Tecogen Inc (TGEN) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Tecogen Q1 2025 Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Tecogen 2025 年第一季電話會議和網路廣播。（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to your host, Jack Whiting, General Counsel. Please go ahead, Jack.

現在我很高興將電話轉給主持人、總法律顧問傑克懷廷 (Jack Whiting)。請繼續，傑克。

Good morning. This is Jack Whiting, General Counsel and Secretary of Tecogen. This call is being recorded and will be archived on our website at tecogen.com. The press release regarding our first quarter 2025 earnings and the presentation provided this morning are available in the Investors section of our website as well.

早安.我是 Tecogen 公司總法律顧問兼秘書傑克懷廷 (Jack Whiting)。本次電話會議將會錄音，並將存檔於我們的網站 tecogen.com。關於我們 2025 年第一季收益的新聞稿以及今天上午的簡報也可在我們網站的「投資者」板塊找到。

I would like to direct your attention to our Safe Harbor statement included in our earnings press release and presentation. Various remarks that we may make about the company's expectations, plans and prospects constitute forward-looking statements for purposes of the safe harbor provision under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by forward-looking statements as a result of various factors, including those listed in the company's most recent annual and quarterly reports on Form 10-K and Form 10-Q under the caption Risk Factors filed with the SEC and available in the Investors section of our website under the heading SEC Filings. While we may elect to update forward-looking statements, we specifically disclaim any obligation to do so. So you should not rely on any forward-looking statements representing our views as of any future date.

我想提請您注意我們收益新聞稿和簡報中包含的安全港聲明。我們對公司的期望、計畫和前景所作的各種評論均構成《1995 年私人證券訴訟改革法案》安全港條款所指的前瞻性陳述。由於各種因素，實際結果可能與前瞻性陳述所示的結果有重大差異，包括公司向美國證券交易委員會提交的最新年度和季度報告 10-K 表和 10-Q 表「風險因素」標題下列出的因素，這些因素可在我們網站的「投資者」部分的「美國證券交易委員會文件」標題下找到。雖然我們可以選擇更新前瞻性陳述，但我們明確表示不承擔這樣做的義務。因此，您不應依賴任何代表我們未來觀點的前瞻性陳述。

During this call, we will refer to certain financial measures not prepared in accordance with generally accepted accounting principles, or GAAP. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is provided in the press release regarding our first quarter 2025 earnings and on our website.

在本次電話會議中，我們將參考某些未依照公認會計原則（GAAP）編製的財務指標。有關我們 2025 年第一季收益的新聞稿和我們的網站上提供了非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳。

I will now turn the call over to Abinand Rangesh, Tecogen's CEO, who will provide an overview of first quarter 2025 activity and results; and Roger Deschenes, Tecogen's CAO, who will provide additional information regarding first quarter 2025 financial results. Abinand?

現在，我將把電話轉給 Tecogen 執行長 Abinand Rangesh，他將概述 2025 年第一季的活動和結果；以及 Tecogen 首席行政官 Roger Deschenes，他將提供有關 2025 年第一季財務業績的更多資訊。阿比南德？

Thank you, Jack. Welcome to Tecogen's Q1 2025 earnings presentation. So far this year, we've seen some exciting developments at Tecogen. Before Roger gives us a rundown of the financials, I want to provide a few key updates: our uplisting and the benefits this brings to shareholders, how the data center strategy is going and what the new tariff environment means for Tecogen.

謝謝你，傑克。歡迎參加 Tecogen 2025 年第一季財報。今年到目前為止，我們已經看到 Tecogen 取得了一些令人興奮的進展。在羅傑向我們介紹財務狀況之前，我想提供一些關鍵更新：我們的上市以及這給股東帶來的好處、資料中心策略的進展情況以及新的關稅環境對 Tecogen 意味著什麼。

In addition to the strategic moves, we also saw improved financial numbers across the board. Our revenue for the quarter increased 17.6% to $7.3 million, slightly ahead of our forecast. Our adjusted EBITDA loss narrowed from $900,000 to $381,000. Our gross profit margin also increased from 41.6% to 44.3%. The adjusted EBITDA loss would have been even lower, likely less than $200,000, but we needed to incur some additional operating expenses essential to position us to ramp up for the anticipated data center orders. This resulted in increased R&D expenses, recruiter fees for strategic hires and professional fees for the uplist.

除了策略舉措之外，我們還看到財務數據全面改善。本季我們的營收成長了 17.6%，達到 730 萬美元，略高於我們的預測。我們的調整後 EBITDA 損失從 900,000 美元縮小至 381,000 美元。我們的毛利率也從41.6%上升至44.3%。調整後的 EBITDA 損失本來會更低，可能不到 20 萬美元，但我們需要承擔一些額外的營運費用，以使我們能夠滿足預期的資料中心訂單。這導致研發費用、策略招募的招募費用和上榜專業費用增加。

As many of you have seen, we have successfully uplisted from the OTCQX to the NYSE American stock exchange. This is a huge milestone for us. The uplisting enables more shareholders to easily purchase our stock and can already be seen by the increased daily trading volume. One of the questions I regularly get from shareholders is why the company hasn't seen more growth in the past despite having great technology. I believe there was one missing ingredient. That was finding a market where the dollar per project is large. This means that even if it takes longer and there are more complex sales cycles, the time invested can still provide a good return.

正如你們許多人所看到的，我們已成功從 OTCQX 升級到紐約證券交易所美國證券交易所。這對我們來說是一個巨大的里程碑。這次轉版使更多股東能夠輕鬆購買我們的股票，從每日交易量的增加就可以看出這一點。股東經常問我的一個問題是，為什麼公司雖然擁有先進的技術，但過去卻沒有更大的成長。我認為其中缺少了一種成分。那就是找到一個每個專案收益都很大的市場。這意味著即使花費的時間更長、銷售週期更複雜，投入的時間仍然可以帶來良好的回報。

The data center market provides this missing ingredient. However, executing the strategy requires employees at every level of the company to deliver. Some of this is dependent on providing the right incentives, and I believe having a stock that is growing and having stock options that are liquid is critical in that regard. The uplist to the NYSE American achieved this.

資料中心市場提供了這個缺失的要素。然而，執行該策略需要公司各層級員工的努力。這在一定程度上取決於提供正確的激勵措施，我相信擁有一支不斷成長的股票和擁有流動性強的股票選擇權在這方面至關重要。轉入紐約證券交易所美國分公司實現了這一目標。

Before I provide an update on how the data center strategy is going, I want to recap the problem facing AI data centers and why our solution offers such a compelling benefit. As the power density of AI chips has increased, the need for cooling has also increased. The cooling system for a data center needs to be designed for the worst-case scenario. For example, when it's 120 degrees Fahrenheit outside and all the AI chips are operating at full capacity. This means that a 300-megawatt data center might need to allocate up to 100 megawatts of their available power to the cooling system, even if they use the cooling system for only parts of the year. Since you never know when you'll need the full cooling capacity, once this power is allocated, it can't be used for other more useful loads, like AI chips and computing.

在我介紹資料中心策略進展之前，我想回顧一下人工智慧資料中心面臨的問題，以及為什麼我們的解決方案具有如此顯著的優勢。隨著AI晶片功率密度的增加，對冷卻的需求也隨之增加。資料中心的冷卻系統需要針對最壞的情況進行設計。例如，當室外溫度達到華氏 120 度時，所有 AI 晶片都在滿載運轉。這意味著，一個 300 兆瓦的資料中心可能需要將高達 100 兆瓦的可用電力分配給冷卻系統，即使他們一年中只在部分時間使用冷卻系統。由於您永遠不知道何時需要全部冷卻能力，因此一旦分配了這種電力，它就不能用於其他更有用的負載，例如 AI 晶片和運算。

Given that computing is the primary revenue source for a data center, every bit of additional power that can be used for the chips directly impacts a data center's bottom line. Currently, most data centers use an electrical cooling system. By switching to our high-efficiency advanced natural gas chillers, data centers can increase the amount of power they have available by 30% or more. If you could unlock, for example, 100 megawatts or more in a larger data center, this could be substantial. To put this in context, this is equivalent to the combined power used by more than 200 high-rise buildings in Manhattan.

鑑於計算是資料中心的主要收入來源，晶片可使用的每一點額外電力都會直接影響資料中心的底線。目前，大多數資料中心採用電冷卻系統。透過改用我們高效的先進天然氣冷水機組，資料中心可以將可用電量提高 30% 或更多。例如，如果你可以在一個更大的資料中心解鎖 100 兆瓦或更多的電力，那麼這將是相當可觀的。具體來說，這相當於曼哈頓 200 多座高層建築的總用電量。

Best of all, our solution can even be retrofitted to an existing data center. As hyperscalers attempt to find the fastest way to roll out AI data centers, unlocking power in an existing data center may provide ways to future-proof the data center as chips become more powerful or need to -- or available capacity needs to increase quickly.

最重要的是，我們的解決方案甚至可以改裝到現有的資料中心。當超大規模企業試圖找到推出人工智慧資料中心的最快方法時，隨著晶片功能變得更強大或需要，或者可用容量需要快速增加，釋放現有資料中心的功能可能會為資料中心的未來發展提供方法。

How does our Tecochill compare versus the alternatives? Compared to the nearest other gas cooling technology called an absorption chiller, Tecochill consumes half the amount of gas for the same amount of cooling provided. Tecochill has also been proven in many critical cooling applications, including hospitals, ice rinks and cannabis-growing facilities. Most absorption chillers are manufactured overseas. This means that in the current tariff environment, absorption chillers are likely subject to significant tariffs.

我們的 Tecochill 與其他產品相比如何？與最接近的其他氣體冷卻技術（吸收式製冷機）相比，Tecochill 消耗的氣體量只有後者的一半，但能提供相同的冷卻量。Tecochill 也已在許多關鍵冷卻應用中得到驗證，包括醫院、溜冰場和大麻種植設施。大多數吸收式製冷機都是在海外製造的。這意味著在目前的關稅環境下，吸收式冷水機組可能會受到高關稅的影響。

Compared to the conventional alternative, which is an electric chiller, not only do our chillers free up significant amounts of available power, our solutions operating costs can be 50% lower than the electric chiller. Even if a customer decides to build their own power generation on-site, the installed cost per kilowatt is 50% lower if they use Tecochill versus building on-site power generation. Therefore, compared to all the alternatives, Tecochill offers some very compelling benefits.

與傳統的替代產品—電動冷水機組相比，我們的冰水機組不僅可以釋放大量可用電力，而且我們的解決方案的營運成本可以比電動冷水機組低 50%。即使客戶決定在現場建造自己的發電廠，使用 Tecochill 比建造現場發電廠每千瓦的安裝成本低 50%。因此，與所有替代品相比，Tecochill 提供了一些非常引人注目的優勢。

In addition to our Vertiv partnership, our own marketing and networking efforts are starting to result in interest for much larger projects. We have now quoted multiple larger projects, much larger than ever before. Having been on some of the sales calls, every one of the prospective customers has immediately grasped the compelling benefit. The main challenge we're presently facing is convincing customers to do something different from business as usual.

除了與 Vertiv 的合作關係之外，我們自己的行銷和網路努力也開始引起人們對更大項目的興趣。我們現在已經承接了多個更大的項目，規模比以往都要大得多。在參加過一些銷售電話後，每位潛在客戶都立即感受到了這種引人注目的好處。我們目前面臨的主要挑戰是說服客戶做一些與平常不同的事。

This is common in the adoption of new technologies, even though we have ample proof points from critical cooling applications in other industries. We're presently working with prospective customers on approaches to mitigate any perceived risk, including redundancy and choosing the right projects where power constraints are more acute. Given that some of these projects might require significant ramp-up of our supply chain, we are asking customers for letters of intent so we can start working with our suppliers to ensure we can hit delivery times required.

儘管我們已經從其他行業的關鍵冷卻應用中獲得了充分的證據，但這在採用新技術時很常見。我們目前正在與潛在客戶合作，尋找減輕任何已知風險的方法，包括冗餘和選擇電力限制更為嚴重的正確項目。鑑於其中一些項目可能需要大幅加強我們的供應鏈，我們正在向客戶索取意向書，以便我們可以開始與供應商合作，確保我們能夠達到所需的交貨時間。

The Vertiv relationship is also making great progress. A project manager from Vertiv has been assigned to manage the Tecochill launch through Vertiv's new product introduction process. This includes generation of marketing material and sales training. We have already seen sales leads from the Vertiv team but should see further activity in the upcoming months as the new product introduction process proceeds. Therefore, I'm very optimistic that the Vertiv relationship will be successful.

Vertiv 的合作關係也取得了長足進展。Vertiv 的一位專案經理已被指派透過 Vertiv 的新產品介紹流程來管理 Tecochill 的發布。這包括產生行銷材料和銷售培訓。我們已經看到了來自 Vertiv 團隊的銷售線索，但隨著新產品推出過程的進行，未來幾個月應該會看到進一步的活動。因此，我非常樂觀地認為我們與 Vertiv 的合作關係將會成功。

I know many shareholders are wondering how exposed Tecogen is to tariffs. We are predominantly a domestic manufacturer. We have contacted all our major vendors and don't anticipate any meaningful impacts as a result of tariffs. This is particularly true for the DTx chillers, which are likely to be our product most used by data centers. The most impacted components are circuit boards and electronics, which make up a small percentage of our overall costs. The only meaningful components likely affected are permanent magnet generators used in our InVerdes, mainly due to export controls from China.

我知道許多股東都想知道 Tecogen 受到關稅的影響有多大。我們主要是國內製造商。我們已經聯繫了所有主要供應商，預計關稅不會帶來任何重大影響。對於 DTx 冷水機組來說尤其如此，它可能是資料中心最常用的產品。受影響最大的零件是電路板和電子設備，它們只占我們總成本的一小部分。唯一可能受到影響的重要部件是我們 InVerdes 中使用的永磁發電機，這主要歸因於中國的出口管制。

We have sufficient inventory presently to handle anticipated orders in 2025 while we obtain the relevant permissions. I believe the tariffs may give us a competitive advantage. As already discussed, other gas cooling technologies are facing big tariffs. Our systems were already ahead of the competition due to our increased efficiencies. Now with tariffs, absorption chillers are at a further disadvantage. The tariffs may also have knock-on effects on long lead time equipment like electrical switchgear. Our ability to alleviate power constraints quickly and being a domestic manufacturer is likely to be more of an advantage than ever.

我們目前有足夠的庫存來處理 2025 年的預期訂單，同時我們獲得相關許可。我相信關稅可能會為我們帶來競爭優勢。正如已經討論過的，其他氣體冷卻技術也面臨高關稅。由於效率的提高，我們的系統已經領先競爭對手。現在有了關稅，吸收式冷凍機的處境就更加不利了。關稅也可能對電氣開關設備等長交貨期設備產生連鎖反應。我們能夠迅速緩解電力限制，並且作為國內製造商，這可能比以往更具優勢。

Backlog and cash. The backlog is presently at $10.8 million, including the $2 million Las Vegas prepaid service contract. We expect $2 million of non-data center projects to enter the backlog in the next couple of months. As mentioned earlier, we are quoting some very large chiller projects, but the timing of these closing is uncertain. Combined with Vertiv's marketing, I'm very confident we will be successful in securing some of these larger orders. Therefore, I would caution shareholders not to expect linear increases in backlog since a single data center order will fundamentally change our backlog number.

積壓訂單和現金。目前積壓訂單為 1,080 萬美元，其中包括 200 萬美元的拉斯維加斯預付服務合約。我們預計未來幾個月將有 200 萬美元的非資料中心專案進入積壓階段。如前所述，我們正在引用一些非常大的冷水機組項目，但這些項目的完成時間尚不確定。結合 Vertiv 的行銷，我非常有信心我們將成功獲得一些較大的訂單。因此，我要提醒股東不要期望積壓訂單數量線性增加，因為單一資料中心訂單就會從根本上改變我們的積壓訂單數量。

Our current cash position is $3 million following material purchases to increase product revenue and roll out engine improvements to the service fleet. Our engine improvements are resulting in 50% longer intervals between oil changes but require cash investments to complete. Our balance sheet is also stronger today since we have no maturing short-term debt. This means our cash allocation can go towards increasing revenue and capacity.

我們目前的現金狀況為 300 萬美元，其中包括材料採購，以增加產品收入並向服務車隊推出引擎改進。我們對引擎進行了改進，使換油間隔延長了 50%，但需要現金投資才能完成。由於我們沒有到期的短期債務，我們的資產負債表現在也更加強勁。這意味著我們的現金分配可以用來增加收入和產能。

I'll now hand over to Roger to take us through the financials.

現在我將把時間交給羅傑，讓他帶我們了解財務狀況。

Thank you, Abinand. Good morning, everybody. Tecogen is organized under three operating revenue segments. Our products revenue consists of sales of cogeneration units, microgrid systems and chillers to a range of markets and customers. Our services revenue primarily consists of our contracted operations and maintenance services. Our energy production revenue stream is from energy sales, including the sales of electricity and thermal energy produced by our equipment on-site at customer facilities.

謝謝你，阿比南德。大家早安。Tecogen 分為三個營運收入部門。我們的產品收入包括向一系列市場和客戶銷售熱電聯產機組、微電網系統和冷水機組。我們的服務收入主要包括合約營運和維護服務。我們的能源生產收入來自能源銷售，包括我們的設備在客戶設施現場生產的電力和熱能的銷售。

Moving over to slide 12. I'll review the first quarter results. Our total revenues were $7.3 million in the first quarter of 2025, which compares to $6.2 million in the first quarter of 2024, and this represents an increase of just under 18%. For the quarter, our net loss decreased to $660,000, which compares to $1.1 million in the first quarter of 2024. And the decrease in the loss is due to the increased products revenue and improved gross margin in the products segment.

移至投影片 12。我將回顧第一季的業績。2025 年第一季度，我們的總收入為 730 萬美元，而 2024 年第一季為 620 萬美元，增幅略低於 18%。本季度，我們的淨虧損減少至 66 萬美元，而 2024 年第一季為 110 萬美元。虧損減少是由於產品收入增加以及產品部門毛利率提高。

Our gross profit increased 25% and operating expenses increased 5.2% quarter-over-quarter. The gross margin for the first quarter rose by 3% to 44% from 41% in 2024. We'll review gross margin further in the segment performance discussion. For the first quarter of 2025, our operating expenses, as Abinand mentioned previously, or increase, and this is due to higher recruitment fees as we staff up the production function, some increased payroll costs and professional fees incurred for the uplist and also for increased hiring in our R&D staff.

我們的毛利環比成長了 25%，營運費用較上季成長了 5.2%。第一季毛利率由2024年的41%上升3%至44%。我們將在分部績效討論中進一步審查毛利率。正如 Abinand 之前提到的，對於 2025 年第一季度，我們的營運費用將會增加，這是由於我們增加生產職能人員時招聘費用增加、工資成本增加以及升級名單產生的專業費用增加以及增加研發人員的招聘。

Moving over to EBITDA and adjusted EBITDA. For the first quarter of 2025, EBITDA loss was $441,000 and adjusted EBITDA loss was $381,000, and this compares to an EBITDA loss of $921,000 and the adjusted EBITDA loss of $898,000 in the first quarter of 2024.

轉到 EBITDA 和調整後的 EBITDA。2025 年第一季度，EBITDA 虧損為 441,000 美元，調整後 EBITDA 虧損為 381,000 美元，而 2024 年第一季的 EBITDA 虧損為 921,000 美元，調整後 EBITDA 虧損為 898,000 美元。

Moving on to performance by segment. Products revenue increased 70% quarter-over-quarter to $2.4 million in Q1 2025 from $1.5 million in the first quarter of 2024, and this is due to increases in chiller and cogeneration shipments. The products gross margin increased to 41% quarter-over-quarter from 30% in the first quarter of 2024. Services revenue increased 6% quarter-over-quarter to $4.2 million in the first quarter of 2025 from $4 million in -- similar period in 2024.

繼續按部分討論績效。產品收入從 2024 年第一季的 150 萬美元環比增長 70% 至 2025 年第一季的 240 萬美元，這是由於冷水機組和熱電聯產出增加。產品毛利率從2024年第一季的30%季增至41%。2025 年第一季服務營收季增 6%，從 2024 年同期的 400 萬美元增至 420 萬美元。

The gross margin -- gross profit margin was slightly lower at 47%, and this is due to increased labor and material costs that we incurred as we continue to roll out engine improvements on our InVerde product. Energy production revenue decreased by 27% quarter-over-quarter to just under $0.5 million in the first quarter of 2025 from $680,000 in the first quarter of 2024, and this is largely due to the expiration of a few of our contracts.

毛利率－毛利率略低至 47%，這是由於我們繼續對 InVerde 產品進行引擎改進，導致勞動力和材料成本增加。能源生產收入從 2024 年第一季的 68 萬美元環比下降 27% 至 2025 年第一季的略低於 50 萬美元，這主要是因為我們的部分合約到期。

The gross margin increased 7% to 38% in the first quarter of 2025, and this compares to 31% in 2024, and this is due to lower fuel costs. Our overall gross profit margin increased 2% quarter-over-quarter due to improved product -- due to improvements in our products services segment margin.

2025 年第一季毛利率成長 7% 至 38%，而 2024 年為 31%，這是由於燃料成本下降。由於產品的改進——由於我們的產品服務部門利潤率的提高，我們的整體毛利率環比增長了 2%。

This concludes our review of the first quarter 2025 financials. I'll now turn the call back over to Abinand.

這是我們對 2025 年第一季財務狀況的回顧。我現在將電話轉回給阿比南德。

Thank you, Roger. As I mentioned at the start, one of the key missing ingredients to making Tecogen successful has been having bigger projects and an expanding market. The macroeconomic drivers are now in our favor. Our market positioning of our chiller is being validated by favorable feedback from prospective customers. Once we get over the short-term hurdles of securing the first few larger data center projects, I am confident we will see rapid growth. I believe the probabilities of success are now in our favor because our technology has been proven in other markets, and we have the credibility of partnering with a world leader like Vertiv in the data center segment.

謝謝你，羅傑。正如我在開始時提到的，Tecogen 成功的關鍵要素之一是擁有更大的專案和不斷擴大的市場。目前宏觀經濟驅動因素對我們有利。我們的冷水機組的市場定位正得到潛在客戶的正面回饋的驗證。一旦我們克服了獲得最初幾個大型資料中心專案的短期障礙，我相信我們將看到快速的成長。我相信成功的可能性現在對我們有利，因為我們的技術已經在其他市場得到了驗證，而且我們有信譽與像 Vertiv 這樣的資料中心領域的世界領導者合作。

I'll now take any questions.

我現在將回答任何問題。

(Operator Instructions) Our first question today is coming from Alexander Blanton from Clear Harbor Asset Management.

（操作員指示）我們今天的第一個問題來自 Clear Harbor Asset Management 的 Alexander Blanton。

Very good quarter for you. I'd like to ask about the backlog first. Over what period is that to be delivered?

這對你們來說是一個非常好的季度。我想先問一下積壓的情況。交付週期多長？

So we are hoping to be able to deliver that over the next 9 to 12 months. That's currently the forecast. It really depends on what else comes in, in the backlog, if -- we're trying to ramp up faster, but I'd expect between the next 9 to 12 months.

因此我們希望能夠在未來 9 到 12 個月內實現這一目標。這是目前的預測。這實際上取決於積壓訂單中還有哪些內容——我們是否試圖更快地提高速度，但我預計在未來 9 到 12 個月內。

Okay. Now I want to ask about the hiring. In what parts of the company are you doing that? You had an increase in recruitment fees. And I think that's the first time I've heard about that in a long time. You're hiring in sales or in manufacturing? Or is it --

好的。現在我想問一下有關招聘的問題。您在公司的哪些部門做這件事？你們的招募費用增加了。我想這是我很久以來第一次聽說這件事。你們招募的是銷售人員還是製造人員？或者是--

So there are a couple of critical areas, I think, that are going to be really crucial to be able to ramp up. So one of the areas you might have seen we hired was a manufacturing manager. The other one to support the manufacturing manager was also a supply chain manager. Especially in this kind of tariff environment, but also as we look to -- if we get a large data center order, the single first bottleneck is going to be getting our suppliers to ramp up. And some of that is going to -- we're doing that work right now to really start working with our suppliers to say, look, what's it going to take? Because many of the key components on a chiller, for example, are built by very large vessel suppliers. So their capacity is less of an issue. It's really how do we work with them ahead of time to make sure that they ramp up to hit delivery time. So part of doing that and making sure that we can control our costs well is we felt the critical portion was also having a supply chain manager.

因此，我認為有幾個關鍵領域對於加快發展至關重要。您可能已經看到我們招募的職位之一是製造經理。另一位支持製造經理的人也是供應鏈經理。特別是在這種關稅環境下，而且正如我們所看到的——如果我們獲得大型資料中心的訂單，第一個瓶頸就是讓我們的供應商加快生產速度。其中一些將會——我們現在正在做這項工作，真正開始與我們的供應商合作，看看，這需要什麼？例如，因為冷水機組上的許多關鍵部件都是由大型容器供應商製造的。因此他們的能力不是什麼問題。這實際上是我們如何提前與他們合作以確保他們能夠按時交貨。因此，我們認為這樣做並確保我們能夠很好地控製成本的關鍵部分還在於擁有一名供應鏈經理。

The other area that we're seeing some recruitment costs associated is also on the service side of the business. I believe that there -- to get close to -- to get to profitability really, we're going to have to get the service margin up by another 5% or 6%. And some of that is going to come with actually increasing the service revenue to go with it. And that really is getting the right kind of technicians with the right experience. So some of that getting the -- some recruiters involved to get some strategic hires in that space, I think, is also going to be critical to get our profitability side of things up.

我們看到與招募成本相關的另一個領域也是業務的服務方面。我相信，為了真正接近獲利，我們必須將服務利潤率再提高 5% 或 6%。其中一部分實際上將伴隨服務收入的增加而來。這實際上就是找到具有適當經驗的合適技術人員。因此，我認為，讓一些招聘人員參與進來，在該領域進行一些策略性招聘，對於提高我們的獲利能力也至關重要。

So that's really where we've been hiring. And we've also hired one or -- an engineer or two, again, to support the R&D efforts associated with data center projects because data centers operate in very different chilled water conditions that other industries operate in. So part of what we're doing right now is also making sure that the data centers, like all the conditions that a data center would operate in, we are able to show test data to potential data center customers, that our chiller can do that. And that requires some test time in the test cell and having engineers that can actually run that.

這就是我們一直在招募的地方。我們還聘請了一兩名工程師來支援與資料中心專案相關的研發工作，因為資料中心的運作環境與其他行業的冷卻水條件非常不同。因此，我們現在所做工作的一部分也是確保資料中心，就像資料中心運作的所有條件一樣，我們能夠向潛在的資料中心客戶展示測試數據，我們的冷水機組可以做到這一點。這需要在測試單元中花費一些時間進行測試，並且需要有能夠實際運行該測試的工程師。

One of the problems a small company has in dealing with large projects is you have to convince your customer that you can deliver on time. So I'm glad to see that you're building up. I'm sure that's something that Vertiv will want you to do, too, because if they're going to put your equipment into one of their data centers, they don't want a situation in which the installation of the cooling is holding things up, correct?

小公司在處理大型專案時遇到的問題之一是，你必須讓客戶相信你能夠準時交貨。所以我很高興看到你正在進步。我確信這也是 Vertiv 希望您做的事情，因為如果他們要將您的設備放入他們的一個資料中心，他們不希望出現冷卻設備安裝阻礙一切的情況，對嗎？

Exactly. I mean I think that's part of the reason why in the short term, we're really focused on trying to remove any potential bottlenecks that we might have in our production. There are multiple ways we can do this, and we have a plan A, plan B, plan C type thing here to really make sure that as things come in, we can ramp up. And that's also why we're really pushing early prospective customers on getting us letters of intent. That kind of helps us go to our suppliers and start really putting that into place.

確切地。我的意思是，我認為這是為什麼在短期內我們真正專注於消除生產中可能存在的任何潛在瓶頸的原因之一。我們可以透過多種方式來實現這一點，我們有計劃 A、計劃 B、計劃 C，以確保隨著事情的進展，我們可以加快進度。這也是為什麼我們極力推動早期潛在客戶向我們索取意向書的原因。這有助於我們聯繫供應商並開始真正實施這一目標。

The other area that we have definitely discussed with Vertiv in our original agreement with Vertiv included was them helping us with the supply chain as well. Because everybody recognizes that we are a small company and to be able to scale up, it might require a partner like Vertiv to help us scale that.

在我們與 Vertiv 的原始協議中，我們肯定與 Vertiv 討論過的另一個領域是他們也幫助我們處理供應鏈。因為每個人都認識到我們是一家小公司，為了擴大規模，可能需要像 Vertiv 這樣的合作夥伴來幫助我們擴大規模。

Well, that was my next question. To what extent are they helping you? I would think they would want to because your equipment gives them a competitive advantage in their business. There's a person assigned full time to work with you, is that what I heard?

好吧，這是我的下一個問題。他們在多大程度上幫助了你？我認為他們會願意這樣做，因為您的設備為他們的業務帶來了競爭優勢。我聽說有專人全職和你一起工作，是嗎？

So there's a project manager. He has some other Vertiv obligations, but his -- one of his predominant roles is just Tecochill. And as part of that new product introduction process that Vertiv runs, they go through all the marketing material preparation, training, like formal training for the sales team. I mean we've definitely done like pretraining for the sales team, but really getting all of those pieces together.

所以有一位專案經理。他還有其他一些 Vertiv 職責，但他的主要職責之一是 Tecochill。作為 Vertiv 運作的新產品介紹流程的一部分，他們會進行所有行銷材料的準備、培訓，例如對銷售團隊進行正式培訓。我的意思是，我們確實對銷售團隊進行了預先培訓，但實際上將所有這些部分整合在一起。

And some of that also involves how does the supply delivery, all the different pieces that supports essentially this product being included as part of Vertiv's offering. So there's a whole package that happens in the background. And when that -- that's part of the reason why they've been working on that for the next -- for the last few months. We expect when they finish that full package, you'll start seeing public-facing marketing from Vertiv with our Tecochill.

其中還涉及如何供應交付，支援該產品的所有不同部分基本上都包含在 Vertiv 產品中。因此，整個過程都在後台進行。這就是他們在過去幾個月裡一直致力於此事的原因之一。我們預計，當他們完成整個方案後，您將開始看到 Vertiv 使用我們的 Tecochill 進行面向公眾的行銷。

When do you think that might happen?

您認為什麼時候會發生這種情況？

I would say in the next couple of months. They're pretty close to getting a lot of those pieces done. I mean their sales team is still generating leads, and we are seeing leads from them. So they're definitely active. But I think part of seeing more success on it is going to be when they start marketing the product, putting out webinars and those kind of other marketing pieces out there.

我想說在接下來的幾個月裡。他們已經快要完成很多工作了。我的意思是他們的銷售團隊仍在產生銷售線索，我們也從他們那裡看到了銷售線索。所以他們肯定很活躍。但我認為，當他們開始行銷產品、推出網路研討會和其他行銷產品時，它就會取得更大的成功。

Will your employees be working with them on sales presentations as a backup? Or are they going to be doing the whole thing?

您的員工是否會作為後援與他們一起進行銷售演示？還是他們打算做全部的事情？

Yes. Yes. I think a bit of both. I think early stage, we expect to be supporting them quite a lot on the sales presentations. And the other thing that we are trying to do to make sure that this relationship is successful is that we have projects and there are other areas that Vertiv can bring in, in addition to the Tecochill, we try to bring them into projects as well. So both sides get a benefit on this relationship. But our employees are definitely early on going to help with the sales presentations. I think as the Vertiv sales team becomes more experienced on this, I'm sure they'll take the lead from there.

是的。是的。我認為兩者都有一點。我認為在早期階段，我們希望在銷售演示方面為他們提供大量支援。為了確保這種關係成功，我們正在嘗試做的另一件事是，我們有項目，除了 Tecochill 之外，Vertiv 還可以引入其他領域，我們也嘗試將它們引入到項目中。因此，雙方都能從這種關係中受益。但我們的員工肯定會提前去協助銷售演示。我認為，隨著 Vertiv 銷售團隊在這方面的經驗越來越豐富，我相信他們會佔據領先地位。

And could you update us on the Connecticut data center job that you had? How is that going? And also Las Vegas?

您能否向我們介紹一下您在康乃狄克州資料中心的工作情況？怎麼樣？還有拉斯維加斯嗎？

Yes. So the Connecticut one is a relatively -- it's a very small data center. It's really -- it's just a single InVerde. But again, it's a proof point that power is a real problem there. This is -- it's not an AI data center, it's purely cloud storage. So they might convert at a later date, in which case they'll need a lot more power. But in the short term, their issue was just a lack of -- or their utility rates going up 20%, 30%. So they wanted a way to save money, and our InVerde was the right fit. I mean they considered fuel cells, they considered other options, and they felt combine the installation cost as well as having service and other support in the area, our InVerde was the better fit there.

是的。因此，康乃狄克州的資料中心相對較小。它實際上——只是一個 InVerde。但這再次證明電力確實是那裡的問題。這——它不是一個人工智慧資料中心，它純粹是一個雲端儲存。因此他們可能會在以後轉變，在這種情況下他們將需要更多的電力。但在短期內，他們的問題只是缺乏——或者他們的公用事業費率上漲了 20% 或 30%。因此他們想要找到一種省錢的方法，而我們的 InVerde 正好適合。我的意思是他們考慮過燃料電池，考慮過其他選擇，他們認為結合安裝成本以及在該地區的服務和其他支持，我們的 InVerde 更適合那裡。

With regards to Las Vegas, we are shipping chillers every -- a couple of chillers every quarter. We're also trying to meet the other orders that we have. This first quarter was particularly critical because some of the customers had to lock in the investment tax credit. So we had to make sure we got them at least part of the project in the first quarter. But more of the Las Vegas shipments will be delivered next quarter and a little bit in Q3.

就拉斯維加斯而言，我們每季都會運送幾台冷水機組。我們也在盡力滿足其他訂單。第一季尤其關鍵，因為有些客戶必須鎖定投資稅收抵免。因此我們必須確保在第一季至少讓他們參與到專案的一部分。但更多的拉斯維加斯貨物將於下個季度交付，少量貨物將於第三季交付。

(Operator Instructions) We've reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

（操作員指示）我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

Thank you, everyone, for listening to our Q1 2025 call. I will keep people apprised as we have more developments either in the Vertiv data center industry. Thank you very much.

感謝大家收聽我們的 2025 年第一季電話會議。隨著 Vertiv 資料中心產業的更多發展，我將隨時向大家通報。非常感謝。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，享受美好的一天。我們感謝您今天的參與。