燃料電池能源 (FCEL) 2023 Q1 法說會逐字稿

Good morning. My name is David, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the FuelCell Energy's First Quarter 2023 Financial Results Conference Call. (Operator Instructions)

早上好。我叫大衛，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 FuelCell Energy 的 2023 年第一季度財務業績電話會議。 （操作員說明）

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

謝謝您，財務和投資者關係高級副總裁 Tom Gelston。你可以開始你的會議。

Thank you, and good morning, everyone, and thank you for joining us on today's call. As a reminder, this call is being recorded.

謝謝，大家早上好，感謝您參加今天的電話會議。提醒一下，此通話正在錄音中。

This morning, FuelCell Energy released our financial results for the first quarter of 2023 and our earnings press release and our annual report on Form 10-K are available in the Investors section on our website at www.fuelcellenergy.com.

今天上午，FuelCell Energy 發布了我們 2023 年第一季度的財務業績，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 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.

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，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 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.

在我們開始之前，請注意，您今天將聽到或獲得的一些信息將包含 1934 年證券交易法含義內的前瞻性陳述。此類陳述表達了我們對未來的期望、信念和意圖包括但不限於關於我們的預期財務結果、我們對燃料電池技術的持續開發、商業化和融資的計劃和期望以及我們的業務計劃和戰略的聲明。

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 subsequently filed quarterly reports on Form 10-Q.

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以及我們向美國證券交易委員會提交的文件，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，隨後每季度提交一次報告 10-Q 表格。

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 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，我們建議您訪問我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, 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 would now like to hand the call over to Jason for opening remarks. Jason?

我現在想把電話轉給 Jason 做開場白。傑森？

Thank you, Tom, and good morning, everyone. Thank you for joining us on our call today. Since we met in December, we have achieved some exciting milestones in our journey to enable the world to be empowered by clean energy. Today, we announced strong quarterly results as we continue to execute 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。自去年 12 月會面以來，我們在讓世界獲得清潔能源的道路上取得了一些激動人心的里程碑。今天，隨著我們繼續執行我們的 Powerhouse 業務戰略，我們宣布了強勁的季度業績。

Before getting into the business results, I always like to give an overview of FuelCell Energy on Slide 3 for anyone who might be new to the FuelCell Energy story.

在進入業務結果之前，我總是喜歡在幻燈片 3 上為可能對 FuelCell Energy 故事不熟悉的任何人概述 FuelCell Energy。

In operation for over 50 years, FuelCell Energy is a leader in developing stationary fuel cell energy platforms. Our purpose is to enable the world empowered by clean energy. We are currently in the early stages of a global energy transition to a low carbon future. We believe FuelCell energy is well positioned to be part of the global solution by assisting customers on a safe, secure and practical path to net carbon zero. This important purpose drives our strategic focus and our passion for our work.

FuelCell Energy 運營了 50 多年，是開發固定式燃料電池能源平台的領導者。我們的目標是讓世界擁有清潔能源。我們目前正處於全球能源向低碳未來轉型的早期階段。我們相信，FuelCell energy 有能力成為全球解決方案的一部分，幫助客戶以安全、可靠和實用的方式實現淨碳零排放。這一重要目標推動了我們的戰略重點和我們對工作的熱情。

Our goal is to leverage our proprietary fuel cell technology platforms to decarbonize power and produce hydrogen. Our platforms operate in North America, Asia and Europe, and we are focused on entering more markets around the world. We have 95 platform installations in commercial operation, which we believe demonstrate the commercial feasibility of our energy platforms.

我們的目標是利用我們專有的燃料電池技術平台使電力脫碳並生產氫氣。我們的平台在北美、亞洲和歐洲運營，我們專注於進入全球更多市場。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。

Next, let's turn to a few key highlights for this quarter shown on Slide 4. First, we are continuing to make consistent operational progress on key projects. Our project with Toyota in Long Beach, California, our project in Derby, Connecticut and our Carbon Capture joint development agreement with ExxonMobil technology and engineering company are progressing well. I will provide more detailed updates on these 3 projects later in the presentation.

接下來，讓我們轉向幻燈片 4 中顯示的本季度的幾個關鍵亮點。首先，我們將繼續在關鍵項目上取得一致的運營進展。我們與豐田在加利福尼亞州長灘的項目、我們在康涅狄格州德比的項目以及我們與埃克森美孚技術和工程公司的碳捕集聯合開發協議進展順利。我將在稍後的演示中提供這 3 個項目的更詳細更新。

Importantly, as I previously stated, as of January 1, 2023, we are no longer restricted from directly serving all customers in Korea, including legacy customers that were previously solely serviced by Korea FuelCell Company and/or POSCO Energy company. This represents approximately 116 megawatts of module upgrade opportunities. We are continuing to scale our commercial organization in Korea as we work to further develop our pipeline in Korea and other Asian markets.

重要的是，正如我之前所說，從 2023 年 1 月 1 日起，我們不再受限於直接為韓國的所有客戶提供服務，包括以前僅由韓國 FuelCell 公司和/或 POSCO Energy 公司提供服務的老客戶。這代表了大約 116 兆瓦的模塊升級機會。隨著我們努力進一步開發我們在韓國和其他亞洲市場的管道，我們將繼續擴大我們在韓國的商業組織。

Second, having just recently announced in December that we are now accepting orders for our solid oxide platform for both power generation and hydrogen electrolysis applications, we are focused on expanding our solid oxide manufacturing capacity. We have strong, experienced leadership, energizing our commercial and operational efforts, and we expect to build and deliver 4 units during calendar year 2023, including 2 units that will run internally for advanced testing and 2 first article production units for delivery externally. I will discuss our progress on solid oxide in more detail later in the presentation.

其次，最近在 12 月宣布我們現在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，我們專注於擴大我們的固體氧化物製造能力。我們擁有強大、經驗豐富的領導層，為我們的商業和運營工作注入活力，我們預計在 2023 日曆年期間建造和交付 4 個單元，其中包括 2 個將在內部運行以進行高級測試的單元和 2 個用於外部交付的首件生產單元。我將在稍後的演講中更詳細地討論我們在固體氧化物方面的進展。

In addition, after the quarter end, we were proud to announce our intent to collaborate with a subsidiary of Malaysian Marine and Heavy Engineering Holdings, Berhad or MMHE, a PETRONAS company on the development of a large-scale electrolyzer facility for the Asian, New Zealand and Australian markets. Through this collaboration, we expect to increase the efficiency of green hydrogen production while also reducing the costs with the goal of making large-scale clean hydrogen production and easily accessible and viable energy option.

此外，在本季度結束後，我們很自豪地宣布，我們打算與馬來西亞海洋和重型工程控股有限公司 (Malaysian Marine and Heavy Engineering Holdings) 的子公司 Berhad 或馬來西亞國家石油公司 MMHE 合作，為亞洲、新新西蘭和澳大利亞市場。通過此次合作，我們希望提高綠色制氫的效率，同時降低成本，以實現大規模清潔制氫和易於獲得且可行的能源選擇。

Third, we are opportunistically evaluating potential options to benefit from global policy tailwinds. We believe the enacted policies are stable, and the proposed global policies appear to have strong support and that we are well positioned to capitalize on the evolving energy landscape.

第三，我們正在機會主義地評估從全球政策順風中受益的潛在選擇。我們相信已頒布的政策是穩定的，擬議的全球政策似乎得到了強有力的支持，我們有能力利用不斷變化的能源格局。

Recent global support for clean energy includes the U.S. Inflation Reduction Act and the Infrastructure Investment and Jobs Act totaling approximately $479 billion, Canada's proposed hydrogen tax credit, the European Unions proposed approximately $270 billion program that would offer tax breaks for businesses investing in net zero technology and the Korean hydrogen economy road map.

最近全球對清潔能源的支持包括美國的通貨膨脹減少法案和基礎設施投資和就業法案總計約 4790 億美元，加拿大提議的氫稅收抵免，歐盟提議的約 2700 億美元的計劃將為投資淨零技術的企業提供稅收減免和韓國氫經濟路線圖。

We believe that these types of policies will support and drive increase in demand for clean energy technologies. We believe that FuelCell Energy and our future customers of fuel cell technology will be able to benefit from these types of policies by taking advantage of investment tax credits, production tax credits for clean power and hydrogen and Carbon Capture utilization and sequestration credits.

我們相信，這些類型的政策將支持和推動對清潔能源技術的需求增加。我們相信，FuelCell Energy 和我們未來的燃料電池技術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，從這些類型的政策中受益。

Lastly, I would note that we were proud to host Senator Richard Blumenthal on his recent visit to our manufacturing facility in Torrington, Connecticut, where we discussed the importance of our planned electrolysis project in Ukraine. Senator Blumenthal has made multiple trips to Ukraine and is supportive of our work with the U.S. State Department. We thank Senator Blumenthal for his long-standing support of FuelCell Energy and his support of investments in clean energy.

最後，我要指出的是，我們很榮幸接待參議員 Richard Blumenthal 最近訪問我們位於康涅狄格州托靈頓的製造工廠，在那裡我們討論了我們計劃在烏克蘭開展的電解項目的重要性。 Blumenthal 參議員多次訪問烏克蘭，支持我們與美國國務院的合作。我們感謝 Blumenthal 參議員長期以來對 FuelCell Energy 的支持以及對清潔能源投資的支持。

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

現在我將把電話轉給邁克，更詳細地討論第一季度的財務業績。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 additional 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業績的更多詳細信息。

Please turn to Slide 6. For the first quarter of fiscal year 2023, we reported total revenues of $37.1 million compared to $31.8 million in the first quarter of fiscal year 2022, an increase of 17%.

請轉到幻燈片 6。2023 財年第一季度，我們報告的總收入為 3710 萬美元，與 2022 財年第一季度的 3180 萬美元相比增長了 17%。

Net loss was $21.1 million in the first quarter of fiscal year 2023 compared to net loss of $46.1 million in the first quarter of fiscal year 2022. The first quarter of fiscal year 2022 was impacted by the $24 million of nonrecurring legal expense associated with the settlement of the company's disputes with POSCO Energy and Korea Fuel Cell Company, or KFC.

2023 財年第一季度淨虧損為 2110 萬美元，而 2022 財年第一季度淨虧損為 4610 萬美元。2022 財年第一季度受到與和解相關的 2400 萬美元非經常性法律費用的影響公司與 POSCO Energy 和韓國燃料電池公司 (KFC) 的糾紛。

The resulting net loss per share attributable to common stockholders in the first quarter of fiscal year 2023 was negative $0.05 and compared to negative $0.11 in the first quarter of fiscal year 2022. The lower net loss per common share is primarily due to the lower net loss attributable to common stockholders and the higher number of weighted average shares outstanding due to share issuances since January 31, 2022.

由此導致的 2023 財年第一季度歸屬於普通股股東的每股淨虧損為負 0.05 美元，而 2022 財年第一季度為負 0.11 美元。普通股每股淨虧損較低主要是由於淨虧損較低歸因於普通股股東，以及自 2022 年 1 月 31 日以來發行的股票導致加權平均流通股數量增加。

Adjusted EBITDA totaled negative $14.4 million in the first quarter of fiscal year 2023 compared to adjusted EBITDA of negative $13.6 million in the first quarter of fiscal year 2022. Please see the discussion of non-GAAP financial measures, including adjusted EBITDA in the appendix at the end of our earnings release.

2023 財年第一季度調整後 EBITDA 總計為負 1440 萬美元，而 2022 財年第一季度調整後 EBITDA 為負 1360 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。

Finally, the company has a strong total cash and short-term investment position at over $415 million as of January 31, 2023.

最後，截至 2023 年 1 月 31 日，該公司擁有超過 4.15 億美元的強大現金和短期投資頭寸。

Next, please turn to Slide 7 for additional details on our financial performance and backlog. The chart on the left-hand side graphically shows revenue drivers by category. Product revenues for Q1 2023 were $9.1 million compared to $18 million for the 3 months ended January 31, 2022.

接下來，請轉到幻燈片 7，了解有關我們的財務業績和積壓工作的更多詳細信息。左側的圖表以圖形方式顯示了按類別劃分的收入驅動因素。 2023 年第一季度的產品收入為 910 萬美元，而截至 2022 年 1 月 31 日的三個月為 1800 萬美元。

The Q1 2023 revenues were driven by the company's December 2021 settlement agreement with POSCO Energy and its subsidiary, KFC, that included an option to purchase an additional 14 modules. This option included a material right related to an extended warranty obligation for the modules.

2023 年第一季度的收入是由該公司與 POSCO Energy 及其子公司肯德基於 2021 年 12 月達成的和解協議推動的，其中包括購買額外 14 個模塊的選擇權。該選項包括與模塊的延長保修義務相關的物質權利。

The option was not exercised by KFC as of the expiration date on December 31, 2022. And as a result, the company recognized $9.1 million of product revenues, which represents consideration allocated to the material right if the option had been exercised.

截至 2022 年 12 月 31 日到期日，肯德基未行使該選擇權。因此，該公司確認了 910 萬美元的產品收入，這代表如果該選擇權已被行使則分配給該物質權利的對價。

Product revenues for the 3 months ended January 31, 2022, were a result of the module sales to KFC under the settlement agreement for which the company recognized $18 million on the Ex Works delivery of 6 modules from the company's facility in Torrington, Connecticut.

截至 2022 年 1 月 31 日的 3 個月的產品收入是根據和解協議向肯德基銷售模塊的結果，該公司在康涅狄格州托靈頓工廠交付的 6 個模塊的出廠交付中確認了 1800 萬美元。

Service agreement revenues increased to $13.9 million for the first quarter of fiscal year 2023 from $2.2 million in Q1 2022. Service agreement revenues during the first quarter of fiscal year 2023 were primarily driven by new module exchanges at the plant in Woodbridge, Connecticut, which originally achieved commercial operations in fiscal year 2017 and the plants owned by Korea Southern Power Company or KOSPO, in Korea, which achieved commercial operations in fiscal year 2018. Both the Woodbridge, Connecticut and KOSPO platforms contained our 5-year stack modules.

服務協議收入從 2022 年第一季度的 220 萬美元增加到 2023 財年第一季度的 1390 萬美元。2023 財年第一季度的服務協議收入主要由康涅狄格州伍德布里奇工廠的新模塊交換所推動，該工廠最初2017 財年實現商業運營，韓國南方電力公司或 KOSPO 擁有的電廠在 2018 財年實現商業運營。伍德布里奇、康涅狄格州和 KOSPO 平台均包含我們的 5 年堆棧模塊。

The increase in revenues for the first quarter of fiscal year 2023 is primarily due to the fact that new module exchanges occurred during the quarter while there were no new module exchanges during the comparable prior year quarter.

2023 財年第一季度收入的增長主要是由於本季度發生了新模塊更換，而去年同期沒有新模塊更換。

Generation revenues increased to $9.6 million from $7.5 million primarily due to the fact that we recorded a full quarter of generation revenues associated with the Long Island Power Authority project in Yaphank, New York, which achieved commercial operations in December 2021 and the fact that the project at the U.S. Navy Submarine Base in Groton, Connecticut or the Groton project achieved commercial operations and began generating revenues in the first quarter of fiscal year 2023.

發電收入從 750 萬美元增加到 960 萬美元，這主要是由於我們記錄了與紐約 Yaphank 的長島電力局項目相關的整個四分之一的發電收入，該項目於 2021 年 12 月實現商業運營，並且該項目位於康涅狄格州格羅頓的美國海軍潛艇基地或格羅頓項目在 2023 財年第一季度實現了商業運營並開始產生收入。

Advanced Technology contract revenues increased to $4.5 million from $4.1 million. Compared to the first quarter of fiscal year 2022, Advanced Technology contract revenues recognized under the joint development agreement with ExxonMobil Technology and Engineering Company were approximately $0.1 million higher during the first quarter of fiscal year 2023, and revenue recognized under government and other contracts were approximately $0.3 million higher than the prior year quarter.

先進技術合同收入從 410 萬美元增加到 450 萬美元。與 2022 財年第一季度相比，根據與埃克森美孚技術與工程公司的聯合開發協議確認的先進技術合同收入在 2023 財年第一季度增加了約 10 萬美元，根據政府和其他合同確認的收入約為比去年同期增加 30 萬美元。

Looking at the top right-hand side of the slide, I will walk through the changes in gross profit and operating expenses. Gross profit for the first quarter of fiscal year 2023 totaled $5.2 million compared to a gross loss of $2.9 million in the comparable prior year quarter.

查看幻燈片的右上角，我將介紹毛利潤和運營費用的變化。 2023 財年第一季度的毛利潤總計 520 萬美元，而去年同期的毛虧損為 290 萬美元。

The gross profit is a direct result of favorable product margins as the revenue recognized in the first quarter of fiscal year 2023 had no corresponding costs, along with lower manufacturing variances compared to Q1 2022.

毛利是有利的產品利潤率的直接結果，因為 2023 財年第一季度確認的收入沒有相應的成本，而且與 2022 年第一季度相比製造差異較小。

In the first quarter of fiscal year 2023, the company realized higher service margins due to new module exchanges occurring in the quarter, offset by lower generation margins primarily due to $7.1 million of nonrecoverable costs related to the construction of the Toyota project.

在 2023 財年第一季度，由於本季度發生了新的模塊更換，該公司實現了更高的服務利潤率，這被較低的發電利潤率所抵消，這主要是由於與豐田項目建設相關的 710 萬美元不可收回成本。

Operating expenses for the first quarter of fiscal year 2023 decreased to $27.7 million from $41.9 million in the first quarter of fiscal year 2022. Administrative and selling expenses in the first quarter of fiscal year 2022 included nonrecurring legal expenses of $24 million associated with the settlement of the company's disputes with POSCO Energy and KFC.

2023 財年第一季度的運營費用從 2022 財年第一季度的 4190 萬美元減少到 2770 萬美元。2022 財年第一季度的行政和銷售費用包括與結算相關的非經常性法律費用 2400 萬美元公司與浦項能源、肯德基的糾紛。

Excluding the $24 million in legal fees, administrative and selling expenses were higher during the first quarter of fiscal 2023, primarily due to an increase in compensation expense resulting from increased headcount.

不包括 2400 萬美元的法律費用，行政和銷售費用在 2023 財年第一季度有所增加，這主要是由於員工人數增加導致補償費用增加。

Research and development expenses of $12.7 million during the first quarter of fiscal year 2023 reflect an increase in 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.

2023 財年第一季度的研發費用為 1,270 萬美元，反映出與去年同期相比，公司與我們的固體氧化物平台和碳捕集解決方案相關的持續商業開發工作的支出有所增加。

On the bottom right of the slide, you will see that we finished the quarter with a backlog of approximately $1.1 billion, a decrease of 19% compared to January 31, 2022. The primary driver was a reduction in generation backlog due to the previously announced decision in the fourth quarter of fiscal year 2022, not to move forward with the development of the 2 Hartford projects, given their economic profiles. The reduction was also due in part to revenue recognition since January 31, 2022.

在幻燈片的右下角，您會看到我們在本季度末的積壓訂單約為 11 億美元，與 2022 年 1 月 31 日相比減少了 19%。主要驅動因素是由於先前宣布的考慮到 2022 財年第四季度的經濟狀況，決定不推進 2 個哈特福德項目的開發。減少的部分原因還在於自 2022 年 1 月 31 日以來的收入確認。

On Slide 8 is an update on our liquidity and our ongoing investment in project assets. As of January 31, 2023, we had total cash, restricted cash, cash equivalents and short-term investments of approximately $415.4 million. This total includes approximately $315.2 million of unrestricted cash and cash equivalents, represented by the darker blue bar on the chart in the center of the slide, $24.6 million of restricted cash and cash equivalents represented by the lighter blue bar and $75.7 million of short-term investments represented by the purple bar.

在幻燈片 8 上，更新了我們的流動性和我們對項目資產的持續投資。截至 2023 年 1 月 31 日，我們的現金總額、受限現金、現金等價物和短期投資約為 4.154 億美元。這一總額包括約 3.152 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）、2,460 萬美元的受限現金和現金等價物（由淺藍色條表示）和 7,570 萬美元的短期現金紫色條代表的投資。

The short-term investments are U.S. Treasury securities purchased by the company during the first quarter of fiscal year 2023 as part of the company's cash management optimization effort.

短期投資是公司在 2023 財年第一季度購買的美國國債，作為公司現金管理優化工作的一部分。

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 assets with a clear focus on only those projects that will drive long-term value to FuelCell 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、構建和發展我們的資產組合，明確關注那些將為 FuelCell 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 spend on projects currently in development and under construction. As of January 31, 2023, our gross project assets totaled approximately $263.3 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 2023 年 1 月 31 日，我們的項目總資產總計約為 2.633 億美元，不包括累計折舊。

As detailed on Slide 18 in the appendix of this presentation, our generation portfolio totaled 63.1 megawatts of assets as of January 31, 2023. This includes 43.7 megawatts of operating assets and 19.4 megawatts of projects in process. As projects in process begin commercial operation, they are expected to contribute higher generation revenue.

正如本演示文稿附錄幻燈片 18 所詳述，截至 2023 年 1 月 31 日，我們的發電組合資產總計 63.1 兆瓦。這包括 43.7 兆瓦的運營資產和 19.4 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 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. In summary, I am pleased with the progress made this quarter in executing on our operating and commercialization plans.

此外，隨著這些在建項目達到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，以進一步將資本重新投入業務。總之，我對本季度在執行我們的運營和商業化計劃方面取得的進展感到滿意。

I will now turn the call back to Jason.

我現在將電話轉回傑森。

Thanks, Mike. Turning to Slide 10. I would like to reemphasize again the tenets of our Powerhouse business strategy, which serves as our guiding strategy toward achieving long-term growth.

謝謝，邁克。轉到幻燈片 10。我想再次強調我們 Powerhouse 業務戰略的原則，它是我們實現長期增長的指導戰略。

The first tenet is growth. We are working to optimize our business for achieving growth in markets where we see significant opportunity for the clean energy applications, our platform technologies address.

第一個原則是增長。我們正在努力優化我們的業務，以在我們看到清潔能源應用的重大機會的市場中實現增長，我們的平台技術解決了這些問題。

The second is scale. We plan to scale our existing platforms by investing in and extending the application solutions our platform's address and deepening our leadership and total human capital across the organization. Across our operations, we are making progress in expanding manufacturing capacity for our molten carbonate platform with the goal of achieving 100 megawatts of annualized integrated on-site manufacturing and conditioning capacity.

二是規模。我們計劃通過投資和擴展我們平台地址的應用程序解決方案以及深化我們在整個組織中的領導力和人力資本總額來擴展我們現有的平台。在我們的運營中，我們正在擴大我們的熔融碳酸鹽平台的製造能力，目標是實現 100 兆瓦的年化綜合現場製造和調節能力。

We are currently in the process of expanding our Calgary manufacturing facility, and we also have developed plans to add an incremental 400 megawatts of solid oxide manufacturing capacity in the United States. We believe that our DVD size solid oxide cells lends itself to a modular build-out of manufacturing capacity and advanced robotics manufacturing for rapid scaling as more large-scale hydrogen projects achieve FID and long-term offtake agreements.

我們目前正在擴建我們的卡爾加里製造工廠，我們還制定了在美國增加 400 兆瓦固體氧化物製造能力的計劃。我們相信，隨著越來越多的大型氫項目達成 FID 和長期承購協議，我們的 DVD 尺寸固體氧化物電池有助於模塊化構建製造能力和先進的機器人製造，以實現快速擴展。

And third, innovate. Over our 50-year history, we have never stopped innovating. We believe our platform technologies and our culture will provide the opportunity for us to add to our significant global patent portfolio and increase our participation in the growth of the hydrogen economy and Carbon Capture markets and will enable us to deliver on our purpose.

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，我們的平台技術和文化將為我們提供機會，增加我們重要的全球專利組合，並增加我們對氫經濟和碳捕獲市場增長的參與，並使我們能夠實現我們的目標。

We plan to develop diversified revenue streams by delivering a range of solutions and services anchored by our multi-feature platforms that support decarbonization applications and the global energy transition.

我們計劃通過提供一系列解決方案和服務來開發多元化的收入來源，這些解決方案和服務以我們支持脫碳應用和全球能源轉型的多功能平台為基礎。

As we are growing, I would like to highlight the progress we are making on 3 important decarbonization, energy resiliency and energy reliability platform projects on Slide 11. First, our Toyota project in Long Beach, California. This is a tri-generation platform which will reform directed renewable natural gas into 3 value streams delivering carbon-neutral hydrogen, carbon-neutral electricity and ultra clean produced water.

隨著我們的成長，我想在幻燈片 11 上強調我們在 3 個重要的脫碳、能源彈性和能源可靠性平台項目方面取得的進展。首先是我們在加利福尼亞州長灘的豐田項目。這是一個三聯產平台，將定向可再生天然氣轉化為 3 個價值流，提供碳中性氫、碳中性電力和超清潔產出水。

We expect that it will be the first commercial distributed hydrogen generation project in the United States dedicated to light and heavy-duty fuel cell electric vehicle transportation. We have completed the construction work on this tri-generation project and the fuel cell platform has advanced to the commissioning phase of project development. We anticipate that the remaining commissioning activity will be completed in the third fiscal quarter of 2023.

我們預計這將是美國第一個致力於輕型和重型燃料電池電動汽車運輸的商業分佈式氫發電項目。我們已經完成了該三代項目的建設工作，燃料電池平台已進入項目開發調試階段。我們預計剩餘的調試活動將在 2023 年第三財季完成。

We were also pleased to host representatives of the U.S. Department of Energy and Commerce on a recent visit to the site. We very much appreciate the continued support of those departments and other government agencies that are helping to further the development and growth of clean energy in the United States, which we believe will aid in our goal of selling our technology around the world in support of global decarbonization goals.

我們也很高興接待了美國能源和商務部的代表最近訪問該網站。我們非常感謝那些幫助推動美國清潔能源發展和增長的部門和其他政府機構的持續支持，我們相信這將有助於我們實現在世界範圍內銷售我們的技術以支持全球的目標脫碳目標。

At our Derby project in Connecticut, on-site civil construction continues to advance. We have largely completed the foundational construction with the majority of the balance of plant components delivered and installed on-site. We continue to work with the utility customer, United Illuminating, an AVANGRID Iberdrola company on the interconnection process, the timing of which will drive the continued development of the site, including the delivery of the 10 fuel cell modules required to complete the project.

在我們位於康涅狄格州的德比項目中，現場土建施工繼續推進。我們已基本完成基礎建設，大部分工廠組件已在現場交付和安裝。我們繼續與公用事業客戶 United Illuminating 合作，後者是 AVANGRID Iberdrola 公司的一家公司，其互連過程的時間安排將推動該站點的持續開發，包括交付完成該項目所需的 10 個燃料電池模塊。

This large 14-megawatt installation will be the second largest installed fuel cell platform in the United States, only surpassed by our 15-megawatt platform in Bridgeport, Connecticut. And when completed, will provide enhanced grid resiliency, reliability and low carbon power to the Connecticut power grid while generating renewable energy credits. We expect commercial operations to begin in the fourth calendar quarter of 2023.

這個 14 兆瓦的大型裝置將成為美國第二大已安裝的燃料電池平台，僅次於我們在康涅狄格州布里奇波特的 15 兆瓦平台。完成後，將為康涅狄格州電網提供增強的電網彈性、可靠性和低碳電力，同時產生可再生能源信用額度。我們預計商業運營將於 2023 年第四季度開始。

Thirdly, 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, we recently completed a joint marketing study, which confirmed technical fit, evaluated economical assessment, so current and prospective customer feedback, reviewed the manufacturing scale plan and validated market signposts.

第三，我們正在繼續推進我們先進的碳捕集技術的商業化。根據我們與埃克森美孚技術與工程公司的聯合開發協議，我們最近完成了一項聯合營銷研究，該研究確認了技術適合性、評估了經濟評估、當前和潛在客戶的反饋、審查了製造規模計劃並驗證了市場路標。

Together, we are working to identify partners for commercial trials or demonstration projects as we pursue Carbon Capture across a broad landscape of industrial applications. In addition to a particularly diverse industrial market ranging from refining, chemicals, iron and steel, pulp and paper, food, beverage and more, we believe that the unique ability of our platform to naturally destroy NOx contained in the external carbon fuel stream will be highly desirable.

當我們在廣泛的工業應用領域追求碳捕獲時，我們正在共同努力尋找商業試驗或示範項目的合作夥伴。除了煉油、化工、鋼鐵、紙漿和造紙、食品、飲料等特別多樣化的工業市場外，我們相信我們平台自然破壞外部碳燃料流中所含氮氧化物的獨特能力將非常可取。

As previously announced in December, we extended the terms of our joint development agreement through August 31, 2023, and we increased the research budget by 20% from $50 million to $60 million. This important long-term relationship supports our efforts to commercialize large-scale FuelCell Carbon Capture and storage technology, and we believe that this is the only existing technology capable of capturing carbon, producing power, destroying NOx and in the same application, generate hydrogen all at the same time from a single platform.

正如之前在 12 月宣布的那樣，我們將聯合開發協議的期限延長至 2023 年 8 月 31 日，並將研究預算從 5000 萬美元增加了 20% 至 6000 萬美元。這種重要的長期關係支持我們將大規模燃料電池碳捕獲和儲存技術商業化的努力，我們相信這是唯一能夠捕獲碳、發電、破壞氮氧化物並在同一應用中產生氫氣的現有技術同時從一個平台。

As we work to expand our solid oxide manufacturing capabilities, I would like to start by highlighting FuelCell Energy's key leaders in this area. John Torrance is our Senior Vice President, Chief Commercialization and Solid Oxide Manufacturing Officer.

在我們努力擴大我們的固體氧化物製造能力時，我想首先強調 FuelCell Energy 在該領域的主要領導者。 John Torrance 是我們的高級副總裁、首席商業化和固體氧化物製造官。

John joined FuelCell Energy in June of last year with a focus on manufacturing and his role was expanded in December to include platform commercialization responsibilities. John brings over 25 years of experience in this role and with his extensive knowledge of manufacturing and operations management, including plant start-ups and his long history in the fuel cell and hydrogen industry, we believe that we have the right leadership in place to drive and execute our ambitious growth plans.

John 於去年 6 月加入 FuelCell Energy，專注於製造，他的職責在 12 月擴大到包括平台商業化職責。約翰在這個職位上擁有超過 25 年的經驗，憑藉他在製造和運營管理方面的廣泛知識，包括工廠初創以及他在燃料電池和氫氣行業的悠久歷史，我們相信我們擁有正確的領導層來推動並執行我們雄心勃勃的增長計劃。

In support of expected future production requirements, we are expanding our facility in Calgary, Canada with additional dedicated manufacturing space as part of the first phase of our plan to increase solid oxide manufacturing capacity. This Phase 1 expansion is expected to increase our production capacity from the current 4 megawatts per year to 40 megawatts per year of solid oxide electrolyzers.

為了支持預期的未來生產需求，我們正在擴大我們在加拿大卡爾加里的工廠，增加專用製造空間，作為我們增加固體氧化物製造能力計劃的第一階段的一部分。第一階段的擴建預計將使我們的生產能力從目前的每年 4 兆瓦增加到每年 40 兆瓦的固體氧化物電解槽。

We also have planned to add an additional 400 megawatts of solid oxide manufacturing capacity in the United States. While the location of the facility has not yet been determined, early facility design and engineering requirements have been developed. We anticipate announcing more details regarding our plans for solid oxide production expansion in the United States later this fiscal year.

我們還計劃在美國再增加 400 兆瓦的固體氧化物製造能力。雖然該設施的位置尚未確定，但已經制定了早期設施設計和工程要求。我們預計將在本財年晚些時候公佈有關我們在美國擴大固體氧化物生產計劃的更多細節。

Lastly, I would like to highlight the specific advantages of FuelCell Energy's solid oxide fuel cell and solid oxide electrolyzer cell technologies. Our technologies offer fuel flexibility, efficiency, reliability and a small footprint for easy co-location.

最後，我想強調 FuelCell Energy 的固體氧化物燃料電池和固體氧化物電解槽技術的具體優勢。我們的技術提供燃料靈活性、效率、可靠性和占地面積小，便於託管。

Our smallest sub-megawatt solid oxide fuel cell platform will generate 250 kilowatts of reliable, efficient and ultraclean power with virtually no nitrogen oxide, sulfur oxides and particular matter emissions regardless of feedstock. The fuel flexible system is capable of running on natural gas, renewable biogas or 100% hydrogen and is expected to operate at higher efficiency than combustion-based power generation alternatives. The clean emissions profile, small footprint and quiet operation makes this platform easy to site in urban areas.

我們最小的亞兆瓦固體氧化物燃料電池平台將產生 250 千瓦可靠、高效和超清潔的電力，無論原料如何，幾乎沒有氮氧化物、硫氧化物和特殊物質排放。該燃料靈活系統能夠使用天然氣、可再生沼氣或 100% 氫氣運行，預計運行效率高於基於燃燒的發電替代方案。清潔排放配置文件、佔地面積小和運行安靜使該平台易於在城市地區選址。

On the hydrogen production side, we believe solid oxide presents one of the best opportunities to minimize overall costs while maximizing efficiency and that our platform will give more organizations the option to implement a flexible energy strategy because most of the cost of hydrogen produced by electrolysis is related to the cost of input power.

在製氫方面，我們認為固體氧化物是在最大限度地降低總成本的同時最大限度地提高效率的最佳機會之一，我們的平台將為更多組織提供實施靈活能源戰略的選擇，因為電解制氫的大部分成本是與輸入功率的成本有關。

Efficiency is one of the most effective ways to lower hydrogen costs, and we believe FuelCell Energy's solid oxide platform is among the most efficient electrolysis technologies available. Among competing technologies, we believe our solid oxide platform offers one of the best chances of achieving the Earthshot target of USD 1 per kilogram levelized cost of energy targeted by the U.S. Department of Energy by 2050.

效率是降低氫氣成本最有效的方法之一，我們相信 FuelCell Energy 的固體氧化物平台是最有效的電解技術之一。在競爭技術中，我們相信我們的固體氧化物平台是實現美國能源部設定的到 2050 年每公斤平準化能源成本 1 美元的 Earthshot 目標的最佳機會之一。

Our platform also has the ability to ramp up quickly transitioning from standby to full load in just 10 minutes. Working in tandem with renewable technologies, such as wind and solar, our solid oxide electrolysis platform offers the possibility of efficiently storing electricity of hydrogen for later use.

我們的平台還能夠在短短 10 分鐘內從待機狀態快速過渡到滿載狀態。我們的固體氧化物電解平台與風能和太陽能等可再生技術協同工作，提供了高效儲存氫電以備後用的可能性。

In addition, we believe our high-temperature solid oxide electrolysis technology is particularly well positioned to capitalize on opportunities to leverage nuclear-generated electricity for the production of 0 carbon hydrogen. Leveraging baseload nuclear electricity, large amounts of hydrogen can be efficiently generated, stored, transported, and are utilized for fuel switching or for a number of other applications.

此外，我們相信我們的高溫固體氧化物電解技術特別適合利用利用核電生產零碳氫的機會。利用基荷核電，可以有效地產生、儲存、運輸大量氫氣，並用於燃料轉換或許多其他應用。

I want to take a few seconds to outline why solid oxide high-temperature electrolysis is one of the most efficient electrolysis technology options. The core difference is driven by steam and liquid water thermodynamics. The electrolysis of liquid water used by lower temperature electrolysis such as PEM and alkaline, requires more energy than electrolysis of steam in our solid oxide high-temperature platform.

我想花幾秒鐘概述一下為什麼固體氧化物高溫電解是最有效的電解技術選擇之一。核心差異是由蒸汽和液態水熱力學驅動的。在我們的固體氧化物高溫平台中，PEM 和鹼性等低溫電解使用的液態水電解比蒸汽電解需要更多的能量。

Our high-temperature solid oxide electrolyzer operates at a significantly higher efficiency than lower temperature systems, even accounting for the energy needed to make steam from water. Our system operates at about 90% higher heating value electrical efficiency. And if a source of waste heat is available to support steam generation is capable of 100% electrical efficiency. We believe that this gives solid oxide a significant advantage over lower temperature PEM and alkaline technologies.

我們的高溫固體氧化物電解槽的運行效率明顯高於低溫系統，甚至考慮了從水中製造蒸汽所需的能量。我們的系統以高約 90% 的熱值電效率運行。如果有廢熱源可用於支持蒸汽生成，則能夠實現 100% 的電效率。我們相信，這使固體氧化物比低溫 PEM 和鹼性技術具有顯著優勢。

Before moving to Q&A, I will conclude my prepared remarks with some takeaways on Slide 13. I am increasingly excited about the trajectory our company is on as our innovative technologies are progressing towards commercialization and having an even more positive impact on our world.

在進行問答之前，我將在幻燈片 13 上用一些要點來結束我準備好的發言。我對我們公司的發展軌跡感到越來越興奮，因為我們的創新技術正朝著商業化的方向發展，並對我們的世界產生更積極的影響。

I would highlight the following 4 enablers of that anticipated ramp up. One, we have a strong balance sheet, and we have demonstrated discipline in the allocation of capital towards growth, which we believe positions us to continue to fund projects in development as well as platform commercialization activities to execute on our growth strategy supported by a large global total available market.

我會強調以下 4 個促成預期增長的因素。第一，我們擁有強大的資產負債表，我們在資本分配方面表現出對增長的紀律，我們相信這使我們能夠繼續為開發中的項目和平台商業化活動提供資金，以執行我們的增長戰略全球總可用市場。

Two, we are working to expand our solid oxide manufacturing capacity to support expected future market opportunities, including growth in distributed power generation and the hydrogen economy. We believe that these investments will support our ability to capture market opportunities for sub megawatt power generation and high-efficiency electrolysis products.

第二，我們正在努力擴大我們的固體氧化物製造能力，以支持預期的未來市場機會，包括分佈式發電和氫經濟的增長。我們相信，這些投資將支持我們抓住亞兆瓦發電和高效電解產品市場機會的能力。

Three, we are making consistent operational progress, executing on our large projects for our customers and providing the capabilities of our technologies.

第三，我們正在取得一致的運營進展，為我們的客戶執行我們的大型項目並提供我們的技術能力。

And four, globally, policies to support the energy transition have been enacted and more policies and more locations around the world are gaining momentum, as evidenced by the passage of the Inflation Reduction Act in the United States as well as efforts we are seeing internationally in Europe, Canada and Korea, and we believe we are well positioned to benefit from these tailwinds.

第四，在全球範圍內，支持能源轉型的政策已經出台，世界上更多的政策和更多的地方正在獲得動力，美國通貨膨脹法案的通過以及我們在國際上看到的努力證明了這一點歐洲、加拿大和韓國，我們相信我們有能力從這些順風中受益。

We believe our technologies have a critical role to play in transitioning to a low-carbon future. We are delivering for our customers. We are increasing our capacity, and we are preparing for the commercialization of our new technologies and extending the value streams delivered from our existing technology platforms. We believe FuelCell Energy is well positioned to capture market opportunities over the coming years.

我們相信，我們的技術在向低碳未來過渡的過程中可以發揮關鍵作用。我們正在為我們的客戶提供服務。我們正在提高我們的能力，我們正在為新技術的商業化做準備，並擴展我們現有技術平台提供的價值流。我們相信 FuelCell Energy 已做好充分準備，在未來幾年抓住市場機遇。

I also want to take a moment to honor the many talented and diverse women that work at FuelCell Energy and the 4 women who serve on our Board of Directors. At FuelCell Energy, we are proud of the contributions made by women all across our company, including in areas such as engineering, finance, sales and manufacturing.

我還想花點時間向在 FuelCell Energy 工作的眾多才華橫溢、多元化的女性以及在我們董事會任職的 4 位女性致敬。在 FuelCell Energy，我們為公司全體女性所做的貢獻感到自豪，包括在工程、財務、銷售和製造等領域。

I also want to thank the many contributions made by women around the world who, like we do at FuelCell Energy live their lives with purpose. Thank you.

我還要感謝世界各地女性所做的許多貢獻，就像我們在 FuelCell Energy 所做的那樣，她們過著有目標的生活。謝謝。

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

現在我將把它交給接線員開始問答。

(Operator Instructions) We'll take our first question from Manav Gupta with UBS.

（操作員說明）我們將從 Manav Gupta 和 UBS 提出我們的第一個問題。

My question here is specifically related to the Toyota Port of Long Beach project, if we can get a little more details. And the reason I'm asking this question is your press release says that for if -- for any reason, the operations are not commercial by 8th of July, there is some possibility that Toyota could walk away from this. I'm just trying to understand, can you mitigate that risk? Can you just talk through that, how you can avoid that situation?

我的問題具體與長灘豐田港項目有關，請問我們能否獲得更多細節。我問這個問題的原因是你的新聞稿說，如果 - 出於任何原因，到 7 月 8 日，這些操作不是商業化的，豐田有可能放棄這一點。我只是想了解，你能減輕這種風險嗎？你能不能談談，你如何避免這種情況？

Thank you, Manav. This is Michael Lisowski, Chief Operating Officer with FuelCell Energy, and thank you for your question. We're quite proud of the advancements and progress that we have been making on the Toyota project. And as previously reported, we have completed the mechanical construction aspects of the plant and are now engaged and focused on the commissioning aspects. The contract for -- with Toyota does have a provision that July 8 is a contractual date.

謝謝你，馬納夫。我是 FuelCell Energy 的首席運營官 Michael Lisowski，感謝您提出問題。我們為我們在豐田項目上取得的進步和進步感到非常自豪。正如之前報導的那樣，我們已經完成了工廠的機械建設方面的工作，現在正專注於調試方面。與豐田的合同確實有規定，7 月 8 日是合同日期。

However, Toyotas quite pleased with the progress of the plant. We're working very, very -- in the progress of an advancement of construction they're quite pleased with the work that we have been doing, and we're working very, very collaboratively with Toyota as we work to execute the remaining aspects of project execution towards commercialization.

不過，豐田對工廠的進展頗為滿意。我們正在非常、非常地工作——在推進建設的過程中，他們對我們一直在做的工作非常滿意，我們正在與豐田非常、非常地合作，因為我們正在努力執行剩餘的方面項目執行走向商業化。

We have great confidence in our ability to achieve commercial operations and that we'll be doing that in the time frame that we've stated by our fourth -- excuse me, our third calendar quarter this year, fiscal quarter this year.

我們對我們實現商業運營的能力充滿信心，我們將在我們第四個聲明的時間框架內做到這一點 - 對不起，我們今年的第三個日曆季度，今年的財政季度。

The second follow-up is, can I go back to the February 16 release of your collaboration with MHP? Can you talk a little bit more about this collaboration, help us quantify some of the benefits of this deal probably 2 or 3 or 4 years down the line? And why this deal is important for you?

第二個跟進是，我可以回到 2 月 16 日發布的你與 MHP 的合作嗎？你能多談談這次合作，幫助我們量化這筆交易可能在未來 2 年、3 年或 4 年內帶來的一些好處嗎？為什麼這筆交易對你很重要？

Manav, this is Jason Few. I really appreciate that question. We believe very strongly that one of the things that has to happen to achieve the global goals that we have around decarbonization is large-scale hydrogen. When you think about MMHE and not only MMHE, but also the parent company, MMHE being PETRONAS, and the ability to establish a partnership in Asia that gives us the ability to implement large-scale hydrogen projects with a partner who has proven capabilities in delivering large projects, it's a really important collaboration for us.

Manav，這是 Jason Few。我真的很感激這個問題。我們非常堅信，要實現我們圍繞脫碳的全球目標，必須要做的事情之一就是大規模氫氣。當你想到 MMHE，不僅是 MMHE，還有母公司，MMHE 是馬來西亞國家石油公司，以及在亞洲建立合作夥伴關係的能力，這使我們能夠與具有交付能力的合作夥伴一起實施大型氫能項目大型項目，這對我們來說是一次非常重要的合作。

And we think that around the world, partnerships are going to play an important role in really delivering projects that require infrastructure and that will deliver large-scale benefits to customers in that part of the world. And so for us, having a partnership with someone like MMHE deliver significant value.

我們認為，在全球範圍內，合作夥伴關係將在真正交付需要基礎設施的項目中發揮重要作用，這些項目將為世界該地區的客戶帶來大規模利益。因此，對我們來說，與像 MMHE 這樣的人建立合作夥伴關係可以帶來巨大的價值。

Next, we'll go to George Gianarikas with Canaccord Genuity

接下來，我們將與 Canaccord Genuity 一起去 George Gianarikas

So just a couple. First, I'd like to focus on the Inflation Reduction Act and potential other measures across the world really. What kind of conversations are you having? What have these government initiatives done to the conversations and the backlog? And I'm just curious if you can help us quantify how you expect the momentum to kind of build this year and into next year?

所以只是一對。首先，我想重點關注《降低通貨膨脹法案》和世界各地可能採取的其他措施。你在進行什麼樣的對話？這些政府舉措對對話和積壓有何影響？我只是想知道您是否可以幫助我們量化您對今年和明年的發展勢頭的預期？

George, thank you for that question. We are -- as a company, we're very optimistic about what's happening with the IRA and with other programs around the world as more governments look to find ways. So basically what I would call replay what happened with wind and solar, how do you create incentives that help companies like our scale and rapidly bring down costs to meet the market demand for the energy transition. So when you think about IRA in the U.S. and then you add to that also the infrastructure package, I mean, you're over $400 billion of capital that's going to be allocated to really advance projects around hydrogen and Carbon Capture, grid resiliency and reliability.

喬治，謝謝你提出這個問題。我們 - 作為一家公司，我們對 IRA 和世界各地其他項目的進展非常樂觀，因為越來越多的政府正在尋找方法。所以基本上我稱之為重播風能和太陽能發生的事情，你如何創造激勵措施來幫助公司像我們這樣的規模並迅速降低成本以滿足能源轉型的市場需求。因此，當您考慮美國的 IRA，然後再添加基礎設施一攬子計劃時，我的意思是，您將分配超過 4000 億美元的資金，用於真正推進圍繞氫能和碳捕獲、電網彈性和可靠性的項目.

And so for us, those programs represent a great opportunity for us to enhance the value proposition that we offer our customers given those incentives. It also creates an opportunity for us to make investment as well as to leverage those programs to aid our investment in things like scaling manufacturing. And so we're seeing a lot of positive reaction from customers. We, like everyone else, is anxiously awaiting the treasury department to finalize all the rules so we can really begin to fully take advantage of the IRA, but we see lots of interest and excitement around it.

因此，對我們來說，這些計劃為我們提供了一個很好的機會，可以在這些激勵措施下增強我們為客戶提供的價值主張。它還為我們創造了一個機會來進行投資，並利用這些計劃來幫助我們在擴大製造等方面進行投資。因此，我們看到了客戶的很多積極反應。我們和其他人一樣，正焦急地等待財政部最終確定所有規則，這樣我們才能真正開始充分利用 IRA，但我們看到很多人對此感興趣和興奮。

And maybe as a follow-up, just on the product revenue, just to make sure that we understand it. You recognized $9.1 million this quarter as -- and this is your press release, as if the option has been exercised, so it appears that there was no costs associated with that revenue. Has this -- do you expect to recognize the cost of any potential module sales in the future, is the first question?

也許作為後續行動，只是關於產品收入，只是為了確保我們理解它。您本季度將 910 萬美元確認為——這是您的新聞稿，就好像期權已被行使一樣，所以看起來沒有與該收入相關的成本。第一個問題是——您是否希望認識到未來任何潛在模塊銷售的成本？

And second, has this changed the overall opportunity you see with POSCO over the next few years? Or is this just kind of part of that overall several hundred million opportunity for the next, I think, into 2025 or 2026?

其次，這是否改變了您在未來幾年看到的 POSCO 的整體機遇？或者這只是下一個（我認為）到 2025 年或 2026 年的數億機會的一部分？

George, this is Mike. Yes, I'll take those questions. So on the first question regarding the revenue recognized in the quarter, that was revenue that the company had deferred. It was tied to an option agreement that POSCO could potentially exercise and it was essentially a material right related to a long-term warranty. That option agreement expired at the end of December. So as a result, recognize the revenue in this quarter. There was no cost tied to that revenue, and there will be no costs tied to that revenue in the future related to future module replacements.

喬治，這是邁克。是的，我會回答這些問題。因此，關於本季度確認的收入的第一個問題，即公司遞延的收入。它與 POSCO 可能行使的選擇權協議相關聯，並且本質上是與長期保修相關的物質權利。該期權協議於 12 月底到期。因此，確認本季度的收入。沒有與該收入相關的成本，並且未來與未來模塊更換相關的收入也不會與該收入相關。

As far as the opportunity in Korea, as Jason said in his opening remarks, significant opportunity in Korea, just with the installed base, there's greater than 110 megawatts of opportunities to essentially replace modules for the existing fleet in Korea. And as we said in our remarks, in the last quarter and this quarter as well, we're actively targeting that opportunity now in Korea. Our sales folks are in Korea. We -- and under our settlement agreement with POSCO, we can now work directly with those end customers. So, very excited about that opportunity that's right in front of us.

就韓國的機會而言，正如 Jason 在開場白中所說，韓國的重大機會，僅安裝基礎，就有超過 110 兆瓦的機會，可以從根本上更換韓國現有機隊的模塊。正如我們在評論中所說，在上個季度和本季度，我們正在積極瞄準韓國的這個機會。我們的銷售人員在韓國。我們 - 根據我們與 POSCO 的和解協議，我們現在可以直接與這些最終客戶合作。因此，對擺在我們面前的機會感到非常興奮。

Next, we'll go to Jeff Osborne with TD Cowen.

接下來，我們將與 TD Cowen 一起去 Jeff Osborne。

I just wanted to follow up also on Korea, the 116 megawatts, how many of those were sold more than 5 years ago? Do you have a sense of sort of the vintages of those and what should be coming up for replacement here? Because I was a bit surprised given you've had the sales force out there, I think, for 18 months or so that the product backlog now has been worked on 0, and there was nothing -- no movement there?

我只想跟進韓國的情況，116 兆瓦，其中有多少是 5 年前售出的？你對這些年份有什麼了解嗎？應該用什麼來替代？因為我有點驚訝，因為你有銷售人員在那裡，我想，18 個月左右，產品積壓現在已經處理為 0，而且什麼都沒有——那裡沒有動靜？

Jeff, thank you for the question. This is Mike Lisowski. So, of the installed base that we're referring to, all of the technology and pedigree and generation of platform, there is the 5-year technology. So we do expect strong line of sight to the replacement of that equipment and those assets to restore power generation at each of those critical customer infrastructure sites.

傑夫，謝謝你的提問。我是邁克·利索夫斯基。因此，在我們所指的已安裝基礎中，所有技術、血統和平台的一代，都有 5 年的技術。因此，我們確實希望通過更換該設備和這些資產來恢復每個關鍵客戶基礎設施站點的發電。

Maybe just another way of asking the question is, what percent of the 116 megawatts is older than 5 years?

也許問這個問題的另一種方式是，116 兆瓦中有多少百分比超過 5 年？

Jeff, this is Mike Bishop. So we haven't put out that level of granularity. But if you look at kind of the units that have been installed in the past, it has been over the last 10 to 7 to 3-year period. So you would expect to see module replacements coming up here soon. But the exact timing around that, we have not put that out there.

傑夫，這是邁克畢曉普。所以我們還沒有提出那種粒度級別。但是，如果你看一下過去安裝的設備種類，就會發現它已經超過了過去 10 到 7 到 3 年的時間。所以你會期望很快就會看到模塊替換。但具體時間，我們還沒有公佈。

And just to be clear, Mike, that would flow through the product backlog as those orders come in?

需要明確的是，邁克，當這些訂單進來時，這會流經產品積壓嗎？

Yes. So -- and just to back up a little bit, the $60 million that we recognized last year, that was a sale direct from KFC subsidiary of POSCO when we booked that order, it came through product backlog and as we ship those modules recognized through product revenue. The same will be true as we work directly with customers. Those orders would come through product backlog more than likely and then get recognized as product revenue. There is potentially an opportunity to do service as well, but the way that we're initially thinking about this is product backlog.

是的。所以 - 只是為了支持一點，我們去年確認的 6000 萬美元，這是我們預訂該訂單時直接來自 POSCO 的肯德基子公司的銷售，它來自產品積壓，並且當我們運送這些模塊時確認產品收入。當我們直接與客戶合作時，情況也是如此。這些訂單很可能來自產品積壓訂單，然後被確認為產品收入。也有可能提供服務，但我們最初考慮的方式是產品積壓。

And just one last one question. On the 400 megawatt facility, I know it's early, but can you remind me of what the expenditure was to go from 40 -- sorry, 4 to 40, is there like a rule of thumb of current CapEx per megawatt trends and any expectations on how much that facility in the U.S. would cost?

最後一個問題。關於 400 兆瓦的設施，我知道現在還早，但是你能提醒我從 40 到 40 的支出是多少——抱歉，4 到 40，是否有關於當前每兆瓦趨勢資本支出的經驗法則以及對在美國的那個設施要花多少錢？

Thank you for that question. This is John Torrance. We are investing approximately $45 million to expand for that first 40 megawatts. We do anticipate some of that involves some infrastructure related to testing and our product development, which we would not replicate as part of a 400 megawatt manufacturing-only facility. We also expect, as we continue to progress on our manufacturing readiness that we will optimize our processes and decrease our capital cost per megawatt of manufacturing capacity.

謝謝你提出這個問題。這是約翰·托倫斯。我們投資了大約 4500 萬美元來擴大最初的 40 兆瓦。我們確實預計其中一些涉及與測試和我們的產品開發相關的一些基礎設施，我們不會將其複制為 400 兆瓦的製造設施的一部分。我們還期望，隨著我們在製造準備方面繼續取得進展，我們將優化流程並降低每兆瓦製造能力的資本成本。

Somewhere without getting too far ahead, we would expect somewhere in the 25% to 30% reduction as we go up in orders of magnitude, but that has yet to be fully verified.

在不超前的某個地方，隨著數量級的增加，我們預計會減少 25% 到 30%，但這尚未得到充分驗證。

So of course as [hand grenade] the number maybe like $250 million to $300 million for 400 megawatts, is that...

所以當然，作為 [手榴彈]，400 兆瓦的數字可能是 2.5 億到 3 億美元，是……

We've got about a 250, 250 numbers, a walking around number at this point based on preliminary designs on the envelope that we're looking at.

我們有大約 250、250 個數字，這是一個基於我們正在查看的信封上的初步設計的走動數字。

David, do we have the next question?

大衛，我們有下一個問題嗎？

We'll take our next question from Eric Stine with Craig-Hallum.

我們將與 Craig-Hallum 一起接受 Eric Stine 的下一個問題。

So maybe just on ExxonMobil, obviously extended and expanded the amount allocated to the JDA. Maybe how do we think about potential next steps for the long-discussed pilot project in Rotterdam? Is that something where those 2 are kind of separate things? Or is it fair to assume that you would need to see the joint development, that process play out come to completion before they might think about moving forward with the pilot project?

所以也許只是在埃克森美孚，顯然延長和擴大了分配給 JDA 的金額。也許我們如何考慮鹿特丹長期討論的試點項目的潛在下一步？這兩個東西是分開的嗎？或者假設您需要看到聯合開發，在他們可能考慮推進試點項目之前完成該過程是否公平？

Eric, Thank you for that. You could think about it as a continuum, right? Part of what we've been doing and the initial work with Exxon is really optimizing the technology around 2 core aspects. One is what we refer to as carbonate transfer and the other one is just in terms of power density.

埃里克，謝謝你。你可以把它想像成一個連續體，對吧？我們一直在做的部分工作以及與 Exxon 的初步工作實際上是圍繞 2 個核心方面優化技術。一種是我們所說的碳酸鹽轉移，另一種只是在功率密度方面。

Proving that out through the work that we're doing through the R&D effort has always been a part of demonstrating the capability and then getting alignment with Exxon on the demonstration project. Those 2 things are tied together. We are very comfortable in the progress that we've shown. As you know, last year, we hit milestone payments that we achieved around the technology demonstration. So we would expect that Exxon through their process, which we don't control their process is trending in the right direction relative towards moving to that demonstration project.

通過我們通過研發工作所做的工作來證明這一點一直是展示能力的一部分，然後在示範項目上與埃克森美孚保持一致。這兩件事是聯繫在一起的。我們對所顯示的進展感到非常滿意。如您所知，去年，我們實現了圍繞技術演示實現的里程碑付款。因此，我們希望埃克森美孚通過他們的流程（我們無法控制他們的流程）朝著正確的方向發展，相對於轉向該示範項目。

One of the things that you might also consider when you think about a facility like Rotterdam, timing of that is also tied to how they might think about their plans around turnover service or other things that they might be doing at the facility to allow time to implement the demonstration. So, there's factors that are going to drive time line that go beyond just our technology capabilities.

當您考慮像鹿特丹這樣的設施時，您可能還會考慮的一件事是，時間安排也與他們如何考慮周轉服務計劃或他們可能在設施中做的其他事情有關，以便有時間實施示範。因此，有一些因素會推動時間線超越我們的技術能力。

Understood. So don't -- no one should read into time lines specific things. I mean, there's a lot of factors that go into that. That's helpful. Maybe a lot of questions have been answered, but maybe just on OpEx. I think last quarter, you might have given some -- might have given some details that would have indicated a higher OpEx level in this quarter, it was not a meaningful sequential uptick. So how should we think about OpEx going forward?

明白了。所以不要——沒有人應該閱讀時間線中的具體內容。我的意思是，其中有很多因素。這很有幫助。也許已經回答了很多問題，但也許只是在 OpEx 上。我認為上個季度，你可能已經提供了一些 - 可能已經提供了一些細節，這些細節表明本季度的運營支出水平更高，這並不是一個有意義的連續上升。那麼我們應該如何考慮未來的運營支出呢？

Eric, this is Mike. I'll take that question. So what we have put out there around a portion of operating expenses is that for fiscal 2023, we expect company-funded R&D expenses to be in the $50 million to $70 million range. And if you just kind of run out where R&D is in our first quarter, we should be in that range. We have not put out specific guidance around SG&A, but you have seen a tick up over the prior year anyways as we've been adding folks on the sales side as we grow our global reach. So that's how I would answer that question, Eric.

埃里克，這是邁克。我會回答這個問題。因此，我們圍繞部分運營費用提出的是，在 2023 財年，我們預計公司資助的研發費用將在 5000 萬至 7000 萬美元之間。而且，如果您只是在我們第一季度的研發中用完了，我們應該在那個範圍內。我們還沒有針對 SG&A 提出具體的指導意見，但無論如何，隨著我們擴大全球影響力，我們一直在增加銷售方面的人員，你已經看到了比上一年有所增加的情況。埃里克，這就是我要回答這個問題的方式。

Next, we'll go to Ryan Rfingst with B. Riley.

接下來，我們將與 B. Riley 一起去拜訪 Ryan Rfingst。

Maybe following up on the EMTEC contract, going up $10 million here. Is that a reflection of higher costs on your end? Or are you guys increasing the scope of what you're doing with those, yes?

也許跟進 EMTEC 合同，在這裡增加 1000 萬美元。這是否反映出貴方成本較高？或者你們正在擴大你們正在做的事情的範圍，是嗎？

I'll take that question. This is Mike. So no, that's really a function of additional time being added to that contract. Recall, we extended the contract with ExxonMobil EMTEC to bring us into the summer time frame. So it's really adding additional time to it.

我會回答這個問題。這是邁克。所以不，這實際上是向該合同添加額外時間的功能。回想一下，我們延長了與埃克森美孚 EMTEC 的合同，使我們進入夏季時間框架。所以它真的增加了額外的時間。

And then turning to the Toyota project, for the $7.1 million of nonrecoverable costs, can you just talk about what's included there? And do you expect any similar types of costs before we potentially reach commercial operation this summer?

然後轉向豐田項目，對於 710 萬美元的不可收回成本，您能談談其中包含的內容嗎？在我們今年夏天可能實現商業運營之前，您是否預計會有類似類型的成本？

This is Mike, again. I'll take that one as well. So what's in that number and you've seen this over the last several quarters as the company has been building out the project at Toyota. We have essentially been expensing the portion of the construction costs that we wouldn't otherwise be able to recover by potentially redeploying assets somewhere else, although this is a long-term asset, basically because we have not locked in the underlying fuel agreement, so not able to perfectly estimate the project economics in the future.

又是邁克。我也會拿那個。那麼這個數字是多少，你在過去幾個季度看到了這一點，因為公司一直在豐田建設這個項目。我們基本上一直在花費部分建設成本，否則我們無法通過可能在其他地方重新部署資產來收回，儘管這是一項長期資產，主要是因為我們沒有鎖定基礎燃料協議，所以無法完美地估計未來的項目經濟性。

You will see this trail off as we said in our earlier remarks that we are in the commissioning period now, so the construction activity will trail off here over the next several quarters.

正如我們在之前的評論中所說，我們現在正處於試運行階段，您會看到這種趨勢，因此在接下來的幾個季度中，建設活動將在這裡放緩。

Next, we'll go to Noel Parks with Tuohy Brothers.

接下來，我們將與 Tuohy Brothers 一起前往 Noel Parks。

Just a couple of things. I was wondering if you could talk about with the capacity expansions. The cost today or those still forecasted, is there an inflation impact beyond sort of your original estimates for those? I didn't know if any of the aspects of those were sort of contracted pre-COVID or during the slump from shutdowns? So just curious kind of where things stand as far as cost you're expecting now versus where you started?

只是幾件事。我想知道你是否可以談談產能擴張。今天或仍然預測的成本，是否存在超出您最初估計的通貨膨脹影響？我不知道這些方面的任何方面是在 COVID 之前還是在停工造成的低迷期間收縮的？因此，就您現在期望的成本與您開始時的成本而言，只是好奇事情的進展情況？

I think you can take our view on cost right now to be current cost estimates for the current environment in which we're operating in.

我認為您現在可以將我們對成本的看法作為我們當前運營環境的當前成本估算。

And just -- I guess I'm thinking a little bit more in terms of as you look down the road and your economics I guess, negotiating for future projects, just whether you're in a position that you would be able to sort of incorporate any inflation you've had to date, do you expect you have any trouble passing that along in terms of your pricing to customers?

只是——我想我想的更多的是，當你展望未來的道路和你的經濟時，我想，為未來的項目談判，你是否處於一個你能夠排序的位置考慮到您迄今遇到的任何通貨膨脹，您認為在將價格傳遞給客戶方面是否存在任何問題？

Yes. So, from an overall pricing rate, when you think about the way in which we go to market, if I just broadly talk about the 2 ways. One is under power purchase agreements. The other is when we're actually just selling the platform. In both of those cases, we look at the real cost that we have when we deploy those assets and we incorporate that into our pricing decisions.

是的。所以，從整體定價率來看，當你考慮我們進入市場的方式時，如果我只是廣泛地談論這兩種方式。一個是根據購電協議。另一個是當我們實際上只是在銷售平台時。在這兩種情況下，我們都會查看部署這些資產時的實際成本，並將其納入我們的定價決策中。

I think some of the things that will help us deal with that and help customers deal with that is as we take advantage of things like the IRA, we take advantage of the existing ITC, that allows for some offsetting costs, which helps us continue to remain competitive relative to other alternatives.

我認為一些可以幫助我們解決這個問題並幫助客戶解決這個問題的事情是，當我們利用 IRA 之類的東西時，我們利用現有的 ITC，這允許一些抵消成本，這有助於我們繼續相對於其他替代品保持競爭力。

Noel, the other thing that I would add to Jason's remarks is that while we continue to thoughtfully deploy capital and increase our capacity and expand our capacity, we're squarely focused on continuous improvement and operational efficiencies. So, as we continue to grow, as we continue to expand, things like reduction and elimination of our bottlenecks, improvement of our yields, overall, process efficiencies is really a key area of focus for our business, and we expect to continue to see reduction in costs as we continue to grow and scale up capacity.

諾埃爾，我要補充到傑森的話中的另一件事是，雖然我們繼續深思熟慮地部署資本並增加我們的能力並擴大我們的能力，但我們正視持續改進和運營效率。因此，隨著我們的不斷發展，隨著我們的不斷擴張，諸如減少和消除瓶頸、提高產量等事情，總的來說，流程效率確實是我們業務的重點關注領域，我們希望繼續看到隨著我們繼續發展和擴大產能，降低成本。

And I just want to ask about the Exxon JDA and the R&D budget increase. And I'm just curious, the $10 million increase, is that related just to sort of the ongoing duration of the project? Or I was wondering if it was earmarked for anything in particular personnel, accelerating timing equipment?

我只想問一下埃克森 JDA 和研發預算的增加。我很好奇，增加 1000 萬美元，是否僅與項目的持續時間有關？或者我想知道它是否專門用於特定人員，加速計時設備？

Noel, this is Mike. So the $10 million is related to the extension of time on the contract. That contract will run through the summer. So that was essentially the reason for that change.

諾埃爾，這是邁克。因此，這 1000 萬美元與延長合同時間有關。該合同將持續到整個夏天。所以這基本上就是這種變化的原因。

And that does conclude today's question-and-answer session. I'll now turn the call back over to Jason Few for any additional or closing remarks.

這確實結束了今天的問答環節。我現在將把電話轉回給 Jason Few，以徵求任何補充意見或結束意見。

David, thank you very much for that. And I want to thank everyone for joining us today. We will continue to execute on our Powerhouse business strategy, working to deliver growth and optimize returns. The FuelCell Energy team is excited about the momentum we are building as we deliver on our purpose of enabling the world empowered by clean energy, and we look forward to updating you again next quarter. Thank you for joining, and have a great day.

大衛，非常感謝你。我要感謝大家今天加入我們。我們將繼續執行我們的 Powerhouse 業務戰略，努力實現增長並優化回報。 FuelCell Energy 團隊對我們正在建立的勢頭感到興奮，因為我們正在實現我們的目標，讓世界獲得清潔能源的支持，我們期待著下個季度再次為您更新。感謝您的加入，祝您有美好的一天。

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。