Nextpower Inc (NXT) 2026 Q3 法說會逐字稿

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

各位下午好，感謝大家的耐心等待。我叫凱文，今天我將擔任你們的會議接線生。今天的通話將會被錄音。歡迎大家參加 Nextpower 2026 財年第三季財報電話會議。（操作說明）

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

此時，我謹將電話轉交給投資人關係主管 Sarah Lee 女士，請她致開幕詞。莎拉，你可以開始了。

Thank you, and good afternoon, everyone. Welcome to Nextpower's third quarter fiscal year 2026 earnings call. I'm Sarah Lee, Nextpower'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.

謝謝大家，大家下午好。歡迎參加 Nextpower 2026 財年第三季財報電話會議。我是 Nextpower 的投資者關係主管 Sarah Lee，與我一起的是我們的執行長兼創辦人 Dan Shugar；我們的總裁 Howard Wenger；以及我們的財務長 Chuck Boynton。

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. 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 and that may cause actual results to differ materially from our expectations.

再次提醒大家，本次電話會議的錄音將發佈在投資者關係網站上，同時發布的還有獲利新聞稿和致股東信。今天的電話會議包含有關我們業務、財務業績和營運的聲明，包括我們在行業中的業務，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。

Those statements are based on our 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 Form 10-Q and annual report on Form 10-K, which are available on our IR web page at investors.nextpower.com.

這些聲明是基於我們目前的信念、假設和預期，並且僅代表截至目前的情況。有關這些風險和不確定性的更多信息，請查看我們的盈利新聞稿、股東信以及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季度報告（10-Q 表格）和年度報告（10-K 表格），這些文件可在我們的投資者關係網頁 investors.nextpower.com 上查閱。

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. 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 web page.

此資訊可能會發生變化，我們不承擔因新資訊、未來事件或預期變化而更新任何前瞻性聲明的義務。請注意，我們將在今天的電話會議上提供GAAP和非GAAP財務指標。完整的非GAAP與GAAP調整表可在新聞稿和股東信的附錄以及投資者關係網頁的財務部分找到。

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

現在我將把電話交給我們的執行長兼創辦人。擔？

Good afternoon, and thank you for joining us. Nextpower delivered another strong quarter characterized by solid operational discipline and execution increased backlog and continuing focus on customers and innovation.

下午好，感謝各位的參與。Nextpower 又迎來了一個強勁的季度，其特點是營運紀律嚴明、執行力強、訂單積壓增加，並持續關注客戶和創新。

This call represents an important milestone for the company, being the first quarterly earnings report under our new Nextpower brand. At our Capital Markets Day last November, we outlined our strategic evolution. Started several years ago from a pure play tracking systems supplier to an end to end solar technology platform.

這次電話會議對公司來說是一個重要的里程碑，這是我們以新的 Nextpower 品牌發布的第一份季度收益報告。在去年 11 月的資本市場日上，我們概述了我們的策略發展歷程。公司幾年前從純粹的追蹤系統供應商發展成為端到端的太陽能技術平台。

We followed that with a technology and market symposium where we engage directly with customers to showcase our expanding portfolio of value enhancing products and services that we are building around our core tracker business, including our roadmap to incorporate power conversion solutions for utility scale solar and battery energy storage.

隨後，我們舉辦了一場技術和市場研討會，直接與客戶互動，展示我們圍繞核心追蹤器業務正在構建的不斷擴大的價值增強產品和服務組合，包括我們為公用事業規模的太陽能和電池儲能整合電力轉換解決方案的路線圖。

Customer response to the strategy has been very positive. And Howard will share more detail on how this is translating into customer adoption. We recently completed the formation of Nextpower Arabia, our joint venture with Abu Nayan Holding in the Middle East. The JV is already off to a strong start and will supply 2.25 gigawatts of advanced tracking systems to one of the world's largest utility-scale solar projects.

客戶對此策略的反應非常正面。霍華德將分享更多關於這如何轉化為客戶採納的細節。我們最近完成了與中東 Abu Nayan Holding 合資企業 Nextpower Arabia 的組成。該合資企業已經取得了強勁的開端，並將為全球最大的公用事業規模太陽能專案之一提供 2.25 吉瓦的先進追蹤系統。

With the launch of Nextpower Arabia, we're focused on building local operations, manufacturing capability, and long-term partnerships that support the Kingdom's energy ambitions. Together with Abuneyan Holdings, we are advancing the localization of renewable energy technologies, strengthening supply chains and creating the foundation to locally manufacture and support up to 12 gigawatts of solar capacity annually with the potential to create thousands of jobs over time.

隨著 Nextpower Arabia 的成立，我們致力於建立本地營運、製造能力和長期合作夥伴關係，以支持沙烏地阿拉伯王國的能源雄心。我們與 Abuneyan Holdings 攜手推動再生能源技術的在地化，加強供應鏈，並為每年本地製造和支持高達 12 吉瓦的太陽能發電能力奠定基礎，隨著時間的推移，這有可能創造數千個就業機會。

Saudi Arabia and the surrounding GCC sit at the center of one of the most dynamic energy transitions in the world. Rapid growth in electricity demand driven by economic transformation, mega projects and the expansion of AI and digital infrastructure calls for solutions that can scale quickly, reliably and efficiently. Solar energy is uniquely positioned to meet that demand as the lowest cost and most scalable power generation technology available today, solar is playing a central role in the energy future of Saudi Arabia and the broader MENA region.

沙烏地阿拉伯及其周邊海灣合作委員會國家處於全球最具活力的能源轉型中心之一。經濟轉型、大型專案以及人工智慧和數位基礎設施的擴張推動了電力需求的快速成長，這需要能夠快速、可靠和高效擴展的解決方案。太陽能作為當今成本最低、最具可擴展性的發電技術，在滿足這一需求方面具有獨特的優勢，它在沙烏地阿拉伯和更廣泛的中東和北非地區的能源未來中發揮核心作用。

Let's turn to our financial performance. We delivered robust financial results across all key metrics. Q3 revenue grew 34% year on year to $909 million, and adjusted EBITDA increased 15% to $214 million. Fiscal year-to-date revenue increased 32% year over year to $2.68 billion. We generated solid cash flow and further strengthened our balance sheet.

讓我們來看看財務業績。我們在所有關鍵指標上都取得了穩健的財務表現。第三季營收年增 34% 至 9.09 億美元，調整後 EBITDA 成長 15% 至 2.14 億美元。本財年迄今的營收年增 32%，達到 26.8 億美元。我們創造了穩健的現金流，並進一步增強了資產負債表。

We also became the first pure-play solar product company to achieve a formal investment-grade rating, reinforcing confidence that Nextpower can stand behind projects for decades, supporting financing, warranties, service and asset performance over the full life cycle of the solar generation infrastructure projects. Discerning power plant owners greatly value Nextpower's financial strength.

我們也成為第一家獲得正式投資等級評級的純粹太陽能產品公司，這增強了人們對 Nextpower 能夠為專案提供數十年支援、在太陽能發電基礎設施專案的整個生命週期內提供融資、保固、服務和資產性能支援的信心。眼光獨到的電廠業主非常重視 Nextpower 的財務實力。

Based on our performance and the visibility we have across our business, we are raising our fiscal 2026 financial outlook, which Chuck will discuss in more detail. Finally, I would like to thank our customers for their continued trust and partnership and our employees for their commitment to innovation and execution. We remain focused on scaling our technology platform and creating long-term value for shareholders.

根據我們的業績和業務的可見性，我們提高了 2026 財年的財務預期，Chuck 將對此進行更詳細的討論。最後，我要感謝客戶一直以來的信任與合作，以及員工對創新與執行的不懈努力。我們將繼續專注於擴大技術平台規模，為股東創造長期價值。

I'll now turn the call over to Howard to provide more color on the quarter.

現在我將把電話交給霍華德，讓他為大家詳細介紹本季的情況。

Thank you, Dan. During the quarter, we saw continued strong customer bookings, which drove further backlog growth. We also continue to innovate and release important hardware and software to the market, and we had another strong quarter of financial performance enabled by our global operations team. We manage our business on an annual and multiyear basis, which is consistent with the nature of the utility scale solar power industry with large-scale projects spanning multiple quarters in multiple geographies. We are increasing our outlook for the remainder of the year based on the strength and diversity of our backlog and a continued flight to quality that favors Nextpower and the deep capability and commitment of our global team.

謝謝你，丹。本季度，客戶訂單持續強勁成長，推動了積壓訂單的進一步成長。我們也持續創新，向市場推出重要的硬體和軟體，在全球營運團隊的努力下，我們又取得了強勁的季度財務表現。我們以年度和多年期為基礎管理業務，這與公用事業規模太陽能發電行業的性質相符，大型專案跨越多個季度，遍及多個地區。基於我們積壓訂單的實力和多樣性，以及市場對品質的持續追求（這對 Nextpower 有利），以及我們全球團隊的深厚實力和敬業精神，我們提高了對今年剩餘時間的預期。

Turning now to regional demand. In the US, bookings were up and revenue increased 63% year over year, reflecting, Nextpower's technology and customer experience advantage for what we call a flight to quality. There also continues to be an increasing demand shift for domestically manufactured systems, which we are able to meet with our robust domestic supply chain and favorable lead times. US project and demand creation continues with developers generally reporting their ability to move projects forward through to final permitting and financing and they are doing so across multiple years of completion, providing extended visibility.

現在來看區域需求。在美國，預訂量上升，營收年增 63%，這反映了 Nextpower 在技術和客戶體驗方面的優勢，我們稱之為「邁向品質之旅」。此外，對國產系統的需求也不斷增長，而我們憑藉強大的國內供應鏈和良好的交貨週期，能夠滿足這一需求。美國項目和需求持續增長，開發商普遍表示他們有能力推進項目直至最終獲得許可和融資，而且他們正在多年內完成項目，從而提供了更長的可見性。

Encouragingly, several customer projects cited on federal lands that have been on hold have begun to move forward as well. Demand for our core tracker technology remains strong as reflected in sustained customer adoption of the Next Horizon Hale Pro tracker. During calendar year 2025, our systems executed 2,170 hailstones worldwide with our customers reporting a less than 0.007% module breakage rate. This is very good news and supports our innovation thesis. Our expanding technology platform is now gaining traction for both tracker and non-tracker offerings with an increasing and more diverse mix in our order book.

令人鼓舞的是，一些在聯邦土地上開展的、先前一直處於停滯狀態的客戶計畫也開始向前邁進。市場對我們核心追蹤器技術的需求依然強勁，Next Horizo​​n Hale Pro 追蹤器持續受到客戶的青睞便是最好的證明。在 2025 年日曆年中，我們的系統在全球範圍內執行了 2,170 次冰雹模擬，我們的客戶報告稱模組破損率低於 0.007%。這是個非常好的消息，也印證了我們的創新理念。我們不斷擴展的技術平台現在在追蹤器和非追蹤器產品方面都獲得了越來越多的關注，訂單組合也越來越多樣化。

For example, this quarter, we booked a 552-megawatt order incorporating a technology bundle on a single project including our NX Horizon Hal Pro Tracker, EBOS manufactured in the US, our NX Earth Trust Foundation System and our true capture control system. Moving to the international market. Europe again stood out with record quarterly bookings and expansion into two new countries. We are also excited about the formation of our new JV company Nextpower Arabia to serve growing demand across the MENA region. Saudi Arabia alone has ambitions to install 130 gigawatts of renewable energy by 2030.

例如，本季我們接到了一份 552 兆瓦的訂單，該訂單在一個專案中採用了一系列技術，包括我們的 NX Horizo​​n Hal Pro Tracker、美國製造的 EBOS、NX Earth Trust Foundation System 和我們的真正捕獲控制系統。進軍國際市場。歐洲再次脫穎而出，季度預訂量創下歷史新高，並拓展至兩個新國家。我們也對新合資公司 Nextpower Arabia 的成立感到興奮，該公司將滿足中東和北非地區不斷增長的需求。僅沙烏地阿拉伯一國就計劃在 2030 年安裝 130 吉瓦的可再生能源。

We also introduced our NX Earth Trust Foundation solution overseas, marking a positive step in the international expansion of our technology platform. As Dan noted, we announced plans at our Capital Markets Day to extend our platform to include power conversion solutions. This project remains on track with customer pilots planned for calendar year 2026.

我們也向海外推出了 NX Earth Trust Foundation 解決方案，這標誌著我們的技術平台在國際擴張方面邁出了積極的一步。正如丹所指出的，我們在資本市場日宣布了將我們的平台擴展到包括電源轉換解決方案的計劃。該項目仍按計畫進行，計劃於 2026 年開展客戶試點計畫。

Turning now to project timing and pricing. Project timing remains stable and manageable on a portfolio basis, consistent with previous quarters, with some projects accelerating and others pushing out. On balance, Q3 saw a modest net pull in. Pricing continues to track the broader solar cost curve, and we continue to invest in R&D and scalable infrastructure to reduce cost while improving system performance. Our culture is to relentlessly serve our customers and deliver maximum value at competitive cost and pricing.

接下來討論專案的時間安排和定價。從專案組合的角度來看，專案進度保持穩定且可控，與前幾季一致，其中一些專案正在加速推進，而其他專案則有所延期。整體而言，第三季淨收入略有成長。定價持續與整體太陽能成本曲線保持一致，我們將繼續投資研發和可擴展的基礎設施，以降低成本並提高系統性能。我們的企業文化是竭誠為客戶服務，以具競爭力的成本和價格提供最大的價值。

In summary, our business fundamentals remain strong. Demand is healthy. Our backlog is large and growing. Project timing and execution visibility is solid, and we continue to strengthen our competitive position through innovation, customer focus and operational excellence.

總而言之，我們的業務基本面依然強勁。需求健康。我們的積壓訂單很多，而且還在增加。專案進度和執行情況清晰可見，我們將繼續透過創新、以客戶為中心和卓越營運來鞏固我們的競爭地位。

With that, I'll turn the call over to Chuck.

這樣，我就把電話交給查克了。

Thank you, Howard. Good afternoon, everyone. Overall, Q3 was another quarter of strong execution with results that reflected both healthy end market demand and continued discipline across the business. For our fiscal 2026 third quarter revenue was $909 million and adjusted EBITDA was $214 million, representing an adjusted EBITDA margin of 23%. On a year-to-date basis, adjusted EBITDA increased 22% year over year, demonstrating the durability of our margin profile even as we navigate tariffs and invest in growth initiatives.

謝謝你，霍華德。大家下午好。整體而言，第三季業績表現強勁，既反映了終端市場需求旺盛，也反映了公司各部門持續的自律精神。2026 財年第三季度，我們的營收為 9.09 億美元，調整後 EBITDA 為 2.14 億美元，調整後 EBITDA 利潤率為 23%。今年迄今為止，調整後的 EBITDA 年成長 22%，這表明即使在我們應對關稅和投資成長計畫的情況下，我們的利潤率狀況依然穩健。

We generated GAAP net income of $435 million year-to-date, underscoring the high-quality earnings power of the business. 81% of Q3 revenue came from the US with 19% from rest of world markets. Year-to-date, our revenue mix was 75% US and 25% rest of world. This geographic balance gives us both scale and diversification while allowing us to maximize investment returns and prioritize disciplined execution.

今年迄今，我們實現了4.35億美元的GAAP淨利潤，凸顯了公司強大的獲利能力。第三季營收的81%來自美國，19%來自世界其他市場。今年迄今為止，我們的收入組成中，75%來自美國，25%來自世界其他地區。這種地理平衡使我們既擁有規模優勢又實現了多元化，同時使我們能夠最大限度地提高投資回報並優先考慮嚴謹的執行。

Turning now to cash flow. We generated $123 million of operating cash flow in the quarter and $391 million year-to-date. Capital expenditures remain modest, resulting in adjusted free cash flow of $119 million in Q3 and $360 million year-to-date. This level of cash generation reflects strong underlying profitability, disciplined working capital management and the capital efficient nature of our business.

接下來我們來看看現金流狀況。本季我們產生了 1.23 億美元的營運現金流，今年迄今已產生了 3.91 億美元的營運現金流。資本支出仍適中，第三季調整後自由現金流為 1.19 億美元，年初至今為 3.6 億美元。這種現金流水準反映了我們強勁的潛在獲利能力、嚴格的營運資本管理以及我​​們業務的資本效率。

Importantly, it gives us significant flexibility to invest in growth while maintaining robust liquidity. Our balance sheet remains a core competitive advantage. We exited the quarter with $953 million of cash and cash equivalents and no debt. We also recently achieved a formal investment-grade credit rating, which we view as a meaningful external validation of our cash predictability, disciplined financial management and the durable business model. This milestone is important to our customers and suppliers, while also enhancing our financial flexibility.

重要的是，它賦予我們很大的靈活性，既可以投資於成長，又能保持強勁的流動性。我們的資產負債表依然是我們的核心競爭優勢。本季末，我們持有現金及現金等價物9.53億美元，且無任何債務。我們最近也獲得了正式的投資等級信用評級，我們認為這是對我們現金流可預測性、嚴謹的財務管理和永續商業模式的重要外部驗證。這項里程碑對我們的客戶和供應商來說意義重大，同時也增強了我們的財務彈性。

Our capital allocation priorities remain unchanged. First, we continue to prioritize organic investment in new products and services; second, disciplined M&A that strengthens our technology platform and creates customer value. Third, return of capital to shareholders. Today, we are announcing that the Board authorized a share repurchase program of up to $500 million over three years. This program reflects our confidence and the long-term outlook of the business and our ability to generate durable cash flows while maintaining flexibility to invest for growth.

我們的資本配置優先事項保持不變。首先，我們將繼續優先投資於新產品和服務的自然成長；其次，我們採取審慎的併購策略，以加強我們的技術平台並創造客戶價值。第三，向股東返還資本。今天，我們宣布董事會已批准一項為期三年、金額高達 5 億美元的股票回購計畫。該計劃體現了我們對公司業務的信心和長期前景，以及我們在保持投資成長靈活性的同時，創造持久現金流的能力。

Investments in organic growth and M&A continue to be our top priorities followed by share repurchases. Moving on to tariffs. As expected, tariffs continued to have an impact on margins, particularly on a year-over-year basis. This quarter, the tariff impact was $44 million, up from $33 million last quarter. This increase was due to the partial impact in Q2 given the effective date of the new tariffs was August 15.

投資內生成長和併購仍然是我們的首要任務，其次是股票回購。接下來談談關稅問題。正如預期的那樣，關稅繼續對利潤率產生影響，尤其是與去年同期相比。本季關稅影響為 4,400 萬美元，高於上季的 3,300 萬美元。由於新關稅的生效日期是 8 月 15 日，因此第二季出現了部分增長。

Our diversified and increasingly localized supply chain, combined with pricing discipline and operational execution has allowed us to manage these impacts efficiently. We currently work with over 25 US partner manufacturing facilities, and Nextpower was the first to deliver 100% domestic content trackers under US treasury guidelines and we're seeing increased customer adoption of these solutions to mitigate tariff exposure. We also continue to work very closely with our customers to manage tariff-related impacts across multiple projects.

我們多元化且日益本地化的供應鏈，加上嚴格的定價策略和高效的運營，使我們能夠有效地應對這些影響。我們目前與超過 25 家美國合作夥伴製造工廠合作，Nextpower 是第一家根據美國財政部指導方針交付 100% 國內含量追蹤器的公司，我們看到越來越多的客戶採用這些解決方案來降低關稅風險。我們也將繼續與客戶緊密合作，管理關稅對多個項目的影響。

Looking ahead, we expect tariff-related margin pressure to remain manageable and largely consistent with our prior expectations. Finally, based on our performance through the first three quarters, the strength and the quality of our backlog and continued demand across our core markets, we are increasing our financial outlook for fiscal year 2026.

展望未來，我們預期關稅相關的利潤壓力將保持在可控範圍內，並與我們先前的預期基本一致。最後，根據我們前三個季度的業績、積壓訂單的實力和品質以及核心市場的持續需求，我們提高了 2026 財年的財務預期。

We now expect revenue between $3.425 billion and $3.5 billion, adjusted EBITDA between $810 million and $830 million, and adjusted diluted EPS in the range of $4.26 to $4.36. We continue to expect gross margins to be in the low 30s and operating margins in the low 20s. The current outlook for next year indicates another year of solid growth. Our outlook assumes the current US policy environment remains intact and permitting processes and time lines will remain consistent with historical levels.

我們現在預計營收在34.25億美元至35億美元之間，調整後EBITDA在8.1億美元至8.3億美元之間，調整後攤薄每股收益在4.26美元至4.36美元之間。我們仍預期毛利率在30%左右，營業利益率約20%。目前的預測顯示，明年將繼續保持穩健成長。我們的展望假設當前的美國政策環境保持不變，審批流程和時間表將與歷史水準保持一致。

Overall, we feel confident in our ability to deliver sustained growth and profitability while continuing to invest in innovation and long-term value creation. We continue to execute at a high level while maintaining strong margins and cash flows. We believe our strategy, team and platform uniquely position us to deliver long-term shareholder value. Thank you.

整體而言，我們有信心在持續投資創新和長期價值創造的同時，實現持續成長和獲利。我們持續保持高水準的執行力，同時維持強勁的利潤率和現金流。我們相信，我們的策略、團隊和平台使我們能夠以獨特的優勢為股東創造長期價值。謝謝。

And with that, we'll take your questions. Operator?

接下來，我們將回答您的問題。操作員？

(Operator Instructions)

（操作說明）

Philip Shen, ROTH.

Philip Shen，ROTH。

Great job on the quarter. I wanted to check in with you on bookings in the quarter and book-to-bill specifically. I know you guys talked about record backlog and backlog being greater than $5 billion. But I wanted to understand that your bookings cleared $1 billion in Q3. And then if you can share some color on the revenue for what was the mix for the US business of tracker versus non-tracker, and then how might you expect that to trend in the coming quarters or years?

本季表現出色。我想和您確認本季的預訂情況，特別是從預訂到結算的轉換率。我知道你們討論過訂單積壓創紀錄，訂單總額超過 50 億美元。但我想了解的是，你們第三季的預訂金額是否達到了 10 億美元。然後，如果您能分享美國業務中追蹤型產品與非追蹤型產品的收入組成，以及您預計未來幾季或幾年內該業務的發展趨勢，那就太好了？

Phil, this is Howard Wenger. Thanks for your questions. So yes, we're really pleased with the quarter with everything that we executed, the name change, the Capital Markets Day, coming -- being prepared for that and the customer day and the noncore JV. So with all of that, we continue to execute the business really well. Bookings were strong revenue the financials.

菲爾，我是霍華德‧溫格。謝謝你的提問。是的，我們對本季所完成的一切都非常滿意，包括更名、資本市場日（即將到來）以及客戶日和非核心合資企業。綜上所述，我們繼續出色地執行業務。預訂量強勁，為財務收入提供了有力支撐。

As far as bookings, to your question, we did have growth in our backlog. It is a new record. We're not giving specific numbers. But suffice it to say that it was one of our stronger quarters that we've had in some time, and we're really pleased with that. It was a little bit weighted to the United States, just to give you some color.

至於預訂方面，回答您的問題，我們的積壓訂單確實有所增長。這是一項新紀錄。我們不會給出具體數字。但總而言之，這是我們近段時間表現最好的季度，我們對此感到非常滿意。簡單來說，這份報告稍微偏向美國一些。

And as far as tracker and non-tracker on the revenue mix, the non-tracker business is starting to have an impact. And what we're seeing is a little more mix on the US from that because we're rolling out the non-tracker part of our platform, first in the United States, and I'm talking about foundations, EBOs, robotic inspection and other and software and services are more focused on the US market first, and that is having some impact on bookings and revenue and the mix weighting there towards the U.S. Thanks for your question.

至於追蹤器業務和非追蹤器業務在收入組成中的比例，非追蹤器業務已經開始產生影響。我們看到，由於我們首先在美國推出平台的非追蹤器部分，例如基金會、EBO、機器人檢測等，軟體和服務也更側重於美國市場，因此美國市場在各市場之間的佔比有所增加，這在一定程度上影響了預訂量和收入，並導緻美國市場在各市場之間的佔比有所上升。謝謝你的提問。

Howard, quickly, just can you clarify? You said one of the stronger quarters that you've had in some time, does that mean for bookings specifically that this quarter was one of the stronger bookings quarters in a long time? Or does that mean just your quarter overall?

霍華德，你能否快速解釋一下？您提到這是近年來業績表現最好的季度之一，這是否意味著就預訂量而言，本季是近年來預訂量表現最好的季度之一？還是說只是指你整個季度的業績？

I was speaking particularly to bookings when you look at contribution to our backlog, Phil.

菲爾，我主要指的是預訂量對我們積壓訂單的影響。

Great. So that would suggest that it was at least $1 billion. Is that fair?

偉大的。所以這表示金額至少有10億美元。這樣公平嗎？

Really appreciate the question, Phil, and your persistence.

菲爾，非常感謝你的提問和堅持不懈。

Praneeth Satish, Wells Fargo.

Praneeth Satish，富國銀行。

Congrats on the. Maybe if you could just provide a little bit more detail on the permit freeze. You mentioned that some of the projects on federal lands are still moving forward. I guess are you seeing any slowdown at the front of the funnel for projects that would be targeting 2028 in service days that require permits this year? Or are you saying that so far, developers have been able to kind of manage around some of these constraints. Just any clarity there would be helpful.

恭喜！如果您能提供更多關於許可證凍結的細節就好了。您提到一些聯邦土地上的項目仍在進行中。我想問一下，對於那些計劃在 2028 年投入使用且需要在今年獲得許可的專案來說，您是否注意到專案審批流程前端出現任何放緩的情況？或者你的意思是，到目前為止，開發人員已經能夠設法繞過其中一些限制？任何澄清都將不勝感激。

Praneeth, Dan Shugar here. We were speaking specifically about several projects that are on federal lands that are now moving forward. While in total number, those are a small percentage of the projects that we're working on. It was great to see that those move forward. And so Howard, do you want to take the second part of that question?

我是Praneeth，Dan Shugar。我們當時具體談到的是幾個位於聯邦土地上的項目，這些項目目前正在推進中。雖然從總數來看，這些項目只占我們正在進行的項目的一小部分。很高興看到這些項目取得進展。那麼霍華德，你想回答這個問題的第二部分嗎？

Sure. So we're in close touch with developer owners and EPC partners, both. But on the developer owner side, what we're seeing and hearing is their project portfolios are moving forward. Now some are completely not on public lands, public and federal lands. In fact, a number of many developers that way, they have very little exposure to public lands.

當然。因此，我們與開發商業主和EPC合作夥伴都保持著密切聯繫。但就開發商業主而言，我們看到和聽到的是，他們的專案組合正在向前推進。現在有些土地完全不在公共土地上，也不在聯邦土地上。事實上，許多開發商透過這種方式，很少會接觸到公共土地。

And consequently, they're less impacted. But what we're reporting on is both favorable velocity of projects through to the permit phase, both on the public lands and on private lands. And that includes areas where there are a federal nexus. And just generally speaking, in the U.S., we're very pleased with the broadening pipeline that we have and growing pipeline of opportunities. And so developers are navigating. They are very safe harbored, they have a lot of visibility into the future. And it's really quite positive.

因此，他們受到的影響較小。但我們報導的是，無論是在公共土地上還是在私人土地上，計畫都以良好的速度推進到許可階段。這其中也包括與聯邦政府有聯繫的地區。總的來說，在美國，我們對不斷擴大的業務管道和不斷增長的機會管道感到非常滿意。因此，開發者們正在摸索前進。它們處於非常安全的港灣中，對未來有著非常清晰的了解。而且這確實相當積極。

Dimple Gosai, Bank of America.

Dimple Gosai，美國銀行。

Well done on a very nice quarter. This quarter you noted rice cooking and rising bundled attach. So could you give us a sense of what the tax rate is for true capture, EBOS, Artra, robotics, any sense and color there would be helpful. And then also give us a sense of just the growth gross margin uplift for a typical bundle versus tracker only, especially given that you're seeing some more traction on that side.

幹得漂亮，這季表現非常出色。本季您注意到米飯烹飪和捆紮上升。那麼，您能否大致介紹一下真實捕捉、EBOS、Artra、機器人技術的稅率？任何相關資訊和細節都將對我們有所幫助。此外，請您也為我們介紹一下，與僅追蹤器相比，典型捆綁銷售的成長毛利率提升幅度是多少，尤其考慮到您在這方面取得了一些進展。

Sure. So this is Howard. I'll take the first part. And Chuck, if you want to talk about gross margin, I can also do that. But on the attached side, first of all, we have both an inorganic and organic approach to innovation and filling out our platform.

當然。這位是霍華德。我來回答第一部分。查克，如果你想談談毛利率，我也可以。但就目前而言，首先，我們在創新和完善平台方面既有無機方法也有有機方法。

So we're developing new tech internally but we're also making acquisitions, as you know, some of those acquisitions are fairly reset, for example, the eBOS acquisition we made, which is significant occurred in May of '25. So it's was at like 8 months. So using eBOS as an example, what we're seeing is, by far, the pipeline is expanding exponentially in terms of opportunities because of our sales platform. And we're beginning to see more and more bookings and sales and revenue come through that particular channel. We're not giving specific attach numbers at this time.

所以，我們正在內部開發新技術，但我們也在進行收購，正如你所知，其中一些收購意義重大，例如，我們在 2025 年 5 月收購了 eBOS。大概是8個月大的時候。以 eBOS 為例，我們看到，由於我們的銷售平台，銷售通路的機會呈指數級增長。我們開始看到越來越多的預訂、銷售和收入都來自這個特定管道。我們目前不提供具體的附件數量。

But suffice it to say, we're seeing some very significant projects. The one we highlighted as an example, is a 552-megawatt project, where we have our trackers, foundations, EBOS and TrueCapture, all bundled together. So we'll be talking more and more about that as our pipeline matures for these other products and services that are what we call non-tracker but fill out the platform and complement the tracker. As to financials and margin, do you want to weigh in on that, Chuck?

但總而言之，我們看到了一些非常重要的項目。我們重點介紹的這個 552 兆瓦項目，將我們的追蹤器、基礎、EBOS 和 TrueCapture 全部捆綁在一起。隨著我們其他產品和服務（我們稱之為非追蹤器，但它們可以完善平台並補充追蹤器）的管道日趨成熟，我們將越來越多地談論這一點。關於財務狀況和利潤率，查克，你有什麼看法嗎？

Certainly. Thanks, Tim. We don't break out in detail the nontrack tracker revenue splits. Really, today, it's all about scaling the technology and the go-to-market in general, they're roughly at the corporate average. Of course, some are higher software, as you know, Dimple, quite a bit higher and other wins are kind of around the corporate average. But I would just think of it from a modeling standpoint, it's roughly consistent with the guidance and how what we provided.

當然。謝謝你，提姆。我們不詳細列出非追蹤器收入的組成。實際上，如今一切都與技術規模化和市場推廣有關，他們目前大致處於企業平均水平。當然，有些軟體的收益更高，例如你所知的 Dimple，收益就高得多，而其他一些軟體的收益則與公司平均值差不多。但從建模的角度來看，它與指導原則以及我們提供的內容大致一致。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

Kudos on the solid execution. The first question I had was given the higher base of revenue and profit here for fiscal '26, is there any update on the view for fiscal '27 that you provided at the Analyst Day last November, maybe just how should we think about flow through into next year given the stronger results here?

執行得非常出色，值得稱讚。我的第一個問題是，鑑於 2026 財年的收入和利潤基數較高，您在去年 11 月的分析師日上對 2027 財年的看法是否有任何更新？鑑於目前的強勁業績，我們該如何看待明年業績的影響？

And then a follow-up would just be on some of the accounting here with the IRA side, they're down despite higher US mix. Curious, I mean that does mean ex IRA gross margins are higher here than the past couple of quarters. But is that timing related? Or is there something with respect to sharing of credits and pricing that's impacting that dynamics of US sales higher, but IRA credits.

然後，後續工作將涉及 IRA 方面的一些會計問題，儘管美國資產佔比更高，但 IRA 的佔比卻有所下降。奇怪的是，這意味著不包括 IRA 的毛利率比過去幾季要高。但時間上的巧合與此有關嗎？或者，在信貸共享和定價方面是否存在某些因素影響了美國銷售上升的動態，但IRA信貸卻有所下降。

Yeah. The IRA credits are roughly in line with the prior quarter, Brian. What you're seeing effectively is the blending of the tariff impact, and as I mentioned in the prepared remarks, the tariff impact went from $33 million last quarter to $44 million this quarter, and that's really just because you have a full quarter impact of the overall tariffs. As it relates to our outlook for next year, we just provided our outlook just a couple of months ago at our Capital Markets Day. So we're not updating or changing that. But I'll just say with the strength of the business, we feel really good going into next year, and we're set up for a strong Q4 and feel really good about going into next year with a great backlog.

是的。布萊恩，IRA 抵免額與上一季大致持平。你現在看到的實際上是關稅影響的混合，正如我在準備好的發言稿中提到的，關稅影響從上季度的 3300 萬美元增加到本季度的 4400 萬美元，這實際上只是因為整體關稅的影響持續了一個季度。至於我們對明年的展望，我們幾個月前在資本市場日上已經提供了我們的展望。所以我們不會更新或更改它。但我只想說，憑藉公司目前的強勁實力，我們對明年充滿信心，我們已經為強勁的第四季度做好了準備，並且對明年擁有充足的訂單儲備感到非常樂觀。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Great to see the 2.25 gig NXTRAC or Arabia order. I know we've talked about in the past kind of the longer-term targets from KSA and whatnot. But just kind of curious, just looking out over the next, whatever, 12, 18, 24 months, kind of what a reasonable expectation might be. Can we expect to see similar gigawatt-scale orders coming through from that JV? And I have a quick follow-up.

很高興看到 2.25 GB 的 NXTRAC 或 Arabia 訂單。我知道我們過去曾討論過沙烏地阿拉伯的長期目標等等。但我只是有點好奇，想看看接下來的 12 個月、18 個月、24 個月，合理的預期會是什麼樣的。我們能否期待這家合資企業帶來類似千兆瓦級的訂單？我還有一個後續問題。

Mark, Dan Sugar here. We just came back from spending a lot of time in Abu Dhabi and Dubai and Saudi Arabia. And that market is really strong in terms of the amount of solar that's happening there, the -- I mean, not just in those countries but the region very strong. We're seeing very strong double-digit gigawatt growth happening, very ambitious targets that are being set and executed upon with multiple public solicitations from some of the largest energy participants in the region. There's national targets and there's targets at utilities, really big stuff happening.

馬克，我是丹‧舒格。我們剛從阿布達比、杜拜和沙烏地阿拉伯玩了很久回來。而且，就當地的太陽能發電量而言，該市場非常強勁——我的意思是，不僅在這些國家，而且整個地區都非常強勁。我們看到兩位數吉瓦的強勁成長正在發生，一些該地區最大的能源參與者正在製定和執行非常雄心勃勃的目標，並透過多次公開招標來實現這些目標。有國家目標，也有公用事業目標，都是大事。

For example, in UAE, the -- so the largest market in Saudi Arabia, and UAE is also a very strong market. There -- there's a project called the Round-The-Clock project, very interesting, 5 gigawatt of solar single project with a tremendous amount of battery. It's either 19 or 29 gigawatt hours, I can't remember at the sensitive. But that enables 24/7 renewable power -- solar power to be served to the region. That's really quite an interesting project.

例如，在阿聯酋，沙烏地阿拉伯是最大的市場，而阿聯酋也是一個非常強大的市場。那裡有一個名為「全天候」的項目，非常有趣，這是一個5吉瓦的太陽能單體項目，配備大量的電池。要嘛是 19 吉瓦時，要嘛是 29 吉瓦時，我記不太清楚了。但這使得該地區能夠全天候獲得再生能源——太陽能電力。那真是一個很有意思的項目。

And we're seeing but exemplifies the ambitious scale of what's happening there. And I think it also provides a little bit of context for how cost-effective solar is because, obviously, they're -- there's a tremendous amount of oil and gas there. Solar is lowest cost way to generate power even though all those natural resources are there. And so we're excited to be a participant in the region. We were the first -- we did the first utility scale power plant in the region, the 400-megawatt Sakaka project in Saudi Arabia seven years ago, which has performed with exemplary reliability.

我們看到的只是其中一個例子，它體現了那裡正在發生的宏偉規模。我認為這也能從某種程度上解釋太陽能的成本效益，因為很顯然，那裡蘊藏著大量的石油和天然氣。儘管自然資源豐富，但太陽能發電仍是成本最低的發電方式。因此，我們很高興能參與該地區的活動。我們是第一家——七年前，我們在該地區建造了第一個公用事業規模的發電廠，即沙烏地阿拉伯的 400 兆瓦 Sakaka 項目，該項目運作可靠性極高。

And there's a strong flight to quality performance there. We personally visited one of our projects that was in the field that was outperforming it was operating at about 105% of expectation in the whole system. And so the customers are really pleased with that. So yeah, we're very excited about being there. Thank you.

而且，那裡對高品質表現的需求十分強烈。我們親自參觀了我們一個正在現場的項目，該項目表現超出預期，整個系統的運作效率達到了預期的 105% 左右。因此，顧客們對此非常滿意。是的，我們非常興奮能去那裡。謝謝。

If I can ask you a quick follow-up to Chuck, I think I know the answer to this, but since it's the first time that you guys are issuing a buyback authorization, I just want to check, just how you're planning to approach that? Is there a base level of buyback activity you're looking to do each quarter? Or is it just completely random, completely opportunistic?

如果我可以就 Chuck 的問題再問你一個後續問題，我想我知道答案，但由於這是你們第一次發放回購授權，我只是想確認一下，你們打算如何處理這件事？你們每季是否有基本的股票回購計畫？或者這完全是隨機的，完全是機會主義的？

Yeah. No, it will be a structured program, Mark. But again, since we're kind of first time in the market, we're going to kind of go slow and cautious out of the gates because again, what's new to us, and so we'll develop our program more formally. But the goal would be for it to be a more of a formalized program versus just opportunistic.

是的。不，這將是一個結構化的方案，馬克。但是，由於我們是第一次進入這個市場，所以我們一開始會比較謹慎緩慢，因為對我們來說，一切都是新的，所以我們會更正式地制定我們的計劃。但目標是使其成為一個更正式的計劃，而不是僅僅依靠機會主義。

Julian Dumulan Smith, Jefferies.

朱利安·杜穆蘭·史密斯，杰弗里斯。

This is Bishan here for Julien. I just had a quick few questions on the Saudi JV. Maybe if you could share a little bit more about the timing of it and how does the margin cadence look like? Just how can we think about it kind of flowing through over time the 2.25 gigawatts.

我是碧珊，這是朱利安的信。我有一些關於沙烏地阿拉伯合資企業的問題想問一下。或許可以再多分享時間安排以及利潤率的波動嗎？我們可以這樣想像，隨著時間的推移，這 2.25 吉瓦的電力是如何流動起來的呢？

I'll start with the with the timing. And then, Chuck, if you want to weigh in on the second part. So the JV has been launched, and we closed it a few weeks ago. It's operational. The 2.25 gigawatt project that we announced were already delivering on that project this quarter materially. And we had an existing factory in Riyadh, that's continued to produce. We have a new factory under construction Jeddah. We visited that factory last week. It looks fantastic.

我先從時間安排說起。那麼，查克，如果你想對第二部分發表意見的話。所以合資企業已經成立，我們在幾週前關閉了它。它已投入使用。我們宣布的 2.25 吉瓦項目在本季度已經取得了實質進展。我們在利雅德有一家現有的工廠，該工廠一直在繼續生產。我們在吉達有一家新工廠正在興建中。我們上週參觀了那家工廠。看起來棒極了。

It's quite large scale. Additionally, we're continuing to work with some of our legacy supply partners and we're extremely pleased to be partnered with Abu Nayan Holdings, fantastic organization, and we're set up in operating Chuck, second part.

規模相當大。此外，我們繼續與一些老牌供應商合作夥伴合作，我們非常高興能與 Abu Nayan Holdings 合作，這是一家非常棒的公司，我們已經準備好經營 Chuck，這是第二部分。

Yeah. So the way I think about this is, as Dan mentioned, Ivan in is a blue-chip company. It's the kind of company that a great Silicon Valley company we want to partner with. And so we're really proud to partner with them as we mentioned in the past, it's structured is roughly a 50-50 JV. It's not quite we will not consolidate and that is on purpose because effectively, it fits well with our high-ROIC capital-light model.

是的。所以我的想法是，正如丹所提到的，Ivan 是一家藍籌公司。這正是我們想要與之合作的那種矽谷優秀公司。因此，我們非常自豪能與他們合作，正如我們之前提到的，它的結構大致上是一個 50-50 的合資企業。並非完全如此，我們不會進行整合，這是有意為之，因為這實際上與我們高投資回報率的輕資本模式非常契合。

And so what you'll see is when the JV sells projects, we effectively will generate revenue by selling some technology into the JV. There will be a revenue, a royalty and then, of course, our share of the JV's profits. So we'll provide a little more color next quarter as we do our kind of 2028 outlook or guidance or 2027 outlook and guidance. So I'd say stay tuned, but we're really excited about this opportunity, and we think Abuneyan is going to be a great partner.

因此，你會看到，當合資企業出售專案時，我們實際上會透過向合資企業出售一些技術來創造收入。將會有收入、特許權使用費，當然，還有我們應得的合資企業利潤份額。因此，我們將在下個季度提供更多細節，屆時我們將發布 2028 年展望或指導意見，或 2027 年展望和指導意見。所以我想說，敬請期待，我們對這個機會感到非常興奮，我們認為 Abuneyan 將會是個很棒的合作夥伴。

Awesome. And then just one quick follow-up. When you talk about the power conversion, could you just talk a little bit about how that -- how your conversations with customers are evolving there? What does it look like? Are they more focused on best versus solar? And how does the competitive landscape look like for power conversion?

驚人的。然後，還有一個簡短的後續問題。談到功率轉換，您能否簡單談談您與客戶在這方面的溝通是如何發展的？它長什麼樣子？他們更注重性能還是太陽能？那麼，電力轉換領域的競爭格局又是如何呢？

I'll speak to that. Howard and I've been in this business since the 1980s. And power conversion has been the opportunity for greatest operational performance of solar and batteries over that -- for that whole time, okay? And why are we launching this category? Well, it's because it's not easy.

我會就此發表看法。我和霍華德從上世紀80年代就開始從事這個行業了。而電力轉換一直是太陽能和電池實現最大運行性能的機會——一直以來都是如此，好嗎？我們為什麼要推出這個品類？這是因為這並不容易。

Let's start with that, and we take it very seriously. We're doing it because there's opportunity to deliver higher efficiency, higher reliability and availability, safer and better service of that product category. We have a lot of experience here at the company with our technical team and our leadership team in this area. And we're factoring in user requirements to be able to achieve higher plant availability. The number one item on a pareto to improve the operating fleets around the world is to have better reliability and performance in this particular category.

就從這一點開始吧，我們非常重視這一點。我們這樣做是因為有機會提高該產品類別的效率、可靠性和可用性，以及提供更安全、更好的服務。我們公司的技術團隊和領導團隊在這個領域擁有豐富的經驗。我們正在考慮用戶需求，以實現更高的工廠出勤率。根據帕累托原則，要改善世界各地營運車隊的狀況，首要任務是提高該特定類別的可靠性和性能。

So that's why we're doing it. And we're approaching it where we're not cutting corners, but yet developing a product that's competitive and has local manufacturing attributes. We're starting in the United States. We have operating alpha units. We showed our skid of these -- this particular solution in the field at our Capital Markets Day, we're looking forward to fulfilling some initial beta projects with customers this year and then scaling the business responsibly after that.

所以這就是我們這麼做的原因。我們採取的方法是，既不偷工減料，又能開發出具有競爭力和本地製造特性的產品。我們先從美國開始。我們擁有營運中的 alpha 單元。我們在資本市場日上展示了這些產品——這個特殊的解決方案，我們期待今年能與客戶完成一些初步的測試項目，然後在此之後負責任地擴大業務規模。

Vikram Bagri, Citi.

Vikram Bagri，花旗集團。

I wanted to ask a housekeeping question first, and then I have a follow-up. You mentioned the non-tracker margins are comparable to corporate average. At the Analyst Day, the margins for non-tracker were indicated to be about 6%. So are you saying those margins are tracking higher the EBITDA margin expected to the Analyst Day? And what changed between Analyst Day and now?

我先想問一個客房服務方面的問題，然後我還有一個後續問題。您提到非追蹤型產品的利潤率與公司平均值相當。在分析師日上，非追蹤指數的利潤率約為 6%。所以您的意思是說，這些利潤率高於分析師日預期的 EBITDA 利潤率？從分析師日到現在，發生了哪些變化？

Yeah. Nothing has changed. I was talking gross margins, not EBITDA margins. And effectively, because it's a fairly small base, it doesn't really change the overall profile. But I'd point out, a big part of the non-tracker revenue is software, and that's way, way above the corporate average. The other ones are smaller and therefore, the way to think about it in the short term, is kind of blending with the corporate average. It's not going to change a whole lot. Over time, what we outlined at our Capital Markets Day is still intact. Thank you.

是的。一切都沒有改變。我指的是毛利率，不是 EBITDA 利率。實際上，由於基數較小，它並不會真正改變整體情況。但我要指出的是，非追蹤器收入的很大一部分是軟體收入，而且遠高於企業平均。其他公司規模較小，因此，從短期來看，它們在某種程度上會融入公司平均值。不會有太大變化。隨著時間的推移，我們在資本市場日上提出的內容仍然保持不變。謝謝。

And Chuck as a follow-up, you mentioned in your prepared comments, IG rating is important for customers. Can you highlight in which regions is it important? Does it play an important role in Saudi? And if there is a way to quantify how many customers consider is important, like how much of an edge does it provide to you relative to your competition?

查克，作為後續問題，你在準備好的評論中提到，IG評分對顧客來說很重要。您能否重點說明一下它在哪些地區比較重要？它在沙烏地阿拉伯扮演著重要角色嗎？如果能夠量化有多少客戶認為重要，例如，相對於競爭對手，它能為你帶來多大的優勢，那就太好了。

Yeah. So investment-grade rating is important to all customers and suppliers, some different internationally, it makes a big difference. If you're working with a large developer or owner, they care deeply about the credit profile of their counterparty, whether it's a customer or a supplier. And so while it may not matter as much to you financial community, it matters a lot to our customers is really a testament to how well the company is managed and the discipline approach that we take to operating our business. Dan, do you want to add anything?

是的。因此，投資等級對所有客戶和供應商都很重要，國際上的評級標準略有不同，這會產生很大的影響。如果你與大型開發商或業主合作，他們會非常關心交易對手的信用狀況，無論是客戶還是供應商。因此，雖然這對你們金融界來說可能不那麼重要，但對我們的客戶來說卻非常重要，這真正證明了公司的管理有多麼出色，以及我們在經營業務時所採取的嚴謹態度。丹，你還有什麼要補充的嗎？

Yeah. What I would add is that if you look at a number of markets, let's just talk about the United States. If you went back 10 years ago, there were a lot of developers that were then flipping projects. Today, the -- some of that occurs but most of those type of organizations have evolved into also operators, owners of systems, independent power producers. Also, we've seen a huge growth in utility ownership of solar.

是的。我想補充的是，如果我們檢視一些市場，例如我們以美國為例。如果回到10年前，你會發現當時有很多開發商都在轉手倒賣專案。如今，雖然有些此類組織仍然存在，但大多數這類組織已發展成為營運商、系統所有者和獨立電力生產商。此外，我們也看到公用事業公司擁有太陽能的比例大幅成長。

And folks are really concerned about the long-term operation really optimizing the risk-adjusted levelized cost of energy, and that's really important. We're in the Middle East. I mentioned a few weeks ago, there's a huge system there, not with ex power that's being completely dismantled and rebuilt due to, let's just say, performance issues. And we -- folks want to be not be penny wise and pound foolish. So we're really seeing long-term ability to support the development finance, supply, operation, spare parts or to reserve over life of the project, really be a much more important attribute as the industry has matured and go on to long-term risk-adjusted levelized cost of energy optimization.

人們非常關心長期運營，真正優化經風險調整後的平準化能源成本，這點非常重要。我們身處中東。我幾週前提到過，那裡有一個龐大的系統，由於性能問題，它正在完全拆除和重建，而不是使用電力。我們──大家都不想因小失大。因此，隨著產業的成熟，我們確實看到，在專案生命週期內，長期支持開發融資、供應、營運、備件或儲備的能力，將變得更加重要，並朝著長期風險調整後的平準化能源成本優化方向發展。

Ben Kallo, Baird.

本卡洛，貝爾德。

Congrats on the results. Two questions, maybe bigger picture. Number one, with all the emphasis on bring your own power, has that showed up in your discussions or in orders? And maybe just talk to that? And then the second question energy storage volumes are very large, said at least. Any way that you guys are thinking about addressing that market or working with that market?

恭喜取得好成績。兩個問題，或許關乎更宏觀的問題。首先，既然大家都在強調要自帶力量，那麼這一點在你們的討論或命令中反映出來了嗎？或許可以跟它聊聊？然後第二個問題是，儲能容量非常大，至少有人是這麼說的。你們有沒有考慮過以某種方式開拓或與該市場合作？

Ben, this is Howard. So I'll start and then Dan will finish. So on the bring your own power, there's absolutely an amazing dynamic that's happening in not only the United States but around the world with respect to AI, electrification, which includes electric vehicles, the data centers that powers everything that we do, robotics, the energy requirement for chips is just going up and up. So what's happening, what you're seeing in this country, which spills over to other countries is some of the larger hyperscalers are getting more and more involved. You've seen some announcements directly in making sure that the power is there for their expansion and their requirements.

本，這是霍華德。那我先開始，然後丹接著說。所以，在自備電源方面，不僅在美國，而且在全世界範圍內，人工智慧、電氣化（包括電動車）、為我們一切活動提供動力的資料中心、機器人技術等方面，都正在發生著驚人的變化，晶片的能源需求也在不斷上升。所以，在這個國家正在發生的事情，以及蔓延到其他國家的情況是，一些大型超大規模資料中心營運商正越來越多地參與其中。你已經看到一些公告，這些公告直接確保了電力供應能夠滿足他們的擴張和需求。

So there's no question that, that's the bring your own power is part of the equation. There's no question that we're seeing that in our opportunity base. And with respect to storage, I'll just start and do finish. There's this great symiotic relationship between solar and storage. And it's the fastest thing that can be deployed to market.

所以毫無疑問，自備電源是其中的一部分。毫無疑問，我們已經從我們的機會基礎中看到了這一點。至於儲存方面，我就直接開始，然後完成。太陽能和儲能之間存在著一種極好的共生關係。而且它是能夠最快推向市場的產品。

We've seen that in the United States alone, over 80% of the new electrical capacity this year. Well, from January of 2025 to November of 2025, over 80% was solar and storage. And companies are reporting, large developer owners are reporting that they span both fossil and renewables and over 80% of their portfolios are solar and storage. So it's a logical extension for Nextpower to offer the solar power platform that extends into storage. And our power conversion system is something that can be used for in the storage category.

光是在美國，我們就看到今年新增電力容量的 80% 以上都用於此。從 2025 年 1 月到 2025 年 11 月，超過 80% 的能源來自太陽能和儲能。各公司，尤其是大型開發商，都表示他們的業務涵蓋化石能源和再生能源，其中超過 80% 的投資組合是太陽能和儲能。因此，Nextpower 提供可擴展至儲能的太陽能發電平台是一個合乎邏輯的延伸。我們的電源轉換系統可以應用於儲存領域。

Dan?

擔？

Yeah. Thanks, Ben. When we've heard this bring your own power, it can mean there can be 2 definitions of that, okay? Definition one can be install electric generating capacity at some point in the grid that has been contractually generating a certain amount of gigawatt hours that flow through the grid to an end use. Definition number two could be on-site power where the power is right there at the load, which reduces or potentially eliminates the need to be connected to the grid, okay?

是的。謝謝你，本。當我們聽到「依靠自己的力量」這句話時，它可能有兩種解釋，懂嗎？定義一：可以在電網的某個點安裝發電容量，該容量已按合約產生一定數量的吉瓦時電力，這些電力透過電網輸送到最終用戶。第二個定義可以是現場供電，即電力直接供應到負載處，這樣可以減少甚至消除連接到電網的需要，懂嗎？

Almost all of what's happened and happening and discussed is the first definition. There are some cases of the second thing. So let's just speak to the first thing for a minute. That's been happening for more than 5 years. A huge amount of our projects are with our customers are for serving those applications hyperscalers, data centers that are buying the energy to support through the wire, but through the wires to support their operations.

幾乎所有已經發生、正在發生和討論過的事情都屬於第一個定義。第二種情況也有一些例子。那麼，我們先來談談第一件事。這種情況已經持續五年多了。我們與客戶合作的大量專案都是為了服務那些超大規模資料中心和超大規模資料中心，這些資料中心透過網路購買能源來支援其營運。

So people have been bringing their own power that's increasing but it's not necessarily co-located at the actual facility. We have seen some projects co-located at the actual facility on the customer side of the meter. I do think we'll see some more of that, but customers generally want the grid, and they can supply their own energy through the grid. The grid is a very reliable thing. It's kind of a battery, if you will.

因此，人們一直在自備電力，而且電力供應還在增加，但電力供應並不一定與實際設施位於同一地點。我們看到一些項目位於電錶客戶側的實際設施內。我認為我們以後還會看到更多這樣的情況，但客戶通常想要接入電網，他們可以透過電網自行供電。電網非常可靠。它有點像電池。

And then what happens on the customer side of the meter is backup power and under irritable power supply. So I'd say it's been happening for quite a while, and we're going to see increased pull as large concentrated loads with data centers increases. With respect to Nextpower serving battery storage as well as solar are inverter platform power conditioning system, the fundamental architectures can definitely support both was conceived that way. We're continuing to evolve it. There are some differences as it goes to final productization for how in software and some of the applications for how those systems interface.

然後，電錶用戶側的情況是備用電源和不穩定的電源供應。所以我覺得這種情況已經持續一段時間了，隨著資料中心的大型集中負載增加，我們將看到需求增加。就 Nextpower 為電池儲能和太陽能提供的逆變器平台電源調節系統而言，其基本架構肯定可以同時支援兩者，這就是它的設計理念。我們正在不斷改進它。在最終產品化過程中，軟體和某些應用程式在系統介面方面存在一些差異。

But the fundamental platform can apply to both, and that's how we introduced at the Capital Markets Day and showed folks in the field.

但這基本平台可以同時適用於兩者，這也是我們在資本市場日上介紹並向業內人士展示的方式。

Jon Windham, UBS.

瑞銀集團的喬恩‧溫德姆。

Perfect. Perfect timing to bring me on. I guess I have a follow-up question. So Dan, you've been in the industry a long time, you've been a leader of it. I'd love to get your thoughts on the potential impact from greater availability of storage in the United States. Obviously, Ford had a very big announcement converting some of the what was supposed to be EV batteries into stationary storage Silanis and GM could potentially do the same thing. Just your thoughts on the potential impact to solar demand if we sort of go to a market that's a wash in batteries?

完美的。讓我加入的時機真是太好了。我想問一個後續問題。丹，你入行很久了，一直是這個行業的領導者。我很想聽聽您對美國儲存資源日益豐富可能產生的影響有何看法。顯然，福特發布了一項重大公告，將一些原本用於電動車的電池改造成固定式儲能電池。 Silanis 和通用汽車也可能效仿。如果電池市場發展到幾乎與太陽能市場持平的階段，您認為這會對太陽能需求產生什麼潛在影響？

We think it's fabulous to build capacity of making battery cells, packs, containers in the United States and other major markets fantastic development. There's been a lot of tailwind to stationary storage that's come from electric vehicle demand and manufacturing scale up and then in the case of a few of the companies you mentioned, repurposing some of that capacity to stationary storage. We think it's awesome. And we think, as Howard mentioned solar and storage go together. Kind of like base Qatar drugs go together.

我們認為在美國和其他主要市場建立電池單體、電池組、電池容器的生產能力是一件非常棒的事情，這是一個非常好的發展。電動車的需求和製造規模的擴大，以及你提到的幾家公司將部分產能用於固定式儲能，都為固定式儲能帶來了巨大的推動作用。我們覺得這太棒了。正如霍華德所提到的那樣，我們認為太陽能和儲能是相輔相成的。有點像卡達的毒品一樣，它們總是形影不離。

And so what they do is they're quite complementary. And the other thing has just been amazing to see over the last five years, solar -- or excuse me, storage five years ago was predominantly one out storage. Then you saw a 2-hour store. Now we're seeing 4-hour storage. We have some customers with projects that are 6 or 8 hours storage.

因此，它們的作用是互補的。在過去五年裡，另一件令人驚嘆的事情是，太陽能——或者更準確地說，五年前的儲能——主要還是單一儲能。然後你看到了一家兩小時快閃店。現在我們看到的是 4 小時的儲存。我們有一些客戶的專案需要6到8小時的儲存時間。

I mentioned the project in the United Arab Emirates that's 24-hour storage. I mean it's my mind botteling. So what we've seen happen in storage is the same thing that happened in photovoltaic cells where there was this cost reduction from the production learning curve effect, where every time the cumulative production doubled cost dropped about 20%. And with this exponential growth in storage, you're seeing a commensurate reduction in the cost, that allows for hours and allows solar to be more and more ubiquitous as the deployments continue. So we're very excited about the manufacturing build-out and we think that will be a very good thing for the industry.

我提到了阿聯酋的那個24小時倉儲專案。我的意思是，這是我內心的想法在瓶子裡傾瀉而出。因此，我們在儲能領域看到的情況與光伏電池領域的情況相同，即生產學習曲線效應導致成本降低，每次累積產量翻倍，成本就會下降約 20%。隨著儲能技術的指數級增長，成本也相應降低，這使得儲能時間得以延長，隨著部署的持續，太陽能發電也變得越來越普遍。因此，我們對生產設施的擴建感到非常興奮，我們認為這對整個產業來說將是一件非常好的事情。

Dylan Messano, Wolf.

迪倫·梅薩諾，狼。

I think earlier in the call, you mentioned there was a little bit of pull forward in the quarter. And then obviously, you raised the guidance for the year. So I guess I just wanted to check on that kind of within the context of the preliminary fiscal 2027 guidance that you gave on the Capital Markets Day?

我想在之前的電話會議中，您提到本季業績有所提前公佈。然後，很顯然，你們提高了今年的業績預期。所以我想確認一下，您在資本市場日上給出的2027財年初步指引的背景下，這方面的情況如何？

Yeah. So like we mentioned before, we're not updating or changing our fiscal '27 outlook from Capital Markets Day. It was just a couple of months ago. And as it relates to Q3, it was an incredibly strong quarter. When our customers would like us to accelerate schedules, we can. It's overall, a very, very strong quarter. We raised the year in Q3 was incredibly strong on the heels of customers wanting more product earlier.

是的。正如我們之前提到的，我們不會更新或改變我們在資本市場日發布的 2027 財年展望。就發生在幾個月前。就第三季而言，這是一個表現非常強勁的季度。當客戶希望我們加快進度時，我們可以做到。總體而言，這是一個非常非常強勁的季度。由於客戶希望更早獲得更多產品，我們第三季的業績表現非常強勁。

Howard, do you want to add anything else? No. You -- well, I'll just say that we're in very close contact with our customers. Some want acceleration somewhat to slow down because of a particular situation a site or timing, and we are just really working to meet the schedules of our customers and have exceptional on-time delivery, which we do have. In this particular quarter, there was a net acceleration.

霍華德，你還有什麼要補充的嗎？不。關於您—嗯，我只能說我們與客戶保持著非常密切的聯繫。有些人希望加快速度，但又希望放慢速度，因為某些特定情況、地點或時間安排，而我們只是努力滿足客戶的進度安排，並實現卓越的準時交付，而我們也確實做到了。本季出現了淨加速成長。

We have a portfolio of projects we manage on an annual basis, as we've said. And so you can see revenue going from one quarter to the next. But the year looks really good. The next quarter. We've talked about Q4, you got that. Q1 FY27 looks very strong and up and to the right. So yeah, we're very pleased with our backlog and it really gives us visibility to manage the company on an annual basis. Thank you so much. Okay. We really appreciate everyone dialing in.

正如我們所說，我們每年都會管理一系列專案。因此，你可以看到收入從一個季度到下一個季度都在成長。但今年看起來真的很不錯。下一季。我們已經討論過第四季度了，你明白的。2027財年第一季前景非常強勁，呈上升趨勢。是的，我們對目前的訂單積壓情況非常滿意，這讓我們能夠更好地進行年度公司管理。太感謝了。好的。非常感謝大家的參與。

Thank you for those that participated in our Capital Markets Day, and this concludes this quarter's earnings call.

感謝各位參加我們的資本市場日活動，本季財報電話會議到此結束。