Fluence Energy Inc (FLNC) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Fluence Energy first-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Fluence Energy 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I'd now like to hand the conference over to your first speaker today, Lexington May, Vice President of Finance and Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者、財務和投資者關係副總裁 Lexington May。請繼續。

Thank you. Good morning, and welcome to Fluence Energy's first-quarter 2025 earnings conference call. A copy of our earnings presentation, press release and supplementary metric sheet covering financial results, along with supporting statements and schedules, including reconciliations and disclosures regarding non-GAAP financial measures are posted on the Investor Relations section of our website at fluenceenergy.com.

謝謝。早上好，歡迎參加 Fluence Energy 2025 年第一季財報電話會議。我們的收益報告、新聞稿和涵蓋財務結果的補充指標表的副本，以及支持性聲明和附表，包括有關非 GAAP 財務指標的對帳和揭露，均發佈在我們網站 fluenceenergy.com 的投資者關係部分。

Joining me on this morning's call are Julian Nebreda, our President and Chief Executive Officer, and Ahmed Pasha, our Chief Financial Officer.

參加今天早上電話會議的還有我們的總裁兼執行長朱利安·內布雷達 (Julian Nebreda) 和財務長艾哈邁德·帕夏 (Ahmed Pasha)。

During the course of this call, Fluent's management may make certain forward-looking statements regarding various matters related to our business and company that are not historical facts. Such statements are based upon the current expectations and certain assumptions and are, therefore, subject to certain risks and uncertainties. Many factors could cause actual results to differ materially. Please refer to our SEC filings for our forward-looking statements and for more information regarding certain risks and uncertainties that could impact our future results.

在本次電話會議過程中，Fluent 的管理階層可能會就與我們的業務和公司相關的各種事項做出某些前瞻性陳述，這些陳述並非歷史事實。此類聲明是基於當前預期和某些假設，因此會受到某些風險和不確定性的影響。許多因素可能導致實際結果大不相同。請參閱我們向美國證券交易委員會提交的文件，以了解我們的前瞻性聲明以及可能影響我們未來業績的某些風險和不確定性的更多資訊。

You are cautioned to not place undue reliance on these forward-looking statements. which speak only as of today. Also, please note that the company undertakes no duty to update or revise forward-looking statements for new information.

請注意不要過度依賴這些前瞻性陳述。僅代表今天的觀點。另請注意，本公司不承擔更新或修改前瞻性陳述以獲取新資訊的義務。

This call will also reference non-GAAP measures that we view as important in assessing the performance of our business. A reconciliation of these non-GAAP measures to the most comparable GAAP measure is available in our earnings materials on the company's Investor Relations website. Following our prepared comments, we will conduct a question-and-answer session with our team. (Operator Instructions)

本次電話會議也將參考我們認為對評估業務績效重要的非公認會計準則指標。這些非 GAAP 指標與最具可比性的 GAAP 指標的對帳表可在公司投資者關係網站上的收益資料中找到。根據我們準備好的評論，我們將與我們的團隊進行問答環節。（操作員指令）

Thank you very much. I'll now turn the call over to Julian.

非常感謝。現在我將電話轉給朱利安。

Thank you, Lex. I would like to extend a warm welcome to our investors, analysts and employees who are participating in today's call. I will review our Q1 results briefly and then provide an update on our business and financial outlook. Ahmed will then go into more detail on our financial results.

謝謝你，萊克斯。我謹向參加今天電話會議的投資者、分析師和員工表示熱烈的歡迎。我將簡要回顧我們的第一季業績，然後提供有關我們的業務和財務前景的最新資訊。然後艾哈邁德將更詳細地介紹我們的財務表現。

Beginning on slide 4. We continue to see a very strong battery storage market with the US as a cornerstone. We have carved out a solid competitive advantage with our domestic content offering where we continue to see strong interest from customers. This has been a key driver of the growth of our backlog, which is now at a record $5.1 billion. Our diversified supply chains, particularly our US domestic content strategy allows us to mitigate the potential impact of current geopolitical uncertainty that we expect will continue for the foreseeable future.

從投影片 4 開始。我們繼續看到以美國為基石的非常強勁的電池儲存市場。我們透過提供國內內容贏得了堅實的競爭優勢，並持續受到客戶的強烈關注。這是我們積壓訂單成長的主要驅動力，目前我們的積壓訂單已達到創紀錄的 51 億美元。我們多樣化的供應鏈，特別是我們的美國國內內容策略，使我們能夠減輕當前地緣政治不確定性的潛在影響，我們預計這種不確定性將在可預見的未來持續下去。

Looking at our first quarter performance. First, we generated $187 million of revenue, with a 12.5% adjusted gross margins. Revenue was significantly lower than fiscal Q1 2024 and resulting from our fiscal '25 back-end-weighted plan as discussed in our prior earnings call.

回顧我們第一季的表現。首先，我們創造了 1.87 億美元的收入，調整後的毛利率為 12.5%。營收顯著低於 2024 財年第一季度，這是由於我們在先前的財報電話會議上討論的 25 財年後端加權計劃所致。

Second, we continue to add to our backlog with another strong quarter of more than $770 million in order intake. This propels our backlog to a record $5.1 billion, providing a high degree of visibility to future revenue growth.

其次，我們持續增加訂單積壓量，本季訂單量強勁，超過 7.7 億美元。這使我們的積壓訂單達到創紀錄的 51 億美元，為未來收入成長提供了高度的可視性。

Third, our annual recurring revenue, or ARR, was $106 million, which is an increase of $6 million from the previous quarter. We are on track to achieve our $145 million ARR target by the end of the fiscal year.

第三，我們的年度經常性收入（ARR）為 1.06 億美元，比上一季增加了 600 萬美元。我們預計在本財年結束前實現 1.45 億美元的 ARR 目標。

Finally, we ended the quarter with more than $650 million of total cash, which puts us in a strong position to continue investing in our products and delivering value to our customers.

最後，我們在本季結束時擁有超過 6.5 億美元的現金總額，這使我們能夠繼續投資於我們的產品並為客戶提供價值。

Turning to slide 5. We are providing an update to our fiscal year '25 guidance. We now expect revenue between $3.1 billion and $3.7 billion with a midpoint of $3.4 billion. This is a $600 million reduction from the midpoint of our prior guidance, which is due mostly to delays in the expected signing of contracts for three projects in Australia.

翻到幻燈片 5。我們正在對 25 財年指引進行更新。我們現在預計營收在 31 億美元至 37 億美元之間，中間值為 34 億美元。這比我們之前預期的中位數減少了 6 億美元，這主要是由於澳洲三個項目的預期合約簽署延遲。

The delays were project specific. One was delayed for permitting issues related to traffic control and other due to recent delays in the corresponding customer offtake agreement and the said project is located at a brownfield site where it took longer to prepare the site than expected. All these contract delays were unique, right, and systemic and do not represent a cooldown of the Australia and storage market.

這些延誤與工程有關。其中一個項目因相應的客戶承購協議最近延遲而導致與交通管制和其他許可問題而被推遲，並且該項目位於棕地現場，現場準備時間比預期的要長。所有這些合約延遲都是獨特的、正確的和系統性的，並不代表澳洲和儲存市場的降溫。

The issues affecting these three projects are now resolved or are close to resolution. We expect to sign all three contracts later this year, with revenue to be recognized in fiscal '26. The midpoint of our revised revenue guidance is approximately 85% covered by contracts in our backlog and revenue recognized to date. This coverage ratio exceeds the coverage ratio we had at this fall in fiscal '24 and fiscal '23. The new guidance midpoint abate disappoint still represents approximately 26% growth from fiscal '24.

影響這三個項目的問題現已解決或接近解決。我們預計將在今年稍後簽署全部三份合同，並將在26財年確認收入。我們修訂後的收入預期的中點約有 85% 由我們積壓的合約和迄今為止確認的收入覆蓋。這一覆蓋率超過了 24 財年秋季和 23 財年的覆蓋率。新的指導中點雖然令人失望，但仍比 24 財年增長了約 26%。

Turning to slide 6. The strong demand for battery and storage in our markets continue to attract competition, especially from Chinese players trying to preempt trade restrictions and compensate for underperformance in the Chinese market. Recently, we have seen Chinese players intensify their competitive position in international markets, exerting significant pressure on pricing to win contracts. We believe this competitive environment will continue. And as I will discuss later, we are making the required investments in product development to compete successfully. However, as I will address shortly, this competitive environment is putting pressure on our fiscal '25 margins.

翻到幻燈片 6。我們市場對電池和儲能的強勁需求持續吸引競爭，特別是來自試圖搶佔貿易限制並彌補中國市場表現不佳的中國企業的競爭。近期，我們看到中國企業不斷加強在國際市場的競爭地位，為贏得合約在定價方面施加了巨大壓力。我們相信這種競爭環境將會持續下去。正如我稍後將要討論的，我們正在對產品開發進行必要的投資，以在競爭中取得成功。然而，正如我稍後將提到的，這種競爭環境給我們的 25 財年利潤率帶來了壓力。

We recognize that the key to our success in the face of this increased competition is our ability to continuously innovate our technology, which should lead to superior performance, competitive pricing or reliable supply chains and better security of our products, putting the customer at the center of our efforts and ensuring we are the best technology partner to support their project objectives has been the foundation of our success to date and supports our continued leadership position in the market. In response to the increased competition from Chinese players, we have accelerated a product development program.

我們認識到，面對日益激烈的競爭，我們成功的關鍵在於我們不斷創新技術的能力，這將帶來卓越的性能、有競爭力的價格或可靠的供應鏈以及更好的產品安全性，把客戶放在我們努力的中心，確保我們是支持其項目目標的最佳技術合作夥伴，這是我們迄今為止成功的基礎，並支持我們在市場上繼續保持領先地位。為了因應來自中國企業日益激烈的競爭，我們加快了產品開發計畫。

To that end, I would like to highlight a new product platform that we will be launching as part of a customer road show this Thursday, February 13. We expect to see the benefit of this new platform beginning in fiscal '26. This platform will put us in an industry-leading position in terms of density, something our customers are increasingly request to reduce their footprint and costs. The design will be an AC block incorporating the inverter and other balance of plant equipment within the enclosure.

為此，我想重點介紹我們將於 2 月 13 日星期四在客戶路演中推出的新產品平台。我們預計從26財年開始就能看到這個新平台帶來的好處。該平台將使我們在密度方面處於行業領先地位，而我們的客戶越來越多地要求降低其佔用空間和成本。該設計將是一個交流電塊，其中包含逆變器和外殼內的其他設備平衡。

The new platform also offers a lower cost point arising from its high density, modular design, faster installation, and reduce operating costs. This will provide our customers with a significant reduction in their required investments and their total cost of ownership over the life of the project. The new design in conjunction with our digital capabilities and services offering will allow us to offer our customers 99% availability, which represents industry-leading performance. We can achieve this performance with a seamless integration of our hardware, proprietary controls, digital tools and service offering.

新平台還因其高密度、模組化設計、更快的安裝速度以及降低的營運成本而提供了更低的成本。這將有助於我們的客戶大幅減少所需投資以及專案整個生命週期內的總擁有成本。新的設計與我們的數位能力和服務相結合，使我們能夠為客戶提供 99% 的可用性，這代表了行業領先的性能。我們可以透過無縫整合我們的硬體、專有控制、數位工具和服務產品來實現這一性能。

The platform will also offer industry-leading safety features similar to the element found in a proprietary Cube and [Gretaro] product line, which includes our [beyond] burn certification, but now at a much higher vast. This new platform will integrate our most recent developments in cybersecurity, which will provide confidence that our customers, regulators and communities require to ensure the security of their power grids.

該平台還將提供業界領先的安全功能，類似於專有 Cube 和 [Gretaro] 產品線中的元素，其中包括我們的 [beyond] 燒傷認證，但現在級別要高得多。這個新平台將整合我們在網路安全方面的最新發展，為我們的客戶、監管機構和社區提供確保電網安全所需的信心。

This new platform will also enable faster realization of project investments as we continue to reduce our integration psychotax, which we aim to reduce to 12 months from 18 months historically. All these factors are critical to enable our customers to achieve the lower total cost of ownership across the project life, leading to a higher return on their investments. This new platform will be the most substantial generational change for Fluence since the introduction of the Gen 6 Q.

隨著我們繼續減少整合心理稅，這個新平台也將使專案投資更快實現，我們的目標是將其從歷史上的 18 個月縮短至 12 個月。所有這些因素對於使我們的客戶在整個專案生命週期內實現更低的整體擁有成本從而獲得更高的投資回報至關重要。自從推出第六代 Q 以來，這個新平台將成為 Fluence 最重大的世代變革。

Because of a significant benefits to customers, particularly the lower total cost of ownership and improved performance, we plan to price the product competitively, while securing gross margins within our range of 10% to 15%. This new platform also provides a foundation to continue product development that would allow us to accelerate our innovation road map going forward. We believe the speed of our innovation is key to our success.

由於為客戶帶來了顯著的利益，特別是降低了整體擁有成本並提高了性能，我們計劃以有競爭力的價格提供產品，同時確保毛利率在 10% 至 15% 的範圍內。這個新平台也為繼續產品開發提供了基礎，使我們能夠加快未來的創新路線圖。我們相信創新的速度是我們成功的關鍵。

Turning to slide 7. I'm pleased to report that our backlog as of December 31 was $5.1 billion, and includes volume of 18.5 gigawatt hours. This is the highest level in our history, representing a year-over-year increase of 38% in value and more than double in terms of volume. This growth reflects the strong elasticity of demand for our technology, which supports our continuous growth in terms of both revenue and volume despite declining prices. Our backlog provides us with strong visibility to future revenue and positions us well to continue growth in our recurring services and digital businesses.

翻到幻燈片 7。我很高興地報告，截至 12 月 31 日，我們的積壓訂單為 51 億美元，其中包括 18.5 千兆瓦時的電量。這是我們歷史上的最高水平，價值年增 38%，數量增加一倍以上。這一成長反映了對我們技術的需求具有強大的彈性，儘管價格下降，但這仍然支持我們的收入和銷售持續成長。我們的積壓訂單為我們提供了未來收入的強大可見性，並為我們繼續在經常性服務和數位業務上實現成長奠定了良好基礎。

Turning to slide 8. The size of our pipeline continues to reflect the strong growth prospects for energy storage. As a reminder, our pipeline reflects a rolling 24-month view thus giving us confidence in our ability to continue our growth trajectory. Since the end of the previous quarter, we have increased our pipeline by $500 million to $21.4 billion currently. This is particularly impressive, considering that during the first quarter, we converted more than $700 million into backlog. To provide more perspective, our pipeline has increased 60% from this time last year, which reflects significant growth prospects for energy storage globally.

翻到幻燈片 8。我們的管道規模持續反映出能源儲存強勁的成長前景。提醒一下，我們的產品線反映了未來 24 個月的滾動前景，因此我們對繼續保持成長軌蹟的能力充滿信心。自上一季末以來，我們的投資管道增加了 5 億美元，目前達到 214 億美元。考慮到我們在第一季將超過 7 億美元的訂單轉化為積壓訂單，這一點尤其令人印象深刻。從更多角度來看，我們的產品線比去年同期增加了 60%，這反映了全球能源儲存的巨大成長前景。

We continue to see a very robust international market, which will further diversified our geographic mix in the coming years. Nearly half of our $21.4 billion pipeline is in the US market and the rest in the international markets, with Germany, Australia, Canada and Chile, representing the bulk of it.

我們繼續看到非常強勁的國際市場，這將在未來幾年進一步使我們的地理組合多樣化。在我們的 214 億美元產品線中，近一半在美國市場，其餘在國際市場，其中大部分是德國、澳洲、加拿大和智利。

Turning to slide 9. I would like to provide an update on the US energy storage market, where growth continues to surpass expectations. First, we expect power demand to increase to more than 5,000 terawatt hours by 2030, which represents a 2.4% CAGR from 2022 to 2030. This anticipated robust growth is driven by data center growth, domestic manufacturing and sector-wide electrification.

翻到第 9 張投影片。我想提供美國能源儲存市場的最新情況，該市場的成長繼續超出預期。首先，我們預計到 2030 年電力需求將增加到 5,000 太瓦時以上，這意味著 2022 年至 2030 年的複合年增長率為 2.4%。預期的強勁成長是由資料中心的成長、國內製造業和全產業電氣化所推動的。

Second, battery storage is becoming more mainstream in the Americas, but the storage installation increased 83% year-over-year to more than 45 gigawatt hours in 2024. This robust growth is reflected in the interconnection fees for major US markets. Across the entire US interconnection queue, battery storage is second only to solar in gigawatts of interconnection request. For example, in ERCOT, battery storage represents 43% of the outstanding grid connection applications. And in CAISO, battery storage represents an even larger contribution at 68%.

其次，電池儲存在美洲正變得越來越主流，但儲存安裝量年增 83%，到 2024 年將超過 45 千兆瓦時。這一強勁成長體現在美國主要市場的互聯互通費。在整個美國互連隊列中，電池儲能在互連請求的千兆瓦數上僅次於太陽能。例如，在 ERCOT，電池儲存佔未完成電網連接應用的 43%。在加州獨立系統營運商 (CAISO)，電池儲存的貢獻率甚至更高，達到 68%。

Turning to slide 10 and continuing with our discussion of the US market. I'd like to review some of the recent policy analysis at headlines since our last call. Starting with trade-related headlines, our US domestic content strategy and our proactive initiatives, especially with respect to supply chain, puts us in an excellent position to successfully weather the change in US trade ports.

翻到第 10 張投影片，繼續討論美國市場。我想回顧一下我們上次通話以來的一些最新政策分析。從貿易相關的頭條新聞開始，我們的美國國內內容策略和積極主動的舉措，特別是在供應鏈方面，使我們處於有利地位，能夠成功抵禦美國貿易港口的變化。

We view tariffs in two buckets, announced a potential target. The first bucket is a universal tariff that already has been announced on China. Because of our business strategy that I just outlined, less than 15% of our backlog is exposed to the start. We estimate that for our fiscal '25, the impact of the recently announced 10% tariff on Chinese imports is approximately $10 million of gross profit, which is reflected in our updated guidance.

我們從兩個角度看待關稅，並宣布了一個潛在目標。第一類是已經宣布對中國徵收的普遍關稅。由於我剛才概述的商業策略，我們的積壓訂單中只有不到 15％ 在開始時就暴露出來了。我們估計，對於我們25財年來說，最近宣布的對中國進口產品徵收10%的關稅將影響約1000萬美元的毛利，這反映在我們更新的指引中。

The second bucket is potential product-specific tariff that have not been announced. We view the announced and potential tariff on China and specifically on Chinese batter storage systems as a net post as they will enhance the competitiveness of our US domestic offering. Next, moving to potential changes to the Inflection Reduction Act or IRA. Regarding the Section 48 ITC that our customers claim, we believe there is sufficient combiparties and consensus in keeping the stand-alone ITC for storage as it supports much needed energy security and reliability.

第二類是尚未公佈的潛在特定產品關稅。我們認為對中國（特別是中國電池儲存系統）宣布和可能徵收的關稅是一個淨目標，因為它們將增強我們在美國國內產品的競爭力。接下來，我們來談談《曲折減少法案》（IRA）的潛在變化。關於我們的客戶所要求的第 48 條 ITC，我們相信有足夠的各方和共識來保留獨立的 ITC 用於存儲，因為它支持急需的能源安全和可靠性。

Additionally, looking at Section 45X, we also note that there is sufficient by parties and consensus for maintaining these tax credits as it supports domestic manufacturer, solving the drop administration has been very vocal about. As we noted previously, much of our US supply chain is in red states and currently provide thousands of jobs.

此外，回顧第 45X 條，我們也注意到各方已經達成足夠多的共識，同意維持這些稅收抵免，因為它可以支持國內製造商，從而解決政府一直呼籲的稅收減免問題。正如我們之前提到的，我們的大部分美國供應鏈位於紅色州，目前提供了數千個就業機會。

Finally, on the advocacy ban, we've been very proactive with the Trump administration promoting awareness of the importance of cybersecurity for critical grid infrastructure and thus advocating for a ban on foreign control for battery store systems. The security of Power Grids is of paramount importance and regulations should ensure they are not software designs or controls by foreign entities that will provide the ability to disrupt power grids.

最後，關於倡議禁令，我們積極配合川普政府，提高人們對關鍵電網基礎設施網路安全重要性的認識，從而倡導禁止外國控制電池儲存系統。電網安全至關重要，法規應確保其不是由外國實體設計的軟體或控制，從而不會破壞電網。

This is especially important for battery storage systems given their increasing role in US power grids. Fluence is proud to build its own control systems for battery storage in the US. Battery storage represents the fastest and most economical way to provide the much needed capacity and resiliency that there was power grids need to support the AI industry, the US reindustrialization and general economic growth.

鑑於電池儲存系統在美國電網中的作用日益增強，這一點對於電池儲存系統來說尤其重要。Fluence 很自豪能夠在美國建立自己的電池儲存控制系統。電池儲存是提供電網支援人工智慧產業、美國再工業化和整體經濟成長所需的容量和彈性的最快和最經濟的方式。

Turning to slide 11. Our strategy of developing a US supply chain is something we've been going working on even before the IRA was passed in 2020. As a result, we can now offer a product that is 100% non-Chinese. This is something the market has taken note of as we have doubled our number of US customers over the past year. Our ability to mix and match various components of the battery storage system to enable our products to meet their required thresholds for domestic content is something unique to Fluence, and enables us to stretch our US cell supply beyond its nameplate plant capacity.

翻到第 11 張投影片。早在 2020 年《愛爾蘭共和軍法案》通過之前，我們就一直致力於發展美國供應鏈的策略。因此，我們現在可以提供100％非中國產品。市場已經注意到了這一點，因為我們的美國客戶數量在過去一年中增加了一倍。我們能夠混合和匹配電池儲存系統的各種組件，從而使我們的產品滿足其對國內內容的要求閾值，這是 Fluence 獨有的，並且使我們能夠將美國電池供應擴展到其銘牌工廠的產能之外。

As a result, we have the ability to meet all our expected US domestic content demand in 2025 and '26. Regarding our domestic manufacturing efforts, we continue to make good progress with our US cell manufacturing efforts at the AESC Tennessee facility. Line 1 is in process of ramping up production and Line 2 to come online sometime during the summer of '26. This concludes my prepared remarks.

因此，我們有能力滿足 2025 年和 2026 年預期的所有美國國內內容需求。關於我們的國內製造工作，我們在 AESC 田納西工廠的美國電池製造工作繼續取得良好進展。1號生產線目前正在提高產量，2號生產線預計在26年夏季某個時候投入生產。我的準備好的發言到此結束。

I will now turn the call over to Ahmed.

現在我將電話轉給艾哈邁德。

Thank you, Julian, and good morning, everyone. Today, I will review our first quarter financial results and then discuss our updated outlook and liquidity for fiscal 2025.

謝謝你，朱利安，大家早安。今天，我將回顧我們的第一季的財務業績，然後討論我們對 2025 財年的最新展望和流動性。

Turning to slide 13. In the first quarter, we generated $187 million of revenue, which was a decrease of 49% from the same quarter last year. The decrease was largely anticipated and reflects the back-end weighted nature of our expected full year revenue, which we noted on our last call. We generated $23 million of gross profit, representing gross profit margin of approximately 12.5%, this was our sixth consecutive quarter of double-digit gross profit margins. We reported negative $50 million of adjusted EBITDA, mainly due to the fact that our operating expenses are more evenly distributed across the year than our revenue.

翻到第 13 張投影片。第一季度，我們創造了1.87億美元的營收，較去年同期下降49%。這一下降在很大程度上是可以預料到的，反映了我們預期的全年收入的後端加權性質，這一點我們在上次電話會議上就提到過。我們創造了2,300萬美元的毛利，毛利率約為12.5%，這是我們連續第六個季度實現兩位數的毛利率。我們報告的調整後 EBITDA 為負 5000 萬美元，主要是因為我們的營運費用比我們的收入在全年的分佈更均勻。

Turning to slide 14 and our guidance for 2025. As Julian discussed, we now expect revenue of between $3.1 billion and $3.7 billion with a midpoint of $3.4 billion. This is a reduction of $600 million from the midpoint of our prior guidance, which is due mostly to the timing of three specific projects in Australia that have been delayed but not lost. We had been expecting to sign these contracts in January such that we would recognize the associated revenue over the following nine months. However, over the past month, it became clear that the signing would be delayed until later in the year, which does not allow us enough lead time to be able to execute on these contracts and recognized revenue in the fiscal 2025. We expect to recognize revenue from these contracts in fiscal 2026.

前往第 14 張投影片，了解我們對 2025 年的指導。正如朱利安所討論的，我們現在預計收入在 31 億美元至 37 億美元之間，中間值為 34 億美元。這比我們之前預期的中位數減少了 6 億美元，這主要是由於澳洲的三個具體項目的時間安排被推遲但並未丟失。我們原本預計在一月份簽署這些合同，以便在接下來的九個月內確認相關收入。然而，在過去的一個月裡，很明顯簽署將被推遲到今年晚些時候，這使得我們沒有足夠的時間來執行這些合約並在 2025 財年確認收入。我們預計將在 2026 財年確認這些合約的收入。

I would like to emphasize that the midpoint of our revised revenue guidance represents backlog coverage of approximately 85%, although it is disappointed to us to reduce guidance. The revised midpoint of $3.4 billion still reflects 26% year-over-year growth from fiscal 2024. From a revenue timing perspective, we now expect our fiscal 2025 revenue split to be 15% in the first half and 85% in the second half. The shift primarily reflects timing of signing some of the projects.

我想強調的是，我們修訂後的收入預期的中點代表了約 85% 的積壓訂單覆蓋率，儘管降低預期令我們感到失望。修訂後的 34 億美元中位數仍反映 2024 財年年增 26%。從營收時間角度來看，我們現在預期 2025 財年的營收分將成為上半年 15%，下半年 85%。這種轉變主要反映了一些項目的簽署時間。

In terms of annual recurring revenue from our services and digital businesses, we continue to see traction in our recurring revenue platform and still expect to end the fiscal year with $145 million of ARR. Regarding gross margin, we have narrowed our expectations for gross margin to 10% to 12% from 10% to 15% due to the factors I will discuss shortly. When looking at our fiscal 2026 outlook, we expect revenue growth of 30% plus in the fiscal '26 starting from our updated fiscal '25 guidance midpoint.

就我們服務和數位業務的年度經常性收入而言，我們繼續看到經常性收入平台的吸引力，並且仍預計本財年結束時的 ARR 為 1.45 億美元。關於毛利率，由於我稍後將討論的因素，我們已將毛利率預期從 10% 至 15% 縮小至 10% 至 12%。展望 2026 財年，我們預計從更新後的 25 財年指導中點開始，26 財年的營收將成長 30% 以上。

Turning to slide 15. And looking at fiscal '25's adjusted EBITDA, we have lowered the midpoint of our guidance by $95 million to $85 million. This change reflects a $125 million reduction in gross margin partially offset by cost-cutting initiatives. More specifically, the $600 million reduction to our revenue guidance at the midpoint attributable to the delay in signing the contracts has an impact on adjusted EBITDA of approximately $75 million based on our previously assumed 12.5% gross margin. In addition, there is an impact of $50 million from competitive pressures and the recently announced tariff on Chinese imports that resulted in a lower gross margin of 11%.

翻到第 15 張投影片。縱觀 25 財年的調整後 EBITDA，我們將預期中位數下調了 9,500 萬美元，至 8,500 萬美元。這項變化反映出毛利率減少了 1.25 億美元，但部分被成本削減措施所抵銷。更具體地說，由於合約簽署延遲導致我們中期收入預期減少 6 億美元，根據我們先前假設的 12.5% 毛利率，對調整後的 EBITDA 產生約 7,500 萬美元的影響。此外，競爭壓力和最近宣布的對中國進口產品徵收關稅也造成了 5,000 萬美元的影響，導致毛利率下降至 11%。

To mitigate the impact of EBITDA of lower gross margin we are implementing a targeted action plan to reduce our costs that will better align our resources to deliver long-term sustainable growth. We expect these actions to generate $30 million of offsets, which takes us to the new revised adjusted EBITDA guidance midpoint of $85 million.

為了減輕毛利率較低對 EBITDA 的影響，我們正在實施有針對性的行動計劃來降低成本，從而更好地協調我們的資源，實現長期可持續增長。我們預計這些措施將產生 3,000 萬美元的抵銷額，這將使我們達到新修訂的調整後 EBITDA 指引中位數 8,500 萬美元。

Turning to slide 16. I will now discuss our liquidity, which continues to be strong. We ended the quarter with $654 million of total cash, which represents a 37% increase from the same quarter last year. Additionally, we have $458 million available under our revolver and supply chain facilities, which puts our total liquidity at more than $1.1 billion. This reflects the benefits of $400 million of convertible notes issued in December, which results in a fully funded plan for 2025.

翻到第 16 張投影片。我現在將討論我們的流動性，它仍然保持強勁。本季末，我們的現金總額為 6.54 億美元，比去年同期成長了 37%。此外，我們的循環信貸和供應鏈設施下還有 4.58 億美元可用，這使我們的總流動資金超過 11 億美元。這反映了 12 月發行的 4 億美元可轉換票據的收益，從而為 2025 年的計劃提供了充足的資金。

During the first quarter, we used more than $200 million of cash for our operating activities, which was partially driven by the purchase of inventory to fulfill near-term contracts. This use of working capital represents the substantial majority of the expected working capital needs for this year. In summary, we have strong liquidity that positions us well to capitalize on significant growth in the energy storage market.

第一季度，我們在營運活動中使用了超過 2 億美元的現金，部分原因是購買庫存以履行近期合約。此營運資金的使用佔了今年預計營運資金需求的絕大部分。總而言之，我們擁有強大的流動性，使我們能夠充分利用能源儲存市場的顯著成長。

With that, let me turn the call back to Julian for his closing remarks.

說完這些，請允許我把電話轉回給朱利安，請他作最後發言。

Thank you, Ahmed. Turning to slide 17. I would like to emphasize the key takeaway from this quarter's results. First, we're adjusting fiscal year '25 guidance primarily to reflect delays in signing a specific contracts; and secondly, due to some competitive pressures. The strong backlog covers of our revised guidance significantly derisk are here to go out.

謝謝你，艾哈邁德。翻到第 17 張投影片。我想強調本季業績的關鍵要點。首先，我們正在調整 25 財年的指導方針，主要是為了反映簽署特定合約的延遲；其次，由於一些競爭壓力。我們修訂後的指南涵蓋的強大積壓業務顯著降低了風險，這些業務即將推出。

Second, the battery storage market remains robust, driven by rising demand and highlighted by the US market, where we have a competitive advantage with domestic contact. Third, our US supply chain puts us in an excellent position to mitigate the geopolitical volatility we are experiencing and foresee for the near future. And fourth, our strategy of rapid innovation, more specifically, our new product platform provides a technology foundation to sustain our leadership position in the competitive environment we are experiencing.

其次，電池儲存市場依然強勁，受需求上升的推動，尤其是美國市場，我們在國內市場具有競爭優勢。第三，我們的美國供應鏈使我們處於有利地位，可以緩解我們正在經歷的以及預見到的不久的將來的地緣政治波動。第四，我們的快速創新策略，更具體地說，我們的新產品平台提供了技術基礎，以維持我們在競爭環境中的領導地位。

In summary, even with the disappointing guidance we set today, we have confidence in the strength of our business model to guide us to success in this market. We remain dedicated to delivering the profit return our shareholders are seeking true. One, our strategy of profitable growth that provides robust top line growth with double-digit margins; two, a successful operating track record that provides confidence in our ability to realize the margins in our backlog; three, a scalable operating leverage, implying strong growth of adjusted EBIT on top of our top line growth; four, continued investment in product innovation and sales capabilities to ensure our offering is competitive. And more important that customers are well served and enjoy a secure route to value for their investment; and fifth and finally, a capital-light approach that on top of the agility to adapt to a changing environment allows for robust profitability metrics.

總而言之，即使我們今天設定的指導令人失望，我們仍然對我們的商業模式的實力充滿信心，可以指導我們在這個市場取得成功。我們將繼續致力於實現股東所尋求的真正利潤回報。一是我們的獲利成長策略，該策略實現了強勁的營收成長和兩位數的利潤率；二是成功的經營記錄，使我們對積壓訂單利潤的能力充滿信心；三、可擴展的營運槓桿，意味著調整後的息稅前利潤將在營收成長的基礎上實現強勁成長；第四，持續投資於產品創新和銷售能力，以確保我們的產品具有競爭力。更重要的是，客戶能夠得到良好的服務，並享受安全的投資價值；第五，也是最後一點，輕資本方法除了能夠靈活地適應不斷變化的環境之外，還能實現強勁的獲利指標。

With that, I would like to open up the call for questions.

現在，我想開始提問。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

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

Good morning. Thank you for taking my questions. Maybe first, just to focus on the 2026 revenue guidance that you pointed to in your deck. You mentioned that you expect 30% plus growth there, which is the same as last quarter despite the fact that you had some free pushouts this year in Australia. Does that mean that you've maybe lost some business? Or do you just decide not to update that for other reasons? Thank you.

早安.感謝您回答我的問題。也許首先，只是專注於您在演講中指出的 2026 年收入指導。您提到，預計那裡的成長率將超過 30%，儘管今年在澳洲推出了一些免費推廣活動，但成長率仍與上一季相同。這是否意味著你可能損失了一些生意？或者您只是因為其他原因決定不更新？謝謝。

Thanks, George. We've taken a conservative view of our '26 -- of '26. And what we have today and the way we present this kind of a floor or where we see we can do 30% on top of our guidance. And our idea is that as we move forward during the year, we will be able to give you more clarity on these numbers and firm them up. So today, our best view is a 30-plus -- or 30% on top of the midpoint for '25 and I will provide more -- a better view for '26 as we move along.

謝謝，喬治。我們對26年持保守看法。而我們今天所擁有的以及我們呈現這種底線的方式，或者說我們認為我們可以在指導基礎上增加 30% 的方式。我們的想法是，隨著時間的推移，我們將能夠為您提供更清晰的這些數字並使其更加堅定。所以今天我們的最佳觀點是 30 多，或者說比 25 年的中點高出 30%，而且隨著我們的前進，我將提供更多——對 26 年更好的觀點。

Today, we have like $1.2 billion here at backlog for '26, and we need to bring some additional backlog in order to firm that number up. And we hope to that as we move forward. But we have taken up to what happened now, we have taken a more conservative view of '26 than what we have done.

今天，我們 26 年的積壓訂單量約為 12 億美元，我們需要增加一些積壓訂單量來鞏固這個數字。我們希望在前進的道路上能夠做到這一點。但是我們已經接受了現在發生的情況，我們對 26 年採取了比我們所做的更保守的看法。

Thank you. And maybe as a follow-up, just a different topic. Do you have any comments on loss landing and some of the recent events there? Help us kind of work through that. Thank you.

謝謝。或許作為後續，只是一個不同的話題。您對損失著陸和那裡最近發生的一些事件有何評論？幫助我們解決這個問題。謝謝。

Yes. Most likely we have no information, except for what we got from the press. So we have not been to that site since 2022. We have no contract with that site. We have no service agreement with our site. So we don't think there's any liability coming out of that event. As I said, what we lose or the same thing you brought in the media and in the general media. So no. We cannot comment more on that.

是的。很可能除了從媒體獲得的資訊外，我們沒有其他資訊。所以自 2022 年以來我們就沒有去過那個地方。我們與該網站沒有簽訂合約。我們與我們的網站沒有簽訂服務協議。因此我們認為該事件不會引起任何責任。正如我所說的，我們失去的或你在媒體和一般媒體上提到的同樣的東西。所以不行。我們無法對此發表更多評論。

Brian Lee, Goldman Sachs.

高盛的布萊恩李 (Brian Lee)。

Good morning, everyone. Thanks for taking the questions. I'm sure you're going to get a lot of them, but I wanted to focus on the margins for a little bit. So maybe to start off, can you talk about sort of what margins you're seeing on new bookings this quarter as well as the Australia bookings you're expecting later in the year?

大家早安。感謝您回答這些問題。我確信你會得到很多，但我想稍微關註一下邊緣。那麼首先，您能否談談本季新訂單的利潤率以及預計今年稍後的澳洲訂單的利潤率？

Like is that all going to be at the lower end of that 10% to 15% range you've targeted overall? Or are you going to be able to start seeing some margin expansion based off the new product and redesign? I'm just trying to understand like how structural and how set are these margins at the lower end of the range for a while? And then is it something you recover in '26? Or does it take longer than that?

例如，這一切是否都會處於您所設定的整體 10% 到 15% 範圍的低端？或者您能夠開始看到基於新產品和重新設計的利潤率擴大？我只是想要了解這些利潤率在範圍下端的結構如何、如何設定？那麼這是你在 26 年恢復的東西嗎？或者說需要更長的時間？

Very good question. Two points, I think, that are important. The top -- first, '26. We believe that our new product design and our strategy for '26 will bring us back to our range. So it will put us in the middle of that range, but these are hopefully better than that. But that's our view. Today, when we looked at the product, what it can do. So we see this margin reduction as a temporary situation.

非常好的問題。我認為有兩點很重要。頂部——首先，'26。我們相信，我們的新產品設計和26年策略將使我們重回我們的範圍。因此，這將使我們處於該範圍的中間，但希望比這更好。但這是我們的觀點。今天，我們來看看這個產品能做什麼。因此我們認為利潤率下降只是暫時的情況。

What do we have for the year? When we looked at two things that are driving this margin point. One, a change of mix, the mix of projects change due to the delays in the Australia projects. And second, the new -- our current view of the recent backlog and the backlog that we will need to enter into to support '26, '25 revenue is that they will come in high single digits.

我們今年有什麼？我們研究了影響這項利潤點的兩個因素。第一，專案組合的變化，由於澳洲專案的延誤，專案組合也發生了變化。其次，我們目前對近期積壓訂單以及為支持 26 年和 25 年收入所需積壓訂單的看法是，它們將以高個位數增長。

If you do a simple math, when you do the simple math of what we had in our backlog at 12.5% or the high single digits, it comes around this 10% to 12% that we're giving. We think this is temporary. This is something that we are addressing. It comes out of competitive pressure. We're still -- we're not that far, but we clearly need to put -- we are putting up a plant to get to where we need to and that's conceptual. This is a temporary situation that we will address in the -- with our investments in technology essentially.

如果你做一個簡單的數學計算，當你簡單計算一下我們的積壓訂單量是 12.5％ 或高個位數時，你會發現我們給出的比例大約是 10％ 到 12％。我們認為這只是暫時的。這是我們正在解決的問題。這是源於競爭壓力。我們仍然——我們還沒有那麼遠，但我們顯然需要——我們正在建立一個工廠來到達我們需要的地方，這是概念上的。這是一個暫時的情況，我們將透過對技術的投資來解決。

Okay. Fair enough. And then just a follow-up for me would be I mean, presumably, this competitive pressure you called out Chinese peers more acute in international markets in the US because I know [who] you spent a lot of time on the call talking about how the advantages that are starting to come your way in terms of the US. So is this a large function of incremental bookings coming from the international part of your pipeline?

好的。很公平。然後我要跟進的是，我的意思是，據推測，您指出中國同行在美國國際市場上面臨的競爭壓力更大，因為我知道您在電話會議上花了很多時間談論您在美國開始獲得的優勢。那麼，這是來自你們國際通路的增量預訂量的重要因素嗎？

And on the US side, are you seeing the same type of pressures? Or are you actually seeing any kind of margin upside because of your kind of domestic advantages? Have you started to see any of those benefits accrue to your margins and pricing, but to maybe just dissect the difference between US and international sort of margin outlook?

在美國方面，您是否也看到了同樣的壓力？或者說，由於你們的國內優勢，你們的利潤率是否真的出現了上漲？您是否已經開始看到這些好處為您的利潤和定價帶來了好處，但也許只是分析美國和國際利潤前景之間的差異？

On the US side, first, we see a very strong position. The problem -- not the problem in the US. The problem in the US are tariffs. As we said, we mentioned the $10 million hit on margins on US contracts that we expect in contracts were going to be realized in '25. So that's where we see that a lower point.

在美國方面，首先，我們看到其非常強勢的地位。這個問題──不是美國的問題。美國的問題在於關稅。正如我們所說的，我們提到美國合約的利潤率將損失 1000 萬美元，我們預計這些合約的利潤率將在 25 年實現。這就是我們所看到的較低點。

The competition is mostly in international markets, mostly that significantly more strong in international markets. And that's where we have seen our margins compress. We are seeing competition all around, but the compression of margin comes mostly from international markets. However, as I said, just repeating my point, the US has seen the $10 million in tariff, which is a margin, the reduction happens in the US. Most of our US -- essentially all of our US domestic content is in -- for '25 has already been contracted. So generally, we don't see that there will be any ability to -- that we will lose some of that.

競爭主要發生在國際市場上，而且國際市場的競爭明顯更為激烈。這就是我們的利潤率被壓縮的地方。我們看到到處都在發生競爭，但利潤率的壓縮主要來自國際市場。但是，正如我所說的，我只是重複我的觀點，美國已經看到了 1000 萬美元的關稅，這是一個幅度，減免發生在美國。我們 25 年的大部分美國國內內容——基本上所有內容——都已經簽訂了合約。所以總的來說，我們不認為我們會失去其中的一些東西。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究公司。

Hey. Good morning. Yes. Understandable. Can you just talk to your confidence level that these Australian contracts do kind of come back and get signed by the end of the year? And then if they do, is there any chance that any of that would be realized in '25 at the time that you booked them?

嘿。早安.是的。可以理解。您能否談談您對這些澳洲合約將在年底前恢復並簽署的信心程度？那麼，如果他們這樣做了，那麼在您預定的 25 年裡，這些目標有沒有可能實現呢？

And then I guess just taking a step back, can you just talk about what kind of gave you the confidence initially to include them in the guidance? And what kind of change relative to your assumptions?

然後我想退一步來說，您能否談談最初是什麼讓您有信心將它們納入指導範圍？相對於你的假設有什麼樣的改變？

This is a very, very good point. These delays were cost, we talked about the projects in by minor issues that might being very, very transparent here, my team did not see on time. By the time we solidly laid realize projects have all the major permits that should be ready. We are very much -- very advanced since that we had already -- we believe we had in our pocket. However, these minor issues delayed the projects in a way that, and that's what it is. So we are very confident, at least two of them are essentially fully the reason should be signed. We signed -- sign, and they should not be -- we should be able to.

這是一個非常非常好的觀點。這些延誤是有成本的，我們討論了專案中可能非常非常透明的小問題，我的團隊沒有及時看到。當我們真正紮實做好基礎工作時，專案已經具備了所有應該準備就緒的主要許可證。我們已經非常、非常先進了，因為我們相信我們已經掌握了這些。然而，這些小問題在某種程度上推遲了項目，事實就是這樣。所以我們非常有信心，其中至少有兩個本質上是完全有理由應該簽署的。我們簽署了 — — 簽署了，他們不應該 — — 我們應該能夠簽署。

Is there a probability that might be raving '26? Today not -- I don't feel confident enough to bring it into the forecast. So we decided to take out of the forecast for this year because clearly -- and one point that some of you had asked me minute, interconnection. None of these things is interconnect. These guys are full in you have all those permits. The issue has been minor issues that traffic, road passing to a town that and did not get the permits until recently.

有沒有可能『26』會瘋狂呢？今天沒有——我沒有足夠的信心將其納入預測。因此，我們決定取消今年的預測，因為很明顯——有些人問過我一點，那就是互聯互通。這些東西都不是互連的。這些人確信你擁有所有這些許可證。問題一直是小問題，交通、道路通往城鎮，但直到最近才獲得許可證。

Small issues with the offtake that delayed the project and some issues with the preparing a side that were -- that I will say, my team have picked up, especially because these were big contracts. We see these things as small contracts here and there. And there are usually delays that do not affect our ability to meet our forecast. However, we have minor issues on three big contracts developed in the 2025 plan.

由於承購方面出現了一些小問題，導致專案延期，而且在準備方面也出現了一些問題——我要說的是，我的團隊已經解決了這些問題，特別是因為這些都是大合約。我們將這些事情視為零星的小合約。而且通常出現的延遲不會影響我們實現預測的能力。然而，我們在2025年計劃中製定的三個大合約上存在一些小問題。

So we feel very confident coming. And our current view is that there will be '26 revenue. There's no probability that you may get some '25, but today, we took it out of the forecast decided to become to try and continue on this, keep it a [currant].

因此我們對此充滿信心。我們目前的觀點是，將會有26%的收入。你可能不會得到 25 的可能性不大，但今天，我們把它從預測中剔除，決定嘗試繼續這樣做，並保持[黑醋栗]。

Okay. Thank you. That's very helpful. And then just as a quick follow-up. So this slide on the tariff exposure is helpful. But I guess the one thing that's kind of missing in that discussion is the Section 301 tariffs that hit in 2026. Can you just kind of readdress your exposure to that 25% tariff that hits next year and kind of how you're negating that?

好的。謝謝。這非常有幫助。然後只是進行快速的跟進。因此，這張有關關稅風險的幻燈片很有幫助。但我想這場討論中缺少的一件事就是 2026 年生效的第 301 條關稅。您能否重新談談您對明年即將實施的 25% 關稅的影響，以及您如何否定這項影響？

We have that -- that we have included in our forecast, it should not affect our numbers. So I mean it affects our cost structure and stuff that we need to do, but it will not affect our ability to meet our forecast, it's already put in place.

我們已經將其納入我們的預測中，它不應該影響我們的數字。所以我的意思是，它會影響我們的成本結構和我們需要做的事情，但不會影響我們實現預測的能力，因為它已經到位了。

Great. Thank you.

偉大的。謝謝。

Maybe a point on tariff. I can add one thing that -- sorry, Dylan, following. The problem with the -- tariff comps are announced with time. We have all the tools to manage them because this domestic content gives us that ability. And we have all the tools to manage it very effectively, like the 301s. We don't get any -- the problems are the surprising stuff that comes I don't know where that people were not expecting that are more difficult, and it takes us a little longer to adapt to.

也許是關於關稅的一個觀點。我可以補充一點——抱歉，迪倫，接下來是這件事。問題在於——關稅補償是隨著時間推移而公佈的。我們擁有管理它們的所有工具，因為國內內容賦予了我們這種能力。我們擁有所有工具來非常有效地管理它，例如 301。我們沒有遇到任何問題——問題是一些令人驚訝的事情，我不知道它來自哪裡，人們沒有預料到它會更加困難，我們需要更長的時間來適應。

So if I think that at some point, we'll get to a normal cadence with the Trump administration and things will be announced with time, and we will be able to manage it because our domestic content strategy, it is designed for a world of protection. That's what is signed for, and it should do very, very well. So just to give you a sense of why the 301, we treated them very, very differently than what we treat, how we treat the tariff on the 10% China tariff, which came out solidly.

因此，如果我認為在某個時候，我們會與川普政府恢復正常的節奏，事情會隨著時間的推移而宣布，我們將能夠管理它，因為我們的國內內容戰略是為一個保護的世界而設計的。這就是所簽署的，而且它應該會做得非常非常好。所以，只是為了讓你了解為什麼我們對待 301 條款的態度與我們對待對中國徵收 10% 關稅的態度非常不同，這是非常明確的。

Christine Cho, Barclays.

巴克萊銀行的 Christine Cho。

Hi. This is Tom on for Christine. So you guys had a very large, deferred revenue number of over $300 million run through your cash flow statement. The magnitude was much larger than what we've seen in the past. Could you talk about what drove that this quarter? And if there's anything notable about when we should see that reverse and booked as revenue?

你好。這是湯姆，代替克里斯汀。因此，你們的現金流量表中出現了超過 3 億美元的巨額遞延收入數字。其震級比我們過去所見的要大得多。您能談談本季的推動因素嗎？那麼，我們何時應該看到這種逆轉並記為收入，這有什麼值得注意的嗎？

I'll give Ahmed.

我會給艾哈邁德。

This is Ahmed. I think that we will expect that to be reversed within next quarter or so. So this is more just the accounting, but I think we expect that to be rolled over with the next three months.

這是艾哈邁德。我認為，我們預計這種情況將在下個季度左右發生逆轉。所以這只是會計工作，但我認為我們預計這將在接下來的三個月內延續。

Okay. Great. That's helpful. And then I guess just one follow-up for me. Could you talk about what measures you're taking on the graphite supply and procurement front given the AD CVD investigation, how any duties would impact your existing operations in the event that they were retroactive?

好的。偉大的。這很有幫助。然後我想對我來說只需要一個後續行動。您能否談談鑑於反傾銷反補貼調查，貴公司在石墨供應和採購方面採取了哪些措施，如果這些關稅具有追溯效力，將如何影響您現有的營運？

I don't think they can be retroactive by the way. They can be retroactive. Okay. So where are we doing on this one? First thing, I think is the first point. The -- we are -- in order to prepare for a potential duties, we are trying to accelerate some graphite into a contract. Clearly, for retroactive duties that will not apply. But if they were -- we should reduce our problem, we think were to go forward.

順便說一句，我認為它們不具有追溯力。它們可以具有追溯力。好的。那我們在這方面要做什麼呢？首先，我認為是第一點。為了準備應對潛在的關稅，我們正試圖加速將一些石墨納入合約。顯然，追溯性關稅不適用。但如果是的話——我們應該減少我們的問題，我們認為應該繼續前進。

How to think about this? Generally, tariff, the sales are roughly 30% of our projects. Graphite is 10% to 15%, so roughly on a project -- in a total project cost, 5% is graph. The way we understand the petition is claim is that they are asking for an application of the duties on graphite imports and on all batteries that include other elements that include graphite. So what it will mean is that this will create a level playing field for both domestic content and for imported batteries. So it will not be that domestic offerings will be more expensive than important.

該如何思考這個問題？一般來說，關稅、銷售額大約占我們專案的30%。石墨佔10%到15%，所以大致在一個專案中——在整個專案成本中，5%是石墨。我們所理解的請願書是，他們要求對石墨進口以及所有含有石墨等其他元素的電池徵收關稅。因此，這意味著將為國產電池和進口電池創造一個公平的競爭環境。因此，國內產品的價格不會比其重要性更高。

If they were successful in their claim, that's what it will mean. The whole market will go up in price, and we all feel the same. From our part, what we're doing is accelerating some graphite imports. But at the end of the day, I will say that if it is -- if they can go back, I don't know how far what back they can go, it will probably -- I would not be sufficient. So that's what we're doing.

如果他們的訴求成功，那就意味著這一點。整個市場都會漲價，我們都有同樣的感受。從我們的角度來看，我們正在做的是加速一些石墨的進口。但最終，我想說的是，如果他們能夠回溯，我不知道他們能夠回溯多遠，很可能——我的能力還不夠。這就是我們正在做的事情。

We believe that this will create disruptions. It will create a problem, no doubt. But it will create a problem for the whole industry. And it should not make domestic content by itself more less competitive. The main objective of this graphite men of potential or graphite manufacturers to develop battery industry in the US where they can deliver their product. So if they destroy domestic production, they will not be able to -- they will not meet their objectives.

我們相信這將會造成混亂。毫無疑問，這會產生問題。但這會為整個產業帶來問題。而它本身也不應該降低國內內容的競爭力。潛在石墨商或石墨製造商的主要目標是在美國發展電池產業，以便他們可以在美國提供他們的產品。所以，如果他們破壞國內生產，他們就無法實現他們的目標。

So I think at the end of the day, this will -- we should be able to adapt to this. However, if we come to say that if there is a retroactive tariff, it will create some disruptions that we will let you know when it comes. I mean it's difficult today to see what it is.

所以我認為最終我們應該能夠適應這一點。然而，如果我們說，如果追溯關稅，將會造成一些混亂，到時候我們會通知大家。我的意思是今天很難看清它是什麼。

Andrew Percoco, Morgan Stanley.

摩根士丹利的安德魯‧佩科科 (Andrew Percoco)。

Good morning, guys. Thanks for taking the question. I just wanted to come back to a question on margins. I think loud and clear that margin compression and pricing compression is really originating in some of these international markets. But I just kind of wanted to put a finer point on what you're seeing from domestic customers. You've talked a lot about strong domestic content demand. Can you confirm whether or not that's translating into maybe premium pricing and higher margins on those contracts today?

大家早安。感謝您回答這個問題。我只是想回到關於利潤的問題。我明確地認為，利潤率壓縮和價格壓縮確實源自於其中一些國際市場。但我只是想更詳細地說明您從國內客戶那裡看到的情況。您已經多次談論了強勁的國內內容需求。您能否確認這是否意味著今天這些合約的溢價和更高的利潤？

I mean our margins are within our range of 10% to 15%. We have not been able to go beyond that up to now. What we have seen in the US is that a lot of these players are trying to sell into the US ahead of these rules coming out and trying to, I don't know. So there's a little bit of noise about that.

我的意思是我們的利潤率在 10% 到 15% 的範圍內。到現在為止我們還沒能超越這一點。我們在美國看到的是，很多參與者都試圖在這些規則出台之前將產品賣到美國，我不知道。因此對此存在一些爭議。

Generally, the customers we're working with our customers who are betting on domestic content. That's not something that really affects them. But we have seen the Chinese player tying to become more active, especially on projects that are delivered during '25 to try to wind space in the US trying to preempt trade restrictions.

一般來說，我們合作的客戶都是押注國內內容的客戶。這對他們並沒有真正的影響。但我們已經看到中國企業試圖變得更加積極，特別是在25年期間交付的項目，試圖在美國爭取空間，並試圖先發制人地限制貿易。

But my main point is that I don't think that is affecting our domestic content margins. and our domestic content margins are in the 10% to 15%. And today, we haven't seen premiums that will take us out of that range.

但我的主要觀點是，我認為這不會影響我們的國內內容利潤率。我們的國內產品利潤率在 10% 至 15% 之間。而今天，我們還沒有看到超出這個範圍的溢價。

Understood. Okay. That makes sense. And maybe shifting gears to the cost side of the equation for a second. As you've ramped your facility in Utah, can you just discuss, how has the cost trajectory played out maybe relative to your expectations? Is everything going as planned? Or are you may be a little bit higher in the cost per kilowatt hour than maybe expected? Just maybe give a general outlook of cost trajectory from that facility?

明白了。好的。這很有道理。也許我們先把焦點轉移到成本方面。當您擴大猶他州工廠的規模時，能否討論一下成本變化趨勢相對於您的預期如何？一切都還按計劃進行嗎？或者每度電的成本可能比預期的高一點？能否給出該設施成本走勢的總體概述？

I tell you, that's a very good question. I'm very pleasantly surprised -- not surprise, I mean I'm very pleased with how that facility is going. And it makes a point that I don't know how -- I'm not originally born in the US.

我告訴你，這是一個非常好的問題。我感到非常驚訝——並不意外，我的意思是我對該設施的運作情況非常滿意。這表明我不知道為什麼——我並不是在美國出生的。

The US can compete manufacturing, stuff come analysts, get out of this idea that the only Chinese can do it. This is a facility with machines made in India. Indian, and that is run by Americans, and it works very, very well. And if you go to a facility in China, you go to this, our facility is better. There's no reason why we need to think we lost the barrel of production. I know that it's difficult, with your financial market, you're not into it, but -- when I talk to people, I don't know why, I mean, this is a about a week and win.

美國可以在製造業方面競爭，但分析師表示，不要認為只有中國才能做到這一點。這是一個擁有印度製造的機器的工廠。印度的，由美國人經營，而且運作得非常非常好。如果你去中國的工廠，你會發現我們的工廠比較好。我們沒有理由認為我們失去了生產能力。我知道這很困難，對於你的金融市場，你不感興趣，但是 - 當我與人們交談時，我不知道為什麼，我的意思是，這是一個大約一周的勝利。

And we're not even experts on this. We've been able to put in this facility very quickly and doing very, very well. I really think that, hopefully, I hope that we all get the confidence, not the entrepreneur world in the US gets the confidence that we can build stuff in the US at competitive prices. There's no reason why we need to think that the Chinese are any better than us in doing any of the stuff.

我們甚至不是這方面的專家。我們能夠非常快速地投入這個設施，並且進展非常非常好。我真的認為，希望我們都能獲得信心，而不是美國的企業家界獲得信心，我們可以以有競爭力的價格在美國生產產品。我們沒有理由認為中國人在做任何事時都比我們優秀。

So -- but very, very good. It's doing very, very well. I'm very, very happy. And I do hope that when things get better, we'll invite you over, you can see it and see for yourself, how great these machines. These machines were not imported. They were made in India.

所以——但是非常非常好。它表現非常非常好。我非常非常高興。我確實希望，當情況好轉時，我們會邀請您過來，您可以親眼看看這些機器有多棒。這些機器不是進口的。它們是在印度製造的。

Mark Strouse, JPMorgan.

摩根大通的馬克‧斯特勞斯 (Mark Strouse)。

Yes. Good morning. Thanks for taking our questions. I want to go back to slide 10. So we talk about government policy and trade, there's nothing on there about the temporary permit increase in Trump's executive order. Is it safe to say that there's no impact to Fluence there? Or is it maybe just too early to tell?

是的。早安.感謝您回答我們的問題。我想回到第 10 張投影片。因此，我們談論政府政策和貿易，但川普行政命令中沒有提到增加臨時許可證的內容。可以肯定地說，這對 Fluence 沒有影響嗎？還是現在說還太早？

No, we haven't seen any impact of today, no real impact. I understand that they were all -- it applied to federal lands, and they were all light lifted. That's what I read earlier this week. I don't know if that's the case or not, but that's what I read because I haven't been involved directly. What I heard is that all the permitting freeze were lifted earlier this week.

不，我們沒有看到今天的任何影響，沒有真正的影響。據我所知，它們全都適用於聯邦土地，而且全都被輕微地解除了。這是我本週早些時候讀到的。我不知道是否確實如此，但我讀到的就是這樣，因為我沒有直接參與過。我聽說本週早些時候所有的許可凍結都已經解除。

Got it. Okay, I'll take the rest offline.

知道了。好的，我將把其餘部分離線。

Chris Dendrinos, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Chris Dendrinos。

Great. Thanks. I wanted to ask about the new product launch. And I guess the question is, is this sort of industry-leading or is this a bit of a catch-up product? And the reason I'm asking is I'm curious if you think you're going to be able to maintain that margin profile if it's an industry-leading product and your, I guess, competition would play catch up and price down as well? Thanks.

偉大的。謝謝。我想詢問有關新產品發布的情況。我想問題在於，這種產品是否是業界領先的，或者只是一種追趕型產品？我之所以問這個問題，是因為我很好奇如果它是行業領先的產品，而你的競爭對手也會迎頭趕上並降低價格，你是否認為你能夠維持這樣的利潤率？謝謝。

We see as an industry-leading product. It will allow us to get to the 7.5, 12.2 gigawatts of -- sorry, you will get also 7 megawatts of capacity per unit, which is industry lead 30% better than anybody else. So we believe that people will copy us what we will and what have we done to make this.

我們將其視為行業領先的產品。它將使我們能夠達到 7.5、12.2 千兆瓦的——抱歉，每單位還將獲得 7 兆瓦的容量，這在業界領先，比其他任何人都高出 30%。因此我們相信，人們將會模仿我們所做的事情以及我們為實現這一目標所做的事情。

We separated the batteries from the intelligence of the unit. We're putting all the units in the ways of that product line that you see there. That allows us to go higher in terms of arteries per square meter, but it also allows to continue transporting everything in containers. So by separating the pots that you see the individual parts into the Pacific units and putting all the intelligence and balance of plant equipment in the base, we can go higher in terms of height, and we can reach a much higher density than anybody else. Using 300 empower cells. So that, I think, will put us in a very, very competitive position.

我們將電池與設備智慧部分分開。我們正在將所有單元放入您在此處看到的產品線中。這樣一來，我們每平方公尺的動脈數量就可以增加，同時也使我們能夠繼續用貨櫃運輸所有物品。因此，透過將您看到的各個部分分離到太平洋單元中，並將所有智慧和工廠設備的平衡放在基座中，我們可以在高度上走得更高，並且可以達到比其他任何人都高得多的密度。使用300個賦能電池。所以我認為這將使我們處於非常非常有競爭力的地位。

All the other products that are close to what we're doing, are products that are using higher and power sales batteries. So this will allow us to provide this with lower and power sale batteries, which means if we are at the higher end power sale battery, we'll be even higher than that. So we're very, very happy with the product.

所有與我們產品接近的其他產品都是使用功率更高、銷售能力更強的電池的產品。因此，這將使我們能夠提供更低功率的銷售電池，這意味著，如果我們以更高端的功率銷售電池，我們的價格甚至會高於這個數字。所以我們對產品非常非常滿意。

We believe we are industry leader, and this will allow us to give -- to regain our competitive advantage. And also, this facility gives us our platform, this product, this is a platform where we can innovate. So we already have our product road map to ensure that this is not -- it is just the beginning of a set of innovations that will keep that project. the project competitive as we go along and our competitors try to copy also and cope with all stuff.

我們相信我們是行業領先者，這將使我們能夠重新獲得競爭優勢。此外，這個設施為我們提供了平台、產品，這是我們可以創新的平台。因此，我們已經有了產品路線圖，以確保這不會——這只是保留該專案的一系列創新的開始。隨著專案的進行，專案競爭愈演愈烈，我們的競爭對手也試圖模仿和應對各種情況。

So I think -- this is Ahmed, Chris. I think your question -- as Julian mentioned, I mean, I think we -- the goal is to create value for our customers in return. At the same time, it's a win-win proposition that will bring us back with our targeted returns that we talked about 10% to 15%.

所以我認為——這是艾哈邁德，克里斯。我認為你的問題——正如朱利安所提到的，我的意思是，我認為我們——目標是為我們的客戶創造價值。同時，這是一個雙贏的提議，將使我們實現我們所說的 10% 到 15% 的目標回報。

Okay. And then maybe as just a follow-up here. I hate to hit the margin question again. But if I go back to the prior commentary, the original outlook, and I think you mentioned that you were 65% booked for the year. So if I just do kind of the bridge on that to the new guide, it looks like the incremental margin on the unbooked portion here pretty low to kind of almost negative. Is that --

好的。然後也許只是作為這裡的後續行動。我不想再提起利潤問題。但如果我回顧先前的評論、最初的展望，我想您提到今年的預訂量已達到 65%。因此，如果我只是將其與新指南聯繫起來，看起來這裡未預訂部分的增量利潤率相當低，幾乎為負。那是不是--

There's no worry about that, Chris. Just to, I think, step back, last time when we gave our guidance, we were seeing 10% to 15% margin. And we had 65% of our coverage for our revenue guidance of $4 billion. Fast forward, what we are saying today is I think since then, the contracts we have signed, are roughly high single digits, I mean, 9% plus/minus.

不用擔心，克里斯。我認為，回顧一下，上次我們給予指引時，我們看到的利潤率為 10％ 至 15％。我們的 40 億美元營收預期已達 65%。快進，我們今天所說的是，我認為從那時起，我們簽署的合約大約都是個位數的高位，我的意思是，9％正負。

So I think that is what we are saying. So net-net, that brings us at around 11% gross margin for the device guidance. So the impact is only on the new contracts, not the backlog that we had signed at that time, we have not seen any material change except the tariff that we talked about, which is only $10 million, and that shaves roughly 0.3%, 0.4%.

所以我認為這就是我們所說的。因此，淨利潤使我們的設備指導毛利率達到 11% 左右。因此，影響只在於新合同，而不是我們當時簽署的積壓合同，除了我們談到的關稅外，我們沒有看到任何實質性的變化，關稅只有 1000 萬美元，大約削減了 0.3%、0.4%。

Kashy Harrison, Piper Sandler.

卡西·哈里森，派珀·桑德勒。

Good morning, everyone. Just two quick ones for me. line. So a quick clarification question. Is the margin weakness in the US? Or is the margin weakness in international markets? I just want to make sure I fully understand that.

大家早安。我只想問兩個問題。線。所以這是一個快速澄清的問題。美國的利潤率是否較低？還是國際市場的利潤率較弱？我只是想確保我完全理解這一點。

Mostly international. I mean we do have some -- as you know, nondomestic offering in the US but mostly, international.

大部分是國際性的。我的意思是，如你所知，我們確實在美國提供一些非國內產品，但大多數都是國際產品。

Okay. And then my follow-up question. So if I just take a step back and I just think about the broader renewable space, a recurring theme is that competition against the Chinese especially when they have severe excess capacity in markets that don't have strong protection policies in place. It just never seems to end well, it's fantastic to hear your enthusiasm on competition, but generally speaking, they're more focused on nation than profitability, which makes it tough.

好的。然後是我的後續問題。因此，如果我退一步思考並思考更廣泛的再生能源領域，一個反覆出現的主題就是與中國的競爭，特別是當他們在沒有強有力的保護政策的市場上產能嚴重過剩時。它似乎從來沒有好結果，聽到你對比賽的熱情真是太好了，但一般來說，他們更關注國家而不是盈利能力，這使得事情變得困難。

And so as you look at markets outside the US that you're competing in, are there any places you feel will have strong protectionist policies in place? And is there perhaps a thought on pulling back from some of these more competitive markets where the Chinese can play without worrying about duties and whatnot? Thank you.

那麼，當您觀察您所競爭的美國以外的市場時，您認為哪些地方會實施強而有力的保護主義政策？是否有考慮退出一些競爭較激烈的市場，讓中國企業不用擔心關稅等問題？謝謝。

I mean, I got -- my first one is I would disagree on the premise. When you look at these products, what will we have? Battery cell, which is a commodity. And the ability to make that battery cell work well. It's a combination of calling software, controls, delivery, that's where the value comes. You are right. The Chinese could have an ability to sell batteries at very low margins or very zero margin.

我的意思是，我首先不同意這個前提。當你看到這些產品時，我們會看到什麼？電池單元，是一種商品。並能夠使電池良好運轉。它是呼叫軟體、控制、交付的組合，價值就在於此。你是對的。中國人可能有能力以非常低的利潤甚至零利潤銷售電池。

But the reality is that batteries are less and less relevant in the value proposition. So when we looked at our new product, we compare it against the prices that we're seeing in the Middle East where there are zero restrictions where we're seeing in some of the markets where we see very little restrictions, and we can get competitive through innovation by integrating our software by defining our products in a way that we can transport them better, that we can deliver a better reliability that they can be safer at a lower cost point.

但現實情況是，電池在價值主張中的重要性越來越低。因此，當我們審視我們的新產品時，我們會將其與中東的價格進行比較，中東沒有任何限制，而在某些限制很少的市場，我們可以透過整合我們的軟體、以某種方式定義我們的產品來獲得競爭力，這樣我們就可以更好地運輸它們，我們可以提供更好的可靠性，使它們在更低的成本下更安全。

So I don't disagree that was my point earlier, that we -- this is a manufacturing industry. This is an industry of innovation of technology innovation. And I think that we have the technology innovation to compete, and we'll continue looking. So that's what I said.

所以我並不否認我先前的觀點，就是我們──這是一個製造業。這是一個技術創新的創新產業。我認為我們擁有參與競爭的技術創新，我們會繼續尋找。這就是我所說的。

Clearly, as you said, there are -- now going to your question. There are markets that have more restrictions. The US is a market with significant restrictions to Chinese competition. Australia is a market with some restrictions to Chinese competition. Taiwan is a market that has many restrictions to Chinese competition. then you see more open markets. Europe is in the way, and they are defining what -- how they're going to manage a policy, it's a more open market. The Middle East is very much open. I'll say, Latin America is open today. So that's kind of where you see the world the market where.

顯然，正如您所說，現在來回答您的問題。有些市場限制較多。美國是一個對中國競爭限制較多的市場。澳洲是一個對中國競爭有一定限制的市場。台灣是一個對中國競爭限制較多的市場。那麼你就會看到更開放的市場。歐洲正處於這個過程中，他們正在定義如何管理政策，這是一個更開放的市場。中東非常開放。我要說的是，拉丁美洲今天開放。這就是您所看到的世界和市場。

But our objective as a company is to compete globally. We are here to compete globally. I think this is important, and we believe that through innovation, integrating software, our controls, our ability to rethink. All the value added around the battery, we can create enough value to bid up on price, the Chinese willingness to sell stuff at lower cost. That's our view today.

但我們作為一家公司的目標是參與全球競爭。我們來這裡是為了參與全球競爭。我認為這一點很重要，我們相信透過創新，整合軟體、我們的控制和重新思考的能力。圍繞電池的所有附加價值，我們可以創造足夠的價值來提高價格，中國人願意以更低的成本出售產品。這就是我們今天的觀點。

When we look at it, when we see the margins they have, what -- how they do best, that's what we see, that's where we can see other. So that's our premise. But today, clearly, I can understand as to what will happen. You probably do not necessarily need to believe me, or you might -- I might put it in doubt, but that's the premise of our view through technology due to -- in a world where lower battery cost, through technology, we can win this competition.

當我們觀察它時，當我們看到他們的利潤空間，看到他們如何做得最好，這就是我們所看到的，這就是我們可以看到其他的地方。這就是我們的前提。但今天，我清楚地了解到將會發生什麼事。你可能不一定需要相信我，或者你可能——我可能會對此表示懷疑，但這是我們透過技術看待問題的前提，因為——在一個電池成本更低的世界裡，透過技術，我們可以贏得這場競爭。

I hope I answered your question, Kashy, I went a little bit or if you need a second one here.

我希望我回答了你的問題，Kashy，我已經說了一點，或者如果你需要第二個問題的話。

No, you answered the question. You answered all points, and I appreciate your thoughts on the market. I mean if I could just sneak one more in since I'm talking right now. So I think in the past, you had thought of the in-house inverter as being margin accretive to the business. When you look at your current offering, do you think that this in-house inverter gives you a path to go from the 10% to 15%? And then how long do -- and how long do you think it will take before 100% of your shipments are using the in-house inverter? Thank you.

不，你回答了問題。您回答了所有的問題，我很欣賞您對市場的看法。我的意思是，既然我現在正在說話，那麼我可以再偷偷說一句話嗎？所以我認為，在過去，您會認為內部逆變器可以為企業增加利潤。當您查看當前的產品時，您是否認為這款內部逆變器可以為您提供從 10% 到 15% 的途徑？那麼您認為需要多長時間才能讓 100% 的貨物都使用內部逆變器？謝謝。

Yes. The in-house -- I mean in the inverter into -- it's not only the inverter. We're adding all the balance of plant equipment. And by adding this additional space, we're also adding edge computer to edge computing to the software, to the system, which will allow a much better performance because you don't need to put things in the cloud, resend and send them back, we will be able to now add artificial intelligence in the system itself by the way we are now designing this.

是的。內部——我的意思是逆變器內部——不僅僅是逆變器。我們正在添加所有工廠平衡設備。透過增加這個額外的空間，我們還將邊緣電腦添加到軟體和系統中的邊緣運算，這將提供更好的效能，因為您不需要將東西放到雲端中，重新發送並發回，我們現在可以透過我們現在設計的方式在系統本身中添加人工智慧。

This is all accretive to the (inaudible) house inverter. We believe this is a product that is like our cube. It's going to be -- it's going to take all our sales as we move forward and we're very happy. We believe that at some point, all our sales will be under this type of architecture. What is more than the inverter, that's my point.

這一切都對（聽不清楚）家用逆變器有幫助。我們相信這是一個像我們的立方體一樣的產品。隨著我們的發展，它將佔據我們所有的銷售額，我們對此感到非常高興。我們相信，在某個時候，我們所有的銷售都將在這種架構下進行。比逆變器更重要的是什麼，這就是我的觀點。

Jordan Levy, Truist Securities.

喬丹·利維（Jordan Levy），Truist Securities。

Morning all and thanks for all the details. Just to get your thoughts on the new guide, 85% covered to current backlog. I think you covered that well. I recognize that, that's higher than the same time last year. But can you just talk through your thinking process there given what we saw last year in terms of project pushouts. And I know these are kind of one-off occurrences that aren't necessarily interconnection-related or anything. But maybe just talk to your confidence on the ability to deliver on that uncovered portion of the guide?

大家早上好，感謝您提供的所有詳細資訊。只是為了了解您對新指南的看法，其中已涵蓋目前積壓工作的 85%。我認為你已經很好地闡述了這一點。我承認，這比去年同期還要高。但根據我們去年看到的項目推進情況，您能否談談您的想法？我知道這些都是一次性事件，不一定與互連相關或其他什麼。但也許只是談談您對完成指南中未涵蓋的部分的能力的信心？

Yes. No. I mean we feel very confident. Clearly, we're setting the guidance on that number. What I will say, I mean, I know where we are today. We're kind of in the penalty box. We need to find a substantial part of this number by the next earnings call.

是的。不。我的意思是我們非常有信心。顯然，我們正在為這個數字設定指導。我要說的是，我知道我們今天所處的位置。我們好像處在罰球區了。我們需要在下次收益電話會議之前找到這個數字的很大一部分。

And that will be -- that's the point. We are working on it. We believe we're going to get it. And we'll see whether by the next earnings call, we would have a substantial part of the resolve and the risk for -- it doesn't mean that we'll get to 100% because, as you know, we recognize some revenue as we sign contracts, but we will get to a point that you can feel comfortable that the midsize of the range is covering off that we can get your drops back on our ability to deliver.

這就是——這就是重點。我們正在努力。我們相信我們將會得到它。我們將看到，到下一次收益電話會議時，我們是否能夠解決大部分問題並承擔大部分風險——這並不意味著我們會達到 100% 的目標，因為如你所知，我們在簽訂合約時會確認一些收入，但我們會達到一個點，讓你感到放心，中等規模的範圍正在覆蓋，我們可以透過交付能力收回你的損失。

Thanks for that. And then just a quick follow-up on the $30 million in cost reductions and rightsizing. Is there -- depending on market conditions, is there still more wood to chop on that front? Or is that sort of what you're -- the level you're comfortable with on a go-forward basis?

謝謝。然後我們來快速跟進 3000 萬美元的成本削減和精簡。有沒有－取決於市場狀況，在這方面是否還有更多困難需要解決？或者這就是您在今後的工作中感到滿意的水平嗎？

This cost reduction aligns our cost structure with our business model of half -- not allowing our cost to grow more than half of our top line growth. So if our growth is 25%, not allowing our cost to go more than to 12.5. So that's what we're doing with this cost structure, aligning to that business case. There probably are. There are always a little opportunity there, but that's the objective.

此次成本削減使我們的成本結構與我們的一半業務模式保持一致—不允許我們的成本成長超過我們營業額成長的一半。因此，如果我們的成長率是 25%，那麼我們的成本就不會超過 12.5。這就是我們對這個成本結構所採取的做法，與該商業案例保持一致。可能有。那裡總是有一點機會，但這就是目標。

Vikram Bagri, Citi.

花旗的維克拉姆‧巴格里 (Vikram Bagri)

Good morning, everyone. You talked about winning from the Chinese through tech and we thought tech is deflationary as well. You saw the announcement from China and EA and DRC recently, which it seems like they might make the situation for Chinese manufacturers a little more desperate and a little more worse.

大家早安。您談到透過科技戰勝中國，我們認為科技也會導致通貨緊縮。您最近看到了中國、EA 和 DRC 發布的公告，這些公告似乎可能會讓中國製造商的處境更加絕望、更糟。

I was wondering like how are you thinking about ASP this year and next year? Do you -- I understand and appreciate that you should be able to get to the targeted margins and protect the margins. I was wondering like how much of ASP pressure do you anticipate we might see this year and next year?

我想知道您對今年和明年的 ASP 有何看法？您是否—我理解並讚賞您應該能夠達到目標利潤並保護利潤。我想知道您預計今年和明年我們可能會面臨多大的 ASP 壓力？

We still see some -- as we mentioned during the call, we still see some ASP pressure going forward that the competitive environment is not there. We're working with a view of further reduction in ASPs going forward. We looked at the Chinese tender prices, which are -- we get information on it. So we cannot know.

我們仍然看到一些東西——正如我們在電話會議中提到的那樣，我們仍然看到未來的 ASP 壓力，競爭環境並不存在。我們正在努力實現未來進一步降低 ASP。我們查看了中國的招標價格，並獲得了相關資訊。所以我們無法知道。

And we -- I know we have had some recent tenders in the Middle East, especially in Saudi Arabia, that gives us a sense of where the lower side of that range is. So we already are expecting certain reductions going forward that we will be working on. And we have in our -- that's part of our plan.

我知道我們最近在中東，特別是在沙烏地阿拉伯參加了一些招標，這讓我們知道了這個範圍的下限在哪裡。因此，我們已經預期未來會採取一定的減排措施並將繼續努力。這是我們計劃的一部分。

Yes. This is Ahmed. I mean, last year, since last year, we have seen roughly 35%, 40% decline in ASPs. But I think at the same time, we have seen volume pickup up north of 60%. So I think there is a benefit in the volume pickup that helps to continue to grow our revenue. But these trends are continuing, but at the same time, we are seeing more and more volume.

是的。這是艾哈邁德。我的意思是，去年，自去年以來，我們看到 ASP 下降了大約 35% 到 40%。但我認為同時，我們已經看到銷量回升了 60% 以上。因此，我認為銷售量的增加有助於我們繼續增加收入。但這些趨勢仍在持續，但同時，我們看到的數量也越來越大。

Got it. And then as a follow-up, I wanted to ask about the $30 billion in cost reductions. If you can share where they're happening.

知道了。然後作為後續問題，我想問一下有關 300 億美元的成本削減的問題。如果您能分享它們發生的地點。

And to your answer for the last question, I was wondering if this $30 million reduction speaks to the growth this year? Or you're aligning your expenses to growth longer term. So it's related more to growth next year. And expectation for growth outlook are changing for forward years, and that's why the reduction is happening?

對於您對最後一個問題的回答，我想知道這 3000 萬美元的減少是否說明今年的成長？或者您正在調整您的支出以適應長期成長。因此這與明年的成長更相關。對未來幾年成長前景的預期正在發生變化，這就是出現減產的原因嗎？

I mean, we looked at our cost structure per year, depending on our top line growth and then we look at our cost structure. Generally, what we're doing is things that we were planning to do during the year that we now won't do because of the -- we don't have the revenue. As simple as that.

我的意思是，我們根據我們的營收成長情況來查看我們每年的成本結構，然後再查看我們的成本結構。一般來說，我們所做的事情都是我們計劃在年內做的事情，但現在由於沒有收入而無法做了。就這麼簡單。

I mean we are defending our investments in product and I'm defending all investments in sales, but the rest of the organization, we are adopting it to a company that are now selling [50%] less than what originally expected. And then for next year, we will -- whatever we have the 30% top plus we just communicated to you, depending on where we end up, we will ensure that our cost structure aligns with our business models are not allowing our cost to grow more than half the rate of growth of our top line growth.

我的意思是，我們正在捍衛我們在產品方面的投資，我也在捍衛在銷售方面的所有投資，但對於組織的其他部分，我們正在將其應用於一家現在銷售額比最初預期低 [50%] 的公司。然後對於明年，我們將——無論我們有 30% 的最高加上我們剛剛與您溝通的內容，取決於我們的最終目標，我們將確保我們的成本結構與我們的業務模式相一致，不允許我們的成本增長超過我們營收成長率的一半。

Julien Dumoulin-Smith, Jefferies.

朱利安‧杜穆蘭‧史密斯 (Julien Dumoulin-Smith)，傑富瑞 (Jefferies

Hey. Good morning, guys. Thank you very much for letting me on. Just following up here on a couple of things said. First, briefly on liquidity backdrop. Obviously, you commented about working capital here at the start of the year. I mean given the EBITDA profile, I mean, you're basically saying suggesting that the cash balance should remain relatively intact through the course of the year, Ahmed. I just want to make sure we're on the same page about how to -- you said yes, right?

嘿。大家早安。非常感謝您讓我加入。只是想跟進這裡說的幾件事。首先，簡單介紹一下流動性背景。顯然，您在年初就對營運資金發表了評論。我的意思是，考慮到 EBITDA 狀況，你基本上是在說，現金餘額應該在全年保持相對完整，艾哈邁德。我只是想確保我們對如何做這件事達成了共識——你說是的，對嗎？

Yes, Julian. Yes, I think the main reason for working capital uses the buildup in inventory. As you may have seen, we have over $300 million of inventory, and that is primarily to basically serve our demand contracts we have in place. So net-net, during the whole year, we are not expecting the working capital use more than, I think it's totally roughly $225 million that we are forecasting for the full year and $200 million of that is already in the Q1. So we don't expect any material change in the forecast.

是的，朱利安。是的，我認為營運資本的主要原因是利用庫存的累積。正如您可能已經看到的，我們擁有超過 3 億美元的庫存，這主要是為了滿足我們現有的需求合約。因此，總體而言，在全年期間，我們預計營運資本使用不會超過，我認為我們預測全年營運資本使用總額約為 2.25 億美元，其中 2 億美元已經在第一季使用。因此我們預計預測不會有任何重大變化。

And no material build in cash, though. That was the key piece just in terms of like where you land for the year? Or do you expect it (inaudible)?

但現金並沒有實質累積。就您今年的目的地而言，這是關鍵問題嗎？或者你期望它（聽不清楚）？

I mean, for the full year, we basically will be in around the same ballpark because we will have significant receivables in the Q4, given the revenue profile we have, but I think we expect that to be collected in the following quarters. But for the full year, we feel pretty good where we are today.

我的意思是，就全年而言，我們基本上會處於相同的水平，因為考慮到我們的收入狀況，我們在第四季度將有大量應收帳款，但我認為我們預計這些應收帳款將在接下來的幾季收回。但就全年而言，我們感覺目前的狀況相當良好。

Awesome. And if I can go back to the competitive pressure. I mean, obviously, '25, '26, you've got this running advantage versus your peers in the US. Admittedly, by '27, we start to see some suggestions of international entrants into the US market at various levels here, how do you think about the competitive landscape in the US over time in as much of what you just described internationally of competitive pressures bearing weight here?

驚人的。我是否能重新面對競爭壓力。我的意思是，顯然，25、26 年，你們與美國同行相比擁有這種運行優勢。不可否認的是，到 27 年，我們開始看到一些國際企業從各個層面進入美國市場，您如何看待美國的競爭格局，以及您剛才描述的國際競爭壓力在這裡會如何？

Again, would you think that '26 would be a relative peak versus '27 as you see some of those nets come in? Again, open question, obviously, you responded important to cash you on this, but I would love to hear your thoughts, especially as you think about your product innovation in '27.

再說了，當你看到一些網的進入時，你是否認為 26 年相對於 27 年來說是一個相對的高峰？再次，開放式問題，顯然，您的回答對您來說很重要，但我很想聽聽您的想法，特別是當您考慮'27 年的產品創新時。

So in terms of -- we believe that over time, the US market will be a domestic content market. So most players that will compete in the market will compete with domestic offering. So you're right.

因此，我們相信隨著時間的推移，美國市場將成為國內內容市場。因此，大多數參與市場競爭的參與者都會與國內產品競爭。所以你是對的。

Probably -- I'm surprised that we have taken them this long to get ready in my own personal view, but -- so I agree with you, our view today is that they will be probably in '26 -- sorry, in '27, where there we'll see more domestic offering and competing. Our competition, we'll have to lead to technology by offering things that are better, that do better, they behave that run better and that lasts longer. And that's the way to win.

可能 — — 就我個人而言，我很驚訝我們花了這麼長時間才做好準備，但是 — — 所以我同意你的看法，我們今天的觀點是，他們可能將在 26 年 — — 對不起，是在 27 年，我們將看到更多的國內產品和競爭。我們的競爭對手，我們必須透過提供更優質、性能更卓越、運行更順暢和使用壽命更長的產品來引領技術。這才是取勝之道。

That's what I would say, the normal way to win in any industry. So that's -- so that will be my view. I think the domestic content gives us a couple of years of upside or opportunity to have kind of a quarter-on-quarter safe place, but we are getting ready for a world where we compete just with all the domestic content players, and it will be a technology, the driver of success.

我想說的是，這是任何行業取勝的正常方式。這就是──這就是我的觀點。我認為國內內容為我們提供了幾年的上升空間或機會，讓我們能夠在季度環比中保持安全的位置，但我們正準備迎接一個只與所有國內內容參與者競爭的世界，這將是一項技術，也是成功的驅動力。

Right. But the margin dynamics there over time, I mean obviously, you brought down expectations here in the near term. Do you think there's a little bit more pressure and you need to offset that with technology beyond the future?

正確的。但隨著時間的推移，利潤率的動態變化，我的意思是，很明顯，你在短期內降低了預期。您是否認為存在更大的壓力並且需要利用未來技術來抵消這種壓力？

I think that generally will be 10% to 15%. I have -- to be very clear, I don't think I have a view yet on '27 margins. But I think that our current view when we looked at our product cost and our competitors, the 10% to 15% is something that we can safely guide to. So that's what I would tell you.

我認為一般是10%到15%。我要非常清楚地說明的是，我認為我還沒有對 27 個利潤率形成自己的看法。但我認為，當我們考慮我們的產品成本和競爭對手時，我們目前的觀點是，10%到15%是我們可以安全引導的。這就是我要告訴你的。

It clearly -- part of this new platform, it already has a road map of improvements to ensure that because we know our competition will not sit idle. So we already have that as part of it. So we have investments in product development that we'll continue -- need to continue to ensure that we continue to be competitive.

顯然，作為這個新平台的一部分，它已經有了改進的路線圖，以確保這一點，因為我們知道我們的競爭對手不會袖手旁觀。因此我們已經將其作為其中的一部分了。因此，我們在產品開發方面進行了投資，我們將繼續投資——需要繼續確保我們繼續保持競爭力。

Great. Excellent, guys. Thank you.

偉大的。太棒了，夥計們。謝謝。

Thank you, Julien, and thank you, everybody, for participating on today's call. I really appreciate your part.

謝謝朱利安，也謝謝大家參加今天的電話會議。我非常感激你的貢獻。

This concludes the question-and-answer session. I would now like to turn it back to Lexington May for closing remarks.

問答環節到此結束。現在我想請萊剋星頓梅作最後發言。

Thank you for your participation on today's call. If you have any questions, feel free to reach out to me. We look forward to speaking with you again when we report our second quarter results. Have a good day.

感謝您參加今天的電話會議。如果您有任何疑問，請隨時與我聯繫。我們期待在報告第二季業績時再次與您交談。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實結束了。您現在可以斷開連線。