T1 Energy Inc (TE) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the T1 Energy third quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加T1 Energy 2025年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Jeffrey Spittel, Executive Vice President, Investor Relations and Corporate Development. Please go ahead.

現在我謹將會議交給今天的主講人，投資者關係和企業發展執行副總裁傑弗裡·斯皮特爾。請繼續。

Good morning, and welcome to T1 Energy's third quarter 2025 earnings conference call. With me today on the call are Dan Barcelo, our Chief Executive Officer and Chairman of the Board; Evan Calio, our Chief Financial Officer; Jaime Gualy, our Chief Operating Officer; and Otto Erster Bergesen, our SVP of Project Development.

早安，歡迎參加T1 Energy 2025年第三季財報電話會議。今天和我一起參加電話會議的有：我們的執行長兼董事會主席丹·巴塞隆納；我們的財務長埃文·卡利奧；我們的營運長海梅·瓜利；以及我們的專案開發高級副總裁奧托·埃爾斯特·貝格森。

During today's call, management may make forward-looking statements about our business. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expectations. Most of these factors are outside T1's control and are difficult to predict.

在今天的電話會議中，管理階層可能會對我們業務發表前瞻性聲明。這些前瞻性陳述涉及重大風險和不確定性，可能導致實際結果與預期有重大差異。這些因素大多不在T1的控制範圍內，也難以預測。

Additional information about risk factors that could materially affect our business is available in our annual report on Form 10-K filed with the Securities and Exchange Commission, and our other filings made with the SEC, all of which are available on the Investor Relations section of our website. With that, I'll turn the call over to Dan.

有關可能對我們的業務產生重大影響的風險因素的更多信息，請參閱我們向美國證券交易委員會提交的 10-K 表格年度報告以及我們向美國證券交易委員會提交的其他文件，所有這些文件都可以在我們網站的投資者關係部分找到。接下來，我會把電話交給丹。

Thanks, Jeff, and welcome, everyone, to our third quarter earnings call. Let's turn to slide 4, please. Many of you may be new to the T1 store this quarter, so we'll begin today with a brief look at our current position in the US solar market. With 5 gigawatts of annual capacity at G1 Dallas, T1 is the largest American manufacturer of silicon-based solar modules, and we are the second largest American-owned solar module producer in the US, but we're just getting started.

謝謝傑夫，歡迎各位參加我們的第三季財報電話會議。請翻到第4張投影片。本季度，你們中的許多人可能是第一次來到 T1 商店，所以今天我們將首先簡要介紹我們目前在美國太陽能市場的地位。T1 在達拉斯 G1 工廠的年產能為 5 吉瓦，是美國最大的矽基太陽能組件製造商，也是美國第二大本土太陽能組件生產商，但這只是個開始。

As we'll discuss on today's call, we are advancing our plan to start construction of the first 2.1 gigawatt phase of our US solar cell fab G2 Austin, before year-end. G2 is the centerpiece of our strategy to build the first end-to-end domestic polysilicon solar supply chain in the US. This strategy is intended to competitively differentiate T1 and to align the company with the growth dynamics in US power markets.

正如我們將在今天的電話會議上討論的那樣，我們正在推進我們的計劃，爭取在年底前啟動我們位於奧斯汀的美國太陽能電池製造廠 G2 的第一期 2.1 吉瓦建設。G2 是我們建構美國首個端到端國內多晶矽太陽能供應鏈策略的核心。該策略旨在使 T1 在競爭中脫穎而出，並使公司與美國電力市場的成長動態保持一致。

Now let's move to slide 5 for a closer look at the big picture developments, which underpin our strategy. Today's theme is powering America. With US electricity demand growing faster than it has in decades, we are positioning P1 as a homegrown enabler of three increasingly evident macro trends, accelerating US AI development, onshoring of advanced American manufacturing and strengthening American Energy Security.

現在讓我們翻到第 5 張投影片，仔細看看支撐我們策略的大局發展。今天的主題是「為美國賦能」。由於美國電力需求成長速度超過了幾十年來的任何時期，我們將 P1 定位為推動三大日益明顯的宏觀趨勢的本土力量，即加速美國人工智慧發展、將先進美國製造業遷回國內以及加強美國能源安全。

These three trends are the thematic pillars of T1's investors case. Energy is key to unlocking the future of AI new data centers now routinely required gigawatts of electricity and they are growing exponentially more compute and energy intensive. Energy has emerged as the leading checkpoint for AI growth. The US has the natural resources and talent to debottleneck the equation and T1 plans to contribute by bringing the capability to produce leading-edge solar technology at scale domestically.

這三大趨勢是T1投資者案例的主題支柱。能源是開啟人工智慧未來的關鍵，如今新建的資料中心通常需要千兆瓦的電力，而且它們的運算和能源消耗呈指數級增長。能源已成為人工智慧發展的關鍵節點。美國擁有打破這一瓶頸所需的自然資源和人才，T1計劃透過在國內大規模生產領先的太陽能技術來做出貢獻。

T1 intends to power American AI by investing in American advanced manufacturing, the reshoring of manufacturing is another trend that is driving electricity demand growth and presenting T1 with the opportunity to strengthen critical US energy supply chains.

T1 計畫透過投資美國先進製造業來推動美國人工智慧的發展，製造業回流是推動電力需求成長的另一個趨勢，也為 T1 提供了加強美國關鍵能源供應鏈的機會。

We have ramped up domestic PV module production in G1 Dallas we are advancing towards the expected start of construction at G2 Austin, our US solar cell SAM, and we are expanding our US supply chain through our recently announced partnerships with Hemlock, Corning, Nextpower and Talon PV.

我們在達拉斯的 G1 工廠提高了國內光伏組件的產量，我們正在推進奧斯汀 G2 工廠（我們的美國太陽能電池 SAM）的預期開工建設，並且我們正在通過最近宣布與 Hemlock、康寧、Nextpower 和 Talon PV 的合作關係來擴大我們的美國供應鏈。

We have entered an error when control of digital intelligence and AI infrastructure will determine the fate of nations. This underscores the strategic value of domestic energy capacity, and we believe T1's plan to build a domestic PV solar supply chain will contribute to US energy security.

我們犯了一個錯誤，因為對數位智慧和人工智慧基礎設施的控制將決定國家的命運。這凸顯了國內能源產能的戰略價值，我們相信T1建構國內光電太陽能供應鏈的計畫將有助於美國的能源安全。

In addition, standing up a domestic end-to-end polysilicon supply chain should strengthen our national ability to produce semiconductors, advanced materials and grid and space technologies all of which involve common inputs and production processes.

此外，建立國內端到端的多晶矽供應鏈，將增強我國生產半導體、先進材料以及電網和太空技術的能力，所有這些都涉及共同的投入和生產過程。

Turning to slide 6. Let's drill down into the AI power theme. If the US is to maintain its lead in AI, we need more electrons and we need them now, leaders from the technology industry has suggested the US must double the 2024 pace of electricity additions to 100 gigawatts per year to close the widening electrons between AI-driven demand and power availability.

翻到第6張投影片。讓我們深入探討一下人工智慧的力量這個主題。如果美國要保持在人工智慧領域的領先地位，我們需要更多的電力，而且現在就需要。科技業的領導者建議，美國必須將2024年的新增電力速度提高一倍，達到每年100吉瓦，以縮小人工智慧驅動的需求與電力供應之間日益擴大的差距。

At T1, we are proponents of US energy abundance and we endorsed the strategic merits of adding new natural gas and nuclear power capacity to our grid, but those technologies can only play a limited role in the near term due to swollen order backlogs, permitting red tape and construction cycle times for new generation facilities.

T1 是美國能源充足的支持者，我們認可在電網中增加新的天然氣和核能發電容量的戰略價值，但由於訂單積壓嚴重、審批手續繁瑣以及新建發電設施的建設週期較長，這些技術在短期內只能發揮有限的作用。

Solar, coupled with battery storage, is the obvious choice to bridge this gap as a rapidly deployable resources scale. The dawn of the AI age is a company making opportunity for T1. We have available capacity at G1 Dallas, where we recently eclipsed the daily production redact equating to an annualized rate of 5.2 gigawatts.

太陽能與電池儲能相結合，顯然是彌合這一差距的可快速部署資源規模的最佳選擇。人工智慧時代的曙光為T1公司創造了機會。我們在達拉斯 G1 電廠有可用產能，最近我們已超過每日發電量，相當於年化發電量 5.2 吉瓦。

As we look to 2026 and beyond, our plans to integrate upstream of G1 will position T1 as the first company that can offer hyperscalers and their partners, a high domestic content, polysilicon-based top consoler module.

展望 2026 年及以後，我們整合 G1 上游的計畫將使 T1 成為第一家能夠為超大規模資料中心及其合作夥伴提供高國產含量、基於多晶矽的頂級主機模組的公司。

Now let's move to slide 7 for an update on T1's business. Shortly after we announced our preliminary third quarter results in October, we closed two successful equity capital markets transactions. T1 raised $72 million in gross proceeds from a registered direct common equity offering with high-quality new and existing institutional equity investors.

現在讓我們翻到第 7 張投影片，了解一下 T1 的業務最新情況。10 月我們公佈第三季初步業績後不久，就完成了兩筆成功的股權資本市場交易。T1 透過向高品質的新舊機構股權投資者進行註冊直接普通股發行，籌集了 7,200 萬美元的總收益。

As previously disclosed, T1 entered a $100 million commitment for the issuance of preferred and common stock to certain funds and accounts managed by Encompass Capital Advisors, LLC, in connection with T1's acquisition of Trina Solar's US manufacturing assets. Last month, T1 elected to make the second and final draw of $50 million pursuant to this $100 million commitment. This infusion of equity capital positions T1 to begin the first phase of construction at G2 Austin during the fourth quarter of 2020.

如先前揭露，T1 已承諾向 Encompass Capital Advisors, LLC 管理的某些基金和帳戶發行 1 億美元的優先股和普通股，以換取 T1 收購天合光能的美國製造資產。上個月，T1 選擇根據這項 1 億美元的承諾，進行第二次也是最後一次 5,000 萬美元的提款。此次股權資本注入使 T1 能夠在 2020 年第四季開始 G2 Austin 的第一階段建設。

Although we initially intended to focus on raising debt prior to an equity tranche to partially fund the first phase of construction at G2 Austin, these two transactions enable us to raise capital at attractive terms while we engage with prospective debt investors and advance the traditional project financing.

雖然我們最初打算在股權融資之前集中精力籌集債務，以部分資助 G2 Austin 的第一階段建設，但這兩項交易使我們能夠在與潛在的債務投資者接洽並推進傳統項目融資的同時，以優惠的條件籌集資金。

The additional trading liquidity from a higher share count and market capitalization also provides opportunities for us to add new shareholders who are previously unable to trade in our stock. At T1, we are focused on shareholder value and as equity owners ourselves, we are highly sensitive to dilution so we continue to use equity judiciously to fund growth CapEx, while we optimize our capital stack.

更高的股票數量和市值帶來的額外交易流動性也為我們提供了機會，讓以前無法交易我們股票的新股東能夠加入。在 T1，我們專注於股東價值，作為股權所有者，我們對股權稀釋​​非常敏感，因此我們繼續謹慎地使用股權來為成長資本支出提供資金，同時優化我們的資本結構。

Our capital formation progress positions us to add G2 to our expanding domestic polysilicon solar supply chain which now encompasses a growing network of American partners. In August, we announced an expanded polysilicon supply agreement to include production of American made solar wafers with Hemlock, Corning.

我們的資本累積進展使我們能夠將 G2 納入我們不斷擴大的國內多晶矽太陽能供應鏈，該供應鏈現在涵蓋了一個不斷增長的美國合作夥伴網路。8 月，我們宣布擴大多晶矽供應協議，將與 Hemlock 和 Corning 合作生產美國製造的太陽能晶片。

And in October, we signed a framework agreement with Nextpower for the provision of domestic steel frames. And we made a strategic minority equity investment in Talon PV LLC, which is building a US solar cell fab in Texas. These partnerships are foundational T1's mission to build the first integrated American polysilicon solar supply chain.

10 月，我們與 Nextpower 簽署了一項框架協議，為其提供家用鋼結構框架。我們對 Talon PV LLC 進行了戰略性少數股權投資，該公司正在德克薩斯州建造一家美國太陽能電池製造廠。這些合作關係是 T1 建構美國首個一體化多晶矽太陽能供應鏈的基礎使命。

Our expanding partnership network and the domestication of our supply chain are also key elements of T1's policy playbook. As we highlighted on the second quarter call, our team continues to advance the Defiance process to maintain T1's eligibility for Section 45 times tax credits in 2026 and beyond due to requirements in the BBB.

我們不斷擴大的合作夥伴網絡和供應鏈的本土化也是T1政策手冊中的關鍵要素。正如我們在第二季電話會議上所強調的那樣，我們的團隊將繼續推進 Defiance 流程，以確保 T1 在 2026 年及以後能夠獲得第 45 條款的稅收抵免，因為 BBB 中有相關要求。

Moreover, our commitment to invest in advanced American manufacturing and critical domestic energy supply chains are consistent with some of the administration's top priorities. Turning to operations. We continue to ramp production sales during the third quarter at G1 Dallas, our state-of-the-art solar module facility. During the fourth quarter, we expect to generate significantly higher sales and EBITDA and as we ship modules under previously booked merchant sales agreements.

此外，我們致力於投資美國先進製造業和關鍵的國內能源供應鏈，這與本屆政府的一些首要任務是一致的。接下來是營運環節。第三季度，我們位於達拉斯的先進太陽能模組工廠 G1 將持續提高產量和銷售量。預計第四季度銷售額和 EBITDA 將大幅成長，因為我們將根據先前預定的商家銷售協議交付模組。

And as we sell down inventory to customers who are clearing out 45 times eligible modules before year-end. As a result, our 2025 EBITDA guidance of $25 million to $50 million is unchanged. While we build our business in the US, we continue to advance our goal to generate value from our legacy European assets, which are attracting interest for repurposed data center applications. We look forward to providing updates on this initiative as warranted by our progress.

而且，我們在年底前會向客戶清空庫存，45 倍符合條件的模組。因此，我們對 2025 年 EBITDA 的預期仍為 2,500 萬美元至 5,000 萬美元。在我們於美國發展業務的同時，我們也持續推動從我們在歐洲的傳統資產中創造價值的目標，這些資產正因可用於改造資料中心應用而受到關注。我們將根據進展狀況，適時向大家通報專案的最新進展。

As we do on each quarterly earnings call, we have a rotating guest speaker from T1's management team to expand on an important topic. Since this quarter's team is Power in America, I'd like to introduce our SVP of Project Development, Otto Erster Bergesen to provide an update on G2 Austin, which will be the centerpiece of T1's domestic supply chain and where we are approaching the start of construction. Otto?

與以往每季財報電話會議一樣，我們會邀請 T1 管理團隊中的一位輪值嘉賓就某個重要議題進行詳細闡述。由於本季團隊的主題是美國電力，我想介紹我們的專案開發資深副總裁 Otto Erster Bergesen，他將為大家帶來 G2 Austin 專案的最新進展。 G2 Austin 將成為 T1 國內供應鏈的核心，我們即將開始建造。奧托？

Thank you, Dan. Let's turn to slide 8. After months of work, we have a great design developed and Tier 1 partners contracted to help us move ahead with G2 Austin. We are ready to enter full execution shortly. We're pursuing a 2-phased approach to reach more than 5 gigawatts of capacity of solar cell manufacturing.

謝謝你，丹。讓我們翻到第 8 張投影片。經過數月的努力，我們已經制定了一個很棒的設計方案，並簽約了一級合作夥伴來幫助我們推進 G2 Austin 計畫。我們即將全面進入執行階段。我們正採取兩階段方法，以實現超過 5 吉瓦的太陽能電池製造能力。

Phase 1 will be a 2.1-gigawatt fab, which we plan to follow with a 3.2 gigawatt Phase I. If offtake level permits, we can expand the second phase. The basis of design is trials more than 100 gigawatts of solar cell fabs in general under 5 gigawatts state-of-the-art Huai'an fab in particular. We have customized this design together with JFE Engineering in China and later with SSOE as our US engineering firm.

第一階段將建造一座2.1吉瓦的晶圓廠，我們計劃隨後建造一座3.2吉瓦的第二階段晶圓廠。如果市場需求允許，我們可以擴大第二階段的規模。設計基礎是試驗超過 100 吉瓦的太陽能電池製造廠，特別是 5 吉瓦最先進的淮安製造廠。我們與中國的JFE工程公司共同客製化了這項設計，後來又與美國的工程公司SSOE合作進行了調整。

We have been working very closely with Trina, JFE, SSOE and other companies over the past 10 months to leverage their project and operational experience while securing US compliance and tailoring to US conditions.

在過去的 10 個月裡，我們與天合光能、JFE、SSOE 和其他公司密切合作，利用他們的專案和營運經驗，同時確保符合美國法規並適應美國的情況。

Yates Construction has been selected as our general contractor. We have worked with Yates since May to provide preconstruction services, focusing on constructability and engagement of global and local subcontractors. Laplace has been selected as our EPC turnkey partner for the production line equipment.

我們已選定 Yates Construction 公司為總承包商。自五月以來，我們一直與 Yates 合作提供施工前服務，重點是施工可行性以及全球和本地分包商的參與。我們已選擇 Laplace 作為生產線設備的 EPC 總承包合作夥伴。

In August, we began working with Laplace on detailed design of preparations for equipment manufacturing. Laplace was a first mover on TOPCon and has extensive experience in the TOPCon space. They have been part of solar cell fabs for more than 400 gigawatts of capacity. T1 has great confidence in their ability to deliver top quality and to achieve according to their performance guarantee under the contract. The past few months, we've been working closely with Laplace and TOPCon to engage critical subcontractors to identify and address long lead items.

8 月，我們開始與 Laplace 合作，進行設備製造準備的詳細設計。Laplace 是 TOPCon 的先行者，在 TOPCon 領域擁有豐富的經驗。他們參與的太陽能電池製造廠總裝置容量超過 400 吉瓦。T1 對其交付高品質產品並履行合約規定的性能保證的能力充滿信心。過去幾個月，我們一直與 Laplace 和 TOPCon 密切合作，與關鍵分包商接洽，以確定和解決交貨週期長的專案。

We are pleased to report that the project has been very well received in the market and that we are currently contracting with subs to support the project schedule. For example, we have secured a very beneficial mill roll contract that enabled us to start the rating steel in March 2026. We have also secured favorable terms on long-lead electrical equipment like switchgears, generators and transformers.

我們很高興地報告，該專案在市場上反應非常好，目前我們正在與分包商簽訂合約以支援專案進度。例如，我們獲得了一份非常有利的軋輥合同，使我們能夠從 2026 年 3 月開始對鋼材進行評級。我們也獲得了長週期電氣設備（如開關設備、發電機和變壓器）的優惠條款。

Finally, we have built a strong team, combining Tier 1 partners with a solid in-house project management and engineering team. If you take one thing from my portion of today's presentation, I wanted to be that we have a world-class team with the experience and technical expertise to execute the G2 Austin project successfully, and we look forward to breaking ground before year-end.

最後，我們組建了一支強大的團隊，將一級合作夥伴與強大的內部專案管理和工程團隊結合。如果說我今天的演講你只能記住一點，那就是我們擁有一支世界一流的團隊，具備成功執行 G2 Austin 專案所需的經驗和技術專長，我們期待在年底前破土動工。

With that, I'll turn it back over to Dan.

這樣，我就把麥克風交還給丹了。

Thanks, Otto. Let's turn to slide 9. While we move towards the expected start of construction at G2, production and sales continue to ramp at G1, our state-of-the-art US module facility. We have produced more than 2.2 gigawatts of modules year-to-date, and we are on track to meet our unchanged 2025 production plan of 2.6 to 3 gigawatts.

謝謝你，奧托。讓我們翻到第9張投影片。在 G2 工廠按預期開工的同時，我們最先進的美國模組工廠 G1 的生產和銷售也在不斷擴大。今年迄今為止，我們已經生產了超過 2.2 吉瓦的組件，並且我們正按計劃實現 2025 年 2.6 至 3 吉瓦的生產目標，這一目標保持不變。

And in October, we achieved a daily production record of 14.4 megawatts of which equates to an annualized run rate of 5.2 gigawatts. In less than one year, the T1 operations team has brought G1 from the start of production to a daily run rate that exceeds nameplate capacity, which speaks to the talent and dedication of our people.

10 月份，我們創下了每日發電量 14.4 兆瓦的紀錄，相當於年化發電量 5.2 吉瓦。不到一年時間，T1 營運團隊就將 G1 從投產之初推向了日產量超過銘牌產能的水平，這充分體現了我們員工的才華和奉獻精神。

During the third quarter, T1 generated record net sales of about $210 million, and we expect sales to continue growing meaningfully in the fourth quarter as we start deliveries of previously booked merchant sales and we liquidate finished goods inventory that is eligible for 45 times credits before year-end.

第三季度，T1 創造了約 2.1 億美元的淨銷售額紀錄，我們預計第四季度銷售額將繼續顯著增長，因為我們將開始交付先前預訂的商家銷售訂單，並在年底前清算符合 45 倍信用額度條件的成品庫存。

This near-term sales pipeline and our continued operational progress underpin our unchanged 2025 EBITDA guidance of $25 million to $50 million. As we look forward to 2025, our supply chain team is focused on sourcing non-fax cells to G1 during the bridge year to the anticipated start of production at G2 in Q4 2026. We've already identified a meaningful supply of these cells for next year, which will be the primary driver of G1 production and sales before G2 is up and running.

近期的銷售管道和我們持續的營運進度支撐著我們維持 2025 年 EBITDA 預期不變，即 2,500 萬美元至 5,000 萬美元。展望 2025 年，我們的供應鏈團隊專注於在過渡年期間為 G1 採購非傳真單元，以便 G2 預計於 2026 年第四季開始生產。我們已經確定了明年這些電池的充足供應，這將是 G1 生產和銷售的主要驅動力，之後 G2 才會投入營運。

And now I'll turn the call over to Evan to walk you through the financials.

現在我將把電話交給艾文，讓他為大家講解一下財務狀況。

Thank you, Dan. Let's move to slide 10 for a summary of our unchanged guidance. As detailed in this morning's release, our 2025 EBITDA guidance of $25 million to $50 million based on 2025 production of 2.6 to 3 gigawatts is unchanged.

謝謝你，丹。讓我們翻到第 10 張投影片，總結我們不變的指導方針。正如今天早上發布的公告中所述，我們基於 2025 年 2.6 至 3 吉瓦的發電量，對 2025 年 EBITDA 的預期為 2500 萬美元至 5000 萬美元，這一預期保持不變。

In the fourth quarter, we anticipate a significant ramp in production and sales related to higher production levels delivery of previously booked merchant sales as well as some liquidation of finished good inventory before year-end. We expect fourth quarter production and module sales to exceed combined production and sales in the first three quarters of 2025 as we've now ramped the facility to average 4.5 gigawatt run rate in the fourth quarter.

第四季度，我們預計生產和銷售將大幅成長，這與更高的生產水準、先前預訂的商品銷售交付以及年底前部分成品庫存的清算有關。我們預計，由於我們已將該工廠的產能提升至第四季度平均 4.5 吉瓦運行率，因此 2025 年第四季的產量和組件銷量將超過前三個季度的總和。

In our October release of preliminary third quarter results, we also introduced annual run rate EBITDA guidance of $375 million to $450 million for an integrated production of G1 Dallas with the first 2.1 gigawatt phase G2 Austin. The guidance is based upon G2 Austin achieving full run rate production sales of 2.1 gigawatt and an annualized G1 Dallas run rate production sales of 5 gigawatts, supplied by 2.1 gigawatts of G2 cell and the remainder through a combination of non-FEOC foreign cells any US cells procured potentially through talent represents upside.

在 10 月發布的第三季初步業績報告中，我們也公佈了 G1 Dallas 專案與 G2 Austin 專案（首期 2.1 吉瓦）一體化生產的年度 EBITDA 運行率預期為 3.75 億美元至 4.5 億美元。該指導意見基於 G2 Austin 實現 2.1 吉瓦的滿載生產銷售額，以及 G1 Dallas 實現 5 吉瓦的年化生產銷售額，其中 2.1 吉瓦由 G2 電池供應，其餘部分透過非 FEOC 外國電池組合供應，任何透過人才採購的美國電池都代表著成長空間。

Now let's turn to slide 11 for a summary of T1's financial condition bringing the first phase of G2 Austin online to deliver a step change in T1's profitability and cash flow generation. The recent capital markets transactions, Dan highlighted, have advanced that future. Even prior to the equity transactions, our cash position built significantly as we anticipated in the third quarter.

現在讓我們翻到第 11 張幻燈片，了解 T1 的財務狀況，以及 G2 Austin 第一階段的上線將如何使 T1 的盈利能力和現金流產生發生質的飛躍。丹強調，近期資本市場的交易推動了這個未來的發展。即使在股權交易之前，我們的現金儲備也如我們預期的那樣在第三季大幅成長。

We ended 3Q with cash, cash equivalents and restricted cash of $87 million, $34 million of which was unrestricted. We added $118 million of cash in October. In addition, we accrued $93 million of Section 45 times production tax credits through 3Q, and we expect to monetize those credits in the fourth quarter.

第三季末，我們持有現金、現金等價物和受限現金 8,700 萬美元，其中 3,400 萬美元為非受限現金。我們在10月新增了1.18億美元現金。此外，截至第三季度，我們已累計獲得 9,300 萬美元的第 45 條款生產稅收抵免，我們預計將在第四季度將這些抵免變現。

We are currently exchanging term sheets. Aligned with our 4Q production and sales ramp, we expect to generate a similar amount of 45 times credits in the fourth quarter that we expect to monetize in 1Q 26. On capital formation, -- we're building on the momentum of the recent equity transaction with potential G2 offtake contracts and debt investors.

我們目前正在交換投資意向書。配合我們第四季的生產和銷售成長，我們預計在第四季將產生類似 45 倍的信用額度，並預計在 2026 年第一季將其變現。在資本形成方面，我們正在利用最近股權交易的勢頭，爭取潛在的 G2 承購合約和債務投資者。

We also expect the recent equity raises will yield additional benefits for T1 shareholders. Our improvement in our capital -- our market capitalization and daily trading volume should further expand T1's eligibility for inclusion in passively managed index funds, and we are receiving a noticeable increase in inbound inquiries from active managed institutional funds who were previously unable to invest due to our trading and liquidity constraints.

我們也預計，最近的股權融資將為T1股東帶來額外的好處。我們資本的改善——市值和日交易量應該會進一步擴大 T1 被納入被動管理指數基金的資格，而且我們收到了來自主動管理機構基金的明顯增加的諮詢，這些基金以前由於我們的交易和流動性限製而無法投資。

Now I'll turn the call back to Dan for closing remarks.

現在我把電話轉回給丹，請他作總結發言。

Thanks, Evan. Turning to slide 12. Let's conclude with an overview of T1's top priorities. In the near term, our focus is on preserving T1's eligibility for Section 45 credits by completing a deep phasing process. as well as raising the capital required to complete the first phase of G2 Austin through a combination of debt and cash deposits tied to anticipated customer offtake contracts.

謝謝你，埃文。翻到第12張投影片。最後，讓我們概述一下T1的首要任務。短期內，我們的重點是透過完成深入的分階段施工流程來維持T1獲得第45條稅收抵免的資格，並透過債務和與預期客戶購電合約掛鉤的現金存款相結合的方式，籌集完成G2奧斯汀第一階段所需的資金。

While we advance our capital formation and count down to compliance initiatives, we're also executing our plan for 2026, which we view as the bridge year to establish an end-to-end US PV solar supply chain, our top operational priority for the next year is to source a meaningful supply of non-FEOC solar cells to feed module production in G1 prior to the expected start of operations in G2 in Q4 2026.

在我們推動資本形成並倒數計時推進合規舉措的同時，我們也在執行 2026 年計劃，我們將 2026 年視為建立端到端美國光伏太陽能供應鏈的過渡年。我們明年的首要營運重點是採購大量非 FEOC 太陽能電池，以供應 G1 的組件生產，為 G2 預計於 2026 年第四季開始營運做好準備。

We Concurrently, as we build the G2 Austin offtake portfolio, we intend to initiate and complete the capital formation initiatives required to fund and trigger the start of construction for the planned second phase of G2 sometime in 2026. In 2027 and beyond, we will be focusing on bringing T1's integrated US supply chain online and completing the second phase of G2.

同時，在我們建立 G2 Austin 承購組合的同時，我們計劃啟動並完成必要的資本形成計劃，為計劃中的 G2 第二階段在 2026 年的某個時候提供資金並啟動建設。2027 年及以後，我們將專注於實現 T1 的美國一體化供應鏈上線，並完成 G2 的第二階段。

We plan to achieve 5 gigawatts of integrated production between G1 and G2 and and by virtue of our supply agreements with Hemlock, Corning and Nextpower, we should be producing modules of domestic content that comfortably qualifies our offtake customers for ITC stacking bonuses. Our ultimate objective at T1 is to generate shareholder value by establishing a differentiated competitive position as the first fully integrated US polysilicon-based solar module producer.

我們計劃在 G1 和 G2 之間實現 5 吉瓦的綜合發電量，並且憑藉我們與 Hemlock、Corning 和 Nextpower 的供應協議，我們應該能夠生產出國產組件，使我們的購電客戶輕鬆獲得 ITC 疊加獎勵。T1 的最終目標是透過建立差異化的競爭地位，成為美國首家完全一體化的多晶矽太陽能組件生產商，從而為股東創造價值。

As we grow our operations and commercial enterprise, we will work to maximize returns on capital, sustainably reduce unit cost of production through software and automation upgrades and optimize T1's balance sheet.

隨著我們業務和商業企業的成長，我們將努力實現資本回報最大化，透過軟體和自動化升級可持續地降低單位生產成本，並優化 T1 的資產負債表。

This is an exciting time for T1, our investors, employees, customers and partners. We are building something that doesn't exist in the US today an integrated secure, traceable polysilicon-based supply chain based on advanced solar technology. On behalf of T1's Board of Directors, thank you for your continued support in this journey as we position T1 to Power America.

對於T1、我們的投資者、員工、客戶和合作夥伴來說，這是一個令人興奮的時刻。我們正在建造一個目前在美國還不存在的東西——一個基於先進太陽能技術的整合、安全、可追溯的多晶矽供應鏈。我謹代表 T1 董事會，感謝您在 T1 為美國提供動力這一征程中給予的持續支持。

And with that, I'll turn it back to Jeff to coordinate Q&A.

接下來，我將把問答環節交還給傑夫來協調。

Thanks, Dan. Shannon, I think we're ready to open the line for questions.

謝謝你，丹。香農，我想我們可以開始接受提問了。

(Operator Instructions)

（操作說明）

Philip Shen, ROTH Capital Partners.

Philip Shen，ROTH Capital Partners。

Congrats on all the progress you're making I wanted to check in with you guys on your docking process to see if you guys could give us more color on the progress you've made and the main next steps that you guys have to take that we can follow to monitor that progress.

恭喜你們所取得的所有進展！我想和你們了解一下對接過程，看看你們能否詳細介紹一下你們取得的進展以及接下來需要採取的主要步驟，以便我們能夠追蹤並監控進度。

Thanks, Phil, for that. We actually have Andy Munro, who is our Chief Legal and Policy Officer on the line. Andy, why don't you take that question?

謝謝你，菲爾。我們現在連線的是我們的首席法律和政策官安迪·芒羅。安迪，你來回答這個問題吧？

Sure. Thanks, Dan. And Philip, we're well positioned for compliance with our domestic and non-box supply chain plans. We have a solid compliance plan developed with the assistance of world-class legal and compliance experts. And we're making real progress on executing that plan.

當然。謝謝你，丹。菲利普，我們已做好充分準備，遵守我們的國內和非包裝供應鏈計劃。我們制定了一套完善的合規計劃，該計劃是在世界一流的法律和合規專家的協助下完成的。我們在執行該計劃方面取得了實質進展。

So we're confident. We're not sharing full details on the compliance for competitive reasons at this point. But we are confident that with those factors in play that we will be compliant.

所以我們很有信心。出於競爭原因，我們目前不會透露合規方面的全部細節。但我們相信，考慮到這些因素，我們將符合規定。

Okay. And then as it relates to the Q3 contract dispute, could you give us a little bit more context there? Did that dispute extend longer? What kind of impact could that be and then how big of a contract was it seemed like with the impairment of $50-ish plus million was quite meaningful.

好的。至於第三季的合約糾紛，您能否再給我們提供一些背景資訊？那場糾紛持續的時間更長嗎？這會造成什麼樣的影響？合約金額又有多大？看起來，5000多萬美元的減損損失相當可觀。

Yes. Thanks, Phil. Evan, why don't you take that? And as it relates to the size of the contract, we are limited to certain confidentiality on the contract. And as you can appreciate if we are in negotiations or as we are in negotiations there, we have to be sensitive to the confidentiality required in the contract.

是的。謝謝你，菲爾。埃文，你為什麼不拿走？至於合約的規模，我們對合約的保密性有一定的限制。正如您所能理解的，如果我們在談判中，或者就像我們在那裡談判一樣，我們必須對合約中規定的保密性保持敏感。

Evan, would you like to add other parts?

埃文，你還想添加其他零件嗎？

Yes. I mean, I would say that we had already calculated that in our guidance. So there isn't necessarily a guidance change as it relates to this contract, and we are continuing to execute other contracts. So in terms of the financial effect, it's been in our guidance for two quarters now. there was goodwill because it relates to a contract that was executed when we made the acquisition.

是的。我的意思是，我認為我們在指導意見中已經考慮到了這一點。因此，就這份合約而言，指導方針可能不會發生變化，我們也將繼續執行其他合約。因此，就財務影響而言，這已經是我們兩個季度以來的預期了。之所以會產生商譽，是因為它與我們在收購時簽訂的合約有關。

That's why there's a recording a goodwill, which we made a conservative interpretation to write off that goodwill. But as Dan mentioned, we remain in discussions with the contract party. We continue to assess all options and we'll choose a path that optimizes the value to shareholders. I don't know if that's helpful.

這就是為什麼會有一份關於善意的記錄，我們對此做出了保守的解釋，認為這份善意是無效的。但正如丹所說，我們仍在與合約方進行磋商。我們將持續評估所有方案，並選擇能夠最大化股東價值的方案。我不知道這是否有幫助。

Okay. And then one more here. You guys have made some interesting and useful interesting investments and like -- and partnerships with Next power and talent here. So I was wondering if you might be able to describe more the integration of all these companies and relationships.

好的。這裡還有一個。你們進行了一些有趣且有益的投資，並與 Next 的力量和人才建立了合作關係。所以我想知道您是否能夠更詳細地描述所有這些公司和關係的整合。

So specifically next power, what's the volume, timing, when could initial modules with US frames come off your line? And then as with talent, would you expect to source cells from them to support your G1 facility? And then finally, if there's an update with Corning and Hemlock, that would be great as well.

那麼具體來說，下一代電源的產量是多少？生產時間安排如何？首批採用美國框架的模組何時可以下線？那麼，就像對待人才一樣，您是否希望從他們那裡獲取細胞來支持您的 G1 設施？最後，如果康寧和海姆洛克方面有新的進展，那就太好了。

Thanks, Phil. We are very committed to both an integrated vertically integrated supply chain and solar industry. So a lot of these projects are related to that. The second part of this is that domestic content. Frames are an increasingly large part.

謝謝你，菲爾。我們致力於打造一體化的垂直整合供應鏈和太陽能產業。所以很多這類項目都與此相關。第二部分是國內內容。框架所佔比例越來越大。

And as we go into the future, there will be a higher requirement for domestic compact. A lot of the strategy around next power was meeting that domestic content. As you know, beyond cells, we're basically looking at glass frames at glues at, et cetera. So this, to us, was a very strategic step to partner with a great company like Nextpower I think also the next power aspect was about scaling. Nextpower is a very confident partner in their products and how they scale.

隨著未來發展，對家用小型車的需求將會更高。下一代強國的許多戰略都是為了滿足國內需求。如你所知，除了細胞之外，我們基本上是在研究玻璃框架、膠水等等。所以對我們來說，與像 Nextpower 這樣優秀的公司合作是一個非常具有策略性的舉措。我認為 Nextpower 的優勢還在於規模化發展。Nextpower 對其產品及其擴展能力非常有信心，是值得信賴的合作夥伴。

And we felt that having a partnership with the next power for the steel frames, allows for the expression of that scaling from next power that we could benefit through having a better customer experience from our modules.

我們認為，與下一代電力公司合作提供鋼結構框架，可以體現下一代電力公司的規模優勢，從而讓我們能夠透過我們的模組獲得更好的客戶體驗而受益。

So that was another dimension of this beyond just the quality of that -- in terms of volumes and timings of that, we'd expect to use that increasingly over into, if not '26 into '27, but we haven't disclosed the volumes there. Those are confidential to the contract. So we defer to we'll make future disclosures on the volumes we're doing for Nextpower. As it relates to talent, talent was an opportunity to invest a small quantum not disclosed in a minority position. where it would allow us to begin to talk to and look at and work with talent in more detail.

所以，除了品質之外，這又是另一個層面——就數量和時間而言，我們預計到 2026 年甚至 2027 年，我們會越來越多地使用它，但我們還沒有透露那裡的數量。這些內容屬於合約機密。因此，我們將推遲披露我們為 Nextpower 所做的交易量。就人才而言，這是一個以少量未公開的資金投資少數股權的機會，這將使我們能夠更詳細地與人才進行溝通、考察和合作。

Talon is looking to build too cells. And yes, there is a way for us to procure those calls in the future. And to the degree we have mixtures of different options in terms of self supply, we could sell the cells to third parties also many different options but we're trying to reinforce and build around us the domestic chain that we really believe in.

Talon 也打算建造兩個細胞。是的，將來我們有辦法獲得這些通話機會。而且，就我們自給自足的選擇而言，我們也可以把電池賣給第三方，還有很多其他選擇，但我們正在努力加強和建立我們真正相信的國內供應鏈。

Last part on Hemlock, Corning. That, as we've disclosed, we have optionality to convert our polysilicon to wafers we're excited about those wafers to come from Michigan right into our G2 facility. I would comment, too, that our G2 Austin facility is discrete from talent. These are two different projects. We're excited about our project, and we're excited about our minority investment in Talon.

關於康寧市鐵杉的最後一部分。正如我們之前所揭露的那樣，我們可以選擇將多晶矽轉化為晶圓，我們很高興這些晶圓能夠從密西根州直接運送到我們的 G2 工廠。我還要補充一點，我們的 G2 Austin 設施與人才保持著一定的距離。這是兩個不同的項目。我們對我們的專案感到興奮，也對我們在 Talon 的少數股權投資感到興奮。

Great and looking forward to seeing the full results of your integrated supply chain. One more, if I may. This is from an investor. He's asking how is T1 claiming or planning to claim the 45 times credits in terms of stacking when they produce cells in one site in modules at another site when the OBBA says they have to be at the same facility.

太好了，期待看到你們整合供應鏈的最終成果。如果可以的話，我再問一個問題。這是來自一位投資者的留言。他質問，T1 如何申請或計劃申請 45 倍的堆疊積分，因為他們在一個地點生產電池，在另一個地點生產組件，而 OBBA 規定它們必須在同一設施內生產。

Andy, do you want to take that, please?

安迪，你想拿走嗎？

Sure. Without getting into all the details, there are provisions in the act that allow for the election of unrelated party transactions, and those provisions have not been changed that was in the original act and were not changed by the OB3 asset.

當然。無需贅述所有細節，該法案中有條款允許選擇非關聯方交易，這些條款在原法案中沒有改變，也沒有因 OB3 資產而改變。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Guys, I was hoping to get an update on kind of how we should be thinking about the event path for any kind of hurdle rates we should be thinking about in the next couple of quarters, just as we think about getting that facility up and running in -- by the end of '16 to really set the table for '27 production.

各位，我希望了解我們應該如何考慮未來幾個季度內的各種門檻率的事件路徑，就像我們考慮在 2016 年底之前讓該設施投入運營，以便真正為 2027 年的生產做好準備一樣。

Thanks, Greg. I'll have to layer in here, too. We've been working very hard for the last year to design the right path here. We have over a 30% design done. We have work packages out that are live.

謝謝你，格雷格。這裡我也得加幾層衣服。過去一年，我們一直在努力尋找正確的發展道路。我們已經完成了超過30%的設計工作。我們有一些正在運行的工作包。

As you know, we did raise capital earlier this last month. this month to unlock some capital in order to begin the first stages of construction. We are still on track to go and start production to start construction in the fourth quarter of this year. The path really go to the site, the equipment, the machines, the early earthworks and concrete and steel packages. Those are the biggest time lines in terms of risks to the time line.

如您所知，我們上個月初確實籌集了資金。本月我們將再次籌集資金，以啟動建設的第一階段。我們仍按計劃於今年第四季開始生產和建設。這條路實際上通往工地、設備、機器、早期土方工程以及混凝土和鋼材包。這些是時間線上風險最大的時間線。

As Otto mentioned in his remarks, the steel package was particularly important, and some of the switchgear was particularly important. Beyond that, if we look at the equipment the equipment is not on a critical path, but we wanted to advance those work packages and get those equipment orders as fast as possible also. Otto, do you want to talk about the cadence and how we're tracking toward the fourth quarter '26.

正如奧託在演講中提到的那樣，鋼結構組件尤其重要，一些開關設備也特別重要。除此之外，如果我們看一下設備，這些設備並不在關鍵路徑上，但我們也希望推進這些工作包，並儘快獲得這些設備訂單。奧托，你想談談節奏以及我們向 2026 年第四季邁進的進展嗎？

Sure, Dan. So yes, so as you mentioned, really, it's all about getting started now, getting started with earthworks, preparing to rest steel in March and also securing the long-lead items. So electrical equipment, we've talked about as well there's air units, there's other utility systems like water and utility plants that needs to come in place. So it's all about getting started and execute those contracts that we have lined up and are negotiating now as soon as possible. So we're tracking towards our time line.

當然可以，丹。所以，正如你所說，現在最重要的是開始行動，開始土方工程，準備在三月進行鋼材封頂，並確保長週期物料的供應。所以，我們之前也討論過電氣設備，還有空調機組，以及其他公用設施系統，如水務和公用設施廠，都需要安裝到位。所以，現在最重要的是盡快啟動並執行我們已經安排好並正在談判的那些合約。所以，我們正按計劃推進。

Okay. Great. And then just I wanted to go back to slide 6, where you kind of outlined the -- clearly, what's going on in Power power school again, right? And so as we think about that and kind of the acceleration and the potential for solar, if you go back and look, like no one I feel like no one's really you don't hear data centers talking about solar. I mean last year, we installed 50 gigs in the US, and I think it was a few gigs of of natural gas.

好的。偉大的。然後我想回到第 6 張投影片，你在那裡概述了——很明顯，Power Power School 又發生了什麼，對吧？所以，當我們思考這個問題以及太陽能的加速發展和潛力時，如果你回顧一下，你會發現，似乎沒有人真正聽到資料中心談論太陽能。我的意思是，去年我們在美國安裝了 50 GB 的容量，我想那應該是幾 GB 的天然氣。

And just so as we look at meeting this increasing demand for power gen in the US Are we getting the sense that we hear a lot about behind the meter, are hyperscalers pursuing this or other entities? Or do you think really the bulk of this solar growth that we're going to see in the US over the next five to ten years. Is that largely just going to still be with utilities?

所以，當我們考慮如何滿足美國日益增長的發電需求時，我們是否感覺到，我們經常聽到「表後」這個詞，超大規模資料中心營運商是否正在尋求這種解決方案，還是尋求其他解決方案？或者您認為未來五到十年內，美國將要看到的太陽能成長的大部分真的會來自這裡嗎？這主要還是會和公用事業公司有關嗎？

We're seeing tremendous interest from developers and it's a pass-through basically data centers, AI companies. The utility scale levels and the quantum of power that's needed it's really only the things that solar, which we do and storage together are the only thing that's going to deliver that until basically 2029, 2030 when natural gas gen kits or nuclear starts coming back. We fully believe in a combined industry that is supportive of multiple uses of energy and all of the above strategy.

我們看到開發者對此表現出極大的興趣，而且它基本上是資料中心和人工智慧公司的過路設備。就公用事業規模和所需電力數量而言，目前只有太陽能（我們正在做的）和儲能相結合才能真正滿足需求，直到 2029 年、2030 年天然氣發電機組或核能開始復興。我們完全相信一個支持能源多種用途的綜合性產業以及上述所有戰略。

But solar is the only thing that's scalable right now. When the US looks -- when you look at China, China has over a terawatt of manufacturing capacity across ingots wafer cells and modules, a terawatt of manufacturing capacity. First half of the year, China put in 256 gigawatts. So there is tremendous human intelligence and tremendous scope to really deploy it.

但目前只有太陽能是可以大規模生產的。當美國放眼中國時，你會發現中國在晶錠、晶圓、電池和組件方面的製造能力超過1太瓦，1太瓦的製造能力。今年上半年，中國新增裝置容量256吉瓦。因此，人類擁有巨大的智慧，並且有很大的空間去真正發揮這種智慧。

And we do think that the United States has those elements of capital as those elements of technology to start building that. And we'd like to see more of that develop in the US But solar is the answer right now. I do think we've reached a tipping point in terms of the cost, in terms of particularly the storage costs and the adjacency to solar. And I think those two things are delivering.

我們認為美國擁有建設所需的資本和技術要素。我們希望看到美國有更多這樣的發展，但就目前而言，太陽能是最佳選擇。我認為我們在成本方面，特別是儲能成本和與太陽能的鄰近性方面，已經達到了一個臨界點。我認為這兩件事都起到了作用。

I do think that building these projects and designing them with either natural gas in mind or other longer-term grid access in mine is an important dimension. And the last part, I'd say, I think a lot of these other places are really going to be about distributed energy resources, Energy Islands. The amount of power that AI needs and the ramp that AI wants. It's just too hard to do that at current grid and current connections. So we're very confident on the future of how solar is going to contribute into that energy.

我認為，在建造這些項目時，考慮到天然氣或其他更長期的電網接入方式，這是一個重要的考慮因素。最後一點，我認為許多其他地方實際上都將與分散式能源、能源島有關。人工智慧所需的功率以及人工智慧想要的加速能力。在目前的電網和連接條件下，這太難做到了。因此，我們對太陽能未來在能源領域所扮演的角色非常有信心。

All right. Super helpful.

好的。非常有用。

Sean Milligan, Needham & Company.

Sean Milligan，Needham & Company。

Just a quick question. It looks like you mentioned that you've ramped up G1 now to over 5 gigawatts. I'm curious about how you see that sustaining into 2026. And then what you're seeing for demand in 2026 there? And then just looking forward, kind of what you're seeing for demand in 2027 as G2 comes online?

問個小問題。看來您提到過，您已經將 G1 的功率提升到了 5 吉瓦以上。我很想知道您認為這種情況能否持續到2026年。那麼，您認為2026年的需求會是如何呢？展望未來，您認為隨著 G2 上線，2027 年的需求會如何？

And kind of the third part of that question is another publicly traded company made some comments about pricing on their call. So is there any kind of like pricing guardrails you can give us for kind of non-fiscal in 26, what you're looking at? And then also 2027 with G2 online?

這個問題的第三部分是，另一家上市公司在電話會議上對定價發表了一些評論。那麼，對於 26 號法案中涉及的非財政方面，您能否提供一些定價方面的指導原則？那麼，2027年G2上線後呢？

What we've seen in this year is that we've had a very, say, erratic market solar with -- is the BBB going to kill the IRA. It did not. You have demand looking at this 232 coming, what it's going to be. So the industry has been dealing with inventory, a lot of sales uncertainty.

今年我們看到的是，太陽能市場非常不穩定——BBB（商業改進局）會扼殺IRA（個人退休帳戶）嗎？沒有。大家都很關注即將推出的232，想知道它會是什麼樣子。因此，該產業一直面臨庫存問題和銷售方面的許多不確定性。

This uncertainty has made for a very choppy 2026. I think that ties to a lot of how we have a back-end loaded volume in 2025. So that really explains the landscape of what we've had today. As we look into 2026, which is a bridge year for us, we will not expect to produce -- that we will not produce domestic cells.

這種不確定性導致2026年局勢非常動盪。我認為這與我們 2025 年後端負載量較大的情況有很大關係。所以，這就解釋了我們今天所看到的局面。展望 2026 年，對我們來說是過渡年，我們預計不會生產——我們將不會生產國產電池。

Those are expected to start coming on in the fourth quarter so as those come out in the fourth 2026, that will be towards -- that will only be part of it. But for '26, we have to source non-FEOC cells. We feel confident that we have the ability to source quantums, but we are not yet coming out with our guidance there in terms of what you'd like to express.

預計這些產品將在第四季度開始推出，因此，當它們在 2026 年第四季推出時，那將只是其中的一部分。但對於 2026 年，我們必須購買非 FEOC 細胞。我們有信心能夠獲得量子訊息，但就您想要表達的內容而言，我們目前還沒有給出指導意見。

On pricing, it's complicated also because the pricing of those non-FEOC cells is also a question. So we'll be looking to come out with guidance for 2026 and give that pricing update and those volumes uptick for '26. When I look at 2027, which is what we're very, very focused on, which is the domestic cell, that's where we're in active discussions with utility scale type investors. And we do see demand. We do see strong interest there.

定價方面也很複雜，因為那些非FEOC電池的定價也是一個問題。因此，我們將發布 2026 年的業績指引，並更新價格信息，預計 2026 年銷量將有所增長。當我展望 2027 年時，這也是我們非常非常關注的重點，也就是國內市場，我們正在與公用事業規模的投資者積極進行討論。我們確實看到了需求。我們確實看到了人們對這方面的濃厚興趣。

There's strong interest in the domestic selling domestic module, and that's where our focus is. as we get those offtake discussions or contracts done, we will, of course, be disclosing those in full. But the focus really is about how to start delivering in 2027. I think Otto could add anything color pricing or to the volumes?

國內銷售模組引起了廣泛關注，這也是我們工作的重點。一旦達成承購協議或簽訂合同，我們當然會全面披露相關資訊。但真正的重點在於如何從 2027 年開始交付成果。我認為奧托可以增加顏色定價或銷售方面的任何內容嗎？

Yes. No, no. Like I think you covered it, Dan. I mean, look, demand is high, right, for '26, just going to break it up, right? And we're seeing early prices that are higher than current pricing, right? So several cents a lot higher than what we are currently in the fourth quarter, it's going to be cell availability that drives production levels more so than demand.

是的。不，不。我覺得你已經解釋清楚了，丹。我的意思是，你看，2026 年的需求量很大，對吧？那就把它分拆開來，對吧？我們看到早期價格高於當前價格，對吧？因此，比我們目前第四季的價格高出幾美分，電池的可用性將比需求更能推動生產水準。

As Dan mentioned, we've we've begun, we have attractively priced non-FEOC cells in our inventory today, and we are working aggressively to procure those for 2026, which is our bridge year, but I think that's what's going to drive your value and we'll provide production range here shortly.

正如丹所提到的，我們已經開始了，我們目前庫存中有價格優惠的非FEOC電池，我們正在積極努力為2026年（我們的過渡年）採購這些電池，但我認為這將推動您的價值，我們很快就會在這裡提供生產範圍。

For 2027, that's where at least for Phase 1, right? Phase 1 of G2. You are in a lot of conversations with parties that have demand that far exceeds our 2.1 gigawatt production, right? So -- and those discussions are for multiyear offtake contracts that are very attractive, okay? And so we expect to over time, certainly by the time we're producing the facility to have most, if not all, of that volume contracted the 2.1 gigawatts and then it becomes a question of how quickly can we convert excess demand for G1 into into -- sorry, for G2 Phase I into an underpinning for G2 Phase I, right.

至少第一階段的進度應該是在 2027 年，對吧？G2 第一階段。你們正在與許多需求遠遠超過我們 2.1 吉瓦發電量的各方進行洽談，對嗎？所以——而且這些討論都是關於非常有吸引力的多年期承購合同，明白嗎？因此，我們預計隨著時間的推移，到我們建成該設施時，大部分（如果不是全部）的容量都將簽訂合同，達到 2.1 吉瓦，然後問題就變成了我們如何才能盡快將 G1 的過剩需求轉化為——抱歉，是 G2 第一階段的過剩需求，從而為 G2 第一階段奠定基礎。

Which, again, we think it's going to be driven by offtake demand but we clearly see the potential for that following in some reasonable or short time period from financing on G2 Phase I, right? The goal would be ultimately to put as many of the high-margin in-demand cells in the G1 as possible as quickly as possible. I don't know if that gets to.

我們再次認為，這將由承購需求驅動，但我們清楚地看到，在 G2 第一階段的融資之後，在一段合理的或較短的時間內，這種需求可能會隨之而來，對吧？最終目標是盡快將盡可能多的高利潤、高需求電池投入 G1 中。我不知道那是否能達到目的。

That's great. That's great. And then the other question was on the COGS side. So this year, I know you've been doing a lot with your supply chain -- and then next year, you bring on non-FEOC cells I'm just curious how you see COGS moving around this year and if that starts to normalize next year as you kind of get up to scale more?

那太棒了。那太棒了。另一個問題是關於銷售成本方面的。所以，我知道你們今年在供應鏈方面做了很多工作——明年你們將引進非FEOC單元。我只是好奇你們預計今年的銷售成本會如何變化，以及隨著你們規模的擴大，明年銷售成本是否會開始趨於正常化？

Look, that's a good observation. I think you'll see it in the fourth quarter, right? Obviously, when you're at scale at a level that's averaging 4.5 gigawatt run rate in the fourth quarter, your conversion cost come down significantly throughout the course of the year.

你看，這確實是個不錯的觀察。我想你會在第四季度看到它，對吧？顯然，當你的規模達到第四季平均運行速率為 4.5 吉瓦時，你的轉換成本在一年中會大幅下降。

And we see a forward path to a facility in its second year of operation to continue to make gains on those costs that we control as it relates to procurement and pricing. Again, we are seeing your sales is most of your costs, but throughout the bam, we continue to work to optimize that, and we expect to make improvements.

我們看到，在營運的第二年，該設施將繼續朝著可控的採購和定價成本發展，並取得持續的收益。我們再次看到，銷售額佔了您成本的大部分，但在整個過程中，我們將繼續努力優化這一點，並期望會有所改善。

Again, we were ramping a facility into a period that had unusual tariff volatility. So it was like you were less able to kind of optimize timing of costs and you were in a period where rising tariffs you were hit by some of those tariffs, we think a lot of those risks will be mitigated even in an environment where 232 impacts the market, given we have a differentiated and advantaged supply chain. So we'll provide further quantification of like some of those improvements when we, in near term, put out our 2023 guidance, which we're again making traction on locking things in.

同樣，我們當時正值關稅波動異常時期，需要快速推進一項新設施的建設。所以，這就像是你在優化成本時機方面的能力有所下降，而且當時正值關稅上漲時期，你也受到了部分關稅的影響。我們認為，即使在 232 條款影響市場的環境下，鑑於我們擁有差異化和優勢化的供應鏈，許多風險也會得到緩解。因此，我們將在近期發布 2023 年業績指引時，進一步量化其中一些改進措施，我們正在努力落實這些措施。

Yes. I would just add, Evan, that he touched on the polysilicon side. As you know, the cell is the bulk of the cost, and we work diligently to ensure very competitive sales. Our company, all of our polysilicon is from Hemlock. We take the polysilicon final as turning to wafers in Vietnam, we have control of the polysilicon side.

是的。我只想補充一點，艾文，他談到了多晶矽方面的內容。如您所知，電池是成本的大部分，我們努力確保銷售具有強大的競爭力。我們公司所有的多晶矽都來自鐵杉。我們把多晶矽最終產品加工成越南的晶圓，我們掌控了多晶矽環節。

And the reason I mentioned this is with the anticipation of what may come out of 232, we feel that we're very protected on that cost element again, we get the benefit of basically having a locked in pricing on our polysilicon so to the degree 232 does come out and does add cost to other non-American polysilicon or Chinese polysilicon, we think that we're in a very advantaged state as that feeds through into the cells.

我之所以提到這一點，是因為考慮到 232 號法規可能帶來的影響，我們覺得我們在成本方面再次得到了很好的保障。我們基本上鎖定了多晶矽的價格，因此，如果 232 號法規真的發布，並導致其他非美國或中國多晶矽的成本增加，我們認為我們處於非常有利的地位，因為這最終會體現在電池上。

Great. That's great, Dan. And then on section, the 45 times tax credits. I know this year, you've built a good amount on the balance sheet, and you said you're looking to monetize those. Currently, it's not like swapping term sheets.

偉大的。太好了，丹。然後是第 45 部分，稅收抵免。我知道今年你們的資產負債表上累積了相當可觀的財富，你們也說過正在考慮將這些財富變現。目前的情況還不像交換條款清單。

As we look forward, should we think about credit monetization being a more regular step in the process for you all? Or is it going to be kind of larger transactions single time once a year? Or are you thinking multiyear type transactions there to help with liquidity?

展望未來，我們是否應該考慮將信用變現作為你們流程中較常規的步驟？還是說會是每年一次的大額交易？或者您是指考慮進行多年期交易以幫助提高流動性？

I think you're spot on, on the term cadence at the time, and I'll let Evan cover some of the details. We came -- started fully commissioning full certificate of occupancy in the first half. We did get other of our first half buildings in terms of what was produced. And then we've been out in the market of doing that right into the face of -- so there was a lot of uncertainty around the world about those aspects. So I do expect on a go-forward basis, there will be a much more normal cadence on how we monetize 45.

我認為你對當時「節奏」一詞的理解非常準確，我會讓埃文來介紹一些細節。我們來了——上半年開始全面調試並取得完整的入住許可證。就產量而言，我們確實收到了第一年上半年其他一些建築的成品。然後，我們進入市場，面對——所以世界各地對這些方面存在許多不確定性。因此，我預計未來我們將以更正常的節奏來實現 45 的盈利。

And then the other side of 45 times direct pay versus since for banks to third parties that also is an element that we wanted to make sure we optimize in terms of the prices and the costs that we are trying to get there. Evan, do you want to talk about the timing of when we'd expect to see 45 times now.

另一方面，直接支付是銀行向第三方支付的 45 倍，這也是我們希望確保在價格和成本方面進行最佳化的因素。埃文，你想談談我們預計何時會看到 45 次嗎？

Yes. Look, I mean, I think as I did in my comments, we expect to execute third-party sales in this quarter for all or almost all of the 45 times that we generated in 2025. I think on a go-forward basis, yes, we're looking to enter into a quarterly cash settle within some number of days after the quarter with one or several parties for our volumes. I think in is it's a year that has newer requirements that are different from the past. So it might be a slower to develop a year.

是的。你看，我的意思是，正如我在評論中所說，我們預計本季將完成 2025 年 45 次第三方銷售中的全部或幾乎全部。我認為，從長遠來看，是的，我們正在尋求在季度結束後幾天內與一個或多個交易方就我們的交易量達成季度現金結算協議。我認為今年的要求與以往有所不同，出現了一些新的要求。所以它的發展速度可能會慢一些，需要一年時間。

So I think they will be more midpoint of the year. and on. But kind of going forward, I think it would be more traditional of, again, quarterly cash settle on a third-party sale, right, versus direct bank.

所以我認為他們會在年中及之後更頻繁地出現。但展望未來，我認為更傳統的做法是，再次強調，透過第三方進行季度現金結算，而不是直接透過銀行結算。

All right. Congratulations on the continued move forward.

好的。祝賀你們繼續向前邁進。

This concludes the question-and-answer session. I would now like to turn the call back over to Jeffrey Spittel for closing remarks.

問答環節到此結束。現在我謹將電話交還給傑弗瑞‧史皮特爾，請他作總結發言。

Thank you, Shannon. Thanks, everybody, for the interest. We will be back on the road at conferences in New York next week. Please feel free to reach out with additional questions, and thanks for the interest and participation today. This will conclude the call.

謝謝你，香農。感謝大家的關注。下週我們將重返紐約參加會議。如有其他疑問，請隨時與我們聯繫。感謝您今天的關注與參與。通話到此結束。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。