AeroVironment, Inc. (AVAV) 2026 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AeroVironment fourth quarter and full fiscal year 2026 earnings call. (Operator Instructions) Please be advised that today's call is being recorded.

各位好，感謝您耐心等候。歡迎參加 AeroVironment 2026 會計年度第四季及全年財報電話會議。（接線員指示）請注意，今天的電話會議將被錄音。

I would now like to hand it over to our first speaker, Denise Pacioni, Head of Investor Relations. Please go ahead.

現在我想把電話交給我們的第一位講者，投資人關係主管 Denise Pacioni。請開始。

Thank you, and good afternoon, ladies and gentlemen. Welcome to AV's fourth quarter and full 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，各位女士、先生，下午好。歡迎參加 AV 2026 會計年度第四季及全年財報電話會議。我叫 Denise Pacioni，是 AV 的投資人關係主管。在開始之前，請注意，本次電話會議中所呈現的部分資訊包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述涉及許多風險與不確定性，可能導致實際結果與我們的預期出現重大差異。

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 statements portions of such filings. Copies are available from the SEC, on the AeroVironment website, www.avinc.com, or from our Investor Relations team.

關於這些風險與不確定性的進一步資訊，載於公司向美國證券交易委員會（SEC）提交的 10-K 及其他申報文件中，尤其是其中的風險因素與前瞻性陳述相關章節。相關文件可自 SEC、AeroVironment 網站 www.avinc.com，或透過我們的投資人關係團隊取得。

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, June 29, 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，我們也隨同財報新聞稿提交了一份簡報，並將該簡報發布於我們網站「投資人」專區的「活動與簡報」項下。本次電話會議內容包含具時效性的資訊，僅截至今日（2026 年 6 月 29 日）為準且為正確。公司不承擔更新任何前瞻性陳述之義務，無論係因新資訊、未來事件或其他原因。

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

今天與我一同出席的 AV 主管包括：董事長、總裁兼執行長 Wahid Nawabi 先生；以及執行副總裁兼財務長 Sean Woodward 先生。接下來我們先請 Wahid Nawabi 發表談話。Wahid？

Thank you, Denise. Welcome, everyone, to our fourth quarter and full fiscal year 2026 earnings conference call. I will begin by summarizing our quarterly and full year performance, followed by Sean, who will review our financial results in greater detail and then discuss guidance for fiscal year 2027. After this, Sean, Denise and I will take your questions. I'm pleased to report record fourth quarter results across several key financial performance metrics, delivering AV's strongest financial performance to date.

謝謝你，Denise。各位好，歡迎參加我們 2026 會計年度第四季及全年財報電話會議。我將先概述我們本季與全年表現，接著由 Sean 更詳細地說明財務結果，並討論 2027 會計年度的財測指引。之後，Sean、Denise 與我將回答各位的提問。我很高興報告，我們在多項關鍵財務績效指標上創下第四季紀錄，交出 AV 迄今最強勁的財務表現。

We reported fourth quarter revenues of nearly $642 million with increased funded backlog of $1.2 billion, strong adjusted EBITDA of $140 million and bookings of $572 million. For the full fiscal year, we delivered revenue of nearly $2 billion, ahead of our most recent quarterly guidance and in line with our initial guidance from about a year ago, and bookings of $2.7 billion. Full year adjusted EBITDA of $286 million came in above the high end of our most recent guidance range. And non-GAAP EPS was $3.31 per share, well above the higher end of our guidance.

我們第四季營收接近 6.42 億美元，已獲資金支持的在手訂單（funded backlog）增加至 12 億美元，調整後 EBITDA 強勁達 1.40 億美元，接單（bookings）為 5.72 億美元。就全年而言，我們實現接近 20 億美元的營收，高於我們最近一次季度指引，並與約一年前提出的初始指引一致；全年接單為 27 億美元。全年調整後 EBITDA 為 2.86 億美元，高於我們最近指引區間的上緣。非 GAAP 每股盈餘為 3.31 美元，明顯高於指引上緣。

With demand for our solutions continuing to rise, our work over the past year has positioned AV as a stronger, more resilient and diversified company. Before outlining several opportunities and key growth drivers that will help us reach our strategic goals for fiscal year 2027 and beyond, let me first cover some key highlights from the fourth quarter and full fiscal year 2026.

隨著市場對我們解決方案的需求持續上升，我們過去一年的努力使 AV 成為一家更強健、更具韌性且更多元化的公司。在說明幾項將協助我們達成 2027 會計年度及更長期策略目標的機會與關鍵成長動能之前，我先回顧 2026 會計年度第四季與全年的幾項重點亮點。

First, we achieved record fourth quarter revenue of $642 million and record full year revenue of nearly $2 billion. Organic revenue growth for the quarter was 31% and 30% for the full fiscal year. Second, we delivered strong fourth quarter adjusted EBITDA of $140 million or 22% of revenue on higher sales volume, demonstrating AV's profitability potential with increased volume.

第一，我們達成創紀錄的第四季營收 6.42 億美元，以及創紀錄的全年營收接近 20 億美元。本季有機營收成長為 31%，全年有機營收成長為 30%。第二，在銷售量提升的帶動下，我們交出強勁的第四季調整後 EBITDA 1.40 億美元，約占營收 22%，展現 AV 在規模放大下的獲利潛力。

Third, we developed and launched several new products, won several key program awards and made strong software advancements that will strategically facilitate growth for AV and to the future. Fourth, we successfully diversified our portfolio with the transformational acquisition of BlueHalo, nearly doubling in size and adding additional capabilities in counter-UAS platforms, space technologies, cyber and advanced solutions.

第三，我們開發並推出多項新產品，贏得數個關鍵專案獎項，並在軟體方面取得重大進展，將在策略上促進 AV 的成長並面向未來。第四，我們透過具變革性的 BlueHalo 收購案成功使產品組合更多元，規模幾乎倍增，並新增反無人機（counter-UAS）平台、太空技術、資安與先進解決方案等能力。

And fifth, looking ahead, we're establishing fiscal year 2027 revenue guidance to between $2.125 billion and $2.225 billion. Adjusted EBITDA guidance for fiscal year 2027 is set between $305 million and $325 million. Our confidence in fiscal year 2027 is grounded in the momentum we built this past year and the significant wins we have achieved across our platforms.

第五，展望未來，我們對 2027 會計年度的營收指引為 21.25 億至 22.25 億美元。2027 會計年度調整後 EBITDA 指引設定為 3.05 億至 3.25 億美元。我們對 2027 會計年度的信心，建立在過去一年累積的動能，以及我們在各平台上取得的重大勝利之上。

In lethal drones, we introduced several new products, including Switchblade 400 and Mayhem 10. Our new one-way attack solution, Red Dragon, was awarded several contracts, and we're preparing to bring additional Switchblade production online at our Salt Lake City facility at the beginning of next calendar year.

在致命性無人機方面，我們推出多項新產品，包括 Switchblade 400 與 Mayhem 10。我們新的單向攻擊解決方案 Red Dragon 獲得多項合約，我們也正準備在明年曆年初於鹽湖城廠區新增 Switchblade 產能上線。

Our nonlethal drones reached several successful milestones as well. AV P550 was selected for the US Army's Long-Range Reconnaissance program. JUMP 20-X secured multiple contract awards, and VAPOR CLE won a significant award for the US Army's Medium-Range Reconnaissance program.

我們的非致命性無人機也達成多項重要里程碑。AV P550 獲選為美國陸軍「長程偵察」計畫的機型。JUMP 20-X 取得多項合約授予，而 VAPOR CLE 則在美國陸軍「中程偵察」計畫中贏得一項重要標案。

In counter-UAS, orders for our Titan family of RF detect and defeat systems more than doubled this year, while demand for this differentiated solution continues to rise. And our LOCUST laser weapon system achieved a series of key milestones that are setting the stage for significant future contract awards.

在反無人機（counter-UAS）方面，我們 Titan 系列射頻（RF）偵測與反制系統的訂單今年增加逾一倍，而市場對此差異化解決方案的需求仍持續上升。此外，我們的 LOCUST 雷射武器系統達成一系列關鍵里程碑，為未來取得重大合約授予奠定基礎。

These wins reflect the core strengths that AV is set apart from others. We believe there are several important differentiating factors that best position AV to capture a significant portion of the anticipated rising demand in our served markets. We have a strong installed base that is unrivaled across several of our product lines. For decades, our customers have confidently relied on AV to deliver best-in-class solutions while giving them an advantage over our adversaries. Our solutions are battle-proven in today's critical conflicts.

這些勝利反映了 AV 有別於他人的核心優勢。我們相信，有幾項重要的差異化因素，使 AV 最具優勢，能在我們所服務的市場中掌握預期將上升的需求之相當大份額。我們在多條產品線擁有無可匹敵的龐大既有裝機基礎。數十年來，我們的客戶一直信賴 AV 提供同級最佳的解決方案，並使其在面對對手時取得優勢。我們的解決方案已在當今關鍵衝突中經過實戰驗證。

This dependability, along with our ability to quickly scale manufacturing, differentiates us from many of our competitors, especially new entrants. In fiscal year 2027, we are investing additional capital to further increase our manufacturing capacity across several products and platforms to meet anticipated rising demand. We are sensing strong customer indications that our solutions will receive significant contract wins in the next 12 to 24 months. AV is very well positioned for these unprecedented levels of demand in our served markets.

這種可靠性，加上我們能快速擴大製造規模的能力，使我們有別於許多競爭對手，尤其是新進者。在 2027 會計年度，我們將投入更多資本，進一步提升多項產品與平台的製造產能，以滿足預期上升的需求。我們觀察到客戶端釋出強烈訊號，顯示我們的解決方案在未來 12 至 24 個月內可望取得重大合約勝利。AV 已為我們所服務市場中前所未有的需求水準做好充分準備。

Now I will turn to segment performance for the quarter and full fiscal year. Our Autonomous Systems segment, or AxS, continues to drive revenue growth for the company. During the fourth quarter, AxS contributed $492 million or 76% of total company revenue. And for the full fiscal year, AxS contributed $1.3 billion or 69% of total company revenue. This is a strong validation that our solutions are well positioned for the current needs of our nation's and our allied across -- allies across the globe.

接下來我將說明本季與全年的各事業部門表現。我們的自主系統（Autonomous Systems）事業部門（AxS）持續推動公司營收成長。第四季期間，AxS 貢獻 4.92 億美元，約占公司總營收的 76%。而就全年而言，AxS 貢獻 13 億美元，約占公司總營收的 69%。這有力驗證了我們的解決方案能良好契合我們國家以及全球盟友當前的需求。

Our Group 1 through three uncrewed aircraft systems operating group won several key awards during the quarter and made progress on several key initiatives. For example, AV's VAPOR 55 CLE unmanned helicopter was awarded a nearly $15 million US Army company-level UAS directed requirement tranche two production contract. This is a significant win, and we believe it opens the door for additional future long-term awards for the medium reconnaissance program.

我們集團第1至第3類無人航空系統（UAS）營運事業群在本季贏得數項關鍵獎項，並在多項關鍵倡議上取得進展。例如，AV 的 VAPOR 55 CLE 無人直升機獲得美國陸軍近 1,500 萬美元的公司層級 UAS 指定需求（Directed Requirement）第二批次（tranche two）量產合約。這是一項重大勝利，我們相信這將為中型偵察計畫帶來更多未來長期追加獎項的機會。

Just after the quarter closed, our P550 Group 2 drone was awarded a $117 million contract by the US Army under the Long-Range Reconnaissance or LRR program. We believe that these two key contract wins will help set AV up for future contract awards on a large program of record within the US Army.

在季度結束後不久，我們的 P550 第2類無人機獲得美國陸軍在長程偵察（Long-Range Reconnaissance，LRR）計畫下授予的 1.17 億美元合約。我們相信，這兩項關鍵合約得標將有助於 AV 在美國陸軍的大型正式列裝（program of record）計畫中，爭取未來更多合約授予。

In addition to these successes, our Group 3 medium UAS solutions, namely JUMP 20 and JUMP 20-X, continue to make significant strides both operationally and with new demand. Our JUMP 20-X successfully demonstrated two special missions in Yuma, Arizona, and is deployed in support of Operation Epic Fury.

除上述成果外，我們第3類中型 UAS 解決方案（即 JUMP 20 與 JUMP 20-X）在作戰運用與新增需求方面持續取得顯著進展。我們的 JUMP 20-X 已在亞利桑那州尤馬成功展示兩項特殊任務，並已部署以支援「史詩之怒行動」（Operation Epic Fury）。

Our precision strike in defense subsystems operating group continues to drive growth for the company. During the quarter, our loitering munitions team made significant progress in several strategic areas of the company. For example, the Switchblade 400 received a key award from the US Army for its Low Attitude Stocking and Strike Ordinance, or LASSO program. Built specifically for this program, the Switchblade 400 combines the compact attributes of our Switchblade 300 with the warhead capabilities of a Switchblade 600.

我們的精準打擊與防務子系統營運事業群持續推動公司成長。本季，我們的滯空彈藥（loitering munitions）團隊在公司多個策略領域取得重大進展。例如，Switchblade 400 因應美國陸軍的低空投送與打擊彈藥（Low Attitude Stocking and Strike Ordinance，LASSO）計畫而獲得一項關鍵獎項。Switchblade 400 為該計畫量身打造，結合我們 Switchblade 300 的緊湊特性與 Switchblade 600 的彈頭能力。

Also during the quarter, we debuted our latest multi-role Launched Effect system, AV's Mayhem 10, which is built on the foundation and success of our Switchblade family of products. Designed for the US Army's Launched Effects program of record, Mayhem 10 has the ability to fly autonomously and has a versatile forward payload option that can accommodate lethal and nonlethal payloads up to 10 pounds.

同樣在本季，我們發表最新的多任務「發射效應器」（Launched Effect）系統——AV 的 Mayhem 10，其建立在 Switchblade 產品家族的基礎與成功之上。Mayhem 10 係為美國陸軍正式列裝的「發射效應器」計畫所設計，具備自主飛行能力，並提供多用途前置載荷選項，可搭載致命與非致命載荷，重量最高可達 10 磅。

Our Mayhem 10 addresses a significant capability gap for the US Army. It can be launched from the ground and maritime conditions or from a manned or unmanned aircraft. These unique features positions Mayhem 10 as a very compelling solution for the future needs of our customers.

我們的 Mayhem 10 彌補了美國陸軍一項重要能力缺口。它可在地面與海上環境發射，亦可由有人或無人航空器發射。這些獨特特性使 Mayhem 10 成為滿足客戶未來需求的極具吸引力解決方案。

Slightly over a year ago, we announced our one-way attack solution, Red Dragon. Red Dragon most recently received a $17 million production contract for the US Army during the fourth quarter. We anticipate significant increased demand for this product and are expanding production levels to ensure we can meet our customers' anticipated needs. Progress continues on our Salt Lake City manufacturing facility, which has the potential to produce more than $2 billion worth of Switchblades or other AV products per year.

約在一年多前，我們宣布了單向攻擊解決方案 Red Dragon。Red Dragon 最近於第四季獲得美國陸軍 1,700 萬美元的量產合約。我們預期該產品需求將顯著增加，並正擴充產能，以確保能滿足客戶預期需求。我們在鹽湖城的製造設施持續推進，該設施每年具備生產超過 20 億美元 Switchblade 或其他 AV 產品的潛力。

We're on track to begin production in the spring of calendar year 2027. As a reminder, two of our counter-UAS products we acquired with BlueHalo reside in this operating group. Our RF jamming detect and defeat family of counter-UAS solution, Titan, continues to play a critical role in the company's growth. In fact, Titan sales more than doubled this past fiscal year on a pro forma basis. We expanded production rates during the fourth quarter and anticipate demand for this product to rise through 2027 and beyond.

我們按計畫將於 2027 日曆年春季開始生產。提醒一下，我們隨 BlueHalo 併購取得的兩項反無人機（counter-UAS）產品，隸屬於此營運事業群。我們的 RF 干擾、偵測與擊敗（detect and defeat）系列反無人機解決方案 Titan，持續在公司成長中扮演關鍵角色。事實上，以備考（pro forma）基礎計算，Titan 在上一財年銷售額超過倍增。我們在第四季提高了產能，並預期該產品需求將一路上升至 2027 年及其後。

In addition to this counter-UAS offering, we're also making progress on our Freedom Eagle-1 or 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 Intercept program. We are progressing on that development contract and moving towards flight testing in approximately 12 months. This program represents close to $1 billion of market opportunity for AV over the next several years with an even larger opportunity in the years that follow.

除這項反無人機產品外，我們也在與美國陸軍合作的 Freedom Eagle-1（FE-1）計畫上取得進展；如各位所知，該計畫於去年秋季獲得 9,600 萬美元合約，用於美國陸軍的長程動能攔截（Long-Range Kinetic Intercept）計畫。我們正推進該研發合約，並朝約 12 個月後的飛行測試邁進。此計畫在未來數年為 AV 帶來接近 10 億美元的市場機會，且在其後年度還有更大的機會。

We're among one of the very few new missile producers in the last 30 years, and are confident that our cost-effective solution will be well received by our customers. The momentum behind this program is building, with Congress increasing funding to accelerate production due to a gap in low-cost missile production. Given these demand signals, this past quarter, we announced efforts to expand our manufacturing facility in Huntsville, Alabama to scale production of this groundbreaking capability in anticipation of increased demand.

我們是過去 30 年來少數的新飛彈製造商之一，並有信心我們具成本效益的解決方案將獲得客戶良好回響。該計畫動能正在增強，國會因低成本飛彈產能缺口而提高資金，以加速量產。基於這些需求訊號，我們在本季宣布將擴建位於阿拉巴馬州亨茨維爾的製造設施，以擴大量產這項突破性能力，因應預期增加的需求。

We're also seeing increased traction in our Space, Cyber and Directed Energy segment, which represents an important new phase of AV's multi-domain growth strategy. This segment reported revenues of $150 million for the quarter and $619 million for the full fiscal year. Despite some near-term disruptions during the third and fourth quarter due to the government shutdown and SCAR contract termination for convenience, we remain very optimistic about several opportunities within this segment, including directed energy counter-UAS, long-haul laser communications, space technologies and other advanced solutions.

我們也看到在太空、網路與定向能（Space, Cyber and Directed Energy）事業部的動能提升，這代表 AV 多領域成長策略的重要新階段。該事業部本季營收為 1.5 億美元，全年財年營收為 6.19 億美元。儘管第三與第四季因政府停擺以及 SCAR 合約因便利終止（termination for convenience）而出現一些短期干擾，我們仍對該事業部內多項機會保持高度樂觀，包括定向能反無人機、長距離雷射通訊、太空技術及其他先進解決方案。

During the fourth quarter, our LOCUST directed energy counter-UAS platform achieved several key milestones. As global threats continue to evolve, directed energy has emerged as an essential and cost-effective solution for countering high-volume, low-cost drone attacks.

在第四季，我們的 LOCUST 定向能反無人機平台達成多項關鍵里程碑。隨著全球威脅持續演變，定向能已成為對抗高數量、低成本無人機攻擊的必要且具成本效益的解決方案。

At under $10 per shot, the LOCUST flips the cost advantage between offensive and defensive systems and provides the warfighter with an unlimited magazine. We believe our LOCUST directed energy solution is a game-changing capability which is at the very early stages of a large and strong market adoption cycle.

LOCUST 每次射擊成本低於 10 美元，扭轉了攻防系統之間的成本優勢，並為作戰人員提供「無限彈匣」。我們相信，LOCUST 定向能解決方案是一項改變遊戲規則的能力，目前正處於龐大且強勁的市場採用週期的非常早期階段。

Building on this foundation, we introduced LOCUST X3 during the fourth quarter. One of the critical differentiators that sets LOCUST apart is that its modularity allows detection and defeat while on the move onboard a ground vehicle or ship. The precision with our ability to pin and track is what makes LOCUST as accurate when targeting adversarial drones.

在此基礎上，我們於第四季推出 LOCUST X3。使 LOCUST 脫穎而出的關鍵差異之一在於其模組化設計，可在地面車輛或艦艇上移動中完成偵測與擊敗。我們在鎖定與追蹤（pin and track）方面的精準能力，使 LOCUST 在對抗敵方無人機目標時同樣具備高度準確性。

In parallel, a demonstration aboard the USS George H.W. Bush validated LOCUST in an operational maritime environment. During this exercise, our LOCUST system was able to shoot down incoming drones with a 100% success rate, showing that our laser weapon systems can protect ships against drone threats. This is an unprecedented level of success with such laser weapon systems on real maritime operations. Our Army and Navy needs this capability desperately, and we're aggressively expanding its manufacturing capacity to meet this demand.

同時，在「喬治·H·W·布希號」航空母艦（USS George H.W. Bush）上的示範驗證了 LOCUST 在實際海上作戰環境中的效能。在此次演練中，我們的 LOCUST 系統以 100% 成功率擊落來襲無人機，顯示我們的雷射武器系統能保護艦艇免受無人機威脅。這是在真實海上作業中，此類雷射武器系統所達成前所未有的成功水準。我國陸軍與海軍迫切需要此能力，我們正積極擴充其製造產能以滿足需求。

Additionally, in early May, the FAA cleared the way for directed energy systems such as our LOCUST to operate in domestic national airspace to protect critical assets in the homeland. The LOCUST laser weapon system is included in our offering to the US department of War as part of the nation's Golden Dome program. Our proposed system, called Halo Shield, includes other AV counter-UAS solutions such as Titan SV and Titan 4 to work in conjunction with LOCUST as well as our AV_Halo software ecosystem to protect critical assets from drone threats, which includes swarming attack scenarios. We look forward to providing additional updates on this important initiative.

此外，在 5 月初，美國聯邦航空總署（FAA）為如我們 LOCUST 之類的定向能系統在國內國家空域運作以保護本土關鍵資產掃清障礙。LOCUST 雷射武器系統已納入我們向美國戰爭部（US department of War）提出、作為國家「黃金穹頂」（Golden Dome）計畫一部分的方案。我們提出的系統名為 Halo Shield，除 LOCUST 外，亦包含其他 AV 反無人機解決方案（如 Titan SV 與 Titan 4）以協同運作，並結合我們的 AV_Halo 軟體生態系，保護關鍵資產免受無人機威脅，其中包含蜂群攻擊情境。我們期待就這項重要倡議提供更多更新。

We're confident our LOCUST laser weapon system provides a solution for our customers on the modern battlefield. We recently announced a $30 million investment to significantly expand manufacturing operations in our Albuquerque, New Mexico facility. We're preparing to transition LOCUST to full rate production this year, and we expect significant demand for this product line on several fronts.

我們有信心，我們的 LOCUST 雷射武器系統能為客戶在現代戰場上提供解決方案。我們近期宣布投入 3,000 萬美元，大幅擴增位於新墨西哥州阿布奎基（Albuquerque）廠區的製造營運規模。我們正準備於今年將 LOCUST 轉入全速量產（full rate production），並預期該產品線在多個面向將出現顯著需求。

In addition to counter-UAS, we have also made strides with our long-haul laser communication terminals. It's worth highlighting that we were awarded a $240 million contract last fall for our long-haul laser communication terminals, one of the largest awards on record. These terminals will be deployed on orbit for critical national security missions.

除反無人機系統（counter-UAS）外，我們在長距離雷射通訊終端方面也取得進展。值得強調的是，我們於去年秋季獲得一份 2.4 億美元的長距離雷射通訊終端合約，為歷來規模最大的授標之一。這些終端將部署於軌道上，用於關鍵的國家安全任務。

Subsequent to the quarter closing, the US department of War selected AV for a $43 million contract through its Test Resource Management Center to integrate our phased array next-generation telemetry hypersonic emitter receiver or PANTHER product, on DoW's SkyRange platforms. The award reflects our growing strategic position within the DoW.

在本季結束後，美國戰爭部（DoW）透過其測試資源管理中心（Test Resource Management Center）選定 AV，授予 4,300 萬美元合約，將我們的相控陣次世代遙測高超音速發射接收器（phased array next-generation telemetry hypersonic emitter receiver，PANTHER）產品整合至 DoW 的 SkyRange 平台。此項授標反映我們在 DoW 內日益提升的策略地位。

Looking ahead, we intend to invest in our BADGER and Wasp phased array antenna technology platforms by developing a more commercialized solution that will compete on the US Space Force's upcoming program as well as look to broaden our offering to other commercial customers. This past quarter, our Cyber & Mission Solutions business received a $20 million contract to advance ceramic materials research for the US Air Force and Space Force.

展望未來，我們計畫投資於 BADGER 與 Wasp 相控陣天線技術平台，開發更商業化的解決方案，以參與美國太空軍即將推出的計畫競爭，並同時擴大我們對其他商業客戶的產品供應。在上一季，我們的「網路與任務解決方案」（Cyber & Mission Solutions）業務獲得 2,000 萬美元合約，推進美國空軍與太空軍的陶瓷材料研究。

The $20 million contract represents a vital investment in technologies that will preserve America's advantage across air and space domains by advancing next-generation ceramic materials and manufacturing processes that enhance mission readiness, extend operational endurance and strengthen the technological superiority of the air and space forces.

這份 2,000 萬美元合約代表對關鍵技術的重要投資，透過推進次世代陶瓷材料與製造流程，提升任務整備度、延長作業續航力並強化空、太空軍的技術優勢，以維持美國在空域與太空領域的優勢。

In addition, this group also received a $25 million award from the Air Force Research Laboratory to mature human health and performance technologies for warfighter readiness. We're continuing to expand our AV Halo software platform and recently announced two new modules AV Halo INSTINCT, which provides an autonomous software framework; and AV Halo DETECT, which delivers autonomous RF detection in contested environments.

此外，該團隊亦獲得空軍研究實驗室（Air Force Research Laboratory）2,500 萬美元的授標，用於成熟化作戰人員（warfighter）整備所需的人體健康與表現技術。我們持續擴展 AV Halo 軟體平台，並近期宣布兩個新模組：AV Halo INSTINCT，提供自主軟體框架；以及 AV Halo DETECT，在受爭奪環境中提供自主射頻（RF）偵測能力。

Today, they enable our customers to deliver synchronized autonomy, faster decision-making and more effective mission execution. We remain highly confident that continuing to invest in our leading platforms is the best path to keeping our advantages in our dynamic industry and to drive long-term value creation.

目前，這些能力使我們的客戶得以實現同步化自主（synchronized autonomy）、更快速的決策，以及更有效的任務執行。我們仍高度確信，持續投資於我們領先的平台，是在這個動態產業中維持優勢並推動長期價值創造的最佳途徑。

Before turning the call over to Sean, let me summarize with the following comments. We delivered record financial performance in fiscal year 2026 with strong revenue growth, expanding profitability and increased backlog, demonstrating the strength and scalability of our business.

在把電話會議交給 Sean 之前，讓我用以下幾點作總結。我們在 2026 會計年度交出創紀錄的財務表現，營收強勁成長、獲利能力擴大且在手訂單（backlog）增加，展現我們業務的實力與可擴展性。

Demand across our portfolio remains robust, supported by a growing pipeline of awards and $2.7 billion total year-to-date bookings, positioning us for continued growth in fiscal year 2027 and beyond. And we continue to invest in our highly differentiated solutions, which enables us to continue our strong growth and value creation trajectory.

我們整體產品組合的需求仍然強勁，並由持續擴大的授標管線與年初至今合計 27 億美元的接單（bookings）所支撐，使我們在 2027 會計年度及其後具備持續成長的有利定位。我們也持續投資於高度差異化的解決方案，讓我們得以延續強勁的成長與價值創造軌跡。

With that, I would like to now turn the call over to Sean Woodward for a review of our fourth quarter and full fiscal year 2026 financials. Sean?

接下來，我想把電話會議交給 Sean Woodward，請他回顧我們 2026 會計年度第四季與全年財務表現。Sean？

Thank you, Wahid. Before I turn to our results, I want to address the incremental goodwill impairment charge of $89 million and the related restated third quarter 2026 results which we disclosed last week. This was an incremental charge related to the termination for convenience of the SCAR program.

謝謝你，Wahid。在我說明業績之前，我想先談談我們上週披露的 8,900 萬美元新增商譽減損費用，以及相關的 2026 年第三季重編（restated）結果。這是一筆與 SCAR 計畫「為便利而終止」（termination for convenience）相關的新增費用。

This was a noncash charge and had no impact on previously reported current assets, current liabilities, revenues, cash used in operating activities or our non-GAAP adjusted EBITDA or adjusted EPS measures. In addition, it does not relate to updated estimates of the long-term cash flows used in the goodwill impairment analysis.

這是一筆非現金費用，對先前已報告的流動資產、流動負債、營收、營運活動使用之現金，或我們的非 GAAP 調整後 EBITDA 或調整後 EPS 指標均無影響。此外，這也與商譽減損分析中所使用的長期現金流量最新估計無關。

The full year results we are discussing today reflect the corrected impairment. In connection with the restatement, we identified a material weakness in our internal control related to the preparation and review of the goodwill impairment analysis. We have implemented enhanced controls and review procedures to strengthen this process.

我們今天討論的全年結果已反映更正後的減損。在重編相關作業中，我們辨識出一項重大缺失（material weakness），涉及商譽減損分析之編製與覆核相關的內部控制。我們已導入強化的控制措施與覆核程序，以強化此流程。

Now I will walk you through our fourth quarter and full year performance and fiscal '27, outlook, referring to our press release and earnings presentation available on our website. I will briefly comment on our results for the quarter and then turn to guidance for fiscal year '27.

接下來我將依據我們網站上的新聞稿與法說簡報，帶各位檢視第四季與全年表現，以及 2027 會計年度展望。我會先簡要評論本季結果，接著說明 2027 會計年度的指引。

Fourth quarter revenue reached a record $642 million, representing a 31% organic growth year-over-year, our strongest quarterly growth rate of the year and a 30% year-over-year increase on a pro forma basis. This performance was driven by exceptional demand across several of our key franchises, including Switchblade loitering munitions, Titan counter UAS, Red Dragon one-way attack and JUMP 20 Group 3 tactical systems.

第四季營收創下 6.42 億美元新高，年對年有機成長 31%，為本年度最強的單季成長率；以擬制（pro forma）基礎計算，年對年成長 30%。此表現主要由我們多個核心產品線的強勁需求所帶動，包括 Switchblade 滯空彈藥（loitering munitions）、Titan 反無人機系統、Red Dragon 單向攻擊（one-way attack）以及 JUMP 20 第 3 級（Group 3）戰術系統。

With nearly $2 billion of revenue in fiscal year '26, AV remains one of the largest and most profitable defense technology companies. Our leadership rests on a diversified portfolio of proven systems, manufacturing excellence and next-generation capabilities.

2026 會計年度營收接近 20 億美元，AV 仍是規模最大且最具獲利能力的國防科技公司之一。我們的領先地位建立在多元化且經驗證的系統組合、卓越的製造能力與次世代能力之上。

Turning to the quarter 4 results. We secured bookings totaling $572 million in new authorized contract value. Our book-to-bill ratio for the quarter four was 0.9 times, reflecting the exceptional quarter four revenue performance, partially offset by some timing delays of anticipated large program awards, while our trailing 12-month book-to-bill ratio stands at 1.4 times. Funded backlog closed at $1.2 billion, unfunded backlog at $1.5 billion, which now excludes SCAR contract values following the contract termination for convenience announced in March.

接著看第四季結果。我們取得合計 5.72 億美元的新核准合約價值（new authorized contract value）接單。第四季的接單出貨比（book-to-bill）為 0.9 倍，反映第四季營收表現特別強勁，部分被原先預期的大型計畫授標時程延後所抵銷；而過去 12 個月的接單出貨比為 1.4 倍。已資金支持的在手訂單（funded backlog）期末為 12 億美元，未資金支持的在手訂單（unfunded backlog）為 15 億美元；由於 3 月宣布 SCAR 合約為便利而終止，目前在手訂單已排除 SCAR 的合約價值。

Slide 7 and 8 of the earnings presentation shows the fourth quarter and full year revenue by operating group for each of our two segments compared to pro forma fiscal year '25, revenue. The Autonomous Systems, or AxS segment, recognized $492 million in revenue in the quarter, which represented a 49% increase over fiscal year '25, pro forma revenues.

法說簡報第 7 與第 8 頁顯示，我們兩大部門中各營運群組於第四季與全年之營收，並與 2025 會計年度擬制（pro forma）營收比較。自主系統（Autonomous Systems，或 AxS）部門本季認列 4.92 億美元營收，較 2025 會計年度擬制營收成長 49%。

The Precision Strike and Defense Systems operating group led with $333 million in revenue in the fourth quarter, which represented an 80% increase over fiscal year '25, pro forma revenues, driven by strong sales in our loitering munition Switchblade family, one-way attack Red Dragon and counter-UAS RF Titan products.

精準打擊與防禦系統（Precision Strike and Defense Systems）營運群組以第四季 3.33 億美元營收居首，較 2025 會計年度擬制營收成長 80%，主要受惠於我們 Switchblade 滯空彈藥系列、Red Dragon 單向攻擊產品，以及 Titan 反無人機射頻（RF）產品的強勁銷售。

Uncrewed Aircraft Systems operating group grew 17% year-over-year, led by JUMP 20-X, Puma and P550. The Space, Cyber and Directed Energy segments generated $150 million in quarter four revenue, down 8% pro forma year-over-year, reflecting the SCAR termination in March and the US government funding delays that disproportionately affect Cyber and Mission Solutions operating group.

無人航空系統（Uncrewed Aircraft Systems）營運群組年對年成長 17%，主要由 JUMP 20-X、Puma 與 P550 帶動。太空、網路與定向能（Space, Cyber and Directed Energy）部門第四季營收為 1.5 億美元，擬制年對年下滑 8%，反映 3 月 SCAR 終止，以及美國政府資金撥付延遲對「網路與任務解決方案」營運群組造成較不成比例的影響。

Within the segment, the Space and Directed Energy operating group sales grew 23% year-over-year, driven by strong demand for LOCUST directed-energy counter-UAS systems. SCAR related revenue was $31 million during the fourth quarter, totaling $121 million for full fiscal year '26. Cyber & Mission Solutions revenue declined at 26% pro forma, primarily due to discontinued programs and funding delays from the government shutdown.

在該部門內，太空與定向能（Space and Directed Energy）營運群組銷售年對年成長 23%，主要由 LOCUST 定向能反無人機系統的強勁需求所帶動。SCAR 相關營收於第四季為 3,100 萬美元，2026 會計年度全年合計 1.21 億美元。「網路與任務解決方案」營收以擬制基礎下滑 26%，主要由於部分計畫終止，以及政府關門（government shutdown）造成的資金延遲。

Moving on to gross margins. Slide 14 shows the adjusted product and service gross margins, including reconciliations to GAAP gross margin. Fourth quarter overall adjusted margins -- gross margins were 34%, the highest quarter of fiscal year '26, and 730 basis points above quarter two low, demonstrating strong sequential trajectory. This is lower than 40% in the fourth quarter of fiscal year '25.

接下來談毛利率。第14頁顯示經調整後的產品與服務毛利率，包括與 GAAP 毛利率的調節。第四季整體經調整毛利率為34%，為2026會計年度最高季度，且較第二季低點高出730個基點，展現強勁的連續改善趨勢。這低於2025會計年度第四季的40%。

As noted on prior earnings calls, the business composition of the combined new company has changed significantly with higher service mix, increased flexibly priced contracts and several products in the early stages of maturity. Quarter four adjusted product gross margins were solid at 44% due to the strong finish of the year in terms of sales volume, whereas quarter four adjusted service gross margins were lower at 2%.

如先前財報電話會議所述，合併後新公司的業務組合已顯著改變，服務占比提高、彈性定價合約增加，且有數項產品仍處於成熟度的早期階段。第四季經調整產品毛利率穩健達44%，主要受惠於年末銷售量強勁收官；而第四季經調整服務毛利率較低，為2%。

The reason for the decline in quarter four service margins was related to our Cyber and Mission Solutions business in which a service contract funding was delayed, and within our Precision Strike and Defense Systems business, which experienced a onetime forward loss and EAC revision related to a legacy BlueHalo contracts following the organizational indirect rate alignment tied to our integration strategy. Full year fiscal '26, adjusted gross margin landed at 30%, in line with our original guidance.

第四季服務毛利率下滑的原因，與我們的網路與任務解決方案（Cyber and Mission Solutions）業務有關，其中一項服務合約的資金撥付延後；此外，在我們的精準打擊與防禦系統（Precision Strike and Defense Systems）業務中，因配合整合策略進行組織間接費率對齊，對一項傳承自 BlueHalo 的合約出現一次性預期損失及完工估計（EAC）修訂。2026會計年度全年，經調整毛利率為30%，符合我們原先的指引。

Moving on to operating expenses. Adjusted SG&A, which excludes intangible amortization and deal and integration costs, were $72 million versus $37 million in the prior year. The increase is the result of the combination with BlueHalo. As a percentage of revenue, adjusted SG&A in the quarter was 11% of revenue versus 13% in fiscal year '25. Full year fiscal '26, adjusted SG&A was 13% of revenue, down from 17% in fiscal year '25, and in line with our projection, reflecting BlueHalo synergy realization and operating leverage at scale.

接下來談營業費用。經調整後的銷售、一般及行政費用（SG&A）（不含無形資產攤銷以及交易與整合成本）為7,200萬美元，去年同期為3,700萬美元。增加主要源自與 BlueHalo 的合併。以營收百分比計，該季度經調整 SG&A 為營收的11%，相較2025會計年度的13%。2026會計年度全年，經調整 SG&A 為營收的13%，低於2025會計年度的17%，並符合我們的預估，反映 BlueHalo 協同效益的實現以及規模化帶來的營運槓桿。

Quarter four R&D expense was $31 million or 5% of revenue compared to $25 million or 9% in the prior year. Full year fiscal '26 R&D totaled 6% of revenue, down from 12% in fiscal year '25, as projected. In terms of adjusted EBITDA, slide 15 of our earnings presentation shows a reconciliation of GAAP net income to adjusted EBITDA. Quarter four adjusted EBITDA reached $140 million or 22% of revenue, more than doubling from $62 million in the prior year quarter, driven by BlueHalo accretion and strong organic growth. This represents significant margin expansion from 11% in quarter three.

第四季研發費用為3,100萬美元，約占營收5%，相較去年同期為2,500萬美元、占營收9%。2026會計年度全年研發費用合計占營收6%，低於2025會計年度的12%，符合預期。就經調整 EBITDA 而言，我們財報簡報第15頁顯示 GAAP 淨利與經調整 EBITDA 的調節。第四季經調整 EBITDA 達1.40億美元，約占營收22%，較去年同期的6,200萬美元增加逾一倍，主要由 BlueHalo 併購增厚效益及強勁的內生成長所帶動。這代表毛利率自第三季的11%大幅擴張。

Full year fiscal '26 adjusted EBITDA totaled $286 million, exceeding the high end of our revised guidance range with a 14% margin. AxS segment adjusted EBITDA was $289 million for the full fiscal year '26, with 21% adjusted EBITDA margin, reflecting strong revenue and gross margin contributions. This was partially offset by SCDE segment adjusted EBITDA, which was negative $3 million following lower revenue and the resulting under absorption of fixed costs in both the Space Car program and the Cyber Mission Solutions business.

2026會計年度全年經調整 EBITDA 合計為2.86億美元，以14%的利潤率超越我們修訂後指引區間的上緣。AxS 部門2026會計年度全年經調整 EBITDA 為2.89億美元，經調整 EBITDA 利潤率為21%，反映營收與毛利率的強勁貢獻。部分被 SCDE 部門經調整 EBITDA 抵銷，該部門因營收較低，導致 Space Car 計畫與 Cyber Mission Solutions 業務的固定成本吸收不足，使經調整 EBITDA 為負300萬美元。

Now turning to non-GAAP earnings per share. Slides 13 and 16 shows the reconciliation of GAAP and adjusted or non-GAAP diluted EPS. Adjusted EPS reached $1.84 in quarter four, up from $1.61 in the prior year quarter. Full year fiscal '26 adjusted EPS was $3.31, above the high end of our guidance range and compared to $3.28 in fiscal year '25.

接著談非 GAAP 每股盈餘。第13頁與第16頁顯示 GAAP 與經調整（或非 GAAP）稀釋每股盈餘的調節。第四季經調整 EPS 達1.84美元，高於去年同期的1.61美元。2026會計年度全年經調整 EPS 為3.31美元，高於我們指引區間上緣，並與2025會計年度的3.28美元相比。

Moving to the balance sheet. At the close of the fourth quarter, our total cash and investments amounted to $713 million, a $65 million increase versus quarter three of fiscal year '26. AV total debt composed solely of 0 coupon convertible notes was $747.5 million and a net leverage ratio of 1.2 times adjusted EBITDA. Cash flow rebounded in quarter four, with $73 million of free cash flow driven by strong operating performance throughout the quarter. This marks AV's first positive free cash flow quarter since quarter one of fiscal year '25.

接下來看資產負債表。截至第四季末，我們的現金與投資總額為7.13億美元，較2026會計年度第三季增加6,500萬美元。AV 的總負債僅由零息可轉換公司債構成，為7.475億美元，淨槓桿比率為經調整 EBITDA 的1.2倍。第四季現金流回升，自由現金流為7,300萬美元，主要由整季強勁的營運表現所帶動。這是 AV 自2025會計年度第一季以來首次出現正的自由現金流季度。

During fiscal year '26, working capital needs scaled with revenue growth, and our cash conversion cycle was extended in part by the acceptance testing process of our Switchblade products. During quarter four of fiscal year '26, we've worked closely with the US government to streamline the Switchblade acceptance process. We believe this procedural improvement will shorten our cash conversion cycle and improve working capital efficiency going forward.

在2026會計年度期間，營運資金需求隨營收成長而擴大，而我們的現金轉換週期部分因 Switchblade 產品的驗收測試流程而拉長。在2026會計年度第四季，我們與美國政府密切合作，以精簡 Switchblade 的驗收流程。我們相信此程序改善將縮短未來的現金轉換週期，並提升營運資金效率。

Turning now to backlog. Funded backlog totaled $1.2 billion at quarter end, with $869 million or 73% attributable to the AxS segment and $314 million or 27% to the SCDE segment. Unfunded backlog finished the year at $1.5 billion, which now excludes $1.5 billion related to the SCAR program, with $1.25 billion or 86% attributable to SCDE and $209 million or 14% to AxS.

接著談在手訂單（backlog）。季末已獲資金支持的在手訂單為12億美元，其中8.69億美元（73%）歸屬於 AxS 部門，3.14億美元（27%）歸屬於 SCDE 部門。未獲資金支持的在手訂單於年末為15億美元，目前已排除與 SCAR 計畫相關的15億美元，其中12.5億美元（86%）歸屬於 SCDE，2.09億美元（14%）歸屬於 AxS。

It's important to note that our unfunded backlog figures exclude ceiling values from sole-source IDIQ contracts, such as the remaining balance of the $990 million US Army Switchblade contract and the remaining balance on the $874 million UAS and counter-UAS FMS contract. These contracts, amongst others, represent significant additional contract capacity beyond our reported unfunded backlog.

需要特別指出的是，我們的未獲資金支持在手訂單數字不包含單一來源 IDIQ 合約的上限金額（ceiling values），例如美國陸軍9.90億美元 Switchblade 合約的剩餘額度，以及8.74億美元 UAS 與反 UAS 外國軍售（FMS）合約的剩餘額度。這些合約以及其他合約，代表在我們所揭露的未獲資金支持在手訂單之外，仍有可觀的額外合約容量。

Turning to fiscal '27, guidance. Before I walk through the numbers, I want to emphasize that we manage our business on a full year basis. Given the nature of our contracts, award timing and customer acceptance testing can create significant quarterly variability that does not reflect the underlying business performance. We encourage investors to focus on our full year guidance and multiyear trajectory rather than quarter-to-quarter fluctuations.

接著談2027會計年度的指引。在我說明數字之前，我想強調我們以全年為基礎管理業務。鑑於我們合約的性質，得標時點與客戶驗收測試可能造成顯著的季度波動，而這並不反映業務的基本面表現。我們鼓勵投資人聚焦於全年指引與多年期走勢，而非逐季波動。

I also want to frame our fiscal '27, outlook in the context of deliberate strategic investments we're making to capture long-term market expansion. We're accelerating commercialization across our product portfolio, expanding international sales capacity and building production infrastructure to meet rising global demand for autonomous systems. We expect that these investments will drive revenue and EBITDA growth of approximately 10% year-over-year.

我也想在我們為掌握長期市場擴張而進行的審慎策略性投資背景下，說明2027會計年度展望。我們正加速整體產品組合的商業化、擴充國際銷售能力，並建置生產基礎設施，以滿足全球對自主系統日益上升的需求。我們預期這些投資將帶動營收與 EBITDA 約10%的年增成長。

With that context, on slide 9 of the earnings presentation, we provide our fiscal year 2027 guidance. As Wahid mentioned in his remarks, fiscal year '27, revenue is expected to be between $2.125 billion and $2.225 billion or 10% growth at the midpoint of our fiscal year '26 results. This excludes any SCAR-related revenue.

在此背景下，我們於財報簡報第9頁提供2027會計年度指引。如 Wahid 在談話中提到，2027會計年度營收預期介於21.25億至22.25億美元之間，以2026會計年度結果的中點計算約為10%成長。此不包含任何與 SCAR 相關的營收。

Adjusted EBITDA is expected to be between $305 million and $325 million and non-GAAP adjusted EPS between $3.02 and $3.34. Near-term non-GAAP adjusted EPS remains relatively flat year-over-year due to the higher anticipated depreciation and cloud amortization expense from the significant capital deployed in fiscal years '26, and '27.

經調整 EBITDA 預期介於3.05億至3.25億美元之間，非 GAAP 經調整 EPS 預期介於3.02至3.34美元之間。由於在2026與2027會計年度投入大量資本，預期折舊與雲端攤銷費用提高，短期非 GAAP 經調整 EPS 年對年仍相對持平。

Depreciation and cloud amortization expense is projected to increase by approximately $37 million or 77% year-over-year. A few details on the revenue cadence, adjusted EBITDA profile, along with non-GAAP EPS distribution. We expect revenue to be stronger in the second half of fiscal '27, as we anticipate increased booking and order activity prior to the current government fiscal year-end.

折舊與雲端攤銷費用預計將年增約3,700萬美元，約77%。接著補充幾點關於營收節奏、調整後EBITDA走勢，以及非GAAP EPS的分布。我們預期在2027會計年度下半年營收將更強勁，因為我們預估在現行政府會計年度結束前，預訂與訂單活動將增加。

We're planning on our approximate 45-55 revenue split between first half and second half. Given we anticipate the uptick in orders to come through the latter part of the summer, we anticipate revenue in the first quarter to be 45% of the total revenues for the first half.

我們規劃上半年與下半年的營收占比約為45%到55%。鑑於我們預期訂單增量將在夏季後段出現，我們預期第一季營收將占上半年總營收的45%。

Following this revenue cadence, we expect adjusted EBITDA to be 1/3 first half and 2/3 second half of the year. This is similar to the fiscal year '26, results from a distribution perspective. We anticipate first quarter adjusted EBITDA to be 1/3 of first half totals, reflecting improved sales mix and higher sales volume in the back half of the year. Non-GAAP EPS is anticipated to be 25, 75 first half, second half distribution. This reflects the adjusted EBITDA profile and the impact of depreciation expense.

依照這樣的營收節奏，我們預期調整後EBITDA將呈現上半年1/3、下半年2/3的分布。從分布角度來看，這與2026會計年度相近。我們預期第一季調整後EBITDA將占上半年合計的1/3，反映下半年銷售組合改善與銷量提高。非GAAP EPS預期為上半年25%、下半年75%的分布。這反映調整後EBITDA的走勢以及折舊費用的影響。

First quarter non-GAAP EPS is expected to be 25% of first half's total. To accelerate these efforts, we're investing between 7% to 9% of revenue in research and development and 12% to 14% of revenue in CapEx, primarily focused on production capacity expansion. Adjusted SG&A expenses are projected at 14% to 16% of revenue.

第一季非GAAP EPS預期為上半年總額的25%。為加速這些工作，我們將把營收的7%至9%投入研發，並將營收的12%至14%投入資本支出（CapEx），主要聚焦於擴充產能。調整後SG&A費用預計為營收的14%至16%。

The year-over-year increase in adjusted SG&A as a percentage of revenue reflects strategic investments in sales and business development resources to support our expanding international footprint and commercial pipeline, as well as infrastructure to scale the combined organization.

調整後SG&A占營收比重的年增，反映我們在銷售與業務開發資源上的策略性投資，以支持我們擴大的國際版圖與商業管線，同時也投資基礎設施以擴大整合後組織的規模。

In summary, fiscal '26 was a milestone year. We achieved nearly $2 billion in revenue, exceeded our revised adjusted EBITDA guidance and demonstrated the power of our diversified portfolio with 31% organic growth in quarter four. As we enter fiscal '27, we believe we have strong momentum across our product lines and a robust $2.7 billion of total backlog.

總結來說，2026會計年度是里程碑的一年。我們達成接近20億美元的營收，超越我們修訂後的調整後EBITDA指引，並在第四季實現31%的有機成長，展現我們多元化產品組合的威力。邁入2027會計年度，我們相信各產品線動能強勁，且總積壓訂單（backlog）達27億美元，十分穩健。

We expect that the production capacity and R&D investments we're making this year will position us to scale with the accelerating global demand for our lethal and nonlethal drones, along with our suite of counter-UAS solutions, markets where we hold leading positions and where we see multiyear tailwinds driven by the evolving threat environment.

我們預期今年在產能與研發上的投資，將使我們能隨著全球對致命與非致命無人機需求加速而擴大規模，同時也能因應我們一系列反無人機系統（counter-UAS）解決方案的需求；在這些市場中我們具領先地位，且在威脅環境演變的推動下，我們看到多年的順風趨勢。

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

現在我想把時間交回給Wahid。

Thanks, Sean. We are encouraged by the strong level of funding for our opportunities and priorities in the defense budget. That said, the timing of that funding, particularly given the reconciliation process, remains uncertain. As a result, our revenue guidance reflects that we're not assuming funding arrives early in the government fiscal year 2027. As stated earlier, we are initiating our fiscal year 2027 revenue guidance between $2.125 billion and $2.225 billion, with adjusted EBITDA guidance between $305 million and $325 million and adjusted EPS of $3.02 and $3.34 per share.

謝謝，Sean。我們對國防預算中針對我們機會與優先事項的強勁資金支持感到鼓舞。不過，該資金到位的時點，特別是在協調（reconciliation）程序之下，仍存在不確定性。因此，我們的營收指引反映出：我們並未假設資金會在政府2027會計年度初期就到位。如先前所述，我們啟動2027會計年度營收指引為21.25億至22.25億美元，調整後EBITDA指引為3.05億至3.25億美元，調整後EPS為每股3.02至3.34美元。

In closing, we're very pleased with several results from this past quarter and the full fiscal year 2026. We delivered a record fourth quarter in a solid fiscal year, capping a transformational year for AV. We secured a series of marquee program wins, including LASSO, LRR, MRR, LRKI and received several additional orders for franchise programs such as Red Dragon and long-haul laser communications, each representing opportunities that could be more than $0.5 billion in revenue for AV over time.

最後，我們對上一季以及2026會計年度全年的多項成果感到非常滿意。我們在穩健的會計年度中交出創紀錄的第四季表現，為AV的轉型之年畫下句點。我們取得一系列指標性專案勝利，包括LASSO、LRR、MRR、LRKI，並且在Red Dragon與長距離雷射通訊等旗艦專案上獲得多筆新增訂單；這些都代表AV未來可能累計超過5億美元營收的機會。

We remain focused on execution, including advancing a more commercially oriented approach across the portfolio while aggressively expanding capacity and scaling manufacturing to meet a growing demand that will drive profitability. Taken together, record financial results, a pipeline of significant and growing opportunities and the manufacturing capacity to deliver on them, the long-term opportunity for growth and value creation has never been stronger for AV.

我們仍專注於執行，包括推動產品組合更偏商業導向的方法，同時積極擴充產能並擴大製造規模，以滿足日益成長、並將帶動獲利能力的需求。綜合而言，創紀錄的財務成果、重大且持續成長的機會管線，以及能夠交付這些機會的製造產能，使AV的長期成長與價值創造機會從未如此強勁。

We hope you will join us at our Investor Day on July 8, where we will outline our growth priorities and long-term goals in greater detail. I would like to thank our employees, shareholders and customers for their continued commitment to AV and our mission.

我們希望您能在7月8日參加我們的投資人日（Investor Day），屆時我們將更詳細說明成長優先事項與長期目標。我也要感謝我們的員工、股東與客戶，持續對AV及我們的使命投入與支持。

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

接下來，Sean、Denise和我將開始回答各位的提問。

(Operator Instructions)

（接線員指示）

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，Jefferies。

Hey, good afternoon, guys, and thank you. Maybe one positive question and one just cleaning up item question. So I guess on -- as we -- Wahid, you talked about counter UAS, it's one of your four growth pillars. Can you size the business today and how you think about the growth profile of that? You mentioned LOCUST achieving key milestones.

嗨，大家午安，謝謝。我想問一個偏正面的問題，以及一個釐清細節的問題。所以我想就——Wahid，你談到反無人機（counter UAS），這是你們四大成長支柱之一。你能否說明目前這項業務的規模，以及你如何看待其成長輪廓？你也提到LOCUST達成了關鍵里程碑。

And then just to clean up, can you just touch on the goodwill impairment? You disclosed the additional -- you restated it last week. How do we think about the $1.2 billion left on the balance sheet? And if you could help bridge us as we look forward to '27, as it relates to SCAR?

另外釐清一下，你能否談談商譽減損（goodwill impairment）？你們披露了額外內容——上週也重新表述（restated）。我們該如何看待資產負債表上剩餘的12億美元？以及若可以的話，請協助我們在展望2027年時，就SCAR相關項目做個銜接說明？

Thank you, Sheila, and good afternoon. First of all, I'll take the first half of that question. And then the second one, I will yield it to Sean to respond to. In terms of the -- our counter-UAS strategy and business and growth prospects, today, we're in the early stages of this counter-UAS adoption cycle. We have a very crisp and clean strategy on a layered defense approach to counter-UAS or defending against drones.

謝謝你，Sheila，午安。首先我先回答前半段的問題。後半段我會交由Sean回覆。就我們的反無人機策略、業務與成長前景而言，目前我們正處於反無人機採用循環的早期階段。我們對反無人機、或防禦無人機的分層防禦（layered defense）方法，有一套非常清晰明確的策略。

We don't believe just in one solution set or one technology, we have a multilayer solution set and approach to it. First, we offer the world's -- one of the world's best RF jamming and detect systems called the Titan series of solutions. That business doubled over last year, and it continues to grow. And I think we're at early stages of adoption on that. Would say it's roughly about a couple of hundred million dollar business in the counter-UAS in general for us as a company in fiscal '26.

我們不認為只靠單一解決方案或單一技術就足夠；我們採用多層次的解決方案組合與方法。首先，我們提供全球——可說是全球最好的RF干擾與偵測系統之一，稱為Titan系列解決方案。該業務在去年規模翻倍，且仍持續成長。我認為這仍處於採用的早期階段。就我們公司在2026會計年度而言，整體反無人機業務規模大約是數億美元等級。

The second layer of defense for us is our directed energy solution, which is literally on its early, early inception phases of adoption. We are aggressively expanding manufacturing, and we believe that directed energy is going to be a significant portion of the market opportunity for counter-UAS globally. The cost and economics, it basically flips in the -- in favor of defensive systems against drones, and that gives the US a major and our allies a major advantage.

我們的第二層防禦是定向能（directed energy）解決方案，而這基本上仍處於非常、非常早期的採用萌芽階段。我們正積極擴充製造能力，並相信定向能將成為全球反無人機市場機會中相當重要的一部分。從成本與經濟性來看，它基本上會在——在對抗無人機時，讓防禦系統的優勢翻轉並占上風，這將為美國以及我們的盟友帶來重大優勢。

And lastly, we also have been awarded a contract, as I mentioned in my remarks, for our Freedom Eagle-1, which is a kinetic defeat system, it's a category of missile that is a significant gap not only in the US Army, which this program is starting at, but in our entire military. Our entire military has a gap, and a size of a missile that can actually take down Group 1 through three drones cost effectively at way, way less, a fraction of the cost of standard missiles.

最後，我們也如同我在發言中提到的，獲得了一份關於我們 Freedom Eagle-1 的合約；這是一套動能攔截（kinetic defeat）系統，屬於一種飛彈類別，不僅在本計畫起始的美國陸軍存在重大能力缺口，在我們整個軍方也同樣如此。我們整個軍方都有缺口，也就是需要一種尺寸的飛彈，能以具成本效益的方式擊落第 1 組到第 3 組的無人機，成本遠、遠低於標準飛彈，只要其一小部分。

Most missiles that are being used today are in the millions of dollars. This is going to be targeted to be in $100,000, $150,000 a copy when we're done with it, and we're making significant progress on that. And Congress is asking us to accelerate that.

目前使用的大多數飛彈單價都在數百萬美元。我們完成後，目標是把單價控制在每枚 10 萬到 15 萬美元，我們在這方面正取得顯著進展。而國會也要求我們加速推進。

So I strongly believe -- if you recall, Sheila, four, five years ago, our loitering munition business was a small business. Small, low double-digit numbers, $10 million, $20 million, $30 million. And we're now at about $0.5 billion business, roughly in that in terms of growth. It will not surprise me in the next three to five years that our directed energy and our counter-UAS business would be equally as large if not 2 times to 3 times bigger.

所以我堅信——如果你還記得，Sheila，四、五年前，我們的滯空彈藥（loitering munition）業務還很小。規模很小，只有低雙位數的數字，1,000 萬、2,000 萬、3,000 萬美元。而現在就成長而言，我們大約已經是 5 億美元的業務規模。未來三到五年，我們的定向能與反無人機系統（counter-UAS）業務即使做到同等規模，甚至達到 2 倍到 3 倍，我也不會感到意外。

That opportunity is ours to have. We're executing on all those three fronts. We're making significant progress. Our customers are very happy with our solutions, and we're looking forward to updating you on our progress in the future.

那個機會就在我們手上。我們正在三條戰線上同步執行。我們取得了顯著進展。客戶對我們的解決方案非常滿意，我們也期待未來向各位更新我們的進度。

And Sheila, related to your second question around the impairment and the goodwill, let me just highlight a few points related to that. First, the impairment was related to the previously announced stop work order and termination for convenience on the SCAR BADGER program. The impairment did not result from changes in the cash flow projections of the space reporting unit. The impairment did not result from any new events or additional negative business trends.

Sheila，關於你第二個問題，涉及減損與商譽，我先強調幾點。第一，這次減損與先前已公告的 SCAR BADGER 計畫停工令（stop work order）以及「為便利而終止」（termination for convenience）有關。這次減損並非源自太空報導單元（space reporting unit）現金流量預測的變動。這次減損也不是因為任何新事件或額外的負面業務趨勢。

The additional impairment was filed due to an error in the Q3 calculations in which an estimated allocation of goodwill associated with the acquired tax attributes were not included in the measurement of goodwill impairment for the space reporting unit. As disclosed in our 8-K we filed with the SEC, the error was detected by management. A third-party accounting firm was engaged to prepare the Q3 goodwill impairment analysis.

額外的減損認列是因為第三季計算出現錯誤：在衡量太空報導單元的商譽減損時，未將與所取得稅務屬性（acquired tax attributes）相關的商譽估計分攤納入。如同我們向 SEC 提交的 8-K 所揭露，該錯誤由管理階層發現。我們聘請了第三方會計師事務所來編製第三季商譽減損分析。

The error in the third quarter by the third party was identified by management, detected and corrected in the fourth quarter. Additional internal controls have been implemented and were executed in Q4 to prevent this potential for future errors. These controls will need to be tested for additional quarters in order to remediate the SOX control error.

第三方在第三季的錯誤由管理階層辨識出來，並在第四季偵測並更正。我們已在第四季導入並執行額外的內部控制，以防止未來再次發生此類錯誤。這些控制措施仍需在後續更多季度進行測試，才能補救（remediate）SOX 控制缺失。

Related to the overall goodwill in the Space and Cyber Directed Energy business, it's $1.2 billion. And the remaining of that is $291 million associated with the Space business unit specifically.

就太空與網路定向能（Space and Cyber Directed Energy）業務的整體商譽而言，金額為 12 億美元。其中剩餘的 2.91 億美元是特別與太空事業單位相關。

(Operator Instructions)

(接線員指示)

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Thanks very much, and good afternoon. Wanted to clarify a little bit about what you said about the timing of revenue and referencing the reconciliation. I guess, which reconciliation were you referring to? And if it's I think there's a fair amount of funding in last year's reconciliation, and that, that could kind of proceed from here and probably started to become helpful in the last quarter. And to what extent are you depending on another reconciliation bill to drive expectations for this year -- for fiscal '27?

非常感謝，下午好。我想釐清一下你提到的營收時點，以及你所引用的「reconciliation（協調／調整）」。我想問，你指的是哪一個 reconciliation？如果我沒記錯，去年那個 reconciliation 裡有相當多的資金，而那些資金可能會從現在開始逐步落地，並且大概在上一季開始變得有幫助。另外，你們在多大程度上仰賴另一項 reconciliation 法案來推動今年——也就是 27 財年的預期？

Good afternoon, Seth, and thank you for the question. So generally speaking, as you know, the government fiscal year '27, starts in October. And we currently, based on all the indicators that we see, we're assuming that there's going to be a continuing resolution, and a full defense budget will not be passed on time at the beginning or before the beginning of the next government fiscal year.

下午好，Seth，謝謝你的提問。一般而言，如你所知，政府 27 財年從 10 月開始。而我們目前根據所看到的各項指標，假設將會有一份持續決議（continuing resolution），而完整的國防預算不會在下一個政府財年開始時或開始前按時通過。

The best estimates that we have put together based on industry experts and our own experts inside the company is that probably, we'll see a budget approved sometime December or January of next calendar year. And so if that were to happen, the customers' accounts and the services, US Army, Navy, Air Force, et cetera, they're probably not going to see those dollars until March time frame, roughly.

我們根據產業專家以及公司內部專家的最佳估計是，預算可能會在明年曆年的 12 月或 1 月左右獲得核准。若真如此，客戶的帳戶以及各軍種——美國陸軍、海軍、空軍等等——大概要到 3 月左右的時間點才會看到那些資金到位。

And so which means that there's going to be a delay in the government fiscal year '27, budget, which there is significant dollars, significant. When I say that it's significant, it's unprecedented amount of dollars for the type of systems that we make and we're positioned for.

因此，政府 27 財年的預算將會出現延遲，而其中包含相當可觀的資金，非常可觀。我所謂的可觀，是指對我們所製造、且我們已做好布局的這類系統而言，資金規模是前所未有的。

So from now until literally this year, we're going to be living off of our current very strong backlog, but also the funding dollars that have been approved before that is making its way into contracts and acquisition and awards up until the end of this calendar year. We still expect a growth year. And if the situation were to change positively, obviously, we will update you. And our goal is to be as close to the pin as possible given the information that we have.

所以從現在起一直到今年年底，我們將主要依靠目前非常強勁的在手訂單（backlog），同時也依靠先前已核准、並在今年年底前逐步轉化為合約、採購與授標的資金。我們仍預期今年會是成長的一年。若情勢出現正向變化，我們當然會更新各位。在現有資訊下，我們的目標是讓預估盡可能貼近實際。

And again, we strongly believe that the long-term prospects for growth is strong. That's why we're investing in our manufacturing capacity expansion on several products. Half a dozen of our products are scaling significantly because we know that these capabilities are needed desperately, and we know that our military is very pleased with our systems, and we're going to get a fair share of that spend over the next 12 to 24 months. However, the timing of that is not very certain and in the next three to four months.

另外，我們也堅信長期成長前景依然強勁。這也是為什麼我們正投資擴充多項產品的製造產能。我們有半打左右的產品正在顯著擴產，因為我們知道這些能力迫切需要，也知道軍方對我們的系統非常滿意，而在未來 12 到 24 個月的支出中，我們將取得相當份額。然而，時點在接下來三到四個月仍不太確定。

Got it. And then maybe just to follow up the investments that you mentioned. It's a pretty significant step-up in CapEx, and I think you talked about some of the drivers of that. Where do you expect free cash flow to come in for the year?

了解。接著想追問你提到的投資。資本支出（CapEx）提升幅度相當大，我想你也談到了一些驅動因素。那你們預期今年自由現金流會落在什麼水準？

Yeah, great question. Significant investment we're making in fiscal year '27, CapEx, between 12% and 14% of our revenue. That's going to be really production capacity growth CapEx. We believe that's going to help fund the Salt Lake City facility, as Wahid mentioned, our Huntsville facility build-out. There's additional expansion in Albuquerque as well as in Dayton, Ohio.

是的，這個問題很好。我們在 27 財年將進行顯著的資本支出投資，約占營收的 12% 到 14%。這主要會是用於提升產能的資本支出。我們相信這將有助於資助鹽湖城廠區，以及如 Wahid 所提到的亨茨維爾（Huntsville）廠區擴建。此外，阿布奎基（Albuquerque）以及俄亥俄州代頓（Dayton）也會有額外擴充。

So multiple production capacity sites being expanded to support our long-term revenue growth potential. From a free cash flow perspective, we're not expecting fiscal year '27, to be positive on free cash flow given the amount of CapEx that we're planning on spending during the year.

因此，我們正在擴充多個生產產能據點，以支撐我們長期的營收成長潛力。就自由現金流而言，考量到我們今年規劃支出的 CapEx 規模，我們預期 27 財年的自由現金流不會是正數。

(Operator Instructions)

(操作員指示)

Louie DiPalma, William Blair.

Louie DiPalma，William Blair。

Wahid, Sean and Denise, there have been many discussions regarding the Department of War looking to quadruple production of exquisite missile systems such as the PAC-3 and TAD and precision strike missile and others. I mean, you've been ramping capacity at your Salt Lake City facility. Does the Switchblade or even the Freedom Eagle have the potential to be excluded as part of this exquisite missile system category?

Wahid、Sean 和 Denise，關於戰爭部門希望將 PAC-3、TAD、精準打擊飛彈等這類高端飛彈系統的產量提高到四倍，市場上已有很多討論。我是說，你們一直在鹽湖城廠區提升產能。Switchblade 甚至 Freedom Eagle 是否有可能被排除在這類高端飛彈系統的範疇之外？

And related to this, two years ago, you won the $990 million Switchblade 600 IDIQ. Do you view the Switchblade production as -- or should it be increasing, like with or without that category of exquisite missile systems? Thanks

另外相關的是，兩年前你們拿下了 9.9 億美元的 Switchblade 600 IDIQ 合約。你們是否認為 Switchblade 的生產——不論是否被歸類為高端飛彈系統——都應該增加？謝謝。

Thank you, Louie. Obviously, we feel very bullish and very optimistic about all of our lethal, call it, drones and missiles solutions. That includes the Switchblade family products, Switchblade 300, 600, 400, and Mayhem 10. It also includes our Red Dragon one-way attack. It also includes our Freedom Eagle-1.

謝謝你，Louie。顯然，我們對所有致命性（姑且稱之為）無人機與飛彈解決方案都非常看多、也非常樂觀。這包括 Switchblade 系列產品：Switchblade 300、600、400，以及 Mayhem 10。也包括我們的 Red Dragon 單向攻擊系統。也包括我們的 Freedom Eagle-1。

So overall, I feel quite bullish that this category, irrespective of exquisite or non exquisite, is going to get significant funding, number one.

所以整體而言，我相當看多，這個類別不論是否屬於高端（exquisite）或非高端，第一，都將獲得可觀的資金挹注。

Number two, the categories that we're in, these are the categories that is going to get probably the highest percentage of growth of funding compared to the previous years because they're starting with much smaller numbers in dollar sense. And for that specific reason, we're actually expanding manufacturing in literally all three of those product families.

第二，我們所處的這些類別，相較於過去幾年，資金成長的百分比很可能會是最高的，因為以美元規模來看，它們的起點基數小得多。也正因如此，我們其實正在擴充這三個產品系列的製造能力。

We're significantly expanding the manufacturing of our loitering munitions, as you know, in our Salt Lake City facility. That's an additional $2 billion worth of production capacity a year. And that's going to come online at the beginning of next calendar year, basically this winter.

如你所知，我們正在鹽湖城廠區大幅擴充滯空彈藥（loitering munitions）的製造能力。這將新增每年 20 億美元的產能。並且將在下一個曆年年初、也就是今年冬季左右上線。

Second, we're expanding aggressively -- we already expanded, but we're going to continue to expand further the Red Dragon family of one-way attack drones. We have secured several contracts, and we expect a lot more contracts and awards on that in the next 12 months.

第二，我們正積極擴充——我們已經擴充過，但還會持續進一步擴充——Red Dragon 系列的單向攻擊無人機。我們已取得數個合約，並預期未來 12 個月會有更多合約與得標。

And lastly, our Freedom Eagle-1, as I mentioned, we've already secured about $100 million worth of contract awards from the US Army to accelerate that program. And Congress actually added more money to that to accelerate it even further. And we're working diligently not only to accelerate the development and testing of that capability, but also to actually expand manufacturing with the investments we're making on the Huntsville, Alabama facility. That facility is specifically targeted to produce the FE-1 platform.

最後，正如我提到的，Freedom Eagle-1 方面，我們已從美國陸軍取得約 1 億美元的合約授予，用以加速該計畫。國會也實際追加了更多資金，以進一步加速。我們正努力不僅加速該能力的研發與測試，也透過我們在阿拉巴馬州亨茨維爾廠區的投資來擴充製造。該廠區是專門用來生產 FE-1 平台的。

And I feel very good about it because our product is meeting all of our customers' requirements so far, and it's doing very well. So overall, Louie, whether exquisite or non-exquisite, I really don't know which way it's going to go. But I would argue that this category of our systems is going to get a significant amount of funding over the next several years, not just next year, but it is going to continue to grow and be a bigger portion of the pie of the spend for the US government on missiles in general because they are way more effective in lots of different missions than the current traditional solutions that are out there. Which we still need as a nation because they're generally just depleted heavily. But our category is going to do really well, in my view.

我對此非常有信心，因為到目前為止，我們的產品符合所有客戶需求，表現也非常好。所以整體而言，Louie，不論最後被歸類為高端或非高端，我真的不確定會往哪個方向走。但我會主張，我們這一類系統在未來幾年將獲得大量資金，不只是明年，而是會持續成長，並在美國政府整體飛彈支出中占比越來越大，因為在許多不同任務上，它們比現有傳統解決方案有效得多。當然，作為一個國家我們仍然需要那些傳統解決方案，因為它們的庫存普遍已大量消耗。但依我看，我們這個類別會表現得非常好。

Definitely. So you're confident of -- that there will be funding for the production ramp like regardless of the characterization? And that some investors believe that there's almost a competition between -- like the high-end missiles versus the low-end missiles. And yes, we're just looking for a sense of what is your visibility in terms of the increase in CapEx and having like production orders associated with that increase in CapEx.

了解。所以你有信心——不論如何定義——都會有資金支持產能爬坡？另外，有些投資人認為，高端飛彈與低端飛彈之間幾乎存在競爭關係。我們想了解的是，就資本支出（CapEx）增加，以及與該 CapEx 增加相對應的生產訂單而言，你們的能見度如何？

Yeah. So a significant portion of -- or a meaningful portion of, I should say, of our CapEx spend this year is on expanding production capacity across all of our platforms. And obviously, our lethal drone category, which I just described, is a very sizable portion of that portfolio. So we are investing aggressively in this area because we expect this category to grow.

是的。所以今年我們的資本支出中，有相當一部分——我應該說是有意義的一部分——用於擴充各平台的產能。而且顯然，我剛才描述的致命性無人機類別，在該產品組合中占了很大比重。因此我們在這個領域積極投資，因為我們預期這個類別會成長。

I don't believe that the large, exquisite, expensive missiles is genuinely competing for dollars related to the loitering munition or one-way attack drones. This is an expanded category and new sets of missions that really did not exist before, the Ukraine conflict and the conflict and the Initiative Epic Fury.

我不認為大型、高端、昂貴的飛彈，會在資金上真正與滯空彈藥或單向攻擊無人機競爭。這是一個擴張中的類別，以及一組在烏克蘭衝突之前、以及衝突與 Epic Fury 倡議之前，實際上並不存在的新任務集合。

So I don't think that we're going to suffer from lack of funding in these categories because the government is investing, we're buying more of the exquisite missiles. Our nation and our allies across the globe need more of all of these things. because the inventories are depleted, and the US capabilities are desperately needed to expand and grow in these categories significantly.

所以我不認為我們會因為政府在投資、採購更多高端飛彈，而在這些類別上遭遇資金不足。我們的國家以及全球盟友都需要更多這些東西，因為庫存已被消耗，而美國的能力迫切需要在這些類別上大幅擴充與成長。

Andre Madrid, BTIG.

Andre Madrid，BTIG。

Hey, good afternoon, everyone. Thanks for taking my question.

嗨，各位下午好。謝謝讓我提問。

Thank you, Andre.

謝謝你，Andre。

Maybe, Sean, maybe this one might be best tailored for you. I mean, just -- can you call out what organic growth is implied in the FY27 outlook? Maybe put a little bit differently, how much is ESA -- ESAero expected to contribute?

也許，Sean，這題可能比較適合你回答。我是說——你能否說明一下 FY27 展望中所隱含的有機成長是多少？換個方式問，ESA——ESAero 預期會貢獻多少？

Sure. Thanks for that question. So overall, we're expecting to the midpoint of our guidance range, about 10% year-over-year growth. We don't really provide breakdowns below that. But overall, we're expecting 10% year-over-year growth. ESAero contributed, from the time of acquisition to the end of fiscal year '26, around $20 million for fiscal year '26, totals.

當然。謝謝你的問題。整體而言，以我們指引區間的中位數來看，我們預期年增約 10%。我們通常不會提供更細的拆分。但整體而言，我們預期年增 10%。ESAero 從併購完成到 2026 財年結束，對 2026 財年的貢獻合計約 2,000 萬美元。

Got it. That's helpful. And then I wanted to dive a little bit deeper into Cyber and Mission Systems. It seemed like in the quarter, there were some funding delays.

了解。這很有幫助。接著我想更深入談一下「網路與任務系統」（Cyber and Mission Systems）。看起來本季有一些資金撥付延遲。

That was flat quarter-over-quarter, down year-over-year. I guess, when we think about the long-term prospects of this business, when might things start to turn around? And I guess, what are your expectations for it longer term?

該業務季對季持平、年對年下滑。我想問的是，從這項業務的長期前景來看，何時可能開始好轉？以及你們對其長期的預期是什麼？

So Andre, I'll take that question. Look, we -- when we acquired BlueHalo a year ago, approximately a year ago, we were really, really -- the main thesis for the acquisition was the majority of the portfolio that we are making significant progress. And -- but we also care about the cybersecurity business because it gives us a lot of advantages in the marketplace and have synergies with the rest of our products.

Andre，這題我來回答。你看，我們大約在一年前收購 BlueHalo 時，這筆收購的主要論點是：我們在其投資組合的大多數項目上都取得了非常、非常顯著的進展。而且——但我們也重視資安業務，因為它能在市場上帶給我們很多優勢，並與我們其他產品產生綜效。

That business over the last year has been affected significantly by two things: the government shutdown that we had because a lot of that is basically employees that are being deployed on site with our customers; as well as the fact that the government had a DOGE effect. If you recall, at the beginning of the year, there was a significant impact on that in terms of reduction on government services in general.

過去一年該業務受到兩件事的顯著影響：我們遇到的政府關門，因為其中很大一部分基本上是派駐到客戶現場的員工；以及政府出現了 DOGE 效應。如果你還記得，在年初，這在整體政府服務縮減方面造成了顯著影響。

We believe that we have a very compelling solution set there. That business is a business that we would like to continue to grow. We do believe that the market is now sort of stabilized, and we expect that business to slow -- to grow slowly. It is not considered the highest growth area of our portfolio. But that's the beauty of our business.

我們相信我們在那裡有一套非常具吸引力的解決方案。那項業務是我們希望持續成長的業務。我們確實相信市場現在已大致穩定，我們預期該業務會放緩——以緩慢速度成長。它不被視為我們投資組合中成長性最高的領域。但這就是我們業務的美妙之處。

We have diversified our portfolio and our business significantly over the last 24 months or so. We do not rely on a single customer, single program, single product, single business unit for us to be able to achieve our growth and our value creation targets.

在過去大約 24 個月裡，我們已大幅分散了我們的投資組合與業務。我們不依賴單一客戶、單一專案、單一產品、單一事業單位，就能達成我們的成長與價值創造目標。

We remain very bullish on this. Our portfolio is robust. We're in the right categories of the defense budget and the national defense strategy priorities. Our allies need it. We've got a track record of success.

我們對此仍然非常看多。我們的投資組合很強健。我們所處的領域符合國防預算與國家防衛戰略的優先事項。我們的盟友需要這些。我們有成功的實績。

We know how to do this, and we're going to continue to execute as we've been doing before. So if you look at our track record over the last decade, you'll see that while our portfolio keeps evolving, we tend to be able to deliver on our promises and our plans successfully over time really well.

我們知道怎麼做，而且我們會一如既往持續執行。因此，如果你看我們過去十年的實績，你會看到，雖然我們的投資組合持續演進，但我們往往能隨時間推移很好地、成功地兌現我們的承諾與計畫。

Michael Leshock, KeyBanc Capital Markets.

Michael Leshock，KeyBanc Capital Markets。

Hey, good afternoon. Just given the various platforms that you're in the process of ramping aggressively, do you feel like the supply chain is prepared to support that level of growth? Just curious, where you see the biggest potential bottlenecks today? Or are there any changes that you've made from a supply chain perspective to support your production ramps?

嗨，下午好。考量到你們正在積極加速爬坡的各個平台，你們覺得供應鏈已準備好支撐那樣的成長幅度嗎？想請教一下，你們目前看到最大的潛在瓶頸在哪裡？或者，從供應鏈角度來看，為了支援產能爬坡，你們做了哪些調整？

Thank you, Michael. The short answer is absolutely, yes. We're not only just expanding our manufacturing footprint ourselves. Part of the CapEx investment and initiative that we have within the company this year to significantly ramp up several platforms in the multiples in terms of growth targets at capacity-wise is to work with our suppliers to expand the number of suppliers and also help our suppliers increase their throughput.

謝謝你，Michael。簡短的答案是：絕對是，沒錯。我們不僅在擴大自身的製造版圖。今年公司在資本支出（CapEx）上的投資與推動的計畫之一，是在產能層面為了達成多倍數的成長目標，顯著拉升多個平台；其中也包括與供應商合作，擴增供應商數量，並協助供應商提升其產出吞吐量。

And we've made significant progress, number one, over the last several years A, B, we're continuing to keep investing in that and actually addressing those sort of bottlenecks and areas that needs more attention and more expansion.

而且我們在過去幾年已取得顯著進展；同時我們也持續投入，並實際在處理那些瓶頸與需要更多關注與擴張的領域。

But I must add the following comment. Relative to our competitors in the market, we are one of the best when it comes to this because we've got two decades of track record of success, knowing how to scale production effectively, reliably and profitably. We have done that over and over and over again by tens of thousands of units a year so far, and that is unmatched in the entire industry.

但我必須補充以下評論。相較於市場上的競爭對手，在這方面我們是最出色的公司之一，因為我們有二十年的成功實績，知道如何有效、可靠且具獲利性地擴大產能。到目前為止，我們一再又一再地做到每年擴產到數以萬計的單位，這在整個產業中無人能及。

While we focus on expansion and growing our industrial base and working with our suppliers, we're way above and shoulder ahead of our competitors in this area. It's actually one of our competitive advantages against almost everyone in the marketplace.

在我們專注於擴張、壯大我們的工業基礎並與供應商合作的同時，我們在這個領域遠遠領先競爭對手。這其實是我們對抗市場上幾乎所有競爭者的一項競爭優勢。

So it's always going to be a challenge because we're growing, and we've got a large supply base and we have a diversified portfolio. But we do way better than all of our competitors in this area, in my opinion. And I think we're going to continue to focus on that and keep growing our gap in this area against our peers.

因此，這永遠都會是個挑戰，因為我們在成長，我們有龐大的供應基礎，而且我們的投資組合多元。但以我看來，我們在這方面做得比所有競爭對手都好。我認為我們會持續聚焦於此，並持續擴大相對同業在這方面的領先差距。

Great. And then maybe following up on the Space segment. Could you talk about the impact of the growing number of satellite constellations that are being and are expected to be deployed over the coming years? I'm just wondering if there's opportunities for AV to perhaps act as a merchant supplier into these satellite programs, like optical comms or other components? Is there any way to frame that satellite opportunity over the longer term?

很好。接著可能追問一下太空事業部。你能談談未來幾年將部署、且預期會部署的衛星星座數量增加所帶來的影響嗎？我想了解 AV 是否有機會在這些衛星專案中扮演商用供應商（merchant supplier）的角色，例如光學通訊或其他元件？有沒有辦法從較長期的角度來界定這個衛星機會？

Absolutely, Michael. That is certainly an area, as I mentioned in my remarks earlier, that -- we're quite bullish. I'm very bullish on our space and cybersecurity business in general. And the reason is because we're still early stages of a very large adoption cycle with some highly differentiated technological solutions. Right?

當然可以，Michael。那確實是一個領域，正如我先前在談話中提到的——我們相當看多。整體而言，我非常看多我們的太空與資安業務。原因是，我們仍處於一個非常大型採用週期的早期階段，而我們擁有高度差異化的技術解決方案。對吧？

Technologically, our phase arrays is unmatched really in the industry. So is our optical laser communication terminals that we have demonstrated the ability to do way better than anyone else, and we've secured a $0.25 billion contract last -- this past fiscal year.

就技術而言，我們的相控陣列在業界確實無可匹敵。我們的光學雷射通訊終端也是如此；我們已證明其能力遠勝任何其他人，並在上一個——剛結束的會計年度拿下 2.5 億美元的合約。

I believe that business is very early in its infancy. The vast, vast majority, if not all of the satellites that we have in LEO, MEO and geosynchronous orbits around Earth are going to get upgraded with the capability of long-haul laser optical communication. That is an expertise that AV is uniquely qualified and is a significant player in the market. It's just that the market is still early. And we believe that as the adoption continues, that we're going to do better and better as the time goes by A, B.

我認為那項業務仍處於非常早期的萌芽階段。我們在近地軌道（LEO）、中地軌道（MEO）以及地球同步軌道周圍的絕大多數——甚至可以說全部——衛星，都將升級具備長距離雷射光學通訊能力。這是 AV 具備獨特資格且是市場重要參與者的專長領域。只是市場仍在早期。我們相信，隨著採用持續推進，A、B，隨著時間推移我們會做得越來越好。

Related to the merchant supplier to many of these programs, yes, we are actually actively looking at those things and those programs, and we're engaged with multiple partners to be able to actually provide some systems there and some capabilities to our customers. It's a little bit early, but as we make progress -- and some of these are sensitive programs as well. And I'm not in a position to be able to talk very openly about it. But we're making very good progress, and I believe that we're on the right track.

至於作為許多這些專案的商用供應商，是的，我們確實正在積極評估這些事項與這些專案，並且與多個合作夥伴接洽，以便實際為客戶提供一些系統與能力。現在談還稍早，但隨著我們取得進展——其中有些也屬於敏感專案。我不便非常公開地談論。但我們進展非常順利，我相信我們走在正確的軌道上。

Peter Arment, Baird.

Peter Arment，Baird。

Good afternoon, Wahid and Sean. Wahid, the Unmanned segment has always had a lot of foreign military sales activity. Could you give us the latest kind of what you're seeing from a bookings environment, particularly just given that we're seeing a lot of volatility around US domestic kind of timing and budgets? How are things looking from an FMS perspective?

下午好，Wahid 和 Sean。Wahid，無人系統事業部一直以來都有很多對外軍售（FMS）活動。能否請你更新一下你們在接單環境（bookings）方面的最新觀察，特別是在我們看到美國國內在時程與預算上波動很大的情況下？從 FMS 的角度來看，情況如何？

Good afternoon, Peter, and absolutely very positive, in my view. As you said, you've known us for a long time, and our international franchises for these products is a significant portion of our revenue generation and value creation strategy. It's been part of our strategy to continue to win programs domestically and then expand internationally.

下午好，Peter，當然可以；以我看來非常正面。如你所說，你認識我們很久了，我們這些產品的國際業務版圖是我們營收產生與價值創造策略的重要組成。我們的策略一直是持續在國內贏得專案，然後向國際市場擴張。

We've done extremely well on our nonlethal drones category over the last decade or two. And then the last three to four years, we've really expanded the Switchblade category significantly. But the rest of our portfolio, things such as our one-way attack drones and our FE-1 platform and our LOCUST laser weapon systems and even I would say our P550 and our Titan series even, we have significant potential for growth in terms of the both DCS and FMS spend and opportunities internationally.

在過去十到二十年，我們在非致命無人機類別表現非常出色。而在過去三到四年，我們也大幅擴展了 Switchblade 類別。但就我們投資組合的其他部分而言，例如我們的一次性攻擊無人機、FE-1 平台、LOCUST 雷射武器系統，甚至我會說我們的 P550 與 Titan 系列，在國際上無論是直接商業銷售（DCS）或對外軍售（FMS）的支出與機會方面，都具有顯著的成長潛力。

One of the key areas that we're investing in fiscal '27, in terms of SG&A is international expansion to have better presence in these markets based on requests and signals that we're getting from specific countries around the world. I recently returned from a trip from Asia Pacific. And the demand for our solution is quite, quite compelling and strong. And we need to keep investing, and it's expanding our presence to be able to support those customers. And I think that's going to start to pay dividends over the next several years for AV quite handsomely.

我們在 27 財年於 SG&A（銷售、一般及行政費用）方面投資的關鍵領域之一，是國際擴張，以便根據我們從全球特定國家收到的需求與訊號，在這些市場建立更好的能見度與據點。我最近剛從亞太地區出差回來。對我們解決方案的需求相當、相當具有吸引力且強勁。我們需要持續投資，擴大我們的在地布局，以便支援這些客戶。我認為這將在未來幾年為 AV 帶來相當可觀的回報。

Got it. And just as a follow-up, Sean, on the two thirds of adjusted EBITDA in the second half of the year, could you just give us a little more color on that? Is that just volume and mix? Or is there anything else to call out on that?

了解。另外追問一下，Sean，關於下半年貢獻全年調整後 EBITDA 的三分之二，你能否再多補充一些細節？這主要只是出貨量與產品組合（mix）的因素嗎？還是還有其他需要特別指出的原因？

Yeah, thanks, Peter. Yes, the second half of the year, we're expecting to have the two thirds of our total adjusted EBITDA. As the sales volume picks up in the back half of the year, the volume and the mix should be more favorable, resulting in a higher adjusted EBITDA in the back half, similar to what we had in fiscal year '26.

好的，謝謝你，Peter。是的，我們預期下半年將貢獻全年調整後 EBITDA 的三分之二。隨著下半年銷售量回升，量與組合應會更有利，進而使下半年調整後 EBITDA 較高，類似我們在 26 財年的情況。

Jonathan Siegmann, Stifel.

Jonathan Siegmann，Stifel。

Thank you, Wahid, Sean and Denise. Maybe just on margins, can you help us bridge fiscal '27, versus '26? I know there's a fair amount of puts and takes, and I appreciate you calling out the changes in SG&A and higher ad, but any other color you can give on that would be helpful. Thank you.

謝謝你，Wahid、Sean 和 Denise。或許就毛利率而言，你們能否協助我們銜接 27 財年相較於 26 財年的變化？我知道其中有不少正負因素交錯，也感謝你們提到 SG&A 的變動與更高的廣告支出，但若能再提供其他補充說明會很有幫助。謝謝。

Sure, Jon. Yes. So overall, we're expecting next year's adjusted EBITDA between $305 million and $325 million, which is essentially 14.5% at the midpoint, similar to our fiscal year '26, ending results, but we're able to increase the overall R&D investment between 7% and 9% and SG&A between 14% and 16%. That increased investment is going to come from improved adjusted -- our gross margins from our product sales and overall services mix that we're going to have in fiscal year '27.

當然可以，Jon。是的。整體而言，我們預期明年的調整後 EBITDA 介於 3.05 億至 3.25 億美元之間，中點約為 14.5%，與我們 26 財年期末結果相近；但同時我們仍能將整體研發（R&D）投資提高 7% 至 9%，並將 SG&A 提高 14% 至 16%。這些增加的投資將來自於我們產品銷售毛利率的改善，以及 27 財年我們將呈現的整體服務組合（services mix）帶來的提升。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Hey, good afternoon, guys.

嘿，大家下午好。

Hi, Peter.

嗨，Peter。

All right. I guess first for Sean, can you quantify for us, the impact -- you said you took a onetime charge on a BlueHalo contract in the fourth quarter. It was a negative EAC adjustment. I guess it was a services contract. I don't know if it was Titan or something else, but if you could quantify that, that would be great.

好。我想先問 Sean：你提到第四季在一份 BlueHalo 合約上認列了一次性費用，其影響能否量化給我們？那是一項負向的 EAC 調整。我猜那是一份服務合約。我不確定是 Titan 還是其他項目，但如果你能量化說明就太好了。

Sure. Yes, there was a onetime adjustment in two parts of the business. Our CMS business had a contract that was not awarded and we had expenses incurred that we posted in fiscal year '26. And then there was an indirect rate realignment that took place which has resulted in a forward loss and onetime EAC adjustment in our Precision Strike and Defensive Systems business. Those are onetime only events.

當然。是的，這次性調整發生在兩個業務部分。我們的 CMS 業務有一份合約未獲授標，而我們已在 26 財年認列了相關已發生的費用。另外，還有一次間接費率的重新調整，導致我們的 Precision Strike and Defensive Systems（精準打擊與防禦系統）業務出現預期損失（forward loss）以及一次性的 EAC 調整。這些都僅屬一次性事件。

Clarke Jeffries, Piper Sandler.

Clarke Jeffries，Piper Sandler。

Thank you for taking the question. First one for Wahid. I was just wondering if you could give us sort of an overview and some context for the Q4 result in precision strike? It seems like the tone has been over the last few quarters that some of these contracts might have been languishing in the contracting process in the government's hands.

謝謝讓我提問。第一題給 Wahid。我想請你就精準打擊（precision strike）在第四季的表現，提供一個概覽與一些背景脈絡。過去幾季的語氣似乎是，有些合約在政府端的簽約流程中可能一直延宕。

Just wanted to sort of assess that and where we stand in terms of the sort of throughput? And then also maybe you could dig into that customer acceptance testing part, some of the improvements there? And is that applicable across all blocks and SKUs of Switchblade or even the entire portfolio? And then one follow-up.

我想評估一下這點，以及我們在「吞吐量」（throughput）方面目前的狀況。另外也想請你深入談談客戶驗收測試（customer acceptance testing）那一段，以及那裡有哪些改善？這些改善是否適用於 Switchblade 的所有批次（blocks）與 SKU，甚至整個產品組合？然後我還有一個追問。

Sure. Thanks, Clarke. So our Precision Strike and Defensive Systems really is one of the shining sort of business groups or groups of businesses that we have that is performing incredibly well not only in fiscal '26, but we expect it to perform really well in '27, as well. We believe that, again, our momentum in this area is very strong. You heard Sean earlier talk about the different sole-source IDIQ contracts that we have, the tune of $1 billion each.

好的。謝謝，Clarke。我們的 Precision Strike and Defensive Systems（精準打擊與防禦系統）確實是我們表現非常亮眼的業務群之一，不僅在 26 財年表現極佳，我們也預期在 27 財年同樣會有很好的表現。我們相信，我們在這個領域的動能依然非常強。你先前也聽到 Sean 提到我們擁有不同的單一來源（sole-source）IDIQ 合約，每一份規模約 10 億美元。

The government still has options to actually either extend the time frame of those contracts or increase the ceiling of those contracts to make room for more awards as a result of that. In one of them, we are getting close to like 2/3 or 3/4 fulfilled, so to speak. But the government has options. And we know that our solutions are working and our customer is happy with them, and they want us to keep continuing to build them.

政府仍可選擇延長這些合約的期間，或提高合約上限（ceiling），以便在此基礎上容納更多授標。其中一份合約，就進度而言，我們已接近完成約 2/3 或 3/4。但政府仍有選項。我們也知道我們的解決方案確實有效，客戶對此很滿意，並希望我們持續生產。

Another indicator that's really important is that last fiscal year, the US Army also funded us to actually increase the production of our Switchblade 600 Block 1. And we're now at the historic levels of production of that product. We have the capacity to produce literally several thousands of those a year now. And so we're prepared to get these contracts and then convert these contracts into revenue as soon as we get them as we're ramping our production.

另一個非常重要的指標是，在上一個財年，美國陸軍也撥款支持我們提升 Switchblade 600 Block 1 的產量。我們目前已達到該產品歷史性的生產水準。我們現在的產能，實際上每年可以生產數千套。因此，隨著我們拉升產能，我們已準備好取得這些合約，並在合約到手後盡快把合約轉化為營收。

Besides loitering munition though, I must say also that I feel very bullish on our Red Dragon family, one-way attack. That is much earlier in its adoption cycle. We are also ramping that up, and we won several contracts this year -- this past year. And so I expect that to continue to grow. And it would not surprise me if that was a very significant portion of the revenue of that category over the next couple of three years because it's the capability and the mission sets that the Red Dragon family of one-way attack long-haul product addresses is quite unique and compelling.

除了滯空彈藥（loitering munition）之外，我也必須說，我對我們的 Red Dragon 系列單向攻擊（one-way attack）產品非常看好。它仍處於更早期的採用週期。我們也正在提升其產能，並且在今年——也就是上一個財年——贏得了數份合約。因此我預期它會持續成長。未來兩到三年內，它成為該類別營收中非常顯著的一部分也不令人意外，因為 Red Dragon 系列的單向攻擊長航程產品所對應的能力與任務集合相當獨特且具吸引力。

And then lastly, our Freedom Eagle-1, it's really at its infancy. We're just developing the product, going through testing. And Congress has even funded it to expand and accelerate the rate of testing and development and expansion, which we're actively doing this year.

最後是我們的 Freedom Eagle-1，目前仍在非常早期的階段。我們正在開發產品並進行測試。國會甚至已提供資金，用於擴大並加速測試、開發與擴充的進度，而我們今年也正積極推動這些工作。

So in all three of those categories, we expect growth, and we expect adoption to continue and the government funding as well as international allies to continue to buy more of those for us. I believe you're going to continue to see positive announcements and results from us and that in the several months ahead of us in the future.

因此，在這三個類別中，我們都預期會成長，也預期採用度將持續提升；同時政府資金以及國際盟友也會持續向我們採購更多。我相信在接下來的幾個月以及未來一段時間，你們會持續看到我們發布正面的公告與成果。

[Kashi Keller], BNP Paribas.

[Kashi Keller]，法國巴黎銀行（BNP Paribas）。

Yeah, hi, thanks for the questions. I guess for Sean, congrats on the appointment to the CFO role. I know you're not a newcomer to AV, but now that you've been in the CFO role for a little bit now, what have been some of your early learnings? And are there any areas or anything we should expect to be different under your leadership?

是的，嗨，謝謝你們的提問。我想先問 Sean，恭喜你獲任 CFO 一職。我知道你不是 AV 的新面孔，但你在 CFO 角色上也有一段時間了，你有哪些初期的心得？在你的領導下，有沒有任何領域或事情是我們應該預期會有所不同的？

Yeah, thanks for the question. As you mentioned, I've been here for 16 years. So I know the company very well. Very fortunate to be able to take this opportunity. Worked well with Wahid for the last decade plus very closely and really excited for this opportunity.

好的，謝謝你的問題。如你所提，我在這裡已經 16 年了。所以我非常了解公司。能夠把握這個機會我感到非常幸運。過去十多年我一直與 Wahid 非常密切地合作，也對這個機會感到非常興奮。

I plan on continuing with our growth projections and growth momentum, assisting Wahid and our new Chief Operating Officer, Rob, on making decisions on our capital investments in research and development and what markets we're going after and continue with our overall expansion efforts over the years to come.

我計畫延續我們的成長預測與成長動能，協助 Wahid 以及我們的新任營運長 Rob，在研發資本投資決策、我們要切入哪些市場等方面做出判斷，並在未來幾年持續推動我們整體的擴張工作。

Trevor Walsh, Citizens.

Trevor Walsh，Citizens。

Great. Wahid, maybe for you, you mentioned Mayhem 10 in your prepared remarks. Could you maybe just give us a little bit of a double-click there around how that product is going to be differentiated from Switchblade in terms of, I guess, maybe the opportunity set that you're going after? And do you it sounded like you that was designed specifically for an Army contract, but I would imagine other components probably have a need there. So -- and then I guess along with that, is the ramp that you saw in Red Dragon maybe similar to what we could maybe expect from Mayhem 10 as you kind of push that out to market? Thank you.

很好。Wahid，可能想請教你，你在事先準備的發言中提到 Mayhem 10。你能否再更深入說明一下，這個產品相較於 Switchblade 的差異化之處，尤其是你們鎖定的機會集合（opportunity set）？另外，聽起來它是專為陸軍合約設計的，但我想其他軍種或單位可能也有需求。所以——再加上這點，你們在 Red Dragon 看到的放量（ramp）是否可能類似於 Mayhem 10 推向市場後我們可以期待的節奏？謝謝。

Sure. Thank you, Trevor. So as you know or you may have noticed in my remarks, Mayhem 10 is built on the foundation of our Switchblade portfolio and product line. It is really the next-generation capability, but it's purpose-built just like the other Switchblade that we've introduced in the past, for a specific requirement and program for the US Army and other customers that we've had.

當然。謝謝你，Trevor。如你所知，或你可能在我的發言中注意到，Mayhem 10 是建立在我們 Switchblade 產品組合與產品線的基礎之上。它確實是下一代能力，但它是「為特定需求而打造」（purpose-built）的，就像我們過去推出的其他 Switchblade 一樣，針對美國陸軍以及我們其他客戶的特定需求與專案所設計。

The US Army has a program called Launch Effects. And in the Launch Effects, the idea here is that while Switchblades 300 and 600 are what's referred to as a weapon system or a loitering munition for dismounted troops on the go, this Mayhem 10 allows it to be actually integrated on all other types of platforms, unmanned airplanes, manned airplanes, helicopters and ground vehicles and even ships.

美國陸軍有一個名為 Launch Effects 的專案。在 Launch Effects 的概念中，Switchblade 300 與 600 被稱為武器系統或「滯空彈藥」（loitering munition），供徒步機動的部隊使用；而 Mayhem 10 則可整合到各種其他平台上，包括無人機、有人機、直升機、地面車輛，甚至艦艇。

So we've designed this product to be essentially very compliant with the common launch tube that US Army refers to as a common launch tube that essentially enables them to mount this to any other platforms as a weapon system.

因此我們設計這項產品，使其基本上能高度符合美國陸軍所稱的「通用發射筒」（common launch tube）規範，讓他們能將其作為武器系統安裝到任何其他平台上。

That opens up a whole new area of opportunities for us in the loitering munitions category. And then we purposely designed this for that. In addition to that, it has a few other features that -- you can have different payloads, whether it's lethal or nonlethal for other types of missions inside the product, too.

這為我們在滯空彈藥類別開啟了全新的機會領域。而我們也刻意為此目的進行設計。此外，它還具備一些其他特性——例如可搭載不同酬載（payload），不論是致命或非致命，用於產品內的其他任務類型。

I do believe that we're positioned well. We're focused on that Launch Effects program. We are engaged with US Army, but I do agree with you that there is beyond the US Army, there's applications and demand for this and a need for this with lots of other customers, both domestically and internationally.

我確實相信我們已處於有利位置。我們聚焦於 Launch Effects 專案。我們正與美國陸軍密切互動；但我也同意你的看法，除了美國陸軍之外，國內與國際上還有許多其他客戶對此有應用、需求與必要性。

It is a little bit early. It's really dependent on the US Army's pace of progress on that program, but we're very focused on it like we have always been on other programs, and we're going to continue to update you on our progress.

目前還稍早。這很大程度取決於美國陸軍在該專案上的推進速度，但我們會像以往對其他專案一樣高度專注，並將持續向各位更新我們的進展。

On the other product you mentioned, Red Dragon, we are ramping that up. And I do believe that Mayhem 10, hopefully, as we get down selected and if we get down selected over the next several months, to make progress. I mean, we have prepared ourselves for these scenarios. We constantly work that as part of our strategy and our execution plans for operations.

至於你提到的另一項產品 Red Dragon，我們正在加速放量。而我也相信 Mayhem 10——希望在未來幾個月若我們進入最終入選（down selected），並取得進展——我們已為這些情境做好準備。我的意思是，我們已為這些情境做好準備。我們持續將其作為策略與營運執行計畫的一部分來推進。

And our factories are very capable of switching between different models if we have to base on customer demand. And that's inherent to our product design philosophy and our manufacturing readiness programs.

而且我們的工廠非常有能力在不同型號之間切換，以因應客戶需求。這也是我們產品設計理念與製造就緒（manufacturing readiness）計畫的內建特性。

Gavin Parsons, UBS.

Gavin Parsons，瑞銀（UBS）。

Thank you. Good afternoon.

謝謝。下午好。

Good afternoon, Gavin.

下午好，Gavin。

I know quarter-to-quarter, super lumpy, but if I'm doing the math right, it implies first quarter will be down year-over-year. Anything specific behind that?

我知道逐季來看波動很大，但如果我算得沒錯，這意味著第一季會年減。背後有什麼特定原因嗎？

Yes. Gavin, thanks for the question. We try to provide that level of color in our prepared remarks. We have the stop work on SCAR is leaving around a $30 million hole, as well as some of the order timings coming through later this summer that we expect to ramp up the back half of fiscal year '27. So we're just taking our time to really think through what the distribution of revenue will look like given the lack of the SCAR revenues coming through in the first half there.

是的。Gavin，謝謝你的問題。我們在事先準備的發言中已嘗試提供這種程度的補充說明。SCAR 的停工（stop work）造成約 3,000 萬美元的缺口，另外還有一些訂單時點會在今年夏末才進來，我們預期這些將在 2027 會計年度下半年加速放量。因此，鑑於上半年缺少 SCAR 收入的挹注，我們正在更審慎地思考收入在各季度之間的分布會是什麼樣子。

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

Hey, thanks very much and good evening. So as you're looking at the BlueHalo portfolio, I guess, what products are you most excited about? And how do you expect I guess, demand for those products to ramp over the next several years? What are you really looking for?

嗨，非常感謝，晚安。所以當你們看 BlueHalo 的產品組合時，我想問你們最感到興奮的是哪些產品？以及你們預期未來幾年這些產品的需求會如何放量？你們最主要在觀察什麼？

Thanks, Brian. So for me, it's always very difficult to pick favorites between our products. I consider them like our kids. And it's really hard to do a favoritism towards one of the other because they all have their own unique value propositions and position in the market. But if you were to ask me in terms of real potential for game-changing capabilities, BlueHalo already is contributing significantly, for example, to our RF jamming and detect systems in the counter-UAS category with our Titan series.

謝謝你，Brian。對我而言，要在我們的產品之間選出最愛一直都很困難。我把它們視為我們的孩子。很難偏愛其中某一個，因為它們各自都有獨特的價值主張與市場定位。但如果你問我就「具備改變遊戲規則的潛力」而言，BlueHalo 已經在反無人機（counter-UAS）領域中，透過 Titan 系列，對我們的射頻干擾與偵測系統做出顯著貢獻。

That is one of the fastest-growing products in our entire portfolio as a combined entity. And it's one of our more profitable products, if not the most profitable product lines that we have. So BlueHalo has done a fantastic job on that.

這是我們合併後整體產品組合中成長最快的產品之一。而且它也是我們較高毛利的產品之一，甚至可能是我們最賺錢的產品線。因此 BlueHalo 在這方面做得非常出色。

Very close second to that would be the LOCUST laser weapon systems. The LOCUST laser weapon system is at the infancy, as I said in my remarks, of its adoption cycle. I personally believe that, that's $1 billion to a multibillion-dollar market opportunity over the next five plus years. And I think that we're at the cusp of that inflection point this year. There is a very important program of record that the US Army has called EHEL or Enduring High-Energy Lasers. And we are anticipating a decision on that.

非常接近的第二名會是 LOCUST 雷射武器系統。如我在發言中所說，LOCUST 雷射武器系統正處於採用週期的初期階段。我個人相信，未來五年以上，這將是一個從 10 億美元到數十億美元規模的市場機會。而我認為今年我們正站在那個拐點（inflection point）的臨界點上。美國陸軍有一個非常重要的正式列裝專案（program of record），稱為 EHEL（Enduring High-Energy Lasers，持續高能雷射）。我們正期待該專案的決策結果。

We're competing on that program. It's supposed to be based on the Army's announcements about a $0.5 billion program in size, total. And they have so far indicated that they are going to announce that and award that in the next few months. That is going to be an inflection point because it's the first of its kind program of record in the US department of War's basically, history on a production level laser weapon system.

我們正在競標那個專案。據稱該專案是依據陸軍對一項總規模約5億美元的專案公告而定。而且截至目前，他們已表示將在未來幾個月內宣布並完成授標。這將是一個轉折點，因為這是美國國防部基本上在其歷史上首次在量產層級的雷射武器系統正式列裝（program of record）專案。

And it's a holy grail. It's a whole new category that is going to be created as a result of it. And we all know the threats and the kind of demand that there is for defending against drones at low cost and with unlimited magazine. And I would also point out two other things real quick. Our laser communication terminals is one of the best, if not the best in the world, and we're the leader in that space.

而這是聖杯。它將因此創造出一個全新的類別。我們都知道威脅的情況，以及以低成本、且具備「無限彈藥庫」能力來防禦無人機的需求。另外我也想很快再指出兩點。我們的雷射通訊終端是全球最頂尖之一，甚至可能是最好的，而我們也是該領域的領導者。

That's also a tendency and then lastly, the Freedom Eagle-1. We are now entering a new category that AV historically has never played in, truly being a full-up round missile producer. And we're ramping that up today this year. We're investing significant dollars on production and manufacturing. And we're aggressively tackling the testing and validation phase because the US Army is pushing us really hard to go faster, and we are.

這也是一個趨勢；最後還有 Freedom Eagle-1。我們現在正進入一個AV過去在歷史上從未真正涉足的新類別——成為完整彈體飛彈的製造商。我們今年正在加速擴產。我們在生產與製造上投入了可觀資金。同時我們也積極推進測試與驗證階段，因為美國陸軍正非常強力地要求我們加快速度，而我們也正在這麼做。

And it's going to be at an unprecedented like sort of speed of -- from the time that we started on this program until we're going to get to production, it's nearly like two years or so. That's unprecedented in missile categories in the history of the department.

而且從我們啟動這個專案到進入量產，將以一種前所未有的速度——大約接近兩年左右。在國防部的歷史上，就飛彈類別而言，這是前所未見的。

And so we're pleased with that because I think it opens up a whole new category for us in the long run. And I'm really bullish about that as well. So you can see it's really difficult to win to pick which one is going to be best. They all have their own strong profiles of value creation, and we're very happy with them.

因此我們對此感到滿意，因為我認為長期來看，這為我們開啟了一個全新的類別。我對此也非常看好。所以你可以看到，真的很難選出哪一個會是最好的。它們各自都有很強的價值創造特徵，我們對它們都非常滿意。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Hi, Wahid and Sean. So just my first question here. I understand you think that the regular defense budget probably won't be passed until probably the winter or into the new calendar year. But if the up to $350 billion reconciliation bill is passed before the midterms and we see more demand from a contracting perspective for uncrewed aircraft systems product sales in the mix, how should we be thinking about the gross margin potential that we could see in the fiscal year if that occurs?

嗨，Wahid 和 Sean。我先問第一個問題。我理解你們認為常規國防預算可能要到冬季或進入新的曆年才會通過。但如果最高達3,500億美元的預算協調法案（reconciliation bill）在期中選舉前通過，且我們從承包角度看到對無人航空系統產品銷售的需求增加，若這種情況發生，我們應該如何看待該財政年度可能出現的毛利率潛力？

So good afternoon, Austin. Thank you for the question. And you've actually caught something really important in this discussion, which is besides the regular budget, there's also a reconciliation bill in front of Congress which has historic dollar -- amount of dollars, in the billions of dollars, as you mentioned, for primarily a lot of the categories that we're the leader or one of the key, key players in the market and providers in the market.

下午好，Austin。謝謝你的提問。你其實抓到這次討論中一個非常重要的點：除了常規預算之外，國會面前還有一項預算協調法案，其中包含歷史性規模的資金——如你所提到的，達數十億美元——主要投向許多我們是領導者、或是市場中關鍵參與者與供應商的類別。

So the range of outcomes there, Austin, is very wide and quite favorable in many ways. But it's really hard to count on the timing of that. The best indicators that we have that, that is also going to be delayed given the election cycle and given how the Congress is engaging themselves and the bills and in the approval of the budgets.

因此在那方面的結果區間，Austin，非常寬廣，而且在很多方面相當有利。但很難依賴其時間點。我們目前最好的指標顯示，考量選舉週期以及國會在法案與預算核准上的運作方式，該法案也可能會延後。

So we are cautiously optimistic. Long term, we're going to do really well. But first quarter, second quarter, it's really hard to predict that because it's really difficult to know exactly when these budgets are going to pass. So we're not really assuming that some of that is going to come through.

所以我們保持審慎樂觀。長期來看，我們會表現得很好。但第一季、第二季就很難預測，因為很難確切知道這些預算究竟何時會通過。因此我們並沒有真正假設其中一部分會在短期內落地。

If that situation changes positively, of course, we're going to update you. And it will have a positive impact. We believe that it should and it could have a positive impact both on top line revenue and on the profitability profile because we're producing these things and our margin profile on these are really good and our pricing is quite competitive in the market. And so we look forward to hopefully you being right, and that's an area coming to fruition and keeping you guys updated.

如果情況出現正向變化，我們當然會更新資訊給各位。而且這將帶來正面影響。我們相信它應該、也可能同時對營收（top line）以及獲利結構產生正面影響，因為我們正在生產這些產品，我們在這些產品上的毛利結構非常好，而且我們的定價在市場上也相當具競爭力。因此我們也期待希望你說得沒錯，讓這個領域能夠開花結果，並持續向各位更新。

Thank you. And this will conclude the Q&A session. I will turn the call back to Denise for final comments.

謝謝。問答環節到此結束。我將把電話交回給 Denise 做最後的結語。

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 Investor 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.

再次感謝各位參加今天的電話會議，並關注AV。提醒各位，本次電話會議的存檔版本、SEC申報文件及相關新聞，可在我們網站的投資人（Investor）專區找到。祝各位今晚愉快，我們也期待在下季財報公布後再次與各位交流。

This concludes our conference. You may now disconnect.

本次會議到此結束。您現在可以掛線。