Shoals Technologies Group Inc (SHLS) 2025 Q2 法說會逐字稿

Good morning and welcome to the Shoals Technologies Group second-quarter 2025 earnings conference call.

早安，歡迎參加 Shoals Technologies Group 2025 年第二季財報電話會議。

Today's call is being recorded.

今天的通話正在錄音。

(Operator Instructions)

（操作員指示）

At this time, I'd like to turn the conference over to Matt Tractenberg, Vice President of Finance and Investor Relations for Sholls Technologies Group.

現在，我想將會議交給 Sholls Technologies Group 財務和投資者關係副總裁 Matt Tractenberg。

Thank you. We may now begin.

謝謝。現在我們可以開始了。

Thank you, Charlie, and thank you everyone for joining us today. Hosting the call with me is our CEO Brandon Moss; and our CFO, Dominic Bartos.

謝謝你，查理，也謝謝大家今天的到來。與我一起主持電話會議的是我們的執行長 Brandon Moss 和我們的財務長 Dominic Bartos。

On this call, management will be making projections for other forward-looking statements based on current expectations and assumptions which are subject to risks and uncertainties and should not be considered guarantees of performance or results. Actual results could differ materially. Those risks and uncertainties are listed for interested investors in our most recent SEC filings. Today's presentation also includes references to non-GAAP financial measures. You should refer to the information contained in the company's second quarter press release for definitional information and reconciliations of historical non-GAAP measures to the nearest comparable GAAP financial measures. Please note that the slides you see here are available for download from the Investor Relations section of our website at investors.scholls.com.

在本次電話會議上，管理階層將根據目前的預期和假設對其他前瞻性陳述做出預測，這些預測受風險和不確定性的影響，不應被視為對績效或結果的保證。實際結果可能存在重大差異。我們在最近提交給美國證券交易委員會的文件中為有興趣的投資者列出了這些風險和不確定性。今天的演示也提到了非公認會計準則財務指標。您應該參考公司第二季新聞稿中包含的信息，以獲取定義信息以及歷史非 GAAP 指標與最接近的可比較 GAAP 財務指標的對帳。請注意，您在此處看到的幻燈片可從我們網站 investors.scholls.com 的投資者關係部分下載。

With that, let me turn the call over to Brandon.

說完這些，讓我把電話轉給布蘭登。

Thank you, Matt, and good morning, everyone. I'll begin by sharing some thoughts on the most recent quarter. We'll discuss the current demand environment for US utility scale solar, and I'll review progress on our strategic growth initiatives.

謝謝你，馬特，大家早安。首先，我想分享一些關於最近一個季度的想法。我們將討論美國公用事業規模太陽能的當前需求環境，我將回顧我們的策略成長計畫的進展。

Dominic will dive deeper into the second quarter results and provide our outlook on third quarter and full year 2025. We'll then close it out with questions from our analysts. Congratulations to the Schulz team for delivering revenue of $110.8 million which was above the high end of our expected range provided last quarter and represents an 11.7% increase over the prior year period and a 37.9% sequential increase.

多明尼克將深入探討第二季的業績，並提供對第三季和 2025 年全年的展望。最後，我們將以分析師的提問來結束本次會議。恭喜舒爾茨團隊實現了 1.108 億美元的收入，這一收入高於我們上個季度給出的預期範圍的高端，比去年同期增長 11.7%，比上一季增長 37.9%。

Bookings were also very strong in the period as the momentum we've seen all year continued, driving approximately $137.1 million in new orders. This resulted in a company record backlog and awarded orders, or BLAO of $671.3 million and a book to bill of $1.2 million, supporting the growth we see for the remainder of the year and into 2026.

由於我們全年看到的勢頭持續，該期間的預訂量也非常強勁，推動了約 1.371 億美元的新訂單。這導致該公司創紀錄的積壓訂單和已授予訂單（BLAO）達到 6.713 億美元，訂單出貨比達到 120 萬美元，支持了我們在今年剩餘時間和 2026 年所看到的增長。

As of June 30, 2025, approximately $540.3 million of that VLAO has shipment dates in the upcoming four quarters running through Q2 of 2026. As a reminder, given recent uncertainty and volatility, we continue to allow for potential project timeline changes from our customers this year and next.

截至 2025 年 6 月 30 日，其中約 5.403 億美元的 VLAO 將於未來四個季度內發貨，直至 2026 年第二季。提醒一下，鑑於最近的不確定性和波動性，我們將繼續允許客戶今年和明年對專案時間表進行潛在的更改。

With that said, 2025 is shaping up to be a very strong year. Our value proposition and expanded product offering combined with improving industry fundamentals and underlying demand growth are driving strong sales.

話雖如此，2025 年將會是非常強勁的一年。我們的價值主張和擴大的產品供應，加上不斷改善的產業基本面和潛在的需求成長，正在推動強勁的銷售。

While we all read the headlines regarding rapidly shifting clean energy policy, our customers continue to move projects forward and look for ways to further increase their project capacity. Scholl's value proposition reducing. The need for skilled labor, speeding deployment. And improving quality all from a trusted domestic manufacturing partner is resonating with both legacy and new customers.

當我們都讀到有關快速轉變的清潔能源政策的頭條新聞時，我們的客戶仍在繼續推進專案並尋找進一步提高專案容量的方法。Scholl 的價值主張正在降低。需熟練勞動力，加快部署。透過值得信賴的國內製造合作夥伴來提高質量，引起了新舊客戶的共鳴。

For these reasons, in combination with solid underlying industry fundamentals, we have increased the range of anticipated revenue for the full year 2025, representing between 13% and 18% growth year over year. Adjusted gross profit percentage remained in the expected range for the quarter, landing at 37.2%, driven largely by strategic pricing initiatives and product mix.

基於這些原因，結合穩固的產業基本面，我們提高了 2025 年全年預期收入範圍，年增 13% 至 18%。調整後的毛利率在本季仍處於預期範圍內，達到 37.2%，主要得益於策略定價措施和產品組合。

Gross profit dollars were $41.2 million, the highest results since 2023. As we've discussed, we occasionally identify projects as having strategic relevance, whether that be the EPC, developer geography, or to displace a competitor.

毛利為 4,120 萬美元，為 2023 年以來的最高業績。正如我們所討論的，我們偶爾會將專案確定為具有策略相關性，無論是 EPC、開發商地理位置，還是取代競爭對手。

This strategy has enabled us to engage with new customers and win projects that have led to increased sales. We continue to believe that the benefits of our high quality solutions, industry leading engineering support, and exceptional customer service are winning customers over while we are still in the early days, it appears the strategy is working.

這項策略使我們能夠接觸到新客戶並贏得項目，從而增加銷售。我們始終相信，我們的高品質解決方案、領先業界的工程支援和卓越的客戶服務的優勢正在贏得客戶的青睞，儘管我們仍處於早期階段，但看來該策略正在發揮作用。

Additionally, when we settle into our new facility, we will begin to see the impact of productivity initiatives that we've communicated to you automation, lean manufacturing principles, and a centralized and collaborative workforce.

此外，當我們遷入新工廠時，我們將開始看到我們向您傳達的生產力舉措的影響，包括自動化、精益製造原則以及集中協作的勞動力。

We're eager to step on the gas and show you the benefit of those investments. We also delivered a second quarter adjusted even at the high end of our expected range at $24.5 million or 22.1% of revenue. And finally, I'm very pleased to announce that the remediation work to replace defective Prism and wire on known customer sites is nearing completion.

我們渴望加強並向您展示這些投資帶來的好處。我們第二季的調整後營收甚至達到預期範圍的高端，為 2,450 萬美元，佔營收的 22.1%。最後，我很高興地宣布，在已知客戶網站更換有缺陷的棱鏡和電線的修復工作已接近完成。

There will be some remaining work needed in the coming quarters due to some weather and logistical constraints we encountered this quarter. But we'll continue to service customers as we've committed. The feedback has been overwhelmingly positive, ensuring our reputation for quality and service remains intact.

由於本季遇到的一些天氣和後勤限制，未來幾季還需要完成一些剩餘的工作。但我們會繼續履行承諾，為客戶提供服務。反饋非常積極，確保了我們的品質和服務聲譽保持不變。

And in some cases improved the relationships we've established with EPCs and developers in the most valuable. Asset we have in delivering on our promise to make things right, no matter where the fault lies is critical. Congratulations to the warranty remediation and customer support teams, and thank you to our.

在某些情況下，我們與 EPC 和開發商建立的關係得到了最有價值的改善。無論錯誤在哪裡，我們兌現承諾糾正錯誤的能力都是至關重要的。祝賀保固補救和客戶支援團隊，並感謝我們的。

Customers for.

顧客為。

Their continued trust and patience.

他們持續的信任和耐心。

While the current political landscape has driven debate around tariffs, tax subsidies, and fiat restrictions.

當前的政治格局引發了有關關稅、稅收補貼和法令限制的爭論。

The long term underlying drivers of our markets.

我們市場的長期潛在驅動力。

Remain positive and compelling.

保持積極和引人注目。

Many of you have performed your own analysis regarding.

你們中的許多人已經對此進行了自己的分析。

LCOE across various sources of energy, and whether we include or exclude.

各種能源的 LCOE，以及我們是否包括或排除。

IRA.

愛爾蘭共和軍。

Tax provisions, solar remains the clear winner. When coupled with the speed of deployment, this positions us well to be able to meet the widely anticipated low growth in coming years. Tariffs.

在稅收條款方面，太陽能仍然是明顯的贏家。再加上部署速度，這將使我們有能力應對未來幾年普遍預期的低成長。關稅。

Are top of mind for many of you.

是你們許多人最關心的問題。

As well.

也一樣。

And we've been working hard to remain agile with our supply chain. While the majority of.

我們一直在努力保持供應鏈的彈性。雖然大多數。

Our components have domestic options for customers, there will be specific items that must be sourced from non-US vendors. In those cases, we will determine when and how to price those projects appropriately.

我們的零件為客戶提供國內選擇，但有些特定產品必須向非美國供應商採購。在這些情況下，我們將確定何時以及如何對這些項目進行適當的定價。

The policy debates in DC regarding energy sources do not materially change the competitive position of solar.

華盛頓特區有關能源的政策辯論並沒有從根本上改變太陽能的競爭地位。

Many projects through 2027 have components secured or can meet the requirements to commence construction in the coming year.

到 2027 年，許多項目已獲得組件保障或可滿足明年開始建造的要求。

In some cases.

在某些情況下。

There may be.

有可能。

PPA renegotiations needed, but the developers we've spoken with have confidence.

PPA 需要重新談判，但與我們交談過的開發商對此充滿信心。

They can.

他們可以。

Effectively navigate.

有效導航。

These changes and remain committed to the project pipelines through the coming years.

這些變化將在未來幾年繼續致力於專案管道。

Some of you have asked if it has changed the velocity of.

有些人問它是否改變了速度。

Our pipeline or.

我們的管道或。

How it may impact future periods, but.

它可能如何影響未來時期，但是。

It's too early to make that prediction today.

現在做出這個預測還為時過早。

Especially as it pertains to eos.

特別是與 eos 相關的部分。

Developers continue to wait for guidance from Treasury on some of the elements required.

開發商仍在等待財政部對一些必要要素的指導。

To qualify for tax incentives. Clarity will be sought as we make our way through August, and.

有資格享受稅收優惠。我們將在八月尋求明確的答案。

We'll continue.

我們會繼續。

To work hard.

努力工作。

To help our EPCs and developers adapt as needed.

幫助我們的 EPC 和開發人員根據需要進行調整。

In summary.

總之。

This is a dynamic and rapidly shifting environment.

這是一個動態且快速變化的環境。

But we are operating from a position of strength.

但我們是在實力雄厚的情況下開展行動的。

Our portfolio has never been more complete, solving real business problems with innovative new product solutions.

我們的產品組合從未如此完整，透過創新的新產品解決方案解決實際的業務問題。

The commercial team is executing our strategy and driving share gains. Our new facility will enable visible and meaningful operational improvements.

商業團隊正在執行我們的策略並推動份額成長。我們的新設施將實現明顯且有意義的營運改善。

Our growth opportunities are beginning to contribute meaningfully, and our position as a domestic manufacturer.

我們的成長機會開始發揮有意義的作用，並且提升我們作為國內製造商的地位。

Gives us.

給我們。

A competitive advantage. The second quarter was another solid period of growth within our.

競爭優勢。第二季是我們又一個穩健的成長期。

Core utility scale solar market. Industry research estimates first half 2025 construction was up 20% year over year and encouraging first half of 2025.

核心公用事業規模太陽能市場。產業研究估計，2025 年上半年的建築業將年增 20%，令人鼓舞。

Site prep and tracker installation activity appears to be gaining momentum, which supports the.

場地準備和追蹤器安裝活動似乎正在獲得動力，這支持了這一點。

Strong back half of the year we extracted shoals. I want to.

強勁的回溯半年來我們開採了淺灘。我想要。

Note.

筆記。

That.

那。

We have not experienced the elevated number of.

我們還沒有經歷過數量的增加。

Project delays that we saw in 2024. That's encouraging.

我們在 2024 年看到的專案延遲。這令人鼓舞。

To see.

查看。

Project calendars remain tight with little excess capacity to move things around. Labor availability is a focus for the industry and will remain so.

專案日程依然緊張，幾乎沒有多餘的能力來調動專案。勞動力的可用性是該行業關注的重點，並將繼續如此。

While distracting and disruptive, we believe the recent changes to IRA provisions are unlikely to negatively impact.

儘管分散注意力並造成破壞，但我們認為 IRA 條款的最新變化不太可能產生負面影響。

Most project timelines in the next several years.

大多數專案時間表都在未來幾年內。

By our estimate, most projects have.

據我們估計，大多數項目都已經這樣做了。

Secured components through 2027.

確保組件安全直至 2027 年。

And as a result, the next 2.

結果就是接下來的 2 個。

To 3 years appear relatively secure.

到3年似乎相對安全。

I want to remind you what is driving demand today. It's AI and data centers, it's.

我想提醒你們，今天推動需求的因素是什麼。它是人工智慧和數據中心。

Onshoring.

在岸外包。

Of.

的。

Industry.

行業。

It's basic household consumption of an aging infrastructure.

這是老化基礎設施的基本家庭消費。

Those are not going to be solved in the coming 3 years and may in fact become more critical. The lead time for gas turbines is surpassing 3.

這些問題在未來三年內不會解決，事實上可能會變得更加嚴重。燃氣渦輪機的交付週期已超過 3。

Years, and timelines to bring nuclear online appears to be stretching into the next decade. Solar remains the best option, so the market will ensure that the economics work. The demand is there and we will help our customers meet that demand.

而核能上線的時間似乎要延長到下一個十年。太陽能仍然是最佳選擇，因此市場將確保其經濟效益。需求是存在的，我們將幫助我們的客戶滿足這項需求。

Scholl's additional.

Scholl 的附加內容。

Growth.

生長。

Opportunities.

機會。

As laid out in our strategic.

正如我們的策略所述。

Plan.

計劃。

Including International, CCNI.

包括國際、CCNI。

OEM, and BESS, are all meeting or exceeding our expectations.

OEM 和 BESS 都達到或超越了我們的預期。

The opun set across international markets continues to expand.

國際市場機會範圍不斷擴大。

Our pipeline exceeds 20 gigawatts and includes projects in Latin America, IEA, and Asia Pacific.

我們的專案儲備容量超過 20 吉瓦，包括拉丁美洲、國際能源總署和亞太地區的專案。

Our relationships with large global developers tied to the US export Import Bank are opening doors.

我們與美國進出口銀行合作的大型全球開發商的關係正在打開大門。

We expect to deliver on multiple international projects this year with an acceleration in 2026.

我們預計今年將完成多個國際項目，並在 2026 年加速完成。

Our community, commercial and industrial, or CCNI.

我們的社區、商業和工業，或 CCNI。

Business continues to gain momentum. To give you some context, we expect an excess of $10 million in revenue this year. June also saw the highest month of bookings since we began tracking this segment.

業務繼續獲得成長動力。為了讓您了解一些背景信息，我們預計今年的收入將超過 1000 萬美元。自從我們開始追蹤這個細分市場以來，六月也是預訂量最高的月份。

We've added new distribution partners who are helping us reach further into the market. Remember, these projects are smaller in size.

我們增加了新的分銷合作夥伴，幫助我們進一步開拓市場。請記住，這些項目的規模較小。

With shorter lead times, so speed of order processing is key here. We continue to invest to build the capabilities customers require of us.

由於交貨時間較短，因此訂單處理速度是關鍵。我們持續投資以建立客戶所需的能力。

Our OEM business is tracking ahead of expectations.

我們的 OEM 業務進展超出預期。

As our single customer continues to see strong demand of their panels. Our value proposition of providing a high quality domestic junction box to additional customers is resonating. We have meaningful opportunities for 2026 and beyond, given the consistent onshoring of module production in the US.

由於我們的單一客戶繼續看到其面板的強勁需求。我們為更多客戶提供高品質家用接線盒的價值主張得到了共鳴。鑑於美國持續將模組生產轉移至國內，我們在 2026 年及以後將擁有重大機會。

Battery energy storage solutions has been a key area of investment and innovation at Shoals. Attached storage is becoming an integral component of grid reliability in a renewable powered world, addressing the inherent fluctuations of solar power, supporting peak demand, and enabling energy arbitrage. These complex systems store energy using rechargeable batteries offered by other providers, some of whom are domestic and whom we are working closely with today.

電池儲能解決方案一直是 Shoals 投資和創新的重點領域。附加儲存正在成為再生能源世界中電網可靠性的一個組成部分，解決太陽能固有的波動，支持尖峰需求，並實現能源套利。這些複雜的系統使用其他供應商提供的可充電電池來儲存能量，其中一些供應商是國內的，我們目前正在與他們密切合作。

Also remember that.

也請記住這一點。

Beth.

貝絲。

Is universally applicable to any energy source.

普遍適用於任何能源。

Solar.

太陽能。

Wind.

風。

Gas.

氣體。

Hydro. Without best, it will be very.

水力發電。沒有最好的，就會非常。

Difficult to.

很難。

Meet.

見面。

The energy demands we see ahead.

我們預見的能源需求。

As discussed on the.

正如所討論的。

Last earnings call, we have 3 market opportunities for our.

上次收益電話會議中，我們有 3 個市場機會。

DC recombiner.

直流複合器。

Products.

產品。

For best. One in particular is to serve data centers.

為了最好。其中一項就是為資料中心提供服務。

A significant portion of our pipeline for these products serve.

我們的這些產品線的很大一部分都用於服務。

That.

那。

Growth.

生長。

From.

從。

Data.

數據。

Centers and AI. The.

中心和人工智慧。這。

Opportunity driven by this demand.

這種需求帶來了機會。

Is quickly becoming a key area of focus. Data center power demand in the US surged from 46 gigawatts in 2024 and is poised to more than double by 2030.

正迅速成為關注的重點領域。美國資料中心的電力需求從 2024 年的 46 吉瓦飆升至 2030 年的兩倍以上。

That will require massive investment in both computing power.

這將需要在計算能力方面進行大量投資。

And.

和。

The energy needed to run those servers.

運行這些伺服器所需的能量。

Our offering in this market spans combiners and recombiners today and a more comprehensive offering in the future.

我們目前在該市場上提供的產品涵蓋組合器和重組器，未來也將提供更全面的產品。

Our goal is to offer a more complete architecture.

我們的目標是提供更完整的架構。

Of wiring solutions, combiners, and other critical components on our roadmap. Our quoting activity is up 100 times year over year with positive early feedback from our key stakeholders about the direction we're headed. We'll work to keep you updated on key commercial wins as we make our way through the year.

我們的路線圖上有佈線解決方案、組合器和其他關鍵組件。我們的報價活動比去年同期成長了 100 倍，我們的主要利害關係人對我們的發展方向給出了積極的早期回饋。我們將努力讓您了解我們在這一年中取得的關鍵商業勝利。

In summary.

總之。

We are executing our strategic framework of market penetration and diversification.

我們正在執行市場滲透和多樣化的策略框架。

As anticipated. Customers.

正如預期的那樣。顧客。

Are looking for a.

正在尋找一個。

US source of high.

美源高。

Quality.

品質.

Innovative solutions that allow them to manage labor costs, speed time of deployment.

創新的解決方案使他們能夠管理勞動力成本，並加快部署時間。

And ensure their assets perform.

並確保其資產發揮作用。

Over.

超過。

A lifetime.

一生。

That spans not years but decades. The balance between low material cost today versus total.

這跨越的不是幾年，而是幾十年。目前低材料成本與總成本之間的平衡。

Cost of ownership over the useful life.

使用壽命內的擁有成本。

Of a project is why EPCs and developers are more engaged with Scholl's than ever.

這就是為什麼 EPC 和開發商比以往更加關注 Scholl's 的原因。

With.

和。

That, I'll now turn it over to.

我現在就來談談這個話題。

Dominic, who will discuss our second quarter.

多明尼克將討論我們的第二季。

Financial results in more detail in our outlook for.

財務結果的更多詳細資訊請參閱我們的展望。

2025. Dominic.

2025年。多米尼克。

Thanks, Brandon, and greetings to everyone on the call.

謝謝，布蘭登，並向電話中的每個人問好。

Turning to our second quarter financial results, revenue increased by 11.7% year over year to $110.8 million. The increase in revenue was primarily driven by higher domestic project volume from new and returning customers. In addition, as Brandon mentioned earlier, our strategic growth channels of CCNI and OEM contributed to year over year revenue growth in the quarter.

回顧我們第二季的財務業績，營收年增 11.7%，達到 1.108 億美元。收入的成長主要得益於新客戶和回頭客的國內項目量增加。此外，正如布蘭登之前提到的，我們的 CCNI 和 OEM 策略成長管道促進了本季營收年增。

Gross profit increased to $41.2 million compared to $40 million in the prior year period.

毛利從去年同期的 4,000 萬美元增至 4,120 萬美元。

This resulted in GAAP gross profit percentage of 37.2% compared to 40.3% in the prior year period.

這使得 GAAP 毛利百分比為 37.2%，而去年同期為 40.3%。

The decline in margin was due to strategic pricing actions, customer mix, and product mix. As we have communicated previously, the gross profit percentage in the quarter was in line with expectations of mid to upper 30s.

利潤率的下降是由於策略定價行動、客戶組合和產品組合造成的。正如我們之前所傳達的，本季的毛利率符合 35% 左右的預期。

General and administrative expenses were $23.1 million which is $3.8 million higher than the prior year period. Our legal expenses remain elevated while we handle ongoing litigation matters.

一般及行政開支為 2,310 萬美元，比去年同期高出 380 萬美元。在處理正在進行的訴訟事宜時，我們的法律費用仍然很高。

Approximately $2.5 million of legal expense was specifically related to the ongoing wire installation shrink back litigation.

約有 250 萬美元的法律費用專門與正在進行的電線安裝縮減訴訟有關。

Income from operations or operating profit was $16.0 million compared to $18.6 million during the prior year period. Operating profit margin was 14.4% compared to 18.7% a year ago, impacted by the reduced gross profit percentage we realized in the second quarter.

營業收入或營業利潤為 1,600 萬美元，而去年同期為 1,860 萬美元。營業利益率為 14.4%，而去年同期為 18.7%，這受到第二季毛利率下降的影響。

Net income was $13.9 million compared to net income of $11.8 million during the prior year period.

淨收入為 1,390 萬美元，而去年同期的淨收入為 1,180 萬美元。

Net income was aided by a $3.1 million dollar gain on the planned sale of one of our Portland facilities during the quarter as we prepare to consolidate operations.

由於我們準備整合業務，本季計劃出售其中一家波特蘭工廠，獲得 310 萬美元收益，這為淨收入提供了幫助。

Adjusted net income was $16.9 million compared to $17.8 million in the prior year period.

調整後淨收入為 1,690 萬美元，去年同期為 1,780 萬美元。

Adjusted IIDA with $24.5 million compared to $27.7 million in the prior year period.

調整後的 IIDA 為 2,450 萬美元，去年同期為 2,770 萬美元。

An adjusted EBEA margin was 22.1% compared to 27.9% a year ago, driven primarily by lower gross margin flow through.

調整後的 EBEA 利潤率為 22.1%，而去年同期為 27.9%，這主要由於毛利率流轉率較低。

During the second quarter, we spent $11.2 million on wire installation shrink back remediation and had a remaining warranty liability on our balance sheet of $19.2 million as of June 30th.

在第二季度，我們花費了 1,120 萬美元用於電線安裝縮減補救，截至 6 月 30 日，我們的資產負債表上剩餘的保固責任為 1,920 萬美元。

The current portion of the remaining liability related to Shrinkback is now $14.5 million which stands as our estimate for what is required to complete remediation for all sites with known issues.

與 Shrinkback 相關的剩餘負債的當前部分現在為 1450 萬美元，這是我們對完成所有已知問題站點的修復所需的估計。

On the legal front, our case against PRSmian is progressing as expected. At this time, we continue to expect written discovery and fact depositions to be completed in the 3rd quarter.

在法律方面，我們針對 PRSmian 的案件正在按預期進展。目前，我們仍然預計書面調查和事實證詞將在第三季完成。

Our 2nd International Trade Commission case against Voltage is also progressing as planned, with a hearing scheduled for later this month.

我們針對 Voltage 的第二起國際貿易委員會案件也在按計劃進行，聽證會定於本月稍後舉行。

We continue to believe in the validity of our intellectual property and that it is in our shareholders' best interest to pursue this legal action.

我們仍然相信我們的智慧財產權的有效性，並且採取這項法律行動符合我們股東的最佳利益。

Barring any delays, we believe an initial determination could be delivered by the end of the calendar year.

除非有任何延誤，我們相信初步決定可以在年底前做出。

Operationally, we consumed $13.8 million in cash in the second quarter, driven by the sequential build in accounts receivable due to quarter over quarter growth and cash spent on warranty remediation.

在營運方面，我們在第二季度消耗了 1,380 萬美元的現金，這是由於季度環比增長導致應收帳款連續增加以及保固補救所花費的現金。

The increases in accounts receivable and warranty remediation were partially offset by a reduction in inventory and an increase in accounts payable.

應收帳款和保固補救的增加部分被庫存的減少和應付帳款的增加所抵銷。

On a year-to-date basis, we have generated $1.7 million in operating cash flow.

今年迄今為止，我們已產生 170 萬美元的營運現金流。

Free cash flow was negative $26.0 million in the second quarter, reflecting both the $11.2 million dollar impact of remediation costs and elevated capital expenditures related to our new facility.

第二季的自由現金流為負 2,600 萬美元，反映了修復成本 1,120 萬美元的影響以及與我們新工廠相關的資本支出增加。

These two items impacted free cash flow by a total of $23.4 million in the quarter.

這兩個因素對本季的自由現金流影響總計 2,340 萬美元。

The build out of our new consolidated facility in Portland, Tennessee is on schedule, and we continue to expect to begin moving into the new facility at the end of the 3rd quarter.

我們位於田納西州波特蘭的新綜合工廠的建設正在按計劃進行，我們預計將在第三季末開始遷入新工廠。

Our balance sheet remains high quality, and we ended the quarter with cash and equivalent of $4.7 million and net debt to adjusted EPIA of 1.4 times. Our net debt was $127.1 million an increase over the prior quarter due to the cash consumption I described earlier.

我們的資產負債表仍然保持高品質，本季末我們的現金及等價物為 470 萬美元，淨債務與調整後的 EPIA 比率為 1.4 倍。由於我之前描述的現金消耗，我們的淨債務比上一季增加了 1.271 億美元。

With all the necessary caveats, we would expect cash used in warranty remediation and cap X to decrease by the end of the year.

考慮到所有必要的警告，我們預計到今年年底，用於保固補救和上限 X 的現金將會減少。

Since free cash flow exceeded our expectations in the first half of 2025, we also paid $10 million down on our revolver during the quarter, which had an outstanding balance of $131.8 million at the end of the period.

由於 2025 年上半年的自由現金流超出了我們的預期，我們還在本季度償還了 1000 萬美元的循環信貸，期末未償還餘額為 1.318 億美元。

With regards to capital allocation, given the number of competing priorities for our cash this year, including shrink fact remediation and factory consolidation, we did not purchase any shares in the second quarter under our share repurchase program. We still have $125 million remaining under the share repurchase authorization.

關於資本配置，考慮到今年我們的現金面臨許多優先競爭事項，包括縮減事實補救和工廠整合，我們在第二季度沒有根據股票回購計畫購買任何股票。我們的股票回購授權仍有 1.25 億美元剩餘。

Backlog and awarded orders ended the second quarter at $671.3 million a sequential increase of $26.3 million.

第二季末積壓訂單和已授予訂單總額為 6.713 億美元，季增 2,630 萬美元。

Backlog constitutes $260.9 million of the total BLAO, providing us with confidence that the growth projections we have for the upcoming periods can be achieved.

積壓訂單佔 BLAO 總額的 2.609 億美元，這使我們有信心實現未來時期的成長預測。

As of June 30th, $540.3 million of our backlogged and awarded orders have planned delivery dates in the coming four quarters, with the remaining $131.0 million beyond that.

截至 6 月 30 日，我們積壓和已授予的訂單中有 5.403 億美元計劃在未來四個季度內交付，其餘 1.31 億美元計劃在此之後交付。

Turning now to the outlook.

現在來談談展望。

Quarterly pacing within the year is expected to follow the strong back half we've been communicating since February.

預計今年季度的步伐將延續我們自二月份以來一直傳達的強勁下半年勢頭。

The production calendar is largely driven by when and where customers need us to deliver our solutions, and as you have likely seen from both industry data and peer reports, project calendars are very busy as we move through the next few quarters. Therefore, for the quarter ending September 30th, 2025, the company expects revenue to be in the range of $125 to $135 million representing 28% year over year growth at the midpoint.

生產日程表很大程度上取決於客戶何時何地需要我們交付解決方案，正如您可能從行業數據和同行報告中看到的那樣，在接下來的幾個季度中，專案日程表非常繁忙。因此，對於截至 2025 年 9 月 30 日的季度，該公司預計收入將在 1.25 億美元至 1.35 億美元之間，相當於同比增長 28%。

And adjusted EBITDA to be in the range of $30 to $35 million.

調整後的EBITDA在3000萬至3500萬美元之間。

I'd like to point out that the implied 4th quarter revenue guidance of $135 to $145 million represents 31% year over year growth at the midpoint.

我想指出的是，第四季隱含的營收預期為 1.35 億美元至 1.45 億美元，以中間值計算年增 31%。

For the full year 2025, the company now expects revenue to be in the range of $450 to $470 million and adjusted EBITDA to remain in the range of $100 to $115 million.

對於 2025 年全年，該公司目前預計營收將在 4.5 億美元至 4.7 億美元之間，調整後的 EBITDA 將維持在 1 億美元至 1.15 億美元之間。

In addition, for the full year, we expect cash flow from operations now to be in the range of $15 to $25 million as a result of higher growth expectations in the coming quarters.

此外，由於未來幾季的成長預期更高，我們預計全年經營現金流將在 1,500 萬至 2,500 萬美元之間。

Capital expenditures now to be in the range of $30 to $40 million.

目前資本支出在3000萬至4000萬美元之間。

And interest expense to remain in the range of $8 to $12 million.

利息支出維持在800萬至1200萬美元之間。

With that, I'll turn it back over to Brandon for closing remarks.

最後，我將把發言權交還給布蘭登，請他作最後發言。

Thank you, Dominic.

謝謝你，多米尼克。

I want to remind our audience that although the news flow regarding changes.

我想提醒我們的觀眾，儘管有關變化的消息不斷湧現。

Within the.

在...之內。

Regulatory landscape.

監管格局。

Appear to be disruptive.

顯得有些擾亂。

And.

和。

Distracting, the industry is no stranger to.

分散注意力，這個行業並不陌生。

A.

一個。

Rapidly shifting framework.

快速轉變的框架。

Our customers and theirs are seasoned, sophisticated.

我們的客戶以及他們的客戶都是經驗豐富、老練的。

And proactive.

並且積極主動。

They tell us that while they wait for improved clarity from their tax experts and guidance from the Treasury.

他們告訴我們，他們正在等待稅務專家提供更明確的解釋和財政部的指導。

Department, they waste no time pushing forward. The power is in high demand from their end customers, utilities, hyper scales, industrial expansion. It's not going to change the economics in the short run and in the long run will require adjustments, not drastic cuts.

部門，他們不失時機地向前推進。最終客戶、公用事業、超大規模和工業擴張對電力的需求很高。這不會在短期內改變經濟狀況，長遠來看需要調整，而不是大幅削減。

As.

作為。

We've.

我們已經。

Said this year, our customers are constructive, fundamentals are.

今年說，我們的客戶是建設性的，基本面是。

Solid and improving, and we are in a competitive position of strength.

我們不斷鞏固和進步，處於強勁的競爭地位。

I'm very encouraged about what we see in here and excited.

我對我們在這裡看到的一切感到非常鼓舞和興奮。

About the positive changes taking hold of Shoals.

關於 Shoals 正在發生的積極變化。

We want to thank our shareholders and.

我們要感謝我們的股東和。

Customers for their.

為顧客提供他們的。

Continued trust and our employees for their hard work.

持續的信任和我們員工的辛勤工作。

And dedication. Operator, we're now ready to take.

和奉獻精神。接線員，我們現在可以接聽了。

Questions.

問題。

(Operator Instructions)

（操作員指示）

Julien Dumoulin-Smith, Jefferies.

朱利安·杜穆林·史密斯（Julien Dumoulin-Smith），傑富瑞集團（Jefferies）。

Actually, Brandon, let me kick it off just with your last comment there. I think that's probably apt. I mean just in terms of engagement with clients here and your customers, what do you think just in terms of order activity and the willingness to move forward and then specifically within that you'll have been very active on best of late obviously you posted a separate deck here of late. Can you comment a little bit more specifically on the order activity you're seeing there and perhaps more like structural customer engagement as you guys align into that and market as well. But again, emphasis first on just given the backdrop of the EO and the tax backdrop, the willingness to sign contracts in the current environment.

實際上，布蘭登，讓我從你的最後一條評論開始。我認為這可能是恰當的。我的意思是，僅就與這裡的客戶和您的客戶的互動而言，您認為在訂單活動和前進的意願方面如何，然後具體到您最近會非常活躍，顯然您最近在這裡發布了一個單獨的平台。您能否更具體地評論一下您在那裡看到的訂單活動，也許更像是結構性客戶參與，因為您也對此和市場進行了調整。但再次強調，首先要強調的是，鑑於行政命令和稅收的背景，在當前環境下簽訂合約的意願。

Absolutely, Julian, good morning and thanks for.

當然，朱利安，早安，謝謝你。

The question.

問題。

Yeah, we are.

是的，我們是。

As we've.

正如我們一樣。

Communicated.

已溝通。

Really all year, pretty.

確實全年都很漂亮。

Excited about the market backdrop. We have a.

對市場背景感到興奮。我們有一個。

Very.

非常。

Strong market.

市場強勁。

Despite all the noise with policy that is going on.

儘管正在進行的政策存在諸多爭議。

We, we've got to remember that the energy demand is off the charts, right?

我們，我們必須記住，能源需求是超乎預期的，對嗎？

Our.

我們的。

Customers, EPCs, our direct customers, their project calendars.

客戶、EPC、我們的直接客戶、他們的專案行程表。

Are.

是。

Loaded.

已載入。

Projects are moving forward.

項目正在推進中。

As we've seen.

正如我們所見。

Market statistics, construction is up 20%. Our peers in the tracker space.

市場統計，建築業上漲了20%。我們在追蹤領域的同行。

Have had great.

過得非常好。

Installation numbers in the first half of the year that supports our back half number.

上半年的安裝數量支撐了我們下半年的數量。

And on into.

並繼續進入。

2026, it's too early to call the ball on 26, but we are, we are.

2026 年，現在就宣布 26 日的勝利還為時過早，但我們正在這樣做。

Optimistic given the market backdrop.

鑑於市場背景，持樂觀態度。

.

。

As excited as we are about the market.

我們對市場感到非常興奮。

We are more excited about our execution and our ability here at.

我們對我們的執行力和能力感到更加興奮。

Srolls.

斯羅爾斯。

To return to growth.

恢復增長。

Our core business, obviously domestic utility scale.

我們的核心業務顯然是國內公用事業規模。

Is.

是。

Growing and growing fast.

不斷成長，並且快速成長。

That's evidenced by our record backlog.

我們的記錄積壓證明了這一點。

And awarded orders of 671 million dollars.

並授予了6.71億美元的訂單。

What is.

是什麼。

Really.

真的。

Exciting is our.

令人振奮的是我們的。

Following four quarters.

接下來是四個季度。

Backlog and awarded.

積壓並授予。

Orders of 540.

訂單量為 540。

For some perspective.

從某個角度來看。

We entered the year coming into 25 with the number of 450 in following four quarters backlog and.

我們進入 25 週年，接下來四個季度的積壓訂單數量為 450 份。

Awarded orders.

授令。

So we are really.

所以我們確實如此。

Excited about how we're executing our order book.

對我們執行訂單的方式感到很興奮。

Is.

是。

Is as strong and diverse as ever. There's no doubt in my.

一如既往地強大和多樣化。我毫不懷疑。

Mind we are winning in the marketplace.

請注意，我們在市場上取得了勝利。

As it relates specifically to best.

因為它與最佳具體相關。

We're doing well across.

我們各方面都做得很好。

Our four growth pillars.

我們的四大成長支柱。

This is very exciting for us because we have such a.

這對我們來說非常令人興奮，因為我們有這樣的。

Significant market opportunity.

重大的市場機會。

These products are used.

這些產品已被使用。

Not only in our.

不僅在我們的。

Core utility scale solar applications.

核心公用事業規模太陽能應用。

But we are seeing significant.

但我們看到了顯著的變化。

Significant.

重要的。

Interest in data center AI applications for our combiner recombiner products.

對我們的組合器重組器產品的資料中心 AI 應用感興趣。

Still early days on this.

此事仍處於早期階段。

These projects have a long sales cycle, as but we are really excited to see the engagement with our company and.

這些項目的銷售週期很長，但我們真的很高興看到與我們公司的合作。

Specifically. The engagement with our, our.

具體來說。與我們的交往，我們的。

Engineering function to potentially.

工程功能具有潛力。

Provide future solutions.

提供未來的解決方案。

Look, everybody's.

瞧，每個人都是這樣的。

Got their own interesting stats and tidbits about the growth of data.

獲得了有關數據增長的有趣統計數據和花絮。

Center in AI.

人工智慧中心。

One to maybe point out.

也許需要指出一點。

Something that was in the journal this week.

本週期刊上刊登的內容。

That I found interesting. Meta Microsoft.

我覺得這很有趣。元微軟。

Google.

Google.

And.

和。

Amazon.

亞馬遜。

In the first half of the year basically have invested in data centers.

上半年基本上都有對資料中心進行投資。

So much that it has.

已經有很多了。

The equivalent impact to GDP as consumer.

對GDP的影響等同於消費者。

Spending in the first half.

上半年支出。

So that amount.

所以那個金額。

Of computing power.

計算能力。

That level of investment is.

那個投資水準是。

Obviously going to need power.

顯然需要電力。

That not only propels our utility scale solar business.

這不僅推動了我們的公用事業規模太陽能業務。

But gives us a lot of opportunity in the battery energy storage.

但在電池儲能方面為我們帶來了很多機會。

Space. So we're very excited.

空間。所以我們非常興奮。

About that.

關於那件事。

Actually.

實際上。

Charlie?

查理？

Philip Shen - Roth Capital Partners - Analyst

菲利普沈 - 羅仕資本 - 分析師

Hey guys, thanks for taking the questions. First one's on 2026. I know you don't guide to 2026, but your backlog and awarded orders are pretty healthy at 540 million.

嘿夥計們，感謝你們回答問題。第一個是在 2026 年。我知道您沒有預測到 2026 年，但您的積壓訂單和已授予訂單量相當健康，達到 5.4 億。

Can you give some more color on how you might expect 26 to play out? And then separately, as it relates to the full year guide. You have an implied negative free cash flow guide.

您能否進一步說明一下您對 26 的預期結果？然後單獨討論，因為它與全年指南相關。您有一個隱含的負自由現金流指南。

I wanted to see if you could, provide some more context and color there as well. Thanks.

我想看看你是否可以提供更多的背景和資訊。謝謝。

Yeah, Phil.

是的，菲爾。

Thanks for the question and good morning. As you.

感謝您的提問，早安。和你一樣。

Noted, we are not going to guide the 2026 yet.

請注意，我們尚未預測 2026 年。

I will again lean back on the backlog and awarded orders in the following four quarters of being 540, again, strong booked the bill again for us this quarter. As we have been all year, we're excited about the market, we're excited about how we're executing in our customer base. So, you saw that in the And the increase to our revenue guidance for for.

我將再次依靠接下來四個季度的積壓訂單和已授予訂單，這五個季度的訂單量為 540 份，再次為我們在本季度簽下了強勁的訂單。正如我們全年一樣，我們對市場感到興奮，我們對我們在客戶群中的表現感到興奮。因此，您可以看到，我們的收入預期會增加。

2025, right, so we are in a position of strength.

2025 年，對，所以我們處於強勢地位。

We feel very.

我們感覺非常。

Good about the market and how we're executing. Don, maybe you.

對於市場和我們的執行情況，我們感到很滿意。唐，也許你。

Want to take.

想拿。

Cash flow. Yeah.

現金週轉。是的。

Just a quick bit on the cash flow, Phil, as you can imagine, as we're growing the business with significant growth and you see the numbers, the implied guide for Q4 revenue, and also what's available for us as we go into 26 in the first half, we have to make preparations from an inventory standpoint. We have to invest in the working capital necessary to drive that growth. As we've also talked about the fact that warranty remediation will be completing for everything that we know about right now, and that's going to consume additional cash in the back half while we finish that effort. So at this point in time, it's really driven by growth of the business, which we're excited about the return to growth, but it does take working capital investment to get there, and then we'll be able to, reap those benefits for a long time and reinvest those dollars when we collect. So this year 2025, operating cash flow has more challenges, but as I also stated, as we get towards the end of the year, we'll be seeing the reductions of cap X for 2026 and also warranty remediation. So yeah, we're just excited it's really growth driven.

菲爾，簡單談一下現金流，正如你所想像的，隨著我們的業務顯著增長，你可以看到這些數字，第四季度收入的隱含指南，以及我們上半年進入 26 月份時可以獲得的資源，我們必須從庫存的角度做好準備。我們必須投資必要的營運資金來推動這項成長。正如我們也談到的那樣，就我們目前所知，保固補救措施即將完成，而當我們完成這項工作時，後半部分將消耗額外的現金。因此，目前，這實際上是由業務成長推動的，我們對恢復成長感到非常興奮，但要實現這一目標確實需要營運資本投資，然後我們才能長期獲得這些利益，並在收回成本後再進行投資。因此，到 2025 年，經營現金流將面臨更多挑戰，但正如我所說，隨著接近年底，我們將看到 2026 年上限 X 的減少以及保固補救。是的，我們很高興它確實推動了成長。

Thanks Bill.

謝謝比爾。

Charlie.

查理。

Brian Lee - Goldman Sachs - Analyst

Brian Lee - 高盛 - 分析師

Thank you. Hey guys, good morning. Thanks for taking the questions. Head 2 here, first, on the revenue guidance update, it's, 7% increase in the midpoint of the range all second half since, Q2 came in just, a bit above your guidance range. So just curious, what are the main drivers there? Are you seeing projects pull in? Is it more book and burn business maybe projects even being pulled from other vendors coming to you post O BBBA and fiat, just a bit of color around where the strengths coming from. And then secondly on the guidance, when it comes to the margins or even the guidance, not implying any uptick despite the $30 million dollar raise in revenue guidance for the year, so. Is that a reflection of of weaker mix and and gross margins or something on the op back line maybe give us some of the puts and takes around why but guidance range is is staying intact despite the higher revenue numbers.

謝謝。大家好，早安。感謝您回答這些問題。這裡的第二點，首先，關於收入指引更新，自第二季度以來，該範圍的中點增長了 7%，略高於您的指引範圍。所以只是好奇，那裡的主要驅動因素是什麼？您看到專案進展順利嗎？是不是更多的是書籍和燒錄業務，也許是項目甚至被從其他供應商那裡拉過來，發布 O BBBA 和法令，只是圍繞優勢來自哪裡的一些顏色。其次，關於指導，當談到利潤率甚至指導時，儘管今年的收入指導增加了 3000 萬美元，但這並不意味著任何上漲。這是否反映了產品組合和毛利率較弱，或者營運後台的一些情況，也許可以給我們一些關於原因的利弊分析，但儘管收入數字較高，指導範圍仍保持不變。

Yeah, Brian, thanks.

是的，布萊恩，謝謝。

Thanks for the call for the question.

感謝您來電提問。

The strength of our business, as mentioned, pulling, pulling.

如同所提到的，我們的業務實力是拉動、拉動。

Some orders in from other vendors, as I mentioned.

正如我所提到的，有些訂單來自其他供應商。

To Julian's question.

回答朱利安的問題。

We have a hugely diverse mix of of customers now in a way that we have not had before.

我們現在擁有的客戶群極其多樣化，這是我們以前從未遇到過的。

We are winning with new customers and we are winning with customers that.

我們正在贏得新客戶，我們也正在贏得老客戶。

.

。

Maybe we hadn't done a lot of business with in the last couple of years. So that is.

也許我們在過去幾年裡沒有做過很多生意。就是這樣。

It's that in the market strength that that you're seeing that's driving, the growth of the.

您所看到的市場實力正在推動著市場的成長。

Top side for.

頂面為。

Us is it relates to.

這與我們有關。

Pooling.

池化。

.

。

We have not.

我們沒有。

We have not seen significant changes in our order.

我們的訂單沒有發生重大變化。

Pattern for.

模式。

For pool in due to OB 3.

由於 OB 3，因此進入池中。

As we fall late in.

隨著我們逐漸陷入困境。

The construction cycle.

施工週期。

Our products.

我們的產品。

Really from a safe harboring standpoint, don't give, much of an ability for developers or EPCs to use our products as everything is designed, built, specific.

從安全港的角度來看，不要給予開發商或 EPC 使用我們產品的能力，因為一切都是設計、建造和特定的。

To the solar field. So the top line growth is Is really our.

到太陽能領域。因此，營收成長確實是我們的。

Execution, our winning in the marketplace and and market driven.

執行，我們在市場上的成功以及市場驅動。

As it relates to.

因為它與之相關。

The revenue guide versus versus even Do you want to maybe chime in.

收入指南與甚至你是否想加入。

There?

那裡？

Yeah, so a couple of things, Brian. One is, as we talked about all year, our guide, we started the year with a $450 million dollar backlog and award orders, but we did guide lower because we just didn't know the nature of how many projects would delay. And what we're seeing is fewer are delaying than expected. Now there have been project pushouts and delays. There always are in the business, and our book and turn business remained very strong and strong enough to offset it. Some of the margin that you're seeing is the fact that we have a diverse customer mix and we've used some promotional pricing to attract folks back into the Schulz family. In that process, not everybody is using our high margin, solutions. We still have some of the, combiner box, home run solutions, and things like that.

是的，有幾件事，布萊恩。一是，正如我們全年所討論的，我們的指導方針是，今年年初我們的積壓訂單和授予訂單總額為 4.5 億美元，但我們的指導方針確實較低，因為我們不知道有多少項目會延遲。我們看到拖延的情況比預期的少。現在，該項目已經推遲和延期。業務中總是存在這樣的問題，而我們的圖書和轉帳業務仍然非常強勁，足以抵消它。您所看到的利潤部分來自於我們擁有多樣化的客戶結構，而且我們採用了一些促銷價格來吸引人們重返舒爾茨家族。在這個過程中，並非所有人都使用我們的高利潤解決方案。我們仍然有一些組合箱、本壘打解決方案等等。

So gross margin is going to be, lower than, in the range that we've talked about, the, high 30s, mid to high 30s, but, that's really what's driving, the margin all the way down to IBIA. In terms of operating expense, we are still running a bit of an elevated legal expense.

因此，毛利率將會低於我們討論過的範圍，即 35% 的高位、35% 的中位到高位，但這才是推動利潤率一路下降至 IBIA 的真正原因。在營運費用方面，我們的法律費用仍然有點高。

For the back half, as we've talked about for several quarters now, our legal expenses continue to be, I would characterize them as unusually high for a company of our size based on the issues that we're dealing with, and some of that will continue into the back half as we continue to push forward on the voltage and prismium issues. So for the most part, it's not really OpEx driven, it is really the promotional pricing and some of the things that we've done from our product and customer mix at the top.

對於下半年，正如我們幾個季度以來所討論的那樣，我們的法律費用仍然很高，根據我們正在處理的問題，我認為對於我們這種規模的公司來說，這些費用異常高，而且隨著我們繼續推進電壓和棱鏡問題，其中一些費用將持續到下半年。因此，在大多數情況下，它實際上並不是由營運成本驅動的，而是促銷定價以及我們從產品和客戶組合中所做的一些事情。

Thanks, Brian.

謝謝，布萊恩。

Colin Rusch - Oppenheimer & Co., Inc. - Analyst

Colin Rusch - Oppenheimer & Co., Inc. - 分析師

You know.

你知道。

We can see the opportunity with with power demand growing, but just curious about how you're competing around power quality issues and your ability to deliver more power than other folks in in a similar configuration from a from a power plant perspective and how you see that opportunity evolving for the company over the next couple of years.

我們可以看到電力需求不斷增長帶來的機遇，但我好奇的是，您如何在電能品質問題上競爭，以及從發電廠的角度來看，您在類似配置下比其他公司提供更多電力的能力，以及您如何看待未來幾年公司面臨的機遇變化。

Yeah, so.

是的，是這樣。

Good morning, Colin.

早安，科林。

Look, I think, first and foremost, developers, EPCs are concerned.

我認為，首先也是最重要的，是開發商和 EPC 所關心的。

With product quality to make sure that we have the ability to keep.

以產品品質來保證我們有能力維持。

Plants up and.

植物向上生長。

Operating with our.

與我們的合作。

Products and solutions.

產品和解決方案。

I think our BLA product line has has proven over time to be that solution for electrical balance of.

我認為我們的 BLA 產品線已經經過時間的證明，成為解決電氣平衡問題的解決方案。

Systems.

系統。

As we say around here, we don't measure our product quality in years. We measure our product quality in decades. Our products are built to stand the test of time and the elements that these power plants see. I think, we've got the best solution in the industry versus other alternatives out there, and there are some that are out there and being installed today, but, but.

正如我們在這裡所說的，我們不會用年份來衡量我們的產品品質。我們以幾十年來衡量我們的產品品質。我們的產品能夠經得起時間的考驗以及這些發電廠所面臨的各種因素的考驗。我認為，與其他替代方案相比，我們擁有業內最佳的解決方案，並且有些解決方案已經面世並正在安裝，但是，但是。

Ours is the best for durability.

我們的產品的耐用性是最好的。

As it relates.

正如它所相關。

To the future.

面向未來。

.

。

We do have our 2KV.

我們確實有 2KV。

Line that we are working on, still driving that through, UL, and, we hope to see that begin.

我們正在努力的線路，仍在推動它，UL，我們希望看到它的開始。

Getting spec.

取得規格。

In the sites in.

在站點中。

2026. So we're very excited about, continuing to push forward with higher.

2026年。因此，我們非常高興能夠繼續朝著更高目標邁進。

Generation capability for these sites.

這些站點的生成能力。

Thanks Colin.

謝謝科林。

Charlie.

查理。

Charlie?

查理？

Give us just a minute, folks. We seem to be having some audio issues on the operating line.

各位，請給我們一點時間。我們的操作線路似乎出現了一些音訊問題。

Our next question comes from John Wyndham of UBS. John, your line is open. Please go ahead.

我們的下一個問題來自瑞銀的約翰溫德姆。約翰，你的線路暢通了。請繼續。

Perfect. Thanks for taking the.

完美的。感謝您的參與。

Questions. Can you just talked.

問題。你能不能談談。

A little bit. You actually raised the revenue guidance by about $30 million at the midpoint, but even if we made the same, you talk to what's driving that. Thanks.

有一點點。實際上，您已將收入預期中期提高了約 3000 萬美元，但即使我們做出了同樣的提高，您也要談談推動這一增長的原因。謝謝。

So much.

這麼多。

Thanks, John, for the question.

謝謝約翰提出這個問題。

Yeah, as mentioned.

是的，正如所提到的。

We've.

我們已經。

Seen a rink in the business on the top line due to our execution in the.

由於我們的執行，我們在業務上看到了頂線的溜冰場。

Marketplace.

市場。

.

。

Continue to grow our share with the development of new products and execution with current and new EPCs. Some of the attraction of new EPCs we are leveraging promotional pricing. That may be lower than historical norms to overcome the switching costs from one vendor to a particular vendor to shoals.

透過開發新產品以及執行現有和新的 EPC，繼續擴大我們的份額。我們正在利用促銷定價來吸引新的 EPC 的注意。這可能低於歷史標準，以克服從一個供應商到另一個特定供應商的轉換成本。

So that is impacting margins. Again, our margins.

所以這會影響利潤率。再次，我們的利潤。

Grew quarter over quarter, and we're operating at about. the mid to high 30s range. It is important to mention as well. We've got a significant new product growth. If you look at our backlog and awarded orders today, we're approaching 10% of that backlog and awarded orders with new products.

每季都呈現成長趨勢，目前我們的營運規模大約在 30% 到 35% 之間。值得一提的是。我們的新產品取得了顯著的成長。如果您查看我們今天的積壓訂單和已授予訂單，您會發現新產品已接近積壓訂單和已授予訂單的 10%。

Some of those new products, have a reduced gross margin versus our typical product line, one of one of those is a long tail. BLA product that is starting to become prevalent in the marketplace. Well, that provides a wallet share expansion.

與我們典型的產品線相比，其中一些新產品的毛利率有所降低，其中之一就是長尾產品。BLA 產品開始在市場上流行起來。嗯，這提供了錢包份額的擴展。

It does impact our gross margin levels. So we're excited about the growth and we are excited that we're operating as we did in this quarter at the upper 30% range of gross margin, as Dominic mentioned in the previous question.

它確實影響了我們的毛利率水準。因此，我們對成長感到非常興奮，我們很高興本季的營運情況與毛利率在 30% 以上一致，正如 Dominic 在上一個問題中提到的那樣。

We do have elevated legal spend right now that is not typical for a company our size. But what is important to note as we move forward in the back half of the year and on into the future. Our working, our operating expense, our SG&A investment will not change materially.

我們目前的法律支出確實有所增加，這對於我們這樣規模的公司來說並不常見。但隨著我們進入下半年並邁向未來，需要注意的是。我們的工作、營運費用、銷售、一般及行政費用投資不會有重大變動。

This business can support a much higher sales level than we are operating at today with with our current investment and SG&A, and we will see operating leverage in the future. The last thing, if I may add, John, is that we've got the back half of the year we're still planning a significant relocation of all of our operations here in Portland into one facility, and we have yet to be able to realize some of the things that Brandon mentioned in the prepared remarks about the efficiencies of operations. So while margins are less than our long term target this year, it's within our expectations as we've been communicating. So more to come. We look forward to the growth that we have and being able to share more about 2026 in the future, but those are some of the reasons why you see the guidance that we've provided today.

透過我們目前的投資和銷售、一般及行政費用，這項業務可以支援比我們目前營運更高的銷售水平，並且我們將在未來看到營運槓桿。最後一點，約翰，如果我可以補充的話，就是我們在今年下半年仍然計劃將我們在波特蘭的所有業務遷移到一個工廠，而且我們還沒有實現布蘭登在準備好的評論中提到的一些關於運營效率的事情。因此，雖然今年的利潤率低於我們的長期目標，但正如我們一直傳達的那樣，這在我們的預期之內。未來還會有更多。我們期待著我們所取得的成長，並能夠在未來分享更多關於 2026 年的信息，但這些也是您看到我們今天提供的指導的一些原因。

Thanks, John.

謝謝，約翰。

Charlie.

查理。

Dimple Gosai, Bank of America.

美國銀行的 Dimple Gosai。

Good morning. I appreciate all the comments here. Just one question on the battery energy storage systems opportunity here. I know you've kind of spoken about an unnamed BSS OEM partnership opportunity.

早安.我感謝這裡的所有評論。這裡只有一個關於電池儲能係統機會的問題。我知道您曾談到一個未透露姓名的 BSS OEM 合作機會。

Can you share a little bit more about the opportunity exactly, especially as fiat restrictions are expected to get a little stronger, what does that look like? Do they have a self sourcing strategy and so forth?

您能否更詳細地分享這個機會，特別是預計法定限制會變得更強，它是什麼樣的？他們是否有自我採購策略等等？

Thank you.

謝謝。

Good morning, Dipo.

早上好，Dipo。

Great question.

好問題。

As we read, about fiat restrictions, potential tariffs, obviously, there are a lot of questions about lithium-based, battery energy.

正如我們所讀到的，關於法定限制、潛在關稅，顯然，有許多關於鋰基電池能源的問題。

Storage solutions.

儲存解決方案。

While I won't comment about our specific, engagement, I will say that, there are a number of domestic battery energy storage suppliers that are bringing the market alternative technology to lithium, to, avoid tariffs and and and BA restrictions. So. I understand the thesis that that these restrictions may weigh down the battery energy storage market a bit. It's a new market for us, so ample upside for growth, and again we're working with with a lot of different partners on.

雖然我不會對我們的具體參與發表評論，但我要說的是，有許多國內電池儲能供應商正在向市場推出鋰替代技術，以避免關稅和 BA 限制。所以。我理解這些限制可能會對電池儲能市場造成一定壓力。對我們來說這是一個新市場，因此具有充足的成長空間，而且我們正在與許多不同的合作夥伴合作。

Alternative solutions.

替代解決方案。

Yeah, I think one of the things from a technology standpoint is we're looking for those that can best support some of the data center demands, which is long discharge times and slower, and some of the technologies that are out there as alternatives to those metals out of China are really pretty exciting. So more to come in that space.

是的，我認為從技術角度來看，我們正在尋找那些能夠最好地支援部分資料中心需求的技術，這些需求需要較長的放電時間和較慢的速度，而一些可以替代中國金屬的技術確實非常令人興奮。因此，該領域還有更多內容。

Thanks, Temple.

謝謝，Temple。

Charley, next question.

查理，下一個問題。

Our next question comes from Dylan Nasano of Wolf Research. Dylan, your line is open. Please go ahead.

我們的下一個問題來自 Wolf Research 的 Dylan Nasano。迪倫，你的線路已開通。請繼續。

Hey, good morning, everyone. Thanks for taking my question. So I just wanted to follow up on the prior questions on the reaffirmed guidance. I appreciate the color you've given on the promotional pricing drive market share gains. I guess I'm just wondering if you could talk through kind of how sticky do you expect these kind of newer relationships to be. Can you speak to kind of your expectations around how long it might take to convert those into higher margin orders in the future? And I guess just said another way, how are you thinking about the long term ROI of these volume discounts? And what you're looking for is you kind of track how successful they.

嘿，大家早安。感謝您回答我的問題。因此，我只是想跟進有關重申指導意見的先前問題。我很欣賞您對促銷定價推動市場佔有率成長的詮釋。我想我只是想知道您是否可以談談您認為這種新型關係的強度如何。您能否談談您對未來將這些訂單轉化為更高利潤訂單需要多長時間的預期？我想換一種說法，您如何看待這些批量折扣的長期投資回報率？你所尋找的是追蹤他們的成功程度。

Are. Thanks.

是。謝謝。

Yeah, Dylan.

是的，迪倫。

Thank you for the question. Good question. As as I've talked about in previous calls.

謝謝你的提問。好問題。正如我在之前的通話中談到的那樣。

.

。

Some of the EPCs that we are targeting and if you think back all the way to our investor day last year that. 30% of the market where we had not transacted a lot of business that we were going after, a lot of these particular customers use traditional methods of electrical balance of system where they, you know pull strings and run the combiner boxes which are in nature.

我們所針對的一些 EPC，如果你回想一下我們去年的投資者日，你會發現，在 30% 的市場中，我們並沒有進行太多的業務交易，而這些特定的客戶很多都使用傳統的電力系統平衡方法，他們拉線並運行自然界中的組合箱。

Lower margin projects or ebos providers, not just tos but probably everybody. So our goal always is to move people up the value continuum and get them to use, our top end solutions which is BLA, and now we've got some new products out there that are very similar in labor savings and productivity enhancements.

利潤較低的項目或 ebos 提供者，不僅僅是 tos，可能還有所有人。因此，我們的目標始終是提升人們的價值連續性並讓他們使用我們的高端解決方案 BLA，現在我們推出了一些在節省勞動力和提高生產力方面非常相似的新產品。

For EPCs, that provide better margins for us and provide better value for our customer, quite frankly, from an install base. We're seeing that start, we've got some customers that we have either recently won or have not transacted business with in years that are back in the fold with Scholl's, and those some of those particular customers are now using.

對於 EPC 而言，從安裝基礎來看，它為我們提供了更好的利潤，並為我們的客戶提供了更好的價值。我們看到這種開始，我們有一些最近才贏得的客戶或多年沒有與我們進行業務往來的客戶重新回到了 Scholl's 的懷抱，其中一些特定的客戶現在正在使用 Scholl's。

Our BLA trunk bus solution, which is fantastic to see. So that's the goal for us is to get these customers back in the fold and appreciating. Our value and quality and service, our engineering, our customer support and convince them to use our higher value labor saving products.

我們的 BLA 主幹線巴士解決方案非常棒。因此，我們的目標是讓這些顧客重新回到我們身邊並給予我們讚賞。我們的價值、品質和服務、我們的工程、我們的客戶支持，並說服他們使用我們更高價值的節省勞動力的產品。

And Dylan, if I could add just a little bit more color on some of that, with some of the new products, we've talked about increasing our share of wallets in a solar field, and something like our long tail DLA is a great example of that. It uses our patented BLA technology for a portion of an extended length trunk feeder cable, and basically what that's doing is it's displacing some feeder cable that would just have been sourced out there in the solar field. Now that product itself is a lower margin product. In terms of some of the new products that Brandon mentioned that we've developed specifically for some of these new customers, as our engineering team listens and we capture the voice of the customer, some of those we're still learning how to produce as efficiently as possible. I'll be perfectly H1st with you on that one. So as Look at the growth with our new product offering as we have things like we're capturing additional share of wallet. We're very excited to see that growth and providing solutions for our customers and as we mature in that space, you will see margins improve.

迪倫，如果我可以對其中一些內容進行更詳細的說明，對於一些新產品，我們已經討論過如何增加我們在太陽能領域的錢包份額，而像我們的長尾 DLA 這樣的產品就是一個很好的例子。它使用我們專利的 BLA 技術來延長主幹饋線電纜的一部分，基本上它的作用是取代一些原本來自太陽能領域的饋線電纜。現在該產品本身就是一種利潤較低的產品。就布蘭登提到的我們專門為一些新客戶開發的一些新產品而言，我們的工程團隊傾聽並捕捉客戶的聲音，我們仍在學習如何盡可能高效地生產其中一些產品。在這一點上，我會完全同意你的觀點。因此，隨著我們新產品的推出，我們可以看到其成長勢頭，我們正在獲得更多的錢包份額。我們非常高興看到這種成長並為客戶提供解決方案，隨著我們在該領域的成熟，您將看到利潤率的提高。

Thanks, Dylan.

謝謝，迪倫。

Great, thank you.

太好了，謝謝。

Thank you. As a final reminder, if you'd like to ask a question in today's call, please dial star followed by one on your telephone keypads now.

謝謝。最後提醒一下，如果您想在今天的電話會議中提問，請立即在電話鍵盤上撥打星號，然後按 1。

Our next question comes from Mahi Mandaloy of Mizuo. Mahi, your line is open. Please go ahead.

我們的下一個問題來自 Mizuo 的 Mahi Mandaloy。Mahi，您的線路已開通。請繼續。

Hey, morning and thanks for taking my questions. On the international markets, could you provide some more color on the revenue contribution? I know you talked about this 20 gigawatt pipeline and more than 12% of the backlog, but I should think about the revenue contribution for.

嘿，早上好，感謝您回答我的問題。在國際市場上，您能否提供更多有關收入貢獻的詳細資訊？我知道您談到了這條 20 千兆瓦的管道和超過 12% 的積壓訂單，但我應該考慮一下收入貢獻。

This year.

今年。

Thank you.

謝謝。

Good morning, Mihi. Thanks.

早上好，Mihi。謝謝。

For the question. Yeah, revenue contribution thus far.

對於這個問題。是的，迄今為止的收入貢獻。

In 2025 has been minimal.

2025 年已經很少了。

We are excited that we have won some projects this year in our focus markets. We announced one via press release maybe a few weeks ago.

我們很高興今年在我們的重點市場贏得了一些項目。我們大約幾週前透過新聞稿宣布了這一消息。

I believe a winning.

我相信勝利。

In.

在。

Chile, so we have been successful, in lattam and a couple of projects this year and also have won a project, in Australia that we are excited about.

因此，我們今年在智利和拉塔姆的幾個項目中取得了成功，並在澳洲贏得了一個項目，我們對此感到非常興奮。

As it relates to, the future backlog and.

因為它與未來的積壓有關。

Awarded orders, I think roughly.

我大致認為是授予的命令。

13% of our.

占我們的 13%。

Our BLAO is, is.

我們的 BLAO 是，是。

For international.

對於國際來說。

Projects.

專案.

So.

所以。

We expect to see the contribution.

我們期望看到貢獻。

Of our international business to accelerate in.

我們的國際業務加速發展。

2026.

2026年。

A lot of that is driven by, our export business, in a previously announced press release, for a partnership to drive that export business with Sun Africa, UGTR.

其中很大一部分是由我們的出口業務推動的，正如先前宣布的新聞稿中所述，我們將與 Sun Africa、UGTR 建立合作夥伴關係來推動出口業務。

So it is a.

所以它是一個。

It is a growing business for us. It's one of our four pillars of growth, and I would say At current date, it is tracking in line with our projections that we explained during our investor day last.

對我們來說，這是一項正在成長的業務。這是我們四大成長支柱之一，我想說，目前，它的發展符合我們上次投資者日期間解釋的預測。

September.

九月。

Thanks.

謝謝。

Thank you. Sure, no, absolutely, thank you for the question. I believe that that's the last question for today, everyone. So I want to note that we have a very active IR calendar in September. If you are attending RE plus, please stop by. We'd be happy to offer you a booth tour, and discuss new products driving our results. If we can help you further today, please reach out to investors at scholls.com.

謝謝。當然，不，絕對感謝您的提問。我想這就是今天的最後一個問題了，各位。所以我想指出的是，我們九月的 IR 日程非常活躍。如果您要參加 RE plus，請順便過來。我們很樂意帶您參觀展位，並討論推動我們取得成果的新產品。如果我們今天可以為您提供進一步的協助，請聯絡 scholls.com 上的投資者。

With any question, we're happy to help. Thanks everyone for joining us today. Have a great day.

如有任何疑問，我們很樂意為您提供協助。感謝大家今天的參與。祝你有美好的一天。

Thanks all.

謝謝大家。

Ladies and gentlemen, this concludes today's call. Thank you for joining me I'll disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的加入，我將斷開您的線路。