Energy Vault Holdings Inc (NRGV) 2025 Q3 法說會逐字稿

Greetings. Welcome to Energy Vault's third-quarter 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Energy Vault 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to Michael Beer, Chief Financial Officer. Thank you, sir, you may begin.

現在我將把會議交給財務長邁克爾·比爾。謝謝您，先生，您可以開始了。

Thank you. Hello, and welcome to Energy Vault's third-quarter 2025 financial results conference call. As a reminder, Energy Vault's earnings press release and presentation are available now on our investor website, which we'll be referring to during this call. This call is now being recorded. If you object in any way, please disconnect.

謝謝。大家好，歡迎參加 Energy Vault 2025 年第三季財務業績電話會議。提醒各位，Energy Vault 的收益新聞稿和簡報現已發佈在我們的投資者網站上，我們將在本次電話會議中提及。本次通話正在錄音。如果您有任何異議，請斷開連接。

A replay of this call will be available later today on the Investor Relations portion of our website.

本次電話會議的錄音回放將於今日稍後在本公司網站的投資者關係版塊提供。

Please note that Energy Vault's earnings release and this call contain forward-looking statements that are subject to risks and uncertainties. These forward-looking statements are only estimates and may differ materially from the actual future events or results due to a variety of factors.

請注意，Energy Vault 的收益報告和本次電話會議包含前瞻性陳述，這些陳述存在風險和不確定性。這些前瞻性陳述僅為估計，由於各種因素，可能與實際未來事件或結果有重大差異。

Please refer to our most recent 10-K or 10-Q filing for a list of factors that cause our results to differ from those anticipated in any forward-looking statement. We undertake no obligation to publicly update or revise any forward-looking statements, except as required by law.

請查閱我們最新的 10-K 或 10-Q 文件，以了解導致我們的實際結果與任何前瞻性聲明中預期結果差異的因素清單。除法律要求外，我們不承擔公開更新或修改任何前瞻性聲明的義務。

In addition, please note that we will be presenting and discussing certain non-GAAP information. Please refer to the Safe Harbor disclaimer and non-GAAP financial measures presented in our earnings release for more details, including a reconciliation to comparable GAAP measures.

此外，請注意，我們將介紹和討論某些非GAAP資訊。有關更多詳細信息，包括與可比較GAAP指標的調節表，請參閱我們的盈利報告中的“安全港免責聲明”和“非GAAP財務指標”。

Joining me on this call today is Robert Piconi, our Chairman and Chief Executive Officer.

今天和我一起參加電話會議的還有我們的董事長兼執行長羅伯特·皮科尼。

At this time, I'd like to hand the call over to Robert.

此時，我想把電話交給羅伯特。

Great. Thank you, Michael, and good morning and evening and afternoon to everybody that's joining this call. Our third quarter of 2025 was one of the most pivotal in Energy Vault's history. The quarter marked the formal launch of our Asset Vault platform, solid execution across our global project base, and the establishment of the financial foundation that will fuel our next phase of profitable growth.

偉大的。謝謝你，邁克爾，也祝所有參加本次電話會議的朋友們早安、晚上好、下午好。2025 年第三季是 Energy Vault 史上最關鍵的季度之一。本季標誌著我們的資產庫平台正式推出，我們在全球專案基礎中取得了穩健的執行，並建立了將推動我們下一階段獲利成長的財務基礎。

It was less than 18 months ago, we outlined a bold strategy to execute a plan involving developing, building, owning, and operating energy storage assets over time, constructed at financially privileged or attractive points of grid interconnection to achieve top quartile investment returns.

不到 18 個月前，我們制定了一項大膽的策略，旨在逐步開發、建造、擁有和營運儲能資產，這些資產將建在經濟條件優越或具有吸引力的電網互連點，以實現前四分之一的投資回報。

In that time, we have also built, commissioned, and now are operating for the first time the two initial projects in Texas and California, with the revenue included in all the Q3 results also for the first time.

在此期間，我們還在德克薩斯州和加利福尼亞州建造、調試並首次運營了最初的兩個項目，其收入也首次計入了第三季度的所有業績中。

And while initially built using our balance sheet cash, we followed with two consecutive project financings closed in the last six months as we continue to put cash back on our balance sheet with now three consecutive quarters of growing cash. And as you will hear from Michael and saw in our investor presentation, a large increase in cash also expected for our fourth and final quarter this year.

雖然最初是用我們資產負債表上的現金建造的，但在過去六個月裡，我們又連續完成了兩個項目融資，不斷將現金重新投入資產負債表，目前現金已連續三個季度增長。正如您將從邁克爾那裡聽到的，以及在我們的投資者簡報中看到的那樣，我們預計今年第四個也是最後一個季度的現金流也將大幅增加。

You'll recall at our last earnings, we announced the framework of the new non-dilutive preferred equity platform to fund and put into operation an initial 1.5 gigawatt of energy storage IPP project, unleashing over $1.1 billion in capital that we formally announced the close of the $300 million transactions just last month with Orion Infrastructure.

您可能還記得，在我們上次的收益報告中，我們宣布了新的非稀釋性優先股平台框架，用於資助和運營最初的 1.5 吉瓦儲能獨立發電項目，釋放超過 11 億美元的資本。就在上個月，我們正式宣布與 Orion Infrastructure 完成了 3 億美元的交易。

In the spirit of moving with speed and velocity, which are becoming table stakes now for success in this industry, we immediately put that capital to work last month with the purchase of a 150-megawatt interconnect site outside of Houston, Texas from Savion, a US division of Shell.

本著快速行動的精神（這已成為該行業成功的必要條件），我們上個月立即投入資金，從殼牌美國分公司 Savion 手中收購了位於德克薩斯州休斯頓郊外的一個 150 兆瓦互聯站點。

Coupled with the 125-megawatt site at Stoney Creek in Australia already closed earlier this year with the long-term energy service 14-year contract with the New South Wales government, that now brings our project total to four and 340 megawatts operating or in construction, which will be delivering a little over $40 million in recurring annual EBITDA for these initial projects as all come online in the next 12 to 24 months.

加上今年早些時候已與新南威爾士州政府簽訂的為期 14 年的長期能源服務合同，位於澳大利亞斯托尼克里克的 125 兆瓦電站項目竣工，目前我們的項目總數已達四個，運營或建設中的裝機容量為 340 兆瓦。這些初始項目將在未來 12 至 24 個月內全部上線，預計每年將帶來略高於 4,000 萬美元的經常性 EBITDA。

When I was in Australia last week, I shared for the first time as well at our Investor and Analyst Day, our deepening collaboration with the team at Crusoe. Crusoe, the AI factory company. Chase, Cully, and the team there with their focus on energy first are innovating and redefining what it means to move with the speed and velocity that I referenced earlier in vertically integrating to deliver the largest AI data centers in the world in time frames previously thought impossible, as the initial Stargate project in Abilene shows alone. I think an example for all of us for what is now becoming a requirement to be successful in this industry.

上週我在澳洲的時候，在我們的投資者和分析師日活動上，我也首次分享了我們與 Crusoe 團隊不斷深化的合作。Crusoe，人工智慧工廠公司。Chase、Cully 和他們的團隊以能源為先，不斷創新，重新定義了垂直整合的速度和規模，從而在以前認為不可能的時間範圍內交付世界上最大的 AI 資料中心，僅阿比林的 Stargate 專案就證明了這一點。我認為這對我們所有人來說都是一個例子，說明現在要想在這個行業取得成功，這已經成為一種必備條件。

In a similar fashion, Energy Vault is vertically integrating and originating now, designing, building and now owning and operating energy storage assets over longer time frames, a synergistic endeavor with the same relentless focus on execution and now with greater speed and efficiency of getting capital deployed with the new Asset Vault platform.

同樣，Energy Vault 正在進行垂直整合，從設計、建造到擁有和運營儲能資產，再到更長的運營，這是一種協同努力，同樣堅持不懈地專注於執行，現在藉助新的 Asset Vault 平台，可以更快、更有效率地部署資金。

While these larger projects will take some time to be built and come online in the next 12 to 24 months and then with the subsequent 10- to 15-year-plus revenue streams, a reminder that it is Energy Vault that will be building these projects.

雖然這些大型項目需要一些時間才能建成並投入使用，預計在未來 12 至 24 個月內投入運營，並帶來長達 10 至 15 年以上的收入流，但需要提醒的是，這些項目是由 Energy Vault 負責建設的。

So when we talk about the $1.1 billion in CapEx that the $300 million preferred enables, that CapEx will be funding into Energy Vault to build and commission these projects, which results in another $100 million to $150 million in cash flow back to the parent company in the form of project margins, long-term service agreements, among other cost and profit recoveries.

因此，當我們談到3億美元優先股帶來的11億美元資本支出時，這些資本支出將用於Energy Vault的建設和調試這些項目，從而以項目利潤、長期服務協議以及其他成本和利潤回收的形式，為母公司帶來另外1億至1.5億美元的現金流。

I realize it's been a little longer time given how busy it's been the last 60 days since we last spoke at the quarterly earnings. I do want to jump right in here to our quarterly results. But as you get a sense, there's been just a lot going on that we've been executing as a company on a series of fronts, and really proud of the team at Energy Vault and all of our partners, as well as the support of our Board of Directors that all supported in making this happen.

我知道距離我們上次在季度財報會上交談已經過去了一段時間，因為過去 60 天我一直很忙。我想直接切入正題，談談我們的季度業績。但正如你所感受到的，我們公司在許多方面都進行了很多工作，我為 Energy Vault 團隊和所有合作夥伴感到非常自豪，也為董事會的支持感到自豪，正是他們的支持才使得這一切成為可能。

Michael has been covering the results in more detail, I would like to cover some of the top of the waves here on the results as we entered into the second half of our year and began to deliver the expected revenue ramp and what was a strong and expected performance for the quarter.

Michael 已經對業績進行了更詳細的報道，我想在這裡重點介紹一下業績中的一些亮點，因為我們進入了下半年，開始實現預期的收入增長，並且本季度業績強勁且符合預期。

Also a reminder for everyone, there is a publicly available investor presentation that's on the website that you can download, and we would be referring to some of the charts that are in that presentation.

另外提醒大家，網站上有一份公開的投資者演示文稿，您可以下載，我們將參考該演示文稿中的一些圖表。

As you saw, the contract backlog remains near $1 billion for us to execute upon in the years to come, which has more than doubled this year and about 4 times what it was from this time last year in 2024. The ramp started as expected with $33 million, a substantial increase on both a year-over-year and sequential quarter basis and expecting an even larger jump of about $150 million or thereabouts in Q4 with the deliveries in Australia and the US.

正如你所看到的，未來幾年我們需要執行的合約積壓金額仍然接近 10 億美元，今年已經翻了一番多，到 2024 年將比去年同期增長約 4 倍。如預期，產能爬坡開始，達到 3,300 萬美元，與去年同期和季度環比相比均有大幅增長，預計隨著第四季度在澳大利亞和美國的交付，產能將進一步增長約 1.5 億美元。

That $33 million also includes some of the first recurring contributions now from our two energy storage IPP projects in Texas and California.

這 3300 萬美元還包括我們位於德克薩斯州和加利福尼亞州的兩個儲能獨立發電項目的一些首批經常性貢獻。

We also delivered strong unit economics with gross margins of 27% in the quarter, bringing our year-to-date gross margins to almost 33%. This reflects strong management of our project deliveries of our supply chain and just general execution competencies, which is one of the most critical core strengths of the company.

本季我們的單位經濟效益也十分強勁，毛利率達到 27%，使今年迄今的毛利率接近 33%。這體現了我們對供應鏈專案交付的強大管理能力以及整體執行能力，而這正是公司最關鍵的核心優勢之一。

We saw the EBITDA loss narrow to only $6 million for the quarter, noteworthy on only $33 million of revenue. We continue to find ways to optimize our OpEx and be as efficient as we can as we push to a full year profitability.

本季 EBITDA 虧損收窄至僅 600 萬美元，值得注意的是，本季營收僅 3,300 萬美元。我們將繼續尋找優化營運支出的方法，並盡可能提高效率，以期實現全年獲利。

And another good story on our cash creation. As we have every quarter this year, we continue to grow our cash balance and return cash to the balance sheet through the project financings completed and with the first phase of the Asset Vault platform just coming online.

關於我們現金流創造的另一個好消息。與今年每季一樣，我們繼續增加現金餘額，並透過已完成的專案融資將現金返還到資產負債表上，而且資產庫平台的第一階段也已上線。

Noteworthy here that we are still expecting now another $30 million to $40 million in investment tax credits as well to return to our balance sheet this quarter in Q4, hence, the expected jump in our cash to $75 million to $100 million range as we close the year, setting ourselves up well for 2026.

值得注意的是，我們預計本季（第四季）還將有 3,000 萬至 4,000 萬美元的投資稅收抵免額計入我們的資產負債表，因此，預計到年底我們的現金將躍升至 7,500 萬至 1 億美元，為 2026 年做好充分準備。

And for us at Energy Vault, our results, of course, encompass more than just the financial side, but also the results and the impact we strive to make as a company, reflecting how we do our business and the sustainability of our solutions to enable prosperity for all humankind in a resilient way.

對於我們 Energy Vault 而言，我們的業績當然不僅包括財務​​方面，還包括我們作為一家公司努力取得的成果和影響，這反映了我們的經營方式以及我們解決方案的可持續性，從而以具有韌性的方式為全人類帶來繁榮。

I'm very proud to share today that we have continued to advance our leadership in sustainability with S&P Global's latest release of their ESG scores. Energy Vault continued along its improvement path year over year, placing again in the top 98th percentile of all companies reviewed by S&P Global, while critically maintaining its leadership as the number one company in the energy storage segment.

今天我非常自豪地宣布，憑藉標普全球最新發布的ESG評分，我們在永續發展領域的領先地位繼續得到鞏固。Energy Vault 繼續保持著逐年進步的勢頭，再次躋身標普全球所有受評公司中的前 98% 行列，同時至關重要的是，它保持了其在儲能領域排名第一的領先地位。

This speaks to the culture and the execution philosophy that we have as a company that really comes down to our purpose of what we seek to fulfill and the impact we are making and will continue to make in our global communities.

這體現了我們公司的文化和執行理念，這實際上歸根結底是我們追求的目標，以及我們正在並將繼續在全球社區中產生的影響。

I want to send out a special thanks to Edward Johnson and Michael Van Parys as well for their specific leadership within Energy Vault to make this happen, but also their humility, which reflects our humility as an organization to realize that we have much more work to do here. The insatiable demand for power we see now will make this focus even more critical if we want to have a shot at improving the quality of life on earth for decades to come.

我還要特別感謝 Edward Johnson 和 Michael Van Parys，感謝他們在 Energy Vault 內部的領導，使這一切成為可能，同時也要感謝他們的謙遜，這反映了我們作為一個組織的謙遜，即意識到我們還有很多工作要做。我們現在看到的對能源永無止境的需求，將使這一關注變得更加重要，如果我們想要在未來幾十年裡改善地球上的生活品質的話。

With that, I'd like to turn it over to Michael Beer, our CFO.

接下來，我將把發言權交給我們的財務長麥可‧比爾。

Thanks, Rob. Turning to Q3 2025 results on slides 3 and 4 in the attached presentation. We delivered Q3 revenue of $33.3 million compared to $1.2 million a year ago, representing a 27x increase year over year, driven by strong execution on Australia projects and the initial contribution from the Asset Vault assets.

謝謝你，羅伯。接下來請看附件簡報中的第 3 和第 4 頁，以了解 2025 年第三季的業績。第三季營收為 3,330 萬美元，而去年同期為 120 萬美元，年增 27 倍，這主要得益於澳洲計畫的強勁執行以及資產庫資產的初步貢獻。

Q3 '25 GAAP gross profit of $9 million improved nearly 18x versus the prior year, driven by increased revenue and favorable business mix, resulting in a Q3 2025 gross margin of 27% and 32.6% year-to-date. Q3 adjusted operating expenses were $16.2 million, flat quarter over quarter, but up modestly versus last quarter as ongoing cost reduction initiatives were generally offset by start-up costs and development expense related to Asset Vault and growth in Australia.

2025 年第三季 GAAP 毛利為 900 萬美元，較上年同期成長近 18 倍，主要得益於營收成長和業務組合的最佳化，使得 2025 年第三季毛利率達到 27%，年初至今毛利率達到 32.6%。第三季調整後的營運支出為 1,620 萬美元，與上一季持平，但與上一季相比略有成長，因為持續的成本削減措施總體上被與 Asset Vault 相關的啟動成本和開發費用以及在澳洲的成長所抵消。

Q3 adjusted EBITDA, excluding stock-based compensation and other onetime items outlined on slide 11 of the earnings presentation, improved to a loss of $6 million from a loss of $14.7 million in the prior year ago quarter, driven by higher revenue and gross profit.

第三季調整後 EBITDA（不包括股票選擇權費用和收益報告第 11 頁中列出的其他一次性項目）由去年同期虧損 1,470 萬美元改善至虧損 600 萬美元，這主要得益於收入和毛利的成長。

Regarding cash and project financing, cash as of September 30, 2025, was $61.9 million, up 7% sequentially and in line with our previous guidance. The company completed a securities purchase agreement for up to $75 million, of which $30 million has been drawn to date.

關於現金和專案融資，截至 2025 年 9 月 30 日，現金為 6,190 萬美元，環比增長 7%，與我們先前的預期一致。該公司完成了一項價值高達 7,500 萬美元的證券購買協議，迄今已提取 3,000 萬美元。

Following the quarter, we closed a $300 million preferred equity agreement with OIC for the launch of the own and operate business called Asset Vault, which we'll discuss in a moment. Along with the large sequential increase in revenue and customer receivables anticipated during the fourth quarter, we also expect to receive $40 million of investment tax credit proceeds, which we've committed to those projects now placed in service.

本季結束後，我們與 OIC 達成了一項 3 億美元的優先股協議，用於啟動名為 Asset Vault 的自有自營業務，我們稍後會對此進行討論。除了預計第四季度收入和客戶應收帳款將大幅環比增長外，我們還預計將收到 4000 萬美元的投資稅收抵免收益，我們已將這些收益用於目前已投入使用的項目。

As it relates to the latest backlog and developed pipeline, as reflected on slide 5, the company currently maintains a revenue backlog of $920 million, up 112% year-to-date, offset in part by the $50 million in recognized revenue this year, including the initial contribution from Calistoga and Cross Trails projects now included in Asset Vault. The backlog increase reflects new projects with, Consumers Energy, a long-term service agreement with an existing customer and long-term offtake agreements in the US and Australia.

關於最新的積壓訂單和已開發的管道，如幻燈片 5 所示，該公司目前保持著 9.2 億美元的收入積壓訂單，同比增長 112%，部分被今年已確認的 5000 萬美元收入所抵消，其中包括 Calistoga 和 Cross Trails 項目的初步貢獻，這些項目現在已納入資產庫。積壓訂單的增加反映了與 Consumers Energy 的新項目、與現有客戶簽訂的長期服務協議以及在美國和澳洲簽訂的長期承購協議。

As highlighted in the press release, the company also recently acquired the 150-megawatt 300-megawatt hour SOSA project in Texas as part of the Asset Vault portfolio and entered into an agreement with EU Green for a 400-megawatt hour project in Albania, subject to final Albanian legislative approval, both of which we expect to be included in backlog once finalized and key milestones are completed. Our total development pipeline for advanced projects, third party, and those within Asset Vault is around $2.1 billion or roughly 8.7 gigawatt hours.

正如新聞稿中所強調的那樣，該公司最近還收購了位於德克薩斯州的 150 兆瓦 300 兆瓦時的 SOSA 項目，作為資產庫投資組合的一部分，並與 EU Green 就位於阿爾巴尼亞的一個 400 兆瓦時項目達成協議，但需獲得阿爾巴尼亞立法機構的最終批准，我們預計這兩個項目一旦最終確定並完成關鍵里程碑，都將納入事項清單，一旦最終確定並完成兩個項目。我們針對高階專案、第三方專案以及資產庫內專案的總開發計畫價值約為 21 億美元，約 8.7 吉瓦時。

Turning to our business outlook. Reflecting the timing of US battery deliveries associated with Consumers Energy projects and other project time lines in Australia, we are estimating full-year 2025 revenue of $200 million to $250 million within the prior guidance range. We are estimating full-year 2025 gross margin of between 14% and 16%, in line with our historical averages.

接下來談談我們的業務前景。考慮到與 Consumers Energy 專案相關的美國電池交付時間以及澳洲其他專案的進度，我們預計 2025 年全年收入將在 2 億美元至 2.5 億美元之間，與先前的指導範圍一致。我們預計 2025 年全年毛利率將在 14% 至 16% 之間，與我們的歷史平均值一致。

From a cash and project financing perspective, we are estimating $75 million to $100 million in total cash at the end of this year, unchanged versus previous guidance.

從現金和專案融資的角度來看，我們預計到今年年底，現金總額將達到 7,500 萬美元至 1 億美元，與先前的預期相當。

We are now scaling up development activity and support services for Asset Vault with both Calistoga Resiliency Center and Cross Trails now in service, we expect these assets to contribute annualized adjusted EBITDA on a stand-alone basis of $10 million.

我們現在正在擴大 Asset Vault 的開發活動和支援服務，Calistoga Resiliency Center 和 Cross Trails 現已投入使用，我們預計這些資產將貢獻 1000 萬美元的年度調整後 EBITDA（獨立營運）。

As Rob had mentioned, on October 29, management held its second Investor and Analyst Day to provide additional detail around the recently launched Asset Vault business, Energy Vault's wholly owned subsidiary focused on global development, construction, ownership, and operation of energy storage assets.

正如羅布所提到的，10 月 29 日，管理層舉行了第二次投資者和分析師日活動，以提供有關最近推出的 Asset Vault 業務的更多細節。 Asset Vault 是 Energy Vault 的全資子公司，專注於全球儲能資產的開發、建造、所有權和營運。

We also discussed strategic growth plans as the company leverages Asset Vault to build and manage an expanding portfolio of contracted and operational storage projects. That presentation and replay are available on our website.

我們還討論了公司利用 Asset Vault 建立和管理不斷擴大的已簽約和營運儲存專案組合的策略成長計劃。此簡報和回放可在我們的網站上觀看。

With the backing of the $300 million preferred equity investment from OIC, Asset Vault creates a vertically integrated ecosystem that captures value across the entire energy storage life cycle. That platform combines Energy Vault's proven operational expertise with long-term asset ownership to generate predictable recurring and high-margin cash flows.

在 OIC 提供的 3 億美元優先股投資的支持下，Asset Vault 創建了一個垂直整合的生態系統，在整個儲能生命週期中獲得價值。該平台結合了 Energy Vault 久經考驗的營運專長和長期資產所有權，以產生可預測的經常性高利潤現金流。

With the launch of Asset Vault, Energy Vault is positioned to accelerate deployment of 1.5 gigawatts in attractive priority markets and upper-tier IRR projects as part of Fund 1. And that Fund 1 is expected to contribute roughly $40 million in recurring adjusted EBITDA by year-end 2027 from the four maiden projects, including the recently announced SOSA project and the Stoney Creek project in Australia, both of which are in the process of commencing their respective project financing processes, and to achieve $100 million to $150 million in recurring adjusted EBITDA by year-end 2029 from attractive projects yet to be disclosed across high-growth markets in the US, Australia, and Europe.

隨著 Asset Vault 的推出，Energy Vault 將加速在有吸引力的優先市場和高 IRR 專案中部署 1.5 吉瓦的能源，作為第一期基金的一部分。該基金 1 預計到 2027 年底，將透過四個首批項目（包括最近宣布的 SOSA 項目和澳大利亞的 Stoney Creek 項目）貢獻約 4000 萬美元的經常性調整後 EBITDA，這兩個項目目前都正在進行各自的項目融資流程；到 2029 年底，該基金還將通過在美國、澳大利亞和歐洲等高增長EBITDA。

The project portfolio is prioritized with a clear monetization strategy, supported by long-term offtake agreements with bankable partners and/or attractive merchant markets. We're currently expecting our merchant exposure to be around 25%.

專案組合的優先順序明確，並製定了清晰的盈利策略，同時與有信譽的合作夥伴和/或有吸引力的商業市場簽訂了長期承購協議。我們目前預計商家風險敞口約為 25%。

Further, by leveraging Energy Vault's existing EPC integration capabilities as well as a host of other services we provide today to our third-party customers, we can unlock notable synergies across the business, including larger volume commitments with suppliers, et cetera, adding incremental cash flows and liquidity to the parent company.

此外，透過利用 Energy Vault 現有的 EPC 整合能力以及我們目前向第三方客戶提供的眾多其他服務，我們可以釋放整個業務的顯著協同效應，包括與供應商達成更大的批量承諾等，從而為母公司增加額外的現金流和流動性。

Case in point, as Rob had mentioned, assuming a mid-teens average historical gross margin on $1 billion-plus of CapEx for internally developed projects, Energy Vault should generate additional cash flows that more than cover the associated equity investment.

例如，正如羅布所提到的那樣，假設內部開發的資本支出超過 10 億美元，歷史平均毛利率為 15% 左右，那麼 Energy Vault 應該能夠產生額外的現金流，足以彌補相關的股權投資。

With that, I'll hand it back over to Rob.

就這樣，我把它還給羅布。

Thank you, Michael. I think we were going to open it up for some questions now.

謝謝你，麥可。我想我們現在應該會開放提問環節。

(Operator Instructions) Noel Parks, Tuohy Brothers.

（操作說明）諾埃爾·帕克斯，圖伊兄弟。

Hi. Good afternoon. Hi. Just one item I noticed in the P&L is it looks like R&D expense actually declined sequentially a bit. And I was just curious if you had any updated thoughts on with some of the structure changes, just what the -- how the expense lines might be affected as if there's more capitalization going on going forward or something.

你好。午安.你好。我在損益表中註意到一點，研發費用似乎較上季略有下降。我只是好奇您對一些結構變化是否有任何最新的想法，例如——如果未來有更多的資本化或其他情況發生，費用項目可能會受到怎樣的影響。

Sure. Happy to take this one. I would say it's a confluence of a handful of things. As you know, we've been tightening the belt from a cost perspective really over the last year. So this is the reflection of some of those activities.

當然。我很樂意接受這個任務。我認為這是多種因素共同作用的結果。如您所知，過去一年來，我們在成本控制方面一直在嚴格勒緊褲腰帶。所以，這反映了其中一些活動。

Furthermore, the company was in a different phase following the IPO and around that time where we were investing heavily in R&D. And at this stage, we're looking to harvest the benefits of some of those earlier investments. And so a little less focus around R&D and more around certain activities such as Asset Vault and so forth.

此外，公司在上市後進入了不同的發展階段，當時我們對研發進行了大量投資。現階段，我們希望收穫早期投資帶來的利益。因此，研發方面的投入減少了一些，而資產庫等特定活動則得到了更多關注。

Great. Thanks. And I guess I'm thinking a little bit bigger picture. As we've had a fair amount of macro uncertainty in the quarter and the months before that. And things like the shutdown certainly haven't improved the clarity of where many things in the marketplace are heading.

偉大的。謝謝。我想，我考慮的應該是更宏觀的層面。由於本季及之前幾個月宏觀經濟存在相當大的不確定性。而像疫情封鎖這樣的事件，無疑讓市場許多事物的發展方向更加不明朗。

So I'm just wondering if your pace of discussions on the customer acquisition, bus dev side, I just wondered if you've characterized customers feeling a sense of urgency and pressing on unabated or whether there's been some more hesitation introduced and thinking especially maybe as you're doing with utilities at times.

所以我想知道，在客戶獲取和業務拓展方面，你們的討論節奏如何？我想知道，你們是否認為客戶感到緊迫並持續推進，或者是否出現了一些猶豫和思考，尤其是當你們有時與公用事業公司合作時。

So I just wondered what that pace has been like since the summer.

所以我想知道自夏季以來，這種節奏如何。

Thanks, Noel. It's Rob here. I'll comment, and then I'm sure Michael may want to add a comment or two as well. Look, this year, for sure, if anything, has been quite volatile and dynamic between the tariff side of the equation, which obviously impacts a lot of the battery shipments that were coming from China and then up to and including the most recent shutdown and recent changes and ups and downs on tariffs. So we've had to manage through that as have our customers, and it's required a lot more terms with customers in terms of the deal structures and trying to deal with it.

謝謝你，諾埃爾。我是羅布。我會發表一些評論，我相信邁克爾也可能會補充一兩句話。今年，關稅方面的情況確實相當不穩定和多變，這顯然影響了來自中國的大量電池出貨量，包括最近的停產以及關稅的反覆波動。因此，我們和我們的客戶都必須應對這種情況，這需要在交易結構和處理問題方面與客戶達成更多協議。

So I think that's definitely caused some delays. And interestingly, on the Asset Vault side, meaning on the origination of deals we're looking at attractive assets, it is a buyer's market from what we see. I mean, we have opportunities getting thrown our way daily, looking at sites that have interconnects and projects.

所以我認為這肯定造成了一些延誤。有趣的是，就資產庫方面而言，也就是在尋找有吸引力的資產的交易發起方面，從我們所看到的來看，這是一個買方市場。我的意思是，我們每天都會遇到各種機會，例如考察那些有互聯互通的網站和專案。

So I think from an Asset Vault perspective, we're seeing a pretty target-rich environment and just obviously being careful on the ones that do make our list. We have a fairly formal and in-depth way that we evaluate these projects.

所以我覺得從資產庫的角度來看，我們看到的是一個目標資源非常豐富的環境，顯然，我們對最終進入我們名單的目標要格外謹慎。我們採用相當正式且深入的方式來評估這些項目。

But generally, I'd say from a US market perspective, we have had a lot of stop and starts across the board. And I think noteworthy, we're holding our guidance. I think we're one of the few companies in our space that are holding their guidance because of deliveries that we have underway and a lot to do next quarter, as you know. But that's what I'd share with you.

但總的來說，從美國市場的角度來看，我們各個方面都經歷了許多停滯和重啟。值得注意的是，我們暫緩執行指導意見。我認為，正如你所知，我們是業內少數幾家維持業績預期不變的公司之一，因為我們正在進行交付工作，而且下個季度還有很多工作要做。但這就是我想和你們分享的。

Michael, do you have anything to add to that?

邁克爾，你還有什麼要補充的嗎？

Yeah. We pride ourselves in having a nice diverse footprint and also being very agile. So earlier this year during tariff gate, I think on the earnings call, we had commented that only about 10% of our backlog was really subject to some of the volatility around US tariff rates. So starting to prepare and protect ourselves against some of these shocks.

是的。我們以擁有多元化的業務佈局和極強的靈活性而自豪。所以今年稍早在關稅門事件期間，我想在財報電話會議上，我們曾表示，我們積壓訂單中只有大約 10% 真正受到美國關稅稅率波動的影響。所以，我們開始著手準備，保護自己免受這些衝擊。

The other thing is just being agile over the last five years plus, we've seen a 90% decline in battery prices, right, at the cell level. And so being able to participate in the most attractive parts of the value stack and choosing to own and operate assets rather than simply being a third-party service provider has set us up exceptionally well.

另一點是，在過去的五年多時間裡，我們保持了敏捷性，電池價格下降了 90%，對吧，這是在電芯層面。因此，能夠參與價值鏈中最具吸引力的部分，並選擇擁有和經營資產而不是僅僅作為第三方服務提供者，使我們處於非常有利的地位。

Great. Thanks a lot.

偉大的。多謝。

Thanks, Noel.

謝謝你，諾埃爾。

(Operator Instructions) Sid Rajeev, Fundamental Research Corp.

（操作說明）Sid Rajeev，基礎研究公司

Hi. Just to confirm, the current backlog, it does not include the recently announced projects in Albania, right? And also, any plans to add these projects to Asset Vault in the future?

你好。再次確認一下，目前的積壓項目不包括最近在阿爾巴尼亞宣布的項目，對嗎？此外，未來是否有計劃將這些項目添加到資產庫中？

That's right. So the $920 million backlog today does not include either the SOSA project or the project that we had announced with EU Green. The SOSA project is part of Asset Vault and will contribute to a lot of those recurring EBITDA numbers that we had guided previously. I would expect those to be added to backlog, yeah.

這是正確的。因此，目前9.2億美元的積壓項目既不包括SOSA項目，也不包括我們與歐盟綠色組織共同宣布的項目。SOSA 計畫是 Asset Vault 的一部分，並將為我們先前預測的許多經常性 EBITDA 數據做出貢獻。是的，我預計這些都會被添加到待辦事項清單中。

No, to Asset Vault?

不，是到資產庫嗎？

They'll be added to the backlog for the broader company and it will also be part of Asset Vault. That's correct.

它們將被添加到公司整體的待辦事項清單中，並且也將成為資產庫的一部分。沒錯。

Okay. Just one more. The development pipeline showed a massive increase from 5.9 to 8.7 gigawatt hour, $300 million added. What -- which projects specifically were added to this?

好的。再來一個。發展規劃項目從 5.9 吉瓦時大幅增加到 8.7 吉瓦時，新增資金達 3 億美元。具體來說，哪些項目被添加到這個清單中？

We've not disclosed the specific projects. These are what we internally classified as Stage 4 or Stage 5 opportunities where we've either been shortlisted or awarded opportunities. And obviously, as we curate the pipeline around Asset Vault, there certainly are -- there's been some ins and outs, and that is likely reflected in that change.

我們尚未透露具體項目。這些是我們內部歸類為第四階段或第五階段的機會，我們已經入圍或獲得了這些機會。顯然，在我們圍繞 Asset Vault 建立流程的過程中，肯定會有一些變化和調整，而這些變化很可能也反映了這一點。

Okay. Thank you. And congrats on the Q3 results.

好的。謝謝。恭喜你們取得第三季業績。

(Operator Instructions) With no further questions, I would like to turn the conference back over to Robert for closing remarks.

（操作說明）沒有其他問題了，現在我將會議交還給羅伯特，請他作總結發言。

Thank you, operator. Look, I'm happy to be talking about this quarter now as -- and in the last six years, in particular, have been quite transformational for us in terms of executing on what we said we were going to do, in particular, with getting the Asset Vault platform in place, I think that was significant.

謝謝接線生。很高興現在能談談這個季度，因為——尤其是在過去六年裡，這六年對我們來說是具有變革意義的，尤其是在執行我們所說的要做的事情方面，特別是資產庫平台的建立，我認為這意義重大。

But in addition, and not to lose sight of the execution capabilities of this company and keeping our eye on the ball despite all of the various transactions that are going on around us between the project financings, between what it takes to get all the investment tax credits all organized and administered. Just delivery of product around the world.

此外，我們也不能忽視這家公司的執行能力，儘管周圍有很多交易正在進行，包括專案融資、組織和管理所有投資稅收抵免等，但我們仍然要專注於核心業務。僅提供全球產品配送服務。

I think what's going on in Australia right now is one of our larger projects, which Australia represented more than half of our revenue this quarter and will continue to play a large part, I think, into the next quarter, getting there and delivering product toward our first, what's called an R2, which in Australia is your first grid interconnected project.

我認為目前在澳洲進行的項目是我們最大的項目之一，該項目在本季度為我們貢獻了超過一半的收入，而且我認為在下一季度，澳大利亞仍將發揮重要作用，我們正在努力推進並交付產品，以實現我們第一個所謂的 R2 項目，在澳大利亞，R2 是你們第一個併網項目。

That for us is the ACEN project. They're a large customer, a large partner of ours. We're delivering a few projects for them right now, and Q4 and into next year will play an important role in that for our future and the growth in the Australian market.

對我們來說，這就是ACEN計畫。他們是我們的重要客戶和合作夥伴。我們目前正在為他們交付幾個項目，第四季度以及明年將對我們的未來和澳洲市場的成長起到重要作用。

I just want to thank all of our employees first, our days start and end with all of you. And thank you, everybody, for your focus and dedication through what remains a pretty volatile time, a lot of things going on around us that we do not control.

首先，我要感謝我們所有的員工，我們每天的工作都離不開你們。感謝大家在這段仍然相當動盪的時期所展現出的專注和奉獻精神，這段時期發生了很多我們無法控制的事情。

However, we do have to plan and continue to plan for that as a company and ensure we have all the levers available to us to ensure we can respond and react and adapt as needed in the market while just staying focused on our strategy, which really starts with serving our customers.

但是，作為一家公司，我們必須為此制定計劃並繼續制定計劃，確保我們擁有所有可用的手段，以便在市場需要時能夠做出反應、應對和調整，同時始終專注於我們的策略，而我們的策略實際上是從服務客戶開始的。

We feel really good about that. We've announced a few new projects, new collaborations, some things focused on the new AI infrastructure that's getting built out and excited about how those developments are going to proceed and impact our company as well.

我們對此感到非常滿意。我們宣布了一些新項目、新的合作，其中一些項目專注於正在建造的新人工智慧基礎設施，我們對這些發展將如何進行以及將如何影響我們公司感到興奮。

I also want to thank our Board of Directors who, in the last quarter, all participated in buying stock in the company during the non-blackout period as well as some of the management and myself.

我還要感謝我們的董事會成員，他們在上個季度的非禁售期內都參與了公司股票的購買，此外還有一些管理層成員和我本人也參與了購買。

Hopefully, it's not lost on you all, the investors who are listening in, but also the employees that you've got management buying into the future of the company because of our faith and confidence in the prospects. And again, that really starts with the people of Energy Vault.

希望各位正在收聽的投資人以及各位員工都能明白，管理階層之所以對公司的未來充滿信心，是因為我們對公司前景抱持信念與信心。而這一切，真的要從 Energy Vault 的人開始說起。

So thanks to all of you.

所以，謝謝大家。

And operator, thank you for your support today.

操作員，感謝您今天的支持。

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

謝謝。今天的會議到此結束。現在您可以斷開連接了，感謝您的參與。