Sunation Energy Inc (SUNE) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is [Desiree] and I will be your conference operator today. At this time, I would like to welcome everyone to the Sunation Energy second quarter 2025 financial results conference call. All eyes have in place on me to prevent any background noise.

女士們、先生們，感謝你們的支持。我的名字是 [Desiree]，今天我將擔任您的會議主持人。現在，我歡迎大家參加Sunation Energy 2025年第二季財務業績電話會議。所有人的目光都集中在我身上，以防止任何背景噪音。

(Operator Instructions) I would now like to turn the conference over to Devin Sullivan of the equity group. You may begin.

（操作員指示）現在我想將會議交給股權集團的 Devin Sullivan。你可以開始了。

Thank you, Desiree and good morning everyone. Thank you for joining us today for Sunation's 2025 second quarter financial results conference call. Our speakers for today are Scott Maskin, Chief Executive Officer; and James Brennan, the company's Chief Financial Officer. Mr. Maskin will open with prepared remarks followed by Mr. Brennan, and then a question and answer session.

謝謝你，Desiree，大家早安。感謝您今天參加 Sunation 2025 年第二季財務業績電話會議。我們今天的演講者是執行長 Scott Maskin 和公司財務長詹姆斯布倫南 (James Brennan)。馬斯金先生將首先發表準備好的講話，隨後布倫南先生將發表講話，然後進行問答環節。

Before we get started, I'd like to remind everyone that prospects of Sunation Energy are subject to uncertainties and risks. Remarks on today's call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21 of the Securities Act of 1934.

在開始之前，我想提醒大家，Sunation Energy 的前景有不確定性和風險。今天電話會議上的評論可能包含《1995 年私人證券訴訟改革法》、《1933 年證券法》第 27A 條和《1934 年證券法》第 21 條所定義的前瞻性陳述。

The company intends that such forward-looking statements be subject to the Safe Harbor provided by the foregoing section. These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management.

該公司希望此類前瞻性聲明受到前述章節提供的安全港條款的約束。這些前瞻性陳述主要基於對未來事件的預期或預測，可能受到不準確假設的影響，並受各種商業風險和已知和未知的不確定性的影響，其中許多超出了管理層的控制範圍。

Therefore, actual results which are materially from the forward-looking statements contained in today's call. That we cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements.

因此，實際結果很大程度上取決於今天電話會議中的前瞻性陳述。我們無法預測或事後確定哪些因素會導致實際結果與前瞻性陳述或其他陳述所示的結果有重大差異。

Participants should consider statements that include the words believes, expects, anticipates, intends, estimates, plans, projects, should, or other expressions that are predictions of or indicate future events or trends to be uncertain and forward-looking. We caution investors not to place undue reliance upon.

參與者應考慮包含相信、期望、預期、打算、估計、計劃、項目、應該或其他預測或表明未來事件或趨勢的表達的陳述是不確定和前瞻性的。我們提醒投資者不要過度依賴。

The company does not undertake to publicly update or revise forward-looking statements, but because of new information, future events, or otherwise. Additional information respecting factors that could materially affect the company and its operations are contained in the company's filings with the SEC, including its Form 10-K, and subsequent filings which can be found on the SEC's website at www.sdc.gov.

該公司不承諾公開更新或修改前瞻性陳述，但由於新資訊、未來事件或其他原因。有關可能對公司及其運營產生重大影響的因素的更多信息，包含在公司向美國證券交易委員會提交的文件（包括其 10-K 表格）以及後續文件（可在美國證券交易委員會網站 www.sdc.gov 上找到）。

If I said I'd now like to turn the call over to Scott Maskin, Chief Executive Officer of Sunation Energy. Scott, please go ahead.

如果我說我現在想將電話轉給 Sunation Energy 執行長 Scott Maskin。斯科特，請繼續。

Good morning everyone. I want to thank everybody for this opportunity today. As we just released our Q2 filing, so welcome to our earnings call. I look forward to answering your questions at the end. Feel free to throw hard balls or softballs, and I'll be answering them.

大家早安。我要感謝大家今天給我這個機會。由於我們剛剛發布了第二季文件，歡迎參加我們的財報電話會議。我期待最後回答您的問題。請隨意投硬球或壘球，我會回答。

So I want to take a few minutes to talk about where Sunnation stands today, what we're seeing across the solar industry, and where I believe we're headed in the back half of 2025 and into early 2026. Let's start at the top. I couldn't be prouder of the progress that we've made as a business.

因此，我想花幾分鐘時間談談 Sunnation 目前的狀況、我們在整個太陽能產業看到的情況，以及我認為我們在 2025 年下半年和 2026 年初的發展方向。讓我們從頂部開始。我對我們企業所取得的進步感到無比自豪。

We've avoided more than a few icebergs navigating through fabricated headwinds and economic noise, and Sunation has come out stronger. We're stable, we're lean, and in my view, we're set up to outperform our peer set.

我們在人為的逆風和經濟噪音中避開了不少冰山，Sunation 變得更強大。我們穩定、精簡，在我看來，我們有能力超越我們的同行。

That said, this industry just doesn't quit throwing curveballs. You hear me referring to our industries riding the solo coaster and before each earnings call, I looked backwards and I asked myself, did I see this coming? Could I have seen this coming, and what changes would I have made?

話雖如此，這個行業還是不會停止拋出意外。您聽到我提到我們的行業正在獨自乘坐過山車，每次財報電話會議之前，我都會回顧過去並問自己，我是否預見了這種情況？我能否預見這種情況？我會做出哪些改變？

Honestly, nothing could have prepared us for what the post-election solar landscape would look like, but the results of the one big beautiful bill and its impact to the solar industry. It would have been like predicting COVID, coming off a brutal 2024 where summation and many others saw sales drop 25% to 40%.

說實話，除了這項美麗的法案的結果及其對太陽能產業的影響之外，沒有什麼能讓我們為選舉後的太陽能格局做好準備。這就像預測新冠疫情一樣，在殘酷的 2024 年，Summation 和許多其他公司的銷售額下降了 25% 至 40%。

If they even stayed afloat, I came into this year very optimistic, not because of politics, but because of fundamentals, job growth, domestic manufacturing, energy independence. It just made sense. Solar and storage brought back American Americans back to work faster than any other sector post-COVID.

如果他們能夠維持下去，我對今年就會非常樂觀，這並不是因為政治，而是因為基本面、就業成長、國內製造業和能源獨立。這很有道理。太陽能和儲能使美國人比新冠疫情後任何其他行業更快重返工作崗位。

We deliver the cheapest per kilowatt hour of any energy source, provide grid benefits and diversification while adding benefits unmatched to the environment and the local communities we serve. Elon Musk is even in the game. I felt like we're finally going to get a seat at the big table. But instead we got lumped in with wind and the Green New Deal narrative, and that political baggage has hurt us.

我們提供每千瓦時最便宜的能源，提供電網效益和多樣化，同時為環境和我們所服務的當地社區帶來無與倫比的利益。伊隆馬斯克甚至也參與了這場遊戲。我感覺我們終於可以在大桌子上坐下來。但相反，我們卻被捲入了風能和綠色新政的敘事中，而這種政治包袱傷害了我們。

I spent the last two months in DC, side by side with other industry leaders and lobbyists fighting to preserve key tax credit provisions, and so far no luck. The fragmentation in our sector left us exposed and we're paying for it unless. A lesson to be learned for sure. It also didn't help that some of the biggest names in solar collapsed.

過去兩個月，我一直在華盛頓與其他行業領袖和遊說者並肩作戰，努力保留關鍵的稅收抵免條款，但迄今為止沒有任何進展。我們行業的分裂使我們暴露在風險之中，除非我們為此付出代價。這確實是一個值得學習的教訓。一些太陽能產業巨頭的倒閉也無濟於事。

Sun Power filed for bankruptcy in August of '24. Sonova and Mosaic followed in 2025. And even though those events were finalized in June, investor confidence started tanking back in Q1, and it created a ripple effect that dragged down the entire sector.

1924 年 8 月，Sun Power 申請破產。Sonova 和 Mosaic 將於 2025 年跟進。儘管這些事件在 6 月已經塵埃落定，但投資者信心在第一季開始下滑，並產生了連鎖反應，拖累了整個產業。

But through it all, one thing has remained true. Our greatest strength at the Sunation is our diversification. We operate in two of the most expensive energy markets in the country, New York and Hawaii. Our diversification in the residential, commercial, service, and roofing spaces elevate us above all others, and our 22 years of experience are key differentiators.

但經歷了這一切，有一件事始終是真實的。Sunation 最大的優勢在於我們的多元化。我們在美國最昂貴的兩個能源市場—紐約和夏威夷開展業務。我們在住宅、商業、服務和屋頂領域的多元化經營使我們超越其他所有公司，而我們 22 年的經驗是我們的關鍵差異化因素。

We attract confidence. Our Hawaiian team at HEC is benefiting from our shift to service and commercial work, and [Hico's] new battery storage program is helping us make real progress. In New York, commercial projects face delays due to utility red tape, but we've broken through, boots are finally on the roof and our pipeline is strong through the end of 2026 already.

我們吸引信心。我們位於 HEC 的夏威夷團隊正受益於我們向服務和商業工作的轉變，而 [Hico] 的新電池儲存計劃正在幫助我們取得真正的進展。在紐約，商業專案由於公用事業的繁文縟節而面臨延誤，但我們已經取得突破，專案終於開工，我們的專案管道已經強勁運行至 2026 年底。

The shining star is that residential solar is on fire across the country and especially our markets. While I pause to salute the federal government's decision to sunset section 25D of the ITC at year's end, homeowners are moving fast. Sales are surging in both New York and Hawaii. And our teams are running beyond full speed.

最令人矚目的是，住宅太陽能在全國範圍內，尤其是在我們的市場上，正熱銷。當我停下來向聯邦政府在年底廢除 ITC 第 25D 條的決定致敬時，房主們正在迅速採取行動。紐約和夏威夷的銷售額都在飆升。我們的團隊正以超速的速度奔跑。

We're already planning for the next phase with new financing models lined up for 2026 and beyond. We are prepared to pivot, unlike our competition. Behind the scenes. I'm incredibly proud of what we've accomplished corporately.

我們已經在為下一階段進行規劃，並制定了 2026 年及以後的新融資模式。與我們的競爭對手不同，我們已準備好轉型。幕後。我對我們公司所取得的成就感到無比自豪。

Jim Brandon has shared many of the details, but the highlights are clear. We've cleaned up our capital stock, we built our cash position, and we're relentlessly pursuing our targets of OpEx efficiency and have cleared out debt. I also want to give credit to credit where credit's due. Our Board of Directors has been lockstep with Jim and I rolling up their sleeves and driving real value every single day.

吉姆布蘭登 (Jim Brandon) 分享了許多細節，但亮點很明顯。我們清理了資本存量，建立了現金狀況，並堅持不懈地追求營運支出效率目標，還清了債務。我也想對值得讚揚的人表示讚揚。我們的董事會與吉姆和我步調一致，每天都在努力創造真正的價值。

And as our momentum builds, so do our opportunities. Our roll up strategy is still very much active with multiples of companies dropping considerably. But I'm also looking closely at opportunities for smart strategic consolidation within public markets. The journey as a public CEO over the last 14 months hasn't been easy, but it's been deeply rewarding.

隨著我們勢頭的增強，我們的機會也隨之增加。我們的整合策略仍然非常活躍，公司數量大幅下降。但我也在密切關注公開市場內明智的策略整合機會。過去 14 個月擔任上市公司執行長的歷程並不輕鬆，但回報卻十分豐厚。

What drives us is our team, the 188 Sunation employees across New York and Hawaii who continue to show up, give their all, and push through the noise. They're the heartbeat of this company. And if there's one big takeaway from the first half of 2020, the first half of this year is this solar only companies are vulnerable.

推動我們前進的是我們的團隊，來自紐約和夏威夷的 188 名 Sunation 員工不斷出現、全力以赴、克服困難。他們是這家公司的心臟。如果說 2020 年上半年有什麼重大啟示的話，那就是今年上半年只有太陽能公司很脆弱。

Our original thesis of acquiring top tier regional solar firms still makes sense, but I'm now laser focused on aligning with diversified energy companies, especially those in the AI, crypto, and data center infrastructure. These are the largest emerging consumers of power, and they're going to shape the next decade of demand. We need to be part of that evolution.

我們最初收購頂級區域太陽能公司的論點仍然有意義，但我現在專注於與多元化能源公司結盟，特別是人工智慧、加密和資料中心基礎設施領域的公司。這些是最大的新興電力消費者，他們將決定未來十年的需求。我們需要成為這演變的一部分。

So the nation is strong. We're beating the odds, and most importantly, we're growing and winning. So thank you for your continued confidence. Everything we do is aimed at increasing shareholder value, and that mission remains our North Star. I'll see you again in the next quarter, and I thank you for your time today. With that, I'll turn it over to Jim Brennan to get into the nuts and bolts.

所以國家強大。我們正在克服困難，最重要的是，我們正在成長並取得勝利。感謝您一直以來的信任。我們所做的一切都是為了增加股東價值，而這項使命仍然是我們的北極星。我將在下個季度再次見到您，感謝您今天抽出時間。有了這些，我將把話題交給吉姆布倫南 (Jim Brennan) 來討論具體細節。

Thank you, Scott, and good morning everyone. From a logistics point of view, Scott Maskin, Kristin Hlavka, Foundation's Chief Accounting Officer and treasurer, and I are usually in the same room for these ear installed. However, given Hurricane Aaron 's path and expected flight delay, the three of us are in separate states and we'll do our best today to make this call go.

謝謝你，斯科特，大家早安。從後勤角度來看，Scott Maskin、基金會首席會計長兼財務主管 Kristin Hlavka 和我通常在同一個房間安裝這些設備。然而，考慮到颶風亞倫的路徑和預計的航班延誤，我們三人目前身處不同的州，今天我們將盡最大努力確保這次通話順利進行。

We issued our earnings release yesterday morning and filed our 10-Q with the SBC on August 15. This has been a remarkable period for the summation team. With the support of an incredible team, we have reshaped nearly every aspect of the business operationally, financially, and strategically.

我們昨天早上發布了收益報告，並於 8 月 15 日向 SBC 提交了 10-Q 報表。對於總結團隊來說，這是一個非凡的時期。在優秀團隊的支持下，我們在營運、財務和策略方面重塑了業務的幾乎每個方面。

We gained momentum as the year progressed and delivered our second quarter performance that marked a turning point in our journey to create a new, strong, and sustainable summation energy. We increased our gross margin, reduced our SG&A expenses, and improved our adjusted even a loss compared to last year's second quarter.

隨著時間的推移，我們獲得了發展動力，並取得了第二季的業績，這標誌著我們創造新的、強大的、可持續的總能量的旅程的轉折點。與去年第二季相比，我們提高了毛利率，降低了銷售、一般及行政費用，並改善了調整後的虧損。

We strengthened our balance sheet through aggressive deleveraging, reduced our total debt by 61% from December 31, 2024, and driving down our second quarter interest expense by nearly $600,000. Our cash position improved nearly fourfold.

我們透過積極的去槓桿化增強了資產負債表，將總債務從 2024 年 12 月 31 日起減少了 61%，並將第二季的利息支出降低了近 60 萬美元。我們的現金狀況改善了近四倍。

We have built a robust and growing backlog in our residential and commercial business segments that has given us a clear line of sight to significantly improve performance in the second half of the year and the confidence to reiterate our full year financial guidance.

我們在住宅和商業業務領域建立了強勁且不斷增長的積壓訂單，這讓我們清楚地看到了下半年業績大幅提升的前景，並有信心重申我們的全年財務指導。

In summary, we are addressing the new realities of our industry while maintaining the highest level of customer service, remaining a reliable partner to our suppliers and driving sustainable growth opportunities. We are operating more efficiently and delivering on our business and financial obligations.

總而言之，我們正在應對產業的新現實，同時保持最高水準的客戶服務，繼續成為我們供應商的可靠合作夥伴，並推動永續成長機會。我們的營運效率更高，並履行了我們的業務和財務義務。

Onto the review of our second quarter of 2025 results. Total Q2 sales were $13.1 million compared to $13.5 million last year. Sales in New York rose to $9.8 million from $9.7 million with residential sales decreasing 6% to $8 million and commercial sales increasing 156% to $1.3 million when compared to Q2 last year, sales in Hawaii have declined from $3.2 million from $3.8 million.

回顧我們 2025 年第二季的業績。第二季總銷售額為 1,310 萬美元，去年同期為 1,350 萬美元。與去年第二季相比，紐約的銷售額從 970 萬美元上升至 980 萬美元，住宅銷售額下降 6% 至 800 萬美元，商業銷售額增長 156% 至 130 萬美元，夏威夷的銷售額從 380 萬美元下降至 320 萬美元。

On a consolidated basis, overall kilowatts installed on residential projects decreased by 11% in the second quarter of 2025, with price per watt remaining consistent. On a positive note, revenue per install increased by a whopping 5%. Our backlog has grown considerably thanks to a large volume of residential customers who are now booking jobs to secure their federal tax credits before they expire at the end of this year.

從綜合來看，2025 年第二季住宅項目安裝的總千瓦數下降了 11%，每瓦價格保持不變。從積極的方面來看，每次安裝的收入增加了 5%。由於大量住宅客戶正在預訂工作以確保他們的聯邦稅收抵免在今年年底到期之前得到保障，我們的積壓訂單大幅增加。

Thanks to the uncertainty from Washington that surrounded the status of these tax credits in both New York and Hawaii markets, our residential backlog improved $27.1 million on June 30, from $26.9 million on December 31, 2024. Residential backlog accelerated to $35.6 million on July 31 of this year, up more than 31% in just one month.

由於華盛頓對紐約和夏威夷市場這些稅收抵免狀況的不確定性，我們的住宅積壓訂單從 2024 年 12 月 31 日的 2,690 萬美元增加到 6 月 30 日的 2,710 萬美元。今年 7 月 31 日，住宅積壓量加速至 3,560 萬美元，光一個月就成長了 31% 以上。

On the commercial side, we end of July with a backlog of $4.2 million, up nearly fivefold from the prior month. We expected, we expect to realize 65% of the commercial backlog by December 31 of this year. Consolidated gross margin for the second quarter increased to 37% from 35.4%. New York's gross margin increased a whopping 210 basis points to 40.3% from 38.2% while Hawaii's gross margin decreased to 27.1% from 28.3%, primarily due to fixed costs on lower rev.

在商業方面，截至 7 月底，我們的積壓訂單量為 420 萬美元，比上個月增加了近五倍。我們預計，到今年 12 月 31 日，我們將實現 65% 的商業積壓訂單。第二季綜合毛利率從35.4%上升至37%。紐約的毛利率大幅上升了 210 個基點，從 38.2% 增加到 40.3%，而夏威夷的毛利率則從 28.3% 降至 27.1%，這主要是由於固定成本下降導致收入減少。

We continue to drive down costs and improve efficiencies as we are creating significant cost saving. In the second quarter of 2025, SG&A expenses declined to $6.4 million from $6.6 million in the prior year period. Total operating expenses rose to $7 million from $6.8 million which last year's operating expenses benefited from a $450,000 fair value remeasurement of the Earn A consideration.

我們不斷降低成本並提高效率，因為我們正在實現顯著的成本節約。2025 年第二季度，銷售、一般及行政費用從去年同期的 660 萬美元下降至 640 萬美元。總營運費用從 680 萬美元上升至 700 萬美元，去年的營運費用受益於 Earn A 對價的 45 萬美元公允價值重估。

Interest and other expenses in the second quarter of 2025 was $162,000 compared to $736,000 from the last year. This decrease reflects the payoff of some ex expensive debt earlier this year. Net loss from continued operations was $9.6 million compared to a net loss of $6.9 million in last year's second quarter.

2025 年第二季的利息和其他費用為 162,000 美元，而去年同期為 736,000 美元。這一下降反映了今年早些時候一些昂貴債務的償還。持續經營淨虧損為 960 萬美元，去年第二季淨虧損為 690 萬美元。

However, the net loss in the second quarter of 2025 included a non-cash expense from $7.5 million sale value the measurement of warrant liability this past quarter versus $3.3 million in the prior year period. As well as a $560,000 financing fee related to the closing of our direct offering versus none in the prior year period.

然而，2025 年第二季的淨虧損包括一筆非現金支出，來自上一季 750 萬美元的銷售價值，這是對認股權證負債的衡量，而去年同期為 330 萬美元。以及與我們直接發行結束相關的 560,000 美元融資費用，而去年同期則為零。

Taking all this into account, our adjusted EBITDA loss improved to minus $1 million in the second quarter versus minus 1.7 million in the prior year period. Moving to the balance sheet, I am very pleased with the progress we have made along several key metrics since the start of the year. Cash and cash equivalents rose to $3.2 million from $1.4 million on March 31 of this year and $840,000 at the end of last year.

考慮到所有這些因素，我們第二季的調整後 EBITDA 虧損從去年同期的負 170 萬美元改善至負 100 萬美元。談到資產負債表，我對我們自今年年初以來在幾個關鍵指標上取得的進展感到非常高興。現金和現金等價物從今年 3 月 31 日的 140 萬美元和去年年底的 84 萬美元增至 320 萬美元。

Restricted cash has remained stable at approximately $300,000 since the end of last year. Just before we end we ended the second quarter, we terminated our Series A warrants which protected investors from a potential dilution of 652,000 shares. We believe this was a meaningful way to deploy our capital while enhancing shareholder value.

自去年年底以來，受限現金一直保持穩定在約 30 萬美元。就在第二季結束之前，我們終止了 A 系列認股權證，以保護投資者免受 652,000 股股票的潛在稀釋。我們相信，這是一種部署資本並提高股東價值的有意義的方式。

As noted earlier, over the first six months of this year we reduced our total debt by $11.7 million total debt on June 30, 2025, which included consideration of approximately $500,000, decline burnout consideration of approximately $500,000 declined to $7.5 million from total debt of $19.1 million on December 31 of last year.

如前所述，今年前六個月，我們將總債務從 2025 年 6 月 30 日的 1,170 萬美元減少到 750 萬美元，其中包括約 50 萬美元的對價，以及約 50 萬美元的倦怠對價，總債務從去年 12 月 31 日的 1,910 萬美元減少到 750 萬美元。

This has moved, removed about an annual drain of approximately $3.4 million through 2025. We continue to expect that annual interest expense to decline by approximately $2 million for 2025. In addition to debt repayments, we also restructured $5.6 million of long term debt to improve our capital structure, enhance cash flows, and provide financial flexibility.

到 2025 年，這項措施將消除每年約 340 萬美元的資金流失。我們繼續預計，到 2025 年，年度利息支出將下降約 200 萬美元。除了償還債務外，我們還重組了 560 萬美元的長期債務，以改善我們的資本結構、增強現金流並提供財務靈活性。

Other areas of improvement this year through June 30, 2025 include accounts payable improved to $6.4 million from $8 million inventories improved to $2.3 million from $2.7 million. Current liabilities improved to $12.8 million from $27.2 million. Long term liabilities improved to $9.2 million from $10 million and lastly, stockholders equity improved the $22.1 million or $6.49 per share from $8.5 million.

今年截至 2025 年 6 月 30 日的其他改進領域包括應付帳款從 800 萬美元增加到 640 萬美元，庫存從 270 萬美元增加到 230 萬美元。流動負債從 2,720 萬美元改善至 1,280 萬美元。長期負債從 1,000 萬美元改善至 920 萬美元，最後，股東權益從 850 萬美元改善至 2,210 萬美元或每股 6.49 美元。

Based on our results of the second quarter project pipeline and general business environment, we are reiterating our guidance for 2025 as follows. Total sales are expected to rise to between $65 million and $70 million a projected increase between 14% and 23% from total sales of $56.9 million in 2024. Adjusted EBITDA is expected to improve to between $500,000 and $700,000 from an adjusted even a loss in 2024.

根據第二季專案儲備結果和整體商業環境，我們重申 2025 年的指導意見。總銷售額預計將增至 6,500 萬美元至 7,000 萬美元之間，比 2024 年的總銷售額 5,690 萬美元成長 14% 至 23%。預計到 2024 年，調整後的 EBITDA 將從調整後的虧損改善至 50 萬至 70 萬美元之間。

Before turning things back to Scott, I want to again thank our team at some nation for all of their hard work and dedication. For those of you that have ever met with us over the years, you would have heard us say that transparency is the foundation of our business.

在把話題轉回斯科特之前，我想再次感謝我們某個國家的團隊的辛勤工作和奉獻精神。對於多年來與我們見過面的人來說，你們會聽到我們說透明度是我們業務的基礎。

When we initiated nearly 100 restructuring actions starting in May 6 of 2024, we did so with the intention to stabilize the business and create a solid financial foundation for growth. While it may have seemed an impossible task at the time, our second quarter results aligned with what we had said earlier this year, but the actions we took in 2024 and early in 2025, however difficult, would result in a stronger Sunation, and that is exactly what has happened.

當我們從 2024 年 5 月 6 日開始啟動近 100 項重組行動時，我們這樣做的目的是穩定業務並為成長奠定堅實的財務基礎。雖然當時這似乎是一項不可能的任務，但我們第二季度的業績與我們今年早些時候所說的一致，但我們在 2024 年和 2025 年初採取的行動，無論多麼困難，都將使 Sunation 變得更加強大，而這正是發生的事情。

We are excited and optimistic about the future and look forward to keeping you apprised of any news and progress. I feel that this is because this is an exciting time for some nation energy as a whole. I want to thank all of you for your time today and turning things back to Scott.

我們對未來感到興奮和樂觀，並期待隨時向您通報任何新聞和進展。我覺得這是因為對一些國家整體而言這是一個令人興奮的時刻。我想感謝大家今天抽出時間並將事情交還給斯科特。

Nice job Jim. Thank you. And now, if anybody has any questions we're happy to flip that between him and me and answer some questions.

幹得好，吉姆。謝謝。現在，如果有人有任何問題，我們很樂意在他和我之間進行交流並回答一些問題。

(Operator Instructions)

（操作員指示）

Julien Dumoulin-Smith, Jefferies.

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

Hi, good morning. This is Hannah Velasco on for Julian. Thanks for the update. Nicely done. I have a few questions. The first to open this up, you mentioned on the call just some new financing models and potentially financing structures, to enter into 2026. Can you provide any further detail in terms of what you're contemplating there?

嗨，早安。這是漢娜·維拉斯科 (Hannah Velasco) 代替朱利安 (Julian)。感謝您的更新。幹得好。我有幾個問題。首先，您在電話會議上提到了一些新的融資模式和潛在的融資結構，以進入 2026 年。您能否提供更多細節來說明您正在考慮的事情？

Yeah, I thank you for the call and thank you and say hi to Julian for me. I would say that, as soon as the guidance came out on 25D and 48E, it was sort of like a scramble. Most companies that we're looking at that were traditionally loan oriented residents companies knew that they had to pivot. Some of the people that, came up was, light reach.

是的，謝謝您的來電，也謝謝您，並代我向朱利安問好。我想說的是，25D 和 48E 的指導一出，就變得有點混亂了。我們所關注的大多數公司都是傳統上以貸款為導向的居民公司，他們知道他們必須轉型。有些人，出現，是輕鬆到達的。

There's a few of them out there, right, that are that are really kind of shaping third party ownership. But what I do believe is that there are significant players that are working behind the scenes to kind of laid a different financing model between CPO, and the loan market.

其中有幾個，對吧，它們確實在塑造第三方所有權。但我確實相信，有一些重要的參與者在幕後努力在 CPO 和貸款市場之間建立不同的融資模式。

Some people talk about prepaid leases, but I think that, I won't give you names, but I know there's a bunch of people out there right now trying to lace together, different ingredients to make it all work that's best for the homeowners that that serves everybody's needs. Does that answer the question?

有些人談論預付租賃，但我認為，我不會透露你們的名字，但我知道現在有一群人正在嘗試將不同的成分結合在一起，使一切發揮作用，為房主提供最好的服務，滿足每個人的需求。這回答了問題嗎？

Yeah, that's perfect. I understand it's still early innings and everybody is trying to sort through the transition, so, commentary is very fair. And then if I could do just a follow up, can you give us a sense of the growth outlook for residential solar in 2026.

是的，太完美了。我知道現在還只是比賽初期，每個人都在努力適應轉變，所以評論非常公平。然後，如果我可以做一個跟進的話，您能否向我們介紹 2026 年住宅太陽能的成長前景。

More so macro growth rather than company growth in terms of installations again in 2026 and maybe if you have visibility into 2027, not only taking into account the expiration of 25D but also the favorable outcome from treasury guidance on Friday of last week.

2026 年，就安裝量而言，宏觀成長比公司成長更重要，如果你能預見 2027 年的情況，不僅要考慮 25D 的到期，還要考慮上週五財政部指引的有利結果。

Yeah thanks. I mean there's a lot to unpack there. I think that the brace right now over the last couple of months was the race to secure funding materials and everything else so that we could make a commitment to the customers that they would get installed by 12:31 that loan customers would get installed before the end of the year.

是的，謝謝。我的意思是那裡有很多東西要解開。我認為過去幾個月來最大的困難是爭分奪秒地爭取資金、材料和其他一切，以便我們能夠向客戶承諾，他們將在 12:31 之前完成安裝，而貸款客戶將在年底之前完成安裝。

So that's pretty much taken everybody's effort and quite frankly, responsible companies right now in the residential space are mitigating that that risk saying, hey listen, you're in the queue, we're 200 projects oversold for 2021, but there's always issues that push people to the side-lines permitting issues and whatnot.

所以這幾乎需要每個人的努力，坦率地說，目前住宅領域的負責任的公司正在降低這種風險，他們說，嘿，聽著，你在排隊，我們 2021 年有 200 個項目超額售出，但總是有一些問題將人們推到一邊，比如許可問題等等。

What is surprising is we have not seen a slowdown in sales for people that have the notification that we can't guarantee that, yeah, and when I say guarantee tax credits, I mean that we can guarantee that the system will be installed that if you qualify for the tax credits, you would be able to take advantage of them. We haven't seen a slowdown of applications coming in for people that want solar.

令人驚訝的是，我們並沒有看到那些收到我們無法保證的通知的人的銷售放緩，是的，當我說保證稅收抵免時，我的意思是我們可以保證安裝該系統，如果你有資格獲得稅收抵免，你就可以利用它們。我們並未看到太陽能需求者的申請數量出現放緩。

That's super promising because I think that in 2026, after the sunset, these people are going to be, well, I'm down the road. I have my permits, talk to me about other financing options and we'll still move forward as the cost of energy continues to rise and rise.

這是非常有希望的，因為我認為在 2026 年日落之後，這些人將會，嗯，我在路上。我有許可證，請與我討論其他融資選擇，隨著能源成本不斷上漲，我們仍將繼續前進。

And as I mentioned, the albatross of of AI and crypto and power demands negatively impact your, they're going to make residential energy costs go up. There's only so much supply right now. So I think that in 2026, it's going to be a you're going to be limited possibly by supply because I think there's going to be a glut of product that is spoken for.

正如我所提到的，人工智慧、加密和電力需求的負擔會對您產生負面影響，它們會導致住宅能源成本上升。目前供應量有限。所以我認為到 2026 年，你可能會受到供應的限制，因為我認為會出現供過於求的產品。

I don't see, a lot of things are going to happen in the next year and boy, it didn't, it only took, let's put it this way, in 22 years of being in this industry, it only took a couple of months to go from 30% tax credit to no tax credit. If you start talking about 2027, man, a lot can happen between now and 2027. And just delivering transparency to the, to what the industry looks like to off takers is the most important thing and earning their confidence.

我看不出明年會發生很多事情，但事實並非如此，只是花了，這麼說吧，在這個行業的 22 年裡，只花了幾個月的時間就從 30% 的稅收抵免變成了沒有稅收抵免。如果你開始談論 2027 年，夥計，從現在到 2027 年之間可能會發生很多事情。向承購商透明地展示產業現狀是最重要的，也是贏得他們信任的關鍵。

Okay. Yeah go ahead if I may, Hannah, I would add that the whole comment got made earlier about our diversified approach to this market. I think that's the key answer here which is residential it's unclear what the total impact of the entire market will be in 2026 and 2027 because everybody's got a pivot to third party owned selling approach where historically at least a foundation for the last 22 years, we have focused on purchase to own, not not third party owned, and so that'll be a pivot.

好的。是的，如果可以的話，漢娜，請繼續，我想補充一點，之前已經就我們對這個市場的多元化方法發表了完整的評論。我認為這是這裡的關鍵答案，即住宅，目前尚不清楚 2026 年和 2027 年整個市場的總體影響是什麼，因為每個人都有一個以第三方擁有的銷售方式為支點，從歷史上看，至少在過去 22 年的基礎中，我們一直專注於購買自有，而不是非第三方擁有，所以這將是一個支點。

But the good news is is that we are other sources of revenue. So we have five or six sources of revenue residential is only one of them commercial roofing service, electrical services and adding on additional revenue sources. That's the key to our success here.

但好消息是，我們還有其他收入來源。因此，我們有五到六個收入來源，住宅只是其中之一，商業屋頂服務、電力服務以及其他收入來源。這是我們成功的關鍵。

As residential becomes a question mark in '26 and '27, our commercial business unit is exploding as I just mentioned in our prepared remarks. And so that's going to be the key when they, when the government got rid of 25D, which I think was exactly the opposite of logic. 48E actually continues to promote not only residential TPO but the commercial side of our business and so I can we expect to continue to see that to grow.

正如我在準備好的發言中提到的那樣，隨著 26 年和 27 年住宅市場成為一個問號，我們的商業業務部門正在蓬勃發展。所以當政府廢除 25D 時，這將成為關鍵，我認為這完全違反邏輯。48E 實際上不僅繼續推廣住宅 TPO，還繼續推廣我們業務的商業方面，因此我預計它將繼續成長。

Right, super fair, and I think like the Safe Harbor outcome for smaller solar, it bodes well for both residential and the CNI perspective. Okay, yeah, I know it's mostly trying to get us the context of some of your peers in the regis space have been sizing 2026 that, maybe call it down 20%.

對，非常公平，我認為就像小型太陽能的安全港結果一樣，它對住宅和 CNI 前景都是有利的。好的，是的，我知道這主要是想讓我們了解註冊領域的一些同行對 2026 年的預測，也許可以稱之為下降 20%。

As they take into account loan and cash down meaningfully, but then TPO up and so I was just looking to see if you agree with that framework or concede it could actually be better, again just because you have more visibility into likely 2029 and 2030 on the leasing front for solar.

因為他們充分考慮了貸款和現金首付，但隨後 TPO 上升，所以我只是想看看您是否同意該框架或承認它實際上可能更好，同樣只是因為您對 2029 年和 2030 年太陽能租賃方面的情況有了更多的了解。

I think it's going to be better than predictions based on the chatter that I see and especially because we operate in New York and Hawaii, can't talk for other some of the other markets but for us, the cost of power is is absurd, so I see people getting pushed further and further along to join.

我認為它會比根據我看到的閒聊所預測的要好，特別是因為我們在紐約和夏威夷開展業務，不能代表其他一些市場，但對我們來說，電力成本是荒謬的，所以我看到人們越來越被推向加入。

Okay perfect. Thank you all for the questions and answers.

好的，完美。謝謝大家的提問和回答。

Thanks, thank you, Hannah.

謝謝，謝謝你，漢娜。

(Operator Instructions)

（操作員指示）

There are no further questions at this time. I would now like to turn the call back over to the management team.

目前沒有其他問題。現在我想把電話轉回管理團隊。

So we have some questions from the investor inbox. This one comes from John L. At what point does an installation qualify for the tax credit? In other words, does it have to be completely installed, partially installed, or connected to the grid?

我們收到了一些投資者寄來的問題。這是來自 John L 的。安裝什麼時候才有資格獲得稅收抵免？換句話說，是必須全部安裝，還是部分安裝，還是接上電網？

Yeah, thanks for that John. Our our read on this is we have to have the system up and operational, ready to connect that is exclusive of closing out building permits, utility into connection. This is the residential off taker, we can't be held accountable for slow utility works and whatnot, so our commitment to the customers that we've, made is that you will be up and operational by 12:31 and if you can take advantage of the tax credits and we do not give tax advice, then you will absolutely be ready to apply for it.

是的，謝謝你，約翰。我們對此的解讀是，我們必須讓系統啟動並運行，做好連接準備，這不包括關閉建築許可證、公用設施連接。這是住宅承購商，我們不能對公用事業工程緩慢等問題負責，因此，我們對客戶的承諾是，您將在 12:31 之前啟動並投入運營，如果您可以利用稅收抵免，並且我們不提供稅務建議，那麼您絕對可以準備申請。

Great, thank you. The next question comes from Ariel C. Do you see any opportunity for solar as part of AI slash data centers? Oh my God, yes, thank you, Ariel.

太好了，謝謝。下一個問題來自 Ariel C。您是否認為太陽能有機會成為人工智慧和資料中心的一部分？哦天哪，是的，謝謝你，Ariel。

We keep hearing we use AI in our own business, right? I write some of my stuff with AI, but I was mindful of a project that I just went to where Microsoft is building a million square foot AI facility in Milwaukee and that the power consumption and water consumption for that building is going to dwarf the 350,000 homes that are in Milwaukee, right?

我們一直聽說我們在自己的業務中使用人工智慧，對嗎？我用人工智慧寫了一些東西，但我注意到我剛剛去的一個項目，微軟正在密爾瓦基建造一個一百萬平方英尺的人工智慧設施，而該建築的電力消耗和水消耗將使密爾瓦基的 35 萬戶家庭相形見絀，對嗎？

So there's no question the price of electricity in Milwaukee is going to go up for residential off takes because there's only so much being generated there. What I see is an incredible play is that, and I mentioned it in the oncoming statements that solar only and storage only companies are super vulnerable. It's time for companies that embrace both fossil fuel and renewables to start to work together and use the same property and use the same transmission lines and whatnot and cite these things.

因此，毫無疑問密爾瓦基居民用電價格將會上漲，因為那裡的發電量有限。我看到的是一場令人難以置信的演出，我在接下來的聲明中提到過，僅從事太陽能和僅從事儲存的公司非常脆弱。現在是時候讓那些同時採用化石燃料和可再生能源的公司開始合作，使用相同的財產，使用相同的輸電線路等等，並引用這些東西了。

So I think there's a fabulous opportunity to participate in alongside as fossil fuel, oil, natural gas and whatnot as opposed to being, this or that. So yeah, and that's exactly where where my head is heading right now after the one big beautiful bell.

因此，我認為，與化石燃料、石油、天然氣等相比，這是一個絕佳的參與機會，而不是只參與其中。是的，在聽完那口美麗的大鐘之後，我的腦子裡現在想的正是這個。

And then the what looks like maybe the final question from Nick B. How do you expect quarterly revenues slash adjusted EIA to trend over.Q3 and Q4? I'm going to flip that one over to Jim Brennan.

然後，這似乎是 Nick B 提出的最後一個問題。您預計季度收入大幅削減調整後的 EIA 將如何發展？第三季和第四季如何？我要把這個問題交給吉姆‧布倫南。

Thank you Nick. Good question. So we don't give quarterly guidance, as you may recall this is the first year that we actually gave guidance in a while and so what I will say is that when you've heard me say this on prior earnings calls is that we happen to be in a little bit of a cyclical business.

謝謝你，尼克。好問題。因此，我們不提供季度指導，您可能還記得，這是我們一段時間以來第一次真正提供指導，所以我要說的是，當您聽到我在之前的財報電話會議上這麼說時，我們恰好處於一個有點週期性的業務中。

So Q1 for different reasons Q1 in New York and Q1 in Hawaii are typically lower revenue, potentially, loss of net income quarters for us. Q2 typically in those two markets begins to start ramping up and therefore might be certainly see some growth on the revenue side but profitability may be neutral.

因此，由於不同的原因，紐約第一季和夏威夷第一季的收入通常較低，並且可能造成我們的淨收入損失。這兩個市場通常在第二季開始加速成長，因此收入方面肯定會出現一些成長，但獲利能力可能保持中性。

Q3 starts ramping up hard. We start stockpiling some cash and then Q4 even better, and I wish I didn't have that in our two business segments and perhaps as we continue to grow with our roll up strategy we can bolt on other companies that have different profiles, but for the New York and Hawaii businesses for different reasons, Q1 low, Q2 better, Q3 and Q4 are off to the races almost every year. Good question there.

Q3 開始強勁成長。我們開始儲備一些現金，然後第四季度的情況會更好，我希望我們的兩個業務部門沒有這種情況，也許隨著我們的整合戰略繼續發展，我們可以收購其他具有不同概況的公司，但對於紐約和夏威夷的業務來說，出於不同的原因，第一季度較低，第二季度較好，第三季度和第四季度幾乎每年都會開始競爭。問得好。

That concludes the investor inbox. Thank you.

投資人收件匣到此結束。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。