Tecogen Inc (TGEN) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Tecogen second quarter 2025 conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Tecogen 2025 年第二季電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Jack Whiting, General Counsel. Please go ahead.

現在我很高興介紹總法律顧問傑克懷廷 (Jack Whiting)。請繼續。

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 second quarter 2025 earnings and the presentation provided this morning are available in the Investors section of our website as well. I would like to direct your attention to our safe harbor statement included in our earnings press release and presentation.

早安.我是 Tecogen 的總法律顧問兼秘書 Jack Whiting。本次電話會議將會錄音，並將存檔於我們的網站 tecogen.com。有關我們2025年第二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。我想提請您注意我們的收益新聞稿和簡報中包含的安全港聲明。

Various remarks that we may make about the company's expectations, plans and prospects constitute forward-looking statements for purpose of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995.

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》安全港條款規定的前瞻性陳述。

Actual results may differ materially from those indicated by forward-looking statements as a result of various factors including those discussed in the company's most recent annual and quarterly reports on Forms 10-K and 10-Q under the caption Risk Factors filed with the Securities and Exchange Commission, and also available in the Investors section of our website under the heading SEC Filings.

由於各種因素，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 和 10-Q 表格中「風險因素」標題下所討論的因素，以及我們網站「投資者」部分「SEC 文件」標題下所討論的因素，實際結果可能與前瞻性陳述所示的結果存在重大差異。

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 as representing our views as of any future date.

雖然我們可以選擇更新前瞻性陳述，但我們明確否認有這樣做的義務。因此，您不應依賴任何前瞻性陳述來代表我們對未來任何日期的觀點。

During this call, we will refer to certain financial measures not prepared in accordance with GAAP. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures is provided in the press release regarding our second 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 GAAP 編製的財務指標。有關我們 2025 年第二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 second quarter 2025 activity and results; and Roger Deschenes, Tecogen's CFO, who will provide additional information regarding second 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 年第二季的活動和結果；以及 Tecogen 財務長 Roger Deschenes，他將提供有關 2025 年第二季財務業績的更多資訊。阿比南德？

Thank you, Jack. Welcome to our Q2 2025 earnings presentation. We've made tremendous progress towards our data center strategy. We've hit some key milestones and have generated leads for much larger projects. I'll update shareholders on progress to date, feedback from prospective customers and how we plan to scale up. We also have an exciting product announcement.

謝謝你，傑克。歡迎參加我們的 2025 年第二季財報。我們的資料中心策略取得了巨大進展。我們已經實現了一些關鍵的里程碑，並為更大的專案帶來了線索。我將向股東通報迄今為止的進展、潛在客戶的反饋以及我們計劃如何擴大規模。我們還有一個令人興奮的產品發布。

Before we get into these, I want to address the one setback during the quarter, the lower gross profit margins. This quarter, we shipped the first few units of the hybrid chiller. It had lower margins than our other products because we bought materials and lower volumes and had higher labor costs as we refine our production process and gain experience building the product. The supply chain for this product uses easily available components from multiple sources, so volume production will lead to lower costs.

在討論這些問題之前，我想先談談本季遇到的一個挫折，即毛利率較低。本季度，我們出貨了首批幾台混合式冷水機組。它的利潤率低於我們的其他產品，因為我們購買的材料數量較少，而且隨著我們改進生產流程並累積產品製造經驗，勞動力成本較高。該產品的供應鏈使用來自多個來源的易於取得的組件，因此批量生產將降低成本。

The other products shipped this quarter had similar margins to before. On the Services segment, our margin decline was due to increased costs in New Jersey and Manhattan. Post COVID, travel times into Manhattan and between sites has increased. This has led to longer days getting the work finished, especially during the summertime when both chillers and cogeneration systems are running. This led to a much higher overtime labor hours.

本季出貨的其他產品的利潤率與之前相似。在服務部門，我們的利潤率下降是由於新澤西和曼哈頓的成本增加。疫情過後，前往曼哈頓和各個站點之間的旅行時間增加了。這導致需要更長的時間才能完成工作，特別是在夏季冷水機組和熱電聯產系統都在運作的時候。這導致加班工時大幅增加。

We have also been making improvements to our InVerde engines to double the oil service intervals. The majority of our InVerde units are in Manhattan. So although this has a short-term hit to profitability, in the long term, this will significantly increase gross profit margins on the InVerde.

我們還對 InVerde 引擎進行了改進，使換油間隔延長了一倍。我們的大部分 InVerde 單位都位於曼哈頓。因此，儘管這會在短期內對獲利能力造成影響，但從長遠來看，這將顯著提高 InVerde 的毛利率。

To better improve labor efficiency, we are working with our customers so we can have parts drop off at sites ahead of service and tools stored at some of the larger sites. This means that technicians can travel between sites faster, either by parking at one location and taking the subway or having a truck drop-off technicians at each site. We are also creating teams of technicians who are experts on each type of product so that diagnosis and service can be performed faster.

為了更好地提高勞動效率，我們正在與客戶合作，以便我們可以在服務之前將零件送到現場，並將工具存放在一些較大的現場。這意味著技術人員可以更快地在各個站點之間移動，要么將車停在一個地方然後乘坐地鐵，要么讓卡車在每個站點運送技術人員。我們也正在組建由各類產品專家組成的技術團隊，以便更快地進行診斷和服務。

With these changes and the increased InVerde service intervals, we are still targeting gross profit margins on service of greater than 50% within the next nine to 12 months. However, management's priority is on the data center strategy. This will have the largest impact on shareholder value. My goal is to put us in a position where the market demand for our technology exceeds supply. This will, in turn, lead to great strategic options.

透過這些變化和增加 InVerde 服務間隔，我們仍然目標是在未來 9 到 12 個月內實現服務毛利率超過 50%。然而，管理階層的首要任務是資料中心策略。這將對股東價值產生最大的影響。我的目標是讓我們的技術市場需求超過供應。這反過來又會帶來重大的戰略選擇。

For those of you who are new shareholders, I'd like to reiterate the value proposition that Tecogen offers to data centers. As chips have become more powerful, they need more cooling. Cooling systems are designed for the worst case, hottest stay, full AI load. In some parts of the country, this can be as high as a 120-degree Fahrenheit. When you design for the peak, you tie up a lot of the data center's power since you don't know when you'll need to turn on the cooling system.

對於那些新股東，我想重申 Tecogen 為資料中心提供的價值主張。隨著晶片功能越來越強大，它們需要更多的冷卻。冷卻系統是針對最壞的情況、最熱的停留時間和全 AI 負載而設計的。在該國的一些地區，氣溫可高達華氏 120 度。當您針對尖峰進行設計時，您會佔用資料中心的大量電力，因為您不知道何時需要開啟冷卻系統。

In the past, this wasn't a big problem. But with the latest NVIDIA Blackwell chips, it could be anywhere between 25% to 35% of a data center's power. And it's only increasing as chips get more powerful. If you take this peak and move it to natural gas, you will have a lot more power for IT.

在過去，這不是什麼大問題。但使用最新的 NVIDIA Blackwell 晶片，它可以達到資料中心 25% 到 35% 的電力。而且隨著晶片功能越來越強大，這一數字還會不斷增加。如果你把這個高峰轉移到天然氣上，你將擁有更多的 IT 電力。

I know many of you might have heard of data center cooling technologies such as liquid cooling, emergent cooling, et cetera. All these technologies are targeted at what happens inside a data center. All of these technologies still connect to a chiller today powered by electricity to eliminate this heat. Our chillers can interface with any of these liquid cooling or emergent cooling options. I'll explain what makes Tecogen solution unique and how we plan to expand our technology edge. But first, I'd like to walk through some of the projects we are quoting and why our solution is being considered.

我知道你們中的許多人可能聽說過資料中心冷卻技術，例如液體冷卻、緊急冷卻等等。所有這些技術都是針對資料中心內部發生的事情。如今，所有這些技術仍然與由電力驅動的冷卻器相連，以消除熱量。我們的冷卻器可以與任何液體冷卻或緊急冷卻選項連接。我將解釋 Tecogen 解決方案的獨特之處以及我們計劃如何擴大我們的技術優勢。但首先，我想介紹一下我們正在引用的一些項目以及為什麼我們的解決方案受到考慮。

We have signed our first LOI with a 100-megawatt-plus data center. This letter of intent contemplates delivering 6 STx Chillers in Q4 or early next year, depending on the customers' construction schedule. The chillers will be used for part of the room cooling load in the first phase of the project. If the customer likes the chillers, they will use more of our chillers for the subsequent phases of the project. This project has great potential as the customer expects to eventually expand the site to greater than 500 megawatts, and we hope to grow with them.

我們已經與一家 100 兆瓦以上的資料中心簽署了第一份意向書。該意向書計劃在第四季或明年年初交付 6 台 STx 冷水機組，具體取決於客戶的施工進度。在工程的第一階段，冷水機組將用於部分房間的冷卻負荷。如果客戶喜歡我們的冰水機組，他們會在專案的後續階段使用更多我們的冰水機組。該專案具有巨大的潛力，因為客戶希望最終將站點擴展到 500 兆瓦以上，我們希望與他們共同成長。

This project is one of the best use cases for our chillers. The customer has some grid power, so they want to save it for IT on -- not waste it on ancillary loads like cooling. We've also been asked to quote two projects with 60 to 100 chillers apiece. These projects expect to commence construction sometime in 2026. The timing on these projects is contingent on the data center of signing their anchor tenants and receiving construction financing.

該項目是我們冷水機組的最佳使用案例之一。客戶擁有一些電網電力，因此他們希望將其節省用於 IT，而不是浪費在冷卻等輔助負載上。我們還被要求對兩個項目進行報價，每個項目有 60 到 100 台冷水機組。這些項目預計將於 2026 年某個時候開始建造。這些專案的實施時間取決於資料中心是否簽約主要租戶並獲得建設融資。

On one of the projects, the potential customer wants to use our chillers to increase the power available for IT in two ways. The first is for cooling the chips. The second is for turbine inlet cooling. In some of these larger data centers, customers are building on-site power plants with gas turbines from large companies like GE, Caterpillar, et cetera. As the outside air gets hotter, these gas turbines or jet engines make less power.

在其中一個專案中，潛在客戶希望使用我們的冰水機組透過兩種方式增加 IT 可用電力。第一個是用於冷卻晶片。第二個用於渦輪進氣口冷卻。在一些較大的資料中心，客戶正在使用通用電氣、卡特彼勒等大公司的燃氣渦輪機建造現場發電廠。隨著外部空氣變得越來越熱，這些燃氣渦輪機或噴射發動機產生的動力就會越來越小。

If you can cool the air entering the power plant, you get a lot more power. So our chillers are perfect for this since they run on natural gas, the same as the gas turbines. We have also received other inquiries where we are at earlier stages, but have similar potential in terms of chillers per project.

如果你能冷卻進入發電廠的空氣，你就能獲得更多的電力。因此，我們的冷水機組非常適合這種情況，因為它們與燃氣渦輪機一樣使用天然氣運行。我們也收到了其他詢問，我們正處於早期階段，但每個專案的冷水機組方面具有類似的潛力。

Currently, these leads are from our own marketing efforts. As mentioned before, we've been going to trade shows, doing direct outreach to data center developers and to engineers designing data centers. As a result, we are getting great inbound leads. With our recent capital raise, we have also engaged a marketing firm and plan to advertise in key data center publications.

目前，這些線索都來自我們自己的行銷努力。如前所述，我們一直在參加貿易展覽會，直接與資料中心開發商和設計資料中心的工程師聯繫。結果，我們獲得了大量潛在客戶。隨著我們最近的融資，我們還聘請了一家行銷公司併計劃在主要資料中心出版物上做廣告。

Over the last three months, we also continue to have strong engagement with the Vertiv team. They have put together a great marketing plan. Their marketing plan has taken slightly longer to be approved internally, but we should see more from them soon with activity ramping up over Q3 and Q4.

在過去三個月中，我們也繼續與 Vertiv 團隊保持密切合作。他們制定了一個出色的行銷計劃。他們的行銷計劃花了稍長的時間才獲得內部批准，但隨著第三季和第四季活動的增加，我們很快就會看到更多消息。

We have also been developing some relationships with very large data center developers. For example, we were on a call with a developer who is deploying 80 or more chillers every two months. They have their key engineers and first serving people on the call with us. Feedback from them has given us a better understanding of decision-making for bigger projects.

我們也一直在與大型資料中心開發商建立一些關係。例如，我們與一位開發商通話，他每兩個月部署 80 台或更多的冷水機組。他們派出主要工程師和第一線服務人員與我們通話。他們的回饋使我們對更大專案的決策有了更好的理解。

Some of the key areas that we've learned from this is. First, speed of deployment and avoiding space usage inside the data center was critical for them. Therefore, they wanted a solution that requires minimal engineering design, and was pre-packaged to be installed on our roof or outside our data center. Second, to be considered for larger projects, we needed to have a significant production capacity.

我們從中學到的一些關鍵領域是。首先，部署速度和避免佔用資料中心內部的空間對他們來說至關重要。因此，他們想要一種只需要最少工程設計的解決方案，並且預先包裝以便安裝在我們的屋頂上或資料中心外。其次，為了獲得更大的專案的考慮，我們需要擁有強大的生產能力。

Our team looked at how we could address these needs in the shortest time possible. To address the speed of deployment, we have an exciting product update. Shown here is our new fuel power source 300-ton data center-specific chiller. This chiller is built from our standard hybrid chiller. So R&D time is minimal.

我們的團隊研究瞭如何在最短的時間內滿足這些需求。為了解決部署速度問題，我們進行了令人興奮的產品更新。這裡展示的是我們新的燃料動力源 300 噸資料中心專用冷水機組。這組冷水機組由我們的標準混合冷水機組製造而成。因此研發時間很少。

It takes two of our hybrid chillers and puts them end-to-end with some minor modifications to have increased efficiency and more cooling at data center liquid cooling conditions. Using bigger chillers is attractive to data centers because it saves space. It is self-contained, so it can be easily installed on a roof or outside. For example, the hybrid chillers we ship to a commercial customer in the second quarter are already running on site. They had their piping already installed. So as soon as the chiller arrived, they connected the pipes and started it up.

它採用我們的兩台混合冷卻器，並將它們端對端地放置，並進行一些小的修改，以提高效率並在資料中心液體冷卻條件下提供更多的冷卻。使用更大的冷卻器對於資料中心來說很有吸引力，因為它可以節省空間。它是獨立的，因此可以輕鬆安裝在屋頂或室外。例如，我們在第二季向商業客戶發貨的混合冷水機組已經在現場運作。他們的管道已經安裝好了。因此，冷水機組一到達，他們就連接管道並啟動它。

This chiller has some big advantages for data centers. The first is, of course, bringing up power for IT. Second, a huge increase in resiliency because of two power sources. The two power sources also gives long-term fuel flexibility. A data center can choose to run the chiller on natural gas, electricity or both, all from the same chiller.

此冷卻器對於資料中心來說具有一些很大的優勢。首先當然是為 IT 注入動力。其次，由於有兩個電源，彈性大大提高。這兩種動力源還具有長期燃料靈活性。資料中心可以選擇使用天然氣、電力或兩者來運行冷水機組，所有運行均由同一台冷水機組完成。

Lastly, one area of particular concern to date center customers of having uninterrupted cooling. Currently, if a data center runs on electrical chillers and the power goes out, the chillers will shut down. Then a diesel generator will start up and bring the chillers back online. This process can take five minutes or more. Given the amount of cooling needed, customers need to install large thermal storage tanks to ride through the time between power loss and the chillers reaching full load.

最後，資料中心客戶特別關注的一個領域是實現不間斷冷卻。目前，如果資料中心使用電冷卻器運作並且電源中斷，冷卻器就會關閉。然後柴油發電機將啟動並使冷水機組重新投入運作。此過程可能需要五分鐘或更長時間。考慮到所需的冷卻量，客戶需要安裝大型儲熱罐，以度過斷電和冷卻器達到滿載之間的時間。

When a natural gas chiller or a dual power source chiller, the chiller can keep running through a blackout because they don't need electricity to run. This dual power source chiller is also something that's very hard for competitors to replicate. So we feel this gives us an added technology edge. I'll show you why it's hard to replicate.

當天然氣冷水機組或雙電源冷水機組運行時，冷水機組可以在停電時繼續運行，因為它們不需要電力來運行。這種雙電源冷水機組也是競爭對手很難複製的。因此我們認為這為我們帶來了額外的技術優勢。我會告訴你為什麼它很難複製。

The dual power source chiller uses a patented inverter system that we developed in-house. This can take two power sources and blend them seamlessly. The underlying software and power electronics has already been proven in our InVerde product over 8 million hours of operation. It uses the same patented emission system we use in our other products for super low NOx and CO that means that data centers get easy air permits.

雙電源冷水機組採用我們內部開發的專利逆變器系統。這可以採用兩種電源並將它們無縫融合。底層軟體和電力電子設備已經在我們的 InVerde 產品中得到了超過 800 萬小時的運作驗證。它採用與我們在其他產品中使用的相同的專利排放系統，以實現超低 NOx 和 CO，這意味著資料中心可以輕鬆獲得空氣許可。

I have sometimes been asked, why someone couldn't just buy a generator and market next to an electric chiller or a competitor could replicate our solution. The key to making a natural gas chiller solution work reliably and efficiently requires integrated controls for engine, emission and refrigeration. It also requires engine expertise, 24/7 service and a supply chain to support demanding operations. As a result, it would already be hard for a competitor to copy our DTx and STx water cool chillers. This product pushes our technology edge even further.

有時有人問我，為什麼有人不能只買一台發電機並在電動冷卻器旁邊進行行銷，或者競爭對手可以複製我們的解決方案。使天然氣冷水機組解決方案可靠且有效率運作的關鍵是需要對引擎、排放和冷卻進行綜合控制。它還需要引擎專業知識、全天候服務和供應鏈來支援苛刻的營運。因此，競爭對手很難複製我們的 DTx 和 STx 水冷式冷水機組。該產品進一步提升了我們的技術優勢。

The dual power source technology can even be licensed and integrated with chillers built by other manufacturers with some minor design modifications. As I mentioned earlier, these are all strategic options to consider once we have established demand for the solutions.

雙電源技術甚至可以透過一些小的設計修改獲得許可並與其他製造商生產的冷水機組整合。正如我之前提到的，一旦我們確定了對解決方案的需求，這些都是需要考慮的策略選擇。

The second part of securing orders is having the factory capacity to produce enough units. In many cases, potential customers wait until their anchor AI tenants are secured, then deploy capital to construct the data center. Therefore, our lead time and the ability to supply a large chunk of the data center's cooling needs is a big part of the decision making.

確保訂單的第二部分是工廠擁有生產足夠產品的產能。在許多情況下，潛在客戶會等到他們的主要 AI 租戶得到保障後，再部署資金來建立資料中心。因此，我們的交貨時間和滿足資料中心大部分冷卻需求的能力是決策的重要組成部分。

We raised capital for two reasons. First, to have a stronger balance sheet for potential customers who feel comfortable giving us larger orders. The second is to put up in a position to build up capacity. And we estimate that with no modifications to our factory and eliminating any supply chain bottlenecks, we can build 40 to 60 chillers a year. We believe that it's possible to increase this number to 80 to 100 chillers with the minor factory modifications and utilizing contract manufacturing for certain subassemblies.

我們籌集資金有兩個原因。首先，我們要擁有更強大的資產負債表，讓潛在客戶放心地向我們提供更大的訂單。二是要發揮帶動作用，增強能力。我們估計，只要不對工廠進行改造並消除任何供應鏈瓶頸，我們每年就可以生產 40 到 60 台冰水機組。我們相信，透過對工廠進行小規模改造並利用某些子組件的合約製造，可以將這一數量增加到 80 到 100 台冷水機組。

For example, items such as the sheet metal assemblies on the air-cooled chiller is labor-intensive, but there are multiple contract manufacturers who provide overflow capacity for electric chillers. We are already in discussions with these suppliers. This subassembly will arrive at our factory for integration with engine and power electronics. It will be tested and then shipped. Given that we may see orders for water cooled chillers or air-cooled chillers, we are monitoring our factory to add additional test cells, and have a more flexible layout so that we can adapt to any kind of product mix.

例如，風冷式冷水機組上的金屬板組件等部件是勞力密集的，但有多個合約製造商為電動冷水機組提供溢流容量。我們已經在與這些供應商進行討論。該子組件將抵達我們的工廠，與引擎和電力電子設備整合。它將經過測試然後發貨。鑑於我們可能會看到水冷式冷水機組或風冷式冷水機組的訂單，我們正在監控我們的工廠以添加額外的測試單元，並擁有更靈活的佈局，以便我們能夠適應任何類型的產品組合。

We estimate that the capital investment here is less than $100,000 but will help us react to market needs quickly. We are also working with our supply chain to identify potential bottlenecks and plan to increase inventory of items such as circuit boards, permanent magnet generators and certain other low dollar but critical items. I believe it is important to look at the road ahead in terms of milestones so that we can move towards hitting some of those strategic goals.

我們估計這裡的資本投資不到 10 萬美元，但將幫助我們快速回應市場需求。我們也與我們的供應鏈合作，找出潛在的瓶頸，並計劃增加電路板、永磁發電機和某些其他低價但關鍵物品的庫存。我認為從里程碑的角度來看未來的道路非常重要，這樣我們才能朝著實現一些策略目標邁進。

As I mentioned at the start of the call, my goal is to maximize the value of Tecogen. In my opinion, this comes from generating enough interest for our products in the market, so demand exceeds supply. The second is to figure out the best strategic option on a go-forward basis. There are multiple ways to quantify the value of Tecogen.

正如我在通話開始時提到的，我的目標是最大化 Tecogen 的價值。在我看來，這是因為市場對我們的產品產生了足夠的興趣，因此需求超過了供應。第二是要從長遠角度尋找最佳的策略選擇。有多種方法可以量化 Tecogen 的價值。

For example, if our solutions give a manufacturer selling complementary products a competitive advantage that allows them to secure more data center orders, and that is worth a premium or if a hyperscaler or large data center developer can construct a data center faster because they don't have to wait for power. Keeping this technology out of the hands of competitors is also worth a premium. But before we can explore such options, we have to meet a couple of key milestones.

例如，如果我們的解決方案為銷售互補產品的製造商提供了競爭優勢，使他們能夠獲得更多的資料中心訂單，那麼這是值得溢價的，或者如果超大規模企業或大型資料中心開發人員可以更快地建立資料中心，因為他們不必等待電力。防止這項技術落入競爭對手手中也是值得付出高昂代價的。但在我們探索這些選擇之前，我們必須滿足幾個關鍵的里程碑。

The first milestone is turning the LOI that we received into a PO as quickly as possible. The timing on this is contingent on factors outside our control, such as developer signing their AI tenants and unlocking construction tenants. However, both the LOI as well as all the other projects that we have been asked to quote are in high demand areas. So we believe tenants and construction financing will be equally secured.

第一個里程碑是盡快將我們收到的意向書轉化為採購訂單。這一時間取決於我們無法控制的因素，例如開發商簽署其 AI 租戶和解鎖建築租戶。然而，意向書以及我們被要求報價的所有其他項目都位於需求量大的地區。因此我們相信租戶和建築融資將得到同等保障。

The second milestone is to secure a larger order. Given the great projects we've already quoted on the new leads we are getting each week, our goal is to attempt to sell all our capacity for 2026 to one or two customers even if this takes a little longer to secure. Concurrently, we are working with Vertiv on both the marketing and the supply chain.

第二個里程碑是獲得更大的訂單。鑑於我們每週收到的新線索中已經引用的優秀項目，我們的目標是嘗試將 2026 年的所有產能出售給一兩個客戶，即使這需要更長的時間才能實現。同時，我們正在與 Vertiv 在行銷和供應鏈方面進行合作。

Originally, I thought we would not see larger projects until we had pilot projects operating. Now I believe we have the chance to secure a larger order because we've addressed or are in the process of addressing some key areas of customer concern. We have a strong balance sheet. We will have the manufacturing capacity. Finally, we have a chiller product with two power sources for extra peace of mind.

最初，我認為在試點項目運行之前，我們不會看到更大的項目。現在我相信我們有機會獲得更大的訂單，因為我們已經解決或正在解決一些客戶關心的關鍵領域。我們的資產負債表強勁。我們將擁有製造能力。最後，我們推出了一款配備雙電源的冷卻器產品，讓您更加安心。

Backlog and cash. Our current cash is probably at $18.7 million. Our cash was at $1.6 million at the end of the quarter and is now at $18.7 million post rise. As mentioned, we plan to spend cash on marketing and some key materials. Our backlog is at $4.7 million. This does not include any of the units we have LOIs for, and we are expecting another $2.5 million to $3.5 million of cannabis projects to close in the second quarter. We now -- these have been slightly delayed, but we expect these to close now in Q3 and Q4 and hopefully ship in Q4.

積壓訂單和現金。我們目前的現金大概有 1870 萬美元。本季末我們的現金為 160 萬美元，現在增加後為 1,870 萬美元。如上所述，我們計劃在行銷和一些關鍵材料上投入資金。我們的積壓訂單為 470 萬美元。這還不包括我們已簽署意向書的任何單位，我們預計第二季將完成另外 250 萬至 350 萬美元的大麻項目。我們現在 - 這些已經稍微延遲了，但我們預計這些將在第三季和第四季完成，並希望在第四季度發貨。

As mentioned earlier, all our focus is presently on converting some of these larger leads into orders. It is in the best interest of the company to say, have one or two larger projects because this will act as a stepping stone to even larger projects. The last item to note is that we are considering repaying the related party note early, so we don't have any debt on the balance sheet.

如前所述，我們目前的所有重點是將這些較大的潛在客戶轉化為訂單。對於公司來說，開展一兩個較大的專案最符合公司的利益，因為這將成為開展更大專案的墊腳石。最後要注意的是，我們正在考慮提前償還關聯方票據，因此我們的資產負債表上沒有任何債務。

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

現在我將把時間交給羅傑，讓他向你們介紹財務狀況。

Thank you, Abinand, and good morning, everyone. I'll begin with the second quarter 2025 results. Total revenues for the quarter increased $2.5 million to $7.3 million, which compares to $4.8 million in the second quarter of 2024, and this is due to a $3.1 million or a 54% increase in products revenues, which is offset by reductions in our service and energy production revenue segments.

謝謝你，阿比南德，大家早安。我將從 2025 年第二季的業績開始。本季總收入增加 250 萬美元，達到 730 萬美元，而 2024 年第二季為 480 萬美元，這是由於產品收入增加了 310 萬美元或 54%，但被我們服務和能源生產收入部門的減少所抵消。

Our net loss decreased in the second quarter to $1.46 million, which compares to $1.54 million in the second quarter of 2024, and this is due to increased revenue and gross margin, and this is partially offset by an increase in operating expenses. For the quarter, our gross profit increased 18% due to increased revenues. Our gross margin for the second quarter of 2025 decreased by 10% to 34% from 44% in the same period in 2024. I will discuss and review the gross margin further in the segment performance slide.

我們第二季的淨虧損減少至 146 萬美元，而 2024 年第二季為 154 萬美元，這是由於收入和毛利率增加，但部分被營運費用的增加所抵消。本季度，由於收入增加，我們的毛利增加了 18%。我們 2025 年第二季的毛利率從 2024 年同期的 44% 下降了 10% 至 34%。我將在分部績效幻燈片中進一步討論並回顧毛利率。

Operating expenses increased 9% quarter-over-quarter due to increases in administrative and R&D payroll, increased benefits and recruitment costs and higher sales commissions. Moving to EBITDA reconciliation. For the second quarter, the EBITDA loss was $1.16 million and the adjusted EBITDA loss was $1.54 million, which compares to an EBITDA loss of $2.3 million and adjusted EBITDA loss of $2.19 million in the second quarter of 2024. Improvements in EBITDA and adjusted EBITDA are due to, again, the increased revenues and gross profits we realized in the second quarter.

由於行政和研發工資增加、福利和招聘成本增加以及銷售佣金增加，營運費用較上季增加 9%。轉向 EBITDA 對帳。第二季度，EBITDA 虧損為 116 萬美元，調整後 EBITDA 虧損為 154 萬美元，而 2024 年第二季的 EBITDA 虧損為 230 萬美元，調整後 EBITDA 虧損為 219 萬美元。EBITDA 和調整後 EBITDA 的改善再次歸因於我們第二季實現的營收和毛利的成長。

Moving to the segment performance. Our products revenue increased in the second quarter to $3.2 million from $0.1 million in 2024. This is due to increases in both our chiller and cogeneration shipments. And this also includes initial deliveries of our hybrid drive air-cooled chiller. Our products margin increased to 29% in the second quarter of 2025, which compares to negative 43% in the same period of 2024.

轉向細分市場表現。我們的產品收入從 2024 年第二季的 10 萬美元增加到 320 萬美元。這是因為我們的冷水機組和熱電聯產出貨量均增加。這也包括我們混合驅動風冷冷水機組的首次交付。2025 年第二季度，我們的產品利潤率上升至 29%，而 2024 年同期為負 43%。

However, our 2025 product margin was impacted, but as Abinand alluded to earlier, it was impacted by higher costs incurred for the air-cooled chillers, which is due to low volume maturity of costs and increased labor costs, and we also sold a prototype unit at a discounted price. It should be noted also that the 2024 margin was impacted by our plant relocation in April of that year, which reduced manufacturing capacity resulting in increased unabsorbed labor and overhead costs.

然而，我們的 2025 年產品利潤率受到了影響，但正如 Abinand 之前提到的，它受到風冷式冷水機組成本上升的影響，這是由於成本成熟度低和勞動力成本增加造成的，而且我們還以折扣價出售了原型機。還應注意的是，2024 年的利潤率受到我們當年 4 月工廠搬遷的影響，這降低了製造能力，導致未吸收的勞動力和管理成本增加。

Our services revenue decreased 4% quarter-over-quarter to $4.0 million in 2025 from $4.1 million in 2024. Our gross profit margin decreased 9% to 38% from 47%, which is due to increased labor and material costs in our Manhattan and Jersey territory as we continue rolling out bulk oil system upgrades.

我們的服務收入從 2024 年的 410 萬美元環比下降 4% 至 2025 年的 400 萬美元。我們的毛利率從 47% 下降了 9% 至 38%，這是由於我們繼續進行散裝油系統升級，導致曼哈頓和澤西地區的勞動力和材料成本增加。

Moving now to energy production. The revenue decreased by 64% quarter-over-quarter to $174,000 in the 2025 period from $482,000 in 2024. This is due to the expiration of certain contracts which occurred late in the end of fiscal 2024, and during the current period, the temporary shutdown of certain sites for repairs and maintenance. The temporary shutdown also resulted in a decrease in our gross margin to 25%, which compares to 41% in the 2024 period.

現在轉向能源生產。收入從 2024 年的 482,000 美元環比下降 64% 至 2025 年的 174,000 美元。這是因為某些合約在 2024 財年末到期，並且在本期間，某些站點因維修和保養而暫時關閉。暫時停工也導致我們的毛利率下降至 25%，而 2024 年同期為 41%。

Our overall gross profit margin decreased 10% to 32% from 44%. And as we have stated, this is due to the impact of the lower margins on our hybrid drive air-cooled chiller in our product segment and increased labor and material costs in our New Jersey territory and in other markets.

我們的整體毛利率從44%下降了10%至32%。正如我們所說，這是由於我們產品領域中混合驅動風冷式冷水機組的利潤率較低以及新澤西地區和其他市場的勞動力和材料成本增加所致。

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

我們對 2025 年財務狀況的審查到此結束，我將把發言權交還給阿比南德。

Thank you, Roger. When we started 2025, I had some key milestones I wanted the company to achieve. The first was signing the Vertiv marketing agreement. The second was uplifting to a national exchange. The third was to get the company better capitalized and finally get our first data center projects.

謝謝你，羅傑。當我們開始 2025 年時，我設定了一些希望公司實現的關鍵里程碑。首先是簽署Vertiv行銷協議。二是有利於全國交流。第三是讓公司更好地利用資本，最終獲得我們的第一個資料中心專案。

We have completed most of those milestones and are well on our way to completing the last. We have achieved great market feedback and have generated leads for multiple projects that could give us the great problem of solving having enough factory capacity.

我們已經完成了大部分里程碑，並且正在順利完成最後一個里程碑。我們獲得了良好的市場回饋，並為多個專案帶來了線索，這些專案可以為我們解決工廠產能不足這一重大問題。

Now with the dual power source chiller and a natural gas-only chiller, we have a full lineup of chiller products for the data center market. The second half of this year, we are going to remove any factory and supply chain bottlenecks, hopefully convert the LOI to a PO and make traction on these larger orders that we -- larger projects that we have quoted.

現在，憑藉雙電源冷水機組和天然氣專用冷水機組，我們為資料中心市場提供了全系列的冷水機組產品。今年下半年，我們將消除任何工廠和供應鏈瓶頸，希望將意向書轉換為採購訂單，並對這些較大的訂單——我們已經報價的較大項目——產生吸引力。

I'll now open the floor for any questions.

現在我開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Chip Moore, ROTH Capital Partners.

羅仕證券資本合夥公司的 Chip Moore。

Congratulations on the data center momentum. I want to ask on the LOI, is there a way to help us think about how quickly after you get that PO you can get delivery to the site? And then how should we think about that evaluation phase? Is that a six-month process? Or what are your thoughts there?

祝賀資料中心的發展動能。我想問一下關於意向書，有什麼方法可以幫助我們考慮在收到採購訂單後多久可以交貨到現場？那我們該如何看待評估階段呢？這是一個六個月的過程嗎？或者您有什麼想法？

And then maybe just help us think about that total opportunity at that site. I know it's 100 megawatts or so now, but I think that can grow to 500 plus, just any help there.

然後也許只是幫助我們思考該網站的整體機會。我知道現在大約是 100 兆瓦，但我認為可以成長到 500 多兆瓦，只要能提供任何幫助就行。

Yes. So great question, Chip. So the first piece, I think, is that we feel that it would be worth doing some risk purchasing of materials for that opportunity. So we are planning on at least having some portion of that -- those units starting to be constructed in Q4. So I would expect to be able to ship at least part of it if things go to plan in Q4 and Q1.

是的。這個問題問得真好，Chip。因此，我認為，首先，我們認為為了這個機會值得進行一些材料風險採購。因此，我們計劃至少在第四季度開始建造其中的一部分。因此，如果第四季度和第一季一切按計劃進行，我預計至少能夠發貨一部分。

Those 6 Chillers, just to give an idea of dollar -- I mean, it's a smaller chiller, so I would estimate that without getting into exact pricing on units, between $1.5 million and $2 million something for just those 6 chillers. But the breadth of the project will actually use substantially more chillers. I mean each -- some of the bigger phases of the project will use 20 to 30 chillers per phase. This is really just a evaluation portion. So we're taking a very small portion of the load.

這 6 台冷水機組，只是為了給出一個美元概念——我的意思是，它是一台較小的冷水機組，所以我估計，在不了解單位確切價格的情況下，僅這 6 台冷水機組的價格就在 150 萬美元到 200 萬美元之間。但該項目實際上將使用更多的冷水機組。我的意思是每個——項目的一些較大階段每個階段將使用 20 到 30 台冷水機組。這實際上只是一個評估部分。所以我們只承擔了很小一部分的負載。

This -- how quickly they've built the rest of the project? It's hard to tell, I would say, sometime in 2026. At this point, I also am not -- I don't believe that this is going to be the gating factor to get other projects in the data center space. This just happens to be a great pilot project. But I think some of the other opportunities may come through without needing this to be secured before or evaluated.

這個——他們多快完成了專案的其餘部分？很難說，我想說，大概在 2026 年的某個時候。在這一點上，我也不相信這會成為資料中心領域其他專案的限制因素。這恰好是一個偉大的試點計畫。但我認為，其他一些機會可能無需事先獲得保障或評估即可實現。

Very, very helpful, Abinand. And just a follow-up on just that one. The bigger phases do you think they'd still be using the smaller chiller? Or would they potentially move to the DTx just given the higher need?

非常非常有幫助，阿比南德。這只是對此的後續跟進。您認為在較大的階段他們仍會使用較小的冰水機組嗎？或者他們會因為更高的需求而轉向 DTx？

So one of the reasons that the smaller STx was chosen was they had designed around an electric chiller originally, and we were able to switch them to the STx. So I'm not sure what the bigger -- the rest of the project would use in terms of design. If they choose to design around our chillers from ground out, there are many other ways that they could approach it. So it's unclear at this point.

因此，選擇較小 STx 的原因之一是他們最初是圍繞電動冷卻器設計的，而我們能夠將它們切換到 STx。所以我不確定更大的——項目的其餘部分在設計方面會使用什麼。如果他們選擇從根本上圍繞我們的冷水機組進行設計，那麼他們還可以採用許多其他方法。所以目前還不清楚。

Yes. Got you. No, very helpful. If I could ask another one, just on the quoting activity, the two larger opportunities that you could potentially sell out on, I think. Just did I hear you correctly, you might not need a pilot phase there? Or how are you thinking about that?

是的。明白了。不，非常有幫助。如果我可以再問一個問題，僅就報價活動而言，我認為有兩個更大的機會是您可能會賣出的。我沒聽錯吧，你可能不需要試辦階段？或者您對此有何看法？

At this point, that is one of the hardest pieces that we are trying to work through internally because those bigger opportunities, the potential customer has not brought up anything about a pilot phase, especially if some of those might actually use that dual power source chiller, I think the customers feel that they have some level of redundancy there.

目前，這是我們內部努力解決的最困難的問題之一，因為對於那些更大的機會，潛在客戶還沒有提出任何有關試點階段的建議，特別是如果其中一些可能實際上使用雙電源冷水機組，我認為客戶會覺得他們在那裡有一定程度的冗餘。

The other piece on those projects are the underlying data centers are much bigger. So we are not the only source of cooling on site. So we may be a portion of the bigger sets of cooling over there. So it's unclear whether those will be -- we could secure them without any pilot at this point.

這些項目的另一個特點是底層資料中心大得多。所以我們並不是現場唯一的冷卻源。因此，我們可能是那裡較大的冷卻裝置的一部分。因此，目前還不清楚我們是否可以在沒有任何飛行員的情況下確保它們安全。

And that is part of what we're working through in the second half of this year to work through what any potential customer concerns may be and how we can allay them. I believe a lot of the feedback we're receiving is really tied to lead time and the ability to manufacture enough chillers that it would be a meaningful reduction in power.

這是我們今年下半年正在努力解決的問題之一，旨在解決潛在客戶可能擔心的問題以及如何消除這些擔憂。我相信我們收到的許多回饋實際上都與交貨時間和製造足夠的冷水機組的能力有關，這樣才能顯著降低功耗。

The way we are viewing it is that many of these larger projects don't want to allocate a tiny amount of chillers to us and then have everything else come from electric because that doesn't really solve the underlying problem. So if we can show them that we can actually hit a meaningful amount of their overall power needs. I think that's really what's driving that decision there.

我們的看法是，許多大型專案不願意只給我們分配少量的冷水機組，而其他一切都依靠電力，因為這並不能真正解決根本問題。因此，如果我們能夠向他們證明，我們實際上可以滿足他們的整體電力需求。我認為這才是做出這項決定的真正原因。

Interesting. Yes. Good problem to have. And maybe the follow-up there is some of the smaller opportunities, the modular data centers you're seeing inbounds on and then obviously, Vertiv sort of set to ramp up their marketing efforts. Just given some of those constraints, how are you thinking about prioritizing some of these other opportunities when you could be sold out pretty quickly?

有趣的。是的。有這樣的問題真好。或許接下來會出現一些較小的機會，例如模組化資料中心，顯然，Vertiv 準備加大行銷力度。考慮到這些限制，當門票可能很快售罄時，您如何考慮優先考慮其他一些機會？

I think that's essentially a good problem to have, and I think that is exactly what we're going to use to try and secure some of these bigger projects. The way we're approaching some of these bigger potential projects is being very open about what our pipeline looks like and telling them whoever wants to buy up the capacity in one shot. That is really their best option because it gives them the fastest way to get more power. I think the needs of some of these projects are such that the technology risk is relatively low because they have other chillers, they have ways to back it up, that it's in their best interest to do so.

我認為這本質上是一個好問題，我認為這正是我們將要用來嘗試確保一些更大專案安全的方法。我們處理這些較大的潛在項目的方式是，非常公開我們的管道情況，並告訴他們誰想一次購買所有產能。這確實是他們的最佳選擇，因為這為他們提供了獲得更多權力的最快方式。我認為其中一些項目的需求是這樣的，技術風險相對較低，因為他們有其他冷卻器，他們有辦法支持它，這樣做符合他們的最佳利益。

If things like modular data centers, other items do come through, they come through, hopefully, those opportunities could come through before something bigger like this happens, we don't know.

如果模組化資料中心等其他專案確實能夠實現，那麼希望這些機會能夠在發生類似這樣的更大事件之前實現，我們不知道。

If those do, I think the reality is we could add additional capacity, right? We have a little bit of time. If we're able to secure some of these bigger orders early enough, then the next phase is, okay, how do we scale up beyond this.

如果確實如此，我認為我們實際上可以增加額外的容量，對嗎？我們還有一點時間。如果我們能夠儘早獲得一些較大的訂單，那麼下一階段就是，好吧，我們如何擴大規模。

Great. Very helpful. Maybe just a last one for me, if I could. That new dual power source product, very interesting. How much is that customer driven?

偉大的。非常有幫助。如果可以的話，這對我來說可能只是最後一個。那個新的雙電源產品，非常有趣。客戶驅動程度有多高？

I know there's a lot of focus on demand response type capabilities, obviously, the resiliency piece, but particularly for AI loads versus some of the legacy loads just -- what's the reception there and how customer driven is that?

我知道人們非常關注需求響應類型的能力，顯然，彈性部分，但特別是對於人工智慧負載與一些傳統負載而言 - 那裡的接收情況如何以及它是如何由客戶驅動的？

So that one is almost fully customer-driven because what we were finding when we went to some of these potential customers with the DTx Chillers, some people said, look, we have enough water. We have -- we don't mind having a water cooled chiller that can use a cooling tower.

因此，這幾乎完全是由客戶驅動的，因為當我們帶著 DTx 冷水機組去找一些潛在客戶時，我們發現有些人說，看，我們有足夠的水。我們有—我們不介意擁有一台可以使用冷卻水塔的水冷式冷水機組。

There were some other people that said, look, we just don't want to use water on site. We want -- we primarily buy electric air-cooled chillers today, we want something that's an equivalent amount. We understand the value proposition of moving to natural gas, but we want something that is essentially identical in terms of both footprint as well as not using water as an electric air-cooled chiller.

還有一些人說，看，我們只是不想在現場用水。我們想要—我們今天主要購買電動風冷式冷水機組，我們想要等量的東西。我們理解轉向天然氣的價值主張，但我們想要一種在佔地面積方面基本上相同並且不使用水作為電動風冷式冷水機組的東西。

So since we have this hybrid chiller already in, a normal cooling condition, like in air conditioning cooling conditions, that's only 100-ton chiller. But one of the other piece of the feedback we were getting was provide us a way to get more cooling because we don't want to use 300 tiny 100-ton chillers. We'd rather have 150 300-ton chillers because it just takes less space.

因此，由於我們已經有了這種混合式冷水機組，在正常的冷卻條件下，就像在空調冷卻條件下一樣，那隻是 100 噸的冷水機組。但是我們收到的另一個回饋是，我們需要一種獲得更多冷卻的方法，因為我們不想使用 300 台微型 100 噸冷水機組。我們寧願擁有 150 台 300 噸的冷水機組，因為它佔用的空間更少。

You don't need as much space around the chiller and so on. So -- we felt this isn't very hard for us to take that 100-ton chiller and modify it so it can be -- you could put two of them together and really get a 300-ton chiller. And the reason for that is because when you're operating in liquid cooling loads, you operate very warm water. They operate 70-degree water instead of 45-degree water as you might do in an air conditioning application. So chillers become more efficient, you get more cooling out of it.

您不需要在冷卻器周圍留出太多空間等等。所以 - 我們覺得這對我們來說並不是很難，我們可以把那台 100 噸的冷水機組改造成 - 你可以把兩台冷水機組放在一起，得到一台 300 噸的冷水機組。原因在於，當您在液體冷卻負載下運行時，會使用非常溫暖的水。它們使用 70 度的水，而不是像空調應用中那樣使用 45 度的水。因此，冷卻器的效率更高，您可以獲得更多的冷卻效果。

So we could have a larger chiller just by having two of them. And I didn't want us to go into a big R&D project because that takes resources away from what we really need to achieve right now. So by building on the back of what we already had, we felt like we were addressing the customer needs because some customers really want that air cool, some would want the water cool. So there's different trade-offs that happen by choosing one or the other, we wanted to be able to address the needs of a broader chunk of the market.

因此，我們只要有兩台這樣的冷水機組就可以擁有一台更大的冷水機組。我不想讓我們參與大型研發項目，因為這會分散我們用來實現當前真正需要的資源。因此，透過在我們已有的基礎上進行構建，我們感覺我們正在滿足客戶的需求，因為有些客戶確實想要空氣冷卻，有些客戶想要水冷卻。因此，選擇其中一種會產生不同的權衡，我們希望能夠滿足更廣泛市場的需求。

Alex Blant, Clear Harbor Asset Management.

亞歷克斯‧布蘭特 (Alex Blanct)，Clear Harbor Asset Management 資產管理公司。

I wanted to ask about whether or not you can get help from Vertiv in terms of capacity needs. Is there any thought to doing that or is that practical? Because if you need additional manufacturing capacity, it might be available there.

我想問一下，在容量需求方面，您是否可以從 Vertiv 獲得幫助。有沒有想過這樣做或這樣做是否可行？因為如果您需要額外的製造能力，那裡可能有。

Yes. I can't really comment on anything -- any ongoing discussions with Vertiv because all of that covered by our confidentiality agreement. What I can say, though, is the original marketing agreement from day one, always contemplated Vertiv helping us with the supply chain. If you look at the marketing agreement, it says that Vertiv will help us get better supply of components.

是的。我無法對任何事情發表評論——與 Vertiv 正在進行的任何討論，因為所有這些都在我們的保密協議的涵蓋範圍內。不過，我可以說的是，從第一天起，最初的行銷協議就一直考慮讓 Vertiv 幫助我們處理供應鏈。如果你看一下行銷協議，你會發現它說 Vertiv 將幫助我們獲得更好的零件供應。

So that is something that we plan to rely on Vertiv for because that's really where, especially when you look at the dual power source chiller, there are a lot of components there that we -- if there are bigger opportunities, we can work with Vertiv on supply chain.

因此，我們計劃依靠 Vertiv 來做到這一點，因為尤其是當您查看雙電源冷水機組時，那裡有很多組件——如果有更大的機會，我們可以與 Vertiv 在供應鏈上合作。

Okay. That's helpful because that should be a marketing point, too, if you have the help of a larger company available to take care of some of these big orders. Secondly, I wasn't clear on what the -- when you talked about the $1.5 million to $2 million, was that for all 6 Chillers? It was --

好的。這很有幫助，因為如果您有更大的公司來幫助您處理這些大訂單，這也應該是一個行銷點。其次，我不清楚——當您談到 150 萬到 200 萬美元時，這是否適用於所有 6 台冷水機組？這是--

Yes. So the STx is -- I'd say between $1.5 million and $2.5 million. The STx is a much smaller chiller. So like the -- so we have a whole range of different chillers at different prices, right? Most of the other data center opportunities are much, much larger.

是的。所以我認為 STx 的價格在 150 萬美元到 250 萬美元之間。STx 是一款小得多的冷卻器。所以就像——我們有一系列不同價格的冷水機組，對嗎？大多數其他資料中心的機會要大得多。

And I know people would like an average dollar per ton in terms of what we do on like what's the revenue worth, right? I think that's what everyone is trying to really ask. So in our previous call and on our investor slide deck, what I had mentioned was something like 11,000 tons of cooling would represent somewhere around $13 million, maybe a little more, a little less, depending on pricing and what -- which chillers it is. So -- and I would -- that kind of gives you a rough idea in terms of dollar per ton. And STx is roughly a 200-ton chiller.

我知道人們想知道我們所做的每噸平均收入是多少，對嗎？我認為這是每個人真正想問的問題。因此，在我們之前的電話會議和投資者幻燈片中，我提到的是，11,000 噸的冷卻量大約相當於 1,300 萬美元，可能多一點，也可能少一點，這取決於定價和所使用的冷卻器。所以 — — 我會 — — 這可以讓你大致了解每噸的美元金額。STx 大約是一台 200 噸的冰水機組。

So that kind of gives you a rough idea of what the dollar per ton is. I don't want to get too much into pricing on units, just purely for the fact that we have -- this is something that we just don't disclose to the market possibly.

這樣您就可以大致了解每噸的價格是多少。我不想過多談論單位定價，純粹是因為我們——這是我們可能不會向市場透露的事情。

But the other point I want to make around that is the real goal here is to get us to that point where like the short-term revenue and all of that it matters. But to a large extent, it's getting ourselves into that position where the -- that the first few larger projects really happen.

但我想提出的另一點是，這裡的真正目標是讓我們達到短期收入和所有重要因素的水平。但在很大程度上，它讓我們處於這樣的位置——前幾個較大的項目確實發生了。

Because once those happen, there's more than enough of a market here that people will want to use this as part of the broader range of solutions they're using to solve their power constraints. And once we're at that point, we have many good options, including we can get margin down just by operational -- I mean, margin up by operational improvements. We can do one of the potential options that I put out earlier, right, was licensing some of the technologies.

因為一旦這些成為現實，這裡的市場就足夠大了，人們會希望將其作為解決電力限制的更廣泛解決方案的一部分。一旦我們達到這一點，我們就有很多好的選擇，包括我們可以透過營運來降低利潤率——我的意思是，透過營運改善來提高利潤率。我們可以採取我之前提出的潛在選擇，那就是授權某些技術。

There are many ways to grow this company in a way that makes sense for shareholders. So -- the key is to get a number of chillers out there. That, I think, is going to be the gating factor in terms of being viable for much of these -- the broader market that exists in the data center space.

有很多方法可以讓這家公司以對股東有意義的方式發展。所以，關鍵是要安裝多台冷卻器。我認為，這將成為資料中心領域更廣泛市場可行性的決定性因素。

Just to clarify, the 200-ton, that's a smaller one?

需要澄清的是，200 噸的那個是較小的嗎？

Correct.

正確的。

And what's the designation on that, again?

那麼，它的名稱又是什麼呢？

That's the STx.

這就是 STx。

And the $1.5 million to $2.5 million is 6 of those, is that it?

150 萬美元到 250 萬美元是其中的 6 個，是嗎？

That is correct, yes.

是的，沒錯。

There are no further questions at this time. I would like to hand the floor back over to management for any closing comments.

目前沒有其他問題。我想將發言權交還給管理階層，請他們發表最後評論。

Thank you very much for being shareholders of Tecogen, and I look forward to being able to update shareholders as we make further progress in this industry. Thank you.

非常感謝大家成為 Tecogen 的股東，我期待著能夠在我們在這個行業取得進一步進展的同時向股東匯報最新情況。謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。