FTC Solar Inc (FTCI) 2026 Q1 法說會逐字稿

Thank you for standing by, and welcome to the FTC Solar first quarter 2026 earnings conference call. I'd like to remind everyone that this call is being recorded. (Operator Instructions) I would now like to turn the call over to Mr. Bill Michalek, VP of Investor Relations. You may begin.

感謝各位稍候，歡迎參加 FTC Solar 2026 年第一季財報電話會議。我想提醒各位，本次通話將被錄音。（接線員指示）現在我想把電話交給投資人關係副總裁 Bill Michalek 先生。請開始。

Thank you, and welcome, everyone, to FTC Solar's first quarter 2026 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 haven't 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 2026 年第一季財報電話會議。在今天的電話會議開始之前，各位可能已經閱讀了我們的財報新聞稿與補充財務資訊，這些文件已於今日稍早發布。若您尚未閱讀，請至我們網站 ftcsolar.com 的「投資人關係」專區取得。

I'm joined today by Shaker Sadasivam, Chairman of the Board; Anthony Carroll, the company's newly appointed President and CEO; Cathy Behnen, the company's Chief 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：董事長 Shaker Sadasivam；公司新任總裁暨執行長 Anthony Carroll；公司財務長 Cathy Behnen；以及資本市場與業務開發主管 Patrick Cook。在開始之前，我提醒各位，今天的討論包含前瞻性陳述，係基於我們在目前環境下的假設與信念，且僅截至本日為止有效。

As such, these forward-looking statements include risks 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.

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。請參閱我們的新聞稿及其他向 SEC 提交的文件，以取得特定風險因素的更多資訊。除法律要求外，我們不承擔更新此等資訊之義務。

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 Shaker.

接下來，我把電話交給 Shaker。

Thank you, Bill, and good morning, everyone. I felt it was important to speak with you directly on behalf of the Board of Directors about the leadership transition we announced today. I'm incredibly pleased to welcome and congratulate current Board member, Anthony Carroll, on his appointment as the new President and CEO of FTC Solar.

謝謝 Bill，各位早安。我認為有必要代表董事會，就我們今天宣布的領導階層交接，直接與各位對話。我非常高興地歡迎並祝賀現任董事會成員 Anthony Carroll，獲任命為 FTC Solar 新任總裁暨執行長。

Anthony is a truly talented leader with a proven track record of scaling operations and driving value creation. He has served on the FTC Board of Directors since last December and has been the Chairman of our Customer Advisory Board since 2023.

Anthony 是一位極具才華的領導者，擁有擴大營運規模並推動價值創造的卓越實績。他自去年 12 月起擔任 FTC 董事會成員，並自 2023 年起擔任我們客戶諮詢委員會主席。

He most recently served as CEO of Veev, a division of Lennar, where he was brought into scale operations. Many of you may also know him from his time as the President of Boeing, the CEO of Power Electronics, or his time at Siemens or Schneider Electric. He has been in the industry for many years, has helped scale multiple billion-dollar businesses, and is well-connected.

他最近擔任 Lennar 旗下事業部 Veev 的執行長，受邀加入以擴大營運規模。許多人也可能熟悉他曾任波音總裁、Power Electronics 執行長，或在西門子（Siemens）與施耐德電機（Schneider Electric）任職的經歷。他在產業深耕多年，曾協助多家十億美元規模企業擴張成長，且人脈廣泛。

The Board and I believe that, based on the progress made to date and recent project wins, FTC is at a critical inflection point, positioned with a strong foundation and the potential for very significant growth. Anthony's operational depth, dynamic leadership, and demonstrated success in scaling growth businesses make him exceptionally well-suited to lead FTC Solar into its next chapter.

董事會與我認為，基於迄今取得的進展以及近期的專案得標，FTC 正處於關鍵的轉折點，已具備堅實基礎並擁有非常顯著的成長潛力。Anthony 深厚的營運能力、充滿活力的領導風格，以及在擴張成長型企業方面的成功經驗，使他特別適合帶領 FTC Solar 開啟下一個篇章。

On behalf of the Board, I would like to thank Jan Brown for his many contributions to the company. Jan stepped into FTC at an important point in time, one that was focused on stabilization and recovery. Under his leadership, the company secured strategic financing completed its 1P tractor introduction and experienced good customer reengagement, resulting in increased AVL list access, pipeline visibility and new project wins.

我謹代表董事會，感謝 Jan Brown 對公司的諸多貢獻。Jan 在公司一個重要時點加入 FTC，當時的重點在於穩定與復甦。在他的領導下，公司取得策略性融資、完成 1P 追日系統（tracker）導入，並在客戶重新互動方面取得良好進展，帶動 AVL 名單准入增加、管線能見度提升以及新的專案得標。

While today's leadership change may not have been expected, the Board and I believe it represents a tremendous opportunity for us to build on the strong foundation that is now in place and to leverage Anthony's capabilities to accelerate momentum, scale the business and achieve profitability.

儘管今天的領導階層變動可能出乎預期，董事會與我相信，這代表我們在既有堅實基礎上再向前邁進的重大機會，並可運用 Anthony 的能力加速動能、擴大業務規模並達成獲利。

Now I will turn it over to Anthony.

現在我把電話交給 Anthony。

Thanks, Shaker, and good morning, everyone. I'm very excited to be speaking with all of you for the first time in my new capacity as CEO of FTC Solar. As Shaker mentioned, I've had the pleasure of working with the Board of Directors, the management team, and several other FTC Solar employees over the past couple of years in those other FTC Board capacities. And I have seen firsthand all the great work the team has done to position itself for future growth and strong performance. For these reasons, I am so excited to take on this new role.

謝謝 Shaker，各位早安。我非常興奮能以 FTC Solar 執行長的新身分，首次與各位對話。如 Shaker 所提，我在過去幾年以 FTC 董事會的其他職務身分，有幸與董事會、管理團隊以及多位 FTC Solar 員工合作。我也親眼見證團隊為未來成長與強勁表現所做的出色工作與布局。基於這些原因，我非常期待承擔這個新角色。

As Shaker alluded, the majority of my career has been in or around energy and renewables, including with leading companies such as Schneider Electric and Siemens, focused on power conversion, solar and energy storage.

如 Shaker 所暗示，我職涯的大部分時間都在能源與再生能源領域或與其密切相關，包括在施耐德電機與西門子等領先企業任職，專注於電力轉換、太陽能與儲能。

I have also led other companies, such as Power Electronics and Talen, which became very successful in their respective industries, growing from start-ups to corporations with over $1 billion in revenue in both cases. I most recently led the real estate and construction company, Veev, focused on product innovation, manufacturing evolution, and growth.

我也曾領導其他公司，例如 Power Electronics 與 Talen，兩者在各自產業都非常成功，且在兩個案例中皆從新創成長為年營收超過 10 億美元的企業。我最近則領導房地產與建築公司 Veev，聚焦於產品創新、製造轉型與成長。

The growth and success there have been rewarding, and it's truly a great team, but I knew I wanted to get back to renewables, and I'm very excited to be at FTC. The team at FTC has done a great job laying the groundwork for a strong future. I couldn't be more pleased to join as CEO and spearhead the next phase of our growth and to work with all of you.

那裡的成長與成功令人振奮，團隊也確實非常優秀，但我知道自己希望回到再生能源領域，因此我非常高興能加入 FTC。FTC 團隊在為未來奠定堅實基礎方面做得非常出色。我非常榮幸能以執行長身分加入並帶領下一階段的成長，也期待與各位一同合作。

I'll turn it over to Patrick to discuss the highlights from Q1 and the progress that's being made.

接下來我把電話交給 Patrick，請他說明第一季的重點以及目前取得的進展。

Thanks, Anthony. I think the key operational takeaway from this call is that even though our Q1 revenue was a bit lower than our expectations, our customer momentum and new business bookings have been exceptional, and we now have greater confidence that we will outpace the market and deliver strong growth in 2026.

謝謝 Anthony。我認為本次電話會議在營運面最關鍵的結論是：儘管我們第一季營收略低於預期，但客戶動能與新業務訂單表現非常出色，我們現在更有信心在 2026 年跑贏市場並實現強勁成長。

So starting with Q1. We did have one key project that was expected to sign and contribute revenue in the first quarter, but it was delayed. Given our current run rate and the expected contribution from that project, that was enough to cause revenue to come in short of our range for the quarter.

先從第一季談起。我們原本預期有一個關鍵專案會在第一季簽約並貢獻營收，但該專案延後了。以我們目前的營運節奏（run rate）以及該專案預期的貢獻來看，這足以使本季營收低於我們原先提供的區間。

Operating expenses were better than expected, however, and helped offset some of that shortfall, and all our other metrics were within our target ranges. More importantly, in my view, is the progress we're making in setting ourselves up for the future. And in that regard, I am very pleased with the progress.

不過，營業費用優於預期，協助抵銷部分缺口，而我們其他所有指標都落在目標範圍內。更重要的是，就我看來，是我們在為未來布局方面所取得的進展；在這方面，我對目前的進度非常滿意。

On our last call, we shared that our commercial momentum was accelerating on a number of levels, from approved vendor list additions to project bidding, bookings, and contract conversion. These are all leading indicators of where our business is going and that progress continues.

在上次電話會議中，我們分享過我們的商務動能正在多個層面加速，包括核准供應商名單（approved vendor list）新增、專案投標、接單（bookings）以及合約轉換。這些都是反映業務走向的領先指標，而這些進展仍在持續。

In terms of the approved vendor list, last quarter, we told you that in Q4 alone, we were added to four ABLs of the top 10 EPCs, bringing the total to 8 of the top 10. We have since added another top 10, in fact, the top 3, bringing us to 9 of the top 10.

就核准供應商名單而言，上季我們提到僅在第四季，我們就被前十大 EPC 中的四家納入 ABL，使總數達到前十大中的 8 家。此後我們又新增了一家前十大 EPC，且事實上是前三大之一，使我們達到前十大中的 9 家。

We are getting visibility into the pipelines of these prospects and customers. And overall, we are bidding with more customers on larger project sizes. Last quarter, we also talked about how FTC is winning new projects, including bookings from two leading EPCs. Since then, we have had some great new wins. One of particular note is a new 1 gigawatt award.

我們正逐步取得對這些潛在客戶與既有客戶案源管線的能見度。整體而言，我們正與更多客戶就更大規模的專案進行投標。上季我們也談到 FTC 正在贏得新專案，包括來自兩家領先 EPC 的訂單。自那之後，我們又取得一些非常好的新案。其中一項特別值得一提的是新增一個 1 吉瓦（gigawatt）的得標案。

It's a safe harbor award from a private equity-backed portfolio company for projects with very high-profile off-takers, including a global Fortune 20 company. The first of three equal tranches of the project has already been contracted. These projects are expected to add meaningfully to 2026 revenue and continue into 2027. In total, it's a triple-digit million contributor to revenue.

這是一個由私募股權支持之投資組合公司所授予的 safe harbor 訂單，相關專案的承購方（off-takers）相當具指標性，其中包括一家全球《財富》20 強企業。該專案三個等額批次中的第一批已完成簽約。預期這些專案將對 2026 年營收帶來顯著貢獻，並延續至 2027 年。合計而言，這將為營收貢獻達三位數百萬美元規模。

We have had improved net bookings over the past four quarters, now with a positive book-to-bill or positive net bookings in Q4 and accelerating in Q1 as we are starting to convert our MSAs into firm orders and book new projects. Since our last earnings call, we have added about $70 million to the contracted backlog, or roughly a $52 million addition net of Q1 revenue.

過去四個季度，我們的淨接單有所改善，第四季已達到正向的接單出貨比（book-to-bill）或正向淨接單，並在第一季加速，因為我們開始將 MSAs 轉換為確定訂單並取得新專案訂單。自上次財報電話會議以來，我們已將已簽約在手訂單（contracted backlog）增加約 7,000 萬美元；扣除第一季營收後，淨增加約 5,200 萬美元。

Over the past seven months or so our bookings have been running at about a $55 million quarterly run rate. The leading indicators on the customer front are what are driving this business, and they are looking good, improving, and we are having good momentum.

在過去約七個月左右，我們的接單大致維持在每季約 5,500 萬美元的運行水準。客戶端的領先指標正是推動這項業務的關鍵，而這些指標看起來良好、持續改善，我們也正展現不錯的動能。

From MSAs, ABLs, and strong bidding activity, these are clear signals that show that FTC is on the right track. We have turned the corner on our bookings, and now we want to accelerate the business. This customer momentum is driven by a great team that is doing great work across the board, from R&D and engineering to sales support and our support teams and is driven by our great products.

從 MSAs、ABLs 以及強勁的投標活動來看，這些都是清楚的訊號，顯示 FTC 正走在正確的軌道上。我們的接單已經轉正，接下來希望加速業務成長。這股客戶動能來自一支優秀的團隊，他們在各方面都做得非常出色，從研發與工程到銷售支援與後勤支援團隊，同時也來自我們優異的產品。

We continue to receive excellent feedback on our trackers, supporting our belief that we have what is unquestionably the fastest, easiest-to-install tracker in the marketplace. And our team is not stopping as we look to achieve another 20% in labor savings.

我們持續收到客戶對我們追日系統（tracker）的極佳回饋，這也支持我們的信念：我們擁有市場上無庸置疑最快、最容易安裝的追日系統。而我們的團隊不會就此止步，我們正努力再達成額外 20% 的人工節省。

In an environment where we have an increasing need for new energy supply, combined with labor shortages, our trackers provide incredibly compelling solutions, allowing our customers to build more megawatts in less time at a lower cost.

在新型能源供給需求日益增加、同時又面臨勞動力短缺的環境下，我們的追日系統提供了極具吸引力的解決方案，讓客戶能以更低成本、在更短時間內建置更多兆瓦。

We have done a great deal to prepare the company and lay the groundwork for strong growth ahead. We're increasingly optimistic about our future. While we are seeing a first-half lull similar to others, our strong bookings momentum gives us increased confidence in the full year, and we are providing a bit more detail on our expectations, which Cathy will discuss.

我們已做了大量準備工作，為公司打下未來強勁成長的基礎。我們對未來愈來愈樂觀。雖然我們在上半年也看到與同業類似的短暫放緩，但強勁的訂單動能讓我們對全年更有信心；同時，我們也會提供更多對預期的細節，Cathy 將會說明。

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

接下來我把時間交給 Cathy。

Thanks, Patrick, and good morning, everyone. I'll provide some additional color on our first quarter performance and our outlook. Beginning with a discussion of the first quarter results, revenue was $17.3 million, which was below our target range for the quarter, as Patrick mentioned, driven by a key project that was delayed.

謝謝你，Patrick，各位早安。我將補充一些我們第一季表現與展望的細節。先從第一季結果談起：營收為 1,730 萬美元，低於我們本季的目標區間，如 Patrick 所提到，主要是因為一個關鍵專案延後。

This revenue level represents a decrease of 47.5% compared to the prior quarter and a decrease of 17% compared to the year-earlier quarter. GAAP gross loss was $1.2 million, or 7.1% of revenue, compared to gross profit of $4.9 million, or 14.9% of revenue, in the prior quarter.

此營收水準較前一季下降 47.5%，較去年同期下降 17%。GAAP 毛損為 120 萬美元，約占營收 7.1%，相較之下，前一季為毛利 490 萬美元，約占營收 14.9%。

Non-GAAP gross loss was $0.4 million, or 2.2% of revenue. This quarter's results compare to non-GAAP gross profit of $5.7 million, or 17.3% of revenue, in the prior quarter, and a $3 million gross loss in the year-ago quarter.

非 GAAP 毛損為 40 萬美元，約占營收 2.2%。本季結果相較於前一季非 GAAP 毛利 570 萬美元（約占營收 17.3%），以及去年同期 300 萬美元的毛損。

GAAP operating expenses were $10.8 million. On a non-GAAP basis, operating expenses were $7.8 million, which is better than our target range, as we identified and executed some cost-saving opportunities during the quarter. This compares to non-GAAP operating expenses of $8.2 million in the prior quarter and $6.6 million in the year-ago quarter.

GAAP 營業費用為 1,080 萬美元。以非 GAAP 口徑，營業費用為 780 萬美元，優於我們的目標區間，因為我們在本季辨識並執行了一些節省成本的機會。相較之下，前一季非 GAAP 營業費用為 820 萬美元，去年同期為 660 萬美元。

Moving to GAAP net income, I want to remind everyone that the warrants issued as part of last year's capital raise are subject to liability rather than equity accounting. As a result, we are required to remeasure the fair value of the warrants each quarter in our GAAP financials. If our share price goes down during the quarter, as it did in Q1, it will show a non-cash gain, and conversely, a share price increase would result in a loss.

談到 GAAP 淨利，我想提醒大家：去年募資時所發行的認股權證（warrants）在會計處理上屬於負債而非權益。因此，我們必須在 GAAP 財報中每季重新衡量該等認股權證的公允價值。若本季股價下跌（如第一季所發生），將呈現一筆非現金收益；反之，股價上漲則會產生損失。

The share price decrease we saw in the first quarter drove a decrease in the fair value of the warrant liability of about $48.7 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.

第一季股價下跌使我們的認股權證負債公允價值減少約 4,870 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；在調整後 EBITDA 的計算中將予以排除，但會影響我們的 GAAP 財務報表。

So including this adjustment, GAAP net income was $32.6 million, or on a per share diluted basis, a loss of $0.72 per share compared to a loss of $36.4 million or $2.40 per diluted share in the prior quarter and a net loss of $3.8 million or $0.58 per diluted share in the year-ago quarter.

因此，包含此項調整後，GAAP 淨利為 3,260 萬美元；但以稀釋後每股計算，為每股虧損 0.72 美元，相較之下，前一季為虧損 3,640 萬美元或稀釋後每股虧損 2.40 美元，去年同期為淨損 380 萬美元或稀釋後每股虧損 0.58 美元。

Adjusted EBITDA loss was $8.2 million, close to the midpoint of our guidance range as the OpEx management largely offset the lower-than-expected revenue. Adjusted EBITDA excluded approximately $40.8 million net for the change in fair value of the warrant liability, certain transition costs, as well as other non-cash items.

調整後 EBITDA 虧損為 820 萬美元，接近我們指引區間的中點，因為營業費用（OpEx）管理在很大程度上抵銷了低於預期的營收。調整後 EBITDA 排除了約 4,080 萬美元（淨額）的認股權證負債公允價值變動、部分轉型成本，以及其他非現金項目。

The contracted portion of our backlog now stands at $543 million, with a net of approximately $52 million added since March 5. In terms of liquidity, we ended Q1 with about $5.6 million in cash, although that was due to the timing of customer payments, which came in shortly after the quarter end.

我們積壓訂單（backlog）中的已簽約部分目前為 5.43 億美元，自 3 月 5 日以來淨增加約 5,200 萬美元。就流動性而言，我們在第一季末的現金約為 560 萬美元，但這主要是因為客戶付款時點的影響，相關款項在季末後不久即入帳。

Given the new cash that has come in and the cash expected from new business, including the Safe Harbor project, we do not intend to utilize the [ATM] going forward, and we'll take actions to terminate the program. With that, let's turn our focus to the outlook.

鑑於新進帳的現金，以及預期來自新業務（包括 Safe Harbor 專案）的現金流入，我們未來不打算再使用 [ATM]，並將採取行動終止該計畫。接下來我們把焦點轉向展望。

Our targets for the second quarter call for the following: revenue between $22 million and $26 million, non-GAAP gross profit between negative $1.4 million and positive $1 million or between negative 6.4% and positive 4% of revenue; non-GAAP operating expenses between $8.4 million and $9 million; and finally, adjusted EBITDA loss between $10.5 million and $7.4 million.

我們對第二季的目標如下：營收介於 2,200 萬至 2,600 萬美元；非 GAAP 毛利介於負 140 萬美元至正 100 萬美元，或占營收比重介於負 6.4% 至正 4%；非 GAAP 營業費用介於 840 萬至 900 萬美元；最後，調整後 EBITDA 虧損介於 1,050 萬至 740 萬美元。

We continue to expect the first quarter to represent the low point in revenue for the year, with sequential quarterly growth for the remainder of 2026. The commercial momentum we've been seeing since the last call gives us even more confidence that full-year revenue will outpace the market in 2026 and represent growth of approximately 40% relative to 2025.

我們仍預期第一季將是今年營收的低點，並在 2026 年剩餘季度呈現逐季成長。自上次電話會議以來我們所看到的商業動能，讓我們更有信心：2026 年全年營收將超越市場表現，且相較 2025 年約成長 40%。

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

以上為我們的準備發言，接下來我把時間交給接線員進行問答。接線員？

(Operator Instructions)

（接線員指示）

Philip Shen, ROTH Capital Markets.

Philip Shen，ROTH Capital Markets。

Yes. Thanks for taking my questions. Shaker, I was wondering if you might be able to provide us a little more color on why now is the right timing for this CEO change. And then Anthony, welcome as the new CEO of [FTC]. And I was wondering if you could help us understand your vision for where you would like to take the company next. And what might be the contrast with what Jan was doing and what you would do either differently or the same, and so forth? Thanks.

好的，謝謝讓我提問。Shaker，我想請你再多補充一些背景：為什麼現在是進行這次 CEO 變更的合適時點？另外 Anthony，歡迎你成為 [FTC] 的新任 CEO。我也想請你協助我們理解，你希望接下來把公司帶往哪個方向？以及這與 Jan 過去的作法相比，哪些會不同、哪些會相同等等？謝謝。

Thank you, Philip. Good morning. And I'll take the first part of the question. The company has made great progress over the last couple of years. We have a comprehensive 1P product line, a strong pipeline, and good positioning with customers, and several new wins, and you heard some of that in Patrick's opening remarks, there are a lot more on the horizon. And so we have a significant opportunity to really accelerate the growth of the business.

謝謝你，Philip，早安。我先回答問題的第一部分。公司在過去幾年取得了很大進展。我們擁有完整的 1P 產品線、強勁的案源（pipeline）、良好的客戶定位，以及數個新的得標；你也在 Patrick 的開場發言中聽到其中一些，未來還有更多機會在前方。因此，我們有很大的機會去真正加速業務成長。

And the Board saw a need to bring in a CEO with a lot of experience scaling businesses. And we felt this was the right time to bring Anthony in as the CEO, and he was available. It allows us to leverage his significant strength and experience in scaling businesses as we enter the next phase of our growth.

董事會認為需要引進一位在擴大企業規模方面具備豐富經驗的 CEO。我們覺得現在是讓 Anthony 擔任 CEO 的合適時機，而且他也正好有空檔。這讓我們能在進入下一階段成長時，運用他在擴張企業規模方面的顯著優勢與經驗。

He's been in the industry a long time. He has extensive industry contacts, scale, multiple billion-dollar businesses, and he also brings good global experience, which will be important for us in the future. So we felt this was the right time, and hence, the Board made the decision.

他在這個產業深耕多年，擁有廣泛的產業人脈，曾擴大多個數十億美元規模的業務，並且也具備良好的全球化經驗，這對我們未來將很重要。因此我們認為時機成熟，董事會也因此做出這項決定。

I'll turn it over to Anthony now. Thank you.

接下來我把時間交給 Anthony。謝謝。

Thank you, Shaker, and thank you, Philip, for the question. I think I've known FTC for multiple years now, and it was clear to me that I wanted to be part of this project. And as Shaker said, I think there are a few things about my background that are especially connected to what FTC wants to do. One is to become a global leader in the tracker industry, and I have that global experience. Another one is scaling the business.

謝謝你，Shaker，也謝謝你，Philip，提出這個問題。我認識 FTC 已經好幾年了，我很清楚自己想參與這個計畫。正如 Shaker 所說，我的背景有幾點與 FTC 想做的事情特別契合：其一是成為追日系統產業的全球領導者，而我具備全球化經驗；其二是擴大企業規模。

And you mentioned what has been achieved by Yann and what we want to build on. I think the company has great foundations. Like from a product perspective, a few years ago, the company didn't have the 2P and the 1P variety to choose from and didn't have as much traction with the customers as they do have now and didn't have an operational pillar like they do have now. So the team has been able to do great things. And now I'm just very pleased that the Board considered that I could be a good candidate to take the company to the next level.

你也提到 Yann 已經達成的成果，以及我們想在其基礎上繼續打造的方向。我認為公司已具備很好的基礎。以產品面來看，幾年前公司還沒有 2P 與 1P 的多樣選擇，與客戶的黏著度也不如現在，營運支柱也不像現在這麼完整。因此團隊已經做出很棒的成果。如今我很高興董事會認為我能成為合適人選，帶領公司邁向下一個層級。

On top of that, you asked me why FTC and why now? I think we all agree that solar is growing globally and is an unstoppable source of energy, whether it's for providing power to hyperscalers or providing affordable power. So this is really the time to join a company in this industry. And FTC's product is very unique. It's fast to install, and it's safe.

此外，你問我為什麼是 FTC、為什麼是現在？我想我們都同意，太陽能正在全球成長，且是一種勢不可擋的能源來源，不論是為超大規模雲端業者（hyperscalers）供電，或是提供可負擔的電力。因此，現在正是加入這個產業公司的時機。而 FTC 的產品非常獨特：安裝速度快，而且安全。

I've been in touch with the EPCs, developers, and utilities that are familiar with the product, and the feedback has been very consistent during the time that I was on the Board and on the Customer Advisory Committee. So this gave me the excitement and the momentum to trust the company. And like Shaker said, the Board believes that I was the right person at the right time, and I'm extremely excited to take this role.

我一直與熟悉該產品的EPC、開發商與公用事業單位保持聯繫，而在我擔任董事會成員以及客戶諮詢委員會期間，回饋一直非常一致。因此，這讓我更有熱情與動能去信任這家公司。就像Shaker所說，董事會相信我是對的人、在對的時間點，而我對於接下這個職務感到非常興奮。

Great. Thank you, Anthony, and Shaker. Shifting over to some of the news from the quarter. You guys announced this 1 gigawatt award. I think you guys said that there could be projects that add meaningfully to 2026 revenue. So I was wondering how many megawatts might be able to hit in '26. If you could give us a little more color on the award and maybe how you guys won it versus maybe the competition.

很好。謝謝你，Anthony，也謝謝Shaker。接著談一些本季的消息。你們宣布了這個1吉瓦的得標案。我記得你們提到，可能會有一些專案能在2026年對營收帶來顯著貢獻。所以我想請問，2026年可能會認列多少兆瓦？如果可以的話，能否再多提供一些關於這個得標案的細節，以及你們是如何相較於競爭對手贏得它的。

And then I think you guys said for Q1, there was a project that was pushed out. I was wondering if you might be able to share a little bit of color on why that project was delayed and if that could be an issue for other projects as we get through '26? Thanks.

另外我想你們也提到，第一季有一個專案被往後推。我想請問是否能分享一些背景，為什麼那個專案延後？以及當我們走到2026年時，這會不會也成為其他專案的問題？謝謝。

Yeah, Phil, this is Patrick. Thanks for the question. I think it relates to the 1 gigawatt safe harbor award that we announced. And as we said in my opening remarks, we signed the first tranche of that project. We do expect it to create meaningful revenue in the back half of the year and into early 2027, just given the project schedule. And so we're really excited about it.

是的，Phil，我是Patrick。謝謝你的問題。我想這與我們宣布的1吉瓦安全港（safe harbor）得標案有關。正如我在開場致詞中所說，我們已經簽下該專案的第一批（tranche）。考量專案時程，我們預期它會在今年下半年到2027年初帶來具意義的營收。因此我們對此非常興奮。

And I think when you look at why FTC versus some of the competition, I think it piggybacks on a lot of the things that Anthony just said. They really like the constructability aspect of the system, the ease to install. Quite frankly, it was the customer service that we provided. This is a big project for this developer and the EPC, and we were able to be in lockstep with them throughout the process and give them comfort that they're going to hit their deadlines.

至於為什麼選擇FTC而不是其他競爭對手，我想這也呼應了Anthony剛才提到的許多重點。他們非常喜歡我們系統在可施工性（constructability）方面的特點、安裝的便利性。坦白說，也包括我們提供的客戶服務。這對該開發商與EPC而言是一個大型專案，而我們在整個過程中都能與他們步調一致，讓他們放心能如期達成里程碑。

Given that this is tied to safe harbor, timelines are of the essence. So we really partnered with this private equity group to deliver the expectations that they want in order to achieve their project. On the project that got pushed out in Q1, it was really nothing material or major. It was more just delays in the project scheduling. We still expect that project to move forward here in the very short term, but there were just some delays in construction progress timing.

由於這與安全港相關，時程至關重要。因此我們確實與這家私募股權團隊緊密合作，以交付他們為達成專案所期待的成果。至於第一季被推遲的那個專案，其實沒有什麼重大或關鍵的問題，主要只是專案排程上的延誤。我們仍預期該專案會在非常短期內繼續推進，只是施工進度的時間點出現了一些延後。

Got it. Okay. Thanks, Patrick. One more for me, and then I'll pass it on. We've written a fair amount about this tax equity pause, and I was wondering what you guys might be seeing out there as it relates to how this pause might impact you guys, especially in '26.

了解。好的。謝謝你，Patrick。我再問最後一題，之後就交給其他人。我們對這個稅務股權（tax equity）暫停的議題寫了不少，我想請問你們目前在市場上看到的情況是什麼，尤其是這個暫停可能會如何影響你們，特別是在2026年。

Do you see things adversely impacted? Or is it too early to say at this point with the four major banks pausing on Section 48E? And maybe help us, if you can, understand what percentage of your business for 2026 and '27 might be dependent on 48E as opposed to the Section 48 ITC? Thanks, guys.

你們是否看到不利影響？還是說在目前四家主要銀行暫停針對48E條款（Section 48E）之下，現在判斷仍為時過早？另外如果可以的話，也請協助我們理解：你們2026與2027年的業務中，有多少比例可能依賴48E，而不是第48條投資稅額抵免（Section 48 ITC）？謝謝各位。

No, it's a great question. I think part of it is that it's too early to tell. A lot of what's going on in Washington, I think it obviously creates some ambiguity on tax capacity or the timing of certain things. However, the near-term projects that we have secured their tax equity financing and feel confident about the project schedules ultimately going forward. And that's the one nice part about continuing to grow the international business.

不，這是個很好的問題。我想其中一部分原因是現在確實還太早下定論。華盛頓目前發生的很多事情，顯然會在稅務承作量（tax capacity）或某些事項的時點上帶來一些不確定性。不過，我們已經取得的近期專案，其稅務股權融資都已到位，對於後續專案時程也有信心。再者，持續擴大國際業務也是一個好處。

We have continued wins in Australia and South Africa that we talked about, and those will contribute to our revenue on a go-forward basis. So we're not really contingent on just making sure that the US market is solid. But as it relates to the ITC, I think we're watching it closely, and we'll see how it ultimately progresses. But we're in contact with all the major tax equity banks.

我們在澳洲與南非持續拿下案子，先前也提到過，這些都將在未來持續貢獻營收。因此我們並不是只仰賴美國市場必須非常穩健。至於ITC，我們會密切關注並觀察其最終進展；同時我們也與所有主要的稅務股權銀行保持聯繫。

Okay. Thanks, guys. I'll pass it on.

好的。謝謝各位。我把問題交給下一位。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

Yeah. Good morning. Thanks for taking my questions, and welcome, Anthony, to the new role. Can you remind us of the historical geographical distribution of your revenues and how it matched with the 1Q revenue, and how it figures in the outlook for the rest of the year?

是的，早安。謝謝讓我提問，也歡迎Anthony擔任新職務。你能否提醒我們過去營收的地理分布情況，以及它與第一季營收的對應關係，並且這在今年剩餘時間的展望中是如何體現的？

Yeah. I think as it relates to our revenues, obviously, we're very kind of US-centric when it comes to the near-term revenues. Obviously, we continue to build out the team in Australia, Europe, and certain parts of Sub-Saharan Africa. But as it currently stands, there's a lot of revenue in the US. But as we continue to grow and scale, and with Anthony's background, we expect the international sector of our market to continue to gain momentum and speed.

好的。就營收而言，顯然我們在短期營收上仍相當以美國為主。我們也持續在澳洲、歐洲以及撒哈拉以南非洲的部分地區擴編團隊。但就目前來看，營收主要仍在美國。不過隨著我們持續成長與規模化，加上Anthony的背景，我們預期國際市場的動能與速度會持續提升。

Okay. Thanks for that. And just a little bit on the delayed project. Was that closer to a $3 million delay or closer to an $8 million delay? And I think you mentioned it will be executed over the next 12 months or so. Just wanted to see what the actual dollar impact was from this delayed project.

好的，謝謝。再追問一下關於延後的專案：這比較接近延後300萬美元，還是接近延後800萬美元？另外我想你提到它會在接下來大約12個月內執行。我只是想確認，這個延後專案對美元金額的實際影響是多少。

Yeah. So our expectation that we were expecting in Q1 was in the $3 million to $4 million range. But the project is a good, solid project, and we're expecting that execution to hit soon and continue to drive revenue into 2026.

是的。我們原本預期第一季會落在300萬到400萬美元的範圍。不過這個專案是個不錯、很扎實的專案，我們預期很快就會開始執行，並持續推動營收延伸到2026年。

Okay. Got it. And then one more. I think you mentioned bookings are at a $55 million quarterly run rate. Contrasted to the revenues of around $20 million to $30 million on a quarterly run rate for you guys. Is this activity because of the safe harbor action? Or is it that you are getting designed in earlier in the project cycle?

好的，了解。再一題。我想你提到訂單（bookings）目前是每季約5,500萬美元的年化/季度運行率；相較之下，你們的營收每季運行率大約是2,000萬到3,000萬美元。這樣的活動量是因為安全港（safe harbor）的動作所致嗎？還是因為你們在專案週期更早期就被納入設計？

Yeah. The Safe Harbor, while it's a great win for us, and we're excited about it, only makes up a portion of the $55 million quarterly run rate that we're talking about. Where we're seeing traction and momentum is if you think about the evolution of engaging with new customers, the first is to get on the ABL. And as we talked about on the last earnings call, we were on 8 of the top 10. Today, we told you we're on 9 of the top 10.

是的。安全港對我們而言是很棒的勝利，我們也很興奮，但它只占我們所說每季5,500萬美元運行率的一部分。我們看到的進展與動能在於：如果你去看與新客戶互動的演進，第一步是進入ABL。正如我們在上一季法說提到的，我們當時在前十大中的8家；而今天我們告訴各位，我們已經在前十大中的9家。

Now we're able to participate in RFPs, participate in the designs, and really partner with these larger EPCs and even developers who are ultimately buying the project, which allows us to really showcase the constructability of the tracker, the ease of install, the safety, and then also our engineering shops as well. And so really partnering with these EPCs earlier in the design process has really allowed us to showcase who we are and what we can do and how we can really partner with these folks, and it's really gaining traction and momentum.

現在我們能夠參與RFP、參與設計，並真正與這些較大型的EPC，甚至最終買下專案的開發商合作。這讓我們能充分展現追日系統（tracker）的可施工性、安裝便利性、安全性，以及我們的工程團隊能力。因此，在設計流程更早期就與這些EPC合作，讓我們能展示我們是誰、能做什麼、以及如何與他們成為真正的合作夥伴，而這也確實正在帶來更多進展與動能。

Understood. Thanks for taking my questions, and Anthony, looking forward to work with you in the future.

了解。謝謝回答我的問題，也期待未來能與你合作，Anthony。

Same here. Thank you.

我也是。謝謝你。

And that concludes our question-and-answer session. I will now turn the conference back over to the management for some closing remarks.

以上為問答環節。我現在把電話交回管理層做結語。

Thank you. I think, just as closing remarks, I wanted to reiterate my excitement for joining FTC. The solar market is unstoppable. We see some respectable competition, but we believe FTC has a very strong positioning in the market. I'm very familiar with the product, the speed, and the quality, and also with the customers, utilities, EPCs, and developers, both in the US and globally.

謝謝。我想在結語中，我想再次強調我加入FTC的興奮之情。太陽能市場勢不可擋。我們看到一些值得尊敬的競爭對手，但我們相信FTC在市場上具備非常強的定位。我非常熟悉我們的產品、速度與品質，也熟悉我們的客戶、公用事業單位、EPC與開發商，無論是在美國或全球。

And I'm very sure that we're continuing to grow that penetration into these customers. As I said, I'm very excited to lead the company, and I'm going to be investing not just my time but also continuing to invest in the company. I appreciate your time. Thank you very much.

我也非常確信，我們會持續提升在這些客戶中的滲透率。如我所說，我非常期待帶領公司，我不僅會投入時間，也會持續投資公司。感謝各位的時間。非常謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now --

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以 --