燃料電池能源 (FCEL) 2026 Q3 法說會逐字稿

Thank you for standing by. My name is Jaylen, and I'll be your conference operator today. At this time, I would like to welcome everyone to the FuelCell Energy third quarter of fiscal 2026 financial results Conference Call. (Operator Instructions) I would now like to turn the conference over to Michael Bishop, Chief Financial Officer. You may begin.

感謝您耐心等候。我叫 Jaylen，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 FuelCell Energy 2026 會計年度第三季財務業績電話會議。(接線員指示) 現在我想將會議交給財務長 Michael Bishop。您可以開始了。

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 third quarter of fiscal year 2026, and our earnings press release is available in the Investors section of our website at www.fuelcellenergy.com. 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.

謝謝，接線員。各位早安，感謝各位今天加入我們的電話會議。今天早上，FuelCell Energy 已發布 2026 會計年度第三季財務業績，我們的財報新聞稿可於公司網站 www.fuelcellenergy.com 的投資人專區查閱。除本次電話會議與財報新聞稿外，我們也已在網站上張貼簡報資料。本次網路直播將會錄音，並將於我們結束後約兩小時在網站上提供重播。

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 fuel cell technology, our anticipated market opportunities, and our business plans and strategies. Our actual future results could differ materially from those described in or implied by such forward-looking statements because of a number of risks and uncertainties.

在開始之前，請注意，您今天將聽到或收到的部分資訊，屬於 1934 年《證券交易法》所界定的前瞻性陳述。此類陳述表達我們對未來的預期、信念與意圖，並包括有關我們預期的財務結果、我們燃料電池技術持續開發、商業化與融資之計畫與預期、我們預期的市場機會，以及我們的業務計畫與策略等陳述。由於多項風險與不確定性，我們未來實際結果可能與此等前瞻性陳述所描述或暗示者存在重大差異。

More information regarding such risks and uncertainties is available in the Safe Harbor Statement, in the slide presentation and in our filings with the SEC, particularly the risk factor section of our most recent Form 10-K and any subsequently filed quarterly reports on Form 10-Q. 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 investor relations tab. For this call, I am joined by Jason Few, our President and Chief Executive Officer. Following our prepared remarks, the leadership team will be available to take your questions.

關於此等風險與不確定性的更多資訊，請參閱安全港聲明（Safe Harbor Statement）、簡報資料以及我們向美國證券交易委員會（SEC）提交的文件，特別是我們最新 Form 10-K 的風險因素章節，以及其後提交的任何 Form 10-Q 季度報告。在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標；關於這些指標與 GAAP 財務衡量指標之間的調節表，請參閱我們的網站、財報新聞稿以及簡報附錄。我們的財報新聞稿與今日網路直播簡報的副本，可於網站投資人關係（investor relations）分頁下取得。參與本次電話會議的還有我們的總裁暨執行長 Jason Few。在我們的準備發言結束後，管理團隊將開放回答各位的提問。

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

現在我將把電話交給 Jason 進行開場致詞。Jason？

Thank you, Mike, and good morning, everyone. Thank you for joining us today. I am pleased to welcome you to our third quarter fiscal year 2026 earnings call. In the third quarter, we took an important step in the commercial development of FuelCell Energy's data center strategy. Rapid growth of AI and high-density computing is creating power requirements that the existing grid cannot address quickly enough. For data center customers, access to power has become a critical constraint on development. The AI economy will not be constrained by silicon. It will be constrained by access to electricity. We believe distributed generation will become an essential layer of AI infrastructure, enabling the grid to expand while allowing AI factories to deploy on commercial timelines rather than utility timelines.

謝謝你，Mike，各位早安。感謝各位今天加入我們。我很高興歡迎各位參加我們 2026 會計年度第三季財報電話會議。在第三季，我們在 FuelCell Energy 的資料中心策略商業化發展上邁出了重要一步。AI 與高密度運算的快速成長，正在產生現有電網無法足夠快速滿足的用電需求。對資料中心客戶而言，取得電力已成為開發的關鍵限制因素。AI 經濟不會受限於矽晶片。它將受限於取得電力的能力。我們相信，分散式發電將成為 AI 基礎設施不可或缺的一層，使電網得以擴張，同時讓 AI 工廠能依商業時程而非公用事業時程進行部署。

Our FuelCell Energy Blocks are designed to address the constraint by providing clean, continuous, behind-the-meter power that can be deployed at the customer's site and scaled as demand grows. In the third quarter, we began to convert that value proposition into commercial commitments. We secured our first order for FuelCell Energy Blocks to supply baseload power for data center applications, increased committed backlog to $1.3 billion and added $2.4 billion of awarded capacity backlog, resulting in total committed and awarded capacity backlog of $3.6 billion as of July 31. Awarded capacity backlog is a new category reflecting multi-phase contracts and capacity reservations, which I'll let Mike detail in his remarks.

我們的 FuelCell Energy Blocks 旨在透過提供潔淨、連續、表後（behind-the-meter）的電力來解決此一限制；該電力可在客戶場址部署，並可隨需求成長而擴充。在第三季，我們開始將此一價值主張轉化為商業承諾。我們取得首筆 FuelCell Energy Blocks 訂單，用於為資料中心應用提供基載電力；已承諾在手訂單（committed backlog）提高至 13 億美元，並新增 24 億美元的已授予容量在手訂單（awarded capacity backlog），使截至 7 月 31 日的已承諾與已授予容量在手訂單合計達 36 億美元。已授予容量在手訂單是新的分類，反映多階段合約與容量保留；我會請 Mike 在他的發言中進一步說明。

Subsequent to the quarter end, we closed a 75-megawatt capacity reservation agreement with a major co-location data center operator for a Texas project. We believe our utility-scale distributed generation platform is uniquely positioned to help accelerate AI infrastructure by reducing time to power, extending the existing electric grid with reliable behind-the-meter generation, and addressing many of the permitting and community challenges associated with large-scale power development. We expect to provide additional detail upon execution of definitive agreements. That is the central message for the quarter. We are moving from a growing pipeline to tangible commercial commitments while advancing the manufacturing capacity and operating capabilities required to deliver at scale.

在季末之後，我們與一家主要的共置（co-location）資料中心營運商就德州專案簽署並完成一項 75 兆瓦容量保留協議。我們相信，我們的公用事業規模分散式發電平台具備獨特優勢，可透過縮短取得電力的時間、以可靠的表後發電延伸既有電網，並因應大型電力開發常見的許可與社區挑戰，來加速 AI 基礎設施建置。我們預期在簽署最終協議（definitive agreements）後提供更多細節。這就是本季的核心訊息。我們正從不斷成長的商機管線，邁向具體的商業承諾，同時推進在規模化交付所需的製造產能與營運能力。

At the outset, I want to talk about this commercial commitment. During the quarter, we signed a capital equipment purchase agreement with Fit Energy to supply power solutions for data center applications. It covers up to 380 megawatts across 4 phases, sized to the customer's deployment schedule. We received an upfront deposit on the initial 30-megawatt phase, which we expect to begin delivering in the fourth quarter, and the remaining phases are at Fit Energy's election. At the same time, our fiscal 2026 year-to-date pipeline has grown to roughly 10 gigawatts of active proposals, and it reflects our progress toward proving our value proposition for data centers, which now accounts for about 97% of the total third quarter pipeline.

一開始，我想談談這項商業承諾。本季期間，我們與 Fit Energy 簽署資本設備採購協議，提供用於資料中心應用的供電解決方案。該協議涵蓋最多 380 兆瓦、分 4 個階段，並依客戶部署時程進行配置。我們已收到初始 30 兆瓦階段的預付款（upfront deposit），預計將於第四季開始交付；其餘階段則由 Fit Energy 自行選擇是否執行。同時，我們 2026 會計年度截至目前的商機管線已成長至約 10 吉瓦的活躍提案，反映我們在證明資料中心價值主張方面的進展；目前資料中心約占第三季整體管線的 97%。

I have said before that pipeline is a leading indicator, not a result, and I hold to that. The measure that matters is conversion, and Fit Energy is commercial proof that FuelCell Energy Block system can be the solution to some of the current public perception challenges facing data centers by providing scalable, clean, quiet, behind-the-meter power for data centers. The most important signal isn't that our pipeline is larger, it's that customers are buying differently. AI has made power availability a strategic decision rather than simply a utility decision.

我之前曾說過，商機管線是領先指標，而不是結果，我仍然這麼認為。真正重要的衡量指標是轉換率（conversion），而 Fit Energy 正是商業層面的證明：FuelCell Energy Block 系統能透過為資料中心提供可擴充、潔淨、低噪音的表後電力，成為解決目前資料中心面臨部分公眾觀感挑戰的方案。最重要的訊號不是我們的管線更大，而是客戶的採購方式正在改變。AI 已使電力可用性成為一項策略性決策，而不再只是公用事業層面的決策。

In addition to our domestic backlog, we continue to execute on our existing global projects. In the third quarter, we successfully completed the repowering of the 42-module Gyeonggi Green Energy project in South Korea. This execution demonstrates our capability to manage complex utility-scale repowering projects overseas while maintaining strict operational standards. Furthermore, it validates our long-term technology replacement cycle, proving that our existing fleet represents a continuous source of service and product revenues as energy blocks reach their natural replacement intervals.

除美國國內在手訂單外，我們也持續推進既有的全球專案執行。在第三季，我們成功完成韓國 Gyeonggi Green Energy 專案（42 模組）的汰舊換新（repowering）。此一執行成果展現我們在海外管理複雜的公用事業規模汰舊換新專案的能力，同時維持嚴格的營運標準。此外，這也驗證我們長期的技術更換週期，證明隨著 Energy Blocks 達到其自然更換區間，我們既有機組群將持續帶來服務與產品收入來源。

Important to converting our existing pipeline and backlog is our ability to scale. Because demand only matters if we can meet it. To support our increasing backlog, we are systematically expanding our manufacturing capacity. We are actively expanding our Torrington, Connecticut manufacturing facility, to support the multi-megawatt demand of the AI factory and data center markets.

要將既有管線與在手訂單轉換為實際交付，關鍵在於我們的規模化能力。因為只有在我們能滿足需求時，需求才有意義。為支援不斷增加的在手訂單，我們正有系統地擴充製造產能。我們正積極擴建位於康乃狄克州托靈頓（Torrington）的製造設施，以支援 AI 工廠與資料中心市場的多兆瓦需求。

Our immediate operational milestone is to increase our annualized production rate at Torrington to its current full capacity of 100 megawatts, with achievement of this milestone expected in October 2026. This near-term target represents a vital step toward our larger long-term goal of reaching 500 megawatts of annualized production capacity by June 2028, an expansion we are already investing in.

我們近期的營運里程碑，是將托靈頓的年化產能提升至目前的滿載水準 100 兆瓦，預計於 2026 年 10 月達成。此一短期目標是邁向更長期目標的重要一步：在 2028 年 6 月前達到 500 兆瓦的年化產能；我們已開始為此擴產進行投資。

This expansion is progressing on schedule. During the third quarter, we finalized the comprehensive factory design, made significant equipment purchase commitments, and began the installation of a new high-volume tape caster that will dramatically increase our throughput. It is important to emphasize that this expansion is fully funded. We are executing this capital spend in alignment with our committed backlog to ensure disciplined capital allocation with the goal of meeting the high-volume requirements of global hyperscalers without building ahead of the market.

此項擴建正按計畫進行。在第三季，我們完成了全面的工廠設計，做出重大設備採購承諾，並開始安裝一台新的高產量流延成型機（high-volume tape caster），將大幅提升我們的產出吞吐量。需要強調的是，這項擴建已獲得全額資金支持。我們將依照已承諾的在手訂單來執行這些資本支出，以確保資本配置紀律，目標是在不超前市場建置的前提下，滿足全球超大規模業者（hyperscalers）的高產量需求。

As we scale, one aspect of our fuel cells has come into particular focus, and that is the sourcing strategy for our materials. Our carbonate platform provides a powerful supply chain advantage, and it does not rely on rare earth minerals and is scandium-free, utilizing globally abundant commodity metals like nickel and steel rather than highly volatile critical minerals or those that are predominantly mined in potentially sanctioned countries. Our platform was designed around the abundant industrial materials, not scarce critical minerals. With over 90% of our supply chain is sourced domestically in the US, and approximately 93% of our FuelCell Energy Block components are reusable or recyclable through a take-back program, we offer our customers unmatched supply security in the current uncertain geopolitical environment.

隨著我們擴張，我們燃料電池的一個面向已特別受到關注，那就是材料的採購策略。我們的碳酸鹽平台帶來強大的供應鏈優勢，不依賴稀土礦物且不含釔鈧（scandium-free），採用全球供應充足的大宗金屬（如鎳與鋼），而非高度波動的關鍵礦物，或主要在可能受制裁國家開採的礦物。我們的平台是以供應充足的工業材料為核心設計，而非稀缺的關鍵礦物。我們的供應鏈中超過90%在美國境內採購，且約93%的 FuelCell Energy Block 組件可透過回收回購（take-back）計畫重複使用或回收再利用；在當前充滿不確定性的地緣政治環境下，我們為客戶提供無可匹敵的供應安全保障。

Along with growing demand for FuelCell Energy power systems, our technology is being validated on a global stage by an increasingly diverse group of world-class blue-chip partners. We are proud to report that we have delivered and installed the first two carbonate fuel cell carbon capture modules at ExxonMobil's Rotterdam complex in the Netherlands. This delivery represents a pivotal operational milestone under our joint development agreement with ExxonMobil Technology and Engineering Company. This installation is the world's first industrial-scale demonstration of our jointly developed carbon capture technology, successfully moving it out of the laboratory and into a real-world application, addressing hard-to-abate low CO2 emissions from an industrial facility. This Rotterdam demonstration is expected to validate our fuel cells' performance under commercial operating conditions, positioning us as an essential technology partner for global industrial decarbonization.

隨著 FuelCell Energy 電力系統需求成長，我們的技術也正透過日益多元的世界級藍籌合作夥伴群，在全球舞台上獲得驗證。我們很自豪地報告，我們已在荷蘭埃克森美孚（ExxonMobil）鹿特丹園區交付並安裝首兩套碳酸鹽燃料電池碳捕集模組。此項交付代表我們與 ExxonMobil Technology and Engineering Company 共同開發協議下的一個關鍵營運里程碑。此安裝為全球首個工業規模示範，展示我們共同開發的碳捕集技術，成功將其從實驗室推向實際應用，用以處理工業設施中難以減排的低濃度 CO2 排放。預期此鹿特丹示範將在商業運轉條件下驗證我們燃料電池的性能，使我們成為全球工業去碳化不可或缺的技術合作夥伴。

During the third quarter, we also signed a memorandum of understanding with Siemens to design and supply the electrical balance of plant systems for our fuel cell installations. The primary goal of this collaboration is to accelerate physical deployment and lower the cost of large-scale commercial projects exceeding 100 megawatts. We plan to jointly develop integrated distributed energy systems that combine our clean fuel cells with battery energy storage, advanced micro-grid controls, and medium-voltage electrical equipment. By optimizing the electrical balance of plant, we can manage the full spectrum of power variability from minutes down to microseconds. We believe this integrated solution to be developed in collaboration with a global leader would provide the electrical reliability required to support critical, high-density AI data center workloads.

在第三季期間，我們也與西門子（Siemens）簽署一份合作備忘錄，以設計並供應我們燃料電池安裝案的電氣廠用平衡系統（electrical balance of plant, BOP）。此合作的主要目標是加速實體部署，並降低超過100兆瓦之大型商業專案的成本。我們計畫共同開發整合式分散式能源系統，結合我們的潔淨燃料電池、電池儲能、先進微電網控制，以及中壓電氣設備。透過最佳化電氣廠用平衡系統，我們可管理從數分鐘到微秒等全頻譜的電力變動。我們相信，與全球領導者共同開發的此一整合解決方案，將可提供支援關鍵且高密度 AI 資料中心工作負載所需的電力可靠性。

The opportunity in front of FuelCell Energy continues to grow. Our responsibility is straightforward; Execute. We are focused on converting commercial demand into contracted backlog, scaling manufacturing with discipline, and delivering for our customers. Those are the measures by which we should be judged, and they will remain our priorities as we work to build long-term shareholder value. With that, I'll turn the call over to our Chief Financial Officer, Mike Bishop, to provide a breakdown of our financial performance.

FuelCell Energy 面前的機會持續擴大。我們的責任很明確：執行。我們專注於將商業需求轉化為已簽約的在手訂單（backlog），以紀律擴大製造規模，並為客戶交付成果。這些是評判我們的標準，也將在我們致力於建立長期股東價值的過程中，持續作為優先事項。接下來，我將把電話會議交給我們的財務長 Mike Bishop，請他說明我們的財務表現。

Thank you, Jason. Today I will walk through our third quarter fiscal 2026 financial results, which demonstrate our robust capital position alongside a transitional period for our top-line revenue. Total revenue for the third quarter of fiscal 2026 was $33 million, a 29% decline compared to $46.7 million in the third quarter of fiscal 2025. Breaking this total down, product revenue was $18 million, down from $26 million in the prior year quarter. This reflects fewer module deliveries to South Korea as we completed the repowering of Gyeonggi Green Energy fuel cell park, delivering all 42 modules committed under that program since 2024.

謝謝你，Jason。今天我將說明我們2026會計年度第三季的財務結果，該結果顯示我們資本部位穩健，同時營收端正處於過渡期。2026會計年度第三季總營收為3,300萬美元，較2025會計年度第三季的4,670萬美元下滑29%。拆解來看，產品營收為1,800萬美元，低於去年同期的2,600萬美元。這反映在我們完成京畿綠能（Gyeonggi Green Energy）燃料電池園區的汰換升級（repowering）後，對南韓的模組交付量減少；自2024年以來，我們已交付該計畫承諾的全部42套模組。

Service revenue was $2.4 million compared to $3.1 million a year ago. Generation revenue was $8.8 million, down from $12.4 million, driven principally by lower output from plants in our generation portfolio, including our 7.4-megawatt Groton project, which was out of service for the full quarter pending a planned upgrade that we expect to complete in fiscal 2027. Finally, advanced technology contract revenue was $3.8 million compared to $5.3 million in the third quarter of fiscal 2025.

服務營收為240萬美元，去年同期為310萬美元。發電營收為880萬美元，低於1,240萬美元，主要因我們發電資產組合中的電廠出力較低所致，其中包括我們7.4兆瓦的 Groton 專案；該專案因等待規劃中的升級而整季停機，我們預期於2027會計年度完成。最後，先進技術合約營收為380萬美元，去年同期（2025會計年度第三季）為530萬美元。

We recorded a gross loss of $24.5 million in the third quarter of fiscal 2026 compared to a gross loss of $5.1 million in the third quarter of fiscal 2025. The primary driver was $17 million of charges recorded during the quarter, consisting of approximately $4 million to reduce the carrying value of certain inventories to net realizable value, and approximately $13 million for losses on firm purchase commitments. Both were recorded in connection with Phase 0 of our capital equipment purchase agreement, or CEPA, with Fit Energy due to the fact that our current product costs and manufacturing overhead exceed the contractual pricing established under that agreement.

我們在2026會計年度第三季錄得毛損2,450萬美元，去年同期毛損為510萬美元。主要原因是本季認列1,700萬美元費用，其中約400萬美元用於將部分存貨帳面價值調降至可變現淨值（net realizable value），另約1,300萬美元為確定採購承諾（firm purchase commitments）之損失。上述兩項皆與我們與 Fit Energy 的資本設備採購協議（capital equipment purchase agreement，或 CEPA）之第0期（Phase 0）相關，原因在於我們目前的產品成本與製造間接費用高於該協議所訂之合約價格。

We operated at an annualized production rate of approximately 37 megawatts during the quarter, which remains below the volume at which we expect our cost structure to align with market-based pricing for orders of this scale. These charges are expected to be limited to identified inventory and purchase commitments for Phase 0 and do not reflect our expectations regarding the overall economic value of the agreement.

本季我們的年化產能運轉率約為37兆瓦，仍低於我們預期可使成本結構與此規模訂單之市場化定價相匹配的產量水準。預期這些費用將僅限於第0期已辨識的存貨與採購承諾，並不反映我們對該協議整體經濟價值的預期。

The loss from operations was $46.7 million, a 51% decrease compared to an operating loss of $95.4 million in the third quarter of fiscal 2025. That improvement was primarily driven by the absence of the asset impairment and restructuring charges that heavily impacted the prior year period. Net loss for the quarter was $45.3 million compared to $91.9 million in the comparable prior year period, and net loss attributable to common stockholders was $45.3 million, or $0.64 per share, compared to $92.5 million, or $3.78 per share, in the prior year quarter. Per share improvement also reflects a higher weighted average share count of 70.4 million shares following our equity issuances over the past 12 months.

營業損失為4,670萬美元，較2025會計年度第三季9,540萬美元的營業損失減少51%。此改善主要來自去年同期對業績造成重大影響的資產減損與重整費用不再發生。本季淨損為4,530萬美元，去年同期為9,190萬美元；歸屬於普通股股東之淨損為4,530萬美元，或每股0.64美元，去年同期為9,250萬美元，或每股3.78美元。每股表現的改善亦反映過去12個月我們進行股權發行後，加權平均流通股數提高至7,040萬股。

On a non-GAAP basis, adjusted EBITDA was negative $36.7 million compared to negative $16.4 million in the third quarter of fiscal 2025. That variance was primarily driven by Phase 0 charges I just described, which are not added back in our adjusted EBITDA reconciliation, rather than by any structural degradation in our core operating model.

以非GAAP口徑計算，調整後 EBITDA 為負3,670萬美元，去年同期為負1,640萬美元。該差異主要由我剛才描述的第0期費用所致；在我們的調整後 EBITDA 調節表中，這些費用並未加回，而非因我們核心營運模式出現任何結構性惡化。

Turning to our commercial progress, we are encouraged by the substantial expansion and evolution of our backlog. As of July 31, 2026, total committed and awarded capacity backlog was $3.6 billion, a significant step change. We have structured our commercial backlog into two distinct categories to give investors clear visibility; committed backlog and awarded capacity backlog. Committed backlog, which represents definitive non-cancellable agreements executed by the company and its customers, was $1.3 billion, up approximately 4.1% year-over-year. Awarded capacity backlog was $2.4 billion. Awarded capacity backlog represents commercial awards and capacity reservations where we have been selected as the supplier and the parties are advancing towards execution of definitive agreements.

談到商業進展，我們對在手訂單（backlog）的顯著擴張與演進感到鼓舞。截至2026年7月31日，已承諾及已授予容量的在手訂單總額為36億美元，出現顯著的躍升。我們將商業在手訂單分為兩個明確類別，以便投資人清楚掌握：已承諾在手訂單（committed backlog）與已授予容量在手訂單（awarded capacity backlog）。已承諾在手訂單代表公司與客戶已簽署之明確且不可取消的協議，金額為13億美元，年增約4.1%。已授予容量在手訂單為24億美元。已授予容量在手訂單代表我們已被選定為供應商的商業授標與容量保留，且雙方正推進以簽署最終確定協議。

For the third quarter, this category is driven by the 350 megawatts across Phases 1, 2, and 3 of our CEPA with Fit Energy, which was executed in June and provides for up to 380 megawatts in total product, commissioning, and service agreements, including the committed 30-megawatt Phase 0. Fit Energy may elect to proceed with Phases 1, 2, and 3 at its sole option, and no payment obligation arises with respect to a phase until Fit Energy makes an election to proceed with that phase.

就第三季而言，此類別主要由我們與 Fit Energy 的 CEPA 第1、2、3期合計350兆瓦所帶動；該協議於6月簽署，涵蓋最多合計380兆瓦的產品、試運轉（commissioning）與服務協議，其中包括已承諾的30兆瓦第0期。Fit Energy 可自行選擇是否推進第1、2、3期；在 Fit Energy 選擇推進某一期之前，該期不會產生任何付款義務。

I want to be clear that awarded capacity backlog is not contracted firm order backlog or a guarantee of future revenue. Amounts may not convert to committed backlog or to revenue in whole or in part, and the timing and amount of any conversion may differ materially from our current estimates.

我想明確說明，已獲授予的產能積壓並非已簽約的確定訂單積壓，也不保證未來收入。相關金額可能無法全部或部分轉換為已承諾的積壓或收入，且任何轉換的時間點與金額也可能與我們目前的估計存在重大差異。

We continue to maintain tight fiscal controls across the company. As summarized on slide 19 of the presentation, total operating expenses for the third quarter of fiscal 2026 were $22.2 million compared to $90.2 million in the third quarter of fiscal 2025. Looking at the details, administrative and selling expenses were $13.6 million for the quarter. Research and development expenses were $8.5 million for the quarter as we continue to invest in key product initiatives to support growth of data center opportunities.

我們持續在全公司維持嚴格的財務控管。如簡報第19頁所總結，2026會計年度第三季的總營業費用為2,220萬美元，相較於2025會計年度第三季的9,020萬美元。就細項而言，本季管理及銷售費用為1,360萬美元。本季研發費用為850萬美元，我們持續投資於關鍵產品計畫，以支持資料中心商機的成長。

This year-over-year reduction in operating expenses was primarily driven by the absence of $68.5 million of asset impairment and restructuring charges incurred during the third quarter of fiscal 2025. Excluding those one-time historical charges, recurring operating expenses were essentially flat year-over-year with a modest reinvestment in research and development offsetting lower administrative and selling costs.

營業費用的年對年下降，主要是因為2025會計年度第三季所發生的6,850萬美元資產減損與重組費用在本期不再出現。排除這些一次性歷史費用後，經常性營業費用年對年基本持平；其中研發的小幅再投資，被較低的管理及銷售成本所抵銷。

Now turning to the balance sheet and liquidity discussed on slide 21. We ended the quarter with the strongest cash position in our history. Total cash, cash equivalents, and restricted cash as of July 31, 2026, was $737.3 million, up from $440.9 million at April 30, 2026, the end of the prior quarter. Unrestricted cash and cash equivalents represented $658.1 million of that total, with the remaining $79.2 million in restricted cash and cash equivalents pledged as collateral for performance security and letters of credit. Our capital structure also remains straightforward. We carry no corporate convertible or high-yield debt, and our $153.6 million of total debt and finance obligations primarily consist of project-level financing, Export-Import Bank working capital facilities supported by our Korean deliveries, and sale-leaseback obligations.

接著談資產負債表與流動性（簡報第21頁）。本季結束時，我們的現金部位達到公司史上最強。截至2026年7月31日，現金、約當現金及受限制現金合計為7億3,730萬美元，高於2026年4月30日（前一季季末）的4億4,090萬美元。其中不受限制的現金及約當現金為6億5,810萬美元，其餘7,920萬美元為受限制的現金及約當現金，作為履約保證與信用狀的擔保品。我們的資本結構也仍然相當簡單。我們沒有公司層級的可轉換債或高收益債；我們1億5,360萬美元的總負債與融資義務主要由專案層級融資、由韓國交付所支持的美國進出口銀行營運資金融通，以及售後回租義務所構成。

This substantial capital buffer means that our manufacturing capacity expansion at our Torrington, Connecticut, facility is fully funded. We estimate the total requirement to expand Torrington to 500 megawatts of annualized production capacity to be between $200 million and $275 million with completion targeted for June 2028. The expansion is backed by approximately $298 million of net proceeds raised from sales of common stock during the quarter, consisting of $245.5 million from our July underwritten offering and $52.9 million under our open market sale agreement.

這項充足的資本緩衝意味著，我們在康乃狄克州托靈頓（Torrington）廠的製造產能擴張已獲得完全資金支持。我們估計，將托靈頓擴建至年化500兆瓦產能的總資金需求約為2億至2億7,500萬美元，目標於2028年6月完成。此擴建計畫由本季透過普通股出售所募集的約2億9,800萬美元淨收益所支撐，其中包括7月承銷發行的2億4,550萬美元，以及依據公開市場出售協議募集的5,290萬美元。

Looking ahead, we believe our strength in balance sheet and backlog expansion have established a clear path toward mid-term profitability. We are now targeting achieving positive adjusted EBITDA results in the fourth quarter of fiscal year 2027. We believe this target is supported by a series of operational and commercial catalysts. First, we have begun to increase our annualized production rate with the goal of achieving targeted annualized production rate of 100 megawatts in October 2026, up from approximately 37 megawatts this quarter, which should drive operating leverage over time.

展望未來，我們認為資產負債表的強勁與積壓的擴張，已為邁向中期獲利建立清晰路徑。我們目前的目標是在2027會計年度第四季達成調整後EBITDA轉正。我們相信此目標有一系列營運與商務催化因素支撐。首先，我們已開始提高年化產量，目標在2026年10月達到年化100兆瓦的產量水準，高於本季約37兆瓦，這應能隨時間推動營運槓桿。

Beyond that, reaching our adjusted EBITDA target will depend on several key factors, including conversion of our awarded capacity backlog into definitive revenue-generating committed contracts, alignment with customer delivery schedules, and continued execution of our manufacturing cost reduction initiative, as we benefit from higher procurement volumes. There can be no assurance that we will achieve these production rates, the conversion of awarded capacity backlog or the anticipated cost reductions within the timeframe currently expected.

此外，達成我們的調整後EBITDA目標將取決於數個關鍵因素，包括將已獲授予的產能積壓轉換為具體、可產生收入的已承諾合約、與客戶交付時程的配合，以及在採購量提高帶來效益的同時，持續推進製造成本降低計畫。無法保證我們能在目前預期的時間內達成這些產量水準、完成已獲授予產能積壓的轉換，或實現預期的成本降低。

In closing, we are executing our strategy with financial discipline, a fully funded manufacturing capacity expansion plan, and a sales pipeline that has grown to approximately 10 gigawatts in fiscal 2026 proposals, which we believe positions us to drive long-term value for our shareholders. Thank you for your continued support, and I will now hand the call back to the operator to open the line for Q&A.

最後，我們以財務紀律執行策略，具備已完全到位的製造產能擴張計畫，以及在2026會計年度提案中已成長至約10吉瓦的銷售管線；我們相信這使我們能為股東創造長期價值。感謝各位持續支持，接下來我將把電話交回給接線員，開放問答。

(Operator Instructions)

（接線員指示）

Oh, hi. Good morning. Hi, good morning. It's actually Ivana Ergovic for Julien. I just, kind of, had a question related to this deal announcement of 75 megawatts. If you could maybe give some, kind of, more details in terms of the timeline on any potential opportunities for expansion versus that deal. I think that, yeah, that would be my first question. Thank you.

喔，嗨。早安。嗨，早安。我是Ivana Ergovic，代Julien提問。我有個問題與這筆75兆瓦交易的公告有關。想請你們提供更多細節，特別是相較於這筆交易，任何潛在擴張機會的時程會是如何。我想，對，這是我的第一個問題。謝謝。

Thanks for joining us this morning. Yes, after the quarter or subsequent to the end of the quarter, we closed the 75-megawatt capacity reservation agreement for a major data center operator. We've not disclosed the timing of that, but we anticipate not only that opportunity, but follow-on opportunities with the same customer. And as you've seen, particularly in certain markets and including a market like Texas, where there's, you know, movement toward requiring bringing your own power. Our platform certainly sets up well to meet that requirement in Texas. And so we're excited about the opportunity.

感謝今天早上加入我們。是的，在本季之後或在季末之後，我們已與一家主要資料中心營運商完成75兆瓦產能保留協議的簽署。我們尚未揭露其時程，但我們預期不僅有這個機會，還會與同一客戶有後續機會。而且如你所見，特別是在某些市場（包括像德州這樣的市場），正朝向要求「自備電力」的方向發展。我們的平台當然非常適合滿足德州的這項要求。因此我們對這個機會感到很興奮。

We were working through the definitive agreement, and that'll really align the timeline from a delivery and execution standpoint. We see this as a continuation or how the model, the business model, is really evolving to put capacity reservations in place as customers really look to line up power while they're completing their designs for the architecture of the data center and securing their commitments from their offtake customers as well. So excited about this opportunity and look forward to executing.

我們正在推進最終協議，而這將在交付與執行層面真正對齊時程。我們將此視為一種延續，也就是商業模式正在演進：當客戶在完成資料中心架構設計、並同時取得其下游客戶（offtake customers）的承諾時，他們會希望先把電力配置到位，因此會先行建立產能保留。所以我們對這個機會感到振奮，也期待把它執行到位。

Thank you. And in terms of a follow-up, I actually had a little bit of different question, kind of, related to your quarter results. I mean, there is a material increase in the cost of revenue, I guess, related to the Fit Energy deal. So I mean, how should we think about it? In the sense of the revenue recognition, I guess those would come with the deliveries in the fourth quarter and offsetting basically the cost of revenue that you booked in this quarter. Is that the right way to think about it?

謝謝。另外追問一下，我其實還有一個稍微不同、與你們本季結果相關的問題。我想，營收成本有顯著增加，應該是與Fit Energy交易有關。那我們應該如何看待這件事？就收入認列而言，我猜應該會在第四季隨著交付而認列，並抵銷你們在本季入帳的營收成本。這樣理解對嗎？

Sure, Ivana. This is Mike, and thanks for joining the call. I'll take that one. So, as far as the Fit Energy Phase 0, yes, we have disclosed that we do expect to begin recognizing revenue on that order in the fourth quarter of our fiscal year with the balance of it being completed in fiscal 2027. On the cost side, what you've seen come through this quarter related to that order is really our legacy cost structure. As we sit here today, the company's operating at 37 megawatts of production volume, which has the cost higher than current market rates.

當然可以，Ivana。我是Mike，謝謝你加入電話會議。我來回答。關於Fit Energy第0期（Phase 0），是的，我們已揭露預期將在本會計年度第四季開始對該訂單認列收入，其餘部分將在2027會計年度完成。在成本端，你本季看到與該訂單相關的成本，主要反映我們既有（legacy）的成本結構。以目前來看，公司正以37兆瓦的產量運作，這使得成本高於目前市場水準。

We expect that to normalize and be absorbed as we scale and get production rates up to 100 megawatts. As I said in my remarks, we do expect the company to get to adjusted EBITDA positive in the fourth quarter of fiscal 2027.

我們預期隨著規模擴大、產量提升至100兆瓦，這些成本會逐步正常化並被吸收。如我在致詞中所說，我們確實預期公司將在2027會計年度第四季達成調整後EBITDA轉正。

Can I just ask one more thing? In terms of the 100 megawatts, it seems that you should be able to, kind of, start producing at those levels by the year-end?

我可以再問一件事嗎？就100兆瓦而言，看起來你們應該能在年底前開始達到那樣的產量水準？

Yes. So what I believe your question was, where is our production rate going? We have announced that we are scaling our production rate up to 100 megawatts by the end of the fourth quarter of this year. And what that means is adding personnel, direct labor in our factory as well as scaling our supply chain so that we're positioned to be able to deliver at that level as we get into fiscal 2027. In addition to that, we're adding manufacturing capacity as well to go up to 500 megawatts of total capacity in this factory by June of 2028.

是的。所以我相信你的問題是，我們的產能（生產速率）將走向何處？我們已宣布，將在今年第四季末把產能（生產速率）擴大到100兆瓦。這代表我們將增聘人員、增加工廠的一線直接人力，同時擴大供應鏈規模，以便在進入2027財政年度時，具備在該水準交付的能力。此外，我們也在增加製造產能，目標是在2028年6月前，將此工廠的總產能提升至500兆瓦。

Okay. Thank you very much.

好的。非常感謝。

Manav Gupta, UBS.

Manav Gupta，瑞銀（UBS）。

Good morning. I wanted to focus more on the Exxon power project. I mean, it looks like your cells are delivered. I'm just fundamentally trying to understand, are these two cells going to operate in a different way because their primary goal seems carbon capture? Can you help us understand how these two cells will be operating in a different way with Exxon, and what's the scope of expanding that partnership because, you know, Exxon is very bullish on carbon capture as a whole.

早安。我想更聚焦在埃克森（Exxon）的電力專案。我的意思是，看起來你們的電池已經交付了。我主要想從根本上了解，這兩個電池是否會以不同方式運作，因為它們的主要目標似乎是碳捕集？你能否協助我們了解，這兩個電池與埃克森合作時會如何以不同方式運作，以及擴大這項合作夥伴關係的範圍為何？因為你知道，埃克森整體上對碳捕集非常看多。

Manav, good morning, and thank you for joining the call, and thank you for the question. Yes, you are correct. The two modules have been delivered to Exxon at Rotterdam and are being installed. The primary focus of the application for those two modules is capturing carbon directly from the point source of emissions at the Exxon Rotterdam refinery or the Esso refinery, given that's the brand name they still use in Europe. It will demonstrate capturing 90% plus of the carbon while simultaneously producing power, thermal energy, and hydrogen, which is a unique capability to our platform, not only as a fuel cell provider, but a unique capability in terms of other carbon capture technologies.

Manav，早安，感謝你加入這通電話，也謝謝你的提問。是的，你說得沒錯。這兩套模組已交付至埃克森位於鹿特丹的據點，並正在安裝中。這兩套模組的主要應用重點，是直接在埃克森鹿特丹煉油廠（或稱Esso煉油廠，因為那仍是他們在歐洲使用的品牌名稱）的排放點源進行碳捕集。它將展示在同時產生電力、熱能與氫氣的情況下，捕集超過90%的碳；這是我們平台獨有的能力，不僅相較於其他燃料電池供應商獨特，對於其他碳捕集技術而言也同樣是一項獨特能力。

The other big part of this demonstration, Manav, is to show our ability to capture CO2 from a low CO2 concentration stream of emissions, which is much harder to do. And that's another area where our technology accelerates in terms of our capability to actually capture low concentration CO2, which opens up the biggest aperture of market opportunity when you look across the industrial landscape. So everything from a company that does bottling and uses boilers to sterilize bottles all the way to the refinery application we're demonstrating here in Rotterdam.

Manav，這項示範的另一個重要部分，是展現我們從低CO2濃度的排放氣流中捕集CO2的能力，而這要困難得多。這也是我們技術加速發展的另一個領域：在低濃度CO2捕集方面的能力，當你放眼整個工業版圖時，這將開啟最大的市場機會窗口。因此，從做瓶裝、使用鍋爐來消毒瓶子的公司，到我們在鹿特丹此處示範的煉油應用，皆涵蓋在內。

We believe that demonstrating successfully our platform's capability, that, that will open up an opportunity to expand this technology more broadly to address carbon capture across industrial applications globally. And we think that there continues to be broad political support. I mean, if you look at the OBBBA, the actual, you know, incentives around 45Q actually improved. So we think that, you know, signals strong support, clearly strong support for carbon capture in Europe and Asia. And the product will function differently from a core focus being carbon capture versus our power generation. That being said, our core product and every product we ship today is carbon capture ready. So we have the ability to also decarbonize power generation by capturing the CO2 from the fuel that we use to power our energy block. But the core focus in Rotterdam is carbon capture.

我們相信，若能成功示範我們平台的能力，將帶來更廣泛擴展這項技術的機會，以在全球工業應用中推動碳捕集。我們也認為政治層面仍持續有廣泛支持。我的意思是，如果你看OBBBA，實際上與45Q相關的激勵措施還有所改善。因此我們認為，這釋放出強烈支持的訊號；顯然，歐洲與亞洲對碳捕集也有強勁支持。而相較於以發電為核心，我們的產品在以碳捕集為核心時，其運作方式會有所不同。話雖如此，我們的核心產品以及我們今天出貨的每一項產品，都已具備碳捕集就緒（carbon capture ready）。因此，我們也能透過捕集用於驅動我們能源模組之燃料所產生的CO2，來達成發電去碳化。但在鹿特丹的核心重點是碳捕集。

Perfect. My quick follow-up here is in your opening comments, you talked about fuel cell and, you know, the time to power advantage and how the grid is not scaling up. What we have also noticed is that there's obviously something called LCOE, but increasingly, what the hyperscalers are finding out is by the time the electricity is delivered to you, it's not even close to LCOE, it's significantly higher. Now when you take that versus the benefits of on-site power generation, which is basically a spark spread, the cells actually start becoming a lot more economical and have a break-even of seven or eight years. So I'm just trying to understand from your perspective, can you also help us understand some of the other benefits of on-site power generation? Because on the screen, might look the LCOE is cheaper, but by the time the power gets to the data center, it's actually a lot more expensive. So if you could talk a little bit about that.

完美。我這邊很快的追問是，在你開場的評論中，你談到燃料電池，以及你知道的「通電時間（time to power）」優勢，並提到電網並未同步擴張。我們也注意到，顯然有一個叫做LCOE（平準化發電成本）的概念，但超大規模業者（hyperscalers）愈來愈發現，等到電力真正送達時，其成本甚至遠高於LCOE，顯著更高。當你把這點與現場發電（on-site power generation）的好處相比，也就是基本上看火花價差（spark spread），燃料電池其實開始變得更具經濟性，並且在七到八年左右達到損益兩平。所以我想從你們的角度了解，你們是否也能協助我們理解現場發電的其他好處？因為在螢幕上看起來，LCOE可能更便宜，但等到電力到達資料中心時，實際上貴得多。所以如果你能稍微談談這點。

Sure, great question. I think if you look at the advantage of on-site power and LCOE, you're absolutely correct. If you look at what's really required to deploy new power generation in a constrained area, the amount of capital investment that has to go in from an infrastructure upgrade on the utility side, which may include high-voltage transmission, new local transmission, additional power electronics from transformers, et cetera, you can reduce a significant amount of that cost by doing on-site power generation. So not only do you get a lower LCOE, higher reliability, you're also going to get the ability with our platform to integrate absorption chilling so you can actually bring down the PUE of that data center, which is a core goal of a data center operator because they want to get more of the power to the compute, because that's really the business they're in, is powering compute.

當然，這是個很好的問題。我認為如果你看現場供電與LCOE的優勢，你說得完全正確。如果你看在受限區域部署新的發電所真正需要的條件，公用事業端必須投入的基礎設施升級資本支出可能非常龐大，可能包括高壓輸電、新的本地輸電、變壓器等額外的電力電子設備等等；透過現場發電，你可以大幅降低其中相當一部分成本。因此，你不僅能獲得更低的LCOE與更高的可靠性，還能透過我們的平台整合吸收式冷卻（absorption chilling），從而降低資料中心的PUE（電力使用效率），這是資料中心營運商的核心目標，因為他們希望把更多電力用在運算上；畢竟他們真正的業務，就是為運算供電。

The other big benefits are, we offer a low noise solution, and we can operate in water neutral. So a lot of the things that communities are complaining about today, we address with our technology, including not contributing to poor air quality, because although we use natural gas, we don't combust the fuel, which is another advantage. And so you take all of those things together, and I like to think about it more than just time to power, but it's really time to power on, because it's the time to deliver it, can you get it permitted, which is a big challenge today, and our platform really addresses a lot of those concerns. And so really time to power on, which is also time to revenue, and we think that creates a significant advantage.

另一個重要好處是，我們提供低噪音的解決方案，且可在用水中性（water neutral）的條件下運作。因此，社區目前抱怨的許多問題，我們的技術都能加以解決，包括不會惡化空氣品質；因為雖然我們使用天然氣，但我們不燃燒燃料，這也是另一項優勢。把這些因素綜合起來，我更願意把它看作不只是「通電時間（time to power）」，而是「通電啟用時間（time to power on）」：也就是交付所需時間、能否取得許可（這在當下是一大挑戰），而我們的平台確實能回應許多這類疑慮。因此，真正是「通電啟用時間」，也就是「到營收的時間（time to revenue）」，我們認為這能創造顯著優勢。

Thank you so much.

非常感謝。

Thank you.

謝謝。

Jason Tilchen, Canaccord Genuity

Jason Tilchen，Canaccord Genuity。

Good morning, and thanks for taking my questions. I guess to start, can you perhaps help us bridge the gap between the achievement of the 100-megawatt run rate that you, sort of, stated you expect at some point next month, to the Q4 of fiscal 2027, sort of, updated target for reaching EBITDA profitability and what some of the key factors, maybe expand on some of the key factors that you laid out in the press release that could help you achieve that rate. Thank you.

早安，謝謝讓我提問。我想先請教，你們是否能協助我們銜接一下：從你們表示預期在下個月某個時間點達成的100兆瓦運轉速率（run rate）這項成果，到你們更新後的目標——在2027財政年度第四季達成EBITDA獲利——之間的落差？以及一些關鍵因素，或許也能延伸說明你們在新聞稿中提到、可能有助於達成該目標的幾個關鍵因素。謝謝。

Sure, Jason. This is Mike. I'll take that. So, again, as we said, we are hiring, we are ramping our supply chain to get our run rate up to that 100-megawatt annualized run rate in the fourth quarter of fiscal '26 and targeting adjusted EBITDA positive in fourth quarter of fiscal 2027. Between now and then, the key factors that will drive that is; One, continuing to convert our awarded capacity into committed backlog. As we sit here today, we are executing on the 30-megawatt committed backlog from Fit Energy Phase 0. We need to continue to convert that broader order as well as other opportunities. And of course, we talked about this new 75-megawatt capacity reservation agreement that was announced this morning. So that's another opportunity there to continue to convert.

當然，Jason。我是Mike。我來回答。所以，再次如我們所說，我們正在招募人員，也在提升供應鏈產能，以在2026財政年度第四季把我們的運轉速率提升到年化100兆瓦的運轉速率，並以在2027財政年度第四季達成調整後EBITDA轉正為目標。從現在到那時，將推動達成目標的關鍵因素包括：第一，持續把我們已獲授予（awarded）的產能轉換為已承諾的在手訂單（committed backlog）。截至目前，我們正在執行Fit Energy第0期（Phase 0）的30兆瓦已承諾在手訂單。我們需要持續轉換該更大範圍的訂單以及其他機會。當然，我們也談到今天早上宣布的這份新的75兆瓦產能保留協議（capacity reservation agreement）。因此，這也是另一個持續轉換的機會。

So converting backlog, lining up with customer schedules, and then, of course, continuing down the cost reduction curve as we expand and we scale in the factory, we will absorb overhead and we will also get leverage from our supply chain. So those are the main drivers that will be occurring in the financial statements over the course of the next year plus.

因此，將積壓訂單轉化為出貨、配合客戶排程，然後，當然，隨著我們在工廠擴產並擴大規模，持續沿著降本曲線推進，我們將吸收間接費用，並且也會從供應鏈端取得規模槓桿效益。因此，這些將是未來一年以上期間在財務報表中會出現的主要驅動因素。

Okay, that's really helpful. And I guess the follow-up there is in terms of those factors you laid out, some of those are in your control and some of them are at the discretion of the customers like Fit Energy has the option to proceed with these deals. So I'm just curious maybe if you could help us understand on the, sort of, cost reduction side, if you feel like you are already or within close line of sight of achieving what you need to achieve to get to that point. And then what does the scenario look like where maybe Fit Energy is not ready to proceed with that phase in time to achieve it? Like, what are the -- what is the sliding scale look like in essence, if you're able to achieve some of those milestones, but maybe not all of them.

好的，這真的很有幫助。我想接續的問題是，就你剛才列出的那些因素而言，有些在你們的掌控之中，有些則取決於客戶的決定，例如 Fit Energy 可以選擇是否推進這些交易。所以我想請教的是，在降本這一端，你們是否覺得自己已經達到、或至少已經非常接近、能清楚看見達成所需目標的路徑，以便走到那個點？另外，如果 Fit Energy 尚未準備好在足夠及時的時間內推進到那個階段以達成目標，那種情境會是什麼樣子？也就是說，如果你們能達成其中一些里程碑、但可能不是全部都達成，本質上那個「滑動尺度」會長什麼樣？

So, again, on the cost reduction side, we've been planning for this for a long time. We have a very well-defined cost reduction curve in front of us that we are executing on. And on the commercial side, we talked about a 10-gigawatt pipeline of opportunities. So we are not just relying on one or two customers, we see significant opportunities here across our customer base and fully expect to be able to convert additional pipeline into backlog over this time period.

所以，再次就降本這一端而言，我們已經為此規劃很長一段時間了。我們面前有一條非常明確的降本曲線，我們正在按計畫執行。而在商務端，我們談到有 10 吉瓦的機會管線。因此我們不只是依賴一兩個客戶；我們在整個客戶基礎上看到顯著機會，並且完全預期在這段期間能把更多管線轉化為積壓訂單。

Okay, really helpful. And maybe we can sneak into one quick final one. I believe in the first question that was asked, it was around the bridge from 37 to 100 over the next, sort of, call it, six to eight weeks. And you mentioned adding labor and increasing the supply chain to get to that run rate. Are those, sort of, boxes, have those been ticked already and it's just a matter of simply working through the next few weeks of just getting those people up and running? Or are you still in the process of finding that labor and making sure that supply chain is at the right point?

好的，非常有幫助。也許我們可以再塞進最後一個很快的問題。我記得第一個被問到的問題，是關於在接下來大概六到八週內，從 37 提升到 100 的那個橋接。你提到要增加人力並提升供應鏈以達到那個運轉速率。那些項目是否已經大致完成、現在只是接下來幾週把人員到位並讓他們上手運作？還是你們仍在尋找人力、並確保供應鏈達到合適狀態的過程中？

Yes, so there's multiple elements there. But yes, we've made considerable progress. We are hiring as we speak. We have added an additional shift in our factory. So you will see meaningful increase in our production rate come through this quarter as we described.

是的，這裡面有多個要素。但沒錯，我們已經取得相當大的進展。我們此刻正在招募。我們在工廠增加了額外的一個班次。因此，如同我們所描述的，你們將在本季看到我們的產量增速有顯著提升。

Thank you very much.

非常感謝。

Ryan Pfingst, B. Riley Securities.

B. Riley Securities 的 Ryan Pfingst。

Hey guys, thanks for taking the questions. Maybe just to start with a follow-up on the last one, for the target of positive EBITDA, in fiscal 4Q '27, can you frame that in terms of what that reflects or where you expect to be from an annualized production rate perspective at that point?

各位好，謝謝回答問題。先從上一題的追問開始，關於在 2027 財年第四季達成 EBITDA 轉正的目標，你能否從屆時的年化產量運轉速率角度，說明那代表什麼、或你們預期會處於什麼水準？

Thanks for the question, Ryan. So we would expect at least 100 megawatts of volume to support that, if not more. And again, that will be dictated to some extent by our customers in converting pipeline to backlog as well as customer delivery schedules. So being able to line up with our customer requirements. And as we described, we will absolutely have the capability in Torrington to get above 100 megawatts. We are targeting 500 megawatts of capacity by June of 2028. That does not get turned on like a light switch. That will come online over time as we unlock constraints. One of the big constraints that we've talked about is tape casting. That process is well underway and will be installed in next fiscal year, so that's something. That's a big unlock for us to create additional capacity.

謝謝你的問題，Ryan。因此，我們預期至少需要 100 兆瓦的出貨量來支撐該目標，甚至可能更多。同樣地，這在某種程度上將取決於客戶把管線轉化為積壓訂單的進度，以及客戶的交付排程。也就是能否與客戶需求對齊。如同我們所說，我們在 Torrington 絕對有能力把產能提升到 100 兆瓦以上。我們的目標是在 2028 年 6 月前達到 500 兆瓦的產能。這不會像開燈一樣一瞬間就全部啟用。它會隨著我們逐步解除瓶頸而逐步上線。我們談過的一個主要瓶頸是流延（tape casting）。該流程正在順利推進，並將在下一財年完成安裝，所以這是一項。這對我們而言是釋放額外產能的一個重大解鎖點。

Got it. And then on the Fit Energy deal, curious on your expectations for moving to the remaining phases. Do you see Phase 1 moving forward only after the initial phase is up and operating, or could that decision, in your view, come before then?

了解。接著關於 Fit Energy 的交易，想請教你們對推進到其餘階段的預期。你們是否認為只有在初始階段建置完成並投入運轉後，才會推進 Phase 1？還是依你們看法，這個決定可能在那之前就做出？

No, Ryan, this is Jason. No, they are not sequential or certainly don't have to be sequential. We -- the gating on those is just their ability to close out their agreements with their customer and that can happen at any time and so it's not a complete the first 30 megawatts and then, you know, they'll move forward or consider Phase 1, they're not a sequential set of events.

不，Ryan，我是 Jason。不，它們不是依序進行的，或至少不必依序進行。我們——這些階段的關卡只在於他們是否有能力與其客戶完成協議的簽訂，而那可能在任何時間發生，因此並不是先完成第一個 30 兆瓦，然後他們才會推進或考慮 Phase 1；它們不是一組必須按順序發生的事件。

Got it. That's helpful. Thanks, guys.

了解。這很有幫助。謝謝各位。

Thank you.

謝謝。

Noel Parks, Tuohy Brothers.

Tuohy Brothers 的 Noel Parks。

Hi, good morning. I noticed that with the updated CapEx guidance, it's actually been nudged down a bit for the fiscal year. And I think there was a mention in the materials that some of that reflected equipment deliveries that would not be happening until after the fiscal year end. So I was just wondering if you could just elaborate a bit on that. And I'm assuming that would be deliveries for the, you know, primarily for the Torrington expansion.

嗨，早安。我注意到更新後的資本支出（CapEx）指引，在本財年其實略微下修了一點。而且我想在資料中有提到，其中一部分反映某些設備交付要到財年結束後才會發生。所以我想請你們再多說明一下。我猜那應該主要是用於 Torrington 擴建的設備交付。

Correct. This is Mike. So good read. The previous disclosure that we had around expected CapEx coming through the cash flow statement in fiscal '26 was $20 million to $30 million. We are now saying that that's $10 million to $20 million, just given timing, but it is, by no means, a reflection of execution, it is really a timing of receiving certain equipment based on our prior schedules. As we have described now, we are on track for the 500-megawatt expansion by June of 2028. We have committed $200 million to $275 million of capital to that and if you look at our purchase commitments disclosures, that is up significantly quarter-over-quarter and reflecting not only the increase in production rate, but also capital commitments that will be delivered in future quarters.

正確。我是 Mike。你解讀得很到位。我們先前披露在 2026 財年、會在現金流量表中反映的預期資本支出為 2,000 萬至 3,000 萬美元。現在我們說是 1,000 萬至 2,000 萬美元，純粹是因為時點因素；這絕非執行面的反映，而是依照我們先前排程，某些設備到貨時間的差異。如我們現在所描述的，我們正按計畫在 2028 年 6 月前完成 500 兆瓦的擴產。我們已為此承諾投入 2 億至 2.75 億美元的資本；如果你查看我們的採購承諾揭露，該數字較上一季大幅增加，反映的不僅是產量提升，也包括將在未來幾季交付的資本承諾。

Great, thanks. And also, early in the prepared remarks, I think there was a -- or maybe it was right at the start of Q&A, there was a comment about sort of your fuel cells, I guess the necessity of aligning with customer delivery schedules. And so I was just, sort of, thinking in this ramp up period on one hand, and then you have new agreements in negotiation and coming online. Just thinking a bit about how you manage that since, it looks like you're going to be kind of in anything but a steady state, sort of, trend for the next few years.

很好，謝謝。另外，在事先準備的發言中較早的地方，我想有一段——或者可能就在 Q&A 一開始——有提到你們的燃料電池，應該說需要與客戶交付排程對齊的必要性。所以我在想，在一方面處於爬坡擴產期、另一方面又有新的協議在談判並陸續上線的情況下，想請你談談你們如何管理這件事，因為看起來未來幾年你們都會處於一種幾乎不可能是穩態的趨勢之中。

Yes, so this is Jason. So the way that you can think about this is we have visibility into our production capabilities. We have visibility into our expansion capacity ramp. And that information is closely tied to and fully understood by our business development team. And so when we're talking to customers about opportunities and schedule always becomes part of the question or conversation ultimately, we make sure that the commitments that we're making align to our view in terms of our ability to meet and deliver against that demand. And so even though you might sign an agreement for 100 megawatts of power, you really need to look at, well, what is the delivery schedule for that? Because first power could be something as small as 20 megawatts. And additional power comes on as they finish building out the data hall, or maybe as they add a second building for a second data hall. So you have to really look at the full build out from the customer perspective, and then we make sure that we align our commitments to our confidence on our scale-up and manufacturing capabilities.

是的，我是 Jason。所以你可以這樣理解：我們對自身的生產能力有可視性。我們對擴產產能爬坡也有可視性。而這些資訊與我們的業務開發團隊密切相關，且他們完全掌握。因此，當我們與客戶討論機會時，時程最終總會成為問題或對話的一部分，我們會確保我們所做的承諾，與我們對自身滿足並交付該需求能力的判斷一致。所以即使你可能簽了一份 100 兆瓦電力的協議，你仍然需要看：交付時程是什麼？因為首次供電可能小到只有 20 兆瓦。而額外的電力會在他們完成資料機房（data hall）建置後上線，或許也會在他們為第二個資料機房新增第二棟建築時上線。所以你必須從客戶角度真正看完整的建置規劃，然後我們會確保我們的承諾與我們對擴產與製造能力的信心相一致。

Great. Thanks a lot.

很好。非常感謝。

(Operator Instructions)

(接線員指示)

Christopher Ellinghaus, Siebert Williams Shank.

Christopher Ellinghaus，Siebert Williams Shank。

Good morning everybody. Mike, in your backlog slide, do you, sort of, envision adding more granular categories, sort of, as you convert pipeline?

各位早安。Mike，在你的積壓訂單（backlog）投影片中，當你把管線（pipeline）轉換過來時，你是否、某種程度上，會考慮加入更細的分類？

Good morning, Chris, and thanks for joining the call. So obviously a big step change in our backlog disclosures this quarter compared to last quarter. We've added an additional category called Awarded Capacity Backlog, and what is in there as of July 31, 2026, the end of last quarter, is really the 3 phases of the Fit Energy contract that aren't currently committed. So this is Phases 1, 2, and 3 broken down between product and service. So we think we have a fair amount of disclosure there on the potential that will be converted into committed backlog.

早安，Chris，謝謝你加入這通電話。很明顯，我們本季相較上季在積壓訂單揭露上有一個很大的躍升。我們新增了一個類別，稱為「已授予產能積壓」（Awarded Capacity Backlog）；截至 2026 年 7 月 31 日、也就是上季季末，裡面主要是 Fit Energy 合約中目前尚未承諾的 3 個階段。也就是第 1、2、3 階段，並在產品與服務之間拆分。因此，我們認為我們已對可望轉換為已承諾積壓訂單的潛力提供了相當程度的揭露。

As far as additional categories, we would expect, and we talked about the 75-megawatt capacity reservation agreement. We would expect that to go into the awarded capacity backlog as well, whether it's part of product or service or broken between the two, we'll disclose that in future periods. But that's the expectation, kind of, following industry practice. These days where folks are disclosing reservations whether they're called CRAs or something else but really reservations on future capacity which the company is being paid for. So we will be as transparent as possible as we add these additional opportunities into our backlog.

至於其他額外類別，我們預期——我們也談到那份 75 兆瓦的產能保留協議（capacity reservation agreement）。我們預期它也會納入已授予產能積壓中；至於會歸在產品或服務，或在兩者之間拆分，我們會在未來期間揭露。但這就是我們的預期，某種程度上也符合產業慣例。近來大家都在揭露各種保留（reservation），不論稱作 CRA 或其他名稱，但本質上都是公司收取費用的未來產能保留。因此，當我們把這些額外機會納入積壓訂單時，我們會盡可能透明。

Okay, thanks. And Jason, I sort of liked the way you framed the pipeline versus conversion discussion. Is there -- I don't know how to put this, but is there any timelines or waypoints for some of the pipeline that we might look for you to announce any kind of agreement out of the pipeline?

好的，謝謝。Jason，我還滿喜歡你對管線與轉換（conversion）討論的框架。有沒有——我不太確定怎麼問——對於管線中的一些案子，有沒有任何時間點或里程碑，讓我們可以期待你宣布從管線中產生某種協議？

Sure. No, great question, Chris. And thank you for being on the call. The way you ought to think about it is, you know, we talk about our sales pipeline and the 10 gigawatts we talked about today are, you know, tied to proposals that our business development team has with customers directly placed those proposals. When we talk about awarded capacity agreements, what we're talking about there is that we, along with the customer, have agreed to allocate manufacturing capacity in support of that customer's order.

當然。Chris，這是個很好的問題。也謝謝你參與這通電話。你可以這樣理解：我們談到銷售管線時，今天提到的 10 吉瓦，是與我們業務開發團隊直接向客戶提出的提案（proposals）相連結的。當我們談到已授予產能協議（awarded capacity agreements）時，指的是我們與客戶一起同意分配製造產能，以支援該客戶的訂單。

Along with that awarded capacity, there is a date certain in which we and that customer have agreed that we're going to get to the definitive agreement and at that point that awarded capacity would convert into our backlog what Mike just talked about and what you find in our backlog are things that are committed firm project orders and that's the way we've, you know, reported backlog for probably the last six or seven years in terms of that backlog number.

在這些已授予產能之中，會有一個確定日期（date certain），我們與客戶同意在該日期前達成最終協議（definitive agreement）；屆時，該已授予產能就會轉換為我們的積壓訂單——也就是 Mike 剛剛談到、你在我們積壓訂單中看到的內容；而積壓訂單是已承諾的、確定的專案訂單。

So what you should really look for is the velocity in which we take awarded capacity and convert that into committed definitive agreement, but in each of those awarded capacity agreements, there is a timeline tied to getting to that definitive agreement. And again, what it gives the customer -- the benefit for the customer is it reserves manufacturing capacity, right? And it gives them the ability to complete their final designs from an architecture perspective in terms of everything from our energy block all the way to the rack and how they're going to do that and to finalize their agreements with their customers. And it gives us better visibility into our planning, gives us the ability to make purchases on materials from a supply perspective, and there's financial consideration for providing that committed capacity reservation.

所以你真正應該關注的是：我們把已授予產能轉換為已承諾的最終協議的速度（velocity）。但在每一份已授予產能協議中，都有一個與達成最終協議相關的時程。再說一次，對客戶的好處是：它保留了製造產能，對吧？也讓他們能從架構角度完成最終設計，涵蓋從我們的 energy block 一直到機櫃（rack）以及他們將如何部署，並完成與其客戶的最終協議。而對我們而言，這讓我們的規劃能見度更高，使我們能從供應角度提前採購材料；同時，提供這項已承諾的產能保留也會有相應的財務對價。

Okay, that helps. Appreciate it.

好的，這樣就清楚了。謝謝。

With no further questions, that concludes our Q&A session. I'll turn the conference back over to President and CEO Jason Few for closing remarks.

若沒有其他問題，我們的問答環節到此結束。我將把會議交回給總裁兼執行長 Jason Few 作結語。

Thank you, Jaylen. And before we conclude, I want to leave you with this. The opportunity in front of FuelCell Energy is significant. AI and high-density computing are creating an urgent need for reliable, scalable power, and our technology is positioned to help meet that need. But opportunity alone does not create value, execution does. Our focus is clear. Convert awarded capacity and our pipeline into closed transactions, scale manufacturing with discipline, and deliver for our customers. We will align investment with commercial commitments, increase capacity responsibly, and scale to drive greater cost leverage across the business.

謝謝你，Jaylen。在我們結束之前，我想留給各位這段話。FuelCell Energy 面前的機會非常重大。AI 與高密度運算正在帶來對可靠、可擴展電力的迫切需求，而我們的技術已就位，能協助滿足這項需求。但機會本身不會創造價值，執行才會。我們的重點很明確。把已授予產能與我們的管線轉換為已成交的交易，以紀律擴大製造規模，並為客戶交付成果。我們將使投資與商業承諾一致，負責任地提升產能，並擴張以在整體業務上帶來更大的成本槓桿效益。

Partnership will be central to that execution. Our collaboration with Fit Energy, Siemens, and the customers reserving manufacturing capacity demonstrates what is possible when technology, capital, industrial capability, and customer demand come together around a shared objective. These are not simply commercial relationships, they are partnerships built to accelerate deployment, reduce execution risk, and create long-term value for everyone involved. We believe the market is moving toward us. Power has become a strategic constraint and FuelCell Energy has the technology, manufacturing platform and partnerships to help customers move from ambition to operation. Now we must execute with urgency, discipline, and consistency.

夥伴關係將是這項執行的核心。我們與 Fit Energy、Siemens，以及那些保留製造產能的客戶之合作，展現了當技術、資本、工業能力與客戶需求圍繞共同目標匯聚時，能達成什麼。這些不只是商業關係，而是為了加速部署、降低執行風險，並為所有相關方創造長期價值而建立的夥伴關係。我們相信市場正在朝我們的方向移動。電力已成為策略性限制，而 FuelCell Energy 具備技術、製造平台與夥伴關係，能協助客戶把雄心轉化為營運落地。現在我們必須以緊迫感、紀律與一致性來執行。

Before we close, I want to thank the entire FuelCell Energy team. Your commitment, resilience, and focus makes our progress possible. I also want to thank our customers, partners, and shareholders for your continued confidence and support. We appreciate your time today and look forward to updating you on our progress next quarter. Thank you.

在結束之前，我想感謝 FuelCell Energy 全體團隊。你們的投入、韌性與專注讓我們的進展成為可能。我也要感謝我們的客戶、合作夥伴與股東，感謝你們持續的信任與支持。感謝各位今天撥冗參與，我們期待在下個季度向各位更新我們的進展。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。