AeroVironment, Inc. (AVAV) 2026 Q3 法說會逐字稿

Good day, everyone, and welcome to AeroVironment third-quarter fiscal year 2026 earnings call. (Operator Instructions) Please note, this conference is being recorded.

大家好，歡迎參加 AeroVironment 2026 財年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I would now like to turn the call over to the Head of Investor Relations, Denise Pacioni. Please proceed.

現在我將把電話交給投資者關係主管丹尼斯·帕西奧尼。請繼續。

Thank you, and good afternoon, ladies and gentlemen. Welcome to AV's third-quarter fiscal year 2026 earnings call. My name is Denise Pacioni, Head of Investor Relations for AV. Before we begin, please note that certain information presented on this call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve many risks and uncertainties that could cause actual results to differ materially from our expectations.

謝謝，女士們、先生們，午安。歡迎參加AV公司2026財年第三季財報電話會議。我是丹尼斯‧帕西奧尼，AV投資者關係主管。在開始之前，請注意，本次電話會議中提供的某些資訊包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。這些聲明涉及諸多風險和不確定性，可能導致實際結果與我們的預期有重大差異。

Further information on these risks and uncertainties is contained in the company's 10-K and other filings with the SEC, in particular, in the risk factors and forward-looking statement portions of such filings. Copies are available from the SEC on the AeroVironment website, www.avinc.com or from our Investor Relations team.

有關這些風險和不確定性的更多信息，請參閱公司向美國證券交易委員會提交的 10-K 表格和其他文件，特別是這些文件中的風險因素和前瞻性聲明部分。您可以從美國證券交易委員會 (SEC) 的 AeroVironment 網站 www.avinc.com 或我們的投資者關係團隊取得副本。

This afternoon, we also filed a slide presentation with our earnings release and posted the presentation to the Investors section of our website under Events and Presentations. The content of this conference call contains time-sensitive information that is accurate only as of today, March 10, 2026. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

今天下午，我們也隨獲利報告提交了一份幻燈片演示文稿，並將該簡報發佈到我們網站的「投資者」版塊的「活動與簡報」欄位下。本次電話會議的內容包含時效性訊息，僅截至 2026 年 3 月 10 日有效。本公司不承擔因新資訊、未來事件或其他原因而更新任何前瞻性聲明的義務。

Joining me today from AV are Chairman, President and Chief Executive Officer, Mr. Wahid Nawabi; and Executive Vice President and Chief Financial Officer, Mr. Kevin McDonnell. We will now begin with remarks from Wahid Nawabi. Wahid?

今天與我一同出席的還有AV公司的董事長、總裁兼執行長瓦希德·納瓦比先生，以及執行副總裁兼財務長凱文·麥克唐納先生。現在我們先聽聽瓦希德·納瓦比的講話。瓦希德？

Thank you, Denise. Welcome, everyone, to our third-quarter fiscal year 2026 earnings conference call. I will begin by summarizing our quarterly performance, followed by Kevin, who will review our financial results in greater detail and then discuss guidance for fiscal year 2026. After this, Kevin, Denise and I will take your questions. This past quarter's results came in below expectations, primarily driven by revenue timing and adjustments made in our space business.

謝謝你，丹妮絲。歡迎各位參加我們2026財年第三季財報電話會議。首先，我將總結我們本季的業績，然後凱文將更詳細地回顧我們的財務結果，並討論 2026 財年的業績指引。接下來，凱文、丹妮絲和我將回答大家的問題。上個季度的業績低於預期，主要原因是收入到帳時間以及我們在航太業務方面所做的調整。

Given industry-wide delays in government funding, along with the shutdown, several orders we anticipated to receive in the third quarter have shifted to the right by a quarter or 2. Recognizing we fell short on expectations this quarter, we are now more than ever focused on leveraging our unique operational and execution capabilities and driving long-term value creation.

由於政府撥款在整個行業範圍內延遲，加上政府停擺，我們預計在第三季收到的幾筆訂單已經推遲了一到兩個季度。鑑於本季業績未達預期，我們現在比以往任何時候都更加專注於發揮我們獨特的營運和執行能力，並推動長期價值創造。

We have a track record of delivering strong results and our core strengths in product innovation, deep customer relationships, and manufacturing scalability will enable us to capture increased demand in this high-growth market. Strong order flow increased our funded backlog in the third quarter, which is positioning us for record fourth quarter revenue and a solid start to our fiscal year 2027.

我們擁有良好的業績記錄，我們在產品創新、深厚的客戶關係和生產規模化方面的核心優勢將使我們能夠在這個高成長市場中抓住不斷增長的需求。強勁的訂單流增加了我們第三季的資金儲備，這為我們第四季度創紀錄的收入以及2027財年的穩健開局奠定了基礎。

Before providing details on our progress to achieve our growth targets, let me cover key highlights from the third quarter. First, we achieved strong orders and grew our funded backlog to $1.1 billion with year-to-date total awards of $4.6 billion. Second, we announced several key program awards and bookings in high-growth markets where AV holds a competitive advantage over our peers. Third, we're transitioning certain programs to commercial product solutions that are aligned with customer expectations, leading to improved long-term profitability and broader market adoption. And fourth, looking ahead, we're adjusting our revenue guidance range to between $1.85 billion and $1.95 billion and adjusted EBITDA to between $265 million and $285 million and remain on track for record fourth quarter revenue.

在詳細介紹我們實現成長目標的進展之前，讓我先回顧一下第三季的主要亮點。首先，我們獲得了強勁的訂單，資金支持訂單積壓額成長至 11 億美元，今年迄今的總授標金額為 46 億美元。其次，我們宣布了幾個重要的項目獎項和預訂，這些項目和預訂來自高成長市場，在這些市場中，AV 比我們的同行具有競爭優勢。第三，我們將某些項目過渡到符合客戶期望的商業產品解決方案，從而提高長期獲利能力並擴大市場接受度。第四，展望未來，我們將營收預期範圍調整為 18.5 億美元至 19.5 億美元，調整後 EBITDA 預期範圍調整為 2.65 億美元至 2.85 億美元，並有望實現創紀錄的第四季營收。

You're going to hear a lot about what we have underway and what's behind our strong forecast. Let me start by outlining exactly what drives our confidence in our fourth quarter and fiscal year 2027. The demand for cost-efficient AI-enabled autonomous nonlethal and lethal drones and counter drones are unprecedented. NAV is well positioned to capitalize on this generational opportunity that is in front of us. Our products and solutions are helping shape the newly defined battlefield with the full suite of lower offerings, long-range one-way attack drones, advanced radio frequency-based counter UAS solutions, one through three uncrewed aircraft systems, and space, cyber and directed energy platforms and technologies to support our US defense and international allies.

你們將會聽到很多關於我們正在進行的項目以及我們強勁預測背後的原因。首先，讓我概述一下我們對第四季和 2027 財年充滿信心的具體原因。對經濟高效的人工智慧賦能的自主式非致命和致命無人機以及反無人機的需求是前所未有的。NAV 已做好充分準備，把握擺在我們面前的這一千載難逢的機會。我們的產品和解決方案正在幫助塑造新定義的戰場，包括全套低端產品、遠端單向攻擊無人機、先進的基於射頻的反無人機系統解決方案、一至三架無人飛行器系統，以及太空、網路和定向能平台及技術，以支援美國國防和國際盟友。

Producing in high volume and continuously scaling production ahead of demand are key differentiators that allow us to stay ahead of our customers' needs. During this past quarter, we progressed the build-out of our new manufacturing facility in Salt Lake City, Utah, and we expect it to be operational about a year from now. This 140,000 square foot facility has the potential to produce more than $2 billion worth of Switchblade or other AV products annually.

大規模生產並不斷擴大生產規模以滿足需求是我們的關鍵差異化優勢，使我們能夠始終走在客戶需求的前沿。上個季度，我們在猶他州鹽湖城的新製造工廠的建設取得了進展，預計該工廠將在大約一年後投入運作。這座佔地 14 萬平方英尺的工廠每年有潛力生產價值超過 20 億美元的 Switchblade 或其他 AV 產品。

In addition to expanding our manufacturing footprint, we continue to evaluate the strength of our supply chain by identifying long lead items and ensuring all suppliers can scale along with increased demand. Taken together, these actions reflect our company's strategy and focus that have guided our business for more than a decade. Investing capital into the business, developing commercial products, building out capacity slightly ahead of demand, and most importantly, ensuring we are delivering best-in-class solutions that meet our customers' mission objectives.

除了擴大生產規模外，我們還透過識別交貨週期長的物料並確保所有供應商都能隨著需求的成長而擴大規模，來持續評估供應鏈的實力。總而言之，這些舉措體現了我們公司十多年來指導我們業務發展的策略和重點。向企業投入資金，開發商業產品，略微提前於需求擴大產能，最重要的是，確保我們提供一流的解決方案，以滿足客戶的任務目標。

We remain in active discussions with the US space force regarding the Badger phased array antenna system to support the SCAR or Satellite Communication Augmentation Resource program. We appreciate that the contract was temporarily paused while we worked together on a firm fixed price contract that provides a commercialized product solution.

我們仍在與美國太空部隊積極討論獾式相控陣天線系統，以支援 SCAR（衛星通訊增強資源）計畫。我們感謝雙方在共同製定一份提供商業化產品解決方案的固定價格合約期間，暫時中止了原合約的履行。

As of this morning, we could not come to a mutually acceptable agreement with our customer to modify the existing contract and resume work. Therefore, the US Space Force has concluded to terminate our existing contract for convenience. Pay us for our allowable incurred costs with a fee and enable AV to recompete for the program with their revised requirements and our proposed solution.

截至今天上午，我們仍未能與客戶達成雙方都能接受的協議，以修改現有合約並恢復工作。因此，美國太空部隊出於方便考慮，決定終止我們現有的合約。請支付我們允許發生的費用，並允許 AV 公司根據其修改後的要求和我們提出的解決方案重新參與該專案的競標。

I must emphasize that we remain fully committed to delivering this innovative capability to the market while aligning to our customers' needs and transitioning our phased array solution to a commercial offering and business model. The need for this capability gap has become more important and more urgent than before, and we believe we have an innovative and compelling solution that is unmatched in the industry.

我必須強調，我們將繼續全力以赴地向市場提供這項創新能力，同時滿足客戶的需求，並將我們的相控陣解決方案過渡到商業產品和商業模式。彌補這項能力缺口的需求比以往任何時候都更加重要和緊迫，我們相信我們擁有業內無與倫比的創新且引人注目的解決方案。

By developing our solutions as a commercial product and recompeting for this program's revised requirement, it will enable AV to build a more flexible and profitable business in the long term while meeting our customers' critical needs. This is a recipe and strategy that AV has successfully demonstrated and achieved multiple times in our history.

透過將我們的解決方案開發成商業產品，並重新參與該計劃修訂後的要求的競爭，AV 將能夠在長期內建立一個更靈活和盈利的業務，同時滿足客戶的關鍵需求。這是AV公司在發展歷程中多次成功運用並實現的策略和方法。

Additionally, we're actively working to transition several of our other new and disruptive capabilities towards commercial products across our space and directed energy segment. These include our locust directed energy counter UAS solution, our laser communications terminal for space command and control, and our laser communication gun sites. By transitioning these offerings to commercial products, we can quickly scale manufacturing to meet accelerated delivery schedules, improve margins, and broaden our customer base while also satisfying our customers' desire for a firm fixed price and commercialize off-the-shelf solutions.

此外，我們正在積極努力將我們其他幾項新的顛覆性能力轉化為航太和定向能領域的商業產品。其中包括我們的蝗蟲定向能反制無人機系統解決方案、用於太空指揮控制的雷射通訊終端以及雷射通訊砲陣地。透過將這些產品轉化為商業產品，我們可以快速擴大生產規模，以滿足加快交貨速度的要求，提高利潤率，擴大客戶群，同時滿足客戶對固定價格和現成解決方案的需求。

Again, this is a recipe that AV has demonstrated successfully several times in its history over the last two decades. This is precisely our strategy with BlueHalo solutions. We are confident that this is a new approach and a win for our customers and a win for AV.

再說一遍，這是AV在過去二十年中多次成功驗證的方案。這正是我們採用BlueHalo解決方案的策略。我們相信這是一種全新的方法，對我們的客戶和AV產業來說都是雙贏。

I would like to now walk you through Q3 achievements within each of our segments as well as near- and long-term growth and profitability initiatives that will help us reach our strategic growth objectives. Our Autonomous Systems segment continues to drive revenue growth for the company, making up 68% of our overall revenue for the third quarter. Even though the government shutdown in early November caused a delay in funding and shifted the timing of certain orders, revenue for the segment still experienced significant growth compared to the same quarter last year. We expect additional delayed orders from the third quarter to be booked in the fourth quarter of this year and first quarter of fiscal year 2027.

接下來，我將向大家介紹我們各個業務部門在第三季度所取得的成就，以及有助於我們實現策略成長目標的近期和長期成長及獲利舉措。我們的自主系統業務部門持續推動公司營收成長，第三季占公司總營收的 68%。儘管 11 月初的政府停擺導致資金延遲到位，並改變了某些訂單的交付時間，但與去年同期相比，該部門的收入仍然實現了顯著增長。我們預計第三季延遲的額外訂單將在今年第四季和 2027 財年第一季確認。

Several commercially developed and mass reduced products in our Autonomous Systems segment are key growth drivers for the company, including our Group 2 Puma AE and P550-UAS systems, our Group 2 JUMP 20 and JUMP 20X systems, all variants of Switchblade, our Red Dragon family of one-way attack drones, and our counter UAS solutions, including the Titan family of AI-enabled RF jammers and Freedom Eagle-1 or FE-1. These are all key strategic products that AV has developed, successfully transitioned into commercial solutions, and scaled production to meet increased customer demand.

我們自主系統部門的幾款商業化開發和輕量化產品是公司的關鍵成長驅動力，包括我們的第二組 Puma AE 和 P550-UAS 系統、第二組 JUMP 20 和 JUMP 20X 系統、所有 Switchblade 型號、我們的 Red Dragon 系列單向攻擊無人機，以及我們的反無人機系統解決方案，包括 Titan 系列和人工智慧系統解決方案。這些都是AV公司開發的關鍵策略產品，已成功轉化為商業解決方案，並擴大了生產規模以滿足不斷增長的客戶需求。

During the third quarter, we were awarded an additional 5-year sole source IDIQ contract worth $874 million from the US Army for our UAS and counter UAS product lines to support foreign military sales or FMS demand. This contract enables our allies to procure a range of AV Group 1 through three unmanned aerial systems and counter UAS systems, including vapor, JUMP 20, P550, Puma, Raven, and Tiner Counter-UAS. In addition to this large award, we received a $168 million task order from the US Army for Switchblade 300 Block 20 and Switchblade 600 Block 2 loading munition systems.

第三季度，我們從美國陸軍獲得了一份價值 8.74 億美元的 5 年獨家 IDIQ 合同，用於我們的 UAS 和反 UAS 產品線，以支持對外軍售 (FMS) 需求。該合約使我們的盟友能夠透過三種無人機系統和反無人機系統採購一系列 AV Group 1，其中包括 vapor、JUMP 20、P550、Puma、Raven 和 Tiner 反無人機系統。除了這項巨額訂單外，我們還從美國陸軍獲得了價值 1.68 億美元的 Switchblade 300 Block 20 和 Switchblade 600 Block 2 彈藥裝填系統訂單。

This additional delivery order represents the US Army's first procurement of AV's next-generation Switchblade product line and was issued under the US Army's existing 5-year IDIQ contract for lethal unmanned systems in August of 2024 with a total ceiling value of $990 million.

這份額外的交付訂單代表美國陸軍首次採購 AV 的下一代 Switchblade 產品線，是根據美國陸軍現有的 5 年期無限期交付/無限期數量 (IDIQ) 致命無人系統合約於 2024 年 8 月簽發的，總價值上限為 9.9 億美元。

Looking ahead, we anticipate continued strong demand for our Switchblade family of products from both domestic and international customers. Domestically, we are working now to increase capacity at our new Salt Lake City facility in preparation for an increase in demand, including from the low altitude stalking and strike ordinance or Lasso, program for our new Switchblade variant, the Switchblade 400.

展望未來，我們預期國內外客戶對我們的 Switchblade 系列產品將持續保持強勁的需求。在國內，我們正在努力提高我們在鹽湖城新工廠的產能，以應對需求的增長，包括來自低空跟踪和打擊武器或套索計劃的需求，該計劃針對的是我們的新型Switchblade變型槍Switchblade 400。

Internationally, we're engaged with several allied nations, including Taiwan, Japan, and South Korea on Autonomous Systems, namely the Switchblade 600 to support their national security needs.

在國際上，我們與包括台灣、日本和韓國在內的幾個盟國在自主系統方面合作，特別是與 Switchblade 600 合作，以支持他們的國家安全需求。

Turning to our counter UAS capabilities. The use case for AI-enabled RF detect and defeat counter US continues to rapidly expand both domestically and abroad. In fact, just last week, we were awarded a $23 million contract from the US Marine Corps for additional deliveries of our Titan SV.

接下來，我們將重點放在反無人機系統能力上。人工智慧賦能的射頻探測和反制美國武器的應用案例在國內和國際上持續快速擴展。事實上，就在上週，我們獲得了美國海軍陸戰隊價值 2300 萬美元的合同，用於額外交付我們的 Titan SV 坦克。

With demand on the rise for our Titan family of products, we are actively increasing manufacturing by more than 4 times this year, with additional plans to increase by more than 10 times current levels by fiscal year 2030.

隨著市場對我們 Titan 系列產品的需求不斷增長，我們今年正積極將產量提高 4 倍以上，並計劃在 2030 財年將產量提高到目前水平的 10 倍以上。

Titan is the leading AI-enabled counter UAS solution for RF detect and defeat at home and globally. Our Titan family of Counter US solutions, which was part of the BlueHalo portfolio, as one of AV's strongest revenue growth drivers in the coming quarters and will contribute greatly towards future margin expansion as well. We're also making progress on our FE-1 program with the US Army, which, as you may recall, was awarded a $96 million contract last fall for the US Army's long-range kinetic interceptor program. We are progressing on the development contract and moving toward flight testing in late fiscal year 2027 or early fiscal year 2028.

Titan 是領先的 AI 賦能型反無人機系統解決方案，可用於在國內和全球進行射頻探測和攔截。我們的 Titan 系列 Counter US 解決方案是 BlueHalo 產品組合的一部分，也是 AV 未來幾季最強勁的營收成長動力之一，並將為未來的利潤率擴張做出巨大貢獻。我們與美國陸軍的 FE-1 計畫也取得了進展。您可能還記得，去年秋天，美國陸軍獲得了價值 9,600 萬美元的遠程動能攔截器專案合約。我們正在推進開發合同，並計劃在 2027 財年末或 2028 財年初進行飛行測試。

We're seeing continued strong growth with our UAS products contributing the most revenue for the segment this past quarter. We're also seeing increased interest in our newest one-way attack lethal USA drone, Red Dragon. Red Dragon is an easily deployed lethal drone that offers modular mission integration and is complementary with our Switchblade family of products. Red Dragon is anticipated to be a key growth driver in this segment for future quarters, and we're rapidly scaling the production of this product line to meet anticipated customer demand.

我們看到無人機系統產品持續強勁成長，上個季度該產品為該業務板塊貢獻了最大的收入。我們也看到，人們對我們最新型的單向攻擊致命美國無人機「紅龍」的興趣日益濃厚。紅龍是一款易於部署的致命無人機，提供模組化任務集成，並與我們的Switchblade系列產品相輔相成。紅龍產品預計將在未來幾季成為該細分市場的主要成長動力，我們正在迅速擴大該產品線的生產規模，以滿足預期的客戶需求。

Just as we created the loitering munition category with our Switchblade products, the Red Dragon is positioned to define the next category in autonomous one-way attack drones. An example of how we will disrupt the market once again with the creation of another category.

正如我們憑藉 Switchblade 產品開創了巡彈類別一樣，Red Dragon 也有望定義自主單向攻擊無人機的下一個類別。我們將透過創造另一個品類再次顛覆市場，以下就是一個例子。

Our Group 2 solution, Puma AE continues to see strong domestic and international growth, operating in 45 countries and remaining the dominant ISR platform, both domestically and internationally. Just this past quarter, we expanded our Puma visual navigation kit to our Puma LE variant. This additional capability uses advanced computer vision and onboard processing to deliver precise global navigation satellite systems or GNSS, an independent navigation in degraded or communication denied environments. This is an industry-leading critical software upgrade that ensures our war fighters have successful missions in contested environments.

我們的第二組解決方案 Puma AE 繼續保持強勁的國內和國際成長勢頭，業務遍及 45 個國家，並繼續保持國內和國際市場領先的 ISR 平台地位。就在上個季度，我們將 Puma 視覺導航套件擴展到了 Puma LE 版本。這項附加功能利用先進的電腦視覺和機載處理技術，在通訊條件惡劣或通訊受限的環境下，提供精確的全球導航衛星系統（GNSS）獨立導航。這是一項業界領先的關鍵軟體升級，可確保我們的作戰人員在對抗環境中成功完成任務。

Interest in our P550 continued -- during the quarter, AV was awarded a $13 million contract to provide P550 UAS for the US Army's long-range reconnaissance program or LRR. This key initial win opens the door for additional orders that will help drive growth in fiscal year 2027, and is another platform we're currently scaling its production to much higher volumes.

人們對我們的 P550 的興趣持續高漲——本季度，AV 公司獲得了一份價值 1300 萬美元的合同，為美國陸軍的遠程偵察計劃 (LRR) 提供 P550 無人機系統。這項關鍵的初步勝利為更多訂單打開了大門，這將有助於推動 2027 財年的成長，也是我們目前正在擴大生產規模以達到更高產量的另一個平台。

Besides growing demand for our Group 2 products, we're also seeing strong international and domestic growth for our JUMP 20 and JUMP 20X, which is the best-in-class Group 3 solution offering on the market. As we stated in our last earnings call, JUMP 20 was recently added to the US Navy's basic offering agreement, allowing us to compete for all applicable future US Navy task orders. In addition to this, we have won five additional programs of records in Europe this past year alone.

除了對我們第二類產品的需求不斷增長外，我們還看到 JUMP 20 和 JUMP 20X 在國際和國內市場都實現了強勁增長，這是市場上同類最佳的第三類解決方案。正如我們在上次財報電話會議上所說，JUMP 20 最近被添加到美國海軍的基本報價協議中，使我們能夠參與所有適用的未來美國海軍任務訂單的競爭。除此之外，光是去年，我們就在歐洲贏得了五項新的紀錄。

Let me remind you JUMP 20x can operate in extreme maritime environments with long range, long endurance, multimission capabilities for our domestic and international maritime customers. JUMP 20 unique ability to land on smaller-sized moving ships, provides a distinct advantage over its larger Group 4 competitors, and is offered at a more competitive price point. We have already seen significantly increased demand and we're increasing the production capacity of this product line this fiscal year, and we plan to increase it again by 3 times in fiscal year 2027.

讓我提醒您，JUMP 20x 能夠在極端海洋環境中運行，具備遠程、長續航、多任務能力，可滿足我們國內外海事客戶的需求。JUMP 20 具有獨特的在較小尺寸的移動船舶上著陸的能力，這使其比其更大的 4 組競爭對手具有明顯的優勢，並且價格更具競爭力。我們已經看到需求大幅成長，並且在本財年提高了該產品線的產能，我們計劃在 2027 財年將其產能再提高 3 倍。

Turning now to our space, cyber and Directed Energy segment. Revenues in this segment accounted for nearly one-third of AV's total third quarter revenue. Coming off a record second quarter for bookings, our Space, Cyber, and Directed Energy segment continues to make progress on several key programs across the portfolio. Within our space and directed energy operating group, we delivered two of our Joint Light Tactical Vehicle, or JLTV mounted locus laser weapon systems to the US Army.

現在讓我們來看看我們的太空、網路安全和定向能領域。該業務板塊的收入佔AV第三季總收入的近三分之一。繼第二季預訂量創下歷史新高之後，我們的太空、網路安全和定向能部門在整個投資組合中的幾個關鍵項目上繼續取得進展。在我們的太空和定向能作戰小組中，我們向美國陸軍交付了兩套安裝在聯合輕型戰術車輛（JLTV）上的雷射武器系統。

Locust is a cutting-edge cost-effective solution to counter Group 1 through three drones. Our Locus laser weapon system is performing well in the field in multiple theaters and we're preparing to commercialize locus to broaden our market base and while increasing production. As locus moves into a higher volume production to meet the US Army's needs, it will be a significant revenue driver for the company in the coming years.

Locust 是一款尖端且經濟高效的解決方案，可透過三架無人機對抗第一組敵人。我們的 Locus 雷射武器系統在多個戰區都表現出色，我們正準備將 Locus 商業化，以擴大市場基礎並提高產量。隨著 Locus 公司加大產量以滿足美國陸軍的需求，未來幾年，這將成為該公司重要的收入來源。

Additionally, we have proposed our local system to the Department of War as part of the nation's Golden Dome Safeguard solution. It is currently being evaluated as part of the Golden Dome architecture, and we look forward to providing additional updates on this important initiative.

此外，我們已向戰爭部提議將我們的本地系統作為國家「金穹安全保障」解決方案的一部分。目前，它正作為金穹架構的一部分進行評估，我們期待就這項重要舉措提供更多最新資訊。

Our Cyber & Mission Systems operating group continues to make strides to recover from the impact of the government shutdown last quarter and was awarded a $75 million task order extending a contract to advance biotechnology and smart materials for the US Air Force. We look forward to enhancing our capabilities in laser communications, space-related satellite communications, and directed energy.

我們的網路與任務系統營運集團繼續努力從上個季度政府停擺的影響中恢復過來，並獲得了 7500 萬美元的任務訂單，延長了為美國空軍推進生物技術和智慧材料的合約。我們期待提升我們在雷射通訊、空間衛星通訊和定向能方面的能力。

Building on the achievements across our segments and profitability initiatives, we're also continuing to prudently reinvest capital into our software solutions, including AV Halo. We do this because we believe in the future of our business and our ability to turn these investments into value creation. This open architecture software platform is designed to unify command and control intelligence analysis, synthetic training and autonomous targeting across all domains to create advanced communication among critical assets during conflict.

在各業務板塊和獲利措施取得成就的基礎上，我們也將繼續謹慎地將資金再投資於我們的軟體解決方案，包括 AV Halo。我們這樣做是因為我們相信公司的未來，也相信我們有能力將這些投資轉化為價值創造。這個開放式架構軟體平台旨在統一所有領域的指揮控制情報分析、合成訓練和自主目標定位，從而在衝突期間創建關鍵資產之間的高階通訊。

We are continuing to deploy critical counter UAS solutions through our collaboration with Grand Sky to establish the foundation for a Golden Dome for America Limited area defense architecture at Grand Fork, Air Force Base and North Dakota. The Golden Dome for America initiative provides an opportunity for AV to focus how our software hardware and services all support their inner layer of the Golden Dome.

我們正透過與 Grand Sky 的合作，繼續部署關鍵的反無人機系統解決方案，為美國金色穹頂有限區域防禦架構在格蘭德福克空軍基地和北達科他州奠定基礎。「美國金穹頂」計畫為 AV 提供了一個機會，讓我們能夠專注於我們的軟體、硬體和服務如何支援「金色穹頂」的內部結構。

Based on engagements with our customers, we estimate that this opportunity could represent approximately $0.5 billion to AV over the next three years, and we expect that we will create a model which can be replicated across other critical US national security sites. We're also successfully integrating BlueHalo and are realizing meaningful synergies from the acquisition.

根據與客戶的交流，我們估計這一機會在未來三年內可為 AV 帶來約 5 億美元的收入，我們期望能夠創建一個可以複製到其他重要的美國國家安全場所的模式。我們正在成功整合 BlueHalo，並從此次收購中實現了顯著的綜效。

Before turning the call over to Kevin, let me summarize with key following comments. While results were below expectations, we are extremely confident in the top line growth on several of our key programs and product lines in the fourth quarter and beyond, and are on track for a record fourth quarter and record fiscal year. We're focused on scaling manufacturing to meet rising demand on several of our product lines and high-growth markets.

在將電話轉給凱文之前，讓我用以下幾個要點總結一下。儘管業績低於預期，但我們對第四季及以後幾個重點項目和產品線的營收成長充滿信心，並有望實現創紀錄的第四季和創紀錄的財年業績。我們正致力於擴大生產規模，以滿足旗下多條產品線和高成長市場不斷增長的需求。

We recognize the once in a generation opportunity we're part of, and we will continue to drive results. The current conflict in Iran is a reminder that our country and our international allies rely on our defense, aerospace, and space capabilities. AV's innovative portfolio is very well positioned to meet this demand and support our country and our allies critical defense needs.

我們體認到我們所處的機會是千載難逢的，我們將繼續努力取得成果。伊朗目前的衝突提醒我們，我國及國際盟友依賴我們的國防、航空航太和太空能力。AV的創新產品組合完全有能力滿足這一需求，並支持我們國家和盟友的關鍵國防需求。

We're confident that we are well positioned to deliver high priority multi-domain solutions due to our scalable manufacturing, differentiated technology and innovation, and strong customer alignment, which enables us to meet our customers' evolving needs.

我們有信心憑藉可擴展的製造能力、差異化的技術和創新以及與客戶的緊密聯繫，為高優先級的多領域解決方案提供有力支持，從而滿足客戶不斷變化的需求。

Before I turn the call over to discuss our Q3 financial results in more detail, on behalf of our Board and leadership team, I want to thank Kevin for his contributions to the company since 2020. Over this period, AV's market cap increased from approximately $1 billion to over $10 billion today. As we previously announced, Kevin will retire at the end of July and will stay on to support our new CFO with a smooth transition in the coming months. We wish him all the best in his retirement. Kevin?

在我將電話轉交給其他人更詳細地討論我們第三季的財務表現之前，我謹代表董事會和領導團隊，感謝凱文自 2020 年以來對公司的貢獻。在此期間，AV的市值從大約10億美元成長到如今的超過100億美元。正如我們之前宣布的那樣，凱文將於7月底退休，但他將在接下來的幾個月繼續留任，協助我們的新財務長順利完成過渡。我們祝福他退休生活一切順利。凱文？

Thank you, Wahid. Today, I'll be reviewing the highlights of our third quarter performance during which I will occasionally refer to both our press release and an earnings presentation available on our website. I will briefly comment on our results for the quarter and then turn the guidance for the remainder of FY26.

謝謝你，瓦希德。今天，我將回顧我們第三季的業績亮點，期間我會不時參考我們網站上發布的新聞稿和收益簡報。我將簡要評論本季的業績，然後展望 2026 財年剩餘時間的業績。

While the third quarter did not meet our expectations on several fronts, and we are lowering our expectations for the year slightly -- we continue to be well positioned for continued high growth as many of our products move from the test and evaluation phase to full adoption by the US military at allies. The best example of this is our Locus Counter-UAS directed energy product which we expect to be a significant growth driver in the coming years. And has proven to be the leader in this extremely important category for national defense. In addition, our mature product categories like UAS and Switchblade provide significant growth, resulting in AV organic growth of 38% year over year in the third quarter.

雖然第三季在多個方面沒有達到我們的預期，我們也略微下調了全年的預期，但隨著我們的許多產品從測試和評估階段過渡到被美國軍方及其盟國全面採用，我們仍然處於良好的發展狀態，有望繼續保持高成長。最好的例子就是我們的 Locus Counter-UAS 定向能產品，我們預期產品將在未來幾年成為重要的成長驅動力。事實證明，該公司是國防這一極為重要領域的領導者。此外，我們成熟的產品類別，如無人機系統 (UAS) 和彈簧刀 (Switchblade)，帶來了顯著的增長，使得第三季度自動駕駛汽車 (AV) 的有機增長率同比增長了 38%。

At $1.6 billion of revenue in the last 12 months, AV is one of the largest, most profitable defense technology companies. We are the leader in defense technology with a diversified portfolio of proven and emerging products. The well-publicized stop work order for the SCA program did have a negative impact on the quarter and is in part the reason we are lowering our full year guidance. This resulted in a non-cash $151 million goodwill impairment as the evaluation of the acquired asset, the space business was triggered by the stop work order. The reevaluation resulted in a reduction in the acquisition value of the acquired space business of approximately 17%.

AV在過去12個月的營收為16億美元，是規模最大、獲利能力最強的國防技術公司之一。我們在國防技術領域處於領先地位，擁有多元化的成熟產品和新興產品組合。SCA 專案停工令廣為人知，對本季產生了負面影響，這也是我們下調全年業績預期的部分原因。由於停工令觸發了對收購資產（即太空業務）的評估，導致產生了 1.51 億美元的非現金商譽減損。重新評估後，被收購航太業務的收購價值減少了約 17%。

We do not expect any further adjustments to the impairment as a result of the notification of the customer to terminate the contract for convenience. It is important to note that even with the program changes, we are still confident in our growth trajectory as a result of the diversified business model and the strength we're seeing in other product areas.

我們預計，由於客戶通知我們因自身便利而終止合同，不會對減損造成任何進一步調整。值得注意的是，即使專案有所調整，但由於業務模式多元化以及我們在其他產品領域展現出的強勁勢頭，我們仍然對公司的發展軌跡充滿信心。

Now turning to the quarterly results. We ended the quarter with $1.1 billion of funded backlog and approximately $3 billion of unfunded backlog. I should note that approximately $1.5 billion of the unfunded backlog relates to the program, for which we were under contract at the end of the quarter. We expect an adjustment to the unfunded backlog as a result of the intent of the customer to terminate for convenience and the resolution of the customers' obligations under the current contract.

現在來看季度業績。本季末，我們已獲資金支持的積壓訂單金額為 11 億美元，未獲資金支持的積壓訂單金額約為 30 億美元。需要指出的是，約有 15 億美元的未撥款積壓款項與我們在本季度末簽訂合約的項目有關。由於客戶出於自身便利而終止合約的意圖以及客戶在當前合約下的義務得到解決，我們預計未籌資積壓訂單將有所調整。

As Wahid mentioned in his remarks, revenue totaled $408 million in the third quarter, which represented a 143% increase over the prior year as reported or a 6% increase on a pro forma basis. As mentioned previously, legacy AV organic growth was 38% in the third quarter. Slide 6 and 7 of the earnings presentation shows the third quarter and year-to-date revenue by operating group for each of the two segments compared to pro forma FY25 revenue.

正如瓦希德在演講中提到的，第三季營收總計 4.08 億美元，按報告計算比上年同期增長 143%，按備考基準計算增長 6%。如前所述，第三季傳統AV的有機成長率為38%。收益簡報的第 6 頁和第 7 頁顯示了兩個業務部門的第三季和年初至今的收入，並與 2025 財年的備考收入進行了比較。

The AxS segment recognized $279 million in revenue in the quarter, which represented a 25% increase over FY25 pro forma revenues. In crude Aircraft Systems composed of Groups 1, 2, and 3 UAS led revenue growth for the segment with more than a 50% increase compared to the pro forma FY25 third quarter results. uncrewed air systems revenues grew 54% year-over-year driven by Puma, JUMP 20, and the Tomahawk family of systems.

AxS 部門本季確認營收為 2.79 億美元，比 2025 財年備考收入成長了 25%。粗略來看，由第 1、2 和 3 組無人機系統組成的航空器系統業務帶動了該業務板塊的收入增長，與 2025 財年第三季度的備考業績相比增長超過 50%。無人航空系統營收年增 54%，主要得益於 Puma、JUMP 20 和 Tomahawk 系列系統的強勁表現。

Precision Strike and counter US products improved more than 21% for the pro forma results for the same quarter last year. Switchblade 600, Switchblade 300 and time sales continue to be very strong in the third quarter.

精準打擊和反制美國產品的業績較去年同期成長超過 21%。Switchblade 600、Switchblade 300 和 Time 的銷量在第三季度繼續保持強勁勢頭。

The Space, Cyber, and Directed Energy segment recognized $129 million of revenue in the third quarter, a pro forma 19% decline year over year following the stop work order on the space car program and the US government funding delays. The space and directed energy products declined 14% in the quarter versus the prior year pro forma, driven by the scar stop work order, while locus Directed Energy Canada UE continued growth. Cyber Mission Systems that showed a 22% decline in pro forma revenue largely result of programs that were discontinued and also negatively impacted by funding delays which associated with the US government shutdown.

太空、網路和定向能部門第三季實現收入 1.29 億美元，按備考計算同比下降 19%，原因是太空車項目停工令以及美國政府撥款延遲。受停工令的影響，本季空間和定向能產品年減 14%，而加拿大定向能 UE 則持續成長。網路任務系統業務的預估收入下降了 22%，這主要是由於專案終止以及與美國政府停擺相關的資金延遲造成的負面影響。

Moving to gross margins. Slide 13 shows the adjusted product and service gross margin, including reconciliations to GAAP gross margin. Third quarter overall gross margin -- adjusted gross margins were 27%, which was flat to the second quarter of FY26, but lower than the 40% third quarter -- the third quarter FY25 adjusted gross margin. As noted, the business landscape of the combined new company has changed significantly with higher service mix and several products in the early stage of maturation.

接下來討論毛利率。第 13 張投影片顯示了調整後的產品和服務毛利率，包括與 GAAP 毛利率的調整。第三季整體毛利率（調整後毛利率）為 27%，與 2026 財年第二季持平，但低於 2025 財年第三季的 40%（調整後毛利率）。如前所述，合併後的新公司的業務格局發生了顯著變化，服務組合更加多元化，並且有多種產品處於早期成熟階段。

The third quarter did present some additional challenges to adjusted gross margins. Specifically, third quarter margins were also affected by a last-minute shipping and supply chain issues resulting in a $40 million of high-margin revenue pushed to Q4. We, however, we believe adjusted gross margins should improve to the low to mid-30s in Q4. We are now projecting a full year outlook for adjusted gross margins in the high 20s, low 30s, which is consistent with our original guidance for the year.

第三季調整後的毛利率確實面臨一些額外的挑戰。具體來說，第三季的利潤率也受到最後一刻的運輸和供應鏈問題的影響，導致 4,000 萬美元的高利潤收入被推遲到第四季。不過，我們認為第四季調整後的毛利率應該會提高到 30% 左右。我們現在預計全年調整後毛利率將在 20% 到 30% 之間，這與我們最初的年度預期一致。

Moving to operating expenses. As mentioned earlier, the SCAR stop work order represents a trigger event requiring a goodwill impairment test resulting in the $151 million noncash impairment charge. Adjusted SG&A, which is net of the intangible amortization and deal integration costs was $61 million versus $33 million in the prior year. The increase is largely a result of the combination with BlueHalo. But as a percentage of our revenue, adjusted SG&A in the quarter was 15% of revenue versus 20% in FY25.

接下來是營運費用。如前所述，SCAR 停工令構成觸發事件，需要進行商譽減損測試，從而產生 1.51 億美元的非現金減損費用。經調整的銷售、一般及行政費用（扣除無形資產攤提和交易整合成本）為 6,100 萬美元，而去年同期為 3,300 萬美元。成長主要歸功於與 BlueHalo 的結合。但以收入百分比計算，本季調整後的銷售、一般及行政費用佔收入的 15%，而 2025 財年為 20%。

And again, the adjusted SG&A levels represent a shift in the business model as we expect to end the year in the 13% to 14% range as we begin to realize synergies and achieve higher revenue levels. Year-to-date, we have largely achieved our expected year 1 synergies. R&D expense in the third quarter was $27 million or 7% of revenue compared to $22 million or 13% of revenue in the prior year. Again, the shift in the business model, and we expect R&D as a percentage of revenue to end the year between 6% and 7% of revenue range, which represents an increase in R&D dollars over the prior year for the combined company.

此外，調整後的銷售、一般及行政費用水準代表了業務模式的轉變，我們預期隨著綜效的實現和收入水準的提高，年底該比例將達到 13% 至 14%。今年迄今為止，我們已基本實現了預期的第一年綜效。第三季研發費用為 2,700 萬美元，佔營收的 7%，而上年同期為 2,200 萬美元，佔營收的 13%。再次強調，隨著商業模式的轉變，我們預期研發支出佔收入的比例將在年底達到營收的 6% 到 7%，這意味著合併後的公司研發支出將比前一年增加。

In terms of adjusted EBITDA, slide 14 of our earnings presentation shows the reconciliation of GAAP net income to adjusted EBITDA. Adjusted EBITDA for Q3 was $44 million up from last year's Q3 of $22 million as reported, primarily due to the incremental BlueHalo results and the legacy AV revenue growth -- organic revenue growth.

關於調整後的 EBITDA，我們的獲利簡報第 14 頁顯示了 GAAP 淨收入與調整後 EBITDA 的調整表。經調整後，第三季 EBITDA 為 4,400 萬美元，高於去年同期的 2,200 萬美元，主要原因是 BlueHalo 的業績成長和傳統 AV 收入的成長——即有機收入成長。

Adjusted EBITDA as a percentage of revenue was 11% in the quarter, a sequential improvement from the 10% of adjusted EBITDA margin in the second quarter. We continue to forecast full year adjusted EBITDA margin between 14% and 15% of revenue.

本季調整後 EBITDA 佔營收的百分比為 11%，較第二季調整後 EBITDA 利潤率的 10% 有所提高。我們繼續預測全年調整後 EBITDA 利潤率將佔營收的 14% 至 15%。

Now turning to non-GAAP earnings per share. Slide 12 shows you the reconciliation of GAAP and adjusted or non-GAAP diluted EPS. The company posted adjusted earnings per diluted share of $0.64 for the third quarter of fiscal 2026, more than double of the $0.30 per diluted share for the third quarter of fiscal 2025.

現在來看非GAAP每股盈餘。第 12 張投影片向您展示了 GAAP 與調整後或非 GAAP 稀釋每股盈餘的調整。該公司公佈 2026 財年第三季調整後每股攤薄收益為 0.64 美元，是 2025 財年第三季每股攤薄收益 0.30 美元的兩倍多。

Moving to the balance sheet. At the close of the quarter, our total cash investments amounted to $649 million, a $20 million sequential decline versus Q2 of FY26, primarily driven by an increase in our inventory to support Q4 revenue. Also, our unbilled receivables continue to be at a higher level than we are targeting. However, we had significant collection activity at the end of the quarter -- into the fourth quarter, and we expect that to continue throughout the fourth quarter.

接下來查看資產負債表。截至本季末，我們的現金投資總額為 6.49 億美元，比 2026 財年第二季減少了 2,000 萬美元，主要原因是為支持第四季營收而增加了庫存。此外，我們的未開立發票應收帳款仍高於我們的目標水準。然而，我們在本季末至第四季期間開展了大量的催收活動，我們預計這種情況將在整個第四季持續下去。

Turning to -- now to backlog. As noted earlier, our funded backlog at the end of the third quarter was $1.1 billion, and unfunded backlog was $3 billion, which includes the $1.5 billion car-related portion of which was discussed earlier. Our visibility to the midpoint of revised guidance range is 98%.

接下來——開始處理積壓的工作。如前所述，截至第三季末，我們已獲資金支持的積壓訂單為 11 億美元，未獲資金支持的積壓訂單為 30 億美元，其中包括先前討論過的 15 億美元汽車相關部分。我們對修訂後的指導範圍中點的可視性為 98%。

Finally, I'd like to provide you our updated FY26 guidance. On slide 8 of the presentation, we provide a revised fiscal 2026 guidance. Fiscal year revenue is now expected between $1.85 billion and $1.95 billion, adjusted EBITDA between $265 million and $285 million and non-GAAP adjusted EPS is now projected between $2.75 and $3.10. The midpoint of our revenue guidance raise represents 12% growth over the pro forma FY25 results.

最後，我想向大家提供我們更新後的 2026 財年業績指引。在簡報的第 8 頁，我們提供了修訂後的 2026 財年業績指引。目前預計本財年營收在18.5億美元至19.5億美元之間，調整後EBITDA在2.65億美元至2.85億美元之間，非GAAP調整後每股收益預計在2.75美元至3.10美元之間。此次營收預期上調的中點數值較2025財年備考業績成長12%。

Although the revised guidance raise reflects lower expectations for the year, our confidence in the Blue Halo acquisition remains higher than ever. This combination is a force to be reckoned with within the defense technology sector and the full potential of the combination will be realized over the coming quarters as some of the BlueHalo acquired products start moving into a more terminal cadence.

儘管修訂後的業績預期上調反映了對今年的預期有所降低，但我們對收購 Blue Halo 的信心仍然比以往任何時候都高。這一組合在國防技術領域是一股不可忽視的力量，隨著 BlueHalo 收購的一些產品開始進入更成熟的階段，這一組合的全部潛力將在未來幾個季度實現。

This is likely my last quarter as CFO. I want to thank Wahid and the AV Board for the opportunity and belief in me. I am very proud of the success of AV so far and my contributions to that success. I also value my relationships established with hundreds of investors and the many analysts who have invested in AV and follow AV.

這很可能是我擔任財務長的最後一個季度。我要感謝 Wahid 和 AV 董事會給我的機會和信任。我為AV迄今為止的成功以及我為之做出的貢獻感到非常自豪。我也很珍惜與數百位投資者以及眾多投資AV並關注AV的分析師建立的關係。

As mentioned earlier, the potential of AV as a leader in the defense technology sector and its impact on National Defense are virtually limitless.

如前所述，自動駕駛汽車作為國防技術領域的領導者，其潛力及其對國防的影響幾乎是無限的。

Now I'd like to turn things back to Wahid.

現在我想把話題轉回瓦希德身上。

Thanks, Kevin. Before turning the call over for questions, I would like to reiterate the positive momentum we have entering the fourth quarter of fiscal year 2026. First, despite challenging headwinds in the quarter, we achieved third quarter revenues of $408 million, up 38% organically year over year.

謝謝你，凱文。在將電話轉給提問環節之前，我想重申一下，我們進入 2026 財年第四季時擁有的積極勢頭。首先，儘管本季面臨諸多挑戰，我們第三季營收仍達到 4.08 億美元，年增 38%。

Second, our funded backlog grew to $1.1 billion and we have recorded $4.6 billion worth of total year-to-date awards, which is another record for the company. These results have positioned us to achieve another record fourth quarter financial results. And third, overall demand and business momentum remains strong across many of our product lines, as evidenced by our robust and growing funded backlog supporting our strong growth well beyond fiscal year 2026.

其次，我們已獲資助的積壓訂單增長至 11 億美元，今年迄今的總授標金額已達 46 億美元，這又是公司的一項紀錄。這些成果使我們預計在第四季度再次取得創紀錄的財務表現。第三，我們許多產品線的整體需求和業務勢頭依然強勁，我們穩健且不斷增長的已融資訂單積壓證明了這一點，這將支持我們強勁的增長，遠超 2026 財年。

We remain focused on execution. This includes transitioning more commercial products and business model approach in the BlueHalo portfolio, while scaling manufacturing to meet growing customer demand and improving profitability. The long-term prospects for growth and value creation for the company have never been better. I would like to thank our employees, shareholders, and customers for their continued commitment to AV and our mission.

我們始終專注於執行。這包括將 BlueHalo 產品組合中的更多商業產品和商業模式方法進行轉型，同時擴大生產規模以滿足不斷增長的客戶需求並提高獲利能力。公司長期成長和價值創造的前景從未如此光明。我要感謝我們的員工、股東和客戶對AV及其使命的持續支持。

And with that, Kevin, Denise and I will now take your questions.

接下來，凱文、丹妮絲和我將回答大家的問題。

(Operator Instructions)

（操作說明）

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

And Kevin, thank you so much for everything. It's been a pleasure to work with you and select with everything ahead.

凱文，非常感謝你所做的一切。與您合作以及共同選擇未來的發展方向都非常愉快。

Thank you.

謝謝。

I want to I wanted to start by maybe just talking about the long-term prospects of SADE now with the absence of SCAR. I mean how should we be thinking about growth at the business moving forward? And not even just growth, but you could break it down a little bit further, I mean, to the margins, I understand SCAR was a pretty big driver of what you guys were expecting to do in EBITDA this year for that segment? What else could be kind of carrying the weight here on out, not just in '26 but beyond?

我想先談談在沒有 SCAR 的情況下，SADE 的長期前景。我的意思是，我們該如何看待企業未來的發展成長？不僅是成長，還可以進一步細分，我的意思是，細分到利潤率，我了解到 SCAR 是你們今年對該業務板塊 EBITDA 預期實現的一個相當重要的驅動因素？還有什麼能像現在這樣，不僅在 2026 年，而且在未來，繼續承擔這份重任呢？

Thanks, Andre, for the question. So -- the situation with the Space Force and the SCAR program is evolving daily. I was in Albequeque New Mexico yesterday, met with the key decision-makers and the program leaders of the SCAR-BADGER program that's space force. And we -- as you know, we started negotiations with the customer so we can resume the work. Unfortunately, we could not come to a mutually acceptable solution that allows us to have a win-win outcome moving forward by renegotiating and resuming the work.

謝謝安德烈的提問。所以——太空部隊和SCAR計畫的情況每天都在變化。我昨天在新墨西哥州阿爾伯克基，會見了太空部隊 SCAR-BADGER 計畫的關鍵決策者和計畫負責人。如您所知，我們已經開始與客戶進行談判，以便恢復工作。遺憾的是，我們無法達成雙方都能接受的解決方案，透過重新談判和恢復工作來實現雙贏的結果。

So the customer has to choose to terminate for convenience and we're entitled to our allowable legal costs incurred plus a profit fee. We are more bullish than ever before that the Phased Array BADGER system and the technology that we have is best-in-class and needed badly for the needs of our country and for the constellation of geosynchronous satellites to US military house.

因此，客戶必須選擇為了自身方便而終止合同，而我們有權獲得我們應承擔的法律費用以及利潤分成。我們比以往任何時候都更加確信，相控陣 BADGER 系統和我們所擁有的技術是同類最佳的，並且是我國和美國軍方地球同步衛星星座急需的。

The urgency and the priority on that capability gap and the need for our solution is actually stronger and more urgent now than ever before. Space Force has directly told me that they're actually going to invest more money in this area because we need it at the country.

如今，彌補這一能力差距的緊迫性和優先性，以及對我們解決方案的需求，實際上比以往任何時候都更加強烈和迫切。太空部隊已經直接告訴我，他們實際上將在這個領域投入更多資金，因為國家需要這方面的資源。

Lastly, we're not going to stop our efforts because we are a firm believer in developing this solution as a commercial item and basically applying our recipe that we've done for years. We're going to continue to develop the capability. We believe we have at least a 3 to 3.5-year head start on all competitors. If space force is successful to recompete, great, we will be eligible to recompete and participate. And our ultimate goal is to basically able to sell the solution to them as a commercial item.

最後，我們不會停止努力，因為我們堅信應該將此解決方案開發成商業產品，並基本上應用我們多年來一直在使用的配方。我們將繼續提升這項能力。我們相信我們比所有競爭對手至少領先3到3.5年。如果太空部隊重新競標成功，那就太好了，我們將有資格重新競標並參與其中。我們的最終目標是能夠將該解決方案作為商品出售給他們。

We believe that's much more favorable for the customer and for AV financially and operational. So we do not expect the SCAR program to have a significant impact on our growth profile beyond this year. We're still going to have a growth year this year. We're going to have a record fourth quarter, record fiscal year performance, both on top line and profitability. And we're positioned for strong growth next year and beyond.

我們認為這對客戶和AV公司在財務和營運方面都更有利。因此，我們預計 SCAR 計畫不會對我們今年的成長前景產生重大影響。今年我們仍將保持成長。我們將迎來創紀錄的第四季業績，以及創紀錄的整個財年業績，無論是營收還是獲利能力都將創下新高。我們已做好準備，迎接明年及以後的強勁成長。

There are several other products and technologies within our space and directed energy business that is in high, high demand and a transition to commercialization today. That includes our local system, our directed gun site, and our laser communication terminals, all of which are expected to grow rapidly over the next two to three years.

在我們的航太和定向能業務領域，還有其他幾種產品和技術目前需求量非常高，並且正在向商業化過渡。這包括我們的本地系統、定向火砲陣地和雷射通訊終端，所有這些預計在未來兩到三年內都將快速成長。

So we're very bullish in this segment. We're very confident about this acquisition in this segment, in this business in general. We are more than ever before, committed to accelerating our progress. This is something that we've done several times in our history, and we have prevailed and we've demonstrated that business success outcome both for ourselves and value for our customers.

所以我們非常看好這個領域。我們對此次收購在該領域乃至整個業務方面都充滿信心。我們比以往任何時候都更致力於加快發展步伐。這是我們歷史上多次做過的事情，我們都取得了成功，並證明了這種商業成功不僅為我們自己帶來了收益，也為我們的客戶帶來了價值。

Got it. Got it. Really appreciate the color there, Wahid. Maybe on a if we could pivot to the Autonomous Systems business. You look there, I mean, on the $990 million IDIQ that you guys have, you've got a recent delivery order of $16 million over less than two years, you're already up to over $700 million in terms of -- on that vehicle.

知道了。知道了。瓦希德，我真的很喜歡那裡的顏色。或許我們可以轉型進入自主系統業務領域。你看，我的意思是，你們有一份價值 9.9 億美元的 IDIQ 合同，最近在不到兩年的時間裡就收到了一份價值 1600 萬美元的交付訂單，就這輛車而言，你們的訂單總額已經超過 7 億美元了。

Have you been having discussions with the customer as to when that could potentially be upside? Is that something that's in the cards? Or is that something that comes up in conversations often?

您是否與客戶討論過這何時可能帶來效益？這是有可能發生的嗎？或者說，這是人們經常談論的話題嗎？

Andre, the short answer is yes. We're actively talking to the customer. And as I mentioned in my remarks. The customer just placed another contract, and awarded as a contract for over $800 million for our family of products, including Switchblade family products, primarily for FMS sales. But it does not -- it gives them a lot of flexibility.

安德烈，簡而言之，答案是肯定的。我們正在積極與客戶溝通。正如我在發言中提到的那樣。客戶剛剛簽訂了另一份合同，這份價值超過 8 億美元的合約涵蓋了我們的一系列產品，包括 Switchblade 系列產品，主要用於 FMS 銷售。但事實並非如此——它給了他們很大的靈活性。

So we have two large contract awards and platforms that the customer can buy under a; b, the customer does have the ability to increase the ceiling on these contracts and the customer also has the potential option to extend the time frame of these contracts. We've had that several times in our past. And I believe, to your point, we are reaching a point where they could consume more products than the ceiling allows today, and we're actively working those different options with the customer. And that's the reason why we feel so bullish to increase our production capacity and going beyond this fiscal year into even next fiscal year 2028 and build another factory that could produce another $2 billion of our products. So we feel very strong about that momentum.

因此，我們有兩個大型合約授予平台，客戶可以根據這些平台購買；客戶可以提高這些合約的上限，並且客戶還可以選擇延長這些合約的期限。我們過去曾多次遇到這種情況。而且我認為，正如您所說，我們正接近這樣一個階段：他們能夠消費的產品數量可能已經超過了目前市場允許的上限，我們正在積極與客戶探討這些不同的選擇。正因如此，我們對提高產能充滿信心，並計劃超越本財年，甚至進入下一個財年（2028 財年），再建一座工廠，每年可生產價值 20 億美元的產品。所以我們對這股勢頭感到非常樂觀。

Louie DiPalma, William Blair.

路易·迪帕爾馬，威廉·布萊爾。

Kevin, congratulations. It was great working with you. Definitely. For my first question, how much revenue does AV expect to recognize from SCAR for fiscal 2026 when taking into account the termination fees and the other fees associated with the -- ending the contract?

凱文，恭喜你。和你一起工作非常愉快。確實。我的第一個問題是，考慮到終止費用和與終止合約相關的其他費用，AV 預計在 2026 財政年度從 SCAR 確認多少收入？

We don't get the specific forecast for each product, but it's included in our guidance. We've factored that all in. And so we feel comfortable, even though this was late breaking news, we're very comfortable with the guidance for the year.

我們無法獲得每種產品的具體預測，但預測結果已包含在我們的指導意見中。我們已經把這些因素都考慮進去了。因此，儘管這是最新發布的消息，但我們對今年的業績指引感到非常有信心。

Yes. I was wondering from the perspective of investors are going to be wondering how they should be modeling fiscal 2027 if this contract ended. And so is there a ballpark in terms of is it like 5% of total revenue? Or is it less than 5%? Or how should we be thinking about that for fiscal ['26]?

是的。我想知道，如果這份合約終止，投資人會如何看待2027財年的市場前景。那麼，大概是佔總收入的 5% 左右嗎？或低於5%？或者我們應該如何從財政角度來考慮這個問題？['26]？

It will be less than 5%. It's not a significant amount next year. That was factored into all of our modeling for the goodwill impairment that all stays intact. But I'd say it's less than $100 million.

會低於5%。明年這個金額並不大。這一點已納入我們所有關於商譽減損的模型中，所有商譽減損均保持不變。但我認為應該不到1億美元。

Great. And Wahid and Kevin, you recently announced the $186 million Army order for the directed requirement involving the Switchblade 600 and the Switchblade 300. Four of your competitors have made contract announcements recently for the Army program and the Marine core organic precision fires light. How has AV progressed with both of those programs? And what's the timing in terms of when you expect your awards and the timing for a potential production award, I think, for lasso you are using your Switchblade 400. So yes, what's the sense of timing for those programs?

偉大的。瓦希德和凱文，你們最近宣布了陸軍價值 1.86 億美元的定向需求訂單，涉及 Switchblade 600 和 Switchblade 300。你的四家競爭對手最近都宣布了陸軍項目和海軍陸戰隊核心有機精確火力項目的合約。AV在這兩個專案中進展如何？那麼，就您預計何時獲得獎項以及潛在的製作獎項而言，我認為，對於 Lasso 這部影片，您使用的是 Switchblade 400 型印表機。那麼，這些項目選擇這個時間點的意義何在呢？

So Louie, we are very actively engaged with the US Army on several fronts on the Swiss blade family products. First of all, you're absolutely right. we were just awarded a $186 million contract for production delivery, not prototypes, not early testing and evaluation, but production units of our second-generation Switchblade 600 Block 2 and then also our Block 20 Switchblade 300. These are the initial two orders for the next generation of Switchblade -- 300, Switchblade 600 products.

所以路易，我們在瑞士軍刀系列產品的多個方面與美國陸軍進行了非常積極的合作。首先，您說得完全正確。我們剛剛獲得了一份價值 1.86 億美元的生產交付合同，不是原型機，也不是早期測試和評估，而是我們第二代 Switchblade 600 Block 2 和 Block 20 Switchblade 300 的量產機型。這是下一代 Switchblade 300 和 Switchblade 600 產品的首批兩份訂單。

In regards to the LASSO program, if you recall, a year plus ago, we were awarded multiple tranches of task orders by the US Army for the direct degree who was referred to as directed requirements, which was essentially part of the LASSO program. So we were the only company who received those awards about a year to two years ago. And most of the other players didn't get anything at that time. So it's actually a catch-up for the other players to stay in the game and receive some awards as part of the competition in order to put the competition for the LASSO to be valid and fair, so A.

關於 LASSO 項目，如果您還記得的話，一年多前，我們獲得了美國陸軍授予的多批任務訂單，用於滿足所謂的直接學位要求，這本質上是 LASSO 項目的一部分。所以，大約一兩年前，我們是唯一獲得這些獎項的公司。而當時其他大多數球員什麼也沒得到。所以，這實際上是為了讓其他玩家能夠繼續留在遊戲中，並獲得一些獎勵，從而使 LASSO 比賽有效且公平，所以 A.

B, I must also say that our Switchblade 400 is purposely designed for the LASSO program. We've designed this from the ground up to be a very well-suited product for that capability. It is quite likely for both LASSO and OPF, Marine Corps, that there is more than one solution for the mission that they require to be part of the final selection of the portfolio of solutions they're going to have. And we feel very good about our options. We had a program review with the Army this past week in our offices for a couple of days. We're doing really well. We're executing. We're performing. Our product is performing really well. We're delivering products to them, and we continue to actually see increased demand from them.

B，我還必須說，我們的 Switchblade 400 是專門為 LASSO 計劃設計的。我們從零開始設計這款產品，使其非常適合此功能。對於 LASSO 和 OPF（海軍陸戰隊）來說，他們很可能需要不只一種解決方案來完成任務，這些解決方案最終將納入他們即將擁有的解決方案組合中。我們對自己的選擇感到非常滿意。上週，我們與陸軍在我們辦公室進行了為期兩天的專案審查。我們做得非常好。我們正在執行。我們正在表演。我們的產品表現非常出色。我們向他們提供產品，而且我們確實看到他們的需求不斷增長。

They are asking us to produce more because they're going to buy more from us. That's the signal that we're getting from the US Army. Exactly what this means for those competitors, I can't comment on that. that needs to be directed towards them.

他們要求我們提高產量，因為他們要向我們購買更多產品。這是我們從美國陸軍得到的訊號。至於這對那些競爭對手究竟意味著什麼，我無法評論。這需要他們自己去評判。

But what I can tell you is that we're positioned quite well on these programs. We're focused on these. We believe we have the right solutions. We have been executing we've been delivering, and we believe that we're going to be a serious recipient of some orders in this in the long run.

但我可以告訴你的是，我們在這些項目中處於相當有利的地位。我們專注於這些方面。我們相信我們擁有正確的解決方案。我們一直在執行，一直在交付，我們相信從長遠來看，我們將成為這個領域的重要訂單接收者。

Great. And one final one, do you see the Iran or accelerating the time line for your Freedom Eagle-1?

偉大的。最後一個問題，您認為伊朗方面是否會加快「自由之鷹-1」的研發進度？

Absolutely, yes, Louie. We have seen an unprecedented amount of requests and demand for proposals and quantity and ROMs, rough order of magnitude quotes from both domestic US customers as well as international customers, not just for the Freedom Eagle-1, but also for our suite of our product line. The conflict in Iran is another example of how well we're positioned on the type of solutions that we've got that means the desperate need of our customers, the US military and our allies.

當然可以，路易。我們看到，來自美國國內客戶和國際客戶的請求和需求數量空前，他們不僅要求 Freedom Eagle-1 的報價，還要求提供我們全系列產品的報價、數量和大致數量級報價。伊朗衝突再次表明，我們擁有的解決方案類型能夠很好地滿足我們的客戶、美國軍方和盟友的迫切需求。

I just read a press release or a report this week that Iran has launched close to 1,400 one-way attack drones into UAE alone in one week. The need for locust, the need for our RF jammers, the Titan series, the need for our one-way attack drones such as Red Dragon or the need for Freedom Eagle-1, and the need for our JUMP 20 and P550 is starting to look better and better, and I expect all this to convert to some additional demand in fiscal year '27 and beyond.

我本週剛讀到一份新聞稿或報告，稱伊朗在一周內僅向阿聯酋就發射了近 1400 架單向攻擊無人機。對蝗蟲無人機、我們的射頻幹擾器、泰坦系列無人機、我們的單向攻擊無人機（如紅龍無人機）或自由鷹-1無人機的需求，以及對我們的JUMP 20和P550無人機的需求，越來越明顯，我預計所有這些都將在2027財年及以後轉化為一些額外的需求。

So I do believe that this is a good critical moment to showcase our capabilities. And also, we're the only ones or one of the very few that can actually produce in volume and deliver a battle-tested proven technology or capability to warfighters today. Most players are talking about production capacity two to three years from now. And manufacturing sites they're going to build that's going to produce whatever number later. We're doing that today across several of our product lines.

所以我認為這是一個展現我們能力的絕佳關鍵時刻。而且，我們是唯一一家或極少數能夠大量生產並向當今作戰人員提供經過實戰檢驗的成熟技術或能力的公司。大多數玩家都在討論未來兩到三年的產能問題。他們還將建造生產基地，這些基地將來會生產任意數量的產品。目前，我們正在多個產品線中實施這項措施。

Jan Engelbrecht, Baird.

Jan Engelbrecht，Baird。

Congrats on retirement, Kevin. I think -- yes, sure. And an update on the up on the direct energy portfolio, just some of the key programs and many milestones we should look out for the rest of calendar year '26 and then '27, just some recent developments. There was a laser weapons test in Albert this past weekend. You got an RFI from the Air Force for a new laser weapon system on Friday -- last Friday?

恭喜凱文退休。我想——是的，當然。關於直接能源投資組合的最新進展，以下是一些關鍵項目和許多里程碑，我們應該關注 2026 年剩餘時間和 2027 年的情況，以及一些最近的發展。上週末，阿爾伯特進行了雷射武器試驗。你上週五（是上週五）收到了空軍關於新型雷射武器系統的資訊徵詢書（RFI）？

And then just any updates on your specific programs on FPIC, AMP or JLTV integration? Just how should we think about that? Because it does seem like we're getting closer to an important sort of time for laser weapons, especially if you just look at what's going on in Iran?

那麼，關於您在FPIC、AMP或JLTV整合方面的具體項目，有什麼最新進展嗎？我們該如何看待這個問題？因為看起來我們似乎正接近雷射武器發展的一個重要時期，尤其是看看伊朗正在發生的事情就知道了？

So Jan, thank you for the comments on the question. And it is really important for our investors and our audience to recognize that the situation that we saw three to four years ago in Ukraine, where it was a showcase of our loading munitions, one-way attack, reconnaissance drone led to a significant shift in the market in terms of demand for those capabilities and higher rate production and more orders and more growth for us. I believe we're in an inflection point with both our RF counter UAS systems as well as our direct energy local systems. I was in Albuquerque facility where we manufacture these systems, and our customers would love to have a lot more of them. In fact, most of our customers are behind the 8 ball as an analogy, if I may use that, in terms of having systems in their hands.

Jan，謝謝你對這個問題的評論。對於我們的投資者和觀眾來說，真正重要的是要認識到，三、四年前我們在烏克蘭看到的情況，即我們裝載彈藥、單向攻擊和偵察無人機的展示，導致市場對這些能力的需求發生了重大轉變，提高了生產速度，為我們帶來了更多的訂單和更大的增長。我認為，無論是我們的射頻反無人機系統還是我們的直接能量本地系統，都正處於一個轉折點。我當時在阿爾伯克基的工廠，我們在那裡生產這些系統，我們的客戶非常希望能夠擁有更多這樣的系統。事實上，如果允許我打個比方，就係統掌握而言，我們的大多數客戶都處於落後狀態。

So we are building systems currently not only for that particular conflict today, but I believe that is going to transition into additional long-term demand in these categories which we are clearly not only the leader, but we're the only game in town that actually has a solution that works, and it's been performing in the field today. It is actively involved and engaged in theater -- multiple theaters -- and the customer is extremely satisfied with its performance. And we have an unprecedented opportunity and position in the market, which we are really trying to scale production and go forward.

因此，我們目前建立的系統不僅是為了應對當前的特定衝突，而且我相信這將轉化為這些類別的長期額外需求，我們顯然不僅是領導者，而且是唯一一家擁有真正有效解決方案的公司，而我們的解決方案如今已經在實際應用中發揮了作用。它積極參與戲劇表演——多家劇院——並且顧客對其演出表現非常滿意。我們在市場上擁有前所未有的機會和地位，我們正在努力擴大生產規模並向前發展。

Exactly how much that demand it is -- means for next year, I can't quantify right now. It is going to be strong demand, and we expect that to eventually turn into a similar situation as it was in Ukraine, even if the conflict stops tomorrow because Locus was developed specifically for Group 1, 2, and 3 drone defensive solution. It is the only direct energy solution that I know of in this size and range that achieves the mission outcomes for our customers successfully, and we're delighted about being able to help our customers.

明年究竟需要多少需求，我現在還無法量化。需求將會非常強勁，我們預計最終會演變成與烏克蘭類似的局面，即使衝突明天就停止，因為 Locus 是專門為 1、2 和 3 類無人機防禦解決方案而開發的。據我所知，這是目前唯一能夠成功實現客戶任務目標的、規模和範圍都如此之大的直接能源解決方案，我們很高興能夠幫助我們的客戶。

Perfect. Very helpful. And a quick follow-up, if I may. In the event, it's very uncertain in theater is sort of drawn out or prolonged in the coming weeks. Are there any systems? I mean, I imagine you're very well positioned, but any systems you want to call out that could be fielded sort of on an accelerated basis by the DOW or sort of be part of this $50 billion emergency reconciliation munitions package that we heard about last week. Is there anything sort of a few programs or platforms you can call out where you could see that happening?

完美的。很有幫助。如果可以的話，我想快速補充一點。最終，劇院的局勢在未來幾週內是否會持續惡化或延長，目前仍非常不確定。是否存在任何系統？我的意思是，我想你們的處境非常有利，但是你們有沒有想提一下，哪些系統可以由陶氏化學公司加速部署，或者可以作為我們上週聽到的那項價值 500 億美元的緊急協調彈藥計劃的一部分？您能否列舉一些可能出現這種情況的程式或平台？

Yes. Jan, in particular, I will highlight a very strong imminent demand for accelerated adoption of our one-way long-range attack drones such as Red Dragon and its family. Our directed energy systems called LOCUST, and our Titan series of RF detect and defeat solutions as well as our reconnaissance drones such as JUMP 20 and P550. Those five products, specifically, I expect us to have a increased demand going into fiscal '27 and then hopefully beyond.

是的。特別是 Jan，我將重點強調，市場迫切需要加快採用我們的單向遠程攻擊無人機，例如“紅龍”及其係列無人機。我們的定向能係統 LOCUST，我們的 Titan 系列射頻探測和反制解決方案，以及我們的偵察無人機，如 JUMP 20 和 P550。具體來說，我預計這五種產品在 2027 財年及以後會有更大的需求成長。

Ken Herbert, RBC.

Ken Herbert，RBC。

Congratulations, Kevin. Maybe just to talk about the revised guide for adjusted EBITDA. How much of that -- and apologies if I missed it, but how much of that is SCAR? And anything else that's moved to the right on the adjusted EBITDA and how we think about then bridging from fiscal '26 to '27 on the adjusted EBITDA in terms of the margin potential upside?

恭喜你，凱文。或許可以談談修訂後的調整後 EBITDA 指引。其中有多少是 SCAR？如果我漏掉了什麼，請見諒。還有哪些因素導致調整後 EBITDA 指標向右移動？我們如何看待 2026 財年到 2027 財年調整後 EBITDA 指標的過渡，以及利潤率的潛在成長空間？

Well, I mean, some of it is obviously related to SCAR, some of it, which is basically a reduction in the revenue. So most of the EBITDA revised guidance is a result of the revenue -- lower revenue guidance and somewhat more R&D during the year. But in terms of expenses are right on track, obviously, a little -- we're higher than we would have probably done if we know the revenue was a little lower, but the business model is definitely intact. I think that as we look at the commercialization, as Wahid was talking about of LOCUST and some of the other things in the space and directed energy segment that we expect to achieve higher gross margins next year than this year, which will drive accelerated -- continued EBITDA growth probably greater than revenue next year.

嗯，我的意思是，其中一些顯然與 SCAR 有關，而另一些基本上是收入減少造成的。因此，EBITDA 調整預期的大部分原因是收入的變化——收入預期降低以及本年度研發投入略有增加。但就支出而言，顯然一切都在掌控之中，雖然略微高於預期——如果收入略低一些，我們的支出可能會更高，但商業模式絕對完好無損。我認為，當我們審視商業化進程時，正如瓦希德談到的 LOCUST 以及太空和定向能領域的其他一些項目時，我們預計明年的毛利率將高於今年，這將推動 EBITDA 持續加速增長，明年的增長幅度可能超過收入增長。

Okay. And maybe just an update on the Switchblade now that you officially have the 400 in the product family, how do we think about capacity on that program? And it sounds like that franchise obviously continues to continues to be very well viewed by the customer set. What's maybe the mix of 300, 400, 600, where is capacity? And how do you see that scaling in the next 6 to 12 months?

好的。既然你們的產品系列中正式加入了 400 型 Switchblade，那麼關於 Switchblade 的最新進展，我們該如何考慮這個專案的產能問題呢？聽起來，這個品牌顯然仍然深受顧客喜愛。或許可以考慮 300、400、600 這幾種組合，這樣容量就夠了？您認為未來 6 到 12 個月內，這種規模化發展前景如何？

You’re welcome, Ken. So I continue to see a lot of potential and growth in revenue for our Switchblade 300 Block 20 and Switchblade 600 Block 2, which is -- we just did our initial shipments to the US Army. I think the demand for those two products, irrespective of the LASSO program [record] or the US Marine Corps OPF program record is going to be very robust, both domestically and internationally.

不客氣，肯。因此，我仍然看到我們的 Switchblade 300 Block 20 和 Switchblade 600 Block 2 有很大的潛力和收入成長空間，我們剛剛完成了向美國陸軍的首批發貨。我認為，無論 LASSO 專案 [記錄] 或美國海軍陸戰隊 OPF 專案記錄如何，對這兩種產品的需求都將非常強勁，無論是在國內還是國際上。

We do not intend to reduce those or slow those down. I think we're going to continue to see demand for that, and it's going to continue to grow.

我們無意減少或減緩這些進程。我認為我們將繼續看到對這方面的需求，而這種需求將繼續增長。

Switchblade 400 is purposely developed for the future longer term growth and adoption of this family. It's primarily developed for the two key things. One is to be able to capture the LASSO program of record. And two, it's designed in such a way that it could be actually mounted in a variety of different platforms much easier. So future helicopters, future airplanes, future ground vehicles, are all -- future drones, larger drones are all potential recipients of the Switchblade 400 variants in the long run. But that's going to be about a year plus later based on the program adoption cycles that we see.

Switchblade 400 是專門為該系列產品未來的長期發展和普及而開發的。它主要是為了兩個關鍵目的而開發的。一是能夠取得 LASSO 程序記錄。其次，它的設計使得它可以更容易地安裝在各種不同的平台上。因此，從長遠來看，未來的直升機、未來的飛機、未來的地面車輛，以及未來的無人機、更大的無人機，都有可能成為 Switchblade 400 型號的接收者。但根據我們觀察到的專案採用週期，這大概還要一年以上的時間。

And the reason why we're increasing our production even further with the Salt Lake City facility is because I believe that beyond fiscal year '27, we're going to continue to see demand in these categories in these products, and the mix will shift eventually more towards 400 but not any time soon.

我們之所以要進一步提高鹽湖城工廠的產量，是因為我相信，在 2027 財年之後，我們將繼續看到這些類別和產品的需求，產品組合最終會更多地轉向 400，但不會很快發生。

[Seth Seifman, JPMorgan].

[Seth Seifman，摩根大通]

This is Rocco for Seth. Thanks for all the help, Kevin. It's been great working with you. Was the SCAR contract split between the cyber and mission systems and space and directed energy subsegments in SCDE? And if not, what kind of weight on Cyber and mission Systems revenue in the quarter?

這是羅科給賽斯的。謝謝你的幫助，凱文。和你一起工作非常愉快。SCAR 合約是否在 SCDE 中分為網路與任務系統和空間與定向能兩個子部分？如果不是，那麼網路安全和任務系統收入在本季將佔多大比重？

So that revenue is actually part of that entire segment. And the SCAR program is under the space not the directed energy piece. I'm sorry, the space and direct energy, not the cyber piece. So the cyber security and cyber and mission systems, that business is separate, and it's not affected by the SCAR program. It's primarily the other side of the segment to our business, which is the space and direct energy.

所以這部分收入其實是整個業務板塊的一部分。SCAR計畫屬於太空領域，而非定向能領域。抱歉，我指的是空間和直接能量，而不是網路部分。因此，網路安全、網路和任務系統等業務是獨立的，不受 SCAR 計劃的影響。它主要涉及我們業務的另一個方面，即太空和直接能源。

Right.

正確的。

I mean, even though it's down year over year in that segment, most of that was planned because of some programs that had gone away before we even acquired BlueHalo. But obviously, we're just doing a pro forma versus the prior year. And there's parts of that business is doing very well on orders, but it's not necessarily showing up in revenue right now.

我的意思是，儘管該領域的業績同比下降，但這主要是因為在我們收購 BlueHalo 之前，一些項目就已經停止了，所以這種情況是可以預見的。但很顯然，我們只是在與前一年進行模擬比較。該業務的某些部分訂單情況非常好，但目前尚未轉化為收入。

Right. That makes sense. And I guess if we're looking at CD&E moving on in Q4 without SCAR, should we be thinking about the segments being able to see growth in Q4 versus the pro forma numbers? And what are the main growth drivers we should think about in the segment?

正確的。這很有道理。我想，如果我們預計 CD&E 在第四季度不會受到 SCAR 的影響，那麼我們是否應該考慮各業務部門在第四季度能否實現成長，而不是與預測數據相比？那麼，在這個領域，我們應該考慮的主要成長驅動因素是什麼？

So long term, I'll let Kevin answer the first part of the question. But long term, we expect our space and cyber business to actually be a significant growth and revenue drivers for the next few years. There are several products, as I mentioned, in technologies that we're at the cusp of transitioning into a commercial item and scaling its production. We did the first one, which was our RF Titan series from Blue halo, but that's in Segment 1. However, the products that are in segment 2, which is essentially the local systems, the laser communication terminals and the direct -- also the gun site, the gunsight, the laser and gunsight system, these are just transitioning to production. And they should be significant growth drivers in fiscal year '27 and beyond. So we expect that segment to grow aggressively over the next several years, that's part of the portfolio.

所以長遠來看，我還是讓凱文來回答問題的第一部分吧。但從長遠來看，我們預計未來幾年我們的太空和網路安全業務實際上將成為重要的成長和收入驅動力。正如我之前提到的，我們有一些產品，在相關技術領域，我們正處於將其轉化為商業產品並擴大生產規模的臨界點。我們做了第一個，那就是我們來自 Blue halo 的 RF Titan 系列，但這屬於第一部分。然而，第二部分的產品，也就是本地系統、雷射通訊終端和直接瞄準系統，以及槍支瞄準器、雷射瞄準器系統，這些產品目前正處於過渡到生產階段。它們應該會成為 2027 財年及以後的重要成長動力。因此，我們預計該細分市場在未來幾年將快速成長，這是我們投資組合的一部分。

Yes. And we do expect Q4 to be strong. I mean obviously, the actual space business is going to take a hit with the SCAR program. But the other businesses like directed energy, we expect to have a very strong fourth quarter.

是的。我們預計第四季業績將表現強勁。很明顯，SCAR計劃將對真正的航太業務造成衝擊。但像定向能這樣的其他業務，我們預計第四季將表現非常強勁。

Jonathan Siegmann, Stifel.

喬納森·西格曼，斯蒂費爾。

Just on SCAR, I know we've been talking a lot about it. Can you just talk a little bit about what success looks like in the recompete? Is it splitting share with somebody else? Is it selling more units at less of a price? Is it having a different role in the contract?

就拿 SCAR 來說吧，我知道我們一直在討論它。您能否簡單談談在重新競爭中取得成功的標準是什麼？是和別人平分股嗎？它是否能以更低的價格賣出更多產品？它在合約中扮演不同的角色嗎？

And then also an idea of when we might hear something on how you guys make out in that recompete?

還有，你們大概什麼時候可以告訴我們你們在那場複賽中結果如何？

Sure. So Jon, we intentionally work with our customers to find a win-win solution on the current contract, the way it's structured. We couldn't do that. Success will look like as follows. We want to develop this product on AV's R&D dollars as a commercial item.

當然。所以，Jon，我們有意與客戶合作，在現有合約架構下找到雙贏的解決方案。我們做不到。成功將體現在以下方面。我們希望利用AV的研發資金將這款產品開發成商業產品。

Because we believe the market opportunity for this is massive, and the billions of dollars globally besides just this space force. We also know that the need for this capability gap has not gone away, and it's stronger. And if we had a commercial off-the-shelf solution available today, I'm a firm believer that the space force and many of the customers would be procuring them as a commercial product with more favorable pricing and more favorable profit profile because typically, we take more risk on R&D upfront and then we sell the product at a higher margin once it becomes commercialized. That is precisely our strategy.

因為我們相信這方面的市場機會很大，除了太空部隊之外，全球還有數十億美元的市場。我們也知道，這種能力缺口的需求並沒有消失，反而更加迫切了。如果今天就有現成的商業解決方案，我堅信太空部隊和許多客戶會以更優惠的價格和更有利的利潤率將其作為商業產品採購，因為通常情況下，我們會在研發方面承擔更大的風險，然後在產品商業化後以更高的利潤率出售。這正是我們的策略。

While we're doing that, Space Force is going to try to recompete this and see if there's other better product or more than one product that can meet their needs. Because the need for this is actually increasing, not decreasing. And they have indicated to me directly that funding for this actually is going to increase, not decrease over the next three to four years. So our intent is as we develop our commercial product, to then provide a commercial solution to the US space force and be able to sell it to them when they are procuring it.

同時，太空部隊將嘗試重新進行競標，看看是否有其他更好的產品，或者是否有不止一種產品可以滿足他們的需求。因為對這種需求實際上正在增​​加，而不是減少。他們已經直接向我表示，未來三到四年內，這方面的資金實際上將會增加，而不是減少。因此，我們的目標是在開發商業產品的同時，為美國太空部隊提供商業解決方案，並在他們購買時將其出售給他們。

And that's the decision that we made jointly with the space force that I believe is a win-win for both parties. It achieves their objective, and it achieves our objective, what we want to do long term.

這是我們與太空部隊共同做出的決定，我認為這對雙方來說都是雙贏的。它實現了他們的目標，也實現了我們的目標，也就是我們想要長期實現的目標。

Obviously, we're not happy that we're taking a hit on the short term, but it is a very good option for us long term, and we're committed to it. My personal commitment and confidence in this solution set is stronger than before. And I believe if we had a commercial offering today, we would be selling it now. It does not exist, and we want to go faster, not slower.

顯然，我們並不樂意在短期內遭受損失，但從長遠來看，這對我們來說是一個非常好的選擇，我們對此充滿信心。我對這套解決方案的個人承諾和信心比以前更強了。我相信，如果我們今天推出商業產品，我們現在就會開始銷售了。它並不存在，而且我們想走得更快，而不是更慢。

We've already had inquiries from other customers for the product. So as well --

我們已經收到其他客戶對該產品的相關諮詢。也是如此。--

That's right.

這是正確的。

But is it conceivable you could be selling this revised product as early as maybe fiscal '27? Or is this more of a longer-term development effort?

但您是否有可能最早在 2027 財年就銷售這款改良後的產品？或者，這更像是一項長期發展計劃？

So most likely, we're redoing that based on the requirements. One of the challenges is to get our customers to agree to a set of requirements that we lock in lock down. And most likely it will be more of a contributor in fiscal year '28 than '27, in terms of significant revenue contribution to the overall portfolio. There are other items in the space business that's going to contribute revenue, but most likely not the BADGER systems in the next fiscal year.

所以很可能，我們會根據需求重新再做一次。其中一個挑戰是讓我們的客戶同意我們在封鎖期間鎖定的一系列要求。而且，就對整體投資組合的重大收入貢獻而言，它在 2028 財年很可能比 2027 財年貢獻更大。航太領域還有其他項目可以帶來收入，但 BADGER 系統在下一個財政年度很可能不會帶來收入。

[Ronald Epstein, Bank of America].

[羅納德·愛潑斯坦，美國銀行]

This is Samantha Stiroh on for Ron today. We're just wondering, are there other programs under OTAs that could be at risk and the programs you highlighted as in transition? Are these programs of record? Or are they still under OTA as well?

今天我是莎曼珊史提羅，代替羅恩為您報道。我們只是想知道，除了您提到的那些處於過渡期的項目之外，OTA 旗下是否還有其他項目可能面臨風險？這些是正式的節目嗎？或者他們也還在使用OTA（線上授權）嗎？

So Vanessa, this is the only program that I know of today. Obviously, we have a large portfolio of programs that are very long, small, and medium sizes and large. But this is the only one that I know of right now that is in this situation, -- and it's not just because it's OTAs. It's primarily because of the circumstances of the customer and their need to go to a commercial model and the capability gap and the desire that we would like to transition there, too. The other products or technologies that we have, we're already transitioning anyway, and there's not a program record for those today. We're competing for some, but we expect those to be successful in the models that we want. So this would be the only one to my knowledge today of this size and magnitude that we're talking about.

所以Vanessa，這是我目前知道的唯一一個專案。顯然，我們擁有大量的專案組合，這些專案規模大小不一，有的很長，有的很小，有的中等，有的很大。但據我所知，目前只有這一個處於這種情況，——而且這不僅僅是因為它是OTA（線上旅行社）。這主要是因為客戶的情況以及他們需要轉向商業模式，以及能力差距，以及我們也希望轉型到商業模式的願望。我們擁有的其他產品或技術，我們無論如何都已經在進行轉型，目前還沒有相關的專案記錄。我們正在與一些競爭對手爭奪客戶，但我們期望這些客戶能夠以我們想要的方式獲得成功。所以據我所知，目前我們所討論的這種規模和程度的事件，只有這一個。

Got it. And then when you talked about the mix shift pushing margins down for the combined BlueHalo AV. Do we see that turn more positive? Or do we expect it to be structurally lower for the near future?

知道了。然後，當你談到組合變化導致 BlueHalo AV 合併後的利潤率下降時。這種情況會好轉嗎？或者我們預期在不久的將來它會處於結構性低位嗎？

We think as we become more commercial items in the space BE business that will drive both the adjusted gross margins, but more importantly, the adjusted EBITDA margins higher over time. Before the merger, we had about adjusted 18% EBITDA margins. BlueHalo much of their business was more like a traditional defense contractor, but the opportunity is significant to take a lot of the things that they were working on with different customers and make them more commercially available. LOCUST is just one of them, that the Gunsite product is -- we're very optimistic on that. It's getting a lot of traction. Also the Wasp product, which is kind of a derivative of BADGER for existing ground stations is also showing some traction. So we're very optimistic as we take these things to commercial markets, it will be significant growth and improve them, the gross margins and the EBITDA margins.

我們認為，隨著我們在太空 BE 業務領域獲得更多商業產品，這將推動調整後的毛利率上升，但更重要的是，隨著時間的推移，調整後的 EBITDA 利潤率也會上升。合併前，我們的調整後 EBITDA 利潤率約為 18%。BlueHalo 的大部分業務更像是傳統的國防承包商，但這是一個重要的機會，可以將他們與不同客戶合作開發的許多產品進行商業化應用。LOCUST 只是 Gunsite 產品中的一款——我們對此非常樂觀。它獲得了很大的關注。此外，Wasp 產品（某種程度上是 BADGER 的衍生產品，適用於現有地面站）也顯示出一定的市場吸引力。因此，我們非常樂觀地認為，隨著這些產品進入商業市場，毛利率和 EBITDA 利潤率將會顯著成長並提高。

Trevor Walsh, Citizens.

特雷弗·沃爾什，市民。

Wahid, maybe just a clarification. For the programs that you called out within space and direct energy, specifically the locus, the laser comms and the laser gun sites. As you take those to more of a commercialized approach. Can you just -- I'm assuming -- that doesn't mean that you're necessarily retooling those from a technology perspective to make them more cost similar to what's happening with BADGER? Or is it just more the go-to-market and just that more of just as you kind of move them to just a different phase of their cycle, if you will?

瓦希德，或許我需要澄清一下。對於您在太空和定向能領域中提到的項目，特別是 Locus、雷射通訊和雷射砲陣地。當你將這些方法轉向更商業化的方式。您能否解釋一下——我假設——這並不意味著您一定會從技術角度對這些產品進行改造，使其成本更接近 BADGER 的情況？或者說，這更多的是一種市場推廣策略，一種將他們推向生命週期不同階段的策略？

It's more, Trevor, a go-to-market business model and strategy than the programs. The reason why the BADGER was both is because we already had a contract that was a cost-plus contract, and terms and conditions of that contract basically constricted us from being able to go to a commercial model. So we had an opportunity to renegotiate that with the space force. And now we're moving more expeditiously towards that model. But most of it's -- no, there's not really any change in the technology.

特雷弗，與其說是專案本身，不如說是一種市場推廣的商業模式和策略。BADGER之所以同時具備這兩種特性，是因為我們已經簽訂了一份成本加成合同，而該合同的條款和條件基本上限制了我們採用商業模式。因此，我們有機會與太空部隊重新談判。現在我們正加速朝這種模式邁進。但大部分方面——不，技術上並沒有什麼真正的改變。

We have very compelling differentiated solutions and technology. We're trying to change the business model and the go-to-market strategy with our customers in the market on how we price these, how we offer this, and how we actually want to build the business going forward and scale it.

我們擁有極具競爭力的差異化解決方案和技術。我們正在嘗試改變商業模式和市場進入策略，與市場上的客戶一起，改變我們如何定價、如何提供這些產品，以及我們未來真正想要如何發展和擴大業務規模。

Got it. Super helpful. And Kevin, maybe just one quick follow-up for you. Just piggybacking on around the guide and just maybe a more directed question. So -- if I just look at the midpoint from where you had the FY26 guide to where you guided now, it's about a $75 million shift down.

知道了。非常有用。凱文，或許我還有一個後續問題想問你。只是藉用一下指南，或許可以提一個更有針對性的問題。所以——如果我只看你 2026 財年指導價到你現在的指導價的中點，大約下降了 7500 萬美元。

Is it fair to assume that, let's call it, a strong majority of that sum is SCAR related or maybe even more even split of SCAR and the other programs that you alluded to? Just trying to get a sense of kind of what the full range of that impact was?

是否可以合理假設，這筆款項中的絕大多數與 SCAR 有關，或者 SCAR 和您提到的其他項目之間的比例更加均衡？我只是想了解這件事的全部影響範圍是什麼？

Well, I mean, this has been a tough year in many ways. I mean, you've had all the government funding delays and the pushing of things to the right, some of the things that usually drive our margins higher. To be honest, we've been somewhat capacity constrained on the things that really, we could have probably shipped this year that we now are in the process of building capacity for. So when you put that all together, at the end of the day, we hit the midpoint of both the guidance is. Obviously, we're hopeful that we'll be well into the over 1.9 range on the revenue as our original guidance set, it just drives that EBITDA margin down because of the volume and the mix, but it's really the volume that drives down the number.

嗯，我的意思是，今年在很多方面都很艱難。我的意思是，政府撥款延遲，政策也向右傾斜，而這些通常都會推高我們的利潤率。說實話，我們今年本來可以出貨的產品，現在正在努力提高產能，但產能卻受到了一定的限制。所以，綜合所有因素來看，最後我們得到了兩個指導意見的中間值。顯然，我們希望營收能夠達到我們最初設定的1.9以上的水平，只是由於銷售和產品組合的原因，EBITDA利潤率有所下降，但真正導致利潤率下降的是銷售量。

But we're very optimistic about next year, seeing the activity that's coming in. The money is starting to flow. It seems like to the different forces, different branches, and then down to the programs, then the war that activity is significant and likely to drive our growth higher than this year for next year.

但鑑於目前的市場活動，我們對明年非常樂觀。資金開始流入。看起來，對於不同的力量、不同的部門，甚至各個項目，戰爭活動都意義重大，並可能推動我們明年的成長高於今年。

Austin Bohlig, Needham & Company.

奧斯汀·博利格，尼德姆公司。

First one just has to do with your guys' updated full year revenue guidance. If you're just looking at the autonomous segment, obviously, demand trend seems to be strengthening. How has that changed compared to the beginning of the year when you gave this guidance when you kind of back out the SCAR opportunity?

第一個問題與你們更新後的全年營收預期有關。如果只看自動駕駛領域，很顯然，需求趨勢似乎正在增強。與年初你給予指導意見，並取消 SCAR 機會時相比，情況發生了哪些變化？

So Austin, we don't go into that level of detail for the future forecasts. We will provide our forecast that later. What I can tell you is that the demand on our systems are quite strong. So -- we had three primary -- that led to a quote that we're not satisfied with. I'm not happy with, and I'm holding my accountable more than anyone else for that.

所以奧斯汀，對於未來的預測，我們不會涉及那麼詳細的資訊。我們稍後會提供預測數據。我可以告訴大家的是，我們這個系統面臨的壓力非常大。所以——我們有三個主要報價——但最終得到的報價我們並不滿意。我對此很不滿意，而且我認為自己對此負有比任何人都大的責任。

We are committed to actually deliver on our fourth quarter. We've had a long history and track record of being successful and growing and delivering value to our shareholders. We had a miss because of two external issues and one internal issue, as I described in my remarks, the demand of fundamental underlying demand for our systems never been stronger in my tenure at AV for 16 years. And both in our autonomous systems segment as well as in the space and cyber business, we've got strong long-term growth opportunities here. We're committed to those.

我們承諾會切實實現第四季的目標。我們擁有悠久的成功歷史和良好的業績記錄，不斷成長並為股東創造價值。正如我在演講中所述，由於兩個外部問題和一個內部問題，我們未能成功。在我擔任 AV 員工的 16 年間，對我們系統的基本需求從未如此強烈。無論是在自主系統領域，還是在太空和網路安全業務領域，我們都擁有強勁的長期成長機會。我們致力於實現這些目標。

We're going to have a great still year growth year, as Kevin mentioned earlier in his remarks, and we're going to be positioned really well for fiscal '27. And so we are committed to performing and delivering value and results to our shareholders. And in Q4, we're going to see strong growth. But unfortunately, there's not a lot of time because of the timing delays, we can't convert all that to revenue that quickly. There's only so much that our customers can take and how fast we can put through the factories and get them sold off to our customer satisfaction and keep the quality where we would like to be at 100%, great quality.

正如凱文在前面的演講中所提到的，我們將迎來一個成長強勁的靜止年，我們將為 2027 財年做好充分準備。因此，我們致力於為股東創造價值和績效。第四季度，我們將看到強勁成長。但不幸的是，由於時間上的延誤，我們沒有足夠的時間將所有這些轉化為收入。我們的客戶能接受的數量是有限的，我們能以多快的速度將產品生產出來並銷售出去，才能讓客戶滿意，同時保持我們希望達到的100%的高品質。

So it's going to go into Q1 and beyond. And I think it's going to be a growth year again next year for us.

所以它會持續到第一季及以後。我認為明年對我們來說又將是成長的一年。

There's nothing wrong with this year. I mean $1.9 billion of revenue, putting these two companies together and facing all those challenges and still be able to accomplish that with all of the government funding turmoil and things like this, a SCAR. I'm very proud of that hitting that target. And the EBITDA will be within, say, 90% of what our original guidance was. So there's not -- nothing to be ashamed about this.

今年沒什麼不好。我的意思是，19億美元的收入，將這兩家公司合併在一起，面對所有這些挑戰，還能在政府資金動盪以及諸如此類的事情（比如SCAR）的情況下完成這件事。我為擊中目標感到非常自豪。EBITDA 將會達到我們最初預期值的 90% 左右。所以，這沒什麼好羞恥的。

It's still the leading biggest defense technology company out there in terms of EBITDA, in terms of revenue, any metric you want to have. So I think it's overall and all, it was a great first year of this merger.

就 EBITDA、收入以及任何你想要衡量的指標而言，它仍然是領先的、規模最大的國防科技公司。所以總的來說，我認為這是合併後的第一個非常棒的一年。

Okay. And then kind of my second question has to do with LRR. That line item in the budget got a significant increase, which includes SR, MR, and LRR. Do you guys have a sense of kind of like what the allocation might be for you guys in or related to LRR in total?

好的。我的第二個問題與 LRR 有關。預算中的該項支出大幅增加，其中包括 SR、MR 和 LRR。你們有沒有大致的概念，對你們來說，LRR（長期投資報酬率）整體上的分配比例大概是多少？

So Austin, we have not received any specific sort of breakdown of how the funding is going to be allocated to those categories. Well, what I do know and what we are certain about is that our customer is in desperate need to acquire more of these solutions as quickly as possible.

所以奧斯汀，我們還沒有收到任何關於資金將如何分配到這些類別的具體明細。嗯，我所知道的，也是我們確信的，是我們的客戶迫切需要盡快獲得更多此類解決方案。

We've had our manufacturing ready review with the customer for P550. They just gave us an initial order, which I described on my earnings remarks comments. And I expect the P550 and LRR to be a significant growth driver in fiscal year '27.

我們已經和客戶一起完成了 P550 的生產準備審查。他們剛剛給了我們一個初始訂單，我在我的收入備註中對此進行了描述。我預計 P550 和 LRR 將在 2027 財年成為重要的成長動力。

And for that specific reason, we're actually ramping up production even more. And so I think we're going to be most likely receiving based on my understanding and reading the market and the customer interest healthy significant growth in our P550 product line in terms of revenue next fiscal year in orders.

正因如此，我們實際上正在進一步提高產量。因此，我認為根據我對市場和客戶興趣的理解和解讀，我們 P550 產品線在下一個財政年度的訂單收入方面很可能會取得健康顯著的成長。

[Nicolas Labadie, UBS].

[尼可拉斯‧拉巴迪，瑞銀集團]

Zooming out of it, as UAS bordering munitions, one-way attack drones and many of your other technologies continue to evolve daily on the modern battlefield. How do you balance meeting the current demand surges that you're seeing from the customer with the risk of building excess inventory given the pace of advancements in the space and how quickly some technologies are becoming obsolete?

從更宏觀的角度來看，無人機系統、彈藥、單向攻擊無人機以及你們的許多其他技術在現代戰場上每天都在不斷發展。鑑於該領域發展日新月異，某些技術更新換代速度很快，您如何在滿足客戶當前激增的需求與避免庫存過剩風險之間取得平衡？

So thank you for asking that question because it's an important one. We really watch that very carefully to make sure that we do not have built inventory excessively that then could become obsolete or not useful for our customers. The situation is such that the customers today and most likely in the foreseeable future, will take all the demand that we can build on the categories that we are talking about. The UAS, load ammunition, one-way attack, RF counter UAS, et cetera, et cetera, in direct energy. So we're scaling these things based on really, really solid anticipated demand that we see in fiscal '27 and fiscal '28, number one.

所以，謝謝你提出這個問題，因為這確實是一個重要的問題。我們會非常仔細地監控庫存，以確保不會累積過多的庫存，以免庫存過時或對我們的客戶沒有用處。目前的情況是，在可預見的未來，顧客將會接受我們在這些類別中所能建立的所有需求。UAS、裝載彈藥、單向攻擊、射頻反UAS等等，等等，直接能量。所以，我們之所以擴大這些規模，是基於我們在 2027 財年和 2028 財年看到的非常非常強勁的預期需求，這是第一點。

Number two, the second point I want to make is that the system, the products are designed such way that we can make upgrades and improvements to them on a modular fashion quite quickly. And so the situation in the battlefield could change. And when it does change, we make adjustments, we make improvements, and we've rolled those out on the existing platforms and even on our existing systems and the architecture. So it is not a very large change in risk in that regard.

第二點，我想說的第二點是，該系統和產品的設計方式使得我們可以以模組化的方式快速升級和改進。因此，戰場局勢可能會改變。當情況改變時，我們會進行調整和改進，並將這些調整和改進應用到現有平台，甚至應用到我們現有的系統和架構中。所以從這方面來看，風險並沒有太大的改變。

Lastly, throughout the last three to four years, we've learned a lot from the Ukraine conflict. We're there involved with a dozen of our different products and thousands. And so there is not a lot that the adversary can throw at us that can surprise us. And we're staying ahead of that. We've been staying ahead of that, and I think that's a recipe that we know how to execute on quite well compared to everyone else.

最後，在過去三、四年裡，我們從烏克蘭衝突中學到了很多。我們參與了十幾種不同產品和數千種產品的生產。因此，敵方能用來讓我們措手不及的手段並不多。而我們正始終保持領先地位。我們一直走在前面，我認為與其他人相比，我們在這方面做得相當出色。

And so I feel pretty good about that. At the same time, our customers are really, really asking us ramping up. There is not only a shortage in terms of what they can use today. There's a shortage in terms of stockpiling and filling their magazines for the future because the world is not a safe place. And this is -- looks like it's going to continue for a while, and we're positioned quite well.

所以我覺得這方面還不錯。同時，我們的客戶真的、真的要求我們提高產能。不僅是他們現在能使用的東西短缺。由於世界局勢不安全，未來物資儲備和雜誌填報出現短缺。看來這種情況還會持續一段時間，而我們已經做好了充分的準備。

Clarke Jefferies, Piper Sandler.

克拉克·傑弗里斯，派珀·桑德勒。

Kevin, maybe to put the funding turmoil in the rearview mirror. I mean we're now here with the new budget. There were reports last week that there might be an appetite to pull forward some of the reconciliations funding. Is it too early for you to see some of that contract activity or some of the new sort of process start to proceed with the budget underway? And maybe just maybe paint us a picture of the next six to nine months on how some of this spending authority plays out?

凱文，或許是為了把資金困境拋在腦後。我的意思是，現在我們有了新的預算。上週有報道稱，可能有人希望提前撥付部分和解金。現在就看到一些合約活動或一些新的流程在預算執行過程中開始推進，您覺得是不是為時過早？或許可以為我們描繪未來六到九個月內，這些支出授權將如何發揮作用？

Do you expect the peak of the sort of contract activity to happen between now and September? Or how do you expect it to play out? And then one follow-up.

您預計這類合約活動的高峰期會出現在現在到9月之間嗎？還是你認為事情會如何發展？然後還有一次後續跟進。

So Clarke, I do expect an uptick in contracting and awards for us in the Q1 and Q2 time frame, primarily because of the budgets. I'm in Washington, Capitol Hill, and Pentagon regularly. We have a team very focused on tracking the funding and the approval of this money, while it's authorized and appropriate, it still has to come in from the OMB to the Pentagon and to specific accounts within the services in order for the program officers to be able to execute on those contracts. They are priming the pump. They are working with us.

所以克拉克，我預計在第一季和第二季度，我們的合約簽訂和授標數量將會增加，這主要是因為預算增加。我經常出入華盛頓、國會山莊和五角大廈。我們有一個團隊非常專注於追蹤資金的來源和審批情況。雖然這筆資金已經獲得授權並符合規定，但仍需要從美國行政管理和預算辦公室 (OMB) 撥付到五角大樓，再撥付到各軍種的特定帳戶，專案官員才能執行這些合約。他們正在為啟動做準備。他們正在與我們合作。

We're tracking it very closely. I see really positive signs. I can't predict it exactly to the right quantity, but I think that the momentum is moving in the right direction. And I think you're right that in Q1 and Q2, we should see an uptick, primarily because the next budget cycle starts out after that, and the government budgeting cycle ends towards the Q2 -- or Q2 roughly.

我們正在密切關注此事。我看到了很多積極的跡象。我無法精確預測具體數值，但我認為發展動能正朝著正確的方向發展。我認為你的說法是對的，第一季和第二季應該會出現成長，主要是因為下一個預算週期在那之後開始，而政府預算週期在第二季左右結束。

Perfect. And just a follow-up, I think you touched on a lot of coverage of the BADGER program and the commercialization in other of the CGE program. But I just wanted to specifically ask what commercialization might look like for the BADGER program? How does that change your current manufacturing lines or the capacity plans you may have, does the commercialization look like a retool of that technology to bring the capability more in line of what the off-the-shelf offering would look like. I’d just love a little margin detail on commercialization for BADGER going forward.

完美的。還有一個後續問題，我認為您已經談到了很多關於 BADGER 計劃和 CGE 計劃其他部分的商業化報告。但我只是想具體問一下，BADGER 專案的商業化可能會是什麼樣的？這會如何改變您目前的生產線或產能計畫？商業化是否意味著對該技術進行改造，使其能力更接近現成產品？我非常希望能了解 BADGER 未來商業化的一些細節。

Sure. So let me add some color there, Clarke. We understand the capability gap. We understand that our C2, the command and control systems for all of our military and intelligent satellite needs to be upgraded in overhauled. Phased array is going to be one of the key solutions in that problem statement.

當然。克拉克，讓我來補充一些細節。我們了解能力差距。我們明白，我們所有軍事和智慧衛星的指揮控制系統（C2）需要升級和改造。相控陣將是解決此問題的關鍵方案之一。

And we have about a 3-, 3.5-year head start than anyone else. We also understand what it takes to actually have a solution that works. In fact, we've demonstrated some of that already. So as long as we can neck down the requirements with the customer to a definitive crisp level, we're going to go ahead and lock down the design and we're going to convert that into a product that we can produce and deliver to our customers. That will take about a year or so time frame.

我們比其他人領先大約 3 到 3.5 年。我們也明白，要真正找到有效的解決方案需要付出哪些努力。事實上，我們已經展示了其中的一些內容。只要我們能與客戶把需求細化到一個明確的水平，我們就可以繼續敲定設計，並將其轉化為我們可以生產並交付給客戶的產品。那大概需要一年左右的時間。

And at the end of that, we will have a product just like a Switchblade or just like a Puma or just like a JUMP 20 with a whole bunch of different features and functions and a price tag and a lead time that our customers can procure. We do not have to engage in black word. They have to actually watch over us on how we develop the solution and how much progress we make every day on that design effort. It is all going to be within our control.

最終，我們將擁有一款類似 Switchblade、Puma 或 JUMP 20 的產品，它具有一系列不同的功能和功能，並有相應的價格和交貨時間，供我們的客戶採購。我們不必使用髒話。他們必須監督我們如何開發解決方案，以及我們每天在設計工作中取得多少進展。一切都將在我們的掌控之中。

We want that because it allows us to go fast. It allows us to design the best solution for our customer. So success would look like that in the next 12 to 18 months. And I believe that the need continues to actually grow rather than shrink. And the urgency in our customer is increasing, not decreasing.

我們想要這樣，因為它能讓我們跑得更快。它使我們能夠為客戶設計最佳解決方案。因此，未來 12 至 18 個月內，成功將呈現這樣的面貌。而且我認為這種需求實際上還會持續成長，而不是減少。而且，客戶的緊迫感不減反增。

It is a very high priority for the US space force to solve this problem and address the problem with the solution. And we are well ahead of everyone else. We just need to get it done and deliver the solution as a commercial item.

解決這個問題是美國太空部隊的首要任務，也是解決問題的當務之急。我們遙遙領先其他所有人。我們只需要完成這項工作，並將解決方案作為商業產品交付即可。

Michael Leshock, KeyBanc Capital Markets.

Michael Leshock，KeyBanc Capital Markets。

I wanted to follow up on your commentary on the conflict in Iran, and particularly the Switchblade portfolio, given that the industry has evolved since the start of the Russian-Ukraine war and there have been some new entrants into the UAS market. How might the possibility of boots on the ground in Iran, be similar or different versus several years ago? And then what do you view as the biggest differentiators of the Switchblade family from other competitive offerings?

我想就您對伊朗衝突的評論，特別是關於Switchblade產品組合的評論，因為自俄烏戰爭開始以來，該行業已經發生了變化，並且有一些新的無人機系統市場進入者。與幾年前相比，如今派遣地面部隊到伊朗的可能性有何異同？那麼，您認為Switchblade系列產品與其他競爭產品相比最大的差異是什麼？

Well, so -- we have several competitive differentiators than anyone else, right? We're already battle proven. We're already relevant. We've already validated that it works against those kinds of threats. The type of drones you see such as Shahed and others that Iran is firing, we have faced those already in the battlefields of Ukraine. And we're also the one that could produce them to day reliably, at that scale.

所以，我們比其他任何人都擁有幾個競爭優勢，對吧？我們已經身經百戰。我們已經具有影響力了。我們已經驗證過，它能有效抵禦這類威脅。伊朗發射的沙赫德等無人機，我們在烏克蘭戰場上已經遭遇過。而且，我們也是目前唯一一家能夠以這種規模可靠地生產這些產品的公司。

Lastly, as the enemy lines move, our systems are going to be more relevant because of the ranges that you have to reach and hit, and the offensive side. On the defensive side, we've got the best solutions in the market that is actually working today, right? Both in the RF detect and defeat jammers, the Titan. I mean, literally, we can't make those fast enough. We are ramping production as fast as humanly possible, while keeping the quality high.

最後，隨著敵軍防線的移動，我們的系統將變得更加重要，因為你必須達到並擊中目標的距離以及進攻方面。在防禦方面，我們擁有市場上目前真正有效的最佳解決方案，對吧？Titan 既能偵測射頻幹擾器，又能擊敗幹擾器。我的意思是，真的，我們根本來不及生產那麼多。我們正在以最快的速度提高產量，同時保持高品質。

I want to emphasize we want to make sure that our product is always of highest quality when it gets to our customers' hands. That is how we built our reputation, and we're not going to compromise on that. And lastly, I want to mention the locus direct energy. The number of drones and one we attack drones that Iran is firing at us and our allies in the region is quite, quite overwhelming, right? And we need solutions such as LOCUST to be able to fight this economically and protect us.

我想強調的是，我們希望確保我們的產品在送到客戶手中時始終保持最高品質。我們就是這樣建立起我們的聲譽的，我們絕不會在這方面妥協。最後，我想提一下軌跡直接能量。伊朗向我們和我們在該地區的盟友發射的無人機和攻擊型無人機的數量相當驚人，對吧？我們需要像 LOCUST 這樣的解決方案，才能在經濟上對抗病毒並保護自己。

Our ships, our bases, civilian sites, critical infrastructure, oil refineries, power plants, the grid, all of these things need to be protected, and they are all phenomenal candidates for our solutions. So I expect that demand to increase probably more than even the supply that we have. But I think we're going to get a very good share of this demand if there were boots in the ground or if there was no goods in the ground.

我們的船艦、基地、民用場所、關鍵基礎設施、煉油廠、發電廠、電網，所有這些都需要保護，它們都是我們解決方案的絕佳候選對象。所以我預期需求成長幅度可能會超過我們現有的供應量。但我認為，無論地面上是否有士兵，或地面上沒有貨物，我們都能獲得很大一部分需求。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

We'll miss you here, Kevin. So I guess just to start off, on Badger, so I mean the system was designed to be modular and built out of tile. So how difficult will it be, I guess, to reformulate it into a more commercial solution with the smaller form factor since that's what the space force has indicated they wanted. And I guess, -- you said, I think, on the last question that you think it will take 12 months to produce a product?

凱文，我們會想念你的。所以我想先從 Badger 系統說起，我的意思是，該系統被設計成模組化的，並且是由瓷磚搭建而成的。那麼，我想，要把它重新設計成更小尺寸、更具商業價值的解決方案，難度會有多大呢？因為太空部隊已經表示他們想要的就是這種尺寸。我想，您在上一個問題中提到，您認為生產一個產品需要 12 個月的時間？

Yes. So Austin, about 80% to 90% of what we've already developed and designed is going to be applicable to the modifications that we want to make. The modifications are essentially to do two things: To simplify the solutions in its manufacturing processes, a; and b, to make it more cost effective. So we can actually achieve the overall program objectives for the customer, which is a right? And so those two things mean that almost 80% plus of what we've done in the tile architecture of the Phased Array of the BADGER is reusable, if not more, if not more.

是的。所以奧斯汀，我們已經開發和設計的東西中，大約有 80% 到 90% 將適用於我們想要進行的修改。這些修改主要是為了實現兩個目標：a. 簡化其製造流程中的解決方案；b. 使其更具成本效益。這樣我們就能真正實現客戶的整體專案目標，對吧？因此，這兩件事意味著，我們在 BADGER 相控陣的瓦片架構中所做的工作，幾乎 80% 以上都是可重複使用的，甚至可能更多。

What we're trying to do is to reduce the parts count simplify the design, shrink it to a smaller size, reduces complexity, make it more of a viable commercial product while utilizing 90% or so plus of the existing development and architecture and design that we've already done. It's not really -- we don't have to invent new technologies or new designs to achieve that. Really, those risk factors have already been burned out. Now is the time to execute on transitioning to production and lower cost and reliability, so we can scale.

我們正在努力減少零件數量，簡化設計，縮小尺寸，降低複雜性，使其成為更具可行性的商業產品，同時利用我們已經完成的 90% 以上的現有開發、架構和設計。其實並非如此——我們不需要發明新技術或新設計來實現這一點。實際上，那些風險因素早已被消除。現在是時候推動向生產轉型，降低成本，提高可靠性，從而實現規模化發展了。

And thank you, ladies and gentlemen. This concludes the Q&A session. I will pass it back to Denise Pacioni for closing comments.

謝謝各位女士、先生。問答環節到此結束。我將把這個主題轉交給丹尼斯·帕西奧尼，請她做總結發言。

Thank you once again for joining today's conference call and for your interest in AV. As a reminder, an archived version of this call, SEC filings and relevant news can be found under the Investors section of our website. We hope you enjoy the rest of your evening and we look forward to speaking with you again following next quarter's results.

再次感謝您參加今天的電話會議，也感謝您對影音技術的關注。提醒各位，本次電話會議的存檔版本、美國證券交易委員會的文件以及相關新聞，都可以在我們網站的「投資者」版塊找到。希望您今晚餘下的時間過得愉快，我們期待在下一季業績公佈後再次與您交流。

This concludes our conference. Thank you for participating, and you may now disconnect.

我們的會議到此結束。感謝您的參與，您現在可以斷開連接了。