拿大對 IRA 的反應，你必須相信歐盟會做類似 IRA 的事情，然後你肯定會在亞洲發生同樣的計劃。我們認為這些是我們追求這些機會的明智投資。

Just want to let you know a lot of people are hoping and sharing that you succeed the world, does need to decarbonize and you guys are making a difference.

只是想讓你知道很多人都希望並分享你成功的世界，確實需要脫碳，你們正在發揮作用。

Our next question comes from George Gianarikas from Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 George Gianarikas。

So just maybe first on the backlog and from Hartford. Could you just go into a little bit more detail of what happened and how we should think about that going forward?

因此，也許首先是來自哈特福德的積壓工作。您能否更詳細地說明發生的事情以及我們應該如何考慮未來的發展？

Yes. So maybe I'll start, and then I'll ask Mike to pick up here a little bit. So as we looked at Hartford, there's a couple of factors that we evaluated in terms of our decision around that program. One is, as we looked at the PPA and the timing in the PPA, the questions around interconnection and timing became a risk factor in terms of interconnection being able to be done in time to comply with the PPA. It's a project where we had exposure to gas prices. And as we looked at when we originally did this agreement to now, there's been a pretty significant shift in gas prices. And so, as we looked at our ability to manage the gas price risk and that exposure, the risk around interconnection, we made a decision that right now, this program didn't make sense for us to continue to move forward.

是的。所以也許我會開始，然後我會請邁克在這裡稍微提一下。因此，當我們查看哈特福德時，我們根據圍繞該計劃的決定評估了幾個因素。一是，當我們查看 PPA 和 PPA 中的時間安排時，關於互連和時間安排的問題已成為互連能否及時完成以符合 PPA 的風險因素。這是一個我們受到天然氣價格影響的項目。正如我們從最初簽署協議到現在的情況，天然氣價格發生了相當大的變化。因此，當我們審視我們管理天然氣價格風險和風險敞口的能力時，我們做出了一個決定，即現在，這個項目對我們繼續前進沒有意義。

That being said, we will continue to have conversations and look for ways to restructure that PPA. And if we can, we'll look to bring that back into the backlog. But for now, we've made the decision to not move forward. And we've had very little capital expenditure on that project, which we reflected in our financials this quarter. Mike, if you want to add anything?

話雖這麼說，我們將繼續進行對話並尋找重組 PPA 的方法。如果可以的話，我們會考慮將其重新放入待辦事項列表中。但就目前而言，我們已決定不向前推進。我們在該項目上的資本支出很少，這反映在本季度的財務數據中。邁克，如果你想補充什麼？

I would echo what Jason said. Particularly the larger Hartford project was signed at a different time. We have not invested much in that project. We took a small charge in the quarter for about $800,000 related to that project. And really, we want to be investing in our capital that will have a return for the company and to shareholders, and just evaluated these projects and made the decision to stop at this point and reinvest that capital back into growth investments.

我會回應傑森所說的。特別是更大的哈特福德項目是在不同的時間簽署的。我們沒有在那個項目上投入太多。我們在本季度收取了與該項目相關的約 800,000 美元的少量費用。事實上，我們希望投資於我們的資本，這將為公司和股東帶來回報，並且剛剛評估了這些項目並決定在此時停止並將該資本重新投資回增長投資。

And just as a follow-up. Wonder if you could give us any more detail about the TriGen platform in Long Beach? It seems that you gave a little bit of detail around progress there, but anything more? And also if there are other potential customers looking at the TriGen platform to deploy as well.

並作為後續行動。想知道您是否可以向我們提供有關長灘 TriGen 平台的更多詳細信息？您似乎提供了有關那裡進展的一些細節，但還有更多嗎？如果還有其他潛在客戶也在考慮部署 TriGen 平台。

So on that, where we are right now is we've started the commissioning phase for that platform, for the TriGen project in Long Beach with Toyota. We are making progress consistent with our plan at this point. We think, overall, the opportunity for the TriGen type platform, whether it be port applications, are purely just distributed hydrogen applications where the utilization of fuel is an acceptable way of producing in hydrogen as we are, in this case, using RNG. So we're producing green hydrogen carbon-neutral power and water. We think there's opportunity for this platform at ports. We think there's opportunities for initial distributed hydrogen, especially when you're in a market where the infrastructure or midstream infrastructure is behind where the technology is in terms of the ability to deliver that hydrogen in a very efficient way. So we think distributed hydrogen has a big opportunity.

因此，就此而言，我們現在已經開始了該平台的調試階段，即與豐田在長灘的 TriGen 項目。目前，我們正在按照我們的計劃取得進展。我們認為，總的來說，TriGen 類型平台的機會，無論是港口應用，還是純粹的分佈式氫應用，其中使用燃料是一種可接受的氫生產方式，就像我們在這種情況下使用 RNG 一樣。因此，我們正在生產綠色氫碳中性電力和水。我們認為這個平台在港口有機會。我們認為初始分佈式氫有機會，特別是當您所在的市場中基礎設施或中游基礎設施落後於技術以非常有效的方式提供氫的能力時。所以我們認為分佈式氫有很大的機會。

And we also think where you're going to have high energy prices, this platform creates a great opportunity because if -- part of the goal on hydrogen is to bring the cost down to somewhere in the $2 -- or even as low as $1.50 a kilogram, and in a high energy price environment, that's going to be difficult. But even with that, we think that's where our electrolysis platform comes in because of the high efficiency. So we really see this platform as where we can help a customer make the best economic decision for how they produce hydrogen, and we can deliver that hydrogen, whether it be from fuel or through the electrolysis process.

我們還認為，在能源價格高的地方，這個平台創造了一個很好的機會，因為如果 - 氫氣的部分目標是將成本降至 2 美元 - 甚至低至 1.50 美元一公斤，在高能源價格環境下，這將是困難的。但即便如此，我們認為這就是我們的電解平台因高效率而發揮作用的地方。因此，我們確實將這個平台視為我們可以幫助客戶就如何生產氫氣做出最佳經濟決策的地方，並且我們可以提供氫氣，無論是來自燃料還是通過電解過程。

Our next question comes from Jeff Osborne from Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Jeff Osborne。

I had a couple of questions. I was wondering if you could touch on the upcoming year, which facilities will be repowered or what the expectation is for repowering and service revenue?

我有幾個問題。我想知道您是否可以談談來年，哪些設施將重新供電，或者對重新供電和服務收入的期望是什麼？

Mike, do you want to talk a little bit about our service program and how we do stack replacements, and then maybe even we can speak to a little bit around what we see for Korea as well?

邁克，你想談談我們的服務計劃以及我們如何進行堆棧更換，然後我們甚至可以談談我們對韓國的看法嗎？

Our generation portfolio has assets that are replaced at the end of life according to the degradation schedule, and that's really according to the overall product technology that we have installed. We have a number of 5-year life platforms that are coming to replacement. Those are happening on a quarter-by-quarter basis. We keep a rolling view -- now that we have deployed our 7-year technology, we keep a rolling view on those replacements, work to optimize the performance of those plans over the life of those assets. And then we replace them according to the time frames and schedules that we forecasted. So although we haven't put guidance out yet to the fact of when -- and the quantity of those modules that will be replaced. I can say that we are on schedule and on track for fiscal '23.

我們的發電組合中有資產會根據退化時間表在使用壽命結束時更換，這實際上是根據我們安裝的整體產品技術。我們有許多 5 年壽命平台即將更換。這些都是按季度發生的。我們保持滾動的觀點——既然我們已經部署了 7 年的技術，我們將對這些替代品保持滾動的觀點，努力優化這些計劃在這些資產生命週期內的績效。然後我們根據我們預測的時間範圍和時間表替換它們。因此，儘管我們還沒有就何時以及將要更換的模塊的數量給出指導。我可以說我們正在按計劃並按計劃完成 23 財年的工作。

And Jeff, this is Mike Bishop. Just to dimensionalize a little bit more. If you look at total service revenues that we had in fiscal year 2022, about $12.8 million. Going back to '21, we were in the $20 million range and back to '20 in the $25 million range. So '22 was certainly a light year from a service replacement perspective. And if you just look at the history, the [KOSPO] project, for example, was installed around 5 years ago. So that is up for module replacements. So you would expect to see higher service revenue during the course of this year, just from that one project alone. And as Mike mentioned, there's a number of other sites that are coming up on that transition as well.

傑夫，這是邁克·畢曉普。只是為了多維度化一點。如果你看一下我們在 2022 財年的總服務收入，大約為 1280 萬美元。回到 21 年，我們處於 2000 萬美元的範圍內，回到 20 年處於 2500 萬美元的範圍內。因此，從服務更換的角度來看，22 年無疑是光年。如果你只看歷史，例如 [KOSPO] 項目是大約 5 年前安裝的。因此，這取決於模塊更換。因此，您會期望在今年的過程中看到更高的服務收入，僅來自那個項目。正如 Mike 所提到的，還有許多其他網站也在進行這種轉變。

Then can you articulate -- my second question is, you alluded to the issues with your Korean partner being alleviated on January 1st. Can you articulate what that service revenue potential would be? Or do existing sites need to wait for their existing agreements to expire before potentially signing up with you folks? It was a bit -- you were alluding to some potentially positives to be shown in backlog. It sounded like after January 1st, but it was unclear what that is.

那麼你能說清楚嗎——我的第二個問題是，你提到你的韓國夥伴的問題在 1 月 1 日得到緩解。您能否闡明該服務收入的潛力是什麼？或者現有網站是否需要等待其現有協議到期才能與你們簽約？有點——你是在暗示積壓工作中會顯示一些潛在的積極因素。聽起來像是在 1 月 1 日之後，但不清楚那是什麼。

Yes, sure, Jeff. So in the settlement agreement that we reached with POSCO, a couple of things happened. One, we regained access to the market, and that access to the market related to new opportunities. And as we've talked about before, the Korea market is largely an RFP market. So in those opportunities, we will be able to compete with those, and have been able to do so since the settlement. One of the factors that have really impacted the volume of RFPs in the Korean market to date has been every -- the [Genco] is waiting for what they call the clean hydrogen portfolio standard to be released by [Modi] or the Korea government, which really sets what the framework for pricing is in the Korean market.

是的，當然，傑夫。因此，在我們與 POSCO 達成的和解協議中，發生了幾件事。第一，我們重新獲得了市場准入權，而市場准入權與新機遇相關。正如我們之前談到的，韓國市場主要是一個 RFP 市場。因此，在這些機會中，我們將能夠與那些人競爭，並且自和解以來一直能夠這樣做。迄今為止，真正影響韓國市場 RFP 數量的因素之一是——[Genco] 正在等待 [Modi] 或韓國政府發布他們所謂的清潔氫組合標準，這真正確定了韓國市場的定價框架。

The second part of that though, related to the settlement, was for the existing fleet that's in Korea. For those customers that were sold to by POSCO Energy, we were not able to work with those customers on extending their LTSA up, and until the end of this year, December 31, 2022.

不過，第二部分與和解有關，是針對韓國現有艦隊的。對於 POSCO Energy 出售給的那些客戶，我們無法與這些客戶合作延長他們的 LTSA，直到今年年底，即 2022 年 12 月 31 日。

At the expiration of that provision and the settlement agreement, which will be January 1, we now have the opportunity to work with those customers on those LTSAs. That potential replacement module market in terms of -- based on what's already been replaced from a module replacement standpoint versus kind of what's coming up over the next couple of years is about 116 megawatts of opportunity.

在該條款和和解協議於 1 月 1 日到期時，我們現在有機會就這些 LTSA 與這些客戶合作。從模塊更換的角度來看，潛在的更換模塊市場與未來幾年即將發生的事情相比，潛在的更換模塊市場大約有 116 兆瓦的機會。

The other key point that I would make in the settlement, maybe the third dimension of that, is that, in that settlement, POSCO no longer retained the right to manufacture our modules. So rather Fuel Cell Energy does that LTSA or KFC, or POSCO does that LTSA. Those modules must be provided by Fuel Cell Energy. So we see this as a great opportunity for us. Now we need to work with those customers starting January 1 to really understand where they are from a platform perspective, what their intentions are around an LTSA. So I would suspect by our next quarter, we'll be able to provide some more color to that after we've had an opportunity to more fully engage directly with those customers.

我要在和解中提出的另一個關鍵點，也許是第三個方面，是在那次和解中，POSCO 不再保留製造我們模塊的權利。因此，Fuel Cell Energy 執行 LTSA 或 KFC，或者 POSCO 執行 LTSA。這些模塊必須由 Fuel Cell Energy 提供。所以我們認為這對我們來說是一個很好的機會。現在我們需要從 1 月 1 日開始與這些客戶合作，從平台的角度真正了解他們的位置，以及他們對 LTSA 的意圖。因此，我懷疑到下個季度，在我們有機會更充分地直接與這些客戶互動之後，我們將能夠為其提供更多顏色。

Our next question comes from Sam Burwell from Jefferies.

我們的下一個問題來自 Jefferies 的 Sam Burwell。

I wanted to talk about gross margins and maybe get a better sense from you guys. What are the biggest factors that are the most impactful items that can take them higher year-on-year? I mean you've called out a number already, but maybe the -- I mean, is it the noncapitalizable cost with the Toyota project or stronger product sales, which should absorb more fixed costs? Or anything you can call out there? And then, I mean, as we look forward, fiscal '24, maybe once you're commercializing more solid oxide products, is that when you see gross margins really inflect and answer the positive territory?

我想談談毛利率，也許從你們那裡得到更好的感覺。哪些最大的因素是最有影響力的項目，可以使它們同比增長？我的意思是你已經提出了一個數字，但也許 - 我的意思是，是豐田項目的不可資本化成本還是更強勁的產品銷售，這應該吸收更多的固定成本？或者你可以在那裡打電話的任何東西？然後，我的意思是，正如我們展望的那樣，24 財年，也許一旦您將更多固體氧化物產品商業化，您是否會看到毛利率真正發生變化並回答積極的領域？

I will take that question. Sure. So maybe at a high level, I'll describe how the company has historically thought about gross margins and then hit on a few of the things that you brought up there. So from -- so the company has 4 lines of revenue. From a product revenue perspective, we're typically targeting margins in the 10% to 15% range, service long-term agreements. We're targeting margins north of 20%. Generation, we really think about EBITDA contribution there. If you look at our financial statements and you mentioned this currently in our financial statements, we're taking charges for noncapitalized costs related to the Toyota project. And we also have depreciation coming through. But when you back that out, the company really targets margins in the -- EBITDA margins in the 20% to 40% range.

我會回答這個問題。當然。因此，也許在高層次上，我將描述公司在歷史上是如何考慮毛利率的，然後談談你在那裡提出的一些事情。所以從——所以公司有 4 條收入線。從產品收入的角度來看，我們通常將利潤率定在 10% 到 15% 的範圍內，服務於長期協議。我們的目標利潤率在 20% 以上。一代，我們真的在考慮那裡的 EBITDA 貢獻。如果您查看我們的財務報表，並且您目前在我們的財務報表中提到了這一點，我們將收取與豐田項目相關的非資本化成本。我們也有貶值。但當你支持這一點時，該公司的實際利潤率目標是——EBITDA 利潤率在 20% 到 40% 的範圍內。

And then, of course, from Advanced Technologies, that's research and development. You've seen strong margins there in the 30% to 45% range over time. So we would expect Advanced Technology to continue at that level. But from a -- kind of a high-level perspective, those percentages that I just laid out are what the company is targeting when we're either putting new deals together or how we think about the business over the long term.

然後，當然，來自 Advanced Technologies 的是研發。隨著時間的推移，你已經看到了 30% 到 45% 的高利潤率。因此，我們預計 Advanced Technology 將繼續保持這一水平。但從一個高層次的角度來看，我剛剛列出的那些百分比是公司在我們將新交易放在一起或我們如何長期考慮業務時的目標。

One other thing I noticed was that, in generation, it seems like a project to kind of sell out of the in-service portfolio. Looked like Triangle Street was one of them and then UCI, the other. Just curious if you could give any color on what happened there and how any sort of assets might be recovered or redeployed?

我注意到的另一件事是，在一代人中，這似乎是一個出售在役產品組合的項目。看起來 Triangle Street 是其中之一，然後是 UCI，另一個。只是好奇您是否可以說明那裡發生的事情以及如何恢復或重新部署任何類型的資產？

Sure. Good question, and thanks for that observation. The Triangle Street project is a project here local in Danbury right down the street from us. We've -- over the past couple of years, that project has evolved to more of an R&D-type project where we're using it to essentially test out certain aspects of our platform. That's the high-efficiency fuel cell. So have evolved that from just a generation site where we're taking revenue to more of an R&D project. So it felt appropriate to remove that from our generation backlog.

當然。好問題，感謝您的觀察。三角街項目是丹伯里當地的一個項目，就在我們的街對面。我們 - 在過去的幾年中，該項目已經發展成為一個研發類型的項目，我們正在使用它來測試我們平台的某些方面。這就是高效燃料電池。因此，它已經從我們正在獲取收入的一代站點發展到更多的研發項目。因此，將其從我們這一代的積壓工作中刪除是合適的。

On the UCI project, that project reached the end of its term. We entered into an agreement with the owner of the project, the UCI Medical Center. They are going through a capital expansion at the UCI Medical Center. So essentially worked out an arrangement where we -- they paid us to essentially remove that asset. Parts of that asset are able to be redeployed in our service fleet.

在 UCI 項目上，該項目已經結束。我們與項目所有者 UCI 醫療中心簽訂了協議。他們正在 UCI 醫療中心進行資本擴張。所以基本上製定了一個安排，我們 - 他們付錢給我們以從根本上移除該資產。該資產的一部分可以重新部署到我們的服務機隊中。

Our next question comes from [Ryan Finks] from B. Riley.

我們的下一個問題來自 B. Riley 的 [Ryan Finks]。

For the JDA with Exxon extended to August, could you talk about some of the next milestones that you guys would like to hit that would help move that closer to commercialization?

對於與埃克森美孚的 JDA 延長至 8 月，您能否談談你們希望達到的下一個里程碑，這些里程碑將有助於使它更接近商業化？

Sure. So the way that this project continues to move forward is, there are technical hurdles that we continue to demonstrate with our platform to show that we will be able to achieve the -- not only the capture targets, but the power generation targets and cost targets, leveraging our technology as a way in which to really address the carbon capture market opportunity.

當然。因此，這個項目繼續前進的方式是，我們繼續通過我們的平台展示技術障礙，以表明我們將能夠實現 - 不僅是捕獲目標，還有發電目標和成本目標，利用我們的技術作為真正應對碳捕獲市場機會的一種方式。

Going through August, there are a couple of things that we'll do. We started a marketing study. We completed that marketing study. And as a result of that marketing study, we will now begin to look for customer opportunities to do demonstrations with the technology collectively between Exxon and Fuel Cell.

整個八月，我們要做幾件事。我們開始了一項營銷研究。我們完成了營銷研究。作為該營銷研究的結果，我們現在將開始尋找客戶機會，利用埃克森美孚和燃料電池之間的技術共同進行演示。

The other thing that we'll do is continue to the optimization work on the technology that will ultimately set up for the decision that Exxon will make with respect to the Rotterdam project, where we'll actually demonstrate the technology as well at an Exxon facility as part of this. And so, working through August, it's our view that all the technical questions will largely be answered, and that will begin to transition from more of testing and demonstration to start to work toward commercialization. That's the goal that we have as a company, and thus, the extension of the agreement.

我們要做的另一件事是繼續優化技術，這將最終為埃克森美孚就鹿特丹項目做出的決定奠定基礎，我們將在埃克森美孚的工廠實際展示該技術作為其中的一部分。因此，在整個 8 月，我們認為所有技術問題都將得到基本解答，並且將開始從更多的測試和演示過渡到開始向商業化工作。這是我們公司的目標，因此也是協議的延期。

And then just one more on the solid oxide order with Trinity. How should we think about project timing there? And then maybe more broadly, the ramp-up in solid oxide revenue over time?

然後還有一個關於 Trinity 的固體氧化物訂單。我們應該如何考慮那裡的項目時間安排？然後也許更廣泛地說，固體氧化物收入隨著時間的推移而增加？

Yes. So the Trinity project is slated as a 2023 project. And we are, as we speak, expanding capacity for our facility in Calgary. We're also doing work here locally in our Torrington facility in Danbury around that technology. We have taken on a lease for larger space to expand our manufacturing capabilities, and so we are very focused on manufacturing expansion in '23. And we -- as we said, we're taking orders now. And so, we would expect there to be more volume in 2024.

是的。所以 Trinity 項目被定為 2023 年的項目。正如我們所說，我們正在擴大我們在卡爾加里的設施的產能。我們也在我們位於丹伯里的托靈頓工廠當地圍繞該技術開展工作。我們租用了更大的空間來擴大我們的製造能力，因此我們非常專注於 23 年的製造擴張。我們——正如我們所說，我們現在正在接受訂單。因此，我們預計 2024 年會有更多的交易量。

Our next question comes from Eric Stine from Craig-Hallum.

我們的下一個問題來自 Craig-Hallum 的 Eric Stine。

So I was wondering, could you just give us an update? I know previously, you had thought about -- I believe, the number was 14 potential module sales to KFC by year-end? And then, as you mentioned, those replacement modules to that market would likely come from you. So maybe how you think about module sales going forward as we get into calendar year '23?

所以我想知道，你能給我們更新一下嗎？我以前知道，你曾想過——我相信，到年底，肯德基的潛在模塊銷售量是 14 個？然後，正如您提到的，該市場的那些替換模塊可能來自您。那麼，當我們進入 23 日曆年時，您如何看待未來的模塊銷售？

And you're correct. To your point, in the settlement agreement that we laid out with POSCO Energy and KFC, there was a provision by which KFC could order an additional 14 modules. We had a fixed price and a fixed agreement around warranty provisions. That option is available to KFC until December 31st. As of today, that option has not been exercised. We have not announced that.

你是對的。就你的觀點而言，在我們與 POSCO Energy 和肯德基達成的和解協議中，有一項條款規定肯德基可以額外訂購 14 個模塊。我們有固定的價格和關於保修條款的固定協議。肯德基可以在 12 月 31 日之前使用該選項。截至今天，該選擇權尚未行使。我們還沒有宣布。

And as Jason mentioned, going forward, after January 1st, the company can go out and talk to customers that are currently customers of POSCO Energy to potentially capture the opportunity in Korea, as Jason mentioned. Over 100 megawatts of module replacements currently available will certainly happen over time. So getting prepared for those discussions and expect to be in Korea, in earnest to work through that the beginning of '23.

正如 Jason 提到的那樣，展望未來，在 1 月 1 日之後，公司可以出去與目前是 POSCO Energy 客戶的客戶交談，以潛在地抓住韓國的機會，正如 Jason 提到的那樣。隨著時間的推移，肯定會出現超過 100 兆瓦的當前可用模塊更換。因此，為這些討論做好準備，並期待在韓國，認真地度過 23 年的開始。

And then maybe a second one just on the generation portfolio. I know a lot of moving parts. In the past, you had provided kind of where you saw breakeven. And at the time, I believe, it was 60 megawatts. And so just curious whether there's a specific number you can give, or ways that you think about that as they play out here in '23 and then going forward?

然後也許第二個只是關於發電組合。我知道很多活動部件。過去，您提供了某種程度的盈虧平衡點。我相信當時是 60 兆瓦。所以很好奇你是否可以給出一個具體的數字，或者當他們在 23 年在這裡比賽然後繼續前進時你是如何考慮的？

Sure, Eric. I'll take that one as well. And I think -- so when you think about breakeven from an EBITDA perspective as a business, I think, in the past, we had pointed at generation portfolio could potentially get the business to EBITDA positive if you were at that 60-megawatt level.

當然，埃里克。我也會拿那個。我認為——所以當你從 EBITDA 的角度考慮盈虧平衡時，我認為，過去我們曾指出，如果你處於 60 兆瓦的水平，發電組合可能會使企業的 EBITDA 為正。

Since then, the company has done a bit of a pivot given the energy transition that's here, and the strong market opportunity that Jason talked about. So we've increased investment. So our R&D expenses and our SG&A expenses have gone up as we're taking advantage of the market opportunity and also commercializing our solid oxide.

從那時起，鑑於這裡的能源轉型以及傑森談到的強大市場機會，該公司做了一些調整。所以我們增加了投資。因此，隨著我們利用市場機會並將我們的固體氧化物商業化，我們的研發費用和 SG&A 費用增加了。

So I wouldn't look at just the generation portfolio at this point, leading the company to breakeven. I would look at the totality of the revenue opportunities that we've been talking about here, whether it be increased product revenues coming from Korea and opportunities elsewhere in the U.S. and Europe, whether it be contributions from service as the fleet continues to grow. And also, obviously, contributions from generation with the Groton project coming online, you will now see a further increase in our generation revenues as we go into 2023. So if you look at kind of where that portfolio has come from, this past year, we did about $36 million of revenue compared to $24 million in the prior year. So you've seen nice increase in contribution coming from the generation portfolio. And of course, we can look forward to Toyota coming online in 2023 as well. So that's how I would sort of characterize the business and the breakeven opportunities as we go forward, Eric.

因此，此時我不會只關注發電產品組合，從而使公司實現收支平衡。我會看看我們在這裡討論的所有收入機會，無論是來自韓國的產品收入增加還是美國和歐洲其他地方的機會，無論是隨著機隊的不斷增長而帶來的服務貢獻。而且，顯然，隨著 Groton 項目上線，發電的貢獻，隨著我們進入 2023 年，您現在將看到我們的發電收入進一步增加。因此，如果您看看過去一年該投資組合的來源，我們的收入約為 3600 萬美元，而上一年為 2400 萬美元。所以你已經看到來自發電組合的貢獻有了很大的增加。當然，我們也可以期待豐田在 2023 年上線。所以這就是我如何描述業務和我們前進時盈虧平衡的機會，埃里克。

Our next question comes from Praneeth Satish from Wells Fargo.

我們的下一個問題來自富國銀行的 Praneeth Satish。

I was wondering if you could elaborate on your long-term plans for the solid oxide electrolyzer that you're developing? I guess, what kind of applications could you pair this with? And would it work with an intermittent power source like wind and solar? Or would it need to be paired with a more ratable power source like what you're doing in Ukraine for maximum efficiency?

我想知道您是否可以詳細說明您正在開發的固體氧化物電解槽的長期計劃？我想，您可以將其與哪種應用程序配對？它能與風能和太陽能等間歇性能源一起使用嗎？或者它是否需要像您在烏克蘭所做的那樣與額定功率更高的電源配對以實現最大效率？

So when we think about our solid oxide platform for electrolysis, it is a high-temperature, high-efficiency electrolysis platform. We think one of the core applications in the way it will be used is as a way to either firm up capacity of intermittent resources like wind and solar, and then producing hydrogen that could then be used in reverse to actually do power generation when those intermittent resources are not available. We've done a few different things with respect to managing the thermal properties of our platform as a high temperature in the way in which we use and store water from a heat perspective to keep our platform in a situation where we can fast ramp around intermittent resources, in addition to the ability to use small trace amounts of electricity to continue to keep those thermal properties set. So we feel really confident about our ability to leverage intermittent resources as a way to generate hydrogen through electrolysis.

所以當我們想到我們用於電解的固體氧化物平台時，它是一個高溫、高效的電解平台。我們認為其使用方式的核心應用之一是鞏固風能和太陽能等間歇性資源的容量，然後生產氫氣，當這些間歇性資源時，這些氫氣可以反向用於實際發電資源不可用。我們已經做了一些不同的事情來管理我們平台的熱特性作為高溫，我們從熱的角度使用和儲存水的方式使我們的平台處於我們可以間歇性快速斜坡的情況資源，除了能夠使用微量的電力來繼續保持這些熱性能。因此，我們對我們利用間歇性資源作為通過電解產生氫氣的方式的能力充滿信心。

With respect to baseload resources as an example, like nuclear, like the small-scale nuclear reactor for the Ukraine or large-scale nuclear platforms that exist today, we think that the differentiation is even greater there because of the fact that we're a high temperature, highly efficient, and not only from the ability to convert that electricity, but to use the waste heat from nuclear, which is abundant, and be able to operate at an efficiency of up to 100% electrical efficiency and converting that hydrogen, and that's a significant difference between our technology and then low temperature technologies like [Pimanacaline], which can't take advantage of that waste heat, and even without the waste to already operate at a material difference between efficiency. And so we feel very confident about our ability to operate not only with -- in a nuclear type application, but also with intermittent resources.

以基荷資源為例，比如核能，比如烏克蘭的小型核反應堆或當今存在的大型核平台，我們認為那裡的差異更大，因為我們是高溫、高效，不僅來自於轉換電能的能力，還來自於利用豐富的核廢熱，並且能夠以高達 100% 的電效率運行並轉換氫氣，這是我們的技術與當時的低溫技術（如[Pimanacaline]）之間的顯著差異，後者無法利用廢熱，即使沒有廢熱也已經在效率之間存在實質性差異。因此，我們對我們不僅能夠在核型應用程序中，而且還能使用間歇性資源進行操作的能力充滿信心。

And we think that, that's -- we think that electrolysis and hydrogen, and using hydrogen as an energy store is incredibly important, and we think that, that's actually a much better resource than mineral-based resources, because your ability to store hydrogen very similar to like you store natural gas today and salt caverns. It is regenerative. It is locally produced. It doesn't have the same challenges potentially that exists with lithium-ion batteries, both from a mining, geopolitical, rare earth minerals and other issues tied to that. So we feel pretty excited about that opportunity.

我們認為，那就是 - 我們認為電解和氫氣，以及使用氫氣作為能量儲存非常重要，我們認為，這實際上是一種比礦物資源更好的資源，因為你儲存氫氣的能力非常就像你今天儲存天然氣和鹽洞一樣。它是再生的。它是本地生產的。它沒有鋰離子電池存在的潛在挑戰，無論是來自採礦、地緣政治、稀土礦物還是與之相關的其他問題。所以我們對這個機會感到非常興奮。

Our last question will come from Noel Parks from Touhy Brothers.

我們的最後一個問題將來自 Touhy Brothers 的 Noel Parks。

I'll just start with the last topic you were on. When you're talking about integrating hydrogen with -- as a storage medium, integrating that with internet energy sources, the software piece of that, the [EMS], is that proprietary technology you're developing in-house? Or are you envisioning integrating with third-party technology on that piece?

我將從您討論的最後一個主題開始。當你談論將氫氣與——作為一種存儲介質，將其與互聯網能源整合在一起時，其中的軟件，[EMS]，是你在內部開發的專有技術嗎？或者您是否打算在該產品上集成第三方技術？

Great question. I'll ask Tony Leo to talk a little bit about that.

很好的問題。我會請 Tony Leo 談談這個問題。

Yes. We are developing that software in-house. We are, for example, right now operating a reversible system that is alternating between hydrogen production and consumption, just like we demonstrated electrolysis in our lab and now we've evolved that into our standard product design. We're at that phase with energy storage right now. We're working through the algorithms, actually operating a system, learning what works best, and that will be our proprietary control technology.

是的。我們正在內部開發該軟件。例如，我們現在正在運行一個在氫氣生產和消耗之間交替的可逆系統，就像我們在實驗室中演示的電解一樣，現在我們已經將其發展到我們的標準產品設計中。我們現在正處於儲能階段。我們正在研究算法，實際操作一個系統，了解什麼最有效，這將是我們專有的控制技術。

I was curious about that. I did want to just step back for a second to the experience with Groton. Clearly, a long path there, it was including some of the slog as far as the implementation processes within Navy on procedures and so forth. Any lessons learned with the benefit of hindsight that are particularly applicable to other implementations you have ahead?

我對此很好奇。我確實想退後一步，談談在格羅頓的經歷。顯然，這是一條漫長的道路，它包括一些關於海軍內部程序實施過程的艱苦工作等等。從事後的角度吸取的任何經驗教訓特別適用於您未來的其他實施？

Yes -- No. In every implementation we do, one of our practices, is to really look at lessons learned, how we can improve, everything from the core technology itself to the EPC process that we use to construct a project in terms of how we engage on site with the host of the platform. And so there's certainly a lot of lessons learned with our implementation in Groton, and we will certainly put all of those to work.

是 - 否。在我們所做的每一次實施中，我們的實踐之一就是真正了解經驗教訓，我們如何改進，從核心技術本身到我們用來構建項目的 EPC 流程的一切我們在現場與平台的主機進行互動。因此，我們在格羅頓的實施過程中肯定吸取了很多經驗教訓，我們一定會把所有這些都付諸實踐。

In addition to that, through this process, we've obviously made improvements to the platform in terms of how we deal with thermal management. We've taken all of those lessons and we'll continue to look at how those lessons apply across our fleet, whether it's the existing fleet, or on the work that we're doing around new technologies and innovations for our new platforms. And so certainly, a lot learned. We're glad that we are at COD, and we're going to continue to do things to optimize that platform as we've indicated.

除此之外，通過這個過程，我們顯然在處理熱管理方面對平台進行了改進。我們已經吸取了所有這些教訓，我們將繼續研究這些教訓如何適用於我們的機隊，無論是現有機隊，還是我們圍繞新技術和新平台創新所做的工作。所以當然，學到了很多東西。我們很高興我們在 COD，我們將繼續做一些事情來優化我們已經指出的平台。

And just a last one for me. With the Exxon JV -- and you talked about having been through a marketing study, could you maybe drill down a bit as far as what you've learned as far as types of customers that you think it will be kind of prospect for the markets that they might be in? Anything like that would be great.

對我來說只是最後一個。對於埃克森美孚合資企業——你談到了通過營銷研究，你能否深入了解一下你所了解的客戶類型，你認為這將成為市場的潛在客戶他們可能在？任何類似的事情都會很棒。

Yes, sure. So the work that we did really looked at the industrial sector, and that industrial sector cut across everything from food and beverage to oil and gas to petrochemical. And what we learned through that work is that there is clearly demand for carbon capture. There's a lot of customer interest and willingness to deploy technologies. Certainly, when you look at 45Q and how that got enhanced in IRA to go to $85 a ton for sequestration, that certainly gets a lot of people very interested in the economics of the opportunity.

是的，當然。因此，我們所做的工作真正著眼於工業部門，而該工業部門涵蓋了從食品和飲料到石油和天然氣再到石化的所有領域。我們從這項工作中了解到，顯然存在對碳捕獲的需求。客戶對部署技術有很多興趣和意願。當然，當您查看 45Q 以及 IRA 如何將其提高到每噸 85 美元用於封存時，這肯定會讓很多人對機會的經濟學非常感興趣。

And we see across the industrial landscape where you -- if you just think about industrial boilers, for example, there are thousands of industrial customers that use that across a number of different segments, and that all represents opportunity. And I think the study confirmed the interest and the need, and so I think we're pretty excited about that.

我們看到整個工業領域——例如，如果你只考慮工業鍋爐，那麼有成千上萬的工業客戶在許多不同的領域使用它，而這一切都代表著機會。我認為這項研究證實了人們的興趣和需求，所以我認為我們對此感到非常興奮。

We have no further questions. I would like to turn the call back over to Jason Few for closing remarks.

我們沒有其他問題了。我想將電話轉回給 Jason Few 以作結束語。

Julian, thank you, and thank you again for joining us today. We will continue to execute on our Powerhouse business strategy working to deliver growth and optimize returns. The Fuel Cell Energy team is excited about our work to deliver on our purpose of enabling the world empowered by clean energy. We wish everyone a happy and joyous holiday season, and thank you for joining, and have a great day.

朱利安，謝謝你，再次感謝你今天加入我們。我們將繼續執行我們的 Powerhouse 業務戰略，致力於實現增長和優化回報。 Fuel Cell Energy 團隊對我們的工作感到興奮，我們致力於實現我們的目標，即讓世界獲得清潔能源的支持。祝大家度過一個快樂愉快的假期，感謝您的加入，祝您有個愉快的一天。

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。