SolarEdge Technologies, Inc. (SEDG) 2026 Q3 法說會逐字稿

Good morning, and welcome, everyone, to the SolarEdge conference call for the third quarter ended September 30, 2026. This call is being webcast live on the company's website at www.solaredge.com in the investors section on the events calendar page. The call is the sole property and copyright of SolarEdge with all rights reserved and any recordings, reproduction or transmission of this call without the expressed written consent of SolarEdge is prohibited. You may listen to a webcast replay of this call by visiting the event calendar page of the SolarEdge investor website. I would now like to turn the call over to Mr. Jeff Osborne, Head of Investor Relations. Please go ahead, sir.

各位早安，歡迎大家參加 SolarEdge 截至 2026 年 9 月 30 日止第三季的電話會議。本次電話會議將於公司網站 www.solaredge.com 的投資人專區（活動行事曆頁面）進行即時網路直播。本通話為 SolarEdge 之專有財產並受著作權保護，保留一切權利；未經 SolarEdge 明示書面同意，禁止對本通話進行任何錄音、重製或傳輸。您可造訪 SolarEdge 投資人網站的活動行事曆頁面，收聽本次電話會議的網路重播。現在我想把電話會議交給投資人關係主管 Jeff Osborne 先生。先生，請開始。

Good morning, and thank you for joining us to discuss SolarEdge's operating results for the third quarter ended September 30, 2026, as well as the company's outlook for the fourth quarter of 2026. With me today are Shuki Nir, Chief Executive Officer; Maoz Sigron, Chief Financial Officer; and Meher Ades, Co-Founder of SolarEdge. Shuki will begin with a brief review of the results for the third quarter ended September 30, 2026. Mal will review the financial results for the third quarter, followed by the company's outlook for the fourth quarter of 2026. We will then open the call for questions.

各位早安，感謝各位加入我們，一同討論 SolarEdge 截至 2026 年 9 月 30 日止第三季的營運成果，以及公司對 2026 年第四季的展望。今天與我一同出席的有執行長 Shuki Nir、財務長 Maoz Sigron，以及 SolarEdge 共同創辦人 Meher Ades。Shuki 將先簡要回顧截至 2026 年 9 月 30 日止第三季的業績。接著 Mal 將說明第三季的財務結果，並提供公司對 2026 年第四季的展望。之後我們將開放提問。

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. We disclaim any obligation to update our forward-looking statements.

請注意，本次電話會議將包含前瞻性陳述，涉及風險與不確定性，可能導致實際結果與管理層目前預期出現重大差異。我們建議您查閱我們的財報新聞稿以及向美國證券交易委員會（SEC）提交之文件中所載的「安全港」聲明，以更完整了解相關風險與不確定性。我們不承擔更新任何前瞻性陳述之義務。

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 they provide investors with a means of evaluating and understanding how the company's management evaluates the company's operating performance. Reconciliation of these measures can be found in our earnings press release and SEC filings and are provided directly as part of this earnings call.

請注意，在本次財報電話會議中，我們可能會提及若干非 GAAP 指標，該等指標並非依照美國一般公認會計原則（US GAAP）編製之衡量方式。提出非 GAAP 指標，是因為我們相信其可為投資人提供一種評估與理解公司管理層如何評估公司營運表現的方法。這些指標的調節表可於我們的財報新聞稿與 SEC 申報文件中查閱，並且也會作為本次財報電話會議的一部分直接提供。

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, 2026 press release may obtain a copy by visiting the investor relations section of the Company's website. With that, I will turn the call over to Shuki.

這些非 GAAP 指標不應被孤立看待，也不應被視為可替代或優於依 US GAAP 編製之財務衡量指標。未持有截至 2026 年 9 月 30 日止季度新聞稿副本的聽眾，可造訪公司網站之投資人關係專區取得副本。接下來，我將把電話會議交給 Shuki。

Good morning, everyone, and thank you for joining our call today. As highlighted on previous calls, our turnaround continues to be guided by four priorities: driving profitable growth, expanding global market share, scaling the SolarEdge Nexus platform, and advancing our opportunity in SSCs for data centers. In the third quarter, we made further progress on each of them. We met the midpoint of our revenue and gross margin guidance even as the market presented a more challenging near-term backdrop as we continue to pursue profitable growth.

各位早安，感謝大家今天加入我們的電話會議。如同先前電話會議所強調，我們的轉型持續以四項優先事項為指引：推動獲利性成長、擴大全球市占率、擴大 SolarEdge Nexus 平台規模，以及推進我們在資料中心用 SSC 的機會。在第三季，我們在上述各項上都取得了進一步進展。即使市場短期環境更具挑戰，我們在持續追求獲利性成長的同時，仍達成了營收與毛利率指引的中位數。

This was also our fifth consecutive quarter of positive free cash flow, reflecting the steady progress we have made over the past two years. But before I get into the details of Q3, I would like to address the outlook. We expect Q4 revenue of $245 million to $275 million, below the expectations provided at our investor day.

這也是我們連續第五個季度實現正向自由現金流，反映出過去兩年我們所取得的穩健進展。但在我深入說明第三季細節之前，我想先談談展望。我們預期第四季營收為 2.45 億至 2.75 億美元，低於我們在投資人日所提供的預期。

This decline is a result of two main developments. First, our two main markets are expected to be soft in Q4 and Q1. The US residential market continues to be slow, mainly due to delays in additional guidance surrounding FEOC clarity and higher interest rates, and Germany is currently reforming its Renewable Policy Act called EEG.

這一降幅主要源自兩項發展。第一，我們的兩個主要市場預期在第四季與第一季將偏弱。美國住宅市場仍然疲弱，主要原因是圍繞 FEOC 明確性之額外指引延遲，以及利率較高；而德國目前正在改革其名為 EEG 的《再生能源法》。

If the current draft is adopted, the reduction of feed-in tariff support could meaningfully weigh on demand for new installations. When adjusting for the expected levels of installation in the US and Germany and in order not to overship products into the channel, we expect our revenue in Q4 to further decline. We believe this inventory discipline is warranted as Q4 is typically followed by a seasonally weak Q1. We are making deliberate decisions to exit select underperforming geographic markets and redirect resources towards our core markets and higher growth opportunities. In addition, given the lower revenue outlook, we are taking additional actions to reduce costs, simplify operations and support profitability.

若目前草案獲得採納，上網電價（feed-in tariff）補貼的削減可能會對新裝置需求造成顯著壓力。在依據美國與德國預期的裝置量進行調整，並為避免向通路過度出貨的前提下，我們預期第四季營收將進一步下滑。我們認為此一庫存紀律是必要的，因為第四季之後通常會接續季節性偏弱的第一季。我們正審慎決定退出部分表現不佳的地理市場，並將資源重新導向核心市場與更高成長機會。此外，鑑於較低的營收展望，我們也正採取額外行動以降低成本、簡化營運並支撐獲利能力。

These are difficult but necessary decisions to build a more focused and competitive SolarEdge. Mal will walk you through the financial impact of the actions we're taking. While the near-term backdrop is soft, the underlying fundamentals and growth drivers we laid out at our Investor Day remain in place. Even in this environment, our third quarter results provide solid evidence that the underpinnings of our growth initiatives are taking shape. Shifting to our second priority, market share gain. Starting with the US commercial and industrial markets, we continue to build on our higher than 50% market share in rooftop C&I, and our pipeline remains healthy.

這些都是艱難但必要的決策，旨在打造更聚焦且更具競爭力的 SolarEdge。Mal 將向各位說明我們所採取行動的財務影響。雖然短期環境偏弱，但我們在投資人日所闡述的基本面與成長驅動因素仍然存在。即便在此環境下，我們第三季的結果也提供了有力證據，顯示我們成長計畫的基礎正在成形。接著談到我們的第二項優先事項：市占率提升。先從美國商用與工業（C&I）市場開始，我們持續鞏固在屋頂型 C&I 超過 50% 的市占率，而我們的案源管線仍維持健康。

The outlook for the C&I market remains solid, supported by rising electricity prices, data center-driven demand, and the expectation that storage attach rates will increase over time.

C&I 市場展望仍然穩健，受電價上升、資料中心帶動的需求，以及儲能搭載率預期將隨時間提高所支撐。

Within the US resi market, demand remains soft. It is consistent with the broader financing-driven headwind and the higher interest rate. Beyond the near term, we continue to believe the market's evolution towards higher battery attach rates and third-party ownership plays to our strengths, namely our long-standing position as a leading provider to TPOs and our fully integrated, DC-coupled battery architecture. Our confidence is supported by the visibility provided by the Safe Harbor transaction in both residential and C&I. These agreements amount to $1.7 billion and may reach $3.3 billion when the required optimizers are added. Turning to Europe.

在美國住宅（resi）市場方面，需求仍然疲弱。這與更廣泛的融資驅動逆風以及較高利率一致。放眼短期以外，我們仍相信市場朝向更高電池搭載率與第三方持有（TPO）模式的演進，將有利於我們的優勢：也就是我們長期以來作為 TPO 領先供應商的地位，以及我們完整整合、直流耦合（DC-coupled）的電池架構。我們的信心也來自 Safe Harbor 交易在住宅與 C&I 兩端所提供的能見度。這些協議金額合計 17 億美元，若加上所需的優化器（optimizers），金額可能達到 33 億美元。接著談歐洲。

In the third quarter, we witnessed the expected seasonal decline, but continue to ramp up Nexus three phase to deliver commercial storage solutions and to accelerate our battery upsell activity. Speaking of battery upsell activities, we continue to leverage our installed base of over 1 million homes in the Netherlands and Germany. In the quarter, we recognized more than $30 million in revenue from upselling to them, up from more than $20 million in Q2.

在第三季，我們看到預期中的季節性下滑，但仍持續擴大 Nexus 三相產品的出貨，以提供商用儲能解決方案並加速我們的電池加購（upsell）活動。談到電池加購活動，我們持續運用在荷蘭與德國超過 100 萬戶的既有裝機基礎。本季我們因對其加購而認列超過 3,000 萬美元營收，高於第二季的 2,000 多萬美元。

Turning to our third priority, scaling the Nexus platform. Nexus systems. Delivered strong sequential growth and contributed over $100 million in revenue this quarter. We see continued adoption of three-phase Nexus in European markets since we started shipping in the second quarter. Nexus installations have shown higher average system size as it addresses the 10 to 30-kilowatt segment in Germany. They've also come with a higher attach rate of storage due to the built-in advantages the Nexus solution has in the PV plus storage environment. In the US, Nexus has been added to the approved vendor list of every leading TPO and prepaid lease company we work with. And our meter collar solution was approved by California's top utility.

接著談第三項優先事項：擴大 Nexus 平台規模。Nexus 系統。本季實現強勁的季增成長，並貢獻超過 1 億美元營收。自第二季開始出貨以來，我們看到三相 Nexus 在歐洲市場持續被採用。由於 Nexus 鎖定德國 10 至 30 千瓦區間，Nexus 的安裝呈現較高的平均系統規模。由於 Nexus 解決方案在「光伏（PV）加儲能」環境中具備內建優勢，其儲能搭載率也更高。在美國，Nexus 已被我們合作的所有主要 TPO 與預付租賃公司納入核准供應商名單。此外，我們的電表頸圈（meter collar）解決方案已獲加州最大公用事業公司核准。

It allowed us to start rolling out Nexus in July, and so far, we have received very positive feedback, which aligns with our value proposition. With Nexus, homeowners get higher savings, installers can complete more jobs faster, and TPOs can maximize fleet return on investment. It's important to note that the Nexus stackable battery has led to installations of systems ranging between 5 to 40 kilowatt hour to address different market segments.

這使我們得以在 7 月開始推動 Nexus 上線迭代（roll out），截至目前我們收到非常正面的回饋，與我們的價值主張一致。透過 Nexus，屋主可獲得更高的節省，安裝商可更快速完成更多案子，而 TPO 可最大化其資產組合的投資報酬率。值得注意的是，Nexus 可堆疊電池已帶動系統安裝容量介於 5 至 40 千瓦時之間，以滿足不同市場區隔的需求。

As VPPs gain market momentum, we are seeing average battery system sizes increase. We expect to begin rolling out single-phase Nexus in Europe in the first quarter of next year, completing the platform's launch globally. As many of you are aware, Nexus is also a key enabler of the continued shift in our mix toward PV plus storage solutions. Storage revenue grew again this quarter, driven by both higher attach rates on new systems and rising retrofit volume. Storage was our largest product category by revenue for the second quarter in a row.

隨著 VPP 在市場上獲得動能，我們看到平均電池系統規模正在增加。我們預期將於明年第一季開始在歐洲推出單相 Nexus，完成該平台的全球上市。如各位所知，Nexus 也是推動我們產品組合持續轉向「光伏（PV）加儲能」解決方案的關鍵推手。本季儲能營收再次成長，主要受新系統的搭載率提升以及改裝（retrofit）量增加所帶動。儲能已連續第二季成為我們按營收計最大的產品類別。

We view this as an important marker of the transition we've been describing towards a holistic energy solution, which we believe more than doubles SolarEdge potential revenue. Turning to our fourth priority in the data center market. In the third quarter, we continued to advance our DC-native grid-to-rack powertrain from medium voltage to 800-volt DC.

我們將此視為我們一直在描述、朝向整體能源解決方案轉型的重要里程碑；我們相信這可使 SolarEdge 的潛在營收增加一倍以上。接著談我們在資料中心市場的第四項優先事項。在第三季，我們持續推進我們的 DC 原生（DC-native）電網到機架（grid-to-rack）動力傳動系統，將其從中壓提升至 800 伏直流。

It is important to note that our solution is designed to support medium voltage ranging between 13.8 kilovolts through 34.5 kilovolts. Building on the live lab demonstration we discussed last quarter, our three-phase conversion stage is now operating under loads in our lab, with system-level validation of the full power path underway. At the heart of the system is our SST cell. During the quarter, the cell completed high-voltage insulation testing in our lab at the level used for 34.5 kilovolt class equipment. And its transformer completed partial discharge testing well above its operating voltage. This is a key step toward direct connection to 34.5 kilovolt grid.

需要特別指出的是，我們的解決方案設計可支援 13.8 千伏至 34.5 千伏的中壓範圍。在延續我們上季提到的實驗室現場展示基礎上，我們的三相轉換級目前已在實驗室於負載條件下運行，並正進行全功率路徑的系統級驗證。系統的核心是我們的 SST 單元（cell）。本季期間，該單元在我們實驗室完成了高電壓絕緣測試，測試等級符合 34.5 千伏等級設備所採用的標準。其變壓器也完成了局部放電測試，測試電壓遠高於其工作電壓。這是邁向直接連接 34.5 千伏電網的關鍵一步。

Our SST cell has continued demonstrating efficiency above 99% in all demonstrations. In the ecosystem, we issued our 800-volt DC protection and grounding white paper developed with NVIDIA and offered as a technology-neutral framework. We have also extended our collaboration with Infineon on solid-state circuit protection. And at OCP, we showcased our SST cell on NVIDIA's AI Factory MGX ecosystem award. At the same time, we have continued live demonstrations to prospective. customers and active engagement in several RFIs. We remain on track for a working system in our lab by the end of 2026, pilot installations in 2027 and volume shipments in 2028, consistent with the timeline we discussed at the Investor Day.

我們的 SST 單元在所有展示中持續展現超過 99% 的效率。在生態系方面，我們發布了與 NVIDIA 共同開發的 800 伏直流保護與接地白皮書，並以技術中立的框架形式提供。我們也擴大了與英飛凌（Infineon）在固態電路保護方面的合作。此外，在 OCP 上，我們於 NVIDIA 的 AI Factory MGX 生態系獎項展示中展示了我們的 SST 單元。同時，我們也持續向潛在客戶進行現場展示，並積極參與多項 RFI（資訊徵詢）。我們仍按計畫在 2026 年底前於實驗室完成可運作的系統、於 2027 年進行試點安裝，並於 2028 年開始量產出貨，與我們在投資人日所討論的時程一致。

To summarize, in the third quarter, we continued to execute against a challenging near-term backdrop. We delivered on our guidance, grew Nexus meaningfully, continued to shift our mix toward storage, advanced our data center opportunity with a high-visibility customer showcase, and took further action to streamline the business. The opportunity ahead remains strong and promising and will remain focused on improving our execution and capitalizing on our advantages in the markets we participate in. With that, I will turn the call over to Maur.

總結而言，在第三季，我們在充滿挑戰的短期環境下持續推進執行。我們達成了指引目標，顯著成長 Nexus，持續將產品組合轉向儲能，透過高能見度的客戶展示推進資料中心機會，並採取進一步行動以精簡業務。未來的機會仍然強勁且具前景，我們將持續專注於提升執行力，並在我們參與的市場中發揮自身優勢。接下來我把電話交給 Maur。

Thank you, Shuki, and good morning everyone. Starting with our quarterly results. GAAP revenue for the third quarter was $326.1 million, down 5.8% quarter-over-quarter and 4.1% year-over-year. Non-GAAP revenue was $325.4 million, down 5.8% quarter-over-quarter and 4.2% year-over-year, in line with the midpoint of our $310 million to $340 million guidance range. GAAP revenue from the US amounted to $145.9 million, down 5.8% quarter-over-quarter, representing 44.7% of revenue.

謝謝你，Shuki，各位早安。先從我們的季度業績開始。第三季 GAAP 營收為 3.261 億美元，較前一季下降 5.8%，較去年同期下降 4.1%。第三季非 GAAP 營收為 3.254 億美元，較前一季下降 5.8%，較去年同期下降 4.2%，符合我們 3.10 億至 3.40 億美元指引區間的中點。美國 GAAP 營收為 1.459 億美元，較前一季下降 5.8%，占營收 44.7%。

Revenue from Europe was $141.7 million, down 8.2% quarter-over-quarter, representing 43.5% of revenue. International market revenue was $38.5 million, up 4.3% quarter-over-quarter, representing 11.8% of revenue. GAAP gross margin was 33.2% this quarter compared to 27.5% in the second quarter and 21.2% in the third quarter of last year. Non-GAAP gross margin was 34.7% this quarter compared to 28.6% in the second quarter and 18.8% in the third quarter of last year. This quarter's results included the benefit of approximately $36 million related to EAPA tariff refunds.

歐洲營收為 1.417 億美元，較前一季下降 8.2%，占營收 43.5%。國際市場營收為 3,850 萬美元，較前一季成長 4.3%，占營收 11.8%。本季 GAAP 毛利率為 33.2%，相較第二季的 27.5% 以及去年第三季的 21.2%。本季非 GAAP 毛利率為 34.7%，相較第二季的 28.6% 以及去年第三季的 18.8%。本季業績包含約 3,600 萬美元與 EAPA 關稅退稅相關的收益。

Excluding this item, we estimate non-GAAP gross margin was approximately 23.6%, near the midpoint of our previously guided range of 22% to 26%. The year-over-year improvement was driven by the EAPA refund for the 45x benefit associated with the transition to US manufacturing and the continued cost discipline. GAAP operating expenses for the third quarter were $110.1 million compared to $111.2 million in the second quarter and $107.3 million in the third quarter of last year. Non-GAAP operating expenses were $88.8 million compared to $88.5 million in the second quarter and $87.7 million in the third quarter of last year, essentially flat on a sequential and year-over-year basis and in line with the midpoint of our previous guidance range of $86 million to $91 million.

若排除此項目，我們估計非 GAAP 毛利率約為 23.6%，接近我們先前指引 22% 至 26% 區間的中點。年對年改善主要由 EAPA 退稅、與轉向美國製造相關的 45x 收益，以及持續的成本紀律所帶動。第三季 GAAP 營業費用為 1.101 億美元，相較第二季的 1.112 億美元以及去年第三季的 1.073 億美元。第三季非 GAAP 營業費用為 8,880 萬美元，相較第二季的 8,850 萬美元以及去年第三季的 8,770 萬美元；無論按季或年對年基本持平，且符合我們先前 8,600 萬至 9,100 萬美元指引區間的中點。

As Shuki discussed, we recently took additional restructuring actions to streamline our cost structure, including de-emphasizing select geographic markets by reallocating resources to more profitable regions and activities. Specifically, we have chosen to accelerate our investment in the data center opportunity relative to our initial plan. This action will create a more agile organization while supporting continued innovation. From a modeling perspective, we are expected to deliver net savings in the mid-single-digit million each quarter, including approximately $3 million from cost of goods sold and $2 million from operating expenses.

如 Shuki 所述，我們近期採取了額外的重整措施以精簡成本結構，包括透過將資源重新配置至更具獲利性的地區與活動，來降低對部分地理市場的投入比重。具體而言，相較於原先計畫，我們選擇加速對資料中心機會的投資。此舉將在支持持續創新的同時，打造更敏捷的組織。從模型推估角度，我們預期每季可帶來中個位數百萬美元的淨節省，其中約 300 萬美元來自銷貨成本，約 200 萬美元來自營業費用。

From a top-line perspective, the regions in which we are de-emphasizing, giving the low profitability profile, represent approximately $40 million to $50 million of annual revenue. Given the timing of implementation, we expect to see the top-line headwinds starting in the fourth quarter, while the full expense benefit will be realized in the first quarter of 2027. GAAP operating loss was $1.9 million compared to $16 million in the second quarter and $35.2 million in the third quarter of last year. Non-GAAP operating income for the third quarter was $23.9 million compared to $10.2 million in the second quarter and a non-GAAP operating loss of $23.8 million in the third quarter of last year.

從營收端（top-line）來看，我們降低投入比重的那些地區，鑑於其低獲利特性，約占每年 4,000 萬至 5,000 萬美元的營收。考量執行時點，我們預期營收端的不利影響將自第四季開始顯現，而完整的費用效益將於 2027 年第一季實現。第三季 GAAP 營業損失為 190 萬美元，相較第二季的 1,600 萬美元以及去年第三季的 3,520 萬美元。第三季非 GAAP 營業利益為 2,390 萬美元，相較第二季的 1,020 萬美元，以及去年第三季非 GAAP 營業損失 2,380 萬美元。

As for the gross margin, this result included the benefit of approximately $36 million related to EAPA tariff refunds. GAAP net loss was $8.4 million compared to $30.8 million in the second quarter and $50.1 million in the third quarter of last year. Non-GAAP net income was $21.1 million in the third quarter compared to $3.6 million in the second quarter and a non-GAAP net loss of $18.3 million in the third quarter of last year. GAAP net loss per diluted share was $0.14 in the third quarter and the non-GAAP net income per diluted share was $0.29. Adjusted EBITDA was $31.8 million in the third quarter compared to $18.3 million in the second quarter and an adjusted EBITDA loss of $14.1 million in the third quarter of last year.

就毛利率而言，此結果包含約 3,600 萬美元與 EAPA 關稅退稅相關的收益。第三季 GAAP 淨損為 840 萬美元，相較第二季的 3,080 萬美元以及去年第三季的 5,010 萬美元。第三季非 GAAP 淨利為 2,110 萬美元，相較第二季的 360 萬美元，以及去年第三季非 GAAP 淨損 1,830 萬美元。第三季 GAAP 稀釋後每股淨損為 0.14 美元，非 GAAP 稀釋後每股淨利為 0.29 美元。第三季調整後 EBITDA 為 3,180 萬美元，相較第二季的 1,830 萬美元，以及去年第三季調整後 EBITDA 損失 1,410 萬美元。

The quarterly results included the benefit of approximately $36 million related to EPA tariff method. We generated $20.4 million of operating cash flow and $7.8 million of free cash flow in the third quarter compared to $3.1 million of free cash flow in the second quarter and $22.8 million in the third quarter of last year, marking the fifth consecutive quarter of positive free cash flow. Year-to-date, free cash flow was $31.7 million.

本季財報結果包含約3,600萬美元、與EAPA關稅計算方法相關的利益。第三季我們產生2,040萬美元的營運現金流與780萬美元的自由現金流，相較之下，第二季自由現金流為310萬美元、去年第三季為2,280萬美元，並且連續第五個季度維持自由現金流為正。年初至今，自由現金流為3,170萬美元。

Our capital expenditure this quarter was $12.6 million, up from $8.3 million in the second quarter, including continued investment in our SST program, manufacturing capacity and investment in our new headquarters in Israel, which consolidates several locations into one, including expanding our advanced R&D facility. Year-to-date, capital expenditure was approximately $25 million, and we now expect full-year capital expenditure in the range of approximately $45 million to $55 million. We continue to expect positive free cash flow for the full year, reflecting our improving operating performance, continued discipline in managing expense and capital investment and our ongoing ability to monetize 45x credits.

本季資本支出為1,260萬美元，高於第二季的830萬美元，其中包括持續投資於我們的SST計畫、製造產能，以及投資於以色列新總部（將多個據點整併為單一據點），並包含擴建我們先進的研發設施。年初至今，資本支出約為2,500萬美元；我們目前預期全年資本支出約落在4,500萬至5,500萬美元區間。我們仍預期全年自由現金流為正，反映營運表現改善、在費用與資本投資管理上的持續自律，以及我們持續將45x抵減額度變現的能力。

Turning now to our balance sheet. As of September 30, 2026, our cash equivalents, restricted cash and marketable securities net of debt were $260.9 million, compared to $264.6 million as of June 30, 2026. Cash and cash equivalents were $555.1 million, up from approximately $527.3 million in the second quarter. Trade receivables decreased to $209.6 million from $211.9 million in the second quarter, with DSO increasing to 60 days from 57 days in the second quarter this year. Inventory increased to $621.1 million from $599.8 million in the second quarter this year, reflecting higher finished goods and lower raw materials. We are watching both closely and continue to manage our cash conversion cycle actively. Turning now to our outlook for the fourth quarter of 2026.

接著談資產負債表。截至2026年9月30日，我們的約當現金、受限制現金及有價證券（扣除負債後）為2.609億美元，相較於2026年6月30日的2.646億美元。現金及約當現金為5.551億美元，高於第二季約5.273億美元。應收帳款由第二季的2.119億美元降至2.096億美元，本年度第二季DSO為57天，本季上升至60天。存貨由本年度第二季的5.998億美元增至6.211億美元，反映成品增加與原物料降低。我們正密切關注這兩項指標，並持續積極管理我們的現金轉換週期。接著談我們對2026年第四季的展望。

As Shuki mentioned, we expect overall market condition to remain soft. We anticipate continued weakness in the US and further weakening in Germany ahead of the decision on EEG and feed-in tariff reform. We expect revenue to be within the range of $245 million to $275 million. This revenue is below the $310 million we outlined at the start of our full-year 2026 target at the Investor Day. The net change at the midpoint is $50 million and I will detail the three main contributions.

如Shuki所提，我們預期整體市場狀況仍將偏弱。我們預期美國將持續疲弱，而德國在EEG與躉購費率改革決策出爐前，可能進一步走弱。我們預期營收將落在2.45億至2.75億美元區間。此營收低於我們在投資人日提出的2026年全年目標起始所概述的3.10億美元。以區間中點計算，淨變動為5,000萬美元，我將說明三項主要因素。

The first is $35 million for proactive channel inventory management in both the US and Germany. In the US, this is affected in part due to delays in additional guidance surrounding FEOC clarity and interest rate. In Germany, it is driven in part by the lack of clarity of potential regulatory changes. We believe these proactive measures should reduce the risk of channel inventory challenges in 2027.

第一項為3,500萬美元，來自我們在美國與德國主動進行通路庫存管理。在美國，部分受到與FEOC明確性及利率相關的進一步指引延遲所影響。在德國，部分原因是潛在法規變動仍缺乏明確性。我們相信這些主動措施可降低2027年通路庫存挑戰的風險。

Second, we expect our decision to de-emphasize less profitable market to reduce fourth quarter revenue by approximately $10 million. Third is the EUR exchange rate, which is anticipated to reduce revenue $5 million. We expect non-GAAP gross margin to be within the range of 17% to 21%. This range reflects the under-absorption of fixed costs in the fourth quarter and does not include any impact from a potential EAPA refund. During the second quarter, we received $13.3 million EAPA refund and $36 million in the third quarter. We believe approximately $4 million remain to be returned during the fourth quarter. We expect non-GAAP operating expenses to be within the range of $87 million to $91 million.

第二，我們預期將較不強調獲利性較低的市場，將使第四季營收約減少1,000萬美元。第三是歐元匯率，預期將使營收減少500萬美元。我們預期非GAAP毛利率將落在17%至21%區間。此區間反映第四季固定成本吸收不足，且未包含任何潛在EAPA退稅的影響。第二季我們收到1,330萬美元的EAPA退稅，第三季收到3,600萬美元。我們認為第四季仍約有400萬美元待退還。我們預期非GAAP營業費用將落在8,700萬至9,100萬美元區間。

Looking ahead to Q1 2027, we believe normal winter seasonality combined with continued regulatory uncertainty in the US and Germany will result in a 10% plus sequential decline in revenue. Beyond the first quarter, our expectation is that the policy uncertainty in the US and Germany will be behind us. We believe that this will allow the growth drivers we have discussed, namely our Nexus solution, storage retrofit opportunity and Safe Harbor backlog to result in a flat year-over-year growth profile for our business. Which following our recent restructuring actions is expected to result in an adjusted EBITDA breakeven profile for 2027.

展望2027年第一季，我們認為正常的冬季季節性因素，加上美國與德國持續的法規不確定性，將導致營收較前一季下滑10%以上。第一季之後，我們預期美國與德國的政策不確定性將告一段落。我們相信這將使我們先前討論的成長動能——亦即Nexus解決方案、儲能改裝（retrofit）機會，以及Safe Harbor在手訂單——帶動公司呈現年對年持平的成長輪廓。在我們近期重整措施之後，預期2027年將呈現調整後EBITDA損益兩平的態勢。

In addition, as we expect customer pilots of our SST to conclude during 2027, we anticipate further clarity on the growth trajectory of our SST business for 2028. With these growth opportunities and our continued focus on operational discipline, we believe we will continue to drive profitable growth in the years ahead. I will now turn the call over to Operator to open it up for questions. Operator.

此外，隨著我們預期客戶對SST的試點將於2027年內結束，我們也預期在2028年能更清楚掌握SST業務的成長軌跡。憑藉這些成長機會以及我們對營運紀律的持續聚焦，我們相信未來幾年將持續推動具獲利性的成長。接下來我將把電話交給接線員，開放提問。接線員。

(Operator Instructions) Brian Lee, Goldman Sachs.

(接線員指示) Brian Lee，高盛。

Thanks for having me on the call, guys. Good morning. I guess a couple questions. Just appreciate all the additional color on the puts and takes around what happened year-end to year-end and how to think about it heading into '27. The gross margin view here, I guess, should we anticipate that given the lower volume in Q1, that gross margin is going to be even lower in Q1 off of the Q4 level? And then kind of what's the pace of recovery on gross margins? I know you said adjusted break even for the year, but how should we be thinking about how that translates to gross margins as well as free cash flow for 2027?

謝謝讓我加入電話會議，各位。早安。我想有幾個問題。很感謝你們補充了更多關於年末到年末之間發生了什麼、以及進入2027年該如何思考的細節。關於毛利率的看法，我想問的是，考量第一季出貨量較低，我們是否應預期第一季毛利率會比第四季水準更低？另外，毛利率回升的節奏大概會是如何？我知道你們提到全年調整後損益兩平，但我們應如何思考這會如何反映在2027年的毛利率以及自由現金流上？

Okay, thank you for the question, Brian. So we shared a 19% midpoint gross margin. It actually takes the fixed-cost impact to approximately 17%. So if you are looking on the. Improvement that we are keeping and doing, this is about 2%, this is how we're getting to 19%. Of course, with the seasonality and as we said, we're expecting more or less. A 10% and plus reduction in Q1, of course, the gross margin will impact as well. As we are not guiding more than the quarter for the full year. And as we said about 2027, we are expecting a flattish year from revenue and on EBITDA, adjusted EBITDA point of view, we're expecting more or less a breakeven.

好的，謝謝你的問題，Brian。我們分享的毛利率中點是19%。若納入固定成本的影響，實際約為17%。所以如果你在看……我們正在維持並推進的改善幅度大約是2%，這就是我們如何達到19%。當然，考量季節性，如同我們所說，我們預期第一季將下滑約10%甚至更多，毛利率也會受到影響。由於我們不會提供超過單一季度的全年指引。而如同我們對2027年的說法，我們預期營收大致持平；就EBITDA而言，從調整後EBITDA角度，我們預期大致為損益兩平。

So more or less, you can actually take a reasonable assumption based on the yearly margin that we're expecting for the full year 2026, kind of same start point of 2027 with some improvement that we already have in the numbers that I just shared and the efforts that we shared also in the Investor Day, first is the Nexus, second is the 45x, expecting more revenue from used manufacturing next year. And the operational excellence that's still running, and we're expecting to see more improvement next year.

因此，大致上你可以基於我們對2026年全年預期的年度毛利率，作為2027年的合理起點，並加上我剛分享的數字中已反映的一些改善，以及我們在投資人日也提到的各項努力：第一是Nexus，第二是45x，預期明年可從美國製造取得更多收入。再加上仍在推進的營運卓越計畫，我們預期明年會看到更多改善。

And actually, to add to that, Brian, as scale and as you mentioned, scale is actually driving the margin. And our expectation is that once the FEOC Clarity hopefully is going to be finalized, we will see resumed growth in the US residential market, where we are very well positioned between our long-term engagement with the TPOs and the way that we.

另外補充一下，Brian，正如你提到的，規模其實是推動毛利率的關鍵。我們的預期是，一旦FEOC明確性希望能最終定案，我們將看到美國住宅市場恢復成長；我們在這方面具備很好的布局，因為我們與TPO長期合作的投入，以及我們……

We have worked together with them for many years, coupled with the fact that Nexus we've just started actually with Nexus, but it shows very positive feedback that we are receiving from installers and from the TPOs about the value that it brings, the ease of installation and the round trip efficiency that actually delivers better returns to the TPOs.

我們多年來與他們共同合作，再加上Nexus——我們其實才剛開始推動Nexus，但從安裝商與TPO那裡收到的回饋非常正面，認為它帶來的價值、安裝的便利性，以及其往返效率（round trip efficiency）能為TPO帶來更好的報酬。

So we feel that when the market is coming back, we will be very well positioned to benefit from that and hopefully we will get some clarity in Germany as well by that time and then similar to cases that happened before in which there is a change in regulation. The initial drop is a little bit harder and then it recovers a little bit. So we believe or we hope that the scale is going to come back later in 2027, and that will allow us not only to gain share and to increase revenue, but also to extend our margin.

因此我們認為，當市場回溫時，我們將處於非常有利的位置來受惠；也希望到那時德國方面也能更明朗，情況會類似過去曾發生的監管變更案例。一開始的下滑會比較劇烈，之後會稍微回升。因此我們相信或希望規模會在 2027 年稍晚回來，這將使我們不僅能提升市占並增加營收，也能擴大我們的利潤率。

That's super helpful, Shuki. Maybe just quickly on that, because you guys have a diversified business geographically as well as end market. When you talk about a flat revenue growth outlook for next year, what are you embedding in there? Are you embedding share gains? Are you embedding US Is flat, Europe is up, or vice versa? Just kind of what are some of the underlying sort of base case assumptions between Europe growth, US Growth, and then what you're assuming for your own share gains in that environment?

這非常有幫助，Shuki。也許就這點快速追問一下，因為你們的業務在地理區域與終端市場上都相當多元。當你們談到明年營收成長展望持平時，你們在其中納入了哪些假設？有納入市占提升嗎？是納入美國持平、歐洲成長，或反過來？想請你們談談一些底層的基本情境假設：歐洲成長、美國成長，以及在那樣的環境下你們對自身市占提升的假設。

Yes, it's a great question. And I'd like to remind everybody, we are guiding only for the current quarter, we are not guiding beyond that. So we are trying to give color here about Q1 '27 and then a little bit more about the rest of the year. So what we currently know about the beginning of the year is Q1 both in the US and in Europe is expected to be soft for the reasons that we mentioned in our prepared remarks. The new expected regulation in

是的，這是個很好的問題。我也想提醒大家，我們只對本季度提供指引，不會提供更往後的指引。所以我們在這裡嘗試提供一些關於 2027 年第一季（Q1 '27）的脈絡，並再多談一點今年其餘時間的情況。就我們目前對年初的了解，美國與歐洲在第一季都預期偏弱，原因如同我們在事先準備的發言中提到的。預期的新監管在

Germany and even if FEOC is clarified in Q1, it does take time for the financial system to actually go about it. Now in terms of what is going to happen next in the year, as we mentioned, we are pleased with the feedback that we're receiving on Nexus in the US. Nexus three-phase in Europe is actually getting more traction because we started in early Q2 and what we are seeing over there is actually average size of each system is actually growing and that touch rate percentage is actually growing.

德國；即使 FEOC 在第一季獲得釐清，金融體系實際落地執行也需要時間。至於今年接下來會發生什麼，如同我們提到的，我們對在美國收到的 Nexus 回饋感到滿意。歐洲的 Nexus 三相（three-phase）因為我們在第二季初就開始推進，實際上正獲得更多動能；我們看到那邊每套系統的平均規模在成長，觸達率（touch rate）百分比也在提升。

So that gives us early indications that we can gain share in Europe and we believe that if Nexus is actually coming up as expected. And the market is spending more and more towards storage, which Nexus was designed to actually support, we will be in a position to gain some market share in Europe and also to gain some storage share in the US We mentioned the Safe Harbor that gives us confidence for that, so that's on the residential side. On the C&I side in the US, we are coming from the very same place that we discussed in our Investor Day. Our market share is. Supported by something that is structural, both the advantages of the technology as well as domestic-content and NEC listings all are supporting our current market share and hopefully will support additional market share in the future.

因此這給了我們一些早期跡象，顯示我們能在歐洲提升市占；我們也相信若 Nexus 如預期推進，而市場支出愈來愈偏向儲能（storage）——Nexus 正是為了支援儲能而設計——我們將有機會在歐洲取得一些市占，同時也在美國取得一些儲能市占。我們提到的 Safe Harbor 讓我們對此更有信心，這是在住宅端。在美國的工商業（C&I）端，我們正處於與投資人日（Investor Day）所討論相同的狀態。我們的市占受到一些結構性因素支撐，包括技術優勢、國產內容（domestic-content）以及 NEC 認證（listings），這些都支撐我們目前的市占，並希望未來也能支撐進一步的市占提升。

All right. Thanks, guys. I'll pass it on. Appreciate it.

好的。謝謝各位。我把時間交給下一位。感謝。

Philip Shin, Roth Capital Partners.

Philip Shin，Roth Capital Partners。

Hey, guys. Thanks for taking the questions. I want to ask a little bit more about the US market. Specifically, the weakness is being driven by the delayed FEOC and PFE guidance. But I wanted to check in with a bit of a nuanced topic. In California, which is a big market, it seems like there could be a new 1.1% annual property tax applied to. New solar and storage systems, and so that exemption to not pay that tax is going away at the end of this year. Do you see that as being a headwind for '27 as well, and is that fully factored into your outlook? Thanks.

嗨，各位。謝謝回答問題。我想再多問一些關於美國市場的情況。具體來說，疲弱是由 FEOC 與 PFE 指引延後所驅動。但我想確認一個比較細緻的議題。在加州這個大市場，似乎可能會對新的太陽能與儲能系統課徵每年 1.1% 的財產稅，而目前免繳該稅的豁免將在今年底到期。你們是否認為這也會成為 2027 年的逆風？而且這是否已完全反映在你們的展望中？謝謝。

Yes, thank you, Phil, and thank you for joining us today. Compared with the clarification that is required around FEOC and PFE, this change in regulation in California, it will have some impact obviously, but it's one of these things that are gives and takes that are happening on an ongoing basis. We wouldn't attach major impacts for something like that. As and you know it very well, in different states, there are different incentives that are given for solar systems.

是的，謝謝你，Phil，也謝謝你今天加入我們。相較於 FEOC 與 PFE 需要釐清的事項，加州這項監管變更當然會有一些影響，但這類事情本來就會持續出現、有得有失。我們不會把這類事情視為會造成重大影響。而且如你所知，不同州對太陽能系統提供的激勵措施各不相同。

Now there are many other benefits that are given for storage, not only from VPPs, but actually some state funded or utility funded brands. So these are the ins and outs that are going on an ongoing basis. We believe that once FEOC and PFE are going to be clarified, it will allow the TPOs and the prepaid lease companies to raise more money and to raise it in better terms and that will actually increase the demand for solar and storage systems and over there Nexus is a very well positioned. So that's kind of how we look at it going into 2027.

此外，儲能也有許多其他好處，不僅來自 VPP（虛擬電廠），也包括一些由州政府或公用事業出資的方案。所以這些進進出出（變動）會持續發生。我們相信，一旦 FEOC 與 PFE 得到釐清，將使 TPO（第三方持有）業者與預付租賃公司能募到更多資金、且以更好的條件募資，這將實際提升對太陽能與儲能系統的需求，而 Nexus 在那裡的定位非常有利。這就是我們看待邁向 2027 年的方式。

And then on SST, I know you mentioned that the timeline is the same as before. Nothing's really changed that much. But I was wondering if you might be able to give a little bit of color on the conversations that you're having. Do you have a sense for how much 800 volts could be coming online? Is the share of 800 volts of data center build. In '28 to '29, has that changed and increased at all? So just was curious if you could just give us a little more color.

另外關於 SST，我知道你們提到時程與之前相同。基本上沒有太多改變。但我想知道你們是否能多提供一些你們目前對話內容的脈絡。你們是否對 800 伏特上線的規模有概念？資料中心建置中 800 伏特的占比在 2028 到 2029 年是否有任何變化、是否有所提高？所以想請你們多分享一些細節。

Yes, absolutely. First of all, we are excited with the progress that we've made on the SST. And we talked about the structuring and the fact that we are reducing expenses and de-emphasizing certain geographic markets, but actually increasing our investment. On the SST because we are satisfied with the progress that we've made and we believe that the opportunity is not only a big opportunity, but actually it's a real opportunity. In the conversations that we've had with different players in the ecosystem, whether these are prospects, the incumbents and other horizontal players.

是的，當然。首先，我們對 SST 的進展感到振奮。我們談過重整（structuring），以及我們正在降低費用、弱化某些地理市場，但同時也在增加投資。在 SST 上，因為我們對目前取得的進展感到滿意，並且相信這個機會不僅很大，而且是真實存在的機會。在我們與生態系不同參與者的對話中，無論是潛在客戶、既有業者（incumbents）或其他橫向（horizontal）業者。

I think that the message coming from everybody is very similar. In order to move to the next generation of the NVIDIA GPUs, the power architecture in the data center is going to change to 800 volt. Initially, people are going to do it with the sidecar architecture because that's the easy way and call it the less. There is less risk, but they are going to lose a ton of efficiency on the way. And as we described in our Investor Day, we believe that people will quickly move into DC native type solutions and definitely the SST. And these conversations are now, I would say that almost every hyperscaler or neocloud is talking about testing. One flavor or another of the SSTs in the coming year. And this is why we're excited about where we are. As we started early on the SST.

我認為大家傳達的訊息都非常一致。為了邁向下一代 NVIDIA GPU，資料中心的電力架構將會改為 800 伏特。一開始大家會採用 sidecar 架構，因為那是比較容易的方式，也可以說風險較低。但在這個過程中會損失大量效率。而如同我們在投資人日所描述的，我們相信大家會很快轉向 DC 原生（DC native）類型的解決方案，當然也包括 SST。現在的對話是，我會說幾乎每一家 hyperscaler 或 neocloud 都在談論於明年測試某一種版本的 SST。這也是我們對目前進展感到興奮的原因。因為我們很早就開始投入 SST。

We are in a leading position. And our intention is to continue to maintain the lead and if possible actually to extend it and by the end of this year, we'll a working system in our lab and we are in discussions in order to see how we can actually have some pilot installations with customers in 2027. So from that perspective, we're excited about where we are and from what we are hearing. The intention of the ecosystem is actually to move to 800 volts.

我們處於領先位置。我們的目標是持續維持領先，若可能也希望進一步擴大領先優勢；並且在今年底前，我們會在實驗室中有一套可運作的系統，同時我們也在討論如何在 2027 年與客戶進行一些試點（pilot）安裝。因此從這個角度來看，我們對目前的位置以及我們所聽到的訊息感到振奮。生態系的意圖確實是要轉向 800 伏特。

There has been some confusion around 13.8 versus 34.5, both of them are medium voltage. 13.8 is there absolutely, but 34.5 is where the real large data centers are going to -- this is going to be the power source of the large data centers and our product and our. Is designed to work with 34.5, this is the way that we designed it, this is the way that we develop it, and this is the system that we are going to have available for customers. The gap between 13.8 to 34.5, and you definitely know that, is big. It's not like a linear progress that somebody who's made 13.8 can move into 34.5. Our products can definitely scale down to 13.8 if needed. But we feel that it's going in that direction and there will be some proofs of concept with 13.8, but later on, definitely, the hyperscalers are going to go to the 34.5.

關於 13.8 與 34.5 之間一直有些混淆，兩者都屬於中壓。13.8 當然是存在的，但 34.5 才是大型資料中心真正要走向的方向——這將會是大型資料中心的電力來源，也是我們的產品與我們的。我們的設計就是要能與 34.5 搭配運作；這是我們的設計方式、我們的開發方式，也是我們將提供給客戶的系統。13.8 到 34.5 之間的落差，而且你肯定也知道，是很大的。這不像線性進展，不是做得出 13.8 的人就能直接跨到 34.5。我們的產品若有需要，確實可以向下延伸到 13.8。但我們認為趨勢正往那個方向走，會先有一些 13.8 的概念驗證，但之後，超大規模業者（hyperscalers）肯定會走向 34.5。

Great. Thanks, Shuki. I'll pass it on.

很好。謝謝你，Shuki。我把問題交給下一位。

(Operator Instructions) Corinne Blanchard, Deutsche Bank.

(接線員指示) 德意志銀行的 Corinne Blanchard。

Hey, good morning, guys. Thank you for taking my question. Maybe I want to go back, actually, on the four priorities that you highlighted this morning, and maybe as well one that you mentioned, like exiting some of the underperforming market. Can you give us a little bit more color on that one? Which market would it be, and, what would be then maybe the trade-off for, like, where would you focus right now in those. Market or geography?

嗨，大家早安。謝謝讓我提問。我想回到你們今天早上強調的四項優先事項，另外也包括你們提到的一點，例如退出一些表現不佳的市場。能否就這點提供更多細節？會是哪些市場？以及可能的取捨是什麼——也就是你們目前會把重點放在哪些。市場或地理區域？

Yes, good morning, Corinne. How are you? So what we've been doing on an ongoing basis, I would say, is continuously monitor different geographic markets that we operate in as well as different segments of our business. And we are analyzing to see what the contribution is today, what the potential is and how profitable they can be in the long-term because. Our goal, and we said it from day one, is profitable growth and not just growth for the sake of growth.

是的，早安，Corinne。你好嗎？我們一直在做的事情，我會說，是持續監控我們營運所在的不同地理市場，以及我們業務的不同區隔。我們也在分析目前的貢獻度、未來的潛力，以及長期能有多高的獲利能力，因為。我們的目標，而且我們從第一天就說過，是獲利性成長，而不是為了成長而成長。

And in recent months, and obviously, we have to analyze these things carefully and there are many moving parts, but in recent weeks actually, we've come to the conclusion that there are several geographic markets that are underperforming and we don't see them coming in. With the profitability that we would like to see, and because of that, we're de-emphasizing these markets. Actually, a year ago, we de-emphasized some markets already, and now we're repeating the same similar process in these other markets. And it's important to note that.

而在最近幾個月，當然我們必須謹慎分析，因為有很多變動因素，但其實在最近幾週，我們得出結論：有幾個地理市場表現不佳，而且我們看不到它們能達到。我們希望看到的獲利水準，因此我們正在降低對這些市場的投入比重。其實一年前我們就已經降低了對部分市場的投入，而現在我們在其他市場重複類似的流程。而且需要注意的是。

At the end of the day, we need and we actually aimed at being able to meet the breakeven point, adjusted EBITDA breakeven point with a flattish year next year and then we had to make some choices and one of the choices as I mentioned earlier was due to our progress with the SST. We have to invest over there and we've moved some additional people to work on the SSD and these markets are the ones that we have to de-emphasize in order to actually meet our financial goals.

歸根結底，我們需要、也確實以能夠達到損益兩平為目標——也就是調整後 EBITDA 的損益兩平點——即使明年營收大致持平；因此我們必須做出一些選擇。其中一個選擇，如我先前提到的，是基於我們在 SST 上的進展。我們必須在那裡投資，並且已經調派更多人力去做 SSD；而為了達成我們的財務目標，這些市場就是我們必須降低投入比重的部分。

All right, thank you. Maybe I'll know. Oh, sorry, go ahead.

好的，謝謝。也許我會知道。喔，不好意思，你先請。

Just maybe to give some more color on the other process that we have. Shared and you know that we shared the $50 million change, so part of it is definitely related to the concept that Shuki just mentioned with the $10 million. We have additional $5 million from the exchange rate and another $35 million from the channel inventory, which is the total $50 million compared to the implied number that we have from the Investor Day.

只是再補充一些我們其他流程的細節。我們已經分享過那個 5,000 萬美元的變動，所以其中一部分確實與 Shuki 剛提到的 1,000 萬美元概念相關。另外還有 500 萬美元來自匯率，以及 3,500 萬美元來自通路庫存，合計就是 5,000 萬美元，相較於我們在投資人日所隱含的數字。

Great, thank you. And maybe on the same topic, like I think you mentioned in the prepared remark, a cost saving, reducing cost as well as part of the strategy. Is it just a question of exiting some of those markets or is it more a question of reducing your workforce? I think you guys went through that a couple of years ago. And then maybe as well on the overall strategy, are you considering any price cuts in some of the market to remain in line with competition?

很好，謝謝。同樣在這個主題上，我想你們在事先準備的發言中提到，節省成本、降低成本也是策略的一部分。這只是退出部分市場的問題，還是更多是縮減人力的問題？我記得你們幾年前做過一次。另外在整體策略上，你們是否考慮在某些市場降價，以維持與競爭對手一致？

So we did the process that is a combination between the countries that we have discussed before. This is of course part of the restructuring, but there is additional part that is not related and related to. cost optimization globally, including the reallocation of resources towards the SST investment that we are going to we are increasing and we are expecting to increase as part of the progress that we have. So this is a combination and as we said, this is all going to be implemented during the quarter and we're expecting the full saving to start from Q1 next year.

所以我們做的流程，是我們先前討論過的那些國家之間的組合。這當然是重整的一部分，但還有額外一部分，既不相關也相關於。全球性的成本最佳化，包括將資源重新配置到 SST 的投資上；我們將會提高這項投資，而且預期會隨著我們的進展而增加。所以這是多項措施的組合；如同我們所說，這些都會在本季內落實，我們預期完整的節省效益將從明年第一季開始顯現。

And as for pricing, Corinne, we've not seen price decreases or price declines that require us to change our price. With the introduction of Nexus, as we said, we introduced it in Europe in Q2, in the US in Q3, and the single-phase Nexus is expected in Europe in the first quarter of 2027. Nexus brings a lot of value to the entire chain, right, between homeowners, installers and the TPOs. And at the moment, we don't see any reason to actually reduce our prices. The value is there and people are actually quite happy with the product and the solution that they're getting.

至於定價，Corinne，我們尚未看到需要我們調整價格的降價或價格下滑。隨著 Nexus 的推出，如我們所說，我們在第二季於歐洲推出、第三季在美國推出，而單相 Nexus 預計在 2027 年第一季於歐洲推出。Nexus 為整個鏈條帶來很大的價值，對吧，涵蓋屋主、安裝商以及 TPO（第三方擁有者）。目前我們看不到任何理由需要實際降價。價值就在那裡，而且大家對他們所獲得的產品與解決方案其實相當滿意。

All right. Thank you so much.

好的。非常感謝。

Thank you.

謝謝。

And gentlemen, it appears we have no further questions this morning. Mr. Nir, I'd like to turn things back to you, sir, for any closing comments.

各位先生，看來今天早上已沒有其他提問。Nir 先生，我想把時間交還給您，請您做任何結語。

Just before we end, I would like to express my appreciation to the outstanding team and our loyal partners whose hard work is actually driving our turnaround and positioning us very well to capture the exciting opportunities ahead of SolarEdge and thank you for everyone who joined our call today.

在結束之前，我想對傑出的團隊以及我們忠誠的合作夥伴表達感謝；他們的辛勤工作正推動我們的轉型，並讓我們處於非常有利的位置，以把握 SolarEdge 未來令人振奮的機會。也感謝今天加入我們電話會議的各位。

Thank you very much, gentlemen. Again, ladies and gentlemen, this will bring us to the conclusion of SolarEdge's third quarter conference call. We'd like to thank you all so much for joining us today and wish you all a great day. Goodbye.

非常感謝各位先生。再次提醒各位女士、先生，這將為 SolarEdge 第三季電話法說會畫下句點。非常感謝各位今天的參與，祝各位有美好的一天。再見。