AeroVironment, Inc. (AVAV) 2027 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AeroVironment first-quarter fiscal year 2027 earnings call. (Operator Instructions) Please be advised that today's call is being recorded.

大家好，感謝您耐心等候。歡迎參加 AeroVironment 2027 會計年度第一季財報電話會議。(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.

現在我想把時間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 first-quarter fiscal year 2027 earnings call. My name is Denise Pacioni, Head of Investor Relations for AV.

謝謝，各位女士、先生，下午好。歡迎參加 AV 2027 會計年度第一季財報電話會議。我叫 Denise Pacioni，是 AV 的投資人關係主管。

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. 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 or on the AeroVironment website, www.avinc.com or from our Investor Relations team. 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 & Presentations.

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。這些陳述涉及多項風險與不確定性，可能導致實際結果與我們的預期存在重大差異。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，特別是其中的風險因素與前瞻性陳述相關章節。相關文件可向 SEC 取得，亦可於 AeroVironment 網站 www.avinc.com 查閱，或洽詢我們的投資人關係團隊。今天下午，我們也已隨同財報新聞稿提交一份簡報，並將該簡報張貼於我們網站「投資人」專區的「活動與簡報」頁面。

The content of this conference call contains time-sensitive information that is accurate only as of today, September 9, 2026. The company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

本次電話會議內容包含具時效性的資訊，僅截至今日（2026 年 9 月 9 日）為準且為正確。公司不承擔更新任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因所致。

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.

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。

We will now begin with remarks from Wahid Nawabi. Wahid?

接下來我們先請 Wahid Nawabi 發表談話。Wahid？

Thank you, Denise. Welcome, everyone, to our first quarter fiscal year 2027 earnings conference call. I will begin today's call by summarizing our quarterly performance, followed by Sean, who will review our financial results in greater detail. After this, Sean, Denise, and I will take your questions.

謝謝你，Denise。歡迎各位參加我們 2027 會計年度第一季財報電話會議。我將先概述本季營運表現，接著由 Sean 更詳細說明我們的財務結果。之後，Sean、Denise 與我將回答各位的提問。

I'm pleased to report excellent first quarter results across several key financial performance metrics that met or exceeded our expectations. AV reported first quarter revenues of $480 million with record-setting funded backlog of $1.5 billion as well as adjusted EBITDA of nearly $46 million and bookings of $683 million. These results reflect our focus on capturing key growth opportunities and our ability to execute with excellence. Building on our success from fiscal year 2026, we believe our first quarter results have positioned us well to deliver an even greater and stronger fiscal year 2027.

我很高興報告，我們第一季在多項關鍵財務績效指標上取得優異成果，達到或超越我們的預期。AV 第一季營收為 4.80 億美元，已獲資金支持的待履約訂單（funded backlog）創新高達 15 億美元，調整後 EBITDA 接近 4,600 萬美元，訂單金額（bookings）為 6.83 億美元。這些成果反映我們專注於掌握關鍵成長機會，以及我們卓越的執行能力。延續 2026 會計年度的成功，我們相信第一季的表現已使我們具備良好基礎，在 2027 會計年度交出更亮眼、更強勁的成績。

Before discussing the details of our strong results, let me first highlight some key achievements from the first quarter. First, we won several key contracts on franchise programs during the quarter that contributed to $683 million in bookings. These wins add to a strong bookings pipeline for both this fiscal year and beyond. Second, our funded backlog grew to a record $1.5 billion, which is 37% higher than the same period last year. Third, we achieved record first quarter revenue of $480 million. And fourth, we continue to advance our manufacturing capacity expansion plans across several of our platforms and products to support our strong growth over the next several years.

在討論我們強勁成果的細節之前，我先強調第一季的一些關鍵成就。第一，我們在本季於多個主力（franchise）專案中贏得數項重要合約，帶動訂單金額達 6.83 億美元。這些得標也強化了本會計年度及未來的強勁接單管線。第二，我們的已獲資金支持的待履約訂單增至創紀錄的 15 億美元，較去年同期高出 37%。第三，我們達成第一季創紀錄的 4.80 億美元營收。第四，我們持續推進多個平台與產品的製造產能擴充計畫，以支撐未來數年的強勁成長。

With a strong quarter behind us and positive momentum carrying us into the second quarter, we are reaffirming our fiscal year 2027 revenue guidance of between $2.125 billion and $2.225 billion, and adjusted EBITDA guidance for fiscal year 2027 of between $305 million and $325 million. Both of our business segments are progressing well toward their fiscal year 2027 growth goals, supported by key domestic and international program wins and increased backlog and revenue contributions.

在強勁的一季表現之後，且正向動能延續至第二季，我們重申 2027 會計年度營收指引為 21.25 億至 22.25 億美元，並重申 2027 會計年度調整後 EBITDA 指引為 3.05 億至 3.25 億美元。在關鍵的國內與國際專案得標，以及待履約訂單與營收貢獻增加的支持下，我們兩大業務部門均正穩健朝 2027 會計年度的成長目標推進。

During the first quarter, our Autonomous Systems segment contributed $346 million or 72% of the total company revenue, while our Space, Cyber and Directed Energy segment contributed $134.5 million in revenue or 28% of the total company revenue, consistent with our plans for the quarter. Both segments contributed to the 25% increase in funded backlog from the prior quarter due to very strong order flow and several sole-source wins. Our total funded backlog now stands at $1.5 billion. Strong contract wins across multiple programs in both segments, particularly in counter UAS, positions us for a record fiscal year 2027 and supports our progress towards long-term growth goals.

第一季中，我們的自主系統（Autonomous Systems）部門貢獻 3.46 億美元，約占公司總營收的 72%；而太空、資安與定向能（Space, Cyber and Directed Energy）部門貢獻 1.345 億美元，約占公司總營收的 28%，符合我們對本季的規劃。由於訂單流入非常強勁且取得數項單一來源（sole-source）得標，兩個部門共同推動已獲資金支持的待履約訂單較前一季增加 25%。我們的已獲資金支持的待履約訂單總額目前為 15 億美元。兩個部門在多個專案上取得強勁合約勝利，尤其是在反無人機系統（counter UAS）領域，使我們有望創下 2027 會計年度新高，並支持我們朝長期成長目標邁進。

I would like to now walk you through some significant achievements since our last earnings call in each of our four main product areas, which are multi-mission ISR, precision strike, counter-UAS and space and advanced technologies. Starting first with our multi-mission ISR product area. As we had mentioned on our last call, AV's P550 was selected for the US Army's Long-Range Reconnaissance program at the beginning of the first quarter with an award of $117 million. Successful integration into the US Army's Next-Generation Command and Control System, or NGC2, and strong performance during recent field tests positioned the P550 as another key franchise program expected to drive future growth. We anticipate that LRR program to be a $1 billion program over the next few years.

接下來，我將說明自上次財報電話會議以來，我們四大主要產品領域的若干重要進展，分別為多任務 ISR、精準打擊、反無人機系統，以及太空與先進技術。首先從多任務 ISR 產品領域談起。如同我們在上次會議中提到的，AV 的 P550 在第一季初獲選為美國陸軍長程偵察（Long-Range Reconnaissance, LRR）專案平台，並獲得 1.17 億美元的合約授予。成功整合至美國陸軍次世代指揮與控制系統（Next-Generation Command and Control System，NGC2），以及近期野外測試中的優異表現，使 P550 成為另一項關鍵主力專案，預期將帶動未來成長。我們預期 LRR 專案在未來幾年將是一個規模達 10 億美元的專案。

Also during the quarter, AV was awarded a $30 million contract to deliver Puma AE and Puma LE systems for Germany's LARUS airborne reconnaissance program. This award represents one of the most significant European Puma procurements to date. In addition to these wins from our small UAS product line, our JUMP 20 and JUMP 20-X continue to make headways in AV's Group 3 or medium UAS offering. For example, JUMP 20 recently received an MQ-31A military designation from the Italian Ministry of Defense, formally recognizing AV JUMP 20 as an official military capability. This is a critical next step in the procurement process, enabling the Italian Army to accept deliveries of JUMP 20 and recognizing it as an element of its formal military inventory.

此外在本季，AV 獲得一項 3,000 萬美元合約，將為德國 LARUS 空中偵察專案交付 Puma AE 與 Puma LE 系統。此合約是迄今最具規模的歐洲 Puma 採購案之一。除了小型無人機（small UAS）產品線的這些得標之外，我們的 JUMP 20 與 JUMP 20-X 也持續在 AV 的第 3 組（Group 3）或中型無人機（medium UAS）產品上取得進展。例如，JUMP 20 近期獲義大利國防部授予 MQ-31A 軍用代號，正式認定 AV JUMP 20 為官方軍事能力。這是採購流程中的關鍵下一步，使義大利陸軍得以接受 JUMP 20 的交付，並將其認列為正式軍事庫存的一部分。

With this recent announcement, JUMP 20 and JUMP 20-X have now won several international programs of record, just over the last 12 months alone.

隨著這項最新公告，JUMP 20 與 JUMP 20-X 在僅過去 12 個月內，已贏得多項國際正式列裝（programs of record）專案。

Turning now to Precision Strike. We continue to see progress and momentum across several of our platforms within Precision Strike. Our comprehensive family of one-way attack, loitering munitions and launched effects products has the ability to meet our customers' immediate needs while remaining adaptable to future requirements. Our recent Switchblade 400 award under the US Army's Low-Altitude Stalking and Strike Ordnance or LASSO program is an example of AV's ability to quickly adapt our proven capabilities to meet new customer program requirements.

接著談精準打擊（Precision Strike）。我們在精準打擊領域的多個平台持續看到進展與動能。我們完整的一次性攻擊（one-way attack）、滯空攻擊彈藥（loitering munitions）與發射式效應器（launched effects）產品系列，既能滿足客戶的即時需求，也能因應未來需求而保持可調適性。我們近期在美國陸軍低空潛伏與打擊彈藥（Low-Altitude Stalking and Strike Ordnance，LASSO）專案下獲得的 Switchblade 400 合約，即展現 AV 能快速調整既有成熟能力，以符合客戶新專案需求的能力。

Leveraging capabilities from both the Switchblade 300 and 600, AV Switchblade 400 is now a key solution set within the US Army's LASSO program. Also during the quarter, AV received a $51 million US Army contract for Switchblade 600, in support of a lethal unmanned systems IDIQ.

結合 Switchblade 300 與 600 的能力，AV Switchblade 400 現已成為美國陸軍 LASSO 專案中的關鍵解決方案之一。此外在本季，AV 亦獲得美國陸軍 5,100 萬美元的 Switchblade 600 合約，用於支援一項致命無人系統的 IDIQ（不定期交付／不定量）合約。

Taken together, these two awards position AV as a long-term partner to the US Army. With 20-plus brigade combat teams and 180-plus soldiers trained, these awards also reflect the US Army's confidence in our solutions and our ability to deliver mission-critical capabilities at speed. Looking ahead, we are also seeing strong demand signals for our one-way attack solution, Red Dragon, and increased international demand in loitering munitions.

綜合而言，這兩項合約使 AV 成為美國陸軍的長期合作夥伴。已有 20 多個旅級戰鬥隊與 180 多名士兵完成訓練，這些合約也反映美國陸軍對我們解決方案的信心，以及我們快速交付關鍵任務能力的能力。展望未來，我們也看到市場對我們一次性攻擊解決方案 Red Dragon 的強勁需求訊號，以及國際市場對滯空攻擊彈藥需求的提升。

Turning now to our counter UAS portfolio. We're extremely excited about the progress we've made this past quarter with our multilayered counter UAS defensive systems. Both Titan and LOCUST systems received several awards this past quarter, which are strategic to the long-term growth of these franchise products. Just recently, we announced two significant wins for our market-leading counter UAS directed energy platform called LOCUST.

現在轉到我們的反無人機（Counter-UAS）產品組合。我們對本季在多層式反無人機防禦系統方面取得的進展感到非常振奮。Titan 與 LOCUST 系統在本季均獲得多項獎項，這些獎項對這些系列產品的長期成長具有策略性意義。就在最近，我們宣布在名為 LOCUST 的市場領先反無人機定向能平台上取得兩項重大勝利。

As you recall, AV was awarded a landmark contract valued at nearly $465 million for the US Army's Enduring High-Energy Laser or E-HEL program in late August. This award represents the first ever production contract for directed energy systems in US military history. This is a defining moment, not only for our company but also for our customers, our country and the advancements of laser weapons technology as a critical tool in modern warfare.

如各位所記得，AV 於 8 月下旬獲得美國陸軍「持久高能雷射」（Enduring High-Energy Laser，E-HEL）計畫一份具里程碑意義的合約，價值接近 4.65 億美元。此項授標代表美國軍事史上首份定向能系統的量產合約。這是一個決定性的時刻，不僅對我們公司而言，對我們的客戶、我們的國家，以及雷射武器技術作為現代戰爭關鍵工具的進步亦然。

Following this announcement, we also announced our first international order for our LOCUST-directed energy counter UAS laser weapon system as a direct commercial sale. This order underscores the growing global demand for scaled high-energy laser weapon systems. As global threats continue to evolve and as asymmetric economics persist on the modern battlefield, directed energy has emerged as an increasingly important, cost-effective solution for countering high-volume, low-cost drone attacks. Our under-$10-per-shot LOCUST redefines the cost balance between offensive and defensive systems and provides the war fighter with an essentially unlimited magazine. We see these landmark awards as demonstrating the growing demand for LOCUST both in the United States and internationally and positions AV as a leader within the rapidly expanding directed energy market.

在此公告之後，我們也宣布以直接商業銷售方式，取得 LOCUST 定向能反無人機雷射武器系統的首筆國際訂單。此訂單凸顯全球對可擴展高能雷射武器系統日益成長的需求。隨著全球威脅持續演變，且現代戰場上的非對稱經濟性仍然存在，定向能已成為反制高數量、低成本無人機攻擊日益重要且具成本效益的解決方案。我們每發成本低於 10 美元的 LOCUST，重新定義攻防系統之間的成本平衡，並為作戰人員提供幾乎無限的彈藥庫。我們認為這些里程碑式的授標顯示 LOCUST 在美國及國際市場的需求正在成長，並使 AV 在快速擴張的定向能市場中占據領導地位。

Building our momentum from these awards, we anticipate a growing pipeline of opportunities for our LOCUST laser weapon systems, both domestically and abroad, and look forward to sharing additional award progress with you in the coming quarters. In addition to these historic achievements with Directed Energy, Counter-UAS, we also announced earlier in the quarter a major contract win for our RF detect and defeat platform called Titan. Our Titan MS was awarded a sole-source $500 million IDIQ in support of Joint Interagency Task Force 401 Domestic Shield program, which included an initial $80 million contract in support of the United States Golden Dome initiative.

在這些授標帶來的動能之上，我們預期 LOCUST 雷射武器系統在國內與海外的機會管線將持續擴大，並期待在未來幾季與各位分享更多授標進展。除了在定向能反無人機（Counter-UAS）方面的歷史性成就外，我們也在本季稍早宣布，旗下名為 Titan 的射頻（RF）偵測與擊敗平台取得一項重大合約勝利。我們的 Titan MS 獲得一份 5 億美元的單一來源（sole-source）IDIQ 合約，以支援「聯合跨機構特遣隊 401 國內盾牌」（Joint Interagency Task Force 401 Domestic Shield）計畫，其中包含一份 8,000 萬美元的初始合約，用於支援美國「黃金圓頂」（Golden Dome）倡議。

Our Titan series of RF Jammers continue to be a market-leading solution in the world and a strong growth driver for the company, and we anticipate the use cases for its capabilities to continue to expand beyond traditional military applications. In addition to these two counter-UAS program wins, we also announced the expansion of our Huntsville, Alabama facility in anticipation of additional demand for our Freedom Eagle-1 or FE-1 kinetic intercept solution. Since winning the US Army's Long-Range Kinetic Interceptor or LRKI program last year, our customer requested an accelerated production schedule, and we received additional congressional funding to support this acceleration of production and delivery of products on this program.

我們 Titan 系列射頻干擾器持續是全球市場領先的解決方案，也是公司強勁的成長驅動力；我們預期其能力的使用情境將持續擴展至傳統軍事應用之外。除這兩項反無人機計畫勝利外，我們也宣布擴建位於阿拉巴馬州亨茨維爾（Huntsville）的設施，以因應對 Freedom Eagle-1（FE-1）動能攔截解決方案的額外需求。自去年贏得美國陸軍「遠程動能攔截器」（Long-Range Kinetic Interceptor，LRKI）計畫以來，我們的客戶要求加速生產時程，而我們也獲得額外的國會資金，以支持該計畫產品生產與交付的加速。

Our investments in capacity expansion will allow us to rapidly scale FE-1 manufacturing in order to meet the US Army's urgent operational needs. This program is critical in filling critical operational requirements needed by our customers to combat low-cost drone threats.

我們在產能擴充上的投資，將使我們能迅速擴大 FE-1 的製造規模，以滿足美國陸軍迫切的作戰需求。此計畫對於補足客戶為對抗低成本無人機威脅所需的關鍵作戰需求至關重要。

Now let's look at the progress we made in our Space and Advanced Technologies Group. AV recently won a $43 million contract to integrate PANTHER phased-array antenna on SkyRange platforms for hypersonic telemetry. This contract will enhance the nation's weapons testing capabilities and will help enable more frequent testing cycles and faster weapons development time lines, especially related to hypersonic weapons. These combined achievements across all four of our product categories during the first quarter demonstrate the breadth and capabilities of our products and solutions across the defense sector.

接下來看看我們在太空與先進技術事業群（Space and Advanced Technologies Group）所取得的進展。AV 最近贏得一份 4,300 萬美元合約，將 PANTHER 相控陣天線整合至 SkyRange 平台，用於高超音速遙測。此合約將提升國家的武器測試能力，並有助於實現更頻繁的測試週期與更快的武器研發時程，特別是與高超音速武器相關的部分。第一季在我們四大產品類別的這些綜合成果，展現了我們在國防領域提供產品與解決方案的廣度與能力。

With several of our products at an inflection point for multiyear sustained growth, we are focused on enhancing operational readiness. As we communicated at our Investor Day this past July, leading the sector in innovation has been and will continue to be a key priority for AV. The progress we made this past quarter demonstrates how that commitment is translating into meaningful customer wins and key franchise program awards across our diversified portfolio. As we build on this momentum, we're sharply focused on executing with excellence, increasing capacity, scaling production and delivering high-quality battle-proven solutions to our customers.

隨著我們多項產品正處於多年期、可持續成長的拐點，我們專注於提升作戰準備度。正如我們在今年 7 月投資人日所傳達的，引領產業創新一直是、也將持續是 AV 的關鍵優先事項。我們在本季取得的進展顯示，這項承諾正轉化為具意義的客戶勝利，以及在多元化產品組合中多項關鍵系列計畫的授標。在延續這股動能之際，我們高度聚焦於卓越執行、提升產能、擴大生產規模，並向客戶交付高品質、經戰場驗證的解決方案。

The investments we are making in fiscal year 2027 are designed to support future growth by positioning us to capture additional awards, expanding capacity across key sites, scaling manufacturing with speed and efficiency, and enhancing the resiliency of our supply chain. We are nearly a-third of the way into this fiscal year, and we're making significant progress towards achieving these goals. In fact, just after the close of our first quarter, we announced a $100 million long-term investment at our Southern California facilities to build a new state-of-the-art innovation center and campus.

我們在 2027 會計年度所進行的投資，旨在透過以下方式支援未來成長：使我們具備爭取更多授標的定位、擴大關鍵據點產能、以速度與效率擴大製造規模，並提升供應鏈韌性。本會計年度已接近三分之一，我們在達成這些目標方面正取得顯著進展。事實上，就在第一季結束後不久，我們宣布將在南加州設施進行 1 億美元的長期投資，以興建新的最先進創新中心與園區。

This new facility will consolidate operations and provide additional production capacity. In addition to this investment, we're also progressing on our Salt Lake City facility, where we plan to increase loitering munitions manufacturing capability. This facility is expected to provide AV with the ability to meet increased demand across our Switchblade product lines well into the future, while also providing additional manufacturing capacity to support other products across our portfolio.

這座新設施將整合營運並提供額外的生產產能。除這項投資外，我們也正推進鹽湖城（Salt Lake City）設施計畫，預計提升滯空彈藥（loitering munitions）的製造能力。預期該設施將使 AV 在未來很長一段時間內具備滿足 Switchblade 產品線需求成長的能力，同時也提供額外製造產能，以支援我們產品組合中的其他產品。

This new state-of-the-art campus is on track for a spring of 2027 opening. Earlier in the quarter, we also announced expansion efforts for our Albuquerque, New Mexico, facility where production is starting for our newly awarded LOCUST contracts, along with additional future global demand. This facility is planned to be one of the world's largest and highest volume full-rate manufacturing space for laser weapon systems used for defense applications. And as we mentioned earlier, we're also building our Huntsville, Alabama location for our Kinetic Intercept counter UAS solution, Freedom Eagle-1. These internally funded capacity expansion projects are specifically designed to keep pace with rising demand in both the near and long term. We expect that continued investment in our leading platforms will yield meaningful returns and drive long-term value creation.

這座新的最先進園區按計畫將於 2027 年春季啟用。本季稍早，我們也宣布擴建位於新墨西哥州阿布奎基（Albuquerque）的設施；該處已開始為新近授予的 LOCUST 合約進行生產，並將因應未來額外的全球需求。該設施規劃成為全球最大且產量最高的雷射武器系統（用於防禦應用）全速率量產製造空間之一。此外，如先前所提，我們也正在擴建位於阿拉巴馬州亨茨維爾的據點，用於我們的動能攔截反無人機解決方案 Freedom Eagle-1。這些由內部資金支持的產能擴充專案，係為了在短期與長期都能跟上需求上升的步伐而特別設計。我們預期，持續投資於我們的領先平台將帶來具意義的回報，並驅動長期價值創造。

Before turning the call over to Sean, let me summarize with the following comments. This past quarter was a great start to our fiscal year 2027. We delivered record first quarter revenues and funded backlog and won several landmark awards on franchise programs domestically and internationally and expanded production capacity across multiple US facilities. Demand across our portfolio remains robust, and we're focused on executing with discipline as we invest in our business, scaling manufacturing, and strengthening our supply chain to deliver for our customers at the speed their missions require.

在把電話會議交給 Sean 之前，讓我用以下幾點做個總結。本季為我們 2027 會計年度帶來了良好的開局。我們創下第一季營收與已資金支持的在手訂單（funded backlog）新高，並在國內與國際的系列計畫上贏得多項里程碑式授標，同時在美國多處設施擴充生產產能。我們產品組合的需求仍然強勁；在投資業務、擴大製造規模並強化供應鏈之際，我們專注於以紀律執行，以客戶任務所需的速度交付成果。

With that, I would like to now turn the call over to Sean Woodward, for a review of our first quarter fiscal year 2027 financials. Sean?

接下來，我想把電話會議交給 Sean Woodward，請他回顧我們 2027 會計年度第一季的財務表現。Sean？

Thank you, Wahid. I will now walk you through our first quarter performance and fiscal year '27 outlook, referring frequently to our press release and earnings presentation available on our website. I am pleased to report a very strong start to fiscal 2027 with first quarter results meeting or exceeding several of our key financial targets. We exceeded our financial targets for the first quarter on revenue, adjusted EBITDA and non-GAAP EPS while also achieving positive operating cash flow. We secured solid bookings of $683 million and ended the quarter with record funded backlog of $1.5 billion, up 23% from the prior quarter and higher by 37% from the same period last year.

謝謝你，Wahid。接下來我將帶各位回顧第一季表現與 2027 會計年度展望，並將經常參考我們網站上提供的新聞稿與法說簡報。我很高興報告，2027 會計年度開局非常強勁，第一季結果達到或超過我們多項關鍵財務目標。第一季在營收、調整後 EBITDA 與非 GAAP 每股盈餘（EPS）方面均超越我們的財務目標，同時也達成正向營運現金流。我們取得 6.83 億美元的穩健接單（bookings），並在季末以 15 億美元的已資金支持在手訂單（funded backlog）創下新高，較前一季增加 23%，較去年同期增加 37%。

Relatively consistent unfunded backlog at $1.4 billion brought total funded and unfunded backlog at the end of the first quarter to approximately $2.8 billion. At the same time, we made significant progress on our capacity expansion initiatives that we expect will allow the company to quickly scale to meet expected increased global demand.

相對一致的未資金化積壓訂單維持在14億美元，使第一季末的已資金化與未資金化積壓訂單合計約為28億美元。同時，我們在產能擴張計畫上取得重大進展，預期將使公司能迅速擴大規模，以滿足預期增加的全球需求。

During the quarter, we announced several key capacity expansion efforts directly tied to growth on key franchise programs. First, we purchased and are looking to expand our existing facility in Huntsville, Alabama, to support near-term growth needed for our counter UAS kinetic INTERCEPT solution, Freedom Eagle-1. In addition, we recently announced a $100 million investment in our Southern California campus where we plan to improve execution on engineering, design and development alongside our production operations across multiple platforms. This investment will consolidate multiple existing lease facilities, resulting in an expected lower annual operating expenses.

本季期間，我們宣布了數項與關鍵主力專案成長直接相關的重要產能擴張措施。首先，我們已購置並計畫擴建位於阿拉巴馬州亨茨維爾（Huntsville）的既有設施，以支援我們反無人機（counter-UAS）動能攔截（kinetic INTERCEPT）解決方案 Freedom Eagle-1 的近期成長需求。此外，我們近期宣布對南加州園區投資1億美元，計畫在多個平台的生產營運旁，同步提升工程、設計與研發的執行力。此項投資將整併多處既有租賃設施，預期可降低年度營運費用。

We are continuing to make progress on building out production in Albuquerque, New Mexico, for our rapidly growing LOCUST counter-UAS solutions. Besides these three capacity expansion investments, we are getting significantly closer to opening our new state-of-the-art manufacturing facility in Salt Lake City, Utah. This 200,000-square-foot facility will allow for rapid scaling of our loitering munition products and provide additional space for other products that are facing increased demand. As discussed in detail at our July Investor Day, these investments directly support the strong demand we're seeing across our product portfolio. We look forward to sharing further progress on these facility expansions in the coming quarters.

我們持續推進在新墨西哥州阿布奎基（Albuquerque）建置產能，以支援快速成長的 LOCUST 反無人機解決方案之生產。除上述三項產能擴張投資外，我們也更接近啟用位於猶他州鹽湖城（Salt Lake City）的全新最先進製造設施。這座20萬平方英尺的設施將使我們的滯空彈藥（loitering munition）產品能快速擴產，並為其他需求增加的產品提供額外空間。如我們在7月投資人日所詳述，這些投資直接支撐我們在產品組合各領域所見到的強勁需求。我們期待在未來幾季分享這些設施擴建的進一步進展。

Turning now to first quarter results. We secured bookings totaling $683 million in new authorized contract value. Our book-to-bill ratio for quarter one was 1.4 times, reflecting strong demand from large program awards. Our trailing 12-month bookings exceeded $3 billion, representing a book-to-bill ratio of 1.5 times. Total funded and unfunded backlog at the end of the first quarter was just over $2.8 billion.

接著說明第一季業績。我們取得合計6.83億美元的新核准合約價值（authorized contract value）訂單。第一季的接單出貨比（book-to-bill）為1.4倍，反映大型專案得標帶來的強勁需求。過去12個月的累計接單超過30億美元，對應接單出貨比為1.5倍。第一季末的已資金化與未資金化積壓訂單總額略高於28億美元。

Slide 6 of the earnings presentation shows the first quarter revenue by operating group for each of our segments compared to first quarter fiscal year '26 revenue. The Autonomous Systems, or AxS, segment recognized $346 million in revenue in the quarter, which represented a 21% increase over first quarter of fiscal year '26 revenues. The Precision Strike and Defense Systems operating group generated $197 million in revenue in the first quarter, which represented an 8% increase over first quarter of fiscal year '26 revenues, driven by our loitering munition family, along with our one-way attack system and counter-UAS RF Titan products.

財報簡報第6頁顯示我們各事業群於第一季按營運組別劃分的營收，並與2026會計年度第一季營收比較。自主系統（Autonomous Systems，AxS）部門本季認列營收3.46億美元，較2026會計年度第一季增加21%。精準打擊與防禦系統（Precision Strike and Defense Systems）營運組別第一季營收為1.97億美元，較2026會計年度第一季增加8%，主要受滯空彈藥產品系列、一次性攻擊系統（one-way attack system）以及反無人機 RF Titan 產品帶動。

The Uncrewed Aircraft Systems operating group generated $120 million in revenue in the first quarter, higher by 71% from the same period last year, led by strong domestic and international sales in P550, JUMP 20-X and Puma. The Space, Cyber and Directed Energy segment generated $134 million in the quarter one revenue, down 21% year-over-year and in line with our expectations, reflecting the first quarter revenue loss from the SCAR contract termination, which occurred in March of this calendar year and other discontinued government programs.

無人航空系統（Uncrewed Aircraft Systems）營運組別第一季營收為1.20億美元，較去年同期成長71%，主要由 P550、JUMP 20-X 與 Puma 在國內及國際市場的強勁銷售帶動。太空、資安與定向能（Space, Cyber and Directed Energy）部門第一季營收為1.34億美元，年減21%，符合我們預期，反映本曆年3月 SCAR 合約終止所造成的第一季營收減少，以及其他已中止的政府專案影響。

Within the segment, the space and directed energy operating group sales declined 28% year-over-year due to discontinued SCAR program. For reference, SCAR-related revenue was $32 million during first quarter '26. The Cyber & Mission Solutions revenue declined 16% year-over-year, primarily due to discontinued government programs.

在該部門內，太空與定向能營運組別的銷售額因 SCAR 專案中止而年減28%。供參考，2026會計年度第一季與 SCAR 相關的營收為3,200萬美元。資安與任務解決方案（Cyber & Mission Solutions）營收年減16%，主要因政府專案中止所致。

Moving on to gross margins. Slide 12 shows the adjusted product and service gross margin reconciliation to GAAP gross margin. First quarter overall adjusted gross margins of 30% were higher than first quarter '26 results of 29%. Quarter one adjusted product gross margin was solid at 40% compared to 36% for the first quarter '26. Quarter one adjusted service gross margin was 8%, which was lower than the 13% for the first quarter of fiscal year '26. The reason for the decline in quarter one service margin was related to our Cyber Mission Solutions business. Specifically, we experienced approximately $5 million in revenue impact from discontinued programs combined with other program losses and award delays, which made it more challenging to absorb fixed costs.

接著談毛利率。簡報第12頁顯示調整後產品與服務毛利率與 GAAP 毛利率之調節。第一季整體調整後毛利率為30%，高於2026會計年度第一季的29%。第一季調整後產品毛利率穩健達40%，相較2026會計年度第一季的36%。第一季調整後服務毛利率為8%，低於2026會計年度第一季的13%。第一季服務毛利率下滑的原因與我們的資安任務解決方案（Cyber Mission Solutions）業務相關。具體而言，因中止專案造成約500萬美元的營收影響，並叠加其他專案損失與得標延遲，使固定成本的吸收更具挑戰。

Moving on to operating expenses. Adjusted SG&A, which excludes intangible amortization and deal and integration costs, was $85 million compared to $65 million in the prior year. The increase was in line with our expectations, driven largely by key investments in infrastructure, along with expanded business development resources to assist in capturing growing global demand. Additionally, we incurred increased legal expenses and an unexpected nonrecurring bad debt reserve of $4.2 million in the quarter. As a percentage of revenue, adjusted SG&A in the quarter was 18%, compared with 14% in quarter one of fiscal '26.

接著談營業費用。調整後銷售、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8,500萬美元，較去年同期的6,500萬美元增加。此增幅符合我們預期，主要由基礎設施的關鍵投資所帶動，並擴充業務開發資源以協助掌握日益成長的全球需求。此外，本季我們發生較高的法律費用，以及一筆4.2百萬美元的非經常性呆帳準備。以營收百分比計，第一季調整後 SG&A 為18%，相較2026會計年度第一季的14%。

Full year fiscal '27 adjusted SG&A is projected to be between 14% and 16% of revenue. Quarter one R&D expense was $24 million or 5% of revenue compared to $33 million or 7% during the same quarter in the prior year. Full year fiscal '27 R&D is projected to be in between 7% and 9% of revenue, in line with prior guidance.

2027會計年度全年調整後 SG&A 預估為營收的14%至16%。第一季研發費用為2,400萬美元（占營收5%），相較去年同期為3,300萬美元（占營收7%）。2027會計年度全年研發費用預估為營收的7%至9%，與先前指引一致。

In terms of adjusted EBITDA, slide 13 of our earnings presentation shows the reconciliation of GAAP net income to adjusted EBITDA. Quarter 1 adjusted EBITDA reached $53 million or 11% of revenue. AxS segment adjusted EBITDA was $62 million for the first quarter of fiscal year '27 with an 18% adjusted EBITDA margin, reflecting strong revenue and gross margin contributions. This was partially offset by SCDE segment adjusted EBITDA, which was negative $9 million, which was expected following lower year-over-year revenue and resulting under absorption of fixed costs in both the Space and Directed Energy and Cyber & Mission Solutions businesses.

就調整後 EBITDA 而言，我們財報簡報第13頁顯示 GAAP 淨利至調整後 EBITDA 的調節。第一季調整後 EBITDA 達5,300萬美元，占營收11%。AxS 部門2027會計年度第一季調整後 EBITDA 為6,200萬美元，調整後 EBITDA 利潤率為18%，反映營收與毛利率的強勁貢獻。此表現部分被 SCDE 部門調整後 EBITDA 抵銷，該部門為負900萬美元；由於年減營收較低，並導致太空與定向能以及資安與任務解決方案兩項業務的固定成本吸收不足，這一結果符合預期。

Now turning to non-GAAP earnings per share. Slide 11 shows the reconciliation of GAAP and adjusted or non-GAAP diluted EPS. Adjusted EPS reached $0.59 in quarter one, up from $0.32 in the prior year quarter or an 84% year-over-year increase.

接著談非 GAAP 每股盈餘。簡報第11頁顯示 GAAP 與調整後（或非 GAAP）稀釋每股盈餘（diluted EPS）的調節。第一季調整後 EPS 達0.59美元，高於去年同期的0.32美元，年增84%。

Moving to the balance sheet. At the close of the first quarter, our total cash investments amounted to $675 million, a $38 million decrease from the prior quarter. AV total debt composed only of zero-coupon convertible notes of $747.5 million at a net leverage ratio of 1.6 times adjusted EBITDA.

接著看資產負債表。第一季期末，我們的現金投資總額為6.75億美元，較前一季減少3,800萬美元。AV 的總負債僅由7.475億美元的零息可轉換公司債（zero-coupon convertible notes）構成，淨槓桿比率為調整後 EBITDA 的1.6倍。

The company generated $13 million of positive operating cash flow in the first quarter despite making strategic working capital investments, primarily from higher unbilled receivables and inventory. The increase in inventory is intentional, supported by a record funded backlog and to ensure key critical components with long lead times are secured. As expected, free cash flow was negative $36 million in quarter one, reflecting higher capital investments to support the expansion of our production facilities. We are still targeting fiscal year '27 to be negative from a free cash flow perspective, driven by the increased capital expenditures. Now turning to backlog.

公司第一季在進行策略性營運資金投資的情況下，仍創造1,300萬美元的正向營業現金流，主要因未開立帳單應收款（unbilled receivables）與存貨增加。存貨增加是刻意為之，並由創紀錄的已資金化積壓訂單所支撐，以確保交期較長的關鍵零組件得以到位。如預期，第一季自由現金流為負3,600萬美元，反映為支援生產設施擴張而提高的資本投資。我們仍以2027會計年度自由現金流為負為目標，主要由資本支出增加所致。接著談積壓訂單。

Funded backlog totaled $1.5 billion at quarter end, which is 37% higher than the first quarter of fiscal year '26. Funded backlog composition by segment is $1.1 billion or 75% attributable to the AxS segment and $358 million or 25% to the SCDE segment. Unfunded backlog at the end of the first quarter was $1.4 billion, with $1.2 billion or 89% attributable to the SCDE segment and $157 million or 11% to the AxS segment. It's important to note that our unfunded backlog figures exclude ceiling values from sole-source IDIQ contracts. The remaining balance on the $990 million US Army Switchblade contract, the remaining balance on the $874 million UAS and Counter-UAS FMS contracts and the remaining balance on the $500 million JIATF-401 counter-UAS RF contract, among others, represents significant additional contract capacity beyond our reported unfunded backlog figures.

截至季度末，已資金支持的在手訂單（funded backlog）合計15億美元，較2026財年第一季高出37%。按事業部別，已資金支持的在手訂單組成為：AxS事業部11億美元（占75%），SCDE事業部3.58億美元（占25%）。第一季末未資金支持的在手訂單（unfunded backlog）為14億美元，其中SCDE事業部12億美元（占89%），AxS事業部1.57億美元（占11%）。需要特別注意的是，我們的未資金支持在手訂單數字不包含單一來源（sole-source）IDIQ合約的上限金額（ceiling values）。例如：9.9億美元美國陸軍Switchblade合約的剩餘餘額、8.74億美元UAS與反UAS FMS合約的剩餘餘額，以及5億美元JIATF-401反UAS RF合約的剩餘餘額等，代表在我們所揭露的未資金支持在手訂單之外，仍有顯著的額外合約承作容量。

Turning now to fiscal year '27 guidance. On slide 7 of the earnings presentation, you will see we are reiterating our fiscal year 2027 guidance. Based on our strong Q1 performance, record funded backlog position and capacity investments underway, we remain confident in our full year outlook. As Wahid mentioned in his remarks, we continue to expect fiscal year '27 revenue to be between $2.125 billion and $2.225 billion, representing 10% growth at the midpoint of our fiscal year '26 results.

接下來談2027財年指引。在財報簡報第7頁，你會看到我們重申2027財年指引。基於我們第一季的強勁表現、創紀錄的已資金支持在手訂單水位，以及正在進行的產能投資，我們對全年展望仍具信心。如Wahid在談話中提到，我們仍預期2027財年營收介於21.25億至22.25億美元之間，以2026財年結果的中位數計算，中點代表10%的成長。

We continue to expect adjusted EBITDA 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 higher anticipated depreciation and cloud amortization expenses for the significant capital deployed in fiscal year '26 and expected in fiscal year '27. A few details on the revenue cadence, adjusted EBITDA profile and non-GAAP EPS distribution. We continue to expect revenue to be stronger in the second half of fiscal year '27. We're planning on an approximate 45-55 revenue split between the first half and second half.

我們仍預期調整後EBITDA介於3.05億至3.25億美元之間，非GAAP調整後EPS介於3.02至3.34美元之間。短期內，非GAAP調整後EPS年對年大致持平，原因在於2026財年已投入且預期於2027財年持續投入的大量資本，將帶來較高的折舊與雲端攤銷費用。以下補充營收節奏、調整後EBITDA走勢，以及非GAAP EPS的分布細節。我們仍預期2027財年下半年營收將較強。我們規劃上半年與下半年營收約為45%/55%的分配。

Following this revenue cadence, we expect adjusted EBITDA to be roughly one-third in the first half and two-third in the second half of the year. This is similar to the fiscal year '26 results from a distribution perspective and reflects improved sales mix and higher sales volume in the back half of the year. Non-GAAP EPS is anticipated to be roughly 30-70 split between the first half and second half. This reflects the adjusted EBITDA profile and the impact from depreciation expense and stock-based compensation timing.

依循此營收節奏，我們預期調整後EBITDA約三分之一在上半年、三分之二在下半年。從分布角度看，這與2026財年結果相近，並反映下半年銷售組合改善與銷量提升。非GAAP EPS預期約為上半年30%、下半年70%的分配。此分配反映調整後EBITDA走勢，以及折舊費用與以股份為基礎之酬勞（stock-based compensation）認列時點的影響。

We continue to expect to invest between 7% and 9% of revenue in R&D and 12% to 14% of revenue in CapEx, primarily focused on production capacity expansion across all our product lines, supported by our total backlog. Adjusted SG&A expenses are projected at 14% to 16% of revenue.

我們仍預期研發（R&D）投資約占營收7%至9%，資本支出（CapEx）約占營收12%至14%，主要聚焦於在我們所有產品線擴充產能，並由我們的總在手訂單提供支撐。調整後銷售、一般及行政費用（SG&A）預估為營收的14%至16%。

In closing, we are very encouraged by our first quarter performance and the strong foundation it provides for fiscal 2027. We delivered a result above several of our key financial targets, generated solid bookings and continued to make disciplined investments in the production capacity and innovation needed to support growing demand across our portfolio. With total backlog of approximately $2.8 billion and revenue visibility to the midpoint of our full year guidance at 86%, we believe the business is well positioned for the balance of the year. Importantly, our recent counter-UAS awards including Titan and LOCUST are already incorporated into our fiscal 2027 outlook. As we continue to scale the business, we remain focused on execution, capacity expansion and long-term value creation in markets where we see sustained demand and favorable multiyear growth tailwind.

總結而言，我們對第一季表現深受鼓舞，並認為其為2027財年奠定了堅實基礎。我們的結果高於多項關鍵財務目標，取得穩健的接單（bookings），並持續以紀律方式投資於生產產能與創新，以支援我們產品組合中不斷成長的需求。在總在手訂單約28億美元、且以全年指引中位數計算的營收能見度達86%的情況下，我們認為公司已為今年剩餘期間做好良好布局。重要的是，我們近期取得的反UAS獎項（awards），包括Titan與LOCUST，已納入我們2027財年展望。隨著我們持續擴大業務規模，我們仍將聚焦於執行力、產能擴張，以及在我們看見需求可持續且具多年成長順風（favorable multiyear growth tailwind）的市場中，創造長期價值。

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

現在我想把時間交回給Wahid。

Thanks, Sean. As Sean stated earlier, we are reaffirming our fiscal year 2027 guidance. While we remain optimistic and encouraged by the urgency placed for our solutions and the Department of Defense budget, there remains some uncertainty around the timing of final budget approval by US Congress. Our view is unchanged from last quarter, and we do not expect this to be a significant risk to our outlook at this time but it is something we will continue to monitor closely.

謝謝，Sean。如Sean先前所述，我們重申2027財年指引。雖然我們對市場對我們解決方案的迫切需求以及國防部預算感到樂觀並深受鼓舞，但美國國會最終核准預算的時程仍存在一些不確定性。我們的看法與上季一致，目前不預期這會對我們的展望構成重大風險，但我們會持續密切關注。

In closing, we're very pleased with the progress we made during this past quarter. We won several significant awards, which increased our revenue visibility for fiscal year 2027 and provide a strong foundation for growth in the future. We remain focused on execution as we work to meet the growing demand in our markets. With strong momentum across our portfolio and significant opportunities ahead, we believe the long-term potential for growth and value creation at AV has never been better and stronger.

最後，我們對過去一季所取得的進展感到非常滿意。我們贏得數項重要獎項，提升了2027財年的營收能見度，並為未來成長奠定強勁基礎。在努力滿足我們市場中日益成長的需求之際，我們仍專注於執行。在我們產品組合全面展現強勁動能且前方機會龐大的情況下，我們相信AV的長期成長與價值創造潛力從未如此之佳且更為強勁。

I would like to thank our employees, shareholders, and customers for their continued commitment to AV and our mission.

我要感謝我們的員工、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) Andre Madrid, BTIG.

（接線員指示）Andre Madrid，BTIG。

This is actually Ned Morgan on for Andre. I was just wondering, how should we think about LOCUST profitability? And what could the recent awards mean for SCDE with margins over the longer term?

我其實是代替Andre的Ned Morgan。我想請教，我們應該如何看待LOCUST的獲利能力？另外，近期的獎項對SCDE的長期毛利率可能意味著什麼？

So Ned, great question. As you know, we're at an inflection point in the segment two profitability profile and products that are being commercialized. The LOCUST product line is going -- it is expected based on the contract wins that we have and the future ones that we expect to win, to have a very strong margin profile going towards the second half of this year and beyond. That's why, as you heard from Sean and the comments on our guidance that the profitability is stronger and more lopsided towards the second half of the year. It's because a lot of the LOCUST and a few other products in that segment is going to have higher volumes as firm fixed price contracts take over and the margin profile improves significantly.

Ned，這是個好問題。如你所知，我們正處於第二事業部獲利結構與產品商業化的轉折點。基於我們已取得的合約勝利以及預期未來將贏得的合約，LOCUST產品線預期在今年下半年及之後將呈現非常強勁的毛利率結構。因此，正如你從Sean以及我們對指引的評論中所聽到的，獲利能力在下半年更強、且更偏向下半年。原因在於該事業部的LOCUST及其他少數產品，隨著確定固定價格（firm fixed price）合約逐步成為主流，出貨量將提高，毛利率結構也將顯著改善。

We expect the LOCUST product line and the segment two margin profile to eventually get to the same model of the segment 1 over the next couple of years. So it is an inflection point. We're growing very fast in that market. We're working on markets and solution sets that is going to set us up for multibillion dollar opportunities over the next several years. And as we said at the beginning of the year, as our plan was to continue to transition those into more mature production, high-volume direct commercial sales, firm fixed price contracts, all of which is going to improve the margins.

我們預期在未來幾年內，LOCUST產品線以及第二事業部的毛利率結構，最終將提升至與第一事業部相同的模式。因此這確實是一個轉折點。我們在該市場成長非常快速。我們正在耕耘的市場與解決方案組合，將使我們在未來數年具備爭取數十億美元機會的布局。正如我們在年初所說，我們的計畫是持續把這些業務轉向更成熟的量產、高量的直接商業銷售，以及確定固定價格合約；這些都將改善毛利率。

Got it. And then maybe staying on LOCUST, are you able to comment on what your current production capacity is? And then what do you see as a sustainable steady production rates?

了解。那麼延續LOCUST的話題，你能否談談目前的生產產能是多少？以及你認為可持續的穩定生產速率會是什麼水準？

Well, so Andre, we are winning, as you see, some landmark contracts. The entire laser weapon systems, the directed energy laser weapon system market is essentially starting to begin to evolve now. The adoption rate and the knee on this curve is very steep. However, the supply chain and the suppliers that provide systems, subsystems for this is quite young, and we're scaling them and improving them as we go. That's why we made a significant investment in our Albuquerque, New Mexico facility, to expand production.

好的，Andre，如你所見，我們正在贏得一些具里程碑意義的合約。整個雷射武器系統、也就是定向能量雷射武器系統市場，基本上現在才開始逐步演進。其採用速度以及曲線的拐點非常陡峭。然而，為此提供系統與子系統的供應鏈與供應商仍相當年輕，我們正一邊推進一邊擴大規模並改善。這也是我們在新墨西哥州阿布奎基（Albuquerque）廠區進行重大投資、以擴充產能的原因。

We are confident that we're going to meet the rising demand. It will not surprise me in about a year or so that this is a significant franchise for the company, well over $0.5 billion plus a year franchise. That has been part of our strategy when we acquired BlueHalo. We are making solid progress, and we're making solid progress also in terms of increasing production capacity. However, having said all that, it takes some time.

我們有信心能夠滿足不斷上升的需求。大約一年左右後，如果這成為公司一個重要的特許經營業務，我一點也不會意外——年化規模將遠超過5億美元以上。這一直是我們收購BlueHalo時策略的一部分。我們正取得扎實進展，同時在提升產能方面也取得穩健進展。不過，即便如此，這仍需要一些時間。

There's lots and lots of long lead items. We have to do to get those in-house and scale those suppliers. We're bringing on more suppliers. It's a fairly large system, but we are sitting in a very, very good position. I mean I expect this product line to be a franchise flagship franchise for the company essentially competing with anything else that we do in the business in terms of revenue, profit profile and scale.

有非常非常多的長交期項目。我們必須把這些納入內部並擴大這些供應商的規模。我們正在引入更多供應商。這是一個相當大型的系統，但我們目前處於非常、非常有利的位置。我的意思是，我預期這條產品線將成為公司的旗艦特許經營業務，基本上在營收、獲利結構與規模方面，能與我們業務中任何其他項目競爭。

Louie DiPalma, William Blair.

Louie DiPalma，William Blair。

Ethan and Sean, congrats again on the E-HEL contract. I was wondering, you recently announced an international direct commercial sale shortly after the E-HEL contract. And in terms of the total addressable market, how do you view the size of potential international sales relative to domestic sales. I know following the Ukraine war, you've been able to sell many Switchblade 300s and 600s to allies and you have a long history of selling the Raven and Puma to allies. But how do you view the international market for the laser weapon system?

Ethan和Sean，再次恭喜拿下E-HEL合約。我想請教，你們在E-HEL合約之後不久宣布了一筆國際直接商業銷售。就整體可觸及市場（TAM）而言，你們如何看待潛在國際銷售相對於國內銷售的規模？我知道在烏克蘭戰爭之後，你們已能向盟友出售許多Switchblade 300與600，而且你們也長期向盟友銷售Raven與Puma。但你們如何看待雷射武器系統的國際市場？

Thank you, Louie. Yes, we're very pleased with these recent awards, as you said, not only do we win this marquee franchise contract and program with US Army for $0.5 billion nearly. We also won and we announced a direct commercial sale for the first laser weapon systems that we are aware of to an international ally. We expect this to be the beginning of a lot more awards, Louie, number one; and number two, the market for these LOCUST systems domestically and internationally are going to the equivalent probably in size.

謝謝你，Louie。是的，我們對近期這些得標非常滿意；如你所說，我們不僅贏得了這個與美國陸軍合作、近5億美元的指標性特許經營合約與計畫。我們也拿下並宣布了一筆直接商業銷售——據我們所知，這是首批向某個國際盟友出售的雷射武器系統。我們預期這將是更多得標的開始，Louie；第一，第二，這些LOCUST系統在國內與國際的市場規模，可能大致相當。

You saw domestically, we've already won $0.5 billion contract, and we're going to -- we're engaged with several additional customers. And I think it's the beginning of this inflection point of adoption for the US military, but beyond that, I see equivalent, if not more demand for these systems internationally. There's lots of places in the world, including the Middle East, Asia Pacific and Eastern Europe that could benefit from our systems because the solutions that exist today cannot economically be sustainable and sustain a long-term conflict where thousands if not tens of thousands of these Group 1, 2, 3 drones are coming, and we're shooting million-dollar missiles at them.

你在國內已經看到，我們已贏得5億美元合約，而且我們也正與數個其他客戶接洽。我認為這是美軍採用的拐點開始；但除此之外，我看到國際上對這些系統的需求同等、甚至更高。世界上有許多地區，包括中東、亞太與東歐，都能受益於我們的系統，因為現有解決方案在經濟上無法永續，也無法支撐長期衝突——在那種情境下，成千上萬、甚至數以萬計的第1、2、3類無人機來襲，而我們卻用百萬美元等級的飛彈去攔截。

LOCUST solves that problem, both in terms of economics and depth of magazine. It's very, very unique in that perspective. So I tend to believe that there's a multi-billion market just for the military application. If you fast forward this strategy two to three years later, I could also see nondefense applications for critical infrastructure sites that could become available and suitable for adoption of our laser weapon systems. And AV is unique because we're one of the very few companies in the world that have gone to a full rate production of systems that are deployed now in the battlefield today. And that is a very unique position, and that's why we're expanding capacity because we think over the next several years, this could be a massive growth driver and value creation opportunity for the company.

LOCUST解決了這個問題，無論是在經濟性或「彈藥庫深度」（magazine depth）方面。從這個角度看，它非常、非常獨特。因此我傾向相信，僅軍事應用就有數十億美元的市場。如果把這個策略往後推進兩到三年，我也能看到針對關鍵基礎設施場址的非國防應用，可能會出現並適合採用我們的雷射武器系統。而AV之所以獨特，是因為我們是全球少數已進入系統全速量產（full rate production），且系統目前已部署在戰場上的公司之一。這是一個非常獨特的位置，也正因如此我們正在擴充產能，因為我們認為未來幾年這可能成為公司巨大的成長驅動力與價值創造機會。

Peter Arment, Baird.

Peter Arment，Baird。

Wahid, could you give us an update on kind of like you won some very large IDIQ contracts supporting the Switchblade production. Where do we stand on what's left in those vehicles? And what -- could you give us an update there?

Wahid，你能否更新一下：你們贏得了一些非常大型、用於支援Switchblade生產的IDIQ合約。目前這些合約載體（vehicles）裡還剩多少額度？以及——你能否提供一下最新進度？

Sure. So as you know, our win rate and our progress over the last several quarters has been phenomenal. I can't think of another time in the last 16 year-plus I've been with the company, that we've had such tremendous track record of winning large strategic contracts. We've won -- we had a lot of great years, but these are very unique years, and I think this is going to continue. In terms of what's remaining, there's lots of different contracts.

當然。如你所知，我們過去幾季的得標率與進展非常亮眼。我想不出在我加入公司超過16年的期間，還有哪個時期能像現在一樣，在贏得大型策略性合約方面有如此卓越的紀錄。我們贏過——我們過去也有很多很棒的年度，但這幾年非常特別，我認為這種態勢會持續。就剩餘額度而言，涉及許多不同合約。

Sean has the details on that. In general, there's several contracts that we have. There is a nearly $1 billion US Army IDIQ sole source that we won, which is coming towards a full value. And then we have an international one that's actually barely scratched the surface in terms of how much of that we've used. And then we also are working on additional contracts with other customers.

Sean掌握更詳細的數字。整體而言，我們有數個合約。我們贏得了一個接近10億美元的美國陸軍IDIQ單一來源（sole source）合約，目前正逐步接近其完整價值。另外我們還有一個國際合約，就使用額度而言其實才剛開始、幾乎還沒真正動用多少。此外，我們也正與其他客戶洽談更多合約。

Sean?

Sean？

Yes, Peter. We have a couple of hundred million left on the current $990 million IDIQ under the current ceiling value remaining.

是的，Peter。在目前這份9.9億美元IDIQ合約之下，以現行上限金額（ceiling value）計算，還剩下約數億美元的額度。

Got it. That's great. That's great detail. And then just as a quick follow-on. Just congrats on the P550 award. What's the next, I guess, what's the path for those 82 aircraft when you'll be delivering those? And is there another competitive select we should be thinking about?

了解。太好了。這個細節很棒。接著快速追問一下。也恭喜拿下P550的得標。我想問，那82架飛機接下來的路徑是什麼——你們何時會交付？以及是否還有另一個競爭性遴選（competitive select）是我們應該關注的？

Sure. So as you know, the LRR program of record that the US Army has is expected to be about $1 billion value long term over the next several years. We are getting the lion's share of the awards. I believe it's between us and one of the competitors, well, we know that for fact, based on the US Army's announcement. We're essentially getting well over 80% of the dollars of those awards so far, maybe close to 90% of the awards. We're actively delivering those systems as we speak. And we expect to deliver the vast majority of that contract this fiscal year, almost all of that $117 million this year, this fiscal year. That's why we've been ramping up production, that's why we've been making systems.

當然。如你所知，美國陸軍的LRR正式計畫（program of record）預期在未來幾年長期總價值約10億美元。我們拿到其中最大份額的得標。我相信是在我們與其中一個競爭對手之間——其實根據美國陸軍的公告，我們確定就是如此。到目前為止，這些得標金額中我們基本上拿下了超過80%的美元份額，可能接近90%的得標。我們正在積極交付這些系統，就在此刻。我們預期在本會計年度交付該合約的絕大部分——幾乎今年、在本會計年度內交付那1.17億美元的幾乎全部。這也是為什麼我們一直在拉升產能、一直在製造系統。

And by the way, the most important factor for me besides us delivering is that the success of the product in the field, the satisfaction of the war fighter when they get our systems in their hand versus our competition is incredibly high, and credibly high. What does that mean? It means when the customer and the warfighter uses our product in the battlefield, and our systems work and deliver as promised and if not even more, and our competitors don't, the future acquisitions will be affected by that. It's natural. It's very common for that to happen.

順帶一提，對我而言，除了交付之外最重要的因素，是產品在現地的成功，以及戰士（warfighter）在拿到我們系統、與競品相比時的滿意度極高，而且確實非常高。這代表什麼？這代表當客戶與前線戰士在戰場上使用我們的產品，而我們的系統如承諾般運作並交付、甚至表現更好，而競爭對手做不到時，未來的採購將會受到影響。這很自然。這種情況非常常見。

And so we expect the US Army to continue to award more contracts as we go forward because they're just starting the fulfilment of that program, which is close to $1 billion over the next several years. And I think we're in a very good position, and I'm very thankful and appreciative of what our team has done, works so hard to get us at this stage.

因此我們預期美國陸軍在未來會持續授予更多合約，因為他們才剛開始履行這個計畫，而該計畫在未來幾年總規模接近10億美元。我認為我們處於非常有利的位置；我也非常感謝並肯定我們團隊所做的一切，大家非常努力，才讓我們走到這個階段。

Jonathan Siegmann, Stifel.

Jonathan Siegmann，Stifel。

Congratulations on the orders. Maybe just to touch a little bit on cyber mission. $83 million for the quarter. We were glad to see some sequential growth from the second half of last year. That might suggest year-over-year growth might be possible in the back half of the year.

恭喜拿下這些訂單。也許稍微談一下網路任務（cyber mission）。本季為8,300萬美元。我們很高興看到相較於去年下半年有一些連續性的成長。這可能意味著今年下半年有機會出現年增成長。

Are there any headwinds strengthening or anything else that we should keep in mind when thinking about that subsegment?

在思考該子分項時，有沒有任何逆風正在加劇，或是還有其他我們需要留意的事情？

Jon, so look, we're fortunate because we have a very diversified portfolio of products, solutions, businesses and groups of the business units as well. The cybersecurity and mission service is a fairly small part of our growth this year. We don't expect that to be at the same pace of growth as the rest of the businesses. We're making significant improvements there. It is not the main thesis of our strategy for growth for long-term value creation either.

Jon，你看，我們很幸運，因為我們擁有非常多元化的產品、解決方案、業務，以及各事業單位的群組。網路安全與任務服務在我們今年的成長中占比相對小。我們不預期它會以與其他業務相同的速度成長。我們正在那裡做出顯著改善。它也不是我們長期價值創造之成長策略的主要論點。

And so we've got plenty of growth, as you saw for this quarter on many, many other fronts. Seven or eight different product lines platforms that are at inflection points to grow very, very handsomely, not only this year but the years to come. So -- but overall, we do expect that the financial profile of that business to improve. The growth in that business has never been expected to be as high as the rest of our businesses, but it's just a portfolio approach to our business, a diversified portfolio, and we're making progress. We're pleased with the results so far.

因此我們在許多其他面向都有充足的成長動能，正如你在本季所看到的。有七到八個不同的產品線平台正處於拐點，將非常、非常亮眼地成長，不僅是今年，還包括未來幾年。所以——但整體而言，我們確實預期該業務的財務輪廓會改善。該業務的成長從來就不被預期會像我們其他業務那麼高，但這就是我們的投資組合方法：一個多元化的投資組合，而我們正在取得進展。我們對目前的成果感到滿意。

We're going to continue to actually work on it. You should see more improvements financially in that business, but it's not going to have the kind of growth as the rest of the business because we were expecting that to begin from the beginning of this business. It's just not the same kind of a market, and the profile of that business is very different.

我們也會持續實際推動相關工作。你應該會看到該業務在財務面有更多改善，但它不會像其他業務那樣有那種成長幅度，因為我們從一開始就預期如此。市場型態不同，該業務的輪廓也非常不一樣。

However, for the year, we remain very focused on growing the entire business. As we said -- as Sean said on the guidance, 10% to the midpoint of our guidance range, year-over-year organic growth. We're looking fairly good, and we're positioned extremely well, and we came out the first quarter extremely strong.

不過，就今年而言，我們仍然非常專注於推動整體業務成長。正如我們所說——正如Sean在財測指引中所說，以我們指引區間中點來看，年增10%的有機成長。我們目前看起來相當不錯、定位也非常好，而且第一季開局非常強勁。

That's really helpful. And was there any deviation on the timing that you expected on these awards? Was anything slower? Or just kind of wondering -- the question we're getting is why you didn't raise. So just hoping to couch on maybe some of the things that didn't go your way if things are just happening a little bit slower than you thought?

這很有幫助。那在你原先預期的這些得標時點上，有沒有任何偏離？有什麼進度變慢嗎？或是我只是想了解——我們收到的問題是為什麼你們沒有上調。所以希望你能談談，是否有一些事情沒有如你所願，或是進展只是比你想的稍慢一些？

So Jon, that's a great question. We've asked ourselves that question several times, right? We believe that we've got a lot of work coming our way. There is one thing that's really uncertain about the market today, which is the timing of the fiscal year government fiscal year 2027 budgets. We have an election year, a lot of elections and uncertainty within Congress.

Jon，這是個很好的問題。我們自己也問過自己好幾次，對吧？我們相信會有很多工作量朝我們而來。目前市場真正不確定的一件事，是政府2027財政年度預算的時程。今年是選舉年，有很多選舉，國會內部也存在不確定性。

That by itself represents a significant potential risk. We don't believe that's going to affect our current guidance, and it's only our first quarter. We just came out of the gate on our first quarter. We're positioned extremely well. And as things progress over the next quarter or so, we'll keep you updated.

光是這一點就代表一個顯著的潛在風險。我們不認為這會影響我們目前的指引，而且這也才第一季。我們第一季才剛起跑。我們的定位非常好。隨著未來一季左右的進展，我們會持續向各位更新。

The long story for AV and the growth potential is fantastic. We -- I can genuinely tell you that for the years that I've been here, the rate of wins that we're having and strategic progress we're making in several strategic areas of our platforms and franchises, is positioning us for lots and lots of fantastic growth and value creation opportunities beyond fiscal '27. That's where we're focused on long-term value shareholder value creation. And I think we're on the right track in that set of the business.

AV的長期故事與成長潛力非常精彩。我可以很真誠地告訴你，在我待在這裡的這些年，我們的得標速度，以及在幾個平台與特許經營（franchises）的策略領域所取得的策略性進展，正讓我們在2027財年之後擁有非常、非常多的成長與價值創造機會。這就是我們聚焦的方向：長期價值、股東價值的創造。我認為我們在這一塊業務走在正確的軌道上。

Seth Seifman, JPMorgan.

Seth Seifman，JPMorgan。

Just wanted to ask, in the uncrewed systems business, we saw some strong results and pretty much no change relative to the fourth quarter, even though there's usually a meaningful seasonal step down. Anything kind of pulled forward there? Or any reason we wouldn't expect sales there to grow off of the Q1 level?

我想問一下，在無人系統業務方面，我們看到一些強勁的結果，而且相較第四季幾乎沒有變化，儘管通常會有明顯的季節性下滑。那裡有什麼被提前拉貨（pulled forward）嗎？或是有任何理由讓我們不應該預期該業務的銷售會在第一季水準之上繼續成長？

Seth, yes. So, the Uncrewed Aircraft Systems business performed exceptionally well in the first quarter, 71% year-over-year increase expected to continue with a significant growth this fiscal year excluded in our guidance. The strong awards that we got on P550, the increase in the JUMP 20-X, a strong commercial sales that we're seeing both domestically and internationally all led to that sustained growth, and we expect to continue to see growth in this business throughout the next few quarters.

Seth，是的。所以，無人航空系統（Uncrewed Aircraft Systems）業務在第一季表現非常出色，年增71%，預期將延續，且本財年將有顯著成長，並已納入我們的指引之中。我們在P550上拿到的強勁得標、JUMP 20-X的增加，以及我們在國內與國際市場看到的強勁商業銷售，都帶動了這種持續成長；我們預期未來幾季會持續看到該業務成長。

Okay. And then maybe as you think about the directed energy franchise growing to that sort of -- I think it was about $0.5 billion range. How do you think about the -- do you think about that as sort of a small number of relatively chunky orders? Do you think about it as having a large number of customers with a large number of smaller orders. When you look at it, kind of how that market evolves, how do you foresee that breakdown?

好的。接著也許談談，當你們思考定向能（directed energy）特許經營成長到那種——我記得大約是5億美元左右的規模時。你們怎麼看——你們會把它視為少數幾筆相對大額的訂單嗎？還是會視為有大量客戶、對應大量較小的訂單？當你們看這個市場如何演進時，你們預期那種結構會如何分布？

Seth, that's a great question. I'm glad you brought that up. This is Wahid. What I would tell you is that I'll go back in history, right? four, five years ago, when the Ukraine conflict started, it was an inflection point in our royalty munition in one-way attack drone market as a whole.

Seth，這是個很好的問題。很高興你提到這點。我是Wahid。我想跟你說的是，我會回顧一下歷史，對吧？四、五年前，當烏克蘭衝突開始時，對我們的巡飛彈藥（loitering munition）與單向攻擊無人機市場整體而言，是一個拐點。

The entire market was tiny, very small. And what we saw in Ukraine conflict that the use and the efficacy of drones in one-way attack drone, especially made a phenomenal impact and war fighting basically changed forever as a result of it. I think we're a similar inflection point on directed energy and counter UAS. All the weapon systems and defeat mechanisms that the US has and all like as basically everyone in the world to address high-volume attacks by one-way attack drones, is economically not sustainable.

整個市場當時很小、非常小。而我們在烏克蘭衝突中看到，無人機的使用以及其效能，特別是在單向攻擊無人機方面，產生了極其重大的影響，戰爭作戰方式也因此基本上永久改變。我認為在定向能與反無人機系統（counter UAS）上，我們正處於類似的拐點。美國所擁有的所有武器系統與攔截機制，以及基本上全世界用來應對單向攻擊無人機高密度攻擊的方式，在經濟上都是不可持續的。

We cannot continue to shoot down a $100,000, $150,000 Shahed drone with $1 million to $5 million to $10 million missile. It's just not sustainable against countries like China and Russia in the long run. The sweet spot on that is a directed energy system that has an unlimited magazine of firepower and it changes the paradigm in economics from millions of dollars per shot to literally less than $10 a shot. That's what our LOCUST system offers today. That's why we won the first program record for full rate production in the US Military's history.

我們不能繼續用100,000到150,000美元的成本的Shahed無人機，卻用100萬到500萬到1,000萬美元的飛彈去擊落。從長期來看，面對像中國與俄羅斯這樣的國家，這根本不可持續。其中的甜蜜點（sweet spot）是定向能系統：它擁有近乎無限的火力「彈匣」，並把單發成本的經濟範式從數百萬美元，改變到字面上每發不到10美元。這就是我們目前LOCUST系統所提供的。這也是為什麼我們贏得了美軍史上第一個全速率量產（full rate production）的正式計畫（program of record）。

I can see in the next five years that, that business could be bigger than our loitering munition business. That business grows to over $0.5 billion already over the last four or five years. And I think the market for laser weapon systems and direct energy is at least as big, if not bigger, globally. And we're just at the beginning of that adoption, just at the beginning.

我可以想像在未來五年內，那項業務可能會比我們的巡飛彈藥業務更大。而那項業務在過去四、五年已經成長到超過5億美元。我認為雷射武器系統與定向能的市場規模，全球至少同樣大，甚至更大。而我們才剛開始被採用，才剛開始而已。

And it's going to take some time because the US Military has been working on us and all of our competitors for literally three to four decades. And we're the first company, to our knowledge, that has really cracked the code and is delivering systems that at scale that is actually effective and complex today in the Middle East, in Ukraine and other plots of the world, including the southern border. And so I consider this to be an inflection point. And over the next several quarters of the year, this business could grow dramatically for AV and the market is very large, long term.

而且這將需要一些時間，因為美國軍方在過去足足三到四十年裡，一直在針對我們以及我們所有競爭對手進行相關工作。據我們所知，我們是第一家真正破解關鍵、並且正在交付可規模化部署的系統的公司；這些系統如今在中東、在烏克蘭以及世界其他地區（包括南部邊境）都已在實際運作中證明其有效性與複雜性。因此我認為這是一個拐點。在接下來幾個季度內，這項業務對 AV 而言可能會大幅成長，而長期來看市場規模非常龐大。

Austin Bohlig, Needham.

Austin Bohlig，Needham。

Congrats on the solid results. Just wanted to spend a quick question on the current funding environment. Just given the Q1 strong results seems like things are picking up. Just curious if we could get a sense of like with the record funding or money that was appropriated in fiscal '26, do you guys have a sense of how much of that is yet to be deployed as we get into the second half of the year?

恭喜取得穩健的成果。我想快速問一個關於目前資金環境的問題。鑑於第一季表現強勁，看起來情況正在回溫。我想了解一下，隨著 2026 會計年度創紀錄的資金／撥款到位，你們是否掌握其中有多少尚未在今年下半年開始時被動用？

Yes, Austin. So look, we have a great start on this fiscal year. We reaffirm the guidance because the visibility levels that Sean articulated which is historically very high. We should be able to achieve the outcomes that we have in front of us. That's why we reaffirmed our guidance for this fiscal year.

是的，Austin。所以你看，我們在本會計年度有一個很好的開局。我們重申指引，是因為 Sean 所闡述的能見度水準在歷史上非常高。我們應該能夠達成眼前的成果。這就是為什麼我們重申本會計年度的指引。

The biggest, what I call question mark is how fast can Congress approve the next fiscal year's budget. It's really not that relevant, whether it's $1.3 billion or $1.5 trillion, I'm sorry, or $1.8 trillion, whatever the number ends up being, as long as the budget gets approved and most likely it will be not less than this government fiscal year. I think it will be defined for AV because there are categories that we play in is significant dollars, okay? Now, the timing of that is a little risk. We don't consider that to be a risk for our current guidance. But if that were to go longer, then obviously the risk profile increases, and we're going to keep you updated. But -- and so that's number one.

我所謂最大的「問號」是：國會能多快核准下一個會計年度的預算。其實金額是 1.3 兆美元、1.5 兆美元（抱歉）、或 1.8 兆美元，最後落在哪個數字並沒有那麼重要；只要預算能獲得核准，而且很可能不會低於本政府會計年度。我認為這對 AV 會很有利，因為我們所參與的類別有相當可觀的資金，好嗎？不過，時點上確實有一點風險。我們不認為這會對我們目前的指引構成風險。但如果拖得更久，顯然風險輪廓會上升，我們也會持續向各位更新。這是第一點。

Number two, the reason why we're ramping up production and several of our products and several of our sites is because we're getting ready for a potential scenario where the government is going to get the money and whoever can deliver at scale reliably and effectively most likely going to benefit. We have benefited us from that in the past, and we're positioning ourselves for that this year as well. And so that's the reason why we're aggressively and judiciously investing in areas that we believe will have solid returns for our company, not only just this fiscal year, but for years to come.

第二點，我們之所以在多項產品與多個據點加速拉升產能，是因為我們正在為一種可能情境做準備：政府拿到資金後，誰能以規模、可靠且有效地交付，誰就最可能受益。過去我們就因此受益，而今年我們也在為此做布局。因此，我們正以積極且審慎的方式在我們相信能為公司帶來穩健回報的領域投資，不僅是本會計年度，也包括未來多年。

Okay. Great. And then a quick follow-up, just on the recent announcements around tariffs and drone components. Just curious on what the impact could be to your guidance business.

好的。很好。接著一個簡短追問，關於近期有關關稅與無人機零組件的公告。想請問這對你們的指引／業務可能造成什麼影響？

So yes, the tariffs, of course, was a welcomed decision by our government in the Pentagon as well as the President. We do not see that as a negative impact on us. If anything, we consider that to be a positive. Why? The reason why is because over 98% of our supply chain and supply base is all domestic.

是的，關稅當然是我們政府、五角大廈以及總統都樂見的決定。我們不認為這會對我們造成負面影響。若有的話，我們反而認為是正面影響。為什麼？原因是我們超過 98% 的供應鏈與供應基礎都在國內。

We do not rely on exports and imports from foreign countries, especially in countries like China for any of our systems, any of our systems, okay, number one. The other 2% or so of our supply base are the closest allies to the United States, Canada, Germany, Israel, et cetera, et cetera. So we're in a very good position because we've been working on this problem ahead of the decisions, years and against.

我們的任何系統都不依賴從外國進出口，尤其不依賴像中國這樣的國家，任何系統都不依賴，好嗎？這是第一點。另外約 2% 左右的供應基礎來自美國最親密的盟友：加拿大、德國、以色列等等。因此我們處於非常有利的位置，因為我們在這些決策之前就已經提前多年在處理這個問題。

As part of the AV DNA, when we develop capabilities and reach a secure supply chain that we secure those with multiple sources and as much as possible domestically. That's a competitive advantage for AV in my view. And so we don't expect that to get a negative impact, and it could be a positive impact because we can deliver cost effectively where the competitors have to actually adjust to that.

作為 AV 的 DNA 的一部分，當我們開發能力並建立安全的供應鏈時，我們會以多來源、並盡可能以國內來源來確保供應。在我看來，這是 AV 的競爭優勢。因此我們預期不會有負面影響；而且這可能帶來正面影響，因為我們能以具成本效益的方式交付，而競爭對手則必須做出調整。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Congrats on E-HEL for sure. Yes. Wahid, I was wondering if you could update us, something we haven't heard in a while is just you used to update us on the number of countries you've been approved export systems to, maybe Switchblade, but new programs like Mayhem 10, Red Dragon, maybe P550, I don't know if you had those at hand. I was just wondering what we're up to in terms of the approved country list on some of those programs?

當然要恭喜 E-HEL。是的。Wahid，我想請你更新一下：我們有一段時間沒聽到你們提到已獲准出口系統的國家數量了，可能是 Switchblade；但像 Mayhem 10、Red Dragon 這些新專案，或許還有 P550，我不確定你手邊是否有資料。我想了解的是，就這些專案而言，目前已核准的國家名單進展到什麼程度？

Yes. So Pete, a vast majority of our loitering munition and precision strike systems have been domestic demand in orders that we've gotten, as Sean mentioned, on the $990 million plus US Army contract for loitering ammunition. That vast majority of that is domestic consumption. Some of it US has taken to give to some of our allies, but majority of it is US, right?

是的。所以 Pete，我們大多數的滯空彈藥與精準打擊系統，需求與我們拿到的訂單主要來自國內；正如 Sean 提到的，美國陸軍那份超過 9.9 億美元的滯空彈藥合約。其中絕大部分是國內使用。有一部分是美國拿去提供給一些盟友，但大多數是美國本土需求，對吧？

A lot of the growth in demand for Switchblade in the next second half of this year and also beyond this fiscal year, most likely going to come from countries outside US, who we've been working with to get them to procure these systems and award us a contract. We have announced a few of those, but there's a list of close to 20 different countries allies that we've been approved for both FMS and DCS sales.

今年下半年以及本會計年度之後，Switchblade 需求成長的很大一部分，很可能會來自美國以外的國家；我們一直與這些國家合作，推動他們採購這些系統並授予我們合約。我們已公告其中幾個，但目前有一份接近 20 個不同盟友國家的名單，我們已獲准可透過 FMS 與 DCS 兩種方式進行銷售。

The list is pretty large. And you will see awards to come in as we progress throughout this year and next year that is going to continue to grow the international adoption of Switchblade and loitering ammunition and the other platforms that we have in the precision strike over the next several quarters and years.

名單相當長。隨著今年與明年的推進，你們會看到陸續有得標／授約出現，這將在未來幾個季度與幾年持續提升 Switchblade、滯空彈藥，以及我們其他精準打擊平台的國際採用。

So I think you're definitely onto something that, that business is going to continue to grow. The domestic demand has -- it really has been the dominant factor in growth so far, and it's going to shift a little bit more towards international demand. And it's still going to be a significant contributor to growth for AV overall for this year and next year.

所以我認為你的判斷很到位，這項業務會持續成長。到目前為止，國內需求確實一直是成長的主導因素，而接下來會稍微轉向更多的國際需求。但它仍將在今年與明年成為 AV 整體成長的重要貢獻來源。

Okay. Great. I appreciate that. Just last one for me. You talked about the Army LRKI maybe wanted to accelerate that. What do you think you kind of finish the test and certification phase and then enter production on that program?

好的。很好。謝謝你的說明。我最後一個問題。你提到陸軍的 LRKI 可能想要加速。你認為你們大概何時能完成測試與認證階段，然後進入該專案的量產？

So, great question, Pete, because our strategy for counter UAS is not a one-pronged strategy. It's a layered defense approach. A layer defense system means that, first, we use the world's best jammers with our Titan Series, which is one of our fastest-growing product lines and franchises, to be able to defeat drones that use RF communication. When that doesn't work, then you apply our laser weapon systems called LOCUST.

Pete，這是個很好的問題，因為我們的反無人機（counter UAS）策略不是單一路線。而是一種分層防禦的方法。分層防禦系統的意思是：首先，我們使用全球最好的干擾器——我們的 Titan 系列（這也是我們成長最快的產品線與主力之一）——來擊敗使用射頻（RF）通訊的無人機。當這不起作用時，就會採用我們稱為 LOCUST 的雷射武器系統。

And if that doesn't work, then you go to their last resort, which is you use a kinetic missile or weapon to shoot down any drone that's from Group 1 to 3. Today's arsenal of US weapon systems and missiles does not have an economically viable solution to attack, to address this problem. That is precisely the reason why this is a strategic priority for the US Army.

如果那樣還不奏效，那你就會採取他們的最後手段，也就是使用動能飛彈或武器，把任何屬於第1到第3組的無人機擊落。當今美國武器系統與飛彈的庫存，並沒有一個在經濟上可行、可用來攻擊並解決這個問題的方案。這正是為什麼這會成為美國陸軍的戰略優先事項。

US Army wants us to go faster because they recognized that if they continue to shoot $1 million missiles at $100,000 to $150,000 Shahed, it's not going to be economically sustainable. So Congress actually provided us with additional funding just to accelerate. We are aggressively attacking that. That's part of the investments we're making in our Huntsville facility. We have the support of Congress. We have the support of the US Army, and we have the support of the Pentagon to accelerate that. We have won that, and it's our chance to actually build another franchise product line for AV.

美國陸軍希望我們加快速度，因為他們已經認知到，如果他們持續用100萬美元的飛彈去打10萬到15萬美元的「沙赫德」（Shahed），在經濟上將無法長期維持。因此，國會實際上提供了額外資金給我們，就是為了加速。我們正積極推進這件事。這也是我們在亨茨維爾（Huntsville）設施所做投資的一部分。我們獲得國會的支持。我們獲得美國陸軍的支持，也獲得五角大廈的支持來加速推進。我們已經拿下這個案子，而這是我們實際上為AV打造另一條特許產品線的機會。

This year and next year, we're going to be in the rapid testing and certification of the missile. It's literally a brand-new missile for the US military. And we are expected to deliver about 60 to 80 systems over the next 12 months or so to 18 months. And then once that is completed, then we're going to get into an initial low rate production and full rate production. The full rate production of that missile is going to be a $1 billion franchise long term. And that's probably about 12 months away from now, given what it takes to get to that level over the next 12 to 18 months.

今年以及明年，我們將進入飛彈的快速測試與認證階段。這對美軍而言確實是一款全新的飛彈。預期在未來約12個月到18個月內，我們將交付約60到80套系統。完成之後，我們將進入初期低速率量產以及全速率量產。該飛彈的全速率量產，長期來看將是一個10億美元規模的特許業務。考量未來12到18個月要達到那個水準所需的工作，這大概距離現在約12個月。

Trevor Walsh, Citizens.

Trevor Walsh，Citizens。

Sean, maybe I'll start with you. I understand -- I appreciate the color around the gross margin on the services business. Is that really just going to be a function, or I guess how long is that going to stick with us in terms of that being a bit of a drag? Is it really just until the revenues come back to kind of cover the headcount, or are there other kind of dynamics maybe over the next couple of quarters that you guys can shift things around, so that's not as much of a factor. Just any additional color you can provide there would be great.

Sean，我先從你開始。我理解——也很感謝你對服務業務毛利率的補充說明。那這真的只是個函數關係嗎？或者說，這種對我們造成些許拖累的情況，預計會持續多久？是否真的只是要等營收回升、足以覆蓋人力編制為止？還是未來幾個季度你們還有其他動態可以調整，讓它不再那麼顯著？如果你能再提供一些額外的背景說明就太好了。

Yes, Trevor. Great question. Yes. So the services margins, we did see a downtick in quarter one compared to last year, mainly driven by the volume and the reduction in the overall business volume of our services revenue, with the start of the contract being T&M and some of that revenue not being able to absorb the fixed costs, we saw the reduction in the gross margin. As the volume increases through some of the key awards that we're expecting to be delivering on and the overall services revenues increase, we expect the margins to improve slightly.

是的，Trevor。好問題。是的。所以，服務毛利率方面，我們確實看到第一季相較去年有下滑，主要是由於量的因素，以及我們服務營收整體業務量的下降；加上合約開始時是按工時與材料（T&M）計價，部分營收無法吸收固定成本，因此我們看到毛利率下降。隨著一些我們預期將交付的關鍵得標案帶動量的提升，以及整體服務營收增加，我們預期毛利率會小幅改善。

Services margin isn't really where we're focused on growing overall margins, really the transition to products and commercialization of our products is really where the expansion of our overall EBITDA is going to come from. But near term, the volume will be the major driver to improve the margins on the services side.

服務毛利率並不是我們提升整體毛利率的主要著力點；真正能帶動我們整體EBITDA擴張的，是向產品轉型以及產品商業化。但就短期而言，量的提升將是改善服務端毛利率的主要驅動因素。

Got it. Okay. Great. Super helpful. Wahid, the LOCUST, E-HEL announcement included some commentary around some of the FAA approvals and such for using of directed energy domestically. Our understanding of E-HEL was that it was going to be a little bit more field-centric, deployed on vehicles, kind of more overseas austere environments, et cetera.

了解。好。很好。非常有幫助。Wahid，LOCUST、E-HEL 的公告裡提到一些關於FAA核准等內容，涉及在美國本土使用定向能。我們對E-HEL的理解是，它會更偏向野戰用途、部署在車輛上，更多是在海外較艱困的環境等等。

Can you just maybe give us a little bit of perspective of how that deal can actually help to kick-start efforts here for more Homeland defense when, again, I'm presuming that those X3 are going to be more, again, forward deployed and just kind of give us maybe a little bit more sense of how one opportunity kind of leads to the next?

你能否從宏觀角度談談，這筆交易如何實際上有助於在本土防衛（Homeland defense）方面啟動更多工作？因為我推測那些X3仍會更偏向前沿部署；也請你再多談談，一個機會如何帶動下一個機會？

Sure, Trevor. So great question again. The E-HEL program is the first-ever program to our knowledge, where the US military is awarded a contractor of full rate, high-volume production of our laser weapon systems to be institutionalized within the force structure. The initial deployment of this is going to be on critical sites that the US Army has. But we believe that this is the beginning of an inflection point. We're actively working with the US Air Force, US Navy, US

當然可以，Trevor。又是一個好問題。據我們所知，E-HEL計畫是史上第一個由美軍授予承包商、進入全速率高產量生產的雷射武器系統計畫，並將其制度化納入兵力結構。其初期部署將會用在美國陸軍所擁有的關鍵據點。但我們相信，這是拐點的開始。我們正積極與美國空軍、美國海軍、

Marine Corps and US SOCOM and also a lot of other international customers. In the first time in the history of United States military, we witnessed in the last several week months, the Secretary of the War, Mr. Hegseth, the Secretary of the Army, the Secretary of the Navy, who have now become believers in using our LOCUST systems in the field, shooting down drones, shooting down drones in a realistic real-life test environments. This is an inflection point in this business and in this category.

美國海軍陸戰隊、美國特種作戰司令部（SOCOM），以及許多其他國際客戶合作。在美國軍事史上第一次，我們在過去幾週到幾個月看到：戰爭部長Hegseth先生、陸軍部長、海軍部長，如今都成為在野外使用我們LOCUST系統的信奉者——在真實、貼近實戰的測試環境中擊落無人機。這是這門生意、也是這個類別的一個拐點。

US has been chasing this for three plus decades. And we're the first company that's actually basically made, I believe button -- for them to push that 'I believe' button. And so I think it's the inflection point. Yes, initially, the program was structured to put on vehicles, moving targets immediately after the event that happened in the southern border, the FAA said we can test these things to make sure it's safe to operate these in the national airspace domestically, continental United States.

美國追逐這件事已經超過三十年。而我們是第一家真正讓他們——我相信——按下那個「我相信」按鈕的公司。所以我認為這就是拐點。是的，最初這個計畫的架構是要裝在車輛上、用於移動目標；在南部邊境事件發生後，FAA表示我們可以測試這些系統，以確保在美國本土、也就是美國大陸（continental United States）的國家空域內操作是安全的。

And our system is the first system to our knowledge that has actually been endorsed by the FAA that is safe to operate in national airspace and it does not pose harm to commercial airlines and airplanes, manned airplanes. And so we're very pleased with that because the government and the agencies that are involved in this are moving very, very fast. But it's still the beginning. It's still the beginning. We expect additional wins, hopefully, over the next several quarters, and we'll keep you updated.

據我們所知，我們的系統是第一個獲得FAA背書、可在國家空域安全運作的系統，且不會對商業航空公司與飛機、有人駕駛飛機造成危害。因此我們對此非常滿意，因為政府以及參與其中的機構推進速度非常、非常快。但這仍只是開始。仍只是開始。我們希望在接下來幾個季度能再拿下更多勝利，我們也會持續向各位更新。

We're in an inflection point.

我們正處於一個拐點。

Austin Moeller, Canaccord.

Austin Moeller，Canaccord。

So just my first question here on the LOCUST laser weapon system. So 300 cartel drugs have been shot down year-to-date at the border. And the FAA has approved your system. So if we think about the DHS budget for which there's $70 billion in reconciliation that was approved back in June, when do you think that might start coming out in the RFP process? What kind of conversations are you having there?

我第一個問題是關於LOCUST雷射武器系統。今年迄今在邊境已擊落300架販毒集團的無人機。而FAA也已核准你們的系統。所以如果我們看國土安全部（DHS）的預算，其中有700億美元的和解法案（reconciliation）資金在6月已獲批准，你認為這筆資金何時可能開始在RFP流程中釋出？你們在那方面正在進行哪些對話？

Austin, again, a fantastic commentary question. That DHS opportunity and problem is a significant one, but it's not the only one. We're engaged with several, several customers. As I said, the, 'I believe' button has been pushed now in several fronts on direct energy laser open systems, and especially the sweet spot that we're in, which is between 15 to 30-kilowatt system is the sweet spot of the market, lots and lots of applications. The specifics that you actually shared about 300 cartel drones being shot, we're very proud of.

Austin，再次，這是個非常精彩的評論式問題。DHS那個機會與問題確實很重大，但並不是唯一的。我們正與多個、很多客戶接洽。如我所說，在定向能雷射開放式系統的多個面向上，那個「我相信」按鈕現在已經被按下了；尤其是我們所處的甜蜜點——15到30千瓦系統——是市場的甜蜜點，應用非常非常多。你剛才提到的、關於300架販毒集團無人機被擊落的細節，我們也為此感到非常自豪。

Our systems are working and operating effectively in the southern border and other areas of the country. And I think it's an inflection point. When exactly those dollars are going to show up in the awards will happen, it's really tough to determine the timing of that precisely. We're working with them actively. The customers are trying to move fast, but they are literally writing requirements, holding competition as we're building and expanding capacity.

我們的系統正在南部邊境以及全國其他地區運作，且運行有效。我認為這是一個轉折點。至於這些資金究竟何時會在授標中出現，實際上很難精準判定其時點。我們正與他們積極合作。客戶正試圖加快進度，但他們確實是在我們建置並擴充產能的同時，才剛開始撰寫需求並進行競標。

And it's a multifaceted challenge and initiative, but I think we're positioned very well, and we'll keep you updated as we go forward. There are several, several customers they're working with beyond just US Army and DHS that should result to some additional wins over the next several quarters for AV.

這是一項多面向的挑戰與計畫，但我認為我們的布局非常到位，我們也會在後續進展中持續向各位更新。除了美國陸軍與國土安全部（DHS）之外，他們還在與多位客戶合作，預期將在未來幾個季度為 AV 帶來一些額外的勝利。

Okay. And then are you able to comment on the build rate ramp for Red Dragon as facility expansion and CapEx is deployed there for that line and the potential for the US military to maybe pull some of those Red Dragon orders forward maybe from some other customers, just given the range could be used in Iran.

好的。接著，隨著該產線的設施擴建與資本支出（CapEx）投入，你能否談談 Red Dragon 的產能爬坡（build rate ramp）？另外，考量其射程可能可用於伊朗情境，美軍是否可能把原本給其他客戶的一些 Red Dragon 訂單提前拉貨？

So I can only comment on this briefly and at a high level, Austin. You're absolutely right. We have a winning solution that is very unique in its capability and its efficacy, especially given the kind of conflicts that are going on and the threats globally. Lots of engagements and demand for that. We're ramping up production.

Austin，這部分我只能簡短且以高層次回應。你說得完全正確。我們擁有一個在能力與效能上都非常獨特、且極具成效的致勝解決方案，特別是在目前各類衝突與全球威脅的背景下。相關接洽與需求非常多。我們正在提升產量。

We have designed a product to get into the 1,000 of units a year of production. We're ramping that up actively today. I'm not able to comment specifically on where we are because of the sensitivity of that mission and customers. What I can tell you that we're making great progress, and we should have an update for you in the near future. You are absolutely right, that capability is a necessity, not a nice to have, it's a must-have and the type of conflicts we see in the world, and we're engaged with those customers.

我們的產品設計目標是達到每年 1,000 台的產量規模。我們今天正在積極推進這個爬坡。由於任務與客戶的敏感性，我無法具體評論我們目前的進度。但我可以告訴你，我們進展非常順利，且應該能在不久的將來提供更新。你完全正確：這項能力是必需品，不是可有可無；在我們看到的全球衝突型態下，它是必備能力，而我們也正與這些客戶保持接洽。

They're trying to moved quite aggressively, but it still takes time. And it's just a matter of just hopefully some timing that we're going to make progress. We're not waiting for the customer contracts and progress there. We're in parallel actively based on very strong signals for our customers and engagement with them. We're ramping up production.

他們正試圖相當積極地推進，但仍然需要時間。這只是希望在時點上能有所配合，讓我們能持續取得進展。我們並沒有在等待客戶合約與相關進度。基於客戶非常強烈的訊號以及我們與他們的互動，我們正同步並行地積極推進。我們正在提升產量。

We're building units, and we're ready to scale this, and we're actually scaling it right now as we speak. This is the reason why we're investing in new facilities. Buying long lead material, building units in stock because we know that the demand is coming. We know our customers need it. It's just a matter of how fast they can get in the contract.

我們正在生產單位產品，並已準備好擴大規模；事實上，我們此刻就正在擴產。這也是我們投資新設施的原因。採購長交期物料、建立庫存成品，因為我們知道需求即將到來。我們知道客戶需要它。剩下只是他們能多快把合約簽下來的問題。

Cashen Keeler, BNP Paribas.

Cashen Keeler，法國巴黎銀行（BNP Paribas）。

Obviously, you guys had a solid first quarter results here on revenue. But with you still expecting 45% of revenue to come in the first half that implies about a $40 million step down in revenue in 2Q relative to what you guys said on the last call about the 1Q, you split if we just take things at the midpoint. So just kind of wanted to unpack that and if there's any particular reason for that.

很明顯，你們第一季在營收方面的表現相當穩健。但你們仍預期上半年貢獻 45% 的營收，這意味著若以中位數來看，第二季營收相較於你們在上次電話會議對第一季所說的水準，將下滑約 4,000 萬美元。所以我想拆解一下這點，看看是否有任何特定原因。

Yes, Cash. Great question. We're still holding to our 45-55 split. We got fantastic backlog. We've seen the back half of the year really been an increase in the overall volumes for our revenue. We did really good in Q1, we're able to deliver above our expectations. But the first half of the year, we're still tracking to the 45% and 55% in the back half of the year. Well supported by our visibility at 86%, and overall increased volumes in Q3 and Q4.

是的，Cash。問得很好。我們仍維持 45/55 的分配。我們有非常出色的在手訂單（backlog）。我們看到下半年整體營收量將會增加。第一季我們做得很好，交付表現超出我們的預期。但就上半年而言，我們仍在追蹤上半年 45%、下半年 55% 的節奏。這也有 86% 的可視性作為支撐，且第三季與第四季的整體出貨量將提升。

Got it. Okay. That's helpful. And then a couple of weeks ago, there was a memo from Deputy Secretary of War regarding greater cost transparency and basically setting margins across the industrial base. So I guess how can we think about that? And what impact that might have on your ability to maintain your kind of margin edge over, say, like legacy defense businesses and hopefully expand margins over time towards your 2030 targets.

了解。好的。這很有幫助。另外，幾週前陸軍副部長發布了一份備忘錄，內容是提高成本透明度，並基本上要在整個工業基礎上設定利潤率。所以我們該如何看待這件事？它可能會如何影響你們維持相較於傳統國防業者的毛利優勢，並希望隨時間推進朝 2030 年目標擴大利潤率的能力？

Cashen, we are absolutely supportive of the government's effort in this area. You know as well as we do that AV's business model strategy is incredibly unique and enticing and compelling. That particular directive is obviously directed to the entire market and all the suppliers. But we see it more directed to the much larger prime where the department has significant serious challenges. On visibility to their supply chain, their cost models, their cost structures, their rate structures, et cetera, et cetera.

Cashen，我們完全支持政府在這方面的努力。你也知道，AV 的商業模式策略非常獨特，且具有吸引力與說服力。那項指令顯然是針對整個市場與所有供應商。但我們認為它更主要是針對規模更大的主承包商（prime），因為部門在那裡面臨相當嚴峻的挑戰。例如對其供應鏈、成本模型、成本結構、費率結構等的可視性，等等。

We don't see that to be an impact for us whatsoever. We welcome it. It's still very premature. It's an audacious task that the government is going to be taken on, not easy to actually implement such an effort. I really, really support them on that upfront. We welcome it. We do not see that as a problem. We welcome it. We're ready. We're working with them.

我們不認為這會對我們造成任何影響。我們歡迎這項措施。目前仍非常早期。這是政府將要承擔的一項大膽任務，實際落地並不容易。我在一開始就非常、非常支持他們。我們歡迎它。我們不認為這會是問題。我們歡迎它。我們已準備就緒。我們正與他們合作。

We spend a lot of own money on R&D, internal R&D to develop our products as commercial products. This is the AV business model that we've been working and executing successfully for multiple decades, ever since we've been public. It's almost 20 years now that we've been doing this. And so it's nothing new to us. we welcome it, but I don't see it as an issue, and it's more targeted towards much larger clients where this problem is much more acute and a lot more dollars that slots around on lots of munitions and space programs and other things.

我們投入大量自有資金於研發（R&D），也就是內部研發，將產品以商用產品的方式開發出來。這就是 AV 的商業模式；自我們上市以來，我們已成功執行這套模式數十年。到現在幾乎 20 年了。因此這對我們並不新鮮。我們歡迎它，但我不認為這會是問題；它更是針對規模更大的客戶，因為那裡的問題更為尖銳，且在許多彈藥、太空計畫及其他項目上牽涉的資金規模也更大。

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

So at the risk of beating a dead horse, I'd like to ask one more question on LOCUST. You gave some very exciting commentary about perhaps that product being adopted across military branches and a variety of venues. You also signed an international contract. Can you speak a little bit to the demand there. And perhaps how quickly you see international sales scaling in comparison with what seems to be a pretty steep ramp in the United States?

冒著老調重彈的風險，我想再問一個關於 LOCUST 的問題。你對該產品可能在各軍種與多種場景中被採用，提供了一些非常令人振奮的評論。你們也簽下了一份國際合約。你能否談談那邊的需求？以及相較於美國看起來相當陡峭的爬坡，你們認為國際銷售的擴張速度會有多快？

So Brian, I'm very optimistic about the international demand for our LOCUST systems. I tend to believe that the revenue may accelerate even faster internationally, given the kind of challenges that a lot of our allies have around the world with drone attacks. Look at what's happening in Eastern Europe, look what is happening in Ukraine, look what's happening in around the Black Sea, Persian Gulf, Epic Fury, Middle East, Asia Pacific, prime, prime, prime urgent needs for these countries to protect themselves. And they just don't have the magazine depth to be able to withstand the type of attacks they're getting from some of our adversaries such as Iran and others including Russia.

Brian，我對我們 LOCUST 系統的國際需求非常樂觀。我傾向認為，考量全球許多盟友面臨無人機攻擊的挑戰，國際市場的營收增速甚至可能更快。看看東歐正在發生的事、看看烏克蘭、看看黑海周邊、波斯灣、Epic Fury、中東、亞太地區——這些國家都有極其迫切的需求來保護自己。而他們在彈藥庫存深度（magazine depth）上不足，難以承受來自我們一些對手（例如伊朗等，包含俄羅斯）的攻擊規模。

So I think this was part of our strategy from the beginning because we know the sweet spot for Counter-UAS is directed energy laser weapon systems. And we've got the world's best solution. It's performing. It's working. And we're scaling it. And exactly when those awards are going to come in, I think it's very difficult to predict that.

所以我認為這從一開始就是我們策略的一部分，因為我們知道反無人機系統（Counter-UAS）的最佳切入點是定向能量雷射武器系統。而我們擁有全球最好的解決方案。它正在發揮效能。它正在運作。而且我們正在擴大規模。至於那些獎項究竟何時會到位，我認為非常難以預測。

But we do have several engagements, and I think those are going to continue to come in, and we'll keep you updated. The key was to get the inflection point, the US Army to endorse it, select us officially saying that we're going to deploy this FAA to approve it and support it and endorse it. And then now everyone else is going to fall, not only domestically but also internationally. It's playing according to our strategy, just perfectly, nearly perfectly. And while that's happening in the market, we're in parallel ramping up production, building systems as fast as we can. And that's just take time.

但我們確實有數個洽談案，我認為這些會持續進來，我們也會持續向各位更新。關鍵在於達到拐點——讓美國陸軍背書、正式選擇我們，明確表示我們將部署，FAA 也將核准並支持與背書。接著其他人就會跟進，不僅在國內，也會在國際上。市場的發展幾乎完全按照我們的策略在走，幾乎是完美地在走。而在市場發生這些事情的同時，我們也在同步提升產能，盡可能快速地建置系統。而這就是需要時間。

Clarke Jeffries, Piper Sandler.

Clarke Jeffries，Piper Sandler。

I guess I'll start with Sean. Wondering if you could comment on the major drivers of cash outperformance in the quarter. What changed in your view and how you see receivables growing or shrinking over the coming quarters? And then just is the CR explicitly considered in your full year guidance for negative free cash flow?

我想先從 Sean 開始。想請你評論一下本季現金表現優於預期的主要驅動因素。你看法中有哪些改變？以及你如何看待未來幾季應收帳款的增加或減少？另外，CR 是否已明確納入你們全年「自由現金流為負」的財測指引中？

Yes, Clarke, great question on the cash. We had a positive operating cash flow in the first quarter, $13 million, very favorable on that. We're really working to manage the cash as especially as we can while also strategically investing in inventory to get ahead of some of these long lead items and get that in stock to support rapid delivery of our products.

是的，Clarke，關於現金的問題問得很好。我們第一季的營運現金流為正，達 1,300 萬美元，這點非常有利。我們確實在努力盡可能管理現金，同時也在策略性地投資存貨，以提前因應部分交期較長的項目，先把庫存備好，以支援我們產品的快速交付。

We're anticipating managing the cash from a free cash flow perspective for the full year being slightly negative, driven mainly from the CapEx, managed working capital favorable growth in EBITDA and net income, but really the CapEx is going to drive us to the current year increase in CapEx, driving the free cash flow is negative. We don't anticipate that carrying into next year, we expect to see our capital levels return to more normalized level as this is an inflection point on our production capacity expansion in fiscal year '27.

我們預期以全年自由現金流來看會是小幅為負，主要是由資本支出（CapEx）所驅動；營運資金管理帶來的有利因素、EBITDA 與淨利的成長會有所支撐，但最終仍是 CapEx——今年 CapEx 的增加——使自由現金流轉為負值。我們不預期這種情況會延續到明年；隨著我們在 2027 財年產能擴張進入拐點，我們預期資本支出水準會回到較正常的水準。

Regarding your second question on the CR. So that is factored into our guidance. We stated that in the last call, things have progressed pretty much exactly as we expected, a short-term CR followed by an approved defense budget, that's what we're expecting to happen in the December time frame. And our guidance currently reflects that.

至於你第二個關於 CR 的問題。這已經納入我們的財測指引。我們在上次電話會議中提到，事情的進展幾乎完全符合我們的預期：短期的 CR，接著是核准的國防預算；我們預期會在 12 月左右發生。而我們目前的指引已反映這一點。

Perfect. And then if I could just ask a follow-up. Just Wahid, you had this announcement around a joint venture established in Greece. I was wondering if you could just share an overview of where you're at with localizing production in Europe, where you intend that to go? It sounds like any kind of CapEx requirement is already considered in guidance.

了解。那我再追問一個問題。Wahid，你們宣布在希臘成立合資企業。想請你概述一下你們在歐洲在地化生產的進度，以及你們打算把它推進到什麼程度？聽起來任何 CapEx 需求都已經納入指引。

But just curious, as we think about the maturation of unmanned systems, how many of these countries that might be targets for foreign sales might want to move forward with an industrial work share agreement or localized production.

不過我也好奇，隨著無人系統逐漸成熟，這些可能成為海外銷售目標的國家中，有多少會希望推動產業分工協議或在地化生產？

Welcome, Clarke. So we're engaged on with several countries. We've announced a Greece joint venture. We've announced our presence in UK. We already have presence in Germany. We have a joint venture, a small one in Turkey. We also have efforts that we announced in terms of our teaming agreements and announcements in Taiwan. You're going to continue to see more and more of these over the next several quarters and years to come, both in Europe as well as in Asia Pacific and also in the Middle East. Those are the three focus areas: all of Europe, Eastern and Western plus Middle East, plus Asia Pacific. And then those countries are very specific.

歡迎你，Clarke。我們正與多個國家接洽。我們已宣布希臘的合資企業。我們也宣布在英國的布局。我們在德國本來就已經有據點。我們在土耳其也有一個小型合資企業。此外，我們也宣布了在台灣的合作（teaming）協議與相關公告。未來幾季到幾年，你會看到這類布局越來越多，涵蓋歐洲、亞太，以及中東。這三個是重點區域：全歐洲（含東歐與西歐）加上中東，再加上亞太。而且這些國家都是非常具體的。

The reason for that is because the demand and the government's desire for our systems is quite strong, and it requires some level of local content and local presence, both in terms of engaging with those customers, but also in terms of actually producing subsystems or doing final assembly. The Greek militaries made public statements that they're going to be procuring a lot of loitering munitions and specifically Switchblade as run of those particular items.

原因在於，市場需求以及各國政府對我們系統的意願相當強，而這通常需要一定程度的在地成分與在地存在：一方面是與客戶互動，另一方面也包括實際生產子系統或進行最終組裝。希臘軍方已公開表示，他們將採購大量滯空彈藥（loitering munitions），其中就特別點名 Switchblade 作為這類項目中的主力之一。

And it's in the government's budget process. It's gone through their parliament. And I've met with their top leaders, and it's actually progressing quite well. And so that's just not the only one though. We have similar engagements in other parts of Europe and Asia Pacific and in the Middle East. And I think you're going to continue to see us progress there as part of our international expansion and growth, and you're going to see more such announcements that happen over the next several quarters and years to come.

而且這已納入政府的預算流程。也已經通過他們的國會。我也與他們的最高層領導會面過，整體進展其實相當順利。不過這並不是唯一一個案例。我們在歐洲其他地區、亞太以及中東也有類似的洽談。我認為，作為我們國際擴張與成長的一部分，你會持續看到我們在這些地區推進；未來幾季到幾年也會看到更多此類公告。

Gavin Parsons, UBS.

Gavin Parsons，UBS。

Wahid, you've talked about needing to demonstrate capacity to unlock awards. I mean, is that what we're starting to see in these bookings? Or do you think bringing Salt Lake and Albuquerque, et cetera, online will unlock more?

Wahid，你提到需要證明產能才能解鎖（獲得）訂單授予。我的意思是，我們現在在這些訂單（bookings）上開始看到這點了嗎？或者你認為把鹽湖城、阿布奎基等產線上線後，會解鎖更多？

It's a combination of both. Yes, the current investment that we're making in our facilities, and we have made over the last several quarters and even last year, has already yielded very strong growth, right? When Ukraine more started, we aggressively expanded the production of our Switchblade facilities. We aggressively increased the demand and the production of our Puma systems for Ukraine. And then at the same time, when additional demand was needed for, we build the Salt Lake City facility.

兩者都有。是的，我們目前對廠房的投資——以及過去幾季甚至去年所做的投資——已經帶來非常強勁的成長，對吧？當烏克蘭戰事剛開始時，我們就積極擴充 Switchblade 的生產設施。我們也積極提升供應烏克蘭所需的 Puma 系統需求與產量。同時，當出現額外需求時，我們也建置了鹽湖城的廠房。

So we've gotten award for that. When we developed the P550, we expanded facilities for P550, US Army gave us an award now. And so Titan the same thing, we've increased the capacity for our counter UAS systems. There is a direct correlation and link between us investing in showing our customers that we can deliver and producing and delivering on time and a reliable product to the customer and getting a lion's share of the business.

因此我們也拿到了相關授予。當我們開發 P550 時，我們擴充了 P550 的產能設施，現在美國陸軍也給了我們一筆授予。Titan 也是同樣的情況：我們提升了反無人機系統的產能。我們投資並向客戶展示我們能交付、能準時生產並交付可靠產品，與我們取得大量業務之間，存在直接的關聯與連結。

Many people can claim that they have it, or they can do it. But unless they demonstrate, it's not the same thing. And what sets us apart is that we continue to deliver, execute and demonstrate to our customers that we're a safe bet. And so I think that's been working for us. Additional capacity expansions that we're making now on LOCUST, on Red Dragon, on Freedom Eagle-1, all of these are going to yield more success and awards over the next several quarters, in my opinion, because we're talking to those customers, and they're engaged with us and they want us to do that.

很多人都可以宣稱自己有能力，或自己做得到。但除非他們能證明，否則就不是同一回事。而我們的差異化在於，我們持續交付、持續執行，並向客戶證明我們是可靠的選擇。所以我認為這一直對我們很有效。我們目前在 LOCUST、Red Dragon、Freedom Eagle-1 等項目上所做的額外產能擴張，在我看來，未來幾季將帶來更多成功與更多授予，因為我們正在與那些客戶溝通，他們也與我們保持互動，並希望我們這麼做。

And so it solves the government's problem because they don't have budgets that are long term, and when they get the money, they want to give it to people package to deliver right away or quickly and reliably. And that JV is we're one of the top companies that can do that actually successfully, and we've demonstrated it.

這也解決了政府的問題，因為他們的預算並非長期穩定；當他們拿到資金時，就希望把錢交給能夠立刻、或快速且可靠交付的人。而我們這家 JV（合資企業）是少數真正能成功做到這點的頂尖公司之一，而且我們已經證明了。

Got it. Okay. And then just back to 2Q kind of guide, I appreciate it's early in the year and there's still a lot of budget unknowns. But is there anything specific in 2Q that steps down EBITDA, even while revenue increases?

了解。好的。然後回到 2Q 的指引，我理解現在年初還很早，預算仍有很多未知數。但在 2Q 是否有任何特定因素會讓 EBITDA 下滑，即使營收增加？

So Q2, the way we laid this out with our revenue profile at the 45-55, the back half of the year being a more favorable volume and improved sales mix. That was driving the EBITDA in the second half of the year. First half of the year, we delivered really strong in Q1. And in Q2, we see a little bit of a step down even though the volumes of higher the overall sales mix is slightly below, and then our increased IRAD is expected to tick up in Q2.

關於 Q2，我們以 45-55 的營收區間來說明這點，下半年在出貨量更有利、銷售組合改善的情況下會更為有利。這也是推動下半年 EBITDA 的原因。上半年我們在 Q1 表現非常強勁。而在 Q2，我們看到會有些微下滑，儘管出貨量更高，但整體銷售組合略低一些，另外我們增加的 IRAD 預期在 Q2 也會上升。

Ron Epstein, Bank of America.

Ron Epstein，美國銀行。

This is Andrew on for Ron. --

我是 Andrew，代 Ron 提問。--

I just want to focus on Greece for a second. There's a question a few moments ago on it about the AV Eagle joint venture. You guys announced that in August. And then this week, Greece announced a multibillion-dollar missile defense deal was signed. So I was wondering, what are you guys seeing there in terms of demand specifically for directed energy systems given the recent LOCUST wins? Is there a place for LOCUST in Greece's new Achilles Shield system?

我想先把焦點放在希臘一下。剛才有個問題提到 AV Eagle 合資企業。你們在 8 月宣布了那項合作。而本週希臘宣布已簽署一筆數十億美元的飛彈防禦交易。所以我想請問，就需求面而言，特別是考量近期 LOCUST 的得標，你們看到定向能系統的需求如何？LOCUST 在希臘新的 Achilles Shield 系統中是否有機會？

Yes. So Andrew, we're engaged very closely with the Greek military on several fronts. I have personally met multiple times where the Chief of Defense. And the gentleman who was very reputable, very credible and very focused. They are very laser-focused on making sure that they adopt a large portion of their procurement to be things such as loitering munition and specifically Switchblade. So we're engaged with that. There's a competition. I can't comment specifically on it, but they do have funding in the budget that's going through their parliament and to the -- for approval. They made public announcements on that and statements and has been well documented in that regard.

是的。Andrew，我們在多個面向都與希臘軍方非常密切地合作。我本人也多次與國防參謀長會面。他是一位非常受人敬重、非常可信且非常專注的先生。他們非常聚焦於確保其採購中有很大一部分會是像滯空彈藥這類產品，尤其是 Switchblade。因此我們正就此與他們合作。目前有一項競標。我無法就細節發表評論，但他們的預算中確實有資金，正在送交國會並進入—以供核准。他們已就此做出公開宣布與說明，相關內容也已有充分記錄。

In terms of their laser weapon systems and the need for that, we're already engaged with them the existing the contract you described is something a little bit specific. It does not include our LOCUST today. But it could easily expand into that and they're absolutely interested in that. They were more waiting for the US Army to select on E-HEL, that E-HEL announcement and success, most likely going to actually instigate many allies, not just Greece, to become more sort of bullish and aggressive and their effort to try to procure systems such as LOCUST. I feel really good about it.

至於他們的雷射武器系統及其需求，我們已經與他們展開合作；你所提到的既有合約在內容上較為特定。目前並未包含我們的 LOCUST。但它很容易擴展到那一塊，而且他們絕對有興趣。他們更多是在等待美國陸軍對 E-HEL 的選定，也就是 E-HEL 的宣布與成功；這很可能會促使許多盟友不只是希臘，對於採購 LOCUST 這類系統變得更為看多、也更積極。我對此感覺非常好。

I think we engage with several countries on that front, not just Greece. But the main focus on Greece today is about products such as Switchblade and our JUMP 20 and other systems, and the LOCUST systems are looking farther behind on that front, with Greece specifically.

我認為我們在這方面也與多個國家接觸，不僅是希臘。但目前在希臘的主要重點是 Switchblade、我們的 JUMP 20 以及其他系統；至於 LOCUST 系統，就希臘而言在這方面的進度相對更後面一些。

Got it. I appreciate that color. And I guess just a quick follow-up. So was the recent international contract kind of a similar dynamic where the customer was waiting to see validation from the US Army?

了解。謝謝你提供這些背景。我想再快速追問一下。所以近期那筆國際合約是否也是類似的情況，也就是客戶在等待美國陸軍的驗證？

The answer is yes, Andrew. Validation from two fronts. The US Army, of course, because US military and approvals and program record selection is the golden standard of our allies in general. You have seen that in our 20 year-plus track record. When we win program records with the US Army for Puma, for Raven, for Switchblade, for Titan, whatever product we win programs with the US military, it almost always translate into adoption internationally with not one ally but several of them. So that was one.

答案是肯定的，Andrew。來自兩個面向的驗證。當然首先是美國陸軍，因為美軍的核准與計畫正式選定，通常是我們盟友普遍認可的黃金標準。你也在我們 20 多年的實績中看到了這點。當我們在美國陸軍贏得正式計畫時，不論是 Puma、Raven、Switchblade、Titan，或任何我們與美軍合作並獲選的產品，幾乎總是會轉化為國際採用，而且不只一個盟友，而是好幾個。這是其一。

The second key criteria that was also for them to come to United States, go to the field test and push the 'I believe' button by shooting down drones themselves in the field. They did that. We demonstrated it. Our system worked while the competitive systems are not working, and therefore, they give us the award. And we expect that to continue with additional customers. That has always been our strategy to just basically demonstrate and deliver. And if we do that, obviously, adoption will occur. And that's consistent with our strategy with LOCUST as well.

第二個關鍵條件是，他們也要來到美國、到野外測試現場，親自按下「我相信」的按鈕，也就是自己在現場把無人機打下來。他們做到了。我們也展示了。我們的系統運作良好，而競品系統無法運作，因此他們把合約授予我們。我們預期這種情況會在更多客戶身上延續。這一直是我們的策略：基本上就是展示並交付。只要我們做到這點，採用自然就會發生。這也與我們在 LOCUST 上的策略一致。

And this concludes the question-and-answer session. I would now like to turn it back over to Denise for any closing remarks.

問答環節到此結束。接下來我想把時間交回給 Denise，請她做結語。

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 Investors section of our website. We hope you enjoy the rest of your evening, and we look forward to speaking with you again following next quarter's results. Goodbye.

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 申報文件以及相關新聞，可在我們網站的投資人專區找到。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。再見。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝各位參與今天的會議。本節目到此結束。您現在可以掛線。各位，祝您有美好的一天。