SunPower Inc (SPWR) 2025 Q3 法說會逐字稿

Good morning. My name is Shahan Hickey, VP Investor Relations, and I would like to welcome everyone to SunPower's third quarter earnings call. I will review a few housekeeping items before turning the call over to our CEO Dr. Thurman Rogers.

早安.我叫 Shahan Hickey，是投資人關係副總裁，歡迎大家參加 SunPower 第三季財報電話會議。在將電話轉交給我們的執行長瑟曼羅傑斯博士之前，我將回顧一些內部事項。

To begin, this call is being recorded, and a replay will be available on our company's investor relations website within the events section. Please note today's presentation may contain projections and other forward-looking statements. These statements are subject to known and unknown risks and uncertainties that may cause actual results to differ from those expressed or implied in our statements.

首先，本次通話將被錄音，重播將在我們公司投資者關係網站的活動部分提供。請注意，今天的演示可能包含預測和其他前瞻性陳述。這些聲明受到已知和未知的風險和不確定性的影響，可能導致實際結果與我們的聲明中明示或暗示的結果不同。

Also on today's call, we may discuss certain non-GAAP financial measures. A reconciliation of any differences between these non-GAAP financial measures and the most directly comparable GAAP financial measures are available within our press release.

此外，在今天的電話會議上，我們可能會討論某些非公認會計準則財務指標。我們的新聞稿中提供了這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標之間的任何差異的對帳。

Lastly, we will hold a question-and-answer session after the end of formal remarks today. For those watching via the webcast, you may sub submit a written question at any time via the submission box located at the right-hand side of your screen.

最後，今天正式發言結束後，我們將舉行問答環節。對於透過網路直播觀看的人，您可以隨時透過位於螢幕右側的提交框提交書面問題。

I will now turn the call over to Thurman Rogers, Sun Power's Chairman and CEO.

現在我將把電話轉給 Sun Power 董事長兼執行長瑟曼羅傑斯 (Thurman Rogers)。

Thank you, Shahan. We've got a quarterly report here.

謝謝你，沙漢。我們這裡有一份季度報告。

Third quarter, we've got our logo, the, Helios, the airplane that set a record still standing in 2001. Of taking off Under the solar power of SunPower solar cells, which by the way, took light through the bottom of the wings, which are clear plastic. From both sides, {bifacial}.

第三季度，我們有了我們的標誌，Helios，這架飛機在 2001 年創下了至今仍未打破的紀錄。起飛時，太陽能由 SunPower 太陽能電池提供，順便說一下，光線穿過機翼底部，機翼底部是透明塑膠。從雙方來看，{雙面}。

And it hasn't been matched by any airplane, fighter plane, SR-71. I'm tracking down when I can't afford this right now, but I should be able to buy one of these pretty cheap since they're now obsolete. And I want, I'd say I want to put it in the lobby except it's 247 ft wingspan. So I got to figure out what to do with it. I tracked down an engineer. It's got one on the hanger. He actually was part of it. He gave me this picture. This is the thing actually flying in about 80,000 ft, clearly above the atmosphere. Clearly 99.2% of the atmosphere up there.

還沒有任何飛機、戰鬥機、SR-71 能與之匹敵。我正在尋找現在買不起的東西，但是我應該能夠以相當便宜的價格買到其中一個，因為它們現在已經過時了。我想，我想把它放在大廳裡，但它的翼展有 247 英尺。所以我得想辦法處理它。我找到了一位工程師。衣架上有一個。他實際上是其中的一部分。他給了我這張照片。這個物體實際上飛行在約 80,000 英尺的高空，明顯高於大氣層。顯然，那裡的大氣有 99.2%。

Okay. You've got here then, can we get You got here the administrative officers of Sunar, all of us. Dan just joined me. I I've announced that before. He's had a storied career in marketing sales. He helped me, he didn't help me. He ramroded the under acquisition we're going to talk about today.

好的。那你既然來了，我們可以把 Sunar 的行政官員全部召集起來嗎？丹剛剛加入我。我之前已經宣布過這一點。他在行銷銷售領域有著輝煌的職業生涯。他幫助了我，他沒有幫助我。他強行阻止了我們今天要討論的收購。

So he and I are the only two people in Sunar above the rank of executive Vice President or equivalent. Sounds weird, but the way this business works, that's what we can afford. I kind of like it because I can micromanage and not have to justify it because there's no possibility of doing anything else.

因此，他和我是 Sunar 僅有的兩位級別高於執行副總裁或同等職位的人。聽起來很奇怪，但按照這種業務的運作方式，這就是我們能夠承受的。我有點喜歡它，因為我可以進行微觀管理，而不必為此辯解，因為沒有可能做任何其他事情。

This is our report that I sent out, last night. And our new logo, I created a commemorative postage stamp for it. Now I'm going to go into it. These are the details of the P&L. A simple P&L that is easy to read, but there's a lot in there, and I'll go slowly over the lines to explain it.

這是我昨晚發出的報告。還有我們的新標誌，我為它製作了一枚紀念郵票。現在我要開始討論它了。這些是損益表的詳細資訊。一份簡單的損益表很容易閱讀，但其中的內容卻很多，我會慢慢逐行解釋。

First of all, this is how we run the company. And that's most companies are that way. We grew in the prior quarter, bad quarter. ITC hit quarter, a little bit. And there are two reasons for that. The ITC is not gotten any worse, and people are commonly painting it and actually reacting to it.

首先，這就是我們經營公司的方式。大多數公司都是這樣的。我們在上一季實現了成長，但這是一個糟糕的季度。ITC 稍微影響了季度。原因有二。ITC 並沒有變得更糟，人們普遍對它進行描繪並做出實際反應。

And we did the thunder acquisition and there were like 4 or 5 days of stub revenue, not consequential, but in there, and those two things are what caused the number to go up.

我們完成了對雷霆隊的收購，大約有 4 或 5 天的存根收入，雖然不是很重要，但就在那裡，這兩件事導致數字上升。

I'll talk about the next quarter in a while. We had fall through to gross margin. Good gross margin. I want to warn you that our gross margin isn't really 48%. We had; we're doing some deals that we bought from Sun Power. And they're on the books, at a favourable price, and they had about 4 to 5 points on the gross margin.

我稍後會談論下一季。我們的毛利率已經下降。毛利率良好。我想警告你，我們的毛利率實際上並不是 48%。我們已經做了一些從 Sun Power 購買的交易。而且他們的帳面價格很優惠，毛利率大約是 4 到 5 個百分點。

Also, the merger asunder will take away another few points. So for those of you tracking the company, please don't put that in their cause then I'll have to live up to it, put that in there for gross margin going forward it's still a good number.

此外，合併分拆還會再扣掉一些分數。因此，對於那些關注該公司的人來說，請不要把這歸結於他們的事業，那麼我必須不辜負它，把它歸結於未來的毛利率，這仍然是一個不錯的數字。

They have two forms of OpEx here, fast speed demands that OpEx include sales cost, commissions. I do an OpEx less commission so I can get that out of there and look at the company because, as I've already said, keeping cost on our is extremely important. So then you'd look at last quarter, 17 million and this quarter 23 million and say, well, 6 million bucks staying lean isn't exactly an accomplishment. I'll point out that our costs this quarter are actually flat to a little bit down.

他們這裡有兩種形式的營運支出，快速要求營運支出包括銷售成本、佣金。我採用扣除營運支出的佣金，這樣我就可以將其取出並觀察公司，因為正如我已經說過的，控製成本極為重要。那麼你看看上個季度的 1700 萬美元和本季的 2300 萬美元，然後說，好吧，600 萬美元保持精簡並不算什麼成就。我要指出的是，本季我們的成本實際上是持平或略有下降。

And there are some reserves in here that have added up to the quarter. We had a good quarter, and we're lean and we are generating good gross profit. So, what I asked them to do is clean the house this quarter. So, we had some accounts receivable that were a year old, or more, we got rid of them.

這裡有一些儲備，已經累計到本季了。我們度過了一個良好的季度，我們精簡了業務並產生了良好的毛利。所以，我要求他們做的是本季打掃房子。因此，我們有一些一年或一年以上的應收帳款，我們將其清除了。

One of our finance companies went bankrupt. We put reserves on the questionable line items for that. So, this is a very clean number, and we still ended up even with that extra 5million to 6 million bucks in there. With an Operating income of $3.1 million.

我們的一家金融公司破產了。我們為可疑項目預留了儲備金。所以，這是一個非常乾淨的數字，我們最終仍然獲得了額外的 500 萬到 600 萬美元。營業收入為 310 萬美元。

So that was I think a good accomplishment. We're not up to 4.5% of revenue. Our target is 10%. I think that's totally achievable, and I'll explain how to go forward, as I said, it's a record.

所以我認為這是一個很好的成就。我們的收入還沒有達到 4.5%。我們的目標是10%。我認為這是完全可以實現的，我會解釋如何繼續前進，正如我所說，這是一個記錄。

The bad news is we've got, we've had $10 or $11 million in cash, and I, I've actually enjoyed, I never had that in my life as chip guys, and I always had $700 million in the bank and that cash flow stuff somebody else worried about finance. Now I gotta worry about it, and I found out I'm quite comfortable with $10 or $11 million. That's the way we've run for a year now.

壞消息是，我們有 1000 萬美元或 1100 萬美元的現金，而我，我實際上很享受，作為晶片商，我一生中從來沒有得到過這麼多，而且我的銀行帳戶裡一直有 7 億美元，而其他人擔心的是財務問題。現在我得擔心一下了，我發現我對 1000 萬美元或 1100 萬美元感到滿意。這就是我們一年來一直堅持的做法。

This quarter, we had some large payments on our convertible adventures. And I ran down, we ran down the 4 million bucks, so I'm out raising money right now. I'll leave it there. I'm out raising money right now.

本季度，我們在敞篷車冒險中支付了一些大額款項。我已經花光了，我們花了 400 萬美元，所以我現在正在外面籌集資金。我就把它留在那裡。我現在正在外面籌錢。

Okay, to sum summarize, revenue increased to 70% from 67.5%, the low bottom point of the quarter. We made $3.12 million in profit, up from 2.42, in the prior quarter. And our cash balance I just discussed.

好的，總而言之，收入從本季的最低點 67.5% 增加到 70%。我們的利潤為 312 萬美元，高於上一季的 242 萬美元。我剛才討論了我們的現金餘額。

Okay, this is a graph of operating income, and by operating income, I mean the full definition of operating income in the GAAP sense, but there are Let me tell you what the corrections are. If you look at our operating income. Then there's a correction on GAAP. So this is stock compensation and amortization of intangibles amortization and depreciation of intangibles. Of charge of 5.4%, meaning the GAAP profit is minus {-2.3}.

好的，這是營業收入的圖表，我所說的營業收入是指 GAAP 意義上的營業收入的完整定義，但讓我告訴你修正是什麼。如果你看看我們的營業收入。然後對 GAAP 進行修正。這就是股票補償和無形資產攤提、無形資產攤提和折舊。費用為 5.4%，這意味著 GAAP 利潤為負{-2.3}。

Let me tell you what's in there.

讓我告訴你裡面有什麼。

1. All but $1.3 million in stock compensation charges. Nobody expenses stock compensation. The price of stock is dilution. We have 83.11 million shares, and we give our employee stock options, and we think that's better for shareholders, Silicon Valley style. The other $1.3 million this is an important thing, and I'd like you to take note and make sure you keep this in your models.

1.除 130 萬美元的股票薪酬費用外，其餘均已扣除。沒有人花股票薪酬。股票的價格是稀釋的。我們擁有 8,311 萬股股票，並向員工提供股票選擇權，我們認為這對股東更有利，矽谷風格。另外 130 萬美元是一件重要的事情，我希望您注意並確保將其保留在您的模型中。

We are now depreciating the name Sun Power came across to us in in the acquisition of assets. And we also are depreciating our software which we built and paid for, called Albatross. It's our main operating system.

我們現在正在貶低我們在資產收購中遇到的 Sun Power 這個名字。我們也正在貶值我們自己開發並付費的軟體，即 Albatross。這是我們的主要作業系統。

And we're depreciating that because in both cases, the name and the software, and we had to buy it back, get it appraised, pay money for the appraisal, and now we're depreciating it. So, These charges, and there's a footnote in there what we play it straight on GAAP. We believe in GAAP except for these foolish charges.

我們之所以貶值，是因為在這兩種情況下，名稱和軟體都是如此，我們必須將其買回來，對其進行評估，支付評估費用，現在我們正在貶值它。因此，這些指控中有一個腳註，我們直接按照 GAAP 來處理。除了這些愚蠢的指控外，我們相信 GAAP。

And we've been conservative, as I said. All right. Having said that, this is a graph of operating income minus those charges. And that's how we report, and that's how we run the company. It shows since we acquired, so the acquisition came here of the assets.

正如我所說，我們一直很保守。好的。話雖如此，這是營業收入減去這些費用的圖表。這就是我們的報道方式，也是我們經營公司的方式。這表明，自從我們收購以來，資產的收購就到了這裡。

We lost money. That was the division that that we took from some power that we thought could work, didn't work. As soon as we got rid of it, we started making money, we made money ever since. We came out of the bankruptcy, some part of bankruptcy with about $320 million in revenue.

我們損失了錢。那是我們從一些我們認為可能起作用但不起作用的權力中得到的分裂。一旦我們擺脫了它，我們就開始賺錢，從那時起我們就一直在賺錢。我們擺脫了破產的困境，部分破產後收入約為 3.2 億美元。

We got hammered about like everybody else. This is no special charts, but, it's disappointing to make this a very profitable number for us and then have it go down, but we still made profit at that number because we have a very, I'll explain later, aggressive campaign to keep costs down.

我們和其他人一樣受到了打擊。這不是什麼特別的圖表，但是，令人失望的是，這對我們來說是一個非常有利可圖的數字，然後它卻下降了，但我們仍然在這個數字上獲利，因為我們有一個非常積極的活動，我稍後會解釋，以降低成本。

And then this quarter we recovered, as I said, the 70 and we even with the reserves we took, we had $3.12 million in OpEx.. Okay, that takes us up to Q3 '25. The future is here. We've just acquired Thunder. There's in the first quarter; there won't be a lot of revenue from Thunder because Their revenue comes from selling solar.

然後，正如我所說，本季我們恢復了 70%，即使加上我們提取的儲備金，我們的營運支出也有 312 萬美元。好的，這將帶我們進入 25 年第三季。未來已來。我們剛剛收購了 Thunder。第一季度，Thunder 的收入不會很多，因為他們的收入來自銷售太陽能。

The revenue is the solar sale, and their profit is minus their sales costs are COGS for sales company. And therefore, all the deals they've done up to the time we've acquired them, got sold to somebody else. Now we have to start to fill the pipe from scratch. So, this quarter, we're going to put start putting and we already have start putting jobs we're on plan, we got a plan for them. They're already integrated in that way.

收入是太陽能銷售額，其利潤減去銷售成本即為銷售公司的銷貨成本。因此，在我們收購他們之前，他們所做的所有交易都被賣給了其他人。現在我們必須從頭開始填充管道。因此，本季度，我們將開始投入，而且我們已經開始投入計劃中的工作，我們已經為它們制定了計劃。他們已經以這種方式整合了。

So we'll, there's a popping in revenue that that's non-trivial, and it gets us back to where we were, and we're hoping for a record, worst case, it'll be above 80. Then I had Debates all day yesterday with the executive staff on what to say about Q1.

因此，我們的收入將出現大幅增長，這並非小事，它會讓我們回到原來的水平，我們希望創下紀錄，最壞的情況是，它將超過 80。然後我昨天一整天都在與執行人員討論如何談論第一季。

Said if I don't tell them about Q1, they'll ask me about Q1, you get my off the cuff answer, which is almost always worse than an answer you've thought about. And it's so uncertain, right? I won't know until the end of this quarter what we shipped and what backlog we'll have left to go into the next quarter. I won't know that. Our bookings rate right now is fine. Our bookings rate just doubled because of Sunday, literally. But that, that's delayed. So we, I have good FPNA and we gained, meaning did not simulations of.

說如果我不告訴他們關於 Q1 的事情，他們就會問我關於 Q1 的事情，你會得到我即興的回答，而這幾乎總是比你思考過的答案更糟糕。這太不確定了，對吧？直到本季末我才會知道我們發貨了多少，以及我們還剩下多少積壓訂單需要進入下個季度。我不會知道的。我們現在的預訂率還不錯。因為週日，我們的預訂率確實翻了一番。但那，那已經延遲了。因此，我們有良好的 FPNA，我們獲得了，這意味著沒有模擬。

What happens if this is bad, that's bad. And our worst simulation said we're going to make at least 2 million bucks in Q1, and that I mean at least our our goal is to beat that. But I wanted to tell you, and then of course I believe Q1, which is always the weak quarter, the winter quarter, and half our states are snow on the roofs. The winter quarter will be gone, and we'll move into the spring quarter, which is that much better quarter and then the fall quarter, which is always a big quarter. So that's the best I can do.

如果這很糟糕，那會發生什麼事？我們最糟糕的模擬預測是，我們在第一季至少能賺 200 萬美元，我的意思是，至少我們的目標是超越這個目標。但我想告訴你，當然我相信第一季度，也就是冬季季度，總是經濟表現疲軟，我們一半的州的屋頂上都覆蓋著積雪。冬季季度即將結束，我們將進入春季季度，這是一個更好的季度，然後是秋季季度，這始終是一個重要的季度。這就是我能做的最好的事了。

I didn't do any revenue. But I know for the minimum revenue simulated that we're going to make 2 million bucks, and I think we're going to do okay. And revenue. I've shown this many times. The way we put together the company, starting with 3,499 people from three companies was the art plan. I didn't inherit a huge number of people and go through the Screaming and wailing of layoffs, we hired what we could afford.

我沒有做任何收入。但我知道，按照模擬的最低收入，我們將賺到 200 萬美元，而且我認為我們會做得很好。和收入。我已經多次展示過這一點。我們組成公司的方式是，從三家公司的 3,499 名員工開始，這就是藝術計畫。我沒有繼承大量的員工，也沒有經歷裁員的尖叫和哀嚎，我們僱用了我們能負擔的人。

And at that time, it was 1,225 and we've been upping the bar or lowering the bar if you will, since that time. And that leads to this graph which I've shown before. This is our headcount history. So, 3,499 was back in July. When we acquired the company, the assets, we went to 1,341, and then when we started post-merger day one, so this is our very first quarter here as a company.

當時，這個數字是 1,225，從那時起，我們一直在提高標準或降低標準。這就引出了我之前展示過的這張圖表。這是我們的員工人數歷史。因此，7 月的數字是 3,499。當我們收購這家公司時，資產達到了 1,341 件，然後當我們開始合併後的第一天時，這是我們作為一家公司在這裡的第一個季度。

We had it done 1,280. We got to our plan. Well, that was all I was going to hire, so I can guarantee if you get to the plan. I told HR how many How much hiring we could do and then that led to a healthy debate on who should we hire, why should we hire them? Are they good enough? Should we leave the spot open and hire as we get into it and get an access to better people? And we've got all of the above.

我們已經完成了 1,280 個。我們按照計劃行事。好吧，這就是我要雇用的全部人選，所以我可以保證你按照計劃行事。我告訴人力資源部我們可以招募多少人，然後引發了一場健康的辯論：我們應該僱用誰，為什麼要雇用他們？它們夠好嗎？我們是否應該保留這個職位，等到有合適的人選時再聘用？以上所有我們都已擁有。

So there's the target dropping the 980 and 820. You can see our system is called the [reckau] and I explained it before. It's a process I developed back in Cyprus. It works by forcing management. Every week to debate how many people do you have, who left, do you really need to replace them? And if you replace them, it's the best hire for the company, the person that left or somebody else.

因此目標是放棄 980 和 820。您可以看到我們的系統被稱為 [reckau]，我之前解釋過它。這是我在塞浦路斯開發的流程。它透過強制管理來發揮作用。每週都要爭論一下你們有多少人，誰離開了，你們真的需要替換他們嗎？如果你找到替代者，那麼對公司來說，無論是離職人員還是其他人，這都是最好的選擇。

And that and that means you have no recs, your VPs can hire all the time, and the VP of HR walks into the executive staff meeting says we lost 6 people. Now this is in dollars, of course, but I can explain it. In headcam easier. So, you say, we lost 6 people last week out of 1,000, we can hire 6 people and then the VPs together perhaps have 12 people they want to hire.

這意味著你沒有推薦人，你的副總裁可以隨時招聘，而人力資源副總裁走進高階主管會議說我們失去了 6 個人。當然，這是以美元計算的，但我可以解釋一下。在頭戴式攝影機中更容易。所以，你說，我們上週失去了 1,000 名員工中的 6 名，我們可以僱用 6 個人，然後副總裁們加起來可能有 12 個人想要雇用。

Then we debate among us, and this this gets rid of the President versus all the VPs, all the VP's arguing why they need to be bigger. This has then the guy who wants to hire against the President and all the other VPs and the dynamic is better, and it typically goes into a merit-based discussion when the culture is there.

然後我們進行內部辯論，這樣就擺脫了總統與所有副總統之間的對抗，所有副總統都在爭論為什麼他們需要變得更大。這樣一來，就會有人想要與總統和其他副總統競爭，而且這種動態會更好，當文化成熟時，通常會進行基於績效的討論。

Okay, having said all that, without a lot of [hooppa], without any warning, warn warnings, the government required thing. We've managed our head count down. And by the way, that last number 829 includes 19 current employees from Sunday.

好吧，說了這麼多，沒有太多的 [hooppa]，沒有任何警告，警告，這是政府要求做的事情。我們已經減少了人數。順便說一下，最後一個數字 829 包括週日的 19 名現任員工。

So, Think about that. 19 people left. They were declared to be less important, and we decided the new 19 people would be those from Sunday. And of course that's transformed the company. I'll explain that later. So this is a great system. Looking at the number 829, then the next question is, so who do you hire and where? And I've shown this graph before. Oops. And I'm going to go over it again.

所以，想想吧。還有 19 人。他們被宣布不再那麼重要，我們決定新的 19 人將是周日的人。這當然改變了公司。我稍後會解釋。所以這是一個很棒的系統。看到數字 829，下一個問題是，你僱用誰以及在哪裡僱用？我之前展示過這個圖表。哎呀。我將再重複一遍。

It's a graphic head count. So here we see our headcount of 829. That's the number of the bridges to the last slide. Now this is a breakup. We look at 5 running weeks to see if you're growing or shrinking. And then we put, there's the target 820, and we're almost there now, including the Thunder folks. And you can see here, we've already started talking about new number. And I'm not sure I'm going to enforce that number completely or quickly because as I look at the company, we're at the right size right now and I can see a few spots we're thread there, and we need more bodies.

這是一張圖形化的人數統計圖。我們看到我們的員工總數是 829 人。這是到最後一張幻燈片為止的橋樑數量。現在這就是分手。我們觀察連續 5 週的情況，看看您的業績是在成長還是在萎縮。然後我們設定了目標 820，現在我們幾乎已經達成了，包括雷霆隊的成員。您可以在這裡看到，我們已經開始討論新數字了。我不確定我是否會完全或快速地執行這個數字，因為當我審視公司時，我們發現我們目前的規模合適，而且我可以看到我們在那裡遇到了一些問題，我們需要更多的人手。

So we're talking about upgrading, getting more efficient, in particular, quality in the solar industry ain't there, not like chips. And we're working on quality programs. Hence, if you look at my quality group, it's big, because it needs to be. All right; the major point here is the red is revenue per employee per year. So Blue Raven, which is our sales or sales and fulfilment organization internal, the old sun par if you will. Is $293,000 per year per employee.

所以我們談論的是升級，提高效率，特別是太陽能產業的質量，不像晶片。我們正在致力於高品質的項目。因此，如果你看我的品質組，它很大，因為它需要很大。好的；這裡的重點是紅色代表每位員工每年的收入。Blue Raven 是我們內部的銷售或銷售和履行組織，如果你願意的話，可以稱之為舊的太陽組織。每位員工每年 293,000 美元。

I start griping at 300, I get happy at 350. So these guys have to either grow or shrink their headcount, and here you can see the headcount requirement for them, and they've been working on getting there. New homes is the other part of sun power, separate division doing separate job, putting solar on new homes in Projects, even including helping design the project. They have higher revenue per employee, and they also have higher profit.

我從 300 開始抱怨，到 350 時我變得快樂。因此，這些人必須增加或減少員工人數，在這裡您可以看到他們的員工人數要求，他們一直在努力實現這一目標。新房子是太陽能發電的另一部分，單獨的部門做單獨的工作，在專案中將太陽能安裝在新房子上，甚至包括幫助設計專案。他們的人均收入更高，利潤也更高。

Now, here's why, here's under is a good deal for shareholders. $4.2 million per employee per year. There are many software companies that don't have that. And why is that in the solar industry?

現在，這就是原因，這對股東來說是一筆好交易。每位員工每年 420 萬美元。很多軟體公司都不具備這一點。為什麼太陽能產業會出現這種情況？

Based on custom and reasonable custom, the sales forces don't work for the company, they're contractors. So you pay big bucks, you pay a commission to the sales force, and it's typically 30%, even a little bit higher.

根據習慣和合理習慣，銷售人員不為公司工作，他們是承包商。所以你要付一大筆錢，你要向銷售人員支付佣金，通常是 30%，甚至更高一點。

And then you get your job, you own the job, and then you make your money with the revenue from the thing, (-30%) you pay to the sales company, you make your money underneath that.

然後你就得到了你的工作，你擁有了這份工作，然後你用從這件事中獲得的收入來賺錢，（-30%）你付給銷售公司，你就從中賺錢了。

So this company, if you look at its structures, 20 what came in back when there's their first quarter, first day, it's 20 people, 20 smart W-2 employees running a sales force of almost 1,000. So, they specialize in managing sales. We don't. We specialize in everything from managing sales all the way down through OM keeping your customers happy over the years, when their system breaks and they can call 1-800 number and get somebody that cares.

因此，如果您看一下這家公司的結構，您會發現，當第一季第一天的時候，公司有 20 名員工，20 名聰明的 W-2 員工管理著近 1,000 名銷售人員。因此，他們專門負責管理銷售。我們沒有。我們專注於從管理銷售一直到 OM 的所有事務，多年來讓您的客戶感到滿意，當他們的系統出現故障時，他們可以撥打 1-800 號碼並找到關心的人。

Okay, so that, if you want to ask one reason economically anyway, there's more. Why is it a good deal? Now, if I take the weighted average of these, this number has jumped over 400,000 for the first time for the company, and I'll show you that in a minute. I want to make one more point.

好的，所以，如果你想從經濟角度問一個原因，那麼還有更多。為什麼這是一筆好交易？現在，如果我對這些數字進行加權平均，那麼這個數字對於公司來說將首次超過 400,000，我馬上就會向你們展示。我想再強調一點。

These are efficiency numbers from our consultants. Therefore, 200 high tech companies. And they give the median and top quartile, meaning cheapest. Lowest headcount, lowest cost for overhead. So, it says, for example, IT full-time equivalent for a billion dollars of revenue should be 77. And the best companies are at 62. And you have Spent for FTE you have percentage of revenue, and you have matrices, you have matrix for each of the important parameters.

這些是來自我們顧問的效率數據。因此，有200家高科技公司。他們給出了中位數和上四分位數，即最便宜的。員工人數最少，管理費用最低。例如，IT 全職人員相當於 10 億美元的收入，即 77 人。最佳公司排在第 62 名。您有 FTE 的支出，有收入百分比，有矩陣，有每個重要參數的矩陣。

That's how we do it. Based on that, you now can see the deployment of the company, and I don't have a fetish about it. I just go over it twice a week in detail with a full meeting. So, I already talked to you that that quality is 18, and I don't cut them below that. They, we need, if anything, more quality people. We need to develop a quality culture in the company, we need to develop quality awareness, we need to do training.

我們就是這樣做的。基於此，您現在可以看到公司的部署，我對此並沒有什麼迷戀。我只是每週召開兩次全體會議來詳細地討論這個問題。所以，我已經跟你說過，這個質量是 18，我不會把它們降到低於這個水平。我們需要的是更多高素質人才。我們需要在公司內培養品質文化，我們需要培養品質意識，我們需要進行培訓。

Finance. We had a target of 22, we're down to 12. We're now subcontracting some of the accounting functions that don't really need a full expense American employee, and we're actually doing it as a fee per month.

金融。我們的目標是 22 個，但現在減少到了 12 個。我們現在將一些實際上不需要全額支付美國費用的會計職能分包出去，而且我們實際上是按月收取費用。

I have an IT guy from Cyprus, my own company. He runs really lean, and this dysfunction is, I'm happy with it. Dan and I have 21 in 19 people in admin to do all of admin. We're the top admin guys. I got 6 lawyers when I, the legal department with 6 employees. That's Drew Wanker that we introduced last time. We're on a 3rd lawyer. He's really good and I'm happy.

我在自己的公司裡有一位來自塞浦路斯的 IT 人員。他跑得非常輕鬆，但這種功能障礙讓我很開心。丹和我有 19 名管理人員中的 21 名負責所有管理工作。我們是最高階層的管理人員。我當時有 6 位律師，法律部門有 6 位員工。那就是我們上次介紹的Drew Wanker。我們正在聘請第三位律師。他真的很好，我很高興。

Oh, My old lawyer Cyprus withdrew. And I just conflated names. We're going to compromise on that and we're asking Nick Wanker change his name to Drew Wanker. Anyway, when I came in, I had 57 lawyers in the company, all gone, 100%. Customer care. This is important.

哦，我的老律師塞浦路斯退出了。我只是混淆了名字。我們將就此做出妥協，並要求 Nick Wanker 將他的名字改為 Drew Wanker。不管怎樣，我來的時候，公司裡有 57 位律師，全部走了，100%。客戶服務。這很重要。

We've got 62 people, we're about at Target. This is when you call in and something's wrong, the company proves that it cares. And we have a, we have a good star rating, but in terms of doing what we need to do, it's not as much as we need to do, and I'm asking them to do more.

我們有 62 名員工，大約在 Target 附近。當您打電話詢問有什麼問題時，公司會證明它很關心您。我們有一個，我們有很好的星級評定，但就做我們需要做的事情而言，我們做的還不夠多，我要求他們做得更多。

Okay, so. I've been able to tell you about our efficiency, the bodies, the fact that our overhead is lean, that is carefully managed, and we have a process for it, and that process has gotten us profit numbers you can brag about.

好的，那麼。我已經能夠向你們介紹我們的效率、機構、我們的管理費用精簡、管理精細，並且我們有一個流程，而這個過程為我們帶來了值得炫耀的利潤數字。

Okay, we talked about revenue per employee. This is our graph going back to the first quarter after the after the merger. We had a nice trajectory, then we got hammered. We didn't lose employees as fast as we lost revenue because we lost like 15% of revenue in one quarter.

好的，我們討論了每位員工的收入。這是我們合併後第一季的圖表。我們原本有著不錯的發展軌跡，但後來卻遭遇重創。我們流失員工的速度沒有流失收入的速度快，因為我​​們一個季度就損失了約 15% 的收入。

Thunder brought in revenue and that improved it. And this quarter, we're in the middle of the quarter, so I can already tell you. Well, I just showed you my twice a week estimates 425. So in the letter, I promised 400, so I've got margin, and we're going to beat that. And that's the number if you drive that number in the solar business, you will make money.

雷霆隊帶來了收入，這使其狀況有所改善。本季度，我們正處於季度中期，所以我可以告訴你。好吧，我剛剛向你展示了我每週兩次的估計值 425。所以在信中，我承諾了 400，所以我有餘地，我們會超越這個目標。這就是這個數字，如果你在太陽能業務中推動這個數字，你就會賺錢。

I made that point in the letter. Consequently, our only effective cost control method is to control employee expenses. First step, reducing headcount to the right number of employees is done. From now on, growing revenue will be our earnings driver, hence our current focus on acquisitions. Okay, this report went up. At 4 a.m. California time this morning. And I took the snapshot, literally. As I got in the car to come here to talk to you. So, what does the snapshot say over a long period of time?

我在信中提到了這一點。因此，我們唯一有效的成本控制方法就是控制員工費用。第一步，將員工人數減少到適當的數量。從現在開始，不斷增長的收入將成為我們的獲利動力，因此我們目前的重點是收購。好的，這個報告已經上傳了。今天早上加州時間 4 點。我確實拍了快照。當我上車來這裡和你談話時。那麼，從長遠來看，快照說明了什麼？

They're unsure and we bounced between if you forget the anomalies, they bounced between a buck and a half and 2 bucks. So, this is the Confined space we're in. This looks to be a breakout. What's the what's what's the volume today?

他們不確定，如果你忘記異常情況，我們會在 1.5 美元和 2 美元之間徘徊。這就是我們所處的密閉空間。這看起來是一個突破。今天的成交量是多少？

37.7.

37.7.

$37 million shares traded today. So in in in our attempt to raise money that we're in, I'm in right now. I'm going to TRY to get some of the big guys to have enough confidence to get into us and trade toward institutional shareholders from retail shareholders, which is where we've been, and they supported us, so I'm not griping. Okay, share price.

今天股票交易量為 3700 萬美元。因此，在我們試圖籌集資金的過程中，我現在就參與其中。我將嘗試讓一些大公司有足夠的信心加入我們，並從散戶股東向機構股東進行交易，這就是我們一直以來的做法，他們支持我們，所以我不會抱怨。好的，股價。

This is a graph of market cap. On revenue. Market capitalization of revenue, the price to sales ratio, so I can have a short-term for it. So, it's nothing but revenue in a quarter times 4 times price to sales divided by share account equal share price.

這是市值圖。關於收入。市值是收入，市銷率，所以我可以對其進行短期評估。因此，它只不過是一個季度的營收乘以 4 倍的價格，再除以股票帳戶，等於股價。

It says that Our peer group and this is a reasonable peer group, and it's got good and bad companies, and it trades at about 2, and this shows that the industry is together, going down. We're dragging along here. And it is what it is. We have given shareholders, our employees share, and our executives have significant number of shares. So, we will make up as individuals when our company makes up that that that's Silicon Valley all the way.

它說我們的同行群體，這是一個合理的同行群體，其中有好的公司，也有壞的公司，它的交易價格約為 2，這表明整個行業都在下滑。我們在這裡拖拖拉拉。事實就是如此。我們給予股東、員工股份，並且我們的高階主管擁有大量股份。因此，當我們的公司成立時，我們作為個人也會成立，這就是矽谷。

Our headquarters is in Utah, less common for that to happen there, less broad belief in it. But it's coming around. So, if you take even this last low quarter we had, not the 80, but 70 times 4, if you assume we can get to a PS ratio of 1 up from up to here, still below our peers.

我們的總部位於猶他州，在那裡這種事情發生得併不常見，人們對此的信任度也較低。但它正在好轉。因此，即使你考慮我們最近這個低迷的季度，不是 80，而是 70 乘以 4，如果你假設我們可以將 PS 比率從現在提高到 1，仍然低於我們的同行。

And our official 83.11 million shares, that's 337, and that's not a pipe dream, an unreachable goal or anything like that. That's a calculation of something that is soon. As we have big investors that believe in us will happen. So why isn't it happening?

我們的官方 8,311 萬股，也就是 337 股，這不是白日夢，也不是遙不可及的目標或諸如此類的東西。這是對即將發生的事情的計算。因為我們有大投資者相信我們能夠實現目標。那為什麼沒有發生呢？

There's one There's always been a concern for viability. It's reasonable. I can just tell you that I'm 77. I don't need to do this economically, and I didn't start playing this game to lose. I'll just make that statement. And the second thing, which is also important, maybe even more important is we have disinformation from retail market, data companies. I gave a talk at Canaccord in Boston. And their format was to have separate rooms and the invest the company team would go in there and set up the PowerPoint and about 10 to 12 investors would show up, and they would operate on cycles, 45-minute cycles.

人們總是擔心生存能力。這是合理的。我只能告訴你我已經 77 歲了。從經濟角度來說我不需要這麼做，而且我開始玩這個遊戲也不是為了輸。我只是想發表這樣的聲明。第二件事也很重要，甚至可能更重要的是，我們從零售市場和數據公司獲得了虛假資訊。我在波士頓的 Canaccord 發表了演講。他們的形式是設立單獨的房間，投資公司團隊會進去設置 PowerPoint，大約有 10 到 12 位投資者會出現，他們會以 45 分鐘為一個週期進行操作。

And I was sitting behind a guy, and I was given this pitch, and he wanted to find out more about us, obviously. I watched him type through a bankrupt company has been delisted. Then the bot questions, the brain dead bot questions. Is Sun Power a good buy? No, Sunar is not a good buy since they just filed for bankruptcy. Of course, that was a year and a quarter ago.

我坐在一個傢伙後面，他向我介紹了這個產品，顯然他想進一步了解我們。我看著他打字，一家破產的公司已經退市。然後是機器人問題，腦死機器人問題。Sun Power 值得買嗎？不，Sunar 不是一個好的選擇，因為他們剛剛申請破產。當然，那是一年三個月前的事了。

So we've got Companies that pretend to to give good advice to investors, and they don't. And we're starting to bitch about it, and the bitching will get stronger. We've had a breakthrough. And we call CNA. Their company that says, printing the truth is important. It's one of their core values. I put it, I put their quote that quote in the quarterly report. And we said, it's hurting us. We're a new company, we're doing well. We feel good about ourselves, and we're having trouble getting people to know that. And they said, you're right,

所以我們看到有些公司假裝給投資人好的建議，但事實並非如此。我們開始抱怨這件事，抱怨會越來越強烈。我們取得了突破。我們打電話給 CNA。他們的公司說，印刷真相很重要。這是他們的核心價值之一。我把它放進去了，我把他們的引言放在了季度報告中。我們說，這傷害到了我們。我們是一家新公司，我們做得很好。我們自我感覺良好，但卻很難讓別人知道這件事。他們說，你說得對，

We understand and the pushback we've been getting some, oh man, this is all over. It's difficult to fix yadda yada yadda. They fixed it in 2 weeks. Now, I have a data point to show to our other companies and start getting us recognized for what we do, good or bad, not the history of the old company.

我們理解，我們也遇到了一些阻力，天哪，這一切都結束了。修復等等等等都很困難。他們在兩週內修好了它。現在，我有一個數據點可以展示給我們的其他公司，並開始讓我們所做的事情得到認可，無論好壞，而不是舊公司的歷史。

This guy's Eric Nielsen. He's our new EVP of sales. You can just look at him. You see he's a sales guy. You can see he's got enthusiasm. He's big, like 6'2, he's athletic, and he's got A lot of life about it. And he was the President asunder, and he's now our EVP of sales.

這傢伙是埃里克·尼爾森。他是我們新任的銷售執行副總裁。你只要看著他就可以了。你知道他是一名銷售員。你可以看出他很熱情。他身材高大，大約 6 英尺 2 英寸，運動能力強，而且充滿活力。他曾擔任總裁，現在是我們的銷售執行副總裁。

I'm going to talk about the thunder thing briefly cause I've reported on it before, but I want to remind you what it did for us. And then I want Dan to talk about Sunday. The way it works is, Eric reports to Dan, and Dan and I are the top two guys in the company.

我將簡要地談論雷電事件，因為我之前已經報道過它，但我想提醒你它對我們做了什麼。然後我想讓丹談談星期天的事。公司的工作方式是，艾瑞克向丹報告，丹和我是公司裡最頂尖的兩個人。

And since Stan is a sales expert, and I'm not. We're doing better with him there. That's why I asked him, he's on the board and I asked him to come in. Some part close to the strategic acquisition of sun Sunder energy. That makes us the #5 residential solar company. Their sales force was complimentarily distributed relative to ours, so we went from 22 to 45 states.

而且由於史丹是銷售專家，而我不是。有他在，我們的工作進展得更好。這就是我問他的原因，他是董事會成員，我請他加入。部分接近策略性收購太陽桑德能源。這使我們成為排名第五的住宅太陽能公司。他們的銷售團隊相對於我們的銷售團隊來說是互補分佈的，所以我們從 22 個州擴展到了 45 個州。

Our dealers, so the number of 1,099 contractors in our dealer sales force, went up from 881 to 1,744. I tracked that. There's another graph I decided not to show, but that was last week's graph. And What's interesting is I asked Dan to tell me. What our bookings rate was doing, and he got a little frown. Doubling As a matter of fact, a little more than doubling. And then of course when I'm promising double revenue, so I, I've got this dissonance I gotta deal with.

我們的經銷商，即經銷商銷售隊伍中的 1,099 名承包商的數量從 881 人增加到 1,744 人。我追蹤到了這一點。我決定不展示另一張圖表，但那是上週的圖表。有趣的是，我請丹告訴我。我們的預訂率如何，他有點皺眉。加倍事實上，不只加倍。當然，當我承諾雙倍收入時，我必須處理這種不和諧。

So I put in a footnote for you. Remember, a 2X increase in bookings equates to 1.3x increase in revenue. That is the Workings Only produce 30% of the revenue, and then the EPC function taking the booking and turning it into a system creates the other 70% of the revenue, that's how the industry works. And right now, they're filling our pipeline with new bookings because the old bookings got sold to somebody else before they came in.

所以我幫你加了一個註腳。請記住，預訂量增加 2 倍相當於收入增加 1.3 倍。也就是說，Workings 只能產生 30% 的收入，然後 EPC 功能（將預訂轉化為系統）可以創造另外 70% 的收入，這就是行業的運作方式。現在，他們正在用新的預訂填充我們的管道，因為舊的預訂在他們進來之前已經賣給了別人。

So I just, and what I'm worried about is you guys look at that, write some big numbers, and then I have to explain why I miss, missed forecast in the future. So I, I'm putting that warning.

所以我只是，我擔心的是你們看到這個，寫一些大數字，然後我必須解釋為什麼我錯過了，錯過了未來的預測。所以我，我發出這個警告。

Tell us about [Sunder], Dan.

跟我們講講[桑德]吧，丹。

So, there's two things I'd like you to take away from this. First off, is that Sunder knows what they're doing in this space. They are the acknowledged experts in how to hire, motivate, drive, retain. And fire when necessary, a 1,099 salesforce.

因此，我希望你們從中得到兩點啟示。首先，桑德知道他們在這個領域做什麼。他們是公認的招募、激勵、推動和留住人才的專家。必要時解僱 1,099 名銷售人員。

This shows up. Fast inside of Sun Power in the 1st 3.5 weeks, the Sunder team has captured the imagination, frankly, the heart of our existing sales force. They are now totally behind Sunder. They're modifying their behavior, they're modifying their sales strategies, to be more like Sunder. So, the first thing I'd like you to remember is that Sunder knows what they're doing.

這顯示出來了。在進入 Sun Power 後的前 3.5 週內，Sunder 團隊迅速俘獲了我們的想像力，坦白說，俘獲了我們現有銷售隊伍的核心。他們現在完全落後於桑德了。他們正在改變自己的行為，改變自己的銷售策略，以便更像桑德。所以，我希望你記住的第一件事是桑德知道他們在做什麼。

They're absolute pros of this. And they are not only contributing to bookings organically from the previous Sunder organization, they are causing an increase in bookings in our Sun Power organization. The second thing is that Sunder is strong. Where we were weak. We were in about 22 states. We're now in 45 states. The important thing to remember there is that there was very little overlap between where thunder was and where sun power was. In other words, thunder was strong in California. Texas, Florida, we were not. So what you're seeing now is no negative synergies in bookings.

他們絕對是這方面的專家。他們不僅為先前的 Sunder 組織的預訂量做出了自然貢獻，還增加了我們 Sun Power 組織的預訂量。第二件事是桑德很強。我們的弱點在哪裡。我們去過大約 22 個州。我們目前已涵蓋 45 個州。需要記住的重要一點是，雷電所在位置和太陽能位置的重疊很小。換句話說，加州的雷聲很強烈。德州、佛羅裡達州，我們沒有。所以您現在看到的是預訂量沒有出現負面綜效。

As TJ pointed out before, our booking numbers are extremely strong, in Q1. The 1st 3 weeks we're at 120% of plan, discounting the sender, so it's even more when you add the sender bookings on top of that. So we're proud of the bookings, and we're proud of the way that the Sun Power sales organization is aligning with and joining with the with the Sunder team.

正如 TJ 之前指出的那樣，我們第一季的預訂量非常強勁。前三週，我們按照計劃的 120% 進行收費，並對寄件者進行折扣，因此，如果在此基礎上添加寄件者預訂，折扣會更多。因此，我們對預訂量感到自豪，我們對 Sun Power 銷售組織與 Sunder 團隊的合作和加入感到自豪。

Okay. So, a couple more points. Because of that feeling. Sunder, we said sunder you maintain your own practices. Normally the acquiring company says this is how we do business. And when you acquire a company that does business in a given area better you do, you take it.

好的。所以，還有幾點。因為那種感覺。桑德，我們說桑德你堅持你自己的做法。通常收購公司會說這就是我們的經營方式。當你收購一家在特定領域做得比你更好的公司時，你就會收購它。

So we said maintain your own practice, in particular, they are known in Solar Valley, Salt Lake. They have state of the art sales force in recruiting and training, getting good people, and they have fast training so they can take a raw recruit and put them on the street as effective. That word's getting around the industry. Since they came in, we've had 232 inquiries about joining Sunder thunder division.

所以我們說要保持自己的做法，特別是他們在太陽谷、鹽湖城都很有名。他們擁有最先進的銷售隊伍，擅長招募和培訓，能招募優秀的人才，而且他們培訓速度很快，因此可以有效地招募新員工並將其投入工作中。這句話在業界廣為流傳。自從他們加入以來，我們已經收到了 232 個關於加入 Sunder thunder 部門的詢問。

I'm glad I left it that way. And we've already signed up on the 95. So, my experience that the dealers scatter when something changes in the main company, we're not having that problem.

我很高興我保持原樣。我們已經在 95 上簽約了。因此，根據我的經驗，當主公司發生變化時，經銷商就會分散，而我們不會遇到這個問題。

The other thing we did is we merged already faster than our plan into a single 1,744-member sales force led by Eric. Dan talked about that. Then I had to socialize it inside because I did a lot, I've done a lot of acquisitions in the semiconductors.

我們做的另一件事是，我們已經比計劃更快地合併為一支由 Eric 領導的 1,744 名銷售人員的銷售團隊。丹談到了這一點。然後我必須在內部進行社交，因為我做了很多事情，我在半導體領域做了很多收購。

So you bring in a little chip company, they got some hot new chip that does something. You've got the fab and the sales force and the infrastructure and the public, so they want to come in, then you bring them in, and then synergy comes from, you've got 2 of these, 2 of those, and you pick the best, and that means there's layoffs and the motions necessary in order to get the synergy, the benefit that comes from the merger.

所以你引入一家小型晶片公司，他們有一些可以做某事的熱門新晶片。你有工廠、銷售隊伍、基礎設施和公眾，所以他們想加入，然後你把他們帶進來，然後協同效應就產生了，你有 2 個這樣的，2 個那樣的，你選擇最好的，這意味著需要裁員和採取必要的行動才能獲得協同效應，獲得合併帶來的好處。

So we had I tracked down our VP of sales. His name is Evan Dwyer. This is Sun Power's VP of sales, our sales force, and I threw out some broad areas to talk about. In other words, I didn't. I didn't ask him specific questions. That was no day before yesterday.

因此，我找到了我們的銷售副總裁。他的名字是埃文·德懷爾。我是 Sun Power 的銷售副總裁，也是我們的銷售團隊，我提出了一些要討論的廣泛領域。換句話說，我沒有。我沒有問他具體的問題。那已經不是前天的事了。

And, he said, quote, now we have the people, systems and management to achieve the growth we need. Bingo. Because if you don't have your sales force behind you in the spirit, it doesn't matter how tough a manager you are, it aren't going to happen. So that that was my closing line in the quarterly report. The big guy over here is Eric. Unfortunately, preparing this thing, I didn't get to see the Packer game until midnight last night. This my caves, that's California, and Eric, here's Evan, Dwyer, and he's, we invited him to the party.

他說道，現在我們擁有了實現所需成長所需的人才、系統和管理。賓果。因為如果你的銷售人員沒有精神上的支持，那麼無論你是多麼強硬的經理，都無法實現目標。這就是我在季度報告中的結束語。這邊的大個子是艾瑞克。不幸的是，在準備這件事的時候，我直到昨晚午夜才看到包裝工隊的比賽。這是我的洞穴，那是加利福尼亞，這是艾瑞克，這是艾文，這是德懷爾，我們邀請他參加派對。

Okay, Outlook. 83 million in revenue, which is a Estimated record 3.5 million profit and estimated record. These are both estimates. Subsequent events, other stuff that happened that matters or should matter to shareholders. We signed a joint development agreement with REC. There will be a press release coming out on it. We're working, we signed the agreement, and we have a formal agreement.

好的，展望。收入 8300 萬美元，預計創下 350 萬美元的利潤和預計創下的紀錄。這些都是估計值。後續事件，以及發生的其他對股東重要或應該重要的事情。我們與REC簽署了聯合開發協議。將會有一份關於此事的新聞稿發布。我們正在工作，我們簽署了協議，我們有正式的協議。

We're now working out on who does what, when. They are. The largest seller of panels in the United States. They're currently overbooked tremendously. Nobody wants, Chinese panels that are risky. They make stuff as good as the best Chinese companies. They're out of Singapore, and we've got safe harbor stuff going on. So they're booked, and the question is, what can we do now to get going?

我們現在正在研究誰在什麼時候做什麼。是的。美國最大的面板銷售商。他們目前的預訂量嚴重超額。沒有人想要有風險的中國太陽能板。他們生產的產品與中國最好的公司一樣好。他們已經離開了新加坡，我們正在採取安全港措施。所以他們已經預訂好了，問題是，我們現在可以做什麼來開始呢？

We're working on that and when we have an answer to that question, we'll, I'll come back and do a press release. and by the way, they are our panel partner. Our inverter partner you know and phase. A lot of details behind that. I won't go into today unless somebody asks a question, but Nha sells batteries as well, and we just received a 200,000 battery opportunity through Nhase.

我們正在努力解決這個問題，當我們找到這個問題的答案時，我們會回來發布新聞稿。順便說一句，他們是我們的小組夥伴。我們的逆變器合作夥伴您了解並了解。這背後有很多細節。除非有人提問，否則我今天不會深入討論，但 Nha 也銷售電池，我們剛剛透過 Nhase 獲得了 200,000 個電池的機會。

So, our company, which has not done a good job in batteries, primarily because our company equals Blue Raven and new homes, neither of which is fertile territory for new batteries. Sunder has 50% attached rate with batteries.

所以，我們公司在電池方面做得不好，主要是因為我們公司等於Blue Raven和新家園，這兩個都不是新電池的沃土。Sunder 的電池附著率為 50%。

We just got this big opportunity so we can start flexing your muscle. Like I qualified 2 quarters ago, 100 technicians who got more pay and the status bump.

我們剛剛得到這個大好機會，所以我們可以開始展示你的實力。就像我兩個季度前獲得的資格一樣，100 名技術人員獲得了更高的薪水和地位的提升。

And less to get laid off status in the company when they went and did formal training on how to install batteries and do it quickly and efficiently. So we've got them waiting. We are doing 10% attach rate, so think about, 100 batteries a quarter or something like that. But so, they're keeping in shape is my point. Now all of a sudden, we're going to have a battery opportunity going forward.

當他們去接受有關如何快速有效地安裝電池的正式培訓時，他們被公司解僱的可能性較小。所以我們讓他們等待。我們的附加率為 10%，所以想想看，每季 100 顆電池或類似的數字。但我的觀點是他們保持健康。現在，我們突然就擁有了一個發展電池的機會。

I want to show Mission statement; I created this last month. Consistently profitable growth from $300 million in 2025, we did $303million. To a billion in 2028. So, 3 years to a billion is 50% per year, very close. It requires internal growth and acquisition. And then this was an estimate I put out. I left the estimate in there.

我想展示使命宣言；這是我上個月創立的。從 2025 年的 3 億美元開始持續獲利成長，目前我們的利潤為 3.03 億美元。到 2028 年將達到 10 億。因此，3 年內達到 10 億就是每年 50%，非常接近。它需要內部的成長和獲取。這就是我給的估計。我把估價留在那裡了。

The bottom line, the pro the quarter we just reported, share account I just reported. And our Goal for share price I gave you the equivalent calculation for today. So, in Q3'28 will grow to $250 million a quarter. That is $100 million per quarter less than all some far one step, so it's doable.

底線是，我們剛剛報告的本季度的專業，我剛剛報告的共享帳戶。對於我們的股價目標，我今天給出了等值的計算。因此，28 年第三季將成長至每季 2.5 億美元。這比所有其他步驟每季少 1 億美元，所以這是可行的。

The acquisitions I want, and I'm currently targeting 6 companies. And now I want more Eric Nielsen. I want the economics obviously. I want companies that are already efficient, so I don't have to pare down the company. And then I want companies to bring technology to us. And there are those Venn diagrams do overlap, and there are a few companies in that category. Even with 100, even saying we're going to pay 60 million shares to pay for those guys.

我想要的收購，目前我瞄準的是 6 家公司。現在我想要更多 Eric Nielsen 的作品。我顯然想要經濟學。我想要的是已經很有效率的公司，這樣我就不需要削減公司規模。然後我希望公司能將科技帶給我們。這些維恩圖確實有重疊，並且有幾家公司屬於這一類別。即使有 100，甚至說我們要支付 6000 萬股來支付這些人的費用。

Our revenue per share is going to be $7.14 and at a PS ratio of 1, that means 714 share price and a PS ratio of 1.6%, which is currently Sunrun, therefore achievable if we get recognized as being a contender in their category, 11 bucks. So this is the pitch I made to investors.

我們的每股盈餘將達到 7.14 美元，本益比為 1，這意味著每股價格為 714 美元，本益比為 1.6%，目前是 Sunrun，因此如果我們被認可為他們類別的競爭者，11 美元是可以實現的。這就是我向投資人提出的建議。

Second part of it. Sun power will again be recognized as the number as number one in solar by introducing advanced technology, hardware and software controller system products. So, the advanced technology hardware, we're working with [Nhase], they just introduced a gallium nitride.

第二部分。透過引進先進的技術、硬體和軟體控制器系統產品，Sun Power 將再次被公認為太陽能領域的第一名。因此，在先進的技術硬體方面，我們正在與 [Nhase] 合作，他們剛剛推出了氮化鎵。

Version of their inverter and people don't understand how important that I'm going to try to help them by writing paper on that and software control system products. Everybody thinks of solar as something you kind of patch together or you buy your panels here and your inverter from Tesla or in phase, which is architectural change.

他們的逆變器版本，人們不明白這有多重要，我將嘗試透過撰寫有關該版本和軟體控制系統產品的論文來幫助他們。每個人都認為太陽能是一種拼湊起來的東西，或者你可以在這裡購買太陽能電池板，然後從特斯拉或同相購買逆變器，這是架構上的改變。

And they don't understand you're buying an electronic system. And that electronic system has to do its function. And that means the parts have to talk to each other and control each other. I'll give you one factoid on in phase. First of all, if you go look at the rap, punch in your cell phone, you'll see a satellite picture of your house, and you'll see the power of every one of your panels displayed from sunrise till the time you look at it.

他們不明白你買的是電子系統。電子系統必須發揮其功能。這意味著各個部分必須相互溝通、相互控制。我將給你一個有關同相的事實。首先，如果你去看說唱，輸入你的手機，你會看到你家的衛星照片，你會看到從日出到你看的時候顯示的每個面板的功率。

Secondly, they have a new app, which is activated. It tells your system and it's AI driven. It tells your system. is a California thing. I want to charge my electric car with only solar energy. When you think about it, that is a technological breakthrough of pyramid, and I mean stacking the rock pyramid proportion. It means you can drive your car with sunlight.

其次，他們有一個新的應用程序，已經啟動。它會告訴你的系統，它是由人工智慧驅動的。它會告訴你的系統。這是加州的事。我想僅使用太陽能來為我的電動車充電。想想看，這就是金字塔的技術突破，我的意思是堆疊岩石金字塔的比例。這意味著您可以利用陽光駕駛汽車。

Your car doesn't burn any oil because any gas because it's electric, and it doesn't use any electricity that Burnt oil to be created. So it allows and it gets a picture for a significant population in California, how we can drive around all we want in the future without burning oil. Now, some of you in the oil business and I have nothing against oil, we'll say, okay, that's fine, but there's a bunch of people in California that care about it. That is an application.

您的汽車不需要燃燒任何石油或天然氣，因為它是電動的，而且它不需要使用任何由石油產生的電力。因此，它為加州的大量人口提供了一幅圖景，讓我們知道未來我們如何能夠隨心所欲地駕車出行，而無需燃燒石油。現在，你們中的一些從事石油行業的人和我都不反對石油，我們會說，好吧，這很好，但加州有一群人關心它。那是一個應用程式。

On an interface-based system. Undoable if you patch in anything else because you disrupt, you cut the cables, you change the computer, you change the language, you change the communication bus, which by the way, is the automotive canvas, cheap, highly reliable, the thing that connects your steering wheel and your brakes, to the activators in your car.

在基於介面的系統上。如果你修補任何其他東西，那麼你就無法撤消，因為你會破壞、剪斷電纜、更換計算機、更改語言、更改通信總線，順便說一下，這是汽車帆布，便宜、高度可靠，連接你的方向盤和剎車，以及汽車中的激活器的東西。

So anyway, Sun power will again be recognized as number one in solar by introducing advanced technology hardware. I'm hoping to do that with RAC and software controlled solar system products. That already exists with [infa] and we're going to then that that that is going to be a stream of products that aren't about hard work.

因此，無論如何，透過引入先進的技術硬件，Sun Power 將再次被公認為太陽能領域的第一名。我希望透過 RAC 和軟體控制的太陽能係統產品來實現這一點。這已經存在於 [infa] 中，我們將要打造一系列不需要辛苦工作的產品。

Okay. We are ready for questions.

好的。我們已經準備好回答問題了。

Derek Soderberg, Cantor Fitzgerald - Analyst

Derek Soderberg，Cantor Fitzgerald - 分析師

Yeah, hey guys, thanks for taking the questions. TJ, you just mentioned the 200,000-battery opportunity with end phase. I'm imagining those are part of a solar install as well, but curious if those are end phase batteries and then how we should we sort of quantify that opportunity for sun power.

是的，嘿夥計們，感謝你們回答問題。TJ，您剛才提到了末期 20 萬個電池的機會。我想像它們也是太陽能裝置的一部分，但好奇它們是否是末期電池，那麼我們應該如何量化太陽能的機會。

Well, first of all, let me say. It's one of only 2 people above the Vice President level. I asked about our AVL. And we kind of had one, but we kind of didn't use it. So I took over the AVL and there's only one battery in it, it's called Enphase. And the reason is exactly what I said, the Nha battery is the only battery compatible with future electronic systems. So, it came through end phase. I am not at liberty right now to say what it is. It's not new stuff, take it out. It is an opportunity. For an existing group, and I'll leave it there.

嗯，首先，讓我說一下。這是僅有的兩位副總裁級別以上的人士之一。我詢問了我們的 AVL。我們確實有一個，但是我們並沒有使用它。所以我接手了 AVL，裡面只有一顆電池，叫做 Enphase。而原因如我所說的，Nha電池是唯一與未來電子系統相容的電池。因此，它已經進入了結束階段。我現在不能隨意說出它是什麼。這不是新東西，把它拿出來。這是一個機會。對於現有組，我將把它留在那裡。

Got it. So, and then just on the sort of 2028, goal for the company to kind of reach a 1 billion, run rate and revenue. Just to clarify, I'm wondering, it sounds like the base for gross margin is 38%. Is that including the acquisition of Thunder, that's sort of the range of gross margin we should expect. And then TJ, I don't know if you can comment on this, but, how do you envision earnings per share, kind of when, you guys are doing a billion dollars, what, where can we sort of get, I think in the past you've said kind of a 10% profit margin. Is that still the case at at a billion, sort of in revenue scale?

知道了。那麼，到 2028 年，公司的目標是達到 10 億美元的營運率和收入。只是為了澄清一下，我想知道，聽起來毛利率的基礎是 38%。如果包括收購 Thunder 的話，這就是我們應該預期的毛利率範圍嗎？然後 TJ，我不知道您是否可以對此發表評論，但是，您如何設想每股收益，當你們賺了 10 億美元時，我們可以從哪裡獲得什麼，我想您過去曾說過 10% 的利潤率。當營收規模達到 10 億美元時，情況仍然如此嗎？

So, it's a multiple-faceted question giving me offer many opportunities to commit future suicide. First of all, what I put on the slide, and we'll put this pitch on the website so you can get what's in it. It's 38%. That's where I'm at now.

所以，這是一個多方面的問題，為我將來自殺提供了許多機會。首先，我把內容放在投影片上，然後我們會把這個簡報放到網站上，這樣你就可以看到其中的內容。是38%。這就是我現在的處境。

Okay, 38% is about where gross margin is about where if you take an order and run it through today's sun power. We're lean enough to get 38% gross margin, and with a little bit more volume, get 10% profit on the operating income.

好的，如果您接受訂單並通過今天的太陽能運行，毛利率約為 38%。我們的毛利率夠低，達到 38%，如果銷量再大一點，營業收入的利潤就能達到 10%。

So That's our goal. Now, then the question is what is our reported gross margin and aggregate level. So for a while, we're going to we have, you can think of as two companies and taking a mix. Right now, Sanders is a sales company. And their margins, gross margins.

這就是我們的目標。現在的問題是，我們的報告毛利率和整體水準是多少。因此，有一段時間，我們將擁有，你可以認為是兩家公司並採取混合方式。目前，桑德斯是一家銷售公司。以及他們的利潤率、毛利率。

I want to refine the numbers, but right now are in the 16% range. So, I'll gladly take a profitable, and they have almost no overhead with only 20 people. They're profitable on the bottom line. I'll gladly take a sales order and report it as a sun power sales order.

我想精確計算這些數字，但現在是 16% 的範圍。因此，我很樂意接受有利可圖的工作，而且他們只有 20 個人，幾乎沒有任何管理費用。他們的底線是盈利的。我很樂意接受銷售訂單並將其報告為太陽能銷售訂單。

But I'll only get for the potential value of the system, 30% of the sales order for the sales money. And for this 1st month, they're still selling to the companies they've always sold to. Right now, we won't get any revenue because we can't get into our line for a quarter until we fill up our line.

但我只會獲得系統潛在價值的30%的銷售訂單作為銷售收入。而在這第一個月，他們仍然向他們一直以來的客戶銷售產品。目前，我們不會獲得任何收入，因為在生產線填滿之前，我們無法在一個季度內進入生產線。

Secondly, we cannot double the size of our install installation. We got 150 guys out there, can't go to 300, train them, the whole thing. So, there will be a rat during the year. I pointed that out and it was a a confusing, I admit, press release, where we go from sales only revenue, gross margin.

其次，我們不能將安裝的大小增加一倍。我們有 150 名隊員，不可能增加到 300 名，對他們進行全方位的訓練。所以，年年有鼠。我指出了這一點，我承認，這是一份令人困惑的新聞稿，我們只從銷售收入和毛利率來計算。

To sales. Plus, EPC from us. So, it looks like an internal order at zero cost. That's a 38%, 36% if you want to be a little bit conservative. And eventually means down the path, we'll be about to pick a number for the future, you might want to do fifty-fifty mix of those two to calculate the numbers and In the future, I'm a big fan of divisions.

去銷售。另外，我們也提供 EPC 服務。因此，它看起來像是零成本的內部訂單。如果你想要保守一點的話，這個數字是 38% 或 36%。最終意味著，我們將為未來選擇一個數字，你可能會想將這兩者進行五五開的混合來計算數字，而在未來，我非常喜歡除法。

And in the future, we'll give you some number and I've been telling you I've been. Indicating without giving numbers, the profitability, revenue and profitability of Blue Raven are Internal sales force and fulfilment organization and new homes, our internal new homes organization which sells to corporations. 300 homes at a time.

將來，我們會給你一些數字，我一直告訴你。無需給出數字，Blue Raven 的盈利能力、收入和盈利能力來自內部銷售隊伍和履行組織以及新房，我們的內部新房組織每次向企業銷售 300 套房屋。

And then we have a new one. We'll have sales organization. We're still in the process of working out. How we will report that. One way is to leave the massive sales organization; they simply can sell to us. They sell the Blue Raven would install. Blue Raven makes 70% of the revenue based on installation, doesn't matter if they bought it from the guy next door or an outside dealer. The sales force can remain pure salesforce that's created all of the goodness that they have in that organization for running sales.

然後我們有了一個新的。我們將有銷售組織。我們仍在努力解決。我們將如何報告此事。一種方法是離開龐大的銷售組織；他們可以直接向我們銷售。他們出售 Blue Raven 並安裝。Blue Raven 70% 的收入來自安裝，無論他們是從隔壁的人那裡購買還是從外部經銷商購買。銷售人員可以保持純粹的銷售能力，在組織中為銷售工作創造所有優點。

That's yet to come, and the whole reason I was ambiguous, all I can say is I'm remodelling the crap out of this thing and I, we understand it pretty well now, and all I can tell you is we're going to make money in the 1st quarter, and I gave you that number, and you gotta wait till this quarter, 90 days from now, and I'll give you more data.

這還沒到來，我之所以含糊其辭，我只能說我正在重新塑造這個東西，我現在對它了解得很清楚了，我能告訴你的是，我們將在第一季度賺錢，我給了你這個數字，你必須等到這個季度，從現在起 90 天后，我會給你更多的數據。

An EPS Ain't there yet. I can calculate it for you. We have, gaps that you got to calculate, so we calculated it's negatived a few pennies per share, but until I get the thing profitable and start worrying about EPS. I'm dealing with operating income. That's my currency of, exchange with our shareholders.

EPS 尚未出現。我可以幫你算一下。我們有差距，你必須計算，所以我們計算出每股虧損幾美分，但直到我讓事情獲利並開始擔心每股收益。我正在處理營業收入。這是我與股東交換的貨幣。

Got it. That, that's all the questions for me. I'll pass it on. Thanks, guys.

知道了。這就是我要問的所有問題。我會傳達的。謝謝大家。

Thank you, Derek. Our next question comes from the web. Based on 2Q, Sun Power's break-even revenue has proven defensible in the mid $60 million dollar revenue range. Post acquisition, do you anticipate any changes to that break even revenue level?

謝謝你，德里克。我們的下一個問題來自網路。根據第二季的數據，Sun Power 的損益平衡收入已證明在 6,000 萬美元左右的收入範圍內是可以維持的。收購後，您預期損益平衡收入水準會發生任何變化嗎？

No. And that's the beauty when you, when you're caught, think about it. You're struggling for orders. The ITC is screwing everything down. And the guy walks in and says, I got a group of 20 people, and if you hire us, put us on and give us stock options, we will double your order rate. It's a no-brainer.

不。當你被抓住的時候，想想看，這就是美麗。您正在為訂單而苦苦掙扎。ITC 把一切都搞砸了。然後那個人走進來說，我有一個 20 人的團隊，如果你僱用我們，給我們股票選擇權，我們將使你的訂單率翻倍。這是毫無疑問的。

So, no, we. The only thing we're going to have to spend more to get bigger is the fulfilment group's going to have to get bigger, and I want them to get bigger, and I want to get them big enough that they, but I want to have excess orders all the time. So we're selling the orders we can't service, and we are executing on the orders we can service.

所以，不，我們。為了擴大規模，我們唯一需要花更多錢的就是擴大履行團隊的規模，我希望他們能夠變得更大，我希望他們能夠足夠大，但我希望他們能夠一直有超額訂單。因此，我們正在出售我們無法服務的訂單，並執行我們可以服務的訂單。

Thank you. Our next question comes from Gus Richard, excuse me, from Northland Capital. He asks about battery contract duration. How many years is the battery contract for? If you've got the numbers right, it would be 1 billion of rep. Revenue for Enphase.

謝謝。我們的下一個問題來自 Northland Capital 的 Gus Richard。他詢問電池合約期限。電池合約期限是幾年？如果你的數字正確的話，那將是 10 億的代表。Enphase 的收入。

Yeah, 50% of what I said is a million. I'm hoping for more than that the opportunities there are 200,000, 50% is 100,000. And when you think battery, think 10,000. There are 5 kilowatt-hour batteries, 10 kilowatt-hour batteries. The average out there is 8.5 kilowatt hours. Batteries now are attractive, battery only sales are attractive. The way they, the way that happens is take San Diego gas and electric. I mean, I like the. Gripe about PG&E, but they're equally as bad.

是的，我說的50%就是一百萬。我希望有更多機會，那裡有 20 萬個，50% 就是 10 萬個。當您想到電池時，請想到 10,000。有5千瓦時電池，有10度電池。平均用電量為 8.5 千瓦時。現在電池很有吸引力，只有電池的銷售才有吸引力。他們採取的方式是利用聖地牙哥的天然氣和電力。我的意思是，我喜歡這個。對 PG&E 有點抱怨，但他們同樣糟糕。

So, when we went to them 3 net electricity metering revenue 3, They stopped paying their customers who had excess power on their roofs and put it back into the grid at the grid rate that they were charging. And they started paying $0.03 per kilowatt hour.

因此，當我們向他們收取 3 淨電力計量收入 3 時，他們就不再向屋頂上有多餘電力的客戶付費，而是按照他們收費的電網費率將其放回電網。他們開始支付每千瓦時 0.03 美元。

Okay, so that means you're losing your power. That means your solar system, new solar system wouldn't have an ROI.

好的，這意味著你正在失去權力。這意味著你的太陽系、新的太陽系將不會有投資報酬率。

Now, the other interesting thing is that after 4 o'clock in the afternoon, they start charging at a high price. I once knew it, but think about $0.40 a kilowatt hour. So they'll give you 3 and take 40. All right, so you put a battery and it's called the grid tide battery. It's the cheapest and most cost efficient battery. It sucks up power at noon, saves it, and powers your house starting at 4 o'clock. So you pay $0.03 per kilowatt hour that you could have gotten for it, and you get back $0.40 per kilowatt hour, and however big your battery is, you get that every day.

現在，另一件有趣的事情是，下午 4 點之後，他們開始收取高價。我曾經知道這一點，但想想每千瓦時 0.40 美元。所以他們會給你 3 個，然後拿走 40 個。好的，你放一個電池，它被稱為電網潮汐電池。這是最便宜、最具成本效益的電池。它會在中午消耗電力，然後將其保存起來，並從下午 4 點開始為您的房屋供電。因此，您本來可以支付每千瓦時 0.03 美元，但您卻可以收回每千瓦時 0.40 美元，而且無論您的電池有多大，您每天都可以獲得這些錢。

So, if it's $0.40 per kilowatt hour times 5 kilowatt-hour battery, even a small battery, you're looking at 2 bucks a day. Times 365 days, etc. So, this thing pays itself quickly. Batteries are going to become more important. That comes from the fundamental problem. The sun only shines on average in North America 5 hours a day.

因此，如果每千瓦時 0.40 美元乘以 5 千瓦時的電池，即使是小電池，每天也要花費 2 美元。乘以 365 天，以此類推。所以，這個東西很快就能回本。電池將變得更加重要。這是從根本問題出發的。北美每天平均只有5小時的陽光照射。

So if you want to use solar power, which actually getting kilowatts off the system is the cheapest possible power. And what the opponents of solar say is that it's really more expensive than that because you have to have two power plants, one for the day and one for the night. And when you have one for the day, yes, you can have a nominal gain on it, but then you got to turn on the big expensive one and burn natural gas at night.

因此，如果您想使用太陽能，那麼實際上從系統獲取千瓦時的電力是最便宜的電力。而太陽能的反對者則認為，太陽能實際上要昂貴得多，因為你必須擁有兩個發電廠，一個用於白天，一個用於晚上。當你白天使用燃氣渦輪機時，是的，你可以獲得名義上的收益，但晚上你必須打開昂貴的燃氣渦輪機並燃燒天然氣。

And that that that's the argument. Well, it just says we need more storage. So right now storage and utility space is going through the roof. The best storage is if everybody at their load has storage. Then I don't have to have some giant battery going into transformers and then putting up power in the neighborhoods. The guy out there can In effect, reduces load. If you think about it, he can reduce his load. And that's why batteries are happening.

這就是論點。嗯，它只是說我們需要更多的儲存空間。因此，現在儲存和實用空間正在急劇膨脹。最好的儲存方式是，每個人在負載時都有儲存空間。這樣我就不需要把一些巨型電池放入變壓器然後為社區供電了。實際上，這個人可以減輕負擔。想想看，他可以減輕負擔。這就是電池出現的原因。

And now, and it's a big deal. Now, what I just said. I actually was from in Oshkosh and I was trying to sell a battery at the dining room table, kitchen table. We don't have dining rooms in Wisconsin kitchens. So yeah, I gave him the thing, and the guy looked at me, kind of frowned, he said. Wisconsin Power and Electric. Their cost is $0.12 a kilowatt hour, and they only go off for a couple hours every year. Why do I need a battery?

現在，這是一件大事。現在，我剛才說了什麼。我實際上來自奧什科甚，我試著在餐桌、廚房餐桌上賣電池。威斯康辛州的廚房裡沒有餐廳。是的，我把這個東西給了他，然後那傢伙看著我，有點皺著眉頭說。威斯康辛州電力公司。它們的成本為每千瓦時 0.12 美元，而且每年只會關閉幾個小時。為什麼需要電池？

So that's one of the reasons we haven't sold as many batteries as I would like is we're deployed in those states, Midwest. Blue Raven. Now of a sudden this this doubles our sales force in all the states where my argument about saving power for nighttime are absolutely valid and are going to get better as time goes on.

所以，我們的電池銷售量沒有達到我的預期的原因之一是，我們的電池部署在中西部地區。藍色烏鴉。現在，我們在所有州的銷售隊伍突然增加了一倍，在這些州，我關於夜間節約電力的論點絕對有效，而且隨著時間的推移會變得更好。

Thank you. The next question we have, while appreciating the opportunity in the market to acquire attractive assets currently, can you speak to how you think about the balance between acquisitions? And bolstering the balance sheet and the potential need to raise capital.

謝謝。我們的下一個問題是，雖然您目前欣賞市場上收購有吸引力資產的機會，但您能否談談您如何看待收購之間的平衡？並增強資產負債表和潛在的籌集資本的需求。

Okay. I try to make these things look simple. But I think carefully about them. So, And unlike my training, which came from Colson Porus at Stanford when the idea of culture and mission statements being better came out.

好的。我試著讓這些事情看起來簡單。但我會仔細思考它們。因此，與我的培訓不同，我的培訓來自史丹佛大學的 Colson Porus，當時提出了更好的文化和使命宣言的想法。

I wrote this mission statement, cause right now as a culture we're not ready to write one.

我寫下這個使命宣言，因為就目前而言，我們還沒有準備好寫它。

Consistently profitable growth. I didn't say growth from 300 to a billion, I say consistently profitable growth. So I plan on putting something in the bottom line every quarter, period. I don't think you can run a company. The idea I'll run in the hole and I'll burn a lot of money and then it'll get better when things, when I when the volume goes up. That's not what we're doing. So, I'm looking for Acquisitions that are effectively priced, I'll use that word.

持續獲利成長。我並沒有說從 300 成長到 10 億，而是說持續獲利的成長。所以我計劃每季在底線投入一些資金。我認為你沒有能力經營一家公司。這個想法我會陷入困境，我會燒掉很多錢，然後當事情變得更好時，當我的音量上升時。這不是我們正在做的事情。所以，我正在尋找價格合理的收購，我會使用這個詞。

We paid I forget the, we paid our multiple multiples 0.45. So, if I paying more than 0.45 times sales for any company, I'm diluting our price price to sales ratio. So that's kind of like my budget. Then I look around, then I find a team were kind of like some of the guys and hope they can become our new executives, some of our new executives, and where there's complimentary, they're in different states. And so I, I'm shopping for things that fit in.

我們付的價格，我忘了，我們付的價格是銷售額的0.45倍。所以，如果我為任何公司支付的價格超過銷售額的0.45倍，我就稀釋了我們的市銷率。這有點像我的預算。然後我環顧四周，然後我發現一個團隊有點像一些人，希望他們能夠成為我們的新高管，我們的一些新高管，並且在互補的地方，他們在不同的州。所以我正在購買適合的東西。

During my time in Cyprus, we acquired, as I said, 26 companies. And my observation was that when Mergers or acquisitions didn't work is when there was a culture problem. So I'm real big on culture. And the math is also got to work out, and I have a budget now, as our stock goes up. And I'm able to pay more, right? So,

正如我所說，我在塞浦路斯期間收購了 26 家公司。我的觀察是，當合併或收購沒有成功時，就表示有文化問題。所以我對文化非常重視。而且數學也需要計算，隨著我們的庫存增加，我現在有預算了。我可以付更多，對嗎？所以，

I'm able to pay more and maintain my budget. So that'll help there too. In terms of then there's the last thing is work. What if I gave you a billion dollars' worth of orders today? The answer is you have $0.9 billion at the end of this quarter left because I can't do a billion dollars. The same is true for mergers. You, in Cyprus, we did about 1 a year.

我可以支付更多並維持我的預算。這也會有幫助。就此而言，最後一件事就是工作。如果我今天給你價值 10 億美元的訂單會怎麼樣？答案是，本季末你還剩下 9 億美元，因為我做不到 10 億美元。對於合併來說也是如此。您，在塞浦路斯，我們每年大約會做 1 個。

And there was a flurry of activity in the given quarter. Then the second quarter was hard work. The 3rd quarter they were kind of part of us and then we moved on. That process is respect. And [Badrikaanerrama], who worked directly for me, the President of Infa, has acquired 5 companies. He's taking us back to the next level, and he's I borrowed that spec from him, so.

本季出現了一系列活動。第二節比賽很艱苦。第三節他們成為了我們的一部分，然後我們繼續前進。這個過程就是尊重。而直接為我工作的 Infa 總裁 [Badrikaanerrama] 已經收購了 5 家公司。他正在帶我們回到下一個層次，我從他那裡借用了那個規格，所以。

I believe we're capable of acquiring something like 2 companies a year, maybe only 1 company in the 1st year and 3 quarters later. So, I won't dilute price to sales ratio. I will pay stock if I can. I will raise money with the stock as soon as the price allows me to raise money without being highly diluted.

我相信我們有能力每年收購 2 家公司，也許第一年​​只收購 1 家公司，之後的 3 個季度也只收購 1 家公司。所以，我不會降低市銷率。如果可以的話我會支付股票。一旦價格允許我籌集資金且不會被高度稀釋，我就會用股票籌集資金。

You guys. I'll give you a fact to it. My current salary at Sunflower is 0. Because I don't want to screw up her profit, because I own 30 million shares. I've been working at the company for years collecting shares for private round stuff like that. So, I make money only, literally only.

你們。我會告訴你一個事實。我目前在向日葵的工資是0。因為我不想搞砸她的利潤，因為我擁有 3000 萬股。我在該公司工作多年，一直在為類似私募融資活動募集股份。所以，我只賺錢，真的只賺錢。

I Charge airplane, the fare to them. When the stock goes up, that's it. I'm a shareholder and I'm pure shareholder, and that's what I'm planning on doing.

我把飛機票價收給他們。當股票上漲時，就是這樣。我是一名股東，我是純粹的股東，這就是我打算做的。

Thank you. I do want to point out that we are at time, but we do have a few more questions in the queue.

謝謝。我確實想指出，我們現在已經到了時間，但我們還有一些問題需要回答。

I'm here and we're in the [novis] by the way. They have a little studio they lend to us for free, so. We're here. No, go ahead.

我在這裡，順便說一下，我們在[novis]。他們有一個小工作室免費借給我們。我們到了。不，繼續吧。

Okay. We have a follow-up question from Gus Richard from Northland Capital. How many of the centre sales are being converted into sales at this point into EPC?

好的。我們還有來自 Northland Capital 的 Gus Richard 的後續問題。目前有多少中心銷售轉換為 EPC 銷售？

If the question is how many of Sunder orders are being converted into EPC revenue. Okay, then I will report this quarter. The answer is very little, because it's going to take me 1 quarter to fill the pipeline. What our plan is. It is in the 4th quarter of this year, if we managed to capture half of the orders from sunder, and that's pretty aggressive. We will then get $20 million per quarter of sales revenue from Sunder just for their orders. And $20 million of install revenue from internal. And right now, this quarter, we get only the only the sales part of it.

如果問題是有多少Sunder訂單被轉換為EPC收入。好的，那我就報告一下這個季度的情況。答案是很少，因為我需要花 1 個季度的時間來填滿管道。我們的計劃是什麼。如果我們能在今年第四季成功獲得桑德一半的訂單，那麼這已經相當積極了。這樣，我們每季就能從桑德公司獲得 2,000 萬美元的銷售收入，光是他們的訂單。以及來自內部的 2000 萬美元安裝收入。而目前，本季我們僅獲得了銷售部分的數據。

Okay, thank you. Our next question is, as energy demand accelerates due to data centre growth, energy pricing will continue to increase, making solar more attractive. How does the energy price trajectory play into your long-term vision for growth?

好的，謝謝。我們的下一個問題是，隨著資料中心的成長導致能源需求加速，能源價格將繼續上漲，使太陽能更具吸引力。能源價格走勢如何影響您的長期成長願景？

I reviewed a startup the other day. And I'm amazed at how brilliant we are as a country. We keep Kicking yourself, but we are brilliant as a company, a country. There's a thing called Helms in in Nevada, Sierra Nevada. PG&E once screwed my company by shutting down my power and ruining millions of dollars' worth of wafers, so I had them.

前幾天我評論了一家新創公司。我對我們國家如此輝煌感到驚訝。我們一直在自責，但作為一家公司、一個國家，我們是出色的。內華達山脈 (Sierra Nevada) 有一種東西叫做 Helms。PG&E 曾經切斷了我的電力並毀掉了價值數百萬美元的晶圓，從而搞垮了我的公司，所以我擁有了它們。

I had them on the run, and they asked me what it would take to get me off their butt. And my first answer was, I want to go to Diablo Canyon nuclear plant, and I want to tour on a Saturday morning with a real engineer. No problem. So, I drove down a nice little drive on highway one. At the end of the tour, which was amazing. I went to the room and I looked out in the hills.

我讓他們四處逃竄，他們問我要怎樣才能擺脫他們的追捕。我的第一個回答是，我想去 Diablo Canyon 核電廠，我想在星期六早上和一位真正的工程師一起參觀。沒問題。因此，我沿著一號高速公路行駛，行駛在一條美麗的小路上。遊覽結束時，感覺棒極了。我走進房間，向外望去，看到了山巒。

And there are 3 wires going out of Diablo Canyon. We're talking wires that are this big around, going out of the 2 gigawatts of Diablo Canyon, then up over post and disappearing. What's that? That's our connection to Helms. What's Helms? Helms is where we store our energy. You can't turn a nuclear plant on and off. You might the ramp up period is a month to get it up, then it runs 24/7. What's that? That's to restore energy at night, and then they release the energy at day.

並且有 3 根電線從 Diablo Canyon 出來。我們正在談論這種粗大的電線，從 Diablo Canyon 的 2 千兆瓦電力中出來，然後越過柱子並消失。那是什麼？這就是我們與赫爾姆斯的連結。赫爾姆斯是什麼？頭盔是我們儲存能量的地方。你不能打開或關閉核電廠。您可能需要一個月的啟動期才能完成，然後它會全天候運作。那是什麼？那就是在晚上恢復能量，然後在白天釋放能量。

So I called back the PG&E guy and I said, Well, I'm feeling better, but I need one more thing. Okay, what? And I said, I gotta go to Helms. I want to see Helms. Two lakes, Sierra Nevada, 4,000 ft apart. In the middle is, think about a dam, the hydro part of a dam, except it's buried inside of a granite mountain, literally 1 mile inside of a granite mountain.

於是我回了 PG&E 的人了電話，說，嗯，我感覺好多了，但我還需要一件事。好的，什麼？我說，我得去赫爾姆斯。我想見赫爾姆斯。內華達山脈的兩個湖泊，相距 4,000 英尺。中間是，想像一座水壩，水壩的水力部分，只不過它埋在一座花崗岩山裡面，確切地說是在花崗岩山裡面 1 英里處。

And at night, through a tunnel, down comes the water, turns the turbines. And this is a big plant, and then goes down to the lower lakes, so the lakes go 6 ft change. Then at night, they turn the turbines around, and they turn into pumps, and they pump water from the bottom lake back up again. That's how it's the world's biggest battery.

到了晚上，水通過隧道流下來，推動渦輪機轉動。這是一個大型工廠，然後延伸至下游湖泊，因此湖水高度變化了 6 英尺。然後到了晚上，他們轉動渦輪機，渦輪機變成了泵，將底部湖泊中的水再次抽上來。這就是它是世界上最大的電池的原因。

Getting to the question. I just reviewed a business plan. For a guy who, and by the way, that's known technology and it's not that expensive. It's cheaper, it, it's cheaper than any storage technology, cheaper by a factor of 2 than the cheapest battery for a car and cheaper by a factor of 10 than batteries you put in your house. A stored pump storage it's called.

回答問題。我剛剛審閱了一份商業計劃。順便說一句，對於一個人來說，這是已知的技術，而且並不那麼昂貴。它更便宜，它比任何儲存技術都便宜，比最便宜的汽車電池便宜 2 倍，比你放在家裡的電池便宜 10 倍。這稱為蓄水泵蓄能。

So what's your plan? Well, We go next to An AI center. We have these machines, the machines that board make 50 50 ft diameter tunnels, and they go at the rate of, I think like 30 ft a day. We said, well, we dig on down till we're 4,000 ft down. That's doable. Then we dig a maze of tunnels down there, so we don't have to have a lake and we don't have to be in the mountains. And we have a little artificial lake on top, and then we've got those tunnels, and we pump water from the tunnels back up and back down. And we're right there, so we don't have to have transmission lines expensive when we feed the AI center.

那你的計劃是什麼？好的，我們接下來去一個人工智慧中心。我們有這些機器，這些機器可以建造 50 個直徑 50 英尺的隧道，它們的挖掘速度大約是每天 30 英尺。我們說，好吧，我們一直往下挖，直到 4,000 英尺深。這是可行的。然後我們在那裡挖了一個迷宮般的隧道，這樣我們就不需要有湖泊，也不需要去山裡了。我們在上面建造了一個小型人工湖，然後我們挖了那些隧道，我們將隧道裡的水抽上來再抽走。而且我們就在那裡，所以我們在為人工智慧中心供電時不需要昂貴的輸電線路。

All of a sudden you realize. These problems will be solved. The reason we're worried that they can't be solved is the politicians, both sides, Talk about doom and gloom, and it's known psychologically people worry more about problems than they worry about upside.

你突然意識到了。這些問題將會得到解決。我們擔心這些問題無法解決的原因是，雙方的政客都在談論厄運和悲觀，眾所周知，從心理上講，人們對問題的擔憂多於對好處的擔憂。

But these problems are going to be solved and we're going to have power data centre. And by the way, I'll make one more prediction. I don't believe we're going to need all the power. Somebody took the worst power from the earliest generation. It's like, what if you built all the computers today out of vacuum tubes? Well, hell, we need more power than the United States generates today to run all that number of vacuum tubes. Well, don't run vacuum tubes and invent transistors. So, I think the power required to do AI is going to go down. And I, I've argued that way at a philosophical level and the AI guys that I know tell me why it can't be, it'll be. And it'll be ideas I talked about generating the power, but there are a bunch of startups I've looked at where they're planning on making AI functionality draw less power for a given result.

但這些問題將會得到解決，我們將擁有強大的資料中心。順便說一句，我再做一個預測。我不認為我們需要所有的電力。有人從最早的一代中奪取了最差的權力。這就像，如果今天所有的電腦都是用真空管製造的，那會怎麼樣？好吧，我們需要比美國今天產生的更多的電力來運行所有數量的真空管。好吧，不要運行真空管並發明晶體管。所以，我認為實現人工智慧所需的功率將會下降。而我，我已經在哲學層面上這樣爭論過了，我認識的人工智慧專家告訴我為什麼這不可能，但它會發生。我談到的這些想法都與產生電力有關，但我觀察過很多新創公司，他們計劃讓人工智慧功能在給定結果下消耗更少的電力。

Thank you. Our last question. Which In the last earnings call, TJ mentioned that he may still be Still, that he may not still be serving as CEO in a year's time. Is this still expected and can anything be shared about preparations for this transition or the succession planning process?

謝謝。我們的最後一個問題。在上次財報電話會議上，TJ 提到他可能仍會擔任首席執行官，一年後他可能不會再擔任首席執行官。這仍然是預期的嗎？可以分享有關這次過渡的準備或繼任計劃過程的任何資訊嗎？

Okay. First of all, I didn't set my target to be run another company. I got drafted. analogy that the lawyers bitched about was it's like you go out on Christmas and there's a baby in a basket on your front doorstep and it's raining. You take the baby and all right, so I got drafted. Now I'm having fun, and I'm frustrated sometimes when I'm having fun. And I, I'm in no hurry to leave. I have been trying in earnest to replace myself.

好的。首先，我並沒有設定目標去經營另一家公司。我被徵召入伍了。律師抱怨的類比是，這就像你在聖誕節出門，發現你家門口的籃子裡有個嬰兒，外面還下著雨。你帶著孩子就好了，所以我被徵召入伍了。現在我很開心，有時開心的時候也會感到沮喪。而我，我並不急於離開。我一直在認真嘗試取代自己。

But I'm not going to have a goal and say I'm going to walk out of there. I've had 3. Actual, nobody knows about him. Attempts. And It's a tough job because the financial requirements are every bit as tough as semiconductors. But the environment, the solar environment, the culture is way different. It's more like It's more like semiconductors were in the 80s.

但我不會設定一個目標然後說我要走出去。我已經有 3 個了。事實上，沒有人知道他。嘗試。這是一項艱鉅的工作，因為財務要求與半導體一樣嚴格。但環境、太陽環境和文化卻截然不同。這更像是 80 年代的半導體。

So these, I won't use the word millennial, but the millennial, but these young guys come in and look at the thing and then I say, well, I'd like you to meet Dan. We are the administrative executive staff of the corporation. You may be able to hire one guy in the future because that's all you can afford. I think it's a great challenge to go to the next level and learning how to run a company, really mean.

所以這些，我不會使用千禧世代這個詞，而是千禧世代，但這些年輕人進來看到這個東西，然後我說，好吧，我想讓你見見丹。我們是公司的行政執行人員。將來你也許可以僱用一個人，因為這就是你能負擔得起的全部。我認為進入下一個階段並學習如何經營一家公司是一個巨大的挑戰，真的。

So, I'm 0 for 3. 4 for 3, I have Another target I've started talking to. But It's a tough job and you got to find the right guy. And if I find the wrong guy, then okay, great. I retire. Guy comes in, doesn't like the job, thing blows up and, okay, I blame him. I don't want that. I want this thing to succeed.

因此，我的得分是 0 比 3。我的得分是 4 比 3，我已經開始與另一個目標交談了。但這是一份艱鉅的工作，你必須找到對的人。如果我找錯了人，那好吧，太好了。我退休了。一個人進來，不喜歡這份工作，事情搞砸了，好吧，我怪他。我不要那個。我希望這件事能夠成功。

Thank you. And it's one of your rank and file, I will say the joys and the journey. We appreciate you guys all being here and teaching us and guiding us. But that, this is, that's the end of our questions. This concludes our Q&A session and I will turn it back over to Doctor Rogers for closing remarks.

謝謝。這是你們普通士兵的一次經歷，我想說，這是一段快樂而漫長的旅程。我們感謝你們所有人來到這裡教導我們、指引我們。但是，這就是，這就是我們的問題的結束。我們的問答環節到此結束，我將把時間交還給羅傑斯博士作總結發言。

I've been Loquacious for the whole thing. So I don't have a lot more to say. I think that. Mission, which By the way, it looks simple because Classic Winston Churchill court. He has a letter with somebody owns now, and he started up. Please pardon the long letter. I didn't have the time to write a short one. So this, can you put on the mission statement? I don't put it on here.

在整個過程中我一直很喋喋不休。所以我沒有太多要說的。我認為如此。任務，順便說一句，它看起來很簡單，因為經典的溫斯頓邱吉爾球場。他現在有一封與某人有關的信，他開始了。請原諒這封長信。我沒有時間寫一篇短文。那麼，你能把這個放在使命宣言上嗎？我沒有把它放在這裡。

Because it kind of undermines the meaning of mission statement of the solidity. That's rev 25. And those used to be paragraphs, and that little middle section got put in as an advertisement to get in in the last round of investment where we raised the money to acquire under. That's it. It's real. I mean it. We're going to do it, and every week I feel the ship turning more toward being part of that vision.

因為它有點破壞了使命宣言的堅固性的意義。這是版本 25。這些曾經是段落，中間的小段是作為廣告放入的，以便在最後一輪投資中籌集資金進行收購。就是這樣。這是真的。我是認真的。我們會做到這一點，每週我都感覺到這艘船越來越接近實現這個願景。

Then you got, like he got drafted too, right? I called her, you've been working with me for a long time and I need some help here cause I got sales problems and I need you to help.

然後你就覺得他也被徵召入伍了，對吧？我打電話給她，你和我一起工作了很長時間，我需要一些幫助，因為我遇到了銷售問題，我需要你的幫助。

Yeah, since '1993, it's a long time. I think there's two things I'd like to leave with on this. First off, the acquisition of this particular company under is positively transformational for our bookings, positively. And you're going to be seeing top-line numbers from us as a result of this booking transformation throughout 2026 and 2027. We're not even talking about possible other upsides that can occur above and beyond the Sunder acquisition.

是的，從 1993 年開始，已經過了很久。我想就此談兩件事。首先，收購這家公司對我們的預訂量產生了正面的影響。您將會在 2026 年和 2027 年看到我們透過這次預訂轉型帶來的營收數字。我們甚至沒有談論除了收購桑德之外可能出現的其他好處。

Including tailwinds from the industry. Right now, there's a lot of consternation about the removal of the ITC tax credit and the effect that has on what we call cash or loan bookings, and that is, that will be an impact. It's not going to materially impact Sun Power because of the Sunder acquisition.

包括來自業界的順風。目前，人們對取消 ITC 稅收抵免以及這對我們所謂的現金或貸款預訂的影響感到非常擔憂，也就是說，這將會產生影響。收購 Sunder 不會對 Sun Power 造成實質影響。

If in the future, energy prices increase or some other factor occurs, from a market point of view, it causes the loan part of the program to increase, we'll enjoy that as well. So I think this is a pivotal point for the company. We've made a positive mood in bookings that's going to allow us to have strong revenue growth.

如果未來能源價格上漲或出現其他因素，從市場角度來看，導致該計劃的貸款部分增加，我們也會樂見其成。所以我認為這對公司來說是一個關鍵點。我們在預訂方面表現出了積極的情緒，這將使我們的收入實現強勁增長。

Independent of outside activity, and as outside external activity starts to improve in the 2026 and 2027 brain frame, you'll see even stronger growth for us.

獨立於外部活動，隨著外部活動在 2026 年和 2027 年大腦框架內開始改善，您將看到我們更強勁的成長。

Thank you. We appreciate. Listening to my long-winded dissertation.

謝謝。我們深表感謝。聽我冗長的論文。