Kratos Defense and Security Solutions Inc (KTOS) 2025 Q3 法說會逐字稿

Good day, and welcome to the Kratos Defense & Security Solutions third quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Kratos Defense & Security Solutions 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Marie Mendoza, Senior VP and General Counsel. Please go ahead.

現在我將把會議交給高級副總裁兼總法律顧問瑪麗·門多薩。請繼續。

Thank you. Good afternoon, everyone. Thank you for joining us for the Kratos Defense & Security Solutions third-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.

謝謝。大家下午好。感謝您參加 Kratos 防務與安全解決方案公司 2025 年第三季電話會議。今天陪我出席的有 Kratos 的總裁兼執行長 Eric DeMarco，以及 Kratos 的執行副總裁兼財務長 Deanna Lund。

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. 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 line as we discuss future strategic initiatives, potential market opportunities, operational outlook, financial guidance, and other forward-looking statements during today's call.

在開始今天電話會議的實質內容之前，請大家注意今天新聞稿末尾的「安全港」段落。本段重點闡述了我們今天下午將要發表的前瞻性聲明中存在的重大不確定性和風險。在今天的電話會議中，我們將討論未來的策略舉措、潛在的市場機會、營運前景、財務指導和其他前瞻性陳述，請大家注意這些不確定性和風險。

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.

今天的電話會議也將討論《G條例》中定義的非GAAP財務指標。非GAAP財務指標不應脫離GAAP財務資訊單獨考慮，也不應作為GAAP財務資訊的替代品。因此，在今天的新聞稿末尾，我們提供了這些非GAAP財務指標與公司按照GAAP編制的財務表現的調節表。

Thank you, Marie. Our Q3 financial results are representative of the increasing demand for Kratos' military-grade hardware or systems and software to support the national security of the United States and its allies. Also reflecting this demand, today, we have increased our full-year 2025 revenue forecast, which now reflects 14% to 15% organic growth over fiscal '24. This is up from our original forecasted growth of 11% to 13%.

謝謝你，瑪麗。我們第三季的財務表現反映了市場對 Kratos 軍用級硬體、系統和軟體的需求不斷增長，以支持美國及其盟國的國家安全。為了反映這一需求，我們今天提高了 2025 年全年營收預測，預計將比 2024 財年實現 14% 至 15% 的有機成長。這比我們最初預測的 11% 至 13% 的成長幅度有所上升。

Additionally, we have increased our full-year 2026 organic revenue growth forecast to 15% to 20%, up from our previous 13% to 15% above expected annual 2025 revenue and we are providing today a preliminary 2027 revenue growth target of 18% to 23% organic growth above the 2026 revenue range, which is 15% to 20% above 2025.

此外，我們將 2026 年全年有機收入成長預測提高至 15% 至 20%，高於先前預測的 2025 年預期年收入的 13% 至 15%。今天，我們初步預測 2027 年營收成長目標為 18% 至 23%，高於 2026 年的營收範圍（即比 2025 年高出 15% 至 20%）。

Also importantly, we are projecting an approximate 100-basis-point EBITDA margin expansion for 2026, above 2025 and another approximate 100-basis-point margin expansion again in 2027 over 2026 as we scale the business and transition to more profitable contracts.

此外，我們預計 2026 年 EBITDA 利潤率將比 2025 年增長約 100 個基點，隨著業務規模的擴大和向更盈利的合約過渡，2027 年利潤率將比 2026 年再次增長約 100 個基點。

We expect our EBITDA margins to expand even though we continue to make significant and potentially increasing bid, proposal, and related investments as the number of opportunities Kratos has continues to grow. I want to emphasize very importantly, none of these forecasts include the Orbit acquisition we announced today. We will include Orbit once that transaction closes, which is scheduled for, hopefully, in Q1 of next year.

儘管隨著 Kratos 的機會數量不斷增長，我們繼續進行大量且可能不斷增加的投標、提案和相關投資，但我們預計我們的 EBITDA 利潤率將擴大。我想非常強調一點，這些預測都不包括我們今天宣布的對 Orbit 的收購。我們將在交易完成後（希望明年第一季能完成）將 Orbit 納入麾下。

Directly related to Kratos' accelerating growth trajectory, Congress, the administration on the Pentagon are all aligned to reform DoD procurement practices and rebuild the US defense industrial base. This is represented in presidential Executive Orders, the Senate Forge Act, the House Speed Act, and the DoD's initiative to improve the acquisition process, each of which are expected to be good for Kratos.

與 Kratos 加速成長的軌跡直接相關的是，國會、政府和五角大廈都一致致力於改革國防部採購做法，重建美國國防工業基礎。這一點體現在總統行政命令、參議院《鍛造法案》、眾議院《速度法案》以及國防部改善採購流程的舉措中，預計這些舉措都將對 Kratos 有利。

Additionally, the funding to support these national security initiatives for the United States and its allies is being put in place with an expected 2026 US security spend of approximately $1 trillion, NATO allies increasing their security spend from 2% up to 5% of GDP, and Pacific Allies expected to do the same.

此外，為支持美國及其盟友的這些國家安全舉措，資金正在到位，預計到 2026 年，美國的安全支出將達到約 1 兆美元，北約盟國的安全支出將從 GDP 的 2% 增加到 5%，預計太平洋盟國也將這樣做。

United States, industry, and Kratos are at the beginning of a generational recapitalization and rebuild of the West National security apparatus to address the existing geopolitical threat environment and to deter and to feed our enemies. I believe that this global recapitalization build is structural in nature, both policy and threat-driven. This is not temporary or one-off, and this will be a multiyear, multi-decade and duration exercise.

美國、工業界和克拉托斯正處於西方國家安全機構進行一代人資本重組和重建的開端，以應對現有的地緣政治威脅環境，並威懾和扶持我們的敵人。我認為這種全球資本重組本質上是結構性的，既受政策驅動，也受威脅驅動。這不是臨時性的或一次性的行動，而是一項持續多年、數十年的行動。

Directly related to this rebuild and increased opportunity set, Kratos is making significant investments in facilities, plant, equipment, et cetera, to rapidly scale and support major new program wins we have received and that we expect to receive.

與此重建和增加的機會直接相關的是，Kratos 正在對設施、工廠、設備等進行大量投資，以快速擴大規模並支持我們已經獲得和預期將獲得的重大新項目。

Importantly, Kratos does not build it and hope that they will come. Our investments are made with program contract or partner commitment line of sight and with expected ultimate rate of returns that are acceptable to Kratos' stakeholders. I will reiterate that the number of additional or new opportunities for Kratos is at a record level. It is increasing, and it has accelerated over the past few months, and Kratos is positioned to take advantage.

重要的是，奎托斯並沒有建造它然後指望他們會來。我們的投資以專案合約或合作夥伴承諾為導向，並預期最終回報率是 Kratos 的利害關係人可以接受的。我再次重申，奎托斯獲得的額外或新機會數量達到了歷史最高水準。這種情況正在加劇，並且在過去幾個月加速發展，而奎托斯已經做好了從中獲利的準備。

The government this summer announced that Kratos' Valkyrie would become a program of record with the Marines under the MUX TACAIR program. We are now able to report that this program is officially underway and will include the Kratos Valkyrie aircraft with Kratos' incredible partner, Northrop Mission Systems. We, Kratos and Northrop together expect to receive the initial formal contract award in the next few months. We had expected the award sooner, but similar to many awards across industry and Kratos, it has been delayed as a result of the federal government shutdown.

今年夏天，政府宣布 Kratos 的 Valkyrie 將成為海軍陸戰隊 MUX TACAIR 計畫的正式計畫。我們現在可以宣布，該計劃已正式啟動，並將包括 Kratos Valkyrie 飛機，以及 Kratos 的傑出合作夥伴 Northrop Mission Systems。我們 Kratos 和 Northrop 預計將在未來幾個月內收到第一份正式合約。我們原本預計獎項會更早頒發，但與業內和 Kratos 的許多獎項一樣，由於聯邦政府停擺，獎項頒發被推遲了。

The MUX TACAIR program is expected to progress from evaluation of various mission scenarios and the associated military methods of employment through low rate production and then to full rate production. We expect that Valkyrie systems under the program of record will include RATO, or rocket-assisted takeoff, and conventional takeoff aircraft as well as multiple mission configurations.

MUX TACAIR 計畫預計將從評估各種任務場景和相關的軍事運用方法，逐步推進到小批量生產，最終實現全面生產。我們預計，根據正式計劃，Valkyrie 系統將包括 RATO（火箭助推起飛）和常規起飛飛機，以及多種任務配置。

The joint Kratos-Northrop Grumman system will provide a state-of-the-art CCA capability at a price point that will enable the Valkyrie system to be procured, distributed, and operated in very high quantities, which addresses the consistent war-gaming result for the need for affordable masks to provide an advantage and a win for the United States. MUX TACAIR CCA brings exactly this.

Kratos 與諾斯羅普·格魯曼公司共同開發的系統將提供最先進的 CCA 能力，其價格將使 Valkyrie 系統能夠以非常高的數量進行採購、分發和操作，從而滿足戰爭推演中對價格合理的防空面罩的需求，為美國帶來優勢和勝利。MUX TACAIR CCA 正是為此而生。

I can now also officially say that Airbus has partnered with Kratos to develop a German variant of the Kratos Valkyrie CCA. And in the third quarter we just ended, we shipped the first two Valkyries to Airbus under this new contract. As a result of the pending European need, the opportunity space here is substantial including as evidenced by the Ukraine-Russia war and the significantly increased defense spending committed by the European nations.

我現在也可以正式宣布，空中巴士公司已與 Kratos 公司合作開發 Kratos Valkyrie CCA 的德國版本。在剛結束的第三季度，我們根據這份新合約向空中巴士交付了前兩架瓦爾基里飛機。由於歐洲迫在眉睫的需求，這裡的機會空間很大，烏克蘭-俄羅斯戰爭以及歐洲各國大幅增加的國防開支就證明了這一點。

The first Valkyrie opportunity in Europe will be with the German Air Force solicitation for their own CCA, and this is our joint initial focus with Airbus. The European CCA system will leverage the developed and proven baseline Kratos Valkyrie configured with Airbus specific German mission systems to satisfy the operational needs unique to the threats in that region. Air-to-ground and air-to-surface capability is expected initial key in the European theater as noted by several of the countries that we have been working with in addition to the United States.

瓦爾基里戰機在歐洲的第一個機會將是德國空軍為其自主研發的CCA計畫進行招標，這也是我們與空中巴士公司共同的初步重點。歐洲 CCA 系統將利用已開發和經過驗證的 Kratos Valkyrie 基線系統，並配置空中巴士專用的德國任務系統，以滿足該地區特有的威脅的作戰需求。空對地和空對地作戰能力預計將是歐洲戰場的首要關鍵，正如我們與美國以及一些其他國家合作時所指出的那樣。

Consistent with the approach we have taken for the United States Marines, this mission configured Valkyrie provides a CCA that can be procured and deployed en masse, matching the quantities needed to deter the threat and defeat the threat, should have come to that.

與我們對美國海軍陸戰隊採取的方法一致，這種任務配置的瓦爾基里無人機提供了一種可以大規模採購和部署的CCA，其數量與威懾和擊敗威脅所需的數量相匹配，如果情況發展到那一步的話。

Very exciting for Kratos, our partner, Northrop Grumman, recently announced they are actively looking at their Lumberjack jet-powered modular ammunition as an armament for the Kratos Valkyrie. I encourage you to go to Northrop's website and certain recent publications for more information on the Lumberjack, on the Valkyrie with the Lumberjack being a truly incredible technologically leading system.

對於 Kratos 來說，這真是個令人興奮的消息，我們的合作夥伴諾斯羅普·格魯曼公司最近宣布，他們正在積極考慮將他們的 Lumberjack 噴氣動力模組化彈藥作為 Kratos Valkyrie 的武器裝備。我建議您訪問諾斯羅普公司的網站和一些近期出版物，以了解更多關於 Lumberjack 和 Valkyrie 的信息，Lumberjack 是一款真正令人難以置信的、技術領先的系統。

Through Kratos' many initiatives with Northrop, I must say that I believe that Northrop is one of the most proactive and innovative of all the national security companies out there, including recent new defense companies that have emerged in the market.

透過 Kratos 與諾斯羅普的許多舉措，我必須說，我認為諾斯羅普是所有國家安全公司中最具積極性和創新精神的公司之一，包括最近在市場上湧現的新興國防公司。

Additionally, Kratos recently unveiled our Ragnarok low-cost cruise missile, which Kratos' Ghost Works has been working on in stealth mode and which we displayed stowed in the weapons bay of Kratos' Valkyrie at the US Marines Miramar Air Show in September.

此外，Kratos 最近還推出了我們的 Ragnarok 低成本巡航導彈，這是 Kratos 的 Ghost Works 一直在秘密研發的，我們在 9 月的美國海軍陸戰隊 Miramar 航展上將其存放在 Kratos 的 Valkyrie 的武器艙中進行了展示。

The Ragnarok is a $150,000 internal and external carry high-performance strike system that Kratos has specifically developed for the Valkyrie and also for certain other systems. We believe that Kratos' Valkyrie, which is in production and flying since 2019, is a clear competitive differentiator for Kratos with customers that are not interested in the PowerPoint or having to invest hundreds of millions or billions of dollars in a forever development program. The Valkyrie exists, it is in production, it is flying, it is coming, and Kratos, our customers, and our partners are getting ready.

Ragnarok 是一款價值 15 萬美元的高性能打擊系統，可內建和外置攜帶，是 Kratos 專門為 Valkyrie 以及其他一些系統開發的。我們相信，自 2019 年以來一直在生產和飛行的 Kratos' Valkyrie，對於 Kratos 而言是一個明顯的競爭優勢，因為它能夠吸引那些對 PowerPoint 不感興趣，也不想在永無止境的開發項目中投入數億甚至數十億美元的客戶。女武神戰機已經存在，它正在生產，它正在飛行，它即將到來，奎托斯、我們的客戶和我們的合作夥伴都準備好了。

Consistent with our past practices, we have not included sales of production quantity Valkyries in our base case financial forecast we provided today, only limited RDT&E type quantities. We will continue to be conservative and only includes large production quantities in our forecast when we have programmatic, contractual, funding, and/or delivery quality.

與我們過去的做法一致，我們今天提供的基本財務預測中沒有包括生產數量 Valkyrie 的銷售額，只有有限的研發測試與評估類型數量。我們將繼續採取保守策略，只有在專案、合約、資金和/或交付品質方面都達到要求時，才會將大批量生產納入預測。

Kratos has been working with and supporting Taiwan for about 20 years with high-performance unmanned jet aircraft systems, employed as targets for their military to train and test against. As we recently announced, we're excited about our collaboration with Taiwan's NCSIST or National Chung-Shan Institute of Science and Technology. This is Taiwan's DARPA equivalent to develop a Kamikaze variant of Kratos' in production flying today tactical fire jet system.

Kratos 與台灣合作並為其提供高性能無人機系統已有約 20 年時間，這些無人機系統被用作台灣軍事訓練和測試的目標。正如我們最近宣布的那樣，我們很高興能與台灣中山科學研究院（NCSIST）合作。這是台灣的DARPA，相當於開發Kratos目前正在生產的飛行戰術火力噴射系統的神風特攻隊版本。

The combination of our most recent and capable advanced version of the tactical fire jet, which Kratos Ghost Works also has been working on in stealth mode, configured with NCSIST's mission systems and weapons is called the Mighty Hornet 4. The Mighty Hornet 4 will be capable of ship hunting and ship killing and certain other key missions for Taiwan, which I am unable to discuss publicly but which I believe will be a big surprise for a certain country.

我們將最新、性能最強的戰術火力噴射機（Kratos Ghost Works 也一直在以隱形模式研發該機型）與 NCSIST 的任務系統和武器相結合，稱之為「強力大黃蜂 4」。「大黃蜂 4」將能夠獵殺艦船，並為台灣執行某些其他關鍵任務，這些任務我無法公開討論，但我相信這對某個國家來說將是一個巨大的驚喜。

By combining the technology skillsets of Kratos and NCSIST, we're creating a unique system with an incredible performance to cost ratio at a cost point that is expected to enable extremely large numbers to be fielded affordably.

透過結合 Kratos 和 NCSIST 的技術專長，我們正在打造一個獨特的系統，該系統具有令人難以置信的性價比，其成本點有望使大規模部署變得經濟實惠。

Once again, similar to Kratos' Valkyrie, Kratos' tactical fire jet is currently flying in production and well down the production execution and cost learning curves and our customers can come and see their aircraft and the actual costs.

與 Kratos 的 Valkyrie 類似，Kratos 的戰術火力噴射機目前也正在生產中，生產執行和成本學習曲線已經走得很低了，我們的客戶可以來參觀他們的飛機並了解實際成本。

Ultimately, these systems are expected to be produced in Taiwan under license from Kratos, which arrangement is expected to provide key advantages to both parties. For example, under the contemplated arrangement, Taiwan would control their production rate and employ their country citizens, while Kratos will receive a license fee, with Kratos also freeing up US production capacity for the US CCA opportunity and related jet drone aircraft opportunities, which US production rates are expected to increase rapidly for Kratos.

最終，這些系統預計將在台灣根據 Kratos 的許可進行生產，這種安排預計將為雙方帶來關鍵優勢。例如，根據設想的安排，台灣將控制其生產率並僱用其國民，而 Kratos 將獲得許可費，Kratos 還將釋放美國的產能，用於美國的 CCA 機會和相關的噴氣式無人機機會，預計 Kratos 的美國生產率將迅速提高。

It was also recently announced that Korea Aerospace Industries has signed an MOU with Kratos to develop AI-enabled manned-unmanned teaming systems to integrate piloted aircraft with collaborative drones for future Korean Air opportunities and operations. This agreement provides KAI, a US partner, and Kratos with proven flying and production unmanned combat platforms while aligning with Seoul's push to inject artificial intelligence and autonomy into next-generation air power.

最近也宣布，韓國航空航太工業公司與 Kratos 公司簽署了一份諒解備忘錄，共同開發人工智慧賦能的有人-無人協同系統，將有人駕駛飛機與協作無人機相結合，以服務未來大韓航空的機會和營運。該協議為韓國航空航太工業公司（KAI）、美國合作夥伴以及克拉托斯公司提供經過驗證的飛行和生產型無人作戰平台，同時符合首爾將人工智慧和自主技術融入下一代空中力量的策略。

The Kratos-KAI partnership aligns with South Korea's effort to scale artificial intelligence-enabled systems and expand defense exports turning the Kratos partnership into both a strategic and industrial initiative. We are excited about our agreement with KAI. And here again, I believe that Kratos' success differentiator is that we have significant experience with actual artificial intelligence and augmented autonomy or auto pilot flying jet drone aircraft today. We don't do first attempts, power points, or renditions.

Kratos 與 KAI 的合作符合韓國擴大人工智慧系統規模和拓展國防出口的努力，使 Kratos 的合作成為一項戰略和產業舉措。我們對與KAI達成的協議感到非常興奮。而且，我認為 Kratos 的成功之處在於，我們如今在人工智慧、增強自主性或自動駕駛噴射無人機飛行方面擁有豐富的經驗。我們不做初稿、PPT或演示稿。

Since our last report to you, Kratos' Athena jet drones have had a successful series of customer flights, including in swarms, which included a leading VC-backed artificial intelligence company's software system onboard Athena.

自從我們上次向您報告以來，Kratos 的 Athena 噴射無人機已成功完成一系列客戶飛行，包括集群飛行，其中 Athena 還搭載了一家領先的風險投資支持的人工智慧公司的軟體系統。

Importantly, we have additional tactical drone opportunities we are pursuing, one of which I believe could be a catalyst for the company and that I now expect Kratos to receive in the next few months, which Kratos Ghost Works has been heavily involved with.

重要的是，我們正在尋求其他戰術無人機機會，其中一個我認為可能會成為該公司的催化劑，我現在預計 Kratos 將在未來幾個月內獲得該機會，Kratos Ghost Works 一直積極參與其中。

Additionally, there are also two other new opportunities, which I believe that Kratos remains in a sole-source position on, including one opportunity with Kratos' new Clone Ranger drone system that our Ghost Works recently publicly released. I believe that contributing to the positive momentum we are seeing with Kratos' drone business.

此外，還有另外兩個新的機會，我相信 Kratos 仍然擁有獨家供應權，其中一個機會是 Kratos 的新型克隆遊俠無人機系統，該系統是我們 Ghost Works 最近公開發布的。我相信這有助於推動 Kratos 無人機業務取得積極的發展勢頭。

The Trump administration and the State Department have recently announced they will revise US policy related to the sale of drones internationally, the missile technology control regime, or MTCR, in order to address the rapidly changing threat technological and competitive environment. These changes in MTCR policy and related rules interpretations that have been published are expected to be favorable for US drone and missile-related companies, including Kratos, and we believe that we are already seeing the benefit in certain of our international drone and missile-related initiatives, including as related to Kratos' engines on certain systems.

川普政府和國務院最近宣布，他們將修改美國與無人機國際銷售、飛彈技術控制制度（MTCR）相關的政策，以應對快速變化的威脅、技術和競爭環境。已公佈的導彈及其技術控制制度政策及相關規則解釋的這些變化預計將有利於包括 Kratos 在內的美國無人機和導彈相關公司，我們相信，我們已經在某些國際無人機和導彈相關計劃中看到了好處，包括 Kratos 的發動機在某些系統上的應用。

We believe that Kratos is the world technological leader in developing, building, and flying affordable tactical jet drones, and I emphasize affordable. This is a word of concept none of our competitors we are aware of ever discussed, and we believe this is a clear differentiator for us now.

我們相信 Kratos 是世界領先的科技公司，致力於開發、製造和飛行價格合理的戰術噴射無人機，我強調價格合理。這是據我們所知，我們的競爭對手從未討論過的概念，我們相信這對我們來說是一個明顯的差異化優勢。

Kratos' market-leading jet drone position did not happen overnight. We've been at it for over a decade, and the market is finally coming our way due to the current state of warfare, Kratos' first to market positions, that Kratos has actual in production on flying jet aircraft, and the low cost and affordability of Kratos' jet drone systems.

Kratos 的市場領導地位並非一朝一夕之功。我們已經為此努力了十多年，由於當前的戰爭狀況、Kratos 搶佔市場先機、Kratos 實際生產飛行噴射機以及 Kratos 噴射無人機系統的低成本和價格優勢，市場終於開始向我們傾斜。

Since our last report to you, we have formally received contracts on both Poseidon and DMOS, with DMOS being Kratos' -- being with Kratos' teammate Leidos on the sea-launched cruise missile nuclear or SLCM-N program, with the Kratos Leidos team was one of the teams down selected.

自上次向您匯報以來，我們已正式收到 Poseidon 和 DMOS 的合同，其中 DMOS 是 Kratos 的——Kratos 與他的隊友 Leidos 一起參與了海基巡航導彈核彈 (SLCM-N) 項目，Kratos Leidos 團隊是入選的團隊之一。

Also importantly and separately, it was also reported that Kratos turbine technologies, as the prime, has received a contract related to the SLCM-N jet engine propulsion system. SLCM-N is a top national security priority and is expected to be a multibillion-dollar program of record.

此外，還有報導稱，作為主承包商的 Kratos 渦輪技術公司已獲得與 SLCM-N 噴射發動機推進系統相關的合約。SLCM-N 是國家安全領域的首要任務，預計將成為一個耗資數十億美元的重大計畫。

Poseidon, a single award to Kratos as the prime with the current anticipated total potential value of approximately $750 million is classified, is expected to begin ramping for Kratos in 2028 once the new Kratos dedicated facility, which is already underway, is complete.

Poseidon 專案是授予 Kratos 的單一合同，目前預計總潛在價值約為 7.5 億美元，預計將在 Kratos 新的專用設施（目前正在建設中）完工後，於 2028 年開始為 Kratos 增產。

As we were able to recently announce, we have now also been successful on and received the formal contracts on both Anaconda and Helios, respectively. Helios is a next-generation hypersonic materials testing center that Kratos will own and operate, and we expect to shortly be able to announce the location for this major new Kratos facility and program.

正如我們最近宣布的那樣，我們已經成功獲得了 Anaconda 和 Helios 的正式合約。Helios 是 Kratos 將擁有和營運的下一代高超音速材料測試中心，我們預計很快就能宣布 Kratos 這個重要的新設施和項目的選址。

Anaconda will also be Kratos owned and operated. It's a state-of-the-art radar integration complex located in Indiana for the AN/SPY-1 radar sustainment and modernization efforts. Both Anaconda and Helios are expected to be multiyear, multi-decade Kratos programs with the potential of each being a $1 billion franchise opportunity for Kratos over the lifetime of the requirements based on the DoD's expected demand with these respective Kratos owned and operated facilities expected to be complete in 2028 when operations are planned to begin.

Anaconda 也將由 Kratos 擁有並營運。這是一個位於印第安納州的先進雷達整合綜合體，用於 AN/SPY-1 雷達的維護和現代化工作。Anaconda 和 Helios 預計都將是 Kratos 公司的多年期、數十年期項目，根據美國國防部的預期需求，每個項目都有可能在項目週期內為 Kratos 公司帶來 10 億美元的特許經營機會。這些由 Kratos 公司擁有和營運的設施預計將於 2028 年完工，屆時計劃開始營運。

To provide you an example of how valuable Anaconda and Helios are to Kratos, certain of the current systems Anaconda will be sustaining or suspected to be in service through 2065. We are continuing to pursue projects Nemesis, Ares, Vulcan, and others which we hope to be able to update you on in the first half next year, plus there are several additional new opportunities we have now been approached with that we are assessing.

為了向您說明 Anaconda 和 Helios 對 Kratos 的重要性，Anaconda 將繼續維持某些現有系統，或預計這些系統將持續運作到 2065 年。我們正在繼續推進 Nemesis、Ares、Vulcan 等項目，希望明年上半年能向大家報告最新進展。此外，我們也收到了一些新的專案機會，目前正在評估中。

Prometheus, with our partner RAFAEL, is on budget and on schedule for 2027 operations with Prometheus having made a number of experienced solid rocket motor and energetic-related hires, including the Chief Operating Officer.

Prometheus 與我們的合作夥伴 RAFAEL 一起，在預算範圍內按計劃於 2027 年進行營運。 Prometheus 已聘請了多位經驗豐富的固體火箭引擎和能源相關領域的專家，包括營運長。

Kratos' GEK Turbofan initiative with our partner, General Electric Aerospace, and Kratos' new production and test facility in Oklahoma is also on budget, on schedule, and expected to begin operations in '27. Separate from GEK, we have now been informed that we will be receiving two initial turbojet engine program low-rate initial production contracts from two separate customers for two separate systems which we expect to be executing on in Q2, Q3 next year.

Kratos 與合作夥伴通用電氣航空航太公司共同推進的 GEK 渦輪扇發動機計劃，以及 Kratos 在俄克拉荷馬州新建的生產和測試設施，目前均在預算範圍內，按計劃進行，預計將於 2027 年開始運營。除了 GEK 之外，我們現在還獲悉，我們將從兩個不同的客戶那裡收到兩份初始渦輪噴氣發動機項目低速初始生產合同，涉及兩個不同的系統，我們預計將在明年第二季度和第三季度執行這些合同。

Similar to Kratos' jet drones with Kratos small jet engines, we made the internally funded investments to be first to market with actual relevant working products, which has enabled us to be designed in on several new low-cost cruise missiles, drones, and other systems, and we are now heading towards production. We expect that in the future, as the merchant supplier of affordable small jet engines, Kratos will be in production on multiple programs and systems.

與 Kratos 的噴射無人機使用 Kratos 小型噴射發動機類似，我們進行了內部資金投資，率先將實際相關的可用產品推向市場，這使我們能夠參與設計幾種新型低成本巡航導彈、無人機和其他系統，我們現在正朝著生產方向邁進。我們預計，未來作為價格適中的小型噴射發動機的供應商，Kratos 將在多個項目和系統中投入生產。

On our Boom Supersonic program, we are excited that our work with Boom is positioning for its next big step with the planned first run of the Symphony engine next year. Kratos is the world technological leader in developing, building, and flying affordable hypersonic systems, including our first-to-market hypersonic flyers Erinyes and Dark Fury, our first-to-market Zeus 1 and Zeus 1 solid rocket motors, and certain other hypersonic systems we have now successfully flown.

在我們的 Boom Supersonic 專案中，我們很高興與 Boom 的合作正在為明年 Symphony 引擎的首次運行奠定基礎，這將是該專案邁向下一個重大階段。Kratos 是世界領先的高超音速系統研發、製造和飛行技術公司，其產品包括我們首款上市的高超音速飛行器 Erinyes 和 Dark Fury，首款上市的 Zeus 1 和 Zeus 1 固體火箭發動機，以及我們目前已成功飛行的其他一些高超音速系統。

We expect Kratos' hypersonic franchise, including MACH-TB program and additional programs we have, including one with our partner, Lockheed Martin, to be an important future growth driver for Kratos beginning in 2026. Similar to Northrop, Lockheed is an incredibly important partner of Kratos with actual working bleeding-edge technology, systems, and capabilities.

我們預計，從 2026 年開始，Kratos 的高超音速產品線（包括 MACH-TB 項目以及我們擁有的其他項目，包括與我們的合作夥伴洛克希德·馬丁公司合作的項目）將成為 Kratos 未來重要的成長動力。與諾斯羅普公司類似，洛克希德公司是 Kratos 極為重要的合作夥伴，擁有實際可用的尖端技術、系統和能力。

We have a unique position in the satellite industry with Kratos' first to market open software demand control and other capabilities have earned us a large and growing share of the national security market. And Kratos is also a technological leader in software-defined networks for commercial satellites and in space domain awareness, or SDA, including with our globally owned and operated SDA system. Kratos' satellite business with our virtualized C2 and TT&C capabilities is well-positioned for the Golden Dome and other missile defense-related initiatives.

Kratos率先推出的開放式軟體需求控制和其他功能，使我們在衛星產業擁有獨特的地位，並贏得了國家安全市場中不斷增長的份額。Kratos 也是商業衛星軟體定義網路和太空領域感知 (SDA) 的技術領導者，包括我們擁有和營運的全球 SDA 系統。Kratos 的衛星業務憑藉其虛擬化的 C2 和 TT&C 能力，在金穹頂和其他導彈防禦相關計劃中佔據了有利地位。

Okay, importantly, in 2019, Kratos acquired Florida Turbine Technologies, which is now Kratos KTT. A core capability of Florida Turbines, or KTT, in addition to jet engines and propulsion systems for drones, missiles, hypersonics and space systems is also industrial gas turbines, or IGTs, which we have helped build and support for 25 years. With the artificial intelligence and related data center market explosion, we are all seeing there is currently not enough power capacity in the United States to satisfy the related expected future data center demand.

好的，重要的是，2019 年，Kratos 收購了 Florida Turbine Technologies，該公司現在更名為 Kratos KTT。佛羅裡達渦輪機公司（KTT）的核心能力除了為無人機、飛彈、高超音速飛行器和航太系統提供噴射發動機和推進系統外，還包括工業燃氣渦輪機（IGT），我們已幫助建造和支援IGT長達25年。隨著人工智慧及相關資料中心市場的爆炸性成長，我們都看到，目前美國的電力容量不足以滿足未來資料中心的相關預期需求。

I can now report that Kratos is under contract with the well-known technology industrialist, both company and individual related to IGTs for power generation for data centers, including specifically artificial intelligence initiatives. We are under a very restrictive NDA, but I will say that the potential opportunity for Kratos here is Kratos and our partner are successful in executing the plan, which Kratos is laser-focused on doing, is large, and could be another franchise type opportunity or catalyst for the company.

我現在可以報告，Kratos 已與一位知名科技實業家（包括與 IGT 相關的公司和個人）簽訂合同，為資料中心（特別是人工智慧專案）提供發電服務。我們受非常嚴格的保密協議約束，但我可以透露，Kratos 和我們的合作夥伴如果能夠成功執行該計劃（Kratos 目前正全力以赴地執行該計劃），那麼 Kratos 在這裡的潛在機會將是巨大的，並且可能成為公司的另一個特許經營機會或催化劑。

We have certain critical tap milestones that we need to hit through the end of 2026, at which time I will have better clarity on the probability and potential of this initiative, but I did want to mention it this to you as we are now under contract with this new opportunity.

到 2026 年底，我們需要達成一些關鍵的里程碑目標，屆時我將對這項計畫的可能性和潛力有更清晰的認識。但我想在此向您提及此事，因為我們現在已經與這家新公司簽訂了合約。

Since our last report, we've announced that Kratos will be the exclusive Chaparral Vital cargo drone aircraft manufacturer for Elroy Air, another opportunity that if our partner's business plan is successful, based on the potential market demand, including with the Department of Defense, could be an additional future growth catalyst for Kratos.

自從我們上次報告以來，我們宣布 Kratos 將成為 Elroy Air 的獨家 Chaparral Vital 貨運無人機製造商。如果我們的合作夥伴的商業計劃成功，基於潛在的市場需求（包括國防部的需求），這可能是 Kratos 未來成長的另一個催化劑。

On the IGT and Elroy Air opportunities, both of which are dual use, commercial national security-type market opportunities, Kratos was chosen as the partner as Kratos is a leading technologist in these respective areas, and Kratos can rapidly engineer, develop, demonstrate, and be first to market with low-cost, high-volume manufacturing ready products.

在 IGT 和 Elroy Air 這兩個具有雙重用途的商業國家安全市場機會中，Kratos 被選為合作夥伴，因為 Kratos 是這些領域領先的技術專家，並且 Kratos 可以快速設計、開發、演示，並率先將低成本、大批量生產就緒的產品推向市場。

We are also now currently in discussions on additional potential large impact dual-use aircraft-related programs in Kratos Turbine Technologies wheelhouse. The internal name we have for this is Pegasus, which I'll be able to hopefully update you on in my next quarterly report.

目前，我們也正在討論 Kratos Turbine Technologies 業務領域內其他可能產生重大影響的兩用飛機相關項目。我們內部為這個專案取的名字是「飛馬」（Pegasus），希望我能在下一份季報中向大家詳細介紹。

Today, we announced that Kratos is acquiring Orbit for a purchase price of approximately $356 million. Orbit is a leading global provider of mission-critical satellite-based communication systems for unmanned aerial, seaborne, undersea, and land systems and also manned military and other systems. Orbit provides its hardware products and systems to major air forces, traditional prime contractors, and emerging new defense and space companies. Orbit's customers are worldwide, including Israel, the United States, Europe, and the Pacific region with most of Orbit's large customers already being existing customers of Kratos.

今天，我們宣布 Kratos 將以約 3.56 億美元的收購價收購 Orbit。Orbit 是全球領先的關鍵任務型衛星通訊系統供應商，其產品適用於無人機、海上、水下和陸地系統，以及載人軍事系統和其他系統。Orbit 向各大空軍、傳統主承包商以及新興的國防和航太公司提供硬體產品和系統。Orbit 的客戶遍佈全球，包括以色列、美國、歐洲和太平洋地區，Orbit 的大多數大客戶已經是 Kratos 的現有客戶。

Since the acquisition -- once the acquisition is complete, Orbit, which is headquartered in Israel, will report through Kratos' Microwave Electronics division, which is headquartered in Jerusalem. And as you know, has been rapidly growing its unmanned systems, space, and satellite capabilities.

收購完成後，總部位於以色列的 Orbit 將透過總部位於耶路撒冷的 Kratos 微波電子部門進行報告。如您所知，該公司一直在迅速發展其無人系統、太空和衛星能力。

The acquisition of Orbit is expected to be immediately accretive across virtually every financial matrix for Kratos. Orbit checks every box in the Kratos acquisition, including outstanding leadership and culture, mission-committed employees, and leading technology with real battle-proven hardware products and systems that are right in Kratos' sweet spot.

預計收購 Orbit 將立即在 Kratos 的幾乎所有財務指標上帶來成長。Orbit 在 Kratos 的收購中完全符合所有條件，包括傑出的領導和文化、對使命充滿奉獻精神的員工，以及擁​​有真正經過實戰檢驗的硬體產品和系統的領先技術，這些都恰好符合 Kratos 的優勢所在。

The combination of Kratos' microwave technology and Orbit's communication technology is expected to provide new growth opportunities that are currently not available to either company on a standalone basis, this includes the antenna area. With the global recapitalization of weapon and space systems underway, Orbit significantly advances Kratos' position to take advantage of this situation including internationally and in Europe.

Kratos 的微波技術與 Orbit 的通訊技術的結合有望為兩家公司提供目前各自獨立無法獲得的新成長機會，這其中就包括天線領域。隨著全球武器和太空系統更新換代的進行，Orbit 顯著提升了 Kratos 的地位，使其能夠利用這一形勢，包括在國際和歐洲。

Also importantly, this was a negotiated transaction between Kratos and Orbit. This significantly reduced disruption to both companies' operations and the commitment that we have to our joint national security-focused mission. Orbit's most recent published annual revenue was approximately $70 million and EBITDA of approximately 23%.

此外，更重要的是，這是奎托斯和奧比特之間協商達成的交易。這大大減少了對兩家公司營運的干擾，也增強了我們對共同國家安全使命的承諾。Orbit 最近公佈的年度營收約為 7,000 萬美元，EBITDA 約為 23%。

Once again, I want to emphasize, none of Orbit's financial information is included in the financial guidance that Kratos has provided today, and we will not include it in our financial forecast until the acquisition is complete, which, as I mentioned before, is currently expected sometime in Q1, probably March '26.

我再次強調，Kratos今天提供的財務指導中沒有包含Orbit的任何財務信息，而且在收購完成之前，我們也不會將其納入我們的財務預測中。正如我之前提到的，收購目前預計將在第一季完成，可能是2026年3月。

Deanna?

迪安娜？

Thank you, Eric. Good afternoon. As we have included a detailed summary of the third-quarter financial performance as well as the initial fourth-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詳細總結了第三季度的財務業績以及第四季度的初步業績和對 2025 年全年財務指引的修改，因此我今天將重點介紹其中的亮點。

Revenues for the third quarter were $346.7 million, above our estimated range of $315 million to $325 million with overachievement of forecasted revenues across all of our businesses with the single largest increase in our Unmanned Systems business, including a shipment of tactical Valkyries to an international customer, which received regulatory approval in the third quarter.

第三季營收為 3.467 億美元，高於我們先前估計的 3.15 億美元至 3.25 億美元，所有業務的營收均超額完成，其中無人系統業務的增幅最大，包括向國際客戶交付戰術女武神無人機，該無人機已於第三季度獲得監管部門批准。

As a reminder, when we provided our third-quarter guidance, we had indicated that out of an abundance of caution due to the uncertainty of the timing of regulatory approval we had forecasted this shipment in the fourth quarter. Additional notable organic revenue growth was reported in our defense rocket support and space training and cyber businesses with organic revenue growth rates of 47.2% and 21.2%, respectively.

提醒一下，我們在提供第三季業績指引時曾表示，由於監管部門批准時間的不確定性，出於謹慎考慮，我們預測這批貨物將在第四季度發貨。此外，我們的國防火箭支援和太空訓練以及網路安全業務也實現了顯著的有機收入成長，有機收入成長率分別為 47.2% 和 21.2%。

Adjusted EBITDA for the third quarter of '25 was $30.8 million, also above our estimated range of $25 million to $30 million, reflecting the increased volume offset partially by continued increase of contractor and material costs on certain multiyear fixed-price contracts in our Unmanned Systems business. Revenue mix and elevated bid proposal and other new opportunity pursuit costs. Unmanned Systems third-quarter '25 revenue was up $23 million or 35.8% organically reflecting the shipment of international tactical Valkyries.

2025 年第三季調整後 EBITDA 為 3,080 萬美元，也高於我們估計的 2,500 萬美元至 3,000 萬美元的範圍，這反映出銷量增加，但部分被無人系統業務中某些多年固定價格合約的承包商和材料成本的持續增加所抵消。收入結構、投標報價提高等新機會拓展成本。無人系統業務 2025 年第三季營收成長 2,300 萬美元，增幅達 35.8%，主要得益於國際戰術女武神的出貨。

KGS third-quarter '25 revenues was up $48.7 million year over year from the third quarter of '24, with organic revenue growth of 20%, excluding the impact of the February 25 acquisition of certain assets of Northern Millimeter, Inc. Third-quarter '25 cash flow used in operations was $13.3 million primarily reflecting the working capital requirements related to the revenue growth and passing our receivables by approximately $25 million, increases in other assets of approximately $3 million, primarily reflecting investments we are continuing to make related to certain development initiatives in our Unmanned Systems business.

KGS 2025 年第三季營收較 2024 年第三季成長 4,870 萬美元，有機營收成長 20%，不包括 2 月 25 日收購 Northern Millimeter, Inc. 部分資產的影響。 2025 年第三季經營活動所用現金流為 1,330 萬美元，主要反映了與營收成長相關的營運資金需求，以及應收帳款增加約 2,500 萬美元，其他資產增加約 300 萬美元，主要反映了我們持續對無人系統業務的某些發展計畫進行的投資。

Free cash flow used in operations for the third quarter of '25 was $41.3 million after reflecting funding of $28 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 systems, hypersonic, and jet engine businesses to meet existing and anticipated customer orders and requirements and investing in related new machinery, equipment and systems.

2025 年第三季營運中使用的自由現金流為 4,130 萬美元，其中已計入 2,800 萬美元的資本支出。正如我們計劃的那樣，我們將繼續投資，擴大和建造我們在微波產品、火箭系統、高超音速和噴氣發動機業務中的一些製造和生產設施，以滿足現有和預期的客戶訂單和要求，並投資於相關的新機械、設備和系統。

Consolidated DSOs, or days sales outstanding, increased from 103 days in the second quarter to 111 days, reflecting the over 26% revenue growth and the timing of milestone billings. Our contract mix for the third quarter of '25 was 70% fixed price, 27% cost plus fixed fee contracts and 3% time and material contracts. Revenues generated from contracts with the US federal government during the third quarter of '25 were approximately 67%, including revenues generated from contracts with DOW, non-DoW federal government agencies, and FMS contracts. In the third quarter of '25, we generated 16% of revenues from commercial customers and 17% from foreign customers.

綜合應收帳款週轉天數（DSO）從第二季的 103 天增加到 111 天，反映了超過 26% 的收入成長以及里程碑式帳單的結算時間。2025 年第三季度，我們的合約組合為：固定價格合約 70%，成本加固定費用合約 27%，工料合約 3%。2025 年第三季度，與美國聯邦政府簽訂的合約所產生的收入約佔 67%，其中包括與陶氏化學公司、非陶氏化學公司聯邦政府機構以及對外軍售合約所產生的收入。2025 年第三季度，我們 16% 的營收來自商業客戶，17% 的營收來自海外客戶。

Now, moving to financial guidance. Our financial guidance we provided today includes our expectations and assumptions for our supply chain execution, the impact of the federal government shutdown and for employee sourcing, hiring, retention, and the related cost. We have increased our full-year '25 revenue guidance from $1.29 billion to $1.310 billion to $1.32 billion to $1.33 billion reflecting an organic growth rate of 14% to 15% over 2024 and maintain our adjusted EBITDA guidance of $114 million to $120 million, reflecting the expected mix of revenues and an elevated level of new opportunity, pursuit costs, and other investments.

接下來，我們來談談財務指導。我們今天提供的財務指導包括我們對供應鏈執行的預期和假設、聯邦政府停擺的影響以及員工招聘、僱用、留任和相關成本。我們將 2025 年全年營收預期從 12.9 億美元至 13.1 億美元上調至 13.2 億美元至 13.3 億美元，反映出到 2024 年有機增長率為 14% 至 15%；同時，我們維持調整後 EBITDA 預期為 1.14 億美元至 15%；同時，我們維持調整後 EBITDA 預期為 1.14 億美元至 15%。

Our fourth-quarter revenue guidance of $320 million to $330 million reflects an estimated organic growth rate of 11% to 14% over Q4 of '24, which growth is reflective of the elevated bid proposal and other investments we are making. Our guidance continues to include the impact of increased material and subcontractor costs on certain of our multiyear fixed contracts, specifically in our Unmanned Systems target drone business, where we have experienced cost growth from certain ancillary materials on our target and for which we are unable to seek recovery from the customer until the renewal of future production lot contracts occur. We are continuing to aggressively manage costs where we can to minimize the impact to our margins.

我們預計第四季度營收將達到 3.2 億美元至 3.3 億美元，較 2024 年第四季實現 11% 至 14% 的有機成長率，這一成長反映了我們提高的收購報價和其他投資。我們的指導意見繼續包括材料和分包商成本增加對我們某些多年固定合約的影響，尤其是在我們的無人系統靶機業務中，我們靶機的某些輔助材料成本有所增長，而我們無法在未來的生產批次合約續約之前向客戶追回這些成本。我們將繼續積極控製成本，盡可能減少對利潤率的影響。

We are adjusting our full-year free cash flow and operating cash flow estimates primarily as a result of the increased organic revenue growth we are experiencing and the related future contractual payment milestone and other expected customer payment dates and also reflecting Kratos making long lead material purchases ahead of contract funding award to meet customer execution time line, which has resulted in an increase in our customer accounts receivable balances.

我們正在調整全年自由現金流和經營現金流預測，主要原因是我們正在經歷的有機收入增長增加，以及相關的未來合約付款里程碑和其他預期客戶付款日期，同時也反映了 Kratos 在合約資金授予之前進行長週期材料採購以滿足客戶執行時間表，這導致我們的客戶應收帳款餘額增加。

Additionally, the federal government shutdown and its impact on government program, administrative, and other offices and functions has resulted in certain expected government contract receivable payment dates to be delayed resulting in an increase in customer accounts receivable days sales outstanding. The collection of these receivables is expected in the future. It is only a timing-related matter of the expected collection date.

此外，聯邦政府停擺及其對政府專案、行政和其他辦公室及職能的影響，導致某些預期的政府合約應收款項付款日期被推遲，從而導致客戶應收帳款週轉天數增加。這些應收帳款預計將在未來收回。這只是預計收款日期的時間安排問題。

Additionally, certain of the new facility, facility expansion, machinery equipment, and other capital expenditures and investments we had planned for 2025 are now expected to be incurred in 2026, including as a result of our managing the company's cash expenditures to the degree that we can control, which has resulted in any reduction in our full-year 2025 capital expenditure forecast.

此外，我們原計劃在 2025 年進行的一些新設施、設施擴建、機械設備和其他資本支出和投資，現在預計將在 2026 年發生，其中包括由於我們盡可能控制公司現金支出，這導致我們 2025 年全年資本支出預測有所減少。

Kratos' operating cash flow guidance also assumes certain investments in our Rocket Systems and Unmanned Systems businesses related to the procurement of rocket and related systems and the completion of certain derivatives of our unmanned systems vehicle of approximately $28 million to $32 million.

Kratos 的營運現金流預期也假設了我們在火箭系統和無人系統業務中與採購火箭及相關系統以及完成我們無人系統飛行器的某些衍生產品相關的某些投資，金額約為 2800 萬美元至 3200 萬美元。

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

偉大的。謝謝你，迪安娜。我們將把提問環節交給主持人。

(Operator Instructions) Sheila Kahyaoglu, Jefferies.

（操作說明）Sheila Kahyaoglu，傑富瑞集團。

Hi. This is Ellen on for Sheila. Thanks for the question. Maybe to start, you noted that the German Air Force is procuring Valkyrie. Can you give us a little bit more color on the international opportunity for that program? And any thoughts on the revenue contribution from Valkyrie in the next few years would be great as well?

你好。這裡是艾倫，為您報道希拉。謝謝你的提問。或許可以先從你提到的德國空軍正在採購「女武神」戰鬥機開始說起。您能否詳細介紹一下該專案的國際化機會？另外，您能否也談談對 Valkyrie 未來幾年營收貢獻的看法？

Right. So specifically, Airbus procured the Valkyries. Airbus has procured the Valkyries specifically related to a CCA opportunity initially with the German Luftwaffe. However, as I alluded to in my prepared remarks, because we have flying aircraft and now they're in Europe with Airbus, we're going after another -- a number of additional tactical drone or CCA opportunities in Europe. And we have the advantage here because, again, we have actual flying aircraft that have been flying since 2019.

正確的。具體來說，是空中巴士公司採購了瓦爾基里戰機。空中巴士公司採購瓦爾基里戰鬥機，最初是為了滿足與德國空軍的CCA專案需求。然而，正如我在準備好的演講稿中提到的，因為我們有飛行器，現在它們在歐洲與空中巴士合作，我們正在尋求另一個機會——在歐洲尋求一些額外的戰術無人機或CCA機會。我們在這方面具有優勢，因為我們擁有自 2019 年以來一直在飛行的實際飛機。

Also, as I mentioned in my remarks, in our financial forecast, the only revenue only that we have for anything we said for Valkyrie is for RDT&E and S&T and like the two we just sent to Airbus. We are not including any production level forecasted revenue in our numbers until out, as I said, we have absolute clarity, programmatically funding, and delivery dates, so we have no fall starts.

另外，正如我在演講中提到的，在我們的財務預測中，我們所說的 Valkyrie 的唯一收入僅限於研發測試與評估 (RDT&E) 和科技 (S&T)，就像我們剛剛發送給空中巴士的那兩個項目一樣。正如我所說，在我們完全清楚專案資金和交付日期之前，我們不會將任何生產水準的預測收入計入我們的數字，因此我們不會在秋季開工。

Great. Sorry about that on Airbus. And can you tell us a little bit more about the revenue synergy opportunities from Orbit? Congrats on that acquisition.

偉大的。很抱歉空客那邊出了問題。您能否詳細介紹一下Orbit帶來的營收綜效機會？恭喜完成此次收購。

Yeah. The -- it's competitive, but this is what I'll tell you. The vast majority of antennas right out there right now are parabolic or they're hit fixed or they're hardware. And Kratos' microwave business is an expert in AES, silicon-based and other types of radar enhancement technologies that are being deployed right now.

是的。競爭很激烈，但我可以這樣告訴你。目前市面上絕大多數天線都是拋物面天線、固定天線或硬體天線。Kratos 的微波業務是 AES、矽基和其他類型雷達增強技術的專家，這些技術目前正在部署中。

And we see a very good opportunity. I said 1 plus 1 equals 3. It's probably going to be 1 plus 1 equals 5 with our technology, Orbit's technology, their installed base and their customer base.

我們看到了一個非常好的機會。我說1加1等於3。我們的技術、Orbit 的技術、他們的已安裝設備數量和他們的客戶數量加起來，很可能是 1 + 1 = 5。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Hi. Thanks very much, and good evening. I wanted to ask about the Valkyrie progress with the Marines and you talked about kind of moving up to full rate production and looking at a level of a fleet size that could really bring affordable masks. And so how do you think about that ramp up over the next several years and what they might be looking at?

你好。非常感謝，晚安。我想問一下瓦爾基里與海軍陸戰隊的合作進展，你談到了正在逐步推進全面生產，並考慮達到一個能夠真正帶來價格合理的防護面罩的艦隊規模。那麼，您如何看待未來幾年的成長動能以及他們可能會關注哪些方面？

Right? Seth, so what I -- what we see here is this is going to be your typical program of record, where for near term, midterm, long term.

正確的？塞思，所以——我們在這裡看到的是，這將是一個典型的記錄計劃，包括近期、中期和長期計劃。

Near term, the infrastructure is being put in place to handle production quantity types of Valkyries that are going to be deployed with the customer. And so this is -- and I can't get into too many details, but it's a typical program of record.

近期，基礎設施正在建設中，以處理將部署到客戶的量產型女武神戰機。所以這就是——我不能透露太多細節，但這是一個典型的記錄程序。

The personnel are being identified and allocated or assigned and budgeted for by the government. There is going to be launch equipment, there is going to be recovery equipment. There is going to be communication equipment. There is going to be logistics. There's going to be spares.

政府正在確定人員配備、分配或指派相關人員，並制定預算。將會有發射設備，也會有回收設備。這裡會有通訊設備。需要考慮物流問題。會有備用件。

There's going to be training. All of that infrastructure is going to be put in place. That has begun. While that is happening, there will be Valkyrie sales with Northrop Grumman systems on it in the near term, okay? So they can start utilizing the aircraft, right?

將會有培訓。所有這些基礎設施都將到位。這已經開始了。同時，近期內仍會有搭載諾斯羅普·格魯曼公司係統的瓦爾基里戰機出售，懂嗎？所以他們可以開始使用這些飛機了，對吧？

Then midterm, we'll go into full rate production once that infrastructure is out there.

然後中期，一旦基礎設施到位，我們將全面投產。

And long term, that full rate production, I believe, is going to go for a number of years. and it will be for my opinion, dozens and dozens and dozens of aircraft initially because of the affordability and the low cost point and the mission that they're specifically targeting.

從長遠來看，我認為這種全速生產將會持續數年。而且依我之見，初期產量將會達到幾十架甚至幾十架，因為這種飛機價格實惠、成本低廉，而且是專門針對特定任務而設計的。

Dozens and dozens as an annual rate or as a cumulative program objective?

數十個是指年度數還是累計專案目標？

Annual.

年度的。

Annually, that's what I thought. Okay. Okay. Excellent. Very good. Cool. And then as we think about the EBITDA progression over the next couple of years and we think about when we kind of flip over to cash positive or as the cash burn starts to narrow. I know probably not a good time to give specific guidance in that regard. But just in terms of maybe a framework for people to think of more qualitatively about how that evolves along with the EBITDA growth?

我當時也是這麼想的。好的。好的。出色的。非常好。涼爽的。然後，當我們考慮未來幾年 EBITDA 的發展情況，以及我們何時能夠實現現金流為正，或者現金消耗何時開始收窄時，我們就會開始思考這個問題。我知道現在可能不是給出這方面具體指導的好時機。但或許可以作為一個框架，讓人們從定性的角度思考它如何隨著 EBITDA 的成長而演變？

Yeah. So we have absolute line of sight now, Seth, on when the business will turn cash flow positive and then how it will start to ramp. We have line of sight on it. We can see it, okay? The flex point here is the number of program opportunities that continue to come to us and they're increasing.

是的。塞思，所以我們現在完全可以清楚地看到公司何時能實現正現金流，以及它將如何開始快速成長。我們能看到它。我們能看到，好嗎？這裡的彈性點在於不斷湧現的專案機會，而且這些機會還在增加。

And let me dig into this a little bit for you so you understand what's going on here. This started 6, 9, 12 months ago and it's been accelerating where if the government customer has a viable alternative to what I'll frame as a traditional in certain areas, they're giving that viable past performance, qualified company, Kratos, a chance.

讓我來為你詳細解釋一下，這樣你就能明白這裡發生了什麼事。這件事始於 6、9、12 個月前，並且一直在加速發展。如果政府客戶在某些領域有可行的替代方案（我將其定義為傳統方案），他們就會給這家過去業績良好、資質合格的公司 Kratos 一個機會。

Take a look at the last couple three, four months. We won Helios, multiyear decade program. We won Anaconda, multiyear decade program. We won Poseidon, which I have not talked about previously, it's classified, we won that, okay? We are being encouraged to bid prone on very large program opportunities and it's accelerating.

看看過去兩三個月、四個月的情況。我們贏得了 Helios 項目，這是一個為期十年的多年度項目。我們贏得了 Anaconda 計劃，這是一個為期十年的多年度項目。我們贏得了波塞冬，我之前沒有談論過這件事，它是機密的，我們贏了，好嗎？我們被鼓勵積極競標大型專案機會，而且這種趨勢正在加速。

So based on the hand of cards we have right now, we have line of sight on this in a few years. However, the opportunity set a multi-hundred million-dollar billion-dollar opportunities continues to increase. This is one of the reasons our EBITDA margins, I expected them to be up higher. They're not because of the bidding proposal and the capture costs because these are big programs we're expending. So we can see where those lines are going to converge, but they may move out a little bit if the opportunity set continues to come at us and the strength that has been.

所以根據我們目前掌握的情勢，幾年後我們就能實現這個目標。然而，數億美元乃至數十億美元的機會仍在增加。這也是我們 EBITDA 利潤率預期會更高的原因之一。這不是因為投標方案和投標成本，而是因為這些都是我們正在投入大量資金的項目。所以我們可以看到這些線將在哪裡匯合，但如果機會繼續向我們襲來，並且保持目前的勢頭，它們可能會稍微向外移動一點。

Michael Ciarmoli, Truist Securities.

Michael Ciarmoli，Truist Securities。

Hey, good evening. Nice results. I don't know, Eric or Deanna, the accelerating organic growth in the guidance for '26, '27, definitely encouraging. Can you give us maybe a little bit more detail around what specifically is driving that acceleration? I mean, I know, Eric, you just mentioned some of the wins. Is that the driver?

嘿，晚上好。結果不錯。我不知道，埃里克或迪安娜，2026 年和 2027 年的業績預期中有機增長加速，這絕對令人鼓舞。您能否更詳細地說明一下，究竟是什麼因素導致了這種加速？我的意思是，我知道，埃里克，你剛才提到了一些勝利。那是司機嗎？

And can you maybe parse out the growth between KUS and KGS. And maybe just back to the question, Seth was asking on Valkyrie with the Marine Corps. Is that baked in there or not?

您能否分析一下KUS和KGS之間的成長？或許應該回到塞思在海軍陸戰隊瓦爾基里計畫上提出的問題。那是烤進去的嗎？

Yeah. The Valkyrie with the Marine Corps is not baked in to any numbers we gave today. When that happens, that is going to be a step function upside.

是的。海軍陸戰隊的瓦爾基里戰機並未包含在我們今天給出的任何數字中。當這種情況發生時，那將是一次階躍式增長。

Now, to the first part of your question, our hypersonic franchise it will be the clear driver of growth for us for the next two or three years. And this is programmatic. This is not just MACH-TB. We are on a number of programs we cannot talk about. I alluded, we're on several with Lockheed Martin for example. And they are all either just starting or they are ramping.

現在，回答你問題的第一部分，我們的高超音速產品線將在未來兩三年內成為我們成長的明確驅動力。這是程序化購買。這不僅僅是 MACH-TB。我們正在參與一些項目，但這些項目不方便透露。我之前提到過，例如，我們正在與洛克希德馬丁公司進行多個合作專案。它們要么剛起步，要么正在加速發展。

I'll tie into that hypersonic franchise, our rocket system business. Think ballistic missile targets, think sub orbital vehicles, I can't say much more about that. We are the industry leader in those areas. So this is missile defense-related stuff, right? And they go hypersonic speeds, which is why they're in our hypersonic franchise.

我會把業務拓展到高超音速領域，也就是我們的火箭系統業務。想想彈道飛彈目標，想想亞軌道飛行器，關於這一點我不能透露太多。我們在這些領域處於行業領先地位。所以這是跟導彈防禦有關的東西，對吧？它們能達到超音速，所以它們才屬於我們的超音速系列。

Also in KTT, okay, we are building the engines for numerous hypersonic weapons. We can't talk about it. We're under NDA, a lot of them are classified. Those are going to be going into production '26, '27.

另外，KTT公司正在為許多高超音速武器製造引擎。我們不能談論這件事。我們簽了保密協議，很多內容都屬於機密。這些產品將於 2026 年、2027 年投入生產。

So number one, the biggie, the hypersonic franchise across the company. It is growing. And Michael, it's possible in the next two years, three years, our Rocket System business is the biggest division in the entire company, and it's going to pass space, okay?

首先，也是最重要的一點，就是公司內部的超音速產品線。它正在發展壯大。邁克爾，未來兩三年內，我們的火箭系統業務有可能成為整個公司最大的部門，甚至超越太空業務，好嗎？

Another big growth driver for us is the space business. okay? If the whole thing has turned around in the last 6, 12 months on us -- 6, 9 months on us. We have the issues with the commercial guys, they couldn't get their satellites up. It has been -- that has been blown away by what's going on, I'll say, in the national security area, including the classified area for Kratos with our ground systems to command and control the stuff that's going up.

太空業務是我們另一個重要的成長動力。明白嗎？如果過去 6 個月、12 個月——或者 6 個月、9 個月內，整個情況發生了逆轉。我們和商業公司之間出了問題，他們的衛星無法升空。可以說，國家安全領域，包括克拉托斯的機密領域，以及我們用於指揮和控制正在發射的物體的地面系統，都發生了翻天覆地的變化。

It's the growth rate on that business considering it's a $400 million business. I think that division is $400 million or so. I think it's going to $500 million or something like that next year.

考慮到這是一個價值 4 億美元的企業，這個成長率相當不錯。我認為該部門的規模大約是4億美元。我認為明年會達到 5 億美元左右。

On programs we've won, it's up $100 million, something like that, okay? So the space and satellite business is looking great.

我們贏得的項目，收入增加了 1 億美元左右，懂嗎？所以，太空和衛星業務前景一片光明。

Third, microwave electronics. The microwave electronics business, both internationally and domestically, everything you and I are chatting about here, what does it need? Microwave electronics.

第三，微波電子學。微波電子產業，無論是國際上還是國內，你我正在談論的一切，它需要什麼？微波電子學。

And then the next one is engines. And it's engines for missiles, engines for drones, engines for -- these are not hypersonic engines. This is separate thing, turbojets and turbo fans.

接下來是引擎。而且它是導彈發動機、無人機發動機、其他發動機——這些都不是高超音速發動機。這是兩碼事，渦輪噴射發動機和渦輪風扇發動機。

And then another big one that's taking off is that our C5ISR business is all the hardware we build for virtually every prime for virtually every missile radar and air defense system they build. We build the hardware. We are the merchant supplier of military-grade hardware for air defense systems.

另一個正在蓬勃發展的大項目是，我們的 C5ISR 業務涵蓋了我們為幾乎所有主承包商製造的幾乎所有飛彈雷達和防空系統的所有硬體。我們負責硬體製造。我們是軍用級防空系統硬體的供應商。

And so you look at Northrop or Lockheed or Raytheon, I can go on, the systems they're talking about, we're on them. So those are the ones that are -- we just have programmatic clarity, which is why we're looking at 15 to 20 next year and 18 to 23 in '27.

所以，看看諾斯羅普、洛克希德或雷神公司，我可以繼續列舉下去，他們談論的那些系統，我們都在使用。所以這些就是——我們只是有了明確的程序，這就是為什麼我們預計明年將達到 15 到 20，2027 年將達到 18 到 23。

Okay. Got it. That's great detail. Just for clarity, is the GEK800 engine in that forecast, or is that beyond?

好的。知道了。細節很到位。為了確認一下，GEK800引擎是否包含在預測範圍內，還是超出預測範圍？

No, that kicks in. So that facility is going to come online in '27. So that's going to be, hopefully, this time next year when we're giving '28 eight target, that's going to be one of the big step ups in '28.

不，那是啟動的。所以該設施將於 2027 年投入使用。所以，希望明年這個時候，當我們給 '28 年設定 8 個目標時，這將是 '28 年的重大進展之一。

Mike Crawford, B. Riley Securities.

Mike Crawford，B. Riley Securities。

Thank you. Just to continue on that hypersonics discussion. If you look at like any other provider like say, Castelion, which has its low-cost black-fired hypersonic missile. When they do testing, that's got to be on one of your MACH-TB or MACH-XL vehicle?

謝謝。繼續討論高超音速技術。如果你看看其他供應商，例如卡斯特利翁公司，它擁有低成本的黑火藥高超音速飛彈。他們進行測試的時候，一定是用你們的 MACH-TB 或 MACH-XL 車輛吧？

Okay. I cannot talk about Castelion, but I can tell you that it was recently announced by two separate companies. You can go look. They're going to be launching things on Kratos' systems. I'll give you a specific one that happened yesterday, Mike.

好的。我不能談論 Castelion，但我可以告訴你，它最近是由兩家不同的公司發布的。你可以去看看。他們打算在奎托斯的系統上推出一些東西。麥克，我給你舉個昨天發生的具體例子。

Take a look at Hypersonix with an X down in Australia. They just closed the funding round. They have the DART hypersonic drone. We have exclusive rights for that in the United States. That specifically will be launched on Kratos' Zeus. There's a lot of information on that because of the funding round they just closed.

看看 Hypersonix 在澳洲的倒閉事件。他們剛剛完成了一輪融資。他們擁有DART高超音速無人機。我們在美國擁有該產品的獨家銷售權。具體來說，它將在奎托斯的宙斯號上推出。由於他們剛剛完成了一輪融資，所以有很多相關資訊。

The spirit of what you said is correct. I just have to be careful on NDAs.

你說的意思沒錯。我得謹慎對待保密協議。

Okay. I understand. And maybe then just shift gears. What opportunities do you have in next-generation command and control?

好的。我明白。或許這時就可以換檔了。在下一代指揮控制系統領域，您有哪些機會？

That's primarily -- we can't -- I can't talk about that early. We're involved in it. I'm not going to get into it. Sorry. You're asking some stumping questions, my friend.

這主要是——我們不能——我現在不能談論這件事。我們參與其中。我不想深入討論這件事。對不起。朋友，你問的問題真夠棘手的。

I apologize. I'll tell you what, I'll just jump back in the queue.

我道歉。這樣吧，我還是重新排隊吧。

Jan Engelbrecht, Baird.

Jan Engelbrecht，Baird。

Good afternoon, Eric and Deanna. Congrats on a really strong print. I'd like to get some more details on Valkyrie. Just if we look at the '26 presidential budget request, there was $158 million for the prototype. That's a 12-month contract. But then in the reconciliation bill, there's $270 million for sort of our quality of development integration and production of Marine Corp unmanned combat aircraft. And to my knowledge, Valkyrie is sort of one of one. So just wanted to get your thoughts there.

下午好，埃里克和迪安娜。恭喜你印出一張非常棒的照片。我想了解更多關於瓦爾基里的資訊。如果我們看一下 2026 年總統預算申請，我們會發現原型機的預算為 1.58 億美元。這是一份為期12個月的合約。但在和解法案中，有 2.7 億美元用於提高海軍陸戰隊無人作戰飛機的研發、整合和生產品質。據我所知，瓦爾基里是獨一無二的。所以想聽聽你的想法。

And then also just the recent marine force design up there in October. They said that were going to be two more flights this year. Is this for calendar year 2025, or is it government fiscal year '26?

還有10月公佈的最新海軍陸戰隊設計方案。他們說今年還會有兩班飛機。這是指2025年日曆年，還是指2026財年？

Yeah. So on the first part of your question on the budgeting and what you saw in the reconciliation, Bill and your takeaway on that is absolutely correct. Absolutely correct. And that is one of the areas on how that will be spent over fiscal '26 and '27. That is something that's being ironed -- was being ironed out real time is kind of delayed now with the government shutdown. So that's what's going on there.

是的。所以，關於你問題的第一部分，即預算編制以及你在對帳中看到的內容，比爾，你的結論完全正確。完全正確。而這正是 2026 和 2027 財政年度資金使用方式的一個面向。這個問題正在逐步解決——原本正在即時解決，但由於政府停擺，現在解決進程有所延誤。這就是那裡發生的事情。

Your question on Marine Force structure, I cannot, for obvious security reasons, get into flight schedules. However, I'm glad you brought that up. I did not mention it in my prepared remarks.

關於您提出的海軍陸戰隊部隊結構問題，出於顯而易見的安全原因，我無法透露飛行計劃。不過，很高興你提到了這一點。我在事先準備好的發言稿中沒有提到這一點。

You may have seen the paper the Marines put out last week on their force structure and their priorities. And on two of the critical capability areas, the Valkyrie was specifically called out, which tie them to they're moving out on their program of record.

你可能已經看過海軍陸戰隊上週發布的關於其部隊結構和優先事項的文件。在兩項關鍵能力領域，「女武神」被特別提及，這表明他們正在推進其既定計劃。

Perfect. That's really helpful. And then if I can have a quick follow-up on Prometheus. So I just wanted to sort of understand exactly what solid rocket motor area credit is going after. I would assume that it's sort of small diameter, tactical missiles, but does it extend to larger missile spend applications.

完美的。這真的很有幫助。然後，我能否就普羅米修斯的問題做一個簡短的後續說明？所以我只是想確切地了解一下固體火箭發動機領域的學分究竟追求的是什麼。我猜它指的是小直徑的戰術飛彈，但它是否也適用於更大威力的飛彈應用呢？

And then just what -- how should we think about sort of a realistic market share capture? Sort of how long it's operational by 2027, the facility, but then as you do qualification and testing just so we don't get ahead of ourselves for when revenue can ramp? If you could just size that up for us as well. Thank you.

那麼，我們該如何考慮才能實際有效地取得市場佔有率呢？大概要考慮到 2027 年該設施能運作多久，但同時還要進行資質認證和測試，這樣我們才不會過早預測收入何時能夠成長？如果你也能幫我們量一下尺寸就太好了。謝謝。

Yeah, sir. So initially, Prometheus will be on tactical missiles exactly as you referred to. So I'll give you an example, so like a Tamir, for example. So tactical missiles, not large rocket systems like Zeus, which is like 32 or 33 inches or Oriole, which is like 23 inches. These are going to be tactical in nature. And as you know, we have -- I can't use the word commitment. We have an indication from our partner, RAFAEL, for both on the rocket engine and the energetic of tens of thousands of those once this is up and running. That ties into the second part of your question on the market share, okay?

是的，先生。所以最初，普羅米修斯計畫將如您所說，部署在戰術飛彈上。我舉個例子，例如泰米爾人。所以是戰術導彈，而不是像宙斯（口徑約 32 或 33 英寸）或金鶯（口徑約 23 英寸）這樣的大型火箭系統。這些都將是戰術性的。正如你所知，我們之間存在——我不能用「承諾」這個詞。我們的合作夥伴 RAFAEL 向我們透露，一旦火箭發動機投入使用，其能量將達到數萬個。這與你關於市場佔有率問題的第二部分密切相關，好嗎？

Our primary initial thesis that closes the business cases with our partner, RAFAEL, and missiles energetics requirements and solid rocket motor requirements that RAFAEL has both internationally and in the United States. Business cases closed with that.

我們的主要初步論點是，與我們的合作夥伴 RAFAEL 達成商業協議，並滿足 RAFAEL 在國際和美國境內的飛彈能量學要求和固體火箭發動機要求。至此，所有商業案例均已結案。

Now to answer your question. We are already -- we have been in discussions for several, several months now with the platform guys. So think Lockheed, think Raytheon, think Boeing, the guys that don't necessarily want to go to ATK or Aerojet because they're part of another company, there are competitive reasons to get their solid rocket loaders.

現在來回答你的問題。我們已經和平台方進行了幾個月的討論。所以想想洛克希德、雷神、波音，這些公司可能想去 ATK 或 Aerojet，因為它們是另一家公司的一部分，但它們出於競爭原因，還是會選擇購買固體火箭裝載機。

The demand, as you know, is incredible, and it's going to be there for the foreseeable future. We expect, as I've said before, that once this is up and running, both with the RAFAEL piece and the third-party piece, this will be $1 billion or multibillion-dollar valuation business.

如您所知，市場需求非常旺盛，在可預見的未來，這種需求還會持續存在。正如我之前所說，我們預計一旦 RAFAEL 部分和第三方部分都投入運營，這將是一項估值達 10 億美元或數十億美元的業務。

I don't want to give market share guesses right now. My perspective is, and I'm pretty sure I'm right, the market opportunity here is so big because the demand is so big, especially because there is no merchant supplier out there that has qualified systems other than Prometheus, we're going to do great.

我現在不想對市場佔有率做出猜測。我的觀點是，而且我很有把握我是對的，這裡的市場機會非常大，因為需求非常大，尤其是因為除了 Prometheus 之外，沒有其他商家供應商擁有合格的系統，我們一定會做得很好。

Jonathan Siegmann, Stifel.

喬納森·西格曼，斯蒂費爾。

So in the news, there was the XQ-58 lion with AI by the Air Force. I was wondering if you could comment a bit on that and any kind of update on opportunities with the Air Force.

新聞報導中提到，美國空軍研發出了搭載人工智慧的 XQ-58 雄獅。我想請您對此發表一些看法，並介紹一下空軍方面的最新機會。

And then second, on the Valkyrie again, just you're partnered with a handful of companies on three continents that integrate the mission systems with the aircraft. Some of these new guys are pitching their secret sauce as their own AI attached to a specific aircraft. Can you just kind of contrast your open mission system architecture with the new entrants?

其次，在 Valkyrie 戰機上，你需要與三大洲的幾家公司合作，將任務系統與飛機整合在一起。有些新公司把他們的獨門秘訣包裝成安裝在特定飛機上的人工智慧。能否請您將貴公司的開放式任務系統架構與新進者進行比較？

Yeah, I'm glad you mentioned that. Yeah, the Valkyrie has been flying with the United States Air Force. We've been flying with F-22 now F-35, F-15s, F-16s, and we're doing that we're doing that relatively routinely. I believe the Air Force put something out on that.

是的，很高興你提到了這一點。是的，瓦爾基里戰機一直在美國空軍服役。我們現在一直在使用 F-22、F-35、F-15、F-16 等戰機進行飛行，我們這樣做相當常規。我相信空軍就此事發布過一些資訊。

I cannot get ahead of the customer, but I'm the CEO. I drink the [Kool-Aid]. I feel great about our position with the Valkyrie and our other drones with the Air Force because they've been flying since Valkyrie since 2019. They've deployed weapons, they're low cost, they're affordable. They are flown with multiple artificial intelligence. I call it augmented autonomy packages, both in the government and of many of the other guys that are out there.

我無法搶在客戶前面，但我可是CEO。我喝[酷愛飲料]。我對我們與 Valkyrie 以及我們在空軍的其他無人機的合作感到非常滿意，因為自 2019 年 Valkyrie 以來，它們一直在飛行。他們已經部署了武器，這些武器成本低廉，價格實惠。它們搭載了多種人工智慧技術進行飛行。我稱之為增強自主系統，無論是在政府部門還是在其他許多機構中都是如此。

So second part of your question, take a look at Athena. I can't talk about that's classified, but Athena has been flying for quite a while, and it just knocked out a number of Athenas informed with one of the new defense tech artificial intelligence companies software on board, just knocked it out of the park. And so that customer is getting an incredible amount of data from that. And there are many more of those that we're doing. We just don't talk about them. Again, it's RDT and [S&T].

所以，關於你問題的第二部分，請看看雅典娜。我不能談論機密訊息，但雅典娜戰機已經飛行了相當長一段時間，它剛剛擊落了多架搭載了某新型國防科技人工智慧公司軟體的雅典娜戰機，表現非常出色。因此，該客戶從中獲得了大量數據。我們正在進行更多類似的項目。我們根本不談論它們。再說一遍，這是RDT（快速診斷檢測）和[英石]。

On the third part of your question, I don't want to speak for any of these other companies. I'll speak for Kratos. We have been flying augmented autonomy, artificial -- if you will, artificial intelligence, the new buzzword, okay, interloop autopilots for years, decades, we have people that have been doing this, okay? So have the big primes. This is not a black box type thing, in my opinion. It's just not black box type thing. And we should know since we have probably 8 to 10 different jets flying with it right now.

關於你問題的第三部分，我不想代表其他任何公司發言。我來替奎托斯發言。我們已經使用增強自主飛行、人工智慧（如果你願意的話，人工智慧，這是個新的流行詞）、互環自動駕駛儀飛行多年、數十年，我們有人一直在做這件事，好嗎？所以，我們需要大素數。在我看來，這不是黑箱操作的問題。它並非那種黑盒子式的東西。我們應該很清楚這一點，因為目前可能有 8 到 10 架不同的噴射機正在使用它。

So I'm not going to comment about the other guys. I'm not worried about them one bit in any way at all. We're going to win, and I think by today's report, especially with this MTCR rule change and this interpretation on the position paper that Marco Rubio put out at state, the fact that we've got these planes flying right now. You said about the continents and everything, this is why. And we're going to be -- I think this time next year, we're going to be under contract for jet aircraft in a handful of five different countries.

所以我不打算評論其他人。我一點也不擔心他們。我們會贏的，我認為根據今天的報告，特別是考慮到導彈及其技術控制制度（MTCR）規則的改變以及馬可·盧比奧在國務院發表的立場文件的解讀，再加上我們現在已經有飛機在飛行，我們肯定會贏。你剛才提到了各大洲等等，這就是原因。我認為明年這個時候，我們將與五個不同的國家簽訂噴射機的合約。

Anthony Valentini, Goldman Sachs.

安東尼·瓦倫蒂尼，高盛。

Hey, guys. Thanks for the questions. Eric, I just want to quickly return to some of the Valkyrie comments that you guys made. Maybe two quick ones for you there. What do you guys have in WIP today? And what's the current annual capacity for Valkyrie?

嘿，夥計們。謝謝大家的提問。艾瑞克，我只想快速地回應一下你們之前對女武神的一些評論。也許這裡有兩個簡單的問題想問你。你們今天有什麼正在進行中的專案？Valkyrie目前的年產能是多少？

Yeah. So Anthony, we are producing our second lot of -- so we just about completed the first lot of 12 and the second line of 12 should be completed mid next year sometime.

是的。安東尼，我們正在生產第二批——第一批 12 台基本上已經完成，第二批 12 台應該會在明年年中完成。

And on the first lot, the second lot -- a number of the first lots have been sold and virtually every one of the second lot have -- they're white tails, but they've got a name on the tail, where we're expecting them to go if things go our way.

第一批和第二批——第一批中的許多只已經售出，第二批中的幾乎每一隻也都售出了——它們是白尾鹿，但尾巴上都寫著名字，如果一切順利，我們希望它們能去往哪裡。

On the second part of your question, today, right now, we can do 50 a year.

關於你問題的第二部分，今天，現在，我們一年可以做 50 個。

Okay. That's helpful. And then, Deanna, maybe on the margin front, I know you guys have talked about this target drone program in the past. It's been a drag, and I think it's supposed to be for multiple more years. How much of a drag is that in '26 and 2027 implied margins?

好的。那很有幫助。還有，迪安娜，也許在邊緣問題上，我知道你們過去曾討論過這個靶機專案。這真是令人沮喪，而且我認為這種情況還會持續好幾年。這會對 2026 年和 2027 年的隱含利潤率造成多大的拖累？

There's still a drag clearly in 2026 and '27, it's a little bit less because part of the drag is related to our manufacturing overhead. We expanded our Oklahoma target drone facility about a year ago, so -- and it's not at full capacity right now. So that excess overhead cost is also part of the margin drag in addition to the two target drone contracts when we're on five-year production lot contracts.

2026 年和 2027 年顯然仍然存在一定的拖累，只是程度略有減輕，因為部分拖累與我們的製造成本有關。大約一年前，我們擴建了俄克拉荷馬州的靶機設施，但目前還沒有滿載運作。因此，除了兩個目標無人機合約之外，額外的間接成本也是我們簽訂五年生產批量合約時利潤率下降的一部分。

We're about halfway through that. So we've got about another two-plus years to go. We should be renegotiating the next five-year production lot in the next year or so. So we are doing what we can to mitigate the cost as much as possible, doing large supply buys with our suppliers to get as much quantity discounts as we can. But we do have about another two-plus years to go on that.

我們已經完成了一半左右。所以，我們還有兩年多的時間。我們應該會在未來一年左右的時間內重新協商未來五年的生產批次。因此，我們正在盡一切可能降低成本，與供應商進行大宗採購，以獲得盡可能多的數量折扣。但我們還有兩年多的時間才能完成這項工作。

Yes. And so coming at it just a different way. In 2028, those two contracts will be renegotiated. We should be in production on Valkyrie and/or tactical fire jet and/or Clone Ranger in this new facility, which will reduce their overheads -- the fixed overhead. All of that will be a force multiplier. We could see a significant step up in margins in '28 because of those reasons.

是的。所以，我們換個角度來看這個問題。2028年，這兩份合約將重新談判。我們應該在這個新工廠裡生產女武神和/或戰術火力噴射器和/或克隆遊騎兵，這將降低他們的營運成本——固定成本。所有這些都將起到倍增效應。由於這些原因，我們可能會看到 2028 年利潤率大幅提升。

Okay. That's perfect. Super helpful. Eric, maybe like a little bit more high level there. I'm sure you're aware of this, but there's a lot of these defense tech companies out there that are kind of talking about the ability to drive margins that are, let's just call it, 20% EBITDA plus as a result of them spending more on IRAD and having more software and just doing things at scale and at low cost.

好的。那很完美。非常有用。艾瑞克，或許他需要更高層次的指導。我相信您也知道這一點，現在有很多國防科技公司都在談論如何透過增加內部研發投入、開發更多軟體以及大規模、低成本地開展業務，來實現利潤率達到，我們姑且稱之為 20% 以上的 EBITDA。

So I'm curious, for you guys once you get through the growth opportunities that you have over the next X number of years, is there a reason to believe that this could be a 20%-plus EBITDA margin business? Or is it lower and more in line with Prime? Like how do you guys think through that? And how should we be framing that?

所以我很好奇，對你們來說，在經歷了未來 X 年的成長機會之後，是否有理由相信這會是一個 EBITDA 利潤率超過 20% 的業務？或價格更低，更接近 Prime 會員的價格？你們是怎麼考慮這個問題的？我們該如何表述這一點？

Yeah. So on the first part of your question, whoever these guys are that are telling you this, ask them -- tell them to read the truth on negotiation rules or TINA. And then you judge for yourself based on what they're doing if they can make 20% EBITDA margin based on TINA, okay?

是的。所以對於你問題的第一部分，不管是誰告訴你這些，問問他們——讓他們去讀讀關於談判規則或 TINA 的真相。然後，根據他們的實際表現，你自己判斷他們能否在TINA（總應稅收入）的基礎上實現20%的EBITDA利潤率，好嗎？

So now, to Kratos. Our margins, as we went through today, and as Deanna and I just explained to you, they are going to continue to go up, '26, '27, '28. They would have gone up more in Q3 and in Q4 and for forecasted next year. The bid and proposal in the capture costs that we are expanding right now on new opportunities as prime is incredible.

現在，輪到奎托斯了。正如我們今天所討論的，也正如我和迪安娜剛才向你們解釋的那樣，我們的利潤率在 2026 年、2027 年、2028 年將繼續上升。第三季和第四季以及預計明年，它們的漲幅還會更大。我們目前正在拓展新的機會，爭取成為主要承包商，而投標和方案的成本非常高。

And I mean, look what we just reported. We just reported a 23% growth. We just increased next year's organic growth up to 15% to 20%, and we're projecting the following year's organic revenue growth to be 18% to 23% above next year's 15% to 20%. This is all new programs we've either won or going after, and the customers have said, we think you're going to win.

我的意思是，看看我們剛剛報道了什麼。我們剛剛公佈了23%的成長數據。我們剛剛將明年的有機成長率提高到 15% 至 20%，我們預計後年的有機收入成長率將比明年的 15% 至 20% 再高出 18% 至 23%。這些都是我們已經贏得或正在爭取的新項目，客戶都說，我們認為你們會成功。

So that's suppressing the margins a little bit. Let's say that cools down a little bit going into '28, '29. This also ties into the question earlier, Anthony, about my line of sight on positive cash flow, okay? This ties into it. If the assumption is that this incredible growth period starts slowing down a little bit, say, 29% or 30%, the BNP will come down, the development contracts which are lower margin will come down.

這樣一來，利潤空間就稍微縮小了一些。假設到 2028 年、2029 年，這種情況會稍微緩和一些。這也與之前安東尼提出的問題有關，關於我對正現金流的看法，好嗎？這與此有關。如果假設這驚人的成長期開始放緩，比如說 29% 或 30%，那麼法國巴黎銀行的利率就會下降，利潤率較低的開發合約也會下降。

The lines will cross. Our margin rates are going to go up significantly, and we're going to start generating significant cash flow. That's what our models look like right now.

兩條線將會交叉。我們的利潤率將大幅提高，我們將開始產生可觀的現金流。這就是我們目前的模型的樣子。

Ken Herbert, RBC.

Ken Herbert，RBC。

Eric, I wanted to ask about the expected procurement reform changes that should get announced later this week by Hegseth and Feinberg. To the extent to which you follow these because they really seem to lean into commercial pricing policies, sort of speed of technology to the Warfighter things that you seem to obviously have leaned into as well. To the extent to which you can comment, how do you view these potential reforms benefiting Kratos and maybe shifting some of these dynamics around either top-line or margin opportunity?

艾瑞克，我想問赫格塞斯和費恩伯格本週稍後應該會宣布的採購改革變化。你之所以會關注這些，是因為它們似乎真的傾向於商業定價政策，以及技術發展速度對作戰人員的影響，而這些顯然也是你非常重視的。在您允許的範圍內，您認為這些潛在的改革對 Kratos 有何益處，以及它們是否會改變 Kratos 在營收或利潤方面的機會？

Yeah. Great question, Ken. I read the six-page summary briefing that came out this morning on that. Obviously, I'm looking forward to see what the Secretary is going to say on Friday. I believe this is going to be exactly consistent with Wicker's FoRGED Act, with the House SPEED Act, with the three or four executive orders. This is now the Pentagon coming forward.

是的。問得好，肯。我閱讀了今天早上發布的關於此事的六頁簡報。顯然，我很期待看看部長週五會發表什麼演說。我相信這將與威克的《FoRGED法案》、眾議院的《SPEED法案》以及三到四項行政命令完全一致。現在輪到五角大廈站出來了。

I think that this is going to be outstanding for Kratos because what this is basically saying, and I think take a look at what the Marine Corps said yesterday, bring us your products, let us test them and we'll buy them. This whole procurement paradigm is changing. It has to change because speed.

我認為這對奎托斯來說將是絕佳的機會，因為這基本上是在說，而且我認為看看海軍陸戰隊昨天說的話，把你們的產品帶給我們，讓我們測試一下，然後我們會購買它們。整個採購模式正在改變。因為速度的原因，它必須改變。

We have to deploy things, and we have to do it quickly. So I'm very excited about this. Again, I frankly believe this is one of the reasons the venture guys are backing all these new defense tech companies and all the money they've spent on lobbyists, they're helping shape this, they're doing this and which is great for Kratos.

我們必須部署資源，而且必須迅速部署。所以我對此感到非常興奮。坦白說，我認為這正是創投家支持所有這些新興國防科技公司的原因之一，他們投入大量資金用於遊說，他們正在幫助塑造這一切，他們正在做這件事，這對奎托斯來說是件好事。

And let me tell you what I see coming here is let's take a look at the $1 trillion spend, 50% of that goes to the war fighter salary as metal in his retirement. That leaves $500 million. About half of that $500 billion or $250 billion is buying hardware and stuff from contractors.

讓我告訴你我預見的情況是，我們來看看這1兆美元的支出，其中50%將用於支付作戰人員的退休金和工資。這樣還剩下5億美元。這5000億美元中大約有一半，也就是2500億美元，是用來從承包商那裡購買硬體和其他東西的。

Let's just pick a number, let's just say, 10% of that a year is not going to go to the traditionals anymore. It's going to go to guys like Kratos, that's $25 billion a year, that's going to start flowing to guys like us and the new defense tech guys, that's going to be growing 5% or 6% a year.

我們隨便舉個例子，比如說，每年有 10% 的資金將不再流向傳統通路。這筆錢將流向像 Kratos 這樣的公司，每年 250 億美元，這筆錢將開始流向我們這樣的公司和新興的國防科技公司，每年成長 5% 或 6%。

That's when I talk about structural, and that's what I think you're referring to the Secretary is going to do on Friday. This is structural. It's administration, it's Department of War or Department of Defense, whatever we call it. It's the House, it's the Senate, and it's because of the threat.

那時我就要談到結構性問題了，我想你指的是部長週五要做的事情。這是結構性問題。它是行政部門，它是戰爭部，或國防部，不管我們怎麼稱呼它。是眾議院，是參議院，這一切都是因為威脅。

Appreciate that, Eric. Just one quick follow-on. I mean, obviously, this isn't the first time we've tried fairly ambitious procurement reform -- what do you think is different now in terms of how do you handicap this to perhaps be more successful or to stick, obviously, beyond sort of what's contemplated?

謝謝，埃里克。還有一個後續問題。我的意思是，很顯然，這並不是我們第一次嘗試雄心勃勃的採購改革——你認為現在有什麼不同，才能使改革更加成功或更持久，顯然要超越目前的設想？

So I think from now until the next election or January of '29, I think that this is going to rip, and it's going to accelerate because of this administration. You mentioned (inaudible). There are a number of other ex entrepreneurial, commercial venture guys, private equity guys that are in the administration. So that's important. The administration has many of these people in the right places. That's number one.

所以我認為從現在到下次選舉或 2029 年 1 月，我認為這種情況會愈演愈烈，而且由於本屆政府的緣故，這種情況還會加速發展。你提到（聽不清楚）還有一些其他曾經從事創業、商業創投和私募股權投資的人也在管理階層任職。所以這一點很重要。政府已將許多這類人才安排在了合適的職位上。這是第一點。

Number two, I'm going to go back to the new tech companies and the venture capitalists that are funding them. They are spending an enormous amount of money lobbying, trying to change the policies. I mean, take a look at one of the acts I read and you go to somebody's website, it's like it was taken right off of their website, one of the new defense tech guys. So that is a big change we didn't have before. And one of the reasons the military is doing it and this administration is doing it as they're looking at this money as a force multiplier to their budgets.

第二，我要再去了解那些新興科技公司以及為它們提供資金的創投家。他們花費巨資進行遊說，試圖改變政策。我的意思是，看看我讀過的其中一項法案，然後你去某個人的網站看看，你會發現它就像是從他們的網站上直接摘錄下來的，那是一個新興國防科技公司的網站。所以這是我們以前從未經歷過的重大變化。軍方和本屆政府這樣做的原因之一是，他們將這筆錢視為預算的倍增器。

This is why contracts are changing now to incentive based. In other words, you four guys you win, you each to develop and bring us something. And if whoever gets there first or second, we're going to down select the two, you get a prize of $100 million. Now you can go to gate number 3. Literally, there are procurements coming up that we're involved in that are like this. And so companies whose DNA is to not buy back stock, not pay dividends, but to take your shareholders' money, which we treat every dollar as our own and develop a new product for a specific need or requirement. This is why we're being successful.

這就是為什麼合約現在正朝著激勵型合約轉變的原因。換句話說，你們四個人贏了，你們每個人都要有所發展，帶給我們一些東西。如果第一個或第二個到達終點的人，我們將選出這兩個人，他們將獲得 1 億美元的獎金。現在你可以前往3號登機口了。實際上，我們參與的即將進行的採購項目就與此類似。因此，有些公司的DNA是不回購股票，不支付股息，而是把股東的錢，視作自己的每一分錢，開發出滿足特定需求或要求的新產品。這就是我們成功的原因。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱。

So maybe just summarizing the building blocks that you gave in terms of the guidance. It sounds like, based on what we have today, call it, roughly $2 billion revenue line item of $27 million -- and then we get upside from there, call it, maybe Q2 to Q3 on a mix of recore production and then probably Air Force ECA developmental work.

所以，或許可以簡單地總結一下您提供的指導原則。根據我們目前掌握的情況來看，大約有 20 億美元的收入，其中 2700 萬美元是主要收入項目——然後，我們還能從中獲得增長，比如說，可能在第二季度到第三季度，這主要得益於核心部件生產以及空軍 ECA 開發工作。

So as we think about those building blocks, a, does that building block it -- or does that make sense; b, what are some of the additional US customers beyond Marine Corps and Air Force that you feel really strong on; and then c, is it fair to characterize that starting point as fundamentally being kind of a production doubling cycle as we're going from like low rate initial production to full rate production over a three-year period subset. If it's two in '28, and it's more like 2.4%. And then maybe it's like five years from now, it's a $5 billion. Does that all make sense?

所以，當我們思考這些基本組成部分時，a，這個基本組成部分是否合理；b，除了海軍陸戰隊和空軍之外，你認為還有哪些美國客戶是你非常看好的；c，將這個起點描述為從低速初始生產到三年內全面生產的某種生產倍增週期是否公平？如果 2028 年是 2，那更像是 2.4%。也許五年後，它就達到 50 億美元了。這樣說得通嗎？

Yes. Okay. So on your base case assumption that you're talking about, let's put aside tactical drones, put those aside. I'll come back to them. All right. The growth rates we gave you today, which I fully expect will continue into '28 when we give our target next year, that excludes tactical production.

是的。好的。所以，在你所說的基本假設情況下，我們先把戰術無人機放在一邊，先把它們放在一邊。我會再去找他們的。好的。我們今天給出的成長率，我完全預期這些成長率將持續到 2028 年，屆時我們將給出明年的目標，但這些成長率不包括戰術生產。

Let me give you a big one that's coming that I haven't talked about in a long time, but we are under contract, okay? We are under contract for the ground transporters for Sentinel. This is a multi-hundred million-dollar initial contract before it goes into production. This is going to start ramping '27, '28, '29.

讓我告訴你一件即將發生的大事，我已經很久沒提過了，但是我們已經簽了合同，好嗎？我們與 Sentinel 公司簽訂了地面運輸合約。這是一份價值數億美元的初始合同，在投入生產之前就會簽訂。這將從 2027 年、2028 年、2029 年開始逐步增加。

So there's a big program of record out there. We are on, it's enormous. I can't get ahead of my partner, Northrop. This is going to kick in for us in some of those out years. That is in our forecast because it's a program of record.

所以，目前有一個很大的記錄程序。我們正在進行中，規模非常龐大。我無法超越我的合夥人諾斯羅普。在未來的幾年裡，這將對我們產生影響。這在我們的預測之中，因為這是一個有記錄的節目。

Okay. Let me give you another one, please keep this one in mind, too, the jet engine production. Okay. think depending on the size of the engine, these are just the turbojets, this is not GEK, $30,000 to $50,000 per engine for us, okay? So if we get to 1,000 engines a year in '28, which if you take a look at some of these low-cost cruise missile programs that we are designed in on that's not out of the ordinary, that helps get you there.

好的。我再舉一個例子，也請記住這個例子，那就是噴射引擎的生產。好的。根據發動機尺寸的不同，這些只是渦輪噴射發動機，不是GEK的，每台發動機的價格在我們這裡是3萬到5萬美元，好嗎？所以，如果我們能在 2028 年達到每年 1000 台發動機的產量，如果你看看我們正在設計的這些低成本巡航導彈項目，這並不罕見，這有助於我們實現目標。

So putting it to tactical drones aside, we are looking at line of sight on being a multibillion-dollar company over the next several years. As you said, we're going to get to two relatively soon. then let's bring in the tactical I don't want to talk specifically about the Marines or the Air Force. I can't do that, okay? But if you take the Valkyrie and what we're doing with the marine, in Europe.

因此，暫且不談戰術無人機，我們預計在未來幾年內，公司市值將達到數十億美元。正如你所說，我們很快就會談到第二點。然後我們再來談談戰術方面，我不想具體談論海軍陸戰隊或空軍。我不能那樣做，好嗎？但如果你看看瓦爾基里戰機以及我們在歐洲對海軍所做的一切。

One of the other ones I talked about that we're sole source on, but I think I'm going to be able to talk about a lot when we report Q4 in February, okay? We could be producing -- let's be super-duper conservative. 2028, let's say we're doing 50 a year at $10 million each. There is an incremental $500 million, okay?

我之前提到過，我們是獨家消息來源，但我認為在二月發布第四季度財報時，我可以詳細談談這件事，好嗎？我們或許可以生產——讓我們非常保守地估計一下。假設到2028年，我們每年生產50個，每個價值1000萬美元。還有5億美元的增量，懂嗎？

Tactical fire jet okay, use $500,000 to $700,000 per plane just depending on the mission system, okay? This could be 200 to 300 a year by 2028. That's what we're talking here. This is a very important system internationally. This is one of the reasons these rule changes and interpretations are so important for us. right. Okay.

戰術火力噴射機可以，每架飛機花費 50 萬到 70 萬美元，具體取決於任務系統，可以嗎？到 2028 年，這個數字可能會達到每年 200 到 300。這就是我們正在討論的內容。這是一個非常重要的國際體系。這就是為什麼這些規則的改變和解釋對我們如此重要的原因之一。沒錯。好的。

Then there are some other ones that you alluded to. I can't talk about if we're successful on them, I think we're going to be successful in at least one of them, that would start being very material also in 2018. So that's why -- that's the meat on the bone on why I agree with your vision, let's say, through 2030.

還有你提到的其他一些例子。我無法談論我們是否能成功，但我認為我們至少會成功完成其中一項，這將在 2018 年產生非常重要的影響。所以這就是原因——這就是我同意你的願景（比如說到 2030 年）的根本原因。

Got it. Definitely. Definitely appreciate that color. And then as we think about kind of, we'll call it, like the production style work of essentially like we think of the umbrella, right, it's Anduril's Lattice versus Shield AI's Hivemind, with both of them being extremely competitive for each of the mission sets. But the production volumes that follow those likely demonstrate some relative growth that's either exponential or logic, right?

知道了。確實。我非常喜歡這個顏色。然後，當我們思考某種，我們稱之為，就像我們所說的傘狀結構，對吧，這是安都瑞爾的晶格與盾牌人工智慧的蜂巢思維之間的較量，兩者在每個任務集中都極具競爭力。但隨後的產量可能會顯示出某種相對增長，這種增長要么是指數級的，要么是合乎邏輯的，對吧？

More platforms coming on in more software. How do you think about all of that goodness that we just talked about in terms of those building blocks versus the potential upside of those software partners getting more significant growth and thus driving more production towards Kratos?

更多平台和更多軟體即將上線。您如何看待我們剛才討論的這些優勢，以及這些軟體合作夥伴獲得更大成長並因此推動更多產品流向 Kratos 的潛在好處？

Okay. So yes, that's a good question. Deanna calls this my CEO stars aligned vision, okay? Let's say that -- Anduril is right with the Barracuda, okay? Let's say that some of the -- let's say Castelion is right, with Bluebeard -- or Blackbeard. Let's say, some of these guys are right.

好的。是的，這確實是個好問題。迪安娜稱之為我CEO的“星光熠熠的願景”，好嗎？假設安杜里爾和梭魚號的說法是對的，好嗎？假設其中一些——假設卡斯特里翁是對的，藍鬍子——或者黑鬍子。假設這些人有些是對的。

On the air reading engine side, this is also the big guy, so take a look at Comet, take a look at Lumberjack, take a look at Franklin, take a look at MACE, take a look at CMMT, okay? All of which are going to need some type of a brain as you're talking about for their mission. They're all going to need engines, and we see how warfare now is quantity.

在氣動引擎方面，這也是個大傢伙，所以看看 Comet、Lumberjack、Franklin、MACE、CMMT，好嗎？正如你所說，所有這些生物都需要某種形式的大腦來完成它們的使命。他們都需要引擎，我們看到現在的戰爭就是數量戰爭。

And it's not going to be quantities of $3 million JASMs, ER, XR, and LRASMs. It's going to be Barracudas, it's going to be things like that. So let's say my 1,000-engine-a-year type of a thing is low by 2 -- 2,000 a year at $50,000 -- or 3,000 engines a year at $50,000. This is how we will participate if they're successful, and I hope they are for US national security.

而且數量也不會是價值 300 萬美元的 JASM、ER、XR 和 LRASM。會是梭魚，會是類似的東西。假設我每年生產 1,000 台發動機的計劃少了 2 台——每年 2,000 台，每台 50,000 美元——或者每年 3,000 台發動機，每台 50,000 美元。如果他們成功了，我們將以這種方式參與，我希望他們成功，為了美國國家安全。

Got it. And just last one to make sure that we have the accretion dynamics ironed out in terms of Orbital -- but maybe just if we do the rough math, it sounds like it's [350 divided by 15] for LTM EBITDA and then roughly [350 divided by], call it 20 to 30. So at, let's call it, let's call it a mid-teens, low-teens EBITDA multiple of takeout for brevity's sake. What are the key IP technologies that you view you're getting within that asset?

知道了。最後一點是為了確保我們已經解決了軌道方面的吸積動力學問題——但如果我們粗略計算一下，LTM EBITDA 聽起來像是 [350 除以 15]，然後大約是 [350 除以]，姑且稱之為 20 到 30。為了簡潔起見，我們姑且稱為收購的 EBITDA 倍數在十幾到十幾之間。您認為您將從該資產中獲得哪些關鍵的智慧財產權技術？

Okay. So the number one that I'm focused on is their miniaturization technology on unmanned aerial vehicles, unmanned ground systems, unmanned ships, and unmanned submersibles which has proven in my mind, this is a significant -- this ties into your question on how we're going to ride the coattails on them. This is another avenue for Kratos to participate in vast quantities of systems that need communication capabilities in very difficult environments, including A2AD. This is how I see it for them.

好的。因此，我最關注的是他們在無人機、無人地面系統、無人船和無人潛水器方面的小型化技術，在我看來，這已經證明，這是一個重要的——這與你提出的我們將如​​何借助他們的技術優勢的問題有關。這是 Kratos 參與大量需要在非常困難的環境下進行通訊的系統（包括 A2AD）的另一種途徑。我是這樣看待他們的。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Hey, Eric and Deanna. You previously mentioned were early on the call, you said that hypersonics could be the largest single franchise within the business. And then I think on a note back in early October, you said that this would be a multibillion-dollar franchise for Kratos. Obviously, there's a big difference between being the biggest business and multibillion dollar when might you see it reach the $1 billion range? And what are the puts and takes of that growth across the BUs. I get that that's a lot, and I know there might be the issue of NDAs, but at least what needs to happen for that to occur?

嗨，埃里克和迪安娜。您之前提到過，您很早就參加了電話會議，您說高超音速技術可能是公司內最大的單一特許經營項目。然後，我記得在 10 月初的時候，你說過這將是奎托斯的一個價值數十億美元的系列作品。顯然，成為最大的企業和成為數十億美元的企業之間有很大的區別，那麼你什麼時候才能看到一家企業的市值達到 10 億美元左右呢？而這種成長對各個事業單位的影響和代價是什麼？我知道這很多，也知道可能會有保密協議的問題，但至少需要滿足哪些條件才能實現這一點？

I believe in -- Kratos calendar 2028, it's a $1 billion-plus business franchise. Nothing needs to -- okay, this will happen unless the global piece breaks out. That's it. That's what it is.

我相信——Kratos 2028 年日曆，這是一個價值超過 10 億美元的商業特許經營項目。沒什麼需求——好吧，除非全球局勢爆發，否則這種情況不會發生。就是這樣。就是這樣。

And the puts and takes, I guess, like, obviously, that touches a lot of the BUs.

而買賣交易，我想，很顯然，會影響很多事業單位。

So the puts and takes, I'll take -- I'll do the take first because I'm the optimist. Depending -- you're going to laugh at this one, since we're in the idle of a government shutdown. If the government gets it shipped together and we get budgets or continuing resolutions kind of sort of on time, we could get there in '27, okay? That's the take.

所以，無論是出手還是拿球，我都會先拿球——因為我是個樂觀主義者。這要看情況——你可能會覺得好笑，因為我們正處於政府停擺的空檔期。如果政府能夠把東西運過來，並且我們能夠按時獲得預算或持續決議，那麼我們就能在今年 2027 年實現目標，好嗎？這就是我的看法。

The puts, it doesn't happen until '29. We have garment shutdowns and the children argue with each other, and we have more continuing resolutions with additional reconciliation bills and it's a mess, then it's 29%. It's really the funding of the programs, of the various programs we have.

賣出選擇權，要到 29 年才會發生。服裝廠停工，孩子們互相爭吵，還有更多的持續決議和額外的和解法案，真是亂成一團，然後就變成了 29%。真正的問題在於各個專案的資金來源，也就是我們各個專案的資金來源。

Got it. No, that checks out. And then maybe a quick one, Deanna, on the CapEx push out on the '26. I mean, what business units or programs are going to be most affected by that push out?

知道了。沒錯，這沒問題。然後，迪安娜，也許可以快速問一下關於 26 年資本支出推進的問題。我的意思是，哪些業務部門或專案會受到這種外包的影響最大？

It's primarily in the KGS business. So it's our integration payload facility in Indiana. So that's just some of the timing of construction that will happen predominantly in '26 and then our advanced manufacturing facility in Birmingham. So the GEK facility that we're building in Oklahoma, that wasn't scheduled to start until '26 anyway. So just -- it was predominantly those two first ones that I mentioned.

它主要從事公斤計價業務。所以這是我們在印第安納州的整合有效載荷設施。以上只是部分建設時間安排，主要建設將於 2026 年進行，之後我們將在伯明翰建造先進的製造工廠。所以，我們在俄克拉荷馬州建造的 GEK 工廠，本來就計畫要到 2026 年才開工。所以，主要是──就是我提到的那兩個。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Hi. Good afternoon, Eric and Deanna. So how do you view your expected long-term revenue mix for US versus international Valkyrie sales, just given the recent commentary and announcements of international partnerships for it?

你好。下午好，埃里克和迪安娜。那麼，鑑於最近有關 Valkyrie 的評論和國際合作公告，您如何看待 Valkyrie 在美國和國際市場的長期預期收入組成？

So let's talk relative and then absolute. On a relative basis, the US is going to be far and away the biggest because that's where the biggest budgets are. And in some of the earlier commentary we were talking about with the MUX TUCAIR program, et cetera.

那我們先來談談相對論，再談談絕對論。從相對比例來看，美國將是最大的，因為美國的預算規模最大。在之前的一些評論中，我們談到了 MUX TUCAIR 程式等等。

However, on absolute dollars, let's go -- we go back to the previous discussion. And what I know some of the programmatic buy plan are on certain of the international guys we're chasing with Airbus. '28, '29 -- let's say -- it's 20 -- let's say, internationally, it's 20 or 30 Valkyries a year at $10 million each. So there's a couple $300 million in revenue. That on a relative basis is going to be -- could be very small to the US But on an absolute basis, it could be very important to us.

但是，如果以絕對美元計算，我們還是回到之前的討論。我知道一些程序化採購計劃是針對我們正在與空中巴士合作洽談的某些國際客戶制定的。比如說，2028年、2029年──比如說，國際上每年採購20到30架瓦爾基里戰鬥機，每架1000萬美元。所以收入有三億美元左右。從相對意義上講，這對美國來說可能微不足道；但從絕對意義上講，這對我們來說可能非常重要。

And Austin, while you're -- since you mentioned this, I want to emphasize something. One of the opportunities that we're chasing that I believe in the tactical high-performance bigger jet drone area is that I believe we're sole source on if this all comes through the government approvals and everything. It's not a Valkyrie.

奧斯汀，既然你提到了這一點，我想強調一點。我認為，我們正在追求的機會之一，也是我們在戰術高性能大型噴射無人機領域的成就，是如果我們能夠獲得政府批准，我們將是唯一的供應商。它不是女武神。

Take a look at our Clone Ranger. If you throw that in your bucket international, if that comes to fruition, we're going to know in the next year and then I'll be able to crisply answer your question. International absolute could be even bigger, still on a relative basis small to the US, but it could be even bigger because that's a real customer out there that's interested in the Clone Ranger.

來看看我們的克隆遊俠。如果你把這件事納入你的國際考量範圍，如果它最終得以實現，我們將在明年知道結果，屆時我就可以清楚地回答你的問題了。國際市場的絕對規模可能更大，雖然相對於美國來說仍然很小，但它可能更大，因為確實存在對克隆遊俠感興趣的真實客戶群。

Okay. And what are your thoughts on the Army CCA program that was announced at AUSA? Would this be rail launched or use runways? And would it be potentially paired with Army rotorcraft?

好的。您對在AUSA大會上宣布的陸軍CCA計劃有何看法？這是鐵路發射還是跑道發射？它是否有可能與陸軍旋翼機配套使用？

Great question. My opinion is these are not going to be tied to runways for the obvious reason. These are -- and expeditionary reasons. These are going to be rail launched or they're going to be VTOL launched.

問得好。我認為這些設施不會與跑道相連，原因顯而易見。這些是——以及探險的原因。這些飛彈要么會採用軌道發射，要么會採用垂直起降發射。

You've seen a lot of VTOLs come out recently. So these are not going to be runway dependent. They're going to be rail launched or VTOL, primarily rail. It's the best way to do it. And I do believe that they will be loosely tied to man helicopter -- loosely type demand helicopter gunship. A lot of them, especially if they use our technology, they're going to be pretty autonomous.

最近市面上出現了許多垂直起降飛行器。所以這些都不會依賴跑道。它們將採用軌道發射或垂直起降方式，主要採用軌道發射。這是最好的方法。而且我相信它們會與直升機運輸機有鬆散的聯繫——鬆散地稱之為需求直升機武裝。很多設備，特別是如果使用我們的技術，將會非常自主。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Thanks. Eric, I don't know if you can answer this or maybe, Deanna, on MACH-TB, do the economics of that program change for you if you use a Kratos flight test asset Zeus or Erinyes versus a supplier's test asset?

謝謝。Eric，我不知道你是否能回答這個問題，或者Deanna，關於MACH-TB，如果你使用Kratos的飛行測試資產Zeus或Erinyes而不是供應商的測試資產，該項目的經濟效益是否會改變？

There are different margin rates depending on the content of what we're providing, yes. I can't get into the specifics, but it is --

是的，根據我們提供的產品或服務的內容，利潤率會有所不同。我無法透露具體細節，但確實如此。--

Okay, higher content is better for you. Okay. And then on Helios, you got the $68 million contract in October for the new facility. When does that facility come online? And kind of what further awards or contracts are you kind of expecting there? And -- is that connected to MACH-TB or is that fully separate?

好的，內容越多越好。好的。然後，Helios公司在10月份獲得了價值6800萬美元的新設施建設合約。該設施何時投入使用？那麼，你預計還能獲得哪些其他獎項或合約呢？那它跟 MACH-TB 有關聯嗎？還是完全獨立的？

Yes. It can be connected to MACH-TB, but it's not tied to it at all, and I'll explain why. So obviously, this is an arc jet and a laser facility for incredible heat to test hypersonic weapons and materials. So it's going to use an enormous amount of power, like crazy electricity.

是的。它可以連接到 MACH-TB，但與 MACH-TB 完全無關，我來解釋一下原因。很明顯，這是一個用於測試高超音速武器和材料的電弧噴射器和雷射裝置，能夠產生極高的溫度。所以它會消耗大量的電力，就像瘋狂的電力一樣。

We're down to two sites. We're going to be making the decision probably in the next 30 days that either have the infrastructure and the power capacity already or they're willing to put it in, okay? This ties into something in my prepared remarks that Kratos does that other companies out there don't do. We don't know and start building a generic 1 billion square foot facility somewhere without a program. Because programs are specific and they require different types of business structure, different types of security, different types of power. So -- and you need a customer that's going to pay for a rate of return.

我們現在只剩下兩個地點了。我們可能會在接下來的 30 天內做出決定，要么他們已經擁有基礎設施和電力容量，要么他們願意投入資金，好嗎？這與我事先準備好的發言稿中提到的一點有關，那就是 Kratos 做了一些其他公司沒有做過的事情。我們一無所知，就貿然在某個地方建造一個佔地10億平方英尺的通用設施，而沒有任何規劃。因為每個專案都有其特殊性，需要不同類型的業務結構、不同類型的安全措施和不同類型的權力。所以——你需要的是一個願意為一定報酬率付費的客戶。

The initial $68 million is to get the facility going, et cetera, et cetera. So Kratos will build the facility, Kratos will pay for the facility. It will come out of our CapEx. The customer is giving us a contract where we're going to be able to recover that CapEx either in the overhead rates on the contractor through a lease plus a rate of return. This is why it's so incredibly positive that our shareholders invest in us to let us do this. It is an incredible force multiplier for us.

最初的 6800 萬美元用於啟動該設施等等。所以奎托斯會建造這個設施，奎托斯會支付這個設施的費用。將從我們的資本支出中支出。客戶給我們簽訂了一份合同，我們可以透過租賃向承包商收取管理費，再加上一定的回報率，來收回這筆資本支出。正因為如此，我們的股東投資我們，讓我們能夠做到這一點，這真是太棒了。它對我們來說是一個強大的助力。

One facility is up and running. The number of systems, the backlog on hypersonic or high-speed related systems with exotic materials that need to be tested, is incredible here in the United States. As you know, we mall shut this capability down, and that's why Russia and China caught up to us.

其中一家工廠已經投入營運。在美國，需要測試的高超音速或高速相關係統（包括採用特殊材料的系統）的數量和積壓數量令人難以置信。正如你所知，我們關閉了這項能力，這就是為什麼俄羅斯和中國趕上我們的原因。

So this will be similar to Anaconda and annuity for Kratos. We will own the facility. We will operate the facility. And it will go, as I said on Anaconda, on the slide 1, for decades. And it will be a multi-hundred million-dollar, $1 billion revenue stream for us over time.

所以這將類似奎托斯的巨蟒和年金。我們將擁有該設施。我們將負責營運該設施。正如我在 Anaconda 幻燈片 1 中所說，它將持續數十年。隨著時間的推移，這將為我們帶來數億美元、10億美元的收入。

Okay. Great. I appreciate it. Last quick one for me. I don't know if you can answer this either, but Poseidon, can you maybe at least tell us what segment that is going to be in?

好的。偉大的。謝謝。最後再補充一個簡短的。我不知道你是否能回答這個問題，但波塞冬，你至少可以告訴我們這會在哪個部分出現嗎？

No. But I'll make you feel good on this. One of the reasons our book-to-bill was 1.2:1. We got the first big block of Poseidon. So that's -- I'm glad you asked and I wanted to point that out that a big part of our book to bill was the first piece. It was a first piece of Poseidon.

不。但我會讓你在這件事上感覺良好。我們的訂單出貨比達到 1.2:1 的原因之一是我們拿到了第一批大量的波塞冬產品。所以——我很高興你問了這個問題，我想指出的是，我們帳目中很大一部分是第一部分。這是波塞冬的第一件作品。

Okay. Well, KGS book-to-bill was pretty strong this quarter.

好的。本季KGS的訂單出貨比表現相當強勁。

No, I'm not talking.

不，我不說話。

Thanks, guys. Appreciate it.

謝謝各位。謝謝。

Joe Gomes, Noble Capital.

Joe Gomes，Noble Capital。

Good evening. Been a long call, a lot of questions, so I'm going to ask you one real quick one here, Eric. So with the acquisition -- proposed acquisition of Orbit, a bunch of these CapEx that you've talked about, how comfortable are you right now with where your cash position is?

晚安.通話時間很長，問了很多問題，所以我現在只問你一個簡短的問題，艾瑞克。那麼，對於收購——擬議收購 Orbit，以及您提到的一系列資本支出，您目前對您的現金狀況有多大信心？

I'm extremely comfortable, like we're in a very good position. And if I think the opportunity sets out there, so we've had a similar result that we had before, I got to look at that. But right now, I'm looking at -- that's how I feel about it.

我覺得非常安心，我們處境非常好。如果我認為機會擺在那裡，而且我們之前也取得了類似的結果，我就得好好研究一下。但就目前而言，我的看法是──這就是我對這件事的感受。

Great, thanks.

太好了，謝謝。

Thank you. There are no further questions at this time. I'll now hand back to Mr. DeMarco for any closing remarks.

謝謝。目前沒有其他問題了。現在我將把發言權交還給德馬科先生，請他作總結發言。

Great. Thank you all for joining us. I appreciate the Q&A. I look forward to speaking with you all when we report Q4 at the end of February. Thank you.

偉大的。感謝各位的參與。我很感謝問答環節。我期待在二月底發布第四季業績報告時與大家交流。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。