普拉格能源 (PLUG) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Plug Power's second quarter 2026 earnings conference call and webcast. (Operator Instructions) As a reminder, the conference is being recorded. (Operator Instructions) It's now my pleasure to turn the call over to Vice President of Marketing and Communications, Teal Hoyos. Please go ahead, Teal.

各位好，歡迎收聽 Plug Power 2026 年第二季財報電話會議與網路直播。(操作員指示) 提醒各位，本次會議將被錄音。(操作員指示) 現在我很高興把電話會議交給行銷與傳播副總裁 Teal Hoyos。Teal，請開始。

Thank you. Welcome to the 2026 second quarter earnings call. This call will include forward-looking statements. These forward-looking statements contain projections of future results of operations or of our financial position or other forward-looking information.

謝謝。歡迎參加 2026 年第二季財報電話會議。本次電話會議將包含前瞻性陳述。這些前瞻性陳述包含對未來營運結果或我們財務狀況的預測，或其他前瞻性資訊。

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. 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 條中關於前瞻性陳述之安全港條款所涵蓋。我們認為，向投資人傳達我們對未來的預期很重要。然而，提醒投資人切勿過度依賴前瞻性陳述，且此類陳述不應被解讀或理解為對未來表現或結果的保證。

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, our quarterly reports 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. These forward-looking statements speak only of the date that 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.

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 日止會計年度之 Form 10-K 年報、截至 2026 年 3 月 31 日止季度之 Form 10-Q 季報中第 1A 項「風險因素」所討論的風險與不確定性，以及我們不時向美國證券交易委員會（SEC）提交的其他報告。這些前瞻性陳述僅截至其作成之日有效，我們不承擔亦無意在本次電話會議後或因新資訊而更新任何前瞻性陳述。

At this point, I would like to turn the call over to Plug's CEO, Jose Luis Crespo.

接下來，我想把電話會議交給 Plug 的執行長 Jose Luis Crespo。

Good afternoon, everyone, and thank you for joining our second earnings call of 2026 and also thank you for your continued confidence in the Plug team. Q2 was a strong step forward and is giving us real conviction about the rest of the year. We are executing, our numbers are moving in the right direction across the board, and today, we are raising our full year revenue growth guidance as a result. Paul will walk through the financial details in a moment but let me start with why we are excited. Revenue was $178.3 million in the second quarter, up approximately 9% sequentially from the first quarter.

各位下午好，感謝各位參加我們 2026 年的第二次財報電話會議，也感謝各位持續對 Plug 團隊的信心。第二季是向前邁出的堅實一步，讓我們對今年剩餘時間更具信念。我們正在落實執行，各項數字全面朝正確方向發展，因此今天我們上調全年營收成長指引。Paul 稍後會說明財務細節，但我先談談我們為何感到振奮。第二季營收為 1.783 億美元，較第一季約成長 9%（季增）。

This is continued proof that our commercial engine is accelerating. Gross margin improved to approximately breakeven. It was about negative 0.9%, compared to a negative 30.7% a year ago and a negative 13% just last quarter. Thus, a meaningful step up in a single quarter, and it's the direct result of the operational discipline we have built into Quantum Leap, which is our restructuring program, combined with improving service margins and better planned utilization in hydrogen production. But just as important, our breakeven revenue threshold keep on coming down, which puts positive EBITDAs in the fourth quarter as squarely within reach.

這持續證明我們的商業引擎正在加速。毛利率改善至約損益兩平。毛利率約為負 0.9%，相較去年同期為負 30.7%，而上一季僅為負 13%。因此，單季出現顯著提升，這直接來自我們在 Quantum Leap（我們的重組計畫）中建立的營運紀律，再加上服務毛利改善，以及氫氣生產更有計畫的產能利用率。同樣重要的是，我們的損益兩平營收門檻持續下降，使第四季實現正 EBITDA 變得切實可及。

Operating expenses declined approximately 50% year-over-year to $62 million, again a direct reflection of the discipline we have driven through Quantum Leap and our continued asset monetization efforts. And on the cash side, net cash usage improved to $61 million this quarter, a reduction in cash usage of about 58% compared to the first quarter. Our cash burn is coming down, and the trend line matters enormously as we head towards profitability. Our priorities for 2026 are clear, and they haven't changed. Disciplined execution, profitable growth and continued improvement in cash utilization and operating leverage.

營業費用年減約 50% 至 6,200 萬美元，這同樣直接反映我們透過 Quantum Leap 推動的紀律，以及我們持續進行資產變現的努力。在現金方面，本季淨現金使用改善至 6,100 萬美元，較第一季現金使用量約減少 58%。我們的現金消耗正在下降，而在邁向獲利的過程中，這條趨勢線極其重要。我們 2026 年的優先事項很明確，且沒有改變。紀律化執行、獲利性成長，以及持續改善現金使用效率與營運槓桿。

What has changed is our content in how the year plays out. On our last call, we guided full year revenue growth of 13% to 15%. Based on our first half results and the visibility now we have into the second half, we are raising that guidance today to 15% to 16% for the full year. Our business has historically been second half weighted with the fourth quarter benefiting from year-end deployment cycles. And everything we are seeing tells us that pattern is expected to hold again this year with even more strength behind it.

改變的是我們對今年走勢的信心。在上一次電話會議中，我們給出的全年營收成長指引為 13% 至 15%。基於上半年成果，以及我們目前對下半年能見度的提升，我們今天將全年指引上調至 15% 至 16%。我們的業務歷來偏重下半年，且第四季通常受惠於年底部署週期。我們所看到的一切都顯示，今年這種模式預期將再次延續，而且力道更強。

Material Handling continues to be a genuine bright spot. And the growth story here just keeps on building. We deployed 1,666 GenDrive units in the quarter, more than double the 739 units we deployed in the second quarter of last year. Service revenue grew 82% year-over-year to $29.8 million, with Service margin of 27%. As improving reliability lets our technicians cover more units and drive real overhead leverage.

物料搬運（Material Handling）仍然是實質的亮點。而這裡的成長故事仍在持續累積。本季我們部署了 1,666 台 GenDrive 單元，較去年第二季部署的 739 台增加逾一倍。服務營收年增 82% 至 2,980 萬美元，服務毛利率為 27%。隨著可靠性提升，我們的技術人員得以覆蓋更多設備，並帶來實質的間接費用槓桿效益。

And we're not just growing. We're building a robust recurring revenue base. Two of our largest Material Handling customers are planning to refresh more than 20,000 GenDrive units over the next 3 years. This is a multiyear revenue opportunity sitting right in front of us and is exactly the kind of embedded growth that gives us confidence well beyond this year.

而且我們不只是成長。我們正在建立穩健的經常性收入基礎。我們兩家最大的物料搬運客戶計畫在未來 3 年內汰換更新超過 20,000 台 GenDrive 單元。這是一個就在眼前的多年期營收機會，也正是這種內嵌式成長，讓我們對今年以後的表現同樣充滿信心。

Our Electrolyzer business continues to build real commercial momentum. We announced the FID of the 30-megawatt Barrow Green hydrogen project for Carlton Power in the UK which is part of the 55 megawatts, we were awarded in November of 2025, and we expect the additional 25 megawatts to be -- to reach FID in 2026. In Q2, we were also selected for the 275-megawatt FEED on the Hy2gen Courant project in Quebec.

我們的電解槽（Electrolyzer）業務持續累積實質的商業動能。我們宣布英國 Carlton Power 的 30 兆瓦 Barrow Green 氫能專案已作出最終投資決定（FID）；該專案屬於我們在 2025 年 11 月獲授的 55 兆瓦案量之一部分，且我們預期其餘 25 兆瓦將於 2026 年——達成 FID。在第二季，我們也獲選參與加拿大魁北克 Hy2gen Courant 專案的 275 兆瓦前端工程設計（FEED）。

And on July 7, we announced that Plug secured a 50-megawatt GenEco Electrolyzer order following the final investment decision from Orica, for Orica's Hunter Valley Hydrogen Hub in Australia, and this is the largest renewable hydrogen project to reach FID in Australia. As an update on the business, our 100-megawatt project with GALP in Portugal and our 25-megawatt project with Iberdrola and BP in Spain continued progressing positively on the commissioning.

此外，在 7 月 7 日，我們宣布 Plug 在 Orica 作出最終投資決定後，取得一筆 50 兆瓦 GenEco 電解槽訂單，用於 Orica 位於澳洲的 Hunter Valley Hydrogen Hub；這是澳洲達成 FID 的最大再生氫專案。就業務進度更新而言，我們在葡萄牙與 GALP 的 100 兆瓦專案，以及在西班牙與 Iberdrola 與 BP 的 25 兆瓦專案，在試運轉（commissioning）方面均持續正向推進。

But I also want to flag something bigger in the horizon here. Because I think it is an important part of the Electrolyzer story for the next several years. Europe continues to advance the conversion of the Renewable Energy Directive III its called RED III into a national law across EU member states. Spain is the latest country to release a draft framework establishing an 11% renewable fuels of non-biological origin, which is the RFNBOs by 2040. This is backed by a specified non-compliance penalty and a system of tradable carbon reduction certificates. Based on our preliminary internal analysis, we believe Spain's framework alone could drive approximately 10 gigawatts of electrolyzer demand by 2030.

但我也想提醒各位，還有一個更重要的趨勢正在地平線上浮現。因為我認為，這將是未來幾年電解槽故事的重要一環。歐洲持續推進將《再生能源指令 III》（Renewable Energy Directive III，稱為 RED III）轉化為歐盟各成員國的國內法。西班牙是最新一個公布草案框架的國家，該框架到 2040 年將建立 11% 的非生物來源再生燃料（RFNBOs）目標。此框架並由明確的未遵循罰則，以及可交易的碳減量憑證制度作為支撐。根據我們初步的內部分析，我們認為僅西班牙的框架本身，就可能在 2030 年前帶動約 10 吉瓦的電解槽需求。

In addition, the European Commission approved a EUR 780 million Dutch Subsidy Scheme targeting 400 megawatts of electrolysis capacity with an action plan for early 2027, and also the European Commission plans on launching a fourth hydrogen auction in December of 2026 with a budget of up to EUR 500 million. Now this is the kind of regulatory tailwind that turns a strong pipeline into a durable, multiyear growth runway, and we like our position to capture it.

此外，歐盟執委會核准一項金額為7.8億歐元的荷蘭補助計畫，目標為400兆瓦的電解產能，並制定於2027年初前推動的行動計畫；同時，歐盟執委會也計畫於2026年12月啟動第四次氫能拍賣，預算最高可達5億歐元。這正是那種監管面的順風，能把強勁的專案儲備轉化為可持續、跨多年的成長跑道，而我們也看好自身的布局能把握這個機會。

Now turning to Hydrogen. Our Fuel business delivered approximately 15% revenue growth year-over-year to $39.5 million. This has driven continued growth in hydrogen consumption across our expanding customer base. Fuel gross margin improved to negative minus 48% -- negative 48% from negative 91% a year ago, on improvement plant utilization, production efficiency and network optimization across our production facilities in Georgia, Tennessee and Louisiana. We still have work to do here, obviously, but the trajectory is decisively in our favor, and we expect that progress to continue through the second half of the year.

接著談氫能。我們的燃料業務營收年增約15%，達到3,950萬美元。這帶動我們不斷擴大的客戶基礎之氫氣消耗量持續成長。燃料毛利率由一年前的負91%改善至負48%（負48%），主要受惠於工廠稼動率提升、生產效率改善，以及我們在喬治亞州、田納西州與路易斯安那州各生產設施的網路最佳化。顯然我們仍有許多工作要做，但趨勢明確對我們有利，我們預期這項進展將在今年下半年持續。

We ended the period with $161.9 million of unrestricted cash. with net cash usage improving to $61 million for the quarter, down approximately 58% sequentially. We are also executing on our asset monetization programs, and as an update to the Stream transaction we announced on July 13, where we indicated approximately $80 million of expected near-term liquidity, we have already received $47 million. This is a step forward of our initiative to allot more than $275 million through this asset monetization and non-dilutive financing, and we expect to keep delivering on this initiative in the coming quarters.

期末我們持有不受限制現金1.619億美元；本季淨現金使用額改善至6,100萬美元，較前一季約下降58%。我們也在推進資產變現計畫。就我們於7月13日宣布的Stream交易更新而言，當時我們表示預期短期可帶來約8,000萬美元的流動性，而我們已經收到4,700萬美元。這是我們透過資產變現與非稀釋性融資合計配置超過2.75億美元之計畫向前邁進的一步，我們預期在未來幾季將持續交付這項計畫成果。

So put simply, this was a good quarter, and it sets up an even better second half. Revenue is growing. Margins are approaching breakeven. Operating expenses are down 50%. Cash burn is falling, and we are raising our full year guidance to 15% to 16% growth.

簡而言之，這是一個不錯的季度，並為更強勁的下半年奠定基礎。營收正在成長。毛利率正接近損益兩平。營業費用下降50%。現金消耗正在下降，我們也將全年指引上調至成長15%至16%。

We remain on track to deliver positive EBITDAS in the fourth quarter and milestone numbers, a real turning point for the company. We're building Plug into the profitable cash-generative hydrogen leader we set out to become. We have work to do, but Q2 is more evidence that we are getting there.

我們仍按計畫在第四季實現正向EBITDAS並達成里程碑數字，這將是公司真正的轉捩點。我們正把Plug打造為我們原先立志成為的、具獲利能力且能產生現金的氫能領導者。我們仍有工作要做，但第二季進一步證明我們正朝目標邁進。

And with that, I'll turn the call over to Paul for a more detailed review of the quarter, including our liquidity position and financial outlook. Thank you. Paul?

接下來，我把電話會議交給Paul，請他更詳細回顧本季表現，包括我們的流動性狀況與財務展望。謝謝。Paul？

Thank you, Jose Luis, and good afternoon, everyone. Building on Jose Luis' comments, I want to leave you with three key takeaways from the quarter. First, the margin transformation is real and it is compounding. We exited Q2 at essentially breakeven gross margin, roughly a 30-point improvement from a year ago. Second, our cost discipline is showing up everywhere it should including improved margins and reduced OpEx, which yields reduced cash use.

謝謝你，Jose Luis，各位下午好。延續Jose Luis的評論，我想用本季三個重點結論作為總結。第一，毛利率的轉型是真實的，而且正在持續累積成效。我們在第二季末的毛利率基本上已達損益兩平，較一年前約改善30個百分點。第二，我們的成本紀律在該呈現的地方都已顯現，包括毛利率改善與營業費用（OpEx）下降，進而降低現金使用。

And third, we believe we have the capital and the levers in place to execute the balance of the year. This stems from current cash balances, continued improvements in margins, reduced CapEx and the ongoing asset monetization efforts.

第三，我們相信我們已具備資本與可運用的槓桿，以執行今年剩餘期間的計畫。這來自目前的現金餘額、毛利率持續改善、資本支出（CapEx）降低，以及持續進行的資產變現工作。

And diving into the details of the quarter, as Jose outlined, net revenue for the quarter was approximately $178 million, which was up 9% sequentially, bringing the first half to $342 million, up 11% year-over-year. The first half is slightly ahead of the range we outlined in May, so the shape of the year is playing out slightly better than we -- the way we told you it would. And as Jose Luis outlined, given our traction and pipeline, we're increasing our full year projection to 15% to 16% growth off of 2025. We expect some growth in Q3 '26 sequentially and and over the Q3 of prior year, but the majority of the volume in the second half forecast we expect unfolding in the fourth quarter of '26.

進一步看本季細節，如Jose所述，本季淨營收約為1.78億美元，較前一季成長9%，使上半年累計達3.42億美元，年增11%。上半年表現略優於我們在5月提出的區間，因此全年走勢的形狀，呈現得比我們——也就是我們先前告訴各位的——稍微更好一些。同樣如Jose Luis所述，基於我們的進展與專案儲備，我們將全年預估上調為較2025年成長15%至16%。我們預期2026年第三季將較前一季以及較去年第三季有一定成長，但下半年預測中的大部分出貨量，我們預期將在2026年第四季逐步實現。

On margins, let me expand a bit because this is where the last 2 years of work really are starting to show off. Gross margin came in at essentially breakeven versus the 31% a year ago, as I outlined. Every platform contributed. Equipment margin was positive driven from volume leverage, continued manufacturing cost optimization and supply chain leverage. We're also recognizing benefits based on the tariff recoveries and reduced tariff spend.

關於毛利率，我想再多補充一些，因為這正是過去兩年努力開始展現成果的地方。如我所述，毛利率基本上達到損益兩平，相較一年前的31%（負31%）有明顯改善。各平台皆有貢獻。設備毛利率轉正，主要受惠於規模效益、持續的製造成本最佳化，以及供應鏈槓桿。我們也因關稅回收與關稅支出降低而認列相關效益。

Service margin was 27% positive as unit reliability keeps improving. Our cost of service is down materially, and that's letting us expand the tech unit coverage and drive overhead leverage. PPA loss rates improved to roughly negative 30% from negative 92% a year ago, which has driven cost reductions to service this PPA fleet, coupled with the sale-leaseback buyback program which reduces our equipment lease cost.

服務毛利率為正27%，因為單位可靠度持續提升。我們的服務成本大幅下降，這讓我們得以擴大技術單位覆蓋並提升間接費用槓桿。PPA虧損率由一年前的負92%改善至約負30%，帶動服務該PPA車隊的成本下降；同時，搭配售後回租回購計畫，降低了我們的設備租賃成本。

Fuel margin improved roughly negative 48% from negative 91% as Jose Luis outlined, driven by the increased plant utilization, improved network optimization and benefits of our supply agreements. Still a lot of work to do, but these are structural improvements, not 1 quarter effects, and they keep on lowering our breakeven threshold. Just to prelude the second half in context of our target to achieve positive EBITDAS in Q4, this will come mainly from increased gross margin and will stem from many factors. Driving more sales as the second half will be 40% higher than the first half, and this will mostly come from equipment volume. Driving more cost downs in manufacturing and supply chain such as ramping our diffusion bonding process for ELX stacks as an example.

如Jose Luis所述，燃料毛利率由負91%改善至約負48%，主要受惠於工廠稼動率提升、網路最佳化改善，以及供應協議帶來的效益。仍有許多工作要做，但這些是結構性改善，而非單一季度的短期效應，並且持續降低我們的損益兩平門檻。為了在我們以第四季達成正向EBITDAS為目標的脈絡下先行鋪陳下半年，這將主要來自毛利率提升，並由多項因素驅動。隨著下半年銷售將比上半年高出40%，我們將推動更多銷售，而這主要將來自設備出貨量。在製造與供應鏈方面推動更多降本，例如以提升ELX堆疊的擴散接合（diffusion bonding）製程產能為例。

Continuing our service reliability improvement trends and driving enhanced tech leverage, especially given the number of sites and GenDrives being deployed in the second half. Further improving the fuel network leverage given continued growth in fuel sales and focus on network lists costs and network efficiency, driving even more improvements in our PPA platform by further service cost reductions and completing more sale-leaseback buybacks.

延續我們在服務可靠度改善的趨勢並提升技術槓桿，特別是考量下半年將部署的站點數量與GenDrive數量。在燃料銷售持續成長下，進一步提升燃料網路槓桿，並聚焦於網路清單成本與網路效率；同時，透過進一步降低服務成本並完成更多售後回租回購，推動我們PPA平台的更多改善。

GAAP operating expenses were the $62 million, down 50% year-over-year, but I want to be transparent on the composition. This includes $39.7 million of recoveries of previously impaired assets, principally the $37 million gain from a resolution of a customer contract dispute we've settled in June. Excluding that recovery and the IT sale transaction fees for this quarter and excluding impairment, restructuring and other non-cash changes in contingent consideration, as an example, operating expenses continued to decrease. And we believe we remain on the path towards the roughly $75 million a quarter run rate we discussed in May. The OpEx reduction stems from continued scrutiny over headcount, discretionary spend discipline and from reduced CapEx spend yielding lower depreciation.

GAAP營業費用為6,200萬美元，年減50%，但我想就其組成保持透明。其中包含3,970萬美元的先前已減損資產回收，主要是我們在6月已和解的一項客戶合約爭議解決所帶來的3,700萬美元收益。若排除該項回收、本季IT出售交易費用，以及減損、重整與其他非現金的或有對價變動等項目作為例子，營業費用仍持續下降。我們相信我們仍在朝5月所討論的、每季約7,500萬美元的費用水準（run rate）邁進。OpEx下降主要來自持續檢視人力編制、嚴守非必要支出紀律，以及資本支出降低帶來折舊費用下降。

On the bottom line, GAAP EPS was a loss of $0.14 versus a loss of $0.20 a year ago. I'd note that the GAAP result in Q2 of '26 carries about $104 million of non-cash mark-to-market valuation charges for our convertible debt and warrant liabilities, driven primarily by our own stock price appreciation in the quarter. Adjusted EPS was a loss of $0.07 versus $0.18 a year ago, and reconciliations on the adjusted EPS numbers are in our tables. The net cash usage for the quarter was roughly $61 million, an improvement of 58% over Q1 of '26. The continued asset monetization efforts contributing to margins and overall reduced cash usage, but even setting those aside, underlying burn continues to improve and to step down on margin improvement, working capital leverage and reduced CapEx spend.

就最終結果而言，GAAP 每股盈餘（EPS）為虧損 0.14 美元，相較於去年同期虧損 0.20 美元。我想指出，'26 年第二季的 GAAP 結果包含約 1.04 億美元的非現金按市價（mark-to-market）估值費用，係針對我們的可轉換債務與認股權證負債，主要由於本季我們自身股價上漲所致。調整後 EPS 為虧損 0.07 美元，相較於去年同期虧損 0.18 美元；調整後 EPS 的調節表已列於我們的表格中。本季淨現金使用約 6,100 萬美元，較 '26 年第一季改善 58%。持續的資產變現努力有助於毛利率並整體降低現金使用；但即便不計入這些因素，基礎現金消耗仍持續改善，並隨著毛利率改善、營運資金槓桿效益以及資本支出（CapEx）降低而逐步下降。

Inventory is down about $28 million from year-end, and we still expect at least $100 million of inventory reduction for the full year weighted to the second half. Capital spending remains light under $9 million in the first half. We ended the quarter with $162 million of unrestricted cash and $510 million of restricted cash, which means we have over $670 million in total cash. The restricted cash continues to keep coming back to us, more than $115 million release in the first half and roughly $155 million of the remaining balance is scheduled to release over the next 12 months. It is effectively a built-in non-dilutive funding stream.

庫存較年末下降約 2,800 萬美元，我們仍預期全年至少可減少 1 億美元庫存，且將偏重於下半年實現。資本支出在上半年仍維持輕量，低於 900 萬美元。本季末我們持有 1.62 億美元不受限制現金與 5.10 億美元受限制現金，代表我們總現金超過 6.70 億美元。受限制現金持續回流給我們，上半年已釋放超過 1.15 億美元，且剩餘餘額中約 1.55 億美元預計在未來 12 個月內釋放。這實際上是一條內建的、非稀釋性的資金來源。

And subsequent to quarter end, we announced the transaction is expected to generate approximately $80 million of near-term liquidity through the sale of our Graham Texas project and the stage closing of New York Great Gateway. The first phases of these program to unlock more than $275 million through this overall asset monetization non-dilutive financing program. Out of this initial $80 million in July and August to date, we received already $47 million, bringing the total for this endeavor so far to $52 million.

此外，在季末之後，我們宣布該交易預計可透過出售我們的德州 Graham 專案，以及紐約 Great Gateway 的分階段交割，在短期內帶來約 8,000 萬美元的流動性。該計畫的第一階段將透過整體資產變現的非稀釋性融資計畫，釋放超過 2.75 億美元。在 7 月與截至目前 8 月的這筆初始 8,000 萬美元中，我們已收到 4,700 萬美元，使得此項工作迄今合計達到 5,200 萬美元。

For the full year, we plan for our sales growth of 15% to 16%, and we believe that the first half puts us squarely on that trajectory, remaining laser-focused on our Q4 goal of positive EBITDAS. The levers are the ones that you watch us pull on all year and the ones that I've outlined today. We believe we have the balance sheet and clear non-dilutive capital opportunities to execute. In summary, we believe we are postured to deliver on our targets. We have set for ourselves this year, and we look forward to sharing more as our progress progresses throughout the year.

就全年而言，我們規劃銷售成長 15% 至 16%，且我們認為上半年的表現使我們穩穩走在該軌道上，同時仍高度聚焦於第四季達成 EBITDAS 轉正的目標。槓桿手段就是你們今年一路看到我們在拉動的那些，以及我今天所概述的那些。我們相信我們具備資產負債表實力，並擁有明確的非稀釋性資本機會以推動執行。總結而言，我們相信我們已就位，可交付我們的目標。這些是我們今年為自己設定的目標，我們也期待在今年進展持續推進的過程中，分享更多資訊。

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

接下來，我把時間交還給 Jose Luis。

Thank you, Paul. So now again, thank you for attending the call, and we'll go to the questions part of the call.

謝謝你，Paul。那麼再次感謝各位參與本次電話會議，我們現在進入提問環節。

(Operator Instructions) Colin Rusch, Oppenheimer.

(接線員指示) Colin Rusch，Oppenheimer。

I appreciate the question here. Can you talk about the drivers for the Service margins? How much of that is being driven by improved contracting and how much of it is being driven by better performance of the assets out in the field?

感謝讓我提問。你們能談談服務毛利率的驅動因素嗎？其中有多少是由合約條款改善所帶動，又有多少是由現場資產表現更佳所帶動？

Colin, thank you for the question. The improvement on the services really is driven by several factors. One of them is the reliability of the units is improving. The stack performance is improving. And that's leading to us being able to use less techs, to actually service the units.

Colin，謝謝你的問題。服務面的改善確實由多項因素驅動。其中之一是機組的可靠性正在提升。電堆（stack）性能正在改善。這使得我們能用更少的技術人員，實際去維護這些機組。

So the overhead is also improving. And adding to that, over the last couple of years, as you know, we went through a process of cautiously increasing pricing on services to be aligned to the reality of the cost of servicing the unit. So all of that together has contributed to this 27% margin that you see right now. And it's actually structural. It's something that we believe, is sustainable.

因此，間接費用也在改善。此外，過去幾年如你所知，我們經歷了一個審慎提高服務定價的過程，使其與維護機組的成本現實相一致。綜合以上因素，共同促成了你們目前看到的 27% 毛利率。而且這其實是結構性的。我們相信這是可持續的。

Excellent. And then just thinking about the pipeline of hydrogen projects. You guys have made a nice dent in moving these things forward. Just -- I'm curious about urgency around some of the projects in Europe, starting construction and really starting to see some of the ramp on Equipment orders. How should we think about that as we get through the balance of this year and into next year?

很好。接著談談氫能專案的管線。你們在推動這些專案向前方面取得了不錯的進展。我想了解的是，歐洲一些專案在開工建設、以及設備訂單開始放量方面的急迫性如何？在今年剩餘時間到明年，我們應該如何看待這件事？

So we have already seen not necessarily in Europe Orica, for example. I think it got lost a little bit in the in the market dynamics, but Orica is a 50-megawatt order. First FID project in Australia. And if you think about it, our largest order was 100 megawatts from GALP. This is the second largest order.

我們其實已經看到一些進展，不一定是在歐洲；例如 Orica。我認為它在市場動態中有點被忽略了，但 Orica 是一筆 50 兆瓦的訂單。這是澳洲第一個做出最終投資決策（FID）的專案。如果你想想看，我們最大的訂單是來自 GALP 的 100 兆瓦。這是第二大訂單。

The award of 55 megawatts from Carlton Power in the UK is now becoming FIDs. We saw the first FID with 30 megawatts. And we are already manufacturing and getting ready for implementation in the UK for those projects. We see even our own projects that we have in Spain with our joint venture with ACCIONA moving towards FID with subsidies being awarded by the European Hydrogen Bank.

英國 Carlton Power 的 55 兆瓦授標現在正逐步走向 FID。我們已看到第一個 FID，規模為 30 兆瓦。而我們已在為英國這些專案進行製造並準備導入實施。我們也看到我們在西班牙、與 ACCIONA 合資的自有專案，正隨著歐洲氫能銀行（European Hydrogen Bank）補助的核發而邁向 FID。

I think those two projects have the largest per kilogram award in the market. So we see a lot of activity in the European market. We see many projects that are coming along to get to by the end of the year, beginning of 2027. And you will be hearing more news about those projects in the coming quarters.

我認為那兩個專案在市場上每公斤的補助金額是最高的。因此我們看到歐洲市場非常活躍。我們看到許多專案正推進中，預計在今年底、2027 年初前後達成。未來幾季你們將會聽到更多關於這些專案的消息。

Eric Stine, Craig-Hallum.

Eric Stine，Craig-Hallum。

So I was hoping we could talk about Material Handling. I'm interested in these two customers, the 20,000 units over 3 years. As I think about how you've talked about the repowering opportunity, it's been something that you've been optimistic about, but it seems like it was off a little ways.

我希望我們能談談物料搬運（Material Handling）。我對這兩位客戶很感興趣，三年合計 20,000 台。當我回想你們談到的 repowering（汰換/升級動力系統）機會時，那一直是你們相當樂觀的方向，但看起來原本還要再等一段時間。

So now you're talking about these two customers. I'm curious, I mean, is this -- is it fair to say that this is kind of sped up a little bit versus previous expectations? Or is this more kind of a normal refresh versus they're just proactively deciding to do it for the next-gen fuel cell system?

現在你們談到這兩位客戶。我想了解，這是否可以說相較於先前預期有點加速了？還是說這更像是正常的更新週期，只是他們主動決定改用下一代燃料電池系統？

It is really being driven by the refresh timing. We are going to refresh some of those units in the range of around 2,000 of them already in 2026. And then as the year progresses, we are expecting to start refreshing with the two largest customers in the next 3 years to complete the total fleet.

這主要是由更新時點所驅動。我們在 2026 年就會先更新其中一部分機組，規模大約 2,000 台。接著隨著年度推進，我們預期在未來 3 年開始與兩大客戶進行更新，以完成整個車隊（fleet）的全面汰換。

In both cases, what we're seeing is that we're reaching in many of the sites over the next 3 years, the time to refresh the units. And as the units are becoming more reliable and as we are basically coming with all the upgrades and all the improvements that we've done to the units in the field. The new units are going to have that in -- already in the production units. The customers are also interested in doing the refreshes. But mainly, they are driven by the normal natural timing of the refreshes, which is starting now.

在這兩種情況下，我們看到的是，在未來 3 年內的許多站點，我們都將到達需要更新（refresh）設備單元的時間點。而隨著這些單元變得更可靠，且我們基本上把對現場單元所做的所有升級與改良都導入其中，新單元在量產出貨時就會把這些內容——已經內建在生產單元裡。客戶也有興趣進行更新。但主要驅動因素仍是更新的正常自然時點，而這個週期現在正開始。

Okay. And so these are your two largest customers. Is this -- did you say that this kind of completes their -- I mean, this would be their footprint? Or it would seem like this could be a multiyear beyond that you were talking about for the specific opportunity with these two.

好的。所以這是你們兩個最大的客戶。這——你是說這某種程度上就完成了他們的——我是說，這會是他們的佈點規模（footprint）嗎？還是看起來，對於你剛才提到的這兩家客戶的特定機會，可能會是跨越多年的機會、甚至超出那個範圍？

This would be their normal footprint for renewals or refreshes of the units that they have in the field right now. I'm not sure maybe if I didn't understand the question correctly, please.

這會是他們針對目前現場已部署單元所進行續約或更新的正常佈點規模。我不確定是否我沒有正確理解你的問題，請再說明一下。

Well, I just would add if you think about it like a portfolio, there's more and more sites, and they're adding sites this year as an example. So they go through a normal reset cycle, but this is kind of -- one of them, in particular, is hitting a major refresh cycle starting here now. And the other one, although they've been on refresh, it's starting to grow and build on that. And as they add more sites, it will become bigger and bigger. So we expect a pretty incremental step function in terms of this refresh activity starting from here on out just because of those dynamics.

嗯，我只是補充一下：如果你把它想成一個投資組合，站點會越來越多；例如他們今年也在新增站點。所以他們會走一個正常的重置週期，但其中一家尤其是，現在開始進入一個主要的大型更新週期。另一家雖然一直在做更新，但現在開始在此基礎上成長、擴大。而隨著他們新增更多站點，規模會變得越來越大。因此，基於這些動態，我們預期從現在開始，這類更新活動在增量上會出現相當明顯的階梯式提升。

So I guess it's going to be refreshed on top of the normal growth on those customers.

所以我想，這會是在這些客戶的正常成長之上，再疊加一波更新。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

Chris Dendrinos, RBC Capital Markets.

Chris Dendrinos，RBC Capital Markets。

Maybe just on the fueling margins here and I think pretty solid improvement year-on-year sequentially, call it, relatively flat. Just what are the next big drivers to push -- to fuel, no pun intended, more fueling improvement?

也許就加氫（fueling）毛利來看，我認為年對年、以及連續季度都有相當穩健的改善，但如果說大致上，可能相對持平。接下來推動——也就是推動加氫改善的下一些主要驅動因素是什麼？（無意雙關）

Thank you, Sherif (sic - Chris). We're going to continue operating more efficiently the plants. We have the three plants, Tennessee, Georgia and Louisiana. So as we continue operating them, we are getting more efficient and higher utilization of the plants. On the logistics side, we're going to continue also improving our logistics.

謝謝你，Sherif（口誤——Chris）。我們會持續以更高效率來營運工廠。我們有三座工廠：田納西、喬治亞與路易斯安那。因此，隨著我們持續營運，我們的效率會提升，工廠稼動率也會更高。在物流端，我們也會持續改善物流。

We are continuously trying to make sure that we deploy and send hydrogen to our customers in the most effective way. and we are implementing systems to be able to do that the most effective way that's possible. And finally, we are working in each one of the sites and also in the plants to make sure that the actual efficiency of the systems is improving over time. So those are the items that we're working on to improve our margins in hydrogen.

我們持續確保以最有效的方式部署並將氫氣送達客戶，並且正在導入系統，以便能以盡可能最有效的方式來執行。最後，我們也在每一個站點以及工廠端努力，確保系統的實際效率能隨時間持續提升。以上就是我們正在推動、用以改善氫氣業務毛利的事項。

Got it. And maybe just as a follow-up to an earlier question on electrolyzer pipeline here, and you highlighted Spain being a potential, I think, 10-gigawatt market by 2030. What are kind of the key markers here? What should we be looking for in terms of I guess, the cadence of when demand potentially pick up for that market specifically?

了解。另外，延續先前關於電解槽（electrolyzer）管線的問題，你提到西班牙到 2030 年可能是一個 10GW 的市場。這裡的關鍵里程碑大概有哪些？就該市場而言，我們應該關注哪些訊號，來判斷需求可能何時開始加速？

So RED III, which is the regulation that is being implemented as a law in the different countries, in the different European member states, mandates a certain amount of hydrogen being used in transportation and specifically for refineries to be converted as different percentages in different countries, but there is numbers for each one of the countries before 2030. So what we're going to see -- and 2030 is here. I mean we are right now mid-2026. So we have basically 3.5 years to make those conversions. So we are already seeing some of those projects moving.

RED III，也就是正在各國、各歐盟成員國落實為法律的法規，規定運輸領域必須使用一定比例的氫氣，並且特別要求煉油廠進行轉換；各國的比例不同，但在 2030 年前，每個國家都有相對應的數字目標。所以我們將會看到——而 2030 其實已經很近了。我的意思是，我們現在是 2026 年年中。因此我們基本上只有 3.5 年來完成這些轉換。所以我們已經看到其中一些專案開始推進。

The projects that we already have, and we are implementing Iberdrola and BP and the project with GALP. And some of the projects that we have smaller projects on the refinery side is a result of this legislation becoming a reality. So as this gets, the draft in Spain, for example, gets aprroved, which is expected to be in the next few months. And it becomes an actual law, we are expecting the company to start actually executing and moving forward with the projects.

我們已經在執行的專案，包括 Iberdrola 與 BP 的專案，以及與 GALP 的專案。另外，我們在煉油端也有一些較小型的專案，這些都是因為這項立法正在成為現實所帶來的結果。因此，當這些內容——例如西班牙的草案——獲得核准（預期在未來幾個月內），並成為正式法律時，我們預期企業將開始實際執行並推進這些專案。

We have -- many of those projects are already in our funnel. This is the $8 billion funnel that we've been talking about. These are not new projects that we're going to basically pick up right now. It's projects that have been -- many of them we've done the engineering phase. They are ready to go.

我們有——其中許多專案已經在我們的漏斗（funnel）裡。這就是我們一直在談的 80 億美元漏斗。這些不是我們現在才要去新增抓取的新專案。而是已經存在的專案——其中很多我們已完成工程設計階段。它們已經準備就緒。

And once this happens, the project will start moving forward, and we hope that by the end of this year, beginning of next year, we will start seeing some of these projects becoming a reality by reaching FID.

一旦這些條件到位，專案就會開始往前推進；我們希望在今年底、或明年初，就會看到其中一些專案透過達成 FID（最終投資決策）而成為現實。

Saumya Jain, UBS.

Saumya Jain，UBS。

Congrats on the quarter. So now that gross margins have approached breakeven, can you provide more color on the primary structural drivers, whether it's pricing power, product mix or lower input costs that are expected to push margins into the positive territory in the second half of the year?

恭喜本季表現。既然毛利率已接近損益兩平，你能否更詳細說明一下，預期在今年下半年推動毛利率轉正的主要結構性驅動因素？例如定價能力、產品組合，或投入成本下降等。

I'm going to let Paul to take that one.

我讓 Paul 來回答這題。

Yes. I think -- so -- the first thing is sales volume. If you think about us with the numbers that we've shared and the forecast of our guidance, as I said earlier, that suggests mathematically that will be up to meet those forecasts, its about 40% growth off of the first half. And that mostly is equipment volume. And that's where we really become very accretive because of the contribution margin since we're already coming the fixed overhead. So that's a big driver.

好的。我想——首先是銷售量。如果你看我們已分享的數字與指引預測，如我先前所說，從數學上推算，要達到那些預測，下半年相較上半年大約需要成長 40%。而那主要來自設備出貨量。這也是我們最具增益（accretive）的地方，因為在固定間接費用已經覆蓋的情況下，貢獻毛利會非常明顯。所以這是一個很大的驅動因素。

The second is we still got lots of opportunities on the manufacturing cost. And so we're still very early in the Electrolyzer scale and manufacturing processes and still have a lot of opportunities to optimize that cost structure. We have already driven a lot of cost out of that equipment and continue to put in further cost downs on that as an example. The other two big buckets really is Service you've seen big moves on Service margin. We have seen -- we see continued improvements in reliability which gives us opportunity to leverage more units for tech as we continue to scale.

第二，我們在製造成本方面仍有很多機會。我們在電解槽的規模化與製造流程上仍處於非常早期階段，還有很多空間可以優化成本結構。我們已經在設備上降低了不少成本，並會持續推進進一步的降本措施，這就是一個例子。另外兩個主要大項其實是服務（Service）——你已經看到服務毛利有很大的改善。我們也看到——隨著可靠性持續提升，當我們繼續擴張規模時，就有機會用更少的技術人力去支撐更多的設備單元。

And since we have a lot of units and sites going live in the second half, we're continuing to take advantage of that. But we continue to invest in more reliability improvement processes. And so that's continued to pay off. And then lastly, as we just talked a few minutes ago, it's about the fuel.

而且由於我們在下半年有大量機組與站點將上線，我們會持續善用這一點。但我們也持續投資於更多可靠性改善流程。因此這些投入持續帶來成效。最後，正如我們幾分鐘前剛談到的，重點在於燃料。

And so as we continue to scale volume on our fuel network drive out improved logistics costs and efficiencies of the systems. Those are the themes that you're going to continue to see collectively drive margin. But in the second half, in particular, it's mainly sales volume. It's just such a big big step function in term -- in context of our targets and our forecast.

因此，隨著我們持續在燃料網路上擴大量能，將帶動物流成本下降並提升系統效率。這些主題將會是你們持續看到、共同推動毛利率的因素。但就下半年而言，尤其主要是銷售量。就我們的目標與預測的脈絡來看，這是一個非常非常大的躍升。

Great. And then with recent milestones, like the order for Orica and the Carlton Power FID, what is the conversion rate time line for turning feed scope, such as the Quebec project into firm FIDs?

很好。那麼，隨著近期里程碑，例如 Orica 的訂單以及 Carlton Power 的 FID，將 FEED 範疇（例如魁北克專案）轉為確定 FID 的轉換率與時間軸為何？

In the case of the project in Canada, we're working right now on the FEED, as we mentioned. And the estimated FID time line is beginning of 2027. It could -- with these big projects, as you know, things are a little bit fluid. So that is the estimated timeline we have right now, it could move to Q3, but we have other projects as well that are going into the same process. And we're seeing projects converting to FID like, as you mentioned, the Orica 50 megawatts and the Carlton 30 megawatts, and we are expecting the next 25 megawatt to become and to convert into FID before the end of the year.

以加拿大的專案為例，我們目前正如先前提到的在進行 FEED。預估的 FID 時程是 2027 年初。當然，如你所知，這類大型專案的進度會有些彈性。所以這是我們目前的預估時程，也可能會移到第三季；但我們也有其他專案正進入相同流程。我們也看到專案正在轉為 FID，例如你提到的 Orica 50 兆瓦與 Carlton 30 兆瓦；並且我們預期下一個 25 兆瓦專案會在年底前成案並轉為 FID。

Sameer Joshi, H.C. Wainwright.

Sameer Joshi，H.C. Wainwright。

I just wanted to check on the cash management strategy in terms of the balance sheet. The interest rate loan -- would you be -- some of the working capital gains you're expecting from the inventory reductions and of course, gross margins becoming slightly positive. Is there -- and also money coming in from these asset monetization efforts. Is there any effort to reduce the debt?

我想確認一下資產負債表層面的現金管理策略。就利率貸款而言——你們是否會把因庫存降低所預期的部分營運資金改善，以及當然毛利率轉為略為正值所帶來的效益，再加上這些資產變現工作帶來的資金流入，用於降低負債？是否有這方面的作為？

Thank you, Sameer. I think I'm going to let Paul answer that question.

謝謝你，Sameer。我想我會請 Paul 來回答這個問題。

Yes. So on the debt side, the only thing we really have the convertibles and they're termed out in 8 years from now, there's no amortization of that. It's relatively speaking, a low-cost interest, unsecured facility. So we'll continue to monitor that and see what makes sense if there's the right capital opportunities to do that. But the reality is strength begets strength. So as we continue to show the progress that we're making in terms of improving growing sales, growing the margins, improving cash flows, we certainly expect in the second half, as we've talked all year, our plan is that we should see not just sales growth and margin enhancement, but continued reductions in the cash burn.

好的。就負債面而言，我們真正有的主要是可轉換公司債，期限是從現在起 8 年到期，且沒有攤還。相對而言，這是一筆低成本利率、無擔保的融資工具。因此我們會持續觀察，若有合適的資本機會，再評估怎麼做最合理。但現實是，強者恆強。因此，隨著我們持續展現在改善與成長銷售、提升毛利率、改善現金流方面的進展，我們確實預期在下半年——正如我們今年一直在談的——我們的計畫不僅是銷售成長與毛利率提升，也包括持續降低現金消耗。

And so that puts us in a good position as we start approaching potentially positive operating cash flows that it opens up even more avenues for me, for debt and capital solutions at lower cost options. But we're in a good position right now. We ended the quarter with a pretty sizable cash balance. We subsequent to the quarter end, as we've talked about, we've already brought in $47 million from this data center asset monetization with visibility of another $30 million to $35 million in the short term as that effort continues. And so we're in a good position as we sit now that to kind of fund the balance of the year.

因此，當我們開始接近營運現金流可能轉正時，這會讓我們有更多途徑可選，包含以更低成本取得債務與資本解決方案。但我們目前的狀況很好。我們在季末有相當可觀的現金餘額。而且在季末之後，正如我們提到的，我們已經透過這項資料中心資產變現帶入 4,700 萬美元，並且隨著該工作持續推進，短期內還可望再看到 3,000 萬至 3,500 萬美元的資金能見度。因此，以我們目前的狀況來看，我們有不錯的條件來支應今年剩餘期間的資金需求。

Understood. And then just one, stepping back your outlook for the year. I mean -- I guess your fuel and PPA revenues are sort of more or less predictable. But is this growth -- I mean you did mention this growth has mostly come from equipment sales. What kind of visibility do you have? Are there any takes and puts that may exceed your guidance or cause you to not achieve these levels?

了解。再來退一步看你們今年的展望。我的意思是——我想你們的燃料與 PPA 收入大致上較可預測。但這個成長——你們確實提到這個成長主要來自設備銷售。你們有多高的能見度？是否有任何可能超出你們指引、或導致你們無法達到這些水準的變數（take and puts）？

I mean, we decided to raise guidance because of we feel we have good visibility and expecting to meet that guidance. The majority of the second half of the year is going to be associated with execution, which is an important piece of the business. But from a commercial standpoint, we have good visibility on what's going to make the year in terms of midterm guidance.

我們決定上調指引，是因為我們覺得能見度良好，並預期能達成該指引。今年下半年的大部分將與執行交付相關，而這是業務中很重要的一環。但從商務面來看，就中期指引而言，我們對今年能達成的內容有良好的能見度。

Craig Irwin, ROTH Capital Partners.

Craig Irwin，ROTH Capital Partners。

First, I should say you guys did a great job conveying how Plug is clicking on all cylinders these days. So the prepared remarks, I appreciate those. Most of my questions have been answered. So I'm going to ask a bigger picture question. Over the years, I've sort of followed Plug closely have seen systems in your factory being prepped for delivery for very big technology names, Fortune 50 type names Intel is one that jumps out to me from the last couple of years.

首先我得說，你們在傳達 Plug 近期如何全速運轉方面做得很好。所以我很感謝你們的準備發言。我大部分的問題都已經被回答了。因此我想問一個更宏觀的問題。多年來我一直密切關注 Plug，也看過你們工廠裡的系統在出貨前為一些非常大型的科技公司做準備；在過去幾年裡，英特爾（Intel）是其中一個讓我印象深刻的例子。

And I know you don't always press release these things, but I know you've supplied electrolyzers and other power generation equipment to many of the Fortune 100, Fortune 500 other than the great names like Amazon that are kings of the data center market. What do you see as a potential avenue? Or are you exploring the opportunity for data center participation for Plug?

我知道你們不一定都會為這些事情發布新聞稿，但我知道你們已向許多《財富》100、《財富》500 的公司供應電解槽與其他發電設備，除了像 Amazon 這類在資料中心市場稱王的公司之外亦然。你認為有哪些可能的切入途徑？或者你們是否正在探索 Plug 參與資料中心市場的機會？

If you had a couple of hundred million dollars of incremental capital, is this something that you would do and that you could do on a relatively fair time line? What would it take for you to make the investment there given that you do have a competitor out there with a market cap in the tens of billions of range that I don't think has technology that's much better than Plug's, obviously, I prefer Plug's.

如果你們有額外數億美元的增量資本，這會是你們會做、而且能在相對合理的時間軸內做到的事情嗎？考量到外面確實有一家競爭對手，市值達數百億美元等級，而我不認為它的技術比 Plug 好多少——當然我更偏好 Plug 的——你們要在那裡投資需要具備哪些條件？

Craig. Thank you so much for your question and for attending the call, as usual, I appreciate the big picture question, and it's a good hypothetical. We had $200 million of capital to deploy. Obviously, the data center market is a market that everybody is paying a lot of attention to. And as you said, we have many customers of Plug that are data center customers.

Craig。非常感謝你的提問，也感謝你一如既往地參與這通電話會議；我很欣賞這個宏觀問題，這也是個很好的假設情境。如果我們有 2 億美元的資本可以部署。顯然，資料中心市場是大家都非常關注的市場。而且如你所說，Plug 的許多客戶本身就是資料中心客戶。

We did the first test with a 3-megawatt system with Microsoft for backup-power for data centers. Right now, as, Plug as we have said before, we are focused 100% focused on 3 lines of business: One is Material Handling, which is, at this moment, actually performing really well and is bringing a lot of the growth in the company. The other 1 is Electrolyzer. As I went through it before, the European market is about to heat up and to bring some orders to the table. We're expecting that to happen.

我們與 Microsoft 以 3 兆瓦系統做了第一次測試，用於資料中心的備援電力。目前，正如 Plug 先前所說，我們 100% 聚焦在三條業務線：第一是物料搬運（Material Handling），就目前而言表現非常好，並帶動公司相當多的成長。第二條是電解槽（Electrolyzer）。如我先前所述，歐洲市場即將升溫，並帶來一些訂單。我們預期這會發生。

And then the Hydrogen business, which is also an area of growth, we grew 15% the top line on Hydrogen. And we're expecting it to not only bring growth and eventually profitability. But also we are expecting -- and it is an enabler of our business. Without Hydrogen, none of these things really run.

接著是氫能業務，這同樣是一個成長領域，我們的氫能營收（top line）成長了15%。我們預期它不僅能帶來成長，最終也能帶來獲利。同時我們也預期——它是我們業務的促成因素。沒有氫能，這些事情其實都無法運作。

So those are the areas of the business that we are concentrating on. We are always looking at potential opportunities that we could grab in the market. And obviously, the data center market as being one that we've been looking at from different angles. One of them is to try to create a solution that using electrolyzer and using fuel cells could actually relieve a little the network tension that is created by data centers connected to the grid. Definitely, it's something that we're looking into.

所以這些就是我們正在聚焦的業務領域。我們也一直在尋找市場上我們可以把握的潛在機會。而且很明顯地，資料中心市場是我們從不同角度一直在研究的一個市場。其中一個方向是嘗試打造一套解決方案，透過電解槽與燃料電池，實際上可以稍微緩解因資料中心接入電網所造成的網路（電網）壓力。這絕對是我們正在評估的事情。

It's something that we haven't made any decisions. And right now, at the moment, we are concentrating on the 3 lines of business that I just mentioned, and we are going to push ahead on that, and making sure that with those lines business, we bring the company to profitability.

這是我們尚未做出任何決定的事情。而目前此刻，我們正專注在我剛提到的三條業務線上，我們會在這些方面持續推進，並確保透過這些業務線，讓公司達到獲利。

I like that. So my second question is positive EBITDAS in the fourth quarter. That's obviously something when you achieve it that Wall Street is going to cheer the results. Can you frame out what 2027 and 2028 could look like if maybe continue along this positive trajectory, mid- to upper teens revenue growth continued structural improvements in gross margin. How would you expect budgeting to work on your frictional costs and your prioritization of EBITDAS over the next couple of years?

我喜歡這樣。那我的第二個問題是第四季EBITDAS轉正。很明顯，當你們達成時，華爾街會為這個結果喝采。如果沿著這個正向軌跡持續前進，營收維持中段到高段十幾%的成長，毛利率也持續出現結構性改善，你能否描繪一下2027與2028可能會是什麼樣子？你們預期未來幾年在摩擦性成本（frictional costs）的預算編列，以及EBITDAS優先順序的安排會如何運作？

So we haven't given any guidance beyond 2026, except for, we said that 2027 was going to be operating income positive, in the fourth quarter, and we were going to be in 2028 profitable overall profitability -- EPS in fourth quarter. So I just wanted to share that we restate those, which is what we have given right now as guidance. And at this moment, we're not giving any additional guidance for 2027 and 2028. I don't know if you add anything?

我們除了2026之外，尚未提供任何進一步的指引；不過我們確實說過，2027年第四季將會達到營業利益轉正，而2028年整體將達到獲利——第四季EPS轉正。所以我只是想重申這些，這就是我們目前所提供的指引。而在此刻，我們不會再提供任何額外的2027與2028指引。我不知道你是否要補充什麼？

The only thing I would add at this point, Craig, is one thing we have said and we believe true and our baseline is we believe we have the infrastructure, the manufacturing facility, the things we need to do to deliver our plans. So we think there's a lot of leverage opportunity. And we don't really plan on a lot of incremental investment to achieve those -- that growth trajectory.

Craig，我此刻唯一想補充的是：我們一直說、也相信這是真的，而且我們的基準假設是——我們已具備基礎設施、製造工廠，以及交付我們計畫所需的一切。因此我們認為有很大的槓桿化機會。而且我們並不打算為了達成那樣的成長軌跡而進行大量的額外投資。

So achieving it in Q4 is going to be a big milestone, but it also postures us as we continue -- and we expect to grow. So maybe it's double digits like you said, but all growth will be variable contribution in that regard and tremendous leverage opportunities. So we're -- I'm pretty excited about the prospects -- and I'm sure as we move forward through this year, we'll be in a position to talk more and more about '27 onward. But we're postured really well.

所以在第四季達成將會是一個重要里程碑，但同時也讓我們在持續推進時具備更好的態勢——而我們預期會成長。所以也許如你所說是雙位數成長，但所有成長在那方面都會帶來可變貢獻，並且有巨大的槓桿化機會。所以我們——我對前景相當興奮——而且我相信隨著今年持續推進，我們會更有條件談更多關於2027年之後的情況。但我們的態勢真的很好。

Sherif Elmaghrabi, BTIG.

Sherif Elmaghrabi，BTIG。

I managed to disconnect myself, so I apologize if any of these have been asked before. But Jose Luis, you talked about this 30-megawatt project that FID-ed and the 50-megawatt project that FID-ed. Can you shed a little bit of light on the timeline for these bigger products after FID how long before they start up the commissioning process, the handover process. How long does that take? Any variation in time based on the size would be interesting?

我不小心把自己斷線了，所以如果這些問題之前有人問過，我先致歉。不過Jose Luis，你提到這個已做出FID的30兆瓦專案，以及已做出FID的50兆瓦專案。你能否稍微說明一下，這些較大型產品在FID之後的時程？要多久才會開始啟動試運轉（commissioning）流程、交接（handover）流程？這大概需要多久？不同規模是否會造成時間差異，也會很有參考價值。

So just these two examples on the project in the UK. We have already studied delivering some of the balance of plant to Europe, to set it up for the installation. It usually takes about -- depending on the project, obviously, I'm just going to give you high-level timelines 12 months to 15 months to start installation in is a little bit longer depending on the status of the project. And then once the installation happens, which could take a couple of months or maybe a quarter then you start with the commissioning. So it is a process in terms of getting the product out there to be installed and to be commissioned, that is in the 12 to 18 months process.

以英國的這兩個專案為例。我們已經研究過把部分BOP（balance of plant，系統配套設備）交付到歐洲，以便進行安裝準備。通常大約需要——當然視專案而定——我先給你高層級的時程：大約12到15個月開始進入安裝；若專案狀態不同，可能會再久一些。接著一旦開始安裝，可能需要幾個月或一個季度，然後就會開始試運轉（commissioning）。所以從把產品交付到現場、完成安裝並進入試運轉的整體流程，大約是12到18個月。

Now these type of projects because they are larger projects and they require a lot of advanced manufacturing are projects that we structure with milestone payments, and we also structure with percentage of completion accounting in the majority of the cases. So we start seeing revenues and we start seeing money, cash coming in from projects in the earlier stages.

另外，這類專案因為規模較大、需要大量先進製造，我們通常會以里程碑付款（milestone payments）來設計合約結構，而且在多數情況下也會採用完工百分比法（percentage of completion accounting）。因此在較早期階段，我們就會開始看到營收，也會開始看到資金、現金流入。

Got it. And then maybe something a little different. Last week, the Governor of Texas announced a moratorium on new data center construction. And I'm wondering if that affects the sale of your Texas assets given the counterparty for that transaction?

了解。那再問一個可能有點不同的。上週，德州州長宣布暫停核准新的資料中心建設。我想知道，這是否會影響你們出售德州資產的交易，考量到該交易的交易對手？

That last week, our understanding is -- it was a letter from the governor asking to review the data center projects that were on the list of project that want to be implemented in Texas. We believe there's going to be a review with very specific very specific items that were outlined in the letter just to make sure that the projects are the right projects and that their real projects are not -- no projects that are more speculative.

我們的理解是——上週那是一封州長的信，要求審查在德州待推動清單上的資料中心專案。我們相信會進行審查，並針對信中列出的非常具體、非常具體的項目來檢視，以確保這些專案是合適的專案、是真實的專案，而不是——不是更偏投機性的專案。

And we do believe that, that process is going to play out, and we continue working with the Stream through that process, and we continue with the effort that we have discussed about the monetization of the assets in Texas and New York. So we'll go through the process. We'll go through the questions and will help the Stream to get through everything that they need to get through and obviously, going through whatever the government in Texas requires that we need to do.

我們也相信這個流程會按部就班地推進；我們會在這個流程中持續與Stream合作，同時也會持續推動我們先前討論過的德州與紐約資產變現工作。所以我們會走完這個流程。我們會回應相關問題，並協助Stream完成他們需要完成的一切；當然也會配合德州政府要求我們必須做的任何事項。

Skye Landon, Rothschild.

Skye Landon，Rothschild。

Just a couple on the Electrolyzer business from me. Firstly, just think back to your symposium last year. I think your partner, Allied Green said that they were hoping to gross that project through 2026 and potentially even be at a point where they could submit firm orders to Plug before the end of the year. So just wondering if you could provide an update on those mega projects?

我這邊有幾個關於電解槽業務的問題。首先，回想你們去年研討會的內容。我記得你們的合作夥伴Allied Green表示，他們希望在2026年前推進該專案，甚至可能在今年年底前就能向Plug提交具約束力的訂單。所以想請問你們能否更新一下那些超大型（mega）專案的進展？

And then second one on the Electrolyzer business. You mentioned the ACCIONA JV in Iberia earlier. Just wondering if you could remind us all how that JV is set up, how big the initial projects are? And then importantly, kind of what funding plans would be for those projects once they took FID. That would be great.

第二個也是關於電解槽業務。你先前提到在伊比利亞與ACCIONA的合資公司（JV）。想請你再提醒大家這個JV的架構是怎麼設計的、初期專案規模有多大？以及更重要的是，一旦這些專案做出FID之後，資金籌措計畫大概會是什麼樣子。那就太好了。

Great. So on Allied Green, we continue working with Allied Green on the progression of the projects in Australia and in Uzbekistan. We announced both projects. And as I was saying before, these type of projects are complex and they take time. We're still expecting and hoping that we will get the go ahead as possible from Allied Green in either project. It seems like Uzbekistan is moving a little bit faster. But we keep on working on helping to try to get those projects to FID.

很好。關於 Allied Green，我們持續與 Allied Green 合作，推進其在澳洲與烏茲別克的專案進展。我們已公告這兩個專案。如我先前所說，這類專案相當複雜，且需要時間。我們仍然預期並希望 Allied Green 能盡快就其中任一專案給予放行（go ahead）。看起來烏茲別克的進度稍微快一些。但我們會持續努力協助推動這些專案走到 FID。

In the Spain JV is a 50:50 JV with ACCIONA Energia. ACCIONA is I think the largest -- and I say, I think I don't want to quote, but I think it's the largest renewable company in Spain, in Iberia for those that know what company is ACCIONA. And this is why we partner with them because they have access to renewables. We have several projects that we are developing with them, but the most advanced projects are a project in the region of Navarre in a city called Sanguesa. That project got [EUR2.5] from the European Hydrogen Bank, and we have basically all the ingredients to get to FID.

西班牙的合資企業（JV）是與 ACCIONA Energia 各持 50%：50% 的合資。ACCIONA 我認為是西班牙最大的——我說「我認為」是因為我不想引用錯誤——但我認為它是西班牙、在熟悉 ACCIONA 的人所說的伊比利亞地區最大的再生能源公司。這也是我們與他們合作的原因，因為他們能取得再生能源資源。我們與他們共同開發數個專案，但最先進的是納瓦拉地區、名為 Sanguesa 的城市中的一個專案。該專案獲得歐洲氫能銀行（European Hydrogen Bank）[EUR2.5] 的補助，而我們基本上已具備推進至 FID 的所有要素。

We're hoping that it probably will happen at the end of since beginning of 2027. And we will work with ACCIONA to find the funding for the projects. The same thing goes with the project in Zaragoza, which is the one that just got [EUR2.85]. I believe those two projects have the highest per kilo subsidies from the European Hydrogen Bank.

我們希望它大概會在 2027 年初至年底之間發生。我們將與 ACCIONA 合作，為這些專案尋找資金。薩拉戈薩（Zaragoza）的專案也是同樣情況，也就是剛獲得[EUR2.85] 的那個。我相信這兩個專案從歐洲氫能銀行取得的每公斤補助金額是最高的。

In the case of Zaragoza, project is a little bit less developed than the project in Navarre. That project right now, we're still working through funding and getting offtake. While in the case of Sanguesa, we already have lined up a potential high probability of taker. So that's the situation with those two projects. Behind that, we have another three or four projects that are in very, very early stages. But those two are the ones that are the main projects that we have on the table. And we'll work with ACCIONA for the funding once we reach FID.

就薩拉戈薩而言，該專案的開發程度比納瓦拉的專案稍微落後一些。目前我們仍在處理融資並取得承購（offtake）。而在 Sanguesa 的情況下，我們已經鎖定一位潛在、且機率很高的承購方。因此，這兩個專案的狀況就是如此。在此之後，我們還有另外三到四個非常、非常早期階段的專案。但目前擺在桌面上的主要專案就是這兩個。一旦我們達到 FID，我們將與 ACCIONA 一起處理融資。

Jason Tilchen, Canaccord Genuity.

Jason Tilchen，Canaccord Genuity。

Apologies if this was already asked, I've been hopping between a few calls. But I believe Paul said that progress towards Q4 EBITDA profitability is going to primarily be driven by gross -- continued gross margin improvement. I noticed there was such a notable step-down G&A expense in the quarter. Just hoping to unpack that decline a bit. And then looking forward, is that the right level of sort of fixed corporate costs to think about going forward?

如果這個問題之前已經有人問過，先說聲抱歉，我一直在幾通電話之間切換。但我相信 Paul 提到，朝向第四季 EBITDA 獲利的進展，主要將由毛利——也就是毛利率持續改善——所驅動。我注意到本季的 G&A（一般及行政）費用明顯下滑。希望能進一步拆解一下這個下降的原因。另外往前看，這是否就是未來可用來思考的固定公司成本水準？

Yes. There's always ebbs and flows and things that have been happening. And what we've been saying and projecting is that our normal run rate, if you will, we expect to be about $75 million a quarter. There was a large recovery via a contract dispute where we got -- we had obviously taken a reserve against that position. Because we got a large amount of money back on that program that resulted in a gain that showed up as an offset to OpEx. There's also some nominal restructuring and other charges in that bucket.

是的。總是會有起伏，以及一些正在發生的事情。我們一直在說、也一直在預測的是，我們的正常費用水準（run rate），如果你要這麼說的話，我們預期大約是每季 7,500 萬美元。我們透過一項合約爭議獲得了一筆較大的回收款——我們先前顯然已針對該立場提列了準備。因為我們在該專案上拿回了一大筆款項，因而產生一筆收益，並以抵減營運費用（OpEx）的方式呈現。此外，在那個項目中也有一些小額的重整及其他費用。

But if you back that out, $75 million is kind of our expected run rate. So we continue to be very thoughtful and disciplined on cost for overhead and discretionary spend, and we're particularly focused in the back half of the year given our goals there. But if you look at it just mathematically to get to the EBITDAS target, it's mainly through gross margin in the back half of the year and in Q4.

但如果把那些因素剔除，7,500 萬美元大致就是我們預期的常態費用水準。因此，我們在管理間接費用與可自由裁量支出方面，仍然非常審慎且自律；鑑於我們的目標，我們在下半年尤其聚焦。但如果純粹從數學上看，要達成 EBITDAS 目標，主要仍是靠下半年、尤其是第四季的毛利率提升。

So given the forecast that we've been sharing in what we anticipate for sales, that's about 40% growth off the first half. And most of that is through equipment sales. So it becomes very accretive when you sell incremental equipment -- when you've already covered your fixed cost at base. So that's where that comment came from and let's give you some color on what was going in Q2.

因此，依據我們一直分享的預測、以及我們對銷售的預期，下半年相較上半年約有 40% 的成長。其中大部分來自設備銷售。所以當你在既有固定成本已被基礎營運覆蓋的情況下，出售額外設備——這會帶來非常明顯的增益（accretive）。因此那段評論就是從這裡來的，也讓你了解第二季發生了什麼。

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

我們的問答環節到此結束。我想把時間交回去，看看是否有任何進一步或結語的評論。

Okay. So thank you all for the questions and for your continued engagement and support. Our priorities for the balance of 2026 are still the same as earlier. We're going to execute with discipline, keep converting our commercial pipeline, keep strengthening our liquidities through non-dilutive means and deliver positive EBITDAS in the fourth quarter. Q2 this quarter gives us a strong foundation for the second half.

好的。感謝各位的提問，以及持續的參與與支持。我們在 2026 年剩餘期間的優先事項仍與先前相同。我們將以紀律執行，持續轉化我們的商業管線，透過非稀釋性方式持續強化流動性，並在第四季達成正向 EBITDAS。本季第二季為下半年奠定了穩固的基礎。

Margins are improving. Cost discipline is holding, our backlog is growing, our cash usage is the way it has been all year, with our near-term liquidity outlook strengthened by the asset monetization process now coming and under regulatory and commercial tailwinds behind our Electrolyzer business are only getting stronger. We have said that before. Now it's about consistent delivery, but with the momentum we are building we are genuinely never more confident in where this business is headed for the rest of 2026 and well beyond it.

毛利率正在改善。成本紀律維持良好、在手訂單（backlog）持續成長、現金使用狀況與今年以來一致；而我們的短期流動性展望也因資產變現流程正在推進而獲得強化；同時，電解槽（Electrolyzer）業務背後的監管與商業順風只會越來越強。我們之前也說過。現在重點在於持續穩定交付；但以我們正在建立的動能而言，我們對這項業務在 2026 年剩餘期間以及更長遠的走向，確實比以往任何時候都更有信心。

Thank you again for your support. We look forward to updating you on the process in the next quarter. Thank you, everyone.

再次感謝各位的支持。我們期待在下一季向各位更新進展。謝謝大家。

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