Fluence Energy Inc (FLNC) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Janice, and I will be the operator for today. At this time, I would like to welcome everyone to Fluence Energy, Inc. Q3 2025 Earnings Conference Call. (Operator Instructions) Thank you.

感謝您的支持。我叫 Janice，今天我將擔任接線生。現在，我歡迎大家參加 Fluence Energy, Inc. 2025 年第三季財報電話會議。（操作員指示）謝謝。

And I would now like to turn the conference over to Lexington May, Vice President of Investor Relations. You may begin.

現在我想將會議交給投資人關係副總裁 Lexington May。你可以開始了。

Thank you. Good morning, and welcome to Fluence Energy's Third 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 年第三季財報電話會議。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。

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 relating to our business and company that are not historical facts. Such statements are based upon 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. You are cautioned to not place undue reliance on these forward-looking statements, which speak only as of today.

在本次電話會議期間，Fluent 的管理階層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，它們僅代表截至今天的觀點。

Also, please note that the company undertakes no duty to update or revise forward-looking statements for new information. 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)

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。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。（操作員指示）

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

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.

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。

This morning, I will briefly review our Q3 results and then address the impact of recent legislation, which we believe provides a strong foundation for the future of our business. I will also provide an update on the current market environment and the progress we made in executing on our strategy. Ahmed will cover our quarterly financial results and 2025 outlook in more detail.

今天上午，我將簡要回顧我們的第三季業績，然後談談最近立法的影響，我們相信這為我們業務的未來奠定了堅實的基礎。我還將介紹當前的市場環境以及我們在執行策略方面取得的進展。Ahmed 將更詳細地介紹我們的季度財務表現和 2025 年展望。

Turning to slide 4. I am pleased to report that since our Q2 call, as we expected, we signed two contracts in Australia worth approximately $700 million of combined revenue. One of these countries is the largest contract in our history. Additionally, we delivered on our first domestic content product, which we believe is the first domestic content-compliant battery storage systems delivered in the US. We're ramping up our US production and working through some typical production ramp-up issues as we scale. And finally, all of our contracts that were halted in the US market due to tariff and regulatory uncertainty are now reactivated and moving forward.

翻到幻燈片 4。我很高興地報告，自從我們第二季度電話會議以來，正如我們預期的那樣，我們在澳大利亞簽署了兩份合同，總收入約為 7 億美元。其中一個國家是我們歷史上最大的合約。此外，我們也交付了首款國產產品，我們相信這是美國交付的首批符合國產標準的電池儲存系統。我們正在提高美國的產量，並在擴大規模的同時解決一些典型的產量提升問題。最後，我們在美國市場因關稅和監管不確定性而暫停的所有合約現在都已重新啟動並繼續推進。

Turning to slide 5 and our Q3 performance. First, we ended the quarter with approximately $4.9 billion in backlog. Since June 30, we had added to our backlog approximately $1.1 billion of contracts, including the two Australia contracts that I mentioned.

轉到投影片 5 和我們的第三季業績。首先，本季末我們的積壓訂單約為 49 億美元。自 6 月 30 日以來，我們已增加了約 11 億美元的積壓合同，其中包括我提到的兩份澳洲合約。

Second, we recorded approximately $603 million in revenue, which was below our expectations, mostly due to delays in ramping up volume at our US manufacturing facility. We expect to recover this revenue in fiscal '26 as production rates at these facilities continue to improve and reach their targeted capacity levels.

其次，我們的收入約為 6.03 億美元，低於我們的預期，主要是因為我們美國製造工廠的產量增加延遲。隨著這些工廠的生產率不斷提高並達到目標產能水平，我們預計在 26 財年將恢復這一收入。

Third, despite this revenue shortfall, we generated a 15.4% adjusted gross profit margin, well above our target for the quarter. And our annual recurring revenue increased to $124 million.

第三，儘管收入不足，但我們的調整後毛利率仍達到 15.4%，遠高於本季的目標。我們的年度經常性收入增加至 1.24 億美元。

And finally, we closed the quarter with more than $900 million in liquidity, including approximately $460 million in total cash, which we believe allow us to continue operating from a position of financial strength and provide significant flexibility in the current market.

最後，我們在本季結束時擁有超過 9 億美元的流動資金，其中包括約 4.6 億美元的現金，我們相信這使我們能夠繼續以強大的財務實力開展運營，並在當前市場中提供極大的靈活性。

Please turn to slide 6. Since our last call, several developments have reshaped the energy policy landscape in the United States. The One Big Beautiful Bill Act, or the OB3, came out with strong support for battery storage. It differentiates BESS from other sources of generation by recognizing our technology as a dependable and dispatchable source of electricity, much like nuclear or gas plant.

請翻到幻燈片 6。自從我們上次通話以來，一些事態發展已經重塑了美國的能源政策格局。《一項偉大的美麗法案》（OB3）對電池儲存提供了強有力的支持。它將 BESS 與其他發電來源區分開來，認為我們的技術是一種可靠且可調度的電力來源，就像核電廠或天然氣電廠一樣。

This morning, I would like to highlight four provisions of the OB3 that provides support to Fluent's US strategy, centered on domestically produced energy storage system. First, the OB3 extends the investment tax credits for stand-alone storage through 2034. Second. It establishes new restrictions on the base ITC, limiting eligibility for Chinese equipment. Third, imposes tighter and increasing over time FEOC requirements on the 10% domestic content ITC bonus. And four, it has FEOC restrictions on Section 45X manufacturing credits.

今天上午，我想重點介紹OB3的四項規定，這些規定為Fluent以國產儲能係統為中心的美國戰略提供支援。首先，OB3 將獨立儲存的投資稅收抵免延長至 2034 年。第二。它對基礎 ITC 設立了新的限制，限制了中國設備的資格。第三，對 10% 國內成分 ITC 獎金實施更嚴格且不斷增加的 FEOC 要求。第四，它對第 45X 條製造業信貸有 FEOC 限制。

We believe that these provisions enhance our competitive position as one of the few companies currently capable of delivering domestic content energy storage systems at scale. We're seeing increased customer interest and growing opportunities that reflect the scarcity of compliance solutions in the US storage market.

我們相信，這些規定增強了我們作為目前少數能夠大規模提供國內儲能係統的公司之一的競爭地位。我們看到客戶興趣的增加和機會的增加，這反映出美國儲存市場合規解決方案的稀缺性。

Turning to slide 7. As I noted, the OB3 adds FEOC restrictions to the Section 45X tax credit, limiting ownership, control and material sourcing from certain countries. We expect that the forthcoming treasury rules implementing these restrictions will be workable. And we are actively engaged with our suppliers to ensure compliance by the deadline next year.

翻到幻燈片 7。正如我所指出的，OB3 在第 45X 條稅收抵免中增加了 FEOC 限制，限制了來自某些國家的所有權、控制權和材料採購。我們預計即將出台的實施這些限制的財政規則將是可行的。我們正在積極與供應商合作，以確保明年截止日期前完成規定。

Here, I want to highlight two important topics. First, we are looking at multiple options, none of which requires any significant capital beyond liquidity needs we have previously earmarked, thus not requiring us to raise additional equity. And second, the increase in domestic content thresholds on the OB3 favors our established US supply chain, which positions us well to deliver compliant cost competitive system in this evolving regulatory landscape.

這裡我想強調兩個重要主題。首先，我們正在考慮多種選擇，這些選擇都不需要超出我們先前指定的流動性需求的任何大量資本，因此不需要我們籌集額外的股權。其次，OB3 國內內容門檻的提高有利於我們現有的美國供應鏈，這使我們能夠在不斷變化的監管環境中提供合規的成本競爭體系。

Turning to slide 8. The significantly higher tariff from China proposed by the Trump administration and the uncertain tariff environment overall were the primary reasons for the halt in contracting activity last quarter. More recently, though, the tariffs on certain Chinese battery components have been reduced from 155.9%to 40.9%. This has restored a level of predictability that has prompted customers to resume contracting discussions.

翻到第 8 張投影片。川普政府提出的大幅提高中國關稅以及整體關稅環境的不確定性是上個季度合約活動停止的主要原因。不過，最近針對某些中國電池零件的關稅已從 155.9% 降至 40.9%。這恢復了一定程度的可預測性，促使客戶恢復合約談判。

We are now seeing early signs of renewed US order activity, supported by our foreseeable contracting model, global sourcing and strong customer relationships. As I mentioned earlier, all our contracts that were halted in the US market due to tariffs and regulatory uncertainty are now reactivate and moving forward.

我們現在看到了美國訂單活動復甦的早期跡象，這得益於我們可預見的承包模式、全球採購和強大的客戶關係。正如我之前提到的，我們在美國市場因關稅和監管不確定性而暫停的所有合約現在都已重新啟動並繼續推進。

Separately, the Department of Commerce issued a preliminary 114% duty on certain Chinese-origin graphite material, with an estimated $5 per kilowatt hour cost impact that is manageable and reflected in our guidance. We are pursuing alternative sourcing and believe these rules, along with the recent legislation and tariff changes reinforce the value of our US content leadership and diversified supply chain.

另外，美國商務部對某些中國產石墨材料初步徵收 114% 的關稅，預計每千瓦時成本將達到 5 美元，這一數字在可控範圍內，並已反映在我們的指導中。我們正在尋求替代採購，並相信這些規則以及最近的立法和關稅變化加強了我們在美國內容領導地位和多元化供應鏈的價值。

Turning to slide 9. I would like to touch on the competitiveness of energy storage. The data is increasingly clear: battery storage is now one of the most competitive solution for meeting capacity needs and is superior to gas turbines. It's not just about cost. It's also about speed and scalability. Generally, battery projects can be permitted, sited and deployed far more quickly than new fossil generation, making batteries a flexible tool for utilities and grid operators navigating rapidly growing demand.

翻到第 9 張投影片。我想談一下儲能的競爭力。數據越來越清晰：電池儲存現在是滿足容量需求的最具競爭力的解決方案之一，並且優於燃氣渦輪機。這不僅涉及成本。它也與速度和可擴展性有關。一般來說，電池專案獲得許可、選址和部署的速度比新的化石發電專案快得多，這使得電池成為公用事業和電網營運商應對快速增長需求的靈活工具。

We are already seeing this shift in real-world operations. In June, batteries supplied 26% on CAISO's evening-peak demand, surpassing gas for the first time. That's a landmark moment for our industry and a clear signal that grid-scale storage is no longer a futuristic concept. It's here, it's working, and it's scaling.

我們已經在現實世界的運作中看到了這種轉變。6 月份，電池滿足了 CAISO 晚高峰需求的 26%，首次超過天然氣。這是我們行業的一個里程碑時刻，也是一個明確的信號，表明電網規模儲存不再是未來的概念。它就在這裡，它正在運作，它正在擴大規模。

Turning to slide 10. In addition to competitive costs, we've also seen an expanding addressable market for BESS. One of the most transformative trends we've seen in the energy landscape is the rapid growth of data center demand, driven by AI and machine learning workloads. These workloads are not only energy intensive. They are also highly variable. Training large AI models or processing inference tasks can lead to solid spikes in power consumption, placing immense strains on the grid and creating localized reliability challenges.

翻到第 10 張投影片。除了具有競爭力的成本之外，我們還看到 BESS 的潛在市場正在不斷擴大。我們在能源領域看到的最具變革性的趨勢之一是資料中心需求的快速成長，這得益於人工智慧和機器學習工作負載的推動。這些工作量不僅耗費大量能源。它們也具有很大的可變性。訓練大型人工智慧模型或處理推理任務可能會導致電力消耗大幅飆升，給電網帶來巨大壓力，並帶來局部可靠性挑戰。

This is where battery energy storage can play a critical and unique role that cannot be filled by conventional sources of generation or renewables. BESS can act as a buffer, absorbing rapid surges in power and releasing it during high-demand intervals, effectively leveling out the fluctuations that come with AI-driven compute cycles. What's more: batteries can be co-located at the data center itself or deployed at the transmission or distribution level, offering both behind-the-meter and grid-level flexibility. That's a key advantage in markets with interconnection bottlenecks or constrained infrastructure.

電池儲能可以發揮關鍵而獨特的作用，這是傳統發電或再生能源無法取代的。BESS 可以充當緩衝器，吸收電力的快速激增並在高需求間隔期間釋放它，有效地平衡人工智慧驅動的運算週期所帶來的波動。更重要的是：電池可以與資料中心本身共置，也可以部署在傳輸或配電層面，從而提供電錶後和電網層面的靈活性。對於存在互聯互通瓶頸或基礎設施受限的市場來說，這是一個關鍵優勢。

Fluence is engaging with leading data center operators to develop storage systems that meet this fast-changing power demand, providing real-time flexibility for some of the grid's most dynamic loads. Initial estimates place the demand for these solutions at $8.5 billion through 2030.

Fluence 正在與領先的資料中心營運商合作開發滿足這種快速變化的電力需求的儲存系統，為電網中一些最具動態的負載提供即時靈活性。初步估計，到 2030 年這些解決方案的需求將達到 85 億美元。

Turning to slide 11. Coming back to our Q3 performance. We delivered strong double-digit growth margin, driven by disciplined execution, cost control and supply chain optimization. Our product mix, pricing strategy and scale are sustaining higher margins in a dynamic market, reflecting a structurally improved margin profile and supporting long-term attractive returns. These results reflect the success of our commitment to profitable growth that we laid out a few years back.

翻到第 11 張投影片。回顧我們第三季的表現。在嚴格的執行、成本控制和供應鏈優化的推動下，我們實現了強勁的兩位數成長利潤率。我們的產品組合、定價策略和規模在動態市場中保持了更高的利潤率，反映了結構性改善的利潤率狀況並支持長期可觀的回報。這些結果反映了我們幾年前製定的獲利成長承諾的成功。

Turning to slide 12. As of June 30, our backlog was approximately $4.9 billion, providing strong visibility into future growth. Since quarter end, we have signed approximately $1.1 billion in additional contracts, including the approximately $700 million from the delayed Australia projects. The backlog is well diversified across North America, EMEA and Asia Pacific.

翻到第 12 張投影片。截至 6 月 30 日，我們的積壓訂單約為 49 億美元，為未來成長提供了強大的可預見性。自季度末以來，我們已簽署了約 11 億美元的額外合同，其中包括來自推遲的澳洲項目的約 7 億美元。積壓訂單分佈在北美、歐洲、中東和非洲地區以及亞太地區。

Momentum remained strong in Asia Pacific and EMEA, and we are seeing early signs of recovery in the US as tariff-related uncertainty eases and the enactment of OB3 addresses concerns about risk to the regulatory environment. Our domestic content-compliant product, flexible contracting and resilient supply chain position us to capitalize on this rebound. Our pipeline has grown to $23.5 billion from $22 billion last quarter, underscoring broad global demand.

亞太地區和歐洲、中東和非洲地區的勢頭依然強勁，隨著關稅相關不確定性的緩解以及 OB3 的頒布解決了對監管環境風險的擔憂，我們看到美國出現復甦的早期跡象。我們的產品符合國內內容要求，合約靈活，供應鏈有彈性，使我們能夠利用這次反彈。我們的管道價值已從上一季的 220 億美元成長至 235 億美元，凸顯了全球的廣泛需求。

This concludes my prepared remarks. I will now turn the call over to Ahmed.

我的準備好的發言到此結束。現在我將電話轉給艾哈邁德。

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

謝謝你，朱利安，大家早安。今天，我將回顧我們第三季度的財務業績，然後討論我們的流動性和 2025 財年剩餘時間的最新展望。

Turning to slide 14. Starting with our third quarter performance. We generated $603 million of revenue. This brings our year-to-date revenue to $1.2 billion or 46% of expected full year revenue, which is consistent with our prior year results.

翻到第 14 張投影片。從我們第三季的業績開始。我們創造了 6.03 億美元的收入。這使得我們今年迄今的營收達到 12 億美元，佔預期全年收入的 46%，這與我們去年的業績一致。

Q3 revenue was approximately $100 million or 15% below plan due to a slower ramp-up at our new US manufacturing facilities, particularly at our recently commissioned enclosure facility in Arizona. Enclosures are the final stage in the production process and, therefore, the gating item from a revenue standpoint. We have already seen recovery milestone met across our cell, module and enclosure facilities and expect to reach targeted production levels by the calendar year-end. I would note that our delivery commitments have sufficient time contingency to cover this delayed ramp-up. Thus, we expect to continue delivering products to our customers on time and on budget.

由於我們新的美國製造工廠（尤其是我們最近在亞利桑那州投入使用的外殼工廠）的成長速度較慢，第三季的營收比計劃低約 1 億美元或 15%。外殼是生產過程的最後階段，因此從收入角度來看，它是門控項目。我們的電池、模組和外殼設施均已達到恢復里程碑，預計到年底將達到目標生產水準。我想指出的是，我們的交付承諾有足夠的時間儲備來彌補這一延遲的提升。因此，我們希望繼續按時、按預算向客戶交付產品。

Our Q3 adjusted gross margin was 15.4%, which reflects solid execution across our portfolio, particularly in Europe and Asia, where we generated more than half of Q3 revenue. Our adjusted EBITDA was approximately $27 million, which reflects the higher margins carried by the international projects during the quarter.

我們第三季的調整後毛利率為 15.4%，這反映了我們整個投資組合的穩健執行，特別是在歐洲和亞洲，我們在那裡創造了第三季一半以上的收入。我們的調整後 EBITDA 約為 2700 萬美元，這反映了本季國際項目帶來的更高利潤率。

Turning to slide 15. We remain focused on maintaining strong liquidity to support our operations. We ended the third quarter with more than $900 million in liquidity. This includes approximately $460 million of cash, with the rest coming from availability under our credit facilities.

翻到第 15 張投影片。我們仍然致力於保持強大的流動性以支持我們的營運。截至第三季末，我們的流動資金超過 9 億美元。其中包括約 4.6 億美元的現金，其餘部分來自我們的信貸安排。

I'm also pleased to report that last week, we executed a new $150 million of supply chain facility. This is Fluence's first-ever unsecured facility, which carries an all-in interest cost of approximately 6% and is available to us to meet working capital needs. We appreciate the continued confidence of our relationship banks who share our vision and believe in Fluence's long-term growth potential.

我還很高興地報告，上週我們實施了一項價值 1.5 億美元的新供應鏈設施。這是 Fluence 的首筆無擔保貸款，其全部利息成本約為 6%，可用於滿足我們的營運資金需求。我們感謝與我們有共同願景並相信 Fluence 的長期成長潛力的合作銀行的持續信任。

On a pro forma basis, this brings our total liquidity as of June 30 to more than $1 billion, giving us additional flexibility to execute on our future growth plans.

以備考基礎計算，截至 6 月 30 日，這使我們的總流動資金超過 10 億美元，為我們執行未來成長計畫提供了更大的靈活性。

As I mentioned on our second quarter call, we expected to require a couple of hundred million dollars of working capital during the second half of fiscal 2025. During the third quarter, we have already funded approximately $150 million of that, mostly to purchase inventory, which now totals $650 million. The majority of this inventory will be used to meet our near-term customer commitments. Accordingly, we don't foresee any material additional funding needs in the near term, and we expect to maintain our strong liquidity, which is critical to supporting our growth plans.

正如我在第二季電話會議上提到的，我們預計 2025 財年下半年將需要數億美元的營運資金。在第三季度，我們已經投入了大約 1.5 億美元的資金，主要用於購買庫存，目前總額達到 6.5 億美元。大部分庫存將用於履行我們近期對客戶的承諾。因此，我們預計短期內不會有任何重大的額外資金需求，並且我們預計將保持強勁的流動性，這對於支持我們的成長計劃至關重要。

Turning to slide 16. Next, I will review our financial guidance for fiscal 2025. We now expect revenue to come in at the low end of our prior guidance range or approximately $2.6 billion. As I noted earlier, the delays in ramping up our US manufacturing facilities have had the impact of shifting approximately $100 million of fiscal 2025 revenue into fiscal 2026.

翻到第 16 張投影片。接下來，我將回顧我們 2025 財年的財務指導。我們現在預計收入將達到我們先前指導範圍的低端，約 26 億美元。正如我之前提到的，我們美國製造工廠擴建的延遲已導致 2025 財年約 1 億美元的收入轉移到 2026 財年。

With respect to other guidance metrics, we are reaffirming our ARR of $145 million by the end of fiscal 2025. In addition, we are reaffirming our adjusted EBITDA guidance range of $0 to $20 million. We also continue to expect our full year 2025 adjusted gross margin to be between 10% and 12%. Despite the macro headwinds that have occurred this year, such as tariffs and legislative uncertainty, we have continued to take necessary steps to manage the business for profitability and cash flow, and this is reflected in our results.

關於其他指導指標，我們重申到 2025 財年末我們的 ARR 將達到 1.45 億美元。此外，我們重申調整後的 EBITDA 指引範圍為 0 至 2,000 萬美元。我們也繼續預計 2025 年全年調整後毛利率將在 10% 至 12% 之間。儘管今年出現了關稅和立法不確定性等宏觀不利因素，但我們仍繼續採取必要措施管理業務，以實現盈利和現金流，這反映在我們的業績中。

For 2026, we will provide formal guidance on our year-end call in November, consistent with our prior practice. We intend to base guidance on backlog coverage of 80% to 90%, which will represent higher confidence in our revenue and EBITDA forecast compared to the historical practice of 65%. Today, we have fiscal year 2026 backlog of $2.5 billion.

對於 2026 年，我們將在 11 月的年終電話會議上提供正式指導，這與我們以往的做法一致。我們打算以 80% 至 90% 的積壓訂單覆蓋率作為指導，與 65% 的歷史做法相比，這將對我們的收入和 EBITDA 預測有更高的信心。今天，我們在 2026 財年的積壓訂單為 25 億美元。

In summary, we remain confident in the long-term prospects of energy storage in general and particularly in Fluence's ability to deliver maximum value to our shareholders and customers.

總之，我們仍然對能源儲存的長期前景充滿信心，特別是對 Fluence 為股東和客戶提供最大價值的能力充滿信心。

With that, I would like to turn the call back to Julian for his closing remarks.

最後，我想請朱利安做最後發言。

Thank you, Ahmed. Turning to slide 17. In closing, I will highlight the key takeaways from this quarter's performance and our outlook moving forward.

謝謝你，艾哈邁德。翻到第 17 張投影片。最後，我將強調本季業績的主要要點以及我們未來的展望。

First, the market for energy storage remains robust globally. More importantly, we have started to see the US market activity picked back up after the pause we saw earlier this year, driven by a very supportive backdrop from recent federal legislation and some easing of tariff uncertainty.

首先，全球儲能市場依然強勁。更重要的是，我們開始看到美國市場活動在今年稍早的停頓後回升，這得益於近期聯邦立法的支持以及關稅不確定性有所緩解。

Second, we are actively working with our supply partners to structure our supply arrangements to achieve compliance with the new requirements under OB3, including the FEOC provisions, and we'll continue to do so as new regulations and guidance are issued. We are working towards these being completed ahead of the deadline under the OB3.

其次，我們正在積極與我們的供應合作夥伴合作，建立我們的供應安排，以符合 OB3 下的新要求，包括 FEOC 條款，我們將在新法規和指南發佈時繼續這樣做。我們正在努力在 OB3 規定的截止日期之前完成這些工作。

Third, there is a strong business case for battery storage as battery technology is now cheaper than gas and is uniquely positioned to adapt the growing AI data center power demand to grid conditions. Together, these factors reinforce our confidence in Fluence's ability to excel in today's environment and deliver value to our stakeholders.

第三，電池儲存具有強大的商業案例，因為電池技術現在比天然氣便宜，並且具有獨特的優勢，可以使不斷增長的人工智慧資料中心電力需求適應電網條件。總之，這些因素增強了我們對 Fluence 在當今環境中脫穎而出並為利害關係人創造價值的能力的信心。

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

現在，我想開始提問。

(Operator Instructions)

（操作員指示）

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

Good morning.

早安.

Brian.

布萊恩。

Thanks for taking the question. I guess, first, when I look at the guidance for the rest of the year, fiscal Q4, it implies gross margin. I know you guys don't like to focus on it too much, but you had a really good gross margin in Q3 here. Q4 is indicating something south of 10%. So below the low end of the guidance range for the year, even though it's a big revenue quarter. So can you kind of talk about the puts and takes on margins into the year-end quarter? And then also you got a decent amount of backlog heading into '26 and really be in Australia activity here that presumably is going to show up in your '26 execution. What are you seeing in terms of margin outlook for the backlog? Are we tracking ahead of kind of the 10 to 12 that you did this year? I'm just trying to understand what to read into Q4, but also what you see in the backlog here again in '26?

感謝您回答這個問題。我想，首先，當我查看今年剩餘時間（即第四財季）的指引時，它意味著毛利率。我知道你們不喜歡過度關注這一點，但你們在第三季的毛利率確實很高。Q4 顯示數字略低於 10%。因此，儘管這是一個收入很大的季度，但其收入仍低於今年指導範圍的低端。那麼，您能否談談年末季度的利潤損失和獲利情況？而且，進入 26 年，您還有相當數量的積壓訂單，而且實際上在澳洲的活動可能會在您的 26 年執行中體現出來。您認為積壓訂單的利潤前景如何？我們能否領先您今年所設定的 10 到 12 個目標？我只是想了解 Q4 應該讀到什麼，但同時你在 26 年的積壓中看到了什麼？

Great. Thanks, Brian. On the margins for the fourth quarter, the fourth quarter has a lot of US revenue. A lot of the revenue in the fourth quarter comes from the US, and it has been affected by the new tariff. It's roughly -- we disclosed in the last call, roughly $30 million, which generally represents 1%. So that's what's driving, I will say, the softer margin number for the year.

偉大的。謝謝，布萊恩。就第四季的利潤率而言，第四季有許多美國收入。第四季的許多收入來自美國，並且受到了新關稅的影響。大致是——我們在上次電話會議上披露，大約是 3000 萬美元，通常佔 1%。所以我想說，這就是導致今年利潤率下降的原因。

But from an execution point of view, from -- putting that aside, the other parts of the execution are going -- putting the tariff aside, I meant, the other parts of the execution are going very well. We're working hard to take this as high up as we can. So we're delivering. Things are working well. So -- but that's the driver essentially. As you know, some -- we had to take some of those tariff costs into our results. So that's driving it.

但從執行的角度來看，撇開這一點不談，執行的其他部分正在進行中——撇開關稅不談，我的意思是，執行的其他部分進展得非常順利。我們正在努力將其提升到盡可能高的水平。所以我們正在交付。一切進展順利。所以——但這本質上就是驅動因素。如您所知，我們必須將部分關稅成本計入我們的業績中。這就是推動它的原因。

In terms of '26 guidance, I mean, on gross margins for '26, I don't want to provide guidance today, but -- on that number. But what we're seeing is roughly in line with the 10% to 12% that we are giving you, that we set for this year. Still some work to do that we're working on. And hopefully, things will work out better, but that's where we are at this stage.

就 26 年的指引而言，我的意思是，關於 26 年的毛利率，我今天不想提供指引，但是 - 關於這個數字。但我們看到的大致與我們今年設定的 10% 至 12% 一致。我們正在努力完成一些工作。希望事情會得到更好的進展，但這就是我們目前所處的階段。

Okay. Fair enough. And then Julian, I know you talked a lot about the -- kind of you had a couple of slides here around the policy actions of late and how they impact your business. Can you -- I know there's been a lot of investor focus and concern around FEOC restrictions and how Fluence fits into the new landscape with your relationship and the ownership structure of AESC. Can you give us a bit more elaboration around how you're navigating that and how you're positioned with respect to FEOC and AESC and if there are actions you need to take, in what time frame and what potential investments you might need to make that happen? Thank you.

好的。很公平。然後朱利安，我知道您談了很多——您在這裡有幾張投影片介紹了最近的政策行動以及它們如何影響您的業務。您能否——我知道很多投資者關注並擔心 FEOC 限制以及 Fluence 如何透過您的關係和 AESC 的所有權結構融入新格局。您能否更詳細地介紹一下您如何應對這一情況以及您在 FEOC 和 AESC 方面的定位，以及您是否需要採取行動、在什麼時間範圍內採取行動以及您可能需要進行哪些潛在投資才能實現這一目標？謝謝。

Yes. I'll tell you -- I know that you all have concern -- or have expressed some concern around it. On the macro view, our view has always been that the US battery storage market was going to be a domestic content market, has been our view even before the IRA and all of that. I think politically about the role that this technology was going to play, how this technology is built, it was going to be difficult to see it being dominated -- that the US will allow this to become dominated by Chinese suppliers.

是的。我會告訴你們——我知道你們都很擔心——或者已經表達了對此的擔憂。從宏觀角度來看，我們一直認為美國電池儲存市場將成為國內內容市場，甚至在 IRA 和所有這些之前我們就已經這樣認為了。我從政治角度思考這項技術將發揮的作用以及它是如何建構的，很難看到它被主導——美國將允許中國供應商主導它。

So that has been our view from day one, and that's the way we've been working on. And we started this ahead of the IRA. We're clear when the IRA came in. We got in financial support. And I think now with the OB3, it kind of confirms our view of that case. So we don't see it as a threat. It has always been the basis of our assumption planning. So I just wanted to give you that general statement because that's very, very important on how we see this company.

這就是我們從第一天起就持有的觀點，也是我們一直努力的方向。我們在愛爾蘭共和軍之前就開始了這項工作。我們很清楚愛爾蘭共和軍是什麼時候進入的。我們得到了經濟支持。我認為現在有了 OB3，這在某種程度上證實了我們對該案例的看法。所以我們並不認為這是一種威脅。它一直是我們假設規劃的基礎。所以我只是想給你一個概括性的陳述，因為這對我們如何看待這家公司非常非常重要。

In terms of AESC, which is what you're asking, there are three drivers of 45X credits on the -- for any supplier. And ownership, we cannot be owned by a company that is from certain countries. It cannot be controlled by a company from that group, and materials have a limitation of how much of the materials can come from one of the certain countries.

就您所問的 AESC 而言，對於任何供應商來說，都有三個 45X 信用驅動因素。至於所有權，我們不能被某些國家的公司所擁有。它不能被該集團旗下的公司所控制，而且材料對來自特定國家之一的材料數量有限制。

We're working on the three of them, ensuring that we have the supply chain that meets the OB3 requirements and we have developed with -- or AESC has developed -- we have worked together on developing that supply chain, which is from -- sourced out of that area. And we need to do -- we are working on it. We already have converted some of it. We have many, many suppliers that are going through a process, and we believe our view and that we will be ready by the deadline under the act.

我們正在對這三個方面進行努力，確保我們擁有符合 OB3 要求的供應鏈，並且我們已經與 AESC 合作開發了該供應鏈，該供應鏈來自該地區。我們需要做的是——我們正在努力。我們已經轉換了其中的一部分。我們有許多供應商正在經歷一個流程，我們相信我們的觀點，我們將在法案規定的最後期限前做好準備。

Control is more of how you're going to manage the O&M, and we've been talking to our lawyers, it can be managed effectively. Ownership is what you all are a little bit concerned about. It's understandable. We have been working with AESC. AESC is looking at different options, and we are looking at different options. And we believe those options, they are good -- there are a lot of -- there are some opportunities. There are -- some of them are very viable that we cannot execute them on time under the OB3 line.

控制更多的是如何管理 O&M，我們一直在與我們的律師交談，它可以得到有效的管理。所有權是你們所有人都有點關心的問題。這是可以理解的。我們一直與 AESC 合作。AESC 正在考慮不同的選擇，我們也在考慮不同的選擇。我們相信這些選擇是好的——有很多——有一些機會。其中一些非常可行，但我們無法在 OB3 線下按時執行它們。

And when we look at us potentially entering into the ownership of the line, when we have looked at that option, it's one of them, not the only one. We believe that it can be -- we can do it, and we can make it work within the cash flow, with the financial liquidity that we have today. We do not see any need for any capital raise, and we believe that transaction can be done on time with it, and it's not that complicated.

當我們考慮可能獲得該線路的所有權時，當我們考慮過這個選項時，它是其中之一，而不是唯一的選項。我們相信這是可以的——我們可以做到，而且我們可以在現金流範圍內，利用我們現有的財務流動性來實現這一點。我們認為不需要任何融資，而且我們相信交易可以準時完成，而且並不複雜。

So I'll tell you, when we looked at the act and we looked at the effort to convert to the act, the ownership has been one of them. I think we can -- we -- there are not -- there's -- not only us. There are other opportunities here that they're working on. We can do and we can transact on time to meet the act requirements. So that's the view.

所以我會告訴你，當我們審視該法案並審視為遵循該法案所做的努力時，所有權就是其中之一。我認為我們可以──我們──不只有──不只有我們。他們正在努力尋找其他機會。我們可以做到，並且可以按時進行交易以滿足法案要求。這就是我們的觀點。

And just if I can repeat the way I started, if you don't mind. We don't see the FEOC restrictions necessarily a threat. We see that this, in a way, confirms our view of how this market was going to evolve. We have been investing on this. We have been moving supply chains to the US It's challenging, and everybody thought that we could not be done, and we're doing it. And so we are optimistic that the regulatory environment is supporting our view of the market.

如果您不介意的話，我可以重複我開始的方式。我們認為 FEOC 限制不一定構成威脅。我們認為，這在某種程度上證實了我們對這個市場將如何發展的看法。我們一直在對此進行投資。我們一直在將供應鏈轉移到美國，這很有挑戰性，每個人都認為我們做不到，但我們正在做。因此，我們樂觀地認為監管環境支持我們對市場的看法。

If I could just squeeze one last one in. I know, again, you're not going to give '26 guidance, but we're here at the end of -- almost end of fiscal '25. You had a lot of good contracts come in, in July and August, so good momentum. But you're almost done for the year. And you talked about at least high-level guidance should be 80% to 90% covered just as you think about maybe being more conservative and having more visibility into the upcoming guidance range that you're going to give on the next call.

如果我能再擠進最後一個就好了。我知道，你不會給 26 年的指導，但我們已經到了 25 財年末了。七月和八月，你們簽訂了很多好合同，所以勢頭很好。但今年的工作快完成了。您談到高層指導至少應該涵蓋 80% 到 90%，就像您認為可能更加保守並且對下次電話會議中即將給出的指導範圍有更多了解一樣。

But is that the way to think about it, you're sort of 80% to 90% covered, and you got the sort of $2.5 billion of backlog thus far through end of July, early August and whatever you book between now and the rest of the quarter, sort of the starting point of reference for what guidance should look like for next year?

但是，這樣想的話，你的積壓訂單量約為 80% 到 90%，而且截至 7 月底、8 月初，你的積壓訂單量約為 25 億美元，從現在到本季度剩餘時間，無論你預訂了多少訂單，這都可以作為明年指導方針的起點參考嗎？

We will base guidance on the backlog we have for '26 at the time of the earnings call. So a couple of months to move forward. We have a good pipeline going forward. So we expect the $2.5 billion to be a higher number at that time. But we -- I mean I'm resolute of guiding to 80% to 90%. I think I don't want to go over what happened this year.

我們將根據收益電話會議時 26 年的積壓訂單情況制定指引。因此還需要幾個月的時間才能向前邁進。我們擁有良好的發展管道。因此我們預計 25 億美元將會是一個更高的數字。但我們——我的意思是我堅決引導到 80% 到 90%。我想我不想再回顧今年發生的事。

So we're very -- the market in the US picked up. Things are moving forward. We see good prospects in -- not only in Australia where we have done a good job, but also in EMEA. So stay tuned. We'll provide you the actual guidance, but it will be based on the 80% to 90% of the backlog we have for '26, starting on -- at the end of the call.

因此我們非常——美國市場正在回升。事情正在向前發展。我們看到了良好的前景——不僅在澳洲我們做得很好，而且在歐洲、中東和非洲地區也做得很好。敬請關注。我們將為您提供實際指導，但它將基於從通話結束時開始的 26 年積壓訂單的 80％ 到 90％。

I think Ahmed will add to that.

我認為艾哈邁德會補充這一點。

Yes. I think -- Brian, I think -- I don't think you need to leave anything in between the lines here. I think there's more to do to tell you how we are thinking about the guidance when we give our guidance there on the number. I think it's more -- hopefully, we will continue to do what we have done in the first month. In July, we have signed a $1.1 billion contract. So I think, hopefully, we will maintain this momentum, but that is where we will end up. So goal is to give you guidance where we have more confidence unlike in the past where we had 65% coverage and we had to sign contracts, and then we missed the numbers. So that was the intent. I don't think there's anything beyond that.

是的。我認為——布萊恩，我認為——我認為你不需要在這兒的字裡行間留下任何東西。我認為，當我們就該數字給出指導時，我們還有很多事情要做，以告訴您我們是如何考慮該指導的。我認為更重要的是——希望我們能繼續做我們在第一個月所做的事情。7月份，我們簽了一份價值11億美元的合約。所以我認為，希望我們能夠保持這種勢頭，但這就是我們最終的結果。因此，目標是為您提供指導，讓我們更有信心，而不是像過去那樣，我們的覆蓋率為 65%，我們必須簽訂合同，然後我們錯過了數字。這就是目的。我認為除此之外沒有別的事了。

That's right.

這是正確的。

Okay, thank you guys. I'll pass it on.

好的，謝謝大家。我會傳達的。

Thanks, Brain.

謝謝，布萊恩。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

Morning Dylan. How are you?

早上好，迪倫。你好嗎？

Can we just start with opening comments on data centers? So correct me if I'm wrong, I mean, it sounds like maybe you're engaging a little more directly with the data centers. Can you just kind of walk us through that? Have you actually signed any kind of new contracts there?

我們能否先對資料中心發表評論？如果我錯了，請糾正我，我的意思是，聽起來你可能與資料中心的接觸更直接一些。您能簡單地跟我們講一下嗎？您實際上在那裡簽署了任何新合約嗎？

No. So this is a new and emerging need that -- as you know, we've been serving data centers indirectly through our -- through IPPs and other players who actually provide services to them. But now we have this emerging need that data centers -- AI data centers that are training or managing AI, complex AI processes have very volatile energy consumption. And there's no way -- there's no other way of resolving that issue and not affecting the grid than adding battery storage. So this is an emerging need. It requires a lot of technical work, especially the response time of the batteries needs to be very, very quick.

不。因此，這是一個新興的需求——正如你所知，我們一直透過 IPP 和其他實際為其提供服務的參與者間接地為資料中心提供服務。但現在我們有了一個新興的需求，即資料中心——訓練或管理人工智慧、複雜人工智慧過程的人工智慧資料中心的能源消耗非常不穩定。除了增加電池儲存之外，沒有其他方法可以解決這個問題並且不影響電網。所以這是一個新興的需求。這需要大量的技術工作，尤其是電池的反應時間需要非常非常快。

I want to give you a number, not to provide -- give my competitors a view. But it requires very, very quick response time to ensure that the electrons in no way affect the algorithms that are learning in the process. So that's picking up. We have a pipeline, but we do not -- we have not signed an agreement. And as I said in the call, we're working on the solution. The solution is we think we have it, but we need to test them and be sure that we have it available for our customers.

我想給你一個數字，而不是提供——給我的競爭對手一個看法。但它需要非常非常快的反應時間，以確保電子不會以任何方式影響正在學習的演算法。所以情況正在好轉。我們有管道，但我們沒有簽署協議。正如我在電話中所說，我們正在努力尋找解決方案。解決方案是我們認為我們已經擁有它了，但我們需要對它們進行測試並確保它可以提供給我們的客戶。

It is our view. This in a way -- the reason why we included in the script is not only because clearly it's data center opportunity, but it also shows the expanding scope of products that battery storage are going to -- can offer. And I think that's where -- or solutions, if you want to put it differently.

這是我們的觀點。在某種程度上，我們將其納入腳本的原因不僅是因為它顯然是資料中心的機會，而且還顯示了電池儲存所能提供的產品範圍的不斷擴大。我認為這就是解決方案，如果你想換個說法的話。

And I think that's where -- have been our view from day one that the value of this technology to not be only looked at integrating renewables into the grid. It's much broader, and we'll continue to play a very broad jobs, more broad -- more jobs both behind and in front of the meter as we move forward.

我認為這就是我們從第一天起就認為這項技術的價值不僅僅在於將再生能源併入電網。它的範圍更廣，隨著我們不斷前進，我們將繼續發揮非常廣泛的作用，更廣泛——在儀表前後都發揮更多的作用。

(inaudible)

（聽不清楚）

Dylan, you're getting cut out -- sorry.

迪倫，你被打斷了——抱歉。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Hello, David. Good morning.

你好，大衛。早安.

Good morning.

早安.

I was wondering if you could maybe give a little bit more color on just how the US demand picture is trending following the passage of the OBBB. And I was curious if you're seeing the executive order uncertainty impacting the pace of bookings, given that it might impact the solar outlook and any battery attachments to solar.

我想知道您是否可以更詳細地介紹一下 OBBB 通過後美國需求情勢的趨勢。我很好奇，您是否認為行政命令的不確定性會影響預訂速度，因為它可能會影響太陽能前景以及任何與太陽能相關的電池配件。

Well, it's picking up. We remember, we had to halt a few -- the execution of a few contracts we have signed. All those contracts are now moving forward and are moving forward to execution. It will be generally '26 revenue rather than '25. So very active. We have signed a few contracts as of late. And we are seeing more and more opportunities come up.

嗯，正在好轉。我們記得，我們不得不暫停執行一些我們已經簽署的合約。所有這些合約現在都在推進並即將執行。這通常是 26 年的收入，而不是 25 年的收入。非常活躍。我們最近簽署了一些合約。我們看到越來越多的機會出現。

We haven't seen people concerned today, at least with the projects. They have been concerned about the executive order. I think that the projects we're working on are projects that people feel are very much solidly with the start of construction. They're already buying the stuff and putting it into place. So I think at least the projects that are -- that were signed in, which are projects that are very, very mature will not be affected or are not affected.

今天我們還沒有看到有人關心，至少沒有看到有人關心這些項目。他們一直對這項行政命令感到擔憂。我認為我們正在進行的項目是人們感覺非常穩固且即將開始建設的項目。他們已經購買了這些東西並將其安裝到位。因此我認為至少已經簽署的項目，那些非常成熟的項目不會受到影響。

Great. Got it. That makes sense. And let me see, I was wondering if you could just elaborate on the ramp-up issues that you had. I think you mentioned it was at your Arizona facilities. But are those now fully resolved, any lingering impacts or issues that you're managing through the end of the year?

偉大的。知道了。這很有道理。讓我看看，我想知道您是否可以詳細說明您遇到的升級問題。我想您提到過它是在您的亞利桑那州的設施中。但是這些問題現在都完全解決了嗎？到今年年底，還有什麼揮之不去的影響或問題需要您處理嗎？

Yes. We had some typical ramp-up issues that come out of putting in place these production lines. In the case of the Arizona facility was it -- we were -- we essentially did a technology transfer from what we were doing in Vietnam to the US, and some of the work processes and some of that needed to change to affect to the US, and that kind of delayed the start-up and the ramp-up.

是的。我們在安裝這些生產線時遇到了一些典型的提升問題。就亞利桑那州工廠而言，我們基本上是將我們在越南所做的技術轉移到美國，其中一些工作流程和一些需要改變以影響美國，這延遲了啟動和提升。

We believe we have it all under control, and we are in the process of starting to ramp up. And we believe that we will be -- by the end of the year, we should be -- we should have resolved the problem.

我們相信我們已經掌控了一切，我們正處於開始加速的過程中。我們相信，到今年年底，我們應該能夠解決這個問題。

Unfortunately, we would not believe today that we'll be able to recuperate the $100 million of revenue that we have to move to next year. So we will meet our ramp-up objective for the end of the year, but it will not be enough that we will do more than from now to year-end that will recuperate the $100 million in revenue. So that's the reason why we have to be a little bit more.

不幸的是，我們今天並不相信我們能夠收回明年必須轉入的 1 億美元收入。因此，我們將在年底實現我們的成長目標，但從現在到年底，我們所做的努力不足以恢復 1 億美元的收入。這就是我們必須採取更多行動的原因。

But they are typical ramp-up issues. It's things that are small but get delayed, processes that need to be affected, process that needed to adapt to OSHA rules, things of that sort, that you only find out or you find out usually when you are trying to ramp up production out of that facility.

但它們是典型的上升問題。這些都是小事，但卻被耽擱了，需要受到影響的流程，需要適應 OSHA 規則的流程，諸如此類的事情，你只會發現，或者通常是在你試圖提高該工廠的產量時才發現。

So we are -- the quality of the work is very good. I was also on that factory last week, meeting the employees, looking at the people. We have like 40 of our engineers working with them trying to resolve these issues very quickly or actually helping them resolve these issues very quickly. And I'm really excited.

所以我們的成果——工作品質非常好。上週我也去了那家工廠，見了員工，觀察了那裡的人。我們有大約 40 名工程師與他們合作，試圖快速解決這些問題，或實際上幫助他們快速解決這些問題。我真的很興奮。

And it's also -- if I can give a little bit of an add. Nobody believed we could by the -- we can build the enclosures with US steel. These are US steel enclosures. The view was that you could not do it, that it was too expensive, that the steel industry in the US is not going to be able to do it. We now -- we are -- these enclosures that are coming out of that line are made with 100% US steel. So we're very, very happy with the process. And we think this is the way to go forward, and then we are believers in the US industry. And issues, that we have, but we'll make it happen.

而且──如果我能再補充一點的話。沒有人相信我們可以用美國鋼材建造圍欄。這些是美國鋼製外殼。人們的觀點是，你做不到，成本太高，美國鋼鐵業無力做到這一點。我們現在——我們——從該生產線生產的這些外殼均採用 100% 美國鋼材製造。所以我們對這個過程非常非常滿意。我們認為這是前進的方向，我們相信美國工業。雖然存在一些問題，但我們會努力解決。

Okay, excellent. Yes, thank you so much.

好的，非常好。是的，非常感謝。

Welcome.

歡迎。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies

Hey, good morning team. Thank you guys very much. I appreciate the time.

嘿，大家早安。非常感謝你們。我很感激你抽出時間。

Hey, Julien how are you?

嘿，朱利安，你好嗎？

Hey, a pleasure of my namesake. Just on this '26 number here, on the $2.5 billion, how would you think about that teeing up here in the next year? I mean I know you talked about this 80% to 90%. I just want to understand like how you think about the line of sight and sort of the timing and cadence of when you see some of that backlog coming in? I mean do you really see that number accelerating into the end of the year based on OBBB? And then also, can you speak a little bit more -- I mean it's notable the non-US acceleration that you're seeing here, too.

嘿，這是我同名者的榮幸。就這個 26 年的數字，即 25 億美元，您認為明年的業績會如何？我的意思是我知道你談論了 80% 到 90% 這個問題。我只是想了解一下，當您看到一些積壓工作出現時，您是如何看待視線以及時間和節奏的？我的意思是，根據 OBBB，您是否真的認為這個數字在年底前會加速成長？然後，您能否再多說一點——我的意思是，您在這裡也看到了美國以外的加速發展，這一點值得注意。

Yes. So I don't want to guide -- provide guidance for next year, unfortunately. And we highlighted that number, and we highlighted a conservative approach because remember, last year, we guided with $2.6 billion in our backlog. Not this year. And we guided to $4 billion. So I didn't want to say $2.5 billion, and you tell me these guys are going to guide to $3.8 billion. So that's kind of what we wanted to give you a sense. It's going very well. Things are picking up globally. We are in a very good position, but we're going to be a lot more conservative. That was the message. And I think that's a message I can say. We are seeing very good momentum. And stay tuned. Unfortunately, I don't want to give -- we cannot provide a view today.

是的。因此，不幸的是，我不想為明年提供指導。我們強調了這個數字，也強調了一種保守的方法，因為請記住，去年我們的積壓訂單金額為 26 億美元。今年不行。我們預計投資額將達到 40 億美元。所以我不想說 25 億美元，然後你告訴我這些人會指導到 38 億美元。這就是我們想要讓你了解的。一切進展順利。全球局勢正在好轉。我們處於非常有利的地位，但我們將更加保守。這就是訊息。我想這就是我可以傳達的訊息。我們看到了非常好的勢頭。敬請關注。不幸的是，我不想給出——我們今天無法提供觀點。

We're not shutting down our shop. So I think our goal is to continue to grow and provide service to our customers and grow the business. So that's the goal. So let's stay tuned, but we will come and report. But our sales team is actively working, and we are adding more resources in sales.

我們不會關閉我們的商店。所以我認為我們的目標是繼續發展並為客戶提供服務並發展業務。這就是目標。因此，讓我們繼續關注，但我們會來報道。但我們的銷售團隊正在積極工作，我們正在增加銷售方面的資源。

That's right.

這是正確的。

Right. And then maybe can you speak to a little bit of what you're expecting on FEOC here and how that's going to be implemented and how you see yourself vis-a -vis like the cadence of bookings? I know someone kind of tried to ask the same question earlier, but how do you think about that driving acceleration? Or just at least the clarity, like when does that drive order activity? If folks are safe harbored here, perhaps they're little (multiple speakers) -- and a little bit of a lag.

正確的。然後，您能否談談您對 FEOC 的期望，以及它將如何實施，以及您如何看待自己對預訂節奏的看法？我知道之前有人也問過同樣的問題，但是您如何看待駕駛加速度？或至少是清晰度，例如什麼時候推動訂單活動？如果人們在這裡安全地避難，也許他們很少（多個發言者） - 而且有一點點滯後。

Can you repeat again, please? Sorry, the sound in my part got out -- got cut out.

您能再說一次嗎？抱歉，我的部分的聲音消失了──被剪掉了。

Okay. I got you. Look, keep it short. On the FEOC part, you've got the -- you have contracts where perhaps folks have safe harbored, perhaps FEOC-exempt equipment. When do you think you'll start to see FEOC-compliant equipment orders really start to come in, given what you're seeing with the OBBB? What's the time line there as you think about it, right? Again, in theory, that might be somewhat lagged. Is that near term? Or do you think that there could be some changes here with the safe harbor that would force folks to procure more FEOC-compliant type products? And how do you think about that fitting into your business?

好的。我接到你了。瞧，保持簡短。在 FEOC 部分，您有——您有合同，其中也許人們有安全港，也許是 FEOC 豁免的設備。鑑於您所看到的 OBBB 情況，您認為何時會開始看到符合 FEOC 的設備訂單真正開始湧入？您認為那裡的時間線是怎麼樣的，對嗎？再次，從理論上講，這可能會有些滯後。這是近期的嗎？或者您認為安全港可能會發生一些變化，迫使人們購買更多符合 FEOC 類型的產品？您認為這與您的業務有何關聯？

Good point, yes. As you know, safe harbor gives you a little flexibility on meeting some of the FEOC restrictions. What we set for ourselves and with our suppliers is to meet the actual act deadlines, which are all happening, as you know, in the first half of the year next year, unless there was -- we see any changes going forward. So that's generally our view. We want to meet the deadlines that are in the act even though we'll have some flexibility meeting some contracts with things that are slightly different. So that's our approach.

是的，說得好。如您所知，安全港為您在滿足某些 FEOC 限制方面提供了一些靈活性。我們為自己和供應商設定的目標是滿足實際行動的最後期限，如你所知，這一切都將在明年上半年發生，除非我們看到未來有任何變化。這就是我們的整體觀點。我們希望在規定的期限內完成任務，儘管在滿足某些略有不同的合約方面我們會有一定的靈活性。這就是我們的方法。

That's the way we take. We have taken -- I wouldn't to call it a conservative approach, but we do not want to lose any of our first-mover advantage of this. And I think that part of it is ensuring that we have that supply chain to that ownership and that control restructure in accordance with the law as soon as we can.

這就是我們採取的方式。我們採取了——我不會稱之為保守的方法，但我們不想失去任何先發優勢。我認為其中一部分是確保我們盡快依法實現從供應鏈到所有權以及控制權的重組。

Got it. Thank you, guys.

知道了。謝謝你們。

Justin Clare, ROTH Capital.

羅仕資本的賈斯汀·克萊爾 (Justin Clare)。

Hey Justin, good morning.

嘿，賈斯汀，早安。

Good morning. I wanted to just follow up on gross margins here. It sounds like the tariffs in the US might affect your gross margin into the fiscal Q4. So just wondering if you're anticipating being able to offset the tariff-related costs in the US, whether through pricing, sourcing through your domestic supply chain here, other levers. And if this is a temporary issue, should we anticipate margins for the US being similar to your international margins over time and what that looks like?

早安.我只是想在這裡跟進一下毛利率。聽起來美國的關稅可能會影響您第四財季的毛利率。所以我只是想知道您是否預計能夠抵消與美國關稅相關的成本，無論是透過定價、透過國內供應鏈採購還是其他手段。如果這是一個暫時的問題，我們是否可以預期美國的利潤率會隨著時間的推移會與您的國際利潤率相似，以及情況會如何？

Yes, that's a very good question. I think this reflects the contracts we already signed that was already in our backlog and where we had some rules with our -- some rules or some provisions in our contract, how we divided the tariff effect. This tariff effect on the contracts are a bigger number, but this is the amount -- the $30 million is a net amount that we need to reflect in our numbers. And this applies to the contracts we already signed. I think new contracts come in, they will reflect the new cost structure, and we should see them going back to the normal margin levels of 10% to 15% that we have set for ourselves. So it should not -- this is a temporary situation. There might be some in the first quarter of '26 that still have these issues. So there will be some lingering ones, but I think the majority will be done by between this quarter and the first quarter of '26.

是的，這是一個非常好的問題。我認為這反映了我們已經簽署的積壓合同，以及我們對合約中的某些規則或條款以及我們如何劃分關稅效應制定的一些規則。關稅對合約的影響是一個更大的數字，但這個數字——3000 萬美元是我們需要在數字中反映的淨額。這適用於我們已經簽署的合約。我認為新合約的簽訂將反映新的成本結構，我們應該看到它們回到我們為自己設定的 10% 至 15% 的正常利潤水平。所以不應該——這只是暫時的情況。2026 年第一季可能仍有一些問題存在。因此，會有一些懸而未決的問題，但我認為大多數問題將在本季到 2026 年第一季之間完成。

Got it. Okay. That's helpful. And then just on the domestic supply chain here, wondering if you could provide an update on the ramp-up of AESC's second production line. I think that was expected to come online toward the end of fiscal -- your fiscal '26. Has that time line shifted at all given the recent policy developments? And then are you considering any alternatives for domestic cell sourcing at this point?

知道了。好的。這很有幫助。然後就國內供應鏈而言，想知道您是否可以提供有關 AESC 第二條生產線升級的最新情況。我認為這預計將在財政年度結束時（即 26 財年）上線。鑑於最近的政策發展，該時間表是否有所改變？那麼，您現在是否考慮過任何國內電池採購的替代方案？

So good question. As I said, we do not need the second line until early '27. So that's still to be the case. And that's when you look at -- we can live with what we have, with the one line going forward. We kind of put that line on pause during the OB3. When things were moving up, people now forget, but remember the House came with very strict rules and they've liberalized now. So we kind of put a hold. Now we will bring it back on as part of our renegotiation on FEOC. And it should come, I would say, probably a little bit later than the first quarter of '26, but it should be -- it should work with our current volumes.

這個問題問得真好。正如我所說的，直到 27 年初我們才需要第二條路線。情況仍然如此。那時你就會看到──我們可以安於現狀，繼續前進。我們在 OB3 期間暫停了那句台詞。當事情進展順利時，人們現在忘記了，但記得眾議院制定了非常嚴格的規定，現在已經放寬了。因此我們暫時擱置了。現在，我們將把它作為 FEOC 重新談判的一部分重新提出來。我想說，它應該會比 26 年第一季晚一點到來，但它應該與我們目前的數量相適應。

However, as there are some challenges, we're also looking at other options just to ensure we don't play one -- we don't dance to only one tool. So we are looking at other options just in case these were -- gets delayed or we get a lot more volume than what we are thinking of or somehow the negotiations with AESC do not work as we expect for the second line. So.

然而，由於存在一些挑戰，我們也在尋找其他選擇，以確保我們不會只使用一種工具——我們不會只使用一種工具。因此，我們正在考慮其他選擇，以防萬一——出現延誤，或者我們得到的數量比我們想像的要多得多，或者與 AESC 的談判沒有像我們預期的那樣順利進行。所以。

Okay, got it. Thank you.

好的，明白了。謝謝。

Ameet Thakkar, BMO Capital Markets.

Ameet Thakkar，BMO 資本市場。

Hey, good morning.

嘿，早安。

Good morning, Julian. Thanks for taking my question. Just real quick on kind of OpEx you guys had historically tried to kind of, I think, grow that at half the rate of revenues. Looks like it's up kind of year-to-date versus the same period last year. Any kind of -- and I know you guys have embarked on some kind of cost savings initiatives. Can you just kind of give us an update on where that stands and kind of maybe the timing of when we might start to see some progress on that front?

早安，朱利安。感謝您回答我的問題。簡單來說，你們過去曾嘗試將營運支出以收入成長率的一半來成長。與去年同期相比，今年迄今的銷量似乎有所上升。任何一種——我知道你們已經開始了某種成本節約舉措。您能否向我們介紹最新情況以及我們何時可能開始看到這方面的進展？

Okay. So I mean in terms of OpEx, I think generally, long term, our view is what we have said, keeping our OpEx at half of our '26 -- of our growth. However, for next year, most likely, we'll keep OpEx flat compared to '25. Why? We were expecting a significant growth in '25 in revenue that we were not able to deliver, and our cost structure, in a way, reflects part of it. So that's why I think that for next year, it will be essentially flat, but after '27, it should go back to growing -- after '26 and '27 onwards, it should grow at half the rate of our top line growth. That's the way you should think about it.

好的。所以我的意思是，就營運支出而言，我認為總體而言，從長期來看，我們的觀點就是我們所說的，將我們的營運支出保持在 26 年成長的一半。然而，對於明年來說，很有可能，我們的營運支出將與 25 年持平。為什麼？我們原本預期 25 年營收會大幅成長，但我們未能實現這一目標，而我們的成本結構在某種程度上反映了部分原因。所以我認為，明年，它的成長率將基本持平，但 2027 年之後，它應該會恢復成長——2026 年和 2027 年之後，它的成長率應該是我們營業收入成長率的一半。你應該這樣思考。

And just to give you a sense of what we're doing, we are looking at our OpEx, especially taking a deep look at all our -- all our costs are not sales or product development or R&D. And we invested on SAP. So we're looking at our financial cost, our control costs, human resources, all of that, G&A that is not connected to either sales or R&D and really taken a look and taking advantage of our investments in SAP and other systems that I think are helping. So that's what you should see. Flat from '26 and then growing back again at half the rate of the top line growth at '27 onward.

為了讓您了解我們正在做的事情，我們正在研究我們的營運支出，特別是深入研究我們所有的成本——我們的所有成本都不是銷售、產品開發或研發。我們對 SAP 進行了投資。因此，我們正在研究我們的財務成本、控製成本、人力資源以及與銷售或研發無關的一般及行政費用，並真正研究和利用我們在 SAP 和其他我認為有幫助的系統上的投資。這就是你應該看到的。從 26 年開始持平，然後從 27 年開始再次成長，但成長率只有頂線成長率的一半。

Thanks for that. And then just one quick follow-up. It looks like ASPs were kind of in the low to the kind of mid-300s dollar a KWH during the quarter. If I look at your backlog, it implies something in kind of the lower 200s. I don't think that's necessarily a new phenomenon, but like is there any kind of additional kind of revenue that you guys end up kind of booking on the product side that allows you to kind of realize a higher kind of realized ASP versus what's implied by bookings?

謝謝。然後只需快速跟進一次。看起來本季的平均售價在每千瓦時約 300 美元。如果我看一下你的積壓工作，它意味著大約 200 個。我認為這不一定是一個新現象，但是你們最終在產品方面預訂的額外收入是否能夠讓你們實現比預訂暗示的更高的實際 ASP？

No. It's in line with what bookings.

不。這與預訂一致。

No, I think if you look at our order intake last year, Ameet, we were in $300. So I think it's a timing lag, if you wish, in the revenue that you are seeing in Q3. Those are the contracts we have signed last year. And if you go back last year, we had in that range, $300 plus. The only other thing you have to consider is the EPC, the scope of the projects. For example, in Europe, this quarter, we have large of our -- more than 50% of my revenue this year is from international businesses, where I have EPC as part of the scope. And that, by itself, increases the price 20%, 30% --

不，我想如果你看看我們去年的訂單量，Ameet，我們的訂單量是 300 美元。因此，我認為，如果您願意的話，這是您在第三季度看到的收入的一個時間滯後。這些是我們去年簽署的合約。如果你回顧去年，我們的收入範圍是 300 美元以上。您唯一需要考慮的其他事情是 EPC，即專案範圍。例如，在歐洲，本季度，我們很大一部分收入——今年超過 50% 的收入來自國際業務，其中 EPC 是我們的經營範圍之一。這本身就使價格上漲了 20%、30%——

20%, depends on the component.

20%，取決於組件。

Then the base equipment price, which, in the US, for example, we normally don't do EPC, just a product.

然後是基本設備價格，例如在美國，我們通常不做 EPC，只做產品。

And then, Ameet, if -- I'm in the promotion mode today, but that's true. I mean we have been able to follow the ASP reductions in line with whatever -- with our competitors. And we have signed in good projects with good margins at significant lower ASPs. I mean some of you had concerns of our ability to do it. We've been able to do it with investments in R&D and thinking about our projects. So in a way, clearly, the ASP is a threat. But at the same time, it's an opportunity for us. So.

然後，Ameet，如果——我今天處於促銷模式，但這是真的。我的意思是，我們能夠與競爭對手同步降低平均售價。我們已經簽署了一些利潤豐厚、平均售價明顯較低的優質項目。我的意思是你們中的一些人擔心我們是否有能力做到這一點。透過對研發的投資和對專案的思考，我們已經能夠做到這一點。因此從某種程度上來說，ASP 顯然是一種威脅。但同時，這對我們來說也是一個機會。所以。

Got it thank you.

明白了，謝謝。

Yes, thanks, Ameet.

是的，謝謝，Ameet。

Chris Dendrinos, RBC Capital Markets.

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

Yes, good morning. Thank you.

是的，早安。謝謝。

Good morning. How are you?

早安.你好嗎？

I'm doing well. I wanted to go back to just kind of some of the manufacturing commentary here. And I guess I'm curious, are you in a position going forward to support a ramp from, I guess, AESC? And then separately or related, if you do look at a different supplier, can you support the -- I guess, the cells coming off that line, maybe if they're prismic or pouch and just trying to understand, I guess, your flexibility to support a different cell structure if you switch suppliers. Thanks.

我很好。我想回顧這裡的一些製造業評論。我很好奇，您是否願意支持 AESC 的斜坡？然後單獨或相關地，如果您確實考慮不同的供應商，您能否支持 - 我想，從該生產線上下來的電池，也許是棱柱形或袋狀的，我只是想了解，如果您更換供應商，您是否可以靈活地支持不同的電池結構。謝謝。

We -- currently, our supply chain is designed to integrate the AESC batteries. If we were to bring another supplier with another technology, there will be a little bit of a work in bringing them up. It's not a lot of work, but it will require some work. However, we do not have any need for new supply during the rest of '25 or '26. It will be an early '27 needs that we will have enough time to adapt to it.

我們—目前，我們的供應鏈旨在整合 AESC 電池。如果我們要引進另一家擁有另一種技術的供應商，那麼引進他們就需要做一些工作。這項工作並不多，但需要做一些工作。然而，在 2025 年或 2026 年剩餘時間內我們不需要任何新的供應。這將是 27 年初，我們需要有足夠的時間來適應它。

Got it. Okay. And then, as a follow up, maybe just going back to the last question on pricing dynamics and, maybe just broadly, are you, it's sort of like in response to a question from Roth that maybe there's pricing increases going on a bit in the US as a result of tariffs, I guess, is that true? And then I guess globally, are you still kind of seeing some some incremental pricing pressure, or is it kind of dying down? Thanks.

知道了。好的。然後，作為後續問題，也許只是回到關於定價動態的最後一個問題，也許只是廣義上講，這有點像回答羅斯的一個問題，即由於關稅，美國的價格可能會有所上漲，我想，這是真的嗎？那麼我想從全球來看，您是否仍然看到一些增量定價壓力，還是這種壓力正在逐漸消失？謝謝。

Yes. Good question. I think the US will -- over time, we'll see some pressure on costs. However, today, most of the projects that we are looking at are projects that are safeguard under the old IRA provision. So I don't expect that you will see significant price increases for the next maybe six to 12 months. They will be under the current -- under the older system. So -- but generally, I think that we should expect some additional increases going forward. That's the way you should think about it.

是的。好問題。我認為美國會——隨著時間的推移，我們會看到一些成本壓力。然而，今天，我們正在考慮的大多數項目都是在舊 IRA 條款下受到保障的項目。所以我預計未來六到十二個月內不會大幅價格上漲。他們將處於現行的舊系統之下。所以 — — 但總的來說，我認為我們應該期待未來還會有一些額外的成長。你應該這樣思考。

Thank you

謝謝

Dimple Gosai, Bank of America.

美國銀行的 Dimple Gosai。

Hi, good morning.

嗨，早安。

Good morning.

早安.

Thank you. What are you seeing in the market as far as Chinese players front-running FEOC and tariff escalations ahead of the end of 2025? And maybe anything you can add on what customers are saying on that front? And then I have a follow-up.

謝謝。就中國企業在 2025 年底之前領先 FEOC 和關稅升級而言，您在市場上看到了什麼？您能否補充一些客戶對此的看法？然後我有一個後續問題。

Well, we've been selling domestic content production, mostly in the US So those are the customers we're working with. So the customers who like Chinese equipment, we have not necessarily. So I don't know, to tell you the truth, where we are. They don't -- Chinese equipment does not compete with our domestic content offering. So people are probably front-running it, maybe they are, but it's for other customers, not the ones we're working or for projects that are not within our own. The economics of domestic content on the projects that are safeguard under the IRA and the new projects is very, very strong and continues to be very strong. And we feel very, very confident that, that market will continue to this expand.

嗯，我們一直在銷售國內內容製作，主要是在美國，所以這些就是我們正在合作的客戶。所以喜歡中國設備的客戶，我們還沒有。所以說實話我不知道我們在哪裡。他們沒有——中國設備不會與我們的國產內容產品競爭。因此人們可能正在搶先一步，也許確實如此，但這是為其他客戶，而不是我們正在合作的客戶，也不是為我們自己的專案。受到《愛爾蘭共和軍》保護的項目和新項目的國內內容經濟效益非常非常強勁，而且將繼續保持強勁。我們非常有信心，市場將會繼續擴大。

Okay. And then in the current backlog, what is the tariff sensitivity that perhaps wasn't already baked into the contracts, if any? And are there any potential cancellation risk or mutual terminations that might still be on the cards?

好的。那麼，在目前積壓的訂單中，哪些關稅敏感性可能尚未納入合約中（如果有的話）？是否有潛在的取消風險或相互終止合約的可能性？

In the -- no, we don't see any terminations due to tariffs. I think that we have -- as I said, the contracts that we stopped because of the tariff risk and how this all reactivated. And now with the 40% tariff this year going up to 58%, I think everybody kind of -- the provisions that we have in the contract --

不，我們沒有看到任何因關稅而終止的情況。我認為——正如我所說，我們因為關稅風險而停止了合同，而這一切又是如何重新啟動的。現在，今年的關稅將從 40% 升至 58%，我想每個人都會——合約中的條款--

Those are already taken care of in our current backlog.

這些已經在我們目前的積壓工作中處理。

Yes, and they're already -- they are in our guidance for this year. And so you shouldn't expect any other additional changes.

是的，它們已經——它們已經在我們的今年的指導範圍內了。因此您不應該期待任何其他額外的變化。

Got it, thank you.

知道了，謝謝。

Thank you, Dimp.

謝謝你，Dimp。

Thank you. I will now turn the call back over to Lexington May, Vice President of Investor Relations, for closing remarks. Please go ahead.

謝謝。現在我將把電話轉回給投資人關係副總裁 Lexington May，請他作最後發言。請繼續。

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 fourth quarter and full year 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。我們期待在報告第四季度和全年業績時再次與您交談。祝你有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。