Fluence Energy Inc (FLNC) 2025 Q2 法說會逐字稿

Hello and welcome to Florence Energy 2nd quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask the question during the session you will need to press 11 on your telephone. I would like to turn the call over to Lex May, Vice President of investor relations.

您好，歡迎參加佛羅倫斯能源 2025 年第二季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將有問答環節。要在會議期間提問，您需要按電話上的 11。我想將電話轉給投資人關係副總裁 Lex May。

Sir, you may begin.

先生，您可以開始了。

Thank you. Good morning and welcome to Fluence Energy's 2nd 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. Joining me on this morning's call are Julian Nebreda, our President and Chief Executive Officer, and Ahmed Pasha, our Chief Financial Officer.

謝謝。早上好，歡迎參加 Fluence Energy 2025 年第二季財報電話會議。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，以及支持性聲明和時間表（包括有關非 GAAP 財務指標的對帳和揭露），均發佈在我們的網站 fluenceenergy.com 的投資者關係部分。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, fluence management may make certain forward-looking statements regarding various matters relating 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 on our future results. You are cautioned not to 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.

在本次電話會議過程中，Fluence Management 可能會就與我們的業務和公司有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，因此受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。請注意不要過度依賴這些前瞻性陳述，因為它們僅代表截至今天的情況。此外，請注意，本公司不承擔更新或修改前瞻性聲明以獲取新資訊的義務。

This call will also reference non-gap 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. During this time, to give more participants an opportunity to speak on this call, please limit yourself to one initial question and one follow up. Thank you very much. I'll now turn the call over to Julian.

這次電話會議也將參考我們認為對評估業務績效很重要的非差距措施。這些非 GAAP 指標與最可比較 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。在此期間，為了讓更多參與者有機會在電話會議上發言，請將自己的提問限制在一個初始問題和一個後續問題上。非常感謝。我現在將電話轉給朱利安。

Thank you, Lex. I would like to send a warm welcome to our investors, analysts, and employees who are participating in today's call. This morning, I will briefly review our Q2 results, but I will concentrate primarily on the current environment and why we remain confident in the long-term growth prospects for energy storage. The competitiveness of our smartstack platform and the strength of our US supply chain strategy.

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。今天上午，我將簡要回顧我們的第二季業績，但我將主要集中討論當前環境以及我們為何對儲能的長期成長前景保持信心。我們的智慧堆疊平台的競爭力和美國供應鏈策略的實力。

Starting with slide 4 and our Q2 performance. We deliver approximately $432 million in revenue. As our execution helped us to deliver milestones on project earlier than expected. We also earn double digit adjusted gross profit margin, and our annual recurring revenue increased to $110 million. We ended the quarter with approximately $4.9 billion backlog, including $200 million of contracts added during the quarter. Looking ahead in the coming quarters, we are expecting a meaningful improvement in order volume from this past quarter, especially internationally. In particular, and in consistent with our priors' expectations, we currently anticipate a strong ramp up in other volume in Australia as we enter the second half of our fiscal year.

從幻燈片 4 和我們的第二季業績開始。我們實現了約 4.32 億美元的收入。由於我們的執行幫助我們比預期更早實現了專案的里程碑。我們也獲得了兩位數的調整後毛利率，我們的年經常性收入增加到 1.1 億美元。本季結束時，我們的積壓訂單價值約為 49 億美元，其中包括本季新增的 2 億美元合約。展望未來幾個季度，我們預計訂單量將比上個季度有顯著改善，尤其是國際訂單量。特別是，與我們先前的預期一致，隨著我們進入財政年度的下半年，我們目前預計澳洲的其他業務量將強勁成長。

And finally, we ended the quarter with more than a billion dollars in liquidity, including $610 million in total cash. This demonstrates our solid low-level financial condition and provides us with a strong basis to deliver long-term value to our stakeholders. Please turn to slide 5. Since our last call, the market landscape has shifted meaningfully due to the enactment of significant new tariffs which, with respect to China have increased from roughly 10% to roughly 155% in a matter of a few months. The change in tariffs and trade policy has led to considerable economic uncertainty in global markets.

最後，本季結束時，我們的流動資金超過 10 億美元，其中包括 6.1 億美元的現金。這表明我們擁有穩固的低水平財務狀況，並為我們向利益相關者提供長期價值提供了堅實的基礎。請翻到投影片 5。自我們上次通話以來，由於實施了重大新關稅，市場格局發生了重大變化，對中國的關稅在短短幾個月內從約 10% 增加至約 155%。關稅和貿易政策的變化導致全球市場出現相當大的經濟不確定性。

This uncertainty from the number and magnitude of changes has led the company and certain of our customers to mutually agree to pause execution of some of our US's contracts and the signing of new US contracts as we wait for clarity on the tariffs and policy environment. This path contributed to our decision to revise our fiscal '25 outlook which Ahmed will discuss shortly. Having said that, we believe that the current high tariff levels on Chinese inputs are unlikely to be sustainable. The Trump administration has publicly stated their intention to pursue a new trade deal with China that may result in lower tariff rates. As trade negotiations between the United States and other countries, including China, progresses, we believe the markets will stabilize and provide a clear path forward for both our customers and the company, supporting a return to more normalized contracting activity in the US market. Thus, we expect the contracting pulse we're currently experiencing to be temporary and reaffirm our approach to a diversified supply chain.

由於變化的數量和幅度存在不確定性，公司和我們的某些客戶一致同意暫停執行部分美國合同以及簽署新的美國合同，等待關稅和政策環境明朗化。這條路徑促使我們決定修改 25 年財政展望，艾哈邁德很快就會對此進行討論。話雖如此，我們認為，目前針對中國進口產品的高關稅水準不太可能持續。川普政府已公開表示有意與中國達成一項可能降低關稅的新貿易協定。隨著美國與包括中國在內的其他國家之間的貿易談判取得進展，我們相信市場將會穩定下來，並為我們的客戶和公司提供明確的前進道路，支持美國市場恢復更正常的承包活動。因此，我們預期目前經歷的收縮脈搏是暫時的，並重申我們對多元化供應鏈的態度。

Although the current tariff environment certainly impacts our customers in the short term, we remain optimistic about the future of energy storage in general and particularly for fluids. To that end, I will cover the following three topics. First, the future demand outlook for battery storage in our most relevant markets. Second, How we view energy storage competitiveness against gas as a provider of capacity, especially in the US. And finally, I will discuss how fluent intends to create value for its stakeholders to its innovative smartstack technology and US domestic content strategy.

儘管當前的關稅環境肯定會在短期內對我們的客戶產生影響，但我們對能源儲存的未來，尤其是流體儲存的未來仍然持樂觀態度。為此，我將討論以下三個主題。首先，我們最相關的市場對電池儲存的未來需求前景。第二，我們如何看待儲能作為容量提供者與天然氣的競爭力，尤其是在美國。最後，我將討論 Fluid 如何透過其創新的 SmartStack 技術和美國國內內容策略為其利害關係人創造價值。

Turning to slide 6, demand for energy continues to increase. This is driven by many factors, including economic growth, data center deployments, and the electrification of transportation and other sectors. In the US alone, electricity demand is projected to grow 11% through 2030 signaling that annual energy storage capacity will increase to more than 400 gigawatt hours. Just to put this in context, over the last 5 years, we have seen only 79 gigawatt hours of additions in the US market. This is a strong indication of the increasing significance of battery storage in the US market.

翻到投影片 6，能源需求持續增加。這是由許多因素推動的，包括經濟成長、資料中心部署以及交通運輸和其他領域的電氣化。光是在美國，到 2030 年電力需求預計就會增加 11%，這意味著年儲能容量將增加到 400 吉瓦時以上。具體來說，在過去 5 年裡，美國市場僅增加了 79 千兆瓦時。這有力地表明了電池儲存在美國市場的重要性日益增加。

We see similar growth rates in other international markets. For example, in Australia, we expect battery storage to reach 51 gigawatt hours by 2030, up from the 2024 levels of 7 gigawatt hours and in Germany, where we expect battery storage to reach 120 gigawatt hours by 2030 from its 2024 level of 20 gigawatt hours.

我們在其他國際市場也看到了類似的成長率。例如，在澳大利亞，我們預計到 2030 年電池儲存量將從 2024 年的 7 千兆瓦時水準達到 51 千兆瓦時；在德國，我們預計到 2030 年電池儲存量將從 2024 年的 20 千兆瓦時水準達到 120 千瓦時。

Turning to slide 7. Now, I would like to touch on the competitiveness of energy storage. Battery prices are down by approximately 70% since 2022 making energy storage competitive across several markets. For the US, the current higher tariffs on Chinese imports are expected to essentially bring battery costs back to what we saw 3 years ago. At the same time, capital costs for competing technologies such as natural gas plants have increased materially over the past few years and are expected to continue to increase. In the United States, we anticipate 278 gigawatt hours of capacity additions through 2030 to meet growing needs, and we believe that energy storage is well positioned to meet these needs as it benefits from several factors.

翻到幻燈片 7。下面我想談談儲能的競爭力。自 2022 年以來，電池價格下降了約 70%，使得能源儲存在多個市場上具有競爭力。對美國來說，目前對中國進口產品徵收更高的關稅預計將使電池成本恢復到三年前的水平。同時，天然氣工廠等競爭技術的資本成本在過去幾年大幅增加，預計將持續增加。在美國，我們預計到 2030 年將增加 278 千兆瓦時的容量以滿足不斷增長的需求，並且我們相信，由於受益於多種因素，儲能能夠很好地滿足這些需求。

First, battery storage is one of the most cost-effective solutions for meeting system needs. Energy storage capacity price is currently approximately $9 per kilowatt a month, which is about half the price of a gas-fired plant. We believe that this significant price difference makes energy storage the most optimal choice, even with low gas prices. Second, any storage has the unique ability to take advantage of low off-peak prices. For example, in PJM, current off-peak prices are more than 30% lower than on peak prices, offering tangible arbitrage benefits to plant owners. Particularly when there are several gigawatts of excess capacity available during those of peak hours.

首先，電池儲存是滿足系統需求的最具成本效益的解決方案之一。目前，儲能容量價格約為每月每千瓦時 9 美元，約為燃氣電廠價格的一半。我們相信，即使在天然氣價格低廉的情況下，這種顯著的價格差異也使得儲能成為最佳選擇。其次，任何儲存都具有利用低峰值價格的獨特能力。例如，在 PJM，當前非高峰時段的價格比高峰時段的價格低 30％ 以上，為電廠所有者提供了切實的套利利益。特別是在尖峰時段有數千兆瓦的過剩容量可用的情況下。

Third, as there has historically been fewer supply chain constraints and shorter lead times associated with energy storage compared to other competing technologies, battery storage systems can typically be deployed within 6 to 9 months versus the typical 36 to 40 months needed for gas combustion facilities. 4th, battery storage systems can be located in places with advantage, interconnection, and permitting profiles avoiding the long queue for development facing many power producers. As the market seeks to rapidly meet growing demand for electricity, battery energy storage is one of the few options to provide firm, dispatchable power at large scale over the next few years.

第三，與其他競爭技術相比，能源儲存歷來受到的供應鏈限制較少，交貨時間較短，因此電池儲存系統通常可以在 6 到 9 個月內部署，而燃氣燃燒設施通常需要 36 到 40 個月。第四，電池儲存系統可以位於具有優勢、互連和許可條件的地方，避免許多電力生產商面臨的長時間開發排隊。隨著市場尋求快速滿足日益增長的電力需求，電池儲能是未來幾年提供穩定、可大規模調度電力的少數選擇之一。

Finally, we believe that battery storage rapid response time and ability to adapt to the power grid's topology makes it the ideal technology to support grid stability. As higher electricity demand adds more pressure on electric grids, both in the US and globally. In summary, we believe that battery storage technology remains the most optimal choice to meet the increasing demand for electricity.

最後，我們相信電池儲存的快速反應時間和適應電網拓撲的能力使其成為支援電網穩定的理想技術。由於電力需求增加，美國和全球的電網壓力都越來越大。總而言之，我們認為電池儲存技術仍然是滿足日益增長的電力需求的最佳選擇。

Turning to slide 8. Our backlog remains robust at approximately $4.9 billion as of quarter end including more than $1.9 billion that is scheduled for delivery this fiscal year. While US and international order intake was lowered this quarter, primarily due to tariff uncertainty, our pipeline continues to expand, now exceeding $22 billion as of quarter end, with roughly half from markets outside the US. We believe this international diversification provides resilience and positions as well for renewed growth as global market dynamics stabilize. Now we would like to discuss how fluent intends to create value for stakeholders to its innovative Smartstack technology and domestic content strategy.

翻到幻燈片 8。截至季末，我們的積壓訂單仍保持強勁，約為 49 億美元，其中包括計劃於本財年交付的 19 億美元以上。雖然本季美國和國際訂單量有所下降，主要是由於關稅不確定性，但我們的訂單量仍在繼續擴大，截至季末已超過 220 億美元，其中約一半來自美國以外的市場。我們相信，隨著全球市場動態的穩定，這種國際多元化將為新的成長提供彈性和定位。現在我們想討論一下 Fluids 打算如何透過其創新的 Smartstack 技術和國內內容策略為利害關係人創造價值。

Turning to slide 9. As we discussed on our last call, we have recently launched a breakthrough technology called Smartstack. I am pleased to report that we have received positive feedback from our customers who appreciate the features offered by the state-of-the-art technology. In fact, we have already signed our first contract for Smartstack. We believe Smartstack offers a significant value for our customers, including.

翻到第 9 張投影片。正如我們在上次電話會議上討論的那樣，我們最近推出了一項名為 Smartstack 的突破性技術。我很高興地報告，我們收到了客戶的正面回饋，他們欣賞最先進的技術所提供的功能。事實上，我們已經簽署了第一份 Smartstack 合約。我們相信 Smartstack 為我們的客戶提供了巨大的價值，包括：

First, world-class safety. Smartstack distributes batteries into 4 distinct units called pods. Each of these pods is designed to prevent fire propagation between pods, which is intended to reduce thermal runaway risk. Second, Smartstack design facilitates the integration of various battery capacity offerings. And form factors enabling a more adaptable supply chain strategy. Third, Smartstack is one of the densest products on the market, enabling lower total cost of energy, which should result in higher customer returns. Fourth, Smartstack offers a more modern and flexible product. By separating the batteries from other equipment, Smartstack is designed to allow for faster service, better inventory management, higher availability, and more efficient augmentation. In summary, Smartstack is expected to be priced much lower than our previous Gridstack Pro product, not only because of declining equipment prices, but because of a more efficient product design. This product is designed to deliver efficient and cost-effective solutions to our customers, while at the same time, it is expected to help us earn our targeted returns.

一是世界一流的安全。Smartstack 將電池分佈到 4 個不同的單元（稱為吊艙）。每個吊艙的設計都旨在防止吊艙之間火勢蔓延，從而降低熱失控風險。其次，Smartstack 設計有利於各種電池容量產品的整合。並形成能夠實現更具適應性的供應鏈策略的因素。第三，Smartstack 是市場上最密集的產品之一，可降低能源總成本，進而為客戶帶來更高的回報。第四，Smartstack 提供了更現代、更靈活的產品。透過將電池與其他設備分離，Smartstack 旨在提供更快的服務、更好的庫存管理、更高的可用性和更有效率的增強。綜上所述，Smartstack 的定價預計會比我們之前的 Gridstack Pro 產品低很多，這不僅是因為設備價格下降，還因為產品設計更有效率。該產品旨在為我們的客戶提供高效且經濟的解決方案，同時有望幫助我們獲得目標回報。

Turn it to slide 10. Our domestic content strategy, which we begun to implement over 2 years ago, offers a flexible approach to meet the domestic content requirements under the IRA. This strategy benefits our customers through tariff and IRA incentives, including the 45X manufacturing credit and the 10% domestic content of bonus. We are confident that future policy updates will continue to support local manufacturing. Our discussions with regulators indicate a consensus for continued incentives for local manufacturing, which has created thousands of jobs to date.

將其轉到投影片 10。我們兩年前開始實施的國內內容策略提供了一種靈活的方法來滿足 IRA 下的國內內容要求。該策略透過關稅和 IRA 激勵措施使我們的客戶受益，包括 45X 製造業信貸和 10% 的國內內容獎金。我們相信，未來的政策更新將繼續支持本地製造業。我們與監管機構的討論表明，各方一致同意繼續激勵本地製造業，迄今為止，本地製造業已經創造了數千個就業機會。

Our domestic content strategy is resilient to multiple scenarios involving different tariff outcomes and levels of policy support for domestic production. As an example at the current tariff levels, our domestic content strategy of blending US cells with imported cells is approximately 10% cheaper than a strategy of using all imported cells from China even without considering the IRA domestic content bonus.

我們的國內內容策略能夠適應多種情景，包括不同的關稅結果和對國內生產的政策支援程度。以目前的關稅水準為例，即使不考慮 IRA 國內含量獎勵，我們將美國電池與進口電池混合的國內含量策略也比全部使用中國進口電池的策略便宜約 10%。

Regarding our progress, ALL6 partner facilities in our US supply chain strategy are now producing or preparing to launch production in the current fiscal quarter, which allows us to offer up to 100% Non-Chinese US product. A Utah module manufacturing site has received its first shipment of US manufactured batteries from ASC. Now with line one of the Tennessee facilities, fully operational, we are working with ASC to bring the 2nd battery production line into operation, which is currently expected to occur next calendar year. With our US cell manufacturing facility in operations, we are able to offer our customers for our domestic content product, a range of domestically produced batteries, modules, enclosures, communication systems, and inverters. These options are intended to enable our customers to achieve the domestic content bonus while mitigating the impacts of supply shocks and tariffs.

關於我們的進展，我們美國供應鏈戰略中的所有 6 個合作夥伴工廠現在都正在生產或準備在本財政季度開始生產，這使我們能夠提供高達 100% 非中國美國產品。猶他州的一個模組製造基地已收到 ASC 公司生產的第一批美國電池。現在，田納西州工廠一號生產線已全面投入運營，我們正在與 ASC 合作，將第二條電池生產線投入運營，目前預計將於明年投入運營。隨著我們美國電池製造工廠的運營，我們能夠為客戶提供國產產品、一系列國產電池、模組、外殼、通訊系統和逆變器。這些選擇旨在使我們的客戶能夠獲得國內內容紅利，同時減輕供應衝擊和關稅的影響。

By establishing the capability for up to 100% US made content, we can also maximize the overall domestic content volume offering in the US. Once ASCs second line is in production, we anticipate being able to serve 12 gigawatt hours of annual domestic content volume in the US assuming that US sales represent 50% of those using products. We remain very optimistic about our US domestic content offering and believe it will provide superior value to our customers in the medium and long term. With that, I'll turn the call over to Ahmed for the financial review.

透過建立高達 100% 美國製造內容的能力，我們還可以最大限度地提高美國國內整體內容供應量。一旦 ASC 的第二條生產線投入生產，我們預計能夠為美國提供每年 12 千兆瓦時的國內電量（假設美國銷售佔產品使用量的 50%）。我們對我們的美國國內內容產品仍然非常樂觀，並相信它將在中長期內為我們的客戶提供卓越的價值。說完這些，我將把電話轉給艾哈邁德進行財務審查。

Thank you, Julian, and good morning, everyone. Today I will review our second quarter financial results and then discuss our liquidity and updated outlook for fiscal 2025. Turning to slide 12, in the 2nd quarter, we generated $432 million of revenue, which was better than we expected as we were able to achieve project milestones faster than expected across Americas and APAC regions. As we benefited from efficiencies from our supply chain initiatives.

謝謝你，朱利安，大家早安。今天，我將回顧我們第二季的財務業績，然後討論我們的流動性和 2025 財年的最新展望。翻到第 12 張投影片，在第二季度，我們創造了 4.32 億美元的收入，這比我們預期的要好，因為我們能夠比預期更快地在美洲和亞太地區實現專案里程碑。我們從供應鏈措施的效率中受益匪淺。

This brings our year-to-date revenue to approximately $618 million versus roughly $500 million of first half revenue expectations discussed on our last call. In terms of gross margin, we generated $45 million of adjusted gross profit, representing an adjusted gross profit margin of approximately 10.4%. This quarter makes our 7th consecutive quarter of double digit adjusted gross profit margins. Year over year operating expenses increased by $10 million to $84 million due to higher R&D spend and sales and marketing costs. A good portion of this increased spending is focused on delivery of our new Smartstack product line to market. Turning to adjusted EBITDA, we reported negative $30 million for the quarter, mainly due to the more level fixed cost nature of our operating expenses compared to backend nature of our revenue as we discussed on our last quarter call.

這使得我們今年迄今為止的收入達到約 6.18 億美元，而我們上次電話會議上討論的上半年收入預期約為 5 億美元。在毛利率方面，我們產生了4500萬美元的調整後毛利，調整後的毛利率約為10.4%。本季是我們連續第七個季度實現兩位數的調整後毛利率。由於研發支出以及銷售和行銷成本增加，營運費用年增了 1,000 萬美元，達到 8,400 萬美元。增加的支出中很大一部分用於將我們的新 Smartstack 產品線推向市場。談到調整後的 EBITDA，我們報告本季為負 3000 萬美元，主要是因為與收入的後端性質相比，我們的營運費用的固定成本性質更為穩定，正如我們在上個季度電話會議上所討論的那樣。

Turning to slide 13, I will now discuss our strong liquidity which allows us to invest in innovative technologies and support our plan. We ended 2nd quarter with more than $610 million of cash, consistent with the strong cash position we had at the end of last quarter. Additionally, we have $532 million available under our revolver and supply chain facilities, which puts our total liquidity at more than $1.1 billion. Looking ahead, we will be allocating a couple $100 million of our available liquidity to fund working capital needs to deliver our revenue and execute on our domestic content strategy. Bottom line, we continue to see robust liquidity for the remainder of the year and beyond.

轉到第 13 張投影片，我現在將討論我們強大的流動性，這使我們能夠投資創新技術並支持我們的計劃。我們第二季末的現金超過 6.1 億美元，與上一季末的強勁現金狀況一致。此外，我們的循環信貸和供應鏈設施下還有 5.32 億美元可用，這使我們的總流動資金超過 11 億美元。展望未來，我們將撥出數億美元的可用流動資金來滿足營運資金需求，以實現我們的收入並執行我們的國內內容策略。總而言之，我們預計今年剩餘時間及以後的流動性將持續強勁。

Turning to slide 14, I will review our revised guidance for 2025, which we have lowered to reflect current market conditions in the US, which have impacted our full year revenue and EBITDA expectations. Aside from these tariff headwinds, we are pleased with our performance as we are on track to deliver double digit adjusted gross margins. We continue to see opportunities in our recurring digital and services revenue platform. Accordingly, we are reaffirming our guidance for ERR of $145 million.

轉到第 14 張投影片，我將回顧我們對 2025 年的修訂指引，我們已下調該指引以反映美國當前的市場狀況，這影響了我們的全年收入和 EBITDA 預期。除了這些關稅不利因素外，我們對我們的業績感到滿意，因為我們預計將實現兩位數的調整後毛利率。我們繼續在經常性數位和服務收入平台中看到機會。因此，我們重申 ERR 指引值為 1.45 億美元。

Turning to slide 15, let me explain our revised revenue expectations further. Recent tariff announcements made it clear that bringing products from China at these rates is uneconomical for our customers and for Fluence. This led us to mutually agree with some of our customers to pause certain shipments and entry into pending contracts until we have better visibility. Here, I want to mention two things. First, we do not expect any material cancellations, and second, we remain engaged with our customers. We look forward to improved visibility that allows us to price these pending contracts with adequate returns for both Fluence and our customers. Accordingly, the deferral of these contracts translates to $700 million of revenue previously expected for this year that has been pushed to the right. As such, the midpoint of our revised guidance is now $2.7 billion. This guidance is largely de-risked as we have 100% of the required sales in the US. Furthermore, 95% of the midpoint of our guidance is supported by our backlog plus revenue recognized to date.

翻到第 15 張投影片，讓我進一步解釋一下我們修改後的營收預期。最近的關稅公告明確表明，以這樣的價格從中國進口產品對我們的客戶和 Fluence 來說都是不經濟的。這導致我們與一些客戶達成一致，暫停某些貨物的裝運和簽訂待定合同，直到我們有更好的了解情況為止。這裡我想提兩點。首先，我們預計不會有任何實質的取消；其次，我們將繼續與客戶保持聯繫。我們期待提高知名度，以便我們為這些未決合約定價，並為 Fluence 和我們的客戶帶來足夠的回報。因此，這些合約的推遲意味著今年原先預計的 7 億美元收入被推遲了。因此，我們修訂後的指導中點現在是 27 億美元。由於我們在美國擁有 100% 的所需銷售額，因此該指導在很大程度上降低了風險。此外，我們預期中位數的 95% 由我們的積壓訂單和迄今為止確認的收入支撐。

Turning to slide 16, covering adjusted EBITDA, we are lowering our guidance to a midpoint of $10 million which is $75 million less than our prior midpoint guidance. Our revised guidance includes a combined $100 million of anticipated tariff-related headwinds, which we believe will be partially offset through our proactive actions. To go into this a bit more detail.

轉到第 16 張投影片，涵蓋調整後的 EBITDA，我們將指引值下調至 1,000 萬美元的中點，比我們先前的中點指引值低 7,500 萬美元。我們修訂後的指引包括預計總額為 1 億美元的關稅相關不利因素，我們相信，透過採取主動行動，這些不利因素將得到部分抵銷。更詳細地講一下這一點。

First, the $700 million lower revenue I just discussed will have an impact of approximately $80 million. Second, we are incorporating a $20 million incremental impact for tariffs that we were not able to avoid or pass through to our customers. These impacts were partially offset by the benefit of approximately $25 million from currently in progress and planned operational efficiency improvements. These include some renegotiations of equipment costs with our suppliers as well as cuts to our budgetary operating expenses.

首先，我剛才談到的 7 億美元的收入減少將產生約 8,000 萬美元的影響。其次，我們將對無法避免或轉嫁給客戶的關稅產生 2,000 萬美元的增量影響。這些影響被目前正在進行和計劃中的營運效率改善所帶來的約 2500 萬美元的收益部分抵消。其中包括與我們的供應商重新談判設備成本以及削減我們的預算營運費用。

In summary, although current tariff policy has created some near-term challenge, we are pleased with the underlying performance of the business. We remain confident in the long-term prospects of energy storage in general and particularly influencer's ability to deliver maximum value to its customers and shareholders. With that, I would like to turn the call back to Julian for his closing remarks.

總而言之，儘管目前的關稅政策帶來了一些短期挑戰，但我們對業務的基本表現感到滿意。我們仍然對能源儲存的長期前景充滿信心，尤其是對影響者為其客戶和股東提供最大價值的能力充滿信心。最後，我想請朱利安做最後發言。

Thank you, Ahmed. Turing to slide 17. In closing, I will highlight the key takeaways from this quarter's performance and our outlook moving forward. First, the recently imposed US tariffs have introduced substantial economic uncertainty, which is impacting near-term customer decision making and project execution. Although this presents some immediate challenges, we are optimistic that they are temporary and manageable. Second, we remain confident in our long-term positioning. We strongly believe that our product innovation strategy anchored in our new platform, Smartstack and our US domestic contained capabilities, position us to benefit materially over time as the market overcomes the current economic uncertainty and regains its growth trajectory.

謝謝你，艾哈邁德。翻到幻燈片 17。最後，我將強調本季業績的主要要點以及我們未來的展望。首先，最近徵收的美國關稅帶來了巨大的經濟不確定性，影響了近期客戶的決策和專案執行。儘管這帶來了一些直接的挑戰，但我們樂觀地認為，這些挑戰是暫時的、可控的。第二，我們對自己的長期定位仍然充滿信心。我們堅信，隨著市場克服當前的經濟不確定性並恢復成長軌跡，以我們的新平台 Smartstack 和我們在美國國內的能力為基礎的產品創新戰略將使我們隨著時間的推移獲得實質性的利益。

Third, we are operating from a position of strength. Our backlog now is approximately $4.9 billion, providing a solid foundation for future growth. We believe our track record of capturing double digit adjusted gross profit margins provides us with additional visibility on our future financial performance and profitability. And fourth, our liquidity remains robust, with more than a billion dollars in total cash and committed working capital facilities. We believe that our solid financial condition will give us the flexibility to continue investing through a period of volatility while executing on our long-term strategic priorities. Together, these factors reinforce our confidence influence the ability to navigate the current environment and emerge even stronger. With that, I would like to open up the call for questions.

第三，我們正以強勢地位開展行動。我們目前的積壓訂單約為 49 億美元，為未來的成長奠定了堅實的基礎。我們相信，我們取得兩位數調整後毛利率的記錄為我們未來的財務表現和獲利能力提供了額外的可視性。第四，我們的流動性依然強勁，總現金和承諾的營運資金超過 10 億美元。我們相信，穩健的財務狀況將使我們能夠靈活地在動盪時期繼續投資，同時執行我們的長期策略重點。這些因素共同增強了我們的信心，影響了我們應對當前環境並變得更強大的能力。現在，我想開始提問。

Thank you. Ladies and gentlemen, as a reminder to ask the question, please press 11 on your telephone, then wait for your name to be announced. To withdraw your question, please press 11 again. We ask that you limit yourself to one question and one follow up. Please stand by while we compile the Q&A roster. Our first question comes from the line of Bryant Lee with Goldman Sachs and Company. Your line is open.

謝謝。女士們、先生們，提醒一下，在提問時，請在電話上按 11，然後等待播報您的名字。若要撤回您的問題，請再按 11。我們要求您只提出一個問題並進行一次跟進。請稍候，我們正在編制問答名單。我們的第一個問題來自高盛公司的布萊恩李。您的線路已開通。

Hey guys, good morning, thanks for taking the question. I guess the first question just on, the ASC ramp, appreciate some of the additional disclosure here, but I just wanted to make sure I have the numbers right. I think in the past you had talked about like 3 to 4 gigawatt hours on line one and then line 2 would double that. I think I just heard you say by the summer of next year. You'd be at an annualized run rate of 12 gigawatt hours of capacity out of ASC in the in the Tennessee facility. Is there another line being contemplated there, or were there some, efficiency gains that are getting you additional capacity? The 12-gigawatt hours seems a little bit more than we had been anticipating.

大家好，早安，謝謝您回答這個問題。我想第一個問題是關於 ASC 坡道，我很感謝這裡的一些額外披露，但我只是想確保我的數字正確。我認為過去您曾談到第一條線路的發電量為 3 至 4 千兆瓦時，而第二條線路的發電量將翻倍。我想我剛才聽到你說到明年夏天。ASC 在田納西州的工廠的年運行產能為 12 千兆瓦時。那裡是否正在考慮另一條生產線，或者是否有一些效率提升可以為您帶來額外的產能？12 千兆瓦時似乎比我們預期的要多一點。

Yeah, no, thanks, good question. Each of these lines have capacity between 3 and 3.5-gigawatt hours and contracts are at a minimum of 3, but we can ramp them up to 3.5. What we do with domestic content is that we mix. Domestically produced manufactured batteries with imported batteries, and that's how we convert the 6 gigawatt-hour that we have available with the two lines in 212 by mixing the two. So that's where the 12 come from. And this assumes a combination of half and half domestic, half locally manufactured, half internationally manufactured. Clearly the decision on how much the how that that mix will go will depend on the final tariff levels that we get from China and how all this process goes, but that's generally a good assumption to go forward.

是的，不，謝謝，好問題。每條線路的容量都在 3 至 3.5 千兆瓦時之間，合約數量至少為 3 條，但我們可以將其提升至 3.5 條。我們對國內內容的做法是進行混合。國產電池與進口電池混合，這就是我們將 212 兩條生產線上現有的 6 千兆瓦時電量進行轉換的方法。這就是 12 的由來。假設一半是國內產品，一半是本地製造，一半是國際製造。顯然，該組合的具體實施程度將取決於我們從中國獲得的最終關稅水平以及整個過程的進展情況，但這通常是一個很好的假設。

And the only thing I would add, is that we mix because we get the benefit of 40% because what we need is to offer our customers at least 40%. Minimum, domestic content. So I think that gives us ability to basically sell more volume at the same time, give our customers what they want, which is the domestic content incentives. So I think that allows us to meet our growing need that with the 6-gigawatt hours we can sell 12-gigawatt hours equivalent volume for domestic content.

我唯一想補充的是，我們進行混合是因為我們獲得了 40% 的收益，因為我們需要向客戶提供至少 40% 的收益。最低限度的國內內容。所以我認為這使我們有能力同時銷售更多產品，並滿足我們的客戶他們的需求，也就是國內內容誘因。因此，我認為這使我們能夠滿足日益增長的需求，即透過 6 千兆瓦時的電量，我們可以出售相當於 12 千兆瓦時的電量用於國內供應。

Okay, no, that's helpful clarification, but presumably if you know the 150 plus tariffs, percent tariffs in China remain, the economics on blending and mixing at any ratio wouldn't make sense. So really, it's 6 to 7 gigawatt hours of domestic capacity, run rate next year, yeah, if I kind of do the math at current ASP levels.

好的，不，這是有幫助的澄清，但如果你知道 150 多項關稅，中國百分之百的關稅仍然存在，那麼以任何比例混合的經濟性都是沒有意義的。所以實際上，如果我按照目前的平均售價水準進行計算，那麼明年的國內發電容量運行率為 6 至 7 千兆瓦時。

I guess it implies like a $2- or $3 billion-dollar revenue capacity that can be supported on pure US domestic sales. One is that the right range to think about and two, would that cover all your needs for fiscal '26 given, the $700 million that's pushing out from this year's revenue to next year and then what you're projecting for next year on the backlog?

我猜這意味著僅靠美國國內銷售就能支撐 20 億或 30 億美元的收入能力。一是，這是需要考慮的正確範圍；二是，考慮到從今年的收入推遲到明年的 7 億美元以及您預計明年的積壓收入，這是否能滿足您 26 財年的所有需求？

Yeah, as we said in the call, even with the current tariff levels, even with the current tariff levels, mixing imported and local manufactured tariffs, we can go with a price that beats fully imported. Batteries, it beats by 10%, even taking away, even not considering the 10% bonus just on the 4 just using the 45X. So we believe this, let's say that if the situation were to stay in the current approach, we'll still believe, with the current tariff level, we still believe a comb a mix. Of imported and non-imported tariffs, it's, it will be a way it was a way to go. So we, the likeliest scenario, most of the likeliest scenarios we see coming forward, they we will offer a mix of when we offer a product, they will have a combination of important and unimported tariffs so.

是的，正如我們在電話中所說的那樣，即使在當前的關稅水平下，即使在當前的關稅水平下，混合進口和本地製造的關稅，我們也可以採用優於完全進口的價格。電池，它比 45X 的 4 電池好 10%，甚至比 45X 的 4 電池好 10%。因此我們相信這一點，假設情況保持當前的方式，我們仍然相信，在目前的關稅水平下，我們仍然相信混合。進口和非進口關稅，這是一種可行的方法。因此，我們最可能出現的情況，我們看到的大多數最可能出現的情況是，當我們提供一種產品時，他們會結合重要的和非進口的關稅。

Okay, just my last question just since you have run those economics and, kind of have that analysis as you talk to customers, obviously the tariff environment is fluid, but if you, it sounds like no contracts are going to get canceled. They're just going to get renegotiated or potentially just done from a different sourcing strategy, but if you do mix, is there Have you had customer conversations as to kind of what you know pricing and then your margins would be because you know obviously you've taken out the revenue impact from tariffs. As that revenue comes back into the picture, whether it's later this year or if it gets embedded in fiscal '26 guidance at some point, like what do you think the margin implications would be of bringing that revenue which is now going to still have some tariff impact if you're blending and you're having to set a different level of price, I suppose with customers.

好的，這只是我的最後一個問題，因為您已經了解了這些經濟學知識，並且在與客戶交談時進行了分析，顯然關稅環境是不斷變化的，但聽起來好像沒有合約會被取消。他們只是會重新談判，或者可能只是透過不同的採購策略來完成，但如果你確實混合了，你是否與客戶進行過對話，了解你所知道的定價，然後你的利潤率是多少，因為你知道顯然你已經消除了關稅對收入的影響。隨著收入的重新出現，無論是在今年晚些時候，還是在某個時候嵌入到 26 財年指引中，您認為這筆收入對利潤的影響是什麼？如果您進行混合，這筆收入現在仍會對關稅產生一些影響，而且您必須為客戶設定不同的價格水平。

That's right. So, let me tell you our approach to this, which I think I'm answering your question. It's a little bit first point, the issue we have today. Is the uncertainty. The fact that we have a tariff level that it is subject to a potential negotiation with the Chinese government and There is a likelihood that it will go down. No, so that's what we are. So it is unclear, very difficult for me to form a price to my customers that I can tell them this is a price that will work in any tariff conditions because the tariffs could work in different ways. And it is very difficult for my customers to go out to their customers and tell them this is the way you should go because the cost structure. So that that's the problem we have today. Assuming the problem gets resolved at the current level, at a lower level, whatever it does. I mean, let's not, we have sufficient optionality to offer our customers a price that competes with alternative offerings, no, very well, and that allows us to meet our margin objectives.

這是正確的。那麼，讓我告訴你我們對此的處理方法，我想我已經回答了你的問題。這是我們今天面臨的第一個問題。是不確定性。事實上，我們的關稅水準可能會與中國政府進行談判，而且有可能下降。不，我們就是這樣的。因此，我很難向客戶確定一個價格，告訴他們這個價格適用於任何關稅條件，因為關稅可能以不同的方式運作。我的客戶很難去告訴他們的客戶這是應該採取的方式，因為成本結構的原因。這就是我們今天面臨的問題。假設問題在當前層面、在較低層面得到解決，無論它做什麼。我的意思是，我們有足夠的選擇性來為我們的客戶提供與其他產品競爭的價格，不，非常好，這使我們能夠實現我們的利潤目標。

In terms of the point you've mentioned, okay, will this still work for the customers? When we go out and looked at it generally, and this is a general statement clearly, there are not many alternatives to battery storage to resolve the needs of the US grid. They are not that many, no? They are limited. And we believe, I'm not saying that there's no price electricity, no please, or that we at any price it will happen. I'm just saying they're limited. So when they, because they're limited, we believe that most of these countries and not all of them, will move forward at a potentially higher cost than what we originally thought if tariffs were to stay at this level. So that's the way we think of it. And this is very important. We had designed our contracts in a way. Where the interests of our customers and ourselves are aligned.

就您提到的觀點而言，這對客戶來說仍然有效嗎？當我們總體上看待這個問題時，這顯然是一個普遍的說法，除了電池儲存之外，沒有太多的替代方案可以解決美國電網的需求。他們沒那麼多，不是嗎？它們是有限的。我們相信，我並不是說電力沒有價格，不是的，也不是說無論付出什麼代價，電力都會實現。我只是說它們是有限的。因此，由於關稅有限，我們相信，如果關稅保持在這個水平，大多數國家（而不是全部國家）將以比我們最初想像的更高的成本繼續前進。這就是我們的想法。這非常重要。我們已經以某種方式設計了我們的合約。我們客戶的利益和我們自己的利益是一致的。

And we can, we have, we're aligned, we share some of these risks together, so our interests are aligned to resolve this in a way that our customers meet their profitability objectives, and we meet our mark. So, we're very confident when we looked at all these enemies, all my optionality in supply chains. The opportunity that our customers that their customers have, and where would the value that battery stores can provide to the US grid that we will be able to address. Once the uncertainty gets clear, whichever way it gets clear, we will be able to regain our growth, no?

我們可以、我們已經、我們已經保持一致，我們共同承擔其中的一些風險，因此我們的利益是一致的，可以透過一種方式來解決這個問題，即讓我們的客戶實現他們的盈利目標，而我們也達到我們的標準。因此，當我們看到所有這些敵人以及供應鏈中的所有選擇時，我們非常有信心。我們的客戶擁有的機會以及電池商店可以為美國電網提供的價值在哪裡，我們將能夠解決這些問題。一旦不確定性變得明朗，無論以何種方式變得明朗，我們都將能夠重新獲得成長，不是嗎？

All right, thanks guys I appreciate it. I'll pass it on.

好的，謝謝大家，我很感激。我會傳達的。

Thank you, Byran. Please stand by for our next question. Our next question comes from the line of George Gionnekis with Canaccord. Your line is open.

謝謝你，布萊恩。請等待我們的下一個問題。我們的下一個問題來自 Canaccord 的 George Gionnekis。您的線路已開通。

Hi, good morning, everyone. Thank you for taking my question. Along the same lines around ASC, can maybe you discuss the ownership structure there and any solutions if that has to change due to any political concerns. Thank you.

大家好，早安。感謝您回答我的問題。同樣，關於 ASC，您能否討論那裡的所有權結構，以及如果由於任何政治問題而必須改變的任何解決方案。謝謝。

Thank you. So, you are referring in a telegraphic mode to the potential FEOC restrictions on the current reg or if they were to put in place. So today, as we all know, there are no FOC restrictions on the IRA benefits for battery storage. There are for, as you all know, also known for the EV industry, not for our part, but there. What we have done as this is a potential risk, we have worked with ASC to ensure, and we have a plan that we will put it where we will put in place to ensure that we will meet any restrictions on ownership that might come up. That's what I can say today. We cannot be more specific than that, unfortunately, but this is something a risk that we have identified. That we have worked with the ASC to address and we have a plan that we will put together to ensure that if there are restrictions on ownership that we will adapt to will ensure those lines and those investments will still be able to meet potential restrictions that come up and the interns of ASC and ours are very much aligned in ensuring this goes forward. So that that's what I can say. This is not, this is something we clearly have been working on for some time and we feel confident that, when if that we will be, it's not that we are, we're working ahead of the problem coming, no, and, as the time goes along, we'll inform more stuff, but that's what I can communicate at this stage.

謝謝。因此，您是以電報的方式提及 FEOC 對目前法規的潛在限製或是否要實施這些限制。因此，今天，眾所周知，對電池儲存的 IRA 福利沒有任何 FOC 限制。眾所周知，電動車產業也有所聞名，雖然不是我們這邊，但那裡也有。由於這是一個潛在的風險，我們所做的就是與 ASC 合作以確保這一點，並且我們有一個計劃，我們會將其落實到位，以確保我們能夠滿足可能出現的任何所有權限制。這就是我今天能說的。不幸的是，我們無法更具體說明，但這是我們已經發現的風險。我們已經與 ASC 合作解決這個問題，並且我們制定了一個計劃，以確保如果有所有權限制，我們將進行調整，以確保這些線路和投資仍然能夠滿足可能出現的限制，並且 ASC 和我們的實習生在確保這一計劃順利進行方面非常一致。這就是我能說的。這不是，這顯然是我們一直在努力解決的事情，我們有信心，如果是這樣，那不是說我們會這樣，而是說我們正在為問題的出現​​而努力，不，隨著時間的推移，我們會告知更多的事情，但這就是我現階段可以傳達的。

Thanks, and maybe around competitive concerns last quarter you had mentioned that you had seen incremental competition from Chinese in in the US and I'm curious as to what's happened from a competitive landscape. I know that a lot of deals are paused, but you can see incremental steps from Chinese vendors in the US or is that sort of over the last several months.

謝謝，也許圍繞著上個季度的競爭問題，您提到您已經看到來自美國的中國競爭日益激烈，我很好奇競爭格局發生了什麼。我知道很多交易都暫停了，但你可以看到美國中國供應商正在逐步採取步驟，或者說在過去的幾個月裡就是這樣。

I think that the US essentially to due to the uncertainty, the fact that it's very difficult to price solutions with this with things potentially changing very quickly, it's very difficult to see where competition it is, today, to be very clear because everybody's kind of in a wait mode. I believe that clearly that as we see some of these restrictions happening, it will be very difficult for some competitors who have, essentially built everything in China and bring it here to compete in this market.

我認為，美國基本上是由於不確定性，事實上，由於情況可能瞬息萬變，很難為解決方案定價，今天很難看清競爭在哪裡，因為每個人都處於等待模式。我清楚地相信，隨著這些限制的實施，一些基本上在中國生產所有產品並將其帶到這裡的競爭對手將很難在這個市場上競爭。

Not that I say that we were ready for this level of certainty because it's not, but we were ready for this scenario. We always expected. That the US market was going to become a domestically produced market and that's why we have been working so hard in developing a strategy that allows to build a solution in the US even with US Steel that people say you cannot do it, even with US Steel, we're going to deliver, we're going to receive our first enclosures made with US Steel that we can put the flack, grain on them and sell to our customers at very competitive price. So, I'm sure that a lot of people now are trying to do this and put it together. We have a 22 year leg up because we were envisioning this world we.

我並不是說我們已經為這種程度的確定性做好了準備，因為事實並非如此，但我們已經為這種情況做好了準備。我們一直期待。美國市場將成為國內生產的市場，這就是為什麼我們一直在努力製定一項策略，以便在美國建立解決方案，即使與美國鋼鐵公司合作，人們說你做不到，即使與美國鋼鐵公司合作，我們也會交付，我們將收到我們用美國鋼鐵公司製造的第一批外殼，我們可以對它們進行批評和批評，然後以極具競爭力的價格賣給我們的客戶。所以，我相信現在很多人都在嘗試這樣做並將其整合在一起。我們領先了 22 年，因為我們當時正在設想這個世界。

Globally, which is a little bit different, we see, I would say, the competitive landscape is the same as it was last quarter, the very intense, but with Smartstack and, we had to accelerate our product launches to be competitive, but we are very confident that. The Smartstack is going, is the way to go, and now just to give you an example, you see people trying to copy it, very bad copies if people do, what we are doing. It tells you that that's the best compliment that you have, that we got it right, that people are trying to figure out how to do something that we can do. So, we're very confident that we can win in the international markets with the Smartstack and win over, the Chinese players and all the competitors we have.

從全球來看，情況略有不同，我想說，競爭格局與上一季相同，非常激烈，但有了 Smartstack，我們必須加快產品發布速度才能保持競爭力，但我們對此非常有信心。Smartstack 正在發展，這是必經之路，現在僅舉一個例子，你會看到人們試圖複製它，如果有人這樣做，那將是極其糟糕的複製，這就是我們正在做的事情。它告訴你，這是對你最好的讚美，我們做對了，人們正在試圖弄清楚如何做我們能做的事情。因此，我們非常有信心，我們可以憑藉 Smartstack 在國際市場上取勝，並贏得中國玩家和所有競爭對手的青睞。

Thank you. Please stand by for our next question. Our next question comes from the line of Dylan Naano with Wolf Research. Your line is open.

謝謝。請等待我們的下一個問題。我們的下一個問題來自 Wolf Research 的 Dylan Naano。您的線路已開通。

Thanks for taking my question. Can you just talk a little bit about kind of the global alternative self-supply situation that's not China and that's not, I guess, US and AFC.

感謝您回答我的問題。您能否簡單談談中國、美國和亞洲足協以外的全球替代自給自足情況？

I mean, limited. There's some production coming out of Korea, Southeast Asia, and some in Japan, but really, I would say the majority of cell production today comes out of China. So that we are working with, to diversify, looking at some of it, but the volume we can capture out of China are limited. So, that's what I will say that we are working to develop a US supply chain very, as much as we can and hopefully some more players will work on this and we'll have a stronger local supply chain here in the US in the coming years. But today we're very much dependent on Chinese. This industry is dependent on Chinese equipment.

我的意思是，有限。一些生產來自韓國、東南亞和日本，但實際上，我認為當今大部分電池生產都來自中國。因此，我們正在努力實現多元化，並關注其中的一些方面，但我們從中國獲取的數量是有限的。所以，我想說的是，我們正在盡最大努力發展美國供應鏈，希望有更多的參與者能夠參與其中，並在未來幾年在美國擁有更強大的本地供應鏈。但今天我們非常依賴中文。該行業依賴中國設備。

Great thank you. And then as my follow up, so I mean, I think you mentioned Australia in your opening remarks, can you just talk about was any of these projects that you signed this quarter related to the stuff that was delayed previously like the status on those.

非常感謝。然後作為我的後續問題，我的意思是，我認為您在開場白中提到了澳大利亞，您能否談談您本季度簽署的任何項目是否與之前被推遲的項目有關，例如這些項目的現狀。

Yeah, those three core projects that we delayed last quarter, we expect to sign 2 in this this quarter, the 3rd quarter, and 1 in the 4th, so they're going well and we're very happy and, they're going well. So, none of them were part of the $200 million dollar order intake we took this quarter.

是的，我們上個季度推遲的三個核心項目，我們預計在本季度（第三季度）簽署 2 個，在第四季度簽署 1 個，所以它們進展順利，我們很高興，它們進展順利。因此，它們都不屬於我們本季收到的 2 億美元訂單。

Great thank you. Please stand by for our next question. Our next question comes from the line of Christine Cho with Barclays. Your line is open.

非常感謝。請等待我們的下一個問題。我們的下一個問題來自巴克萊銀行的 Christine Cho。您的線路已開通。

Good morning thank you for. Good morning.

早安謝謝你。早安.

Christine. How are you?

克里斯汀。你好嗎？

Good, how are you?

很好，你好嗎？

Yeah, well, could be better, I guess.

是的，我想可能會更好。

So, I appreciate your comment that you know today your mix of domestic content and non-domestic content batteries is 10% cheaper versus 100% imported panels from China and that could be a fair statement today, but you know if we are to assume that capacity is going to build outside China. Let's call it next year, and that's going to be much cheaper than what Chinese imports with the current tariffs are. So how should we think about that scenario and how it would impact your future bookings and, how should we think about, you diversifying your supply outside China if only for risk mitigation purposes, and if you do decide to do that, how long would that take?

因此，我很欣賞您的評論，您知道今天您的國產和非國產電池組合比 100% 從中國進口的電池板便宜 10%，這在今天可能是一個公平的說法，但您知道如果我們假設產能將在中國境外建設。假設是明年，那將比目前徵收關稅的中國進口產品便宜得多。那麼我們應該如何看待這種情況，它將如何影響您未來的預訂，我們應該如何看待您為了降低風險而在中國以外實現供應多元化，如果您決定這樣做，需要多長時間？

Yeah, I mean, yeah, we clearly have a view of where prices in China could move. And we also can reduce our local cost in the US. So it is, I wouldn't, we know where we are, we know how, what the cost structures of Chinese and we have a view on pricing for them. So, I'm confident that we will continue to be, let's say, this is scenario which is one scenario. Tariffs, stay very high, but our domes are mixing of domestic content. We'll still be competitive. The other point to take into consideration that is important is we also bring, as I said, it's a mix of locally produced and internally. So we also will take advantage of the locally produced batteries, to the, of the, sorry, of the Chinese prices. So, we, when we looked at the scenarios, this a strategy we have given us an optionality and works well in many of these scenarios, including a scenario where your Chinese prices come down significantly. I don't have a lot of space to come down, by the way, just to be clear, but yeah, so you know we're confident that we have at the this is the right.

是的，我的意思是，我們清楚知道中國的價格可能會如何改變。而且我們還可以降低美國當地的成本。所以，我們知道我們在哪裡，我們知道中國的成本結構是什麼，我們對他們的定價有自己的看法。因此，我相信我們將繼續保持這種情景，這是一種情景。關稅保持在很高水平，但我們的產品都是國產成分混合的。我們仍然具有競爭力。需要考慮的另一點很重要，那就是我們也帶來了本地生產和內部生產的混合產品。因此，我們也將利用本地生產的電池，以，抱歉，中國的價格。因此，當我們研究各種情境時，我們發現這是我們賦予了可選性的策略，並且在許多情境下都能很好地發揮作用，包括中國價格大幅下降的情境。順便說一句，我沒有太多空間可以說清楚，但是的，所以你知道我們有信心這是正確的。

Okay, and you talk about you guys providing the mixing that you're mixing it with your domestic, supply and your imports, but can the is there an option for your customers to just get the batteries with domestic sales from you and get batteries with none domestic content cells elsewhere and do the mixing themselves with different manufacturers or are there.

好的，您說的是您提供混合電池，將國內供應的電池和進口的電池混合在一起，但是您的客戶是否可以選擇只從您那裡購買國內銷售的電池，而從其他地方購買不含國內成分的電池，然後自己與不同的製造商進行混合，或者有其他選擇嗎？

Why they would do that. I mean, no, the real value is our, the batteries are like gasoline. You don't care where, the real value is our BMS, our ability to integrate our services. That's where we create value, you, I mean, the batteries are important, are an important cost element. Well, that's not where the value is created. Batteries are a commodity essentially. The value is creating in our ability to our logistics, the intelligence, our systems, the ability, our ability to deliver, high availability. That's where the value is fixing stuff, this is not, it doesn't work.

他們為什麼要這麼做。我的意思是，不，真正的價值在於我們的電池就像汽油一樣。您不必關心在哪裡，真正的價值是我們的 BMS，是我們的整合服務的能力。這就是我們創造價值的地方，我的意思是，電池很重要，是一個重要的成本要素。嗯，這裡不是創造價值的地方。電池本質上是一種商品。價值在於我們的物流能力、情報、系統、交付能力、高可用性。這就是修復東西的價值所在，但這不是，它不起作用。

Got it thank you.

明白了，謝謝。

Please stand by for our next question. The next question comes from a line of a meet the car with BMO Capital Markets. The line is open.

請等待我們的下一個問題。下一個問題來自 BMO 資本市場 (BMO Capital Markets) 的一場見面會。線路已開通。

Good morning. Thanks for taking our questions. Just, on the $700 million of contracts that you've, kind of, I guess are kind of in a state of pause right now, can you give us kind of like the mix between contracts that were under advanced negotiations, versus, contracts that were already executed out of that $700 million and then the contracts that were under advanced negotiations, is there anything kind of obligating them to, kind of like I guess stay with you, rather not cancel that project and I've got one follow up.

早安.感謝您回答我們的問題。只是，關於您現在處於暫停狀態的價值 7 億美元的合同，您能否給我們提供一下正在進行高級談判的合同與已經從這 7 億美元中執行的合同的組合，然後是正在進行高級談判的合同，有什麼義務讓他們繼續下去，而不是取消那個項目，我有一個後續問題。

They were roughly half and half of them were contract already in our backlog that were passing the execution, and these were contracts that were very early in the execution, and we have not been able to allure to bring in the. To bring it to the country, the equipment for that and the other half were contracts that were that were not signed, and as I said, with the way our approach to the contracts that were signed is an approach of sharing the tariff risk so that aligns our interest in resolving the problem together. No, I somehow, if I can maybe give you a two-second approach. This is completely different than the approach that how the COVID situation was managed. Remember, after COVID, we had that major supply crunch and how do we end it? We ended up with a lot of contracts where we were on the water that we had to deliver on, and it took us a year and a half to bring those contracts back to neutrality.

其中大約有一半是我們積壓的合同，正在執行中，而這些合約還處於執行的早期階段，我們無法吸引他們加入。為了將其帶到該國，該設備和另一半是未簽署的合同，正如我所說，我們對待已簽署合同的方式是一種分擔關稅風險的方式，以便使我們的利益保持一致，共同解決問題。不，我不知何故，也許我可以給你一個兩秒鐘的方法。這與處理 COVID 情況的方法完全不同。還記得嗎，在新冠疫情之後，我們遇到了嚴重的供應緊縮，我們該如何結束它？我們最終簽訂了很多必須在水上履行的合同，我們花了一年半的時間才讓這些合約恢復中立。

Today, we have a completely different risk management. We share the risk with our customers in a way to ensure that we will align in the execution once the situation is clear to ensure that we can get the margins we care about and that they can do have the profitability they want to. So that that's a completely different approach. We think we're in a much better position to. Get out of this situation as once there's clarity that we can get out of it very quickly and profitability compared to what we had when we COVID when it took off, a year, almost a year, more than a year, and we were able to do a just to bring the contracts to meet, to meet the neutrality, no, so I think we're in a good place.

今天，我們的風險管理已經完全不同了。我們與客戶分擔風險，以確保一旦情況明朗，我們就會在執行上保持一致，以確保我們能夠獲得我們關心的利潤，並且他們能夠獲得他們想要的盈利能力。這是一種完全不同的方法。我們認為我們處於更有利的地位。擺脫這種局面，因為一旦明確了，我們就可以很快擺脫困境，並且與 COVID 爆發時相比，盈利能力提高了一年，將近一年，一年多，而且我們能夠做到只是讓合同得到滿足，滿足中立性，不，所以我認為我們處境很好。

Alright, thanks for all of that color, and just on turning to the cash flow statement, it looks like you guys have kind of burned around $260 to $270 million of cash. I think Ahmed kind of indicated to be another couple $100 million of investment in working capital for the second half of the year. A big portion of that was like the $500 million of kind of inventory that you. I guess kind of pre-bought sells from ASC to help them stand up, I guess the additional lines at their Tennessee plant, when would those spot like that kind of those pre-bought kind of domestic sells start coming back to you in in terms of cash?

好吧，謝謝你的描述，看一下現金流量表，看起來你們已經燒掉了大約 2.6 億到 2.7 億美元的現金。我認為艾哈邁德暗示今年下半年將再投資幾億美元用於營運資金。其中很大一部分是價值 5 億美元的庫存。我想 ASC 的預售可以幫助他們站起來，我想他們在田納西工廠的額外生產線，什麼時候那些預購的國內銷售會以現金形式回到你手中？

So, hey I meet Ahmed here. So yes, you're right. I think when you said $200 million I think that is, year-to-date. I think in the quarter, our cash is roughly $40 million negative, I think, free cash flow, and that is primarily I think the key is we if you look at we are building inventory to execute on our. The revenue plan that we have for the remainder of the year, keep in mind we have, roughly $2 billion of revenue that we have to deliver. I think that is what the inventory is, which is roughly $700 million of inventory on a balance sheet to deliver our Q3 revenue and then the remaining I think is for, we will be using cash, as you mentioned a couple of $10 million. Half of that is roughly for our domestic content and the remaining half is for our Q4 revenue, but I think we will recoup the, we will have, receivables at the end of Q4 which will be, collecting within the next 30 to 60 days after the year ends. So net, I think this is all working capital long way of answering your question. Thank you.

嘿，我在這裡遇見了艾哈邁德。是的，你是對的。我想當您說 2 億美元時，我認為那是今年迄今為止的金額。我認為在本季度，我們的現金約為負 4000 萬美元，我認為，自由現金流，這主要是因為，如果你看一下，我們正在建立庫存以執行我們的計劃。請記住，我們今年剩餘時間的收入計劃是，我們必須實現約 20 億美元的收入。我認為這就是庫存，資產負債表上的庫存約為 7 億美元，用於實現我們的第三季度收入，然後我認為剩下的部分，我們將使用現金，正如您所提到的幾千萬美元。其中一半大致用於我們的國內內容，另一半用於我們的第四季度收入，但我認為我們將在第四季度末收回應收帳款，也就是在年底後的 30 到 60 天內收回。因此，我認為，這都是營運資本在回答你的問題。謝謝。

Thank you. Please stand by for our next question. Our next question comes from the line of Andrew Pracoco with Morgan Stanley and Company. Your line is open.

謝謝。請等待我們的下一個問題。我們的下一個問題來自摩根士丹利公司的 Andrew Pracoco。您的線路已開通。

Great thanks so much good morning, everyone, thanks for taking the question I just most of my questions have been asked, but I just wanted to follow up on domestic content strategy here I guess I'm just curious why, just given the uncertainty around tariffs on China, a 100% domestic sell. Battery from you guys wouldn't be something that customers would be willing to contract today. To get that there's uncertainty around what's going to happen to the China tariffs, but it seems like that's an easy workaround for a customer. Is it because they're waiting to see what happens to China and they'd rather mix? Is it because, 100% domestic sales are not cost, it's cost prohibitive, just trying to get a sense for why that wouldn't be an easy solution for customers right now. Thank you.

非常感謝，大家早安，感謝你們回答這個問題，我的大部分問題已經被問過了，但我只是想跟進一下這裡的國內內容策略，我想我只是好奇為什麼，考慮到對華關稅的不確定性，100% 的國內銷售。如今，客戶不會願意購買你們提供的電池。為了解決這個問題，中國關稅將會發生什麼還存在不確定性，但對客戶來說，這似乎是一個簡單的解決方法。是因為他們在等著看中國會發生什麼，所以他們寧願混在一起？是因為 100% 的國內銷售沒有成本，而是成本過高，只是想了解為什麼這對目前的客戶來說不是一個簡單的解決方案。謝謝。

Good question. I think that, as I said, the main issue today is I don't sure you practice, the, where do you think things are going to be, when is the uncertainty going to be resolved? No. If you believe that the current tariffs are the solution long term, no, and that there will be no reduction in tariffs going forward in the short term. Clearly, the solution of a fully domestic offering will be very attractive. No. However, a lot of some of our customers and I think generally the, there's a view.

好問題。我認為，正如我所說，今天的主要問題是，我不確定你是否實踐，你認為事情將會如何發展，不確定性何時會得到解決？不。如果您認為當前的關稅是長期解決方案，那麼答案是否定的，短期內不會降低關稅。顯然，完全國內發行的解決方案將非常有吸引力。不。然而，我認為我們的許多客戶普遍都有這樣的看法。

That the government is engaging with trade negotiations with China and that there will be a change in the negotiations with China into that will convert into lower tariffs with in the near future. So it's very difficult to commit to a 20 year contract, and resolving a problem if you believe that, two weeks from now there will be an announcement saying or a month from now, whatever time frame you think it is saying, hey, these retaliatory tariffs that we have mentioned are no longer in the, because remember what we had is that a lot of the tariffs we have today are retaliation because the mark, they were not talking with some people expect that once they start talking, the retaliation will come down and we'll have a much better view. So that's what it is. I think that if, but you're right, if we had a view that this is a tariff level going forward, they probably, a full US offering will be very competitive.

政府正在與中國進行貿易談判，與中國的談判將發生變化，在不久的將來將轉化為降低關稅。因此，簽訂一份 20 年的合約是非常困難的，如果你相信兩週後或一個月後會有公告說，嘿，我們提到的這些報復性關稅不再存在，那麼解決這個問題就非常困難，因為請記住，我們今天的許多關稅都是報復性的，因為馬克，他們沒有和一些人談判，人們期望一旦他們開始談判，報復就會減少，一旦我們有更好的看法。事實就是這樣。我認為，但你是對的，如果我們認為這是未來的關稅水平，那麼美國提供的全面產品可能會非常有競爭力。

Okay, that's helpful context. Appreciate that. And just one follow up, I guess a little surprised to see the weakness in bookings in the first quarter being that tariffs, the high tariffs really didn't go into effect until April. So just curious if you could talk more to what you saw. Was it competition driven? The international markets, which I know has been a headwind, just curious to get more context around why first quarter was such a significant drawdown, whereas maybe we would have expected to see more of that in the second quarter with the China tariffs. Thank you.

好的，這是很有幫助的背景資訊。非常感謝。接下來我想問一下，第一季的訂單量疲軟可能有點令人驚訝，因為高關稅實際上直到四月才生效。我只是好奇您是否可以進一步談談您所看到的情況。這是競爭驅動的嗎？我知道國際市場一直處於逆風狀態，我只是好奇想了解更多關於第一季為何會出現如此大幅下滑的情況，而由於中國關稅，我們或許預計第二季會出現更多下滑。謝謝。

Good question. I think that we're expecting a significant number of US contracts this quarter, and I say once it was clear that Liberation Day was coming. That the Trump administration was, I'll say early March, late February around that time frame. People start saying, hey, you should take the risk or we should take the risk, it started that part and that that made it very difficult to our approach is, we let's share the risk, but most of our customers wanted to wait until they have a better view on and that happened, a few weeks before liberation day. So internationally we were not expecting that much but clearly I don't think it has been affected at all by the US situation. Today, we were not expecting major contracts. We do expect major contracts this quarter, so you know that's what I'll tell you. So we, and we don't see any real any real spillover of the of the US situation into international markets at this stage.

好問題。我認為我們本季預計會簽訂大量美國合同，而且我說過，解放日即將到來。我認為川普政府是在三月初、二月底左右這個時段。人們開始說，嘿，你應該承擔風險或我們應該承擔風險，這開始了，這讓我們的做法變得非常困難，我們的做法是，讓我們分擔風險，但我們的大多數客戶都想等到他們有更好的看法，而這發生在解放日的幾週前。因此，在國際上我們並沒有期待那麼多，但顯然我認為它根本沒有受到美國局勢的影響。今天，我們並沒有期待重大合約。我們確實預計本季度會有重大合同，所以你知道這就是我要告訴你的。因此，我們目前還看不到美國局勢對國際市場有任何實際影響。

Great thank you.

非常感謝。

Please stand by for our next question. Our next question comes from the line of Julian Demoullian Smith with Jeffrey. Your line is open.

請等待我們的下一個問題。我們的下一個問題來自 Jeffrey 的 Julian Demoullian Smith。您的線路已開通。

Hey, good morning. This is Hannah Velasque on for Julian. Thank you for taking the question and squeezing me in. So first, good morning, on the note about the couple of $100 million of additional working capital needs, can you just confirm that that's specific to 2025, or do you see that extending into 2026? And then as a related point, when, or could you speak directionally to when you expect to inflict back to positive free cash flow generation?

嘿，早安。漢娜·維拉斯奎 (Hannah Velasque) 代替朱利安 (Julian)。感謝您回答這個問題並抽出時間給我。首先，早安，關於幾億美元額外營運資金需求，您能否確認這具體到 2025 年，還是您認為會延續到 2026 年？然後作為一個相關點，您何時或能否具體說明一下您預計何時能夠恢復正自由現金流的產生？

Sure, so I think, in terms of your question, yes, I think this is mostly for 2025, we will be, as I mentioned, to Amit's question, I mean, I think we will have a couple of $100 million of receivables at the end of Q4 because we keep in mind as we discussed, we have. Back end loaded revenue that we in our backlog, that we will be recognizing in 4. So I think that revenue we will be collecting those receivables in, Q1 next year. So I think that will give us enough cash to, so we feel pretty good about our cash position going forward. And your second question is on free cash flow. Yeah, I think we continue to see, we don't have any significant capital commitments, this year, EBITDA is roughly $10 million but at next year we will give you guidance on Q4 call. But as Julian mentioned, I mean, I think if we continue on the path of our, that we expect in terms of signing new contracts, we feel pretty good that we will be free cash flow positive next year. Because we don't have any significant cap packs and it all boils down to the EBITDA, if we, our goal is to generate free cash flows next year and maintain our profitability, that is frankly the key focus for everybody in Fluence.

當然，所以我認為，就你的問題而言，是的，我認為這主要是針對 2025 年的，正如我提到的，對於 Amit 的問題，我的意思是，我認為我們將在第四季度末擁有幾億美元的應收賬款，因為我們記住，正如我們所討論的那樣，我們有。我們積壓的後端加載收入將在 4 中確認。所以我認為我們將在明年第一季收回這些應收款。所以我認為這將為我們提供足夠的現金，因此我們對未來的現金狀況感到非常滿意。您的第二個問題是關於自由現金流。是的，我認為我們會繼續看到，我們沒有任何重大的資本承諾，今年，EBITDA 約為 1000 萬美元，但明年我們將在第四季度電話會議上為您提供指導。但正如朱利安所提到的，我的意思是，我認為如果我們繼續按照我們預期的方式簽署新合同，我們感覺明年我們的自由現金流將為正。因為我們沒有任何重要的資本包，而一切都歸結為 EBITDA，如果我們的目標是明年產生自由現金流並保持盈利能力，那麼坦率地說，這是 Fluence 每個人關注的重點。

Okay, got it, super clear, thank you. And then as a follow up question, the $700 million and paused revenues, is that reflective of the pause projects and delayed signings that you have visibility into as of today, or have you built in any potential or any extra cushion, I suppose, in case, say. I know the 90 days pause on reciprocal Paris is not extended. I don't know your level of exposure there but could that $700 million widen is the premise of the question.

好的，明白了，非常清楚，謝謝。然後作為後續問題，7 億美元的暫停收入是否反映了您截至今天所了解的暫停項目和延遲簽約的情況，或者您是否建立了任何潛在或額外的緩衝，我想，以防萬一。我知道《巴黎協定》的 90 天暫停期不會延長。我不知道您在那裡的曝光程度，但問題的前提是這 7 億美元能否擴大。

No, I think the $700 million is what we see there is, and we don't see any downside additional downside. Even if tariffs were to, let's say that being tariffs on Vietnamese or Malaysia or somewhere else were to grow or to move, so we're confident where we are.

不，我認為 7 億美元就是我們看到的金額，而且我們沒有看到任何額外的下行風險。即使關稅發生變化，例如說對越南、馬來西亞或其他地區的關稅增加或調整，我們對目前的狀況仍很有信心。

Yeah, I think the only thing I would add is that given we have a confidence that we have, as I mentioned in my comments, we have already brought all required equipment in the country, so we have the risks that, the revenue guidance we have given there's nothing to be imported, forecast.

是的，我想我唯一要補充的是，鑑於我們有信心，正如我在評論中提到的那樣，我們已經將所有需要的設備引入該國，因此我們存在風險，我們給出的收入指導表明沒有什麼需要進口，預測。

Thank you. Our next question comes from the line of Cassie Harrison with Piper Sandler. Your line is open.

謝謝。我們的下一個問題來自 Piper Sandler 的 Cassie Harrison。您的線路已開通。

Hey, good morning going, thanks for sliding me in here. Julian, you said your domestic, solution is 10% cheaper than the imported content, before taking the bonus into consideration, how is there a simple way we should think about the break even tariff level that would make your cost, exactly in line with imports that, 100% is a 50% just trying to think about, what gets you to, being in line with the imports.

嘿，早上好，謝謝你帶我來這裡。朱利安，您說您的國內解決方案比進口內容便宜 10%，在考慮獎金之前，我們應該如何簡單地考慮盈虧平衡關稅水平，使您的成本與進口完全一致，100% 是 50%，只是想想想，是什麼讓您與進口保持一致。

So yeah, I think, I mean, obviously, I think it's frankly we are still in discussions with many customers, so I can't be more specific, but I think in any likely scenario where we think the tariff's going to land. We feel pretty good that our product will be competitive. Obviously 150 is, when we already said, but I think we continue to see in any we then different scenarios and in any likely scenario we feel pretty good. I think that that we can tell you.

是的，我認為，顯然，坦白說，我們仍在與許多客戶進行討論，所以我無法更具體，但我認為在任何可能的情況下，我們都認為關稅將會下降。我們非常有信心我們的產品將具有競爭力。顯然，我們已經說過了，150，但我認為我們將繼續看到任何不同的情況，並且在任何可能的情況下，我們都感覺很好。我想我們可以告訴你。

Okay, and then, maybe just a follow up, on the guidance, you indicated that you're 95%, covered, but you've also, you're not, you've paused US bookings and so. Is how do we get to the midpoint of guidance if possible is that just from international or is there something else?

好的，然後，也許只是後續問題，根據指導，您表示您已覆蓋 95%，但您也沒有，您已暫停美國預訂等等。如果可能的話，我們如何達到指導的中點？這僅來自國際，還是有其他因素？

Yeah, I mean, the 5% is essentially the revenue we will recognize out of the contracts we expect to sign from now to year and as we recognize a small portion of them early on once we deliver the engineer and stuff, so that that's what it reflects to and it's in line with what we are expected to sign in the coming in the coming month and it does not include any in the US.

是的，我的意思是，5% 基本上是我們從現在到明年預計簽署的合約中確認的收入，而且我們在交付工程師和材料後會儘早確認其中的一小部分，所以這就是它所反映的，它與我們預計在下個月簽署的合約一致，而且它不包括美國的任何合約。

Yeah.

是的。

Okay, thanks. Actually, if I could just sneak one more in, It doesn't include you guys got it. If I could just sneak one more in, you know how, what proportion were any of those projects that you delayed co-located with, solar, if so.

好的，謝謝。實際上，如果我可以再偷偷地加一個，那就不包括你們了。如果我可以再偷偷加一句，你知道，你推遲的那些項目中有多少是與太陽能項目位於同一地點的嗎？

Oh, I don't know it's a combination of both, it's not one single, so I think there are multiple projects that we have.

哦，我不知道這是兩者的結合，而不是單一的，所以我認為我們有多個項目。

Alright thank you.

好的，謝謝。

Thank you. Ladies and gentlemen, due to the interest of time, our final question will come from the line of Jordan Levy. Mr. Levy, your line is open with Tru Securities.

謝謝。女士們、先生們，由於時間關係，我們的最後一個問題來自喬丹·萊維 (Jordan Levy)。利維先生，您與 Tru Securities 的聯絡電話已開啟。

Oh, thanks for squeezing in, it's more on for Jordan. So, quick one here, I understand $700 million reduction is mostly due to US projects. Are you seeing any delays in international projects? And can you maybe walk us through the supply chain for your international shipments and then I have a quick follow up.

哦，感謝您抽出時間，我們來談談喬丹。所以，簡單說一下，我了解到 7 億美元的減少主要是因為美國計畫。您是否發現國際工程有任何延誤？您能否向我們介紹您的國際貨運供應鏈，然後我可以快速跟進。

No real delays in international things are going well and in, for we produce for international markets generally, we produce our enclosures in the, in Vietnam by batteries from China, most, and we bring the those batteries are integrated into our Vietnam facility and deliver to sites and then in terms of inverters, we generally bring them from Europe to meet more customers and we're developing a new supply chain. So, for Smartstack essentially that will bring a new supply source so generally we are we're doing very well, no?

國際事務進展順利，沒有真正的延誤，因為我們通常為國際市場生產產品，我們在越南使用來自中國的電池生產外殼，我們將這些電池整合到我們的越南工廠並運送到現場，然後就逆變器而言，我們通常從歐洲進口以滿足更多客戶，我們正在開發新的供應鏈。因此，對於 Smartstack 來說，這實際上會帶來一個新的供應源，所以總的來說我們做得很好，不是嗎？

Great, that's super helpful. I think the last quarter you mentioned 15% of backlog was exposed to tariff risk. I'm just wondering what's that number in your current backlog. Thank you.

太棒了，這非常有幫助。我認為您提到的上個季度15％的積壓訂單面臨關稅風險。我只是想知道您目前的積壓數量是多少。謝謝。

But in, you mean in the case of the US, where do we see the way, we should think about our backlog today and our tariff risk is that because we share the risk. We are aligned with our customers to ensure that once the situation settles that we will find a path that will ensure that we meet our margins and they meet and they meet their objectives. That's the way it's not, tariff risks is a is a little bit of because the way this this is designed is to ensure that we resolve the problem. So clearly tariff freeze and the tariff freeze will be a guess that the contracts could be delayed or delayed while we negotiate, but we're not expecting the way we have designed this, we will not move forward with contracts that have negative or have margins that we do not find attractive. So that's the way to think about it.

但是，您指的是就美國而言，我們的出路在哪裡，我們應該考慮我們今天的積壓問題，我們的關稅風險是因為我們共同承擔風險。我們與客戶保持一致，以確保一旦情況穩定下來，我們將找到一條途徑，確保我們滿足我們的利潤，他們滿足他們的目標。事實並非如此，關稅風險是有一點的，因為這種設計方式是為了確保我們解決問題。因此，很明顯，關稅凍結和關稅凍結將是一種猜測，即合約可能會在我們談判時被推遲或延遲，但我們並不期望按照我們設計的方式進行，我們不會推進利潤為負或我們認為不具有吸引力的合約。這就是思考這個問題的方式。

Appreciate the Color.

欣賞色彩。

Jordan, thank you.

喬丹，謝謝你。

Thank you. Ladies and gentlemen, at this time I will not, I would now like to turn the call back over to Lexington for closing remarks.

謝謝。女士們、先生們，現在我不能發言，我想將電話轉回給列剋星敦，請他做最後發言。

Thank you for participating 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 3rd 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。我們期待在報告第三季業績時再次與您交談。祝你有美好的一天。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。