燃料電池能源 (FCEL) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fuelcell Energy's second quarter of fiscal 2025 financial results conference call. (Operator Instructions)

您好，感謝您的支持。我叫蒂芬妮，今天我將擔任您的會議主持人。現在，我歡迎大家參加燃料電池能源公司2025財年第二季財務業績電話會議。（操作員指示）

Thank you. I would now like to turn the call over to Tom Gelston. Tom, please go ahead.

謝謝。現在我想把電話轉給湯姆·蓋爾斯頓。湯姆，請繼續。

Thank you, and good morning everyone, and thank you for joining us on the call today. As a reminder, this call is being recorded. This morning, Fuelcell Energy released our financial results for the second quarter of fiscal year 2025, and our earnings press release is available in the Investor Section of our website at www.fuelcellenergy.com.

謝謝大家，早安，謝謝你們今天參加我們的電話會議。提醒一下，本次通話正在錄音。今天上午，Fuelcell Energy 發布了 2025 財年第二季的財務業績，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。

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.

按照我們的慣例，除了本次電話會議和收益新聞稿外，我們還在我們的網站上發布了幻燈片簡報。這次網路直播正在錄製中，通話結束後大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 and Exchange Act of 1934. Such statements express our expectations, beliefs, and intentions regarding the future and include without limitations statements with respect to our anticipated financial results, our plans and expectations regarding the continuing development, commercialization, and financing of our Fuelcell technology, and our business plans and strategies.

在我們開始之前，請注意，您今天聽到或獲得的一些資訊將包含《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。

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

由於存在許多風險和不確定性，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。有關此類風險和不確定性的更多信息，請參閱幻燈片演示中的安全港聲明和我們向美國證券交易委員會提交的文件，特別是我們最近提交的 10-K 表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 the investors tab.

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、收益新聞稿和幻燈片簡報的附錄，以了解這些指標與 GAAP 財務指標的對帳情況。我們的收益新聞稿和今天的網路廣播簡報的副本可在我們網站的「投資者」標籤下找到。

For our call today, I'm joined by Jason Few, Fuelcell Energy's President and Chief Executive Officer; and Mike Bishop, Fuelcell Energy's Executive Vice President, Chief Financial Officer, and Treasurer. Following our prepared remarks, we will be available to take your questions and be joined by other members of the leadership team. I'll now hand the call over to Jason for opening remarks. Jason?

參加我們今天電話會議的還有 Fuelcell Energy 總裁兼執行長 Jason Few 和 Fuelcell Energy 執行副總裁、財務長兼財務長 Mike Bishop。在我們準備好發言之後，我們將回答您的問題，並由領導團隊的其他成員加入。我現在將電話交給傑森發表開場白。傑森？

Thank you, Tom, and good morning, everyone. Thank you for joining us on our call today. Along with our earnings announcement this morning, Fuelcell Energy announced a restructuring plan that prioritizes sales of our molten carbonate platform.

謝謝你，湯姆，大家早安。感謝您今天參加我們的電話會議。隨著我們今天早上的收益公告，Fuelcell Energy 宣布了一項重組計劃，優先銷售我們的熔融碳酸鹽平台。

Additionally, as a part of this effort, we are taking meaningful steps to right-size our business, manage expenses, and position ourselves to take advantage of near-term opportunities. Altogether, we believe this strategy will accelerate the timeline to expected future profitability.

此外，作為這項努力的一部分，我們正在採取有意義的措施來調整我們的業務規模、管理費用並定位自己以利用近期機會。總而言之，我們相信這項策略將加速實現預期未來獲利的時間表。

We believe that this restructuring plan will sharpen and accelerate our path to positive cash flow and growth. We are intensifying our focus on our carbonate platform while reducing overhead, working to optimize our supply chain and focusing on driving efficiency.

我們相信，這項重組計劃將會加速我們實現正現金流和成長的道路。我們正在加強對碳酸鹽平台的關注，同時降低管理費用，努力優化供應鏈並專注於提高效率。

At the same time, we will strategically preserve the platform's long-term flexibility with the goal of unlocking further opportunities such as carbon capture. Regarding our solid oxide platform, our exclusive focus will remain on validating and demonstrating our electrolysis technology at the US Department of Energy's Idaho National Laboratory. We are pausing broader solid oxide R&D immediately reducing costs and intensifying our investment in proven customer-ready solutions. We are focused on delivering future-ready power today.

同時，我們將從策略上保持該平台的長期靈活性，以釋放碳捕獲等更多機會。關於我們的固態氧化物平台，我們將繼續專注於在美國能源部愛達荷國家實驗室驗證和展示我們的電解技術。我們將立即暫停更廣泛的固體氧化物研發，以降低成本並增加對經過驗證的客戶就緒解決方案的投資。我們專注於今天提供面向未來的電力。

We believe that a successful targeted demonstration at Idaho National Laboratory will position us strategically to capitalize as the hydrogen economy expands, highlighting our highly efficient and differentiated electrolysis platform.

我們相信，愛達荷國家實驗室的成功定向演示將使我們在氫經濟擴張的過程中佔據戰略優勢，凸顯我們高效、差異化的電解平台。

Under our restructuring plan, we will recalibrate our Torrington manufacturing facility production schedule to align with contracted demand rather than forecasted demand, which without continued growth in our closed order book would result in a decrease in our annualized production rate. We believe that our disciplined demand-driven approach will position us for sustainable profitability and growth in the future, while maximizing efficiency and delivering measurable value.

根據我們的重組計劃，我們將重新調整托靈頓製造工廠的生產計劃，以符合合約需求而非預測需求，如果我們的已完成訂單沒有持續成長，將導致我們的年化生產力下降。我們相信，我們嚴謹的需求驅動方法將使我們在未來實現可持續的盈利和成長，同時最大限度地提高效率並提供可衡量的價值。

With our enhanced focus on our core technologies, specifically the manufacture and sale of our carbonate platforms and the growing demand for distributed power generation in the US, Asia and Europe, we are targeting the future achievement of positive adjusted EBITDA once our Torrington manufacturing facility, which is an annualized production rate of 100 megawatts per year. However, as of April 30, 2025, the facility operated at an annualized production rate of proximately 31 megawatts.

隨著我們更加重視核心技術，特別是碳酸鹽平台的製造和銷售，以及美國、亞洲和歐洲對分散式發電日益增長的需求，我們的目標是，一旦我們的托靈頓製造工廠建成，未來將實現正調整後 EBITDA，其年生產率為 100 兆瓦。然而，截至 2025 年 4 月 30 日，該設施的年發電量約為 31 兆瓦。

The bottom line. We are taking decisive actions to streamline our cost structure, seize the opportunities directly in front of us and deliver meaningful results. We're building a stronger, more focused company and we look forward to sharing our continued progress updates in the quarters ahead. While restructuring is never easy, we believe that prioritizing sales of our proven carbonate platform and scaling back R&D investments is the right move to drive the company towards profitability.

底線。我們正在採取果斷行動，精簡成本結構，抓住眼前的機遇，並取得有意義的成果。我們正在打造一家更強大、更專注的公司，我們期待在未來幾季分享我們持續的進展更新。雖然重組從來都不是一件容易的事，但我們相信，優先銷售我們成熟的碳酸鹽平台並縮減研發投資是推動公司實現盈利的正確舉措。

What remains unchanged is our purpose. POSCO Energy is steadfast in our commitment to enabling a world powered by clean energy. Our core value proposition is rooted in energy integration, seamlessly combining Fuelcell solutions with other generation technologies.

不變的是我們的宗旨。POSCO Energy 堅定不移地致力於建立一個由清潔能源驅動的世界。我們的核心價值主張植根於能源整合，將燃料電池解決方案與其他發電技術無縫結合。

This allows commercial, industrial and utility customers to integrate our platforms without overhauling operations are taking on the business interruption risk of intermittent power sources. Leveraging clean, abundant or gas and biogas, our solutions help customers operate with greater reliability, efficiency and affordability while reducing emissions, preserving air quality and maintaining continuity in the products and services they deliver.

這使得商業、工業和公用事業客戶能夠整合我們的平台，而無需徹底檢修運營，從而承擔間歇性電源的業務中斷風險。我們的解決方案利用清潔、豐富的天然氣和沼氣，幫助客戶以更高的可靠性、效率和經濟性運營，同時減少排放、維持空氣品質並維持其提供的產品和服務的連續性。

So what does our opportunity set look like? Let's start with one of the most powerful and durable tailwinds we have, growing global demand for power. Global power demand remains strong. Around the world, electricity demand is rising fast.

那我們的機會是什麼樣的呢？讓我們從我們所擁有的最強大和最持久的順風之一開始，那就是不斷增長的全球電力需求。全球電力需求依然強勁。世界各地的電力需求正在快速成長。

Straining existing grid infrastructure and exposing the limitations of traditional power sources and the grid centralized architecture. This isn't a temporary surge. It's a long-term mega trend and it is directly reinforces the relevance of our technology and strategy.

給現有電網基礎設施帶來壓力，並暴露出傳統電源和電網集中式架構的限制。這並不是暫時的激增。這是一個長期的大趨勢，它直接強化了我們的技術和策略的相關性。

The explosion of AI, the rapid build-out of data centers and the intensifying focus on carbon management and air quality are reshaping the global energy landscape. These trends are not political, they are structural. They will continue across administrations and market cycles. They are here to stay.

人工智慧的爆炸式增長、數據中心的快速建設以及對碳管理和空氣品質的日益關注正在重塑全球能源格局。這些趨勢不是政治性的，而是結構性的。它們將跨越政府和市場週期繼續存在。他們會留在這裡。

Just to frame the magnitude. In the US alone, data centers are projected to require more than 600 terawatt hours of electricity annually by 2030. That's a 22% compounded annual growth rate over the next five years. We believe the momentum behind these shifts is undeniable.

只是為了界定規模。光是在美國，到 2030 年資料中心每年預計就需要超過 600 太瓦時的電力。這意味著未來五年的複合年增長率將達到 22%。我們相信這些轉變背後的動力是不可否認的。

And it's hard for us to imagine a future where Fuelcell Energy is not part of the solution. This is exactly the type of demand environment we are built for. And why our focus on our core carbon platform is so well aligned with the market opportunities in front of us.

我們很難想像燃料電池能源不再是解決方案的一部分的未來。這正是我們所建構的需求環境類型。以及為什麼我們對核心碳平台的關注與眼前的市場機會如此契合。

Second, Dedicated Power Partners. We believe we have taken a major step forward in unlocking market access through our new Dedicated Power Partners or DPP strategic partnership. DPP is the result of a strategic partnership with diversified energy company and (inaudible) and it is purpose-built to accelerate the deployment of our carbonate Fuelcell for use in data centers and other large-scale commercial and industrial applications.

第二，專注的電力夥伴。我們相信，透過新的「專用電力合作夥伴」或「DPP」策略夥伴關係，我們在打開市場准入方面邁出了重要一步。DPP 是與多元化能源公司和（聽不清楚）建立策略合作夥伴關係的成果，其專門用於加速我們的碳酸鹽燃料電池在資料中心和其他大型商業和工業應用中的部署。

What makes this partnership so compelling is its potential ability to address one of the key constraints in our industry, available, reliable and affordable fuel supply. By leveraging natural gas and coal mine methane sourced by diversified, we expect to gain access to stable fuel in strategically important markets at favorable price spreads that improved project economics.

這項合作之所以如此引人注目，是因為它有可能解決我們產業面臨的關鍵限制因素，即可用、可靠且價格合理的燃料供應。透過利用多元化來源的天然氣和煤礦甲烷，我們期望以優惠的價格在具有戰略重要性的市場中獲得穩定的燃料，從而提高專案經濟效益。

This is a smart high-leverage solution that we expect will help us scale faster, deliver more value to customers and open up entirely new market territory. I'll go into more detail on DPP in a later slide but the early indicators are strong, and we are excited about it, its potential to be a meaningful growth engine for Fuelcell Energy.

這是一個智慧的高槓桿解決方案，我們期望它能幫助我們更快地擴大規模，為客戶提供更多價值並開拓全新的市場領域。我將在後面的幻燈片中更詳細地介紹 DPP，但早期指標強勁，我們對此感到興奮，它有可能成為燃料電池能源的一個有意義的成長引擎。

Third, our strategic partnerships continue to drive commercial traction. Our collaboration with ExxonMobil and carbon capture at the Rotterdam manufacturing complex is progressing well and positions us to expand this technology to new customers and partners.

第三，我們的策略夥伴關係持續推動商業發展。我們與埃克森美孚的合作以及在鹿特丹製造中心的碳捕獲工作進展順利，這使我們能夠將這項技術擴展到新的客戶和合作夥伴。

We're also advancing commercialization of our solid oxide electrolyzer through key partnerships with Malaysia Marine and Abby engineering and Idaho National Laboratory. These partnerships are essential, allowing us to push innovation forward while managing capital responsibly. Together, we believe they're laying the groundwork for Fuelcell Energy's next wave of growth.

我們也透過與馬來西亞海洋和艾比工程公司以及愛達荷國家實驗室建立重要合作夥伴關係，推進固體氧化物電解器的商業化。這些合作關係至關重要，使我們能夠推動創新，同時負責任地管理資本。我們相信，他們共同為燃料電池能源的下一波成長奠定了基礎。

Fourth, we remain committed to disciplined cost management and maintaining a strong balance sheet. Our losses narrowed in the second quarter of fiscal year 2025 compared to the second quarter of fiscal year 2024.

第四，我們持續致力於嚴格的成本管理並維持強勁的資產負債表。與 2024 財年第二季相比，2025 財年第二季我們的虧損有所收窄。

Clear evidence that our financial discipline is taking hold. When actions announced today, we expect to reduce our operating expenses by 30% on an annualized basis compared to operating expenses incurred in fiscal-year 2024. We believe we're moving in the right direction. And with continued focus and execution, we're positioning Fuelcell Energy for sustained, profitability in the future.

有明顯證據顯示我們的財政紀律正在發揮作用。當今天宣布採取行動時，我們預計與 2024 財年的營運費用相比，我們的營運費用將按年減少 30%。我們相信我們正朝著正確的方向前進。透過持續的關注和執行，我們將為燃料電池能源的未來持續盈利做好準備。

Moving to slide 6. Our powerhouse business strategy remains the foundation of everything we do. As I do each quarter, I want to show how our latest actions align with our strategy. The first pillar, focus, continues to be priority number one, the restructuring we've announced reflects that commitment. A more focused Fuelcell Energy is a more competitive than successful Fuelcell Energy.

移至幻燈片 6。我們強大的業務策略仍然是我們一切工作的基礎。正如我每季所做的那樣，我想展示我們的最新行動如何與我們的策略保持一致。第一個支柱，即重點，仍然是第一要務，我們宣布的重組反映了這一承諾。更專注的燃料電池能源比成功的燃料電池能源更具競爭力。

At the same time, we are building scale. We recently welcomed Mike Hill as our new Chief Commercial Officer. Mike brings deep experience in sustainable integrated energy systems and a strong understanding of the evolving demand of data centers and a central market going forward.

同時，我們正在擴大規模。我們最近歡迎 Mike Hill 擔任我們的新任首席商務官。Mike 在永續綜合能源系統方面擁有豐富的經驗，並且對資料中心和未來中央市場的不斷變化的需求有著深刻的理解。

And while we focus on scale, we continue to innovate. Our commitment to next-generation solutions, including carbon capture and solid oxide electrologists remain strong. The technologies represent our future, and we will continue to focus on advancing them towards commercial readiness.

在我們注重規模的同時，我們也不斷創新。我們始終堅定致力於下一代解決方案，包括碳捕獲和固態氧化物電解學家。這些技術代表著我們的未來，我們將繼續致力於推動它們走向商業化。

Dedicated power partners is one of our answers to Energy Market's biggest challenge. Record demand and limited grid availability. By combining Fuelcell Energy's proven technology, diversified Energy's coal mine methane and natural gas fuel supply and (inaudible) project execution expertise, we expect to unlock faster, more reliable power right where it is needed.

專門的電力合作夥伴是我們應對能源市場最大挑戰的答案之一。創紀錄的需求和有限的電網可用性。透過結合 Fuelcell Energy 成熟的技術、多元化能源的煤礦甲烷和天然氣燃料供應以及（聽不清楚）專案執行專業知識，我們期望在需要的地方釋放更快、更可靠的電力。

We believe Dedicated Power Partners is built to win. A strategic partnership formed with the purpose of accelerating time to power and customer revenues creating jobs, lowering price risk, delivering cost-competitive clean energy, maximizing incentives and cutting emissions. This is real energy integration in action, and we will be ready to deliver.

我們相信，Dedicated Power Partners 必將成功。建立策略夥伴關係的目的是加快發電時間和客戶收入，創造就業機會，降低價格風險，提供具有成本競爭力的清潔能源，最大限度地提高激勵措施並減少排放。這是真正的能源整合行動，我們已準備好實現這一目標。

As we innovate for tomorrow, we're also built to deliver today. The truth is simple. Hydrocarbon still power the world, and it will for the foreseeable future. That's not a challenge for us. It's a strength. Our platforms operate on natural gas and biofuels, abundant, cost-effective fuels that align with today's market realities.

當我們為明天而創新時，我們也致力於實現今天的目標。事實很簡單。碳氫化合物仍然為世界提供動力，並且在可預見的未來仍將如此。這對我們來說不是一個挑戰。這是一種力量。我們的平台使用天然氣和生物燃料，這些燃料資源豐富、經濟高效，符合當今的市場現實。

Natural gas remains over 40% of the US energy mix and continues to rise globally, driven by demand for distributed energy, energy security and grid resilience. This resurgence is a powerful tailwind for our business.

天然氣仍占美國能源結構的40%以上，受分散式能源、能源安全和電網彈性需求的推動，全球天然氣的比重持續上升。這種復甦對我們的業務來說是一股強勁的順風。

Our technology doesn't combust natural gas. It transforms it through reforming. It's all chemistry. We use it as feedstock to generate clean, reliable baseload power for mission-critical sectors like utilities, automotive, industrial and wastewater treatment, while targeting data centers as a major opportunity for future growth. This is energy integration network delivering practical immediate solutions.

我們的技術不燃燒天然氣。它透過改革來改變它。這都是化學反應。我們利用它作為原料，為公用事業、汽車、工業和廢水處理等關鍵任務產業提供清潔、可靠的基載電力，同時將資料中心作為未來成長的重要機會。這是提供實用且即時解決方案的能源整合網路。

On slide 9, I would like to underscore the competitive advantage that natural gas provides our business. Natural gas is not the problem. How it is used is, our platform transforms that reality into competitive advantage.

在第 9 張投影片上，我想強調天然氣為我們的業務提供的競爭優勢。天然氣不是問題。如何使用呢？我們的平台將現實轉化為競爭優勢。

As I just mentioned in discussing the prior slide, at Fuelcell Energy, we don't combust natural gas. We convert it electrochemically which is cleaner, more efficient and with significantly lower emissions than traditional combustion-based generation.

正如我在討論上一張幻燈片時提到的那樣，在燃料電池能源公司，我們不會燃燒天然氣。我們採用電化學方法進行轉化，這比傳統的基於燃燒的發電更清潔、更有效率，而且排放量明顯更低。

The non-combustion process captures more energy per molecule, minimizing pollutants and enables valuable byproducts like high-grade heat and contaminant removal. It reduces flaring, lowers the environmental footprint and delivers reliable baseload power at scale.

非燃燒過程可從每個分子捕獲更多能量，最大限度地減少污染物，並產生高品位熱和污染物去除等有價值的副產品。它減少了燃燒，降低了環境影響，並大規模地提供了可靠的基載電力。

This is what differentiates us. Natural gas is a strategic asset. And in our hands, it becomes a bridge to a lower carbon, cleaner air future without requiring society or industry to change how they operate. Our technology is ready now.

這就是我們的不同之處。天然氣是一種戰略資產。在我們手中，它成為通往低碳、更清潔空氣未來的橋樑，而無需社會或產業改變其運作方式。我們的技術現在已經準備就緒。

It aligns with today's energy system, meets today's needs and supports our strategy for future probable growth. It positions us not only as innovators, but as real-world problem solvers with a product that works in the world as it is.

它與當今的能源系統一致，滿足當今的需求並支持我們未來可能的成長策略。它不僅將我們定位為創新者，而且將我們定位為現實世界的問題解決者，提供適合現實世界的產品。

In conclusion, today we announced bold steps to refocus and strengthen our business. We sharpened our strategy around commercially ready, innovation and near-term market needs. We created what we believe to be a more direct and executable path to future profitability. Fuelcell Energy is built for the now, positioned for what's next and committed to delivering cleaner power without compromise.

總而言之，今天我們宣布了重新調整和加強業務的大膽舉措。我們圍繞著商業準備、創新和近期市場需求完善了我們的策略。我們創造了一條我們認為更直接、更可行、通往未來獲利的道路。燃料電池能源是為現在而打造的，面向未來，致力於提供毫不妥協的更清潔的能源。

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 adding some detail on our global restructuring plan, which involves our operations in the US, Canada and Germany. This restructuring is intended to further reduce operating costs, realign resources toward advancing our core carbonate technologies and protect our competitive position amidst slower-than-expected investments in advanced alternative energy technology.

謝謝你，傑森。首先，我想詳細介紹我們的全球重組計劃，該計劃涉及我們在美國、加拿大和德國的業務。此次重組旨在進一步降低營運成本，重新調整資源以推進我們的核心碳酸鹽技術，並在先進替代能源技術投資低於預期的情況下保護我們的競爭地位。

This restructuring plan, which was announced today builds upon our November 2024 restructuring action. Through this restructuring, we aim to reduce our operating expenses by 30% on an annualized basis compared to operating expenses incurred in fiscal-year 2024.

今天宣布的這項重組計劃以我們 2024 年 11 月的重組行動為基礎。透過此次重組，我們的目標是將營運費用與 2024 財年的營運費用相比按年減少 30%。

Key actions under our new restructuring plan include a global workforce reduction, a significant reduction of discretionary overhead spending, recalibration of the Torrington production schedule to align with contracted demand, deferral of certain compensation and benefit obligations, the cessation of the majority of development efforts with respect to our solid oxide technology and other targeted cost savings measures.

我們新重組計劃下的關鍵舉措包括全球裁員、大幅削減可自由支配的間接費用、重新調整托靈頓生產計劃以符合合約需求、推遲某些薪酬和福利義務、停止與固體氧化物技術相關的大部分開發工作以及其他有針對性的成本節約措施。

These steps reflect our commitment to strategic discipline and focus with the goal of ensuring we continue to advance our most commercially available technology while preserving the long-term optionality of our broader platform innovations.

這些舉措體現了我們對策略紀律和重點的承諾，目標是確保我們繼續推動最具商業價值的技術，同時保留更廣泛的平台創新的長期可選性。

With our enhanced focus on our core technologies, specifically the manufacturing and scale of our carbonate platform and the growing demand for distributed power generation in the US, Asia and Europe, we are targeting the future achievement of positive adjusted EBITDA once our Torrington, Connecticut manufacturing facility reaches an annualized production rate of 100 watts per year.

隨著我們更加重視核心技術，特別是碳酸鹽平台的製造和規模，以及美國、亞洲和歐洲對分散式發電日益增長的需求，我們的目標是，一旦我們位於康涅狄格州托靈頓的製造工廠達到每年 100 瓦的年生產率，就實現正調整後 EBITDA。

As of April 30, 2025, the facility was operating at an annualized production rate of approximately 31 megawatts, and our annualized production rate may decrease in the near term as part of our restructuring plan.

截至 2025 年 4 月 30 日，該工廠的年化生產率約為 31 兆瓦，作為重組計畫的一部分，我們的年化生產力可能會在短期內下降。

As a reminder, the maximum annualized capacity is 100 megawatts per year at the Torrington facilities configuration. The Torrington facility is sized to accommodate annualized production capacity of up to watts a year with additional capacity investment in machinery, equipment, tooling, labor and inventory.

提醒一下，托靈頓設施配置的最大年發電量為 100 兆瓦。托靈頓工廠的規模可容納每年高達瓦特的年生產能力，並在機械、設備、工具、勞動力和庫存方面進行額外的產能投資。

Now turning to the results for the quarter, starting on slide 11. In the second quarter of fiscal-year 2025, we reported total revenues of $37.4 million compared to $22.4 million in the comparable prior year quarter. We reported a loss from operations in the quarter of $35.8 million compared to $41.4 million in the second quarter of fiscal-year 2024. The net loss attributable to common stockholders in the quarter was $38.8 million compared to a net loss to common stockholders of $32.9 million in the second quarter of fiscal-year 2024.

現在回顧本季的業績，從第 11 張投影片開始。在 2025 財年第二季度，我們報告的總收入為 3,740 萬美元，而去年同期為 2,240 萬美元。我們報告本季的營業虧損為 3,580 萬美元，而 2024 財年第二季的營業虧損為 4,140 萬美元。本季歸屬於普通股股東的淨虧損為 3,880 萬美元，而 2024 財年第二季歸屬於普通股股東的淨虧損為 3,290 萬美元。

The resulting net loss per share attributable to common stockholders in the second quarter of fiscal year 2025 was $1.79 compared to $2.18 in the second quarter of fiscal-year 2024. The net loss per common share for the three months ended April 30, 2025, benefited from the higher number of weighted average shares outstanding due to share issuances since April 30, 2024.

2025 財年第二季歸屬於普通股股東的每股淨虧損為 1.79 美元，而 2024 財年第二季為 2.18 美元。截至 2025 年 4 月 30 日的三個月每股普通股淨虧損受益於自 2024 年 4 月 30 日以來發行股票導致的加權平均流通股數增加。

Adjusted EBITDA totaled negative $19.3 million in the second quarter of fiscal-year 2025 compared to adjusted EBITDA of negative $26.5 million in the second quarter of fiscal-year 2024. As of April 30, 2025, the company had a cash, restricted cash, cash equivalents and short-term investment position of $240 million.

2025 財年第二季調整後 EBITDA 總計負 1,930 萬美元，而 2024 財年第二季調整後 EBITDA 為負 2,650 萬美元。截至 2025 年 4 月 30 日，該公司擁有現金、受限現金、現金等價物和短期投資部位為 2.4 億美元。

Next, on slide 12, 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 $13 million compared to no product revenues recognized for the comparable prior year period. Service agreement revenues increased to $8.1 million from $1.4 million.

接下來，在第 12 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 1,300 萬美元，而去年同期未確認產品收入。服務協議收入從 140 萬美元增至 810 萬美元。

The increase in service agreement revenues during the three months ended April 30, 2025, was primarily driven by revenue recognized from module exchanges under the company's long-term service agreement with United illuminating.

截至 2025 年 4 月 30 日的三個月內，服務協議收入的成長主要得益於公司與聯合照明簽訂的長期服務協議下模組交換確認的收入。

There were three module exchanges, one of which was fulfilled with used module during the three months ended April 30, 2025 during the comparable prior year period, there were no module exchanges. Generation revenue decreased to $12.1 million from $14.1 million, with the decrease primarily driven by lower power output resulting from maintenance activities during the three months ended April 30, 2025. Advanced technology contract revenues decreased to $4.1 million from $6.9 million.

在截至 2025 年 4 月 30 日的三個月內，共進行了三次模組交換，其中一次是以舊模組進行的，而去年同期則沒有進行模組交換。發電收入從 1,410 萬美元減少至 1,210 萬美元，主要原因是截至 2025 年 4 月 30 日的三個月內維護活動導致電力輸出下降。先進技術合約收入從 690 萬美元下降至 410 萬美元。

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 second quarter of fiscal-year 2025 totaled $9.4 million compared to a gross loss of $7.1 million in the comparable prior year quarter.

請看投影片的右側，我將介紹毛損和營運費用的變化。2025 財年第二季的毛虧損總計 940 萬美元，而去年同期的毛虧損為 710 萬美元。

The increase in gross loss for the second quarter of fiscal-year 2025 was primarily related to reduced gross margin on advanced technology contract revenues and service agreement revenues during the second quarter of fiscal-year 2025, partially offset by decreased gross loss from generation revenues.

2025財年第二季毛虧損的增加主要與2025財年第二季先進技術合約收入和服務協議收入的毛利率下降有關，但部分被發電收入毛虧損的減少所抵銷。

The decreased gross loss from generation revenues was primarily the result of a reduction in the expense construction costs related to the Toyota project which were $0.2 million in the second quarter of fiscal-year 2025 compared to $2.6 million in the second quarter of fiscal-year 2024.

發電收入毛虧損減少主要是由於與豐田專案相關的費用建設成本減少，2025 財年第二季該費用建設成本為 20 萬美元，而 2024 財年第二季為 260 萬美元。

During the quarter, we continued to make strong progress on our goal of reducing costs. Operating expenses for the second quarter of fiscal-year 2025 decreased to $26.4 million from $34.3 million in the second quarter of fiscal year 2024.

本季度，我們在降低成本的目標上繼續取得重大進展。2025財年第二季的營運費用從2024財年第二季的3,430萬美元降至2,640萬美元。

Administrative and selling expenses decreased to $16.5 million during the second quarter of fiscal year 2025 from $17.7 million during the second quarter of fiscal-year 2024, primarily due to lower compensation expense as a result of the restructuring actions taken in the fall of 2024.

2025 財年第二季的管理和銷售費用從 2024 財年第二季的 1,770 萬美元降至 1,650 萬美元，主要原因是 2024 年秋季採取的重組行動導致薪資費用降低。

Research and development expenses decreased to $9.9 million in the second quarter of fiscal-year 2025 compared to $16.6 million in the second quarter of fiscal-year 2024. The decrease was primarily due to lower spending on our commercial development efforts related to our solid oxide power generation and electrolysis platforms and carbon separation and carbon recovery solutions, as well as a shift in engineering resource allocation towards supporting funded advanced technology activities.

2025 財年第二季的研發費用從 2024 財年第二季的 1,660 萬美元下降至 990 萬美元。下降的主要原因是我們在固體氧化物發電和電解平台以及碳分離和碳回收解決方案相關的商業開發支出減少，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 by approximately 18.7% to $1.26 billion compared to $1.06 billion as of April 30, 2024, in part as a result of the long-term service agreement or LTSA entered into with GGE during the third quarter of fiscal-year 2024.

在幻燈片的右下角，您會看到積壓訂單量從 2024 年 4 月 30 日的 10.6 億美元增加了約 18.7%，達到 12.6 億美元，部分原因是 2024 財年第三季與 GGE 簽訂了長期服務協議或 LTSA。

Backlog for the GGE LTSA has been allocated between product backlog and service backlog. Product backlog is being and will continue to be recognized as revenue as the company completes commissioning of the replacement modules.

GGE LTSA 的積壓已在產品積壓和服務積壓之間分配。隨著公司完成替換模組的調試，產品積壓訂單將繼續被確認為收入。

Under the GGE LTSA, commissioning of the first six 1.4-megawatt replacement Fuelcell modules was completed in the fourth quarter of fiscal-year 2024, and commissioning of the next four replacement Fuelcell modules was completed in the second quarter of fiscal-year 2025.

根據 GGE LTSA，首批六個 1.4 兆瓦替換燃料電池模組的調試已於 2024 財年第四季完成，接下來的四個替換燃料電池模組的調試已於 2025 財年第二季完成。

An additional 16 1.4-megawatt replacement Fuelcell modules are expected to be commissioned ratably throughout the remainder of fiscal-year 2025 and the remaining 16 1.4-megawatt replacement Fuelcell modules are expected to be commissioned in fiscal-year 2026.

預計另外 16 個 1.4 兆瓦的替換燃料電池模組將在 2025 財年剩餘時間內按比例投入使用，剩餘 16 個 1.4 兆瓦的替換燃料電池模組預計將在 2026 財年投入使用。

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 GGE LTSA. Backlog also increased compared to the corresponding prior-year period as a result of entering into a 20-year power purchase agreement for the 7.4-megawatt Fuelcell power plant that the company will build in Hartford, Connecticut. This power purchase agreement has added approximately $167.4 million into backlog.

隨著公司在 GGE LTSA 期限內在 GGE 站點提供服務，服務積壓訂單將繼續被確認為收入。由於該公司簽署了為期 20 年的購電協議，將在康乃狄克州哈特福德建造 7.4 兆瓦的燃料電池發電廠，因此積壓訂單與去年同期相比也有所增加。該購電協議已為積壓訂單增加了約 1.674 億美元。

Slide 13 is an update on our liquidity position. As I mentioned earlier, as of April 30, 2025, we had cash, restricted cash, cash equivalents and short-term investments of $240 million. During the three months ended April 30, 2025, approximately 1.6 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 $5 per share, resulting in net proceeds to the company of approximately $7.7 million.

投影片 13 是有關我們流動性狀況的最新資訊。正如我之前提到的，截至 2025 年 4 月 30 日，我們的現金、受限現金、現金等價物和短期投資為 2.4 億美元。在截至 2025 年 4 月 30 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 5 美元的平均售價出售了約 160 萬股公司普通股，為公司帶來約 770 萬美元的淨收益。

In closing, we are taking deliberate and proactive steps to maintain a strong and flexible balance sheet while continuing to sharpen our focus on cost discipline and the execution of a growth strategy centered on our carbonate platform.

最後，我們正在採取深思熟慮和積極主動的措施來維持強勁而靈活的資產負債表，同時繼續加強對成本控制和以碳酸鹽平台為中心的成長策略的執行。

We believe our carbonate technology is well positioned to meet the demands of the evolving energy integration and the accelerating need for distributed power generation, both through our established channels and the new dedicated Power Partners strategic partnership with Diversified Energy and TESIAC. We remain focused on driving financial performance while enabling long-term scalable growth.

我們相信，透過我們現有的管道以及與 Diversified Energy 和 TESIAC 建立的新的專用 Power Partners 策略合作夥伴關係，我們的碳酸鹽技術能夠很好地滿足不斷發展的能源整合和日益增長的分散式發電需求。我們將繼續專注於推動財務業績，同時實現長期可擴展的成長。

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。

(Operator Instructions) George Gianarikas, Cannacord Genuity.

（操作員指示）George Gianarikas，Cannacord Genuity。

Hi, good morning, everyone. Thank you for taking my questions. I'm confident that these weren't easy actions to take with the restructuring. Maybe the first question is around DPP. If you could just sort of talk a little bit about any tangible, excuse me, momentum you have there in, preparing customers and orders. Thank you.

大家好，早安。感謝您回答我的問題。我確信，重組過程中採取這些行動並不容易。也許第一個問題與民進黨有關。如果您可以稍微談談您在準備客戶和訂單方面所取得的實際進展，請原諒。謝謝。

George, thank you for joining the call, and thank you for your question and also your comments about our team members and the restructuring. With respect to DPP, we have a very focused effort around bringing to data center customers as our primary target, a combination of fuel provided by diversified energy, Fuelcell power generation provided by us and financing brought together through TESIAC.

喬治，感謝您參加電話會議，也感謝您的提問以及對我們團隊成員和重組的評論。關於 DPP，我們非常專注於為資料中心客戶提供多元化能源提供的燃料、我們提供的燃料電池發電以及透過 TESIAC 整合的融資組合，這是我們的主要目標。

We have a number of conversations that are active today that we are pursuing across the area in Northern Virginia and Kentucky that we talked about in our earlier press releases, and we feel pretty positive about the momentum that we're building there to start to see that partnership turned into some transactions where we're delivering fuel and power to data center customers.

我們今天正在與北維吉尼亞州和肯塔基州地區進行一些積極的對話，我們在先前的新聞稿中提到過，我們對在那裡建立的勢頭感到非常樂觀，開始看到這種合作關係轉化為一些交易，我們正在為數據中心客戶提供燃料和電力。

Thank you. And just as a follow up, I'm sure this is an easy question to answer, but you mentioned getting to EBITDA neutral would imply 100 megawatts of production. I'm curious as to any sort of line of sight you can give us any thoughts around when we can sort of maybe expect that to happen? Thank you.

謝謝。作為後續問題，我相信這是一個很容易回答的問題，但您提到達到 EBITDA 中性意味著 100 兆瓦的產量。我很好奇，您能否給我們一些思路，讓我們知道什麼時候我們可能會預期這種情況會發生？謝謝。

Good morning George, this is Mike. So yes, as part of our disclosures today, we did confirm that with the lower cost structure of the business, the company is comfortable saying that we can achieve adjusted EBITDA positive when we get the factory in the 100 megawatt range.

早安，喬治，我是麥克。所以是的，作為我們今天披露的一部分，我們確實確認，由於業務成本結構較低，公司可以放心地說，當我們的工廠達到 100 兆瓦的規模時，我們可以實現調整後的 EBITDA 為正。

And as a reminder, as I said in my remarks, today, we have capacity of 100 megawatts in Torrington. We don't need to spend any additional capital to get to 100 megawatt. It's really ramping at the pace of order flow. We also have the footprint to get that capacity up to 200 megawatts with some additional expenditures primarily around capital equipment.

提醒一下，正如我在發言中所說，今天，托靈頓的發電容量為 100 兆瓦。我們不需要花費任何額外的資金來達到 100 兆瓦。訂單流的速度確實在加快。我們還有能力將發電能力提高到 200 兆瓦，並且主要在資本設備方面進行一些額外支出。

So your question as far as the timing to get there. The timing is really going to be paced by flow of orders, right? And as Jason talked about, we see a tremendous opportunity right now in the US around distributed generation in general as well as the large data center opportunity.

所以你的問題是關於到達那裡的時間。時間安排確實要根據訂單流來決定，對嗎？正如傑森所說，我們目前在美國看到了分散式發電以及大型資料中心領域的巨大機會。

Thank you.

謝謝。

Jeff Osborne, TD Cowen.

傑夫·奧斯本，TD Cowen。

Yeah, thank you. Maybe just to follow up on Georgia's question, I guess sort of pre-COVID and years before my the task or target around EBITDA breakeven was more driven by what the size of the generation portfolio was.

是的，謝謝。也許只是為了跟進喬治亞的問題，我想在 COVID 之前以及幾年前，我圍繞 EBITDA 盈虧平衡的任務或目標更多地取決於發電組合的規模。

And so I'm just curious like what the assumptions are to hit that or why the manufacturing side of the business. Is more the driver of profitability relative to generation getting to 80 megawatts or 100 megawatts, whatever the math ends up being?

所以我只是好奇，要達到這個目標需要什麼樣的假設，或是為什麼要專注在業務的製造面。無論最終結果如何，獲利能力的驅動力是否更多地與發電量達到 80 兆瓦或 100 兆瓦有關？

Sure, Jeff. And good question. So as we look at the overall financial model, certainly, the contribution from the generation portfolio is part of it. And when you look at the contribution from generation today, for example, in this quarter, you're in the $3.5 million to $4 million range when you take out depreciation, right? So that is a contributor.

當然，傑夫。好問題。因此，當我們看整體財務模型時，發電組合的貢獻當然是其中的一部分。例如，當您查看本季今天的發電貢獻時，扣除折舊後，您的貢獻在 350 萬美元到 400 萬美元之間，對嗎？所以這是一個貢獻者。

And on an annualized basis, that's obviously four times the number that I just said. But as we look at the opportunities here going forward, we are not banking on increasing that generation portfolio. We see this as a product and service business, right? And by being able to sell product into DPP and broadly beyond that, and you can look at the Korean market as an opportunity there as well. Broadly beyond that, we'll have service on those units.

以年率計算，這顯然是我剛才所說的數字的四倍。但當我們展望未來的機會時，我們並不指望增加發電組合。我們將此視為產品和服務業務，對嗎？透過能夠將產品銷售到 DPP 及其他更廣泛的市場，您也可以將韓國市場視為一個機會。除此之外，我們也將為這些單位提供服務。

So we're really keying the target around getting up to a stated volume, but also recognizing that the overall financial model does have contributions, not only from generation but around advanced technology, which has been a profitable part of the business for us as well.

因此，我們真正的目標是達到規定的產量，但同時也認識到整體財務模型確實有貢獻，不僅來自發電，還來自先進技術，這也是我們業務的一個盈利部分。

That's helpful. Maybe just the last follow-up question on my side is just I think the price of gas turbines has tripled here over the past 18 to 24 months. And so as we look at future bookings for you folks for data center applications, would you anticipate that the ASPs would be similar to what you saw in Korea and recent orders?

這很有幫助。也許我這邊的最後一個後續問題是，我認為燃氣渦輪機的價格在過去 18 到 24 個月上漲了兩倍。那麼，當我們查看未來資料中心應用程式的訂單時，您是否預期平均銷售價格會與您在韓國看到的以及最近的訂單類似？

I'm just curious, as we make our models to eventually get you to 100 megawatts whenever that comes in the future, what you've seen in the past five years of pricing and cost? Is that similar? Or any other major changes on either inputs or output?

我只是好奇，當我們製作模型最終讓你在未來達到 100 兆瓦時，你在過去五年中看到了什麼定價和成本？這很相似嗎？或輸入或輸出方面有任何其他重大變化？

Yeah, Jeff, we see -- that we see the increase in cost there as well as the time line to get gas turbines as an opportunity for us as one of the tailwinds because of our ability to deliver and really meet the requirement around time to power.

是的，傑夫，我們看到——我們看到成本的增加以及獲得燃氣渦輪機的時間表對我們來說是一個機遇，因為我們有能力交付並真正滿足發電時間的要求。

So we don't see significant changes in our pricing to customers. As a result of the demand, it's been driven by the growth in electricity demand. We actually see it as an opportunity, and we intend to work really hard to exploit that opportunity.

因此，我們並未發現客戶定價方面有重大變化。由於需求的原因，它受到電力需求成長的推動。我們實際上將其視為一個機會，我們打算努力利用這個機會。

Makes sense. I appreciate the details.

有道理。我很欣賞這些細節。

Thank you. (Operator Instructions) Noel Parks, Tuohy Brothers. Please go ahead.

謝謝。（操作員指示）諾埃爾·帕克斯（Noel Parks）、圖伊兄弟（Tuohy Brothers）。請繼續。

Hi, good morning. I was just wondering about the very broad power generation opportunity for support of AI and data centers. Could you just maybe characterize a bit what sort of customers are -- you're talking to that are maybe moving the fastest showing the most urgency? And if you have a sense of whether any particular type or region of customer is going to be most instrumental in possibly getting you up to -- closer to the 100-megawatt manufacturing level at Torrington?

嗨，早安。我只是想知道支援人工智慧和資料中心的非常廣泛的發電機會。您能否稍微描述一下您正在交談的顧客類型，他們可能是行動最快、最迫切的？您是否知道是否有任何特定類型或地區的客戶最有可能幫助您在托靈頓達到接近 100 兆瓦的生產水準？

No, thank you for the question. So just a couple of comments. First, I would say that our entire opportunity as we see it as a company, is not just solely around data centers, right? If you look at our Korean opportunity, as an example, and if you look at our just pure grid resiliency and reliability like the project we talked about, last quarter in Hartford to deliver distributed power generation that's going to act as a resource on the grid. So we see the ability to get to the 100 megawatts being a combination of opportunities.

不，謝謝你的提問。僅提幾點意見。首先，我想說，我們公司所看到的全部機會不僅僅在於資料中心，對嗎？以我們的韓國機會為例，如果您看一下我們純粹的電網彈性和可靠性，例如我們上個季度在哈特福德談到的項目，該項目旨在提供分散式發電，作為電網的資源。因此，我們認為達到 100 兆瓦的能力需要多種機會的結合。

But specifically to your question on data centers, we see the data center segment is somewhat fragmented, right? You've got developers that might fall into the traditional real estate REIT kind of category. You've got hyperscalers.

但具體到您關於資料中心的問題，我們發現資料中心部分有些分散，對嗎？你所擁有的開發商可能屬於傳統房地產 REIT 類別。您擁有超大規模計算設備。

So when you think about the big players like Meadows and Googles and Amazons of the world. And then you have developers that are building out large-scale data center projects, we're in conversations across the Board with those customers.

所以當你想到像 Meadows、Google 和 Amazon 這樣的世界大公司。然後，您會看到開發人員正在建立大型資料中心項目，我們正在與這些客戶進行全面對話。

And I would add another segment to that, that we're in conversations with, and this really ties to the relationship we have with diversified, just as an example. There's also a number of players that we're in conversations with that are on the gas distribution side that are also looking to bring solutions to their customers because they've got gas.

我想補充一點，我們正在進行對話，這實際上與我們與多元化的關係息息相關，僅舉一個例子。我們正在與許多從事天然氣分銷的參與者進行對話，他們也希望為客戶提供解決方案，因為他們有天然氣。

They need power generation solutions to consume that gas. And so there are opportunities there that we are also pursuing that with those customers. So we're on a multifrontal attack, if you will, with respect to the data centers.

他們需要發電解決方案來消耗這些氣體。因此，我們也正在與這些客戶一起尋求機會。因此，如果你願意的話，我們正在對資料中心進行多方面攻擊。

And we think that, to your question about who's going to go first? This is the traditional way to think about the model. They're all trying to secure offtake agreements to get those data centers up and running. And what we really like about our position, I like to think about it as kind of first power block in, if you will, right, to get those data centers up and running in those 20 to 50 megawatt-type blocks, and we think that's where we have a real opportunity to excel, and we're excited about it.

我們認為，對於您關於誰將先走的問題，這是思考該模型的傳統方式。他們都在努力達成承購協議，以使這些資料中心能夠正常運作。我們真正喜歡我們的位置的是，我喜歡把它看作是第一個電力區塊，如果你願意的話，對吧，讓這些數據中心在 20 到 50 兆瓦的區塊中建立和運行，我們認為這是我們真正有機會脫穎而出的地方，我們對此感到興奮。

Great. And when you mentioned the gas distribution side and those customers looking to bring -- or those looking to bring opportunities to their customers. Are those something you anticipate would be structured ultimately long as a long-term PPA-type agreement or more sort of just supply volume agreement? I guess I'm just trying to get a sense of just what those might look like kind of with that extra party in the middle?

偉大的。當您提到天然氣分銷方面以及那些希望為其客戶帶來機會的客戶時。您是否預計這些最終將被建構為長期 PPA 類型的協議或更確切的供應量協議？我想我只是想了解一下，如果中間有額外的派對，它們會是什麼樣子？

Sure. And that's a really good question. No, this is Mike. Thank you for that. So again, the way we look at DPP is a partnership that Fuelcell will be selling into, right? As I mentioned earlier, we're going to be selling product into that partnership, diversified, obviously, selling fuel into the partnership.

當然。這是一個非常好的問題。不，我是麥克。謝謝你。那麼，我們再次將 DPP 視為 Fuelcell 將要出售的合作夥伴關係，對嗎？正如我之前提到的，我們將向該合作夥伴銷售產品，顯然是多元化的，也向該合作夥伴銷售燃料。

And then the go-to-market, for DPP is put forth power purchase agreements in front of customers. And of course, there could be -- depending on the end customer, there could ultimately just be a sale the project coming out of DPP.

然後，對 DPP 來說，進入市場就是向客戶提出電力購買協議。當然，也可能存在這種情況——這取決於最終客戶，最終可能只是 DPP 專案的銷售。

But DPP will be doing the development and also sourcing the financing. And with a platform like this, that's going to be growing, we -- our expectation is you're able to source financing at a reasonable cost of capital that will enable the growth and provide back again to Fuelcell Energy orders for product and service.

但 DPP 將負責開發並尋找融資。有了這樣的平台，它將會不斷發展，我們期望您能夠以合理的資本成本獲得融資，從而實現成長並再次向燃料電池能源公司提供產品和服務訂單。

So that's how we think about it. There will be -- there will generally be a power purchase agreement coming out of DPP to the end user, right? But optionality there, depending on the client, whether that asset stays in DPP long term and DPP just finances it or it gets sold to that client.

這就是我們的想法。通常會有一份由 DPP 發給最終用戶的電力購買協議，對嗎？但那裡有可選性，取決於客戶，該資產是否長期留在 DPP 中，DPP 是否只為其提供資金，或者是否將其出售給該客戶。

And Noel, maybe just to add a little bit to that. When you look at opportunities that fall outside of that construct, our focus is going to be delivering these projects as energy as a service. And so for us, what is key there is doing projects with investment-grade counterparties to make sure that we're able to develop these projects and then deliver these projects to another financial holder who is willing to contract for those long-term high-quality revenues associated with those projects.

諾埃爾，也許我只是想補充一點。當您尋找超出該範圍的機會時，我們的重點將是將這些項目作為能源即服務。因此，對我們來說，關鍵是與投資級交易對手合作開展項目，以確保我們能夠開發這些項目，然後將這些項目交付給願意簽訂與這些項目相關的長期高品質收入合約的另一個金融持有者。

And in line with that, we will have long-term service agreements that run coterminous with those agreements, and that's where you'll start to see as well for us having those predictable long-term revenues that you see in our generation portfolio today, which are on balance sheet, shifting more to a service-focused model as opposed to an on-balance sheet general model.

與此相符的是，我們將簽訂與這些協議同時進行的長期服務協議，這也是您開始看到我們擁有可預測的長期收入的原因，就像您今天在我們今天的發電組合中所看到的一樣，這些收入都在資產負債表上，更多地轉向以服務為中心的模式，而不是資產負債表上的一般模式。

Great. Thanks for the extra details.

偉大的。感謝您提供的額外詳細資訊。

Thank you.

謝謝。

There are no further questions at this time. I will now turn the call back over to Jason Few for closing remarks.

目前沒有其他問題。現在我會把電話轉回給 Jason Few 做結束語。

Tiffany, thank you, and thank you all for listening in today. I hope you come away from the call with a clear understanding of the steps Fuelcell Energy has taken to position ourselves for success, disciplined execution, leveraging our proven carbonate platform, energy growth tailwinds, the modular speed advantage that we have, first power block in and structural cost reductions to shorten our pathway to adjusted EBITDA positive. I look forward to sharing more progress updates next quarter. Thank you all for joining the call, and I hope you all have a wonderful weekend. Thank you.

蒂芙尼，謝謝你，也謝謝大家今天的收聽。我希望您在通話結束後能夠清楚地了解燃料電池能源為取得成功所採取的措施、嚴格的執行、利用我們成熟的碳酸鹽平台、能源增長的順風、我們擁有的模組化速度優勢、第一個電力區塊和結構性成本削減，以縮短我們實現調整後 EBITDA 正值的途徑。我期待下個季度分享更多進展更新。感謝大家參加電話會議，祝大家週末愉快。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，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。