Nextpower Inc (NXT) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for standing by. My name is Jason, and I will be your conference operator today. Today's call is being recorded. I would like to welcome everyone to Nextracker's first-quarter fiscal year 2026 earnings call. (Operator Instructions)

大家下午好，謝謝大家的支持。我叫傑森，今天我將擔任您的會議主持人。今天的通話正在錄音。歡迎大家參加 Nextracker 2026 財年第一季財報電話會議。（操作員指示）

At this time, for opening remarks, I'd like to pass the call over to Ms. Sarah Lee, Head of Investor Relations. Sarah, you may begin.

現在，為了開場發言，我想將電話轉給投資人關係主管 Sarah Lee 女士。莎拉，你可以開始了。

Thank you, and good afternoon, everyone. Welcome to Nextracker's first-quarter fiscal year 2026 earnings call. I'm Sarah Lee, Nextracker's Head of Investor Relations, and I'm joined by Dan Shugar, our CEO and Founder; Howard Wenger, our President; and Chuck Boynton, our CFO. Following brief prepared remarks, we will transition to a Q&A session.

謝謝大家，下午好。歡迎參加 Nextracker 2026 財年第一季財報電話會議。我是 Nextracker 投資者關係主管 Sarah Lee，與我一起出席活動的還有我們的執行長兼創辦人 Dan Shugar、我們的總裁 Howard Wenger 和我們的財務長 Chuck Boynton。在簡短的準備好的發言之後，我們將進入問答環節。

As a reminder, there will be a replay of this call posted on the IR website along with the earnings press release and shareholder letter.

提醒一下，這次電話會議的重播將與收益新聞稿和股東信一起發佈在 IR 網站上。

Today's call contains statements regarding our business, financial performance and operations, including our business in our industry that may be considered forward-looking statements, and such statements involve risks and uncertainties that may cause actual results to differ materially from our expectations. Those statements are based on current beliefs, assumptions, and expectations and speak only as of the current date. For more information on those risks and uncertainties, please review our earnings press release, shareholder letter, and our SEC filings including our most recently filed quarterly report on Form 10-Q and annual report on Form 10-K, which are available on our IR website at investors.nextracker.com.

今天的電話會議包含有關我們的業務、財務業績和營運的聲明，包括我們行業中的業務，這些聲明可能被視為前瞻性聲明，此類聲明涉及風險和不確定性，可能導致實際結果與我們的預期存在重大差異。這些聲明是基於當前的信念、假設和期望，並且僅代表當前日期的觀點。有關這些風險和不確定性的更多信息，請查看我們的收益新聞稿、股東信函和我們向美國證券交易委員會提交的文件，包括我們最近提交的 10-Q 表季度報告和 10-K 表年度報告，這些文件可在我們的 IR 網站 investors.nextracker.com 上找到。

This information is subject to change, and we undertake no obligation to update any forward-looking statements as a result of new information, future events, or changes in our expectations.

此資訊可能會發生變化，我們不承擔因新資訊、未來事件或我們預期的變化而更新任何前瞻性陳述的義務。

Please note, we will provide GAAP and non-GAAP measures on today's call. The full non-GAAP to GAAP reconciliations can be found in the appendix to the press release and the shareholder letter as well as the financial section of the IR website.

請注意，我們將在今天的電話會議上提供 GAAP 和非 GAAP 指標。完整的非 GAAP 與 GAAP 對帳表可在新聞稿和股東信函附錄以及 IR 網站的財務部分中找到。

Now I will turn the call over to our CEO and Founder. Dan?

現在我將把電話轉給我們的執行長兼創辦人。擔？

Good afternoon, everyone, and thank you for joining us. I'm pleased to report our strong start to fiscal year '26, building on the momentum we established last year.

大家下午好，感謝大家的參與。我很高興地報告，我們在 26 財年取得了強勁開局，延續了去年建立的勢頭。

Nextracker continues to deliver consistent growth and strong financial performance driven by technological leadership, operational excellence, and relentless focus on customer value. We delivered robust financial results across all key metrics.

在技術領先、卓越營運和對客戶價值的不懈關注的推動下，Nextracker 繼續實現持續成長和強勁的財務表現。我們在所有關鍵指標上都取得了強勁的財務表現。

Q1 revenue grew 20% year over year to $864 million, and adjusted EBITDA increased 23% to $215 million. Our backlog hit a new record of over $4.75 billion, reflecting healthy global demand and an increasingly strong competitive position. We also continued to generate solid cash flow and strengthen our balance sheet.

第一季營收年增 20% 至 8.64 億美元，調整後 EBITDA 成長 23% 至 2.15 億美元。我們的積壓訂單創下了超過 47.5 億美元的新紀錄，反映出健康的全球需求和日益增強的競爭地位。我們也繼續產生穩健的現金流並加強我們的資產負債表。

We're particularly pleased with our strong Q1 performance, considering the evolving US policy environment. Our ability to consistently execute in challenging conditions speaks to the strength of our team, differentiated products, and the quality of our customer relationships.

考慮到不斷變化的美國政策環境，我們對第一季的強勁表現感到特別滿意。我們能夠在充滿挑戰的條件下持續執行，這體現了我們團隊的實力、差異化的產品以及我們客戶關係的品質。

One of the most impactful developments in the quarter was the passage of the OBBBA reconciliation bill, which addressed a significant portion of the uncertainty surrounding solar manufacturing and investment tax spreads. While further clarification is expected, particularly around treasury cuts and Safe Harbor provisions, we believe Nextracker is well positioned by virtue of our deep backlog and highly flexible US supply chain.

本季最具影響力的進展之一是 OBBBA 和解法案的通過，該法案解決了太陽能製造和投資稅差的大部分不確定性。雖然預計會有進一步的澄清，特別是有關削減國債和安全港條款，但我們相信 Nextracker 憑藉我們大量的積壓訂單和高度靈活的美國供應鏈處於有利地位。

We've worked tirelessly with our suppliers to open and expand over 25 manufacturing facilities across the United States. The Federal Energy Regulatory Commission reported that solar accounted for more than 80% of new US generation capacity in 2024. Globally, solar contributed more than twice as much incremental electricity as the next largest energy source. And looking forward, the International Energy Agency predicts that solar will become the largest source of global electricity supply within the next decade.

我們與供應商不懈合作，在美國各地開設和擴大了 25 多家製造工廠。美國聯邦能源管理委員會報告稱，2024年，太陽能將占美國新增發電容量的80%以上。在全球範圍內，太陽能貢獻的增量電力是第二大能源的兩倍以上。展望未來，國際能源總署預測，未來十年內太陽能將成為全球最大的電力供應來源。

These powerful trends reinforce our conviction to solar and Nextracker, in particular, will play a central role in the future of energy. We're scaling our platform to address this rapidly expanding opportunity and announced this morning's three strategic acquisitions in the fields of robotics and AI. These technologies from autonomous inspection and robotic cleaning to 3D site mapping, integrate directly with our control and monitoring systems to help customers optimize performance, reduce O&M costs, and lower risk.

這些強勁的趨勢增強了我們對太陽能和 Nextracker 將在未來能源中發揮核心作用的信念。我們正在擴展我們的平台以應對這一快速擴張的機遇，並在今天上午宣布了在機器人和人工智慧領域的三項策略性收購。這些技術從自主檢查和機器人清潔到 3D 場地測繪，直接與我們的控制和監控系統集成，幫助客戶優化效能、降低營運和維護成本並降低風險。

This initiative exemplifies our strategy of combining breakthrough engineering with digital innovation to deliver more value across the full life cycle of the project. As we move beyond being the global leader in solar trackers and evolve into a broader technology platform for utility scale solar, we're excited to provide a more detailed look into our strategy at our upcoming Capital Markets Day on November 12 at our headquarters.

這項措施體現了我們將突破性工程與數位創新相結合的策略，旨在為專案的整個生命週期提供更多價值。隨著我們不再只是太陽能追蹤器的全球領導者，而是發展成為公用事業規模太陽能更廣泛的技術平台，我們很高興在 11 月 12 日於總部舉行的資本市場日上更詳細地介紹我們的策略。

With that, I'll turn it over to our President, Howard Wenger, to go deeper into our Q1 performance and the exciting developments across our technology portfolio.

接下來，我將把時間交給我們的總裁霍華德·溫格 (Howard Wenger)，深入了解我們第一季的業績以及我們技術組合中令人興奮的發展。

Thank you, Dan. Q1 was another great quarter for Nextracker, marked by strong customer bookings and backlog and excellent operational delivery. This forward momentum continues to be driven by a flight to quality in the market.

謝謝你，丹。第一季對 Nextracker 來說又是一個出色的季度，其特點是客戶預訂量和積壓訂單量強勁，營運交付也十分出色。這種前進的勢頭繼續受到市場對品質追求的推動。

As Dan noted, our performance is especially encouraging given the ongoing US policy dynamics and further underscores the strength of our global leadership position. According to Wood Mackenzie, Nextracker is now the number one tracker provider worldwide for the tenth consecutive year, increasing our market share to 26% during 2024. We're in the leading market position in North America, Latin America, and Oceania, which includes Australia.

正如丹所指出的，鑑於當前的美國政策動態，我們的表現尤其令人鼓舞，並進一步凸顯了我們全球領導地位的優勢。根據 Wood Mackenzie 的調查，Nextracker 已連續十年成為全球第一大追蹤器供應商，2024 年其市佔率將增至 26%。我們在北美、拉丁美洲和包括澳洲在內的大洋洲市場處於領先地位。

We are pleased to report we are also the top provider in Europe, highlighted by the flagship projects like the 550-megawatt Oricheio solar power plant in Greece, one of the largest in the region.

我們很高興地報告，我們也是歐洲頂級供應商，其旗艦項目包括希臘 550 兆瓦的 Oricheio 太陽能發電廠，它是該地區最大的太陽能發電廠之一。

Moving to pricing, cost, and project timing. In Q1, pricing for Nextracker was generally stable, and the company continued to manage costs well. Project timing was also stable and manageable on a portfolio basis with some projects accelerating and some pushing out consistent with previous quarters. Our backlog and large project portfolio provided excellent visibility and helped reduce uncertainty.

轉向定價、成本和專案時間。第一季度，Nextracker 的定價整體穩定，公司繼續妥善管理成本。從專案組合來看，專案時間安排也比較穩定且易於管理，有些專案正在加速推進，而有些專案則與前幾季保持一致。我們的積壓工作和大型專案組合提供了出色的可視性並有助於減少不確定性。

On the product side, we've continued to experience strong demand for our core NX Horizon tracker systems and TrueCapture technology. Our recently introduced Hail Pro system and expanded XTR tracker series are seeing rapid adoption with quarter-over-quarter sales up 43% and 22%, respectively.

在產品方面，我們的核心 NX Horizo​​n 追蹤系統和 TrueCapture 技術持續受到強勁需求。我們最近推出的 Hail Pro 系統和擴展的 XTR 追蹤器系列正在迅速普及，季度環比銷售額分別成長了 43% 和 22%。

Hail Pro is winning in the market due to its ability to produce both hail damage risk and insurance costs. This is yet another example of innovation driven by customer feedback and in this case, the insurance industry.

Hail Pro 因其能夠同時產生冰雹損害風險和保險成本而在市場上獲勝。這是由客戶回饋推動創新的另一個例子，在本例中指的是保險業。

We are pleased by the positive traction we are seeing as our technology platform expands to a more complete solution, including adding foundations in eBOS to our industry-leading tracker systems. Our foundation products and services continue to gain momentum with cumulative sales of [NX Firth Trust] now over 1 gigawatt.

隨著我們的技術平台擴展為更完整的解決方案，包括將 eBOS 的基礎添加到我們行業領先的追蹤系統，我們看到了積極的進展，我們對此感到很高興。我們的基礎產品和服務持續獲得發展勢頭，[NX Firth Trust] 的累積銷售額現已超過 1 千兆瓦。

We are also excited by customer reaction to our new eBOS solutions which we began selling during the quarter. We are optimistic about our ability to significantly scale our eBOS production. As Dan mentioned, we recently executed a series of strategic technology acquisitions, extending our platform and capabilities in robotics, automation, and AI. This includes acquiring the company's OnSight Technology and Amir Robotics and the IP from SenseHawk.

我們也對客戶對我們在本季開始銷售的新 eBOS 解決方案的反應感到興奮。我們對大幅擴大 eBOS 生產的能力充滿信心。正如丹所提到的，我們最近進行了一系列策略性技術收購，擴展了我們在機器人、自動化和人工智慧方面的平台和能力。其中包括收購該公司的 OnSight Technology 和 Amir Robotics 以及 SenseHawk 的 IP。

These acquisitions complement our own internal efforts by incorporating ground-based robots and drones to provide incremental customer value across the full project life cycle.

這些收購透過結合地面機器人和無人機來補充我們自己的內部努力，從而在整個專案生命週期中提供增量客戶價值。

OnSight's autonomous inspection robots and field-based detection technologies are already in use and available for immediate sale to US customers. We'll be providing detailed global rollout plans for these new products at a later date.

OnSight 的自主檢查機器人和基於現場的偵測技術已投入使用，並可立即向美國客戶銷售。我們將稍後提供這些新產品的詳細全球推廣計劃。

To lead us in this rapidly emerging area, we have appointed Dr. Francesco Borrelli as our new Chief AI and Robotics Officer. Dr. Borrelli is a globally recognized leader in AI and predictive model-based control systems. He brings decades of experience in autonomous technologies, and he played a key role in developing our true capture program. We're very excited about the potential of AI, robotics, and automation to further enhance the full customer experience and help drive project life cycle value.

為了帶領我們在這個快速崛起的領域，我們任命 Francesco Borrelli 博士為新任首席人工智慧和機器人。Borrelli 博士是全球公認的人工智慧和基於預測模型的控制系統領域的領導者。他在自主技術領域擁有數十年的經驗，並在開發我們的真實捕獲計劃中發揮了關鍵作用。我們對人工智慧、機器人和自動化的潛力感到非常興奮，它們可以進一步增強整體客戶體驗並幫助推動專案生命週期價值。

With that, I will now turn it over to our Chief Financial Officer, Chuck Boynton, to go over our financial results in more detail.

現在，我將把時間交給我們的財務長 Chuck Boynton，讓他更詳細地介紹我們的財務表現。

Thank you, Howard, and good afternoon, everyone. I'm pleased to share our financial results for our first quarter of fiscal year 2026.

謝謝你，霍華德，大家下午好。我很高興分享我們 2026 財年第一季的財務表現。

Q1 revenue was $864 million, representing year-over-year growth of 20%. Q1 adjusted EBITDA expanded to $215 million, a 23% increase year over year. This translates to an adjusted EBITDA margin of 25%, which was an increase of approximately 100 basis points compared to the previous year.

第一季營收為 8.64 億美元，年增 20%。第一季調整後的 EBITDA 擴大至 2.15 億美元，年增 23%。這意味著調整後的 EBITDA 利潤率為 25%，比前一年增加了約 100 個基點。

Our adjusted gross margin was 33%, we recognized a 150 basis points benefit in Q1 for 45X related to historical shipments. We continue to believe that our gross margins should be in the low 30s with OpEx in the 9% to 10% range, yielding operating margins in the low 20s.

我們的調整後毛利率為 33%，我們在第一季確認了與歷史出貨量相關的 45X 的 150 個基點的收益。我們仍然相信，我們的毛利率應該在 30% 出頭，而營運支出應在 9% 至 10% 之間，營業利潤率應在 20% 出頭。

On the cash side, we generated $70 million in adjusted free cash flow during the quarter down from the same period last year, primarily driven by growth investments in capital expenditures and working capital. We see strong cash generation throughout the year with over $450 million of free cash flow.

在現金方面，本季我們產生的調整後自由現金流為 7,000 萬美元，低於去年同期，主要受資本支出和營運資本的成長投資所推動。我們全年現金產生能力強勁，自由現金流超過 4.5 億美元。

We exited the quarter with $743 million in total cash with no debt. Our strong balance sheet and cash flow generation remain competitive advantages.

本季末，我們的現金總額為 7.43 億美元，且無債務。我們強勁的資產負債表和現金流創造仍然是競爭優勢。

Moving on to our outlook. Looking ahead, our outlook assumes the current US policy environment remains in effect, and in addition, that permitting processes and timelines will remain consistent with historical levels. As Dan mentioned, we are closely monitoring potential updates to Safe Harbor provisions and other regulatory actions, which could impact project timing, customer investment behavior, and our financial results.

繼續我們的展望。展望未來，我們的預測假設當前的美國政策環境仍然有效，此外，許可流程和時間表將與歷史水準保持一致。正如丹所提到的，我們正在密切關注安全港條款和其他監管行動的潛在更新，這可能會影響專案時間、客戶投資行為和我們的財務表現。

For the full year fiscal 2026, we expect revenue to be in the range of $3.2 billion to $3.45 billion, with relatively balanced quarterly revenue for the remainder of the year. Adjusted EBITDA to be in the range of $750 million to $810 million and adjusted diluted EPS to be in the range of $3.96 to $4.27 per share.

對於 2026 財年全年，我們預計營收將在 32 億美元至 34.5 億美元之間，今年剩餘時間的季度營收將相對平衡。調整後的 EBITDA 在 7.5 億美元至 8.1 億美元之間，調整後的稀釋每股收益在 3.96 美元至 4.27 美元之間。

Our increased outlook is grounded in several key factors, including the strength and diversity of our backlog, a continued flight to quality among solar developers, and the deep capability and commitment of our global team.

我們提高的前景基於幾個關鍵因素，包括我們積壓訂單的強度和多樣性、太陽能開發商對品質的持續追求，以及我們全球團隊的深厚能力和承諾。

With that, we're happy to answer any questions you may have. Operator?

我們很樂意回答您的任何問題。操作員？

(Operator Instructions) Dimple Gosai, Bank of America.

（操作員指示）美國銀行的 Dimple Gosai。

Can you please discuss what conversations have looked like with developers post the OBBB? Are they kind of in wait-and-see mode? And maybe you can also just expand on bookings momentum. I know you've grown from what you previously described as significantly higher than $4.5 billion to $4.7 billion this quarter. But is that pace of bookings picking up? Or any commentary there would really be helpful.

您能否討論一下 OBBB 之後與開發人員的對話情況？他們是否處於觀望狀態？也許您還可以擴大預訂勢頭。我知道你們的銷售額已經從之前描述的遠高於 45 億美元成長到了本季的 47 億美元。但預訂速度是否正在加快？或那裡的任何評論都會很有幫助。

Dimple, this is Howard Wenger. So we are in touch with our owner developers closely. And let me just start off by saying we're really happy with the company's performance and pleased with the quarter and the outlook for the year. And what we're hearing is that they're feeling good about their portfolios. And as you know, we team up with Tier 1 developers who are quite sophisticated.

迪普爾，這是霍華德·溫格。因此我們與業主開發商保持密切聯繫。首先我要說的是，我們對公司的業績非常滿意，對本季和今年的前景也感到滿意。我們聽說他們對自己的投資組合感到滿意。正如您所知，我們與非常成熟的一級開發商合作。

They're able to safe harbor their projects and perfect their projects. And we feel what we're hearing and what we're seeing is that our backlog is solid. No projects are dropping out, and we're looking forward to continuing to execute.

他們能夠安全地維護他們的專案並完善他們的專案。我們感覺到，我們所聽到的和我們看到的是，我們的積壓工作是堅實的。沒有項目被放棄，我們期待繼續執行。

And the sales team did a great job in the quarter. We had another sequential growth in our backlog quarter over quarter; 15th quarter in a row. And so we're seeing a good set of demand signals across the globe. So feeling very good about where we're at at this moment.

銷售團隊在本季表現出色。我們的積壓訂單量連續第 15 季環比成長。因此，我們在全球範圍內看到了一系列良好的需求訊號。所以對於我們目前的狀況感覺非常好。

Praneeth Satish, Wells Fargo.

富國銀行的 Praneeth Satish。

Maybe I'll touch on our new business here, the venture into AI and robotics. I know you'll probably offer more details at the Analyst Day. But just generally, are you planning to offer these solutions as a service with the recurring revenue stream or will this be primarily an equipment sale model?

也許我會在這裡談談我們的新業務，即人工智慧和機器人領域的業務。我知道您可能會在分析師日提供更多細節。但一般來說，您是否計劃將這些解決方案作為具有經常性收入流的服務來提供，還是主要採用設備銷售模式？

And then how do these robotic acquisitions integrate with your existing TrueCapture software? Are there any synergies here given that you'll have all these extra data points? And can this all be wrapped up as one service?

那麼這些機器人採集如何與您現有的 TrueCapture 軟體整合？鑑於您擁有所有這些額外的數據點，這裡是否存在任何協同效應？所有這些可以整合成一項服務嗎？

Hi, Praneeth, Dan Shugar here. We're so excited about the suite of robotic technologies that we've just launched. In terms of the go-to-market, there's a range of solutions that we brought in today. For example, we have drones. We completed the acquisition of this technology multiple quarters ago, that's already being used, that's integrated into our existing TrueCapture technology, where from using the technology from SenseHawk that we acquired, we're using that to actually create a complete [as] build digital twin of the sites being used in our TrueCapture technology that's been implemented for a very long time already in use, and that's happening, and that goes with our TrueCapture.

嗨，普拉尼斯，這裡是丹舒加爾。我們對剛推出的機器人技術套件感到非常興奮。在市場進入方面，我們今天推出了一系列解決方案。例如，我們有無人機。我們在多個季度前完成了對這項技術的收購，該技術目前已投入使用，並已整合到我們現有的 TrueCapture 技術中，透過使用我們從 SenseHawk 收購的技術，我們實際上正在創建一個完整的 [as] 構建數位孿生，該數位孿生是我們 TrueCapture 技術中使用的站點的完整數字

We have these other technologies with robotic cleaning and with the OnSight Technologies where we have both a ground-based robot and a stationary camera that detects a fire and other parameters on site. So how that's integrated in, we'll be getting into greater detail later. But these technologies are well along. They're either being offered commercially today or they're in a fairly advanced stage of productization.

我們擁有機器人清潔等其他技術，以及 OnSight 技術，其中我們擁有地面機器人和固定攝影機，可以偵測現場火災和其他參數。至於如何將其整合進去，我們稍後會進行更詳細的介紹。但這些技術已經很先進了。它們要么目前已投入商業銷售，要么已處於產品化的相當先進的階段。

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

Just had two. One, Howard, going back to the comment around backlog, you said it did grow quarter on quarter. I know you changed kind of the language semantics a bit. So I wanted to confirm that that was the case? It did grow. And I guess that implies bookings were $900 million, maybe close to $1 billion again. And curious if anything in the quarter you saw pauses from customers due to policy uncertainty or vice versa, any pull forwards to try to get ahead of the bill passage? And I had a follow-up.

剛吃了兩個。首先，霍華德，回到關於積壓訂單的評論，您說它確實逐季度增長。我知道你稍微改變了語言語意。所以我想確認一下情況確實如此？它確實長大了。我猜這意味著預訂額為 9 億美元，甚至可能接近 10 億美元。您是否好奇本季是否出現過因政策不確定性而導致客戶暫停購買的情況，反之亦然，是否有任何提前行動以搶在法案通過之前？我進行了後續跟進。

Got it. Hi, Brian. So yes, I want to confirm our backlog grew quarter over quarter. Your math, you can do the math in terms of -- and you just said it in terms of what we booked at lease and get in the ballpark. That's a number that we don't disclose, but yes, our backlog grew quarter on quarter for the 15th consecutive quarter for the company.

知道了。你好，布萊恩。是的，我想確認我們的積壓訂單逐季都在成長。您的數學，您可以根據 - 而您剛才說的是我們預訂的租賃金額以及大致金額來進行計算。這個數字我們並未透露，但確實，我們的積壓訂單量連續第 15 個季度環比增長。

Happy about that, and what we're seeing is the pipeline is actually growing for the company. As you know, we have a global business. And we're still roughly tracking on the one-thirds, two-thirds as we grow, two-thirds being North America and 1 for Rest of the World. But we're not seeing pull-ins per se. And when we talk about North America and the US in particular, we're not seeing pull-ins on projects like in a very broad systematic way, we're seeing some pull-ins.

對此感到高興，我們看到公司的管道實際上正在成長。如您所知，我們的業務遍佈全球。隨著我們的成長，我們仍然大致追蹤三分之一、三分之二的地區，其中三分之二來自北美，三分之一來自世界其他地區。但我們並沒有看到拉動本身。當我們特別談論北美和美國時，我們並沒有看到以非常廣泛系統化的方式對專案進行拉動，我們看到的是一些拉動。

We're seeing some pushouts. And those are -- I'd characterize those as normal because we have a broad portfolio of projects and just that's the way project schedules are. Some can pull in from one quarter to the next, some can push out. It's very normal facts -- fact pattern with respect to operations.

我們看到了一些延遲的情況。這些都是——我認為這些是正常的，因為我們有廣泛的專案組合，專案進度就是這樣的。有些企業可以從一個季度拉進到下一個季度，有些企業則可以從另一個季度拉出。這是非常正常的事實——與營運有關的事實模式。

Now, there is -- we expect clarity on the treasury guidance coming up in a few weeks. That could change some customer behavior. We don't know. And we'll know then. And we are seeing some limited amount of Safe Harbor interest, and we're prepared to address that with our very robust supply chain and flex capacity. So hopefully, that gives you more color. And you had a follow-on, Brian?

現在，我們預計幾週後財政指導將會明確。這可能會改變一些客戶行為。我們不知道。到時候我們就知道了。我們看到了一些有限數量的安全港利益，我們準備好利用我們非常強大的供應鏈和靈活產能來解決這個問題。希望這能帶給你更多色彩。您還有後續問題嗎，布萊恩？

No, that's great. I appreciate all that color. Very helpful. And if you could bear with me just one more math question and then I'll get out of here. On the IRA credit impact, the vendor rebate, I think it was 11 percentage points on gross margin this quarter. That was up significantly like 300 to 400 basis points incremental versus what you've seen in prior quarters. What's kind of driving that?

不，那太好了。我很欣賞所有這些顏色。非常有幫助。如果你能再忍受我一個數學問題，然後我就離開這裡。就 IRA 信貸影響和供應商回扣而言，我認為本季的毛利率為 11 個百分點。與前幾季相比，這一數字大幅上升了 300 至 400 個基點。是什麼原因導致的呢？

Because I did see international revenue growth was better than the US this quarter. So curious how that worked out this quarter to be such a higher impact and then how we should think about that number in relation to gross margin, maybe going forward, is it going to stay at that level? Is it a flat line? Does it go down?

因為我確實看到本季國際營收成長優於美國。所以我很好奇為什麼本季會產生如此大的影響，然後我們應該如何看待這個數字與毛利率的關係，也許未來它會維持在這個水平嗎？它是一條平線嗎？它會下降嗎？

Yes. Thanks, Brian. This is Chuck. So we did have a really strong quarter, 45x was a little higher than normal. I had mentioned in the prepared remarks about 150 basis points. That's a little more than $10 million incremental benefit. And that's really relating back to kind of vendor reconciliations going back the last couple of years.

是的。謝謝，布萊恩。這是查克。因此，我們確實度過了一個非常強勁的季度，45 倍比正常情況略高。我在準備好的發言中提到了大約 150 個基點。這相當於增加 1000 萬美元多一點的收益。這實際上與過去幾年的供應商對帳有關。

Looking forward, we expect it to be, call it, 9% to 10% of total revenue, that's a little higher than it's been. That's partially driven by US demand for US-made products. So we're actually delivering more US product to our customers. And with that, the costs are a little higher, but the 45x credit helps to offset that.

展望未來，我們預計它將佔總收入的 9% 到 10%，比以前略高一些。這在一定程度上是由美國對美國製造產品的需求所推動的。因此，我們實際上正在向客戶提供更多的美國產品。因此，成本會稍微高一些，但 45 倍的信用額度有助於抵消這一點。

So I do want to call out and say thank you to our operations team. They have just done a phenomenal job. Our on-time delivery is incredible, and we're delivering local around the world in the US, a roll hallmark working with our manufacturing partners to deliver really compelling US-made content that does generate a 45x credit benefit offsetting higher costs.

因此我確實想向我們的營運團隊表示感謝。他們剛剛完成了一項非凡的工作。我們的準時交貨令人難以置信，我們在美國向世界各地提供本地產品，這是我們與製造合作夥伴合作的標誌，旨在提供真正引人注目的美國製造內容，從而產生 45 倍的信用收益，抵消更高的成本。

Philip Shen, ROTH Capital Partners.

羅仕證券 (ROTH Capital Partners) 的 Philip Shen。

First one is on your backlog, what percentage of the backlog is safe harbored? And then can you talk separately on how much risk there is with the Trump executive order expected to be released August 18?

第一個問題是您的積壓訂單，有多少比例的積壓訂單是安全保管的？然後您能否分別談談川普預計於 8 月 18 日發布的行政命令有多大風險？

And then finally, as it relates to the interior memo, where the Secretary has to review all the permitting for projects that touch federal land? When you look at your backlog, what kind of impact could that have depending on how they enforce that?

最後，由於它與內部備忘錄有關，部長必須審查所有涉及聯邦土地的項目許可？當您查看積壓工作時，根據他們如何執行，會產生什麼樣的影響？

Dan Shugar here, Howard and I will tag team on this. We were thinking about this in the preparation for this call, we were thinking as a run-up over the last, let's say, year or even longer, well, what percentage was safe harbored? When we ask our Tier 1 customers, how do they feel about the integrity of their pipeline, their projects, they feel good about it because Safe Harbor under roles that exist.

我是 Dan Shugar，Howard 和我將組隊進行此項工作。我們在準備這次電話會議時就考慮過這個問題，我們考慮過在過去一年甚至更長時間內，有多少比例是安全的？當我們詢問我們的一級客戶，他們對他們的管道、他們的項目的完整性有何感受時，他們感覺很好，因為存在安全港角色。

So I'd say -- so when you asked the question, I think a lot of projects in the United States benefit from that. That's taking the longer view on the Safe Harbor. Howard, do you want to pick it up from there?

所以我想說——當你問這個問題時，我認為美國的許多計畫都從中受益。這是對安全港的長遠看法。霍華德，你想從那裡接嗎？

Sure. I mean, we heard on [Nexaris'] call that they feel good about their portfolio through 2029. And that's -- they indicate they're one of the leading developers in the country and we work with them and other Tier 1 customers like them who echo what Dan said, they feel very good about their pipelines. They're able to manage it from a Safe Harbor perspective.

當然。我的意思是，我們在 [Nexaris] 電話會議上聽到他們對 2029 年的投資組合感到滿意。那是——他們表示他們是國內領先的開發商之一，我們與他們以及其他像他們一樣的一級客戶合作，他們贊同丹所說，他們對自己的管道感覺非常良好。他們能夠從安全港的角度來管理它。

And so we believe that a very high percentage of our backlog that's US is safe harbored, to answer your question directly. And like the vast majority of it, okay? That's the way -- that's based on the information that we have.

因此，我們相信，我們在美國的積壓訂單中有很大一部分是安全的，直接回答你的問題。就像絕大多數一樣，好嗎？就是這樣——這是基於我們掌握的資訊。

As far as risk, again, I'd point to the Nexaris call, we don't -- it's early to digest what the interior department guidelines are and what the treasury is going to come out with in a few weeks. And so I think the industry is still digesting it. But what we're hearing is that it's manageable. The early read on this is that it's manageable going forward and that they're -- through the OBBB, which was the bill that was passed that provided -- that was actually a good outcome we think, based on our close proximity with customers that's providing the bridge that's needed to beyond the incentive platform that we've been on for the last couple of years.

至於風險，我再次指出 Nexaris 的呼籲，我們不知道——現在消化內政部的指導方針以及財政部將在幾週內出台的政策還為時過早。所以我認為該行業仍在消化它。但我們聽到的是，這是可以控制的。對此的早期解讀是，這是可控的，而且他們——通過 OBBB，這是通過的法案——這實際上是一個很好的結果，我們認為，基於我們與客戶的密切聯繫，這為我們過去幾年一直使用的激勵平台之外的橋樑提供了必要的橋樑。

So that should give you -- I think we've answered your questions, Phil.

所以這應該給你——我想我們已經回答了你的問題，菲爾。

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies

Let me just continue on that same line of thinking here. Just first, a high-level question. I mean, how do you think about the cadence of the overall industry? If you think about both Safe Harbor dynamics that you're seeing on pull-in as well as potentially some of that Safe Harbor material falling off '29, 2030, how do you think about how that squares with the timing of orders and a potential eventual pickup with backlog activity?

讓我在這裡繼續同樣的思路。首先，問一個高層次的問題。我的意思是，您如何看待整個產業的發展節奏？如果您考慮您在拉動方面看到的安全港動態以及可能在 2030 年 29 日掉落的一些安全港材料，您如何看待這與訂單的時間安排以及積壓活動最終可能回升之間的關係？

Clearly, not as meaningful here in the very near term. But how does it square with what you're expecting here at '25 through, call it, the next four years, timing-wise?

顯然，短期內這並沒有太大意義。但從時間上看，這與您對 25 年到未來四年的預期如何相符？

So the connection was a little bit janky, there, but I think we got the gist of it, Julien. Thank you. So we think look, one thing that we did is under Dan's leadership, honestly and with the ops team working hand and glove for the last few years, is really spin up the US domestic supply chain. We are the first company to come out with a 100% domestic tracker.

所以那裡的連接有點不穩定，但我想我們已經掌握了要點，朱利安。謝謝。因此，我們認為，在丹的領導下，我們所做的一件事是在過去幾年與營運團隊密切合作，真正加速了美國國內供應鏈。我們是第一家推出 100% 國內追蹤器的公司。

We've only increased capacity since then. We have over 25 facilities feeding our US business. And so we're in a really good position with a lot of flex capacity, very significant capacity. And the reason why we point that out is, should the rules dictate that, let's just say the Safe Harbor requirement goes up from 5% hypothetically, we don't know, but let's just say it was double to 10%.

從那時起，我們的產能就不斷增加。我們擁有超過 25 個設施為美國業務提供服務。因此，我們處於非常有利的地位，擁有大量靈活容量和非常可觀的容量。我們指出這一點的原因是，如果規則規定，假設安全港要求從 5% 上升，我們不知道，但我們假設它是翻倍到 10%。

We're in a position to serve our customers with additional Safe Harbor capability. And so yes, there could be some -- you can call it pull-in, you can call it whatever you want, but there could be additional shipments by Nextracker depending on the guidance that comes out.

我們能夠為客戶提供額外的安全港能力。是的，可能會有一些——你可以稱之為拉入，你可以隨便怎麼稱呼它，但根據發布的指導，Nextracker 可能會有額外的發貨。

Yes. I'll just pile on to Howard's comments that the Federal Energy Regulatory Commission has mapped that shows last year, over 80% of the power capacity you saw in the United States was solar and Lawrence Berkeley Lab, which is funded by the US Department of Energy, calculated almost 7,000 projects are sold in flow plus storage. There's this incredible need for power in the United States, period.

是的。我只是想補充霍華德的評論，美國聯邦能源管理委員會繪製的地圖顯示，去年美國超過 80% 的發電能力來自太陽能，而美國能源部資助的勞倫斯伯克利實驗室計算出，有近 7,000 個項目以流動加存儲的形式出售。美國對權力有著難以置信的需求，就是這樣。

You see it dominating the news, the headlines. People are talking about other ways to make power and there's limited availability of gas turbines, nuclear is way out there in terms of time frame. And solar is available, affordable, and has no fuel risk.

你會看到它佔據了新聞頭條。人們正在討論其他發電方式，由於燃氣渦輪機的可用性有限，從時間框架來看，核能是另一種發電方式。而且太陽能可用、價格便宜，也沒有燃料風險。

And so we also see now storage in ERCOT and California at an incredible scale, keeping the lights on, you can look at the demand today. And from last week online and see that with batteries, the solar power is available till 10:00, 11:00 PM, when folks are going to sleep and the power drops.

因此，我們現在也看到 ERCOT 和加州的儲存規模令人難以置信，可以保證燈亮，您可以看看今天的需求。從上週網路上看到，使用電池時，太陽能可以一直使用到晚上 10 點或 11 點，而當人們準備睡覺時，電力就會下降。

So we think that this is going to be an enduring story. We have a very compelling manufacturing and jobs, [maybe] USA, energy dominance, facts on the ground situation. We see policymakers responding to that. So we see the US market despite a lot of fluidity as it's been up into the right. Our backlog reflects that. Our bookings reflect that, and our revenues reflect that.

所以我們認為這將會是一個經久不衰的故事。我們擁有非常引人注目的製造業和就業機會，（也許）美國在能源方面佔據主導地位，這些都是實際情況。我們看到政策制定者對此做出了回應。因此，我們看到美國市場儘管流動性很大，但仍處於上升趨勢。我們的積壓工作反映了這一點。我們的預訂反映了這一點，我們的收入也反映了這一點。

Meanwhile, we're continuing to expand overseas. As Howard mentioned, we achieved leadership in Europe as the number one provider in Europe. And we saw our total market share globally increased from 23% in 2023 to 26% in 2024. That's a double-digit increase globally. So we're really focused on serving the global market in global manufacturer provides tremendous strength.

與此同時，我們正在繼續向海外擴張。正如霍華德所說，我們作為歐洲第一大供應商，在歐洲取得了領先地位。我們的全球市佔率從 2023 年的 23% 成長至 2024 年的 26%。這是全球範圍內的兩位數增長。因此，我們真正專注於服務全球市場，為全球製造商提供巨大的實力。

(technical difficulty) on a microphone here. Just with respect to the diversification comment from last quarter, about one-third over five years. Obviously, you guys have an Analyst Day target out in November here. Can you be a little bit more (technical difficulty) on the different pieces that you're expecting on diversification? I know you kind of said there are a couple of them out there in the market as part of (technical difficulty), et cetera. Any broader or more specific sense you can sort of (technical difficulty)?

（技術難題）這裡的麥克風。僅就上個季度的多元評論而言，五年內約為三分之一。顯然，你們在 11 月有一個分析師日目標。您能否進一步闡述您所期望的多樣化的不同部分（技術難度）？我知道您說過，由於技術困難等原因，市場上存在一些這樣的產品。任何更廣泛或更具體的含義，你都可以（技術難度）？

Your connection is quite spotty, but we'll speak to the growth in nontracker technologies. So let's do a quick review. We acquired a machine learning company about 10 years ago called BrightBox. We built a fantastic software business that created tremendous value for customers help with stickiness with our track our overall value proposition and improve the yield of trackers.

您的連線不太穩定，但我們會談論非追蹤技術的發展。讓我們快速回顧一下。大約 10 年前，我們收購了一家名為 BrightBox 的機器學習公司。我們建立了出色的軟體業務，為客戶創造了巨大的價值，幫助客戶堅持我們的追蹤、我們的整體價值主張並提高追蹤器的收益率。

It also demonstrated that Nextracker knows how to work with companies that we acquire and get the technology integrated in a way that's accretive. Then last summer, we acquired the two foundation companies, and we've introduced those products in a major launch. That suite of products is going very well with incredible customer uptake. We're ahead of plan from a sales standpoint, and we're integrating the ops very pleased with how that's going.

這也顯示 Nextracker 知道如何與我們收購的公司合作，並以增值的方式整合技術。去年夏天，我們收購了這兩家基礎公司，並在一次重大發表會上推出了這些產品。此系列產品銷售情況非常好，受到顧客的極大歡迎。從銷售角度來看，我們已經提前完成了計劃，我們對營運的整合進展感到非常滿意。

So far, those technologies have been focused in the United States. We do plan on launching the foundation technologies in selected international markets next year. The TrueCapture software suite I mentioned a moment ago has been offered globally for many years and in fact, is on the uptake internationally.

到目前為止，這些技術都集中在美國。我們確實計劃明年在選定的國際市場推出基礎技術。我剛才提到的 TrueCapture 軟體套件已經在全球銷售多年，事實上，它在國際上正受到歡迎。

Now the last quarter, (technical difficulty) we're really focused initially in the United States, but we'll be at the correct time ramping that internationally as well. And the acquisitions and new businesses we announced today in robotics, both the on-site evaluation with (technical difficulty) and owner asset management class. We're going to be rolling that out both geographically and from a product diversification standpoint over time, and we'll definitely be unpacking that further at the Capital Markets Day in November.

現在到了最後一個季度，（技術難度）我們最初的重點是在美國，但我們也會在正確的時間在國際上擴大規模。我們今天宣布的機器人領域的收購和新業務，既有現場評估（技術難度），也有所有者資產管理類。我們將逐步從地域和產品多樣化的角度推出這項計劃，我們肯定會在 11 月的資本市場日上進一步闡述這項計劃。

Ben Kallo, Baird.

本卡洛，貝爾德。

Just maybe we talked a lot about safe harboring, but if you didn't have any color on past the ITC expiration, any kind of product development there? And it's a long ways away, but how you guys think about that if (inaudible) agreements will respond in time to make projects go forward or pencil out?

也許我們談論了很多有關安全港的問題，但如果您對 ITC 到期後的情況沒有任何了解，那麼會有什麼產品開發嗎？這還有很長的路要走，但是你們怎麼看（聽不清楚）協議是否會及時做出反應，使專案向前推進或被淘汰？

And then just maybe another question that you've talked a little bit about, but on the robotics and AI acquisitions, do you think this is like an add-on to the customer wallet? Or should we think about it maybe the question is how you price it? Is it against costs? Or is it digital costs on top of a project?

然後也許您剛才談到的另一個問題是，關於機器人和人工智慧收購，您是否認為這對客戶錢包來說是附加的？或者我們應該考慮一下，也許問題在於如何定價？這是否違反成本？或者這是專案之上的數位成本？

Thanks, Ben. This is Howard. So on part one, past the ITC, look, let's just step back and take stock of where solar spend over the last 30, 40 years, right? We first had to validate that it was reliable and technically sound. We've done that as an industry. We then had to prove that it could economically compete. We've done that to the point now where if you go to the Middle East, solar power is now $15 per megawatt hour, $0.015 per kilowatt hour.

謝謝，本。這是霍華德。因此，在第一部分，除了 ITC 之外，讓我們回顧一下過去 30、40 年太陽能支出的情況，對嗎？我們首先必須驗證它是否可靠且技術上合理。我們作為一個行業已經做到了這一點。然後我們必須證明它具有經濟競爭力。我們現在做到了這一點：如果你去中東，太陽能現在的價格是每兆瓦時 15 美元，每千瓦時 0.015 美元。

Okay. That's an unsubsidized market, free market. Nextracker was the first company to be in the Middle East, where there we have an office. We are in a great position. We can compete in that market and when we have a differentiated value proposition that we just keep building with these acquisitions and our own internal organic efforts.

好的。這是一個無補貼的市場，自由市場。Nextracker 是第一家進入中東的公司，我們在那裡設有辦事處。我們處於非常有利的地位。我們可以在該市場上競爭，當我們擁有差異化的價值主張時，我們就會透過這些收購和我們自己的內部有機努力不斷建構它。

And so what you're seeing is that solar power, as Dan mentioned, it is the fastest-growing, most impactful new energy technology going in in the United States and around the world. If you look past the ITC, if we're at a level playing field, the industry can compete when you add storage to the equation, it's really an unbeatable for power dispatchable power combination.

正如丹所提到的，你所看到的太陽能是美國乃至全球發展最快、影響最深遠的新能源技術。如果你看一下 ITC，如果我們處於一個公平的競爭環境中，當你將存儲添加到等式中時，該行業可以參與競爭，這對於可調度電力組合來說確實是一個無與倫比的組合。

So we feel in our engagement with very large owner developers, their companies and their investors are pouring billions of dollars into them. Why? Because they have a durable value proposition that can compete is to provide energy to the fast-growing electricity markets in the US, and they just needed a bridge and so we're in the middle of that bridge right now.

因此，我們認為，在與大型業主開發商的合作中，他們的公司和投資者正在向他們投入數十億美元。為什麼？因為他們有一個持久的價值主張，可以參與競爭，那就是為美國快速成長的電力市場提供能源，他們只是需要一座橋樑，所以我們現在正處於這座橋樑的中間。

We think we're in good stead with the OBBB. We're going to get more guidelines. But beyond that, it's durable, and it's unstoppable and we feel really good about it. And that's from an industry and company perspective for solar power.

我們認為 OBBB 對我們有利。我們將獲得更多指導方針。但除此之外，它還非常耐用，勢不可擋，我們對此感覺非常好。這是從太陽能產業和公司的角度來看的。

Okay, AI and pricing. So right now, the way we're thinking about it, especially when you think about OnSight who's out in the market, it has robots and customers in seven states in a couple of dozen sites, with real technology being deployed and being paid for. It's done what we're migrating towards is more of a robot as a service model, where there's recurring revenue for those services, and it's in addition to the services that we provide today.

好的，人工智慧和定價。所以現在，我們對此的看法是，特別是當你想到市場上的 OnSight 時，它在七個州的幾十個站點擁有機器人和客戶，並且正在部署和支付真正的技術。我們正在向機器人即服務模式轉變，這種服務可以帶來經常性收入，而且它是我們目前提供的服務的補充。

But as part of our whole platform development and constellation, Dan talked about tracker, which is core and we're investing a lot in tracker, we've tripled our R&D spend in the last three years. A lot of that going to our core tracker technology, okay? And then we're building around that with these additional acquisitions, including the robotics.

但作為我們整個平台開發和星座的一部分，丹談到了追蹤器，它是核心，我們在追蹤器上投入了大量資金，在過去三年中，我們的研發支出增加了兩倍。其中許多都用於我們的核心追蹤技術，好嗎？然後，我們圍繞這一點進行額外的收購，包括機器人技術。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

Just on backlog, can you give us an update on how much of current backlog you expect to ship over, call it, the coming six to eight quarters? I think that's a metric you've shared before. And then a quick follow-up on Bentek, when you're talking about building out the eBOS capacity, are you looking to actually expand the current product offering beyond the products you currently make to potentially compete more directly with some of the leading eBOS players?

僅就積壓訂單而言，您能否向我們介紹一下未來六到八個季度預計交付的當前積壓訂單量？我認為這是您之前分享過的一個指標。然後快速跟進一下 Bentek，當您談到擴大 eBOS 產能時，您是否希望真正擴展當前的產品範圍，超越您目前生產的產品，以便與一些領先的 eBOS 參與者進行更直接的競爭？

Dylan, this is Chuck. It really hasn't changed much. It was a metric we used to publish. We stopped because it kind of was the same each quarter, call it, high 80s, low 90s would be shipped over the next eight-ish quarters. Not much movement there, and we stopped disclosing that because it just wasn't that meaningful. And the second question on Bentek products, we'll have Howard answer that.

迪倫，這是查克。它確實沒有太大變化。這是我們用來發布的指標。我們停止了，因為每個季度的情況都差不多，也就是說，在接下來的八個季度裡，將會有 80 多、90 多的銷售量。那裡沒有太多動靜，我們也不再透露此事，因為這沒有那麼有意義。關於 Bentek 產品的第二個問題，我們將讓 Howard 來回答。

Okay. We offer two product lines through Bentek. They cover 100% of the use cases currently in the solar industry. And one is based on combiner box approach and one's based on a truck-bus approach with low break disconnects. And so we are -- one of the reasons why we really like Bentek was that they had a robust product development effort. They have new products in their pipeline.

好的。我們透過 Bentek 提供兩條產品線。它們涵蓋了目前太陽能產業 100% 的使用案例。一種是基於匯流箱方法，另一種是基於具有低斷路器斷路器的卡車-公車方法。我們非常喜歡 Bentek 的原因之一是他們擁有強大的產品開發能力。他們正在籌備新產品。

We're helping them bring those to the market, and we expect to be adding to the products point A to what is offered today. And point B, we're working with them to scale so that we can better match the volume Nextracker has. We have an incredible footprint in the US and then first US and then the rest of the world. So there's a lot of what we upside to the eBOS business for Nextracker.

我們正在幫助他們將這些產品推向市場，並且我們希望在目前提供的產品基礎上增加 A 點產品。至於 B 點，我們正在與他們合作擴大規模，以便我們能夠更好地匹配 Nextracker 的數量。我們在美國有著令人難以置信的影響力，首先是美國，然後是世界其他地區。因此，對於 Nextracker 來說，eBOS 業務有許多好處。

Ameet Thakkar, BMO.

Ameet Thakkar，BMO。

I just wanted to ask you, maybe pivoting away from the executive order, but on Section 232 tariff [investigation], I was just wondering what sort of kind of feedback you've got from your customers on that and kind of given your ability to kind of make you work with a greater array of different solar modules that might be better positioned to kind of respond to that? Have you seen kind of -- any kind of additional interest as a result of that?

我只是想問您，也許可以不談行政命令，但關於第 232 條關稅[調查]，我只是想知道您從客戶那裡得到了什麼樣的反饋，並且考慮到您有能力讓您使用更多不同的太陽能電池組件，他們可能更有能力對此做出反應？您是否看到了由此產生的任何額外興趣？

Yes, Ameet. We're flexible to work with a wide range of solar panels. Nextracker has spent a lot of -- contributed a lot to making these panels compatible with our tracker, if you actually pull the specifications of solar panel, you'll see that almost every panel has a 400-millimeter hole in the frame. That came from Nextracker about 12 years ago, 13 years ago.

是的，阿米特。我們可以靈活地使用各種太陽能板。Nextracker 投入了大量精力，為使這些面板與我們的追蹤器相容做出了巨大貢獻，如果您實際查看太陽能板的規格，您會發現幾乎每個面板的框架上都有一個 400 毫米的孔。那是大約 12 年前、13 年前由 Nextracker 提出的。

And so we have a very strong product management function that closely coordinates with their counterparts at the module companies. It's great to see the growth in the solar panel manufacturing industry here in the United States. There's over 30 companies that have actually made and shipped solar panels in the US, which is kind of staggering from where it was five years ago. So it's great to see that and to see the expansion of both legacy players and new players. So we're very excited about that, that growth.

因此，我們擁有非常強大的產品管理功能，可以與模組公司的同行密切協調。很高興看到美國太陽能板製造業的成長。目前，美國有超過 30 家公司實際生產和運輸太陽能板，這與五年前相比有相當大的成長空間。所以我很高興看到這一點，也很高興看到老玩家和新玩家的擴張。因此，我們對此感到非常興奮。

Joseph Osha, Guggenheim.

約瑟夫‧奧沙，古根漢美術館。

Two questions for you. First, looking at Bentek, I'm wondering if we might see you start to use that platform to do a completely custom harnesses without insulation per se connectors, what the thought might be there?

問你兩個問題。首先，看看 Bentek，我想知道我們是否可以看到您開始使用該平台來製作完全客製化的線束，而無需絕緣本身的連接器，您可能會想到什麼？

And then secondly, looking at some of these acquisitions you've just completed, we do see some companies out there like Terabase really seeking to sort of automate the whole assembly process and all of that. Do I kind of sense that you're maybe moving that direction with these acquisitions that you're making?

其次，看看你們剛完成的一些收購，我們確實看到一些公司，例如 Terabase，真正尋求實現整個組裝過程的自動化。我是否感覺到，透過這些收購，您可能正在朝著這個方向發展？

Okay. I'll do part A and Dan will do part B. This is Howard. So for Bentek, we're not -- as I mentioned before, we're able to provide both platforms that are predominantly used in the US, large-scale solar industry for wiring systems. And we're not, at this time, prepared to talk about some of the development that we're doing, including the area that you discussed, which is on the custom partners. But thank you for the question.

好的。我負責 A 部分，丹負責 B 部分。這是霍華德。因此對於 Bentek 來說，正如我之前提到的，我們能夠提供主要用於美國大型太陽能產業佈線系統的兩個平台。目前，我們還沒有準備好談論我們正在進行的一些開發工作，包括您討論過的有關客製化合作夥伴的領域。但感謝您的提問。

Dan, do you want to talk about Terabase?

丹，你想談談 Terabase 嗎？

Thank you. Yes. So you asked about Terabase, which is a great company that has a sort of fuel factory assembly, installation process. We're supporting Terabase 100% with everything we can do to help that. There's also another dozen companies working on the field factory or installation or automation for installation. And we're supporting pretty much all the folks that are coming and asking how -- for specific things to facilitate fuel factory installation to make labor more efficient, safer.

謝謝。是的。所以你問到了 Terabase，這是一家很棒的公司，擁有一種燃料工廠組裝和安裝流程。我們將盡一切努力全力支持 Terabase。另外還有十幾家公司致力於現場工廠或安裝或安裝自動化。我們支持幾乎所有前來詢問如何具體地促進燃料工廠的安裝，使勞動更有效率、更安全的人。

We think all of that is good. We think it's a hard problem. There's multiple ways to approach it. And so we are supporting all the leaders that we're engaged with in that particular activity. And we think that's the right approach, and there's a lot of -- we've seen progress and a lot of opportunity for future progress.

我們認為這一切都很好。我們認為這是一個難題。有多種方法可以解決這個問題。因此，我們支持所有與我們合作參與該特定活動的領導者。我們認為這是正確的方法，而且我們已經看到了很多進展，也看到了許多未來進步的機會。

In our robotic programs that we've announced, these things attach basically separate buckets, okay? We're going after things that validate, that support the EPC to validate installation quality, identified deviations to support (inaudible) on more efficient punchline. We're doing it to then create a digital 3D map of the job site that supports adaptive tracking.

在我們宣布的機器人程式中，這些東西基本上連接著單獨的桶，好嗎？我們正在追求驗證，支援 EPC 驗證安裝質量，識別偏差以支持（聽不清楚）更有效的妙語。我們這樣做是為了創建支援自適應追蹤的工作現場的數位 3D 地圖。

We think what we're doing is unique in this area, and our TrueCapture really delivers the results and expectations we're creating. We have unique robotic technology we've acquired with Amir Robotics on cleaning. Nextracker was a very early mover on robotic cleaning. For the last seven years, we've been supporting our customers in the Middle East to empirically evaluate how robotic cleaning technology support.

我們認為我們所做的在這個領域是獨一無二的，我們的 TrueCapture 確實實現了我們所創造的結果和期望。我們擁有與 Amir Robotics 合作獲得的獨特的機器人清潔技術。Nextracker 是機器人清潔領域的先驅。在過去的七年裡，我們一直在支持中東的客戶實證評估機器人清潔技術支援的效果。

We've worked with a bunch of companies. We understand the tech we've really leaned in. And so that really improves more yield gain. And then with the OnSight Technologies acquisition, it's really supporting a higher durability and reliability of the solar power assets by inspecting things like the connectors and electrical gas system and then providing feedback on -- and also reducing risk on where these are going.

我們已經與許多公司合作過。我們了解我們真正依賴的技術。這樣確實可以提高產量。透過收購 OnSight Technologies，它透過檢查連接器和電氣氣體系統等並提供回饋，真正支持了太陽能資產更高的耐用性和可靠性——同時也降低了這些資產的使用風險。

If I could pull back for a second and just talk about where these -- why we did these robotic cleaning -- or excuse me, robotic category acquisition. It was really customer driven, a lot of our technology. We actually didn't really believe in robotic cleaning if you went back 10 years ago. We didn't think it was very cost effective. But we saw our customers in areas that are very dry and that have high dust warm really showed us the need.

如果我可以稍微停下來，只談論一下這些 — — 為什麼我們要進行這些機器人清潔 — — 或者對不起，機器人類別的獲取。我們的許多技術都是真正以客戶為導向的。如果你回顧 10 年前，我們其實並不相信機器人清潔。我們認為它的成本效益不高。但我們看到，我們的客戶居住在非常乾燥、灰塵較多的地區，這確實向我們表明了這種需求。

You can have a major dose storm and see array performance degrade significantly in a short amount of time. We saw the need for robotic cleaning. And so similarly, and we really then worked to find who are the best teams in these areas.

您可能會遭遇大規模劑量風暴，並且陣列性能在短時間內會顯著下降。我們看到了機器人清潔的必要性。同樣地，我們確實努力尋找這些領域中最好的團隊。

And the Amir Robotics team is incredible, has legacy in robotic cleaning, fantastic domain expertise, and we really focus on the key team. Similarly, with OnSight Technologies. The team there really came from operations and maintenance of solar power. They have specific domain expertise. And we just love how the team was thinking about it.

Amir Robotics 團隊非常出色，在機器人清潔領域擁有豐富的經驗和出色的領域專業知識，我們非常專注於關鍵團隊。OnSight Technologies 也是如此。那裡的團隊確實是從事太陽能運作和維護的。他們擁有特定領域的專業知識。我們非常喜歡團隊對此的想法。

It wasn't a robot in search of a solution. What they came up with was a need that was solved by a robotic technology that significantly lowered the cost, improve reliability, and reduce risk on the job site.

它不是一個尋找解決方案的機器人。他們提出的解決方案是透過機器人技術來解決的，從而顯著降低成本、提高可靠性並減少工作現場的風險。

So these are our value the Nextracker. Customer demand drives then how we come up with solutions to lower the levelized cost of energy improved durability system.

這些就是我們對 Nextracker 的價值。客戶需求決定了我們如何提出解決方案來降低能源平準化成本並提高系統的耐用性。

With that question, that concludes our call today. Thank you all very much. As Howard mentioned, big picture, very excited about our progress. We're off to an amazing start in Q1 and look forward to welcoming you all at our Capital Markets Day in November.

帶著這個問題，我們今天的通話就結束了。非常感謝大家。正如霍華德所提到的，從總體上看，我們對我們的進展感到非常興奮。我們在第一季取得了驚人的開局，並期待在 11 月的資本市場日上歡迎大家。

That concludes the conference call. Thank you for your participation. Enjoy the rest of your day. Goodbye.

電話會議到此結束。感謝您的參與。享受剩餘的一天。再見。