普拉格能源 (PLUG) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Plug Power first quarter 2026 earnings conference call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded. (Operator Instructions)

各位好，歡迎參加 Plug Power 2026 年第一季財報電話會議與網路直播。(接線員指示) 提醒各位，本次會議將被錄音。(接線員指示)

It's now my pleasure to turn the call over to Vice President, Marketing Communications, Teal Hoyos. Please go ahead, Teal.

現在我很榮幸把電話會議交給行銷傳播副總裁 Teal Hoyos。Teal，請開始。

Thank you. Welcome to the 2026 first 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 2026 年第一季財報電話會議。本次電話會議將包含前瞻性陳述。這些前瞻性陳述包含對我們未來營運結果或財務狀況的預測，或其他前瞻性資訊。我們意圖使這些前瞻性陳述受 1933 年《證券法》第 27A 條及 1934 年《證券交易法》第 21E 條所載之前瞻性陳述安全港條款所保障。

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 as such statements should not be reflect -- should not be rather understood as a guarantee of future performance or results.

我們認為向投資人傳達我們對未來的預期很重要。然而，提醒投資人不要過度依賴前瞻性陳述，因為此類陳述不應被反映——更確切地說，不應被理解為對未來表現或結果的保證。

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, 2025, or a quarterly report on Form 10-Q for the quarter ending March 31, 2026, as well as other reports we file from time to time with the SEC.

此類陳述受風險與不確定性影響，可能因各種因素而導致實際結果或表現與所討論內容出現重大差異，包括但不限於：我們截至 2025 年 12 月 31 日止會計年度 Form 10-K 年報，或截至 2026 年 3 月 31 日止季度 Form 10-Q 季報中第 1A 項「風險因素」所討論之風險與不確定性，以及我們不時向 SEC 提交的其他報告。

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 as a result of new information. At this point, I would like to turn the call over to Plug's CEO, Jose Crespo.

這些前瞻性陳述僅截至其作出之日有效；在本次電話會議後，因新資訊而更新任何前瞻性陳述，我們不承擔也無意承擔任何義務。接下來，我想把電話會議交給 Plug 的執行長 Jose Crespo。

Thank you, Teal. Good afternoon, everyone, and thank you for joining us on our first earnings call of 2026. The first quarter results we announced today represent another important step forward in achieving the objectives we laid out for the year. delivering positive EBITDA in the fourth quarter and sustaining revenue growth directionally consistent with 2025. In the first quarter, revenue increased 22% year-over-year to $163.5 million, with growth across each of our three strategic focus areas material handling, electrolyzers and hydrogen fuel.

謝謝你，Teal。各位下午好，感謝各位參加我們 2026 年的第一場財報電話會議。我們今天公布的第一季結果，代表我們在達成今年所提出的目標上又向前邁出重要一步：在第四季實現正 EBITDA，並維持與 2025 年方向一致的營收成長。第一季營收年增 22% 至 1.635 億美元，且在我們三大策略重點領域——物料搬運（Material Handling）、電解槽（Electrolyzers）與氫燃料（Hydrogen Fuel）——皆有成長。

Gross margin also improved substantially year-over-year, increasing from negative 55% to negative 13%. This represents a 42 percentage point improvement in gross margin. The cost actions initiated under Project Count LEAP are now substantially flowing through our P&L and we expect gross margin to improve sequentially through 2026. This is supported by a combination of volume leverage, mix and continued cost discipline.

毛利率也較去年同期大幅改善，從負 55% 提升至負 13%。這代表毛利率改善了 42 個百分點。在 Project Count LEAP 下啟動的成本行動，目前已大幅反映在我們的損益表中，我們預期 2026 年毛利率將逐季改善。這將受惠於出貨量帶來的槓桿效應、產品組合，以及持續的成本紀律。

In Material Handling, we continue to see a strong customer engagement driven by the combination of proven productivity gains, improved product reliability and reduce dependence on electrical grid. In addition, the reinstatement of the investment tax credit earlier this year has improved the economic attractiveness of hydrogen power solutions for many customers.

在物料搬運方面，我們持續看到強勁的客戶互動，主要由已驗證的生產力提升、更佳的產品可靠性，以及降低對電網依賴的組合所驅動。此外，今年稍早投資稅額抵免（investment tax credit）的恢復，也提升了氫能解決方案對許多客戶的經濟吸引力。

As a result, we continue to project increasing demand from both Amazon and Walmart through new deployments and fleet refresh programs with activity levels increasing across both existing, including our automotive customers and new customer accounts. Our electrolyzer business continues to demonstrate a strong commercial and operational momentum. Electrolyzer revenue increased significantly growing from $9.2 million in the first quarter of 2025 to $40.8 million in the first quarter of 2026.

因此，我們仍預期 Amazon 與 Walmart 透過新部署與車隊汰換（fleet refresh）計畫帶來的需求將持續增加；同時，既有客戶（包括我們的汽車客戶）與新客戶帳戶的活動水準也在提升。我們的電解槽業務持續展現強勁的商業與營運動能。電解槽營收顯著成長，從 2025 年第一季的 920 萬美元增加至 2026 年第一季的 4,080 萬美元。

This reflects the timing of a specific project milestones across our portfolio with multiple large-scale projects now advancing through commissioning and delivery phases.

這反映了我們投資組合中特定專案里程碑的時點安排，目前多個大型專案正推進至試運轉（commissioning）與交付階段。

We're currently in the commissioning phase of the 25-megawatt project with Iberdrola and BP in Spain, and we are finalizing installation activities for the 100-megawatt project with out in Portugal. Two of the largest PEM electrolyzer projects currently under deployment in Europe.

我們目前正處於與 Iberdrola 與 BP 在西班牙合作的 25 兆瓦專案試運轉階段，同時也在葡萄牙完成 100 兆瓦專案的安裝收尾工作。這兩個都是目前在歐洲部署中的最大 PEM 電解槽專案之一。

In addition, we recently announced the award of the front-end engineering design work for the 275-megawatt project with hydrogen in Canada, further strengthening our global project pipeline. We're also seeing continued advancement from Allied green ammonia on the 2 gigawatt project in Uzbekistan. where several important milestones were achieved during the quarter.

此外，我們近期宣布獲得加拿大氫能（hydrogen）275 兆瓦專案的前端工程設計（FEED）工作授標，進一步強化我們的全球專案管線。我們也看到 Allied Green Ammonia 在烏茲別克的 2GW 專案持續推進，本季達成了數項重要里程碑。

In April, Allied Green secured a binding project implementation agreement with the Uzbekistan government establishing the tax and customs incentive framework supporting the project. Just this past Friday, Allied Green signed a memorandum of understanding with Uzbekistan airports to collaborate on SaaS and ESS deployment initiatives.

4 月，Allied Green 與烏茲別克政府簽署具約束力的專案實施協議，建立支持該專案的稅務與關務優惠架構。就在上週五，Allied Green 與烏茲別克機場簽署合作備忘錄（MOU），共同推動 SaaS 與 ESS 的部署計畫。

We are seeing increased activity across our approximately $8 billion electrolyzer opportunity funnel. especially within the aviation sector where fuel availability due to the ongoing energy supply constraints and geopolitical instability affecting global fuel markets is renewing the interest in energy security and synthetic fuel production.

我們在約 80 億美元的電解槽商機漏斗中看到活動增加，尤其是在航空領域；由於持續的能源供應限制與地緣政治不穩定影響全球燃料市場、導致燃料可得性受限，市場對能源安全與合成燃料生產的興趣再度升溫。

Our fuel business delivered approximately 20% top line growth year-over-year, driven primarily by new material handling site deployments. and with margin improving by 54 percentage points year-over-year. We continue to improve plant performance, logistics efficiency across the network and plant utilization. We still have a lot of work to do, but we are advancing in the right direction. From a liquidity standpoint, we ended the quarter with $223 million in unrestricted cash and $579 million in restricted cash for a total cash of $802 million.

我們的燃料業務年增約 20% 的營收，主要由新的物料搬運站點部署所帶動，且毛利率年增改善 54 個百分點。我們持續改善工廠績效、全網路的物流效率，以及工廠稼動率。我們仍有許多工作要做，但正朝正確方向前進。就流動性而言，本季末我們持有 2.23 億美元不受限制現金，以及 5.79 億美元受限制現金，合計現金 8.02 億美元。

We continue to advance multiple asset monetization initiatives, including extreme data centers that are expected to generate more than $275 million in additional proceeds with the first transaction for approximately $142 million expected to close in June.

我們持續推進多項資產變現計畫，包括 Extreme Data Centers，預期可額外帶來超過 2.75 億美元的收益；其中首筆約 1.42 億美元的交易預計於 6 月完成交割。

Our first quarter results represent another important step towards achieving our stated objectives of positive EBITDA in the fourth quarter of 2026 and advancing our broader path towards long-term profitability. The foundation is in place. Our focus is now execution, margin expansion and converting scale into sustained profitability.

我們第一季的結果，代表我們朝向既定目標——在 2026 年第四季實現正 EBITDA，並推進通往長期獲利的更廣泛路徑——又邁出重要一步。基礎已經到位。我們目前的重點是執行、擴大毛利率，並將規模轉化為可持續的獲利能力。

With that, I'll now turn the call over to Paul, our CFO, for a more detailed review of the quarter financials. Paul?

接下來，我將把電話會議交給我們的財務長 Paul，為各位更詳細回顧本季財務表現。Paul？

Thanks, Jose Luis. Let me start by emphasizing a few key of the takeaways for this call. First, demand across our core platforms remained strong, driving 22% year-over-year revenue growth. We continue to drive margin improvement and the year-over-year progress reinforces our belief that we've hit an inflection point.

謝謝，Jose Luis。我先強調本次電話會議的幾個重點結論。第一，我們核心平台的需求仍然強勁，帶動營收年增 22%。我們持續推動毛利率改善，而年對年的進展也強化了我們的信念：我們已經到達拐點。

And lastly, we believe we have more than adequate capital to fund 2026 based on our existing cash position through ongoing operational improvements, the varied asset monetization efforts, significant reductions in CapEx and the quarterly restricted cash releases.

最後，我們相信，憑藉我們現有的現金部位，並透過持續的營運改善、多元的資產變現作為、資本支出（CapEx）的大幅削減，以及每季受限制現金的釋放，我們擁有綽綽有餘的資本可支應 2026 年的資金需求。

Now let me dig a bit deeper into the sales growth. Year-over-year sales growth stemmed from traction across all core platforms reflects strong customer interest, which positions for continued growth throughout '26. Q1 results also stem in part from the timing of program deliveries and our conscious efforts to pull programs forward where possible.

接下來我想更深入談談銷售成長。年對年銷售成長來自所有核心平台的動能，反映出客戶的強勁興趣，並使我們有條件在 2026 年持續成長。第一季的結果也部分源自專案交付時點的影響，以及我們在可行範圍內有意識地將部分專案提前。

We will continue to focus on accelerating programs, but as of today, we think the first half will be in the 40% range for the full year in context of our overall guidance of the full year sales growth of 13% to 15%. More specifically, excluding charges for customer warrants, year-over-year material handling platform grew by 15%.

我們將持續聚焦於加速專案推進；但截至目前，我們認為上半年將約占全年 40% 左右，並與我們對全年銷售成長 13% 至 15% 的整體指引相一致。更具體而言，若排除客戶認股權證費用，物料搬運平台年對年成長 15%。

Our electrolyzer platform grew by 343%. And our hydrogen fuel sales grew by 10%. There will be ebbs and flows as we progress through '26. but these results are indicative that we continue to expand our core markets, and we expect all the core platforms to continue growing.

我們的電解槽平台成長了 343%。而我們的氫燃料銷售成長了 10%。隨著我們在 2026 年推進，業績將會有起伏波動；但這些結果顯示我們持續擴大核心市場，我們也預期所有核心平台將持續成長。

Regarding margins, the improvement we delivered in Q1 stems from a culmination of ongoing efforts to optimize and scale the investments we've made. We've made a conscious effort to focus on margin and cash flow improvement. and that includes the actions undertaken based on our product cost down road maps and conscious efforts to increase leverage on our OpEx cost. And what you're seeing in Q1 is how those efforts are clearly showing up in the underlying economics of the business. On a year-over-year basis, gross margin improved by 71%.

就毛利率而言，我們在第一季所交付的改善，源自我們持續努力優化並擴大既有投資的成果累積。我們有意識地聚焦於毛利率與現金流的改善，其中包括依據產品降本路線圖所採取的行動，以及有意識地提升營業費用（OpEx）成本槓桿的努力。而你們在第一季看到的，就是這些努力如何清楚反映在公司基礎經濟性上。以年對年來看，毛利率改善了 71%。

The drivers are the same ones we've been talking about. First, sales growth drives operating leverage across the platform. Second, service continues to improve with quarterly per unit GenDrive service costs down more than 30% year-over-year. driven by improved stack reliability and the pricing actions we continue to undertake. Third, our fuel margin rate improved by approximately 54 percentage points.

推動因素與我們一直在談的相同。第一，銷售成長帶動平台層面的營運槓桿。第二，服務持續改善，單位 GenDrive 的季度服務成本年對年下降超過 30%，主要由堆疊可靠度提升，以及我們持續採取的定價措施所驅動。第三，我們的燃料毛利率提升約 54 個百分點。

We're getting better leverage out of our hydrogen platform driving enhanced network efficiency and the third-party gas sourcing agreement we signed last year continues to deliver cost downs. Still a lot of work to do, but these structural improvements are driving the right direction.

我們在氫能平台上取得更佳槓桿，推動網路效率提升；此外，我們去年簽署的第三方氣體採購協議也持續帶來成本下降。仍有大量工作要做，但這些結構性改善正推動我們朝正確方向前進。

Equally important to these overall results is the fact that we see continued progression as we drive towards our '26 financial targets. We expect a full year of benefits and the actions undertaken last year and we anticipate continued improvement, incremental leverage from growth in sales given our installed capacity, continued improvements in service cost profile, additional improvements in fuel efficiency and network leverage. and continued scrutiny over OpEx.

與整體結果同等重要的是，我們看到在邁向 2026 年財務目標的過程中仍在持續進展。我們預期去年所採取行動的效益將在全年完整體現，並預期持續改善，包括：在既有裝置產能下，銷售成長帶來的增量槓桿、服務成本結構的持續改善、燃料效率與網路槓桿的進一步提升，以及對營業費用（OpEx）的持續嚴格控管。

Given these continued efforts, we expect the margin breakeven threshold to continue to lower given traction in cost downs and our increasing ability to get more out of the platforms we have.

在這些持續努力下，隨著降本措施的進展，以及我們愈來愈能從既有平台中榨取更多效益，我們預期毛利損益兩平門檻將持續下降。

Turning to cash. As a reminder, Q1 has historically been our heaviest cash usage quarter given the seasonality of sales and timing of working capital flows. Q1 of this year is consistent with that pattern. There are two things I flagged specifically. First, we made strategic buyouts of certain operating lease liabilities associated with our legacy PPA business during the quarter, which added to outflows, but is a net positive for us going forward.

接著談現金。提醒一下，第一季歷來是我們現金使用量最高的季度，原因在於銷售季節性以及營運資金流動時點。今年第一季也符合這個模式。我特別標示兩點。第一，我們在本季對與既有 PPA 業務相關的部分營業租賃負債進行策略性買斷，這增加了現金流出，但從長期來看對我們是淨正面。

This is based on a conscious effort to accelerate the wind down of the PPA business model and these efforts will be accretive to margins and cash flow going forward and serves as a means to accelerate the release of restricted cash reserves. We expect more of these transactions as we progress through the year. And second, the underlying burn in Q1 tracked moderately better than our internal plan. We ended with over 10% more cash than we initially anticipated. This stem from many factors, including ongoing focus on margin enhancement and working capital leverage.

這是基於我們有意識地加速 PPA 商業模式的收尾；這些努力未來將增厚毛利率與現金流，並作為加速釋放受限制現金準備金的一種方式。我們預期隨著今年推進，還會有更多此類交易。第二，第一季的基礎現金消耗略優於我們的內部計畫。期末現金比我們原先預期多出超過 10%。這源自多項因素，包括持續聚焦於毛利提升與營運資金槓桿。

We expect sequential improvement in cash usage across the balance of the year as we move towards our target of positive EBITDAS run rates in the Q4 of '26. CapEx was very nominal in the quarter, only about $7 million, which is consistent with what we said on the last call. our hydrogen production network is built.

我們預期今年剩餘期間的現金使用將逐季改善，並朝向 2026 年第四季達成正向 EBITDAS 走勢（run rate）的目標前進。本季資本支出（CapEx）非常有限，僅約 700 萬美元，與我們上次電話會議所說一致；我們的氫氣生產網路已建置完成。

We're now in a leverage the asset-based phase, and the CapEx run rate reflects that. It postures us really well because as we talk about getting to an EBITDA positive run rate in Q4 '26, the combination of margin progression and a very low CapEx run rate mathematically puts us in a position where the cash burn for the year is very manageable given our capital resources and liquidity management plans.

我們現在進入以資產為基礎的槓桿運用階段，而 CapEx 的走勢也反映了這一點。這讓我們處於非常有利的位置，因為當我們談到在 2026 年第四季達到 EBITDA 正向走勢時，毛利率的逐步改善加上極低的 CapEx 走勢，從數學上使我們在資本資源與流動性管理計畫的支撐下，全年現金消耗處於可控範圍。

On liquidity, we ended the quarter with over $802 million in total cash, that's a $223 million in unrestricted cash and cash equivalents and approximately $579 million in restricted cash that is expected to release at a rate of approximately $50 million per quarter over the next several years.

就流動性而言，本季末我們的總現金超過 8.02 億美元，其中 2.23 億美元為不受限制的現金及約當現金，約 5.79 億美元為受限制現金，預期未來數年將以每季約 5,000 萬美元的速度釋放。

On top of that, we have several specific levers tracking to '26. The first is the asset monetization program we announced in the fourth quarter of last year, which includes the expected stream data centers transactions. We expect approximately $275 million in aggregate proceeds from these hydrogen project monetization efforts. In addition, we are underway with the sale of the Section 48 investment tax credit associated with the St. Gabriel joint venture, the platform we have there in Louisiana.

此外，我們還有數個明確槓桿正朝 2026 年推進。第一項是我們在去年第四季宣布的資產變現計畫，其中包括預期的 Stream Data Centers 交易。我們預期這些氫能專案變現作為合計可帶來約 2.75 億美元的總收益。另外，我們也正在進行出售與聖加布里埃爾（St. Gabriel）合資案相關的第 48 條投資稅額抵免（ITC），也就是我們在路易斯安那州的平台。

That's $39.2 million in total, currently targeted to close by the end of May. We have an effectively unleveraged balance sheet given the debt restructuring we did in Q4 of last year, which also lowered our cost of capital and extended our maturity profile. So we have optionality.

該筆金額總計 3,920 萬美元，目前目標是在 5 月底前完成交割。由於我們在去年第四季進行的債務重整，我們的資產負債表基本上處於無槓桿狀態，同時也降低了資本成本並延長了到期結構。因此我們具備更大的彈性。

Our working plan is that the existing capital plus the expected asset monetization proceeds, coupled with the restricted cash release schedule, we believe collectively will provide adequate capital to fund the operating plan for '26. Our adjusted EPS for Q1 '26 was negative $0.08 compared to adjusted EPS in Q1 of '25 of negative $0.17.

我們的工作計畫是：既有資本加上預期的資產變現收益，再配合受限制現金的釋放時程，我們相信整體而言將提供足夠資本以支應 2026 年的營運計畫。我們 2026 年第一季的調整後 EPS 為負 0.08 美元，相較之下，2025 年第一季的調整後 EPS 為負 0.17 美元。

Excluded from our adjusted EPS in Q1 '26 is approximately $140 million and primarily noncash charges related to adjustments for convertible debt and warrant valuations associated with changes in the stock market and the company's stock price escalation. I think the progression in the adjusted EPS is illustrative of how operationally the company is making real progress.

我們 2026 年第一季的調整後 EPS 排除了約 1.40 億美元、且主要為非現金的費用，這些費用與可轉換公司債與認股權證估值的調整有關，係由股市變動以及公司股價上升所致。我認為調整後 EPS 的改善，清楚說明公司在營運面正取得實質進展。

To wrap up, Q1 was another step on the same trajectory we've been on. We're growing the top line. We're delivering structural margin improvement. We're being disciplined on operational expenses and CapEx, and we have multiple identified levers to fund the operating plan for the year. We continue to be laser-focused on driving margin and cash flow improvement and achieving our fourth quarter goal of positive EBITDAS run rate, which sits within the road map of as Luis described, including positive operating income in '27 and full profitability in '28.

總結來說，第一季是我們一直以來同一路徑上的又一步。我們的營收持續成長。我們正在實現結構性的毛利率改善。我們在營運費用與資本支出（CapEx）上保持紀律，並且已辨識出多項槓桿來為今年的營運計畫提供資金。我們仍然高度聚焦於推動毛利率與現金流改善，並達成第四季「EBITDAS 連續運行率轉正」的目標；此目標也在 Luis 所描述的路線圖之內，包括 2027 年實現營業利益轉正，以及 2028 年達到全面獲利。

With that, I'll turn the call back over to Jose Luis.

接下來，我把電話會議交回給 Jose Luis。

Thank you both.

謝謝你們兩位。

So now we can go on the question section of the call.

那麼現在我們進入本次電話會議的問答環節。

(Operator Instructions)

（接線員指示）

Colin Rusch, Oppenheimer.

Colin Rusch，Oppenheimer。

Jose Luis, you cross all these European customers, it's good to see some of the progress that you're seeing on the electrolyzer side. I'm just curious about urgency and what you can comment on that pipeline starting to move towards following investment decisions besides the products that you've talked about and how we could think about that starting to materialize here later this year and next.

Jose Luis，你接觸了這些歐洲客戶，很高興看到你們在電解槽端所取得的一些進展。我想了解一下緊迫性，以及除了你提到的產品之外，你能否評論一下這條管線開始朝向最終投資決策（FID）推進的情況，以及我們該如何看待今年稍晚與明年開始逐步落地的節奏？

We continue working on, as I mentioned, on all the projects that we have in the funnel. These projects are quite complex, as you know, Colin, and they require a lot of different parts of the projects to align to get to FID. I'm just going to give you an example.

我們持續推進我先前提到的、漏斗中所有的專案。如你所知，Colin，這些專案相當複雜，需要專案中的許多不同環節對齊，才能走到 FID。我舉個例子。

I have a project in Australia is a 50-megawatt project, and the project is completely approved by the financial committee of the company that I'm working with. And there is one permits that they need from a Board. It's an Eastman Permian that is actually holding the FID of the project for a month or so. The product is going to happen, but there is some bureaucracy around it.

我在澳洲有一個 50 兆瓦的專案，與我合作的那家公司，其財務委員會已經完全核准該專案。但他們還需要從某個委員會取得一項許可。這是一個 Eastman Permian（原文如此）的許可，實際上讓該專案的 FID 延後了大約一個月左右。產品會發生（專案會推進），但周邊確實有一些官僚程序。

So my point is that there is a certain level of complexity, getting all the things aligned on the FID of the projects. And it takes time to get them to the point of final investment decision. We have a lot of projects now in the last quarter in the [ESAB] industry that have started accelerating. As you can imagine, the situation in Iran has created an issue with the availability of jet fuel in many areas of the world.

所以我的重點是：要讓專案的 FID 各項要素全部對齊，存在一定程度的複雜性。而要把它們推進到最終投資決策的階段，需要時間。我們現在有很多專案，在上一季於 [ESAB] 產業已開始加速。如你所想像，伊朗的情勢在全球許多地區造成了航空燃油供應可得性的問題。

But in Europe, companies like Ryanair announced a couple of weeks ago that they will have limited amount of jet fuel available to run their operations, and they could run out of some of that fuel by the end of May, beginning of June.

但在歐洲，像 Ryanair 這樣的公司在幾週前宣布，他們可用來支撐營運的航空燃油供應量將受限，而且到 5 月底、6 月初可能會用罄部分燃油。

So this is leading to many companies actually pushing towards trying to accelerate these type of projects. energy independence is becoming also -- and security is becoming also, again, an important item in Europe. And we see that these projects are beginning to accelerate a little bit more than what we were seeing a couple of quarters ago.

因此，這正促使許多公司推動加速這類專案。能源自主也正在成為——而且安全（security）也再次成為——歐洲的重要議題。我們看到這些專案開始比幾個季度前更明顯地加速。

That's super helpful. Paul, just on the cash, two questions just in terms of OpEx run rate on a cash basis. Should we think about this first quarter run rate being stable here going forward? And then secondly, the inventory levels continue to remain relatively high. I'm just curious about how quickly you might be able to start drawing those down in a real meaningful way.

這非常有幫助。Paul，關於現金方面，我有兩個問題，先就以現金基礎來看 OpEx 的運行率。我們是否可以認為第一季的運行率在未來會大致維持穩定？第二，存貨水位仍然相對偏高。我想了解你們大概能多快開始以真正有意義的幅度把存貨降下來？

Thanks, Colin. Yes. On the OpEx, there was a few charges in there that won't repeat. So we're targeting roughly $75 million per quarter is where we expect that to land in. And we're working hard to provide a lot of scrutiny over that, so we can keep it contained and not grow that investment base.

謝謝，Colin。是的。在 OpEx 方面，其中有幾筆費用不會重複發生。因此我們的目標大約是每季 7,500 萬美元，預期會落在這個水準。我們也在努力加強審視，以便把它控制住，不讓這個投資基礎擴大。

On the inventory, there was a slight reduction over the quarter, but the reality is where you going to see the big movement this year is over the balance. Each quarter, we expect to grow sequentially and even more so in the second half. And so we're targeting about $100 million reduction minimum this year in overall inventory levels, and we're working hard to beat that target. So -- but I think you'll see the majority of that play out in the second half.

至於存貨，本季略有下降，但實際上今年你會看到較大的變動會發生在後續的期間。我們預期每一季都會逐季成長，且下半年成長更明顯。因此我們今年的目標是整體存貨水位至少降低 1 億美元，我們也在努力超越這個目標。不過我認為其中大部分會在下半年反映出來。

Jason Tilchen, Canaccord Genuity.

Jason Tilchen，Canaccord Genuity。

I think last quarter and even in the prepared remarks, you've talked about the value proposition for the materials handling solutions only getting stronger. -- with rising electricity prices. Just curious, can you talk a little bit more specifically to some of the conversations you've had with the prospective customers, not necessarily some of the core pedicles, but some of the ones that are either smaller current customers or prospective customers and how those conversations have evolved over the past few months?

我想在上一季、甚至在事先準備的發言中，你們都談到物料搬運解決方案的價值主張只會更強——尤其是在電價上升的情況下。我想更具體了解一下：你們與潛在客戶的一些對話內容——不一定是核心客戶，而是一些規模較小的既有客戶或潛在客戶——以及這些對話在過去幾個月是如何演變的？

Jason, thank you for the question. So mainly is the conversations are always around productivity or that's our traditional value that we bring to the table. The addition of ITC or the renewal of ITC, it definitely helps in the business case. But in the latest type of conversations that we're having with customers, there's an addition, which is the reduction of electricity demand on the site, usually in a site with 200 forklifts. you can reduce the demand on the side by 2 megawatts or so.

Jason，謝謝你的問題。主要來說，對話通常都圍繞在生產力，這是我們一貫帶給客戶的傳統價值。ITC 的加入或 ITC 的續期，確實有助於商業案例（business case）。但在我們最近與客戶的對話中，又多了一個面向：降低場址的用電需求；通常在一個有 200 台堆高機的場址，你可以把場址需求降低約 2 兆瓦左右。

And that is really helpful given the constraints of utility power that we're seeing in the country due to the demand from other industries like data centers.

考量到我們在國內看到的公用電力限制——部分原因是其他產業（例如資料中心）的用電需求——這點就非常有幫助。

So that is a huge value for customers, added to our traditional value on productivity gains. it creates an additional tailwind for the business case. That is the main topic that we usually discuss with new customers and even with existing customers.

因此，這對客戶而言是很大的價值，再加上我們在提升生產力方面的傳統價值，為商業案例帶來額外的順風。這是我們通常與新客戶、甚至與既有客戶討論的主要主題。

Right. That's really helpful. And then just one follow-up. In terms of the gross margin improvement, I believe you called out specifically the GenDrive service cost reduction. Can you maybe talk to some of the specific operational improvements and blocking of taxing that you've done that are really driving those savings there?

了解。這真的很有幫助。接著一個追問。就毛利率改善而言，我相信你特別提到了 GenDrive 服務成本的降低。你能否談談一些具體的營運改善，以及你們所做的「blocking of taxing」（原文如此），究竟是如何推動那邊的節省？

Yes. So it's multifacet because there's lots of elements to it. But if you just think about it Fundamentally, we have equipment. We've got service, we got fuel and equipment. As we continue to grow sales, you're going to get volume leverage.

可以。這是多面向的，因為牽涉到很多要素。但如果從根本來看，我們有設備。我們有服務，我們有燃料，以及設備。隨著我們持續成長銷售，你會獲得規模帶來的槓桿效益。

There's a lot of things we're doing in our production processes, especially when you ramp electrolyzers as we have, as an example, we talked last year about a program we rolled out into the year which we call a new diffusion bonding process, that's just a microcosm example of cost reduction opportunities.

我們在生產流程中做了很多事情，尤其是像我們目前這樣加速擴產電解槽時。舉例來說，我們去年談到過一項我們在去年推出並在今年持續推進的計畫，我們稱之為新的擴散接合（diffusion bonding）製程；這只是成本降低機會的一個縮影例子。

And that by using a new process, we were able to cut the cost of that component almost in half. and as you scale and you get more of those opportunities with volume, you can do more of those kind of things.On the service front, we've rolled out a lot of programs, which is driving that per unit cost reduction. with less touches, -- we've actually been able to reduce the labor tax this quarter for -- and increase the unit per labor tech rate.

透過採用新製程，我們把該零組件的成本幾乎砍半。而當你擴大規模、隨著量起來就會有更多這類機會，你就能做更多這種事情。在服務端，我們推出了很多計畫，正在推動單位成本下降。透過減少接觸次數（less touches），— 我們實際上在本季降低了—並提高了每位服務技師對應的單位數（unit per labor tech rate）。

And we've rolled out more programs and continue to expect more that we'll continue to drive increased reliability on that. On the fuel, you've seen over the last 1.5 years, a continued progression in the margin every quarter continues to get better. And that's a combination of leveraging on our plants.

我們也推出了更多計畫，並且預期未來還會有更多，將持續提升其可靠性。在燃料方面，過去 1.5 年你已經看到毛利率持續進展，每一季都在改善。這是結合了對我們自有工廠的槓桿運用。

taking advantage of the new supply agreement with a third-party provider, driving enhanced delivery -- reducing delivery costs and optimizing that network and driving network efficiency. So we still got a long way to go there, but it's going in the right direction, and we expect those trends to continue. So those are some of the themes that we've been able to take advantage of and certainly consistent with what we're focused on to keep driving in the course of this year.

善用與第三方供應商的新供應協議，推動更佳的配送—降低配送成本並優化該網路、提升網路效率。所以那邊我們還有很長的路要走，但方向是對的，我們也預期這些趨勢會持續。以上是我們能夠加以利用的一些主題，也確實與我們今年持續推動的重點一致。

And on services for GenDrive for material handling, I'm just going to add that the stock life of the product. We've been able to double it and in some type of models even triple. That helps with the cost of parts for services, which is really important, but also because we're doing less changes in the field and less touches, as Paul was saying, we have also been able to reduce the labor in each one of the sites. by one tech in some cases or even two in some cases, which has had an incredible impact on the cost of labor for services.

另外在物料搬運用的 GenDrive 服務方面，我再補充一點：產品的堆疊壽命（stack life）。我們已經能把它提高到兩倍，在某些型號甚至三倍。這有助於降低服務用零件成本，這非常重要；同時也因為我們在現場更換次數更少、接觸次數更少，正如 Paul 所說，我們也能在各站點降低人力配置：有些情況下少一位技師，甚至有些情況下少兩位，對服務勞動成本帶來了極大的影響。

Eric Stine, Craig-Hallum Capital Group.

Eric Stine，Craig-Hallum Capital Group。

So maybe just on material handling, as we think about 2026 and 2027, just curious thoughts on how we should view the makeup new versus existing customers. And then also, in your prepared remarks, you talked about with Walmart and Amazon that you've got some new sites, but also some refreshes. And so just curious kind of where you see things in terms of that refresh of sites that maybe you did 5 years, 10 years ago.

那麼也許就物料搬運來看，當我們思考 2026 與 2027 年時，想請教你們認為我們應該如何看待新客戶與既有客戶的組成。另外，在你們的準備稿中提到 Walmart 與 Amazon，你們有一些新站點，但也有一些汰換更新（refresh）。因此也想請教，你們如何看待那些可能是 5 年前、10 年前建置的站點，現在進行更新的情況。

So thank you for the question, Eric. On material handling for refreshes, we're going to see in the next few years specifically for Amazon, a refresh of the complete fleet. Our first site with Amazon was in 2016, and we are in 2026. And they basically are using the GenDrives for about 10 years. So our first site, as I said, was in October of 2016, we're going to begin to see big refreshes at the end of this year because the following year, we did about 12 sites.

謝謝你的問題，Eric。就物料搬運的汰換更新而言，未來幾年我們會看到，特別是 Amazon，將進行整個車隊的全面更新。我們在 Amazon 的第一個站點是在 2016 年，而現在是 2026 年。他們基本上使用 GenDrive 大約 10 年。所以如我所說，我們第一個站點是在 2016 年 10 月；我們將在今年底開始看到大規模更新，因為隔年我們做了大約 12 個站點。

So we're going to see a refresh of 12 sites between the end of 2026 and 2027. And then you will see a cadence of around 10 to 12 sites for the next five years or six years or so.

因此在 2026 年底到 2027 年之間，我們將看到 12 個站點的更新。接著在未來大約五到六年，你會看到每年大約 10 到 12 個站點的節奏。

So we're going to get refreshes of around 20,000 units during that time frame. Walmart is similar with Walmart, we have done refreshes in years five and six, and we are right now discussing a substantial refresh of the installed base in 2026 and 2027. So that is going to create an increase on demand for GenDrives and as Paul was saying before, equipment margins are usually healthy. So we will see the impact of that in the next few years.

因此在那段期間，我們將獲得大約 20,000 台的更新需求。Walmart 也類似；我們在第 5 年與第 6 年已做過更新，而目前我們正在討論於 2026 與 2027 年對既有裝機基礎（installed base）進行大規模更新。這將帶動 GenDrive 需求增加，而且如 Paul 先前所說，設備毛利通常是健康的。因此未來幾年我們會看到其影響。

In terms of new and even growth with other existing customers, what we're seeing is, for example, on the automotive side, we are doing refreshes and new sites with BMW, a couple of new sites in Europe with BMW. We are also seeing some growth with Estelantis and other European automakers. And we are signing either second sites or new sites with other customers. like, for example, this quarter, we signed a brand-new privilege site with South wire with a value of $11 million. So we've seen activity everywhere.

至於新客戶，以及其他既有客戶的成長，我們看到的情況是：例如在汽車端，我們正在為 BMW 進行更新並新增站點，在歐洲也有幾個 BMW 的新站點。我們也看到 Stellantis 以及其他歐洲車廠的一些成長。我們也正在與其他客戶簽下第二個站點或新站點。比如說，本季我們與 South wire 簽下了一個全新的特權（privilege）站點，合約價值 1,100 萬美元。所以我們在各處都看到活動。

We still see, obviously, our two main customers, Walmart, Amazon and two of the largest companies in the world. So we're going to see a lot of impact on the demand in the next couple of years, but that's just healthy and then we have the diversification in all of our other products. So we see the material handling market moving forward and growing in the next -- in this year, next year and the following years.

當然，我們仍然看到我們兩大主要客戶 Walmart、Amazon，這兩家都是全球最大的公司之一。因此未來幾年我們會看到需求端受到很大影響，但這是健康的；同時我們在其他所有產品上也有多元化布局。所以我們看好物料搬運市場持續向前並在今年、明年以及往後幾年成長。

(Operator Instructions)

(接線員指示)

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

Paul, you touched on this, but Q1 saw another big improvement in fuel margins and the new gas supply contract is obviously helping with that. But have all of your legacy contracts with the IGCs rolled off at this point? And I guess, really, I'm trying to understand if there is room to increase utilization at your captive plant will be (inaudible)

Paul，你提到過這點，但第一季燃料毛利又有一個很大的改善，而新的氣體供應合約顯然也有幫助。但你們與工業氣體公司（IGCs）的所有舊合約到目前為止都已到期了嗎？我想真正理解的是，你們自有工廠的產能利用率是否還有提升空間，將會—(聽不清楚)

Yes. So the short answer to your question is on the sourcing -- they all -- the portfolio runs at different cycles in some of those contracts, and so they all terminate at different time periods. Today, consciously, it's roughly 50-50 sourcing third-party versus internally leveraging on our plants. And there's a strategic reason why to keep that relationship and good standing and leverage those because our plants are as an example, in the Southeast. And so it can be expensive to truck hydrogen all the way over to California or up to the Northeast.

是的。所以對你問題的簡短回答是：在採購端—它們都—整個合約組合在不同週期運行，其中一些合約會在不同時間點到期。目前我們有意識地維持大約 50/50：一半向第三方採購，一半由內部自有工廠供應。這麼做有策略性原因：維持合作關係與良好互動，並加以運用；因為例如我們的工廠在美國東南部。因此把氫氣一路用卡車運到加州或運到東北部，成本可能很高。

Fortunately, with the agreement that we signed, it put us in a good footing with a substantial reduction in the cost per molecule as well as a means by which to work with them to continue driving, improved efficiencies and network optimization. But the drivers for us as we go forward are leveraging our plants and as we continue to grow sales and more sites, we certainly will do -- and third-party sales. You've seen some smaller announcements recently where we're starting to sell into the merchant market as an example and take an opportunistic -- opportunities there where we can to do that.

所幸我們簽署的這份協議，讓我們在每個分子（per molecule）的成本上大幅降低，也提供一種方式讓我們能與對方合作，持續推動效率提升與網路最佳化。但我們往前走的驅動因素，是更充分運用我們的自有工廠；隨著我們持續成長銷售與新增更多站點，我們當然也會—以及第三方銷售。你最近也看到一些較小的公告，例如我們開始向商用（merchant）市場銷售，並在可行時把握那邊的機會、採取更機會導向的做法。

So leveraging those plants will continue to grow and scale and leverage that overhead. The second is really optimizing the delivery network, really getting into how you deliver and when you deliver and how you manage that. There's tons of opportunities there and then other efficiencies in the network.

因此，善用這些工廠將會持續成長並擴大規模，並進一步攤提與運用那些間接費用。第二個重點是真正去最佳化配送網路，深入檢視你如何配送、何時配送，以及如何管理。那裡有大量機會，另外在網路中也還有其他效率可提升。

We made huge strides on improving efficiencies of our storage systems and our dispensing capabilities, but there's still opportunities there as well. So those are some of the drivers as to what you've seen as to why the margin continues to get better quarter after quarter.

我們在提升儲存系統效率與加注/供應能力方面已取得巨大進展，但那裡也仍然有機會。所以，這些就是你所看到、為什麼毛利率一季比一季改善的一些驅動因素。

And it's certainly the same themes that we've got a daily focus on across all those opportunities that will continue to drive that over the course of this year.

而且，這些確實也是我們每天在所有這些機會上持續聚焦的相同主題，並將在今年持續推動改善。

Got it. That's helpful. Paul, I have one more for you. I missed how much you're expecting from the monetization of the Louisiana tax credit? And if you could share how that compares with Georgia, that would be helpful.

了解。這很有幫助。Paul，我還有一個問題。我漏聽了你們預期路易斯安那州稅額抵免變現能帶來多少？如果你能分享一下這與喬治亞州相比如何，會很有幫助。

Yes. So absolute value, it's actually a little bit more on a gross basis. It's like $39.4 million, I think what the number was. And it's just to clarify, it's for our joint venture that we have in Louisiana. So that's proceeds that, that joint venture will get for selling that.

好的。就絕對金額而言，按總額口徑其實略高一些。大概是3,940萬美元，我記得數字是這樣。另外澄清一下，這是針對我們在路易斯安那州的合資企業。所以這是該合資企業出售該稅額抵免所取得的款項。

And we obviously, as you -- I think you probably know, we consolidate that entity. So those results will show up in our consolidated results. And we'll work with the JV partner, whether we use -- believe that $39 million in the JV to fund operations or whether they take their portion and we take our portion.

而且我們顯然——我想你可能也知道——我們會合併該實體。因此，這些結果會反映在我們的合併報表中。我們也會與合資夥伴協作，決定是把這約3,900萬美元留在合資企業用於營運資金，或是他們拿走他們的份額、我們拿走我們的份額。

Obviously, if we do take if it goes that route, we've got that it's incremental $20 for Plug to fund operations, which is obviously very helpful. But it is -- we actually got better terms on that than we did in Georgia, just because of the passage of time and the learnings that we got out of the Georgia sales. So on a net basis in terms of the gross tax credit, we got a better rate.

顯然，如果走到我們分得款項的路徑，我們將額外取得約2,000萬美元供Plug用於營運資金，這當然非常有幫助。但就條件而言——我們這次拿到的條件其實比喬治亞州更好，主要是因為時間推進以及我們從喬治亞州出售案中學到的經驗。所以以淨額口徑、相對於稅額抵免總額來看，我們拿到更好的折讓/比率。

Dushyant Ailani, Jeffrey.

Dushyant Ailani，Jeffrey。

Just one quick one. I guess, if you're talking about the revenue progression for the year, I think it implies that maybe 2Q might be slightly down quarter-over-quarter. Is that correct. And then maybe what's kind of driving that? Is there -- was there any demand kind of pulling into 1Q?

我只有一個很快的問題。我想，如果你們談的是全年營收的推進節奏，我理解這可能意味著第二季（2Q）會較第一季（1Q）略為季減。這樣對嗎？那大概是什麼在驅動？是否有任何需求被提前拉到第一季？

And then also, if 2Q is going to be down quarter-over-quarter. Then how do we think about just the margin progression there in terms of the volumetric leverage that you have shared previously?

另外，如果第二季會季減。那麼就你們先前提到的量能槓桿而言，我們該如何看待毛利率的推進？

Yes. So let me try -- there's many parts to your question, but -- so if you look historically, we're somewhere between one third to 40%. It is slightly on the first half of any year. It varies a lot based on timing of customer programs and sometimes most times, Q1 is lower than Q2. But let me be clear, we expect Q2 to grow sequentially.

是的。我試著回答——你的問題有好幾個部分。從歷史來看，我們通常一年中約有三分之一到40%的營收落在上半年。上半年占比會略高一些。這會因客戶專案時點而有很大變動，而且很多時候第一季會低於第二季。但我想講清楚，我們預期第二季會較第一季呈現連續成長。

I think we're giving you guys a directional guidance and using that 40% in relation to our 13% to 15% growth rate for this year. It may only be slight growth off of Q1 but it's definitely going to be slightly better. And then you have the second half and the timing of that, we'll see as we continue to progress through the year, how that's going to play.

我想我們給大家的是方向性的指引，並用40%去對應我們今年13%到15%的成長率。第二季相較第一季可能只是小幅成長，但肯定會略好一些。至於下半年以及其時點安排，我們會隨著今年進展持續觀察它會如何落地。

On the margin progression, again, just to be direct, we absolutely expect the margin rate to continue to improve sequentially quarter-over-quarter. We're doing -- all the cost down and things that we're doing, we're going to continue to -- should continue to drive incremental benefit. So we expect that margin rate to improve in Q2 and then continue to ramp from there. Volume makes a big difference. And so the fact that the second half is using my math of roughly 60% of the sales, means there's even more equipment sales in that second half.

關於毛利率的推進，再直接一點說，我們絕對預期毛利率會一季比一季持續改善。我們正在做的所有降本與相關措施，將會持續——也應該會持續——帶來增量效益。因此我們預期第二季毛利率會改善，之後也會持續爬升。出貨量影響很大。所以按我的算法，下半年約占60%的銷售額，意味著下半年會有更多設備銷售。

So that means it's even more accretive. But I think what you're going to see is quarter-over-quarter, you're going to see growth in the sales number and you're definitely going to see growth in well, I should say we expected to see growth in the margin rate.

因此那會更具增益（accretive）。但我認為你們會看到的是：銷售額會一季比一季成長，而且你們也一定會看到——或者說我們預期會看到——毛利率的提升。

And I just want a state what you just said, Paul, will be progression in terms of top line compared to Q1.

我只是想確認你剛剛說的，Paul，也就是營收（top line）相較第一季會呈現成長。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，RBC Capital Markets。

I just wanted to circle back to Europe a little bit here. And I'm curious, looking at some of these refineries and the customer base there. Are they kind of ultimately settling out on a long-term partner here and picking tech, I guess, just looking back over some of these competitors out there, it looks like there have been testing of different technologies, et cetera.

我想稍微回到歐洲的話題。我很好奇，從那邊一些煉油廠與客戶基礎來看，他們是否最終正在敲定一個長期合作夥伴並選定技術？我想回頭看一些競爭對手，似乎有在測試不同技術等等。

And so I'm just kind of curious what you're seeing on that front?

所以我想了解你們在這方面看到的情況是什麼？

We're seeing, specifically with the companies that we're doing business in the refinery side, the largest ones that I mentioned during the call, we're seeing that they are -- looking at expansions in the sites that we have done and in other sites, we are seeing that the progression that we're making on the commissioning of the product is very satisfactory. and we are looking with them about working together for some of those expansion projects.

我們看到的是，特別是在煉油端與我們合作的那些公司——也就是我在電話會議中提到的最大幾家——我們看到他們正在評估在我們已完成的場址以及其他場址進行擴建；同時，我們在產品試車/投運（commissioning）上的進展令他們非常滿意。我們也正與他們討論在其中一些擴建專案上共同合作。

So given the directives that the EU is pushing through every country, through a process that they call transposition, which is as simple as a European law converted into allow in each one of the countries that are members of the EU. They have a mandate to convert a percentage -- a certain percentage of the hydrogen they use into green hydrogen. And this is what's driving these projects.

此外，鑑於歐盟正在透過各國推動的指令，並透過他們稱為「轉置」（transposition）的流程——簡單說，就是把歐盟法律轉換成各會員國各自的國內法——他們被要求將其使用的氫氣中一定比例轉換為綠氫。這正是推動這些專案的原因。

And they are committing to do it, and we are working with them to satisfy those needs.

而他們也承諾會去做，我們正與他們合作以滿足這些需求。

Got it. And then I guess maybe as a follow-up here, just on the opportunity with Allied Green in Uzbekistan and maybe in Australia as well. Can you speak to the potential timing of this and how you see that kind of trend, I guess, playing out over the course of the year?

了解。那我想追問一下，關於在烏茲別克與Allied Green的機會，以及可能在澳洲的機會。你能談談這些的潛在時程，以及你如何看待這個趨勢在今年內的發展嗎？

Yes. I mean, I can speak to the timing that I've discussed with Alfred Vernal green in the last discussions I had with him as last week, right? Now these timings, as I said before, because of the complexity of these type of projects, usually change. But right now, the idea is to -- the objectives will be to do a BDP on the Usbekistan project in the BDP is the basic engineering and design package. -- in the second half of 2026.

是的。我的意思是，我可以談談我上週與 Alfred Vernal Green 在最近幾次討論中所談到的時程，對吧？如我先前所說，由於這類專案的複雜性，這些時程通常會變動。但目前的想法是——目標是在 2026 年下半年就烏茲別克專案完成一份 BDP；BDP 指的是基礎工程與設計套件（basic engineering and design package）。

And then his target is to get to FID in the following months. with a potential notice to proceed to Plug earlier than that. So it is a project that could and I insist, I don't want to create an expectation that I cannot leave up to because there are so many things that are outside of my control in these projects, right? But in the last conversation, it's a project that should be moving forward in the next 12 months with BDP happening before with a long notice to proceed also in that time frame.

接著他的目標是在接下來幾個月達成 FID，並且可能更早向 Plug 發出開工通知（notice to proceed）。所以這是一個可能會推進的專案——我再次強調，我不想造成我無法兌現的預期，因為在這些專案中有太多事情不在我的掌控之內，對吧？但在上一次對話中，這是一個應該會在未來 12 個月內往前推進的專案，BDP 會更早發生，且較長的開工通知也會落在同一時間範圍內。

Craig Irwin, Roth Capital Partners.

Craig Irwin，Roth Capital Partners。

It's Andrew on for Craig. I've been hopping across a couple of calls, so I apologize. This has been asked early, let me now I can ask something else, but has called out expansion with Amazon and Walmart with material handling. But can you guys kind of talk to any new logo pipeline expansion? And then just overall, kind of the mix between site expansion with the existing customers versus new customer wins that would be great.

我是 Andrew，代 Craig 發問。我在幾通電話之間來回切換，所以先致歉。這個問題可能前面有人問過；如果是的話我可以改問別的。不過你們提到與 Amazon 和 Walmart 在物料搬運方面的擴張。但你們能否談談任何新的客戶標誌（new logo）管線擴張？以及整體而言，既有客戶的站點擴張與新客戶贏單之間的組合占比？這會很有幫助。

We are -- our team was in Molex. Molex is the largest event for manufacturing and supply chain in April. And our team met with a large amount of companies, new companies, new logos that were interested in the material handling business case given the points that I made before, mainly associated with productivity with ITC and also the advantages associated with reducing the grid demand.

我們——我們的團隊去了 Molex。Molex 是每年四月製造與供應鏈領域最大的活動。我們的團隊與大量公司會面，包括新公司、新客戶標誌；他們對物料搬運的商業案例很感興趣，原因如我先前提到的幾點，主要與透過 ITC 提升生產力，以及降低電網需求所帶來的優勢有關。

At this moment, the majority of the growth that I see in 2026, are related to existing customers. As I said before, mainly in Amazon, mainly Walmart and also associated with automotive. We have new projects with BMW. We have projects with Stellantis and with other European automakers.

就目前而言，我看到 2026 年的大部分成長都與既有客戶相關。如我先前所說，主要是 Amazon、主要是 Walmart，也與汽車產業相關。我們與 BMW 有新專案。我們也有與 Stellantis 以及其他歐洲車廠的專案。

We closed another second site with software as I mentioned before, that's not a new name, but it's a second site that we close with them. And we have a fairly healthy pipeline of new names and new customers. At this moment, I'm not in position to tell you right now that we're going to get orders for certain specific names. But I can tell you that the team is working in a few new potential accounts that could be added between now and the end of the year for projects in 2027.

如我先前提到的，我們又與一家軟體客戶完成了第二個站點的簽約；這不是新客戶名稱，但我們與他們簽下了第二個站點。此外，我們也有相當健康的新名稱、新客戶管線。目前我還無法告訴你，我們一定會拿到某些特定名稱的訂單。但我可以告訴你，團隊正在推進幾個新的潛在客戶帳戶，可能在現在到年底之間加入，用於 2027 年的專案。

Great. Well, I really appreciate the color there. And then second for me kind of in the same vein. I noticed the GenDrive cost per unit was down 30% year-over-year. Can you just kind of talk about the potential to leverage -- leveraged cost reduction throughout your installed base?

很好。我非常感謝你提供的補充說明。接著第二個問題也在同一脈絡上。我注意到 GenDrive 的單位成本年減 30%。你能否談談在你們的既有裝機基礎上，透過槓桿效應來推動成本下降的潛力？

Yes. I think our anticipation is that, that unit cost will continue to come down. And it's really -- it comes from two key drivers. One is, well, I'd say three. First is the parts cost continues to go down as we get the units to continue to run longer.

是的。我認為我們預期單位成本會持續下降。而這主要——來自兩個關鍵驅動因素。一個是——嗯，我會說是三個。第一，隨著設備持續運轉時間更長，零件成本會持續下降。

So you just need less parts to keep them up and running. Second is, as that happens, you need less touches of the units throughout the year. So when you need less touches and you can manage the fleet with less labor tax. And so we're able -- as Jose said earlier in the call, we were able to reduce in some cases, 1 tech per site, in some cases, even two techs per site. And so we expect that leverage continues as we and continue to grow in scale.

因為你只需要更少的零件就能讓它們維持運作。第二，隨著這種情況發生，你一年之中需要對設備進行的接觸/維護次數也會更少。當你需要更少的接觸次數，就能用更少的人力成本來管理整個機隊。因此我們能夠——正如 Jose 先前在電話會議中提到的——在某些情況下，每個站點減少 1 名技術人員，有些情況下甚至每個站點減少 2 名技術人員。所以我們預期，隨著我們持續擴大規模，這種槓桿效益也會持續。

And then the third is you sell more units and you grow your sales base, you can leverage the overhead for that service business. So that continues to scale and grow and ramp as well. So we expect that rate per unit will continue to go down in the course of the year. And we expect that to continue to drive in the right direction.

第三，當你賣出更多設備、擴大銷售基礎時，你就能在該服務業務上攤提並槓桿化間接費用。因此它也會持續擴張、成長並逐步爬坡。所以我們預期，今年內每單位的費率會持續下降。我們也預期這會持續推動朝正確方向發展。

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

我們的問答環節到此結束。我想把時間交還給 Jose Luis，請他做任何進一步的結語。

Well, thank you, everyone, for the questions and for your engagement and your support. The first quarter results that we just announced provide a solid foundation for the balance of the year. Our priorities for 2026 are the same.

好的，感謝各位的提問、參與與支持。我們剛公布的第一季結果，為今年剩餘期間奠定了穩固的基礎。我們對 2026 年的優先事項也相同。

They remain unchanged, drive continued sales growth, execute with discipline, continue improving our cost structure, reduce cash usage and delivered positive EBITDA in the fourth quarter. The underlying business fundamentals continue to improve, demand drivers across our core markets are strengthening and now it's just about consistent delivery.

這些優先事項維持不變：推動銷售持續成長、以紀律執行、持續改善成本結構、降低現金使用，並在第四季實現正向 EBITDA。基礎業務基本面持續改善，我們核心市場的需求驅動因素正在增強，現在重點就是穩定且一致地交付成果。

We, again, we appreciate your continued support and look forward to updating you on our progress in the next quarter. Thank you, everyone. Have a nice evening.

我們再次感謝各位持續的支持，並期待在下個季度向各位更新我們的進展。謝謝大家。祝各位晚上愉快。

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

謝謝。今天的電話會議與網路直播到此結束。您現在可以掛斷電話線，祝您有美好的一天。感謝您今天的參與。