FTC Solar Inc (FTCI) 2025 Q4 法說會逐字稿

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

各位好，感謝您撥冗等候。歡迎參加 FTC Solar 2025 年第四季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

Alright then the conference over to your first speaker today, Bill Michalek, VP of Investor relations. Please go ahead.

好的，接下來把會議交給今天的第一位講者，投資人關係副總裁 Bill Michalek。請開始。

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

謝謝，並歡迎各位參加 FTC Solar 2025 年第四季財報電話會議。在今天的電話會議之前，您可能已經閱讀了我們今天稍早發布的財報新聞稿與補充財務資訊。若您尚未查閱這些文件，可至我們網站 ftcsolar.com 的投資人關係專區取得。

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；以及公司資本市場與業務開發（BD）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，我提醒各位，今天的討論包含前瞻性陳述，係基於我們在當前環境下的假設與信念，且僅代表截至今日的觀點。因此，這些前瞻性陳述包含風險與不確定性，實際結果與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.

有關特定風險因素的更多資訊，請參閱我們的新聞稿及其他向美國證券交易委員會（SEC）提交的文件。除法律要求外，我們不承擔更新此類資訊的義務。

As you'd expect, we'll 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.

如各位所預期，我們今天將同時討論 GAAP 與非 GAAP 財務衡量指標。請注意，今早發布的財報新聞稿包含每一項非 GAAP 財務衡量指標與最接近之適用 GAAP 指標的完整調節表。

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

接下來，我把電話交給 Yann。

Thanks, Bill, and good morning, everyone. I'm pleased to share that we have achieved another quarter of strong growth in Q4 and continue to position the company for long-term success.

謝謝 Bill，各位早安。我很高興分享，我們在第四季再次達成強勁成長，並持續為公司的長期成功做好布局。

Our financial results came in at the high end of our targets as we work to strengthen our product, operational performance, and overall positioning, including enhancements to one of the most innovative one-peat tracker platforms in Solar. Every day, we're seeing excellent commercial momentum as we build a foundation for future growth.

在我們持續強化產品、營運表現與整體市場定位的同時，我們的財務結果落在目標區間的高端，其中也包括對太陽能領域最具創新性的 1P 追日支架平台之一所做的強化。每天，我們都看到極佳的商業動能，並正為未來成長奠定基礎。

In terms of financial results, we achieved several key milestones in the fourth quarter. Our results came in at the high end of our target ranges on all metrics. Revenue grew by 26% sequentially, which follows the 30% sequential growth posted in the third quarter and came in at the highest quarterly level since the first quarter of 2023.

就財務表現而言，我們在第四季達成了數個關鍵里程碑。我們在所有指標上的結果都落在目標區間的高端。營收較前一季成長 26%，延續第三季 30% 的季增幅，並創下自 2023 年第一季以來的最高單季水準。

Gross margin for the quarter was our best as a public company and one of the best in company history. And we posted our best adjusted EBITDA performance in six years, and our best since going public, coming in just shy of break-even for the quarter.

本季毛利率為我們成為上市公司以來最佳表現，也是公司歷史上名列前茅的水準。此外，我們創下六年來最佳的調整後 EBITDA 表現，也是上市以來最佳，單季結果距離損益兩平僅一步之遙。

Missing our 2025 target of breaking even by the narrowest of margins, not bad considering the insane year that Solo went through with tariffs and legislative disruptions. Our fourth quarter results were a fitting end to an incredible year of progress for FTC, a year I am proud to call my first at the company.

我們距離 2025 年損益兩平的目標只差一點點，考量到太陽能產業在關稅與法規/立法干擾下經歷了極其動盪的一年，這樣的表現已相當不錯。我們第四季的成果為 FTC 這一年令人驚豔的進展畫下完美句點；而我也很自豪地說，這是我加入公司後的第一年。

For the year, we grew revenue by more than 110% versus the prior year. Significantly improved margins, added multiple gigawatts of MSAs and secured purchase orders from tier one customers, added new cash to our balance sheet with strategic financing, saw new incredible talent join our team, especially in sales, and have positioned our product platform as the most innovative tracker portfolio in the market, by far the easiest and fastest to install.

就全年而言，我們的營收較前一年成長超過 110%。我們大幅改善毛利率，新增多個 GW 規模的主供應協議（MSA），並自一線（Tier 1）客戶取得採購訂單；透過策略性融資為資產負債表增加新的現金；延攬了優秀新人才加入團隊，特別是在銷售方面；並將我們的產品平台定位為市場上最具創新性的追日支架產品組合，且在安裝上迄今最容易、最快速。

Turning to customers, our commercial momentum is starting to accelerate at every level, from approved vendor list additions to project bidding, bookings, and contract conversion. It takes time and won't impact revenue tomorrow, but our progress here is clear, accelerating, and to me means everything. It's the foundation of our future growth. It's what is making this company successful and has me excited about where FTC is going.

談到客戶面，我們的商業動能正開始在各個層面加速，從進入核准供應商名單（Approved Vendor List）的新增、專案投標、接單（bookings）到合約轉換。這需要時間，短期內不會立刻反映在明天的營收上，但我們在這方面的進展清楚可見、正在加速，對我而言意義重大。這是我們未來成長的基礎。這正是讓公司成功的關鍵，也讓我對 FTC 的未來走向感到振奮。

So first we're getting an approved vendor list. Just in Q4 alone we were added to the AVLs of four of the TOP10 EPCs, bringing the total to eight of the TOP10. We are getting increased visibility and our bidding with more customers and larger project sizes, actively providing proposals on the pipelines of these new EPCs and of those of many new customers.

首先是取得核准供應商名單資格。僅在第四季，我們就被四家 TOP10 EPC 納入其 AVL，使得我們在 TOP10 EPC 中的總數提升至八家。我們的能見度正在提高，並與更多客戶、以及更大規模的專案進行投標；我們也正積極針對這些新 EPC 的專案管線，以及許多新客戶的管線提供提案。

FTC is winning projects and seeing previously announced MSA's convert into bookings, including with the top tier customer base. In the fourth quarter, we received bookings from two leading EPCs and we expect some MSAs to start expanding in volume from the original capacity in the near future.

FTC 正在贏得專案，並看到先前公布的 MSA 轉化為接單（bookings），其中也包括頂級客戶群。在第四季，我們獲得兩家領先 EPC 的接單，並預期部分 MSA 在不久的將來將自原先的容量開始擴大量體。

We have had improving net bookings for the past three quarters and had a significant increase in the fourth quarter with a positive book to bill or positive net bookings in the period as we're starting to convert our MSAs into firm orders and book new projects.

過去三個季度我們的淨接單持續改善，而第四季更出現顯著提升；本期的出貨/接單比（book-to-bill）為正，或淨接單為正，因為我們正開始把 MSA 轉換為確定訂單並取得新專案。

Since our last earnings call, we added $61 million to our contracted backlog or roughly a $29 million addition net of Q4 revenue. We expect this progress to continue and to accelerate. In addition to the positive net bookings, we've had recent wins in the form of multi-year MSAs that aren't yet included in that backlog, with more expected to be announced in the near future.

自上次財報電話會議以來，我們的已簽約在手訂單（contracted backlog）增加了 6,100 萬美元；若扣除第四季營收影響，淨增加約 2,900 萬美元。我們預期這項進展將持續並加速。除了淨接單為正之外，我們近期也以多年期 MSA 的形式取得勝利，但這些尚未納入上述在手訂單中；預期不久的將來還會公布更多。

One notable addition we are announcing today is a new 1-gigawatt supply agreement with the leading developer and operator of wind and solar farms. This is a three year agreement for 1-gigawatt of our 1P and 2P trackers at sites across the US. This agreement also includes our SunPath software to achieve additional energy yield at these sites.

今天我們宣布的一項重要新增案，是與一家領先的風電與太陽能電站開發商及營運商簽訂新的 1GW 供應協議。這是一份為期三年的協議，涵蓋我們在美國各地場址的 1GW 1P 與 2P 追日支架。該協議亦包含我們的 SunPath 軟體，以在這些場址實現額外的發電量提升。

Another example we announced just last week is a multi-year MSA with Lubanzi in South Africa. That was for about 840 megawatts of trackers delivered across the country and is a great win on the international front. The first project under that agreement is expected to begin mid-year.

另一個例子是我們就在上週宣布的：與南非 Lubanzi 簽訂多年期 MSA。該協議約涵蓋 840MW 的追日支架，將在全國各地交付，是我們國際市場上的一項重大勝利。該協議下的第一個專案預計將於年中啟動。

So those are MSA wins on top of the net backlog additions we announced, which brings us to over 9 gigawatts of MSAs added in just one year.

以上這些 MSA 的勝利，加上我們所公布的淨在手訂單增加，使得我們在短短一年內新增的 MSA 規模已超過 9GW。

The leading indicators on the customer front are what will drive this business, and they're starting to look very good. They are improving and we have a lot of momentum from MSAs, ABLs, and strong bidding activity. These are clear signals that show us that FTC is a critical part of the tracker diversification trend that we are seeing every day.

客戶端的領先指標將驅動這門業務，而它們現在開始看起來非常好。這些指標正在改善，我們在 MSA、AVL，以及強勁的投標活動上都累積了大量動能。這些都是明確訊號，顯示 FTC 正成為我們每天所見「追日支架供應多元化」趨勢中的關鍵一環。

Well, we have very admirable competitors, a market without choice is no market at all. And every meeting I'm in, I hear about the need for diversification. Having met with most of the TOP10 EPCs, I can tell you they're happy for FTC to be in the room, innovative, bankable, and competitive.

我們確實有非常值得敬重的競爭對手；沒有選擇的市場就稱不上是市場。而在我參與的每一場會議中，我都聽到對多元化的需求。我已與多數 TOP10 EPC 會面，我可以告訴各位，他們很樂見 FTC 參與其中——具備創新能力、具備可融資性（bankable），且具競爭力。

Our team is a known counterparty with decades of relationships, and our product continues to show very well. FTC is now a valued 1P tracker provider, and we see a significant opportunity to gain share. Our goal remains to be a TOP3 tracker provider before long, and we hope to have much more to share on the new MSAs and new contracted backlog in the weeks ahead as we work toward that.

我們的團隊是業界熟知的交易對手，擁有數十年的合作關係，而我們的產品也持續展現出非常亮眼的表現。FTC 現在已成為備受重視的 1P 追蹤器供應商，我們看到取得市占的重大機會。我們的目標仍是在不久的將來成為前三大追蹤器供應商；在未來幾週，隨著我們朝此目標邁進，我們也希望能就新的 MSA 以及新簽約的在手訂單（contracted backlog）分享更多進展。

On the product front, independent raw architecture is the gold standard for Solar. It has the highest production for asset owners and has the best long-term effectiveness for solar farms. It is also ideally suited for automation and construction and O&M activities.

在產品方面，獨立排（independent row）架構是太陽能的黃金標準。它能為資產持有人帶來最高發電量，並且對太陽能電站具有最佳的長期效能。它也非常適合自動化、施工以及營運與維護（O&M）活動。

I've shared that I believe we have what is unquestionably the fastest and easiest to install tracker in the marketplace, independent row or otherwise. A product that is superior on a total installed cost basis, one that can be built from piles to mounted modules with an unmatched efficiency of [0.053] labor hours per module, driven by our innovative Python clips, slide and glide rails, and open trunnion design, and power cinch clips.

我曾分享過，我相信我們擁有市場上無庸置疑安裝最快、最容易的追蹤器，不論是否為獨立排。這是一款在總安裝成本（total installed cost）層面更具優勢的產品；從打樁到模組上架，可達到無可匹敵的效率——每片模組僅需 [0.053] 工時——這得益於我們創新的 Python 夾具、滑移與滑行導軌（slide and glide rails）、開放式耳軸（open trunnion）設計，以及 power cinch 夾具。

You can see from the customer comments as we have announced some of the recent wins that customers are already recognizing the benefits of this efficiency. And our team is focused on achieving another 20% in labor savings. This is crucial as labor shortages are increasingly a pinch point for the industry and expected to continue. And as labor continues to increase as a proportion of the total project cost.

從我們近期宣布部分得標案時的客戶評論可以看出，客戶已經在認可這種效率所帶來的好處。而我們的團隊正專注於再達成 20% 的人工節省。這點至關重要，因為勞動力短缺正日益成為產業的瓶頸，且預期將持續。同時，人工成本在總專案成本中的占比也持續上升。

We have engaged with tier one EPCs and developers and due to our constructability savings they tend to look at the total install cost of our tracker rather than just price as more in the industry recognize our total cost of installation advantage, it should help further insulate us from pricing concerns or competition on projects.

我們已與一線 EPC 與開發商合作；由於我們在可施工性（constructability）方面帶來的節省，他們往往會看我們追蹤器的總安裝成本，而不僅僅是價格。隨著產業中更多人認知到我們在總安裝成本上的優勢，這將有助於進一步降低我們在專案上對價格疑慮或競爭的曝險。

2025 was a strong step forward in positioning for what's ahead as we doubled sales while expanding the balance sheet, built out the product set, expanded our pipeline, and continued building a foundation of new project wins and MSAs.

2025 年是我們為未來布局的重要一步：在擴大資產負債表的同時，我們將銷售額翻倍；完善產品組合、擴大管線（pipeline），並持續建立新的專案得標與 MSA 的基礎。

We have definitely been on a steady upward trajectory during my time with FTC. Quarterly revenue levels for Q4 were three times higher than when I had started. Gross margin went from double-digit negative to double-digit positive and adjusted EBITDA loss improved to where we nearly reached a break-even milestones.

在我任職 FTC 期間，我們確實一直保持穩健的上升趨勢。第四季的季度營收水準是我剛加入時的三倍。毛利率從兩位數的負值轉為兩位數的正值，調整後 EBITDA 虧損也改善到幾乎達到損益兩平的里程碑。

Our enthusiasm doesn't stem from what happened in the past alone, it comes from what's ahead. While the Solar industry endured a challenging 2025, from a regulatory uncertainty standpoint that will have some carryover effects into 2026, FTC's positioning is significantly improved, and we are closer to achieving broad adoption from tier one players than we have ever been.

我們的熱情不僅來自過去的成果，更來自未來的機會。儘管太陽能產業在 2025 年面臨挑戰，從法規不確定性的角度來看，部分影響將延續至 2026 年，但 FTC 的定位已顯著改善；我們距離獲得一線玩家的廣泛採用，比以往任何時候都更近。

Our financial progression won't always be linear, but we have made great progress so far and are building a solid base of orders to enable strong long-term growth.

我們的財務進展不會永遠呈線性成長，但迄今我們已取得很大進展，並正在建立穩固的訂單基礎，以支撐長期的強勁成長。

We have done a great deal to prepare the company and lay the groundwork for the strong growth ahead and aiming for a top market share position, and I firmly believe that is possible. I remain incredibly optimistic about the prospects of the business, and I look forward to providing you with continued updates on our progress in the months ahead.

我們已做了大量準備工作，為公司奠定未來強勁成長的基礎，並以取得市場領先市占為目標；我堅信這是可行的。我對業務前景仍然非常樂觀，也期待在未來幾個月持續向各位更新我們的進展。

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

接下來，我把時間交給 Cathy。

Thanks, Yann, and good morning, everyone. I'll provide some additional color on our fourth quarter and full year performance and our outlook. Beginning with a discussion of the fourth quarter, revenue came in at $32.9 million which was above the midpoint of our guidance range of $30 million to $35 million. The quarterly revenue level represents an increase of 26% compared to the prior quarter and an increase of 149% compared to the year earlier quarter.

謝謝你，Yann，各位早安。我將就我們第四季與全年表現，以及展望提供一些補充說明。先從第四季談起，營收為 3,290 萬美元，高於我們 3,000 萬至 3,500 萬美元指引區間的中位數。該季度營收水準較前一季成長 26%，較去年同期成長 149%。

GAAP gross profit was $6.9 million or 21% of revenue, compared to gross profit of $1.6 million or 6.1% of revenue in the prior quarter. Non-GAAP gross profit was $7.7 million or 23.4% of revenue, marking one of the highest levels in company history, and our best as a public company.

GAAP 毛利為 690 萬美元，占營收 21%，相較前一季毛利 160 萬美元、占營收 6.1%。非 GAAP 毛利為 770 萬美元，占營收 23.4%，創下公司歷史上最高水準之一，也是我們成為上市公司以來的最佳表現。

The strong gross margin performance was driven primarily by a favorable product mix in the quarter. This quarter's result compares to non-GAAP gross profit of $2 million in the prior quarter and a $3.4 million gross loss in the year ago quarter.

本季強勁的毛利率表現主要由有利的產品組合所帶動。本季結果相較於前一季非 GAAP 毛利 200 萬美元，以及去年同期 340 萬美元的毛損。

GAAP operating expenses were $10.6 million. On a non-GAAP basis, operating expenses were $8.2 million. This compares the non-GAAP operating expenses of $7.4 million in the year ago quarter and $8 million in the prior quarter.

GAAP 營業費用為 1,060 萬美元。以非 GAAP 基礎計算，營業費用為 820 萬美元。相較去年同期非 GAAP 營業費用 740 萬美元，以及前一季 800 萬美元。

Moving to GAAP net loss, as a reminder, the warrants which were issued as part of last year's capital raise are subject to liability rather than equity accounting, and therefore requires us to reflect changes in the warrant faire value each quarter in our GAAP financials.

接著談 GAAP 淨損，提醒各位，作為去年募資的一部分所發行的認股權證（warrants）須採負債而非權益會計處理，因此我們必須在每季 GAAP 財報中反映認股權證公允價值（fair value）的變動。

If our share price goes up during the quarter, as it did in Q4, it will show as a non-cash loss, and conversely, a share price decline would show as a gain.

如果我們的股價在該季度上漲，如同第四季所發生的情況，將呈現為非現金損失；反之，股價下跌則會呈現為收益。

The share price appreciation we saw in the fourth quarter drove an increase in the fair value of the warrant liability of about $26 million. This is a non-cash accounting adjustment that does not reflect the underlying business performance or cash flow and will be excluded for purposes of adjusted EBITDA, but does impact our GAAP financials.

我們在第四季看到的股價上漲，帶動認股權證負債的公允價值增加約 2,600 萬美元。這是一項非現金的會計調整，並不反映基本業務表現或現金流；在計算調整後 EBITDA 時將予以排除，但會影響我們的 GAAP 財務數字。

So including that adjustment, GAAP net loss was $33.7 million or $2.23 per diluted share, compared to a loss of $23.9 million or $1.61 per diluted share in the prior quarter, and a net loss of $12.2 million or $0.96 per diluted share post-slit in the year ago quarter.

因此，包含該項調整後，GAAP 淨損為 3,370 萬美元，或每股稀釋後虧損 2.23 美元；相較前一季淨損 2,390 萬美元、每股稀釋後虧損 1.61 美元；以及去年同期（分割後，post-slit）淨損 1,220 萬美元、每股稀釋後虧損 0.96 美元。

On an adjusted EBITDA basis, we almost achieved break-even posting a loss of just $300,000 which is our strongest result since becoming a public company. That excludes a net of approximately $33.5 million for the change in fair value of the warrant liability, certain transition costs, as well as other non-cash items.

以調整後 EBITDA 來看，我們幾乎達到損益兩平，僅虧損 30 萬美元，這是我們成為上市公司以來最強的結果。其中排除了認股權證負債公允價值變動約 3,350 萬美元（淨額）、部分轉型成本，以及其他非現金項目。

This represents our best adjusted EBITDA results in six years and a substantial improvement from adjusted EBITDA losses of $4 million in the prior quarter and $9.8 million in the year ago quarter. Overall, another solid quarter of financial progress, delivering some of the best results we've reported in years.

這是我們六年來最佳的調整後 EBITDA 表現，並較前一季調整後 EBITDA 虧損 400 萬美元、以及去年同期 980 萬美元的虧損大幅改善。整體而言，這又是一個財務進展穩健的季度，交出我們多年來所報告的最佳成績之一。

The contracted portion of our backlog now stands at $491 million with approximately $60 million added since November 12th.

我們在手訂單（backlog）中已簽約的部分目前為 4.91 億美元，自 11 月 12 日以來新增約 6,000 萬美元。

To touch briefly on annual results, for the full year, 2025, revenue was $99.7 million representing a 111% increase over 2024. The increase was primarily attributable to higher product and logistics volume, partially offset by a decline in ASP.

簡要提及年度結果，2025 全年營收為 9,970 萬美元，較 2024 年成長 111%。該成長主要歸因於產品與物流出貨量增加，但部分被 ASP 下降所抵銷。

GAAP gross profit was $1.1 million or 1.1% of revenue, compared to gross loss of $12.6 million or negative 26.6% of revenue in the prior year. On a non-GAAP basis, gross profit was $3.2 million or 3.2% of revenue, compared to gross loss of $10.9 million or 23% of revenue in the prior year.

依據 GAAP，毛利為 110 萬美元，約占營收的 1.1%，相較於前一年度毛損 1,260 萬美元（約占營收的負 26.6%）。以非 GAAP 基礎計，毛利為 320 萬美元，約占營收的 3.2%，相較於前一年度毛損 1,090 萬美元（約占營收的 23%）。

The higher volumes and increased absorption were the primary drivers of the significant year over year improvement, which was partially offset by higher tariff costs. GAAP operating expenses were $34.5 million. On a non-GAAP basis, [OpEx] was $29.4 million which compares to $35.5 million in the prior year. So we were able to take OpEx costs down 11% on revenue that was doubled year over year, demonstrating our continued focus on efficient growth.

出貨量提升與吸收率提高是年對年顯著改善的主要驅動因素，但部分被較高的關稅成本所抵銷。依據 GAAP，營業費用為 3,450 萬美元。以非 GAAP 基礎計，[OpEx] 為 2,940 萬美元，對比前一年度的 3,550 萬美元。因此，在營收年對年翻倍的情況下，我們仍能將 OpEx 成本降低 11%，展現我們持續聚焦於高效率成長。

GAAP net loss was $76.9 million compared to $48.6 million in 2024. Adjusted EBITDA loss, which excludes the change in fair value of warrants, stock-based compensation expense, and other non-cash items, was $24.3 million compared to a loss of $43.1 million in 2024.

依據 GAAP，淨損為 7,690 萬美元，相較於 2024 年的 4,860 萬美元。調整後 EBITDA 虧損（排除認股權證公允價值變動、股份基礎給付費用及其他非現金項目）為 2,430 萬美元，相較於 2024 年虧損 4,310 萬美元。

With that, let us turn our focus to the outlook. Our targets for the first quarter call for the following revenue between [$20] million .$25 million dollars, non-GAAP gross profit between negative $0.5 million and $2.3 million or between 2.5% and 9.2% of revenue, non-GAAP operating expenses between $8.2 million and $8.9 million and finally adjusted EBITDA loss between $9.6 million and $5.9 million.

接下來，讓我們把焦點轉向展望。我們對第一季的目標如下：營收介於 [20] 百萬美元至 25 百萬美元；非 GAAP 毛利介於負 50 萬美元至 230 萬美元，或占營收 2.5% 至 9.2%；非 GAAP 營業費用介於 820 萬美元至 890 萬美元；最後，調整後 EBITDA 虧損介於 960 萬美元至 590 萬美元。

For the full year 2026, we expect to continue to grow faster than the industry as our recovery progresses. Due to the timing of orders, which followed some regulatory uncertainty in 2025, as well as the ramp up of our MSA project, we expect the results will be weighted to the back half of the year.

對於 2026 全年，隨著我們的復甦進程推進，我們預期將持續以快於產業的速度成長。由於訂單時點（其後承接了 2025 年的一些監管不確定性）以及我們 MSA 專案的爬坡，我們預期結果將偏重於下半年。

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

以上為我們事先準備的發言，接下來交由接線員進行問答。接線員？

(Operator Instructions)

（接線員指示）

Philip Shen, Roth Capital Partners.

Philip Shen，Roth Capital Partners。

Wanted to check in with you on the 2026 outlook. So you talked about significant growth. I'm guessing you may not want to quantify but was wondering if you could qualify or provide some color on, what kind of growth we could see in '26 year over year.

想跟你們確認一下 2026 年的展望。你們提到顯著成長。我猜你們可能不想量化，但想請你們定性說明或補充一些背景：2026 年年對年大概可能看到什麼樣的成長幅度？

Yeah, thanks, Phil. I appreciate the question. Look, it's, -- we're really excited about where FTC is sitting from a competitive landscape standpoint, these arev our peers and the overall market dynamic, obviously, continuing to sign, MSAs with large volumes both in the US, and abroad, we're seeing good growth, obviously some seasonality around the timing of the early part of the year, really strong ending to 2025, and results '25 compared to 2004.

好的，謝謝，Phil。感謝你的提問。你看，從競爭格局來看，我們對 FTC 目前所處的位置感到非常振奮；就我們的同業以及整體市場動態而言，顯然我們持續在美國及海外與大體量客戶簽署 MSA，我們看到不錯的成長；當然年初的時點會有一些季節性，2025 年收尾非常強勁，而 2025 年的結果相較於 2004 年。

But it really comes down to where we are from an execution standpoint that gives us the enthusiasm and optimism. Really adding strong talent to the sales pool. We and me in particular, who, who's been on the road full time talking to the EPCs, and developers and IPPs, around the world, there's a strong need for diversification.

但歸根結底，讓我們充滿熱情與樂觀的是我們在執行面所處的位置。我們確實為銷售團隊補進了很強的人才。我本人也一直在外奔波，全天候與全球各地的 EPC、開發商與 IPP 交流；市場對供應多元化有強烈需求。

There's a need for constructability features that puts, FTC into, a product mix with each of the companies. So I think a really important, quantifiable trend, and I'll qualify it is around approved vendor list, particularly with the EPCs that make, a large number of the procurement decisions of who they're going to use on their, pools of projects, now being on eight of the TOP10 EPC AVLs, is a strong indicator and it gives our sales team the ability to go and now close those projects, but that's what comes along with the process of developing a product portfolio is you develop it on a technical basis, then you have to go out and sell it.

也需要具備可施工性（constructability）特性的產品，讓 FTC 能夠進入各家公司各自的產品組合。因此我認為一個非常重要、可量化的趨勢——我也用定性方式補充——是「核准供應商名單」（approved vendor list），特別是對 EPC 而言，他們會做出大量採購決策，決定在其專案組合中要用哪一家；目前我們已進入前十大 EPC 中的八家的 AVL，這是很強的指標，也讓我們的銷售團隊能夠去把這些專案成交。不過，這也就是建立產品組合的流程：你先在技術面把產品做出來，接著必須走出去把它賣出去。

And get into a position to, be improved and obviously our improved bankable bankability, throughout the year and the growth has been a good indicator for those EPCs to then add us to the approved vendor list and put us into the bidding, cycles.

並且讓自己進入被核准的位置；而且我們在全年期間提升的可融資性（bankability）以及成長表現，是讓這些 EPC 將我們納入核准供應商名單、並把我們放進投標循環（bidding cycles）的良好指標。

Great thanks. Hey, you guys also talked about, the backlog does not include almost [three]. That you guys have publicly announced since Q1 and then I think you alluded to more MSA [signings].

很好，謝謝。另外你們也提到，積壓訂單（backlog）幾乎不包含[三]。你們自第一季以來已公開宣布的內容，然後我想你們也暗示會有更多 MSA [簽署]。

To come and so you have a couple here that seem meaningful historically we've seen some of your MSA is not pan out so I was wondering if you might be able to give some color on, the timing of these MSAs like do we see meaningful revenue in .26 and '27 and then the ones that you might sign, maybe a little bit of insight into what they might look like.

接下來還會有；所以你們這裡有幾個看起來在歷史上相當有意義，但過去我們也看過你們有些 MSA 最後沒有落地，所以我想請你們補充一些背景：這些 MSA 的時程如何——我們會在 2026 與 2027 年看到有意義的營收嗎？另外你們可能會簽的那些 MSA，能否也稍微分享一下它們大概會長什麼樣子？

Yeah, you bring up a good point, though, is, when we talk about backlog, we talk about, income paper, delivery schedules, etc. Right? So it's, compared to our peers a little bit more, you know.

是的，你提到一個重點：當我們談到積壓訂單時，我們談的是已簽文件、交付排程等等，對吧？所以相較於同業，我們的定義會更偏向於，你知道的。

The farther in the cycle, it doesn't include verbal, for example, and the MSA's, I know where you're coming from and it's a great start, what I always tell to the team, but we're starting to see those MSAs flow through, and we expect to be able to announce, some expansions of those MSAs in the near future as we've been working through them.

更接近週期後段；例如它不包含口頭承諾。而關於 MSA，我知道你的意思，這確實是個很好的開始——我一直跟團隊說——但我們開始看到這些 MSA 逐步轉化落地；而且隨著我們持續推進，我們預期在不久的將來能夠宣布其中一些 MSA 的擴充。

And that's an indication of both strong partnerships, us being able to convert, through the project list that our partners have had, some are developers, some are EPCs.

這也顯示出合作關係的強度，以及我們能夠透過合作夥伴所提供的專案清單去完成轉化；其中有些是開發商，有些是 EPC。

And while there was obviously some air pocket in '26 in '25 that, kind of caused projects to have to wait for capital to come in or some permits, things that obviously everyone in the Solar industry has been working through. We've been able to find the right projects, get some moving forward, but we do anticipate an acceleration of the utilization of the MSA volume to accelerate here in '26.

而且雖然在 2026、2025 年確實有一些空窗期（air pocket），使得部分專案必須等待資金到位或某些許可——這些顯然是太陽能產業所有人都在處理的事情。我們已能找到合適的專案並推動部分往前走；但我們確實預期在 2026 年，MSA 量的使用將會加速。

Okay, great, and then, shifting to, well, you're talking about the some of the kind of, air pockets of activity and challenges from last year.

好的，很好；那接著轉到——你剛剛談到去年一些活動上的「空窗期」以及挑戰。

What are you seeing now? Do you think things have stabilized, or we, we've been talking about some challenges sometimes on the front end with tax equity and, fifi uncertainty, and so I was wondering if you could, provide, some perspective on, if there are some issues now on the front end of the chain, and then if you can address, your liquidity situation a little bit more and help us understand.

你們現在看到的是什麼？你們覺得情況已經穩定了嗎？或者——我們有時也在談一些前端的挑戰，例如稅務股權（tax equity）以及、呃，fifi 不確定性；所以我想請你們提供一些觀點：目前在供應鏈前端是否仍有一些問題？另外也請你們更進一步談談流動性狀況，幫助我們理解。

From, you're getting to breakeven, you're almost break even last year for the full year, but, what do you see ahead next?

從……來看，你正接近損益兩平，你去年全年幾乎打平，但你對接下來的展望是什麼？

Yeah, I, one of the important, aspects is for FTC in particular is that we're looking at a lot more projects, right? So on an FTC specific basis, having more projects in the pool of, possible additions for, both bookings and revenue is that we are in more deals and so that gives us more at bats in terms of you know finding the projects that get to the start of construction phase right and that's, I think that's an important, variable in the overall equation.

是的，我認為其中一個重要面向，特別是對 FTC 而言，是我們正在看更多的專案，對吧？所以以 FTC 的角度來看，讓更多專案進入可能新增的池子，無論是訂單（bookings）或營收，代表我們參與更多交易，這也讓我們有更多出手機會，去找到那些能進入開工階段的專案，對吧？我認為這是整體方程式中一個重要變數。

Every project has, a path to get to start of construction. There are positives. Obviously the off-take environment for projects is as good as I've seen since I've gotten into solar in 2006. While, some projects obviously have to contend with federal permit issues or wetlands, there, there's certain challenges that come into it.

每個專案都有一條通往開工的路徑。其中有正面因素。顯然，就專案的承購（off-take）環境而言，這是我自 2006 年進入太陽能產業以來看過最好的。當然，有些專案必須面對聯邦許可問題或濕地等因素，確實會帶來一些挑戰。

But overall, I would say the trend is, optimistic around more projects getting to the start of construction, for the overall market, but specifically for us as I look at our, both pipeline of projects in MSAs, for example, and the projects that we're bidding.

但整體而言，我會說趨勢是樂觀的：更多專案能夠進入開工階段，對整體市場如此，對我們更是如此，尤其當我看我們在例如 MSA 下的專案管線，以及我們正在投標的專案時。

It seems like there's an overall trend that it's trending in the right direction and you know we're obviously trying to put ourselves into a position where the we're in in the best projects that are that have the ability to move.

看起來整體趨勢正朝正確方向發展；而我們也顯然在努力讓自己處於一個位置，確保我們參與的是那些最好的、具備推進能力的專案。

Move forward and I think that's where the alignment is with the goals that both the developers and the EPCs have. We want to be building Solar, for the American consumers and companies that need the, electricity more so than ever.

能夠往前推進；我認為這正是開發商與 EPC 都有的目標之間的對齊。我們希望為美國消費者與企業建造太陽能，因為他們對電力的需求比以往任何時候都更高。

And being part of that product mix where projects are allocated for diversification's sake amongst, two or three, tracker vendors, FTC being a part of those, top selected trackers, more than -- I would say ever, and I think our financial results speak to, that since going public.

而在那樣的產品組合中，為了分散風險，專案通常會在兩到三家追日系統（tracker）供應商之間分配；FTC 作為其中之一，成為被優先選定的頂尖追日供應商之一——我會說比以往任何時候都更是如此——而我認為我們自上市以來的財務結果也印證了這一點。

Public, it bodes well for where I think we're going. From a liquidity standpoint, I, I'm happy with where we ended up, at the end of the year. Obviously, we had really great growth, from '24 to '25, just the back half alone, up 44% when our peers were flat to down.

上市之後，這對我認為我們前進的方向是個好兆頭。就流動性而言，我對我們在年底的狀況感到滿意。顯然，我們從 2024 到 2025 年有非常亮眼的成長，光是下半年就成長 44%，而同業則是持平到下滑。

We look at our Q4 results and by the narrowest of margins, nearly hit the break even. For profitability, which would have been phenomenal, but yet still the best results that FTC has ever had. So I'm happy for where we've been able, to guide the company, that this kind of growth, while lowering overall operating expenses, is a good indicator of the efficiencies that we can gain, and I think there's more to be had, and we're certainly running the company as such, but ultimately it comes down to putting a, great product into the market, being accepted by getting onto the AVLs, and then putting just a phenomenal sales team, on in the field that has the relationships.

我們看第四季的結果，幾乎以極小差距達到損益兩平。若能在獲利上打平，那會非常驚人，但即便如此，這仍是 FTC 有史以來最好的成績。所以我對我們能夠引導公司走到今天感到滿意：在降低整體營運費用的同時達成這樣的成長，是我們能取得效率提升的良好指標；而我認為還有更多空間，我們也確實以這樣的方式在經營公司。但歸根結底，還是要把一個很棒的產品推向市場、被接受並進入 AVLs（核准供應商名單），然後在前線配置一支表現卓越、具備人脈關係的銷售團隊。

I think when I think about the meetings that we're having and the feedback that we're getting. Our sales team's going to be in a really good spot, to take advantage of this consolidating, market landscape and trackers, and put ourselves in this top three position that, I believe is in our future.

當我想到我們正在進行的會議以及收到的回饋時。我認為我們的銷售團隊將處於非常有利的位置，能夠把握這個正在整併的市場版圖與追日系統市場，並讓我們站上我相信屬於我們未來的前三大位置。

Sameer Joshi, HC Wainwright.

Sameer Joshi，HC Wainwright。

So, you have a considerable, pipeline, $491 million, on the backlog. Do we know, who the end customers are, like, what industries or commercial or any other type of, users, are there, and then if, more specifically of the 61 million new, orders received, this quarter, any insight into the end customers would be great.

所以，你們有相當可觀的管線，積壓訂單（backlog）為 4.91 億美元。我們是否知道終端客戶是誰，例如屬於哪些產業、商業用戶或其他類型的使用者？另外，更具體地說，本季新增收到的 6,100 萬美元新訂單，對終端客戶有任何洞見也會很有幫助。

Yeah, no, great question, we do -- we have obviously the counterparty that's buying from us, oftentimes the EPC, but there is, there are times, including our new bookings in Q4 where we have more global relationships with the asset owners view, the longevity of the pro of the product as well as you know the long-term benefit on the total install cost basis, that FTC has an advantage of, as something that they want to invest in by going into multiple projects, so you know for the most part our counterparties end up being the EPCs, if you're talking about the counter parties on the off take.

是的，這問題很好。我們確實——我們當然知道向我們採購的交易對手，很多時候是 EPC；但也有一些情況，包括我們第四季的新訂單，我們與資產所有人建立了更全球性的關係，他們會從產品壽命的角度，以及從總安裝成本的長期效益角度來看，而 FTC 在這方面具有優勢；因此他們願意投資，並透過參與多個專案來布局。所以大多數情況下，我們的交易對手最終是 EPC；如果你談的是承購（off-take）端的交易對手的話。

Certainly, the big data center players are, fighting over the generation. We're starting to see a pipeline of the behind the meter, concept, the bring your own generation concepts that we see in the data center headlines.

當然，大型資料中心業者正在爭奪發電資源。我們開始看到「表後」（behind the meter）的概念管線，也就是資料中心新聞標題中提到的「自帶發電」（bring your own generation）概念。

That is certainly starting to happen, I, in just in the past quarter we saw a project that had some. Interconnection cost issues that maybe wouldn't pencil, that project is now under consideration for bring your own generation, data center play, right? So you know that obviously will open up a new field of opportunities for solar at large that FTC will be able to compete in.

這確實開始發生了。就在過去一季，我們看到一個專案因為一些併網（interconnection）成本問題，可能算不過來；而現在該專案正在被納入「自帶發電」的資料中心方案考量，對吧？

Thanks for that color, yann, and this, I think Phil asked you about this, but I will just dig a little bit deeper. The two MSAs just announced the 1 gigawatt and the 840 megawatt.

謝謝你補充這些背景，Yann。我想 Phil 之前也問過你這個，但我想再深入一點。剛宣布的兩個 MSA，分別是 1 吉瓦和 840 兆瓦。

And they are three years when should we start seeing like actual orders from this and also are these do you -- have any kind of a regional exclusivity or any kind of exclusivity with these customers.

而它們是三年期；我們什麼時候會開始看到實際的訂單？另外，這些合作是否有任何區域獨家性，或與這些客戶之間有任何形式的獨家安排？

Yeah, so, let me speak about the Lubanzi first, the one we announced last week, we, that we do expect to start, we have projects that are slated for mid-year, so, the MSAs, the way they work is the MSAs and, some MSAs are announced, some are not.

好的，我先談 Lubanzi，也就是我們上週宣布的那個。我們確實預期會開始——我們有一些專案排在年中左右，所以 MSA 的運作方式是：有些 MSA 會公告，有些不會。

Where that they then, what we do is we, and oftentimes negotiate a standard template for purchase order. It makes contracting a lot easier, and we start doing co-designs, on those sites. So, the Lubanzi one, certainly we have multiple projects that will start hitting in 2026. The new one we named here in the -- in my pre my announcements, this morning.

在那之後，我們會做的是——而且通常會協商一個標準化的採購訂單（purchase order）範本。這會讓簽約變得容易很多，然後我們會開始在那些場址進行共同設計（co-design）。所以 Lubanzi 這個案子，確實有多個專案會在 2026 年開始落地。至於我們今天早上在——在我事先的公告中提到的新案子。

That's a pretty large pipeline here in the US. We're excited about where that's going to go. We're deep in design on several of the sites, but they have to go through permitting. It's likely that there's, or it's possible that there's projects, in the back half of the year that will start to book, but it also depends on. It could very well accelerate if off takers come to the table, those projects in particular are more in a regulated market.

那在美國是一個相當大的管線。我們對它的發展方向感到興奮。我們已在其中幾個場址進入深入設計階段，但它們必須走完許可流程。很可能——或也有可能——在今年下半年會有專案開始入帳（book），但這也取決於。如果承購方（off takers）願意上桌，進度很可能會加速；尤其那些專案更多是在受監管市場中。

So, that, that's where the regulated utilities are, under extreme pressure by off takers to increase generation and make generation accessible to them. So we actually have seen, some strong movement and negotiations for the offtakes of those agreements that will then flow through and make permitting easier.

所以，在那裡受監管的公用事業公司正承受承購方的極大壓力，必須增加發電量並讓發電資源可供他們使用。因此我們確實看到一些強勁的進展，以及對那些承購協議的談判，接著會傳導下去，讓許可流程更容易。

And, some do have, projects listed from an exclusivity standpoint. Some are, more volumetric in approach, but there is a win-win for both, i.e. a partnership where, FTC is investing in resources to provide design services, things of that nature, and obviously priority access to some both design and, as well as capacity and. So it is something that you're seeing, since I've gotten here, more and more customers wanting to enter into them, and that's what's gotten us to the 9 gigawatts.

而且，確實有一些專案是從獨家合作的角度來列入清單的。有些則是在量體上採取更偏向規模化的方式，但對雙方而言是雙贏，也就是一種合作夥伴關係：FTC 正在投入資源來提供設計服務之類的內容，並且很明顯地能優先取得部分設計資源，以及產能等。所以自從我到這裡以來，你會看到越來越多客戶想要進入這類合作，而這也讓我們達到 9 吉瓦。

Understood, thanks for that, color. And will you remind us of, what the revenue model is for the SunPath software, like are the recurring revenues or, what kind of, structure it is.

了解，謝謝你補充這些背景。另外你能提醒我們一下 SunPath 軟體的營收模式是什麼嗎？例如是經常性收入，或是什麼樣的結構？

Yeah, SunPath is actually, a great tool, and it's an interesting one, just looking at it from my seat and, FTC has been around a long time, so it's been under development and refinement for, quite a long period of time. So it's, while our 1P tracker is a relatively new addition to our overall portfolio, our ability to bring 3D backtracking to the market is, as good as anyone in the market, right?So, and I think people see that.

可以，SunPath 其實是一個很棒的工具，也很有意思；就我這個角度來看，FTC 已經成立很久了，所以它的開發與精進已經持續了相當長一段時間。因此，雖然我們的 1P 追日系統是我們整體產品組合中相對較新的新增項目，但我們把 3D 反向追蹤帶到市場的能力，跟市場上任何一家一樣強，對吧？所以，我想大家也看得到這一點。

And, revenue models differ by geography, there's a some customers prefer to pay for it upfront, for a period of time. Some people view it as a recurring revenue model, and it really depends on the site itself. It is a, -- I will say the 3D backtracking software is particularly advantaged, for FTC and for, particularly for independent row architecture.

而且，營收模式會因地區而異；有些客戶偏好先一次性預付一段期間的費用。有些人則把它視為經常性收入模式，這其實很取決於站點本身。我會說，這套 3D 反向追蹤軟體對 FTC 特別有利，尤其是對獨立排架構而言。

On when sites have, undulating, uneven terrain, the need for 3D backtracking for energy yield increases is, really important. And independent row architecture where motors can run each row independently of each other, especially over the course of the year, is where you're going to see the best energy yield advantages, which is why the market is consolidating around this independent architecture, in my opinion.

當站點地形起伏、不平整時，為了提升發電量而需要 3D 反向追蹤就變得非常重要。而所謂獨立排架構，是指馬達可以讓每一排彼此獨立運轉；尤其在一年當中不同時段，這種架構能帶來最好的發電量優勢。這也是為什麼我認為市場正在往這種獨立架構整合。

And it includes your value proposition. Good to know. Just a question. Maybe this is for Cathy. The service margins, were lower despite, sequential growth in service revenues. Is this some GAAP, reason, or are there more structural reasons?

而這也包含在你們的價值主張裡。了解。我有個問題。也許這題是問 Cathy。服務毛利率下降了，儘管服務營收較前一季成長。這是某些 GAAP 的原因，還是有更結構性的原因？

Oh, thanks for the question. So I think what you're kind of seeing flow through there is, and our service revenue is, includes all of our, logistics, services that we provide. And so if you see the increasing tariffs that came through, those are pass through costs and so that kind of, squeezes a little bit of that margin.

喔，謝謝你的問題。我想你看到的主要是這樣：我們的服務營收包含我們提供的所有物流等服務。因此如果你看到關稅上升，那些是轉嫁成本（pass-through costs），所以會稍微擠壓一點毛利率。

John Windham, UBS.

UBS 的 John Windham。

Perfect. Hey, thanks for taking the questions. I wanted to follow-up on, I think Phil, question a little bit about the liquidity. There's obviously the note in the release about not being in compliance with the purchase order covenant for the credit agreement. Can you just talk through, the status of that, and what you need to do to be in compliance for it?

太好了。嗨，謝謝讓我提問。我想針對流動性再追問一下，我想 Phil 也有問到。新聞稿裡顯然有提到，你們在信貸協議的採購訂單（purchase order）契約條款上不符合規定。你能否說明一下目前狀態，以及你們需要做什麼才能符合規定？

Yeah, no, I appreciate the question. I'll give you the high level and I think we put in the note, accordingly. This is, our opinion is, and our lenders believe it's a technical issue and a technical default. The language in the agreement was a little bit unintentionally restrictive and led to a surprising. kind of accounting outcome, even from, the lender's perspective.

可以，謝謝你的提問。我先講高層次的部分，我想我們也在附註裡相應地說明了。我們的看法是，而且放款人也認為，這是一個技術性問題與技術性違約。協議中的文字在某種程度上不小心變得過於限制，導致出現一個出乎意料的會計結果，甚至從放款人的角度也是如此。

So while it sort of came in the audit process, we haven't yet resolved the issue, but we anticipate that we will. It was related to, the bona fide purchase orders, bookings, that we signed, and believe, like I said, the technicality that a hand that led to a handful being excluded, for the covenant.

所以雖然這是在審計過程中浮現的，我們目前還沒有解決這個問題，但我們預期會解決。它與我們簽署、且我們認為是真實有效的採購訂單（bona fide purchase orders）與接單（bookings）有關；如我所說，是某個技術性細節導致有少數訂單在計算該契約條款時被排除在外。

Appreciate that and then completely shifting gears ask completely different type of question. A lot of your competitors next power array game change have been making diversifying acquisitions into tangential product categories whether it be wires, foundations.

了解，謝謝。接著我完全換個方向，問一個完全不同類型的問題。你們很多競爭對手，像 Nextracker、Array、GameChange，一直在做多元化併購，進入一些相鄰的產品類別，例如電纜、基礎等。

Next power is all the way out to inverters at this point. Just love your thought, thoughts about how, your strategy around that, and whether you think you need to provide a more diversified product lineup to be competitive or you like a single product. Just your general thoughts.

Nextracker 目前甚至已經延伸到逆變器了。我想聽聽你對此的看法：你們在這方面的策略是什麼？你是否認為為了保持競爭力，需要提供更為多元的產品線，還是你更偏好單一產品？想聽聽你整體的想法。

Yeah, I mean, look, I appreciate that they're doing that, and in some ways understand, the premise of it obviously, our relationships, as tracker vendors with procurement teams, is, such that they obviously the procurement teams are buying other things.

是的，我的意思是，你看，我理解並且也肯定他們這麼做；某種程度上我也理解其前提。

While there's overlap with who you're talking to, the value proposition really, depends on each unique product, right? So, I obviously the when, we're growing at a pace, that exceeds what our peers are doing, so they're looking for, in my opinion, for growth and other things.

雖然你接觸的對象會有重疊，但價值主張其實取決於每一個獨特的產品，對吧？所以，顯然當我們的成長速度超過同業時，我認為他們是在尋找其他領域的成長來源。

So I certainly understand where they're coming from, our focus is, like I said in the recording, is getting, becoming a TOP3 tracker provider and we're well on our way for that, that's the importance of it, hence we've been adding to our sales team and growing those.

所以我完全理解他們的出發點；而我們的重點，如我在錄音裡提到的，是要成為前三大（TOP3）的追日系統供應商，而且我們正朝這個方向穩步前進。這就是其重要性；因此我們一直在擴編銷售團隊並讓其成長。

Our ability to do just that. It is a, like I said, Dynamic tracker landscape for sure, and, both in what you're describing of our peers going elsewhere. But if you compare our growth, here in 2025, and even heading into. 2026.

我們做到這一點的能力。這確實是一個動態的追日系統競爭格局，毫無疑問；也包括你所描述的同業往其他領域延伸。但如果你比較我們在 2025 年的成長，甚至展望到2026 年。

We believe our growth will be significant and well ahead of the market and so we're going to at the moment focus on exactly what we're doing which is, getting on AVLs converting the MSAs into projects, and that's exactly what we're going to do.

我們相信我們的成長將會非常顯著，並且會大幅領先市場；因此目前我們會專注在我們正在做的事情上，也就是：進入核准供應商名單（AVL）、把主服務協議（MSA）轉換成專案，而這正是我們要做的。

Can I ask a quick follow-up on that? Sorry to throw in three, but you, I mean, you make a great point. You're talking about being a top three tracker provider. Let's see, let's use a raise, a benchmark $1.2 billion in revenue. That's 12x growth for FTC from here.

我可以就這點快速追問一下嗎？抱歉一次丟三個問題，但你提出了一個很好的觀點。你提到要成為前三大追日系統供應商。我們用一個基準來看：12 億美元營收。那對 FTC 來說是從現在起算的 12 倍成長。

So how do you think about timelines of achieving that? And then how do you feel about, your ability to expand capacity to deal with that level of growth.

所以你如何看待達成這個目標的時間表？另外，你對於擴充產能以因應那種成長幅度的能力，有什麼看法？

Yeah, I mean, look, it's, like I think I said this before, it's not going to happen overnight, and it's likely not going to be linear, but if I compare the projects we're looking at on my first day at the company. Versus what we're looking at now, I see 300, 400 megawatt projects, on a weekly basis that we get to bid.

是的，你看，這不會一夕之間發生，我想我以前也說過；而且它很可能不會是線性的。但如果我把我到公司第一天看到的專案，跟我們現在在看的相比，我每週都能看到 3 億、4 億瓦等級的專案讓我們去投標。

And we're on the approved vendor list on both the, IPP side and the EPC side, right? Like those are some of the prerequisites that come along with it.

而且我們在核准供應商名單（AVL）上，無論是 IPP 端還是 EPC 端，對吧？這些都是隨之而來的一些先決條件。

The headways that we've made on the product portfolio in order to get there, the longer tracker, the washer list trackers, the terrain following features, those are all things, sometimes uniquely for a particular set of customers because they're focused in a particular region or they have a certain way of installation, I don't think that we're going to have a capacity constraint.

為了達成這點，我們在產品組合上取得的進展——更長的追日支架（tracker）、清洗器清單追蹤器（washer list trackers）、地形跟隨功能——這些都是一些事項，有時甚至是針對特定客戶群，因為他們聚焦在特定區域或有特定的安裝方式；我不認為我們會有產能限制。

If we're able to convert, the MSAs or project opportunities into bookings, that is not going to be, a limit to, what we're able to do. We have a strong supply chain, both with our acquisition of Alpha Steel in Q4, that's going to put us in our own control of it, as well as our contract manufacturing. Both here and across the world, it really comes down to what the customers are saying, right? What are the EPCs telling us? What are they telling you, around what the tracker mix is going to look like.

如果我們能把 MSAs 或專案機會轉換成訂單（bookings），那就不會成為我們能做多少的限制。我們有強健的供應鏈，包含我們在第四季收購 Alpha Steel，這會讓我們把供應鏈掌握在自己手上，以及我們的委外代工。無論是在這裡或全球各地，最終都取決於客戶怎麼說，對吧？EPC 們在跟我們說什麼？他們在跟你說什麼——關於追日支架組合（tracker mix）會長什麼樣子。

Things can change pretty quickly, right? And a couple of years ago, it changed in a bad direction for FTC. Now it's pivoted and moving into the right direction for FTC, and I would point to the back half growth in '25 versus our peers as a leading indicator of that. But fundamentally, I'm relaying the optimism that I get when I sit down with customers, both here in the US and abroad that they want diversification.

情況可能變得很快，對吧？而幾年前，它曾朝著對 FTC 不利的方向改變。現在它已經轉向並朝著對 FTC 有利的方向前進；我會把 2025 年下半年相較同業的成長，視為一個領先指標。但從根本上說，我是在傳達我與客戶坐下來交流時感受到的樂觀——無論是在美國或海外——他們都希望多元化。

There's a lot of concentration within some of the customers that they're trying to get themselves out of. And that's not a negative thing about our peers. Some are doing a really good job, but it's the need for what is the architecture that works for the sites that are evolving, and who's going to do what they say they're going to do, and they're going to look at relationships, in order to leverage their, decision-making.

有些客戶的供應商集中度很高，他們正試著讓自己擺脫這種狀況。這並不是在否定我們的同業。有些同業做得非常好，但關鍵在於：隨著場址（site）演進，什麼樣的架構最適用、誰能做到他們承諾的事；而他們也會看重合作關係，以此來支撐他們的決策。

And so this, it's an important moment for FTC to deliver what we're saying, what we're going to do and I think you see that in '25 that we were able to get customers to trust us and to buy from us. I think every MSA is another indicator of that and so I don't look at it as a 5x, 10x, 12x or more equation.

因此，這是 FTC 必須交付我們所說、我們將要做的事情的一個重要時刻；我認為你在 2025 年看到的是，我們能讓客戶信任我們並向我們採購。我認為每一份 MSA 都是另一個指標，所以我不把它看成 5 倍、10 倍、12 倍或更高的算式。

I view it as, I sit across the table, my team sits across the table of the customer, and we win one project at a time and one portfolio at a time and that starts with MSAs, AVLs, etc.

我把它看成是：我坐在桌子對面、我的團隊坐在客戶對面，我們一次贏下一個專案、一次贏下一個投資組合；而這一切從 MSA、AVL 等等開始。

Jeff Osborne, Td Cowen.

Jeff Osborne，TD Cowen。

Thank you. Maybe just a few follow-up questions. The debt that, John mentioned, the $19.9 million, what Cathy specifically needs to happen to be in compliance with that? I missed the answer to that.

謝謝。我再追問幾個問題。John 提到的那筆 1,990 萬美元的債務，Cathy 具體需要發生什麼事才能符合（合規於）那項要求？我剛剛漏聽了答案。

So as John was saying that it's really a, just a technical definition that's in the agreement. So, we're really working with the lenders to develop the right solution, for that. So it's just, ongoing discussions and, we have good confidence that it's all moving in the right direction, so we'll be able to get to the resolution quickly.

如同 John 所說，這其實只是協議裡的一個技術性定義。所以我們正與放款人合作，制定合適的解決方案。目前就是持續討論中，而且我們很有信心一切都朝正確方向推進，因此能夠很快達成解決。

Then in the event you needed to tap the ATM, I think you still have outstanding. Is that available to you, or can you just remind us of your liquidity op options beyond what's on the balance sheet today?

那如果你們需要動用 ATM，我想你們應該還有額度未用完。那個對你們仍可用嗎？或者你能否提醒我們，除了今天資產負債表上所呈現的之外，你們還有哪些流動性選項？

Yes, we still have the ATM available to us. We did actually use the ATM in, Q4, and so that continues to be available to us moving forward, and, we also have, expanded liquidity also within the debt agreement, with our lenders.

是的，我們仍然可以使用 ATM。我們其實在第四季確實使用過 ATM，因此未來仍可繼續使用；

Got it. Maybe just switching gears then, for Jan, can and post the [fiac] announcement and maybe just give us a sense of the past month or so. What is the shifting patterns been as it relates to delivery schedules, would be helpful to understand.

了解。那我換個話題，問 Jan：在 [fiac] 公告之後，你能否談談過去一個月左右的情況，讓我們了解一下。就交付時程而言，模式有哪些變化？這會很有幫助。

And then maybe just at a high level, the sequential decline with Q1, how much of that is normal seasonality versus the adverse weather conditions that we've had across the US over the past few weeks.

另外，從高層次來看，第一季的季比下滑，有多少是正常季節性因素，又有多少是因為過去幾週美國各地出現的不利天候？

Yeah, look, I mean, I think you guys are more of an expert in the fifi announcement, but you know some things were answered, some things were not, so overall I think the market is continuing, the way it was, and some tax equity providers, are a little bit more cautious than others, but we haven't seen that affect us, any in any particular way on a project or otherwise.

是的，你看，我的意思是，我想你們在 fifi 公告方面更是專家；但你知道，有些事情有被回答，有些沒有，所以整體而言我認為市場仍在延續原本的走勢。有些稅務股權（tax equity）提供者比其他人更謹慎一些，但我們沒有看到這在任何特定專案或其他方面對我們造成影響。

And, the cyclicality around Q1, I mean, I think it's pretty normal when you look at, historically for us as well as our peers. It's a moderate, our midpoint is modestly up year over year, obviously, from a growth standpoint versus our peers that are down significant year over year in Q1.

至於第一季的週期性，我的意思是，從歷史來看，無論是我們或同業，這都相當正常。我們的指引中位數年增是溫和的、略為上升；顯然，從成長角度看，相較之下同業在第一季年比年大幅下滑。

And I would like, if I were to put a root cause, I think particularly for us. It was rather difficult to contract in the middle of [OCB] and tariff Q2 Q3 last year and I think that's what you're starting to see, that's sort of a lagging indicator of what was really going on in Q2 Q3 of last year that muted where I was hoping we would be here in Q1, but, it's not like the projects have gone away, it's just, getting the contracting and really for them, for our customers to get the capital into those projects, were, delayed as, the legislation and tariffs were figured out.

如果要我歸納根本原因，我認為特別是對我們而言：去年在 [OCB] 與關稅議題的第二、第三季期間，要簽約相當困難；而你現在開始看到的，其實是去年第二、第三季真實狀況的一個滯後指標，這壓抑了我原本希望我們在第一季能達到的水準。但專案並沒有消失，只是簽約流程，以及對我們客戶而言把資金投入那些專案，被延後了，因為法規與關稅需要時間釐清。

Thank you. 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.

謝謝。我這邊顯示目前沒有其他問題。感謝各位參與今天的電話會議。本次會議到此結束，您現在可以中斷連線。