Red Cat Holdings Inc (RCAT) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Good afternoon and welcome to the Red Cat Holdings fiscal first-quarter 2024 financial results and corporate update conference call. (Operator Instructions).

女士們，先生們，感謝各位的支持。下午好，歡迎參加紅貓控股2024財年第一季財務表現及公司發展更新電話會議。 （操作員指示）。

Participants of this call are advised that the audio of this conference 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 December 18, 2023.

敬請與會者註意，本次會議音訊將透過網路進行現場直播，並進行錄音以供回放。會議結束後約一小時，網路直播回放將持續到2023年12月18日。

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

現在我想把電話轉給公司投資人關係公司 CORE IR 的副總裁 Joey Delahoussaye。先生，請講。

Thank you, Sarah, and good afternoon, everyone, and thank you for joining us for the Red Cat Holdings fiscal first-quarter 2024 financial results and business update conference call. Joining us today from Red Cat holdings are Jeff Thompson, Chief Executive Officer; and Joseph Hernon, Chief Financial Officer.

謝謝莎拉，大家下午好！感謝大家參加紅貓控股公司2024財年第一季財務表現及業務更新電話會議。今天，紅貓控股公司執行長傑夫湯普森（Jeff Thompson）和財務長約瑟夫赫農（Joseph Hernon）也出席了會議。

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 and Form 10-Q and in Red Cat's press release that accompanies this call, particularly the cautionary statements in it.

在本次電話會議中，管理層將做出前瞻性陳述，包括涉及 Red Cat 對未來業績或營運結果預期的陳述。前瞻性陳述涉及風險和其他因素，可能導致實際結果與這些陳述有重大差異。有關這些風險的更多信息，請參閱 Red Cat 最近提交的 10-K 表和 10-Q 表定期報告中所述的風險因素，以及隨本次電話會議發布的 Red Cat 新聞稿，尤其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, September 19, 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.

本次電話會議的內容包含時間敏感訊息，這些資訊僅截至今天（2023 年 9 月 19 日）準確。除法律要求外，Red Cat 不承擔公開更新或修改任何資訊以反映本次電話會議後發生的事件或情況的義務。

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

現在我很高興將電話轉給執行長傑夫湯普森。傑夫？

Thanks, Joey. Thank you. Welcome, everyone, to our fiscal year 2024 first-quarter earnings conference call. I'll start by summarizing our recent performance and achievements, and then I will provide information related to our outlook for fiscal year 2024, after which Joseph will review our financial results, and then we will take your questions.

謝謝，喬伊。謝謝。歡迎大家參加我們2024財年第一季財報電話會議。首先，我將總結我們近期的業績和成就，然後提供與2024財年展望相關的資訊。之後，約瑟夫將回顧我們的財務業績，然後我們將回答大家的提問。

I am pleased to report that the Teal 2 drone is getting a warm welcome as the most unique and capable nighttime drone in the Group 1 class. We announced the Teal 2 at the Army Aviation Association of America conference on April 26, a few days before our fiscal year end. The Teal drone's revenue for fiscal Q1 was $1.75 million.

我很高興地告訴大家，Teal 2無人機作為第一組別中最獨特、性能最強的夜間無人機，受到了熱烈歡迎。我們在4月26日，也就是財年結束前幾天，在美國陸軍航空協會（AIA）的會議上宣布了Teal 2的上市。 Teal無人機第一財季的收入為175萬美元。

We cannot make a year-over-year comparison because the Teal 2 did not exist. But if you are a startup and launched a brand-new product and did almost $2 million of revenue in your first quarter, it would be considered a home run, specifically if there was follow through, but more on that in our guidance update.

由於當時 Teal 2 還不存在，我們無法進行同比比較。但如果你是一家新創公司，推出了一款全新產品，並在第一季實現了近 200 萬美元的營收，那麼這就算得上是一次本壘打，尤其是在後續產品能夠持續的情況下。至於更多細節，請參閱我們的業績指引更新。

So we've met with a lot of investors recently and a lot of them are new to the story. So I'm going to kind of back up and discuss some of the regulatory tailwinds that helped create the United States drone market's current status.

我們最近見了很多投資者，其中很多人都是第一次接觸這個行業。所以我想先回顧一下，並討論促成美國無人機市場現狀的一些監管利多因素。

So December 2020, DJI, the largest drone manufacturer on the planet, was put on the US government's entity list. In December 2021, DJI was also put on the economic blacklist. Fast forward to July 2023, the American Securities Drone Act, ASDA, passed the Senate unanimously, and we expect it to be law in the next few months.

因此，2020年12月，全球最大的無人機製造商大疆創新被列入美國政府的實體名單。 2021年12月，大疆創新也被列入經濟黑名單。時間快轉到2023年7月，《美國證券無人機法案》（ASDA）在參議院獲得一致通過，我們預計該法案將在未來幾個月內正式生效。

August 2023, Red Cat's Teal 2 receives remote ID certification from the FAA. This was a huge achievement. It documents over 300 pages, very difficult to get the certification from the FAA. Only a few of us have done it so far. It's so difficult that most companies could not pull it off and they actually delayed the status and the requirement for six months.

2023年8月，Red Cat的Teal 2獲得了FAA的遠距身分認證。這是一個巨大的成就。認證文件超過300頁，要取得FAA的認證非常困難。到目前為止，只有少數公司成功了。認證難度如此之大，以至於大多數公司都無法完成，他們實際上將認證狀態和要求推遲了六個月。

So what have all these things -- what all these regulatory tailwinds mean? Well, it means that the largest drone manufacturer in the world who's number-one market with United States can no longer, by law, be bought by anyone that receives federal dollars. It's not just the Department of Defense. It's local groups. It's fire departments. It's anyone that receives federal dollars.

那麼，所有這些事情——所有這些監管順風意味著什麼呢？嗯，這意味著，根據法律，世界上最大的無人機製造商，也就是美國最大的無人機市場，不能再被任何接受聯邦資金的人收購。不只是國防部，還有地方團體、消防部門，任何接受聯邦資金的人。

It has created a very large market and a very large vacuum for only us and one other manufacturer in the US that can build the scale to fill. So this is very unique opportunity; it doesn't always happen.

這創造了一個非常大的市場，也帶來了巨大的市場真空，只有我們和美國另一家製造商能夠形成規模來填補這個真空。所以這是一個非常難得的機會，而且這個機會並不常見。

Now I'll move on into our revenue and investment tailwinds. I'm going to discuss the current organic revenue growth or immediate revenue. I'm going to then discuss the DOD newly announced and funded replicator initiative. We look at that as midterm revenue in the next three to six months. And then the Short Range Reconnaissance, SRR Program of Record, which is a 10-year program of record. And most people on this call are waiting for this to happen, but it is a very significant program.

現在我將談談我們的收入和投資順風。我將討論當前的有機收入成長或直接收入。然後，我將討論國防部新宣布並獲得資助的複製計劃。我們將其視為未來三到六個月的中期收入。然後是短程偵察（SRR）記錄計劃，這是一個為期十年的記錄計劃。大多數與會者都在等待它的到來，但這是一個非常重要的項目。

So let's start with our organic revenue and our backlog. Today, we reported for Q1 $1.75 million in revenue. Our guidance for Q2 is $3 million, 71% sequential organic growth. Our guidance for Q3 is $5 million, 67% sequential growth on top of 71% sequential growth.

那麼，我們先從有機收入和訂單量開始說起。今天，我們公佈了第一季的收入，為175萬美元。我們對第二季的預期是300萬美元，環比有機成長71%。我們對第三季的預期是500萬美元，季增67%，季增71%。

This guidance is based on signed purchase orders and we expect more in the next 11 days. Q3 revenue of $5 million puts us at a $20 million run rate after selling the Teal 2 for just under five months. This is amazing. This is an amazing growth story, and we'd like to thank the entire Teal team for making it happen.

此業績指引是基於已簽署的採購訂單，我們預期未來11天內會有更多訂單。 Teal 2 銷售不到五個月，第三季營收500萬美元，這意味著我們的營運利潤率已達2,000萬美元。這太棒了！這是一個令人驚嘆的成長故事，我們要感謝整個Teal團隊，是他們成就了這一切。

So now let's move on to midterm revenue opportunities, which we believe are in the next three to six months.

現在讓我們來討論中期收入機會，我們認為這些機會將在未來三到六個月內出現。

The Replicator Initiative. The Pentagon has unveiled a radical new strategy focused on fielding thousands of cheap, smart, and autonomous war drones across multiple domains within 18 to 24 months to counter China's military. According to the Wall Street Journal, Deputy Secretary of Defense Kathleen Hicks said the Department of Defense plans to develop AI systems intended to be small, smart, and cheap to counter threats from China and other countries. Overall, we're going to be delivering in the thousands, Hicks said during Tuesday's interview. Last week, we announced our Replicator Initiative, the latest effort to overcome the production value of death, beginning with the accelerating the scaling of all domain attributable autonomous systems.

複製器計劃。五角大廈宣布了一項激進的新戰略，重點是在未來18至24個月內在多個領域部署數千架廉價、智慧、自主的戰爭無人機，以對抗中國的軍事力量。根據《華爾街日報》報道，國防部副部長凱瑟琳希克斯表示，國防部計劃開發小型、智慧、廉價的人工智慧系統，以應對來自中國和其他國家的威脅。希克斯在周二的採訪中表示，總體而言，我們將交付數千架這樣的系統。上週，我們宣布了複製器計劃，這是克服「死亡」生產價值的最新舉措，第一步是加速所有領域可歸屬自主系統的擴展。

So what does this mean? Tens of thousands of disposable drones need to be delivered to the warfighter in 18 months, which means orders most likely need to be delivered to these vendors in the next three to six months. We believe we are very well positioned or already in contact with this program.

那麼這意味著什麼呢？數萬架一次性無人機需要在18個月內交付給作戰人員，這意味著訂單很可能需要在未來三到六個月內交付給這些供應商。我們相信我們已經做好了充分的準備，或者已經與該專案取得了聯繫。

Now let's move on to long-term revenue opportunities. SRR or Short Range Reconnaissance Program of Record. Just to review or for new investors that are on the call, the SRR Program of Record started over three years ago and was originally set to have three tranches: Tranche 1, 2, and 3.

現在我們來談談長期收入機會。 SRR，即短程偵察記錄計劃。為了方便與會的新投資者回顧，SRR 記錄計畫啟動於三年前，最初計畫分為三期：第一期、第二期和第三期。

Tranche 1, we'd have a prototype contract and a production contract. The same was supposed to happen the Tranche 2 and then Tranche 3. We were awarded for Tranche 1 a prototype contract and were not awarded the production contract. That production contract a couple of years ago was for $100 million for 1,083 drones.

第一批，我們會簽訂一份原型機合約和一份生產合約。第二批和第三批也應該如此。我們獲得了第一批的原型機合同，但沒有獲得生產合約。幾年前的生產合約價值1億美元，涉及1,083架無人機。

Tranche 2 is supposed to be awarded months ago, but the US Army notified us last December and said they're putting Tranche 3 into Tranche 2 to accelerate to get the final product into the warfighters' hands. This was due mostly because of the Ukraine war and everyone's understanding how important small drones are and actually that's what also started the Replicator Initiative.

第二批合約本應在幾個月前就授予，但美國陸軍去年12月通知我們，他們將把第三批合約納入第二批合同，以加速最終產品交付到作戰人員手中。這主要是因為烏克蘭戰爭以及人們意識到小型無人機的重要性，實際上這也是「複製者計畫」啟動的原因。

So Tranche 2 and 3, which is now combined, which next down selection, I believe is the end of December or early January if they announce the next down selection on time. We don't know what the actual contract amount is, but the 100 million drones -- $100 million for 1,083 drones, the remaining amount on this contract is for 12,000 drones.

所以，第二批和第三批合約現在合併了，如果他們能準時宣布下一個採購日期，我相信下一個採購日期是在12月底或1月初。我們不知道合約的實際金額是多少，但1億架無人機——1億美元用於1,083架無人機，這份合約的剩餘金額是1.2萬架無人機。

I'm not doing linear math. I'm not saying that this is going to be a $1.2 billion award, but I'm saying it's going to be significant. And now with the constant need for thousands of drones, we don't know if this will be sized up because of the need for small drones.

我不是做線性數學。我不是說這會是一筆12億美元的獎金，但我說這筆錢會很重要。現在對數千架無人機的需求持續成長，我們不知道這筆錢是否會因為對小型無人機的需求而增加。

I will now hand the call over to Joseph. Look forward to your questions.

現在我將把電話交給約瑟夫。期待大家的提問。

Thank you, Jeff, and to everyone for joining the call today. I will now provide a review of our operating results for the fiscal first quarter, which ended on July 31, 2023. My comments are going to focus on a number of financial base milestones and events, which leave us strongly positioned for the balance of fiscal '24 and beyond.

謝謝傑夫，也謝謝今天參加電話會議的各位。現在，我將回顧我們截至2023年7月31日的第一財季的營運表現。我的評論將重點放在一些財務基礎里程碑和事件，這些里程碑和事件將使我們在2024財年及以後的平衡中佔據有利地位。

As many of you know, we have a pending agreement to sell our consumer segment to Unusual Machines, which I will also refer to as UM. The sales price includes an immediate cash payment of $3 million, plus $17 million in shares of UM. We also expect to receive a favorable working capital adjustment of approximately $4 million, which will be payable in additional stock. The sale of the consumer segment is contingent upon Universal Machines (sic - "Unusual Machines") completing an initial public offering on a major stock exchange.

眾所周知，我們即將與 Unusual Machines（以下簡稱「Unusual Machines」）達成協議，將我們的消費業務部門出售給該公司。出售價格包括 300 萬美元的即期現金支付，以及價值 1700 萬美元的 UM 股票。我們還預計將獲得約 400 萬美元的有利營運資本調整，該調整將以額外股票的形式支付。消費業務部門的出售取決於 Universal Machines（以下簡稱「Unusual Machines」）在主要證券交易所完成首次公開發行 (IPO)。

UM has recently advised us that they have significantly completed the registration process with the SEC and that they expect to complete an IPO during our fiscal second quarter. Therefore, under the accounting rules, since the transaction is likely to close within the next 12 months, the accounting rules require us to report the consumer segment as discontinued operations.

優盟科技最近告知我們，他們已基本完成在美國證券交易委員會（SEC）的註冊程序，預計將於我們第二財季完成IPO。因此，根據會計準則，由於該交易很可能在未來12個月內完成，會計準則要求我們將消費者業務列為已終止經營業務。

The financial accounting and reporting for discontinued operations is much different than what we have historically reported. Basically, the operating results of our consumer segment, which consists of Fat Track and Rotor Riot, have been condensed into one separate line in each of our financial statements. There is literally no combining of amounts related to our continuing operations, which is our enterprise segment consisting of Teal and Skypersonic with our discontinued operations, which is our consumer segment consisting of Rotor Riot and Fat Shark.

已終止經營業務的財務會計和報告與我們以往的報告方式大不相同。基本上，我們消費者部門（包括 Fat Track 和 Rotor Riot）的經營績效在每份財務報表中都被壓縮成單獨的一行。我們持續經營業務（包括 Teal 和 Skypersonic 的企業部門）與已終止經營業務（包括 Rotor Riot 和 Fat Shark 的消費者部門）的金額實際上沒有合併。

Since we expect to receive approximately $21 million in shares of UM, which will make us a significant shareholder, I will provide a brief review of the Q1 operating results for the consumer segment. Driven by strong growth at Rotor Riot, Q1 revenues were almost at a record level. The operating loss for consumer was very modest at less than $300,000.

由於我們預計將獲得價值約2100萬美元的UM股票，這將使我們成為UM的重要股東，因此我將簡要回顧消費者部門第一季的營運表現。在Rotor Riot強勁成長的推動下，第一季的營收幾乎達到了創紀錄的水平。消費者部門的營運虧損非常小，不到30萬美元。

UM believes that there are multiple opportunities to continue growing the consumer segment under its stewardship. We believe that our shares in UM will have significant long-term value and frankly, represent a hidden value relative to Red Cat's current market capitalization.

UM 相信，在其領導下，消費者業務領域擁有許多持續成長的機會。我們相信，我們持有的 UM 股份將具有巨大的長期價值，坦白說，相對於 Red Cat 目前的市值，其價值具有隱藏性。

Turning now to the enterprise segment. As Jeff noted, just before the start of fiscal 2024, we launched the Teal 2 in late April. The market response has been immediate and meaningful. We reported record sales for the enterprise segment in the first quarter of fiscal 2024 and believe that higher sales will be reported each quarter throughout fiscal 2024.

現在談談企業級業務。正如 Jeff 所說，就在 2024 財年即將開始之際，我們在 4 月下旬推出了 Teal 2。市場反應迅速，意義非凡。我們報告稱，企業級業務在 2024 財年第一季的銷售額創下了歷史新高，並且相信整個 2024 財年每個季度的銷售額都會有所增長。

We are already beginning to receive repeat orders and presently have an order backlog of approximately $6 million. As we have noted in prior calls, we initially establish relatively high inventory levels in response to supply chain challenges that emerged during COVID-19. These actions led by our COO, Alan Evans, enabled us to secure chips and other electronic components at a time when they were very hard to procure and at reasonable prices. That savvy move leaves us very well positioned today. Thank you, Dr. Evans.

我們已經開始收到重複訂單，目前積壓訂單約600萬美元。正如我們在之前的電話會議中提到的，我們最初建立了相對較高的庫存水平，以應對新冠疫情期間出現的供應鏈挑戰。在首席營運長艾倫·埃文斯（Alan Evans）的領導下，這些舉措使我們能夠在晶片和其他電子元件採購非常困難的時期以合理的價格獲得這些元件。這項明智之舉使我們今天處於非常有利的地位。謝謝埃文斯博士。

With escalating demand for the Teal 2, we estimate that it will cost approximately $3 million to convert our existing $11 million of inventory into approximately 1,200 drones, which represents revenues of $18 million based on our base sales price of 50,000 per drone. This inventory conversion will generate net cash proceeds of approximately $15 million and represents one of a number of cash sources that we expect to realize in fiscal 2024.

隨著對 Teal 2 的需求不斷增長，我們估計將現有價值 1,100 萬美元的庫存轉換為約 1,200 架無人機的成本約為 300 萬美元，按照每架無人機 5 萬美元的基準售價計算，這將帶來 1,800 萬美元的收入。此次庫存轉換將產生約 1,500 萬美元的淨現金收益，這是我們預計在 2024 財年實現的眾多現金來源之一。

Our expected cash proceeds of $3 million from the sale of consumer is another source of capital. While we can't immediately sell our 21 million shares of UM, the 180-day lockup period is relatively short, it could begin to generate cash proceeds late in fiscal 2024. We expect that orders from government agencies will continue to be the source of most of our enterprise revenues. Due to the high certainty of the funding sources for government based orders, there are greater-than-normal opportunities for us to secure a financing secured by these orders.

我們預計出售消費者產品將獲得300萬美元的現金收益，這也是另一個資金來源。雖然我們無法立即出售我們持有的2,100萬股UM股票，但180天的鎖定期相對較短，它可能會在2024財年末開始產生現金收益。我們預計政府機構的訂單將繼續成為我們企業收入的主要來源。由於政府訂單的資金來源具有高度確定性，我們獲得這些訂單擔保融資的機會比以往更大。

Finally, one of our greatest assets is our manufacturing facility in Salt Lake City. Since acquiring Teal in 2021, building this facility has been a huge focus of management, our dedicated employees, and our precious capital. The facility is now fully operational and continues to scale manufacturing output.

最後，我們最寶貴的資產之一是位於鹽湖城的製造工廠。自2021年收購Teal以來，建造這座工廠一直是管理層、我們敬業的員工以及我們寶貴資本的重中之重。該工廠現已全面投入運營，並持續擴大產能。

At this time, we are not able to fully leverage its manufacturing capabilities, which is resulting in lower-than-targeted gross margins. However, as Jeff just noted, we expect orders for the Teal 2 to continue to grow throughout fiscal 2024. And we will manufacture these additional drones at a lower unit cost, which will increase gross margins and operating cash flows.

目前，我們無法充分利用其製造能力，導致毛利率低於目標。然而，正如傑夫剛才提到的，我們預計Teal 2的訂單將在2024財年持續成長。而且我們將以更低的單位成本生產這些額外的無人機，這將提高毛利率和營運現金流。

Our drones are made in the USA, which continues to become more critically important to government agencies, including the military branches. And we believe that this provides us with a huge competitive advantage in an industry that is positioned for significant long-term growth.

我們的無人機在美國製造，這對包括軍事部門在內的政府機構來說正變得越來越重要。我們相信，這為我們在這個有望實現長期顯著成長的行業中帶來了巨大的競爭優勢。

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

我現在將把電話轉給接線員以回答問題。

(Operator Instructions)

（操作員指示）

Our first question comes from Ashish Kumar with Think Equity. Please go ahead.

第一個問題來自 Think Equity 的 Ashish Kumar。請繼續提問。

Thank you. Two questions. The first question, two-part, in terms of your Q3 fiscal guidance of $5 million and your current cost structure and improving margins, will that get you close to cash flow positive? And the second part of that question is: given your current cash position and the near-term bond, is there a need to raise capital?

謝謝。有兩個問題。第一個問題分為兩部分：就您第三季500萬美元的財務預期以及您目前的成本結構和不斷提高的利潤率而言，這是否能讓您的現金流接近正值？第二個問題是：鑑於您目前的現金狀況和近期債券，是否有必要籌集資金？

The second question is on the competitive front on the SRR program, you're competing with Skydio and Vantage, and then you're in a bake-off for the border patrol program with the same competitors. So could you please give us an update on the opportunity on the border patrol program? Thank you.

第二個問題是關於SRR專案的競爭情況。你們正在與Skydio和Vantage競爭，同時你們還在與相同的競爭對手爭奪邊境巡邏項目。您能否向我們介紹一下邊境巡邏計畫的最新進度？謝謝。

Sure. So let me start with your last question and go backwards there. So yeah, all of us got orders earlier this year. We had an order for about 1 million drones from the border patrol. Skydio did also and Vantage Robotics also got a much smaller order. So yeah, we are in a bake-off to gain their business.

當然。那麼，讓我先從你最後一個問題開始，倒敘一下。是的，我們所有人都在今年早些時候接到了訂單。我們接到了邊境巡邏隊大約100萬架無人機的訂單。 Skydio也接到了，Vantage Robotics也接到了一筆小得多的訂單。所以，我們正在激烈競爭，爭取他們的訂單。

We have nothing new to report, but it is interesting and that's exactly who we're going up against for the large SRR, Short Range Reconnaissance Program of Record. So as soon as we hear and this is the time of year, but could be any day. If hopefully we do hear something, you'll be the first to know.

我們沒有什麼新消息可以報道，但這很有意思，而且我們即將在大型短程偵察計劃（SRR）中與美國對抗。所以，一旦有消息，我們就會立即採取行動。現在是每年這個時候，但也可能隨時發生。如果我們真的聽到了什麼消息，希望您能第一個知道。

Secondly, I'll go into your question about: do we need to raise capital? And we've gotten that question a lot while we were at on all these conferences we were at last week and it's a legitimate question. Let me just start with, the C-level and the executives and the employees, we are not hired guns.

其次，我想談談你的問題：我們需要融資嗎？上週我們參加各種會議的時候，常常有人問這個問題，這個問題很合理。首先，我要說的是，我們不是僱傭兵，無論是C級高階主管、高階主管還是員工。

The company, the employees, we own almost 40% of the shares outstanding. So we've written checks. We're not hired guns. We don't own 0.00% and just want to do a bunch of raises and dilute everybody. Because if we dilute the shareholders, we're half the shareholders almost. So we do not want to do that.

我們公司，包括員工，持有近40%的流通股。所以我們簽了支票。我們不是僱傭兵。我們不會擁有0.00%的股份，只想大幅加薪，稀釋所有人的股份。因為如果我們稀釋股東的股份，我們幾乎就佔了股東總數的一半。所以我們不想這樣做。

So let me go through some of the details on this. And as Joseph just mentioned, we'll be turning millions of dollars of inventory into sales over the next couple of quarters. In our first three quarters, we've got about $10 million in shipped revenue we'll be posting, which is more than all of last year, and we're not even done with sales yet. So those numbers could actually be higher.

那麼，就讓我來詳細講一下這方面的情況。正如約瑟夫剛才所提到的，我們將在接下來的幾個季度將數百萬美元的庫存轉化為銷售額。前三個季度，我們的出貨收入約為1,000萬美元，比去年全年的銷售額還要高，而且我們的銷售收入還沒結束。所以，這些數字實際上可能會更高。

As also as Joseph noted, we expect to close UMac in the next few weeks, which will generate approximately $3 million in non-dilutive capital and he also mentioned $1 million to $2 million in inventory or more. We will also be getting approximately $2.4 million from our SRR prototype contract starting in November and that goes through March.

正如約瑟夫所說，我們預計將在未來幾週內關閉UMac，這將產生約300萬美元的非稀釋性資本，他還提到了100萬至200萬美元甚至更多的庫存。我們也將從11月開始持續到3月的SRR原型合約中獲得約240萬美元的收入。

And we've also recently released research project that could generate approximately $1 million to $2 million. On top of that, last week and as recent as today, we've got term sheets for small debt offerings, not convertible debt. And we stated, as Joseph mentioned, exploring credit lines based on our government contracts, which are much less expensive debt.

我們最近也發布了一個研究項目，預計可以帶來約100萬至200萬美元的收益。此外，上週以及最近今天，我們收到了小額債務（而非可轉換債務）的條款清單。正如約瑟夫所提到的，我們表示，正在探索基於政府合約的信貸額度，這些債務的成本要低得多。

So to summarize, this nondilutive way to raise capital over the next few months is approximately $7.4 million to $9.4 million in next six months of non-dilutive capital. And if you add a small debt offering, it goes from often $3 million to $5 million, which we could easily service in our models. That's a total of $10.4 million to $14.4 million of non-dilutive capital, which is more than enough to get us to cash flow positive.

總而言之，這種非稀釋性融資方式在未來幾個月內大約能帶來740萬至940萬美元的非稀釋性資本。如果加上小額債務發行，非稀釋性資本通常會從300萬美元增加到500萬美元，在我們的模型中，我們可以輕鬆實現這一目標。總而言之，非稀釋性資本總額為1,040萬至1,440萬美元，足以讓我們達到正現金流。

And I think your question for Q3, will $5 million of revenue goes to cash flow positive? We're not going to make that projection yet, but I can tell you that it's pretty darn close at that point. So I think I answered all three of your questions.

我想問你關於第三季的問題：500萬美元的收入會轉化為正現金流嗎？我們目前還不會做出這樣的預測，但我可以告訴你，現在應該非常接近了。所以我想我已經回答了你所有三個問題。

Thank you very much and all the best.

非常感謝，祝一切順利。

Great. Thank you.

太好了，謝謝。

(Operator Instructions)

（操作員指示）

Jim McIlree, Dawson James.

吉姆·麥克爾裡、道森·詹姆斯。

Yeah, thanks and good evening. So in your commentary about --

是的，謝謝，晚上好。所以在你的評論中——

Hey, Jim.

嘿，吉姆。

Yeah, hi. In the commentary about the inventory levels, it suggests that gross margin on this $15 million of revenue of about 22%. I'm assuming that that's because you've got a high burden of the factory. When you get to either of a reasonable capacity utilization or fully utilized, what kind of gross margins would it be reasonable to expect?

是的，你好。關於庫存水準的評論顯示，這1,500萬美元營收的毛利率約為22%。我猜這是因為工廠的負擔很重。當產能利用率達到合理水準或滿載運轉時，合理的毛利率預期為何？

Yeah. I'll touch on the high level and Joseph might want to add because this is something I review with. And the right person for this is Dr. Evans because he has been building factories for the last 10 years.

是的。我會談一下高層，約瑟夫可能想補充一下，因為這是我需要審核的內容。埃文斯博士是這方面的合適人選，因為他過去10年一直在從事工廠建設工作。

So I'm going to start from a fully utilized factory. If we were pumping out thousands of the drones, we literally can get up into the 70% gross margins. At the beginning, you're absolutely correct. Having the full burden of a factory you opened at day one, which we have recently.

所以我打算從一家充分利用的工廠開始。如果我們能生產數千架無人機，毛利率真的可以達到70%。一開始，你說得完全正確。你開辦工廠的第一天就承擔了全部負擔，最近我們就是這樣。

And if you're producing just 25 or 50 or 120 drones, your margins look horrible because you got to put this full burden of the factory on top of that. But without material margins, we're typically right now already in the 40% to 50% range, but we're here doing GAAP.

如果你只生產25架、50架或120架無人機，你的利潤率看起來會很低，因為你還要加上工廠的全部負擔。但除去材料利潤率，我們現在的利潤率通常已經在40%到50%的範圍內了，但我們這裡採用的是GAAP（美國通用會計準則）。

So those -- your numbers of 22% to -- we can get up to 70% once we fully utilize, same to get large contracts with the Replicator Initiative or SRR can produce those type of margins.

因此，一旦我們充分利用這些 — — 您所說的 22% 到 — — 我們可以獲得高達 70% 的利潤，同樣，與 Replicator Initiative 或 SRR 簽訂大​​合約也可以產生這些類型的利潤。

Yeah, I don't have a lot to add on top of that. I think that one of the points that I was trying to make is that we're in a unique position from a cash flow perspective in fiscal '24 because we've already bought and we've already paid for much of the material costs to produce these 1,200 drones. That won't be a typical situation.

是的，除此之外我沒什麼好補充的。我想說的是，從24財年的現金流來看，我們處於一個獨特的位置，因為我們已經購買並支付了生產這1200架無人機的大部分材料成本。這不是一個典型的情況。

But you know, because of COVID and the scarcity of electronic components and there was a lot of price gouging going on, Allan had the foresight to go out and frankly, spend quite a bit in the money we raised in 2021 to put us in a position where we wouldn't be unable to fill orders because we couldn't get the components we needed.

但你知道，由於新冠疫情和電子元件的稀缺，以及大量的價格欺詐行為，艾倫有先見之明，坦率地說，花了我們在 2021 年籌集的相當一部分資金，讓我們處於一個不會因為無法獲得所需元件而無法完成訂單的境地。

So we're in a unique position right now. And as part of your initial question, yeah, we're just dealing with a capacity utilization challenge, which is very common for emerging companies that built the type of facility that we built, which is another -- that's built. That's behind us; that's firing on all cylinders. And that's a huge step for an emerging growth company like us to have behind us. It's kind of one of the reasons why we feel so good about our outlook for the rest of fiscal '24 and beyond.

所以我們現在處於一個獨特的位置。正如你最初提出的問題一樣，是的，我們正在應對產能利用率的挑戰，這對於像我們這樣建造了類似設施的新興公司來說非常常見，這也是另一個問題——產能已經建成。我們已經完成了這些挑戰，並且正在全力以赴。對於像我們這樣的新興成長型公司來說，擁有這些挑戰是一個巨大的進步。這也是我們對24財年剩餘時間及未來前景充滿信心的原因之一。

That's great. Thank you. If I can just ask another one here.

太好了。謝謝。我可以再問一個嗎？

Sure.

當然。

So on the SRR and the Replicator programs or contracts, are these fixed price contracts? So you will have the ability to improve margins as you improve your manufacturing? Or is it more of a time and materials contract?

那麼，SRR 和 Replicator 專案或合約是固定價格合約嗎？也就是說，隨著製造流程的改進，你們的利潤率也會跟著提高？還是說，它們更像是一種工料合約？

No, no. Yeah, I'm sure you're bringing that up because the time and -- cost over plus it's a horrible business. No, these are fixed. They'll be fixed to our GSA pricing. We're not even allowed to adjust that typically, and this is a large volume.

不，不。是的，我確信你提到這一點是因為時間和成本，而且生意很糟糕。不，這些都是固定的。它們將固定在我們的GSA定價上。我們通常甚至不允許調整價格，而且這筆交易量很大。

But yeah, our margins have improved dramatically. All of the orders that we've announced before been GSA pricing. So this will -- the SRR program will be based on fixed pricing. The Replicator Program which -- it's something that also we didn't really go into. But when they were announcing, making sure that these small companies that are building these small drones don't come to the valley of death, which is the funding, valley of death when you're dealing with large government. This Replicator program, we expect to get paid upfront, which alleviates also dilution for us, like again, has been a large amount of the shareholders. So the pricing will be fixed pricing.

不過，我們的利潤率確實大幅提升了。我們之前宣布的所有訂單都是GSA定價。所以SRR計劃將基於固定價格。 Replicator計劃－我們之前也沒有深入探討過。但他們宣布的時候，要確保這些製造小型無人機的小公司不會陷入資金困境，尤其是在與大型政府打交道時。我們預計Replicator計劃會預付款，這也能減輕我們的股權稀釋，就像之前提到的，這部分資金來自大量股東。所以定價將是固定的。

That's great. Thank you. And my last one is: the $5 million in OpEx this quarter, is that a good number going forward?

太好了，謝謝。最後一個問題是：本季營運支出500萬美元，這對未來來說是個好數字嗎？

Yeah.

是的。

I would say so.

我會這麼說。

Yeah, I would say so as well. You know, unfortunately, I don't see a lot of cost savings associated with divesting consumer. Obviously, there's a fairly substantial fixed costs in being a public company. I do think the good news is that higher revenues should not result in dramatic increases in these expenses.

是的，我也這麼認為。很遺憾，我認為剝離消費者業務不會節省太多成本。顯然，作為一家上市公司，固定成本相當高。但我認為好消息是，更高的收入不應該導致這些費用大幅增加。

You can see operating -- operations expense actually decreased in the fiscal first quarter. So I think we're going to be able to leverage both gross margin and our OpEx, meaning that as revenues increase, I don't see dramatic step increases in OpEx.

你可以看到，第一財季的營運費用實際上有所下降。所以我認為我們將能夠同時利用毛利率和營運支出，這意味著隨著收入的成長，營運支出不會大幅增加。

Great. Thank you very much. That's it for me.

太好了。非常感謝。我的就到這裡。

(Operator Instructions)

（操作員指示）

Showing no further questions, this concludes our question-and-answer session of the call. I will now return the call to Jeff Thompson for closing remarks.

既然沒有其他問題了，本次電話會議的問答環節就到此結束。現在，我將把電話轉回給傑夫湯普森，請他做最後發言。

Well, thanks, everybody, for joining us. I want to thank the team at Teal. I want to thank our biz dev team; you guys are awesome. And we'll be seeing a lot of you out. We're in a lot of conferences and I will even plug James's company. We'll be at the Dawson James Conference on the 12 and we'll be at the LD Micro in early October. So please come see us.

好的，謝謝大家加入我們。我要感謝 Teal 團隊。我要感謝我們的業務開發團隊；你們太棒了。我們以後還會常常見到你們。我們參加了很多會議，我甚至會宣傳 James 的公司。 12 號我們會參加 Dawson James 會議，10 月初我們會去 LD Micro 會議。歡迎大家來參加。

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

會議現已結束。感謝您參加今天的演講。您可以斷開連線了。