Solaredge Technologies Inc (SEDG) 2025 Q3 法說會逐字稿

Hello, and welcome to the SolarEdge conference call for the third-quarter ended September 30, 2025. This call is being webcast live on the company's website at www.solaredge.com in the Investors section on the Events calendar page.

大家好，歡迎參加 SolarEdge 截至 2025 年 9 月 30 日的第三季電話會議。本次電話會議正在該公司網站 www.solaredge.com 的「投資者」版塊的「活動日曆」頁面進行網路直播。

This call is the sole property and copyright of SolarEdge with all rights reserved and any recording, reproduction or transmission of the call without the expressed written consent of SolarEdge is prohibited. You may listen to a webcast replay of this call by visiting the Events Calendar page of the SolarEdge Investor website.

本次通話內容為 SolarEdge 的專屬財產和版權，SolarEdge 保留所有權利，未經 SolarEdge 明確書面同意，禁止對本次通話進行任何錄音、複製或傳輸。您可以造訪 SolarEdge Investor 網站的「活動日曆」頁面，收聽本次電話會議的網路直播回放。

I would now like to turn the call over to J.B. Lowe, Head of Investor Relations for SolarEdge. Please go ahead.

現在我將把電話交給 SolarEdge 的投資者關係主管 J.B. Lowe。請繼續。

Good morning, and thank you for joining us to discuss SolarEdge's operating results for the third quarter ended September 30, 2025, as well as the company's outlook for the fourth quarter of 2025.

早安，感謝各位參加本次會議，共同探討 SolarEdge 截至 2025 年 9 月 30 日的第三季經營業績，以及公司對 2025 年第四季的展望。

With me today are: Shuki Nir, Chief Executive Officer; and Asaf Alperovitz, Chief Financial Officer. Shuki will begin with a brief review of the results for the third quarter ended September 30, 2025. Asaf will review the financial results for the third quarter, followed by the company's outlook for the fourth quarter of 2025. We will then open the call for questions.

今天陪同我出席的有：執行長 Shuki Nir；以及財務長 Asaf Alperovitz。Shuki 將首先簡要回顧截至 2025 年 9 月 30 日的第三季業績。阿薩夫將回顧第三季的財務業績，然後展望公司 2025 年第四季的前景。接下來我們將開放提問環節。

Please note that this call will include forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from management's current expectations. We encourage you to review the Safe Harbor statements contained in our earnings press release and our filings with the SEC for a more complete description of such risks and uncertainties.

請注意，本次電話會議將包含前瞻性陳述，這些陳述涉及風險和不確定性，可能導致實際結果與管理層目前的預期有重大差異。我們建議您查看我們獲利新聞稿和提交給美國證券交易委員會的文件中包含的「安全港」聲明，以更全面地了解此類風險和不確定性。

Please note, during this earnings call, we may refer to certain non-GAAP measures, which are not measures prepared in accordance with US GAAP. The non-GAAP measures are being presented because we believe that they provide investors with a means of evaluating and understanding how the company's management evaluates the company's operating performance.

請注意，在本次財報電話會議中，我們可能會提及某些非GAAP指標，這些指標並非依照美國GAAP編制。之所以列出非GAAP指標，是因為我們認為這些指標能夠提供投資人一種評估和了解公司管理階層如何評估公司經營績效的方法。

Reconciliation of these measures can be found in our earnings press release and SEC filings. These non-GAAP measures should not be considered in isolation from, as substitutes for or superior to financial measures prepared in accordance with US GAAP. Listeners who do not have a copy of the quarter ended September 30, 2025, press release may obtain a copy by visiting the Investor Relations section of the company's website.

這些措施的核對情況可在我們的獲利新聞稿和提交給美國證券交易委員會的文件中查閱。這些非GAAP指標不應與依照美國GAAP編製的財務指標割裂看待，也不應被視為替代或優於後者。沒有截至 2025 年 9 月 30 日的季度新聞稿副本的聽眾，可以訪問公司網站的投資者關係部分獲取副本。

With that, I will turn the call over to Shuki.

接下來，我將把電話交給舒琪。

Thank you, J.B. Good morning, everyone, and thank you for joining us. I'm pleased to report that we delivered a strong third quarter. We believe this is a clear evidence that we are making solid progress on our turnaround and that the company is on the right trajectory.

謝謝J.B.。大家早安，感謝各位的參與。我很高興地報告，我們第三季業績表現強勁。我們認為這清楚地表明，我們的扭虧為盈工作正在取得實質進展，公司正走在正確的道路上。

Our results and our Q4 outlook demonstrate that the momentum we have built throughout the year is continuing. We are executing on our plan, and I'm very proud of the way the team has performed in recent quarters. As for our key priorities, first, on financial strength. In Q3, we delivered 44% year-over-year revenue growth and continued expanding our margin for the fourth straight quarter. The midpoint of our Q4 outlook follows the same trajectory of year-over-year improvement.

我們的業績和第四季度展望表明，我們全年累積的發展勢頭仍在延續。我們正在按計劃執行，我對團隊近幾個季度的表現感到非常自豪。至於我們的首要任務，首先是財務實力。第三季度，我們的營收年增 44%，並且連續第四個季度擴大了利潤率。我們第四季展望的中點與去年同期相比，也呈現出同樣的成長趨勢。

I'd like to highlight that both our Q3 financials and our Q4 guidance do not include significant onetime or pull forward of revenue, either from Safe Harbor or from the 25B (sic - 25D) rush towards the end of the year.

我想強調的是，我們的第三季財務數據和第四季業績指引均未包含安全港或年底前 250 億（原文如此 - 25D）的大量一次性或提前支取的收入。

We have also kicked off several operational excellence initiatives. For example, a major change that should have a long-term positive impact is the single SKU. We have implemented a software-defined platform that significantly reduces the complexity of our business for residential and commercial applications globally. It allows us to manufacture and ship one SKU of the inverter to the market. Then the installers can program it to the desired kilowatt rating in the field.

我們也啟動了多項卓越營運計畫。例如，單一 SKU 就是一個應該產生長期正面影響的重大變化。我們已實施軟體定義平台，顯著降低了我們面向全球住宅和商業應用的業務複雜性。它使我們能夠生產並向市場投放一種型號的逆變器。然後安裝人員可以在現場將其編程為所需的千瓦額定值。

This framework simplifies everything from forecasting and manufacturing to inventory management, logistics, service and support, saving time and money for us, our distributors and our installers. It also adds flexibility for home and business owners. If they need a bigger system in the future, a simple over-the-air software update can boost the inverter rating. It is a true win-win-win solution, and we are working on additional solutions as we continue to improve efficiencies across the business.

該框架簡化了從預測和製造到庫存管理、物流、服務和支援的一切流程，為我們、我們的經銷商和安裝人員節省了時間和金錢。它還為房主和企業主增加了靈活性。如果未來需要更大的系統，只需進行簡單的無線軟體更新即可提高逆變器的額定功率。這是一個真正的三贏方案，我們正在努力尋找更多解決方案，以持續提高整個業務的效率。

At the same time, we have been hyper focused on our cost discipline and reached the lowest non-GAAP OpEx to revenue ratio in the last two years. This helped us to generate positive free cash flow in Q3 and exit the quarter with a cash and investment portfolio of approximately $550 million. We also expect to generate positive free cash flow in Q4 and for the full year. This performance and outlook gave us confidence to repay the '25 converts from our balance sheet upon maturity in September.

同時，我們高度重視成本控制，並實現了近兩年來最低的非GAAP營運支出與收入比率。這幫助我們在第三季產生了正的自由現金流，並在季度末擁有了約 5.5 億美元的現金和投資組合。我們也預計第四季和全年將產生正的自由現金流。這項業績和前景讓我們有信心在9月到期時償還資產負債表上的25年轉換債券。

Our second priority is gaining market share. Starting with the progress in capturing market share in US resi. We are proud that Wood Mackenzie reported SolarEdge as regaining the number one residential inverter market share position in the second quarter. This is the first time we've had a leading market share position since the third quarter of 2021 and is a reflection of our improved quality and service and our team's performance.

我們的第二要務是取得市場佔有率。首先來看在美國住宅市場的市佔率進展。我們很自豪地看到，伍德麥肯茲公司報告稱，SolarEdge 在第二季度重新奪回了住宅逆變器市場份額第一的位置。這是自 2021 年第三季以來我們首次取得領先的市場份額，這反映了我們品質和服務的提升以及我們團隊的出色表現。

Looking into 2026, the resi market is expected to undergo a structural change in favor of the TPO model. We believe this market shift plays directly into SolarEdge's unique strength. We have developed deep relationships and integrated infrastructure with TPOs for years. We have delivered high-quality domestic content and non-FEOC products that the TPOs require. And our technology platform is perfectly suited for the TPO model due to its superior energy production and native DC architecture.

展望 2026 年，住宅市場預計將發生結構性變化，有利於 TPO 模式。我們認為，這種市場轉變恰恰體現了SolarEdge的獨特優勢。多年來，我們與第三方採購組織建立了深厚的合作關係和一體化的基礎設施。我們提供了TPO要求的高品質國產產品和非FEOC產品。我們的技術平台具有卓越的能源生產能力和原生直流架構，因此非常適合 TPO 模型。

Safe Harboring is an additional and crucial element that can secure future market share. Certain of our partners have Safe Harbors with us through the 5% method. Additionally, we designed and executed customized safe harboring strategy for our TPO partners through the physical work test. Such transactions have several benefits.

安全港條款是確保未來市場佔有率的另一個關鍵因素。我們的一些合作夥伴透過 5% 的方法與我們簽訂了安全港協議。此外，我們還透過實際工作測試，為我們的 TPO 合作夥伴設計並實施了客製化的安全港策略。此類交易有許多好處。

For our customers, it lets them qualify their projects over multiple years for a lower capital outlay. For SolarEdge, these transactions provide better visibility into our business for future years. By helping our customers Safe Harbor through the physical work of significant nature methods, we are able to manufacture and deliver the full product closer to the time the customer needs it. Therefore, we can manage the manufacturing over time, and there is no pull forward of revenues that is typically associated with a 5% safe harbor transaction.

對於我們的客戶而言，這讓他們能夠分多年完成項目，從而降低資本支出。對於 SolarEdge 而言，這些交易有助於我們更了解未來幾年的業務發展狀況。透過運用重要的自然方法為我們的客戶提供安全港灣，我們能夠更及時地生產和交付完整的產品，以滿足客戶的需求。因此，我們可以逐步管理生產，而不會像通常的 5% 安全港交易那樣提前支付收入。

We believe that our strengths are even more pronounced in the C&I space in the US Some of the largest enterprises in the US have already safe harbored C&I products from us via the physical work method. In addition, we believe that we are the only scaled player capable of delivering a non-FEOC and domestic content compliance C&I solution. This combination positions us very well to gain additional market share in the years ahead.

我們相信，我們在美國工商業領域的優勢更加明顯。美國一些最大的企業已經透過實體工作方式從我們這裡安全地採購了工商業產品。此外，我們相信我們是唯一一家能夠提供非FEOC和國內含量合規的C&I解決方案的規模化企業。這種組合使我們能夠在未來幾年內獲得更大的市場份額。

Turning to Europe. While the markets remain challenging, the majority of our distribution partners hold normalized levels of inventory. This resulted in EU revenues reaching $100 million in the quarter, up 45% quarter-over-quarter and up 21% year-over-year. We believe our position in Europe will continue to improve as we ramp up sales of commercial storage, deliver products made in the US and roll out the next-generation Nexis platform in the coming quarters.

轉向歐洲。儘管市場依然充滿挑戰，但我們的大多數分銷合作夥伴都保持著正常的庫存水準。這使得歐盟本季的營收達到 1 億美元，季增 45%，年增 21%。我們相信，隨著我們在未來幾季加大商用儲存產品的銷售力度，交付美國製造的產品，並推出下一代 Nexis 平台，我們在歐洲的地位將繼續提高。

This brings me to our third priority, accelerating innovation. The SolarEdge value proposition is simple. Whether you are an installer, a homeowner or a business, our solutions save you money or save you time and in many cases, save you both. The markets we serve are increasingly looking for integrated systems. And over the last year, we've expanded and improved our technology platform to deliver holistic end-to-end solutions that save our customers even more time and money.

這就引出了我們的第三個優先事項：加速創新。SolarEdge 的價值主張很簡單。無論您是安裝人員、屋主或企業，我們的解決方案都能為您節省金錢或時間，在許多情況下，還能兩者兼得。我們服務的市場越來越需要整合系統。在過去一年中，我們擴展並改進了我們的技術平台，以提供全面的端到端解決方案，從而為我們的客戶節省更多的時間和金錢。

In Q3, we continued the development and field installation of our next-generation Nexis platform. And in the last few weeks, we have shipped initial volumes of the new 3 phase inverter to customers. Even at this early stage, the feedback we are getting is that installations have been significantly simplified compared with our previous generation. Two weeks ago, we rolled out our ONE for C&I energy management system across our entire C&I installed base.

第三季度，我們持續推動下一代 Nexis 平台的開發和現場安裝。在過去的幾周里，我們已經向客戶交付了首批新型三相逆變器。即使在現階段，我們得到的回饋也是，與上一代產品相比，安裝過程已經大大簡化。兩週前，我們在所有工商業安裝基礎中推出了 ONE for C&I 能源管理系統。

Now customers can control and optimize all types of behind-the-meter devices and loads from solar to storage to EV charging to HVAC, all from a customized dashboard. We intend to add additional enhanced features in the quarters ahead that will generate recurring revenue streams.

現在，客戶可以透過客製化的儀表板控制和優化各種類型的表後設備和負載，從太陽能到儲能，再到電動車充電和暖通空調。我們計劃在接下來的幾個季度中增加更多增強功能，這些功能將產生持續的收入來源。

Our fourth priority is ramping up our US manufacturing. In Q3, we reached an important milestone by exporting our first US manufactured residential products to Australia. We expect to begin shipping both residential and C&I products to additional markets in the coming weeks, which will allow us to be more competitive in markets outside of the US.

我們的第四個優先事項是提高美國製造業的產能。第三季度，我們實現了重要的里程碑，首次將美國製造的住宅產品出口到澳洲。我們預計在未來幾週內開始向更多市場發貨住宅和工商業產品，這將使我們在美國以外的市場更具競爭力。

To summarize, we believe our turnaround is delivering tangible results. We're improving our finances. We are driving efficiencies across the business. We are strategically positioned to capture market share in our main markets, and we are progressing with our next-gen platform. While we are encouraged by our progress, there is still plenty of work to be done.

總而言之，我們相信我們的扭虧為盈正在取得實際成果。我們的財務狀況正在改善。我們正在提高整個業務的效率。我們在主要市場中佔據了有利的策略位置，並正在推動下一代平台的開發。雖然我們取得的進展令人鼓舞，但仍有許多工作要做。

We remain relentlessly focused on building a healthier, more profitable and more innovative business for the long term. There is one more thing. This morning, we announced a collaboration with to advance our solid-state transformer platform for the data centers of the future. This has the potential to strategically expand our core technology into the data center market, positioning us to help build smarter, more efficient energy systems for the AI era. We are in the early stages here, and we'll share more as we make progress.

我們將繼續不懈努力，致力於打造一個更健康、更有利潤、更具創新性的企業，以實現長期發展。還有一件事。今天上午，我們宣布與合作夥伴共同推進我們面向未來資料中心的固態變壓器平台。這有可能將我們的核心技術策略性地擴展到資料中心市場，使我們能夠幫助建立更智慧、更有效率的人工智慧時代能源系統。我們目前還處於早期階段，隨著進展，我們會分享更多資訊。

With that, I will turn it over to Asaf.

接下來，我將把任務交給阿薩夫。

Thank you, Shuki, and good morning, everyone. Starting with our quarterly results. The non-GAAP revenues for the third quarter were $340 million, up 21% quarter-over-quarter. Revenues from the US this quarter amounted to $203 million, up 10% quarter-over-quarter and representing 60% of our revenues.

謝謝你，Shuki，大家早安。首先，我們來看看季度業績。第三季非GAAP營收為3.4億美元，季增21%。本季來自美國的營收為 2.03 億美元，季增 10%，占我們總營收的 60%。

Revenues from Europe were $101 million, up 55% quarter-over-quarter and representing 30% of our revenues. International markets revenue were $36 million, down 8% quarter-over-quarter and representing 10% of our revenues.

歐洲地區的營收為 1.01 億美元，季增 55%，占我們總營收的 30%。國際市場收入為 3,600 萬美元，環比下降 8%，占我們收入的 10%。

Non-GAAP gross margin this quarter was up to 18.8% compared to 13.1% in Q2, reaching the higher end of our guidance. The higher gross margin is largely due to higher revenue, which drove increased utilization of our operational costs and higher sales of US-made products. This was partly offset by incremental tariffs, which impacted our gross margin by approximately 2%, in line with our expectations.

本季非GAAP毛利率為18.8%，高於第二季的13.1%，達到我們預期的上限。毛利率上升主要是由於收入增加，這推動了營運成本的更高利用率和美國製造產品的更高銷售。部分損失被新增關稅所抵消，這導致我們的毛利率下降了約 2%，符合我們的預期。

During the third quarter, we continued to take action to streamline our operations and focus on core business. As such, we sold our Sella 2 manufacturing facility in the third quarter for total proceeds of $26.1 million. As part of this transaction, we recorded a small capital gain. We also settled certain claims associated with the discontinued energy storage division that resulted in a onetime gain of approximately $15 million that was recorded as an offset to our GAAP COGS.

第三季度，我們繼續採取措施精簡運營，專注於核心業務。因此，我們在第三季出售了我們的 Sella 2 製造工廠，總收益為 2,610 萬美元。作為此次交易的一部分，我們獲得了一筆小額資本利得。我們還解決了與已終止的儲能部門相關的某些索賠，從而獲得了約 1500 萬美元的一次性收益，該收益已作為 GAAP 銷售成本的抵銷項記錄在案。

Going forward, we continue to seek avenues to rightsize our business with an emphasis on cost reduction and a focus on our core activities. Non-GAAP operating expenses for the third quarter were $87.7 million at the midpoint of our guidance despite headwinds from the continued strengthening of the new Israeli shekel, net of hedging.

展望未來，我們將繼續尋求調整業務規模的途徑，重點是降低成本，並專注於我們的核心業務。儘管受到以色列新謝克爾持續走強帶來的不利影響（扣除對沖收益後），第三季非GAAP營運支出仍達到我們預期的中位數8770萬美元。

Last quarter, we reported non-GAAP OpEx of $85.2 million or $89 million when adjusted for onetime reversal of accrual for bad debt and other items. Non-GAAP operating loss for Q3 was $23.8 million compared to a non-GAAP operating loss of $48.3 million in Q2, cutting our operating loss by more than half. This is a promising result and speaks to the progress we have made in executing our turnaround plan and is another step on our journey back to profitable growth.

上個季度，我們報告的非GAAP營運支出為8,520萬美元，如果扣除一次性壞帳和其他項目的提列沖銷，則為8,900萬美元。第三季非GAAP營業虧損為2,380萬美元，而第二季非GAAP營業虧損為4,830萬美元，營業虧損減少了一半以上。這是一個令人鼓舞的結果，顯示我們在執行扭虧為盈計畫方面取得了進展，也是我們重回獲利成長之路上的又一步。

Our non-GAAP net loss was $18.3 million in Q3 compared to a non-GAAP net loss of $47.7 million in Q2, a reduction of over 60%. Non-GAAP net loss per share was $0.31 in Q3 compared to $0.81 in Q2. The lower operating and net losses are largely due to a higher revenue and a higher gross margin.

第三季非GAAP淨虧損為1,830萬美元，而第二季非GAAP淨虧損為4,770萬美元，減少了60%以上。第三季非GAAP每股淨虧損為0.31美元，而第二季為0.81美元。營業虧損和淨虧損減少主要是因為收入增加和毛利率提高。

Turning now to our balance sheet. As of September 30, 2025, our cash and investment portfolio was approximately $547 million. Net of the repayment of $342 million of our 2025 convertible notes in September, our cash and investment portfolio increased by approximately $77 million. This is the result of our positive free cash flow for the quarter of approximately $23 million, which was largely driven by working capital items and our continued CapEx discipline. It also includes the proceeds from the sale of our Sella 2 facility of $26.1 million and other items.

現在來看我們的資產負債表。截至 2025 年 9 月 30 日，我們的現金和投資組合約為 5.47 億美元。扣除9月償還的3.42億美元2025年可轉換票據後，我們的現金和投資組合增加了約7,700萬美元。這是由於我們本季自由現金流為正，約 2,300 萬美元，這主要得益於營運資本項目和我們持續的資本支出控制。其中還包括出售我們 Sella 2 工廠所得的 2,610 萬美元以及其他項目。

For the first nine months of the year, we generated approximately $34 million in free cash flow. We also expect to be free cash flow positive in the fourth quarter and therefore, are on track to meet our expectation of generating positive free cash flow for the full year of 2025. This should allow us to head into 2026 with a healthy cash position to support our growth plans. Our inventory was flat at approximately $530 million despite our manufacturing ramp-up to support anticipated growth.

今年前九個月，我們產生了約 3,400 萬美元的自由現金流。我們也預期第四季自由現金流為正，因此，我們預計將實現 2025 年全年自由現金流為正的預期。這將使我們能夠以健康的現金狀況進入 2026 年，從而支持我們的成長計劃。儘管我們提高了生產能力以支持預期成長，但我們的庫存仍保持在約 5.3 億美元。

Our DIO declined from 217 to 177 as we continue to improve our inventory management processes. AR net increased this quarter to $286 million compared to $217 million last quarter, mostly due to higher revenues. DSO increased from 57 to 68 days due to the timing of collections, while DPO increased from 59 to 77. In total, our cash conversion cycle days declined from 215 to 168 days as we are laser-focused on improving our working capital management.

隨著我們不斷改進庫存管理流程，我們的DIO從217下降到177。本季應收帳款淨額增至 2.86 億美元，上一季為 2.17 億美元，主要原因是營收增加。由於收款時間的原因，DSO 從 57 天增加到 68 天，而 DPO 從 59 天增加到 77 天。由於我們專注於改善營運資本管理，我們的現金週轉週期天數從 215 天減少到 168 天。

Turning to an update on our disclosures. As Shuki mentioned, we are in the process of rolling out the single SKU framework across both residential and commercial applications globally. Under this framework, we will no longer know the kilowatt ratings of the inverter at the time of shipment as the power rating will be set through a software update when installed in the field.

接下來，我們來更新一下資訊揭露情況。正如 Shuki 所提到的，我們正在全球範圍內，在住宅和商業應用領域推廣單一 SKU 框架。在此框架下，我們將不再知道逆變器在出貨時的千瓦額定值，因為功率額定值將在現場安裝時透過軟體更新進行設定。

As a result, we will be discontinuing the megawatt shipped metric starting in the fourth quarter. Instead, and as you can see in the earnings release this morning, we will be providing the number of inverters, optimizer and megawatt hours of batteries that we recognize as revenues during the quarter.

因此，我們將從第四季開始停止使用兆瓦出貨量指標。相反，正如您今天早上在收益報告中看到的那樣，我們將提供本季確認為收入的逆變器、優化器和電池兆瓦時數。

Additionally, starting in Q4, we intend to begin disclosing revenue derived from inverters, optimizers and batteries on a quarterly basis within our Form 10-Q. We believe this additional disclosure will help analysts and investors more accurately analyze our operating and financial performance. This move is part of the evolution that we started talking about last quarter.

此外，從第四季度開始，我們計劃在 10-Q 表格中按季度揭露逆變器、優化器和電池的收入。我們相信，此次補充揭露將有助於分析師和投資者更準確地分析我們的經營和財務表現。這項舉措是我們在上個季度開始討論的變革的一部分。

The market is moving to more system-based solution and is less focused on discrete products. Our technology platform, including the single SKU, the launch of our Nexis platform and the introduction of additional elements like EV chargers, batteries and energy management software are helping to drive this evolution. Our solution deliver flexibility and scalability to meet the growing needs of our customers.

市場正朝著系統為基礎的解決方案發展，而對獨立產品的關注度則有所下降。我們的技術平台，包括單一 SKU、Nexis 平台的推出以及電動車充電器、電池和能源管理軟體等其他元素的引入，正在推動這項變革。我們的解決方案具有靈活性和可擴展性，能夠滿足客戶不斷增長的需求。

Turning now to our guidance for the fourth quarter of 2025. We're expecting revenues to be within the range of $310 million to $340 million, which reflects a better-than-normal seasonal trend for the fourth quarter. We expect non-GAAP gross margin to be within the range of 19% to 23%, including approximately 2 percentage-points of new tariff impact. We expect the non-GAAP operating expenses to be within the range of $85 million to $90 million.

現在來看看我們對 2025 年第四季的業績展望。我們預計營收將在 3.1 億美元至 3.4 億美元之間，這反映了第四季度好於往年的季節性趨勢。我們預計非GAAP毛利率將在19%至23%之間，其中包括約2個百分點的新關稅影響。我們預計非GAAP營運費用將在8,500萬美元至9,000萬美元之間。

I will now turn the call over to the operator to open it up for any questions. Operator?

現在我將把電話轉交給接線員，以便回答大家的問題。操作員？

(Operator Instructions) Philip Shen, ROTH Capital Partners.

（操作員說明）Philip Shen，ROTH Capital Partners。

Congrats on hitting free cash flow positive and making progress there. I was wondering if you could talk through -- I know, you don't have guidance for 2026, but I was wondering if you could help us understand what revenue growth you might be able to see for the year and maybe sequentially? And then if you can commit to positive free cash flow for '26 as well.

恭喜你們實現自由現金流為正，並在這方面取得了進展。我想請您談談——我知道您沒有 2026 年的業績指引，但我很想知道您能否幫助我們了解一下您預計該年度以及環比的收入增長情況？如果你還能保證 2026 年的自由現金流為正的話。

As you know, we do not guide for the next quarter. Without providing guidance, what we can say is that typically, Q1 is down around 10% versus Q4 due to the typical historical seasonality. At this time, we don't have any reason why it would be much different than Q1 of 2006.

如您所知，我們不提供下一季的業績指引。雖然我們不提供具體指導，但我們可以說，由於典型的歷史季節性因素，第一季通常比第四季下降約 10%。目前，我們沒有任何理由認為它會與 2006 年第一季有很大不同。

In terms of relating to 2026 free cash flow, I mean, we don't guide for free cash flow or provide any target on that. As we noted for this year, we're going to be free cash positive. Q1 to Q3 were $34 million free cash positive. And we also noted with the fact that we will be free cash flow positive in Q4. More than that, I don't think we can elaborate.

至於 2026 年的自由現金流，我的意思是，我們不提供自由現金流指引，也不設定任何目標。正如我們之前提到的，今年我們將實現自由現金流為正。第一季至第三季自由現金流為正3,400萬美元。我們也注意到，我們將在第四季實現正自由現金流。除此之外，我想我們無法詳述更多了。

Okay. Got it. And then shifting over to the Infineon announcement. I was wondering if you could talk through what the timing of any commercialization might be? Do you have any bookings yet? Or do you think it's more likely for like the '27, 2028 time frame? Is it more of a medium-term or longer-term effort? Or do you think near term, there's an opportunity to generate revenues or bookings?

好的。知道了。然後話題轉向英飛凌的公告。我想請您談談商業化的具體時間安排？你們有預訂嗎？或者你認為更有可能發生在 2027 年或 2028 年左右？這更像是中期工作還是長期工作？或者您認為短期內有機會創造收入或獲得預訂量嗎？

Yes. Thank you, Philip. I'd like to provide some more color before I get to your specific question. I think that everybody is aware of the fact that the data center of the future is going to be based on DC architecture. There are white papers around it, and everybody understands that DC architecture is better for these data centers. And the goal is basically to maximize the utilization of the data center and to squeeze as many GPUs as possible.

是的。謝謝你，菲利普。在回答你的具體問題之前，我想先補充一些背景資訊。我認為大家都意識到，未來的資料中心將基於DC架構。相關的白皮書很多，大家都明白資料中心架構比較適合這種架構。其目標基本上是最大限度地利用資料中心，並盡可能使用 GPU。

So DC architecture is directly in our wheelhouse. We have 20 years of experience with this architecture. We have dozens of gigawatts installed in the field in conditions that are much harsher than data centers. And what we have from past developments and past experience is we have all the building blocks for the solid-state transformer that we're aiming at that market.

所以，DC架構正是我們擅長的領域。我們在這種建築風格方面擁有20年的經驗。我們在現場安裝了數十吉瓦的電力，其環境比資料中心惡劣得多。我們從過去的研發和經驗中獲得了所有建造固態變壓器的基礎模組，而我們正是瞄準了那個市場。

And so we have started discussions with different players in the ecosystem. And the feedback has been very, very positive. Our potential solution is very relevant and competitive. We are talking about 99% efficiency rate. And efficiency is very, very critical, as you know, because it increases the utilization of the GPUs as we push more energy through the system, and it reduces the heat that is generated, so you need less cooling in the data center.

因此，我們已經開始與生態系統中的不同參與者進行討論。收到的回饋非常非常正面。我們的潛在解決方案非常具有相關性和競爭力。我們說的是99%的效率。效率非常非常關鍵，如您所知，因為它可以提高 GPU 的利用率，讓我們可以向系統中輸送更多能量，並減少產生的熱量，從而減少資料中心所需的冷卻。

And with all of that being said, what we announced today is the evolution of our long-term partnership with Infineon. They are considered to be one of the leaders in the power electronic supply chain for data center and in general. So we are very happy with the partnership with them.

綜上所述，我們今天宣布的是我們與英飛凌長期合作關係的演變。他們被認為是資料中心甚至整個電力電子供應鏈的領導者之一。因此，我們對與他們的合作感到非常滿意。

And as I mentioned, we've engaged with other people and other companies in the ecosystem. And we are trying to, if you will, scale towards where the pack is going to be. And the 800-volt DC architecture is expected to really start in 2027. And so you said and rightfully so, this is something that we are looking into 2027, 2028 time frame.

正如我之前提到的，我們已經與生態系統中的其他人和其他公司進行了交流。我們正在努力，或者說，努力朝著產業標竿的方向發展。預計 800 伏特直流架構將於 2027 年真正開始應用。正如您所說，而且說得沒錯，這是我們在 2027 年、2028 年期間正在研究的問題。

Christine Cho, Barclays.

Christine Cho，巴克萊銀行。

Just as a follow-up to your last comment. So you said that you expect to see the financial impact in '27, '28. Are you going to sort of give any indications to the market about how the progress is going with respect to bookings and any contracts that you might sign before that?

作為您上次評論的補充。所以你說你預計會在 2027 年、2028 年看到財務影響。您打算向市場透露預訂進度以及在此之前可能簽署的任何合約嗎？

So when we get to it, we will -- as we said, we will share more information as we make progress. At this stage, I think that the most important thing is this new architecture is about to happen two years from now. And we feel and not just feel based on the inputs that we are getting is that the solution that we have developed that is not final yet, obviously, the building blocks that we have are definitely -- they fit what the market is looking for, and we will update you as we make progress.

所以，當我們著手處理這個問題時，我們會——正如我們所說，隨著工作的進展，我們會分享更多資訊。現階段，我認為最重要的是，這種新的架構將在兩年後實現。我們根據目前獲得的信息，有理由相信（而且不僅僅是感覺），我們開發出的解決方案（雖然尚未最終確定，但我們擁有的基礎模組）絕對符合市場需求，我們將隨著進展及時向您匯報。

Okay. Moving on to gross margins. Those continue to come in nicely. In prior calls, you've mentioned that one of the biggest drivers is the fixed cost absorption with higher revenues. But in 4Q, your revenue is sequentially down, but gross margins continue to improve. So can you just give us an idea, is this primarily due to 45X ramping? Or is there a material impact from like sell-in of your new products, which are better margin?

好的。接下來是毛利率。這些貨物持續陸續到貨。在先前的通話中，您曾提到，最大的驅動因素之一是更高的收入可以吸收固定成本。但第四季度，您的收入環比下降，但毛利率持續改善。所以您能否給我們透露一下，這主要是由於 45 倍增壓造成的嗎？或者，像利潤較高的新產品這樣的銷售產品是否會對銷售產生實質影響？

And I'm assuming that the sequential top line decline in 4Q is mostly due to seasonality. So if you could give us an idea of how much margin improvement there would have been had revenues been flattish? And lastly, for most of this year, I think you had quite a bit of legacy European products in the inventory on your balance sheet that was probably lower margin. Has that largely washed out at this point?

我假設第四季營收季減主要是由於季節性因素造成的。那麼，如果您能估算一下，如果收入基本上持平，利潤率會提高多少呢？最後，我認為今年大部分時間裡，你們的資產負債表上都有相當多的歐洲老舊產品庫存，這些產品的利潤率可能較低。目前這種情況是否已基本消失？

Christine, you asked a couple of questions there. So I hope I'll cover them all. If we're not, please remind me. So -- you are right, we did indicate that the major driver of gross margin is revenue, where we have leverage as we utilize our fixed cost position. You're also right in terms of the Q4 that we do feel there's a seasonality impact in terms of the guidance we provided on revenue.

克里斯汀，你剛才問了幾個問題。所以，我希望我能把它們都涵蓋到。如果沒有，請提醒我。所以——你說得對，我們確實指出毛利率的主要驅動因素是收入，而我們利用固定成本優勢，在這方面具有優勢。您說的也對，關於第四季度，我們確實認為我們給出的收入預期會受到季節性因素的影響。

Just to remind you, in terms of some additional levers on gross margin, I think you've related to some of them. The ramping up of the US production. As we said in the past, it's the most economically attractive location for us to manufacturing, of course, considering the IRA credit. And as you know, we started selling US-made products globally. We had a PR on initial sales to Australia, and we're going to sell more into the international markets and customers in the coming months.

提醒一下，關於影響毛利率的一些其他因素，我想你已經了解其中一些了。美國產量正在逐步提高。正如我們之前所說，考慮到 IRA 稅收抵免，這裡對我們來說是最具經濟吸引力的生產地點。如您所知，我們開始向全球銷售美國製造的產品。我們已就澳洲的初步銷售情況進行了公關宣傳，未來幾個月我們將向國際市場和客戶銷售更多產品。

Also in terms of the Nexis, the new product introduction, I think we had started, and we're going to gradually ramp up the introduction. And these will have a positive contribution because they are coming up with a better margin profile, and they also represent some new revenue streams and some new segments for us, such as the bigger roof in Germany with a 20-kilowatt, which we had underpenetrated, I would say, until today.

另外，關於 Nexis 的新產品引進，我認為我們已經開始了，我們將逐步加大引進力度。這些舉措將帶來積極的貢獻，因為它們帶來了更好的利潤率，也代表著一些新的收入來源和新的細分市場，例如德國的大型屋頂（20千瓦），可以說，直到今天，我們在這個領域的滲透率仍然很低。

These new products are, again, coming with a structure and -- a cost structure and higher margin. And of course, Shuki alluded to the fact in the script about the single SKU framework. We discussed that, and we believe that this will significantly help us improve our margin. It simplifies and improves the efficiency of the entire supply chain. By the way, for both us and our customers.

這些新產品同樣具有一定的結構和成本結構，且利潤率更高。當然，Shuki 在劇本中也暗示了單一 SKU 框架的事實。我們討論過這個問題，並且相信這將極大地幫助我們提高利潤率。它簡化並提高了整個供應鏈的效率。順便說一句，這對我們和我們的客戶都是如此。

It starts from very efficient planning to component sourcing, logistics, warehousing, manufacturing, of course, inventory management, all the way through service and support.

它從高效率的規劃開始，涵蓋零件採購、物流、倉儲、製造，當然還有庫存管理，一直到服務和支援。

And of course, whenever you think about the margin profile, you need to consider that it also depends on the mix of our product, geographies and segments. And in terms of Europe, you asked, I think, about the utilization of existing inventories from our balance sheet towards sales. So we said that at least until the end of the year, we will do that. And throughout next year, I think we'll see lower impact of that. And again, as we ramp up the shipments of the Nexis and sending US produced products to export markets, we will enjoy the 45X impact into a further extent.

當然，在考慮利潤率結構時，您需要考慮到它還取決於我們的產品組合、地理和細分市場。至於歐洲方面，我想您問的是我們如何利用資產負債表上的現有庫存來銷售。所以我們說，至少到今年年底，我們會這樣做。我認為，明年這一影響將會降低。而且，隨著我們增加 Nexis 的出貨量，並將美國生產的產品出口到市場，我們將進一步享受 45 倍的影響。

Anything I missed in my response?

我的回覆還有遺漏嗎？

No, that's it.

不，就是這樣。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Sorry, Shuki, can I go back to the Infineon partnership once more? Can you just talk about the go-to-market there, the plan there? Is that -- would that continue to be through your normal distribution partners? Or is there any kind of incremental investment that would be needed on the go-to-market? And then I've got a quick follow-up.

抱歉，Shuki，我能再次回到英飛凌的合作關係嗎？您能談談那裡的市場推廣策略和計劃嗎？也就是說——這還會繼續透過你們的常規分銷合作夥伴進行嗎？或者說，在產品上市過程中是否需要任何額外的投資？然後我還有一個後續問題。

Yes. Thank you, Mark. So as you know, this market is basically -- the ecosystem is pretty tight. The number of potential customers and customers is not that large. We will actually -- I believe we will be able to approach them directly or through some of the distribution partners, but we've not finalized our plans on that regard yet.

是的。謝謝你，馬克。如你所知，這個市場基本上——生態系統非常緊密。潛在客戶和現有客戶的數量並不算多。我相信我們實際上可以直接或透過一些分銷合作夥伴與他們聯繫，但我們還沒有最終確定這方面的計劃。

We are looking at that piece as something that is not going to be a major investment from our side. And I didn't mention earlier, but one of the things that is actually working in our favor is that in the past, we built the infrastructure to support similar systems here in our labs. So there is a significant amount of CapEx that was going into that infrastructure, and now we don't have to actually spend that money.

我們認為這部分投資不會很大。我之前沒有提到，但實際上對我們有利的一點是，過去我們已經在實驗室裡建立了支援類似系統的基礎設施。因此，之前有大量的資本支出投入到該基礎設施建設中，而現在我們實際上不必再花這筆錢了。

Okay. And then you mentioned the market share within US resi. Curious, if you can give similar color on kind of how your market share is trending in Europe. You've lost share over the last several years. How much have you bounced back? How far off the bottom are you? And how far away are you from getting back to where you were several years ago?

好的。然後您提到了美國住宅市場的份額。很好奇，您能否也介紹一下貴公司在歐洲的市佔率趨勢？過去幾年，你們的市佔率有所下降。你的恢復情況如何？你離谷底還有多遠？你距離回到幾年前的狀態還有多遠？

Yes, absolutely. So as we said last quarter, we felt that we turned the corner and we actually did. So between Q2 to Q3 -- and we don't have final numbers for Q3 yet, but the numbers we have are more or less the same as Q2. So we definitely feel, based on information coming back from our partners as well as from the field, is that we've turned the corner. There is still a lot of room to grow in terms of market share compared to where we were in the past and where we believe that we can be moving forward.

是的，絕對的。正如我們上個季度所說，我們感覺我們已經扭轉了局面，而事實上我們也確實做到了。所以從第二季到第三季——我們還沒有第三季的最終數據，但我們掌握的數據與第二季的數據大致相同。因此，根據我們從合作夥伴以及現場獲得的信息，我們確信我們已經扭轉了局面。與過去相比，我們在市場佔有率方面還有很大的成長空間，我們相信未來我們能夠達到更高的目標。

The reason for our optimism about the momentum -- the positive momentum in Europe is a combination of several different things. One is the commercial storage that we have now, we sell now, and we expect that to continue growing. The second one is, as we said, most of our distribution partners have normalized levels of inventory. So now they can use new products and bring them quickly to the market.

我們對當前情勢——歐洲的正面動能——持樂觀態度，這是多種因素共同作用的結果。一是我們現在擁有、現在銷售的商業存儲，我們預計它將繼續成長。第二點是，正如我們所說，我們的大多數分銷合作夥伴的庫存水準都已恢復正常。所以現在他們可以使用新產品並迅速將其推向市場。

And the third one is the introduction of Nexis that Asaf covered earlier. It does open some new segments for us as well as it has a better cost structure by itself, and also due to the fact that it's going to be manufactured in the US and exported to Europe, this will allow us to be more competitive in the marketplace while not sacrificing margin necessarily. And all of these reasons are giving us optimism as to where we can grow, and there is definitely room to grow.

第三點是 Asaf 之前提到的 Nexis 的介紹。它確實為我們開闢了一些新的領域，而且它本身的成本結構也更好，此外，由於它將在美國生產並出口到歐洲，這將使我們能夠在市場上更具競爭力，同時又不必犧牲利潤率。所有這些原因都讓我們對未來的發展方向感到樂觀，我們肯定還有很大的發展空間。

David Arcaro, Morgan Stanley.

大衛‧阿卡羅，摩根士丹利。

I was wondering if you could maybe update us on the trajectory that you're expecting in terms of the tariff impact. Are you still on track to offset tariff impacts over the next couple of quarters as we look into 2026?

我想請您更新您對關稅影響的預期走向。展望2026年，您是否仍能按計畫在未來幾季抵銷關稅影響？

David, thank you for your question. We reported a net impact from incremental tariff of 2% in our Q3. We guided pretty much roughly to the same estimated tariff impact in Q4. And I think we -- as we've said in the couple of recent quarters that we are extremely focused on diversifying and finding alternative sources and optimizing the supply chain to address this dynamic tariff involvement.

大衛，謝謝你的提問。我們在第三季報告稱，增量關稅帶來的淨影響為 2%。我們先前預測第四季關稅影響將與此大致相同。而且我認為，正如我們在最近幾季所說的那樣，我們非常注重多元化和尋找替代來源，並優化供應鏈以應對這種動態的關稅影響。

And of course, at the same time, the quality and reliability of our product is very, very important for us. And I don't think we'll disclose any more information in terms of our sourcing. But overall, we expect in the coming few quarters to have pretty much the same impact. And we also said the net impact also may be mitigated by some pricing actions that we may take.

當然，同時，我們產品的品質和可靠性對我們來說也非常非常重要。我認為我們不會再透露更多關於我們貨源的資訊了。但總體而言，我們預計未來幾季將產生大致相同的影響。我們也表示，我們可能會採取一些定價措施來減輕淨影響。

Okay. Sure. That makes sense. And then could you elaborate on what you're seeing in the US in terms of demand? How healthy has the residential market been? Maybe if you could touch on C&I and if you expect any pull forward to happen in 4Q? I know you didn't bake it into the guidance, but curious what you're seeing there.

好的。當然。這很有道理。那麼，您能否詳細說明一下您在美國市場觀察到的需求？住宅市場狀況如何？您能否談談C&I（消費和工業）方面的情況，以及您是否預計第四季度會出現任何提前結束的情況？我知道你沒有把它納入指導原則中，但我很好奇你在那裡看到了什麼。

Yes, absolutely. Thank you, David. So as mentioned and as I believe most analysts and players in the market expect the US resi market next year to undergo a significant shift that the 25D is going to end. So overall, the market is expected to go down by 20% to 30%. And the share that the TPOs are going to gain is going to come at the account of the cash and loan, as you know.

是的，絕對的。謝謝你，大衛。正如前面提到的，而且我相信大多數分析師和市場參與者都預計，明年美國住宅市場將發生重大轉變，25D 模式將終結。因此，總體而言，市場預計將下跌 20% 至 30%。如你所知，TPO 將獲得的份額將來自現金和貸款。

We feel for a variety of reasons, as I mentioned in our prepared remarks, that our partnership with the TPOs is strong. We have built the infrastructure, the relationship and the advantages of our products are such that they play to what the TPOs require as well as the different transactions that we've engaged with the TPOs, as we mentioned, about the safe harboring. So all of these things give us confidence about future market share.

正如我在事先準備好的演講稿中提到的那樣，我們認為，出於各種原因，我們與第三方管理機構的合作關係非常牢固。我們已經建立了基礎設施，建立了關係，我們的產品具有優勢，能夠滿足第三方保護機構的要求，以及我們與第三方保護機構就安全港問題進行的各種交易。綜上所述，這些因素讓我們對未來的市佔率充滿信心。

As for pull forward, as we said earlier, we don't have any significant pull forward of revenue in Q3 or in our guidance for Q4 due to the -- any safe harbor or the rush towards the end of the year of the 25D. So we are looking at, as I said, no significant pull forward in this quarter.

至於提前確認，正如我們之前所說，由於任何安全港條款或 25D 表格在年底前的緊急提交，我們在第三季或第四季的業績指引中沒有任何明顯的提前確認收入。正如我所說，我們預計本季不會出現任何顯著的成長。

Dylan Nassano, Wolfe Research.

迪倫·納薩諾，沃爾夫研究中心。

I just want to come at the solid-state transformer partnership from a little bit of a different angle. Anything you can provide on just kind of how meaningful that opportunity could be, whether that's like a TAM or maybe just how many dollars are spent on this kind of product per an average sized data center?

我只是想從一個稍微不同的角度來談談固態變壓器合作。您能否提供一些信息，說明這個機會究竟有多大意義，例如潛在市場規模（TAM），或者平均每個資料中心在這類產品上的花費是多少美元？

Yes. Thank you, Dylan. We can provide -- everybody are -- most people are talking about the 100 gigawatts of data centers that are going to come on board online in the next decade. All of them will need transformers. And now it's a matter of math of what percentage of these data centers are going to be with the new DC architecture and what kind of share we can get out of this piece.

是的。謝謝你，迪倫。我們可以提供——每個人都在談論——大多數人都在談論未來十年將投入使用的 100 吉瓦資料中心。它們都需要變壓器。現在的問題是，有多少百分比的資料中心將採用新的資料中心架構，以及我們可以從中獲得多大的份額。

But it's a very -- based on every analysis that we've looked at it and that we have seen, it's a very significant opportunity. And we are very excited about it because it's not that we are seeing a large opportunity out there, and we're trying to chase it. Actually, the core competencies of this company and the components that we already have are all pointing us to that direction, almost regardless of the size of the opportunity.

但根據我們研究和看到的每一項分析，這是一個非常重要的機會。我們對此感到非常興奮，因為我們並沒有看到一個巨大的機會，然後試圖追逐它。事實上，這家公司的核心競爭力以及我們已經擁有的要素都指向這個方向，幾乎與機會的大小無關。

So we are very happy that the opportunity is very large, but we also feel that we are very well positioned to capture on this opportunity.

所以我們很高興機會如此之大，同時也覺得我們已經做好了充分的準備來抓住這個機會。

Got it. And then for my follow-up, just going back to Europe. It sounds like you're in a better spot now relative to the last couple of quarters. So just any kind of outlook on just underlying demand going into 2026? Is there any reason to maybe expect the market to be a little bit stronger or weaker?

知道了。然後，我的後續計畫是回到歐洲。聽起來你現在的處境比過去幾季好得多。那麼，您對2026年的潛在需求有什麼展望嗎？有沒有任何理由預期市場可能會略微走強或走弱？

So there are -- you can hear opinions why the market can be stronger and why the market can be weaker. And as you know, Europe is a collection of countries and not a single market. So some people are talking about UK being stronger and the battery opportunity in the Netherlands. And Germany for us is going to be a very, very large opportunity because of the Nexis opening a new segment for us.

所以，你可以聽到關於市場為何會走強以及市場為何會走弱的各種觀點。如你所知，歐洲是由許多國家組成的，而不是單一的市場。所以有些人認為英國實力更強，而荷蘭則擁有電池產業的機會。對我們來說，德國將是一個非常非常大的機會，因為 Nexis 為我們開闢了一個新的市場。

But we have to recall, as I mentioned earlier in one of the earlier questions, the share gain opportunity for us is significant. And whether the market goes up or down 10%, it doesn't really matter in terms of the size of the opportunity for us.

但我們必須記住，正如我之前在某個問題中提到的那樣，我們的市佔率成長機會非常巨大。無論市場上漲或下跌 10%，對我們來說，機會的大小其實並不重要。

I think that we are well positioned, as I mentioned earlier, we believe that we are well positioned to capture additional market share in Europe in 2026. And once we capture more market share, obviously, it helps if the market is growing. But even if the market is stable or declining, it will still show positive momentum for us.

我認為我們已經做好了充分的準備，正如我之前提到的，我們相信我們已經做好了充分的準備，在 2026 年在歐洲獲得更大的市場份額。顯然，一旦我們獲得更多市場份額，如果市場也在成長，那將對我們有所幫助。但即使市場保持穩定或下跌，對我們來說仍然會呈現積極的勢頭。

Colin Rusch, Oppenheimer.

科林魯什，奧本海默。

Can you talk a little bit about sell-through on the stationary storage systems and commissioning for systems that aren't attached to solar or are retrofitted? I know you guys have some visibility into where those things are going, but I just want to get a sense of that growth driver.

您能否談談固定式儲能係統的銷售情況，以及未連接太陽能係統或改造後的儲能係統的調試情況？我知道你們對這些事情的發展方向有一定的了解，但我只是想了解成長的驅動因素。

Are you referring to storage systems that are not attached to PV?

您指的是未連接到光電系統的儲能係統嗎？

Exactly. Or would it be a retrofit into an existing PV system that didn't have a storage system previously?

確切地。或者，這會是對先前沒有儲能係統的現有光電系統進行改造嗎？

Okay. So for stand-alone storage, it's an insignificant amount that we are seeing. I'm talking about the SolarEdge installations, not about the market in general. We are not seeing anything significant there. As for the retrofit or the upgrade to the installed base, the opportunity for us is huge.

好的。因此，就獨立儲存而言，我們看到的數量微不足道。我指的是 SolarEdge 的安裝項目，而不是整個市場。我們沒有發現任何重大問題。至於對現有設備進行改造或升級，我們的機會非常巨大。

Our installed base is very significant, as you know. And in some countries, homeowners and business owners are going to be driven into adding storage to their existing systems, either by just buying storage or by upgrading the PV and adding storage to it. So we've started experimenting in this area. It's -- these are early days today. I think that as the market evolves and as the opportunity -- as we leverage more on this opportunity, we will provide you with more information.

如您所知，我們的用戶基數非常龐大。在一些國家，房主和企業主將被迫在其現有系統中增加儲能裝置，要么直接購買儲能裝置，要么升級光伏系統並為其添加儲能裝置。所以我們已經開始在這個領域進行試驗。現在——現在還只是初期階段。我認為，隨著市場的發展和機會的出現——隨著我們更多地利用這一機會——我們將為您提供更多資訊。

But what some people tend to forget is also the same opportunity exists in the C&I market actually. For businesses, having the ability to use their PV during the day in order to charge batteries or to store excess PV production can actually be even bigger opportunity than for residential.

但有些人往往忘記的是，C&I 市場其實也存在著同樣的機會。對於企業而言，能夠在白天使用光伏發電系統為電池充電或儲存多餘的光伏發電量，實際上可能比住宅用戶擁有更大的機會。

That's super helpful. And then I mean, I guess a follow-on question there, just around some of the evolution in battery chemistries and different duty cycles that we're starting to see in some of these larger systems.

這太有幫助了。然後，我想問一個後續問題，關於電池化學和不同佔空比的一些發展，我們開始在一些大型系統中看到這些發展。

Can you talk about maybe adjacent to some of the work you're doing with Infineon and this DC architecture for larger-scale systems, but also at the commercial systems where the solutions may be a bit more complex here and performance may be enabled by newer chemistries that you're seeing on the battery side. Is that an opportunity that you guys are seeing real time? Or is it a little ways out in terms of being able to mix and match some of the chemistries and optimize performance for different value capture on those storage systems particularly for C&I?

您能否談談您與英飛凌合作開展的關於大規模系統的直流架構方面的一些工作，以及在商業系統中，解決方案可能更複雜一些，性能可能可以透過您在電池方面看到的新型化學技術來實現。這是你們目前看到的機會嗎？或者，就能夠混合搭配一些化學物質並優化這些儲存系統（特別是工商業儲存系統）的性能以實現不同的價值獲取而言，是否還有一段路要走？

Yes. It's a great question. And rest assured that our CTO and technical team is looking into all the different technologies that are out there from sodium to others. At the moment, the solutions that we have are -- we have one solution that is based on NMC and the other ones are using LFP. These are the ones that are today in mass production. These are the ones when we report revenues. These are the solutions that we are selling.

是的。這是一個很好的問題。請放心，我們的技術長和技術團隊正在研究所有現有的不同技術，從鈉到其他技術。目前，我們有的解決方案是－我們有一個基於NMC的解決方案，其他方案則使用LFP。這些是目前正在大規模生產的產品。這些是我們公佈營收的時候。這些是我們正在銷售的解決方案。

We are obviously looking into all directions. And when other chemistry or other solutions are going to come online and are going to be available either from a cost perspective or from a functionality perspective, we are going to introduce them into our solutions.

我們顯然正在向各個方向進行調查。當其他化學或其他解決方案投入使用，並且在成本或功能方面更具優勢時，我們將把它們引入我們的解決方案中。

As it pertains to data centers, there are many different discussions about what storage can be doing there, whether it's for backup only or is it for spikes from the grid or is it a potential replacement for UPS, but these are early days before we can comment about our solution for storage for data center.

就資料中心而言，關於儲存能在資料中心發揮什麼作用，有許多不同的討論，例如僅用於備份，還是用於應對電網峰值，或者是否可以取代 UPS，但現在還處於早期階段，我們無法對我們的資料中心儲存解決方案發表評論。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

I hopped on a little bit late, so apologies if some of this is redundant. Did you guys provide -- or could you guys provide a bit of an update on where your manufacturing footprint stands today in the US, whether megawatt units or just kind of percentage of overall shipments?

我來得有點晚，所以如果有些內容重複了，請見諒。你們有沒有提供——或者能否提供一下關於你們目前在美國的生產佈局的最新情況，比如以兆瓦為單位，或者佔總出貨量的百分比？

And then kind of what's the thought process around getting that up to, I guess, presumably 100% US manufacturing? What's sort of the time frame and cadence to reach those targets into 2026 or beyond?

那麼，要實現100%美國製造，背後的想法是什麼呢？要實現這些目標，到 2026 年或以後，大概需要多長時間和怎樣的節奏？

Yes. Thank you, Brian, and welcome to our call. It's -- so what we've done, if you look at the last two years, we've ramped up the manufacturing in the US in order to support mainly the US demand. The levels that we were talking about in the past were along the lines of 70,000 inverters per quarter and the capacity to manufacture 2 million optimizers per quarter.

是的。謝謝你，布萊恩，歡迎參加我們的通話。所以，如果你回顧過去兩年，你會發現我們已經加大了在美國的生產力度，主要是為了滿足美國的需求。我們過去討論的水平大約是每季生產 7 萬台逆變器，以及每季生產 200 萬台優化器。

And what we have done in the last two quarters, I would say, or 1.5 quarters is we've continued the ramp-up in order to start supporting the exportation from outside of the US into Europe and other international markets. As we announced a few weeks ago, we started by shipping some residential units -- residential inverters to Australia. And in the coming weeks, we are expecting to continue shipping to Europe and -- to some countries in Europe and then some other countries in Asia.

在過去的兩個季度，或者說一個半季度裡，我們一直在加強力，以便開始支持從美國以外地區向歐洲和其他國際市場出口產品。正如我們幾週前宣布的那樣，我們首先向澳洲運送了一些住宅單元——住宅逆變器。在接下來的幾周里，我們預計將繼續向歐洲發貨，並向歐洲的一些國家以及亞洲的一些其他國家發貨。

And the goal or the end goal, the end state, if you will, is to have most, if not all of -- I would say most of the manufacturing done in the US. There will always be pockets that will be made outside of the US for a variety of reasons, whether it's a small volume or whether it's something that is needed in a specific non-US market. But the intention is to concentrate the manufacturing in the US because it helps our scale up. It helps our operational efficiency, and it's closer to our largest market.

而最終目標，或者說最終狀態，就是讓大部分（如果不是全部的話）——我認為是大部分——製造業都在美國完成。基於各種原因，總是會有一些產品在美國境外生產，無論是產量較小，還是因為某個特定的非美國市場需要這類產品。但我們的目標是將生產集中在美國，因為這有助於我們擴大規模。它有助於提高我們的營運效率，而且離我們最大的市場更近。

-- Just to add in terms of the units because I -- so we started -- I mentioned what we said before. What we are -- our ramp-up now is mainly around the commercial inverter. And we are reaching about 20,000 inverters in Q4, and we expect to continue increasing this number in the following quarters as we are going after not only the US market, but actually the European market and the Asian market.

——補充一下單位方面的內容，因為我——所以我們開始——我提到了我們之前說過的話。我們現在的產能提升主要集中在商用逆變器領域。我們在第四季度達到了約 20,000 台逆變器的銷量，我們預計在接下來的幾個季度裡，隨著我們不僅瞄準美國市場，而且實際上也瞄準了歐洲市場和亞洲市場，這一數字將繼續增長。

Awesome. That makes a lot of sense. And just my follow-up was on, I guess, the near-term revenue cadence. I think you guys mentioned earlier in the call, you're expecting Q1 to be down 10% or so, so kind of in line with normal seasonality. But you're not seeing much, if any, safe harboring or 25D pull forward at the moment.

驚人的。這很有道理。我接下來要問的是關於近期收入成長的節奏。我想你們在之前的電話會議中提到過，預計第一季將下降 10% 左右，這與正常的季節性波動基本一致。但目前你幾乎看不到任何安全港灣或 25D 提前撤離的情況。

As you think about your Q1 view, that seems to be much better than some of your peers and kind of what we're hearing across the channel, at least in the US. And as you said, US is still your biggest market. Are you anticipating 48E safe harboring and pull forward in your Q1 outlook? Or is that something that you're seeing visibility into 2Q of next year? Just kind of want to understand a little bit about how you're thinking about safe harboring into 1Q and 2Q of next year.

當你思考你對第一季的看法時，這似乎比你的一些同行要好得多，也與我們從管道中聽到的情況類似，至少在美國是這樣。正如你所說，美國仍然是你們最大的市場。您是否預計 48E 安全港並提前進入您的第一季展望？或者，您認為這種情況會在明年第二季有所改善？我只是想稍微了解一下您是如何考慮將資產安全轉移到明年第一季和第二季的。

Yes. Also thank you for highlighting the Q1 thing, Brian. As for safe harboring in -- in Q1 '26, at this stage, we don't anticipate any significant pull forward of revenue into Q1. So the direction that Asaf provided is excluding something like that, should it happen. And what we described during the call is that we've worked with our TPO partners and also with the enterprises and the strategic C&I customers on what is referred to as the physical work test safe harboring.

是的。布萊恩，也謝謝你指出了 Q1 的問題。至於安全港——在 2026 年第一季度，目前我們預計不會有任何重大收入提前到第一季。所以，阿薩夫給的方向是排除這種情況發生的可能性。我們在電話會議中描述的是，我們已經與我們的 TPO 合作夥伴以及企業和策略 C&I 客戶合作，進行了所謂的實際工作測試安全港灣專案。

And there are several advantages to that method. One of them is that it allows our customers not to outlay a lot of cash up front, but actually due to the continuous nature of the transaction, they consume the units as they need them and not just within the first 105 days.

這種方法有幾個優點。其中之一是，它允許我們的客戶不必預先投入大量現金，而且由於交易的持續性，他們可以根據需要消費這些單位，而不僅僅是在前 105 天內消費。

For us, what it does is it gives us better visibility into future manufacturing, supply chain and revenue, and it's not creating pull forward of revenue because the units are supposed to be consumed as they need them.

對我們來說，這樣做可以讓我們更了解未來的生產、供應鏈和收入情況，而且不會造成收入提前成長，因為這些產品是按需消費的。

So for that reason, in this type of safe harboring, we don't -- we don't see revenue when the transaction is signed. And so we don't expect any significant other type of safe harbor in Q1 when we talk about the numbers.

因此，在這種類型的安全港協議中，我們在交易簽署時不會看到收入。因此，在談到第一季的數據時，我們預計不會有任何其他類型的安全港條款。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

I just wanted to come back to the Infineon opportunity here. And a, I want to ask you guys very specifically, how do you think about sort of the content per megawatt, sort of the split if you think about the solid-state solution here? How much of that is coming from the Infineon side? Or how much per megawatt is coming from your side as you think about this technology? I know you said it's still obviously in development as you ramp into that '27 opportunity. But as it stands today, how would you frame that -- the split, if you will?

我只是想再談談英飛凌的機會。還有，我想具體問問各位，如果考慮固態解決方案，你們是如何看待每兆瓦的含量，或者說，是如何分配的？其中有多少來自英飛凌方面？或者，當您考慮這項技術時，您這邊每兆瓦的成本是多少？我知道你說過，隨著你抓住 2027 年的機會，它顯然還在開發中。但就目前的情況而言，你會如何描述這種分裂？

So Infineon has been a very, very close and strategic partner for us for many, many years. And their components have been instrumental to the success of our inverters in the past. But at the end of the day, it's one of the components that is putting together the hardware of the solution.

因此，多年來，英飛凌一直是我們非常非常緊密的策略夥伴。過去，它們的組件對我們逆變器的成功起到了至關重要的作用。但歸根結底，它是構成解決方案硬體的組件之一。

And on top of that, we have different -- obviously, we put different components together as well as the software or the firmware that makes the entire thing tick. And here, in data center, we believe that we will have to have another layer that will manage the redundancy and other things.

除此之外，我們還有不同的——顯然，我們將不同的組件以及使整個系統運行的軟體或韌體組合在一起。我們認為，在資料中心，我們需要另一個層來管理冗餘和其他事項。

So all of these things, SolarEdge is doing. So I don't know whether it -- I don't know how to split it to megawatts, but think about it as they are a very strategic vendor for us, but then we sell the solution eventually.

所以，SolarEdge 正在做所有這些事情。所以我不知道——我不知道如何把它轉換成兆瓦，但你可以把它看作是我們非常重要的策略供應商，但最終我們會把解決方案賣出去。

Got it. So it sounds like you all maintain the majority of that sale to the extent to which you deliver a product here versus Infineon.

知道了。聽起來你們之所以能維持大部分銷售額，是因為你們在這裡交付的產品比英飛凌的產品更好。

Yes, we deliver the product. Knock on wood, but we would deliver product.

是的，我們會出貨。但願如此，我們一定能交付產品。

Right. No, of course. And then if I can ask a broader question here. Obviously, in some respects, you're pivoting out of what was an inventory challenge situation. How do you think about providing longer-term views? You guys had a '22 Analyst Day. How do you think about providing a longer-term multiyear view of some sort in '26, especially as the C&I opportunity and as the SST opportunity becomes a little clearer over a multiyear view?

正確的。當然不是。然後，我可以問一個更廣泛的問題嗎？顯然，在某些方面，你們正在擺脫庫存挑戰的局面。您如何看待提供長期視角？你們舉辦了2022年分析師日活動。您認為在 2026 年提供某種形式的長期多年展望如何？特別是隨著工商業機會和超音速運輸機會在多年展望中變得更加清晰？

What we said in our recent meeting is that sometime during the first half of next year, we will provide a financial model, financial algorithm. We'll go through the main blocks that will represent our growth trajectory and opportunities, both on revenue and margin. We'll share this model again sometime in the first half of next year, including the C&I opportunity and others, of course.

我們在最近的會議上說過，明年上半年某個時候，我們將提供一個財務模型和財務演算法。我們將逐一介紹代表我們成長軌跡和機會的主要組成部分，包括收入和利潤率。我們將在明年上半年再次分享這個模型，當然，其中也包括工商業領域的機會以及其他機會。

Jeff Osborne, TD Cowen.

Jeff Osborne，TD Cowen。

Just two quick ones. I was wondering on the fixed costs. I think you folks had talked about $90 million to $95 million. I didn't know if that's a good run rate to think about over the next couple of quarters. That was question one.

就兩個簡單的問題。我想了解一下固定成本。我想你們之前討論過9000萬美元到9500萬美元。我不知道在接下來的幾個季度裡，這樣的運行速度是否值得考慮。這是第一個問題。

And then question two is just any thoughts on pricing as it relates to SolarEdge heading into year-end and into '26 for both yourselves and the industry would be helpful.

第二個問題是關於 SolarEdge 在年底和 2026 年的定價策略，您和整個產業有什麼想法嗎？

So in terms of the fixed cost, yes, we mentioned that it's around $90 million. And of course, being fixed cost, we don't expect them to change dramatically. We are focusing on trying to reduce cost through further automation. I think I believe the single SKU concept, again, will help us streamline the entire supply chain with the simplicity and more efficiency. So we also want to reduce the fixed cost. It may take a couple of quarters. And again, as revenue increase, we'll have better utilization of such fixed costs.

所以就固定成本而言，是的，我們提到大約是 9000 萬美元。當然，由於是固定成本，我們預期它們不會發生劇烈變化。我們正致力於透過進一步自動化來降低成本。我認為單一 SKU 概念將再次幫助我們簡化整個供應鏈，並提高效率。所以我們也希望降低固定成本。可能需要幾個季度。而且，隨著收入的成長，我們將更好地利用這些固定成本。

The second question was?

第二個問題是？

I take that one.

我選那個。

Yes, go ahead.

好的，請繼續。

So for pricing, as you know, pricing is determined by the value we bring to the market and as well as the competitive landscape. And in a way, you can look at the US market and see that pricing over there, I would say, is more or less the same. It's not -- we haven't seen any pressure -- downward pressure.

所以，如您所知，定價取決於我們為市場帶來的價值以及競爭格局。從某種程度上說，你可以看看美國市場，你會發現那裡的定價，我認為，也大同小異。我們沒有看到任何下行壓力。

In Europe and in other markets, while in the past, we did see price reductions and as we shared with all of you earlier -- or not earlier, in November '24, we reduced our prices in Europe. And since then, the feedback that we are getting is that our pricing is competitive compared to the premium and the additional value that we are bringing. So we haven't seen any significant pressure in terms of pricing also in markets outside of the US.

在歐洲和其他市場，過去我們確實看到了價格下降，正如我們之前與大家分享的那樣——或者說，早在 2024 年 11 月，我們就降低了歐洲的價格。從那以後，我們得到的回饋是，與我們提供的溢價和附加價值相比，我們的定價具有競爭力。因此，在美國以外的市場，我們也沒有看到價格方面出現任何重大壓力。

Chris Dendrinos, RBC Capital Markets.

克里斯·登德里諾斯，加拿大皇家銀行資本市場。

I wanted to follow up on C&I demand here, and I know you all kind of stopped reporting some of the metrics there, but maybe just kind of help frame up what that demand picture looks like right now? And then I think you mentioned you'll be the only ones that can offer a FEOC-compliant product with US manufacturing. So do you have the scale, I guess, to ramp manufacturing for that C&I product if demand really strengthens?

我想跟進一下工商業需求方面的情況，我知道你們已經停止報告這方面的一些指標了，但或許可以幫我大致了解一下目前的需求情況？然後我想你提到過，你們將是唯一一家能夠提供符合 FEOC 標準且在美國製造的產品的公司。那麼，如果市場需求真的增強，你們是否有足夠的規模來擴大該工商業產品的生產規模呢？

Yes. Thank you, Chris. It's -- we said that we believe that we are the only scaled manufacturer who is capable of providing non-FEOC and domestic content compliant products to the US C&I. And we've actually -- we've already started doing it, obviously.

是的。謝謝你，克里斯。我們曾表示，我們相信我們是唯一一家能夠向美國工商業客戶提供符合非FEOC和國產化標準的產品的規模化製造商。實際上，我們已經開始這麼做了，這是顯而易見的。

We've started with -- we've executed some safe harbor transactions with C&I customers for future years as well. And we are -- overall, we believe that we are well positioned to gain additional market share in this important segment in the US. So overall, the way we look at it is that we are well positioned in that market, and we believe that we have the solution that our customers need.

我們已經開始——我們已經與工商業客戶達成了一些未來幾年的安全港協議。總的來說，我們相信我們已做好充分準備，在美國這個重要細分市場中獲得更大的市場份額。總的來說，我們認為我們在這個市場中佔據了有利地位，並且我們相信我們擁有客戶所需的解決方案。

Outside of the US, as we mentioned, we've continued seeing increased attach rate to storage in commercial. So we are seeing growth on that piece of our business, the commercial storage. And as we will start exporting from the US, the commercial units, we believe that we can be more competitive in markets in which we were more constrained, I would say, until now.

正如我們之前提到的，在美國以外，我們持續看到商業儲存設備的附加率不斷提高。所以我們看到，我們業務中的商業倉儲部分正在成長。隨著我們開始從美國出口商業部門，我們相信，我們可以在以前受到更多限制的市場中更具競爭力。

Jon Windham, UBS.

瑞銀集團的喬恩‧溫德姆。

I wanted to pivot back to the manufacturing conversation you were on previously. Just to be clear, this US manufacturing for export, one, you're entitled to the 45X for that. Is that correct? And then two, how do you think about expanding US capacity in a flexible way given that the tax credits do expire?

我想回到你們之前討論的製造業話題。需要明確的是，對於美國出口製造業，您有權獲得 45 倍的補貼。是這樣嗎？其次，考慮到稅收抵免政策終將到期，您認為如何靈活地擴大美國的產能？

Yes, you are right. We are getting a 45X credit for manufacturing, whether we sell in the US or whether we export to non-US market. We work with the world-leading providers, Jabil and Flex, mostly, as you may know.

是的你是對的。無論我們在美國銷售或出口到美國以外的市場，我們都能獲得 45 倍的製造稅收抵免。正如您可能知道的那樣，我們主要與世界領先的供應商 Jabil 和 Flex 合作。

We have a very scalable operation with them within the existing premises. So we will be able to support the anticipated growth trajectory we have with them. And again, continue to enjoy the leverage of higher volume of the operation.

我們在現有場所內與他們進行了非常可擴展的營運。因此，我們將能夠支持我們與他們共同預期的成長軌跡。再次強調，持續享受高成交量帶來的槓桿效應。

And there are no further questions on the line at this time. I'll turn the program back to our presenters for any additional or closing remarks.

目前沒有其他問題需要提問。我將把發言權交還給主持人，讓他們補充或作總結發言。

So thank you, everyone, for attending our call today. As we said, we're excited about the opportunities ahead of us. We've executed well so far, and we're thankful to our team, but there's lots of work to be done, and we are all on it. Thank you, and talk to you next quarter.

謝謝大家今天參加我們的電話會議。正如我們所說，我們對未來的機會感到興奮。到目前為止，我們的執行情況良好，我們感謝我們的團隊，但還有很多工作要做，我們都在努力。謝謝，我們下個季度再聊。

Thank you.

謝謝。

This does conclude today's program. Thank you for your participation, and you may now disconnect.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接了。