燃料電池能源 (FCEL) 2024 Q1 法說會逐字稿

Good morning.

早安.

FuelCell Energy released our financial results for the first quarter of 2024.

FuelCell Energy 發布了 2024 年第一季的財務業績。

And our earnings press release and our quarterly report on Form 10-Q are available in the investor section of our website at www.fuelcellenergy.com. Consistent with our practice, in addition to this call in our earnings press release, we have posted a slide presentation on our website.

我們的收益新聞稿和 10-Q 表格季度報告可在我們網站 www.fuelcellenergy.com 的投資者部分取得。根據我們的慣例，除了我們的收益新聞稿中的這次電話會議之外，我們還在我們的網站上發布了幻燈片演示。

This webcast is being recorded and will be available for replay on our website approximately two hours after we conclude the call.

該網路廣播正在錄製中，並將在我們結束通話後大約兩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 will be provided with today will consist of forward-looking statements within the meaning of the Securities Exchange Act of 1934.

在我們開始之前，請注意，您今天將聽到或提供的一些資訊將包含 1934 年《證券交易法》含義內的前瞻性陳述。

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 FuelCell technology, and our business plans and strategies.

此類聲明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業績、我們的計劃以及對我們的燃料電池技術和業務的持續開發、商業化和融資的期望的聲明計劃和策略。

Our actual future results may differ materially from those described in or implied by such forward-looking statements because of a number of risks and uncertainties.

由於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所描述或暗示的結果有重大差異。

More information regarding such risks and uncertainties is available in the Safe Harbor statement in the slide presentation and in our filings with the Securities and Exchange Commission, particularly the risk factor section of our most recently filed annual report on Form 10-K and any subsequently filed quarter reports on Form 10-Q.

有關此類風險和不確定性的更多信息，請參閱幻燈片演示中的安全港聲明以及我們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 表格年度報告以及隨後提交的任何報告中的風險因素部分。表 10-Q 上的季度報告。

During the course of this call, we will be discussing certain non-GAAP financial measures, and we 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.

在本次電話會議期間，我們將討論某些非 GAAP 財務指標，我們建議您造訪我們的網站、我們的收益新聞稿以及投影片簡報的附錄，以了解這些指標與 GAAP 財務指標的協調情況。

Our earnings press release and a copy of today's webcast presentation are available on our website under Investors.

我們的收益新聞稿和今天的網路廣播簡報的副本可在我們的網站「投資者」下找到。

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 and Treasurer.

FuelCell Energy 總裁兼執行長 Jason Few 也參加了今天的電話會議。以及我們的執行副總裁、財務長兼財務主管 Mike Bishop。

Following our prepared remarks, we will be available to take your questions and be joined by other members of the leadership team.

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.

現在我將把電話轉交給傑森致開幕詞。

Jason?

傑森？

Thank you, Tom, and good morning, everyone.

謝謝你，湯姆，大家早安。

Thank you for joining us on our call today.

感謝您今天參加我們的電話會議。

Since we last reported in December, we have continued to make progress toward the accelerated implementation of our powerhouse business strategy.

自 12 月上次報告以來，我們在加速實施強大業務策略方面不斷取得進展。

For the first quarter of fiscal 2024, revenues were lower than in the comparable prior year quarter.

2024 財年第一季的營收低於去年同期。

However, this was in line with our expectations due to a one-time revenue benefit from the expiration of a material right related to an extended warranty obligation and higher service revenues from required module replacements during the comparable prior year quarter.

然而，這符合我們的預期，因為與延長保固義務相關的材料權利到期帶來了一次性收入收益，並且在去年同期可比期間，所需模組更換帶來了更高的服務收入。

Today, we will provide additional detail on our results for the quarter as well as looking ahead.

今天，我們將提供有關本季業績以及未來展望的更多詳細資訊。

Before diving into the business results, I believe it is important to give an overview of FuelCell Energy for anyone new to our story.

在深入探討業務成果之前，我認為有必要為剛接觸我們故事的任何人概述一下燃料電池能源。

As shown on slide 3, we've been in operations for over 50 years, and we are a leader in developing stationary fuel cell platforms.

如投影片 3 所示，我們已營運 50 多年，是開發固定式燃料電池平台的領導者。

Our purpose as a company is to enable the world empowered by clean energy.

作為一家公司，我們的目標是讓世界擁有清潔能源。

Today, the world is in the early stages of a global energy transition to a low-carbon future.

如今，世界正處於全球能源向低碳未來轉型的早期階段。

We believe FuelCell Energy is well positioned, as an energy delivery and emissions management company to be part of the solution by supporting customers on a safe, secure and practical path to net carbon zero.

我們相信，FuelCell Energy 作為一家能源輸送和排放管理公司，處於有利地位，可以透過支持客戶走上安全、可靠和實用的淨碳零之路，成為解決方案的一部分。

This important purpose is what drives our passion for this work and guides our strategic focus.

這個重要目標激發了我們對這項工作的熱情並指導我們的策略重點。

We have 188 modules in commercial operations in North America, Asia and Europe.

我們在北美、亞洲和歐洲擁有 188 個商業營運模組。

And we are focused on entering additional markets around the world.

我們專注於進入世界各地的其他市場。

Our proven Carbonate Technology has met customers' needs, for over 20 years and has generated more than 15 million megawatt hours to-date.

20 多年來，我們經過驗證的碳酸鹽技術一直滿足客戶的需求，迄今為止發電量已超過 1500 萬兆瓦時。

Our recently commercialized solid oxide technology platform extends the solutions we can provide our customers, including Electrolysis and power generation using zero-emission hydrogen fuel, as the only feedstock.

我們最近商業化的固體氧化物技術平台擴展了我們可以為客戶提供的解決方案，包括使用零排放氫燃料作為唯一原料的電解和發電。

We believe that our Molten-Carbonate and Solid Oxide platforms, position us to meet evolving customer needs across distributed power generation, distributed hydrogen, electrolysis and hydrogen energy storage and Direct Flue sourced carbon capture.

我們相信，我們的熔融碳酸鹽和固體氧化物平台使我們能夠滿足分散式發電、分佈式氫、電解和氫能儲存以及直接煙道來源碳捕獲方面不斷變化的客戶需求。

FuelCell Energy provides technological solutions for and collaborates with, some of the world's largest global companies, including our work with ExxonMobil to jointly develop carbon capital solutions, Toyota for distributed hydrogen with our Tri-gen facility at the Port of Long Beach, Pfizer to enhance power reliability by building a microgrid and leveraging our thermal energy to provide steam.

FuelCell Energy 為一些世界上最大的跨國公司提供技術解決方案並與之合作，包括我們與埃克森美孚合作共同開發碳資本解決方案，與豐田合作，與我們位於長灘港的Tri-gen 工廠合作開發分佈式氫，與輝瑞合作，以增強透過建立微電網並利用我們的熱能提供蒸汽來實現電力可靠性。

Canadian Nuclear Laboratories, or CNL in Canada, to explore the viability of pairing our electrolyzer with nuclear energy and IBM through a collaboration to use AI to find breakthrough ways to alter chemistry to extend the life of our electrochemical Fuel Cells.

加拿大核能實驗室（加拿大的 CNL）將與 IBM 合作，探索將我們的電解槽與核能配對的可行性，利用人工智慧尋找突破性的方法來改變化學反應，從而延長電化學燃料電池的使用壽命。

We are proud to be a global leader in electrochemical technology, simply stated, our Proprietary Fuel Cell Technology platforms do two things: decarbonized power and industry and produce hydrogen.

我們很自豪能夠成為電化學技術的全球領導者，簡單地說，我們的專有燃料電池技術平台有兩件事：脫碳電力和工業並生產氫氣。

Next, let's turn to key highlights for the quarter shown on slide 4.

接下來，我們來看看投影片 4 中顯示的季度的主要亮點。

First, we continue to make operational progress in key projects.

一是重點項目持續推進。

We announced that both our Derby, Connecticut based projects were placed in service, during our first quarter of fiscal 2024, bringing our on-balance sheet generation operating portfolio to 62.8 megawatts from 43.7 megawatts at the end of fiscal 2023.

我們宣布，位於康乃狄克州德比的兩個項目均於 2024 財年第一季投入使用，使我們的表內發電營運組合從 2023 財年末的 43.7 兆瓦增至 62.8 兆瓦。

Our fuel cell parks in Derby are generating competitively priced renewable energy for thousands of area residents and are helping the state of Connecticut close its power generation gap.

我們位於德比的燃料電池園區正在為數千名地區居民生產價格具有競爭力的再生能源，並幫助康乃狄克州縮小發電缺口。

We also continue to make significant progress building out our solid oxide manufacturing capabilities, through capacity expansion of our facility in Calgary.

透過卡加利工廠的產能擴張，我們也持續在固體氧化物製造能力建設方面取得重大進展。

We are working to position ourselves as High Efficiency Solution providers, in the hydrogen marketplace.

我們正在努力將自己定位為氫市場上的高效解決方案提供者。

Additionally, we continue to monitor and make adjustments to our production rate, at our Torrington facility to reduce cost and our carbonate inventory position, gives us the flexibility to meet current and forecasted demand.

此外，我們繼續監控和調整託林頓工廠的生產率，以降低成本，而我們的碳酸鹽庫存狀況使我們能夠靈活地滿足當前和預測的需求。

As we look ahead, to fiscal 2024 and 2025, we remain focused on advancing new technologies for pilot and commercial applications.

展望未來，到 2024 財年和 2025 財年，我們仍專注於推動新技術的試點和商業應用。

We have the technology and flexibility across our product and service offerings to allow us to participate in the global energy transition in a number of different ways.

我們在產品和服務方面擁有技術和靈活性，使我們能夠以多種不同的方式參與全球能源轉型。

We are pleased to announce that we have entered into an agreement with the US Department of State to participate in a private public project that will use FuelCell Energy's solid oxide electrolysis technology in Ukraine.

我們很高興地宣布，我們已與美國國務院達成協議，參與一個私人公共項目，該項目將在烏克蘭使用 FuelCell Energy 的固體氧化物電解技術。

This project is focused on demonstrating the benefits of an efficient carbon-free decentralized platform that can generate power and support food security through the production of hydrogen and ammonia.

該計畫的重點是展示高效無碳分散平台的優勢，該平台可以透過生產氫氣和氨來發電並支持糧食安全。

Additionally, we recently entered into a power purchase agreement with the University of Connecticut, or UConn, to install four 250 kilowatt solid oxide fuel cell units.

此外，我們最近與康乃狄克大學 (UConn) 簽訂了一項電力購買協議，安裝四個 250 千瓦的固體氧化物燃料電池單元。

Power from these solid oxide fuel cell units will be used by UConn's new innovation partnership building.

這些固態氧化物燃料電池單元的電力將用於康乃狄克大學新的創新合作夥伴大樓。

Any unused power will be exported to the Eversource grid under the fuel cell net metering tariff.

任何未使用的電力將依照燃料電池淨計量電價匯出至 Eversource 電網。

We believe that this project will be an excellent example of the ability of our solid oxide FuelCell platform to answer the need for on-site resilient distributed power that will assist UConn in achieving its environmental goals and provide heat reducing their heating costs.

我們相信，該專案將成為我們的固體氧化物燃料電池平台能夠滿足現場彈性分散式電源需求的一個很好的例子，這將有助於康乃狄克大學實現其環境目標並提供熱量，從而降低其供暖成本。

Next, we are taking proactive steps to maintain the strength of our balance sheet.

接下來，我們將採取積極措施來維持資產負債表的實力。

We follow a disciplined approach to managing our capital investment by establishing investment triggers linked to key milestones.

我們遵循嚴格的方法來管理我們的資本投資，建立與關鍵里程碑相關的投資觸發點。

We will continue to work toward increasing revenue and investable cash flow, while taking prudent steps to raise capital and preserve the liquidity required to operate our business.

我們將繼續努力增加收入和可投資現金流，同時採取審慎措施籌集資金並維持業務營運所需的流動性。

Fourth, we are focused on accelerating our global sales closure pace, contract execution and repowering service efforts in Korea.

第四，我們專注於加快全球銷售關閉速度、合約執行和重新啟動韓國的服務工作。

We have made progress expanding our reach in Korea.

我們在擴大在韓國的影響力方面取得了進展。

For example, we completed repowering for our new customer, Noeul Green Energy Company Limited in fiscal year 2023, and we see a significant opportunity to enter into other long-term service agreements in Korea.

例如，我們在 2023 財年為新客戶 Noeul Green Energy Company Limited 完成了重新供電，我們看到了在韓國簽訂其他長期服務協議的重大機會。

We believe that our work with Noeul Green Energy can serve as a model for transitioning similar projects.

我們相信，我們與 Noeul Green Energy 的合作可以作為類似專案轉型的典範。

Additionally, applications like electrolysis, time to power and CO2 as a delivered product are gaining momentum among a broader set of potential customers and geographies.

此外，電解、供電時間和二氧化碳作為交付產品等應用在更廣泛的潛在客戶和地區中獲得了發展動力。

Finally, we are opportunistically evaluating potential options to benefit from global policy tailwinds.

最後，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。

We believe that the domestic policies that have been enacted are stable, that the proposed global policies have strong support and that we are well positioned to capitalize on the evolving energy landscape.

我們相信，已經頒布的國內政策是穩定的，擬議的全球政策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。

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

現在我將把電話轉給麥克，更詳細地討論第一季的財務表現。

Mike?

麥克風？

Thank you, Jason, and good morning to everyone on the call today.

謝謝傑森，今天與會的所有人早安。

Let's begin by reviewing the financial highlights for the quarter as shown on slide 6.

讓我們先回顧一下幻燈片 6 所示的本季度的財務亮點。

For the first quarter of fiscal year 2024, we reported total revenues of $16.7 million in line with our expectations.

2024 財年第一季度，我們報告的總收入為 1,670 萬美元，符合我們的預期。

Revenues in the prior-year quarter totaled $37.1 million, which included a one-time benefit related to the expiration of a material right from an extended warranty obligation and higher service revenues from required module replacements.

去年同期的收入總計 3,710 萬美元，其中包括與延長保固義務的材料權利到期相關的一次性福利以及所需模組更換帶來的更高服務收入。

I will provide more details regarding service a bit later in my remarks.

我將在稍後的發言中提供有關服務的更多詳細資訊。

In the first quarter of fiscal year 2024, we reported a net loss of $44.4 million compared to a net loss of $21.1 million in the first quarter of fiscal year 2023.

2024 財年第一季，我們的淨虧損為 4,440 萬美元，而 2023 財年第一季的淨虧損為 2,110 萬美元。

The resulting net loss per share attributable to common stockholders in the first quarter of fiscal year 2024 was negative $0.05, unchanged from the first quarter of fiscal year 2023.

由此產生的 2024 財年第一季歸屬於普通股股東的每股淨虧損為負 0.05 美元，與 2023 財年第一季持平。

The net loss per common share remained steady, rather than increasing, primarily due to the higher number of weighted average shares outstanding as of January 31, 2024, due to share issuances and the net loss attributable to noncontrolling interest during the quarter ended January 31, 2024, which totaled $24.6 million and was primarily due to the tax equity financing of the Derby, Connecticut projects.

每股普通股淨虧損保持穩定，而不是增加，主要是由於截至 2024 年 1 月 31 日，發行在外的加權平均股數量增加，以及截至 1 月 31 日的季度非控股權益產生的淨虧損， 2024年，總額為2460 萬美元，主要是由於康乃狄克州德比計畫的稅收股權融資。

The impact of this net loss attributable to noncontrolling interest was approximately $0.05 per share compared to the net loss attributable to noncontrolling interest in the prior year period, which was approximately $2.5 million or $0.01 per share.

非控制權益造成的淨虧損約為每股 0.05 美元，而去年同期非控制權益造成的淨虧損約為 250 萬美元或每股 0.01 美元。

Adjusted EBITDA totaled negative $29.1 million in the first quarter of fiscal year 2024 compared to adjusted EBITDA of negative $14.4 million in the first quarter of fiscal year 2023.

2024 財年第一季調整後 EBITDA 總額為負 2,910 萬美元，而 2023 財年第一季調整後 EBITDA 為負 1,440 萬美元。

Please see the discussion of non-GAAP financial measures, including adjusted EBITDA in the appendix at the end of our earnings release.

請參閱我們收益發布末尾附錄中對非公認會計準則財務指標的討論，包括調整後的 EBITDA。

Finally, the company has a strong total cash position at over $348 million as of January 31, 2024.

最後，截至 2024 年 1 月 31 日，該公司擁有超過 3.48 億美元的強勁現金總額。

Next, on slide 7, you will see additional details on our financial performance and backlog.

接下來，在投影片 7 上，您將看到有關我們財務表現和積壓訂單的更多詳細資訊。

In the graph on the left-hand side of the slide, revenue is broken down by category.

在投影片左側的圖表中，收入按類別細分。

Note that there is no product revenue for the three months ended January 31, 2024, compared to $9.1 million in the comparable prior year period.

請注意，截至 2024 年 1 月 31 日的三個月沒有產品收入，而去年同期為 910 萬美元。

Our December 2021 settlement agreement with POSCO Energy Co. Ltd. and its subsidiary Korea Fuel Cell Co. Ltd., or KFC, included an option to purchase an additional 14 modules.

我們與 POSCO Energy Co. Ltd. 及其子公司韓國燃料電池有限公司（Korea Fuel Cell Co. Ltd.，簡稱 KFC）於 2021 年 12 月達成的和解協議包括購買額外 14 個模組的選項。

That option included a material right related to extended warranty obligation for the modules.

此選項包括與模組的延長保固義務相關的實質權利。

The option was not exercised.

該選擇權未被行使。

And as a result, we recognized $9.1 million of product revenues during the first quarter of fiscal year 2023.

因此，我們在 2023 財年第一季確認了 910 萬美元的產品收入。

Service agreement revenues decreased to $1.6 million for the first quarter of fiscal year 2024 from $13.9 million in the prior year period.

2024 財年第一季的服務協議收入從去年同期的 1,390 萬美元減少至 160 萬美元。

There were no module exchanges during the quarter, whereas the first quarter of fiscal year 2023 included module exchanges at the plant in Woodbridge, Connecticut and at the plants owned by Korea Southern Power Company.

本季沒有進行組件更換，而 2023 財年第一季包括康乃狄克州伍德布里奇工廠和韓國南方電力公司旗下工廠的組件更換。

Generation revenues increased 10% to $10.5 million from $9.6 million, primarily due to revenue recorded for the Toyota and Derby projects, which began generating revenues in the first quarter of this fiscal year.

發電收入從 960 萬美元增加到 1,050 萬美元，增長了 10%，這主要是由於豐田和德比項目記錄的收入，這些項目於本財年第一季開始產生收入。

Please note that the Derby projects were placed in operation late in the quarter.

請注意，德比項目已於本季末投入營運。

Accordingly, we expect to see a full quarter of contribution from those projects in our second quarter results.

因此，我們預計在第二季的業績中將看到這些項目的整個季度的貢獻。

Advanced Technology contract revenues increased slightly to $4.6 million from $4.5 million.

先進技術合約收入從 450 萬美元小幅增長至 460 萬美元。

Compared to the first quarter of fiscal year 2023 Advanced Technology contract revenues recognized under our joint development agreement with ExxonMobil Technology and Engineering Company were approximately $0.1 million higher and revenue recognized under government and other contracts was approximately $0.1 million lower.

與2023 財年第一季相比，根據我們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約收入增加了約10 萬美元，根據政府和其他合約確認的收入減少了約10萬美元。

Looking at the top right-hand side of the slide, I will walk through the changes in gross loss, profit and operating expenses.

查看投影片的右上角，我將介紹總虧損、利潤和營運費用的變化。

Gross loss for the first quarter of fiscal year 2024 totaled $11.7 million compared to a gross profit of $5.2 million in the comparable prior year quarter.

2024 財年第一季的毛虧損總計 1,170 萬美元，而去年同期的毛利為 520 萬美元。

The gross loss in this first quarter of fiscal 2024 is a result of unfavorable margins for generation, which included expense construction and gas costs related to the Toyota project of $3.5 million, and a derivative loss of $1.9 million related to natural gas purchases during the period.

2024 財年第一季的總虧損是由於發電利潤率不利造成的，其中包括與豐田項目相關的 350 萬美元的建設費用和天然氣成本，以及與該期間天然氣採購相關的 190 萬美元的衍生性商品損失。

The gross profit in the prior year period is a direct result of favorable product margins as revenue recognized had no corresponding costs, along with lower manufacturing variances.

上一年期間的毛利是有利的產品利潤率的直接結果，因為確認的收入沒有相應的成本，以及較低的製造差異。

In the first quarter of fiscal year 2023, the company also realized higher service margins due to new module exchanges occurring in the quarter, offset by lower generation margins due to $7.6 million of non-recoverable costs related to construction of the Toyota project.

在2023 財年第一季度，由於本季度發生的新模組更換，該公司還實現了更高的服務利潤率，但由於與豐田項目建設相關的760 萬美元的不可收回成本導致發電利潤率下降，從而抵消了這一影響。

Operating expenses for the first quarter of fiscal 2024 increased to $30.8 million from $27.7 million in the first quarter of fiscal 2023.

2024 財年第一季的營運支出從 2023 財年第一季的 2,770 萬美元增至 3,080 萬美元。

Research and development expenses increased to $14.4 million during the first quarter of fiscal year 2024 compared to $12.7 million in the prior year period.

2024 財年第一季的研發費用增至 1,440 萬美元，而去年同期為 1,270 萬美元。

The increase in research and development expenses reflects an increase in spending, including spending on labor and materials on the company's ongoing commercial development efforts related to our solid oxide power generation and electrolysis platforms and carbon separation and carbon recovery solutions compared to the comparable prior year period.

研發費用的增加反映了支出的增加，包括與去年同期相比，公司與固體氧化物發電和電解平台以及碳分離和碳回收解決方案相關的持續商業開發工作的勞動力和材料支出的增加。

On the bottom right of the slide, you will see that backlog decreased to $1.03 billion as of January 31, 2024, compared to $1.06 billion as of January 31, 2023, primarily as a result of revenue recognition under generation, service and advanced technologies agreements.

在投影片的右下角，您將看到截至2024 年1 月31 日，積壓工作已減少至10.3 億美元，而截至2023 年1 月31 日為10.6 億美元，這主要是由於發電、服務和先進技術協議下的收入確認所致。

This decline in backlog was partially offset by new service agreements backlog as a result of the agreement with Noeul Green Energy Company Limited entered into during fiscal year 2023 and new advanced technologies backlog as a result of the purchase order received from Esso Netherland B.V. in January 2024.

積壓量的下降被 2023 財年與 Noeul Green Energy Company Limited 簽訂的協議所導致的新服務協議積壓以及 2024 年 1 月從 Esso Netherland B.V. 收到的採購訂單所產生的新先進技術積壓所部分抵消。 。

Turning to slide 8.

轉到投影片 8。

This is a view of our generation portfolio.

這是我們這一代產品組合的一個視圖。

We are very pleased to have added three new generation assets, enhancing our recurring revenue profile.

我們很高興增加了三項新一代資產，增強了我們的經常性收入狀況。

With the addition of the Toyota project and the two new projects in Derby, Connecticut as of January 31, 2024, the generation portfolio totaled 62.8 megawatts of assets.

截至 2024 年 1 月 31 日，加上豐田項目和康乃狄克州德比的兩個新項目，發電組合資產總計 62.8 兆瓦。

It's important to note that as the Derby projects were placed in service, we were able to execute long-term tax equity financings, allowing us to recycle capital back into the business.

值得注意的是，隨著德比計畫投入使用，我們能夠執行長期稅收股權融資，使我們能夠將資本回收回業務中。

On slide 9, we have provided a profile of our service fleet, including estimated modular replacement schedules for each site.

在投影片 9 上，我們提供了我們的服務車隊的概況，包括每個站點的估計模組化更換時間表。

These are customer-owned assets, which are separate from the company's generation portfolio.

這些是客戶擁有的資產，獨立於公司的發電組合。

Looking at historical data, you can see that the company has completed a multiyear fleet upgrade having replaced approximately 30 megawatts of modules over the past three years.

查看歷史數據，您可以看到該公司已完成多年的機隊升級，在過去三年中更換了約 30 兆瓦的組件。

This does not include module replacements under the new Noeul Green Energy Service Agreement, which were provided by KFC.

這不包括肯德基提供的新Noeul綠色能源服務協議下的模組更換。

These investments are expected to result in enhanced performance, lower future maintenance costs and improved margins over the life of the modules.

這些投資預計將提高效能、降低未來維護成本並提高模組使用壽命內的利潤。

We are now entering a lighter module replacement cycle since we have installed longer-life modules across the platform base.

由於我們在整個平台基礎上安裝了壽命更長的模組，因此我們現在正在進入更輕的模組更換週期。

We currently do not expect any megawatt class module exchanges to occur until the fourth quarter of fiscal year 2024.

目前，我們預計在 2024 財年第四季之前不會發生任何兆瓦級組件更換。

And as a result, we expect lower service revenues in fiscal 2024 compared to fiscal 2023.

因此，我們預計 2024 財年的服務收入將低於 2023 財年。

But as noted last quarter, we believe that we have additional potential service opportunities in Korea to transition customers to new repowering agreements, similar to the contract that we executed with Noeul Green Energy, adding to our long-term service revenue opportunity.

但正如上季度所指出的，我們相信我們在韓國有更多潛在的服務機會，可以幫助客戶過渡到新的重新供電協議，類似於我們與Noeul Green Energy 簽署的合同，從而增加我們的長期服務收入機會。

Finally, on slide 10, we provide an update on our liquidity and ongoing investments in project assets.

最後，在投影片 10 中，我們提供了有關我們的流動性和專案資產持續投資的最新資訊。

Cash and cash equivalents and restricted cash and cash equivalents totaled $348.8 million as of January 31, 2024.

截至 2024 年 1 月 31 日，現金和現金等價物以及限制性現金和現金等價物總計 3.488 億美元。

This includes approximately $297.5 million of unrestricted cash and cash equivalents, represented by the darker blue bar on the chart in the center of the slide and $51.3 million of restricted cash and cash equivalents represented by the purple bar.

其中包括約 2.975 億美元的非限制性現金和現金等價物（由幻燈片中心圖表中的深藍色條代表）和 5,130 萬美元的限制性現金和現金等價物（由紫色條代表）。

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.

看投影片的右側，有一張圖表說明了我們的專案總資產，這些資產構成了我們公司擁有的發電投資組合。

Investments reflect capital spent on completed operating projects as well as capital spent on projects currently in development and under construction.

投資反映了已完成營運項目的資本支出以及當前開發和在建項目的資本支出。

As of January 31, 2024, our gross project assets totaled approximately $308.9 million, which excludes accumulated depreciation.

截至 2024 年 1 月 31 日，我們的專案總資產總計約為 3.089 億美元，其中不包括累計折舊。

We are pleased with the project financing activity in the quarter and have taken and will continue to take proactive steps to maintain the balance sheet strength required to support our growth initiatives.

我們對本季的專案融資活動感到滿意，並已採取並將繼續採取積極措施，以維持支持我們的成長計劃所需的資產負債表實力。

As an example, given the company's current carbonate inventory position, we have continued to monitor and make adjustments to our production rate to meet current and expected demand from our Torrington facility.

例如，考慮到公司目前的碳酸鹽庫存狀況，我們繼續監控並調整我們的生產率，以滿足託林頓工廠當前和預期的需求。

The company continues to prudently invest in its commercialization strategy, which we expect to enable growth in future periods.

該公司繼續謹慎投資其商業化策略，我們預計該策略將在未來實現成長。

I will now turn the call back to Jason.

我現在將把電話轉回給傑森。

Thanks, Mike.

謝謝，麥克。

Turning to slide 12, I would like to reemphasize again the pillars of our powerhouse business strategy, which underpins our approach toward achieving long-term growth.

轉向投影片 12，我想再次強調我們強大的業務策略的支柱，它支撐著我們實現長期成長的方法。

The first tenet is growth.

第一個原則是成長。

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

我們正在努力優化我們的業務，以實現我們的平台技術所解決的清潔能源應用巨大機會的市場成長。

The second is scale.

二是規模。

We plan to scale our existing platforms by investing in and extending the application solutions our platforms address and growing the capabilities of our entire team across the organization.

我們計劃透過投資和擴展我們平台所解決的應用程式解決方案以及增強整個組織整個團隊的能力來擴展我們現有的平台。

And third, innovate for the future.

第三，面向未來創新。

We believe our platform technologies and our culture will allow us to continue building our significant global patent portfolio, further enabling our participation in the growth of the hydrogen economy and carbon capture emissions management, utilization and storage.

我們相信，我們的平台技術和文化將使我們能夠繼續建立重要的全球專利組合，進一步使我們參與氫經濟和碳捕獲排放管理、利用和儲存的成長。

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.

我們計劃透過提供一系列以支援脫碳應用和全球能源轉型的多功能平台為基礎的解決方案和服務來開發多元化的收入來源。

Accordingly, on slide 13, I'd like to share some additional details on the recent commercial successes for our solid oxide platform.

因此，在投影片 13 上，我想分享一些有關我們的固體氧化物平台最近取得的商業成功的更多細節。

As I mentioned earlier, we recently announced an agreement with the US Department of State to participate in a private public project that will use FuelCell Energy, solid oxide electrolysis technology with small modular nuclear reactors in the Ukraine.

正如我之前提到的，我們最近宣布與美國國務院達成協議，參與一個私人公共項目，該項目將在烏克蘭使用燃料電池能源、固態氧化物電解技術和小型模組化核反應器。

FuelCell Energy's 1.1 megawatt solid oxide electrolysis unit, which was selected for this project is expected to produce 600 kilograms per day of hydrogen, to support approximately 3 tons per day of ammonia production.

FuelCell Energy 的 1.1 兆瓦固體氧化物電解裝置被選用於該項目，預計每天可生產 600 公斤氫氣，以支持每天約 3 噸氨的生產。

Additionally, we are conducting a design and cost study for a plant that would be capable of making 3,000 tons per day of ammonia.

此外，我們正在對一座日產 3,000 噸氨的工廠進行設計和成本研究。

We are excited about this important opportunity to deploy our solid oxide electrolysis platform, integrated with NuScale small modular reactor to support energy security and agriculture in Ukraine.

我們很高興有這個重要機會來部署我們的固體氧化物電解平台，該平台與 NuScale 小型模組化反應器集成，以支援烏克蘭的能源安全和農業。

Additionally, as I mentioned earlier, we recently entered into an eight-year power purchase agreement with UConn to install four 250 kilowatt solid oxide fuel cell units.

此外，正如我之前提到的，我們最近與康乃狄克大學簽訂了一項為期八年的購電協議，安裝四個 250 千瓦的固態氧化物燃料電池機組。

UConn will provide all utilities, including low-carbon natural gas fuel and our platforms will power the innovation partnership building the university's new on-campus center for cutting-edge research and industry collaboration and innovation.

康乃狄克大學將提供所有公用事業，包括低碳天然氣燃料，我們的平台將為創新合作夥伴關係提供動力，建造大學新的校園尖端研究和產業合作與創新中心。

We believe that these planned commercial applications will highlight the specific advantages of FuelCell Energy solid oxide fuel cell and solid oxide electrolyzer cell technologies.

我們相信，這些計畫的商業應用將凸顯 FuelCell Energy 固態氧化物燃料電池和固態氧化物電解槽電池技術的具體優勢。

Our technologies offer fuel flexibility, efficiency, reliability and a small footprint for easy colocation.

我們的技術提供燃料靈活性、效率、可靠性和占地面積小，易於託管。

We believe solid oxide presents one of the best opportunities to minimize overall cost while maximizing efficiency and that our platform can give more organizations the option to implement a flexible energy strategy, because most of the cost of hydrogen produced by electrolysis are related to the cost of input power, efficiency is one of the most effective ways to lower zero emission hydrogen cost.

我們相信，固體氧化物是最小化整體成本同時最大化效率的最佳機會之一，並且我們的平台可以為更多組織提供實施靈活能源策略的選擇，因為電解生產氫氣的大部分成本與電解成本相關。輸入功率、效率是降低零排放氫氣成本的最有效途徑之一。

And we believe FuelCell Energy solid oxide platform is among the most efficient electrolysis technologies available.

我們相信 FuelCell Energy 固態氧化物平台是現有最高效的電解技術之一。

Finally, I would like to note that we have recently published our fiscal year 2023 sustainability report.

最後，我想指出的是，我們最近發布了 2023 財年永續發展報告。

We have included some highlights on slide 14.

我們在投影片 14 中列出了一些要點。

I want to reaffirm our dedication to achieving net zero, which remains in the forefront of FuelCell Energy's priorities.

我想重申我們致力於實現淨零排放，這仍然是 FuelCell Energy 優先事項的重中之重。

We have reiterated our commitment to achieving net zero on Scope 1 and Scope 2 emissions by 2030 and Scope 3 emissions by 2050.

我們重申了到 2030 年實現範圍 1 和範圍 2 排放淨零以及到 2050 年實現範圍 3 排放淨零的承諾。

We are aligned with the leading standard organizations and the United Nations Climate Action goals that we believe we can impact.

我們與領先的標準組織和我們相信我們能夠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 on the people and the communities in which we work and live and on maintaining a diverse, equitable and inclusive organization.

除了對環境目標的承諾外，我們還注重員工對我們工作和生活的人民和社區的安全，並致力於維持一個多元化、公平和包容的組織。

This commitment is shared across our company and our Board of Directors.

我們公司和董事會都共同致力於這項承諾。

We are a clean technology, energy delivery and emissions management company, but we are also a responsible corporate citizen wholly committed to protecting the environment, attaining net-zero goals, being a diverse, equitable and inclusive company and exercising good governance.

我們是一家清潔技術、能源輸送和排放管理公司，但我們也是一個負責任的企業公民，完全致力於保護環境，實現淨零目標，成為一家多元化、公平和包容的公司，並實行良好的治理。

Environmental sustainability is at the heart of what we do.

環境永續性是我們工作的核心。

Before moving to Q&A, I will conclude my prepared remarks with some takeaways on slide 15.

在進行問答之前，我將在投影片 15 上總結我準備好的發言。

I remain excited about our company's trajectory as our newest innovative technologies are progressing toward commercialization and are expected to have a positive impact on our world in the future.

我對我們公司的發展軌跡仍然感到興奮，因為我們最新的創新技術正在走向商業化，並有望對未來的世界產生積極影響。

We are making continued operational progress, and we are executing on large, complex projects for our customers, including putting three new generation assets in service, which adds to our recurring revenue profile.

我們正在不斷取得營運進展，並且正在為客戶執行大型、複雜的項目，包括將三項新一代資產投入使用，這增加了我們的經常性收入狀況。

We believe our technologies have a critical role to play in transitioning to a low carbon future.

我們相信，我們的技術在向低碳未來轉型的過程中發揮著至關重要的作用。

We are delivering for our customers.

我們正在為我們的客戶提供服務。

We are increasing our manufacturing capacity, and we are preparing for the commercialization of our new technologies and extending the value streams delivered from our existing technology platforms.

我們正在提高我們的製造能力，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。

We believe we are poised to capture market opportunities over the coming years.

我們相信，我們已準備好在未來幾年抓住市場機會。

We have a strong balance sheet and have demonstrated discipline in the allocation of capital to support growth.

我們擁有強大的資產負債表，並在支持成長的資本配置方面表現出嚴格的紀律。

We believe we have appropriate liquidity to continue to fund projects in development and platform commercialization activities and to execute on our growth strategy in our target markets.

我們相信，我們擁有適當的流動性，可以繼續為開發和平台商業化活動中的專案提供資金，並在目標市場執行我們的成長策略。

We have had success in our growth efforts in Korea, where we see tremendous additional opportunity for the future.

我們在韓國的成長努力取得了成功，我們看到了未來巨大的額外機會。

And finally, we see growing momentum behind policy support for the energy transition in the US and internationally, and we believe we have the platform solutions that will enable FuelCell Energy to benefit from these tailwinds.

最後，我們看到美國和國際上對能源轉型的政策支持背後的動力不斷增長，我們相信我們擁有的平台解決方案將使 FuelCell Energy 從這些順風車中受益。

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

我現在將其交給接線員開始問答。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

（操作員說明）George Gianarikas，Canaccord Genuity。

Hey, good morning, everyone, and thank you so much for taking my question.

嘿，大家早上好，非常感謝您回答我的問題。

George, good morning and thank you for calling in.

喬治，早安，感謝您打電話來。

Just maybe first question, can you please just give us an operational update on the Toyota program and whether or not you've seen additional interest from new parties in the process?

也許只是第一個問題，您能否向我們介紹一下豐田計畫的最新營運情況，以及您是否看到新各方對此過程產生了額外的興趣？

Yes, the Toyota project is operational.

是的，豐田計畫已經投入營運。

As we previously reported, it is producing power, hydrogen and water, all being utilized for Toyota in support of their operations at the Toyota logistics center, which is what they operate at the Port of Long Beach.

正如我們之前報導的那樣，它正在生產電力、氫氣和水，所有這些都被豐田用來支持他們在豐田物流中心的運營，這也是他們在長灘港運營的地方。

The hydrogen is supporting the imported Toyota Mirai as well as the jointly developed Class A vehicles that they develop with PACCAR under the Kenworth and Peterbilt brands and then water for the car washing operation, reducing the amount of water that they need to use, which is consistent with their environmental objectives.

氫氣用於支持進口豐田 Mirai 以及與 PACCAR 共同開發的 Kenworth 和 Peterbilt 品牌的 A 級汽車，然後用於洗車作業，減少了他們需要使用的水量，即符合他們的環境目標。

With respect to additional opportunities, we do see additional opportunities for Trigen.

關於額外的機會，我們確實看到了 Trigen 的額外機會。

Domestically, one of the big questions now is really how does 45 play out, and we think that that's having some impact on pacing, but there is strong interest both at a port level as well as the realization around the distributed nature of the platform, and that by it being a distributed platform, there is a number of hurdles that you can avoid in trying to get these hydrogen projects implemented, without needing to get through a lot of the infrastructure challenges that exist in trying to do centralized projects.

在國內，現在最大的問題之一實際上是 45 的表現如何，我們認為這對節奏產生了一些影響，但在端口級別以及圍繞平台的分佈式性質的實現方面都有濃厚的興趣，作為一個分佈式平台，您可以在嘗試實施這些氫氣專案時避免許多障礙，而無需克服嘗試進行集中式專案時存在的許多基礎設施挑戰。

So, we see solid interest in the Trigen platform.

因此，我們看到了人們對 Trigen 平台的濃厚興趣。

And we think once we get through some of this clarification, we expect that to hopefully turn into opportunities for the company.

我們認為，一旦我們完成了一些澄清，我們預計這將有希望轉化為公司的機會。

Any guidance on the level of credits you see based on the changes 45-E for that project per kilogram of production?

根據該專案每公斤產量的 45-E 變化，您看到的積分水平有什麼指導嗎？

No, I mean, we remain optimistic that the ultimate rulemaking from the Treasury department is going to be consistent with the views that we've had on the Toyota project.

不，我的意思是，我們仍然樂觀地認為財政部的最終規則制定將與我們對豐田計畫的看法保持一致。

But of course, we, like many others, we're part of organizations at comminate on the Treasury Department proposed rules.

當然，我們和許多其他人一樣，是參與財政部擬議規則的組織的一部分。

And so we remain optimistic that there won't be a change, but we certainly can't say for certain because we don't know where they're going to land.

因此，我們仍然樂觀地認為不會發生變化，但我們當然不能肯定地說，因為我們不知道它們將在哪裡著陸。

Got it.

知道了。

And just one follow-up.

只有一個後續行動。

Slide 10 show that your projects in development have now basically come to zero.

投影片 10 顯示，您正在開發的專案現在基本上已歸零。

I'm curious as to whether that's a conscious decision on your part to slow the growth of the development of projects and allocate resources in other directions?

我很好奇您是否有意識地決定放慢專案開發的速度並將資源分配到其他方向？

Or should we expect that to grow over time?

或者我們應該期望它會隨著時間的推移而增長？

Thank you.

謝謝。

No, we expect that to continue to grow over time.

不，我們預計這一數字會隨著時間的推移而繼續增長。

I mean, we talked about our Trinity project previously, we just talked about on this call the project with Yukon.

我的意思是，我們之前討論過我們的 Trinity 項目，我們剛剛在這次電話會議上討論了育空地區的項目。

That's not reflected in the backlog numbers yet that you see.

這還沒有反映在您看到的積壓訂單數量中。

But we'll be in our in our next quarter backlog numbers.

但我們將在下個季度的積壓訂單數量中列出。

So yeah, that we intend to continue to grow projects.

所以，是的，我們打算繼續發展項目。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

Manav Gupta, UBS.

馬納夫古普塔，瑞銀集團。

Guy, I just wanted to understand a little bit.

夥計，我只是想了解一點。

We are finally seeing traction on the solid oxide fuel cells as well as electrolyzers.

我們終於看到了固態氧化物燃料電池和電解槽的吸引力。

I think Shell signed up something with one of your peers yesterday.

我認為殼牌昨天與你的一位同行簽署了一些協議。

And I'm just trying to understand, where are you in this process of developing that offering?

我只是想了解，您在開發該產品的過程中處於什麼階段？

And do you actually see more orders come through in the second half of 2024, in 2025 on the electrolyzer front?

您是否真的看到 2024 年下半年、2025 年電解槽方面會有更多訂單？

Hey, Manav, thank you for the question and being on the call today.

嘿，馬納夫，謝謝你今天的提問和接聽電話。

Look, if you think about solid oxide for us, first, starting broadly as a platform.

聽著，如果你為我們考慮固體氧化物，首先，從廣泛的平台開始。

That has clearly opened up new opportunities for us.

這顯然為我們開闢了新的機會。

If you think about some of the things that we've recently announced, if you think the Trinity opportunity we announced if you think the Yukon opportunity we just announced, both of those are -- the Connecticut Yukon opportunity is a megawatt, Trinity is smaller at 250 kilowatts.

如果你想想我們最近宣布的一些事情，如果你認為我們宣布的Trinity 機會，如果你認為我們剛剛宣布的育空地區機會，這兩個都是——康涅狄格州育空地區的機會是兆瓦， Trinity 較小250千瓦。

Those are two opportunities that, at least in the US context, we would not have been able to participate in before because our module started at 1.4 megawatts.

至少在美國，這是我們以前無法參與的兩個機會，因為我們的組件起價為 1.4 兆瓦。

So, we see a wider aperture of opportunities being created as a result of having now commercialized our solid oxide platform.

因此，我們看到由於我們的固體氧化物平台現已商業化而創造了更廣泛的機會。

So, we're very excited about that opportunity because there's many more segments and opportunities we can pursue, and we think that time to power and particularly for behind-the-meter applications, that opportunity from a sub-megawatt perspective, we think, is fairly significant.

因此，我們對這個機會感到非常興奮，因為我們可以追求更多的細分市場和機會，我們認為，從亞兆瓦的角度來看，這個機會，特別是對於電錶後面的應用來說，我們認為，是相當重要的。

On the electrolysis side, we think that solid oxide is the platform that ultimately over time will be the winner in the market because of the efficiency advantage.

在電解方面，我們認為固體氧化物是一個平台，隨著時間的推移，由於效率優勢，最終將成為市場的贏家。

And if you look at some of the demonstrations that we've announced, for example, what we talked about today with CNL in Canada, pairing our technology with nuclear, the Ukraine announcement.

如果你看一下我們已經宣布的一些示威活動，例如，我們今天在加拿大與 CNL 討論的，將我們的技術與核能結合起來，以及烏克蘭的聲明。

When you think about the fact that those are baseload technologies that we're integrating our high-efficiency platform without we're 90-plus percent efficient and with heat, which we don't need a source of heat, but if we had a source of waste heater processed, we're at 100% electrical efficiency.

當你想到這些是基本負載技術這一事實時，我們正在整合我們的高效平台，而我們的效率沒有超過 90%，並且帶有熱量，我們不需要熱源，但如果我們有一個處理廢加熱器的來源後，我們的電力效率為100%。

If the aim is to produce hydrogen, clearly solid oxide is going to be the winner from an efficiency standpoint.

如果目標是生產氫氣，從效率的角度來看，顯然固體氧化物將成為贏家。

If you just assume that power being the biggest cost when you get to scale across the different platform technologies, if you think about -- if you just use $0.10 as a measuring stick, if you will, the cost of input power, that's anywhere from $1.50 to more advantage from a cost differential on a price per kilogram.

如果您假設在跨不同平台技術進行擴展時，功率是最大的成本，如果您考慮一下 - 如果您只使用 0.10 美元作為衡量標準，如果您願意的話，輸入功率的成本是每公斤價格的成本差異可帶來1.50 美元的更多優勢。

That's significant.

這很重要。

And we think that yesterday's announcement, we think, is emblematic of the fact that as we start to really think about scaled projects and really getting to the 90 million metric tons of hydrogen that are produced already that might fall into if we were to use a color gray hydrogen, that's a lot of hydrogen, and you're going to want a very efficient platform for producing that, and we think we're going to be well-positioned to play in that opportunity.

我們認為，昨天的公告象徵著這樣一個事實，即當我們開始真正考慮規模化項目並真正了解已經生產的 9000 萬噸氫氣時，如果我們使用灰色的氫，這是大量的氫，你將需要一個非常有效的平台來生產氫，我們認為我們將處於有利地位來抓住這個機會。

I think my quick follow-up here is there is a lot of demand for electricity, especially coming from the data centers.

我認為我的快速跟進是對電力的需求很大，尤其是來自資料中心的需求。

As we understand, utilities are struggling to meet that demand.

據我們了解，公用事業公司正在努力滿足這項需求。

And how are you positioning your company in a way where eventually you can break into this market and get like and 20 megawatt order or 30 megawatt order?

您如何定位您的公司，以便最終能夠打入這個市場並獲得 20 兆瓦或 30 兆瓦的訂單？

Is that something you will be chasing?

這是你會追逐的東西嗎？

And if so, how would you be positioning your company to basically succeed in the eventual data center electricity provider market?

如果是這樣，您將如何定位您的公司，以便在最終的資料中心電力供應商市場上取得基本成功？

Yeah, Manav, great question.

是的，馬納夫，好問題。

So if you think about our company and you look historically at what we've been able to do and you talk about large-scale projects, today, our technology as FuelCell Energy represents the largest deployed fuel cell parks of any fuel cell provider in the world.

因此，如果您考慮我們公司，回顧一下我們過去所做的事情，並談論大型項目，那麼今天，我們作為 FuelCell Energy 的技術代表了全球所有燃料電池提供商中部署規模最大的燃料電池園區。世界。

We have a 58 megawatt platform in Korea leverage using our technology.

我們在韓國擁有一個使用我們技術的 58 兆瓦平台。

The two largest FuelCell projects in North America also happen to be FuelCell Energy platform.

北美最大的兩個FuelCell專案也恰好是FuelCell Energy平台。

So from a large-scale perspective, we're very comfortable with that.

所以從大的角度來看，我們對此感到非常滿意。

Also, with the introduction of our solid oxide technology and the ability to transition a customer from utilizing natural gas, as an example, to ultimately utilize in 100% hydrogen, we now have the ability to offer the customer that solution as well.

此外，透過引入我們的固體氧化物技術以及將客戶從使用天然氣轉變為最終使用 100% 氫氣的能力，我們現在也有能力為客戶提供該解決方案。

And so we think we're well-positioned to go after data centers and we've also demonstrated the ability to effectively operate in a microgrid application.

因此，我們認為我們已經做好了進入資料中心的有利準備，並且我們也展示了在微電網應用中有效運作的能力。

So as we think about our company integrating to be a really compatible solution to data centers, we think about our baseload capability, we think about how we add other resources for quick ramping because we're a high temperature resource.

因此，當我們考慮將我們的公司集成為與資料中心真正相容的解決方案時，我們會考慮我們的基本負載能力，我們會考慮如何添加其他資源以實現快速提升，因為我們是高溫資源。

We think about how you integrate with the grid.

我們考慮您如何與網格整合。

And we think our technology is well suited for that.

我們認為我們的技術非常適合這一點。

But to add a little bit more to that, I'll maybe turn it over to Mark Feasel, our Chief Commercial Officer to give you a sense of how we're approaching that opportunity.

但為了補充一點，我可能會把它交給我們的首席商務官馬克費塞爾 (Mark Feasel)，讓您了解我們如何抓住這個機會。

Thank you, Jason.

謝謝你，傑森。

So as Jason alluded to, when you look at this opportunity, there's a few dimensions to it.

正如傑森所提到的，當你看到這個機會時，你會發現它有幾個維度。

There is a time to power challenge where companies today are looking to build these data centers and other high-density load requirements more quickly than the grid can facilitate it.

當今的公司正尋求以比電網所能提供的速度更快的速度建造這些資料中心和其他高密度負載要求，這是一個供電挑戰。

But even beyond that, there is just a grid capacity issue.

但除此之外，還存在電網容量問題。

In some cases, in some geographies there's no time line in which the grids are going to go there.

在某些情況下，在某些地區，沒有網格到達那裡的時間線。

And it isn't just a phenomenon that's limited to any specific geography.

而且這不僅僅是一種僅限於任何特定地理區域的現象。

So you can think about Singapore and Asia, you can think about Ireland in Europe and several areas here in the US.

所以你可以想想新加坡和亞洲，你可以想想歐洲的愛爾蘭和美國的幾個地區。

This is an issue where the simple -- the fact is the great capacity is not going to be there.

這是一個簡單的問題——事實上，巨大的容量是不存在的。

And so these represent prime power applications.

因此，這些代表了主要的電力應用。

Jason, I think, hit on a real key topic.

我認為傑森觸及了一個真正的關鍵話題。

It isn't just about delivering power.

這不僅僅是提供電力。

It's delivering power with a pathway to deliver better sustainability.

它透過提供更好的可持續性的途徑來提供動力。

So this ability to incorporate hydrogens a feedstock over time, important consideration.

因此，隨著時間的推移，將氫作為原料的能力是一個重要的考慮因素。

Thank you so much, guys.

十分感謝大家。

Thank you.

謝謝。

Eric Stine, Craig-Hallum.

艾瑞克·斯坦，克雷格·哈勒姆。

Good morning, everyone.

大家，早安。

Good morning, Eric.

早安，埃里克。

Okay.

好的。

So just curious, you mentioned initiatives to speed the sales closure process.

只是好奇，您提到了加快銷售結束流程的舉措。

I'm wondering if you could just add some details to that.

我想知道您是否可以添加一些細節。

And then just curious, I mean, obviously, you want to add product backlog.

然後只是好奇，我的意思是，顯然，您想添加產品積壓。

So maybe a view of where ideally you'd like to see that end up maybe at the end of fiscal 2024 and how you see a trending going forward?

那麼，也許您希望在 2024 財年結束時看到理想的結果，以及您如何看待未來的趨勢？

Maybe I'll let Mark give you a little sense about how we're moving projects through our sales funnel and really trying to accelerate what we would call Stage 4, and that's when we're in contracting and 5 is closure.

也許我會讓馬克給你一些關於我們如何透過我們的銷售漏斗移動專案並真正努力加速我們所說的第四階段的一些了解，也就是我們處於承包階段和第五階段結束的階段。

And we talked about a couple of those closed projects this morning that we've done, but I'll let Mark hit on that a little bit, and then we can talk a little bit more about how we think about long-term targets.

今天早上我們討論了我們已經完成的幾個已結束的項目，但我會讓馬克稍微談一下這一點，然後我們可以更多地討論我們如何看待長期目標。

Sure.

當然。

There's many aspects to that.

這有很多方面。

But maybe one common denominator is if you think about delivering energy to someone or hydrogen to someone, doing so in a way that transfers risk away from that person.

但也許有一個共同點是，如果你考慮向某人提供能量或向某人提供氫氣，那麼這樣做可以將風險從該人身上轉移出去。

Historically, people have procured gases from an industrial gas supplier and electricity for a utility.

從歷史上看，人們從工業氣體供應商購買氣體，並為公用事業公司購買電力。

Now requiring them to embrace new technologies in order to do that, of course, is always a challenge.

當然，現在要求他們採用新技術才能做到這一點始終是一個挑戰。

It's different than their existing business model.

這與他們現有的商業模式不同。

So this can be addressed though via partnerships.

因此，這個問題可以透過合作夥伴關係來解決。

And so you've seen us being involved in scenarios in which partnering in energy as-a-service type arrangements where the technical, regulatory and financial risks are transferred away from that end users to a consortium that includes fuels energy and other partners in order to go accomplish that.

因此，您已經看到我們參與了能源即服務類型合作的場景，其中技術、監管和財務風險從最終用戶轉移到一個包括燃料能源和其他合作夥伴的聯盟，以便按順序實現這個目標。

We also think about our ability to deliver with excellence in a specific geography or in a specific market segment.

我們也考慮我們在特定地區或特定細分市場提供卓越服務的能力。

So an example of that may be our partnership that we've announced with Malaysian Marine and heavy engineering in Asia to really help us figure out how to address key customers and concerns in that geography, leveraging their local presence and expertise and ability to scale.

因此，我們宣布與亞洲的馬來西亞海洋和重型工程公司建立合作夥伴關係就是一個例子，以真正幫助我們找出如何解決該地區的關鍵客戶和問題，並利用他們的本地影響力、專業知識和擴展能力。

In addition to that, Eric, as you think about it, we've got a material opportunity in Korea through repowering.

除此之外，艾瑞克，正如你所想，我們透過重新供電在韓國獲得了物質機會。

That's a real near-term opportunity.

這是一個真正的近期機會。

We talked about we executed on the Noeul Green opportunity.

我們談到了我們執行諾伊爾·格林機會的事情。

We're optimistic about the opportunities that we see going forward there.

我們對未來的機會感到樂觀。

And in addition to repowering, when you think about Korea, which is still the largest fuel cell market in the world today, under their CHPs, they've talked about 15 gigawatts of deployment of fuel cell technology, eight of that being in country, seven of that being out of country, really trying to support import hydrogen market for their own domestic use.

除了重新供電之外，當你想到韓國時，韓國仍然是當今世界上最大的燃料電池市場，在他們的熱電聯產項目下，他們談到了15 吉瓦的燃料電池技術部署，其中8 吉瓦在國內，其中七個在國外，確實在努力支持進口氫市場供其國內使用。

But if you think about that, now that we have a platform that today with our solid oxide that we can deploy today in Korea.

但如果你想一想，現在我們有了一個平台，今天我們可以在韓國部署我們的固體氧化物。

And as that hydrogen becomes available to switch as the fuel source, that same platform with our solid oxide we can switch to utilizing 100% hydrogen.

當氫氣可以轉換為燃料來源時，我們可以在具有固體氧化物的同一平台上轉而使用 100% 氫氣。

And we -- again, it opens up the aperture of opportunities where we think that we can effectively compete.

我們再次認為，它打開了我們認為可以有效競爭的機會之門。

And so we're very optimistic about that.

所以我們對此非常樂觀。

Got it.

知道了。

And I mean, is it something where you have a specific goal you think exiting fiscal '24, your product backlog?

我的意思是，您是否有一個特定的目標，您認為要退出 24 財年的產品積壓？

I mean, certainly you anticipate growth, but is this more of a setting the stage for '25, '26, '27?

我的意思是，你當然預期成長，但這更多的是為「25」、「26」、「27」奠定基礎嗎？

Or do you think that at the end of '24, you could have a decent amount of product backlog?

或者您認為到 24 年底，您可能會有相當數量的產品積壓嗎？

Look, we certainly have a target relative to backlog -- in building our backlog throughout the fiscal calendar year for us of 2024.

看，我們當然有一個與積壓相關的目標——在 2024 年整個財政年度建立我們的積壓。

And we think these opportunities will play into that.

我們認為這些機會將會發揮作用。

We think repowering as one of those opportunities.

我們認為重新供電是其中的機會之一。

And as we've seen just here recently, the opportunities with our solid oxide platform, and we talked about last quarter, which we're working through contractual terms on a commercial win around leveraging our platform for biofuels in California.

正如我們最近在這裡看到的，我們的固體氧化物平台帶來的機遇，我們在上個季度談到過，我們正在透過合約條款來利用我們在加州的生物燃料平台獲得商業勝利。

And we think with the growing Biofuel Market, our R&D and our ability to take direct biofuels, again, positions us really well to start turning this pipeline and to close transactions throughout 2024.

我們認為，隨著生物燃料市場的不斷增長，我們的研發和直接獲取生物燃料的能力使我們能夠很好地開始轉變這條管道並在 2024 年完成交易。

Got it.

知道了。

Thank you.

謝謝。

And then maybe just the last one here, and I'm not sure, I think last quarter, you might have provided some specifics.

然後也許只是這裡的最後一個，我不確定，我想上個季度，您可能提供了一些具體細節。

But clearly, now given the setup in South Korea, there is a big opportunity on the service side, any specifics in terms of near-term visibility pipeline?

但顯然，現在考慮到韓國的設置，服務方面存在很大的機會，近期可見性管道方面有什麼具體細節嗎？

Any details would be great.

任何細節都會很棒。

Yeah.

是的。

So we are -- if you step back and look at our opportunity in Korea with respect to repowering, we directly sold the opportunity at Costco.

所以我們——如果你退一步看看我們在韓國的重新供電機會，我們直接在 Costco 出售了這個機會。

And so that one is one that we continue to manage, as we always have under our framework of a long-term service agreement.

因此，我們將繼續管理這項服務，就像我們在長期服務協議框架下一直所做的那樣。

We've successfully now been able to repower Noeul Green, which was a project that was sold by our previous partner in the Korea market.

我們現在已經成功地為 Noeul Green 重新供電，這是我們以前的合作夥伴在韓國市場出售的項目。

And now as those modules came up for replacement or upgrading those modules, we were able to do that and now have the long-term service agreement for that opportunity.

現在，當這些模組需要更換或升級時，我們能夠做到這一點，並且現在為此機會簽訂了長期服務協議。

We see the balance of the Genco's that have our platforms deployed, so call it, 100 megawatts of opportunity as repowering opportunity for us as a company.

我們看到部署了我們平台的 Genco 的平衡，即所謂的 100 兆瓦機會，為我們公司提供了重新供電的機會。

Now we need to go execute those agreements and come the agreement on LTSAs on a go-forward basis for those opportunities.

現在我們需要執行這些協議，並在未來的基礎上就這些機會達成長期協議協議。

But those translate into two things for us.

但這些對我們來說意味著兩件事。

One, its new module sales, because we need to upgrade those modules as part of the repowering and a new long-term service agreement that goes along with those modules that run curtailment, if you will, with those modules.

一是新模組的銷售，因為我們需要升級這些模組，作為重新供電的一部分，以及新的長期服務協議，該協議與那些運行限電的模組一起提供，如果你願意的話，可以與這些模組一起使用。

So we see that as a real market opportunity for us.

因此，我們認為這對我們來說是一個真正的市場機會。

And Mark and his team, is very focused on the repowering opportunity in Korea.

馬克和他的團隊非常關注韓國的重建機會。

Okay.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

Ryan Pfingst, B. Riley.

普芬斯特 (Ryan Pfingst)，B.萊利 (B. Riley)。

Hey, good morning, guys.

嘿，早上好，夥計們。

Good morning.

早安.

First question around OpEx.

關於營運支出的第一個問題。

Just wondering how we should think about R&D going forward as we get closer to commercialization on some of the next-gen tech?

只是想知道，當我們越來越接近一些下一代技術的商業化時，我們應該如何考慮未來的研發？

Does that start to trend lower year over year in '25, maybe up year over year this year?

從 25 年開始，這一數字是否開始逐年下降，今年可能會逐年上升？

Good morning, Ryan.

早安，瑞安。

This is Mike.

這是麥克。

I'll take that question and thank you for joining the call.

我會回答這個問題，並感謝您加入通話。

So as far as R&D, you have seen it trend up over the last several years.

就研發而言，過去幾年你已經看到它呈上升趨勢。

And this is really related to the commercialization efforts that the company is putting into, our solid oxide platforms, as Jason mentioned, around power-gen and electrolysis as well as carbon capture.

正如傑森所說的，這確實與公司圍繞發電、電解以及碳捕獲所投入的固體氧化物平台的商業化努力有關。

So it has trended up the targets that we put out for this year were between $60 million and $70 million for that line.

因此，我們今年為該產品線設定的目標是 6,000 萬至 7,000 萬美元。

So we're right in that range, at the lower end of that range.

所以我們就在這個範圍內，處於該範圍的下限。

So I wouldn't expect to see a material increase from where we sit today.

因此，我預計不會出現比我們今天坐的位置有實質增長的情況。

That's helpful.

這很有幫助。

And my second question is, do you have an update on the potential DOE loan guarantee or maybe any sense of timing that you could help us with there?

我的第二個問題是，您是否了解能源部潛在貸款擔保的最新情況，或者您有任何可以幫助我們的時機？

Yes.

是的。

So we are -- where we look to leverage the DOE loan program opportunity is in two potential areas.

因此，我們希望利用能源部貸款計劃的機會在兩個潛在領域。

One is around expanding our capacity for solid oxide in North America.

一是擴大我們在北美的固體氧化物產能。

And as we talked about, we've been doing the work to identify potential new locations, which also may include additional expansion capacity at our existing facility here in Torrington, which would also be eligible for the DOE loan guarantee, if we go that route.

正如我們所說，我們一直在努力尋找潛在的新地點，其中還可能包括我們在託林頓現有設施的額外擴建能力，如果我們走這條路，該設施也將有資格獲得能源部貸款擔保。

The other area is ultimately what we end up doing around expansion of our carbonate platform tied to ultimately, our view of the carbon capture opportunity.

另一個領域最終是我們圍繞碳酸鹽平台擴張所做的事情，最終與我們對碳捕獲機會的看法相關。

So now there's about a four-phase process that you go through with the DOE.

現在，您需要與能源部一起經歷一個大約四個階段的過程。

And we are progressing through that process but don't have a specific answer on timing of closure of that as we sit here today.

我們正在推進這一進程，但當我們今天坐在這裡時，還沒有關於關閉時間的具體答案。

Got it.

知道了。

Thank you.

謝謝。

I'll turn it back.

我會把它轉回來。

Thank you.

謝謝。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

Hi, good morning.

早安.

I apologize if you touched on this earlier, I got on a little late.

如果你早些時候談到這個問題，我深表歉意，我來得有點晚了。

But I wondered if you could talk a bit about the ExxonMobil partnership and announced that they formalized making carbon capture technology of choice.

但我想知道您是否可以談論埃克森美孚的合作夥伴關係，並宣布他們正式確定選擇碳捕獲技術。

And so if you could just talk about maybe the pace of further developments from here as you look ahead?

那麼，您是否可以談談展望未來時進一步發展的步伐？

Yeah, good morning.

是的，早安。

No, how are you doing this morning?

不，你今天早上怎麼樣？

Great.

偉大的。

Thanks.

謝謝。

So as we announced that we have reached a point in the work that we've been doing with Exxon to move forward on the Rotterdam demonstration project at one of their facilities.

因此，正如我們所宣布的那樣，我們與埃克森美孚的合作已經達到了一個階段，即在他們的一個設施中推進鹿特丹示範計畫。

And so the team is working on building the platform and support of that demonstration effort with Exxon.

因此，該團隊正在與埃克森美孚一起建立平台並支援該演示工作。

We remain very excited about the opportunity around carbon capture.

我們對碳捕獲的機會仍然感到非常興奮。

But the current focus right now is really around the demonstration effort and getting that platform built and ultimately building the demonstration project.

但目前的重點實際上是圍繞演示工作、建立該平台並最終建立演示項目。

In February, we also put out an announcement around the funding of the order in support of that demonstration project.

二月份，我們也發布了一項有關訂單資金的公告，以支持該示範項目。

So we're continuing to advance the program.

因此，我們正在繼續推進該計劃。

Great.

偉大的。

And this might be a little bit of over triangulation between various projects you've had.

這可能是您所擁有的各個項目之間的過度三角測量。

But I was wondering, the Tri-gen project with Toyota at Long Beach, is there any analogous use case in thinking about, for example, maybe US Gulf Coast and oil tankers, export facilities and so forth?

但我想知道，與豐田在長灘的 Tri-gen 項目是否有任何類似的用例，例如，美國墨西哥灣沿岸和油輪、出口設施等？

There's a lot going on with LNG there as well on the horizon.

液化天然氣方面也即將發生很多事情。

Any similar opportunities that you've talked about or had customers approach you about around -- about doing Tri-gen in a setting like that?

您是否曾經談論過或讓客戶向您詢問過類似的機會 - 關於在這樣的環境中開展 Tri-gen？

Yeah, when you think about the Tri-gen platform and if you just take two of the value streams out of the Tri-gen platform setting, water aside for just a second, clearly opportunities around power generation for distributed power and then hydrogen beyond using hydrogen for transportation.

是的，當你想到 Tri-gen 平台時，如果你只是從 Tri-gen 平台設置中取出兩個價值流，暫時擱置水，顯然有機會圍繞分佈式能源發電，然後超越使用氫氣用於運輸的氫氣。

There's conversations around hydrogen for gas blending to help reduce the overall carbon intensity of net gas is one -- another way in which the platform can be utilized.

人們正在討論將氫氣用於氣體混合，以幫助降低淨氣體的整體碳強度，這是利用該平台的另一種方式。

We certainly see opportunities around ports, especially when you think about the efforts to decarbonize ports and if you just take goods movement on site at the port and the need for a source of hydrogen and power as those things either move to hydrogen as a fuel or electrification as a fuel, those clearly become ways in which our Tri-gen platform is advantaged to pursue additional opportunities that look a lot like what we're doing already at Long Beach.

我們當然看到了港口周圍的機會，特別是當你考慮港口脫碳的努力時，如果你只是在港口現場進行貨物運輸，以及對氫和電力來源的需求，因為這些東西要么轉向氫作為燃料，要么電氣化作為燃料，這些顯然成為我們的Tri-gen 平台有利於尋求更多機會的方式，這些機會看起來很像我們在長灘已經做的事情。

And probably the most relevant part about that is, right, we now have a reference to show that -- what the platform can do, and it's being used in a real commercial application.

也許最相關的部分是，我們現在有一個參考來表明——該平台可以做什麼，並且它正在真正的商業應用程式中使用。

I'm sure that it's a demonstration value for sure.

我確信這確實具有示範價值。

So okay, great.

那麼好吧，太好了。

Thanks a lot.

多謝。

Thank you.

謝謝。

And Ellie, I think that's all the questions that we have.

艾莉，我想這就是我們所有的問題。

That's all the question that we have.

這就是我們的全部問題。

I'd now like to hand back over to Jason for a few closing remarks.

現在我想請傑森做一些總結發言。

Ellie, thank you.

艾莉，謝謝你。

We will continue to execute on our powerhouse business strategy with the goal of delivering value to our customers, growth and optimizing returns.

我們將繼續執行我們強大的業務策略，目標是為客戶創造價值、實現成長並優化回報。

Thank you all for joining the call today and for your interest in FuelCell Energy.

感謝大家今天參加電話會議以及對燃料電池能源的興趣。

We look forward to updating you again next quarter.

我們期待下個季度再次為您提供最新消息。

Have a great day.

祝你有美好的一天。

Thank you for attending today's call.

感謝您參加今天的電話會議。

You may now all disconnect.

你們現在可以斷開連結了。

Have a wonderful day.

祝你有美好的一天。