FTC Solar Inc (FTCI) 2025 Q2 法說會逐字稿

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

您好，感謝您的耐心等待。歡迎參加 FTC Solar 2025 年第二季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在，我謹將會議交給今天的第一位發言人，投資者關係副總裁比爾·米哈萊克。請繼續。

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

謝謝大家，歡迎各位參加 FTC Solar 2025 年第二季財報電話會議。在今天的電話會議之前，您可以查看我們今天早些時候發布的盈利報告和補充財務資訊。如果您尚未查閱這些文件，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.

今天與我一同出席的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業務拓展主管 Patrick Cook。

Before we begin, I remind everyone that today's discussion contains 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.

在開始之前，我提醒大家，今天的討論包含基於我們對當前環境的假設和信念的前瞻性陳述，並且僅代表截至目前的情況。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 the specific risk factors. We assume no obligation to update such information, except as required by law.

有關具體風險因素的更多信息，請參閱我們的新聞稿和其他提交給美國證券交易委員會的文件。除法律另有規定外，我們不承擔更新此類資訊的義務。

As you would 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.

如您所料，我們今天將討論GAAP和非GAAP財務指標。請注意，今天早上發布的獲利報告包含了每個非GAAP財務指標與最接近的適用GAAP指標的完整調節表。

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

這樣，我就把電話交給 Yann 了。

Thanks, Bill, and good morning, everyone. It's great to be with you again and give you an update on the continued progress that FTC Solar is making to position the company as one of the leading single-axis tracker providers in the market.

謝謝你，比爾，大家早安。很高興再次與大家見面，並向大家報告 FTC Solar 在將公司定位為市場上領先的單軸追蹤器供應商之一方面所取得的持續進展。

As I approach my one-year anniversary with FTC Solar, I can tell you that this has been one of the most dynamic and incredible of my nearly 20 years in the solar industry. My optimism about the company and its future is that in this moment of needing to build solar faster and more efficiently, we believe our tracker installs in less time with less people than any of our peers, and we don't think it's even close.

在加入 FTC Solar 即將滿一年之際，我可以告訴大家，這絕對是我近 20 年太陽能產業生涯中最充滿活力、最令人難以置信的一年。我對公司及其未來充滿信心，因為在當前需要更快、更有效率地建造太陽能發電設施的時期，我們相信我們的追蹤器安裝速度更快、所需人力更少，比任何同行都快得多，而且我們認為差距非常明顯。

The constructability is in our DNA, fewer parts and better features enable a reimagined solar tracker installation experience. I urge you to view the videos of our installations that we posted to see how tasks that may require six or seven people in special tools with competing products are replaced with two people and no specialty tools or drills.

可製造性是我們與生俱來的特質，更少的零件和更好的功能，帶來全新的太陽能追蹤器安裝體驗。我強烈建議您觀看我們發布的安裝視頻，了解一下，使用競爭產品時可能需要六到七個人使用專用工具才能完成的任務，我們是如何用兩個人，無需任何專用工具或鑽頭就完成了的。

Our clients are finding that new installation crews can be trained and operating full speed within minutes of the start of the day. It's just that simple to install. This constructability is protected by IP and inherent in the design that is the latest innovation to the tracker market. While it takes time to educate and advance the conversation with EPCs that have been doing it one way for years, this is exactly the progress we're making every single day. FTC is on more approved vendor list today than ever in our history, and we're just getting started.

我們的客戶發現，新的安裝團隊可以在一天開始後的幾分鐘內完成培訓並全力投入工作。安裝就是這麼簡單。這種可構造性受智慧財產權保護，並且是追蹤器市場最新創新設計的固有組成部分。雖然要教育和推進與多年來一直沿用一種方式的EPC公司的對話需要時間，但這正是我們每天都在取得的進展。如今，FTC 已列入我們歷史上最多的合格供應商名單，而這只是個開始。

FTC continues to grow the sales team with EPC experts to help drive understanding of our constructability with our customers. These installation benefits can enable EPCs to offer lower CapEx prices to customers when using FTC rather than with competitor options. Our message for the market is clear. We believe that FTC's tracker installs significantly faster than any other tracker in the market, and that message continues to be our focus every day.

FTC 不斷擴充銷售團隊，聘請 EPC 專家，以協助客戶更了解我們產品的可施工性。與競爭對手的方案相比，採用 FTC 方案的安裝優勢可以使 EPC 為客戶提供更低的資本支出價格。我們向市場傳達的訊息很明確。我們相信，FTC 的追蹤器安裝速度比市場上任何其他追蹤器都要快得多，而這項資訊也一直是我們每天關注的重點。

Now let me say a few things on the market and our positioning, and then I'll turn it over to Cathy to provide an update on our second quarter results. At a high level, the second quarter came in as expected from a financial perspective, with results within our ranges and tight OpEx allowing adjusted EBITDA to come in at the high end, even with some of the most volatile macro environment I have seen during my solar career.

現在讓我談談市場和我們的定位，然後我將把發言權交給凱西，讓她介紹我們第二季的業績。從財務角度來看，第二季整體表現符合預期，業績在我們預期範圍內，營運支出控制得當，即使在我從事太陽能產業以來所見過的最動蕩的宏觀環境下，調整後的 EBITDA 也達到了較高水平。

The exciting news since our last call was a $75 million financing facility we entered into in July and is already opening doors to new business for us. Having the appropriate balance sheet is key to growing through an inflection point, and this capital supports our growth and an expected acceleration of backlog. We've made excellent progress enhancing our product offering, checking all of the boxes and leading on creating new innovations that are receiving positive feedback from customers. We remain the fastest installed tracker in the market and continue to push speed, while also making it easier.

自上次通話以來，最令人振奮的消息是我們在 7 月達成了一項 7,500 萬美元的融資協議，該協議已經為我們打開了新業務的大門。擁有合適的資產負債表是度過轉捩點實現成長的關鍵，這筆資金支持我們的成長以及預期中的訂單積壓加速成長。我們在提升產品供應方面取得了卓越的進展，滿足了所有需求，並在創造新的創新方面處於領先地位，這些創新得到了客戶的積極回饋。我們仍然是市場上安裝速度最快的追蹤器，並將繼續提高速度，同時使其更易於使用。

Overall market clarity is one area where we're hopeful for some incremental positive developments. So let me start there. When we spoke a quarter ago, I mentioned that there was a fair amount of dynamic motion in the marketplace as it relates to things like tariffs, trade deals and legislation around the one Big Beautiful Bill. Amid that backdrop, while projects continue to progress through stages of the pipeline, there was a slow decision-making as customers look to ensure that they fully understood the market rules that would impact their projects and have fully incorporated our costs and other variables into their project models.

我們希望在整體市場透明度方面能夠取得一些積極的進展。那就讓我從這裡開始吧。三個月前我們談話時，我提到，由於關稅、貿易協定以及圍繞著一項宏偉法案的立法等問題，市場出現了相當大的動態變化。在此背景下，雖然專案仍在按部就班地推進，但決策速度卻很慢，因為客戶希望確保他們充分了解會影響其專案的市場規則，並將我們的成本和其他變數完全納入其專案模型中。

At the same time, the earlier phase out of the ITC from the budget bill has spurred multiple gigawatts of new inquiries from customers about potential safe harboring of equipment, as part of a plan to secure the full ITC. So whether we see a rush to build solar as we move into 2026 or something more modest. We won't know until the rules on safe harbor come out from treasury. The good news is that the end of the 45-day review period is scheduled to be coming to an end, so we hope to have additional clarity soon.

同時，預算案中提前取消 ITC 的做法，引發了客戶對設備安全避難所的數吉瓦新諮詢，這是確保獲得全部 ITC 的計劃的一部分。所以，我們究竟會看到2026年太陽能建設熱潮，還是會出現較溫和的趨勢呢？在財政部公佈安全港規則之前，我們無法得知結果。好消息是，45 天的審查期即將結束，因此我們希望很快就能有更清晰的了解。

While the legislation was not ideal for the solar market, the solar industry has showed its abilities to educate and advocate for important aspects of the law that allowed a path forward. With some additional clarity, I expect full speed ahead on project decisions and continued deployment of solar is the cheapest, cleanest and fastest generation to connect to the grid. On recent calls, I've shared with you all the great progress we've made expanding our product offering.

雖然這項立法對太陽能市場來說並不理想，但太陽能產業已經展現出其教育和倡導法律重要方面的能力，從而開闢了前進的道路。隨著情況更加明朗，我預期專案決策將全速推進，太陽能的持續部署將是併網最便宜、最乾淨、最快的發電方式。在最近的幾次電話會議中，我向大家分享了我們在擴展產品範圍方面取得的巨大進展。

We have the world's most easily constructed tracker. We leverage that platform to add features every quarter that allow for the tracker to fit the site and increase the value proposition that we enable for EPC and IPP clients. This has included adding solutions for high wind zones up to 150 miles per hour, compatibility across module types and with innovative python clips clicks at universal torque tubes, the ability to make module changes late into the design cycle.

我們擁有世界上最容易組裝的追蹤器。我們利用該平台每季添加功能，使追蹤器能夠適應網站，並提高我們為 EPC 和 IPP 客戶實現的價值主張。這包括增加適用於高達每小時 150 英里風速的高風區的解決方案，跨模組類型的兼容性，以及在通用扭矩管上採用創新的 Python 夾子咔嗒聲，能夠在設計週期的後期進行模組更改。

Incidentally, the last two factors make FTC an ideal tracker solution for those looking to safe harbor for purposes of the ITC, which we outlined in the white paper that we released last week. A key advancement in our 1P lineup includes introducing the widest range of stow in the industry. We are releasing the most advanced Hail Solution in the market, capable of an 80-degree stow angle.

順便一提，最後兩個因素使得 FTC 成為那些希望獲得 ITC 安全港的人的理想追蹤器解決方案，我們在上週發布的白皮書中對此進行了概述。我們 1P 產品線的一項關鍵進展是引入了業內最廣泛的收納方式。我們即將推出市場上最先進的冰雹防護解決方案，收起角度可達 80 度。

Hail can be a key driver of insurance premium. So having a steeper stow capability can give owners and operators additional flexibility in meeting the unique requirements of their project. This high stow angle is combined with the SunOps performance platform, which has integrated weather forecast services and allows the user to fully customize their site and set thresholds on hail probability, size and the radius of how close an event may be to the site.

冰雹可能是影響保險費的重要因素。因此，更陡峭的存放能力可以為業主和營運商提供更大的靈活性，以滿足其專案的獨特要求。這種高收放角度與 SunOps 效能平台結合，該平台整合了天氣預報服務，允許用戶完全自訂其站點，並設定冰雹機率、大小以及事件與站點距離的半徑閾值。

Most importantly and unique to FTC, our hail stow capability performs in both directions, ensuring that the tracker goes to the nearest hail stow angle available saving valuable time. Everything is automated. And if you want to adjust the configuration or trigger immediate stow across the site, just click a button from wherever you are and the software will take care of it.

最重要的是，FTC 獨有的冰雹防護功能可以雙向運行，確保追蹤器能夠到達最近的可用冰雹防護角度，從而節省寶貴的時間。一切都實現了自動化。如果您想調整配置或觸發整個網站的即時存儲，只需從您所在的位置單擊一個按鈕，軟體就會處理它。

One other innovation I'm announcing today is an extra-long tracker built specifically for 2,000 volt systems. The industry is currently at 1,500 volt, but is expected to begin to transition to 2,000 in the next couple of years. You're already seeing this shift in the inverter market. At 2,000 volts, a system can have fewer, but longer tracker string length, which can reduce eBOS and O&M costs while increasing power capacity by 33%.

我今天宣布的另一項創新是專為 2000 伏特系統設計的超長追蹤器。目前該行業的電壓為 1500 伏特，但預計在未來幾年內將開始過渡到 2000 伏特。逆變器市場已經出現了這種轉變。在 2000 伏特電壓下，系統可以採用更少但更長的追蹤器串，這可以降低 eBOS 和 O&M 成本，同時將功率容量提高 33%。

When customers are ready to make that transition, we are ready to support them from a leadership rather than a follow-up position. I've alluded to multiple terrain following features we've added to reduce or eliminate the need for land grading. This can be an important factor in enabling permits, lowering project costs or significantly speeding a construction time line.

當客戶準備好進行這種轉變時，我們準備好以領導者的身份而不是後續者的身份來支持他們。我曾提到我們添加的多種地形適應功能，以減少或消除土地平整的需要。這可能是取得許可、降低專案成本或大幅加快施工進度的重要因素。

FTC Solar has multiple options to support customers to reduce and avoid civil construction work, including articulation at the slew drive to allow for the change in the North-South slope at the drive pile, articulation at the line post to allow for variance in the line post of elevation and variable pile or reveal height capability to accommodate the variation in slope, which if used in combination, could eliminate cut and fill altogether with all of these options available now.

FTC Solar 提供多種方案可協助客戶減少和避免土木工程，包括：在迴轉驅動處進行鉸接，以適應驅動樁南北坡度的變化；在立柱處進行鉸接，以適應立柱標高的變化；以及可變樁或開挖高度，以適應坡度的變化。如果將這些方案結合使用，可以完全避免挖填作業。

We continue to make advances across our entire software platform and adding options and capabilities to make things easier and more efficient for our customers. SunOps is a key part of that. I haven't talked much in this venue about SunPath, which is our tracker optimization software for backtracking and diffuse light, but I believe it will become an increasingly important offering as we move forward.

我們不斷改進整個軟體平台，並增加選項和功能，以使我們的客戶更輕鬆、更有效率地完成工作。SunOps是其中的關鍵組成部分。我還沒有在這個場合過多地談論 SunPath，這是我們用於回溯和漫射光的追蹤器優化軟體，但我相信隨著我們不斷前進，它將成為一個越來越重要的產品。

I actually posted a picture on my LinkedIn yesterday, which a team member sent me. It shows an example of row-to-row shading on the site caused by natural undulation of the ground. The picture makes it super easy to see the production loss from shading, but that's the kind of thing that SunPath can easily fix when using FTC trackers where each row operates and can be customized individually.

昨天我確實在領英上發布了一張照片，是一位團隊成員傳給我的。它展示了場地上因地面自然起伏而造成的行間遮蔭的一個例子。這張圖可以非常清楚地看出陰影造成的產量損失，但 SunPath 在使用 FTC 追蹤器時可以輕鬆解決這個問題，因為 FTC 追蹤器的每一行都可以單獨運作和自訂。

I often hear people talk about how truly flat solar sites are gone. Our team recently analyzed the last 250 sites that we have bid on, and it turns out that 90% of them contain slopes of 3 degrees or greater. This is important because at an average slope of 5 degrees, for example, SunPath on an FTC tracker would give you an additional 2% energy production gain every year over a linked-row system. That's like adding extra months of production to your deployment.

我常聽到人們說真正平坦的太陽能發電場地已經不存在了。我們的團隊最近分析了我們競標的最後 250 個地點，結果發現其中 90% 的地點坡度為 3 度或更大。這很重要，因為例如在平均坡度為 5 度的情況下，FTC 追蹤器上的 SunPath 每年將比串聯繫統額外增加 2% 的能源產量。這相當於為你的部署增加幾個月的生產週期。

As I said at the start, we have a very wide 1P product offering that is fast, safe and easy to install, underpinned by our highly constructible design. The more customers and prospects that see how easy our 1P is to build, the more they will like it, particularly the estimators. A significant amount of labor costs on a site relates to mechanical installation of tracker and modules.

正如我一開始所說，我們擁有非常廣泛的 1P 產品系列，這些產品安裝快捷、安全且易於操作，這要歸功於我們高度可建構的設計。客戶和潛在客戶越是看到我們的 1P 建造起來有多麼容易，他們就會越喜歡它，尤其是估價師。現場相當一部分人工成本與追蹤器和模組的機械安裝有關。

So when you see each module on an FTC tracker simply glide into place and be secured in seconds, you can start to estimate how much faster you can build each row and site and how that compounds to material labor savings. This can result in significant savings for EPCs in any environment. But if there's a rush to build solar even faster, the speed with which you can train workers and install faster is critical to maximizing the available labor force in a tightening market.

因此，當您看到 FTC 追蹤器上的每個模組都能在幾秒鐘內輕鬆滑入到位並固定好時，您就可以開始估算建造每一排和每個場地的速度會提高多少，以及這如何累積起來節省材料和人工成本。這可以為任何環境下的EPC承包商節省大量成本。但是，如果急於更快地建造太陽能發電設施，那麼在勞動力市場日益緊張的情況下，培訓工人和加快安裝速度對於最大限度地利用現有勞動力至關重要。

In addition to improving our position on the product side, as I mentioned, we added significant strength to our balance sheet with the $75 million financing commitment announced last month. In addition to giving us ample runway to achieve profitability, it gives incremental comfort to customers that we'll be supporting them long into the future. It was perhaps not the most conducive market environment to raise capital. So I think it says a lot that Cleanhill reached out to us, was getting great feedback from the market and wanted to make it clear with a large commitment that they are big believers in our prospects.

正如我之前提到的，除了在產品方面提升我們的地位之外，上個月宣布的 7,500 萬美元融資承諾也大大增強了我們的資產負債表實力。除了給我們充足的時間來實現盈利外，也讓客戶更加安心，因為他們知道我們將在未來很長一段時間內繼續為他們提供支援。當時的市場環境或許不利於籌措資金。所以我覺得，Cleanhill主動聯繫我們，從市場上獲得了很好的反饋，並且希望透過大量的投入來明確表示他們非常看好我們的前景，這說明了很多問題。

The feedback from customers has been overwhelmingly positive, and the announcement has already opened doors to new business for us.

客戶的回饋非常積極，而且這一消息已經為我們打開了新業務的大門。

So I believe we are increasingly well positioned in the marketplace with a robust and rather comprehensive product line that offers 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 benefits. We're adding multiple gigawatts of new business to our pipeline, which should only be enhanced by the strengthening of our balance sheet. Overall, we remain increasingly well positioned to support our customers and their growth.

因此，我相信我們憑藉強大且相當全面的產品線，在市場上佔據越來越有利的地位，為開發商和EPC專案組合中的專案帶來顯著的好處。我們的工程和研發團隊正在進行一系列漸進式項目，以提供更多客戶利益。我們正在為專案儲備增加數吉瓦的新業務，而資產負債表的增強只會進一步促進這一成長。總體而言，我們越來越有能力支持我們的客戶及其發展。

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

這樣，我就把麥克風交給凱西了。

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

謝謝 Yann，大家早安。我將進一步闡述我們第二季的業績和展望。

Beginning with a discussion of the second quarter, revenue came in at $20 million, which was within our guidance range of $19 million to $24 million. This revenue level represents a decrease of 4% compared to the prior quarter and an increase of 75% compared to the year-earlier quarter due to higher product volume.

首先來看第二季度，營收為 2,000 萬美元，符合我們先前 1,900 萬美元至 2,400 萬美元的預期範圍。由於產品銷量增加，該營收水準比上一季下降了 4%，比去年同期成長了 75%。

GAAP gross loss was $3.9 million or 19.6% of revenue compared to a gross loss of $3.4 million or 16.6% of revenue in the prior quarter. Non-GAAP gross loss was $3.5 million or 17.4% of revenue, also within our guidance range. The results for this quarter compares to non-GAAP gross loss of $3 million or 14.4% of revenue in the prior quarter. This quarter's results included a $4 million accrual related to our joint venture facility that was not contemplated in our guidance ranges.

GAAP毛虧損為390萬美元，佔營收的19.6%，上一季毛虧損為340萬美元，佔營收的16.6%。非GAAP毛虧損為350萬美元，佔營收的17.4%，也在我們的預期範圍內。本季業績與上一季非GAAP毛虧損300萬美元（佔營收的14.4%）相比有所改善。本季業績包括與合資企業相關的 400 萬美元應計費用，這筆費用並未在我們的業績預期範圍內。

Excluding this charge, we would have returned to being non-GAAP gross profit positive for the first time since late 2023 at a positive $0.5 million.

如果排除這筆費用，我們將自 2023 年底以來首次恢復非 GAAP 毛利為正，達到 50 萬美元。

GAAP operating expenses were $7.6 million. On a non-GAAP basis, excluding stock-based compensation and certain other costs, operating expenses were $6.5 million, down from $8.3 million in the same quarter last year and $6.6 million in the prior quarter. This now represents the seventh consecutive quarter of OpEx reductions and our lowest OpEx level since 2020 as we continue to control costs.

公認會計原則營運費用為760萬美元。以非GAAP準則計算，不包括股權激勵費用和其他一些成本，營運費用為650萬美元，低於去年同期的830萬美元和上一季的660萬美元。這標誌著我們連續第七個季度降低了營運支出，也是自 2020 年以來營運支出的最低水平，我們將繼續控製成本。

GAAP net loss was $15.4 million or $1.18 per diluted share compared to a loss of $3.8 million or $0.58 per diluted share in the prior quarter and a net loss of $12.2 million or $0.97 per diluted share post split in the year ago quarter.

以美國通用會計準則 (GAAP) 計算，淨虧損為 1,540 萬美元，即每股攤薄虧損 1.18 美元，而上一季度淨虧損為 380 萬美元，即每股攤薄虧損 0.58 美元，去年同期拆股後淨虧損為 1220 萬美元，即每股攤薄虧損 0.977 美元。

Adjusted EBITDA loss, which excludes approximately $5.1 million for a loss from the change in fair value of the warrant liability, certain transition costs and other non-cash items was $10.4 million. This was at the top or better end of our guidance range driven by the lower operating expense and compared to adjusted EBITDA losses of $9.8 million in the prior quarter and $10.5 million in the year ago quarter.

經調整的 EBITDA 虧損為 1,040 萬美元，其中不包括因認股權證負債公允價值變動造成的約 510 萬美元虧損、某些過渡成本和其他非現金項目。由於營運費用降低，此業績處於我們預期範圍的上限或更高，與上一季調整後的 EBITDA 虧損 980 萬美元和去年同期虧損 1,050 萬美元相比，這一業績有所改善。

Excluding the accrual I referenced earlier, adjusted EBITDA loss would have come in at $6.4 million and represented our smallest adjusted EBITDA loss since becoming a public company. Overall, from a financial perspective, we have continued to optimize our cost structure and remain well positioned to see considerable margin leverage as revenue levels grow.

如果排除我前面提到的應計項目，調整後的 EBITDA 虧損將為 640 萬美元，這將是我們上市以來調整後的 EBITDA 虧損最小的一次。總體而言，從財務角度來看，我們一直在優化成本結構，並保持良好的發展勢頭，隨著收入水平的增長，我們將獲得相當大的利潤空間。

Regarding the balance sheet, as Yann mentioned, subsequent to quarter end, we announced new $75 million strategic financing facility with Cleanhill Partners and other investors. The facility provides for an initial term loan financing of up to $37.5 million. Of this amount, $14.3 million closed and funded on July 2. The balance of $23.2 million of the initial financing is expected to close in the current quarter, subject to shareholder approval on the issuance of associated warrants.

關於資產負債表，正如 Yann 所提到的，在季度末之後，我們宣布與 Cleanhill Partners 和其他投資者達成新的 7,500 萬美元策略融資安排。該機制可提供高達 3,750 萬美元的初始定期貸款融資。其中，1,430萬美元於7月2日完成交易並完成融資。預計剩餘的 2,320 萬美元初始融資將在本季完成，但需經股東批准發行相關認股權證。

The facility also provides for up to an additional $37.5 million in funding to be available to the company as may be needed in the future upon mutual agreement between the company and the investors for a total potential financing of $75 million.

該融資機制還規定，未來公司和投資者可根據需要，向公司提供高達 3,750 萬美元的額外資金，總潛在融資額可達 7,500 萬美元。

With that, let us turn our focus to the outlook. Our targets for the third quarter call for the following: revenue between $18 million and $24 million. At the high end, it would represent 20% growth sequentially. However, we have set the midpoint at up 5% with the second quarter, reflecting the impact of market uncertainty on our customers' projects.

接下來，讓我們把注意力轉向前景。我們第三季的目標是：營收在 1,800 萬美元至 2,400 萬美元之間。最高值將代表環比增長 20%。然而，考慮到市場不確定性對客戶專案的影響，我們將第二季的中點設定為上漲 5%。

Non-GAAP gross profit between negative $2.4 million and positive $600,000 or between negative 13.4% and positive 2.5% of revenue. Non-GAAP operating expenses between $7.2 million and $7.9 million; and finally, adjusted EBITDA loss between $10.8 million and $6.8 million. We continue to expect to see a significant ramp in revenue in the fourth quarter.

非GAAP毛利在-240萬美元至+60萬美元之間，或占收入的-13.4%至+2.5%。非GAAP營運費用在720萬美元至790萬美元之間；最後，調整後的EBITDA虧損在1,080萬美元至680萬美元之間。我們仍預期第四季營收將大幅成長。

With that, we conclude our prepared remarks, and I'll turn it over to the operator for any questions. Operator?

至此，我們的演講稿就結束了，接下來我將把發言權交給接線員，回答大家的問題。操作員？

(Operator Instructions)

（操作說明）

Philip Shen, Roth Capital Partners.

Philip Shen，Roth Capital Partners。

Hey guys, thanks for taking the questions. First one is on the outlook for bookings. I think you guys said that the regulatory uncertainty has slowed some customer project planning. That said, we're just on the Shoals call and their bookings are accelerating, I think at a 1.2 book-to-bill and outperformed on their bookings, and we've seen some of the other players do the same.

各位好，感謝你們回答問題。第一個是關注預訂情況。我想你們說過，監管的不確定性減緩了一些客戶的專案規劃。也就是說，我們目前只關注了 Shoals 的比賽，他們的預訂量正在加速增長，我認為預訂量與實際出場次數之比達到了 1.2，而且他們的預訂量表現超出了預期，我們也看到其他一些球員也做到了這一點。

And so I wanted to help -- if you see if you could help us understand perhaps the difference with your outlook versus what they're delivering. Is it an exposure to a different set of customers? Or what might be different or the same as well? Thanks.

因此，我想提供幫助——如果您能幫助我們理解您的觀點與他們實際交付的內容之間的差異，那就太好了。這是否意味著接觸到不同的客戶群？或還有哪些不同或相同之處？謝謝。

Yeah. No, great question, Phil. I appreciate that. Yes. I mean look, I think ultimately, we're transitioning into a marketplace of 1P. And I can't speak to the rest of the market peers, but certainly, some of them are a lot more established with existing players and more Tier 1 EPCs and IPPs. And that's obviously what the setup is for FTC in terms of getting to the bookings.

是的。不，問得好，菲爾。我很感激。是的。我的意思是，你看，我認為最終，我們正在轉型為 1P 市場。我無法評價其他市場同行，但可以肯定的是，其中一些公司發展得更成熟，擁有更多的現有參與者和一級EPC和IPP。顯然，這就是 FTC 在獲取預訂方面的設定。

As we roll out the 1P, we have to really position the company for success, which I think we're making a lot of traction to do, including the $75 million raise, putting the sales team in place and then obviously, getting our road map finalized with the product. And now the bookings are expected to come in, in order to get additional growth in this 1P inflection that we're transitioning into.

隨著我們推出 1P，我們必須真正為公司的成功做好準備，我認為我們在這方面取得了很大的進展，包括籌集了 7500 萬美元資金，組建了銷售團隊，然後顯然，我們最終確定了產品路線圖。現在，我們預計預訂量將會上升，以便在我們正在過渡到的 1P 轉折點中獲得額外的成長。

Okay, thanks, John. I appreciate that. And so as we look ahead, when do you think we could see an acceleration of bookings. Should we think about it for this quarter? Or do we need to get past the executive order and -- I mean I guess that's coming around soon. So maybe we -- do we see acceleration in Q3, Q4? Or should we look at it more in 2026? Thanks.

好的，謝謝你，約翰。我很感激。展望未來，您認為我們什麼時候才能看到預訂量加速成長？我們是否應該考慮在本季實施？或者我們需要先繞過這項行政命令——我的意思是，我想這件事很快就會發生了。那麼，我們或許可以在第三季和第四季看到成長動能？或者我們應該在 2026 年再仔細考慮這個問題？謝謝。

Yes. We're certainly optimistic around the bookings accelerating significantly. Obviously, we're coming from a 1P base that's relatively low and breaking into a market that has strong peers. The executive order, I think, will determine what the pace and scale is of safe harbor, whereas the existing projects that we've been working on for quite a bit, those projects getting financial close and getting the financing in place to build.

是的。我們對預訂量大幅加速成長充滿信心。顯然，我們是從相對較低的 1P 基數起步，進入一個擁有強大競爭對手的市場。我認為，行政命令將決定安全港的建設速度和規模，而我們一直在努力推進的現有項目，這些項目已經接近完成融資，並落實了建設資金。

I think when we talk about the dynamic nature of the legislative environment, not every IPP, an asset owner looks to hold the asset beyond development stage. And it was really difficult for those kinds of clients, which tend to be a large portion of ours from closing and ultimately getting into construction when they're uncertain around how tax equity, et cetera, will play.

我認為，當我們談到立法環境的動態時，並非所有獨立發電企業（IPP）的資產所有者都希望在開發階段之後繼續持有資產。對於這類客戶來說，這真的很難，而這類客戶往往占我們客戶總數的很大一部分，因為他們不確定稅收權益等因素會如何發揮作用，所以很難完成交易並最終進入建築業。

I think that portion being behind us, safe harbor will be some version or have some influence on timing of scale, but we think, ultimately, we're well situated for both. And on safe harbor, in particular, our ability to be agnostic on module for -- with our torque tubes plays really well with asset owners being able to safe harbor something, while not having all of their material supply figured out.

我認為，既然那部分已經過去，安全港計畫將會以某種形式出現，或者對規模擴大的時間安排產生一些影響，但我們認為，最終，我們在這兩方面都做好了充分的準備。尤其是在安全港方面，我們能夠對模組保持中立——我們的扭矩管與資產所有者能夠安全港化某些東西，同時又不必完全確定其材料供應，這一點非常契合。

Okay, got it. Thanks. One last one for me. I know you don't have any guidance for '26 and can't guide there. But -- was wondering if you could talk through how you expect the year to play out and maybe provide a bit of a margin kind of trajectory between now and year in '26, if you guys can? Or if not, perhaps just a little bit of color on how to help us frame the situation. Thanks.

好的，明白了。謝謝。最後再補充一個。我知道你對 2026 年的情況沒有任何指導，也無法提供那方面的指導。但是——我想知道你們能否談談你們對今年情勢的預期，如果可以的話，能否大致預測一下從現在到 2026 年的發展軌跡？或者，如果沒有，或許可以提供一些背景信息，幫助我們更好地理解這種情況。謝謝。

Yeah. I'll stay away from specifics, but let me frame it. 2026 is shaping to be the pivotal year for FTC. Our road map is where we want it to be. Our sales force and sales team in the U.S. and globally have built these relationships that speak to the constructibility. In a world where the labor market is super tight, and there's so much solar to be built, saving significant percentage on the insulation speeds is what really puts FTC's value proposition in the forefront, both for bookings, top line and margin we're really optimistic around where we stand.

是的。我不打算透露具體細節，但我想概括一下。 2026年對聯邦貿易委員會（FTC）來說，很可能是至關重要的一年。我們的路線圖已經達到我們想要的目標了。我們在美國和全球的銷售人員和銷售團隊已經建立了這些關係，這說明了專案的可行性。在勞動市場高度緊張，而太陽能發電需求又如此龐大的今天，節省大量隔熱材料成本，這才是真正讓 FTC 的價值主張脫穎而出的關鍵所在。無論從預訂量、營收或利潤率來看，我們都對目前的情況感到非常樂觀。

We'll have more to say in the coming quarters. But that's the path we're marching down and executing against. And now we have a lot of the base -- the foundational pieces in place, including the balance sheet that we needed in order to be able to do that.

我們將在未來幾季公佈更多資訊。但這就是我們正在走的路，也是我們正在努力克服的障礙。現在我們已經具備了許多基礎要素——包括我們實現這一目標所需的資產負債表。

Yeah, congrats on the $75 million deal. And I'll pass it on. Thanks.

是的，恭喜你們達成了7500萬美元的交易。我會把它轉交給別人。謝謝。

Jeff Osborne, TD Cowen.

Jeff Osborne，TD Cowen。

Thank you. Maybe just a follow-up on Phil's line of questioning. What is the sort of voice of the smaller IPPs and EPCs? Is it just solely waiting for clarity from the July 7 executive order? Or is there challenges in getting financing and moving the projects forward? I'm just trying to bridge the gap. My sense is that the third quarter guidance is probably less than you were anticipating maybe two, three months ago, and then what gives you the confidence that assuming it's that group of customers that have been a bit paused here, what gives you the confidence that they're going to move forward in the fourth quarter?

謝謝。或許只是對菲爾提出的問題進行後續追問。規模較小的獨立發電公司和工程總承包商的聲音是怎麼樣的？是否只是在等待7月7日行政命令的明確指示？或者說，在融資和推進專案方面是否存在挑戰？我只是想彌合差距。我的感覺是，第三季的業績預期可能低於您兩三個月前的預期。那麼，假設是那些暫時停滯不前的客戶群體，您又有什麼信心相信他們會在第四季度恢復正常呢？

Yes. No. The confidence comes from -- we're working really closely with them. Obviously, a lot of our team has been in and around project finance for many years. The -- I would say, strategically, the main thing that's happened in capital raise for smaller project developers is putting capital in place not just for individual projects, but for the broader pipeline, given the strategy on how to maximize the value of those assets sort of came to forefront with less years on the ITC window.

是的。不。這份信心來自於──我們與他們密切合作。顯然，我們團隊的許多成員多年來一直從事專案融資相關工作。從策略角度來看，小型專案開發商在融資方面發生的主要變化是，不僅為單一項目，而且為更廣泛的專案儲備資金，因為隨著 ITC 窗口期的縮短，如何最大化這些資產價值的策略變得尤為重要。

So the executive order is going to impact the size and scale of safe harbor, and the strategy around maybe earlier stage projects in the pipeline. But our confidence comes from the fact that there's usually not just one term sheet from major players that want to buy these developed solar assets. And so we see those projects transacting and getting to close. And obviously, that will then roll into being actionable revenue opportunities for FTC.

因此，這項行政命令將影響安全港的規模和範圍，以及在早期階段的項目中可能採取的策略。但我們的信心來自於這樣一個事實：通常情況下，想要收購這些已開發的太陽能資產的主要參與者不只一家。因此，我們看到這些項目正在交易並最終完成。顯然，這將轉化為聯邦貿易委員會可執行的收入機會。

Got it. Maybe for you, Yann, or someone else. But if we could just flesh out the $4 million charge in the quarter, was that associated with the Sealy facility and then the associated FIAC rules that were implemented? Or maybe just describe, a, what the $4 million is related to? And then now that FIAC is out in the July 4 bill, how is the Sealy -- what's the ownership structure of Sealy relative to what's needed with the new rules?

知道了。或許是為了你，Yann，或許是為了其他人。但如果我們能詳細了解本季的 400 萬美元費用，這是否與 Sealy 工廠以及隨後實施的相關 FIAC 規則有關？或者，能否簡單描述一下，這 400 萬美元與什麼有關？既然 FIAC 已在 7 月 4 日的法案中出台，那麼 Sealy 的所有權結構與新規則的要求相比如何？

Yeah. Let me have Cathy answer the $4 million. I'll come back and answer the tail end of your question.

是的。讓凱西回答那400萬美元的問題。我稍後會回來回答你問題的後半部。

Okay. Sure. Jeff, the $4 million was related to an agreement that we had in the JV on minimum purchase commitments with Alpha Steel, and we entered that before the facility ever opened. So that's what the $4 million accrual is related on. There's kind of a lot of different components to it. And so we're still in discussions with the team, but $4 million is the maximum potential impact, and we haven't made any payment at this point.

好的。當然。傑夫，那 400 萬美元與我們和 Alpha Steel 合資公司簽訂的最低採購承諾協議有關，而且我們在工廠開業之前就簽訂了該協議。所以，這就是400萬美元應計款項的由來。它包含很多不同的組成部分。因此，我們仍在與球隊進行討論，但最大潛在影響是 400 萬美元，目前我們還沒有支付任何款項。

And so FIAC doesn't impact the $4 million accrual. It is -- there's obviously going to be a lot of motion across the landscape of manufacturing. So we're looking at the options for us. We have a great partner in that JV. So there's a few options. It's not a large facility. So from a material assistance perspective, it's really de minimis. But -- so we're working through it, but we have a good partner and expect to be able to continue to work there.

因此，FIAC 不會影響 400 萬美元的應計款項。確實如此——製造業領域顯然將會發生許多變化。所以我們正在考慮各種方案。我們在合資企業中擁有一個非常棒的合作夥伴。所以有幾種選擇。它不是一個大型設施。所以從物質援助的角度來看，這真的微不足道。但是——所以我們正在努力解決這個問題，我們有一個很好的合作夥伴，並希望能夠繼續在那裡工作。

Got it. And my last one was just on the capital raise. Great to see, but just what was the sort of the logic or rationale of going that route with the warrant structure relative to -- I think you had a $60 million ATM that had been untapped for quite some time. So what was the trade-off did you need the 2 tranches within short order and just the amount of time it would have taken to come up with the 37.5% relative to using the ATM is less pressure on the stock? Was that the industrial logic, or what was the thought process?

知道了。我最後一份工作是關於融資的。很高興看到這一點，但是相對於認股權證結構而言，採取這種路線的邏輯或理由是什麼呢？ ——我認為你們有一筆 6000 萬美元的自動櫃員機，已經很久沒有使用了。那麼權衡取捨是什麼？你是否需要在短時間內完成兩筆交易？與使用 ATM 相比，籌集 37.5% 資金所需的時間是否能減輕股票的壓力？那是工業邏輯嗎？還是另有其他思考過程？

Yes. I think it was opportunistic. I mean we have now a great partner in Cleanhill. It really signifies the positioning that FTC is in relative to the market and our peers and the differentiated technology. It's hard to be innovative in something like trackers, right? And especially the step change that we're looking to achieve in terms of the labor savings and constructability.

是的。我認為這是投機取巧。我的意思是，我們現在有了像Cleanhill這樣優秀的合作夥伴。這真正體現了FTC相對於市場和同業的定位以及差異化技術。在追蹤器這類領域進行創新很難，對吧？尤其是我們希望在節省勞動力和提高施工可行性方面實現的變革。

So the opportunity arose to do something larger with Cleanhill, we looked at that versus the other options that are on the table. And sort of based on what we -- our optimism says is ahead for us. We wanted to make sure that we had the right balance sheet in place. And our customers have been really positive.

因此，我們有機會與 Cleanhill 做些更大的事情，我們比較了這個方案與其他可行的方案。而且，這在某種程度上是基於我們——我們的樂觀情緒——對未來前景的預測。我們希望確保擁有正確的資產負債表。我們的客戶回饋也非常好。

Like I said in the prepared remarks, it's opened doors just in the last couple of weeks of customers that we're looking at watching FTC's growth and sort of bring us back to the table and bidding work that we were hopeful to get, but weren't expecting to get this quickly. So we anticipate that this balance sheet enhancement at that scale is going to get us to the point we want to get to a little bit faster.

正如我在準備好的演講稿中所說，在過去幾周里，它為我們打開了通往新客戶的大門，我們正在關注 FTC 的發展，並希望能夠重新參與到我們一直渴望獲得但沒想到會這麼快獲得的投標工作中。因此，我們預期這種規模的資產負債表改善將使我們更快達到我們想要的目標。

Perfect. That's all I have. Thank you.

完美的。這就是我全部的資料了。謝謝。

(Operator Instructions)

（操作說明）

Sameer Joshi, HC Wainwright.

Sameer Joshi，HC Wainwright。

Good morning and thanks for taking my questions. Just digging deeper into sort of the revenue mix between products and services. Obviously, this quarter, product revenues were lower, service were higher. Was that -- question one, was that just seasonality? Or should we read something more in that? And then part two, how do you see 3Q product mix or revenue mix?

早上好，感謝您回答我的問題。深入分析產品和服務之間的收入組成。顯然，本季產品收入下降，服務收入上升。第一個問題是，那隻是季節性現象嗎？或者我們應該從中解讀出更多意義？其次，您如何看待第三季的產品組合或收入組合？

Yeah, Kathy, can I ask you --

是的，凱西，我可以問你嗎？--

Yeah, absolutely. No. So on services, no, it's really just a mix of project and project timing. So in services, we have all of our logistics and delivery services for all of our projects. So it's the timing of production versus delivery, plus we do some engineering services contracts as kind of the timing. We had a pretty large engineering services contract during Q1, I think you'll see in -- I'm sorry, in Q2. I think you'll see as we move into Q3, you'll see a little bit more tilt towards the production side of it as you go into Q3.

是的，絕對的。不。所以就服務而言，不，這實際上只是專案和專案時間安排的綜合考慮。因此，在服務方面，我們為所有專案提供物流和配送服務。所以關鍵在於生產與交付的時間安排，再加上我們承接的一些工程服務合約的時間表。我們在第一季度獲得了一份相當大的工程服務合同，我想你會在第二季度看到——抱歉，是在第二季度。我認為隨著我們進入第三季度，你會看到生產方面會更加專注。

Understood. And as a corollary to that, the guidance or rather the outlook for 3Q gross profit is higher than what you saw in 2Q? Is that again because of revenue mix? Or is that because of elimination of certain accrual charges you talked about.

明白了。由此推論，第三季毛利的預期（或展望）高於第二季的水準？這又是收入結構的問題嗎？還是因為您提到的某些應計費用被取消了？

Yes, it is a combination. It's a combination of revenue mix. It's also -- it's the $4 million impact of -- that $4 million accrual in Q2.

是的，它是組合形式。這是多種收入來源的組合。這也是——這是第二季 400 萬美元應計款項帶來的 400 萬美元影響。

And thanks for that. Understood. And then just following up on previous questions regarding the financing. Do you expect this timing of the drawdown to be -- to be alongside your expected bookings, and also, can you just help us understand relative to a project being installed and constructed, what is your revenue recognition time line on that?

謝謝。明白了。然後，我再跟進一下之前關於融資方面的問題。您預期此次提款的時間會與您預期的預訂時間一致嗎？另外，您能否幫助我們了解一下，對於正在安裝和建造的項目，您的收入確認時間表是怎樣的？

I think your first question is the correlation between the second tranche of the capital drawdown. That doesn't have relation to anything project related is just a function of meeting the shareholder vote. And -- but Cathy, do you want to give some light on revenue -- the revenue recognition to the extent that we share that?

我認為你的第一個問題是第二筆資本提取的相關性。這與任何項目都無關，只是股東投票的結果。還有——但是凱西，你想就收入問題——我們分享的收入確認方面——談談你的看法嗎？

Yeah. So Sameer, our revenue recognition, I think, similar to all of our competitors, we're recognizing revenue over time as a project progresses through the production life cycle of the project. So once execution begins and production begins, we recognize it as based on percentage of completion throughout the project.

是的。所以 Sameer，我認為，我們的收入確認方式與所有競爭對手類似，都是隨著專案在其生產生命週期中的進展而逐步確認收入。因此，一旦執行和生產開始，我們就根據整個專案的完成百分比來認定其完成情況。

Got it, understood. Thanks for taking my question.

明白了。謝謝您回答我的問題。

At this moment in time, I'm showing no further questions. So I'd like to go ahead and conclude the call.

目前，我不再提出任何問題。那麼，我想就此結束通話。

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

感謝您參加今天的會議。程式到此結束，您可以斷開連線了。