燃料電池能源 (FCEL) 2025 Q1 法說會逐字稿

Thank you for standing by and welcome to the FuelCell Energy First Quarter of Fiscal 2025 Financial Results Conference Call. (Operator Instructions)

感謝您的支持，歡迎參加 FuelCell Energy 2025 財年第一季財務業績電話會議。（操作員指令）

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

現在我想將會議交給湯姆蓋爾斯頓。你可以開始了。

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

謝謝。大家早安，感謝大家今天的電話會議。提醒一下，本次通話正在錄音。

This morning, FuelCell Energy released our financial results for the first quarter of fiscal year 2025 and our earnings press release is available in the Investor Section of our website at www.fuelcellenergy.com. 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.

今天上午，FuelCell Energy 發布了 2025 財年第一季的財務業績，我們的收益新聞稿可在我們網站 www.fuelcellenergy.com 的投資者部分查閱。按照我們的慣例，除了本次電話會議和收益新聞稿之外，我們還在我們的網站上發布了幻燈片簡報。本次網路直播正在錄製中，通話結束後約兩小時即可在我們的網站上重播。

Before we begin, please note that some of the information that you will hear or be provided with today will consist of forward-looking statements within the meaning of the Securities Exchange Act of 1934. Such statements express our expectations, beliefs, and intentions regarding the future and include, without limitation, statements with respect to our anticipated financial results, our plans and expectations regarding the continuing development, commercialization, and financing of our fuel cell technology, and our business plans and strategies. Our actual future results could differ materially from those described in or implied by such forward-looking statements because of a number of risks and uncertainties.

在我們開始之前，請注意，您今天將聽到或提供的一些資訊將包含《1934 年證券交易法》所定義的前瞻性陳述。這些聲明表達了我們對未來的期望、信念和意圖，包括但不限於有關我們預期的財務結果、我們對燃料電池技術的持續開發、商業化和融資的計劃和期望以及我們的業務計劃和策略的聲明。由於存在多種風險和不確定性，我們的實際未來結果可能與此類前瞻性陳述中所描述或暗示的結果有重大差異。

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

關於此類風險和不確定性的更多資訊可在幻燈片演示中的安全港聲明和我們提交給美國證券交易委員會的文件中查閱，特別是我們最近提交的 10-K 表年度報告和隨後提交的 10-Q 表季度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.

在本次電話會議中，我們將討論某些非 GAAP 財務指標，並請您參閱我們的網站和我們的收益新聞稿以及幻燈片演示的附錄，以了解這些指標與 GAAP 財務指標的對帳。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欄位下找到。

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

今天的電話會議由 FuelCell Energy 總裁兼執行長 Jason Few 和執行副總裁、財務長兼財務主管 Mike Bishop 參加。在我們發表準備好的發言之後，我們將回答您的問題，並與其他領導團隊成員一起參與發言。

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

現在，我想將電話交給傑森，請他致開幕詞。傑森？

Thank you, Tom, and good morning, everyone. Thank you for joining us on our call today.

謝謝你，湯姆，大家早安。感謝您今天參加我們的電話會議。

In the first fiscal quarter of 2025, our focus on cost discipline and moving toward profitability began to deliver results. By launching our global restructuring plan at the start of the first fiscal quarter, we successfully reduced expenses while driving revenue growth, significantly narrowing our operating losses compared to the same period last year. We have strategically right sized our business and aligned our resources to seize attractive growth opportunities, including the newly announced MoU for our data center partnership with Diversified Energy and our joint development agreement with Malaysia Marine and Heavy Engineering. We believe the first fiscal quarter of 2025 marks our low-water mark for revenue, setting the stage for growth as we increase our module deliveries to Gyeonggi Green Energy or GGE according to our production and shipment schedule.

2025 財年第一季度，我們對成本控制和獲利能力的關注開始取得成果。透過在第一財季初啟動我們的全球重組計劃，我們成功地在推動營收成長的同時削減了開支，與去年同期相比大幅縮小了經營虧損。我們策略性地調整了業務規模，並協調資源以抓住誘人的成長機會，包括新宣布的與多元化能源簽署的資料中心合作諒解備忘錄以及與馬來西亞海事和重型工程公司簽署的聯合開發協議。我們相信，2025 財年第一季是我們收入的最低點，為成長奠定了基礎，因為我們將根據生產和裝運計劃增加向京畿綠色能源或 GGE 的模組交付量。

While our business is evolving, our purpose has not changed. FuelCell Energy remains committed to enabling a world powered by clean energy. Whether you are new to our story or have followed us for many quarters and years, we want you to know that this purpose remains the cornerstone of our business.

雖然我們的業務不斷發展，但我們的宗旨並未改變。FuelCell Energy 始終致力於創造一個由清潔能源驅動的世界。無論您是第一次了解我們的故事，還是已經關注我們很多季度和很多年，我們都希望您知道，這一宗旨仍然是我們業務的基石。

Our core value proposition enables commercial, industrial, and utility customers to integrate our technology platform seamlessly. No need to overhaul their business operations or face the risk of power interruptions from intermittent technologies. Our aim is to simply help them operate more reliably, efficiently, and affordably, all while reducing emissions and preserving air quality. It's that straightforward.

我們的核心價值主張使商業、工業和公用事業客戶能夠無縫整合我們的技術平台。無需徹底改革其業務運營或面臨間歇性技術導致的電力中斷的風險。我們的目標只是幫助他們更可靠、更有效率、更經濟地運營，同時減少排放並維持空氣品質。就這麼簡單。

Moving to slide 4, I'd like to provide an overview of our five key messages for the quarter. First, following the end of the quarter, we took a major step forward in executing our strategic vision. We announced an exciting partnership with Diversified Energy and TESIAC with the goal of directly addressing the critical energy demands of AI and high-performance computing data centers. Through this collaboration, we plan to deliver up to 360 megawatts of electricity to key locations in Virginia, West Virginia, and Kentucky, which we believe will position FuelCell Energy at the forefront of powering the digital economy in this area.

轉到投影片 4，我想概述本季的五個關鍵資訊。首先，本季結束後，我們在執行策略願景方面邁出了重要一步。我們宣布與 Diversified Energy 和 TESIAC 建立令人興奮的合作夥伴關係，目標是直接解決人工智慧和高效能運算資料中心的關鍵能源需求。透過此次合作，我們計劃向維吉尼亞州、西維吉尼亞州和肯塔基州的關鍵地區輸送高達 360 兆瓦的電力，我們相信這將使 FuelCell Energy 成為該地區數位經濟發展的先鋒。

You've heard me talk about data centers. That's an opportunity data centers represent for FuelCell Energy, and this partnership is the first step toward delivering on that vision. When fully implemented, we expect this initiative to be accretive to our business while also serving as a blueprint for the future of energy, where existing abundant natural resources and innovative clean energy technologies work in tandem to meet the rapidly growing energy demands and deliver large-scale distributed behind-the-meter power deployments in this high-growth sector.

您已經聽過我談論資料中心。這是資料中心為 FuelCell Energy 帶來的機遇，而此次合作是實現這一願景的第一步。全面實施後，我們預計這項措施將促進我們的業務成長，同時也將成為能源未來的藍圖，即現有的豐富自然資源和創新的清潔能源技術協同工作，以滿足快速成長的能源需求，並在這一高成長領域實現大規模分散式電錶後電力部署。

We believe that bringing together FuelCell Energy and Diversified Energy in this way is a powerful demonstration of the and strategy, a forward-thinking approach that recognizes we don't have to choose between reliable baseload power or clean energy solutions. We can pursue both.

我們相信，以這種方式將燃料電池能源與多元化能源結合在一起，有力地證明了我們的策略和前瞻性的方法，並認識到我們不必在可靠的基載電力或清潔能源解決方案之間做出選擇。我們可以兩者兼顧。

Additionally, we expanded our global presence by signing a joint development agreement with Malaysia Marine and Heavy Engineering, pursuant to which we plan to collaborate on the co-development of large-scale hydrogen production systems and technologies across Asia, New Zealand, and Australia. We believe that this agreement will open new doors for FuelCell Energy to scale its clean energy solutions on an international level. While these relationships are in their early stages, we believe they will drive growth, enhance our competitive position, and create long-term value.

此外，我們還與馬來西亞海事與重型工程公司簽署了聯合開發協議，擴大了我們的全球影響力，根據該協議，我們計劃在亞洲、紐西蘭和澳洲共同開發大規模氫氣生產系統和技術。我們相信，該協議將為 FuelCell Energy 在國際範圍內擴大其清潔能源解決方案打開新的大門。雖然這些關係尚處於早期階段，但我們相信它們將推動成長，增強我們的競爭地位，並創造長期價值。

We also announced a new partnership with the City of Hartford, reinforcing our commitment to delivering reliable renewable energy at utility scale. FuelCell Energy will build a 7.4 megawatt fuel cell power platform to provide Class 1 renewable baseload power to the local grid in direct support of Connecticut's Renewable Portfolio Standard. We are proud to expand our work in our home state of Connecticut.

我們也宣布與哈特福德市建立新的合作夥伴關係，加強了我們在公用事業規模上​​提供可靠再生能源的承諾。FuelCell Energy 將建造一個 7.4 兆瓦的燃料電池發電平台，為當地電網提供 1 級再生基載電力，直接支援康乃狄克州的再生能源組合標準。我們很榮幸能夠在我們的家鄉康乃狄克州拓展我們的工作。

Alongside our projects in places like Bridgeport and Derby, this new development will ensure that thousands of residential and business customers across Connecticut benefit from resilient, sustainable power. Across the country, we are working to advance municipal energy solutions, including our collaboration with Sacramento Area Sewer District and Ameresco, where construction is well underway on our biofuel-powered microgrid project.

與我們在布里奇波特和德比等地的項目一起，這項新開發案將確保康乃狄克州數千名住宅和商業客戶受益於有彈性的永續電力。在全國範圍內，我們正在努力推進市政能源解決方案，包括與薩克拉門托地區下水道局和 Ameresco 的合作，我們的生物燃料驅動的微電網計畫正在順利建設中。

Third, we have accelerated progress on our advanced demonstration projects. Our collaboration with ExxonMobil Low Carbon Solutions and our joint development work with ExxonMobil Technology and Engineering Company, or EMTEC, to pilot carbon capture technology at the Esso Nederland-Rotterdam Manufacturing Complex has reached a pivotal stage, and we are poised to move into the second phase of our commercialization for this project in the coming months following successful demonstration.

三是加快推動先進示範工程建設。我們與埃克森美孚低碳解決方案的合作以及與埃克森美孚技術與工程公司（EMTEC）的聯合開發工作，在埃索荷蘭-鹿特丹製造綜合體試行碳捕獲技術已達到關鍵階段，在成功演示後，我們準備在未來幾個月內進入該項目商業化的第二階段。

In parallel, we successfully delivered our solid oxide electrolysis cell system to the US Department of Energy, Idaho's National Laboratory, or INL. We are confident that this testing phase will further validate the commercial potential of our solid oxide solutions.

同時，我們成功地將固體氧化物電解池系統交付給美國能源部愛達荷國家實驗室（INL）。我們相信，該測試階段將進一步驗證我們的固體氧化物溶液的商業潛力。

As a reminder, this project, partially funded by the 2020 US Department of Energy Office of Nuclear Energy Award, is exploring our hydrogen production operations can help nuclear plants diversify and boost profitability by seamlessly switching between electricity production and hydrogen production. As the profile of nuclear power grows as a viable clean energy option, we believe our commercialization work at INL will position us to serve this expanding market effectively.

提醒一下，該計畫由 2020 年美國能源部核能辦公室獎部分資助，正在探索我們的氫氣生產業務如何透過在電力生產和氫氣生產之間無縫切換來幫助核電站實現多元化並提高盈利能力。隨著核電作為一種可行的清潔能源選擇的形像日益增強，我們相信 INL 的商業化工作將使我們能夠有效地服務於這個不斷擴大的市場。

Fourth, we continue to execute on developing modules for GGE's fuel cell power platform at the Hwaseong Baran Industrial Complex, the world's largest fuel cell power platform in South Korea. We are building an inventory of modules which we anticipate shipping over the balance of the year. This partnership has been successful for FuelCell Energy and GGE, and we expect that it will be an important driver of our results through the remainder of fiscal year 2025.

第四，我們繼續在韓國華城巴蘭工業園區開展GGE燃料電池發電平台模組的開發，該平台是全球最大的燃料電池發電平台。我們正在建立模組庫存，預計在今年餘下時間發貨。此次合作對於 FuelCell Energy 和 GGE 而言是成功的，我們預計它將成為我們 2025 財年剩餘時間業績的重要推動力。

And finally, we are demonstrating strong progress in cost management. Our cost and operating expenses have dropped significantly compared to the same period last year, and our loss from operations has improved both sequentially and year-over-year. We believe we're on track to reduce operating costs by approximately 15% in fiscal year 2025 versus fiscal year 2024, and we remain laser focused on aligning cost and driving concrete progress toward profitability.

最後，我們在成本管理方面取得了長足的進步。我們的成本和營運費用與去年同期相比大幅下降，我們的營運虧損環比和年比都有所改善。我們相信，與 2024 財年相比，我們預計在 2025 財年將營運成本降低約 15%，並且我們仍將專注於調整成本並推動盈利的具體進展。

Moving to slide 5, I wanted to update you on how this quarter aligns with our powerhouse business strategy. I'd like to emphasize the focus pillar we refined at the start of the fiscal year, designed to advance our core technologies and safeguard our competitive position in the and energy marketplace. We believe the results you see this quarter, cost control, a steadfast commitment to our established technologies, and targeted growth opportunities in our highest potential areas are clear indicators that our focus is paying off. This discipline strategy not only underscores our confidence in our direction, but also sets the stage for scaling our existing platform and driving future innovation.

前往第 5 張投影片，我想向您介紹本季與我們強大的業務策略的契合。我想強調我們在財政年度開始時完善的重點支柱，旨在推進我們的核心技術並維護我們在能源市場的競爭地位。我們相信，本季度看到的業績、成本控制、對成熟技術的堅定承諾以及在最具潛力的領域的目標成長機會都清楚地表明我們的專注正在獲得回報。這項紀律策略不僅強調了我們對方向的信心，也為擴展現有平台和推動未來創新奠定了基礎。

On slide 7, I'd like to expand on our executed MoU partnership with Diversified Energy and TESIAC in more detail, highlighting our collective aspirations. Through this collaboration, we have agreed to establish an acquisition and development company that will be focused on delivering clean, reliable power from natural gas and coal mine methane to meet the increasing demand for distributed and resilient data centers.

在第 7 張投影片上，我想更詳細地介紹我們與 Diversified Energy 和 TESIAC 簽署的諒解備忘錄合作夥伴關係，強調我們的共同願望。透過此次合作，我們同意建立一家收購和開發公司，專注於利用天然氣和煤礦瓦斯提供清潔、可靠的電力，以滿足對分散式和彈性資料中心日益增長的需求。

We believe that utilizing coal mine methane will not only showcase the fuel flexibility capabilities of our platform, but will also deliver an environmental benefit by reducing coal emissions and providing a net zero baseload data center solution without compromising resilience. Through our planned collaboration, Diversified Energy expected to supply midstream infrastructure, low carbon natural gas, and carbon neutral coal mine methane.

我們相信，利用煤礦甲烷不僅可以展示我們平台的燃料靈活性能力，還可以透過減少煤炭排放並在不影響彈性的情況下提供淨零基載資料中心解決方案帶來環境效益。透過我們計劃中的合作，多元化能源預計將供應中游基礎設施、低碳天然氣和碳中和煤礦瓦斯。

FuelCell Energy plans to deploy its fuel cell energy platforms to deliver distributed high efficiency baseload power generation, emissions management, and thermal energy solutions, including electricity and waste heat driven absorption chilling. And TESIAC expects to leverage its world-class investment and development expertise to secure competitive financing options to accelerate deployment while maintaining long-term profitability and scalability.

FuelCell Energy 計劃部署其燃料電池能源平台，提供分散式高效基載發電、排放管理和熱能解決方案，包括電力和廢熱驅動的吸收製冷。TESIAC 希望利用其世界一流的投資和開發專業知識來獲得有競爭力的融資選擇，以加速部署，同時保持長期盈利能力和可擴展性。

Turning to slide 8, here you will see a graphical representation of how the parties to this memorandum of understanding envision working together in pursuit of data center opportunities. With this partnership, we bring a bundle of fuel, midstream infrastructure, distributed power generation, and financing as a compelling proof point. We anticipate our discussions with data center owners, investors, and developers will gain momentum. We believe the macro tailwinds are firmly on our side as technology companies, hyperscalers, and private capital investors are poised to invest tens of billions of dollars in data center development over the coming years.

翻到第 8 張投影片，您將在這裡看到一個圖形，展示了本諒解備忘錄的各方如何設想共同努力尋求資料中心機會。透過此次合作，我們帶來了一系列燃料、中游基礎設施、分散式發電和融資作為令人信服的證明點。我們預計與資料中心所有者、投資者和開發商的討論將會更加順利。我們相信，宏觀順風堅定地站在我們這一邊，因為科技公司、超大規模企業和私人資本投資者準備在未來幾年投資數百億美元用於資料中心開發。

This capital is expected to be directed toward meeting the growing AI services demand, which requires gigawatts of energy that traditional grid sources simply cannot deliver immediately. FuelCell Energy's microgrid capabilities are ready to close the power gap to provide reliable baseload power for this rapidly expanding sector.

預計這筆資金將用於滿足日益增長的人工智慧服務需求，這需要千兆瓦的能源，而傳統電網根本無法立即供應。FuelCell Energy 的微電網功能可以彌補電力缺口，為這個快速發展的產業提供可靠的基載電力。

On slide 9, I'd like to provide further insight into our recently announced joint development agreement with MMHE. Building on the MoU signed in February 2023, we believe this JDA marks a pivotal step forward for both companies fueled by our shared vision of making e-fuels and decarbonizing petrochemicals with clean hydrogen production easily accessible and viable. Under the terms of the JDA, we will unite FuelCell Energy's advanced solid oxide electrolyzer technology with MMHE's expertise in large-scale fabrication to develop modular solutions for the rapid deployment of commercial hydrogen production.

在第 9 張投影片上，我想進一步介紹我們最近與 MMHE 宣布的聯合開發協議。基於 2023 年 2 月簽署的諒解備忘錄，我們相信，這份 JDA 標誌著兩家公司向前邁出了關鍵一步，這源於我們共同的願景，即透過清潔氫氣生產讓電子燃料和石化產品脫碳變得易於獲取和可行。根據 JDA 的條款，我們將把 FuelCell Energy 先進的固態氧化物電解器技術與 MMHE 在大規模製造方面的專業知識結合起來，開發模組化解決方案，以快速部署商業氫氣生產。

In tandem with this initiative, we are collaborating with Malaysia Marine and Heavy Engineering Holdings, Bernhard, on a FuelCell Energy contract award for a detailed feasibility study of a low-carbon fuel production facility in Malaysia. This agreement not only expands our footprint in Southeast Asia and Australia but also reinforces our strategic commitment to advancing a practical and energy addition.

配合這項舉措，我們正在與馬來西亞海事與重型工程控股公司 Bernhard 合作，簽訂一份燃料電池能源合同，對馬來西亞低碳燃料生產設施進行詳細的可行性研究。該協議不僅擴大了我們在東南亞和澳洲的業務，而且加強了我們推動實際和能源附加的戰略承諾。

Aside from our groundbreaking data center partnership and our strategic joint development agreement with MMHE, our ongoing product development initiatives are advancing at rapid pace. Module production for our carbon capture and storage project with MTEC at the Port of Rotterdam is complete, and they now await commissioning with shipment of the modules expected in mid-2025.

除了我們與 MMHE 建立的開創性資料中心合作夥伴關係以及達成的策略性聯合開發協議之外，我們正在進行的產品開發計劃也在快速推進。我們與 MTEC 在鹿特丹港合作的碳捕獲和儲存項目的模組生產已經完成，現在等待調試，預計 2025 年中期模組發貨。

We are entering an exciting new phase of proving the viability of commercializing this critical and differential direct point source capture technology. We have completed construction of our carbon recovery plant in Torrington, Connecticut, and commissioning along with preliminary testing is currently underway. Having a working demonstration platform is an essential step that will allow prospective customers to sample the captured CO2 to validate for use in their products or processing.

我們正進入一個令人興奮的新階段，以證明將這一關鍵且差異化的直接點源捕獲技術商業化的可行性。我們已經完成了位於康乃狄克州托靈頓的碳回收工廠的建設，目前正在進行調試和初步測試。擁有一個可運行的演示平台是至關重要的一步，它將允許潛在客戶對捕獲的二氧化碳進行取樣，以驗證是否可用於其產品或加工。

Our first at-scale electrolyzer unit arrived at Idaho National Laboratories and is now being installed for demonstration, marking a significant milestone in our technology development. Even as we sharpen our focus and cost control, we are seizing growth opportunities by executing our projects with the rigor our customers expect.

我們的第一台大規模電解裝置抵達愛達荷國家實驗室，目前正在安裝進行演示，這標誌著我們技術開發的一個重要里程碑。在我們加強重點關注和成本控制的同時，我們仍按照客戶期望的嚴格要求執行項目，從而抓住成長機會。

To sum up our quarter in one word, focus. This newly strengthened pillar of our powerhouse strategy, evidenced by our global restructuring, rigorous crop discipline, and focus on targeted growth opportunities is already delivering positive outcomes for FuelCell Energy. It's visible in our lower expenses. It's evident in our narrowing operating losses.

如果用一個字來概括我們這個季度的情況，那就是專注。我們的強大策略的這一新強化支柱，透過我們的全球重組、嚴格的作物紀律以及對目標成長機會的關注已經為 FuelCell Energy 帶來了積極的成果。從我們的開支降低就可以看出來。我們的經營虧損正在縮小，就是明證。

It's reflected in the initial stage of our data center partnership following months of dedicated groundwork. It's encapsulated in our new JDA with MMHE. It's at the core of our push for operational excellence and our commitment to scaling and innovating for the future.

這體現在我們經過數月的專注基礎工作之後的資料中心合作夥伴關係的初始階段。它被封裝在我們帶有 MMHE 的新型 JDA 中。這是我們推動卓越營運以及致力於未來擴展和創新的核心。

I am confident that you will continue to witness these positive trends throughout the year. Our goal is to ensure this quarter stands as the low water revenue mark of fiscal year 2025, paving the way for increased product sales, enhanced service revenue, improved generation fleet efficiency, and continued progress in commercializing the future of clean energy as practical and not demanding change.

我相信，你們將在全年繼續見證這些正面的趨勢。我們的目標是確保本季成為 2025 財年的最低水收入標誌，為增加產品銷售、增加服務收入、提高發電機組效率以及繼續在清潔能源的未來商業化方面取得進展鋪平道路，使其切實可行且不要求改變。

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

說到這裡，我想把電話轉給我們的財務長 Mike Bishop。

Thank you, Jason. I would like to begin by providing an update on our global restructuring, which we announced in November. As Jason stated, we expect to reduce operating costs by approximately 15% in fiscal year 2025 compared with fiscal year 2024.

謝謝你，傑森。首先，我想介紹一下我們去年 11 月宣布的全球重組的最新情況。正如Jason所說，我們預計2025財年的營運成本將比2024財年減少約15%。

Given the operational changes we made in our first quarter, we believe we are on track to achieve that goal. In addition to reducing operating costs in fiscal year 2025, we have good visibility into contracted revenue for the rest of this fiscal year, including revenues expected to be recognized upon delivery of replacement modules to GGE. As a result, we believe that our first quarter revenue represents the low water mark for revenue this fiscal year, and we expect to see a meaningful improvement to our revenues for fiscal year 2025 as compared to fiscal year 2024.

考慮到我們在第一季所做的營運變革，我們相信我們有望實現這一目標。除了降低 2025 財年的營運成本外，我們還對本財年剩餘時間的合約收入有很好的了解，包括預計在向 GGE 交付替換模組時確認的收入。因此，我們認為第一季的收入代表了本財年收入的低水位，我們預計 2025 財年的收入將與 2024 財年相比有顯著改善。

For the first quarter of fiscal year 2025, we reported total revenues of $19 million compared to revenues of $16.7 million in the prior year quarter. We reported a loss from operations in the quarter of $32.9 million compared to $42.5 million in the first quarter of fiscal year 2024. The net loss attributable to common stockholders in the quarter was $29.1 million compared to a net loss to common stockholders of $20.6 million in the first quarter of fiscal year 2024. The resulting net loss per share attributable to common stockholders in the first quarter of fiscal year 2025 was $1.42 compared to $1.37 in the first quarter of fiscal year 2024. The increase in net loss per share is primarily due to the decreased net loss attributable to non-controlling interests during the three months ended January 31, 2025, partially offset by a decrease in loss from operations. The net loss per common share for the three months ended January 31, 2025 benefited from the higher number of weighted average shares outstanding due to share issuances since January 31, 2024.

2025 財年第一季度，我們報告的總收入為 1,900 萬美元，而去年同期的營收為 1,670 萬美元。我們報告本季的營業虧損為 3,290 萬美元，而 2024 財年第一季的營業虧損為 4,250 萬美元。本季歸屬於普通股股東的淨虧損為 2,910 萬美元，而 2024 財年第一季普通股股東淨虧損為 2,060 萬美元。2025 財年第一季歸屬於普通股股東的每股淨虧損為 1.42 美元，而 2024 財年第一季為 1.37 美元。每股淨虧損的增加主要是由於截至 2025 年 1 月 31 日的三個月內歸屬於非控制權益的淨虧損減少，部分被營業虧損的減少所抵銷。截至 2025 年 1 月 31 日的三個月的每股普通股淨虧損受益於自 2024 年 1 月 31 日以來的股票發行導致的加權平均流通股數量增加。

The net loss per common share for the first quarter of fiscal year 2024 benefited from the tax equity financing of the Derby, Connecticut projects.

2024財年第一季的每股普通股淨虧損受益於康乃狄克州德比計畫的稅收股權融資。

Adjusted EBITDA totaled negative $21.1 million in the first quarter of fiscal year 2025 compared to adjusted EBITDA of negative $29.1 million in the first quarter of fiscal year 2024. As of January 31, 2025, the company had a cash, restricted cash, cash equivalents, and short-term investment position of over $270 million.

2025 財年第一季調整後 EBITDA 總計負 2,110 萬美元，而 2024 財年第一季調整後 EBITDA 為負 2,910 萬美元。截至 2025 年 1 月 31 日，該公司的現金、受限現金、現金等價物和短期投資部位超過 2.7 億美元。

Next, on slide 13, you will see additional details on our financial performance and backlog. In the graph on the left-hand side, revenue is broken down by category. Product revenues were $0.1 million compared to no product revenue recognized for the comparable prior year period. As I mentioned earlier, we do expect increases in this revenue line in 2025 as we execute on the commissioning of replacement modules for GGE.

接下來，在第 13 張投影片上，您將看到有關我們的財務表現和積壓訂單的更多詳細資訊。在左側的圖表中，收入按類別細分。產品收入為 10 萬美元，而去年同期未確認產品收入。正如我之前提到的，隨著我們執行 GGE 替換模組的調試，我們確實預計 2025 年這條收入線會增加。

Service agreement revenues increased to $1.8 million from $1.6 million. The increase in service agreement revenues during the three months ended January 31, 2025 was primarily driven by revenue recognized under the company's long-term service agreement or LTSA with GGE for its 58.8-megawatt FuelCell power plant platform in Korea. There were no module exchanges during either period presented.

服務協議收入從 160 萬美元增至 180 萬美元。截至 2025 年 1 月 31 日的三個月內，服務協議收入的成長主要得益於該公司與 GGE 簽訂的長期服務協議或 LTSA 為其在韓國的 58.8 兆瓦燃料電池發電廠平台確認的收入。在任一期間內均沒有模組交換。

Generation revenues increased 8.1% to $11.3 million from $10.5 million. Advanced technology contract revenues increased to $5.7 million from $4.6 million. Looking at the right-hand side of the slide, I will walk through the changes in gross loss and operating expenses. Gross loss for the first quarter of fiscal year 2025 totaled $5.2 million compared to a gross loss of $11.7 million in the comparable prior year quarter. The decrease in gross loss for the first quarter of fiscal year 2025 related to the decrease in cost of generation revenues. The overall decrease in cost of generation revenues was primarily related to a reduction in the expense construction costs related to the Toyota project, which were $0.3 million in the first quarter of 2025 compared to $3.5 million in the first quarter of fiscal 2024.

發電收入從 1,050 萬美元增加 8.1% 至 1,130 萬美元。先進技術合約收入從 460 萬美元增至 570 萬美元。請看投影片的右側，我將介紹毛損和營業費用的變化。2025 財年第一季的毛虧損總計 520 萬美元，而去年同期的毛虧損為 1,170 萬美元。2025財年第一季毛虧損的減少與發電收入成本的下降有關。發電收入成本的整體下降主要與豐田專案相關的費用建設成本減少有關，2025 年第一季的費用建設成本為 30 萬美元，而 2024 財年第一季的費用建設成本為 350 萬美元。

The decrease in cost of generation revenues also reflects the fact that the company reported a derivative gain of $1.8 million related to natural gas purchase contracts in Q1 2025 compared to a derivative loss of $1.9 million in Q1 of 2024.

發電收入成本的下降也反映了這樣一個事實：該公司報告稱，2025 年第一季與天然氣購買合約相關的衍生性商品收益為 180 萬美元，而 2024 年第一季的衍生性商品損失為 190 萬美元。

During the quarter, we made steady progress towards our goal of reducing operating expenses by 15% in fiscal year 2025. Operating expenses for the first quarter of fiscal 2025 decreased to $27.6 million from $30.8 million in the first quarter of fiscal 2024. Administrative and selling expenses decreased to $15 million during the first quarter of fiscal 2025 from $16.4 million in the first quarter of fiscal 2024. The decrease in administrative and selling expenses is primarily due to lower compensation expense as a result of the recent restructuring actions.

本季度，我們朝著 2025 財年降低 15% 營運費用的目標穩步前進。2025財年第一季的營運費用從2024財年第一季的3,080萬美元減少至2,760萬美元。2025財年第一季的管理和銷售費用從2024財年第一季的1640萬美元減少至1500萬美元。管理和銷售費用的減少主要由於最近的重組行動導致的薪酬費用降低。

Research and development expenses decreased to $11.1 million during Q1 2025 compared to $14.4 million in the comparable prior year period. The decrease in research and development expenses is primarily due to a reduction in spending on the company's ongoing commercial development efforts related to our solid oxide power generation and electrolysis platforms and carbon separation and recovery solutions compared to the comparable prior year period, as well as a shift in engineering resource allocation towards supporting funded advanced technology activities.

2025 年第一季的研發費用從去年同期的 1,440 萬美元下降至 1,110 萬美元。研發費用的減少主要是由於與去年同期相比，公司在固體氧化物發電和電解平台以及碳分離和回收解決方案相關的持續商業開發方面的支出減少，以及工程資源配置轉向支持資助的先進技術活動。

On the bottom right of the slide, you will see that backlog increased to $1.31 billion as of January 31, 2025 compared to $1.03 billion as of January 31, 2024. The increase in backlog reflects the LTSA entered into with GGE during the third quarter of fiscal 2024 and the 20-year power purchase agreement for a 7.4 megawatt fuel cell power plant that the company expects to build in Hartford, Connecticut, which was added to backlog in the first quarter of fiscal 2025.

在投影片的右下角，您會看到截至 2025 年 1 月 31 日，積壓訂單量從 2024 年 1 月 31 日的 10.3 億美元增加到 13.1 億美元。積壓訂單的增加反映了該公司在2024財年第三季與GGE簽訂的LTSA，以及該公司預計將在康乃狄克州哈特福德建造的7.4兆瓦燃料電池發電廠的20年購電協議，該協議於2025財年第一季度被添加到積壓訂單中。

Backlog for the GGE LTSA has been allocated between product backlog and service backlog. As a reminder, product backlog is being and will continue to be recognized as revenue as the company completes commissioning of the replacement modules. Under the GGE LTSA, 30 replacement fuel cell modules are expected to be commissioned throughout the course of calendar year 2025, and the remaining six replacement fuel cell modules are expected to be commissioned in calendar year 2026. Service backlog is being and will continue to be recognized as revenue as the company performs service at the GGE site over the term of the agreement.

GGE LTSA 的積壓訂單已在產品積壓訂單和服務積壓訂單之間分配。提醒一下，隨著公司完成替換模組的調試，產品積壓正在並將繼續被確認為收入。根據 GGE LTSA，預計 30 個替換燃料電池模組將在 2025 日曆年內投入使用，其餘 6 個替換燃料電池模組預計將在 2026 日曆年投入使用。隨著公司在協議期限內於 GGE 站點提供服務，服務積壓訂單將繼續被確認為收入。

On slide 14 is an update on our liquidity position. As I mentioned earlier, as of January 31, 2025, we had cash, restricted cash, cash equivalents, and short-term investments of $270.7 million. During the quarter, we utilized short-term cash to build an inventory of modules to be shipped to Korea under our LTSA with GGE. We expect to recognize revenue from these module shipments during fiscal year 2025. As previously disclosed, in the fourth quarter of fiscal year 2024, we were able to arrange working capital financing with the Export-Import Bank of the United States to support certain obligations under the GGE LTSA. We remain focused on attracting similar supportive capital structures as we execute on our growth strategy. We also built project inventory as part of our safe harbor strategy for certain US project opportunities.

投影片 14 顯示了我們的流動性狀況的最新情況。正如我之前提到的，截至 2025 年 1 月 31 日，我們的現金、受限現金、現金等價物和短期投資為 2.707 億美元。在本季度，我們利用短期現金建立了模組庫存，根據與 GGE 簽訂的 LTSA，將運往韓國。我們預計將在 2025 財年實現這些模組出貨的收入。如前所述，在 2024 財年第四季度，我們能夠與美國進出口銀行安排營運資金融資，以支持 GGE LTSA 下的某些義務。在執行成長策略時，我們仍致力於吸引類似的支持性資本結構。我們也建立了專案庫存，作為我們針對某些美國專案機會的安全港策略的一部分。

During the three months ended January 31, 2025, approximately 0.7 million shares of the company's common stock were sold under the company's amended open market sale agreement at an average sale price of $9.19 per share, resulting in net proceeds to the company of approximately $5.9 million.

在截至 2025 年 1 月 31 日的三個月內，根據公司修訂後的公開市場銷售協議，以每股 9.19 美元的平均售價出售了約 070 萬股公司普通股，為公司帶來約 590 萬美元的淨收益。

In closing, I am pleased with the initial results of our strategic efforts to prioritize our commercially available technologies while reducing cost. We are thrilled with the just announced collaboration with Diversified Energy and TESIAC, and we believe that FuelCell Energy is well positioned with available capacity and resources to execute on near-term data center opportunities. We will continue to take a highly disciplined approach to managing cash and allocating capital while pursuing our growth objectives.

最後，我對我們在降低成本的同時優先考慮商業可用技術的策略努力的初步成果感到滿意。我們對剛宣布與 Diversified Energy 和 TESIAC 的合作感到非常高興，我們相信 FuelCell Energy 擁有充足的產能和資源來抓住近期的資料中心機會。在追求成長目標的同時，我們將繼續採取高度嚴謹的方式來管理現金和分配資本。

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

我現在將把電話轉給接線員開始問答環節。

(Operator Instructions) Dushyant Ailani, Jefferies.

(操作員指示) Dushyant Ailani，Jefferies。

We would love to learn more about the Diversified Energy deal. Maybe specifically if you could talk a little bit about if the data centers at Greenfield, Brownfield, how will the financing arrangement work, and in terms of permitting, if there's any permitting required for the infrastructure pipeline built out of that's already laid out? We'd love to just learn more about that.

我們很想了解更多有關多元化能源交易的資訊。也許您能具體談談綠地和棕地的資料中心，其融資安排如何運作，以及在許可方面，是否需要對已經佈置好的基礎設施管道進行許可？我們很想了解更多相關資訊。

Yes, so the partnership with Diversified is really focused on leveraging where Diversified has existing gas assets and availability. So even in cases where there might be a need to provide additional midstream infrastructure, I really think about it as kind of gas distribution infrastructure, the right of ways and access to do that, we feel very confident about executing on that pretty quickly.

是的，因此與 Diversified 的合作實際上重點在於利用 Diversified 現有的天然氣資產和可用性。因此，即使在可能需要提供額外的中游基礎設施的情況下，我真的認為它是一種天然氣分配基礎設施，通行權和通道，我們對很快執行這項任務非常有信心。

The deals that we are focused on cut across both Greenfield and Brownfield opportunities where there's existing data center operation and incremental capacity is needed and so having access to that gas and then certainly our ability to deliver distributed platforms to meet those power needs, we think, positions us quite well to satisfy the requirements of those data center customers.

我們關注的交易涵蓋了綠地和棕地機會，其中現有的資料中心營運和增量容量是必需的，因此，我們認為，獲得天然氣，然後當然還有我們提供分散式平台來滿足這些電力需求的能力，使我們能夠很好地滿足這些資料中心客戶的需求。

And then from a financing standpoint, the work that we're doing with TESIAC is bringing together, financial partners as we have been able to do and successfully demonstrate corporately, and that goes across not only project financing but tax equity and certainly back to leverage debt to support these projects, and so we feel pretty confident around the financing structure.

然後從融資的角度來看，我們與 TESIAC 合作的工作是匯集金融合作夥伴，正如我們已經能夠做到並成功展示的那樣，這不僅涉及項目融資，還涉及稅收公平，當然還涉及槓桿債務來支持這些項目，因此我們對融資結構非常有信心。

And I guess final thing I would say is, we really think about this as being about as close to kind of data center in a box as you can get from being able to bring gas and supply, distributed power generation, land access, and then, of course, the data center component to meet their power demands.

我想我最後要說的是，我們真的認為這幾乎就是一個盒子裡的資料中心，因為它能夠帶來天然氣供應、分散式發電、土地使用權，當然還有資料中心組件來滿足他們的電力需求。

And then from a permitting standpoint, that's one big advantage of fuel cells, right, is that the fact that we can leverage fuel but we don't combust that fuel makes permitting a lot easier for our technologies because we don't run into air permit issues because we don't combust or we're not producing SOx, NOx, and other particulates, and that's even in tough markets like California where we enjoy those benefits, and so we feel really good about our position here.

從許可的角度來看，這是燃料電池的一大優勢，因為我們可以利用燃料但不燃燒燃料，這使得我們的技術獲得許可變得容易得多，因為我們不會遇到空氣許可問題，因為我們不燃燒或不產生 SOx、NOx 和其他顆粒物，即使在加利福尼亞這樣的艱難市場，我們也能享受到這些好處，所以我們對我們在這裡的地位感到非常滿意。

And then just the fuel flexibility of our platform to not only leverage natural gas but to leverage the coal mine methane and then the ability that we have to deliver steam for absorption chilling really puts together a very nice compelling package for those data center customers.

然後，我們平台的燃料靈活性不僅可以利用天然氣，還可以利用煤礦甲烷，然後我們還可以輸送蒸汽進行吸收冷卻，這為資料中心客戶提供了一個非常有吸引力的方案。

Awesome. And then just one final one for me. If you could kind of talk about how, when the initial kind of talk started, how long it took to kind of ink the deal, and then how do we think about just going forward similar deals for FuelCell?

驚人的。對我來說，只剩下最後一個問題了。您能否談談最初的談判是如何開始的，簽署這筆交易花了多長時間，以及我們如何考慮繼續為 FuelCell 進行類似的交易？

It's Mike. I will take that one. So as we've been talking about here really the past year, the company is ultra-focused on cracking into the data center market. We've been doing a fair amount of development with a variety of partners here in the US and really leveraging our existing platforms. If you look at, what we have installed today in the US, utility-scale platforms of 15 megawatts, for instance, operating in Bridgeport, and then you look at what we have globally, the largest fuel cell platform in the world. In Korea, 58 megawatts, which we're executing a repowering on right now. So we believe we have the experience around existing installed base, as well as the available capacity. And Jason mentioned time to power, right?

是麥克。我會選擇那個。正如我們過去一年來一直在談論的那樣，該公司高度專注於進入資料中心市場。我們一直與美國的各種合作夥伴進行大量開發，並真正利用我們現有的平台。如果你看看我們今天在美國安裝的，例如在布里奇波特運營的 15 兆瓦的公用事業規模平台，然後再看看我們在全球範圍內擁有的，世界上最大的燃料電池平台。在韓國，我們目前正在進行 58 兆瓦的發電廠改造。因此，我們相信我們擁有現有安裝基礎以及可用容量方面的經驗。傑森提到了掌權的時間，對嗎？

We have existing capacity in our Torrington plant of up to 200 megawatts. Today we're operating in the 30-ish megawatt range. So we have the capability to be able to ramp as orders are inked to be able to meet that demand. So to be direct, we've been in discussions here for a while and are really pleased with this partnership.

我們托靈頓工廠的現有產能高達 200 兆瓦。今天我們的營運規模在 30 兆瓦左右。因此，我們有能力在訂單達成後加大產量以滿足需求。坦白說，我們已經在這裡討論了一段時間，並且對這種合作關係感到非常高興。

And I would just add to that, in terms of our interest in activity relative to creating similar arrangements with suppliers of gas to leverage our distributive platform and land access to meet data center opportunities is an ongoing effort.

我想補充一點，就我們的興趣而言，與天然氣供應商建立類似的安排，利用我們的分銷平台和土地使用權來滿足資料中心的機會，這是一項持續的努力。

George Gianarikas, Canaccord Genuity.

Canaccord Genuity 的 George Gianarikas。

I'd like to focus a little bit on the Tri-gen project and ask about any updates there and also whether you're seeing interest from other customers in a similar project.

我想重點介紹 Tri-gen 項目，並詢問該項目的最新進展，以及您是否看到其他客戶對類似項目感興趣。

As you know, at least here domestically, kind of clean hydrogen, if you will, in the transportation sector has probably been pushed a little bit to the right. We continue to have very interesting conversations with our existing customer as well as other customers about future opportunities around that platform and leveraging hydrogen.

如你所知，至少在國內，交通運輸領域的清潔氫氣可能已經被稍微推向了右派。我們繼續與現有客戶以及其他客戶進行非常有趣的對話，討論該平台和利用氫氣的未來機會。

But I think some of the uncertainty and lack of clarity around what's going to happen relative to things like the PTC and other things are certainly putting a bit of a slowdown on those opportunities, at least domestically.

但我認為，與 PTC 等相關的事情未來發展的某些不確定性和不明確性肯定會在一定程度上減緩這些機會，至少在國內是如此。

And maybe just understand a little bit about the revenue this year and beyond and some of the cost reductions you've put in place. Can you help us just sort of compartmentalize a run rate base of revenue that will take you to EBITDA positive for our models?

也許只是了解一點今年及以後的收入狀況，以及你們實施的一些成本削減措施。您能否幫助我們將收入的運行率基礎進行分類，從而使我們的模型獲得正的 EBITDA 呢？

Sure, George. This is Mike. I will take that question. So as far as revenue for this fiscal year, as we mentioned in the prepared remarks, we really see Q1 as the low watermark for revenue for the year. We have been building inventory for the GGE project. We are shipping that inventory to Korea, which will result in increasing revenue over the course of the fiscal year.

當然，喬治。這是麥克。我來回答這個問題。因此，就本財年的收入而言，正如我們在準備好的評論中提到的那樣，我們確實將第一季視為本年度收入的低水位。我們一直在為 GGE 專案建立庫存。我們正在將這些庫存運往韓國，這將導致本財政年度的收入增加。

As we mentioned, around backlog, we have 30 modules which will be delivered and installed in this calendar year. So we haven't put out exact dates of when those modules are installed as it's not all in the company's control. However, we're very comfortable in saying there will be a meaningful increase year-over-year as a result of these deliveries to Korea, and we're executing on those now.

正如我們所提到的，在積壓訂單中，我們有 30 個模組將在今年交付和安裝。因此，我們沒有公佈安裝這些模組的具體日期，因為這並不完全在公司的控制範圍內。然而，我們可以非常放心地說，由於這些向韓國的交付，產量將同比顯著增加，我們現在正在執行這一目標。

As far as the path to EBITDA positive, at this run rate and with the investment cycle that we're in, particularly around solid oxide, the company is not EBITDA positive as the solid oxide technology gets closer to commercialization and as we're able to take advantage of the available capacity in our factory in Torrington, that will allow the company to increase revenue and increase cash flow from that revenue and get the company to EBITDA positive. We have not obviously put out exact dates around that. It's really order dependent in continuing to fill up the backlog and increase our run rate in the Torrington factory.

就實現 EBITDA 正值的路徑而言，按照這種運行速度和我們所處的投資週期，特別是在固體氧化物領域，隨著固體氧化物技術越來越接近商業化，公司的 EBITDA 並不為正值，而且我們能夠利用托靈頓工廠的可用產能，這將使公司增加收入，並從該收入中增加現金流，並使公司的 EBITDA 為正值。顯然，我們還沒有公佈具體的日期。這確實依賴訂單來繼續填補積壓訂單並提高我們托靈頓工廠的運作率。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

Can you talk about the timeline for the recently announced Hartford project and maybe any other details related to PPA terms that you're able to share?

您能否談談最近宣布的哈特福德項目的時間表，以及您能分享的與 PPA 條款相關的任何其他細節？

This is Mike. As far as the Hartford project, we're really excited about getting the Hartford project back in backlog. For those that have followed the company for a while, this was actually a project award that we had several years ago. It came out of backlog as it proved to be uneconomic in the site that it was originally sited at.

這是麥克。就哈特福德計畫而言，我們非常高興哈特福德計畫重新回到積壓狀態。對於那些關注該公司一段時間的人來說，這實際上是我們幾年前獲得的一個專案獎。它之所以被選中是因為積壓項目，因為事實證明它在最初選址時不經濟。

We had essentially spent the last year plus in working with our counterparts, the two Connecticut utilities on that power purchase agreement, as well as Connecticut regulators to change the site to another location in Hartford, Connecticut, which made it economic. As a result, that project is back in backlog and we're in advanced development around that project. We expect it to be constructed in the 2026 timeframe and we'll provide further updates around this project as the development cycle continues.

我們基本上花了一年多的時間與我們的對手方，即康乃狄克州的兩家公用事業公司，以及康乃狄克州的監管機構合作，將發電廠地址改為康乃狄克州哈特福德的另一個地點，從而使發電廠更具經濟效益。結果，該專案又重新積壓，我們正圍繞著該專案進行深入開發。我們預計它將在 2026 年建成，隨著開發週期的繼續，我們將提供有關該專案的進一步更新。

I would just add that it is a firm 20-year PPA commitment on that project. $160 million in backlog was added and we also have no gas exposure on that project as well.

我只想補充一點，這是對該計畫堅定的20年PPA承諾。增加了1.6億美元的積壓訂單，而且我們在這個項目上也沒有天然氣風險。

Appreciate that detail. Can you comment on the impact you've seen on the market broadly under the new US administration and if there's been any hesitancy to project development with some uncertainty around tax credits or other incentives?

感謝這個細節。您能否評論一下新一屆美國政府對市場的廣泛影響？

Yes, Ryan. Like I just mentioned on Tri-gen, for example, some of the lack of clarity or concern around PGC, we've definitely seen some of that. But as we think about our business and we the current administration, we think that electricity clearly plays a key role in energy dominance and the fact that our platform is fuel flexible and leverages natural gas and biofuels and coal mine methane and other forms of fuel, we think we're really well positioned to take advantage of the things that this new administration is focused on.

是的，瑞安。就像我剛才在 Tri-gen 上提到的那樣，我們確實看到了一些有關 PGC 的不明確之處或擔憂。但是，當我們思考我們的業務和現任政府時，我們認為電力在能源主導地位中顯然發揮著關鍵作用，而且我們的平台具有燃料靈活性，可以利用天然氣、生物燃料、煤礦甲烷和其他形式的燃料，我們認為我們確實處於有利位置，可以利用新政府關注的事情。

We also think that there's good activity right now going on around tax legislation and we think that there's some optimism around our view on the ITC and what's going to happen relative to ITC or the legacy ITC as being something that comes back as a benefit for us. And so we feel pretty confident about where things are headed, but no doubt there's a level of uncertainty in the market. And so you're seeing people being very thoughtful about how they want to move forward on projects, but we continue to see strong customer engagement to move forward on, and particularly around time to power, as I like to really think about it, time to revenue opportunities.

我們也認為，目前稅務立法方面正在進行良好的活動，我們對 ITC 的看法持樂觀態度，並認為 ITC 或傳統 ITC 的未來發展將為我們帶來好處。因此，我們對事態的發展非常有信心，但毫無疑問，市場存在一定程度的不確定性。因此，您會看到人們非常認真地考慮如何推進項目，但我們繼續看到強大的客戶參與度推動項目向前發展，特別是在掌權時間方面，我喜歡認真思考它，即收入機會的時間。

Jeffrey Campbell, Seaport Research Partners.

傑弗瑞‧坎貝爾（Jeffrey Campbell），海港研究夥伴。

Congratulations on the cost reduction efforts starting to show some teeth. That's good. I'll ask my two questions. I'll go back to the JDA again. At first, I was wondering, how's FuelCell going to be compensated for its participation in the projects, meaning will this mainly be for unit sales or will you have some sort of an enduring cash flow stream from a given project?

祝賀成本削減努力開始取得成效。那挺好的。我要問兩個問題。我會再次回到 JDA。起初，我想知道，FuelCell 將如何因參與專案而獲得報酬，這意味著這主要是透過單位銷售還是將從給定專案中獲得某種持久的現金流？

I'll take that. So yes, so all of the above. Really what this, as Jason went through, what this partnership allows us is the ability to provide our technology in a meaningful way in a short period of time as we start to close these orders. So certainly we will get product sales through that opportunity. And then, of course, with every product sale that we do, there's a long-term service opportunity.

我接受。是的，以上皆是。事實上，正如傑森所說的，這種合作關係使我們能夠在開始完成這些訂單時在短時間內以有意義的方式提供我們的技術。因此我們肯定會透過這個機會獲得產品銷售。當然，我們銷售的每件產品都蘊含著長期的服務機會。

These data center opportunities will likely be 20-plus year opportunities. So long-term revenue stream coming from that. And then, of course, participating in a partnership like this in a joint venture type acquisition development company. Certainly we would expect there to be long-term cash flows from that arrangement that the company could participate in as an investor.

這些資料中心機會可能會持續20多年。長期收入來源由此而來。然後，當然，也要以合資類型的收購開發公司的形式參與這樣的合作。當然，我們期望該安排能夠產生長期現金流，公司可以作為投資者參與其中。

Okay, great. Thank you. The press, this one's kind of a multi-parter, but hopefully not too confusing. The JDA press release yesterday mentioned net zero power, and it also noted emissions capture-ready technology to reduce a customer's carbon footprint, setting a new industry standard. I was wondering, first, can you add some color on what this technology refers to and if it would be supplied by FuelCell? And second, is this technology interval to the net zero status for a JDA project?

好的，太好了。謝謝。新聞界，這個有點像是多部分，但希望不會太混亂。JDA 昨天的新聞稿中提到了淨零電力，同時也指出，可捕獲排放的技術可以減少客戶的碳足跡，從而樹立新的行業標準。我想知道，首先，您能否解釋一下這項技術的含義以及它是否由 FuelCell 提供？其次，對於 JDA 專案來說，這個技術間隔是否能達到淨零狀態？

Yes, so this is Jason. Great question. So when you think about our ability to leverage the coal-burning fuel and the fact that these projects would be operating in the PJM market, we have an opportunity to leverage the fact that that's a net zero fuel, if you will, or carbon negative fuel. And the benefit that our platform can operate on that fuel gives us the ability to deliver a net zero solution relative to these data center opportunities when we're using the coal mine methane.

是的，這就是傑森。好問題。因此，當您考慮到我們利用燃煤燃料的能力以及這些項目將在 PJM 市場運營的事實時，我們就有機會利用淨零燃料或碳負燃料。我們的平台可以使用該燃料，這使得我們在使用煤礦甲烷時能夠提供相對於這些資料中心機會的淨零解決方案。

With respect to the ability to deploy carbon recovery technology, that's our ability to recover carbon from the fuel that we would use. So let's take the net gas scenario, and that's just to point our carbon recovery technology into these opportunities if that's the customer's desire.

關於部署碳回收技術的能力，那就是我們從所使用的燃料中回收碳的能力。因此，讓我們以淨氣體情境為例，如果這是客戶的需求，那麼這只是為了將我們的碳回收技術指向這些機會。

And you really build maybe three potential opportunities off of that around the CO2. One would clearly be if we had the ability to capture the CO2 and then sequester the CO2. And if you look at where we're talking about some of these projects around the Appalachian Basin and that whole area, that's certainly an opportunity because you've got geological formations to support that.

你也許真的可以從二氧化碳中建構出三個潛在的機會。顯然，如果我們有能力捕獲二氧化碳並將其封存的話。如果你看看我們正在談論的阿巴拉契亞盆地和整個地區的一些項目，那無疑是一個機會，因為有地質構造來支持這一點。

The second opportunity around that could be to capture that carbon and clean it up and purify it and potentially sell it to customers in an area that may need it for food and beverage applications. And then the third one is potentially to use that CO2 or add that to -- on the production side, use that CO2 potentially even in EOR or enhanced oil recovery applications. So a lot of opportunity can be spun from the fact that we can deliver CO2 as a benefit from these projects.

第二個機會可能是捕獲這些碳，然後對其進行清理和淨化，並將其出售給可能需要用於食品和飲料的地區的客戶。第三個是潛在地使用二氧化碳或將其添加到——在生產方面，甚至可能在 EOR 或提高石油採收率應用中使用二氧化碳。因此，我們可以透過這些項目產生二氧化碳收益，從而創造很多機會。

But to be clear, the idea is, let's get the project up first, and then these ancillary opportunities will be taken on as they present themselves.

但要明確的是，我們的想法是，讓我們先把專案啟動起來，然後再抓住出現的輔助機會。

Absolutely. Time to revenue.

絕對地。收入時間。

(Operator Instructions) Noel Parks, Tuohy Brothers.

(操作員指示) Noel Parks、Tuohy 兄弟。

Just had a couple. I was thinking that when it comes to FuelCell's experience in particular with multiple input sources, particularly, I think, with more experience using biogas as a source than competing fuel cell companies. As you're talking about potential data center locations with potential customers, is sort of your lead in biofuels a topic that comes up a lot?

剛剛有過幾次。我在想，特別是在談到 FuelCell 在多種輸入源方面的經驗時，我認為，在使用沼氣作為能源方面的經驗比競爭燃料電池公司更豐富。當您與潛在客戶談論潛在的資料中心位置時，您在生物燃料方面的領先地位是否是一個經常被提及的話題？

So there was a little bit of a breakup there, but I think your question was whether or not biofuels comes up as a topic related to data center opportunities. Is that correct?

因此，這裡存在一些分歧，但我認為你的問題是生物燃料是否成為與資料中心機會相關的議題。那正確嗎？

Sure. And given your experience with that in particular.

當然。並特別考慮到您在這方面的經驗。

Yes. So one big advantage that we have on biofuels is the fact that we can use direct biofuels. We don't need biofuels to be upgraded to pipeline quality gas. So that gas never needs to see its way into a common carrier pipeline. So we can co-locate at a biofuel source or an anaerobic digester source, and then directly utilize that fuel to deliver power.

是的。因此，我們在生物燃料方面的一個很大的優勢是我們可以使用直接生物燃料。我們不需要將生物燃料升級為管道品質的天然氣。這樣，天然氣就無需進入公共運輸管道。因此，我們可以將生物燃料源或厭氧消化器源合併在一起，然後直接利用該燃料來提供動力。

So where that fuel source is available, that is certainly an interest and certainly something that we talk to customers about as one way to deliver a net zero or negative carbon solution around a data center. And the upside of that is the fact that you're doing that with a base load power solution and delivering a negative or net zero carbon intensity score, which is certainly something that a lot of the data center suppliers are focused on.

因此，在有燃料來源的地方，我們肯定感興趣，並且肯定會與客戶討論，作為在資料中心周圍提供淨零或負碳解決方案的一種方式。這樣做的好處是，您可以使用基本負荷電力解決方案來實現負碳強度或淨零碳強度得分，這無疑是許多資料中心供應商的重點。

Right, right. It was a differentiating advantage. And I just wonder, on the hydrogen front, I'm wondering, are you seeing much discussion or interest in sort of clean hydrogen in particular from the energy storage standpoint? I just wondered if that's something that's been on the radar screen maybe a little more persistently.

對，對。這是一個差異化優勢。我只是想知道，在氫能方面，您是否看到人們對清潔氫能，特別是從能源儲存的角度來看，有很多討論或興趣？我只是想知道這是否是一直出現在雷達螢幕上的某件事，或許更持久。

Yes. Hi, this is Mark Feasel. We are in conversations and get into conversations around utilization of hydrogen for different use cases. Energy storage is one of those topics. And a function of that is how and where it can be produced, and then how can it be used once it's produced. And so playing into that equation is, as Jason's talked about, incentives and things here in North America associated with the production of hydrogen, and then how to monetize that on power grid with prices. So it's very locational in terms of looking at those two aspects around the world.

是的。你好，我是馬克·菲塞爾。我們正在進行討論，並探討如何在不同用例中使用氫氣。能源儲存就是其中一個主題。它的功能在於如何以及在何處生產它，以及生產後如何使用它。因此，正如傑森所說，這個等式涉及北美與氫氣生產相關的激勵措施和事物，以及如何透過價格在電網上將其貨幣化。因此，從世界範圍內的角度來看這兩個方面，它具有地域性。

And I'm showing no further questions at this time. I would like to turn it back to Jason Few for closing remarks.

我現在沒有其他問題了。我想請 Jason Few 作最後發言。

Thank you, Prola. Thank you all for listening in today. We have an exciting rest of 2025 ahead, and I hope you will stay tuned through the remainder of the year to see what we have in store. Hope that everyone has a great day, and thank you for joining.

謝謝你，Prola。感謝大家今天的收聽。2025 年剩餘的時間將是令人興奮的，我希望您能在剩餘的一年裡繼續關注我們，看看我們準備了什麼。祝大家有個愉快的一天，感謝您的加入。

Thank you. And this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。