Sunation Energy Inc (SUNE) 2025 Q4 法說會逐字稿

My name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to the SUNation Energy fourth quarter and full year 2025 financial results conference call. (Operator Instructions) And as a reminder, this conference is being recorded.

我叫 Joe，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 SUNation Energy 2025 年第四季及全年財務業績電話會議。(接線員指示) 另外提醒各位，本次會議將被錄音。

And now, I would like to turn the call over to Rich Murdocco, Vice President of Marketing and Communications at SUNation Energy. Please go ahead, sir.

接下來，我想把電話會議交給 SUNation Energy 行銷與傳播副總裁 Rich Murdocco。先生，請開始。

Thank you, operator, and good morning, everyone. Good morning. Thank you for joining us today for SUNation Energy's fourth quarter and full year 2025 financial results conference call. My name is Rich Murdocco, Vice President of Marketing at SUNation Energy. Our speakers for today are Scott Maskin, Chief Executive Officer; and James Brennan, Chief Financial Officer and Chief Operating Officer.

謝謝接線員，各位早安。早安。感謝各位今天參加 SUNation Energy 2025 年第四季及全年財務業績電話會議。我叫 Rich Murdocco，SUNation Energy 行銷副總裁。今天的講者包括執行長 Scott Maskin，以及財務長兼營運長 James Brennan。

Mr. Maskin will open with prepared remarks, followed by Mr. Brennan, and then, we'll be opening the call for questions. Before we begin, I'd like to remind everyone that remarks made 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 21E of the Securities Exchange Act of 1934. These forward-looking statements are based largely on current expectations, forecasts and assumptions and are subject to risks and uncertainties, many of which are beyond the company's control.

Maskin 先生將先發表準備好的談話，接著由 Brennan 先生發言，之後我們將開放提問。在開始之前，我想提醒各位，今天電話會議中的發言可能包含前瞻性陳述，其定義依據為 1995 年《私人證券訴訟改革法》、1933 年《證券法》第 27A 條，以及 1934 年《證券交易法》第 21E 條。這些前瞻性陳述主要基於目前的預期、預測與假設，並受多項風險與不確定性影響，其中許多超出公司控制範圍。

Actual results may differ materially from those expressed or implied by these statements. Participants should not place undue reliance on forward-looking statements, which speak only of today's date. The company undertakes no obligation to update them, except as required by law. Additional information regarding factors that could affect the company's results is included in the company's SEC filings, including its Form 10-K and subsequent filings. This call may also reference certain non-GAAP financial measures, including adjusted EBITDA, and reconciliations to the most comparable GAAP measures can be found in today's earnings release.

實際結果可能與這些陳述所明示或暗示者存在重大差異。與會者不應過度依賴前瞻性陳述，該等陳述僅反映截至今日之情況。除法律要求外，公司不承擔更新該等陳述之義務。有關可能影響公司業績之因素的更多資訊，載於公司向美國證券交易委員會（SEC）提交的文件中，包括 Form 10-K 及其後續申報文件。本次電話會議亦可能提及若干非 GAAP 財務衡量指標，包括調整後 EBITDA；與最可比 GAAP 指標之調節表可於今日的財報新聞稿中查閱。

With that now, I'd like to turn the call over to Scott Maskin, Chief Executive Officer of SUNation Energy. Scott, please go ahead.

接下來，我想把電話會議交給 SUNation Energy 執行長 Scott Maskin。Scott，請開始。

Thank you, Rich, and good morning, everybody. Happy Thursday, this is actually the call that I've been waiting for, for quite a few quarters. And I appreciate everybody taking the time to join us today. If I had to sum up the fourth quarter and the full year of 2025 in a few words, it would be this. We did what we said we were going to do.

謝謝你，Rich，各位早安。週四愉快；坦白說，這其實是我等了好幾個季度的一通電話會議。也感謝各位今天撥冗加入我們。如果要用幾句話總結 2025 年第四季與全年，我會這麼說：我們做到了我們說要做的事。

And in today's environment, that's something we're pretty proud of. At the beginning of the year, we told shareholders that the work we were doing, stabilizing the business, cleaning up the balance sheet, reducing costs and tightening execution would translate into stronger operating performance. As we close the book on 2025, that's exactly what happened. I've been in the solar business for more than two decades. And if there's one thing I've learned, it's that the industry keeps you on your toes.

在當前的環境下，這是我們相當引以為傲的一點。年初時，我們告訴股東，我們正在進行的工作——穩定業務、整理資產負債表、降低成本並強化執行——將轉化為更強的營運表現。當我們為 2025 年結帳時，結果正是如此。我在太陽能產業已超過二十年。如果有一件事我學到的，那就是這個產業總是讓你保持警覺。

Sometimes, I call it the solar coaster and 2025 brought twists and turns, highs and dips like I've never seen. But through all of that, SUNation made real progress. We strengthened the financial foundation of the company, materially reduced debt, improved liquidity, expanded margins and exited the year from a much -- in a much more stable position than where we started.

有時我稱之為「太陽能雲霄飛車」，而 2025 年帶來的轉折、起伏與高低震盪，是我前所未見的。但在這一切之中，SUNation 取得了實質進展。我們強化了公司的財務基礎，大幅降低負債、改善流動性、擴大利潤率，並在年底以比年初更——以更穩定得多的狀態收官。

Fortunately, we operate in two of the most expensive electricity markets in the country, New York and Hawaii, but they too face their own challenges. The fourth quarter was probably the clearest demonstration yet that our strategy is working.

所幸的是，我們在全美電價最高的兩個市場——紐約與夏威夷——營運，但這些市場也各自面臨其挑戰。第四季大概是迄今最清楚展現我們策略正在奏效的一季。

Our teams in both markets stayed focused, executed at the highest levels and responded to strong residential demand as customers move to complete projects ahead of the expiration of Section 25D residential tax credit at the end of the year.

我們在兩個市場的團隊都保持專注、以最高水準執行，並在客戶為趕在年底住宅稅額抵免（第 25D 條）到期前完成專案之際，回應了強勁的住宅需求。

At the same time, we continue building a strong commercial and service pipeline, which remains a core part of our diversified operating model. Diversification has been one of the themes you've heard from us constantly, consistently, and it continues to be front and center.

同時，我們持續建立強勁的商用與服務案源管線，這仍是我們多元化營運模式的核心部分。多元化一直是各位不斷、持續從我們這裡聽到的主題，並且仍然是最重要的焦點。

What I'm especially proud of is that this performance didn't come from pulling just one lever, it came from disciplined execution across the organization. Earlier in the year, we made some tough decisions that pushed us to become leaner and more efficient. Those decisions translated into improved profitability, lower interest expense, stronger cash generation and a much cleaner capital structure by the time we close the year.

我特別自豪的是，這樣的表現並非只靠拉動單一槓桿，而是來自全公司有紀律的執行。今年稍早，我們做出了一些艱難的決定，促使我們變得更精實、更有效率。到年底時，這些決定轉化為更佳的獲利能力、更低的利息費用、更強的現金創造能力，以及更乾淨的資本結構。

On the residential side, demand was strong through the finish of the year as customers moved quickly ahead of the federal credit sunset. Our teams worked extremely hard to manage that surge responsibly, keeping installations moving while maintaining the quality and customer experience we're known for. New York and Hawaii remain unique markets because of their high electricity costs. Because of that, we continue to believe the value proposition for solar and storage remains very compelling in both geographies.

在住宅端，隨著客戶在聯邦稅額抵免落日之前加速行動，需求一路強勁直到年底。我們的團隊非常努力，以負責任的方式管理這波激增，在維持安裝進度的同時，也保持我們一向以之聞名的品質與客戶體驗。紐約與夏威夷因其高電價而仍是獨特市場。因此，我們仍然相信，在這兩個地區，太陽能與儲能的價值主張依舊非常具吸引力。

As financing structures evolve and power prices continue to rise, we believe the long-term demand story here is still very strong. At the same time, we're not managing the business only for the short-term pull forward created by the tax credit change. Much of that second half of 2025 was spent preparing for what comes next. That includes exploring alternative financing structures, expanding our service offerings, continuing to grow the commercial pipeline and evaluating disciplined acquisition opportunities that can strengthen the SUNation platform over time. And that leads into an important point as we look ahead to 2026.

隨著融資結構演進且電價持續上升，我們相信這裡的長期需求故事仍然非常強勁。同時，我們並非只為了稅額抵免變動所帶來的短期提前拉貨而經營公司。2025 年下半年很大一部分時間都用於為下一步做準備。其中包括探索替代性融資結構、擴大我們的服務內容、持續擴增商用案源管線，以及評估審慎的併購機會，以在時間推移中強化 SUNation 平台。這也引出我們展望 2026 年時的一個重要觀點。

One of the major priorities for us moving forward is returning to the roll-up strategy that has always been part of our long-term vision, and the opportunities are out there. The work we did throughout 2025, cleaning up the balance sheet and simplifying our capital structure, wasn't just about stabilization. It was about positioning the company to grow again.

展望未來，我們的一項主要優先事項，是回到「整併式擴張（roll-up）」策略——這一直是我們長期願景的一部分，而且市場上確實存在機會。我們在 2025 年所做的工作——整理資產負債表並簡化資本結構——不僅僅是為了穩定。更是為了讓公司重新具備成長的定位。

With a much healthier capital structure today, we believe we are now able to begin executing on that strategy and bring strong regional operators under the SUNation platform as consolidation continues across the industry. At the same time, we're watching what may be one of the most important structural shifts in energy demand that we've seen in decades.

在如今更健康的資本結構之下，我們相信我們已能開始執行該策略，並在產業持續整併之際，將優秀的區域型營運商納入 SUNation 平台。同時，我們也在關注一個可能是數十年來能源需求最重要的結構性轉變之一。

That being the explosion of electricity consumption being driven by AI and data center infrastructure. Data centers are quickly becoming some of the largest energy consumers in the country. And in markets like New York, we're already seeing how that demand is beginning to stress existing power capacity. We believe distributed energy, storage and resilient energy systems will play an increasingly important role in supporting that growth. SUNation Energy is positioned to participate in that opportunity as the energy landscape evolves.

也就是由 AI 與資料中心基礎設施所驅動的用電量爆發性成長。資料中心正迅速成為全美最大的能源消耗者之一。在像紐約這樣的市場，我們已經看到這股需求如何開始對既有電力容量造成壓力。我們相信，分散式能源、儲能與具韌性的能源系統，將在支撐這種成長方面扮演愈來愈重要的角色。隨著能源版圖演變，SUNation Energy 已具備參與此一機會的有利位置。

On the commercial side, we continue to like our positioning. We've built strong relationships with developers, institutions, municipalities and school districts, particularly in New York, and our reputation for execution continues to open doors. Commercial projects naturally move on longer cycles than residential, but the opportunity set remains meaningful and provides an important counterbalance to residential cyclicity. Service is another area that continues to perform well for us. As shakeouts continue across the industry, we're seeing more orphan system opportunities come into the market.

在商用端，我們仍然看好自身的市場定位。我們與開發商、機構、地方政府與學區建立了穩固關係，尤其是在紐約；而我們在執行力方面的口碑也持續為我們打開更多機會之門。商用專案的週期自然比住宅更長，但機會集合仍然可觀，並為住宅端的景氣循環性提供重要的平衡。服務業務也是我們持續表現良好的另一個領域。隨著產業持續洗牌，我們看到更多「孤兒系統」的機會進入市場。

I'd add that because of our tenure, the opportunities to retrofit and upgrade existing customers is a unique opportunity we've earned. Customers want trusted operators with a long track record, and that plays directly into our strengths. Service remains a high-margin business for us and an increasingly important part of the overall model. Stepping back for a moment, 2025 was really about restoring credibility through execution. We entered the year saying we would improve our financial condition, reduce debt, grow revenue and return to positive adjusted EBITDA.

我還要補充的是，憑藉我們的長期經營資歷，為既有客戶進行改造與升級的機會，是我們努力贏得的獨特機會。客戶希望與具備長期良好紀錄、值得信賴的營運商合作，而這正好直接契合我們的優勢。服務業務對我們而言仍是高毛利業務，並且在整體商業模式中愈來愈重要。退一步看，2025 年的重點其實是透過執行力來重建可信度。我們在年初就表示，將改善財務狀況、降低負債、提升營收並回到正向的調整後 EBITDA。

By year-end, we had made meaningful progress on each of these goals. Along the way, we simplified the capital structure, reduced total debt by more than $11 million, lowered annual interest expense by roughly $2 million and expanded consolidated gross margins into the high 30% range.

到年底，我們在上述每一項目標上都取得了實質進展。在此過程中，我們簡化了資本結構，將總負債降低超過 1,100 萬美元，將年度利息費用降低約 200 萬美元，並將合併毛利率擴大至 30% 高段區間。

And just as importantly as our operating teams in New York and Hawaii proved that they can grow and execute even in a volatile environment. In the third quarter alone, total sales rose nearly 30% year-over-year. Residential sales increased 54%, and service revenue grew more than 70%, all while operating expenses declined as a percentage of revenue, and we delivered positive adjusted EBITDA.

同樣重要的是，我們在紐約與夏威夷的營運團隊證明，即使在波動的環境中也能成長並有效執行。僅第三季，總銷售額年增近 30%。住宅銷售成長 54%，服務營收成長超過 70%；同時營運費用占營收比重下降，且我們交出正向的調整後 EBITDA。

Before I turn the call over to Jim Brennan, I want to take a moment to thank our employees, our team across New York and Hawaii, along with our customers, vendors, Board members and shareholders. This company has been through a lot over the past few years, and the work done in 2025 has put SUNation on much firmer ground. We're proud of the progress we've made, but we're even more focused on what comes next.

在我把電話會議交給 Jim Brennan 之前，我想花點時間感謝我們的員工、遍布紐約與夏威夷的團隊，以及我們的客戶、供應商、董事會成員與股東。這家公司在過去幾年經歷了許多，而 2025 年所完成的工作，讓 SUNation 站上更穩固的基礎。我們為已取得的進展感到自豪，但我們更專注於接下來要做的事。

With that, I'll turn the call over to Jim Brennan, our CFO, who will walk you through the financial results in more detail. Thank you.

接下來，我把電話會議交給我們的財務長 Jim Brennan，他將帶各位更詳細地說明財務結果。謝謝。

Thank you, Scott, and good morning, everyone. I appreciate you joining us today. Besides Rich and Scott, we are also joined today by Kristin Hlavka, our Chief Accounting Officer and Corporate Treasurer. As Scott said, 2025 was a year of substantial progress for SUNation. The actions we took beginning in 2024 and continuing throughout 2025 meaningfully improved our operating model and financial position.

謝謝你，Scott，各位早安。感謝各位今天加入我們。除了 Rich 和 Scott 之外，今天也有 Kristin Hlavka 與會，她是我們的會計長兼公司財務主管。如 Scott 所說，2025 年對 SUNation 而言是大幅進展的一年。我們自 2024 年開始並延續至 2025 年的各項行動，顯著改善了我們的營運模式與財務狀況。

Over the course of the year, we expanded margins, reduced our debt burden, lowered interest expense, strengthened liquidity and improved profitability. We issued our earnings release yesterday and expect to file the 10-K over the next few days. I encourage everyone to review those materials for full detail. But for now, I'll touch on several highlights from both the fourth quarter and the full year. For the fourth quarter of 2025, total sales were $27.2 million compared to $15.4 million in the prior year period, an increase of 77%.

在這一年中，我們擴大了利潤率、降低負債負擔、減少利息費用、強化流動性並提升獲利能力。我們昨天已發布財報新聞稿，並預期在接下來幾天提交 10-K。我鼓勵各位查閱這些資料以了解完整細節。不過現在，我先談談第四季與全年幾項重點。2025 年第四季總銷售額為 2,720 萬美元，較去年同期的 1,540 萬美元增加 77%。

For the full year 2025, total sales were $71.9 million compared to $56.9 million in full year 2024, an increase of 26%. This full year result -- sales result came in roughly $2 million above the top end of the previously stated guidance, which called for 2025 total sales for $65 million to $70 million. Results in the fourth quarter were supposed -- were supported by continued strength in residential demand in both New York and Hawaii as customers accelerated ahead of the One Big Beautiful Bill Act Section 25D sunset.

2025 年全年總銷售額為 7,190 萬美元，較 2024 年全年的 5,690 萬美元增加 26%。這項全年銷售結果約比先前所提供的指引上緣高出約 200 萬美元；先前指引為 2025 年總銷售額 6,500 萬至 7,000 萬美元。第四季的表現——是受到紐約與夏威夷住宅需求持續強勁所支撐，因客戶在《One Big Beautiful Bill Act》第 25D 條款日落前加速下單。

As we think about the start of 2026, we believe some of that fourth quarter strength reflected pull-forward activity ahead of the tax credit sunset, which means first quarter revenue is likely to decline relative to our normal seasonal pattern, which will also be compounded by the unusually harsh winter we endured in the Northeast this year.

展望 2026 年初，我們認為第四季的部分強勁表現反映了在稅額抵免日落前的提前拉貨活動，這意味著第一季營收可能會相較於我們正常的季節性型態而下滑；此外，今年東北部遭遇異常嚴寒的冬季，也將使影響加劇。

We also benefited from ongoing contributions from our service business and continued execution in commercial, although as we have consistently noted, commercial timing can vary from quarter-to-quarter based on project complexity, utility coordination and installation schedules.

我們也受惠於服務業務的持續貢獻，以及商用業務的持續執行；不過如我們一再提到的，商用業務的時點可能會因專案複雜度、公用事業協調與安裝排程而在各季之間有所波動。

Gross profit for the fourth quarter was $11.1 million or 40.7% of sales compared to $5.6 million or 36.4% in the prior year quarter. For the full year 2025, gross margin was 38.3%. Through 2025, margin improved was driven by stronger residential mix, operating discipline and better execution in both New York and Hawaii, which continues to trend as we discussed on prior calls.

第四季毛利為 1,110 萬美元，占銷售額 40.7%，相較去年同期為 560 萬美元、占比 36.4%。2025 年全年毛利率為 38.3%。2025 年的毛利率改善，主要由更強的住宅產品組合、營運紀律，以及紐約與夏威夷兩地更佳的執行所帶動，且如我們在先前電話會議所討論，這一趨勢仍在延續。

In 2025, we continued to manage our costs with a disciplined approach. Selling, general and administrative expense was 37.5% relative to sales revenue in 2025, down from 47.5% of sales total in the prior year, reflecting improved operating leverage on higher revenue.

2025 年，我們持續以嚴謹的方式管理成本。2025 年銷售、一般及行政費用（SG&A）占銷售營收比重為 37.5%，低於前一年的 47.5%，反映在營收提高下營運槓桿的改善。

For full year 2025, SG&A was $27.0 million, the same as the prior year full 2024. As we've noted earlier in the year, we expect the cost optimization and efficiency actions implemented in 2024 and 2025 to yield meaningful savings, and those efforts contributed to improving operating leverage as revenue ramped in the second half.

2025 年全年 SG&A 為 2,700 萬美元，與 2024 年全年相同。如我們在年初所提到，預期 2024 與 2025 年所推動的成本優化與效率提升措施將帶來可觀節省；隨著下半年營收爬升，這些努力也有助於提升營運槓桿。

Interest expense also continued to improve meaningfully. Fourth quarter interest expense was $165,000 compared to $775,000 in the prior year fourth quarter, reflecting the substantial debt reduction achieved earlier in the year. As we indicated earlier in the year, we expected annual interest expense for 2025 to decline by roughly $2 million versus 2024 as expensive debt was paid off or restructured. That expectation proved accurate with actual interest down by over $2 million or 66%. Net income for the fourth quarter of 2025 was $2.6 million compared to a net loss of $6.8 million in the prior year period.

利息費用也持續顯著改善。第四季利息費用為 16.5 萬美元，較去年第四季的 77.5 萬美元下降，反映我們在年初完成的大幅降債成果。如我們在年初所指出，隨著高成本債務被償還或重整，我們預期 2025 年年度利息費用將較 2024 年下降約 200 萬美元。結果證明此預期正確，實際利息費用下降超過 200 萬美元或 66%。2025 年第四季淨利為 260 萬美元，相較去年同期為淨損 680 萬美元。

For full year 2025, we reported a net loss of $10.9 million compared to a net loss of $15.9 million for the prior year. As always, we remind listeners to consider any noncash items, including fair market, fair value adjustments and financing-related charges when comparing bottom line results across periods as prior quarters have included such items. Accordingly, we emphasize adjusted EBITDA as a clear operating measure. That said, adjusted EBITDA for fourth quarter was $14. -- sorry, $4.1 million compared to an adjusted EBITDA loss of $1.1 million in the prior year quarter.

2025 年全年，我們淨損 1,090 萬美元，相較前一年淨損 1,590 萬美元。一如既往，我們提醒聽眾在跨期間比較最終損益時，需考量任何非現金項目，包括公允市價、公允價值調整以及與融資相關的費用，因為先前季度曾包含此類項目。因此，我們強調以調整後 EBITDA 作為清晰的營運衡量指標。話雖如此，第四季調整後 EBITDA 為 14.——抱歉，為 410 萬美元，相較去年同期調整後 EBITDA 虧損 110 萬美元。

For the full year 2025, adjusted EBITDA was $2.5 million compared to an adjusted EBITDA loss of $4.9 million in 2024. We had previously provided guidance in 2025 full year adjusted EBITDA of $0.5 million to $0.7 million, so we are pleased to have significantly exceeded that range. Turning to the balance sheet. Cash and cash equivalents at year-end were $7.2 million compared to $0.8 million on December 31, 2024 and $5.4 million on September 30, 2025. That year-end balance exceeds the prior high watermark, as we reported at the end of Q3.

2025 年全年調整後 EBITDA 為 250 萬美元，相較 2024 年調整後 EBITDA 虧損 490 萬美元。我們先前提供的 2025 年全年調整後 EBITDA 指引為 50 萬至 70 萬美元，因此我們很高興能大幅超越該區間。接著談資產負債表。年底現金及約當現金為 720 萬美元，相較 2024 年 12 月 31 日的 80 萬美元，以及 2025 年 9 月 30 日的 540 萬美元。該年底餘額高於先前的最高水位，如我們在第三季末所報告。

Total debt at year-end 2025 was $8.1 million compared to $19.1 million on December 31, 2024, a decrease of 58% and reflective of the significant deleveraging accomplished during the year. We also continued to improve other parts of the balance sheet over the course of 2025, including current liabilities, accounts payable and shareholders' equity.

2025 年底總負債為 810 萬美元，相較 2024 年 12 月 31 日的 1,910 萬美元下降 58%，反映我們在年度期間完成的顯著去槓桿。我們在 2025 年期間也持續改善資產負債表的其他部分，包括流動負債、應付帳款與股東權益。

The net effect of the SUNation ends 2025 in a much stronger financial position than where it began the year, which has been one of the central objectives of the current management since assuming leadership in May of 2024. On last quarter's earnings call, I described SUNation as being in the strongest financial position in recent history. I can safely say that Q4 of 2025 has continued that trend.

SUNation 在 2025 年底的整體結果是，財務狀況較年初大幅強健，這也是現任管理團隊自 2024 年 5 月接任領導以來的核心目標之一。在上一季的財報電話會議上，我曾形容 SUNation 處於近年來最強的財務狀態。我可以很有把握地說，2025 年第四季延續了這個趨勢。

Before turning back to Scott, I want to thank you again to the entire team in SUNation, New York and Hawaii, for their hard work and commitment that got us here. It truly was a team effort. The financial progress we made in 2025 reflects a tremendous company-wide effort.

在把話題交回 Scott 之前，我想再次感謝 SUNation 全體團隊——紐約與夏威夷的同仁——你們的辛勤付出與投入，讓我們走到今天。這確實是團隊共同努力的成果。我們在 2025 年取得的財務進展，反映了全公司上下巨大的投入。

And importantly, we believe that progress has translated into real visible momentum across the business. We have strengthened the balance sheet, improved operational discipline and positioned SUNation to move forward with a far stronger foundation than we began the year.

更重要的是，我們相信這些進展已轉化為業務面上真實且可見的動能。我們強化了資產負債表、提升了營運紀律，並讓 SUNation 以比年初更穩固得多的基礎向前邁進。

With that, I'll turn it back to Scott.

接下來，我把時間交回 Scott。

Thank you, Jim. Nice job. That was fun. As we look ahead, we're encouraged by the business we have built through 2025, but we're also staying realistic about the market conditions we may face in 2026. This industry will continue to evolve.

謝謝你，Jim。做得很好。很有意思。展望未來，我們對 2025 年一路建立起來的業務感到鼓舞，但同時也會務實看待 2026 年可能面臨的市場環境。這個產業仍將持續演變。

And as we have said many times before, the solar coaster is not slowing down. We are not assuming a smooth road ahead, but we are entering the year from a position of greater strength than we were just a year ago. From an operating standpoint, our cadence remains important to understand. It's unfortunate, but for decades, Q1 in both New York and Hawaii is a challenging time to manage, usually because of end of the year tax credits, weather and regulatory changes, but we always model to account for this seasonality. It's a marathon, not a race.

而且正如我們過去多次提到的，「太陽能雲霄飛車」並不會放慢速度。我們不假設前方道路會一帆風順，但我們是以比一年前更強的姿態進入新的一年。從營運角度來看，我們的節奏仍然是理解重點。很遺憾，但數十年來，紐約與夏威夷的第一季一直是較難管理的時期，通常是因為年底稅收抵免、天候與法規變動，不過我們一向會在模型中納入這種季節性因素。這是一場馬拉松，不是短跑。

What gives us confidence is not any single quarter or one market dynamic. It's the combination of a stronger balance sheet, lower debt, improved margins, better operating discipline and a more diversified revenue model. We believe those attributes position SUNation to become navigating an evolving solar and broader energy landscape with more resilience and more flexibility than in the past. And that flexibility matters. Our strategy is clear and deliberate, but it's not wired to a single fixed outcome.

讓我們有信心的，不是任何單一季度或某一個市場動態。而是更強的資產負債表、更低的負債、改善的毛利、更好的營運紀律，以及更為多元化的營收模式等因素的組合。我們相信，這些特質讓 SUNation 在面對不斷演變的太陽能與更廣泛能源版圖時，能比過去更具韌性與更高彈性。而這種彈性很重要。我們的策略清晰且審慎，但並非被綁定在單一固定結果上。

It is direction led by design. We can adapt as the market evolves without losing sight of where we're headed. We know where we're going, but we won't be rigid about the route we take to get there. It's a better path -- if a better path presents itself for SUNation, we have the discipline to course correct. In this kind of environment, the companies that succeed are the ones that can pivot, the ones that can stay disciplined, remain close to their customers and adjust quickly as market conditions change.

這是一種「以設計引導方向」的做法。我們可以隨市場演變而調整，同時不偏離我們要前往的方向。我們知道要去哪裡，但不會僵化地限定到達那裡的路徑。如果出現對 SUNation 更好的路徑，我們有紀律進行路線修正。在這樣的環境下，能成功的公司是那些能轉向、能保持紀律、貼近客戶，並在市場條件變化時快速調整的公司。

We believe SUNation is built for exactly that kind of setting. We also continue to believe that diversification is one of our greatest strengths.

我們相信 SUNation 正是為這種環境而打造。我們也持續相信，多元化是我們最大的優勢之一。

Residential will continue to evolve. Commercial remains important and important opportunity. Service is growing in importance, and additional adjacencies can create new paths for value creation over time. That mix gives us the ability to lean into parts of the business, where demand and economics are strongest as conditions shift.

住宅市場將持續演變。商用市場仍然重要，且是重要的機會。服務業務的重要性正在提升，而更多相鄰領域也能隨時間推進，創造新的價值創造路徑。這樣的組合讓我們能在環境變動時，把資源傾斜到需求與經濟性最強的業務板塊。

So while we are not here today to give formal 2026 guidance, we are here to say that we like the position we are in. We have stronger teams, a cleaner capital structure, a more sustainable financing footing and a business model that we believe is better equipped to adapt to what comes next.

因此，雖然我們今天不提供 2026 年的正式指引，但我們想表達的是：我們喜歡目前所處的位置。我們擁有更強的團隊、更乾淨的資本結構、更可持續的融資基礎，以及我們認為更能因應未來變化的商業模式。

I thank you for your time. And on that note, I will shift back to the operator and get to my favorite time of the earnings call, and that will be answering questions. So I believe, operator, we're ready for the line for questions.

感謝各位撥冗。接下來，我會把時間交回接線員，進入我在財報電話會議中最喜歡的環節——回答提問。所以我想，接線員，我們已準備好開放提問線路。

(Operator Instructions)

（接線員指示）

Julian Dumelin Smith, Jeffries.

Julian Dumelin Smith，Jefferies。

Hey, good morning. This is Hannah Velasquez on for Julien Dumoulin-Smith. Scott and Jim, my first question is around '26 guidance. I know you're not releasing the outlook this early this 4Q. But is that something you could revisit later in the year as you gain more visibility and parse through some of the regulatory noise? And then, could you also point to specifically what you view as the largest headwinds impacting the space this year, perhaps across FEOC, maybe 25D expiration, tariffs, et cetera?

嗨，早安。我是 Hannah Velasquez，代 Julien Dumoulin-Smith 發言。Scott 和 Jim，我的第一個問題是關於 2026 年指引。我知道你們不會在第四季這麼早就發布展望。但你們是否會在今年稍晚、當能見度提高並梳理一些監管雜音後，再重新評估是否提供？另外，你們能否具體指出你們認為今年影響這個領域最大的逆風是什麼——例如 FEOC、25D 到期、關稅等等？

Sure. I'll let Jim do the first part of the question on the guidance. Jim?

當然。指引的第一部分我先請 Jim 回答。Jim？

So regarding -- by the way, Hannah, thank you for joining. So I'm not comfortable giving guidance at this point in the year given the turmoil that the solar industry is in. I would say by the end of Q2, we'll have clarity on all the financing options available and so on and the FEOC layer and everything else that's impacting 2026. The reality is this cliff has hit the industry hard and the entire industry, not just SUNation. It really has nothing to do with SUNation, but the entire industry is pivoting over to this TPO, third-party ownership, way of selling, which is transitioning as we speak during Q1. Scott?

關於——順帶一提，Hannah，謝謝你加入。以目前一年中的這個時間點來看，鑑於太陽能產業正處於動盪之中，我不太適合提供指引。我會說，到第二季末，我們將能釐清所有可用的融資選項，以及 FEOC 這一層與其他影響 2026 年的因素。現實是，這個「斷崖」對整個產業造成了很大衝擊，不只是 SUNation，而是整個產業。這其實與 SUNation 本身無關，而是整個產業都在轉向以 TPO（第三方持有）作為銷售方式，而這個轉換正在第一季進行中。Scott？

Yes. Thanks, Hannah. I would say that like the next few weeks are going to be really, really important. I think that what's happening now in Q1, based on the tax credit situation in both residential and even the commercial cliff that's hanging in July, I'm going to say that the financing companies, the people still -- they're getting up to speed. Most of the companies onboarded a lot of people at a lot -- very quickly.

是的。謝謝你，Hannah。我會說接下來幾週會非常、非常重要。我認為第一季正在發生的事情，基於住宅端的稅收抵免情況，甚至還有 7 月懸而未決的商用端斷崖，我會說融資公司——仍在其中的那些人——正在加速跟上進度。多數公司在很短時間內大量招募了很多人。

It's still an unsettled on the financing side of the business. And I think that's working itself out on a daily basis utility and state by state. Fortunately, as I keep saying, New York and Hawaii, the trump card here -- not Trump the President, the trump card here, if you're drawing out of the deck, is the fact that it just cost me $70 to fill up my Bronco. Energy rates in New York on the residential side are set to go probably 5% to 7% higher. Hawaii is getting blasted with a $0.46 type of rate.

融資端的業務仍然處於未完全定型的狀態。我認為這正在以每天、按公用事業公司與各州逐步理順。幸運的是，我一直在說，紐約與夏威夷在這裡的「王牌」——不是指川普總統的 Trump，而是指牌局裡抽到的王牌——是我把 Bronco 的油箱加滿要花 70 美元。紐約住宅端的能源費率預計可能再上升約 5% 到 7%。夏威夷則正被每度電 0.46 美元左右的費率重擊。

So in the markets that we operate in, utility rates are going to dictate. We're still -- I'm proud to say that even in New York and Hawaii, we're far over the 50% mark of sold residential projects that are still purchased product, okay, and not just third-party ownership. So I don't see -- I think the finance companies are getting sorted out with list of products that meet FEOC and things like that and getting supply. Again, the political environment is working favorably with the increased energy prices. And that's without taking like all this summer.

因此，在我們營運的市場中，公用事業費率將會起到決定性作用。我也很自豪地說，即便在紐約與夏威夷，我們已售出的住宅案中，仍有遠超過 50% 是「購買型」產品，好嗎，而不只是第三方持有。所以我不認為——我認為融資公司正在把符合 FEOC 等要求的產品清單、以及供應鏈供貨等問題逐步整理到位。再者，政治環境在能源價格上升的背景下，反而對我們有利。而這還沒有把整個夏季的因素算進去。

Again, we're in cyclical, I said, seasonality, but we work cyclically also. And the -- we're heading into the highest energy consumption rates of the summertime in both New York and Hawaii, which is -- that's a great time to be in, and we're on the heels of the highest cost of natural gas in both -- in New York. So people are really getting battered right now. So solar is -- it's just like a tap on the brakes. I don't see massive headwinds. I see a lot of small taps on the brakes.

再說一次，我們處在景氣循環中，我剛才提到季節性，但我們的營運也同樣是循環性的。而且——我們正要進入夏季用電量最高的時期，紐約和夏威夷都是如此，這——這其實是個很好的時點；同時我們也正逢紐約天然氣成本最高的時候。所以大家現在真的被打得很慘。所以太陽能——它就像是輕踩一下煞車。我不覺得會有巨大的逆風。我看到的是很多次小幅度的輕踩煞車。

Yes, super helpful. And I think that brings me to my next question, just in terms of how you're thinking about the long-term outlook for residential solar, how exactly do we get to a full recovery, perhaps back to pre-NEM 3.0 installation levels, if that's even feasible? Is it the financing options that's going to take us there in terms of the creativity? I know there's a lot of excitement and interest around this prepaid lease plus loan offering. Or is it really just coming down to affordability and the ever-rising utility rates?

是的，非常有幫助。我想這也帶到我下一個問題：就你們如何看待住宅太陽能的長期展望而言，我們究竟要怎麼走到全面復甦，或許回到 NEM 3.0 之前的安裝水準——如果那真的可行的話？是融資選項的創意會帶我們到那裡嗎？我知道市場對這種「預付租賃加貸款」的方案有很多興奮與興趣。還是說，最終其實就是取決於可負擔性，以及不斷上升的公用事業電價？

Yes. Again, I can speak for New York and Hawaii. Third-party ownership is not new. It's been 50% of the market across the country for a long time. It's just gaining share now because there's less -- it was this abrupt pull forward in ownership.

是的。再說一次，我只能以紐約和夏威夷為例。第三方持有（TPO）並不是新事物。它在全美市場長期以來大約占了 50%。只是現在它正在提升市占，因為——之前是所有權模式出現了這種突然的提前拉動（pull forward）。

There are people that own cars. There are people that lease cars. What we focus on most importantly, and what's driven our lead acquisition cost to be the lowest is that we focus on homeowner and referrals, high-quality installations, the service opportunities that come afterwards. So again, I think that what's going to happen, I think that the states and the utilities, if you look to Texas, you look to North Carolina, you look to places that are actually succeeding still with solar and storage, it's because the utilities have gotten behind this and said, hey, we really need that standby power. We need that redundancy.

有人買車。也有人租車。我們最重視、也讓我們的線索取得成本降到最低的，是我們聚焦在屋主與轉介紹、高品質的安裝，以及後續帶來的服務機會。所以再說一次，我認為接下來會發生的是：各州與公用事業公司——如果你看德州、北卡，或其他其實仍在太陽能與儲能方面持續成功的地方——是因為公用事業公司已經支持這件事，並說：嘿，我們真的需要那種備援電力。我們需要那種冗餘。

So the federal part was only one part of it. It's really at utility and state level that's most important. So when we talk about affordability, it has to start at state level. And I'm thinking that they're really starting to see it, right? Like that affordability word is going to be the central word across the country in the midterms and certainly the next presidential election.

所以聯邦層面只是其中一部分。真正最重要的是公用事業與州政府層級。所以當我們談可負擔性時，必須從州層級開始。而我覺得他們真的開始看見了，對吧？像「可負擔性」這個詞，將會成為全國期中選舉、以及下一次總統大選的核心詞彙。

So it's a word. It reminds me like 20 years ago when green was a word, and every time, oh, we're going green. So that's kind of where I think this is happening. I see that residential ownership or adoption of residential solar is all going to circle around how much are the energy prices, how fast are they going up and that's why I think products are evolving. Installations are pretty simple as they can possibly be.

所以它是一個詞。這讓我想到大概 20 年前「綠色」也是個詞，大家動不動就說：喔，我們要走向綠色。所以我覺得現在大概就是這樣在發生。我認為住宅太陽能的持有或採用，最後都會圍繞在能源價格是多少、上升速度有多快——這也是為什麼我覺得產品正在演進。安裝本身已經盡可能簡化了。

There's going to be -- I also think there's going to be a lot of opportunity on the purchase side with non-FEOC product. There's going to be a boatload of stuff that's sitting on shelves across the country that is non-FEOC compliant that won't fit the -- fit into the TPO. And I'm fine with that. I hope that answered your question.

另外我也認為，在購買端會有很多使用非 FEOC 產品的機會。全國各地會有大量不符合非 FEOC 規範的庫存堆在貨架上，而這些產品無法——無法納入第三方持有（TPO）。而我對此沒問題。希望這回答了你的問題。

And I would add that if you look at the recent Wood Mackenzie report on the solar industry, both for residential and commercial, I happen to agree with the authors of that work product. 2026 is expected to be somewhere between 20% and 30%, depending on which data you look at, reduction in 2027 and beyond, we're back in growth mode again. And I think that's a logical approach to how this market will respond. Solar is not going away.

我再補充一點：如果你看 Wood Mackenzie 最近關於太陽能產業的報告，不論住宅或商用，我剛好同意那份研究報告作者的看法。預期 2026 年會出現約 20% 到 30% 的下滑（取決於你看哪一組數據）；到了 2027 年及之後，我們又會回到成長模式。我認為這是市場反應的合理路徑。太陽能不會消失。

Residential and commercial solar, especially the service side of our business, will continue to grow with a short-term hiccup in 2026, as we -- everybody pivots to the new regulations. Great question.

住宅與商用太陽能，特別是我們業務中的服務端，將會持續成長；只是 2026 年會有一個短期的小波折，因為——大家都在轉向新的法規。好問題。

Yes, that's perfect. And if I can squeeze in one more, can you just speak very briefly to the addition of Generac to your equipment suite? Is that primarily on the residential solar and storage side? Or are you perhaps looking at their home standby products? And then, as a follow-up to that, what led to this addition?

是的，太好了。如果我可以再塞一個問題：你能不能很簡短地談談你們把 Generac 納入設備組合這件事？這主要是用在住宅太陽能與儲能端嗎？還是你們也在看他們的家用備援（home standby）產品？然後作為追問，是什麼促成你們做出這個新增？

Was it really a factor of customer demand or more so just expanding and diversifying further your options? Thank you.

這主要是客戶需求的因素，還是更偏向於進一步擴充並多元化你們的選項？謝謝。

Yes. So, I really dig the Generac company. We've used them in Hawaii. They came into the marketplace, stumbled a little bit. But the beauty of that company is they did not abandon their mistake, and they continue to stand behind the product.

是的。我真的很欣賞 Generac 這家公司。我們在夏威夷用過他們的產品。他們進入市場後，曾經有點跌跤。但這家公司最可貴的是，他們沒有因為犯錯就放棄，而是持續為產品背書、承擔責任。

They brought over some pretty amazing people on the -- in the renewable space that I worked with for many years that I trust. They're innovators. And they rebuilt an ecosystem that I think is very interesting as people want to -- I'm going to use the word microgrid or be energy-independent, so to speak. I think that battery storage is super cool, but it has its limitations, like in some of the markets that we serve. The idea that their ecosystem works with both generation, filling the battery space and generating from solar is kind of this like checks all the boxes with the brand that has -- I mean, there's 19,000 generator systems operating on Long Island in New York, 19,000 plus.

他們在——再生能源領域延攬了一些非常厲害的人才，我跟他們合作很多年、也信任他們。他們是創新者。而且他們重建了一個我覺得很有意思的生態系，因為人們想要——我用「微電網」這個詞——或是說想要能源自主。我覺得電池儲能很酷，但它也有其限制，例如在我們服務的一些市場。他們的生態系同時涵蓋發電、補足電池端的缺口、以及由太陽能發電，這種概念就像是把所有需求都勾選完成；再加上這個品牌——我的意思是，光是紐約長島就有 19,000 套發電機系統在運作，19,000 套以上。

Many of those will adopt solar. So I think that there's a great cross-branding side. I like the diversified revenue stream. As a generator owner myself, the local industry is screaming for somebody who provides service at a level like SUNation does to its customers, and KumuKit, Hawaii Energy Connection, does to its customers. So that's kind of what started the Generac thing. More to come, but I think that they have an interesting product. They have a tremendous balance sheet, a good team behind them. And I think they're a dark horse in the race.

其中很多都會採用太陽能。所以我認為跨品牌導流的面向很棒。我喜歡多元化的營收來源。以我自己也是發電機用戶來說，在地產業一直在喊：需要有人能提供像 SUNation 對客戶那樣等級的服務，以及 KumuKit、Hawaii Energy Connection 對客戶那樣的服務。所以這大概就是 Generac 合作的起點。後續還會有更多，但我覺得他們的產品很有意思。他們的資產負債表非常強。背後也有很好的團隊。

Hannah, I would add that I am living in my personal home, I am living the Generac ecosystem experience. I have their solar equipment on the roof. I have their battery. I have their generator, gas -- natural gas generator. And I have their -- inside the house, we have their Ecobee thermostats, which controls everything.

Hannah，我再補充：我在自己的家裡，正在親身體驗 Generac 的生態系。我屋頂上裝的是他們的太陽能設備。我有他們的電池。我有他們的發電機，瓦斯——天然氣發電機。而且家裡室內我們用的是他們的 Ecobee 恆溫器，可以控制所有東西。

It is a spectacular product. And so I believe that others will follow as this industry looks for an integrated solution. And honestly, Generac is a pretty damn good brand. They really stand by their equipment. They're a high-quality manufacturer. They also -- we were out at the Generac conference recently, and they also have commercial options and other things we haven't really touched yet, but I can see a future where we're expanding into those options.

這是一個非常出色的產品。所以我相信，當這個產業在尋找整合式解決方案時，其他人也會跟進。而且老實說，Generac 是個相當不錯的品牌。他們真的會為他們的設備負責。他們是高品質的製造商。另外——我們最近也去參加了 Generac 的大會，他們也有商用選項以及其他我們還沒真正切入的東西，但我可以想像未來我們會擴展到那些選項。

Thank you.

謝謝。

Thank you, Hannah.

謝謝你，Hannah。

Okay. So it looks like we have some webcast questions. With the first one teed up is, what additional services are we -- is SUNation Energy also looking to offer to complement the Generac ecosystem?

好的。看起來我們收到一些網路直播的提問。第一個問題是：SUNation Energy 還在考慮提供哪些額外服務，以補強 Generac 生態系？

Well, as we said -- thank you for that question. But as we said, the diversification is the strength, and really, monetizing our referral system, our raving fans and bringing them more products and more things. I've always liked the HVAC and the service market of HVAC. I love the generator market. I think there's a great cross-sell opportunity.

嗯，正如我們所說——謝謝你的提問。但如同我們提到的，多元化就是優勢；而且真正的重點是把我們的轉介系統、我們的忠實粉絲變現，並帶給他們更多產品與更多服務。我一直很喜歡 HVAC 以及 HVAC 的服務市場。我也很喜歡發電機市場。我認為這裡有很好的交叉銷售機會。

There's -- in Hawaii, there's other things. The service side of Hawaii is growing. The commercial side in Hawaii is growing. So again, the answer is we own -- we have loyalty with customers, 22,000 customers, okay? They trust us, and it's our job to maximize the returns.

另外——在夏威夷，還有其他事情。夏威夷的服務端正在成長。夏威夷的商用端也在成長。所以再次回答：我們擁有——我們與客戶之間有忠誠度，22,000 位客戶，好嗎？他們信任我們，而我們的工作就是把報酬最大化。

And if adding other products and other services into that, I'm all game for that. So yes, we're not a one-dimensional company and never will be.

如果要在其中加入其他產品與其他服務，我完全願意。所以是的，我們不是一家單一面向的公司，也永遠不會是。

To follow up on that question, we currently have many revenue sources. By design, we like the diversified approach. We have residential, commercial, service, roofing. We do electrical work. We have community solar.

延續剛才那個問題，我們目前有很多收入來源。我們刻意採取多元化的做法。我們有住宅、商用、服務、屋頂工程。我們做電氣工程。我們有社區太陽能。

We're now adding on generator work. We could see in the future of adding on some HVAC stuff, as we continue to mature in that side of the business. So by design, we don't want a single source of revenue. Great question, whoever asked that.

我們現在也在加入發電機相關業務。未來隨著我們在該業務面持續成熟，我們也可能加入一些 HVAC 相關項目。所以我們刻意不希望只有單一收入來源。提問者問得很好。

Thank you. So now, we have another one in the queue here. Where do AI and data centers fit into strategy?

謝謝。接下來佇列裡還有一個問題。AI 與資料中心在策略中扮演什麼角色？

Wow, thank you for that question. We've been talking about this now for probably six quarters since I took over. I think what everybody is sort of missing, they're seeing gas prices and energy prices rise. They're attributing to political unrest and that type of stuff. But the reality is that, as these AI, these massive consumers of energy come online, a group like the local utility on Long Island, PSEG LI, they're mandated to have, I don't know, 6 or 7 gigawatts of capacity in the market, right?

哇，謝謝這個問題。自從我接手以來，我們大概已經談了六個季度。我認為大家有點忽略了一點：他們看到天然氣價格與能源價格上升，就把原因歸咎於政治動盪之類的事情。但現實是，當這些 AI——這些巨大的能源消耗者——開始上線時，像長島當地公用事業 PSEG LI 這樣的團體，被要求在市場中必須具備，我不知道，6 或 7 吉瓦的容量，對吧？

Like in any -- on Thursday, when it's 110 degrees -- 102 degrees in July, they have to have available power, and they buy contracts from Niagara Mohawk and from wherever else, and yes, possibly wind farms when they come online. But ultimately, there's only so much power.

就像任何——在週四、七月氣溫 110 度——102 度的時候，他們必須有可用電力；他們會向 Niagara Mohawk 以及其他地方購買合約，當然也可能向風電場（當它們上線後）購買。但歸根結底，電力就只有那麼多。

And when the AI centers more and more come online, they're going to be outbidding, they're going to be taking more and more power away, which means it's going to be more expensive for the local business and homeowners. That's just the way supply and demand, the economies work.

而當 AI 中心越來越多上線時，它們會出更高的價、會把越來越多的電力吸走，這意味著對當地企業與屋主而言，電力會變得更昂貴。這就是供需與經濟運作的方式。

So on one hand, on the residential and the commercial side, where we see the opportunity that AI is going to -- that AI and data center consumption is going to produce is going to really drive solar and storage adoption, right?

所以一方面，在住宅與商用端，我們看到 AI——也就是 AI 與資料中心的用電——將帶來的機會，會真正推動太陽能與儲能的採用，對吧？

On the other side, I am giddy, and one of the reasons why we look at Generac, who is really becoming front and center on the redundancy of these data centers, okay, with these massive tractor-trailer standby generation, we see that like we want to be players in the energy supply side of deploying the solar that we can on these centers because it's smart and people are going to be -- they're going to do it.

另一方面，我非常興奮；而我們看 Generac 的原因之一，是它正成為這些資料中心備援（冗餘）方面的核心角色，透過這些大型拖車式的備用發電設備。

But we also want to be more potentially an international expert on how to integrate and maximize that power. We have the models worked out. We have the technology. We have the consultancy and the track record behind us to be a voice in that thing.

但我們也希望更進一步，可能成為如何整合並最大化該電力的國際級專家。我們已經把模型做出來了。我們有技術。我們有顧問能力與過往實績作為後盾，能在這方面發聲。

So how we monetize that, not sure yet, but it's going to drive a lot of stuff and the alignment with some of these companies. The other side of the AI thing that we're leaning heavily into is every single piece of the ecosystem from a SUNation lead being generated to the service afterwards and the closeout, there are processes that we could do better with. And one-standing AI integration with that is going to really drop our OpEx considerably also, not just I write speeches with it, but it's going to drop our OpEx.

至於要如何把它變現，我還不確定，但它會帶動很多事情，以及與其中一些公司的合作對齊。AI 的另一個面向，我們也正大力投入：從 SUNation 的潛在客戶開發、到後續服務、到結案，整個生態系的每一個環節，都有我們可以做得更好的流程。而把 AI 整合進去，將會大幅降低我們的營運費用（OpEx），不只是我用它寫演講稿而已，它會降低我們的 OpEx。

Yes. I would add that besides energy prices going up, if you look at the models that are out there in the industry reports, the demand for new data centers across the country, across the world for that matter, is outpacing the ability for the grid to support it. And so I just think that any and every source of energy, not just solar, but small nuclear reactors and wind and you name it, all of it is going to be needed to supply these data centers as AI and crypto and other things are creating demand on that energy.

是的。我補充一下：除了能源價格上升之外，如果你看產業報告中的模型，全國、甚至全球對新資料中心的需求，正超過電網支撐它的能力。因此我認為任何、每一種能源來源都會需要，不只是太陽能，還包括小型核反應爐、風能等等，所有能源都將被需要來供應這些資料中心，因為 AI、加密貨幣與其他事物正在創造對能源的需求。

I think that was everything in the queue. Thank you to everyone who submitted. I'll turn it back to the operator.

我想佇列裡的問題就到這裡。謝謝所有提交問題的人。我把時間交回給接線員。

Thank you, everybody, for joining us today. Am I the operator?

謝謝大家今天加入我們。我就是接線員嗎？

I think you are.

我想你是。

I'm the operator. Thank you, everybody, for joining us today and for your continued confidence in SUNation. 2025 was an important year for this company. We focused on stabilizing the business, strengthening the balance sheet and turning difficult decisions into better operating and financial results. And we believe we made real progress on all three fronts in 2025.

我是接線員。謝謝大家今天加入我們，也謝謝各位持續對 SUNation 的信心。2025 年對這家公司而言是重要的一年。我們專注於穩定業務、強化資產負債表，並把艱難的決策轉化為更好的營運與財務成果。我們相信在 2025 年，我們在這三個面向都取得了實質進展。

We know there's still work ahead. We know that the market will continue to evolve, but we are stronger, more disciplined, more diversified and better prepared for what comes next than we were a year ago. I want to thank our employees, our customers, our shareholders, our partners, our Board of Directors for their support throughout this process. And we appreciate your time today, and we look forward to updating you again next quarter. Operator, that concludes our call.

我們知道前方仍有工作要做。我們知道市場會持續演變，但相較於一年前，我們更強健、更自律、更多元，也更能為接下來的發展做好準備。我要感謝我們的員工、客戶、股東、合作夥伴以及董事會，在整個過程中給予支持。也感謝各位今天撥冗參與，我們期待在下個季度再次向各位更新。接線員，我們的電話會議到此結束。

Thank you very much for the time today.

非常感謝今天撥冗。

Thank you. This concludes today's conference. You may all disconnect your lines at this time, and we thank you for your participation.

謝謝。今天的電話會議到此結束。各位現在可以掛斷電話線，感謝各位的參與。