普拉格能源 (PLUG) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Plug Power second-quarter earnings conference call webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Plug Power 第二季度收益電話會議網路直播。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to your host, Teal Hoyos, Vice President, Marketing and Communications for Plug Power. Please go ahead, Teal.

現在我很高興將電話轉給主持人、Plug Power 行銷和傳播副總裁 Teal Hoyos。請繼續，蒂爾。

Thank you. Welcome to the 2025 second-quarter earnings call. This call will include 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. 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.

謝謝。歡迎參加 2025 年第二季財報電話會議。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。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 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. 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 1A Risk Factors in 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 ending March 31, 2025, as well as other reports we file from time to time with the SEC.

我們認為向投資者傳達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。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，包括但不限於我們截至 2024 年 12 月 31 日的財政年度的 10-K 表年度報告、截至 2025 年 3 月 31 日的季度的 10-K 表年度報告、截至 2025 年 3 月 31 日的季度報告中的 10-K 表的 10-Q25項風險因素下討論的風險和不確定性。

These forward-looking statements speak only as of the date 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作出之日的觀點，我們不承諾或打算在本次電話會議後或根據新資訊更新任何前瞻性陳述。

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, and thank you for joining us. As we begin, I want to reaffirm the business priorities we set forth under Project Quantum Leap. Priorities that continue to guide every decision we make. Item one, drive gross margin improvements through operational efficiencies, cost reductions, and improved pricing discipline. Two, streamline our operations by consolidating facilities, optimizing our manufacturing footprint, and accelerating productivity gains. Three, strengthening the reliability and performance of our service business, combining unit level improvements with better pricing models.

下午好，感謝您加入我們。首先，我想重申一下我們在「量子飛躍計畫」下所製定的業務重點。優先事項繼續指導我們所做的每一個決定。第一項，透過提高營運效率、降低成本和改善定價紀律來推動毛利率的提高。二、透過整合設施、優化製造佈局和加速提高生產力來簡化我們的營運。三、加強我們服務業務的可靠性和性能，將單位層級的改進與更好的定價模型結合。

Four, expand our hydrogen generation network while improving the cost structure of hydrogen supply. Five, advance our electrolyzer business by building a robust sales funnel and securing early-stage agreements ahead of customers' final investment decisions. And six, maintain strict cash discipline to bridge to positive EBITDAs in the fourth quarter of 2026. This quarter marks another important step forward to delivering on these commitments, both operationally and financially. Our team continues to execute with discipline and the results we're sharing today reflect meaningful progress towards the long-term goals we've outlined.

四是擴大氫氣生產網絡，改善氫氣供應成本結構。第五，透過建立強大的銷售管道並在客戶做出最終投資決策之前達成早期協議來推進我們的電解器業務。第六，保持嚴格的現金紀律，以在 2026 年第四季實現正 EBITDA。本季標誌著我們在營運和財務方面履行這些承諾又邁出了重要一步。我們的團隊繼續嚴格執行紀律，我們今天分享的結果反映了我們在實現所概述的長期目標方面取得了有意義的進展。

We closed the second quarter with $174 million in revenue, up 21% year over year, driven by strong demand across our GenDrive, GenFuel, and GenEco platforms.

我們第二季的營收為 1.74 億美元，年增 21%，這得益於 GenDrive、GenFuel 和 GenEco 平台的強勁需求。

Electrolyzer sales more than tripled from a year ago, reaching roughly $45 million in the quarter, underscoring the growing role of GenEco as the preferred choice for industrial scale applications. Gross margins improved dramatically, moving from negative 92% in Q2 of last year to negative 31% this quarter. The improvement is a result of deliberate action, better service execution, competitive hydrogen pricing, and product cost reductions. Service performance is being driven by a combination of unit level improvements and pricing adjustments and we see a clear path for continued progress in the quarters ahead.

電解器銷售額比一年前成長了兩倍多，本季達到了約 4,500 萬美元，凸顯了 GenEco 作為工業規模應用首選的地位日益提高。毛利率大幅提高，從去年第二季的-92%降至本季的-31%。這項改善是深思熟慮的行動、更好的服務執行、有競爭力的氫氣定價以及產品成本降低的結果。服務績效受到單位級改進和價格調整的共同推動，我們看到未來幾季繼續取得進展的明確道路。

Project Quantum Leap remains central to these gains as we streamline our operations, consolidate facilities, and drive efficiencies across the business. We remain on track for gross margin neutrality by Q4 with tangible steps in place to get there. Our hydrogen plants in Georgia and Louisiana are performing well and the recently executed hydrogen supply agreement will deliver substantial and certain cost savings in the second half of the year.

在我們精簡營運、整合設施和提高整個業務效率的過程中，「量子飛躍」專案仍然是這些收益的核心。我們仍有望在第四季度實現毛利率中性，並已採取實際措施實現這一目標。我們在喬治亞州和路易斯安那州的氫氣工廠運作良好，最近簽署的氫氣供應協議將在下半年帶來大量且確定的成本節約。

Pricing adjustments, particularly in service, are adding resilience to our margin profile while maintaining strong customer relationships. On the sales front, we are on pace for approximately $700 million in revenue this year. Looking further ahead, our electrolyzer pipeline is robust. Some additional deals are expected to close this year, while several major contracts are moving towards final investment decisions in 2026. We are also actively pursuing pre-FID agreements to secure value earlier in the process.

價格調整（尤其是服務方面）增強了我們的利潤率，同時維持了良好的客戶關係。在銷售方面，我們今年的收入預計將達到約 7 億美元。展望未來，我們的電解槽管線十分強勁。預計今年將完成一些其他交易，而幾份主要合約將在 2026 年做出最終投資決定。我們也積極尋求預先 FID 協議，以便在流程早期確保價值。

In material handling, we added new customer sites this quarter, and our refreshed value proposition is more compelling than ever. A little known fact, we have already removed the equivalent of a medium-sized power plant from the grid as customers have transitioned to hydrogen. Many applications today require significant electrical power, such as a large-scale refrigeration system and our solution succeeds in either removing that demand from the grid entirely or time shifting it to periods when the grid is less stressed. This not only lowers operational costs from customers, but also enhances energy reliability and sustainability.

在物料搬運方面，我們本季增加了新的客戶站點，我們更新的價值主張比以往任何時候都更具吸引力。鮮為人知的是，隨著客戶轉向氫氣，我們從電網中移除了相當於一座中型發電廠的發電量。現今許多應用都需要大量電力，例如大型冷凍系統，而我們的解決方案可以成功從電網中完全消除這種需求，或將其轉移到電網壓力較小的時期。這不僅降低了客戶的營運成本，而且提高了能源的可靠性和永續性。

From a policy standpoint, recent congressional legislation has provided long-term clarity on the 45V production tax credit and the 48E investment tax credit. This is a meaningful tailwind that aligns perfectly with our strategy to expand hydrogen production and leverage tax credit monetization to improve capital efficiencies. On the DOE loan, we continue to work constructively with the loan program office to align with evolving priorities. We remain confident in our ability to begin construction on DOE-supported projects before the end of the year, accelerating the expansion of our hydrogen generation network.

從政策角度來看，最近的國會立法對 45V 生產稅收抵免和 48E 投資稅收抵免提供了長期明確性。這是一個有意義的順風，與我們擴大氫氣生產和利用稅收抵免貨幣化來提高資本效率的策略完全一致。關於能源部貸款，我們繼續與貸款專案辦公室進行建設性合作，以適應不斷變化的優先事項。我們仍然有信心在年底前開始建造由美國能源部支持的項目，從而加速我們的氫氣生產網絡的擴張。

We've also maintained strong cash discipline in the quarter. Net cash in operating and investing activities declined over 40% year over year. We ended the quarter with over $140 million in cash and have access to more than $300 million in additional debt capacity.

本季我們也保持了嚴格的現金紀律。經營及投資活動淨現金年減40%以上。本季末，我們擁有超過 1.4 億美元的現金，並擁有超過 3 億美元的額外負債能力。

Stepping back, Plug today is executing with focus, delivering measurable results, and building the foundation for profitable growth. Our product portfolio from electrolyzers to fuel cells to our hydrogen network position us as a leader in a hydrogen economy that is gaining real momentum. The work we're doing now isn't just about meeting quarterly targets. It's about ensuring Plug as the premier hydrogen solution provider for years to come.

回顧過去，Plug 如今正集中精力執行任務，取得可衡量的成果，並為獲利成長奠定基礎。我們的產品組合涵蓋電解器、燃料電池和氫氣網絡，這使我們成為真正蓬勃發展的氫能經濟的領導者。我們現在所做的工作不僅僅是為了實現季度目標。這是為了確保 Plug 在未來幾年內成為首屈一指的氫氣解決方案提供者。

I have with me Paul, Sanjay, and Jose, and we're now open to take questions.

保羅、桑傑和何塞和我在一起，現在我們可以回答問題了。

Thank you. I'll be conducting a question-and-answer session. (Operator Instructions)

謝謝。我將主持問答環節。（操作員指示）

Colin Rusch, Oppenheimer.

奧本海默的科林·拉什。

Thanks so much, guys. Now can you talk about the electrolyzer pipeline? Certainly, there's been a lot of interest around green hydrogen ventures. How quickly projects are moving forward? And how those sales are moving through your pipeline? And how we should think about that cadence going forward?

非常感謝大家。現在可以談談電解槽管路嗎？當然，人們對綠色氫能企業產生了濃厚的興趣。專案進度有多快？這些銷售是如何透過你的管道進行的？我們該如何看待未來的節奏？

Colin, I'm going to let Jose take that question.

科林，我將讓何塞來回答這個問題。

Hi, Colin. Thank you for your question. So we have a very strong fund on the electrolyzer side, mainly driven by opportunities in regions like Europe. We discussed this in the last earnings call. We see some projects closing before the end of the year and we are also seeing some projects going FID in 2026. Andy mentioned that we're working with some of those projects to try to get agreements pre-FID to secure business and position ourselves better when these projects go FID in 2026.

你好，科林。感謝您的提問。因此，我們在電解器方面擁有非常強大的資金，主要由歐洲等地區的機會推動。我們在上次財報電話會議上討論過這個問題。我們看到一些項目在年底前結束，我們也看到一些項目在 2026 年進行 FID。安迪提到，我們正在與其中一些項目合作，試圖在 FID 之前達成協議，以確保業務，並在 2026 年這些項目進行 FID 時為自己做好更好的定位。

We're also working in many of these projects to set them up as revenue recognition over time, which is going to allow us also to accelerate a little bit when we see revenue after the booking. So again, a strong -- very strong sales funnel and we see some opportunities closing in 2025 and other opportunities going FID in 2026.

我們還在許多此類項目中將它們設定為隨時間推移的收入確認，這將使我們在看到預訂後的收入時也能夠加快一點速度。因此，再次強調，這是一個非常強大的銷售管道，我們看到一些機會將在 2025 年結束，而其他機會將在 2026 年實現 FID。

Excellent. And then on the hydrogen production of your own facilities, where can you -- or what can you tell us in terms of uptime, yield, how those are performing relative to design expectations? And how much leverage you're getting out of that ramp in terms of helping close some of the other customers, whether it's on the material handling side around security of supply or around electrolyzers?

出色的。然後，關於您自己設施的氫氣生產，您可以在哪裡 - 或者您可以告訴我們關於正常運行時間、產量以及它們相對於設計預期的表現如何？在幫助其他一些客戶達成交易方面，您從中獲得了多大的槓桿作用，無論是在材料處理方面，圍繞供應安全還是圍繞電解器？

Yeah. So let me take those questions probably in reverse order, Colin. Security of supply, we feel really, really good about. As you know, that was a big problem in 2023. Our ability to have hydrogen available, the network was having 40 tonnes of plug capacity available. It really has dramatically changed the availability questions and challenges we faced in previous years. And it is a continuing -- it is important that we bring Texas online over the next two years to continue to make sure that there is a robust network.

是的。因此，科林，讓我以相反的順序來回答這些問題。我們對供應安全感到非常非常滿意。如你所知，這在 2023 年是一個大問題。我們擁有供應氫氣的能力，網路擁有 40 噸的可用插頭容量。它確實極大地改變了我們前幾年面臨的可用性問題和挑戰。這是一個持續的過程——重要的是，我們要在未來兩年內讓德州實現連網，以繼續確保擁有強大的網路。

From a performance point of view, when I look at Georgia, what I'm really pleased with is that we can bring it up and bring it down when we like based on electricity prices. We have done a really, really good job at the operation in Georgia. We're a year into Georgia and it's operating and performing as we request. And so we're really, really pleased with Georgia.

從績效角度來看，當我觀察喬治亞州時，我真正感到高興的是，我們可以根據電價隨時提高或降低電價。我們在格魯吉亞的行動中做得非常非常好。我們進入喬治亞州已經一年了，它的運作和性能都符合我們的要求。所以我們對喬治亞州真的非常滿意。

Louisiana is just beginning to ramp. So far, the performance and the cost out of Louisiana. When we look at the relationship we have with Olin is really our lowest cost site to support our business. So we're quite honestly, quite pleased with how both sites are performing and expect both to improve during the coming quarters.

路易斯安那州才剛開始崛起。到目前為止，路易斯安那州的表現和成本都不錯。當我們審視與 Olin 的關係時，它確實是我們支持業務成本最低的網站。因此，我們非常誠實地對這兩個網站的表現感到非常滿意，並期望它們在未來幾個季度內都會有所改善。

Thanks so much, guys.

非常感謝大家。

Yeah. Thanks, Colin.

是的。謝謝，科林。

Craig Irwin, Roth Capital Partners.

克雷格歐文 (Craig Irwin)，羅斯資本合夥公司 (Roth Capital Partners)。

Good evening and thanks for taking my questions. So Andy, I was hoping tonight we could discuss what's changed for you, guys, in the last couple of weeks, right? It was a couple of weeks ago, we had the really nice surprise in the One Big Beautiful Bill, right? 45E, 48E, a lot longer life and they're in healthy shape for a while, right?

晚上好，感謝您回答我的問題。所以安迪，我希望今晚我們可以討論一下過去幾週你們身上發生了哪些變化，對吧？幾週前，我們在《One Big Beautiful Bill》中得到了一個非常令人驚訝的消息，對吧？45E、48E，壽命更長，而且它們在一段時間內都保持健康狀態，對嗎？

Your customers would have been surprised, too. I'm guessing maybe some of them lobbied for that, but most of your customers would have been surprised. Can you talk about the conversation with customers, how this has maybe shaped things or impacted plans over the last couple of weeks?

您的客戶也會感到驚訝。我猜也許他們中的一些人為此進行了遊說，但大多數客戶都會感到驚訝。能談談與客戶的對話嗎？這可能對過去幾週的情況或計劃產生了什麼影響？

Craig, I am going to turn that over to Jose since he talks to customers every day. Might give it a shot, Jose?

克雷格，我要把這個任務交給何塞，因為他每天都與客戶交談。可以嘗試嗎，何塞？

Thank you, Craig. And very good question. It is fairly recent. As you said, it's only a couple of weeks ago. But we have already had many conversations with customers. They are excited about it. It opens up, in the case of electrolyzers with PTC, a big opportunity for customers to, number one, have more time to take advantage of the PTC; and number two, make the business cases feasible.

謝謝你，克雷格。非常好的問題。這是相當新的事。正如你所說，這只是幾週前的事。但我們已經與客戶進行了多次對話。他們對此感到很興奮。對於配備 PTC 的電解器來說，這為客戶帶來了巨大的機會：第一，他們有更多的時間利用 PTC；第二，使商業案例變得可行。

So lots of conversations early stage, but this has definitely reignited a lot of the conversations, obviously, mainly in the US. As you know, we already discussed in the prior earnings call, the opportunities that we have in Europe, and those continue to be exciting and we continue talking to customers in Europe about opportunities for ELX.

因此，早期階段有很多討論，但這無疑重新引發了很多討論，顯然主要是在美國。如您所知，我們已經在先前的財報電話會議上討論過我們在歐洲擁有的機遇，這些機會仍然令人興奮，我們將繼續與歐洲客戶討論 ELX 的機會。

In the case of ITC, the Investment Tax Credit, which, as a reminder, it will give our customers the opportunity to take advantage of 30% tax credit starting in January 2026. We are talking to many customers in the material handling business. We were already trying to make the business case for our customers stronger even without the ITC. So now that we're adding the ITC, we see many of our customers quite excited about this. They see the business case even stronger than ever. And I believe that we're going to see a healthy growth in material handling in 2026 because of that.

就 ITC 而言，投資稅收抵免，提醒一下，它將為我們的客戶提供機會從 2026 年 1 月開始享受 30% 的稅收抵免。我們正在與物料搬運業務的許多客戶進行洽談。即使沒有 ITC，我們也已經在努力為客戶提供更強大的商業案例。因此，現在我們新增了 ITC，我們看到許多客戶對此感到非常興奮。他們認為這項商業案例比以往任何時候都更有力。因此，我相信到 2026 年我們將會看到物料搬運產業健康成長。

Excellent. Excellent. So my second question is about inventory liquidation, right? This quarter, you had another $35 million cash contribution from inventory. And with 45V, 48E, ITC, all these things starting to chip in your direction. And I guess, Texas, you'll be making more progress on Texas pretty soon.

出色的。出色的。所以我的第二個問題是關於庫存清算，對嗎？本季度，您又從庫存中獲得了 3500 萬美元的現金貢獻。隨著 45V、48E、ITC 的出現，所有這些東西都開始朝著您的方向發展。我想，德克薩斯，你們很快就會在德克薩斯問題上取得更多進展。

Can you talk about the contribution to cash flows from inventory this year? Is there anything we should specifically watch for or any large items that might move tranches bigger than $30 million, $50 million that could impact the cash flows?

能談談今年庫存對現金流的貢獻嗎？有什麼我們應該特別注意的嗎？或者有哪些大額項目可能會影響超過 3000 萬美元、5000 萬美元的現金流？

Do you want to take that, Paul?

保羅，你想接受這個嗎？

Sure. Craig, it's Paul. We're targeting at least another $100 million-plus reduction in inventory this year. We obviously see it as a tremendous opportunity to leverage that working capital. You're starting to see it as the volumes start to pick up in the second quarter and we'll pick up more in the context of what Andy shared for the full year guidance. And we think we're pretty well positioned with the inventory and largely the inventory we need to deliver a lot of that.

當然。克雷格，我是保羅。我們今年的目標是再減少至少 1 億美元以上的庫存。我們顯然認為這是一個利用營運資金的絕佳機會。隨著第二季度交易量開始回升，您就會開始看到這一點，我們將根據安迪分享的全年指導來看，交易量還會進一步回升。我們認為我們的庫存狀況相當良好，而且我們基本上有足夠的庫存來交付大量庫存。

So we think that's very attainable. And hopefully -- and still leave some room to be honest with you. From an operational standpoint, even as we move into next year, we're still targeting to go even lower. So I'd use that as a proxy for this year, plus or minus, and we see it as more opportunity as we go into next year.

所以我們認為這是非常有可能實現的。並且希望——仍然留下一些空間來對你誠實。從營運的角度來看，即使進入明年，我們的目標仍然更低。因此，我會用它作為今年的代表，無論正負，我們都認為這代表明年會有更多機會。

Excellent. And then just another cash flow question to slip it in before I hop back in the queue. You've done a good job bringing down the PPA cash over the last couple of years. Do we continue with a similar tempo, roughly $200 million a year? Or is there any reason that this could maybe accelerate or decelerate from there?

出色的。然後，在我重新回到隊列之前，我又想問一個現金流問題。在過去幾年裡，你們在降低 PPA 現金方面做得很好。我們是否繼續保持類似的速度，每年約 2 億美元？或者有什麼理由可以導致這一進程從那裡加速或減速？

Yeah. When you look at the portfolio because we're not -- we made a strategic shift where we're not offering that program. Customers are now buying direct, which is better for us from a cash standpoint. So we're not adding to that portfolio, but it's scheduled to wind down over the three-plus years, call it. So that $200 million a year is a good proxy.

是的。當你查看投資組合時，因為我們沒有——我們做出了策略轉變，我們不提供該計劃。顧客現在直接購買，從現金角度來看這對我們來說更有利。因此，我們不會擴大該投資組合，而是計劃在未來三年多的時間內逐步減少。因此，每年 2 億美元是一個很好的參考價值。

As we move into next year and you start getting past the five-year amortization cycle, there are opportunities to potentially buy out of that early. And since it's net positive to us to do so in context of what the corresponding obligations are, it's something that we'll be pursuing aggressively. So it will be at least $200 million and could be more.

隨著我們進入明年並且您開始度過五年攤銷週期，您就有機會提前買下它。由於在相應的義務背景下，這樣做對我們來說是有利的，因此我們會積極地推行這一做法。因此，其金額至少為 2 億美元，甚至更多。

That's good to hear. Thanks again for taking my questions.

聽到這個消息真好。再次感謝您回答我的問題。

Thanks, Craig.

謝謝，克雷格。

Manav Gupta, UBS.

瑞銀的 Manav Gupta。

Good afternoon. My first question is to you about your confidence level in getting to breakeven gross margins by year-end, if you could talk about that.

午安.我的第一個問題是，您對年底實現收支平衡毛利率的信心程度如何，您能談談嗎？

Paul, do you want to take a shot at that?

保羅，你想嘗試嗎？

Sure. So I think fortunately -- well, I'd say, through hard work, you're seeing progress on the margin front already. And when you look at the second half, a couple of things will continue. First of all, we've seen some of the benefits from Quantum Leap on the restructuring and things start to pay dividends in Q2, but you start to get more -- full-quarter benefits of those activities because as it takes some time to wind out some of those actions. Secondly, we announced the improvement in the price -- cost pricing for the fuel contract. That really started July 1, and that will be a very meaningful amount every month. And so you're going to see tremendous leverage from that.

當然。所以我認為幸運的是——我想說，透過努力工作，你已經看到利潤方面取得了進展。當你展望下半場時，你會發現有些事情還會繼續發生。首先，我們已經看到了 Quantum Leap 在重組方面帶來的一些好處，而且事情在第二季度開始產生效益，但你會開始獲得更多——這些活動在整個季度帶來的效益，因為完成其中一些行動需要一些時間。其次，我們宣布提高燃料合約的價格—成本定價。這實際上是從 7 月 1 日開始的，每個月這筆錢都會很有意義。因此你將會看到它帶來的巨大影響力。

The volume leverage that we get out of those incremental programs with increased sales will be certainly beneficial. And the other thing that's really super impactful is the progress we're making on service. I'd say we think we're really pleased with how we're seeing the cost rates come down on service, which really serves two benefits. One, it's less cash outlay to service units; and two, puts us in a position to really have new programs being issued at very profitable profiles. And so the combination of that activity really is going to continue to drive service and we expect a real traction there.

我們從這些增加銷售額的增量計劃中獲得的數量槓桿肯定會帶來好處。另一件真正具有巨大影響力的事情是我們在服務方面取得的進步。我想說，我們真的很高興看到服務成本率的下降，這確實有兩個好處。一是，它減少了服務單位的現金支出；二是，它使我們真正能夠以非常有利可圖的方式發布新項目。因此，這些活動的結合確實將繼續推動服務的發展，我們期待它能帶來真正的發展動力。

So more things to come in terms of other commercial developments and opportunities to work with customers to optimize. But those are some of the key drivers that are going to help us drive to that margin profile positive.

因此，在其他商業發展和與客戶合作優化的機會方面還會有更多的事情發生。但這些都是幫助我們實現利潤率正成長的一些關鍵驅動因素。

Thank you. That's all very encouraging. My quick follow-up here is you kind of mentioned the benefits of ITC to the material handling business. I'm coming it from a different direction. Can the benefits of ITC be used by Plug to go after the backup power market where you could provide the fuel cells for more backup power and then us companies can get ITCs for it. If you could talk about the benefits of that?

謝謝。這一切都令人鼓舞。我在這裡快速跟進的是，您提到了 ITC 對物料處理業務的好處。我是從不同的方向來的。Plug 是否可以利用 ITC 的優勢進軍備用電源市場，在該市場中您可以提供燃料電池來提供更多的備用電源，然後我們公司就可以獲得 ITC。能談談這樣做的好處嗎？

First, Manav, I've been really very focused on keeping us on the ball really looking at markets that are real today for Plug. That's hydrogen generation material handling electrolyzers. We have done a rather large deployment, as you may know in California, which is over 8 megawatts. I think it's probably the largest stationary hydrogen deployment so far, a deployment that can leverage the ITC.

首先，Manav，我一直非常專注於讓我們真正專注於當今 Plug 的現實市場。這就是氫氣生成材料處理電解器。您可能知道，我們在加州進行了相當大的部署，超過 8 兆瓦。我認為這可能是迄今為止最大的固定氫氣部署，可以利用 ITC。

I would just say that we will be very selective and thoughtful because we don't want anything to reduce the opportunity for us to achieve EBITDA breakeven in 2026 as well, of course, near-term gross margin breakeven. So there is an opportunity. Next year, we expect we will continue to grow our business. I would say when we look at near-term opportunities that are not on the -- not as high profile, but we have been involved in a number of very interesting deals associated with energy-transition projects where people are looking to leverage fuels using blue hydrogen and liquid fuels.

我只想說，我們會非常謹慎和深思熟慮，因為我們不希望任何事情減少我們在 2026 年實現 EBITDA 收支平衡的機會，當然還有近期毛利率收支平衡的機會。所以有機會。明年，我們預計我們的業務將繼續成長。我想說，當我們考慮近期機會時，雖然這些機會不那麼引人注目，但我們已經參與了許多與能源轉型項目相關的非常有趣的交易，人們希望利用藍色氫和液體燃料來利用燃料。

We have about 25% of our staff, especially a large percent of the folks who are in our liquefier business who have rather unique skill sets in those areas, which we have been actively pursuing. Don't be surprised if we close deals which are the size of gross margin positive and profitable deals which are the size of a large 100-megawatt electrolyzer project in the coming months. And I think that's probably when you start thinking about upside opportunities in the near term with low risk, which aligns with the present business climate. That's really where Plug has some side focus to build the industry.

我們大約有 25% 的員工，特別是液化器業務部門的大部分員工，在這些領域擁有相當獨特的技能，我們一直在積極追求這些技能。如果我們在未來幾個月內達成毛利率為正且盈利能力強的交易，而這些交易的規模相當於一個大型 100 兆瓦電解槽項目，請不要感到驚訝。我認為，這可能是您開始考慮短期內低風險的上行機會的時候，這與當前的商業環境相符。這確實是 Plug 致力於打造該行業的地方。

Thank you.

謝謝。

Okay. Good question.

好的。好問題。

David Arcaro, Morgan Stanley.

摩根士丹利的戴維‧阿卡羅。

Oh, hey. Thank you so much for taking my questions. Could you maybe give an update on what you're seeing in terms of tariff impacts on the business and your efforts to offset them? Where do those stand?

哦，嘿。非常感謝您回答我的問題。您能否介紹一下關稅對業務的影響以及您為抵消這些影響所採取的措施？這些在哪裡？

Let me take the first crack, Paul, and then I'll turn it over to you. And I think you have to kind of separate out the three businesses. Our hydrogen generation business today has zero impact based on tariffs. The second business, our electrolyzer business, the impact is rather minimal. And you have to remember that we have a network of integrators around the world who, next to our stack, we will be procuring most materials locally for that business. And when we do an evaluation of the impact of tariffs, for our electrolyzer business, it's really in the range of 2% to 3%.

保羅，讓我先試一下，然後我再把它交給你。我認為你必須將這三項業務分開。我們目前的氫氣生產業務受關稅影響為零。第二項業務，也就是我們的電解器業務，受到的影響相當小。您必須記住，我們在世界各地擁有一個整合商網絡，除了我們的堆疊之外，我們還將在當地為該業務採購大部分材料。當我們評估關稅對我們的電解器業務的影響時，它實際上在 2% 到 3% 的範圍內。

Our tariffs for the material handling business are really dominated by China. Over the past -- if you went five years ago, the majority of our bill of material was Chinese-based. Today, for the material handling business, it's under 15% and continues to decline. We can see tariff impacts over 10% in our cost for material handling, which, like most folks, we have to offset with price.

我們的物料搬運業務的關稅實際上是受中國主導。過去——如果你回顧五年前，我們的大部分物料都是中國製造的。如今，對於物料搬運業務而言，這一比例已低於 15%，並且仍在持續下降。我們可以看到關稅對我們的材料處理成本產生了 10% 以上的影響，與大多數人一樣，我們必須透過價格來抵消這種影響。

That being said, I would say our competitors, especially when you think competitive technologies like material handling, have certainly using material handling using lithium batteries certainly have a much larger overhang when it comes to tariffs impact are important, but because of how we develop the supply chain for electrolyzers and the improvements we've made over the years to move away from China based on the tariff profiles that started years ago has positioned us to mitigate a lot of those issues.

話雖如此，我想說我們的競爭對手，特別是當你認為像材料處理這樣的競爭技術時，肯定使用材料處理使用鋰電池在關稅影響方面肯定會有更大的優勢，但由於我們如何開發電解槽的供應鏈以及我們多年來根據多年前開始的關稅概況擺脫中國而做出的改進，使我們能夠緩解許多這些問題。

Paul, do you want to add?

保羅，你想補充嗎？

Yeah. The only thing else I'd add, Andy, is that this is one time we're having a lot of that inventory has been helpful that it's allowed us to defer where there are some impacts that as we leverage that inventory base that we already had paid for and procured, it generates cash, but it also defers some of those tariff impacts, which gives us more time to do things like co-source and other locations that don't -- that aren't subject to the tariffs. So it's -- that's actually been beneficial.

是的。安迪，我唯一想補充的是，這次我們擁有大量庫存，這很有幫助，它使我們能夠推遲一些影響，因為我們利用已經支付和採購的庫存基礎，它產生現金，但它也推遲了一些關稅的影響，這使我們有更多的時間去做一些事情，比如共同採購和其他不受關稅影響的地點。所以這實際上是有益的。

Got it. That makes sense. That's helpful. And so it sounds like -- so this wouldn't throw you off from your gross margin target this year. And did I hear correctly, it's more on the pricing side of things that you'd be able to offset that?

知道了。這很有道理。這很有幫助。聽起來——這不會讓你偏離今年的毛利率目標。我是否理解正確？更多的是從定價方面來彌補這個缺陷？

Yes. And David, on the material handling side, it's really not problematic for either -- for electrolyzers or hydrogen production.

是的。戴維，就材料處理方面而言，對於電解器或氫氣生產來說，這實際上都不是問題。

Yeah. Got it. And then would you be able to give an update on your plans for the Texas facility? And also, what timing would be natural to consider bringing in a partner as you start to build that out?

是的。知道了。那麼，您能否介紹一下德州工廠的最新計畫？此外，當您開始建立這個計劃時，什麼時候考慮引入合作夥伴是最自然的？

So we're looking to commence construction by the end of this year for Texas. If you start thinking about Texas, we have a lot of -- we have the power from our 310-megawatt deal with NextEra at very competitive electricity prices. We've already -- we already have the water available at the site, as we work very closely with the local community in establishing the availability of water. We have the equipment for Texas. We're working very closely with the DOE.

因此，我們希望在今年年底前開始在德克薩斯州進行建設。如果你開始考慮德克薩斯州，我們有很多——我們與 NextEra 達成了 310 兆瓦的交易，以極具競爭力的電價提供電力。我們已經——我們已經在現場準備好水了，因為我們與當地社區密切合作，確保水源供應。我們有適合德克薩斯州的設備。我們正在與能源部密切合作。

I got to tell you, we met with Greg Beard, who heads the DOE loan program. And I walked away very, very impressed with his knowledge of the energy market and what we're looking to accomplish. I think that we are looking at working with the DOE to finalize their support for taxes with the new Trump administration, which quite honestly has been very supportive of this project. And we're looking to -- a good chance we'll look to bring a partner in by the mid-fourth-quarter.

我得告訴你，我們會見了能源部貸款計畫負責人格雷格·比爾德。他對能源市場以及我們想要實現的目標的了解給我留下了非常深刻的印象。我認為我們正在考慮與能源部合作，最終確定他們對新川普政府稅收的支持，坦白說，新川普政府一直非常支持這個計畫。我們期待著——我們很有可能在第四季度中期引入合作夥伴。

Excellent.

出色的。

Does that help, David?

這有幫助嗎，大衛？

Yes, perfect. Appreciate it.

是的，完美。非常感謝。

Eric Stine, Craig-Hallum.

艾瑞克·史坦、克雷格·哈勒姆。

Hi, everyone. Thanks for taking the questions.

大家好。感謝您回答這些問題。

Hi, Eric.

你好，埃里克。

Hey. So just thinking about margin improvement in your goal at the end of -- or exiting the end of the year, can you just talk about how you kind of expect that to play out over the next two quarters? You mentioned the three areas, Quantum Leap, some of the steps there. Obviously, the hydrogen supply agreement its huge and then the service side. I mean, do you expect this to be kind of a gradual from here to that level or potentially a bigger step-up in improvement for Q4?

嘿。那麼，僅考慮一下您在年底或年底時的目標利潤率提高，您能否談談您預計未來兩個季度利潤率將如何提高？您提到了三個領域、量子飛躍以及其中的一些步驟。顯然，氫氣供應協議規模龐大，其次是服務方面。我的意思是，您是否預計從現在開始會逐漸達到那個水平，或者在第四季度可能會有更大的改善？

Yeah. I guess I'd qualify it as a gradual -- we expect it certainly in Q3, it's going to be sequentially better, obviously, than prior year, but certainly sequentially better than last quarter -- second quarter as well. And then we expect the real tipping point to hit in Q4.

是的。我想我會將其視為一種漸進式成長——我們預計在第三季度，它顯然會比去年同期更好，但肯定會比上一季——第二季度——更好。我們預計真正的轉折點將在第四季到來。

Got it.

知道了。

The equation is actually really simple. And Paul, correct me if I'm wrong. We have to sell more, which drops because of covering fixed costs. the contribution margins north of 35% when we sell more. We have to -- the hydrogen improvements we will see, the supply agreements guarantees the performance of the plants are very important.

這個等式其實非常簡單。保羅，如果我錯了，請糾正我。我們必須銷售更多產品，但由於要涵蓋固定成本，銷售額會下降。當我們銷售更多產品時，貢獻利潤率會超過 35%。我們必須－我們將看到氫氣的改進，供應協議保證工廠的性能非常重要。

And the third item is continued improvements with service, which I've always, Eric, that's an area where I've always been cautious. But between the price increases we've seen as well as the improved performance of the units with our increased focus really puts us on a pathway that I think we all feel comfortable that gross margin neutrality is achievable and, quite honestly, very easy to understand as we operate the business every day.

第三件事是持續改進服務，艾瑞克，這是我一直很謹慎的領域。但是，我們看到價格上漲，而且隨著我們更加關注，部門業績也得到了改善，這確實讓我們走上了一條道路，我認為我們都對實現毛利率中性感到放心，而且坦白說，在我們每天經營業務的過程中，這很容易理解。

Got it. That is helpful and a good segue, I guess, to my second question, which would just be -- it looks like, unless I missed it, not guiding to specifics in terms of revenue for Q3. But safe to say that with that gross margin kind of improvement between here and the end of the year, you expect sequential growth between here and the end of the year.

知道了。我想，這對我的第二個問題很有幫助，也是一個很好的過渡，那就是——除非我錯過了，否則看起來它並沒有提供關於第三季度收入的具體資訊。但可以肯定地說，隨著從現在到年底的毛利率的提高，預計從現在到年底將持續成長。

We expect that the second half -- and I've been real cautious just in case a program falls one way or another. We're very confident about our revenue targets for the second half. As you know, in previous quarters, we've ran into some quarterly issues, and we want to avoid that, but we're feeling really good about the second half.

我們預計下半年——我一直非常謹慎，以防某個專案以某種方式失敗。我們對下半年的收入目標非常有信心。如您所知，在前幾個季度，我們遇到了一些季度問題，我們希望避免這種情況，但我們對下半年感到非常樂觀。

Okay, thank you.

好的，謝謝。

Thanks, Eric.

謝謝，埃里克。

(Operator Instructions)

（操作員指示）

Dushyant Ailani, Jefferies.

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

Hey, guys. Thanks for taking my question. My first one is just on the cash burn for the year. I know that you guys have talked about inventory unwinding and some of the tailwinds. But how do you think about just the need for cash? Do you think you'll have to tap into the credit facility or the ATM? Or are we good there?

嘿，大家好。感謝您回答我的問題。我的第一個問題是有關今年的現金消耗。我知道你們已經談論了庫存減少和一些順風因素。但是您如何看待只需要現金的情況呢？您認為您必須利用信貸服務或 ATM 嗎？或者我們在那裡表現良好嗎？

Yeah. Let me -- just for context, first half is down over 40% from prior year. And we knew that it would be the heavier part of the year given that the volume is bigger in the second half, as Andy alluded to, as well as the progression of the Quantum Leap savings. And so I'm actually very -- I feel very good about our posture as we go into the second half. You're going to see not just reductions year over year, but you're going to see -- we expect meaningful reduction in the burn rate from the first half. And that puts us in a good position when you look at us ending with $140 million in cash plus another $100 million of the restricted cash getting released in the second half.

是的。讓我來告訴你，上半年比去年同期下降了 40% 以上。我們知道，由於下半年的業務量較大（正如安迪所提到的），而且隨著「量子飛躍」儲蓄的推進，今年將是業務最繁忙的時期。所以我實際上非常——對於我們進入下半場的姿態，我感覺非常好。您不僅會看到逐年減少，而且您還會看到——我們預計上半年的消耗率將顯著下降。當我們看到我們最終擁有 1.4 億美元現金加上下半年釋放的另外 1 億美元限制性現金時，這讓我們處於有利地位。

And we do have the credit facility available to us to help fund the business as well. And then we have additional initiatives that we're looking at in terms of monetizing assets and doing things. So we've been doing a good job in the first half of the year and we expect that, that will continue in the second half. And the combination of our cash. And the credit facility and other means at our disposal, we feel like we're in a really good position.

我們確實擁有可用的信貸額度來幫助為企業提供資金。然後，我們在資產貨幣化和行動方面還有其他措施正在考慮。因此，我們上半年做得很好，我們預計下半年將繼續保持這種良好勢頭。以及我們的現金組合。憑藉我們掌握的信貸便利性和其他手段，我們感覺自己處於非常有利的地位。

Got it. And then my second one is on with the 48E kind of coming back starting 2026, are you hearing any of your customers kind of delay or push out any orders so that they can take advantage of that ITC in '26, or not really?

知道了。然後我的第二個問題是，隨著 48E 開始在 2026 年開始回歸，您是否聽說您的任何客戶推遲或推遲任何訂單，以便他們可以在 26 年利用 ITC，還是實際上沒有？

You want to talk about that, Paul, because it's really a question of when it's commissioned.

保羅，你想談論這個，因為這實際上是一個何時委託的問題。

Yeah. Over -- we've been a part of billions of dollars of programs over my tenure here. And so I've learned more about ITC and qualification than I ever thought I would. And so what we're working with customers on is there's a lot of customers that like to mobilize early and get equipment get it going and get ready for success and be ahead of it. And so a lot of them are investing in procuring equipment in the latter part of this year for early first-quarter deployments. And the ITC really counts when you commission the equipment.

是的。在我任職期間，我們參與了數十億美元的計畫。因此，我對 ITC 和資格的了解比我想像的要多。因此，我們與客戶合作的是，許多客戶喜歡儘早動員起來，獲得設備，為成功做好準備，並領先一步。因此，許多公司都在今年下半年投資採購設備，以便在第一季初部署。當您調試設備時，ITC 確實很重要。

So it actually enable -- that process enables them to procure the -- in many cases, procure the equipment early, which we get revenue when we ship the equipment. So that's beneficial to us as well. So that's how a lot of them are playing it through the next three, six months, given all their plans over that duration of when they're timing to turn things on.

因此，它實際上使 - 該流程使他們能夠採購 - 在許多情況下，提前採購設備，我們在運送設備時獲得收入。這對我們也有利。因此，他們中的許多人都會在接下來的三到六個月內這樣做，因為他們會根據這段時間的所有計劃來安排時間。

And it works really well for the customers anyway because they like to really turn stuff on after they get past the busy periods. And so they'll make a lot of investments towards the end of the year with the ideas of either turning it in typically over Christmas or the first part of the year anyway. So that timing actually works well for everybody in addition to taking advantage of the ITC and enable us to get the revenue for some of those programs in the back half.

無論如何，這對顧客來說確實很有效，因為他們喜歡在繁忙時段過後才真正打開設備。因此，他們會在年底進行大量投資，通常是在聖誕節或年初完成投資。因此，除了利用 ITC 之外，這個時機實際上對每個人都很有利，並且使我們能夠在下半年獲得一些專案的收入。

Got it. Thank you.

知道了。謝謝。

Sameer Joshi, H. Wainwright.

Sameer Joshi、H. Wainwright。

Hey, good afternoon. Thanks for taking my questions. Congrats on the good progress on the gross margin. My first question is just about that. It seems your equipment revenues sort of are flat or rather have increased, but the gross margin has not increased as much. I know your service is driving the gross margin improvement, but should we expect any improvement in the equipment costs?

嘿，下午好。感謝您回答我的問題。祝賀毛利率取得良好進展。我的第一個問題就是關於這個。看起來你們的設備收入基本上持平或有所增加，但毛利率卻沒有增加那麼多。我知道您的服務正在推動毛利率的提高，但是我們是否應該預期設備成本會有所改善？

Do you want to take that, Paul? Go ahead, Paul.

保羅，你想接受這個嗎？繼續吧，保羅。

Hey, how are you? Yeah. The short answer is, yes. And when you look at the improvement, service is certainly contributing. But as a percentage of revenue, PPA and fuel and other things are contributing too given the price hikes and the things that we're doing. But we -- as Andy alluded to in the guidance, you can kind of impute what that means for volumes and sales in the second half.

嘿，你怎麼樣？是的。簡短的回答是，是的。當你看到改進時，服務肯定做出了貢獻。但考慮到價格上漲和我們正在做的事情，PPA、燃料和其他東西佔收入的百分比也做出了貢獻。但是，正如安迪在指南中提到的那樣，您可以推斷這對下半年的銷售和銷售額意味著什麼。

And so growth helps a lot in leveraging the fixed -- the overhead and fixed cost on equipment. And then I would also add that a lot of the cost reductions in Quantum Leap, as we've kind of talked about, you start seeing some of those benefits in Q2, but you'll see more full quarter benefits in the third and the fourth quarter now that those programs have been deployed and committed to.

因此，成長有助於充分利用固定成本——設備的間接費用和固定成本。然後我還要補充一點，正如我們討論過的，Quantum Leap 中的許多成本削減措施，您會在第二季度開始看到其中的一些好處，但是現在這些計劃已經部署並投入實施，您將在第三季度和第四季度看到更多完整的季度好處。

So as an example, some of the rooftop consolidations that we've been doing, we may have completed those programs recently, but you don't have full quarters yet of those benefits. So -- those things will start to compound. Mix helps a lot as we move into the second half and we're constantly looking at ways to continue reducing the cost of that equipment. So volume, supply chain leverage, Quantum Leap benefits, all those things will drive -- absolutely will drive margin enhancement on equipment in the second half.

舉個例子，我們最近可能已經完成了一些屋頂加固工程，但您還沒有完全享受這些好處。所以——這些事情將開始加劇。當我們進入下半年時，Mix 提供了很大的幫助，我們一直在尋找方法來繼續降低設備的成本。因此，產量、供應鏈槓桿、量子飛躍效益，所有這些都將推動——絕對將推動下半年設備利潤率的提高。

Understood. Thanks for that .And then just stepping back and looking at your future customers, you have mentioned renewable diesel and SAF. Are you engaging with those players? What is the activity on your side on that front?

明白了。謝謝.然後退一步來看看您的未來客戶，您提到了可再生柴油和 SAF。你有和那些球員互動嗎？您在這方面採取了哪些行動？

So when you look at activities there, there is equipment that is used in a -- and let me take a shot at -- call it a blue hydrogen plant. There are skills that we have for our liquefier business specifically that are transferable as well as they have worked in those areas before, which we can leverage for some rather large deployments, which can be revenue positive for us and gross margin positive for [us her]. So there are things like hydrotreaters and other capabilities, which we have embedded in the business that it makes a great deal of sense for us to provide support for blue hydrogen projects since it's an area of expertise for us.

所以當你觀察那裡的活動時，你會發現那裡使用的設備——讓我來假設一下——稱之為藍色氫氣工廠。我們在液化器業務方面擁有一些技能，這些技能是可轉移的，而且他們以前曾在這些領域工作過，我們可以利用這些技能進行一些相當大的部署，這對我們來說可以帶來收入，對毛利率也有好處。[我們她]。因此，我們已經將加氫處理器和其他功能嵌入到業務中，為藍氫專案提供支援對我們來說非常有意義，因為這是我們的專業領域。

Got it. Thanks for that. Thanks for taking my questions.

知道了。謝謝。感謝您回答我的問題。

Ameet Thakkar, BMO Capital Market.

Ameet Thakkar，BMO 資本市場。

Hey, good evening. Thanks for taking my questions.

嘿，晚上好。感謝您回答我的問題。

Good evening.

晚安.

Thank you. On the $300, I guess, million of kind of the credit facilities that's still available to you. My understanding is that that's kind of structured in kind of two tranches for the remaining balance. For the second tranche, is there any sort of kind of, I guess, requirement for you to have authorization to increase your share count?

謝謝。我想，您仍然可以獲得 3 億美元，甚至是數百萬美元的信用額度。我的理解是，剩餘餘額可以分成兩個部分。對於第二批，我猜，是否有任何要求需要您獲得授權來增加股份數量？

There's no requirement to decrease our share count --

無需減少我們的股份數量--

Increase our share count.

增加我們的股份數量。

Increase our share count, sorry.

增加我們的分享數量，抱歉。

As far as the Yorkville deal.

就約克維爾交易而言。

Yes. I'm sorry, I misunderstood your question. No, there's no -- the only -- there was a triggering effect on amortization if and when we decided to -- to put actions in place, but there's no requirement in order for us to access the additional committed portion of it.

是的。抱歉，我誤解了你的問題。不，沒有——唯一的——如果我們決定採取行動，就會對攤銷產生觸發效應，但沒有要求我們獲得額外的承諾部分。

Okay. And so you could access the full $105 million under that tranche might tomorrow if you wanted to?

好的。那麼，如果您願意的話，明天您就可以獲得該筆款項下的全部 1.05 億美元嗎？

The $105 million is available to us as part of the agreement if and when we -- it made sense and prudent that we wanted to access it and it is available to us.

根據協議，如果我們想要獲得這筆資金是明智且謹慎的，那麼我們就可以獲得這筆資金，而且我們也可以獲得。

Great. And then the $80 million of restructuring charges for, I guess, to become under restructuring efforts. Was any of that accounted for in your COGS and which may have kind of, I guess, kind of artificially kind of depressed your gross margins for the quarter?

偉大的。然後我猜想，8000 萬美元的重組費用將成為重組努力的一部分。這些因素是否都已計入您的銷貨成本？我想，這可能在某種程度上人為地壓低了您本季的毛利率嗎？

Our gross margins were a big improvement sequentially and year over year. But no, they show up in restructuring and other line items in our P&L. So it wasn't showing up in COGS. What I would tell you is those actions are part of a broader cadre of actions that we're taking that collectively are continuing to drive gross margin improvements. And so you'll see sequential benefits in the third quarter and in the fourth quarter and onward because of that, a lot of those actions that stem some of those charges.

我們的毛利率與上一季和去年同期相比都有了很大的提高。但事實並非如此，它們出現在我們的損益表中的重組和其他項目中。所以它沒有出現在 COGS 中。我想告訴你們的是，這些行動是我們正在採取的一系列更廣泛行動的一部分，這些行動將共同繼續推動毛利率的提高。因此，您將在第三季、第四季及以後看到連續的收益，因為許多行動可以遏制部分費用。

Great. Thanks. I'll pass it on.

偉大的。謝謝。我會傳達的。

Skye Landon, Rothschild & Co Redburn.

斯凱·蘭登 (Skye Landon)、羅斯柴爾德公司雷德伯恩 (Rothschild & Co Redburn)。

Hey. Thanks, guys. Just coming back to the electrolyzer division and specifically the European electrolyzer projects, which are due to close in 2025, 2026. I was just wondering if you could maybe elaborate on what needs to happen for these projects to actually take FID. Is it the -- I mean, is it the release of subsidies? Do they need funding confirmation, off-day contracts, grid connections? I think it would just be useful to sort of dig into what needs to happen for those to actually kind of go ahead. Thanks.

嘿。謝謝大家。回到電解器部門，特別是歐洲電解器項目，這些項目預計將於 2025 年、2026 年完成。我只是想知道您是否可以詳細說明這些項目真正獲得 FID 需要做些什麼。這是──我的意思是，這是補貼的發放嗎？他們是否需要資金確認、休息日合約、電網連接？我認為深入研究需要做些什麼才能真正推動這些事情的進展是很有用的。謝謝。

Jose, do you want to take that?

何塞，你想拿走這個嗎？

Yeah, absolutely. thank you so much for the question. It's -- so in general, for an electrolyzer project to happen, you need a certain number of things to take place. And you mentioned some of them. One of them is you got to have the power, you got to have the land, you got to have the water. You got to have the funding, and that comes from government funding and also investments.

是的，絕對的。非常感謝您的提問。一般來說，要實現電解槽項目，需要做一定數量的事情。您提到了其中的一些。其中之一就是你必須擁有電力，你必須擁有土地，你必須擁有水。你必須有資金，而資金來自政府資金和投資。

And then finally, and very importantly, you've got to have the offtakers, right? So we have projects that are in different stages. And obviously, the projects that we're talking about that we're thinking that are going to go FID in next year is because they are closer to those type of things and we believe they can achieve those parameters next year.

最後，也是非常重要的一點，你必須有承購商，對嗎？因此我們的專案處於不同階段。顯然，我們正在討論的專案將在明年進行 FID，因為它們更接近這類事情，我們相信它們明年可以實現這些參數。

And then we have a few projects, a couple of them, for example, in the UK, that we know they have all of that. They have the land, they have the power, they have offtakers and they have funding from Car One. And we believe that and we've been told that their FID is happening at the end of Q3 or Q4, so it is -- each project is its own, but each project needs to hit all those parameters to happen. So it's different in every project, but all of them need to get those items checked to go FID.

然後我們有幾個項目，例如其中幾個在英國，我們知道他們擁有所有這些。他們有土地，有電力，有承購商，還有來自Car One的資金。我們相信這一點，而且我們得知他們的最終投資決定（FID）將在第三季末或第四季末進行。所以，每個專案都有其獨特之處，但每個專案都需要滿足所有這些條件才能實現。因此，每個項目都不同，但所有項目都需要檢查這些項目才能進行 FID。

Jose, you want to talk about Spain, too?

何塞，你也想談西班牙嗎？

Specifically, any project specifically, Andy, or in general?

具體來說，安迪，是任何具體的項目，還是一般的項目？

In general.

一般來說。

Okay. So the Spanish market is a market where we're seeing a lot of activity. It's a market that the government is helping and putting a lot of effort within the market to push some of these projects ahead. And it's also a market where you're going to see several projects coming online based on offtake agreements and offtake requirements in the market. We have several gigawatts of projects that we have quoted in the Spanish market and we expect that some of those are going to come to FID in 2026 and we're going to see some business in the Spanish market.

好的。因此，我們看到西班牙市場是一個非常活躍的市場。政府正在幫助這個市場，並在市場中投入大量精力來推動其中一些項目的發展。在這個市場上，你還會看到多個專案根據承購協議和市場承購要求上線。我們在西班牙市場上有數千兆瓦的專案報價，我們預計其中一些將在 2026 年做出最終投資決定，我們將在西班牙市場看到一些業務。

As you know, we already have in that market a pretty large project with BP in Castellon. It's a 25-megawatt project. And also in the Iberian Peninsula, not necessarily in Spain, but also in the Iberian Peninsula in Portugal, we have another project for 100 megawatts with Galp. So those projects are anchored projects, and we are seeing a lot of traction in those markets for ELX projects and many of them meeting the criteria that I mentioned before.

如您所知，我們已與 BP 在卡斯特利翁市場合作進行了一個相當大的專案。這是一個25兆瓦的專案。此外，在伊比利亞半島，不一定是在西班牙，在葡萄牙的伊比利亞半島，我們與 Galp 合作開展了另一個 100 兆瓦的計畫。因此，這些項目都是錨定項目，我們看到 ELX 項目在這些市場中具有很大的吸引力，其中許多項目都符合我之前提到的標準。

Great. Thanks.

偉大的。謝謝。

We reached the end of our question-and-answer session. I'd like to turn the floor back over to Andy for any further or closing comments.

我們的問答環節已經結束。我想將發言權交還給安迪，請他發表進一步的評論或結束評論。

Well, thank you for joining the call today. We are looking for -- we're focused on continuous progress in our gross margin for revenue generation as well as for continuing to improve the business for the future. So I really appreciate everyone taking the time today and look forward to talking to many of you throughout the quarter. Bye now.

好吧，感謝您今天參加電話會議。我們正在尋求——我們專注於不斷提高毛利率以創造收入以及繼續改善未來業務。因此，我非常感謝大家今天抽出時間，並期待在整個季度與大家進行交談。再見了。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，祝您有美好的一天。我們感謝您今天的參與。