燃料電池能源 (FCEL) 2022 Q1 法說會逐字稿

Good morning. My name is Chantelle, and I'll be your conference operator today. At this time, I would like to welcome everyone to the FuelCell Energy 2022 Earnings Conference Call. (Operator Instructions) Tom Gelston, you may begin your conference.

早上好。我叫 Chantelle，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加 FuelCell Energy 2022 年收益電話會議。 （操作員說明）Tom Gelston，你可以開始你的會議了。

Thank you, operator. Good morning, everyone, and thank you for joining us on the call today. As a reminder, this call is being recorded. This morning, FuelCell Energy released our financial results for the first quarter of fiscal year 2022, and our earnings press release and our quarterly report on Form 10-Q are available in the Investors section of our website at www.fuelcellenergy.com. Consistent with our practice, in addition to this call and our earnings press release, we have posted a slide presentation on our website. This webcast is being recorded and will be available for replay approximately 2 hours after we conclude the call.

謝謝你，接線員。大家早上好，感謝您今天加入我們的電話會議。提醒一下，此通話正在錄音中。今天上午，FuelCell Energy 發布了我們 2022 財年第一季度的財務業績，我們的收益新聞稿和表格 10-Q 的季度報告可在我們網站 www.fuelcellenergy.com 的投資者部分獲得。根據我們的慣例，除了本次電話會議和我們的收益新聞稿外，我們還在我們的網站上發布了幻燈片演示。此網絡廣播正在錄製中，將在我們結束通話大約 2 小時後進行重播。

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

在我們開始之前，請注意，您今天將聽到或將提供的一些信息將包含具有 1934 年證券交易法含義的前瞻性陳述。所表達的這些陳述是關於未來，包括但不限於關於我們的預期財務結果、我們對燃料電池技術的持續開發、商業化和融資的計劃和預期以及我們的業務計劃和戰略的陳述。由於存在許多風險和不確定性，我們的實際未來結果可能與此類前瞻性陳述中描述或暗示的結果存在重大差異。

More information regarding such risks and uncertainties is available in the safe harbor statement in the slide presentation and in our filings with the Securities and Exchange Commission, particularly the Risk Factors section of our most recently filed annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q.

有關此類風險和不確定性的更多信息，請參閱幻燈片演示中的安全港聲明以及我們提交給證券交易委員會的文件，特別是我們最近提交的 10-K 表格年度報告的風險因素部分以及隨後提交的任何文件表格 10-Q 上的季度報告。

During the course of this call, we will be discussing certain non-GAAP financial measures, and we refer you to our website and to our earnings press release and the appendix of the slide presentation for a 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 at www.fuelcellenergy.com under Investors.

在本次電話會議期間，我們將討論某些非 GAAP 財務指標，我們建議您訪問我們的網站和我們的收益新聞稿以及幻燈片演示文稿的附錄，以便將這些指標與 GAAP 財務指標進行核對。我們的收益新聞稿和今天的網絡廣播演示文稿的副本可在我們的網站 www.fuelcellenergy.com 的 Investors 下獲得。

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

在今天的電話會議中，FuelCell Energy 總裁兼首席執行官 Jason Few 加入了我的行列；以及我們的執行副總裁、首席財務官兼財務主管 Mike Bishop。在我們準備好的評論之後，我們將可以回答您的問題，並與我們領導團隊的其他成員一起加入。

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

現在，我將把電話交給 Jason 做開場白。傑森？

Thank you, Tom, and good morning, everyone. Thanks for joining us on our call today. I want to start by offering prayers and support to the people of Ukraine who are suffering. While we do not have operations in Ukraine, we are hoping for the restoration of peace in the face of the humanitarian crisis. We also launched a matching gift program in support of the overwhelm interest of the FuelCell Energy team members to support the citizens of Ukraine. In our first quarter, we made continued progress in executing our Powerhouse business strategy, including the publication of our first sustainability report, making clear our short-term net zero targets for Scope 1 and 2 emissions to be achieved by 2030 and our longer-term 2050 Scope 3 commitment, reimagining our global brand to better reinforce our agenda to decarbonize power and produce hydrogen. Expanding our carbon capture product development in Canada, working with Canada's Clean Resource Innovation Network, which includes Chevron Canada, Shell Canada, Suncor Energy and Canadian Natural Resources Limited. Growing revenue by over 100% year-over-year and working to define our company as a global leader in decarbonizing power and producing hydrogen.

謝謝你，湯姆，大家早上好。感謝您今天加入我們的電話會議。我想首先向遭受苦難的烏克蘭人民祈禱和支持。雖然我們沒有在烏克蘭開展業務，但我們希望在人道主義危機面前恢復和平。我們還啟動了配套的禮物計劃，以支持 FuelCell Energy 團隊成員對支持烏克蘭公民的極大興趣。在第一季度，我們在執行我們的 Powerhouse 業務戰略方面取得了持續進展，包括發布了我們的第一份可持續發展報告，明確了我們到 2030 年實現的範圍 1 和 2 排放的短期淨零目標以及我們的長期淨零排放目標。 2050 範圍 3 承諾，重新構想我們的全球品牌，以更好地加強我們的議程，以實現電力脫碳和製氫。擴大我們在加拿大的碳捕獲產品開發，與加拿大的清潔資源創新網絡合作，該網絡包括加拿大雪佛龍、加拿大殼牌、森科能源和加拿大自然資源有限公司。收入同比增長超過 100%，並致力於將我們的公司定義為電力脫碳和製氫領域的全球領導者。

Mike and I look forward to providing some insight around these activities and the other first quarter results in the coming slides. But as I always do on these calls, I first like to provide a brief overview of the company. As shown on Slide 3, FuelCell Energy achieved annual revenues for fiscal year 2021 of almost $70 million, which came from 3 revenue categories: service and license, advanced technologies and generation, all of which represent diversified sources of recurring revenue under multiyear contracts.

Mike 和我期待在接下來的幻燈片中提供有關這些活動和其他第一季度結果的一些見解。但正如我在這些電話中經常做的那樣，我首先想簡要介紹一下公司。如幻燈片 3 所示，FuelCell Energy 在 2021 財年實現了近 7000 萬美元的年收入，這來自 3 個收入類別：服務和許可、先進技術和發電，所有這些都代表了多年合同下經常性收入的多元化來源。

Over the past 2 fiscal years, we have had no revenue from product sales. However, in the first quarter, product sales returned to our revenue mix as we delivered 6 replacement modules to service POSCO Energy's existing installations in South Korea under our recent settlement agreement with POSCO Energy. With the market once again open, to us as a result of the agreement, we are optimistic that we will see revenue from new product sales in South Korea in addition to sales replacement modules on a going-forward basis. We're also looking forward to building our sales pipeline in other Asian markets as well as select countries in Europe, the Middle East, Africa and North America, where we have made it a priority to target product sales.

在過去 2 個財政年度，我們沒有產品銷售收入。然而，在第一季度，我們根據我們最近與 POSCO Energy 達成的和解協議，交付了 6 個替換模塊以服務 POSCO Energy 在韓國的現有裝置，因此產品銷售恢復了我們的收入組合。隨著市場再次開放，對我們來說，由於該協議，我們樂觀地認為，除了銷售替換模塊之外，我們還將在韓國看到新產品銷售收入。我們還期待在其他亞洲市場以及歐洲、中東、非洲和北美的選定國家/地區建立我們的銷售渠道，我們已將目標產品銷售作為優先事項。

Turning to Slide 4. As a company, we are committed to our purpose of enabling the world empowered by clean energy. We believe that our technology is well positioned as every industry and every company will be impacted by the transition to net zero. In parallel, organizations must see for energy security and energy independence, which represents important macro themes for our company. The world will always need reliable 24/7 power created in an environmentally responsible manner. Therefore, when it comes to what we do, we believe FuelCell Energy is uniquely positioned to assist customers on a safe, secure and practical path to carbon zero. And how we do this is by decarbonizing power and producing hydrogen. We believe we have the only technology that can capture CO2 while producing power and hydrogen. Produce hydrogen, power and water simultaneously. Produce hydrogen in multiple ways, for example, using electricity and water or biogas. FuelCell Energy's technology provides localized solutions for clean energy that deliver real-time benefits to the communities in which our platforms operate and reduce Scope 1 and 2 emissions. We do this in a manner which supports high standards of living and economic growth while protecting the environment, minimizing land use when compared to wind and solar projects, avoiding costly transmission build-outs and adapting to new resource challenges. This purpose drives our strategic focus and the work we are passionate about doing.

轉到幻燈片 4。作為一家公司，我們致力於實現我們的目標，即讓世界獲得清潔能源的支持。我們相信，我們的技術處於有利地位，因為每個行業和每家公司都將受到向淨零過渡的影響。同時，組織必須關注能源安全和能源獨立，這代表了我們公司的重要宏觀主題。世界將始終需要以對環境負責的方式產生的可靠 24/7 電力。因此，當談到我們所做的事情時，我們相信 FuelCell Energy 具有獨特的優勢，可以幫助客戶走上安全、可靠和實用的零碳之路。我們如何做到這一點是通過使電力脫碳和生產氫氣。我們相信我們擁有唯一可以在生產電力和氫氣的同時捕獲二氧化碳的技術。同時生產氫氣、電力和水。以多種方式生產氫氣，例如使用電力和水或沼氣。 FuelCell Energy 的技術為清潔能源提供本地化解決方案，為我們平台運營所在的社區帶來實時收益，並減少範圍 1 和 2 的排放。我們這樣做的方式是支持高標準的生活和經濟增長，同時保護環境，與風能和太陽能項目相比，最大限度地減少土地使用，避免昂貴的輸電建設並適應新的資源挑戰。這一目的推動了我們的戰略重點和我們熱衷於做的工作。

Next, I would like to turn the discussion to business results and corporate development during the quarter summarized on Slide 5. Our quarter was defined by execution against our backlog including achieving commercial operations of the LIPA Yaphank project, recognition of product revenue through the sale of 6 modules to a subsidiary of POSCO Energy in South Korea, successfully demonstrating the advancement of our carbon capture capabilities by achieving a technical milestone under our joint development agreement with ExxonMobil Research and Engineering Company, and receiving a carbon capture project award from Canada's Clean Resource Innovation Network.

接下來，我想將討論轉向幻燈片 5 總結的季度的業務成果和企業發展。我們的季度是通過執行我們的積壓來定義的，包括實現 LIPA Yaphank 項目的商業運營，通過銷售確認產品收入向韓國 POSCO Energy 的子公司提供 6 個模塊，通過與埃克森美孚研究與工程公司的聯合開發協議實現技術里程碑，成功展示了我們碳捕集能力的進步，並獲得了加拿大清潔資源創新公司頒發的碳捕集項目獎網絡。

Overall, I'm very pleased with the progress our team has made in advancing our long-term goals, including executing on our existing backlog. Commercial operation commenced in early January on the 7.4-megawatt utility scale LIPA Yaphank project. The project has been added to our generation portfolio, bringing the total megawatts, driving recurring generation revenue to 41.4 megawatts. This is an important step forward to continue to enhance the recurring revenue profile of FuelCell Energy.

總的來說，我對我們的團隊在推進我們的長期目標方面取得的進展感到非常滿意，包括執行我們現有的積壓工作。 7.4 兆瓦公用事業規模的 LIPA Yaphank 項目於 1 月初開始商業運營。該項目已添加到我們的發電組合中，使總發電量達到 41.4 兆瓦。這是繼續提高 FuelCell Energy 經常性收入狀況的重要一步。

With respect to the 7.4-megawatt project at the U.S. Navy Submarine Base in Groton, Connecticut, we are in the process of repairing and upgrading a mechanical component that was not performing according to engineering specifications. Upon completion of the repair, upgrade work and reinstallation of the mechanical components at the project site we will restart the process of commissioning the project. Let me be clear. This did not meet our expectations for delivery and I appreciate the efforts and focus of the FuelCell Energy team as they work to put us on a path to achieving commercial operations.

對於位於康涅狄格州格羅頓的美國海軍潛艇基地的 7.4 兆瓦項目，我們正在維修和升級一個不符合工程規範的機械部件。在項目現場完成維修、升級工作和重新安裝機械部件後，我們將重新啟動項目調試過程。讓我說清楚。這沒有達到我們對交付的期望，我感謝 FuelCell Energy 團隊的努力和專注，因為他們努力讓我們走上實現商業運營的道路。

Once fully operational, incorporation of this platform into a microgrid is expected to demonstrate the ability of FuelCell Energy's platform to increase grid stability and resilience while supporting the U.S. military's efforts to fortify base energy security and demonstrate the Navy's commitment to clean reliable power with microgrid capabilities.

一旦全面投入使用，將該平台整合到微電網中，預計將展示 FuelCell Energy 平台提高電網穩定性和彈性的能力，同時支持美國軍方加強基礎能源安全的努力，並展示海軍對具有微電網能力的清潔可靠電力的承諾.

The Toyota project at the Port of Long Beach, a 2.3 megawatt trigeneration platform will produce electricity, hydrogen and water offering a unique set of capabilities from a single platform. FuelCell's platform equipment has been built and delivered to the site and civil construction work is underway. When it achieves commercial operation, this power plant will deliver carbon-neutral electricity, green hydrogen and water, enabling Toyota to avoid water consumption in the region experiencing extreme drought conditions, enhances operations to a more reliable power and advance both passenger vehicle and Class 8 heavy-duty truck hydrogen transportation. Hydrogen has the opportunity to fully repower the transportation sector.

長灘港的豐田項目是一個 2.3 兆瓦的三聯產平台，將通過單一平台生產電力、氫氣和水，提供一系列獨特的功能。 FuelCell平台設備已建成並交付現場，土建工作正在進行中。當它實現商業運營時，該發電廠將提供碳中和電力、綠色氫和水，使豐田能夠避免該地區經歷極端乾旱條件的用水量，將運營提高到更可靠的電力，並推進乘用車和 8 級重型卡車氫氣運輸。氫氣有機會為交通運輸業提供全面的動力。

Second, having executed a favorable settlement agreement with POSCO Energy and its subsidiary Korean FuelCell, we sold and delivered via Ex Works the first 6 of the initial 12 modules ordered under the settlement agreement to Korea FuelCell resulting in $18 million in realized product revenue in the first fiscal quarter of 2022. We have planned production of the additional 8 modules required to be purchased by Korea FuelCell under the settlement agreement across the balance of the calendar year. This settlement agreement not only provides FuelCell Energy with the opportunity to sell modules to Korea FuelCell for POSCO Energy's existing customers, but importantly confirms our access to the South Korea and broader Asian markets.

其次，在與 POSCO Energy 及其子公司 Korean FuelCell 簽訂了有利的和解協議後，我們通過工廠將根據和解協議訂購的最初 12 個模塊中的前 6 個模塊出售並交付給了 Korea FuelCell，從而實現了 1800 萬美元的產品收入。 2022 年第一財季。我們計劃在整個日曆年剩餘時間內生產韓國 FuelCell 根據和解協議需要購買的額外 8 個模塊。該和解協議不僅為FuelCell Energy 提供了為POSCO Energy 現有客戶向韓國FuelCell 銷售模塊的機會，而且重要的是確認了我們進入韓國和更廣泛的亞洲市場的機會。

My third key message is that we have successfully achieved a significant technical milestone in the development of our carbon capture application under our joint development agreement with ExxonMobil Research and Engineering Company. FuelCell Energy's unique value proposition for carbon capture is that we believe we are the only carbon capture technology that can capture carbon while producing power and hydrogen at the same time.

我要傳達的第三個關鍵信息是，根據我們與埃克森美孚研究和工程公司的聯合開發協議，我們在開發碳捕集應用方面成功實現了一個重要的技術里程碑。 FuelCell Energy 在碳捕獲方面的獨特價值主張是，我們相信我們是唯一一種能夠在產生電力和氫氣的同時捕獲碳的碳捕獲技術。

Other carbon capture technologies are parasitic load on the power source. In other words, they require a significant amount of power to operate. One of the key focus areas of the JDA with Exxon has been to increase the power the sales can produce while concentrating and capturing carbon dioxide. This is important because the more power we can produce while capturing carbon, the more revenue can be generated through either the sale of electricity or avoiding the cost of purchasing electricity from other sources, thus lowering the cost of capture. We believe that achievement of the milestone is an indication that the JDA has yielded sale improvements that may enhance the economics of carbon capture with our carbonate platform.

其他碳捕獲技術是電源上的寄生負載。換句話說，它們需要大量的電力才能運行。 JDA 與埃克森美孚的重點關注領域之一是在濃縮和捕獲二氧化碳的同時提高銷售能力。這一點很重要，因為我們在捕獲碳的同時可以生產的電力越多，通過售電或避免從其他來源購買電力的成本就可以產生更多的收入，從而降低捕獲成本。我們認為，這一里程碑的實現表明 JDA 已經取得了銷售改進，這可能會通過我們的碳酸鹽平台提高碳捕獲的經濟性。

Fourth, we are a clean technology energy company, but we are also a responsible corporate citizen wholly committed to protecting the environment, attaining net zero goals being a diverse, equitable and inclusive company and exercising good governance. We have shared our commitment to environmental, social and governance issues through the issuance of our first sustainability report in early February. Although much of the work isn't new, we are proud to establish a solid ESG reporting baseline and we will work to improve both our performance and disclosure in the coming years.

第四，我們是一家清潔技術能源公司，但我們也是一個負責任的企業公民，全心致力於保護環境，實現淨零目標，成為一家多元化、公平和包容的公司，並實行良好的治理。通過在 2 月初發布我們的第一份可持續發展報告，我們分享了我們對環境、社會和治理問題的承諾。儘管大部分工作並不新鮮，但我們為建立穩固的 ESG 報告基準而感到自豪，我們將在未來幾年努力改善我們的績效和披露。

And lastly, on keeping the strategic comments on this call fairly short, as we look forward to hosting our 2022 Investor Day next week on Wednesday, March 16, at 10:00 a.m. Eastern. We are excited about our prospects and the future and anticipate sharing more about our vision, capabilities and team with everyone on the webcast.

最後，關於保持對本次電話會議的戰略評論相當簡短，因為我們期待下週在東部時間 3 月 16 日星期三上午 10:00 舉辦我們的 2022 年投資者日。我們對我們的前景和未來感到興奮，並期待與網絡廣播中的每個人分享更多關於我們的願景、能力和團隊的信息。

And now I will turn the call over to Mike to discuss this quarter's financial results in more detail. Mike?

現在我將把電話轉給邁克，以更詳細地討論本季度的財務業績。麥克風？

Thank you, Jason, and thanks to those that joined our call today. You've heard from Jason about a number of significant developments that took place during our first quarter. And now I would like to spend a few minutes providing some details regarding our financial results for the first fiscal quarter of 2022.

謝謝你，傑森，也感謝今天加入我們電話會議的人。你從傑森那裡聽說了我們第一季度發生的一些重大發展。現在，我想花幾分鐘時間提供一些有關我們 2022 年第一財季財務業績的詳細信息。

Please turn to financial highlights shown on Slide 7. In the first quarter of fiscal year 2022, we reported revenues of $31.8 million compared to $14.9 million in the first quarter of fiscal year 2021, an increase of approximately 114%. Looking at revenue drivers by category. Product revenues returned this quarter totaling $18 million reflecting the Ex Works delivery of 6 FuelCell modules to a subsidiary of POSCO Energy under the recent settlement agreement. Service agreement revenues decreased 56% to $2.2 million from $4.9 million. Revenue recognized in the first quarter of fiscal 2021 related to module exchanges at several plants and routine maintenance activities. The decrease in revenues for the first quarter of fiscal 2022 is primarily due to the fact there were no new module exchanges during the quarter compared to the prior year period.

請轉到幻燈片 7 中顯示的財務摘要。在 2022 財年第一季度，我們報告的收入為 3180 萬美元，而 2021 財年第一季度為 1490 萬美元，增長了約 114%。按類別查看收入驅動因素。本季度產品收入總計 1800 萬美元，反映了根據最近的和解協議向 POSCO Energy 的子公司出廠交付的 6 個燃料電池模塊。服務協議收入從 490 萬美元下降 56% 至 220 萬美元。 2021 財年第一季度確認的收入與幾家工廠的模塊更換和日常維護活動有關。 2022財年第一季度收入的減少主要是由於與去年同期相比，該季度沒有新的模塊更換。

Revenue from service agreements is variable on a quarterly basis depending on the number of module exchanges in the period. Generation revenues increased 53% to $7.5 million from $4.9 million, in part due to the inclusion of the 7.4-megawatt LIPA Yaphank project in January 2022 and the 1.4-megawatt San Bernardino renewable biofuels project in July of 2021. In addition, generation revenues increased due to the higher operating output of the generation fleet portfolio as a result of investments in maintenance activities made in the prior year.

服務協議的收入按季度變化，具體取決於該期間模塊更換的數量。發電收入從 490 萬美元增長 53% 至 750 萬美元，部分原因在於 2022 年 1 月的 7.4 兆瓦 LIPA Yaphank 項目和 2021 年 7 月的 1.4 兆瓦聖貝納迪諾可再生生物燃料項目。此外，發電收入增加由於上一年對維護活動的投資導致發電機隊組合的運營產出增加。

Advanced Technologies contract revenues decreased 19% to $4.1 million from $5.1 million. Compared to the first fiscal quarter of 2021, advanced technology contract revenues recognized under the joint development agreement, or JDA, with ExxonMobil Research and Engineering Company or EMRE, were approximately $1.4 million lower offset by an increase in revenue recognized under government contracts of $0.3 million. As Jason mentioned, during the 3 months ended January 31, 2022, the company achieved the first technical milestone under the JDA. As a result, the company will receive a payment of $5 million. The company has not recognized revenue in connection with this milestone achievement as a result of our prior agreement with respect to a future potential demonstration project with EMRE at ExxonMobil's Rotterdam refinery in the Netherlands. Under this agreement, we agreed to either make an investment in the amount of $5 million in the Rotterdam project or discount EMRE's purchase of the company's fuel cell module and detailed engineering design for the Rotterdam project by the same amount.

Advanced Technologies 合同收入從 510 萬美元下降 19% 至 410 萬美元。與 2021 年第一財季相比，根據與埃克森美孚研究與工程公司或 EMRE 的聯合開發協議（JDA）確認的先進技術合同收入減少約 140 萬美元，但被政府合同確認的收入增加 30 萬美元所抵消.正如 Jason 所說，在截至 2022 年 1 月 31 日的 3 個月內，公司實現了 JDA 下的第一個技術里程碑。因此，該公司將收到 500 萬美元的付款。由於我們先前與 EMRE 在荷蘭埃克森美孚鹿特丹煉油廠的潛在示範項目達成協議，該公司尚未確認與這一里程碑成就相關的收入。根據該協議，我們同意對鹿特丹項目投資 500 萬美元，或者對 EMRE 購買該公司的燃料電池模塊和鹿特丹項目的詳細工程設計進行同等金額的折扣。

The company will continue to evaluate revenue recognition of this milestone achievement as project negotiations with ExxonMobil or a subsidiary thereof, evolve. Gross loss for the first fiscal quarter of 2022 totaled $2.9 million compared to a gross loss of $3.6 million in the comparable prior year quarter. The decrease in gross loss is in part a result of revenue recognized in connection with sales of modules during the quarter to a subsidiary of POSCO Energy. In the quarter, the company realized lower service margin due to no new module replacements occurring in the quarter, $3 million of nonrecoverable costs related to the construction of the Toyota project and a $1 million asset impairment charge related to a legacy conditioning facility at our Danbury, Connecticut headquarters.

隨著與埃克森美孚或其子公司的項目談判不斷發展，公司將繼續評估這一里程碑成就的收入確認。 2022 年第一財季的毛虧損總額為 290 萬美元，而去年同期的毛虧損為 360 萬美元。總虧損減少的部分原因是與本季度向 POSCO Energy 的子公司銷售模塊有關的收入確認。本季度，公司實現了較低的服務利潤率，原因是本季度沒有發生新的模塊更換、與豐田項目建設相關的 300 萬美元不可收回成本以及與丹伯里舊空調設施相關的 100 萬美元資產減值費用，康涅狄格總部。

Operating expenses for the first fiscal quarter of 2022 increased to $41.9 million from $10.8 million in the first quarter of 2021. Administrative and selling expenses in the first quarter included $24 million of nonrecurring legal fees associated with the settlement of the POSCO Energy proceedings. Excluding these fees, the increase in administrative and selling expenses related to higher sales and marketing and consulting costs as the company is investing in rebranding and accelerating its sales and commercialization efforts and an increase in compensation expense resulting from an increase in headcount.

2022 年第一財季的運營費用從 2021 年第一季度的 1,080 萬美元增加到 4,190 萬美元。第一季度的行政和銷售費用包括與解決 POSCO Energy 訴訟相關的 2,400 萬美元的非經常性法律費用。不包括這些費用，行政和銷售費用的增加與更高的銷售、營銷和諮詢成本有關，因為公司正在投資於品牌重塑和加速其銷售和商業化努力，以及員工人數增加導致的補償費用增加。

Research and development expenses of $5 million during the quarter reflect increased spending on the company's hydrogen commercialization initiatives compared to the prior year period. The loss from operations totaled $44.8 million in the first quarter of 2022, compared to $14.4 million in the comparable prior period. Net loss was $46.1 million in the first quarter of 2022 compared to $46 million in the prior year period. Both periods were impacted by nonrecurring expenses. The first fiscal quarter of 2022 was impacted by the previously mentioned nonrecurring legal expense of $24 million associated with the settlement of the POSCO Energy proceedings.

本季度 500 萬美元的研發費用反映了該公司在氫商業化計劃上的支出與去年同期相比有所增加。 2022 年第一季度的運營虧損總額為 4480 萬美元，而去年同期為 1440 萬美元。 2022 年第一季度的淨虧損為 4610 萬美元，而去年同期為 4600 萬美元。兩個時期都受到非經常性費用的影響。 2022 年第一財季受到前面提到的與 POSCO Energy 訴訟和解相關的 2400 萬美元的非經常性法律費用的影響。

The first quarter of 2021 was impacted by charges associated with a change in the fair value of a warrant liability issued to a legacy lender under a now extinguished credit agreement totaling $16 million. Additionally, the first quarter of 2021 included a loss on extinguishment of debt and a loss on extinguishment of a preferred stock obligation of subsidiary totaling $12.1 million.

2021 年第一季度受到與根據現已失效的信貸協議簽發給傳統貸方的認股權證負債的公允價值變化相關的費用的影響，總額為 1600 萬美元。此外，2021 年第一季度包括債務清償損失和子公司優先股義務清償損失共計 1210 萬美元。

Interest expense was also lower in the first fiscal quarter of 2022 compared to the first fiscal quarter of 2021. The net loss per share attributable to common stockholders in the first fiscal quarter of 2022 was $0.11 compared to $0.15 in the comparable prior year quarter. The lower net loss per common share reflects a lower net loss attributable to common stockholders despite the $24 million or approximately $0.07 per share of nonrecurring legal expense associated with the settlement of the POSCO Energy proceedings. The lower net loss attributable to common stockholders was partially offset by a net loss allocated to noncontrolling interest totaling $5.5 million for the LIPA Yaphank project tax equity financing transaction or approximately $0.01 per share. There was no comparable net loss for the prior year as the LIPA Yaphank project tax equity transaction closed and the project began operating in the first quarter of fiscal 2022. The lower net loss per share was also a result of higher weighted average shares outstanding due to share issuances since January 31, 2021.

與 2021 年第一財季相比，2022 年第一財季的利息費用也較低。2022 年第一財季歸屬於普通股股東的每股淨虧損為 0.11 美元，而去年同期為 0.15 美元。儘管與 POSCO Energy 訴訟的和解相關的非經常性法律費用為 2400 萬美元或每股約 0.07 美元，但每股普通股淨虧損較低反映了歸屬於普通股股東的淨虧損較低。歸屬於普通股股東的較低淨虧損被 LIPA Yaphank 項目稅收股權融資交易分配給非控制性權益的淨虧損總計 550 萬美元或每股約 0.01 美元部分抵消。由於 LIPA Yaphank 項目稅收股權交易結束且該項目於 2022 財年第一季度開始運營，上一年沒有可比的淨虧損。每股淨虧損較低也是由於加權平均已發行股票較高的結果自 2021 年 1 月 31 日起的股票發行。

Adjusted EBITDA totaled negative $13.6 million in the first fiscal quarter of 2022 compared to adjusted EBITDA of negative $7.4 million in the first fiscal quarter of 2021. Please see the discussion of non-GAAP financial measures, including adjusted EBITDA in the appendix of the slide presentation or in the appendix at the end of our earnings release.

2022 年第一財季調整後 EBITDA 總額為負 1360 萬美元，而 2021 年第一財季調整後 EBITDA 為負 740 萬美元。請參閱幻燈片演示文稿附錄中對非公認會計原則財務措施的討論，包括調整後 EBITDA或在我們收益發布末尾的附錄中。

Next, please turn to Slide 8 for additional details on our financial performance and backlog. The chart at the left-hand side of the slide graphically shows the numbers we just reviewed for the first quarters of fiscal years '21 and '22. Looking at the right-hand side of the slide, we finished the quarter with a backlog that was approximately 3% higher year-over-year at approximately $1.31 billion, reflecting continued project build execution and adjustments to our generation backlog and the addition of product sales backlog from the module order from a POSCO Energy subsidiary, module exchanges with higher future output and expected revenues and the inclusion of the 2.8-megawatt project in Derby, Connecticut, which was awarded in fiscal year 2021. Advanced Technologies backlog reflects new contracts from the U.S. Department of Energy, partially offset by work performed under our joint development agreement with EMRE.

接下來，請轉到幻燈片 8，了解有關我們財務業績和積壓工作的更多詳細信息。幻燈片左側的圖表以圖形方式顯示了我們剛剛審查的 21 財年和 22 財年第一季度的數字。從幻燈片的右側看，我們在本季度結束時的積壓訂單同比增長約 3%，約為 13.1 億美元，這反映了持續的項目建設執行和對我們的一代積壓訂單的調整以及產品的增加來自 POSCO Energy 子公司的模塊訂單的銷售積壓、具有更高未來產量和預期收入的模塊交換以及包括在 2021 財年授予的康涅狄格州德比的 2.8 兆瓦項目。先進技術積壓反映了來自美國能源部，部分被我們與 EMRE 的聯合開發協議下的工作所抵消。

Turning to Slide 9. I would like to bring some perspective to the company's enhanced liquidity and continued investments in our project assets. In the first fiscal quarter of 2022, we closed a tax equity financing transaction with a subsidiary of Franklin Park for our LIPA Yaphank project, which delivered $12.4 million in gross proceeds to FuelCell Energy. As of January 31, 2022, we had total cash and cash equivalents of approximately $405.4 million. This includes approximately $377 million of unrestricted cash and cash equivalents, represented by the darker blue bar on the chart in the center of this slide and $28.5 million of restricted cash and cash equivalents, represented by the lighter blue bar.

轉到幻燈片 9。我想對公司增強的流動性和對我們項目資產的持續投資提出一些看法。在 2022 年第一財季，我們與富蘭克林公園的一家子公司就我們的 LIPA Yaphank 項目完成了一項稅收股權融資交易，該項目向 FuelCell Energy 提供了 1240 萬美元的總收益。截至 2022 年 1 月 31 日，我們的現金和現金等價物總額約為 4.054 億美元。這包括大約 3.77 億美元的非限制性現金和現金等價物，由本幻燈片中間圖表上的深藍色條表示，以及 2850 萬美元的限制性現金和現金等價物，由淺藍色條表示。

On the right-hand side of the slide is a chart illustrating our total project assets which make up our company-owned generation portfolio. We continue to develop, construct and grow our portfolio project assets. Investments to date reflect capital spent on completed operating projects as well as capital spend on projects currently in development and construction. At the end of the first quarter of fiscal year 2022, our gross project assets totaled approximately $256.1 million, which excludes accumulated depreciation.

幻燈片右側是一張圖表，說明了構成我們公司擁有的發電組合的總項目資產。我們繼續開發、建設和發展我們的投資組合項目資產。迄今為止的投資反映了已完成運營項目的資本支出以及當前開發和建設項目的資本支出。截至 2022 財年第一季度末，我們的項目總資產總額約為 2.561 億美元，其中不包括累計折舊。

As detailed on Slide 18 in the appendix of this presentation, our generation portfolio totaled 75.3 megawatts of assets as of January 31, 2022. This includes 41.4 megawatts of operating assets and 33.9 megawatts of projects in process. As projects in process begin commercial operation, they are expected to contribute higher revenue. Additionally, as these projects in process reach mechanical completion and/or achieve commercial operation, we expect to see long-term tax equity financing, such as the example I previously discussed as well as back leverage debt transactions to further recycle capital back into the business.

如本演示文稿附錄中的幻燈片 18 所述，截至 2022 年 1 月 31 日，我們的發電組合資產總計 75.3 兆瓦。這包括 41.4 兆瓦的運營資產和 33.9 兆瓦的在建項目。隨著在建項目開始商業運營，預計它們將貢獻更高的收入。此外，隨著這些在建項目實現機械完工和/或實現商業運營，我們預計將看到長期稅收股權融資，例如我之前討論的示例以及支持槓桿債務交易以進一步將資金循環回業務.

We are pleased with the continued progress being made. And from a financial perspective, we believe we are well positioned to invest in capabilities to support the future growth and product commercialization opportunities.

我們對正在取得的持續進展感到高興。從財務角度來看，我們相信我們有能力投資於支持未來增長和產品商業化機會的能力。

I will now turn the call back over to Jason to further discuss these initiatives.

我現在將把電話轉給 Jason，以進一步討論這些舉措。

Thanks, Mike. On Slide 11, I want to share some highlights of our recently updated Powerhouse business strategy to take us to the next phase of the company's journey towards long-term growth. Grow, we want to pursue growth in markets and customer segments where we see significant opportunities. Scale to achieve growth, we plan to scale our existing platforms by investing in, extending and deepening our leadership in total human capital across the organization. And innovate, over our 50-year history, we have never stopped innovating. We plan to continue to innovate for the future to enable our participation in the growth of the hydrogen economy and carbon capture and to deliver on our purpose.

謝謝，邁克。在幻燈片 11 上，我想分享我們最近更新的 Powerhouse 業務戰略的一些亮點，以將我們帶入公司實現長期增長的下一階段。成長，我們希望在我們看到重大機遇的市場和客戶群中尋求增長。擴大規模以實現增長，我們計劃通過投資、擴展和深化我們在整個組織的總人力資本方面的領導地位來擴大我們現有的平台。創新，在我們 50 年的歷史中，我們從未停止過創新。我們計劃為未來繼續創新，以使我們能夠參與氫經濟和碳捕集的增長並實現我們的目標。

Our Powerhouse business strategy has evolved to focus on growth. The energy transition is happening at an accelerated pace, and we believe our platform technologies will play a significant role in helping the global society achieve our collective sustainability goals. Thus, we are moving forward with making investments in capacity, capability and global talent, which we believe will enhance our ability to capture more of the market opportunity over the coming years and deliver enhanced shareholder returns over the long run.

我們的 Powerhouse 業務戰略已經發展為專注於增長。能源轉型正在加速進行，我們相信我們的平台技術將在幫助全球社會實現我們的集體可持續發展目標方面發揮重要作用。因此，我們正在推進對產能、能力和全球人才的投資，我們相信這將增強我們在未來幾年抓住更多市場機會的能力，並從長遠來看提高股東回報。

Looking at Slide 12. I am proud of the progress we are making as an organization, including the recent launch of our new brand identity. Evolving the FuelCell Energy brand is intended to be a signal to our customers, communities, team members and you, our stockholders of our absolute commitment to enabling a safe, secure and practical approach to realizing the goal set forth in our inaugural sustainability report.

看看幻燈片 12。我為我們作為一個組織所取得的進步感到自豪，包括我們最近推出的新品牌標識。不斷發展的 FuelCell Energy 品牌旨在向我們的客戶、社區、團隊成員和您（我們的股東）發出信號，表明我們絕對致力於以安全、可靠和實用的方法實現我們首份可持續發展報告中提出的目標。

Our brand encompasses our purpose, what we do and how we do it. We are focused on enabling a safe, secure and practical path to carbon zero, and we help to decarbonize power and design and build fuel cells that produce hydrogen. 3 design points to find the new identity. First, it represents the journey we are helping our customers take the Carbon Zero. The design's use of gradients signals the journey our customers are taking to carbon zero. Additionally, the reductive footprint of the broader design system reinforces how frictionless adoption of clean energy can be.

我們的品牌包含我們的目標、我們所做的以及我們如何做。我們專注於為實現零碳提供一條安全、可靠和實用的途徑，我們幫助電力脫碳並設計和製造產生氫氣的燃料電池。 3個設計點尋找新的身份。首先，它代表了我們幫助客戶實現零碳的旅程。該設計對梯度的使用標誌著我們的客戶正在邁向零碳的旅程。此外，更廣泛的設計系統的減少足跡加強了清潔能源的無摩擦採用。

Second, it takes inspiration from our DNA. Fuel cells don't combust their fuel, but are fuel flexible in that they can run on biogas, renewable natural gas, hydrogen and natural gas blends, natural gas or mixture of those fuels and hydrogen. In all cases, the fuel cell produces a chemical reaction, which results in electricity. The design of the logo is inspired by the bonds between the molecules that are broken and formed in the chemical reaction in our fuel cells. Its letters form incorporates FCEL, our stock ticker symbol. And if you look closely, the logo also forms a 0, representing our customers' journey and ours towards net 0. It is also an integral part of our commitment to global net 0 goals.

其次，它從我們的 DNA 中汲取靈感。燃料電池不燃燒燃料，但燃料靈活，可以使用沼氣、可再生天然氣、氫氣和天然氣混合物、天然氣或這些燃料和氫氣的混合物。在所有情況下，燃料電池都會產生化學反應，從而產生電能。標誌的設計靈感來自於我們的燃料電池化學反應中斷裂和形成的分子之間的鍵。它的字母形式包含我們的股票代碼 FCEL。如果你仔細觀察，這個標誌也會形成一個 0，代表我們的客戶和我們走向淨 0 的旅程。它也是我們對全球淨 0 目標的承諾的一個組成部分。

On Slide 13, we highlighted the successful launch of operation of our 7.4-megawatt LIPA Yaphank project. This project can power approximately 7,500 homes, situated on a landfill that is being transitioned to a clean energy park. The fuel cell delivers to Long Island the benefits of our distributed power solution, namely clean and resilient baseload power and improved air quality versus conventional power generation sources and reduces Long Island's dependency on transmission and the incremental investment required to build new long-distance high-voltage transmission lines. This project has been added to our generation portfolio, and we are working to complete the capital structure that will allow us to return significant capital back to FuelCell Energy while also providing increased recurring revenue and margin going forward.

在幻燈片 13 中，我們重點介紹了 7.4 兆瓦 LIPA Yaphank 項目的成功啟動。該項目可以為大約 7,500 戶家庭供電，該項目位於正在過渡到清潔能源園區的垃圾填埋場。燃料電池為長島帶來了我們分佈式電力解決方案的優勢，即清潔和有彈性的基荷電力，與傳統發電相比改善了空氣質量，並減少了長島對傳輸的依賴以及建造新的長距離高速鐵路所需的增量投資。電壓傳輸線。該項目已添加到我們的發電產品組合中，我們正在努力完成資本結構，這將使我們能夠將大量資本返還給 FuelCell Energy，同時還可以增加未來的經常性收入和利潤率。

Turning to Slide 14. I encourage you to download and review our sustainability report that I mentioned earlier. This inaugural sustainability report is meant to outline how we fulfill our corporate purpose by actively managing environmental, social and governance risk. Our active focus on diversity, equity and inclusion and opportunities material to our business and stakeholders. In fulfilling our corporate purpose, we find ourselves in the enviable position of helping customers achieve their own sustainability goals by reducing their scope 1 and 2 emissions and enhance the communities in which they operate through improved air quality, more efficient land use than intermittent resources and generating local tax revenues.

轉到幻燈片 14。我鼓勵您下載並查看我之前提到的可持續發展報告。這份首份可持續發展報告旨在概述我們如何通過積極管理環境、社會和治理風險來實現我們的企業目標。我們積極關注多元化、公平和包容性以及對我們的業務和利益相關者而言具有重要意義的機會。在實現我們的企業目標時，我們發現自己處於令人羨慕的位置，即通過減少其範圍 1 和 2 的排放量來幫助客戶實現自己的可持續發展目標，並通過改善空氣質量、比間歇性資源和更有效的土地利用來增強他們經營所在的社區和產生地方稅收。

Additionally, we have committed to a net 0 target for our Scope 1 and 2 emissions by the year 2030 and to net 0 by 2050 for our Scope 3 emissions. And before I open the call to questions, I wanted to remind everyone one last time that on Wednesday, March 16, at 10 a.m. Eastern Time, we will host a virtual Investor Day to give a deeper explanation of our strategy and our plans to bring new technologies to market. We are excited to share our thoughts on topics such as the company's long-term growth opportunities and strategy, business execution, capital allocation priorities, global team and plans to drive long-term shareholder value. You can register for and view the Investor Day presentation by accessing the link on the Events calendar on the Investor page of our corporate website. We welcome your participation.

此外，我們承諾到 2030 年我們的範圍 1 和 2 排放量實現淨 0 目標，到 2050 年我們的範圍 3 排放量實現淨 0 目標。在我開始提問之前，我想最後一次提醒大家，在東部時間 3 月 16 日星期三上午 10 點，我們將舉辦一場虛擬投資者日，以更深入地解釋我們的戰略和計劃帶來新技術推向市場。我們很高興就公司的長期增長機會和戰略、業務執行、資本配置優先事項、全球團隊以及推動長期股東價值的計劃等話題分享我們的想法。您可以通過訪問我們公司網站投資者頁面上的活動日曆上的鏈接來註冊和查看投資者日演示文稿。我們歡迎您的參與。

With that, I will now turn it over to the operator to begin Q&A.

有了這個，我現在將它交給操作員開始問答。

(Operator Instructions) Our first question comes from Jed Dorsheimer with Canaccord Genuity. Jed Dorsheimer, your line is open.

（操作員說明）我們的第一個問題來自 Canaccord Genuity 的 Jed Dorsheimer。 Jed Dorsheimer，你的電話是開放的。

Sorry, I had it on mute. The -- just around ExxonMobil, that seems to be -- I was wondering if you could provide more details in substance to the breakthrough is that clearly sounds like could be game changing between blue versus gray and green hydrogen. So that's my first. And then I have a follow-up.

抱歉，我把它靜音了。 - 就在埃克森美孚附近，這似乎是 - 我想知道你是否可以提供更多關於突破的實質細節，顯然這聽起來可能會在藍色與灰色和綠色氫之間改變遊戲規則。所以這是我的第一個。然後我有一個跟進。

So Jed, good morning. Thanks for joining the call. This is Jason. With respect to Exxon, the work that we're doing with them is really focused on carbon capture and our platform has the ability to capture carbon from an external source and also produce and deliver hydrogen. So the work that we're doing and our focus is on ensuring that we maintain optimal performance from a power output standpoint as well as optimal performance in terms of our ability to concentrate carbon and capture that carbon for whatever the use may be, whether that be sequestration and/or utilization.

所以傑德，早上好。感謝您加入通話。這是傑森。關於埃克森美孚，我們與他們一起做的工作真正集中在碳捕獲上，我們的平台有能力從外部來源捕獲碳，並生產和輸送氫氣。因此，我們正在做的工作和我們的重點是確保我們從功率輸出的角度保持最佳性能，以及在我們濃縮碳和捕獲碳以用於任何用途的能力方面保持最佳性能，無論是是隔離和/或利用。

So as we've laid out the work plan with ExxonMobil Research and Engineering, we set a number of milestones that are really -- you can think about them as mile markers. And those mile markers give clear indication that we're progressing along the things that we think are most technically important to demonstrate that the technology will perform at a level that will do a few things. One, that we will efficiently concentrate, capture and separate carbon; two, that will maintain power density or power production; and three, that we can do that efficiently across a number of different flue streams which give us the ability, we believe, to ultimately deliver a much lower cost of carbon capture as a result of being able to sell power and/or replace power that's being used at that particular facility. And so this -- achieving the milestone is just another mile marker along the way to demonstrate that our technology actually has the ability to be effective in carbon capture.

因此，當我們與埃克森美孚研究與工程公司一起制定工作計劃時，我們設定了許多里程碑——你可以將它們視為里程標記。這些里程標記清楚地表明，我們正在沿著我們認為在技術上最重要的事情取得進展，以證明該技術將在可以做一些事情的水平上運行。一，我們將有效地集中、捕獲和分離碳；二，這將保持功率密度或發電量；第三，我們可以在許多不同的煙道中有效地做到這一點，這使我們有能力，我們相信，由於能夠出售電力和/或更換電力，最終降低碳捕集的成本。在該特定設施中使用。因此，實現這一里程碑只是證明我們的技術實際上有能力在碳捕獲方面有效的另一個里程碑。

Got it. And then I guess as my follow-up and perhaps a bit of an extension here. So far in the U.S., it's been -- the commercialization has been slower, I guess, would probably be the right adjective. And you're now looking at kind of a pivot or expansion, I guess, into the Korean markets. One of the issues in the U.S. has been sort of an adoption of green hydrogen or the use of electrolysis. And maybe correct me if I'm wrong in that assumption. And I guess, that's why I was asking with respect to the ExxonMobil. And as you look at Korea, there seems to be sort of a broader understanding of the use of gray and blue. Is there something else that's going on in terms of that expansion into Korea that seems to be -- is that -- do you see that as a more favorable nation, if you will, or region for your technology? And/or do you see with what's coming out of the ExxonMobil a rethink in the U.S. that may shift some things around?

知道了。然後我想作為我的後續行動，也許是這裡的一些擴展。到目前為止，在美國，商業化速度較慢，我想，這可能是正確的形容詞。我猜你現在正在尋找一種轉向或擴張的方式，進入韓國市場。美國的問題之一是採用綠色氫或使用電解。如果我在那個假設中錯了，也許可以糾正我。我想，這就是我問埃克森美孚的原因。當你看韓國時，似乎對灰色和藍色的使用有了更廣泛的理解。在向韓國擴張方面是否還有其他事情正在發生，這似乎是 - 是 - 你認為這是一個更有利的國家，如果你願意的話，或者你的技術所在的地區？和/或您是否看到埃克森美孚公司在美國的重新思考可能會改變一些事情？

So Jed, no, great question. So we believe that both Asia and Korea, specifically, as well as Europe is ahead of where the U.S. is today with respect to announcements on projects around hydrogen. However, that being said, we do think that the current infrastructure package and the $8-plus billion that have been announced in support of these hydrogen hub projects are a good indication of the U.S. intent to try to catch up, if you will.

所以傑德，不，很好的問題。因此，我們認為亞洲和韓國，特別是歐洲，在氫項目公告方面領先於美國。然而，話雖如此，我們確實認為，當前的基礎設施一攬子計劃以及為支持這些氫樞紐項目而宣布的超過 8 億美元的資金很好地表明了美國試圖追趕的意圖，如果你願意的話。

But in Korea, we are excited about the opportunity because as you know, over the last 6 years, we've effectively been out of the largest fuel cell market in the world. Now with the settlement and our ability to be back in that market in a way in which we can actively pursue opportunities, we think that our platform, our existing carbonate platform is well positioned because those projects in Korea tend to be large-scale utility projects, that actually also have a need for the high-grade heat that our platform provides, which is also a differentiation between us and other fuel cell players.

但在韓國，我們對這個機會感到興奮，因為如您所知，在過去 6 年中，我們實際上已經退出了世界上最大的燃料電池市場。現在有了解決方案以及我們以積極尋求機會的方式重返該市場的能力，我們認為我們的平台，我們現有的碳酸鹽平台處於有利地位，因為韓國的這些項目往往是大型公用事業項目，其實也對我們平台提供的高品位熱量有需求，這也是我們和其他燃料電池玩家的區別。

And so if you look at our -- one of our projects in Korea that exist today, it's a 20-megawatt project that's grid-connected and then also connected to the district heating system where we provide high-grade heat for that. And so on a core business platform, we're excited about the opportunity, and we think we're well positioned to go after market -- utility-scale projects in that market.

因此，如果您查看我們的 - 我們今天在韓國存在的一個項目，它是一個 20 兆瓦的項目，它與電網連接，然後還連接到區域供熱系統，我們為此提供高品質的熱量。等等核心業務平台，我們對這個機會感到興奮，我們認為我們已經準備好進入市場——該市場的公用事業規模項目。

With respect to hydrogen, the government has announced a very robust set of objectives around hydrogen. And we think that gives us an opportunity not only on our TriGen platform, but also the work that we're doing to commercialize our solid oxide technology because we think hydrogen is going to be an important part of the energy economy on a go-forward basis in Korea. And so we are very optimistic about that.

關於氫，政府已經宣布了一套非常強大的氫目標。我們認為這不僅為我們提供了機會，不僅在我們的 TriGen 平台上，而且也為我們正在開展的將固體氧化物技術商業化的工作提供了機會，因為我們認為氫將成為未來能源經濟的重要組成部分以韓國為基地。所以我們對此非常樂觀。

And then when you think about one of the early adoption opportunities around hydrogen utilization, being mobility applications, just like Toyota here in the United States and in Japan, Hyundai in Korea is also very committed to fuel cell electric vehicles. So we think that there is a demand that's being created for hydrogen in that market beyond just the government programs there that we think are going to play well for our overall market opportunity in Korea.

然後，當您考慮氫利用的早期採用機會之一時，即移動應用，就像美國和日本的豐田一樣，韓國的現代也非常致力於燃料電池電動汽車。因此，我們認為，除了我們認為將對我們在韓國的整體市場機會發揮良好作用的政府計劃之外，該市場還對氫產生了需求。

And then if you just kind of ladder up and broadly look at it, if you think about what the Hydrogen Council has put out there between -- if you look at hydrogen production, investment needed for transmission and distribution, although we think our distributed capabilities can help mitigate some of that and the end-use applications, I mean you're talking about the Hydrogen Council suggests over $700 billion in investment by 2030 against those 3 categories. And so -- and we think Asia and Europe are going to lead in that regard. And so we're excited about the opportunity to remove the cloud that we had across the Asian markets.

然後，如果你只是爬上梯子並廣泛地看待它，如果你想想氫能委員會在這兩者之間提出了什麼——如果你看一下氫氣的生產、輸配電所需的投資，儘管我們認為我們的分佈式能力可以幫助減輕其中一些和最終用途的應用，我的意思是你說的是氫能委員會建議到 2030 年對這三個類別進行超過 7000 億美元的投資。所以——我們認為亞洲和歐洲將在這方面處於領先地位。因此，我們很高興有機會移除我們在亞洲市場擁有的雲。

That's helpful. I'll jump back in queue and look forward to the Analyst Day.

這很有幫助。我會重新排隊，期待分析師日。

Our next question comes from Colin Rusch with Oppenheimer.

我們的下一個問題來自 Colin Rusch 和 Oppenheimer。

Guys, can you quantify the exposure you have on natural gas prices relative to your PPAs and how we should think about generation gross margins on a go-forward basis?

伙計們，您能否量化您對天然氣價格相對於您的購電協議的風險敞口，以及我們應該如何考慮未來的發電毛利率？

Colin, this is Mike. So on our power purchase agreements as far as natural gas goes, the way we think about that is kind of twofold: one, as you look at our portfolio today, for a large part of that portfolio, the offtaker is actually procuring natural gas -- the -- as we look at some of our larger projects and for instance, the LIPA Yaphank project that came online this quarter, the company were -- and there is a fuel price exposure there. But what the company does in those examples is puts long-term contracts in place. So we actually have a 7-year fixed price agreement for that and we'll follow natural gas prices and continue to extend that when it makes sense in the future. So that's really our strategy around mitigating increase in natural gas prices, Colin.

科林，這是邁克。因此，就天然氣而言，在我們的電力購買協議中，我們的想法是雙重的：第一，當您查看我們今天的投資組合時，對於該投資組合的很大一部分，承購商實際上是在採購天然氣 - - 當我們查看一些較大的項目時，例如本季度上線的 LIPA Yaphank 項目，該公司是 - 並且那裡存在燃料價格風險。但公司在這些例子中所做的是簽訂長期合同。因此，我們實際上有一個為期 7 年的固定價格協議，我們將遵循天然氣價格，並在未來有意義時繼續延長該協議。所以這確實是我們緩解天然氣價格上漲的策略，科林。

Yes. Colin, just to add maybe a little bit to that. As a company where we do have gas exposure, we don't take a fundamental view on gas prices. And so we work to hedge those risks off and we'll continue to do that way and do that. And we'll leg in as years pass, we'll leg in more to limit that exposure. As you know, it's challenging to go get a 20-year long-term commitment on nat gas and may not even be a good decision to do that anyway. But we do have an active program around how we hedge and manage those risks.

是的。科林，只是為了補充一點。作為一家我們確實有天然氣風險敞口的公司，我們不會對天然氣價格持基本看法。因此，我們努力對沖這些風險，我們將繼續這樣做並這樣做。隨著歲月的流逝，我們將加入進來，我們將加入更多以限制這種曝光。如您所知，要獲得 20 年的天然氣長期承諾具有挑戰性，而且無論如何都可能不是一個好的決定。但我們確實有一個關於如何對沖和管理這些風險的積極計劃。

Okay. Great. I have a couple of other nuance questions. I'll take offline around that. So moving forward towards the product backlog, with the existing finished goods inventory that you have, how much of that backlog can really be met with the existing configuration that you have in that finished goods back or inventory? Or are there some developments that you guys need to bring forward on the technology to meet that backlog?

好的。偉大的。我還有其他一些細微的問題。我會在這附近下線。因此，使用您現有的成品庫存，朝著產品積壓前進，有多少積壓可以真正滿足您在成品退回或庫存中的現有配置？或者你們是否需要在技術上提出一些發展來滿足積壓的需求？

So Colin, you're asking about our current backlog of projects, which equates to almost 34 megawatts in backlog, is that you're referring to?

所以科林，你問的是我們目前積壓的項目，相當於積壓近 34 兆瓦，你指的是嗎？

With the product backlog that you guys have that you're announced the $60 million and versus the existing inventory. If all of the inventory that you have on hand can actually be sold against that product backlog? Or if there's some product development that needs to happen to hit the spec for those orders that are in that backlog?

隨著你們擁有的產品積壓，你們宣布了 6000 萬美元和現有庫存。如果您手頭的所有庫存實際上都可以針對該產品積壓銷售？或者，如果有一些產品開發需要碰巧達到那些積壓訂單的規格？

Colin, this is Mike. I'll take that one. So as you saw come through this quarter as a result of the settlement agreement that we put in place with POSCO Energy as part of that settlement agreement, POSCO Energy placed an order for 20 modules. We shipped Ex Works in the first quarter, 6 modules that came out of finished goods inventory and recognized $18 million of revenue. So as -- and that's our current -- to answer your question around configuration, that's our current configuration, 1.4 megawatt modules. We will continue over the course of this year to build inventory to satisfy the balance of that commitment. So no, we don't need to do any technology changes, no configuration changes. It's our standard 1.4-megawatt modules to satisfy service needs of POSCO's existing fleet in Korea.

科林，這是邁克。我會拿那個。因此，正如您在本季度看到的那樣，由於我們與 POSCO Energy 作為該和解協議的一部分達成和解協議，POSCO Energy 訂購了 20 個模塊。我們在第一季度出貨了 6 個來自成品庫存的模塊，並確認了 1800 萬美元的收入。所以 - 這是我們目前的 - 回答您關於配置的問題，這是我們目前的配置，1.4 兆瓦模塊。我們將在今年繼續建立庫存以滿足該承諾的餘額。所以不，我們不需要做任何技術更改，不需要更改配置。這是我們的標準 1.4 兆瓦模塊，可滿足 POSCO 在韓國現有車隊的服務需求。

Our next question comes from Mark Strouse with JPMorgan.

我們的下一個問題來自摩根大通的 Mark Strouse。

Just a follow-up to Colin's question there, and I'm sorry if I'm missing this, but -- can you help me reconcile the 6 modules that you've delivered to POSCO already and the 8 that you're expecting over the balance of the year. How do I tie that with the 20 modules that you're expecting from POSCO?

只是對 Colin 的問題的跟進，如果我錯過了這個問題，我很抱歉，但是 -- 你能幫我協調一下你已經交付給 POSCO 的 6 個模塊和你期待的 8 個模塊嗎？當年的餘額。我如何將它與您期望 POSCO 提供的 20 個模塊聯繫起來？

Sure, Mark. This is Mike again. So the way the agreement with POSCO was structured was there's essentially 2 orders that POSCO committed to, a firm order, which was placed in January for the initial modules and then they committed to placing a second order for the balance of the 20 by the end of June of 2022. So we would expect to see that second order by the end of June of 2022 per the settlement agreement and will deliver against both of those this year.

當然，馬克。這又是邁克。因此，與 POSCO 的協議的結構方式是 POSCO 承諾基本上有 2 個訂單，一個確定的訂單，在 1 月份為最初的模塊下達，然後他們承諾在年底前為剩餘的 20 個模塊下第二個訂單2022 年 6 月。因此，根據和解協議，我們預計將在 2022 年 6 月底之前看到第二份訂單，並將在今年交付這兩份訂單。

Yes. So Mark, the initial order is 12, right? And we've shipped via Ex Works or delivered via Ex Works 6 of those. So the remaining 8 will be ordered in June, but the expectation is in calendar year 2022, we will deliver all 20 of those modules to POSCO Energy/Korean fuel cell company, which is their subsidiary that's actually taking delivery of our modules.

是的。所以馬克，最初的訂單是 12，對吧？我們已經通過 Ex Works 發貨或通過 Ex Works 交付其中 6 個。所以剩下的 8 個將在 6 月訂購，但預計在 2022 日曆年，我們將把所有 20 個模塊交付給 POSCO Energy/Korean 燃料電池公司，這是他們實際接收我們模塊的子公司。

The other thing I would just point out about that as you think about the market for us in Korea with the settlement and you think about the installed base in Korea that we have with our technology. Through that settlement, we are the only source of providing those replacement modules on a go-forward basis. And so we expect that, that will create additional opportunity for us over time. Just on that book of business, if you will, alone.

我想指出的另一件事是，當您考慮到我們在韓國的市場和解決方案時，您會考慮到我們在韓國的技術安裝基礎。通過該解決方案，我們是在前進的基礎上提供這些替換模塊的唯一來源。因此，我們預計，隨著時間的推移，這將為我們創造更多機會。如果你願意的話，就在那本商業手冊上。

Okay. That's helpful. And actually, Jason, you started to answer my follow-up question there. Just the ability to open up the rest of the Korean market outside of POSCO. I know it's still early, but just qualitatively speaking, can you talk about any kind of inbound requests that you're getting from customers outside of POSCO in that region?

好的。這很有幫助。實際上，傑森，你開始在那裡回答我的後續問題。只是有能力打開POSCO以外的韓國市場。我知道現在還為時過早，但從質量上講，您能談談您從該地區 POSCO 以外的客戶那裡收到的任何類型的入站請求嗎？

Yes. So if you think about our existing business in Korea, and the business that POSCO had done in Korea, the customer in those markets are the gencos, so not really POSCO itself. They were -- you can think about them as formerly a channel partner for us, if you will, in that market that had rights to sell and offer our solution across Asia. So those customers, the gencos, we are seeing interest from those gencos. And in fact, our -- we have -- we've been building out a sales team there now, which we didn't have to have before because POSCO was our channel partner. And so we are actively engaged in real conversations about opportunity there. And because they tend to be larger projects, they are projects that take a little bit of time to develop. But you're talking -- the largest fuel cell platform in the world exists today, leveraging our technology in Korea and it's 59 megawatts right? So these are large-scale projects. And so we feel pretty good about our technology to serve the gencos given megawatt scale and the attractiveness of the high-grade heat that we can deliver off of our existing platform.

是的。所以如果你想想我們在韓國的現有業務，以及 POSCO 在韓國所做的業務，這些市場的客戶是 gencos，所以不是 POSCO 本身。他們是——如果你願意的話，你可以將他們視為我們以前的渠道合作夥伴，在那個有權在亞洲銷售和提供我們的解決方案的市場上。因此，這些客戶，即 gencos，我們看到了這些 gencos 的興趣。事實上，我們 - 我們已經 - 我們現在已經在那裡建立了一個銷售團隊，我們以前不需要，因為 POSCO 是我們的渠道合作夥伴。因此，我們正在積極參與關於那裡機會的真實對話。而且因為它們往往是更大的項目，所以它們是需要一點時間來開發的項目。但你說的是——當今世界上最大的燃料電池平台，利用我們在韓國的技術，它的功率為 59 兆瓦，對嗎？所以這些都是大型項目。因此，鑑於兆瓦級規模和我們可以從現有平台提供的高品位熱量的吸引力，我們對我們的技術服務感到非常滿意。

Our next question comes from Laurence Alexander with Jefferies.

我們的下一個問題來自 Jefferies 的 Laurence Alexander。

I may have missed this. Have you framed just how many megawatts of capacity are installed in Southeast Asia where replacement modules could be needed in the next 3, 5 years?

我可能錯過了這個。您是否確定了東南亞安裝了多少兆瓦的容量，未來 3、5 年可能需要更換模塊？

Yes. So in Korea with customers that were originally served, if you will, by POSCO Energy through our channel partnership for lack of a better expression. There's about 140 megawatts installed that fall into that category that ultimately beyond what module replacements POSCO Energy may have already done, beyond the module replacement that the 20 modules that we are providing to POSCO Energy or a Korean fuel cell company for replacement. Ultimately, there will be most likely additional opportunity for module replacements for the rest of the installed base.

是的。因此，在韓國，如果您願意的話，POSCO Energy 通過我們的渠道合作夥伴關係最初為客戶提供服務，因為缺乏更好的表達方式。安裝的大約 140 兆瓦屬於該類別，最終超出了 POSCO Energy 可能已經完成的模塊更換，超出了我們提供給 POSCO Energy 或韓國燃料電池公司進行更換的 20 個模塊的模塊更換。最終，很可能會有額外的機會為其餘的已安裝基礎更換模塊。

And is the module replacement economics stable that is, can we use the POSCO agreement as a proxy for the future economics? Or is that -- or how might that evolve over time?

模塊更換經濟是否穩定，即我們可以使用 POSCO 協議作為未來經濟的代理嗎？或者是 - 或者隨著時間的推移會如何演變？

I would think that over time, you could probably use that as a watermark because we would suspect that as time moves, you might see pricing move up but I would not suspect downward movement on pricing, but time and market conditions will tell, but I would suggest maybe using that as a watermark today.

我認為隨著時間的推移，您可能會將其用作水印，因為我們會懷疑隨著時間的推移，您可能會看到價格上漲，但我不會懷疑價格會下跌，但時間和市場條件會說明問題，但我建議今天將其用作水印。

Our next question comes from Leo Mariani with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Leo Mariani。

I was hoping if you could provide a little bit more information about the nature of the delays at the Toyota plant here. And then kind of what's your best guess as to when you might be able to get this up and running. And then I guess do you also have like an annualized revenue number for what you might see when that plant comes online?

我希望你能在這裡提供更多關於豐田工廠延誤性質的信息。然後是您對何時能夠啟動並運行它的最佳猜測。然後我猜你是否也有一個年化收入數字，當你在工廠上線時你可能會看到什麼？

Leo, thank you for your question. With respect to the Toyota project in Long Beach, California, that project, as we indicated a little bit earlier is in construction today as we speak. The -- that project, we suspect that we will be in delivery of that project is targeted in 2023, for delivery that project, but we'll see substantial work completed around the construction of that project in this calendar year. And so we feel good about where we are on project development for that project. We've not put out long-term revenue numbers yet on what our expectations are around that Toyota project. But it is under a long-term power purchase agreement, both for the hydrogen for that project as well as we are under a tariff in California for the power.

獅子座，謝謝你的提問。關於加利福尼亞州長灘的豐田項目，正如我們之前所說的那樣，該項目今天正在建設中。 -那個項目，我們懷疑我們將在 2023 年交付該項目，以交付該項目，但我們將在本日曆年看到圍繞該項目建設完成的大量工作。因此，我們對該項目的項目開發進展感到滿意。我們還沒有公佈我們對豐田項目的預期的長期收入數字。但這是一項長期的電力購買協議，無論是用於該項目的氫氣，還是我們在加利福尼亞州的電力關稅之下。

Okay. No, that's helpful for sure. And I guess, just wanted to jump over to your 14-megawatt Derby, Connecticut project that seems obviously very sizable in the portfolio. Do you guys have a better sense of what roughly the in-service plan is there in terms of date when that might come online?

好的。不，這肯定有幫助。而且我想，只是想跳到康涅狄格州的 14 兆瓦德比項目，該項目在投資組合中顯然非常大。你們對可能上線的日期方面的服務計劃大致有什麼更好的了解嗎？

Yes, Leo, thank you for the question. This is Michael Lisowski, Chief Operating Officer with FuelCell Energy. We have mobilized and launched the construction phase and site civil construction as well as mechanical assembly of our Derby project. And we have made significant progress in equipment deliveries and mechanical assembly this year. In parallel with that work, we're continuing to advance the electrical interconnection process that's required for this facility to come online. So both of those, I'll call it, key milestone activities are continuing to advance well, and we're moving that project forward and advancing it towards commercial operation. I would say you can expect to see continued advancement of the project through the balance of the calendar year and looking ahead to commercial operation in 2023.

是的，Leo，謝謝你的提問。我是 FuelCell Energy 首席運營官 Michael Lisowski。我們已經動員並啟動了德比項目的施工階段和現場土建施工以及機械組裝。今年我們在設備交付和機械組裝方面取得了重大進展。在開展這項工作的同時，我們將繼續推進該設施上線所需的電氣互連流程。因此，我將其稱為這兩項關鍵里程碑活動都在繼續順利推進，我們正在推進該項目並將其推進商業運營。我想說，您可以期待在日曆年的剩餘時間內看到該項目的持續推進，並展望 2023 年的商業運營。

Okay. So some kind of 2023 start-up. Okay. That's helpful. And then just on your Exxon JV, correct me if I'm wrong, but I think that was maybe scheduled to expire sometime in April. Obviously, you hit a milestone recently. Is that in process of like being extended or re-upped here, can you tell us about that?

好的。所以某種2023年的啟動。好的。這很有幫助。然後就在您的埃克森合資企業上，如果我錯了，請糾正我，但我認為這可能計劃在 4 月的某個時間到期。顯然，你最近達到了一個里程碑。是否正在在這裡擴展或重新升級，您能告訴我們嗎？

Yes. So the current JDA 2, as we call it, is set to expire at the end of April. However, we are in discussions with Exxon about the next phase of what we do from both the development work that we're doing in addition to the prospects around the demonstration project in Rotterdam, which Exxon has publicly talked about. So the way that you could think about it is the milestone that we hit like I indicated earlier, is the mile marker that indicates that the technology can do the things that we need to be able to demonstrate that we can be effective in capturing carbon as well as producing power at the same time.

是的。因此，我們稱之為當前的 JDA 2 將於 4 月底到期。但是，我們正在與埃克森美孚討論下一階段的工作，包括我們正在進行的開發工作以及埃克森美孚公開談論的鹿特丹示範項目的前景。因此，您可以想到的方式是我們達到的里程碑，就像我之前指出的那樣，是里程標記，表明該技術可以做我們需要能夠證明我們可以有效捕獲碳的事情同時發電。

As a result of hitting that milestone, that gives us more confidence around the extended nature or opportunity that exists between us and Exxon. And as you know, I can't speak for Exxon, but Exxon has created through their reorganization a separate business unit that's called their Low Carbon business unit. And one of the aspects of that business unit is delivering carbon capture as a solution for their company. And so we will work very collaboratively with Exxon as we have done over the last, I believe, 10 years we've worked together. And so we're in the process of negotiating what the next phase of our development relationship looks like.

由於達到了這一里程碑，這讓我們對我們與埃克森美孚之間存在的擴展性質或機會更有信心。如您所知，我不能代表埃克森美孚，但埃克森美孚通過重組創建了一個獨立的業務部門，稱為低碳業務部門。該業務部門的一個方面是為他們的公司提供碳捕獲作為解決方案。因此，我們將與埃克森美孚密切合作，就像我們過去所做的那樣，我相信，我們已經合作了 10 年。因此，我們正在就我們發展關係的下一階段進行談判。

That's helpful color. And then just lastly, we did talk about expectations for other revenues outside of POSCO in South Korea. Would you expect those to be significant here in fiscal year '22? Or do you think that's more of a fiscal year '23?

這是有用的顏色。最後，我們確實談到了對韓國 POSCO 以外其他收入的預期。您是否認為這些在 22 財年會很重要？還是您認為這更像是 23 財年？

Just in terms of the time it takes on these projects and even if you get an order 60 days from now, right, to be able to put that order into our production schedule, ship a project, do all the permitting, all the things that you need to do, the construction around that project, you should probably think about that more as a '23 than '22 in terms of actually being able to realize revenues around that.

僅就這些項目所花費的時間而言，即使您在 60 天后收到訂單，對，能夠將該訂單放入我們的生產計劃，運送項目，完成所有許可，所有事情您需要圍繞該項目進行建設，就實際能夠實現收入而言，您可能應該將其更多地考慮為 23 年而不是 22 年。

(Operator Instructions) Our next question comes from the line of Chris Souther with B. Riley.

（操作員說明）我們的下一個問題來自 Chris Souther 和 B. Riley 的台詞。

Can you maybe talk a little bit about the software projects in Canada. Maybe just of those 3 joint owners, you're working with who are you working with the most in development there. I want to get a sense of how this could develop more future opportunities to collaborate with any or all of your Canadian Natural resources, Chevron or Shell? That would be great.

你能談談加拿大的軟件項目嗎？也許就在這 3 個共同所有者中，您正在與在開發中與您合作最多的人一起工作。我想了解這將如何開發更多未來與您的任何或所有加拿大自然資源、雪佛龍或殼牌合作的機會？那很好啊。

Chris, thank you for your question. I'll ask Tony Leo, our Chief Technology Officer, to speak about the project and the work that we're doing with all of the partners that are engaged on this opportunity.

克里斯，謝謝你的提問。我將請我們的首席技術官 Tony Leo 談談這個項目以及我們與所有參與此機會的合作夥伴所做的工作。

Yes, you're right. It is a consortium of different oil sands companies, including some support from some Canadian government entities. The lead for the project is Canadian Natural, CNRL. And so there, our principal contact there. It is a shell upgrader. It is jointly owned between Shell and CNRL and a few others, but it's operated by Shell. But our prime -- the leader of that consortium is CNRL.

你是對的。它是一個由不同油砂公司組成的財團，其中包括一些加拿大政府實體的支持。該項目的牽頭人是加拿大自然基金會，CNRL。所以在那裡，我們的主要聯繫人。它是一個外殼升級程序。它由殼牌和 CNRL 以及其他一些公司共同擁有，但由殼牌運營。但我們的主要成員——該聯盟的領導者是 CNRL。

And maybe, Tony, you can just very quickly describe the carbon capture that we'll actually demonstrate from the upgrade facility itself.

也許，托尼，您可以非常快速地描述我們將從升級設施本身實際展示的碳捕獲。

Yes. And so one way to think about that is that as we work on optimizing the performance of ourselves and our stacks for carbon capture with ExxonMobil and just improving the technology in general, we do have the technology. The units that we make today in our Torrington factory are capable of doing carbon capture. And those units can be suitable to do certain projects that have a very high CO2 value or power value or demonstration projects. And this is a demonstration of capture from some of the process heaters in that upgrade facility, which we'll be capturing CO2 from these process heaters as opposed to say a power plant or something like that. It's a good demonstration opportunity. There are a variety of different options that they're looking at for what to do with the captured CO2. Also, there will be more to come on that, but it just happens to be -- it's a prime focus decarbonizing the oil sands industry in general, and they view this as a really attractive way to do that.

是的。因此，一種思考方式是，當我們致力於優化我們自己和埃克森美孚的碳捕獲電堆的性能時，我們只是在總體上改進技術，我們確實擁有這項技術。我們今天在 Torrington 工廠製造的裝置能夠進行碳捕獲。並且這些單位可以適合做某些具有非常高的二氧化碳值或功率值的項目或示範項目。這是從該升級設施中的一些過程加熱器捕獲的演示，我們將從這些過程加熱器中捕獲二氧化碳，而不是說發電廠或類似的東西。這是一個很好的展示機會。他們正在尋找各種不同的選擇來處理捕獲的二氧化碳。此外，還會有更多的事情發生，但它恰好是 - 這是整個油砂行業脫碳的主要焦點，他們認為這是一種非常有吸引力的方式。

Our next question comes from Praneeth Satish with Wells Fargo.

我們的下一個問題來自富國銀行的 Praneeth Satish。

Just wondering if you could give us an update on your gross margin expectations for the year? I guess, how much of the gross margin in Q1 was kind of weighed down by the inflationary pressures that we're seeing? And I guess when do you expect gross margin to turn positive. Just any commentary around margins would be helpful.

只是想知道您是否可以向我們提供有關您今年毛利率預期的最新信息？我想，第一季度的毛利率有多少受到我們所看到的通脹壓力的拖累？我猜你什麼時候預計毛利率會轉正。任何關於利潤的評論都會有所幫助。

Sure. This is Mike. Thank you. Thanks for joining the call. So I'll provide a couple of comments around gross margin. And really, in the first quarter, it really wasn't weighed down by supply chain issues or cost pressures. We generally have long-term contracts in place for our materials. But a couple of things coming through gross margin that I would highlight.

當然。這是邁克。謝謝你。感謝您加入通話。因此，我將提供一些關於毛利率的評論。實際上，在第一季度，它並沒有受到供應鏈問題或成本壓力的拖累。我們通常為我們的材料簽訂長期合同。但是我要強調的有幾件事是通過毛利率來實現的。

On the product side of the business, we did have a $1 million impairment charge as well as about $2 million of variances and absorption costs. When you back that out of product and these are disclosed in our 10-Q, when you back that out of product, you'd see around a 16% margin on the sales of those modules.

在業務的產品方面，我們確實有 100 萬美元的減值費用以及大約 200 萬美元的差異和吸收成本。當您從產品中支持它並且這些在我們的 10-Q 中披露時，當您從產品中支持它時，您會看到這些模塊的銷售利潤率約為 16%。

Also on generation, we have nonrecoverable costs coming through related to the Toyota project of about $3 million. And there's -- as we disclosed, there's also depreciation expense that comes through the generation portfolio. So we like to look at the generation portfolio on an EBITDA basis. And when you take those 2 numbers out, you're looking at about a 45% EBITDA margin on the generation portfolio. And we've said historically that we target 45% to 50% EBITDA margins there. So those are the comments that I'd make around our Q1 margins, and we do not put out annual targets around margins or guidance.

同樣在發電方面，我們有大約 300 萬美元的與豐田項目相關的不可收回成本。還有——正如我們所披露的，還有來自發電組合的折舊費用。因此，我們希望在 EBITDA 的基礎上查看發電組合。當你去掉這兩個數字時，你會看到發電投資組合的 EBITDA 利潤率約為 45%。我們曾說過，我們的目標是在那裡實現 45% 到 50% 的 EBITDA 利潤率。所以這些是我對第一季度利潤率的評論，我們沒有圍繞利潤率或指導制定年度目標。

Got it. No, that's helpful. And then just my second question here is just if you could give us an update on your solid oxide commercialization progress. I guess where does that stand today? And then where do you expect that to be most meaningful in terms of industries applications. I mean you mentioned in South Korea, it's more going to be your carbonate platform. So where do you expect the most success on the solid oxide side?

知道了。不，這很有幫助。然後我的第二個問題是您是否可以向我們提供有關您的固體氧化物商業化進展的最新信息。我猜今天它在哪裡？然後你認為這在行業應用方面最有意義。我的意思是你在韓國提到過，它更像是你的碳酸鹽平台。那麼，您認為固體氧化物方面最成功的地方在哪裡？

This is Jason. And then I'll also ask Tony maybe to comment on this as well. We've now demonstrated a couple of different things with our solid oxide technology. We've demonstrated the ability to have an efficiency -- electrical efficiency of 92-plus percent. So in other words, converting electricity and water and to hydrogen. We are working on a project and we'll do another demonstration where we'll show this year in working with Idaho National Labs from a nuclear application standpoint to show leveraging nuclear power and waste to be at 100% electrical efficiency. And so we are very actively advancing the commercialization of that platform.

這是傑森。然後我也會請託尼對此發表評論。我們現在已經用我們的固體氧化物技術展示了一些不同的東西。我們已經展示了實現效率的能力——電氣效率超過 92%。換句話說，將電和水轉化為氫。我們正在開展一個項目，我們將在今年與愛達荷國家實驗室合作，從核應用的角度展示如何利用核能和廢物達到 100% 的電力效率，然後再進行一次演示。因此，我們正在非常積極地推進該平台的商業化。

And as we've indicated even on our last quarter call, we now -- given the strengthening of our balance sheet, we are making more investments in that commercialization effort than we have historically. We think that the efficiency that we have, given that we're a high temperature fuel cell the architecture that we've chosen to leverage in our design gives us some advantages as it relates to efficiency.

正如我們在上個季度的電話會議上所指出的那樣，我們現在——鑑於我們的資產負債表的加強，我們在商業化方面的投資比以往任何時候都多。我們認為，鑑於我們是高溫燃料電池，我們在設計中選擇利用的架構為我們提供了與效率相關的一些優勢。

So we think that as you look to long-duration energy storage applications, the efficiency of our platform will play quite well in that type of an application. Given the size and distributed nature of the platform, we believe, whether you're talking about producing hydrogen that's gray, blue or green. The ability to deploy our platform with high efficiency can be used at a number of different industrial applications, including things like manufacturing of steel or cement, provide the heat values that you need. So we believe overall that hydrogen has the ability to be either a replacement or additive to all of the work that's going on around clean fuels and particularly around the hard-to-electrify heavy industrial type opportunities, and we think that will play quite favorably there given the efficiency of our platform. And Tony, I don't know if you would add anything else.

因此，我們認為，當您關注長期儲能應用時，我們平台的效率將在此類應用中發揮出色。鑑於平台的規模和分佈性質，我們相信，無論您是在談論生產灰色、藍色還是綠色的氫氣。高效部署我們平台的能力可用於許多不同的工業應用，包括鋼鐵或水泥的製造，提供您需要的熱值。因此，總體而言，我們認為氫有能力成為圍繞清潔燃料進行的所有工作的替代品或添加劑，特別是圍繞難以電氣化的重工業類型機會，我們認為這將在那裡發揮相當大的作用鑑於我們平台的效率。托尼，我不知道你是否會添加任何其他內容。

The one thing I would add is that our focus has been developing solid oxide platform that is versatile, and that can address power generation applications, electrolysis applications and energy storage, and we demonstrated the power generation application a couple of years ago actually in a field trial that we did in Pittsburgh. We've demonstrated the electrolysis, as Jason mentioned, at our labs in Danbury and later this year at INL. And if you think about this high-efficiency electrolysis, the high-efficiency power generation, combine those together with storage hydrogen and then you've got a really effective energy storage systems. So we're pretty happy with where we are in the technology for solid oxide right now.

我要補充的一件事是，我們的重點一直是開發多功能的固體氧化物平台，可以解決發電應用、電解應用和儲能應用，幾年前我們實際上在一個領域中展示了發電應用我們在匹茲堡進行的試驗。正如 Jason 所說，我們已經在丹伯里的實驗室和今年晚些時候在 INL 演示了電解。如果你考慮一下這種高效電解，即高效發電，將它們與儲存氫結合在一起，那麼你就擁有了一個非常有效的能量儲存系統。因此，我們對目前固體氧化物技術所處的位置非常滿意。

And then Praneeth, I'd like to just go back to one thing that you also said as it relates to Korea, beyond our carbonate platform, which we see as a more immediate opportunity, right. We also believe that our solid oxide technology has an opportunity to compete very effectively in that market as well as we commercialize that technology. So today, if we look at things that are on the shelf, that's our carbonate platform, but we absolutely see opportunity for our solid oxide business in Korea as well. The government has a very strong commitment, publicly stated commitment to making hydrogen a big part of the energy economy there.

然後 Praneeth，我想回到你所說的與韓國有關的一件事，超越我們的碳酸鹽平台，我們認為這是一個更直接的機會，對吧。我們還相信，我們的固體氧化物技術有機會在該市場上非常有效地競爭，並且我們將該技術商業化。所以今天，如果我們看看貨架上的東西，那就是我們的碳酸鹽平台，但我們絕對看到了我們在韓國的固體氧化物業務的機會。政府有一個非常堅定的承諾，公開承諾使氫成為當地能源經濟的重要組成部分。

Our next question comes from Eric Stine with Craig Hallum.

我們的下一個問題來自 Eric Stine 和 Craig Hallum。

I'll just sneak one in here at the end. I might have missed it. Just curious if you -- maybe this is something you wait for the Investor Day next week, but just curious if you would update the targeted breakeven megawatt level for the generation portfolio.

最後我會偷偷溜進去一個。我可能錯過了。只是好奇您是否-也許這是您等待下週投資者日的事情，但只是好奇您是否會更新發電投資組合的目標盈虧平衡兆瓦級水平。

Eric, this is Mike. So a little bit of color on the generation portfolio. This quarter, we finished commercial -- or we finished construction and entered commercial operation for the LIPA Yaphank project that brings the operating portfolio to 41.4 megawatts. If you look at what we have in backlog for the balance of the portfolio, it's another 33.9 megawatts, all up and running. When these projects are built over the medium term that will bring the total portfolio to 75 megawatts.

埃里克，這是邁克。所以一代產品組合上有一點顏色。本季度，我們完成了商業化——或者我們完成了 LIPA Yaphank 項目的建設並進入商業運營，該項目使運營組合達到 41.4 兆瓦。如果您查看我們積壓的投資組合餘額，還有 33.9 兆瓦，全部啟動並運行。當這些項目在中期建成時，總投資組合將達到 75 兆瓦。

As far as revenues, last year, we had about approximately $24 million of revenues come through the financial statements related to the generation portfolio that will obviously grow with the LIPA project coming online and other assets as they come online. We haven't really put out a breakeven target. But what we said, as I said in one of my earlier responses, is we do target EBITDA margins for the portfolio in the 45% to 50% range is really what the company targets.

就收入而言，去年，我們大約有 2400 萬美元的收入來自與發電組合相關的財務報表，隨著 LIPA 項目的上線和其他資產的上線，發電組合顯然會增長。我們還沒有真正提出盈虧平衡目標。但是，正如我在之前的一份回復中所說，我們所說的是，我們確實將投資組合的 EBITDA 利潤率目標在 45% 到 50% 的範圍內，這確實是公司的目標。

Got it. I think in the past, you've given a 50-megawatt kind of level? I mean -- and I know that there was some dependence on what your level of product sales would be as well, but I guess it seems like that's a number that probably is fairly appropriate, all things considered?

知道了。我想在過去，你已經給出了 50 兆瓦的級別？我的意思是——我知道這也取決於你的產品銷售水平，但我想這似乎是一個相當合適的數字，考慮到所有因素？

So yes, so I see where you're going with the question there. So one of the reasons why the company strategically went down the path of building out this portfolio was to have a portfolio of long-term contracts. And if you look at the average life of these contracts, it's over 15 years right, with Tier 1 customers that will be producing recurring revenues and cash flows for a long period of time, which obviously helps the EBITDA profile of the company.

所以是的，所以我知道你在哪裡解決這個問題。因此，公司戰略性地走上構建這個投資組合的道路的原因之一是擁有一個長期合同組合。如果您查看這些合同的平均期限，就會發現超過 15 年，一級客戶將在很長一段時間內產生經常性收入和現金流，這顯然有助於公司的 EBITDA 形象。

Now with product sales coming back online as well, that improves the profile, obviously, because we'll get gross margin from those sales. So we really haven't put out a target that says, okay, if we do 50 megawatts a year of production, the company is either gross margin or EBITDA positive. But as we continue to grow, mature, have a larger backlog, we'll look at putting out some of those guideposts again in the future.

現在隨著產品銷售也重新上線，這顯然改善了形象，因為我們將從這些銷售中獲得毛利率。所以我們真的沒有提出一個目標，如果我們每年生產 50 兆瓦，公司要么是毛利率，要么是 EBITDA 正數。但隨著我們繼續成長、成熟、積壓更多，我們將考慮在未來再次推出其中一些指南。

We have run out of time for Q&A on today's call. I'll turn the call back over to Jason Few for closing remarks.

在今天的電話會議上，我們已經沒有時間進行問答了。我會將電話轉回給 Jason Few 進行結束髮言。

Chantelle, thank you. Thank you again for joining us today. We will continue to execute on our Powerhouse business strategy working to deliver growth and optimize returns. The FuelCell Energy team is excited about our work to deliver on our purpose of enabling a world empowered by clean energy and we are excited to deepen the understanding of the company's platforms, opportunities and priorities next week during our Investor Day.

尚特爾，謝謝。再次感謝您今天加入我們。我們將繼續執行我們的 Powerhouse 業務戰略，努力實現增長和優化回報。 FuelCell Energy 團隊很高興我們的工作能夠實現我們的目標，即實現一個由清潔能源賦能的世界，我們很高興在下週的投資者日期間加深對公司平台、機會和優先事項的理解。

Finally, I again want to offer our prayers and support to the people of Ukraine and all of those impacted. Thank you for joining, and have a great day.

最後，我再次向烏克蘭人民和所有受影響的人祈禱和支持。感謝您的加入，祝您有美好的一天。

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

今天的電話會議到此結束。您現在可以斷開連接。