Pioneer Power Solutions Inc (PPSI) 2025 Q3 法說會逐字稿

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

各位好，歡迎參加 Pioneer Power 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Corbin Woodhull of Hayden HR. Thank you, and you may begin.

現在我很高興向大家介紹主持人，來自 Hayden HR 的 Corbin Woodhull。謝謝，你可以開始了。

Thank you, Claudia. The call today will be hosted by Nathan Mazurek, Chairman and Chief Executive Officer; Walter Michalec, Chief Financial Officer; and Geo Murickan, President of Pioneer E-Mobility. On the call today, we will review the third-quarter financial results and recent business highlights. Following this, there will be a Q&A session open to participants on the call. Before we get started, I would like to remind participants, this call is being recorded.

謝謝你，克勞迪婭。今天的電話會議將由 Pioneer E-Mobility 董事長兼執行長 Nathan Mazurek、財務長 Walter Michalec 和總裁 Geo Murickan 主持。在今天的電話會議上，我們將回顧第三季財務業績和近期業務亮點。隨後將進行問答環節，所有參與電話會議的人員均可提問。在正式開始之前，我想提醒各位參與者，本次通話將會被錄音。

During this call, management may make forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to the cautionary text regarding forward-looking statements contained in the earnings release issued earlier today, Thursday, November 13, which applies to the content of this call.

在本次電話會議中，管理階層可能會發表前瞻性聲明。這些聲明是基於目前的預期和假設，但存在風險和不確定性，可能導致實際結果與預期結果有重大差異。請參閱今天（11 月 13 日，星期四）早些時候發布的盈利報告中有關前瞻性陳述的警示性文本，該文本適用於本次電話會議的內容。

I would now like to turn the call over to Nathan Mazurek, Chairman and CEO. Nathan, please go ahead.

現在我謹將電話轉交給董事長兼執行長內森·馬祖雷克。內森，請繼續。

Thank you, Corbin. Good afternoon, everyone, and thank you for joining us today. The third quarter was a highly successful period for Pioneer, highlighted by key equipment deliveries, strong order momentum, and significant penetration into the distributed power space. These achievements, combined with a robust project pipeline and Pioneer's continued investment in product development, position us to realize our full-year 2025 growth objectives and position us for accelerated growth in 2026.

謝謝你，科爾賓。各位下午好，感謝各位今天參加我們的節目。第三季對 Pioneer 來說是一個非常成功的時期，其亮點包括關鍵設備的交付、強勁的訂單動能以及在分散式電源領域的顯著滲透。這些成就，加上強大的專案儲備和先鋒公司對產品開發的持續投入，使我們能夠實現 2025 年全年成長目標，並為 2026 年的加速成長奠定基礎。

For the third quarter, we generated revenue of $6.9 million, an increase of 7.4% year over year, driven primarily by the increase in service sales from our critical power business. Year to date, revenue reached $22 million, up 68% compared to the same nine-month period last year, driven primarily by demand for our e-Boost Mobile charging solutions. These results reflect our ongoing success in expanding our product scope, broadening our customer base, and capitalizing on large new vertical markets.

第三季度，我們實現了 690 萬美元的收入，年增 7.4%，這主要得益於我們關鍵電力業務服務銷售額的成長。今年迄今為止，營收達到 2,200 萬美元，比去年同期成長 68%，主要得益於市場對我們 e-Boost Mobile 充電解決方案的需求。這些成果反映了我們在擴大產品範圍、拓展客戶群以及開拓大型新興垂直市場方面取得的持續成功。

Specifically, in the third quarter, we completed delivery of the last 5 e-Boost units of a 25-unit order for a landmark school district project totaling $1.3 million. This project represents one of the largest school bus fleet electrification initiatives in the country and underscores our ability to deliver turnkey mobile charging solutions for heavy-duty, high-utilization electric vehicles. This milestone strengthens our position as a leader in fleet electrification and highlights the growing demand for mobile, high-capacity energy solutions in the public sector.

具體來說，在第三季度，我們完成了為一個具有里程碑意義的學區專案交付的最後 5 台 e-Boost 設備，該專案共訂購了 25 台設備，總價值 130 萬美元。該項目是全國規模最大的校車車隊電氣化計劃之一，凸顯了我們為重型、高利用率電動車提供交鑰匙移動充電解決方案的能力。這一里程碑鞏固了我們在車隊電氣化領域的領導地位，並凸顯了公共部門對行動式、高容量能源解決方案日益增長的需求。

In the broader fleet electrification market, we delivered our e-Boost Mobile Open Flex unit to the city of Portland. This 175-kilowatt multifunctional unit features a Level 3 fast charger, multiple Level 2 chargers, and a grid tie transfer switch. Pioneer's ability to design and implement a power dense, flexible mobile power system further solidifies our reputation as a trusted vendor of complex, resilient distributed power.

在更廣泛的車隊電氣化市場中，我們向波特蘭市交付了我們的 e-Boost Mobile Open Flex 裝置。這款 175 千瓦的多功能裝置配備了 3 級快速充電器、多個 2 級充電器和一個併網轉換開關。Pioneer 設計和實施高功率密度、靈活的行動電源系統的能力，進一步鞏固了我們作為值得信賴的複雜、高彈性分散式電源供應商的聲譽。

Also in Q3, we received a $725,000 order from the City of Long Beach, California for an e-Boost Mobile Stretch unit, a specialized 250-kilowatt off-grid EV charging system, which is scheduled to ship before year-end. Securing this project also highlights Pioneer's ability to craft custom, complicated, and value-driven power/charging solutions.

第三季度，我們還收到了來自加州長灘市價值 725,000 美元的 e-Boost Mobile Stretch 設備訂單，這是一款專用的 250 千瓦離網電動車充電系統，預計將在年底前發貨。拿下這個專案也凸顯了 Pioneer 打造客製化、複雜且以價值為導向的電源/充電解決方案的能力。

The last-mile delivery market continues to represent strong demand for e-Boost equipment. Following a successful pilot during the peak holiday shopping season last year, one of the world's largest online retailers placed a follow-up order for new e-Boost units, which were delivered in the third quarter and indeed confirms the success of the initial pilot last year. Based on current discussions with this retailer, we expect additional e-Boost units to be deployed at many of its depots and distribution centers in 2026.

最後一公里配送市場對 e-Boost 設備的需求依然強勁。繼去年假日購物旺季期間成功試運行後，全球最大的線上零售商之一下了後續訂單，訂購了新的 e-Boost 設備，這些設備已於第三季度交付，這確實證實了去年首次試運行的成功。根據目前與該零售商的討論，我們預計 2026 年將在其許多倉庫和配送中心部署更多 e-Boost 設備。

Also, shortly after quarter-end, our strategic partner, SparkCharge, placed an additional order for four new e-Boost Pure Energy 275-kilowatt units valued at $1.6 million as part of our -- part of a multiyear purchase plan, reinforcing e-Boost's critical role in supporting rideshare and autonomous vehicle electrification. These units are also expected to be delivered by year-end.

此外，季度末後不久，我們的策略夥伴 SparkCharge 又追加訂購了四台新的 e-Boost Pure Energy 275 千瓦設備，價值 160 萬美元，這是我們多年採購計劃的一部分，這進一步鞏固了 e-Boost 在支持共享出行和自動駕駛汽車電氣化方面的關鍵作用。預計這些設備也將在年底前交付。

More importantly, Q3 marks the actualization of Pioneer's two most impactful growth initiatives. First, our natural expansion into the distributed power market; and second, the technical completion of our residential power/charging unit, originally known as HOMe-Boost, now rebranded as PowerCore. Pioneer's expansion into the distributed power market was validated in Q3 with over $700,000 in product deliveries and an additional $750,000 in new purchase orders.

更重要的是，第三季標誌著先鋒公司兩項最具影響力的成長計畫的實現。首先，我們自然而然地擴展到了分散式電源市場；其次，我們的住宅電源/充電裝置（最初稱為 HOMe-Boost，現在更名為 PowerCore）在技術上已經完成。Pioneer 在分散式電源市場的擴張在第三季得到了驗證，產品交付額超過 70 萬美元，新增採購訂單額達 75 萬美元。

The expertise gained in designing and integrating complex mobile power solutions with the original launch and evolution of the e-Boost platform enabled us to smoothly transition to a pure custom distributed power suite of solutions. Indeed, Q3 deliveries of our distributed power solutions cut across a swath of verticals, including a large shopping center, a large condominium tower, and a solid waste processing facility.

在 e-Boost 平台最初推出和發展過程中，我們在設計和整合複雜的行動電源解決方案方面積累了豐富的專業知識，這使我們能夠順利過渡到純粹的客製化分散式電源解決方案套件。事實上，我們第三季的分散式電源解決方案交付涵蓋了許多垂直領域，包括大型購物中心、大型公寓大樓和固體廢棄物處理設施。

The new $750,000 distributed power order we received is from one of the largest fitness chains in the United States for a peak shaving application at its flagship facility. Together, these wins underscore the increasing demand across various sectors for fast, deployable, flexible power solutions. Building on this early success, we are expanding our focus to serve the broader distributed power market and are excited to introduce a pre-engineered, scalable power block system designed to meet the increasing energy requirements of large data centers, industrials, universities, and hospitals.

我們收到的這份價值 75 萬美元的分散式電源訂單來自美國最大的健身連鎖店之一，用於其旗艦店的峰值削減應用。這些勝利共同凸顯了各行業對快速、可部署、靈活的電力解決方案日益增長的需求。基於早期的成功，我們正在擴大業務範圍，服務於更廣泛的分散式電源市場，並很高興推出預先設計、可擴展的電源模組系統，旨在滿足大型資料中心、工業企業、大學和醫院日益增長的能源需求。

Our 1.25-megawatt natural gas-fired, resilient, and modular power solution is engineered to provide reliable, redundant, efficient power for critical needs and the new surge in demand for on-premise compute power needs. We anticipate launching this innovative system by the end of 2025, exponentially expanding our ability to address the overall distributed power space.

我們這款 1.25 兆瓦的天然氣發電、彈性模組化電源解決方案旨在為關鍵需求和不斷增長的本地運算能力需求提供可靠、冗餘、高效的電力。我們預計將於 2025 年底推出這項創新系統，從而大幅提升我們應對整個分散式電源領域的能力。

Secondly, within the broadened product portfolio, our HOMe-Boost power unit power product is being rebranded as PowerCore and is on track to launch later this year on December 17, at a scheduled event hosted by Pioneer at our Miami, Florida facility. We initially introduced HOMe-Boost as a residential product that seamlessly integrates distributed generation with EV charging.

其次，在擴大的產品組合中，我們的 HOMe-Boost 電源單元產品將更名為 PowerCore，並計劃於今年 12 月 17 日在 Pioneer 位於佛羅裡達州邁阿密的工廠舉辦的活動中正式發布。我們最初推出 HOMe-Boost 時，將其定位為住宅產品，可將分散式發電與電動車充電無縫整合。

In its original form, HOMe-Boost offered homeowners the ability to combine prime power regeneration, natural gas or propane with advanced fast EV charging, and an automatic transfer switch to manage utility outages or go into island mode during extended grid outages. With the transition to the PowerCore branding, the solution is positioned as a scalable, always-on power platform that integrates natural gas power generation, and at the user's discretion, combines fast DC charging into a single system architecture.

HOMe-Boost 最初的形式是為房主提供將主電源再生、天然氣或丙烷與先進的快速電動車充電以及自動轉換開關相結合的功能，以便在公用設施中斷時進行管理，或在長時間電網中斷期間進入孤島模式。隨著向 PowerCore 品牌的過渡，該解決方案被定位為可擴展的、始終在線的電源平台，它整合了天然氣發電，並且根據用戶的選擇，可以將快速直流充電整合到單一的系統架構中。

This elevated design is not just aimed at the residential segment, but indeed also at light commercial and other resilience demanding markets where continuous reliable on-site power and EV charging are critical, but not easily available. This offering essentially provides the user with their own natural gas-powered power plant. We continue to receive positive feedback from early customer demonstrations, and we believe that PowerCore will be a key growth driver for Pioneer in 2026 and beyond.

這種高端設計不僅針對住宅領域，而且也針對輕型商業和其他對電力系統韌性要求較高的市場，在這些市場中，持續可靠的現場電力和電動車充電至關重要，但卻不容易取得。這項服務實際上為用戶提供了一座屬於他們自己的天然氣發電廠。我們不斷收到早期客戶簡​​報的正面回饋，我們相信 PowerCore 將成為 Pioneer 在 2026 年及以後的關鍵成長驅動力。

PowerCore materially expands Pioneer's addressable market, moving us beyond large fleets and municipal deployments to permanent, high-value installations that demand both power generation and/or high-capacity EV charging. This product represents the next chapter in our evolution toward providing fully resilient distributed power solutions.

PowerCore 大幅擴展了 Pioneer 的目標市場，使我們從大型車隊和市政部署轉向需要發電和/或高容量電動車充電的永久性、高價值安裝。該產品標誌著我們在提供完全彈性分散式電源解決方案方面邁入了新的階段。

Finally, there are several countries around the world that are currently experiencing a high EV growth market, supported by policies and incentives similar to US policies back in 2021. Pioneer is actively engaging with several charging businesses in these thriving international EV markets through an e-Boost franchise-type model, where we are able to leverage our existing engineering and development expertise to help local partners achieve similar success. These strategic alliances will enable faster adoption of EVs in those markets and provide Pioneer with an additional stream of revenue from licensing, technology transfer, and revenue share models.

最後，目前世界上有好幾個國家正在經歷電動車市場的高速成長，這些國家都推出了與 2021 年美國類似的政策和激勵措施。Pioneer 正積極透過 e-Boost 特許經營模式與這些蓬勃發展的國際電動車市場的多家充電企業合作，在這種模式下，我們能夠利用我們現有的工程和開發專業知識，幫助當地合作夥伴取得類似的成功。這些策略聯盟將加快電動車在這些市場的普及，並為 Pioneer 提供來自授權、技術轉移和收入分成模式的額外收入來源。

In summary, the third quarter reflects both continued operational execution and important strategic progress. We are expanding our reach, diversifying our revenue mix, and strengthening our foundation for long-term growth. Based on the momentum we have built and our visibility into the pipeline, we are reaffirming our full-year 2025 revenue guidance of $27 million to $29 million, representing approximately 20% year-over-year growth.

總而言之，第三季既體現了持續的營運執行，也體現了重要的策略進展。我們正在擴大業務範圍，實現收入來源多元化，並加強長期成長的基礎。基於我們已取得的進展勢頭和對專案前景的清晰認識，我們重申 2025 年全年營收預期為 2,700 萬美元至 2,900 萬美元，年成長約 20%。

With that, I'll turn the call over to Walter for a detailed review of our financial results.

接下來，我將把電話交給沃爾特，讓他詳細回顧我們的財務表現。

Thank you, Nathan, and good afternoon, everyone. Please be advised that we have included a non-GAAP financial measure of operating income or loss from continuing operations, which excludes corporate overhead expenses, research and development costs, depreciation and amortization expense, and nonrecurring professional fees.

謝謝你，內森，大家午安。請注意，我們已納入持續經營的非公認會計準則財務指標—營業收入或虧損，該指標不包括公司管理費用、研發成本、折舊和攤銷費用以及非經常性專業費用。

Please refer to our press release issued earlier today, November 13, 2025, for further information, including a reconciliation between GAAP and non-GAAP financial measures. The press release can be found on our website at pioneerpowersolutions.com/investors/newsroom.

有關更多信息，包括 GAAP 和非 GAAP 財務指標之間的調整表，請參閱我們今天（2025 年 11 月 13 日）早些時候發布的新聞稿。新聞稿可在我們的網站 pioneerpowersolutions.com/investors/newsroom 上找到。

Such non-GAAP measures should not be used as a substitute or alternative to any measure of financial performance calculated and presented in accordance with US GAAP. Instead, we believe this non-GAAP measure should be used to supplement our financial measures derived in accordance with US GAAP in order to provide a more complete understanding of the trends affecting the business.

此類非GAAP指標不應作為根據美國GAAP計算和列報的任何財務績效指標的替代或補充。相反，我們認為應該使用這種非GAAP指標來補充我們根據美國GAAP得出的財務指標，以便更全面地了解影響業務的趨勢。

Third-quarter revenue was $6.9 million compared to $6.4 million in the year-ago quarter, an increase of approximately 7%. The increase was primarily due to an increase in service sales from our Critical Power Solutions business. Third-quarter gross profit was $640,000 or a gross margin of approximately 9% compared to a gross profit of $1.5 million or a gross margin of approximately 20% in the third quarter of last year. The decrease in gross profit was primarily attributable to an unfavorable sales mix.

第三季營收為 690 萬美元，去年同期為 640 萬美元，成長約 7%。成長主要歸功於我們關鍵電源解決方案業務的服務銷售成長。第三季毛利為 64 萬美元，毛利率約 9%，而去年同期毛利為 150 萬美元，毛利率約 20%。毛利下降的主要原因是銷售組合不利。

During the third quarter of 2025, Pioneer incurred an operating loss from continuing operations of $1.4 million compared to an operating loss from continuing operations of $714,000 in the third quarter of last year.

2025 年第三季度，Pioneer 的持續經營業務虧損 140 萬美元，而去年同期持續經營業務虧損為 71.4 萬美元。

Additionally, during the third quarter of 2025, Pioneer incurred a non-GAAP operating loss from continuing operations of $196,000, which excludes corporate overhead expenses, R&D expense, depreciation and amortization, and nonrecurring professional fees compared to a non-GAAP operating income from continuing operations of $865,000 for the same quarter in 2024. Net loss from continuing operations for the third quarter of 2025 was $1.8 million compared to a net loss from continuing operations of $738,000 during the third quarter of 2024.

此外，在 2025 年第三季度，Pioneer 的持續經營業務出現 196,000 美元的非 GAAP 營業虧損，該虧損不包括公司管理費用、研發費用、折舊和攤銷以及非經常性專業費用，而 2024 年同期，Pioneer 的持續經營業務非 GAAP 營業收入為 865 美元。2025 年第三季持續經營淨虧損為 180 萬美元，而 2024 年第三季持續經營淨虧損為 73.8 萬美元。

Taking a look at our balance sheet; as of September 30, 2025, we had cash on hand of $17.3 million, zero bank debt, and working capital of approximately $22.8 million compared to $41.6 million of cash on hand, zero bank debt and working capital of $26.7 million as of December 31, 2024.

從我們的資產負債表來看，截至 2025 年 9 月 30 日，我們手頭現金為 1730 萬美元，銀行債務為零，營運資金約為 2,280 萬美元；而截至 2024 年 12 月 31 日，我們手頭現金為 4,160 萬美元，銀行債務為零，營運資金為 2670 萬美元。

The cash on hand as of September 30, 2025, represents cash per share of approximately $1.56. The decrease in our cash on hand compared to the prior year-end is primarily due to the payment of a onetime special cash dividend of an aggregate of $16.7 million in January and the payment of federal and state income taxes totaling approximately $4 million during the second quarter. Today, we are reaffirming our guidance for revenue of $27 million to $29 million for the full year of 2025, which represents year-over-year growth of approximately 20%.

截至2025年9月30日，該公司持有的現金相當於每股約1.56美元。與上年末相比，公司持有的現金減少主要是由於1月支付了1,670萬美元的一次性特別現金股息，以及第二季支付了約400萬美元的聯邦和州所得稅。今天，我們重申對 2025 年全年營收的預期，為 2,700 萬美元至 2,900 萬美元，年增約 20%。

This concludes my remarks, and I will now turn the call back over to Nathan.

我的發言到此結束，現在我將把電話交還給內森。

Operator, you can open the lines for questions.

操作員，您可以開啟問答線路。

(Operator Instructions)

（操作說明）

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾，H.C. 溫賴特。

Nathan, it looks like another strong quarter. What's interesting is your end markets are getting increasingly diverse. I'm just wondering how you are creating your marketing awareness to reach across multiple segments that you are now playing in?

內森，看來又是個強勁的季度。有趣的是，你們的終端市場正變得越來越多元化。我只是想知道，您是如何提升市場知名度，從而涵蓋您目前涉足的多個細分市場的？

It's an excellent question. So I mean, we started turning our attention to it because so many of the applications that we've been working on end up -- the heart of the expertise is really delivering this power. Adding a charger is an expertise for a series of chargers, but not as complicated all the time. To-date, we've been doing it almost in a haphazard way. People -- either it's -- we're being recommended from others based on other projects that we've done or the same contractor or the same engineering firm.

這是一個很好的問題。所以我的意思是，我們開始將注意力轉向它，因為我們一直在開發的許多應用程式最終——專業知識的核心在於真正實現這種能力。添加充電器對於一系列充電器來說是一項專業技能，但並非總是那麼複雜。到目前為止，我們幾乎都是以一種隨意的方式進行這項工作。人們——要么是——其他人根據我們之前完成的其他項目，或者同一家承包商或同一家工程公司向我們推薦了我們。

And then we had some significant success already in the third quarter, which really means that we need to put together a very, very focused team to focus on certain verticals. And that's what we plan on doing, one on the industrial side and the other really focused on the larger sort of modular-edge-computing-type data center, where a 1.4 power block under the right circumstances that's quickly deployable, we should be benefiting from and offering some sort of a value proposition there.

第三季我們已經取得了一些顯著的成功，這意味著我們需要組建一支非常專注的團隊，專注於某些垂直領域。這就是我們計劃要做的事情，一個是工業方面，另一個則真正專注於更大規模的模組化邊緣運算類型的資料中心，在合適的條件下，一個可快速部署的 1.4 功率模組，我們應該能夠從中受益，並在那裡提供某種價值主張。

Interesting. And then just one on the gross margin side. You attributed the softness this quarter to the sales mix. Do you expect some bounce back in the next quarter?

有趣的。然後，毛利率方面就只有一個了。你將本季業績疲軟歸因於銷售組合的變化。你預計下一季會有反彈嗎？

Yeah. So I mean, we're already experiencing it. But yes, we expect to bounce back. And you're right, the issue was the gross margin. The last five units for the large school district that we did were not good for us, even below what we had experienced earlier in the year for whatever those reasons were, it's not important to discuss openly here. But that hurt.

是的。我的意思是，我們已經在經歷這一切了。是的，我們預計會反彈。你說得對，問題出在毛利率。我們為這個大型學區所做的最後五個單元的業績並不理想，甚至比我們年初的業績還要差，至於原因是什麼，在這裡公開討論並不重要。但那很傷人。

City of Portland did achieve more or less the margins that we had set out for it, a little bit less. Again, some execution issue, but overall, okay, but not enough to command the gross margins that we did the other quarter. Fourth quarter, the mix is much more favorable to us, and we expect them to bounce back.

波特蘭市基本上實現了我們設定的目標，只是略有不足。同樣，執行方面存在一些問題，但總體來說還可以，只是不足以達到上個季度的毛利率。第四季度，情況對我們非常有利，我們預計他們會反彈。

(Operator Instructions)

（操作說明）

Rob Brown, Lake Street Capital.

羅布布朗，湖街資本。

My first question is on the online retailer project and the expansion there. You talked sort of some opportunity in '26. Could you kind of outline the scale of that relative to sort of what you've done? Or maybe the planning steps that need to happen here and how that might look next year?

我的第一個問題是關於線上零售商專案及其擴張計劃。你談到了2026年的一些機會。你能大致概括一下，相對於你之前所做的工作，這件事的規模如何嗎？或者，這裡需要採取哪些規劃步驟，以及明年可能會是什麼樣子？

Yeah. I mean to-date what we've been doing with them is short-term rentals. We did a short-term and 90-day rental last year at the end of the year for the holiday period to help them with that and let them sort of prove it out under the more intense part of their year.

是的。我的意思是，到目前為止，我們對它們所做的都是短期租賃。去年年底假期期間，我們進行了一次短期 90 天的租賃，以幫助他們解決這個問題，並讓他們在一年中最繁忙的時期證明自己的能力。

This year, it's a six-month rental. So the revenue is relatively small. And the discussions are pending again that these units work as we plan as the initial one did. They're talking about probably 5 to 20 units next year for a purchase.

今年租期為六個月。所以收入相對較小。目前仍在討論這些設備能否像最初的設備一樣按計劃運作。他們說明年可能會採購 5 到 20 台。

Okay. So moving from rental to a purchase model.

好的。所以，從租賃模式轉向購買模式。

Yeah.

是的。

Okay, great. Great. And then on the modular sort of data center project, we talked a little bit about here. But that's -- how do you kind of see that opportunity? What's sort of the ideal application there? And I guess sort of that larger megawatt unit is, I would assume a fairly large ASP on that, but just give a sense sort of the range of what those units sell for?

好的，太好了。偉大的。然後，關於模組化資料中心項目，我們在這裡簡單討論了一下。但是──你如何看待這個機會？那裡最理想的應用場景是什麼？我猜想，功率更大的兆瓦機組，其平均售價應該相當高，但能否大致介紹一下這些機組的售價範圍？

Yeah. So we're going to do a formal kind of unveiling of this before the end of the year with the team around it and its own sort of cache. But I'll let Geo give you a little -- I don't know, give Rob a little a concise teasing view of it now, if you can, in 90 seconds.

是的。因此，我們將在年底前正式推出這個項目，屆時將有相關團隊和項目本身的宣傳造勢。但我會請 Geo 給你們——我不知道，或者說，給 Rob 一個簡潔而略帶戲謔的介紹，如果可以的話，請在 90 秒內完成。

Yeah. Thank you, Nathan. Rob, so the -- what we have -- in the market engagement we've done, we have seen in the data center market, the move to AI compute applications. And one of the more immediate needs has been the need to test the AI compute loads because they are -- they have a very variant use compared to normal cloud compute load that data centers have today.

是的。謝謝你，內森。Rob，所以——我們在市場參與方面所看到的——我們在資料中心市場看到了向人工智慧運算應用的轉變。而目前較為迫切的需求之一是需要測試 AI 運算負載，因為與目前資料中心使用的普通雲端運算負載相比，它們的使用方式非常多樣化。

So in order to test these, they need a lot of smaller systems on data center premises that are behind the meter powered and can be actuated in a four- to six-month timeframe in order for them to scale and plan for the bigger data center cycles. Beyond that, there are also industrials who are adding critical power applications across different retail sectors. So those are some of the markets that we are addressing in the next one to three years.

因此，為了測試這些系統，他們需要在資料中心場所部署許多小型系統，這些系統採用按表供電，並且可以在四到六個月的時間範圍內啟動，以便他們能夠擴展並為更大的資料中心週期做好規劃。除此之外，還有一些工業企業正在為不同的零售領域增加關鍵電力應用。所以，這些就是我們未來一到三年內要關注的一些市場。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And now I'd like to turn the call back to Nathan Mazurek for closing remarks. Thank you, sir.

女士們、先生們，問答環節到此結束。現在我想把電話轉回給內森·馬祖雷克，請他作總結發言。謝謝您，先生。

Thank you, Claudia. This quarter's results reflect strong execution and meaningful progress in expanding into new markets, including distributed power. With a robust pipeline, strategic product launches like PowerCore, and continued operational momentum, we are well-positioned to drive growth and achieve our full-year 2025 objectives.

謝謝你，克勞迪婭。本季業績反映了公司在拓展新市場（包括分散式能源市場）方面強勁的執行力和顯著進展。憑藉強大的產品線、PowerCore 等策略性產品發布以及持續的營運勢頭，我們已做好充分準備，推動成長並實現 2025 年全年目標。

Thank you for your continued support. We look forward to updating you on our next earnings call. Thank you.

感謝您一直以來的支持。我們期待在下次財報電話會議上向您報告最新情況。謝謝。

Thank you very much. Ladies and gentlemen, that does conclude today's call. Thank you very much for joining us. You may now disconnect your lines.

非常感謝。女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。現在您可以斷開線路了。