SunPower Inc (SPWR) 2025 Q2 法說會逐字稿

Hi, this is TJ Rodgers. I'm CEO of SunPower, and I'm here to tell you about our quarter. I dragged out an old picture to talk about the ITC and the weather out there. So let me start out with the numbers.

你好，我是 TJ Rodgers。我是 SunPower 的首席執行官，我在這裡向大家介紹我們這個季度的情況。我拿出一張舊照片來談論 ITC 和那裡的天氣。那麼讓我先從數字開始。

That slide is buried in there. So this is our new logo. SunPower is the old one and the airplane, which is called Helios, also Solar Challenger is really an image of a power of the sun. You can see solar cells on the wing of the airplane, giant propellers that are required really for thin air. This airplane, just so you know about it and why it is a great icon for solar energy, truly energy.

那張投影片就埋在那裡。這就是我們的新標誌。SunPower 是一家老牌企業，其飛機名為 Helios，Solar Challenger 實際上是太陽能的象徵。您可以看到飛機機翼上的太陽能電池，以及稀薄空氣中真正需要的巨型螺旋槳。這架飛機，只是為了讓你了解它以及為什麼它是太陽能、真正能源的偉大象徵。

It set a record that has never been broken of level flight at altitude in 2001, and that was 92,800 feet. I won't go over the specs, but it's a huge airplane, 247 feet. It can carry a payload of 726 pounds, 60,000 solar cells putting out 35 kilowatts, 14 2-horsepower motors. So they only use 21 of the 35. The reason for that is there's batteries in the airplane that will fly the airplane for five hours.

它在2001年創下了從未被打破的高空平飛紀錄，高度為92,800英尺。我不會詳細討論它的規格，但這是一架巨大的飛機，長 247 英尺。它可以攜帶 726 磅的有效載荷、60,000 個輸出功率為 35 千瓦的太陽能電池和 14 個 2 馬力的引擎。所以他們只使用了 35 個中的 21 個。原因是飛機上的電池可以讓飛機飛行五個小時。

An airplane very similar to this one flew around the world. Interesting performance because the thick air at ground level is slow, but this thing can do 170 miles an hour at altitude. And it was designed to fly endurance missions of 70,000 feet, artificial satellite. Okay. That's my geek presentation for this thing, but this is one of my favorite pictures ever.

一架與這架飛機非常相似的飛機進行了環球飛行。有趣的性能，因為地面的厚空氣很慢，但這東西在高空可以達到每小時 170 英里。它的設計目的是執行 70,000 英尺高空人造衛星的耐力飛行任務。好的。這是我對這個東西的極客介紹，但這是我最喜歡的照片之一。

This is one more picture I got from one of the engineers on the project. This is the airplane at altitude. You can see the solar cells, they're so thin, they've been like paper. And you can see that the earth is indeed round. By the way, the atmospheric pressure up here is GBP0.2 per square inch. So you're above 99% of the atmosphere. You can clearly see that here.

這是我從該專案的一位工程師那裡得到的另一張照片。這是高空飛行的飛機。你可以看到太陽能電池，它們非常薄，就像紙一樣。你可以看到地球確實是圓的。順便說一下，這裡的大氣壓力為每平方英吋 0.2 英鎊。所以你位於 99% 的大氣層之上。您可以在這裡清楚地看到這一點。

Okay. To the quarter, we had $67.5 million in revenue. That's a number less than we wanted and $2.4 million in operating profit that we're very proud of, especially given the revenue. The buy line is vigorous cost cutting. We have a very lean company now, canceled out an ITC-related revenue drop. I'll talk about both of them. That has my stamp of approval, and I've created a stamp of approval that I use in the company now to talk about various things.

好的。本季我們的營收為 6750 萬美元。這個數字比我們想要的要少，但營業利潤為 240 萬美元，我們對此感到非常自豪，尤其是考慮到收入。購買路線是大力削減成本。我們現在的公司非常精簡，抵消了與 ITC 相關的收入下降。我將談論它們兩者。這得到了我的認可，而且我已經創建了一個認可印章，現在我在公司裡用它來談論各種事情。

The numbers, we have a new accounting person and CFO who helped me. And these numbers are -- I spent a lot of time on them, and they're perfect in terms of accuracy. The first two quarters of 2025, we have accounting methods that were developed during our 10-K, and they were developed to merge three companies with different accounting rules together.

從數字上看，我們有一位新的會計人員和財務長幫助了我。這些數字——我花了很多時間，它們的準確性是完美的。2025 年前兩個季度，我們採用了在 10-K 期間開發的會計方法，這些方法是為了將三家採用不同會計規則的公司合併在一起而開發的。

So we've applied those accounting methods and will in the future to present GAAP, which is a legal requirement and non-GAAP, which is the way we run the company. So there's the story. There are only 3 points to make on this graph.

因此，我們已經應用了這些會計方法，並將在未來採用 GAAP（這是法律要求）和非 GAAP（這是我們經營公司的方式）。這就是故事。該圖上只需說明 3 個點。

I have the key parameters here. Number one is, last quarter, we did $82.7 million, and that was a third $80 million-plus quarter in a row. This quarter, we dropped like a rock. It's due to the ITC. It's also due to some last-minute problem that pushed $5 million out of the quarter, but it is what it is, and I'll talk about going forward later.

我這裡有關鍵參數。首先，上個季度我們的營業額為 8,270 萬美元，這是我們連續第三季的營業額超過 8,000 萬美元。本季度，我們的表現一落千丈。這是由於 ITC 造成的。這也是由於最後一刻的一些問題導致本季度損失了 500 萬美元，但事實就是如此，我稍後會談論未來的發展。

If you look at the gross profit, we suffered, therefore, a hit to profitability of $3.7 million. We made up for some of that by focusing on the most profitable segments and having excellent gross margin. And we also had a tremendous cost-cutting program where our OpEx, less commission, the actual real OpEx. FASB requires putting commission into OpEx in the GAAP thing one of the distortions I don't like.

如果你看一下毛利，我們會發現我們的獲利能力受到了 370 萬美元的打擊。我們透過專注於最賺錢的部分並實現出色的毛利率來彌補其中的一些缺陷。我們還制定了一項龐大的成本削減計劃，其中我們的營運支出減去佣金，即實際的營運支出。FASB 要求將佣金納入 GAAP 中的營運支出，這是我不喜歡的扭曲之一。

We cut $4.5 million. So you might say, wahoo, you actually cut more than you lost in gross margin, not quite because the operating expense with commission, this difference here was only $3.2 million better. So if you go on to the profit line, it's the old profit, plus $3.7 million, minus $3.2 million, minus -- excuse me, minus $3.7 million, plus $3.2 million, $520,000 short. So we dropped from $2.9 million last quarter to $2.4 million this quarter. Those are both pretty good numbers given our size right now. And they say we're very healthy.

我們削減了 450 萬美元。所以你可能會說，哇哦，你實際上削減的毛利率比損失的還多，不完全是因為營業費用加上佣金，這裡的差額只多了 320 萬美元。因此，如果你繼續看利潤線，它就是舊利潤，加上 370 萬美元，減去 320 萬美元，減去——對不起，減去 370 萬美元，加上 320 萬美元，少了 52 萬美元。因此，我們從上一季的 290 萬美元下降到本季的 240 萬美元。考慮到我們目前的規模，這兩個數字都相當不錯。他們說我們非常健康。

Now the next and only other thing you need to explain, which I was certainly asked for if I were watching this presentation is, okay, tell me how you have $2.4 million of GAAP profit and a $2.7 million loss of non-GAAP profit and a $2.7 million loss of GAAP.

現在你需要解釋的下一件事，如果我在看這個演示，肯定會被問到，好的，告訴我你是如何獲得 240 萬美元的 GAAP 利潤和 270 萬美元的非 GAAP 利潤損失以及 270 萬美元的 GAAP 損失的。

And I've added an extra line to the P&L to explain that. This is stock compensation and intangible costs. In other words, noncash required accounting that doesn't really affect cash profit. And that jumped this quarter, primarily because you approved a lot of stock, which we give out to our employees, to $5.1 million.

我在損益表中添加了一行來解釋這一點。這是股票薪酬和無形成本。換句話說，非現金要求的會計其實並不影響現金利潤。本季度，這一數字大幅上升，主要因為您批准了大量股票，我們將這些股票發放給員工，達到 510 萬美元。

So if you look at that difference, if you look at that difference, that is what took $2.8 million down to $2.7 million. And if you difference those numbers, all of these numbers work both vertically and horizontally. So where did that come from? It's in the footnote. I won't spend a lot of time going through it. Basically, $3.7 million in stock-based compensation. My feeling is now and it's always been that I reflect stock compensation and the dilution of the extra shares and $1,419 million in amortization of intangibles.

因此，如果您看一下這個差異，如果您看一下這個差異，這就是 280 萬美元降至 270 萬美元的原因。如果你對這些數字求差，所有這些數字在垂直和水平方向上都是相同的。那麼這是從哪裡來的呢？它在腳註中。我不會花太多時間去研究它。基本上是 370 萬美元的股票薪酬。我現在的感覺是，而且一直以來都是，我反映了股票薪酬和額外股份的稀釋以及 14.19 億美元的無形資產攤銷。

This is a goodwill charge that's put artificially on the books when you make an acquisition if the assets you acquire are less than what you paid for the acquisition. Okay. I talk here about the ITC revenue deep freeze, fast and steep. And it reminded me of my hometown in Wisconsin when I woke up on that day, January 31, 1967. And if you looked at that, that was a Sunday, it was 18 below 0, and it was windy and the chill factor was almost minus 50.

這是一項商譽費用，如果您在收購時獲得的資產少於您為收購支付的金額，則會在帳簿上人為記入。好的。我在這裡談論的是 ITC 收入的深度凍結，快速且急劇。當我在 1967 年 1 月 31 日那天醒來時，它讓我想起了我在威斯康辛州的家鄉。如果你看一下，你會發現那是一個星期天，氣溫是零下 18 度，風很大，寒冷程度幾乎是零下 50 度。

That was the day of a Green Bay game, a championship game, NFL championship with the Dallas Cowboys, and it was so cold that -- and you can see this is kind of a weird crowd, double park up, that your breath didn't -- you couldn't see your breath, your breath froze into ice and the ice clog hung over the stadium all day long. This is a picture I showed in the beginning. This is me running in 2000 also in Oshkosh. I was 52 at the time. And I just showed it to prove that, yes, your eyes can indeed free shut.

那天是綠灣包裝工隊的比賽日，一場冠軍賽，一場與達拉斯牛仔隊爭奪 NFL 冠軍的比賽，天氣非常冷——你可以看到，這裡的人群有點奇怪，雙排停車，你的呼吸沒有——你看不到你的呼吸，你的呼吸都凍成了冰，冰塊整天掛在體育場上空。這是我一開始展示的圖片。這是我 2000 年在奧什科甚跑步的照片。當時我52歲。我只是為了證明這一點，是的，你的眼睛確實可以自由閉上。

And this is why my rule is I never run if it's below 0. So I didn't run that day of minus 18. Just so to give you the last thing, they won the game. This is a quarterback going in with less than 30 seconds left. This was a monster defensive line man Jethro Pugh of the Cowboys and he's getting blocked by Jerry Kramer, the famous All-Pro guard of Green Bay.

這就是為什麼我的原則是，如果低於 0，我就絕對不會跑步。所以那天氣溫零下 18 度時我沒有跑步。最後告訴你一件事，他們贏了比賽。這是距離比賽結束僅剩不到 30 秒的四分衛上場的時間。這是牛仔隊的怪物防守鋒線球員傑思羅·普格 (Jethro Pugh)，他正受到綠灣著名的全明星後衛傑裡·克萊默 (Jerry Kramer) 的阻擋。

He's not saying touchdown. He's saying, I didn't push the quarterback because the tush push then was illegal and they lost the game had that been called. That's the winning play. I'm not going to -- and Jerry Kramer is the guy that did the blocking. This is a club I run a country club I run in Oshkosh.

他不是說達陣。他說，我沒有推四分衛，因為當時推屁股是犯規，如果判罰那樣的話，他們就輸掉了比賽。這才是製勝之道。我不會——而傑瑞·克萊默就是那個阻止我的人。這是我在奧什科甚經營的鄉村俱樂部。

And I was fortunate enough to get Jerry, who's now 88 to come and talk to Krog was thrilled. He's an excellent speaker. I won't tell you about this and I'm just putting it in to tell you that in the future, if I have another bad revenue quarter, I'll tell you the story about Max McGee, but that is a picture of the ball going over the goal line on the first touchdown in the first Super Bowl.

我很幸運能夠邀請到現年 88 歲的傑瑞來與我交談，克羅格非常興奮。他是一位出色的演說家。我不會告訴你這件事，我只是想告訴你，將來，如果我再遇到一個收入不佳的季度，我會告訴你關於馬克斯·麥基的故事，但那是第一屆超級碗第一次觸地得分時球越過球門線的照片。

And I'm not going to tell you the story about how Max didn't take the game seriously, and he stayed out all night and came in at 6:30 in the morning before the game with two stewardesses hanging on. End of that story. Okay. The good story is profit. This is a graph of profit. The merger is here. We've now been a company for three quarters.

我不會告訴你馬克斯如何不認真對待比賽的故事，他整晚都在外面，直到比賽開始前早上 6:30 才回來，還有兩名空姐陪著。故事到此結束。好的。好故事就是利潤。這是利潤圖。合併就在這裡。我們公司成立至今已有三個季度了。

If you took the sum of losses of the three companies before merger, we managed to cut that down a lot in the first quarter. We broke profitable in the second quarter. We'1ve never gotten credit for that, and I'll explain in the stock price, and I'll explain why. Now this quarter, we had decent profit on a lot less revenue. That was positive news. Then the question is, how are you going to make the revenue bigger? And I'll talk about that.

如果將合併前三家公司的虧損總和計算出來，我們在第一季就成功地將虧損額大幅削減。我們在第二季度實現了盈利。我們從來沒有因此而得到讚譽，我會在股價上解釋，我會解釋原因。本季，我們的收入雖然少了很多，但利潤卻相當可觀。這是個好消息。那麼問題來了，要如何讓收入變得更大呢？我會談論這個。

When we merged, I created a theory for the three companies, the arc theory of merger. And I calculated the arc would be the thing when the rain came that would save the people on it, and I calculated that there could be 1,225 seats. It turned out to be an excellent way to cut two-third in a merger. It couldn't have happened if I didn't lay off not by trying to lay off people, which would have been possible even if you're tough and push on it. I laid off by not hiring. And that difference is what made it work.

當我們合併時，我為這三家公司創建了一個理論，即合併的弧理論。我計算了一下，當下雨的時候，拱門可以保護上面的人，我計算了一下，那裡可能有 1,225 個座位。事實證明，這是在合併中削減三分之二的絕佳方法。如果我不裁員，或不試圖裁員，這種事就不可能發生，即使你很強硬，堅持下去，這也是可能的。我沒有僱用員工，所以就被解雇了。正是這種差異使得它發揮作用。

This is a graph with SunPower headcount. By the way, once SunPower learned how to do this, they liked it. We like it. The company is lean. It's better now than it was when we had a lot more people. So we had a pool of 3,499 people. When I said 1,225 was our target, that's that line right there.

這是 SunPower 員工人數的圖表。順便說一句，一旦 SunPower 學會瞭如何做到這一點，他們就會喜歡它。我們喜歡它。該公司很精簡。現在的情況比人口多得多的時候好得多。因此，我們的人才庫有 3,499 人。當我說 1,225 是我們的目標時，那條線就在那裡。

And we started out with -- on the first day of the first quarter, 1,341 people and made our target by the end of the quarter, beat it. And then the first quarter was $80 million instead of $100 million, which is what I had hoped for. So I told everybody that there were no longer 1,225 seats on the arc. There were 980, and we reset the target to 980, and we made that in the second quarter.

我們在第一季的第一天就吸引了 1,341 人，到本季末我們就已經實現了目標，甚至超越了目標。然後第一季的營收是 8,000 萬美元，而不是我所希望的 1 億美元。所以我告訴大家，弧線上不再有 1,225 個座位。數量是 980，我們將目標重新設定為 980，並且我們在第二季度實現了這一目標。

Then we weren't profitable. And I said, then we wanted to get a lot profitable. And I said we've got to go to 820. At this point, people started griping, we're keeping losing seats on the arc. And my comment was, well, we didn't need giraffes anyway. And we now are down to 861. So we're almost on at that target. So if you think of everybody is spending money, this is like the graph of cost and the graph of cost reduction. And the good thing is you can drive it and you can drive it early.

那時我們還沒有獲利。我說，那我們想要獲得大量利潤。我說我們必須去 820。此時，人們開始抱怨，我們不斷在弧線上失去座位。我的評論是，好吧，無論如何我們都不需要長頸鹿。現在我們已降至 861。所以我們幾乎已經達到這個目標了。因此，如果您認為每個人都在花錢，這就像是成本圖和成本降低圖。好處是你可以駕駛它，而且可以儘早駕駛它。

You don't have to wait for accountants to tell you that you lost money because you had too many people. We actually keep more careful track of headcount than that. I review this graph three days a week. This is the total headcount in the company.

您不必等著會計師告訴您，您因為人手太多而虧損。事實上，我們對員工人數的追蹤比這更為仔細。我每週三天都會檢視這張圖表。這是該公司的總員工人數。

You can see five weeks' worth of data here. We look at rolling five weeks, and this shows going from 900 to 861 over the last five weeks, our target of 820 and a little hint that the next target is below that. This is the curve for Blue Raven. This is the curve for New Homes. These are our two divisions. These guys will make -- my target for revenue per employee is $400,000.

您可以在此處查看五週的數據。我們觀察連續五週的情況，結果顯示過去五週內從 900 增長到 861，我們的目標是 820，並且暗示下一個目標低於這個數字。這是 Blue Raven 的曲線。這是新房的曲線。這是我們的兩個部門。這些人將會——我的目標是每位員工的收入為 40 萬美元。

These guys are already there. They're already lean. These guys have gone backwards, and they're not lean, and that's not a good number. And you can see they've actually gone up. This is because -- not because we added people, but because the laws in Nevada and Utah changed, and we had to turn 1,099 contractors that we don't pay and don't count as employees into W-2 employees.

這些人已經在那裡了。他們已經很瘦了。這些傢伙已經倒退了，他們不再精幹，這不是一個好數字。你可以看到它們實際上已經上升了。這是因為——不是因為我們增加了員工，而是因為內華達州和猶他州的法律發生了變化，我們不得不將 1,099 名我們沒有支付工資且不算作員工的承包商轉變為 W-2 員工。

So this is my pork problem right here, and we're working on it. Meanwhile, I keep track of every little group inside the company. These are places where they like to hide overhead. And I have a consulting group, a good one, an ex-McKinsey consulting group, giving me indices for the median of 200 tech companies and the top quartile best of the companies for a lot of parameters. For example, information technology, IT, full-time equivalent per billion of revenue, 77% down to 62% finance spend as a percent of revenue.

這就是我的豬肉問題，我們正在努力解決。同時，我也會關注公司內部的每個小組。這些是它們喜歡隱藏在頭頂上方的地方。我有一個顧問集團，一個優秀的顧問集團，前身是麥肯錫顧問集團，他們為我提供了 200 家科技公司的中位數指數以及許多參數上排名前四分之一的公司指數。例如，資訊科技、IT，每十億收入的全職當量，財務支出佔收入的百分比從 77% 下降到 62%。

And we then developed the dash line targets here. In the case of finance, we drove it down. And that drive right there, I'll talk about twice more today, required us to move some finance from Salt Lake to India. I wanted the group together in Salt Lake, I can't afford it, so I couldn't do it.

然後我們在這裡開發了虛線目標。就金融而言，我們將其降低了。今天我將再談兩次，這次行動要求我們將部分資金從鹽湖城轉移到印度。我希望大家在鹽湖城聚在一起，但我負擔不起，所以我做不到。

Okay. Outlook. This quarter, we're in now. We're going to increase revenue. We're going to bounce partway back. I have about $70 million there, and I put the word about and $70 million because after missing a quarter on revenue, I don't want to do it again. The better news is that when we look at profit, a lot of those cuts happened after the great quarter we just had. We're half and halfway through. That is they'll be effective for the whole quarter -- this quarter. And the profit then will be $3 million.

好的。前景。我們現在進入本季。我們將增加收入。我們將部分恢復。我在那裡有大約 7000 萬美元，我之所以說是 7000 萬美元，是因為在損失了一個季度的收入後，我不想再這樣做了。更好的消息是，當我們看利潤時，很多削減都發生在我們剛剛度過的那個好季度之後。我們已經完成了一半了。也就是說，它們將對整個季度（本季）有效。那麼利潤將達到 300 萬美元。

Now all of a sudden, we've got real profit and the concerns about our viability are going to start to evaporate more on that later. Okay. A few bullets. SunPower estate. This is the bankruptcy of state run by lawyers and the Bank of America and the coalition of lenders signed an agreement with us on the last day of the quarter that authorizes us to collect all old SunPower accounts receivable.

現在，我們突然獲得了真正的利潤，對我們生存能力的擔憂將會逐漸消失。好的。幾顆子彈。SunPower 莊園。這是由律師經營的國家破產案，美國銀行和貸款人聯盟在本季度的最後一天與我們簽署了一項協議，授權我們收取所有舊的 SunPower 應收帳款。

Well, gee, isn't that wonderful? We bought them. We paid $46 million, $45 million for them, and now they're signing that we will agree. And what they did was they hired bill collection (inaudible) firm and wrote letters to all the people that own the money for the SunPower systems we bought, systems on roofs working that we own. And they were arguing about accounts receivable.

嗯，哇，這不是很棒嗎？我們買了它們。我們為他們支付了 4600 萬美元、4500 萬美元，現在他們簽字表示我們同意。他們所做的就是聘請帳單催收（聽不清楚）公司，並給所有擁有我們購買的 SunPower 系統資金的人寫信，這些系統是我們擁有的屋頂系統。他們正在爭論應收帳款。

I won't use the word unethical, but I would if I weren't in a public forum. Okay. So that is behind us, but it delayed AR that was owed to us, and we're going to -- now starting to collect that AR. And that was part of the revenue problem. That was $5 million of the revenue problem right there.

我不會使用「不道德」這個詞，但如果不是在公共論壇上，我就會這麼說。好的。這已經是過去的事情了，但是它延遲了我們應收帳款的收取，我們現在要開始收取這筆應收帳款。這是收入問題的一部分。這就是 500 萬美元的收入問題。

We joined two Russell indices, not going to brag about it, but always any company that -- any index that people follow, they own a mix. They'll buy your stock, they trade your stock, your stock becomes better known. That's goodness. And then the one I said I would come back to, we created a low-cost finance center in India. The city is Chennai. We even gave two companies, and they together become our low-cost center for finance, and we're even doing stocks there. They're pretty good. One company is called Excelencia.

我們加入了兩個羅素指數，並不是想吹噓這一點，但任何公司——任何人們關注的指數，他們都會擁有一個混合指數。他們會買進您的股票，交易您的股票，您的股票就會變得更知名。這真是太好了。然後我說過我會回來的，我們在印度建立了一個低成本的金融中心。該城市是欽奈。我們甚至捐了兩家公司，它們一起成為我們的低成本金融中心，我們甚至在那裡做股票。他們非常棒。其中一家公司名為 Excelencia。

In the British way of doing business, the company uses chartered accountants. We call them CPAs. So they've got really good accounting, and they're going to be most of our accounting work, and we move jobs out. That's part of the headcount reduction I talked about. We also have a start-up.

按照英國的經營方式，該公司使用特許會計師。我們稱他們為註冊會計師。因此，他們擁有非常優秀的會計人員，他們將承擔我們大部分的會計工作，並將工作轉移出去。這就是我所說的裁員的一部分。我們也有一家新創公司。

MylAI is an AI start-up, high tech. And they have proprietary AI software that studies things like expense mapping expense into accounts, other HR stuff, for example. And they take your processes and look at the manual inputs and outputs of the process and create codes for an automated process. So that's our AI effort rather than trying to hire an American one or two guys and hoping it's going to work. This is a company, and it's in our low-cost center.

MylAI 是一家人工智慧新創公司，高科技。他們擁有專有的人工智慧軟體，可以研究諸如費用映射到帳戶中以及其他人力資源事務等。他們會取得您的流程並查看流程的手動輸入和輸出，並為自動化流程建立程式碼。這就是我們的人工智慧努力，而不是試圖僱用一兩個美國人並希望它能夠發揮作用。這是一家公司，它位於我們的低成本中心。

So I think this is a -- certainly, it's a good move for managing the company the way we want. Therefore, CFO, Dan Poley, is leaving SunPower. You can imagine he wasn't happy. He relocated to Salt Lake. Thank you.

所以我認為這當然是按照我們想要的方式管理公司的一個好舉措。因此，財務長 Dan Poley 將離開 SunPower。你可以想像他不高興。他搬到了鹽湖城。謝謝。

Then because of cost cutting, he lost some of his guys. So he and I agreed last year that he could leave SunPower, but not before the 10-K was filed and he had created low-cost finance center in India. So he agreed to walk out the door, shut the door, turn off the license, shut the door, a really high integrity move in this part, and we thank him for that.

後來由於削減成本，他失去了一些員工。因此，去年我和他達成一致，他可以離開 SunPower，但必須先提交 10-K 表格，並且必須在印度建立低成本融資中心。所以他同意走出門，關上門，關掉執照，關上門，這是一個非常誠信的舉動，我們對此表示感謝。

Our new interim CFO is Jeanne Nguyen. I'll show you a picture in a minute. And then again, I want to thank Dan Foley. He's done everything we've asked him to do. That's Dan, that's Jeanne. She's an accountant. She's it -- look at it. She took her own selfie picture. She's a happy accountant. And we will now find out if she likes to raw me for breakfast or not. Okay.

我們的新任臨時財務長是 Jeanne Nguyen。我馬上給你看一張照片。再次，我要感謝丹·福利。他已經完成了我們要求他做的一切。那是丹，那是珍妮。她是一名會計。她就是——看看她。她拍了自己的自拍照。她是一位快樂的會計。現在我們就可以知道她是否喜歡把我當生食當早餐了。好的。

Then we have a Chief Legal Officer. We've switched Chief Legal Officer. His name is Nicolas Wenker, Swiss origin. He writes well. He's energetic. He's got a lot of degrees, and we'll find out that he wants to get out of the private company world into the public company, and he's worked for Kirkland & Ellis.

然後我們有一位首席法律官。我們已經更換了首席法律長。他的名字是 Nicolas Wenker，瑞士裔。他文筆很好。他精力充沛。他擁有很多學位，我們發現他想離開私人公司，進入上市公司，他曾在 Kirkland & Ellis 工作過。

So we wish him luck. And finally, we've tapped the SunPower Board member, Dan McCranie, who's here with me today. He's got a background. He's been on the Board of 10 -- that's spelled on NASDAQ companies. I listed the seven most important here. He's been the Chief Executive. That was the EPROM company that spun out of Intel, and he's been VP of Marketing Sales.

所以我們祝他好運。最後，我們邀請了 SunPower 董事會成員 Dan McCranie，他今天也和我在一起。他有背景。他曾擔任納斯達克十人董事會成員——這是納斯達克公司十人董事會的拼字。我在這裡列出了最重要的七個。他曾擔任執行長。這是從英特爾分離出來的 EPROM 公司，他曾擔任行銷銷售副總裁。

So at Cypress, he was our VP of Marketing and Sales for a decade. So I told Dan that his retirement time was over, and he needed to -- and I paid him for it, and he needed to help us up. So right now, I'm going to introduce Dan, and he's going to tell you, he's been on the job a month. He's going to tell you what he found and what he's going to do about it. So we have him now.

因此，在賽普拉斯，他擔任了十年的行銷和銷售副總裁。所以我告訴丹，他的退休時間已經結束了，他需要──我付錢給他，他需要幫助我們。現在，我要介紹丹，他會告訴你們，他上任已經一個月了。他會告訴你他發現了什麼以及他打算如何處理。所以我們現在有他了。

Thanks, TJ Hello, everybody. Well, first off, TJ, thank you very much for using a 15-year-old picture. I appreciate that very much. Let's get to the slides.

謝謝，TJ，大家好。好吧，首先，TJ，非常感謝你使用這張 15 年前的照片。我非常感激。讓我們開始觀看幻燈片。

So first off, I've been on this job now almost three weeks, but that doesn't mean I've only had three weeks of looking at this particular operation at SunPower. I joined the Board in the December time frame. And from that time on, I spent about 20 hours a week monitoring all of the major meetings from December to July. So what I'm about to show you is not my observations in the last three weeks of this position, but really six months. So I only point that out because I think it adds more credibility if you've got more time watching the stuff.

首先，我從事這份工作已經快三個星期了，但這並不意味著我只花了三個星期的時間來關注 SunPower 的這項特定業務。我在 12 月加入了董事會。從那時起，我每週花大約 20 個小時來監控 12 月至 7 月的所有主要會議。因此，我要向你們展示的不是我擔任這個職位過去三週的觀察，而是六個月的觀察。所以我指出這一點只是因為我認為如果你有更多的時間觀看這些東西，它會增加更多的可信度。

First and foremost, I've come to truly, truly like the young men and women in the sales organization. We have a broad organization of direct virtual and dealer as well as new home sales personnel. And I find them smart, find them focused, very loyal to SunPower, very aggressive. I really have come to love that energy, but also pretty loosely managed. The result of that is all that energy and all that positive collaboration is not maximized in terms of bookings.

首先，我真的非常喜歡銷售部門的年輕男女。我們擁有廣泛的直接虛擬和經銷商以及新房屋銷售人員組織。我發現他們很聰明，很專注，對 SunPower 非常忠誠，而且非常積極進取。我確實喜歡這種能量，但管理也相當鬆散。結果是，所有的精力和所有的積極合作都沒有在預訂方面發揮最大作用。

We need to get bookings in order to pop up the revenue. And there's -- as far as I can see right now, the total available market in solar is, for all intents and purposes, infinite for us. And the issue is, is to get this team of good people, good men and women to function better and more aggressively. But here's how I see it right now.

我們需要獲得預訂才能增加收入。就我目前所知，太陽能市場總體上對我們來說是無限的。問題在於，如何讓這支由優秀人才、優秀男女組成的團隊發揮更好的作用，並且更加積極主動。但我現在是這樣看的。

First off, the sales organization hasn't been responsible for forecasting quarterly bookings. And the problem with that, I see this back in my day, I used to see this on start-up companies where the sales force was doing best efforts as opposed to having skin in the game in terms of actually forecasting the bookings along with the sales, along with the operations guys. But I'm not used to seeing that with a company this size. You must have input from sales. Once you have that input, sales no longer provides best effort. They actually are accountable, truly accountable to the numbers that they're forecasting.

首先，銷售組織不負責預測季度預訂量。而問題在於，我以前在新創公司中看到過這種情況，銷售人員竭盡全力，而不是與營運人員一起實際預測預訂量、銷售量。但我並不習慣在這種規模的公司看到這種情況。您必須有來自銷售部門的投入。一旦你有了這樣的投入，銷售就不再盡力而為。他們確實要對他們所預測的數字負責。

Second, the sales management has been slow to react to changes in the industry and customer environment. This is bad all the time, but it's particularly bad in solar. As all of you are aware, the kits keep on coming in solar. We've had huge changes in the last six months. It is really the responsibility of executive sales management to move fast and quickly as these changes occur. And frankly, that's been unacceptable.

其次，銷售管理對產業和顧客環境的變化反應遲緩。這種現像一直都很糟糕，但在太陽能領域尤其糟糕。正如大家所知，太陽能套件不斷湧現。在過去的六個月裡，我們發生了巨大的變化。當這些變化發生時，高階主管銷售管理的真正責任就是迅速採取行動。坦白說，這是不可接受的。

Individual sales personnel are not giving performance targets. So it's not just bookings. You've got to manage the entire funnel. That funnel is all the way from generating leads to driving appointments to doing pitches with the customers to bookings to the final design complete and then all the way through to revenue, which is at installs. If you don't drive all elements of that funnel, you're going to find yourself waking up with a subpar performance in bookings, which we did in Q2. And I'll get on to that a little bit later.

個別銷售人員沒有設定績效目標。所以這不僅僅是預訂。你必須管理整個漏斗。這個漏斗涵蓋了從產生銷售線索到促成預約、向客戶推銷、預訂、最終設計完成，再到安裝產生的收入等整個過程。如果您不推動該管道的所有要素，您會發現自己的預訂表現不佳，就像我們在第二季度遇到的情況一樣。稍後我會繼續討論這個問題。

Finally, the sales executives, the 1,099 do not effectively engage with other corporate departments. An example of that would be when you're doing your forecast or when you're trying to figure out what's going on, for instance, in latest ITC ruling, the sales executives previously were not collaborating with finance, HR, operations or engineering. When you get these seminal changes in the industry, you've got to be engaged. And frankly, I found in the six months I've been watching this, there was ineffective engagement, therefore, ineffective sales strategies as a result.

最後，1,099 名銷售主管無法有效地與其他公司部門合作。例如，當您進行預測或試圖弄清楚發生了什麼事情時，例如，在最新的 ITC 裁決中，銷售主管之前沒有與財務、人力資源、營運或工程部門合作。當行業發生這些重大變化時，你必須參與其中。坦白說，我在觀察這個問題的六個月裡發現，參與度不高，因此導致銷售策略無效。

Cost of selling is another issue. This is a very high cost of selling. I've been in semiconductors most of my life. I'm used to cost of selling being in low single digits percentage of revenue, 4%, 5%. I'm not used to this double-digit cost of selling, but it gives us an opportunity and you take a look at where your problems are, your cost of lead generation is extraordinary compared to the industry.

銷售成本是另一個問題。這是非常高的銷售成本。我一生中的大部分時間都從事半導體行業。我習慣於銷售成本佔收入的低個位數百分比，4%、5%。我不習慣這種兩位數的銷售成本，但它給了我們一個機會，讓你看看你的問題在哪裡，與行業相比，你的潛在客戶開發成本是非同尋常的。

Center management is probably double industry standard. Funnel velocity is slow. The problem with slow funnel velocity is that you end up losing orders that you've worked for months to secure. The funnel yield, which refers to how much you get out for what you brought in is, from my investigation, not at industry standard. So they're all poor when compared to what I would call best-in-class in the solar industry.

中心管理可能是行業標準的兩倍。漏斗速度很慢。漏斗速度慢的問題在於，您最終會失去幾個月來努力爭取的訂單。漏斗收益率（指的是投入多少就能得到多少回報）根據我的調查，並不符合業界標準。因此，與我所說的太陽能行業最佳水平相比，它們都很差。

So here's our corrective action and progress. It's been three weeks. So we reorganized SunPower to a truly functional organization. The advantage of that is that now the VP of Sales is on par with the top finance people, with the top operations people, with the top legal people. And so we can have a seat at the table, if you will, for strategies going forward.

以下是我們的糾正措施和進展。已經三週了。因此，我們將 SunPower 重組為一個真正具有功能性的組織。這樣做的好處是，現在銷售副總裁的職位與頂級財務人員、頂級營運人員和頂級法律人員處於同一水平。因此，如果您願意的話，我們可以坐下來討論未來的策略。

It's also under one department. So we can have cross-pollinization between New Homes, between dealer, between direct, between all the channels going into sales, and they all report directly to the CEO. We're going to recruit eventually a sales executive to drive the organization. In the meantime, you're looking at your sales executive.

它也屬於一個部門。因此，我們可以在新房之間、經銷商之間、直銷商之間以及所有銷售管道之間進行交叉授粉，並且它們都直接向執行長報告。我們最終將招募一名銷售主管來推動組織的發展。同時，您正在關注您的銷售主管。

I want to make those senior executive changes necessary to improve group performance drive. Now I told you I was proud of the team and I am. There were some issues, and we made some changes at the executive level on a couple of those areas, and those changes have been made, and we're now in the process of replacing those executives with very good, strong, young men and women who are currently inside the SunPower organization.

我希望對那些高階主管進行必要的調整，以提高集團績效。現在我告訴過你們我為這支球隊感到驕傲，而我確實如此。存在一些問題，我們在幾個領域的執行層面上做出了一些變動，這些變動已經完成，我們現在正在用目前在 SunPower 組織內部的非常優秀、強大、年輕的男女員工替換這些高管。

Now we created a more detailed forecast. I told you the sales force didn't participate in the forecast. We now have forecast on a weekly basis, measured daily on all the important parameters that lead to strong bookings, and that's leads, appointments, pitches, bookings, FDCs, and another one, installs. We track that multiple times per week.

現在我們建立了更詳細的預測。我告訴過你銷售人員沒有參與預測。我們現在每週都會進行預測，每天測量所有能帶來強勁預訂量的重要參數，包括銷售線索、預約、推銷、預訂、FDC 以及安裝量。我們每週都會追蹤多次。

The min are given a weekly bonus and a weekly forecast in addition to a quarterly forecast. And just as a brief point on that, we've been banging on that for about four weeks now, and I am very encouraged in the first four weeks of this operation. I like the FDCs, final design complete. That's our version of bookings to the factory. That's up almost 30% from this time last quarter, and I am very proud of the minute for doing that.

除了季度預測之外，最低工資還會獲得每週獎金和每週預測。簡單說一下，我們已經為此努力了大約四個星期，我對這次行動的前四周感到非常鼓舞。我喜歡 FDC，最終設計完成。這是我們向工廠預訂的版本。這比上一季同期成長了近 30%，我對此感到非常自豪。

We need to set global cost, funnel yield and funnel velocity goals for sales. I haven't exactly got that yet. We've created a plan to get what would be entitlement for each of those areas. We've already started monitoring some of the basic yield issues.

我們需要為銷售設定全球成本、漏斗收益和漏斗速度目標。我還沒有完全明白。我們制定了一項計劃來獲得每個領域應有的權利。我們已經開始監控一些基本的產量問題。

I won't bore you with which ones that are. But throughout the quarter, we're going to add all the rest of the issues in the funnel and drive cost. We think we're spending almost twice the price per watt effective for certain -- compared to the industry for certain effective. That's it, TJ

我不會讓您厭煩其中的內容。但在整個季度中，我們將把所有其他問題添加到漏斗中並增加成本。我們認為，與行業相比，我們花費的每瓦價格幾乎是其兩倍，但確實有效。就這樣吧，TJ

Okay. So what you've heard so far, we're happy with, we're proud of. But the obvious question that I saved for the last section is, so why isn't the stock price higher if everything is so great, how come? And I want to address that now and what we're doing about it. There are things that can get improved that will work on multiple.

好的。所以，對於您目前聽到的內容，我們感到高興，感到自豪。但我在最後一節要問的一個顯而易見的問題是，如果一切都這麼好，為什麼股價沒有上漲呢？我現在想談談這個問題以及我們正在採取的措施。有些事情可以改進，並且對多個方面都有效。

So if I talk about -- I call it the PS ratio, price to sales, market cap on revenue. When I did the slide, it was $1.81. The revenue was down to a run rate of $270 million, down from $300 million and it's 0.54 times. So here, we have a group of companies, small tech companies, and they have a very stable going back through 2024, 2.5 times price-to-sales ratio.

所以如果我談論——我稱之為 PS 比率、市銷率、收入市值。我做投影片的時候是1.81美元，收入從3億美元降到2.7億美元，是原來的0.54倍。所以，這裡有一批公司，小型科技公司，到 2024 年，它們的市銷率非常穩定，是 2.5 倍。

My company, Cypress, that I ran for 34 years, I kept this data religiously and our average at Cypress over 30 years was 2.4 times. Enphase company, which on its board, I am a very good company, is now -- has come down, but they're still at 5 times. Okay. Now the solar industry has taken a hit, and this is the leader in the solar industry, Sunrun.

我的公司 Cypress 已經經營了 34 年，我嚴格保存這些數據，30 年來 Cypress 的平均成長率是 2.4 倍。Enphase 公司，其董事會成員認為這是一家非常好的公司，現在股價已經下跌，但仍保持 5 倍。好的。現在太陽能產業受到了衝擊，這就是太陽能產業的領導者Sunrun。

And you can see they've been ground down over the last year, and they're now starting to come back as people start to think they're going to do okay. So they're at 1 times. And here we are banging along at the bottom. That's good news and bad news. Bad news is low share price today. The good news is, in addition to growth, raising share price, we can also have multiple. There can be two factors multiplying each other. Okay. So why is that?

你可以看到，他們在過去一年裡遭受了重創，但現在他們開始恢復元氣，因為人們開始認為他們會做得很好。所以它們是 1 倍。而我們現在正處於困境之中。這既是好消息，也是壞消息。壞消息是今天股價低。好消息是，除了成長、提高股價之外，我們還可以實現多重成長。可以有兩個因子相互乘積。好的。那為什麼呢？

This is a screenshot of our stock price. Back here, we were up at $2 and sometimes over $2 when we reported our first profitable quarter. And I thought we've finally broken out of the more risks. Then that happened, and I got -- I thank shareholders, by the way, for sending the information. I really appreciate it. I got this and the day our risk factors were published.

這是我們的股價截圖。當我們報告第一個獲利季度時，我們的股價上漲了 2 美元，有時甚至超過 2 美元。我認為我們最終擺脫了更多風險。然後那件事發生了，我得到了——順便說一句，我感謝股東發送的訊息。我真的很感激。我收到這個消息的那天，我們的風險因素也公佈了。

The day our risk factors were published, we published them after market close, but that very day, we had this problem. And I read the risk factors and they weren't -- they were too aggressive. The lawyers were protecting us too much. For example, I read in my own risk factors that we may not achieve profitability, okay? You go back to page 1, and this says SunPower makes first profit in four years. Okay. We do have vulnerability. There are risk factors. We do have a going concern. I'm not arguing that, but that's overkill.

我們的風險因素發布當天，是在收盤後發布的，但就在當天，我們遇到了這個問題。我讀了風險因素，它們並不——它們太激進了。律師對我們保護太多了。例如，我在自己的風險因素中讀到，我們可能無法實現盈利，好嗎？回到第 1 頁，這裡說 SunPower 四年來首次獲利。好的。我們確實存在脆弱性。存在危險因子。我們確實有持續經營。我並不是爭論這一點，但這樣做未免有些過頭了。

And from now on, TJ is going to be involved. TJ is going to read it. TJ is going to red line it. And by the way, the benefit for you is when you see the risk factors, they're real. I left them there for a reason. Okay. Now underlying this, this is -- and then, of course, the house ITC bill hit.

從現在開始，TJ 將會參與其中。TJ 將會閱讀它。TJ 將要劃紅線了。順便說一句，當你看到風險因素時，你會感到受益匪淺，因為它們是真實存在的。我把它們留在那裡是有原因的。好的。現在，其根本原因在於——當然，眾議院 ITC 法案受到了衝擊。

This was the first announcement, and there are several hits for the house ITC bill, but this took us down to a little over $1.25. And there's nothing you can do about that. But underneath this statement of risk factors are the risk factors themselves, and that's profitability and cash flow. And like I said, in Q3 '25, we intend to have a third consecutive quarter of profit and it's likely to be the highest profit in the current run, dollars 10 percent.

這是第一次公告，眾議院投資稅收抵免（ITC）法案也曾多次受到衝擊，但最終還是降到了略高於1.25美元。對此你無能為力。但在此風險因素表述之下是風險因素本身，即獲利能力和現金流。正如我所說，在 2025 年第三季度，我們計劃連續第三個季度實現盈利，並且很可能是當前最高的利潤，即 10%。

Next point, and we are working hard on acquisitions to grow inorganically. Now you just heard the story about how we plan to get more sales by selling more effectively with a 1,000-person sales force. We ought to be able to do that. But we're working on inorganic growth. I can tell you that I've been to the negotiating table 3 times in the last four months.

下一點，我們正在努力透過收購實現無機成長。現在您剛剛聽到了我們計劃如何透過 1,000 人的銷售團隊更有效地銷售來獲得更多銷售額的故事。我們應該能夠做到這一點。但我們正在致力於無機成長。我可以告訴你，在過去的四個月裡我已經三次坐上談判桌了。

And I'm still talking to all three of those companies, but I haven't bagged one yet. I'm going to bag one. We're going to make this happen. And at that time, I'll come back to you and ask you to fund that acquisition, whatever it is, and I'll tell you the story.

我仍在與這三家公司洽談，但尚未敲定任何一家。我要去拿一個。我們將會實現這個目標。到那時，我會回來找你，請你為那次收購提供資金，無論它是什麼，我都會告訴你這個故事。

Okay. Here, I'm pitching about bad reporting by stock services. If you go to MarketWatch. And by the way, I picked them because they're the biggest and most famous they're all -- they all have the same problem. And you go right underneath the stock graph, you see, Another Green Energy Bust, August 9, 2004. This is the old SunPower. SunPower files for bankruptcy, SunPower stock falls after company files for bankruptcy, SunPower files -- listen, this the first four things you see.

好的。在這裡，我要談談股票服務機構的不良報告。如果你去 MarketWatch。順便說一句，我之所以選擇它們，是因為它們規模最大、最有名，而且它們都面臨著同樣的問題。如果你看一下股票圖表，你會發現，2004 年 8 月 9 日，又一次綠色能源蕭條。這是老款 SunPower。SunPower 申請破產，SunPower 股票在公司申請破產後下跌，SunPower 申請——聽著，這是您首先看到的四件事。

So my complaint was, gentlemen, why do you have your bots, keep digging up dinosaur bones and beating us over the head with them. Now to be completely fair, I complain about that one other time in the invitation to this meeting, I griped about it and MarketWatch printed it. So I'm hopeful they're going to work with us and clean up the same because I actually have investors call me and say, Gee, I wanted to invest in SunPower, but you guys are right on the edge of bankruptcy. I'm not going to invest. No, we aren't in the edge. We want bankrupt.

所以我的抱怨是，先生們，為什麼你們要用機器人不斷挖出恐龍骨頭並用它們打我們的頭。現在公平地說，我抱怨過一次，在這次會議的邀請中，我對此表示了抱怨，而 MarketWatch 卻刊登了它。所以我希望他們能與我們合作，解決問題，因為實際上有投資者打電話給我說，哎呀，我想投資 SunPower，但你們正處於破產的邊緣。我不會投資。不，我們並不處於邊緣。我們要破產。

Now look at the date and now look forward. Okay. That's all we got. Questions?

現在來看看日期並展望未來。好的。這就是我們所得到的全部。問題？

Thank you, TJ (Operator Instructions)

謝謝，TJ（操作員指示）

Derek Soderberg, Cantor Fitzgerald.

德里克索德伯格、康托費茲傑拉。

So TJ, on your call recently, you were talking about the ITC being eliminated. You sort of spoke to the fact that the industry has been bloated with cheap capital, sort of propped up mismanaged companies. For the past two quarters here, you've already proven that you can achieve positive operating income despite some of these challenges.

TJ，在您最近的電話會議中，您談到了 ITC 被取消的問題。您談到了這樣一個事實：該行業已經充斥著廉價資本，支撐著管理不善的公司。在過去的兩個季度中，您已經證明，儘管面臨一些挑戰，您仍然可以實現正的營業收入。

And while you guys are generating income, your peers are going bankrupt, some of them. How can SunPower benefit from surviving this cycle? And when might we see some of that organic growth coming from, in a sense, a less crowded industry?

當你們創造收入時，你們的同行中的一些人卻破產了。SunPower 如何從這一周期中獲益？那麼，從某種意義上來說，我們什麼時候才能看到這種有機成長來自不那麼擁擠的產業呢？

Okay. Think about my pitch. We made $2.5 million last quarter. This quarter, we're going to make $3 million, and we're a public company. You're private, your cash flow is 0 or negative and you're not public, so you have no liquidity on your stock.

好的。想想我的演講。上個季度我們的利潤為 250 萬美元。本季度，我們將獲利 300 萬美元，而且我們是一家上市公司。你是私人企業，你的現金流為 0 或負數，而且你不是上市公司，所以你的股票沒有流動性。

What if we work together? And by the way, we have a good organization. We are starting to have structure that means you can join the organization and join something that is going to be run well, and you can run your own division. You have to conform to our accounting rules, et cetera, et cetera. But -- and you will get some help.

如果我們一起工作會怎麼樣？順便說一句，我們有一個很好的組織。我們開始建立這樣的結構，這意味著你可以加入組織，加入一些運作良好的組織，並且你可以管理自己的部門。您必須遵守我們的會計規則等等。但是——你會得到一些幫助。

We have a good legal group, et cetera. And we do accounting in India, so you can save money there. Let's work together. And oh, by the way, I'm 77 years old. Although right now, I'm in the full war mode, and I'm actually enjoying myself.

我們有一個優秀的法律團隊等等。我們在印度做會計，所以您可以在那裡省錢。讓我們一起努力。哦，順便說一下，我已經 77 歲了。雖然現在我正處於全面戰爭狀態，但實際上我很享受。

I'm 77 years old, and I ain't going to be around a year from today, I won't be there, and you might be the guy to replace me. What do you think? It's a compelling pitch, and it gets more and more compelling as the economy gets crappier. That's why I used the famous Martin Luther King quote, Free at last, Lord God mighty, free at last. When we got the government, I thought the hell out of solar, so we can just run companies and compete in the free market. Right now, that's happening for part of the market.

我已經 77 歲了，一年後我就不在人世了，我也不會再在那裡了，而你可能是那個接替我的人。你怎麼認為？這是一個令人信服的宣傳，而且隨著經濟狀況惡化，它變得越來越令人信服。這就是為什麼我引用了馬丁路德金的名言：終於自由了，天啊，終於自由了。當我們有了政府之後，我非常重視太陽能，這樣我們就可以經營公司並在自由市場上競爭。目前，部分市場正在經歷這種情況。

It's not happening for the other part. I'm most worried about -- actually, everybody would say it's important to the safe harbor. If you want to induce a company to poor practices, give them a safe harbor, let them buy equipment for the next year, put it in the warehouse so it can start aging. It's like buying a year's worth of lettuce, okay, it's not going to be good by the time you need it. So we're not out of the woods yet, but I believe the solar industry surely will be better off.

但其他部分則沒有發生這種情況。我最擔心的是——實際上，每個人都會說安全港很重要。如果你想誘使一家公司採取不良做法，那就給他們一個安全港，讓他們購買明年的設備，然後將其放入倉庫，以便開始老化。這就像購買一年的生菜，好吧，當你需要它的時候它已經不新鮮了。因此，我們尚未脫離困境，但我相信太陽能產業肯定會變得更好。

We have this always help from government in our industry, and it costs you $3 a watt or $2.75 a watt to put solar on your house. Well, in Australia, it's $1 a watt. In Europe, it's $1.5. So if we have free markets in a free economy and we're America, how come the consumers getting screwed? And the answer is all of these games, the Monday morning pronouncement about what's going to be tariff and what's not.

我們這個產業總是得到政府的幫助，在家裡安裝太陽能每瓦的成本是 3 美元或每瓦 2.75 美元。嗯，在澳大利亞，每瓦 1 美元。在歐洲，價格是1.5美元。所以，如果我們擁有自由經濟中的自由市場，而且我們是美國，為什麼消費者會被欺騙呢？答案就是所有這些遊戲，即周一早上宣布哪些是關稅，哪些不是。

All of that is the friction in the economy that needs to go away with the ITC, and that's more important than Joe Blow's P&L. And if you want to be around, just make your P&L nice when it's gone, then you will win.

所有這些都是經濟中的摩擦，需要透過 ITC 來消除，這比 Joe Blow 的損益表更重要。如果你想繼續存在，只要在它消失時讓你的損益表看起來不錯，那麼你就會獲勝。

Can I add Derek, a couple of things on the SunPower sales organization. As large as it is and as much as it's been around and punching, there are certain areas where it is below critical mass. And those areas happen to be the biggest positive potential future growth even with the ITC ruling. As an example, the states of California, Texas and Florida are going to continue to be robust even during this ITC operation. SunPower does not have a very large direct presence in Florida, and it has a very poor presence in California and in Texas.

德里克，我可以補充一些有關 SunPower 銷售組織的事情嗎？儘管它的規模很大，影響力也很大，但在某些領域，它的規模還未達到臨界水準。即使有 ITC 的裁決，這些領域也恰好是未來最大的潛在成長領域。例如，即使在此次 ITC 行動期間，加州、德州和佛羅裡達州仍將繼續保持強勁勢頭。SunPower 在佛羅裡達州的直接業務並不大，在加州和德州的業務也很差。

My point is that we can take some of our energy and some of our personnel currently at SunPower, redirect them into those critical states and have an opportunity to attack areas with a large total available market for which we are currently doing very poor. So I think one of the ways we can pop up revenue is, if you will, reallocation of our precious sales resources into areas that have a high TAM even in this ITC environment.

我的觀點是，我們可以將目前在 SunPower 的部分精力和人員調配到這些關鍵州，並有機會進入總可用市場巨大的地區，而我們目前在這些地區的表現非常糟糕。因此，我認為，我們可以增加收入的方法之一是，即使在這種 ITC 環境下，將我們寶貴的銷售資源重新分配到具有高 TAM 的地區。

Got it. Super helpful. I do want to touch on the business here. I think there was a mention on the call here about the backlog, up 30% from last quarter. I was wondering if that's the case.

知道了。超有幫助。我確實想談談這裡的業務。我認為電話會議中提到了積壓訂單，比上一季增加了 30%。我想知道情況是否如此。

And if so, what's sort of driving backlog today, which area of the business? Can you just talk a little bit more about that backlog growth?

如果是的話，那麼目前造成訂單積壓的原因是什麼？是哪個業務領域？能否再多談談積壓訂單的成長？

Go ahead.

前進。

Yes. So the biggest thing that's happened now, we have three fundamental divisions inside SunPower. We have what we call the direct business, then we have New Homes, and then we have the virtual business. The thing that popped us up last quarter big time was a direct business. We had -- a matter of fact, if I just look at the numbers, we had a terrible book-to-bill in Q1 2025 of 0.8 book-to-bill.

是的。現在發生的最大的事情是，SunPower 內部有三個基本部門。我們有所謂的直接業務，然後是新房業務，然後是虛擬業務。上個季度讓我們獲得巨大成功的是直接業務。事實上，如果我只看數字，我們 2025 年第一季的訂單出貨比非常糟糕，只有 0.8。

That's actually because there's about a nine-week lag there between when we book it and when the factory ships it. So nine weeks, you can kind of see your future in front of you. So at a 0.81 book-to-bill, that explains -- that is the reason for the pathetic -- not pathetic -- for the poor revenue we posted in Q2. Fast forward to today, our Q2 book-to-bill was 1.2, so a strong growth in that. And that has -- it has nothing to do with me, since I only came in four weeks ago.

這實際上是因為從我們預訂到工廠發貨之間大約有九週的延遲。九週後，你就能看到眼前的未來。因此，訂單出貨比為 0.81，這解釋了——這也是我們第二季收入慘淡的原因——而不是慘淡的原因。快進到今天，我們第二季的訂單出貨比為 1.2，這是一個強勁的成長。這與我無關，因為我四周前才來。

It has everything to do, I think, to the spirit and the aggressiveness of this young sales organization who popped back up strong in what we call the direct business, which is selling directly to the homeowner. We also had, for the first time, some regrowth in New Homes. New Homes was more abound -- going back to Q4 2024 from a bookings perspective, and they had a very strong first quarter out of the block.

我認為，這一切都與這個年輕銷售組織的精神和進取心有關，該組織在我們所謂的直接業務（即直接向房主銷售產品）中強勢回歸。我們還首次在新房中實現了一些再生長。新房數量更多——從預訂量的角度來看，回顧 2024 年第四季度，第一季的銷售非常強勁。

So that's what was contributing to it. And as I said, if you take a look at the first three weeks, actually the first three weeks of one day since I just saw yesterday's numbers this morning, we are continuing on that strong booking path for both New Homes as well as direct.

這就是造成這種情況的原因。正如我所說的，如果你看一下前三週，實際上是一天的前三週，因為我今天早上剛剛看到昨天的數字，我們繼續保持新房和直接預訂的強勁勢頭。

More comments. So when I'm looking for companies, I'm looking for New Homes companies. That's our most profitable division. That's are ones $600,000 of revenue per employee. So that would be an acquisition, the specific acquisition I'm after.

更多評論。因此，當我尋找公司時，我正在尋找新房公司。這是我們最賺錢的部門。也就是說，每位員工的收入為 60 萬美元。所以這將是一次收購，我所追求的具體收購。

Also, you got to talk about batteries. In Europe, in the Netherlands, we talk about NEM in California, the net electricity metering. And when solar started, the way it worked was if you imported power into your house, you paid for it and there is a tariff for it as a function of daytime.

另外，你還得談談電池。在歐洲，在荷蘭，我們談論加州的NEM，即淨電力計量。當太陽能剛開始使用時，它的工作方式是，如果你把電輸入到你的房子裡，你就需要付費，並且根據白天的時間計算電費。

And then if you had excess power, then power would run your meter backwards literally, and you'd get paid for it at the going rate. NEM cut that going rate to $0.05. So now exporting power in the middle of the day doesn't cut it. And the reason I mentioned the Netherlands is their midday export rate is negative. They charge you for taking your junk power away.

然後，如果您有多餘的電力，那麼電力就會以實際價格反向運行，並且您將按照現行費率獲得報酬。NEM 將現行費率降至 0.05 美元。因此，現在中午出口電力已經不符合標準了。我之所以提到荷蘭，是因為他們的午間出口率為負。他們會向您收取費用以移除您的垃圾電力。

So for obvious reasons at noon time, we have extra power. We're now up to 4 terawatts of solar. And within a couple of years, it will be the largest source of power on the face of the earth, okay? So store the stuff. Now the short-term thing is if you want to sell some solar, you go to a guy and say, Look, I'll give you a battery. We'll sell you a battery, you hook it up.

因此，出於顯而易見的原因，中午時分我們有額外的電力。現在我們的太陽能已經達到4太瓦。幾年之內，它將成為地球上最大的能源，好嗎？所以把東西存起來。現在的短期情況是，如果你想賣一些太陽能，你就去找一個人說，看，我會給你一個電池。我們會賣給你一塊電池，你把它連接起來。

During noon time, when you can't get anything from your power, you charge your battery and starting at 4:00 in the afternoon when they start screwing you for $0.50 a kilowatt hour, then run off your battery. And that's called a grid-type battery. It's the cheapest of all batteries, and you don't need a big one. It's the smallest and cheapest. So that is taking off because you only need enough battery power to run one house from 4:00 in the afternoon to midnight.

中午時分，當你無法從電源中獲取任何電能時，你就給電池充電，然後從下午 4 點開始，他們開始以每千瓦時 0.50 美元的價格向你收費，然後耗盡你的電池。這就是所謂的板柵型電池。它是所有電池中最便宜的，而且你不需要大電池。它是最小且最便宜的。之所以能夠實現這一目標，是因為你只需要足夠的電池電量就可以為一戶人家從下午 4 點到午夜供電。

Think about 5-kilowatt hours is plenty. And even if you need a little bit bigger battery, it doesn't matter. You get 5 kilowatt hours at $0.50 a kilowatt hour, $2.50 every day, times 7 times 52, and that number adds up. So batteries are becoming important. And from an electrical engineering point of view, store it during the day and use it at night.

想想看，5千瓦時就夠了。即使您需要更大一點的電池，也沒關係。您可以獲得 5 千瓦時的電力，每千瓦時 0.50 美元，每天 2.50 美元，乘以 7 再乘以 52，這個數字就加起來了。因此電池變得越來越重要。從電氣工程的角度來看，白天存儲，晚上使用。

So the growth of the battery market exceeds the growth of the solar market. So we're pushing on that.

因此電池市場的成長超過了太陽能市場的成長。所以我們正在努力實現這一點。

Now if Dan said, well, our sales force is slow to change. My first talk to the sales force was in Scottsdale, Arizona last January. And I gave a one-hour long lecture on batteries, why they're good, why they need them. And we're not selling enough. So the second point is our deployment tends to be Midwest, stripe across the country, loan finance, no battery.

現在如果丹說，我們的銷售團隊變化很慢。我第一次與銷售人員交談是在去年一月，亞利桑那州斯科茨代爾。我做了一個小時的關於電池的講座，講解了電池為什麼好，為什麼需要電池。但我們的銷量還不夠。因此，第二點是我們的部署傾向於中西部，遍布全國，貸款融資，沒有電池。

Well, we need to change that, and that means we need a presence in particular in California. So number two, I need a company that is strong in California and SunPower is not strong and has never been really strong in California. So that's my shopping list. I'm in continuous communication. My next phone call to a guy who runs the company is -- what time is it now?

好吧，我們需要改變這種狀況，這意味著我們需要在加州特別駐紮。所以第二點，我需要一家在加州實力雄厚的公司，而 SunPower 在加州實力並不強，而且從來沒有真正強大過。這就是我的購物清單。我正在持續溝通。我接下來打給公司負責人的電話是──現在幾點？

1050.

1050.

1050. So 1 hour and 10 minutes. So eventually, I'll score because my arguments are becoming more compelling, and I'll ask you for some money to make us big.

1050.所以是 1 小時 10 分鐘。所以最終，我會得分，因為我的論點變得越來越有說服力，我會向你要一些錢來讓我們壯大。

No, that's helpful, TJ And you brought up batteries. I'm curious how much that changes if you have batteries in the platform and the offering, how much does that change the economics of your average agreement? Is it 20% higher in terms of revenue potential? Any change in gross margin? Having batteries, how does that change the economics for you guys?

不，這很有幫助，TJ，而且你提到了電池。我很好奇，如果平台和產品中都有電池，那會發生多大的變化，這會對平均協議的經濟性產生多大的影響？就收入潛力而言，它是否高出 20%？毛利率有變動嗎？有了電池，這對你們的經濟狀況有什麼改變？

The first order, we'll get the same gross margin. So then how much more gross profit dollars is the -- what's called in the industry, the attach rate. Right now, the attach rate in California is literally 95% because of that time-shifting argument I gave you earlier. In the United States, it's approaching 50%. We are at 14%.

第一個訂單，我們將獲得相同的毛利率。那麼毛利是多少──也就是業界所說的附加率。目前，由於我之前給出的時間轉換論點，加州的附加率實際上達到了 95%。在美國，這一比例接近50%。我們的比例是 14%。

All right. You can say bad performance, and I'll say yes, but you can say major upside. But think about it, you don't go to more sites. You simply effectively sell a battery when you sell a solar system. So we're floating on solar systems right now and get a 1.14 multiplier, and we need to quadruple that number.

好的。你可以說表現不佳，我會說是的，但你也可以說有很大的優勢。但想想看，你不會去更多的網站。當您銷售太陽能係統時，您實際上只是在銷售電池。因此，我們現在漂浮在太陽系上並得到 1.14 的乘數，我們需要將這個數字增加四倍。

And to do that, I hired the Head of the Battery division from Enphase. Enphase is the of the two most important manufacturers of batteries in the United States, the other being Tesla. And I hired their top guy. He ran a 300-person division making batteries. And it was all about batteries, all about sublease and he's a good businessman. I had him sitting here last time, Mehran Sedigh. So yes, batteries will make a difference. The answer to your question is 1.3 times on its way to 1.6 times over time.

為了實現這一目標，我從 Enphase 聘請了電池部門主管。Enphase 是美國兩大最重要的電池製造商之一，另一家是特斯拉。我僱用了他們的頂尖人才。他管理著一個擁有 300 名員工的電池生產部門。這一切都與電池、轉租有關，他是一位優秀的商人。上次我讓他坐在這裡，Mehran Sedigh。所以，是的，電池確實會有所作為。您的問題的答案是，隨著時間的推移，將從 1.3 倍增加到 1.6 倍。

Wow, that's pretty meaningful for you guys. And then just a quick one on gross margin here. I think in the press release, you noted the company is focusing on high-margin business. And TJ, you mentioned New Homes as one of the most profitable parts of the business. I was curious if that was the case, the reason for the higher gross margins? And then just, again, wondering how sustainable gross margins are here. Can you talk about that a bit?

哇，這對你們來說非常有意義。然後讓我們來快速談談毛利率。我認為在新聞稿中您提到公司正專注於高利潤業務。TJ，您提到新房子是業務中最賺錢的部分之一。我很好奇，如果真是這樣，那麼毛利率更高的原因是什麼？然後，再次想知道這裡的毛利率是否可持續。你能稍微談論一下這個嗎？

I come from the chip business and what you look at is your gross margin every day to see if you're going to make it to the next day. So I'm paranoid about gross margins as a way of doing business. We have fortuitously high gross margins and how do gross margins get high? Well, you're big enough, you can buy equipment cheaply, and we're going to get better. We're going to amortize that overhead more as we grow above $300 million.

我從事晶片行業，你每天關注的是你的毛利率，看看你是否能撐到第二天。因此，我對毛利率作為一種經營方式感到擔憂。我們偶然擁有較高的毛利率，毛利率是如何變得較高的呢？好吧，你已經夠大了，你可以便宜地購買設備，我們會變得更好。隨著我們的業務成長超過 3 億美元，我們將進一步攤銷這筆間接費用。

But the other way to have good gross margins don't have so many people in the arc. It's real simple because a lot of people are in the gross margin. So we've done -- that's a byproduct of what we've managed in the company, and we're exemplary at that, and we're going to get better. We're going to be killer to compete against in the market with our gross margin. Now having said that, I want to be completely transparent.

但獲得良好毛利率的另一種方法是不要讓那麼多人參與其中。這真的很簡單，因為很多人都在關注毛利率。所以我們做到了——這是我們在公司管理的副產品，我們在這方面堪稱典範，而且我們將會做得更好。我們的毛利率將在市場上佔絕對優勢。話雖如此，我希望做到完全透明。

a lot of the SunPower business we inherited was delayed because of their bankruptcy, and we've got some juicy contracts. If they were rewritten, they wouldn't be quite as good. So part of the incremental gross margin when we said we focused on areas for better gross margin were to fulfill old SunPower orders, and that was worth several points of gross margin. Eventually, and that means in 2026, we got a lot of money out like that in front of us. But eventually, in 2026, we'll go to normal gross margins. And for me, that's 36%.

我們繼承的許多 SunPower 業務因其破產而被推遲，而我們獲得了一些豐厚的合約。如果重寫的話，它們就不會那麼好了。因此，當我們說我們專注於提高毛利率的領域時，增量毛利率的一部分是為了完成舊的 SunPower 訂單，這相當於幾個百分點的毛利率。最終，這意味著在 2026 年，我們將獲得大量這樣的資金。但最終，到 2026 年，我們的毛利率將恢復正常。對我來說，這個比例是 36%。

Thank you, Derek. We have a few coming in from the web. First one follows on to some of what you were saying. Based on comments regarding New Homes, are you able to quantify how much AR revenue you're seeking to collect that has been pushed into 3Q and the second half of the year? Or are you able to provide any amount of guidance on that impact?

謝謝你，德里克。我們有一些來自網路的資訊。第一個是繼續您所說的一些內容。根據有關新房的評論，您能否量化您希望收取的已推遲到第三季和下半年的應收帳款收入有多少？或者您能否就該影響提供任何指導？

Well, yes, I'm able to provide guidance given that I got a daily report, and I read my morning report this morning. And the answer is they got $16 million that either we're going to collect in Q3 or there are going to be some people in trouble. That's simple, and then there's more for Q4.

嗯，是的，我可以提供指導，因為我收到了一份每日報告，而且我今天早上閱讀了我的晨報。答案是他們得到了 1600 萬美元，要么我們將在第三季度收回這筆錢，要么就會有人陷入困境。這很簡單，第四季還有更多內容。

Thank you. The other one we have here is, can you please provide an update on the impact of the ITC macro environment on SunPower's business? And is it too soon to really know what a rational base run rate for the revenue would look like?

謝謝。我們這裡的另一個問題是，您能否提供有關 ITC 宏觀環境對 SunPower 業務影響的最新資訊？現在真正了解合理的收入基本運行率是多少是否為時過早？

Well, I picked the frozen eyebrow picture to tell you the effect on the business right now. If you want one digital, remember that. It is cold enough, your eyes really can't freeze shut. Going forward, we have been an $80 million company. We're going to bounce back to that number.

好吧，我選了凍眉圖來告訴你現在對生意的影響。如果您想要一個數字的，請記住這一點。天氣夠冷了，眼睛實在凍不住。展望未來，我們已經成為一家價值 8000 萬美元的公司。我們將恢復到這個數字。

Okay. That means I got to get $13 million to get back status quo. I was planning on getting $13 million to go from $80 million to $93 million. So now starting back at $80 million again, which, by the way, will be really profitable. And when we get back there, we're going to acquire. That's what we got to do, and I went through my pitch.

好的。這意味著我必須獲得 1300 萬美元才能恢復現狀。我計劃籌集 1300 萬美元，將資產從 8000 萬美元增加到 9300 萬美元。所以現在又從 8000 萬美元開始，順便說一句，這將是真正有利可圖的。當我們回到那裡時，我們將會收購。這就是我們要做的，然後我就完成了我的演講。

Thank you. The other two questions appear to be redundant things you've already addressed. So that looks like that's all we have in the queue today.

謝謝。另外兩個問題似乎是您已經解決過的多餘的問題。看起來這就是我們今天排隊等候的全部內容。

Thank you for watching our presentation today. We appreciate your support, and we appreciate your investment.

感謝您觀看我們今天的示範。我們感謝您的支持，我們感謝您的投資。