Tigo Energy Inc (TYGO) 2025 Q2 法說會逐字稿

Good afternoon. Welcome to Tigo Energy's fiscal second-quarter 2025 earnings call. (Operator Instructions) Joining us today from Tigo are Zvi Alon, CEO; and Bill Roeschlein, CFO. As a reminder, this call is being recorded.

午安.歡迎參加 Tigo Energy 2025 財年第二季財報電話會議。（操作員指示）今天與我們一起出席的有 Tigo 執行長 Zvi Alon 和財務長 Bill Roeschlein。提醒一下，本次通話正在錄音。

I would now like to turn the call over to Bill Roeschlein, Chief Financial Officer. Sir, please go ahead.

現在我想將電話轉給財務長 Bill Roeschlein。先生，請繼續。

Thank you, Michelle, and it's a pleasure to join you today. Also with us is Zvi Alon, our CEO.

謝謝你，米歇爾，我很高興今天能和你們在一起。與我們一起的還有我們的執行長 Zvi Alon。

We'd like to remind everyone that some of the matters we'll discuss on this call, including our expected business outlook, our ability to increase our revenues and achieve and maintain profitability and our overall long-term growth prospects, expectations regarding a continued recovery in our industry, statements about demand for our products, our competitive position and market share, the impact of tariffs, our current and future inventory levels, inventory supply and its impact on our customer shipments, statements about our revenue, adjusted EBITDA and GAAP operating results for the third fiscal quarter of 2025 and our revenue and adjusted EBITDA for the full fiscal year 2025, statements about our existing backlog and bookings, statements about our ability to restock inventories and increase our capacity in response to increased demand, statements about our ability to refinance our outstanding indebtedness and the expected benefits thereof, our ability to penetrate new markets and expand our market share, including expansion in international markets and investments in our product portfolio are forward-looking; and as such, are subject to known and unknown risks and uncertainties, including, but not limited to, those factors described in today's press release and discussed in the Risk Factors section of our most recent annual report on Form 10-K, our quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2025, and other reports we may file with the SEC from time to time.

我們想提醒大家，我們將在本次電話會議上討論的一些事項，包括我們預期的業務前景、我們增加收入、實現和保持盈利的能力以及我們的整體長期增長前景、對我們行業持續復甦的預期、有關我們產品需求的聲明、我們的競爭地位和市場份額、關稅的影響、我們當前和未來的庫存水平、庫存供應及其對客戶出貨量的影響力營運績效以及 2025 財年全年營收和調整後的 EBITDA的聲明、有關我們現有積壓訂單和預訂的聲明、有關我們補充庫存和提高產能以應對需求增長的能力的聲明、有關我們為未償債務再融資的能力及其預期收益的聲明、我們滲透新市場和擴大市場份額的能力（包括國際市場的擴張和對我們產品組合的投資）的聲明都是前瞻性的；因此，受已知和不確定性的新聞和不確定性的新聞稿表年度報告的風險因素部分、截至 2025 年 6 月 30 日的財政季度的 10-Q 表季度報告以及我們可能不時向美國證券交易委員會提交的其他報告中討論的因素。

These risks and uncertainties could cause actual results to differ materially from those expressed on this call. These forward-looking statements are made only as of the date when made.

這些風險和不確定性可能導致實際結果與本次電話會議所表達的結果有重大差異。這些前瞻性陳述僅截至作出之日有效。

During our call today, we will reference certain non-GAAP financial measures. We include non-GAAP to GAAP reconciliations in our press release as an exhibit to our Form 8-K. The non-GAAP financial measures provided should not be considered a substitute for or superior to the measures of financial performance prepared in accordance with GAAP.

在今天的電話會議中，我們將參考某些非公認會計準則財務指標。我們在新聞稿中將非 GAAP 與 GAAP 的對帳作為 8-K 表格的附件。所提供的非 GAAP 財務指標不應被視為替代或優於根據 GAAP 編制的財務績效指標。

Finally, I would like to remind everyone that this conference call is being webcast and a recording will be made available for replay on Tigo's Investor Relations website at investors.tigoenergy.com.

最後，我想提醒大家，本次電話會議正在進行網路直播，錄音將在 Tigo 的投資者關係網站 investors.tigoenergy.com 上提供重播。

With that, I'd like to now turn the call over to Tigo's CEO, Zvi Alon. Zvi?

現在，我想將電話轉給 Tigo 的執行長 Zvi Alon。茲維？

Thank you, Bill. To begin today's discussion, I will highlight key areas in our recent financial and operational performance before turning the call over to our CFO, Bill Roeschlein. He will discuss our financial results for the second quarter in more depth as well as provide our guidance for the third quarter and increased financial guidance for the full year of 2025. After that, I will share some closing remarks tell you about our outlook and then open the call for questions from our analysts.

謝謝你，比爾。在開始今天的討論之前，我將重點介紹我們最近財務和營運業績的關鍵領域，然後將電話轉給我們的財務長 Bill Roeschlein。他將更深入地討論我們第二季的財務業績，並提供第三季的指導以及 2025 年全年的更高財務指導。之後，我將發表一些結束語，告訴大家我們的展望，然後開始聽取分析師的提問。

Approximately two years ago, Tigo became a public company, and although the industry has had to endure some unexpected circumstances along the way, we believe that the value proposition that Tigo brings to this market has not changed. Competitor solutions have historically forced solar system designers and installers to compromise under the one-size-fits-all umbrella.

大約兩年前，Tigo 成為一家上市公司，儘管該行業在過程中不得不忍受一些意外情況，但我們相信 Tigo 為這個市場帶來的價值主張並沒有改變。從歷史上看，競爭對手的解決方案迫使太陽能係統設計人員和安裝人員在「一刀切」的保護傘下做出妥協。

These compromises often led to solar installations that are less efficient, less flexible, less reliable, and more expensive than open systems, open architecture solutions that Tigo enables. Our MLPE enables solar system designers to install flexible, best-in-class solar systems without the need to accept compromises such as power clipping, low energy conversion efficiencies and high costs.

這些妥協通常會導致太陽能裝置效率較低、靈活性較低、可靠性較低，而且比 Tigo 支援的開放系統和開放架構解決方案更昂貴。我們的 MLPE 使太陽能係統設計師能夠安裝靈活、一流的太陽能係統，而無需接受諸如功率削波、低能量轉換效率和高成本等妥協。

We believe our value proposition in this market has not changed and that the growth we are experiencing in a challenging market is evidence that our market share is increasing and sustainable.

我們相信，我們在這個市場的價值主張並沒有改變，我們在充滿挑戰的市場中所經歷的成長證明我們的市場份額正在增加並且可持續。

For the second quarter of 2025, I'm pleased to report our sixth increase in sequential quarterly revenue growth, growing 27.7% sequentially and 89.4% on a year-over-year basis. Exceeding the high point of our second-quarter guidance, we ended the quarter with a total of $24.1 million and our existing backlog and bookings that are expected to ship in the third quarter currently exceed our revenue results for the second quarter and we are ramping up capacity.

對於 2025 年第二季度，我很高興地報告我們的季度收入連續第六次增長，環比增長 27.7%，同比增長 89.4%。我們超過了第二季度指導的最高點，本季結束時的總收入為 2,410 萬美元，我們現有的積壓訂單和預計將在第三季度發貨的預訂量目前超過了我們第二季度的收入結果，並且我們正在提高產能。

In addition, we shipped 646,000 units or 477 megawatts of MLPE and based on publicly reported figures and estimates, we believe these figures represent increased market share gain for Tigo during the quarter. I'm also pleased to report $1.1 million in positive adjusted EBITDA and an increase in cash, cash equivalents, and marketable securities of $7.7 million for the quarter. This performance underscores the leverage in our operating model as we grow the company while maintaining spending discipline with operating expenses.

此外，我們還出貨了 646,000 台或 477 兆瓦的 MLPE，根據公開報告的數據和估計，我們認為這些數據代表了 Tigo 在本季度的市佔率有所增加。我還很高興地報告，本季調整後的 EBITDA 為正 110 萬美元，現金、現金等價物和有價證券增加了 770 萬美元。這項業績凸顯了我們的營運模式的槓桿作用，因為我們在發展公司的同時，也保持了營運費用的支出紀律。

Finally, we look ahead to the second half of 2025 and into 2026. We are excited about our product roadmap and expect to make several new product announcements in the future.

最後，我們展望 2025 年下半年和 2026 年。我們對我們的產品路線圖感到非常興奮，並期待在未來發布幾款新產品。

And with that, I will turn it over to Bill. Bill?

說完這些，我會把麥克風交給比爾。帳單？

Thank you, Zvi. Turning now to our financial results for the second quarter ended June 30, 2025.

謝謝你，Zvi。現在來看看截至 2025 年 6 月 30 日的第二季財務表現。

Revenue for the second quarter of 2025 increased 89.4% to $24.1 million from $12.7 million in the prior year period. As Zvi mentioned, this represents significant growth in a challenging market. On a sequential basis, revenues increased 27.7% with improved results coming from many countries in the EMEA region, including Germany, the Czech Republic, and Poland.

2025 年第二季的營收從去年同期的 1,270 萬美元成長 89.4% 至 2,410 萬美元。正如 Zvi 所提到的，這代表著在充滿挑戰的市場中實現了顯著的成長。與上一季相比，營收成長了 27.7%，其中歐洲、中東和非洲地區許多國家的業績均有所改善，包括德國、捷克共和國和波蘭。

By region, EMEA revenue was $18.3 million or 75.9% of total revenues. Americas revenue was $4.6 million or 19.1% of total revenue and APAC revenue was $1.2 million or 5% of total revenues. By product family, the second quarter of 2025 had MLPE revenue representing $20.6 million of revenue or 85.7% of total revenues.

按地區劃分，EMEA 地區的收入為 1830 萬美元，佔總收入的 75.9%。美洲收入為 460 萬美元，佔總收入的 19.1%，亞太地區收入為 120 萬美元，佔總收入的 5%。按產品系列劃分，2025 年第二季 MLPE 營收為 2,060 萬美元，佔總營收的 85.7%。

GO ESS represented $2.3 million or 9.4% of total revenues and [predicts] and licensing revenue represented $1.2 million or 4.9% of total revenues during the quarter. Gross profit for the second quarter of 2025 was $10.8 million or 44.7% of revenue compared to a gross profit of $3.9 million or 30.4% of revenue in the comparable year ago period.

GO ESS 佔本季總收入的 230 萬美元或 9.4%，[預測] 授權收入佔本季總收入的 120 萬美元或 4.9%。2025 年第二季的毛利為 1,080 萬美元，佔營收的 44.7%，而去年同期的毛利為 390 萬美元，佔營收的 30.4%。

During the quarter, gross margins benefited by 450 basis points from the sale of reserved GO ESS inventory. Operating expenses for the second quarter were flat at $12.3 million compared to the prior year period. Operating loss for the second quarter decreased by 82.1% to $1.5 million compared to $8.4 million in the prior year period. GAAP net loss for the second quarter was $4.4 million compared to a net loss of $11.3 million for the prior year period.

本季度，由於出售預留的 GO ESS 庫存，毛利率提高了 450 個基點。第二季的營運費用與去年同期持平，為 1,230 萬美元。第二季營業虧損為 150 萬美元，較去年同期的 840 萬美元下降 82.1%。第二季 GAAP 淨虧損為 440 萬美元，去年同期淨虧損為 1,130 萬美元。

Adjusted EBITDA for the second quarter was $1.1 million compared to an adjusted EBITDA loss of $6.4 million in the prior year period. These results reflect a combination of strong top line performance and the operating leverage in our business model.

第二季調整後 EBITDA 為 110 萬美元，而去年同期調整後 EBITDA 虧損為 640 萬美元。這些結果反映了我們業務模式中強勁的營收表現和營運槓桿的結合。

As a reminder, adjusted EBITDA is a non-GAAP measure that represents net loss as adjusted for interest and other expenses, net income tax depreciation and in amortization expense, stock-based compensation and M&A transaction expenses.

提醒一下，調整後的 EBITDA 是一種非 GAAP 指標，代表調整利息和其他費用、淨所得稅折舊和攤提費用、股票薪酬和併購交易費用後的淨虧損。

Primary shares outstanding were 62.3 million for the second quarter of 2025.

2025 年第二季主要流通股為 6,230 萬股。

Turning to the balance sheet. Accounts receivable net remained consistent at $10.4 million between the first and second quarter and increased from $6.9 million in the year-ago comparable period. Inventories net were sequentially flat at $18.9 million at the end of the second quarter compared to $51.3 million in the year ago comparable period. At this point, we have largely resolved our excess inventory balance and our revenue capacity with our contract manufacturers to address increasing demand.

轉向資產負債表。第一季和第二季應收帳款淨額維持不變，為 1,040 萬美元，高於去年同期的 690 萬美元。第二季末庫存淨額為 1,890 萬美元，與去年同期的 5,130 萬美元相比持平。目前，我們已基本解決了與合約製造商之間的過剩庫存餘額和收入能力問題，以滿足日益增長的需求。

Cash, cash equivalents, and short and long-term marketable securities totaled $28 million at June 30, 2025. On a sequential basis, cash increased by $7.7 million.

截至 2025 年 6 月 30 日，現金、現金等價物以及短期及長期有價證券總額為 2,800 萬美元。與上一季相比，現金增加了 770 萬美元。

Turning to short-term debt. The gross amount of our convertible debt, which will mature in January of 2026, totaled $50 million at quarter end. We continue to evaluate refinance options on the debt and are engaged in discussions with certain parties regarding a refinance or other transactions to facilitate payment or other resolutions in light of its upcoming maturity. We are looking at a combination of alternatives that will support the company's growth and maximize value.

轉向短期債務。我們的可轉換債務總額將於 2026 年 1 月到期，季末總額為 5,000 萬美元。我們繼續評估債務的再融資方案，並正在與某些當事人就再融資或其他交易進行討論，以促進即將到期的付款或其他解決方案。我們正在尋找能夠支持公司成長並實現價值最大化的替代方案組合。

We believe that the improvement in our financial performance this year will enable us to address our convertible debt on terms that will be beneficial to all stakeholders including our shareholders, and we will apprise you when we have more to announce.

我們相信，今年財務表現的改善將使我們能夠以有利於包括股東在內的所有利益相關者的條款處理可轉換債務，當我們有更多消息要宣佈時，我們會通知您。

Turning now to our financial guidance for the third quarter of 2025 and increased financial guidance for the full year of 2025. As a reminder, Tigo provides quarterly guidance for revenue as well as adjusted EBITDA as we believe these metrics to be key indicators for the overall performance of our business.

現在來談談我們對 2025 年第三季的財務指導以及對 2025 年全年的增加財務指引。提醒一下，Tigo 提供季度營收指引以及調整後的 EBITDA，因為我們認為這些指標是我們業務整體表現的關鍵指標。

For the third quarter of 2025, we expect revenues and adjusted EBITDA to be in the following range. We expect revenues in the third quarter ended September 30, 2025, to range between $29 million and $31 million. As we noted, the existing backlog and bookings that are expected to ship in the third quarter currently exceeds our revenue results for the second quarter and we are replenishing inventories and increasing capacity in response to increased demand.

對於 2025 年第三季度，我們預計收入和調整後的 EBITDA 將在以下範圍內。我們預計截至 2025 年 9 月 30 日的第三季營收將在 2,900 萬美元至 3,100 萬美元之間。正如我們所指出的，預計第三季發貨的現有積壓訂單和預訂量目前超過了第二季度的收入，我們正在補充庫存並增加產能以應對不斷增長的需求。

We expect adjusted EBITDA to range between $2 million and $4 million. Our guidance also incorporates GAAP operating profitability at the high end of the adjusted EBITDA guidance range. Based on our current demand forecast, we are raising our 2025 financial outlook for the full year and now expect revenue to be between $100 million and $105 million.

我們預計調整後的 EBITDA 將在 200 萬美元至 400 萬美元之間。我們的指引也納入了調整後 EBITDA 指引範圍高端的 GAAP 營業盈利能力。根據我們目前的需求預測，我們上調了 2025 年全年財務預期，目前預計收入將在 1 億美元至 1.05 億美元之間。

That completes my summary. I'd like to now turn the call back over to Zvi for final remarks. Zvi?

我的總結到此結束。現在我想將電話轉回 Zvi 做最後的演講。茲維？

Thanks, Bill. We look ahead. I'm happy to say that even against the backdrop of continued economic uncertainty, we believe that our track record of six consecutive quarters with top line growth will continue for the remainder of 2025 as demand for our solutions continue to return. Our backlog and bookings to date are bolstering our confidence. We firmly believe in the growth perspective of our business and look forward to providing additional updates in the coming quarters.

謝謝，比爾。我們向前看。我很高興地說，即使在經濟不確定性持續存在的背景下，我們相信，隨著對我們解決方案的需求持續回升，我們連續六個季度實現營收成長的業績將在 2025 年剩餘時間內繼續保持。到目前為止，我們的積壓訂單和預訂量增強了我們的信心。我們堅信我們業務的成長前景，並期待在未來幾季提供更多更新。

With that, operator, please open the call for Q&A.

接線員，請開啟問答環節。

(Operator Instructions) Philip Shen, ROTH Capital Partners.

（操作員指示）Roth Capital Partners 的 Philip Shen。

Guys, great execution there. Wanted to see if you could provide a little more color on how margins might trend in Q3 and Q4? And then do you have a view on 2026 yet? Or is it still too early?

夥計們，你們的表現太棒了。想看看您是否可以提供更多關於第三季和第四季利潤率趨勢的詳細資訊嗎？那麼，您對 2026 年有什麼看法嗎？還是現在還太早？

For the balance of the year, we expect to be in the low 40s as we are presently, and we expect to be mostly depleted from any of the reserved GO ESS inventory that is being sold off by the end of the year for the most part. As you already know, our target model is up 40% on the gross margin, and that is where we have performed the last time we started getting into this revenue geography.

就今年餘下的時間而言，我們預計庫存水準將保持在 40% 左右，與目前的情況一樣，而且我們預計，大部分預留的 GO ESS 庫存將在年底前售出。如你所知，我們的目標模式是將毛利率提高 40%，這也是我們上次進入這個收入地區時的表現。

And so that's how I would think about the business as I look into 2026. Currently, as it stands, we're seeing solid growth trajectory here. It's obviously -- we're not providing guidance on this call to date related to 2026. But we're seeing some positive trends out there.

這就是我對 2026 年業務的看法。目前，就目前情況而言，我們看到了穩健的成長軌跡。顯然，迄今為止我們還沒有為 2026 年相關的這次電話會議提供指導。但我們看到了一些正面的趨勢。

And sorry if I missed this as I'm bouncing between earnings. Can you share what the international and US revenue split was for Q2, what you expect it to be for Q3? And then any color you can provide for 2026? Do you expect that SKU or mix to shift meaningfully maybe perhaps to Europe more so than the US as we get into the next calendar year?

如果我因為收入不穩定而錯過了這個機會，我深感抱歉。您能否分享一下第二季國際和美國的營收分佈以及您對第三季的預期？那麼您可以提供 2026 年的任何顏色嗎？您是否預計，隨著我們進入下一個日曆年，SKU 或組合可能會向歐洲而非美國發生重大轉變？

Sure. So for Q2, we had US 17% of total revenues. And for the last six months, it was trending a little bit under 20%, so 80% of our revenue is coming from outside of the US market and with the EMEA region representing 65% to 75%. We would expect that trend to continue. I think the conventional wisdom is that the US will shrink next year more so than being -- than it has this year with obviously the new congressional bill.

當然。因此，對於第二季度，我們的美國收入佔總收入的 17%。而在過去六個月中，這一趨勢略低於 20%，因此我們 80% 的收入來自美國市場以外，其中 EMEA 地區佔 65% 至 75%。我們預計這一趨勢將會持續下去。我認為，傳統觀點認為，由於國會通過了新的法案，美國明年的萎縮幅度將比今年更大。

But we're seeing a lot of traction in the international market, national front. That said, even with what other competitors may be seeing, our results in the US market have been fairly stable, actually. We've been successful in the longer tail of that market. And we are a smaller player. And so we have the ability to pick up share and gain growth that way.

但我們在國際市場和國內市場看到了很大的發展勢頭。話雖如此，即使其他競爭對手的情況可能有所不同，我們在美國市場的表現實際上還是相當穩定的。我們在該市場的長尾上取得了成功。而我們規模較小。因此，我們有能力透過這種方式來獲得市場份額並實現成長。

No, I'm fine. Bill covered it pretty much, and our exposure to the slowness here in the US is not severe.

不，我很好。比爾已經對此進行了相當多的報道，我們在美國受到的經濟放緩的影響並不嚴重。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾、H.C. 溫賴特。

With respect to the EBITDA outlook, Bill, for the year, should we assume we can potentially end the year positive EBITDA this year?

關於今年的 EBITDA 前景，比爾，我們是否應該假設今年年底我們有可能實現正 EBITDA？

I think that would be expected that we would have a positive EBITDA year at this point, yes.

是的，我認為我們目前預計今年的 EBITDA 為正值。

Okay. And then you said the US is potentially slowing next year. In that context, do you think there is enough sort of strength in demand to make up for any sort of gaps from the US side from the international markets?

好的。然後您說美國經濟明年可能會放緩。在這種背景下，您是否認為需求強度足以彌補美國在國際市場上的任何差距？

So what's interesting about, I think, that question or situations that we -- there's been changes with the congressional bill and whatnot. But we haven't had 45x credits. We haven't had domestic production. We haven't been able to take advantage of that situation. There's a couple of really large ABLs that we haven't been on and we've been able to achieve our success through the longer tail of the market and gain share that way.

那麼，我認為，這個問題或情況的有趣之處在於——國會法案等等發生了變化。但我們還沒有獲得 45 倍積分。我們還沒有國內生產。我們還沒能利用這種情況。有幾個真正的大型 ABL 我們還沒有參與，但我們能夠透過較長的市場尾端取得成功，並以此方式獲得份額。

And so I think that there's a little bit less hurt to be had by players like us as we kind of approach the market and go to market that way in the US as opposed to those who already have dominant share and may have benefits that are being taken away by the new BBB bill. So that's why I think we've seen stable, steady growth achievement here in the US market.

因此，我認為，當我們以這種方式進入美國市場時，像我們這樣的參與者受到的傷害會小一些，而那些已經佔據主導地位並可能因新的 BBB 法案而受益的參與者則不會受到傷害。所以我認為這就是為什麼我們在美國市場看到了穩定、穩定的成長成就。

And I think there's certain actions that were -- certain pockets of the market that we're going after. We recently talked about the repower market. We did a PR on that recently. And so even in a challenging market or a declining market, we're able to pick up share and grow that way. And so that's what we're seeing currently. And I think that we can grow even if the market shrinks in the US.

我認為我們正在採取某些行動——瞄準特定的市場領域。我們最近討論了再生能源市場。我們最近就此做了一個 PR。因此，即使在充滿挑戰或衰退的市場中，我們也能夠獲得市場份額並實現成長。這就是我們目前所看到的情況。我認為即使美國市場萎縮，我們也能實現成長。

Yes. Because I was just trying to see if the US market doesn't deteriorate too much or less than maybe what you think next year, that could provide additional upside to what you may already be sort of looking at for how next year is set up for you.

是的。因為我只是想看看美國市場明年的惡化程度是否不會比您想像的要嚴重或要輕，這可能會為您可能已經在考慮的明年的安排提供額外的好處。

That is absolutely 100% correct. We are holding our position as we speak right now despite the challenges. And as Bill said, we are not the biggest fish in that market, but we are capturing areas where it's harder for the other guys to capture. And so therefore, not only are we maintaining our position, but we are growing market share.

這絕對是100％正確的。儘管面臨挑戰，我們仍堅守我們的立場。正如比爾所說，我們不是這個市場上最大的魚，但我們正在佔領其他人難以佔領的領域。因此，我們不僅保持了自己的地位，而且還擴大了市場份額。

Okay. Just last one from me, guys. So as your revenues are starting to improve sequentially from here, how should we think about any operating cost increases? I know you indicated there is -- looks like more room for operating leverage. But from a cost perspective, do you think we should just maintain our expectations to the current levels?

好的。夥計們，這是我的最後一個發言。那麼，隨著您的收入從現在開始逐年提高，我們該如何看待營運成本的增加？我知道您表示——看起來還有更多的經營槓桿空間。但從成本角度來看，您認為我們應該將預期維持在目前水準嗎？

So you can see we plan to maintain operating expense discipline. On a noncash basis, stock comp did go up a little bit as reflected in the EBITDA reconciliation, and that may cause the OpEx number to drift a little bit higher than where some models may indicate. But the cash OpEx is going to be slightly up with growth, but relatively flat. So it's definitely going to be much less than 50% of any growth that we see next year.

所以你可以看到我們計劃保持營運費用紀律。從非現金角度來看，EBITDA 對帳反映出股票補償確實略有上升，這可能會導致營運支出數字比某些模型所顯示的水平略高。但現金營運支出將隨著成長而略有上升，但相對持平。因此，它肯定會遠低於明年我們所看到的成長率的 50%。

(Operator Instructions) Eric Stine, Craig-Hallum Capital Group.

（操作員指示） Eric Stine，Craig-Hallum Capital Group。

So maybe, I mean, clearly, great trends in Europe, and it looks like market share gains are kind of the predominant factor. But just would love to get a more detailed breakdown of your thoughts on those market share gains versus a recovery in some of the key markets you mentioned. You mentioned Poland, you mentioned the Czech Republic, I guess I'm missing another one on Germany. Maybe where you stand in the recovery in those markets as well.

所以也許，我的意思是，顯然，歐洲的趨勢很好，而且看起來市場份額的成長是主要因素。但我只是想更詳細地了解您對市場份額增長與您提到的一些主要市場的復甦的看法。您提到了波蘭，提到了捷克共和國，我想我還漏掉了德國。也許您也了解這些市場復甦的情況。

So in Germany, Germany was a very significant strong performer. It has been recovering for us with sequential growth for multiple quarters now. The Czech Republic has been coming from a smaller base, but it's now been also growing substantially. That's a market where there isn't any duopoly. It's a fragmented market. It's a great market for us to be able to participate and take share in.

因此，在德國，德國的表現非常強勁。我們的業務已連續多個季度復甦並實現成長。捷克共和國的人口基數一直較小，但現在也大幅增加。這是一個不存在雙頭壟斷的市場。這是一個分散的市場。對我們來說，這是一個巨大的市場，我們可以參與其中並佔有一席之地。

And Poland is a similar situation where it was very strong coming into the mid-2023 area. It's shrunk a lot, I think, for all participants players in the market. And as of late, that actually was a big contributor in the quarter, and it's been relatively quiet up until this point.

波蘭的情況也類似，到 2023 年中期，其經濟將非常強勁。我認為，對於市場的所有參與者來說，它已經縮水很多了。截至目前，這實際上是本季的一個重要貢獻者，而且到目前為止，它一直相對平靜。

Italy and United Kingdom are the players that didn't really mention but they are performing very well from a macro renewable perspective. There's other pockets of Europe that I haven't mentioned, countries. And those are probably countries that have yet to really come into a growth curve on their own. So Netherlands, you've mentioned -- I've mentioned that (inaudible) doesn't seem like it's been recovering at the same pace as these other countries.

義大利和英國是沒有真正提及的參與者，但從宏觀可再生角度來看，他們的表現非常出色。歐洲還有其他一些國家我還沒提到。這些國家可能尚未真正進入成長曲線。所以，您提到荷蘭——我提到（聽不清楚）它的復甦速度似乎與其他國家不同。

I would like to highlight also that we have stated it in the past multiple times. One big differentiator that our products provide the market is where segment -- we're not dependent on any one specific segment. So residential, C&I or utility scale use the same exact identical product. So if there are any witnesses, let's say, in Germany, in one segment versus the other, we are less impacted.

我還想強調的是，我們過去已經多次聲明過這一點。我們的產品為市場提供的一大差異化優勢在於我們不依賴任何特定的細分市場。因此，住宅、C&I 或公用事業規模使用完全相同的產品。因此，如果有任何目擊者，比如說在德國，在一個部分而不是另一個部分，我們受到的影響就會較小。

Similarly, in the Czech Republic, we see an increase in the residential or the large utility scale. Others cannot react to it as quickly as we. We are just naturally there because it's the same product, it works across the board. Now I can tell you that the behavior of the different markets is not identical. And that's what really positions us to be much stronger, and therefore, we are grabbing market share from others.

同樣，在捷克共和國，我們看到住宅或大型公用事業規模增加。其他人無法像我們一樣對此做出快速反應。我們自然會選擇在那裡，因為這是同一種產品，它可以全面發揮作用。現在我可以告訴你，不同市場的行為並不相同。這確實使我們變得更加強大，因此，我們正在從其他人手中搶佔市場份額。

Got it. That's helpful. And then, I mean, obviously, market share gains and as you kind of increase the capture rate that you might have with some of your distributors. I mean, do you -- you mentioned open architecture. I mean, do you attribute it -- how do you kind of attribute the breakdown? Is it that? Is it efforts on your part to drive awareness, drive that increased penetration with those distributors? Maybe talk about that.

知道了。這很有幫助。然後，我的意思是，顯然，市場份額會增加，並且您可能會提高與某些分銷商的捕獲率。我的意思是，你提到了開放式架構。我的意思是，您如何歸因於它——您如何歸因於故障？是那樣嗎？您是否努力提高知名度，提高經銷商的滲透率？也許可以談論這個。

So yes, first of all, more people know about us and the value proposition. So it becomes a bit easier. With the distribution, we did not add any one significant distributor to our distributors globally and they are all long time with us have been with us for quite some time. So we are doing various plans and programs, executing marketing progress with them to improve our footprint within the space.

是的，首先，有更多的人了解我們和我們的價值主張。所以事情變得容易一些。在分銷方面，我們並沒有在全球分銷商中增加任何一個重要的分銷商，而且他們都是與我們合作了很長時間的。因此，我們正在製定各種計劃和方案，與他們一起執行行銷進程，以擴大我們在該領域的影響力。

And simultaneously, we are taking action to spend some energy with the installers themselves to try and actually get a bit more educated about our solutions. So combination of these two efforts which are resulting in the increase that we see in the market. Our peak business is very high, not just through distribution but also with existing customer installers.

同時，我們正在採取行動，花一些精力與安裝人員一起嘗試，讓他們真正了解我們的解決方案。因此，這兩項努力的結合導致了我們看到的市場成長。我們的峰值業務量非常高，不僅透過分銷，還透過現有客戶安裝商。

At this time, I am showing no further questions in the queue. And I would like to turn the call back over to Mr. Alon for closing remarks.

目前，隊列中沒有其他問題。我想將發言時間交還給阿隆先生，請他做最後發言。

Thank you. At this time, this concludes the question-and-answer session. I'd now like to turn the call back to Mr. -- to myself. Okay. Thanks again, everyone, for joining us today. I especially want to thank our dedicated employees for their ongoing contribution as well as our customers and partners for their continued hard work. I also want to thank the investors for their continued support.

謝謝。至此，問答環節結束。現在我想把電話轉回給我自己。好的。再次感謝大家今天的參加。我特別要感謝我們敬業的員工的持續貢獻以及我們的客戶和合作夥伴的持續努力。我還要感謝投資人的持續支持。

Operator?

操作員？

Thank you for joining us today for Tigo's second-quarter 2025 earnings conference call. You may now disconnect.

感謝您今天參加 Tigo 2025 年第二季財報電話會議。您現在可以斷開連線。