Fermi Inc (FRMI) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Thank you for standing by, and welcome to Fermi America's first-quarter 2026 earnings call.

各位女士、先生，早安。感謝各位撥冗等候，歡迎參加 Fermi America 2026 年第一季財報電話會議。

(Operator Instructions)

(接線員指示)

Please note that today's event is being recorded. I'd now like to turn the call over to Rodrigo Acuna, from a Director of Investor Relations. Rodrigo, the floor is yours.

請注意，今天的活動將進行錄音。現在我想把電話會議交給投資人關係總監 Rodrigo Acuna。Rodrigo，交給你了。

Good morning, and thank you for joining Fermi America's first-quarter 2026 earnings conference call. With me today are our Chairman of the Board, Marius Haas, Co-President of the newly established Office of the CEO, Jacobo Ortiz Blanes and Anna Bofa, and our Interim Chief Financial Officer, Rob Masson.

各位早安，感謝各位參加 Fermi America 2026 年第一季財報電話會議。今天與我一同出席的有董事會主席 Marius Haas、新成立之 CEO 辦公室共同總裁 Jacobo Ortiz Blanes 與 Anna Bofa，以及代理財務長 Rob Masson。

Today's call contains forward-looking statements within the meaning of the federal securities laws. These statements reflect management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. For a detailed discussion of the risk -- please refer to our most recent annual report on Form 10-K and our recent reports on Form 8-K. Any non-GAAP measures discussed today are intended to provide supplemental perspectives on the company's ongoing operations.

今天的電話會議包含依據聯邦證券法所定義的前瞻性陳述。這些陳述反映管理層目前的預期，並受風險與不確定性影響，可能導致實際結果與預期有重大差異。關於風險的詳細討論——請參閱我們最近一期的 Form 10-K 年度報告以及近期的 Form 8-K 報告。今天討論的任何非 GAAP 指標，旨在就公司持續營運提供補充觀點。

I will now turn the call over to Marius.

我現在把電話會議交給 Marius。

Thank you, Rodrigo. Good morning, everyone, and thanks for joining us today. We're at a meaningful inflection point in Fermi America's development. With Fermi 2.0, we're moving forward from the entrepreneurial foundation that built this company to the institutional framework required to scale it. Fermi was built on delivering reliable private grid power at scale to the hyperscale compute infrastructure that the AI economy requires. That hasn't changed. And market conditions continue to validate our approach and value proposition, forecasts for AI-driven power demand buried but the central tendency has moved meaningfully upward over the past year.

謝謝你，Rodrigo。各位早安，感謝今天加入我們。Fermi America 的發展正處於一個重要的轉折點。透過 Fermi 2.0，我們正從打造本公司的創業基礎，邁向擴大規模所需的制度化架構。Fermi 的核心是以規模化方式，為 AI 經濟所需的超大規模運算基礎設施提供可靠的私有電網電力。這一點並未改變。市場狀況也持續驗證我們的方法與價值主張；雖然對 AI 驅動的用電需求預測分歧很大，但過去一年其中心趨勢已明顯上修。

In the near term, the picture is one in which power availability, not capital and not demand appears to be the biggest constraint. It's clear that delays are being reported across announced projects globally. And those delays are being driven by great interconnection timelines and equipment availability. What's important for you to know is that our strategy is oriented towards addressing that specific gap. And it's why we believe our project is advantaged.

就短期而言，最大的限制因素看起來是電力供給可用性，而非資本，也非需求。很明顯，全球已公告的專案普遍出現延宕。而這些延宕主要是由於併網時程過長以及設備供應可得性所致。各位需要了解的是，我們的策略正是針對這個特定缺口而設計。這也是我們相信自身專案具備優勢的原因。

Our mandate today is to execute with the governance, commercial relationships and operational discipline that our investors rightly demand and expect. On today's call, we'll cover several important topics. First, I'll address the leadership changes and the steps we've taken to strengthen governance, commercial execution and financial discipline. Second, Anna will cover commercial progress, including tenant engagement, regulatory and nuclear. Third, Jacobo will provide an operational update on Project Matador, including recent site progress across procurement and construction. And finally, Rob will review first-quarter results and liquidity.

我們今天的使命，是以投資人理應要求並期待的治理、商業關係與營運紀律來落實執行。在今天的電話會議中，我們將涵蓋幾個重要主題。首先，我將說明領導階層變動，以及我們為強化治理、商業執行與財務紀律所採取的措施。第二，Anna 將說明商務進展，包括租戶洽談、法規與核能相關事項。第三，Jacobo 將就 Matador 專案提供營運更新，包括近期在採購與施工方面的場址進度。最後，Rob 將回顧第一季業績與流動性。

To begin, I want to take a moment to directly address the recent changes in leadership. Last month, the Board removed Toby Neugebauer from the position of President, Chief Executive Officer and Director. He was terminated for cause. The Board's decision was deliberate. It was unanimous among the directors involved and it was the result of a careful and comprehensive process that included guidance of an independent counsel.

首先，我想花點時間直接談談近期的領導階層變動。上個月，董事會解除 Toby Neugebauer 的總裁、執行長及董事職務。他因故遭到解任。董事會的決定是審慎作出的。參與的董事一致同意，且此決定源自一個謹慎且全面的流程，其中包含獨立法律顧問的指導。

Importantly, the Board firmly believes the move was in the long-term interest of this company and its shareholders. While Toby played a critical role in building something genuinely ambitious, the Board recognized that over the next 18 months, Fermi needs to operate differently. We need to execute multibillion-dollar contracts with investment-grade counterparties while continuing to evolve as a public company advancing towards commercial operations. This evolution is what Fermi 2.0 is all about and executing it will require changes at the top.

重要的是，董事會堅信此舉符合公司及股東的長期利益。儘管 Toby 在打造一項真正具雄心的事業上扮演了關鍵角色，但董事會也認知到，在未來 18 個月，Fermi 必須以不同方式運作。我們需要與投資等級的交易對手方執行數十億美元的合約，同時持續作為一家上市公司演進，邁向商轉營運。這樣的演進正是 Fermi 2.0 的核心，而要落實執行，將需要高層的變革。

These include three significant actions. First, we have strengthened our governance structure. I have assumed the role of Chairman of the Board, bringing experience from Dell Technologies and the enterprise technology

這包括三項重大行動。第一，我們已強化公司治理架構。我已接任董事會主席一職，帶來我在 Dell Technologies 以及企業科技領域的經驗。

sector. We expanded the Board from five to seven directors, adding Myles Everson, Larry Kellermann and Jeffrey Steve. As our former CFO, Myles knows the company inside and out. Larry currently serves as our Head of Power and has more than 40 years of experience building multibillion-dollar power generation asset portfolios. Jeffrey is a seasoned Chief Executive and Chairman with deep experience scaling industrial enterprises into public company caliber organizations.

我們將董事會席次由五席擴增至七席，新增 Myles Everson、Larry Kellermann 與 Jeffrey Steve。

We have engaged Heidrick & Struggles, a respected executive recruiting firm to lead the search for our next CEO. That process is underway, and we have a preliminary slate of highly qualified candidates already in hand. We're focused on identifying the right person, a seasoned leader with experience leading large, complex companies, relationships with hyperscalers and fluency in project financing to take firming to commercial operations and beyond.

我們已聘請備受尊敬的高階主管獵才公司 Heidrick & Struggles，主導下一任執行長的遴選。該流程已在進行中，我們手上已掌握一份初步且高度合格的候選人名單。我們專注於找到合適的人選——一位具備領導大型、複雜企業經驗的資深領導者，與超大規模業者（hyperscalers）有關係，並熟悉專案融資，能帶領 Fermi 邁向商轉營運及更長遠的發展。

Additionally, we have hired Rob Masson as our interim Chief Financial Officer. Rob has more than 20 years of public company financial leadership. His track record of driving growth and enterprise value across multiple industries is exactly what this company requires as we scale Project Matador and cultivate institutional relationships.

此外，我們已聘任 Rob Masson 擔任代理財務長。Rob 擁有超過 20 年的上市公司財務領導經驗。他在多個產業推動成長與提升企業價值的實績，正是本公司在擴大 Matador 專案規模並建立機構型關係時所需要的。

Second, we have formalized our operational presence. We've established a new corporate headquarters in Dallas in addition to our permanent on-site presence in Amarillo. Dallas positions us close to key stakeholders and deep talent while Amarillo keeps our team embedded in Project Matador's build out.

第二，我們已正式化我們的營運據點布局。除在 Amarillo 的永久駐點外，我們也在達拉斯設立新的公司總部。達拉斯讓我們更貼近關鍵利害關係人並取得深厚人才庫，而 Amarillo 則使團隊能深度投入 Matador 專案的建置。

And third, we have actively rebuilt and expanded our commercial relationships. Since the leadership changes in April, our commercial momentum has strengthened. Tenant conversations that had previously stalled have been reinitiated, and new prospective tenants have entered our data room.

第三，我們已積極重建並擴大商業合作關係。自四月領導階層變動以來，我們的商務動能已轉強。先前停滯的租戶對話已重新啟動，新的潛在租戶也已進入我們的資料室。

The market's response to the structural changes we've made have been constructive, and we're increasingly confident that this evolution positions Fermi to accelerate the execution of our first binding tenant agreements. And I will provide more color in a moment.

市場對我們所做的結構性調整反應正面，我們也愈來愈有信心，這樣的演進將使 Fermi 能加速推進首批具約束力的租戶協議之簽署。我稍後會提供更多細節。

At this point, I want to quickly touch on a few topics that are top of mind. I'll start with liquidity. Rob will discuss this in more detail shortly, but here is the main takeaway; we have multiple levers we can pull, and we're managing this company so that capital decisions are driven by strategy and not by pressure.

此時，我想快速談幾個目前最受關注的議題。我先從流動性談起。Rob 稍後會更詳細說明，但重點如下：我們有多個可運用的槓桿，而我們管理公司的方式，是讓資本決策由策略驅動，而不是由壓力驅動。

Next, our former CEO's ill advised call for an immediate sale of the company. The Board has carefully considered that view and rejected it outright. Our fourth sale at this moment is not in the best interest of the long-term shareholders, especially with anchor tenant negotiations advancing and our financing structure intact. As any responsible public company should be, we're always open to value-creating opportunities, but we're not going to be stampeded into a short-sighted decision.

接著，談到我們前任執行長不當主張立即出售公司一事。董事會已審慎評估該觀點，並明確予以否決。此刻出售公司並不符合長期股東的最佳利益，尤其是在主力（anchor）租戶談判持續推進、且我們的融資架構仍然完備的情況下。如同任何負責任的上市公司，我們始終對能創造價值的機會保持開放，但我們不會在外界催逼下做出短視的決定。

Lastly, I'd like to talk plainly about what has not changed. The assets and fundamental value of our business have not changed. We have a campus on the path to 17 gigawatts of private power with a 6-gigawatt clean air permit in hand and an additional 5 gigawatt applications filed. We have more than 2 gigawatts of long lead time gas generation, either on-site or under a firm contract. We have great partners, including Texas Tech University, which has reaffirmed its support. Our mission has also not changed. The country is in a generational race for AI compute and that raises bottlenecked by power.

最後，我想坦率談談哪些事情沒有改變。我們業務的資產與基本價值沒有改變。我們擁有一座園區，正朝向 17 吉瓦的自有電力規模邁進，手上已取得 6 吉瓦的清潔空氣許可，並另外提交了 5 吉瓦的申請。我們擁有超過 2 吉瓦、交期較長的燃氣發電能力，或位於現場，或已簽訂具約束力的合約。我們有很好的合作夥伴，包括德州理工大學（Texas Tech University），其已重申支持。我們的使命也沒有改變。全國正處於一場世代性的 AI 算力競賽，而這場競賽正受到電力瓶頸的限制。

As I mentioned earlier, behind the meter gigawatt scale redundant private power that is delivered on the necessary timeline is not a nice to have, with the hyperscalers and frontier model developers. It is the constraint. Fermi was purpose-built to relieve that constraint. If anything, the macro thesis that served as the basis for our highly successful IPO is sharper today than it was then.

如我先前提到的，對於超大規模雲端業者與前沿模型開發者而言，表後（behind the meter）、吉瓦級、具備冗餘的自有電力，且能在所需時程內交付，並不是「有更好」的選項。它是限制因素。Fermi 的設計初衷就是為了緩解這個限制。若說有任何變化，那就是作為我們極為成功 IPO 基礎的宏觀論點，如今比當時更為鮮明。

And perhaps most importantly, the fantastic team executing on our vision has not changed. The engineers and project managers who pour the foundations handle supply chain logistics, manage EPC contractors and run permitting are here, remain focused and are moving forward. I will now turn the call over to Anna for a commercial and regulatory update.

而且或許最重要的是，執行我們願景的優秀團隊沒有改變。那些澆築地基的工程師與專案經理、處理供應鏈物流、管理 EPC 承包商並推進許可流程的人都在，仍然專注並持續向前。我現在把電話會議交給 Anna，請她提供商務與監管方面的最新進展。

Thanks, Marius. I'll cover three areas today. Commercial progress, regulatory advancements and the continued derisking of our nuclear program. I'll start on the commercial side. The most important message is that the market has not walked away from this asset. If anything, recent engagement has reinforced the strength of Project Matador and the urgency of the customer need we are addressing.

謝謝你，Marius。我今天將涵蓋三個面向：商務進展、監管進展，以及我們核能計畫持續去風險化的進度。我先從商務面開始。最重要的訊息是，市場並沒有放棄這項資產。如果說有什麼不同，近期的互動反而強化了 Project Matador 的實力，以及我們所回應之客戶需求的迫切性。

The underlying customer need has not changed. If anything, it has intensified across hyperscalers, neo cloud providers and enterprise compute operators, the same constraint keeps coming up. access to large-scale, reliable power on a timeline that matches AI demand. That is the commercial opening for us at Fermi.

底層的客戶需求沒有改變。若說有任何變化，那就是在超大規模雲端業者、新型雲端供應商與企業算力營運商之間，這個需求更為強烈；同樣的限制一再出現：在符合 AI 需求的時程內，取得大規模、可靠的電力。這就是我們 Fermi 的商務切入點。

Fermi 2.0 is about making the company easier to work with, creating a more streamlined commercial interface for customers and partners who want to move quickly and confidently. That means faster decision-making, tighter commercial coordination and a more direct path from diligence to binding agreements.

Fermi 2.0 的重點，是讓公司更容易合作，為希望快速且有信心推進的客戶與合作夥伴，建立更精簡的商務介面。這意味著更快的決策、更緊密的商務協同，以及從盡職調查到具約束力協議更直接的路徑。

Over the past two weeks, we've hosted multiple prospective tenants and strategic partners at our site. The feedback has been highly constructive. Customers and partners continue to view Project Matador as one of the most advanced and customer-ready large-scale power campuses they have evaluated. That matters. Because customers are not looking for conceptual capacity. They're looking for credible near-term power, real infrastructure, secured equipment, permitting progress, land control and a team that can execute.

在過去兩週，我們在現場接待了多位潛在承租戶與策略合作夥伴。回饋非常具建設性。客戶與合作夥伴持續將 Project Matador 視為他們評估過、最先進且最能滿足客戶需求的大型電力園區之一。這很重要。因為客戶要的不是概念性的容量。他們要的是可信的近期電力、真實的基礎設施、已確保的設備、許可進度、土地控制權，以及能夠落地執行的團隊。

The conversations we're having are increasingly specific. Customers are working with us on capacity planning, delivery sequencing, power availability, reliability, operating structure and the commercial frameworks required to move from interest to execution. Importantly, these conversations are continuing under the office of the CEO structure. Customers are not waiting for a permanent CEO appointment to engage. Their need is immediate and they are working with us now to match capacity requirements and potential delivery paths.

我們正在進行的對話愈來愈具體。客戶正與我們共同規劃容量配置、交付排序、供電可用性、可靠性、營運架構，以及將意向推進到執行所需的商務框架。重要的是，這些對話在「CEO 辦公室」的架構下仍在持續。客戶並未等待正式任命永久 CEO 才參與。他們的需求是立即的，現在就正與我們合作，以匹配容量需求與可能的交付路徑。

We are also evaluating strategic partnerships with established and respected data center operators and infrastructure partners. We view those partnerships as potential accelerators, a way to expand our execution capacity, increase customer confidence and serve a broader set of tenants while maintaining commercial discipline.

我們也在評估與成熟且備受尊敬的資料中心營運商與基礎設施合作夥伴建立策略合作關係。我們將這些合作視為潛在的加速器：可擴大我們的執行能力、提升客戶信心，並在維持商務紀律的同時服務更廣泛的承租戶。

So the commercial message is straightforward. Demand remains strong. The asset is being validated directly by the market and Fermi 2.0 is giving the structure to convert that demand into binding agreements with the right counterparties at the right economics and on time lines, we believe we can execute.

因此，商務面的訊息很直接。需求依然強勁。這項資產正被市場直接驗證，而 Fermi 2.0 提供了將需求轉化為具約束力協議的架構——與合適的交易對手、在合適的經濟條件下、並在合適的時程內；我們相信我們能夠執行。

We will announce binding agreements when they are signed and when disclosure is appropriate. We are encouraged by the progress, and we believe the changes we've made have strengthened and accelerated our ability to transact. On the regulatory front, the most significant milestone of the quarter happened in February with the receipt of our clean air permit for 6 gigawatts.

我們將在協議簽署且適合揭露時，公告具約束力的協議。我們對進展感到鼓舞，並相信我們所做的變革已強化並加速了我們完成交易的能力。在監管方面，本季最重要的里程碑發生在 2 月：我們取得了 6 吉瓦的清潔空氣許可。

This represents the second largest permit of its kind in the US This is not just a regulatory milestone, it is a commercial milestone. The approval is a key enabler of our commercial program. It provides prospective tenants with the regulatory certainty they need to commit capital to long-term agreements at this scale.

這是美國同類型許可中第二大的規模。這不僅是監管里程碑，也是商務里程碑。該核准是我們商務計畫的關鍵推動因素。它為潛在承租戶提供在此規模下承諾資本、簽訂長期協議所需的監管確定性。

In late March, we filed for an incremental 5 gigawatt gas permit, giving us additional flexibility as we build towards the broader campus vision. We have also filed for foreign trade zone subzone designation for our imported generation assets. Once that's received, it will deliver meaningful tariff relief and duty deferrals, which has a quantifiable benefit to our balance sheet.

在 3 月下旬，我們申請了額外 5 吉瓦的燃氣許可，使我們在朝更宏大的園區願景建設時具備更多彈性。我們也已為進口發電資產申請外國貿易區（FTZ）次區（subzone）資格。一旦獲准，將帶來可觀的關稅減免與稅款遞延，對我們的資產負債表具有可量化的效益。

Finally, on nuclear, this work is about strengthening the long-term commercial value of Project Matador. We have a front-end engineering and design agreement with Hyundai Engineering and construction that cover site layout and civil cost estimating.

最後，關於核能，這項工作旨在強化 Project Matador 的長期商務價值。我們已與 Hyundai Engineering and Construction 簽訂前端工程與設計（FEED）協議，涵蓋場址配置與土建成本估算。

Doosan Enerbility has also commenced preparation of forging dies for our reactor pressure vessels. It's worth noting that we're the first private company to be admitted to the NRC's accelerated National Environmental Policy Act pilot program. This work in combination with the DOE financing track significantly derisks the long-dated portions of the campus buildout and underscores the national strategic priority assigned to this project.

Doosan Enerbility 也已開始為我們的反應爐壓力容器準備鍛造模具。值得一提的是，我們是第一家獲准加入 NRC（美國核能管制委員會）加速版《國家環境政策法》（NEPA）試點計畫的民營公司。這項工作結合 DOE（美國能源部）的融資路徑，顯著降低園區長週期建設部分的風險，並凸顯此專案被賦予的國家戰略優先性。

I will now turn the call over to Jacobo for an operational update.

我現在把電話會議交給 Jacobo，請他提供營運更新。

Thank you, Anna, and good morning, everyone. Construction of Project Matador continued to advance during the quarter. Our team is focused on consistent strategic execution. We have continued to build our team and strengthen our systems and processes. We have now installed more than 11 miles of perimeter fencing, nearly 5 miles of high-pressure gas pipeline, 7 miles of water distribution lines, providing 2.5 million gallons a day. And we have built a 2 million-gallon water storage tank and secured additional water rights for the site. We have also brought 86 megawatts of power from Xcel to the site.

謝謝你，Anna，各位早安。本季 Project Matador 的建設持續推進。我們的團隊專注於一致且具策略性的執行。我們持續擴編團隊並強化系統與流程。目前我們已安裝超過 11 英里的周界圍欄、近 5 英里的高壓天然氣管線，以及 7 英里的配水管線，可提供每日 250 萬加侖的供水。我們也建置了一座 200 萬加侖的蓄水槽，並為場址取得額外的用水權。我們也已將來自 Xcel 的 86 兆瓦電力引入場址。

Looking at our power generation assets, 3 GE 6B Frame turbines are currently undergoing refurbishment in Houston, and we expect them to be completed by the middle of next month. The foundation for these turbines have already been poured. Our Siemens SGT-800 generator sets have arrived in Houston and cleared customs. The foundation for these gensets have been prepped at the site and are almost ready to be board.

就我們的發電資產而言，3 台 GE 6B Frame 渦輪機目前正在休士頓進行翻修，我們預期將在下個月中旬完成。這些渦輪機的基礎已經澆置完成。我們的 Siemens SGT-800 發電機組已抵達休士頓並完成清關。這些機組在現場的基礎已完成前置準備，幾乎已可進行就位安裝。

Lastly, the F-Class turbines representing 1.1 gigawatts of combined cycle capacity are scheduled for delivery in the third-quarter of this year. With an additional 6 Siemens SGT-800 turbines, which are secured and scheduled for delivery in 2028, our total natural gas generation equipment is roughly 2.2 gigawatts.

最後，代表 1.1 吉瓦聯合循環容量的 F 級渦輪機，預計於今年第三季交付。再加上另外 6 台 Siemens SGT-800 渦輪機（已確保並預計於 2028 年交付），我們的天然氣發電設備總量約為 2.2 吉瓦。

With this significant milestone and the conclusion of Phase 0, we post additional site development as it was always planned until a tenant is signed. Future capital deployment will remain disciplined and aligned with commercial progress. Through our $1.4 billion investment in balance sheet assets, we have established a speed to power advantage that we believe is unmatched and highly compelling for customers facing rapidly growing compute demand.

隨著達成這項重要里程碑並完成第0期，我們依原先規劃，在簽訂租戶之前將暫緩進一步的場址開發。未來的資本投放將持續保持紀律，並與商業進展保持一致。透過我們在資產負債表資產上的14億美元投資，我們建立了我們認為無可匹敵、且對面臨快速成長運算需求的客戶極具吸引力的「快速通電」優勢。

Bottom line, we're in a great position to mobilize immediately upon lease execution. Our supply chain is secured, our EPC contractor relationships are intact and stronger than ever. and we're highly confident in the availability of labor in the region.

總而言之，一旦租約簽署，我們就處於可立即動員的絕佳位置。我們的供應鏈已確保，我們與EPC承包商的關係完好且比以往更為穩固，且我們對該地區勞動力供給的可得性非常有信心。

Finally, Fermi 2.0 is focused on stabilizing and scaling what will become a generational opportunity through disciplined execution operational clarity to transparent leadership and long-term shareholder value. I will now turn the call over to Rob for the financial review.

最後，Fermi 2.0 專注於透過有紀律的執行、營運清晰度、透明的領導以及長期股東價值，來穩定並擴大這將成為世代性機會的事業。我現在把電話交給Rob進行財務回顧。

Thank you, Jacobo. For the quarter, we reported a net loss of $189 million. About 70% of that was noncash. It was driven primarily by share-based compensation associated with our broad employee equity program. We also incurred a $25 million loss on the retirement of the Macquarie term loan. Cash used in operating activities totaled approximately $7 million for the quarter.

謝謝你，Jacobo。本季我們報告淨損1.89億美元。其中約70%為非現金項目。主要原因是與我們廣泛員工股權計畫相關的股份基礎給付費用。我們也因提前清償Macquarie定期貸款而認列2,500萬美元損失。本季營運活動使用現金合計約700萬美元。

It benefited from $29 million of accounts payable and accrued liabilities growth, partially offset by $7 million of cash used on prepaid expenses and other assets. This resulted in $22 million of net working capital benefit. Without this benefit, we used approximately $29 million of cash. We are committed to managing corporate overhead as we invest in bringing Project Matador to life. We invested $441 million in property, plant and equipment during the quarter. That brings our cumulative investment in Project Matador to more than $1.4 billion.

其中受惠於應付帳款及應計負債增加2,900萬美元，部分被預付費用及其他資產使用現金700萬美元所抵銷。因此帶來2,200萬美元的淨營運資金效益。若無此效益，我們約使用2,900萬美元現金。在投資推動Matador專案落地的同時，我們致力於管理公司間接費用。本季我們在不動產、廠房及設備上投資4.41億美元。使我們在Matador專案的累計投資超過14億美元。

The primary allocation was to natural gas power generation, including turbine procurement across our Siemens and GE fleets. The remainder was deployed to site infrastructure, substation equipment, electrical interconnection and early nuclear predevelopment.

主要資金配置於天然氣發電，包括在我們的Siemens與GE機組群中進行渦輪機採購。其餘資金則用於場址基礎設施、變電站設備、電力併網以及早期核能前期開發。

With regards to liquidity, we ended our quarter with $243 million in total cash. Notably, this quarter, we fully repaid the Macquarie term loan. By doing so, we replaced approximately $150 million of high-cost debt with more favorable equipment financing. We have $785 million of new equipment financing facilities, anchored by $500 million from MUFG, one of the world's leading infrastructure lenders.

就流動性而言，本季末我們的現金總額為2.43億美元。值得注意的是，本季我們已全額償還Macquarie定期貸款。藉此，我們以條件更有利的設備融資取代約1.5億美元的高成本債務。我們已取得7.85億美元的新設備融資額度，其中5億美元由MUFG提供，MUFG是全球領先的基礎建設放款機構之一。

This debt is structured as nonrecourse to the parent company secured by the underlying generation equipment. In late March, we also secured more than $156 million of financing with Yorkville, which will support general corporate expenditures. This agreement provides additional flexibility at the parent level while our equipment level facilities fund our long lead time power generation assets. To date, we have not drawn on this facility.

該債務結構為對母公司無追索權，並以底層發電設備作為擔保。在3月下旬，我們也與Yorkville取得超過1.56億美元的融資，將用於一般公司支出。在設備層級融資為我們長交期的發電資產提供資金之際，該協議在母公司層級提供了額外彈性。截至目前，我們尚未動用該額度。

In total, we've now secured nearly $1 billion in financing commitments as we scale up Project Matador. Importantly, moving forward, we will be disciplined with our deployment of capital by more closely matching cash outlays with capital inflows that arise from tenant agreements and the transition to project level finance.

總計而言，隨著我們擴大Matador專案規模，我們目前已取得近10億美元的融資承諾。重要的是，展望未來，我們將更有紀律地投放資本，更緊密地使現金支出與因租戶協議及轉向專案層級融資所帶來的資金流入相匹配。

Taken together, we believe our sources of capital and disciplined deployment provide funding for our near-term development activities. Looking beyond our existing sources, we expect to fund the next phase of Project Matador through a combination of tenant prepayments, additional nonrecourse equipment financing project level, nonrecourse debt and taking advantage of government programs, including the DOE Office of Energy Dominance financing.

綜合來看，我們相信我們的資金來源與有紀律的投放，足以支應近期的開發活動。在既有來源之外，我們預期下一階段的Matador專案資金將來自租戶預付款、額外的無追索權設備融資（專案層級）、專案層級無追索權債務，以及善用政府計畫（包括美國能源部DOE「能源主導辦公室」的融資）。

I will now turn the call back to Marius for closing remarks.

我現在把電話交回給Marius作結語。

Fermi 2.0 is defined by the convergence of two things. The tangible asset base we have already constructed and the institutional capability we are now deploying to realize its full value. We have converted investor capital into more than $1.4 billion of infrastructure at a site that few, if any, competitors can replicate on a comparable time line.

Fermi 2.0 由兩件事的匯聚所定義。一是我們已建成的有形資產基礎，二是我們正部署的制度化能力，以實現其全部價值。我們已將投資人資本轉化為超過14億美元的基礎設施，且該場址幾乎沒有競爭者能在相近時間軸上複製。

Over the past several weeks, we've seen an exceptional level of receptivity in our strategy and plans from every corner of our ecosystem. Our prospective tenants, existing suppliers and partners, government officials and most importantly, our employees have been deeply engaged, which strengthens our conviction in the path we're on.

在過去幾週，我們從生態系的各個角落都看到對我們策略與計畫的高度認同。我們的潛在租戶、既有供應商與合作夥伴、政府官員，以及最重要的員工都深度參與，這也強化了我們對目前路徑的信念。

Our Fermi 2.0 strategy and execution plans are now in full motion. At the management level, our focus is clear and disciplined, attracting premier tenants who recognize the unique value of our platform, building the best private power grid on the planet in close collaboration with our suppliers and partners. Ensuring sufficient capital to support liquidity needs, accelerating strategic partnerships in both power and data centers and investing in our people and talent pipeline, including key leadership additions.

我們的Fermi 2.0策略與執行計畫現已全面啟動。在管理層面，我們的重點清晰且有紀律：吸引認同我們平台獨特價值的頂級租戶；與供應商與合作夥伴緊密合作，打造全球最佳的私有電網。確保充足資本以支應流動性需求；加速電力與資料中心兩端的策略合作；並投資於我們的人才與人才管道，包括增補關鍵領導職。

At the Board level, our mandate is to ensure that the company scales into a truly enterprise class organization by doing the following: Establishing clear strategic and operating priorities designed to enable consistent flawless execution. Conducting a thorough, disciplined process to hire a world-class CEO who can lead this next phase of growth. And proactively addressing outside interference so that leadership can remain focused on running and growing the business.

在董事會層面，我們的使命是確保公司透過以下作為，擴展成為真正的企業級組織：建立清晰的策略與營運優先順序，以促成一致且零失誤的執行。以徹底且有紀律的流程聘任一位世界級CEO，帶領下一階段成長。並主動處理外部干擾，使領導團隊能持續專注於經營與擴張業務。

Above all, we are aligned around a single overarching objective; maximizing long-term shareholder returns. We look forward to updating you on our continued progress as we execute on the Fermi 2.0 vision.

最重要的是，我們一致圍繞單一的總體目標：最大化長期股東報酬。在我們執行Fermi 2.0願景的同時，我們期待持續向各位更新我們的進展。

Operator, we're now ready to take questions.

接線員，我們現在準備開始提問。

(Operator Instructions)

(接線員指示)

Nick Amicucci, Evercore ISI.

Nick Amicucci，Evercore ISI。

Just wanted to clarify. So in the release, you kind of laid out a 90-day plan that has kind of the five points of emphasis. So if we could just kind of define for investors what we should expect to see by the end of that 90-day period? And specifically, if you clarify whether the 90-day objective is a binding lease offtake or a nonbinding or both. And then is that tenant agreement kind of the gating item for the other four?

我想先釐清一下。所以在新聞稿中，你們提出了一個90天計畫，包含五個重點。能否為投資人界定一下，在這90天期滿時我們應該期待看到什麼？特別是，請釐清90天的目標是具有約束力的租賃承購（offtake）協議、非約束性的，或兩者皆是。另外，那份租戶協議是否是其餘四項的關鍵門檻（gating item）？

Nick, thank you for your question. I really appreciate it. I want to make sure that the team is fully comprehensive of the fact that we're 100% focused on executing on our plan and that we have just laid out for you. As to the next 90 days, it is our expectation that you should measure us on delivering on these five key points.

Nick，謝謝你的提問。我非常感謝。我想確保團隊充分理解：我們100%專注於執行我們剛剛向各位說明的計畫。至於接下來90天，我們的期望是，各位應以我們是否交付這五個關鍵要點來衡量我們。

A secured and binding tenant agreement that we maintain capital discipline to support liquidity, that we hire our next CEO that we deliver power at our project site and that we explore strategic partnerships for accelerating data center and power deployment on our site. Those are the five commitments and deliverables that we're focused on for the next 90 days without distractions. That's how you should measure us.

一份已確保且具約束力的租戶協議；我們維持資本紀律以支撐流動性；我們聘任下一任CEO；我們在專案場址交付電力；以及我們探索策略合作夥伴關係，以加速在我們場址的資料中心與電力部署。這就是我們未來90天在不受干擾下所聚焦的五項承諾與交付成果。各位就應該用這個來衡量我們。

Great. Very clear. Then if I could just touch on just kind of the cash component. So operating cash use was kind of limited in part by working capital benefit from accounts payables and accrued liabilities. So we now have -- you have $243 million of cash and restricted cash, $421 million of debt. $441 million of CapEx that -- that was incurred during the first-quarter.

很好。非常清楚。那我再稍微談一下現金的部分。營運現金使用之所以相對有限，部分是因為應付帳款與應計負債帶來的營運資金效益。所以現在你們有2.43億美元的現金與受限制現金、4.21億美元的債務，以及第一季發生的4.41億美元資本支出——

And now this -- now the $150 million of your fill commitment. So how should we think about kind of the normalized cash burn in 2Q and 3Q prior to a binding agreement? And should we expect any type of meaningful reversal of the 1Q payables or accrued liabilities?

而現在這個——也就是你們1.5億美元的填補承諾（fill commitment）。那麼在達成具約束力的協議之前，我們應該如何看待第二季與第三季的常態化現金消耗（cash burn）？另外，我們是否應該預期第一季的應付帳款或應計負債會出現任何具意義的回轉？

That's good. So yes, let me talk about liquidity. As you said, we have -- we had $243 million of cash and restricted cash at the end of the quarter. It's important to note that we have strong equipment financing in place that covers most of our remaining expenditures on turbines and electrical power equipment, so we have these MUFG and Keystone Equipment secured on non-recourse debt.

這個問題很好。是的，我來談談流動性。如你所說，我們在季末有2.43億美元的現金及受限制現金。需要強調的是，我們已建立強而有力的設備融資，涵蓋我們在渦輪機與電力設備上大部分剩餘支出，因此我們有MUFG與Keystone Equipment提供的、以無追索權債務（non-recourse debt）擔保的融資。

Deal Bank, we have $160 million of capacity there for six Siemens turbines that will be built and delivered by 2028. So we feel good on that side about our equipment finance. The Yorkville facility is really there for a backstop for general corporate purposes. It gives us flexibility at the parent level. We have not drawn on this facility yet.

在Deal Bank方面，我們有1.6億美元的額度，用於6台西門子渦輪機，預計將於2028年前建造並交付。因此在設備融資這一塊我們感覺良好。Yorkville融資安排主要是作為一般公司用途的備援（backstop）。它讓我們在母公司層級更具彈性。我們目前尚未動用這項融資。

As we think going forward, as I said, the equipment financing will cover the power assets ordered. And then the sources of capital and disciplined deployment, we're really changing the way we look forward. It's that discipline Marius talked about looking at our payments and matching them to new tenant agreements and so forth. So you would see a disciplined approach going forward with capital.

展望未來，如我所說，設備融資將涵蓋已訂購的電力資產。至於資金來源與有紀律的投放，我們確實正在改變我們的前瞻方式。也就是Marius提到的那種紀律：檢視我們的付款，並將其與新的租戶協議等相匹配。因此你會看到我們未來在資本運用上採取更有紀律的方法。

Nick Lawson, Ocean Wall.

Nick Lawson，Ocean Wall。

It's Max Taylor here from Ocean Wall. Just stepping in for Nick. It'd be great if we could get a bit more color on the 5 gigawatt Air Permit that you filed in March. Just around sort of what are the expected time lines for approval? Have there been any sort of early signals from regulators, any early conversations?

我是Ocean Wall的Max Taylor。我代替Nick提問。希望你們能就3月提交的5吉瓦空氣許可（Air Permit）提供更多細節。主要是預期的核准時程為何？監管機關是否有任何早期訊號或初步對話？

And then just sort of the second part, what were the lessons, I guess, from the 6-gigawatt permit approval that give you confidence in the time line for this new application?

另外第二部分，從先前6吉瓦許可獲批的經驗中，有哪些教訓讓你們對這次新申請的時程有信心？

Thank you for the question. This is Jacobo Ortiz. I'll start with the latter. The 6 gigawatt Air Permit is in place, EPA is supporting it, and we're moving forward with it. And as we have already communicated, it's the second largest Air Permit ever granted in the US Based on that feedback and all of the studies that we did, we have space to increase it by an additional 5 gigawatts, which was filed recently as reported, and we fully expect it to be completed successfully by the fourth-quarter of this year.

謝謝你的提問。我是Jacobo Ortiz。我先從後者開始。6吉瓦的空氣許可已到位，EPA（美國環保署）也支持，我們正依此推進。而且如我們先前已溝通，這是美國史上核發的第二大空氣許可。基於這些回饋以及我們所做的所有研究，我們有空間再增加額外5吉瓦；這項申請已如報導所述於近期提交，我們完全預期能在今年第四季前順利完成。

So we remain confident in our approach. We learned that by being transparent, clear with our studies and what we were doing, we got the first one, and we expect the second one to be granted as well.

因此我們對我們的方法仍然有信心。我們學到的是：只要保持透明、清楚呈現我們的研究與正在做的事情，我們就拿到了第一張許可，也預期第二張同樣會獲核准。

I think, Max, just to add to it. I think the comments we received from the first 6 gigawatts was why didn't you ask for more? And that triggered us going ahead with the application for the next 5 gigawatts as part of that process.

Max，我再補充一下。我們從第一個6吉瓦申請收到的意見之一是：你們為什麼不多申請一些？這也促使我們在同一流程中繼續提出下一個5吉瓦的申請。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗（Mizuho）。

Maybe just first, you put out -- in the 90-day plan sort of securing a tenant agreement. I just guess one, why sort of put a shot clock in terms of specific 90 days? Is there something about conversations or tenant types or where you're progressing to be that specific sort of given the history of the last year. So maybe just give us a bit more flavor on like what gives you confidence to sort of highlight over the next 90 days, you can secure a tell agreement?

先問第一個問題：你們在90天計畫中提到要確保一份租戶協議。我想問，為什麼要設定一個明確的90天倒數計時？考量過去一年的歷史，你們在對話進展、租戶類型或談判階段上是否有什麼因素，讓你們能如此具體？能否多分享一些細節，為何你們有信心在接下來90天內能簽下租戶協議？

Yes, happy to take that. So I think what gives us the confidence that we've been able to identify kind of what was holding customers back from engaging with us. And that was really the fact that they wanted to feel that they could trust us that they could build a long-term relationship with us. As you know, these agreements are 15 to 20 years. And so the counterparty is looking for assurance that who they're partnering with is somebody that is going to be able to support them over the long haul.

好的，我很樂意回答。我認為讓我們有信心的是，我們已能辨識出過去阻礙客戶與我們合作的關鍵因素。那主要是他們希望確信可以信任我們，並能與我們建立長期關係。如你所知，這些協議通常是15到20年。因此交易對手需要確信，他們合作的夥伴能在長期內持續支持他們。

And so for us, that was why we made the changes that we made to ensure that we were a relationship company and that we could step in to support these folks over the long haul. So part of our confidence is about that.

因此對我們而言，這也是我們做出相關調整的原因：確保我們是一家重視關係的公司，能在長期內介入並支持這些客戶。所以我們信心的一部分來自於此。

The other piece of our confidence is around the kind of state of our site. As mentioned earlier, we've had numerous partners to the site and folks have really let us know that the site is the most customer ready that they have seen in the country. And then the third piece of it is just the demand. The demand has not gone away. Everyone is looking for capacity, and we're one of the few projects that has capacity for the next couple of years at the scale that we have it.

我們信心的另一部分來自於我們場址（site）的狀態。如先前提到，我們已接待許多合作夥伴到場，大家也明確告訴我們，這個場址是他們在全國看過最「客戶就緒」（customer ready）的。第三個因素則是需求。需求並沒有消失。每個人都在尋找容量（capacity），而我們是少數能在未來幾年、以我們這樣的規模提供容量的專案之一。

So those things give us the confidence. It's the relationship building and trust we've been able to do over the last several weeks it's also grounded in the readiness of the site. And then the last point I'll make on this is that so many of these customers have also been focused on figuring out how they can engage with us from a transaction standpoint. And so we've really tried to align our commercial activities to be much more streamlined. So it's much more clear how our process works on both sides so that they can engage with us confidently.

因此這些因素讓我們有信心。一方面是過去幾週我們在建立關係與信任上所取得的進展；另一方面也建立在場址的就緒程度。最後我想補充的是，許多客戶也一直在思考，從交易架構的角度要如何與我們合作。因此我們也努力讓商務推進更精簡。讓雙方更清楚我們的流程如何運作，使他們能更有信心地與我們合作。

I'd just add one final statement is that over the last 3 weeks, our pipeline has increased exponentially, much more so than we ever expected.

我再補充最後一句：過去三週，我們的商機管線（pipeline）呈指數型成長，遠超出我們原先的預期。

Okay. That's good to hear. So I guess the second question, just two parts to it. On this tenant potential signing, are you able to give us some color on high level as we've -- what we previously modeled in terms of potential revenue and more so the CapEx to build out this first lease, whether it's -- no matter what size we had thought we had sort of said first gig would probably be around $4 billion to $5 billion and the first gig would generate a certain amount of NOI. So can you give us any high-level color on what it would cost to build this out?

好的。很高興聽到。那第二個問題分兩部分。關於這次潛在租戶的簽約，你們能否在高層次上提供一些資訊：就我們先前在模型中對潛在營收、以及更重要的建置第一份租約所需資本支出（CapEx）的假設而言——不論規模如何——我們曾認為第一個1吉瓦可能約需40億到50億美元，且第一個1吉瓦會產生一定的NOI（淨營運收益）。你們能否提供任何高層次的成本概況，說明建置這部分大概需要多少？

And then just related to that, are you on a short talk with Texas Tech as well? Just maybe update us on, is there a stipulation still that you need to sign a lease by a certain date?

另外與此相關，你們也正在與Texas Tech進行短期談判（short talk）嗎？能否更新一下：是否仍有條款規定你們必須在某個日期前簽下租約？

Yes. So what we're looking at right now is maybe an evolution, we'll call it, is we thought there's now multiple structures that we can pursue that deliver the same economic value opportunity to these projects. And so we talked a little bit about our pursuit of potential partnerships with data center partners, power partners, infrastructure partners. We continue to engage directly with hyperscalers and -- but we've realized that there is multiple paths to be able to achieve our financial goals with these projects.

是的。我們目前看到的可能是一種「演進」（我們姑且這麼稱呼）：我們認為現在有多種可行的結構可以追求，並能為這些專案帶來相同的經濟價值機會。因此我們也談到一些：我們正在尋求與資料中心合作夥伴、電力合作夥伴、基礎設施合作夥伴建立潛在合作關係。我們也持續直接與超大規模業者（hyperscalers）接洽——但我們已意識到，要達成這些專案的財務目標，其實有多條路徑可走。

And so while we can't say specifics, of course, around the numbers of the deals that we're currently trading can say that we feel very confident that the deals that we have at hand provide the same kind of economic opportunity that we've always set out to achieve.

因此，雖然我們當然無法就目前正在洽談的交易數量提供具體細節，但我們可以說，我們非常有信心，手上這些交易所帶來的經濟機會，與我們一向致力於達成的目標同樣一致。

I'll add just a little bit, Vikram. One of the strategic priorities we laid out for the next 90 days is to explore partnerships to accelerate our data center and power deployment capabilities. That has a very interesting opportunities around additional capital infusion into the business that would come from our partnerships. So that's extremely helpful.

我再補充一點，Vikram。我們為接下來 90 天所制定的策略優先事項之一，是探索合作夥伴關係，以加速我們資料中心與電力部署的能力。這也帶來非常有意思的機會，透過合作夥伴為業務引入額外的資本注入。因此這非常有幫助。

And on the Texas Tech question you had, let me reassure you that we have a very, very strong relationship with Texas Tech. We have met with the Board of Regions Chair. We met with the Board of Regions Special Committee overseeing the relationship with Fermi. I personally met with the Chance for twice in the last three weeks. We are both extremely motivated to ensure the long-term success of Fermi as it's a highly visible project for both of us.

至於你提到的 Texas Tech 的問題，我想向你保證，我們與 Texas Tech 的關係非常、非常穩固。我們已與董事會（Board of Regents）主席會面。我們也與負責監督與 Fermi 關係的董事會特別委員會會面。我本人在過去三週內與校長（Chancellor）會面兩次。我們雙方都極度有動力，確保 Fermi 的長期成功，因為這對我們雙方而言都是高度受矚目的專案。

Skye Landon, Rothchild & Company.

Skye Landon，Rothchild & Company。

I know it might be early days, but just wondering if you can elaborate on the idea of exploring strategic partnerships for the power and the data centers. What does this potentially mean? Does it mean bringing in a more experienced operator for the power generation sets and things like that?

我知道可能還在很早期，但想請問你是否能進一步說明探索電力與資料中心策略合作夥伴的想法。這可能代表什麼？是否意味著引入在發電機組等方面更有經驗的營運商之類的？

Secondly, just checking on the power plan that you've shown within the slides. Is the option of XL providing an increased level of power up to 200 megawatts still on the table? And just wondering why that isn't part of the 2026 and 2027 power plan? And then still on the power plan, does this include the turbines kind of running in single cycle? Presumably at some point, these would need to move to a combined cycle? And just wondering when and how you would look to do that and if that's part of the air quality per conditions?

第二，想確認一下你們投影片中展示的電力規劃。Xcel 提供將電力提高至 200 兆瓦的選項是否仍在考量之中？另外想請問，為什麼這沒有納入 2026 與 2027 年的電力規劃？再者，就電力規劃而言，這是否包含渦輪機以單循環方式運轉？推測在某個時間點，這些需要轉為複循環？想請問你們何時、以及如何會考慮這麼做，且這是否屬於空氣品質許可條件的一部分？

Yes, I'll start with the data center question, and then I'll turn it over to the others for the rest of your questions. So on the pursuit of partnerships, particularly on the data center side, this is really a direct reflection of the conversations that we had with hyperscalers.

好的，我先從資料中心的問題開始回答，然後再把你其餘的問題交給其他人。關於尋求合作夥伴，特別是在資料中心端，這其實是我們與超大規模雲端業者（hyperscalers）對話的直接反映。

And what we're seeing is that, again, their demand is so high that they're needing to pursue pads with partners to have additional capacity. And so we realized that by also pursuing those data center partnerships that there's a way to kind of meet them where they're at. The space has changed tremendously in the last 6 months. And so as mentioned before, realized that there's multiple structures to be able to serve these customers. And so we want to ensure that we are meeting them where they're at and also pursuing the things that they're looking for to stay up to date on their needs. And so that's what we're doing.

我們看到的是，他們的需求再次高到必須與合作夥伴一起推進園區（pads），以取得額外的容量。因此我們意識到，若我們也去推動這些資料中心合作夥伴關係，就有一種方式能在他們所在的位置與他們對接。這個領域在過去 6 個月已經發生了巨大的變化。因此如先前所提，我們意識到有多種結構可以用來服務這些客戶。所以我們希望確保能在他們所在的位置與他們對接，同時也追求他們正在尋找的要素，以便即時掌握他們的需求。這就是我們正在做的事。

The goal on the exploration of power partnerships is also a reflection of this need. One thing we're looking at is how do we kind of look at additional capacity to serve more customers. As Marius noted, the demand that we've seen over the last couple of weeks is so strong that we're now in a position where we're thinking about how do we kind of bring more capacity to our site quicker. That we can serve additional customers. So those are the two reasons why we have pursued these partnership opportunities.

探索電力合作夥伴的目標同樣反映了這項需求。我們正在看的其中一件事是：我們如何能增加額外容量，以服務更多客戶。如 Marius 所提，我們在過去幾週看到的需求非常強勁，以至於我們現在在思考，如何能更快把更多容量帶到我們的場址。以便我們能服務更多客戶。因此，這就是我們推動這些合作機會的兩個原因。

And I'll turn it over to Jacobo and Marius for your questions.

我把問題交給 Jacobo 和 Marius 來回答。

Yes. I'll add very briefly. Obviously, those partnership conversations are bounded by confidentiality agreements. So therefore, at this point in time, we can't provide more information. But rest assured, these are the names in the industry that are coming to for me and wanting to partner with us to deliver the best-in-class service and product to our customers.

是的。我非常簡短補充一下。顯然，這些合作夥伴的對話受到保密協議的限制。因此在目前這個時間點，我們無法提供更多資訊。但請放心，這些都是業界的知名公司主動找上 Fermi，希望與我們合作，為客戶提供同級最佳（best-in-class）的服務與產品。

The last thing I want to add is that our generation equipment position is strong. It's something that is unique to Fermi versus the rest of the market. And if I go power block by power block, our GE 6Bbe turbines are refurbished, we're ready. Our F-Class units from Siemens, our brand new units, it's again, 1.1 gigs. They're finished in Germany and will be shipped over the summer to the US Our SGT-800s as we have reported are in the Port of Houston, awaiting to come to the site.

我最後想補充的是，我們的發電設備配置很強。相較於市場其他業者，這是 Fermi 的獨特之處。如果我逐個電力區塊來看，我們的 GE 6Bbe 渦輪機已完成翻修，已準備就緒。我們的 Siemens F 級機組是全新機組，同樣是 1.1 吉瓦。它們已在德國完成，將於夏季運往美國；我們的 SGT-800 如我們所報告的，已在休士頓港，正等待運至場址。

So from that perspective, again, we have been very deliberate in getting our power ready. We have 2.2 gigawatts of available power on hand, 1.5 of that, which we can execute by the end of '27, provided we have a tenant and project finance. We're going to be deliberate in how we execute our plan. And then last but not least, we have, as we reported, 200 megawatts from Xcel, 86 of that time is already at the site and an incremental 114 megawatts will come in the first part of '27. So we're ready to serve customers.

因此從這個角度來看，我們在讓電力準備就緒方面一直非常審慎且有計畫。我們手上有 2.2 吉瓦的可用電力，其中 1.5 吉瓦在有承租戶與專案融資的前提下，我們可在 2027 年底前執行到位。我們會以審慎的方式來執行我們的計畫。最後但同樣重要的是，如我們所報告，我們有來自 Xcel 的 200 兆瓦，其中 86 兆瓦已在場址，另外 114 兆瓦將在 2027 年上半年到位。因此我們已準備好服務客戶。

Great. And one more, if I may. Just on the EPC partners. Clearly, time lines are somewhat changing and are still pretty dependent on when you're able to secure a tenant, so just wondering if you could kind of elaborate on the EPC market. Are you still looking to use the same partners that you're originally looking to use how flexible are these partners in terms of the time slots that they can do the work to install the power equipment that you need? And any additional color you could give there would be great.

很好。如果可以的話，我再問一個。關於 EPC 合作夥伴。顯然，時程正在某種程度上變動，而且仍相當取決於你們何時能夠確保承租戶，所以想請你們進一步談談 EPC 市場的情況。你們是否仍打算使用原本預計使用的同一批合作夥伴？這些合作夥伴在可施工的時間檔期上有多大的彈性，能夠安裝你們所需的電力設備？若能提供任何額外說明會很有幫助。

Sure. Thank you for the question. Absolutely. I mean we are in lockstep with our strategic partners. Our GE 6Bs are being installed from the very beginning with a company out of Houston called Relevant Power Systems. They're aligned with us, exactly the same situation with Primoris on our GE 6Bs.

當然。謝謝你的問題。絕對是。我的意思是，我們與策略合作夥伴步調一致。我們的 GE 6B 從一開始就是由一家位於休士頓、名為 Relevant Power Systems 的公司進行安裝。他們與我們完全一致；Primoris 在我們的 GE 6B 專案上也是同樣的情況。

On the F-class, we just completed an RFP. We're not ready to announce who it is. But again, everyone in the industry, our strategic partners are completely aligned with us, including the Shield, our high-voltage equipment partner. And they're all aligned and ready to execute alongside us. So the relationships are strong, and we're moving forward.

至於 F 級機組，我們剛完成一個 RFP（徵求提案）。我們還沒準備好宣布是哪一家。但同樣地，業界所有人、我們的策略合作夥伴都與我們完全一致，包括 Shield——我們的高壓設備合作夥伴。他們都已對齊並準備好與我們一同執行。因此合作關係很強，我們也在持續推進。

John Hodulik, UBS.

John Hodulik，UBS。

Maybe two quick follow-ups. First, and that might have just been answered, but the scale of the tenant conversations or the potential contracts you guys are talking about, is that in the sort of gigawatt scale that we have been sort of originally talking about? Or are we thinking about signing contracts in sort of smaller chunks to begin with?

也許兩個快速追問。第一個可能剛剛已經回答了，但你們正在洽談的承租戶對話規模或潛在合約規模，是否仍是我們最初一直在談的那種吉瓦等級？還是我們在考慮先以較小的區塊來簽約？

And then as a follow-up on the strategic partnerships, especially with the existing data center companies, are you guys envisioning a potential deal where you work with an established provider like a DLR or one of the private guys to take down space on a wholesale basis or just work with them to approach tenants together? Or just anything that you could do to elaborate on a potential agreement of that sort would be great.

接著就策略性合作夥伴關係追問一下，特別是與既有的資料中心公司合作方面，你們是否在構想一種潛在交易：例如與像 DLR 這樣的既有供應商或某家私人業者合作，以批發（wholesale）的方式承租／承接機房空間，或是僅僅與他們一起共同接觸租戶？或者你們若能就這類潛在協議再多做一些說明也會很棒。

Yes. So we are looking at, again, multiple deal opportunities, and each one of those has a different structure in terms of the size. So in some cases, it's smaller chunks. In some cases, it's a give or higher. But we're essentially in the position where we can kind of pick and choose how do we can ensure that we can serve multiple partners over the long haul. So I can't, of course, for confidentiality reasons, say the exact sizes, what we do have at hand is, again, in some cases, it's a couple of hundred megawatts.

是的。所以我們正在評估、再次強調，是多個交易機會，而每一個機會在規模上都有不同的結構。因此在某些情況下，是較小的區塊。在某些情況下，則是 1GW 或更高。但基本上我們處於一個可以某種程度上挑選取捨的位置，來確保我們能在長期內服務多個合作夥伴。當然基於保密原因，我不能說出確切規模；但我們手上掌握的情況是，再次強調，在某些案例中大約是數百兆瓦。

In some cases, it's a gig or more, and we're going to ensure that we move forward with the best possible partner with a time line that meets that specific partner. On the kind of question around the partners, the way that we think of it is, again, how we can serve the customer on their time line.

在某些案例中是 1GW 或更多，而我們會確保以符合該特定合作夥伴時程的方式，與最佳的合作夥伴推進。至於你提到的合作夥伴問題，我們的思考方式仍然是：我們如何能在客戶的時程上服務客戶。

So as you're kind of negotiating these deals, of course, you're looking at the amount of capacity that they're looking for, but you're also looking at the time line that they need. And so what we found is that different data center partners have different time lines available to meet the data center needs, the MEP needs. And so we're in constant communication, trying to align their capacity availability with the customers' time line and the capacity that they're looking for.

因此當你在談判這些交易時，當然你會看他們需要的容量規模，但你也會看他們所需的時程。我們發現，不同的資料中心合作夥伴在可用時程上不同，能否滿足資料中心需求、MEP（機電管線）需求的時程也不同。因此我們持續保持溝通，試圖把他們可供容量的可用性，與客戶的時程以及客戶所需的容量對齊。

So it's a bit of a dance, as you guys know, with these deals. But what's nice again is that we've got multiple options on the table and have the ability to move forward with the best possible deal for us right now.

所以這有點像跳舞一樣，你們也知道，這類交易就是如此。但好的一點是，我們桌上有多個選項，並且有能力在此刻推進對我們最有利的交易。

I would just add that on the data center partner side, they have significant demand that they have signed up for, for power their availability of power is obviously scarce. So they're proactively coming to us with ideas as to how we can engage together to satisfy the demand that they've already signed up for. So not only does it bring a tremendous amount of expertise, wherewithal financing commitments, but it also comes with tenants. So that's why it's so interesting for us to engage those in those conversations and strengthen our position holistically.

我再補充一點：在資料中心合作夥伴那一端，他們已經簽下了大量需求；而電力的可用性顯然很稀缺。因此他們會主動帶著想法來找我們，討論我們如何一起合作，以滿足他們已經簽約承諾的需求。所以這不僅帶來龐大的專業能力、資源與融資承諾，也同時帶來租戶。這也是為什麼我們很有興趣參與這些對話，並從整體面強化我們的地位。

Greg Rollins, Gateway Capital.

Greg Rollins，Gateway Capital。

My first question is, could Mr. Neugebauer with his 40% shareholding blocker capital raise for whatever reason he may deem fit. The second is an observation. You've spent quite a bit of time and effort talking about the financing and the provision of power. But what about the financing and the building of the actual structures that are going to house the data centers.

我的第一個問題是，Neugebauer 先生持股 40%，是否可能基於任何他認為合適的理由，阻擋公司增資募資？第二個是觀察：你們花了相當多時間與力氣談融資以及電力供應。但那麼，關於實際要容納資料中心的建築本體之融資與興建呢？

And ancillary to that, I'd like to talk about two models. The Digital Realty provides the buildings and the associated infrastructure that been a cooling systems. And for example, whereas Equinix also, in many cases, facilitates the financing of the tenant's own equipment, which gives them a strong strategic advantage which model would you be following.

此外，我想談兩種模式。Digital Realty 提供建築物以及相關基礎設施（包含冷卻系統）。而例如 Equinix 在許多情況下也會協助承租戶自有設備的融資，這讓他們具有很強的策略優勢；你們會採用哪一種模式？

And then finally, just on an accounting matter, you will be -- unlike other data centers, you will be providing the power, which you would have to charge them. I would assume that this is not rental income. And to that effect, you could be running into problems of your revenue for the power delivery exceeds more than 25% of your rental income. Have you thought about that? Thank you.

最後，關於會計面的問題：你們將會——不同於其他資料中心——提供電力，並且需要向他們收費。我假設這不會被視為租金收入。因此，你們可能會遇到一個問題：若你們的供電收入超過租金收入的 25%。你們有考慮過這點嗎？謝謝。

So I think we'll start with -- there's a couple of questions in there. We'll start with the -- I'll take your question around kind of financing structures for these kind of deals at hand. So as you know, the way that this works is you are constantly talking to lenders about the deal structure to ensure that you have the financing available to complete the deal.

我想我們先從——裡面有幾個問題。我們先回答你關於這類交易在手案的融資結構問題。如你所知，運作方式是你會持續與放款機構討論交易結構，以確保你有可用的融資來完成交易。

So we have really strong relationships with a number of project finance lenders in this space and they are actively involved in conversations with us and on all of the different deals that we have at hand that we're currently negotiating. So we feel really confident on again, in being able to project enhance those deals.

我們與此領域多家專案融資（project finance）放款機構有非常強的關係，他們也正積極參與與我們的對話，並且參與我們目前手上、正在談判的各種交易。因此我們對於——再次強調——能夠以專案方式強化並推進這些交易，感到非常有信心。

And of course, we wouldn't pursue anything that we didn't feel had financeable actability and so that's part of our filter, again, is ensuring we can finance those deal structures. Also had a question around was it a Toby's share, the 40%.

當然，我們不會追求任何我們認為不具可融資性（financeable）的案子；因此我們的篩選條件之一，就是確保我們能為這些交易結構取得融資。你也問到 Toby 的持股，也就是 40% 那題。

Greg, yes, I'll address that really quickly. As of right now, there is no shareholder meeting set. Just to be clear, there is none. And then secondly, you might have noticed last night, we filed an 8-K where the Board has made modifications to the company's bylaws in those modifications that would say that any changes to the Board composition will require a 70% vote of the shares outstanding, right?

Greg，是的，我很快回覆那點。截至目前，沒有安排任何股東會。為了說清楚：目前沒有。第二，你可能注意到昨晚我們提交了一份 8-K，董事會已對公司章程細則（bylaws）做了修改；該修改規定，任何董事會組成的變更都需要已發行流通在外股份的 70% 表決同意，對吧？

So you have to have a significant threshold here in order to make big modifications to the construct of the Board, all with the intent of protecting our shareholders, all with the intent of driving consistency and stabilization of the organization. We believe we're in a great position to take advantage of the demand that's out in the market for the assets and the services and the products we have. It's our job to now execute flawlessly for our shareholders to deliver on that opportunity.

因此你必須達到相當高的門檻，才能對董事會架構做重大調整；其目的都是為了保護股東，並推動組織的一致性與穩定性。我們相信自己處於很好的位置，能把握市場上對我們資產、服務與產品的需求。我們現在的工作就是為股東完美執行，交付那個機會。

And I can talk about the revenue recognition and accounting policy. We do intend to elect week status, and we are structuring our revenue recognition and all accounting so that we do meet those. So we do have that considered. And thank you for the question.

我也可以談談收入認列與會計政策。我們確實打算選擇 REIT 身分（REIT status），並且我們正在規劃收入認列與所有會計處理，以確保符合相關要求。所以我們已經把這點納入考量。也謝謝你的提問。

Derrick Whitfield, Texas Capital.

Derrick Whitfield，Texas Capital。

I have two questions. Perhaps starting with slide 9. Could you offer color on the amount of aggregate power capacity you see in the market at year-end 2027 relative to the gross demand for data center power. The point being is if you compare your offering at year-end 2027, could you qualify how unique that capacity would be in the market versus what's being built.

我有兩個問題。或許先從第 9 頁投影片開始。你能否補充說明：到 2027 年底，你在市場上看到的總體電力容量，相對於資料中心用電的總需求，大概是什麼狀況？重點是：如果拿你們在 2027 年底的供給來比較，你能否說明那樣的容量在市場上相對於正在興建的供給，會有多獨特？

Sure. I'll take a stab at that. What we've said before is we currently possess on our balance sheet control of 2.2 gigawatts of gas generation equipment. And what we're saying based on having a lease and the project finance, we are able to deliver 1.5 gigs of installed power by the end of '27 in simple cycle. That's the way you should read it.

當然。我試著回答一下。我們之前說過，我們目前在資產負債表上掌握並控制 2.2GW 的燃氣發電設備。而我們的說法是，基於租賃與專案融資，我們能在 2027 年底以前，以簡單循環（simple cycle）方式交付 1.5GW 的已安裝電力。你應該這樣理解。

Great. And maybe perhaps shifting over to Anna. In your prepared remarks, you noted a more streamlined commercial interface for customers and partners who want to advance discussions -- maybe could you elaborate on how the interface has changed and the degree it may have been an impediment in past client discussions?

很好。也許接著轉到 Anna。在您事先準備的發言中，您提到為希望推進討論的客戶與合作夥伴打造了更精簡的商務介面——能否請您進一步說明介面有哪些改變，以及過去在與客戶討論時，它在多大程度上可能曾造成阻礙？

Absolutely. So again, I think one of the key things about the change that we made was recognizing that at every point in a business' journey, you move from kind of the vision that's driving and building the momentum of the company towards a more, I would say, commercial-oriented structure to ensure that you can meet the opportunity from an economic standpoint.

當然可以。所以再說一次，我認為我們這次變更的一個關鍵點，是認知到在企業發展旅程的每一個階段，你會從一開始驅動公司、建立動能的願景，逐步轉向更偏商業導向的架構，以確保你能從經濟層面把握機會。

And so what we realized was that we were kind of at that inflection point. And so when you're dealing with large companies, there is kind of a way of working, we'll call it, that they're used to. And we wanted to ensure that we were building the team, the structure, the process to be able to make it easier to work with us.

因此我們意識到，我們正處在那個轉折點。而當你在與大型企業打交道時，他們習慣有一套工作方式（我們姑且這麼稱呼）。我們希望確保我們正在建立團隊、架構與流程，讓與我們合作變得更容易。

So part of that means being very clear on what our capacity and availability is being really clear about how people can engage with us and speak with us being really thoughtful about how we build relationships. As mentioned earlier, relationships is everything in this industry. The tech community is very small. It is -- if they know one person, they probably know something that knows you. And so we really just understood that what was most important for our process was to kind of professionalize and ensure that it was very clear how to engage with us. And that when you engage with us, it was positive and it was constructive and it was geared towards a shared goal of trying to get a deal together.

其中一部分意味著要非常清楚我們的產能與可用性；非常清楚人們如何與我們互動、如何與我們對話；並且在建立關係方面非常用心。如先前所提，關係在這個產業中就是一切。科技圈非常小。也就是說——如果他們認識某個人，他們很可能也認識認識你的人。因此我們真正理解到，對我們流程而言最重要的是把它更專業化，並確保如何與我們接洽是非常清楚的。而且當你與我們接洽時，體驗是正向的、具建設性的，並且以共同目標為導向——也就是一起把交易促成。

Paul Golding, Macquarie.

Paul Golding，Macquarie。

Just wanted to ask a quick one combining a couple of the prior questions around the potential size of an initial deal and the project financing discussions is the ongoing discussion with lenders informing at all or influencing at all how you're filtering or thinking about the size of the initial definitive lease across that landscape that you described as being smaller versus gigawatt scale.

我想快速問一題，把前面幾個問題結合起來：關於初始交易的潛在規模，以及專案融資的討論——你們與放款機構的持續討論，是否在任何程度上提供資訊或影響你們如何篩選或思考初始具約束力租賃（definitive lease）的規模？在你剛才描述的版圖中，可能是較小規模到吉瓦級不等。

Does that influence your thought process around building the structures and being able to energize as you look at these potential counterparties and the conversations you're having with lenders?

當你們在評估這些潛在交易對手、以及與放款機構的對話時，這是否會影響你們在建立架構並能夠送電（energize）方面的思考？

Yes, absolutely. So we're again in a fortunate position where we don't have to pick one structure over another. But no matter the deal size of the kind of things we have on the table, we feel very confident that we can get the project financing for those. And again, we're actively involved with our lenders as part of those kind of conversations.

是的，絕對會。所以我們再次處於一個有利的位置，我們不必在某一種架構與另一種架構之間二選一。但不論我們桌上這些事項的交易規模如何，我們都非常有信心能為其取得專案融資。而且我們也再次強調，我們正積極與放款機構參與這類對話。

So if the deal is 1 gigawatt, we feel like confident that we can get the project financing for it. If it's 200 gigawatts, we feel confident we can get the project financing for it. And that also, of course, relates to who the offtaker is and their bankability. So that is kind of our focus, again, is looking at all of our options on the table. But of course, all of those options, we feel very confident are financeable.

所以如果交易是 1 吉瓦，我們有信心能取得其專案融資。如果是 200 吉瓦，我們也有信心能取得其專案融資。當然，這也與承購方（offtaker）是誰以及其可融資性（bankability）有關。因此我們的重點仍然是檢視桌上所有選項。但當然，對於所有這些選項，我們都非常有信心是可融資的。

And maybe just as a housekeeping question on the back of that, Anna. Wondering if the project financing landscape is generally amenable to the whole spectrum of counterparty creditworthiness that you're seeing in terms of your inbound interest or if there is skewed towards high investment grade just in terms of where you are in your road map relative to the off-taker.

另外，基於剛才那點，Anna，我再問一個行政性問題。想請教專案融資市場是否普遍能接受你們目前看到的、涵蓋整個交易對手信用資質光譜的情況（就你們收到的主動洽詢而言）；或者是否會偏向高投資等級，這取決於你們在路線圖上相對於承購方所處的階段？

Yes. So obviously, creditworthiness is the key item at hand when you're engaging on these deals. So again, if we have a scenario where there's a customer who maybe isn't as credit worthy, we have to, of course, find an additional partner who's willing to step in and support that customer to be able to get the financing done.

是的。所以很明顯，信用資質是在洽談這些交易時最關鍵的要素。因此，如果我們遇到某個情境：客戶可能信用不那麼強，我們當然就必須再找一個願意介入並支持該客戶的額外合作夥伴，才能把融資完成。

So there are multiple ways that, of course, we can do this. And again, as I've stated multiple times, we have several options, several structures on the table. But the key thing to take away is that all of those structures, we feel are financeable because of the way that we've laid out the opportunity.

當然，我們有多種方式可以做到這點。而且如我多次提到的，我們桌上有數個選項、數種架構。但重點是：基於我們所規劃的機會呈現方式，我們認為所有這些架構都是可融資的。

That concludes our Q&A session. I'll now hand the conference back to Marius Haas for closing remarks. Please go ahead.

問答環節到此結束。接下來我把會議交回給 Marius Haas 作結語。請開始。

Thank you, operator. Thanks for participating in our call today. We know there's a lot of noise in the system. But as you've heard this morning, our leadership team is 100% focused on executing on our plan to create long-term shareholder value. As indicated, and I'll just repeat it one more time, over the next 90 days, you can expect us to deliver on these five key priorities: securing a binding tenant agreement, maintaining capital discipline to support liquidity to hire our next CEO to deliver power at our project site and to explore strategic partnerships for accelerating data center and power deployment.

謝謝，接線員。感謝各位今天參與我們的電話會議。我們知道系統裡有很多雜音。但正如各位今早所聽到的，我們的領導團隊 100% 專注於執行我們的計畫，以創造長期股東價值。如先前所示，我再重申一次：在接下來 90 天內，各位可以期待我們在五項關鍵優先事項上交付成果：取得具約束力的承租方協議、維持資本紀律以支撐流動性、聘任下一任執行長、在我們的專案場址送電，以及探索策略夥伴關係以加速資料中心與電力部署。

We appreciate your interest and support as we work to build the power platform for the AI era. Thank you again for joining us this morning. Very much appreciate it.

我們感謝各位在我們打造 AI 時代電力平台的過程中所給予的關注與支持。再次感謝各位今早加入我們。非常感激。

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝。各位，今天的活動到此結束。您現在可以斷線，祝您有美好的一天。感謝您的參與。