0001628280-26-050247
SEC filing营收翻倍增长，AI 数据中心需求驱动，毛利率显著提升。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,065,365K | $401,242K | +165.5% |
| Gross Profit | $355,572K | $107,123K | +231.9% |
| Gross Margin | 33.4% | 26.7% | +670bps |
| Operating Income | $182,237K | -$3,503K | +$185,740K |
| Operating Margin | 17.1% | -0.9% | +1800bps |
| Net Income | $198,856K | -$42,192K | +$241,048K |
| Diluted EPS | $0.62 | -$0.18 | +$0.80 |
| Operating Cash Flow | $300,042K | -$323,793K | +$623,835K |
| Free Cash Flow | $222,219K | -$345,297K | +$567,516K |
本季度营收爆发式增长，主要受 AI 数据中心需求驱动，产品收入同比增长 215.4%。毛利率大幅提升至 33.4%，主要受益于 $37.4M 关税返还、制造成本下降和规模效应。经营杠杆显著，Operating Income 扭亏为盈。
盈利质量方面，净利润 $198.9M 与经营现金流 $300M 匹配良好，但需注意一次性关税返还和 Oracle 认股权证相关非现金对价的影响。剔除这些因素后，run-rate 盈利能力仍显著改善。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Product | $935,413K | +215.4% | $341,456K | 36.5% | AI 数据中心需求，关税返还 |
| Installation | $50,978K | +36.4% | -$1,851K | -3.6% | 项目里程碑，但毛利率为负 |
| Service | $69,023K | +26.8% | $12,875K | 18.7% | 维护合同增长，性能保证成本上升 |
| Electricity | $9,951K | -22.3% | $3,092K | 31.1% | 站点改造导致收入下降 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $2,666,859K | +$212,751K |
| Total Debt | $2,477,973K | -$139,906K |
| Inventory | $758,188K | +$114,882K |
| Contract Assets | $428,298K | +$187,112K |
| Deferred Revenue & Customer Deposits | $445,046K | +$301,231K |
| Operating Cash Flow | $300,042K | +$623,835K |
| Capex | $77,823K | +$56,319K |
| Free Cash Flow | $222,219K | +$567,516K |
Net Debt 为 -$188,886K（现金充裕），主要得益于 0% 可转债发行。