Kratos Defense and Security Solutions Inc (KTOS) 2025 Q2 法說會逐字稿

Thank you for standing by, and welcome to Kratos Defense & Security Solutions Second Quarter 2025 Earnings Conference Call. (Operator Instructions) I would now like to hand the call over to Marie Mendoza, Senior VP, General Counsel. Please go ahead.

感謝您的支持，歡迎參加 Kratos Defense & Security Solutions 2025 年第二季財報電話會議。（操作員指示）現在我想將電話交給資深副總裁兼總法律顧問 Marie Mendoza。請繼續。

Thank you. Good afternoon, everyone. Thank you for joining us for the Kratos Defense & Security Solutions Second Quarter 2025 Conference Call. With me today is Eric DeMarco, Kratos' President and Chief Executive Officer; and Deanna Lund, Kratos' Executive Vice President and Chief Financial Officer. Before we begin the substance of today's call, I'd like everyone to please take note of the safe harbor paragraph that is included at the end of today's press release.

謝謝。大家下午好。感謝您參加 Kratos 國防與安全解決方案 2025 年第二季電話會議。今天與我一起的還有 Kratos 總裁兼執行長 Eric DeMarco 和 Kratos 執行副總裁兼財務長 Deanna Lund。在我們開始今天電話會議的實質內容之前，我希望大家注意今天新聞稿末尾的安全港段落。

This paragraph emphasizes the major uncertainties and risks inherent in the forward-looking statements we will make this afternoon. Please keep these uncertainties and risks in mind as we discuss future strategic initiatives, potential market opportunities, operational outlook, financial guidance and other forward-looking statements made during today's call. Today's call will also include a discussion of non-GAAP financial measures as that term is defined in Regulation G. Non-GAAP financial measures should not be considered in isolation from or as a substitute for financial information presented in compliance with GAAP. Accordingly, at the end of today's press release, we have provided a reconciliation of these non-GAAP financial measures to the company's financial results prepared in accordance with GAAP.

本段強調了我們今天下午將要做出的前瞻性陳述中固有的重大不確定性和風險。當我們討論未來策略舉措、潛在市場機會、營運前景、財務指導以及今天電話會議中提出的其他前瞻性陳述時，請記住這些不確定性和風險。今天的電話會議還將討論非公認會計準則 (non-GAAP) 財務指標，該術語在 G 條例中定義。非公認會計準則 (non-GAAP) 財務指標不應孤立地考慮，也不應將其作為符合公認會計準則 (GAAP) 的財務資訊的替代。因此，在今天的新聞稿結束時，我們提供了這些非 GAAP 財務指標與公司根據 GAAP 編制的財務結果的對帳。

Eric?

艾瑞克？

Thank you, Marie. The Annual Global Defense and National Security expenditure in 2024 was approximately $2.5 trillion. This $2.5 trillion figure does not take into account the expected increase in the United States National Security spend to over $1 trillion this year or planned NATO increases in its defense expenditures from a historical approximately 2% up to 5% of GDP, and this is also before the recent announcement from non-NATO US allies in the Pacific that they would also be increasing their defense expenditures to 5% of GDP.

謝謝你，瑪麗。2024年全球年度國防和國家安全支出約2.5兆美元。這個 2.5 兆美元的數字並未考慮到美國國家安全支出今年預計將增加到 1 兆美元以上，也未考慮到北約計畫將其國防開支從歷史上約佔 GDP 的 2% 提高到 5%，而且這還是在太平洋地區非北約美國盟友最近宣布也將國防開支提高到 GDP 的 5% 之前。

There is truly a generational global recapitalization of weapon systems and related infrastructure currently underway, and we believe that Kratos is one of the few qualified today defense technology companies positioned now to address it and take advantage of what is truly an industry inflection point.

目前，全球正在進行對武器系統和相關基礎設施的跨代資本重組，我們相信，Kratos 是當今少數幾家有資格應對這一挑戰並利用這一真正行業轉折點的國防技術公司之一。

The Trump Administration through recent Executive Orders is working to streamline the US DoD procurement, purchasing and deployment processes to significantly improve efficiency, make the deployment of new systems and technology to the war fighter faster and prioritize new rapidly developed and fast-to-field hardware and systems.

川普政府透過最近的行政命令，致力於簡化美國國防部的採購、購買和部署流程，以顯著提高效率，加快向作戰人員部署新系統和技術，並優先考慮快速開發和快速投入使用的新型硬體和系統。

Additionally, both the Senate through the FORGED Act and the House via the SPEED Act are similarly looking to streamline the defense procurement and acquisition processes, including a focus on first-to-market relevant technology, hardware products and systems. We are also at the beginning of a rebuild of the US defense industrial base, which is [after feed] for several decades, which rebuild we believe will require hundreds of billions of dollars of investment and take many years to complete.

此外，參議院通過的《FORGED法案》和眾議院通過的《SPEED法案》同樣希望簡化國防採購和收購流程，包括專注於率先上市的相關技術、硬體產品和系統。我們也正處於重建美國國防工業基礎的開始階段，這項重建工作已經進行了幾十年，我們認為需要數千億美元的投資，並且需要很多年才能完成。

Kratos is realizing the positive impact of these factors, including our Q2 organic revenue growth rate of 15%, our bookings with an LTM book-to-bill ratio of 1.2:1, our backlog, our record level bid and proposal pipeline of $13 billion and also our previously communicated 2026 forecast base case organic revenue growth of 13% to 15% over '25, which is now substantially covered by on-hand programs and contracts.

Kratos 正在實現這些因素的積極影響，包括我們第二季度 15% 的有機收入增長率、LTM 訂單出貨比為 1.2:1 的訂單、我們的積壓訂單、創紀錄的 130 億美元的投標和提案渠道，以及我們之前傳達的 2026 年預測基準有機收入為 13% 至 15%，目前已覆蓋計劃和增長率。

Additionally, after our second quarter ended, we were informed by a government customer that we have been successful on a large new program of record opportunity we call Poseidon, which I do not believe that I have previously mentioned with formal contract award to Kratos as prime expected shortly. Poseidon is expected to be a single award to Kratos.

此外，第二季結束後，一位政府客戶告知我們，我們成功獲得了一項名為 Poseidon 的大型新創紀錄項目機會，我認為我之前沒有提到過這項機會，並且預計很快就會與 Kratos 簽訂正式合約。預計波塞冬將成為奎托斯的單獨獎勵。

It's a military-grade hardware and system program with an approximate total potential value through production of approximately $750 million, which should begin ramping for us in mid-'27 once the required program-specific new facility we will be standing up is complete.

這是一個軍用級硬體和系統項目，透過生產產生的總潛在價值約為 7.5 億美元，一旦我們為該項目建立的所需特定新設施竣工，該項目將於 27 年中期開始為我們帶來收益。

The Poseidon win is expected to provide Kratos another large steady-state future revenue, profit and cash flow engine, further enabling our aggressive growth pursuit, including in the drone, hypersonic, jet engine, microwave, and SATCOM areas, while also generating profitability and cash flow.

預計 Poseidon 項目的勝利將為 Kratos 提供另一個巨大的穩定未來收入、利潤和現金流引擎，進一步支持我們在無人機、高超音速、噴氣發動機、微波和衛星通信領域等積極的增長追求，同時創造盈利能力和現金流。

Additionally, Kratos was also informed after the Q2 close that our team with a key Kratos partner has been one of few companies successfully down selected on another new program of record opportunity, Kratos cold named [DMOS], with Kratos contract award expected shortly.

此外，Kratos 在第二季結束後還獲悉，我們的團隊與 Kratos 的主要合作夥伴已成為少數幾家在另一個新的創紀錄機會項目上成功入選的公司之一，該項目名為 [DMOS]，預計 Kratos 合約將很快授予。

As a result of these and other expected contract awards, we currently forecast that Kratos' third quarter bookings could be particularly strong. Since our last report, Kratos' confidence has increased in our 2026 forecast base case margin or EBITDA rate increase of 100 basis points to 150 basis points with additional increases expected in '27 and beyond as new higher-margin programs we have recently received begin to ramp up and certain lower-margin contracts are renewed with the customers at expected higher margin rates.

由於這些以及其他預期的合約授予，我們目前預測 Kratos 第三季度的預訂量可能會特別強勁。自我們上次報告以來，Kratos 對我們 2026 年預測基準利潤率或 EBITDA 率增加 100 個基點至 150 個基點的信心有所增強，預計 27 年及以後還會進一步增加，因為我們最近收到的新的利潤率與客戶更高的項目開始增加，並且某些利潤率較低的合同以預期的更高利潤率與客戶以預期的率更高的合同以預期的率更高。

In Kratos' tactical drone business, it was recently reported that both the US Marine Corps and the Office of the Secretary of Defense stated that the Valkyrie is becoming a program of record and will be the first CCA in production and fielded for the Marines.

在 Kratos 的戰術無人機業務中，最近有報導稱，美國海軍陸戰隊和國防部長辦公室都表示，Valkyrie 正在成為一項記錄項目，並將成為海軍陸戰隊生產和部署的第一款 CCA。

Additionally, Airbus recently announced that they have partnered with Kratos for a European mission-focused Valkyrie and initially specifically targeting the German Luftwaffe with the current expectation for fielding no later than 2029.

此外，空中巴士公司最近宣布，他們已與 Kratos 合作，共同研發一款以歐洲任務為重點的 Valkyrie，最初專門針對德國空軍，目前預計最遲在 2029 年投入使用。

As you know, Kratos' base case financial forecast does not include any assumed tactical drone production, which we will only include in our revenue forecast once we have received a contract award as the potential financial impact to Kratos when we receive tactical drone awards could be very significant.

如您所知，Kratos 的基本財務預測不包括任何假設的戰術無人機生產，我們只有在獲得合約獎勵後才會將其納入我們的收入預測中，因為當我們獲得戰術無人機獎勵時對 Kratos 的潛在財務影響可能非常大。

For example, if in 2026, hypothetically, Kratos receives an initial order for 15 Valkyries at $10 million each, we could have an immediate revenue increase over our base case financial model and forecast of $150 million with profit as the Valkyrie is currently in production and we could have 15 aircraft ready to deliver immediately upon contract award in my example.

例如，假設在 2026 年，Kratos 收到 15 架 Valkyrie 的初始訂單，每架價值 1000 萬美元，那麼我們的收入將立即超過我們的基本財務模型和預測的 1.5 億美元的利潤，因為 Valkyrie 目前正在生產中，在我的的例子中，我們可以在合約授予後立即準備好合約。

Both the Marines and Airbus opportunities were made possible as a result of Kratos making the investment to begin production of 24 Valkyries, several of which have been delivered to customers, as you know, in advance of a program or contract award with approximately 15 to 20 of which can, are or will be completed and available for sale next year.

海軍陸戰隊和空中巴士的機會都是由於 Kratos 投資開始生產 24 架 Valkyries 而實現的，正如您所知，其中幾架已經在項目或合約授予之前交付給客戶，其中大約 15 到 20 架可以、正在或將會在明年完成並可供銷售。

Kratos made the decision to make the investment and begin serial production of 24 Valkyries ahead of contract award so that Kratos would be first to market and that the potential customers could come to the factory, see their aircraft being built, see the actual cost data for the aircraft, see their aircraft fly.

奎托斯決定進行投資，並在合約授予之前開始批量生產 24 架 Valkyries，以便奎托斯能夠率先進入市場，並且潛在客戶可以來到工廠，看到他們的飛機正在建造，看到飛機的實際成本數據，看到他們的飛機飛行。

And we believe based on what we expect to occur that this was the correct business decision. Kratos took the same first-to-market approach of making the internal investment to design and develop certain of our other product offerings, including Erinyes and Dark Fury, our hypersonic flyers, our Zeus 1, Zeus 2 and Oriole solid rocket motor stacks, our family of jet engines for drones and missiles, our OpenSpace C2 and telemetry, tracking control satellite system and many others, each of which are and we believe will be driving Kratos' future growth and value.

而根據我們的預期，我們相信這是正確的商業決策。Kratos 採取了同樣的先發製人的方法，即進行內部投資來設計和開發我們的其他某些產品，包括 Erinyes 和 Dark Fury、我們的高超音速飛行器、我們的 Zeus 1、Zeus 2 和 Oriole 固體火箭發動機組、我們的無人機和導彈噴氣機系列、我們的 OpenSpace C2 和遙測能力控制火箭發動機組、我們的無人機和導彈噴氣機系列、我們的 OpenSpace C2 和遙測。

In addition to the US Marine Corps and Airbus Valkyrie-related opportunities that have been reported, we have two new additional Valkyrie opportunities with two different customers, both of which I believe Kratos is currently in a sole-source position.

除了已報導的美國海軍陸戰隊和空中巴士 Valkyrie 相關機會外，我們還有兩個新的 Valkyrie 機會，來自兩個不同的客戶，我相信 Kratos 目前都處於唯一來源地位。

As a result of recent Valkyrie-related progress, we have now begun the process of pricing out with our already in place and performing qualified suppliers, the long lead purchasing, and the program planning for an expanded production run of at least 24 additional Valkyries, which would sustain and build on the current learning curve from the initial 24 and would bring the total Valkyrie serial production run to 48 aircraft.

由於最近與 Valkyrie 相關的進展，我們現在已經開始與已經到位且合格的供應商進行定價、長期採購以及計劃擴大至少 24 架 Valkyrie 的生產運行，這將維持和建立在最初 24 架的當前學習曲線上，並將 Valkyrie 的總批量生產運行增加到 48 架飛機。

Across the potential increased Valkyrie production run, we would be producing several variants including runway independent, combined runway independent runway capable, CTOL, a European-focused variant and potentially two additional variants, all of which are specifically potential customer focused.

在 Valkyrie 潛在增加的生產運行中，我們將生產幾種變體，包括跑道獨立型、組合跑道獨立型、跑道能力型、CTOL、以歐洲為中心的變體以及潛在的另外兩種變體，所有這些變體都是專門針對潛在客戶的。

By maintaining the Valkyrie production line with a potential additional 25 aircraft, we will continue to improve production efficiencies and reduce cost as we continue to come down the manufacturing learning curve, further establishing Kratos' leadership position with actual aircraft and real known cost points.

透過維持 Valkyrie 生產線並可能額外生產 25 架飛機，我們將繼續提高生產效率並降低成本，同時繼續降低製造學習曲線，進一步鞏固 Kratos 在實際飛機和真實已知成本點方面的領導地位。

I can now also report to you that we expect that by the end of this year, we will receive a sole-source contract for the Kratos Air Wolf tactical jet drone, which could lead to a production contract in late 2026. And I can report that Kratos' Athena tactical drone very recently had multiple successful flights as we continue to progress with this customer-funded program. Kratos' Ghost Works is currently working on a new fifth-generation jet drone with expected first flight in the first half of '26.

我現在還可以向你們報告，我們預計到今年年底，我們將獲得 Kratos Air Wolf 戰術噴氣式無人機的獨家合同，這可能會在 2026 年底簽訂生產合同。我可以報告的是，隨著我們繼續推進這個客戶資助的項目，Kratos 的 Athena 戰術無人機最近已多次成功飛行。奎托斯的幽靈工廠目前正在研發新型第五代噴射無人機，預計 26 年上半年首次飛行。

And Ghost Works is also working with Kratos Turbine Blade Works and our Rocket Systems Chaos team on a new hypersonic system named Icarus. Kratos' Israeli-based Microwave Electronics business has successfully completed its move into our new manufacturing facility with less operational downtime than we originally expected, and we are now positioned for further increased organic revenue growth with the expanded capacity, including with our key partners, Rafael, Israeli Aerospace Industries, and Elbit.

Ghost Works 也與 Kratos Turbine Blade Works 和我們的 Rocket Systems Chaos 團隊合作開發名為 Icarus 的新型高超音速系統。Kratos 位於以色列的微波電子業務已成功遷入我們的新製造工廠，停機時間比我們最初預期的要少，現在我們已準備好透過擴大產能進一步增加有機收入成長，包括與我們的主要合作夥伴 Rafael、以色列航空工業公司和 Elbit 的合作。

Kratos' Jet Engine and Propulsion Systems businesses are certain of our strongest revenue growers and highest operating margin businesses with growth expected to accelerate in the second half of '26, including as LRIP quantities of certain drones and missile programs increase with additional revenue increases expected in '27 and then also in '28 as LRIP is expected to transition to full rate production on certain programs.

Kratos 的噴射發動機和推進系統業務無疑是我們收入增長最強勁、營業利潤率最高的業務之一，預計增長將在 26 年下半年加速，包括隨著某些無人機和導彈計劃的 LRIP 數量的增加，預計 27 年和 28 年收入將進一步增加，因為 LRIP 預計將在某些計劃上轉為全速生產。

As you would expect, Kratos' military-grade air defense, missile radar and counter UAS systems business is very strong and is also expected to be a key Kratos base case future organic revenue growth driver, including with our incredible partners, Northrop, Lockheed, and Raytheon, each of which innovate, develop, and integrate certain of the best weapon systems in the world as is being demonstrated globally in combat.

正如您所期望的，Kratos 的軍用級防空、導彈雷達和反無人機系統業務非常強勁，並且預計也將成為 Kratos 未來有機收入增長的關鍵驅動力，包括與我們令人難以置信的合作夥伴諾斯羅普、洛克希德和雷神公司合作，他們各自創新、開發和整合了世界上最好的武器系統，正如在全球戰鬥中展示的那樣。

Kratos' space, training and cyber business is turning around, led by our government and national security offerings with expected 2026 growth and increased profit margins and accelerating into '27 based on programs and the current new opportunity pipeline.

Kratos 的太空、培訓和網路業務正在好轉，這主要得益於我們為政府和國家安全提供的服務，預計 2026 年將實現成長，利潤率也將提高，並且根據計劃和當前的新機會管道，到 2027 年，該業務將加速發展。

The Reconciliation Bill and the Trump Administration's policies, position and support for space and satellite capability has now clearly become both evident and significant, including for national security, which we are seeing in our government satellite business.

《和解法案》和川普政府對太空和衛星能力的政策、立場和支持現在變得顯而易見且意義重大，包括對國家安全的影響，我們在政府衛星業務中看到了這一點。

Crisply stated, with the Trump Administration's focus on space, including Golden Dome and Kratos' proven expertise in delivering scalable software-defined ground systems, combined with the open architecture approach of OpenSpace, this uniquely positions Kratos to rapidly integrate a diverse set of next-generation satellite constellations and defense capabilities for US government missions.

簡而言之，川普政府將重點放在太空領域，包括金頂和 Kratos 在提供可擴展軟體定義地面系統方面的成熟專業知識，再加上 OpenSpace 的開放式架構方法，這使得 Kratos 能夠快速整合多種下一代衛星星座和防禦能力，以完成美國政府的任務。

Kratos' track record of cost-effective agile solutions and deep customer partnerships ensures that Kratos can meet evolving mission requirements faster and more efficiently than other companies in the satellite area.

Kratos 在經濟高效的敏捷解決方案和深度客戶合作關係方面的良好記錄確保 Kratos 能夠比衛星領域的其他公司更快、更有效地滿足不斷變化的任務需求。

Kratos' space and satellite business, our technology and our capabilities are, in my opinion, they're the gold standard of the industry, and we're seeing that now with Kratos Space being one of the most valuable businesses in our company.

我認為，Kratos 的太空和衛星業務、我們的技術和能力是該行業的黃金標準，我們現在看到 Kratos Space 是我們公司最有價值的業務之一。

Kratos' Anaconda, our Helios, Nemesis, Hermes, and certain other initiatives are tracking, and we hope to be successful on Anaconda and Helios by the end of the year. Kratos' Prometheus partnership with Rafael is on track.

奎托斯的 Anaconda、我們的 Helios、Nemesis、Hermes 和其他一些計劃正在跟踪中，我們希望在今年年底前在 Anaconda 和 Helios 上取得成功。奎托斯與拉斐​​爾的普羅米修斯合作關係進展順利。

Certain key energetics-related production equipment has been ordered. Certain key employees, including the Chief Operating Officer, have now been hired, and we remain optimistic that Prometheus will be a $1 billion-plus business once at full rate production. Similarly, Kratos' GEK small turbofan initiative with our outstanding partner, GE Aerospace is on track.

已訂購一些關鍵能源相關生產設備。包括營運長在內的一些關鍵員工目前都已受聘，我們仍然樂觀地認為，一旦全面投入生產，普羅米修斯將成為一家價值 10 億美元以上的企業。同樣，Kratos 與我們傑出的合作夥伴 GE Aerospace 合作的 GEK 小型渦輪扇發動機計劃也進展順利。

The GEK production facility location has been identified, as you know, and we expect GEK to also be a $1 billion business once at full rate production. I want to pass on to our shareholders that we are routinely told by our customers and partners that Kratos' affordability and our approach, technology, military-grade manufacturing facilities, our national security approved execution facilities, products, and capabilities are invaluable and basically don't exist in any other defense technology company.

如您所知，GEK 生產設施的位置已經確定，我們預計 GEK 一旦達到全速生產，也將成為價值 10 億美元的企業。我想告訴我們的股東，我們的客戶和合作夥伴經常告訴我們，Kratos 的經濟實惠以及我們的方法、技術、軍用級製造設施、我們經國家安全批准的執行設施、產品和能力都是無價的，基本上在任何其他國防技術公司都不存在。

A primary differentiator that we are routinely being told more and more often, including now in Europe, is that Kratos doesn't run around putting out PR, [PR], PowerPoints and podcasts saying what we're going to do. At Kratos, we've already done it.

我們經常被告知的一個主要區別是，包括現在在歐洲，Kratos 不會到處發佈公關、[PR]、PowerPoint 和播客來告訴人們我們要做什麼。在 Kratos，我們已經做到了這一點。

For example, Valkyrie has flown with effectively every fighter in the United States inventory. Valkyrie has flown from multiple US sites in multiple scenarios. Valkyrie, identified by the Office of the Secretary of Defense and the Marines as a CCA has collaboratively operated with multiple manned military aircraft and has collaboratively cooperated with multiple Valkyries, not surrogates, not computer models, not pretty pictures, actual Valkyrie systems.

例如，「女武神」實際上與美國庫存的每一架戰鬥機一起飛行。瓦爾基里號曾在多種情況下從美國多個地點起飛。瓦爾基里 (Valkyrie) 被國防部長辦公室和海軍陸戰隊認定為 CCA，已與多架有人駕駛軍用飛機協同作戰，並與多架瓦爾基里 (Valkyrie) 進行協同合作，這些不是替代品，不是計算機模型，不是漂亮的圖片，而是真正的瓦爾基里 (Valkyrie) 系統。

All of these flights and events have occurred in coordination and cooperation with our military customers. Valkyrie exists, is flying, and has been flying since 2019. The Valkyrie is real. This is why Airbus partnered with Kratos. Airbus wants to work with the company that has real flying products and aircraft that have flown with the F-35, for example, and flown with the F-32 -- excuse me, the F-22, not just promises.

所有這些飛行和活動都是與我們的軍事客戶協調和合作進行的。Valkyrie 存在，正在飛行，自 2019 年以來一直在飛行。女武神是真實存在的。這就是空中巴士與 Kratos 合作的原因。空中巴士公司希望與擁有真正飛行產品和飛機的公司合作，這些產品和飛機曾與 F-35 一起飛行，並與 F-32（對不起，是 F-22）一起飛行，而不僅僅是承諾。

I find it interesting that other companies are routinely making claims of what their systems will be and capabilities it will have. I consistently tell you on these calls what we have done, what we're going to do, we do it, what our systems are, our actual successful missions, and our specific customers.

我發現有趣的是，其他公司經常宣稱他們的系統將會是什麼樣子以及它將具有什麼功能。在這些電話中，我不斷告訴你們我們已經做了什麼、我們將要做什麼、我們做了什麼、我們的系統是什麼、我們實際成功的任務以及我們的具體客戶。

We believe that these are key reasons why Kratos is seeing increased program opportunities, bid pipeline, partnership opportunities, and sole source positioning, all of which we expect to continue and potentially accelerate as national security and defense prioritization increases.

我們相信，這些是 Kratos 的專案機會、投標管道、合作機會和唯一來源定位不斷增加的關鍵原因，隨著國家安全和國防優先級的提高，我們預計所有這些都將繼續下去，甚至可能加速。

At Kratos, we recognize the scarcity value of our company, including for United States National Security and to our stakeholders. And we are laser-focused on execution and rebuilding the US industrial base while generating value for our stockholders. Deanna?

在 Kratos，我們認識到公司的稀缺價值，包括對美國國家安全和我們的利害關係人的價值。我們專注於執行和重建美國工業基礎，同時為股東創造價值。迪安娜？

Thank you, Eric. Good afternoon. As we have included a detailed summary of the second quarter financial performance as well as the initial third quarter and modifications to full year 2025 financial guidance in the press release we published earlier today, I will focus on the highlights in my remarks today.

謝謝你，埃里克。午安.由於我們在今天早些時候發布的新聞稿中已經包含了第二季度財務業績以及第三季度初值和 2025 年全年財務指引修改的詳細摘要，因此我將在今天的發言中重點介紹這些要點。

Revenues for the third -- sorry, second quarter were $351.5 million, above our estimated range of $300 million to $310 million, with overachievement of forecasted revenues across all of our businesses with the most notable growth in our defense rocket support due in part to the timing of hypersonic missions and in our C5ISR businesses with organic revenue growth rates of 116.6% and 25.4%, respectively.

第三季（抱歉，是第二季）的營收為 3.515 億美元，高於我們預期的 3 億至 3.1 億美元範圍，所有業務的收入均超出預期，其中國防火箭支援業務的成長最為顯著，部分原因是高超音速任務的時間安排以及我們的 C5ISR 業務，有機收入分別為 116.6% 和 125.6% 和 125.6%。

Adjusted EBITDA for the second quarter of '25 was $28.3 million, also above our estimated range of $21 million to $25 million, reflecting the increased volume, offset partially by continued increase of contractor and material costs on certain multiyear firm fixed price contracts in our Unmanned Systems business and a less favorable mix in our Space, Training, and Cyber business.

25 年第二季度的調整後 EBITDA 為 2830 萬美元，也高於我們估計的 2100 萬美元至 2500 萬美元的範圍，反映了銷量的增長，但部分抵消了我們無人系統業務中某些多年期固定價格合同的承包商和材料成本的持續增加以及我們空間、培訓和網絡業務的組合不太有利。

Unmanned Systems second quarter '25 revenue was down $12.6 million due to the prior year comparable, including $17.4 million from the shipment of an international target drone delivery, offset partially by increased tactical drone-related revenues.

無人系統 25 ​​年第二季營收與去年同期相比下降了 1,260 萬美元，其中包括國際目標無人機運送收入的 1,740 萬美元，但戰術無人機相關收入的增加部分抵消了這一影響。

KGS second quarter ' 25 revenue was up $64 million year-over-year from the second quarter of '24 with organic revenue growth of 27.1%, excluding the impact of the February 2025 acquisition of certain assets of Norden Millimeter.

KGS 25 年第二季的營收較 24 年第二季年增 6,400 萬美元，有機營收成長 27.1%，不包括 2025 年 2 月收購 Norden Millimeter 部分資產的影響。

Second quarter '25 cash flow used in operations was $10.6 million, primarily reflecting the working capital requirements related to the revenue growth impacting our receivables by approximately $36 million, increases in inventory and other assets of over $18 million, primarily reflecting increases in our microwave electronics and rocket systems businesses, which related to anticipated future deliveries and ramps in production as well as investments we are making related to certain development initiatives in our Unmanned Systems business.

25 年第二季營運中使用的現金流為 1,060 萬美元，主要反映了與收入成長相關的營運資本需求，影響了我們的應收帳款約 3,600 萬美元，庫存和其他資產增加了 1,800 多萬美元，主要反映了我們的微波電子和火箭系統業務的成長，這與預期的未來交付和產量相關。

Free cash flow used in operations for the second quarter of '25 was $31.1 million after reflecting funding of $20.5 million of capital expenditures. As we planned, we are continuing to make investments to expand and build out certain of our manufacturing and production facilities in our microwave products, rocket system, and hypersonic businesses to meet existing and anticipated customer orders and requirements and investing in related new machinery, equipment, and systems.

在反映了 2,050 萬美元的資本支出後，25 年第二季營運中使用的自由現金流為 3,110 萬美元。按照計劃，我們將繼續投資擴大和建造微波產品、火箭系統和高超音速業務的某些製造和生產設施，以滿足現有和預期的客戶訂單和要求，並投資相關的新機械、設備和系統。

Consolidated DSOs or days sales outstanding decreased from 104 days in the first quarter to 103 days at the end of the second quarter, reflecting the revenue growth and the timing of milestone billings. Our contract mix for the second quarter of '25 was 65% fixed price, 31% cost plus, and 4% time and material.

合併 DSO 或未償付銷售週轉天數從第一季的 104 天減少到第二季末的 103 天，反映了收入成長和里程碑帳單的時間。我們 25 年第二季的合約組合是 65% 固定價格、31% 成本加成和 4% 時間和材料。

Revenues generated from contracts with the US government during the second quarter were approximately 71%, including revenues generated from contracts with the DoD, non-DoD federal government agencies, and FMS contracts.

第二季與美國政府簽訂的合約產生的收入約為 71%，其中包括與國防部、非國防部聯邦政府機構和 FMS 合約產生的收入。

In the second quarter of '25, we generated 12% of revenues from commercial customers and 17% from foreign customers. An operational priority remains the hiring and retention of skilled technical labor across the company with total Kratos headcount of 4,316 at the end of the second quarter as compared to 4,226 at the end of the first quarter.

2025 年第二季度，我們 12% 的收入來自商業客戶，17% 收入來自外國客戶。營運重點仍是在公司範圍內招募和留住熟練的技術勞動力，第二季末 Kratos 的員工總數為 4,316 人，而第一季末為 4,226 人。

Now moving on to financial guidance. The guidance we provided today includes our expectations and assumptions for our supply chain's execution and for employee sourcing, hiring, retention, and the related cost.

現在轉向財務指導。我們今天提供的指導包括我們對供應鏈執行以及員工採購、招聘、留任和相關成本的期望和假設。

We have increased our full year '25 revenue guidance from $1.26 billion to $1.285 billion to $1.290 billion to $1.310 billion, reflecting an organic revenue growth rate of 11% to 13% over 2024 and increased our adjusted EBITDA guidance from $112 million to $118 million to $114 million to $120 million.

我們已將 25 年全年收入預期從 12.6 億美元上調至 12.85 億美元，再上調至 12.9 億美元，最後上調至 13.1 億美元，這反映出 2024 年有機收入增長率將達到 11% 至 13%，同時上調至 13.1 億美元，這反映出 2024 年有機營收成長率將達到 11% 至 13%，同時也將調整後的 EBITDA 1.1.億美元，最後調高至 1.2 億美元。

Our third quarter revenue guidance of $315 million to $325 million reflects an estimated organic growth rate of 12% to 15% over 2024. Our guidance continues to include the impact of increased material and subcontractor costs on certain of our multiyear fixed price contracts, specifically in our Unmanned Systems target drone business, where we have experienced cost growth from certain ancillary materials on our targets and for which we are unable to seek recovery from the customer until the renewal of future production loss contracts occurs.

我們對第三季的營收預期為 3.15 億美元至 3.25 億美元，這反映了 2024 年預計的 12% 至 15% 的有機成長率。我們的指導繼續包括材料和分包商成本增加對我們某些多年期固定價格合約的影響，特別是在我們的無人系統目標無人機業務中，我們目標上的某些輔助材料的成本已經增長，並且我們無法在未來生產損失合約續約之前向客戶尋求補償。

We are continuing to aggressively manage costs where we can minimize the impact to our margins. Our forecasted second half of the year ranges include the sale of certain products that are completed and ready to be delivered once we receive certain government approvals.

我們將繼續積極管理成本，以盡量減少對利潤率的影響。我們對下半年銷售範圍的預測包括某些產品的銷售，這些產品一旦我們獲得某些政府批准即可完成並準備交付。

Out of an abundance of caution, we have not included the contribution from these expected revenues and the related profits until the fourth quarter. If the necessary government approvals are received earlier, it is possible these contributions could be made in the third quarter.

出於謹慎考慮，我們直到第四季才將這些預期收入和相關利潤的貢獻計入。如果能更早獲得必要的政府批准，這些捐款有可能在第三季完成。

Since quarter end, we have paid off our entire term loan balance of approximately $180 million. Therefore, any interest expense should be minimal in the second half of 2025. Our $200 million revolving line of credit remains undrawn except for approximately $10 million of letters of credit outstanding and available to the company. Eric?

自季度末以來，我們已償還了約 1.8 億美元的全部定期貸款餘額。因此，2025 年下半年的任何利息支出都應該很少。除了公司尚未兌現並可使用的約 1000 萬美元信用證外，我們的 2 億美元循環信用額度仍未動用。艾瑞克？

Thank you, Deanna. We'll turn it over to the moderator now for questions.

謝謝你，迪安娜。現在我們將把時間交給主持人提問。

(Operator Instructions) Michael Ciarmoli, Truist Securities.

（操作員指示）Truist Securities 的 Michael Ciarmoli。

I guess, Eric or Deanna, just on the guidance, I mean, even the results, it sounded like you've got broad-based strength. I don't know if there was any pull forward, but the second half implied revenues down versus the first half. I know you just talked to maybe some potential delays, but anything to read into that?

我想，埃里克或迪安娜，只是根據指導，我的意思是，即使是結果，聽起來你也擁有廣泛的力量。我不知道是否有任何提前，但下半年的收入與上半年相比有所下降。我知道您剛才談到了可能出現的延遲，但是有什麼可以解讀的嗎？

Nothing to read into it. There was the timing of a hypersonic mission that was originally anticipated later in the year, and that occurred in the second quarter.

沒什麼好讀的。原本預計在今年稍晚進行的高超音速任務，最終在第二季完成。

Okay. Got it. And then just if you could, with the Valkyrie being tagged as a program of record, you've got multiple production lots. Can you just walk us through the mechanics of when you get a contract, what might happen? I mean, I don't know if you've disclosed pricing, but presumably, you can take an immediate recognition of revenue and you would seemingly get a good cash tailwind.

好的。知道了。然後，如果可以的話，隨著 Valkyrie 被標記為記錄程序，您將獲得多個生產批次。您能否向我們簡單介紹一下當您獲得合約時會發生什麼情況？我的意思是，我不知道您是否已經披露了定價，但據推測，您可以立即確認收入，並且似乎會獲得良好的現金順風。

So is that something we should expect in the near-term with all the progress that Valkyrie is having?

那麼，鑑於 Valkyrie 所取得的所有進展，這是我們近期應該期待的事情嗎？

So I'll address your question as far as process and how that would occur. So you're correct. So when we receive a contract award since we have leaned forward and have built these -- we're on the second production lot of 12. When we receive a contract, I think the hypothetical example Eric used was a order for 15 at $10 million apiece. So if all those are fully complete, then revenue would be recorded at contract signing of $150 million.

因此，我將回答您關於流程以及如何發生的問題。所以你是對的。因此，當我們獲得合約授予時，因為我們已經向前邁進並建造了這些——我們處於 12 個生產批次中的第二批。當我們收到合約時，我認為艾瑞克使用的假設例子是 15 份訂單，每份 1000 萬美元。因此，如果所有這些都完全完成，那麼在簽訂合約時將記錄 1.5 億美元的收入。

If they're, say, 50% complete or 70% complete, then let's say, they're 50% complete, then $75 million would be recorded. And then as the continued build-out occurs, then the revenue would be recorded until completion.

如果它們完成了 50% 或 70%，那麼假設它們完成了 50%，那麼就會記錄 7500 萬美元。然後，隨著建設的持續進行，收入將被記錄直至完工。

Okay. Got it. Last one, and I'll jump off. Eric, you didn't mention MACH-TB. I think there was $400 million in the Reconciliation Bill.

好的。知道了。最後一個，我要跳下去了。艾瑞克，你沒有提到 MACH-TB。我認為和解法案中有 4 億美元。

Does that give you even greater confidence? I know that was kind of anchoring the growth in '26?

這是否讓你更有信心了？我知道這在某種程度上鞏固了 26 年的成長？

Absolutely. And you're correct. There are almost $400 million in the Big Beautiful Bill for MACH-TB. Our hypersonic franchise, including MACH-TB is going to knock it out of the park over the next several years. So we feel great, and we're coordinating now with the supply chain for a very, very significant ramp in '26, accelerating into '27.

絕對地。你是對的。《美麗大法案》為MACH-TB撥款近4億美元。我們的高超音速系列，包括 MACH-TB，將在未來幾年內大獲成功。所以我們感覺很好，現在我們正在與供應鏈協調，爭取在 26 年實現非常顯著的成長，並在 27 年加速成長。

Peter Arment, Baird.

彼得·阿門特，貝爾德。

Congrats on all the wins you're stacking up. Eric, can you maybe talk about your target drone business just in the scope of Golden Dome? I know there's an Industry Day going on in Golden Dome, so there's not a lot of details out. But how should we think about how Golden Dome impacts your target drone business?

恭喜您所取得的所有勝利。艾瑞克，您能否談談您在金頂範圍內的目標無人機業務？我知道金色穹頂正在舉辦行業日，所以沒有太多細節透露。但是我們應該如何看待金頂如何影響您的目標無人機業務呢？

Yeah. Hi Peter, I'm glad you asked the question. In my opinion, I'm the CEO, I drink the Kool-Aid. There's no company in the country on a relative basis better positioned for Golden Dome than Kratos, including target drones. And let me just summarize why.

是的。你好，彼得，很高興你問了這個問題。在我看來，我是首席執行官，我喝 Kool-Aid。從相對基礎來看，國內沒有任何一家公司比 Kratos 更適合 Golden Dome，包括目標無人機。讓我來總結一下原因。

On the Space segment, we will be involved with the ground command and control and telemetry tracking and control on space. We are already under contracts for projects related directly or tangentially with Golden Dome, and that's going to increase. We are the hardware merchant supplier on radars, battle command systems, and interceptors for every prime for virtually every platform. So we're going to be involved there.

在太空段，我們將參與地面指揮控制和太空遙測追蹤控制。我們已經簽訂了與 Golden Dome 直接或間接相關的專案合同，而且這些合約還會增加。我們幾乎是所有平台的每個主要武器的雷達、作戰指揮系統和攔截器的硬體供應商。所以我們將參與其中。

And now to your question, once Golden Dome is up, it's going to need to be tested. And this is going to take hypersonic targets, cruise missile targets, jet drone targets, ballistic missile targets -- all of which Kratos is the market leader. So we are -- if this goes, this is going to be a significant impetus for our company, including in our target drone business.

現在回答你的問題，一旦金色穹頂建成，就需要進行測試。這將涉及高超音速目標、巡航飛彈目標、噴射無人機目標、彈道飛彈目標——所有這些目標，Kratos 都是市場領導者。所以，如果這項計畫得以實施，這將對我們公司產生重大推動作用，包括我們的目標無人機業務。

Appreciate that. And then just last quarter, you kind of stack ranked for us. And you mentioned kind of over kind of a 3-year outlook, you kind of put hypersonics as one and engines franchises as two microwave electronics. And you kind of said tactical drones will wait for customer decisions. But it sounds like those decisions are being made.

非常感謝。就在上個季度，您為我們進行了排名。您提到了 3 年期展望，您將高超音速技術作為一項，將引擎特許經營權作為兩項微波電子設備。您說過戰術無人機將等待客戶的決定。但聽起來這些決定正在做出。

Does that change how you view where the rankings would be for that?

這是否會改變您對排名的看法？

Right now, the rankings remain our hypersonic franchise, no question. I'm going to go with my base case. Number two, our air defense missiles systems, radars, battle systems, all that hardware, that's moved into number two now. It's staggering the orders that we're getting and that are coming. And you can read about the systems in the press.

目前，排名仍然是我們的高超音速特許經營權，毫無疑問。我將按照我的基本情況進行。第二，我們的防空飛彈系統、雷達、作戰系統以及所有這些硬體現在都已進入第二階段。我們收到的和即將收到的訂單數量令人震驚。您可以在媒體上閱讀有關該系統的報導。

And again, we're the merchant supplier on these. Third is going to be the engines. As I said, we're heading into low-rate initial production for '26 and into full rate production in '27 on lots of engines for new low-cost cruise missiles and drones, okay? If/when tactical drones occur, it could leapfrog and go into one or two, if that happens. But again, that's not in our base case.

再次聲明，我們是這些產品的商家供應商。第三是引擎。正如我所說的，我們將在 26 年開始低速初始生產，並在 27 年開始全速生產大量用於新型低成本巡航飛彈和無人機的發動機，好嗎？如果/當戰術無人機出現時，它可能會跨越式發展並進入一到二階段，如果發生這種情況的話。但同樣，這並不在我們的基本情況之內。

It's not in our forecast.

這不在我們的預測之內。

Josh Sullivan, The Benchmark Company.

喬許‧沙利文 (Josh Sullivan)，基準公司。

Clearly, it's been a very strong year for drones between Executive Orders, (inaudible) memo, industry air shows highlighting low-cost drones and Kratos model obviously lines up nicely with these trends. But one of the big questions we continue to get from investors is just the obvious outlier here continues to be the Air Force.

顯然，對於無人機來說，這是非常強勁的一年，行政命令、（聽不清楚）備忘錄、重點展示低成本無人機的行業航空展以及 Kratos 模型顯然與這些趨勢完美契合。但我們不斷從投資者那裡得到的一個大問題是，這裡明顯的異常值仍然是空軍。

Should we be thinking the Air Force drone posture is just going to more be on the exquisite side and the other branches are going to lead on the low-cost attributable side or is that how it's going to play out or do you sense anything is going to change sooner than later?

我們是否應該認為空軍無人機的姿態將更加註重精緻，而其他部門將在低成本方面處於領先地位，或者這就是它將如何發揮作用，或者您是否感覺到任何事情很快就會發生變化？

I have to be obviously -- and I appreciate the question, we get those questions a lot, too. I have to be very, very careful. I'll never speak for the customer. I can -- I will say that recently, representatives of the Air Force have been saying publicly that maybe less than exquisite, more affordable and in higher quantities is a better way to go than exquisites that haven't even flown yet. So we're seeing some of that out there.

我必須顯然——我很感謝這個問題，我們也經常收到這樣的問題。我必須非常非常小心。我永遠不會代表顧客說話。我可以說，最近，空軍代表一直在公開表示，也許不那麼精緻、更便宜、數量更多是比尚未飛行的精緻更好的選擇。所以我們在那裡看到了一些這樣的情況。

I don't want to -- I'm not going to speak for the customer ever, but that's some of the public remarks they've been making.

我不想——我永遠不會代表客戶說話，但這是他們一直在公開發表的一些言論。

And I guess maybe a follow-up to just Peter's question on US Golden Dome target needs. But given the investment in Europe, I mean defense posturing over there, should we expect a similar need for target drones in Europe? And then would those carry higher FMS like margins?

我想這也許只是對彼得關於美國金頂目標需求問題的後續回答。但考慮到對歐洲的投資，我的意思是那裡的防禦態勢，我們是否應該預期歐洲對目標無人機有類似的需求？那麼這些是否會帶來更高的 FMS 利潤率呢？

That's an excellent question. The answer is yes. And yes, and they would probably be either FMS or direct commercial because the Europeans, as we know, they're going to be -- their target is to increase their defense spend up to 5% of GDP. I don't know if they're going to get there, but they're definitely increasing it. And they're going to be buying Patriot and FAD and LTAMS and IBCS.

這是一個很好的問題。答案是肯定的。是的，他們可能會選擇 FMS 或直接商業，因為我們知道，歐洲人的目標是將國防開支增加到 GDP 的 5%。我不知道他們是否會實現這一目標，但他們肯定會增加這一目標。他們將購買 Patriot、FAD、LTAMS 和 IBCS。

And I can go on and on US Systems because very candidly, their industrial base doesn't do theirs right now. When you see systems like that being sold, Kratos target drones go with those systems. So as this global recapitalization of strategic air defense systems, missiles, radars, satellites goes, Kratos' target drones are going with them. And our margins on those are significantly higher than they are here in the US because they -- as you mentioned, they're either FMS or it's a direct commercial.

我可以繼續談論美國系統，因為坦白說，他們的工業基礎現在還不夠完善。當您看到類似的系統被出售時，Kratos 目標無人機就會採用這些系統。因此，隨著全球戰略防空系統、飛彈、雷達、衛星的資本重組，奎托斯的目標無人機也將隨之重組。我們的利潤率明顯高於美國，因為 — — 正如您所說，它們要么是 FMS，要么是直接商業。

Mike Crawford, B. Riley Securities.

邁克·克勞福德，B. Riley 證券。

If you had to rank certain missile programs that you're on with microelectronics, I mean, is Patriot up there at the top or SM-3 or is it kind of all of the above?

如果您必須對您正在進行的某些導彈計劃進行微電子排名，我的意思是，愛國者導彈是排在最前面，還是 SM-3 導彈，或者是以上所有導彈都排在最前面？

I can't -- I'm -- I can't talk specifically, but in Kratos, we are involved with Patriot. We are involved with that. We are involved with indirect fires. We are involved with SHORAD, short-range air defense. We are -- all these -- when I say we're involved, we build them.

我不能——我不能具體談論，但在《奎托斯》中，我們參與了《愛國者》的製作。我們參與了此事。我們遭遇了間接火力。我們參與了 SHORAD（短程防空）計畫。我們——所有這些——當我說我們參與時，我們正在建立它們。

Integrated Battle Command System, we build that, long-range hypersonic weapon, on and on. We are involved in virtually every one of them and the associated radars, TPY-2, TPY-6, Sentinel, not the ICBM, the radar, Sentinel, et cetera.

我們正在建造綜合作戰指揮系統、遠程高超音速武器等等。我們幾乎參與了每一個項目以及相關雷達，TPY-2、TPY-6、Sentinel，而不是洲際彈道飛彈、雷達、Sentinel 等等。

Okay. And then just with all of these new facilities you're standing up in Oklahoma and Israel, all over the place, are all of those still on track as originally guided for LRIP and potential full rate production or any changes there?

好的。那麼，你們在俄克拉荷馬州、以色列等地建立的所有這些新設施，是否都仍按照最初為 LRIP 和潛在全速率生產所指導的計劃進行，還是有任何變化？

It's going to depend on some of the build schedule and the construction. So right now, we still have them reflected in our '25 numbers projections. There may be some just depending on construction build-out, some of it may slip into '26.

這將取決於一些建設計劃和施工。所以現在，我們仍然將它們反映在我們的 25 個數字預測中。或許有些只是依賴建築建設，有些可能會延續到 26 年。

Okay. And then final question is, should we expect you to start another Valkyrie spiral before award or are we now moving to the point where you're going to get awards before you need to do that again?

好的。最後一個問題是，我們是否應該期望你在獲得獎勵之前開始另一個 Valkyrie 螺旋，或者我們現在是否要移動到你將獲得獎勵的地步，然後你才需要再次這樣做？

I'm not going to comment on that right now. I can't get -- I'm not going to get ahead of these two of the customers.

我現在不想對此發表評論。我無法──我不會搶先這兩位顧客。

Jonathan Siegmann, Stifel.

喬納森·西格曼（Jonathan Siegmann），Stifel。

So you commented on the Big Beautiful Bill and having MACH-TB listed. It also listed $1.5 billion for low-cost cruise missiles, $600 million for industrial base for solid rocket motors and then $270 million for the Marine Corps unmanned combat aircraft. So it seemed pretty relevant to you guys from my point of view. I just wanted to kind of get your confirmation of that and if there's other competing programs that might have their hands in some of those incremental budget dollars.

所以您對《美麗大法案》和 MACH-TB 的列出發表了評論。它還列出了 15 億美元用於低成本巡航飛彈、6 億美元用於固體火箭發動機工業基礎以及 2.7 億美元用於海軍陸戰隊無人戰鬥機的撥款。所以從我的角度來看，這對你們來說似乎非常相關。我只是想得到您的確認，以及是否有其他競爭項目可能獲得部分增量預算資金。

I confirm exactly what you just said. And on the low-cost cruise missiles, think Kratos low-cost jet engines.

我完全同意你剛才說的話。說到低成本巡航飛彈，不妨想想奎托斯的低成本噴射發動機。

That's really helpful. And then I'll just ask another question on your partner at Prometheus, likely consumed a lot of their missiles in the effect of defense in Israel last -- in June. Just can you give us a sense if that -- those -- the interceptors they used, are they relevant to the JV that you're building?

這真的很有幫助。然後我想問另一個問題，關於您在普羅米修斯的合作夥伴，他們可能在去年 6 月對以色列的防禦行動中消耗了大量導彈。您能否告訴我們，他們使用的攔截器與您正在建造的合資企業是否有關？

Without naming any systems, they are absolutely relevant. And the indication from our partner right now is from multiple tens of thousands of motors and energetics that Prometheus will be building for exactly what you just said.

儘管沒有提及任何系統的名稱，但它們絕對相關。我們的合作夥伴現在表示，普羅米修斯將根據您剛才所說的，從數以萬計的引擎和能量中建造出這樣的裝置。

Is there any opportunity to maybe accelerate that capacity or even expand it given how much demand signals are globally for that -- those programs?

考慮到全球對這些項目的需求訊號有多大，是否有機會加速甚至擴大這一產能？

We are -- it's slow because we've already ordered most of the main mixing equipment and other equipment that we need. It's coming. As I mentioned, I mentioned the Chief Operating Officer, we've offered -- we've hired -- Prometheus has hired a number of other executives. There is opportunity to accelerate, but it's not significant. I don't want to mislead here.

我們——進展緩慢是因為我們已經訂購了大部分主要混合設備和其他所需的設備。它來了。正如我所提到的，我提到了首席營運官，我們已經提供 - 我們已經聘請 - Prometheus 已經聘請了許多其他高管。有加速的機會，但不顯著。我不想在這裡誤導。

It's not significant. We've got the location. We've got the construction. We've got the ground being broken. It's all going. There is significant opportunity for the business to expand. As I think you know when we first announced this, the immediate and primary objective is to take care of our partner, Rafael, and to take care of the Israeli needs because we have the backlog.

這並不重要。我們已經找到位置了。我們已經完成了施工。我們已經破土動工了。一切都會好起來的。業務擴展具有巨大的機會。我想您知道，當我們第一次宣布這一消息時，當前的主要目標是照顧我們的合作夥伴拉斐爾，並滿足以色列的需求，因為我們有積壓的工作。

However, because we have that, and we've modeled this all out, we have such -- we will have such a throughput in the factory, our cost rates will be extremely competitive. They will be better competitive than anybody else's.

然而，因為我們擁有這些，而且我們已經將這一切建模出來了，所以我們的工廠將擁有這樣的產量，我們的成本率將極具競爭力。他們的競爭力將比任何其他人都更強。

So we have already begun in-person discussions myself with Rafael, with Primes on what Prometheus will be building for them. So that is the second part of the strategy to be a merchant supplier leveraging off of our big anchor tenant that closes the business case.

因此，我們已經開始與 Rafael 和 Primes 進行面對面的討論，討論 Prometheus 將為他們建構什麼。因此，這是該策略的第二部分，即成為商家供應商，並利用我們的主要租戶來完成商業案例。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德，康托·菲茨杰拉德。

Maybe going back to the X-58 program (inaudible). If you think about the kind of the variance that you listed and the awards that are moving between Marine Corps and either Air Force or Navy, the other variants seem to suggest similar kind of quantities of drones over a multiyear period.

也許會回到X-58計劃（聽不清楚）。如果您考慮您列出的差異類型以及海軍陸戰隊和空軍或海軍之間流動的獎項，其他變體似乎表明在多年期間無人機的數量相似。

So as we think of kind of production scaling, and you take apart the kind of five categories you listed and assume, call it, 10 to 20 drones per category. Is it fair to characterize the X-58 production schedule as being able to deliver, call it, 100 drones per year over the next five years?

因此，當我們考慮生產規模時，您將列出的五個類別分開，並假設每個類別有 10 到 20 架無人機。將 X-58 的生產計畫描述為未來五年內每年交付 100 架無人機是否公平？

The capability right today, right now, we can deliver 50 a year. We have to get the supply chain and everything which I mentioned, we're getting ready, okay? The way we've set the facility up is we have an option, we can pull the trigger and we can expand the facility. We get an additional autoclave and we could get to a 100. So that has all been planned out in our program and manufacturing production plan, yes.

就目前的能力而言，我們每年可以交付 50 台。我們必須獲得供應鏈和我提到的一切，我們正在做好準備，好嗎？我們建立該設施的方式是我們有一個選擇，我們可以扣動扳機並擴大該設施。我們得到一個額外的高壓滅菌器，這樣就可以達到 100。是的，這一切都已經在我們的計劃和製造生產計劃中規劃好了。

Got it. And then just taking the $10 million price tag that we considered, do you think it's fair to maybe characterize and assume the other goodness in the business. Is it fair to characterize Kratos' revenue as being able to double over the next, call it, three years?

知道了。然後，僅以我們考慮過的 1000 萬美元的價格標籤，您是否認為可以公平地描述和假設該業務的其他優點。那麼，Kratos 的收入在未來三年內能否翻倍呢？

Oh, yeah. In our upside case, absolutely, not the base case, not the upside case. Sure.

哦，是的。在我們的上行情況下，絕對不是基本情況，也不是上行情況。當然。

Seth Seifman, JPMorgan.

塞思‧塞夫曼，摩根大通。

Nice results. I wanted to ask, just so we understand in the model, the goodness that came in KGS as a result of the hypersonic event, was that kind of pulled forward from late in the year? It seems a little early for MACH-TB or was that something separate? And then when we think about the increase in the revenue guidance for the year, is that more in -- is that in KGS or is that in unmanned?

效果不錯。我想問一下，為了讓我們在模型中理解，高超音速事件為 KGS 帶來的好處是從年底開始就提前了嗎？對於 MACH-TB 來說似乎有點早，或者這是另外一回事？然後，當我們考慮今年收入預期的成長時，這是否更多地取決於——是 KGS 還是無人駕駛？

I'll take the first part, and Deanna will take the second. I cannot comment on the hypersonic mission that we did. I can't do it. I'm sorry. I can't say anything about it.

我負責第一部分，迪安娜負責第二部分。我無法評論我們執行的高超音速任務。我做不到。對不起。我對此無話可說。

So that's on the first part of your question. Go ahead, Deanna.

這就是你問題的第一部分。繼續吧，迪安娜。

Yeah. And on the revenue guide lift, that's primarily in KGS.

是的。就收入指南的提升而言，這主要體現在 KGS 上。

Okay. Okay. Got it. Got it. And then just as a follow-up, with the debt paydown, you'd probably end the year with, I don't know, $625 million of cash, something like that.

好的。好的。知道了。知道了。然後作為後續行動，隨著債務的償還，到年底你可能會有大約 6.25 億美元的現金，諸如此類。

How do we think about what you want to do with that and the investment requirements as we go into '26 and beyond?

當我們進入 26 年及以後時，我們如何考慮您想用它做什麼以及投資要求？

Yeah. And your cash number may be a little high, Seth, because we did use $180 million to pay down the debt. And our guidance is the use of $80-plus-million this year. So -- but it will still be a fairly sizable number. So right now, it's -- we're generating interest income, a couple of percent, about 4%, the best rate we can get right now, so.

是的。塞斯，你的現金數字可能有點高，因為我們確實使用了 1.8 億美元來償還債務。我們的指導是今年使用超過 8000 萬美元。所以——但它仍然是一個相當大的數字。所以現在，我們正在產生利息收入，百分之幾，大約 4%，這是我們目前能得到的最佳利率，所以。

Yeah, on the second part, Seth, we -- Anaconda, I believe we're going to win. It will be sole source, it will be significant. Helios, I believe we're going to win. It will be sole source, it will be significant. When God willing, we win these and they're announced and we described what they are and the facilities we have to build, and these will be multi-decade type programs.

是的，關於第二部分，塞斯，我們－Anaconda，我相信我們會贏。它將是唯一的來源，它將具有重要意義。赫利俄斯，我相信我們會勝利。它將是唯一的來源，它將具有重要意義。當上帝願意時，我們會贏得這些，我們會宣布這些計劃，我們將描述這些計劃是什麼以及我們必須建造哪些設施，這些將是數十年的項目。

You'll understand what we're doing here. Also, Poseidon. The reason I did not talk about Poseidon previously, this is so big. And if it's announced by the customer, you'll understand why we called it Poseidon. It's so binary, and it's -- I don't want to call it a flyer, but I wasn't better than 50% confident we'd win and we won.

你會明白我們在這裡做什麼。還有波塞冬。我之前沒有談論波​​塞冬的原因是，這件事太大了。如果客戶宣布了這一點，您就會明白我們為什麼將其命名為波塞冬。這是非常二元的，而且——我不想稱它為傳單，但我對我們獲勝的信心不超過 50%，而且我們確實贏了。

That's going to take a new facility. And again, if it comes out what this is, you're going to go, yeah, we see what they're doing here and what's happening here. And those are just some -- we had some other ones that we're chasing. I think we're going to get in Q1, Nemesis, Vulcan, Hermes.

這需要一個新的設施。再說一次，如果事情真相大白，你會說，是的，我們知道他們在這裡做什麼，這裡發生了什麼。這些只是其中的一部分——我們還在追逐其他一些目標。我認為我們將在 Q1 中獲得 Nemesis、Vulcan 和 Hermes。

But Seth, what is happening here is the government customer, if they have a viable alternative to a traditional that's qualified, they're encouraging us to bid, and we're winning. Deanna and I just did a bid review yesterday on another multi-several hundred million dollar opportunity that we're priming on, we've been encouraged to bid prime by the customer.

但是塞思，這裡發生的情況是，對於政府客戶來說，如果他們有一個可行的、符合條件的傳統替代方案，他們就會鼓勵我們競標，而且我們會贏。迪安娜和我昨天剛剛對我們正在爭取的另一個價值數億美元的項目機會進行了投標審查，客戶鼓勵我們進行投標。

And so our plan macro level with the capital we raised is exactly what we said. We are taking advantage of what is happening geopolitically and the change in policies, and we are going to build this company. And sometime probably in '27, '28, the production that we're outputting is going to exceed the investments we're making, and then we're going to become a significant multi-decade -- multiyear, excuse me, cash flow generator. We're positioning ourselves for that.

因此，我們籌集的資金的宏觀計劃正是我們所說的。我們正在利用地緣政治的進展和政策的變化，來打造這家公司。大概在 27 或 28 年的某個時候，我們的產量將超過我們的投資，然後我們將成為一個重要的數十年——對不起，多年的現金流產生器。我們正在為此做好準備。

That's what we're doing. And the opportunities -- the number of opportunities even since we did the equity raise continues to -- continue to approach us. It's really fascinating what's happening here. So that's the plan with the capital.

這就是我們正在做的事情。自從我們進行股權融資以來，機會的數量就不斷向我們湧來。這裡發生的事情真是令人著迷。這就是資本的計畫。

Ken Herbert, RBC Capital Markets.

肯‧赫伯特 (Ken Herbert)，加拿大皇家銀行資本市場。

Maybe Eric or Deanna, just to follow up on that line of thinking. You're obviously using approximately $80 million this year to build out capacity. You just outlined a significant number of new opportunities that seem to be growing almost daily. How do we think about with the better revenue outlook into '26 potentially, is free cash flow a greater use in '26? Can you just directionally sort of talk about how you're looking at investments today and how we should think about maybe the cash flows over the next couple of years to support the growth?

也許是艾瑞克 (Eric) 或迪安娜 (Deanna)，只是為了跟進這一想法。您今年顯然要花費約 8000 萬美元來擴大產能。您剛才概述了大量似乎每天都在增長的新機會。我們如何看待 26 年收入前景較好的情況，自由現金流在 26 年是否有更大的用途？您能否大致談談您目前如何看待投資，以及我們應該如何考慮未來幾年的現金流以支持成長？

Yeah. So on the CapEx, I think, we'll continue to be elevated in 2026. As I mentioned earlier to, I think, Mike's question related to CapEx. So we guided this year $125 million to $135 million. Some of that may slip into '26.

是的。因此，我認為，在資本支出方面，我們將在 2026 年繼續提高。正如我之前提到的，我認為 Mike 的問題與資本支出有關。因此我們預計今年的銷售額將達到 1.25 億至 1.35 億美元。其中一些可能會延續到 26 年。

What is not included in the CapEx or the investments for '25, which will be included in '26 will be the build-out of some of these other facilities that we've talked about if we are successful for Anaconda and for Helios. In addition, the Prometheus JV, as you know, we have a 50% partnership for a total of $185 million. So that's going to be, let's call it, $85 million, $90-ish-million. That will probably be over a course of two years for '26 and '27. And then -- so from a -- so that addresses the investment side of it.

25 年的資本支出或投資中未包括的部分將包括在 26 年的投資中，其中包括我們之前討論過的一些其他設施的建設，前提是 Anaconda 和 Helios 計劃取得成功。此外，如您所知，我們在 Prometheus JV 中擁有 50% 的合資地位，總價值為 1.85 億美元。所以，我們姑且稱之為，8500 萬美元或 9000 萬美元左右。這可能要持續 26 年和 27 年的兩年。然後 — — 從 — — 這就解決了投資方面的問題。

And then on the working capital side, I think working capital will continue to -- there will be a use because of the growth as we've seen in this quarter and the prior quarter, but this quarter more so, the increase from inventories and receivables and just leaning forward on that, and we negotiate the best payment terms we can with the customer to be able to get that funding as soon as possible. But that initial outlay, especially for growth rates that we're talking about, I believe we'll continue to see that in '26.

然後在營運資本方面，我認為營運資本將繼續 - 將會有所用處，因為我們在本季度和上一季度看到了增長，但本季度更多的是來自庫存和應收賬款的增加，並且只是傾向於此，我們與客戶協商最好的付款條件，以便能夠盡快獲得資金。但我相信，我們將在 26 年繼續看到這種初始支出，特別是我們正在談論的成長率。

Okay. That's helpful. And as we think about sort of the investments across the board. Obviously, you're leaning into working capital to help derisk supply chain to the extent to which you can. But where is your confidence level across your suppliers as you build this up?

好的。這很有幫助。當我們考慮全面投資時。顯然，您正在依靠營運資金來盡可能地降低供應鏈風險。但是，在建立這套體系時，您對供應商的信心程度如何？

And are there any particular areas of risk you'd call out that as much as you're derisking from a working capital and investment standpoint, still really sort of keep you up at night as you think about executing to what could be some pretty aggressive contract terms?

您是否會指出哪些特定風險領域，儘管您從營運資金和投資的角度降低了風險，但當您考慮執行一些可能相當激進的合約條款時，這些風險仍然會讓您夜不能寐？

Yes. There are -- what's the most important part or subsystem, it's the one you don't have. And so Ken, I'm using numbers. 99% of our supply chain is good. We have backup sources.

是的。有－最重要的部分或子系統是什麼，它是你沒有的。肯，我用的是數字。我們 99% 的供應鏈都是好的。我們有備用來源。

We have alternative sources. We have multiple qualified sources. But there is still 1% or 2% where only one guy does it. And as you know, we've been trying to vertically integrate. We are machining, milling, 3D printing, additive manufacturing, numerous parts for our engines, our hypersonic systems, et cetera, down in Birmingham, Alabama.

我們有其他來源。我們有多個合格的來源。但仍有 1% 或 2% 的情況只有一個人這樣做。如你所知，我們一直在嘗試垂直整合。我們在阿拉巴馬州伯明罕進行機械加工、銑削、3D 列印、積層製造以及引擎、高超音速系統等的眾多零件的生產。

But there is still a handful or two suppliers to us that are qualified by the military, the government, okay? They will not or have not to-date approved us to go qualify anybody else. They are sole sourced to us. And thus far, delivery schedules have not been a problem impacting our programmatic and contractually required delivery schedules. However, we have two or three out there that are really expensive and they are increasing their prices.

但是我們仍然有少數或兩家供應商獲得了軍方和政府的認可，對嗎？他們不會或至今還沒有批准我們去認證其他任何人。它們是我們唯一的貨源。到目前為止，交付時間表尚未影響我們的計劃和合約要求的交付時間表。然而，我們有兩三種產品確實很貴，而且它們正在提高價格。

And it has been impacting our margins. And these are on a couple of three programs that they're coming up for us. We're sole source. We're coming up for another 3- or 5-year contract award in the next year or two, where we will present the actuals to the government, and then we'll get reimbursed for those costs going forward. So that's the risk right now.

這對我們的利潤率產生了影響。這些都是他們為我們準備的三個項目。我們是唯一來源。我們將在未來一兩年內獲得另一份為期 3 年或 5 年的合同，屆時我們將向政府提交實際情況，然後我們將獲得這些成本的補償。這就是目前的風險。

I'm not seeing it that anybody is going to [stiff] us, but the cost of like two or three is really high because they've got the keys to the kingdom.

我不認為有人會欺騙我們，但是兩三個人的成本確實很高，因為他們掌握著王國的鑰匙。

Anthony Valentini, Goldman Sachs.

安東尼·瓦倫蒂尼，高盛。

Eric, I just want to -- if we can talk about the Marine Corps program of record for a second. And in terms of like what exactly needs to happen between where we are today and it actually being an official program of record that you guys have won? And is there any chance that, that does not happen, or they bring in another competitor? If you can just kind of give us a little bit of a feel for that, that would be helpful.

艾瑞克，我只是想──我們可以談談海軍陸戰隊的計畫。那麼就我們現在所處的階段和你們贏得的正式記錄項目之間到底需要發生什麼而言呢？有沒有可能這種情況不會發生，或者他們會引入另一個競爭對手？如果您能讓我們稍微感受一下這一點，那將會很有幫助。

I hate to give these answers. I cannot comment any further than what has been published publicly. I cannot -- and I apologize sincerely. I can't do it. I can't do it.

我不願意給出這些答案。除了已公開發表的內容外，我無法發表更多評論。我不能——我真誠地道歉。我做不到。我做不到。

No worries. Why don't we focus on some of the other growth vectors. In terms of the GEK business, I think that you mentioned you think it could be a $1 billion business. Can you just talk about maybe like the timeframe for that? And then maybe similarly, I think you made some similar comments on Prometheus in the past.

不用擔心。我們為什麼不關註一些其他的成長載體呢？就 GEK 業務而言，我認為您提到過，您認為這可能是一項價值 10 億美元的業務。能談談大概的時間範圍嗎？然後也許類似地，我認為您過去曾對普羅米修斯發表過一些類似的評論。

How big can that get? And how quickly do you think you guys could get there?

它能有多大？您認為你們多久能到達那裡？

Yeah. So on the first one, on GEK, what's happening out there with these -- with cruise missiles and drones is significant. I was just reading about a new one that's coming out today. The facility will be up and running, think '27, just to be safe, think in '27. We'll get into production late '27.

是的。因此，首先，在 GEK 上，巡航飛彈和無人機的出現具有重要意義。我剛剛讀到有關今天即將出版的一本新書的消息。該設施將於 27 年投入運行，為了安全起見，預計在 27 年。我們將於 27 年底投入生產。

Let's say, we get into full rate production -- full rate '28, '29. That's when it could be material for us and think 50-50 on that with us in GE. So '28, '29, okay? On Prometheus, I think '27, that will ramp very, very quickly because of the previous question I answered. We're doing multiple products across multiple platforms, and we're doing both the solid rocket motor and the energetic.

假設我們進入全速生產－全速'28、'29。那時它對我們來說才可能很重要，我們與通用電氣公司在這個問題上各佔一半的份額。那麼 '28、'29，可以嗎？對於 Prometheus，我認為 27 年將會非常非常快速地成長，因為我已經回答過前面的問題了。我們在多個平台上生產多種產品，並且同時生產固體火箭發動機和能量發動機。

I would think the same type of a thing. I would think '28, '29.

我也會想到同樣的事情。我認為是 28、29 年。

And is that $1 billion as well or is there a different value there?

那也是 10 億美元嗎，還是有不同的價值？

Yeah. No, I'm looking at the valuation on these things, the valuation of at least $1 billion based on what we're seeing. When I say we -- us and our partners are seeing out there with other companies and the valuations that are being put them on them, absolutely, that's -- we're looking at a $1 billion valuation on each once we get into production, absolutely.

是的。不，我正在看這些東西的估值，根據我們所看到的情況，估值至少為 10 億美元。當我說我們——我們和我們的合作夥伴正在與其他公司一起觀察，並評估它們的估值時，絕對的，那就是——一旦我們投入生產，我們絕對會考慮對每家公司進行 10 億美元的估值。

Okay, great. And then maybe the last one. I think around this time last year you'd made a comment about like there are training programs out there that could be pretty large and incremental to where you guys were at. Could you just give us an update on that maybe?

好的，太好了。然後也許是最後一個。我想大約在去年這個時候，您曾評論說，那裡有一些培訓計劃，這些計劃可能規模相當大，並且可以逐步推進到你們所處的階段。您能否提供我們最新情況給我們？

Stand by. Stand by. And I'm saying that very affirmatively. I can't say anything else, stand by.

支持。支持。我非常肯定地這麼說。我不能再說什麼了，請稍候。

Trevor Walsh, Citizens.

特雷弗·沃爾什，公民。

Maybe just to clarify a little bit more on Prometheus. It sounds like the business case, the base case of that is obviously with Rafael, and that makes sense. Is there anything when you go beyond that from a competitive perspective where that the upside case there just becomes a little bit more, I guess, more elements there from just kind of what others in the market might be doing?

也許只是為了進一步澄清普羅米修斯。這聽起來像是商業案例，其基本情況顯然與拉斐爾有關，這是有道理的。當你從競爭的角度看時，如果超越這一點，那麼市場上其他公司可能正在做的事情是否會帶來更多好處？我想，會不會有更多的因素呢？

And can you kind of go through kind of how that maybe looks from what you're seeing? And I guess just given in the context of the announcement that came from -- particularly to the solid rocket motor kind of market.

您能否從您所看到的情況來描述一下這是怎樣的情況？我想這只是在公告的背景下做出的——特別是針對固體火箭發動機市場。

Yeah. As I mentioned a few minutes ago, there -- us and our partner, Rafael are looking at this, there are two phases. They're running concurrently. Phase 1 is to satisfy Rafael and the Israeli Ministry of Defense's demand for solid rocket motors and energetics.

是的。正如我幾分鐘前提到的，我們和我們的夥伴拉斐爾正在研究這個問題，分為兩個階段。它們同時運作。第一階段是為了滿足拉斐爾和以色列國防部對固體火箭發動機和能源的需求。

Number two, that we're running parallel is to be a merchant supplier of solid rocket motors to certain primes that we have already been engaged with -- I've been engaged with some of them for over a year now on this before we did this, which we are in very deep discussions with on what we're going to be doing with them.

第二，我們正在同時進行的工作是成為某些主要項目的固體火箭發動機的商業供應商，我們已經與這些項目有過合作——在我們做這件事之前，我已經與其中一些項目合作了一年多，我們正在就如何與他們合作進行深入的討論。

That's the upside case. There's the base case with our partner. There's the upside case that both our partner and I are going to make -- we're going to make it happen. We're going to execute it. And I can assure you that the potential customers are motivated.

這是有利的情況。這是我們合作夥伴的基本情況。我和我的合作夥伴都會做出積極的努力—我們將會實現這一目標。我們將執行它。我可以向你保證，潛在客戶是有動力的。

Don't always believe everything you read out there. There's fact and there's fiction. And as you know, we deal with fact here. And so we're very confident in what Prometheus will be, both base case and as a merchant supplier.

不要總是相信你所讀到的一切。有事實，也有虛構。正如你所知，我們在這裡處理的是事實。因此，我們對 Prometheus 的未來發展非常有信心，無論是作為基本情況還是作為商業供應商。

Got it. That's helpful. Maybe just one quick follow-up. For the Poseidon announcement, I understand the $750 million in total. Can you just give us a sense when that starts to ramp?

知道了。這很有幫助。也許只需一次快速跟進。對於 Poseidon 的公告，我理解總價是 7.5 億美元。您能告訴我們什麼時候這種情況會開始加劇嗎？

Is that kind of an annual run rate or just overall, kind of just broad strokes, how that looks once it gets done?

這是年度運行率還是整體而言，只是大致情況，完成後會是什麼樣子？

Yeah. So we anticipated -- we felt confident in this. So we've actually already signed a lease and on the new facility that's going to be built out, this will be obviously -- and when this becomes more publicly available, you'll see what. It's a military-grade secure facility and what we're going to be doing. This facility will be done '27.

是的。所以我們預期——我們對此充滿信心。因此，我們實際上已經簽署了租約，並且即將建造新設施，這顯然是 - 當它變得更加公開時，你就會看到什麼。這是一個軍事等級的安全設施，這就是我們要做的事情。該設施將於 27 年建成。

I think production -- it's going to really start to ramp '28, '29 production.

我認為產量——它將在 28 年、29 年真正開始提升。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Great quarter. Eric, maybe if you could talk about -- you have so many programs in the hopper. If you could talk about next steps we should think about with the DoD and funding dollars flowing through. And on Poseidon specifically, any sort of comments on how it came about? Was it a competitive RFP process, how you got chosen by the Prime?

很棒的一個季度。艾瑞克，也許你可以談談——你有很多計劃。如果您能談談下一步我們應該考慮與國防部和資金流向有關的問題。特別是關於波塞冬，您對其誕生有何評論？這是一個競爭激烈的 RFP 流程嗎？您是如何被總理選中的？

How did that work?

這是怎麼回事？

Yeah. It was absolutely competitive. It was -- this is on Poseidon. It was absolutely competitive. It was very competitive.

是的。這絕對是一個競爭性的比賽。這是——這是在波塞頓。這絕對是一個競爭性的比賽。競爭非常激烈。

And this is why very candidly, I didn't talk about it like I talk about other ones where I think we have a clear line of sight and we have competitive differentiators that we're going to win. So it was very competitive. We were fortunate enough to pull it off. As I mentioned before, we call it Poseidon for a reason. When it becomes public, you'll see why.

坦白說，這就是為什麼我沒有像談論其他事情那樣談論它，我認為我們有一個清晰的視線，我們有競爭優勢，我們將贏得勝利。所以競爭非常激烈。我們很幸運能夠實現這一目標。正如我之前提到的，我們稱之為波塞冬是有原因的。當它公開時，你就會明白為什麼。

And as I mentioned, this will be a big flywheel stability, cash generator. This will reduce our rates because of the structure, which will make us more competitive on other bids. Sheila, this is an incredibly strategic win that the team did. The team knocked it out of the park with us. And let me say something else.

正如我所提到的，這將是一個巨大的飛輪穩定性和現金產生器。由於結構原因，這將降低我們的費率，使我們在其他投標中更具競爭力。希拉，這是團隊取得的極具戰略意義的勝利。該隊與我們一起取得了勝利。讓我再說點別的。

I'm really glad you asked this, Sheila. Let me say something else. There are multiple Kratos divisions involved in this helping to build what we're going to be building. And I believe that's one of the key reasons why we won because this customer -- and again, when this comes out, you'll see who this customer is. This customer was looking for surety.

我很高興你問了這個問題，希拉。我再說點別的。有多個 Kratos 部門參與其中，幫助建立我們將要建造的東西。我相信這是我們獲勝的關鍵原因之一，因為這個客戶——再說一次，當這個消息傳出時，你就會看到這個客戶是誰。這位顧客正在尋找擔保。

I like to say one neck to choke. And with us, we're very vertically integrated on this because of our capabilities. And I think that was a primary differentiator in our win thesis.

我喜歡說「一頸窒息」。由於我們的能力，我們在這方面實現了高度垂直整合。我認為這是我們勝利論點的主要區別因素。

Great. No, that's awesome. And maybe if we could -- Eric, if you have any commentary on how we should track program performance or next steps with the DoD and funding allocations.

偉大的。不，那太棒了。也許我們可以——艾瑞克，如果你對我們應該如何追蹤專案績效或國防部的後續步驟和資金分配有什麼評論。

And Sheila, are you talking overall at a macro level or this program?

希拉，您是在從宏觀層面談論整體情況還是談論這個項目？

Both Poseidon and the next three biggest drivers as you're looking at watch items.

當您查看手錶項目時，Poseidon 和接下來的三個最大驅動因素都是如此。

Okay. So -- these watch it -- again, I want to make sure I answer the right question. Are these watch items that we've won or are these ones that I'm chasing?

好的。所以——請大家觀看——再次，我想確保我回答了正確的問題。這些是我們贏得的手錶物品還是我追逐的物品？

No, that you've won.

不，你贏了。

Okay. Yeah. The biggies, let's go to the big beautiful. Let's go to the Reconciliation Bill. Don't quote me on this, but of the $150 billion, I think $118 billion of it is supposed to be spent or obligated in the next 12 months.

好的。是的。大人物們，讓我們一起走向美麗。讓我們來討論一下《和解法案》。請不要引用我的話，但我認為在這 1500 億美元中，有 1180 億美元應該在未來 12 個月內花掉或承擔。

So in our hypersonic franchise, including MACH-TB, I think we should see a significant uptick for Kratos' hypersonic franchise relative to what's in that Reconciliation Bill and what's supposed to be obligated. Very similar to a drone program that was mentioned that's in the Reconciliation Bill. I believe that that's going to be obligated and under contract very soon, and it's got to be spent -- obligated in the next 12 months. Relative to small drones and engines, I believe we're going to start receiving -- we're designed in on a number of small cruise missiles. We're designed in.

因此，在我們的高超音速系列中，包括 MACH-TB，我認為我們應該看到奎托斯的高超音速系列相對於和解法案中的內容和應該承擔的義務有顯著的上升。與《和解法案》中提到的無人機計劃非常相似。我相信這筆款項很快就會履行義務並納入合同，而且必須在未來 12 個月內花完。相對於小型無人機和發動機，我相信我們將開始接收——我們設計了一些小型巡航飛彈。我們被設計進去了。

I'm under NDA, I can't tell you which ones yet. I believe we're going to see the money start flowing on small cruise missiles directly related to that $1.5 billion that's in the Reconciliation Bill that's now law. So those are some you can track directly. Another big one for us is the Sentinel Intercontinental Ballistic Missile with our outstanding partner, Northrop, which I got to give accolades to. They're doing a hell of a job on Sentinel.

我簽署了保密協議，所以我還不能告訴你是哪些。我相信我們將看到資金開始流向小型巡航飛彈，這與現已成為法律的《和解法案》中的 15 億美元直接相關。所以這些是你可以直接追蹤的。對我們來說，另一個重要項目是與我們的傑出合作夥伴諾斯羅普公司合作開發的哨兵洲際彈道飛彈，我對它表示讚賞。他們在 Sentinel 上做了大量工作。

Northrop is. Take a look at what Northrop is saying about Sentinel and you can basically flow that down to us. That's one we don't talk about, but that's a multi-hundred-million-dollar development program for us that's going to be ramping starting next year in '26 and '27. Then it will go into production. It will ramp even further.

諾斯羅普是。看看諾斯羅普對哨兵計畫的評價，基本上你就可以將其傳達給我們了。這是我們不會談論的，但對我們來說這是一個價值數億美元的開發計劃，將從明年（26 年和 27 年）開始加速。然後它將投入生產。它還將進一步上升。

That's one you can track the funding on as well. So there are four or five where you're going to be able to track the funding flows top level and to Kratos pretty easily.

您也可以透過它來追蹤資金狀況。因此，有四到五個地方，您將能夠非常輕鬆地追蹤資金流向頂層和 Kratos。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Looking at the down select on Valkyrie with the Luftwaffe, it was kind of telegraphed a couple of quarters ago, and you mentioned back then that it would be DCS versus FMS. How do you see this impacting the margin profile as that program ramps up? I mean it is a lot further out, but I'm just curious if you can maybe give some color as to the difference versus what it would have looked like under FMS.

看看 Valkyrie 與德國空軍的向下選擇，這在幾個季度前就已經有所預示，當時您提到這將是 DCS 與 FMS 的對決。隨著該計劃的推進，您認為這會對利潤率產生什麼影響？我的意思是它離我們更遠一些，但我只是好奇你是否可以解釋一下它與 FMS 下的樣子之間的區別。

Yeah. So I envision it's going to be very similar to what we're doing with our target drones. So with our target drones, when they're in full rate production, we make somewhere around 12% or 13% in the US with the US Federal Government.

是的。所以我設想它會與我們針對目標無人機所做的事情非常相似。因此，當我們的目標無人機全面投入生產時，美國聯邦政府在美國的產量約為 12% 或 13%。

Internationally, we can make 20% to 25% internationally under a direct commercial. I'm not going to say it's going to be those exact numbers because I don't know yet. We're going through the (inaudible) right now. But trajectory is, I believe it's going to be very similar to that because it is direct commercial.

在國際上，透過直接商業，我們可以賺取 20% 到 25% 的國際利潤。我不會說這將是這些確切的數字，因為我還不知道。我們現在正在經歷（聽不清楚）。但軌跡是，我相信它會與之非常相似，因為它是直接商業化的。

Got it. Got it. That's very helpful. And then maybe just talking -- I know you mentioned fixed price mix earlier in the call. How should we expect that trend through the out years?

知道了。知道了。這非常有幫助。然後也許只是談談——我知道您在電話會議早些時候提到了固定價格組合。我們該如何預期未來幾年的趨勢？

I know it's been a big focus for this administration. And with the influx of new program starts, I guess, how do we expect this mix to shift?

我知道這是本屆政府關注的重點。隨著新專案的啟動，我想，我們該如何預期這種組合會改變？

There's a couple of large programs that we have that are cost type contracts. So as those increase, we could see some change between that. But I think predominantly, we're still going to be predominantly fixed price and with cost plus increasing, but I think it's still going to be substantially fixed price.

我們有幾個大型專案是成本型合約。因此，隨著這些的增加，我們可以看到其中的一些變化。但我認為，我們主要還是會採用固定價格，雖然成本會隨著增加，但我認為價格還是會大致固定。

Got it. Got it. And if I could squeeze one more in. Norden Millimeter, maybe just explain a little bit more the logic behind the acquisition, how it fits into the bigger picture.

知道了。知道了。如果我能再擠進一個的話。Norden Millimeter，或許可以稍微解釋一下這項收購背後的邏輯，以及它如何融入更大的格局。

Yeah. So our Microwave Electronics business is currently headquartered the biggest piece is in Israel. It's one of our -- as we've talked about, it's one of our fastest-growing businesses, and it's accelerating because we're helping our partners replenish the missile systems. Up until 2015, Kratos had one of the largest merchant suppliers of microwave electronics in the United States. We sold that business in 2015 because very candidly, we were presented with a price that did a lot -- was very valuable to our shareholders.

是的。因此，我們的微波電子業務目前最大的總部設在以色列。正如我們所討論的，這是我們成長最快的業務之一，而且由於我們正在幫助我們的合作夥伴補充飛彈系統，因此它正在加速發展。截至 2015 年，Kratos 是美國最大的微波電子產品供應商之一。我們在 2015 年出售了該業務，因為坦白說，我們得到的價格對我們的股東來說非常有價值。

We were under a noncompete in the US. We could not reenter the US microwave electronics market until don't quote me 2020-ish, something like that because we had signed that sale agreement. In 2021, 2022, our prime partners, who, as you know, we work very closely with started coming to me and saying, we'd really like you to get back into the microwave electronics business and be a merchant supplier for missiles and radars and aircraft, et cetera, et cetera, in the US So we started building a team.

我們在美國處於競業禁止狀態。我們無法重新進入美國微波電子市場，直到 2020 年左右，因為我們已經簽署了銷售協議。2021 年、2022 年，我們的主要合作夥伴（如你所知，我們與他們密切合作）開始來找我，對我說，我們真的希望你重返微波電子業務，成為美國飛彈、雷達、飛機等的商業供應商，所以我們開始組建團隊。

We made a couple of small acquisitions, one of them being Norton and it's accelerating. I believe we are winning a lot. I don't talk about it. We don't talk about it. It's not time yet.

我們進行了幾次小型收購，其中之一就是諾頓，而且收購還在加速進行中。我相信我們贏了很多。我不談論它。我們不談論它。時間還沒到。

But this time next year, I think we're going to be talking with you on programs we've won. And this is one of the highest, as you know, being a merchant supplier, microwave components and subsystems is one of the highest margins businesses out there.

但明年這個時候，我想我們會和你們討論我們贏得的項目。如您所知，作為商業供應商，微波組件和子系統是利潤率最高的業務之一。

And this is an area, the microwave area and the communication area that if we were to do an acquisition, this is where we're going to do it. It will be under this Israeli-based US microwave area because for all the reasons you can think of, we know the customers, we have the partners, we know the Ministry of Defense.

這是一個微波領域和通訊領域，如果我們要進行收購，我們就會在這裡進行。它將位於以色列的美國微波區域之下，因為出於你能想到的所有原因，我們了解客戶，我們有合作夥伴，我們了解國防部。

We know the primes here. So this is a strategic thrust for us that we are being strongly encouraged by our customers and partners to go into and that they will give us programs.

我們知道這裡的質數。因此，這對我們來說是一個策略重點，我們的客戶和合作夥伴強烈鼓勵我們參與其中，並且他們會為我們提供計劃。

(Operator Instructions) Colin Canfield, Cantor Fitzgerald.

（操作員指示）科林·坎菲爾德，康托·菲茨杰拉德。

I think we've done a good job kind of going through the manufacturing, scaling and JVs across production, quantities and volumes and dollars. But as we think about the potential of kind of going to market with a services component, how do you think about kind of the X-58 as potentially servicing as a good land and expand lever, especially as folks kind of consider force protection, intelligence and communications as kind of potentially systems and systems opportunity.

我認為我們在生產、規模和合資方面做得很好，涉及生產數量、容量和美元。但是，當我們考慮將服務組件推向市場的潛力時，您如何看待 X-58 作為良好的土地和擴展槓桿的潛在服務，特別是當人們將武力保護、情報和通訊視為潛在的系統和系統機會時。

Brother, I'm not sure I understand the question. Are you asking how do I think about with the Valkyrie going to market in a service type structure? Is that what you said?

兄弟，我不確定我是否理解了這個問題。您是想問我如何看待 Valkyrie 以服務結構進入市場？你是這麼說的嗎？

Yeah, it's the concept of considering the drone for commercial as we think about the international exports, right, and also the separate combat [brigades]. I think there's been a big focus on the US side of doing production order quantities, right, and manufacturing type work. But at the end of the day, international partners are probably going to want more of a services type offer, right, like a package deal. So how do you kind of think about the X-58 as kind of being that point.

是的，我們在考慮國際出口時，會考慮無人機的商業用途，當然，還有單獨的作戰用途。[旅]。我認為美國方面非常注重生產訂單數量和製造類型的工作。但最終，國際合作夥伴可能想要更多服務類型的報價，就像一攬子交易一樣。那麼，您如何看待 X-58 成為這一目標呢？

I got it. I got it. I'm not sure based on what we're seeing and what we're doing with our international customers, specifically related to Valkyrie and Air Wolf and another one that I'm not talking about that that's the case.

我得到了它。我得到了它。根據我們所看到的情況以及我們為國際客戶所做的事情，特別是與 Valkyrie 和 Air Wolf 以及我沒有談到的另一個客戶有關的情況，我不確定情況是否如此。

Right now, what we're seeing, and I think this ties into state department approvals and MTCR, which no one talks about, but it's very important. I think what they're looking at is acquiring US aircraft that are flying today that are ready to go and integrating their mission systems on it okay? And they're maintaining it with some of our support internationally.

現在，我們看到的是，我認為這與國務院的批准和 MTCR 有關，雖然沒有人談論它，但它非常重要。我認為他們正在考慮的是購買目前正在飛行並準備起飛的美國飛機，並將其任務系統整合到其上，好嗎？他們在國際上得到了我們的一些支持，並維持著這種狀況。

That's what we're -- what Kratos is seeing right now, more of a -- they get a flyaway aircraft. Fly away, it flies. They want for their specific mission application, their mission system or NATO's mission system, if you will, or a certain customer we're working with in the Pacific, their mission system, they want that on it.

這就是我們所看到的——奎托斯現在看到的，更像是——他們得到了一架可以飛走的飛機。飛走吧，它飛走吧。他們想要針對他們的特定任務應用、他們的任務系統或北約的任務系統（如果你願意的話），或者我們在太平洋合作的某個客戶的任務系統，他們想要在上面安裝這些。

It will be integrated and delivered that way. That's what we're seeing.

它將以這種方式進行整合和交付。這就是我們所看到的。

Got it. Got it. And Open-source architecture is seemingly preferred.

知道了。知道了。而且開源架構似乎更受歡迎。

Correct.

正確的。

As you think about more kind of industry -- or excuse me, company-wide factors, how do you think about kind of maybe going through by each segment, engineering around and getting secured supply for rare earth minerals and metals.

當您考慮更多類型的行業 - 或者對不起，全公司範圍的因素時，您如何看待透過每個部分進行工程設計並獲得稀土礦物和金屬的安全供應。

That's a great question. So for the past couple of years, and we just did this again in the past couple of weeks, we go through with our six division presidents, and we do -- I don't want to say complete. We do as a complete scrub as we possibly can, not just what we're sourcing, but what our critical vendors are sourcing relative to rare earth, and we make an assessment of where our inventory is, where our safety stock is on those parts and components that are relevant and also our suppliers. So we're doing the best we can to stay on top of that relevant to our supply chain.

這是一個很好的問題。因此，在過去的幾年裡，我們剛剛在過去的幾周里再次這樣做，我們與我們的六個部門總裁進行了溝通，我們做到了——我不想說已經完成了。我們盡可能地進行全面檢查，不僅檢查我們的採購情況，還檢查關鍵供應商採購的稀土材料，評估我們的庫存情況、相關零件的安全庫存情況以及我們的供應商。因此，我們正在盡最大努力保持與我們的供應鏈相關的領先地位。

I would now like to turn the conference back to Eric DeMarco for closing remarks. Sir?

現在我想請 Eric DeMarco 致閉幕詞。先生？

Excellent. Great. Thank you, everybody, for joining us. Great questions today. Great interaction.

出色的。偉大的。謝謝大家加入我們。今天的問題很棒。很好的互動。

We really appreciate it, and we look forward to chatting with you again when we report Q3.

我們非常感激，並期待在報告第三季時再次與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。