Palladyne AI Corp (PDYN) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Fourth Quarter 2022 Sarcos Technology & Robotics Corporation Earnings Conference Call. At this time, all participants are in a listen-only mode. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎來到 Sarcos Technology & Robotics Corporation 2022 年第四季度收益電話會議。此時，所有參與者都處於只聽模式。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Moriah Shilton from Financial Profiles.

我現在想把會議交給今天的演講者，來自 Financial Profiles 的 Moriah Shilton。

Thank you, operator. Good afternoon, everyone, and welcome to the Sarcos Technology and Robotics Corporation Fourth Quarter and Full Year 2022 Earnings Call.

謝謝你，運營商。大家下午好，歡迎來到 Sarcos Technology and Robotics Corporation 2022 年第四季度和全年收益電話會議。

Joining us on the call this afternoon are Sarcos President and Chief Executive Officer, Kiva Allgood; and Chief Financial Officer, Drew Hamer. Kiva will start the call with a discussion of business highlights from 2022 and recent events and Drew will then talk in more detail about the financial results, before management takes questions from analysts.

今天下午與我們一起參加電話會議的還有 Sarcos 總裁兼首席執行官 Kiva Allgood；和首席財務官 Drew Hamer。 Kiva 將首先討論 2022 年的業務亮點和最近發生的事件，然後 Drew 將更詳細地討論財務結果，然後管理層會回答分析師的問題。

Before we begin, we must state that today's call will contain forward-looking statements, including statements concerning future commercial production and availability of our products, product features and capabilities, target markets and market trends, size and expectations, customer demand and future financial results, condition and cash flows, including revenues, costs and liquidity. In addition, any statements about future performance related to our acquisition of RE2, including our expectations regarding the benefits to be achieved, the financial performance of the combined company integration plans and other statements regarding the combination of the 2 companies are forward-looking statements. These statements represent management's beliefs and expectations as to future events of today.

在我們開始之前，我們必須聲明今天的電話會議將包含前瞻性陳述，包括關於未來商業生產和我們產品的可用性、產品特性和能力、目標市場和市場趨勢、規模和預期、客戶需求和未來財務結果的陳述、狀況和現金流量，包括收入、成本和流動性。此外，與我們收購 RE2 相關的未來業績的任何陳述，包括我們對將要實現的收益的預期、合併後的公司整合計劃的財務業績以及有關兩家公司合併的其他陳述都是前瞻性陳述。這些陳述代表了管理層對今天未來事件的信念和期望。

But there are many risks and uncertainties that could cause actual results to differ from what we have projected. Among those risks and uncertainties are those described in our annual report on Form 10-K filed today with the SEC and those mentioned in today's earnings press release. We encourage you to review the risks and uncertainties described in this press release and in our filings with the SEC for further information regarding these actual and potential risks and uncertainties. We also encourage you to review the special notes regarding forward-looking statements, including in our earnings release and 10-K for the full year 2022 filed with the SEC this afternoon in which we posted in the Investors section of our website at sarcos.com and on the SEC's website.

但存在許多風險和不確定性，可能導致實際結果與我們的預期有所不同。這些風險和不確定性包括我們今天向美國證券交易委員會提交的 10-K 表格年度報告中描述的風險和不確定性，以及今天的收益新聞稿中提到的風險和不確定性。我們鼓勵您查看本新聞稿和我們向美國證券交易委員會提交的文件中描述的風險和不確定性，以獲取有關這些實際和潛在風險和不確定性的更多信息。我們還鼓勵您查看有關前瞻性陳述的特別說明，包括我們今天下午向美國證券交易委員會提交的收益發布和 2022 年全年的 10-K，我們在我們網站 sarcos.com 的投資者部分發布了這些說明以及美國證券交易委員會的網站。

In addition, we will be discussing certain non-GAAP financial measures on our call today. Throughout this call, all financial measures will be GAAP, unless otherwise noted. A reconciliation of any non-GAAP measures to the most directly comparable GAAP measures as well as the description, limitations and rationale for such measures, are included in the earnings release filed with the SEC this afternoon and which is available on our website and on the SEC's website. A recording of this call will also be available on our website until April 16, 2023. The information that we're giving on this call today is as of today's date, and we undertake no obligation to update the information subsequently.

此外，我們將在今天的電話會議上討論某些非 GAAP 財務措施。在整個電話會議中，除非另有說明，否則所有財務措施都將採用公認會計原則。任何非 GAAP 措施與最直接可比的 GAAP 措施的對賬，以及此類措施的描述、限制和理由，都包含在今天下午向美國證券交易委員會提交的收益報告中，可在我們的網站和SEC 的網站。此電話會議的錄音也將在 2023 年 4 月 16 日之前在我們的網站上提供。我們今天在本次電話會議上提供的信息是截至今天的日期，我們不承擔隨後更新信息的義務。

At this point, I'd like to turn the call over to Kiva Allgood, President and CEO of Sarcos.

在這一點上，我想把電話轉給 Sarcos 的總裁兼首席執行官 Kiva Allgood。

Thanks, Moriah. Good afternoon, and welcome to everyone joining us on the call today. As you saw in our press release earlier, we had a strong fourth quarter and full year with revenue coming in on the high end of our guidance range. In addition, increasing revenue, it was a productive year and a giant leap forward.

謝謝，莫里亞。下午好，歡迎大家今天加入我們的電話會議。正如您在我們之前的新聞稿中看到的那樣，我們第四季度和全年表現強勁，收入處於我們指導範圍的高端。此外，收入增加，這是富有成效的一年，也是一個巨大的飛躍。

Sarcos is a recognized technology and software company developing the latest innovations in robotics and software technology. And the RE2 acquisition we made in 2022 is playing a key role in that recognition. By combining our 2 companies, Sarcos is now able to offer a much wider range of robotic systems and solutions to meet our customers' needs and expand it even more industries. Most importantly, we gained the RE2 team and their deep expertise in robotics, machine learning and AI.

Sarcos 是一家公認的技術和軟件公司，開發機器人和軟件技術的最新創新。我們在 2022 年進行的 RE2 收購在這種認可中發揮了關鍵作用。通過合併我們的兩家公司，Sarcos 現在能夠提供範圍更廣的機器人系統和解決方案，以滿足我們客戶的需求並將其擴展到更多行業。最重要的是，我們獲得了 RE2 團隊及其在機器人、機器學習和人工智能方面的深厚專業知識。

We have integrated RE2 Sapien products into our portfolio and incorporated them into our Guardian product lineup, which now encompasses the Guardian XM Intelligent Robotic System, a Guardian Sea Class robotic system and the Guardian XT Dexterous Robotic System. We are commercializing these systems first because of the expected strong demand that the products are capable of real-world use, and we are managing supply chain risk associated with these products.

我們已將 RE2 Sapien 產品整合到我們的產品組合中，並將它們納入我們的 Guardian 產品系列，該系列現在包括 Guardian XM 智能機器人系統、Guardian Sea Class 機器人系統和 Guardian XT 靈巧機器人系統。我們首先將這些系統商業化，因為預期對產品能夠在現實世界中使用的強烈需求，並且我們正在管理與這些產品相關的供應鏈風險。

Although we continue to develop the Guardian XO, we don't believe production of the initial commercial version will be ready until sometime after 2023. We have a customer pipeline that is ready now for the XM, XT and Sea Class and we see the power and utilities, aviation, defense, maritime and construction industries as the end markets where our technologies can make the biggest, fastest impact.

儘管我們繼續開發 Guardian XO，但我們認為初始商業版本的生產要到 2023 年之後的某個時候才能準備就緒。我們現在已經為 XM、XT 和 Sea Class 準備好了客戶渠道，我們看到了力量和公用事業、航空、國防、海事和建築行業作為我們的技術可以產生最大、最快影響的終端市場。

We're seeing a strong customer preference to buy our systems outright rather than lease them in a robotic as-a-service model. We are also seeing strong customer demand in our software solutions. Our systems include software to enable basic control, teleoperation, semi-autonomous capabilities. We will provide additional software options such as supervised autonomy as an incremental service.

我們看到客戶強烈傾向於直接購買我們的系統，而不是以機器人即服務模式租賃它們。我們還看到客戶對我們的軟件解決方案有著強烈的需求。我們的系統包括支持基本控制、遠程操作和半自主功能的軟件。我們將提供額外的軟件選項，例如作為增量服務的監督自治。

Our supervised autonomy framework uses multi-modal sensor data to perceive, interact and conceptualize unstructured environment. Combined with our success-based learning AI approach, the supervised autonomy framework harnesses the power of real-time and learned behavior data input. That enables our robots to execute task-specific autonomy in unstructured environment. Our advanced success-based AI enables human workers flexibility, creativity and improvisational skills to deliver improved workflow performance and safer interactions between humans and machines for jobs in unstructured environment.

我們的監督自治框架使用多模式傳感器數據來感知、交互和概念化非結構化環境。結合我們基於成功的學習 AI 方法，監督自治框架利用實時和學習行為數據輸入的力量。這使我們的機器人能夠在非結構化環境中執行特定任務的自治。我們先進的基於成功的 AI 使人類工作者能夠靈活、創造性和即興發揮技能，從而在非結構化環境中為工作提供改進的工作流程性能和更安全的人機交互。

Our success-based reinforcement learning functionality uses advanced AI and machine learning to improve the overall dexterity, mobility, safety and autonomy of a robot so that it can learn new skills to enhance its abilities autonomously. Our AR approach is supervised autonomy to be leveraged not only in the Guardian line but also in robots that aren't our own products. By licensing our software to others, we have recurring revenue opportunities that don't require the capital of a RaaS model.

我們基於成功的強化學習功能使用先進的人工智能和機器學習來提高機器人的整體靈巧性、機動性、安全性和自主性，使其能夠自主學習新技能以增強其能力。我們的 AR 方法是受監督的自主性，不僅可以用於 Guardian 系列，還可以用於非我們自己產品的機器人。通過將我們的軟件授權給其他人，我們擁有不需要 RaaS 模型資本的經常性收入機會。

We began production of the Guardian XM and met our goal of producing 10 units in Q4 but we need to move bigger and faster. And to do that, we recently signed an agreement with a major contract manufacturer that will allow us to scale production.

我們開始生產 Guardian XM，並在第四季度實現了生產 10 台的目標，但我們需要擴大規模和加快步伐。為此，我們最近與一家主要合同製造商簽署了一項協議，這將使我們能夠擴大生產規模。

We achieved technical milestones this year through several field trials, including those with the U.S. Navy for the Maritime line utilization system, which is the foundation for the Guardian Sea Class. After 2 years of field trials, we successfully integrated our STARFISH and end effectors to demonstrate complex tasks requiring grasping movements and touch somewhat as those as the human hands. A remote operator command the robot system to operate in real-world situations. It's a prime example of how we're developing robotic technologies to take humans out of harm's way and dangerous job. We are now commercializing the Sea Class system and providing the most value to our customers by optimizing the user experience.

今年，我們通過多次現場試驗實現了技術里程碑，包括與美國海軍一起進行的海上線路利用系統試驗，這是 Guardian Sea Class 的基礎。經過 2 年的現場試驗，我們成功地將我們的 STARFISH 和末端執行器集成在一起，以展示需要像人手一樣進行抓握動作和触摸的複雜任務。遠程操作員命令機器人系統在現實世界中運行。這是一個很好的例子，說明我們如何開發機器人技術來幫助人類擺脫危險和危險的工作。我們現在正在將 Sea Class 系統商業化，並通過優化用戶體驗為我們的客戶提供最大價值。

As I mentioned on the Q3 call, we executed demanding field trials in the Navy's repair technology exercise where several Sarcos robotic systems were put to the test, including the Guardian XM, the Guardian Sea Class and the Guardian DX, which is our defense teleoperated Dexterous Robotic System, and the Guardian S, our remote visual inspection robotic system. These technologies can be used at height or, in the case of the Sea Class, at great depth that are unsafe for our workers.

正如我在第三季度電話會議上提到的，我們在海軍維修技術演習中進行了苛刻的現場試驗，其中對多個 Sarcos 機器人系統進行了測試，包括 Guardian XM、Guardian Sea Class 和 Guardian DX，後者是我們的國防遙控靈巧型機器人系統和 Guardian S，我們的遠程視覺檢查機器人系統。這些技術可以在高度使用，或者在海級的情況下，可以在對我們的工人不安全的深度使用。

We conducted a demonstration of our outdoor-based autonomous baggage loading system developed in conjuncture with Changi Airport Group. This system automates loading and unloading bags from passenger planes, which is obviously a physically demanding job. Deploying robotic systems in this way has the potential to transport airport, improving worker safety and reducing passenger delays, especially in bad weather. Additionally, autonomy technologies are a potential solution for the growing need for labor in the aviation industry. Baggage loading is just one of those many ways our technologies could address these in aviation, and there will be more to come in this market.

我們展示了與樟宜機場集團聯合開發的基於戶外的自主行李裝載系統。該系統自動從客機上裝卸行李，這顯然是一項體力勞動。以這種方式部署機器人系統有可能在機場運輸、提高工人安全並減少乘客延誤，尤其是在惡劣天氣下。此外，自主技術是滿足航空業日益增長的勞動力需求的潛在解決方案。行李裝載只是我們的技術在航空領域解決這些問題的眾多方式之一，而且這個市場還會有更多。

And I hope you saw last week's press release announcing that we had completed the final validation in our Outdoor Autonomous Manipulation of Photovoltaic Panels, known as O-AMPP project robotic solar field construction solutions. We worked with the industry leaders such as Mortenson, JLG Industries, Array Technologies and Pratt Miller at a Mortenson product site to validate the solution. The solar energy is facing labor shortages, and we expect our solution to significantly increase productivity, thus, reducing crew sizes and greatly reducing installation costs. This validation process was a critical step towards commercialization.

我希望你看到上週的新聞稿，宣布我們已經完成了我們的光伏板戶外自主操縱的最終驗證，稱為 O-AMPP 項目機器人太陽能場建設解決方案。我們在 Mortenson 產品站點與 Mortenson、JLG Industries、Array Technologies 和 Pratt Miller 等行業領導者合作，以驗證該解決方案。太陽能正面臨勞動力短缺，我們希望我們的解決方案能夠顯著提高生產率，從而減少工作人員人數並大大降低安裝成本。這個驗證過程是邁向商業化的關鍵一步。

And beyond the physical hardware development, we have developed AI-based algorithms for semi-autonomous detection, tracking and classification of objects, whether they are stationary or moving. We are advanced and fully immersive [total] operation technology for extended reality interactions between humans and robots that combines virtual reality and augmented reality, affordable motion capture technology to provide a greater sense of realism, increased performance, safety and control.

除了物理硬件開發之外，我們還開發了基於人工智能的算法，用於對物體進行半自動檢測、跟踪和分類，無論它們是靜止的還是移動的。我們是先進且完全身臨其境的 [總] 操作技術，用於人與機器人之間的擴展現實交互，結合了虛擬現實和增強現實，經濟實惠的動作捕捉技術，可提供更好的真實感，更高的性能，安全性和控制力。

We launched 2 industry-sponsored research efforts with leading universities in the field of AI-based control technologies for robotics to advance dexterity, maneuverability and robustness and dynamic and unstructured environment. And we continued to expand our simulations and mixed reality solutions that use augmented reality, virtual reality, digital twins and AI-enablement simulation techniques to create simulation environment in which we can train, optimize robot operations. Simulations are important when conditions are too expensive, risky or time-consuming to do in the physical world.

我們與領先的大學在基於人工智能的機器人控制技術領域開展了 2 項由行業贊助的研究工作，以提高靈活性、機動性和魯棒性以及動態和非結構化環境。我們繼續擴展我們的模擬和混合現實解決方案，這些解決方案使用增強現實、虛擬現實、數字雙胞胎和 AI 支持模擬技術來創建模擬環境，我們可以在其中訓練、優化機器人操作。當條件過於昂貴、風險大或耗時而無法在現實世界中進行時，模擬非常重要。

As you can tell, we've accomplished this great deal in 2022 and years prior, and those accomplishments will serve us as the springboard for growth going forward.

如您所知，我們在 2022 年和此前幾年取得了巨大成就，這些成就將成為我們未來增長的跳板。

In 2023, we anticipate increasing both our product and product development contract sales to $23 million to $25 million as we commercialize our existing lineup while developing new technologies for the future. Customers are paying us to be first in line for the first production unit and paying us to deliver them faster than anyone else. We've been working for years to be in this position. We are ready.

到 2023 年，隨著我們將現有產品線商業化，同時為未來開發新技術，我們預計我們的產品和產品開發合同銷售額將增加到 2300 萬至 2500 萬美元。客戶付錢讓我們成為第一個生產單位的第一線，並付錢讓我們比任何人更快地交付它們。多年來，我們一直在努力做到這一點。我們準備好了。

And finally, I'd be remiss if I didn't mention one more key event in 2022, and that's the appointment of Drew Hamer, as our Chief Financial Officer, who quickly became a valued member of our strategic leadership team.

最後，如果我不提 2022 年的另一件重要事件，那就是我失職了，那就是任命 Drew Hamer 為我們的首席財務官，他很快成為我們戰略領導團隊的重要成員。

And now I'll turn it over to Drew to report on the financials.

現在我將把它交給德魯報告財務狀況。

Thank you, Kiva. To everyone on the line, it is a pleasure to be here today speaking with you. Please note that our results for this year include the financial performance of RE2 from the close of the transaction last year on April 25. The 2021 results do not include results from RE2. Also, please note, what was formerly called research and development services revenue is now called product development contract revenue.

謝謝你，基瓦。在線的每個人，很高興今天能在這裡與您交談。請注意，我們今年的業績包括自去年 4 月 25 日交易結束以來 RE2 的財務業績。2021 年的業績不包括 RE2 的業績。另外請注意，以前稱為研發服務收入的收入現在稱為產品開發合同收入。

Product development contract revenue comes from different types of contractual research and development agreements, primarily related to the development and commercialization of our products, including cost pipe and fixed price agreements.

產品開發合同收入來自不同類型的合同研發協議，主要與我們產品的開發和商業化有關，包括成本管道和固定價格協議。

Now turning to the actual results. All comparisons I will use are year-over-year. For the fourth quarter of 2022, revenue was $6.1 million compared to $1 million during the fourth quarter of 2021. The increase was primarily due to increased revenue from product development contract revenues. Cost of revenue increased by $3.3 million to $4.4 million as compared to $1.1 million in 2021, mainly due to the costs associated with the product development contracts I just mentioned.

現在轉向實際結果。我將使用的所有比較都是同比的。 2022 年第四季度的收入為 610 萬美元，而 2021 年第四季度為 100 萬美元。增長的主要原因是產品開發合同收入的增加。與 2021 年的 110 萬美元相比，收入成本增加了 330 萬美元至 440 萬美元，這主要是由於與我剛才提到的產品開發合同相關的成本。

Fourth quarter 2022 total operating expenses included cost of revenues, were $101.3 million, an increase from the fourth quarter of 2021 operating expenses of $28.6 million. The increase was mainly due to a noncash goodwill impairment charge of $70.2 million, which was primarily driven by the sustained decrease in the company's publicly quoted share price and market capitalization during the fourth quarter.

2022 年第四季度包括收入成本在內的總運營費用為 1.013 億美元，比 2021 年第四季度的 2860 萬美元有所增加。增加的主要原因是 7020 萬美元的非現金商譽減值費用，這主要是由於第四季度公司公開報價的股價和市值持續下降所致。

Research and development expenses increased by $4.1 million to $10.2 million in the fourth quarter. This increase was driven primarily by increased headcount from the acquisition of RE2. Part of this increase was also related to increased third-party service provider costs focused on the development of our Guardian XT, Guardian XM and Guardian XO products. General and administrative expenses were down $6.1 million to $12.9 million in the fourth quarter primarily due to decreased stock-based compensation expenses. Sales and marketing expenses were $2.7 million, which was slightly up compared to $2.5 million in the fourth quarter of 2021.

第四季度的研發費用增加了 410 萬美元，達到 1020 萬美元。這一增長主要是由於收購 RE2 後員工人數增加所致。這一增長的一部分還與第三方服務提供商成本的增加有關，這些成本集中在我們的 Guardian XT、Guardian XM 和 Guardian XO 產品的開發上。第四季度的一般和行政費用減少 610 萬美元至 1290 萬美元，這主要是由於基於股票的薪酬費用減少。銷售和營銷費用為 270 萬美元，與 2021 年第四季度的 250 萬美元相比略有上升。

Fourth quarter 2022 net loss was $92.3 million or a loss of $0.61 per share compared to a net loss of $34.1 million or a loss of $0.25 per share in the fourth quarter of the prior year.

2022 年第四季度淨虧損為 9230 萬美元或每股虧損 0.61 美元，而去年第四季度為淨虧損 3410 萬美元或每股虧損 0.25 美元。

Fourth quarter non-GAAP net loss was $18 million or a loss of $0.12 per share compared to a net loss of $14.7 million or a loss of $0.11 per share in 2021.

第四季度非 GAAP 淨虧損為 1800 萬美元或每股虧損 0.12 美元，而 2021 年為淨虧損 1470 萬美元或每股虧損 0.11 美元。

Moving on to the full year 2022. Revenue increased to $14.6 million from $5.1 million for the full year of 2021, primarily due to increased revenue from product development contract revenues. We also had $330,000 in sales of our legacy products in 2022 as compared to $1.5 million in such sales in the prior year.

展望 2022 年全年。收入從 2021 年全年的 510 萬美元增加到 1460 萬美元，這主要是由於產品開發合同收入的增加。 2022 年，我們遺留產品的銷售額也達到了 330,000 美元，而上一年的此類銷售額為 150 萬美元。

Cost of revenue increased by $7.7 million to $11.6 million in 2022 as compared to $3.9 million in 2021. Mainly due to the costs associated with the increase in product development contract revenues I just mentioned. 2022 total operating expenses, including cost of revenues, were $191.6 million, up $105.5 million from 2021 due mainly to the goodwill impairment charge I previously discussed. Research and development expenses increased by $16.6 million as compared to the prior year due to increased labor and overhead expenses as a result of increased head count due in part to the RE2 acquisition and third-party service provider costs as the company focused on the development and commercialization of its Guardian XT, XM, Sea Class and XO products.

與 2021 年的 390 萬美元相比，2022 年的收入成本增加了 770 萬美元，達到 1160 萬美元。主要是由於與我剛才提到的產品開發合同收入增加相關的成本。 2022 年的總運營費用（包括收入成本）為 1.916 億美元，比 2021 年增加 1.055 億美元，這主要是由於我之前討論過的商譽減值費用。研發費用比上一年增加了 1660 萬美元，原因是勞動力和管理費用增加，部分原因是公司專注於開發和其 Guardian XT、XM、Sea Class 和 XO 產品的商業化。

For the full year 2022, net loss was $157.1 million or a loss of $1.07 per share compared to $81.5 million or a loss of $0.72 per share in the prior year, $70 million of which was due to the goodwill impairment charge I mentioned earlier. Full year non-GAAP net loss for 2022 was $67.4 million or a loss of $0.46 per share compared to a non-GAAP net loss for 2021 of $35.5 million or a loss of $0.31 per share. We ended the year with $114.5 million in unrestricted cash, cash equivalents and marketable securities.

對於 2022 年全年，淨虧損為 1.571 億美元或每股虧損 1.07 美元，而上一年為 8150 萬美元或每股虧損 0.72 美元，其中 7000 萬美元是由於我之前提到的商譽減值費用。 2022 年全年非 GAAP 淨虧損為 6740 萬美元或每股虧損 0.46 美元，而 2021 年的非 GAAP 淨虧損為 3550 萬美元或每股虧損 0.31 美元。年底，我們擁有 1.145 億美元的不受限制的現金、現金等價物和有價證券。

I'm now going to turn to our outlook. First, I'd like to discuss our production capabilities in ramp. The production of our Guardian XM and Guardian XT systems is progressing on schedule. Initial commercial versions of both systems will be ready for customer delivery in the first half of 2023. Going forward, we will be providing a weighted average ASP in giving unit counts for a total number of systems perspective. As we get closer to the ramp expected in the second half of 2023, we will begin to provide these metrics in our guidance.

我現在要談談我們的前景。首先，我想討論一下我們的生產能力。我們的 Guardian XM 和 Guardian XT 系統的生產正在按計劃進行。這兩個系統的初始商業版本將於 2023 年上半年準備好交付給客戶。展望未來，我們將提供加權平均 ASP，以從系統總數的角度給出單位數量。隨著我們越來越接近 2023 年下半年的預期增長，我們將開始在我們的指南中提供這些指標。

The initial manufacturing of our commercial products is already ramping in our facilities in Salt Lake City and Pittsburgh. We do not anticipate high-volume production by a contract manufacturing partner to be in place until at least the end of 2023. We estimate that we have the capability to manufacture between 300 and 500 units of our Guardian XT Robotic System, Guardian XM Robotic System, Guardian Sea class units and our existing commercial products depending on the mix. We continue to expect that we will not use all of the capacity in 2023.

我們的商業產品的初始製造已經在我們位於鹽湖城和匹茲堡的工廠中進行。我們預計合同製造合作夥伴至少要到 2023 年底才能實現大批量生產。我們估計我們有能力製造 300 到 500 台 Guardian XT 機器人系統、Guardian XM 機器人系統、Guardian Sea 級裝置和我們現有的商業產品取決於組合。我們繼續預計我們不會在 2023 年使用所有產能。

Now to our financial guidance. For the first quarter of 2023, we expect total revenue to approximate $2.3 million and all will be product development contract revenue. We estimate cash used in operating activities will average approximately $6 million per month. Now for the full year 2023 guidance. Total revenue is expected to range between $23 million and $25 million. Product development contract revenue is expected to be approximately 80% of the mix with product revenue, the remainder. Product sales are expected to begin to ramp up in the second half of 2023.

現在是我們的財務指導。對於 2023 年第一季度，我們預計總收入約為 230 萬美元，全部為產品開發合同收入。我們估計用於經營活動的現金平均每月約為 600 萬美元。現在是 2023 年全年指導。總收入預計在 2300 萬美元至 2500 萬美元之間。產品開發合同收入預計約佔組合收入的 80%，其餘為產品收入。預計產品銷量將在 2023 年下半年開始回升。

Turning to our operating expenses. Research and development expenses are expected to decrease slightly in 2023 as compared to 2022 due to our focus on product development and as the company continues to leverage third-party service providers in its development activities. With the exception of stock-based compensation expense, we expect our general and administrative expenses in 2023 to increase slightly as the company works on its commercialization pathway that maintains public company compliance requirements. Sales and marketing will increase slightly in 2023, in line with the expected revenue growth in the future.

談到我們的運營費用。由於我們專注於產品開發以及公司在其開發活動中繼續利用第三方服務提供商，預計 2023 年的研發費用將比 2022 年略有下降。除了基於股票的補償費用外，我們預計 2023 年的一般和行政費用將略有增加，因為公司致力於維持上市公司合規要求的商業化途徑。銷售和營銷將在 2023 年略有增長，這與未來預期的收入增長一致。

Now looking at our balance sheet. We are satisfied with our liquidity and currently have no plans to do an equity financing in 2023. We will continue monitoring our liquidity, financial and business results, outlook and market conditions and could change our plans if we determine it to be necessary or advisable.

現在看看我們的資產負債表。我們對我們的流動性感到滿意，目前沒有計劃在 2023 年進行股權融資。我們將繼續監測我們的流動性、財務和業務結果、前景和市場狀況，如果我們認為有必要或可取，可能會改變我們的計劃。

Operator, that is the end of my prepared remarks. I'd like to turn over the call to you now. Would you please repeat the instructions to ask a question?

接線員，我準備好的發言到此結束。我想現在把電話轉給你。請你重複一下說明來提問好嗎？

(Operator Instructions) Our first question comes from Rob Mason with Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Rob Mason。

Yes, Kiva, Drew. My question, starting out, just can you just walk through what the gating factors are before we start to recognize commercial revenue starting from now until, I guess, midyear, what else needs to happen along the 2 products that would be most likely to recognize revenue?

是的，基瓦，德魯。我的問題，首先，在我們開始確認商業收入之前，您能否先了解一下門控因素是什麼，我想，從現在開始到年中，最有可能識別的 2 種產品還需要發生什麼收入？

Yes. Great question. So actually, hopefully, you saw our announced that we've got 3 products that we're really focused on, the Sea Class the XM and the XT. Sea Class has been in field and underwater for over 2 years and highly tested and is in production now. So very excited there. On XT and XM, we also produced a good 10 units of the XM at the end of last year. And XT is in production right now. I had a chance to go down and check out the new face and smile. So it's coming to life as we speak.

是的。很好的問題。所以實際上，希望你看到我們宣布我們有 3 種我們真正關注的產品，Sea Class XM 和 XT。 Sea Class 已在野外和水下使用超過 2 年，並經過嚴格測試，目前正在生產中。那裡非常興奮。在 XT 和 XM 上，我們還在去年年底生產了 10 台 XM。 XT 現在正在生產中。我有機會下去看看新面孔和微笑。因此，就在我們說話的時候，它變得栩栩如生。

As far as gating factors, again, it continues to -- spending money to get the long-lead items in time. We still have some pieces and parts that are 42 to 52 weeks. But again, I think the supply chain team did a fantastic job of purchasing those long-lead items that also shows up on the balance sheet from last year. So I think from my perspective, right now, it's just penciled down and moving forward.

就門控因素而言，它再次繼續 - 花錢及時獲得長周期項目。我們還有一些零件需要 42 到 52 週。但同樣，我認為供應鏈團隊在採購那些也出現在去年資產負債表上的長周期項目方面做得非常出色。所以我認為，從我的角度來看，現在，它只是用鉛筆寫下來並向前邁進。

Right. And then we'll continue to ramp that production, Rob, so that we can get to the volume units to be able to sell them. However, they are available now for our sales force to go out and start negotiating with customers and closing contracts.

正確的。然後我們將繼續提高產量，Rob，這樣我們就可以達到能夠銷售它們的體積單位。但是，它們現在可供我們的銷售人員外出並開始與客戶談判並簽訂合同。

Well, that was maybe my next question is, I think you are open now, the order book is now open, you're taking orders or your ability to take orders is here.

好吧，也許我的下一個問題是，我認為你現在開門了，訂單簿現在打開了，你正在接受訂單，或者你接受訂單的能力就在這裡。

That is correct.

那是對的。

Key milestone for us is these units could be produced in ever-increasing volumes now.

對我們來說，重要的里程碑是這些單位現在可以以不斷增加的數量生產。

Very good. And it's good to see that you've got the contract manufacturer arrangement lined up. How do you see that playing out here over the next year or 2? Is it -- should I think that there will be subassemblies and both subassemblies, I guess, and final assembly at the contract manufacturer? But I'm just -- just maybe speak to the interplay between your own capabilities and the contract manufacturer over the next year or 2.

非常好。很高興看到您已經安排了合同製造商安排。您如何看待未來一兩年的發展？是——我是否應該認為會有子組件和兩個子組件，我猜，以及在合同製造商處進行最終組裝？但我只是 - 也許在未來一兩年內談談你自己的能力與合同製造商之間的相互作用。

Yes. So there are 2 stages to this. I'll start and then Kiva can finish on this. But the first stage as we go -- as we start to ramp manufacturing this year is that they are working with this and understanding how we manufacture our products. However, we're still doing end-to-end manufacturing as we refine the process. And then as the year progresses and volumes start to increase, then we could transfer some of the subassemblies to them. We will always do some -- we will do final assembly test, packaging and shipping from here.

是的。所以這有兩個階段。我會開始，然後 Kiva 可以完成這個。但我們前進的第一階段——當我們今年開始擴大製造時，他們正在處理這個問題並了解我們如何製造我們的產品。然而，在我們改進流程的同時，我們仍在進行端到端製造。然後隨著時間的推移和數量開始增加，我們可以將一些子組件轉移給他們。我們將始終做一些——我們將從這裡進行最終組裝測試、包裝和運輸。

But by moving the subassembly work to them, that will offset a bunch of the work that needs to be done to produce the units. And then as we get further out a couple of years, then we can start talking about having them do everything. So it's just a natural phasing stage that takes place in transferring things to your contract manufacturer. Mostly this year that we'll be doing most of the manufacturing towards the end of the year. Then we can start to explore having them do some of that subassembly and ramping that up in 2024.

但是通過將子裝配工作轉移給他們，這將抵消生產這些單元需要完成的大量工作。然後隨著我們進一步發展幾年，然後我們可以開始談論讓他們做所有事情。所以這只是一個自然的階段，發生在將東西轉移給你的合同製造商的過程中。今年主要是我們將在年底前完成大部分製造工作。然後我們可以開始探索讓他們做一些子組裝，並在 2024 年增加。

Nothing more to be said.

沒什麼可說的了。

Very good. Maybe just one last question, and I'll jump back in the queue. How -- can you give us any initial thoughts for the second half of the year as we do start the scale deployments, how to think about initial gross margins?

非常好。也許只是最後一個問題，我會跳回到隊列中。如何 - 當我們開始大規模部署時，您能否給我們下半年的任何初步想法，如何考慮初始毛利率？

Yes. So I think for this year, we've always talked about having kind of target gross margins in the 20% to 35% range over time. We'll probably be at the low end of that range for this year. So around 20% in this year, and it will be a combination of both the product development contract revenues and the product revenues. The product revenues have slightly lower margins this year because their initial production units.

是的。所以我認為今年，我們一直在談論隨著時間的推移將目標毛利率控制在 20% 到 35% 的範圍內。今年我們可能會處於該範圍的低端。所以今年大約是 20%，這將是產品開發合同收入和產品收入的結合。由於其初始生產單位，今年產品收入的利潤率略低。

But as volumes start to scale, then we'll start to get economies of scale in those production. So the combination of those things will allow us to get to around 20% this year and so you start to scale up next year as manufacturing increases. And then we expect as we get into the outyears, we are going to have access to a software platform that people have to get access into. And as that starts to scale in the coming years, that will also provide an incremental gross margin improvement.

但隨著產量開始擴大，我們將開始在這些生產中獲得規模經濟。因此，這些因素的結合將使我們今年達到 20% 左右，因此隨著製造業的增長，明年你將開始擴大規模。然後我們預計，隨著時間的推移，我們將能夠訪問人們必須訪問的軟件平台。隨著未來幾年開始擴大規模，這也將提供增量毛利率改善。

Very good, and good luck this year.

很好，祝你今年好運。

Our next question comes from Guy Hardwick with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Guy Hardwick。

Hi Kiva, hi Drew. So since you have -- appears you have -- you manufactured 10 XMs in Q4. Are you manufacturing now? I think you said XTs and XMs and Sea Class. So what sort of inventory would you have at the end, say for the sake of argument, June 30, because you're not anticipating any sales in the first half, it sounds like? So what kind of -- what sort of inventories will you have in the midyear? And can you marry that in terms of cash burn? Or what does the cash burn imply you have in terms of inventories in the middle of the year?

嗨基瓦，嗨德魯。所以既然你有——看起來你有——你在第四季度製造了 10 個 XM。你現在在生產嗎？我想你說的是 XT、XM 和 Sea Class。那麼你最後會有什麼樣的庫存，為了爭論，比如 6 月 30 日，因為你預計上半年不會有任何銷售，這聽起來像？那麼年中你會有什麼樣的庫存？你能在燒錢方面結婚嗎？或者，就年中的庫存而言，現金消耗意味著什麼？

Yes. So the cash burn that we've talked about is mostly going to be focused here in the beginning of the year. We're expecting that we should see that decline as we get further into the year. The company did made some smart moves last year in trying to accelerate products and bringing them to market by bringing in consultants to assist in some of the development work, and they will roll off as the year progresses here. So as it relates to cash burn, we expect that we'll see that kind of sort of trail down a bit as we get further out into the year in the coming quarters. So high in Q1 and starting to ease off in Q2, 3 and 4.

是的。因此，我們談到的現金消耗主要集中在今年年初。我們預計，隨著今年的深入，我們應該會看到這種下降。該公司去年確實採取了一些明智的舉措，試圖通過聘請顧問協助部分開發工作來加速產品並將其推向市場，隨著時間的推移，這些舉措將陸續推出。因此，由於它與現金消耗有關，我們預計隨著我們在未來幾個季度進一步進入今年，我們會看到這種趨勢有所下降。第一季度如此之高，第二、三、四季度開始緩和。

As it relates to the inventories, we're really doing a little bit of -- we're not over-manufacturing here beginning of the year. So we're just producing enough to meet the anticipated demand as well as we need to have some just for getting out and just kind of demo-ing them and getting around the organization and other further testing on the units. So as we progress into the year, we'll consider advancing on and manufacturing more units, but we should be just producing enough to meet the current year demand.

由於它與庫存有關，我們確實在做一些——今年年初我們並沒有過度製造。因此，我們只是生產足以滿足預期需求的產品，而且我們需要一些產品來出去，只是對它們進行演示，繞過組織，並對設備進行其他進一步測試。因此，隨著我們進入這一年，我們將考慮推進和製造更多的單位，但我們應該只生產足夠的以滿足今年的需求。

All right. So in terms of what is ready now to actually go straight to a customer and be used, do you still thought you need to have more testing in terms of -- although you have manufactured units for commercialization, do you still feel you're not actually ready to sell any products to the customer today for use in the field?

好的。因此，就現在可以實際直接提供給客戶並使用的東西而言，你是否仍然認為你需要進行更多測試——儘管你已經製造了用於商業化的設備，但你是否仍然覺得你沒有今天真的準備好向客戶銷售任何產品以供現場使用了嗎？

Well, no, we're definitely ready. So again, with any new variant or full solutions, so a great example is on the Sea class, right, we're making some additional changes that we have the hardware development kit to go onto the -- with the Array unit. So again, our focus now is continuing to develop where the spaces and places the product can go. So we've got the channel partners, like I've mentioned, with Array. But each solution is a combination of hardware, software and some form of a platform. So every time we attach to a new platform, we do have to make sure that we have that hardware development kit and can execute effectively.

好吧，不，我們絕對準備好了。再一次，對於任何新的變體或完整的解決方案，一個很好的例子就是 Sea 級，對，我們正在做一些額外的改變，我們有硬件開發工具包可以進入 - 使用 Array 單元。同樣，我們現在的重點是繼續開發產品可以到達的空間和地點。所以我們有渠道合作夥伴，就像我提到的，Array。但每個解決方案都是硬件、軟件和某種形式的平台的組合。因此，每次我們連接到一個新平台時，我們都必須確保我們擁有該硬件開發工具包並且能夠有效執行。

Right now, we've got an arm -- last time I check, I think it had 600 hours on it in a cage testing and running and going. So we're doing all that tough validation in both locations in Pittsburgh and Salt Lake City as part of the design process. So once we say it's commercially ready, it's commercially ready.

現在，我們有一隻手臂——上次我檢查時，我認為它在籠子裡測試和運行了 600 小時。因此，作為設計過程的一部分，我們在匹茲堡和鹽湖城的兩個地點都進行了所有嚴格的驗證。所以一旦我們說它已經商業化，它就已經商業化了。

And just lastly for me. If you have a new customer, who -- potential customer you meet with today for the first time, how do you anticipate the sales cycle to look like now that you have the product available?

最後對我來說。如果您有一個新客戶，誰是您今天第一次見到的潛在客戶，那麼您如何預計銷售週期在您擁有可用產品後會是什麼樣子？

Yes, great question. So definitely, robotics lead time is -- I think that's one of the key questions we get all the time, how long does it take to do a custom solution? I'd say the advances that we've made there and definitely the controls team and the simulation team, we've really reduced, as we've talked about before via our physics-based models, that development time. We're not having to iterate as much hardware and software together. We can take a current product, we can test it in simulation and then really understand whether or not we can perform that task. So we greatly reduced the cycle time.

是的，很好的問題。所以毫無疑問，機器人交付時間是——我認為這是我們一直遇到的關鍵問題之一，定制解決方案需要多長時間？我想說我們在那裡取得的進步，當然還有控制團隊和模擬團隊，我們真的減少了，正如我們之前通過基於物理的模型所討論的那樣，開發時間。我們不必一起迭代盡可能多的硬件和軟件。我們可以採用當前產品，我們可以在模擬中對其進行測試，然後真正了解我們是否可以執行該任務。所以我們大大縮短了周期時間。

The focus for us right now, the aviation use cases, the subsea use cases, the instruction of tight use cases, those are full solutions that we're testing. So for us, the development time and the sales cycle time goes way down because we know what the -- how the product has to perform in the field. Every time we get a new one, you have to go to that process again. But from where we're targeted and the [psalm and song] that we're really focused on right now in those segments, the product that we have today can fit and meet the needs without redeveloping it.

我們現在的重點是航空用例、海底用例、嚴格用例的說明，這些都是我們正在測試的完整解決方案。所以對我們來說，開發時間和銷售週期時間會大大縮短，因為我們知道產品在現場的表現。每次我們得到一個新的，你都必須再次進入那個過程。但是從我們的目標和我們現在真正關注的那些細分市場的[詩篇和歌曲]來看，我們今天擁有的產品可以滿足並滿足需求而無需重新開發。

And this concludes the Q&A session. I'd now like to turn the call back over to Kiva Allgood for any closing remarks.

問答環節到此結束。我現在想將電話轉回給 Kiva Allgood 以聽取任何結束語。

Yes, great questions, and thank you for joining us today. After hearing from us, I hope you understand our optimism and enthusiasm for the future of Sarcos. We are enabling the more important portion of the future by combining human intelligence and judgment with the strength, endurance and precision of machines to create dexterous robots that operate in unstructured real-world situations.

是的，很好的問題，感謝您今天加入我們。收到我們的來信後，我希望您能理解我們對 Sarcos 未來的樂觀和熱情。我們通過將人類的智慧和判斷與機器的力量、耐力和精度相結合，創造出能夠在非結構化現實世界中運行的靈巧機器人，從而實現未來更重要的部分。

I would also like to thank the entire Sarcos team for their commitment to our mission and our values. It's exciting work, and Drew and I look forward to telling you more about it in the future. Thank you for joining us today. Have a great evening.

我還要感謝整個 Sarcos 團隊對我們使命和價值觀的承諾。這是一項令人興奮的工作，德魯和我期待著在未來告訴你更多關於它的信息。感謝您今天加入我們。祝你有個愉快的夜晚。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。