普拉格能源 (PLUG) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Plug Power's third quarter 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. (Operator Instructions)

大家好，歡迎參加 Plug Power 2025 年第三季財報電話會議和網路直播。（操作說明）提醒各位，本次會議正在錄音。（操作說明）

It's now my pleasure to turn the call over to Teal Hoyos. Please go ahead.

現在我很高興將電話交給蒂爾·霍約斯。請繼續。

Thank you. Welcome to the 2025 third 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年第三季財報電話會議。本次電話會議將包含前瞻性陳述。這些前瞻性陳述包含我們未來營運績效、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 條和 1934 年證券交易法第 21E 條中關於前瞻性陳述的安全港條款的保護。

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.

我們認為，向投資者傳達我們對未來的預期非常重要。然而，投資者應注意不要過度依賴前瞻性陳述，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 1A Risk Factors in our annual report on Form 10-K for the fiscal year ending December 31, 2024, or subsequent quarterly reports on Form 10-Q as well as other reports we file from time to time with the SEC.

此類聲明存在風險和不確定性，可能導致實際結果或業績與所討論的結果或業績存在重大差異，原因包括但不限於我們在截至 2024 年 12 月 31 日的財政年度的 10-K 表格年度報告或隨後的 10-Q 表格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性報告中討論的風險和不確定性報告。

These forward-looking statements speak only as 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. At this point, I would like to call -- turn the call over to Plug's CEO, Andy Marsh.

這些前瞻性聲明僅代表聲明發布之日的情況，我們不承諾或打算在本次電話會議之後或因新資訊而更新任何前瞻性聲明。此時，我想把電話轉給Plug公司的執行長Andy Marsh。

Good afternoon, and thank you for joining us. Plug delivered a strong third quarter, one that reflects continual growth, improving margins and disciplined execution across our global hydrogen business. For the quarter, we reported $177 million in revenue with balanced strength across our core businesses. Our GenEco electrolyzer business generated about $65 million, up 46% sequentially and 13% year-over-year.

下午好，感謝各位的參與。Plug 第三季業績強勁，這反映了我們全球氫能業務的持續成長、利潤率的提高和執行力的增強。本季度，我們實現了 1.77 億美元的收入，核心業務表現均衡強勁。我們的 GenEco 電解槽業務創造了約 6,500 萬美元的收入，季增 46%，年增 13%。

Clear evidence that Plug technology continues to gain traction globally as customers scale hydrogen production. I think just as important, we're improving the quality of the growth. Operation cash burn improved by more than 50% from the prior quarter, driven by pricing discipline, better execution and tighter working capital management. These results show the tangible impact of Project Quantum Leap, which is transforming Plug into a leaner, more efficient and more profitable enterprise.

有明確證據表明，隨著客戶擴大氫氣生產規模，Plug 技術在全球範圍內持續獲得認可。我認為同樣重要的是，我們正在提高成長的品質。受定價紀律、更好的執行力和更嚴格的營運資本管理的推動，營運現金消耗較上一季改善了 50% 以上。這些結果顯示了「量子飛躍計劃」的實際影響，該計劃正在將 Plug 轉變為更精簡、更有效率、更盈利的企業。

Quantum Leap is about focus, simplifying the business, aligning investment to near-term profitability and resolving legacy issues that have limited performance. The noncash charges we recognized this quarter reflect that effort, cleaning up the past while sharpening our strategic priorities. As a result today, Plug is more streamlined, more focused and better positioned to deliver continued margin improvement and cash flow gains.

量子飛躍的核心在於聚焦、簡化業務、使投資與近期獲利能力保持一致，並解決限制績效的遺留問題。本季確認的非現金支出反映了我們為清理過去問題、同時明確策略重點所做的努力。因此，如今 Plug 的組織架構更加精簡，目標更加明確，也更有能力持續提高利潤率和現金流。

Operationally, we continue to execute at scale. To date, Plug has more than 230 megawatts of GenEco electrolyzer programs underway across Europe, Australia and North America. A real highlight this quarter was delivery of our first 10-megawatt electrolyzer, the Galp project in Portugal, the first phase of a planned 100-megawatt installation, a clear validation of Plug's ability to deliver complex world-class hydrogen infrastructure.

在營運方面，我們繼續大規模執行。迄今為止，Plug 公司在歐洲、澳洲和北美地區已啟動超過 230 兆瓦的 GenEco 電解槽計畫。本季度的一大亮點是交付了我們第一台 10 兆瓦電解槽，即葡萄牙 Galp 項目，這是計劃中的 100 兆瓦裝置的第一階段，這清楚地證明了 Plug 有能力交付複雜的世界級氫能基礎設施。

Our hydrogen production network also continues to improve. In August, our Georgia Green Hydrogen Plant produced 324 tons with 97% uptime and 92.8% efficiency, underscoring the strength and reliability of our operating platform. Earlier today, we announced a strategic initiative to monetize our electricity rights in New York and one other location in partnership with a major US data center developer. This transaction is expected to generate more than $275 million in liquidity through asset monetization and the release of restricted cash.

我們的氫氣生產網絡也在不斷改進。8 月份，我們的喬治亞州綠色氫氣工廠生產了 324 噸氫氣，正常運作時間為 97%，效率為 92.8%，凸顯了我們營運平台的實力和可靠性。今天早些時候，我們宣布了一項戰略計劃，與美國一家大型數據中心開發商合作，將我們在紐約和另一個地點的電力權益貨幣化。預計此交易將透過資產變現和釋放受限現金產生超過 2.75 億美元的流動資金。

It also positions Plug in the rapidly growing data center market where our fuel cell systems can deliver resilient zero-emission backup power to mission-critical facilities. This initiative is directly linked to our new global hydrogen supply agreement with one of the world's leading industrial gas companies and potential purchases from some of our North American electrolyzer companies as they deploy hydrogen site.

這也使 Plug 進入了快速成長的資料中心市場，我們的燃料電池系統可以為關鍵任務設施提供可靠的零排放備用電源。這項舉措與我們和世界領先的工業氣體公司之一達成的新的全球氫氣供應協議以及從一些北美電解槽公司採購氫氣直接相關，因為這些公司正在部署氫氣生產基地。

The agreement secures competitively priced long-term hydrogen supply for Plug and our customers, a major strategic milestone that reduces the need for near-term self-development of new plants. As a result, we have suspended activities under the DOE loan program, allowing us to redeploy capital towards high-return opportunities across our hydrogen network. Together, these actions strengthen our balance sheet, expand our reach into dynamic new markets and reinforces our disciplined approach to capital allocation. Finally, I want to touch on leadership. As announced last month, Jose Luis Crespo will become Chief Executive Officer on March 1.

該協議確保了 Plug 及其客戶能夠以具有競爭力的價格獲得長期氫氣供應，這是一個重要的戰略里程碑，減少了近期自行開發新工廠的需求。因此，我們暫停了能源部貸款計劃下的活動，使我們能夠將資金重新部署到我們氫能網路中的高回報機會。這些舉措共同增強了我們的資產負債表，擴大了我們在充滿活力的新市場中的影響力，並強化了我們嚴謹的資本配置方法。最後，我想談談領導力。正如上個月宣布的那樣，何塞·路易斯·克雷斯波將於3月1日就任執行長。

Jose has been instrumental in driving Plug's commercial growth and building our customer relationships worldwide. This transition represents continuity and strategy, not change. The road map we've built together remains in place, focused on growth, profitability and disciplined execution. But also, look, the world changes. It gives Jose the flexibility to resolve -- to evolve our strategy as the hydrogen market mature.

Jose 在推動 Plug 的商業成長和建立我們在全球的客戶關係方面發揮了重要作用。這一轉變代表的是延續性和策略，而不是改變。我們共同製定的路線圖仍然有效，其重點是成長、獲利能力和嚴謹的執行。但你也應該明白，世界不斷在改變。這讓 Jose 能夠靈活地解決問題——隨著氫能市場的成熟，不斷調整我們的策略。

He is the right leader for this next chapter, and I am confident Plug will continue to thrive under his direction. In summary, Plug's progress this quarter demonstrates a company that is executing, improving and building momentum. Our technology, people and strategy are delivering results and the fundamentals of our business have never been stronger. With that, I'll turn the call over to Jose, who will discuss our commercial performance and marketing activities in more detail. Jose?

他是帶領公司開啟新篇章的合適人選，我相信在他的領導下，Plug 將繼續蓬勃發展。總而言之，Plug 本季的進展表明，該公司正在執行、改進並累積發展勢頭。我們的技術、人才和策略正在取得成效，我們業務的基本面也從未如此強大。接下來，我將把電話交給何塞，他將更詳細地討論我們的商業表現和行銷活動。何塞？

Thank you, Andy. Good afternoon, everyone, and thanks for joining us today. This is my first earnings call as President and incoming CEO of Plug. And I have to say I'm both excited and honored to take on this role. I've been with Plug for 12 years, helping drive our commercial growth and making sure customers are always at the heart of what we do, and that won't change. My focus will continue to be on growth, profitability and disciplined execution.

謝謝你，安迪。各位下午好，感謝各位今天收看我們的節目。這是我擔任Plug總裁兼即將上任的執行長的第一次財報電話會議。我必須說，能夠擔任這個角色，我既感到興奮又感到榮幸。我在 Plug 工作了 12 年，幫助推動了我們的商業成長，並確保客戶始終是我們工作的核心，這一點不會改變。我將繼續專注於成長、獲利能力和嚴謹的執行。

As Andy mentioned earlier, we delivered $177 million in revenue in the third quarter, and we're seeing solid momentum across our core markets. Let's start with material handling. This business continues to perform well, and our customers are really seeing the productivity and energy benefits that come with the fuel cell technology. More than ever, customers are recognizing how fuel cells free up utility power in their distribution centers, power that they can use elsewhere or simply save by reducing peak demand.

正如安迪之前提到的，我們第三季實現了 1.77 億美元的收入，並且在我們的核心市場都看到了強勁的成長勢頭。我們先從物料搬運開始。這項業務持續表現良好，我們的客戶也真正看到了燃料電池技術帶來的生產力和能源效益。如今，客戶比以往任何時候都更認識到燃料電池如何釋放其配送中心的公用電力，這些電力可以用於其他地方，或透過減少尖峰需求來節省。

And the investment tax credit for fuel cells has been reinstated, which makes the financial case for our customers as stronger than ever. We are having great conversations with our major pedestal customers, Amazon, Walmart, about their 2026 plans, and we are expecting to continue growth there. And we are also excited about new customers like Floor & Decor, where we deployed our GenDrive fuel cells, GenFuel hydrogen systems at their Frederickson, Washington facility. Floor & Decor has a strong potential to grow into one of our next pedestal customers.

燃料電池投資稅收抵免政策已經恢復，這使得我們客戶的財務理由比以往任何時候都更加充分。我們正在與我們的主要客戶亞馬遜、沃爾瑪就其 2026 年計劃進行良好的對話，我們預計在那裡將繼續增長。我們也對像 Floor & Decor 這樣的新客戶感到興奮，我們在他們位於華盛頓州弗雷德里克森的工廠部署了我們的 GenDrive 燃料電池和 GenFuel 氫能係統。Floor & Decor 很有潛力成為我們下一個底座客戶。

Now I'm going to turn it into our GenEco electrolyzer business. We have delivered $124 million in revenue year-to-date. This is up 33% year-over-year and is putting us on track for a record year in the electrolyzer business with around $200 million in expected sales. We continue to see big opportunities for green hydrogen, particularly in replacing gray hydrogen in refineries like Galp and BP and in the reduction of e-fuels -- sorry, in the production of e-fuels such as e-methanol, synthetic jet fuel and ammonia.

現在我要把它發展成我們的 GenEco 電解槽業務。今年迄今，我們已實現營收1.24億美元。這比去年同期成長了 33%，預計電解槽業務將迎來創紀錄的一年，銷售額約 2 億美元。我們繼續看到綠色氫能的巨大機遇，尤其是在 Galp 和 BP 等煉油廠中取代灰色氫能，以及減少電子燃料（抱歉，是減少電子甲醇、合成航空燃料和氨等電子燃料的生產）方面。

Our $8 billion electrolyzer funnel remains very active, and the quality of the projects we are pursuing right now is the best that we have ever seen. The probability of many of these projects reaching final investment decision, FID, has never been higher. In Australia, government support remains strong. Andy spent time there recently, and we are very encouraged by the progress on the 3-gigawatt Allied Green Ammonia project as it moves towards FID. We're also happy to have Alfred, Allied Green's CEO, speak at our Symposium next week, November 18.

我們價值 80 億美元的電解槽項目儲備仍然非常活躍，而且我們目前正在推進的項目的品質是我們見過的最好的。這些項目最終做出投資決定（FID）的可能性從未如此之高。在澳大利亞，政府的支持依然強勁。安迪最近在那裡待了一段時間，我們對3吉瓦Allied Green Ammonia計畫在邁向最終投資決策（FID）的過程中取得的進展感到非常鼓舞。我們也很高興邀請到 Allied Green 的執行長 Alfred 於下週（11 月 18 日）在我們的研討會上發表演講。

In Europe, we are seeing policy clarity finally take hold as the Green Deal and RED III mandates are being transposed by the EU member states and becoming law. This is giving our industrial customers more certainty around their green hydrogen targets and time lines.

在歐洲，隨著綠色協議和RED III指令被歐盟成員國轉化並成為法律，政策的清晰度終於得以確立。這讓我們的工業客戶對他們的綠色氫能目標和時間表更有把握。

We're also seeing subsidy programs like those from the European Hydrogen Bank to start outlook real projects, many of which should reach FID in the next 12 to 18 months. And we are already executing at a scale in Europe. We delivered our first 10-megawatt electrolyzer array to Galp in Portugal, part of the 100-megawatt project we have in there and 25 megawatts of containerized systems to Iberdrola and BP in Spain.

我們也看到一些補貼計劃，例如歐洲氫能銀行的補貼計劃，旨在啟動前景良好的實際項目，其中許多項目應該會在未來 12 到 18 個月內做出最終投資決定。我們目前已在歐洲大規模開展相關業務。我們向葡萄牙的 Galp 公司交付了首個 10 兆瓦電解槽陣列，這是我們在葡萄牙的 100 兆瓦專案的一部分；此外，我們還向西班牙的 Iberdrola 和 BP 公司交付了 25 兆瓦的貨櫃式系統。

These are flagship projects that demonstrate Plug's ability to deliver large, complex systems globally. Here in the U.S., we announced a new partnership with Edgewood. Plug will provide engineering, plant design and commissioning for a facility that will convert waste streams into sustainable aviation fuel, renewable diesel and biomethanol.

這些都是旗艦項目，展現了 Plug 在全球範圍內交付大型複雜系統的能力。在美國，我們宣布與艾奇伍德建立新的合作關係。Plug 將為一座將廢物流轉化為可持續航空燃料、再生柴油和生物甲醇的設施提供工程、工廠設計和調試服務。

If you want to hear more about that, Steve, Edgewood's CEO, will join us at the Symposium November 18, so I encourage you to come. Edgewood is a great example of how we are adapting to market conditions. The US continues to support blue hydrogen, and we're using our deep experience with more than 20% of our team coming from oil and gas backgrounds to capitalize on those opportunities as well.

如果您想了解更多相關信息，Edgewood 的首席執行官 Steve 將於 11 月 18 日參加研討會，我鼓勵您前來參加。Edgewood 是我們如何適應市場變化的一個很好的例子。美國繼續支持藍色氫能，而我們團隊中有超過 20% 的成員來自石油和天然氣產業，我們正利用自身的深厚經驗來掌握這些機會。

Our path to profitability will be powered by growth. We have built real scalable capabilities. We know how to produce, deploy and operate hydrogen solutions, and we have an $8 billion funnel of opportunities ahead of us that gives Plug a unique position to lead as the hydrogen economy accelerates globally. Thanks again for joining us today, and I'm looking forward to sharing more at our Plug Symposium on November 18 and to continue this journey towards sustainable, profitable growth. Back to you, Andy.

我們將透過成長來獲利。我們已經建立了真正可擴展的能力。我們知道如何生產、部署和營運氫能解決方案，而且我們面前還有價值 80 億美元的機遇，這使得 Plug 在全球氫能經濟加速發展的過程中擁有獨特的領導地位。再次感謝您今天參加我們的活動，我期待在 11 月 18 日的 Plug Symposium 上與大家分享更多內容，並繼續朝著可持續、盈利增長的目標邁進。安迪，該你了。

Okay. It's question time. Teal?

好的。現在是提問時間。藍綠色？

We are open for question, Kevin please.

歡迎提問，凱文。

(Operator Instructions)

（操作說明）

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

Hey Colan.

嘿，科蘭。

Hi there. You've got, You've got Andre Adams on for Colin. I got a couple of questions for you. So first, could you just speak to the cadence of fuel margin improvements and when we might expect margins for that business to turn positive?

你好呀。你們派出了安德烈·亞當斯替補柯林上場。我有幾個問題想問你。首先，您能否談談燃油利潤率改善的節奏，以及我們何時才能預期該業務的利潤率轉正？

You want to take that, Paul?

你想拿走它嗎，保羅？

Which business did you ask about, Andre? Was there a specific one you mentioned?

安德烈，你問的是哪家公司的事？你具體提過哪一個例子嗎？

Fuel. Fuel.

燃料。燃料。

Yeah. So I'd say what you see as the progression in the margin even in Q3. We had some plant issues in the network from the suppliers and from ours. But despite that, you see a progression because of the strategic agreement we struck that we're starting to see the benefits from that. You'll see even incrementally more benefits from that in Q4 given the leverage of that. And there's certain aspects of that agreement that allow us to work with them and collaborate to navigate the network more efficiently as we move forward.

是的。所以我認為，即使在第三季度，利潤率也呈現出成長勢頭。我們的網路中出現了一些來自供應商和我們自身設備的故障。儘管如此，由於我們達成的戰略協議，我們看到了進步，並開始看到從中受益。有鑑於此，第四季度您將看到更多逐步顯現的收益。該協議的某些方面允許我們與他們合作，共同協作，以便在未來更有效地駕馭網路。

So again, it will start to build. Plus Plug is continually investing in its own infrastructure and our own networks and how we distribute and manage our plants. And so there's just this continual building process. So I expect to see another big step function improvement in Q4. And I think in the course of next year, kind of -- targeting kind of middle of the year, moving to that breakeven target, if not sooner. So we're laser-focused in it, and we've postured with the right cost structures between what we have in our supply and the supply agreement of the new arrangement that we can continue focusing on all the levers that drive it that direction.

所以，它又會開始累積起來。Plus Plug 持續投資於自身的基礎設施、網路以及工廠的分銷和管理方式。所以就形成了一個持續不斷的建設過程。所以我預計第四季將出現另一次大幅提升。我認為，在明年某個時候，目標是在年中左右實現盈虧平衡目標，甚至可能更早。因此，我們對此高度重視，並且已經調整了我們現有供應和新安排的供應協議之間的成本結構，以便我們可以繼續專注於所有推動其朝著這個方向發展的因素。

Great. And then I appreciate the color on the electrolyzer pipeline. And just hoping you could give us some expectations on the cadence of growth on an annual basis that you would expect for that business?

偉大的。然後，我欣賞電解槽管道的顏色。能否請您預估一下該業務每年的成長速度？

Do you want to take that, Jose? I'm going to just add. We, we're not yet providing any guidance for 2026. But there is a good deal of activity in the electrolyzer business. We would expect growth next year, and our plan is for the business to continue to grow. We've been very cautious about guidance because 1 quarter slip on a project developing can change the results.

你想拿走嗎，何塞？我再補充一點。我們目前尚未提供任何關於 2026 年的指導意見。但電解槽產業非常活躍。我們預計明年將實現成長，我們的計劃是讓業務繼續成長。我們一直對業績指引非常謹慎，因為一個正在開發的專案即使延誤一個季度，都可能改變最終結果。

But as you could see, we grew 43% versus the last quarter. We have a strong quarter coming up. I think most of Galp will be deployed by the fourth quarter. And that were shipped by the fourth quarter. So I think you'll continue to see, I think, some good announcements coming out and good progress, especially later this quarter and the beginning of next quarter with announcements.

但正如你所看到的，我們比上一季成長了 43%。我們即將迎來一個強勁的季度。我認為 Galp 的大部分兵力將在第四季前部署完畢。這些貨物在第四季就已經出貨了。所以我認為，你會看到一些好消息陸續公佈，也會看到一些好的進展，尤其是在本季末和下季初。

You're right. We will see some good progress in the next few weeks on projects that we're going to be able to deploy in 2026. So we will be able to see revenue from those projects in 2026. We've been working in many of the projects that we have in the funnel for years now. These projects take a long time to materialize and to go to FID.

你說得對。在接下來的幾周里，我們將在一些專案上看到良好​​的進展，這些專案我們將在 2026 年部署。因此，我們將在 2026 年看到這些項目帶來的收入。多年來，我們一直在推動許多正在籌備中的項目。這些項目需要很長時間才能實現並最終做出投資決定。

But we are seeing that many of these projects are going to come to FID in 2026 and 2027 because they are very large projects. It will take time to also deploy them once they go into execution mode. In many of them, we have the project-based revenue recognition in the contracts. So we will see some revenue. And as Andy said, we will see growth in 2026. And as time goes by and more projects go FID, we're going to continue to see that growth into the following years.

但我們看到，由於這些項目規模非常大，其中許多項目將在 2026 年和 2027 年做出最終投資決定。即使它們進入執行模式，部署也需要時間。在許多情況下，合約中都採用了基於專案的收入確認方式。所以我們會獲得一些收入。正如安迪所說，我們將在2026年看到成長。隨著時間的推移，越來越多的專案進入最終投資決策階段，我們將在未來幾年繼續看到這種成長勢頭。

One thing I would add, Jose, is our sales team has said, the quality of the engagements are so much higher than we've ever had.

Jose，我還要補充一點，我們的銷售團隊表示，現在的客戶互動品質比以往任何時候都高得多。

100%. I mentioned a little bit of that in the introduction, we are seeing the quality of projects and projects that have high probability to go FID in the funnel compared to a few years ago where we had a lot of projects that had not so many chances to actually materialize.

100%。我在引言中稍微提到過這一點，與幾年前相比，我們現在看到的是項目質量更高、更有可能最終做出最終決定的項目，而幾年前我們有很多項目並沒有太多機會真正實現。

That's great. I appreciate all the color.

那太棒了。我喜歡這些色彩。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

Good morning. I just wanted to focus a little bit on the news announcements today morning. I think you signed a nonbinding letter of intent with -- improvement of asset through monetizing of electricity as the data center. So help us understand a little bit your leverage to this entire data center and AI revolution and the various ways in which Plug can benefit from it. I'm assuming through power would be the primary ways. If you could help us elaborate on those.

早安.我今天早上只想稍微關註一下新聞公告。我認為你簽署了一份不具約束力的意向書——透過電力貨幣化來改善資料中心的資產。所以，請您幫我們了解您在這場資料中心和人工智慧革命中的作用，以及Plug可以從中受益的各種方式。我猜想，透過權力來實現是主要途徑。如果您能幫助我們詳細說明一下就太好了。

Yeah, I think it's -- we've taken a step back. And first, I want to -- want to make a note, we expect this transaction will close in the first quarter. It's been far along. So we think it's mid-first quarter when this closes. This will provide the liquidity on the balance sheet which part of Project Quantum Leap has been about. And Plug next year is going to be sitting there with a strong balance sheet, which will have a complementary improvement to our income statement.

是的，我覺得我們退後了一步。首先，我想說明一點，我們預計這筆交易將在第一季完成。已經進行很久了。所以我們認為這筆交易會在第一季中期完成。這將為資產負債表提供流動性，而這正是「量子飛躍計畫」的部分目標。明年，Plug 將擁有強勁的資產負債表，這將對我們的損益表產生相應的改善作用。

So it's really about liquidity to start. And the second item that's driven a good deal of this is -- and I touched on in my opening remarks about not only our relationship with a large industrial gas company but relationships with people who are going to build hydrogen plants who want our electrolyzers. So we looked at the world and said, we know how to do a combination of sourcing competitive hydrogen and generating competitive -- generating hydrogen to balance those two out.

所以，關鍵在於流動性。而推動這一切的第二個因素是──我在開場白中也提到──不僅是我們與一家大型工業氣體公司的關係，還有與那些打算建造氫氣工廠、需要我們電解槽的人的關係。因此，我們放眼世界，說道，我們知道如何將獲取有競爭力的氫氣和生產有競爭力的氫氣結合起來——生產氫氣來平衡這兩者。

As part of this program, we've been exploring with our product management team and development team, opportunities to provide levels of backup power using hydrogen to support the data center deployments. It will make sense in some applications. And so that is a real, real focus that Jose and the team will continue to be engaging in next year.

作為該計劃的一部分，我們一直在與產品管理團隊和開發團隊一起探索利用氫氣提供不同等級的備用電源，以支援資料中心部署的機會。在某些應用場景下，這樣做是有意義的。因此，這是何塞和球隊明年將繼續重點關注的一個方面。

So it's not going to be primary power, but at least in 2026, I think when you get in out years, us here in North America are not always aware of activities going in Europe, including hydrogen pipelines. And in that case, Plug fuel cells become a real viable solution even for primary power.

所以它不會成為主要能源，但至少到 2026 年，我認為，到了我們這些北美人，並不總是了解歐洲正在進行的活動，包括氫氣管道。在這種情況下，Plug燃料電池甚至可以作為主要電源，成為真正可行的解決方案。

So we're excited. I'm primarily excited that Jose and Paul next year will have -- not be spending as much time worrying about where is the cash going to come from. Paul, I think your cash usage last quarter was -- operational cash usage was $90 million, and that was a 50% improvement. And so we're going to have a good balance sheet to really position ourselves to achieve being -- achieving the goal of being cash flow neutral as soon as possible, and that is the goal. I hope that helped.

我們很興奮。我最興奮的是，何塞和保羅明年將不必再花那麼多時間擔心資金從哪裡來。保羅，我認為你上個季度的現金使用情況是——營運現金使用量為 9,000 萬美元，比上個季度改善了 50%。因此，我們將擁有良好的資產負債表，以便真正為實現——盡快實現現金流中性的目標做好準備，這就是我們的目標。希望對您有幫助。

Thank you so much for taking my questions. I'll turn it over. Yeah.

非常感謝您回答我的問題。我把它翻過來。是的。

Eric Stine, Craig-Hallum.

艾瑞克‧斯泰恩，克雷格-哈勒姆。

Hi everyone, thanks for taking the questions.

大家好，感謝大家回答問題。

Hey Eric how you doing?

嘿，艾瑞克，你好嗎？

Hey, doing well, thanks. So just sticking with the data center opportunity. I remember several years ago, you had a -- I think it was a pilot project with Microsoft to some degree. And so I'm curious, I know that over the last, I don't know, year to 2 years, you've been prioritizing some other growth initiatives. But curious kind of how that product offering has evolved or does the technology has evolved because clearly -- certainly sensing a higher level of confidence that, that potentially is something near term, at least in terms of announcements, whether that means near-term deployments or not, I guess, remains to be seen.

嘿，我很好，謝謝。所以就繼續關注資料中心這個機會吧。我記得幾年前，你曾與微軟合作過一個——我想那在某種程度上是一個試點計畫。所以我很好奇，我知道在過去的一兩年裡，你們一直在優先考慮其他一些成長計畫。但令人好奇的是，該產品的供應情況如何演變，或者技術是否發生了變化，因為很明顯——當然，人們更有信心認為，這可能是近期內發生的事情，至少就公告而言是這樣，至於這是否意味著近期部署，我想還有待觀察。

Yeah. I would say we've gained a lot of experience, Eric, both in providing -- we have sites where we're actually powering electric vehicles. We have done some smaller backup power deployments. We do see opportunities there. I don't want to overstate the opportunities, but the products work.

是的。埃里克，我想說我們已經積累了很多經驗，無論是在提供方面——我們有一些站點正在實際為電動車供電。我們已經進行了一些規模較小的備用電源部署。我們確實看到了那裡的機會。我不想誇大其中的機遇，但這些產品確實有效。

We have confidence in the products. We think a lot about hydrogen all the time. And we're working with people who actually get things done. So I would just say that I don't want to -- the big growth opportunities for us is certainly electrolyzer projects that's going on around the world. Material handling next year will be core to this company's success. But I think you'll keep on seeing more and more activities associated with data centers and hydrogen as you think through how you can provide sensibly cost hydrogen to provide that critical backup.

我們對產品充滿信心。我們一直都在思考氫的問題。我們與那些真正能把事情做成的人一起工作。所以我只想說，我不想——對我們來說，最大的成長機會當然是世界各地正在進行的電解槽專案。明年物料搬運將是該公司成功的關鍵。但我認為，隨著你思考如何以合理的成本提供氫氣來提供關鍵的備份，你會看到越來越多與資料中心和氫能相關的活動。

Okay. And then maybe last one for me. Just it sounds like you've obviously got a lot of confidence in getting to that gross margin positive or neutral level exiting the year. But I guess I'm unclear whether you're sticking with that. And then I also noticed in your commentary...

好的。這或許是我最後一個了。聽起來你顯然對年底實現毛利率為正或持平的目標非常有信心。但我不太清楚你是否堅持這個主意。然後，我還注意到你的評論…

So let me be clear. We're sticking with that.

讓我把話說清楚。我們堅持這個決定。

Okay. Good. All right. That's good to hear. It seemed like it, but I'm just clarifying. And then on EBITDA positive, that previously had been an end of '26 goal. And I noticed in your release that it looks like that may now be a mid-'26 goal. So maybe -- or I'm sorry, let's see target in the second half, but potentially before the end of the year. So maybe some of the drivers that are leading to that increased confidence as well?

好的。好的。好的。聽到這個消息真好。看起來是這樣，但我只是想澄清一下。至於 EBITDA 轉正，這原本是 2026 年底的目標。我注意到你們發布的消息稱，這似乎可能是 2026 年中期的目標。所以也許——或者抱歉，讓我們看看下半年的目標，但有可能在年底前實現。那麼，或許還有一些因素也促成了這種信心的增強？

I think I'll let Paul answer to that one.

我想還是讓保羅來回答這個問題吧。

Yeah. And I think we -- maybe terminology, we're focused on the second half, just given our projections and thoughts on cadence of sales and volumes and cost downs and things that we're doing. I'd say the good news is it doesn't take much movement of the needle on sales to have a meaningful effect. So our focus is to keep doing the prudent things and driving costs down and doing all the different cost initiatives we have and trying to ramp those as fast as possible.

是的。我認為我們——也許用詞不當，我們更關注下半年，這主要是基於我們對銷售節奏、銷售、成本下降以及我們正在做的事情的預測和想法。好消息是，銷售額不需要有太大的變化就能產生顯著的影響。因此，我們的重點是繼續採取謹慎的做法，降低成本，實施我們所有的成本控制措施，並努力盡快擴大這些措施的實施範圍。

But we definitely see continued strength in the pipeline and the efforts that we've got going on in the sales channels. And so our focus is to continue trying to pull as much of that forward as we can. So more to come, I guess, as we unfold in the next couple of quarters and see how it's tracking, but it's definitely in the art of the possible to go sooner.

但我們確實看到了產品線的持續強勁成長，以及我們在銷售通路中所做的努力。因此，我們的重點是繼續努力，盡可能地推進這項工作。所以，我想，隨著接下來幾季的發展，以及觀察事態進展，還會有更多消息，但肯定有可能提前實現。

But that's -- we're laser-focused on driving volumes and driving cost downs and maintaining headcount, not growing the overall resource base so that we can achieve those goals as fast as possible.

但是，我們目前專注於提高產量、降低成本和維持員工人數，而不是擴大整體資源基礎，以便盡快實現這些目標。

Got it thank you.

明白了，謝謝。

Craig Irwin, ROTH Capital Partners.

Craig Irwin，ROTH Capital Partners。

Good evening. Thank you for taking my questions. Hey, Craig. Andy, The thing you said in the prepared remarks that got me the most excited is that your pedestal customers are moving again. Can you unpack that a little bit for us? Can you maybe explain what they're seeing or what's changed for them that has these very important customers saying it's time to buy again, grow our fleets and use more fuel cells going forward?

晚安.謝謝您回答我的問題。嘿，克雷格。安迪，你在準備好的演講稿中說的那句話最讓我興奮，那就是你的底座客戶又開始搬家了。能給我們詳細解釋一下嗎？您能否解釋一下他們看到了什麼，或者是什麼發生了變化，使得這些非常重要的客戶表示現在是時候再次購買、擴大車隊規模並在未來更多地使用燃料電池了？

So I want to start off. I think that the customers, Craig, have always loved the solution. I mean, we do help the Walmarts and Amazons move more goods, and that's the business they're in. I think that what they have seen over the past, and I can tell you with one of these customers I had deep discussions with over the last 3 months, what they have seen that Plug is actually on the right track and financially much stronger.

那麼，我想先從這裡開始。克雷格，我認為客戶們一直都很喜歡這個解決方案。我的意思是，我們的確幫助沃爾瑪和亞馬遜銷售更多商品，而這正是他們的業務。我認為他們過去所看到的，而且我可以告訴你，在過去的三個月裡，我和其中一位客戶進行了深入的討論，他們也看到了Plug實際上走在正確的道路上，財務狀況也更加穩健。

And third, when you look at policy, and I think all of us were presently surprised that the bill that passed in July extended the investment tax credit through 2032, which Republicans have always supported. If you go back to the last time it passed, it was under President Trump in 2018.

第三，從政策角度來看，我認為我們所有人都感到驚訝的是，7 月通過的法案將投資稅收抵免延長至 2032 年，而共和黨人一直支持這項政策。如果追溯到上一次法案通過，那是在川普總統執政的 2018 年。

So they like the application. They can see that Quantum Leap is actually working. The government supports it. And they -- basically, what's always driven was they save money by using fuel cells and not using batteries. So that's why we're -- that's why they're growing. It's never been a loss of desire to use the product. I think us getting our financial house in order has dramatically changed our relationship with these customers who want to do business with us.

所以他們喜歡這個應用程式。他們可以看到量子躍遷確實有效。政府支持這項措施。而他們——基本上——一直以來的驅動力都是透過使用燃料電池而不是電池來節省金錢。所以這就是我們——這就是他們發展壯大的原因。從未有過對該產品失去興趣的情況。我認為，我們理順財務狀況大大改變了我們與這些想要與我們做生意的客戶之間的關係。

That's really nice progress. That's good to hear. So my next question is really one of clarification. And I may be reading the tea leaves a little bit here, but your Galp commentary in the press release, 10 megawatts on the 100-megawatt project, it sounds like you could probably ship the rest of that pretty quickly. Is it possible that we see the rest of Galp shipped in the fourth quarter? Or is this something that's going to go out over the course of '26?

這是個非常好的進展。聽到這個消息真好。所以我的下一個問題其實是澄清問題。我可能有點想當然了，但根據你在新聞稿中對 Galp 的評論，在 100 兆瓦的專案中，你們只完成了 10 兆瓦，聽起來你們應該可以很快交付剩餘的電力。Galp 的剩餘部分有可能在第四季出貨嗎？或者這是要到 2026 年才會推出的東西？

We are going to ship the majority of it before the end of the year. There's going to be a portion of it that is going to be shipped in Q1, mainly stacks because the stacks, we want to get them there when -- as close as possible to installation and commissioning. So you're correct. We are aiming at shipping the majority of Galp in the next couple of months.

我們將在年底前發貨大部分貨物。其中一部分將在第一季發貨，主要是煙囪，因為我們希望煙囪能在安裝調試之前盡可能快地送到目的地。你說得對。我們的目標是在接下來的幾個月內交付大部分 Galp 產品。

Jose, I think this is probably the largest real deployment in Europe.

何塞，我認為這可能是歐洲規模最大的實際部署。

The largest and real deployment in Europe right now, yes.

是的，這是目前歐洲規模最大、最真實的部署。

Excellent. Well, congratulations again on the progress. Thank you.

出色的。再次恭喜你取得的進展。謝謝。

Thanks, Craig, thank.

謝謝你，克雷格，謝謝。

(Operator Instructions)

（操作說明）

Sherif Elmaghrabi, BTIG.

謝里夫·埃爾馬格拉比，BTIG。

Hey, thanks for taking my questions. First on the electricity rights, are those permanently being signed over? Or some years down the road, do you have the ability to come back and use that power to produce green hydrogen?

嘿，謝謝你回答我的問題。首先是關於電力使用權的問題，這些權利是永久轉移的嗎？或者幾年後，你有能力回來利用這種能源生產綠色氫氣？

We are permanently signing them over. It doesn't mean that there couldn't be other relationships established, but we are permanently signing them over. And look, as I mentioned before, by showing we can build plants, we dramatically changed the competitive environment for purchasing hydrogen.

我們將永久轉讓這些權利。這並不意味著不能建立其他關係，但我們將永久轉讓這些關係。正如我之前提到的，透過證明我們可以建造工廠，我們大大改變了氫氣採購的競爭環境。

And that our goal is to continue to work with these folks and look for opportunities to deploy hydrogen where it makes sense. So -- and look, I think when you look at what this will do for our balance sheet and the fact that we're taking care -- we'll take care of a good deal of the debt overload -- overhang. I think it will be -- I think investors will see this is really will be a real good decision for the company long term.

我們的目標是繼續與這些人合作，尋找在適當的地方部署氫能的機會。所以——你看，我認為當你看到這將對我們的資產負債表產生什麼影響，以及我們正在處理——我們將處理相當一部分債務負擔過重——懸而未決的問題時，你就會明白。我認為——我認為投資者會意識到，從長遠來看，這確實是一個對公司有利的非常好的決定。

And then on the equipment side, for these plants reaching FID over the next 12 to 18 months, it sounds like mostly in Europe. Can you tell us a little more about the different sectors they're in, like oil refining, for example? And really here, I'm just hoping to get a sense of the revenue opportunity for downstream equipment.

而在設備方面，對於未來 12 至 18 個月內達到最終投資決策 (FID) 的這些工廠來說，聽起來主要集中在歐洲。您能詳細介紹一下他們所涉足的不同行業嗎，例如煉油行業？實際上，我只是想了解下游設備的收入機會。

So Sherif, we're getting the majority of the opportunities on green hydrogen right now on transformation from gray hydrogen in industry, especially in Europe to green hydrogen. This is the directive from the European Green Deal. So given that, what we're seeing right now is opportunities, as you mentioned, in refineries. There's a lot of opportunity there.

所以謝里夫，我們現在在綠色氫能領域獲得的大部分機會，都來自於工業領域從灰氫能轉向綠色氫能的轉型，尤其是在歐洲。這是歐洲綠色協議的指令。所以有鑑於此，正如您所提到的，我們現在看到的是煉油廠方面的機會。那裡有很多機會。

There's a lot of hydrogen that needs to be converted. The laws at the members' levels, at the country levels are being finalized right now, if not final already in many of the countries, and they determine the pace and the quantities of hydrogen that needs to be converted into green. So that's going to drive adoption.

需要轉化大量的氫氣。成員國層級和國家層級的法律目前正在最終確定中，即使在許多國家已經最終確定，這些法律也決定了氫氣轉化為綠色能源的速度和數量。所以這將推動普及。

Also, when you think about the same kind of concept, you have the EU moving or pushing industries like aviation and maritime towards e-fuels. So we see a lot of the opportunities also on sustainable aviation fuels and ammonia or e-methanol. So we are seeing the majority of the projects at scale in those areas in Europe and really globally. Same thing in Australia. We are working with Allied Green for an ammonia project, which is kind of the same logic. And the majority of the large projects are in that -- in those markets.

此外，從同樣的想法來看，歐盟正在推動航空和海運等產業轉型為電子燃料。因此，我們也看到了可持續航空燃料、氨或電子甲醇的許多機會。因此，我們看到大多數項目都在歐洲乃至全球範圍內大規模開展。澳洲的情況也是如此。我們正在與 Allied Green 合作進行一個氨氣項目，這和我們討論的邏輯有點類似。而且大多數大型專案都在這些市場。

That's great color again thank you both.

顏色真漂亮，謝謝你們兩位。

No, thank you.

不，謝謝。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

Hey, Sameer. Hey.

嘿，薩米爾。嘿。

Andy, how are you? Okay, thanks for taking my questions. Jose, first of all, congratulations for the new role. Looking forward to working with you. Just a sort of follow-ups on some of the earlier questions. Of course, we have Portugal 10 megawatts and maybe a majority of the 100 megawatts going before the end of the year. And then Australia is also emerging. Given the international exposure, are you planning to deploy resources? Like are you increasing your sales presence in Europe and Australia and other regions?

安迪，你好嗎？好的，謝謝您回答我的問題。Jose，首先祝賀你榮任新職。期待與您合作。只是對之前一些問題的後續追問。當然，葡萄牙有 10 兆瓦的裝置容量，而且可能在年底前就能建成 100 兆瓦裝置容量中的大部分。澳洲也在崛起。鑑於國際影響力，您是否計劃部署資源？例如，您是否正在擴大在歐洲、澳洲和其他地區的銷售業務？

Yeah. So Sameer, we have a big presence, especially in Europe already. We have probably close to 300 people in Europe -- Paul. So we have -- if you look at our product development activity, a good deal of that happens in Alphen aan den Rijn, Netherlands. If you start thinking about how we build an electrolyzer product, the products that are going to Galp, the system portion of it are actually built with one of our fabricators in the Middle East, and it's sent to Portugal and our stacks are married at the site.

是的。所以薩米爾，我們已經擁有很大的市場份額，尤其是在歐洲。我們在歐洲大概有近300人──保羅。所以，如果你看看我們的產品開發活動，你會發現其中很大一部分是在荷蘭阿爾芬安登萊茵進行的。如果你開始思考我們是如何製造電解槽產品的，你會發現，運往 Galp 的產品，其係統部分實際上是由我們在中東的一家製造商製造的，然後運往葡萄牙，我們的電堆在現場進行組裝。

We have activity in Vietnam. We have a large integrator. We have large integrators in Europe. So we do have a relatively large international footprint, both with fabricators and our own people to support the business. So we have people in the Middle East today, for example. So there's -- that footprint, we've been able to build this business because we do have a sales team in Europe. We do have a sales team in Australia. We do have salespeople in the Middle East.

我們在越南有業務。我們有一家大型系統整合商。我們在歐洲擁有大型系統整合商。因此，我們在國際上擁有相對較大的業務規模，既有合作的加工商，也有我們自己的員工來支持業務發展。例如，我們今天在中東地區就有一些人。所以，憑藉著這種市場佈局，我們能夠建立起這項業務，是因為我們在歐洲擁有一支銷售團隊。我們在澳洲確實有銷售團隊。我們在中東地區確實有銷售人員。

So that -- we don't expect -- there may be some strategic decisions to make some expansion, but we are there already. And I think -- and more important, we can make products there already. So if you think about Galp, what we're using doesn't really have -- the Trump tariffs have almost 0 impact on us at Galp.

因此，我們預計不會出現一些擴張的策略決策，但我們已經達到了目標。而且我認為——更重要的是，我們已經可以在那裡生產產品了。所以，如果你想想 Galp，我們使用的產品實際上並沒有受到川普關稅的影響——川普關稅對 Galp 幾乎沒有任何影響。

Yeah. No, it makes sense. On the cash and balance sheet front, of course, this transaction will provide additional cash or free up additional cash. I think when the last capital raise was completed, there was talk about paying down some of the Yorkville loan. Given all these dynamics, how long do you have a runway? I think -- is it going to extend beyond 2026 with your current cash on hand? Or how should we look at your cash burn over the next 12 to 18 months?

是的。不，這很有道理。當然，從現金和資產負債表的角度來看，這筆交易將提供額外的現金或釋放額外的現金。我認為上次融資完成後，曾有人討論過償還部分約克維爾貸款。考慮到所有這些因素，你還有多少緩衝時間？我認為──以你目前的現金儲備，這筆錢能撐到2026年以後嗎？或者我們應該如何看待您未來 12 至 18 個月的現金消耗？

Yeah. It's a good question. I guess I'd just put context that if you look over the last two years, the fact that each consecutive year, we continue to reduce the burn by 50% to 60%, directionally, it's going the right way, right? So when you look at next year, I mean, we haven't given exact guidance and thoughts on next year, but I would tell you, I certainly expect that trend to continue, and it should be a much more nominal amount.

是的。這是個好問題。我想補充一點，如果你回顧過去兩年，你會發現我們每年都在持續減少 50% 到 60% 的消耗，從方向上看，這是正確的方向，對吧？所以展望明年，我的意思是，我們還沒有給出關於明年的具體指導和想法，但我可以告訴你，我當然預計這種趨勢會繼續下去，而且金額應該會小得多。

And when you look at the combination of the capital that we had on our balance sheet at the end of the third quarter plus the capital raised from the recent equity transaction from an existing investor. And then you look at the $275 million targeted on this data center deal, we feel like we have more than ample capital accessible to us to bridge through that positive cash flows. So we're in a great position. And that -- we even have more if we wanted to deleverage some of that, we could. So -- and probably will work with our lenders to do that. So it's just a question of timing, but we feel like we're in a great position to navigate through that bridge and to get to a point when we get that positive cash flows.

當你看一下我們在第三季末資產負債表上的資本，再加上最近從現有投資者那裡透過股權交易籌集的資金時，就會發現這一點。然後，看看這筆資料中心交易的目標金額為 2.75 億美元，我們覺得我們有充足的資金來應付這筆正現金流。所以我們處境非常有利。而且，如果我們想降低一些槓桿，我們甚至可以做得更多。所以——而且很可能會與我們的貸款人合作來實現這一點。所以這只是時間問題，但我們感覺我們處於非常有利的位置，能夠順利度過這個難關，並最終獲得正現金流。

Understood. Thanks a lot, Paul, for that, and thanks for taking my question.

明白了。非常感謝保羅，也謝謝你回答我的問題。

Thanks, Samir.

謝謝你，薩米爾。

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

Hi everyone, thank you so much for taking my questions. So maybe this is for Jose Luis. I'm just curious, first, congratulations on the new role coming next year. But also, if we look to March of 2028, two years after you having taking the position, how do you think Plug will look different? What are the metrics by which we should sort of judge the performance of the company by then? Obviously, profitability is a big milestone, but what growth drivers do you think we should look forward to over the next couple of years that may be underestimated by us on this side of the table?

大家好，非常感謝大家抽空回答我的問題。所以這或許是給何塞路易斯的。我只是好奇，首先祝賀你明年即將擔任新職務。但是，如果我們展望 2028 年 3 月，也就是您上任兩年後，您認為 Plug 會有哪些不同？屆時我們該用哪些指標來評斷公司的表現？顯然，獲利是一個重要的里程碑，但您認為在未來幾年裡，我們應該期待哪些成長動力，而這些成長動力可能被我們這些投資者低估了？

First, George, thank you. It's exciting to take over this new role. And on the question, 2028, well, from -- two years from now...

首先，喬治，謝謝你。能夠擔任這個新職位，我感到非常興奮。至於2028年這個問題，嗯，也就是兩年後…

I gave you two years.

我給了你兩年時間。

We're only giving him a few months.

我們只給他幾個月的時間。

Well, number one, the financials of the company will be in line to what we've been discussing, profitable company now being able to probably think about growth in other areas of the hydrogen market and have access to be able to finance that type of growth. We will concentrate on -- still on ELX. ELX has a lot of room to grow all the way to the end of this decade, if not beyond, and we will keep on being the leaders in that market.

首先，公司的財務狀況將符合我們一直在討論的情況，盈利的公司現在可能能夠考慮在氫能市場的其他領域實現成長，並有能力為這種成長提供資金。我們將繼續專注於 ELX。ELX 在本世紀末甚至更久的時間裡都還有很大的發展空間，我們將繼續保持在該市場的領先地位。

And the more we deploy, the more profitable we will become. Our volumes will go higher and the profitability of the company will improve. On material handling, we will keep on growing. We were looking today at what is the available market for material handling and it is over $14 billion. And obviously, we have only started to scratching the surface on that market, right?

我們部署的越多，就越有利可圖。我們的銷量將會成長，公司的獲利能力也會提高。在物料搬運方面，我們將繼續發展壯大。我們今天考察了物料搬運領域的市場規模，發現超過 140 億美元。顯然，我們對這個市場的了解還只是冰山一角，對吧？

So as more hydrogen is available, the cost of the technology goes down, we will go deeper into that market as well. And then as you said before, and we were talking before, we kind of put a little bit of a pause on high-power stationary. But by that time, probably we will be thinking about taking a gain on that product line and thinking about growing it for applications like what we were talking before, the data center market once we understand and find solutions for the hydrogen equation on that market, and there will be a pretty substantial opportunity for growth in that market as well. So those are some of the things that you may have on the year 2028..

隨著氫氣供應量的增加，技術成本下降，我們也將更深入地進入這個市場。然後，正如你之前所說，我們之前也討論過，我們暫時停止了高功率固定式設備的生產。但到那時，我們可能會考慮在該產品線上獲利，並考慮將其發展到我們之前討論過的應用領域，例如資料中心市場。一旦我們了解並找到氫能方程式在該市場的解決方案，該市場也將有相當大的成長機會。以上就是2028年你可能會遇到的一些事。

Yeah. I would just say a strong balance sheet, strong revenue growth in our core markets will give you opportunities to explore new applications for hydrogen and fuel cells as they evolve. It's clear that hydrogen needs to be part of the global energy solution, whether as a substitute in things like ammonia or methanol production, oil refineries. But execution over the next year will open up a whole new array of opportunities. And I'll be cheering for you as a Chairman.

是的。我想說的是，強勁的資產負債表和核心市場的強勁收入成長將為我們提供機會，隨著氫和燃料電池的發展，探索其新的應用領域。很明顯，氫能需要成為全球能源解決方案的一部分，無論是作為氨或甲醇生產、煉油等領域的替代品。但未來一年的執行情況將開啟一系列全新的機會。身為主席，我會為你加油。

And maybe as a follow-up, there's clearly a thawing or an increase in activity from an electrolyzer perspective in Europe. When you go into these competitive bids, what's the, I guess, top couple of reasons that you're winning? And who are you seeing from a competitive perspective?

或許可以進一步說明，從電解槽的角度來看，歐洲的電解槽產業顯然出現了解凍或活動增加的跡象。在參與這些競爭性投標時，你認為你獲勝的最主要原因是什麼？從競爭角度來看，你最關注的是誰？

So the other day, somebody asked exactly the same question to one of our customers. And the way that the customer answer was when we look at other electrolyzer companies, there is no other electrolyzer manufacturer that actually has deployed their own technology and operates the technology the way that Plug does.

前幾天，有人向我們的一位客戶問了完全相同的問題。客戶的回答是，當我們考察其他電解槽公司時，沒有其他電解槽製造商像 Plug 一樣真正部署了自己的技術並運作該技術。

That is incredibly valuable for companies that have not deployed before electrolyzers, knowing that the OEM, the partner that they're working with, in this case, Plug has done it, is doing it and is operating those plants. That is a competitive advantage that no other electrolyzer company can put on the table.

對於以前從未部署過電解槽的公司來說，知道他們的原始設備製造商（OEM）合作夥伴（在本例中是 Plug）已經部署過、正在部署並運作過這些工廠，是非常有價值的。這是其他任何電解槽公司都無法提供的競爭優勢。

On top of that, we have deployed at scale. We are -- we've been in this market for almost three decades, and that's also really valuable. And when we start and -- when we have started to show that we can turn around the company and our financials are beginning to improve, this makes a very strong partner for anybody that is looking to deploy an electrolyzer project anywhere in the world really. Thank you.

除此之外，我們也進行了大規模部署。我們──我們在這個市場已經耕耘了近三十年，這也非常有價值。當我們開始扭轉公司局面，財務狀況開始改善時，對於任何想要在世界任何地方部署電解槽專案的人來說，這將是一個非常強大的合作夥伴。謝謝。

Chris Senyek from Wolfe Research.

來自 Wolfe Research 的 Chris Senyek。

Hey guys, good afternoon, thanks for taking my question. Hey Andy, I wanted to just clarify on Texas. Like about the DOE loan with activities pause, is that the other location for the electricity rights that was sold?

各位好，下午好，感謝你們回答我的問題。嘿，安迪，我想澄清一下關於德克薩斯州的事情。就像能源部貸款活動暫停那樣，那是不是出售電力權的另一個地點？

Chris, I would love to answer the question, but I've been asked not to as part of the LOI.

克里斯，我很想回答這個問題，但根據意向書的規定，我不能回答。

Okay. All right. Understood. All right. And then maybe just as you continue to shore up your balance sheet, which is starting to look better and better, could you potentially look to divest or monetize your Georgia asset or maybe even your Tennessee and Louisiana liquefaction sites?

好的。好的。明白了。好的。然後，也許就在你不斷改善資產負債表（而且資產負債表看起來越來越好）的時候，你可以考慮剝離或變現你在喬治亞州的資產，甚至是你在田納西州和路易斯安那州的液化廠？

I don't expect to. We're going to keep operating. Those facilities give us first cost competitive hydrogen. But look, it lets people know we can deliver hydrogen ourselves and produce cost-effective hydrogen. So I think it's a healthy -- it gives us a healthy negotiating position. The fact we know how to build -- okay go ahead, Chris.

我不這麼認為。我們將繼續運作。這些設施使我們能夠以具有成本競爭力的氫氣生產。但是，這讓人們知道我們可以自己輸送氫氣，並生產經濟高效的氫氣。所以我認為這是健康的——它給了我們一個健康的談判地位。我們知道如何建造——好吧，克里斯，請繼續。

Ryan Pfingst, B. Riley Securities.

Ryan Pfingst，B. Riley Securities。

Hey guys, thanks for taking my questions. Hey. Ryan, you're going to be my last question ever as a CEO on an earnings call. So for the electricity rights monetization, are there other opportunities to complete similar transactions based on the assets that you have today? Or will this likely be the only announcement of this kind?

各位好，感謝你們回答我的問題。嘿。瑞恩，你將是我作為CEO在財報電話會議上提出的最後一個問題。那麼，對於電力權益貨幣化而言，基於您目前擁有的資產，是否有其他機會完成類似的交易？或者這會不會是唯一一次此類公告？

The first question is we do have other asset. And I noticed I didn't use plural. And I don't know if it will be the last one, but we have been engaging in another asset.

第一個問題是，我們是否有其他資產。我注意到我沒有使用複數形式。我不知道這是否會是最後一個，但我們一直在參與另一個資產項目。

Understood. Appreciate that. And then for 2025 guidance, not sure if I missed it, but are we still targeting $700 million in revenue for this year?

明白了。謝謝。至於 2025 年的業績指引，我不確定我是否錯過了，但我們今年的營收目標仍然是 7 億美元嗎？

Yes.

是的。

Excellent. Thanks guys. I'll turn it.

出色的。謝謝各位。我來轉動它。

Back. Okay, sorry there. I was hoping you were the last, but Bill.

後退。好的，不好意思。我原本希望你是最後一個，但比爾。

Bill Peterson from JPMorgan.

來自摩根大通的比爾彼得森。

Actually, probably a few sort of clarifiers or follow-ups to some of the prior questions. Maybe first on the quarter, you just reiterated that $700 million is a target. Maybe within that, sort of the puts and takes amongst the various segments you have. On the comment -- and then on gross margin neutral, I think you're probably saying that's coming off the adjusted loss of $37 million, not the GAAP loss of $120 million. So I guess, similarly, amongst your various segments, what are the puts and takes that gets you there? That's my first question. And then I'll save the last one for Andy on the second one.

實際上，可能是對先前一些問題的澄清或後續問題。或許這是本季的第一點，你剛剛重申了7億美元是個目標。或許，這其中包含了你所擁有的各個部分之間的權衡取捨。關於評論——以及毛利率中性，我想你可能是指這是從調整後的 3700 萬美元虧損中扣除的，而不是從 GAAP 虧損 1.2 億美元扣除的。所以我想，同樣地，在你們的各個環節中，有哪些投入和收穫最終促成了你們的成功？這是我的第一個問題。然後，我會把最後一個留給安迪，等他第二次來的時候再說。

Okay. You want to go, Paul?

好的。你想去嗎，保羅？

Yeah. And there's three elements, Bill. One is, if you think about the math on the volume, that means it's higher volume in Q4 than Q3. So volume, particularly in equipment sales is incredibly lucrative for us. So that -- every incremental dollar of equipment sales means a lot.

是的。比爾，這其中包含三個要素。一方面，如果你從成交量的角度來計算，那就意味著第四季的成交量比第三季要高。因此，銷量，特別是設備銷售的銷量，對我們來說利潤非常豐厚。所以，每一美元的設備銷售額都意義重大。

Number two is we've already been making a lot of traction on service. We're trying to be prudent and thoughtful about that progression, but we expect that to continue, and that will actually provide meaningful margin enhancement in Q4 and onward just from that continued progression. It helps us in many different ways. But that's another step function change as we continue to enjoy that positive trend.

第二點是，我們在服務方面已經取得了很大的進展。我們正在努力謹慎周全地推進這一進程，但我們預計這一進程將會持續下去，而且僅憑這一持續的推進，實際上就能在第四季度及以後帶來顯著的利潤率提升。它在很多方面都對我們有幫助。但隨著我們繼續享受這一積極趨勢，這又是一次階躍式變化。

And then the last, as I talked about earlier, is fuel. We saw certainly progression in Q3. We expect to see a lot more progression in Q4 as we leverage that new platform, and we really continue to drive improvements off of our efficiencies. So those are the biggest drivers that kind of drive the levers here for Q4.

最後一點，正如我之前提到的，就是燃料。第三季我們確實看到了進步。我們預計在第四季度會取得更大的進展，因為我們將充分利用這個新平台，並且我們將繼續透過提高效率來推動改進。所以，這些就是推動第四季業績成長的主要因素。

Terrific. And then again, somewhat similar to some earlier lines of questions. But in the last year or so, you've been focusing primarily on materials handling. It sounds like data center is now maybe back to being an emerging application. So -- can you speak to when you may actually need to make investments to bring on new hydrogen capacity?

了不起。然後，這與之前的一些問題有些類似。但在過去一年左右的時間裡，你們主要專注於物料搬運。聽起來資料中心現在可能又要重新成為新興應用領域了。那麼—您能否談談何時才真正需要投資建造新的氫能產能？

Would you prefer to still pursue Texas or maybe expand your supply agreements with the third parties under renegotiated terms? I guess I'm trying to get a sense at this stage, would you need to pull the trigger around Texas at some point? Or maybe it is your second site you're talking about? Or is there any other types of funding you could be considering, if not the DOE loan, which is off the table?

您是更傾向於繼續推動與德克薩斯州的合作，還是在重新談判條款的基礎上擴大與第三方的供應協議？我想在這個階段了解一下情況，你是否需要在某個時候在德克薩斯州附近採取行動？還是您指的是您的第二個網站？或者，除了能源部貸款（這條路行不通）之外，你們還可以考慮其他類型的資金來源嗎？

So Bill, I -- when I take a look at our new agreement with the industrial gas company, when I look at opportunities Jose has been developing for folks who are looking to build plants, we're going to be strategic and thoughtful about when we build next. I don't foresee a need in the immediate future. We've spent a lot of time looking at this, and we sat down and we thought about it from a financial performance point of view.

所以比爾，當我審視我們與工業氣體公司的新協議，當我審視何塞為那些想要建廠的人們開發的機會時，我們會對何時進行下一步建設進行戰略性思考。我預計近期內不會有這個需求。我們花了很多時間研究這個問題，我們坐下來從財務表現的角度認真思考。

It feels -- quite honestly, Bill, it feels really good to hand off to Jose and Paul a balance sheet that works. We've discussed a lot over the last year about Quantum Leap being improving the income statement. But look, Jose is going to be and Paul are going to have essentially 0 debt. We -- between the $150 million we ended with the $360 million, the $350 million we raised this activity, we're going to focus on let's get our debt down.

說實話，比爾，把一份運作良好的資產負債表交給何塞和保羅，感覺真的很好。在過去一年裡，我們多次討論過 Quantum Leap 如何改善損益表。但是你看，何塞和保羅基本上都不會有債務。我們——從最初的 1.5 億美元到最終的 3.6 億美元，以及透過這項活動籌集的 3.5 億美元，我們將專注於降低我們的債務。

And I look in and I want to position them. So -- and we want to position because we're doing this as a team, be position that next year, when Jose goes to see customers, he can say to them, look how strong my balance sheet is, look how strong my income statement is. And as I mentioned earlier in the call, people want to buy from us.

我看了看，想把它們擺放好。所以——而且我們希望定位，因為我們是作為一個團隊來做這件事的，定位是，明年當何塞去拜訪客戶時，他可以對他們說，看看我的資產負債表有多強勁，看看我的損益表有多強勁。正如我之前在電話會議中提到的，人們想從我們這裡購買商品。

And a strong balance sheet will make it a lot easier. And for every electrolyzer dollar Jose sells, it really contributes $0.30 to $0.40 to the bottom line every dollar. So I think the company is much healthier. And with Jose's leadership, I think the company will continue to expand. And I think growth is tied very, very tightly to this balance sheet. And now it's going to be a much, much better balance sheet.

而穩健的資產負債表會讓這一切變得容易得多。而 Jose 每賣出一美元的電解槽，就能為公司帶來 0.30 到 0.40 美元的利潤。所以我認為公司現在的狀況好多了。我認為，在何塞的領導下，公司將會繼續成長。我認為成長與資產負債表密切相關。現在，公司的資產負債表將會好得多。

I appreciate that, Andy. I appreciate the dialogue in the past several years. I look forward to following the progress and look forward to hearing more about the strategy in a few weeks -- or actually next week.

謝謝你，安迪。我很欣賞過去幾年來的對話。我期待著了解進展情況，並期待在幾週內——或者實際上是下週——聽到更多關於該策略的資訊。

Good end for us, Bill, because I need to remind folks, you can register for digitally for the listening to the Plug Symposium. It's an exciting event. We have many -- what customers are going to be here, Teal?

比爾，這對我們來說是個好消息，因為我需要提醒大家，你們可以線上註冊收聽 Plug Symposium。這是一件令人興奮的事。我們有很多──蒂爾，會有哪些顧客來這裡？

Probably a lots of customers. We'll be showcasing our electrolyzers with customers like Arcadia. We have customers like Amazon and Uline presenting on customer panels. So we'll have lots of customer showcase throughout the different panels we're excited about that.

可能有很多顧客。我們將向像 Arcadia 這樣的客戶展示我們的電解槽。我們有像亞馬遜和Uline這樣的客戶參加客戶座談會。因此，我們將在各個展區展示許多客戶案例，我們對此感到非常興奮。

I am excited, and I know the team has put a lot of effort in, and we really want to show folks all the great progress Plug has made to date, but probably more important, where Jose is going to take us in the future. So thank you, everybody.

我很興奮，我知道團隊付出了很多努力，我們真的很想向大家展示 Plug 迄今為止的巨大進步，但更重要的是，何塞未來將帶領我們走向何方。所以，謝謝大家。

Thank you.

謝謝。

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。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。