Stem, Inc. (STEM) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Stem, Inc., second-quarter 2026 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Stem, Inc. 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Erin Reed, Head of Investor Relations. Thank you. You may begin.

現在我很榮幸介紹本次會議主持人，投資人關係主管 Erin Reed。謝謝。您可以開始了。

Thank you, operator. Welcome to Stem's second-quarter 2026 earnings call. This is Erin Reed, Head of Investor Relations.

謝謝，接線員。歡迎參加 Stem 2026 年第二季財報電話會議。我是投資人關係主管 Erin Reed。

Before we begin, please note that some of the statements we will be making today are forward-looking. These statements involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. For more information, we refer you to our latest 10-Q, 10-K, and other SEC filings and supplemental presentation, which can be found on the company's Investor Relations website.

在開始之前，請注意我們今天將發表的部分陳述屬於前瞻性陳述。這些陳述涉及風險與不確定性，可能導致我們的實際結果與這些陳述中預期或推估的結果存在重大差異。如需更多資訊，請參閱我們最新的 10-Q、10-K 及其他向美國證券交易委員會（SEC）提交的文件與補充簡報，皆可於公司投資人關係網站查閱。

Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be found in our second-quarter 2026 earnings release and supplemental materials, which are available on our Investor Relations website.

我們今天的評論也包含非 GAAP 財務衡量指標。更多細節以及與最直接可比的 GAAP 財務衡量指標之調節表，請參閱我們 2026 年第二季財報新聞稿與補充資料，皆可於投資人關係網站取得。

Arun Narayanan, CEO; and Brian Musfeldt, CFO, will start the call today with prepared remarks, and then we will conduct a question-and-answer session.

Arun Narayanan（執行長）與 Brian Musfeldt（財務長）將先以準備好的講稿開始今天的會議，之後我們將進行問答環節。

And now, I'll turn the call over to Arun.

現在我把電話交給 Arun。

Thank you, Erin. Good afternoon, everyone, and thank you, all, for joining us today.

謝謝你，Erin。各位下午好，感謝大家今天加入我們。

On our Q1 call, I told you that we would demonstrate what our software-centric transformation was designed to deliver. Halfway through 2026, I am pleased to see evidence of this transformation in the results.

在我們第一季的電話會議上，我曾提到我們將展現以軟體為核心的轉型所要帶來的成果。2026 年過了一半，我很高興在本次結果中看到這項轉型的證據。

The second quarter marked our fifth consecutive quarter of positive adjusted EBITDA. Our non-GAAP gross margin remains at record levels, and we saw meaningful commercial momentum across the PowerTrack platform. We made a new market entry in Latin America, received industry recognition for PowerTrack EMS, and continued the expansion of our product capabilities.

第二季是我們連續第五個季度實現正向調整後 EBITDA。我們的非 GAAP 毛利率維持在歷史新高水準，且在 PowerTrack 平台上看到顯著的商業動能。我們進入了拉丁美洲新市場，PowerTrack EMS 獲得產業肯定，並持續擴展產品能力。

Given this progress, we are reaffirming our full-year 2026 guidance today, which Brian will walk through in detail later in the call.

基於這些進展，我們今天重申 2026 全年指引，Brian 稍後將在會議中詳細說明。

Let me turn now to an update on our three key priorities for 2026.

接下來我將更新我們 2026 年的三項關鍵優先事項。

Our first priority is to drive operational leverage and ensure that the structural improvements we made in 2025 continue. We achieved record non-GAAP gross margins in the second quarter. As in Q1, this was driven by a revenue mix weighted meaningfully towards software, services, and edge hardware, with battery hardware resales remaining relatively low in the quarter, as expected.

第一項優先事項是提升營運槓桿，並確保我們在 2025 年所做的結構性改善得以延續。我們在第二季達成創紀錄的非 GAAP 毛利率。與第一季相同，主要驅動因素是營收組合明顯偏向軟體、服務與邊緣硬體；而電池硬體轉售在本季仍維持相對低的水準，符合預期。

Because we have had minimal revenue from battery hardware resales in the first half of the year, we are trending above the high end of our guidance range for non-GAAP gross margin. We expect to track within the high end of our guidance range of 40% to 50% as we see more battery hardware resale revenue during the second half of the year.

由於今年上半年來自電池硬體轉售的營收極少，我們的非 GAAP 毛利率走勢高於指引區間的上緣。隨著下半年電池硬體轉售營收增加，我們預期該指標將落在指引區間 40% 至 50% 的上緣。

On the operating expense side, we continue to manage costs with discipline and drive efficiency through the use of AI. Cash operating expenses remained sequentially flat and were down versus the second quarter of 2025. We are proving that these OpEx levels are sustainable.

在營業費用方面，我們持續以紀律管理成本，並透過 AI 的運用提升效率。現金營業費用較前一季持平，且較 2025 年第二季下降。我們正在證明這些 OpEx 水準具可持續性。

The improved gross margins and low operating expenses drove adjusted EBITDA of $6 million in the second quarter, up 63% from the second quarter of 2025 and more than double that of the first quarter of 2026. For the first half of 2026, adjusted EBITDA was $8 million compared to negative $1 million for the first half of 2025. This is clear evidence of the inflection point we've been building towards.

毛利率改善與較低的營業費用推動第二季調整後 EBITDA 達 600 萬美元，較 2025 年第二季成長 63%，且較 2026 年第一季增加逾一倍。2026 年上半年調整後 EBITDA 為 800 萬美元，相較 2025 年上半年為負 100 萬美元。這清楚顯示我們一直努力打造的拐點已經到來。

Operating cash flow reached breakeven this quarter at $0.3 million, a $9 million sequential improvement and a $22 million improvement versus the second quarter of 2025. Because we expect billings and revenue to continue to build throughout the second half of the year, we expect this metric to continue improving.

本季營運現金流達到損益兩平，為 30 萬美元，較前一季改善 900 萬美元，較 2025 年第二季改善 2,200 萬美元。由於我們預期下半年帳單金額與營收將持續成長，我們也預期此指標將持續改善。

Second priority is strengthening the core PowerTrack platform. In the second quarter, we added approximately 0.8 gigawatts of solar assets under management, which, in turn, drove 3% sequential growth in PowerTrack ARR.

第二項優先事項是強化核心 PowerTrack 平台。第二季我們新增約 0.8 吉瓦的受管理太陽能資產，進而帶動 PowerTrack ARR 較前一季成長 3%。

During the second quarter, we also shipped a handful of product improvements, including an updated UX with dark mode, in-app feedback tools, and keyboard shortcuts. These are changes that our operators and asset managers value in their daily workflows and would set the stage for further product enhancements.

在第二季，我們也推出了數項產品改進，包括更新的使用者體驗（UX）與深色模式、應用程式內回饋工具，以及鍵盤快捷鍵。這些變更是我們的操作人員與資產管理者在日常工作流程中所重視的，也為後續的產品強化奠定基礎。

Customer adoption of PowerTrack Sage, our AI assistant within PowerTrack, remains strong, reflected in consistent day-to-day usage across a range of organizations.

客戶對 PowerTrack Sage（我們在 PowerTrack 內的 AI 助理）的採用仍然強勁，從各類型組織持續一致的日常使用情況可見一斑。

As we discussed last quarter, a key part of our platform investment strategy is a disciplined build-or-buy approach.

如同我們上季所討論的，我們平台投資策略的一個關鍵部分，是採取有紀律的「自建或收購」方法。

On the buy side, we continue to advance the integration of raicoon, the automated fault detection and event management technology we acquired in April. That integration into PowerTrack is progressing well, and our development and sales teams are now working through how best to package and release this new capability to customers. We expect to share a more substantive update during our third-quarter call.

在收購方面，我們持續推進 raicoon 的整合；這是我們於四月收購的自動化故障偵測與事件管理技術。其整合至 PowerTrack 的進度良好，我們的研發與銷售團隊目前正研議如何以最佳方式將這項新能力打包並釋出給客戶。我們預期在第三季電話會議中分享更具體的更新。

The third and final strategic priority is building the foundation for accelerated growth in 2027 and beyond. That means expanding into utility-scale deployments, advancing our international footprint, and unlocking new market opportunities.

第三項也是最後一項策略優先事項，是為 2027 年及之後的加速成長奠定基礎。這意味著擴展至公用事業級部署、推進我們的國際版圖，並開拓新的市場機會。

Starting with utility-scale expansion. Bookings grew nearly 15% sequentially in the quarter. We brought PowerTrack EMS to Latin America through the Granja Solar project in Chile, where it will serve as the primary control system for a 420-megawatt-hour battery storage system being added to an existing 135-megawatt solar facility. This is exactly the kind of hybrid utility-scale project that validates the commercial prospects of our EMS offering. We see real potential to extend this delivery model across additional projects in Latin America.

先從公用事業級擴張談起。本季訂單（bookings）較前一季成長近 15%。我們透過智利的 Granja Solar 專案將 PowerTrack EMS 帶入拉丁美洲；該系統將作為主要控制系統，用於在既有 135 兆瓦太陽能設施上新增的一套 420 兆瓦時電池儲能系統。這正是能驗證我們 EMS 產品商業前景的混合式公用事業級專案類型。我們看到將此交付模式延伸至拉丁美洲更多專案的實質潛力。

We added another new booking in Hungary, where Solarmarkt Group, along with EPC partner Pannonwatt, selected PowerTrack EMS as the integrated energy management, power plant control, and SCADA platform for two 80-megawatt-hour battery systems being added to two existing 60-megawatt solar sites. There is PowerTrack PPC already in place for these existing solar assets, so this is another proof point for our growth ambitions around where we deepen our controls and software offerings over time as plants evolve.

我們在匈牙利也新增了另一筆訂單：Solarmarkt Group 與其 EPC 夥伴 Pannonwatt 選擇 PowerTrack EMS 作為整合式能源管理、電廠控制與 SCADA 平台，用於在兩座既有 60 兆瓦太陽能場址上新增的兩套 80 兆瓦時電池系統。這些既有太陽能資產已部署 PowerTrack PPC，因此這也再次證明我們的成長企圖：隨著電廠演進，我們將逐步深化控制與軟體產品的提供。

Commercial operation of the fully hybridized assets is expected in fall 2026. Altogether, PowerTrack EMS now has bookings across six countries and three continents. The first initial bookings have begun to come live, and our Everyray project in Germany, announced in March, is now live.

這些完全混合化資產預計於 2026 年秋季開始商轉。整體而言，PowerTrack EMS 目前已在六個國家、三大洲取得訂單。最初的首批訂單已開始上線，而我們於三月宣布的德國 Everyray 專案現已上線。

Alongside this commercial progress, we also earned external recognition for the PowerTrack EMS product. I am proud to share that PowerTrack EMS won The smarter E AWARD 2026 in the Smart Integrated Energy category, recognized by Solar Promotion International and Freiburg Management and Marketing International at The smarter E Europe conference.

在這些商業進展的同時，我們的 PowerTrack EMS 產品也獲得了外部肯定。我很自豪地分享，PowerTrack EMS 在 The smarter E Europe 大會上，獲 Solar Promotion International 與 Freiburg Management and Marketing International 認可，榮獲 The smarter E AWARD 2026「智慧整合能源」類別獎項。

The Smart Integrated Energy category specifically highlights technologies innovating and advancing the integration, management, and performance of clean energy systems. This is a meaningful external validation of the innovative platform that we have built.

「智慧整合能源」類別特別聚焦於在潔淨能源系統的整合、管理與效能方面進行創新並推動進步的技術。這是對我們所打造之創新平台具有意義的外部驗證。

Our co-marketing agreement and partnership with Nuvation Energy also continues to build optionality around projects that require domestic control. We are working closely with Nuvation's technical and sales team, and in late July, we co-presented at the IEEE Power & Energy Society General Meeting in Montreal.

我們與 Nuvation Energy 的共同市場推廣協議與合作夥伴關係，也持續為需要國內控制的專案建立更多選擇性。我們正與 Nuvation 的技術與銷售團隊密切合作，並於 7 月下旬在蒙特婁舉行的 IEEE Power & Energy Society General Meeting 上共同發表。

Finally, on new market opportunities, we officially launched AIONA, our AI services offering. In June, we are currently in conversations with potential customers and running workshops to help them identify where AI can have the greatest impact on their day-to-day operations, focusing first on our existing customer base. We will share a substantive update on AIONA's customer traction as these engagements progress.

最後，在新市場機會方面，我們正式推出 AIONA——我們的 AI 服務方案。在 6 月，我們正與潛在客戶洽談，並舉辦工作坊協助他們辨識 AI 在日常營運中可產生最大影響的領域，首先聚焦於我們既有的客戶群。隨著這些互動持續推進，我們將分享 AIONA 客戶導入進展的實質更新。

We are also continuing to explore how our strength in energy optimization software and deep energy market expertise can support data center developers and operators. Development on this offering is ongoing.

我們也持續探索如何運用我們在能源最佳化軟體的優勢與深厚的能源市場專業，來支援資料中心開發商與營運商。此方案仍在持續開發中。

Two quarters into 2026, we are executing with discipline and delivering the results we committed to at the start of the year, and I'm confident in the team's ability to keep building on this momentum.

2026 年進入第二個季度，我們以紀律執行並交付年初承諾的成果，我對團隊持續在此動能上再接再厲充滿信心。

With that, I will turn the call over to Brian.

接下來，我把電話會議交給 Brian。

Thanks, and good afternoon, everyone. Let's walk through the results. Total revenue for the second quarter was $34 million, down 12% year over year from $38 million. Nearly all of that decline came from lower battery hardware resale revenue, which was $300,000 in the second quarter versus $5 million in the second quarter of 2025. Excluding battery hardware resales, revenue from software, services, and edge hardware was $33 million, up 1% versus the second quarter of 2025. Within that, the revenue mix shifted meaningfully.

謝謝，各位下午好。我們來檢視本季結果。第二季總營收為 3,400 萬美元，較去年同期的 3,800 萬美元年減 12%。幾乎所有下滑都來自電池硬體轉售營收下降：第二季為 30 萬美元，而 2025 年第二季為 500 萬美元。排除電池硬體轉售後，軟體、服務與邊緣硬體營收為 3,300 萬美元，較 2025 年第二季成長 1%。其中，營收組合出現顯著變化。

PowerTrack software revenue grew 11% year over year to $11 million, reflecting continued strength in our core commercial and industrial solar monitoring business. Edge hardware grew 22% year over year to $15 million, and project and professional services revenue was $2 million, down 6% year over year.

PowerTrack 軟體營收年增 11% 至 1,100 萬美元，反映我們核心商用與工業太陽能監控業務持續強勁。邊緣硬體營收年增 22% 至 1,500 萬美元；專案與專業服務營收為 200 萬美元，年減 6%。

Managed service revenue was $6 million, down 34% year over year against an unusually strong second quarter in 2025, where we brought roughly 100 megawatt hours online in a single quarter.

代管服務營收為 600 萬美元，年減 34%，主要是因 2025 年第二季基期異常強勁，當時我們在單一季度內上線約 100 兆瓦時。

GAAP gross margin was 41% in the second quarter compared to 33% in the second quarter of 2025. Non-GAAP gross margin reached a record 55%, up from 49% in the second quarter of 2025, driven by the continued shift of our product mix toward higher-margin software, services, and edge hardware and less from lower-margin battery hardware resale.

第二季 GAAP 毛利率為 41%，相較 2025 年第二季的 33%。非 GAAP 毛利率創新高達 55%，高於 2025 年第二季的 49%，主要受惠於產品組合持續轉向毛利較高的軟體、服務與邊緣硬體，並降低毛利較低的電池硬體轉售占比。

Given the revenue mix in the first half, non-GAAP gross margin has been tracking above our 40% to 50% guidance range. Because we expect more battery hardware resale revenue during the second half of the year, we expect the full-year margins to move back toward the upper end of that range.

鑑於上半年營收組合，非 GAAP 毛利率一直高於我們 40% 至 50% 的指引區間。由於我們預期下半年電池硬體轉售營收將增加，我們預期全年毛利率將回到該區間的上緣附近。

GAAP operating expenses were down both year over year and sequentially. Cash operating expenses were sequentially flat and down 11% year over year as we continue to manage costs with discipline, even as we invest deliberately in target growth areas.

GAAP 營業費用無論年比或季比皆下降。現金營業費用季比持平、年減 11%；即使我們有計畫地投資於目標成長領域，仍持續以紀律管理成本。

The second quarter of 2026 marked our fifth consecutive quarter of positive adjusted EBITDA at $6 million, representing an 18% adjusted EBITDA margin. Adjusted EBITDA was up 63% from $4 million in the second quarter of 2025.

2026 年第二季是我們連續第五個季度實現正向調整後 EBITDA，達 600 萬美元，調整後 EBITDA 利潤率為 18%。調整後 EBITDA 較 2025 年第二季的 400 萬美元成長 63%。

Operating cash flow was positive $300,000 in the second quarter compared to negative $21 million in the second quarter of 2025 and negative $8 million in the first quarter of 2026, representing a sequential improvement of nearly $9 million from the first quarter of 2026. The improvement reflects the benefit of increased high-margin billings and revenue flowing through the business, and we expect continued improvement through the balance of the year.

第二季營運現金流為正 30 萬美元，相較 2025 年第二季為負 2,100 萬美元、以及 2026 年第一季為負 800 萬美元；較 2026 年第一季季比改善近 900 萬美元。此改善反映高毛利帳單與營收在業務中流轉增加所帶來的效益，我們預期今年剩餘期間將持續改善。

We ended the second quarter with $38.4 million in cash and cash equivalents, up from $36.6 million at the end of the first quarter. We remain very focused on our capital structure. During the quarter, we opportunistically used our at-the-market, or ATM, equity sales program, raising approximately $6 million at an average stock price of roughly $9.75 for general corporate purposes.

第二季末我們持有現金及約當現金 3,840 萬美元，高於第一季末的 3,660 萬美元。我們仍高度聚焦於資本結構。本季度我們把握時機使用按市價發行（ATM）股票銷售計畫，以約 9.75 美元的平均股價募得約 600 萬美元，用於一般公司用途。

Now, turning to our operating metrics. Bookings were $37 million in the second quarter, up 39% from $27 million in the first quarter of 2026 and up approximately 7% from $34 million in the second quarter of 2025.

接著看營運指標。第二季訂單金額（Bookings）為 3,700 萬美元，較 2026 年第一季的 2,700 萬美元成長 39%，也較 2025 年第二季的 3,400 萬美元約成長 7%。

Contracted backlog was $27 million at the end of the second quarter, up 18% from $23 million at the end of the first quarter. CARR was $69 million, up 3% from $67 million at the end of the first quarter. ARR increased 2% to $62.4 million from $61.2 million at the end of the first quarter.

第二季末已簽約待履約訂單（Contracted backlog）為 2,700 萬美元，較第一季末的 2,300 萬美元成長 18%。CARR 為 6,900 萬美元，較第一季末的 6,700 萬美元成長 3%。ARR 較第一季末的 6,120 萬美元成長 2% 至 6,240 萬美元。

Within that, PowerTrack ARR grew 3% sequentially and 13% year over year to $42.8 million, and managed services ARR was roughly flat sequentially at $19.6 million.

其中，PowerTrack ARR 季增 3%、年增 13% 至 4,280 萬美元；代管服務 ARR 季比約持平，為 1,960 萬美元。

Solar operating AUM grew 2% sequentially to 38.3 gigawatts, and storage operating AUM grew 6% sequentially to 1.8 gigawatt hours, driven by PowerTrack EMS projects coming online.

太陽能營運中 AUM 季增 2% 至 383 吉瓦；儲能營運中 AUM 季增 6% 至 1.8 吉瓦時，主要由 PowerTrack EMS 專案上線所帶動。

Now, turning to guidance. As I mentioned, we are reaffirming our full-year 2026 guidance across all metrics. Total revenue of $140 million to $190 million, with software, services, and edge hardware expected in the range of $130 million to $150 million. We provided guidance on battery hardware resales of up to $40 million, which we still anticipate to be weighted to the second half of the year, and we expect a trend toward the lower end of that range.

接著談指引。如我先前所提，我們重申 2026 全年各項指引不變。總營收 1.4 億至 1.9 億美元，其中軟體、服務與邊緣硬體預期為 1.3 億至 1.5 億美元。我們對電池硬體轉售提供最高 4,000 萬美元的指引，仍預期將集中在下半年，且我們預期將趨近該區間的下緣。

We expect non-GAAP gross margin of 40% to 50%, with the range driven by timing and volume of battery hardware resales. Given that we expect to trend toward the lower end of the battery hardware resale revenue range, we expect to trend toward the higher end of our non-GAAP gross margin range.

我們預期非 GAAP 毛利率為 40% 至 50%，區間主要受電池硬體轉售的時點與量影響。鑑於我們預期電池硬體轉售營收將趨近指引區間下緣，我們預期非 GAAP 毛利率將趨近指引區間上緣。

Adjusted EBITDA remains at $10 million to $15 million, and we are tracking toward the high end of the range. We expect operating cash flow of $0 million to $10 million and year-end ARR of $65 million to $70 million.

調整後 EBITDA 仍為 1,000 萬至 1,500 萬美元，我們目前進度朝向區間上緣。我們預期營運現金流為 0 至 1,000 萬美元，且年末 ARR 為 6,500 萬至 7,000 萬美元。

And now, I will pass the call back over to Arun for closing remarks.

現在，我將把電話交回給 Arun 作結語。

Thank you, Brian. I'd like to leave you all with three key takeaways from this quarter.

謝謝你，Brian。我想以本季三個關鍵重點作為結尾。

First, our operating leverage story continues to build: five straight quarters of positive adjusted EBITDA, a second consecutive quarter of record non-GAAP margins, and operating cash flow at breakeven, all without pulling back on investment. This is the kind of durable structural improvement we told you we were building.

第一，我們的營運槓桿故事持續成形：連續五個季度實現正向調整後 EBITDA、連續第二個季度創下非 GAAP 利潤率新高，且營運現金流達到損益兩平，同時並未縮減投資。這正是我們先前告訴各位正在打造的那種具韌性的結構性改善。

Second, our core platform continues to strengthen. PowerTrack software revenue grew 11% year over year, and we took disciplined steps to extend our platform capabilities and make PowerTrack a more complete solution for our customers.

第二，我們的核心平台持續強化。PowerTrack 軟體營收年增 11%，我們也採取審慎且有紀律的步驟來延伸平台能力，讓 PowerTrack 成為客戶更完整的解決方案。

Third, we're making tangible progress on the growth initiative that will carry us into 2027 and beyond. PowerTrack EMS is now booked across three continents. We entered a new region in Latin America with Copec's Granja Solar project in Chile, alongside a new hybridization booking with Solarmarkt Group in Hungary, and we earned industry recognition with The smarter E AWARD.

第三，我們在將帶領我們邁向 2027 年及更長遠未來的成長計畫上，正取得具體進展。PowerTrack EMS 現已在三大洲完成簽約。我們透過 Copec 在智利的 Granja Solar 專案進入拉丁美洲的新區域，同時也與匈牙利的 Solarmarkt Group 新增一筆混合化（hybridization）訂單，並以 The smarter E AWARD 獲得產業肯定。

Halfway through 2026, I'm very pleased with the progress we are making against our commitments we set out at the beginning of the year.

2026 年過了一半，我對我們在年初所設定承諾上的推進進度感到非常滿意。

I want to thank our customers for their continued partnership, our team for their exceptional execution, and all of you for your support and engagement.

我要感謝客戶持續的合作夥伴關係、感謝團隊卓越的執行力，也感謝各位的支持與參與。

With that, I will ask the operator to open the line for questions.

接下來，我請接線員開放提問。

(Operator Instructions) Jon Windham, UBS.

(接線員指示) UBS 的 Jon Windham。

Hey, perfect. Thanks for taking the questions. Congratulations on the quarter. Maybe just a couple for me. First, the edge hardware seemed to have a really good quarter, I think, both in terms of revenue, which is up by 22% year on year, as well as the gross margin. Just any comments on what's driving that?

嗨，太好了。謝謝讓我提問。恭喜本季表現。我這邊可能只有幾個問題。第一，邊緣端硬體（edge hardware）這季看起來表現非常好，我想不論是營收年增 22%，以及毛利率也是。想請問主要的驅動因素是什麼？

Hey, Jon. This is Arun. Good to hear from you. Yeah, look, we had a good quarter, and as we grow into the utility-scale space, this kind of shift in the mix is natural, to see these projects come as a configuration with a greater percentage of edge hardware deployment just because of the nature and the size of these projects. So I think that's consistent with how the revenue mix is shifting and our growth patterns.

嗨，Jon。我是 Arun。很高興聽到你的聲音。是的，你看，我們這季表現不錯；而隨著我們成長並進入公用事業級（utility-scale）市場，產品組合出現這樣的變化是很自然的。由於這類專案的性質與規模，通常會以一種配置形式導入，邊緣端硬體的部署占比會更高。所以我認為這與營收組合的轉變以及我們的成長型態一致。

Right. That's perfect because it will lead to my next question, which is kind of a bigger picture question. There's obviously been some policy changes announced, whether it be the FCC's ruling on imported inverters or the Section 232 solar module tariff. Just any thoughts you have about potential impact and how you would mitigate any impact on solar projects in the United States due to policy changes? And thanks again for taking the questions.

了解。這很棒，因為也引出我下一個問題，算是比較宏觀的問題。顯然近期公布了一些政策變動，不論是 FCC 對進口逆變器的裁定，或是第 232 條（Section 232）太陽能模組關稅。想請問你們對潛在影響有何看法？以及你們會如何因應政策變動對美國太陽能專案可能造成的影響？也再次感謝讓我提問。

Yeah. Thanks for that, too. Listen, I think we are seeing -- first of all, our projects are spread across, as we said, multiple countries, different continents. So some of these policy changes are US only. And the particular policy that you're raising, we've not seen any impact from that on our projects, be it within the C&I space or even in the utility-scale space. We continue to navigate this space by staying on top of it and working with our customers and partners to deliver effective solutions for our customers.

是的。也謝謝你的問題。聽著，我想我們看到的是——首先，如同我們所說，我們的專案分布在多個國家、不同大洲。因此其中一些政策變動只適用於美國。而你提到的那項特定政策，我們目前尚未看到對我們專案造成任何影響，無論是在工商業（C&I）領域，甚至是在公用事業級領域。我們會持續密切掌握並與客戶及合作夥伴協作，為客戶交付有效的解決方案，以此來因應這些變化。

Justin Clare, Roth Capital Partners.

Roth Capital Partners 的 Justin Clare。

Hey, good afternoon. Thanks for taking our questions here. I first wanted to just ask on the guidance. So when we look at the EBITDA generated in the first half, so just over $8 million, and then the annual guidance range of $10 million to $15 million, it implies a modest step down in EBITDA in the second half versus the first half. So just wondering if you could speak to what might drive a decline or is that the right way to interpret it?

嗨，午安。謝謝讓我們提問。我先想問一下指引（guidance）。如果看上半年產生的 EBITDA，略高於 800 萬美元，而全年指引區間為 1,000 萬到 1,500 萬美元，這意味著下半年的 EBITDA 相較上半年會小幅下滑。想請問你們能否說明可能導致下滑的因素？或這樣解讀是否正確？

And then, is there a potential for you to maybe exceed the high end of the guidance here given what you've delivered so far this year?

另外，鑑於你們今年迄今的交付表現，是否有可能超越指引上緣？

Yeah. Hey, Justin, this is Brian. Thanks for the question. Yeah, I think if you look at the numbers, we did state that we think we're trending toward the higher end of that guidance. You're correct that we had a really strong first quarter, or second quarter really, which brings our year to date a little over $8 million, so a bit over halfway there.

是的。嗨，Justin，我是 Brian。謝謝你的問題。是的，我想如果你看這些數字，我們確實提到我們認為正朝向該指引的較高端前進。你說得沒錯，我們第一季——其實是第二季——表現非常強勁，使得年初至今略高於 800 萬美元，因此已經超過一半。

Remember, we had a very low percentage of our revenue coming from battery hardware resale this quarter or this first half. So that will increase as a percentage of the revenue, which will bring our margins down a little bit more in line. It'll also put a little pressure on the EBITDA margins.

請記得，本季或上半年我們的營收中，電池硬體轉售（battery hardware resale）占比非常低。因此下半年其占營收比重會提高，這會讓我們的利潤率稍微回落到較為正常的水準。同時也會對 EBITDA 利潤率帶來一些壓力。

So I think the main answer there is we don't see any real weakness in that space. It's just a matter of timing in our battery hardware resale.

所以我想主要的答案是：我們不認為那個領域有任何實質疲弱。這只是電池硬體轉售在時點上的問題。

Got you. Okay. And then kind of a similar question, just speaking about the gross margins. So it implies decline in the back half relative to the first half. I'm assuming that's primarily mix related, just higher mix of battery resale in the second half. But wondering on the kind of software and services side, any notable changes you anticipate in margins as we move through Q3, Q4?

了解。好的。接著是類似的問題，關於毛利率。這也意味著下半年相較上半年會下滑。我猜主要是組合因素，也就是下半年電池轉售占比更高。但想請問在軟體與服務端，隨著我們進入 Q3、Q4，你們是否預期毛利率會有任何顯著變化？

Yeah. Thanks, Justin. No, I think you're right. The reason we're saying it's going to pull back a little bit is if you look at our slide 12 in our appendix of the supplement, you'll see battery hardware is expected to be around 10% to 11% margins. So when we bring that in, it just naturally lowers our margin percentage. And those deals are generally a little bit bigger in size with that lower margin. So it'll help gross margin dollars, but it will bring down the margin percentage a little bit.

是的。謝謝，Justin。不，我想你說得對。我們之所以說會稍微回落，是因為如果你看我們補充資料附錄的第 12 頁投影片，你會看到電池硬體的毛利率預期約在 10% 到 11%。因此當我們把這部分納入後，毛利率百分比自然會下降。而且這些交易通常規模較大，但毛利率較低。所以它會增加毛利額（gross margin dollars），但會讓毛利率百分比稍微下降。

As far as our other products, no, I think -- if you look at that slide, I think we expect to see that continued margin, PowerTrack running around 75%, edge hardware at 40%, 45% to 47%. So nothing indicating that we should see a slip in any of those margins.

至於我們其他產品，不，我想——如果你看那張投影片，我們預期會維持既有的毛利率水準：PowerTrack 約 75%，邊緣端硬體約 40%，或 45% 到 47%。所以沒有任何跡象顯示這些毛利率會下滑。

Got you. Okay, great. That's helpful. And then just curious on the hybrid projects. You have the announcement today on the project in Hungary. I was wondering if you could just compare the economics of a traditional PowerTrack solar monitoring contract with a contract that includes a hybridization. Does this materially increase the ARR or the profitability per megawatt for you guys?

了解。好的，很好。這很有幫助。最後想請教混合式（hybrid）專案。你們今天公告了匈牙利的專案。我想請你們比較一下：傳統的 PowerTrack 太陽能監控合約，與包含混合化（hybridization）的合約，在經濟性上有何差異。這是否會在每兆瓦的 ARR 或獲利能力上，對你們帶來顯著提升？

I don't think we're disclosing it at the contract level.

我不認為我們會在合約層級披露。

Yes, this is Erin, and I can take that question. So when we have a hybrid deployment, for example, with the Hungary deal, you saw that was previously a PowerTrack PPC customer of ours. So there is a software contract already in place, and as they hybridize, we're adding another software contract in place with PowerTrack EMS.

是的，我是 Erin，我可以回答這個問題。所以當我們採用混合式部署時，例如匈牙利那筆交易，你看到他們先前是我們的 PowerTrack PPC 客戶。因此，原本就已經有一份軟體合約在執行中，而當他們進行混合化時，我們會再新增一份 PowerTrack EMS 的軟體合約。

So yes, there are two sources of ARR there, but there are also the services and the hardware deployments on those sites.

所以是的，那裡有兩個 ARR 來源，但那些場址也同時有服務與硬體部署。

Got it. Okay. I appreciate it. Thank you.

了解。好的。感謝。謝謝。

Absolutely. Thank you.

當然。謝謝。

Thank you. And we have reached the end of this portion of the question-and-answer session. I'll now like to turn the floor back to Erin Reed for the retail question.

謝謝。我們已經到達本段問答環節的結尾。接下來我想把時間交回給 Erin Reed 來回答零售投資人提問。

Thank you, operator. We have a few questions here.

謝謝，接線員。我們這裡有幾個問題。

First question is on guidance. Full-year 2026 revenue guidance is still at a fairly wide range with two quarters left to go. What are the key swing factors that would move you toward the higher or the lower end of that range?

第一個問題是關於財測指引。在還剩兩個季度的情況下，2026 全年營收指引仍然落在相當寬的區間。有哪些關鍵的擺動因素會讓你們更偏向區間的高端或低端？

Okay. This is Arun. I'm going to take the answer. Battery hardware resale revenue is the potential source of this swing. We're expecting to come in at the lower end of our $40 million range. Software, services, edge hardware revenue has a smaller range of $130 million to $150 million.

好的。我是 Arun。我來回答。電池硬體轉售營收是可能造成這種擺動的來源。我們預期會落在 4,000 萬美元區間的低端。軟體、服務、邊緣硬體營收的區間較小，為 1.3 億至 1.5 億美元。

The pace of deployments would determine how we swing within that range. And as we said before, we are on track, and we remain within the range, and we are very pleased to reaffirm guidance across all metrics today.

部署的節奏將決定我們在該區間內如何擺動。而且如同我們先前所說，我們進度如期，並且仍在區間之內；我們也很高興今天能在所有指標上重申指引。

Thanks, Arun. The next question I have for you is on international expansion. Today in the call, we talked a lot about our new deal in Latin America with PowerTrack EMS and the one in Hungary. Is there a region you're most excited about beyond those or one where you see a next real opportunity opening up?

謝謝你，Arun。我接下來的問題是關於國際擴張。今天的電話會議中，我們談了很多關於在拉丁美洲使用 PowerTrack EMS 的新交易，以及匈牙利那筆交易。除了這些之外，有沒有哪個地區是你最期待的，或是你看到下一個真正的機會正在開啟的地方？

Again, this is Arun. For me, if you just take a step back and you look at what we're seeing in this quarter, The smarter E AWARD win and the feedback from customers in these recent transactions show that we have really built an innovative product that is really a key solution for our customers in this marketplace.

同樣是我，Arun。對我而言，如果你退一步看我們這一季所看到的情況，The smarter E AWARD 的獲獎以及客戶在近期交易中的回饋顯示，我們確實打造出一個具創新性的產品，並且在這個市場中成為客戶的關鍵解決方案。

What's happening is that PowerTrack EMS is becoming the solution for solar asset owners who are trying to add storage and hybridizing their plants, as well as PowerTrack EMS is a really good, compatible product for those international deployments.

正在發生的是，PowerTrack EMS 正在成為太陽能資產擁有者在嘗試加入儲能並將電廠混合化時的解決方案；同時，PowerTrack EMS 也是一個非常適配、相容性很高的產品，適用於那些國際部署。

So this is how we're ending up in this situation. We're seeing PowerTrack EMS entering into Latin America, and this quarter, this sets us up for expansion in Latin America with key markets like Chile and Colombia in our radar. And as we've also shown in the past few quarters, we can see that using our office in Berlin, we're able to make expansion within the European market.

所以這就是我們為何會走到這樣的局面。我們看到 PowerTrack EMS 正在進入拉丁美洲，而本季也讓我們得以在拉丁美洲擴張，並將智利、哥倫比亞等關鍵市場納入雷達。此外，如同我們在過去幾季所展示的，透過我們在柏林的辦公室，我們也能在歐洲市場推動擴張。

So maybe the broader answer is this is a really fit for product solution that we've built, fit-for-market product solution that we've built, and we want to be where our customers are.

所以更廣泛的答案可能是：我們打造了一個非常契合市場的產品解決方案，而我們希望出現在客戶所在的地方。

Great. Now, looking into 2027, as we look past 2026, what's one of the things that you're most focused on getting right in 2027 to keep this momentum going?

很好。那麼展望 2027、也就是超越 2026 之後，你在 2027 最專注要把哪一件事做好，以延續這股動能？

We've reiterated many times in the earnings call that growth in 2027 is where we are focused on, and we're going to achieve this by continuing to focus on the utility-scale market. This is both within the United States as well as internationally.

我們在財報電話會議中多次重申，我們的重點在於 2027 的成長，而我們將透過持續聚焦公用事業級市場來達成。這涵蓋美國境內以及國際市場。

The products that are in this solution are PowerTrack EMS, PowerTrack SCADA, as well as the PowerTrack PPC product. The examples we have lifted today and in other recent press releases show how our customers are configuring their solution with these different products. And expanding into these markets successfully gives us the best opportunity for revenue growth.

這套解決方案中的產品包括 PowerTrack EMS、PowerTrack SCADA，以及 PowerTrack PPC 產品。我們今天提出的例子以及近期其他新聞稿，顯示客戶如何用這些不同產品來配置他們的解決方案。而成功擴張進入這些市場，將為我們帶來最佳的營收成長機會。

Great. Thank you. My last question here is for Brian. A key metric investors are focused on is operating cash flow. What gives you the confidence in reaching positive operating cash flow for the full year of 2026?

很好。謝謝。我最後一個問題要問 Brian。投資人關注的一個關鍵指標是營運現金流。是什麼讓你有信心在 2026 全年達成正的營運現金流？

Yeah, thanks. If you remember, our first quarter is traditionally our lowest billing and revenue quarter. So we had negative $8 million of negative OCF in the first quarter, which was really driven by those low billings and a combination of some expected working capital outflows.

好的，謝謝。如果你還記得，我們第一季傳統上是開立帳單與營收最低的一季。因此第一季我們的營運現金流（OCF）為負 800 萬美元，主要是由於帳單金額偏低，以及一些預期中的營運資金流出所共同造成。

You can see in the second quarter there was already significant improvement in that space. We came in the quarter at about $0.3 million positive OCF, which was sequentially about a $9 million improvement.

你可以看到第二季在這方面已經有顯著改善。我們該季的營運現金流約為正 30 萬美元，較前一季序列增加約 900 萬美元。

So we do expect that trend to continue into the second half of the year as our billings and our revenue continue to grow with our seasonality. So that's what gives us the confidence to reaffirm the guidance we've given for the year.

因此，我們確實預期隨著帳單與營收因季節性在下半年持續成長，這個趨勢也會延續到下半年。這就是讓我們有信心重申我們對全年所給出的指引的原因。

Great. Thanks, Brian. This concludes the retail investor questions. I'll now turn the call back to Arun for closing remarks.

很好。謝謝你，Brian。零售投資人提問到此結束。接下來我把電話會議交回給 Arun 作結語。

I want to thank everyone for joining our second-quarter earnings call, and we look forward to speaking with you next during our third-quarter 2026 earnings call this fall.

我要感謝各位參加我們的第二季財報電話會議，我們期待在今年秋天的 2026 年第三季財報電話會議上再次與各位交流。

Thanks, everyone.

謝謝大家。

Thank you, and this concludes this conference. You may disconnect your line at this time. We thank you for your participation.

謝謝，本次電話會議到此結束。您現在可以掛斷電話。感謝您的參與。