普拉格能源 (PLUG) 2025 Q1 法說會逐字稿

Greetings and welcome to the Plug Power first quarter 2025 earnings call.

大家好，歡迎參加 Plug Power 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

Please note this conference is being recorded.

請注意，本次會議正在錄製。

I will now turn the conference over to Teal Hoyos, Vice President, Marketing and Communications. Thank you. You may begin.

現在，我將會議交給行銷和傳播副總裁 Teal Hoyos。謝謝。你可以開始了。

Thank you. Welcome to the 2025 first quarter earnings call. This call will include a forward-looking statements. These forward-looking statements contain projections of our future results of operations or of our financial position or other forward-looking information.

謝謝。歡迎參加 2025 年第一季財報電話會議。本次電話會議將包括前瞻性陳述。這些前瞻性陳述包含我們未來營運績效或財務狀況或其他前瞻性資訊的預測。

We intend these forward-looking statements to be covered by the Safe Harbor Provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

我們希望這些前瞻性聲明能夠受到 1933 年證券法第 27A 節和 1934 年證券交易法第 21E 節中關於前瞻性陳述的安全港條款的約束。

We believe that it is important to communicate our further expectations -- our future expectations to investors. However, investors are cautioned not to unduly rely on forward-looking statements, and such statements should not be read or understood as a guarantee of future performance or results.

我們認為，向投資者傳達我們的進一步期望——我們對未來的期望非常重要。然而，投資者應注意不要過度依賴前瞻性陳述，且此類陳述不應被解讀或理解為對未來績效或結果的保證。

Such statements are subject to risks and uncertainties that could cause actual results or performance to differ materially from those discussed as a result of various factors including but not limited to risks and uncertainties discussed under item one a risk factors and our annual report on Form 10-K for the fiscal year ending December 31, 2024, our quarterly report on Form 10-Q for the quarter ended March 31, 2025, as well as other reports we filed from time to time with the SEC.

此類聲明受風險和不確定性的影響，這些風險和不確定性可能導致實際結果或業績與由於各種因素而討論的結果或業績存在重大差異，包括但不限於第一項 a 風險因素下討論的風險和不確定性以及我們截至 2024 年 12 月 31 日的財政年度的 10-K 表表季度報告，以及我們不時向美國證券交易委員會提交的其他報告。

These forward-looking statements speak only as of the day in which the statements are made. And we do not undertake or intend to update any forward-looking statements after this call or as a result of new information.

這些前瞻性陳述僅代表陳述發布當天的觀點。我們不承諾或打算在本次電話會議後或因新資訊而更新任何前瞻性聲明。

At this point, I would like to turn the call over to Plug's CEO, Andy Marsh.

現在，我想將電話轉給 Plug 的執行長 Andy Marsh。

Good afternoon, everyone. Thank you for joining today. I am here with Paul, Sanjay, and Jose.

大家下午好。感謝您今天的加入。我和保羅、桑杰和何塞一起在這裡。

I'm happy to report that in Q1, plug met the financial and operational targets we set out, delivering a quarter of solid execution in a still turbulent macro environment.

我很高興地報告，在第一季度，Plug 實現了我們設定的財務和營運目標，在仍然動盪的宏觀環境下實現了季度穩健的執行。

Revenue came in at $134 million in line with guidance. But more importantly, we made real progress on our path to profitability, improving margins, reducing cash burn, and continuing to strengthen execution across all business lines. We are projecting between $140 million to $180 million in revenue in the second quarter.

營收達 1.34 億美元，符合預期。但更重要的是，我們在獲利的道路上取得了真正的進展，提高了利潤率，減少了現金消耗，並繼續加強了所有業務線的執行力。我們預計第二季的營收將在 1.4 億美元至 1.8 億美元之間。

Let me start with some business highlights followed by updates on cost actions, capital, tariffs, US policy. And then I'm going to hand it over to Jose to walk through Europe in depth.

首先，我將介紹一些業務亮點，然後介紹成本行動、資本、關稅和美國政策的最新情況。然後我將把深度遊歷歐洲的任務交給何塞。

With respect to our business performance, we saw a new momentum in our material handling business in the first quarter. One of our largest pedestal customers placed a $10 million initial order tied to over $200 million in future opportunities under a safe harbor structure. We also expanded with new partners, including Stephen Spain, now deploying Plug's hydrogen powered logistics systems at their cold chain facilities.

就我們的業務表現而言，我們在第一季看到了物料搬運業務的新動能。我們最大的基座客戶之一下了一份價值 1000 萬美元的初始訂單，並在安全港結構下獲得了超過 2 億美元的未來機會。我們也擴大了與新合作夥伴的合作，其中包括 Stephen Spain，他們目前正在其冷鏈設施中部署 Plug 的氫動力物流系統。

On the infrastructure front, our hydrogen generation build out is delivering. The 15 tinne per day Louisiana plant was commissioned in Q1 on time. Together with Georgia and Tennessee, we now have 40 tonnes per day in internal production capacity, improving customer economics and availability or shielding margin from third-party volatility.

在基礎設施方面，我們的氫氣生產建設正在發揮成效。路易斯安那州日產 15 罐錫的工廠於第一季按時投入使用。加上喬治亞州和田納西州，我們現在每天的內部生產能力為 40 噸，從而提高了客戶的經濟效益和可用性，或保護了利潤免受第三方波動的影響。

With respect to cost savings, internally, we launched a major program called Quantum Leap, targeting over $200 million in annualized run rate reductions. I'm pleased to report that most of these savings have already been executed. Program spans, manufacturing, logistics, sourcing, and SG&A, our Q1 cash burn was down nearly 50% year over year. And with Quantum Leap, we expect further reductions in cash burns in future quarters.

在成本節約方面，我們在內部啟動了一項名為「量子飛躍」的重大計劃，目標是將年度運行率降低 2 億美元以上。我很高興地報告，大部分節省措施已經實施。專案跨度、製造、物流、採購和銷售、一般及行政費用，我們第一季的現金消耗比去年同期下降了近 50%。隨著「量子飛躍」的到來，我們預計未來幾季的現金消耗將進一步減少。

This is Plug Power operating with discipline, precision, and a long-term mindset. On capital, we've taken some important steps to ensure financial flexibility. In March, we raised $280 million in equity, bolstering liquidity while reducing risk in a volatile market.

這就是 Plug Power 以紀律性、精準性和長遠思維進行營運的表現。在資本方面，我們採取了一些重要措施來確保財務靈活性。3 月份，我們籌集了 2.8 億美元的股權，增強了流動性，同時降低了動盪市場中的風險。

We followed that with a $525 million structure financing facility, part of which was used to retire convertible debt. Combined with the $1.66 billion Department of Energy loan guarantee, these moves provide a strong foundation to support our infrastructure goals.

隨後，我們提供了 5.25 億美元的結構性融資，其中一部分用於償還可轉換債務。這些舉措加上能源部 16.6 億美元的貸款擔保，為支持我們的基礎設施目標提供了堅實的基礎。

That said, I want to be forthright. With the change in administration, we're actively working with the DoE to advance the loan process. The underlying program is contracted, obligated, and we believe secure, and we continue to engage closely with the administration.

話雖如此，我還是想直言不諱。隨著政府的變動，我們正積極與能源部合作推動貸款流程。基礎計劃已簽訂合同，承擔義務，我們相信它是安全的，並且我們將繼續與政府密切合作。

At quarter end, we held nearly $300 million in unrestricted cash with meaningful additional capacity under the new facility. Our outlook remains unchanged. We do not anticipate raising additional equity in 2025, and we remain committed to that goal.

截至本季末，我們持有近 3 億美元的非限制性現金，且新設施擁有顯著的額外產能。我們的展望保持不變。我們預計 2025 年不會籌集額外股權​​，但我們仍致力於實現這一目標。

Turning the tariffs, recent actions from the current administration have increased duties on Chinese imports that impact our core product lines like GenDrive. For some models, this has resulted in increased cost, particularly on ballast assemblies, battery modules, and plates. At the good -- at the moment, a good deal of these items are inventory that will be used in 2025.

談到關稅，現任政府最近採取的行動提高了對中國進口產品的關稅，這影響了我們的核心產品線，例如 GenDrive。對於某些型號來說，這導致成本增加，特別是鎮流器組件、電池模組和板的成本。好的方面是——目前，這些物品中的大部分都是將在 2025 年使用的庫存。

With today's announcements, obviously, the pressure is a little bit off us. But we are continuing down our four-pronged mitigation plan. One is that if needed, we will add surged charges for customers based on sourcing mix and inventory timing. Dual sourcing and resourcing which we really had in motion for a number of years, engineer redesigns to reduce tax exposed components, and geographical diversification leading further into APAC and US suppliers. Now with these items, we expect even to reduce our cost in China by 50% in the next six months.

有了今天的公告，顯然我們的壓力減輕了一些。但我們仍在繼續推行四管齊下的緩解計畫。一是如果需要，我們將根據採購組合和庫存時間為客戶增加激增費用。我們多年來一直推行雙重採購和資源配置，透過重新設計工程師來減少稅收暴露組件，並進一步實現地理多樣化，進入亞太地區和美國供應商。現在有了這些產品，我們預計未來六個月內我們在中國的成本甚至可以降低 50%。

Importantly, I think this is really important. Our electropolyzer platform is minimally impacted even with the 145% tariffs and was internally developed with non-Chinese content. This is a team-wide response. It's already helping us protect march and integrity.

重要的是，我認為這真的很重要。即使面臨 145% 的關稅，我們的電解槽平台也受到的影響很小，並且是內部開發的，不含中國成分。這是全團隊的響應。它已經幫助我們保護遊行和誠信。

Finally, a brief report on US policy. It's clear the transition in Washington has introduced some uncertainty about clean energy programs.

最後，簡單報告一下美國的政策。顯然，華盛頓的權力交接給清潔能源計畫帶來了一些不確定性。

The IRA is under pressure and there's active debate in Congress over the future of Section 45V of the hydrogen tax credit and the long-term direction of decarbonization incentives. That said, we're actively engaged with policymakers both directly and through our leadership in CHEA, which is a fuel cell and hydrogen Energy Association. We're also actively pursuing state and local funding opportunities where momentum continues. We remain focused on execution and will continue advocating aggressively for a stable long-term hydrogen policy framework in the US.

IRA 面臨壓力，國會正在積極辯論氫稅收抵免第 45V 條的未來以及脫碳激勵措施的長期方向。也就是說，我們積極與政策制定者進行直接接觸，並透過我們在燃料電池和氫能協會 (CHEA) 的領導層進行接觸。我們也積極尋求州和地方的融資機會，以保持發展勢頭。我們將繼續專注於執行，並將繼續積極倡導美國建立穩定的長期氫能政策框架。

Before I turn it over, let me frame one of the most exciting strategic frontiers, Europe. Between the EU Green Deal, Repower EU, and the UK Energy Act, we're tracking an electrolyzerop opportunity funnel worth over $21 billion across 2025 and 2026. What is different now is not just ambition, but enforceable procurement mandates, funded in incentive schemes, and penalties for non-compliance.

在翻開這本書之前，請容許我先介紹最令人興奮的戰略前沿之一——歐洲。在歐盟綠色協議、歐盟再發電計畫和英國能源法案之間，我們正在追蹤 2025 年至 2026 年期間價值超過 210 億美元的電解水機會漏斗。現在的不同不僅在於雄心，還在於可執行的採購授權、激勵計劃的資助以及對不合規行為的懲罰。

Plug has moved early and decisively in the region, and we're already embedded in some of the most transformative hydrogen projects across Europe. I'll let Jose walk through these specifics, but I'll close with this.

Plug 在該地區採取了早期且果斷的行動，並且已經參與了歐洲一些最具變革性的氫能計畫。我會讓 Jose 詳細介紹這些細節，但我將以此作為結束。

Europe is real, the funnel is live, Plug is in position.

歐洲是真實的，漏斗是活的，插頭已到位。

With that, let me turn over to Jose to take you through the European electrolyzer strategy. Jose?

下面，請容許我向 Jose 介紹歐洲電解槽戰略。何塞？

Thank you, Andy. As mentioned, Europe today is the most dynamic electrolyzer market in the world, driven by regulation in investment and execution timelines that are accelerating across the region. Plug is at the forefront of that shift.

謝謝你，安迪。如上所述，歐洲是當今世界上最具活力的電解器市場，這受到整個地區投資和執行時間表監管加速的推動。Plug 處於這一轉變的最前線。

Let me start with the policy foundation. Under the EU Green Deal and the Renewable Energy Directive 3, the EU sets targets for 42% of industrial hydrogen to be renewable by 2030 and 60% by 2035. The Fit for 55 policy package sets the legally binding framework to decarbonize their energy intensive sectors using green hydrogen. That includes mandates under the Fuel EU aviation and Fuel EU maritime. Fuel standards for aviation and maritime now come with real penalties, creating a direct pool for [saf] and e-methanol, both of which rely on electrolytic hydrogen.

我先從政策基礎說起。根據歐盟綠色協議和再生能源指令 3，歐盟設定的目標是到 2030 年 42% 的工業氫氣可再生，到 2035 年 60% 的工業氫氣可再生。「適合 55 歲」政策方案製定了具有法律約束力的框架，以利用綠色氫氣實現能源密集產業的脫碳。其中包括《歐盟航空燃料法案》和《歐盟海運燃料法案》下的授權。現在，航空和航海燃料標準都帶有真正的懲罰措施，為依賴電解氫的 [saf] 和電子甲醇創造了直接池。

What's different this cycle is that governments are funding real projects with real deadlines. Let's start with aviation. In Denmark, Plug has an opportunity for 300 megawatts of electrolyzer capacity for a SAF project. And the French government recently awarded [$25 million] for pre feed and feed engineering for SAF projects to four companies that Plug is actively working with. This is an anchor example of plug involved at a scale for decarbonizing jet fuel.

本輪週期的不同之處在於，政府正在為有實際期限的實際項目提供資金。讓我們從航空開始。在丹麥，Plug 有機會為 SAF 專案提供 300 兆瓦的電解槽容量。法國政府最近向 Plug 正在積極合作的四家公司撥款 [2500 萬美元]，用於 SAF 項目的預進料和進料工程。這是大規模脫碳航空燃料插頭的典型例子。

Spain is targeting 12 gigawatts of electrolyzer capacity by 2030. Already 2.3 gigawatts have been pre-awarded across seven clusters, covering refining, SAF, methanol, and ammonia. Plug is actively engaged in multiple of these projects where our long-term service model helped lower LCOH versus competitors. These evaluations are real, and they include mandatory procurement scoring which favors OEMs like Plug with full life cycle offerings and domestic engineering teams.

西班牙的目標是到 2030 年達到電解槽容量達到 12 吉瓦。目前已有 7 個集群預先授予了 2.3 千兆瓦電力，涵蓋煉油、SAF、甲醇和氨。Plug 積極參與多個此類項目，在這些項目中，我們的長期服務模式有助於降低 LCOH（相對於競爭對手）。這些評估是真實的，其中包括強制性採購評分，這有利於像 Plug 這樣擁有全生命週期產品和國內工程團隊的 OEM。

Refining is another major application. Plug is delivering 100 megawatts to Galp in Portugal, a project supported by EUR84 million in operational subsidies from the European Hydrogen Bank. These are 10-year index subsidies covering OpEx, not just CapEx, showing the EU's long-term commitment to green hydrogen viability. We are also delivering 25 megawatts for [IProla] and BP in Castellon in Spain.

精煉是另一個主要應用。Plug 正在向葡萄牙 Galp 輸送 100 兆瓦的電力，該項目獲得了歐洲氫能銀行 8,400 萬歐元的營運補貼。這些為期 10 年的指數補貼涵蓋了營運支出，而不僅僅是資本支出，顯示了歐盟對綠色氫能可行性的長期承諾。我們也為西班牙卡斯特利翁的 [IProla] 和 BP 提供 25 兆瓦的電力。

Now moving to the UK. The Energy Act of 2023 has created a stable regulatory framework. The government has already awarded GBP2 billion in revenue, support and hydrogen allocation round one, and Plug Technology is well positioned in over 60% of the capacity awarded. For the hydrogen allocation round two, the UK has shortlisted 1.2 gigawatts of new electrolyzer projects, with a works expected later this year.

現在搬到英國。2023 年能源法案建立了穩定的監管架構。英國政府已在第一輪撥款 20 億英鎊用於收入、支持和氫氣分配，而 Plug Technology 在超過 60% 的撥款容量中佔據有利地位。對於第二輪氫氣分配，英國已將 1.2 千兆瓦的新電解槽項目列入候選名單，預計今年稍後投入使用。

Plug is actively engaged in both centralized and decentralized proposals with total awards that potentially could exceed 875 megawatts. Importantly, these UK programs come with 15-year price support contracts, the structure, and the low-carbon hydrogen agreement model. These are predictable inflation-linked revenue streams, critical for bankability, and capital deployment.

Plug 積極參與集中式和分散式提案，總獎勵可能超過 875 兆瓦。重要的是，這些英國計劃附帶15年的價格支持合約、結構和低碳氫化合物協議模型。這些是可預測的與通膨掛鉤的收入流，對於銀行融資能力和資本部署至關重要。

What sets Plug apart in this market is our full stack offerings, proven systems, integrated plant engineering, long-term service, and a strong European and execution teams. This is why we are strategically positioned against competitors in both RFP scoring and LCOH evaluations.

Plug 在這個市場上脫穎而出的是我們全端產品、成熟的系統、綜合工廠工程、長期服務以及強大的歐洲和執行團隊。這就是為什麼我們在 RFP 評分和 LCOH 評估方面都具有策略性優勢，可以勝過競爭對手。

To summarize, Europe is a fully active electrolyzer market and Plug is in the pole position on project visibility, regulatory fit, and delivery readiness. We expect Europe to be a multi-gigawatt contributor to bookings and revenue over the next 18 to 24 months with meaningful margin contribution as projects move from backlog to commissioning.

總而言之，歐洲是一個完全活躍的電解器市場，而 Plug 在專案可見性、監管適應性和交付準備方面處於領先地位。我們預計，隨著專案從積壓轉向調試，歐洲將在未來 18 至 24 個月內成為數千兆瓦的訂單和收入貢獻者，並為利潤做出有意義的貢獻。

Thank you, Jose. And Paul, Jose, Sanjay, and I are ready for your questions.

謝謝你，何塞。保羅、何塞、桑杰和我都已準備好回答你們的問題。

(Operator Instructions)

（操作員指示）

Bill Peterson, JP Morgan.

摩根大通的比爾彼得森。

Yeah, good afternoon, everyone, thanks for taking the questions. I'm sure you've seen, Andy and team, the, I guess, initial proposal for the tax bill. And my question is really around the 45V, and maybe a few full questions.

是的，大家下午好，感謝你們回答問題。我相信你已經看到了安迪和他的團隊提出的稅收法案的初步提案。我的問題實際上是關於 45V 的，也許還有一些完整的問題。

First of all, assuming this does get written into law, what are the potential impacts for your tax facility or the DoE loan? I presume you're going to try to accelerate and begin construction before the end of the year in order to qualify. And more broadly, how should we think about the impacts to the nascent green hydrogen industry in the US? Clearly, with ample fossil fuels, the cost structure for green, is not in a way to compete well without this tax credit. And I appreciate the comments from Jose on Europe. Does this -- would this presumably mean you'd be focusing on markets such as Europe and Australia rather than the US? Thank you.

首先，假設這確實寫入法律，這對您的稅務設施或能源部貸款有何潛在影響？我估計你會嘗試加速並在年底之前開始施工以獲得資格。更廣泛地說，我們該如何看待這對美國新興的綠氫能產業的影響？顯然，在化石燃料充足的情況下，如果沒有這項稅收抵免，綠色能源的成本結構就無法很好地競爭。我很欣賞何塞對歐洲的評論。這是否意味著您將重點關注歐洲和澳洲等市場而不是美國？謝謝。

Good question, Bill, and, let me -- I think you -- first, I'm going to take a step back. I was happy that 45V was continuing through 2025, and it would be even in the first draft safe harbor provision for construction that would start this year. My first reaction was we're going to have to work to start construction this year to make sure that that plant would qualify under 45V.

問得好，比爾，讓我──我想你──首先，我要退一步。我很高興 45V 能持續到 2025 年，它甚至會包含在今年開始的建設安全港條款草案中。我的第一個反應是我們必須在今年開始建設，以確保工廠符合 45V 的要求。

I was also pleased because I think we're probably the only fuel cell company that can leverage 48V, and that seems like it's time to [31], so that would give us time again to continue to grow the fuel cell business. I think, look, Jose and I worked on this presentation for today. Prior to the announcements, we have become more and more focused on Europe, because we see that the biggest opportunities for expanding the hydrogen industry today resides in Europe.

我也很高興，因為我認為我們可能是唯一一家能夠利用 48V 的燃料電池公司，而且似乎是時候了 [31]，這樣我們就可以再次有時間繼續發展燃料電池業務。我想，你看，Jose 和我一起為今天的演講做了準備。在宣布這些消息之前，我們越來越關注歐洲，因為我們看到，當今擴大氫能產業的最大機會在於歐洲。

When you look at it, the only part of our products which are actually American manufacturer will be the stacks, the rest we are leveraging integrators across the EU and the Middle East for our products. So look, there's a lot to go on Congress. I've been around a long time. I was just happy to build with 45V. It was mentioned and that it wasn't completely cut out like I've heard threats for the whole IRA.

如果你看一下，你會發現我們的產品中唯一真正由美國製造商製造的部分是堆棧，其餘部分我們正在利用歐盟和中東的整合商來製造我們的產品。所以看，國會還有很多事情要做。我已經在這裡很久了。我很高興使用 45V 進行建造。有人提到，它並沒有完全消除，就像我聽到的針對整個愛爾蘭共和軍的威脅一樣。

So I can't say I was thrilled with the announcement, but I wouldn't give it -- it's not -- there's a way to work through what's been announced. So I'll just have one last item, not to ramble on, Bill, I think it'll be really interesting, because there seems to be very strong support for hubs in red districts and, look, the hubs don't work without the production tax credit, and I think that's well known. So I think there's a lot to go, lot still going on in DC. Hope that helps.

所以我不能說我對這個聲明感到興奮，但我不會放棄——它不是——有辦法解決已經宣布的事情。因此，我只想說最後一件事，比爾，我不想喋喋不休，我認為這真的很有趣，因為紅色地區的中心似乎得到了非常強有力的支持，而且，如果沒有生產稅收抵免，這些中心就無法運作，我認為這是眾所周知的。所以我認為華盛頓還有很多事情要做，還有很多事情要做。希望有幫助。

Yeah, I know it was helpful. I'm sure you and others will probably be working to see if there's any way to massage the existing, draft. But my second question is somewhat related, but looking at your [BDP] pipeline, shortly after last earnings, you had close to 8 gigawatts of electrolyzer orders set to FID within this year. Just want to get a sense, did you close each of these orders you had expected in the first quarter? Are you on track thus far in the second quarter? And again, most of these are outside of the US to begin with.

是的，我知道它很有幫助。我相信您和其他人可能會努力尋找是否有辦法修改現有的草案。但我的第二個問題有些相關，但看看你們的 [BDP] 管道，在上次盈利後不久，你們在今年內設定了近 8 千兆瓦的電解器訂單的 FID。只是想了解一下，您是否完成了第一季預期的每一個訂單？到目前為止，第二季的進展順利嗎？再說一遍，其中大多數都在美國境外。

Most of these projects, I mean, are really -- we have about $200 million in backlog for this year with electrolyzers. Most of these projects, we expect 2 gigawatts will go to FID by year end. But I would just caution, Bill, these projects -- the electrolyzers and many of these projects are $1 billion investments and the plants themselves can be $3 billion to $4 billion. Probably, I want to be cautious and say, yes, a lot of them may close this year, but some of them certainly will fall into '26.

我的意思是，這些項目中的大多數都是——我們今年在電解槽方面的積壓訂單約為 2 億美元。我們預計，其中大部分項目將在年底前獲得最終投資決定 (FID) 的 2 千兆瓦。但比爾，我要提醒一下，這些項目——電解槽和許多這樣的項目的投資額都達到 10 億美元，而工廠本身的投資額可能達到 30 億到 40 億美元。可能，我想謹慎地說，是的，很多公司可能會在今年關閉，但其中一些肯定會在 26 年倒閉。

Understood, thanks for the taking the questions. Good luck navigating this this environment. Thank you.

明白了，感謝您回答問題。祝您在這個環境中順利導航。謝謝。

Alright, thanks, Bill.

好的，謝謝，比爾。

George Gianarikas, Canaccord Genuity.

Canaccord Genuity 的 George Gianarikas。

Hi, good afternoon and thank you for taking my question.

大家好，下午好，感謝您回答我的問題。

Hi, George.

你好，喬治。

Hi, sort of had a question on the cost cuts and the business rationalization. So are there other things that could be done whether inorganic sort of maybe selling parts of the business that could maybe accelerate your path to profitability? Thank you.

您好，我對削減成本和業務合理化有點疑問。那麼還有其他事情可以做嗎？例如出售部分業務，這也許可以加速公司獲利？謝謝。

George, we don't --and Paul, I'll let you, we have no plans and we're doing no work for selling portions of the business at the moment.

喬治，我們沒有－保羅，我告訴你，我們目前沒有出售部分業務的計劃，也沒有做任何工作。

Thank you. As a follow up, to just talk about the momentum in Europe. I'm curious as to any additional steps you're taking from a people power perspective to reallocate resources to that part of the world instead of others that may be seeing a little bit of a slowdown in the momentum? Thank you very much.

謝謝。接下來，我們來談談歐洲的發展動能。我很好奇，從人力角度來看，您是否採取了其他措施，將資源重新分配到世界這一地區，而不是其他可能出現發展勢頭放緩的地區？非常感謝。

So I'll start, then I'll let Paul add on. We've invested significantly in Europe over the past three years. We have a major development facility for electrolyzers actually resides in the Netherlands. We have a strong business development sales operations with centers in France. We have activities in Spain. We have integrators across Europe that we work with. Europe, this is not a new focus for plug. It has been investments that we've been making over three to four years.

所以我先開始，然後讓保羅補充。過去三年我們在歐洲進行了大量投資。我們有一個主要的電解器開發設施，實際上位於荷蘭。我們在法國設有中心，擁有強大的業務開發銷售業務。我們在西班牙有活動。我們與歐洲各地的整合商都有合作。歐洲，這並不是插頭的新焦點。這是我們三、四年來一直在進行的投資。

Jose, would you like to add to that?

何塞，你想補充一下嗎？

No, you're right. I mean, we have activities all over the European Union, namely, the facility in the Netherlands. But as you said, we have a commercial operations in the UK, in Spain, Germany, in France. And this is not a new focus as Andy said, and the relationships that we have over there are have been built over the last three, four years. So it's -- there is a good amount of resources to face the opportunities that we have in in Europe in the next.

不，你是對的。我的意思是，我們的活動遍布整個歐盟，例如在荷蘭的設施。但正如您所說，我們在英國、西班牙、德國和法國都有商業業務。正如安迪所說，這並不是一個新的焦點，我們在那裡建立的關係是在過去三、四年建立起來的。所以，我們擁有大量資源來應對未來我們在歐洲面臨的機會。

And I would say it was a for real products in the ground using pen technology, nobody has more.

我想說，這是真正在地面上使用筆式技術的產品，沒有人擁有比它更多的產品。

I agree.

我同意。

Thank you.

謝謝。

Thanks, George.

謝謝，喬治。

Colin Rusch, Oppenheimer.

奧本海默的科林·拉什。

Thanks so much guys. Can you give us an update on how the hydrogen production facilities are operating? What you're looking at from a yield perspective versus expectations and how the ramp is going in Texas at this point?

非常感謝大家。您能否向我們介紹氫氣生產設施的運作？從收益率角度來看，與預期相比，您認為德州目前的產量成長如何？

I think you probably mean Louisiana, Colin?

我想你可能指的是路易斯安那州，科林？

Yeah, exactly. Thank you for that.

是的，確實如此。謝謝你。

Yeah, so I think Georgia, we had our best month ever.

是的，所以我認為喬治亞州是我們度過的最好的一個月。

Yeah, April was a record in terms of production and yield.

是的，四月的產量和收益創下了紀錄。

Yeah, so I think how many tons was it? 300 tonnes out Georgia and --

是的，那麼我認為它有多少噸？300噸來自格魯吉亞和--

Yeah, so Georgia is beginning to run without too much management involvement, Colin. And it turns on and runs every day. Louisiana, boy, it's probably, I think what I've been most impressed with is it look -- it's our third time around. It's a much cleaner design in Louisiana and then Georgia and Tennessee. We really have learned how to build plants which is really important for Jose in building out the electrolyzing market. So we're quite pleased with the progress we're seeing at all three sites. We -- I think the question is, we need to get Texas started by year's end, and I think that's a real focus of the business.

是的，所以喬治亞州開始在運作過程中不再有太多的管理幹預，科林。它每天都會開啟並運行。路易斯安那州，夥計，這可能是，我想給我留下最深刻印象的是它的樣子——這是我們第三次來這裡了。路易斯安那州、喬治亞州和田納西州的設計更加簡潔。我們確實學會如何建造工廠，這對 Jose 拓展電解市場來說非常重要。因此，我們對這三個站點所取得的進展感到非常滿意。我們——我認為問題是，我們需要在年底前讓德州開始行動，我認為這是業務的真正重點。

Thanks so much. And then from a material handling standpoint, there's been kind of some mixed demand not just for you guys but broadly speaking around warehousing, automation and capacity building. I guess at this point are you seeing folks, outside the US start to expand capacity at all? Are there some green shoots that we can be thinking about as you get into the back half of this year and and prepare for 2026?

非常感謝。然後從物料處理的角度來看，不僅對你們有各種不同的需求，而且從廣義上講，在倉儲、自動化和產能建設方面也有各種不同的需求。我想，此時您是否看到美國以外的地區開始擴大產能？當進入今年下半年並為 2026 年做準備時，我們可以考慮一些復甦的跡象嗎？

What's interesting, I have one of my major pedestal companies that have kind of suggested to me that automation may not be working as well as we're hoping, which is good for our material handling business. Do you want to touch on material handling for Europe, Jose?

有趣的是，我的主要基座公司之一曾向我暗示，自動化可能沒有像我們希望的那樣有效，這對我們的物料處理業務有利。你想談談歐洲的物料搬運嗎，何塞？

Yeah, so in Europe, we have made some inroads, and I think we announced this a few weeks ago with BMW in Europe with two new facilities that we're going to be deploying there. And we also -- Andy also mentioned Steph, which is the largest freezer, company in the European market, I think. We've also done a couple of facilities with them, one in Madrid and one in France. So we've seen some activity and some new opportunities happening in the European market as well.

是的，在歐洲，我們已經取得了一些進展，我想我們幾週前就與寶馬在歐洲宣布了這一消息，我們將在那裡部署兩個新工廠。而且我們也——安迪也提到了 Steph，我認為它是歐洲市場上最大的冷凍機公司。我們也與他們合作建立了幾個設施，一個在馬德里，一個在法國。因此，我們也看到歐洲市場出現了一些活動和一些新機會。

Thanks, guys.

謝謝大家。

Okay, thanks, Collin.

好的，謝謝，科林。

(Operator Instructions)

（操作員指示）

Eric Stine, Craig Hallam.

艾瑞克·史坦、克雷格·哈勒姆。

Hey, everyone. Hey Eric.

嘿，大家好。嘿，艾瑞克。

Good afternoon. Colin, I know, was just talking about kind of geographic mix of material handling. But I'm curious if you could just talk about what you're seeing today, and I know part of this is because you've transitioned to the direct sales model away from PPA. You've also put through price increases for margins. I, as a result, does that mean that the business today is for expansion with current customers? Or I mean you did mention a new customer, but just curious, the economics are different. It may take a little bit more time to get people up to speed on that. Just how should we think about that?

午安.我知道，科林剛才正在談論物料搬運的地理組合。但我很好奇您是否可以談談您今天看到的情況，我知道部分原因是您已經從 PPA 轉向了直銷模式。你們還提高了價格以增加利潤。那麼，這是否意味著今天的業務是為了擴大現有客戶？或者我的意思是你確實提到了新客戶，但只是好奇，經濟狀況是不同的。可能需要多花一點時間才能讓人們了解這一點。我們究竟該如何看待這個問題呢？

Do you want to take that, Jose?

你想接受這個嗎，何塞？

So the -- we are growing in both sides. With existing customers, and they mentioned one of our largest customers having Safe Harbor $200 million of potential business at the end of 2024. But we are also talking and expanding with new customers opportunities. The customer I just described in Europe is a brand new customer. So we do see expansion in both sides. The economics, given that we will be looking at the 48V possibility still there, and we keep on pushing the market.

所以——我們在兩方面都在成長。對於現有客戶，他們提到我們最大的客戶之一在 2024 年底擁有 2 億美元的潛在安全港業務。但我們也在與新客戶洽談並擴大機會。我剛剛描述的歐洲客戶是一個全新的客戶。因此我們確實看到了雙方的擴張。從經濟角度來看，我們仍將關注 48V 的可能性，並將繼續推動市場發展。

Got it. That is helpful. And then maybe could you just remind us. I know you gave us the Q2 guide, so I'm not trying to dial this into too specifically in terms of annually. But I mean, do you expect this to be a similar year in terms of the breakdown first half, second half?

知道了。這很有幫助。那也許您可以提醒我們一下。我知道您給了我們第二季度的指南，所以我不會試圖以年度為單位來具體地闡述這一點。但我的意思是，您是否預計今年上半年和下半年的細分情況會類似？

I would say this, Eric, we are trying to be very clear to investors of our performance, quarter after quarter. Look, it's no -- as you know that, we've had a couple of years where we've missed. So we want to make sure that we don't mislead folks and. And this quarter, we have a clear plan how to get the $140 million to $180 million. We're focusing on becoming gross margin break even by the end of the year. That is the focus and that's -- we're trying not to provide any additional guidance.

艾瑞克，我想說的是，我們正努力向投資者清楚地展示我們每季的業績。瞧，不是這樣的——正如你所知，我們已經錯過了幾年。因此，我們要確保不會誤導人們。本季度，我們有一個明確的計劃，如何將 1.4 億美元實現到 1.8 億美元。我們的目標是在年底前實現毛利率收支平衡。這就是重點，而且我們試著不提供任何額外的指導。

Yeah, no, understood. Worth asking, but I get it. So thank you very much. Bye.

是啊，不，明白了。值得一問，但我明白了。非常感謝。再見。

Okay. Bye, Eric.

好的。再見，埃里克。

Dushyant Ailani, Jefferies.

杜象特‧艾拉尼 (Dushyant Ailani)，傑富瑞 (Jefferies)。

Thanks for taking my question, guys. I just wanted to follow up on the 45V real quick. I know that there are some Safe Harbor rules, right, 5% spend, or if you start construction. Could you kind of remind us how much have you already spent on Texas and then how much what the CapEx looks like?

謝謝你們回答我的問題。我只是想快速跟進 45V。我知道有一些安全港規則，對吧，5% 的支出，或者如果你開始施工。您能否提醒我們您在德州已經花了多少錢以及資本支出是多少？

We've spent $250 million, the CapEx is $800 million. The DOE loan is approximately $400 million. And we've been working with an equity investor for the rest. So we've already spent $250 million of $800 million to about 37%.

我們已經花了 2.5 億美元，資本支出為 8 億美元。能源部貸款約4億美元。我們一直在與股權投資者合作解決剩餘問題。因此，我們已經花費了 8 億美元中的 2.5 億美元，佔比約為 37%。

So do you think it the Texas project is largely safe harbored with the 45V, since you've already --

那麼，你認為德州的計畫在 45V 的保障下基本上是安全的嗎？因為你已經--

I would say this, this is going to be a interesting time as these rules, laws are finalized. And I think the initial the fact that 45V is in the mix and that there is a safe harbor aspect, I take it as a real positive for Texas. That being said, I know this will go through gyrations in both the House and ultimately the Senate, and then ultimately in reconciliation between the two bodies. So I'm not -- I don't want to. What we think it is today, there's one thing I can promise you. It won't be the same whether it's the end of May, whether it's before the August recess, before December. This is going to -- it's going to be sorted out. This is kind of the first written [vowy].

我想說的是，隨著這些規則和法律的最終確定，這將是一個有趣的時刻。我認為，首先 45V 的加入以及存在安全港因素，對德克薩斯州來說是一個真正的利好。話雖如此，我知道這將在眾議院和參議院經歷反覆討論，最終在兩院之間達成和解。所以我不是——我不想。正如我們今天所想的，有一件事我可以向你們保證。無論是五月底，還是八月休會前，還是十二月之前，情況都是不一樣的。這件事將會——將會被解決。這是第一次寫[誓言]。

Fair enough, fair enough, I agree there. And then just my follow up. I think it, mentioned in your prepared remarks around conversations with customers to on tariffs, just maybe adding surcharges. How have those conversations been? Have you started those conversations with your customers yet?

公平起見，公平起見，我同意。接下來就是我的後續內容。我認為，您在與客戶討論關稅的準備發言中提到，也許只是增加了附加費。那些談話進行得怎麼樣？您已經開始與客戶進行這些對話了嗎？

One of our -- there has been some initial conversations. At the moment, we're pretty much -- so we had unfortunately inventory that we're trying to burn down, and we have goals to reduce that significantly during this year. So we are protected on the inventory level which actually has not really caused our costs to go up yet.

我們的其中一項——已經進行了一些初步對話。目前，我們很遺憾地試圖消耗一些庫存，我們的目標是在今年大幅減少庫存。因此，我們的庫存水準受到保護，這實際上並沒有導致我們的成本上升。

And If I look at again at the tariffs which -- the tariffs truce that went into effect, it really doesn't impact us. And on the electrolyzer business, as we mentioned, the products were just designed not looking to have Chinese content. So when you put all that together, we feel -- I don't know if that's going to be a requirement, quite honestly.

如果我再次審視已經生效的關稅休戰，它實際上並沒有對我們產生影響。關於電解器業務，正如我們所提到的，產品的設計並不考慮包含中國成分。所以當你把所有這些放在一起時，我們感覺——說實話，我不知道這是否會是一項要求。

Got it. Thank you.

知道了。謝謝。

I mean, I think that's one of the challenges at the level of uncertainty remains.

我的意思是，我認為這是仍然存在不確定性的挑戰之一。

Fair enough, thank you.

夠公平，謝謝。

You're welcome.

不客氣。

Thank you. And there are no further questions at this time, so I'll hand the floor back to Andy Marsh for closing remarks. Thank you.

謝謝。現在沒有其他問題了，因此我將把發言權交還給安迪馬什 (Andy Marsh) 作結束語。謝謝。

Well, thank you, everyone. Look, this quarter, we met the numbers we said we were going to meet. We're clear about our expectations for the second quarter for revenue. We expect continuous improvements. One item site gross margins in the second quarter. We've proven -- and unlike anyone else in the world that who's not a large industrial gas company, we actually know how to build hydrogen plants. And finally, there's a huge market opportunity for Plug and electrolyzers in Europe, UK. I guess UK is still part of Europe and Australia. So thanks, everyone. I appreciate your time and looking forward to talking to many of you soon. Bye now.

好的，謝謝大家。你看，本季度，我們達到了我們所說的目標。我們對第二季的營收預期很明確。我們期待持續改進。第二季單品網站毛利率。我們已經證明——與世界上任何其他不是大型工業氣體公司的公司不同，我們實際上知道如何建造氫氣廠。最後，歐洲和英國的插頭和電解器有著巨大的市場機會。我猜英國仍然是歐洲和澳洲的一部分。謝謝大家。感謝您抽出時間並期待很快與你們交談。再見了。

This concludes today's conference. All parties may disconnect. Have a good day.

今天的會議到此結束。各方均可斷開連線。祝你有美好的一天。