FTC Solar Inc (FTCI) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the FTC Solar first-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 FTC Solar 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Bill Michalek, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係副總裁 Bill Michalek。請繼續。

Thank you, and welcome, everyone, to FTC Solar's first-quarter 2025 earnings conference call. Before today's call, you may have reviewed our earnings release, slide presentation, and supplemental financial information, which were posted earlier today. If you've not reviewed these documents, they're available on the Investor Relations section of our website at ftcsolar.com.

感謝大家，歡迎大家參加 FTC Solar 2025 年第一季財報電話會議。在今天的電話會議之前，您可能已經查看了我們今天早些時候發布的收益報告、幻燈片演示和補充財務資訊。如果您尚未查看這些文件，您可以在我們網站 ftcsolar.com 的投資者關係部分找到它們。

I'm joined today by Yann Brandt, the company's President and Chief Executive Officer; Cathy Behnen, the company's Chief Financial Officer; and Patrick Cook, the company's Head of Capital Markets and BD.

今天與我一起出席的還有公司總裁兼執行長 Yann Brandt、公司財務長 Cathy Behnen 以及公司資本市場和 BD 主管 Patrick Cook。

Before we begin, I remind everyone that today's discussion includes forward-looking statements based on our assumptions and beliefs in the current environment and speaks only as of the current date. As such, these forward-looking statements include risks and uncertainties, and actual results and events could differ materially from our current expectations.

在我們開始之前，我提醒大家，今天的討論包括基於我們在當前環境中的假設和信念的前瞻性陳述，並且僅代表截至當前日期的觀點。因此，這些前瞻性陳述包含風險和不確定性，實際結果和事件可能與我們目前的預期有重大差異。

Please refer to our press release and other SEC filings for more information on those specific risk factors. We assume no obligation to update such information, except as required by law.

有關這些特定風險因素的更多信息，請參閱我們的新聞稿和其他 SEC 文件。除非法律要求，我們不承擔更新此類資訊的義務。

As you'd expect, we will discuss both GAAP and non-GAAP financial measures today. Please note that the earnings release issued this morning includes a full reconciliation of each non-GAAP financial measure to the nearest applicable GAAP measure.

正如您所期望的，我們今天將討論 GAAP 和非 GAAP 財務指標。請注意，今天早上發布的收益報告包括每個非 GAAP 財務指標與最接近的適用 GAAP 指標的完整對帳。

With that, I'll turn the call over to Yann.

說完這些，我將把電話轉給 Yann。

Thanks, Bill, and good morning, everyone. It has only been a month since our last call, so we'll keep it brief today. During the past two earnings call, I've shared my observations on the company and the progress that's been made toward our primary focus of shoring up near-term backlog, while adding incremental liquidity to the business. Slide 3 of our presentation today provides a summary of some of that progress.

謝謝，比爾，大家早安。距離我們上次通話僅過去一個月，因此今天我們將簡短通話。在過去兩次財報電話會議上，我分享了我對公司的觀察以及我們在鞏固近期積壓訂單的主要重點方面取得的進展，同時為業務增加了增量流動性。我們今天簡報的第 3 張投影片總結了部分進展。

As you can see, we have added multiples of our current annual revenue run rate to our backlog, signed agreements totaling more than 6.5 gigawatts with Tier 1 accounts, along with other awards added or announced more than $30 million in additional liquidity for our balance sheet, strengthened our sales team, further strengthened our product offering and capabilities, and increased our commercial traction with bids on many gigawatts of future projects.

如您所見，我們已將當前年度收入運行率的數倍添加到我們的積壓訂單中，與一級客戶簽署了總額超過 6.5 千兆瓦的協議，連同其他獎項一起為我們的資產負債表增加或宣布了超過 3000 萬美元的額外流動資金，加強了我們的銷售團隊，進一步增強了我們的產品供應和商業能力，並通過投標未來的許多人提高了我們的產品和商業能力，並提高了我們的產品和商業能力。

Our priority is to demonstrate continued progress and convert those wins and backlog into sustainable growth and profitability. And after our revenue trough in Q3 of last year, we have since seen sequential growth of 30% and 58% in Q4 and Q1, respectively.

我們的首要任務是展示持續的進步，並將這些勝利和積壓轉化為可持續的成長和獲利能力。在去年第三季營收跌至低谷之後，我們的營收在第四季和第一季分別實現了 30% 和 58% 的連續成長。

While these are nice percentage improvements, we still have a long way to go to get our revenue to where it needs to be. To that end, I thought it would be good to provide a little bit of additional color on the positioning improvements we've made and how that activity will lead to even stronger revenue growth in the future.

雖然這些百分比的提高很不錯，但要讓我們的收入達到應有的水平，我們還有很長的路要走。為此，我認為最好對我們所做的定位改進以及這些活動將如何在未來帶來更強勁的收入成長提供一些額外的說明。

To best understand the future possibilities of FTC, it's helpful to look at the past. All technology markets rotate as companies use innovation to leapfrog peers based on features and product portfolios. As many of you know, FTC's reputation has centered primarily on ease of use or constructability and service.

為了更好地理解 FTC 未來的可能性，回顧過去會有所幫助。所有技術市場都在不斷變化，因為公司利用創新在功能和產品組合方面超越同行。眾所周知，FTC 的聲譽主要集中在易用性或可建造性和服務。

The company broke into the market and won Tier 1 developer and EPC business because it brought a new differentiated and easy-to-use tracker to the market. FTC was the unquestionable leader in the 2P market. However, that market has since shrunk as the size and availability of modules reduced the demand for the 2P architecture. Many of our customers still view 2P as a product they love, but only use it in unique situations.

該公司憑藉為市場帶來的全新差異化且易於使用的追蹤器，成功打入市場並贏得一級開發商和 EPC 業務。FTC 是 2P 市場中無可爭議的領導者。然而，隨著模組尺寸和可用性降低對 2P 架構的需求，該市場已經萎縮。我們的許多客戶仍然將 2P 視為他們喜愛的產品，但僅在特殊情況下使用它。

To greatly expand our served market and address market demand increasingly centered around 1P, FTC introduced its first 1P solution, Pioneer, leveraging all of the innovations and benefits of its 2P sibling as well as an understanding of the full market landscape. While initially relatively narrow in scope, our 1P product line has since been greatly expanded, with the bulk of our research and engineering efforts being directed there.

為了大幅擴展我們所服務的市場並滿足日益以 1P 為中心的市場需求，FTC 推出了其首個 1P 解決方案 Pioneer，利用了其 2P 兄弟產品的所有創新和優勢以及對整個市場格局的了解。雖然最初範圍相對較窄，但我們的 1P 產品線後來得到了極大擴展，我們的大部分研究和工程工作都集中於此。

Our 1P additions have included high wind offerings that extend up to 150 miles per hour, compatibility for dozens of new modules and module manufacturers, now covering all module types, including ultra large format and First Solar family of modules.

我們的 1P 新增功能包括高達每小時 150 英里的高風速產品，相容於數十種新模組和模組製造商，現在涵蓋所有模組類型，包括超大格式和 First Solar 系列模組。

The ability for customers to make changes to module specifications late in the design process, which gives them significant flexibility and inherent architecture difference from the older legacy 1P systems in the market, multiple features that reduce civil construction cut-and-fill with our terrain following options, including our new dual road tracker, the largest range of stow in the market for customized asset management, which is digitally controlled in our SUNOPS platform, integrated with weather stations and third-party alert systems and 100% domestic content capabilities starting in Q3, to name a few.

客戶可以在設計過程的後期更改模組規格，這為他們提供了顯著的靈活性和與市場上較舊的傳統 1P 系統固有的架構差異，多種功能可以透過我們的地形追蹤選項減少土木工程的挖填，包括我們的新雙路追蹤器，市場上最大的客製化資產管理存放範圍，在我們的 SUNOPS 平台中進行導引，與氣象站的國內內容功能，僅舉幾例。

And with some legacy competitor projects in the marketplace underperforming due to products that are no longer being supported, FTC has leveraged its controls and software platform to help customers get those projects back on track. While this wasn't something that we have actively sought out, we can be relatively nimble as a company and view this as an opportunity to help our partners with their entire portfolio of assets and will help where we can.

由於市場上一些競爭對手的遺留項目由於產品不再受支援而表現不佳，FTC 利用其控制和軟體平台幫助客戶讓這些項目重回正軌。雖然這並非我們主動尋求的，但作為一家公司，我們可以相對靈活地應對，並將其視為一個機會，幫助我們的合作夥伴管理他們的全部資產組合，並將竭盡所能提供幫助。

So overall, I believe we now have a robust and rather comprehensive product line to offer significant benefits to projects across developer and EPC portfolios. And our engineering and R&D teams have a full portfolio of incremental initiatives in progress to provide additional customer benefit as well as further improve our cost structure.

所以總的來說，我相信我們現在擁有強大且相當全面的產品線，可以為開發商和 EPC 組合中的專案帶來顯著的利益。我們的工程和研發團隊正在實施一系列漸進式舉措，以為客戶提供更多利益並進一步改善我們的成本結構。

This compelling product line, along with the enhancements to our sales team and process, has led to a significant increase in customer interest and activity. For example, customer visits to our product demonstration facilities have increased considerably. Over the past six and nine months, visits are up 100% and 240%, respectively, versus the comparable year earlier periods.

這條引人注目的產品線，加上我們銷售團隊和流程的增強，顯著提高了客戶的興趣和活動。例如，參觀我們產品展示設施的客戶數量大幅增加。過去六個月和九個月，訪問量與去年同期相比分別成長了 100% 和 240%。

Bidding volume has increased considerably as well. In the first quarter, bid volume was up 60% versus a year ago, and the project size of our average bids is up as well, up 65% versus a year ago. And notably, our customer access or visibility has greatly improved. In fact, we believe we now are seeing almost every project that our peers do, even though they are significantly larger than us at this moment. We're getting the looks, and this was not the case just a few quarters ago.

投標量也大幅增加。第一季度，我們的投標量比去年同期成長了60%，平均投標專案規模也比去年同期成長了65%。值得注意的是，我們的客戶訪問量或可見性得到了極大提高。事實上，我們相信，我們現在幾乎看到了我們的同行所做的每一個項目，儘管他們目前的規模比我們大得多。我們現在看到了這種現象，而就在幾個季度前情況還不是這樣。

The innovation and expansion of our 1P offering and the ability to install FTC trackers easier, faster and safer is incredibly valuable for our customers. That's a major part of what's allowing us to get these looks and to win significant Tier 1 business in head-to-head competition with our larger peers. Overall, 1P now represents 90% of all bidding activity.

我們的 1P 產品的創新和擴展以及更輕鬆、更快速、更安全地安裝 FTC 追蹤器的能力對我們的客戶來說非常有價值。這是我們獲得關注並在與規模更大的同行的正面競爭中贏得重要一級業務的重要原因。總體而言，1P 目前佔了所有競價活動的 90%。

From a market perspective, we're all aware that there's a fair amount of static or uncertainty in the market between the tariffs, duties, and changes to permitting processes. Most of our pipeline continues to move through the process steps towards the start of construction. But with the expectation of trade deals, we also see customers waiting for additional clarity. While our team has done a great job positioning the company with robust diversified supply chain, trackers are only a piece of the overall equation, which can include inverters, batteries, and modules for many different geographies.

從市場角度來看，我們都知道，在關稅、關稅和許可流程的變化之間，市場存在相當大的靜態或不確定性。我們的大部分管道正在繼續推進各個流程步驟，即將開始施工。但隨著貿易協定的預期，我們也看到客戶在等待更多明確的消息。雖然我們的團隊在為公司打造強大而多元化的供應鏈方面做得非常出色，但追蹤器只是整個體系的一部分，其中還包括適用於許多不同地區的逆變器、電池和模組。

We'll continue to work closely with our clients and stay flexible on the timing of import, how quickly clarity comes could determine the size and scope of any air pocket or disruption we could see in the market. In other words, FTC will maintain, in partnership with our clients, the operating flexibility to ensure we are aligned on when to import any product that may be subject to tariffs, especially in a moment when by all accounts, it appears that the tariffs will be reduced significantly or eliminated altogether.

我們將繼續與客戶密切合作，並在進口時間上保持靈活性，清晰度的提升速度將決定我們在市場上可能看到的任何氣泡或中斷的規模和範圍。換句話說，FTC 將與我們的客戶合作，保持營運彈性，以確保我們在何時進口任何可能被徵收關稅的產品方面保持一致，特別是在各方面都表明關稅將大幅降低或完全取消的時候。

Let me take a moment to give you my view of the current solar market, a market I've been working in for nearly 20 years. The good news is that even though there are cross winds, the demand for solar generation is as high as I've ever seen it. Looking at developments nearing the start of construction phase, it is typical to see a competitive market for investments and acquisitions of those projects. The bigger the project, then the bigger the demand to have it built.

請容許我花點時間向您介紹我對目前太陽能市場的看法，我已經在這個市場工作了近 20 年。好消息是，儘管有逆風，但對太陽能發電的需求仍然達到我所見過的最高水準。縱觀即將開始建設階段的開發項目，我們通常會看到這些項目的投資和收購市場競爭激烈。工程越大，建設的需求越大。

What is unique about the current solar market is that the offtakers, the companies and utilities are actively involved in the late stages of development and investments. Especially, corporate customers with a pipeline of data centers are deploying capital into solar developers to gain an inside track for the generation to get built bigger and faster.

當前太陽能市場的獨特之處在於，承購商、公司和公用事業公司都積極參與開發和投資的後期階段。尤其是擁有資料中心的企業客戶正在向太陽能開發商投入資金，以獲得更快、更大規模發電的內部途徑。

On the legislative front, I am optimistic on the progress that the solar industry is making in advocating for the continuation for the investment tax credit and 45X manufacturing credits. Both play a crucial role in continuing the growth rate of the solar market, which is currently the most critical part of America's energy resource additions.

在立法方面，我對太陽能產業在倡導繼續實施投資稅收抵免和 45X 製造業抵免方面取得的進展感到樂觀。兩者對於維持太陽能市場的成長率都發揮著至關重要的作用，而太陽能市場目前是美國能源資源補充中最關鍵的部分。

Elected officials are recognizing the importance that solar plays across the country and across the political spectrum. FTC is actively involved in our trade association's efforts to advocate for the solar market and ensuring the best possible outcome. At the end of the day, solar has the most robust short-term pipeline that provides clean and cheap electricity for millions of consumers and businesses, and I believe the US should do everything possible to build as much solar as we can to minimize energy prices and maintain American energy security and dominance.

民選官員認識到太陽能在全國和整個政治領域中發揮的重要作用。FTC 積極參與我們的貿易協會倡導太陽能市場的努力並確保最佳結果。歸根結底，太陽能擁有最強大的短期管道，可以為數百萬消費者和企業提供清潔廉價的電力，我相信美國應該盡一切可能建造盡可能多的太陽能，以最大限度地降低能源價格，維護美國的能源安全和主導地位。

So right now, we have $482 million in contracted backlog. I believe our expanded offering and increased bidding activity will support continued backlog addition. Overall, I'm very bullish on the long-term potential and prospects for FTC Solar. We're positioned in the strong long-term growth industry with the right combination of people and products, providing the best value for our customers. Interest and demand for our solutions are increasing and should position us for long-term sustainable revenue growth.

因此，目前我們的合約積壓訂單價值為 4.82 億美元。我相信我們擴大的產品供應和增加的投標活動將支持持續增加積壓訂單。總的來說，我非常看好FTC Solar的長期潛力和前景。我們立足於強勁的長期成長產業，擁有合適的人才和產品組合，能夠為客戶提供最佳價值。對我們的解決方案的興趣和需求正在增加，這將使我們實現長期可持續的收入成長。

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

說完這些，我就把話題交給 Cathy。

Thanks, Yann, and good morning, everyone. I'll provide some additional color on our first-quarter performance and our outlook.

謝謝，Yann，大家早安。我將對我們的第一季業績和前景提供一些額外的資訊。

Beginning with the discussion of the first quarter, revenue came in at $20.8 million, which was just above the high end of our guidance range of $18 million to $20 million. This revenue level represents an increase of 58% compared to the prior quarter and an increase of 65% compared to the year earlier quarter due to higher product volumes.

從第一季的討論開始，收入達到了 2080 萬美元，略高於我們 1800 萬美元至 2000 萬美元的指導範圍的高端。由於產品產量增加，這一收入水準與上一季相比增長了 58%，與去年同期相比增長了 65%。

GAAP gross loss was $3.4 million or 16.6% of revenue compared to gross loss of $3.8 million or 29.1% of revenue in the prior quarter. Non-GAAP gross loss was $3 million or 14.4% of revenue, above the midpoint of our guidance. The results for this quarter compares to non-GAAP gross loss of $3.4 million or 25.6% of revenue in the prior quarter.

GAAP 毛虧損為 340 萬美元，佔營收的 16.6%，而上一季毛虧損為 380 萬美元，佔營收的 29.1%。非公認會計準則毛虧損為 300 萬美元，佔營收的 14.4%，高於我們預期的中位數。本季業績相比上一季非公認會計準則毛虧損 340 萬美元或營收的 25.6% 有所下降。

GAAP operating expenses were $7.1 million. On a non-GAAP basis, excluding stock-based compensation and certain other costs, operating expenses were $6.6 million, down from $8.7 million in the same quarter last year and $7.4 million in the prior quarter. This represents the sixth consecutive quarter of OpEx reduction and our lowest level since 2020, which was before we were a public company, as we continue to control costs.

根據美國通用會計準則，營運費用為 710 萬美元。以非公認會計準則計算，不包括股票薪資和某些其他成本，營運費用為 660 萬美元，低於去年同期的 870 萬美元和上一季的 740 萬美元。這是營運支出連續第六個季度下降，也是我們自 2020 年（即我們成為上市公司之前）以來的最低水平，因為我們繼續控製成本。

GAAP net loss was $3.8 million or $0.58 per diluted share compared to a loss of $12.2 million or $0.96 per diluted share in the prior quarter and compared to a net loss of $8.8 million or $0.70 per diluted share post split in the year ago quarter. Adjusted EBITDA loss, which excludes an approximate $5.9 million gain from the change in fair value of the warrant liability, gain from collections of an earn-out payment and other noncash items, was $9.8 million, which was just better than the top end of our guidance range. This compares to losses of $9.8 million in the prior quarter and $10.7 million in the year-ago quarter.

依照美國通用會計準則 (GAAP) 計算，淨虧損為 380 萬美元，即每股攤薄虧損 0.58 美元。相比之下，上一季淨虧損為 1,220 萬美元，即每股攤薄虧損 0.96 美元。去年同期拆股後淨虧損為 880 萬美元，即每股攤薄虧損 0.70 美元。調整後 EBITDA 虧損（不包括認股權證負債公允價值變動收益、收取獲利支付收益及其他非現金項目產生的約 590 萬美元）為 980 萬美元，略高於我們預期範圍的上限。相較之下，上一季虧損 980 萬美元，去年同期虧損 1,070 萬美元。

The contracted portion of the company's backlog now stands at $482 million. On the balance sheet, we have been able to utilize some excess material and bring inventory down to more normalized levels. On cash, we ended the quarter with $5.9 million, although this does not include the up to $10 million to $15 million from the upsizing of our notes offering, which is still expected to close in Q2. We also continue to have about $65 million remaining under the ATM program at the end of the quarter.

該公司未完成訂單的合約部分目前為 4.82 億美元。在資產負債表上，我們已經能夠利用一些多餘的材料並將庫存降至更正常的水平。就現金而言，我們本季結束時持有 590 萬美元，但這還不包括透過增加票據發行規模而獲得的高達 1,000 萬至 1,500 萬美元的現金，預計這筆資金仍將在第二季完成。截至本季末，我們的 ATM 計畫還剩餘約 6,500 萬美元。

With that, let us turn our focus to the outlook. As you may recall, on our fourth-quarter call, we indicated that we expected 2025 revenue to be weighted toward the second half, with a step-up in the first quarter and another in the second half. That continues to be our expectation.

有了這一點，讓我們把焦點轉向前景。您可能還記得，在我們第四季的電話會議上，我們表示，預計 2025 年的營收將主要集中在下半年，第一季會有所成長，下半年也會再有所成長。這仍然是我們的期望。

Our targets for the second quarter call for the following: revenue between $19 million and $24 million, which at the midpoint would show continued sequential growth relative to the first quarter; non-GAAP gross loss between $4.4 million and $2 million or between negative 23.4% and 8.5% of revenue; non-GAAP operating expenses between $7.8 million and $8.6 million; and finally, adjusted EBITDA loss between $13.3 million and $10 million.

我們對第二季的目標如下：營收在 1,900 萬美元至 2,400 萬美元之間，中間值將顯示相對於第一季的持續連續成長；非 GAAP 毛虧損在 440 萬美元至 200 萬美元之間，或營收的-23.4% 至 8.5% 之間；非 GAAP 營運費用在 78,60 萬美元之間的 60 萬美元虧損， 1330 萬美元至 1000 萬美元之間。

Looking beyond Q2, in addition to the second half revenue being larger than the first half, we continue to expect to achieve adjusted EBITDA breakeven on a quarterly basis within 2025. With that, we conclude our prepared remarks, and I will turn it over to the operator for any questions. Operator?

展望第二季之後，除了下半年營收大於上半年之外，我們仍預計在 2025 年內實現季度調整後 EBITDA 盈虧平衡。至此，我們的準備好的發言就結束了，我將把它交給操作員以回答任何問題。操作員？

(Operator Instructions) Jeff Osborne, TD Cowen.

（操作員指示） Jeff Osborne，TD Cowen。

Just a couple of questions on my side. I was wondering if you could articulate if there's any exposure to tariffs for any of the components you might be purchasing motors or anything like that.

我這邊只想問幾個問題。我想知道您是否可以清楚地說明，您購買的任何零件（例如引擎或類似產品）是否會受到關稅影響。

Jeff, so from an exposure standpoint, certainly, there are items that we import that would now be subject to the tariffs. We've -- we're -- the company has a really diversified supply chain, so we work to mitigate it.

傑夫，從風險暴露的角度來看，我們進口的一些商品現在肯定會受到關稅的限制。我們——我們——公司擁有真正多樣化的供應鏈，因此我們努力緩解這種影響。

In terms of the company exposure to having to pay that, the majority of the tariffs passed -- are passed through to the customers, whether they're EPCs or others, contractually. Obviously, we're always working hand-in-hand with our partners to work to mitigate it. And I would say that any impact here in Q1 and looking forward is really minimal at this point.

就公司需要支付的費用而言，大部分關稅都是透過合約轉嫁給客戶的，無論他們是 EPC 還是其他公司。顯然，我們始終與合作夥伴攜手努力，以減輕這項影響。我想說的是，目前來看，第一季及未來的影響確實很小。

That's great to hear. And then maybe just along the same line of tariffs or the recent AD/CVD case, Yann, I was curious. Have you seen a pickup in module change configurations for the backlog in recent weeks that might then delay the timing or cadence of deliveries that you might have anticipated a few weeks or months ago?

聽到這個消息真是太好了。然後也許只是沿著同樣的關稅路線或最近的反傾銷/反補貼案，Yann，我很好奇。您是否發現最近幾週積壓的模組變更配置有所增加，這可能會延遲您幾週或幾個月前預期的交付時間或節奏？

No. I mean, I think, largely, supply chain had been anticipating the AD/CVD results, right? So from a total exposure that the market had on the modules and the impact, we haven't seen anything directly.

不。我的意思是，我認為，在很大程度上，供應鏈已經預料到了 AD/CVD 的結果，對嗎？因此，從市場對模組的整體曝光和影響來看，我們還沒有直接看到任何變化。

I will say it is rare for a project to at least not try to design a system with a module change or even with multiple module options. There's a lot of movement happening in the module side, which is, obviously, from an architecture perspective, something that we at FTC can withstand, given it's agnostic from a design standpoint.

我想說的是，一個專案很少不嘗試設計一個具有模組變化甚至多個模組選項的系統。模組方面發生了很多變化，從架構的角度來看，這顯然是我們 FTC 可以承受的，因為從設計的角度來看它是不可知的。

Especially now with 52 gigawatts of module assembly here in the US, I think there's a lot of traction to move domestic. But we haven't seen any project shifts because of the module impacts.

特別是現在美國擁有 52 千兆瓦的模組組裝能力，我認為將模組組裝轉移到國內具有很大的吸引力。但我們尚未看到任何因模組影響而導致的項目轉變。

Philip Shen, Roth Capital Partners.

菲利普‧沈 (Philip Shen)，羅斯資本合夥公司。

First one related to tariffs but more for your customer base. I think, Yann, you mentioned that the pipeline -- most of the pipeline is still moving to construction start, but some are waiting for clarity. And so I was wondering if you could talk through what percentage of what you're expecting in the next 12 months might be on hold as opposed to pre-Liberation Day. And I have a follow-up as well. Thanks.

第一個與關稅有關，但更多的是針對您的客戶群。雅恩，我記得你提到過，大部分管道仍在推進開工建設，但也有一些在等待最終結果。所以，我想請你談談，與解放日之前相比，你預計未來12個月內有多少比例的管道可能會被擱置。我還有一個後續問題。謝謝。

Sure. Yeah. I mean, look, I think this is where my sentiment around operating flexibility comes hand in hand. And it's in partnership with our customers, oftentimes, the EPC and their customer or, ultimately, the asset owner and the IPP.

當然。是的。我的意思是，看，我認為這就是我對營運靈活性的看法。它是與我們的客戶合作的，通常是 EPC 及其客戶，或最終是資產所有者和 IPP。

I think it really comes down to the majority of any imports, what is the tariff impact and what is the likelihood from a voiceover from the administration that a deal is pending. No one wants to pay tariffs needlessly. So I think folks are building in some flexibility into the overall timing. There's some resequencing of projects that's currently happening that just shifts starts to certain portions of the project.

我認為這實際上取決於大多數進口產品、關稅影響是什麼以及從政府畫外音來看達成協議的可能性有多大。沒有人願意不必要地支付關稅。所以我認為人們正在為整體時間表增添一些靈活性。目前正在對一些項目進行重新排序，只是將開始時間轉移到專案的某些部分。

So everything still remains largely on track. The question is how long is this wait-and-see period going to happen. If the voiceover remains that, for example, the China tariffs are too high and they'll come down, the question is not just for tracker parts, but for other components of the site. Are we going to import something now? Or are we waiting for the tariffs to come down?

因此一切仍大體上保持正常運作。問題是這個觀望期要持續多久。如果畫外音仍然是“中國的關稅太高，而且會降低”，那麼問題就不僅僅是針對追蹤器部件，還針對網站的其他組件。我們現在要進口一些東西嗎？或者我們在等待關稅下降？

So I think everyone is -- not just FTC, but I think everyone across the supply chain, especially projects with batteries are looking at that closely. In the meantime, obviously, our supply chain team is working to ramp up additional capacity in markets that have lower tariffs or are sort of higher in the food chain of what appears to be trade deals in the making.

所以我認為每個人——不僅僅是聯邦貿易委員會，而且我認為整個供應鏈中的每個人，特別是涉及電池的項目都在密切關注這一點。同時，顯然，我們的供應鏈團隊正在努力提高關稅較低或處於正在達成的貿易協議的食品鏈較高位置的市場的額外產能。

We already have a really diverse supply chain, in addition to a really robust capability set here domestically. So ultimately, we're mitigating everything we can for our customers, and projects still want to get built and get on track.

除了國內真正強大的生產能力之外，我們已經擁有真正多樣化的供應鏈。因此，最終，我們將為客戶盡一切努力，並且專案仍希望能夠順利完成併步入正軌。

And I will say that there is some flexibility that I see on elasticity around the offtake. Certainly, the customers that need the energy are at the table as well. And I have heard of some conversations happening between asset owners and offtakers to understand what is the tariff impact and what is needed to overcome in order to keep project timelines on track.

我想說的是，我看到了出口方面的彈性有一定的彈性。當然，需要能源的客戶也在場。我聽說資產所有者和承購商之間正在進行一些對話，以了解關稅的影響以及需要克服哪些困難才能確保專案時間表順利進行。

There's such a massive need for energy that there's a lot of people that want to keep timelines on track. But ultimately, clarity in the tariff universe is going to be helpful.

能源需求如此龐大，以至於許多人想確保進度正常。但最終，關稅體系的清晰化將會有所幫助。

Shifting to kind of the other side of the coin of the same topic. So in terms of construction starts, we just talked about that. But then flipping over to the activity that is required today to be able to book and really develop projects for construction start in maybe back half of next year or early '27, just curious to see if you're seeing some slowdown in that activity as well. It's -- people, I got to imagine, are a little bit on pause as they kind of wade through and figure out what they can count on and what they can't. Thanks.

轉到同一主題的另一面。關於開工情況，我們剛才已經討論過了。但接下來，我們再來看看目前需要哪些活動，才能預訂並真正開發項目，以便在明年下半年或2027年初開工。我很好奇，您是否也看到這方面的活動放緩。我想，人們會有點猶豫，因為他們需要仔細思考，弄清楚哪些是可以依靠的，哪些是不能依靠的。謝謝。

Yeah. I don't think development activity has slowed. The -- what has, I think, taking -- taken a pause on is the negotiations between offtakers and project owners because it's really hard to understand what the pro forma looks like, both on the CapEx side with sustained tariff levels as well as what is the energy market.

是的。我認為開發活動並未放緩。我認為，暫停的是承購商和專案所有者之間的談判，因為很難理解形式上是什麼樣子，無論是在資本支出方面，還是在持續的關稅水平以及能源市場方面。

I mean, obviously, this is all kind of correlated. But the project developments themselves, I mean, I mentioned in my prepared remarks, we're seeing offtakers, both on the corporate side and utility side, participating in the M&A process where developers bringing capital in or selling the project to the ultimate asset owner. We're seeing offtakers actually participate and invest and drive sort of expansion of those sites, especially where sites have large interconnection and sort of infrastructure investments, the corporates are really active in deploying capital and owning sort of that future pipeline.

我的意思是，顯然這一切都是有關聯的。但就專案開發本身而言，我在準備好的演講中提到過，我們看到企業和公用事業方面的承購商都參與了併購過程，開發商在其中引入資本或將專案出售給最終資產所有者。我們看到承購商實際上參與、投資並推動這些站點的擴張，特別是在站點具有大量互連和基礎設施投資的情況下，企業確實積極部署資本並擁有未來的管道。

Solar certainly doesn't have any shortage of the opportunities to build projects, getting them to start of construction, permitting, use permits locally, et cetera. I think that has always been one of the gating items that determines the funnel of how much is buildable. But I think that's how I would characterize it.

太陽能產業當然不缺乏建設專案的機會，包括開始建造、獲得許可、在當地使用許可證等等。我認為這一直是決定可建構量漏斗的門控項目之一。但我認為這就是我對它的描述。

If the tariff level -- if the tariff uncertainty, whereas we have a tariff, but the conversation is it's coming down or a trade deal is coming, I think that's the gap that I would be hesitant to determine what the impact would be from a timing perspective because, again, nobody wants to pay a tariff that they expect to go away in the coming weeks or relatively low number of months.

如果關稅水平——如果關稅不確定，而我們有關稅，但談論的是它會下降或貿易協議即將到來，我認為這就是差距，我會猶豫從時間角度確定其影響是什麼，因為再說一次，沒有人願意支付他們預計會在未來幾週或相對較少的幾個月內消失的關稅。

So that's the kind of operating flexibility we would bring to our customers. Having the domestic content capabilities goes a long way certainly across the board.

這就是我們為客戶帶來的營運彈性。擁有國內內容能力無疑對整個產業都有很大的幫助。

(Operator Instructions) Amit Dayal, H.C. Wainwright.

（操作員指示）Amit Dayal，H.C. Wainwright。

Just on the gross margin and positive adjusted EBITDA, at least run rate level expectations going into the end of this year. In the face of all these uncertainties, could you maybe give some color on what is driving those expectations? Is it just higher volumes you're expecting to deploy? Or is there any pricing-related factors as well that give you that level of visibility right now?

僅從毛利率和正調整後的 EBITDA 來看，至少到今年年底的運行率水準預期是可以的。面對所有這些不確定性，您能否解釋一下是什麼推動了這些預期？您只是希望部署更多的產能嗎？或者是否存在一些與定價相關的因素，讓您現在具有這種程度的可見度？

Yeah. No, thanks for the question. I mean, look, the -- I keep saying it, obviously, since I've gotten here last year. FTC is at this inflection point, right? FTC has this legacy of being in the 2P category, which certainly is the DNA that feeds it. And now we've been in this ramp-up of 1P deployment.

是的。不，謝謝你的提問。我的意思是，你看——自從去年我來到這裡，我就一直在說這個。FTC 正處於這個轉折點，對嗎？FTC 一直屬於 2P 類別，這無疑是滋養牠的 DNA。現在我們已經開始加大 1P 部署的力道。

We have signed more work and accelerated sort of the recognition of that backlog in recent months. And more than anything, we're starting to see almost every single project that's going out to bid to our peers who are much larger, but they've been in the 1P category now for many more years than we have.

近幾個月來，我們簽署了更多工作，並加快了對積壓工作的確認。最重要的是，我們開始看到幾乎每個項目都在向比我們規模大得多的同行進行競標，但他們在 1P 類別中的時間比我們多得多。

With our product really resonating with EPCs around the speed of use, the ease of use, it makes it a compelling case. And so it's that pull-through and that taking of market share because there's two things, right, was one, taking share from our peers, but also some of the landscape of tracker providers is actively changing. So there's some open market share to be had.

我們的產品在使用速度和易用性方面與 EPC 產生了共鳴，這使其成為一個引人注目的案例。因此，這就是拉動和佔領市場份額的原因，因為有兩件事，對，一是從我們的同行手中奪取份額，而且一些追蹤器提供者的格局也在積極變化。因此，還有一些開放的市場份額可供爭奪。

FTC really finds itself, I would say, from a volumetric standpoint, looking at 2024 volumes, much lower than where we anticipate and see the growth coming from. And that's, I think, where our confidence level comes in at in terms of what is the right volume as we grow and take share in a competitive marketplace where we have a really compelling and the newest technology in the market, which I think on almost every feature set stands on top against our peers.

我想說，從數量的角度來看，展望 2024 年的數量，FTC 確實發現其水準遠低於我們預期的成長水準。我認為，這就是我們的信心水平所在，因為我們在競爭激烈的市場中不斷成長和占據份額，所以我們對正確的產量有信心，在這個市場上，我們擁有真正引人注目的最新技術，我認為幾乎在每一個功能上，我們都比我們的同行更勝一籌。

So in that context, what are the plans for 2P? Is that slowly going to be phased out and you'll just be mainly focused on growing the 1P pipeline and revenues?

那麼在這種背景下，2P 有什麼計畫？這種做法是否會慢慢被淘汰，而您只會主要專注於增加 1P 管道和收入？

Yeah. Look, 1P represents 90% of our billing -- bidding volume. There are markets where 2P works. You have to have the right sort of environmental situations. I mean, they're much -- because 2P now is 2P with larger modules than when it was originally architected.

是的。你看，1P 占我們計費——競價量的 90%。在某些市場中，2P 是可行的。你必須擁有正確的環境條件。我的意思是，它們非常——因為 2P 現在是具有比最初架構時更大的模組的 2P。

So there are some US markets where 2P has a place. There are some European geographies where 2P is especially compelling, especially where the agricultural solar farms come into play. So we -- do we invest a lot into the further development of 2P? We don't. That certainly is not a priority.

因此，2P 在美國的一些市場上佔有一席之地。在歐洲的一些地區，2P 尤其引人注目，尤其是在農業太陽能發電場發揮作用的地方。那麼我們——我們是否對 2P 的進一步發展投入了大量資金？我們沒有。這當然不是優先事項。

Our focus is having a really strong 1P Pioneer platform. And then we've added all these amazing features. High wind, high wind is in the entire Southeast United States now -- the overlap of high wind with having amazing hail stow and asset management capabilities as well as the flood impact, right? So the flood maps and the flood insurance is certainly playing a role now.

我們的重點是擁有一個真正強大的 1P Pioneer 平台。然後我們添加了所有這些令人驚嘆的功能。現在整個美國東南部都刮著大風——強風與驚人的冰雹儲存和資產管理能力以及洪水的影響重疊，對嗎？因此，洪水地圖和洪水保險現在肯定發揮作用。

So building out that 1P platform, I think helping customers get the right project designed in the right CapEx box that they're looking for, that's the type of value proposition. And it kind of transcends the conversation around price alone because it's the overall value that the FTC platform can bring to the table and what ultimately will drive and feed our growth.

因此，我認為建立 1P 平台可以幫助客戶在他們正在尋找的正確的資本支出框架中設計出正確的項目，這就是價值主張的類型。它超越了僅僅圍繞價格的討論，因為它是 FTC 平台可以帶來的整體價值，也是最終推動和促進我們成長的因素。

Thank you so much. All right. I'm showing no further questions at this time. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

非常感謝。好的。我目前沒有其他問題。感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。