SunPower Inc (SPWR) 2026 Q2 法說會逐字稿

Hello. Welcome, everyone, to SunPower's second quarter earnings call. My name is Sioban Hickie, SunPower's VP of IR, and I would like to review a few housekeeping items before we begin. All lines have been placed on mute at this time. This call is being recorded, and a replay will be made available within the Events section of the SunPower website.

您好。歡迎各位參加 SunPower 第二季財報電話會議。我是 SunPower 投資人關係副總裁 Sioban Hickie，在開始之前我想先說明幾項會議注意事項。目前所有線路皆已設為靜音。本次電話會議將被錄音，並會在 SunPower 官網的 Events（活動）專區提供重播。

Please note that 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. In addition, we may discuss certain non-GAAP and financial measures.

請注意，今天的簡報可能包含預測及其他前瞻性陳述。這些陳述受到已知與未知風險及不確定性的影響，可能導致實際結果與我們陳述中明示或暗示的結果有所差異。此外，我們可能會討論某些非 GAAP 與財務衡量指標。

A reconciliation of any differences between those non-GAAP financial measures and the most directly comparable GAAP financial measures are available within our press release. Lastly, we will hold a question-and-answer session after the end of formal remarks today. For those watching via the webcast, you may submit a written question at any time via the submission box located on the right side of your screen.

任何非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之間差異的調節表，已於我們的新聞稿中提供。最後，我們將在今天正式發言結束後進行問答環節。透過網路直播收看者，可隨時在螢幕右側的提交框輸入書面問題。

For those joining our live Q&A, please click the raise hand icon located at the bottom of your screen to enter the queue. With that, I will turn the call over to T.J. Rodgers, SunPower's Chairman and CEO.

參加即時問答的與會者，請點選螢幕底部的舉手圖示以加入排隊序列。接下來，我將把電話會議交給 SunPower 董事長兼執行長 T.J. Rodgers。

Good morning. My name is T.J. Rodgers. I'm the CEO of SunPower. We're here to report the second quarter. I have people who present various parts of this meeting, so I will introduce them real time. Starting with Tom Kowalczuk, who is our new CFO. He's got a CPA and a Chicago MBA. He's had experience in public companies, and he's gone here, Beam Suntory and he led a finance group there with $2 billion in annual revenue. So he's got the experience in public and big company. This is his first shot at being a CFO of a public company. He's going to present the financials today. Tom?

各位早安。我叫 T.J. Rodgers。我是 SunPower 的執行長。我們今天在此報告第二季業績。本次會議會由幾位同仁分別負責不同部分的簡報，我會在進行中即時介紹他們。首先是 Tom Kowalczuk，他是我們新任財務長。他擁有 CPA 與芝加哥 MBA。他有上市公司經驗，曾任職於 Beam Suntory，並在那裡領導一個年營收 20 億美元的財務團隊。因此他具備上市公司與大型企業的經驗。這是他第一次擔任上市公司的財務長。他今天將為各位說明財務數字。Tom？

Thank you, T.J. I'm very excited to join SunPower at -- this opportunity to be a leader at the group at this very important time. Over the last few weeks, I have been focused on getting to know the business, our operations, our finance organization as well as meeting the talented people across the company. While I'm still early in the process, I've been encouraged by what I've seen and the team's commitment to improving execution.

謝謝你，T.J.。我非常興奮能在這個非常重要的時刻加入 SunPower，並有機會在團隊中擔任領導角色。過去幾週，我專注於了解公司的業務、營運、財務組織，以及與公司各部門的優秀同仁會面。雖然我仍在熟悉階段，但我對所見所聞以及團隊致力於提升執行力的承諾感到鼓舞。

And going forward, my priorities are pretty straightforward, maintaining strong financial discipline, improving the quality of our forecasting and financial processes as well as allocating capital thoughtfully and ensuring we provide investors with clear, timely and consistent financial information. I look forward to partnering with T.J. and the rest of the leadership team as we execute our strategy and work to create long-term value for shareholders.

展望未來，我的優先事項相當明確：維持強健的財務紀律、提升我們預測與財務流程的品質、審慎配置資本，並確保我們向投資人提供清楚、即時且一致的財務資訊。我期待與 T.J. 及其他領導團隊成員合作，落實我們的策略，並為股東創造長期價值。

So I've asked Tom to -- this is the report we issued this morning. I've asked him to go through the financials with you. There's GAAP and non-GAAP. We focus on non-GAAP. That's how we've reported all of our quarters so far. Tom?

因此我請 Tom 來——這是我們今天早上發布的報告。我請他帶各位走一遍財務數字。其中包含 GAAP 與非 GAAP。我們著重於非 GAAP。這也是我們迄今各季一貫的揭露方式。Tom？

Yes. So our non-GAAP revenue is down from $73,000 -- sorry, $73 million down to $56 million, which had a direct impact on our gross margin and gross profit, down from 46.9% to 27.6%. That's a direct result of our fall-through on variable COGS and revenue. However, we did offset much of that through improved operating expenses, which is down about $19.7 million, of which $7.1 million approximately is fixed overheads that we cut out of the business during the quarter and is expected to carry into the future.

是的。我們的非 GAAP 營收從 73,000——抱歉，從 7,300 萬美元降至 5,600 萬美元，這直接影響了毛利率與毛利，毛利率從 46.9% 降至 27.6%。這是因為變動銷貨成本（COGS）與營收的落差傳導（fall-through）所致。不過，我們透過改善營業費用抵銷了其中大部分影響，營業費用下降約 1,970 萬美元，其中約 710 萬美元為本季自業務中削減的固定間接費用，預期將延續至未來。

Our operating income is slightly improved which is a combination of our fall through because of the change in revenue as well as the improvement in cost cutting that we did during the quarter. So net-net, we're better than the previous quarter on operating income, non-GAAP, by about $400,000.

我們的營業利益略有改善，這是營收變動造成的落差傳導，以及本季成本削減改善的綜合結果。因此整體而言，我們的非 GAAP 營業利益較上一季改善約 40 萬美元。

So from my perspective, we need to explain a disaster revenue quarter today, and that will be my job today. The good news, if there is any, is that we had a huge drop in revenue but maintained. Didn't change the profit. It went from bad to staying bad.

以我的角度來看，我們今天需要解釋一個營收災難的季度，這將是我今天的工作。如果說有任何好消息的話，就是我們營收大幅下滑，但仍維持住——獲利沒有改變。它從很糟變成仍然很糟。

And that was because we have done structural cost cutting of $31 million minus $24 million, $7 million and I'll talk about that future plans for structural cost cutting later as well. I took this shot at 7:17 this morning, my time. And the word is, you didn't like it. I don't like it either. It's not good performance. And if you look at the company, basically, we're six quarters old, and we've been at $1.5, plus or minus $0.5 forever in the last two quarters have been bad back to back.

那是因為我們做了結構性成本削減：3,100 萬美元減去 2,400 萬美元，淨額 700 萬美元；我稍後也會談到未來的結構性成本削減計畫。這張圖是我今天早上 7:17（我這邊時間）拍的。而大家的反應是：你不喜歡它。我也不喜歡。這不是好的表現。如果你看這家公司，基本上我們成立至今六個季度，營收一直在 1.5（上下浮動 0.5）左右徘徊，而最近兩季連續表現不佳。

That, of course, is bad and bad that we just talked about, and that's impacted our share price. So I'm going to talk about why that happened, what we're going to do about it in detail. Next is Dan McCranie. He's a Board member. He's become active, working on marketing and sales.

當然，這很糟——也就是我們剛談到的糟上加糟——並且已影響到我們的股價。所以我會詳細說明為什麼會發生、以及我們將如何應對。接下來是 Dan McCranie。他是董事會成員。他已更積極投入，協助行銷與銷售工作。

He is a storied silicon valley figure. He's been on 10 NASDAQ boards, and this includes the two halves of Motorola when they split apart, important companies. I knew him because he spent about a decade at Cypress. He's been a CEO and his forte is marketing and sales. Dan?

他是矽谷頗具傳奇色彩的人物。他曾擔任 10 家 NASDAQ 上市公司的董事，其中包括摩托羅拉分拆後的兩家公司，都是重要企業。我認識他是因為他在 Cypress 待了大約十年。他曾任執行長，而他的強項是行銷與銷售。Dan？

Thanks, T.J. Okay. What you're looking at here is total bookings with the corporations from Q4 2024 through our most recent quarter, Q2 2026, measured in terms of jobs. This is all SunPower, which includes our residential work as well as our new homework as well as our commercial work. So what you see in there is an aggregate of all three of our business units going forward.

謝謝你，T.J.。好。各位現在看到的是從 2024 年第四季到我們最近一季（2026 年第二季）企業端的總訂單（bookings），以案場/工作（jobs）數量衡量。這涵蓋 SunPower 全部業務，包括住宅業務、我們新的 homework（居家相關新業務），以及商用業務。因此你看到的是我們三個事業單位未來的合計數據。

As you can see from Q4 2025, Q1 2026 and Q2 2026, we've had strong increase in bookings. This bookings increase is now nine straight months generally across the board. As a result of that, going forward into this quarter, you'll see in our projections for revenue, which is largely based on how much of the bookings we're able to get through to the factory installed and revenued.

如各位所見，從 2025 年第四季、2026 年第一季到 2026 年第二季，我們的訂單有強勁成長。這波訂單成長目前已連續九個月，整體而言普遍上升。因此展望本季，你會在我們的營收預測中看到反映；該預測主要取決於我們能將多少訂單推進到工廠完成安裝並認列營收。

That's going to be the challenge. The primary challenge for Q3 is getting these bookings revenues through installation. One more point on that. You noticed in Q1 2026, we were at 4,166 jobs. And in Q2, 2026, that number dropped to 3,655, still the third highest in the six-quarter -- or seven-quarter period, but I wanted to point out that the transactional short-term bookings, which is the bookings for solar, actually increased in Q2. What dropped is our long-term new homes bookings, which we don't really see revenue for five to six to seven quarters.

那將會是挑戰。第三季的主要挑戰，是讓這些預訂收入能夠透過安裝來實現入帳。再補充一點。你注意到在2026年第一季，我們有4,166個案子（jobs）。而在2026年第二季，這個數字降到3,655，仍然是六季——或七季期間的第三高，但我想指出，交易型的短期預訂（也就是太陽能的預訂）其實在第二季是增加的。下降的是我們長期的新建住宅預訂，而這部分我們通常要到五到六到七個季度後才會真正看到收入。

My point of that is for an opportunity -- for short-term opportunity, the sales force continues to book the short-term opportunities residential that allow us to have a good Q4. Finally, we are about -- it takes us about eight weeks approximately to convert our jobs to revenue in residential.

我的意思是，這帶來一個機會——就短期機會而言，銷售團隊持續簽下短期的住宅機會，讓我們能在第四季有不錯的表現。最後，我們在住宅業務上，將案子轉換為收入大約需要八週左右。

So therefore, the sales force right now is predominantly working on the Q4 bookings to ensure we have a robust Q4. So that's where we stand. Three strong quarterly bookings. If you talk about the transactional bookings of residential only, we've had three record bookings.

因此，銷售團隊目前主要在做第四季的預訂，以確保我們第四季表現強勁。這就是我們目前的狀況。連續三個季度的強勁預訂。如果只談住宅的交易型預訂，我們已經創下三次預訂紀錄。

So we're talking about a lot of bad news today, but I do want to point out that what we've been talking about is good times ahead of us because of bookings, and that's still true, so I wanted to bring up that slide early. This is a picture of our headcount and sales department.

所以今天我們談了很多壞消息，但我確實想指出，我們一直在談的是：因為預訂的關係，未來會有好日子，而這點仍然成立，所以我想提早把那張投影片拿出來。這是一張我們人力編制與銷售部門的圖。

So this one is our total 1099 sales orientation broken out by SunPower, it's under the acquisition we did back in September 2025 and via the acquisition we did in October 2025, PowerLight, which was a small acquisition we did in Q1 of 2026. We are holding our 1099 head count reasonably at about 1,500. We've made geographic changes in that headcount.

這張是我們全部的1099銷售新人訓練（sales orientation），按SunPower拆分：包括我們在2025年9月完成的收購，以及我們在2025年10月完成的收購PowerLight（這是一筆小型收購，發生在2026年第一季）。我們將1099人頭數大致維持在約1,500人，算是相當穩定。我們也對這些人力做了地理區域上的調整。

We are now moving into the higher opportunity states such as the -- especially for TPO, that would be, of course, Texas and California and places like Pennsylvania and Virginia. So we've redeployed our 1,500 1099 to maximize bookings, and that's what you're seeing right now. So we're to a first order, we're about flat with our 1099s at a very robust 1,500 but we've moved them around to areas where there is currently high opportunity for immediate bookings.

我們現在正把人力移往機會較高的州，例如——特別是對TPO而言，當然包括德州與加州，以及像賓州、維吉尼亞等地。因此我們重新部署這1,500名1099，以最大化預訂量，而你現在看到的就是這個結果。所以就第一層級來看，我們的1099人數大致持平，維持在非常強健的1,500人，但我們把他們調整到目前有較高、可立即取得預訂機會的區域。

The main point here is that old SunPower by that, I mean, the SunPower that went bankrupt, had a large sales force. But when they went bankrupt, that sales force started to the trading. And we worked very hard to maintain a -- actually a higher -- bigger sales force in 1099s. I thought I talk about myself today and show my picture, this is back when I was in high school.

這裡的重點是，所謂「舊SunPower」——我的意思是那家破產的SunPower——原本有一支龐大的銷售隊伍。但當他們破產時，那支銷售隊伍就開始流失。而我們非常努力地維持——其實是更高——更大的1099銷售隊伍。我想今天也談談我自己、放一張我的照片，這是我高中時期的樣子。

And I thought about it because I just saw a movie called Young Washington. And it was a good movie, although the critics -- because it was about an American hero, they didn't like it. And there is a classic line in it, in 1755, George Washington got his kicked in Ohio by the French and Indians in the French and Indian war. And he was the head of the militia -- the Virginia militia.

我會想到這件事，是因為我剛看了一部電影叫《年輕的華盛頓》（Young Washington）。那是一部好電影，雖然影評——因為它講的是一位美國英雄——他們不喜歡。裡面有一句經典台詞：在1755年，喬治・華盛頓在俄亥俄被法國人和印第安人打得很慘，發生在法印戰爭（French and Indian war）期間。而他當時是民兵的領袖——維吉尼亞民兵。

And he came back and talked about the problem he had, they burned his fort, they killed a lot of his people. He really lost. And he signed a peace treaty that was written in French that was misled to -- he was misled by what it said. And it had -- it was a bad contract, let me call it that. And when he's making excuse to the governor of Virginia, which was his boss, the guy was -- as he was making excuses, the guy was waving his arms like this -- the guy's name is Dinwiddie.

他回來後談到他遇到的問題：他們燒了他的堡壘，殺了他很多人。他真的輸了。而他簽了一份用法文寫的和平條約，對條約內容被誤導——他被條文的意思誤導了。那是一份——我就稱它為——很糟的合約。當他向維吉尼亞總督（也就是他的上司）解釋、找理由時，那個人——在他找理由的時候——就像這樣揮舞著手臂——那個人叫丁威迪（Dinwiddie）。

And he said, the line of the movie, I thought was great, to lead is to forfeit the rights to make excuses. So that's where I am this morning. I can bitch about this or that and this didn't happen, and that didn't happen and then, of course, the rebuttal would be, well, great, why didn't you not fire the guy before he screwed stuff up? So I want to make it clear right now. I run the company. This is my problem. I graduated -- so who am I?

他說，電影裡那句台詞我覺得很棒：要領導，就等於放棄找藉口的權利。所以這就是我今天早上的立場。我可以抱怨這個或那個、這件事沒發生、那件事也沒發生，然後當然別人會反駁說：好啊，那你為什麼不在那個人把事情搞砸之前就把他開除？所以我現在要把話說清楚。我在經營這家公司。這是我的問題。我畢業於——那我是誰？

I graduated from Dartmouth in 1970. I was second in my class. I was eight years on the Board of Directors, the Board of Trustees of Dartmouth. I went to Stanford. I got my Ph.D there. I'm a Moore's Law guy, silicon guy. I worked for two chip companies, American Microsystems, where I learned how to do engineering and R&D in Advanced Micro Devices run by the fable Jerry Sanders where I won't say that I learned about sales, but I did come to appreciate the value of sales. Dan and I both worked at that company at one time. I, then for my effect whole career, founded a chip company, Cypress Semiconductor.

我於1970年從達特茅斯學院（Dartmouth）畢業。我是全班第二名。我曾在達特茅斯的董事會、受託人委員會（Board of Trustees）任職八年。我去了史丹佛。我在那裡拿到博士學位。我是摩爾定律派的人、矽晶片派的人。我在兩家晶片公司工作過：American Microsystems，我在那裡學會如何做工程與研發；以及由傳奇人物Jerry Sanders領導的超微（Advanced Micro Devices），我不會說我在那裡學到銷售，但我確實開始理解銷售的價值。Dan和我都曾在那家公司工作過一段時間。然後在我實際上整個職涯中，我創辦了一家晶片公司——Cypress Semiconductor。

We IPO-ed 37 months from our funding, including building a fab. We went public at $770 million valuation in today's dollars. In 2020, we sold the -- after I left and retired the company was sold for $10 billion. After that, I worked on the Enphase, turnaround Enphase, it's worth $5 billion today. So how am I related to SunPower?

我們從募資到IPO只花了37個月，還包括建一座晶圓廠（fab）。我們以上市時的估值來看，換算成今天的美元是7.7億美元。在2020年，在我離開並退休之後，公司以100億美元售出。之後，我參與了Enphase的重整（turnaround），它今天的市值約50億美元。那我和SunPower有什麼關係？

I've written checks literally for $111 million. I hold outright 32.7 million shares, and I hold debt equivalent to another 26.5 million shares. So I'm looking at like 39% ownership if I converted my debt, which I don't want to because its income for me. I have no shares that I've earned because of my position getting paid with stock and my salary is zero.

我實際上開出的支票總額是1.11億美元。我直接持有3,270萬股，並且持有相當於另外2,650萬股的債務部位。所以如果我把債務轉換（convert），我的持股看起來大約是39%，但我不想轉，因為那對我而言是收入來源。我沒有任何因為我的職位、以股票作為報酬而「賺到」的股份，而且我的薪水是零。

So point is making that number better is all I work for. If you think about economic motivation, obviously, I want this company to succeed. I have to remind you that we're in a good time for solar. And when you have coat of tower over everything else, it's difficult to see through it to see the good time. This is a graph of the Energy Information Agency of the United States.

所以重點是：讓那個數字變得更好，就是我全部努力的目標。如果你從經濟誘因來看，很明顯，我希望這家公司成功。我必須提醒各位，太陽能正處於一個好時期。而當你有一大片陰影籠罩在其他一切之上時，就很難透過它看見好時期。這是一張美國能源資訊署（Energy Information Agency）的圖表。

It talks by area of the United States and averages for the United States of solar penetration rates, meaning in 2024, only 5.6% of the houses in the United States were qualified, rich enough, right area, right ZIP code, good laws in the state, meaning 95% of the homes did not have solar, that could have had solar.

它按美國各地區以及全美平均來談太陽能滲透率，意思是：在2024年，美國只有5.6%的住宅符合條件——夠富裕、地區合適、郵遞區號合適、州法規也合適——也就是說，95%的住宅沒有太陽能，但其實是可以裝太陽能的。

This number has been updated recently. The 2026 update is 7%, up from 5.6% so the 7%, therefor 4.93%. And there's a forecast by the same EBITDA that it will be 30% in 2030. I think that's a little bit aggressive. But the point is even in 2030, 70% of the market will be unsatisfied and we'll be wanting solar.

這個數字最近已更新。2026 年的更新值是 7%，高於 5.6%，所以是 7%，因此為 4.93%。而同一份以 EBITDA 為基礎的預測指出，2030 年將達到 30%。我覺得那有點過於激進。但重點是，即使到 2030 年，市場仍有 70% 的需求未被滿足，而我們會想要太陽能。

And by 2030, that's four years, you take a 10% raise per year, take 1.10 raise it to the fourth power, and you've got the cost of power that people are going to have to be going up by 50%. Meanwhile, the cost to install solar is flat to down and has been if you look at a four-year rolling average forever. What that means is solar energy is number 1 in addition to our portfolio of energy generation. So here, I show gigawatts. If you want to calibrate that, this is a added solar -- additions.

而到 2030 年，也就是四年後，你每年假設上漲 10%，用 1.10 的年增率取四次方，你會得到人們必須承擔的電力成本將上升 50%。同時，安裝太陽能的成本持平到下降，而且如果你看四年的滾動平均，長期以來一直如此。這代表太陽能成為我們發電組合中新增的第 1 名。所以在這裡，我展示的是 GW（吉瓦）。如果你想校準一下，這是新增的太陽能——新增量。

If you want to visualize gigawatt, think about a nuclear plant and think about that giant dome, and there's usually two of them, each of them are worth a gigawatt. That's a cooling tower or a plant. So 70 gigawatts is a lot of power that was added -- 35 nuclear plants equivalent. You can see natural gas is fading. I don't necessarily agree with that, but that's what's happened.

如果你想把吉瓦具象化，想像一座核電廠，想像那個巨大的圓頂，通常會有兩個，每一個約等於 1 吉瓦。那是冷卻塔或電廠。所以新增 70 吉瓦是非常大的電力——相當於 35 座核電廠。你可以看到天然氣正在式微。我不一定同意這點，但這就是已經發生的情況。

And wind and solar are growing. Solar you can see here in the bottom is growing the fastest. And you really can comp battery storage as part of the wind and solar phenomenon because you have to store the energy when the wind is blowing or when the sun is out. So this is also renewable. So bottom line, we're having a renewable transition like it or not, debated.

而風電與太陽能正在成長。你可以在底部看到太陽能成長最快。而且你真的可以把電池儲能視為風電與太陽能現象的一部分，因為當有風或有日照時，你必須把能量儲存起來。所以這也屬於再生能源。總之，不管你喜不喜歡、是否有爭論，我們正在進行一場再生能源轉型。

This is where the market is. And I frankly, think it's right. I think the fact that you can buy solar panel for $100 and get 500 watts of power out of it when the sun is shining, it's a big deal. The thing that people have talked about and they don't realize is there's two kinds of payback, energy payback, which is 7-ish years for buying and installing solar system. And then there's -- that's financial payback story.

這就是市場所在的位置。坦白說，我認為這是對的。你可以花 100 美元買到一片太陽能板，在有日照時輸出 500 瓦電力，這很重要。人們談過但沒意識到的是，回收有兩種：能源回收，也就是購買並安裝太陽能系統大約 7 年左右。然後還有——那是財務回收的故事。

And then there's energy payback. And energy is, do you ever get the energy back, you get from melting glass and purifying aluminum, from the panel. And the answer is the energy payback time is about a year. That is the panel will produce more energy than it took to produce it. So the fundamentals are all there, and they're all lined up.

然後還有能源回收。能源回收是指：你是否能把製造面板所耗的能量拿回來——例如熔融玻璃、提純鋁所消耗的能量。答案是能源回收時間大約是一年。也就是說，面板產生的能量會超過製造它所耗的能量。所以基本面都在，而且都已到位並對齊。

This is from Ohm Analytics. Ohm is sort of the go-to data source. I'll just make two points here. photovoltaic pricing trends and of course, they look at the pipeline and you can see us flat. So there is no big crash coming in solar pricing. The reason for it is the government subsidy is gone. I was happy about that. And as a matter of fact, there will be a short-term slightly upward trend because of that. Second one, and this is a bad one, this is monthly residential commits. So here we have by month going up to May of this year.

這份資料來自 Ohm Analytics。Ohm 算是首選的數據來源。我在這裡只提兩點：光伏（photovoltaic）定價趨勢，當然他們也看管線，你可以看到我們是持平的。所以太陽能價格不會出現什麼大崩盤。原因是政府補貼已經取消。我對此感到高興。事實上，因為這個原因，短期內會有一點點上行趨勢。第二點，而且這是比較糟的：每月住宅端簽約量。所以這裡我們按月份一路看到今年 5 月。

This little peak back here is safe harbor. This is where everybody is buying and installing one bolt in order to guarantee that they would get ITC credit. And then after they that got done, then we went into the current new equilibrium with lower funding, 30% gone. So the reality is, if you eyeball list, 25,000 installs has gone to, let's say, 15,000. And this is what we're dealing with in the solar industry.

後面這個小尖峰是「安全港」（safe harbor）。這是大家為了確保能拿到 ITC 稅額抵免而去購買並安裝、哪怕只裝上一顆螺栓的時期。而在那波完成之後，我們就進入目前新的均衡：資金更少，少了 30%。所以現實是，如果你用目測，安裝量從 25,000 下降到，比如說 15,000。這就是我們在太陽能產業所面對的狀況。

We've got a significant fraction, I think one-third to half of our companies have gone out of business because there's a lower volume at the very same time. There's the lower volume and the tax credit is gone. So the double whammy is pretty much on employing a lot of people. Okay. So we've responded to that with $13 million in cost reductions.

我們有相當大的一部分——我認為三分之一到一半——的公司已經倒閉，因為在同一時間出現較低的量。量變少，而且稅額抵免也取消了。所以這種雙重打擊，對雇用大量人力的影響非常大。好。因此我們以 1,300 萬美元的成本削減來回應。

After Q1 '26, the first of the back-to-back bad quarters, we did a RIF. We implemented a 4-day work week. The reason for this is we knew coming up to needing those people, therefore, laying them off and bringing them back was not proper. So we did -- went to a 4-day week to keep the people, have the least layoffs, and we also did some structured cost cutting. That was $7.1 million that Tom showed you on the first slide.

在 2026 年第一季之後，也就是連續兩個不佳季度中的第一個，我們進行了裁員（RIF）。我們實施了每週 4 天工作制。原因是我們知道之後還會需要這些人，因此先裁掉再召回並不恰當。所以我們——改成 4 天工作制以留住員工、把裁員降到最低，同時也做了一些結構性的成本削減。那就是 Tom 在第一張投影片向各位展示的 710 萬美元。

This quarter, we're going to do another $5.9 million, and it will be focused mostly on management where we have new homes and cobalts and we have two sets of managers, and we will rationalize that. And that now reports to John Bergh, who's going to address you later. So have we -- are we fat? And the answer is, no, we're not. We never have been.

本季我們將再做 590 萬美元，主要聚焦在管理層；因為我們有新屋（new homes）與 cobalts，我們有兩套管理團隊，我們會把它合理化整併。而這部分現在向 John Bergh 匯報，他稍後會向各位說明。所以我們是不是——人員臃腫？答案是否，我們不是。我們從來都不是。

This is a graph of our headcount. When I took the thing over in Q4, I inherited 3,500 candidates to work there. We said we need -- we can only deal with 1/3 of them and then we lowered this over time as we learned how to run with leaner team. Right now, we're at -- we're targeting 700, we were about 710. So we have a lean company.

這是一張我們員工人數的圖表。我在第四季接手時，承接的是 3,500 個候選人要到那裡工作。我們說我們需要——我們只能處理其中三分之一，然後隨著我們學會如何用更精實的團隊運作，這個數字也逐步下調。現在我們的目標是 700 人，實際大約 710 人。所以我們是一家精實的公司。

And if you went into our place, you would see people working their butts off. Last weekend, weekend before that, 64 people worked over time so -- which is efficient for the corporation. It's good for them, especially on a 4-day work. Okay. So the cost reductions, $13 million described the two components of that last quarter and this quarter.

如果你走進我們的辦公場所，你會看到大家拼命工作。上個週末、再前一個週末，有 64 人加班——這對公司而言是有效率的。這對他們也好，尤其是在每週 4 天工作制之下。好。所以成本削減 1,300 萬美元，包含了上季與本季這兩個部分。

I'd now like to start talking about the overriding thing for us, the technology and capability, let me call it the architectural capability, engineering capability we have which will drive us forward with better pricing. So I'd like to introduce Surinder Bedi.

我現在想開始談對我們而言最核心的事情：技術與能力——我稱之為架構能力、工程能力——這將推動我們以更好的定價向前。所以我想介紹 Surinder Bedi。

He is nominally our EV of quality, but we can't afford to have VPs, including me, my wife and I typed the words in this report. We can't afford to have single-purpose expensive people. So in addition to working on quality, he looks at future engineering.

他名義上是我們的品質執行副總裁（EV of quality），但我們負擔不起讓副總裁們——包括我、我太太——在這份報告裡打出這些字。我們負擔不起只做單一用途的昂貴人力。所以除了做品質工作之外，他也會看未來的工程。

He's an expert on panels and I have asked him to describe highly awarded work in Intel and Applied Materials. Silicon Valley guy, he has his own patents. I've asked him to describe our new panels and why they make a difference. Surinder, you're up.

他是面板方面的專家，我請他描述他在英特爾（Intel）與應用材料（Applied Materials）所做、獲得高度獎項肯定的工作。他是矽谷人，有自己的專利。我也請他介紹我們的新面板，以及為什麼它們能帶來差異。Surinder，輪到你了。

Thank you, T.J.

謝謝你，T.J.。

By the way, this is -- we call the panel, our trade name is Monolith. This is a picture of a billboard on a major freeway in Salt Lake City when we announced that we had the Monolith.

順帶一提，這個——我們稱之為面板，我們的商品名稱是 Monolith。這是一張照片：當我們宣布擁有 Monolith 時，在鹽湖城一條主要高速公路上的大型看板。

Thank you, T.J. So what I'll be talking about the SunPower REC JDA technology partnership, which we have engaged in the last few months, and that has really provided us huge dividends in terms of developing a high-voltage heterojunction technology product, which is 470-watt panel.

謝謝你，T.J.。我接下來要談的是 SunPower 與 REC 的 JDA 技術合作夥伴關係，我們在過去幾個月投入其中，而這確實為我們帶來了巨大的成果，尤其是在開發高電壓異質接面（heterojunction）技術產品方面，也就是 470 瓦的面板。

And it's got a unique technology in terms of hybrid technology, where we allow the silicon, the anti-silicon wafer and it is being sandwiched between the amorphous silicon. And at the same time, it's got a very strong superior preservation. This technology allows us to be one of the best technologies in the market today, especially for the bifacial gains, and I'll talk about that in a minute as well.

它在混合式技術上有其獨特之處：我們讓矽——這個矽晶圓——夾在非晶矽之間。同時，它也具備非常強、優異的保護性。這項技術讓我們成為目前市場上最好的技術之一，特別是在雙面（bifacial）增益方面，我等一下也會談到。

So the Monolith 470-watt panel through this JDA technology partnership, where the two companies, REC and SunPower, with their innovation have come together and we have launched, during Q1, this particular product line. It has been commercialized right now for residential, for light commercial for various applications today. And our intention is to expand this business throughout this year.

因此，透過這項 JDA 技術合作夥伴關係，Monolith 470 瓦面板由兩家公司——REC 與 SunPower——以各自的創新共同合作，我們已在第一季推出了這條產品線。目前已商業化，應用於住宅、輕商用等各種場景。而我們的目標是在今年內擴大這項業務。

It's also got a very unique feature. I want to take a minute to talk about that. The module efficiency is pretty good, 22.6%, which allows us to have a huge power density advantage in terms of the watts per meter square. It's got the advantage of temperature coefficient. It's got the low-light enhanced performance, both morning, evening, cloudy and so on with a low degradation and huge warranty advantage as well.

它還有一個非常獨特的特點。我想花一點時間談談。模組效率相當不錯，達到 22.6%，這讓我們在每平方公尺瓦數（watts per meter square）的功率密度上具有很大的優勢。它也具備溫度係數的優勢。它在低光照下的增強表現也很好，包括清晨、傍晚、陰天等等，同時衰減低，保固優勢也很大。

So putting this together, all the different technology advantages from a heterojunction technology using the end type cell, we got the most powerful 470-watt panel today in the market, and we are proud of that. Moving forward, we are already developing in parallel.

綜合以上，透過使用 N 型電池的異質接面技術所帶來的各種技術優勢，我們現在擁有市場上最強的 470 瓦面板，我們對此感到自豪。展望未來，我們也已經在同步開發。

We have done some engineering work. We have some engineering samples built, and that is, we call it, Monolith two Bifacial, which is coming soon. Here, the advantage we are bringing is that we are taking double glass structure to ensure that we have the bifacial advantage.

我們已完成一些工程工作。我們也做出了一些工程樣品，我們稱之為 Monolith Two 雙面（Bifacial），即將推出。在這裡我們帶來的優勢是採用雙玻璃結構，以確保我們具備雙面發電的優勢。

So this allows us to improve our module efficiency. At the same time, it allows us to make the panel with the performance improvement, the boost we have, taking it another higher level to 494 to 528 watt panel. It still remains the same lightweight 50 pounds, very sleek panel with the 2.0 meter square area and the glass has been reduced, but it has been doubled, we call it double glass, both on the front side and the rear side, and that allows us to have the power density advantage.

這讓我們能提升模組效率。同時，也讓我們把面板的性能提升再推到更高一個層級，做到 494 到 528 瓦的面板。它仍然維持同樣的輕量化——50 磅——非常俐落的面板，面積為 2.0 平方公尺；玻璃已經減薄，但又加倍，我們稱之為雙玻璃，正面與背面各一層，這讓我們具備功率密度的優勢。

And you can see we are -- have an objective to demonstrate the advantage on both the residential application as well as in the commercial side. By having a double glass product, you have a much more reliable product because you don't have a plastic layer behind, which we call it backside -- and because you have a double glass, it allows you to have a stronger structure to handle all the different environmental condition as well as on the fire resistance side.

你可以看到，我們——目標是展示其在住宅應用以及商用端的優勢。採用雙玻璃產品，你會得到更可靠的產品，因為背面沒有塑膠層（我們稱之為背板——backside）；而且因為是雙玻璃，它能提供更強的結構，以應對各種環境條件，同時在耐火性方面也更有利。

The warranty has also improved from 25 to 30 years. And we believe by having this combination of technology advantages, along with bifacial advantage, you have basically a designed in a best-in-class product line with a high output over lifetime, and that gives us a huge advantage in terms of cost per kilowatt hours, transforming the innovation into customer value. So this is the quick snapshot of what we have developed.

保固也從 25 年提升到 30 年。我們相信，透過這種技術優勢的組合，再加上雙面增益，基本上就能打造出同級最佳（best-in-class）的產品線，在全生命週期內維持高輸出，並在每度電成本（cost per kilowatt hours）方面帶來巨大優勢，把創新轉化為客戶價值。以上就是我們所開發成果的快速概覽。

So now that you -- business students in the audience have gotten your notes, I like to just make a couple of points. This has made a difference for us. All Chinese cells up to about a year ago were Poles moved 3 times lower than electrons. This is a big deal. We've always been, since 1985, in-type silicon, way ahead, that gives us superior efficiency, is temperature coefficient, 0.24% per degree centigrade.

現在，台下的——商學院學生們都已經把筆記記好了，我想再補充幾點。這對我們確實帶來了差異。直到大約一年前，所有中國的電池片都是 P 型，其空穴（holes）的移動率比電子低 3 倍左右。這很關鍵。自 1985 年以來，我們一直採用 N 型矽，領先很多，帶來更高的效率與更好的溫度係數，為每攝氏度 0.24%。

So that's 24% per 100-degree centigrade. So if you're on a roof and you're cooking at 100 degrees centigrade, your panels become 24% less efficient. That's bad, but it's half of what the P-type cell has. That's why that's there. The 50 pounds is there because OSHA won't let you use one person to install a panel, unless you're under 50 pounds.

也就是每 100 攝氏度下降 24%。所以如果你在屋頂上，溫度高到 100 攝氏度在「烤」面板，你的面板效率會降低 24%。這很糟，但它只有 P 型電池的一半。這就是為什麼會這樣。50 磅這個數字之所以重要，是因為 OSHA 不允許單人安裝面板，除非重量低於 50 磅。

And that's an ironclad rule, you don't screw around with OSHA. That glass is pretty thin already. This -- there are layers. They are like 13 layers in this panel. These guys, REC, are really good. And they're world-class, one of the top two or three in the world, and they're world-class/not Chinese, which is exactly what we need. And they work on getting low light to produce energy.

而那是鐵一般的規定，你可別跟 OSHA 開玩笑。那片玻璃其實已經相當薄了。這——是由多層結構組成。這個面板大概有 13 層。這些人——REC——真的很厲害。他們是世界級的，全球前二或前三，而且是世界級／非中國的，這正是我們所需要的。他們也致力於讓低光照也能產生能量。

So you get kilowatt hours in the morning and in the night you really don't talk about when you -- when a salesman is trying to sell your solar, but you get kilowatt hours for free. The next one is the degradation. Panels, as they cook in the sun over the years, degrade.

所以你在早上和晚上也能得到度電（kilowatt hours）；當業務在推銷你的太陽能時，通常不太會談到這點，但你確實能免費得到這些度電。下一個是衰減。面板在太陽下多年被「烤」著，會逐年衰減。

These panels are exemplary. In 25 years, they still produce 92.5% of the energy they did when they were brand new. And that's almost double other kinds of panels. So if you combine low light every day and a degradation curve that's almost not there, you get high lifetime kilowatt hours. And this is what -- if you look at the economics of a panel, that's all you get, you get a kilowatt hour for free from your panel or from the depreciation of the costs you paid for the panel, and you don't have to buy it from a utility.

這些面板的表現堪稱典範。25 年後，它們仍能產生相當於全新時 92.5% 的電量。這幾乎是其他類型面板的兩倍。所以如果你把每天的低光照發電，以及幾乎不存在的衰減曲線結合起來，你就能得到更高的全生命週期度電。而這就是——如果你看一片面板的經濟性，最終你得到的就只有這個：你從面板免費得到度電，或是從你為面板支付成本的折舊中回收度電，而且你不必向公用事業公司購電。

Currently, in California, that's looking like $0.20, and it's going up at a rapid rate. And right now, panels used to be flaky. They're now solid for 25 years. And even at 25 years, there's still almost brand new. So that's just one bifacial, think this panel, think the next generation of it, put glass on the front and back.

目前在加州，看起來大約是每度電 0.20 美元，而且正以很快的速度上升。而且現在，面板以前常常不穩定。現在它們可穩定使用 25 年。即使到了 25 年，仍然幾乎像全新的一樣。所以這只是其中一種雙面（bifacial），想像這片面板，再想像它的下一代，在正面和背面都加上玻璃。

You're not talking about glass that is the thickness of a match -- wouldn't match -- and it's got to work, and it's got to work for 30 years. And we've already got our first samples to this one. By the way, bifacial technology is what the utilities use. They don't even use the standard residential technology. The problem is, if you take that thick glass and put it on a panel, you're looking at 70 or 80 pounds here.

你談的不是那種薄到像火柴棒厚度的玻璃——那根本不行——它必須能運作，而且要能運作 30 年。而我們已經拿到這一款的第一批樣品了。順帶一提，雙面技術是公用事業（電力公司）在用的。他們甚至不使用標準的住宅用技術。問題是，如果你把那種厚玻璃裝到面板上，重量會到 70 或 80 磅。

So these are panels that are put in place by robots in the field by utilities and they're not really available to residential. So the name of our game is how many watts and now we're going to be over 500, can you get from 50 pounds. That's really the game. Okay. Next is John Bergh.

所以這些面板是由公用事業在現場用機器人安裝的，住宅市場其實不太買得到。所以我們的核心課題是：在 50 磅的重量限制下，你能做到多少瓦？而我們現在要超過 500 瓦。這才是真正的比賽。好。下一位是 John Bergh。

John bought Cobalt Power Systems and is the CEO of it. He has worked for the Korean company, Qcells, which is probably the only other major manufacturer, a non-Chinese manufacturer, that is in the same class as REC. And he sells systems. So he talks about those little advantages that were on the last slide that are kind of hitting an amazing numbers. So I've asked John to talk about -- he has -- he lives in Silicon Valley.

John 收購了 Cobalt Power Systems，並擔任其執行長。他曾在韓國公司 Qcells 工作；Qcells 可能是唯一另一家主要的、非中國的製造商，在同一等級可與 REC 相提並論。而且他也銷售系統。所以他會談到上一張投影片裡那些小優勢，如何帶來驚人的數字。所以我請 John 來談談——他住在矽谷。

He thinks Silicon Valley. We talk Silicon Valley, not sales and -- I got graphs that the first graph is knocks -- how many doors did you knock on? We knock on 65,000 doors a week. So you got to talk about that the cell -- but you've got to talk about technology to sell and get a better ASP. So I'm going to let John talk about the technology of design and engineering he's brought to the company.

他用矽谷的思維。我們談矽谷，不談銷售——我有圖表，第一張圖表是敲門——你敲了多少扇門？我們每週敲 65,000 扇門。所以你得談電池——但你也必須談技術，才能賣得出去並取得更好的 ASP（平均售價）。所以我就讓 John 談談他帶進公司、在設計與工程上的技術。

Thank you, T.J. What you're looking at here is the very first Monolith installation. So this is on the historic pleasure point plunge pool. It was a club in -- by Santa Cruz, right off the coast of Santa Cruz, by Pleasure Point. The homeowner there, his name is Mike, he actually had a previous solar panel system spec.

謝謝你，T.J. 你現在看到的是第一個 Monolith 的安裝案。這是在歷史悠久的 Pleasure Point 跳水池（plunge pool）。那裡曾是一家俱樂部——在聖克魯斯附近，就在聖克魯斯海岸旁、Pleasure Point 附近。那位屋主名叫 Mike，他其實之前就有一套既有規格的太陽能板系統。

And when the Monolith came out, I called them up and I said, hey, Mike, do you want to look at this new technology, it's called Monolith. We can fit it on the best part of your roof and maximize the kilowatts on your roof, so that you have some space around it. Now it's a little bit more expensive but you're going to get a more levelized cost of energy.

當 Monolith 推出時，我打電話給他們，我說：嘿，Mike，你想看看這個新技術嗎？它叫 Monolith。我們可以把它裝在你屋頂最好的位置，最大化你屋頂上的千瓦數，讓周圍還能留一些空間。現在它會貴一點，但你會得到更低的平準化能源成本（LCOE）。

The system is going to wake up earlier each morning and it's going to turn off later on and go to sleep later on each night, providing you more power every day. So even though it's a little bit more upfront cost, you're actually going to get more power over time and that results in about a 7% or 8% increase in ROI.

這套系統每天早上會更早啟動，晚上會更晚關閉、也更晚進入休眠，每天提供你更多電力。所以即使前期成本稍高，長期下來你實際上會得到更多發電量，這會讓投資報酬率（ROI）提高約 7% 到 8%。

Mike was like, well, what do they look like? And I said, well, they look sleek, they're all black. There's no white contact points or anything like that. That's why they call it the Monolith. And he said, sure. And so we installed that. And he's very happy. He sends me photo -- crops of his system production and it's meeting and exceeding what our forecasts were.

Mike 說：那它們看起來怎樣？我說：外觀很俐落，整片都是黑色。沒有白色接點之類的東西。這就是為什麼它叫 Monolith。他說：好啊。於是我們就安裝了。他非常滿意。他會傳照片——截圖他的系統發電量，而且表現達到、甚至超過我們的預測。

What you're looking at here is the Santa Clara project. So this is the third project we've done for Santa Clara University. And you're looking at about a 1.2 megawatt installation that generates over 2.1 million kilowatt hours annually. And the estimated savings per year for the university is about $350,000. We did an integrated solar superstructure on the north parking garage.

你現在看到的是 Santa Clara 專案。這是我們為聖塔克拉拉大學做的第三個專案。你看到的是約 1.2 兆瓦的安裝容量，每年發電超過 210 萬度（kWh）。而大學每年的預估節省金額約為 35 萬美元。我們在北側停車場大樓做了整合式太陽能上部結構（superstructure）。

And we did elevated carports here at Levy parking lot and a rooftop array at the Athletic Excellence Center. It's these types of installations and these high-quality premium modules that set SunPower part and what we continue to look as a forward-looking commercial outlook what we're going to be deploying to universities, data centers, other things across the country as we start to expand our market share.

並且在 Levy 停車場做了架高式車棚（carport），以及在 Athletic Excellence Center 做了屋頂陣列。正是這類型的安裝案與這些高品質的高階模組，讓 SunPower 脫穎而出；而我們也持續以更前瞻的商用展望來看，當我們開始擴大市占時，將把這些方案部署到全國各地的大學、資料中心及其他場域。

A comment on the structure of carport. Okay. Down here, you've got people parking their car. This is in a university. Here, you've got a roof which replaces a normal roof. It's not on the roof, like residential, you put panels on a roof that already exists. You got to make sure the roof is structural. You may have to do work to begin with before you put them on. In this case, the roof is panels. All you have is a framework below it, which is economical.

補充一下車棚結構。好。在這下面，人們把車停在這裡。這是在一所大學裡。這裡你有一個屋頂，它取代了一般屋頂。它不是像住宅那樣裝在屋頂上——住宅是把面板裝在既有屋頂上。你必須確保屋頂結構足夠。在安裝之前，你可能得先做一些工程。但在這個案例中，屋頂本身就是面板。你只有下面的框架結構，成本更經濟。

And what happens is the rays come down, they get the panel in 1,000 watts per square meter, 20% of that goes into the panels and turns in electricity and doesn't go down in and shine on. Asphalt heat your car up to 120 degrees Fahrenheit and all those stuff. So this is an important use of solar in large quantities.

而且會發生的是：太陽光照下來，以每平方公尺 1,000 瓦的輻照度打到面板，其中 20% 進入面板轉成電力，就不會再往下穿透照射。瀝青會把你的車加熱到華氏 120 度，還有那些問題。所以這是在大規模情境下非常重要的太陽能應用。

So what you're looking at here, this is the waterfront building in San Francisco. You can see it's right there by the piers in downtown. This project demonstrates not only do we use high-efficiency modules. It's about 0.25 megawatt. But we used about 554 high-efficiency solar modules for this project.

所以你現在看到的是舊金山的 Waterfront Building。你可以看到它就在市中心碼頭旁邊。這個專案不僅展示我們使用高效率模組。規模約 0.25 兆瓦。而且我們在這個專案中使用了約 554 片高效率太陽能模組。

One of the key engineering points is that this is a post-tension concrete roof construction. And so we had to use LiDAR graphing and infrared readings to find the structural points for seismic installation. And what you're looking at here is a floating array and I'll let T.J. talk about this a little bit, but this is pretty bifacial Monolith. So if you look at what we're able to do when we get the Monolith bifacial out, we'll actually be able to garner more wattage from the same rooftop. T.J.?

其中一個關鍵工程重點是：這是一種後張法（post-tension）的混凝土屋頂結構。因此我們必須使用 LiDAR 測繪與紅外線讀值，找出可用於抗震安裝的結構受力點。而你在這裡看到的是一個浮動式陣列；我讓 T.J. 再多談一點，但這基本上就是雙面 Monolith。所以如果你看我們在推出 Monolith 雙面版本後能做到什麼，我們實際上將能在同一個屋頂上取得更高的瓦數。T.J.？

Yes. The -- so these pads spread out the weight, the weight goes on a frame. This is not the standard way of doing it because this roof is not a new building and it's high tech. And what that means is they stretch the rods and then they pour the concrete and the concrete dry around the stretch rods.

是的。所以這些墊片會分散重量，重量會落在一個框架上。這不是標準的做法，因為這個屋頂不是新建築，而且是高科技結構。這表示他們先把拉桿拉伸，然後澆灌混凝土，混凝土會在被拉伸的拉桿周圍凝固。

So it's pencil concrete, much stronger and -- a different concrete, it's much stronger. So this roof is way thinner, way easier to support than a normal roof. But the problem you've got is if you put too much pressure on a given area, you can punch through that roof. So this thing was built in order to float on these pads. Now the accident here is now you can visualize what a bifacial panel does. If I glass on the front side and glass on the backside.

所以那是預力混凝土，強度高很多——而且是不同的混凝土，強度更高。因此這個屋頂薄得多，也比一般屋頂更容易支撐。但問題是，如果你在某個區域施加過大的壓力，就可能把屋頂壓穿。所以這個結構的設計是要漂浮在這些墊片上。現在這裡的意外是，你可以想像雙面板會做什麼。如果我正面用玻璃、背面也用玻璃。

And this has already painted a pretty good reflective white. I'll get light to go through here. I may put more area between another stripe to let in sunlight through the rows. But typically, this will take a 470-watt panel and the backside will take it up over 500 watts. This is Monolith 2, what we are talking about.

而且這裡已經塗成相當不錯的反射白色。我會讓光穿過這裡。我可能會在另一條條帶之間留出更多空間，讓陽光能穿過列與列之間。但通常，這會把一片470瓦的面板，靠背面發電提升到500瓦以上。這就是我們在談的 Monolith 2。

Great. And what you're looking at here, this is 1 of the 26 of the greener stores program. This is in conjunction with our partnership with SunPower -- or excuse me, with Starbucks. And we recently completed the Millennium project as well. And these are essentially carport structures, and they're built in the Palm Desert of California.

很好。你現在看到的這個，是「更綠門市」計畫26個案場之一。這是配合我們與 SunPower——抱歉，是與星巴克（Starbucks）的合作夥伴關係。我們最近也完成了 Millennium 專案。這些基本上是車棚式結構，建在加州棕櫚沙漠（Palm Desert）。

And you can see it gets a lot of energy and light from both the top and bottom. This is the Millennium solar project here. And this is about 997 kilowatts, so just under a megawatt of power. And we recently completed this, and it's a beautiful installation, whereas before, it was just an empty parking lot producing no power, now produces power for the buildings around it and also provide shade for the cars underneath.

你可以看到它從上方和下方都能獲得大量能量與光線。這裡就是 Millennium 太陽能專案。規模約997千瓦，也就是略低於1兆瓦的電力。我們最近完成了它，這是一個很漂亮的安裝；以前這裡只是個空的停車場，完全不發電，現在則能為周邊建築供電，並且為下方的車輛提供遮蔭。

So it's a really good synergy there. And actually, Surinder had spoke with and done an NPS rating with the customer. And I don't know, Surinder, if you want to mention the NPS rating?

所以這之間有很好的協同效益。而且其實 Surinder 已經和客戶談過，並做了 NPS 評分。我不知道，Surinder，你要不要提一下 NPS 的評分？

Sure. So NPS basically is Net Promoter Score, which measures the customers' confidence and the trust with SunPower and their willingness to allow us to be a reference point for future customers as well. So they recommend us to other customers as well. So we have been working with this customer for almost a year now, and the work has been done so beautifully, the architecture, the engineering, the procurement, the entire energy performance over this side.

當然。NPS 基本上是「淨推薦值」（Net Promoter Score），用來衡量客戶對 SunPower 的信心與信任，以及他們是否願意讓我們成為未來客戶的參考案例。也就是他們是否會把我們推薦給其他客戶。我們與這位客戶合作將近一年了，工作完成得非常漂亮，包含建築設計、工程、採購，以及這一端的整體能源績效。

And then we spoke -- we talked with your team, the customer team, with your president and about their experience on SunPower on five set of questions, and they gave us a very good score. The overall score was 90%, which is one of the best-in-class score. So we are happy and the customer is extremely happy and they would like to do more business with us.

接著我們與你們的團隊、客戶團隊、你們的總裁談過，並就他們對 SunPower 的體驗用五組問題進行訪談，他們給了我們非常好的分數。整體分數是90%，這是同級最佳之一的分數。所以我們很高興，客戶也非常滿意，並且希望與我們做更多生意。

Thank you, Surinder. Yes. At SunPower, as we continue to execute complex high-value commercial projects that demonstrate our engineering capability and expertise, we're really driving premium quality to the marketplace and giving people a legitimate option to go with that. These milestones with the Millennium project, Santa Clara University, the Waterfront buildings in San Francisco and most recently, the Los Altos Golf & Country Club really demonstrate our ability to execute at a high level.

謝謝你，Surinder。是的。在 SunPower，隨著我們持續執行複雜且高價值的商用專案、展現我們的工程能力與專業，我們正把高端品質推向市場，並讓大家有一個真正可選擇的方案。Millennium 專案、聖塔克拉拉大學（Santa Clara University）、舊金山的 Waterfront 大樓，以及最近的 Los Altos Golf & Country Club，這些里程碑都充分展現了我們高水準的執行能力。

Our commercial pipeline continues to expand. We have next-generation opportunities coming up, one of which is our first AI data center in Reno, Nevada that we're going to begin construction on next month. We're really, really excited about that. And backed by heritage, dated in 1985 here in Silicon Valley, SunPower remains committed to quality standards that exceed industry norms and premium technology solutions that position us for continued growth and a very strong commercial and residential outlook. Thank you.

我們的商用案源管線持續擴大。我們也有下一代的機會正在到來，其中之一是我們在內華達州里諾（Reno, Nevada）的第一座 AI 資料中心，我們將在下個月開始動工。我們對此非常、非常興奮。憑藉在矽谷自1985年以來的傳承，SunPower 仍致力於超越產業常態的品質標準，以及能讓我們持續成長的高端技術解決方案，並帶來非常強勁的商用與住宅前景。謝謝。

Okay. So this is what we've already shown you and why we're happy about the future. So then what does that turn in the numbers you can hold us accountable to? In this quarter, we expect to grow revenue to $75 million or more and we expect to reduce our operating loss, which was a -- can't use any other word than ugly $12.5 million to less than $1 million. I was tempted to say breakeven here and there's a possibility for that.

好。所以這就是我們已經向各位展示的內容，以及我們為何對未來感到樂觀。那麼，這會轉化成哪些你們可以用來要求我們負責的數字？本季我們預期營收成長到7,500萬美元或以上，並預期把營業虧損——只能說很難看——從1,250萬美元降到低於100萬美元。我本來很想說接近損益兩平，而且確實有可能。

But I don't want to come back next quarter and we make any excuses why we didn't make the numbers. So those are the numbers. I had a 3-hour meeting yesterday with the executive staff, and we went over line by line and group by group. These are the numbers the executive team is committed to. Okay.

但我不想下季回來時，還要找任何藉口解釋為什麼沒達到數字。所以這些就是數字。我昨天和高階主管團隊開了3小時的會議，我們逐行、逐組檢視。這些是管理團隊承諾要達成的數字。好。

To conclude, we've changed our company. We've cut millions of dollars, state-of-the-art Monolith and Monolith two panels as well as the high-tech high-margin installations by our new homes Cobalt division, we will move into the premium segment of the solar market divided by sustainable technology advantages and bring premium pricing to a very lean company.

總結來說，我們已經改變了公司。我們削減了數百萬美元成本；以最先進的 Monolith 與 Monolith 2 面板，以及由我們新住宅 Cobalt 事業部提供的高科技、高毛利安裝服務，我們將進入太陽能市場的高端區隔，憑藉可持續的技術優勢取得溢價定價，並讓公司維持非常精實的體質。

The company is lean, and it has to be lean because most of our sales now are consumer and you compete on price. So what we need is a slice of our business where we compete on energy generation, efficiency, aesthetics and architecture. And that's our strategy.

公司很精實，而且必須精實，因為我們現在大多數銷售都面向消費者，而你必須在價格上競爭。所以我們需要在業務中有一個區塊，是在發電量、效率、美觀與建築設計上競爭。這就是我們的策略。

So we changed -- due to these quarters, we changed significantly, a $13 million change in cost is nontrivial, and the people back at home feel that. And this is -- this has always been our plan, and we just want to tell you it hasn't changed due to a surprise in Q2.

所以我們改變了——在這幾個季度之中，我們有顯著改變；1,300萬美元的成本變動不是小事，家裡的同仁都感受得到。而且這——這一直都是我們的計畫，我們只是想告訴各位，這個計畫並沒有因為第二季的意外而改變。

We're panels -- we had the orders for putting the line, didn't ship on time. They were late. And that hit us for revenue that looks like we just screwed up, didn't have the orders or whatever, it's not really true. Okay. Questions?

我們的面板——我們有把訂單排進產線，但沒有準時出貨。出貨延遲了。這影響了我們的營收，看起來像是我們搞砸了、沒有訂單或怎樣，但其實並非如此。好。有問題嗎？

(Operator Instructions)

（接線員指示）

Gus Richard, Northland.

Gus Richard，Northland。

Yes. Just in terms of execution in the third quarter, there's air quality issues around the country, there's heat waves. There's a tight labor market. Do you anticipate or see any obstacles to getting jobs done in the coming quarter?

是的。就第三季的執行而言，全國各地有空氣品質問題，也有熱浪。勞動市場也很緊俏。你們是否預期或看到在接下來一季完成工程會有任何障礙？

That's a great question, and I haven't got our operations people here to answer it. But yes, we're -- there's all kinds of headwinds in our industry. And that's why when we promised yesterday, we picked the number we thought we could make given those problems. So yes, there are in the $75 million number, not a great number, in my opinion, but it's what we thought we could do given the headwinds we're seeing in the market right now.

這是個很好的問題，而我這裡沒有我們營運端的人可以回答。但沒錯，我們——我們這個產業面臨各式各樣的逆風。也因此，當我們昨天做出承諾時，我們選擇了一個在考量這些問題下、我們認為能達成的數字。所以是的，在那個7,500萬美元的數字裡——以我個人看法不是個很漂亮的數字——但就我們目前在市場上看到的逆風而言，這是我們認為能做到的。

Okay. And then one for Tom. Welcome to SunPower. In terms of FP&A and getting SEC filings out on time, how much work do you see in front of you in order to get the finance organization running a tight chip?

好的。接著一題給Tom。歡迎加入SunPower。就FP&A以及準時完成SEC申報文件而言，你認為要讓財務組織運作得更精實嚴謹，前面還有多少工作要做？

Yes. So I found the finance team is extremely hard working. We're also going through a process of reimplementing NetSuite and consolidating all of our statutory entities onto a single source. So once we -- once we're able to get through that, which will happen this quarter, we will have better systems, we will have better processes, and I expect much improved decision support all throughout the organization.

是的。我發現財務團隊非常勤奮。我們也正在重新導入NetSuite，並把所有法定實體整併到單一資料來源上。所以一旦我們——一旦能完成這件事（會在本季發生），我們就會有更好的系統、更好的流程，我也預期整個組織在決策支援方面會有顯著改善。

So the teams are working extremely hard right now. I'm also actively adding and enhancing the team by hiring, right? So we've been interviewing quite a lot over the last four weeks, while I've been here. And we've already started to bring new talent on to the team.

所以團隊目前真的非常努力在推進。我也正在透過招募積極擴編並強化團隊，對吧？所以在我來的這四週裡，我們進行了相當多的面試。而且我們已經開始把新的人才帶進團隊。

Derek Soderberg, Cantor Fitzgerald.

Derek Soderberg，Cantor Fitzgerald。

So T.J., bookings are strong. I'm just wondering is cash an inhibitor to delivering on that backlog and what sort of financing options do you guys have available to you at this point? Wondering if you could maybe touch on that and if that's an inhibitor to getting you guys back to cash flow positive?

所以，T.J.，訂單（bookings）很強勁。我想請教的是，現金是否會成為交付這些在手訂單（backlog）的限制因素？以及你們目前有哪些融資選項可用？想請你談談這點，以及這是否會妨礙你們回到正的現金流？

First of all, there are no excuses for -- no excuses for not shipping. The typical excuse would be we have to have cash to buy the panels to put on the house and we've got a problem there. We're tight on cash. We ended the quarter with $4 million in cash. The reason we had $4 million in cash, is that despite working deals for a small infusion of cash to tweak it up to the $10 million I've talked about, at the current price, I'm not interested in selling stock.

首先，對於——不出貨這件事，沒有藉口——沒有藉口。典型的藉口會是：我們得先有現金去買要裝到屋頂上的面板，而我們在那裡遇到問題。我們的現金很吃緊。我們在季末的現金是400萬美元。之所以只有400萬美元，是因為儘管我們在談一些交易、希望小幅注入現金把它調到我提過的1,000萬美元，但以目前的股價，我不想賣股票。

If I don't see money coming in and benefiting us by eliminating some sort of problem. And I don't. So we didn't do it. Therefore, I have to a little bit on the $4 million. Are we tight on cash? Yes. The tightest point was the beginning of this quarter. We're through that. Right now, if you looked at my cash flow graph, and it's -- I'm not compulsive about it, but I do review it every day. And it does have six lines on it that each have a different meaning of cash, and I review it.

如果我看不到資金進來，並且能透過消除某種問題而讓我們受益。而我看不到。所以我們沒有做。因此，我得在400萬美元的水位上撐一下。我們現金緊嗎？是的。最緊的時點是在本季一開始。我們已經度過那段了。現在，如果你看我的現金流圖——我不是強迫症，但我每天都會檢視。上面有六條線，各自代表不同意義的現金，我都會看。

So right now, if I I'm looking to raise perhaps $5 million in cash. It's a for us. But right now, our graph says we can make it clean through Q3. Furthermore, the way we've arranged our milestones is that when you install, you get paid. And that payment, we've now ranged -- comes -- the profit part of it comes to us through the gross margin.

所以目前，如果我——我可能會想再籌大約500萬美元的現金。這對我們來說是個——（句子未完）。但就目前而言，我們的圖表顯示我們可以順利撐過第三季（Q3）。此外，我們安排里程碑的方式是：你一安裝，就會收到款項。而那筆款項，我們現在已經安排——其中的利潤部分會透過毛利回到我們這裡。

And the cost part of it goes to our source of equipment. So we've gotten that prepaid kind of problem. And then by the way, that's the industry. We didn't invent that. So we are looking forward to increase business equaling increased profit equaling better cash flow. But we're tight to say that.

而成本的部分則會支付給我們的設備供應來源。所以我們已經解決了那種需要預付的問題。順帶一提，那是產業慣例。不是我們發明的。所以我們期待業務增加＝利潤增加＝現金流更好。但我們確實是吃緊地在做這件事。

Got it. That's helpful. And then just a little bit more detail on the 1,100 jobs. How many of those are funded today? And then could you sort of talk about what portion of those jobs needed sort of a redesign or repermit versus just kind of a more simple document fix? Can you provide a little bit more detail on that?

了解。這很有幫助。另外想再多問一點關於那1,100個案子（jobs）的細節。其中有多少今天已經有資金到位（funded）？以及你能否談談其中有多少比例需要重新設計或重新申請許可（repermit），相較於只是比較簡單的文件修正？你能提供更多細節嗎？

Sure. So the reason we had a breathtaking shortfall in revenue last quarter is the stuff was sitting in our line, not turned into revenue. The reason it wasn't turned into revenue is that we did not submit it for payment because our experience has been, if you submit something with a small defect even, then it will hang up in their shop and fixing something that's in their shop as opposed to something you're controlling that you get funding for if you submit it, it's a loser.

當然。所以我們上季營收出現驚人的短缺，原因是那些案子卡在我們的產線裡，沒有轉成營收。之所以沒有轉成營收，是因為我們沒有送件請款；因為我們的經驗是，如果你送上去的東西哪怕只有一個小瑕疵，它就會卡在對方那邊的流程裡，而去修正在對方那邊流程裡的東西，相較於你自己掌控、在送件前就把它修好並確保能拿到資金，結果會很糟。

So that we don't -- we didn't submit it. The 1,105 jobs in the fab we have, it's about half the normal inventory. You'll always have inventory in the line, but it double. And when you double the number of jobs in the line and you keep the same number of movements of activities per job per day constant, then the line moves twice more slowly by a factor of two.

所以我們就——我們沒有送。我們在製程線（fab）裡有1,105個案子，大約是正常在製存量的一半。產線上永遠會有在製存量，但這次是加倍了。當你把產線中的案子數量加倍，而每天每個案子的活動移動次數維持不變時，那麼整條線的流動速度就會變慢一倍，也就是慢了兩倍的因素。

And that's what happened to us. So we need to clean it out the line, the constipation and get back to a normal working inventory. It's a valid question to ask. It gets the stuff in your line that is bound up in multiple ways. I can describe a horror story, I've lived through two of them. I created one for myself back and complete solar. And what happens is your funding partner says, oh, we have to call back.

而這就是發生在我們身上的事。所以我們需要把產線清出來，把這種「便祕」清掉，回到正常的在製存量水位。這是個合理的問題。因為你產線裡的東西會以多種方式被綁住。我可以講一個恐怖故事——我經歷過兩次。我自己在Back and Complete Solar時期就搞出過一次。然後會發生的是，你的資金合作夥伴會說：喔，我們得把款項追回來（claw back）。

We paid you before you should have been paid. And then I inherited one from the old SunPower, which we're almost through now. So you don't want that clawback to happen, adjust your milestones and then move forward without sucking up a lot of cash. You can get in trouble if your errors are significant. For example, I can describe this is a real horror story from complete solar days in the line, has been in line for one year. It hasn't moved out.

我們在你應該收款之前就先付給你了。而我也從舊的SunPower那邊接手過一個案例，我們現在幾乎處理完了。所以你不希望發生那種追回款項的情況；要調整你的里程碑，然後在不大量消耗現金的前提下往前推進。如果你的錯誤很嚴重，你就可能出事。例如，我可以描述一個真實的恐怖故事：在Complete Solar時期，有一個案子在產線裡卡了一年。它一直沒有出線。

Why? Well, it hasn't gotten the permit. It hasn't got the approval, city approval, nor does it have PTO approval from the utility to turn it on. Why not? Well, the job itself was changed and it doesn't match the permit. So now you have to go back and redo the permit, maybe that was something simple, like the array has moved eight feet to the south to avoid some pipes or something like that. It doesn't matter. It's a permit.

為什麼？嗯，它還沒拿到許可（permit）。它還沒拿到核准——市政府的核准——也還沒有拿到公用事業單位的PTO核准來啟用併網。為什麼沒有？因為這個案子本身被變更了，結果跟許可內容不一致。所以現在你得回頭重新辦許可；也許只是很簡單的事，例如為了避開一些管線之類的，把陣列往南移了八英尺。但那不重要。它就是一個許可問題。

You got to go to the. Now if you go to California, you get a permit in a day. If you go to New Jersey, it's much longer. So then you've got the job hung up. You've got the customer screening. You've got your score, your Net Promoter Score going to help. Right now, most of the problems we have are minor problems that are fixable in a quarter. number 1 problem, and I review it is J-box.

你得去辦那個。現在如果你去加州，一天就能拿到許可證。如果你去新澤西州，就要久得多。所以你的案子就被卡住了。你還有客戶審核。你有你的分數、你的淨推薦值（Net Promoter Score）會幫上忙。目前我們遇到的大多數問題都是小問題，一季內就能修正。第一大問題，而且我有在檢視的，是 J-box。

What's a J-box? Well, J-box is a little electrical box. And if you have a string of panels, might be 10 panels and if you have a 2-string system, power from the two strings goes to a J-box and the J-box -- it looks like box stays in your garage, goes to your -- goes to the system. And you need to prove that the J-box is grounded which makes sense because you don't want a hot J-box on the roof, okay? Nobody is going to argue with that.

什麼是 J-box？J-box 是一個小型電氣接線盒。如果你有一串面板，可能是 10 片面板；如果你是 2 串系統，兩串的電力會匯到一個 J-box，而 J-box——看起來像個盒子——會放在你的車庫裡，接到你的——接到系統上。你需要證明 J-box 有接地，這很合理，因為你不希望屋頂上有一個帶電的 J-box，對吧？沒有人會反對這點。

Well, guess what? If they didn't take the picture because you've got a guy who doesn't follow the spec, then you don't have a picture or if he took the picture and he's kind of not a good picture taker, then you have a blurry one, and I had 11 of those as a week ago, where I wasn't getting money because nobody took a good picture of the J-box.

那你猜怎麼著？如果他們沒拍照，因為你有個人沒有按規範做，那你就沒有照片；或者他拍了，但他不太會拍照，那照片就很模糊。我在一週前就有 11 個這種案例，因為沒有人拍到清楚的 J-box 照片，我就收不到錢。

And I can go, there's a and it is sort of a ordinary execution errors. And we have specs. I participated in writing my sign in some of them that prevented if you follow them. And we lost the discipline in one of our divisions of following the spec and its in the line.

而我可以說，這有點像一般的執行錯誤。我們有規範。其中一些我有參與撰寫並在上面簽名；只要照做就能避免。但我們某個事業部在遵循規範這件事上失去了紀律，結果就反映在數字上。

We caught the pile in about a quarter, which is pretty fast, actually. And we will have it fixed by the end of the quarter. So it harmed us -- meaning the share price, all of that, it's harmed us dramatically, but it's not fatal, and it is fixable and it is quickly fixable.

我們大概在一季內就把堆積的問題抓出來了，其實算很快。而且我們會在本季末前修好。所以它確實傷害了我們——也就是股價等等——對我們造成了很大的衝擊，但不是致命的，而且是可修復的，也能很快修復。

We have a number of questions in the queue. A good number of them are redundant. So I'm going to cover a bunch of them with just one question or two-part question. There's a lot of questions around the 2Q to 3Q revenue. The 3Q revenue, does that include the $15 million that could have been booked in 2Q and therefore, should we be thinking about the rational run rate for 3Q as really $60 million? Or is this -- so is this a temporary uplift? Or should we think of your time line is being moved out in further quarters so that you would reach $1 billion late in 2028?

我們佇列裡有不少問題。其中相當多是重複的。所以我會用一個問題或一個兩段式問題來涵蓋其中一大部分。有很多問題都在問 2Q 到 3Q 的營收。3Q 的營收是否包含原本可以在 2Q 入帳的 1,500 萬美元，因此我們是否應該把 3Q 的合理常態化 run rate 視為其實是 6,000 萬美元？還是說——這只是暫時性的拉抬？或者我們應該認為你的時間表被往後移到更後面的季度，讓你在 2028 年較晚的時候才達到 10 億美元？

Great question. So shorthand, if you're going to bonus $15 million worth of revenue, that means the orders that you took in and shipped are $75 million minus $15 million is $60 million, $60 million is your run rate. The answer is yes. Our run rate right now is about $60 million. And there are bonusing events that occur all the time, but the model should be for analysts that you have a $60 million rate, and that will increase over time.

好問題。簡單說，如果你把 1,500 萬美元的營收「加成」進來，那代表你接單並出貨的金額是 7,500 萬美元減掉 1,500 萬美元等於 6,000 萬美元；6,000 萬美元就是你的 run rate。答案是是的。我們目前的 run rate 大約是 6,000 萬美元。而這種加成事件一直都會發生，但分析師建模時應該以 6,000 萬美元的水準為基礎，並且它會隨時間增加。

Thank you. We have also a large number of questions about our commercial business, which is growing. Is this something that you are focusing on short term? And will this become a growing proportion of your offering going forward?

謝謝。我們也收到大量關於商用業務的問題，這塊正在成長。這是你們短期內會聚焦的方向嗎？而且未來它會不會在你們的產品/服務組合中占比愈來愈高？

So I'll let John answer that one.

這題我讓 John 來回答。

Yes. At Cobalt Power Systems, we've been in the commercial space for quite a while. Now with our integration with SunPower, we have a national footprint, and so we can use our engineering and design resources to support SunPower's national installation partner network. So we're actually able to engineer and design commercial with a high-quality and premium technology that SunPower is known for and deploy it through our established certified quality-minded installation partners so that we can go ahead and deliver for whether it be universities, data centers or portfolio management.

好的。在 Cobalt Power Systems，我們在商用領域已經耕耘相當久了。現在隨著我們與 SunPower 的整合，我們有了全國性的佈局，因此我們可以運用工程與設計資源，支援 SunPower 的全國安裝合作夥伴網路。所以我們實際上能以 SunPower 以高品質與高端技術著稱的標準來進行商用系統的工程與設計，並透過我們既有、經認證且重視品質的安裝合作夥伴來部署，從而為大學、資料中心或投資組合管理等客戶交付成果。

We signed up several dozen storage units as part of a large portfolio. So that's what the synergy between Cobalt Power Systems and our engineering base and our technology base here in Silicon Valley provides the nation at large through SunPower. And we're looking forward to expanding that commercial outlook. So it's a real bright spot for us.

我們也在一個大型投資組合中簽下了數十個儲能單元。這就是 Cobalt Power Systems 與我們在矽谷的工程基礎與技術基礎，透過 SunPower 為全國帶來的協同效益。我們也期待擴大商用市場的展望。所以這對我們來說是一個非常亮眼的亮點。

Thank you. We have a number of questions around share count. Are there any plans to potentially either issue debt to do share repurchases or any thoughts about taking the company private, given your share price today?

謝謝。我們有一些關於股數的問題。是否有任何計畫可能透過發行債務來進行庫藏股回購，或是考慮在目前股價水準下將公司私有化？

Okay. So multiple opportunities to screw up. Share count, if you go on to market watch or some site and you take the market -- declared market cap, divide it by the price, that will give you the shares that they use for the total shares for the company. That number is the number that the transfer agent uses. And that number is currently 151 million?

好。這裡有很多搞砸的機會。關於股數，如果你上 MarketWatch 或其他網站，用他們公布的市值除以股價，就會得到他們用來計算公司總股數的股數。那個數字就是過戶代理機構使用的數字。而那個數字目前是 1.51 億股？

Yes.

是的。

151 million shares. And that's fully diluted for the shares that are in it. And the question is, have you done deals that will increase the share count in the future? And we, in effect, paid for a deal that happened a long time ago, three years, when we did a future sale -- a forward sale to group three firms on Wall Street, and we just paid them off with 17 million shares, right? 17.9 million shares.

1.51 億股。而且那是把相關稀釋都算進去的 fully diluted 股數。問題是：你們是否做了會在未來增加股數的交易？我們其實是在為很久以前的一筆交易買單——三年前——當時我們做了一筆未來出售——一筆遠期出售（forward sale）給華爾街的三家機構，而我們剛用 1,700 萬股把他們結清，對吧？1,790 萬股。

So that 17.9 million is not in the 151 million, and I could go through a list of deals that I'm aware of. I'll just tell you that the 151 million, when everything flushes through, and this is over time, will turn into 200 million. So that's where we are right now. Am I going to go private? No. I've worked all my career on public companies and taking start-ups as a venture capitalist, like Enphase, for example, which is now worth $5 billion and making the companies worthy of being a valuable public company.

所以那 1,790 萬股不包含在 1.51 億股裡；我可以把我知道的交易清單逐一說明。我先直接告訴你：這 1.51 億股，當所有事項都逐步反映完——這需要時間——會變成 2 億股。所以我們目前就是這個狀況。我會把公司私有化嗎？不會。我整個職涯都在做上市公司，並且以創投的身分把新創帶到上市，例如 Enphase，現在市值 50 億美元，讓公司成為值得作為有價值上市公司的企業。

That's why I'm here. Otherwise, I'll sit at home and. So no, we're not going private, and we're not going to be behind. That -- of course, that means you have to maintain your share price at $1. And that means coming up in the future, there will be able to split to get our shares comfortably above the dollar. And right now, we're preliminary thinking -- I got a Board meeting this Friday.

這就是我在這裡的原因。不然我就待在家裡然後——所以不，我們不會私有化，也不會被下市。當然，那代表你必須把股價維持在 1 美元。而這也意味著未來可能會進行拆併股，讓我們的股價能夠穩穩地高於 1 美元。目前我們還在初步思考——我這週五有一場董事會。

We will discuss it with the Board and announce our intention on share count going forward. This is something that I'm on the Board, but the Board is a Board, and they've got to approve this legally. So I'll present what we want to do, and we'll announce it after the Board meeting.

我們會與董事會討論，並宣布我們未來對股數的意向。這件事我雖然在董事會裡，但董事會就是董事會，依法他們必須核准。所以我會提出我們想做的事，並在董事會會議後對外宣布。

Thank you. Two more here. About -- the first one is about dedication to technology development work. Do you have a team dedicated to working on things such as the Monolith panels?

謝謝。這裡還有兩個問題。關於——第一個是關於對技術開發工作的投入。你們是否有一個團隊專門負責像 Monolith 面板這類的工作？

Yes. The team is sitting right over here. He's a quality guy. He that enforced by the way, the quality rules have prevented us although we were held bent for shipping some crap into the field last quarter. He prevented it.

有。團隊就坐在這邊。他是做品質的。順帶一提，他所執行的品質規範阻止了我們——儘管上季我們一度急著想把一些爛貨出到現場。他阻止了。

He also has worked on a bifacial panel start-up in his past because he is a Silicon Valley guy. And if he's lucky this quarter, he'll get one. He's bolstered by a guy named Dick Swanson, who is the founder, PhD founder guy that I went to Stanford with. He's got that technical expertise. So we can do the road maps, okay?

他過去也做過雙面（bifacial）面板的新創，因為他是矽谷出身。如果他這一季運氣好，他就能拿到一片。他還有一位叫 Dick Swanson 的人支援，他是創辦人、博士級的創辦人，我和他在史丹佛是同學。他具備那樣的技術專長。所以我們可以做技術路線圖，好嗎？

And so far, we've been intelligent about having an R&D structure that is more than we could pay for. And there, I'll mention our friends at REC. They did model with Monolith 1. It's a multibillion-dollar company. And they're working with us on the bifacial panel.

到目前為止，我們在建立一個我們其實負擔不起、但又很聰明的研發架構方面做得不錯。在這裡我會提到我們在 REC 的朋友。他們用 Monolith 1 做了建模。他們是一家數十億美元規模的公司。而且他們正與我們一起開發雙面面板。

And this is what I would call a lightweight commercial bifacial panel. They've already shipped product to us. So it's in their interest to have hot products. We're a publicly traded company that can brag about those products they've got so it's a win-win kind of deal. So the answer is and then in the 8% of my time I have left, and I'm not doing what I'm doing now, I work on it a little bit, too.

這是我所稱的輕量化商用雙面面板。他們已經把產品出貨給我們了。所以他們也希望有熱銷產品。我們是一家上市公司，可以替他們的產品宣傳，所以這是一種雙贏的合作。所以答案是：而且在我剩下的那 8% 時間裡——當我不在做我現在做的事時——我也會稍微投入一些。

And our last question for today is from a self-described retail investor who says, I believe in your team, but price appreciation has been brutal. It seems that investors are calling your bluff on projections for future quarters. What insights can you or thoughts can you share that would calm the market regarding your plans or short-term catalysts that we can know about before the next quarterly call?

今天最後一個問題來自一位自稱散戶投資人的人，他說：我相信你們的團隊，但股價上漲一直很慘烈。看起來投資人正在對你們對未來季度的預測「不買帳」。你能分享哪些洞見或想法，來安撫市場對你們計畫的疑慮，或是有哪些短期催化劑能在下一次財報電話會議前讓我們知道？

McCranie is giving me a sideway look, he wants to talk.

McCranie 正斜眼看我，他想講。

So it starts with bookings. And bookings is everything right now. As we mentioned before, we've had three strong quarters in bookings. As a matter of fact, the transactional bookings the residential work is at an all-time record. Right now, the team is essentially booking for Q4, and their booking numbers are pretty robust going into Q4.

所以要從訂單（bookings）開始。而訂單現在就是一切。如同我們先前提到的，我們已經連續三個季度的訂單表現強勁。事實上，交易型訂單中，住宅業務創下歷史新高。目前團隊基本上是在為第四季（Q4）接單，而他們進入 Q4 的接單數字相當穩健。

So in terms of comfort about the primary driver of revenue, it's bookings, bookings was very good for the last nine months and in last quarter and a near record with transactional bookings, and we are now booking for Q4, and that's looking pretty robust.

所以就營收的主要驅動因素而言，要讓大家安心的是：訂單。過去九個月、上一季的訂單都非常好，交易型訂單接近歷史紀錄；而我們現在正在為 Q4 接單，看起來也相當穩健。

So after bookings comes execution, frankly, we haven't been very good at it. The execution miss that we just suffered led to dismissals, but I'll repeat my Washington comment, to lead is to forfeit the excuses. So in our company, and I'm going to get tighter on this. I am as good as I should be. I'm going to give a different job to people who can't make the numbers.

訂單之後就是執行，坦白說，我們在這方面做得不太好。我們剛遭遇的執行失誤導致了人事解聘，但我會重申我在華盛頓的那句話：要領導，就要放棄找藉口。所以在我們公司裡——而且我會把這件事抓得更緊。我沒有做到我應該做到的程度。我會把無法達成數字的人調去做不同的工作。

There's a the solar industry doesn't have like semiconductors and I'm used to a visceral drive to make the number. It is what it is, your salesman -- many of them are students. They work during the summer, they go back to school. You have hot seasons, you have cold seasons. You can't control Donald Trump, blah-blah-blah. There's thousand excuses. So I'm going to focus more on execution on the executive staff. And I've already started. We've already changed management in one of our divisions.

太陽能產業不像半導體那樣——我習慣的是一種強烈、直覺式的「一定要達標」的驅動力。現實就是如此，你的業務員——很多是學生。他們暑假來工作，之後回去上學。有旺季，也有淡季。你無法控制唐納·川普，諸如此類。有一千個藉口。所以我會把更多焦點放在高階主管團隊的執行力上。而且我已經開始了。我們已經在其中一個事業部更換了管理層。

Thank you. That concludes our Q&A session. I'll turn it back over to Dr. Rodgers for any closing remarks.

謝謝。問答環節到此結束。我把時間交回給 Rodgers 博士，請他做任何結語。

So on the credibility thing, I get it. And that's why I didn't say trust me the big quarter is still coming. I have given you numbers that I told you that I worked on three times over with the executive staff. So they now know that it's not they do the best they can for our numbers. It is our numbers that they are responsible for along with me.

關於可信度這件事，我理解。這也是為什麼我沒有說「相信我，大季度還是會來」。我給了你們一些數字——我告訴過你們，我和高階主管團隊把這些數字反覆推敲了三次。所以他們現在知道，這不是「他們盡力而為」就好來交差的數字。這些是我們的數字，他們要和我一起對此負責。

And the answer is wait and see. And I've given you numbers that I believe we can achieve. Certainly, we're going to move north a lot. Even if we missed the numbers I gave you, we're going to move north a lot. We've had two quarters back to back and they're going to be behind us. That is one thing I do know.

而答案就是：拭目以待。我給了你們我相信我們能達成的數字。當然，我們會大幅往上走。即使我們沒達到我給你們的數字，我們也會大幅往上走。我們已經連續兩個季度如此，而它們將會成為過去。這是我確定的一件事。

That ends our session for today. You may now disconnect.

今天的會議到此結束。您現在可以斷線。