Kratos Defense and Security Solutions Inc (KTOS) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to Kratos Defense & Security Solutions fourth quarter and fiscal year 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

大家好，歡迎參加 Kratos Defense & Security Solutions 2025 財年第四季及全年財報電話會議。（操作員說明）請注意，本次會議正在錄音。

Now it's my pleasure to turn the call over to the Senior Vice President and General Counsel, Marie Mendoza. You may begin.

現在我很高興將電話轉交給高級副總裁兼總法律顧問瑪麗·門多薩。你可以開始了。

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

謝謝。大家下午好。感謝您參加 Kratos 防務與安全解決方案公司 2025 年第四季及全年業績電話會議。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。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包含的安全港條款段落。

This paragraph emphasizes the major uncertainties and risks inherent in the forward-looking statements we will make this afternoon. Please keep these uncertainties and risks in mind as we discuss future strategic initiatives, potential market opportunities, operational outlook, financial guidance and other forward-looking statements during today's call.

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，請大家牢記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 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非GAAP財務指標，該術語的定義見G條例。非GAAP財務指標不應脫離GAAP財務資訊單獨考慮，也不應取代GAAP財務資訊。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。

Good afternoon, everyone. We finished 2025, exceeding our financial objectives for the fourth quarter, generating approximately 20% Q4 year-over-year organic revenue growth, generating a 1.3:1 book-to-bill ratio on top of this 20% growth rate, having a record backlog of $1.573 billion, a record opportunity pipeline of $13.7 billion and with the opportunity set for Kratos having never been stronger and expected to continue to increase based on recent events. Of note, generating a 1.3:1 book-to-bill ratio on top of 20% organic growth while also maintaining a record high backlog and record high opportunity pipeline, we believe, is representative of the increasing demand for Kratos' affordable military-grade hardware and software, and that our growth trajectory is accelerating. Kratos is positioned to achieve our previously communicated 2026 and 2027 financial targets; and similar to 2025, our Q1 will be the lowest, including as we come off another CRA and also this time, a government shutdown, both of which are now resolved and we will ramp throughout the year. Since our last report, the global national security opportunity and funding environment for the industry and for Kratos has continued to improve including, as I mentioned, both the CRA and U.S.

大家下午好。2025 年，我們超額完成了第四季度的財務目標，實現了第四季度約 20% 的同比增長率，訂單出貨比達到 1.3:1，同時保持了創紀錄的 15.73 億美元積壓訂單和創紀錄的 137 億美元潛在項目儲備。 Kratos 的發展機會也達到了前所未有的高度，並且根據最近的情況，預計還將繼續增長。值得注意的是，在保持創紀錄的高積壓訂單和創紀錄的高機會管道的同時，實現了 1.3:1 的訂單出貨比，實現了 20% 的有機增長，我們認為這代表了對 Kratos 價格實惠的軍用級硬體和軟體的需求不斷增長，並且我們的增長軌跡正在加速。Kratos 已準備好實現我們先前公佈的 2026 年和 2027 年財務目標；與 2025 年類似，我們第一季的業績將最低，這主要是因為我們剛剛經歷了另一次 CRA 事件，而且這次還經歷了政府停擺，不過這兩個問題現在都已解決，我們將在全年逐步恢復增長。自從我們上次報告以來，全球國家安全機會和產業及 Kratos 的融資環境持續改善，正如我所提到的，包括 CRA 和美國。

federal government shutdown being resolved, the 2026 NDAA being signed, the fiscal '26 Defense Appropriations Bill being signed, and the President, the Chairman of the SASC, each proposing future defense budget increases of approximately 50%, up to $1.5 trillion. Additionally, discussions have already begun on a second additional 2026 Reconciliation Bill, including a potential additional $450 billion for defense.

聯邦政府停擺問題已解決，2026 年國防授權法案簽署，2026 財年國防撥款法案簽署，總統和參議院軍事委員會主席分別提議將未來的國防預算增加約 50%，最高可達 1.5 兆美元。此外，關於第二項 2026 年預算協調法案的討論已經開始，其中包括可能額外撥款 4,500 億美元用於國防。

There is a generational recapitalization of the defense industrial base underway, driven by geopolitical and related global threat environment, a recapitalization that we believe Kratos is uniquely qualified to address with defense and national security-related budgets of the US and its allies expected to increase for the foreseeable future.

受地緣政治和相關全球威脅環境的影響，國防工業基礎正在進行代際資本重組。我們認為，鑑於美國及其盟國的國防和國家安全相關預算預計在可預見的未來將會增加，Kratos 具備獨特的資格來應對這項資本重組。

Crisply stated, we now have a $1 trillion annual defense spend that is expected to increase for the foreseeable future. And as a result of the defense industry consolidation, which began with the infamous DoD Last Supper in 1993, there are a few qualified companies with true capabilities to address the required military-grade hardware, software and weapon systems demand.

簡而言之，我們現在每年的國防開支為 1 兆美元，而且預計在可預見的未來還會繼續成長。由於國防工業整合（始於 1993 年臭名昭著的國防部「最後的晚餐」），現在只有少數幾家合格的公司真正有能力滿足所需的軍用級硬體、軟體和武器系統需求。

Kratos is one of the few nonlarge traditional prime contractors, which, in my opinion, is qualified to adequately address this demand with Kratos having the right products at the right time at the right cost points now and today, and this is being reflected in our organic growth rate and our financial results.

在我看來，Kratos 是少數幾家非大型傳統總承包商之一，它有能力充分滿足這一需求，因為 Kratos 現在就能在合適的時間以合適的成本提供合適的產品，這一點也體現在我們的有機增長率和財務業績中。

Also importantly, the Secretary of War has emphasized that he wants industry to bring to the department relevant systems now, systems that can achieve 85% of what is needed today not a PowerPoint of an exquisite system at maybe some days 100% potential threshold at a ridiculous high cost.

此外，戰爭部長也強調，他希望工業界現在就向國防部提供相關的系統，這些系統能夠滿足當今 85% 的需求，而不是一個精美絕倫的系統，即使它可能在某些時候能夠達到 100% 的潛力，但成本卻高得離譜。

As you know, pillars of Kratos' strategy since we founded our company include better is the enemy of good enough and ready to field today, and affordability as a technology, both of which I believe are aligned with the Secretary's comments and clear differentiators of Kratos in today's environment.

如您所知，自公司成立以來，Kratos 的戰略支柱包括“精益求精是足夠好的敵人”和“立即投入使用”，以及“價格實惠”的技術，我認為這兩點都與部長的評論相一致，也是 Kratos 在當今環境下的明顯差異化優勢。

Another Kratos strategy pillar also since our inception is that Kratos makes true internally funded investments ahead of government funding, enabling Kratos to move fast, efficiently and affordably for manufacturing capability and relevant products for the war fighter.

自成立以來，Kratos 的另一個戰略支柱是，Kratos 在獲得政府資助之前，會進行真正的內部資金投資，這使得 Kratos 能夠快速、高效且經濟地發展製造能力，並為作戰人員提供相關產品。

Additionally, Kratos' practice of not paying dividends or buying back our stock but of investing our capital in the defense industrial base is also aligned with the vision of the current administration and also the related opportunity environment, which Kratos is realizing the benefit from. Kratos' strategy of being first to market with actual relevant products is clearly a differentiator to our customers and partners as we are seeing firsthand with the demands for Kratos' jet drones, hypersonic systems, jet engines, satellite defined software systems and solid rocket motors.

此外，Kratos 不支付股息或回購股票，而是將資本投資於國防工業基礎的做法，也與現任政府的願景以及相關的機會環境相一致，Kratos 也從中受益。Kratos 率先將真正相關的產品推向市場的策略顯然對我們的客戶和合作夥伴來說具有差異化優勢，我們從 Kratos 的噴氣式無人機、高超音速系統、噴氣發動機、衛星定義軟體系統和固體火箭發動機的需求中就看到了這一點。

Having products and not PowerPoints is clearly important now more than ever, and I believe that this trend is accelerating. Engineering, manufacturing and delivering affordable, relevant military-grade hardware at scale that must work every time is hard and having this capability does not occur overnight. We have been at this for a long time, and Kratos' customers and partners recognize this. The time for PowerPoints, podcasts and science projects is over. We are out of time.

如今，擁有產品而不是PPT顯然比以往任何時候都更重要，我相信這種趨勢正在加速發展。大規模地設計、製造和交付價格合理、符合軍用標準且每次都能正常工作的硬體非常困難，而具備這種能力並非一朝一夕就能實現。我們在這方面已經耕耘了很長一段時間，Kratos 的客戶和合作夥伴也認可這一點。幻燈片、播客和科學專案的時代已經過去了。時間不多了。

The country is moving towards wartime footing, and Kratos is ready now. For our operational update. We now have 120 Kratos Zeus and Oriole solid rocket motors on order, with deliveries of the SRMs to Kratos for system integration expected to begin in Q3 of this year, which SRMs are directly related to either under program, contract or expected hypersonic and other launches that we plan to perform. Related to these solid rocket motor orders, Kratos' hypersonic franchise is expected to ramp rapidly beginning now this year. Kratos' Zeus solid rocket motors were specifically designed by Kratos for affordable rapid full rate production to enable national security customers to fly more often faster and farther, using fewer rocket motor stages at a substantially reduced cost.

國家正走向戰時狀態，而奎托斯已經做好了準備。關於我們的營運情況更新。我們現在已訂購了 120 台 Kratos Zeus 和 Oriole 固體火箭發動機，預計將於今年第三季度開始向 Kratos 交付 SRM 進行系統集成，這些 SRM 與我們計劃執行的項目、合約或預期的高超音速和其他發射直接相關。與這些固體火箭發動機訂單相關，Kratos 的高超音速產品線預計將從今年開始迅速增長。Kratos 的 Zeus 固體火箭發動機是 Kratos 公司專門設計用於經濟高效地快速全速生產的，旨在讓國家安全客戶能夠以更低的成本，使用更少的火箭發動機級，更頻繁、更快、更遠地飛行。

And demand for Kratos' Zeus SRMs is significant. Our newly opened Maryland hypersonic facility, our soon-to-open Indiana hypersonic system integration facility and the expansion of our Birmingham advanced manufacturing facility for hypersonic systems, along with the solid rocket motor deliveries are key elements of Kratos' expected near-term and future revenue growth trajectory and EBITDA increase.

市場對 Kratos 的 Zeus SRM 的需求量很大。我們新開幕的馬裡蘭州高超音速工廠、即將開業的印第安納州高超音速系統整合工廠以及伯明翰高超音速系統先進製造工廠的擴建，加上固體火箭發動機的交付，是 Kratos 預期近期和未來收入增長軌跡和 EBITDA 增長的關鍵要素。

These new Kratos facilities are specifically designed and built for identified programs and systems and the related security requirements with specific capabilities identified with our customers and optimized for large-scale integration and production speed, efficiency and cost. It was recently reported that Kratos has been selected by the Pentagon to develop highly maneuverable Mach 5-plus hypersonic missiles, including advancing in-flight steering and propulsion systems under the Joint Hypersonic Transition Office, another new hypersonic program win for Kratos.

Kratos 的這些新設施是專門為已確定的專案和系統以及相關的安全要求而設計和建造的，具備與客戶共同確定的特定能力，並針對大規模整合和生產速度、效率和成本進行了最佳化。據報道，克拉托斯公司最近被五角大廈選中，負責開發高機動性、速度超過 5 馬赫的高超音速導彈，包括在聯合高超音速過渡辦公室下推進飛行中轉向和推進系統，這是克拉托斯公司贏得的另一項新的高超音速項目。

And separately, we are now hoping to receive an additional approximate $1 billion-plus hypersonic program-related opportunity by the end of this year, which we believe will be sole sourced to Kratos as prime on an existing national security initiative. We are expecting to approximately double Kratos' hypersonic franchise revenues in 2026 over 2025 up to approximately $400 million and then potentially increase over 75% again in '27 up to approximately $700 million.

此外，我們現在希望在今年年底前獲得一項價值約 10 億美元以上的超音速項目相關機會，我們相信 Kratos 將作為現有國家安全計劃的主要承包商獲得該項目的獨家合約。我們預計，2026 年 Kratos 的超音速特許經營收入將比 2025 年翻一番，達到約 4 億美元，然後在 2027 年可能再次增長 75% 以上，達到約 7 億美元。

Last week, we announced the groundbreaking for the Prometheus facility, our solid rocket motor and energetics partnership with our outstanding partner and defense technology company, Rafael, and we remain on track with the business plan I have previously briefed you on. Kratos and I personally have deep long-term relationships with the Rafael Israel executives, including the Chairman and CEO, and we are all committed to Prometheus' success and certain other initiatives we are partnering on. Reflecting the Prometheus initiatives coordination with the Department of War, the department last week also announced the ground breaking of a new munitions campus, where Prometheus is located and Prometheus will be the primary business presence.

上週，我們宣布了普羅米修斯工廠的破土動工，這是我們與傑出的合作夥伴和國防技術公司拉斐爾在固體火箭發動機和能源領域的合作，我們將繼續按照我之前向你們簡要介紹的商業計劃推進。Kratos 和我個人與 Rafael Israel 的高管，包括董事長和首席執行官，有著深厚的長期關係，我們都致力於 Prometheus 的成功以及我們正在合作開展的其他一些項目。為了體現普羅米修斯計畫與戰爭部的協調，戰爭部上週也宣布了一個新的軍需品園區破土動工，普羅米修斯公司就位於該園區內，並將成為該園區的主要業務機構。

Kratos' space and satellite business, our company's largest, recently achieved an important milestone with the successful completion of a factory acceptance testing between Kratos' Epic command and control software system and Airbus OneSat next-generation software-defined satellite platform.

Kratos 的太空和衛星業務是我們公司最大的業務，最近取得了一項重要的里程碑，Kratos 的 Epic 指揮控制軟體系統與 Airbus OneSat 下一代軟體定義衛星平台之間的工廠驗收測試已成功完成。

The Airbus OneSat software-defined satellite platform offers dynamic in-orbit reconfiguration capabilities, significantly increasing satellite mission capabilities and flexibility, which drive new levels of complexity for the ground command and control systems that manage them.

空中巴士 OneSat 軟體定義衛星平台提供動態在軌重構能力，顯著提高了衛星任務能力和靈活性，從而為管理這些衛星的地面指揮控制系統帶來了新的複雜性。

The significance of this successful acceptance test with Airbus is that Kratos' Epic C2 software is expected to unlock the agility of Airbus's OneSat platform, enabling operators to instantly reshape coverage and reconfigure the missions in orbit. Kratos' open-space software C2 and TT&C system with Airbus OneSat software-defined satellites is representative of Kratos' technology and industry-leading position in the space and satellite domain. Kratos' space and satellite business is also representative of the dual national security and commercial use of certain Kratos products, systems and softwares.

此次與空中巴士公司成功進行的驗收測試意義重大，因為 Kratos 的 Epic C2 軟體有望釋放空中巴士 OneSat 平台的靈活性，使營運商能夠立即重新調整覆蓋範圍並重新配置軌道上的任務。Kratos 採用空中巴士 OneSat 軟體定義衛星的開放空間軟體 C2 和 TT&C 系統，代表了 Kratos 在太空和衛星領域的技術實力和行業領先地位。Kratos 的太空和衛星業務也體現了 Kratos 的某些產品、系統和軟體在國家安全和商業用途方面的雙重意義。

These are not PowerPoints or convenient talking points. We actually do it. In my opinion, Kratos' suite of internally funded and developed software-defined command and control, and telemetry tracking and control, and other systems, both for commercial and national security spacecraft, reflect certain of the highest technology space capabilities in the world with Kratos the clear first-to-market industry leader with software-defined systems and products.

這些不是PPT演示文稿，也不是方便的談話要點。我們確實這麼做了。在我看來，Kratos 公司自主研發的軟體定義指揮與控制、遙測追蹤與控制以及其他系統，無論是用於商業航天器還是國家安全航天器，都體現了世界上一些最高水平的航天技術能力，Kratos 公司憑藉其軟體定義系統和產品，顯然是市場上的行業領導者。

Similarly, Kratos' global owned and operated space demand awareness system with approximately 190 worldwide sensors and more than 20 sites is a Kratos crown jewel and one of the most valuable technologically advanced dual-use assets of our company. Another critically important Kratos partner is global space solutions company, SES, which, in my opinion, similar to Kratos, is an industry-leading satellite and space technology company.

同樣，Kratos 全球擁有和經營的空間需求感知系統，擁有約 190 個全球感測器和 20 多個站點，是 Kratos 的皇冠上的明珠，也是我們公司最有價值的技術先進的兩用資產之一。Kratos 的另一個至關重要的合作夥伴是全球太空解決方案公司 SES，在我看來，SES 與 Kratos 類似，是一家領先業界的衛星和太空技術公司。

Kratos and SES are now working together on a number of initiatives including dual use, both commercial and national security focused, and I am confident that similar to other Kratos partnerships, SES and Kratos will together be providing significant relevant technology and industry-leading solutions generating real tangible value for our respective stakeholders.

Kratos 和 SES 目前正攜手開展多項合作計劃，包括以商業和國家安全為重點的軍民兩用項目。我相信，與其他 Kratos 合作計畫一樣，SES 和 Kratos 將共同提供重要的相關技術和領先業界的解決方案，為我們各自的利害關係人創造真正的實際價值。

Key Kratos assets driving our space and satellite business including our OpenSpace TT&C software, C2 software, other software and artificial intelligence, including for Kratos' global space domain awareness system, which is the only such SDA system in the world today. I do not emphasize it often. Kratos' OpenSpace satellite and space-system-focused software is the only software-defined networking solution designed so that virtually every piece of the satellite ground station can now be turned into software, accelerating the reaction time to changing satellite capabilities and space conditions. Kratos OpenSpace is one of the software jewels of our company.

Kratos 的關鍵資產推動我們的太空和衛星業務，包括我們的 OpenSpace TT&C 軟體、C2 軟體、其他軟體和人工智慧，包括 Kratos 的全球太空領域感知系統，這是當今世界上唯一的此類 SDA 系統。我並不常強調這一點。Kratos 的 OpenSpace 衛星和太空系統專用軟體是唯一一款軟體定義網路解決方案，其設計使得衛星地面站的幾乎每個部分都可以轉換為軟體，從而加快了對不斷變化的衛星能力和空間條件的響應速度。Kratos OpenSpace 是我們公司的軟體瑰寶。

As you know, the number of space and satellite opportunities globally, national security related and commercial, is rapidly increasing. And as a result, Kratos' space and satellite business opportunity pipeline is particularly robust even after generating a fourth quarter and 12-month book-to-bill ratio of 1.2:1 and now having a record backlog of $600 million at the end of Q4. Related to the market position of Kratos' technology and first-to-market OpenSpace satellite software suite, Kratos has recently been informed that we have been selected for an initial approximate $500 million program award that I will hopefully be able to provide additional information on a future call.

如您所知，全球範圍內與國家安全和商業相關的太空和衛星機會數量正在迅速增加。因此，即使在第四季度和過去 12 個月的訂單出貨比達到 1.2:1，並且截至第四季度末積壓訂單達到創紀錄的 6 億美元之後，Kratos 的太空和衛星業務機會管道仍然非常強勁。鑑於 Kratos 的技術市場地位以及首款上市的 OpenSpace 衛星軟體套件，Kratos 最近獲悉，我們已被選中獲得一項初始金額約為 5 億美元的專案獎勵，我希望能在下次電話會議上提供更多資訊。

Similar to what we typically see at most of Kratos' calendar fiscal year ends and as we saw again at the end of '25, certain Kratos' satellite and space customers, similar to commercial software companies, historically make software, data and other Kratos product purchases in the October, November and December time period, generating higher margins for our company, which we once again expect and forecast to occur in Q4 '26.

與 Kratos 大多數日曆財政年度結束時的常見情況類似，正如我們在 2025 年底再次看到的那樣，Kratos 的某些衛星和太空客戶（類似於商業軟體公司）歷來會在 10 月、11 月和 12 月期間購買軟體、數據和其他 Kratos 產品，從而為我們公司帶來更高的利潤率，我們預計將在第四季度再次發生這種情況。

The Department of War has recently established a new acquisition model to expand munitions procurement and production, including delivering long-term demand signal certainty to the industry in incentivizing private investment to increase production.

美國戰爭部最近建立了一種新的採購模式，以擴大軍需品的採購和生產，包括向業界提供長期需求訊號的確定性，以激勵私人投資增加產量。

Related to this initiative, the Department of War has executed multiple up to seven year deals, including with Lockheed and Raytheon, for air defense, missile related and other systems, including several programs that Kratos supports. And Northrop also recently announced that the Integrated Battle Command System, or IBCS, another Kratos hardware-supported program, is moving towards increased production.

與此計劃相關的，美國戰爭部已與洛克希德·馬丁公司和雷神公司等企業簽訂了多項長達七年的協議，用於防空、導彈相關及其他系統，其中包括克拉托斯支持的幾個項目。諾斯羅普公司最近還宣布，另一項由 Kratos 硬體支援的計劃——整合作戰指揮系統（IBCS）——正在朝著提高產量的方向發展。

Kratos is an industry leader in high-volume manufacturing of military-grade hardware and systems including hardware with high-altitude electromagnetic pulse protection, an important Kratos technology differentiator, and we are a go-to provider of hardware for our national security-related customers and partners.

Kratos 是軍用級硬體和系統（包括具有高空電磁脈衝防護功能的硬體）大批量生產的行業領導者，這是 Kratos 的一項重要技術差異化優勢，我們是國家安全相關客戶和合作夥伴的首選硬體供應商。

Accordingly. We applaud the Department of War and these long-term production agreements and plans, which clarity provides companies like Kratos the long-term planning visibility for investment, resource allocation and financial forecast and confidence.

因此。我們讚賞戰爭部及其製定的這些長期生產協議和計劃，這些協議和計劃的清晰度為像 Kratos 這樣的公司提供了長期規劃的可見性，以便進行投資、資源分配和財務預測，並增強信心。

In Kratos Turbine Technologies and our engine business, there are several new low-cost cruise missile, drone, hypersonic and loitering munition programs and systems that require next-generation new technology engines and propulsion systems, and here again, Kratos is first to market, including with our Spartan family of jet engines, which are running and flying today.

在 Kratos Turbine Technologies 和我們的發動機業務中，有幾個新的低成本巡航導彈、無人機、高超音速和巡飛彈藥項目和系統需要下一代新技術發動機和推進系統，而 Kratos 再次率先將產品推向市場，包括我們目前正在運行和飛行的 Spartan 系列噴氣發動機。

We continue to win important new engine-related program awards including what we were able to report this morning, that Kratos and our partner, GE Aerospace, have now received an award from the Air Force to design an engine for the expendable combat collaborative aircraft or CCA. I can now also report that Kratos expects to begin low-rate initial production of small engines in the second half of this year for certain missile programs, and we are also currently responding to a customer-requested rough order of magnitude for 15,000 engines for a system that has been specifically designed around a Kratos Spartan jet engine.

我們繼續贏得重要的發動機相關項目獎項，包括我們今天早上報告的，Kratos 和我們的合作夥伴 GE Aerospace 現在獲得了美國空軍的獎項，為一次性作戰協同飛機 (CCA) 設計發動機。我現在還可以報告，克拉托斯公司預計將於今年下半年開始為某些導彈項目小批量生產小型發動機，我們目前也正在響應客戶提出的15000台發動機的粗略訂單要求，該系統是專門圍繞克拉托斯斯巴達噴氣發動機設計的。

Directly related to the expected future quantities of low-cost missiles, drones and powered munitions required, we are now in our new 40,000 engine per year capacity facility in Michigan. The expected ramp in our engine and propulsion system businesses, which can generate certain of our company's highest margins, including from the financial leverage we expect to realize on certain fixed manufacturing overhead and other costs as the business ramps are expected to be contributors to our expected increased overall Kratos EBITDA margins as we progress through '26 and into '27.

由於未來對低成本飛彈、無人機和動力彈藥的需求量預計將大幅增長，我們現在位於密西根州的新工廠年產能為 4 萬台發動機。我們引擎和推進系統業務的預期成長，可以為我們公司帶來最高的利潤率，包括隨著業務成長，我們預期在某些固定製造費用和其他成本上實現的財務槓桿，這些成長預計將有助於提高 Kratos 整體 EBITDA 利潤率，直至 2026 年和 2027 年。

We continue to execute on the new industrial gas turbine, or IGT, program I mentioned on our last call, which we are under an NDA on, but there has been important information reported publicly, including on CNBC, with such program, if successful, could be a significant future catalyst opportunity for Kratos. Since our last update call, Kratos Turbine Technologies is now under contract in the high-profile e-VTOL area under what we refer to internally as project Pegasus, where Kratos is designing and is expected to deliver propulsion systems, including for a very well-known e-VTOL company. Kratos' technology and propulsion systems in the e-VTOL area is another representative example of Kratos being a provider of real dual-use products.

我們正在繼續執行我在上次電話會議上提到的新的工業燃氣渦輪機（IGT）計劃，該計劃目前受保密協議約束，但一些重要信息已公開報道，包括 CNBC 的報道，如果該計劃成功，可能會成為 Kratos 未來重要的催化劑機會。自從我們上次更新電話會議以來，Kratos Turbine Technologies 已在備受矚目的 e-VTOL 領域簽訂了合同，該項目在我們內部被稱為“飛馬計劃”，Kratos 正在設計並預計將交付推進系統，其中包括為一家非常知名的 e-VTOL 公司提供推進系統。Kratos 在 e-VTOL 領域的技術和推進系統是 Kratos 作為真正的兩用產品供應商的另一個典型例子。

Kratos Microwave Electronics is also expected future high-growth business area for our company, including in the U.S., Israel and elsewhere internationally, both organic and inorganic that is also currently expected to continue to generate certain of the highest profit margins in our company. As you know, Kratos microwave has several hundred employees in Israel where Kratos is working with certain of the most technologically advanced companies in the world, and I recently met in Israel with my very close partners, including the CEOs of Elbit, Rafael and Israel Aerospace Industries, each of which Kratos has been working with for decades. Simply stated, virtually every national security system globally needs military-grade microwave electronics, and we are focused on investing in and growing this business area to support our partners.

Kratos 微波電子業務預計也將是我們公司未來的高成長業務領域，包括在美國、以色列和其他國家/地區，無論是有機成長還是無機成長，目前預計都將繼續為我們公司帶來最高的利潤率。如您所知，Kratos 微波爐在以色列擁有數百名員工，並與世界上一些技術最先進的公司合作。我最近在以色列會見了我的親密合作夥伴，其中包括 Elbit、Rafael 和以色列航空航天工業公司的首席執行官，Kratos 與這些公司都已合作數十年。簡而言之，全球幾乎所有國家安全系統都需要軍用級微波電子產品，我們專注於投資和發展這一業務領域，以支持我們的合作夥伴。

Consistent with our expectations and what we communicated in our Q3 update call, we recently announced that our teammate, Northrop, received the MUX TACAIR collaborative combat aircraft, or CCA, program award with Kratos Valkyrie as the CCA aircraft equipped with Northrop's mission systems. It was also reported that MUX TACAIR was a competitive CCA solicitation that Kratos' Valkyrie won and was selected for. As I have mentioned before, Northrop is an incredibly valuable partner of Kratos and one of the most innovative technology companies in the industry, and this includes the new defense technology companies. As reported, this initial MUX TACAIR award is approximately $230 million and will be split approximately 50-50 between Kratos and Northrop with an approximate 24-month period of performance, also consistent with our previous expectations. As a reminder, there is initial MUX TACAIR funding of approximately $275 million included in the 2025 Reconciliation Bill and an additional $58 million included in the '26 Appropriations Bill.

正如我們預期的那樣，也正如我們在第三季度更新電話會議上所溝通的那樣，我們最近宣布，我們的合作夥伴諾斯羅普公司獲得了 MUX TACAIR 協同作戰飛機 (CCA) 項目合同，其中 Kratos Valkyrie 是配備諾斯羅普任務系統的 CCA 飛機。據報道，MUX TACAIR 是一場競爭激烈的 CCA 招標，Kratos' Valkyrie 贏得了該招標並被選中。正如我之前提到的，諾斯羅普是 Kratos 非常寶貴的合作夥伴，也是業界最具創新精神的科技公司之一，這也包括新興的國防技術公司。據報道，此次 MUX TACAIR 的初始合約金額約為 2.3 億美元，Kratos 和 Northrop 將各承擔 50%，合約執行期約為 24 個月，這也與我們先前的預期一致。提醒一下，2025 年預算協調法案中包含了約 2.75 億美元的 MUX TACAIR 初始資金，2026 年撥款法案中又包含了 5,800 萬美元的額外資金。

This is expected to be just the beginning for this program. As I have previously communicated in detail, this initial award includes the sale of a number of Valkyrie systems, but this is not yet high-rate production, which is expected to come next.

預計這僅僅是該計劃的開始。正如我之前詳細溝通過的那樣，這項初步獎勵包括銷售一些女武神系統，但這還不是大規模生產，預計接下來就會實現大規模生產。

There has been a lot of information reported on the Marine Corps Program of Record and Valkyrie being the first CCA expected to be fielded. And I encourage you to take a look at this data as I believe it validates the current favorable competitive positioning of Kratos Valkyrie and the future expectations that we have for this system. Importantly, we have now also successfully received another separate U.S. tactical drone program of record contract award, though we are not allowed to provide any details at this time. Additionally, I believe that we are in a sole-source position for two additional tactical drone opportunities, including for Valkyrie, which we will hopefully receive in late Q4 this year.

已有大量通報指出，海軍陸戰隊計畫和瓦爾基里是預計首款部署的CCA（協同作戰能力評估系統）。我鼓勵大家看看這些數據，因為我相信它證實了 Kratos Valkyrie 目前有利的競爭地位以及我們對該系統未來的期望。重要的是，我們現在還成功獲得了另一項獨立的美國戰術無人機項目正式合同，儘管目前我們不能提供任何細節。此外，我相信我們在另外兩個戰術無人機項目上處於獨家供應地位，其中包括 Valkyrie 無人機，我們希望在今年第四季末收到該無人機。

We are also in another competitive CCA solicitation with the Valkyrie in a partner, which we also currently expect to be notified on by the end of this year or early next. As a result of our recent progress, we intend to execute a plan to increase our Valkyrie production from current approximately eight aircraft annually up to a projected annual production rate of approximately 40 aircraft annually by the end of '28. We currently expect to have definitized with our customers later this year or early next the production quantities of Valkyrie required to be contractually delivered and the timing of these deliveries, which, in part, will be related to the 2027 federal budget defense appropriation and when it is approved. At a planned production rate of approximately 40 Valkyries annually, we believe that we will be well positioned to address expected current under program, customer required delivery schedules once definitized while also maintaining an adequate number of whitetail aircraft in inventory to be able to continue to address RDT&E, S&T and potential new customer requirements. We will continue to include in Kratos' base case financial forecasts, as we provided today, only the RDT&E and S&T Valkyrie sales quantity levels until we have definitized production funding and delivery schedules so that we can accurately forecast expected larger quantities by fiscal quarter and fiscal year.

我們目前也與 Valkyrie 合作參與了另一個競爭激烈的 CCA 招標，預計今年年底或明年初會收到通知。由於我們最近的進展，我們打算執行一項計劃，將我們的瓦爾基里戰鬥機的年產量從目前的約 8 架增加到預計到 2028 年底的年產量約 40 架。我們目前預計將在今年稍後或明年初與客戶確定 Valkyrie 的生產數量以及合約規定的交付時間，這在一定程度上將與 2027 年聯邦國防預算撥款及其批准時間有關。按照每年約 40 架 Valkyrie 的計劃生產速度，我們相信，一旦確定，我們將能夠很好地滿足當前項目預期交付、客戶要求的交付計劃，同時保持足夠的白尾飛機庫存，以便繼續滿足研發測試與評估、科學技術以及潛在的新客戶需求。我們將繼續像今天一樣，在 Kratos 的基本財務預測中只包含 RDT&E 和 S&T Valkyrie 的銷售數量水平，直到我們確定生產資金和交付計劃，以便我們能夠按財政季度和財政年度準確預測預期的更大數量。

In summary, the Marines are expected to field the first CCA. We will not let them down, and we will keep you informed with the progress to the extent we are able to discuss. Kratos recently received a gauntlet award under the Department of War's $1 billion Drone Dominance Plan to acquire small lethal drones over the next two years. We have a family of small drones in this class that we have not discussed previously. This is a Phase one award.

總而言之，海軍陸戰隊預計將部署第一支 CCA。我們不會讓他們失望，我們會在力所能及的範圍內，隨時向您通報進度。Kratos 最近獲得了美國戰爭部 10 億美元無人機優勢計劃的一項重要獎勵，將在未來兩年內獲得小型致命無人機。本課程中我們有一類小型無人機，之前我們還沒有討論過。這是第一階段的獎項。

This program is scheduled to move very rapidly, and if we continue to be successful in future phases, Drone Dominance could be another meaningful program to our company. Kratos' Mighty Hornet Tactical Firejet CCA program initiative continues to progress with the Taiwan NCSIST, and we have certain future flight-related milestones we need to achieve with the potential production decision possible late this year or early next. As was recently reported with the Taiwan NCSIST, the ultimate objective of this program is for very high quantities of affordable mass fleet of Mighty Hornet IV systems to be deployed in Taiwan. Kratos' Athena program and UAS has had additional successful flights under contract with a U.S. customer.

該計畫計劃快速推進，如果我們能在後續階段繼續取得成功，「無人機主導權」計畫可能會成為我們公司另一個意義重大的計畫。Kratos 的 Mighty Hornet 戰術火力噴射機 CCA 專案計劃與台灣 NCSIST 繼續推進，我們還有一些與飛行相關的未來里程碑需要實現，潛在的生產決定可能在今年稍後或明年年初做出。正如最近台灣國家科學技術資訊系統中心（NCSIST）的報導，該計劃的最終目標是在台灣部署大量價格合理的「大黃蜂IV」型飛彈防禦系統。Kratos 的 Athena 計畫和無人機系統已根據與美國客戶的合約成功進行了多次飛行。

As I believe you can see, the tactical drone opportunity is happening real time for Kratos, that this is occurring as a result of the threat and that the customers believe that they are out of time and that they need to field relevant systems now. Kratos' Anaconda radar, Helios hypersonic, system-related Arc Jet, Prometheus solid rocket motor and energetics, BladeWorks jet engine and our new Poseidon program facility are all expected to be coming online over the next 24 months, contributing to the expected future growth margin and value increases for the business. New initiatives that Kratos is currently either pursuing or assessing that I can mention include Kraken and Ares, both in the hypersonic area; Vulcan in the rocket system area; and Elysium, which is the largest and for competitive reasons, I will not get into at this time. Each of these, if successful, have either customer or partner backing. Kratos' business plan remains unchanged, including that we do not buy back stock or pay dividends, but rather, we invest our capital in rebuilding our country's defense industrial base; rapidly developing, producing and delivering affordable relevant systems to the war fighter; and generating a financial return for our investors.

正如你所看到的，戰術無人機的機會正在 Kratos 實時發生，這是由於威脅造成的，客戶認為他們沒有時間了，需要立即部署相關係統。Kratos 的 Anaconda 雷達、Helios 高超音速系統、Arc Jet 系統、Prometheus 固體火箭發動機和能量學、BladeWorks 噴氣發動機以及我們新的 Poseidon 項目設施預計都將在未來 24 個月內上線，從而為公司未來的預期增長利潤率和價值提升做出貢獻。我能提及的 Kratos 目前正在推進或評估的新計劃包括：高超音速領域的 Kraken 和 Ares；火箭系統領域的 Vulcan；以及規模最大的 Elysium，出於競爭原因，我目前不會詳細介紹。如果成功，這些專案都將得到客戶或合作夥伴的支持。Kratos 的商業計劃保持不變，包括我們不回購股票或支付股息，而是將資本投資於重建我國的國防工業基礎；快速開發、生產和向作戰人員提供價格合理的相關係統；並為我們的投資者創造財務回報。

As Deanna will discuss, we have closed on a small tuck-in acquisition, Nomad Global Communication Solutions, a technology, hardware and systems company focused on mobile command, control and communication systems including as related to unmanned systems, counter-UAS, homeland security and some other systems. Nomad was a negotiated transaction between Kratos and the Nomad owners, consistent with the type of opportunities Kratos continues to be approached with. We continue to expect the previously announced acquisition of Israeli-based satellite communications company, Orbit Technologies, which forecasted financial performance is not included in the guidance we provided today to close by the end of Q1. Once Orbit closes, we will include them in our forecasting. Deanna?

正如迪安娜將要討論的那樣，我們已經完成了一項小型收購，即 Nomad Global Communication Solutions，這是一家專注於行動指揮、控制和通訊系統的技術、硬體和系統公司，包括與無人系統、反無人機系統、國土安全和其他一些系統相關的系統。Nomad 是 Kratos 與 Nomad 所有者之間協商的交易，這與 Kratos 不斷收到的機會類型一致。我們仍預計，先前宣布收購以色列衛星通訊公司 Orbit Technologies 的交易將在第一季末完成，但該交易的財務業績預測並未包含在我們今天提供的指導意見中。Orbit關閉後，我們將把它們納入我們的預測中。迪安娜？

Thank you, Eric. Good afternoon. As we have included a detailed summary of the fourth quarter and full year 2025 financial performance as well as the initial first quarter and full year 2026 financial guidance in the press release we published earlier today, I will focus on the highlights in my remarks today. Revenues for the fourth quarter were $345.1 million, above our estimated range of $320 million to $330 million, with overachievement of forecasted revenues across the majority of our businesses, with a revenue organic growth rate of 20% over the fourth quarter of 2024 as compared to our estimated organic growth rate of 14% to 15%. The largest contributors to the overachievement were our space and satellite, Turbine Technologies, C5ISR, and Microwave Products businesses.

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 2025 年第四季度和全年的財務業績，以及 2026 年第一季和全年的初步財務指引，因此我今天將重點介紹其中的亮點。第四季營收為 3.451 億美元，高於我們先前估計的 3.2 億美元至 3.3 億美元，我們的大部分業務營收均超額完成，2024 年第四季營收有機成長率為 20%，而我們先前估計的有機成長率為 14% 至 15%。實現超額業績的最大貢獻者是我們的太空和衛星業務、渦輪技術業務、C5ISR業務和微波產品業務。

Notable year-over-year organic revenue growth was reported in our defense rocket support; Microwave Products; and Space, Training and Cyber businesses with organic revenue growth rates of 47.4%, 32.4% and 22.7%, respectively. Adjusted EBITDA for the fourth quarter of '25 was $34.1 million, just above the high end of our estimated range of $29 million to $34 million, reflecting the increased volume and revenue mix, offset partially by continued increased subcontractor and material costs on certain multiyear fixed-price contracts in our Unmanned Systems business, revenue mix an elevated bid proposal and other new opportunity pursuit costs. Unmanned Systems fourth quarter '25 revenue was up $7.4 million or 12.1% organically with the increase primarily driven by Valkyrie-related activity. KGS fourth quarter '25 revenue was up $54.6 million year-over-year from the fourth quarter of '24, with organic revenue growth of 22.2%, excluding the impact of the February '25 acquisition of certain assets of Norden Millimeter, Inc. Fourth quarter '25 cash flow generated by operations was $12.1 million, primarily reflecting the working capital requirements related to the revenue growth impacting our receivables by approximately $29 million and increases in inventory of $20 million and 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.

我們的國防火箭支援、微波產品以及太空、培訓和網路業務均實現了顯著的同比有機收入成長，有機收入成長率分別為 47.4%、32.4% 和 22.7%。2025 年第四季度調整後 EBITDA 為 3410 萬美元，略高於我們估計的 2900 萬美元至 3400 萬美元範圍的上限，這反映了銷量和收入結構的增加，但部分被無人系統業務中某些多年固定價格合同的分包商和材料成本成本所抵消、收入結構、投標報價提高以及其他機會追求成本所抵消成本。無人系統業務 2025 年第四季營收成長 740 萬美元，增幅達 12.1%，主要得益於 Valkyrie 無人機相關業務的成長。KGS 2025 年第四季營收較 2024 年第四季成長 5,460 萬美元，有機營收成長 22.2%（不包括 2025 年 2 月收購 Norden Millimeter, Inc. 部分資產的影響）。 2025 年第四季經營活動產生的現金流為 1,210 萬美元，主要反映了與營收成長相關的營運資金需求，導致應收帳款增加約 2,900 萬美元，庫存增加 2,000 萬美元，以及其他資產增加約 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 fourth quarter of '25 was $100,000 after reflecting funding of $24.2 million of capital expenditures net of $12 million in proceeds from the sale of Valkyries, which were reported as company-owned capital assets and previously classified as capital expenditures and therefore, reflected as an inflow in investing activities when sold. 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. Consolidated DSOs or days sales outstanding increased from 111 days in the third quarter to 121 days, reflecting the nearly 22% revenue growth and the timing of milestone billings and contractual funding. The impact of the federal government shutdown and its impact on government program, administrative and other offices and functions was more significant than we had anticipated, which has resulted in the delay in timing of certain contract funding and certain expected government contract receivable payment dates to be delayed, resulting in an increase in customer accounts receivable days sales outstanding. Our contract mix for the fourth quarter of '25 was 70% of revenues from fixed-price contracts, 26% from cost-type contracts and 4% from time and material contracts.

2025 年第四季經營活動中使用的自由現金流為 10 萬美元，這反映了 2,420 萬美元的資本支出資金，淨額為出售 Valkyries 所得的 1,200 萬美元收益。 Valkyries 被列為公司擁有的資本資產，先前被歸類為資本支出，因此在出售時反映為投資活動流入。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。合併後的應收帳款週轉天數（DSO）從第三季的 111 天增加到 121 天，反映了近 22% 的收入成長以及里程碑式帳單和合約資金的到位時間。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比我們預期的要大得多，導致某些合約資金的到位時間延遲，某些預期的政府合約應收帳款付款日期也延遲，從而導致客戶應收帳款週轉天數增加。2025 年第四季度，我們的合約組合中，固定價格合約收入佔 70%，成本型合約收入佔 26%，工料合約收入佔 4%。

Revenues generated from contracts with the U.S. federal government during the fourth quarter were approximately 67%, including revenues generated from contracts with the DOW and non-DOW federal government agencies and FMS contracts. Now moving on to financial guidance. Our financial guidance we provided today includes our expectations and assumptions for our supply chain execution, the impact of employee sourcing, hiring, retention and the related costs. Our first quarter and full year '26 guidance includes the estimated contribution from the recently closed Nomad Global Communication Solutions acquisition from the date of acquisition, which closed in mid-February.

第四季從與美國聯邦政府簽訂的合約中獲得的收入約佔 67%，其中包括從與陶氏化學公司和非陶氏化學公司聯邦政府機構簽訂的合約以及對外軍售合約中獲得的收入。接下來進入財務指導環節。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，員工招聘、僱用、留任及相關成本的影響。我們對 2026 年第一季和全年的業績預期包括了近期完成的 Nomad Global Communication Solutions 收購案自 2 月中旬完成收購之日起的預期貢獻。

As Eric mentioned earlier, we have not included the estimated impact of the pending Orbit Technologies acquisition in our guidance and will not do so until it is closed. We expect our first quarter '26 guidance to be the lowest in revenue and adjusted EBITDA, which includes the impact of the extended U.S. federal government shutdown in the fourth quarter of '25 with impact to certain contract awards program and funding. Our first quarter revenue guidance of $335 million to $345 million reflects estimated organic growth of 7.5% to 9.5% as compared to the first quarter of 2025. Our adjusted EBITDA guidance of $25 million to $30 million reflects the estimated revenue mix and less leverage on elevated administrative manufacturing overhead and bid and proposal costs that we have ramped in the business to support the forecasted full year '26 growth.

正如艾瑞克之前提到的，我們尚未將待決的 Orbit Technologies 收購案的預期影響納入我們的業績指引，在收購完成之前也不會這樣做。我們預計 2026 年第一季的收入和調整後 EBITDA 預期將最低，其中包括 2025 年第四季美國聯邦政府長期停擺對某些合約授予計畫和資金的影響。我們預計第一季營收將達到 3.35 億美元至 3.45 億美元，與 2025 年第一季相比，有機成長率為 7.5% 至 9.5%。我們調整後的 EBITDA 預期為 2500 萬美元至 3000 萬美元，反映了估計的收入結構，以及為了支持 2026 年全年的預期增長，我們在業務中大幅提高了管理製造費用和投標及提案成本，從而減少了槓桿作用。

Our full year '26 revenue guidance is [$1.595 billion] to $1.675 billion, which reflects an organic growth rate of 12.7% to 18.5% over 2025 actual performance, which came in higher than our previous full year 2025 estimate. Our guidance continues to include the impact of increased material and subcontractor costs on certain of our multiyear fixed-price contracts, specifically in our Unmanned Systems target drone business, where we have experienced cost growth on certain ancillary materials on our targets and for which we are unable to seek recovery from the customer until the renewal of future production lot contracts occurs. We are continuing to aggressively manage costs where we can to minimize the impact to our margins. Our operating cash flow guidance includes a continued use of working capital to fund our organic revenue growth, which includes the increase in accounts receivable and the impact of delays in contract funding to enable customer billings and collections and increases in inventory and related prepaid asset balances as we ramp production and procure long-lead materials for our target in tactical drones, solid rocket motors and our turbo fan and turbo jet engines. 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 our plan to begin producing approximately 40 Valkyries annually beginning by the end of 2027 as well as the completion of certain of our unmanned systems and related derivatives and vehicles.

我們對 2026 年全年營收的預期為 15.95 億美元至 16.75 億美元，這反映出比 2025 年實際業績成長 12.7% 至 18.5% 的有機成長率，高於我們先前對 2025 年全年業績的預期。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價格合約的影響，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，而且在未來的生產批次合約續約之前，我們無法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。我們的營運現金流預期包括繼續利用營運資金為我們的有機收入增長提供資金，其中包括應收帳款的增加以及合約資金延遲的影響，以便向客戶開立賬單和收款，以及隨著我們提高產量並為我們的戰術無人機、固體火箭發動機以及渦輪風扇和渦輪噴氣發動機的目標採購長週期材料，庫存和相關預付資產戰術餘額的增加。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方面的一些投資，這些投資與火箭及相關係統的採購有關，並且我們計劃從 2027 年底開始每年生產約 40 架 Valkyrie 火箭，以及完成我們的一些無人系統及相關衍生產品和飛行器。

Additional forecast and investments in '26 include our funding of the Prometheus joint venture established last year, which we estimate will be ratably throughout 2026 for an aggregate for the year of approximately $50 million; funding of the pending Orbit Technologies acquisition; our Anaconda radar program; our Helios hypersonic and arc chamber program; our Indiana hypersonic integration facility; our GEK and BladeWorks engine facilities; and our Vulcan, Kraken, Elysium, Nemesis, Hermes and other initiatives. Our forecasted capital expenditures of $135 million to $145 million for 2026 includes approximately $30 million to $35 million, which was originally forecasted for 2025, which has moved to the right.

2026 年的其他預測和投資包括：為去年成立的 Prometheus 合資企業提供資金，我們估計該合資企業將在 2026 年全年持續運營，全年總投資額約為 5000 萬美元；為即將進行的 Orbit Technologies 收購提供資金；我們的 Anaconda 雷達計劃；我們的 Helios 高超音速和高電弧室計劃；引擎設施；以及我們的 Vulcan、Kraken、Elysium、Nemesis、Hermes 和其他計劃。我們預測 2026 年的資本支出為 1.35 億美元至 1.45 億美元，其中包括約 3,000 萬美元至 3,500 萬美元，這筆支出最初預計在 2025 年進行，但現在已提前。

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

偉大的。謝謝你，迪安娜。現在交給主持人回答問題。

(Operator Instructions) Josh Sullivan with JonesTrading.

（操作員說明）Josh Sullivan，JonesTrading。

Evening, Eric DeMarco.

晚上好，埃里克·德馬科。

Hey, good afternoon.

嘿，下午好。

If I could just start off with a question on maybe some of your perspectives on defense tech valuations in the market, reports of annual or quarterly of $60 billion or $8 billion in funding, what do you think that means for Kratos? And what would an order of magnitude of nearly $8 billion allow Kratos to accelerate? You just mentioned a number of programs and wins you're working on and then tied in with the Secretary's comments you also mentioned.

如果我先問一個關於您對國防科技市場估值的看法的問題，例如有報道稱國防科技公司每年或每季度獲得 600 億美元或 80 億美元的融資，您認為這對 Kratos 意味著什麼？近 80 億美元的巨額資金能讓奎托斯加速到什麼程度？您剛才提到了一些您正在進行的項目和所取得的成就，然後又將之與您提到的部長評論聯繫起來。

Okay. So I believe that Kratos is the most valuable defense company in the industry, private or public. I'm taking nothing away from Anduril or any of the other defense tech companies. I want them to all succeed for U.S. national security.

好的。所以我認為，無論私營或上市，Kratos 都是業界最有價值的國防公司。我並不是要貶低 Anduril 或其他任何國防科技公司。我希望他們都能成功，這對美國國家安全大有裨益。

Okay. But we are the most valuable, and I can go through that if you'd like me to. On the second part of your question, we all have different strategies and business plans. Our business plan is to be balanced as best we can, drive organic growth like we're doing, invest significant amounts to rebuild the industrial base like we're doing but always be mindful of generating an adequate return on investment for the investors. So that's how I see it, Josh.

好的。但我們是最有價值的，如果你願意，我可以詳細解釋。關於你問題的第二部分，我們每個人都有不同的策略和商業計劃。我們的商業計劃是盡可能保持平衡，像我們現在這樣推動內生成長，像我們現在這樣投入大量資金重建工業基礎，但始終要注意為投資者創造足夠的投資回報。這就是我的看法，喬希。

Got it. And then I guess just on Kratos' partnership with Boom and the superpower IGT, I know there's an order from Crusoe for 29 units and tie-ins with OpenAI. But what can you say about other customers and backlogs at this point since you've announced?

知道了。然後，我想僅就 Kratos 與 Boom 和超級大公司 IGT 的合作而言，我知道 Crusoe 訂購了 29 台設備，並且與 OpenAI 有合作關係。但既然您已經宣布了消息，那麼目前您能透露一下其他客戶和積壓訂單的情況嗎？

Right. Yes. So thank you for the question. As I mentioned, take a look at the -- there was an interview on CNBC by the CEO of Boom, Blake Scholl, where he walked through the opportunity that we have here. Now to your question, Josh, when Kratos acquired Florida Turbine in 2019, the primary business of Florida turbine was industrial gas turbines.

正確的。是的。謝謝你的提問。正如我之前提到的，請看——Boom 的首席執行官 Blake Scholl 在 CNBC 上接受了採訪，他在採訪中詳細介紹了我們在這裡所面臨的機會。現在回答你的問題，Josh，當 Kratos 在 2019 年收購 Florida Turbine 時，Florida Turbine 的主要業務是工業燃氣渦輪機。

That's our expertise, Kratos'. We have not been focused on it and talking about it because we've been -- we've put our engineering team on low-cost engines for cruise missiles and drones. The market has definitely come our way now on the industrial gas turbine area, and we are moving out on this aggressively. Our number one priority is to do it with our partner, but this is an area of expertise for us, and we have -- we are a merchant supplier, and there are multiple companies in this area that are coming to us now for our assistance.

那是我們的專長，克拉托斯。我們一直沒有關注或討論這個問題，因為我們把工程團隊投入了巡航導彈和無人機的低成本發動機的研發中。工業燃氣渦輪機領域的市場前景現在對我們非常有利，我們正在積極進軍這一領域。我們的首要任務是與合作夥伴一起完成這項工作，但這是我們的專業領域，而且我們是一家供應商，目前有多家公司正在向我們尋求幫助。

And then just one last one on the THAAD order you mentioned. Can you just remind us of Kratos' exposure on the ground and infrastructure equipment?

最後，關於你提到的薩德系統指令，我還有一個問題。能否提醒我們一下奎托斯在地面和基礎設施設備上的暴露情況？

Yes. So as I alluded to in the remarks, the Department of War moving out with the big primes on the air defense systems and the missile systems, Lockheed and Raytheon multiple platforms on each one of them. I mentioned Northrop looking to -- I think they said they're going to go up 4x on their Integrated Battle Command System platform. Kratos is the merchant supplier to each one of those guys and many others for the ground infrastructure for radars, command and control systems, battle command systems, et cetera, et cetera, for virtually every missile and radar system. So this is significant for Kratos, for our business and for our clarity going forward, these long-term, I'll call them, supplier commitment agreements the Department of War's doing with the prime because we're partnered with the primes on, as you said, THAAD and Patriot and indirect fires, if picked, on Integrated Battle Command System, on SHORAD.

是的。正如我在演講中提到的，戰爭部正在與防空系統和飛彈系統的大型主承包商合作，洛克希德和雷神公司在每個系統上都有多個平台。我提到諾斯羅普公司正在考慮——我想他們說過，他們將把他們的整合作戰指揮系統平台的價格提高 4 倍。Kratos 是所有這些公司以及其他許多公司地面基礎設施的供應商，為幾乎所有飛彈和雷達系統提供雷達、指揮控制系統、作戰指揮系統等基礎設施。所以這對 Kratos、我們的業務以及我們未來的發展方向都意義重大，這些長期的，我稱之為供應商承諾協議，是戰爭部與主要供應商簽訂的，因為我們與主要供應商合作，正如你所說，參與了 THAAD 和 Patriot 導彈防禦系統以及間接火力防禦系統（如果被選中的話）的集成戰鬥指揮系統和近程防空系統項目。

I could go on and on. This is important for us, what is happening here.

我還可以繼續說下去。這裡發生的事情對我們來說很重要。

Great, thank you for your time. Thank you.

太好了，謝謝你抽出時間。謝謝。

Michael Ciarmoli, Truist Securities.

Michael Ciarmoli，Truist Securities。

Hey, Eric DeMarco, good evening. Nice results, and thanks for all this detail, especially the CapEx bridge. Eric or Deanna, is this the CapEx peak, do you think? Or are we just getting started here? And I mean, are you comfortable with the balance sheet? I think post-Orbit, you'll have roughly $200 million in cash.

嗨，埃里克·德馬科，晚上好。結果不錯，感謝您提供的所有細節，特別是關於資本支出銜接的部分。艾瑞克或迪安娜，你們認為這是資本支出高峰嗎？還是說我們才剛開始？我的意思是，您對資產負債表滿意嗎？我認為Orbit計畫結束後，你們大概會有2億美元的現金。

And I think, obviously, spending your own money, not doing buybacks or dividends clearly aligned. But have you talked or engaged with the Department of War or even Office of Strategic Capital. I mean there's been some pretty creative transactions out there. Just curious on the terms of color there.

而且我認為，很顯然，花自己的錢，而不是進行股票回購或分紅，是完全一致的。但是，您是否與戰爭部甚至戰略資本辦公室進行過交談或接觸？我的意思是，市面上確實出現了一些非常有創意的交易。只是好奇那裡的顏色定義。

Yes, Mike, thanks for the question. So the CapEx table that we've included in the press release is on the gross side. So it does not include potential government, whether it be federal or state funding that we may receive that we are working on a parallel path. So we tried to present what we think is the worst case for 2026.

是的，麥克，謝謝你的提問。因此，我們在新聞稿中包含的資本支出表格是總額較大的。因此，它不包括我們可能收到的聯邦或州政府的潛在資金，我們正在走一條平行的途徑。因此，我們試圖展示我們認為 2026 年最糟糕的情況。

Okay. Got it.

好的。知道了。

Yes. And Mike, a data point on that, take a look. Anduril announced yesterday or the day before, they just received another $40 million or $45 million in Title III funding, where Kratos is right in the middle of that on Title III funding, on IVAS funding, et cetera. And as Deanna said, we're throwing the gross number out there, but I believe you'll see a significant number of offsets this year.

是的。麥克，關於這一點，你看一下相關數據。Anduril 昨天或前天宣布，他們剛剛獲得了 4000 萬美元或 4500 萬美元的第三章資金，而 Kratos 正好處於第三章資金、IVAS 資金等的中間位置。正如迪安娜所說，我們只是拋出一個總額，但我相信今年你會看到大量的抵消。

Okay. That's good to know. And then, Eric, this one might be a tough one. But of all these initiatives and these CapEx projects, I mean, what, in your view, offers the most potential for revenue growth, EBITDA generation? And I don't know if it's easy to maybe tie it to the $13.7 billion pipeline you talked about. But anything jumping off the page there?

好的。那真是個有用的信息。埃里克，這個問題可能有點棘手。但是，在所有這些舉措和資本支出項目中，您認為哪一項最有可能帶來收入成長和 EBITDA 收益？我不知道是否容易將它與您提到的價值 137 億美元的管道項目聯繫起來。但有什麼特別引人注目的地方嗎？

Yes. The hypersonic franchise, Mike, I was -- obviously, I was in Indiana this week. I was at Crane for the groundbreaking of Prometheus. And right next to where we were breaking ground is Kratos' hypersonic integration facility that's 90% complete, right? Okay.

是的。麥克，關於高超音速項目，很顯然，我這週在印第安納州。我當時在克萊恩參加了普羅米修斯計畫的奠基儀式。就在我們破土動工地點旁邊，是 Kratos 的高超音速整合設施，該設施已經完成了 90%，對吧？好的。

Right next to that, we've broken ground on Anaconda, and behind it, we're going to break ground on Helios. Our hypersonic franchise, the programs we have, the additional funding we expect to get and the demand to test, fly, test, fly is so significant; and in our base case, this will drive our growth trajectory and our profitability for the foreseeable future.

緊挨著它，我們已經為 Anaconda 專案破土動工，在它後面，我們將為 Helios 專案破土動工。我們的高超音速飛行器業務、我們擁有的項目、我們預期獲得的額外資金以及對測試、飛行、測試、飛行的需求都非常巨大；在我們的基本情況下，這將推動我們在可預見的未來實現增長軌跡和盈利能力。

Okay. Okay. That's helpful. So that $700 million line of sight you talked to, I mean, it sounds like there could be upside to that based on breaking ground --

好的。好的。那很有幫助。所以你提到的價值7億美元的項目，我的意思是，聽起來如果已經破土動工，可能會有不錯的收益。--

Absolutely. No question. If we were to get a '27 Appropriations Bill kind of sort of on time instead of a 4-month continuing resolution, that would be a home run for Kratos.

絕對地。毫無疑問。如果我們能按時通過 2027 年撥款法案，而不是通過一項為期 4 個月的臨時決議，那對克拉托斯來說將是一次巨大的成功。

Thank you.

謝謝。

Thanks.

謝謝。

Anthony Valentini, Goldman Sachs.

安東尼·瓦倫蒂尼，高盛。

Hey guys, thanks for the question. Eric, I just want to talk on the Marine Corps program for Valkyrie. Can you just give us a little bit of color? I thought it was a little bit surprising that you guys aren't the prime and Northrop is. Can you just talk a little bit why that's the case?

嘿，各位，謝謝你們的提問。艾瑞克，我只想談談海軍陸戰隊的瓦爾基里計畫。能不能為我們描述一下色彩？我覺得有點出乎意料，你們居然不是第一名，而諾斯羅普才是。您能稍微解釋一下為什麼會這樣嗎？

Absolutely. We are in it to win it, and if that means being the prime like we are on some of the other ones I mentioned, we're going to do that. I mentioned that we've won another CCA program -- type program, where we can be the prime. Where it makes more sense for us to be the sub, we will be the sub. Northrop Grumman has certain mission systems that are fantastic, and they have been working on these and investing in these specifically related to the Valkyrie for a long, long time, and they expect to continue to do that going forward.

絕對地。我們的目標是贏得比賽，如果這意味著要像我提到的其他一些比賽一樣成為領頭羊，我們就會去做。我提到我們又贏得了一個 CCA 項目——這類項目，我們可以成為主要承包商。如果做替補更適合我們，我們就會做替補。諾斯羅普·格魯曼公司擁有一些非常出色的任務系統，他們長期以來一直在研發和投資與瓦爾基里戰鬥機相關的這些系統，並且他們希望未來繼續這樣做。

We have a strategy here with Northrop relative to the Valkyrie that goes far beyond the Marine Corps. And very candidly, I believe our probability of win, of winning at all is much higher with Northrop as the prime than if Kratos was the prime. Additionally, it reduces risk to Kratos on the integration of those very exquisite capability but not necessarily in cost, mission systems that Northrop is putting on. It's a risk reduction for Kratos, and we are getting a full stock profit margin on the aircraft. And last point -- I'm really glad you asked this.

我們與諾斯羅普公司就瓦爾基里戰機制定的戰略遠遠超出了海軍陸戰隊的範疇。坦白說，我認為如果諾斯羅普擔任主要角色，我們獲勝的機率，或者說獲勝的機率，要比克雷托斯擔任主要角色時高得多。此外，它降低了 Kratos 在整合諾斯羅普公司正在研發的那些非常精湛的功能（但不一定意味著成本）和任務系統方面的風險。這對 Kratos 來說是一種風險降低，而我們則從這架飛機上獲得了全部的股票利潤率。最後一點——我很高興你問了這個問題。

Last point, we are kind of sort of turning into the merchant supplier of tactical jet drones because we're the only guy that has anything flying right now. You've got some of these new guys that have done a few flights. Ours have been flying since 2019, 2015 on the Mako. And since we're the only guy, the mission system companies are coming to us. And if the mission system guys want to be prime and that means we can sell more airplanes faster, that's what we're going to do.

最後一點，我們某種程度上正在變成戰術噴射無人機的供應商，因為目前只有我們一家公司擁有飛行器。你們隊上有些新人已經飛過幾次航班了。我們的飛機從 2019 年起就開始在 Mako 上飛行了，2015 年就投入使用了。因為我們是唯一一家，所以任務系統公司都來找我們了。如果任務系統部門想要成為主要供應商，這意味著我們可以更快地賣出更多飛機，那麼我們就會這麼做。

Okay. And that makes sense. Eric, I think that you had talked about in the past of being $10 million a copy. Is that the right way for us to continue to think about it with Northrop as the prime and 50-50 split of the revenue, so you guys are $5 million of content per aircraft?

好的。這很有道理。艾瑞克，我想你以前說過，每本售價 1000 萬美元。我們繼續這樣思考是否正確：諾斯羅普是主要參與者，收入五五分成，也就是說，你們每架飛機的內容成本為 500 萬美元？

That's not -- that is -- no, no, don't look at it that way. No, no. Look at $10 million per aircraft for Kratos. Okay? Might be a little less, might be a little more depending on the configuration.

那不是——那是——不，不，別那樣想。不，不。Kratos公司每架飛機的造價是1000萬美元。好的？根據配置不同，可能會少一點，也可能會多一點。

As you know, we have three different Valkyries now that are three different ones, rail launched, trolley launched, conventional takeoff and landing. So depending on the type of aircraft, it might move around a bit, but if you use $10 million, you're in good shape for Kratos.

如您所知，我們現在有三架不同的女武神戰機，分別是軌道發射式、滑車發射式以及常規起降式。所以根據飛機類型的不同，它可能會稍微移動一下，但如果你投入 1000 萬美元，對奎托斯來說就足夠了。

Okay. That's incredibly helpful. And then the last one for me, Eric, like you've outlined a ton of different opportunities here. Like hypersonics alone, I think, is 10% growth. I recognize that you don't have the scaled production of Valkyrie in the numbers yet.

好的。這真是太有幫助了。艾瑞克，對我來說，最後一個問題是，你在這裡列舉了很多不同的機會。我認為，單單高超音速技術就能帶來 10% 的成長。我知道你們目前還沒有瓦爾基里那種規模化的產量。

But is there anything significant that we should know about that's rolling off over the next couple of years? Because it seems to me like the growth that you're outlining is pretty large, maybe above the 20% that you're talking about.

但未來幾年內，有哪些值得我們關注的重要事件即將發生嗎？因為在我看來，你所描述的成長幅度相當大，可能超過了你所說的 20%。

There is nothing of significance rolling off. We have zero recompetes of any size for the foreseeable future. We won the last one last year, command and control space segment for seven plus years. We are in a very fortunate position because we're a hardware company and an intellectual property company.

沒有什麼重要的東西流下來。在可預見的未來，我們不會進行任何規模的重新競標。我們去年贏得了最後一個獎項，指揮控制空間領域，我們連續七年多保持領先地位。我們處於非常有利的地位，因為我們既是一家硬體公司，也是一家智慧財產權公司。

Okay, great, thank you, Eric.

好的，太好了，謝謝你，艾瑞克。

Thank you.

謝謝。

Mike Crawford, B. Riley Securities.

Mike Crawford，B. Riley Securities。

Thank you. I hope you're doing well in that gauntlet competition that started five days ago. And can you just talk a little bit more about what you offer with small drones and if you have any capabilities in the counter-UAS area?

謝謝。希望你在五天前開始的那場艱苦的比賽中一切順利。能否再詳細介紹貴公司提供的小型無人機產品，以及貴公司在反無人機系統領域是否具備相關能力？

I'm sorry, Mike. We -- so we have a family of small drones, Class one drones, some Class two drones that we just haven't been talking about that we have primarily been working with the United States Army on for multiple, multiple years. And very candidly, you have not heard me talk about this one because I was not sure we were going to be successful in the first round, and we were. And the way this works in summary is there are different phases, Phase 1, Phase 2, Phase 3, et cetera, and the winners of the initial phase, which we are, we can pick our spot when we want to bring our suite of airplanes and our drones in based on the requirement of the phase. So I don't want to get ahead of myself, but we feel pretty good about this, especially as the phases progress.

對不起，麥克。我們——我們有一系列小型無人機，包括一級無人機和一些二級無人機，我們只是沒有公開談論這些無人機，我們多年來主要與美國陸軍合作研發這些無人機。坦白說，你們沒有聽我談論過這件事，因為我不確定我們能否在第一輪取得成功，但我們成功了。總的來說，它的運作方式是這樣的：分為不同的階段，第一階段、第二階段、第三階段等等，而我們作為第一階段的獲勝者，可以根據該階段的要求，選擇何時將我們的飛機和無人機系列引入。所以我不想操之過急，但我們對此感覺相當不錯，尤其是在各個階段不斷推進的情況下。

And as they progress, they are more in line with our differentiating capabilities. And that's really all I should say about it because it's literally -- as you said, we're going to be going out there very soon if we continue with Phase 1.

隨著他們的進步，他們越來越符合我們的差異化能力。關於這件事，我真的應該說的就這些了，因為正如你所說，如果我們繼續推進第一階段，我們很快就會出去。

And then on -- so these would be more offensive.

然後還有——所以這些會更具冒犯性。

Yes.

是的。

And so you're not involved in the counter-UAS phase of that competition.

因此，你沒有參與競賽的反無人機系統階段。

I've been focused on the offensive one, Mike. And so we're focused on the -- relative to the Drone Dominance Program, we are focused on the offensive one. We are involved in several other counter-UAS programs, where we are building hardware, and we have initiatives where Kratos has tethered drones, not the fiber optic ones, not the first-person view fiber optic but tethered drones that are involved in CUAS capabilities.

我一直專注於進攻方面，麥克。因此，相對於無人機優勢計劃，我們專注於進攻方面。我們還參與了其他幾個反無人機系統項目，我們正在製造硬件，我們有一些計劃，其中 Kratos 擁有系留無人機，不是光纖無人機，也不是第一人稱視角光纖無人機，而是參與反無人機系統能力的系留無人機。

Okay, thank you. And just one more for me. Can you just go a little bit into the capabilities that you've gained with Nomad and maybe potential LTM revenue that, that business had?

好的，謝謝。再給我來一杯。能否簡要介紹一下您透過 Nomad 獲得的能力，以及該業務未來 12 個月的潛在收入？

Yes. So on the business side, in my opinion, this is one of Kratos' one plus one equals 4s. They do mobile systems. And as we know from recent conflicts, if you're static, you're dead. And so there are a significant number of programs coming, many -- a number of which Nomad is one, many more of which we intend for them to win with us for mobile command and control systems, mobile counter-UAS systems, mobile systems to control offensive UAVs.

是的。所以從商業角度來看，我認為這是奎托斯所說的「一加一等於四」的一個例子。他們做移動系統。正如我們從最近的衝突中所了解到的，如果你一動也不動，你就死定了。因此，未來將有大量項目推出，其中許多項目——Nomad 就是其中之一，還有更多我們希望與我們合作贏得的項目，包括移動指揮控制系統、移動反無人機系統、移動進攻性無人機控制系統。

And this one, I'm going to be careful on, mobile systems relative to missiles. And that is the business objective we saw for Nomad. I'll let Deanna comment on the financial piece.

而對於移動系統相對於飛彈的情況，我會格外謹慎。這就是我們看到的Nomad的商業目標。關於財務方面的問題，就讓迪安娜來評論吧。

Yes. So LTM fiscal year revenue is about $75 million, Mike.

是的。所以，麥克，過去12個月的財政年度收入約為7500萬美元。

Okay, excellent. Thank you very much.

好的，太好了。非常感謝。

Jon Siegmann, Stifel.

Jon Siegmann，Stifel。

Hey guys, this is Brock on for Jon tonight. Appreciate the question. You touched on it earlier, but you recently announced a successful test of the Mighty Hornet system. I just wanted to know if you had any more details around your timing there and planning capacity in Taiwan for this project and then how you're going to be recognizing revenue from the program.

大家好，我是布洛克，今晚代班主持喬恩的節目。感謝您的提問。您之前提到過，但您最近宣布“強力大黃蜂”系統測試成功。我想知道您是否有更多關於您在台灣開展此專案的具體時間表和計劃能力，以及您將如何確認該專案的收入等細節。

I'll leave that last part for Deanna. So on the first part, let me be just very, very crisp on this. We have flight demonstrations that we're prepared for, where we have to do something. Our understanding is that if we are successful there, we have done something like this before. So this is not a bleeding edge type of a thing, that a production decision will be made in the second half of this year, Q4.

最後一部分就留給迪安娜吧。所以，關於第一部分，我只想非常、非常簡潔地說明一點。我們已經準備好進行飛行演示，屆時我們必須有所作為。我們的理解是，如果我們在那裡取得成功，說明我們以前也做過類似的事情。所以這不是什麼前沿技術，生產決定將在今年下半年，也就是第四季做出。

I believe the Taiwan agency that we're working with, they did an interview, I think, at the Singapore Airshow a few weeks ago, I think, where I saw this, where they have said that they are looking for hundreds, if not thousands of these and to be deployed ASAP as a deterrence. So that is the extent of what I can discuss with you right now. I will -- I'd like to emphasize the reason why we've won where we are, we are where we are, is because our Tactical Firejet and our AirWolf small tactical jet drones have been flying for a long time. They are both in production. The customer comes to the factory.

我相信我們正在合作的台灣機構，當他們幾週前在新加坡航展上接受採訪時，我看到了這一點，他們表示正在尋找數百甚至數千架這樣的飛機，並儘快部署以起到威懾作用。這就是我現在能和你們討論的全部內容。我想強調的是，我們之所以能取得今天的成就，是因為我們的戰術火力噴射機和空中狼小型戰術噴射無人機已經飛行很久了。它們都在生產中。客戶來到工廠。

They can see them in production. They can actually see the cost buildup, so they know what they're going to cost, and we can give them actual flight performance data. And we're seeing this more and more now. As I mentioned in my remarks, many customers feel that they're out of time, and they need to start fielding things now in order to defer, to deter and that's where we are on Mighty Hornet.

他們可以在生產過程中看到它們。他們實際上可以看到成本的累積情況，所以他們知道他們要花多少錢，我們可以向他們提供實際的飛行性能數據。我們現在越來越頻繁地看到這種情況。正如我在演講中提到的，許多客戶覺得時間緊迫，他們現在需要開始處理相關事宜，以便延緩、阻止，而這正是我們在 Mighty Hornet 上所處的位置。

And as far as your question on revenue recognition, that will depend on the contractual terms that are negotiated. So clearly, on the services, on the demonstrations, that's going to be as performed. But for aircraft, it's going to depend on the contractual terms of whether it would be percentage completion or at delivery. So it will be dependent on that.

至於你提出的收入確認問題，那將取決於協商達成的合約條款。所以很明顯，在服務和演示方面，將會按計劃進行。但對於飛機而言，這取決於合約條款，即按完成百分比還是按交付時支付。所以這取決於此。

Okay great thanks for the call guys I'll go ahead and hand it back over.

好的，非常感謝你們的來電，我會把它交還給你們。

Ken Herbert, RBC Capital Markets.

Ken Herbert，加拿大皇家銀行資本市場。

Yeah, hi, good afternoon, Eric, you talked about the funding backdrop and the supplemental, the $450 billion that sounds like will get requested and debated here this spring. How do we think about your top line organic growth numbers you've put out maybe if we are in a $1.5 trillion potential for fiscal '27 relative to a sort of a maybe low to mid-single-digit growth in defense spending all in? I mean it sounds like you're going to hit your numbers even if defense spending comes in at slight growth relative to fiscal '26 and '27. But how do you think the puts and takes and the budget impact your outlook here in the next one to two years?

是的，你好，下午好，埃里克，你談到了資金背景和補充資金，聽起來今年春天這裡將提出申請並進行辯論的 4500 億美元。我們該如何看待你們公佈的營收有機成長數據？假設2027財年我們潛在的營收為1.5兆美元，而國防開支的整體成長率可能只有個位數左右。我的意思是，即使國防開支相對於 2026 財年和 2027 財年略有增長，聽起來你們也能完成目標。但您認為未來一到兩年內，買賣交易和預算會對您這裡的前景產生怎樣的影響？

Yes. So what you just said at the end there is exactly correct. We -- putting aside -- assume a normal growth trajectory for our defense budget, so let's say, 5% a year. We are in great shape to achieve, if not exceed our forecast for '26 and '27 with the potentially accelerating in '28 and '29. This is with current funding normal growth.

是的。所以你最後說的完全正確。我們暫且不談其他因素，假設國防預算保持正常的成長軌跡，比如說每年增長 5%。我們很有希望實現甚至超過 2026 年和 2027 年的預測，而 2028 年和 2029 年的成長速度可能會加快。這是在現有資金支持下實現的正常成長。

Why is that? Because within that funding, money is moving from previous priorities to new priorities. And Kratos, we are very fortunate that we are extremely well positioned with contracts and programs in certain of the highest priority areas there are. And those are going to be, as I mentioned before. Number one is going to be the hypersonic area.

這是為什麼？因為在這些資金中，資金正在從先前的優先事項轉移到新的優先事項。克拉托斯，我們非常幸運，在某些最高優先級的領域，我們擁有非常有利的合約和專案。正如我之前提到的，那些將會是。第一名將是高超音速領域。

That is going to be a significant growth driver for us. Number two, and this is very recent, our space and satellite business. As I mentioned, we were just informed that we have won a brand-new just under $0.5 billion program. So hopefully, we're going to be able to talk more about that going forward, but we were just informed verbally that we received that, so our space business. Number three, that's going to be kicking in later this year, and I expect it to accelerate in '27 and seriously in '28, is the small engines.

這將成為我們重要的成長動力。第二，也是最近才有的，是我們的太空和衛星事業。正如我之前提到的，我們剛剛得知我們贏得了價值近 5 億美元的全新項目。所以希望我們以後能夠就此進行更多討論，但我們只是口頭上被告知我們收到了這筆款項，也就是我們的太空業務。第三點，也就是小排氣量發動機，將在今年稍後開始發揮作用，我預計它在 2027 年會加速發展，並在 2028 年真正發揮作用。

We are designed in on a number of new cruise missiles. I can go through those, and I know you guys know who they are. And I expect us to go on LRIP later this year, and we could get into full rate production as early as '27. So we are in really, really good shape under the current funding construct.

我們參與設計了多款新型巡航飛彈。我可以逐一介紹，而且我知道你們都知道他們是誰。我預計我們將在今年稍後進入低速初始生產階段，最快可能在 2027 年就實現全面量產。所以，在目前的資金結構下，我們的處境真的非常好。

If the budgets go from $1 trillion to $1.5 trillion, I believe if the priorities don't change, I don't believe they will because the threat environment is not going to change in my opinion, that is going to be very good for us. And I could see it, meaning that our numbers could actually go up from where they are just because there's going to be more demand than supply of stuff.

如果預算從 1 兆美元增加到 1.5 兆美元，我認為，如果優先事項不變（我認為它們不會改變，因為在我看來威脅環境不會改變），這對我們來說將是一件好事。我能預見到這一點，這意味著我們的數字實際上可能會比現在更高，因為對商品的需求將大於供應。

That's helpful. And is it fair to say you've seen an acceleration maybe in the pace of contracting activity? I mean, obviously, we had a shutdown in the calendar fourth quarter. We've got a new administration that's had some natural transitions and bureaucratic delays and other issues. But it sounds like now, at least as we flipped the calendar, we're seeing an uptick in contract activity.

那很有幫助。是否可以說，您已經看到經濟活動萎縮的速度加快？我的意思是，很顯然，我們在第四季經歷了停工。我們迎來了新一屆政府，這必然會遇到一些過渡期、官僚作風等問題。但聽起來，至少從今年年初開始，合約活動似乎有所增加。

I'm curious if you're seeing that in your business and if you expect it to continue to accelerate as we go through the calendar year.

我很想知道你的業務中是否也出現了這種情況，以及你是否預計這種情況會在今年繼續加速發展。

Yes. Very recently, in the past three weeks, four weeks, we've seen an acceleration. Okay? I believe it's because, a month ago or so, the '26 appropriation was signed. So I think that's what's driving the acceleration, that we're seeing it.

是的。最近三四周，我們看到了這種加速成長的趨勢。好的？我認為這是因為大約一個月前，2026 年的撥款法案簽署了。所以我認為這就是我們現在看到的這種加速成長的驅動因素。

We are starting to see some of the reconciliation money come in. I think there's $120 billion of the $150 billion is going to be spent in fiscal '26. We're starting to see that come in. I anticipate that's going to be accelerating this quarter, Q1 and Q2. So overall, right now, Ken, the environment is very good, and it's improving for us and I believe, for the industry.

我們開始看到一些和解款項到帳了。我認為1500億美元中的1200億美元將在2026財年支出。我們已經開始看到這種情況出現了。我預計這種情況會在本季（第一季和第二季）加速發展。所以總的來說，肯，目前環境非常好，對我們來說正在改善，我相信對整個行業也是如此。

Great, thanks, Eric.

太好了，謝謝你，艾瑞克。

Colin Canfield, Cantor.

科林·坎菲爾德，坎托爾。

Hey, thank you for the question. Maybe if you could talk about the sensitivity of the tactical drone production quantities that you've discussed and essentially, how do we think about kind of the 40 units per year versus the other branch opportunities that you're considering?

嘿，謝謝你的提問。或許您可以談談您討論過的戰術無人機生產數量的敏感性，以及我們如何看待每年 40 台的產量與您正在考慮的其他分支機會之間的關係？

Right. So as I mentioned, we're looking at approximately, to get to a run rate of production rate, an annual production rate of approximately 40 per year, think 35 to 45. And so the midpoint was the 40. What -- the number one driver on that is the mix of airplanes. So whether it's going to be a conventional takeoff and landing, a CTOL; whether it's going to be a dual capability, so runway and rail launched or if it's going to be rail launched.

正確的。正如我剛才提到的，我們預計年產量約為 40 件，也就是 35 到 45 件。因此，中點是 40。什麼？ ——影響最大的因素是飛機的組合。所以，無論是傳統的起降方式（CTOL），還是雙重能力（跑道和軌道發射），或者只是軌道發射。

So that's the nu,ber one that's going to drive that. Number two is this. It's -- under the program, we have -- and I can't get ahead of the customer, and I never will. We have a very good idea of what that demand is going to look like beginning next year. And as you know, I've been trying to communicate to you that we have some other potential customers that, I think, we're going to get specifically for the Valkyrie.

所以，這就是驅動這一切的關鍵。第二點是這樣的。根據該計劃，我們有——我不能搶在客戶前面，也永遠不可能。我們對明年開始的需求情況已經有了非常清楚的認識。如你所知，我一直試圖向您傳達，我們還有一些潛在客戶，我認為我們會專門為了 Valkyrie 而吸引他們。

We're going to get better clarity on that between now and the end of this year. Those two factors, mix and the clarity we're going to get on some of these other opportunities on types of planes and quantities, that's going to drive where we ultimately end up on our annual run rate. And I want to mention, one of the -- the third key factor is the engine. The long lead on that is about 14 months. And so we have to be cognizant on the engine buy and when the deliveries are relative to when the integration process can occur with the aircraft.

從現在到今年年底，我們會對此有更清晰的了解。這兩個因素，即產品組合以及我們對其他一些飛機類型和數量機會的了解程度，將最終決定我們的年度運行率。我想提一下，第三個關鍵因素是引擎。最長提前期大約需要 14 個月。因此，我們必須注意發動機的採購和交付時間，以及何時可以與飛機進行整合過程。

Got it. So it sounds like the 40 is perhaps two CCA programs and then expansion beyond that, if you win it, is perhaps third and fourth CCA programs.

知道了。所以聽起來，這 40 個項目可能包括兩個 CCA 項目，如果成功的話，還可以擴展到第三個和第四個 CCA 項目。

No, no, no, don't characterize it that way. Look it as one plus we're going to continue to have, I call, demonstration airplane. So science and technology and RDT&E that are going to be sold every year. Think four or five like, I think, we have in our plan for this year. And then on top of that, I want to have a number.

不，不，不，不要那樣描述它。從另一個角度來看，我們將繼續擁有一架我稱之為演示飛機的飛機。所以，每年都會有科學技術以及研發測試與評估方面的產品被出售。想想我們今年計劃中的四、五個項目。除此之外，我還想要一個數字。

Think of a handful. And I might not -- we might not be able to get there, a handful of whitetails sitting there because this has been part of the keys to our kingdom. Think about it with Airbus and the Luftwaffe. We had airplanes in inventory that could come over and check out, and we deliver them. And so those are flex factors also, but think one program.

想想看，大概有多少隻。而且我可能──我們可能到不了那裡，那裡只有幾隻白尾鹿，因為這裡曾是我們王國的鑰匙之一。想想空中巴士和德國空軍的例子。我們庫存裡有飛機可以過來檢查，然後我們負責交貨。所以這些也是靈活因素，但要考慮一個方案。

If we have additional programs with quantity, we may have to take that number up if we're going to hit deliveries in '28 and '29.

如果我們還有其他數量較大的項目，為了在 2028 年和 2029 年實現交付目標，我們可能不得不增加這個數字。

Got it. Got it. And then perhaps one follow-up. Just now that we have the kind of construct in place, how do you think about kind of the sensitivity of cash investment versus that production schedule and then relative to the, we'll call it, the timing of the risk events that you alluded to earlier on the call in terms of kind of customer feedback that their time has run out and the probability of that occurring perhaps this year versus next year?

知道了。知道了。然後或許還需要一次後續跟進。既然我們已經有了這樣的架構，您如何看待現金投資相對於生產計劃的敏感性，以及相對於您之前在電話會議中提到的風險事件的時間安排（例如客戶反饋他們的時間已經到了），以及這種情況今年發生的可能性與明年發生的可能性？

Right. So on the first one, we are very sensitive and cognizant of cash. So let me give you a specific example. Earlier in the Q&A, I think Josh asked what happens if you guys were private and raised $8 billion. Okay?

正確的。所以，在第一點上，我們對現金非常敏感和謹慎。讓我舉個具體的例子。在之前的問答環節中，我想喬希問過，如果你們是私人企業，籌集了 80 億美元會發生什麼事。好的？

I got -- we have a balanced approach, and we're going to stay balanced. We're going to organically grow the company. We're going to satisfy the customer, and we're going to generate a return -- a profit for the investors. If we didn't have to worry about the profit part for a few years and we had a couple of billion dollars, Kratos could absolutely run the table in many of these drone areas because we don't have to develop anything. We got the airplanes.

我明白了——我們採取的是平衡的方法，而且我們會繼續保持平衡。我們將採取有機成長的方式發展公司。我們將滿足客戶的需求，同時也將為投資者創造回報——利潤。如果我們幾年內不必擔心獲利問題，並且擁有數十億美元，那麼 Kratos 完全可以在許多無人機領域橫掃一切，因為我們不需要進行任何開發。我們搞定飛機了。

We'd go into production. The customers would buy them. But we have to be cognizant of cash like you said. So we are very cognizant of the cash and the investing. We are mapping that into the customer funding profiles that we have.

我們將投入生產。顧客會買的。但正如你所說，我們必須注意現金流。因此，我們非常重視現金流和投資。我們正在將其與我們現有的客戶融資概況進行配對。

Okay? On something like an engine, we're going to have to -- there are deposits required. We're going to have to make deposits and things like that. So that's going to be cash out. I mentioned the timing of the appropriation like the '27 appropriation.

好的？像引擎之類的東西，我們需要──需要繳納押金。我們需要繳一些押金之類的。所以這筆錢要兌現了。我提到了撥款的時間安排，就像 2027 年的撥款一樣。

God willing it happens on October 1. It probably won't. So that can impact the cash until the appropriation comes through, the customer gets the money and they can pay us. So I'm saying a lot, but we have a major simultaneous equation that we're always managing to make sure that we satisfy the contractual requirements and we don't get too far ahead of ourselves on the capital side. Does that kind of answer it?

如果上帝保佑，這件事會在10月1日發生。可能不會。因此，在撥款到位、客戶收到款項並能夠支付給我們之前，這可能會影響現金流。所以我說了很多，但我們有一個重要的聯立方程式，我們一直在努力確保滿足合約要求，並且不會在資本方面走得太遠。這樣回答是否合理？

Great, no thank you I appreciate it.

太好了，不用客氣，謝謝。

Peter Arment, Baird.

Peter Arment，Baird。

Eric, nice results as always. On the Spartan jet engine opportunity, Eric, what's the best way to kind of frame up when things could start to move into kind of production and scale things up there?

埃里克，一如既往的好成績。關於斯巴達噴氣發動機項目，埃里克，要確定何時才能開始量產並擴大規模，最好的方法是什麼？

Yes. So use 40,000 or 50,000 in engine, okay, somewhere in there per engine. We -- okay. We have been informed by two customers. These are not -- these are customers.

是的。所以，每具引擎使用 40,000 或 50,000，好的，就在這個範圍內。我們——好的。我們從兩位顧客那裡了解到了此事。這些不是——這些是顧客。

We're designed in. It's our engine. That platform has been designed around. It might be three -- two or three that they intend on us beginning to go into LRIP in the second half of this year. So I think hundreds of airplanes that we start -- hundreds of engines, pardon me, that we start to build, okay, with deliveries beginning in '28, all right?

我們被設計在其中。這是我們的引擎。該平台的設計圍繞著…展開。可能是三——他們打算讓我們在今年下半年開始進入低速啟動階段（LRIP）。所以我認為我們將開始製造數百架飛機——抱歉，是數百台發動機，好的，從 2028 年開始交付，好嗎？

If things work out the way I think they're going to work out, and again, go back to the '27 appropriation and timing, second half of '28, we could see like a step function, where we're delivering hundreds of engines, and we're getting ready to build thousands of engines to deliver in '29. So it's coming. One I can -- Peter, one I can mention to you that's out there, that it's public, that we're the engine on if you pull it up, so you may have seen what happened with the Powered JDAM and the maritime strike version with Boeing. In the last two weeks, it was given a new designation. I believe it's called [PJDAM-XR] and they talked about some of the things I'm talking to you about here, right?

如果事情按照我預想的方式發展，再回到 2027 年的撥款和時間安排，2028 年下半年，我們可能會看到一個階躍函數，我們將交付數百台發動機，並準備在 2029 年生產數千台發動機交付。它要來了。彼得，我可以跟你說一件事，這件事已經公開了，如果你去查一下，就會發現我們就是幕後推手。你可能已經看到了波音公司研發的動力型聯合直接攻擊彈藥（Powered JDAM）和海上打擊版本的情況。在過去兩週內，它被賦予了新的名稱。我相信它叫做[PJDAM-XR]，他們談到了一些我正在跟你談論的事情，對吧？

As we're also -- I think it's pretty -- I think it's publicly out there that we are on a number, I think, three of Lockheed Martin's low-cost cruise missiles. We are -- I think it's out there. I think I can say we're on one of Northrop Grumman's. And we are on at least a handful, I don't know the number off the top of my head, of these new defense technology guys that have won ETV, Franklin and MACE. So there's a lot of them out there that are coming, and that's how I see it playing out over the next couple of years.

我們也——我認為這已經是公開的秘密了——我們正在與洛克希德·馬丁公司合作研發三種低成本巡航飛彈。我們是——我認為它就在那裡。我想我可以肯定地說，我們正在使用諾斯羅普格魯曼公司的某款產品。我們至少與一些（我一時想不起來具體數字）贏得 ETV、富蘭克林和 MACE 的新型國防技術公司保持聯繫。所以有很多這樣的項目即將推出，我認為未來幾年情況會是這樣。

That's great color, Eric. And just one last one on -- you've given us a lot of details on the growth opportunities. Outside of hypersonics this year, what is kind of the next one or two that you would highlight as the next main growth drivers for you in '26?

艾瑞克，這顏色真棒。最後一個問題—您已經詳細介紹了成長機會。除了今年的高超音速技術之外，您認為2026年接下來一兩個主要的成長驅動力是什麼？

So number one is -- I haven't talked about this a lot. It's our Microwave Electronics business. I mentioned I was in Israel very recently. I was with Israeli -- on the microwave thing specifically, I was with Israeli Aerospace Industries, and I was with Rafael. We are on virtually every one of both of those guys' missile systems and radars.

第一點是──我很少談到這一點。這是我們的微波電子業務部門。我之前提到我最近去過以色列。我當時和以色列方面合作——具體來說，在微波爐專案上，我和以色列航空航天工業公司以及拉斐爾公司合作。我們的飛彈幾乎部署在了那雙方的所有飛彈系統和雷達上。

So this is Iron Dome. This is Arrow. This is SPYDER. This is Sling of David. This is BARAK. I can go on and on. So we are -- we do microwave electronics for both of those. Our U.S. microwave business, I don't talk about it a lot. It's competitory. We have recently received a production award on a very large, well-known missile program. I'm under an NDA with the prime.

這就是鐵穹系統。這是 Arrow。這是 SPYDER。這是大衛的投石索。這是巴拉克。我可以一直說下去。所以我們是──我們為這兩類產品都提供微波電子技術。關於我們在美國的微波爐業務，我不太常談及。競爭很激烈。我們最近獲得了一項規模龐大、聲名遠揚的導彈項目的生產合約。我和主創簽了保密協議。

I can't talk about it. We're on that one. So our microwave business is ripping, and as I said in the prepared remarks, virtually every system globally, whether it be a missile, a radar, an air defense, a drone, et cetera, it needs microwave electronics. We are all over it. We are designed in, and we're getting designed in more.

我不能談論這件事。我們正在處理這件事。因此，我們的微波業務發展迅猛，正如我在準備好的演講稿中所說，全球幾乎所有系統，無論是飛彈、雷達、防空系統、無人機等等，都需要微波電子設備。我們對此非常關注。我們被設計在內，而且我們越來越被設計在內。

And here is the third one, our space and satellite business and in particular on the national security side. It is amazing, what is happening. I mentioned the win we were informed of very recently. We -- virtually everything we're bidding on, we're winning. And it's because we have a software-defined command and control, and telemetry tracking and control system that can interface with these new constellations that are going up, including very recently LEO.

第三點是我們的太空和衛星業務，特別是國家安全的業務。發生的一切真是令人驚嘆。我提到了我們最近才得知的那場勝利。我們——幾乎我們競標的所有東西，我們都贏了。這是因為我們擁有軟體定義的指揮控制和遙測追蹤控制系統，可以與正在升空的這些新星座（包括最近的低地球軌道星座）進行互動。

And that's where the game is at. So our space business is looking great in the second half of this year when we start delivering a bunch of this -- these software-defined products. And then in '28, I think our space business is going to knock it out of the park. Those are the three -- hypersonics, microwave electronics, engines and space. Those are the four.

這就是遊戲的現狀。所以，今年下半年我們的太空業務前景一片光明，我們將開始交付大量這類軟體定義產品。然後到了 2028 年，我認為我們的太空業務將會大獲成功。這就是三大領域——高超音速技術、微波電子技術、引擎和太空技術。就是這四個人。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

Hey, thanks very much and good afternoon and good results. Just wanted to ask in the -- just understanding in the fourth quarter, I think the release talks about Valkyrie being a driver of growth. And we saw some good profitability in the unmanned segment in the fourth quarter. So how did Valkyrie play into that? And then kind of what does that mean for Valkyrie in '26? I know you mentioned you weren't including production yet. But how do we think about what is in there?

嘿，非常感謝，下午好，祝你取得好成績。我只是想問一下——只是想了解一下第四季度的情況，我認為新聞稿中提到 Valkyrie 是成長的驅動力。我們在第四季度看到了無人駕駛領域的良好獲利能力。那麼，女武神在其中扮演了什麼角色呢？那麼，這對 2026 年的《女武神》又意味著什麼呢？我知道你之前說過你還沒把生產環節考慮進去。但我們該如何看待裡面的東西呢？

Yes. So the Valkyrie-related activity, that is some of the new contracts we just received that we've just talked about earlier, and that is expected to continue in 2026.

是的。所以，與 Valkyrie 相關的活動，也就是我們剛剛收到的一些新合同，我們之前也談過，預計這些活動將在 2026 年繼續進行。

Okay. Okay. And if we were breaking down the expected growth between the segments, I know you guys have sometimes talked about that. How do we think about KGS versus unmanned?

好的。好的。如果要細分各個細分市場的預期成長，我知道你們有時也會談到這一點。我們如何看待KGS與無人系統？

The lion's share of the growth is expected in KGS.

預計增長的大部分將以公斤為單位。

Driven by hypersonic -- the hypersonic business and the microwave and space.

受高超音速技術、高超音速產業、微波和太空技術驅動。

Yes, microwave and space.

是的，微波爐和空間。

And space business.

以及太空業務。

Those are the three big forces.

這是三大力量。

Because as we mentioned earlier, as Eric mentioned in his prepared remarks, we're not including any large production type awards in our Unmanned Systems business. So that is not contributing as much of the growth. So the lion's share of the growth rate is in KGS that we provided guidance on.

因為正如我們之前提到的，也正如埃里克在他準備好的演講中提到的，我們的無人系統業務不包含任何大型生產類型的合約。所以它對成長的貢獻並不大。因此，成長率的大部分是以公斤為單位的，而我們也正是針對這些單位提供了指引。

Got it. If I could sneak in maybe just one more bigger picture, if you could -- I know we saw the groundbreaking on Prometheus. If you could talk or maybe just update us on how things are going there, the investment levels and how the investment is reflected here. And then since that's a JV when we go forward, is that something that's going to be consolidated into Kratos results?

知道了。如果我能再偷偷放一張更大的圖片，如果你也能的話——我知道我們已經見證了普羅米修斯的破土動工。如果您能談談或更新那邊的情況，例如投資水平以及投資是如何反映在這裡的，那就太好了。既然這是個合資企業，那麼未來它的業績是否會併入 Kratos 的業績中呢？

Or is it something where we're just going to see maybe your share of the earnings?

還是我們只能看到你分得的收益份額？

It would just be our share of the earnings, so thus far, you can see it on the face of our balance sheet, I believe, through 12/28 or year-end. There is about $5 million of investment that we put into the venture. And then as we -- as there are operating results for Prometheus, it will be our percentage at 49.9%. So you won't see anything on any of the detailed line items on the income statement, so no revenue, no cost of sales, no SG&A or R&D.

這只是我們應得的收益份額，所以到目前為止，我相信，您可以在我們的資產負債表上看到它，截至 12 月 28 日或年底。我們向該項目投入了約500萬美元。然後，當我們——當 Prometheus 公佈營運結果時，我們的佔比將為 49.9%。因此，您在損益表的任何詳細項目中都不會看到任何內容，包括收入、銷售成本、銷售、一般及行政費用或研發費用。

It would just be one line income or loss in investee depending -- obviously, in the beginning of the start-up activity, I would think there's going to be some operating losses because there's going to be depreciation that's going to be -- it's going to be a lot of noncash losses with depreciation of the facilities. And -- but it will just be our percentage of that whatever the income or losses on the income statement.

對於被投資企業而言，具體情況取決於其損益情況——顯然，在創業初期，我認為會出現一些經營虧損，因為會有折舊——設施折舊會帶來許多非現金損失。但無論損益表上的收入或虧損是多少，我們都只能拿到其中的一定比例。

Right. No, that's super helpful. And maybe, Eric, when you think about the growth there, at the time that you did this, I don't know the -- we knew that all these multiyears were going to be coming. Does that present more opportunities for rocket motors you'll be manufacturing there?

正確的。不，這太有幫助了。艾瑞克，也許當你回想起當時的發展時，我不知道──我們當時並不知道未來會有這麼多年。這是否為你們在那裡生產火箭引擎提供了更多機會？

Yes, sir. That's a great question. Last week, I was with the Rafael team, and Seth, we were going through the forecast as a result of the new dynamic you just mentioned. The forecast has improved significantly. Let me give you an idea kind of sort of what this looks like.

是的，先生。這是一個很好的問題。上週，我和拉斐爾團隊以及塞思一起，根據你剛才提到的新情況，我們一起分析了預測結果。預測情況已顯著改善。讓我大概給你描述一下它的樣子。

So we're going to be producing -- we'll begin in the second half of '27. And this is a classic high growth model. This is very similar to Kratos. And then when it gets to full rate production, it's projected to be a significant cash generator. Seth, it's going to go something like $100 million, $200 million, $400 million, $1 billion in revenue, something like that. And so think 2030, 2031 at full rate production for the first three phases. It's $1 billion in revenue. Think 20% and divide by two.

所以我們將開始生產——我們將在 2027 年下半年開始。這是一個典型的高成長模式。這和奎托斯非常相似。當達到滿載生產時，預計它將成為一個重要的現金來源。塞思，營收大概會達到 1 億美元、2 億美元、4 億美元，甚至約 10 億美元。因此，預計前三個階段將在 2030 年、2031 年全面投產。營收達10億美元。想想20%再除以2。

Excellent. Thanks very much for all the calls.

出色的。非常感謝大家的來電。

Pete Skibitski, Alembic Global.

Pete Skibitski，Alembic Global。

Hey, good afternoon guys, a couple of questions. First one, just to clarify on the '26 growth unmanned, I want to make sure I understand. I thought you guys said your share of MUX TACAIR would be about $120 million, and it will be over a couple of years. So we should expect unmanned to grow at least $60 million or so in '26. Is that a fair assumption just on the MUX TACAIR contract?

嘿，各位下午好，我有幾個問題。首先，關於「26 年無人值守成長」的問題，我想確認我的理解是否正確。我記得你們說過，你們在 MUX TACAIR 的股份大約是 1.2 億美元，而且會在幾年內分期支付。因此，我們應該預期無人駕駛技術在 2026 年至少會成長 6,000 萬美元左右。僅憑 MUX TACAIR 合約做出這樣的假設是否合理？

No, what I -- answering Seth's question, I said it will be relatively flat year-over-year. So there's not as much growth in unmanned because, as just a reminder, in 2025, we had the Airbus with -- shipment in 2025, and that was, let's call it roughly $20 million, but it was not on a percent complete basis, so an apple to an apple. So as we move forward, it will be more on percent complete, so -- and we have not included a lot of the -- any production awards in that forecast. So I would -- it's not an incremental $60 million. It's roughly -- I would call it more like flat year-over-year at what we've assumed in the forecast today.

不，當我——回答塞思的問題時，我說它與去年相比將相對平穩。所以無人駕駛領域的成長並不像其他領域那麼大，因為，提醒一下，2025 年，我們有空中巴士的飛機——預計 2025 年交付，價值大約為 2000 萬美元，但這並不是按完成百分比計算的，所以不能直接比較。所以隨著專案的推進，完成百分比會更高一些，因此——而且我們還沒有把很多——任何製作獎項都納入預測中。所以我認為——這不是新增的 6000 萬美元。大致來說——我更願意稱之為與我們今天預測的假設持平。

Got it. Okay. Okay. Fair enough. And then last one for me is just on hypersonics, the growth you're going to see over the next couple of years.

知道了。好的。好的。很公平。最後，我想談談高超音速技術，以及未來幾年內將會的成長。

Eric, I just want to get a sense of which contract vehicles are driving that growth. Is MACH-TB the majority of the growth? And when you talk about all these Zeus and Oriole SRMs on order, are those all under MACH-TB? Are those other contract vehicles? And maybe to some extent you can name those other contracts.

艾瑞克，我只是想了解一下是哪些合約工具推動了這種成長。MACH-TB 是成長的主要部分嗎？你們說的這些宙斯和金鶯SRM都是MACH-TB旗下的產品嗎？還有其他類型的合約工具嗎？或許在某種程度上，你還能說出其他那些合約的名稱。

Yes, there are others. So number one is MACH-TB. Number two is the Navy program that's coordinated very closely with the Missile Defense Agency, very closely. Okay. Number three, it's with the prime.

是的，還有其他的。所以排名第一的是 MACH-TB。第二項是海軍計劃，該計劃與飛彈防禦局密切協調，非常密切。好的。第三，它與質數有關。

I can't talk about it, but it's with the prime. Hold on. I want to make sure I'm not missing a piece. Those are the big three primaries, MACH-TB, a Navy/MDA program. Space and Missile Defense Command may be in there somewhere, too, a little bit and then the prime, then a big prime.

我不能透露詳情，但這件事和主要負責人有關。堅持，稍等。我想確認一下，我沒有遺漏任何部分。那是三大主要項目，MACH-TB，海軍/MDA 項目。太空與飛彈防禦司令部可能也在其中，一點點，然後是主要部分，然後是一個很大的主要部分。

Okay. Got it. So it's -- MACH-TB will be Zeus, maybe Oriole, but also all of your partners' missiles that they are...

好的。知道了。所以——MACH-TB 將會是宙斯導彈，也可能是金鶯導彈，但同時也會是你們所有合作夥伴的導彈…

Yes. The big -- in MACH-TB, the big drivers for us is Zeus one and 2, Erinyes, Dark Fury and some other things I can't talk about that we're going to be flying.

是的。在 MACH-TB 中，對我們來說最重要的幾款機型是 Zeus 一號和二號、Erinyes、Dark Fury 以及其他一些我不能透露我們將要駕駛的機型。

Okay, great, I appreciate the call. Thank you.

好的，太好了，謝謝你的來電。謝謝。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Eric DeMarco, thanks for taking my question. Could you maybe provide more color as to what the split between target drone and tactical drone revenue was in the quarter? I mean was target drones especially impacted and this held the segment back and prevented -- I'm just trying to find the puts and takes there because I think I might have expected more from the MUX TACAIR award than we saw. Maybe just like the puts and takes on the segment.

Eric DeMarco，謝謝你回答我的問題。能否詳細說明一下本季靶機和戰術無人機的營收佔比？我的意思是，靶機是否受到了特別大的影響，從而阻礙了該領域的發展和進步——我只是想找出其中的利弊，因為我覺得我對 MUX TACAIR 獎項的期望可能比我們看到的要高。或許就像這個環節的投注和投註一樣。

Yes. So the tactical revenue for the fourth quarter was roughly $8 million to $9 million.

是的。因此，第四季的戰術收入約為 800 萬至 900 萬美元。

Got it. Got it. Okay. That's helpful. And I guess kind of on the same subject, maybe a little less, but I'm talking about CCA potential opportunities being the GEK 1500.

知道了。知道了。好的。那很有幫助。我想，這有點像是同一個主題，可能稍微少一些，但我說的是CCA的潛在機會，也就是GEK 1500。

Are there any anchor customers in place for that platform yet?

該平台目前是否有核心客戶？

I cannot -- sorry, brother, I can't talk about this. I can't talk about it.

我不能──對不起，兄弟，我不能談論這件事。我不能談論這件事。

No, that's all good. I get it. And then, I guess, if I may, there was the increment two of CCA that they said that they had selected nine companies for that were in given concept refinement contracts. Can you disclose whether or not you were one of those companies?

不，那都沒關係。我得到它。然後，我想，如果可以的話，還有 CCA 的第二階段，他們說已經選定了九家公司參與給定的概念改進合約。你能透露一下你公司是否是這些公司之一嗎？

I can absolutely not talk about that.

我絕對不能談論這件事。

Got it. Got it. And then I guess one last one. The Drone Dominance Program, it seems like that's flowing through DRSS as opposed to KUS. Could you maybe just explain the reason why there?

知道了。知道了。然後，我想還有最後一個。無人機優勢計劃似乎是透過 DRSS 而不是 KUS 來實施的。您能否解釋一下原因？

Yes. That's actually a very good question. So in Unmanned Systems, those are all Class four -- call it, Class four aircraft. They're jets. And you got -- and down in Huntsville, which is in DRSS Class one and two.

是的。這確實是個很好的問題。所以在無人系統中，這些都是四級——可以稱之為四級飛機。它們是噴射機。而且你還去了亨茨維爾，那裡屬於 DRSS 一級和二級。

Very good question. That's why. And obviously, because the customers are different, the supply chain is different, et cetera, et cetera, et cetera, we left them separate.

問得好。這就是原因。顯然，因為客戶不同，供應鏈不同等等，等等，等等，所以我們將它們分開處理。

No, that makes total sense. All right, I'll leave it there. Thank you both so much.

沒錯，這完全說得通。好了，我就說到這裡吧。非常感謝你們兩位。

Trevor Walsh, Citizens.

特雷弗·沃爾什，市民。

Hey, Dina and Eric, thanks for taking the question. Just kind of a quick one for me. Most have been asked already. On the CapEx color that you gave, Deanna, around some of the spend from '25 slipping into '26, which is how we get to that $135 million, can you just elaborate a little more? Was that a single initiative where it slipped? Or was it more broad-based across the spend expected in '25?

嗨，迪娜和艾瑞克，謝謝你們回答這個問題。對我來說，這只是個簡單的任務。大多數問題都已經被問過了。關於你提到的資本支出情況，迪安娜，一些 2025 年的支出延續到了 2026 年，這就是我們得出 1.35 億美元的原因，你能再詳細解釋一下嗎？那隻是個別舉措出現失誤嗎？或者，這種影響是否更廣泛地體現在 2025 年的預期支出中？

And then relatedly, is there anything that could slip kind of into '27 kind of in a similar fashion? Thanks.

那麼，有沒有什麼東西可以以類似的方式悄悄地融入 '27 中呢？謝謝。

Yes, sure. So what slipped? It's really two programs. So it's the Indiana payload integration facility as well as the Birmingham advanced manufacturing hypersonic facility. Those were just construction plans that, as you know, construction takes longer always.

當然可以。那麼究竟是什麼出了問題呢？實際上這是兩個項目。所以它既是印第安納州的有效載荷整合設施，也是伯明翰先進製造高超音速設施。那隻是施工計劃，但你也知道，施工總是會耗時更長。

So they were originally forecasted for '25, but they slipped in just from a timing perspective into '26. As far as for '26 moving into '27, right now since we just started the year, we believe everything is going to be incurred in '26 that we forecasted. But some of that's going to be construction related, so some may push out. But at this point, we think that's a good range for 2026.

所以它們最初預計在 2025 年推出，但從時間安排上看，它們推遲到了 2026 年。至於 2026 年到 2027 年的情況，由於今年才剛開始，我們認為我們預測的所有事情都將在 2026 年發生。但其中一些與施工有關，所以有些可能會推遲。但就目前而言，我們認為這是 2026 年的合理範圍。

Perfect, super helpful.

太好了，非常有幫助。

Thank you.

謝謝。

Hans Baldau, NOBLE Capital Markets.

Hans Baldau，NOBLE Capital Markets。

Hello. I'm on the call for Joe Gomes. And so on the second Valkyrie production, the $25 million to $28 million in CapEx you're planning for 2026, can you help us understand the downside protection there if the contract awards or delivery schedules slip, how exposed Kratos is?

你好。我正在替喬·戈麥斯參加電話會議。那麼，關於第二部瓦爾基里作品，您計劃在 2026 年投入 2500 萬至 2800 萬美元的資本支出，您能否幫助我們了解一下，如果合約授予或交付時間表出現延誤，奎托斯將面臨多大的風險？

Yes. Right now, where we stand right now, I don't believe there's any -- there's 0 risk. I believe those airplanes will all be spoken for under what we have. I don't see a risk there.

是的。就目前的情況來看，我認為沒有任何風險——風險為零。我相信在我們現有的預算下，這些飛機都會被預訂一空。我不認為這有什麼風險。

Okay. And with the microwave products, how much is that tied to missile and air defense programs specifically versus other applications?

好的。微波產品與飛彈和防空計畫的關聯程度，與其他應用相比，究竟有多大程度的關聯程度？

Okay. I'm going to -- at least 50%. Okay? It may be as high as 60%, so think 50% to 60%. Then think 20% satellite, communication satellites. Then think the vast majority of the rest, communication systems, comms.

好的。我打算——至少50%。好的？可能高達 60%，所以以 50% 到 60% 來算。然後想想20%的衛星，通訊衛星。然後想想其餘的大部分，通訊系統，通訊。

All right, that's helpful.

好的，這很有幫助。

Thank you.

謝謝。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Hi, good evening. So just my first question here, Eric and Deanna, $400 million incremental for MACH-TB, $4.6 billion for space and boost glide interceptors and $3 billion for hypersonic defense systems was in the Big Beautiful Bill. Then in the fiscal year '26 appropriations, there was $13.5 billion added specifically for Golden Dome within the Space Force budget. So just thinking about the programs that you're bidding on and the RFP process and when task orders might go out, how much of this funding do you think might be captured in the second half of '26 versus 2027?

您好，晚上好。那麼，我的第一個問題是，艾瑞克和迪安娜，《宏偉法案》中增加了 4 億美元用於 MACH-TB，46 億美元用於太空和助推滑翔攔截器，以及 30 億美元用於高超音速防禦系統。然後在 2026 財政年度的撥款中，太空部隊預算中專門增加了 135 億美元用於金頂國家紀念大樓。所以，考慮到您正在競標的項目、RFP流程以及任務訂單的發佈時間，您認為這筆資金有多少可能在2026年下半年獲得，又有多少可能在2027年獲得？

Right. So on our related programs, either we're prime or we're working with one of the traditionals, okay, the funding on the ones you just went through, it's the vast majority of it is Q2, Q3 and Q4 of this year. And then '27 will be very significant for that funding. That's how we see it.

正確的。所以，在我們相關的項目中，要么我們是主要參與者，要么我們正在與傳統參與者之一合作。好的，你剛才提到的那些項目的資金，絕大部分都在今年的第二、第三和第四季到位。那麼，2027 年對於這筆資金來說將非常重要。我們是這麼看的。

Okay. And on MUX TACAIR, which you're partnered with Northrop as the prime, I think you alluded to this a little bit earlier, but Northrop is also bidding on the Navy CCA program, and the Marine Corps, of course, operate off of ships. So should we be thinking about potential opportunity for Valkyrie airframes for other agencies within the Navy department?

好的。至於 MUX TACAIR 項目，您與諾斯羅普公司作為主承包商合作，我想您之前也稍微提到過，諾斯羅普公司也在競標海軍 CCA 項目，當然，海軍陸戰隊也是在艦艇上作戰的。那麼我們是否應該考慮海軍部內其他機構使用瓦爾基里戰機機身的潛在機會呢？

What great question. I cannot -- I'm -- I cannot talk about that right now. Excellent, excellent question.

真是個好問題。我現在不能——我現在——我現在不能談論這件事。問得好，問得好。

Great, thank you very much.

太好了，非常感謝。

Cashen Keeler, BNP Paribas.

卡申‧基勒，法國巴黎銀行。

Yeah, hi guys, thanks for squeezing me in here. So I guess on the organic growth outlook for the year, it's a bit lower than the initial 15% to 20% you had laid out last quarter. So I guess, is that just mathematically coming in higher for the year on revenues? Or is there anything else that's driving that lower for the year?

嗨，大家好，謝謝你們抽空讓我過來。所以，就今年的有機成長前景而言，我認為會比你上個季度提出的 15% 到 20% 的目標略低一些。所以，我猜，這只是因為今年的收入在數學上比較高而已？或者有其他因素導致今年的降幅嗎？

That's correct. That's correct. As I had said in my prepared remarks, we had originally forecasted 14% to 15% organic growth for 2025, and we came in at 20%. So that is -- so it is a mathematical.

沒錯。沒錯。正如我在事先準備好的演講稿中所說，我們最初預測 2025 年的有機成長率為 14% 至 15%，而我們最終實現了 20%。所以，這是一個數學問題。

Yes, we're -- the business is doing great. We -- as you know, we beat the heck out of the Q4 numbers, and now that we have an Appropriations Bill and the shutdown is done, hopefully, '26 will be really good, too.

是的，我們——公司經營狀況非常好。如你所知，我們第四季的業績遠超預期，現在撥款法案已經通過，政府停擺也結束了，希望2026年也能取得非常好的成績。

Got it. Okay. And then just on free cash flow, obviously, you have a lot of opportunities and investments in the pipeline right now. But as we think about free cash flow longer term, is there a time line when you would expect to be kind of more neutral or positive on free cash flow?

知道了。好的。就自由現金流而言，顯然，你們目前有很多機會和投資項目正在籌備中。但從長遠來看，我們認為自由現金流在某個時間點會更穩定或正面？

Absolutely. I mentioned this on -- I'm glad you're asking it. I mentioned on the last call. We're starting to see it now on the -- it starts on the operating cash flow. And the operating cash flow is starting to increase, and it's going to start to ramp in '27 and '28.

絕對地。我之前提到過這一點——很高興你問了這個問題。我在上次通話中提到過。我們現在開始在經營現金流方面看到這一點。經營現金流開始增加，並將於 2027 年和 2028 年開始加速成長。

It's just going to depend on the number of new opportunities that we're presented with from the department. And I went through -- Deanna went through a list. I went through several in my prepared remarks where, once again, the government -- the customer has come to us, and they have said, Here's an opportunity. You can get a very long-term multiyear decade program if you'll invest the capital to stand up this very specialized facility to build these things.

這完全取決於部門能提供我們多少新的機會。然後我——迪安娜——逐條查看了清單。我在準備好的演講稿中提到了好幾個例子，政府——也就是客戶——再次找到我們，他們說，這是一個機會。如果你投資資金建立這個非常專業的設施來建造這些東西，你就可以獲得一個長達十年的長期計畫。

So we definitely have line of sight on it, but I don't want to give you a time and then -- because you guys are punitive on this, and then the goalpost moves because two new opportunities came that generate a significant return for the shareholders. So we're cognizant of it. We see it. But right now, with the budgets increasing, the government trying to rebuild the industrial base and then providing companies like Kratos, the nontraditionals, with significant large opportunities, we're going to go for these right now and build a hell of a company here.

所以我們肯定已經看到了希望，但我不想給你一個具體的時間，因為你們在這方面很嚴格，而且由於出現了兩個新的機會，可以為股東帶來巨大的回報，所以目標可能會改變。所以我們對此有所了解。我們看到了。但現在，隨著預算增加，政府試圖重建工業基礎，並為像 Kratos 這樣的非傳統公司提供大量機會，我們將抓住這些機會，在這裡打造一家非常優秀的公司。

Clarke Jeffries with Piper Sandler.

克拉克·傑弗里斯和派珀·桑德勒。

I wanted to ask around the guidance of -- the guidance philosophy for hypersonic, mentioning an expectation to double hypersonic this year and 75% '27. Where was that compared to a quarter ago? And just maybe you can help us level set on the areas where you're not including in the base case hypersonic revenue versus where you are. That would be very, very helpful. And then one follow-up.

我想詢問高超音速飛行器的指導原則，提到今年高超音速飛行器產量預計會翻一番，到 2027 年產量預計達到 75%。與三個月前相比，情況如何？或許您還能幫助我們釐清一下，在您尚未將高超音速收入納入基本方案的領域，以及您目前所掌握的領域。那將非常非常有幫助。然後還有一次後續跟進。

Yes. So the number one is the engines in the motors, the 120 motors that are going to start coming in late Q2, early Q3, and then those deliveries are going to ramp throughout '27 and '28. Those are tied to missions and launch manifests. And our Aerojet Rocketdyne on Zeus and ATK on Oriole, they've really stepped up, and so we are getting much more comfortable now with that.

是的。所以，首要的是發動機，也就是電機中的發動機，這 120 台電機將在第二季末、第三季初開始交付，然後這些交付量將在 2027 年和 2028 年逐步增加。這些都與任務和發射清單有關。我們的 Aerojet Rocketdyne 公司在 Zeus 上，ATK 公司在 Oriole 號上，都取得了很大的進步，所以我們現在對它們更加放心了。

Okay. Number two, the glide vehicles. There's one company in the United States that has the carbon-carbon material for our systems. We've placed the long leads. We have a number of vehicle systems' worth of materials coming in starting in Q3 -- I believe, in Q3, and then that's going to accelerate into '27 and '28.

好的。第二，滑翔飛行器。美國有一家公司擁有我們系統所需的碳碳材料。我們已經鋪設了長導線。從第三季度開始，我們將有相當數量的車輛系統材料到貨——我相信，就是第三季度，然後到 2027 年和 2028 年，到貨速度將會加快。

And then on top of that, and I know I've said it a couple of times, we now have an Appropriation Bill, which was very, very important for us. So taking all that, we are really comfortable for the rest of this year and going into next year with the hypersonic business and I'll say the middle of the fairway numbers we provided to you. Now where you were going on that. There's a -- I mentioned I'm very -- I'm hopeful that there's another $1 billion sole source or I think we're going to get. And let's say we get that by the end of this year.

此外，我知道我已經說過好幾次了，我們現在有了一項撥款法案，這對我們來說非常非常重要。綜上所述，我們對今年剩餘時間和明年的高超音速業務都非常有信心，而且我認為我們之前提供的數據基本上符合預期。你剛才說到哪裡了？我之前提到過，我非常希望能夠找到另一個10億美元的單一資金來源，或者我認為我們會得到這筆資金。假設我們能在今年年底前實現這個目標。

That could be additive to '27. We'd have to take a look at long leads and things like that, but that could be additive to '27 and could provide upside on it.

這可能會對 27 年產生影響。我們需要檢視一下長線領先優勢之類的因素，但這可能會對 2027 年的業績產生正面影響，並可能帶來上漲空間。

Perfect. And then just the number of tactical drone opportunities that you're talking about that are sort of in the pipeline, just wondering if you could frame Group three versus Group four kind of opportunities? And then just generally with the context of drone dominator, how interested are you in Group one and two in terms of really putting more investment capital against those opportunities?

完美的。然後，您提到的那些正在籌備中的戰術無人機機會的數量，能否請您具體說明一下第三組和第四組機會之間的差異？那麼，就無人機主導市場的大背景而言，您對第一組和第二組有多大興趣，是否願意投入更多資金來抓住這些機會？

Right. We are very, very interested in Group 5, so Valkyrie, Mighty Hornet, Tactical Firejet, AirWolf, Mako. That is our expertise, low-cost, high-performance jet drones. So Group five is the sweet spot, and that's where I did most my talking today because that's where the customers are coming to us. Group one and 2, like on Drone Dominance, we have a business there.

正確的。我們對第 5 組飛機非常非常感興趣，例如 Valkyrie、Mighty Hornet、Tactical Firejet、AirWolf 和 Mako。這就是我們的專長：低成本、高性能的噴射無人機。所以第五組是最理想的組別，也是我今天重點講解的組別，因為客戶都來自這個組別。第一組和第二組，就像在無人機統治領域一樣，我們在那裡有業務。

We won a slot. I believe we won it because of our design capability and the capability of the drones. Okay? We'll see, but that is -- and we will make the investment necessary to satisfy any customer requirement, but that is not the strategic focus of Kratos, including from an investment standpoint.

我們贏得了一個名額。我認為我們獲勝是因為我們的設計能力和無人機的性能。好的？我們拭目以待，但事實是——我們將進行必要的投資以滿足任何客戶需求，但這並不是 Kratos 的戰略重點，包括從投資角度來看。

Sheila Kahyaoglu, Jefferies.

Sheila Kahyaoglu，傑富瑞集團。

Eric, maybe if we could just -- one big picture question and one micro one. If we could just dig into the size of your microelectronics -- Microwave Electronics business, just given the production rate increases we're seeing, can you size it? What was the growth in '25? How do you think about the growth in '26? And what are some of the larger programs driving it?

艾瑞克，或許我們可以只問一個大問題和一個小問題。如果我們能深入了解貴公司微電子—微波電子業務的規模，考慮到我們目前看到的生產力成長，您能估算一下嗎？1925年的成長情況如何？你如何看待2026年的成長？推動這項進程的一些大型專案是什麼？

Deanna will help me on the numbers.

迪安娜會幫我處理數字。

Yes. So the growth for the year was about organic 17%.

是的。因此，該年度的有機成長率約為 17%。

Got it and...

收到了，而且…

Big programs are Iron Dome, Tamir, Arrow, BARAK. There's next two -- the next two are classified. So those are the big five, two classified and those three I mentioned.

大型項目包括鐵穹、泰米爾、箭、巴拉克。接下來還有兩份──接下來的兩份屬於機密文件。所以，這就是五大問題，兩個是機密問題，還有我提到的三個問題。

Perfect. And maybe you've given us so much color on this call. Can you -- I don't know if it's easy to just tell like the three upcoming catalysts we look for with Kratos.

完美的。或許你在這通電話中給了我們許多生動的細節。你能——我不知道是否很容易就能分辨出我們期待奎托斯出現的三個催化劑。

Yes. From my opinion, number one is, as I mentioned, I'm expecting that we're going to receive a very large potential $1 billion, $1 billion-plus hypersonic opportunity. I think we're going to get that. That is looking pretty good. I'm hopeful that a customer is going to let us announce or they will announce that we have received another tactical drone CCA type program award.

是的。依我之見，第一點是，正如我之前提到的，我預計我們將迎來一個價值超過 10 億美元的高超音速機會。我認為我們會得到那個結果。看起來相當不錯。我希望有客戶會允許我們宣布，或者他們會宣布我們獲得了另一項戰術無人機 CCA 類型的專案獎項。

I can't control that. I'm hopeful that happens. That financially and from a company standpoint is a catalyst. Number three, I think it's possible that one of our customers in the jet engine area could announce a very large production contract for the jet engines. That would definitely be a catalyst because that will be a new growth driver leg for the company.

我控制不了那個。我希望這種情況能夠發生。從財務和公司角度來看，這是一個催化劑。第三，我認為我們在噴射發動機領域的某個客戶有可能宣布一份非常大的噴射發動機生產合約。那絕對會成為催化劑，因為這將成為公司新的成長動力。

Gavin Parsons, UBS.

瑞銀集團的加文·帕森斯。

You guys have a lot to talk about.

你們有很多話要說。

A lot going on.

發生了很多事。

A lot going on. Well, I appreciate the question. Two-part question on the framework you talked about for the primes. I guess first part, does that accelerate your growth or more so give you better visibility into sustaining it for a longer period of time?

發生了很多事。感謝您的提問。關於你提到的質數框架，我有兩個問題。我想問的是，第一部分，這會加速你的成長，還是更讓你更了解如何維持更長的成長？

For the near term, it's great visibility and sustainment, and we'll see what happens over the next quarter or two relative to timing of things that will accelerate for us.

短期來看，前景光明，發展動能良好。接下來一、兩個季度，我們將觀察哪些事情會加速發展，以及發展進程的進展。

And then the second part, the primes are finally leaning into investment, right, announcing major increases in CapEx, doing less buybacks. Does that result in more direct competition? Or are they looking at more dual source as they look to grow faster? What's the risk there?

其次，主要投資銀行終於開始加強投資力度，宣布大幅增加資本支出，減少股票回購。這是否會導致更直接的競爭？或者，他們是否正在尋求更多雙源採購模式，以期實現更快成長？那裡有什麼風險？

Yes. We really don't compete with the traditional primes. We rarely do. It's -- we partner with them. I went through a little earlier that for every one of the major primes that builds missile, radar, air defense type systems, the ones that are going to be involving Golden Dome, we build the hardware for them.

是的。我們其實不與傳統素數競爭。我們很少這樣做。我們與他們合作。我之前稍微提到過，對於每一個建造導彈、雷達、防空系統等主要係統的大型製造商，包括那些將與金色穹頂相關的系統，我們都為他們建造硬體。

We partner with them. Look, with Northrop, we're delivering them tactical jet aircraft.

我們與他們合作。你看，我們透過諾斯羅普公司向他們交付戰術噴射機。

So what the primes are doing now and leaning forward, this is going to be an accelerator for Kratos, is what it's going to be. I mean, take a look at Northrop, and that's one of our closest, if not closest partner. I mean, they talked about it last week or two weeks ago. They're looking to increase production on Integrated Battle Command System by 4x. We build a significant amount of the hardware on IBCS.

所以，現在元祖所做的一切，以及他們向前邁進的步伐，都將成為奎托斯前進的加速器。我的意思是，看看諾斯羅普公司，它是我們最親密的合作夥伴之一，甚至可以說是最親密的合作夥伴。我的意思是，他們大概一兩週前就討論過這件事。他們計劃將整合作戰指揮系統的產量提高 4 倍。我們在 IBCS 上建置了大量的硬體。

That would be incredible for us. Take a look at Leidos Dynetics. Okay. I believe Tom or his CFO said in their earnings call and their transcript, I believe they said, check me, that by the end of '29 or 2030, they need to deliver 300 or 400 indirect fire systems. Kratos builds a significant amount of the hardware for Dynetics, for indirect fires that they get them do integration work on with the weapon system.

那對我們來說將是不可思議的。不妨了解 Leidos Dynetics 公司。好的。我相信湯姆或他的財務長在他們的財報電話會議和會議記錄中說過，我相信他們說過（請核實），到 2029 年底或 2030 年底，他們需要交付 300 或 400 套間接滅火系統。Kratos 為 Dynetics 製造了大量的硬件，用於間接射擊，並負責將其與武器系統整合。

I can go on and on. So these companies like Leidos Dynetics and Lockheed and Northrop and Raytheon that are leaning forward, especially including these large multiyear orders, there is nothing bad here for Kratos. There's -- I don't want to -- there's nothing in my -- that comes to mind competitory, and this could be an accelerator for us going forward.

我可以一直說下去。所以像 Leidos Dynetics、洛克希德馬丁、諾斯羅普格魯曼和雷神這樣的公司都在積極推進，尤其是包括這些多年期的大訂單，這對 Kratos 來說沒有什麼壞處。我不想——我腦子裡沒有——我想不出任何競爭因素，而這可能會加速我們未來的發展。

And this concludes our Q&A session, and I will turn it back to Eric DeMarco for closing comments.

問答環節到此結束，接下來我將把發言權交還給埃里克·德馬科，請他做總結發言。

Great. We appreciate you all joining us and taking the time to ask us the questions sincerely, your interest in the business. We look forward to chatting with you when we report Q1. Thank you.

偉大的。感謝各位的參與，感謝你們抽出時間真誠地向我們提問，也感謝你們對我們業務的興趣。我們期待在發布第一季財報時與您交流。謝謝。

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

我們的會議到此結束。感謝您的參與。您現在可以斷開連線了。