NextNRG Inc (NXXT) 2025 Q3 法說會逐字稿

Greetings. Welcome to the NextNRG third quarter 2025 earnings results conference call. (Operator Instructions) I would now like to turn the conference over to Sharon Cohen. Investor relations.

問候。歡迎參加 NextNRG 2025 年第三季財報電話會議。（操作員指示）現在我將把會議交給莎倫·科恩。投資者關係。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you and good morning, everyone. Joining us today are Michael Farkas, our Chief Executive Officer and executive Chairman, and Joel Kleiner, our Chief Financial Officer. Before we begin, I would like to remind you that certain statements on this call are forward-looking in nature and subject to risks and uncertainties. These statements are based on current expectations and assumptions and involve risks that could cause actual results to differ materially.

謝謝大家，大家早安。今天與我們一同出席的有我們的執行長兼執行董事長邁克爾·法卡斯，以及我們的財務長喬爾·克萊納。在開始之前，我想提醒各位，本次電話會議中的某些陳述具有前瞻性，並存在風險和不確定性。這些陳述是基於目前的預期和假設，並涉及可能導致實際結果與預期結果有重大差異的風險。

Please refer to our filings with the SEC including our most recent Form 10-K and our Form 10-Q for the quarter ended September 30, 2025 for a discussion of these risks. With that, I'll now turn the call over to Michael.

有關這些風險的討論，請參閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格和截至 2025 年 9 月 30 日的季度 10-Q 表格。接下來，我將把電話交給麥可。

Thank you, Sharon, and welcome everyone to our 3rd quarter earnings call. This quarter represents a significant step in X Energy's journey as we continue advancing towards our vision.

謝謝莎倫，歡迎各位參加我們的第三季財報電話會議。本季是 X Energy 發展歷程中的一個重要里程碑，我們將繼續朝著我們的願景邁進。

Our results clearly demonstrate that our strategy is working. Revenue is growing, margins are expanding, and our mobile fueling and energy infrastructure initiatives are driving strong, measurable results across the business, making this our strongest financial performance to date. The results speak for themselves, and they set the stage for continued growth and operational excellence.

我們的研究結果清楚地表明，我們的策略是有效的。收入不斷增長，利潤率不斷擴大，我們的行動加油和能源基礎設施計劃正在推動整個業務取得強勁、可衡量的成果，使我們取得了迄今為止最強勁的財務業績。結果不言自明，並為持續成長和卓越營運奠定了基礎。

I want to thank all of you for your confidence and take this opportunity to provide an overview of NextNRG.

我要感謝大家的信任，並藉此機會向大家概述 NextNRG。

We're more than an energy company, we're a full spectrum energy partner. From generation and storage to optimization and fueling, We give businesses the tools to be efficient, independent, and future ready. Our ecosystem combines power generation, advanced batteries, wireless EV charging, and on-demand mobile fueling to deliver energy wherever it's needed, smarter and faster than ever.

我們不僅僅是一家能源公司，我們是全方位的能源合作夥伴。從發電和儲能到優化和燃料供應，我們為企業提供高效、獨立和麵向未來的工具。我們的生態系統結合了發電、先進電池、無線電動汽車充電和按需移動加油，以比以往任何時候都更聰明、更快速的方式將能源輸送到任何需要的地方。

We're not just following the energy transition, we're leading it. The momentum we've built continues, and as you'll hear today, the investments in our past initiatives are now delivering tangible results.

我們不僅跟隨能源轉型，我們也引領能源轉型。我們所取得的進展勢頭仍在繼續，正如你們今天將聽到的，我們過去各項舉措的投資現在正在取得切實成果。

Last quarter I discussed our investments in expanding the fleet by 99 trucks and entering 10 new markets. You'll recall it was anchored in a strategic thesis that building operational density around our strongest customers will allow us to 1, optimize routes, 2, enhance driving efficiency, 3, expand margins, and 4, expand market presence off the heels of our largest customers.

上個季度我討論了我們在擴充車隊 99 輛卡車和進入 10 個新市場的投資。您應該還記得，它的戰略論點是，圍繞我們最強大的客戶建立運營密度將使我們能夠：1. 優化路線；2. 提高駕駛效率；3. 擴大利潤率；4. 借助我們最大的客戶擴大市場份額。

I'm proud to share that we are delivering on that vision, achieving our highest revenues and strongest margins to date.

我很自豪地宣布，我們正在實現這一願景，取得了迄今為止最高的收入和最強勁的利潤率。

Marking the best performance in the company's history.

這是該公司史上最佳業績。

In addition to the above, we have added an 11 new market, Fort Myers, Florida.

除了上述內容外，我們還新增了第 11 個市場，即佛羅裡達州邁爾斯堡。

As we've grown and are increasing gallons delivered, we've been able to unlock volume-based supplier discounts, increasing profit margins from 8% to 11%, and driving a 232% year over year revenue increase.

隨著我們的發展壯大和交付量的增加，我們獲得了基於銷量的供應商折扣，利潤率從 8% 提高到 11%，並實現了年收入 232% 的增長。

Moving on to our emerging technologies, particularly our smart micro grid and battery storage solutions. We previously reported that we were working on various projects including the California healthcare facilities, and I'm happy to report that we have just signed two power purchase agreements, also known as PPAs, whereby we effectively replace the traditional utility provider supplying these locations with their full energy needs.

接下來談談我們的新興技術，特別是我們的智慧微電網和電池儲能解決方案。我們之前曾報道過，我們正在進行各種項目，包括加州的醫療設施項目。我很高興地宣布，我們剛剛簽署了兩份購電協議（PPA），透過這些協議，我們有效地取代了為這些場所提供全部能源的傳統公用事業供應商。

Our systems are addressing a vital need, ensuring facilities remain efficient, compliant, and operational around the clock. Most notably, these PPAs provide for 28 years of contractual profitable revenue to the company via energy sales, creating a long-term revenue visibility.

我們的系統滿足了至關重要的需求，確保設施全天候保持高效、合規和運作。最值得注意的是，這些購電協議為公司提供了 28 年的合約獲利收入，透過能源銷售，創造了長期的收入可見度。

We continue to advance our energy divisions pipeline, driving meaningful progress across multiple fronts. As NRG evolves, our strategy is to be increasingly focused on high demand sectors where reliability and resilience are non-negotiable, particularly healthcare, assisted living, and large scale commercial facilities that require continuous mission critical power.

我們持續推動能源部門的研發項目，在多個方面取得實質進展。隨著 NRG 的發展，我們的策略是越來越專注於高需求產業，在這些產業中，可靠性和彈性是不可妥協的，特別是醫療保健、輔助生活和需要持續關鍵任務電力的大型商業設施。

This approach has unified the company around a more focused sales approach within a massive town.

這種方法使公司在一個龐大的城市中團結起來，採取更專注的銷售策略。

Our active pipeline currently stands at over a dozen projects with several more qualified leads progressing through the pipeline.

我們目前有十幾個在建項目，還有幾個合格的潛在客戶正在推進中。

As time progresses and the market learns about NextNRG, we're watching our integrated energy ecosystem come to life. As an example, we've been approached by solar installers who have deployed solar power generation solutions but whose clients now require battery storage and or charging solutions and the technology to optimize their energy generation, storage, and usage.

隨著時間的推移，市場對 NextNRG 的了解不斷加深，我們正在見證我們一體化能源生態系統的蓬勃發展。例如，一些太陽能安裝商聯絡我們，他們已經部署了太陽能發電解決方案，但他們的客戶現在需要電池儲能和/或充電解決方案，以及優化其能源生產、儲存和使用的技術。

Next, Energy is being asked to complete the energy ecosystem into a single intelligent platform.

接下來，能源部門被要求將能源生態系統整合到單一的智慧平台上。

This growing interest validates our approach and reinforces the competitive advantage of our integrated energy model. As interest in our platform grows, we're strengthening relationships across the value chain, expanding partnerships in solar hardware and battery storage to deliver cutting edge technology at highly competitive pricing.

這種日益增長的興趣驗證了我們的方法，並鞏固了我們綜合能源模式的競爭優勢。隨著人們對我們平台的興趣日益增長，我們正在加強整個價值鏈的關係，擴大在太陽能硬體和電池儲能領域的合作夥伴關係，以極具競爭力的價格提供尖端技術。

These collaborations enhance our offering and position NextNRG as a trusted full-service energy partner.

這些合作提升了我們的產品和服務，並將 NextNRG 定位為值得信賴的全方位能源合作夥伴。

Next, our much anticipated bi-directional wireless EV charging initiative continues to advance.

接下來，我們備受期待的雙向無線電動汽車充電計畫將繼續推進。

This quarter. We continue to make meaningful progress in the development framework and are moving closer to the launch of our first demonstration of this game changing technology. While still in the planning and design phase, the groundwork is being laid now positions us to move efficiently into the execution as we refine partnerships and tech integration.

本季。我們在開發框架方面持續取得實質進展，並正朝著首次展示這項顛覆性技術的目標邁進。雖然目前仍處於規劃和設計階段，但已奠定的基礎使我們能夠有效率地進入執行階段，同時完善合作夥伴關係和技術整合。

We hope to provide a material update in the coming weeks.

我們希望在未來幾週內提供實質的最新進展。

Looking ahead into 2026 and beyond, we find ourselves excited for the future, a time when global and domestic energy demands are reaching unprecedented levels. I recently attended a conference where business and political leaders convened, including President Trump and Eric Schmidt, the former Google CEO. They underscored the urgent need to expand our nation's capacity in energy generation, storage, and distribution.

展望 2026 年及以後，我們對未來感到興奮，因為屆時全球和國內的能源需求將達到前所未有的水平。我最近參加了一次會議，商界和政界領袖齊聚一堂，其中包括川普總統和谷歌前執行長埃里克·施密特。他們強調了擴大我國能源生產、儲存和分配能力的迫切需求。

They specifically mentioned the growing trend for developers of data centers and other energy intensive sites to develop on-site fully integrated smart grids to ensure power reliability. The message was clear our current infrastructure cannot keep pace with the accelerating demand.

他們特別提到，資料中心和其他能源密集場所的開發商越來越傾向於在現場開發完全整合的智慧電網，以確保電力可靠性。訊息很明確：我們目前的基礎設施無法跟上不斷增長的需求。

In fact, following the conference, I was invited to an intimate dinner at Eric Schmidt's home with a group of leading business executives in America, and as I discussed what NextNRG was building, the focus quickly became on nations' need for power generation, storage, and distribution. To quote Eric, we will run out of power before we run out of capital to invest in AI infrastructure, underscoring the urgency to generate power.

事實上，會議結束後，我受邀到艾瑞克·施密特的家中與一群美國頂尖的商業主管共進晚餐。當我討論 NextNRG 正在開發的產品時，大家的關注很快就轉移到了各國對發電、儲能和配電的需求。用艾瑞克的話來說，我們會先耗盡電力，然後才會耗盡投資人工智慧基礎設施的資金，凸顯了發電的緊迫性。

NextNRG is uniquely positioned to help address that challenge. Our integrated approach spanning generations, storage, distribution, and fueling places us at the forefront of dividing the critical energy solutions needed to power the next era of growth.

NextNRG 擁有獨特的優勢，能夠幫助應對這項挑戰。我們採用涵蓋世代、儲存、分配和燃料的綜合方法，使我們處於劃分關鍵能源解決方案的前沿，這些解決方案對於推動下一個成長時代至關重要。

Our strategy remains focused on expanding, scaling, and optimizing. We are deepening our presence in key markets with mobile fuel delivery, advancing opportunities in renewable, distributed infrastructure, and strengthening partnerships that accelerate technology deployment while improving operating efficiency and margin performance.

我們的策略仍然專注於擴張、規模化和優化。我們正在透過行動燃料配送深化在關鍵市場的業務，推動再生能源、分散式基礎設施領域的機遇，並加強合作夥伴關係，以加速技術部署，同時提高營運效率和利潤率。

While our near term focus is on disciplined execution, our long-term vision remains steadfast to create a fully connected energy ecosystem that bridges today's fueling needs with tomorrow's clean intelligent infrastructure. As CEO, my goal is consistently to transparently articulate our current performance while also painting a clear picture of our commitment to discipline growth and to deliver on our commitments.

雖然我們近期的重點是嚴格執行，但我們的長期願景仍然堅定不移，即創建一個完全互聯的能源生態系統，將當今的燃料需求與未來的清潔智慧基礎設施連接起來。作為首席執行官，我的目標是始終透明地闡述我們目前的業績，同時清晰地描繪我們對穩健成長的承諾，並履行我們的承諾。

I am proud that all the things we laid out in last quarter's call, we have delivered. I hope to do the same next quarter, consistent and reliable leadership. With that, I'll turn it over to our CFO Joel Kleiner for the Financial Review.

我感到自豪的是，我們在上個季度電話會議上提出的所有目標都已經實現了。我希望下個季度也能做到這一點，保持穩定可靠的領導力。接下來，我將把財務回顧交給我們的財務長喬爾·克萊納。

Thank you, Michael.

謝謝你，麥可。

Turning to the financials, Q3 was another quarter of outstanding growth with revenue of $22.9 million up 232% year over year from $6.9 million in Q3 of 2024 and up $19.7 million in Q2 2025. To put that in perspective, our total revenue for the full year of 2024 was $27.8 million so we're approaching.

從財務數據來看，第三季又是一個成長顯著的季度，營收達到 2,290 萬美元，比 2024 年第三季的 690 萬美元成長了 232%，比 2025 年第二季成長了 1,970 萬美元。為了讓大家更能理解，我們 2024 年全年的總收入為 2,780 萬美元，所以我們正在接近目標。

Nearly a full year's worth of revenue in just one quarter. Gross profit margins also continue to expand, increasing from 8% in Q2 to 11% in Q3. Not only did we grow revenue, but we also successfully lowered our cost of goods sold, demonstrating that while growing top-line revenue, we're also simultaneously improving our operational efficiencies.

一個季度就實現了近一年的收入。毛利率也持續擴大，從第二季的 8% 成長到第三季的 11%。我們不僅提高了收入，還成功降低了銷售成本，這表明我們在提高總收入的同時，也在提高營運效率。

On the expense side, our loss from operation came in at $9 million which includes a $5.6 million non-cash stock-based compensation charge. As you recall, we introduced this program last quarter as a strategy to attract and retain top talent, and as expected, this quarter's charge is significantly lower in Q2.

在支出方面，我們的營運虧損為 900 萬美元，其中包括 560 萬美元的非現金股票補償費用。如您所知，我們在上個季度推出了這項計劃，作為吸引和留住頂尖人才的策略，正如預期的那樣，本季的費用在第二季大幅下降。

And then Q2, excluding this item, our operating loss was $3.4 million down from $5.2 million in Q2, reflecting our continued focus on disciplined, cost management, and operational efficiency as we move closer to profitability and positive cash flows. Cash used in operation for the first nine months of 2025 was $14.1 million.

然後，剔除該專案後，第二季我們的營業虧損為 340 萬美元，低於第二季的 520 萬美元，這反映出我們繼續專注於嚴格的成本管理和營運效率，以期實現盈利和正現金流。2025 年前九個月的經營活動所用現金為 1,410 萬美元。

Because this figure reflects quarter and working capital timing, including inventory and prepaid expenses hitting just before quarter close, as well as Q2 invoices being paid in Q3, the reported number overstates our underlying burn rate. On a normalized basis, a year-to-date operating burn is closer to $11 million. We ended the quarter with roughly $650,000 in cash, which similarly reflects those working capital timing dynamics. Since quarter end, we have taken deliberate steps to strengthen liquidity. We completed the refinancing of our truck fleet and continue to streamline our debt profile, converting portions of our debt to equity and reducing the overall complexity in the capital structure. These actions provided. Greater financial flexibility as we manage the business operationally.

由於該數字反映了季度和營運資金的時間安排，包括季度末前的庫存和預付費用，以及在第三季度支付的第二季度發票，因此報告的數字高估了我們實際的消耗率。以正常水準計算，今年迄今的營運支出接近 1,100 萬美元。本季末，我們持有約 65 萬美元現金，也同樣反映了營運資金的時間動態。自季度末以來，我們採取了切實措施來增強流動性。我們完成了卡車車隊的再融資，並繼續簡化債務結構，將部分債務轉換為股權，降低資本結構的整體複雜性。這些行動已完成。在業務營運管理方面，我們擁有更大的財務靈活性。

Q3 delivered solid progress. Revenue increased, our energy pipeline continued to expand, and we began advancing several opportunities towards deployment. As we scale revenue, expand margin, and enhance operational efficiency, the underlying trend in our cash usage is moving in the right direction. While we still have work to do ahead of us, the trajectory of our business combined with the strength of our platform and the early validation we are seeing across both fueling and energy infrastructure position us well for continued momentum in the quarters to come.

第三季取得了穩健進展。收入增加，我們的能源儲備持續擴大，我們開始推動幾個專案的部署。隨著我們擴大收入規模、提高利潤率和提升營運效率，我們的現金使用正朝著正確的方向發展。雖然我們還有很多工作要做，但我們業務的發展軌跡，加上我們平台的實力，以及我們在燃料和能源基礎設施領域看到的早期驗證，使我們在未來幾季能夠繼續保持成長勢頭。

Thank you. Back to you, Michael.

謝謝。邁克爾，該你了。

Thank you, Joel. It's been a fantastic quarter for NextNRG our last call, we outlined a series of goals that we sought to achieve, and I'm proud to say that we've executed on every single one of them. Our operational performance, project pipeline, and financial results all reflect the discipline, growth, and momentum we've been building for.

謝謝你，喬爾。對於 NextNRG 來說，這是一個非常棒的季度。在上次電話會議上，我們概述了一系列我們希望實現的目標，我很自豪地說，我們已經實現了每一個目標。我們的營運績效、專案儲備和財務表現都反映了我們一直以來努力建立的紀律、成長和勢頭。

Looking ahead, we're excited to be in a unique position both in time and in capability to help drive the future of energy across the nation and ultimately on a global scale.

展望未來，我們很高興能夠擁有獨特的時機和能力，幫助推動全國乃至全球能源的未來發展。

On On-site infrastructure continues to overspend. Our pipeline is growing, and profit potential continues to strengthen with each passing quarter.

現場基礎建設持續超支。我們的業務線不斷成長，獲利潛力也隨著每季的推進而持續增強。

And on a personal note, as many of you may know, I've spent much of my career pioneering advancements in EV charging. I'm pleased to share that I'm no longer under any non-compete restrictions, which opens the door for NextNRG to participate fully in all forms of EV charging, both wired and wireless, and to pursue high value, high margin energy assets that align with our long-term vision.

就我個人而言，正如你們中的許多人可能知道的那樣，我職業生涯的大部分時間都致力於電動車充電技術的開創性發展。我很高興地宣布，我不再受任何競業禁止限制的約束，這為 NextNRG 全面參與所有形式的電動車充電（包括有線和無線充電）以及追求符合我們長期願景的高價值、高利潤能源資產打開了大門。

We're just getting started and the opportunity ahead has never been greater.

我們才剛起步，未來的機會前所未有地巨大。

Thank you all for your continued confidence and support. Operator, we can now move on to the questions.

感謝大家一直以來的信任與支持。操作員，我們現在可以開始提問了。

Thank you so much. I understand there are some email questions, Sharon, so I'd like to hand the call back over to you for the Q&A portion.

太感謝了。莎倫，我知道還有一些郵件方面的問題，所以我想把電話交還給你，由你來回答問題。

Thank you. Yes, I've gathered some submitted questions and I'm going now directly to you, Michael. The first question relates to our energy division. Can you give us more detail on the kinds of projects currently in your energy infrastructure pipeline? What types of facilities are engaging with you and what solutions are they looking for?

謝謝。是的，我已經收集了一些提交的問題，現在直接問你，邁克爾。第一個問題與我們的能源部門有關。您能否詳細介紹一下您目前正在籌備的能源基礎設施項目類型？哪些類型的設施正在與您合作？他們正在尋找什麼樣的解決方案？

Absolutely. Our pipeline today includes projects for municipalities, as well as a large range of commercial facilities. These opportunities span everything from literally layering new components over existing infrastructure, to full green buildouts, greenfield buildouts, really depending upon the need of the facility. These customers are typically asking for three core components. One is on-site power generation, basically to reduce dependence on the grid and improve overall, reliability.

絕對地。我們目前的專案儲備包括市政項目以及各種商業設施項目。這些機會涵蓋了從在現有基礎設施上疊加新組件到完全新建、綠地建設等方方面面，這完全取決於設施的需求。這些客戶通常需要三個核心組件。一是現場發電，主要目的是減少對電網的依賴，並提高整體可靠性。

Number two is, advanced battery storage. This is to ensure continuity of power, especially during peak demand or outages, and then we're looking at the, our smart microgrid control system. It's really, it's optimizing how energy is produced, stored, and consumed in real time.

第二點是先進的電池儲存技術。這是為了確保電力供應的連續性，尤其是在用電高峰期或停電期間，然後我們將著手研究我們的智慧微電網控制系統。實際上，它是在即時優化能源的生產、儲存和消耗方式。

Many of these facilities are operating with aging equipment and insufficient backup systems, so they're looking at us to design modern methodologies and integrated solutions that meet both operational requirements and regulatory standards.

這些設施大多使用老舊設備，備用系統不足，因此他們希望我們設計出既滿足營運要求又符合監管標準的現代化方法和整合解決方案。

We're also seeing a growing wave of commercial operators who have solar installed. But now needs storage and intelligent controls, and they want a unified platform that ties everything together in one simple place to be able to follow everything.

我們也看到越來越多的商業運營商安裝了太陽能係統。但現在他們需要儲存和智慧控制功能，他們想要一個統一的平台，將所有內容整合到一個簡單的地方，以便能夠追蹤所有內容。

They also want a single partner to complete that ecosystem. You can't have different components, different people all over the place. It's not a sound system, and and that's exactly what what our energy platform does. It allows the integration of all the stuff.

他們也希望找到一個合作夥伴來完善這個生態系統。你不能讓不同的人員分散在各處，組成不同的團隊。它不是一個音響系統，而這正是我們的能源平台所做的。它能夠整合所有內容。

So these are not exploratory or one-off engagements, they're well defined high value infrastructure deployments that directly address the reliability gaps that are out there today. Next question.

因此，這些並非探索性或一次性的合作，而是經過精心設計的高價值基礎設施部署，直接解決了當前存在的可靠性差距。下一個問題。

Sharon, could you check if you're self muted, please?

Sharon，請問你是否已將自己靜音？

Yes, sorry about that Our next question relates to the margins reported Michael, the company delivered the strongest margins in company history this quarter. How sustainable is this improvement? What are the main drivers of further margin expansion?

是的，很抱歉。我們的下一個問題與報告的利潤率有關。邁克爾，公司本季實現了公司歷史上最高的利潤率。這種改進能持續多久？進一步擴大利潤率的主要驅動因素是什麼？

Joe, you want to grab that ?

喬，你想抓住那個？

Yeah.

是的。

As we, thank you, sharing, can you repeat the question? Sorry.

感謝您的分享，您能再說一次這個問題嗎？對不起。

Yes, absolutely. How sustainable is this improvement in the margins and what are the main drivers of further margin expansion?

是的，絕對的。利潤率的這種改善能否持續？推動利潤率進一步擴大的主要因素是什麼？

So our margin expansion this quarter is absolutely sustainable because it's tied directly to structural changes in the business as we build density around our anchored customers, we're optimizing routes, improving driver efficiency, so reducing one of the greatest components of cost of goods sold, which is the actual driver expense. And the other side is increasing our gallons delivered. Which we have a great contract with, where we're finally unlocking volume-based discounting. Both of those lower our per unit costs.

因此，本季我們的利潤率擴張是完全可持續的，因為它與業務的結構性變化直接相關，我們圍繞核心客戶提高密度，優化路線，提高司機效率，從而降低銷售成本中最大的組成部分之一，即實際司機費用。另一方面，我們的送油量也在增加。我們與該公司簽訂了一份非常好的合同，我們終於可以享受基於銷量的折扣了。這兩項措施都能降低我們的單位成本。

These improvements are not a one-time thing as we're continuously working towards better utilization, improved scheduling, and continued vendor site advantages.

這些改進並非一次性的，我們將持續努力提高資源利用率、改善調度，並持續提升供應商場地優勢。

We expect these to continue to grow as we continue expanding our business.

我們預計隨著業務的不斷拓展，這些數字也會持續成長。

Well said, Joel. Thank you. Our next question asks to discuss the conference that you attended, Michael. Where leaders emphasize the urgent need for more power generation and infrastructure. How does this environment impact NextNRG?

說得好，喬爾。謝謝。邁克爾，我們的下一個問題是請你談談你參加的那次會議。領導人強調迫切需要更多的發電和基礎設施。這種環境會對 NextNRG 產生什麼影響？

The message from the event and then the follow-on dinner was very clear. Energy demand, especially tied to AI data centers, electrification, is growing faster than the grid can support. When Eric Schmidt said that we will run out of power before we run out of capital, it underscores the scale of the opportunity.

這次活動以及隨後的晚宴所傳遞的訊息非常明確。能源需求，特別是與人工智慧資料中心和電氣化相關的能源需求，成長速度超過了電網的承載能力。艾瑞克‧施密特曾說過，我們會先耗盡電力，然後才會耗盡資金，這凸顯了機會的規模之大。

NextNRG is positioned exactly where the market is heading on-site power generation, storage, and smart distribution, all integrated into a single platform.

NextNRG 的市場定位恰好符合市場發展趨勢——現場發電、儲能和智慧配電，所有這些都整合在一個平台上。

As developers, operators, and corporations increasingly look for reliable, scalable, off-grid or grid enhancing solutions, the demand for smart micro grids and distributed infrastructure only intensifies. We're aligned with that and we're already seeing the benefits in the pipeline, for customers who need these kind of services.

隨著開發商、營運商和企業越來越尋求可靠、可擴展的離網或電網增強解決方案，對智慧微電網和分散式基礎設施的需求只會更加強烈。我們與此理念一致，並且已經看到，對於需要這類服務的客戶來說，這些服務正在逐步帶來好處。

Thank you. And our final question is about operating losses.

謝謝。最後一個問題是關於營運虧損的。

You've made progress reducing your operating loss this quarter. We're still running at a multi-million dollar loss. Can you lay out a clear timeline or framework for when investors can expect sustainable, positive cash flow?

本季您在減少營業虧損方面取得了進展。我們仍然虧損數百萬美元。能否制定一個清晰的時間表或框架，說明投資者何時可以預期獲得可持續的、正向的現金流？

Absolutely. The improvement this quarter was driven by both scale and tighter cost discipline. Revenue grew materially, massively, margins expanded, and our underlying operating loss improved from Q2 to Q3. The path to positive cash flow is tied to three things continued revenue growth, which we're seeing, further margin expansion as operational density increases, and maintaining disciplined SG&A spend as we scale.

絕對地。本季業績的改善得益於規模擴大和成本控制的加強。營收大幅成長，利潤率擴大，而且我們的基本營業虧損從第二季到第三季有所改善。實現正現金流的路徑與三件事有關：持續的收入成長（我們正在看到這一點）、隨著營運密度的增加而進一步擴大的利潤率，以及隨著規模的擴大而保持嚴格的銷售、一般及行政費用支出。

The remaining hurdle is simply timing. As more new markets mature and as supplier discounts continue to strengthen, the economics improve quarter by quarter. We're not guiding to a specific date today, but the trend is clear.

剩下的障礙只是時機。隨著更多新市場的成熟和供應商折扣的持續加大，經濟效益逐季改善。我們今天不給出具體日期，但趨勢很明顯。

Our losses are narrowing, our margins are expanding, and each quarter brings us closer sustained positive cash flow.

我們的虧損正在減少，利潤率正在擴大，每個季度都讓我們離持續正現金流更近一步。

The fundamentals are moving in the right direction and the model scales efficiently as we continue growing.

基本面正朝著正確的方向發展，隨著我們不斷發展，模型能夠有效地擴展。

Thank you.

謝謝。

Thank you so much, ladies and gentlemen. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time.

非常感謝各位女士、先生。今天的電話會議到此結束。感謝您的參與。您可以在此時斷開線路。