FTC Solar Inc (FTCI) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. Welcome to FTC Solar's third quarter 2025 earnings conference call. (Operator Instructions).

您好，感謝您的耐心等待。歡迎參加FTC Solar 2025年第三季財報電話會議。 （操作說明）

I would now like to hand the conference over to Bill Michalek, Vice President of Investor Relations. Sir, you may begin.

現在我將會議交給投資者關係副總裁比爾·米哈萊克先生。先生，您可以開始了。

Thank you, and welcome, everyone, to FTC Solar's third quarter 2025 earnings conference call. Before today's call, you may review our earnings release and supplemental financial information, which are posted earlier today. If you cannot review these documents, they are available in the Investor Relations section of our website at ftcsolar.com.

感謝各位參加FTC Solar 2025年第三季財報電話會議。在今天的會議開始前，您可以查閱我們今天早些時候發布的財報和補充財務資訊。如果您無法查閱這些文件，也可以造訪我們網站ftcsolar.com的「投資者關係」版塊取得。

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

今天與我一同出席的有公司總裁兼執行長 Yann Brandt、公司財務總監 Cathy Behnen 以及公司資本市場和業務拓展主管 Patrick Cook。在正式開始之前，我提醒各位，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，並且僅代表截至今日的觀點。

As such, these forward-looking statements include risk and uncertainties, and actual results and events could differ materially from our current expectations. 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. As you'd expect, we'll discuss both GAAP and non-GAAP financial measures today.

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。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（SEC）的文件。除法律要求外，我們不承擔更新此類資訊的義務。正如您所預期的，我們今天將討論GAAP和非GAAP財務指標。

Please note that the earnings release issued this morning includes the full reconciliation of each non-GAAP financial measure to the nearest applicable GAAP measure.

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. I'm glad to be with you again to share the continued and exciting progress at FTC Solar is making to position the company as a leading single access tracker provider in the market, a path that continues to be clear every day for us to the technology we bring to the market that is looking for additional competition.

謝謝比爾，大家早安。很高興再次與大家分享FTC Solar在將公司打造成為市場領先的單接入追蹤器供應商方面取得的持續而令人振奮的進展。我們每天都在朝著這個目標穩步前進，我們為市場帶來的技術正尋求更多的競爭。

It was one-year ago that I joined you for my first earnings call as CEO of FTC. I'm pleased to say that over that year, the company has been on a recovery and growth trajectory, and our third quarter results represent a great market traction and continuation of that progress. Third quarter revenue and adjusted EBITDA both came in above the high end of our guidance ranges.

一年前，我作為FTC執行長首次參加了財報電話會議。我很高興地告訴大家，過去一年來，公司一直保持著復甦和成長的勢頭，第三季的業績也體現了強勁的市場勢頭和這一增長勢頭的延續。第三季營收和調整後EBITDA均高於我們先前預期範圍的上限。

Adjusted EBITDA was at the highest levels in five-years and one of the best in company history. And compared to a year ago, third quarter revenue was up 160%, and represents our highest quarterly revenue level in eight quarters. More importantly, we are continuing to improve our positioning, strengthen our balance sheet, improve our daily execution and enhance our product innovation, resulting in faster speeds of installation for our customers. All of this while gaining traction with existing and key new customers.

調整後 EBITDA 達到五年來的最高水平，也是公司史上最佳業績之一。與去年同期相比，第三季營收成長 160%，創下八個季度以來的最高季度營收紀錄。更重要的是，我們持續提升市場定位，強化資產負債表，優化日常運營，並持續推動產品創新，進而加快客戶的安裝速度。同時，我們也在現有客戶和重要新客戶中取得了顯著進展。

We remain on an impressive growth trajectory, 2026 is setting up nicely, and I see our long-term upside is even greater than I did a year ago, or even just three-months ago, especially as we continue to execute. On execution, we have been working to enhance all aspects of our daily operations, working to make the business better, stronger and more resilient each day.

我們依然保持著令人矚目的成長勢頭，2026 年的發展前景一片光明，而且我認為我們的長期成長潛力比一年前，甚至三個月前都要大，尤其是在我們持續推進各項工作的情況下。在執行方面，我們一直在努力提升日常營運的各個環節，力求讓業務每天都變得更好、更強大、更具韌性。

We're continuing to optimize our global supply chain, including for geographic capability, flexibility around tariffs and reducing landed costs. We're also increasing our capabilities at our Alpha Steel facility to best support customer domestic content needs while increasing access to 45 times credits. We're ensuring that we are engaging with customers early and often understanding their needs and creating value for them, and we're optimizing our product road map and providing customer service that go extra step.

我們正持續優化全球供應鏈，包括提升地域覆蓋能力、靈活應對關稅、降低到岸成本。同時，我們也正在提升阿爾法鋼鐵工廠的產能，以便更好地滿足客戶對國內產品含量的需求，並增加客戶獲得45倍信用額度的機會。我們致力於與客戶保持密切溝通，了解他們的需求並為其創造價值。此外，我們也正在優化產品路線圖，並提供超越預期的客戶服務。

Speaking of progress, I'd like to take a moment to share a bit of insight into some of the steps involved as FTC looks to move up the market share leader board. We've been doing these things since I joined, but there's quite a bit of activity that happens below the surface and may shed some light on why we highlight qualitative traction in our presentations.

說到進展，我想花點時間分享聯邦貿易委員會 (FTC) 為了提升市場佔有率排名而採取的一些步驟。自從我加入以來，我們一直在做這些工作，但幕後還有很多工作要做，這或許能解釋為什麼我們在報告中強調定性方面的進展。

Since we've launched our 1P Pioneer tracker, we have embarked on the process to secure purchase orders. That process involves several layers. Approvals from IPPs that will own the project, focus on how we deliver service, O&M, software platforms like SUNOPS and SunPath, this ABL process is about the long-term operations of the site.

自從我們推出 1P Pioneer 專案追蹤器以來，我們已啟動採購訂單取得流程。此流程涉及多個環節。首先，我們需要獲得專案所有者——獨立電力生產商 (IPP) 的批准；其次，我們需要專注於服務交付、維運以及 SUNOPS 和 SunPath 等軟體平台的交付方式；最後，此次資產租賃 (ABL) 流程旨在確保電站的長期運作。

In the past year, Pioneer has been vetted and added to dozens of approved vendor list. EPC have similar vendor approval list that is focused a bit more on how the product is procured, design, delivered and installed. EPCs are learning one by one, not only how easy and fast our tracker is to install but also how robust our supply chain is.

過去一年，Pioneer 經過嚴格審核，被列入數十家認證供應商名單。 EPC 公司也有類似的供應商認證名單，但更著重於產品的採購、設計、交付和安裝方式。 EPC 公司正在逐步了解，我們的追蹤器不僅安裝簡便快捷，而且我們的供應鏈也十分穩健可靠。

I may be biased, but I also find that we have the most responsive team in the market, led by seasoned solar professionals that have decades of relationships in solar, something that I'm very proud of. Just this quarter, we were approved for procurement by one of the largest EPCs in North America. MSAs don't just make for good PR. It means that two companies typically negotiate agreements for procurement, making it easier for us to contract when the projects near the start of construction.

我可能有些偏袒，但我確實認為我們擁有市場上反應最迅速的團隊，由經驗豐富的太陽能專業人士領導，他們在太陽能領域擁有數十年的經驗和人脈，對此我感到非常自豪。就在本季度，我們獲得了北美最大的EPC公司之一的採購資格。 MSA（主服務協議）不僅僅是良好的公關手段。它意味著兩家公司通常會就採購事宜進行談判，這使得我們在專案接近開工時更容易簽訂合約。

This quarter, we highlighted an MSA with one IPP, but we also have nonvolume-based agreements with large EPCs that make contracting easier in the future. We hope to share some exciting developments on that front as we move ahead. As we go through these processes, one thing we noticed is that our tracker does best when people see it and touch it.

本季度，我們重點介紹了與一家獨立發電企業 (IPP) 簽訂的主服務協議 (MSA)，此外，我們還與大型工程總承包商 (EPC) 簽訂了非基於工程量的協議，這將使未來的合約簽訂更加便捷。我們希望在未來的工作中分享這方面的一些令人振奮的進展。在推進這些流程的過程中，我們注意到，當人們能夠看到並觸摸到我們的進度追蹤工具時，它的效果最佳。

Every company talks about how fast they are. But when people see it and have the aha moment, it tends to be quite impactful, and that has led to some positive traction for us post RE Plus. Since then, we've been hosting EPCs at our Austin demonstration facility so they can install it for themselves and see how easy it is. We've also built demonstration rows at operation centers for EPCs, an important step forward towards contracting. Starting this quarter, we're taking the show on the road with a new demonstration trailer.

每家公司都吹噓自己的速度有多快。但當人們親眼看到並恍然大悟時，往往會產生巨大的影響，這為我們在RE Plus展會後帶來了正面的市場迴響。此後，我們一直在奧斯汀的展示中心接待EPC承包商，讓他們親身體驗安裝的便利性。我們也在EPC營運中心搭建了演示區，這是邁向合約簽訂的重要一步。從本季開始，我們將推出全新的示範拖車，把演示帶到各地。

Now that some of the regulatory noise has lessened, we see many opportunities to capture new business, thanks to the benefits and labor that we provide that are so badly needed by our customers. Track this progress internally, and we'll continue to give you updates as we take the steps to make FTC the market leader, I know that it can be.

隨著監管環境的改善，我們看到了許多拓展新業務的機會，這得益於我們提供的福利和勞動力，而這些正是客戶急需的。請密切注意公司內部的進展，我們將持續向您報告最新情況，並採取措施使FTC成為市場領導者，我相信它能夠做到。

On the product front, we believe that we have what is unquestionably the fastest and easiest to install tracker in the marketplace. This is not from some third-party study that backs into results, but from the actual measurement of workers installing our tracker. Today, FTC's independent row 1P architecture, where each row is controlled by a single motor is aligned with the majority of the market, and is the future of the industry.

在產品方面，我們堅信我們擁有市場上安裝速度最快、最方便的追蹤器。這並非來自第三方研究的推論，而是源自於工人實際安裝我們追蹤器的體驗。如今，FTC 的獨立式 1P 架構（每行由單一馬達控制）符合市場主流標準，也代表著產業的未來發展方向。

It is also significantly cheaper to install without expensive electrical work to power heavy-duty multi-road motors. Independent row, 1P architecture has been known for benefits and uptime, ground access maintenance and slope adaptability, leading to higher production for asset owners when matched with the right software.

此外，由於無需昂貴的電氣工程即可為重型多路馬達供電，其安裝成本也顯著降低。獨立行、1P架構以其諸多優勢和卓越的正常運行時間、便捷的地面維護和坡度適應性而著稱，配合合適的軟體，可顯著提高資產所有者的生產效率。

As these benefits become more important and as developers increasingly utilize software to optimize individual road positioning to capture up to $0.04 additional output, we believe the share of market will only continue to improve. Match with center mounted slew drives, only a few tracker vendors, including FTC, have both slew drives and single row architecture, and we believe we have the best solution.

隨著這些優勢日益重要，以及開發商越來越多地利用軟體優化單一道路的定位以獲得高達 0.04 美元的額外收益，我們相信市場份額只會持續增長。與中心安裝的迴轉驅動裝置相匹配，目前只有少數幾家追蹤器供應商（包括 FTC）同時擁有迴轉驅動裝置和單排架構，我們相信我們擁有最佳解決方案。

Our constructability, which can be built from piles to mounted modules with an efficiency of 0.053 labor hours per module, we believe is unmatched in the solar industry, and there is at least 20% more labor savings to we had. Already at 0.053 labor hours per module, we believe we are nearly two times faster to install than our largest peers.

我們的施工效率極高，從樁基到組件安裝，每個組件僅需0.053個工時，我們相信這在太陽能行業中是無與倫比的，而且比我們之前節省了至少20%的人工成本。即使每個組件僅需0.053個工時，我們相信我們的安裝速度也比最大的競爭對手快近兩倍。

In fact, we recently posted a video on LinkedIn showing a crew of four installing a 75 module row in less than an hour, and I would encourage everyone to view it. This efficiency is driven by our innovative Python clips, our slide and glide rails and open (technical difficulty) design and power clips. And this productivity is something that any customer crew can achieve with our tracker, and I encourage every EPC to review this for themselves.

事實上，我們最近在LinkedIn上發布了一段視頻，展示了一個四人小組在不到一小時內安裝完75個模組的安裝排，我強烈建議大家觀看。這種高效能得益於我們創新的Python卡扣、滑動導軌、開放式（技術難度低）設計以及強力卡扣。任何客戶的安裝團隊都可以使用我們的追蹤系統來實現如此高的效率，我鼓勵所有EPC承包商親自了解一下。

This is crucial as labor shortages are increasingly pinpoint for the industry and are expected to continue and as labor continues to increase as a proportion of total project cost. And as the industry looks to increase use of robotic solutions, including for construction, we believe our trackers are better suited there as well with fewer factors and overall fewer components to be installed, clear robotic interface advantages, including hardware free module placement and consistent geometric reference points.

這一點至關重要，因為勞動力短缺問題日益凸顯，預計還將持續，而且勞動力成本在項目總成本中所佔比例也在上升。隨著業界尋求更多地使用機器人解決方案（包括建築領域），我們相信我們的追蹤器也更適合這些領域，因為它影響因素更少，需要安裝的組件也更少，並且具有清晰的機器人介面優勢，例如無需硬體即可進行模組放置以及一致的幾何參考點。

Our tracker allows modules to glide and hold it to a proper position self-supported and aligned. Once you slide the module to the rail, it is fixed there and ready to take (technical difficulty) clip, which can be done with one hand or one robotic actuator. There's no need to hold on both ends, no need to move back and forth to align bolts, no need to hold mobile both components and no need to twist or turn anything, which means it dramatically reduces the human or robot labor and complexity relative to competing solutions.

我們的追蹤器使模組能夠滑動並保持在適當的位置，實現自支撐和對齊。一旦將模組滑到導軌上，它就會固定在那裡，準備進行（技術難度）夾緊，這可以用一隻手或機器人執行器完成。無需雙手扶住，無需來回移動以對齊螺栓，無需移動兩個組件，也無需扭轉任何部件，這意味著與同類解決方案相比，它顯著降低了人工或機器人的工作量和複雜性。

Over the past few quarters, I've shared with you all of the great progress we have made in taking the great underlying 1P platform and expanding our product line to ensure we have the right products to meet customer needs across their portfolio. This has included adding solutions by wind zones up to 150 miles an hour, compatibility across module type.

過去幾個季度，我與大家分享了我們在強大的 1P 平台基礎上取得的巨大進展，以及我們為確保擁有合適的產品來滿足客戶在其產品組合中的各種需求而不斷擴展的產品線。這包括針對不同風速區域（最高可達 150 英里/小時）增加解決方案，以及實現不同模組類型的兼容性。

The ability to make module changes late in the design cycle, drain following features to reduce and eliminate the need for land grading and introducing the widest range of snow in the industry and up to 80 degrees to maximize hailstone flexibility and customization. And we're continuing to innovate. Last quarter, I told you about our next-generation extra-long tracker for 2,000-volt system, which will enable reduced EBOS and O&M costs while increasing power capacity by 33%.

我們能夠在設計週期後期進行模組變更，利用排水追蹤功能減少甚至消除土地平整的需要，並引入業內最廣泛的雪型覆蓋範圍，最高可達 80 度，從而最大限度地提高冰雹防護的靈活性和定制化程度。而且我們還在不斷創新。上個季度，我向大家介紹了我們用於 2000 伏特系統的下一代超長追蹤器，它將在降低 EBOS 和運維成本的同時，將功率容量提高 33%。

Today, I'll share with you that we're also introducing a washerless tracker, which is exactly what it sounds like. We're eliminating the need for washers for any connections. It may sound simple, but it takes the part count down by an additional 15% or more on a tracker that we already believe had fewer parts than competing solutions, furthering our mission to make the most constructible trackers on the market, reducing labor time and complexity.

今天，我還要和大家分享我們即將推出的無墊圈追蹤器，顧名思義，它無需墊圈即可完成所有連接。這聽起來很簡單，但它能讓追蹤器的零件數量再減少15%甚至更多。我們相信，這款追蹤器的零件數量已經比同類產品少得多，這進一步實現了我們打造市場上最易於組裝的追蹤器的目標，從而減少人工時間和複雜性。

Through continued innovation in R&D and software, our goal is to be twice as fast as our largest peers. We see this innovation push through our long-term agreements and our mission to add to the more than 7.5 gigawatts of MSAs we have added over the past year. The most recent being the 1-gigawatt agreement we announced in Q3 with Levona Renewables, which has the first project expected to begin in early 2026.

透過在研發和軟體方面的持續創新，我們的目標是實現比最大的同業快兩倍的速度。我們看到，這種創新正在推動我們達成長期協議，並幫助我們實現目標，即在過去一年中新增超過7.5吉瓦的MSA（主服務協議）。最近，我們在第三季宣布與Levona Renewables公司達成1吉瓦的協議，該協議的首個項目預計將於2026年初啟動。

Supported by our strong and expanded product line and the strengthened balance sheet, we have seen a meaningful step forward in our discussions with customers and prospects. In the US, our largest market, our pipeline has expanded with more customers and larger projects. This includes many new prospects and notably new and renewed discussions with multiple industry leaders, including Tier 1 EPCs.

憑藉我們強大且不斷擴展的產品線和穩健的資產負債表，我們與客戶和潛在客戶的洽談取得了顯著進展。在美國這個我們最大的市場，隨著更多客戶和更大專案的加入，我們的業務管道也得到了拓展。這其中包括許多新的潛在客戶，以及與多家行業領導企業（包括一級工程總承包商）開展的全新或重啟的洽談。

We're gaining visibility. We're getting more access and more projects are available for us to win. Internationally, we are also continuing to make progress strengthening our team, building our relationships and advancing pipeline and project discussions. We hope to have much more to share on the customer front in the coming weeks and months.

我們正在提升知名度，獲得更多機會，也贏得了更多項目。在國際市場上，我們也持續取得進展，加強團隊建設，拓展人脈，並推動專案洽談和洽談。我們希望在未來幾週和幾個月內，與大家分享更多客戶方面的資訊。

So as I look back on the past year, it's possible I didn't fully anticipate everything that was going to happen on the regulatory and legislative fronts, which included uncertainties around ITC 45 times and tariff adjustments just to name a few. And the net result of these things did push some expected new business to the right. But overall, we have been on a steady recovery over the past year and are in a greatly enhanced position with adjusted EBITDA hitting the highest levels in five-years.

回顧過去一年，我可能沒有完全預料到監管和立法方面會發生的一切，例如ITC 45倍的不確定性以及關稅調整等等。這些因素最終導致一些預期的新業務延遲。但整體而言，過去一年我們一直在穩步復甦，調整後EBITDA達到五年來的最高水平，公司目前處於非常有利的地位。

Quarterly revenue levels were up 160% year-over-year and at their highest levels in eight quarters with new cash on the balance sheet and additional capacity with a financing arrangement. Our product offering is more compelling and complete than ever, with a great deal of features added. And I'm confident that our growth will continue, including as we convert to 7-plus gigawatts of MSAs.

季度營收年增160%，創八個季度以來新高，這得益於資產負債表上的新增現金以及透過融資安排獲得的額外產能。我們的產品組合比以往任何時候都更具吸引力、更加完善，並新增了大量功能。我相信，隨著我們向7吉瓦以上的MSA（主服務協議）轉型，我們的成長動能將持續下去。

We have made great progress over the past year. And to me, this is just a start. I often tell the team, don't judge us based on where we're starting, but rather where we're going. So look at all that we have accomplished in one year, the product, the balance sheet, the MSAs, the pipeline. Now looking ahead, we positioned our technology as an independent road tracker with slew driver.

過去一年我們取得了巨大的進步。對我而言，這只是個開始。我常告訴團隊，不要以我們的起點來評斷我們，而要著眼於我們的未來。看看我們一年來取得的所有成就：產品、資產負債表、主服務協議 (MSA) 以及專案儲備。展望未來，我們將我們的技術定位為一款獨立的、具有迴轉驅動功能的道路追蹤器。

This is the dominant technology, same as the market leader and structurally advantage in our view, picking the boxes and expanding the market with our software suite and 80-degree [health cell]. Of course, the market leader has significant volume advantages. So does the market value innovation, it does and not all trackers are created equal. There is a great new innovation in IP and the market wants more competition.

這是目前主導的技術，與市場領導者的技術相同，我們認為這在結構上具有優勢，我們可以利用我們的軟體套件和80度[健康細胞]技術來拓展市場。當然，市場領導者擁有顯著的銷售優勢。市場價值創新也是如此，並非所有追蹤器都一樣。智慧財產權領域出現了一項重大創新，市場需要更多的競爭。

Where our trackers excel perhaps the most is in constructability, some great technology that is a labor accelerator like ours gain traction in the market that will face only increasing labor constraints, we believe so. We have been getting on the AVLs of more top developers and EPCs, further expanding our customer and prospect list.

我們的追蹤器最突出的優勢或許在於施工可行性。我們相信，像我們這樣能夠加速勞動力消耗的先進技術，將在勞動力日益緊張的市場中廣泛應用。我們已成功入駐更多頂級開發商和EPC承包商的AVL系統，進一步拓展了我們的客戶和潛在客戶名單。

In addition to our current momentum, gaining only a small portion, even 5% of the top developer projects to start would provide incredible growth rate and a long runway for us. And as we grow, we gain those volume advantages to become even more efficient and give back more to our customers who can now complete more projects with the same amount of labor using our tracker, and have a healthier, more competitive tracker market.

除了我們目前的成長動能之外，即使一開始只拿下頂級開發商專案中的一小部分，例如 5%，也能為我們帶來驚人的成長速度和長遠的發展前景。隨著我們的發展，我們將獲得規模優勢，從而提高效率，並為客戶創造更多價值。客戶現在可以使用我們的追蹤工具，用同樣的人力完成更多項目，從而打造一個更健康、更具競爭力的追蹤工具市場。

We have done a great deal to prepare the company and lay the groundwork and now more than ever, I believe the company is in a position to do great things, lock in many new projects and reap the reward of the great work and innovation. And we're aiming for a top market share position that is now possible. I have never been more optimistic about the long-term potential of the business, and I look forward to providing you with continued updates on our progress in the months ahead.

我們為公司做了大量準備工作，奠定了堅實的基礎。現在，我比以往任何時候都更加相信，公司有能力成就一番偉業，拿下眾多新項目，並收穫卓越工作和創新帶來的豐厚回報。我們的目標是佔據市場領先地位，而這現在完全有可能實現。我對公司的長期發展潛力從未如此樂觀，並期待在未來幾個月持續向您報告我們的進展。

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 third quarter performance and our outlook. Beginning with a discussion of the third quarter, revenue came in at $26 million, which is above the top end of our guidance range of $18 million to $24 million. The outperformance versus our expectation was largely driven by a pull-forward of material production to meet customer demand that was originally expected in Q4.

謝謝 Yann，大家早安。我將進一步介紹我們第三季的業績和展望。首先來看第三季度，營收達到 2,600 萬美元，高於我們先前預期的 1,800 萬美元至 2,400 萬美元的上限。業績超出預期主要得益於提前生產原材料以滿足客戶需求，這些需求原本預計在第四季才會出現。

The quarterly revenue level represents an increase of 30% compared to the prior quarter and an increase of 157% compared to the year earlier quarter, fueled by higher product volumes. GAAP gross profit was $1.6 million or 6.1% of revenue compared to gross loss of $3.9 million or 19.6% of revenue in the prior quarter. Non-GAAP gross profit was $2 million or 7.7% of revenue, and marking the company's returned to positive gross margin for the first time since late 2023.

本季營收較上一季成長30%，較去年同期成長157%，主要得益於產品銷售成長。以美國通用會計準則（GAAP）計算，本季毛利為160萬美元，佔營收的6.1%，而上一季毛虧損為390萬美元，佔營收的19.6%。以非美國通用會計準則（Non-GAAP）計算，本季毛利為200萬美元，佔營收的7.7%，標誌著該公司自2023年底以來首次恢復正毛利率。

This turnaround was driven by the additional revenue I mentioned, which was at a higher margin. This quarter's results compared to non-GAAP gross loss of $3.5 million in the prior quarter and $3.9 million in the year ago quarter. GAAP operating expenses were $93 million. On non-GAAP basis, operating expenses were $8 million.

這項業績好轉主要得益於我之前提到的額外收入，而且這部分收入的利潤率更高。本季業績較上一季非GAAP毛虧損350萬美元及去年同期非GAAP毛虧損390萬美元大幅改善。 GAAP營運費用為9,300萬美元，非GAAP營運費用為800萬美元。

This compares to non-GAAP operating expenses of $8.1 million in the year ago quarter and $6.5 million in the prior quarter. Moving to GAAP net loss. As you may know, the warrants which were issued as part of our recent capital raise, are subject to liability rather than equity accounting. And therefore require us to reflect changes in the warrant fair value each quarter in our GAAP financials.

相較之下，去年同期非GAAP營運費用為810萬美元，上一季為650萬美元。接下來是GAAP淨虧損。您可能知道，作為我們近期融資的一部分而發行的認股權證屬於負債會計處理而非權益會計處理。因此，我們需要在每季的GAAP財務報表中反映認股權證公允價值的變動。

Essentially, if our share price goes up during the quarter, it will show as a noncash loss. And conversely, a share price decline, which shows a gain. The positive share price appreciation we saw in the third quarter drove an increase in the fair value of the warrant liability of about $16 million. This is a noncash charge that does not reflect the underlying business performance, and will be excluded for purposes of adjusted EBITDA but does impact our GAAP financials.

本質上，如果我們的股價在本季上漲，就會顯示為非現金虧損。反之，股價下跌則會顯示為獲利。第三季股價的上漲導致認股權證負債的公允價值增加了約1,600萬美元。這是一項非現金支出，並不反映公司的基本業務表現，因此在計算調整後EBITDA時將被排除，但會影響我們的GAAP財務報表。

So including that GAAP net loss was $23.9 million or $1.61 per diluted share compared to a loss of $50.4 million or $1.18 per diluted share in the prior quarter and a net loss of $15.4 million or $1.21 per diluted share post split in the year ago quarter. Adjusted EBITDA loss was $4 million, which excludes a net of approximately $20 million for the change in fair value of the warrant liability as well as certain transition and special stockholders' meeting cost September 2025 and other noncash items.

因此，計入GAAP準則後，淨虧損為2390萬美元，即每股攤薄虧損1.61美元，而上一季度淨虧損為5040萬美元，即每股攤薄虧損1.18美元，去年同期拆股後淨虧損為1540萬美元，即每股攤薄虧損1.21美元。調整後EBITDA虧損為400萬美元，其中扣除了約2000萬美元的認股權證負債公允價值變動淨額、2025年9月的過渡期和特別股東大會費用以及其他非現金項目。

This represents our best adjusted EBITDA loss since the third quarter of 2020 and a substantial improvement from adjusted EBITDA losses of $10.4 million in the prior quarter and $12.2 million in the year ago quarter. As Yann noted, during the quarter, we strengthened the balance sheet by closing our previously announced term loan financing, which was $[37] million before fees.

這是自2020年第三季以來我們調整後EBITDA虧損最少的一次，較上一季的1,040萬美元和去年同期的1,220萬美元有了顯著改善。正如Yann所指出的，本季我們透過完成先前宣布的定期貸款融資（未扣除費用前為3700萬美元）進一步增強了資產負債表。

As you may recall, this was part of an overall $75 million financing facility with the remaining $37.5 million in funding available to the company as may be needed in the future upon mutual agreement between the company and the investors. So overall, very good progress on financial side with some of the best numbers we've seen in many quarters as well as new cash on the balance sheet.

您可能還記得，這是總額7500萬美元融資計劃的一部分，剩餘的3750萬美元資金將根據公司與投資者的共同意願，在未來公司可能需要時使用。因此，總體而言，財務方面進展非常順利，取得了近幾個季度以來最好的業績，資產負債表上也增加了現金。

We are energized by the progress and remain focused on delivering term value. Finally, one subsequent event to note, following the quarter end, we acquired 55% interest in Alpha Steel, which is owned by our joint venture partner. As you may know, Alpha Steel is a manufacturing joint venture partnership established by the companies in 2023 to manufacture steel components, including torque tubes, rails and other items.

我們對所取得的進展感到振奮，並將繼續專注於創造長期價值。最後，還有一件後續事件需要說明：在本季末，我們收購了合資夥伴Alpha Steel 55%的股份。您可能已經知道，Alpha Steel是由雙方公司於2023年成立的製造合資企業，主要生產鋼材零件，包括扭力管、鋼軌及其他產品。

Following the close of transaction, which occurred this week, FTC Solar became the sole owner of Alpha Steel giving the company full control over a key contributor to our domestic content capability and unlocking additional profit potential, while ensuring full confidence with the guidance included in the OBBB. Alpha Steel was modestly profitable in the third quarter.

本週交易完成後，FTC Solar 成為 Alpha Steel 的唯一所有者，從而完全掌控了我們國內產能的關鍵貢獻者，並釋放了額外的盈利潛力，同時確保了我們對 OBBB 中包含的業績指引的充分信心。 Alpha Steel 第三季實現了適度獲利。

And while we haven't given overall guidance for 2026 yet, we would expect Alpha Steel to be accretive to adjusted EBITDA. This acquisition is expected to drive lower COGS improved gross margin and higher adjusted EBITDA. With that, let us turn our focus to the outlook. Our targets for the fourth quarter call for the following: revenue between $30 million and $35 million, which at the midpoint would represent another 25% growth sequentially.

雖然我們尚未給出2026年的整體業績指引，但我們預期Alpha Steel的收購將提升調整後EBITDA。此次收購預計將降低銷售成本、提高毛利率並增加調整後EBITDA。接下來，讓我們展望一下前景。我們對第四季的業績目標如下：營收在3000萬美元至3500萬美元之間，取中間值，這意味著環比增長25%。

Non-GAAP gross profit between $3.8 million and $8.2 million or between 12% to 7% and 23.4% of revenue, which even at the low end would represent our highest gross margin as a public company. Non-GAAP operating expenses between $8.2 million and $9 million; and finally, adjusted EBITDA between a loss of $5.4 million and breakeven. At the midpoint of this range, would also represent our best results as a public company. In 2026, we expect to continue our growth trajectory, and we'll plan to provide additional detail on our next call.

非GAAP毛利預計在380萬美元至820萬美元之間，或占營收的7%至23.4%（12%至7%），即使取下限，也將是我們作為上市公司最高的毛利率。非GAAP營運費用預計在820萬美元至900萬美元之間；調整後EBITDA預計在虧損540萬美元至損益兩平之間。取上述區間的中點，也將是我們作為上市公司的最佳表現。我們預計2026年將繼續保持成長勢頭，並將在下次電話會議上提供更多細節。

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，請問大家有什麼問題嗎？接線生？

(Operator Instructions) Philip Shen, ROTH Capital Partners.

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

Congrats on the strong quarter. Congrats on the bookings as well. I was wondering if you could share a little bit more about the booking with Levona in terms of -- and I know you gave a lot of detail already, but much more could there be beyond even what you guys have shared? And then talk to us about the international bookings that might be coming, and the other activity you're having with customers?

恭喜你們本季業績強勁，也恭喜你們的預訂量。我想請教一下，關於與 Levona 的預訂情況，能否再詳細說說？我知道你們已經提供了很多信息，但除了已經分享的內容之外，是否還有更多可以透露的？另外，能否談談即將到來的國際預訂，以及你們正在進行的其他客戶活動？

Appreciate the comment there. Look, I think Levona is indicative of a little bit of the type of clientele that we've been working hard on, working on developments in the early stages and special projects like this where it's a developer that has a tremendous track record in previous endeavors and now has several projects that we ultimately wrapped into this gigawatt MSA.

感謝您的評論。我認為 Levona 在某種程度上代表了我們一直在努力爭取的客戶類型，我們致力於早期開發項目和像這樣的特殊項目，開發商在以往的項目中擁有卓越的業績記錄，現在我們已將多個項目整合到這個千兆瓦級的 MSA 中。

And I think just from a standpoint of the team at FTC and something that's akin to what we're working on with many developers is -- is helping them maneuver the buses, right? We have obviously experienced in project finance. Our core expertise in supply chain and helping those projects get to close. So that's what we've been hard at work there.

我認為，就FTC團隊而言，我們與許多開發商合作的目標之一是幫助他們順利完成項目，對吧？我們在專案融資方面經驗豐富，核心專長在於供應鏈，以及如何幫助這些專案最終完成。這就是我們一直在努力的方向。

Obviously, there's a tremendous appetite for energy and generation coming from these solar developments. So sometimes it is straightforward as getting the projects to the point of construction. And we have been investing in supporting folks like Levona in early stages of design where many of our peers won't, right? They will wait for the project to get to RFP.

顯然，市場對太陽能發電的需求非常強勁。因此，有時專案進展順利，只需推進到建設階段即可。我們一直在投資支持像Levona這樣的公司，從設計初期就開始提供支持，而許多同行卻不會這樣做，對吧？他們會等到專案進入招標階段才行動。

But we'll spend time and design and helping them get the project to this standpoint, and that's borne good fruit. On the international front, we're -- I think we're quite optimistic. Couple of quarters ago, obviously, we announced a 300-plus megawatt project in Australia that we've been working on, and we think that's a strong market.

但我們會投入時間和精力進行設計，幫助他們將專案推進到目前的階段，而這些努力也取得了豐碩的成果。在國際方面，我們——我認為我們相當樂觀。幾個季度前，我們宣布了在澳洲的一個300多兆瓦的項目，我們一直在努力推進這個項目，我們認為這是一個強勁的市場。

Australia, in particular, because of the labor constraints and the labor cost, FTC solution in that one case ended up being millions of dollars cheaper to install. And we're continuing that notion, looking at additional markets where we might have product solution, but always making sure that we have a value proposition. But ultimately, the tracker market really has a lot of customers that have this global portfolio, right?

尤其是在澳大利亞，由於勞動力短缺和勞動力成本高昂，FTC解決方案在安裝成本上最終節省了數百萬美元。我們將繼續秉持這一理念，尋找其他可能提供產品解決方案的市場，但始終確保我們的產品具有價值。歸根究底，追蹤器市場確實有許多客戶擁有這樣的全球產品組合，對吧？

It is not uncommon for me to spend time with a customer internationally that's working on a project in the US or a US customer that's acquiring a project internationally. So it is becoming a quite a bit of a global supply chain -- both global on the supply chain procurement part, but also on the customer support portion of it.

我常常會遇到這種情況：一方面，我與身處海外的客戶溝通，他們正在美國開展專案；另一方面，我與美國的客戶溝通，他們正在海外承接專案。因此，供應鏈正變得越來越全球化──不僅體現在供應鏈採購環節，也體現在顧客支援環節。

Great job to you and the team for getting to the gross margin positive strong, so Q4 guide, but I was wondering, to what degree could you give us some commentary on how you expect things to -- either the margins or revenues to trend through the early part of '26 or through '26. I know you don't have an official guide, but so far as you can give us some qualitative commentary or even quantitative, that would be fantastic.

恭喜你和團隊成功實現了毛利率為正，這非常有利於第四季度業績指引。但我很想知道，你能否就2026年初或整個2026年毛利率或營收的走勢做一些預測？我知道你們沒有正式的績效指引，但如果你能提供一些定性或定量分析，那就太好了。

Yes. No, I think -- look, as I said in my prepared remarks, I'm very optimistic about where we're heading, right? We're looking to take share of the overall 1P market, obviously, coming into the space, as the latest entrants focus with built on innovation and having a little bit of a different mousetrap for EPCs and IPPs to consider, especially EPCs that are looking at labor savings and schedule constraints.

是的。不，我認為——正如我在準備好的演講稿中所說，我對我們的發展方向非常樂觀，對吧？顯然，我們希望在整個1P市場中佔有一席之地，因為新進業者專注於創新，並為EPC和IPP提供一些不同的解決方案，特別是對於那些尋求節省勞動力和滿足工期要求的EPC而言。

So while quantitatively, not much to give you on 2026. I think it's fair to say at this point that we expect to be adjusted EBITDA positive for the full year 2026. I'm optimistic about where we'll be on both margins and revenues. Our focus has been on just execution day after day. I think the third quarter results speak to that. We hope to continue that trend. And when we have more guidance to get, we certainly will.

因此，雖然目前在量化方面，我們無法提供太多關於2026年的具體信息，但可以肯定的是，我們預計2026年全年調整後EBITDA將為正。我對利潤率和營收都持樂觀態度。我們一直專注於日復一日的執行，第三季的業績也印證了這一點。我們希望能夠保持這股勢頭。一旦有更多業績指引，我們一定會及時發布。

Okay. Just a little bit hear you on, do you think you guys remain gross margin positive through Q1 and 2?

好的。我再聽聽你的看法，你認為你們第一季和第二季的毛利率能維持為正嗎？

Yes. I don't -- I think I'm going to leave it at where I think we'll be for the year, thinking that it's fair to say that we'll be adjusted positive for the full year. As soon as we have definitive numbers to give for any period of time, Q1, Q2, we certainly will.

是的。我不會——我想我會就此打住，維持我對全年業績的預期，我認為可以合理地預測全年業績將實現正增長。一旦我們有了任何時間段（例如第一季、第二季）的確切數據，我們一定會公佈。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

Congrats on a great progress. Just a couple of questions from me. The $37.5 million that was drawn down and rather the remaining that is expected to be drawn down. Are there any plans to do that, now that you have almost $25 million cash on hand and nearing positive adjusted EBITDA?

恭喜取得如此巨大的進展。我有幾個問題。關於已經提取的3750萬美元，以及預計提取的剩餘部分，現在你們手頭上有近2500萬美元現金，而且調整後EBITDA也接近正值，你們有什麼計劃嗎？

Yes. Right now, we're focused on the business. Thank you for the question. Right now, we're focused on the business. I think it's nice to have the facility. It certainly is -- it's helpful with customers that are looking at FTC's balance sheet, so that it's been helpful in the conversations to advance our commercial efforts this quarter.

是的。目前，我們專注於業務。謝謝你的提問。目前，我們專注於業務。我認為擁有這個設施很好。確實如此——它對那些正在查看FTC資產負債表的客戶很有幫助，因此，它對我們本季推進商業工作的溝通起到了促進作用。

I think right now, we'll continue to focus on the blocking and tackling of getting our bookings in continuing to work on our execution, just sort of the story that third quarter results tell that's certainly the trend line. But it's -- I would characterize it as it's nice to have the facility and additional cash that we've been able to bring in at the beginning of the quarter, and we'll see how the execution goes from here.

我認為目前，我們將繼續專注於落實預訂工作，並繼續改善執行，第三季的業績也印證了這一趨勢。不過，我們本季初獲得了資金和額外的現金，這固然很好，但接下來的執行情況如何，我們拭目以待。

Understood. The couple of quarters ago, you had announced a 5-gigawatt five-year sort of a master agreement. Are you seeing a sort of pull forward from that and maybe it may be completed in less than five-years by the current term.

明白了。幾個季度前，您宣布了一項為期五年、總裝置容量為5吉瓦的主協議。您認為這項協議是否有所提前實施，或許可以在目前任期內不到五年就完成？

Yes. Let me give the framing of all of our MSAs, which now stand at over 7.5 gigawatts. These are the investments that we've been making in helping developments to get to the start of construction or notice to proceed. And we expect many of which -- and some MSAs have started to roll projects into our bookings and revenue. So certainly nice to see.

是的。讓我來介紹一下我們所有的MSA（主服務協議）的框架，目前總裝置容量超過7.5吉瓦。這些是我們為幫助專案啟動建設或獲得開工許可而進行的投資。我們預計其中許多項目——以及一些MSA項目——已經開始將項目納入我們的預訂和收入中。這當然令人欣喜。

And it's an important tool for us because it is a relationship between two parties. And it's not just, as I said in my comments, for good PR and fourth in terms of the actual procurement contract and brings it to the forefront, right? We know where we sit in terms of the relationship contractually and allows us to contract more quickly. But fundamentally, our business, especially the solar business is built around relationships.

這對我們來說是一個重要的工具，因為它建立在雙方關係之上。正如我剛才所說，它不僅是為了良好的公關形象，更重要的是，它將採購合約置於首要位置，對吧？我們清楚自己在合約關係中的位置，這使我們能夠更快地簽訂合約。但從根本上講，我們的業務，尤其是太陽能業務，是建立在人際關係之上的。

It's not hard to see that there's -- in most MSAs, it's built around people trusting people and the relationships that we've all collectively had at FTC over the past couple of decades with other solar professionals. So we do -- there's a lot of enthusiasm, especially from my spot on sort of burning off and leveraging those M&As and actually bringing those gigawatts through.

不難看出，大多數主服務協議（MSA）都是建立在人與人之間的信任以及過去二十年來我們在FTC與其他太陽能專業人士建立的集體關係之上的。因此，我們——尤其是我所在的部門——充滿熱情，致力於加速並利用這些併購交易，真正實現這些千兆瓦級專案的落地。

But also increasing the number of MSAs that we possibly are into with others, both people that we're currently looking -- talking to about it. And those that already have signed MSAs. And I will say, because sort of a sideline on my comments, not all MSAs have gigawatts attached to it, right? It's -- the relationship can be non-volumetric especially with EPCs because it does set this preferred vendor type of relationship where we know and have reviewed collectively, what the terms and conditions would be of a purchase order.

但同時，我們也在增加可能與其他公司簽訂的MSA數量，包括我們目前正在洽談的合作夥伴，以及已經簽署MSA的公司。另外，我想補充一點，並非所有MSA都與千兆瓦的規模掛鉤，對吧？這種合作關係並非總是以數量取勝，尤其是在EPC（工程、採購和施工）方面，因為它建立了一種優先供應商關係，我們共同了解並審查了採購訂單的條款和條件。

So spending more time with top-tier EPCs, including EPCs that are really growing quite nicely in the solar space, there's such a need for with all of labor constraints, there's also quite a bit of new EPCs that are growing significant volumes that we're spending time with bringing towards our demonstration facility, et cetera.

因此，我們需要花更多的時間與頂尖EPC公司合作，包括在太陽能領域發展非常順利的EPC公司，因為在勞動力限制的情況下，對這類公司的需求非常大。此外，還有許多新的EPC公司正在大幅成長業務量，我們正在花時間與它們合作，將它們引入我們的示範設施等等。

So we're quite bullish on the use of the MSAs and see the customers really appreciate those as well, in some cases, even bringing projects into exclusivity under those MSAs. So it's all progressing quite nicely in building the mid-funnel that will ultimately lead to more backlog in bookings.

因此，我們對主服務協議（MSA）的使用非常看好，也看到客戶對此非常認可，在某些情況下，甚至會透過這些MSA將專案納入獨家合作範圍。所以，建立銷售漏斗中層環節的進展非常順利，最終將帶來更多的訂單積壓。

That was really helpful. May I squeeze one last one on working cash management. Accounts receivables are substantially elevated, does that -- any part of the answer is the answer that you gave, is that responsible for this high AR?

那真的很有幫助。我可以再問一個關於現金管理的問題嗎？應收帳款大幅增加，這——或者說，您剛才給出的答案——是造成應收帳款高企的原因嗎？

Yes. I'll let Cathy give a little bit color. But just obviously, if you kind of compare where we were and where we are having run manufacturing businesses in the past, there's always going to be a little bit of a linear relationship between the growth on the top line and the rest of the balance sheet, but I'll let Cathy give a little bit of color.

是的。我請凱西來詳細說。但很顯然，如果你比較一下我們過去經營製造業的情況，你會發現營收成長和資產負債表其他部分的成長之間總是存在某種線性關係，但我還是讓凱西來詳細說說吧。

Thanks for the question. Yes, that is -- it really reflects kind of the increase in the activity that we're seeing. And as our projects go through the production and execution phase, you'll see that time line continues to grow with the growth in the revenue.

謝謝你的提問。是的，的確如此——這反映了我們所看到的業務活動的成長。隨著專案進入生產和執行階段，你會發現，隨著收入的成長，專案週期也會隨之延長。

(Operator Instructions) Jeff Osborne, TD Cowen.

（操作說明）傑夫·奧斯本，TD Cowen。

Most were asked, but just a couple of questions on the Alpha Steel joint venture. Did the historical ownership structure of that impact any bookings and potentially this now 100% owned by you, would that free up anything or any folks proactively or preventatively concerned about rules implementation?

大部分問題都問了，但關於Alpha Steel合資企業的問題只有幾個。該合資企業的歷史所有權結構是否影響了預訂？如果現在該公司100%由您擁有，這是否會帶來一些便利？或是有人主動或預先擔心規則的執行？

Yes, it's a good question, Jeff. Over concern or question, I think it was good housekeeping for us. It does create an additional lever for us in terms of operating of the site, especially as the company grows pushing the volume through Alpha steel. But with the global supply chain, it's another tool for us. Obviously, we have a lot of contract manufacturing around the world for project base, both in the US and external.

是的，傑夫，你問得好。與其說是擔憂或疑問，我認為這對我們來說是很好的內部管理。它確實為我們工廠的營運提供了一個額外的槓桿，尤其是在公司發展壯大，Alpha Steel 的產量不斷增長的情況下。但有了全球供應鏈，它就成了我們的另一個工具。顯然，我們為專案在全球範圍內開展了大量的合約製造業務，包括美國本土和海外。

But certainly now, it creates a 100% certainty for the market knowing that FTC is the owner of Alpha Steel and sort of our domestic torque manufacturing and some of the ancillary parts and fasteners that we're looking to increase the capacity of Alpha Steel will give us additional access to 45 credits, but also make it easier for folks around their project level, regulatory compliance, et cetera.

但現在，市場可以百分之百確定，FTC 是 Alpha Steel 的所有者，而 Alpha Steel 擁有我們國內的扭矩製造能力以及一些輔助零件和緊固件。我們正在尋求提高 Alpha Steel 的產能，這將使我們獲得額外的 45 個積分，同時也將使人們更容易在專案層面、監管合規等方面獲得積分。

Got it. That's helpful. Maybe just two other quick ones. I might have missed it, but did you folks or Cathy disclose what the tariff impact is on the business, just given all that's going on with tariffs and then potential Supreme Court involvement there?

明白了，這很有幫助。可能還有兩個小問題。我可能錯過了，但鑑於目前關稅方面的種種情況以及最高法院可能介入，你們或凱西有沒有透露關稅對業務的影響？

We did not most -- I think previously, we have talked about tariffs and contractually the pass-through customers. And I think the commentary I said on previous calls is, tariffs do create pressure on project level CapEx, right? So the cost increases back to the customer, there needs to be some flexibility to the PPA. So we've certainly seen offtake agreements have to take a little bit longer to negotiate.

我們之前並沒有——我想我們之前討論過電價以及合約中涉及的轉嫁客戶。我在之前的電話會議上也提到過，電價確實會對專案層面的資本支出造成壓力，對吧？因此，成本增加最終會轉嫁到客戶身上，購電協議（PPA）就需要有一定的彈性。所以我們確實看到，購電協議的談判時間確實需要更長。

Obviously, when the tariffs came into effect, we were a little bit smaller as the business in terms of volume. So we were able to maneuver pretty easily with our global supply chain. But so we've never disclosed the tariff number itself for the most part, really just a pass-through to the overall project supply chain.

顯然，當關稅生效時，我們的業務規模相對較小。因此，我們能夠比較輕鬆地利用全球供應鏈進行因應。但我們基本上從未公開具體的關稅金額，只是將其轉嫁到整個專案供應鏈中。

Got it. And last one I had is just I think two of your three competitors have made significant M&A around piles, foundations, et cetera, trying to differentiate on different characteristics of terrain versus you folks are leaning into the installation time, 2,000 volts, et cetera. What's your thoughts as it relates to your competitiveness as it relates to difficult soils or frozen soils, rocky terrain, terrain, et cetera?

明白了。最後一個問題是，我認為你們的三個競爭對手中有兩個圍繞樁基、地基等領域進行了大量的併購，試圖在不同的地形特徵上形成差異化優勢，而你們則側重於安裝時間、2000伏電壓等等。您認為這會如何影響你們在複雜土壤、凍土、岩石地形等情況下的競爭力？

Yes, it's a great question. And for the just to kind of give a little bit of color. Obviously, the tracker itself really comes into two parts, right, which is where we are as the tracker system itself and then the foundations as a separate. For us, the thing where we're differentiated quite substantially is our top of pile loads are significantly less than all of our peers.

是的，這是一個很好的問題。為了更詳細地說明一下，很明顯，追蹤系統本身實際上分為兩部分，對吧？一部分是我們作為追蹤系統本身，另一部分是作為獨立基礎的地基。對我們來說，我們最大的優勢在於，我們的樁頂荷載遠低於所有同行。

And there's a couple of sort of structural reasons, but the way that our system is designed and built actually does come up at times where we are the better tracker for foundations that one of our peers may own for the most part, still available to still available to our customers. Most piles, the relationship between the foundation companies actually doesn't usually sit with REConnect with the tracker vendor like ourselves, it sits with the end user themselves that are trying to find the right solutions.

這其中有一些結構性原因，但我們系統的設計和建造方式確實有時會讓我們在追蹤地基方面比同行公司更勝一籌，而且我們的追蹤服務在大多數情況下仍然對我們的客戶可用。大多數情況下，地基公司與追蹤系統供應商（例如 REConnect）之間的關係通常並非由我們這樣的追蹤系統供應商負責，而是由最終用戶自行負責，他們正在尋找合適的解決方案。

But there's quite a deep portfolio of foundation solutions in the market. I certainly hope that our peers are recognized the advantages for their customers that at time would want one of their solutions and wouldn't sort of leverage that to their sole advantage. I think that would be bad for the way that customers would view their relationship overall.

但市場上確實有許多優秀的底層解決方案。我真心希望我們的同行能夠認識到這些解決方案對客戶的優勢，而不是僅僅利用這些優勢謀取自身利益。我認為這樣做會損害客戶對雙方關係的整體看法。

It really speaks to -- and I'm going a little bit off script here, but we need a healthy market dynamic, right? And competition in the market is really inherently important. I've always viewed the sole industry as such. And I made it -- I said it in the comments, is that the customers want healthy competition. But overall, we haven't had any issues around access to foundations.

這確實說明了——我可能有點離題了——我們需要一個健康的市場動態，對吧？市場競爭本身就非常重要。我一直都把這個行業看成是這樣。而且我在評論裡也說過，客戶想要的是良性競爭。但總的來說，我們在獲取粉底方面沒有遇到任何問題。

There are several solutions for each problem and we've been able to maneuver it. But our focus has been just having a really wide product portfolio. Obviously, 1P releasing the 80-degree hail stow, having the best top of pile loads in the market. But also really helping customers where their pain point is, which is labor, right? 0.053 labor hours per module is not an insignificant KPI productivity KPI for EPCs, it is nearly two times faster than what I've been told personally folks have with some of our peers.

每個問題都有多種解決方案，我們也一直在靈活應對。但我們的重點始終是打造真正豐富的產品組合。例如，1P 推出了 80 度防雹堆疊技術，擁有市場上最佳的堆頂承載能力。但我們也真正致力於幫助客戶解決他們的痛點，也就是人力成本，對吧？每個模組 0.053 個工時對於工程總承包 (EPC) 承包商來說，絕對是一個重要的關鍵績效指標 (KPI)，而且比我親耳聽到的一些同行快了近兩倍。

Those are real hours. Those are real possible schedule reductions that are going to be both CapEx, helpful, but also the ability for margin expansion at the EPC level. So that's why we've seen -- we're seeing a lot of EPCs take a look at us and the opportunities they have in leveraging the constructability. And then further down the road, sort of the advantages we have structurally with robotics, et cetera, where these third parties are coming up with incredible solutions that we'll be able to leverage into that our customers will be able to leverage into installing the tracker even faster.

這些都是實實在在的工時。這些工時縮短是切實可行的，不僅有助於降低資本支出，還能提升EPC承包商的利潤率。正因如此，我們看到許多EPC承包商都在關注我們，以及他們利用我們施工可行性所帶來的機會。此外，從長遠來看，我們在機器人技術等方面的結構優勢也將發揮作用，第三方供應商正在開發出令人驚嘆的解決方案，我們可以將這些解決方案轉化為客戶能夠更快地安裝追蹤器的方案。

I'm showing no further questions in the queue. Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

隊列中沒有其他問題了。女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。