第一太陽能 (FSLR) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to First Solar's third-quarter 2025 earnings call. This call is being webcast live on the Investors section of First Solar's website at investor.firstsolar.com. All participants are in listen-only mode, and please note that today's call is being recorded.

下午好，歡迎參加 First Solar 2025 年第三季財報電話會議。本次電話會議正在First Solar公司網站投資者關係頁面（investor.firstsolar.com）進行網路直播。所有參與者均處於僅收聽模式，請注意，本次電話會議將被錄音。

I would now like to turn the conference over to your host, Byron Jeffers, Head of Investor Relations. Please go ahead, sir.

現在我將把會議交給主持人，投資者關係主管拜倫·杰弗斯。請繼續，先生。

Good afternoon, and thank you for joining us on today's earnings call. Joining me are our Chief Executive Officer, Mark Widmar; and our Chief Financial Officer, Alex Bradley. During this call, we will review our quarterly results and share our outlook for the remainder of the year. After our prepared remarks, we'll open the line for questions.

下午好，感謝各位參加今天的財報電話會議。與我一同出席的還有我們的執行長馬克·威德瑪；以及我們的財務長亞歷克斯·布拉德利。在本次電話會議中，我們將回顧季度業績，並分享我們對今年剩餘時間的展望。在我們發言完畢後，我們將開放提問環節。

Before we begin, please note that some statements made today are forward-looking and involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. We undertake no obligation to update these statements due to new information or future events. For a discussion of factors that could cause these results to differ materially, please refer to today's earnings press release and our most recent annual report on Form 10-K, as supplemented by our other filings with the SEC, including our most recent quarterly report on Form 10-Q. You can find these documents on our website at investor.firstsolar.com.

在開始之前，請注意，今天所作的一些陳述屬於前瞻性陳述，涉及風險和不確定性，可能導致實際結果與管理階層目前的預期有重大差異。我們不承擔因新資訊或未來事件而更新這些聲明的義務。有關可能導致這些結果出現重大差異的因素的討論，請參閱今天的盈利新聞稿和我們最新的 10-K 表格年度報告，以及我們向美國證券交易委員會提交的其他文件，包括我們最新的 10-Q 表格季度報告。您可以在我們的網站 investor.firstsolar.com 上找到這些文件。

With that, I'll turn it over to Mark.

接下來，我將把麥克風交給馬克。

Good afternoon. Thank you for joining us today. Beginning on slide 3, I will share some key highlights from Q3 2025. Since our last earnings call, we secured gross bookings of approximately 2.7 gigawatts at a base ASP of $0.309 per watt, including 0.4 gigawatts of Series 7 modules impacted by previously disclosed manufacturing issues, booked at an ASP of $0.29. We terminated 6.6 gigawatts of bookings under multi-year agreements defaulted on by affiliates of BP, a European oil and gas major, at a base ASP of $0.294 per watt.

午安.感謝您今天蒞臨。從第 3 張投影片開始，我將分享 2025 年第三季的一些關鍵亮點。自上次財報電話會議以來，我們獲得了約 2.7 吉瓦的總訂單，基本平均售價為每瓦 0.309 美元，其中包括受先前披露的製造問題影響的 0.4 吉瓦 7 系列組件，該部分組件的訂單平均售價為每瓦 0.29 美元。我們終止了 6.6 吉瓦的多年期訂單，這些訂單因歐洲石油和天然氣巨頭 BP 的關聯公司違約而終止，基本平均售價為每瓦 0.294 美元。

As a result, total de-bookings since the last earnings call were approximately 6.9 gigawatts, and our current expected contracted backlog is approximately 54.5 gigawatts. We delivered a record 5.3 gigawatts of module sales and reported Q3 earnings of $4.24 per diluted share, both near the midpoint of our previous earnings call forecast. Gross cash increased to $2 billion, supported by improved working capital, new bookings deposits, and accelerated customer payments ahead of the effective date for the new beginning-of-construction guidance. Alex will walk through our financial results in more detail later in the call.

因此，自上次財報電話會議以來，總取消訂單量約為 6.9 吉瓦，我們目前預計的合約積壓訂單量約為 54.5 吉瓦。我們實現了創紀錄的 5.3 吉瓦組件銷售額，並公佈了第三季度每股攤薄收益為 4.24 美元，這兩項數據均接近我們先前財報電話會議預測的中點。現金總額增至 20 億美元，這得益於營運資金的改善、新的預訂定金以及在新開工指導生效日期之前客戶加快付款。Alex 將在稍後的電話會議中更詳細地介紹我們的財務表現。

From a manufacturing perspective, we produced 3.6 gigawatts of modules in the third quarter, 2.5 gigawatts from our US facilities, and 1.1 gigawatts from our international operations. In Q3, we reduced production in Malaysia and Vietnam, primarily due to lower demand driven by the customer default previously mentioned. We continue to advance our domestic capacity expansion, notably at our Louisiana facility, where we initiated production runs and started plant qualification. We have also continued to pursue the enforcement of our intellectual property rights. During the quarter, we made three separate filings requesting that the US Patent and Trademark Office, or PTO, deny petitions filed by affiliates of Canadian Solar, JinkoSolar, and Munda that seek to invalidate our US TOPCon patents.

從製造角度來看，我們在第三季生產了 3.6 吉瓦的組件，其中 2.5 吉瓦來自我們的美國工廠，1.1 吉瓦來自我們的國際業務。第三季度，我們減少了在馬來西亞和越南的產量，主要原因是先前提到的客戶違約導致需求下降。我們繼續推動國內產能擴張，尤其是在路易斯安那州的工廠，我們已經啟動了生產運作並開始了工廠認證。我們也一直在繼續維護我們的智慧財產權。本季度，我們向美國專利商標局（PTO）提交了三份單獨的申請，要求其駁回加拿大太陽能、晶科能源和蒙達的關聯公司提出的、旨在使我們在美國的拓普康專利無效的申請。

Our filings include a reference to comments made earlier this year by the acting director of the PTO who stated, quote, “the longer a patent has been in force, the stronger and more settled the patent owner's expectations should be.” We believe our ongoing vigorous enforcement of our decade-old US TOPCon patents, which we consider fundamental to producing that technology, is a prime example of a patent holder having settled expectations of the integrity of its IP rights. The view that module manufacturers and their customers and financing parties should strongly consider the potential hurdles of producing, selling, or purchasing modules employing TOPCon cell technology is not one held just by us.

我們的文件中引用了美國專利商標局代理局長今年早些時候發表的評論，他表示：“專利生效時間越長，專利權人的預期就應該越強、越穩定。”我們認為，我們持續有力地執行我們十年前在美國獲得的TOPCon專利（我們認為這些專利對於生產該技術至關重要），是專利持有人對其智慧財產權完整性抱有明確期望的典型例子。認為組件製造商及其客戶和融資方應該認真考慮採用 TOPCon 電池技術生產、銷售或購買組件可能遇到的障礙，這種觀點並非我們獨有。

For example, earlier this quarter, the CEO of ES Foundry explained that his company's decision to focus on manufacturing PERC technology was due, at least in part, to the, quote, “legal troubles” that would be encountered by TOPCon producers. Lastly, we are pleased to continue building on our commitment to responsible solar, not simply by exceeding industry norms in sustainability and human rights, but by continuously improving on our own performance. Our Ohio facilities, which previously earned a Silver rating in the Responsible Business Alliance's Validated Assessment Program, have progressed to a Gold rating in its 2025 audit, which was completed this past quarter.

例如，本季早些時候，ES Foundry 的執行長解釋說，他的公司決定專注於製造 PERC 技術，至少部分原因是由於 TOPCon 生產商將遇到的「法律麻煩」。最後，我們很高興能夠繼續履行我們對負責任的太陽能的承諾，不僅在永續性和人權方面超越行業標準，而且還不斷改進我們自身的表現。我們在俄亥俄州的工廠先前在責任商業聯盟的驗證評估計劃中獲得了銀級評級，在上個季度完成的 2025 年審核中，已晉升為金級評級。

Turning to slide 4, I will now provide an update on our manufacturing operations. As it relates to our Alabama facility, two of our domestic glass suppliers faced manufacturing disruptions that limited our ability to operate at full capacity, which impacted Q3 production by approximately 0.2 gigawatts. The primary supply chain issue resulted from throughput limitations due to insufficient initial facility readiness at a new factory, while simultaneously a different supplier experienced unplanned downtime. Corrective actions have been implemented at both suppliers, and our US glass supply base is again positioned to meet our requirements.

接下來請看第 4 張投影片，我將介紹我們生產營運的最新情況。就我們在阿拉巴馬州的工廠而言，我們的兩家國內玻璃供應商面臨生產中斷，限制了我們滿載運轉的能力，導致第三季產量減少了約 0.2 吉瓦。主要供應鏈問題是由於新工廠初始設施準備不足導致產能受限，與此同時，另一家供應商遭遇了計劃外停機。兩家供應商都已採取糾正措施，我們的美國玻璃供應基地已再次能夠滿足我們的需求。

While now resolved, this resulted in a temporary shortage of cover glass supplied to our Alabama facility, which led to reduced production and increased underutilization charges in the third quarter. Our Louisiana factory has initiated integrated production runs, started plant qualification, and the early-stage ramp is slightly ahead of expectations. We anticipate receiving required production certificates in Q4 and will begin shipments at that time.

雖然現在已經解決，但這導致我們阿拉巴馬州工廠暫時缺乏蓋玻片，導致第三季產量下降和產能利用率不足費用增加。我們在路易斯安那州的工廠已經啟動了綜合生產運行，開始了工廠認證，早期爬坡階段略微超出了預期。我們預計將在第四季度收到所需的生產證書，屆時將開始出貨。

As it relates to our international capacity, we have previously indicated that the implementation of the Reconciliation Act earlier this year, as well as the evolving universal and reciprocal tariff environment, could potentially support a business case to establish one or more lines in the US to finish front-end production initiated within our international fleet. We have made the decision to establish a new production facility in the United States, allowing us to onshore the finishing of Series 6 modules initiated by the company's international factories. While the location is subject to final negotiations with an announcement expected in the coming weeks, the planned capacity will be 3.7 gigawatts. Production will start at the end of 2026 and ramp through the first half of 2027.

就我們的國際產能而言，我們先前已表示，今年稍早實施的《和解法案》以及不斷變化的普遍互惠關稅環境，可能會支持在美國建立一條或多條生產線，以完成我們國際生產線中啟動的前端生產的商業案例。我們已決定在美國建立新的生產設施，以便將公司國際工廠啟動的 6 系列模組的精加工工作轉移到國內進行。雖然選址仍需最終協商，預計將在未來幾週內公佈，但計畫裝置容量將為 3.7 吉瓦。生產將於 2026 年底開始，並在 2027 年上半年逐步提高產量。

As we previously noted, such an investment is expected to enable additional production in the US market that we expect will be fully compliant with forthcoming FEOC guidance, as well as improve the gross margin profile of our sales by reducing tariff charges and logistics costs associated with importing finished goods. Furthermore, we expect that the modules produced at this facility will provide domestic content points benefits for our customers and qualify for 45X module assembly tax credits. We continue to evaluate options for the remainder of our international Series 6 capacity, including options related to long-term US market demand, US market supply, and the global tariff environment.

正如我們之前提到的，這項投資預計將在美國市場實現額外的生產，我們預計這些生產將完全符合即將出台的FEOC指導方針，並透過減少與進口成品相關的關稅和物流成本來改善我們銷售的毛利率狀況。此外，我們預計該工廠生產的組件將為我們的客戶提供國內含量積分優惠，並符合 45 倍組件組裝稅收抵免資格。我們將持續評估剩餘國際 6 系列產能的各種方案，包括與美國市場長期需求、美國市場供應以及全球關稅環境相關的方案。

Shifting to the current policy landscape, the US policy and trade environment remains generally favorable. As we have long stated, one of First Solar's key competitive differentiators is the ability to provide certainty to our customers, both in terms of pricing certainty and the certainty of timing in producing and delivering product. These attributes are particularly valuable in the US solar market, where FEOC-compliant suppliers who have domesticated their supply chains and localized their production capabilities provide the surest pathway to enable developers to realize tax benefits and to mitigate the exposure of project pro formas to both the imposition of tariffs and the risks to project schedules associated with relying on imported products.

從目前的政策情勢來看，美國的政策和貿易環境總體上仍然有利。正如我們一直以來所強調的，First Solar 的關鍵競爭優勢之一在於能夠為客戶提供確定性，包括價格確定性以及產品生產和交付時間的確定性。這些特性在美國太陽能市場尤其有價值，因為符合聯邦能源管理委員會 (FEOC) 標準的供應商已經實現了供應鏈的本土化和生產能力的本地化，為開發商提供了最可靠的途徑，使其能夠獲得稅收優惠，並降低專案計劃因依賴進口產品而面臨的關稅徵收和專案進度風險。

A number of trade and policy developments over the quarter amplify these competitive differentiators. In August, the US Court of International Trade ruled that the Biden administration's two-year suspension of circumvention-related anti-dumping and countervailing duties was unlawful, paving the way for possible retrospective duty payments on solar imports brought into the United States between June '22 and June of '24. Also during the quarter, the US International Trade Commission issued a preliminary affirmative determination in the anti-dumping and countervailing duties case known as Solar 4 that imports of crystalline silicon cells and modules from India, Indonesia, and Laos are causing material injury to the US solar industry.

本季一系列貿易和政策發展進一步強化了這些競爭優勢。8 月，美國國際貿易法院裁定，拜登政府暫停徵收與規避相關的反傾銷和反補貼稅兩年是非法的，這為對 2022 年 6 月至 2024 年 6 月期間進口到美國的太陽能產品追溯徵收關稅鋪平了道路。此外，本季度美國國際貿易委員會在名為「太陽能 4」的反傾銷和反補貼稅案件中發布了初步肯定性裁定，即從印度、印尼和寮國進口的晶體矽電池和組件對美國太陽能產業造成了實質損害。

In addition to a range of alleged illegal subsidies, the petitioners identified dumping margins of approximately 90% for Indonesia, approximately 247% for Laos, and approximately 215% for India. Also during the quarter, US Customs and Border Protection issued a notice of initiation of investigation and interim measures against an affiliate of Waaree Solar in response to a claim submitted by the American Alliance for Solar Manufacturing Trade Committee, of which First Solar is a member, that Waaree has effectively transhipped Chinese solar cells and modules into the United States through India.

除了一系列涉嫌非法補貼外，請願者還指出，印尼的傾銷幅度約為 90%，寮國約為 247%，印度約為 215%。本季度，美國海關和邊境保護局針對 Waaree Solar 的一家關聯公司發布了調查啟動通知和臨時措施，以回應美國太陽能製造貿易委員會（First Solar 是其成員之一）提出的指控，即 Waaree 已透過印度將中國太陽能電池和組件轉運到美國。

In addition, we, together with the rest of the industry, are awaiting the results of the administration's 232 polysilicon and derivative investigation, including the potential for incremental tariffs impacting the crystalline silicon supply chain. From a policy perspective, the industry also awaits guidance from the administration related to project impacts from foreign entity of concern, or FEOC procurement, which may be delayed as a result of the ongoing government shutdown. In short, there continue to be mounting headwinds or uncertainties for US developers associated with procurement dependent on Chinese crystalline silicon supply chains, which we believe enhances the value proposition of our vertically integrated production capabilities.

此外，我們和業內其他人士一樣，都在等待政府對 232 多晶矽及其衍生性商品的調查結果，包括可能對晶體矽供應鏈產生影響的額外關稅。從政策角度來看，該行業也在等待政府就外國實體採購（FEOC）項目影響方面提供指導，但由於政府持續停擺，該指導可能會被推遲。簡而言之，美國開發商在採購依賴中國晶體矽供應鏈方面持續面臨越來越多的不利因素或不確定性，我們認為這增強了我們垂直整合生產能力的價值主張。

It also validates our approximately $4.5 billion investment strategy of expanding our US manufacturing production and reshoring supply chains, which began in the first Trump administration and continues through the current Trump administration with our most recent facility currently ramping in Louisiana and the announcement of our new US finishing line. This activity places us uniquely at the intersection of several of the administration's key priorities, including those related to domestic manufacturing job creation, American energy and energy affordability, and serving among the generation solutions that enable the US to win the artificial intelligence race against China.

這也驗證了我們約 45 億美元的投資策略，即擴大美國製造業生產並將供應鏈遷回國內。該戰略始於川普第一屆政府時期，並在本屆川普政府時期繼續實施，我們最新的工廠目前正在路易斯安那州加緊生產，同時我們也宣布了新的美國成品生產線。這項活動使我們獨特地處於本屆政府幾項關鍵優先事項的交匯點，包括與國內製造業就業創造、美國能源和能源可負擔性相關的優先事項，以及為使美國在人工智慧競賽中戰勝中國提供解決方案。

Turning to India, since our last earnings call, there have been several notable policy deployments. First, significantly, the application of tariff rates for imports of finished modules into the US was increased to 50%. We continue to monitor dialogue between the US and Indian governments related to a potential bilateral trade treaty and easing of tariffs between the two countries. As it relates to the country's domestic market, the Indian government continues to promote its domestic renewable energy value chain by progressively including cells in the remit of the Approved List of Models and Manufacturers under a recently announced List 2.

再來看印度，自從我們上次財報電話會議以來，已經推出了幾項值得關注的政策。首先，值得注意的是，美國對進口成品模組徵收的關稅稅率提高到了 50%。我們將繼續關注美國和印度政府之間就潛在的雙邊貿易協定和兩國間關稅減讓進行的對話。就國內市場而言，印度政府繼續透過逐步將電池納入最近公佈的「核准型號和製造商清單」中，來促進其國內再生能源價值鏈的發展。

Inclusion in List becomes mandatory for solar OEMs to sell into key segments of the domestic market effective June of '26. Notably, First Solar was automatically qualified in this list, which was released in August of '25. The Indian government also released stakeholder consultation in September '25 related to a further extension of the ALMM regulations to include domestically made wafers for potential deployment after June 2028.

自 2026 年 6 月起，太陽能 OEM 廠商必須將產品列入清單才能向國內市場的關鍵領域銷售產品。值得注意的是，First Solar 公司自動入選了這份名單，該名單於 2025 年 8 月發布。印度政府也在 2025 年 9 月發布了利益相關者諮詢文件，內容涉及進一步擴大 ALMM 法規的適用範圍，將國產晶圓納入其中，以便在 2028 年 6 月之後進行潛在部署。

Once again, First Solar's India production is expected to automatically qualify. We anticipate that these regulations will progressively strengthen our position in the Indian market by leveling the playing field.

預計 First Solar 在印度的發電量將再次自動獲得資格。我們預期這些法規將透過創造公平的競爭環境，逐步加強我們在印度市場的地位。

I'll now turn the call over to Alex to discuss shipments, bookings, Q3 financials, and guidance.

現在我將把電話交給 Alex，讓他討論出貨量、預訂量、第三季財務狀況和業績指引。

Thanks, Mark. Beginning on slide 5. As of December 31, 2024, our contracted backlog totaled 68.5 gigawatts valued at $20.5 billion or approximately $0.299 per watt. Through Q3, we recognized 11.8 gigawatts in module sales and recorded gross bookings of approximately 5.1 gigawatts. This includes 4 gigawatts booked between the enactment of the Reconciliation Bill in early July and the September 2 effective date for the new commenced construction guidance.

謝謝你，馬克。從第5張投影片開始。截至 2024 年 12 月 31 日，我們已簽訂的合約積壓訂單總計 68.5 吉瓦，價值 205 億美元，約合每瓦 0.299 美元。第三季度，我們確認了 11.8 吉瓦的組件銷售額，並記錄了約 5.1 吉瓦的總預訂量。這其中包括在 7 月初《和解法案》頒佈至 9 月 2 日新的開工建設指導生效日期之間預訂的 4 吉瓦。

Since our last earnings call, we had gross bookings of 2.7 gigawatts and average selling price of $0.309 per watt. This includes approximately 0.4 gigawatts of Series 7 modules impacted by previously disclosed manufacturing issues booked at an ASP of $0.29 per watt. Of the remaining bookings 2.1 gigawatts were sold into the US market at a blended ASP of $0.325 per watt. As a reminder, a significant portion of our contracted backlog includes pricing adjustors that may increase the base ASP, contingent upon achieving specific milestones within our technology roadmap by the time of delivery. Accordingly, the ASPs presented exclude potential adjustments related to module bin, freight overages, commodity price fluctuations, committed wattage, US content volume, and tariff changes.

自上次財報電話會議以來，我們的總預訂量為 2.7 吉瓦，平均售價為每瓦 0.309 美元。這其中包括約 0.4 吉瓦的受先前披露的製造問題影響的 7 系列組件，以每瓦 0.29 美元的平均售價計價。剩餘的預訂中，有 2.1 吉瓦的電力以每瓦 0.325 美元的綜合平均售價銷往美國市場。再次提醒，我們已簽訂合約的積壓訂單中有相當一部分包含價格調整條款，這些條款可能會提高基本平均售價，具體取決於在交付時是否達到我們技術路線圖中的特定里程碑。因此，所列平均售價不包括與組件等級、運費超支、商品價格波動、承諾功率、美國含量和關稅變化相關的潛在調整。

Of our recent bookings scheduled for delivery in periods where such milestones could be met, the potential value is reflected in our backlog as an opportunity rather than the base ASP represented. For example, among recent bookings, we secured a 0.6 gigawatt order for 2027 delivery at an ASP of $0.316 per watt, with the potential for an incremental $0.046 per watt contingent on achieving specific milestones within our technology roadmap.

在我們最近安排交付的訂單中，如果能夠達到這些里程碑，其潛在價值將體現在我們的積壓訂單中，而不是體現在基礎平均售價中。例如，在最近的預訂中，我們獲得了 2027 年交付的 0.6 吉瓦訂單，平均售價為每瓦 0.316 美元，並且根據我們技術路線圖中特定里程碑的實現情況，有可能每瓦額外增加 0.046 美元。

Demand in the US remains strong. However, we recorded full-year de-bookings totaling 8.1 gigawatts as of September 30, including 6.9 gigawatts in the third quarter. The majority of these were driven by contract terminations with affiliates of BP, which accounted for 6.6 gigawatts. Note, aside from the contract terminations with the BP affiliates, a number of other terminations were for project-specific reasons as opposed to reflecting customer pivots from solar project development generally.

美國市場需求依然強勁。然而，截至 9 月 30 日，我們全年取消預訂總量達到 8.1 吉瓦，其中第三季取消預訂 6.9 吉瓦。其中大部分是由於與 BP 關聯公司終止合約所致，涉及 6.6 吉瓦的電力。值得注意的是，除了與 BP 關聯公司終止合約外，其他一些終止合約是由於專案特定原因造成的，而不是反映客戶普遍轉向太陽能專案開發。

For example, our Q3 bookings include volume expected to be delivered to a customer who terminated a project in 2024, but has recommitted to solar development and in 2025 continues to source its module supply with First Solar. In addition, we're currently in active negotiations for the procurement of new volume with another customer who previously terminated a contract with us for a specific project of theirs earlier this year. In both cases, these customers satisfied their termination payment obligations.

例如，我們第三季的訂單量包括預計交付給一位客戶的貨物，該客戶在 2024 年終止了一個項目，但已重新致力於太陽能開發，並在 2025 年繼續從 First Solar 採購其組件。此外，我們目前正在與另一位客戶積極洽談採購新數量的事宜，該客戶此前於今年稍早終止了與我們簽訂的某個特定項目的合約。在這兩種情況下，這些客戶都履行了終止付款義務。

In prior calls, we highlighted the emerging risk of a strategic shift concerning multinational oil and gas and power and utilities companies, particularly those based in Europe, with some moving away from renewables project development and back towards fossil fuel investments. On September 30, First Solar filed a lawsuit against BP Solar Holding LLC and its affiliate Lightsource Renewable Energy Trading following their failure to cure multiple breaches of contractual obligations. According to public reports published earlier in the year, BP has been looking to divest its interests in its renewables development arm. Despite agreements to purchase approximately $1.9 billion or 6.6 gigawatts of solar modules, these BP affiliates did not meet required payment obligations or provide required payment security. After issuing default notices and providing opportunities to cure, we terminated the contracts, which entitles us to approximately $385 million in termination payments. Of this amount, we've recognized $61 million in previously collected down payments as revenue.

在先前的電話會議中，我們強調了跨國石油天然氣、電力和公用事業公司（尤其是總部位於歐洲的公司）面臨戰略轉變的風險，其中一些公司正在放棄再生能源項目開發，轉而重新投資化石燃料。9 月 30 日，First Solar 對 BP Solar Holding LLC 及其附屬公司 Lightsource Renewable Energy Trading 提起訴訟，指控其未能糾正多項違反合約義務的行為。根據今年稍早發布的公開報道，BP一直在尋求剝離其在再生能源開發部門的權益。儘管已達成協議購買價值約 19 億美元或 6.6 吉瓦的太陽能組件，但這些 BP 關聯公司並未履行必要的付款義務或提供必要的付款擔保。在發出違約通知並給予補救機會後，我們終止了合同，這使我們有權獲得約 3.85 億美元的終止付款。其中，我們已將先前收取的 6,100 萬美元預付款確認為收入。

We're seeking monetary damages which includes approximately $324 million in remaining termination payments, along with certain other receivables for solar modules previously delivered and interest. And if realized, the $324 million will be recognized as revenue. We were ready, willing and able to continue fulfilling our contractual obligations to these BP affiliates and are disappointed that we must resort to litigation. The modules that are subject to the contract breach are a mix of domestic and international product, most of which were scheduled to be produced in Q3 and future quarters for deliveries expected to extend into 2029.

我們正在尋求金錢賠償，其中包括約 3.24 億美元的剩餘終止付款，以及先前交付的太陽能組件的某些其他應收款項和利息。如果這筆3.24億美元的投資得以實現，將被確認為收入。我們已做好準備，願意並能夠繼續履行我們對這些 BP 關聯公司的合約義務，但很遺憾我們不得不訴諸訴訟。此次違約涉及的模組包括國內產品和國際產品，其中大部分計劃在第三季及以後的季度生產，預計交付將持續到 2029 年。

We're working to address the planned allocation of module inventory that could have been delivered to the BP affiliates, if not for their contract breach.

我們正在努力解決模組庫存的計劃分配問題，如果不是因為 BP 關聯公司違反合同，這些庫存本可以交付給他們。

With respect to such planned future module production, the market for these modules may be constrained by the US, Indian, and European policy and market conditions discussed on the February earnings call and that has since been further exacerbated in the US with our traditional utility scale customer experiencing transmission and permitting-related challenges in large part due to the constraints reflected in the July Department of Interior memo related to renewables project development, the ongoing government shutdown, and the impact of tariffs. Note, these same factors, which are further exacerbated by the breach of contract of the BP affiliates, given our loss of contracted offtake for the product, may drive further underutilization charges being realized in 2026 as it relates to our Southeast Asian production facilities for the planned module volume expected to be delivered to these BP affiliates.

就此類計畫中的未來模組生產而言，這些模組的市場可能會受到美國、印度和歐洲政策及市場狀況的限制，這些政策和狀況在 2 月的財報電話會議上進行了討論。此後，這種情況在美國進一步加劇，我們傳統的公用事業規模客戶在輸電和許可方面遇到了挑戰，這主要是由於 7 月份內政部關於可再生能源項目開發的備忘錄中反映的限制、持續的政府停擺以及關稅的影響。請注意，由於 BP 關聯公司違反合同，導致我們失去了該產品的合約承購量，這些因素進一步加劇了上述情況，並可能導致我們在 2026 年因東南亞生產設施計劃向這些 BP 關聯公司交付的模組數量而產生進一步的產能利用不足費用。

As a result, our quarter-end contracted backlog stood at 53.7 gigawatts valued at $16.4 billion or approximately $0.305 per watt. And as of today, our total expected contracted backlog stands at 54.5 gigawatts, excluding any volumes sold after the end of the quarter.

因此，截至季末，我們的合約積壓訂單為 53.7 吉瓦，價值 164 億美元，約合每瓦 0.305 美元。截至今日，我們的預計合約積壓訂單總量為 54.5 吉瓦，不包括季度末之後售出的任何數量。

Moving to slide 6. Our total pipeline of mid- to late-stage booking opportunities remained strong, with bookings opportunities of 79.2 gigawatts and mid- to late-stage booking opportunities of 17.8 gigawatts. Our mid- to late-stage pipeline includes 4.1 gigawatts of opportunities that are contracted subject to conditions precedent. As a reminder, signed contracts in India will not be recognized as bookings until we receive full security against the offtake.

切換到第6張投影片。我們中後期預訂機會的總量依然強勁，預訂機會達 79.2 吉瓦，中後期預訂機會達 17.8 吉瓦。我們處於中後期階段的項目儲備包括 4.1 吉瓦的已簽訂合約的項目，但需滿足先決條件。再次提醒，在印度簽署的合約只有在我們收到全部的承購保證金後才會被確認為預訂。

I'll now cover our third-quarter financial results on slide 7. We recognized 5.3 gigawatts of module sales during the quarter, including 2.5 gigawatts from our US manufacturing facilities. Our net sales totaled $1.6 billion, representing an increase of $0.5 billion compared to the prior quarter. This increase was primarily driven by higher shipment volumes from anticipated back-weighted profile of deliveries over the course of the year.

接下來我將在第7張投影片上介紹我們第三季的財務表現。本季我們確認了 5.3 吉瓦的組件銷售額，其中包括來自我們美國製造工廠的 2.5 吉瓦。我們的淨銷售額總計16億美元，比上一季增加了5億美元。這一增長主要是由於預計全年交付量將提前，從而導致出貨量增加。

Our sales included $81 million in contract termination payments, with $61 million related to the contract breach with the BP affiliates. This amount was recognized from existing cash deposits.

我們的銷售額包括 8,100 萬美元的合約終止付款，其中 6,100 萬美元與 BP 關聯公司的違約有關。這筆款項已從現有現金存款確認。

Gross margin for the quarter was 38%, a decrease from 46% in the prior quarter. This decrease was primarily due to a lower mix of modules sold from our US manufacturing facilities, which benefit from Section 45X tax credits. Additionally, we incurred higher underutilization costs due to continued production curtailments in Southeast Asia, the BP affiliates' termination, and glass supply chain disruption at our Alabama facility.

本季毛利率為 38%，較上一季的 46% 下降。這一下降主要是由於來自我們美國製造工廠的模組銷售比例降低，這些工廠可以享受第 45X 條款稅收抵免。此外，由於東南亞持續減產、BP 附屬公司終止合作以及阿拉巴馬州工廠玻璃供應鏈中斷，我們產生了更高的產能利用不足成本。

As an update on warranty-related matters, we've resolved certain obligations and advanced negotiations with additional customers regarding manufacturing issues affecting select Series 7 modules produced prior to 2025. Based on our settlement experience, the estimated number of affected modules and projections of probable remediation costs, we believe a reasonable estimate of potential future losses will range from approximately $50 million to $90 million. Within this range, we recorded a specific warranty liability of $65 million, an increase of $9 million from our prior estimate, representing our best estimate of expected future losses associated with these manufacturing issues.

關於保固相關事宜的最新進展，我們已經解決了一些義務，並與其他客戶就影響 2025 年之前生產的特定 7 系列模組的製造問題進行了深入談判。根據我們的和解經驗、受影響模組的估計數量以及可能的補救成本預測，我們認為未來潛在損失的合理估計約為 5000 萬美元至 9000 萬美元。在此範圍內，我們記錄了 6500 萬美元的特定保固負債，比我們先前的估計增加了 900 萬美元，這代表了我們對與這些製造問題相關的預期未來損失的最佳估計。

As of the end of the third quarter, we maintained approximately 0.6 gigawatts of potentially impacted Series 7 inventory, including 0.2 gigawatts under contract and included in our backlog. SG&A, R&D and production start-up expense totaled $145 million in the third quarter, an increase of approximately $6 million compared to the second quarter. This increase was primarily driven by start-up costs associated with the accelerated ramp-up of our Louisiana facility aimed at providing resiliency to our US production for the year. Operating income for the quarter was $466 million, which included $138 million in depreciation, amortization, and accretion; $49 million in ramp and underutilization costs; $37 million in production start-up expense; and $7 million in share-based compensation.

截至第三季末，我們維持約 0.6 吉瓦可能受影響的 Series 7 庫存，其中包括已簽訂合約併計入我們積壓訂單的 0.2 吉瓦。第三季銷售、管理及行政費用、研發費用和生產啟動費用總計 1.45 億美元，比第二季增加了約 600 萬美元。這一成長主要是由於路易斯安那州工廠加速投產所帶來的啟動成本，旨在增強我們今年在美國的生產韌性。本季營業收入為 4.66 億美元，其中包括 1.38 億美元的折舊、攤銷和增值；4,900 萬美元的產能爬坡和產能利用不足成本；3,700 萬美元的生產啟動費用；以及 700 萬美元的股份支付費用。

Non-operating income resulted in a net expense of $6 million in the third quarter, representing a decrease of approximately $4 million compared to the prior quarter. This is primarily driven by higher interest income as a result of an increase in investable cash, cash equivalents, and marketable securities. Tax expense for the third quarter was $4 million compared to tax expense of $10 million in the second quarter. This decrease in tax expense was primarily driven by a $19 million discrete tax benefit associated with the acceptance of a filing position on an amended tax return in a foreign jurisdiction, partially offset by higher pretax income. This resulted in third quarter earnings of $4.24 per diluted share.

第三季非經營性收入導致淨支出 600 萬美元，比上一季減少了約 400 萬美元。這主要是由於可投資現金、現金等價物和有價證券的增加，從而帶來了更高的利息收入。第三季的稅項支出為 400 萬美元，而第二季的稅項支出為 1,000 萬美元。稅收支出的減少主要是由於在外國司法管轄區接受修改後的納稅申報表申報立場而獲得的 1900 萬美元的單次稅收優惠，部分被更高的稅前收入所抵消。這使得第三季稀釋後每股收益達到 4.24 美元。

Turning to slide 8, I'll discuss select balance sheet items and summary cash flow information. At the end of Q3, our total cash, cash equivalents, restricted cash, and marketable securities stood at $2 billion, an increase of approximately $0.8 billion from Q2, driven by improved working capital, new bookings deposits, and accelerated customer payments ahead of the effective date for new beginning-of-construction guidance. As disclosed in our Form 8-K on October 20, 2025, we executed two Section 45X tax credit transfer agreements totaling up to $775 million in tax credits. A fixed agreement for the sale of $600 million in tax credits at a purchase price of $573 million, payable by year-end, and a variable agreement with the sale of up to $175 million in tax credits, with payment expected in Q1 2026. These transactions highlight the liquidity of the 45X credit market and strengthen our near-term liquidity to support our technology roadmap and expansion priorities.

接下來請看第 8 張投影片，我將討論部分資產負債表項目和現金流量總結資訊。截至第三季末，我們的現金、現金等價物、受限現金和有價證券總額為 20 億美元，比第二季增加了約 8 億美元，這主要得益於營運資本的改善、新的預訂定金以及在新的開工指導生效日期之前客戶加快付款。正如我們在 2025 年 10 月 20 日的 8-K 表格中所揭露的那樣，我們簽署了兩項第 45X 條款稅收抵免轉讓協議，稅收抵免總額高達 7.75 億美元。一項固定協議，以 5.73 億美元的購買價格出售 6 億美元的稅收抵免，款項將於年底前支付；另一項可變協議，出售至多 1.75 億美元的稅收抵免，預計將於 2026 年第一季度支付。這些交易凸顯了 45X 信貸市場的流動性，並增強了我們的近期流動性，以支持我們的技術路線圖和擴張重點。

Accounts receivable decreased sequentially, driven by higher cash collections. At quarter end, total overdue balances were approximately $334 million, including a deferred payment settlement of $93 million with a customer, for which interest payments remain current. In addition, we have approximately $70 million in uncollected receivables related to termination payments. We currently have $82 million accounts receivable for delivered modules that are aged and past due with the aforementioned BP affiliates. This does not include any additional anticipated proceeds from potential recoveries associated with their breach of contract.

受現金回收增加的影響，應收帳款較上月下降。截至季末，逾期餘額總額約為 3.34 億美元，其中包括與一位客戶達成的 9,300 萬美元的延期付款結算協議，該協議的利息支付仍然正常。此外，我們還有約 7,000 萬美元的未收回款項，這些款項與終止付款有關。目前，我們向上述 BP 關聯公司應收帳款總額為 8,200 萬美元，這些款項是已交付模組的帳齡已過，尚未支付。這還不包括因違約而可能獲得的額外預期收益。

Although termination payments remain contractually due, these balances are expected to persist pending the resolution of arbitration and litigation. In all instances of contract termination, we're actively pursuing all available remedies, including arbitration and litigation to enforce our contractual rights and recover amounts owed. Deferred revenue increased by $395 million, primarily due to accelerated customer payments ahead of the effective date for new beginning-of-construction guidance, partially offset by revenue recognized from delivered modules and termination payments. Capital expenditures totaled $204 million in Q3, mainly driven by investments in our Louisiana facility, where we initiated production runs and started plant qualification. As a result, our net cash position increased by approximately $0.9 billion to $1.5 billion.

儘管根據合約仍需支付終止款項，但預計這些餘額將持續存在，直到仲裁和訴訟得到解決。在所有合約終止的情況下，我們都會積極尋求所有可用的補救措施，包括仲裁和訴訟，以強制執行我們的合約權利並追回所欠款項。遞延收入增加了 3.95 億美元，主要是由於客戶在新的開工指導生效日期之前提前付款，部分被已交付模組確認的收入和終止付款所抵消。第三季資本支出總額為 2.04 億美元，主要得益於對路易斯安那州工廠的投資，我們在該工廠啟動了生產運作並開始了工廠認證。因此，我們的淨現金部位增加了約 9 億美元，達到 15 億美元。

Before addressing our updated guidance, I'd like to revisit the policy and trade environment that shaped our operational decisions throughout the year. These evolving dynamics influenced our strategy, impacted quarterly performance, and informed our adjustment to forward guidance. Our 2025 shipment profile required sustained production to fulfill contractual commitments concentrated in the second half of the year amid significant trade and tariff uncertainty. During this period, we navigated a range of potential tariff scenarios, customer negotiations and regulatory developments, including Section 232 actions, FEOC restrictions and AD/CVD investigations. At one point, we managed two possible tariff regimes, a continuation of a 10% universal tariff or adoption of reciprocal tariffs initially set at 26% for India, 24% for Malaysia, and 46% for Vietnam, later amended to 50%, 19%, and 20% respectively.

在介紹我們更新後的指導方針之前，我想回顧一下影響我們全年營運決策的政策和貿易環境。這些不斷變化的動態影響了我們的策略，影響了季度業績，並促使我們調整了未來的業績指引。我們2025年的出貨計畫需要持續生產，以履行集中在下半年的合約義務，而貿易和關稅方面存在很大的不確定性。在此期間，我們應對了一系列潛在的關稅方案、客戶談判和監管發展，包括第 232 條款行動、聯邦出口管制委員會限制和反傾銷/反補貼調查。我們一度製定了兩種可能的關稅制度，一種是繼續實施 10% 的普遍關稅，另一種是採用互惠關稅，最初對印度設定為 26%，對馬來西亞設定為 24%，對越南設定為 46%，後來分別修改為 50%、19% 和 20%。

Our strategy has been to maintain sufficient capacity to fulfill international module commitments and to actively pursue tariff recoveries from customers at the same time as temporarily curtailing or idling capacity and recording underutilization in circumstances where tariff recovery is unlikely and module sale economics would be challenged. The upper end of our prior guidance assumes sustained production with partial tariff recoveries, whereas the lower end reflected risks tied to termination-related impacts, including additional underutilization costs and margin erosion from terminated contracts.

我們的策略是保持足夠的產能以履行國際模組承諾，並積極向客戶追討電費，同時在不太可能追回電費且模組銷售經濟效益會受到挑戰的情況下，暫時削減或閒置產能並記錄產能利用不足。我們先前的指導意見上限假設生產能夠持續進行，並能部分收回關稅；而下限則反映了與終止合約相關的風險，包括因合約終止而導致的額外產能利用不足成本和利潤率下降。

Three significant updates drive our revised guidance ranges today. Firstly, the decision announced today to establish a new 3.7 gigawatt US production facility, enabling us to onshore finishing for Series 6 modules initiated by our international fleet, will result in approximately $330 million of the total program direct spend, including approximately $260 million of capital expenditures, approximately $70 million of non-capitalized expense associated with equipment de-installation, cleaning, packaging, shipping, import tariffs and reinstallation. Of this, we expect an incremental $26 million of CapEx and $2 million of production start-up expense in 2025. In addition, we forecast approximately $10 million of incremental indirect charges in 2025 associated with this decision, including severance and asset impairment expenses.

今天，我們修訂後的指導意見範圍主要基於三項重大更新。首先，今天宣布的建立一座新的 3.7 吉瓦美國生產設施的決定，將使我們能夠對國際車隊啟動的 6 系列組件進行本土化加工，這將使整個項目的直接支出達到約 3.3 億美元，其中包括約 2.6 億美元的資本支出，以及約 7000 萬美元的非資本化支出，這些支出與設備運輸、清潔、清潔和安裝有關。其中，我們預計 2025 年將新增 2,600 萬美元資本支出和 200 萬美元生產啟動費用。此外，我們預測，與此決定相關的 2025 年將產生約 1,000 萬美元的額外間接費用，包括遣散費和資產減損費用。

As previously noted, we continue to evaluate options for our remaining Malaysia and Vietnam facilities. Today's guidance excludes any additional costs associated with potential restructuring charges or asset impairments that may impact 2025 or future operating results. Secondly, as it relates to the termination of contracts with affiliates of BP, the loss of gross margin assumed in 2025 was largely offset by the termination payment recorded in Q3.

如前所述，我們將繼續評估我們在馬來西亞和越南剩餘設施的各種方案。今天的指導意見不包括與潛在重組費用或資產減損相關的任何額外成本，這些成本可能會影響 2025 年或未來的營運績效。其次，就與 BP 關聯公司終止合約而言，預計 2025 年的毛利率損失在很大程度上被第三季記錄的終止付款所抵銷。

Increased underutilization expenses from reduced plant throughput as we curtail production given this termination of demand, were incorporated in the low end of our guidance range. Thirdly, as previously discussed, simultaneous incidents at 2 of our glass suppliers led to a shortage of glass available at our Alabama facility in Q3. This reduced full year production by approximately 0.2 gigawatts, resulting in a reduction to gross margin and Section 45X tax credits and increased underutilization costs.

由於需求終止，我們削減了生產，導致工廠產能下降，由此產生的未充分利用成本增加，這些成本已計入我們指導範圍的下限。第三，正如之前討論過的，我們的兩家玻璃供應商同時發生事故，導致我們在阿拉巴馬州的工廠在第三季度出現玻璃短缺。這導致全年產量減少了約 0.2 吉瓦，從而導致毛利率和第 45X 條款稅收抵免減少，以及未充分利用成本增加。

Turning to slide 9. I'll now outline the key updates to our 2025 guidance ranges, which incorporate the cascading impact of our third quarter operational and financial results. Our net sales guidance is projected at $4.95 billion to $5.20 billion, reflecting a downward revision of approximately 0.5 gigawatts from the top end of our prior guidance. This adjustment primarily reflects reduced international volumes sold due to customer terminations, partially offset by termination payments, as well as 0.5 gigawatt reduction in assumed domestic India sales following the midyear redirection of India products from the US market to the domestic book-and-bill market, driven by the high tariff for imports into the US.

翻到第9張投影片。接下來，我將概述我們對 2025 年業績指引範圍的主要更新，其中包含了我們第三季度營運和財務業績的連鎖影響。我們的淨銷售額預期為 49.5 億美元至 52 億美元，較先前預期的上限下調了約 0.5 吉瓦。這項調整主要反映了由於客戶終止合約而導致的國際銷售減少，部分被終止付款所抵消，以及由於美國對進口產品徵收高額關稅，導致印度產品在年中從美國市場轉向國內賬面市場，從而導致印度國內銷量預計減少 0.5 吉瓦。

Additionally, US manufactured volumes sold is expected to decrease 0.2 gigawatts at the high end of the guide as a result of Q3 glass supply constraints at our Alabama facility, partially offset by 0.1 gigawatts at the low end by expected increased supply from our Louisiana factory. Gross margin is expected to be between $2.1 billion and $2.2 billion or approximately 42%. This includes approximately $1.56 billion to $1.59 billion of Section 45X tax credits and $155 million to $165 million of ramp and underutilization costs. The bottom end of our previous guide has increased significantly due to further curtailment of our Southeast Asia manufacturing capacity following the contract terminations by affiliates of BP.

此外，由於阿拉巴馬州工廠第三季玻璃供應受限，預計美國製造的銷售量將減少 0.2 吉瓦（見指導值上限），但路易斯安那州工廠預計增加的供應將部分抵消 0.1 吉瓦（見指導值下限）。預計毛利率將在 21 億美元至 22 億美元之間，約 42%。這其中包括約 15.6 億美元至 15.9 億美元的第 45X 條款稅收抵免，以及 1.55 億美元至 1.65 億美元的產能利用不足成本。由於 BP 關聯公司終止合約，導致我們在東南亞的生產能力進一步削減，我們先前指南的下限大幅上升。

SG&A and R&D combined expense is expected to total $425 million to $445 million. And total operating expenses, which include $90 million of production start-up expense, are expected to be between $515 million and $535 million. Operating income is expected to range between $1.56 billion and $1.68 billion, implying an operating margin of approximately 32%. This guidance includes $245 million to $255 million in combined ramp ,underutilization and production start-up expense, as well as approximately $1.56 billion to $1.59 billion in Section 45X tax credits, net of the anticipated discount associated with the sale of these credits. This results in a full year 2025 earnings per diluted share guidance range of $14 to $15.

銷售、管理及行政費用及研發費用合計預估為 4.25 億至 4.45 億美元。預計總營運費用（包括 9,000 萬美元的生產啟動費用）將在 5.15 億美元至 5.35 億美元之間。預計營業收入將在 15.6 億美元至 16.8 億美元之間，這意味著營業利潤率約為 32%。該指導意見包括 2.45 億美元至 2.55 億美元的綜合爬坡、未充分利用和生產啟動費用，以及約 15.6 億美元至 15.9 億美元的第 45X 條款稅收抵免，扣除與出售這些抵免相關的預期折扣。由此得出 2025 年全年稀釋後每股盈餘預期範圍為 14 美元至 15 美元。

In summary, the upper end of our EPS guidance range is reduced by $1.50 per diluted share. This includes approximately $0.60 per share from the supply chain impact at our Alabama facility, which resulted in increased underutilization costs and lower volumes sold. Contract termination by BP affiliates reduces EPS by another approximately $0.60 per share due to increased underutilization costs and lower volumes sold, partially offset by termination payments. The remaining $0.30 per share is a combination of reduced India volumes sold, increased production start-up expense, finishing line costs and warranty expense, partially offset by non-BP affiliate termination payments and decreased full year tax expense. Capital expenditures for 2025 are now expected to range between $0.9 billion and $1.2 billion. Our year-end 2025 net cash balance is anticipated to be between $1.6 billion and $2.1 billion.

總而言之，我們將每股盈餘預期上限下調了 1.50 美元（稀釋後）。這其中包括因阿拉巴馬州工廠供應鏈受到影響而導致的每股約 0.60 美元的成本，這造成了產能利用率不足成本增加和銷售下降。BP 關聯公司終止合約導致每股收益減少約 0.60 美元，原因是產能利用率不足成本增加和銷售下降，部分被終止付款所抵消。每股剩餘的 0.30 美元是由於印度銷售減少、生產啟動費用增加、成品線成本和保固費用增加等因素造成的，部分被非 BP 關聯公司的終止付款和全年稅收支出減少所抵消。預計 2025 年的資本支出將在 9 億至 12 億美元之間。我們預計到 2025 年底的淨現金餘額將在 16 億至 21 億美元之間。

Turning to slide 10, I'll now summarize the key messages from today's call. Despite some near-term headwinds, we continue to believe that our integrated domestic manufacturing platform and reshored domestic supply chain position us for long-term success. We're building a new 3.7 gigawatt capacity module finishing line in the US, which is expected to begin production in Q4 of 2026, and ramp at the first half 2027. We delivered a record 5.3 gigawatts of module sales, and our Q3 earnings per diluted share came in above the midpoint of our guidance range at $4.24 per share.

接下來請看第 10 張投影片，我將總結今天電話會議的主要資訊。儘管短期內會面臨一些不利因素，但我們仍然相信，我們一體化的國內製造平台和回流國內的供應鏈將使我們獲得長期的成功。我們正在美國建造一條新的 3.7 吉瓦容量的組件精加工生產線，預計將於 2026 年第四季開始生產，並於 2027 年上半年開始量產。我們實現了創紀錄的 5.3 吉瓦組件銷售額，第三季稀釋後每股收益為 4.24 美元，高於我們預期範圍的中點。

We saw an improvement in our gross cash position to $2 billion and recently executed agreements to sell additional Section 45X tax credits, which we expect to further enhance our liquidity position. We revised our full year guidance to reflect the impact of third-party glass supply chain disruptions as well as the termination of 6.6 gigawatts of volume by affiliates of BP, for which we recognized a partial termination payment and have filed a lawsuit for damages for breach of contracts.

我們的現金總額已改善至 20 億美元，並且最近簽署了出售更多 45X 條款稅收抵免的協議，我們預計這將進一步增強我們的流動性。我們修訂了全年業績預期，以反映第三方玻璃供應鏈中斷的影響，以及 BP 關聯公司終止 6.6 吉瓦的供應量，為此我們確認了部分終止付款，並已提起訴訟，要求賠償因違反合約造成的損失。

With this, we conclude our prepared remarks and open the floor for questions. Operator?

至此，我們的發言稿就結束了，現在開始接受提問。操作員？

(Operator Instructions) Philip Shen, ROTH Capital Partners.

（操作員說明）Philip Shen，ROTH Capital Partners。

First one is on the 6.6 gigawatts of termination with BP. Just want to check in on whether or not in terms of rebooking this volume, it sounds like it's volume from '26 through '29. What kind of incremental pricing do you think you can get for this? Would you expect these bookings to get locked in following the Section 232 tariff announcement, which should be near term? So sometime in Q4 or Q1?

第一個是關於與 BP 的 6.6 吉瓦終止。只是想確認一下，關於重新預訂這張唱片，聽起來像是 2026 年至 2029 年的唱片。你認為這款產品可以實現怎樣的增量定價？您認為這些預訂會在近期公佈的第 232 條款關稅政策公佈後得到鎖定嗎？所以大概在第四季或第一季？

And then -- or do you think you might wait until things settle down post 232?

然後——或者你認為你會等到 232 事件之後局勢穩定下來再做打算？

And then the second question is tied into this, as it relates to the 232. Is there room for negotiation, you think, with any of your fixed price contracts that you have out there, where they may not have been accounted for in terms of this new tariff? So just curious if you can share some color on that as well.

第二個問題與此相關，因為它與 232 有關。您認為對於您現有的固定價格合同，是否有談判空間？因為這些合約可能沒有被納入新的關稅政策中。所以，我只是好奇您是否也能分享一些這方面的細節。

Yes, Phil, look, I mean, now with the termination, we clearly are going to be engaging, looking -- given our overall pipeline of opportunities, to figure out the right opportunities for the volume in the respective windows that was anticipated to be delivered. We will continue to be very patient in that regard, assuming we can get good prices. Like if you look at the 1 deal that Alex included in his prepared remarks, the base price plus the CuRe adders get that number into a little bit north of 36, close to $0.365, and I think that's a number that we would continue to look to engage. But at this point in time, I think there's other catalysts that could put a little bit more momentum behind that pricing as well, especially with the 232, as you referenced, and there's still obviously, FEOC guidance that's going to continue to be provided as well.

是的，菲爾，你看，我的意思是，現在合約終止了，我們顯然會積極尋找機會——考慮到我們整體的機會儲備，找出在預期交付的各個窗口期內合適的業務量機會。我們在這方面會繼續保持耐心，前提是我們能拿到好價格。例如，如果你看一下 Alex 在他準備好的發言稿中提到的那筆交易，基本價格加上 CuRe 附加費，最終價格略高於 36 美元，接近 0.365 美元，我認為這是一個我們會繼續努力爭取達成的價格。但就目前而言，我認為還有其他催化劑可以進一步推動價格上漲，特別是如您提到的 232 號法案，而且顯然，聯邦僱員退休委員會 (FEOC) 也將繼續提供指導。

So a lot of insights or information that still is valuable to us to gain. If we can get good pricing, we'll continue to layer on some volumes into the years that we currently have available supply. But I think the value of being patient here is going to only work to our benefit in that regard.

因此，從中可以獲得許多對我們仍然有價值的見解或資訊。如果價格合適，我們將繼續在我們目前有供應的年份中增加一些產量。但我認為，在這方面保持耐心只會對我們有利。

As it relates to the fixed-price contracts, the value of certainty, I think, is what Alex indicated in his comments and we said that many times before. The contracts are -- do not have latitude for something like a revised tariff environment that was not assumed at the time of the committed obligations that both parties assumed. So they do not allow openers for 232s, as an example. But we still have capacity in the foreseeable future, especially through our international operations that we can use to engage the market and provide supply once we know the outcome of 232. But yes, the existing contracts that are on the books right now, those are obligations for both parties, and we take that seriously.

至於固定價格合同，我認為，確定性的價值正如 Alex 在他的評論中所指出的那樣，我們之前也多次說過這一點。合約中沒有迴旋餘地來應對像關稅環境變化這樣的情況，因為這種情況是在雙方承擔承諾義務時沒有預料到的。例如，他們不允許使用 232 開球。但在可預見的未來，我們仍然有能力，特別是透過我們的國際業務，一旦我們知道 232 的結果，我們就可以利用這些能力進入市場並提供供應。是的，目前已生效的合約對雙方都有約束力，我們對此非常重視。

That's also why we took the position that we did with the Lightsource BP transaction and the termination enforcing our contractual rights. We worked, as we indicated in our prepared remarks, to try to get to an outcome that would be beneficial for both parties. We couldn't get there. So we had to enforce the contract. And we hold ourselves accountable to that as well.

這也是為什麼我們在 Lightsource BP 交易和終止合約時採取了那樣的立場，以維護我們的合約權利。正如我們在準備好的演講稿中所述，我們努力尋求對雙方都有利的結果。我們沒能到達那裡。所以我們必須強制執行合約。我們也會對此負責。

We have contracts and obligations to deliver. Pricing is fixed, except for certain respective adders and would not include tariff-related outcome or any other adjustments that were a result of the 232s that are being currently under investigation.

我們有合約和義務履行交付義務。價格是固定的，但某些附加費除外，並且不包括關稅相關結果或因目前正在調查的 232 條款而產生的任何其他調整。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

I guess, first, I just want to make sure I interpret this correctly. It sounded like, Mark, you're saying given the adders' indicative pricing, $0.36, $0.365 per watt, that's maybe kind of level of entitlement you think you'll ultimately settle that once this game of patience evolves to when you really engage in pricing discussions post FEOC and 232? And then the second question, just on -- the 3.7 gigawatt finishing line, great to hear on that. But is the CapEx all being spent this year? And then maybe high-level thoughts around just expanding that?

我想，首先，我只是想確認一下我的理解是否正確。聽起來，馬克，你的意思是，鑑於附加器的指示性定價為每瓦 0.36 美元、0.365 美元，你認為一旦這種耐心遊戲演變成在 FEOC 和 232 之後真正參與定價討論，你最終可能會接受這種程度的合理價格？然後是第二個問題，關於——3.7 吉瓦的終點線，很高興聽到這個消息。但今年的資本支出是否全數用完？然後或許可以就如何擴展這個領域進行一些高層次的思考？

Why not simply do a full 7 gigawatts plus to cover both the Vietnam and Malaysia volume capacity?

為什麼不直接做足 7 吉瓦以上的裝置容量，以滿足越南和馬來西亞的電力需求呢？

Yeah. So Brian, I think as you summarize what I said to Phil, I think that's the objective of where we'd like to ultimately see, especially with the -- on the other side of understanding of FEOC and the 232. That's kind of the entitlement that we would expect with -- especially for the new technology and the value adder that we provide through CuRe. So I think you summarized that well. I'll let Alex talk to the CapEx.

是的。所以布萊恩，我認為正如你總結我跟菲爾說的話一樣，我認為這就是我們最終想要看到的目標，尤其是在——另一方面，對FEOC和232的理解。這是我們應該享有的權利——特別是對於我們透過 CuRe 提供的新技術和增值服務而言。我覺得你總結得很好。我會讓 Alex 去跟資本支出部門談談。

But before that, as it relates to where we are right now is 3.7. One of the things that we do want to try to keep measured is -- the finishing line will bring with it domestic content, right? But it's not going to bring the entire value stack of domestic content that we capture through our production in Perrysburg. The front-end semi-finished product that comes into the US, obviously, by definition, will not value -- not create domestic content value. So what we're trying to do is keep that throughput pretty much balanced, so we can continue to blend.

但在此之前，就我們目前的情況而言，是 3.7。我們想要努力保持衡量的一件事是——終點線將帶來國內內容，對吧？但這並不能帶來我們在佩里斯堡製作的影片所獲得的全部國內內容價值。顯然，根據定義，進入美國的前端半成品不會創造國內內容價值。所以我們努力的目標是保持吞吐量基本平衡，以便我們可以繼續混合。

So even that contract that I referenced with the adders that got into the mid-36, that was still a blend of international and domestic. And so we think that by keeping that balance, that allows us to realize the highest potential value for that finishing line. So that's where our head is right now. 3.7 kind of balances very well with the production that we have in Perrysburg, which is north of 3 gigawatts as well. We'll continue to evaluate whether there's an opportunity to bring more into the US, using the front-end capacity we have internationally. We'll have opportunities to better reassess that once we understand the outcome of 232 in particular and the FEOC guidance that we're looking forward to, and we'll make that decision at that time.

所以即使是我提到的與 36 年中期的 Adder 簽訂的合同，仍然是國際和國內的混合體。因此，我們認為，透過保持這種平衡，可以讓我們實現終點線的最大潛在價值。這就是我們目前的想法。 3.7吉瓦的裝置容量與我們在佩里斯堡的發電量（也超過3吉瓦）非常吻合。我們將繼續評估是否有機會利用我們在國際上的前端產能，將更多產品引入美國市場。一旦我們了解了 232 號案件的具體結果以及我們期待的聯邦僱員資格審查委員會 (FEOC) 的指導意見，我們將有機會更好地重新評估此事，屆時我們將做出決定。

And Brian, just on the spend. So what we said is about $330 million of direct spend. Of that, $260 million is CapEx. And of that $260 million, we'll spend about 10% of it this year. So $26 million, the remainder will be spent in 2026.

還有布萊恩，就花銷方面而言。所以我們說的是大約 3.3 億美元的直接支出。其中，2.6億美元為資本支出。在這2.6億美元中，我們將在今年花費約10%。所以，2600萬美元，剩餘部分將在2026年花掉。

The other $70 million, so $260 million of CapEx, $330 million of total spend. The other $70 million is noncapitalizable spend. So that's going to be decommissioning of the current tools, taking them out, cleaning, packing them, the freight to get them to the US, some tariff on the import, reinstallation. So all that will be expensed versus capitalized. Of that $70 million, we're only forecasting spending about $2 million this year, the rest will come in 2026.

其餘 7,000 萬美元，因此資本支出為 2.6 億美元，總支出為 3.3 億美元。其餘7000萬美元為不可資本化的支出。所以，這包括拆除現有工具、將其搬出、清潔、包裝、將其運往美國的運費、進口關稅以及重新安裝。因此，所有這些費用都將計入費用而非資本化。在這 7,000 萬美元中，我們預計今年只會花費約 200 萬美元，其餘的將在 2026 年到位。

There is some incremental charge that we'll hit this year. We said about $10 million. That's indirect associated with what we're doing. So it's not part of $330 million. That's some severance for some associates that will be impacted in Southeast Asia.

今年我們將實現一些增量收費。我們說大約是1000萬美元。這和我們正在做的事情間接相關。所以它不屬於那3.3億美元的一部分。對一些受影響的東南亞同事來說，這是一筆不小的遣散費。

And then there'll be some equipment write-off as well. There may be more associated with that in 2026, and we'll give you more color on that when we guide for next year.

此外，還會有一些設備需要報廢。2026 年可能會有更多相關情況，我們將在明年的預測報告中為您詳細介紹。

Moses Sutton, BNP Paribas.

摩西‧薩頓，法國巴黎銀行。

In the past, Alex, you delineated, I think, 85% of either gigawatts or customers were in like a true take-or-pay structure contractually. And 15%, maybe it was 16% were supported by the nonrefundable deposits or termination fees. Was BP in the latter bucket? Hence, that you're going after and litigating for that? Given BP is over 10% of the backlog or was at least, I would assume that they weren't in the take-or-pay bucket, but I just want to confirm and if you can comment on which bucket they are?

Alex，過去你曾明確指出，我認為，85% 的千兆瓦電力或客戶都採用了真正的照付不議合約結構。其中 15% 或 16% 是由不可退還的訂金或終止費用支持的。BP屬於後者嗎？所以，你是要追究此事並提起訴訟嗎？鑑於BP佔積壓訂單的10%以上（或至少曾經佔），我推測他們不屬於「照付不議」的範疇，但我只是想確認一下，您能否評論一下他們屬於哪一類？

And can you update how firm the rest of the contracts are? I think it would be a good time to give a mark-to-market on that.

您能否更新一下其他合約的確定程度？我認為現在是對該股票進行市值估值的好時機。

Yes. So when you say take or pay, I think maybe what you're referring to is termination for convenience, potentially. Correct me if I'm wrong, but if you're referring to that piece, then the BP contracts were not contracts that had an ability to terminate for convenience. So they had no ability to exit those contracts. Now if they had wanted to cancel, they could have certainly worked with us, we would have had a discussion and potentially a solution we could have come to. But as Mark said, unfortunately, despite working with them for a long period of time, they chose to default on these contracts.

是的。所以，當你說「要嘛接受要嘛付出代價」時，我想你可能指的是為了方便而終止合約。如果我理解有誤請指正，但如果您指的是那篇文章，那麼BP的合約並非可以隨意終止的合約。所以他們根本沒有辦法解除這些合約。如果他們當時想取消，當然可以和我們合作，我們可以進行討論，並有可能找到解決方案。但正如馬克所說，不幸的是，儘管我們與他們合作了很長時間，他們還是選擇違約。

We did have some cash deposits from them. That's the piece that we recognize as revenue associated with the termination. We also had some LCs. Generally, that was going in some of the accounts receivable we had outstanding, so we have pulled those LCs as well. And then the residual is generally parent guarantees, and that's the piece that we will be litigating to recover.

我們確實收到了他們的一些現金存款。這是我們確認的與終止交易相關的收入部分。我們還有一些LC。通常情況下，這些款項會用於償還我們一些未結清的應收帳款，因此我們也提取了這些信用證。剩下的部分通常是母公司擔保，而這正是我們將透過訴訟來追回的部分。

Jon Windham, UBS.

瑞銀集團的喬恩‧溫德姆。

Just a quick point of clarification, and then I'll get on to my real question. With the cancellation related to BP, was that all from international factories?

我先簡單澄清一點，然後才會提出我的真正問題。因BP事件導致的訂單取消，是否都來自國際工廠？

No. It was a mix of products, both international and domestic.

不。產品種類繁多，既有國際產品，也有國內產品。

Just clear on this and to -- the current year supply was essentially all international. So it was a mix. Again, the contract goes up multiple years with deliveries anticipated to go out through '29. So think of it as the front of that is mostly international. And as you get more longer dated, it then transitions into domestic.

這一點要明確一點——今年的供應基本上全部來自國際市場。所以情況比較複雜。同樣，該合約期限長達數年，預計交付將持續到 2029 年。所以你可以把它理解為，它的前端主要是國際性的。隨著約會時間的延長，它逐漸演變成家庭約會。

And then so just thinking about sort of net net, is it half half, how should we think about it?

那麼，仔細想想，總而言之，是五五開嗎？我們該怎麼看待這個問題呢？

Yes. I mean it's more than half of it being domestic, but it's a very -- a significant chunk of it being international.

是的。我的意思是，其中一半以上是國內的，但也有相當一部分是國際的。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Just following up a little bit on the earlier commentary about the CapEx. You suggested there may be one or more lines. Can you elaborate under what conditions you would look to seek to open multiple new lines on the finishing front? And how you would think about that in terms of the sourcing front as well? Internationally?

我只是想稍微補充一下之前關於資本支出的評論。您暗示可能有一條或多條線。您能否詳細說明一下，在什麼情況下您會考慮在成品加工領域開設多條新的生產線？那麼，從採購方面來看，您會如何考慮這個問題呢？國際上呢？

Yeah. It's also a distinction of how to refine it. So right now, there will be two lines in -- that we'll be bringing into the US for finishing. So there'll be two finishing lines. Okay? That is 3.7 gigawatts of capacity.

是的。這也是如何對其進行改進的區別。所以現在，會有兩條生產線——我們將把它們運到美國進行最後的加工。所以會有兩條終點線。好的？那相當於3.7吉瓦的容量。

We could bring more lines in, right? It doesn't have to be another 3.7. It could be effectively half of that to be another line, or we could potentially bring in two lines if need be. It's something that we're continuing to evaluate. There's enough front-end capacity to enable more finishing here in the US obviously.

我們可以增加更多線路，對吧？不一定要是 3.7。其實一半的量就可以增加一條生產線，或者必要時我們也可以增加兩條生產線。這是我們正在持續評估的問題。顯然，美國的前端產能足以支援更多的後期加工。

Number of variables, number of items that we've already referenced will inform our decisions around that. We're very excited about getting the first two lines, which adds up to the 3.7 capacity up and running here as we exit next year. And as we continue to evaluate market opportunities and demand, then we will form our decisions, do we make additional investments and how do we bring those lines in, in terms of timing. And do we do just only 6 or do we also look potentially to bring in Series 7 as well.

變數的數量，以及我們已經引用的項目數量，都將影響我們在這方面的決策。我們非常高興前兩條生產線即將投入使用，這將使我們明年年底的產能達到 3.7 億噸。隨著我們不斷評估市場機會和需求，我們將做出決定，是否進行額外投資，以及在時間安排上如何引入這些生產線。我們只推出第 6 代，還是也會考慮推出第 7 代？

Ben Kallo, Baird.

本卡洛，貝爾德。

Just following up, I think, on Brian's question earlier on pricing, the 4.1 gigawatts of opportunities confirmed but not booked. Can you talk anything about pricing there? And then with your cash balance, how do you think about that, maybe just the priorities of task going forward over the next two years? I know there's a lot of uncertainty.

我想就布萊恩之前提出的定價問題做個後續說明，4.1 吉瓦的商機已確認，但尚未預訂。可以談談那裡的價格嗎？那麼，關於您的現金餘額，您是如何考慮的呢？或許可以考慮一下未來兩年內各項任務的優先順序？我知道現在有很多不確定因素。

Yeah. On that 4.1, Ben, that's more historical, I would say, pricing. Some of that's India. That's contract that we don't count or the booking until we receive all the security. And some of that is kind of variable pricing dynamics that we have with customers.

是的。關於 4.1 這個數字，Ben，我認為那更多的是歷史性的定價。其中一些是印度。在我們收到所有保證金之前，我們不把合約或預訂算在內。其中一部分是我們與客戶之間存在的可變定價機制。

Effectively, they can flex up or down from their MSA, their module sale agreement. So I wouldn't say that's really a reflection of kind of current market pricing. All I would say is that we're happy with the market pricing that we're seeing. We believe there could be additional tailwinds that could further support a very favorable pricing environment for us and continuing to gauge the market and react accordingly.

實際上，他們可以根據自己的 MSA（模組銷售協議）靈活調整規模。所以，我並不認為這真正反映了當前的市場定價。我只想說，我們對目前的市場定價感到滿意。我們相信可能還有其他利多因素會進一步為我們創造非常有利的定價環境，我們將繼續評估市場並做出相應的反應。

Yeah, Ben, as it relates to cash, clearly, cash positions increased quarter over quarter. We saw some activity during that Safe Harbor window where we saw some volume that was 100% prepaid. Some of that was taken at the same time within the quarter, some not. So you saw the deferred revenue amount increase. We also had some improvement in the working capital position, which we talked about expecting to improve as we got further into the year.

是的，本，就現金而言，很明顯，現金部位環比增加。我們在安全港窗口期內看到了一些交易活動，其中一些交易量是 100% 預付的。其中一些是在同一季度內同時進行的，有些則不是。所以你看到了遞延收入金額的增加。我們的營運資金狀況也得到了一些改善，正如我們之前所說，隨著年內時間的推移，我們預計營運資金狀況會進一步改善。

So an increase in cash, no doubt. We're announcing some more CapEx for next year. As Mark said, we'll continue to look at additional finishing lines if there's opportunity there. But the overall framework we use to evaluate cash is one we've talked about before, it hasn't fundamentally changed around running a business day to day, looking at additional capacity, looking at M&A, especially as it relates to R&D. And then if we get to a point where we can accretively deploy that capital, we look at capital return, we'll give a further update as we go into next year's guidance, how we think about capital structure longer term.

毫無疑問，現金流會增加。我們將宣布明年的一些新增資本支出項目。正如馬克所說，如果還有機會，我們會繼續尋找其他終點線。但我們用來評估現金的總體框架是我們以前討論過的，它並沒有從根本上改變日常業務運營、考慮額外產能、考慮併購，尤其是在研發方面。然後，如果我們能夠以增值方式部署這些資本，我們會專注於資本回報，並在明年的績效指引中進一步更新我們對長期資本結構的看法。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

I was just wondering if you could give a little color on your confidence level in the 54.5 gigawatt backlog now? Are there other customers that I think could be at risk that you're aware of that you're risk weighting in there or any other market dynamics that make you think or customer-specific dynamics that make you think this debookings pace could continue or not?

我只是想問一下，您能否簡要說明一下您目前對54.5吉瓦積壓專案的信心程度？您是否意識到有其他客戶可能面臨風險，並已在風險權重中加以考慮？或者是否存在其他市場動態或客戶特定動態，讓您認為這種取消預訂的速度是否會持續？

Yeah. So we've been saying now for, I don't know, it could be going on close to two years now, something along those lines. There's been indications by a number of large oil and gas, multinationals, international companies that are continuing to evaluate their commitment to renewables, right? And obviously, BP falls in that bucket. There's been others as well.

是的。所以，我們已經說了差不多兩年了，大概就是這樣。一些大型石油天然氣公司、跨國公司和國際公司已經表示，他們正在繼續評估對再生能源的投入，對嗎？顯然，BP也屬於這一類。還有其他人也遇到過這種情況。

Just think about nat grid, nat grid, obviously, a large European company that made a decision to sell down its development business, going back to now Geronimo, sold it over to Brookfield. You could look at Enel as another example of a commitment to the US market that has been reevaluated now. I think they've changed their perspective in that regard.

想想國家電網公司，國家電網公司，顯然是一家大型歐洲公司，它決定出售其開發業務，現在回溯到傑羅尼莫，將其出售給了布魯克菲爾德。你可以把 Enel 看作是另一個例子，說明該公司曾經對美國市場做出承諾，但現在又重新評估了這項承諾。我認為他們在這方面的看法已經改變了。

And there's a couple of others, which I won't name, but EDF is, I guess, maybe another one I would throw into that bucket a little bit. I mean, it's not oil and gas, but obviously, a large European company that's reevaluating its commitment to the US market. So there's -- obviously, that risk profile is something we foreshadowed. It's something that has played itself out.

還有另外幾家，我就不點名了，但我想，EDF 也可能算是其中之一吧。我的意思是，雖然不是石油和天然氣行業，但顯然是一家大型歐洲公司正在重新評估對美國市場的承諾。所以，很明顯，這種風險狀況是我們之前預料到的。這件事已經塵埃落定了。

If you go back and if you look at what's in our contracted backlog, you can go back and look at announced deals that we've done, who some of our larger partners are. You're going to find that, that profile is dramatically different with what sits in our contracted backlog.

如果你回顧我們已簽約的訂單，你可以回顧我們已經宣布的交易，以及我們的一些主要合作夥伴。你會發現，這個客戶畫像與我們合約積壓的客戶畫像截然不同。

Now having said that, I mean, we all know that a number of developers and IPPs here in the US. I mean, they're working through a number of challenges, right, and permitting issues and project-related issues and what have you that things could evolve in such a way that at a project level, we could potentially see some movement. We said in the call today, we had a couple of customers that have project-specific terminations. One of them who terminated last year, project specific, and then now they're back in our order book for more than 0.5 gigawatt of volume. And then we had another one who terminated this year that we're actively negotiating a meaningful contract with.

話雖如此，我的意思是，我們都知道美國有很多開發人員和獨立電力生產商。我的意思是，他們正在努力克服許多挑戰，對吧？還有許可問題、專案相關問題等等，事情可能會朝著這樣的方向發展，以至於在專案層面，我們可能會看到一些進展。我們在今天的電話會議中提到，我們有幾個客戶有針對特定專案的終止需求。其中一家公司去年終止了合作，是針對特定項目，但現在他們又回到了我們的訂單簿上，訂單量超過 0.5 吉瓦。此外，我們還有一位員工今年離職，我們正在積極與他協商一份有意義的續約合約。

So I don't want to give an indication of there may not be further terminations. But I also want to somewhat reflect that I don't think something as large and structural as what we saw with Lightsource is a high risk, but at any point in time, things can evolve, things could change. A number of our partners have sponsor capital behind them. If Brookfield decides to go a different direction, if KKR decides to go a different direction, if TPG decides to go, Macquarie, I mean, you name whoever sponsor you want to say is behind the portfolio business. If they decide to pivot and go a different direction, I mean, there's always an inherent risk in that regard.

所以我不想暗示以後可能不會再有裁員。但我也想稍微表達一下，我認為像 Lightsource 這樣規模龐大、結構複雜的專案風險並不高，但任何時候，事情都可能會發展變化。我們的一些合作夥伴背後有贊助商的資金支持。如果 Brookfield 決定改變方向，如果 KKR 決定改變方向，如果 TPG 決定改變方向，麥格理，我的意思是，你可以說出任何你想說的投資組合業務背後的贊助商。如果他們決定改變方向，走不同的路，我的意思是，這方面總是存在著一定的風險。

But what I would say is that while there's still challenges and issues that are being dealt with, there's an opportunity here. The policy environment, I think, is very -- still very positive, what came out of the One Big Beautiful Bill. There is a need for more electrons on the grid. The load profile is only going to continue to grow. And project economics and PPAs are still strong, right?

但我想說的是，雖然目前仍有一些挑戰和問題需要解決，但這裡也蘊藏著機會。我認為，政策環境仍然非常積極，這主要歸功於《一項偉大的法案》。電網需要更多的電子。負載狀況只會持續成長。專案經濟效益和購電協議依然強勁，對吧？

So I think those fundamentals, I think, still, I would say it's enduring, and that we would have a higher level of confidence in contracted offtake agreements that we have on our books right now. But I also want to be balanced in understanding that there could be some amount of risk. But I do think that on balance, there's a lot of market opportunity for our partners and obviously for us to continue to supply into the market.

所以我認為這些基本面依然會持續下去，而且我們對目前帳面上的已簽訂的承購協議更有信心。但我也想保持客觀，明白其中可能有一定的風險。但我認為，總的來說，我們的合作夥伴有很多市場機會，顯然我們也可以繼續向市場供應產品。

Jon Windham, UBS.

瑞銀集團的喬恩‧溫德姆。

Perfect. Thank you. I want to ask what the topic we haven't covered much in this call is how the ramp and product quality is in Louisiana and Alabama? Can you just touch on how that's running next to expectations?

完美的。謝謝。我想問一下，我們在這次通話中還沒有過多討論的話題是路易斯安那州和阿拉巴馬州的生產坡道和產品品質如何？能否簡單介紹一下實際情況與預期相比如何？

Look, the ramp for DRT, I would say, has gone well. It's an aggressive ramp that we've had -- sorry, Alabama, I referred to it by acronym. It actually has gone well, but it's also had its own set of challenges that we've been working through in terms of the ramp process and getting to the full entitlement and throughput. And where I see the factory app right now for Alabama, I see it at a very good level. It's hitting its throughput requirements.

你看，我認為DRT的推廣進展順利。這是一個極具挑戰性的斜坡——抱歉，阿拉巴馬州，我用縮寫來指稱它。實際上進展順利，但也遇到了一些挑戰，我們在產能爬坡過程以及達到全部產能和吞吐量方面一直在努力克服這些挑戰。就我目前看到的阿拉巴馬州工廠應用情況而言，我認為它已經達到了非常好的水平。它的吞吐量達到了要求。

It struggled, as we indicated in our prepared remarks, with disruption on our glass supply chain. And obviously, that had an adverse impact on the factory.

正如我們在事先準備好的演講稿中所指出的，我們的玻璃供應鏈受到了乾擾，公司因此舉步維艱。顯然，這對工廠帶來了不利影響。

Louisiana is going extremely well. We're in the midst of going through our product qualification. And that will be complete here in Q4, and we'll start shipping product. And right now, the ramp is ahead of schedule, which is all very positive for us in that regard. As you said, I think you may have mentioned product quality and the like.

路易斯安那州的情況非常好。我們正在進行產品認證。這項工作將在第四季度完成，屆時我們將開始出貨。目前，坡道建設進度提前，這對我們來說是一個非常積極的信號。正如您所說，我想您可能提到了產品品質之類的問題。

We are continuing to do, as always, being very diligent as we manufacture our product and to ensure that we have a high level of indication of field performance based off of not only accelerated live testing, but obviously sales deployment as well. And it's something that our level of rigor and intensity around that is only going to continue to be more heightened as the result of the initial launch of Series 7. Again, that was the launch of a new product. In this case, both Alabama and Louisiana are replications of the factories that we launched our Series 7 technology from. And the key learnings that we captured from that launch and some of the changes that we've already communicated that we needed to make to our manufacturing process, both were implemented into Alabama and Louisiana before we started production.

我們將一如既往地認真負責地生產產品，並確保我們能夠根據加速的現場測試以及銷售部署情況，對產品的現場性能做出高度評價。隨著 Series 7 的首次發布，我們在這方面的嚴謹性和強度只會繼續提高。那又是一次新產品發表會。在這種情況下，阿拉巴馬州和路易斯安那州的工廠都是我們推出 Series 7 技術的工廠的複製品。我們從那次發布中汲取的關鍵經驗教訓，以及我們已經傳達的需要對製造流程進行的一些改變，都在阿拉巴馬州和路易斯安那州開始生產之前實施。

But it's something we know with the reputation is a brand issue, we got to stay on top of it, and we're going to continue to do everything we can to meet our customers' expectations in that regard.

但我們知道，聲譽是一個品牌問題，我們必須密切關注，並將繼續盡一切努力滿足客戶在這方面的期望。

Vikram Bagri, Citi.

Vikram Bagri，花旗集團。

Just a quick question. Mark, can you remind us if there is a precedent of successful litigation against a customer who is in a similar breach of contract? Or just this case with BP will set a precedent for future?

問個小問題。馬克，你能否提醒我們一下，是否有針對類似違約客戶提起訴訟並取得成功的先例？或者說，BP的這起案件會為未來樹立先例？

Yes. I don't have my GC in the room right now because I could ask them that question. But what I can tell you is that we are using outside counsel. We have, we believe, very strong contracts that enforce the rights and obligations of both parties. And we believe that if either of those parties are in default, then there's consequences associated with that.

是的。我的製片現在不在房間裡，不然我就可以問他這個問題了。但我可以告訴你的是，我們聘請了外部律師。我們相信，我們擁有非常強而有力的合同，能夠保障雙方的權利和義務。我們認為，如果這兩方中的任何一方違約，都將產生相應的後果。

I would also use -- whether there's legal precedents, and I'm sure there are. While I can't cite them to you right now, what I would go back to is if you look at the -- I believe we've had a number across the last couple of years, somewhere in the range of north of $200 million, $250 million or so of various terminations. I think we've also disclosed that about $70 million is sitting outstanding. Okay? That means that the vast majority of those terminations were paid because the counterparties understood the obligations and terms of conditions of the agreements, which are essentially identical across our contracts.

我也會考慮——是否有法律先例，我相信肯定有。雖然我現在無法向您提供具體數字，但我想說的是，如果您看一下——我相信在過去幾年裡，我們已經有相當數量的各種終止合同，金額在 2 億美元到 2.5 億美元左右。我認為我們也已經披露過，目前還有大約7000萬美元尚未償還。好的？這意味著絕大多數終止合約都得到了支付，因為交易對手理解了協議的義務和條款，而這些義務和條款在我們的合約中基本上相同。

And they have honored that obligation in respect of that obligation, and they've remitted payment. They would not have done that unless they thought -- if they thought that there was a reason why, underneath the contract, that they would not have an obligation to First Solar for their default.

他們履行了該項義務，並已支付了款項。除非他們認為——如果他們認為合約中存在某種原因，使得他們在違約時無需對 First Solar 承擔責任——否則他們是不會這樣做的。

So I can use two data points. One is just look at experience. And the other is the input that we're getting from outside counsel around our contracts. And we feel very good about the contracts, the way they're structured, the foreseeability of the contracts. And my understanding is that, again, this will be the filing of this litigation is in the State of New York.

所以，我可以使用兩個數據點。一種方法就是看看經驗。另一個方面是我們從外部律師那裡獲得的關於合約的意見。我們對這些合約、合約的結構以及合約的可預見性都感到非常滿意。據我了解，這次訴訟的提起地點仍是紐約州。

I think my understanding is the State of New York has taken a very strong position around this type of condition underneath the contract for default and associated with termination payment. And generally, this -- the courts of New York have sided with the plaintiff in the situation of similar circumstances. So that's about as much information as I have. I do believe though, we're in a strong position.

我認為我的理解是，紐約州對合約中有關違約和終止付款的條款採取了非常強硬的立場。總的來說，在類似情況下，紐約法院都站在原告這邊。這就是我掌握的全部資訊了。但我相信，我們處於有利地位。

Joseph Osha, Guggenheim Partners.

Joseph Osha，古根漢合夥公司。

As we think about the timing of the finishing fab coming up in the US and what the commercial environment looks like, I'm wondering what conclusion we can draw about underabsorption of Malaysia and Vietnam next year? And perhaps to put a sharper point on that, is there any market at all for products being shipped directly out of either of those two fabs?

當我們考慮美國即將建成的精加工工廠的時機以及商業環境時，我想知道我們能對明年馬來西亞和越南的產能吸收不足得出什麼結論？或許更確切地說，這兩家晶圓廠直接出貨的產品是否有市場？

Yeah. So one thing to remember is that we're using the front-end capacity of our international facilities in order to fund that into the US, right? And when you think about the cost structure and absorption, especially around the capital intensity of the equipment, it largely sits on the front end of the processing. So you're going to see reasonably good absorption for that front-end manufacturing that then is finished in the US. We also identified that we have taken some headcount reductions.

是的。所以要記住的一點是，我們正在利用國際設施的前端產能來為美國提供資金，對吧？當你考慮成本結構和吸收時，特別是關於設備的資本密集度，它主要集中在加工的前端。因此，你會看到前端製造（然後在美國完成）的吸收率相當高。我們也發現，我們已經進行了部分人員精簡。

So we are minimizing the back end processing of -- and labor associated with that. And then those tools that are being used in the back end are being brought into the US. So therefore, their depreciation there will be absorbed against the finishing processes that are being done here in the US. So just to put that in perspective.

因此，我們正在最大限度地減少後端處理以及與之相關的勞動力。然後，後端使用的那些工具正被引入美國。因此，它們在那裡的折舊將被美國這邊進行的加工工序所抵銷。所以，我只是想讓大家更好地理解這一點。

Yes, as it relates to the balance of that production, one of the things we're continuing to work through and we are in negotiations with a couple of counterparties to almost do a bilateral for that offtake of that volume and to structure a deal around that, assuming we can get to terms. We'd like to find potentially a couple of large customers with large offtake requirements that we can then sort of just source that into those opportunities. But clearly, we believe there is an opportunity subject to the tariff environment, subject to what happens with 232, subject to FEOC guidance and everything else. So there's some more triggering events that would have to happen.

是的，關於該產量的平衡，我們正在繼續努力解決的問題之一，我們正在與幾個交易對手進行談判，以期就該產量達成雙邊協議，並圍繞該協議構建交易結構，前提是我們能夠達成協議。我們希望找到幾個有大量採購需求的客戶，然後把這些需求轉化為相應的業務機會。但顯然，我們認為存在機會，但這取決於關稅環境、232 號關稅政策的走向、聯邦出口管制委員會的指導意見以及其他所有因素。所以還需要發生一些其他的觸發事件。

I think we said in our prepared remarks, we have something like 6 gigawatts of contracted backlog or something like that for Series 6 international, still. So we've got some runway in terms of volume and absorption for those production assets, and then we'll continue to evaluate them as we learn more about some of these policy decisions that will be made.

我想我們在準備好的演講稿中說過，我們目前還有大約 6 吉瓦的 Series 6 國際合約積壓訂單。因此，就這些生產資產的產量和吸收能力而言，我們還有一定的緩衝空間，然後隨著我們對即將出台的一些政策決定了解更多，我們將繼續對它們進行評估。

Everyone, that does conclude our question-and-answer session. This also concludes our conference for today. We would like to thank you all for your participation today. You may now disconnect.

各位，我們的問答環節到此結束。今天的會議到此結束。感謝各位今天的參與。您現在可以斷開連線了。