Fuel Tech Inc (FTEK) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Fuel Tech, Inc. 2026 first quarter financial results conference call and Webcast. (Operator Instructions)

各位好，歡迎參加 Fuel Tech, Inc. 2026 年第一季財務業績電話會議暨網路直播。(接線員指示)

As a reminder, this conference is being recorded. It is now my pleasure to introduce Devin Sullivan, Managing Director of the Equity Group. Devin?

提醒各位，本次會議將被錄音。現在我很榮幸介紹 Equity Group 董事總經理 Devin Sullivan。Devin？

Thank you, Joe. Good morning, everyone, and thank you for joining us today for Fuel Tech's 2026 First Quarter Financial Results Conference Call. Yesterday, after the close, we issued a press release, a copy of which is available at the company's website, www.ftek.com.

謝謝你，Joe。各位早安，感謝大家今天參加 Fuel Tech 2026 年第一季財務業績電話會議。昨天收盤後，我們發布了新聞稿，副本可於公司網站 www.ftek.com 取得。

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.

今天的發言人為董事長、總裁暨執行長 Vince Arnone，以及公司財務長 Ellen Albrecht。在準備好的發言結束後，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.

在把時間交給 Vince 之前，我想提醒各位，本通話中除歷史資訊外所討論之事項，均屬於《1934 年證券交易法》（修訂版）第 21E 條所定義的前瞻性陳述；該等陳述係依據《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，以及基於公司管理階層所作之假設與目前可得資訊。

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.

Fuel Tech 嘗試使用如 anticipate（預期）、believe（相信）、plan（規劃）、expect（預期）、estimate（估計）、intend（打算）、will（將）及類似用語來辨識前瞻性陳述，但這些用語並非辨識前瞻性陳述的唯一方式。

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, business prospects and opportunities to differ materially from those expressed in or implied by these statements.

這些陳述係基於 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、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, circumstances or for any other reasons. 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之結果以反映未來事件、發展、情況或任何其他原因之義務。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.

基於以上說明，現在我把電話交給 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. Our first quarter results, although strong, fell slightly short of last year's Q1 results with improved performance in our Air Pollution Control business segment being offset by a decline in revenues for our FUEL CHEM business segment.

謝謝你，Devin。各位早安，感謝大家今天加入我們的電話會議。我們第一季的業績雖然強勁，但仍略低於去年第一季；空氣污染控制（APC）業務部門表現改善，惟被 FUEL CHEM 業務部門營收下滑所抵銷。

We continue to validate the efficacy and clients' return on investment for our Dissolved Gas Infusion demonstrations, and we maintained a strong financial position with cash, cash equivalents and investments of nearly $31 million at quarter end and no long-term debt. Most importantly, our outlook for the year has changed significantly and for the better.

我們持續驗證溶解氣體注入（Dissolved Gas Infusion）示範案的效能與客戶投資報酬率，同時維持穩健的財務狀況：季末現金、約當現金及投資合計接近 3,100 萬美元，且無長期負債。最重要的是，我們對今年的展望已出現顯著且正向的改變。

The expanded opportunity landscape that we have been tracking for our APC business segment resulted in the largest set of awards in terms of contract value that we have received in recent history. Last week, we announced multiple Air Pollution Control contracts valued at approximately $10 million with utility and industrial customers.

我們一直追蹤的 APC 業務部門擴大機會版圖，帶來了近年來就合約金額而言最大的一批得標案。上週，我們宣布與公用事業及工業客戶簽訂多項空氣污染控制合約，合約總值約 1,000 萬美元。

The new awards were anchored by a contract for the integration of our selective catalytic reduction pollution control technology with two new natural gas-fired turbines for a large publicl-owned Midwest Municipal Utility. The installation of these new GE Vernova turbines will increase the plant's output by approximately 100 megawatts.

這些新得標案的核心，是一份合約：將我們的選擇性觸媒還原（SCR）污染控制技術整合至某大型公有的中西部市政公用事業之兩台新天然氣燃燒渦輪機。安裝這些新的 GE Vernova 渦輪機將使該電廠輸出增加約 100 兆瓦。

The expansion of the generating station is expected to become operational in 2029. We are scheduled to commence engineering work this quarter with equipment deliveries scheduled to begin in the fourth quarter of 2027. The utility is undertaking this expansion to meet the region's rapidly growing electricity demand. We believe that this project reflects the growing focus on municipalities and states working together to plan infrastructure upgrades in response to and in anticipation of population expansion and commercial and data center growth.

該發電站擴建案預計於 2029 年投入營運。我們預計於本季開始工程設計工作，設備交付預計自 2027 年第四季開始。該公用事業進行此擴建，是為了滿足該地區快速成長的用電需求。我們認為，此專案反映出各市政府與州政府日益重視共同規劃基礎建設升級，以因應並預先布局人口擴張以及商業與資料中心成長所帶來的需求。

A strong, reliable power grid is one of the largest factors in determining where data centers are developed and operators need abundant capacity, reliability and a path to fast interconnection as well as emissions control solutions that address compliance, reporting and air permitting requirements that reduce carbon footprints and meet sustainability goals.

強健且可靠的電網，是決定資料中心落地開發地點的最重要因素之一；營運商需要充足的容量、可靠性與快速併網的途徑，同時也需要能滿足法規遵循、申報與空污許可要求的排放控制解決方案，以降低碳足跡並達成永續目標。

These contracts have more than doubled our pro forma APC backlog to approximately $17 million at this date. which is the largest backlog that we have had since 2018. With respect to the larger data center opportunity, our sales pipeline for these opportunities remain strong and approximate $75 million to $100 million for projects integrating our SCR technology with power generation sources.

截至目前，這些合約已使我們按備考（pro forma）計算的 APC 在手訂單（backlog）增加逾一倍，達約 1,700 萬美元，為我們自 2018 年以來最大的在手訂單。就更大型的資料中心機會而言，我們針對這些機會的銷售管線仍然強勁，約為 7,500 萬至 1 億美元，主要為將我們的 SCR 技術與發電來源整合的專案。

Please note that the value of the pollution control scope of supply represents a very small fraction of the estimated total AI infrastructure spend. I want to again emphasize that in all instances, we are a subcontractor to the data center integrator or to the turbine or engine OEM. Our role remains to support and education of our direct customer regarding the design and delivery of a pollution control system that can best benefit the application. Beyond that, our knowledge regarding funding, approval and timing is generally limited.

請注意，污染控制供應範圍的價值僅占整體 AI 基礎設施支出估計總額中的極小部分。我想再次強調，在所有情況下，我們都是資料中心系統整合商或渦輪機／引擎 OEM 的分包商。我們的角色仍是支援並協助我們的直接客戶了解如何設計與交付最能符合應用需求的污染控制系統。除此之外，我們對於資金、核准與時程的掌握通常相當有限。

As I noted on our year-end conference call in March, data center awards are likely to be the primary source of material near-term growth for our company. Our optimism remains high. 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.

如同我在 3 月的年終電話會議中所提到，資料中心的得標案很可能將成為公司短期內實質成長的主要來源。我們仍然高度樂觀。因此，我們已投入且將持續投入大量內外部資源，使 Fuel Tech 能與資料中心開發商以及渦輪機與引擎供應商建立有利定位，將 NOx 減量技術作為資料中心發電平台的一部分進行交付。

At present, we are in various stages of participation and project opportunities for 8 to 10 different data center projects in conjunction with 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 ranges from as few as 2 to 5 units to as many as 30 to 40 NOx reduction units with pricing predominantly in the range of $1 million to $3 million per unit.

目前，我們正與系統整合商以及渦輪機與引擎 OEM（包括業界一些最大型公司）合作，參與並推進 8 到 10 個不同資料中心專案的各階段機會。所有這些詢問皆為污染控制系統，主要是 SCR，用以支援現場發電的建置。這些專案規模從少至 2 到 5 套設備，到多至 30 到 40 套 NOx 減量設備不等；每套設備的價格多落在 100 萬至 300 萬美元區間。

Regarding timing, on our last call, I had mentioned that there were two opportunities that could come to fruition in the second quarter. One of them did not continue to develop and the timing of the second one has been delayed. That said, there is a possibility that one of our 8 to 10 inquiries can convert to a commercial award based on our conversations with the various parties involved before the end of Q2.

就時程而言，在上次電話會議中我曾提到有兩個機會可能在第二季落實。其中一個未再持續推進，另一個的時程則已延後。即便如此，根據我們在第二季結束前與各相關方的對話，我們 8 到 10 個詢問案中仍有可能有一案轉化為商業得標。

However, the remainder of the inquiries will develop further as we move throughout the year. We believe that we are still very much in the writing to capture our share of these opportunities, and we remain optimistic about our prospects for 2026.

然而，隨著我們在今年持續推進，其餘的詢問將會進一步發展。我們相信，我們仍然非常有機會爭取並取得這些機會中的一部分，並且對我們在 2026 年的前景保持樂觀。

As one last comment, I did want to note that we did not consider the large contract that we were awarded for the Midwest utility to be a data center-specific application as the two new units will be deployed in front of the meter as part of the municipality's generating infrastructure.

作為最後一點補充說明，我確實想指出，我們並未將獲頒的中西部公用事業大型合約視為資料中心專用的應用，因為這兩套新機組將部署於電表前端，作為該市政發電基礎設施的一部分。

However, this award is material and significant for Fuel Tech as the SCR pollution control system that we are providing is for a model of GE Vernova turbine that is commonly being deployed for data center-specific opportunities. This win lends credibility to our company as we move to capture a portion of the larger market opportunity.

然而，這項得標對 Fuel Tech 而言具有重大且顯著的意義，因為我們所提供的 SCR 污染控制系統是用於 GE Vernova 渦輪機的一種機型，而該機型常被部署於資料中心專用的機會案。這項勝利在我們爭取更大市場機會的一部分時，提升了公司在市場上的可信度。

Regarding our near-term APC sales pipeline, exclusive of data center opportunities, we are currently tracking $8 million to $10 million in additional potential awards, of which we expect to close on at least $3 million to $5 million of these awards before the end of the current second quarter or early in the third.

就我們短期 APC 銷售管線而言（不含資料中心機會），我們目前追蹤的新增潛在得標金額約為 800 萬至 1,000 萬美元，其中我們預期在本年度第二季結束前或第三季初，至少可完成其中約 300 萬至 500 萬美元的得標。

Included in this near-term pipeline are opportunities emanating from our recent acquisition of the technology portfolio of WAHLCO, Inc., a well-established environmental equipment and services company with several hundred project installations worldwide. The pace and scope of inquiries from WAHLCO customers remains encouraging.

此短期管線亦包含源自我們近期收購 WAHLCO, Inc. 技術組合的機會；WAHLCO 是一家成熟的環保設備與服務公司，在全球已有數百個專案安裝實績。來自 WAHLCO 客戶的詢問速度與範圍仍令人鼓舞。

Now let's discuss our FUEL CHEM business segment. Following a strong 2025, our FUEL CHEM segment produced another solid quarter of revenue. Across the country, the operating lives of coal-fired units are being extended to meet rising energy demand with many facilities dispatched at levels not seen in several years.

現在讓我們討論 FUEL CHEM 業務部門。在 2025 年表現強勁之後，我們的 FUEL CHEM 部門本季再度繳出穩健的營收表現。全國各地為了因應上升的能源需求，燃煤機組的運轉年限正被延長，許多設施的調度水準達到數年未見的高點。

Our FUEL CHEM segment continues to benefit from this trend, particularly across our legacy units. On our last conference call, I noted that we received benefit in the fourth quarter of 2025 from a new US customer that is currently operating with us under a 6-month commercially priced demonstration program that commenced in early November.

我們的 FUEL CHEM 部門持續受惠於此趨勢，尤其是在我們既有的機組客戶上。在上次法說會中，我提到我們在 2025 年第四季受惠於一位新的美國客戶；該客戶目前與我們進行一項為期 6 個月、採商業定價的示範計畫，並於 11 月初開始。

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 and 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轉為正式商業合作，其年度營收潛力預估約為 250 萬至 300 萬美元，前提是客戶全時運行該方案，且預期可產生符合歷史 FUEL CHEM 毛利率水準的營收。

During the first quarter of this year, the demonstration experienced a temporary interruption driven by unrelated plant operations, which limited its contribution to revenue. As of today, the customer has not yet completed the demonstration program.

在今年第一季，該示範計畫因與本案無關的電廠營運因素而出現短暫中斷，限制了其對營收的貢獻。截至今日，客戶尚未完成該示範計畫。

However, they have noted a material reduction in downtime and maintenance costs largely attributed to decreased offline cleaning, which bodes well for a successful demonstration. These results continue to support a positive outlook for the demonstration, and we remain optimistic that this account will convert to a commercial program later in the year.

然而，他們指出停機時間與維護成本已出現顯著下降，主要歸因於離線清洗需求減少，這對示範成功而言是正面訊號。這些結果持續支持我們對該示範計畫的正向展望，我們仍樂觀預期此客戶將於今年稍晚轉為商業方案。

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. These proposed rollbacks do not loosen the nitrogen oxide emissions 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.

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，以及導入限制性較目前更低的新法規。這些擬議的撤回措施並未放寬任何來源的氮氧化物（NOx）排放要求，且可能延長部分燃煤與燃氣機組的壽命，因為它們可能不必降低其排放特性。

We will take the opportunity where applicable, to offer retrofits and maintenance solutions to accommodate the extension of useful life. Regarding the implementation of new rules, earlier this year, we reported that EPA had issued new source performance standards, also called NSPS for new gas turbines, which were published in the Federal Register on January 15 of this year.

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，以配合使用年限的延長。至於新規則的實施方面，我們在今年稍早曾報告，EPA 已針對新燃氣渦輪機發布新的新來源績效標準（New Source Performance Standards，亦稱 NSPS），並於今年 1 月 15 日刊登於《聯邦公報》。

A new category of gas turbines was created called Temporary Power Turbines and is applicable to units below 85 megawatts and installed to run for 24 months or less. These units will be required to achieve NOx levels of 25 ppm, which may not require SCR for all turbines. Turbines greater than 5 megawatts with operating capacity will need to meet 15 ppm NOx, likely requiring SCR. And finally, turbines greater than 85 megawatts will need to get to 5 ppm NOx, which will require SCR in almost all cases.

新設了一類燃氣渦輪機類別，稱為「臨時電力渦輪機」（Temporary Power Turbines），適用於 85 兆瓦以下且安裝後運轉不超過 24 個月的機組。這些機組須達到 25 ppm 的 NOx 水準，並非所有渦輪機都需要 SCR。運轉容量在 5 兆瓦以上的渦輪機需符合 15 ppm NOx，可能需要 SCR。最後，85 兆瓦以上的渦輪機需達到 5 ppm NOx，幾乎在所有情況下都需要 SCR。

With this rule in place, Power generation developers will need to decide how best to proceed with Air Pollution Control solutions for their new sources of power generation. Based on the discussions that we have had with our potential customer base, we are not aware of this new regulation having a significant negative impact on decision-making regarding the implementation of pollution controls. It is important to note state-specific permitting requirements can vary from the new federal regulation.

在此規則生效後，發電開發商將需要決定其新電源在空氣污染控制（Air Pollution Control）解決方案上應如何最佳推進。根據我們與潛在客戶群的討論，我們尚未察覺這項新法規對於是否導入污染控制的決策造成顯著負面影響。需要注意的是，各州特定的許可（permitting）要求可能與新的聯邦法規有所不同。

It is also important to note that outside of the NSPS requirements, the use of multiple small gas turbines working together could classify them as a major source for NOx emissions control. Major sources are governed by other regulations and are often required to meet more stringent NOx emissions, which would require SCR.

同樣重要的是，除 NSPS 要求之外，多台小型燃氣渦輪機協同運作，可能會使其在 NOx 排放控制上被歸類為「重大排放源」（major source）。重大排放源受其他法規管轄，且通常必須符合更嚴格的 NOx 排放標準，因此將需要 SCR。

DGI continued its extended technology demo at a Western US fish hatchery, which is on track to end this quarter and has been delivering strong performance with optimized oxygen delivery, program cost savings and improved fish growth.

DGI 持續在美國西部一座魚苗孵化場進行延長的技術示範，預計將於本季結束；該示範在優化氧氣輸送、方案成本節省以及提升魚隻生長方面均展現強勁表現。

A second trial at a Southeast US wastewater facility is on schedule to end its extended 6-month rental phase in the third quarter. With this trial, the client reports that odor-related complaints in the area surrounding the plant have been dramatically reduced, and we are working with the customer to assist them in assessing their oxygen delivery needs.

在美國東南部一座廢水處理設施的第二項試驗，也按計畫將於第三季結束其延長的 6 個月租賃階段。在此試驗中，客戶回報工廠周邊區域與異味相關的投訴已大幅降低，我們正與客戶合作，協助其評估氧氣輸送需求。

In both instances, we are discussing the post-demonstration next steps with the clients and remain hopeful that DGI will become a commercial solution for them. We are also currently in discussions with multiple other end markets of interest for DGI, including pulp and paper, food and beverage, chemical, petrochemical and horticulture.

在這兩個案例中，我們正與客戶討論示範結束後的下一步，並仍希望 DGI 能成為他們的商業化解決方案。我們目前也正與多個 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。

As I noted earlier, we are optimistic about our outlook for 2026, driven by an expanded project backlog and opportunity landscape at APC, anticipated strong results at FUEL CHEM and our first commercial DGI contract. Taking all of this into account, we expect that revenues for 2026 will exceed the level of 2025, with FUEL CHEM approximating 2025 revenues and APC exceeding 2025 performance.

如我先前所提，我們對 2026 年的展望保持樂觀，動能來自 APC 擴大的專案在手訂單與機會版圖、預期 FUEL CHEM 的強勁成果，以及我們的第一份 DGI 商業合約。綜合以上因素，我們預期 2026 年營收將高於 2025 年水準，其中 FUEL CHEM 約略持平 2025 年營收，而 APC 將超越 2025 年表現。

I want to emphasize that while our backlog has risen substantially, the majority of the revenue assigned to the new large APC contract award that I discussed earlier will be generated in 2027.

我想強調，雖然我們的在手訂單已大幅上升，但我先前提到的新大型 APC 合約得標所分配的大部分營收，將在 2027 年認列。

Further, this 2026 APC outlook excludes the benefit of specific data center awards, which would be additive to this forecast. Before turning things over to Ellen, I want to thank the entire Fuel Tech team for their continued dedication in advancing our strategic objectives and our shareholders for their patience and support. We are very excited about what the future holds for our company.

此外，這份 2026 年 APC 展望未包含特定資料中心得標的效益；若有相關得標，將會在此預測基礎上額外增加。在把時間交給 Ellen 之前，我要感謝 Fuel Tech 全體團隊持續投入、推進我們的策略目標，也感謝股東的耐心與支持。我們對公司未來的發展感到非常振奮。

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

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

Thank you, Vince, and good morning, everyone. For the quarter, consolidated revenues declined to $6.1 million from $6.4 million in the prior year period. Higher revenues in our APC business segment were offset by a decline in revenue for the FUEL CHEM segment.

謝謝你，Vince，各位早安。本季合併營收由去年同期的 640 萬美元下滑至 610 萬美元。我們 APC 業務部門較高的營收，被 FUEL CHEM 部門營收下滑所抵銷。

Consolidated gross margin for the first quarter declined slightly to 43% of revenues from 46% in last year's first quarter as a result of segment concentration. APC segment revenue rose 23% to $1.6 million from $1.3 million, primarily related to timing of project execution and existing contracts and ancillary business activity.

第一季合併毛利率因部門營收集中度影響，從去年第一季的營收 46% 小幅下降至 43%。APC 部門營收由 130 萬美元增至 160 萬美元，成長 23%，主要與專案執行時點、既有合約及相關附帶業務活動有關。

Higher segment revenues and product and project mix led to a nearly 600 basis point expansion in segment margin to 38.3%. FUEL CHEM revenue declined to $4.5 million from $5.1 million, primarily due to seasonal maintenance outages and dispatch-related decreases in operational demand.

較高的部門營收以及產品與專案組合，帶動部門毛利率擴張近 600 個基點至 38.3%。FUEL CHEM 營收由 510 萬美元下降至 450 萬美元，主要因季節性維修停機以及調度相關因素導致營運需求下降。

Segment margin declined to 45.3% from 49.9% in the first quarter of 2025, but is expected to return to historical averages as we move throughout the remainder of the year. Consolidated APC segment backlog on March 31, 2026, was $6.9 million, roughly flat compared to a backlog of $7 million at December 31, 2025. Backlog at March 31 included $3.6 million of domestically delivered project backlog and $3.3 million of foreign delivered project backlog. Approximately $6 million of the $6.9 million project backlog at March 31 is expected to be recognized in the next 12 months, barring no customer-driven delays.

部門毛利率由 2025 年第一季的 49.9% 下降至 45.3%，但預期隨著今年剩餘期間推進，將回到歷史平均水準。截至 2026 年 3 月 31 日，合併 APC 部門在手訂單（backlog）為 690 萬美元，與 2025 年 12 月 31 日的 700 萬美元大致持平。3 月 31 日的在手訂單包含 360 萬美元的國內交付專案在手訂單，以及 330 萬美元的海外交付專案在手訂單。在不發生客戶端延遲的前提下，3 月 31 日 690 萬美元專案在手訂單中約 600 萬美元預計將於未來 12 個月內認列。

We were very pleased to secure the recent APC contracts referenced by Vince. These agreements represent approximately $10 million in new bookings, strengthening our backlog, enhancing revenue visibility and supporting both gross margin and cash flow as project milestones are achieved.

我們非常高興能拿下 Vince 剛才提到的近期 APC 合約。這些協議代表約 1,000 萬美元的新接單，強化我們的在手訂單、提升營收可見度，並在達成專案里程碑時同時支持毛利率與現金流。

While APC projects have traditionally spanned 8 to 24 months, we are observing increased forward planning from our clients, resulting in some projects with longer execution timelines. This will impact timing of revenue recognition. We will continue to actively manage these extended project durations to optimize strategic pricing and operational efficiency, while further reinforcing our backlog for future periods.

雖然 APC 專案傳統上執行期為 8 至 24 個月，但我們觀察到客戶的前期規劃增加，導致部分專案的執行時程更長。這將影響營收認列的時點。我們將持續積極管理這些延長的專案期間，以最佳化策略性定價與營運效率，同時進一步強化未來期間的在手訂單。

SG&A expenses rose to $3.7 million in the first quarter compared to $3.3 million last year. As a percentage of revenue, SG&A expenses rose to 61% from 52% in the prior year period, reflecting higher total SG&A expenses and the effect of lower consolidated revenue.

第一季銷售、一般及行政（SG&A）費用由去年的 330 萬美元上升至 370 萬美元。以營收百分比計，SG&A 費用由去年同期的 52% 上升至 61%，反映 SG&A 總額增加以及合併營收較低的影響。

For 2026, we continue to expect SG&A expenses will range between $14 million and $15 million. Research and development expenses for the first quarter were stable at $524,000. Our R&D investments largely reflect our ongoing investment in water and wastewater treatment technologies, specifically our DGI systems.

對於 2026 年，我們仍預期 SG&A 費用將介於 1,400 萬至 1,500 萬美元。第一季研發費用維持穩定，為 52.4 萬美元。我們的研發投資主要反映我們持續投入於水與廢水處理技術，特別是我們的 DGI 系統。

Our investment in DGI will continue throughout 2026 to support ongoing site demonstrations and other growth initiatives as we ramp up towards initial commercial sales later this year. Operating loss for the first quarter was $1.6 million compared to a loss of $952,000 in the prior year period.

我們對 DGI 的投資將在 2026 年持續，以支持持續的場址示範及其他成長計畫，並在今年稍晚朝向初期商業銷售加速推進。第一季營業損失為 160 萬美元，去年同期損失為 95.2 萬美元。

Net loss was $1.4 million or $0.04 per diluted share compared to a net loss of $739,000 or $0.02 per diluted share in the same prior year period. Adjusted EBITDA loss was $1.3 million in the first quarter compared to an adjusted EBITDA loss of $735,000 in the prior year period.

淨損為 140 萬美元，或稀釋後每股虧損 0.04 美元；去年同期淨損為 73.9 萬美元，或稀釋後每股虧損 0.02 美元。第一季調整後 EBITDA 虧損為 130 萬美元，去年同期調整後 EBITDA 虧損為 73.5 萬美元。

Lastly, moving to the balance sheet. Our financial condition remains very strong. As of March 31, 2026, total cash and investments was $30.6 million, comprised of cash and cash equivalents of $9.1 million and short- and long-term investments of $21.5 million. Shares outstanding at the quarter were approximately 31.2 million equated to a cash per share of $0.98. Working capital was $22.2 million or $0.71 per share.

最後，談到資產負債表。我們的財務狀況仍然非常強健。截至 2026 年 3 月 31 日，現金及投資總額為 3,060 萬美元，其中現金及約當現金為 910 萬美元，短期與長期投資為 2,150 萬美元。本季流通在外股數約 3,120 萬股，換算每股現金為 0.98 美元。營運資金為 2,220 萬美元，或每股 0.71 美元。

Stockholders' equity was $38.6 million or $1.24 per share, and the company continues to have no outstanding debt. We remain very comfortable with our financial position and our ability to funding these awards while pursuing new contract opportunities across FUEL CHEM, APC and DGI.

股東權益為 3,860 萬美元，或每股 1.24 美元，公司仍無任何未償還債務。我們對自身財務部位以及在 FUEL CHEM、APC 與 DGI 領域承接新合約機會的同時，為這些得標案提供資金的能力，仍感到非常有信心。

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

我現在把電話會議交回給 Vince。

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

Ellen，非常感謝你。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

Hey, good morning, Vince Allen. Thanks for taking my questions.

嗨，早安，Vince Allen。謝謝你回答我的問題。

Good morning, Samir.

早安，Sameer。

The first question on the regulatory front. The retrofit opportunity for old plants that will be required to continue to work.

第一個問題是關於法規面。針對必須持續運轉的老舊電廠，其改造（retrofit）的機會。

Can you give us an idea of the opportunity for Fuel Tech and what kind of efforts or resources have you applied towards this effort? And when should we start seeing any like orders emanating from this effort?

你能否讓我們了解一下 Fuel Tech 的機會規模，以及你們為此投入了哪些努力或資源？另外，我們大概何時會開始看到由此帶來的訂單？

Are you referring to anything related to the extension of coal-fired lives, Sameer?

Sameer，你指的是與延長燃煤機組壽命相關的事情嗎？

Yes, yes. extension of the coal fire. Yes.

是的，是的。延長燃煤機組壽命。是。

Understood. So those -- as I sit here right now, our largest landscape of opportunity is truly more so in the data center and other power generation build-out, right? Obviously, as a company, we have a long history of doing successful business with coal-fired utilities in this country.

了解。所以——就我目前所見，我們最大的機會版圖其實更偏向資料中心以及其他發電建置擴張，對吧？當然，作為一家公司，我們在美國與燃煤公用事業成功合作有很長的歷史。

And so as those plants would look to extend their lives and where they indeed have the need to enhance their emissions control portfolios at that site, we're going to be there to assist them.

因此，當這些電廠希望延長壽命，且確實需要在該場址強化其排放控制組合時，我們會在那裡協助他們。

As I sit here today, although I do believe there will be opportunities there, that's not something that I could necessarily readily quantify for you right now, just given the unknown circumstances there.

以我今天的角度來看，雖然我確實相信那裡會有機會，但基於其中不確定的情況，我目前不一定能立即為你量化其規模。

Understood. Okay. And does the applications for 85 megawatts or greater sizes of new source power, are you -- like same question sort of what are your efforts? Are you adding additional resources to identify specific locations where the installations might be bigger than 85 megawatts? And what pipeline should we expect on that front?

了解。好的。另外，針對 85 兆瓦或以上規模的新電源（new source power）應用，你們——類似的問題：你們目前做了哪些努力？你們是否正在增加額外資源，以辨識可能超過 85 兆瓦、安裝規模更大的特定地點？在這方面我們應該期待怎樣的案源管線（pipeline）？

Yes. No specific resources added. These types of opportunities we'll call it -- they'll follow our normal supply chain interaction activity using our internal sales force and manufacturers' representative individuals that we have out in the marketplace here in the US specifically. And so I don't anticipate adding anything specific there.

是的。沒有新增特定資源。這類機會——我們就這麼稱呼——將會依循我們既有的供應鏈互動模式，透過我們在美國市場（特別是在美國本土）所配置的內部銷售團隊，以及製造商代表（manufacturers' representative）人員來推進。因此我不預期會在那方面額外增加任何特定投入。

But relative to timing and/or volume, those are the opportunities that we're following for power generation build-outs and data center build-outs as we sit here today.

但就時程和／或量體而言，截至目前，我們正在追蹤的機會主要是發電擴建案以及資料中心擴建案。

The larger contract that we just announced that is regarding the municipal public utility, that was actually a public tender that we were invited to bid on amongst quite a few other companies being invited to bid as well. So that came out to us directly from an organization that was looking to build out their internal generation capability planning for the future, and we became part of that bidding process. So no real change in how we're doing business Sameer.

我們剛宣布的那份較大型合約，涉及市政公用事業單位，實際上是一個公開招標案；我們是受邀投標的，而同時也有相當多其他公司同樣受邀投標。因此，這個案子是由一個希望為未來規劃、擴建其內部發電能力的組織直接釋出，我們也因此成為投標流程的一部分。所以在我們做生意的方式上並沒有真正的改變，Sameer。

The only -- what I would say, primary difference is with the focus on the data center specific build-out, we have been engaging with a significant amount of, call it, newer parties or companies that as Fuel Tech, we just haven't engaged with previously because it's a different type of customer for us, generally speaking.

我會說唯一、也是主要的差異在於：針對資料中心的特定擴建需求，我們已經開始與相當多所謂較新的合作方或公司接觸；以 Fuel Tech 而言，過去我們並未與他們合作，因為一般來說，這對我們而言是不同類型的客戶。

But over this past year, we've been doing an excellent job at developing relationships with companies that are indeed looking to help with the build-out of data centers here in this country. And I think we're -- today, we're nicely positioned with some of the larger, more reputable parties that are looking to take part of this opportunity landscape.

但在過去一年裡，我們在與確實希望協助在本國推動資料中心擴建的公司建立關係方面做得非常出色。而我認為——以今天來看——我們已經與一些規模更大、聲譽更佳的業者建立了良好定位，這些業者正希望參與這個機會版圖。

And you did mention that this opportunity uses a GE Vernova turbine, which is the same or similar type that is used for these new data center kind of applications.

你也提到，這個機會使用的是 GE Vernova 的渦輪機，這與這些新的資料中心類應用所使用的機型相同或相近。

That is correct. I mean this new award is very important for us because of the scale of the award, because of the fact that we are going to be fixing our NOx reduction SCR solution onto one of the predominant power generating sources that are indeed being deployed today.

沒錯。我的意思是，這次新得標對我們非常重要，原因在於得標規模，以及我們將把我們的 NOx 降低用 SCR 解決方案安裝在目前確實正在部署的主要發電來源之一上。

Again, it's not like as Fuel Tech, we don't have credibility, we do. We've been in the business for almost four decades now, providing successful solutions for emissions reduction for both utility and industrial customers. But in today's marketplace, this contract just lends us what I would call more specific credibility to enable us to have a better chance at obtaining and winning opportunities for the data center build-out specifically.

再說一次，並不是 Fuel Tech 沒有公信力；我們是有的。我們在這個產業已經將近四十年，為公用事業與工業客戶提供成功的減排解決方案。但在當前市場中，這份合約讓我們獲得我所稱更具體的可信度，使我們在特別針對資料中心擴建的機會上，有更好的勝出與取得訂單的機會。

Understood. And maybe just one last one again on FUEL CHEM. The outlook for the year is sort of similar levels flattish relative to 2025.

了解。最後再問一題，還是關於 FUEL CHEM。你們對今年的展望大致上是與 2025 年相比持平、差不多的水準。

Are there any potential new build-outs that could materialize from now -- between now and the end of the year that could add incremental revenues here?

從現在到年底之間，是否有任何可能的新建／擴建案會落地，進而在這裡帶來額外的增量營收？

So as part of my commentary, I did mention the one new customer that we're looking to go ahead and turn a demonstration into a commercial account, right? So that is the primary new accounts that we are indeed focused on as we sit here right now in 2026, okay?

所以在我的說明中，我確實提到我們正在關注的一個新客戶：我們希望把一個示範案轉成商業化客戶，對吧？因此，這就是我們目前在 2026 年此刻確實聚焦的主要新客戶／新帳戶，好嗎？

Our revenue outlook, we're saying is going to be approximately the same year-on-year, mainly because of the fact that there are so many unknowns that we deal with regarding some of the unscheduled outages that we do deal with on occasion with some of our installed base already that it's difficult to forecast exactly how the full year is going to pan out.

我們之所以說營收展望大約會與去年同期相當，主要是因為我們面對太多未知數，尤其是我們既有已安裝客戶群中，偶爾會遇到一些非排程停機（unscheduled outages），因此很難精準預測全年最終會如何發展。

If the new customer that we're looking to convert to a commercial system, if they convert sooner in the year rather than later in the year, that could provide a little bit of upside to us. But that -- those are just unknowns for us right now.

如果我們希望轉成商業系統的那個新客戶，在年初較早的時間點就完成轉換，而不是在年末較晚才轉換，這可能會為我們帶來一些上行空間。但——這些目前對我們而言都還是不確定因素。

It's a little bit more conservative for us to target an equivalent Chem tech revenue year-on-year, which, again, last year was an excellent year of performance for FUEL CHEM. If we can achieve that again this year, I'd be pleased with it. But I do want us to add that additional new account and have that convert to commercial.

對我們來說，以較保守的方式設定目標、讓 Chem tech 的營收年對年持平會比較合適；而且再說一次，去年對 FUEL CHEM 來說是表現非常出色的一年。如果今年也能再達成同樣水準，我會很滿意。但我確實希望我們能新增那個額外的新帳戶，並讓它轉為商業化。

Understood. Thanks, Vince, for taking my question.

了解。謝謝你，Vince，回答我的問題。

You're welcome.

不客氣。

(Operator Instructions)

(接線員指示)

William Bremer, Vanquish Capital Partners.

William Bremer，Vanquish Capital Partners。

So I'd like to first start off with FUEL CHEM. Given the harsh winter that we had that was broad-based, Midwest, et cetera, and the duration of it, I was expecting much stronger figures from the FUEL CHEM division.

我想先從 FUEL CHEM 開始。考量到我們經歷了一個影響範圍很廣的嚴冬——中西部等等——而且持續時間也長，我原本預期 FUEL CHEM 事業部的數字會強很多。

Yes. The winter was mixed, Bill, from an overall temperature perspective in certain parts of the country. And again, we don't have the ability to be able to predict when our customers' units are going to be dispatched to run at certain points in time or when they actually have to come down for their scheduled planned outages or when they have unplanned outages. That's something that's out of our control. So we did have a mix of performance at our base clients in the first quarter of the year.

是的。從全國某些地區的整體氣溫角度來看，Bill，這個冬天的表現是好壞參半。而且再說一次，我們無法預測客戶的機組會在什麼時間點被調度運轉，或他們何時必須因既定的計畫性停機而降載停機，或何時發生非計畫性停機。這些都不是我們能控制的。因此，今年第一季我們在既有客戶群的表現確實呈現混合狀況。

But again, if we look back at Q1 over the past several years, with the exception of 2025's Q1, our Q1 of '26 was one of the better performing quarters that we've had for Q1. So hopefully, that, again, we'll pull a little bit more forward here for the rest of the year, and we'll have dispatch at all of our base load of accounts here for the rest of the year, but difficult for us to predict.

但再說一次，如果回頭看過去幾年的第一季，除了 2025 年第一季之外，2026 年第一季是我們近年來第一季表現較好的季度之一。所以希望——同樣地——我們能在今年剩餘時間把更多動能往前拉，並且我們所有基載型客戶帳戶在今年剩餘時間都能有調度運轉，但這對我們來說很難預測。

Okay. Now on the air side, congratulations on this last order. It seems as though -- and based upon your articulation of how you achieved this close to $10 million contract, this was not from your sales team personnel, but in essence, hey, you were able to bid for it and the offset, hey, having the customer of GE Vernova and supporting their equipment is monumental, extremely positive for Fuel Tech. My question is, okay, at what point do you and the Bailey's, finally make some changes on your sales personnel?

好。接著談空污（air）這一塊，恭喜你們拿下這筆最新訂單。看起來——而且依你對這筆接近 1,000 萬美元合約如何成交的描述——這並不是由你們的銷售團隊人員促成，而是本質上，你們是有機會去投標；而且另一方面，能夠成為 GE Vernova 的客戶並支援其設備，對 Fuel Tech 來說是里程碑式、極度正面的。我的問題是：好，那你和 Bailey 家族到底什麼時候才會對你們的銷售人員做出一些調整？

And I look at the figures, and I've been a long shareholder I have more shares than yourself and many of your team. I do not see any insider purchases other than yourself here and there. If the outlook is so strong, why are we not seeing some insider purchases, number one?

我看了這些數字，而且我當了很久的股東；我持股比你本人以及你們團隊很多人都多。除了你偶爾買一點之外，我沒有看到任何內部人買股。如果前景真的那麼強，為什麼我們看不到一些內部人買股？這是第一點。

Second question I have, I would welcome William Cummings to be on our next call. He's been there an exorbitant amount of time. Him and his sales team, I think, should be on the clock, either they start producing or we need to start making some changes. I mean your peers are exploding in the space. You have in September of 2018, everybody could look this up.

第二個問題，我希望 William Cummings 能出席我們下一次的電話會議。他在那裡待了非常久的時間。我認為他和他的銷售團隊應該要被嚴格檢視：要嘛開始交出成果，不然我們就需要開始做一些調整。我的意思是，你們的同業在這個領域正快速成長。你們在 2018 年 9 月——大家都可以去查。

You guys landed a $15.8 million order for backup systems for power generation for the data center market. That was in 2018. We were ahead of the curve back then. And now all of a sudden, we are trying to land something, trying, when the field has been exploding for years. Changes have to be made there.

你們拿下了一筆為資料中心市場提供發電備援系統的 1,580 萬美元訂單。那是在 2018 年。當時我們走在趨勢前面。而現在突然之間，當這個領域已經爆發性成長多年時，我們卻還在試著拿案子、還在「試著」。那方面必須做出改變。

And we are all -- we all see the value in FUEL CHEM. That's why we're shareholders. We're just -- I'm just starting to wonder, is this a value trap or are we ever going to grow this company?

而且我們都——我們都看得到 FUEL CHEM 的價值。這也是為什麼我們是股東。只是——我只是開始在想，這到底是價值陷阱，還是我們終究會讓這家公司成長？

Anything further, Bill?

還有其他要補充的嗎，Bill？

Changes have to be made, Vince.

Vince，必須做出改變。

Yes, let me start by going through some of your questions, okay? Okay. First of all, regarding the contract that we just won. There are companies that will put their project opportunities out to bid on a regular basis. So the fact that this contract was a public bid, it's not unusual by any sense of the word.

是的，讓我先逐一回應你的一些問題，好嗎？好。首先，關於我們剛剛贏得的合約。有些公司會定期把他們的專案機會拿出來招標。所以這份合約是公開招標，從任何角度來看都不算罕見。

The public bid starts the sales process. It is just the beginning. So to make the comment that our sales team had nothing to do with it is completely off base. And that's just fact as we sit here today. That's fact.

公開招標是銷售流程的起點。這只是開始。所以說我們的銷售團隊與此毫無關係，這完全不符合事實。就我們今天坐在這裡而言，這就是事實。這是事實。

That starts the sales process. And from there, our team has been intimately involved from the end of 2025 when this first started up until final award and going back and forth and back and forth iteration after iteration, responding to questions, comments and any other inquiry that comes our way comes through our sales team.

那只是啟動銷售流程。從那之後，我們的團隊自 2025 年底這件事剛開始，一直到最終得標，全程都深度參與，來回反覆、一次又一次迭代，回覆問題、意見以及任何其他詢問；所有送到我們這裡的詢問都會透過我們的銷售團隊處理。

That's the way the process works. As part of that process, our sales team has to indeed build in the fact that Fuel Tech is indeed a credible supplier of these technologies. And from that perspective, that's all us. That's Fuel Tech and its sales team. That doesn't just happen, Bill.

流程就是這樣運作的。在這個流程中，我們的銷售團隊確實必須建立並讓對方相信 Fuel Tech 的確是這些技術的可信供應商。從這個角度來看，那完全是我們的成果。那是 Fuel Tech 以及其銷售團隊的成果。這不是憑空就會發生的，Bill。

So I just want to correct the record on the statement because it's simply not a fair statement to make regarding how that award was won by the company. It's a team award. There are a lot of individuals involved in bringing a contract of that magnitude to Fuel Tech. We're proud of the effort, and we're looking forward to more of those coming our way, okay?

所以我只是想針對那個說法更正紀錄，因為就公司如何贏得該項得標而言，那樣的說法並不公平。這是團隊的成果。要把如此規模的合約帶到 Fuel Tech，有很多人參與其中。我們為這份努力感到自豪，也期待未來還會有更多這樣的案子找上門，好嗎？

Secondarily, and we've discussed this previously, insider purchasing is something that's governed by the individuals on the Board and within the company. We don't put pressure on our internal folks to be buying shares of the company. Do I know that there are some nonreportable Fuel Tech employees that have bought shares? I do. I am aware of that, but that's not something that we do indeed announce publicly.

其次，我們之前也討論過，內部人買股是由董事會成員以及公司內部個人所規範與決定的事項。我們不會對內部同仁施壓，要求他們買進公司股票。我是否知道有一些不需申報的 Fuel Tech 員工買了股票？我知道。我了解這件事，但這不是我們會對外公開宣布的事項。

I can tell you that from the Board's perspective and from the leadership team and the employee team's perspective, we have every confidence in the world that Fuel Tech is indeed going to become a profitable company once again, okay?

我可以告訴你，從董事會、領導團隊以及員工團隊的角度來看，我們對 Fuel Tech 終將再次成為一家獲利公司充滿信心，好嗎？

We've had some headwinds as a small public company over these past several years. And no doubts, our performance -- and again, I'm the first one to raise my hand and say that our performance needs to be better, and you and I have discussed that as well. I believe we're finally on the track towards making that shift. This last award is meaningful to us, particularly as we look at some of the larger scale opportunities that we're looking at and with the parties that we're dealing with. So there's a lot that's going on here, Bill.

過去幾年，作為一家小型上市公司，我們確實遇到了一些逆風。毫無疑問，我們的表現——而且我也再次說，我是第一個舉手承認我們的表現需要更好的人，你我也討論過這點。我相信我們終於走在能夠完成轉變的軌道上。這次最新的得標對我們很有意義，特別是當我們看向一些更大規模的機會，以及我們正在接觸的合作方時。所以這裡有很多事情正在進行中，Bill。

We just don't pick up and change personnel because we go through a slow period of time. We have some of the most well-respected individuals in the industry that represent Fuel Tech and its technologies. I'm very confident of that. Will changes be made within the leadership team here at Fuel Tech over time? Sure, they will and when they're warranted.

我們不會因為經歷一段低迷期就立刻更換人員。我們有一些在業界最受尊敬的人士，代表 Fuel Tech 及其技術。我對此非常有信心。Fuel Tech 的領導團隊未來會不會隨時間做出調整？當然會，而且會在有必要的時候。

So from that perspective, again, I appreciate your comments and questions. I always do. Thanks for being a shareholder of the company. And we're looking to go ahead and again, show that there is value added to Fuel Tech as we sit here today, and we should be trading much higher than where we are today, which isn't that much higher than cash value.

所以從這個角度來看，再次感謝你的意見與提問。我一直都很感謝。也謝謝你成為公司的股東。我們希望繼續推進，並再次證明就我們今天所處的位置而言，Fuel Tech 是能夠創造附加價值的；而我們的股價應該遠高於目前水準，目前的水準其實也只比現金價值高不了多少。

That's correct. And I've read all of your executive management bios in depth, and they do have incredible backgrounds. The numbers, though, Vince, are the numbers. And for the last 10 years, where are the numbers? So you got a light of fire underneath them.

沒錯。而且我已經深入讀過你們所有高階管理團隊的履歷，他們的背景確實非常出色。但數字就是數字，Vince。過去 10 年，數字在哪裡？所以你得在他們下面點一把火。

The bellies have the light of fire in them or they need to be replaced because as a shareholder, I'm getting tired of waiting. Thank you.

他們肚子裡要有那把火，不然就該被換掉，因為身為股東，我已經等得不耐煩了。謝謝。

Thanks for your comments, Bill.

謝謝你的意見，Bill。

This concludes the question-and-answer session. And I'll turn the call back over to Vince Arnone for closing remarks.

問答環節到此結束。我將把電話交回給 Vince Arnone 作結語。

Operator, thank you very much. I want to thank everyone for joining us on the call today. We are very much looking forward to our performance here for the remainder of 2026. The recent contract awards are milestones for us as a company, and I look forward to further expanding on those awards as we move throughout the year.

接線員，非常感謝。我要感謝各位今天參與本次電話會議。我們非常期待 2026 年剩餘期間的表現。近期的合約得標對我們公司而言是重要里程碑，我也期待在今年接下來的時間裡，進一步擴大這些得標成果。

So thanks, everyone, for taking the time today, and we look forward to talking with you again in the future. Thank you

所以謝謝各位今天撥冗參與，我們也期待未來再次與各位交流。謝謝

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

謝謝。今天的會議到此結束。您現在可以掛斷電話線，感謝各位的參與。