燃料電池能源 (FCEL) 2024 Q2 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the FuelCell Energy second quarter of fiscal 2024 financial results conference call. Today's conference is being recorded. All line have been placed on mute to prevent any background noise.

早安.我叫奧德拉，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 FuelCell Energy 2024 財年第二季財務業績電話會議。今天的會議正在錄製中。所有線路均已靜音，以防止任何背景噪音。

After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star key followed by the number one on your telephone. If you would like to withdraw your question, press star one. At this time, I would like to turn the conference over to Tom Gelston, Senior Vice President of Finance and Investor Relations. Please go ahead.

演講者發言後，將進行問答環節。如果您想在此期間提問，只需按電話上的星號鍵，然後按數字 1 即可。如果您想撤回問題，請按星號一。現在，我想將會議交給財務和投資者關係高級副總裁湯姆·蓋爾斯頓 (Tom Gelston)。請繼續。

Thank you, and good morning, everyone, and thank you for joining us on the call today. As a reminder, this call is being recorded. This morning, FuelCell Energy released our financial results for the second quarter of 2024 and our earnings press release and our quarterly report on Form 10 - are available in the Investors section of our website at www.fuelcellenergy.com.

謝謝大家，大家早安，謝謝您今天加入我們的電話會議。提醒一下，此通話正在錄音。今天早上，FuelCell Energy 發布了 2024 年第二季度的財務業績，我們的收益新聞稿和表格 10 季度報告 - 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 two hours after we conclude the call.

與我們的做法一致。除了本次電話會議和我們的收益新聞稿之外，我們還在我們的網站上發布了幻燈片簡報。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 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 and commercialization and financing of our fuel cell technology and our business plans and strategies.

在我們開始之前，請注意，您今天將聽到或收到的一些資訊將包含 1934 年《證券交易法》含義內的前瞻性陳述。但不限於我們的預期財務表現、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策略。

Our actual future results could differ materially from those described in or implied by such forward-looking statements because of a number of risk factors and uncertainties. More information regarding such risks and uncertainties is available in the safe harbor statement in the slide presentation and in our filings with the Securities and Exchange Commission, particularly the risk factors section of our most recently filed annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q.

由於許多風險因素和不確定性，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。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。

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 under Investors.

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

參加今天的電話會議的還有 FuelCell Energy 總裁兼執行長 Jason Few；以及 FuelCell Energy 執行副總裁、財務長兼財務主管 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?

現在我想將電話轉交給傑森致開幕詞。傑森？

Thank you, Tom, and good morning, everyone. Thank you for joining us on our call today. I'm very pleased with our results for the second quarter as we continue to execute on our Powerhouse business strategy. Our revenue climb sequentially compared to our first quarter, but as expected, decreased compared to the prior year period due to the fact that there were no module exchanges this quarter, while there were eight module exchanges in the prior year period.

謝謝你，湯姆，大家早安。感謝您今天參加我們的電話會議。我對第二季的業績非常滿意，因為我們繼續執行我們的強勁業務策略。與第一季相比，我們的收入連續攀升，但正如預期的那樣，由於本季度沒有模組更換，而去年同期有八次模組更換，因此與去年同期相比有所下降。

Our on-balance sheet 62.8 megawatt generation portfolio achieved 67% revenue growth year-over-year, which included a full quarter of revenue from three projects that began operation in the first quarter. During and subsequent to the quarter end, we had some significant commercial wins, and we've also announced an update an extension of our joint development agreement with ExxonMobil's low carbon solution business.

我們的表內 62.8 兆瓦發電組合實現了 67% 的收入同比增長，其中包括第一季開始運營的三個項目的整個季度收入。在季度末及之後，我們取得了一些重大的商業勝利，我們也宣布更新並延長與埃克森美孚低碳解決方案業務的聯合開發協議。

Additionally, we've made progress on cost management and continued our disciplined approach to capital allocation, enabling us to continue our focus on pursuing growth while managing our expenses related to scale, R&D and CapEx.

此外，我們在成本管理方面取得了進展，並繼續採用嚴格的資本分配方法，使我們能夠繼續專注於追求成長，同時管理與規模、研發和資本支出相關的費用。

A number of important data points are included on slide 3, but we think our overall success is most evident through our technological solutions for an collaboration with some of the world's largest global companies, including our work with ExxonMobil, Toyota, Pfizer, Canadian Nuclear Laboratories or CNL and IBM to name a few.

幻燈片3 中包含了許多重要的數據點，但我們認為，我們的整體成功最明顯的是我們與一些世界上最大的跨國公司合作的技術解決方案，包括我們與埃克森美孚、豐田、輝瑞、加拿大核子實驗室的合作或 CNL 和 IBM 等。

All of us at FuelCell Energy are very proud to be global leaders in electrochemical technology, all in support of our purpose to enable a world empowered by clean energy. We are working to achieve this purpose by deploying our proprietary fuel cell technology platforms for energy delivery and emissions management around the world to accomplish two fundamental technological applications, decarbonizing power and industry and producing hydrogen.

FuelCell Energy 的所有人都非常自豪能夠成為電化學技術的全球領導者，所有人都支持我們實現清潔能源驅動世界的目標。我們正在努力實現這一目標，透過在世界各地部署我們專有的燃料電池技術平台進行能源輸送和排放管理，以實現兩項基本技術應用：電力和工業脫碳以及氫氣生產。

Turning to key messages for the quarter. As you know, we have a long-standing relationship with ExxonMobil technology and engineering company or EMTEC, which provide technical support to ExxonMobil's Low Carbon Solutions business.

轉向本季的關鍵訊息。如您所知，我們與埃克森美孚技術和工程公司（EMTEC）有著長期的合作關係，該公司為埃克森美孚的低碳解決方案業務提供技術支援。

In April, we extended our joint development agreement through the end of 2026, allowing development work on carbon capture technology to continue. We also continue to progress our pilot project at Esso Nederland BV manufacturing complex in Rotterdam, Netherlands. I will share more details in a few moments and how we are working with Exxon's low carbon solution business.

今年 4 月，我們將聯合開發協議延長至 2026 年底，使碳捕獲技術的開發工作得以持續進行。我們也在荷蘭鹿特丹的 Esso Nederland BV 製造基地繼續推進試點計畫。我稍後將分享更多細節以及我們如何與埃克森美孚的低碳解決方案業務合作。

Second, we've had a number of commercial wins substantially increase in our backlog during fiscal 2024, the most significant commercial win in South Korea, a market where we have made expanding our reach with applications like electrolysis time to power and CO2 recovery and carbon capture a top priority after the end of the second quarter, we announced an agreement to supply Gyeonggi Green Energy or GGE in South Korea, with 42 upgraded replacement FuelCel modules.

其次，我們在 2024 財年的積壓訂單中取得了許多商業勝利，其中最重要的商業勝利是在韓國，我們透過電解發電時間、二氧化碳回收和碳等應用擴大了我們的業務範圍。 ，我們宣布了一項協議，向韓國京畿道綠色能源（GGE）供應42 個升級後的更換FuelCel 模組。

In connection with the sale of these modules. We also entered into a new seven year service agreement under which FuelCell Energy will support GGEs, Hwaseong Balan industry complex, which is the world's largest fuel cell power platform installed at a single site.

與這些模組的銷售有關。我們還簽訂了一項新的七年服務協議，根據該協議，FuelCell Energy 將支援 GGE、Hwaseong Balan 工業園區，這是安裝在單一地點的世界上最大的燃料電池發電平台。

In total, this transaction adds approximately $160 million to our backlog and represents an incredibly important milestone for our company and a market that has embraced fuel cell technology as essential to its energy infrastructure.

總的來說，這筆交易為我們的積壓訂單增加了約 1.6 億美元，對於我們公司和將燃料電池技術視為其能源基礎設施至關重要的市場來說，這是一個極其重要的里程碑。

We look forward to continuing our relationship with GGE, providing them with excellent service and continuing to expand our business in South Korea. During the quarter, we also announced the deal for our carbonate fuel cell technology, which will be used in a bio generation project developed by Ameresco for the Sacramento area Sewer district to convert on-site biofuels into clean electricity.

我們期待繼續與 GGE 保持合作關係，為他們提供優質服務並繼續拓展我們在韓國的業務。本季度，我們還宣布了碳酸鹽燃料電池技術的交易，該技術將用於 Ameresco 為薩克拉門托地區下水道區開發的生物發電項目，將現場生物燃料轉化為清潔電力。

The project will be powered by one of our 2.8 megawatt carbonate fuel cell platforms, which produces carbon neutral electricity and usable heat from biogas and has the potential for future production of renewable green hydrogen, similar to our Port of long beach Toyota installation.

該項目將由我們的2.8 兆瓦碳酸鹽燃料電池平台之一提供動力，該平台可從沼氣中產生碳中性電力和可用熱量，並具有未來生產可再生綠色氫的潛力，類似於我們在豐田長灘港的安裝。

We also entered into an agreement to provide comprehensive maintenance services for the fuel cell system, which will ensure that Sacramento sewer can focus on its mission of protecting public health and the environment. While delivering renewable power from the cleanest technology available.

我們還簽訂了一項協議，為燃料電池系統提供全面的維護服務，這將確保薩克拉門托下水道能夠專注於保護公眾健康和環境的使命。同時利用最乾淨的技術提供再生能源。

Fourth, we are taking proactive steps to maintain the strength of our balance sheet and as we grow, we will do so in a cost-effective way following a disciplined approach to managing capital investment by establishing investment triggers linked to key milestones.

第四，我們正在採取積極措施來維持資產負債表的實力，隨著我們的發展，我們將以具有成本效益的方式做到這一點，遵循嚴格的方法來管理資本投資，透過建立與關鍵里程碑相關的投資觸發點。

We have taken concrete steps this quarter to manage costs for managing the pace of our solid oxide expansion through changes in the structure of our engineering team to managing R&D and CapEx with the goal of positioning ourselves for long-term financial success. We are making critical investments to position FuelCell Energy for future growth while taking a highly disciplined approach to maintaining cash and liquidity.

本季我們採取了具體措施來管理成本，透過改變工程團隊的結構來管理我們的固體氧化物擴張步伐，以管理研發和資本支出，以實現長期財務成功。我們正在進行關鍵投資，以確保 FuelCell Energy 未來的成長，同時採取嚴格的方法來維持現金和流動性。

Finally, we continue to evaluate potential options to benefit from global energy transition policies. In US, these include the legacy investment tax credit program as well as incentives under 45Q for carbon capture 48C for the development and construction of clean energy manufacturing and the potential benefits from the new hydrogen production tax credit as we await final guidance from the IRS and US treasury related to 45V add to this the numerous supportive policies around the world, and we believe that FuelCell Energy is positioned well to take advantage of available opportunities.

最後，我們繼續評估從全球能源轉型政策中受益的潛在選擇。在美國，這些包括傳統的投資稅收抵免計劃以及45Q 下用於清潔能源製造開發和建設的碳捕獲48C 的激勵措施，以及新的氫氣生產稅收抵免的潛在好處，因為我們正在等待美國國稅局的最終指導和美國財政部與 45V 相關的政策加上世界各地的眾多支持政策，我們相信 FuelCell Energy 處於有利位置，可以充分利用現有機會。

Next, turning to the extension of the JDA and our work with Exxon's low-carbon business on slide 6, the extension of the JDA through the end of 2026 represents a significant milestone for our company in order to reach this stage, the technology met several key technical performance criteria, which is a major accomplishment for the talented scientists and engineers from both of our companies.

接下來，轉向JDA 的擴展以及我們與埃克森美孚低碳業務的合作（幻燈片6），JDA 的擴展至2026 年底對於我們公司來說是一個重要的里程碑，為了達到這一階段，該技術滿足了幾個要求關鍵技術性能標準，這是我們兩家公司才華橫溢的科學家和工程師的重大成就。

This success also reinforces our view that there are significant commercial possibilities to extend the value and opportunity for our carbon and technology by delivering what we believe will be superior carbon capture technology at a lower cost.

這一成功也強化了我們的觀點，即透過以更低的成本提供我們認為卓越的碳捕獲技術，存在著巨大的商業可能性，可以擴大我們的碳和技術的價值和機會。

The extension of the JDA is designed to allow FuelCell Energy and Exxon's low-carbon business to pursue multiple commercial opportunities, the carbon capture enhancements to our core technology jointly developed with Exxon to be demonstrated in Rotterdam features an optimized design for large-scale installations.

JDA的擴展旨在讓FuelCell Energy和埃克森美孚的低碳業務能夠尋求多種商業機會，我們與埃克森美孚聯合開發的核心技術的碳捕獲增強功能將在鹿特丹展示，其特點是針對大規模安裝的最佳化設計。

Through this updated agreement, FuelCell Energy has the opportunity to pursue carbon capture opportunities using our current generation of carbonate modules by incorporating carbon capture improvements derived from our joint development work, we can move more quickly to provide access to this superior technology and our existing platform targeting 250 KTA or kilo tonnes per annum as an opportunity to demonstrate the technology capabilities earlier, while we complete the work to demonstrate large industrial scale, carbon capture at SO2 Esso's in Rotterdam.

透過這項更新的協議，FuelCell Energy 有機會利用我們當前一代的碳酸鹽模組，透過納入我們聯合開發工作中的碳捕獲改進來尋求碳捕獲機會，我們可以更快地採取行動，提供對這一先進技術和我們現有平台的訪問我們以每年 250 KTA 或千噸為目標，以此為契機儘早展示技術能力，同時我們完成在鹿特丹的 SO2 Esso 工廠展示大規模工業規模碳捕集的工作。

We believe the ability to incorporate improvements developed under the JDA into FuelCell Energy's current generation modules will enhance the capabilities of our power hydrogen and carbon recovery solutions and provide the ability to offer more attractive near term carbon capture solutions to our customers.

我們相信，將 JDA 開發的改進納入 FuelCell Energy 當前發電模組的能力將增強我們的動力氫和碳回收解決方案的能力，並能夠為我們的客戶提供更具吸引力的近期碳捕獲解決方案。

Additionally, FuelCell Energy and ExxonMobil are continuing to progress discussions for a commercial framework aimed at enabling deployment of the carbonate fuel cell technology for carbon capture through Exxon's Low Carbon Solutions business and FuelCell Energy.

此外，FuelCell Energy 和埃克森美孚正在繼續就商業框架進行討論，旨在透過埃克森的低碳解決方案業務和 FuelCell Energy 部署用於碳捕獲的碳酸鹽燃料電池技術。

Turning to slide 7, We are excited about the promising potential of this technology to capture CO2 emissions from industrial and commercial exhaust streams with the goal of helping to solve one of the world's biggest environmental challenges.

轉向幻燈片 7，我們對這項技術在捕獲工業和商業廢氣流中的二氧化碳排放方面的巨大潛力感到興奮，目標是幫助解決世界上最大的環境挑戰之一。

The Esso Rotterdam pilot project is co-funded by the European Union under the emissions trading systems, Innovation Fund and by the Netherlands, enterprise agency by means of a demonstration Energy and Climate Innovation DEI plus brand.

鹿特丹埃索試點計畫由歐盟排放交易系統創新基金和荷蘭企業機構透過示範能源和氣候創新 DEI plus 品牌共同資助。

This manufacturing site will be the first place in the world to pilot this differentiated multi feature technology that capture CO2 emissions from industrial sources while simultaneously generating electricity and hydrogen, the ability to deliver these valuable code products is targeted to improve the economics of carbon capture, lower the barrier to broader adoption of carbon capture in this marketplace and deliver decarbonized electricity and hydrogen.

該製造基地將成為世界上第一個試點這種差異化多功能技術的地方，該技術可以捕獲工業來源的二氧化碳排放，同時產生電力和氫氣，提供這些有價值的程式碼產品的能力旨在提高碳捕獲的經濟性，降低該市場更廣泛採用碳捕獲的障礙，並提供脫碳電力和氫氣。

Next, as you'll see on slide 8, we have entered into an exciting new relationship with Ameresco to use our carbonate FuelCell technology in a bio generation project. Four, the Sacramento area Sewer district. Wastewater treatment is a particularly attractive application for our platforms, and California remains an important geography for our company.

接下來，正如您將在幻燈片 8 中看到的，我們與 Ameresco 建立了令人興奮的新關係，在生物發電專案中使用我們的碳酸鹽燃料電池技術。四、薩克拉門托地區下水道區。廢水處理對於我們的平台來說是一個特別有吸引力的應用，而加州仍然是我們公司的重要地理位置。

Some of the inherent benefits in this application are our carbonate fuel cell platform runs directly on biogas, created on-site from the wastewater treatment process. Our proprietary dual cell cleanup system removes contaminants to maximize usable on-site biogas.

此應用的一些固有優勢是我們的碳酸鹽燃料電池平台直接使用廢水處理過程中現場產生的沼氣運作。我們專有的雙池淨化系統可去除污染物，以最大限度地利用現場沼氣。

Waste heat generated by the fuel cell will be used to support the anaerobic process that creates biogas and fuel cells. Chemical reaction is virtually free of NOx, SOx and particulate matter emissions improving air quality for the community.

燃料電池產生的廢熱將用於支持產生沼氣和燃料電池的厭氧過程。化學反應幾乎不產生氮氧化物、硫氧化物和顆粒物排放，改善了社區的空氣品質。

In California, FuelCell Energy's platforms have received key certification under the California Air Resource Board distributed generation standards, which allows the local Air Quality Management District to utilize a streamlined air permitting process, accelerating the installation of clean energy projects. The company pursues in the State.

在加州，FuelCell Energy 的平台已獲得加州空氣資源委員會分散式發電標準的關鍵認證，使當地空氣品質管理區能夠利用簡化的空氣許可流程，加速清潔能源專案的安裝。公司追求國家。

The Sacramento sewer project represents our fourth biogas project in California with our other plants already installed in Riverside to Tulare, and San Bernardino.

薩克拉門托下水道項目是我們在加州的第四個沼氣項目，我們的其他工廠已安裝在河濱、圖萊里和聖貝納迪諾。

Turning to slide 9. As we mentioned earlier in the call, subsequent to the end of the quarter, we signed a significant long-term service agreement to support GGEs Hwaseong Balan Industrial Complex. In addition to the $160 million This project adds to our backlog, our engagement with GGE also demonstrates our ability to rollout and service large-scale power projects.

轉向幻燈片 9。除了該專案增加了我們的積壓工作 1.6 億美元之外，我們與 GGE 的合作也證明了我們推出和服務大型電力專案的能力。

A capability we think is unique to FuelCell Energy. Importantly, our carbonate technology is a proprietary and proven design today, FuelCell Energy operates eight large-scale platforms ranging from 11.2 megawatts to 58.8 megawatts and of these eight platforms, seven have been in operations for five years or more one rapidly growing need, particularly in the US is for new data center construction to support investment in AI.

我們認為這是 FuelCell Energy 獨有的功能。重要的是，我們的碳酸鹽技術是當今經過驗證的專有設計，FuelCell Energy 運營著8 個大型平台，功率範圍從11.2 兆瓦到58.8 兆瓦，這8 個平台中，7 個已經運行了五年或更長時間，滿足快速成長的需求，特別是美國正在建造新的資料中心以支援人工智慧投資。

Strong demand for additional computing power has been set back by the limitations of the current power grid, which is unable to meet the energy demands of large AI data centers. Current projections for power usage show that this bottleneck is only expected to grow creating of substantial addressable market for the large-scale baseload power projects that are one of our unique strengths.

由於目前電網的限制，無法滿足大型人工智慧資料中心的能源需求，對額外運算能力的強勁需求受到了阻礙。目前對用電量的預測表明，這一瓶頸預計只會增長，為大規模基荷電力項目創造大量潛在市場，這是我們的獨特優勢之一。

No other fuel-cell provider has implemented, run and supported large megawatt projects at our same scale, making FuelCell Energy uniquely positioned to meet the immediate and future needs tied to the data center growth.

沒有其他燃料電池供應商實施、運行和支援與我們相同規模的大型兆瓦項目，這使得 FuelCell Energy 具有獨特的優勢，可以滿足與資料中心成長相關的當前和未來需求。

We have demonstrated our large-scale platform capabilities at sites in the US and Asia, providing customers and prospective customers with the operating data to support a FuelCell Energy purchase decision. In addition, we have delivered platforms integrated with absorption chilling thus fully taking advantage of our ability to deliver steam.

我們在美國和亞洲的工廠展示了我們的大型平台能力，為客戶和潛在客戶提供營運數據以支援燃料電池能源購買決策。此外，我們還提供了與吸收式冷凍整合的平台，從而充分利用我們提供蒸汽的能力。

Our thermal energy ideal for cooling data centers. Data centers require continuous power, and our continuous baseload platforms provide the reliability and resiliency data centers need.

我們的熱能非常適合冷卻資料中心。資料中心需要持續供電，而我們的持續基本負載平台可提供資料中心所需的可靠性和彈性。

Finally, we have a proven track record in microgrid applications which are crucial for data centers. We are actively pursuing opportunities in this sector and believe our business is uniquely suited to capitalize on this secular trend.

最後，我們在微電網應用方面擁有良好的記錄，這對資料中心至關重要。我們正在積極尋求該領域的機會，並相信我們的業務非常適合利用這一長期趨勢。

And now I would like to turn the call over to our CFO, Mike Bishop.

現在我想將電話轉給我們的財務長麥克畢肖普。

Thank you, Jason, and good morning to everybody on the call today. Let's begin by reviewing the financial highlights for the quarter as shown on slide 11. For the second quarter of fiscal year 2024, we reported total revenues of $22.4 million compared to revenues of $38.3 million in the prior year quarter.

謝謝傑森，今天與會的每個人早安。讓我們先回顧一下投影片 11 中所示的本季的財務亮點。

In the second quarter of fiscal year 2024 we reported a net loss of $37.7 million compared to a net loss of $33.9 million in the second quarter of fiscal year 2023. The resulting net loss per share attributable to common stockholders in the second quarter of fiscal year 2024 was negative $0.07 compared to negative $0.09 in the second quarter of fiscal year 2023, the net loss per common share benefited from the higher number of weighted average shares outstanding due to share issuances since April 30, 2023.

2024 財年第二季度，我們報告的淨虧損為3,770 萬美元，而2023 財年第二季的淨虧損為3,390 萬美元。虧損與2023 財年第二季的負0.09 美元相比，2024 年每股淨虧損為負0.07 美元，每股普通股淨虧損得益於自2023 年4 月30 日以來因股票發行而導致的已發行加權平均股數量增加。

Adjusted EBITDA totaled negative $26.5 million in the second quarter of fiscal year 2024 compared to adjusted EBITDA of negative $26 million in the second quarter of fiscal year 2023. Please see the discussion of non-GAAP financial measures, including adjusted EBITDA in the appendix at the end of our earnings release.

2024 財年第二季調整後 EBITDA 總額為負 2,650 萬美元，而 2023 財年第二季調整後 EBITDA 為負 2,600 萬美元。的財報發布結束。

Finally, we reported a strong total cash and short-term investment position of approximately $313.2 million consisting of cash, cash equivalents, restricted cash and investments in US treasuries as of April 30, 2024.

最後，我們報告稱，截至 2024 年 4 月 30 日，現金和短期投資頭寸總額約為 3.132 億美元，包括現金、現金等價物、限制性現金和美國國債投資。

Next on slide 12, you will see additional details on our financial performance and backlog in the graph. On the left hand side of the slide revenues broken down by category. Service agreement revenues decreased to $1.4 million for the second quarter of fiscal year 2024 from $26.2 million in the prior year period.

接下來在投影片 12 上，您將在圖表中看到有關我們財務表現和積壓工作的更多詳細資訊。幻燈片左側按類別細分收入。 2024 財年第二季的服務協議收入從去年同期的 2,620 萬美元減少至 140 萬美元。

The decrease in service agreement revenues was primarily driven by the fact there were no module exchanges during the second quarter of fiscal year 2024, service agreement revenues recognized during the prior year quarter were primarily driven by module exchanges at the plants owned by Korea, Southern Power company in Korea.

服務協議收入下降的主要原因是 2024 財年第二季度沒有進行組件更換，上一季確認的服務協議收入主要是由韓國南方電力旗下工廠的組件更換推動的韓國公司。

Generation revenues increased 67% to $14.1 million from $8.4 million, primarily driven by revenue from the Toyota and Derby projects, which began operations in the first quarter of fiscal 2024. Advanced technology contract revenues increased to $6.9 million from $3.7 million compared to the prior year quarter, advanced technology contract revenues recognized under our JDA with EMTEC were approximately $0.1 million lower and revenue recognized under government contracts and other contracts were approximately $3.3 million higher.

發電收入成長了67%，從840 萬美元增至1,410 萬美元，主要受到豐田和德比項目收入的推動，這些項目於2024 財年第一季度開始運營。增至690 萬美元第二季度，根據我們與 EMTEC 的 JDA 確認的先進技術合約收入減少了約 10 萬美元，根據政府合約和其他合約確認的收入增加了約 330 萬美元。

Advanced technology contract revenues for the second quarter of fiscal 2024 also include revenues arising from the purchase order previously received from Esso Netherlands BV or Esso, an affiliate of EMTEC and ExxonMobil Corporation.

2024財年第二季的先進技術合約收入還包括先前從埃索荷蘭BV或埃索（EMTEC和埃克森美孚公司的子公司）收到的採購訂單所產生的收入。

Looking at the right hand side of the slide, I will walk through the changes in gross loss, profit and operating expenses. Gross loss for the second quarter of fiscal 2024 totaled $7.1 million compared to a gross loss of $6.1 million in the comparable prior year quarter.

看投影片的右側，我將介紹總虧損、利潤和營運費用的變化。 2024 財年第二季的毛虧損總計 710 萬美元，而去年同期的毛虧損為 610 萬美元。

The gross loss is in part as a result of unfavorable margins for generation, which included expense, construction and gas costs related to the Toyota project of $2.6 million at a mark to market net loss of $2.3 million related to natural gas purchase contracts in the three months ended April 30, 2024.

總虧損部分是由於不利的發電利潤率造成的，其中包括與豐田項目相關的260 萬美元的費用、建築和天然氣成本，以及與三個國家的天然氣採購合約相關的按市場價格計算的淨虧損230萬美元。

The gross loss in the comparable prior year period primarily resulted from lower generation margins due to $4.5 million of expense, construction and gas costs related to the Toyota project, partially offset by higher service margins related to module exchanges.

上年同期的毛虧損主要是由於與豐田項目相關的 450 萬美元費用、建築和天然氣成本導致發電利潤率較低，但部分被與模組更換相關的服務利潤率較高所抵消。

Operating expenses for the second quarter of fiscal 2024 increased to $34.3 million from $29.8 million in the second quarter of fiscal 2023.

2024 財年第二季的營運支出從 2023 財年第二季的 2,980 萬美元增至 3,430 萬美元。

Research and development expenses increased to $16.6 million during the second quarter of fiscal 2024 compared to $14.7 million in the prior year period. The increase in research and development expenses reflects increased spending on labor and materials and our ongoing commercial development efforts, including increased headcount related to our solid oxide power generation and electrolysis platforms and carbon separation and carbon recovery solutions.

2024 財年第二季的研發費用增加至 1,660 萬美元，而去年同期為 1,470 萬美元。研發費用的增加反映了勞動力和材料支出的增加以及我們正在進行的商業開發努力，包括與我們的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人員數量的增加。

On the bottom right of the slide, you will see that backlog increased to $1.06 billion as of April 30, 2024, compared to $1.02 billion as of April 30, 2023. This change was primarily a result of the service agreement with Gyeonggi Green Energy Company Limited entered into during fiscal year ended October 31, 2023, increases in advanced technology contract backlog as a result of the purchase order received from Esso during the first quarter of fiscal year 2024 and additional advanced technology contract backlog related to Amendment Number five to the JDA between the company and EMTEC entered into in April 2024, partially offset by revenue recognition under generation service and advanced technology agreements since April 30, 2023.

在投影片的右下角，您將看到截至2024 年4 月30 日，積壓訂單增加至10.6 億美元，而截至2023 年4 月30 日，積壓訂單為10.2 億美元。京畿道綠色能源公司簽訂的服務協議所致有限責任公司在截至2023 年10 月31 日的財年期間簽訂的合約積壓量因2024 財年第一季從埃索收到的採購訂單而增加，以及與JDA 第五號修正案相關的額外先進技術合約積壓量該公司與EMTEC 於2024 年4 月簽訂的協議，部分被自2023 年4 月30 日以來發電服務和先進技術協議下的收入確認所抵消。

Subsequent to the end of the quarter, we announced that we have entered into a long-term service agreement with GGE, pursuant to which we will provide GGE with 42, 1.4 megawatt upgraded replacement carbon and fuel cell modules.

本季末後，我們宣布與 GGE 簽訂了長期服務協議，根據該協議，我們將為 GGE 提供 42 個 1.4 兆瓦的升級替換碳和燃料電池模組。

The total amount payable by GGE under this new long-term service agreement for the replacement fuel cell modules, balance of plant replacement components and service is approximately $160 million, which will be paid over time as replacement fuel cell modules are commissioned and the service obligations for such modules commence under the long-term service agreements. This $160 million agreement was added to the company's backlog in our third quarter as of May 28, 2024.

根據這項新的長期服務協議，GGE 為更換燃料電池模組、工廠更換零件和服務的餘額應付的總金額約為 1.6 億美元，將隨著更換燃料電池模組的調試和服務義務而逐步支付此類模組根據長期服務協議開始。截至 2024 年 5 月 28 日，這份價值 1.6 億美元的協議已添加到該公司第三季的積壓訂單中。

Next on slide 13, we have an update on our cash and liquidity. During the quarter, we closed on a project debt financing transaction with Liberty Bank and Connecticut Green Bank for our two projects in Derby Connecticut, which recently began operations net funding to the company totaled approximately $11.5 million after deducting transaction fees and debt service reserves.

接下來在投影片 13 上，我們更新了現金和流動性。本季度，我們與自由銀行和康涅狄格州綠色銀行就康涅狄格州德比的兩個項目完成了一項項目債務融資交易，該項目最近開始運營，扣除交易費用和償債準備金後，該公司的淨融資總額約1150 萬美元。

The term of the senior facility is 7 years and the subordinated credit facility is 14 years. The interest rate for the senior debt is fixed at 7.25% and the interest rate for the subordinated debt is fixed at 8%. During the three months ended April 30, 2024, approximately 6.5 million shares of our common stock were sold under the amended open market sale agreement at an average sale price of $0.98 per share, resulting in net proceeds for the company of approximately $5.9 million after deducting sales commissions and fees.

優先信貸額度的期限為7年，次級信貸額度的期限為14年。優先債務利率固定為7.25%，次級債務利率固定為8%。截至2024 年4 月30 日的三個月內，根據修訂後的公開市場銷售協議，以每股0.98 美元的平均銷售價格出售了約650 萬股普通股，扣除後，公司的淨收益約為590萬美元銷售佣金和費用。

As of April 30, 2024, cash and cash equivalents, investments in US treasuries and restricted cash and cash equivalents totaled $313.2 million, this includes approximately $158.8 million of unrestricted cash and cash equivalents, $101.3 million of short-term investments in US treasuries and $53.1 million of restricted cash and cash equivalents.

截至2024 年4 月30 日，現金和現金等價物、美國國債投資以及受限制現金和現金等價物總計3.132 億美元，其中包括約1.588 億美元非限制性現金和現金等價物、1.013 億美元美國國債短期投資和$53.1 百萬受限制現金及現金等價物。

Subsequent to quarter end, the company raised an additional $31.7 million through the sale of common stock under the company's amended open market sale agreement after deducting commissions and fees.

季度末後，扣除佣金和費用後，該公司根據公司修訂後的公開市場銷售協議透過出售普通股籌集了 3,170 萬美元的額外資金。

Turning to slide 14, on our 2023 fourth quarter earnings call, we presented our targeted investment plan for fiscal year 2024. As Jason previously mentioned, we are committed to following a disciplined approach to managing our investments as we grow by establishing triggers linked to key milestones in keeping with this approach, some of our previously planned spending is now expected to shift into fiscal year 2025.

轉向幻燈片14，在我們的2023 年第四季度財報電話會議上，我們提出了2024 財年的目標投資計劃。我們成長的過程中遵循嚴格的方法來管理我們的投資。

First, we are now expecting to make $45 million to $60 million in capital expenditures for property, plant and equipment in fiscal year 2024, down from the $60 million to $75 million we originally planned for the fiscal year, these updated capital amounts are in addition to capital expenditures and our commitments made by the company in fiscal year 2023 to upgrade our manufacturing facilities.

首先，我們現在預計 2024 財年的財產、廠房和設備資本支出為 4,500 萬至 6,000 萬美元，低於我們最初計劃的本財年 6,000 萬至 7,500 萬美元，這些更新的資本金額是額外的資本支出以及公司在2023 財政年度做出的升級製造設施的承諾。

These priorities include expansion of solid oxide manufacturing capacity at our Calgary facility to 40 megawatts of solid oxide electrolysis cell production per year, which is now expected to be completed in calendar year 2025.

這些優先事項包括將我們卡加利工廠的固體氧化物製造能力擴大到每年 40 兆瓦的固體氧化物電解槽產量，目前預計將於 2025 年完成。

The company is also exploring adding certain solid oxide manufacturing capabilities to its Torrington, Connecticut production facility. We are also investing in our Torrington manufacturing facility for molten carbonate, including adding capabilities for carbon recovery and carbon capture, manufacturing and testing, internally funded research and development expenses for fiscal year 2024 are now projected to be in the range of $60 million to $65 million, reflecting a decrease from our prior estimated expenses for fiscal year 2024.

該公司還在探索在康乃狄克州托靈頓的生產設施中增加某些固體氧化物製造能力。我們也投資託林頓熔融碳酸鹽製造設施，包括增加碳回收和碳捕獲、製造和測試能力，2024 財年的內部資助研發費用目前預計在 6,000 萬至 65 美元之間百萬，反映出我們先前預計的2024 財年支出減少。

Priorities for R&D are to continue to accelerate the commercialization of our advanced technology solutions for distributed hydrogen, hydrogen-based, long-duration energy storage and hydrogen power generation. Lastly, we lowered the estimated investment in project assets in our generation portfolio to $10 million to $15 million for fiscal 2024 compared to the previously provided range of $15 million to $25 million as a result of the timing of the Trinity project, which is now expected to be constructed and commissioned in calendar year 2025.

研發重點是繼續加速分散式氫、氫基長時儲能和氫發電先進技術解決方案的商業化。最後，由於 Trinity 專案的時間安排，我們將 2024 財年發電組合中專案資產的預計投資從先前提供的 1,500 萬美元至 2,500 萬美元的範圍降低至 1,000 萬美元至 1,500 萬美元，目前預計將於2025年建成並投入使用。

In summary, the adjustments described on this slide represent a reduction in planned spending of up to $30 million in fiscal year 2024, assuming the high end of the range, we will continue to pursue opportunities to reduce costs across our product platforms and business operations, while executing on our strategic growth initiatives. I will now turn the call back to Jason.

總而言之，這張投影片中所描述的調整意味著 2024 財年計畫支出最多減少 3,000 萬美元，假設該範圍的高端，我們將繼續尋求機會降低我們產品平台和業務營運的成本，同時執行我們的策略成長計劃。我現在將把電話轉回給傑森。

Thanks, Mike. I hope you've all seen the progress we have made in the second quarter and have greater visibility and clarity into the drivers of our business. When we sell one of our products to a customer who realizes the value in our Clean Power Solutions, we win when we provide reliable power and services to these customers we win, when we turn our emerging technologies into new project sales, we win when we do all of this in a cost, disciplined manner, balancing our commitment to service and innovative research with our commitment to generating returns for investors, we win.

謝謝，麥克。我希望大家都看到了我們在第二季度的進展，並對我們業務的驅動因素有更清晰的了解。當我們將我們的產品出售給意識到我們清潔能源解決方案價值的客戶時，當我們為這些我們贏得的客戶提供可靠的電力和服務時，我們就獲勝了；當我們將新興技術轉化為新項目在銷售時，當我們將新興技術轉化為新項目銷售時，我們就獲勝了以成本低廉、紀律嚴明的方式完成所有這一切，平衡我們對服務和創新研究的承諾與為投資者創造回報的承諾，我們獲勝。

Our goal this year is to put more wins on the board this quarter showed many of these examples, and we look forward to providing more positive updates in the quarters ahead.

我們今年的目標是在本季度的董事會上取得更多勝利，其中包括許多這樣的例子，我們期待在未來幾季提供更多正面的更新。

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。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。 （操作員說明）

George Gianarikas, Canaccord Genuity.

喬治‧賈納里卡斯 (George Gianarikas)，Canaccord Genuity。

Hi, good morning, everyone, and thank you for taking my questions.

大家早安，感謝您回答我的問題。

How are you this morning. Thank you for calling.

你今早好嗎。感謝您打電話。

Great, yourself?

太好了，你自己嗎？

Doing fantastic. Thank you.

做得太棒了。謝謝。

So I'd just like to focus on slide 14 for seconds of reducing spending by up to about $30 million. Did I hear correctly that you're expecting some of this project spend to extend into fiscal '25? And also you had mentioned in the past that you had this reversible solid oxide platform that you expect to start in 2027. Is that still on track? Thank you.

因此，我只想專注於幻燈片 14 上幾秒鐘的支出削減最多約 3000 萬美元。我沒聽錯吧，您預計該專案的部分支出將延續到 25 財年？您過去也提到過，您擁有這個可逆固體氧化物平台，預計將於 2027 年啟動。謝謝。

Good morning, George, this is Mike. I will take the first part of that question as far as our planned spend in fiscal 2024.

早安，喬治，我是麥克。我將回答該問題的第一部分，即我們 2024 財年的計劃支出。

Yes, on slide 14, we did summarize the adjustments that we've made this fiscal year, reducing CapEx, reducing company-funded R&D expenditures and reducing project asset spending.

是的，在投影片 14 上，我們確實總結了本財年所做的調整，包括減少資本支出、減少公司資助的研發支出和減少專案資產支出。

Specific to your question around project assets, the range we expected this year is $10 million to $15 million, previously, we were in the $15 million to $25 million range. That assumed that the Trinity Connecticut project would be completed in fiscal 2024. That project has now been extended into fiscal 2025, which is the reason for lowering that particular estimate.

具體到你關於專案資產的問題，我們今年預計的範圍是 1000 萬美元到 1500 萬美元，之前我們的範圍是 1500 萬美元到 2500 萬美元。假設康乃狄克州三一計畫將於 2024 財年完成。

And George, with respect to reversible solid oxide, it remains on our product roadmap. But as we've outlined in today's call, we're really pacing our spending based on how we see market adoption. We think with our technologies, we're well positioned today to be around a number of different opportunities, depending on how the market evolves, whether that's and using hydrogen as a long-duration energy storage, which we continue to believe is ultimately a more compelling solution than a mineral-based solution.

喬治，關於可逆固體氧化物，它仍然在我們的產品路線圖上。但正如我們在今天的電話會議中所概述的那樣，我們實際上是根據我們對市場採用的看法來調整支出的。我們認為，憑藉我們的技術，我們今天處於有利位置，可以圍繞許多不同的機會，這取決於市場的發展方式，無論是使用氫作為長期能源儲存，我們仍然相信這最終是一個更比基於礦物的解決方案更具吸引力的解決方案。

Rather, the opportunities emerge faster along the lines of carbon recovery or carbon capture. And the opportunity we see just increasing around distributed power generation as interconnection queues continue to extend out on grids, at least certainly domestically.

相反，在碳回收或碳捕獲方面，機會出現得更快。隨著互連隊列繼續延伸到電網（至少在國內），我們看到分散式發電的機會正在增加。

You see some of that happening in international markets as well. So we think our technology puts us all close to the proximity of where we see the market opportunities developing and our investments will be really guided by what we see happening from a market adoption standpoint.

您也可以在國際市場上看到其中的一些情況。因此，我們認為我們的技術使我們所有人都接近我們所看到的市場機會的發展，我們的投資將真正受到我們從市場採用的角度看到的情況的指導。

Thank you. And maybe as a follow-up. You had mentioned this new Ameresco partnership and the one particular wastewater treatment facility that you'll be deployed in.

謝謝。也許作為後續行動。您提到了這項新的 Ameresco 合作夥伴關係以及您將部署的一個特定廢水處理設施。

Just any color around the pipeline there and the partnership with Ameresco and if there are additional facilities where you could see joint deployment? Thank you, and I'll step back.

那裡的管道周圍有什麼顏色以及與 Ameresco 的合作關係嗎？謝謝你，我會退後一步。

Yes, so with the with Ameresco, this is our first project we've done with Ameresco, but it's certainly not our first bio gas direct bio gas project. And we think that this trend will continue to develop as an attractive opportunity for us as a company.

是的，與 Ameresco 合作，這是我們與 Ameresco 合作的第一個項目，但這肯定不是我們的第一個沼氣直接沼氣項目。我們認為這種趨勢將繼續發展，對我們公司來說是一個有吸引力的機會。

We think that as you look across states and cities, all over America, as an example, and even in Europe, there is a continued push to move away from landfill waste which essentially means most of that waste is going to end up being part of some anaerobic digestion process and they're going to create fuel that needs to be utilized.

我們認為，當你縱觀整個美國的州和城市，甚至在歐洲，人們都在持續推動遠離垃圾掩埋場廢物，這本質上意味著大部分廢物最終將成為垃圾掩埋場的一部分。氧消化過程，它們將產生需要利用的燃料。

What gives us unique advantages that we're able to use that fuel directly on site, which also reduces the cost associated with that fuel because we don't need to get that the order pipeline quality, we can utilize that fuel and then utilize the thermal energy of our platform to actually accelerate the anaerobic digestion process.

是什麼給了我們獨特的優勢，我們能夠在現場直接使用該燃料，這也降低了與該燃料相關的成本，因為我們不需要獲得訂單管道質量，我們可以利用該燃料，然後利用我們平台的熱能實際上加速了厭氧消化過程。

So we have an expectation that this project with Ameresco will be a successful one as an EPC firm, we would anticipate that they would pursue other opportunities like the one at the Sacramento sewer district. And we think that the success of this project will give us an opportunity to participate in more of those as we move forward.

因此，我們預計，作為一家 EPC 公司，與 Ameresco 合作的這個項目將會是一個成功的項目，我們預計他們會尋求其他機會，例如薩克拉門托下水道區的項目。我們認為，這個計畫的成功將為我們提供參與更多此類計畫的機會。

Thank you.

謝謝。

Samuel James, UBS.

塞繆爾詹姆斯，瑞銀集團。

Hi, good morning, guys. Could you provide some more detail on Tri-gen system. I see that partnerships, Toyota growing?

嗨，早上好，夥計們。您能否提供有關 Tri-gen 系統的更多詳細資訊？我看到豐田的合作關係正在成長？

So, good morning and thank you for the question, so our Tri-gen system is fully operational at the Port of Long Beach in California. And as you know, it provides three valuable streams to Toyota. We provide electricity we provide hydrogen and water. All three of those are used directly on site.

那麼，早上好，謝謝您提出的問題，我們的 Tri-gen 系統已在加州長灘港全面投入運作。如您所知，它為豐田提供了三個有價值的來源。我們提供電力，我們提供氫氣和水。所有這三個都直接在現場使用。

We suspect that as Toyota continues to advance its efforts to distribute hydrogen-based fuel cell electric vehicles that create additional opportunities for that technology. We're excited to see a recent news story that Honda starting to build fuel cell electric vehicles here in the United States in Columbus, Ohio.

我們懷疑，隨著豐田繼續努力推廣氫燃料電池電動車，將為該技術創造更多機會。我們很高興看到最近的新聞報道，本田開始在美國俄亥俄州哥倫布市生產燃料電池電動車。

So we think that that really begins to throw support for the trend around fuel cell electric vehicle transportation in light duty transportation, in addition to heavy duty transportation, where we think it makes a lot of sense as well because you don't pay the penalty for excess weight with batteries on a fuel cell electric vehicle on the heavy Class eight side. So we're working very closely with Toyota. We have a good relationship with Toyota and we suspect that we'll have opportunities to pursue other Tri-gen projects.

因此，我們認為，這確實開始為輕型運輸和重型運輸中燃料電池電動汽車運輸的趨勢提供支持，我們認為這也很有意義，因為您無需支付罰款用於重型八級燃料電池電動汽車上電池的超重。因此，我們正在與豐田密切合作。我們與豐田有著良好的關係，我們懷疑我們將有機會開展其他 Tri-gen 項目。

Thank you.

謝謝。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley 證券公司。

Jason, you mentioned the data center opportunity. Are you in discussions with potential data center customers today. Just trying to get a sense of how advanced those conversations might be it.

Jason，您提到了資料中心的機會。您今天是否正在與潛在的資料中心客戶進行討論？只是想了解這些對話可能有多先進。

Ryan, we are and I'm actually joined by Mark Feasel, our Chief Commercial Officer, so I'll have him maybe jump in and give you a sense of the kind of conversations that we're having. But we're very engaged in those conversations.

瑞安（Ryan），我們的首席商務官馬克·費塞爾（Mark Feasel）實際上也加入了我的行列，所以我可能會讓他介入並讓您了解我們正在進行的對話。但我們非常積極地參與這些對話。

And the one thing that I would say like I like we mentioned in the prepared remarks, we think that positions us incredibly well, Ryan, for the data center opportunities that we have demonstrated our ability to deploy large scale platforms.

我想說的一件事就像我們在準備好的發言中提到的那樣，瑞安，我們認為我們在資料中心機會方面處於非常有利的位置，我們已經證明了我們部署大型平台的能力。

I mean, if you look at the GGE platform, that 58.8 megawatts, we have multiple 20 megawatt platforms in Korea as well. We have large platforms running here in the United States, and that differentiates us from any other fuel cell provider. And so as data centers are looking for on-site generation at large scale we feel like we're well positioned, but I'll have Mark give you few other insights on our customer conversations.

我的意思是，如果你看看 GGE 平台，你會發現 58.8 兆瓦，我們在韓國也有多個 20 兆瓦平台。我們在美國擁有大型平台，這使我們有別於任何其他燃料電池提供者。因此，當資料中心正在尋求大規模的現場發電時，我們覺得我們處於有利位置，但我會讓馬克就我們的客戶對話向您提供一些其他見解。

Yes, Jason, thank you. So as you can imagine in having these conversations with data center customers. They're very interested in a number of different elements that have to do with how they can bring energy in a sustainable reliable way to this new load in addition to the well-publicized interconnection queues that are long in the ability for the grid to serve or not.

是的，傑森，謝謝你。正如您可以想像的那樣，與資料中心客戶進行這些對話。他們對許多不同的元素非常感興趣，這些元素與如何以可持續可靠的方式為這個新負載提供能源有關，此外還有廣為人知的互連隊列，這些隊列在電網服務能力方面很長或不。

There's other kind of constraints that these customers face as well, such as air quality restrictions in certain areas. And so as Jason mentioned with respect to our work in California, our demonstrated ability to be able to operate large generation plants at scale and avoiding some of those criteria maintenance that can result in and long delayed implementations of energy is a very important advantage.

這些客戶也面臨其他類型的限制，例如某些地區的空氣品質限制。正如傑森在談到我們在加州的工作時提到的那樣，我們展示了能夠大規模運營大型發電廠的能力，並避免一些可能導致能源實施長期延遲的標準維護，這是一個非常重要的優勢。

So we are in the midst of technical economic decisions conversations with many data center companies around the world and especially focused right here in North America.

因此，我們正在與世界各地的許多資料中心公司進行技術經濟決策對話，特別是在北美。

And Ryan, maybe I'll just have one other thing where as we think about advantages for us, obviously prove and demonstrate a large scale. Like I said, we've got platforms that are 50 megawatts, 20 megawatts that have been running for five years or more. So proven demonstrated capability to do large scale.

瑞安，也許我還有另一件事，當我們考慮我們的優勢時，顯然要大規模地證明和展示。就像我說的，我們有 50 兆瓦、20 兆瓦的平台，已經運行了五年或更長時間。如此證明了大規模實施的能力。

Secondly, when you think about these edge data centers and the need to get data centers closer to where the consumption is actually taking place air permitting becomes a big issue.

其次，當您考慮這些邊緣資料中心以及讓資料中心更接近實際消耗發生地的需要時，空氣許可就成為一個大問題。

Well, we have an advantage in air permitting because we don't combust fuel, so we're not admitting SOx, NOx and particulates.

嗯，我們在空氣允許方面有優勢，因為我們不燃燒燃料，所以我們不允許硫氧化物、氮氧化物和顆粒物進入。

Thirdly, when you think about edge data centers. We have another advantage because of noise, we don't have moving parts. So we operate at a very low decibel level. So we're able to deploy our platform in urban areas, another big advantages, the fact that we're a high temperature and that gives us an advantage to actually integrate with absorption chilling because all of these edge data centers need lots of cooling to operate those data centers.

第三，當你考慮邊緣資料中心。我們還有另一個優勢，因為噪音，我們沒有移動部件。所以我們在非常低的分貝水平下運行。因此，我們能夠在城市地區部署我們的平台，這是另一個很大的優勢，事實上，我們的溫度很高，這給了我們一個優勢，可以真正與吸收式製冷集成，因為所有這些邊緣數據中心都需要大量的冷卻來運作這些資料中心。

And so if you think about just those things as just four examples of where we have proven advantage and demonstrated capabilities and then add to that. Maybe the fifth one is the fact that we have demonstrated success in microgrid applications.

因此，如果您將這些事情視為我們已證明的優勢和能力的四個示例，然後添加到其中。也許第五個事實是我們已經在微電網應用中取得了成功。

So our ability to integrate with the data center and the grid and provide that level of redundancy, we think puts us in a really nice position to offer a very compelling solution to data center operators.

因此，我們認為，我們能夠與資料中心和電網整合並提供一定程度的冗餘，這使我們處於非常有利的位置，可以為資料中心營運商提供非常引人注目的解決方案。

Great. Yeah, I really appreciate all that color. Thank you, Mark as well. Just one more from me. Can you walk through the expected revenue cadence for the GGE agreement?

偉大的。是的，我真的很欣賞這種顏色。也謝謝你，馬克。我還剩一張。您能否介紹一下 GGE 協議的預期營收節奏？

Good morning, Ryan. This is Mike. So what, yes so high level GGE agreement is $160 million. What that agreement includes is replacement of the 42 fuel cell modules at the GGE site and then service for seven years as well as maintenance around the round the balance of plant.

早安，瑞安。這是麥克。那又怎樣，是的，如此高階的 GGE 協議價值 1.6 億美元。該協議包括更換 GGE 站點的 42 個燃料電池模組，然後提供七年的服務以及對整個工廠進行維護。

So the way this will initially roll out is the first six replacement modules will be delivered in our fourth fiscal quarter. So we would expect revenue recognition related to those modules on in the fourth quarter.

因此，最初推出的方式是前六個替換模組將在我們的第四財季交付。因此，我們預計與這些模組相關的收入將在第四季度確認。

And then from there the next 30 modules will be shipped and delivered during calendar 2025. And the final six modules will be delivered in the first half of 2026. So revenue recognition will essentially follow on the on those modules being delivered to the customer site.

然後，接下來的 30 個模組將在 2025 年期間發貨和交付。

Got it, All very helpful. I'll turn it back.

明白了，一切都非常有幫助。我會把它轉回來。

Noel Parks, Touhy Brothers

諾埃爾·帕克斯、圖伊兄弟

Hi, good morning. I just had a couple. I was interested in the R&D spending and you revised that it's our expectation for the year. And I just wonder if you could break out a little bit on weather, you know those increases are likely to be some project that nothing reads.

早安.我剛喝了幾個。我對研發支出感興趣，您修改說這是我們今年的預期。我只是想知道你是否可以在天氣方面稍微突破一下，你知道這些增加可能是一些沒有任何內容的項目。

I'm sorry, the current spending rate is going to be on. It's more in the covenant product, solid oxide or carbon recovery. And you could sort of characterize examples of what some of the projects or initiatives that they've done our heads?

抱歉，目前的支出率將會持續下去。更多的是契約產品、固體氧化物或碳回收。您可以舉例說明他們為我們所做的一些項目或舉措嗎？

Sure, Noel, this is Mike, I'll take that one. So yes, in our disclosures around company-funded R & D, we reduced the range from $60 million to $70 million, $60 million to $65 million. We're at about $32 million in the first half of the calendar or first half of the fiscal year excuse me. So essentially remaining flat the rest of the year. The investments that we're making in R&D at that line in our financial statements are really around our solid oxide solutions.

當然，諾埃爾，這是麥克，我就選那個。所以，是的，在我們關於公司資助研發的揭露中，我們將範圍從 6,000 萬美元減少到 7,000 萬美元，從 6,000 萬美元減少到 6,500 萬美元。抱歉，今年上半年或本財年上半年我們的收入約為 3,200 萬美元。因此，今年剩餘時間基本上保持穩定。我們財務報表中這一行的研發投資實際上是圍繞著我們的固體氧化物解決方案進行的。

So this is solid oxide power gen as well as hydrogen based long-duration energy storage and electrolysis for producing hydrogen around on carbon capture that you mentioned. That's a funded project of that's coming with our joint development agreement with Exxon as well as the recent purchase order that we entered into around the Rotterdam project. So that's flowing through advanced technologies and the company is getting paid for that particular work.

這是固體氧化物發電以及基於氫的長期儲能和電解，用於在您提到的碳捕獲周圍產生氫氣。這是一個由我們與埃克森美孚的聯合開發協議以及我們最近圍繞鹿特丹項目簽訂的採購訂單提供的資助項目。因此，這是透過先進的技術進行的，並且公司會因這項特定的工作而獲得報酬。

Okay, great. And I is just kind of a housekeeping question, and I noticed the depreciation sequentially was a bit higher this quarter. I wondered if that was just the timing thing related to either onboarding are rolling off or from cost out of out of inventory?

好的，太好了。我只是一個內務問題，我注意到本季的折舊額有點高。我想知道這是否只是與入職正在滾動或庫存不足相關的時間問題？

Yes, depreciation did pick up and that's a result of newer projects coming online. So we are we previously announced the two dairy projects came online in the first fiscal quarter as did the Toyota project. So you're now starting to see the depreciation from those projects coming through the financial statements.

是的，折舊確實有增加，這是新項目上線的結果。因此，我們先前宣布這兩個乳製品項目與豐田項目一樣在第一財季上線。因此，您現在開始透過財務報表看到這些項目的折舊。

Got it. Thanks a lot.

知道了。多謝。

Yup, no problem.

是的，沒問題。

Jeffrey Campbell, Seaport Research Partners.

傑弗裡·坎貝爾，海港研究合作夥伴。

Good morning, and I want to go back to slides 6 and just if we could expand a little bit on the fuel cell ability to utilize this technology. I'm referring to the carbon capture stuff in small to mid-scale applications through the agreement term.

早安，我想回到投影片 6，看看我們是否可以稍微擴展一下燃料電池利用這項技術的能力。我指的是協議條款中中小型應用中的碳捕獲材料。

And I'm not meaning to be majority of it anyway. I'm just wondering, is this sort of a theoretical concept at this point? Or do you we already have a design for a smaller application? Do you have is there an active marketing effort going on here? Maybe what type of application, you think they would have the results sooner than later?

無論如何，我無意成為其中的大多數。我只是想知道，目前這是一個理論概念嗎？或者我們已經有較小應用的設計了嗎？您這裡有積極的行銷活動嗎？也許什麼類型的申請，您認為他們遲早會得到結果？

And also would if something comes through, is that going to be abating for manufacturing capability in some of the other areas that you've noted. Thanks.

而且，如果出現問題，您提到的其他一些領域的製造能力也會減弱。謝謝。

Thank you for your question. Great question, so the work that we've done over the last few years with Exxon has been around technology optimization focused on carbon capture in the work that we've done to actually pursue larger scale opportunities, we've fundamentally have changed kind of the format of our footprint of the design and so today, we're for kind of acute shaped vertical design in the work that we're doing with Exxon, we're going to be a horizontal design platform.

謝謝你的問題。很好的問題，所以過去幾年我們與埃克森美孚所做的工作一直圍繞著以碳捕獲為重點的技術優化，在我們所做的工作中，我們實際上是為了追求更大規模的機會，我們從根本上改變了我們的設計足跡的格式，所以今天，我們在與埃克森美孚合作的工作中採用尖銳形狀的垂直設計，我們將成為一個水平設計平台。

But the cell technology itself that goes into both of those platforms. We have the ability to leverage them in our current design, and we'll certainly leverage it in our go forward design on applications that are just focused on carbon capture.

但這兩個平台都涉及細胞技術本身。我們有能力在當前的設計中利用它們，並且我們肯定會在僅關注碳捕獲的應用程式的未來設計中利用它們。

So as we work do the work to get to the demonstration project in the Netherlands with Exxon at the Esso plan, we have the ability to take that cell design without changing our existing format or footprint and integrate that cell design into our existing platform, enhancing its carbon capture capabilities.

因此，當我們努力與埃克森美孚在荷蘭埃索計劃進行示範項目時，我們有能力在不改變現有格式或占地面積的情況下採用該單元設計，並將該單元設計集成到我們現有的平台中，從而增強其碳捕獲能力。

We have previously demonstrated the ability to capture carbon in our existing design. But one of the things that we wanted to make sure that we did when we put it in at, we put it into a carbon capture application is that we also maintain the power density.

我們之前已經展示了現有設計中捕獲碳的能力。但是，當我們將其投入碳捕獲應用時，我們想要確保所做的事情之一是我們還保持功率密度。

This will give us the ability to do that, both in our existing design and in the designs strictly focused on carbon capture, so it is not theoretical. It is something that we are actively engaged in as a company. Our sales team is actively engaged in opportunities with customers around the ability to leverage our existing design for carbon capture in addition to the work that we're doing against a carbon recovery.

這將使我們有能力做到這一點，無論是在我們現有的設計中還是在嚴格關注碳捕獲的設計中，所以這不是理論上的。這是我們作為一家公司積極參與的事情。除了我們正在進行的碳回收工作之外，我們的銷售團隊還積極與客戶合作，圍繞著利用我們現有的碳捕獲設計的能力。

So what are the kind of applications that you could utilize this technology for or we've talked a lot about the food and beverage application opportunity where we can capture carbon, let's say, from a boiler at a food processing plant capture that carbon we can clean that carbon up and then give it right back to the customer, for example, to use in the processing of those proteins.

那麼，您可以利用這項技術的應用類型是什麼，或者我們已經討論了很多我們可以捕獲碳的食品和飲料應用機會，比方說，從食品加工廠的鍋爐中捕獲我們可以捕獲的碳清理掉這些碳，然後將其直接返還給客戶，例如用於加工這些蛋白質。

As an example, you could take that exact same example and take a customer with an industrial boiler and we can capture that carbon. And if we were doing this somewhere in a market where you've got CO2 pipelines, we can put that CO2 on a pipeline and that CO2 can be sequestered or used in other applications. So these are real opportunities that we're pursuing.

舉個例子，您可以採用完全相同的範例，並以具有工業鍋爐的客戶為例，我們可以捕獲該碳。如果我們在有二氧化碳管道的市場某個地方這樣做，我們可以將二氧化碳放入管道中，並且二氧化碳可以被封存或用於其他應用。所以這些都是我們正在追求的真正機會。

If you think about other areas where you now have with EPA rules around the good neighbor rule and the need for companies to capture carbon. Those also up open opportunities for us to utilize our existing platform, integrating our enhanced cell technology to go after those kind of opportunities.

如果您考慮目前 EPA 圍繞睦鄰規則制定的其他領域以及企業捕獲碳的需要。這些也為我們利用現有平台、整合我們增強的細胞技術來抓住這些機會提供了開放的機會。

Great. And if I could just follow that up. The follow-on is do you see this I mean, on paper, the small-scale versus the large for Esso looks like parallel path. Did you feel like from the conversations you're having right now?

偉大的。如果我能跟進的話。接下來是你看到了嗎？從你們現在的談話中你有這樣的感覺嗎？

There are people that are out there that may be willing to commit to a smaller mid-scale application before the Exxon facility is up and running in 2026? Or is there sort of the sense that everybody just kind of waiting to see how the thing performs at the large scale and then that will be the validation to get some of these smaller scale applications moving? Thanks.

在埃克森美孚設施於 2026 年建成並運作之前，是否有人願意致力於較小的中型應用？或者是否有一種感覺，每個人都在等待看到該事物在大規模上的表現，然後這將是讓這些較小規模的應用程式移動的驗證？謝謝。

Yeah, that's a great question. As we anticipate that customers will move forward in advance of that sooner, Exxon deal creation project being implemented and fully running it project time line. So we do not see that as a barrier to pursuing carbon capture opportunities on the smaller scale.

是的，這是一個很好的問題。正如我們預計客戶將提前推進，埃克森美孚交易創建專案正在實施並完全按照專案時間表運行。因此，我們並不認為這會成為追求小規模碳捕獲機會的障礙。

And in fact, you know, we think that there's customers on the smaller scale that we'll likely be able to move maybe faster than some of these very large scale projects where there's a number of other things that you have to work through in terms of the CO2 itself and just the volume and what you're going to do with it. And as you get into carbon capture, you're then talking about Class two permits or Class six permits to be able to sequester the carbon. And so we think the smaller-scale projects have an opportunity to move to move faster, get off the starting line a little bit quicker.

事實上，我們認為，對於規模較小的客戶，我們可能能夠比一些非常大規模的專案更快地移動，在這些專案中，還有許多其他事情需要解決。它。當您進入碳捕獲領域時，您會談論能夠封存碳的二級許可證或六級許可證。因此，我們認為規模較小的專案有機會加快步伐，更快離開起跑線。

Great. I appreciate the color. Thank you.

偉大的。我很欣賞它的顏色。謝謝。

Thank you.

謝謝。

And that concludes our Q&A session. I will now turn the conference back over to Jason Few for closing remarks.

我們的問答環節到此結束。現在，我將把會議轉回傑森費夫（Jason Few）進行閉幕致詞。

Thank you, Audra. Really appreciate appreciated and thank you all for joining us today. The results of the second quarter are indicative of our Powerhouse business strategy to grow significant market opportunities, scale our existing platform to support growth and innovate for the future. We remain laser focused on this strategy, which has allowed us to collaborate on developing technologies with some of the largest companies in the world.

謝謝你，奧德拉。非常感謝大家今天加入我們。第二季的業績顯示了我們的 Powerhouse 業務策略，即增加重要的市場機會、擴展現有平台以支援未來的成長和創新。我們仍然高度關注這項策略，這使我們能夠與世界上一些最大的公司合作開發技術。

Thank you again for joining us today on our call. Have a great day.

再次感謝您今天參加我們的電話會議。祝你有美好的一天。