燃料電池能源 (FCEL) 2024 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the FuelCell Energy fourth quarter and fiscal year-end 2024 financial results conference call. (Operator Instructions)

早安，女士們先生們，感謝你們的支持。我叫艾比，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 第四季和 2024 財年終財務業績電話會議。 （操作員說明）

Thank you. And I would now like to turn the conference over to Tom Gelston. You may begin.

謝謝。現在我想把會議交給湯姆蓋爾斯頓。你可以開始了。

Good morning, everyone, and thank you for joining us on the call today. As a reminder, this call is being recorded. This morning, FuelCell Energy released our financial results for the fourth quarter and fiscal year 2024, and our earnings press release is available in the Investor section of our website at www.fuelcellenergy.com.

大家早安，感謝您今天加入我們的電話會議。提醒一下，此通話正在錄音。今天上午，FuelCell Energy 發布了第四季度和 2024 財年的財務業績，我們的收益新聞稿可在我們網站 www.fuelcellenergy.com 的投資者部分取得。

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

根據我們的慣例，除了本次電話會議和我們的收益發布之外，我們還在我們的網站上發布了幻燈片演示。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 consists of forward-looking statements within the meaning of the Security Exchange Act of 1934. Such statements express our expectations, beliefs, and intentions regarding the future and include, without limitation, statements with respect to our anticipated financial results, our plans and expectations regarding the continuing development, commercialization, and financing of our fuel cell technology, and our business plans and strategies.

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

Our actual future results could differ materially from those described in or implied by such forward-looking statements because of a number of risk factors and uncertainties. More information regarding such risks and uncertainties is available in the Safe Harbor statement and the slide presentation and in our filings with the Securities Exchange Commission, particularly the risk factor section of the 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，請參閱安全港聲明和幻燈片演示以及我們向美國證券交易委員會提交的文件，特別是最近提交的10-K 表格年度報告以及隨後提交的任何季度報告的風險因素部分錶格 ​​10-Q 上的報告。

During the course of this call, we will be discussing certain non-GAAP financial measures, and we will refer you to our website and to our earnings press release and the appendix of the slide presentation for a 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，並且我們將向您推薦我們的網站、我們的收益新聞稿以及幻燈片簡報的附錄，以便將這些指標與GAAP 財務指標進行協調。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網站的「投資者」下取得。

For our call today, I am joined by Jason Few, FuelCell Energy's President and Chief Executive Officer; and Mike Bishop, our Executive Vice President, 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.

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。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. In the fourth fiscal quarter and the week since the close of the quarter, we have achieved solid performance and taken proactive steps that we believe better position our business for the future.

謝謝你，湯姆，大家早安。感謝您今天參加我們的電話會議。在第四財季以及本季結束後的一周，我們取得了穩健的業績，並採取了積極主動的措施，我們相信這些措施可以更好地為我們的未來業務定位。

Fourth-quarter revenue more than doubled year over year, mainly driven by module sales to Gyeonggi Green Energy, or GGE, in South Korea. And while full fiscal year 2024 revenue was down compared to the prior year, we expect to deliver meaningful revenue growth in fiscal year 2025, and we will continue to exercise cost discipline in deploying capital for growth opportunities.

第四季營收年增一倍以上，主要受到向韓國京畿道綠色能源（GGE）銷售組件的推動。儘管 2024 財年全年收入較上一年有所下降，但我們預計 2025 財年將實現有意義的收入增長，並且我們將繼續在部署資本以獲得增長機會時嚴格遵守成本紀律。

As I do every quarter, I would like to start by underscoring our business and purpose. For those of you who are new to our story, as well as for those who know us well, our purpose is to enable a world empowered by clean energy. So what does this mean? It means leveraging our proprietary fuel cell technology platform, our considerable intellectual property portfolio, including hundreds of patents, our geographic footprint, and our talented team to provide energy solutions for our customers.

正如我每季所做的那樣，我想先強調我們的業務和宗旨。對於那些不熟悉我們故事的人以及熟悉我們的人來說，我們的目標是創造一個由清潔能源驅動的世界。那麼這意味著什麼呢？這意味著利用我們專有的燃料電池技術平台、我們豐富的智慧財產權組合（包括數百項專利）、我們的地理足跡以及我們的才華橫溢的團隊，為我們的客戶提供能源解決方案。

Next, on slide 4, I'd like to provide an overview of our key messages for the quarter. First, subsequent to the end of the fourth fiscal quarter, FuelCell announced a global restructuring plan that aims to realign our team and capital to focus on our core technologies and target sales where we see the strongest demand in the near term. Data centers, distributive power generation, grid resiliency, and carbon recovery for utilization.

接下來，在投影片 4 上，我想概述本季的關鍵資訊。首先，在第四財季結束後，FuelCell 宣布了一項全球重組計劃，旨在重新調整我們的團隊和資本，以專注於我們的核心技術和我們認為近期需求最強勁的目標銷售。資料中心、分散式發電、電網彈性和碳回收。

We believe the actions we've taken will better position us from the perspective of focused product solutions and cost, helping us to start fiscal year 2025 building on our fourth-quarter 2024 momentum. I will speak in more detail about the restructuring plan on the next slide.

我們相信，從重點產品解決方案和成本的角度來看，我們採取的行動將使我們更好地定位，幫助我們在 2024 年第四季的勢頭基礎上開啟 2025 財年。我將在下一張投影片上更詳細地討論重組計劃。

Second, we continue to make progress on the operations front. In the quarter, we delivered and installed six repowering fuel cell modules for our customer, GGE, and we also made significant advancements on our biogas project with Ameresco in Sacramento, California. In addition, our solid oxide electrolysis unit that is heading to Idaho National Laboratory crossed a significant milestone passing the INL's acceptance test. That unit is being prepared for shipment as we speak.

其次，我們在營運方面不斷取得進展。本季度，我們為客戶 GGE 交付並安裝了六個再供電燃料電池模組，我們與 Ameresco 位於加州薩克拉門託的沼氣專案也取得了重大進展。此外，我們即將運往愛達荷州國家實驗室的固體氧化物電解裝置通過了 INL 的驗收測試，跨越了一個重要的里程碑。正如我們所說，該裝置正在準備發貨。

In addition to delivering for our current customers, we are focused on winning new opportunities. And our third theme underscores that there is plenty of opportunity with the global power demand remaining robust across utilities, commercial, and industrial sectors.

除了為現有客戶提供服務外，我們還致力於贏得新的機會。我們的第三個主題強調，隨著全球電力需求在公用事業、商業和工業領域保持強勁，存在大量機會。

From megatrends like the growth of data centers driven by AI, blockchain, and cryptocurrency to the ongoing global drive to create a more reliable and resilient grid and the need to reduce dependency on permitting and building high-voltage transmissions across local landscapes. The world needs more clean baseload power, and we believe we have the solutions.

從人工智慧、區塊鏈和加密貨幣驅動的資料中心成長等大趨勢，到全球持續推動創建更可靠、更有彈性的電網，以及減少對許可和在當地建立高壓輸電的依賴。世界需要更清潔的基本負載電力，我們相信我們有解決方案。

This leads into the fourth theme, which is the growing global adoption of fuel cell technology. Countries like South Korea are leading the way in adding clean fuel cell energy into their power mix, and we expect others to follow their example. The large-scale utility and commercial deployments we have implemented globally allow us to demonstrate the reliability and functionality of our long-running platforms representing positive case studies as we work to win future orders.

這就引出了第四個主題，即燃料電池技術在全球範圍內的日益普及。韓國等國家在將清潔燃料電池能源納入其電力結構方面處於領先地位，我們希望其他國家效仿他們的榜樣。我們在全球實施的大規模公用事業和商業部署使我們能夠展示長期運行平台的可靠性和功能性，這些平台代表了我們努力贏得未來訂單的積極案例研究。

And finally, as we develop these energy solutions, we will continue our disciplined approach to capital allocation and cost control in order to maintain a strong balance sheet. We ended the fourth quarter with $318 million of cash, cash equivalents, and short-term investments, putting us in a position to invest in growth platform development even as we bring added focus and reduce expenses as we execute our strategy.

最後，在開發這些能源解決方案時，我們將繼續採用嚴格的資本配置和成本控制方法，以維持強勁的資產負債表。截至第四季末，我們擁有 3.18 億美元的現金、現金等價物和短期投資，這使我們能夠投資於成長平台開發，同時我們在執行策略時會更加關注並減少開支。

Now, looking more closely at our global restructuring plan, I want to underscore that we executed this plan in a way that is intended to put us in the best position possible to capitalize on the growth themes I just outlined. We are prioritizing our technologies that are proven, commercially available, and operating since 2003, centered on our carbonate fuel cell technology, which has been the long-time backbone of our platform and is core to what we believe are significant growth opportunities for carbon recovery and carbon capture.

現在，更仔細地審視我們的全球重組計劃，我想強調，我們執行該計劃的方式旨在使我們處於最佳位置，以利用我剛才概述的成長主題。我們優先考慮經過驗證、可商業化並自2003 年以來一直在運行的技術，以我們的碳酸鹽燃料電池技術為中心，該技術一直是我們平台的長期支柱，也是我們認為碳回收重大成長機會的核心和碳捕獲。

We are expanding our manufacturing capabilities for our molten carbonate technology in an effort to capture the increasing opportunity in distributed power solutions, and we aim to increase our fiscal year 2025 annualized production rate at our Torrington manufacturing facility relative to fiscal year 2024.

我們正在擴大熔融碳酸鹽技術的製造能力，以抓住分散式能源解決方案中日益增長的機會，我們的目標是相對於 2024 財年提高託林頓製造工廠 2025 財年的年化生產力。

Alongside our molten carbonate platform, we will continue to invest in the continued development and commercialization of our solid oxide platform. However, our strategy will focus on developing strategic partnerships and opportunities that would enable us to deploy this technology as part of a larger scale energy emissions reduction, and hydrogen generation projects.

除了我們的熔融碳酸鹽平台外，我們將繼續投資於固體氧化物平台的持續開發和商業化。然而，我們的策略將專注於發展策略合作夥伴關係和機會，使我們能夠將該技術部署為更大規模的能源減排和氫氣生產項目的一部分。

We believe that the upcoming demonstration of our solid oxide electrolyzer at the Idaho National Laboratory in 2025 will be demonstrative of our technology and ability to execute that strategy. We are actively seeking strategic options to develop and work with partners for our solid oxide technology large scale enablement and will continue to do so in fiscal year 2025.

我們相信，即將於 2025 年在愛達荷國家實驗室進行的固體氧化物電解槽演示將證明我們的技術和執行該策略的能力。我們正在積極尋求策略性選擇來開發並與合作夥伴合作，以大規模實現我們的固體氧化物技術，並將在 2025 財年繼續這樣做。

The path to growth is not always direct or linear. We are proactively taking action to respond to what has been a challenging environment for our industry. We are reducing spending, hyper-focusing on tangible commercial opportunities, and progressing toward profitability.

成長之路並不總是直接或線性的。我們正在積極採取行動，應對產業面臨的充滿挑戰的環境。我們正在減少支出，高度專注於有形的商業機會，並逐步實現盈利。

While the restructuring was a difficult decision, we believe it is the right decision to protect our competitive position and put us in the best position to close market opportunities. Every decision we make feeds into our purpose, and we carry out this purpose through our powerhouse business strategy, which we instituted in 2019. Those of you who know us well are familiar with our strategy, and we continue to believe in the powerhouse framework.

雖然重組是一個艱難的決定，但我們相信這是保護我們的競爭地位並使我們處於抓住市場機會的最佳位置的正確決定。我們所做的每一個決定都體現了我們的目標，我們透過 2019 年制定的強大業務策略來實現這一目標。

I would call your attention to an update we have made to the first pillar of our strategy, which we now call focus. To grow in the current market environment, we narrowed our focus. We focused on streamlining our business operations, running our company as efficiently as possible, optimizing our platform, and maintaining commercial excellence. This will enable us to uphold the second and third pillars of our strategy, scaling our platform and innovating for the future.

我想提請您注意我們對策略第一支柱所做的更新，我們現在稱之為「焦點」。為了在當前的市場環境中實現成長，我們縮小了關注範圍。我們專注於簡化業務運營、盡可能高效地運營公司、優化平台並保持商業卓越性。這將使我們能夠維護我們策略的第二個和第三個支柱，擴展我們的平台並為未來進行創新。

I would now like to turn to the next section of our presentation to discuss all the ways we are working to improve our operations at FuelCell Energy and continue to execute on our current slate of opportunities.

我現在想轉向我們演講的下一部分，討論我們正在努力改善 FuelCell Energy 營運並繼續執行我們當前的機會的所有方式。

On page 8, we illuminate the solution applications, where and how we excel at building and operating large-scale distributed clean energy platforms and why our demonstrated path positions as well as a proven solution in meeting the time-to-power applications opportunity or, from a customer's perspective, shortening their time to revenue.

在第8 頁，我們闡述了解決方案應用、我們擅長構建和運營大型分散式清潔能源平台的領域和方式，以及為什麼我們展示的路徑位置以及在滿足供電時間應用機會方面經過驗證的解決方案，或者，從客戶的角度來看，縮短他們獲得收入的時間。

We have a history of delivering distributed power solutions at scale, with eight sites generating 10 megawatts or more for an aggregate nameplate capacity of approximately 180 megawatts. We are the only fuel cell manufacturer with demonstrated platforms of 10 megawatts, 20 megawatts, and even almost 60 megawatts with seven or more years of operating time delivering reliable and efficient energy services. This strong historic performance, I believe, positions us well to take advantage of what we view as one of the biggest market opportunities for our company, microgrids in support of data center growth.

我們擁有大規模提供分散式電源解決方案的歷史，有 8 個站點發電量達到 10 兆瓦或以上，總銘牌容量約為 180 兆瓦。我們是唯一擁有 10 兆瓦、20 兆瓦甚至近 60 兆瓦演示平台的燃料電池製造商，具有七年或更長的運行時間，提供可靠、高效的能源服務。我相信，這種強勁的歷史表現使我們能夠很好地利用微電網，我們認為這是我們公司最大的市場機會之一，支持資料中心的成長。

Microgrids enable many of the world's fastest-growing power consumers, such as data centers, run more efficiently with higher availability, lower emissions compared to grid power, reduced customer dependency on utilities, and accelerate their time to revenue by leveraging on-site generation as prime power.

微電網使許多世界上成長最快的電力消費者（例如資料中心）能夠更有效率地運行，具有更高的可用性，與電網電力相比排放更低，減少客戶對公用事業的依賴，並透過利用現場發電來縮短創收時間主要力量。

FuelCell Energy's technology can meet these customers' microgrids' needs. We currently maintain five operating microgrids, which provide reliable baseload power that is critical in the event of utility outages. We do this against a range of applications from manufacturings, schools, communities, and mission-critical nuclear submarine base.

FuelCell Energy的技術可以滿足這些客戶的微電網需求。我們目前維護五個正在運行的微電網，它們提供可靠的基本負載電力，這在公用事業中斷時至關重要。我們針對來自製造業、學校、社區和關鍵任務核潛艇基地的一系列應用程式進行此操作。

We've also exhibited our ability to integrate with other generation sources, including a ranking cycle asset at our Bridgeport Fuel Cell Park, and we can integrate seamlessly with other microgrid assets, including battery, gas turbines, diesel generators, and solar and wind power sources.

我們還展示了與其他發電來源整合的能力，包括我們 Bridgeport 燃料電池園區的排名循環資產，並且我們可以與其他微電網資產無縫集成，包括電池、燃氣渦輪機、柴油發電機以及太陽能和風能來源。

To give you a sense of the scale of this market opportunity, I'd invite you to take a look at the data visualization on slide 9, showing the sharp growth in interconnection queues generated by the massive strains on our current US grid. Many of these areas are corridors where data-centered growth has been the highest, including the Mid-Atlantic region, the Great Lakes region, Texas, the Southwest, and the Pacific Northwest. There is a clear need for distributed power solutions to help relieve these strains, the kind of solutions provided by FuelCell Energy. The same story is playing out worldwide across grids.

為了讓您了解這個市場機會的規模，我邀請您看一下幻燈片 9 上的數據視覺化，顯示了當前美國電網的巨大壓力所產生的互連隊列的急劇增長。其中許多地區都是以數據為中心的成長最快的走廊，包括大西洋中部地區、五大湖地區、德克薩斯州、西南部和太平洋西北地區。顯然需要分散式電源解決方案來幫助緩解這些壓力，而 FuelCell Energy 就提供了這種解決方案。同樣的故事正在全球各電網上演。

Moving to slide 10, as I mentioned earlier, our work to deliver and install modules for GGE continues apace. We have installed the first six modules, and the remaining 36 modules will be manufactured and delivered over the next two years, paced by an intentional repowering schedule. We are pleased to have secured financing from the Export-Import Bank of the United States, which provided working capital funding for the initial module deliveries. We look forward to continuing our relationship with EXIM.

轉到幻燈片 10，正如我之前提到的，我們為 GGE 提供和安裝模組的工作仍在快速進行中。我們已經安裝了前 6 個模組，其餘 36 個模組將在未來兩年內製造和交付，並按照有意的重新供電計劃進行。我們很高興獲得美國進出口銀行的融資，該銀行為最初的模組交付提供了營運資金。我們期待繼續與 EXIM 保持合作關係。

Our generation operating portfolio remains strong and gives us line of sight into our potential revenue for the next fiscal year, which we expect to be significantly higher than our revenue for fiscal year 2024. The size of our portfolio has grown significantly in the past two years, totaling 62.8 megawatts at the end of the fourth quarter, compared with 36.3 megawatts at the same time in fiscal year 2022.

我們的發電營運投資組合依然強勁，讓我們能夠了解下一財年的潛在收入，我們預計該收入將顯著高於 2024 財年的收入。第四季末總計62.8 兆瓦，而2022 財年同期為36.3 兆瓦。

We have added our service contract with GGE to our backlog, representing over $34 million in revenue over the term of the agreement with GGE.

我們已將與 GGE 的服務合約添加到我們的積壓訂單中，這意味著在與 GGE 的協議期限內收入超過 3400 萬美元。

In other operational news, our Sacramento sewer project with Ameresco is nearing completion. Additionally, module production for the carbon capture project at the Port of Rotterdam is ahead of schedule, with modules expected to ship in mid-calendar year 2025. These are positive building blocks as we begin fiscal year 2025.

在其他營運新聞中，我們與 Ameresco 合作的薩克拉門托下水道計畫即將完成。此外，鹿特丹港碳捕集計畫的模組生產已提前完成，模組預計將於 2025 年中旬發貨。

I'd like to conclude my portion of the call by reflecting on the 2024 US election results and how they affect us as a company and as an industry. The conventional wisdom may say that one political party favors the fuel cell industry versus the other. But I'm here to tell you that we firmly believe that our solutions are bipartisan and deliver value to our customers, no matter which party is in power.

我想透過反思 2024 年美國大選結果以及它們對我們公司和產業的影響來結束我的電話會議。傳統觀點可能會說，一個政黨相對於另一個政黨更青睞燃料電池產業。但我在這裡告訴您，我們堅信我們的解決方案是兩黨合作的，可以為我們的客戶帶來價值，無論哪一方執政。

Support for our industry has historically been bipartisan, and legislators of all affiliations are focused on developing a resilient and reliable US power grid, which our industry helps provide. Our [bolt-on carbon net] platform is able to utilize a number of fuels as feedstock, including natural gas, which we believe benefits from energy policies that promote this clean, domestically plentiful transition fuel.

歷來，對我們行業的支持一直是兩黨共同支持的，各黨派的立法者都致力於發展一個有彈性和可靠的美國電網，而我們的行業則幫助提供這一電網。我們的[螺栓固定碳網]平台能夠利用多種燃料作為原料，包括天然氣，我們相信天然氣將受益於促進這種清潔、國內豐富的過渡燃料的能源政策。

Above all, we're a global company, and the global energy transition continues no matter what happens in domestic politics. Our platform is commercially proven and doesn't depend on one party or another to be economically viable. In short, regardless of the direction political winds are blowing, FuelCell Energy will be positioned to provide clean and reliable energy to the world. We wish the incoming administration success, just as we did for the current administration.

最重要的是，我們是一家全球性公司，無論國內政治發生什麼，全球能源轉型都會持續下去。我們的平台經過商業驗證，不依賴任何一方或另一方在經濟上可行。簡而言之，無論政治風向如何，FuelCell Energy 都將致力於為世界提供清潔可靠的能源。我們祝福新政府取得成功，就像我們為現任政府所做的一樣。

With that, I'd like to turn the call over to our CFO, Mike Bishop.

說到這裡，我想將電話轉給我們的財務長 Mike Bishop。

Thank you, Jason, and good morning to everyone on the call today. Let's begin by reviewing the financial highlights for the quarter shown on slide 12.

謝謝傑森，今天與會的所有人早安。讓我們先回顧一下投影片 12 中顯示的本季的財務亮點。

For the fourth quarter of fiscal year 2024, we reported total revenues of $49.3 million compared to $22.5 million in the fourth quarter of fiscal year 2023, an increase of 120%. Net loss was $39.6 million in the fourth quarter of fiscal year 2024 compared to a net loss of $29.5 million in the fourth quarter of fiscal year 2023. The resulting net loss per share attributable to common stockholders in the fourth quarter of fiscal year 2024 was negative $2.21 compared to negative $2.07 in the fourth quarter of fiscal year 2023.

2024 財年第四季的總營收為 4,930 萬美元，與 2023 財年第四季的 2,250 萬美元相比，成長了 120%。 2024 財年第四季淨虧損為 3,960 萬美元，而 2023 財年第四季淨虧損為 2,950 萬美元。美元，而2023 財年第四季為負2.07 美元。

Adjusted EBITDA totaled negative $25.3 million in the fourth quarter of fiscal year 2024 compared to adjusted EBITDA of negative $30.8 million in the fourth 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 財年第四季調整後 EBITDA 總額為負 2,530 萬美元，而 2023 財年第四季調整後 EBITDA 為負 3,080 萬美元。的財報發布結束。

Finally, the company held total unrestricted cash, restricted cash, cash equivalents, and short-term investments of $318 million as of October 31, 2024.

最後，截至 2024 年 10 月 31 日，該公司持有的非限制性現金、限制性現金、現金等價物及短期投資總額為 3.18 億美元。

Next, please turn to slide 13 for additional details on our financial performance and backlog. The chart on the left-hand side graphically shows our fourth-quarter revenue composition by line item. Product revenues for the fourth quarter increased to $25.4 million compared to $10.5 million in the prior year quarter. This increase was primarily driven by $18 million of revenue recognized under the long-term service agreement with GGE for the replacement of six fuel cell modules.

接下來，請參閱投影片 13，以了解有關我們財務業績和積壓訂單的更多詳細資訊。左側的圖表以圖形方式顯示了我們第四季度按行項目的收入組成。第四季的產品收入增至 2,540 萬美元，而去年同期的產品收入為 1,050 萬美元。這一增長主要是由於與 GGE 簽訂的用於更換六個燃料電池模組的長期服務協議確認的 1800 萬美元收入所致。

Additionally, we recognized $7.7 million of revenue under the company's sales contract with Ameresco, under which the company is to provide a 2.8 megawatt platform to the Sacramento Sewer District. Note that product revenues for the prior year quarter reflect recognition of revenue related to a performance guarantee, which was part of the settlement agreement with POSCO Energy and its subsidiary, Korea Fuel Cell, or KFC.

此外，我們根據該公司與 Ameresco 的銷售合同確認了 770 萬美元的收入，根據該合同，該公司將為薩克拉門托下水道區提供一個 2.8 兆瓦的平台。請注意，去年同期的產品收入反映了與履約保證相關的收入確認，這是與浦項製鐵能源及其子公司韓國燃料電池（或肯德基）和解協議的一部分。

Service agreement revenues in the fourth quarter increased to $5.6 million from a loss of $0.8 million in the prior year quarter, with the increase primarily driven by two module exchanges during the fourth quarter of fiscal year 2024. There were no module exchanges in the fourth quarter of fiscal year 2023.

第四季的服務協議營收從去年同期的虧損 80 萬美元增至 560 萬美元，成長主要是由於 2024 財年第四季的兩次模組更換所致。

Revenue for the prior year quarter was impacted by accruals due to higher cost estimates related to future module exchanges compared to the company's prior estimates, which more than offset revenue recognized for the prior year quarter. Service agreements revenue can be variable from period to period depending on the number of module exchanges during the period and changes to future cost estimates used to recognize revenue in the period.

去年季度的收入受到應計費用的影響，因為與公司先前的估計相比，與未來模組更換相關的成本估計值較高，這超出了去年季度確認的收入。服務協議收入可能會隨著期間的模組更換數量以及用於確認該期間收入的未來成本估算的變化而變化。

Generation revenues increased by 40.3% to $12 million from $8.5 million, reflecting revenue from the Toyota and Derby projects, which began operations in the first quarter of fiscal year 2024. Advanced technology contract revenues increased to $6.4 million from $4.3 million, benefiting from revenues recognized under the purchase order received from ESSO Nederland B.V., or ESSO, an affiliate of ExxonMobil Corporation, related to the Rotterdam project.

發電收入從850 萬美元增長40.3% 至1200 萬美元，反映了豐田和德比項目的收入，這些項目於2024 財年第一季開始運營。於已確認的收入根據從 ESSO Nederland B.V.（或埃克森美孚公司的附屬公司 ESSO）收到的與鹿特丹項目相關的採購訂單。

Looking at the top right-hand side of the slide, I will walk through the changes in gross loss and operating expenses during the fourth quarter of fiscal year 2024. Gross loss for the fourth quarter of fiscal year 2024 totaled negative $10.9 million compared to a gross loss of negative $1.5 million in the comparable prior year quarter.

查看投影片的右上角，我將詳細介紹2024 財年第四季的毛虧損和營運費用的變化。美元。

The increase in gross loss for the fourth quarter of fiscal year 2024 reflects the costs associated with the increased product revenues, whereas there were no costs associated with the product revenues of $10.5 million recognized in the fourth quarter of fiscal year 2023 related to a performance guarantee that was part of the settlement agreement with POSCO Energy and its subsidiary, KFC.

2024 財年第四季毛虧損的增加反映了與產品收入增加相關的成本，而 2023 財年第四季確認的 1050 萬美元產品收入並沒有與履約保證相關的成本這是與POSCO Energy 及其子公司肯德基達成的和解協議的一部分。

Additionally, the company had higher generation costs of sales during the fourth quarter of fiscal year 2024 as it recorded a derivative loss of $1.8 million compared to a derivative gain of $4.1 million in the prior year quarter as a result of net settling certain natural gas purchases. These items were partially offset by benefits from improved service profitability as a result of a module exchange in the fourth quarter of fiscal year 2024 while there were no module exchanges during the comparable prior year quarter.

此外，該公司在 2024 財年第四季的銷售發電成本較高，因為由於淨結算某些天然氣採購，該公司錄得衍生性商品損失 180 萬美元，而去年同期的衍生性商品收益為 410 萬美元。這些項目被 2024 財年第四季模組更換帶來的服務獲利能力提高所帶來的收益所部分抵消，而去年同期沒有進行模組更換。

Operating expenses for the fourth quarter of fiscal year 2024 decreased to $30.1 million from $34.9 million in the fourth quarter of fiscal year 2023. Administrative and selling expenses decreased to $15.9 million during the fourth quarter of fiscal year 2024 from $16.9 million during the fourth quarter of fiscal year 2023.

2024 財年第四季的營運費用從2023 財年第四季的3,490 萬美元減少到3,010 萬美元。萬美元。

The decrease in administrative and selling expenses is primarily a result of the fact that the comparable prior year quarter included closing costs related to a tax equity financing which was partially offset by higher compensation expense in the fourth quarter of fiscal year 2024.

管理和銷售費用減少的主要原因是去年同期可比季度包括與稅收股權融資相關的結帳成本，該費用被 2024 財年第四季較高的補償費用部分抵銷。

Research and development expenses decreased to $11.6 million during the fourth quarter compared to $18 million during the fourth quarter of fiscal year 2023. This decrease reflects the previously announced decrease in spending on the company's ongoing commercial development efforts related to our solid oxide platforms and carbon separation and carbon recovery solutions compared to the prior year period as well as the allocation of resources to funded advanced technology projects.

第四季的研發費用下降至1,160 萬美元，而2023 財年第四季的研發費用為1,800 萬美元。支出的減少與去年同期相比的碳回收解決方案以及資助先進技術項目的資源分配。

On the bottom right of the slide, you will see that we finished the fiscal year with backlog of approximately $1.16 billion, an increase of approximately 13.1% compared to backlog as of October 31, 2023. The increase in backlog is primarily a result of the long-term service agreement with GGE which was allocated between product and service backlog.

在投影片的右下角，您將看到我們完成本財年的積壓訂單約為11.6 億美元，與截至2023 年10 月31 日的積壓訂單相比增加了約13.1%。由於與 GGE 簽訂長期服務協議，在產品和服務積壓之間分配。

Product backlog will be recognized as revenue as the company completes commissioning of its replacement modules. Commissioning of the first six 1.4 megawatt replacement modules was completed in the fourth quarter of fiscal year 2024.

當公司完成替換模組的調試後，產品積壓將被確認為收入。首批 6 個 1.4 兆瓦更換模組已於 2024 財年第四季完成調試。

An additional 30 1.4 megawatt replacement modules are expected to be commissioned throughout the course of calendar year 2025 and the remaining six 1.4 megawatt replacement modules are expected to be commissioned in the first half of calendar year 2026. Service backlog will be recognized as the company performs service at the GGE site over the term of the agreement.

另外 30 個 1.4 兆瓦替換模組預計將在 2025 年全年投入運行，其餘 6 個 1.4 兆瓦替換模組預計將在 2026 年上半年投入運行。提供GGE 站點的服務。

On slide 14 is an update of our liquidity position. As of October 31, 2024, we had total cash, cash equivalents, and short-term investments of $318 million. This includes $148 million of unrestricted cash and cash equivalents, $109.1 million of short-term investments, and $60.8 million of restricted cash and cash equivalents. The short-term investments represent the amortized cost of US Treasury securities outstanding as of October 31, 2024.

第 14 張投影片是我們流動性狀況的更新。截至 2024 年 10 月 31 日，我們的現金、現金等價物及短期投資總額為 3.18 億美元。其中包括 1.48 億美元的非限制性現金和現金等價物、1.091 億美元的短期投資以及 6,080 萬美元的限制性現金和現金等價物。短期投資代表截至 2024 年 10 月 31 日已發行美國公債的攤餘成本。

We were pleased to close on a financing transaction in the fourth quarter with the Export-Import Bank of the United States in which we received approximately $9.2 million of net proceeds. In addition, we raised approximately $20 million through sales of common stock during the fourth quarter of fiscal year 2024.

我們很高興在第四季度與美國進出口銀行完成了一項融資交易，獲得了約 920 萬美元的淨收益。此外，我們在 2024 財年第四季透過銷售普通股籌集了約 2,000 萬美元。

In the fourth quarter, we announced a global restructuring plan which we expect will reduce operating costs by approximately 15% in fiscal year 2025 compared with fiscal year 2024. The restructuring plan included a reduction of workforce of approximately 13% or 75 employees in November 2024 and includes reduced spending for product development, overhead, and other costs. This followed a 4% or 17 employee reduction in September 2024.

第四季度，我們宣布了一項全球重整計劃，預計 2025 財年的營運成本將比 2024 財年減少約 15%。支出、管理費用和其他成本。此前，該公司於 2024 年 9 月裁員 4%，即 17 名員工。

In addition to reducing costs in fiscal year 2025, we believe we have good visibility into contracted revenue drivers for fiscal year 2025, including with respect to revenues expected to be recognized upon delivery of replacement modules to GGE. As a result, we expect to see a material improvement to companies' revenues for fiscal year 2025 compared to fiscal year 2024.

除了降低 2025 財年的成本外，我們相信我們對 2025 財年的合約收入驅動因素有很好的了解，包括預計在向 GGE 交付替換模組時確認的收入。因此，我們預期 2025 財年公司營收將較 2024 財年出現實質改善。

Next, please turn to slide 15 where we are providing greater detail on investments we plan to make during fiscal year 2025 which are intended to support our growth plans over the medium and longer term. Capital expenditures are expected to be $20 million to $25 million, which includes the continuation of solid oxide capacity expansion work in our Calgary Canada facility.

接下來，請參閱幻燈片 15，其中我們提供了有關我們計劃在 2025 財年進行的投資的更多詳細信息，這些投資旨在支持我們的中長期增長計劃。資本支出預計為 2,000 萬至 2,500 萬美元，其中包括繼續在加拿大卡加利工廠進行固體氧化物產能擴張工作。

We are also increasing the carbonate capabilities in our Torrington facility, including expected completion of the carbon recovery demonstration plan. Internally funded research and development expenses for fiscal year 2025 are projected to range from $40 million to $45 million, which is lower than our R&D expenditures of $55.4 million in fiscal year 2024. Priorities for R&D are to improve fuel cell stack design and light, enhance our solid oxide module design, and advance commercial demonstrations of carbon capture and carbon recovery platforms.

我們也提高了托靈頓工廠的碳酸鹽生產能力，包括預計完成碳回收示範計畫。 2025 財年的內部資助研發費用預計在 4,000 萬至 4,500 萬美元之間，低於 2024 財年 5,540 萬美元的研發支出。設計，並推動碳捕獲和碳回收平台的商業示範。

In closing, I am pleased with the steps that we have taken to prioritize our commercially available technologies to reflect the changing market opportunities with an updated strategic plan. We believe these steps will help to ensure that we have the balance sheet strength required to support our growth objectives, and we will continue to take a highly disciplined approach to managing cash and allocating capital.

最後，我對我們為優先考慮商用技術所採取的步驟感到滿意，以透過更新的策略計畫反映不斷變化的市場機會。我們相信這些步驟將有助於確保我們擁有支持我們成長目標所需的資產負債表實力，並且我們將繼續採取高度嚴格的方法來管理現金和分配資本。

From a financial perspective, we believe we remain well positioned to execute on our near, medium, and long-term powerhouse business strategy.

從財務角度來看，我們相信我們仍然有能力執行近期、中期和長期的強勁業務策略。

With that, I'd like to turn it back to the operator to begin our question-and-answer session. Operator?

這樣，我想將其轉回操作員以開始我們的問答環節。操作員？

(Operator Instructions)

（操作員說明）

George Gianarikas, Canaccord Genuity.

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

I'd like to ask about the recent restructuring and the gwoth expected in fiscal '25. Can you just sort of talk about what the new operating model of the firm is, breakeven levels, growth profiles, et cetera? I know that the '25 growth is being impacted by some modular shipments. But just generally, what you think about the growth trajectory of the firm and what the restructuring does for your profitability profile? Thank you.

我想詢問最近的重組以及 25 財年預計的成長情況。您能談談公司的新營運模式是什麼、損益平衡水準、成長概況等等嗎？我知道 25 年的成長受到一些模組化出貨量的影響。但總的來說，您對公司的成長軌跡有何看法以及重組對您的獲利能力有何影響？謝謝。

George, thank you for the question. So as we've moved forward on the restructuring, part of that was focused on shortening the horizon to us getting to profitability. Secondly, it's an acknowledgement of narrowing our focus from a product standpoint and where we see the marketplace going in terms of adoption of clean energy technologies.

喬治，謝謝你的提問。因此，隨著我們推進重組，其中一部分重點是縮短我們實現盈利的期限。其次，這是我們從產品角度縮小關注範圍的認可，以及我們看到市場在採用清潔能源技術方面的發展趨勢。

And so by going through the restructuring, we've been able to, one, reduce our cost to about 15% is what we expect for 2025. We've also realigned resources against the opportunities that we see as short and medium-term opportunities given the current market dynamics. And we think that that's going to help us create stronger growth. As we've talked about, we expect to see growth in 2025.

因此，透過重組，我們能夠，一是我們對 2025 年的預期將成本降低至 15% 左右。我們認為這將幫助我們創造更強勁的成長。正如我們所討論的，我們預計 2025 年會出現成長。

In addition to that, we think that's going to allow us to better position and leverage our sales pipeline to turn that pipeline into closed transactions, and that's going to help us get to a positive EBITDA sooner than what we had originally thought we would do given the investments we were making to really take advantage of the clean energy transition that we had originally seen, or I think even the market had seen, that we now know is going to move at a different pace.

除此之外，我們認為這將使我們能夠更好地定位和利用我們的銷售管道，將該管道轉變為已完成的交易，這將幫助我們比我們最初想像的更快實現正 EBITDA我們所做的投資是為了真正利用我們最初看到的清潔能源轉型，或者我認為甚至市場也看到過，我們現在知道將以不同的速度前進。

Can you help us quantify those levels, just in terms of what the revenue profile would look like to get to EBITDA, and maybe even free cash flow [value]? Thank you.

您能否幫助我們量化這些水平，僅根據 EBITDA 的收入狀況，甚至自由現金流[價值]？謝謝。

So good morning, George. This is Mike. Just to add on to what Jason said, beyond what we're doing on the operating cost side, and he mentioned reducing operating costs by 15%. Also looking across the business, we have targets in our material for CapEx spending. That's going to be in the $20 million to $25 million range, down from last year. So looking to take costs out of the business.

早上好，喬治。這是麥克。補充一下 Jason 所說的，除了我們在營運成本方面所做的事情之外，他還提到將營運成本降低 15%。此外，縱觀整個業務，我們在材料中設定了資本支出目標。這將在 2000 萬至 2500 萬美元之間，比去年有所下降。因此希望降低業務成本。

Specific to your question around revenue, we do have good visibility to revenue going into 2025. We've said we expect a material increase in revenue really being driven by the GGE module deliveries. You've seen that come through in our fourth fiscal quarter, and you'll certainly see that come through next year. So, all of those things together help us bring down our EBITDA use. We saw a good step forward this quarter compared to last year, about $5 million reduction in EBITDA use.

具體到你關於收入的問題，我們確實對 2025 年的收入有很好的了解。您已經在我們的第四財季看到了這一點，明年您也肯定會看到這一點。因此，所有這些因素共同幫助我們降低 EBITDA 的使用。與去年相比，本季我們向前邁出了一大步，EBITDA 使用量減少了約 500 萬美元。

As far as when we'll get there from a breakeven perspective, we have not put out an exact date yet, but the goal of the company is to continue to drive cost reduction across the business, whether that be product costs, operating costs, or managing our CapEx spending very tightly.

至於我們何時能實現損益平衡，我們還沒有給出確切的日期，但公司的目標是繼續推動整個業務的成本降低，無論是產品成本、營運成本、或非常嚴格地管理我們的資本支出。

Saumya Jain, UBS.

Saumya Jain，瑞銀。

Hey, good morning, guys. Could you provide more detail on the opportunities for Tri-gen, I guess how you guys are seeing 45V play out?

嘿，早上好，夥計們。您能否提供有關 Tri-gen 機會的更多詳細信息，我猜你們如何看待 45V 的發展？

Good morning, and thank you for the question. Maybe I'll start with 45V first. We are hearing rumblings that 45V, that there'll be something that comes out before Christmas, but we certainly don't know that for sure. That's kind of the word on the street, if you will. And we anticipate that there'll be some modifications to the original release by the Treasury that had this notion of a three-pillar strategy. We think that that will probably change.

早安，謝謝你的提問。也許我會先從 45V 開始。我們聽到有傳言說 45V 會在聖誕節前推出，但我們當然不確定。如果你願意的話，這就是街上的說法。我們預計財政部最初發布的包含三支柱策略概念的版本將會進行一些修改。我們認為這種情況可能會改變。

With respect to Tri-gen, and specifically in hydrogen, there's certainly been a move to the right, we think, in terms of adoption of clean or zero carbon hydrogen as part of this uncertainty around things like 45V. So we anticipate, as the rules get clearer, that, that will see open the door for opportunities around platforms like our Tri-gen platform, which has the ability to produce low to zero carbon or carbon neutral hydrogen still by utilization of fuels.

就 Tri-gen 而言，特別是在氫方面，我們認為，在採用清潔或零碳氫化合物方面，作為 45V 等不確定性的一部分，肯定會出現向右移動。因此，我們預計，隨著規則變得更加清晰，這將為我們的 Tri-gen 平台等平台打開機會之門，該平台能夠透過利用燃料生產低碳至零碳或碳中性氫氣。

And we continue to see strong commitment on the transportation side, both from heavy-duty Class 8 vehicles, as well as firm commitments from major automobile manufacturers like Toyota and Honda that are committed to hydrogen-based transportation. And we think those things will continue to create opportunities for that platform. In addition to platforms that generate hydrogen-leveraging electrolysis.

我們繼續看到運輸的堅定承諾，包括重型 8 級車輛，以及豐田和本田等致力於氫交通的主要汽車製造商的堅定承諾。我們認為這些事情將繼續為該平台創造機會。除了利用電解產生氫氣的平台之外。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

Hi, good morning. I just had a couple. I wanted to pick up on manufacturing capacity and your plans there. And I wonder, from a timing standpoint, as you have discussions around power generation, data center demand, and so forth, is there an inflection point you see, maybe that you're particularly trying to guide the manufacturing capacity growth toward? I was wondering if there is a bulge ahead, sort of a bulge year ahead in terms of contracts or deployment timeframes. So any thoughts there would be great.

嗨，早安。我剛喝了幾個。我想了解你們那裡的製造能力和計劃。我想知道，從時間的角度來看，當你們圍繞發電、資料中心需求等進行討論時，你們是否看到了一個拐點，也許你們特別試圖引導製造能力的成長？我想知道未來是否會出現激增，就合約或部署時間表而言，未來一年是否會出現激增。所以任何想法都會很棒。

Sure. Noel, good morning. This is Mike. And thanks for the question. And really good question and a really good opportunity for the company.

當然。諾埃爾，早安。這是麥克。謝謝你的提問。這是一個非常好的問題，對公司來說也是一個非常好的機會。

As we sit here today, from a production capacity perspective, we talked about last year, reducing the production volumes that we had in our factory, given the timing of certain orders. And now that we have the GGE order and backlog, we're able to increase our production rate from where we were at the end of 2024, as we go into 2025 to fulfill that order and potentially other orders down the road that you alluded to. So from -- and obviously increasing the production rate lowers costs, gives us more ability, not only to lower costs in the factory, but across the supply chain.

當我們今天坐在這裡時，從產能的角度來看，我們去年談到了考慮到某些訂單的時間安排，減少了我們工廠的產量。現在我們有了 GGE 訂單和積壓訂單，我們能夠在 2024 年底的基礎上提高生產率，進入 2025 年以履行該訂單以及您提到的其他潛在訂單。因此，顯然，提高生產率可以降低成本，使我們更有能力，不僅可以降低工廠的成本，而且可以降低整個供應鏈的成本。

From an overall, so that's kind of setting the stage, we're operating, we were operating at the 25 megawatt, looking to increase a bit from there. When you look at capacity of our factory in Torrington, today, we have machinery that can do 100 megawatts. We have a footprint and we have certain processes in Torrington that can do up to 200 megawatts. So that's an opportunity for the company as these potential orders get larger. And of course, we're fulfilling the GGE project right now, which is a 60 megawatt project.

從整體來看，這有點奠定了基礎，我們正在運營，我們以 25 兆瓦的功率運營，希望在此基礎上再增加一點。當您查看我們位於托靈頓的工廠的產能時，您會發現，我們今天擁有的機械功率可達 100 兆瓦。我們在託林頓擁有足跡，並且擁有某些產能高達 200 兆瓦的流程。因此，隨著這些潛在訂單變得越來越大，這對公司來說是一個機會。當然，我們現在正在完成 GGE 項目，這是一個 60 兆瓦的項目。

We look at the data center opportunity that you alluded to as 20 megawatt and up byte sizes that we can be -- that we can deploy assets into. So our factory is here, it's ready. And as those opportunities become backlog, you know, we will be able to deliver quickly on those. And again, be able to bring down costs as we're doing that and be competitive with our offerings.

我們著眼於您提到的 20 兆瓦及以上位元組大小的資料中心機會，我們可以將資產部署到其中。所以我們的工廠就在這裡，已經準備好了。隨著這些機會變得積壓，我們將能夠快速交付這些機會。再說一次，我們這樣做時能夠降低成本，並使我們的產品具有競爭力。

Great. And just, you mentioned being able to deploy sort of in a byte size manner. Do you, just in general terms, sort of see that as a set of customers or a steady set of customers that are looking to build out in that manner? Or I'm thinking as opposed to hyperscaler looking for a large project that they're going to maybe do all at once. So I'm just curious as to what you think the deployment pace might look like.

偉大的。只是，您提到能夠以位元組大小的方式進行部署。籠統地說，您是否將其視為一組客戶或一組穩定的客戶，希望以這種方式擴展？或者我在想，與超大規模企業相反，他們正在尋找一個大型項目，他們可能會一次完成所有項目。所以我只是好奇您認為部署速度可能會是什麼樣子。

Yeah, no, this is Jason. Thanks for that question. We see it as an opportunity across both segments, as you described it.

是的，不，這是傑森。謝謝你提出這個問題。正如您所描述的，我們將其視為兩個領域的機會。

I mean, we certainly see in the conversations that we're having, if you take hyperscalers as an example, the way in which they build out those data centers, what we're seeing is block sizes in the -- anywhere between 16 to 30 megawatt block sizes to even though a particular data center may be planning to get to over 1 gigawatt in size, they're not starting there. But what you need to be able to do is demonstrate your ability to be able to scale on the same delivery timeline that that data center provider has.

我的意思是，我們當然會在我們正在進行的對話中看到，如果以超大規模企業為例，他們建構這些資料中心的方式，我們看到的區塊大小在 16 到 16 之間的任意位置。 30 兆瓦的區塊大小，儘管特定資料中心可能計劃達到超過1 吉瓦的大小，但他們還沒有從那裡開始。但您需要做的是證明您有能力在與資料中心提供者相同的交付時間內進行擴展。

And we feel very comfortable in our ability to do that. If you refer back to the slide, the page in our deck, which is slide 9, I think we demonstrate where we've got large platforms deployed today in the 20 megawatt block size and larger. We've got those today deployed in configurations that are commensurate with what you're seeing data center customers ask for, including microgrid configurations in order to deliver the level of reliability and resiliency that you need in a data center operation.

我們對自己有能力做到這一點感到非常滿意。如果您回頭看一下投影片，也就是我們投影片中的頁面，即投影片 9，我認為我們展示了目前在 20 兆瓦及以上區塊大小中部署的大型平台。我們今天部署的配置符合您所看到的資料中心客戶的要求，包括微電網配置，以便提供您在資料中心運作中所需的可靠性和彈性等級。

So whether those orders come with a single customer in a block size or in multiple customers in those block sizes, we feel very confident in our ability to deliver. And we feel even more confident in the fact that we can show customers demonstrated examples of us doing exactly what they're asking for in these data center applications. And we've been doing it for a number of years. So we feel really strong and good about our use cases that we can show customers.

因此，無論這些訂單是來自單一客戶的大量訂單還是多個客戶的大量訂單，我們對我們的交付能力都非常有信心。我們更有信心，因為我們可以向客戶展示我們在這些資料中心應用程式中完全滿足他們要求的範例。我們已經這樣做很多年了。因此，我們對可以向客戶展示的用例感到非常強大和良好。

(Operator Instructions) Dushyant Ailani, Jefferies.

（操作員說明）Dushyant Ailani，Jefferies。

Hey, guys, thanks for taking my question. The first one, I just wanted to talk a little bit about the gross margin profile. I know you touched on margins a little bit for an earlier question, but how do we -- going into 2025, how do we think about margins for product and the other segments?

嘿，夥計們，謝謝你提出我的問題。第一個，我只想談談毛利率概況。我知道您在先前的問題中稍微談到了利潤率，但是進入 2025 年，我們如何考慮產品和其他細分市場的利潤率？

Sure, Vushayant, this is Mike, and I'll take that one. So when you look at our product margin for this quarter, negative product margin, I'd say that the GGE deliveries are profitable. But -- and given some of the comments I made earlier, given the current production volume of the factory, we're still dealing with overcapacity costs, manufacturing variances. So that's what's driving the overall corporate product margin negative. Given our restructuring and increasing volumes, we expect that to improve over time.

當然，Vushayant，這是麥克，我會選擇那個。因此，當您查看本季我們的產品利潤率（負產品利潤率）時，我會說 GGE 交付是有利可圖的。但是——考慮到我之前發表的一些評論，考慮到工廠目前的產量，我們仍在處理產能過剩成本和製造差異問題。這就是導致企業整體產品利潤率為負的原因。鑑於我們的重組和數量的增加，我們預計這種情況會隨著時間的推移而改善。

And as far as generation margins, when you look at the comparison there, a couple of things. One, we had a derivative gain coming through last year. This year, there's a derivative loss.When we look at generation, we really look at it on an EBITDA basis.

就發電利潤而言，當你看那裡的比較時，有幾件事。第一，我們去年獲得了衍生性商品收益。今年出現了衍生性商品損失。

So essentially, this quarter, when you peel out depreciation, when you peel out the derivative impact, the EBITDA margin is around 22% range. And obviously, we will be looking to drive that higher as we continue to optimize our fleet and work to take costs out of the business.

因此，本質上，本季度，當你剔除折舊、剔除衍生性商品影響時，EBITDA 利潤率約為 22%。顯然，隨著我們繼續優化我們的機隊並努力降低業務成本，我們將尋求推動這一成長。

That's helpful. And then my second question was just on the capital raise, the $21 million. What's the rationale behind that? And then how do you think about into 2025? Do you think that's something you'll tap into more? Or do you feel comfortable with the liquidity?

這很有幫助。我的第二個問題是關於融資 2100 萬美元。這背後的理由是什麼？那麼您如何看待 2025 年呢？您認為您會進一步利用這一點嗎？或者您對流動性感到滿意嗎？

So good question. The company feels comfortable with our liquidity as we sit here today. We've really had a several-prong approach in raising capital. One is to really make sure that we're smart about monetizing the assets that we have on balance sheet. As we announced at the end of the fiscal year, we closed a financing with the US Export-Import Bank around GGE. So that's providing us working capital financing for that project. That's at a fixed interest rate of about 5.8%.

好問題。當我們今天坐在這裡時，公司對我們的流動性感到滿意。我們在籌集資金方面確實採取了多管齊下的方法。一是真正確保我們能明智地將資產負債表上的資產貨幣化。正如我們在本財年末宣布的那樣，我們與美國進出口銀行圍繞 GGE 完成了融資。這為我們提供了該項目的營運資金。固定利率約 5.8%。

And we've also, as you've seen on our balance sheet, also done project financings around operating assets that the company owns, whether it be tax equity and monetizing the tax benefits or back-leveraged debt at a fixed interest rate.

正如您在資產負債表上看到的那樣，我們還圍繞公司擁有的營運資產進行了專案融資，無論是稅收權益和稅收優惠貨幣化，還是以固定利率進行反向槓桿債務。

In addition to that, the company has raised capital in the public markets through and at the market sales program. That has been to augment the balance sheet and keep us in a strong cash position. And I'd say, we continue to monitor our liquidity on a quarter-by-quarter basis and we'll do prudent financing when it makes sense for the company.

除此之外，該公司還透過市場銷售計畫在公開市場籌集資金。這是為了擴大資產負債表並使我們保持強勁的現金狀況。我想說，我們將繼續按季度監控我們的流動性，當對公司有意義時，我們將進行審慎的融資。

And ladies and gentlemen, that concludes our question-and-answer session. I will now turn the conference back over to Mr. Jason Few for closing remarks.

女士們先生們，我們的問答環節到此結束。我現在將會議轉交賈森·法夫先生致閉幕詞。

Thank you, Abby. Thank you all for listening in today. I hope you come away from this call understanding the important steps we have taken as a company to position ourselves for the future, all while remaining optimistic about the opportunities in front of us.

謝謝你，艾比。感謝大家今天的收聽。我希望您在結束本次電話會議後了解我們作為一家公司為未來定位而採取的重要步驟，同時對我們面前的機會保持樂觀。

I wish everyone a wonderful holiday season and a prosperous new year. Thank you again for joining.

祝大家有個美好的假期和繁榮的新年。再次感謝您的加入。

And ladies and gentlemen, this concludes today's conference call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，我們感謝你們的參與。您現在可以斷開連線。