Fluence Energy Inc (FLNC) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Fluence Energy first-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Chris Shelton, VP of Investor Relations. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 Fluence Energy 2026 年第一季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給今天的第一位發言人，投資者關係副總裁克里斯謝爾頓。請繼續。

Good morning and welcome to Fluence Energy's first-quarter 2026 earnings call. Joining me on this morning's call are Julian Nebreda, our President and Chief Executive Officer; and Ahmed Pasha, our Chief Financial Officer. 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.

早上好，歡迎參加 Fluence Energy 2026 年第一季財報電話會議。今天早上和我一起參加電話會議的還有我們的總裁兼執行長朱利安·內布雷達，以及我們的財務長艾哈邁德·帕夏。我們的收益簡報、新聞稿和涵蓋財務績效的補充指標表副本，以及支持性聲明和附表（包括對非GAAP財務指標的調節和揭露），均發佈在公司網站fluenceenergy.com的投資者關係部分。

During the course of this call, Fluence management may make certain forward-looking statements regarding various matters related to our business, including statements related to our future financial and operational performance, future market growth and related opportunities, anticipated growth and business strategy, liquidity and access to the capital, expectations relating to pipeline, order intake, and contracted backlog, future results of operations, the impact of the One Big Beautiful Bill Act, projected costs, beliefs, assumptions, prospects, plans, and objectives of management, and the timing of any of the foregoing.

在本次電話會議期間，Fluence 管理層可能會就與我們業務相關的各種事項發表一些前瞻性聲明，包括與我們未來的財務和運營業績、未來市場增長及相關機遇、預期增長和業務戰略、流動性和資本獲取、與項目儲備、訂單量和合同積壓相關的預期、未來經營業績、《宏偉法案》的影響、預期成本、成本、上述

Such statements are based upon current expectations and certain assumptions and are therefore subject to certain risks, uncertainties, and other important factors, which could cause actual results to differ materially. Please refer to our SEC filings for more information regarding these risks, uncertainties, and important factors.

此類聲明是基於目前的預期和某些假設，因此存在一定的風險、不確定性和其他重要因素，可能導致實際結果與預期結果有重大差異。有關這些風險、不確定性和重要因素的更多信息，請參閱我們向美國證券交易委員會提交的文件。

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.

請注意，不要過度依賴這些前瞻性聲明，這些聲明僅代表截至今日的觀點。另外，請注意，本公司不承擔因新資訊而更新或修改前瞻性聲明的義務。

This call will also reference non-GAAP measures that we view as important in assessing the performance of our business, including adjusted EBITDA, adjusted gross profit, and adjusted gross profit margin. A reconciliation of these non-GAAP measures to the most comparable GAAP measures 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.

本次電話會議也將提及我們認為對評估公司績效至關重要的非GAAP指標，包括調整後的EBITDA、調整後的毛利和調整後的毛利率。這些非GAAP指標與最可比較的GAAP指標的調節表可在公司投資者關係網站的獲利資料中找到。在發表完準備好的評論後，我們將與團隊成員進行問答環節。

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

非常感謝。現在我將把電話交給朱利安。

Thank you, Chris, and welcome to our stakeholders joining our call today. Turning to slide 4. This morning, I'll highlight first quarter results and the momentum we're seeing in the US order intake as demand for energy storage continues to accelerate. I'll outline the rapid expansion of our pipeline, driven by new customers and emerging use cases, and share the tangible impact of our enhanced sales efforts.

謝謝克里斯，也歡迎各位利害關係人今天參加我們的電話會議。翻到第4張投影片。今天上午，我將重點介紹第一季業績以及我們在美國看到的訂單成長勢頭，因為對儲能的需求持續加速成長。我將概述在新客戶和新興用例的推動下，我們的銷售管道如何快速擴張，並分享我們加強銷售工作所帶來的實際影響。

I will also update you on our domestic content strategy and the meaningful progress we made resolving early production challenges in the US. Ahmed will then cover our financial results and '26 outlook in more detail.

我也會向大家報告我們的國內內容策略，以及我們在解決美國早期製作難題方面所取得的實質進展。接下來，艾哈邁德將更詳細地介紹我們的財務表現和2026年的展望。

To summarize our financial performance. First, our backlog has reached a record of $5.5 billion, reflecting a clear step up in US contracting activity driven by the One Big Beautiful Big Act and rising demand forecast. The midpoint of our revenue outlook is now fully covered by our backlog.

總結我們的財務表現。首先，我們的積壓訂單已達到創紀錄的 55 億美元，這反映出受《一項偉大的法案》和不斷增長的需求預測的推動，美國合約活動明顯增加。我們目前的營收預期中位數已完全被積壓訂單所覆蓋。

Second. With Q1 now complete, we are reaffirming our fiscal '26 guidance, supported by greater revenue visibility and line of sight on execution, which increase our confidence in delivering this outlook. And third, we ended the quarter with approximately $1.1 billion in total liquidity, which positions us well to support our growth.

第二。隨著第一季的結束，我們重申 2026 財年的業績指引，這得益於收入的可視性和執行情況的清晰可見性，從而增強了我們實現這一預期的信心。第三，本季末我們擁有約 11 億美元的總流動資金，這使我們能夠更好地支持我們的成長。

Please turn to slide 5 for details on our order intake. During the first quarter, we signed over $750 million of new orders globally. More than $500 million of these orders were in the US, which represented strong growth from prior quarters.

請翻到第5頁查看訂單接收詳情。第一季度，我們在全球簽署了超過7.5億美元的新訂單。這些訂單中超過 5 億美元來自美國，較前幾季實現了強勁成長。

Activity in the US market has been gaining momentum since the passage of legislation last July. We continue to expect growth in orders across all our core markets for this year, with the US representing about half the total, consistent with our pattern from previous years.

自去年7月相關立法通過以來，美國市場的活躍度一直在不斷提升。我們預計今年所有核心市場的訂單量將持續成長，其中美國市場約佔總訂單量的一半，這與我們往年的模式一致。

Please turn to slide 6 for an update on our pipeline. We are seeing growing demand from developers, IPPs, utilities, and rapidly expanding data center opportunities. During the quarter, we also ramp up our sales efforts in all our core markets, including expanding our sales channels and outreach to existing and potential new costs.

請翻到第 6 頁查看我們管道的最新進展。我們看到來自開發商、獨立電力生產商、公用事業公司的需求不斷增長，資料中心的發展機會也迅速擴大。本季度，我們也加強了在所有核心市場的銷售力度，包括擴大銷售管道，並拓展現有和潛在的新客戶。

We're already seeing initial benefits with an approximately $7 billion or 30% increase in our pipeline with a majority of growth coming from the US. The task now is to convert our pipeline into sign orders, and this is where we are concentrating our efforts.

我們已初見成效，專案儲備增加了約 70 億美元，增幅達 30%，其中大部分成長來自美國。現在的任務是將我們的潛在客戶轉化為簽約訂單，這也是我們集中精力的方向。

Please turn to slide 7 for an update on expanding sources of growth. We are seeing growing interest in our product from new customer segments as well as new use cases. In terms of new customer segments, our biggest opportunities is data centers. We are engaging in discussions covering 36-gigawatt hours of projects, including costs with large portfolios such as hyperscavers.

請翻到第 7 頁，以了解擴大成長來源的最新資訊。我們看到，來自新的客戶群和新的應用場景對我們的產品越來越感興趣。就新的客戶群而言，我們最大的機會在於資料中心。我們正在就 36 吉瓦時的專案進行討論，包括大型專案組合（如超導採礦機）的成本。

We are working through technical reviews with them and working closely to show how our technology fits their specific needs. I will note that many of the 36-gigawatt hours of data center projects are not yet included in our pipeline, which represents meaningful upside opportunity.

我們正在與他們進行技術評審，並密切合作，以展示我們的技術如何滿足他們的特定需求。需要指出的是，36吉瓦時的資料中心專案中有很多尚未納入我們的專案儲備，這意味著巨大的成長空間。

Another area of growth is long duration energy storage, where we are in early discussions with 34-gigawatt hours of projects, largely in Europe and the US. Smartstack, leading density positions as well to compete for these applications. Long duration projects, by definition, require more volume and, therefore, provide an additional growth opportunity.

另一個成長領域是長時儲能，我們正在與一些總容量達 34 吉瓦時的項目進行早期洽談，這些項目主要位於歐洲和美國。Smartstack 在密度方面也處於領先地位，以參與這些應用的競爭。長期項目，顧名思義，需要更大的項目量，因此可以提供額外的成長機會。

In addition to new customer segments, we are seeing an evolution in the way our customers use battery storage. Historically, our solutions have been used together with renewable projects to firm up the power generation. Utilities have also used our product to store electricity that can be utilized during peak demand periods, also known as energy shifting, or in a specific locations to support grid needs.

除了新的客戶群，我們也看到客戶使用電池儲能的方式也在改變。從歷史上看，我們的解決方案一直與再生能源專案結合使用，以增強發電能力。公用事業公司也利用我們的產品儲存電力，以便在用電高峰期（也稱為能源轉移）或特定地點儲存電力，以滿足電網需求。

Today, we're seeing new and developing uses for our battery solutions by large energy users such as data centers and C&I facilities. This includes first, speed to power. Storage can speed interconnection to the grid by adapting power demand to the grid capabilities and avoid the delay and expenses of grid upgrades.

如今，我們看到大型能源用戶（例如資料中心和工商業設施）正在對我們的電池解決方案進行新的和不斷發展的應用。這首先包括速度到動力。儲能可以透過使電力需求適應電網容量來加快併網速度，避免電網升級帶來的延誤和費用。

Second, quality of power. Storage can inject reactive power to resolve voltage disturbances, manage demand, including disconnection from the grid when needed and provide smooth ramp rate control, among others. We believe that no other technology can offer these three capabilities combined at competitive terms.

其次，是電源品質。儲能可以注入無功功率來解決電壓擾動、管理需求（包括在需要時與電網斷開）以及提供平滑的爬坡速率控制等。我們相信，沒有其他技術能夠以具有競爭力的價格提供這三種功能。

Third, backup power. Energy storage lower cost and longer duration enables replacement of higher cost and carbon intensive thermal gen sets that have traditionally served this need.

第三，備用電源。儲能成本更低、持續時間更長，可以取代傳統上滿足此需求的高成本、高碳排放的熱發電機組。

Fourth, support of on-site generation. For bring your own generation application, energy storage can match up behind the meter power with the customer's energy needs by adding flexibility and efficiency to dispatchable generation or firming up capacity for renewable sources.

第四，支援現場發電。對於自帶發電系統的應用，儲能可以透過增加可調度發電的靈活性和效率或增強再生能源的容量，將表後電力與客戶的能源需求相匹配。

Please turn to slide 8 for an update on our domestic supply chain. Let me highlight three developments that are strengthening our competitive advantage and keeping us reliably on schedule. First, our domestic content supply chain is now performing at the levels necessary to meet our delivery schedule. Sale and module production continued to run ahead of the plan.

請翻到第 8 頁，了解我們國內供應鏈的最新情況。讓我重點介紹三項正在增強我們競爭優勢並確保我們能夠按計劃可靠地完成工作的進展。首先，我們的國內內容供應鏈目前已達到滿足我們交付計畫所需的水準。銷售和模組生產持續超前於計劃。

And our enclosure manufacturing facility in Arizona is now on track to meet our projected needs. Additionally, we continue to expand and diversify our domestic supplier base to enhance our flexibility and cost competitiveness.

我們在亞利桑那州的機箱製造廠目前正按計劃推進，能夠滿足我們預期的需求。此外，我們不斷擴大和多元化國內供應商基礎，以增強我們的靈活性和成本競爭力。

Second, on battery cells, we continue to make progress with AESC in resolving the prohibited foreign entity or PFE status of its Tennessee facility. Our overall priority is to secure competitively-priced PFE compliant domestic sales. AESC is looking at various paths to addressing the ownership aspect of PFE compliance. We are confident that the outcome will be consistent with our stated objective to secure competitively-priced PFE compliance battery cells.

其次，在電池方面，我們繼續與 AESC 合作，解決其田納西州工廠的禁止外國實體或 PFE 狀態問題。我們的首要任務是確保符合 PFE 標準的國內產品以具競爭力的價格銷售。AESC正在探索各種途徑來解決PFE合規性的所有權問題。我們相信，最終結果將與我們既定的目標一致，即確保獲得價格具有競爭力的符合 PFE 標準的電池。

Third, we are encouraged by the growing momentum of domestic manufacturing of components for BESS. Several facilities are shifting their EV battery lines into BESS production. This will enable valuable diversification to a supplier base. We believe that building multiple domestic sale partnerships will optimize pricing, resilience, and the supply we need to support our growth.

第三，國內BESS零件製造業的發展動能日益強勁，這令我們感到鼓舞。多家工廠正在將其電動車電池生產線轉型為電池儲能係統（BESS）生產。這將有助於供應商基礎實現有價值的多元化。我們相信，建立多個國內銷售合作關係將優化定價、增強市場韌性，並保障我們為支持業務成長所需的供應。

Before turning the call to Ahmed to discuss our financial results, I am pleased to update you on the satisfactory resolution of two pending legal matters. The first is on Moss Landing where the matter was settled for an immaterial amount by the company in conjunction with our insurers and subcontractors on confidential terms. The settlement includes a full release of claims with no admission of responsibility or liability for the 2021 overheating incident.

在將電話轉給艾哈邁德討論我們的財務表現之前，我很高興地向大家匯報一下，兩起待決的法律案件已得到圓滿解決。第一件事發生在莫斯蘭丁，公司與保險公司和分包商以保密條款達成和解，和解金額微不足道。和解協議包括完全放棄索賠，但不承認對 2021 年過熱事件負有任何責任。

The second is on the Diablo Canyon Project where Fluence has obtained a court dismissal of Diablo's $230 million disgorgement claim.

第二點是關於迪亞布羅峽谷項目，Fluence 已成功獲得法院駁回迪亞布羅提出的 2.3 億美元非法所得返還索賠。

With that, I will turn the call over to Ahmed.

接下來，我將把電話交給艾哈邁德。

Thank you, Julian, and good morning, everyone. As Julian mentioned, in the first quarter, we generated strong momentum towards achieving our goals for the year. Across our global portfolio, we executed reliably for customers and capitalized on strong growth trends by increasing our backlog to a record level. We also maintained our strong liquidity position that is integral to our strategy and growth objectives.

謝謝你，朱利安，大家早安。正如朱利安所提到的，在第一季度，我們朝著實現年度目標邁出了強勁的步伐。在全球範圍內，我們始終以可靠的方式為客戶提供服務，並充分利用強勁的成長趨勢，將訂單積壓量提升至歷史新高。我們也保持了強勁的流動性，這對於我們的策略和成長目標至關重要。

More specifically, starting with slide 10, we generated Q1 2026 revenue of $475 million 14% of our full-year guidance, and nearly double the 18% of full-year 2025 revenue earned during Q1 2025. This performance was in line with our expectations and keeps us on track to meet our full-year 2026 revenue guidance.

更具體地說，從第 10 張投影片開始，我們 2026 年第一季的營收為 4.75 億美元，佔全年預期的 14%，幾乎是 2025 年第一季全年收入 18% 的兩倍。這項業績符合我們的預期，並使我們能夠實現 2026 年全年營收目標。

Our adjusted gross profit for the quarter was $27 million, representing an adjusted gross margin of 5.6%, well below our full-year expectation of 11% to 13%. The result reflects cost impacts in two discrete areas, most of which we expect to recover over the remainder of this fiscal year.

本季調整後的毛利為 2,700 萬美元，調整後的毛利率為 5.6%，遠低於我們全年 11% 至 13% 的預期。此結果反映了兩個不同領域的成本影響，我們預計其中大部分將在本財年剩餘時間內恢復。

The variance reflects two specific factors. First, we incurred approximately $20 million of additional costs, a majority of which were associated with two specific projects outside the US. We expect these costs will be largely recovered over the course of this year, consistent with our experience in resolving similar items in the past.

這種差異反映了兩個具體因素。首先，我們產生了約 2000 萬美元的額外成本，其中大部分與美國境外的兩個特定項目有關。我們預計這些成本將在今年內基本收回，這與我們過去處理類似問題的經驗一致。

Second, our gross margin reflects our typical first-quarter margin dynamics where revenue is more lightly weighted while fixed overhead costs are spread relatively evenly across the year. Historically, this creates 1 to 2 percentage quarterly margin swing that normalizes over the course of the fiscal year.

其次，我們的毛利率反映了我們典型的第一季利潤率動態，其中收入權重較低，而固定管理費用則相對均勻地分攤到全年。從歷史上看，這會導致季度利潤率出現 1% 到 2% 的波動，但這種波動會在財政年度內趨於正常。

The lower gross margin also drove adjusted EBITDA to negative $52 million for the quarter. In short, our first-quarter gross margin reflects the lower revenue reading and some discrete projects specific items, not systemic or structural issues.

毛利率下降也導致該季度調整後 EBITDA 為負 5,200 萬美元。簡而言之，我們第一季的毛利率反映的是較低的收入和一些特定項目的具體情況，而不是系統性或結構性問題。

Turning to slide 11 for a broader perspective on our adjusted gross margin and how disciplined project execution and revenue growth initiatives translate to the bottom line. As you can see, we have been steadily improving our gross margin. Even with the softer result this quarter, our rolling 12-month adjusted gross margin is 12.3%, a solid double-digit result.

請翻到第 11 張投影片，以更全面地了解我們調整後的毛利率，以及嚴謹的專案執行和收入成長計畫如何轉化為最終利潤。如您所見，我們的毛利率一直在穩步提高。即使本季業績有所下滑，我們過去 12 個月的滾動調整後毛利率仍為 12.3%，這是穩健的兩位數業績。

This resilience reflects our disciplined execution, and reinforces our confidence in our ability to deliver on our commitments to our stakeholders. Beyond this year, we expect continued margin improvement driven by strong execution, supply chain-enabled cost advantages, innovation, and scale as energy storage demand continues to grow.

這種韌性體現了我們嚴謹的執行力，也增強了我們對履行對利害關係人承諾的能力的信心。我們預計，隨著儲能需求的持續成長，在強有力的執行、供應鏈帶來的成本優勢、創新和規模經濟的推動下，利潤率將在今年之後繼續提高。

Turning to slide 12 for an update on our liquidity. We ended the quarter with total liquidity of approximately $1.1 billion, reflecting the strength and flexibility of our balance sheet. This includes $477 million in ending cash and an additional $617 million available through our credit facilities. Our liquidity position underscores the discipline with which we are managing the business and provides us with the capacity to continue investing to drive future growth.

請翻到第 12 張投影片，了解我們流動性的最新情況。本季末，我們的流動資金總額約為 11 億美元，這反映了我們資產負債表的實力和靈活性。這包括4.77億美元的期末現金，以及可透過我們的信貸額度獲得的額外6.17億美元。我們的流動性狀況凸顯了我們在業務管理方面的嚴謹態度，並使我們能夠繼續投資以推動未來的成長。

Turning to slide 13 for our 2026 guidance. We are reaffirming the ranges we introduced last quarter, reflecting our strong visibility into the year and continued momentum we see across our business. This confidence is grounded in three factors.

接下來請看第 13 頁，了解我們的 2026 年指引。我們重申上季推出的產品範圍，這反映了我們對今年的清晰展望以及我們業務持續成長的勢頭。這種自信源自於三個因素。

First, the midpoint of our full-year 2026 revenue guidance is now fully covered by orders in our backlog. Second, we have ordered all equipment required to meet our commitments, minimizing supply chain and commodity price risks. And third, we have clear visibility into the operating cost structure needed to deliver margins in the 11% to 13% range.

首先，我們 2026 年全年營收預期中位數目前已完全由積壓訂單涵蓋。其次，我們已訂購履行承諾所需的所有設備，最大限度地降低了供應鏈和商品價格風險。第三，我們清楚了解了實現 11% 至 13% 利潤率所需的營運成本結構。

On that basis, we are reaffirming our full-year outlook. We expect revenue in the range of $3.2 billion to $3.6 billion with a midpoint of $3.4 billion. We expect annual recurring revenue to reach approximately $180 million by the end of fiscal 2026. And we continue to expect adjusted EBITDA in the range of $40 million to $60 million for the full year.

基於此，我們重申全年業績展望。我們預計營收將在 32 億美元至 36 億美元之間，中間值為 34 億美元。我們預計到 2026 財年末，年度經常性收入將達到約 1.8 億美元。我們繼續預計全年調整後 EBITDA 將在 4,000 萬美元至 6,000 萬美元之間。

In summary, with the right building blocks in place, our focus remains on discipline execution for our customers and delivering value to our shareholders. With that, I will now return the call back to Julian for his closing remarks.

總而言之，有了正確的基礎，我們將繼續專注於為客戶提供嚴謹的執行服務，並為股東創造價值。接下來，我將回撥電話給朱利安，請他作總結發言。

Thanks, Ahmed. Let me summarize today's call with a few takeaways. First, strong financial foundation. Our Q1 performance and record $5.5 billion backlog puts us on track to achieve our fiscal year '26 guidance. We ended the quarter with $1.1 billion of liquidity, giving us strong visibility and flexibility to support growth.

謝謝你，艾哈邁德。讓我用幾個要點來總結一下今天的電話會議。首先，要有堅實的經濟基礎。我們第一季的業績以及創紀錄的 55 億美元積壓訂單使我們有望實現 2026 財年的業績目標。本季末，我們擁有 11 億美元的流動資金，這為我們提供了強大的資金可見度和靈活性，以支持業務成長。

Second, US momentum is accelerating. This quarter, our order intake exceeded $750 million globally, with over $500 million coming from the US, reflecting increasing demand driven by recent legislation and a strengthening of market fundamentals.

第二，美國的發展動能正在加速。本季度，我們的全球訂單金額超過 7.5 億美元，其中超過 5 億美元來自美國，反映出近期立法和市場基本面增強推動了需求的成長。

Third, pipeline and growth opportunities are expanding. Our pipeline grew by approximately $7 billion or 30%, led by US demand, with additional upside from data centers and long-duration energy storage projects not yet fully reflected in the pipeline.

第三，產品線和成長機會正在擴大。在以美國需求為主導下，我們的專案儲備增加了約 70 億美元，增幅達 30%，資料中心和長期儲能專案帶來的額外成長潛力尚未完全反映在專案儲備中。

Fourth, broader use cases and differentiated technology. We are seeing expanding applications for storage, particularly from data centers and large C&I customers, where our solutions are uniquely positioned to serve emerging customer needs.

第四，更廣泛的應用場景和差異化技術。我們看到儲存應用領域正在不斷擴展，尤其是在資料中心和大型工商業客戶中，我們的解決方案具有獨特的優勢，能夠滿足客戶不斷增長的需求。

And fifth, execution and risk reduction. We continue to strengthen our global supply chains by expanding and diversifying our supplier base. In summary, we see accelerating demand, improving visibility, and a strengthening of our execution, which together, reinforce our confidence in meeting our commitments to customers and deliver long-term value for shareholders.

第五，執行和風險降低。我們透過擴大和多元化供應商基礎，不斷加強全球供應鏈。總而言之，我們看到需求加速成長，市場可見度提高，執行力增強，這些因素共同增強了我們履行對客戶承諾並為股東創造長期價值的信心。

With that, we will now open the call for questions.

接下來，我們將開始接受提問。

(Operator Instructions) George Gianarikas, CG.

（操作說明）George Gianarikas，CG。

So maybe just to focus for a second on a AESC and I know you're in the process of resolving the ownership stake here. But could you just help guide us as to what resolution will look like? I mean, because there are certain several potential outcomes to this. So just help us understand how you're framing this for us. Thank you.

所以，也許我們應該集中精力談談AESC，我知道你正在解決這裡的股權問題。您能否幫我們說明一下，最終的解決方案會是什麼樣的呢？我的意思是，因為這件事可能會有幾種不同的結果。所以，請您幫我們理解一下您是如何向我們解釋這件事的。謝謝。

Great. Thank you, George. Our main objective in our relationship with AESC is ensuring that they -- that we have access to PFE-compliant sales on competitive terms. That's our main objective. That's our priority number one. As part of that, we've been working with them on ensuring that they meet all the different conditions of the OBBBA.

偉大的。謝謝你，喬治。我們與 AESC 建立關係的主要目標是確保他們——確保我們能夠以具有競爭力的條款獲得符合 PFE 標準的銷售。這是我們的主要目標。這是我們的首要任務。作為其中的一部分，我們一直在與他們合作，以確保他們滿足 OBBBA 的所有不同條件。

In terms of ownership, which is your specific question, we made them a proposal. Our understanding today is that they will resolve that problem but in some other form. So we got assurances from them that they will meet the conditions of the law, that they will resolve the problem, and they will resolve it without the need for us to get involved in the ownership structure of that plan.

至於所有權問題，也就是您具體提出的問題，我們已經向他們提出了一個方案。我們目前的理解是，他們會解決這個問題，但會以某種其他形式解決。因此，他們向我們保證，他們將遵守法律規定，他們將解決問題，而且他們將在無需我們參與該計劃的所有權結構的情況下解決這個問題。

So for us, as you know, we have been working with them for many years. We trust them very much. We think they're going to do and we're working with them and waiting for them to give us more light today. They have not communicated to us all the details, how they expect to do it, but we're very confident they will meet the deadlines of the law and the commissions.

正如您所知，我們與他們已經合作多年了。我們非常信任他們。我們認為他們會這麼做，我們正在與他們合作，等待他們今天給我們更多資訊。他們還沒有向我們說明所有細節，也沒有說明他們打算如何做，但我們非常有信心他們會在法律和委員會規定的期限內完成工作。

In terms of the other ones related to material assistance and IP and all of that, we -- as part of our process, we have all that information, that's ownership where we still need to wait. But -- and I will make the point that I think it is very, very important if you don't like, which is a side point here. The market for sales in the US is expanding like crazy.

至於其他與物質援助、智慧財產權等相關的事項，作為我們流程的一部分，我們掌握了所有這些信息，但所有權問題我們仍然需要等待。但是——而且我要強調一點，我認為如果你不喜歡這一點非常非常重要，但這在這裡只是一個題外話。美國銷售市場正在瘋狂擴張。

We have all these EV battery lines that are converted into -- now into BESS. So we're seeing for the first time plethora of projects, of people offering all types of things. So we are -- if you tell me, we will see here in the US something similar what we saw in China two years ago or three years ago when all these EV lines converted into BESS.

我們現在把所有這些電動車電池生產線都改造成了電池儲能係統（BESS）。因此，我們第一次看到了大量的項目，人們提供了各種各樣的東西。所以，如果你告訴我，我們將在美國看到類似兩年前或三年前在中國看到的那種情況，當時所有的電動車生產線都轉型為電池儲能係統（BESS）。

So we're very excited about what the prospects for a company with our structure and our strategy will do in the US during the next couple of years. No, so I think this is a great time. This is a great opportunity. We are very confident on AESC. And we are very, very optimistic about the future for the market for battery storage in the US due to the -- how the market is changing the dynamics.

因此，我們對未來幾年擁有我們這種組織結構和策略的公司在美國的發展前景感到非常興奮。不，所以我認為現在正是時候。這是一個絕佳的機會。我們對AESC非常有信心。我們對美國電池儲能市場的未來非常非常樂觀，因為市場正在改變格局。

We saw what happened in China the last couple of years with the Chinese -- with the -- when the EV demand came down and how that allowed for our markets to grow. And they brought in more suppliers, better quality. It really changed how the BESS market changed so we're excited about this.

我們看到了過去幾年中國發生的事情——當中國電動車需求下降時，這如何促進了我們市場的成長。他們引進了更多供應商，提高了供應商的品質。這確實改變了電池儲能係統（BESS）市場的格局，所以我們對此感到興奮。

If I may ask a follow-up, segue into what the competitive environment looks like, and I would imagine some of these data center bake-offs, some of the big hyperscalers that want to use one of their competitors as a supplier. But are you seeing any increased competition from the likes of Ford, who's doing the exact thing that you mentioned, converting some of their cell supply into energy storage related cell? So help us understand what the landscape currently looks like, particularly in data center. Thank you.

如果可以的話，我想問一個後續問題，談談競爭環境的狀況。我想可能會出現一些資料中心競標，一些大型超大規模資料中心營運商想要選擇他們的競爭對手作為供應商。但是，您是否看到像福特這樣的公司帶來的日益激烈的競爭？福特正在做的正是您所提到的，即將部分電池供應轉化為儲能相關電池。請幫助我們了解當前形勢，特別是資料中心領域的情況。謝謝。

I don't think the competitive landscape has changed today. There have been other people -- there's some, but they -- I don't think the competitive landscape has changed at all. What we have seen is a significant diversification of battery cell suppliers.

我認為如今的競爭格局並沒有改變。當然也有其他人——確實有一些，但是——我認為競爭格局根本沒有改變。我們看到的是電池供應商的顯著多元化。

It probably will change over time. I don't disagree that it might change, and because of some people might decide to do different things. But what we have today is no real changes in the competitive environment, but a real change in the way the supply for battery cells in the market, especially for the second half of '26.

隨著時間的推移，情況可能會有所改變。我並不否認這種情況可能會改變，有些人可能會因此決定採取不同的做法。但今天我們看到的不是競爭環境的真正變化，而是電池電芯市場供應方式的真正變化，尤其是在 2026 年下半年。

And I agree, there will be new entrants. This market is exciting. It's growing crazy. There will be new entrants in the market, And we compete in the world with the Chinese state, with our Chinese competitor with the support of their government. So here, competing against some of these players, I don't think it will be more difficult than what we do globally.

我同意，肯定會有新的競爭者。這個市場令人興奮。情況越來越糟了。市場上將會有新的競爭者，我們將與中國政府在世界範圍內競爭，我們的中國競爭對手也將得到中國政府的支持。所以在這裡，與這些選手競爭，我認為不會比我們在全球範圍內所做的事情更難。

So we like competition. It's a great driver of our innovation and gives me wake up -- allows me to wake up early, let me put it that way. I sleep very well, but I wake up early, excited about what we're doing. So hey, excited about the prospects for the US market. This is going to be the golden years of battery storage are coming, are starting.

我們喜歡競爭。它極大地推動了我們的創新，也讓我精神振奮——讓我能夠早起，這麼說吧。我睡眠品質很好，但醒來很早，對我們正在做的事情感到興奮。所以，我對美國市場的前景感到興奮。電池儲能的黃金時代即將到來，即將開啟。

(Operator Instructions) Brian Lee, Goldman Sachs.

（操作說明）布萊恩李，高盛。

I guess, just starting on the data center-related pipeline, the 36-gigawatt hour, it's pretty impressive. Grew again quarter on quarter. I guess the focus and the execution question now is, first, how much have you actually converted to backlog? And is there any of that in the $750 million of bookings you reported this quarter?

我想，僅僅是資料中心相關管道的開端，36 吉瓦時，就已經相當令人印象深刻了。季度環比再次增長。我認為現在的重點和執行問題是，首先，你實際上轉化了多少產品到待辦事項？那麼，在你公佈的本季7.5億美元的預訂金額中，是否包含了這些因素呢？

And then, secondly, just what's -- it's a big number, 36-gigawatt hours. Can you just give us a sense of the outlook in conversion ratio timing that you're targeting? Maybe when do we really start to see this move into bookings and P&L impact for you?

其次，這到底是什麼——這是一個很大的數字，36 吉瓦時。能否大致介紹一下您設定的轉換率目標時間？我們究竟何時才能真正看到這種轉變對預訂量和損益表的影響？

Yeah. Great. I mean, to tell the truth, there's no -- these are -- the new type of use cases, no, the -- we have served data centers with a behind -- in front of the meter solutions with the renewal companies. Those were not included in these 36 figure. These are behind the center or dedicated lines to data centers. So it's behind the meter of dedicated lines to data center, so slightly different than we have done globally. That's the first point.

是的。偉大的。我的意思是，說實話，沒有——這些是——新型用例，不，——我們已經為資料中心提供了基於計費前後的解決方案，並與續約公司合作。這些並未包含在這36個數字中。這些線路位於資料中心後方或專用線路。所以它位於資料中心專用線路的後面，與我們在全球範圍內所做的略有不同。這是第一點。

So answer your question completely, we have not converted into backlog any of the new data center part, no? That's too late. This is a new market segment for us. These are markets that we have not served directly before -- before September or before, I believe, a couple of months ago. We were serving this company indirectly.

所以，請完整回答您的問題，我們沒有將任何新的資料中心零件轉換為積壓訂單，對嗎？太遲了。這對我們來說是一個全新的市場領域。這些是我們以前從未直接服務過的市場——在 9 月之前，或者我認為是在幾個月之前。我們間接為這家公司提供服務。

It's a new market segment. We are engaging with them, but it's very, very difficult for us at this stage to give you a clear view of how much of that we'll convert and how will it work over time. However, we do, when we looked at the pipeline and we looked at what we are the -- maturity of the projects that we're working with, we should expect something happening in the second half of the year but, say, fourth quarter, third or fourth quarter of the fiscal year -- of the calendar year. That's what we should expect to do some conversion of this.

這是一個全新的市場領域。我們正在與他們接洽，但現階段我們很難清楚地向您展示我們將轉化多少，以及隨著時間的推移，這將如何運作。但是，當我們審視專案儲備，並檢視我們正在推進的專案的成熟度時，我們預計今年下半年，也就是本財年（日曆年）的第三或第四季度，會有一些進展。這就是我們應該預期會進行的一些轉換。

We clearly would love to do it earlier and as this has become such an important segment that, as we learn more about it, we'll probably communicate more. But as of this stage, unfortunately, we are learning how to do this, working with them on the first time.

我們當然希望更早地進行這項工作，而且由於這已成為一個非常重要的領域，隨著我們對它的了解加深，我們可能會進行更多溝通。但遺憾的是，就目前而言，我們還在學習如何做到這一點，這是我第一次與他們合作。

As you can imagine, some of these companies have been -- are very, very -- their supply chain teams are very detailed and they're really -- there's a lot of value involved. Great, big projects. So it's a lot of work, we're going through that. Our teams are selling. We're learning and working very well, but today, we do not have an actual number that I can share with you.

可以想像，其中一些公司一直以來都非常非常注重細節，他們的供應鏈團隊非常細緻，而且確實——其中蘊含著巨大的價值。偉大的大型專案。所以工作量很大，我們正在經歷這個過程。我們的團隊正在銷售。我們學習和工作進展順利，但今天，我還沒有一個確切的數字可以和大家分享。

What's exciting about this, if I can give you Brian, the point is that how fast it's growing. That's today, is what we are communicating. This is growing very fast. We think we have a competitive advantage. We look at the other technologies, we believe we can do better than anybody else, and we're working very hard.

布萊恩，讓我告訴你，這件事最令人興奮的地方在於它的發展速度非常快。這就是我們今天想要傳達的訊息。它的發展速度非常快。我們認為我們擁有競爭優勢。我們研究了其他技術，我們相信我們能做得比任何人都好，我們正在非常努力地工作。

We use it. It goes very much to our capabilities of how our interconnect, the things that -- where we excel. So that's what we're so excited about it. But today, I think it is a new market segment, we cannot provide more clarity on it.

我們使用它。這很大程度上取決於我們相互連結的能力，以及我們擅長的領域。這就是我們如此興奮的原因。但就目前而言，我認為這是一個新的市場領域，我們無法對此做出更明確的說明。

Absolutely. No, that's great color. Maybe just two quick follow-ups on the guidance. One, on the $20 million of incremental costs here related to the two projects, can you elaborate on what those costs exactly were and then how you plan to recover those costs through the course of the year, the $20 million?

絕對地。不，這顏色真棒。或許可以就指導意見提出兩個簡短的後續問題。第一，關於與這兩個項目相關的 2000 萬美元增量成本，您能否詳細說明這些成本究竟是什麼，以及您計劃如何在今年內收回這 2000 萬美元的成本？

And then, secondly, Julian, obviously, you're pretty bullish on the outlook for energy storage broadly whether data center or not. And you're saying that the guide is fully covered by backlog. So with pipeline and bookings continuing to grow, maybe it's a little bit too early. It's only fiscal Q1. But how would you characterize the upside potential to your 2026 guidance outlook here starting off the year? Thank you, guys.

其次，朱利安，顯然你對儲能的前景非常看好，無論是否用於資料中心。你的意思是說，這份指南已經完全被積壓的工作覆蓋了。因此，隨著專案儲備和預訂量持續成長，現在或許還為時過早。現在才只是第一財季。但從年初開始，您如何評價2026年業績指引的上行潛力？謝謝大家。

I will go over the guidance for the year and then Ahmed can give you details on the growth margin on the two projects I had. Well, I'll tell you on the guidance, our approach to our performance that we want to -- we're working towards meeting our guidance. We're committed to meeting our guidance.

我將回顧今年的指導方針，然後艾哈邁德可以向你詳細介紹我負責的兩個項目的成長率。嗯，關於業績指引，我會告訴你我們實現業績目標的方法——我們正在努力達到業績指引。我們致力於遵守我們的指導方針。

That's where you should expect from us and that we -- most of what we want to like to provide you the better opportunities will be for '27 onwards. That's what we want to do. So if you ask me today, our order intake for the first quarter will be the lowest one of the of the year.

這就是你們應該對我們抱有的期望，而且我們——我們希望為你們提供更好的機會的大部分內容都將從 2027 年開始。這就是我們想做的事。所以如果你今天問我，我們第一季的訂單量將是全年最低的。

It will be the low point of the year and we should be able to go and deliver better order intake that will provide stronger visibility for '27. And that's how we expect to drive that, giving you a quarter-to-quarter point. We want to keep this year where it is or in line with our guidance, hopefully, they have the top side or, whatever, not -- we do not want to exceed.

這將是今年的低谷期，我們應該能夠取得更好的訂單量，從而為 2027 年提供更清晰的前景。這就是我們期望實現的，這將使你們獲得季度環比增長。我們希望今年的業績能保持在目前的水平，或至少符合我們的預期，希望他們能達到頂峰，或者不管怎樣——我們不想超出預期。

We are looking. -- we're working towards making '27 how we provide good news to the market. That's what we're working on. Today, we cannot provide guidance on '27, but we will -- that's what we're working on, and that's the way you should think about our company. So on the $20 million --

我們正在尋找——我們正在努力讓「27」成為我們向市場傳遞利好消息的方式。這就是我們正在努力的方向。今天，我們無法對 2027 年的情況提供指導，但我們會提供——這就是我們正在努力的方向，也是你們應該對我們公司的看法。所以，關於這2000萬美元——

Sure. So hey, Brian. So the $20 million impact, so this is -- the impact is that two projects, non-US projects, two different countries, different technologies, different stages of completion. And the change is -- essentially, the change in scope of the project in both cases. One is the scope change in equipment, and the other one is in the schedule.

當然。嗨，布萊恩。所以，2000萬美元的影響，就是──影響是兩個項目，非美國項目，兩個不同的國家，不同的技術，不同的完成階段。而這種變化本質上是指，在這兩種情況下，專案的範圍都發生了變化。一是設備範圍變更，二是進度安排變更。

So I think our plan is to basically, as we have done in the past, is whenever these changes happen, we always recover those under the contract from our customers. And that is what we plan on doing during the rest of the year, so feel pretty good that we can recover this impact.

所以我認為我們的計劃基本上是，就像我們過去所做的那樣，每當發生這些變化時，我們總是會根據合約向客戶追回款項。這就是我們今年餘下時間計劃要做的事情，所以我們很有信心能夠彌補這一影響。

(Operator Instructions) Dylan Nassano, Wolfe Research

（操作說明）迪倫·納薩諾，沃爾夫研究公司

Just wanted to check, so Tesla mentioned on their earnings call that they foresaw some mega pack margin pressure this year. I think they named some things like competition tariffs and the like. So I just wanted to check, have you seen any kind of intensification on any of these issues recently? Or you feel like you've already accounted for this all in your current outlook?

我只是想確認一下，特斯拉在財報電話會議上提到，他們預計今年巨型電池組的利潤率會面臨一些壓力。我認為他們提到了一些諸如競爭關稅之類的東西。所以我想確認一下，您最近是否注意到這些問題有任何加劇的跡象？或者你覺得你目前的觀點已經考慮到了所有這些因素？

Yeah. I mean, yes, we also saw that. We don't see any major competitiveness; no real changes. So unless Tesla is referring to us, maybe. That's the only thing I can think of, they're saying that hey, we're -- to Fluence, I mean.

是的。我的意思是，是的，我們也看到了這一點。我們沒有看到任何重大的競爭；沒有真正的改變。所以，除非特斯拉指的是我們，否則也許吧。我只能想到這一點，他們是在說，嘿，我們——我是說，我們想要 Fluence。

But in terms of tariff and all of the other stuff, I think we are very much in line. So we are -- we're confirming our guidance with a view that there's no real change. So we are not very clear what they were referring to.

但就關稅和其他所有方面而言，我認為我們完全一致。所以，我們重申我們的指導意見，認為情況沒有實質改變。所以我們不太清楚他們指的是什麼。

No more competitive environment which has always had very, very intense; not any different. And the tariffs have been very stable. So we don't expect any major changes in '26 numbers there. Some -- a movement -- no real movement. So no, we're confident in what we're -- yeah, confirming to it.

競爭環境不再像以前那麼激烈，沒有任何變化。而且關稅一直都非常穩定。因此，我們預計 2026 年的數據不會有任何重大變化。有些人——有點運動——但其實不算是真正的運動。所以，不，我們對我們所做的事情很有信心——是的，證實了這一點。

Got it. Thanks. Appreciate that. And then for my follow-up, just given some of the margin headwinds this quarter, can you confirm that if you do end up being the acquirer of the AESC facility that you feel good about the liquidity situation and no need for any external capital to (inaudible)

知道了。謝謝。謝謝。那麼，我的後續問題是，鑑於本季利潤率面臨一些不利因素，您能否確認，如果您最終收購了AESC的設施，您是否對流動性狀況感到滿意，並且不需要任何外部資本？（聽不清楚）

Yeah. No, from an AESC perspective, we already talked about in the last call. We have factored that in in our forecast that we shared in last quarter outlook for the year. So we feel pretty good.

是的。不，從 AESC 的角度來看，我們在上次電話會議上已經討論過了。我們在上季發布的年度展望預測中已經考慮到了這一點。我們感覺還不錯。

But as I said, I don't think we don't expect that they will resolve this issue some other way. That's our understanding.

但正如我所說，我認為我們並不指望他們會以其他方式解決這個問題。我們也是這麼理解的。

(Operator Instructions) Julien Dumoulin-Smith, Jefferies.

（操作說明）朱利安·杜穆蘭-史密斯，傑富瑞集團。

So maybe just a follow-up on the data center opportunity here. I wanted to press a little bit further. How are you thinking about your products fitting into what the data center community wants, especially when it comes to ramp time, their activity?

所以，或許可以就資料中心的機會做個後續跟進。我想再深入一點。您認為您的產品如何滿足資料中心社群的需求，尤其是在啟動時間和活動方面？

Again, I get that the product could work, but how do you think about it fitting into your product road map, if you think about this? Again, there's probably an iterative nature of what they're looking at versus what you're providing here. Can you speak to that a little bit?

我明白這個產品可能會成功，但如果你仔細考慮一下，你覺得它如何融入你的產品路線圖呢？同樣，他們所關注的內容和你在這裡提供的內容之間可能存在迭代關係。能稍微談談這方面嗎？

And then separately related, how do you think about setting expectations to include explicitly data centers into your pipeline and backlog specifically?

另外，您認為應該如何設定預期，將資料中心明確納入您的流程和待辦事項清單中？

In terms of our product road map, I think as we have communicated different needs that we're meeting, I would say, in the great majority of needs, there's no real change, and we have a very strong competitive advantage.

就我們的產品路線圖而言，我認為，正如我們所溝通的，我們正在滿足不同的需求，在絕大多數需求方面，並沒有真正的變化，我們擁有非常強大的競爭優勢。

Why? Dense product, very safe. We are designing the risk of a thermal runway is very limited. Reliability, we have a reliability last year, last year was like close to 99%, very few people can do this. So we've done very, very well. Cybersecurity, nobody -- we've been working very, very strong. So we are very, very happy on that part.

為什麼？產品質地濃稠，非常安全。我們認為熱跑道的風險非常有限。可靠性方面，我們去年的可靠性接近 99%，很少人能做到這一點。所以我們做得非常非常好。網路安全方面，沒有人——我們一直在非常非常努力地工作。所以在這方面我們非常非常滿意。

For one of the needs, which is the quality of power, they need response time of below 10 milliseconds. And we have a road map to deliver that part. But when I looked at the pipeline, that's one of the areas where we are competing with other technologies. And we're not necessarily the -- that's not what's driving the contract that we see today. There are some projects that are connected to that, but that's not what's driving.

其中一項需求是電源質量，他們需要響應時間低於 10 毫秒。我們已經制定了實現這一目標的路線圖。但當我查看管道時，我發現這是我們與其他技術競爭的領域之一。而且我們未必是——這並不是今天我們看到的合約背後的驅動因素。有些項目與此相關，但這並不是主要驅動因素。

We want to serve it. We want to do it and we're offering the high very, very quick response. But just to be clear, today, it is more connected to speed to power and to bring your own generation applications than necessarily to quality of power.

我們想為它服務。我們想做到這一點，並且我們提供非常非常快的響應速度。但需要明確的是，如今，它更多地與電力傳輸速度和自帶發電應用相關，而不是與電力品質相關。

So we're very, very confident. We are also -- we're not a competitor of the data center. We are -- we've been very historically, a company that has been very customer-centric. So we -- and these are big buyers. So we are adapting the way we control what we see to them. So I think that we are in a very, very good position.

所以我們非常有信心。我們也不是資料中心的競爭對手。我們一直以來都是一家非常以客戶為中心的公司。所以我們——而且這些都是大買家。所以我們正在調整我們控制他們所看到內容的方式。所以我認為我們處於非常非常有利的地位。

In terms of (inaudible), as I said, unfortunately, on your second question on our ability to give you a proper guidance on when will things will go into the pipeline and when we will convert it into backlog. It's a new customer segment. So for us, we're learning.

關於（聽不清楚），正如我所說，很遺憾，關於您的第二個問題，即我們能否就何時將專案進入流程以及何時將其轉換為待辦事項向您提供適當的指導。這是一個全新的客戶群。所以對我們來說，我們還在學習。

We are moving forward, and I think we're getting better and better every day, and my sales team is really excited about this, and probably Jeff is doing a great job on this. But today, it's very difficult to commit to this.

我們正在向前邁進，而且我認為我們每天都在進步，我的銷售團隊對此感到非常興奮，傑夫在這方面做得非常出色。但如今，要做到這一點非常困難。

Additionally, as you know, I have to be very careful with my competitive information. So we will try to provide you as much information as we can without necessarily playing our card on what we're doing because there are a lot of people trying to do this job, and we don't want to provide them with competitive information. So that's where we are.

此外，如你所知，我必須非常謹慎地處理競爭對手的資訊。因此，我們將盡力向您提供盡可能多的信息，但不會透露我們正在做的事情，因為有很多人想做這份工作，我們不想向他們提供具有競爭力的信息。這就是我們目前的處境。

But excited about the growth, excited about how we fit into it, excited about our -- the way we approach our customers that will work very well with these customers. And with that -- and our product will do a wonderful job. And hopefully, we will see more and more coming up. And as this market segment develops for us, we should be able to provide you more clarity.

但對這種成長感到興奮，對我們如何融入其中感到興奮，對我們與客戶相處的方式感到興奮，這種方式將與這些客戶非常契合。有了這些——我們的產品就能發揮出色的作用。希望以後能看到更多這樣的作品出現。隨著這一細分市場的不斷發展，我們將能夠為您提供更清晰的資訊。

Got it. All right. Just maybe not quite ready. And then on AESC, just to clarify earlier, you would not expect an ownership outcome, this is more of a contracting relationship? And ergo, perhaps we could see other potential counterparties that you'd be negotiating with for your domestic self supply?

知道了。好的。或許還沒完全準備好。然後，關於AESC，為了澄清一下之前的說法，您不會期望獲得所有權結果，這更像是一種合約關係？因此，或許我們可以看到您就國內自給自足供應事宜可能與之談判的其他潛在交易對手？

I will say we have an MSA. The MSA will say the perspective. But we were looking -- we have made a -- we provide AESC an opportunity for us to take ownership on it, which they now have resolved with that. So we -- our concept will not change at all. I mean, we will be an off-taker. Our technologies are very much intertwined, and we understand that the solution that AESC is working on, which I'm not -- I don't have the details, will not affect in any way any of the issues we have.

我想說的是，我們已經簽署了主服務協議（MSA）。MSA將闡述其觀點。但是我們一直在尋找——我們已經做出了——我們為AESC提供了一個機會，讓我們能夠擁有它，而他們現在已經通過這種方式解決了這個問題。所以，我們的理念不會改變。我的意思是，我們將成為承運商。我們的技術緊密相連，我們了解到AESC正在研究的解決方案（我並不了解細節）不會以任何方式影響我們遇到的任何問題。

So we will try to resolve this issue for them. We gave them what we thought was a good offer, but clearly, they have something better, so more solution that is much more attract. So we'll be an -- we'll continue being an off-taker of that facility as we move forward.

所以我們會盡力幫他們解決這個問題。我們為他們開出了一個我們認為不錯的條件，但顯然他們有更好的方案，所以他們提供了一個更有吸引力的解決方案。所以，我們將繼續作為該設施的承購者。

Right. And you could add a second uptake just to expand your --?

正確的。你也可以增加第二個吸收器來擴大你的吸收範圍。——？

We already -- remember, last quarter, we already added a second update. And as I told -- so we already are working with some of the EV lines that are converting into BESS. And that market is getting very, very exciting. And as I said, this is no different than what we saw in China two years ago or three years ago when you had all that EV capacity that suddenly didn't know where to go. So I think this is -- it's a good opportunity.

我們已經——還記得嗎，上個季度我們已經添加了第二次更新。正如我之前所說——我們已經在與一些正在轉型為電池儲能係統的電動車生產線合作。那個市場正變得越來越令人興奮。正如我所說，這和我們兩年前或三年前在中國看到的情況沒有什麼不同，當時中國擁有大量的電動車產能，卻突然不知道該往哪裡發展。所以我認為這是一個很好的機會。

(Operator Instructions) Mark Strouse, JPMorgan.

（操作說明）Mark Strouse，摩根大通。

Julian, to go back to something you said in the prepared remarks. When you're talking about some of the data center opportunities not being in the pipeline, are you saying that that would be in addition to the 36-gigawatt hours that you're specifically calling out for data centers? Or are you saying some of the 36-gigs of data center pipeline is not included in your $30 billion overall pipeline? And then maybe just some color on what delineates, what goes in, and what stays out?

朱利安，我想回到你事先準備好的演講稿中提到的一些內容。當您提到一些資料中心專案尚未進入規劃階段時，您的意思是說，這些專案是在您特別提到的資料中心所需的 36 吉瓦時之外的嗎？或者你是說，36GB 的資料中心管道中的一部分不包含在你 300 億美元的總管道中？然後或許可以稍微用顏色來界定界限，哪些東西可以包含進去，哪些東西該排除在外？

Yeah. Good. So the 36-gigawatt hours we have there are projects we're working on. Some are in the pipeline, some of them are leads. We're giving you a number because that compares to the 30-giga that we gave you last quarter.

是的。好的。所以，我們在那裡擁有的 36 吉瓦時電力是我們正在進行的項目。有些項目正在籌備中，有些項目是潛在客戶。我們給你一個具體的數字，因為這與我們上個季度給你的 30 GB 相比。

In order to get into our pipeline, we need to ensure that we believe there's more than a 50% probability of the projects occurring within the next two years. So some of the projects, these are new things. So we are trying to -- and we're very careful because we want to be sure that what comes into our pipeline that drives another set of decisions internally on how we invest, manage it. So we're very careful looking at this.

為了進入我們的專案儲備，我們需要確保我們認為這些專案在未來兩年內發生的機率超過 50%。所以其中一些項目都是全新的。所以我們正在努力——而且我們非常謹慎，因為我們希望確保進入我們管道的內容能夠推動內部另一系列關於我們如何投資和管理的決策。所以我們對此非常謹慎。

As this is coming in very, very quickly, we're looking at them and deciding which going to a pipeline and some of them will probably not become part of our pipeline over time. But the ones that come into our pipeline, those are the ones we're going to be investing money and providing offers and doing the engineering and working on that. So that's the -- the 36-giga if they will convert -- if they were all to convert into the pipeline will be -- it's an upside to the pipeline we have today, to the $30 billion pipeline we have in front of us.

由於這些產品到貨速度非常快，我們正在查看它們，並決定哪些產品會進入我們的生產線，而隨著時間的推移，其中一些產品可能不會成為我們生產線的一部分。但是，那些進入我們專案流程的項目，我們將投入資金，提供報價，進行工程開發並著手進行相關工作。所以，如果他們全部轉換到管道中，那麼 36 吉瓦的產能將是——這對我們今天擁有的管道，對我們面前價值 300 億美元的管道來說，是一個優勢。

Okay. All right. That's helpful. Thank you. On the long duration side, don't think this as a complaint. 34-gigawatt hours is a very big number, but it is down from what you were talking about last quarter. So I just want to ask what's going on there quarter-over-quarter?

好的。好的。那很有幫助。謝謝。從長時發電量來看，這並非抱怨。 34吉瓦時的確是個很大的數字，但比你上季提到的數字有所下降。所以我想問一下，那邊季度較上季情況如何？

That's a good point. Last quarter, we talked about what we believe the TAM was or the addressable market was 60 gigas of which we had a small portion. We put a team to look at that. And these are now the 30-giga projects that we are either in pipeline or in lead -- people that we're working on, preparing the engineer, looking at it identified. So these numbers are different, was more of a TAM.

說得有道理。上個季度，我們討論了我們認為的潛在市場規模（TAM）為 60 億億，而我們只佔了其中的一小部分。我們派了一個團隊去調查此事。而這些就是我們現在正在籌備或主導的 30 億項目——我們正在與相關人員合作，準備工程師，並進行研究。所以這些數字不一樣，比較像是TAM（目標市場規模）。

I'm sorry that I got -- I saw that in a few notes that we created that confusion. The 60 gigawatts last time was a more total addressable market that we saw at the TAM. That includes the projects that were in markets that we do not serve or customers we don't work with or seasonal. So now, they certainly are projects that have the potential to become part of our pipeline because they are in markets we serve with customers we like to work with, and we're just going over the work on how much of it we believe has a 50% chance of really.

很抱歉我弄錯了——我從一些筆記中看到了我們造成的誤解。上次的 60 吉瓦是一個比我們在 TAM 中看到的更大的潛在市場規模。這包括那些在我們未服務的市場、未合作的客戶或季節性項目中的項目。所以現在，這些項目當然有可能成為我們項目儲備的一部分，因為它們位於我們服務的市場，客戶也是我們喜歡合作的對象，我們正在審查這些項目，看看它們有多少有 50% 的可能性真正實現。

And the 50% chance looks at interconnection, land right and ensuring that that is actually a project that has not (inaudible). And I'm sorry for the confusion on that point. I read that in a couple of notes and we probably were not clear enough the last time, but the 60 was a TAM, not a projects and leads that we're working.

而50%的可能性則著眼於互聯互通、土地使用權以及確保該項目確實是一個尚未開發的成熟項目。（聽不清楚）對於這一點造成的誤解，我深感抱歉。我在幾份筆記中讀到這一點，我們上次可能沒有說清楚，但 60 是 TAM（目標客戶規模），而不是我們正在處理的專案和線索。

(Operator Instructions) Dimple Gosai, Bank of America.

（操作員說明）Dimple Gosai，美國銀行。

Just given your commentary on strengthening the domestic supply chain and modules out at ahead of plan, can you give us a sense of the mix of US-made versus imported cells as embedded in your '26 delivery plan? And specifically, how much of that supply is already on hand or contracted for the year? And then I have a follow-up.

鑑於您剛才提到要加強國內供應鏈，並且模組的交付進度也提前了，您能否介紹一下您在 2026 年交付計劃中，美國製造的電池與進口電池的比例？具體來說，這些供應中有多少是現貨或已簽訂年度合約的？然後我還有一個後續問題。

Yeah. Okay. I'll have Ahmed walk you through the number.

是的。好的。我會讓艾哈邁德幫你講解這個數字。

So mix is roughly half and half, I think, is the domestic versus imposed. Yeah. And your second question was --? Sorry, I missed that.

所以我認為，混合比例大致是一半是國內的，一半是外來的。是的。你的第二個問題是——？抱歉，我錯過了。

That's fine. And then I asked how much of that supplies already on hand or contracted for the year?

沒關係。然後我問，這些物資有多少是已經儲備的，又有多少是已經簽訂了年度合約的？

So we have secured 100% of our domestic and international needs for this year.

因此，我們今年的國內和國際需求已100%得到滿足。

Okay. And then secondly, just to draw on that, right, as we think about this gross margin or structural gross margins, can you help us frame the gross margin delta between systems that are built with non-PFE US made cells versus today's imported mix under the current 48% tariff load?

好的。其次，為了進一步說明這一點，當我們考慮毛利率或結構性毛利率時，您能否幫助我們理解在當前 48% 的關稅下，使用非 PFE 美國製造電池構建的系統與當今進口電池組合之間的毛利率差異？

So I think we look at, frankly, from our perspective, is blended grade. I mean the guidance we have given is 10% to 15%. It all depends on the project scope. Sometimes we are EPC, sometimes we don't. So I think net-net, that is what we are looking at, between 10% to 15% margin.

所以我認為，坦白說，從我們的角度來看，那就是混合成績。我的意思是，我們給出的指導意見是 10% 到 15%。這完全取決於項目的範圍。有時我們是EPC（工程、採購和施工）承包商，有時我們不是。所以我覺得總的來說，我們預期的利潤率在 10% 到 15% 之間。

Regardless of where the sales come from, regardless like when it's non-PFE and with the tariffs, with ex the tariffs?

無論銷售額來自哪裡，無論是否包含關稅，例如非PFE產品、含關稅產品或不含關稅產品？

I think -- I mean, it could be depending upon situation. So I think -- but net-net, that's where we land, in that range.

我覺得——我的意思是，這可能取決於具體情況。所以我覺得——總而言之，我們的最終結果就在這個範圍內。

(Operator Instructions) Ben Kallo, Baird.

（操作說明）Ben Kallo，Baird。

My question is around leverage, but I want to get at it from volume. Could you talk to the amount of volume because you have this pipeline that you can execute on? Just how do we think about your contract manufacturers and your own supply chain people and capital constraints that you guys have? If you want to go up to, say, 10 gigawatts a year or something like that, what is the process for that? And how much flexibility do you guys have to ramp and execute that?

我的問題與槓桿有關，但我希望從成交量的角度來探討這個問題。您能否談談交易量，因為您有這樣一個可以執行的流程？我們該如何看待你們的合約製造商、你們自己的供應鏈人員以及你們面臨的資金限制？如果你想達到每年10吉瓦或類似的發電量，具體流程是什麼？你們在擴大規模和執行方面有多大的彈性？

And then specifically, outside of manufacturing and your contract manufacturers on the liquidity side, because we did see you do a capital raise for working capital. And as these numbers get bigger, I know you have $1 billion of liquidity plus but that might not be enough as we start talking bigger numbers. So if we could just address that.

此外，除了製造業和您的合約製造商之外，在流動性方面，我們還看到您進行了營運資金的融資。隨著這些數字越來越大，我知道你們有超過 10 億美元的流動資金，但當我們開始討論更大的數字時，這可能還不夠。所以如果我們能解決這個問題就好了。

So I will address the supply chain, and I will ask Ahmed to talk about working capital and the capital plan.

因此，我將談談供應鏈問題，並請艾哈邁德談談營運資金和資本計畫。

On supply chain, the way we work is we have a long-term plan of volume that has a base case, that has an upside case and that has had hit it out of the park case. And we serve those needs with different sources of suppliers that work either way. So we have base suppliers that support our normal work, upside suppliers that have accretion capability, and we also identify players of which we can play.

在供應鏈方面，我們的工作方式是製定長期的產量計劃，該計劃包含基本情況、樂觀情況和超額完成情況。我們透過不同的供應商管道來滿足這些需求，這些供應商可以採取這兩種方式。因此，我們有支援我們日常工作的基礎供應商，有具有增值能力的進階供應商，我們也會確定我們可以與之合作的參與者。

So we feel very comfortable. We have the supply chain to go even beyond what we -- our upside cases that we communicate to significantly above that. So -- and it's a work of working with our suppliers with building a little bit of spare capacity, providing suppliers that have spare capacity they can deliver. So it's a little bit of a renegotiation.

所以我們覺得很舒服。我們擁有遠超過我們預期的供應鏈——我們向外界傳達的樂觀預期遠高於此。所以——這是一項與我們的供應商合作的工作，旨在建立一些備用產能，並為有備用產能的供應商提供他們可以交付的產能。所以這有點像是重新談判。

And it has been working well. And my ambition will be to use it. You know what I mean, but to be able to use it today. And we believe that we're entering into this might be probably an option that will happen.

而且效果很好。我的目標是充分利用它。你知道我的意思，但今天就能用上它。我們相信，我們正在進入的這個階段很可能是個會實現的選項。

In terms of capital, I will ask Ahmed to --

在資金方面，我會要求艾哈邁德…--

Sure. So I think you are right. We have $1 billion liquidity, which we believe is sufficient to support our current plan. And I mean in terms of the additional capital needs, I mean, Julian talked about today, significant opportunities we see.

當然。所以我覺得你是對的。我們擁有10億美元的流動資金，我們認為這足以支持我們目前的計畫。就額外的資金需求而言，正如朱利安今天所談到的，我們看到了許多重要的機會。

And those opportunities will require additional capital on stage materialize, I think, and then we will be, frankly, opportunistic to see what -- how we can raise the capital. But at the end of the day, we will be very mindful of creating value for our shareholders. I think that's our job as a management.

我認為，這些機會的實現需要額外的資金，坦白說，我們會抓住機會，看看如何籌集資金。但歸根究底，我們會非常注重為股東創造價值。我認為這是我們管理階層的職責。

And then just a follow-up on the leverage side. Can you just talk about what type of scale translate in that like operating leverage under the current gross margin that's what we should expect even as your volume grows? Or does that gross margin get bigger? Is there any leverage there? And then how that translates into operating margin? If you can give me any framework there, would be helpful.

最後再補充一點關於槓桿方面的內容。您能否談談規模經濟如何轉化為營運槓桿效應，以及在目前的毛利率下，即使銷售成長，我們應該預期怎樣的規模經濟？或者說毛利率會比較高？是否存在任何籌碼？那麼，這又如何轉化為營業利益率呢？如果你能給我一些相關的框架，那就太好了。

I'll tell you, the way we've been communicating -- I mean, the way we think about it actually is that you should assume that our gross margins will stay the same. And our ability to grow our EBITDA will come out of our operating leverage.

我告訴你，我們一直以來的溝通方式——我的意思是，我們實際的思考方式是，你應該假設我們的毛利率將保持不變。我們提升 EBITDA 的能力將取決於我們的經營槓桿。

And how do we think about it? For you, that our top line -- our overhead would only grow at half and no more than half of the growth of our top line growth. So say, if we grow at our top line growth goes at 100%, our overhead will grow at less than 50%. And that's where the operating leverage is, and that's the way you should think about it. If you believe that we can grow, let's say, at 100%, then that operating leverage gives you significant EBITDA growth. (multiple speakers)

我們該如何看待這個問題？對你而言，這意味著我們的營業額——我們的營運成本——只會以營業額成長的一半，並且不會超過營業額成長的一半。假設我們的營收成長了 100%，那麼我們的營運成本成長將低於 50%。這就是經營槓桿的作用所在，你應該這樣看待它。如果你相信我們可以成長，比如說成長 100%，那麼這種經營槓桿作用將為你帶來顯著的 EBITDA 成長。（多位發言者）

(Operator Instructions) Vikram Bagri, Citi

（操作員指示）Vikram Bagri，花旗銀行

A lot of discussion about competition. And Julian, you've highlighted significant opportunities as well. I wanted to ask how important is it for you to be vertically integrated given the rising competition? How are the M&A opportunities that you see today?

關於競爭的討論很多。朱利安，你也指出了一些重要的機會。我想問一下，在競爭日益激烈的今天，垂直整合對您來說有多重要？您認為目前併購機會有哪些？

And then finally, could you share the threshold of return that you -- for you to make an acquisition, whether it's AESC or someone else? How do you look at the possibility of M&A in terms of accretion or return on invested capital? What's that threshold?

最後，您能否分享一下您進行收購（無論是收購 AESC 還是其他公司）的回報率門檻？您如何看待併購對增值或投資報酬率的影響？這個閾值是多少？

So how do we think about vertical integration? We are very much integrated with our suppliers because our suppliers sell back to us our designs, our IPs, our -- that's how that would work. Very much, they -- we're using our own engineering is what's driving our supplier base.

那我們該如何看待垂直整合呢？我們與供應商的聯繫非常緊密，因為我們的供應商會將我們的設計、我們的智慧財產權等賣回給我們——就是這樣運作的。確實如此——我們利用自己的工程技術來發展我們的供應商基礎。

So generally, our contracted manufacturers are allowing us to have a competitive cost with access to the technology we need. So we don't really see a strong need for vertical integration. If things change, that will be -- that you could think about it. But today, we don't see any strong need to.

因此，總的來說，我們簽約的製造商使我們能夠以具有競爭力的成本獲得所需的技術。因此，我們並不認為有強烈的垂直整合需求。如果情況有變，那就會是──你可以考慮一下。但就目前而言，我們認為沒有迫切的必要。

We are -- we can work with contracted manufacturers that integrate our technology into hardware that we can -- and our software into hardware that we can then convert into product at a very, very competitive price. So we're happy on that.

我們可以與簽約製造商合作，將我們的技術整合到我們可以生產的硬體中，並將我們的軟體整合到我們可以生產的硬體中，然後以非常有競爭力的價格將其轉化為產品。所以對此我們很滿意。

In terms of any acquisition, generally, it has to be accretive for us. So that's how we looked at it. When we were doing -- evaluating the potential acquisition of AESC or participating in that deal, it has to be accretive. So it has to make sense.

就任何收購而言，一般來說，它必須能為我們帶來收益。這就是我們看待這個問題的方式。當我們評估收購 AESC 的可能性或參與該交易時，它必須是增值的。所以它必須合乎邏輯。

So -- and the accretion needs to create that -- needs to reflect the additional risk that you take when you integrate vertically because what the great capability we have is that we are very agile. We can have three or four different battery manufacturers integrated into our system that we have developed our Smartstack that it can integrate any battery.

所以——而且這種累積需要創造這一點——需要反映出你在進行垂直整合時所承擔的額外風險，因為我們擁有的強大能力就是我們非常靈活。我們開發的 Smartstack 系統可以整合三到四家不同的電池製造商的產品，它可以整合任何電池。

I'll tell you more. We can make any battery great using political solvency, but it is true, any battery, we can make it great if you put it into our system. So that's what -- that's our approach to supply chain. So if we were to integrate vertically, we will lose that agility and that ability to do things.

我再告訴你更多。我們可以透過政治償付能力讓任何電池變得偉大，但事實是，任何電池，只要你把它放進我們的系統，我們就能讓它變得偉大。這就是——這就是我們的供應鏈方法。所以如果我們進行垂直整合，我們將失去那種彈性和做事能力。

So we also take that into account when we were looking at this. We need to take into account that we're going to lose some of the ability we have today that today, we are talking with a plethora of potential suppliers that we can integrate and all of them with different capabilities and we can make them all great.

所以，我們在研究這個問題時也考慮到了這一點。我們需要考慮到，我們將失去一些我們今天擁有的能力，因為今天我們正在與大量潛在供應商洽談，我們可以整合他們，他們的能力各不相同，我們可以讓他們都變得非常出色。

And as a follow-up, could you provide a split of leads versus pipeline in data center and long duration numbers that you've shared on the slide? And could you also remind us how do you define these versus pipeline into this category?

作為後續問題，您能否提供您在投影片上分享的資料中心和長期銷售資料中潛在客戶與銷售管道的細分資料？另外，您能否提醒我們一下，您是如何將這些與管道項目歸入這一類別的？

Yeah. Roughly -- between leads and pipeline, roughly 25%. And the difference between leads, so 25% of 34-, 36-gigawatt hours are in pipeline today. In order to go into a pipeline, it to be a project that we believe, within the next two years, has a 50% chance of we converted it into backlog.

是的。大致來說——在銷售線索和銷售管道之間，大約佔 25%。而領先優勢在於，目前 34 至 36 吉瓦時的 25% 已進入專案儲備階段。要進入專案儲備庫，該專案必須是我們認為在未來兩年內有 50% 的機會轉化為待辦事項的專案。

So we will say a customer that we will do with that he has a good credit, that the project is real. It's not -- there are a lot of people talking a lot of stuff. You go sit down and get an idea. So those things don't come into -- we don't bring it into a pipeline because what comes into our pipeline drives cost, drives engineering, drives planning, drives -- so we are very, very careful what comes in.

所以我們會說，我們會和一位信用良好的客戶合作，而這個專案是真實存在的。並非如此——很多人都在胡說八道。你坐下來好好想想。所以這些東西不會進入——我們不會把它們納入流程，因為進入我們流程的東西會影響成本、影響工程、影響規劃等等——所以我們對進入流程的東西非常非常謹慎。

I think my main point on data centers is how fast it's moving. We have to see how this see how this big market opportunity converts into real execution within the next quarters.

我認為關於資料中心，我最想表達的是它的發展速度。我們必須觀察這一巨大的市場機會如何在未來幾季轉化為實際行動。

(Operator Instructions) Christine Cho, Barclays.

（操作說明）克里斯汀·喬，巴克萊銀行。

I just have a clarification, I guess, on the last response. I think last quarter, when you talked about the 30-gigawatt hours, at least at the time of the call, you had said half was in the pipeline and now you're saying 25%. So just curious as to what drove the change over the last --?

我只是想對上次的回覆做個澄清。我認為上個季度，當你談到 30 吉瓦時，至少在電話會議上，你說一半正在建設中，而現在你說只有 25%。所以，我只是好奇是什麼促成了過去這段時間的改變。——？

Yeah. Things come in and out. So maybe that when we did the engineering, didn't work or something. Things come in and out all the time. So we're very excited about where we are. I mean that's --

是的。事物有來有去。所以也許是我們做工程設計的時候，出了點問題之類的。事物總是來來去去。所以我們對目前所處的位置感到非常興奮。我的意思是，那是--

We're giving you information that usually we don't communicate on how the things move in and out all the time. And as we go in and they put in the money and the things doesn't work. There's no way you want to do what you want to do. So we take it out of our pipeline and tell the customers go and figure out what you're going to do or some other issue.

我們會向你提供一些我們通常不會公開的信息，例如物品是如何不斷進出的。當我們進去之後，他們投入了資金，但事情卻行不通。你根本不可能做你想做的事。所以我們就把它從我們的流程中移除，然後告訴客戶去想辦法解決這個問題或其他問題。

Okay. And then if I look at your pipeline from the $23 billion to $30 billion, just nominally the US went from $10 billion to $17 billion. So just based on all the comments that you just talked about with the data center, is it fair to say that increase was primarily driven by your typical front of the meter customer?

好的。然後，如果我看一下你們的管道從 230 億美元到 300 億美元，僅名義上，美國的管道就從 100 億美元增加到 170 億美元。就你剛才和資料中心討論的所有評論來看，是否可以說這種成長主要是由典型的前端計量客戶所推動的？

That's right. Yeah, that's right. We had -- we reorganized the company with this growth group now rather than having the regions. We brought in Jeff Monday to help us run that group. He dedicated in the first quarter on preparing the pipeline, expanding our capabilities of business development and that you see some of the results in the new pipeline numbers we have.

這是正確的。是的，沒錯。我們已經對公司進行了重組，現在由這個成長集團來管理，而不是像以前那樣按地區劃分。我們邀請了傑夫·蒙迪來幫我們管理那個小組。第一季度，他致力於準備銷售管道，擴大我們的業務發展能力，而你們可以從我們新的銷售管道資料中看到一些成果。

Thank you. This concludes the question-and-answer session. I'll now turn it back to Chris for closer remarks.

謝謝。問答環節到此結束。現在我把話題交還給克里斯，讓他做更詳細的評論。

Thanks, everyone, for joining our call today. Please reach out with any additional questions and have a great day.

感謝各位今天參加我們的電話會議。如有任何其他疑問，請隨時聯繫，祝您有美好的一天。

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

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。