Fuel Tech Inc (FTEK) 2025 Q4 法說會逐字稿

Greetings, and welcome to Fuel Tech's 2025 fourth quarter and full-year conference call and financial results conference call and webcast. (Operator Instructions). As a reminder, this conference is being recorded.

各位好，歡迎參加 Fuel Tech 2025 年第四季及全年電話會議與財務結果電話會議暨網路直播。(接線員指示)。提醒各位，本次會議將被錄音。

I would now like to turn the conference over to your host, Mr. Devin Sullivan, Managing Director at The Equity Group. Thank you. You may begin.

現在我想將會議交給本次主持人 The Equity Group 董事總經理 Devin Sullivan 先生。謝謝。您可以開始了。

Thank you, Rob. Good morning, everyone, and thank you for joining us today. Yesterday, after the close, we issued a press release, a copy of which is available at the company's website, www.ftek.com. Our speakers for today will be Vince Arnone, Chairman, President and Chief Executive Officer; and Ellen Albrecht, the company's Chief Financial Officer. After prepared remarks, we will open the call for questions from our analysts and investors.

謝謝你，Rob。各位早安，感謝今天加入我們。昨日收盤後，我們發布了新聞稿，副本可於公司網站 www.ftek.com 取得。今天的講者為董事長、總裁暨執行長 Vince Arnone，以及公司財務長 Ellen Albrecht。在預先準備的發言後，我們將開放分析師與投資人提問。

Before turning things over to Vince, I'd like to remind everyone that matters discussed on this call, except for historical information, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934 as amended, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech's current expectations regarding future growth, results of operations, cash flows, performance, and business prospects and opportunities as well as assumptions made by and information currently available to our company's management. Fuel Tech has tried to identify forward-looking statements by using words such as anticipate, believe, plan, expect, estimate, intend, will, and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties and other factors, including, but not limited to, those discussed in Fuel Tech's annual report on Form 10-K in Item 1A under the caption of Risk Factors and subsequent filings under the Securities Exchange Act of 1934 as amended, which could cause Fuel Tech's actual growth, results of operations, financial condition, cash flows, performance, and business prospects and opportunities to differ materially from those expressed in or implied by these statements.

在把時間交給 Vince 之前，我想提醒各位，本次電話會議中除歷史資訊外所討論之事項，均屬《1934 年證券交易法》（修訂版）第 21E 條所定義之「前瞻性陳述」，係依據《1995 年私人證券訴訟改革法》之安全港條款作出，並反映 Fuel Tech 對未來成長、營運結果、現金流、績效及業務前景與機會的目前預期，以及本公司管理階層所作之假設與目前可得資訊。Fuel Tech 嘗試以 anticipate、believe、plan、expect、estimate、intend、will 等字詞及類似表述辨識前瞻性陳述，但這些字詞並非辨識前瞻性陳述的唯一方式。上述陳述係基於 Fuel Tech 目前可得資訊，並受各種風險、不確定性及其他因素影響，包括但不限於 Fuel Tech 於 Form 10-K 年報第 1A 項「風險因素」以及其後依《1934 年證券交易法》（修訂版）所提交之文件中所討論者；上述因素可能導致 Fuel Tech 的實際成長、營運結果、財務狀況、現金流、績效及業務前景與機會，與該等陳述所明示或暗示者存在重大差異。

Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in the company's filings with the SEC.

Fuel Tech 不承擔更新該等因素或公開宣布本文所含任何前瞻性陳述結果之義務，以反映未來事件、發展或情勢變化，或基於任何其他原因。投資人應注意，所有前瞻性陳述均涉及風險與不確定性，包括公司向 SEC 提交之文件中所詳述者。

With that said, I'd now like to turn the call over to Vince Arnone. Vince, please go ahead.

接下來，我把電話交給 Vince Arnone。Vince，請開始。

Thank you, Devin. Good morning, and I'd like to thank everyone for joining us on the call today. 2025 was a year of multiple achievements for Fuel Tech, marked by an expanded opportunity sets in our Air Pollution Control business segment, driven largely by anticipated growth in data center development and construction; our resurgence in revenue for our FUEL CHEM operations, where revenues for the year exceeded our expectations and reached their highest levels since 2018; and tangible progress at our Dissolved Gas Infusion business. We maintained a strong financial position with cash, cash equivalents, and investments of nearly $32 million at year-end and no debt.

謝謝你，Devin。各位早安，也感謝大家今天參與本次電話會議。2025 年對 Fuel Tech 而言是多項成果並進的一年：在空氣污染控制（APC）業務部門，我們的機會集合擴大，主要受資料中心開發與建設預期成長所帶動；我們的 FUEL CHEM 營運營收回升，全年營收超出預期，並達到自 2018 年以來最高水準；同時，我們在溶解氣體注入（Dissolved Gas Infusion）業務也取得具體進展。我們維持強健的財務狀況，年末現金、約當現金及投資合計接近 3,200 萬美元，且無負債。

Our FUEL CHEM segment ended an already strong year on a high note. Across the country, the useful life of coal-fired units is being extended to satisfy growing energy demand. And many of these units were dispatched at levels that haven't been realized in several years. Our results for FUEL CHEM segment benefited from this phenomenon, in particular, for our legacy units. In addition, 2025 results were favorably impacted by the full-year performance of a US commercial unit that we added late in 2024 and from a new US customer that is currently operating with us under a six-month commercially priced demonstration program that commenced in early November of 2025.

我們的 FUEL CHEM 部門在原本就表現強勁的一年中，以亮眼表現作結。全美各地，為了滿足不斷成長的能源需求，燃煤機組的使用年限正被延長。而其中許多機組的調度運轉水準，達到數年來未見的程度。我們 FUEL CHEM 部門的業績因此受惠，尤其是既有（legacy）機組。此外，2025 年的結果亦因我們於 2024 年底新增的一座美國商業機組的全年貢獻而受益，並受惠於一位新的美國客戶；該客戶目前正與我們進行為期六個月、以商業價格計費的示範計畫，該計畫於 2025 年 11 月初啟動。

As we have discussed previously, the annual revenue potential from this commercial opportunity, should it convert from a demonstration, is expected to be approximately $2.5 million to $3 million based on the customer running the program full time with the revenue expected to generate historic FUEL CHEM gross margins.

如同我們先前所討論，若此商業機會能由示範計畫轉為正式商業合約，依客戶以全時運行該方案估算，其年度營收潛力預期約為 250 萬至 300 萬美元，且預期可產生符合歷史 FUEL CHEM 毛利率水準的營收。

I want to share a bit of additional color regarding our FUEL CHEM Demonstration Program. This customer was interested in our program as a means to improve boiler availability and reliability, and to reduce the maintenance downtime for offline boiler cleaning, in particular during periods of high power generation demand. This customer utilizes a source of coal that is high in sodium content and is prone to extensive slagging and fouling. To date, the customer has realized a material reduction in downtime and maintenance costs due to a reduction in offline cleaning, which bodes well for a successful demonstration.

我想就我們的 FUEL CHEM 示範計畫補充一些背景說明。該客戶對我們的方案感興趣，主要是希望提升鍋爐可用率與可靠性，並降低因鍋爐停機清洗所造成的維護停機時間，尤其是在發電需求高峰期間。該客戶使用的煤源鈉含量偏高，容易產生嚴重結渣（slagging）與積垢（fouling）。截至目前，因離線清洗需求降低，客戶已實現停機時間與維護成本的顯著下降，這對示範計畫成功而言是正面訊號。

Revenues generated by our APC segment rose in the fourth quarter but declined annually, reflecting customer-driven delays and project award timing. We secured $8.8 million of APC awards during 2025 from new and existing customers in the US, Europe, and Southeast Asia. Our near-term sales pipeline of APC contracts, exclusive of data center opportunities is between $3 million and $5 million. While we had hoped to close on these opportunities by year-end, discussions remain active, and we expect to close before the end of the current second quarter. Even with these delays, we ended the year with a consolidated APC segment backlog of $7 million, up from $6.2 million at the end of 2024.

我們 APC 部門在第四季的營收上升，但全年則下滑，反映客戶端延遲以及專案授標時點的影響。2025 年我們在美國、歐洲與東南亞，從新舊客戶取得合計 880 萬美元的 APC 訂單。我們 APC 合約的短期銷售管線（不含資料中心機會）約為 300 萬至 500 萬美元。雖然我們原本希望在年底前完成這些機會的簽訂，但目前討論仍在進行中，且我們預期將在本年度第二季結束前完成簽約。即便有上述延遲，我們仍以 APC 部門合併在手訂單（backlog）7,000,000 美元結束年度，較 2024 年底的 620 萬美元增加。

As we announced last quarter, we expanded our APC portfolio through a small strategic acquisition of complementary intellectual property and customer-related assets from Wahlco, Inc., a well-established environmental equipment and services company with several hundred project installations worldwide. As we continue to integrate Wahlco's operations, we have been encouraged by the pace of project inquiries from their client base and others, including a number of near-term needs. The value proposition for us in acquiring Wahlco was in securing these high-value assets at a modest price, strengthening our technology portfolio, and attracting a broader base of potential customers. This proposition seems to be playing out thus far.

如同我們上季所宣布，我們透過一項小型策略性收購，向 Wahlco, Inc.（一家成熟的環保設備與服務公司，全球已有數百個專案安裝實績）取得互補性的智慧財產權與客戶相關資產，擴充了我們的 APC 產品組合。隨著我們持續整合 Wahlco 的營運，我們對其客戶群及其他來源的專案詢問速度感到鼓舞，其中包含多項短期需求。我們收購 Wahlco 的價值主張在於：以相對溫和的價格取得這些高價值資產、強化我們的技術組合，並吸引更廣泛的潛在客戶基礎。截至目前，這項主張似乎正逐步實現。

With respect to the data center opportunity. These facilities will potentially require emissions control solutions to mitigate their environmental footprint, comply with federal state and local regulations, and align with corporate sustainability mandates. Our sales pipeline for these opportunities remains strong, and approximate $75 million to $100 million for projects integrating our SCR technology with power generation sources. Please note that the value of the pollution control scope of supply represents a very small fraction of the estimated total AI infrastructure spend.

關於資料中心機會。這些設施可能需要排放控制解決方案，以降低其環境足跡、遵循聯邦、州與地方的法規要求，並符合企業永續發展的規範。我們在此類機會的銷售管線仍然強勁，針對將我們的 SCR 技術與發電來源整合的專案，規模約為 7,500 萬至 1 億美元。請注意，污染控制供應範圍的價值僅占整體 AI 基礎設施支出估算中的極小部分。

I want to provide a little more information about our data center opportunity. First, I think that we have been clear that any material near-term growth for our company will likely derive from our success in addressing this opportunity. As such, we have been and continue to devote substantial internal and external resources to position Fuel Tech with data center developers and turbine and engine providers to deliver NOx reduction technologies as part of a data center's power generation platform. One point that I want to highlight is that Fuel Tech is a subcontractor in the data center ecosystem. In all instances, we are a subcontractor to the data center integrator or to the turbine or engine OEM.

我想再提供一些關於我們資料中心機會的資訊。首先，我認為我們已清楚說明，公司任何具實質性的短期成長，很可能將來自我們在此機會上的成功。因此，我們已投入並將持續投入大量內部與外部資源，讓 Fuel Tech 能在資料中心開發商以及渦輪機與引擎供應商之間取得有利定位，將 NOx 減量技術作為資料中心發電平台的一部分來交付。我想強調的一點是，Fuel Tech 在資料中心生態系中是分包商。在所有情況下，我們都是資料中心整合商或渦輪機／引擎 OEM 的分包商。

This relationship limits our knowledge of the development of the data center opportunity, its funding, its phase of approval, and its timing. Our role remains the support and education of our direct customer regarding the design and delivery of a Pollution Control System that can best fit the application. This does not dilute the opportunity landscape or temper our enthusiasm in any way, but it does make providing specific insights with respect to the timing of awards more challenging. This is what we concurrently share about the opportunity.

此一關係限制了我們對資料中心商機之發展、其資金來源、其核准階段以及其時程的掌握。我們的角色仍是就最能符合應用需求之污染控制系統的設計與交付，向我們的直接客戶提供支援與教育。這並不會稀釋商機版圖或以任何方式降低我們的熱忱，但確實使得就獎項授予時點提供具體洞見更具挑戰。以上即為我們目前可同步分享的商機資訊。

At present, we are in various stages of participation in project opportunities with more than 10 different data center integrators and turbine and engine OEMs, including some of the largest companies in the industry. All of these inquiries are for Pollution Control Systems, primarily SCR, in support of the development of on-site power generation. The size of these projects run the gamut from as little as 2 to 5 units per project to as many as 30 to 40 NOx reduction units, with pricing predominantly in the range of $1 million to $2.5 million per unit. Regarding timing. The earliest we expect any of these inquiries to convert to a commercial award, based on our conversations with the various parties involved is Q2 2026 as the schedule requirements for at least two of the projects would necessitate the receipt of an award by then.

目前，我們正以不同階段參與超過10家不同的資料中心系統整合商以及渦輪機與引擎OEM（原廠委託製造商）的專案商機，其中包含業界規模最大的部分公司。所有這些詢問皆為污染控制系統需求，主要為SCR（選擇性觸媒還原），以支援現場發電之建置。這些專案規模涵蓋範圍很廣，每案少則2至5套，多則30至40套NOx（氮氧化物）減排單元；單套定價主要落在100萬至250萬美元區間。關於時程。依據我們與各相關方的對談，我們預期這些詢問最早轉為商業授標的時間為2026年第二季，因至少兩個專案的排程需求將要求在該時點前取得授標。

The remainder of the inquiries will develop further as we move throughout the year. To the best of our knowledge, with just one exemption, none of the inquiries that we are currently involved with, have been awarded. More specifically, we are still very much in the running to capture our share of these opportunities, and we remain optimistic about our prospects for 2026.

其餘詢問將隨著我們在今年推進而進一步發展。就我們所知，除一項例外外，我們目前參與的詢問尚未有任何案子完成授標。更具體而言，我們仍非常有機會取得這些商機中的一部分份額，並對2026年的前景保持樂觀。

On the regulatory front, we have seen that the current administration is currently pursuing both the rollback of specific regulations that had been put in place previously and the implementation of new regulations that are less restrictive than those currently in place. Regarding the rollback of regulations, EPA announced the revision of rules related to the reduction of greenhouse gases. Regulation of these emissions started in 2009 with the EPA engagement finding based on a 2007 Supreme Court ruling. EPA has also announced the repeal of the 2024 Mercury and Air Toxic Standards for coal-fired units. It is important to note that both of these proposed rollbacks do not loosen the nitrogen oxide emissions reduction requirements for any sources and could potentially extend the life of some coal and natural gas-fired units that may not have to reduce their emissions profile. We will take the opportunity where applicable to offer retrofit and maintenance solutions to accommodate the extensions of useful life.

在法規面，我們看到現任政府正同時推動：撤回先前已實施的特定法規，以及導入較現行規範更不具限制性的新法規。就撤回法規而言，EPA（美國環保署）已宣布修訂與溫室氣體減量相關之規則。對此類排放的管制始於2009年，係基於EPA依2007年最高法院裁決所作之「危害認定」（endangerment finding）而展開。EPA亦宣布將廢止針對燃煤機組之2024年《汞與空氣有毒物質標準》（Mercury and Air Toxic Standards）。重要的是，這兩項擬議的撤回措施並不會放寬任何來源的氮氧化物排放減量要求，且可能延長部分燃煤與燃氣機組的使用年限，因其可能不必降低其排放輪廓。在適用情況下，我們將把握機會提供改造（retrofit）與維護解決方案，以配合使用年限延長的需求。

Now regarding the implementation of new rules. Earlier this year, EPA issued new stores performance standards also known as NSPS, for new gas turbines, which were published in the Federal Register on January 15. The NSPS was required for EPA consent decree with Sierra Club and the Environmental Defense Fund and were in response to proposed rules that were issued in November 2024. A new category of gas turbines was created called temporary power turbines and is applicable to units below 85 megawatts installed to run for 24 months or less. These units will be required to achieve NOx levels of 25 ppm which in some cases may not require SCR for all turbines.

接著談新規則的實施。今年稍早，EPA針對新燃氣渦輪機發布新的新來源性能標準（New Source Performance Standards，亦稱NSPS），並已於1月15日刊登於《聯邦公報》。該NSPS係因EPA與Sierra Club及Environmental Defense Fund之同意判決（consent decree）而必須制定，並回應於2024年11月發布之擬議規則。新設一類燃氣渦輪機類別，稱為臨時電力渦輪機（temporary power turbines），適用於裝置容量低於85兆瓦且運轉期不超過24個月之機組。此類機組須達成25 ppm的NOx水準，在某些情況下並非所有渦輪機都需要SCR。

Turbines greater than 5 megawatts with high operating capacity will need to meet 15 ppm of NOx, which will likely require SCR, and turbines greater than 85 megawatts will need to get to 5 ppm NOx, which will require a SCR in almost all cases. So what is the impact of the new regulation?

容量大於5兆瓦且運轉容量因子高的渦輪機需符合15 ppm的NOx，這很可能需要SCR；而容量大於85兆瓦的渦輪機需降至5 ppm NOx，幾乎在所有情況下都將需要SCR。那麼，新法規的影響是什麼？

First of all, several organizations, including the Clean Air Task Force, Sierra Club, and the Environmental Defense Fund have filed a petition for reconsideration with the EPA, and the hard deadline to file a formal lawsuit challenging these amendments in the US Court of Appeals for the DC Circuit is March 16 of this year. It is certain that lawsuits will be filed.

首先，包括Clean Air Task Force、Sierra Club與Environmental Defense Fund在內的多個組織已向EPA提出重新考量（reconsideration）之請願；而在美國哥倫比亞特區巡迴上訴法院（DC Circuit）提起正式訴訟以挑戰這些修正案的硬性截止日為今年3月16日。可以確定將會有訴訟被提出。

And second, with this rule in place, power generation developers will need to decide how best to proceed with their pollution control solutions for their new sources of power generation. Based on the discussions that we have had with our potential client base, we are not aware of this new regulation having a significant negative impact on decision-making regarding the implementation of pollution controls.

其次，在此規則生效的情況下，發電開發商將需要決定其新電源之污染控制解決方案應如何推進。根據我們與潛在客戶群的討論，我們尚未察覺此新法規對於是否導入污染控制措施的決策造成顯著的負面影響。

It is important to note that state-specific permitting requirements can vary from the new federal regulation. And it's also important to note that outside of the NSPS requirements, the use of multiple gas turbines working together classify them as a major source for NOx. Major sources are governed by other regulations and are often required to meet more stringent NOx emissions, which would require SCR.

需要注意的是，各州的許可（permitting）要求可能與新的聯邦法規有所不同。同時也必須注意，除NSPS要求之外，多台燃氣渦輪機共同運轉的情況可能會使其被歸類為NOx的重大排放源（major source）。重大排放源受其他法規所規範，且通常被要求符合更嚴格的NOx排放標準，這將需要SCR。

We continue to pursue additional new awards driven by industrial expansion globally and by state-specific regulatory requirements in the US, and we are continuing to monitor the progress of the EPA's rule for large municipal waste combustor units. This rule reduces the nitrogen oxide emissions requirements for up to 150 large MWC units across the country. Fuel Tech has had a long history of assisting this industry and meeting its compliance requirements, and we have had discussions with customers in this segment to support their compliance planning. The final rule is currently in the White House Office of Management and Budget and is expected to take effect before the end of March, with NOx emission levels likely requiring advanced SNCR technology to meet compliance deadlines three years from the date of issue.

我們持續追求更多新授標，動能來自全球工業擴張以及美國各州特定的法規要求；同時我們也持續關注EPA針對大型市政廢棄物焚化爐（MWC）機組之規則進展。該規則將降低全國最多150座大型MWC機組的氮氧化物排放要求。Fuel Tech長期以來協助該產業滿足其合規要求，我們亦已與此領域客戶討論，以支援其合規規劃。最終規則目前正由白宮管理及預算局（Office of Management and Budget）審查，預期將於3月底前生效；其NOx排放水準很可能需要先進SNCR（選擇性非觸媒還原）技術，方能在自發布日起三年的合規期限內達標。

Moving over to DGI. We are continuing the extended demonstration of the technology at a fish hatchery in the Western US which remains on track to conclude in the second quarter of this year. The system is performing well, meeting customer expectations for the precise delivery of concentrated dissolved oxygen, and generating positive results in terms of reduced operational costs and improved fish growth.

接著談DGI。我們持續在美國西部一座魚類孵化場進行該技術的延長示範，進度仍按計畫於今年第二季結束。系統表現良好，符合客戶對高濃度溶解氧精準投加的期待，並在降低營運成本與提升魚隻生長方面產生正面成果。

A second trial that commenced at a municipal wastewater sites in the Southeast US was successfully completed in January of this year and converted to a six-month rental contract that is expected to run through the beginning of the third quarter of this year. Our DGI system is delivering the designated volume of oxygen, and the client reports that odor-related complaints in the areas surrounding the plant have been dramatically reduced. We are currently in discussions with multiple other end markets of interest for DGI, including pulp and paper, food and beverage, chemical, petrochemical, and horticulture. And we have been supported in these efforts with the addition of representative firms with end market expertise.

第二項試驗於美國東南部一處市政污水處理場啟動，已於今年1月成功完成，並轉為為期六個月的租賃合約，預計將持續至今年第三季初。我們的DGI系統正提供指定的氧氣投加量，客戶回報工廠周邊區域與異味相關的抱怨已大幅降低。目前我們也正與多個DGI感興趣的其他終端市場洽談，包括紙漿與造紙、食品與飲料、化學、石化以及園藝。此外，我們也透過新增具終端市場專業的代理商（representative firms）來支持這些推進工作。

As we look ahead to 2026, we are optimistic about our potential financial outlook. Our FUEL CHEM business is expected to continue to perform well, driven by the performance of our base accounts and by the expectation that we will convert another demonstration account to commercial operation. Our APC business development activities, including our standard opportunities, those associated with respect to the Wahlco acquisition, and the potential tailwinds from data center opportunities are at the highest level that we have experienced in several years. And regarding DGI, based on progress at our demonstrations, it is expected that we will have our first commercial contract in 2026.

展望2026年，我們對潛在的財務前景保持樂觀。我們的FUEL CHEM業務預期將持續表現良好，動能來自既有客戶帳戶的表現，以及我們預期將再把一個示範客戶轉為商業化運轉。我們的APC業務開發活動——包含標準商機、與Wahlco收購相關的商機，以及資料中心商機可能帶來的順風——已達到我們數年來所見的最高水準。至於DGI，基於示範案的進展，預期我們將在2026年取得首份商業合約。

Overall, we expect that revenues for 2026 will exceed the level of 2025, with FUEL CHEM approximating 2025 revenues and APC exceeding 2025 performance without considering the benefit of data center awards, which would be additive to the forecast.

整體而言，我們預期 2026 年營收將高於 2025 年水準，其中 FUEL CHEM 的營收將大致接近 2025 年，而 APC 的表現將在不考慮資料中心得標所帶來效益的情況下超越 2025 年；若有資料中心得標，將會在此預測基礎上額外增加。

Before turning things over to Ellen, I want to thank the entire Fuel Tech team for their dedication in advancing our strategic objectives, and our shareholders for their patience and support.

在把時間交給 Ellen 之前，我想感謝 Fuel Tech 全體團隊在推進我們策略目標上的投入與奉獻，也感謝股東的耐心與支持。

Now I'd like to turn the call over to Ellen for her comments on the financial results. Ellen, please go ahead. Thank you.

現在我想把電話會議交給 Ellen，請她就財務結果發表評論。Ellen，請開始。謝謝。

Thank you, Vince, and good morning, everyone. I'll start off today by reviewing our fourth-quarter results.

謝謝你，Vince，各位早安。我今天先從回顧我們第四季的業績開始。

For the quarter, consolidated revenues rose 37% to $7.2 million from $5.3 million in the prior-year period, reflecting growth from both our APC and FUEL CHEM segment revenues. APC segment revenue increased 37% to $2.4 million from $1.8 million primarily related to timing of project completion. FUEL CHEM had a very strong quarter, generating a 37% increase in revenue to $4.9 million from $3.5 million reflecting contributions from our legacy portfolio and the six-month commercially priced demonstration program that commenced in early November.

本季合併營收較去年同期的 530 萬美元成長 37% 至 720 萬美元，反映 APC 與 FUEL CHEM 兩個部門營收皆有成長。APC 部門營收由 180 萬美元增加 37% 至 240 萬美元，主要與專案完工時點有關。FUEL CHEM 本季表現非常強勁，營收由 350 萬美元成長 37% 至 490 萬美元，反映我們既有產品組合的貢獻，以及 11 月初開始、為期六個月且以商業價格計費的示範計畫所帶來的貢獻。

Consolidated gross margin for the fourth quarter rose to 45% of revenues from 42% in last year's fourth quarter with APC and FUEL CHEM each producing higher margins for the quarter. FUEL CHEM gross margin increased to 46% from 45% in the fourth quarter of 2024 due to the increase in the revenue base. APC gross margin expanded significantly to 42% in the fourth quarter compared to 36% in the prior-year period as a result of project and product mix.

第四季合併毛利率由去年第四季的 42% 上升至營收的 45%，APC 與 FUEL CHEM 兩個部門本季毛利率皆提高。由於營收基礎增加，FUEL CHEM 毛利率由 2024 年第四季的 45% 提升至 46%。受專案與產品組合影響，APC 毛利率在第四季顯著擴大至 42%，高於去年同期的 36%。

Consolidated APC segment backlog on December 31, 2025, was $7 million, up from backlog of $6.2 million on December 31, 2024. Backlog at the end of 2025 included $3.4 million of domestically delivered project backlog and $3.6 million of foreign delivered project backlog, compared to $1.9 million of domestic delivered project backlog and $4.3 million of foreign delivered project backlog at the end of 2024. We expect that approximately $6 million of current consolidated backlog will be recognized in the next 12 months.

截至 2025 年 12 月 31 日，合併 APC 部門在手訂單為 700 萬美元，高於 2024 年 12 月 31 日的 620 萬美元。2025 年底的在手訂單包含 340 萬美元的國內交付專案在手訂單與 360 萬美元的海外交付專案在手訂單；相較之下，2024 年底分別為 190 萬美元的國內交付專案在手訂單與 430 萬美元的海外交付專案在手訂單。我們預期目前合併在手訂單中約 600 萬美元將在未來 12 個月內認列。

SG&A expenses were $4.2 million in the fourth quarter compared to $3.9 million in the prior-year period. As a percentage of revenue, SG&A expenses declined to 57% from 75% reflecting higher consolidated revenue in the current period, offset by the timing of certain expenditures. Research and development expenses for the fourth quarter rose to $504,000 from $405,000 in the same period a year ago, mainly attributed to our commercialization efforts for our DGI technology.

第四季銷售、一般及行政（SG&A）費用為 420 萬美元，去年同期為 390 萬美元。以營收百分比計，SG&A 費用由 75% 降至 57%，反映本期合併營收較高，但部分被特定支出發生時點所抵銷。第四季研發費用由去年同期的 40.5 萬美元增加至 50.4 萬美元，主要歸因於我們推動 DGI 技術商業化的相關工作。

Our operating loss narrowed to $1.4 million compared to a loss of $2.1 million in last year's fourth quarter, reflecting higher revenue and margin contributions from our operating segment. We continue to take advantage of the favorable interest rate environment, and as of December 31, 2025, have invested a majority of our $31.9 million in held-to-maturity debt securities and money market funds. This generated $288,000 of interest income in the fourth quarter and $1.4 million of interest income for 2025.

我們的營業損失收斂至 140 萬美元，去年第四季為損失 210 萬美元，反映營收提高以及營運部門毛利貢獻增加。我們持續把握有利的利率環境；截至 2025 年 12 月 31 日，我們已將 3,190 萬美元中的大部分投資於持有至到期的債務證券與貨幣市場基金。這在第四季帶來 28.8 萬美元的利息收入，並在 2025 年全年帶來 140 萬美元的利息收入。

Moving to the results for full-year 2025. Consolidated revenue rose 6% to $26.7 million in line with our most recent guidance provided in November. The increase in full year revenue was driven by a 28% rise in FUEL CHEM segment revenue to $17.8 million, exceeding our guidance for the year. This increase in revenue was partially offset by a decrease in APC segment revenue. Consolidated gross margin for 2025 rose to 46% from 42% in 2024 with higher margins for both the FUEL CHEM and APC operating segments.

接著說明 2025 年全年的結果。合併營收成長 6% 至 2,670 萬美元，符合我們 11 月提供的最新指引。全年營收增加主要由 FUEL CHEM 部門營收成長 28% 至 1,780 萬美元所帶動，並超出我們對全年所提供的指引。上述營收增加部分被 APC 部門營收下滑所抵銷。2025 年合併毛利率由 2024 年的 42% 上升至 46%，FUEL CHEM 與 APC 兩個營運部門的毛利率皆提高。

SG&A expenses for 2025 modestly increased to $14.1 million from $13.8 million in 2024 within the guidance range we provided at this time last year. The increase was mainly attributed to employee-related expenditures. As a percentage of revenue, SG&A decreased to 53% from 55%, reflecting higher consolidated revenue. For 2026, we expect SG&A expenses to increase modestly from those in 2025.

2025 年 SG&A 費用由 2024 年的 1,380 萬美元小幅增加至 1,410 萬美元，落在我們去年此時提供的指引區間內。增加主要歸因於員工相關支出。以營收百分比計，SG&A 由 55% 降至 53%，反映合併營收提高。對於 2026 年，我們預期 SG&A 費用將較 2025 年小幅增加。

Research and development expenses for the year were $2 million for 2025 compared to $1.6 million in 2024, as we move closer to fully commercializing our DGI segment technologies. In addition, we also continue to invest efforts related to our legacy technologies as necessary.

2025 年全年研發費用為 200 萬美元，2024 年為 160 萬美元，因我們更接近將 DGI 部門技術全面商業化。此外，我們也會在必要時持續投入與既有技術相關的工作。

Operating loss narrowed to $3.7 million for 2025 compared to a loss of $4.7 million in 2024, reflecting higher segment revenues and relatively flat total costs and expenses. Net loss for 2025 was $2.3 million or $0.08 per diluted share compared to a net loss of $1.9 million or $0.06 per diluted share in 2024. Adjusted EBITDA loss was $2.7 million in 2025 compared to an adjusted EBITDA loss of $2.2 million in 2024.

2025 年營業損失收斂至 370 萬美元，2024 年為損失 470 萬美元，反映部門營收提高以及總成本與費用相對持平。2025 年淨損為 230 萬美元，或稀釋後每股淨損 0.08 美元；相較之下，2024 年淨損為 190 萬美元，或稀釋後每股淨損 0.06 美元。2025 年調整後 EBITDA 虧損為 270 萬美元，2024 年調整後 EBITDA 虧損為 220 萬美元。

Lastly, moving to the balance sheet. Our financial condition remains very strong. As of December 31, total cash and investments was $31.9 million comprised of cash and cash equivalents of $11.9 million and short and long-term investments of $20 million. Net cash provided by operating activities was $3 million for the year as compared to a use of total cash of $2.8 million in the same period last year. Shares outstanding at quarter end were approximately 31.1 million, equating to cash per share of $1.03, working capital was $25.7 million or $0.83 per share. Stockholders' equity was $40 million or $1.29 per share, and the company continues to have no outstanding debt.

最後，談到資產負債表。我們的財務狀況仍然非常穩健。截至 12 月 31 日，現金與投資總額為 3,190 萬美元，其中現金及約當現金為 1,190 萬美元，短期與長期投資為 2,000 萬美元。本年度營業活動提供的淨現金為 300 萬美元，相較去年同期為淨現金流出 280 萬美元。季末流通在外股數約為 3,110 萬股，折合每股現金 1.03 美元；營運資金為 2,570 萬美元，或每股 0.83 美元。股東權益為 4,000 萬美元，或每股 1.29 美元，公司仍無任何未償還債務。

We remain fully confident in our ability to uphold a strong financial condition and continue funding both short- and long-term growth initiatives across FUEL CHEM, APC, and DGI.

我們對於維持強健財務狀況並持續為 FUEL CHEM、APC 與 DGI 的短期與長期成長計畫提供資金的能力，仍然充滿信心。

I'll now turn the call back over to Vince.

我現在把電話會議交回給 Vince。

Thanks very much, Ellen. Operator, let's please go ahead and open the line for questions.

非常感謝你，Ellen。接線員，請開放提問。

(Operator Instructions) Sameer Joshi, HC Wainwright.

(接線員指示) Sameer Joshi，HC Wainwright。

So first, the data center opportunity should be significant for the company. You mentioned your reliance on these integrators or OEMs for getting the final order. My question is, are you already designed-in with these participants? Or is there further competition once those guys get the orders from data centers?

首先，資料中心的機會對公司而言應該相當可觀。你提到你們仰賴這些系統整合商或 OEM 來取得最終訂單。我的問題是，你們是否已經被這些參與者納入設計（designed-in）？或者當他們從資料中心拿到訂單後，是否還會有進一步的競爭？

I can't say that we were specifically designed-in for these operators at this point in time, Sameer. What we're doing is we would obviously, we would like to be at the point whereby we are designed-in with an integrator or operator that's looking to build several sites. But right now at the beginning phase with some of these operators, what we're doing is establishing ourselves as a potential trusted partner to be able to do the design Pollution Control System for them. A lot of the parties that are coming to us aren't necessarily -- not necessarily very familiar with pollution control requirements. so we are definitely playing an educational role as we work with some of these parties at this point in time.

Sameer，我目前無法說我們在此時此刻是專門為這些營運商而被「設計導入」的。我們正在做的是，顯然我們希望能達到這樣的階段：與正在規劃建置多個站點的系統整合商或營運商一起被納入其設計之中。但就目前在與其中一些營運商合作的初期階段，我們所做的是把自己定位為一個潛在、值得信賴的合作夥伴，能為他們進行污染控制系統的設計。許多找上門的客戶並不一定——不一定非常熟悉污染控制的要求。因此，在我們此刻與這些客戶合作的過程中，我們確實扮演著教育與輔導的角色。

But we are hoping that the upfront time that I mentioned that we are investing with these opportunities is going to pay off a little bit longer term as these projects actually do come through their evolution and are ultimately awarded. So that's where we stand today. And the situation, I would say, is slightly different across the different parties that we are dealing with.

但我們希望，我先前提到我們在這些機會上投入的前期時間，將在較長期帶來回報，因為這些專案確實會隨著其發展推進，並最終獲得授標。所以這就是我們目前的狀況。而我會說，不同合作方之間的情況確實略有差異。

Got it. Understood. And I do not want to conflate this, but the requirements for less than 85-megawatt plants, and short-term working less than 24 months. Does that in any way affect or impact these data center opportunities? I just don't want to conflate those, but is there any relation?

了解。明白。我不想把兩者混為一談，但針對低於85兆瓦的電廠，以及短期運轉少於24個月的要求，這是否在任何方面影響或衝擊這些資料中心的機會？我只是不想把它們混在一起，但兩者之間是否有任何關聯？

Right. Ultimately, on a long-term basis, that should not have an impact, Sameer, because most of the projects that we read about, most of the projects that we're having discussions about are intended to be long-term power generation solutions for that particular data center, right? It would only be in the instance whereby a potential operator or integrator needed that to meet perhaps a very specific startup date and they had the ability to have some power generation equipment up and running for a short period of time to meet that start-up date, again, perhaps, right?

是的。從長期來看，那應該不會造成影響，Sameer，因為我們讀到的大多數專案、以及我們正在討論的大多數專案，都是打算為該資料中心提供長期的發電解決方案，對吧？只有在某些情況下，若潛在的營運商或整合商需要藉此滿足非常特定的啟動日期，並且他們有能力讓部分發電設備在短期內先行上線以符合該啟動日期——再次強調，可能會有這種情況，對吧？

But again, from our perspective, the people and parties that we are dealing with, they're looking at long-term power generation solutions that are indeed not temporary in nature because they're looking to support that data center long term, not just for less than 24 months.

但同樣地，從我們的角度來看，我們正在接觸的這些人與單位，他們尋求的是長期的發電解決方案，確實不是臨時性的，因為他們希望長期支援該資料中心，而不只是少於24個月。

Got it. Sticking to sort of a regulatory environment with the EPA declaring carbon dioxide not a pollutant and you talked about the mercury toxins action. And it indirectly helping you because it does not require NOx reductions, and so existing plants may have extended life because the other reductions in requirement or losing of requirement. Are you already seeing any increased activity as a result of this where some of the plants that may be on the way to shut down are now saying that, hey, we can work. We can continue to function and reaching out to you?

了解。延續監管環境的話題，EPA宣告二氧化碳不是污染物，而你也提到汞與毒物行動（MATS）。它間接對你們有利，因為它不要求NOx減排，因此既有電廠可能因為其他減排要求降低或取消而延長壽命。你們是否已經看到因此而增加的活動，例如一些原本可能要關停的電廠現在表示，嘿，我們還能運轉，並開始主動聯繫你們？

At this point in time, Sameer, it's a little bit too early to assess the impact of those relatively recent rollbacks. We just wanted to point out very specifically that those rollbacks do not impact Fuel Tech's opportunity to capture prospective awards that are specifically related to nitrogen oxide reduction opportunities. So we just want to ensure that there is no confusion related to those rollbacks, which are not going to impact Fuel Tech business opportunities. Longer term, those rollbacks, they could indeed have the impact of possibly extending the useful life of some facilities.

Sameer，就目前而言，現在評估那些相對近期的放寬措施所帶來的影響還有點太早。我們只是想非常明確地指出，這些放寬措施不會影響Fuel Tech把握與氮氧化物（NOx）減排相關之潛在授標機會。因此，我們希望確保大家不會對這些放寬措施產生混淆；它們不會影響Fuel Tech的商機。從更長期來看，這些放寬措施確實可能產生影響，例如可能延長部分設施的使用壽命。

Got it. And then moving to FUEL CHEM. It's nice to see the 6-month sort of a trial order, and likely because they are seeing the results are likely to convert. Are there more such potential customers that you have in the pipeline or are pleased talking to in terms of getting, because each additional customer could bring $2-plus million or almost $4-plus million in orders, annual recurring revenues.

了解。接著談到FUEL CHEM。看到為期6個月的試用訂單很不錯，而且很可能因為他們看到了成效而轉為正式合約。你們的管線中是否還有更多這類潛在客戶，或正在積極洽談的對象？因為每新增一位客戶，可能就能帶來超過200萬美元、甚至接近超過400萬美元的訂單與年度經常性收入。

At this point in time -- and yes, we're very optimistic about converting this demonstration to a commercial contract. Hopefully, that will bode well for us here in 2026. But incrementally, as I've said on prior conference calls, the coal-fired, base-loaded units, just call it, phenomena, it isn't as robust as it used to be a decade or 15 years ago, with so many coal-fired last being shut down. We are looking for these pockets of opportunity whereby we can, on an incremental basis, add these one-off opportunities for us, okay?

就目前而言——是的，我們對把這次示範轉換為商業合約非常樂觀。希望這能在2026年為我們帶來良好成果。但就增量而言，正如我在先前的電話會議中提到的，燃煤基載機組——姑且稱之為一種現象——已不像10年或15年前那麼強勁，因為有太多燃煤機組正在關停。我們正在尋找這些「口袋型」的機會，讓我們能以增量方式，逐一增加這些單點機會，好嗎？

And we need to be a little bit careful about saying that each incremental unit is going to be between $2 and $3 million per opportunity in revenue because it does vary by unit size and the specific run time of that unit. So I just wanted to qualify that.

而且我們需要稍微謹慎，不要說每增加一個機組就一定會帶來每個機會200萬到300萬美元的營收，因為這會因機組規模以及該機組的實際運轉時間而有所不同。所以我想先做這樣的補充說明。

So to specifically answer your question, we don't have anything of what I would call, specifically that we're looking for imminent demonstration, but we are looking at some other opportunities that could be for us and perhaps with the same body of plants that we're doing business with today to add another unit or 2 at plant sites. So there is opportunity there. But again, as I've said previously, we haven't looked at FUEL CHEM as being what I would call a material growth opportunity for the past several years. What we're seeing here in the recent term, we're very, very pleased with. We finished 2025 at just under $18 million in revenue, which, if you had asked me that question 5 years ago, I would have said it wouldn't have been possible.

因此，具體回答你的問題：我們目前沒有任何我會稱之為「即將進行示範」的項目，但我們正在評估其他一些可能的機會；也許是在我們目前已合作的同一批電廠群中，在既有廠址再增加一到兩個機組。所以確實存在機會。但同樣地，如我先前所說，過去幾年我們並未將FUEL CHEM視為一個我會稱之為「具實質成長性」的機會。而我們近期看到的表現，讓我們非常、非常滿意。我們在2025年以略低於1,800萬美元的營收作結；如果你在5年前問我，我會說那是不可能的。

So we're very pleased with where we are. And there is some, I'll call it, moderate upside opportunity, but it's moderate.

所以我們對目前的狀況非常滿意。而確實存在一些——我稱之為——中度的上行機會，但就是中度。

Right. And just I'm guessing this outlook for 2026 where FUEL CHEM is expected to be at same level as 2025. Is -- does not include this incremental opportunity that may convert into like a full -- from trial to full time?

好的。我猜測你們對2026年的展望中，FUEL CHEM預期與2025年大致持平。這個預期——是否不包含這個可能從試用轉為全面——也就是從試用轉為全期合約的增量機會？

Yes. We're looking at it right now very, very conservatively, Sameer, without without knowing exactly what the outcome is going to be as we sit here today. We'll have more information to share in early May when we have our first quarter conference call.

是的。Sameer，我們目前採取非常、非常保守的看法，因為就今天此刻而言，我們還不確定最終結果會是什麼。我們會在5月初第一季電話會議時分享更多資訊。

And just squeezing in one last one on DGI. It seems this fishery that -- sorry, municipals -- waste water seems to be working well as well as the fishery seems to be working well. Should we expect revenues from DGI during 2026? Because on the outlook, you didn't mention any of the that.

最後再擠一個關於DGI的問題。看起來這個漁業——抱歉，是市政——污水處理似乎運作得不錯，漁業那邊看起來也進展良好。我們是否應該預期2026年會有來自DGI的營收？因為在展望中你沒有提到任何相關內容。

Right. So we are going to recognize a small dollar value of revenue from the rental of the system at the municipality. That's only $10,000 per month. As we look at the remainder of the year, we are hoping to have a system sale between now and the end of 2026 of one of our DGI units. It's not going to be material to our overall results.

是的。因此，我們將從市政端系統租賃認列一小筆金額的營收。那只有每月1萬美元。展望今年剩餘期間，我們希望在現在到2026年底之間，能售出一套我們的DGI機組。但這對我們整體業績不會是重大的貢獻。

But what is important regarding that activity is it sets the platform for us to be able to further and go ahead and discuss a success story, specifically with the end markets that we're looking to chase. And we haven't had the opportunity to do that yet. So that moment is extremely critical for us as we look to further develop and commercialize DGI.

但就那項活動而言，重要的是它為我們搭建了平台，使我們能夠更進一步，並開始討論一個成功案例，特別是針對我們希望追逐的終端市場。而我們尚未有機會做到這一點。因此，當我們希望進一步開發並商業化 DGI 時，那個時點對我們而言極其關鍵。

(Operator Instructions) Adam Waldo, Lismore Partners.

(接線員指示) Adam Waldo，Lismore Partners。

Vince. I hope you can hear me okay?

Vince。希望你聽得到我，音訊還可以？

Yes, we can, Adam. Thank you.

是的，我們聽得到，Adam。謝謝。

So a very high-level question. Your stock trades at $1.20, $1.25 a share. You have about $1 a share in cash on your balance sheet. You have a reasonable prospect of being cash flow positive in 2026, and you articulate a sizable new business pipeline in the data center area. I would argue that with your stock trading where it is, the market doesn't believe you're going to close any of that pipeline.

我有一個非常高層次的問題。你們的股價在每股 1.20 美元、1.25 美元附近交易。你們資產負債表上約有每股 1 美元的現金。你們在 2026 年實現正向現金流有相當合理的可能性，而且你們也闡述了在資料中心領域相當可觀的新業務管線。我會認為，以你們目前的股價來看，市場並不相信你們會把那條管線中的任何項目成交落地。

You're very optimistic that you can over the balance of 2026, and you were optimistic in the second half of 2025 as well. The timing of these projects is very hard to predict. What gives you so much confidence and optimism that you're going to close a sizable number of data center projects over the next 12 to 18 months?

你們非常樂觀，認為在 2026 年剩餘期間可以做到，而你們在 2025 年下半年也同樣樂觀。這些專案的時程非常難以預測。是什麼讓你如此有信心、如此樂觀，認為未來 12 到 18 個月內你們將會拿下相當數量的資料中心專案？

Yeah, you're correct. I mean, we're in a position whereby, yes, we're trading just a little bit above cash value today. We, as a company, have not been able to go ahead and bring to the table any material award as of yet as it relates to the data center opportunity.

是的，你說得沒錯。我的意思是，我們目前的交易價格確實只略高於現金價值。就資料中心這個機會而言，我們公司迄今尚未能拿出任何具實質性的中標/授標成果。

So in response to your question, my level of confidence lies in a couple of areas. First of all, as we've seen this opportunity develop and literally over the past 9 to 12 months because it's -- it is still what I would call a new opportunity, and it's one that we don't believe is Fuel Tech is a short-term opportunity. It's one that's going to develop over the next 5 to 10 years. But what we have seen over this past 9 to 12 months is more and more players, if you will, players defined as data center integrators, parties that have access to power generation equipment in the form of turbines or engines. And just then, the OEMs of those turbines or engines themselves, there have been more inquiries come our way literally over this past three months than we saw come our way or over the initial six to nine months, relative to parties seeking to take advantage of the opportunity to provide a power generation solution to the data centers that are going to be built out, okay?

所以回應你的問題，我的信心主要來自幾個方面。首先，隨著這個機會的發展，確實在過去 9 到 12 個月間——因為這仍然是我所稱的新機會，而且我們不認為這對 Fuel Tech 來說是短期機會。這是一個將在未來 5 到 10 年逐步發展的機會。但我們在過去 9 到 12 個月看到的是，越來越多的參與者——所謂參與者是指資料中心整合商、能夠取得渦輪機或引擎等發電設備的各方。此外，渦輪機或引擎本身的 OEM（原始設備製造商）也一樣，在過去三個月裡，我們收到的詢問量，實際上比最初六到九個月期間收到的還要多；這些詢問都與各方希望把握機會、為即將建置的資料中心提供發電解決方案有關，好嗎？

So point number one, it's just the volume of activity, the different types of parties and players that are coming to the table, and also, what I would call, it's the caliber of the parties that we're dealing with as well in terms of them being, in some cases, multinational organizations with scale and capability that give us the confidence that, at some point in time here, just given the demand that Fuel Tech's products and solutions are going to be pulled into this ultimate data center solution, okay? So number one, the volume of activity is -- it gives me a very high level of confidence.

所以第一點，就是活動量、來到桌面上的不同類型的各方與參與者；同時，我也會說，我們所接觸對象的「質量/層級」也很高——在某些情況下，他們是具規模與能力的跨國組織——這讓我們有信心：在某個時間點，鑑於需求，Fuel Tech 的產品與解決方案將會被納入最終的資料中心整體解決方案中，好嗎？所以第一，活動量讓我非常有信心。

Point number two is, my confidence in the Fuel Tech team to be able to go ahead and basically assimilate all of the inquiries that have been coming our way and determine our best path with these data center integrators and/or engine or turbine suppliers to be able to position us well with those organizations and give these organizations the confidence that we, as Fuel Tech can deliver on our Air Pollution Control Solution for them. So it's twofold.

第二點是，我對 Fuel Tech 團隊的信心：我們能夠吸收整合所有湧入的詢問，並與這些資料中心整合商和/或引擎或渦輪機供應商一起，判斷我們的最佳路徑，從而在這些組織面前把我們定位好，並讓他們對我們 Fuel Tech 能夠交付我們的空氣污染控制解決方案建立信心。所以是雙重因素。

And yes, I am optimistic. I mean, the level of inquiry is indeed extraordinary. And so it's up to us to capitalize on it, and we're doing everything that we can to do so at this point in time. I hope that answers your question.

而且是的，我確實樂觀。我的意思是，詢問的程度確實非常驚人。因此，接下來就看我們如何把握並轉化，我們目前也正在盡一切努力去做到。希望這回答了你的問題。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Vince Arnone for closing comments.

我們已到達問答環節的結束。現在我想把電話交回給 Vince Arnone 作結語。

Thank you, operator. In closing, I want to thank, obviously, our Fuel Tech team for their continued support and dedication. Thanks to all of our stakeholders, again for your patience. We are doing everything that we can to create shareholder value, and we have an opportunity landscape in front of us today that we know we need the capitalize on, and we're going to do everything that we can. Thanks to our Board for support as well.

謝謝你，接線員。最後，我想當然要感謝我們 Fuel Tech 團隊持續的支持與投入。也再次感謝所有利害關係人，謝謝你們的耐心。我們正在盡一切努力創造股東價值；而我們眼前有一個機會版圖，我們知道必須加以把握，我們也將竭盡所能。也感謝董事會的支持。

With that, I want to wish everyone a good day, and thanks for participating in the conference call.

就此，我祝大家有美好的一天，也謝謝各位參與本次電話會議。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。您現在可以掛斷電話線，並感謝您的參與。