燃料電池能源 (FCEL) 2025 Q3 法說會逐字稿

Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the FuelCell Energy third quarter of fiscal 2025 financial results conference call. Today's conference is being recorded. (Operator Instructions) At this time, I would like to turn the conference over to Mike Bishop, Chief Financial Officer. Please go ahead.

早安.我叫奧德拉，今天我將擔任您的會議主持人。現在，我歡迎大家參加 FuelCell Energy 2025 財年第三季財務業績電話會議。今天的會議正在錄製中。（操作員指示）現在，我想將會議交給財務長 Mike Bishop。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining us on the call today. This morning, FuelCell Energy released our financial results for the third quarter of fiscal year 2025 and our earnings press release is available in the Investors section of our website at www.fuelcellenergy.com.

謝謝您，接線生。大家早安，感謝大家今天參加我們的電話會議。今天上午，FuelCell Energy 發布了 2025 財年第三季的財務業績，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。

In addition to this call and our earnings press release, we have posted a slide presentation on our website. The webcast is being recorded and will be available for replay on our website approximately two hours after we conclude.

除了本次電話會議和我們的收益新聞稿之外，我們還在我們的網站上發布了幻燈片簡報。網路直播正在錄製中，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 information that you will hear or be provided today consists 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 statements concerning our anticipated financial results, plans and expectations, regarding the continuing development, commercialization, and financing of our fuel cell technology, our anticipated market opportunities, and our business plans and strategies.

在我們開始之前，請注意，您今天聽到或提供的一些資訊包括《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，包括有關我們預期的財務結果、計劃和期望、有關我們燃料電池技術的持續開發、商業化和融資、我們預期的市場機會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 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 SEC, particularly the Risk Factors section of our most recent 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，特別是我們最近的 10-K 表和隨後提交的 10-Q 表季度報告中的風險因素部分。

During this call, we'll be discussing certain non-GAAP financial measures and we refer you to our website, 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、收益新聞稿以及幻燈片簡報的附錄，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 this call, I'm joined by Jason Few, our President and Chief Executive Officer. Following our prepared remarks, the leadership team will be available to take your questions. I'll now hand the call over to Jason for opening remarks. Jason?

這次電話會議，我們的總裁兼執行長 Jason Few 也出席了。在我們準備好發言之後，領導團隊將回答您的問題。我現在將電話交給傑森發表開場白。傑森？

Thank you, Mike, and good morning, everyone. Thank you for joining us on our call today. We continue to execute with discipline in our third fiscal quarter, delivering meaningful revenue growth while focusing on expanding our sales pipeline and improving our cost structure.

謝謝你，麥克，大家早安。感謝您今天參加我們的電話會議。我們在第三財季繼續嚴格執行紀律，實現有意義的收入成長，同時專注於擴大銷售管道和改善成本結構。

The decisive restructuring actions we implemented in June are already yielding results, lowering costs, sharpening our focus on distributed power generation, and positioning us for investment in technologies and partnerships that can unlock future growth. I want to begin by underscoring what makes FuelCell Energy distinctive.

我們六月實施的果斷重組措施已初見成效，降低了成本，更加重視分散式發電，並為我們投資能夠釋放未來成長潛力的技術和合作夥伴關係做好了準備。首先我想強調一下 FuelCell Energy 的獨特之處。

From our headquarters in Connecticut, we have established a global leadership position in electrochemical technology, delivering large-scale, always-on-power, and advanced emissions management. We believe we see a once-in-a-generation opportunity to shape the transition to a clean energy economy that leverages abundant natural resources and believe we are positioned to play a meaningful role in powering that future.

我們在康乃狄克州的總部已確立了電化學技術領域的全球領導地位，提供大規模、不間斷供電和先進的排放管理。我們相信，我們看到了千載難逢的機會，可以推動利用豐富自然資源的清潔能源經濟的轉型，並相信我們有能力在推動未來發展方面發揮重要作用。

Today, we live in a world where energy demand is accelerating at an unprecedented pace, driven by the exponential growth of AI, data centers, and technology. This is not a distant trend. It is a structural shift reshaping global energy markets today, a world where the existing grid cannot keep pace with these demands, requiring new approaches to provide firm, resilient, and clean power, both in the near term and in decades to come.

今天，我們所處的世界，在人工智慧、資料中心和科技快速發展的推動下，能源需求正以前所未有的速度成長。這不是一個遙遠的趨勢。這是重塑當今全球能源市場的結構性轉變，現有電網無法滿足這些需求，需要新的方法來在短期和未來幾十年提供穩定、有彈性和清潔的電力。

The need is clear, urgent, and investable, a world where we believe FuelCell Energy's people, innovations, and proven utility-scale distributed power platforms are uniquely positioned to meet these challenges. We bring decades of experience and differentiated technology.

這種需求是明確的、緊迫的、可投資的，我們相信 FuelCell Energy 的人才、創新和經過驗證的公用事業規模分散式電力平台具有獨特的優勢來應對這些挑戰。我們擁有數十年的經驗和差異化技術。

In connection, with the implementation of our restructuring plan, our strategies and business plans have evolved. At the center is our carbonate power generation platform, the core of our business and the expected engine of our growth. We believe that broader deployment of this platform is our clearest path to profitability, support it domestically by favorable public policy tailwinds.

同時，隨著重組計劃的實施，我們的策略和業務計劃也隨之發展。其核心是我們的碳酸鹽發電平台，這是我們業務的核心，也是我們預期的成長引擎。我們相信，更廣泛地部署該平台是我們實現盈利的最清晰途徑，並透過有利的公共政策順風在國內為其提供支援。

At the same time, we continue to focus on innovating tomorrow's clean energy technologies and forging blue-chip partnerships, concentrating on the innovations we believe have the greatest potential for commercial impact and long-term value creation.

同時，我們繼續致力於創新未來的清潔能源技術並建立藍籌合作夥伴關係，專注於我們認為最具商業影響和長期價值創造潛力的創新。

On slide 5. When it comes to the third quarter, I want you to keep four points in mind. First, global power demand is accelerating. Global power demand is rising at an unprecedented pace, driven by AI, crypto, and the increasing density of servers inside data centers. FuelCell Energy's modular carbonate baseload power technology is a proven, scalable solution available today to meet this demand with reliable, clean, always-on-power.

在第 5 張投影片上。談到第三季度，我希望你們記住四點。一是全球電力需求加速成長。在人工智慧、加密技術以及資料中心內伺服器密度不斷增加的推動下，全球電力需求正以前所未有的速度成長。FuelCell Energy 的模組化碳酸鹽基載電力技術是一種經過驗證的可擴展解決方案，目前已投入使用，可透過可靠、清潔、始終供電來滿足這一需求。

Second, strategic partnerships validate global scale. We believe that our commercial traction and partnerships continue to validate our ability to scale globally. South Korea is our most active international market where we are focused on unlocking commercial opportunities.

其次，戰略夥伴關係驗證了全球規模。我們相信，我們的商業吸引力和合作夥伴關係將繼續驗證我們在全球擴展的能力。韓國是我們最活躍的國際市場，我們致力於在那裡發掘商業機會。

Under our long-term service agreement with Gyeonggi Green Energy Co. Ltd., or GGE, the operator of the world's largest fuel cell park, we delivered eight replacement modules to GGE during the third quarter. We expect that this partnership will drive product revenue as we continue to deliver modules through the remainder of fiscal year 2025 and in fiscal year 2026.

根據我們與全球最大燃料電池園區營運商京畿綠色能源有限公司（GGE）簽訂的長期服務協議，我們在第三季度向 GGE 交付了八個替換模組。我們預計，隨著我們在 2025 財年剩餘時間和 2026 財年繼續交付模組，這項合作關係將推動產品收入。

During the quarter, we entered into a long-term service agreement with CGN, the Yulchon Generation Co., or CGN, a leading independent power producer in South Korea. CGN will purchase eight carbonate fuel cell modules from us, making a total of 10 megawatts of power, and we will provide long-term operations and maintenance services for that CGN power platform.

本季度，我們與韓國領先的獨立電力生產商中廣核集團（CGN）、栗村發電株式會社（CGN）簽訂了長期服務協議。中廣核將向我們採購8個碳酸鹽燃料電池模組，總功率為10兆瓦，我們將為該中廣核發電平台提供長期營運和維護服務。

Additionally, in the second quarter, we executed an MOU with Inuverse, a developer of next-generation AI specialized hyperscale data centers to explore opportunities to deploy up to 100 megawatts of fuel cell-based power starting in 2027 at the AI Daegu Data Center, which Inuverse hopes to develop into Korea's largest data center. I will speak in more detail about our Korean opportunities on a later slide.

此外，在第二季度，我們與下一代人工智慧專用超大規模資料中心開發商 Inuverse 簽署了一份諒解備忘錄，以探索從 2027 年開始在人工智慧大邱資料中心部署高達 100 兆瓦的燃料電池電力的機會，Inuverse 希望將其發展成為韓國最大的資料中心。我將在後面的幻燈片中更詳細地介紹我們在韓國的機會。

Beyond Korea, we continue to strengthen global relationships. Dedicated Power Partners is our partnership with Diversified Energy and TESIAC, which we formed for the purpose of meeting surging off-grid data center demand by powering these sites with our platforms using Diversified Energies' natural gas and coal mine methane resources.

除了韓國之外，我們也將繼續加強全球關係。Dedicated Power Partners 是我們與 Diversified Energy 和 TESIAC 合作成立的，目的是利用 Diversified Energies 的天然氣和煤礦瓦斯資源，透過我們的平台為這些站點供電，滿足不斷增長的離網資料中心需求。

Our work also continues with ExxonMobil's low-carbon solutions. ExxonMobil Technology and Engineering Company and Esso Nederland BV to develop a pilot plan, utilizing carbon capture technology that Esso's Rotterdam manufacturing complex. We continue to make good progress during the second phase of our commercialization of this technology while Esso continues to progress build-out of the infrastructure for the pilot plant.

我們的工作也將持續推進埃克森美孚的低碳解決方案。埃克森美孚技術與工程公司和埃索荷蘭有限公司製定了一項試點計劃，利用埃索鹿特丹製造綜合體的碳捕獲技術。我們在該技術商業化的第二階段繼續取得良好進展，同時埃索繼續推進試驗工廠的基礎設施建設。

Additionally, with Malaysia Marine and Heavy Engineering and Idaho National Laboratory, we are advancing with capital efficiency, our solid oxide electrolyzer technology. We are proud of our existing partnerships and look forward to further opportunities for our business.

此外，我們與馬來西亞海洋與重型工程公司以及愛達荷國家實驗室合作，不斷提高資本效率和固體氧化物電解器技術。我們為現有的合作夥伴關係感到自豪，並期待我們的業務有更多發展機會。

Third, US policy tailwinds. Domestic policy continues to create meaningful tailwinds for our business. One of the most impactful elements of the recently enacted One Big Beautiful Bill Act is the reinstatement of the investment tax credit, or ITC.

第三，美國政策順風。國內政策持續為我們的業務創造有意義的順風。最近頒布的《一項偉大的美麗法案》最具影響力的內容之一是恢復投資稅收抵免（ITC）。

By maintaining full ITC eligibility for fuel cell technologies, we believe that this legislation will ensure that companies like FuelCell Energy can continue to deploy US-built platforms at scale. We believe that the ITC can help us win projects with more cost-sensitive commercial and industrial customers, and we further believe the flexibility and long-term visibility of the ITC under the legislation will help to provide developers and investors with the confidence to accelerate deployment.

透過保持燃料電池技術的完全 ITC 資格，我們相信這項立法將確保像 FuelCell Energy 這樣的公司能夠繼續大規模部署美國製造的平台。我們相信，ITC 可以幫助我們贏得更具成本敏感性的商業和工業客戶的項目，並且我們進一步相信，立法下 ITC 的靈活性和長期可見性將有助於為開發商和投資者提供加速部署的信心。

We think the 45Q carbon capture sequestration and utilization incentive will provide meaningful support for fuel cell carbon capture applications like the applications we are developing jointly with ExxonMobil's LCS business and reinforce our conviction that carbon capture will be central to meeting US energy goals. We are proud to partner with ExxonMobil and its affiliates in our work to commercialize this technology.

我們認為，45Q 碳捕獲封存和利用激勵措施將為燃料電池碳捕獲應用提供有意義的支持，例如我們與埃克森美孚 LCS 業務聯合開發的應用，並加強我們的信念，即碳捕獲對於實現美國能源目標至關重要。我們很榮幸能與埃克森美孚及其附屬公司合作，共同實現這項技術的商業化。

US policy is also supportive of natural gas infrastructure expansion, recognizing the role of natural gas as a backbone fuel. We are pragmatic. We do expect the use of hydrogen will increase, but natural gas remains essential. Our carbonate platform is built to deliver clean power from a combination of both.

美國政策也支持天然氣基礎設施擴張，承認天然氣作為支柱燃料的作用。我們務實。我們確實預計氫氣的使用量會增加，但天然氣仍然必不可少。我們的碳酸鹽平台旨在透過兩者的結合提供清潔能源。

We think Congress took a much-needed step to support a more inclusive approach to energy policy and that fuel cells fit well in the alternative power landscape. According to the Department of Energy, there are fuel cells running in 48 states, generating baseload power and operating as primary power sources.

我們認為國會採取了急需的措施來支持更具包容性的能源政策方針，並且燃料電池非常適合替代能源格局。據美國能源部稱，目前有 48 個州正在運行燃料電池，產生基載電力並作為主要電源運作。

Fuel cells are optimized when they run continuously, which is why they are ideal for data centers. Given the numerous supportive policies around the world, we believe that FuelCell Energy is positioned well to take advantage of available opportunities.

燃料電池在連續運作時會得到最佳化，這就是為什麼它們成為資料中心理想選擇的原因。鑑於世界各地推出的眾多支援政策，我們相信 FuelCell Energy 已做好準備，充分利用現有機會。

Finally, we are working to fortify our financial foundation. We closed the quarter with approximately $237 million in total cash and cash equivalents, providing ample runway to execute on our business plans. While our June restructuring resulted in significant non-cash expenses, our cost control measures are trending strongly in the right direction and beginning to have positive effects.

最後，我們正在努力鞏固我們的財務基礎。本季結束時，我們的現金和現金等價物總額約為 2.37 億美元，為執行我們的業務計劃提供了充足的空間。雖然我們六月的重組導致了大量非現金支出，但我們的成本控制措施正朝著正確的方向發展，並開始產生正面的影響。

We remain on track to reduce operating expenses by 30% on an annualized basis compared to operating expenses incurred in fiscal year 2024. And we are targeting the future achievement of positive adjusted EBITDA once our Torrington manufacturing facility reaches an annualized production rate of 100 megawatts per year. The decisive steps we took are already paying off, strengthening our balance sheet, sharpening our execution, and positioning us for profitable growth.

與 2024 財年的營運費用相比，我們仍有望將營運費用年度化減少 30%。一旦我們的托靈頓製造工廠達到每年 100 兆瓦的年生產率，我們就計劃實現正調整後 EBITDA。我們採取的果斷措施已初見成效，增強了我們的資產負債表，提高了我們的執行力，並為我們實現盈利增長做好了準備。

Moving to slide 7. Let me dive deeper into our market presence in South Korea and the opportunities ahead. South Korea has been one of the most forward-leaning nations in adopting fuel cell power to address growing electricity demand and advance a clean energy future. Its hydrogen economy roadmap has set a global benchmark for low to zero carbon power generation, and we are proud to be a trusted partner of GGE and CGN in supporting those goals.

移至幻燈片 7。讓我更深入了解我們在韓國的市場地位以及未來的機會。韓國是採用燃料電池來滿足日益增長的電力需求和推動清潔能源未來發展的最具前瞻性的國家之一。其氫經濟路線圖為低碳至零碳發電樹立了全球標桿，我們很自豪能夠成為GGE和中廣核值得信賴的合作夥伴，支持這些目標。

Beyond our recently announced MOU with Inuverse and our long-term service agreement with CGN, we continue to maintain a strong commercial relationship with GGE, Noeul Green Energy and Korea Southern Power Company. Today, we have 82 modules installed or in backlog in Korea, representing 108 megawatts of clean power.

除了我們最近宣布與 Inuverse 簽署的諒解備忘錄以及與中廣核簽署的長期服務協議之外，我們還繼續與 GGE、Noeul Green Energy 和韓國南方電力公司保持著牢固的商業關係。目前，我們在韓國已安裝或積壓了 82 個模組，相當於 108 兆瓦的清潔能源。

On slide 8, let me update you on how FuelCell Energy is positioning itself to serve one of the fastest-growing markets in the world: data centers. We believe that our MOU with Inuverse to explore future opportunities focused on data centers and our partnership with Diversified Energy and TESIAC, and dedicated power partners are just the beginning.

在第 8 張投影片上，讓我向您介紹 FuelCell Energy 如何定位自己以服務世界上成長最快的市場之一：資料中心。我們相信，我們與 Inuverse 簽署的諒解備忘錄旨在探索以資料中心為重點的未來機遇，而我們與 Diversified Energy 和 TESIAC 以及專門的電力合作夥伴的合作僅僅是個開始。

We are in conversations with leading data center developers, hyperscalers, and investors about how our platforms can meet the rising demand for reliable, clean baseload power. We hold a differentiated position in the energy sector as the only fuel cell manufacturer with demonstrated utility scale platforms over 10, 20 and 50 megawatts with more than seven years of continuous run time and more than 17 million-megawatt hours of power production.

我們正在與領先的資料中心開發人員、超大規模企業和投資者討論我們的平台如何滿足對可靠、清潔基載電力日益增長的需求。我們在能源領域佔據著差異化的地位，是唯一一家擁有超過 10、20 和 50 兆瓦的公用事業規模平台的燃料電池製造商，擁有超過七年的連續運行時間和超過 1700 萬兆瓦時的發電量。

We believe our platform delivers reliability, superior efficiency compared to engines and turbines, and seamless integration with other energy sources. Regulatory momentum further strengthens this opportunity. The One Big Beautiful Bill Act reestablished full ITC eligibility for fuel cell technologies, which we believe will help US-built platforms, like ours, scale into this generational data center demand.

我們相信，我們的平台具有可靠性、比引擎和渦輪機更高的效率以及與其他能源的無縫整合。監管勢頭進一步加強了這個機會。《一項偉大的美麗法案》重新確立了燃料電池技術的完全 ITC 資格，我們相信這將有助於像我們這樣的美國製造的平台滿足這一代資料中心的需求。

To seize this opportunity, we expect to leverage the scalability of our manufacturing base. The heart of our operations is in our Torrington, Connecticut facility, which has size to accommodate an eventual annualized production capacity of up to 200 megawatts per year with additional capital investment in machinery, equipment, tooling, labor, and inventory.

為了抓住這個機會，我們希望利用我們製造基地的可擴展性。我們的營運核心位於康乃狄克州托靈頓的工廠，該工廠的規模可容納最終年化生產能力高達 200 兆瓦，並在機械、設備、工具、勞動力和庫存方面進行額外的資本投資。

We also have a proven ability to localize manufacturing as demonstrated in Korea. That flexibility to meet our customers where they are is a competitive advantage as we work to expand globally. We believe our supply chain, comprised of mostly US companies, is stable, giving us greater control over delivery and service timelines.

我們還擁有在韓國證明的在地化製造能力。在我們努力進行全球擴張的過程中，這種能夠靈活地滿足客戶需求的競爭優勢是我們的優勢。我們相信，我們的供應鏈（主要由美國公司組成）是穩定的，使我們能夠更好地控制交付和服務時間表。

This level of certainty is highly valued by our customers. We look forward to providing further updates in future quarters as we anticipate scaling our manufacturing to meet future demand.

我們的客戶高度重視這種確定性。我們期待在未來幾季提供進一步的更新，因為我們預計將擴大生產規模以滿足未來的需求。

Let me conclude by reiterating. FuelCell Energy is delivering measurable progress on our strategy and restructuring. We are growing revenue, reducing costs, and focusing our resources on near-term commercial opportunities with the goal of long-term value creation.

最後，請允許我重申這一點。FuelCell Energy 在我們的策略和重組方面取得了可衡量的進展。我們正在增加收入、降低成本，並將資源集中在近期商業機會上，以創造長期價值。

We believe the decisive steps we have taken are strengthening our foundation and positioning us to capitalize on commercial opportunities during one of the most important energy transitions of our time. The world needs more power, clean, resilient, affordable, and always-on-power, and that is exactly what we aim to deliver.

我們相信，我們所採取的決定性舉措正在加強我們的基礎，並使我們能夠在我們這個時代最重要的能源轉型之一中利用商業機會。世界需要更多的能源，清潔、有彈性、價格實惠、始終供電，這正是我們的目標。

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

說完這些，我想把電話轉回給我們的財務長 Mike Bishop。

Thank you, Jason, and good morning to everyone on the call today. Let's begin by reviewing the financial highlights for the quarter shown on slide 11.

謝謝你，傑森，今天電話會議中的各位早安。讓我們先回顧一下第 11 張投影片上顯示的本季財務亮點。

In the third quarter of fiscal year 2025, we reported total revenues of $46.7 million, compared to revenues of $23.7 million in the prior year quarter, representing a 97% increase. We reported a loss from operations in the quarter of $95.4 million, compared to $33.6 million in the third quarter of fiscal year 2024. This increase is mainly attributable to non-cash impairment expenses of $64.5 million and restructuring expenses of $4.1 million incurred as a result of our previously announced restructuring plan.

在 2025 財年第三季度，我們報告的總收入為 4,670 萬美元，而去年同期的收入為 2,370 萬美元，成長了 97%。我們報告本季的營業虧損為 9,540 萬美元，而 2024 財年第三季的營業虧損為 3,360 萬美元。這一增長主要歸因於我們先前宣布的重組計劃產生的 6,450 萬美元的非現金減損費用和 410 萬美元的重組費用。

The net loss attributable to common stockholders in the quarter was $92.5 million, compared to a net loss attributable to common stockholders of $33.5 million in the third quarter of fiscal year 2024. The resulting net loss per share attributable to common stockholders in the third quarter of fiscal year 2025 was $3.78, compared to $1.99 in the prior year period.

本季歸屬於普通股股東的淨虧損為 9,250 萬美元，而 2024 財年第三季歸屬於普通股股東的淨虧損為 3,350 萬美元。2025 財年第三季歸屬於普通股股東的每股淨虧損為 3.78 美元，去年同期為 1.99 美元。

Adjusted net loss per share attributable to common stockholders, which excludes the non-cash impairment expenses, restructuring expenses, and certain other noncash items was $0.95, compared to $1.74 in the third quarter of fiscal year 2024. Net loss was $91.9 million in the third quarter of fiscal year 2025 compared to a net loss of $35.1 million in the third quarter of fiscal year 2024.

調整後歸屬於普通股股東的每股淨虧損（不包括非現金減損費用、重組費用和某些其他非現金項目）為 0.95 美元，而 2024 財年第三季為 1.74 美元。2025 財年第三季淨虧損為 9,190 萬美元，而 2024 財年第三季淨虧損為 3,510 萬美元。

Adjusted EBITDA totaled negative $16.4 million in the third quarter of fiscal year 2025, compared to adjusted EBITDA of negative $20.1 million in the third quarter of fiscal year 2024. Please refer to the appendix of the earnings release, which provides a reconciliation of the non-GAAP financial measures, adjusted net loss per share attributable to common stockholders, and adjusted EBITDA. Finally, as of July 31, 2025, the company had cash, restricted cash, and cash equivalents of $236.9 million.

2025 財年第三季調整後 EBITDA 總計負 1,640 萬美元，而 2024 財年第三季調整後 EBITDA 為負 2,010 萬美元。請參閱收益報告附錄，其中提供了非公認會計準則財務指標、普通股股東每股調整後淨虧損以及調整後息稅折舊攤銷前利潤 (EBITDA) 的對帳。最後，截至 2025 年 7 月 31 日，該公司擁有現金、受限現金和現金等價物 2.369 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 $26 million compared to $0.3 million for the comparable prior year period. This increase is primarily attributable to the delivery and commissioning of eight replacement modules for GGE in Korea and revenue recognized under the company's sales contract with Ameresco, Inc.

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 2,600 萬美元，而去年同期為 30 萬美元。這一增長主要歸因於向韓國 GGE 交付和調試八個替換模組，以及該公司與 Ameresco, Inc. 簽訂的銷售合約確認的收入。

Service agreement revenues increased to $3.1 million from $1.4 million. The increase in service agreement revenues during the three months ended July 31, 2025, was primarily driven by revenue recognized under the company's long-term service agreement with GGE.

服務協議收入從 140 萬美元增加到 310 萬美元。截至 2025 年 7 月 31 日的三個月內服務協議收入的成長主要得益於本公司與 GGE 簽訂的長期服務協議確認的收入。

Generation revenues decreased to $12.4 million from $13.4 million, reflecting lower power output resulting from routine maintenance activities during the quarter. Advanced technology contract revenues decreased to $5.3 million from $8.6 million.

發電收入從 1,340 萬美元下降至 1,240 萬美元，反映出本季例行維護活動導致電力輸出下降。先進技術合約收入從 860 萬美元下降至 530 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 third quarter of fiscal year 2025 totaled $5.1 million, compared to a gross loss of $6.2 million in the comparable prior year period. The decrease in gross loss for the third quarter of fiscal 2025 was primarily related to decreased gross loss from generation revenues and product revenues, partially offset by reduced gross margin on advanced technology contract revenues and service agreement revenues during the third quarter of fiscal year 2025.

請看投影片的右側，我將介紹毛損和營運費用的變化。2025 財年第三季的毛虧損總計 510 萬美元，而去年同期的毛虧損為 620 萬美元。2025財年第三季毛虧損的減少主要與發電收入和產品收入的毛虧損減少有關，部分被2025財年第三季先進技術合約收入和服務協議收入的毛利率下降所抵銷。

Operating expenses for the third quarter of fiscal year 2025 were $90.2 million, which included non-cash impairment expenses of $64.5 million and restructuring expenses of $4.1 million recognized in the third quarter of fiscal year 2025. Administrative and selling expenses decreased to $14.1 million during the period [through] $14.6 million during the third quarter of fiscal year 2024, primarily due to lower compensation expense resulting from the restructuring actions taken in September 2024, November 2024, and June 2025.

2025財年第三季的營運費用為9,020萬美元，其中包括2025財年第三季確認的非現金減損費用6,450萬美元及重整費用410萬美元。2024 財年第三季度，行政和銷售費用降至 1,410 萬美元，至 1,460 萬美元，主要原因是 2024 年 9 月、2024 年 11 月和 2025 年 6 月採取的重組行動導致薪資費用降低。

Research and development expenses decreased to $7.6 million during the third quarter of fiscal year 2025, compared to $12.8 million during the third quarter of fiscal year 2024. The decrease was primarily due to lower spending on commercial development efforts related to solid oxide power generation and electrolysis platforms, and carbon separation and carbon recovery solutions.

2025財年第三季的研發費用下降至760萬美元，而2024財年第三季為1,280萬美元。下降的主要原因是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。

On the bottom right of the slide, you will see the backlog increased by approximately 4% to $1.24 billion, compared to $1.20 billion as of July 31, 2024. As Jason noted, during the quarter ended July 31, 2025, the company entered into a new long-term service agreement with CGN. Backlog for the CGN long-term service agreement was allocated between product backlog of $24 million and service backlog of $7.7 million.

在投影片的右下角，您會看到積壓訂單增加了約 4%，達到 12.4 億美元，而截至 2024 年 7 月 31 日為 12 億美元。正如傑森所指出的，在截至 2025 年 7 月 31 日的季度中，該公司與中廣核簽訂了新的長期服務協議。CGN長期服務協議的積壓訂單分配在2,400萬美元的產品積壓訂單和770萬美元的服務積壓訂單之間。

Slide 13 is an update on our liquidity position. As of July 31, 2025, we had cash, restricted cash and cash equivalents of $236.9 million. During the three months ended July 31, 2025, approximately 6.8 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 $5.70 per share, resulting in net proceeds to the company of approximately $38.1 million. Subsequent to the end of the quarter, approximately 2.7 million shares of the company's common stock were also sold under the amended open-market sale agreement at an average sale price of $4.55 per share, resulting in net proceeds to the company of approximately $11.8 million.

投影片 13 是有關我們流動性狀況的最新資訊。截至 2025 年 7 月 31 日，我們擁有現金、受限現金和現金等價物 2.369 億美元。在截至 2025 年 7 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 5.70 美元的平均售價出售了約 680 萬股公司普通股，為公司帶來約 3810 萬美元的淨收益。本季結束後，該公司還根據修訂後的公開市場銷售協議以每股 4.55 美元的平均售價出售了約 270 萬股公司普通股，為該公司帶來約 1,180 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 maintaining cost discipline and executing on a growth strategy centered on our carbonate platform. Our priorities remain clear: reduce spending and product costs, lower cash burn, and accelerate our trajectory towards the future achievement of positive adjusted EBITDA.

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，同時保持成本紀律並執行以碳酸鹽平台為中心的成長策略。我們的優先事項仍然很明確：減少支出和產品成本，降低現金消耗，並加速實現未來正調整後 EBITDA 的軌跡。

In parallel, we are actively pursuing strategic financing to support commercial execution, including our Korea repowering projects. We believe our proven technology is well positioned to meet the accelerating need for distributed power generation, both through our established channels and our partnership with dedicated power partners. We remain focused on driving financial performance while enabling long-term saleable growth.

同時，我們正在積極尋求策略性融資以支持商業實施，包括我們的韓國再發電專案。我們相信，透過我們現有的管道以及與專業電力合作夥伴的合作，我們成熟的技術能夠很好地滿足分散式發電日益增長的需求。我們將繼續專注於推動財務業績，同時實現長期銷售成長。

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, Canaccord Genuity.

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

You've got Matt here on for George. So I just want to start -- congrats on the Inuverse deal, and it seems like the data center opportunity is really strong. Do you guys just maybe provide a little bit more of an update on just your momentum in the data center space, how this partnership is going along? And any other customer conversations that are in the pipeline?

你讓馬特來代替喬治。所以我首先要祝賀 Inuverse 交易，看起來資料中心的機會真的很強大。你們能否提供更多關於你們在資料中心領域的發展動態以及合作關係進展的最新消息？還有其他正在進行的客戶對話嗎？

Yes, Matt, this is Jason. Thank you for the question. I think the Inuverse announcement is a reflection of the strength that we've been able to demonstrate in Korea with large-scale utility platforms and having multiple years of experience of running platforms, almost 60 megawatts, as an example, which is really important when you think about data centers, right?

是的，馬特，這是傑森。謝謝你的提問。我認為 Inuverse 的公告反映了我們在韓國擁有的大型公用事業平台的實力，以及多年運行平台的經驗，例如近 60 兆瓦，當你考慮資料中心時，這非常重要，對嗎？

As they try to really shift the way in which they think about purchasing power, which historically, has always been relying on the grid. And now as they look for on-site generation, having assurance around the technology is important, having a long-term track record at a utility scale is important.

他們試圖真正改變對購買力的看法，從歷史上看，購買力一直依賴電網。現在，當他們尋求現場發電時，對技術的保證很重要，在公用事業規模上​​擁有長期的業績記錄也很重要。

And the added benefit that we bring around our ability to deliver the thermal energy for absorption chilling. And so if you look at the opportunity with Inuverse, we're talking about potentially, up to 100 megawatts in these initial phases as they look to build the largest data center in Korea, and we think our platform and what we've demonstrated is the reason why we were able to secure that relationship with in Inuverse.

我們帶來的額外好處是能夠提供吸收式冷凍所需的熱能。因此，如果您看一下與 Inuverse 合作的機會，我們談論的是潛在地，在初始階段高達 100 兆瓦的電力，因為他們希望在韓國建立最大的數據中心，我們認為我們的平台和我們所展示的是我們能夠與 Inuverse 建立這種關係的原因。

As we look across the board, we are seeing significant strength in the data centers. If you look at our pipeline today, there's been a significant shift in the opportunities around data centers that we see in our pipeline. We are engaged across everything from co-located data centers to the hyperscalers around our technology. And so we're excited about the momentum for data centers and the market opportunity it represents.

綜觀全局，我們發現資料中心實力雄厚。如果你看看我們今天的管道，你會發現我們在管道中看到的資料中心周圍的機會發生了重大轉變。我們參與了從共置資料中心到圍繞我們技術的超大規模的所有事務。因此，我們對資料中心的發展勢頭及其代表的市場機會感到非常興奮。

That's great. Thank you. And I guess just as a follow-up to that, what's been the breakdown of those data center conversations? Just maybe geographically, it sounds like Korea demand has been very strong, but have you seen domestic demand throughout that?

那太棒了。謝謝。我想作為後續問題，這些資料中心對話的細目是什麼？從地理位置來看，韓國的需求似乎非常強勁，但您是否看到韓國國內的需求？

Yeah. We're seeing strong US domestic demand in addition to Korea and frankly, broader Asia as an opportunity set for where we're focused on that data center opportunity, but really strong demand in the US.

是的。除了韓國之外，我們還看到美國國內需求強勁，坦白說，整個亞洲地區也為我們關注的資料中心機會提供了機遇，但美國的需求確實強勁。

If you look at the market or the macro environment, right, the grid is short power. The grid is short transmission, permitted as a challenge. And if you think about our technology being a behind-the-meter solution, we are easy to cite, right, easy to air permit. We can be cited in edge data centers because of our size and noise profile. We have negligible particulate emissions. And so we see significant opportunity in the US.

如果你看一下市場或宏觀環境，你會發現電網電力短缺。電網是短距離傳輸，允許作為挑戰。如果您認為我們的技術是電錶後解決方案，那麼我們很容易引用，對，很容易獲得廣播許可。由於我們的規模和雜訊特徵，我們可以在邊緣資料中心中被引用。我們的粒狀物排放量微乎其微。因此，我們看到美國存在著巨大的機會。

And then throw on top of that the policy tailwinds that we see from the ITC being fully back and available to us to, at least, 2032 and potentially, as far out as 2035, giving investors -- data center developers certainty around the tax policy and how they can take advantage of that. And certainly, for us, we've been able to prove our ability to monetize ITC and recycle that cash. So we think that supports strong tailwinds for data centers overall.

除此之外，我們看到 ITC 的政策順風將全面恢復，並至少在 2032 年甚至可能在 2035 年對我們開放，這為投資者——數據中心開發商提供了有關稅收政策的確定性，以及他們如何利用這項政策。當然，對我們來說，我們已經能夠證明我們有能力將 ITC 貨幣化並回收這些現金。因此我們認為這對整個資料中心來說是一個強勁的推動力。

Jeff Osborne, TD Cowen.

傑夫·奧斯本，TD Cowen。

A lot of detail on the data centers there in the prepared remarks on South Korea. Jason, I was wondering if you could just give us a quick update on the or singles and doubles, if you will, on the legacy commercial business for you folks now that the tax credit in the US has been reinstated? What's the funnel and pipeline there look like?

在關於韓國的準備好的發言中，有很多關於那裡的資料中心的細節。傑森，我想知道，如果你願意的話，現在美國已經恢復了稅收抵免，你是否可以向我們簡要介紹一下單打和雙打方面遺留的商業業務？那裡的漏斗和管道是什麼樣的呢？

Yeah. So we continue, Jeff, to see opportunity outside of the data center space, and I would characterize it more as just distributed power generation overall. And so we see the ability to leverage ITC as a way to hit some of those singles and doubles as you refer to them.

是的。因此，傑夫，我們繼續尋找資料中心領域之外的機會，我認為它更像是分散式發電。因此，我們認為利用 ITC 可以實現您提到的一些單打和雙打。

And I think if you look at our, not too long ago, announcement of what we're doing in Hartford, we have the opportunities around grid resiliency reliability as a theme that's clearly emerging and leveraging our technology. And we think that we're starting to see a shift in the way utilities think about deploying power and really gaining an appreciation for the value of distributed power generation as opposed to centralized generation, especially when you begin to look at the challenges around permitting.

我認為，如果您看一下我們不久前宣布的在哈特福德所做的事情，我們就會發現，圍繞電網彈性可靠性這一主題，我們的機會正在明顯出現，並正在利用我們的技術。我們認為，我們開始看到公用事業公司對部署電力的思考方式發生轉變，並真正認識到分散式發電相對於集中式發電的價值，特別是當你開始考慮許可方面的挑戰時。

And we know there's a lot of activity happening at the federal level, but at the end of the day, permitting is local. And we think that's a significant advantage for us. And so as we focus and we shift our focus, we think about data centers, we think about distributed power generation, we think about leveraging our marketing fuel capability so to include things like biofuels. And that's really where our sales team is very focused on, leveraging the strength of our molten carbonate platform.

我們知道聯邦層級有很多活動，但最終許可證還是在地方層級。我們認為這對我們來說是一個顯著的優勢。因此，當我們集中註意力並轉移注意力時，我們會考慮資料中心，考慮分散式發電，考慮利用我們的行銷燃料能力來包括生物燃料之類的東西。這確實是我們的銷售團隊非常關注的領域，利用我們的熔融碳酸鹽平台的優勢。

Got it. That's helpful. And then either for yourself or Mike, I think you mentioned, what was it, eight units or modules to GGE in the quarter. How many -- can you give us a reminder of how many are remaining? What your expectations are for Q4 and Q1?

知道了。這很有幫助。然後，無論是您自己還是邁克，我想您提到過，本季 GGE 的八個單元或模組是多少。有多少——您能告訴我們還剩下多少嗎？您對第四季和第一季有何預期？

Sure, Jeff. I'll take that. This is Mike. So yes, as we had said in our previous quarter, we had 16 modules left for this fiscal year. So we delivered, on time, eight modules this quarter that would leave a balance of another eight in the fourth fiscal quarter and then another 16 next fiscal year.

當然，傑夫。我會接受的。這是麥克。是的，正如我們在上一季所說的那樣，本財年我們還剩下 16 個模組。因此，我們本季按時交付了 8 個模組，第四財季還剩下 8 個模組，下個財年還剩下 16 個模組。

And then on top of that, we signed a repowering agreement with GGE and -- I'm sorry, with CGN, apologies. We signed a 10-megawatt repowering agreement with CGN in the third quarter. And those module deliveries would start in fiscal 2026 as well.

除此之外，我們還與 GGE 簽署了重新供電協議，而且——對不起，還有 CGN，我們深表歉意。我們在第三季與中廣核簽署了10兆瓦的再發電協議。這些模組的交付也將於 2026 財年開始。

Is there something specific with the number eight for this quarter and next, Mike, that that's the staffing capability? So the remaining 16 for next year, is it safe to assume eight in Q1 and 8 in Q2, just in terms of cadence?

麥克，本季和下一季的數字 8 有什麼具體意義嗎？它是指人員配備能力嗎？那麼，對於明年剩下的 16 輛，從節奏上來說，是否可以安全地假設第一季有 8 輛，第二季有 8 輛？

So we haven't provided specifics on the timing of those 16. But as we sit here today, it's basically paced by our current production rate in our factory in Torrington.

因此我們還沒有提供這 16 項措施的具體時間。但今天我們坐在這裡，這基本上是由我們托靈頓工廠的當前生產率決定的。

Got it. And my last question is just you mentioned the 100 megawatts to EBITDA breakeven in terms of Torrington output. I may have missed it. What is the facility, I guess, running at now or what's your expectations for the next six months or so just in light of the growth as it relates to the two Korean contracts?

知道了。我的最後一個問題是，您剛剛提到了托靈頓發電量 100 兆瓦與 EBITDA 損益平衡的關係。我可能錯過了。我猜，現在該設施的運作情況如何，或者考慮到與兩份韓國合約相關的增長，您對未來六個月左右的預期是什麼？

So yes, today, so the facility is in between the 30- to 40-megawatt range. We'll operate at that range given our current backlog, and we'll certainly look to adjust that as other backlog materializes. And to your point, around EBITDA positive, yes, I would confirm that when the company gets to 100 megawatts of production volume, we expect to be at adjusted EBITDA positive, and that will be paced by the timing of building up backlog.

是的，今天，該設施的功率在 30 至 40 兆瓦之間。考慮到我們目前的積壓訂單，我們將在該範圍內運營，並且隨著其他積壓訂單的出現，我們肯定會對其進行調整。關於您所說 EBITDA 為正，是的，我可以確認，當公司的產量達到 100 兆瓦時，我們預計調整後的 EBITDA 將為正，而這將取決於積壓訂單的累積時間。

Perfect. And then last, just a clarification on that topic. Is it safe to assume, the 40- to 45-megawatt annualized run rate is a gross margin breakeven run rate?

完美的。最後，我來澄清一下這個主題。是否可以安全地假設 40 至 45 兆瓦的年化運行率是毛利率盈虧平衡運行率？

So from a product perspective, yes, you can see gross margin -- excluding, what I call, capacity costs, overhead costs, that type of thing for the product sale business. So yeah, at this current run rate. And then if you look at generation -- negative gross margin on the P&L.

因此，從產品角度來看，是的，您可以看到毛利率——不包括我所說的產能成本、間接成本以及產品銷售業務的這類成本。是的，按照目前的運行速度。然後，如果你看一下生成情況——損益表上的毛利率為負。

But when you back out depreciation and derivative type charges, generation from an EBITDA perspective is positive this quarter when you back out those numbers. We're north of 30% for an adjusted EBITDA perspective.

但是，當您撤回折舊和衍生類型的費用時，從 EBITDA 角度來看，本季的產生是正數。從調整後的 EBITDA 來看，我們的成長率已超過 30%。

(Operator Instructions) Ryan Pfingst, B. Riley.

（操作員指示）Ryan Pfingst，B. Riley。

I'll ask a follow-up on Inuverse and maybe timing there. Could you talk about your expectation for when that MOU might convert to an order and what the steps are to get there?

我會對 Inuverse 進行後續詢問，也許還會在那裡安排時間。您能否談談您對該諒解備忘錄何時可能轉化為訂單的預期以及實現該目標的步驟是什麼？

Yeah, Ryan, thank you for your question. If you look at the MOU with Inuverse, part of what you think about in these data center developments and particularly for folks trying to develop hyperscale data centers, you can think about solving a few challenges as you build to securing offtake agreements from your data center customers themselves. And that's all about creating or delivering effectively powered land.

是的，瑞安，謝謝你的提問。如果您看一下與 Inuverse 簽署的諒解備忘錄，您會想到這些資料中心開發的部分內容，特別是對於那些試圖開發超大規模資料中心的人來說，您可以考慮在與資料中心客戶簽訂承購協議的過程中解決一些挑戰。這一切都是為了創造或提供有效供電的土地。

And so if you think about Inuverse, what they're doing is ensuring gas supply with us and working with us. They've ensured power supply for that facility. And now, it's all about securing all of the offtake agreements to really deliver against their overall development plans.

所以如果你想想 Inuverse，他們所做的就是確保我們的天然氣供應並與我們合作。他們確保了該設施的電力供應。現在，一切都是為了確保所有承購協議能夠真正實現他們的整體發展計劃。

And so those activities are ongoing and they are working aggressively to secure those offtake agreements now having lined up the power and gas supply for that site. So we expect that to be an ongoing development and more to say here in the coming quarters, but they're following the process that you need to be able to secure those agreements.

這些活動仍在進行中，他們正在積極努力確保達成承購協議，目前已為該站點安排了電力和天然氣供應。因此，我們預計這將是一個持續的發展，並且在接下來的幾季中還會有更多消息要說，但他們正在遵循確保這些協議所需的流程。

Got it. Appreciate that, Jason. And then on carbon capture, can you remind us what some of the next milestones are there with Exxon and the Rotterdam project?

知道了。非常感謝，傑森。那麼關於碳捕獲，您能否提醒我們埃克森美孚和鹿特丹計畫接下來的一些里程碑是什麼？

Sure. So next milestones are we are in the conditioning phase for the carbon capture modules that will be shipped to Rotterdam to be part of this project. Exxon has publicly disclosed their progress that they're making at the Esso facility in Rotterdam to be able to execute the project and we expect the project to be up and operational in 2026.

當然。因此，下一個里程碑是我們正處於碳捕獲模組的調節階段，這些模組將運往鹿特丹作為該專案的一部分。埃克森美孚已公開揭露其在鹿特丹埃索工廠實施該計畫的進展情況，我們預計該計畫將於 2026 年建成並投入營運。

So the project is, in parallel, in construction to ready the site. We're finalizing the conditioning of the modules. We'll ship the modules. And so I would say, if you think about next milestones, you might look at our shipping modules and then really look at the completion of the construction and getting the COD on the site to demonstrate the technology.

因此，該項目正在同時進行施工，以準備場地。我們正在完成模組的調節。我們將運送模組。所以我想說，如果你考慮下一個里程碑，你可能會看看我們的運輸模組，然後真正看看施工的完成情況以及在現場獲得 COD 來展示該技術。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯 (Noel Parks)、圖伊兄弟 (Tuohy Brothers)。

There was a mention at the end of the prepared remarks about (inaudible) looking for strategic financing for projects such as -- some of them -- the power projects in Korea. Just talk a little bit more about how -- what that process looks like? Whether you're thinking of doing deals as individual project-by-project scale or looking for a more large spanning deals?

準備好的發言結束時提到（聽不清楚）尋求對一些項目（例如韓國的電力項目）的策略性融資。再多談談這個過程是怎麼樣的？您是想按單一項目進行交易，還是尋求更大規模的交易？

Sure, Noel. Good morning. This is Mike. Well, thanks for the question. As -- when we look at Korea, specifically, if you take the GGE order for example, when we announced that order, $160 million order to the company, and you can see we've been executing on that now over the last several quarters. You may recall at the end of last fiscal year, we entered into a financing agreement with the US EXIM Import Bank, that financing yielded about $10 million to the company.

當然，諾埃爾。早安.這是麥克。嗯，謝謝你的提問。具體來說，當我們看韓國時，以 GGE 訂單為例，當我們宣布該訂單時，我們向公司下了 1.6 億美元的訂單，您可以看到我們在過去幾個季度一直在執行該訂單。您可能還記得，在上個財年末，我們與美國進出口銀行簽訂了一項融資協議，該融資為該公司帶來了約 1000 萬美元的收益。

So when you look at the opportunity around a contract like GGE, there's certainly additional financing opportunities on that contract to recycle capital back to the company. So that's essentially what we were talking about with the Korea repowering opportunities.

因此，當您考慮 GGE 等合約帶來的機會時，該合約中肯定存在額外的融資機會，可以將資本回收回公司。這就是我們談論的韓國再造能源機會的本質。

Certainly, now you add the CGN project into that, and there's additional repowering opportunities in Korea that, in our perspective, are quite financeable. So that's how I'd answer Korea.

當然，現在加上中廣核項目，韓國就有更多的再發電機會，從我們的角度來看，這些機會的融資能力相當強。這就是我對韓國的回答。

But I'd also like to make a comment regarding the US opportunities as well and maybe reflect back on the partnership that we have with dedicated power partners that we've established with Diversified and TESIAC. As these data center opportunities emerge, we see a significant opportunity for commercial financing against these opportunities through that partnership, which would attract capital for multiple projects.

但我也想對美國的機會發表評論，並回顧我們與 Diversified 和 TESIAC 建立的專門電力合作夥伴之間的合作關係。隨著這些資料中心機會的出現，我們看到透過這種合作關係針對這些機會進行商業融資的重大機會，這將為多個專案吸引資金。

And what that does for FuelCell Energy is turns those orders into product sale, relatively short-term product sale orders as we're delivering on building out the data center projects and then long-term 20-year service agreements. So really starts to simplify FuelCell Energy's model and working with our partners to scale up a financing model around these commercial opportunities in the US.

這對 FuelCell Energy 的作用是將這些訂單轉化為產品銷售，相對短期的產品銷售訂單，因為我們正在建立資料中心項目，然後是長期的 20 年服務協議。因此，我們真正開始簡化 FuelCell Energy 的模式，並與我們的合作夥伴合作，圍繞美國的這些商業機會擴大融資模式。

Terrific. Thanks. And thinking about the data center market, of course, there's such a whirlwind of activity going on industry-wide around everything that you do with power and energy to supply that demand growth.

了不起。謝謝。當然，考慮到資料中心市場，整個產業都在忙於利用電力和能源來滿足日益增長的需求。

I'm just curious, could you talk maybe about the degree of decisiveness or urgency you're seeing when you're talking with data center or hyperscale customers? I'm wondering if you can envision what like, what's the sweet spot, the type of customer or arrangement that is the best fit, would you say, for fuel cell technology, looking near term?

我只是好奇，您能否談談在與資料中心或超大規模客戶交談時所看到的果斷程度或緊迫性？我想知道您是否可以設想一下，就短期而言，燃料電池技術的最佳點、最適合的客戶類型或安排是什麼？

Yeah. No, this is Jason. Thank you. We're seeing -- obviously, there's a tremendous amount of activity happening around the data center space. And as I commented earlier, we're seeing that from everything from colocation all the way through into hyperscalers.

是的。不，這是傑森。謝謝。我們看到—顯然，資料中心領域正在發生大量活動。正如我之前評論的那樣，從主機託管到超大規模，我們處處都可以看到這一點。

As we think about where we fit as a company and how we can participate in that, I would tell you in a few different ways. One way would be if you think about a greenfield site, right? We certainly offer that data center developer the ability to get what we think is time to power faster through our ability to deliver our platform in addition to our ability to minimize the constraints or friction points that generally are around permitting related issues, such as air permitting and/or needing interconnection, as an example, for the electricity grid.

當我們思考我們作為一家公司適合做什麼以及我們如何參與其中時，我會用幾種不同的方式告訴你。一種方法是考慮一個綠地場地，對嗎？我們當然為資料中心開發商提供了透過我們提供平台的能力來更快地實現供電的能力，此外，我們還能最大限度地減少通常圍繞許可相關問題（例如空氣許可和/或需要互連，例如電網）的限製或摩擦點。

And so you can think about us as being a great first set of power or first set of power blocks into that opportunity, right, to get that data center going. And our modularity gives us the ability to scale with that data center as incremental power is needed, so they can take the power they actually need as opposed to just taking what power is available and we think that gives us an advantage.

因此，你可以認為我們是抓住這一機會的第一批電力供應商或第一批電力區塊，從而使資料中心得以運轉。而且，模組化使我們能夠隨著資料中心的擴展而根據需要增加電力，因此他們可以利用實際需要的電力，而不是僅僅利用現有的電力，我們認為這給了我們優勢。

The second area where we think that we offer a tremendous value to data center customers is our ability to deliver absorption chilling. So if you think about that and you just take a -- as an example, a 50-megawatt data center, we're delivering 9,000 tons of chilling capacity.

我們認為我們為資料中心客戶提供巨大價值的第二個領域是我們提供吸收式冷卻的能力。所以如果你考慮一下，並舉個例子，一個 50 兆瓦的資料中心，我們提供 9,000 噸的冷卻能力。

So effectively taking away almost 5 megawatts of mechanical cooling requirements for that data center, which delivers a tremendous amount of value. And we're doing that at roughly 70% efficiency when you think about the electrical efficiency and using the thermal energy. We think that's also a big advantage for us and value we can add to data center customers.

因此有效地消除了該資料中心近 5 兆瓦的機械冷卻需求，從而帶來了巨大的價值。如果考慮到電效率和熱能利用率，我們的效率約為 70%。我們認為這對我們來說也是一個很大的優勢，我們可以為資料中心客戶增加價值。

If you think about existing data centers, right, I think our modularity really becomes really important because the next block of power that data center needs may be 20 megawatts. It may be 50 megawatts. It may not be 250 megawatts that you might typically think about in a combined cycle gas engine as an example. So we give the ability to scale in a modular fashion.

如果你考慮現有的資料中心，那麼我認為我們的模組化確實變得非常重要，因為資料中心所需的下一個電力區塊可能是 20 兆瓦。可能是50兆瓦。以聯合循環燃氣發動機為例，它可能不是您通常所想的 250 兆瓦。因此，我們以模組化的方式提供擴展的能力。

And if you think about our power blocks at a nameplate capacity of 1.4 megawatts, that is at utility scale. And that's a really compelling block size to be able to scale power in a very modular fashion. So we think that whether you're talking about co-location, expanding an existing data center or a new data center site, we offer value across all of those scenarios in our ability to allow the customer configure power the way they need it and our ability to integrate with other technologies, which we've also demonstrated our ability to do that.

如果您想想我們的電源塊的標稱容量為 1.4 兆瓦，那就是公用事業規模。這是一個非常引人注目的塊大小，能夠以非常模組化的方式擴展功率。因此，我們認為，無論您談論的是主機託管、擴展現有資料中心還是新的資料中心站點，我們都可以在所有這些場景中提供價值，我們能夠讓客戶按照他們需要的方式配置電源，並且能夠與其他技術集成，我們也證明了我們有能力做到這一點。

Today, we use thermal energy to drive an organic renting cycle engine and we also have a number of applications where we're deployed as a micro grid, all of which are needed as the power needs transition from grid-based power and just backup generation to on-site power and needing to deliver that same level of reliability that a Tier 3 or Tier 4 type data center requires. And our ability to create that combination adds a lot of value to those customers.

今天，我們使用熱能來驅動有機租賃循環引擎，並且我們還有許多部署為微電網的應用程序，所有這些都是必需的，因為電力需求從基於電網的電力和備用發電轉變為現場電力，並且需要提供與 Tier 3 或 Tier 4 類型數據中心所需的相同級別的可靠性。我們創造這種組合的能力為這些客戶增加了許多價值。

And just one last one for me. Given all those factors, which sound incredibly favorable, any inkling of whether you might have some pricing power heading into some of the new agreements you're looking at?

對我來說，還有最後一個。考慮到所有這些聽起來非常有利的因素，您是否知道在您正在考慮的一些新協議中您是否擁有一定的定價權？

No, that's a great question. I think if you look at what some of these hyperscalers are willing to pay for nuclear, the answer to that would probably be yes. But I think that we're really thinking about how do we add value and time -- deliver time to power to those customers. And then how do we price all of the value that we deliver, not just the electricity to those customers.

不，這是一個很好的問題。我認為，如果你看看這些超大規模企業願意為核能支付多少錢，答案可能是肯定的。但我認為我們真正思考的是如何增加價值和時間——為這些客戶提供動力。那麼，我們如何為我們所提供的所有價值定價，而不僅僅是向客戶提供的電力。

So we think there is value to time. There's clearly value to baseload, reliable, clean, efficient electricity. There's clearly value to the thermal energy. And then as we think about overall pricing and economics around the deal, domestically, our ability to take advantage of the ITC at 30% is another form of value that we can deliver, overall, in terms of how we think about pricing and overall economics for those deals.

所以我們認為時間是有價值的。基載、可靠、清潔、高效的電力顯然有價值。熱能顯然具有價值。然後，當我們考慮該交易的整體定價和經濟效益時，在國內，我們能夠利用 30% 的 ITC，這是我們在考慮這些交易的定價和總體經濟效益方面可以提供的另一種價值。

(Operator Instructions) And at this time, we have no further questions. I would like to turn the conference back over to Jason Few for closing remarks.

（操作員指示）目前，我們沒有其他問題。我想將會議交還給 Jason Few 做閉幕發言。

Thank you, Audra. Thank you, all, for listening in today. I look forward to sharing more progress updates on our strategy and restructuring plans and actions in the next quarter. Thank you for joining.

謝謝你，奧德拉。謝謝大家今天的收聽。我期待在下個季度分享更多有關我們的策略和重組計劃和行動的進展更新。感謝您的加入。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。