Red Cat Holdings Inc (RCAT) 2023 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good morning and welcome to the Red Cat Holdings' fiscal 2023 third-quarter financial results and corporate update conference call. (Operator Instructions)

各位女士、先生，感謝您稍候。早安，歡迎參加 Red Cat Holdings 2023 會計年度第三季財務業績與公司最新進展電話會議。（接線員指示）

Participants of this call are advised that the audio of this conference call is being broadcast live over the internet and is also being recorded for playback purposes. A webcast replay of the call will be available approximately one hour after the end of the call through June 7, 2023.

提醒本次電話會議的與會者，本次會議音訊正透過網際網路進行即時直播，並同時錄音以供回放。會議網路重播將於會議結束後約一小時提供，並可一路收看至 2023 年 6 月 7 日。

I would now like to turn the call over to Scott Gordon, President of CORE IR, the company's Investor Relations firm. Please go ahead.

現在我想把電話交給 CORE IR（本公司投資人關係顧問公司）的總裁 Scott Gordon。請開始。

Thank you, Kate. Good morning, everyone. Thank you for joining us on the Red Cat Holdings' fiscal 2023 third-quarter financial results and corporate update conference call. Joining us today from Red Cat Holdings are Jeff Thompson, Chief Executive Officer; and Joseph Hernon, Chief Financial Officer.

謝謝你，Kate。各位早安。感謝各位參加 Red Cat Holdings 2023 會計年度第三季財務業績與公司最新進展電話會議。今天與會的 Red Cat Holdings 代表包括：執行長 Jeff Thompson，以及財務長 Joseph Hernon。

During this call, management will be making forward-looking statements including statements that address Red Cat's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements. For more information about these risks, please refer to the risk factors described in Red Cat's most recently filed periodic reports on Form 10-K, Form 10-Q, and in Red Cat's press release that accompanies this call, particularly the cautionary statement in it.

在本次電話會議中，管理團隊將發表前瞻性陳述，包括涉及 Red Cat 對未來表現或營運結果之預期的陳述。前瞻性陳述涉及風險及其他因素，可能導致實際結果與該等陳述存在重大差異。關於這些風險的更多資訊，請參閱 Red Cat 最近提交的 Form 10-K、Form 10-Q 等定期報告中所述之風險因素，以及隨本次電話會議一併發布的 Red Cat 新聞稿，特別是其中的警示性聲明。

The content of this call contains time-sensitive information that is accurate only as of today, March 7, 2023. Except as required by law, Red Cat disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

本次電話會議內容包含具時效性的資訊，僅在今日（2023 年 3 月 7 日）為準確。除法律要求外，Red Cat 不承擔任何公開更新或修訂任何資訊之義務，以反映本次電話會議後發生的事件或情況。

It is now my pleasure to turn the call over to Jeff Thompson, Chief Executive Officer. Jeff, please go ahead.

現在我很高興把電話交給執行長 Jeff Thompson。Jeff，請開始。

Great. Thank you. Welcome to our fiscal year 2023 third-quarter earnings conference call. I'm going to keep my prepared remarks brief as I was just told, we have quite a few email questions. So let's get some housekeeping out of the way, and I'll start with the status of the sale of the consumer division.

很好，謝謝。歡迎參加我們 2023 會計年度第三季財報電話會議。我會把事先準備的發言保持簡短，因為我剛被告知我們收到相當多的電子郵件提問。先把一些例行事項處理完，我將從消費者事業部出售案的進度開始。

Unusual Machines is expected to have its IPO later this month or early April. And that would cause the closing of this deal. And the proxy now has -- the voting proxy now has a quorum, and we'll share those results on the vote very soon. As a reminder, the sale of the consumer division will be a non-dilutive event and will raise cash for Red Cat. It'll allow us to focus on our core customers: the military and first responders.

Unusual Machines 預計將於本月稍晚或 4 月初進行 IPO，而這將促成本交易完成。目前委託書——投票委託書已達法定出席人數（quorum），我們將很快分享投票結果。提醒各位，出售消費者事業部將是非稀釋性事件，並將為 Red Cat 帶來現金，使我們能專注於核心客戶：軍方與第一線應變人員。

The Salt Lake City factory is complete and ready to go. We now have a state-of-the-art drone factory. We have chips to make thousands of drones, and we're only producing the new Teal 2 drone with the new camera payload. The Teal team has done an incredible job completing this in just 12 months. We now have the capacity to produce thousands of drones per month.

鹽湖城工廠已完工並可立即投入運作。我們現在擁有一座最先進的無人機工廠。我們有足夠的晶片可製造數千架無人機，而目前僅生產搭載新相機載荷的新款 Teal 2 無人機。Teal 團隊在僅 12 個月內完成這項工作，表現非常出色。我們現在具備每月生產數千架無人機的產能。

Let's switch gears and talk about Tranche 2 or Short Range Reconnaissance, SRR, program of record. As I've previously mentioned, Tranche 3 has been pushed into Tranche 2. And we will receive more funds from the Army to include these new features into Tranche 2. We do not know the size of the awards yet but should happen in the next couple of months.

接著我們換個話題，談談 Tranche 2（第二批次）或短程偵察（Short Range Reconnaissance，SRR）正式計畫（program of record）。如我先前提到的，Tranche 3 已被併入 Tranche 2。我們將從美國陸軍獲得更多資金，以把這些新功能納入 Tranche 2。目前我們尚不清楚獎項規模，但應會在接下來幾個月內發生。

Next up is the Border Patrol. We made our first shipment to the Border Patrol for 54 systems in mid-January. This was only a few weeks after production started on the new Teal 2. We believe there's a significant opportunity for additional orders this calendar year and are very encouraged by the feedback from the Border Patrol.

接下來是邊境巡邏隊（Border Patrol）。我們在 1 月中旬向邊境巡邏隊完成首批出貨，共 54 套系統。這距離新款 Teal 2 開始量產僅數週。我們相信今年曆年內仍有顯著的追加訂單機會，且邊境巡邏隊的回饋令我們非常振奮。

On to Skypersonic, where I am now. Skypersonic, our indoor drone division, has two significant opportunities coming out. One is a Navy SBIR, we call it, or a Small Business Innovation Research project, for compact aerial inspection systems and for elevated and small spaces. This is a Navy SBIR, as I just mentioned. The program matches the Skycopter perfectly, and this is being actually submitted tomorrow, March 8. And we're hoping to get into another program through Skypersonic.

再來談 Skypersonic，我目前就在這裡。Skypersonic（我們的室內無人機事業部）有兩項重要機會即將推出。其一是海軍 SBIR（Small Business Innovation Research，小型企業創新研究）專案，我們稱之為海軍 SBIR，內容為用於狹小空間與高處/小型空間的緊湊型空中檢測系統。正如我剛提到的，這是一個海軍 SBIR。該計畫與 Skycopter 完美契合，並將於明天（3 月 8 日）正式提交。我們也希望透過 Skypersonic 進入另一個計畫。

The second is the Drone Infrastructure Inspection Grant Act. This is a bipartisan grant for $100 million that is expected to pass the Senate soon; it has already passed the House. We also believe we are well positioned to be part of this grant.

第二項是《無人機基礎設施檢測補助法案》（Drone Infrastructure Inspection Grant Act）。這是一項兩黨支持、總額 1 億美元的補助，預計將很快在參議院通過；該法案已在眾議院通過。我們也相信自己具備良好條件參與此補助。

So I am doing this call from Torino, Italy. This is where Skypersonic's office is. And we are co-located in the Leonardo campus. Leonardo is a large Italian defense contractor.

因此，我是在義大利都靈（Torino）進行本次電話會議，這裡是 Skypersonic 的辦公室所在地。我們與 Leonardo 校區同址辦公。Leonardo 是義大利大型國防承包商。

In Torino, last week, we were invited to the Diana NATO BOD meeting. And one of the goals of this organization is to introduce small companies to governments that need defense products. We had great introductions, and we were only one of two presenters.

上週在都靈，我們受邀參加 Diana NATO BOD 會議。該組織的目標之一，是把小型公司介紹給有國防產品需求的政府。我們獲得了很好的引薦，而且我們是僅有的兩位簡報者之一。

The previous two weeks, myself and the business development team have been to at least five different countries. We believe it's been a very successful trip, and the Teal 2 drone is getting a great response from operators and warfighters.

在前兩週，我與商務開發團隊走訪了至少五個不同國家。我們認為這趟行程非常成功，Teal 2 無人機也獲得操作人員與作戰人員（warfighters）的高度正面回應。

We also received initial orders and we believe we are well positioned to be awarded a sole-source contract for hundreds of drones. Red Cat also became certified in a European country to be included in their defense catalog, breaking the log jam to be able to sell to these European countries. And finally, we have identified opportunities to get the new Teal 2 to the Ukrainian warfighters and I will address that in a little bit more detail in the Q&A.

我們也收到初步訂單，並相信我們具備良好條件獲得一份以單一來源（sole-source）方式授予、涵蓋數百架無人機的合約。Red Cat 也在某個歐洲國家取得認證，得以納入其國防目錄，打破僵局，使我們能向這些歐洲國家銷售。最後，我們已辨識出讓新款 Teal 2 交付烏克蘭作戰人員的機會，我會在問答環節再更詳細說明。

In summary, before I hand the call over to Joseph, we have completed a new state-of-the-art factory in Salt Lake City, with chip supplies to build thousands of drones. We have the best-in-class drone that is getting great response from the market, mostly military, and recently, as in yesterday, first responders. We'll have more to come on this new development in the next couple of weeks.

總結一下，在我把電話交給 Joseph 之前：我們已在鹽湖城完成一座新的最先進工廠，並具備可建造數千架無人機的晶片供應。我們擁有同級最佳的無人機，市場反應非常好，主要來自軍方，而就在最近——也就是昨天——也獲得第一線應變人員的正面回饋。關於這項新進展，我們將在未來幾週提供更多資訊。

We have our outdoor drones and our indoor drones for our military customers. And we expect the next six months to be the most exciting six months in company history with material sales, partnerships, and new products.

我們為軍方客戶同時提供戶外無人機與室內無人機。我們預期接下來六個月將是公司史上最令人振奮的六個月，將帶來具實質性的銷售、合作夥伴關係與新產品。

So with that, I'm going to hand the call over to Joseph. Look forward to your questions.

那麼接下來我把電話交給 Joseph。期待各位的提問。

Thank you, Jeff, and to everyone, for joining the call today. I will now provide a review of our financial results through our fiscal quarter which ended on January 31, 2023.

謝謝你，Jeff，也謝謝各位今天加入本次電話會議。接下來我將回顧截至 2023 年 1 月 31 日止之本公司會計季度的財務結果。

Revenues exceeded $3 million for the second of three quarters in fiscal 2023 and have increased more than 50% on a year-to-date basis compared to the first three quarters of fiscal 2022. Gross margin remained challenged as we continue to refine and scale manufacturing at our expanded facility in Salt Lake City. We expect gross margins to improve going forward as product shipments increase and we improve the efficiency of our manufacturing and assembly processes.

在 2023 會計年度三個季度中的第二個季度，營收超過 300 萬美元；以年初至今（year-to-date）計算，與 2022 會計年度前三季相比，營收成長超過 50%。由於我們持續在鹽湖城擴建後的廠房精進並擴大製造規模，毛利率仍面臨壓力。隨著產品出貨增加，以及我們提升製造與組裝流程效率，我們預期未來毛利率將有所改善。

Operating expenses decreased almost 20% in the third quarter compared to the second quarter, the prior quarter, as the level of non-recurring costs associated with the expansion of the Teal manufacturing facility and its headcount have subsided. We expect operating costs to stabilize for the balance of the fiscal year and through the end of 2023.

第三季的營業費用較第二季（上一季）下降近 20%，原因是與 Teal 製造設施擴建及其人力配置相關的一次性成本水準已趨緩。我們預期在本會計年度剩餘期間以及至 2023 年底，營運成本將趨於穩定。

Net loss for the fiscal third quarter totaled $5.7 million, or $0.10 per share, representing a 9% decrease from the prior quarter and more than a doubling compared to the third fiscal quarter of the prior year. That significant increase is directly related to the doubling in size and the build-out of the manufacturing facility at Teal, as well as a more than tripling of its headcount. We ended the third fiscal quarter with approximately $25 million in cash and investments.

本財政年度第三季淨虧損合計為570萬美元，或每股0.10美元，較前一季減少9%，但相較於去年同一財政年度第三季則增加逾一倍。該顯著增加與Teal製造設施規模倍增及擴建，以及員工人數增加逾三倍直接相關。我們在本財政年度第三季末持有約2,500萬美元的現金及投資。

In addition, we have invested $7 million in raw materials, including chips, drones in production, and finished product for Teal. We expect this investment in inventory to yield and support strong sales over the balance of the year.

此外，我們已在原物料上投資700萬美元，包括晶片、製造中的無人機，以及Teal的成品。我們預期這項存貨投資將在今年剩餘期間帶來並支撐強勁的銷售。

At this point, the Teal manufacturing facility expansion has been completed, a sales force has been built and trained, our sales pipeline is building and expanding, and we are looking forward to new and repeat orders over the balance of calendar 2023.

截至目前，Teal製造設施擴建已完成，銷售團隊已建立並完成訓練，我們的銷售管線正在建立並擴大，我們期待在2023年曆年剩餘期間獲得新訂單與回購訂單。

I will now turn the call over to the operator for questions.

我現在把電話會議交給接線員進行提問。

(Operator Instructions) Scott Michael, private investor.

（接線員指示）Scott Michael，私人投資人。

Hi. Thank you for taking my call. Can you clarify the number of chips that we have in reserve?

你好。謝謝你接聽我的來電。你能否釐清我們目前備用的晶片數量？

Yeah. Well, the number hasn't changed since we put in the initial order of approximately 3,700 chipsets over almost two years ago now, which with -- they're not going to give you a 100% yield. You're going to have some that don't make it and end up scrap. But we think that those could produce between 3,200 and 3,500 drones.

好的。嗯，自從我們在將近兩年前下了最初那筆約3,700套晶片組的訂單以來，數量就沒有改變。當然——他們不會給你100%的良率；會有一些無法通過而報廢。但我們認為這些晶片大約可以生產3,200到3,500架無人機。

Okay. Thank you. Do we have a source for chips should we get any large orders that exceeds this production capability?

了解，謝謝。如果我們收到任何超出這個產能的大型訂單，我們是否有晶片來源可供應？

Yeah. Well, everyone watching the news understands the supply chain is better. It's not perfect yet by any way, shape, or form. But people that put in large orders know that they're going to get certain shipments at certain times. You give us an order for 5,000 drones, you'll get X amount. You'll get 1,000 drones on day X, a thousand more drones then.

有的。嗯，任何有看新聞的人都知道供應鏈狀況已經改善了。它還不完美，無論如何都還沒到完美的程度。但下大單的人知道他們會在特定時間收到特定批次的出貨。你給我們一張5,000架無人機的訂單，你會拿到X的數量；你會在第X天拿到1,000架，之後再拿到另外1,000架。

But the key item for us, we're not as concerned about getting supply in right now, it's more about having the factory to be able to, A, get it fully running at high capacities for the first shift to the second shift if we get big orders. And then we continue -- we add another line next to it; we have the room to do so.

但對我們而言的關鍵項目是：我們目前不那麼擔心供應能不能到位，更重要的是要有工廠能夠，A，讓第一班到第二班在高產能下完全運轉，以因應大訂單。然後我們會持續——在旁邊再加一條產線；我們有空間可以這麼做。

So that's all there now. We've invested all of that and now the engineers aren't sitting on top of the factory work people and the inventory; they're actually in their own offices. We have a flying area now. So all the stuff that was difficult to do because we're in the middle of construction, basically, like living in a house while you're doing reconstruction, is now over. And so, we will have the capability to meet any large orders that we receive.

所以現在這些都已經到位了。我們已經把這些都投資完成，工程師也不再坐在工廠作業人員、存貨旁邊；他們現在在自己的辦公室。我們也有了飛行區域。因此，之前因為我們基本上還在施工中、很多事情很難做——就像你一邊住在房子裡一邊整修——現在都結束了。所以，我們將有能力滿足我們收到的任何大型訂單。

Okay. Thank you. Two more questions.

好的，謝謝。還有兩個問題。

You referenced that Tranche 2 and 3 are being combined and in your statement, you said that we should have news in the next couple of months. Was that pertaining to the size, or is that regarding the Tranche 2 award, because there was an article that was posted the other day suggesting that the Army -- or that there will not be soldier testing until the fall of this year, if I read it correctly. I may have read it incorrectly. To me, that would suggest Tranche 2 award would be into the beginning of next year or the end of this year. Is that accurate?

你提到第2與第3批次（Tranche 2和3）正在合併，而在你的說明中你說我們在接下來幾個月應該會有消息。那是指規模方面，還是指第2批次（Tranche 2）的授標？因為前幾天有一篇文章提到陸軍——或者說——如果我沒讀錯的話，今年秋天之前不會進行士兵測試。我可能讀錯了。就我看來，那表示第2批次授標可能要到明年初或今年年底。這樣理解正確嗎？

Yeah. So I actually saw that same article. We get the heads up on that. And basically, what they talked about was that they started -- they did the first initial alpha test, which was, I think, January 9, where each company flew for the day.

是的。所以我其實也看到了同一篇文章。我們事先有收到提醒。基本上，他們談到的是他們已經開始——做了第一次初始的alpha測試，我想是在1月9日，每家公司各飛行一天。

What I can report is that our drones flew as close to flawlessly as you could get in a alpha product. Very proud of the Teal team, the engineering team, the team that flew that day, but we had a great demo day. And anyone in the drone industry knows that's not usually the case.

我可以回報的是，我們的無人機在alpha產品階段的表現幾乎可說是近乎完美。Teal團隊、工程團隊、以及當天執飛的團隊都讓我非常自豪；我們那天的展示非常成功。任何在無人機產業的人都知道，通常不會這麼順利。

But what I was referring to is there was originally three tranches, and every tranche has a prototype contract, which we won a prototype contract in Tranche 1 and typically a production contract. We did not win the production contract for Tranche 1 almost three years ago. And so, Tranche 2 had a prototype contract and there's three of us that won that.

但我所指的是，原本有三個批次（tranches），而每個批次都有一份原型合約（prototype contract），我們在第1批次贏得了原型合約，且通常還會有一份量產合約（production contract）。我們在將近三年前並未贏得第1批次的量產合約。因此，第2批次有一份原型合約，而我們三家公司都贏得了該合約。

And then Tranche 3, which they -- which was going to start after they awarded Tranche 2, was pushed into there. So the money that you typically receive for Tranche 3, which would have been in about six to nine months to a year, everyone's going to get for Tranche 2. So that award will probably happen in the next couple of months.

接著第3批次——原本是在他們授予第2批次之後才會開始——被併入其中。因此，你通常會在第3批次收到的資金（大約會在6到9個月到一年左右），現在大家都會在第2批次就收到。所以該授標很可能會在接下來幾個月發生。

Excellent. And is there a possibility that that award will be split up among the three, which I believe is Vantage and Skypersonic? Is there that possibility that it is going to be awarded to simply one entity?

太好了。那這個授標是否有可能在三家公司之間拆分——我相信是Vantage和Skypersonic？是否有可能不是拆分，而是只授予單一實體？

We believe it's going to be one entity. And it's actually -- I don't want to correct you, but it's not Skypersonic, it's Skydio.

我們認為會是單一實體。其實——我不想糾正你，但不是Skypersonic，是Skydio。

No, I'm sorry. My bad. Sorry about that.

不，我很抱歉。是我搞錯了。對不起。

Yeah. That's okay. So Skydio -- I don't know if you saw, but they recently got -- they did a financing for $230 million or [$2.0-something billion valuation]. Someone's got an alarm going off. And that really makes us look inexpensive right here, considering, I think, our position in the industry. But we believe we're well positioned for Tranche 2, and we solely focus on the military.

沒關係。所以Skydio——我不知道你有沒有看到，他們最近完成了一輪2.3億美元的融資，估值約為[20多億美元]。有人警報在響。以我們在產業中的地位來看，這也讓我們現在看起來相當便宜。但我們相信我們在第2批次（Tranche 2）上具備良好條件，而且我們專注於軍方。

That's just one of the customers that they deal with. I think they're mostly doing consumers and some first-responder stuff now, but our sole purpose is to make sure the warfighter has the tools for reconnaissance and to help with missile guidance and things of that nature, something I don't think the other companies are well positioned to do or even want to do.

那只是他們服務的客戶之一。我認為他們目前主要做消費者市場以及一些第一線應變人員的應用，但我們的唯一目的就是確保作戰人員擁有偵察工具，並協助飛彈導引等此類用途；我不認為其他公司在這方面具備良好條件，甚至也不見得想做。

Excellent. One final question, I appreciate your time. The four potential NATO contracts, have we been signed off on the DoD so that we're not going to have any trip ups in terms of NATO interest or NATO country interest in our product? Or do we have to wait for the DoD to sign off on any sales?

很好。最後一個問題，感謝你撥冗。關於四個潛在的北約合約，我們是否已獲得美國國防部（DoD）核准，確保在北約或北約國家對我們產品有興趣時不會出現任何阻礙？還是我們必須等待DoD對任何銷售進行核准？

No. We have all the proper paperwork for, like, the original drones that we sold to one of the NATO countries. We got through all the hoops. So if someone orders them, we get through all of the ITAR regulations and all those things are all squared away. So nothing will hold us up in that aspect.

不需要。我們已具備所有適當文件，例如我們最初賣給某個北約國家的那批無人機。我們已經走完所有流程。所以如果有人下單，我們會遵循所有ITAR規範等要求，而這些都已經處理妥當。因此在這方面不會有任何事情拖慢我們。

Excellent. Thank you for your time.

很好。謝謝你撥冗。

Thank you.

謝謝。

(Operator Instructions) This concludes the question-and-answer session from call participants. I will now return the call to Scott Gordon of Core IR to read pre-submitted questions from management. Scott?

（接線員指示）以上為來電者的問答環節結束。我現在把電話交還給Core IR的Scott Gordon，由他宣讀管理階層預先提交的問題。Scott？

Thanks again, Kate. Jeff, we've received a few questions from investors recently and thought this would be a good forum for you to address them. So I'll just ask these in sequence.

再次感謝你，Kate。Jeff，我們最近收到投資人提出的幾個問題，並認為這會是你回應它們的好場合。所以我會依序提出這些問題。

Do you have an update on the Border Patrol contract following the initial shipment of 54 drones to them? Do you expect more sales to the Border Patrol?

在向邊境巡邏隊（Border Patrol）完成首批 54 架無人機出貨後，關於該合約你們有最新進展嗎？你們預期會有更多對邊境巡邏隊的銷售嗎？

Yeah. Well, we did receive the first order, which we shipped in January. We're getting some great feedback from them, and we've learned a lot about the program. And let me just start with this is that after getting to know some of these folks, these border agents are super users.

有的。嗯，我們確實收到了第一筆訂單，並在一月出貨。我們從他們那裡得到非常好的回饋，也對這個專案學到了很多。我先說一點：在認識其中一些人之後，這些邊境探員是超級使用者。

They fly, I think, more than the Air Force. They fly tens of thousands of hours every month. These guys are heroes. They're out there sometimes by themselves flying these drones.

他們的飛行時數，我覺得比空軍還多。他們每個月飛行數萬小時。這些人是英雄。他們有時候是單獨在外操作這些無人機。

So we're very happy to give them products that can help them, specifically thermal cameras, that can make sure that no one sneaks up on them. But to address the market of Border Patrol, from what we've gathered from our meetings is they typically have about 400 drones that are in service, and they need to have 200 or so other drones to make sure those 400 always stay in service.

所以我們非常樂意提供能幫助他們的產品，特別是熱成像相機，能確保沒有人悄悄接近他們。但就邊境巡邏隊的市場而言，根據我們會議所蒐集到的資訊，他們通常約有 400 架無人機在服役，並且需要另外約 200 架左右的無人機，以確保那 400 架能一直維持在服役狀態。

So I think the total addressable market for the Border Patrol could possibly be close to 600 drones. We're not saying that we're getting 600 drone order in the next couple of months, but we believe that that is up for -- that's an option to replace these older drones they've been flying.

所以我認為邊境巡邏隊的整體可服務市場（TAM）可能接近 600 架無人機。我們不是說接下來幾個月就會拿到 600 架的訂單，但我們相信這是一個選項，用來汰換他們一直在飛的那些較舊無人機。

Excellent. Switching over to Ukraine and other NATO countries, do you have anything to share from your recent trip to Europe? Obviously, you've shared some. Any success with Ukraine or other NATO countries? I think you've touched on that a little bit, but maybe you can amplify.

很好。轉到烏克蘭與其他北約國家，你能分享一下你最近歐洲行的情況嗎？你顯然已經分享了一些。對烏克蘭或其他北約國家有任何進展嗎？我想你稍微提到了一點，但也許可以再多說一些。

Yeah. It's -- well, let me back up a little bit. So most of the sales that are happening with other defense companies are already have programs of record that have been in place for years. One of them would be, like, AeroVironment with the Switchblade, and they've done some FMS sales, and the Puma and things of that nature that have been long-term programs of record, with birds that, frankly, don't have payload as good as our payload.

可以。這個——我先稍微退一步說明。現在其他國防公司的多數銷售，都是基於已經運作多年的「正式列案計畫」（programs of record）。其中一個例子是 AeroVironment 的 Switchblade，他們也做了一些對外軍售（FMS），以及 Puma 等等，這些都是長期的正式列案計畫；坦白說，那些機型的載荷能力不如我們的載荷。

But we don't have a program of record in place. If we did, we probably would have already sold hundreds of millions of dollars worth of drones for the Ukraine invasion. So since we don't have that yet through the program of record of Tranche 2, they have to be -- people have to be creative to get drones into the Ukrainian army.

但我們目前沒有正式列案計畫。如果我們有的話，針對烏克蘭入侵這件事，我們可能早就已經賣出數億美元的無人機了。所以因為我們還沒有透過 Tranche 2 的正式列案計畫取得這個地位，大家就必須——人們必須想辦法把無人機送進烏克蘭軍隊。

So some of those steps we found out, we've had to get to the right people that want to use the drones if -- I don't know if you've read -- the Wall Street Journal had a great article on what the operators on the frontline want. They want a very high-end thermal drone that can have great detection. The ones they're using right now are horrible, which would allow them to fly missions at night, which 90% of all missions are done -- or 90%-plus are done at night. So we could give them the tools that they actually want that could enable them to fly all night.

因此，我們發現其中一些步驟是：我們必須找到真正想用無人機的對的人——我不知道你是否讀過——《華爾街日報》有一篇很棒的文章談到前線操作員想要什麼。他們想要一款非常高階、具備優異偵測能力的熱成像無人機。他們現在用的那些很糟，這會讓他們能在夜間執行任務，而所有任務中有 90%——或 90% 以上——是在夜間進行。所以我們可以提供他們真正想要的工具，讓他們能整晚飛行。

And just as an FYI, our EO camera, our daytime camera is also magnificent. We went from a 12-megapixel, I think, a 64-megapixel. Our software updates have just made it great improvement. So the daytime operation is incredible also.

順帶一提，我們的 EO 相機、也就是日間相機也非常出色。我們從 12 百萬畫素提升到我想是 64 百萬畫素。我們的軟體更新也帶來了很大的改善。所以日間操作同樣非常驚人。

But anyway, first, you have to get the people that want the drones to tell the people that they need the drones in the capital, and then they have to get the information over to DC. And then once we have that information in DC, then we can take it to the people that can actually write checks from this existing aid that's been going over recently, even the new $400 million to $2 billion.

不過總之，第一步，你得讓想要無人機的人去告訴首都裡負責的人他們需要無人機，接著他們必須把資訊傳到華府（DC）。一旦我們在華府拿到這些資訊，我們就能把它帶給那些能從近期已經撥付的援助資金中實際開支票的人，甚至是新的 4 億到 20 億美元。

We can be part of this, and we think we're really close. And they're going to need thousands of drones. So we now know how it works. We've been over here in Europe working on it, and we hope to have some results very soon.

我們可以成為其中一部分，而且我們認為已經非常接近了。他們將需要數千架無人機。所以我們現在知道流程怎麼運作。我們一直在歐洲這邊推進，我們希望很快就會有一些成果。

Switching gears. So this question addresses financing needs. Will Red Cat need to do a financing to meet contract?

換個話題。這個問題是關於融資需求。Red Cat 是否需要為了履行合約而進行融資？

Oh, gosh, no. So just some things to remind people: A, we're actually probably going to receive -- we don't know the size of the Army Tranche 3. But that's just pure 100% margin revenue right there to do something that we were already going to do anyway. And then the sale of the consumer division is going to produce cash and will also give Red Cat shareholders a significant ownership of the IPO.

喔，天啊，不需要。提醒大家幾點：A，我們實際上很可能會收到——我們還不知道陸軍 Tranche 3 的規模。但那基本上就是 100% 毛利的收入，因為那是我們本來就打算做的事情。再者，出售消費者事業部將帶來現金，並且也會讓 Red Cat 股東在該 IPO 中持有相當可觀的持股比例。

And they have a great team over there at Unusual Machines. As you see, Rotor Riot is actually growing very rapidly. Fat Shark is the leading goggle company out there. So we think they're going to have a very successful IPO, and I think they will. And I'll be happy to be part of it. And that's only going to help Red Cat. So we're pretty excited to have them IPO, but that'll help us so we can focus on the military and first responders. And I think the two divisions are going to get their focus that they need and they require so that they can thrive.

而且 Unusual Machines 那邊有很棒的團隊。如你所見，Rotor Riot 其實成長非常快。Fat Shark 是市場上領先的護目鏡公司。所以我們認為他們的 IPO 會非常成功，我也相信會成功。我也很高興能參與其中。而這只會對 Red Cat 有幫助。所以我們對他們 IPO 感到相當興奮，這也能幫助我們把重心放在軍方與第一線應變人員。我認為兩個事業部都會得到他們所需要、也所要求的專注，讓他們能夠茁壯。

So between all those things, that's new additional capital. Even without that capital, with all the investments that we've made in chipsets and building the factory, we are now just ready to focus on sales, sales, sales. And those sales, I think, will start producing quite a bit of revenue. And that's going to bring the burn way down even though we have years of runway now.

所以綜合這些因素，這就是新增的額外資本。即使沒有那筆資本，憑藉我們在晶片組與工廠建置上的所有投資，我們現在已經準備好專注在銷售、銷售、銷售。我認為這些銷售將開始帶來相當可觀的營收。即使我們目前已經有好幾年的資金跑道（runway），這也會大幅降低現金消耗率（burn）。

As we get first couple of significant orders, that runway is going to go up for five to 10 years. So there's no need of financing right now.

當我們拿到前幾筆重要訂單後，那個資金跑道將會提升到 5 到 10 年。所以目前不需要融資。

Great. The last question was addressed in the live Q&A. So that concludes our questions submitted. So thank you. Operator, I'll turn the call back over to Jeff for closing remarks.

很好。最後一個問題已在現場問答中回答。因此，我們提交的問題就到此結束。謝謝。接線員，我把電話交回給 Jeff 做結語。

Well, great. Thanks. Thanks to everybody for joining. We've been doing a lot of hard work. I want to thank all the employees. Everyone's been doing a great job. This dev team, I now know what they go through. We sat in fields for hours and with live artillery going off, flying drones and freezing our butts off. So I just want to thank everybody for all the hard work.

好的，非常好。謝謝。感謝大家參與。我們做了很多艱苦的工作。我想感謝所有員工。大家都做得非常好。這個開發團隊，我現在知道他們經歷了什麼。我們在田野裡一坐就是好幾個小時，旁邊還有實彈砲擊在響，飛著無人機，冷到不行。所以我只想感謝大家所有的辛勞。

And I'm just going to restate my summary in my remarks because we now have a completed new state-of-the-art factory in Salt Lake City. We have tons of chips to build thousands of drones. Our drone is the best in class now, getting a great response. We'll have some new news with first responders coming over the next few weeks. And Skypersonic is starting to get its legs in the military.

我也想在結語中重申我的摘要：我們現在在鹽湖城已完成一座全新的最先進工廠。我們有大量晶片可以製造數千架無人機。我們的無人機現在是同級最佳，並獲得非常好的回應。接下來幾週我們會有一些與第一線應變人員相關的新消息。而 Skypersonic 也開始在軍方站穩腳步。

So lots of opportunity, lots of exciting things coming your way. And I'm just very excited to be here with you. And thanks for joining the call. That's all I have.

所以機會很多，接下來會有很多令人興奮的事情帶給各位。我也很高興能在這裡與大家一起。感謝參與這通電話。我就說到這裡。

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

本次會議已結束。感謝您參加今天的簡報。您現在可以掛線。