燃料電池能源 (FCEL) 2025 Q4 法說會逐字稿

Hello, and welcome to the FuelCell Energy fourth quarter of fiscal 2025 financial results conference call. (Operator Instructions) I would now like to turn the conference over to Michael Bishop, CFO. You may begin.

大家好，歡迎參加燃料電池能源公司2025財年第四季財務業績電話會議。（操作員指示）現在我將會議交給財務長麥可‧畢曉普。你可以開始了。

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 fourth quarter and fiscal year 2025, and our earnings press release is available in the Investors section of our website at www.fuelcellenergy.com.

謝謝接線生。各位早安，感謝各位今天參加我們的電話會議。今天上午，FuelCell Energy 發布了 2025 財年第四季和全年的財務業績，我們的獲利新聞稿可在公司網站 www.fuelcellenergy.com 的投資者關係部分查閱。

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.

除了本次電話會議和我們的獲利新聞稿之外，我們還在網站上發布了幻燈片簡報。本次網路直播將進行錄製，結束後約兩小時即可在我們的網站上觀看回放。

Before we begin, please note that some information that you will hear or be provided with today consists 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 statements concerning our anticipated financial results plans and expectations regarding the continuing development, commercialization and financing of our FuelCell technology, our anticipated market opportunities and our business plans and strategies.

在開始之前，請注意，您今天將聽到或了解到的一些資訊屬於 1934 年證券交易法意義上的前瞻性陳述。這些聲明表達了我們對未來的期望、信念和意圖，其中包括關於我們預期財務業績計劃的聲明，以及關於我們燃料電池技術的持續開發、商業化和融資的預期，我們預期的市場機會以及我們的業務計劃和策略。

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，我們未來的實際業績可能與此類前瞻性聲明中所描述或暗示的業績有重大差異。有關此類風險和不確定性的更多信息，請參閱幻燈片演示文稿中的安全港聲明以及我們向美國證券交易委員會提交的文件，特別是我們最新的 10-K 表格中的“風險因素”部分以及隨後提交的任何 10-Q 表格季度報告。

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 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，我們將討論一些非GAAP財務指標，請您造訪我們的網站、查看我們的獲利新聞稿以及投影片簡報的附錄，以了解這些指標與GAAP財務指標的調節情況。我們的新聞稿和今天網路直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. Concluding 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?

本次電話會議，與我一同參加的還有我們的總裁兼執行長傑森·菲尤。在我們的發言結束之後，領導團隊將回答各位的問題。現在我將把電話交給傑森，請他致開幕詞。傑森？

Thank you, Mike, and good morning, everyone. Thank you for joining us on our call today. Our fourth fiscal quarter closed a year of meaningful progress for FuelCell Energy. Starting around 12 months ago, we began a series of thoughtful restructuring measures to sharpen our focus and strengthen the fundamentals of our business. Through this series of tough decisions to streamline and focus our organization today, we are operating with greater discipline, lower costs, and strategic clarity.

謝謝你，麥克，大家早安。感謝您今天參加我們的電話會議。第四財季為燃料電池能源公司過去一年的顯著進展畫上了句號。大約 12 個月前，我們開始實施一系列深思熟慮的重組措施，以明確我們的重點並加強我們業務的基本面。透過這一系列艱難的決策，我們精簡並聚焦了當今的組織架構，從而實現了更高的紀律性、更低的成本和更清晰的策略目標。

We are further along on our path to profitability. The work is not finished, but we believe we are on the right track. During this time, the surrounding market environment has undergone significant change as well, presenting what we see as one of the greatest business opportunities of our generation. The demand for more power to accommodate data centers, industry and communities, we believe that demand plays directly to the strength of our technology clean, resilient, near silent continuous power.

我們在實現獲利的道路上又向前邁進了一步。工作尚未完成，但我們相信我們正走在正確的道路上。在此期間，周圍的市場環境也發生了重大變化，為我們這一代帶來了我們認為最偉大的商業機會之一。為了滿足資料中心、工業和社區對更多電力的需求，我們相信，這種需求直接體現了我們清潔、有彈性、近乎無聲的持續電力技術的優勢。

We continue to focus on converting our pipeline into executed contracts, scaling our manufacturing capacity at our Torrington facility and advancing product improvements that differentiate us from our competitors. We are committed to this work, and we are doing it with urgency and with clear focus. That focus is delivering distributed always on low-emission power through our carbonate fuel cell platform. Our technology is proven at scale, and we are aligning our business around this singular strength.

我們將繼續專注於將我們的研發項目轉化為已執行的合同，擴大我們在托靈頓工廠的生產能力，並推進產品改進，使我們從競爭對手中脫穎而出。我們致力於這項工作，並且正在以緊迫感和明確的目標來進行這項工作。我們的重點是透過碳酸鹽燃料電池平台提供分散式、持續供電的低排放電力。我們的技術已經過大規模驗證，我們正在圍繞這一獨特優勢調整業務。

As you all know, demand for power is accelerating quickly, driven by the exponential growth of AI, data centers and digital infrastructure that is outpacing the capabilities of the existing grid. This demand is reshaping the market, and it requires solutions that can provide clean, reliable power where it is needed. The need is clear, urgent and investable. With decades of operating experience and a differentiated electrochemical platform, we believe we are well positioned to meet this need and successfully compete for the opportunities emerging in this rapidly growing market segment.

如大家所知，受人工智慧、資料中心和數位基礎設施指數級增長的推動，電力需求正在迅速增長，而這種增長速度已經超過了現有電網的承載能力。這種需求正在重塑市場，它需要能夠提供清潔、可靠電力的解決方案，以滿足對電力的需求。需求明確、迫切且值得投資。憑藉數十年的營運經驗和差異化的電化學平台，我們相信我們有能力滿足這一需求，並在快速增長的市場領域中成功競爭湧現的機會。

Please turn to slide 4. As you view our fourth quarter and full fiscal year results, please keep the following five points in mind. Number one, we are focused on our data center strategy, AI-driven demand is reshaping power requirements across the data center and digital infrastructure ecosystem. We are actively engaged with participants across the ecosystem to make them aware of our capabilities and that we are prepared to provide utility scale, reliable, and cost-competitive clean power for these types of energy-intensive applications. With our collaboration with Diversified Energy, the potential future collaboration with Inuverse announced earlier this year and a growing pipeline of potential data center opportunities in the US and Asia, we believe we have strong momentum heading into 2026.

請翻到第4張投影片。當您查看我們第四季度和整個財年的業績時，請記住以下五點。第一，我們專注於資料中心策略，人工智慧驅動的需求正在重塑整個資料中心和數位基礎設施生態系統的電力需求。我們積極與整個生態系統的參與者互動，讓他們了解我們的能力，以及我們已準備好為這些能源密集型應用提供公用事業規模、可靠且具有成本競爭力的清潔電力。憑藉我們與 Diversified Energy 的合作、今年稍早宣布的與 Inuverse 的潛在未來合作，以及美國和亞洲不斷增長的潛在資料中心機會，我們相信我們在 2026 年將擁有強勁的發展勢頭。

Number two, we are scaling manufacturing capacity. We believe that our path to profitability runs through higher utilization at our manufacturing facility in Torrington, Connecticut. As we increase production, we expect our cost structure to become more efficient, and we expect this to translate into positive adjusted EBITDA once we reach an annualized production rate of 100 megawatts per year. Entering fiscal year 2026, our focus is on margin expansion driven by disciplined operations and greater production throughput. I will provide additional detail on our scalable manufacturing capacity later in the presentation.

第二，我們正在擴大生產能力。我們相信，提高位於康乃狄克州托靈頓的製造工廠的利用率是實現盈利的關鍵。隨著產量的增加，我們預計成本結構將更加高效，並且我們預計一旦年產量達到 100 兆瓦，這將轉化為正的調整後 EBITDA。進入 2026 財年，我們的重點是透過嚴格的營運和更高的生產效率來擴大利潤率。我將在稍後的演講中詳細介紹我們可擴展的生產能力。

Number three, we are building financing capacity to enable growth. We believe that the $25 million financing provided by XM to support our GGE project in Korea, demonstrates a model that can be used for future projects, both in Korea and worldwide. The current US administration has expressed its intention to use EXIM to support the global adoption of American technologies like ours, and we believe this financing signals EXIM's belief in our utility scale power generation technology. We are pleased to have EXIM as a financing partner. We are entering 2026 with a strong balance sheet and we expect to achieve financing flexibility through proven models like the EXIM financing and other financing alternatives.

第三，我們正在提升融資能力以促進成長。我們相信，XM 為我們在韓國的 GGE 項目提供的 2500 萬美元融資，展示了一種可用於未來在韓國乃至全球範圍內的項目的模式。美國現任政府已表示有意利用美國進出口銀行（EXIM）支持像我們這樣的美國技術在全球範圍內得到應用，我們相信這項融資表明了美國進出口銀行對我們公用事業規模發電技術的信心。我們很高興能與美國進出口銀行（EXIM）合作進行融資。我們以強勁的資產負債表進入 2026 年，並期望透過進出口融資和其他融資方式等成熟模式實現融資靈活性。

Number four, we believe we are positioned to win in emerging power markets. Policy certainty under the One Big Beautiful Bill Act improves project economics supports long-term adoption and allows current and potential customers to make investment decisions. Furthermore, our core carbonate platform provides reliable, clean power that can be dispatched when needed and can be situated close to users and advantage for customers prioritizing dependable energy, lower emissions, and flexible site options for crucial operations.

第四，我們相信我們已做好在新興電力市場取得成功的準備。《一項宏偉法案》下的政策確定性改善了專案的經濟效益，支持了長期採用，並允許現有和潛在客戶做出投資決策。此外，我們的核心碳酸鹽平台可提供可靠的清潔能源，可根據需要進行調度，並可靠近用戶，這對於優先考慮可靠能源、低排放和關鍵運營靈活選址的客戶而言具有優勢。

And number five, we are entering fiscal year 2026 with strong momentum, commercial momentum, policy clarity and an expanding opportunity set gives us confidence. Our success in fiscal year 2026 will depend on execution, converting our pipeline into executed contracts and backlog into revenue with the discipline and focus we've been building across the company.

第五，我們以強勁的發展勢頭、商業發展勢頭、清晰的政策以及不斷擴大的機會進入 2026 財年，這讓我們充滿信心。我們在 2026 財年的成功將取決於執行力，即透過我們在公司內部建立的紀律和專注，將我們的專案儲備轉化為已執行的合同，將積壓訂單轉化為收入。

Transitioning to slide 5. We succeed when we stay focused on solving problems for our customers. Customers turn to us when they need to pursue business growth without compromise. And when power constraints threaten timelines, economics or operational reliability. Increased demand is not the only challenge they encounter. There are numerous obstacles facing customers today that can hinder their economic growth. Utility interconnections now routinely take five to seven years or more and new substation builds follow a similar timeline. Traditional gas turbines faced three to five years of procurement and construction before they can deliver behind the meter power. Our carbonate fuel cells avoid these bottlenecks. They can be deployed without requiring new high-voltage interconnections, can be brought online more quickly, and can deliver a cost of energy comparable to turbines and other engine alternatives with reduced permitting risk.

切換到第5張投影片。我們只有專注於為客戶解決問題，才能成功。當客戶需要在不妥協的前提下追求業務成長時，他們會選擇我們。當電力限制威脅到工期、經濟效益或營運可靠性時。需求增加並不是他們遇到的唯一挑戰。如今，消費者面臨許多可能阻礙其經濟成長的障礙。公用設施互聯現在通常需要五到七年或更長時間，新變電站也遵循類似的進度。傳統燃氣渦輪機在投入使用前，需要三到五年的採購和建造時間才能提供使用者用電。我們的碳酸鹽燃料電池避免了這些瓶頸。它們無需新的高壓互連即可部署，可以更快地投入使用，並且能夠以與渦輪機和其他引擎替代方案相當的成本提供能源，同時降低許可風險。

These delays are further compounded by emission restrictions and limited site availability. Our core carbonate platform addresses those issues directly. They produce virtually no NOx or socks and offer unique carbon capture capability. In addition, our 1.25-megawatt power blocks allow customers to scale capacity as their needs grow. Traditional generation projects often trigger resistance adding years of uncertainty. Our distributed carbonate fuel cell platform sidesteps these issues. It requires a smaller footprint, operates quietly and can operate near the point of use, which may help to mitigate opposition and accelerate time to power.

排放限制和場地可用性有限進一步加劇了這些延誤。我們的核心碳酸鹽平台直接解決了這些問題。它們幾乎不產生氮氧化物或碳排放物，並具有獨特的碳捕獲能力。此外，我們的 1.25 兆瓦功率模組可讓客戶根據自身需求的成長擴展容量。傳統發電項目往往會引發阻力，增加多年的不確定性。我們的分散式碳酸鹽燃料電池平台規避了這些問題。它佔地面積小，運行安靜，並且可以在用電點附近運行，這可能有助於減少反對意見並加快供電速度。

Let's move to slide 6. These challenges and the way our customers need to solve them shape how we operate. We have concentrated our efforts on our carbon and FuelCell platform because it not only is ready now, but also directly addresses the constraints I just outlined. It is proven across commercial deployments of varying scale and we continue to refine it through real-world operating experience. Our platform also benefits from a strong US policy tailwind, including the reinstatement of the investment tax credit and incentives for carbon capture an important point of differentiation compared to other generation technologies.

我們來看第6張投影片。這些挑戰以及客戶解決這些挑戰的方式，塑造了我們的營運方式。我們專注於研發碳和燃料電池平台，因為它不僅現在已經準備就緒，還能直接解決我剛才概述的限制。它已在不同規模的商業部署中得到驗證，我們將透過實際運作經驗不斷改進它。我們的平台也受惠於美國強有力的政策支持，包括恢復投資稅收抵免和碳捕獲激勵措施，這與其他發電技術相比是一個重要的差異化優勢。

And while we are doubling down on what is a commercially ready platform, we are also investing selectively in innovations that we believe will better position us for what comes next. These emerging technologies have the potential to drive the next phase of our growth and strengthen our long-term competitiveness.

在加倍投入這個已具備商業化條件的平台的同時，我們也選擇性地投資於我們認為能夠讓我們更好地應對未來挑戰的創新。這些新興技術有可能推動我們進入下一個成長階段，並增強我們的長期競爭力。

Now on to slide 8. I wanted to highlight one example of the momentum we are carrying into 2026. We have established FuelCell Energy as a leading partner in South Korea's growing fuel cell energy economy, the largest in the world. Today, we have more than 100 megawatts of power projects in South Korea and our backlog with another 100 megawatts under MOU. Our ongoing work with GGE continues to advance, supported by the $25 million in new EXIM financing for the next phase of the project, including additional module shipments and service. We also see a clear path for additional repowering opportunities, and we are proud to contribute to Korea's evolving energy landscape.

現在來看第8張投影片。我想重點舉一個例子，說明我們正將這股動能延續到 2026 年。我們已將 FuelCell Energy 打造成韓國蓬勃發展的燃料電池能源經濟領域的領先合作夥伴，而韓國的燃料電池能源經濟是世界上最大的。目前，我們在韓國擁有超過 100 兆瓦的電力項目，另有 100 兆瓦的項目已根據諒解備忘錄簽署。我們與 GGE 的持續合作不斷推進，在 EXIM 為該項目下一階段提供的 2500 萬美元新融資的支持下，包括額外的模組出貨和服務。我們也看到了進一步改造升級的明確機遇，我們很自豪能夠為韓國不斷發展的能源格局做出貢獻。

Let's go to slide 9. As we look ahead to fiscal year 2026, we continue to see a compelling case for fuel cells in data center applications, great constraints, rising workloads, and pressure to manage energy costs are all increasing demand for reliable, efficient and scalable on-site power. Our carbonate FuelCell platform addresses these needs directly by delivering baseload reliability, modular scalability, and meaningful permitting advantages. And as data centers push more computational power, our integrated absorption chilling, and heat offtake could help manage thermal load while maintaining system performance.

我們來看第9張投影片。展望 2026 財年，我們繼續看到燃料電池在資料中心應用中具有強大的吸引力，巨大的限制、不斷增長的工作負載以及控制能源成本的壓力都在增加對可靠、高效和可擴展的現場電源的需求。我們的碳酸鹽燃料電池平台透過提供基本負載可靠性、模組化可擴展性和有意義的許可優勢，直接滿足了這些需求。隨著資料中心對運算能力的需求不斷增長，我們整合的吸收式製冷和散熱技術可以幫助管理熱負荷，同時保持系統效能。

It is our assessment that our carbonate FuelCell platform additionally offers extended stack longevity, reliable biogas functionality, minimal performance degradation, and sophisticated containment management. These features collectively facilitate cost-effective carbon capture solutions, particularly in large-scale applications. Additionally, as NIMBY concerns grow and data center operators are under pressure to expand, our fuel cells offer a low profile, clean solution that provides greater flexibility for siting that can help them move forward faster, the mist community concerns.

我們評估認為，我們的碳酸鹽燃料電池平台還具有更長的堆疊壽命、可靠的沼氣功能、最小的性能衰減和精密的密封管理等優點。這些特性共同促進了經濟高效的碳捕獲解決方案的實現，尤其是在大規模應用中。此外，隨著鄰避效應日益嚴重，資料中心營運商面臨擴張的壓力，我們的燃料電池提供了一種低調、清潔的解決方案，為選址提供了更大的靈活性，可以幫助他們更快地推進，從而消除社區的擔憂。

Let's move to slide 10. With this opportunity in front of us, we also believe we have the manufacturing foundation to meet it. Once we reach an annualized production rate of 100 megawatts per year at our Torrington facility, we expect to achieve positive adjusted EBITDA. Today, we are roughly 40% of the way there, and our backlog continues to build. Looking further ahead, we believe that the Torrington facility could accommodate an estimated annualized production capacity of up to 350 megawatts per year with additional capital investment in machinery, equipment, tooling, labor, outsourcing of certain processes, and inventory.

我們來看第10張投影片。面對眼前的機遇，我們也相信我們擁有足夠的製造基礎來掌握它。一旦我們在托靈頓工廠的年化生產力達到每年 100 兆瓦，我們預計就能實現正的調整後 EBITDA。今天，我們大約完成了 40% 的任務，但積壓的工作仍在增加。展望未來，我們相信，透過對機械、設備、工具、勞動力、某些流程的外包和庫存進行額外的資本投資，托靈頓工廠的年化產能估計可達 350 兆瓦。

As we enter the new year, we are executing with focus and momentum. We are focused on advancing meaningful opportunities in the data center market, scaling a manufacturing platform built for utility level deployments, and moving steadily toward profitability with operational discipline.

進入新的一年，我們將以專注和強勁的勢頭開展工作。我們專注於推進資料中心市場的重要機遇，擴大為公用事業級部署而建置的製造平台，並透過嚴格的營運紀律穩步實現盈利。

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

接下來，我想把電話交給我們的財務長麥克‧畢曉普。

Thank you, Jason, and good morning to everyone on the call today. Overall, we are pleased with the progress made during the year with revenue expansion, largely driven by repowering activities in Korea, expense reductions as a result of our restructuring plans implemented in fiscal year 2025, and balance sheet strength as a result of spending reductions and financing activities.

謝謝你，傑森，也祝今天參加電話會議的各位早安。整體而言，我們對本年度所取得的進展感到滿意，收入成長主要得益於韓國的改造活動、2025 財年實施的重組計畫帶來的支出減少，以及支出減少和融資活動帶來的資產負債表實力增強。

Let's review the operating performance for the fourth quarter and fiscal year 2025 shown on slide 12. In the fourth quarter of fiscal year 2025, we reported total revenues of $55 million compared to revenues of $49.3 million in the prior year quarter, representing a 12% increase. We reported a loss from operations in the quarter of $28.3 million compared to $41 million in the fourth quarter of fiscal year 2024. The loss from operations in the fourth quarter of fiscal year 2025 was impacted by a noncash impairment expense of $1.3 million as a result of our previously announced restructuring plan.

讓我們回顧一下第 12 頁所示的 2025 財年第四季和全年的經營業績。2025 財年第四季度，我們的總營收為 5,500 萬美元，而去年同期為 4,930 萬美元，成長了 12%。本季我們報告的營運虧損為 2,830 萬美元，而 2024 財年第四季虧損為 4,100 萬美元。2025 財年第四季的經營虧損受到先前宣布的重整計畫所導致的 130 萬美元非現金減損支出的影響。

The net loss attributable to common stockholders in the quarter was $30.7 million compared to a net loss attributable to common stockholders of $42.2 million in the fourth quarter of fiscal year 2024. The resulting net loss per share attributable to common stockholders in the fourth quarter of fiscal year 2025 was $0.85 compared to $2.21 in the prior year period. The decrease in net loss per share attributable to common stockholders is due to the benefit of the higher number of weighted average shares outstanding due to the share issuances since October 31, 2024 and the decrease in net loss attributable to common stockholders.

本季歸屬於普通股股東的淨虧損為 3,070 萬美元，而 2024 財年第四季歸屬於普通股股東的淨虧損為 4,220 萬美元。2025 財年第四季歸屬於普通股股東的每股淨虧損為 0.85 美元，而去年同期為 2.21 美元。歸屬於普通股股東的每股淨虧損減少，是由於自 2024 年 10 月 31 日以來發行股票，導致加權平均流通股數量增加，以及歸屬於普通股股東的淨虧損減少所致。

Net loss was $29.3 million in the fourth quarter of fiscal year 2025 compared to net loss of $39.6 million in the fourth quarter of fiscal year 2024. Adjusted EBITDA totaled negative $17.7 million in the fourth quarter of fiscal 2025 compared to adjusted EBITDA of negative $25.3 million in the fourth quarter of fiscal year 2024.

2025 財年第四季淨虧損 2,930 萬美元，而 2024 財年第四季淨虧損 3,960 萬美元。2025 財年第四季調整後 EBITDA 總計為負 1,770 萬美元，而 2024 財年第四季調整後 EBITDA 為負 2,530 萬美元。

Now shifting to the full year results. In fiscal year 2025, we reported total revenues of $158.2 million compared to revenues of $112.1 million in the prior year, representing a 41% increase. This increase was largely driven by modular deliveries to Gyeonggi Green Energy Company Ltd., or GGE, under our long-term service agreement. During fiscal year 2025, we delivered a total of 22 modules to GGE.

現在來看全年業績。2025 財年，我們的總營收為 1.582 億美元，而前一年的營收為 1.121 億美元，成長了 41%。這項成長主要得益於根據我們的長期服務協議向京畿綠色能源有限公司（簡稱 GGE）提供的模組化產品。在 2025 財年，我們總共向 GGE 交付了 22 個模組。

We reported a loss from operations for the year of $192.3 million compared to $158.5 million in fiscal year 2024. This increase is mainly attributable to noncash impairment expenses of $65.8 million and restructuring expenses of $5.3 million incurred in fiscal 2025, resulting from our previously announced restructuring plans. The net loss attributable to common stockholders for the year was $191.1 million compared to a net loss attributable to common stockholders of $129.2 million in fiscal year 2024. The resulting net loss per share attributable to common stockholders in fiscal year 2025 was $7.42 compared to $7.83 in the prior year.

本年度營運虧損為 1.923 億美元，而 2024 財年虧損為 1.585 億美元。這一增長主要歸因於 2025 財年發生的 6,580 萬美元非現金減損支出和 530 萬美元重組支出，這是我們先前宣布的重組計劃的結果。本年度歸屬於普通股股東的淨虧損為 1.911 億美元，而 2024 財年歸屬於普通股股東的淨虧損為 1.292 億美元。2025 財年歸屬於普通股股東的每股淨虧損為 7.42 美元，而前一年為 7.83 美元。

Adjusted net loss attributable to common stockholders which excludes the noncash impairment expenses, restructuring expenses and certain other noncash items was $4.41 compared to $6.54 in fiscal year 2024. Net loss was $191.4 million in fiscal year 2025 compared to net loss of $156.8 million in fiscal year 2024. Adjusted EBITDA totaled negative $74.4 million in fiscal year 2025 compared to adjusted EBITDA of negative $101.1 million in fiscal year 2024, a reduction of 26% and over $25 million. We believe this improvement in adjusted EBITDA and adjusted net loss attributable to common stockholders reflects the early benefits of our cost savings actions and our sharper focus on our core carbonate platform under our restructuring plan.

經調整後歸屬於普通股股東的淨虧損（不包括非現金減損支出、重組支出和某些其他非現金項目）為 4.41 美元，而 2024 財年為 6.54 美元。2025 財年淨虧損 1.914 億美元，而 2024 財年淨虧損 1.568 億美元。2025 財年調整後 EBITDA 總計為負 7,440 萬美元，而 2024 財年調整後 EBITDA 為負 1.011 億美元，減少了 26% 和超過 2,500 萬美元。我們認為，調整後 EBITDA 和歸屬於普通股股東的調整後淨虧損的改善，反映了我們成本節約措施的早期成效，以及我們在重組計劃下對核心碳酸鹽平台的更加重視。

Please refer to the appendix in 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. Next, on slide 13, you will see additional details on our financial performance during the fourth quarter and backlog as of October 31, 2025.

請參閱獲利報告中的附錄，其中提供了非GAAP財務指標、歸屬於普通股股東的調整後每股淨虧損和調整後EBITDA的調節表。接下來，在第 13 張投影片上，您將看到有關我們第四季度財務業績和截至 2025 年 10 月 31 日的積壓訂單的更多詳細資訊。

In the graph, on the left-hand side of the slide, revenue is broken down by category. Product revenues were $30 million compared to $25.4 million in the comparable prior year period. This increase was primarily driven by revenue recognized under the company's long-term service agreement with GGE for the delivery and commissioning of 10 fuel cell modules. Service agreement revenues increased to $7.3 million from $5.6 million. The increase in service agreement revenues during the three months ended October 31, 2025, was primarily due to revenue recognized under the company's long-term service agreement with GGE. Generation revenues increased to $12.2 million from $12 million, reflecting higher output from plants in the company's generation operating portfolio during the quarter compared to the prior year period.

圖表左側按類別細分了收入。產品收入為 3,000 萬美元，而去年同期為 2,540 萬美元。這一成長主要得益於公司與 GGE 簽訂的長期服務協議中確認的收入，該協議涉及 10 個燃料電池模組的交付和調試。服務協議收入從 560 萬美元增至 730 萬美元。截至 2025 年 10 月 31 日的三個月內，服務協議收入的成長主要是由於公司與 GGE 簽訂的長期服務協議確認的收入。發電收入從 1,200 萬美元增至 1,220 萬美元，反映出該公司發電營運組合中的電廠在本季度的產量比去年同期有所增加。

Advanced technology contract revenues decreased to $5.5 million from $6.4 million. Now 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 fourth quarter of fiscal year 2025, totaled $6.6 million compared to gross loss of $10.9 million in the comparable prior year quarter. The decrease in gross loss for the fourth quarter of fiscal year 2025 was primarily related to decreased gross loss from generation revenues, product revenues, and service agreement revenues partially offset by reduced gross margin on advanced technology contract revenues during the fourth quarter of fiscal year 2025.

先進技術合約收入從 640 萬美元下降至 550 萬美元。現在來看投影片的右側，我將逐一介紹毛虧損和營運費用的變化。2025 財年第四季毛虧損總額為 660 萬美元，而去年同期毛虧損為 1,090 萬美元。2025 財年第四季毛虧損的減少主要與發電收入、產品收入和服務協議收入的毛虧損減少有關，但部分被 2025 財年第四季度先進技術合約收入的毛利率下降所抵銷。

Operating expenses for the fourth quarter of fiscal year 2025 decreased to $21.7 million from $30.1 million in the fourth quarter of fiscal year 2024, primarily due to a $6.2 million decrease in research and development expenses partially offset by noncash impairment expense of $1.3 million. Administrative and selling expenses decreased to $15.2 million during the period from $15.9 million during the fourth quarter of fiscal year 2024, primarily due to lower compensation expense resulting from the restructuring actions taken in September and November 2024 and June 2025.

2025 財年第四季的營運費用從 2024 財年第四季的 3,010 萬美元減少到 2,170 萬美元，主要原因是研發費用減少了 620 萬美元，但部分被 130 萬美元的非現金減損費用所抵銷。在此期間，行政和銷售費用從 2024 財年第四季的 1,590 萬美元減少到 1,520 萬美元，這主要是由於 2024 年 9 月和 11 月以及 2025 年 6 月採取的重組措施導致薪資支出減少。

Research and development expenses decreased to $5.5 million during the fourth quarter of fiscal year 2025 compared to $11.6 million in the fourth quarter of fiscal year 2024. This decrease was primarily due to lower spending on commercial development efforts related to our solid oxide power generation and electrolysis platforms and carbon separation and carbon recovery solutions. On the bottom right of the slide, you will see that backlog increased by approximately 2.6% to $1.19 billion compared to $1.16 billion as of October 31, 2024, primarily resulting from the additions of the Hartford project and the long-term service agreement with CGN-Yulchon Generation Co. Ltd., or CGN, partially offset by revenue recognition during the year.

2025 財年第四季研發費用減少至 550 萬美元，而 2024 財年第四季為 1,160 萬美元。這一下降主要是由於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工作方面的支出減少所致。在幻燈片的右下角，您可以看到，截至 2024 年 10 月 31 日，積壓訂單較 11.6 億美元增長了約 2.6%，達到 11.9 億美元，這主要是由於哈特福德項目的增加以及與中廣核（CGN）簽訂的長期服務協議，部分被本年度的收入確認所抵消。

Slide 14 is an update on our liquidity position. As of October 31, 2025, we had cash, restricted cash and cash equivalents of $341.8 million. During the three months ended October 31, 2025, approximately 16.4 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 $8.33 per share, resulting in net proceeds to the company of approximately $134.1 million. Subsequent to the end of the quarter, approximately 1.6 million shares of the company's common stock were also sold under the amended open market sale agreement at an average sale price of $8.37 per share resulting in net proceeds to the company of approximately $13.1 million.

第 14 張投影片是關於我們流動性狀況的最新情況。截至 2025 年 10 月 31 日，我們擁有現金、受限現金和現金等價物 3.418 億美元。截至 2025 年 10 月 31 日的三個月內，本公司根據修訂後的公開市場銷售協議，以每股 8.33 美元的平均售價出售了約 1,640 萬股普通股，為公司帶來了約 1.341 億美元的淨收益。季度結束後，根據修訂後的公開市場銷售協議，該公司約 160 萬股普通股也以每股 8.37 美元的平均售價售出，為該公司帶來約 1,310 萬美元的淨收益。

Additionally, after the quarter ended, we announced a new $25 million debt financing transaction with the Export-Import Bank of the United States or EXIM, marking a continued commitment from EXIM to support the company's growth ambitions, to deliver utility-grade power in international markets such as the collaboration with GGE in Korea.

此外，本季結束後，我們宣布與美國進出口銀行（EXIM）達成一項新的 2,500 萬美元債務融資交易，這標誌著 EXIM 繼續致力於支持公司實現成長目標，在國際市場（例如與韓國 GGE 的合作）提供公用事業級電力。

In closing, we continue to take disciplined steps to strengthen our financial foundation while focusing on a growing set of new commercial opportunities. Our strategy centers on commercial momentum with the acceleration of data center opportunities, operational leverage through utilization and expansion at our Torrington facility with the goal of achieving positive adjusted EBITDA results while maintaining balance sheet strength through capital efficiency via financing structures, including frameworks like those utilized with EXIM.

最後，我們將繼續採取穩健的措施來加強我們的財務基礎，同時專注於不斷成長的新商業機會。我們的策略以商業動能為中心，加速資料中心機遇，透過利用和擴大我們在托靈頓的設施來提升營運槓桿，目標是在實現正的調整後 EBITDA 結果的同時，透過融資結構（包括與美國進出口銀行合作的框架）提高資本效率，從而保持資產負債表的穩健性。

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

現在我將把電話轉交給接線員，開始問答環節。

(Operator Instructions) Dushyant Ailani, Jefferies.

（操作說明）Dushyant Ailani，Jefferies。

One on just wanted to kind of think about how do you guys frame 2026 growth outlook. Do you think there's a potential to bake in any data center opportunity in 2026? Or do you think it's more of a 2027 and beyond story?

其中一位只是想思考一下，你們是如何展望 2026 年的成長前景的。您認為2026年是否有任何資料中心發展機會？還是你認為這更像是2027年及以後的故事？

Thank you for joining us today, and thank you for the question. As we look at 2026 and the overall data center opportunity, Today, as we said, we've got hundreds of megawatts of pricing proposals out across the whole digital infrastructure ecosystem and that ranges from hyperscalers, utilities, power land developers, infrastructure players, and sponsors so kind of across the whole gambit of opportunities. And each of these opportunities are on their own timeline from a development and getting to an FID or closure, but we certainly believe that those opportunities will present in 2026 for the company and be part of our growth story.

感謝您今天收看我們的節目，也感謝您的提問。展望 2026 年以及整個資料中心的發展機遇，正如我們所說，如今我們已經針對整個數位基礎設施生態系統提出了數百兆瓦的定價方案，涵蓋了從超大規模資料中心營運商、公用事業公司、電力土地開發商、基礎設施營運商到贊助商等各個方面，幾乎囊括了所有機遇。每個專案從開發到最終投資決定或關閉，都有各自的時間表，但我們堅信這些機會將在 2026 年為公司帶來，並成為我們發展歷程的一部分。

Lovely. And then just wanted to kind of talk about the capacity expansion. I think you said that you could increase the capacity to 250 megawatts, right? How long would it take to scale once you make that decision? Just to think that through.

迷人的。然後我還想談談產能擴張的問題。我想你說過你可以將容量提高到 250 兆瓦，對嗎？一旦做出這個決定，需要多長時間才能實現規模化？只是想仔細想想。

Yes. So if you think about where we are today, we've always talked about our ability under our existing construct and what's there to do 100 megawatts of capacity. We're at 41 megawatts today run rate. So our ability to get to 100 megawatts is really no real new capital investment to make that happen. What we talked about on the call today is getting to 350 megawatts, that's still in that same footprint of our existing Torrington facility. So although there will be some capital investment, we think it's fairly modest to get to the 350 megawatts, and we think that we can do that in a pretty short cycle window. And our expectation is that scale can happen in the timeframe of less than 18 months or so to get that build out and get it done.

是的。所以，想想我們今天所處的位置，我們一直在討論在現有架構下我們的能力，以及實現 100 兆瓦容量的可能性。我們今天的運行功率為 41 兆瓦。因此，我們實現 100 兆瓦發電量的能力，實際上並不需要任何新的資本投資。我們今天在電話會議上討論的是達到 350 兆瓦的裝置容量，這仍然在我們現有的托靈頓工廠的佔地面積之內。因此，雖然會有一些資本投資，但我們認為達到 350 兆瓦的目標所需的投資相當適中，我們認為我們可以在相當短的周期內實現這一目標。我們預計，在不到 18 個月的時間內，就能實現規模化建設並完成這項工作。

George Gianarecas, Canaccord Genuity.

George Gianarecas，Canaccord Genuity。

So maybe just to pull on that thread a little bit with regard to data center traction. Can you just sort of maybe go into a little bit more detail as to how the conversations with your DPP partners are going? Like any bottlenecks or two, maybe signing a deal and where you see maybe the most opportunity over the next 6 to 12 months?

所以，或許可以稍微深入探討一下資料中心的發展趨勢。您能否更詳細地介紹一下您與 DPP 合作夥伴的對話進度？例如遇到一、兩個瓶頸，例如簽署協議，以及你認為未來 6 到 12 個月內最大的機會在哪裡？

Yes, George, thank you for the question. So I think maybe the way that I would answer that is I break it up into maybe buckets. If you look at the work that we're doing with diversified energy, that's really our play or angle to provide a powered land solution to customers because they bring gas, we bring power and so it's all about offering whether it's a real estate developer or if it's another data center developer or even a hyperscaler that's looking to take advantage of that opportunity across the markets where diversified has gas infrastructure, we're well positioned to deliver against that opportunity set.

是的，喬治，謝謝你的提問。所以我覺得我回答這個問題的方式可能是把它分成幾個部分來回答。如果你看看我們在多元化能源領域所做的工作，你會發現這才是我們真正的戰略或切入點，即為客戶提供動力土地解決方案，因為他們提供天然氣，我們提供電力，所以一切都是為了提供服務，無論是房地產開發商、數據中心開發商，還是希望利用多元化能源在擁有天然氣基礎設施的市場中抓住這一機遇的超大規模企業，我們都處於有利地位，能夠抓住這些機遇。

We don't see any constraints in our ability to deliver against that because we have really good knowledge around what the gas position is, and we certainly know what our position to deliver power is from a manufacturing capacity standpoint. With respect to kind of the broader data center opportunities and the conversations we're having, it cuts across some direct conversations with hyperscalers also with utilities. We also are having, like I said, those conversations with infrastructure players and sponsors as an example. And what we're finding in those conversations is really a strong interest in our distributed generation platform, time to power is definitely a major sematic and one which we can meet. And thirdly, we're seeing really strong interest in what I would call the benefits of our level of modularity, meaning that our 1.25-megawatt power blocks gives us the ability to scale with those data center customers as they scale. And as you know, that's not linear growth necessarily in the way those data center scale. So having the modularity is really important.

我們認為在實現這一目標方面沒有任何限制，因為我們對天然氣供應情況非常了解，而且從生產能力的角度來看，我們當然也清楚我們自身的電力供應能力。就更廣泛的資料中心機會以及我們正在進行的對話而言，它涉及與超大規模資料中心營運商以及公用事業公司的直接對話。正如我剛才所說，我們也在與基礎設施參與者和贊助商進行類似的對話。我們在這些對話中發現，大家對我們的分散式發電平台確實很感興趣，「快速啟動」絕對是一個重要的概念，也是我們可以滿足的。第三，我們看到人們對我們模組化程度的優勢表現出了非常濃厚的興趣，這意味著我們的 1.25 兆瓦功率模組使我們能夠隨著資料中心客戶的擴展而擴展。如您所知，資料中心的擴展方式並不一定是線性成長。所以模組化設計非常重要。

And the other big area that we're seeing is because of our operating temperature of our platform, we're seeing really strong interest to take advantage of our ability to integrate with steam absorption chilling to provide a really efficient way of cooling the data center. If you think about about a third of the load and the data center goes to overhead. So if we can in a 50-megawatt data center, I think we can roughly take about 5 megawatts or so of power load off that requirement. That's material. And that's very attractive to those customers, and those are the kind of conversations we're having.

我們看到的另一個重要領域是，由於我們平台的運行溫度，我們看到人們對利用我們與蒸汽吸收式製冷相結合的能力來提供一種非常高效的數據中心冷卻方式表現出了濃厚的興趣。如果你考慮到大約三分之一的負載和資料中心都用於開銷。因此，如果在 50 兆瓦的資料中心裡，我認為我們可以大致減少約 5 兆瓦的電力負載。這是素材。這對顧客來說非常有吸引力，而這正是我們正在進行的對話。

And maybe as a follow-up, any update on what's happening with ExxonMobil and your carbon capture opportunity there?

另外，能否就埃克森美孚的碳捕獲計畫進度提供一些最新資訊？

Yes. So on Exxon, we've completed the construction of the modules that are set to be ship to Rotterdam in support of the demonstration in Rotterdam with Exxon at their Esso refinery and which will demonstrate capturing 90%-plus CO2 while simultaneously producing power in hydrogen, which is unique. No other technology can do that. And it's our expectation in the latter half of 2026 that project will be up and running, and we'll be demonstrating that technology and upon successful demonstration of the technology, which we have a lot of confidence in. We will certainly work with Exxon to think about how to go after and pursue commercial opportunities with carbon capture.

是的。因此，在埃克森美孚，我們已經完成了模組的建造，這些模組將運往鹿特丹，以支持在鹿特丹埃克森美孚埃索煉油廠進行的示範項目，該項目將展示在氫氣發電的同時捕獲 90% 以上的二氧化碳，這是獨一無二的。其他任何技術都無法做到這一點。我們預計該專案將在 2026 年下半年啟動並運行，我們將展示這項技術，一旦成功展示這項技術（我們對此非常有信心）。我們一定會與埃克森美孚合作，探討如何尋求和掌握碳捕獲的商業機會。

Saumya Jain, UBS.

Saumya Jain，瑞銀集團。

So what are the big changes, if any, that you've seen across the South Korean market over the past year? And what's your outlook for that market, specifically heading into 2026. And then on the data center side, specifically, how are you seeing the South Korea market or Asian market, in general, vary from the US.

那麼，在過去一年裡，您認為韓國市場發生了哪些重大變化（如果有的話）？那麼您對該市場，特別是到 2026 年的前景有何看法？那麼，具體到資料中心方面，您認為韓國市場或整個亞洲市場與美國市場有何不同？

Yes. And thank you for the question. In Korea, we obviously are seeing really strong momentum across our opportunity to drive repowering on our existing installed base there, over 100 megawatts of installed base. So we're fully taking advantage of that, and we're seeing strong demand for that. We think the Korea market, which continues to be the largest fuel cell market in the world will remain attractive. As you know, we announced an MOU earlier with Inuverse to work with them on what they anticipate or trying to do will be the largest data center in the Korea market. And we're taking our efforts with them we think will help see their growth in the market from a data center perspective.

是的。謝謝你的提問。在韓國，我們顯然看到了強勁的發展勢頭，有機會對我們現有的裝置容量進行改造升級，裝置容量超過 100 兆瓦。所以我們正在充分利用這一點，而且我們看到了強勁的需求。我們認為，作為全球最大的燃料電池市場，韓國市場將繼續保持吸引力。如您所知，我們先前宣布與 Inuverse 簽署諒解備忘錄，與他們合作，共同打造他們預期或正在努力打造的韓國市場上最大的資料中心。我們正在與他們共同努力，我們認為這將有助於從資料中心的角度看到他們在市場上的發展。

I think if you think more broadly about Asia, and outside of the US, I think you're seeing very strong interest and demand and data center growth. And we think that the Asia market in its spots between markets like Korea and Singapore and Japan and Malaysia, you're going to see really strong data center growth, and we're excited about the opportunities we're having in those -- or conversations we're having in those markets.

我認為，如果把目光更廣泛地放在亞洲，以及美國以外的地區，你會發現人們對資料中心有著非常濃厚的興趣和需求，資料中心也在不斷增長。我們認為，在韓國和新加坡、日本和馬來西亞等亞洲市場之間的地帶，資料中心將會實現非常強勁的成長，我們對在這些市場中獲得的機會——或者說我們正在進行的對話——感到興奮。

Great. And then could you provide more color on any carbon capture opportunities you are pursuing with other players like the one with Exxon or any other similar partnerships?

偉大的。那麼，您能否詳細介紹您正在與其他公司（例如與埃克森美孚的合作或其他類似合作）共同尋求的碳捕獲機會？

Sure. So maybe if you think about it in two ways. There's -- the work that we're doing with Exxon Mobile which is specifically focused on capturing carbon from external sources. So think about that refinery in Rotterdam where we're going to capture carbon that is being admitted today from that refinery, right? And in that effort, what we're doing in terms of capturing that external carbon, our commercial activities in that particular application we'll really start to take full post-start demonstration of this technology with Exxon.

當然。所以，或許你可以從兩個方面來考慮。還有——我們正在與埃克森美孚合作，專門致力於從外部來源捕獲碳。所以想想鹿特丹那家煉油廠，我們將要捕獲今天從該煉油廠排放的碳，對吧？在這項努力中，我們在捕捉外部碳方面所做的工作，以及我們在該特定應用領域的商業活動，我們將真正開始與埃克森美孚一起全面開展這項技術的啟動後示範。

Outside of that, though, we have -- you can think about it the way we talk about it internally is carbon recovery, and that's our ability to recover the carbon from the fuels that we use to produce clean electricity. And there, we're having those conversations actually with many of these data center customers who are still very committed to decarbonizing. And so our ability to provide a very low emission profile with no SOx, NOx or other particulates operating at a very low decile level, all the things that you're hearing that are causing a lot of problems for these data center customers today, we address with our technology.

除此之外，我們還有──你可以把它理解為我們內部所說的碳回收，那就是我們從用於生產清潔電力的燃料中回收碳的能力。事實上，我們正​​在與許多仍致力於脫碳的資料中心客戶進行這些對話。因此，我們能夠提供非常低的排放水平，不排放 SOx、NOx 或其他顆粒物，排放量也低於十分位水平。所有這些如今為資料中心客戶帶來許多問題的因素，我們都透過我們的技術來解決。

And then we have the extra added benefit of being able to recover the carbon and then we can do lots of different things with that carbon up to providing and selling it to an industrial gas company, to if we're a data center that's somewhere near a CO2 pipeline that CO2 could ultimately be sequestered or used in some other way. And so we're actively engaged in those conversations with our industrial customers as well from a recovery standpoint.

此外，我們還能回收碳，並利用這些碳做很多不同的事情，例如提供並出售給工業氣體公司；如果我們的資料中心靠近二氧化碳管道，那麼二氧化碳最終可以被封存或以其他方式利用。因此，從復甦的角度來看，我們也積極與我們的工業客戶進行這些對話。

Ryan Pfingst, B. Riley.

Ryan Pfingst，B. Riley。

Maybe a follow-up on the data center discussions in the US. Is it fair to say that customer readiness is the main hurdle for fuel cell to secure a data center customer at this point? Or are there other factors we should be thinking about?

或許可以跟進一下美國資料中心的相關討論。目前來看，客戶準備是否是燃料電池技術贏得資料中心客戶的主要障礙？或者有其他因素需要考慮嗎？

I don't really think it's a customer readiness issue, Ryan. What I would say is that it's a shift in the way these data center customers have procured power throughout their history. And they've been able previously to procure power from the grid, and that model has worked for them. It's the shift in the model that requires them to think about on-site generation. And as they shift their business model, they're being thoughtful about the way to do that. There's still thoughts around going completely behind the meter or running grid parallel. We're comfortable in operating in both of those environments and have done that and can demonstrate our capabilities in that regard.

瑞恩，我並不認為這是客戶準備不足的問題。我想說的是，這標誌著資料中心客戶在其發展歷程中獲取電力方式的轉變。他們之前一直能夠從電網獲取電力，而且這種模式對他們來說是行之有效的。正是這種模式的轉變要求他們考慮現場發電。隨著他們商業模式的轉變，他們正在認真思考如何實現這一轉變。目前仍有關於完全採用電錶後供電還是併網供電的討論。我們能夠適應這兩種環境，也已經這樣做過，並且可以證明我們在這方面的能力。

But I don't think it's a customer readiness issue. It's -- I think customers have now bought off on the fact that if they're going to build new data centers, and they want to build those new data centers now, they're going to need on-site generation to meet that demand.

但我認為這不是客戶準備不足的問題。我認為客戶現在已經接受了這樣一個事實：如果他們要建造新的資料中心，而他們現在就想建造這些新的資料中心，那麼他們就需要現場發電來滿足這一需求。

Appreciate that. And then shifting over to South Korea. Can you talk about your expectations around timing for the universe MOU to the extent you're able to when we might see that convert to a firm order or even first revenue there?

謝謝。然後鏡頭轉向韓國。您能否談談您對宇宙諒解備忘錄時間安排的預期，例如我們何時能看到它轉化為正式訂單，甚至帶來首筆收入？

Yes. I won't get specific on timing, but we think as we go throughout 2026, we'll have more to say about that opportunity as it's developing.

是的。我不會具體說明時間，但我們認為，隨著 2026 年的推進，我們會就這個機會的發展發表更多看法。

Jeff Osborne, TD Cowen.

Jeff Osborne，TD Cowen。

Just maybe two lines of question on my side. One is on the data center side. Is there anything, Jason, that you need to still develop as it relates to the use case or the application, I'm thinking like low following or other features relative to hospitals, college campuses, things like that?

我這邊可能只有兩點疑問。一個在資料中心那邊。Jason，關於這個用例或應用程序，你還有什麼需要開發的嗎？例如低關注度或其他與醫院、大學校園之類的相關的功能？

Yes. As we think about our solution set to address the data center opportunity, we don't really have anything that we need to develop because our ability to integrate in a microgrid configuration to support load following, whether that be through batteries or super caps. We're very comfortable with being able to do that. As you know, we operate in a number of micro-grade configurations today -- so that's not a concern for us. And we don't have plans on developing best systems or those kind of things as a company, and there's plenty of choices in the market, and we're going to leverage those market choices to integrate those solutions for customers.

是的。當我們考慮如何解決資料中心面臨的機會時，我們實際上並沒有什麼需要開發的，因為我們有能力將微電網配置整合到系統中以支援負載跟踪，無論是透過電池還是超級電容器。我們很樂意這樣做。如您所知，我們目前採用多種微型配置——所以這對我們來說不是問題。我們公司沒有開發最佳系統或類似產品的計劃，市場上有很多選擇，我們將利用這些市場選擇為客戶整合這些解決方案。

So if I'm hearing you right, the pricing for data centers should be similar-ish to what you've seen in years past for other smaller applications, given there's no additional equipment.

所以如果我理解正確的話，資料中心的定價應該與過去幾年其他小型應用程式的定價大致相同，因為沒有額外的設備。

Yes. I think -- look, I think when we think about what we're offering to these customers, although we aren't going to be the developer, if you will, of a best system, there are instances where we're bringing that full integrated solution to a customer. So the pricing in some of those instances is going to be all inclusive of that. So I think you'll see different pricing based on what the customer is asking us to do.

是的。我認為——你看，我認為當我們思考我們向這些客戶提供什麼時，雖然我們不會成為最好的系統的開發者，但在某些情況下，我們會為客戶提供完整的整合解決方案。因此，在某些情況下，價格將包含所有這些費用。所以我認為你會看到不同的定價，這取決於客戶要求我們做什麼。

In a straight just deliver power to me scenario, yes, I think you'll see similar pricing of what -- where we've been priced in the past, but we've done a lot of things to improve our cost position. And so we think that we're very price competitive relative to other on-site generation alternatives and that goes across the landscape, including engines.

如果只是簡單地向我提供電力，是的，我認為你會看到類似的定價——和我們過去的定價類似，但我們已經做了很多事情來改善我們的成本狀況。因此，我們認為相對於其他現場發電方案，我們的價格非常有競爭力，而且這種競爭力涵蓋了整個領域，包括引擎發電。

And maybe just to add on, and I know you know this, Jeff, but with the extension of the investment tax credit this year, that provides pricing strength for us as well. The investment tax credit was extended in the big beautiful bill in July, that goes through at least 2032, and that's a 30% investment tax credit off of the capital cost.

或許我還要補充一點，我知道你也知道這一點，傑夫，但今年投資稅收抵免政策的延長也為我們提供了定價優勢。7 月通過的一項重大法案延長了投資稅收抵免政策，該政策至少持續到 2032 年，可享有資本成本 30% 的投資稅收抵免。

Perfect. Maybe just a quick one for you, Mike. two-parter, but to expand from 100 megawatts in Touring to now the 350, I think you mentioned you have a ballpark of what that would cost. And then I think the ATM is fully utilized share counts up I don't know, 80% or so year on year. Is now a period of sort of relaxation on adding capital to the balance sheet and then waiting for the orders to come.

完美的。麥克，或許我可以快速問你一個問題。這個問題分為兩部分，但要從巡迴演出時的 100 兆瓦擴展到現在的 350 兆瓦，我想你之前提到過你大概知道這需要多少錢。然後我認為 ATM 已充分利用，股份數量比去年同期增長了，我不知道，大概 80% 左右吧。現在正處於一個相對放鬆的時期，企業不會急於向資產負債表增加資本，而是等待訂單到來。

And then maybe you need to revisit the ATM. Can you just walk us through the cash consumption in fiscal '26. And what it would cost to add capacity and what happens if you get some of these major orders that you're targeting?

然後，你可能又需要去自動櫃員機提款了。能否簡單介紹一下 2026 財年的現金消耗？增加產能需要多少成本？如果拿到一些你瞄準的大訂單會發生什麼事？

Sure. So maybe I'll go in reverse order and thank you for the question, Jeff. So as far as the balance sheet today, the company is quite comfortable with the cash position that we ended the fiscal year with. We ended with about $342 million of total cash on balance sheet. And then subsequent to the end of the year, we also announced a $25 million facility with EXIM, a follow-on to the facility that we had done with them last year, which is really supporting deployment internationally. And we obviously like those types of structures, and we'll look to do more of that as we do more deployments internationally, but quite comfortable with our current liquidity position as we sit here today.

當然。那我或許應該反過來回答，謝謝你的提問，傑夫。因此，就目前的資產負債表而言，公司對本財政年度結束時的現金狀況相當滿意。最後，我們的資產負債表上共有約 3.42 億美元現金。隨後，在年底之後，我們也宣布與美國進出口銀行達成 2,500 萬美元的融資協議，這是我們去年與他們達成的融資協議的後續，該協議確實支持了國際部署。我們顯然喜歡這類結構，隨著我們在國際上進行更多部署，我們將尋求更多地採用這類結構，但就目前而言，我們對自身的流動性狀況相當滿意。

As far as the expansion, as Jacob said, and as we included in the deck, we do have plans to expand Torrington up to 350 megawatts that will obviously be paced by customer demands, but the planning for that. We are starting steps to enable us to do that expansion and are making capital investments this year, we include in our disclosures in 2026 that we plan to spend between $20 million to $30 million of CapEx, which gets us started on on that expansion path. And as we secure additional backlog and go down that path of expansion, we will provide additional color around any additional investments.

至於擴建方面，正如雅各所說，正如我們在簡報中所提到的，我們確實有計劃將托靈頓的發電能力擴大至 350 兆瓦，這顯然將取決於客戶的需求，但相關的規劃工作正在進行中。我們正在採取措施來實現這一擴張目標，並在今年進行資本投資。我們在 2026 年的揭露文件中表示，我們計劃投入 2,000 萬至 3,000 萬美元的資本支出，這將使我們走上擴張之路。隨著我們獲得更多訂單並走上擴張之路，我們將對任何額外的投資提供更多細節。

I got it. So no need for an ATM for now? Or do you just have a good housekeeping add that, just to be clear on that part.

我得到了它。所以目前還不需要提款機嗎？或者，你只是在做好家事上多下了點功夫？我只是想澄清一下這一點。

So as far as the ATM, the company has historically kept an at the market sales program on file. I don't anticipate that changing, and we're not going to forecast potential potential financings beyond what I've already described.

所以就 ATM 而言，該公司歷來都有一份市場銷售計畫存檔。我預計這種情況不會改變，我們也不會預測除我已描述之外的潛在融資。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯，圖伊兄弟。

Talking about the data center market, sort of what we see happening in the broader MAX overall is just a little bit more realization of there is some devil in the details that -- it seems that the market needs to understand just to really understand the pace of the data center rollout. And at scale, and so I guess one thing I was wondering, I think during the -- earlier in the call, you mentioned sort of the emergence of NIMBY issues, which is I think sort of a fairly new topic in the last quarter or two.

談到資料中心市場，我們在更廣泛的 MAX 整體上看到的是，人們越來越意識到細節中存在一些魔鬼——市場似乎需要了解這些細節才能真正理解資料中心的部署速度。而且規模如此之大，所以我想問的一件事是，在之前的通話中，您提到了“鄰避效應”（NIMBY）問題的出現​​，我認為這在過去一兩個季度中是一個相當新的話題。

And I just wonder if -- how those issues are coming up and your potential customer discussions, and I'm also interested in, particularly with utilities, how some of them are looking ahead to trying to insulate their maybe residential customer base from the costs that they'll probably incur from ramping up power supply to data centers.

我只是想知道——這些問題是如何出現的，以及您與潛在客戶的討論情況。我還特別想了解，特別是對於公用事業公司而言，他們如何展望未來，試圖保護他們的住宅客戶群免受因增加資料中心電力供應而可能產生的成本的影響。

Thank you for the question. If you think about the -- maybe I'll start with maybe the NIMBY issue. So what are the things that cause challenges, right? Things that close challenges are generation platforms that create poor air quality. We do just the opposite. right, because we don't combust the fuel. So that's a significant advantage.

謝謝你的提問。如果你仔細想想──或許我可以先從鄰避效應問題說起。那麼，究竟是什麼造成了挑戰呢？造成空氣品質惡化的發電平台是解決這項挑戰的關鍵因素。我們恰恰相反。沒錯，因為我們不燃燒燃料。所以這是一個顯著的優勢。

What's the other thing that causes us the challenge? Noise. We operate at a very low decile level. Think about maybe your air conditioner running at your home, right? So we solve that issue. We're very efficient from a space perspective at 33 megawatts an acre, so we can be very efficient in terms of the power density that we deliver to these data center customers.

還有什麼其他因素帶給我們挑戰？噪音。我們的營運水準處於非常低的十分位。想想你家裡的空調開著的樣子，對吧？所以我們解決了這個問題。從空間利用的角度來看，我們的效率非常高，每英畝可達 33 兆瓦，因此我們在為這些資料中心客戶提供電力密度方面可以非常有效率。

In addition to that, we do things that help offset even the power demand, like we talked about our ability to deliver absorption chilling so we can help reduce the amount of power that's needed for that data center. Beyond that, we talked a little earlier on this call about our ability to do carbon recovery to even further reduce the emission profile of the platform, and that remains very important for many of these data center customers or certainly the offtakers of these data centers.

除此之外，我們還會做一些有助於抵消電力需求的事情，例如我們之前談到的，我們有能力提供吸收式製冷，這樣我們就可以幫助減少資料中心所需的電力。除此之外，我們之前在電話會議上也談到了我們進行碳回收以進一步減少平台排放的能力，這對於許多資料中心客戶或這些資料中心的承購者來說仍然非常重要。

So we think that our platform does a really good job of addressing the NIMBY issue. And in fact, we have examples of our platform being deployed right next to where people live, and it's not an issue. And we think that we can clearly deliver a solution to a data center developer or offtaker that will minimize, if not eliminate those issues that they see from the NIMBY standpoint.

所以我們認為我們的平台在解決鄰避效應方面做得非常好。事實上，我們有平台部署在人們居住地附近的案例，而且這並沒有造成任何問題。我們認為，我們能夠為資料中心開發人員或使用者提供清晰的解決方案，從而最大限度地減少（如果不能完全消除）他們從鄰避效應角度所看到的那些問題。

Right, right. But it does be me to wonder whether there are any advantages regionally in your thinking about pursuing customers. I'm not sure there's coman area what the data center demand pickup is looking like there. But just sort of recognizing that you've done so many projects for sort of communities within your fairly close radius. And so is that a possibly positive factor in getting new business?

對，對。但我確實想知道，在你們的顧客拓展策略中，是否存在區域性優勢。我不確定是否有統一的地區能夠了解那裡的資料中心需求回升情況。但也要意識到，你已經為週邊地區的社區做了很多專案。那麼，這是否會成為拓展新業務的正面因素呢？

Look, I think being able to demonstrate to these data center customers where we have deployments close into communities, and we don't have community complaints is a real strength. So I don't know that, that's driving just a close in regional focus for us as our primary focus area, but it's certainly a leverage point for us as we tell our story to those data center customers.

我認為，能夠向這些資料中心客戶證明，我們在社區附近部署了系統，而且沒有收到社區的投訴，這確實是一項優勢。所以我不知道這是否會促使我們將重點放在區域性重點領域，但這無疑是我們向資料中心客戶講述我們故事的槓桿點。

Beyond that, I think when you -- when we think about regionality and advantages across the US, we have the ability to take advantage of the ITC and we think that's a real positive. But in some markets where we are also considered as a platform technology, the equivalent of a Class 1 renewable, we think that just adds to the economic benefit that we can deliver to these customers by deploying our platform. So we think the way in which we've deployed our distributed technology and it's been deployed in urban areas and close-in communities just serves as a great example of a way to do this and not have the consumer backlash.

除此之外，我認為，當我們考慮美國各地的區域性和優勢時，我們有能力利用國際貿易委員會，我們認為這是一個真正的積極因素。但在某些市場，我們也被視為一種平台技術，相當於 1 類再生能源，我們認為這只會增加我們透過部署我們的平台可以為這些客戶帶來的經濟效益。因此，我們認為，我們部署分散式技術的方式，以及它在城市地區和近郊社區的部署，正好是一個很好的例子，說明如何做到這一點而不會引起消費者的強烈反對。

Great. Great. And just the last one for me, again, sort of about the discussions with potential customers. I'm curious with so many cross-trends going on so many different issues to evaluate. As you talk to utility or a hyperscaler, say from one conversation to the next, say, you're talking with somebody at one point and then A couple of months later, you kind of reconvene and go from there. Is -- are you talking with customers about a pretty stable static set of projects that they have in their sites? Or is it more sort of dynamic and volatile like the conversation is going in one direction.

偉大的。偉大的。最後，我想再補充一點，這和與潛在客戶的討論有關。這麼多不同的問題上有這麼多交叉趨勢，我很好奇該如何評估。當你與公用事業公司或超大規模資料中心營運商交談時，比如說，你和某人進行了一次談話，幾個月後，你們再次見面，然後繼續下一步。您是在和客戶討論他們網站上相當穩定且靜態的項目嗎？或者它更像是某種動態且不穩定的狀態，就像對話朝著一個方向發展一樣。

And then a couple of months later, utility talks about no, we're thinking about a different region or a different customer type. So I'm just sort of curious whether you're sort of following the same trail with these, and it's just a matter of getting to the endpoint or whether sort of the table kind of keeps getting reset as you progress with these guys?

幾個月後，公用事業公司又說不，我們正在考慮不同的地區或不同的客戶類型。所以我很好奇，你是否也在遵循同樣的思路，只是到達終點而已，還是說隨著你和這些人一起前進，表格會不斷重置？

Look, I think if you think about at least our experience, if you think about the development cycle, as you go through the process, there are always puts and takes that happen throughout that development process. What we aren't seeing is kind of this episodic or very sporadic kind of activity from the customers that we're engaged with -- and we think that as you think about utilities, since you talked about utilities directly, I mean I think the utilities are pretty thoughtful in their planning process and what they want to do. And I think they have tremendous insight to where customers want to be and where they want to develop projects. So I think they've got a pretty good handle on that. And we're working with them to help solve the big constraints they have, which is additional power capacity. They've got constraints around transmission.

你看，我認為，至少從我們的經驗來看，如果你考慮一下開發週期，當你經歷這個過程時，在整個開發過程中總會有投入和撤回。我們沒有看到的是我們所接觸的客戶中出現的這種零星或非常零星的活動——而且我們認為，考慮到公用事業，既然你直接談到了公用事業，我的意思是，我認為公用事業公司在規劃過程中以及他們想要做的事情上都經過了深思熟慮。我認為他們對客戶想要去哪裡以及想要在哪裡開展專案有著非常敏銳的洞察力。所以我覺得他們在這方面已經掌握得相當不錯了。我們正在與他們合作，幫助他們解決面臨的主要限制因素，即額外的電力容量。他們在傳輸方面受到一些限制。

I mean if you look at what just happened in PJM, they just closed their auction. I think it was yesterday, they're sitting at a 14.8% reserve margin, which is like the lowest reserve margin in a decade, right? So the way you're going to solve this problem is with technologies like ours and deploying distributed generation.

我的意思是，看看PJM剛剛發生的事情，他們剛剛結束了拍賣。我想應該是昨天，他們的準備率是 14.8%，好像是十年來最低的準備率，對吧？所以，解決這個問題的方法是利用像我們這樣的技術，部署分散式發電。

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

目前沒有其他問題了。接下來我將把電話交給傑森·菲尤，請他作總結發言。

Thank you, Sarah. And for everyone on the call, thank you for joining us today. We look forward to updating you on our progress as we move into calendar year 2026. I wish you all a safe joyful holiday season and a very happy new year. Thank you.

謝謝你，莎拉。感謝所有參加電話會議的各位。我們期待在進入 2026 年之際，向您報告我們的進展。祝大家假期平安快樂，新年快樂！謝謝。

This concludes today's conference call. Thank you for joining. 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了。