Red Cat Holdings Inc (RCAT) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Good afternoon and welcome to the Red Cat Holdings' fiscal 2024 annual financial results and corporate update conference call.

下午好，歡迎參加紅貓控股 2024 財政年度財務業績和公司最新情況電話會議。

(Operator Instructions)

（操作員說明）

A webcast replay of the call will be available approximately one hour after the end of the call through November 8, 2024.

電話會議的網路直播重播將在電話會議結束後約一小時內進行，直至 2024 年 11 月 8 日為止。

Joining us today are Jeff Thompson, Chief Executive Officer; and Leah Lunger, Chief Financial Officer.

今天加入我們的是執行長 Jeff Thompson；和財務長 Leah Lunger。

During this call, management will be making forward-looking statements, including statements that address Red Cat's expectations for future performance or operational results.

在本次電話會議中，管理層將做出前瞻性聲明，包括涉及紅貓對未來業績或營業績預期的聲明。

Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements.

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。

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 in Red Cat's press release that accompanies this call, particularly the cautionary statements in it.

有關這些風險的更多信息，請參閱 Red Cat 最近提交的 10-K 表定期報告以及本次電話會議隨附的 Red Cat 新聞稿中描述的風險因素，特別是其中的警告聲明。

The content of this call contains time-sensitive information that is accurate only as of today, August 8, 2024.

本次通話的內容包含時效性訊息，僅截至今天（2024 年 8 月 8 日）準確。

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.

除法律要求外，紅貓不承擔任何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.

現在我很高興將電話轉給執行長 Jeff Thompson。

Jeff, please go ahead.

傑夫，請繼續。

Thank you.

謝謝。

Welcome everyone to our fourth quarter and full fiscal year 2024 earnings conference call.

歡迎大家參加我們的 2024 年第四季和整個財年財報電話會議。

I will start by summarizing our performance and recent achievements.

我先總結我們的表現和近期的成就。

Leah will then take you through our financial results in greater detail, and then Leah and I will take your questions.

然後，利亞將向您詳細介紹我們的財務業績，然後利亞和我將回答您的問題。

I am pleased to report record results for the quarter and a record-breaking fiscal year for Red Cat.

我很高興地報告紅貓本季創紀錄的業績以及創紀錄的財政年度。

First, for the full fiscal year, revenue increased 286% to a record $17.8 million compared to $4.6 million last fiscal year.

首先，整個財年的營收成長了 286%，達到創紀錄的 1,780 萬美元，而上一財年的營收為 460 萬美元。

Fourth quarter revenue rose to $6.4 million (sic - see press release, "$6.3 million"), over a 100% increase from the same period last year, and now a new top line quarter record.

第四季營收增至 640 萬美元（原文如此 - 請參閱新聞稿，「630 萬美元」），較去年同期成長 100% 以上，目前創下新的季度營收記錄。

This is our fourth consecutive quarter of top line sequential growth averaging above 10%.

這是我們連續第四個季度營收平均季增超過 10%。

The last four quarters were driven by feet-on-the-street organic sales revenue.

過去四個季度是由實際銷售收入所推動的。

None of this revenue was from a program of record production contract or the Replicator Initiative.

這些收入都不是來自創紀錄的製作合約計劃或複製者計劃。

These record-breaking achievements were completed with a single product, the Teal 2.

這些破紀錄的成就是透過單一產品 Teal 2 完成的。

During this past fiscal year, global demand continued to surge for small, portable autonomous systems, and Red Cat responded accordingly.

在過去的財年中，全球對小型便攜式自主系統的需求持續激增，紅貓做出了相應的反應。

We invested across the organization to strengthen our product portfolio and expand our manufacturing capacity to meet the evolving needs of our customers.

我們在整個組織內進行投資，以加強我們的產品組合併擴大我們的製造能力，以滿足客戶不斷變化的需求。

Our product portfolio has expanded from one drone to three drones, completing our recently announced Family of Systems.

我們的產品組合已從一架無人機擴展到三架無人機，完善了我們最近宣布的系統系列。

Let's discuss the Red Cat Family of Systems.

讓我們討論一下 Red Cat 系列系統。

Our Family of Systems strategy is a result of looking to our urgent user needs regarding the deployment of low-cost, portable, field-repairable and recoverable ISR and precision strike systems.

我們的系統系列策略是滿足使用者對部署低成本、便攜式、可現場維修和可恢復的 ISR 和精確打擊系統的迫切需求的結果。

This is a paradigm shift in the drone industry where more expensive, nonrecoverable systems have dominated the market for the last decade.

這是無人機產業的典範轉移，在過去十年中，更昂貴、不可恢復的系統主導了市場。

The Family of Systems addresses a variety of mission sets for medium-range ISR, short-range reconnaissance and first-person view, FPV, precision strike capabilities, commanded and controlled from a singular tactical ground control system and optimized for GPS-denied and other contested environments.

該系統系列可滿足中程 ISR、短程偵察和第一人稱視角、FPV、精確打擊能力的各種任務集，由單一戰術地面控制系統進行指揮和控制，並針對 GPS 拒絕和其他情況進行了優化有爭議的環境。

I will now discuss our recent acquisitions and partnerships.

我現在將討論我們最近的收購和合作關係。

I will start with FlightWave.

我將從 FlightWave 開始。

Our proposed acquisition of FlightWave Aerospace brings medium- to long-range ISR and high-resolution mapping capabilities to the Red Cat portfolio through their flagship products, the Edge 130 Blue.

我們擬收購 FlightWave Aerospace，透過其旗艦產品 Edge 130 Blue 為 Red Cat 產品組合帶來中遠端 ISR 和高解析度測繪功能。

With a range of 20 kilometers and extended flight endurance, the Edge 130 outperforms other drones in its class while maintaining a small, portable form factor, which is critical to frontline warfighters.

Edge 130 的航程為 20 公里，飛行續航時間更長，其性能優於同類其他無人機，同時保持了小巧便攜的外形，這對於前線作戰人員至關重要。

In the near future, the Edge 130 will complement the solutions of Red Cat's other subsidiary, Teal Drones, by performing joint meshed network autonomous ISR missions in multiple domains such as land, sea, and air.

在不久的將來，Edge 130將透過在陸地、海上和空中等多個領域執行聯合網狀網路自主ISR任務來補充Red Cat另一家子公司Teal Drones的解決方案。

We also have an exclusive partnership with Sentien Robotics.

我們還與 Sentien Robotics 建立了獨家合作夥伴關係。

The partnership between Red Cat and Sentien Robotics will enable Red Cat to provide warfighters with the ability for continuous, uninterrupted reconnaissance on enemy targets with drone swarms.

Red Cat 和 Sentien Robotics 之間的合作將使 Red Cat 能夠為作戰人員提供利用無人機群對敵方目標進行連續、不間斷偵察的能力。

Teal Drones' battlefield-tested drones, coupled with Sentien's fleet-handling capabilities, give warfighters tools and technology they have never had access to.

Teal Drones 經過戰場測試的無人機，加上 Sentien 的機群處理能力，為作戰人員提供了他們從未獲得的工具和技術。

New technology is dramatically changing the nature of warfare, and we believe those who can integrate defensive and offensive assets across multiple domains and rapidly deploy those capabilities against adversarial targets will gain tactical superiority.

新技術正在極大地改變戰爭的性質，我們相信那些能夠跨多個領域整合防禦和進攻資產並針對敵對目標快速部署這些能力的人將獲得戰術優勢。

This agreement with Sentien is a major step towards the autonomous deployment and control of drone swarms and the capability to launch from small boats or ships.

與 Sentien 的這項協議是朝著自主部署和控制無人機群以及從小船或船隻發射的能力邁出的重要一步。

This brings us to the Replicator Initiative, which seems to be focused on the Indo-Pacific region.

這讓我們想到了“複製者計劃”，該計劃似乎專注於印度-太平洋地區。

For investors new to the Red Cat story, the Replicator Initiative is a program launched by the U.S. Department of Defense aimed at rapidly delivering advanced autonomous systems to the military.

對於剛接觸紅貓故事的投資者來說，複製器計劃是美國國防部發起的一項計劃，旨在快速向軍隊提供先進的自主系統。

Announced in August 2023, the initiative focuses on creating and deploying thousands of all-domain attritable autonomous systems, or otherwise known as ADA2, within 18 to 24 months.

該計畫於 2023 年 8 月宣布，重點是在 18 至 24 個月內創建和部署數千個全局可歸屬自主系統，或稱為 ADA2。

The Senate Appropriations Committee recently approved a defense spending bill for fiscal 2025 that would provide full funding for the Pentagon's high-profile autonomous systems initiatives known as the Replicator.

參議院撥款委員會最近批准了一項 2025 財年國防支出法案，該法案將為五角大廈備受矚目的自主系統計劃「複製器」提供全額資金。

And lawmakers raised the possibility that even more money could be allotted for the effort.

立法者提出了為這項工作分配更多資金的可能性。

This DOD funding for drones is going to be the primary vehicle the US government uses to kick-start domestic production.

國防部為無人機提供的資金將成為美國政府用於啟動國內生產的主要手段。

This budget, plus the continuing resolution last year and other allocations, will result in about $1.5 billion in funds for Replicator alone going to drone manufacturers from now until September of 2025.

這份預算，加上去年的持續決議和其他撥款，從現在到 2025 年 9 月，光是 Replicator 計畫就將獲得約 15 億美元的資金流向無人機製造商。

That will be approximately $100 million per month.

每月約為 1 億美元。

We believe we are well positioned for future Replicator tranches with our Family of Systems combined with our swarming capabilities.

我們相信，憑藉我們的系統系列和叢集能力，我們已經為未來的 Replicator 細分市場做好了準備。

Last but not least, let's discuss programs of record.

最後但並非最不重要的一點是，讓我們討論一下記錄節目。

Again, for the people new to the story, a program of record in the Department of Defense refers to an acquisition program that has been officially recognized and funded with the future year's defense program.

同樣，對於剛接觸這個故事的人來說，國防部的記錄計劃是指已得到正式認可並由未來一年的國防計劃資助的採購計劃。

This means the program has successfully passed through the necessary approval processes and is included in the DOD's budget planning.

這意味著該計劃已成功通過必要的審批流程，並納入國防部的預算規劃。

SRR, the Short Range Reconnaissance program, is a US Army initiative designed to equip soldiers with small, rapidly deployable, unmanned aircraft systems for reconnaissance and surveillance activities.

SRR（短程偵察計劃）是美國陸軍的一項計劃，旨在為士兵配備小型、可快速部署的無人機系統，用於偵察和監視活動。

The primary goal is to enhance situational awareness and provide a tactical advantage at the platoon level.

主要目標是增強態勢感知並提供排級戰術優勢。

This program of record selection process has gone on for over five years.

這項記錄選擇過程已經持續了五年多。

It started with 37 companies and is now down to Red Cat and one other company.

最初有 37 家公司，現在只剩下 Red Cat 和另一家公司。

The final test for the Army was in May.

陸軍的最後一次測試是在五月。

We had to deliver approximately 50 final prototype systems.

我們必須交付大約 50 個最終原型系統。

The final down selection is scheduled for the end of next month, September 2024.

最終羽絨選擇定於下個月底，即 2024 年 9 月進行。

We believe this production contract will be in the hundreds of millions.

我們相信這份生產合約將達到數億美元。

Usually, when we talk about programs of record, they are US-based contracts.

通常，當我們談論記錄項目時，它們是美國的合約。

Red Cat is also in late stages for NATO programs of record.

紅貓的北約記錄項目也處於後期階段。

We believe that they are also significantly larger than the US SRR program of record.

我們認為，它們的規模也遠大於美國記錄的 SRR 計劃。

These programs are expected in the next two months to have their down selection.

這些節目預計將在未來兩個月內進行篩選。

In summary, 2024 was a great year for the Teal 2 with record revenues.

總而言之，2024 年對 Teal 2 來說是偉大的一年，收入創歷史新高。

We are steadily reducing cash burn while gaining market share.

我們正在穩步減少現金消耗，同時贏得市場份額。

We expect 2025 revenue to be another record year in top line growth and scale.

我們預計 2025 年營收將在營收成長和規模方面再創歷史新高。

We expect the FlightWave deal to close soon, adding significant revenue to the 2025 calendar year.

我們預計 FlightWave 交易很快就會完成，為 2025 年帶來大量收入。

We believe we're well positioned for a Short Range Reconnaissance program of record win worth hundreds of millions of dollars, and we hope to finalize NATO-based programs of record before the end of calendar 2024.

我們相信，我們已經做好準備，能夠贏得價值數億美元的創紀錄勝利的短程偵察計劃，並且我們希望在 2024 年年底之前完成基於北約的創紀錄計劃。

And with that, I will hand the call to Leah.

然後，我會將電話轉給利亞。

Thank you, Jeff and everyone, for joining the call this evening.

謝謝傑夫和大家參加今晚的電話會議。

As Jeff highlighted, fiscal '24 was an exceptional year, marked by record revenues of $17.8 million compared to $4.6 million in fiscal '23.

正如 Jeff 所強調的那樣，24 財年是非凡的一年，收入創紀錄地達到 1,780 萬美元，而 23 財年的收入為 460 萬美元。

This represents growth of 286%.

這意味著增長了 286%。

All four quarters of fiscal '24 brought record revenue sequentially.

2024 財年所有四個季度的營收均創歷史新高。

Quarter four revenues totaled $6.3 million compared to $1.1 million in the same quarter of the prior year, representing a 485% increase.

第四季營收總計 630 萬美元，較去年同期的 110 萬美元成長 485%。

Gross profit for fiscal '24 totaled $3.7 million or approximately 21% of total revenues compared to negative 18% in fiscal '23.

24 財年的毛利總計 370 萬美元，約佔總收入的 21%，而 23 財年的毛利為負 18%。

We continue to expect steady improvements in gross margin over time as we focus efforts on manufacturing efficiencies and reductions in cost of goods sold.

我們繼續預計，隨著時間的推移，毛利率將穩步提高，因為我們將重點放在提高製造效率和降低銷售成本上。

We now have dedicated teams for manufacturing, engineering and warranty and returns to accomplish these goals effectively.

我們現在擁有專門的製造、工程、保固和退貨團隊來有效地實現這些目標。

Our focus on controlling costs while scaling revenues led to a decrease in operating expenses for fiscal '24.

我們專注於控製成本，同時擴大收入，導致 24 財年營運費用減少。

Adjusted operating expenses, which exclude noncash items of impairment loss and stock-based compensation expense, totaled $17.5 million in fiscal '24 compared to $18.1 million in fiscal '23.

調整後的營運費用（不包括減損損失和股票補償費用等非現金項目）在 24 財年總計為 1,750 萬美元，而在 23 財年為 1,810 萬美元。

This represents a decrease of approximately $600,000 or 3%.

這意味著減少了約 60 萬美元或 3%。

As a percentage of revenue, adjusted operating expenses decreased from 391% of revenue in fiscal '23 to 98% of revenue in fiscal '24, which demonstrates our success in controlling costs while nearly quadrupling revenues.

作為收入的百分比，調整後的營運費用從 23 財年佔收入的 391% 下降到 24 財年佔收入的 98%，這表明我們在控製成本方面取得了成功，同時收入幾乎翻了兩番。

Our combined cash and accounts receivable balances as of April 30, 2024, totaled over $10 million.

截至 2024 年 4 月 30 日，我們的現金和應收帳款餘額總計超過 1,000 萬美元。

Additionally, in July, we secured $4.4 million of non-dilutive financing through the divestiture of our investment in Unusual Machines.

此外，7 月份，我們透過剝離對 Unusual Machines 的投資獲得了 440 萬美元的非稀釋性融資。

Closing this transaction eliminated our equity method investment while providing additional funding for accomplishing our strategic objectives.

此次交易的完成消除了我們的權益法投資，同時為實現我們的策略目標提供了額外的資金。

We are pleased to report that our cash used in operations has decreased significantly on both a quarterly and annual basis.

我們很高興地報告，我們營運中使用的現金按季度和年度均大幅減少。

Cash used in operations for quarter four of fiscal '24 was $2.3 million.

2024 財年第四季營運中使用的現金為 230 萬美元。

This represents a decrease of $1.8 million or 43% sequentially and a decrease of $5.2 million or 69% compared to the same quarter in the prior fiscal year.

這意味著比上一財年同期減少了 180 萬美元，即 43%；與上一財年同期相比，減少了 520 萬美元，即 69%。

On an annual basis, cash used in operations decreased by $6.6 million or 27% compared to fiscal '23.

以年度計算，與 2023 財年相比，營運中使用的現金減少了 660 萬美元，即 27%。

Overall, fiscal '24 has been a year of growth and accomplishments.

整體而言，24 財年是成長和成就的一年。

We have successfully scaled revenues both domestically and internationally while controlling costs and we look forward to continued revenue growth and improved profit margins in the upcoming year.

我們在控製成本的同時成功擴大了國內和國際收入，我們期待來年收入持續成長並提高利潤率。

Shortly after year-end, we completed our engineering efforts for the Army, having delivered final prototypes in April and May of 2024.

年底後不久，我們完成了陸軍的工程工作，並於 2024 年 4 月和 5 月交付了最終原型。

We remain one of only two finalists in the SRR tranche two program, and we believe we are well positioned to receive an award next month.

我們仍然是 SRR 第二階段計劃中僅有的兩個決賽入圍者之一，我們相信我們有能力在下個月獲獎。

During the call today, I referenced adjusted operating expenses, which is a non-GAAP financial measure.

在今天的電話會議中，我提到了調整後的營運費用，這是一項非公認會計準則財務指標。

Adjusted operating expenses exclude noncash items of impairment loss and stock-based compensation expense.

調整後的營運費用不包括減損損失和股票補償費用的非現金項目。

The most directly comparable GAAP financial measure is operating expenses.

最直接可比較的公認會計原則財務指標是營運費用。

Listeners can find operating expenses as well as the quantitative reconciliation of the differences between adjusted operating expenses and operating expenses on Red Cat's website, which is at redcat.red.

聽眾可以在紅貓的網站（redcat.red）上找到營運費用以及調整後的營運費用與營運費用之間差異的定量調節表。

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

我現在將把電話轉給接線員詢問問題。

(Operator Instructions)

（操作員說明）

Before we start with the questions, I just want to do a little bit of housekeeping.

在我們開始提問之前，我只想做一些整理工作。

I know we've got -- I'm seeing a very large list of questions already, so people don't waste the same question on this.

我知道我們已經看到了很多問題，所以人們不會在這個問題上浪費同樣的問題。

So for guidance, we will resume guidance next quarter.

因此，對於指導，我們將在下個季度恢復指導。

We are in the middle of suites for the next six weeks.

接下來的六週我們都住在套房中間。

We expect to hear on SRR down selection in the next few weeks.

我們預計將在未來幾週內聽到有關 SRR 下調選擇的消息。

We hope to close FlightWave in the next week or two and believe they could add $10 million to $20 million in revenue in calendar 2025.

我們希望在未來一兩週內關閉 FlightWave，並相信他們可以在 2025 年增加 1,000 萬至 2,000 萬美元的收入。

So we will be able to give and resume with guidance once these data sets are resolved.

因此，一旦這些資料集得到解決，我們將能夠提供並恢復指導。

So I want to get that out there before we took questions.

所以我想在我們提問之前先把它說出來。

Thank you.

謝謝。

Ashok Kumar, ThinkEquity.

阿肖克·庫馬爾，ThinkEquity。

Thank you.

謝謝。

A three-part question.

一個由三個部分組成的問題。

The first question is that you had mentioned you had $10 million in cash and receivables.

第一個問題是，您提到您擁有 1000 萬美元的現金和應收帳款。

Does that include the $4.4 million you just closed with UMAC?

這包括您剛剛與 UMAC 達成的 440 萬美元嗎？

The second question is you mentioned that some of the NATO programs of record, the POR are larger than the US Army POR.

第二個問題是你提到北約的一些記錄項目POR比美國陸軍POR更大。

Can you give us the magnitude?

你能告訴我們其大小嗎？

And the last one is, have you received any demand for the FlightWave Edge 130 system?

最後一個問題是，您是否曾經收到對FlightWave Edge 130系統的需求？

Thank you.

謝謝。

Great.

偉大的。

Thanks, Ashok.

謝謝，阿肖克。

Actually, Leah, why don't you grab the first one and I'll grab the second and third?

事實上，莉亞，為什麼你不抓住第一個，我抓住第二個和第三個？

Yes, I'd be happy to answer that.

是的，我很樂意回答這個問題。

So the $10.4 million in cash and accounts receivables was our balance as of April 30, and we closed the sale of our investment in Unusual Machines last month.

因此，截至 4 月 30 日，我們的餘額為 1,040 萬美元現金和應收帳款，我們上個月結束了對 Unusual Machines 投資的出售。

So the $4.4 million mentioned is in addition to cash and AR as of year-end.

因此，截至年底，上述 440 萬美元不包括現金和 AR。

Okay, go ahead, Jeff.

好吧，繼續吧，傑夫。

Great.

偉大的。

Thanks.

謝謝。

Yeah, so the programs of record in NATO are significant, and you can understand why with them being so close to the Ukraine war.

是的，所以北約的記錄項目很重要，你可以理解為什麼它們離烏克蘭戰爭如此之近。

So I'll just give an example of one of them and compare it to SRR.

所以我只舉其中一個例子，並將其與 SRR 進行比較。

SRR is about a little under 6,000 systems.

SRR 大約為 6,000 個系統以下。

It's still a very significant contract, but the -- at least one of the programs of record in NATO is for 25,000 systems, it's 4x.

這仍然是一份非常重要的合同，但北約記錄的至少一個項目涉及 25,000 個系統，是 4 倍。

So they are pretty massive compared to the SRR program of record.

因此，與有記錄的 SRR 計劃相比，它們的規模相當龐大。

And then I think you mentioned demand for the Flight Edge 130.

然後我想您提到了對 Flight Edge 130 的需求。

We've got a great response since we announced the LOI.

自從我們宣布意向書以來，我們得到了熱烈的迴響。

A lot of our customers that want the cost knowing that we can actually build and meet the demand.

我們的許多客戶都希望了解我們可以實際建造並滿足需求的成本。

It's a great system.

這是一個很棒的系統。

And Mike had done a great job designing that system, and the employees there have made a very unique platform that can fly longer than any other vehicle in its size and range.

麥克在設計該系統方面做得非常出色，那裡的員工已經製作了一個非常獨特的平台，可以比任何其他同尺寸和航程的車輛飛行更遠的距離。

We think it's a great replacement for the now discontinued AeroVironment Ravens.

我們認為它是現已停產的 AeroVironment Ravens 的絕佳替代品。

So that's -- we have seen great demand signals for the Edge 130.

所以，我們已經看到了對 Edge 130 的巨大需求訊號。

Thanks.

謝謝。

Thank you and all the best.

謝謝你，祝一切順利。

Glenn Mattson, Ladenburg Thalmann.

格倫馬特森，拉登堡塔爾曼。

Hi, yes.

嗨，是的。

Thanks for taking the question and congrats on the quarter.

感謝您提出問題並祝賀本季。

On the -- there was a period of time where you lowered production in Q4 to get the Teal 3 out.

有一段時間，你們在第四季度降低了產量，以推出 Teal 3。

So just generally asking about the production capacity and capabilities, so is that back up and running and things going out the door again?

所以只是一般性地詢問生產能力和能力，那麼它是否已恢復並運行並且事情再次順利進​​行？

And then when it comes to FlightWave and the acquisition, would you move that manufacturing into your existing facility?

然後，當談到 FlightWave 和收購時，您會將製造轉移到您現有的工廠嗎？

And just give us an update on some -- on how that all will play out, if you could.

如果可以的話，請向我們提供一些最新情況——關於這一切將如何進行。

Thanks.

謝謝。

Yeah.

是的。

Thanks, Glenn.

謝謝，格倫。

So the -- we are back in production.

所以——我們已經恢復生產了。

We're also -- we are in a pretty large hiring spree right now to scale production of the future Teal drone that we -- that's the drone that we actually submitted for the Army prototype.

我們現在也正在進行大規模的招聘，以擴大未來青色無人機的生產規模，這就是我們實際為陸軍原型提交的無人機。

We are preparing for large-scale production and moving into the deal.

我們正在準備大規模生產並進入交易。

We're calling it currently the Teal 3.

我們目前稱之為 Teal 3。

So we're back in production, we did almost take six weeks.

所以我們重新投入生產，我們花了將近六週的時間。

It was a pretty easy decision.

這是一個非常簡單的決定。

Did we want to try to make guidance or do we want to spend the right amount of time building those prototypes to get to the Army to win a contract that's worth hundreds of millions?

我們是否想嘗試提供指導，或者我們是否想花費適當的時間來建造這些原型，以便向陸軍贏得價值數億美元的合約？

So obviously, we chose to make sure the prototypes were perfect and built a great bird.

顯然，我們選擇確保原型是完美的並建造了一隻偉大的鳥。

And the team did an exceptional job that the new drone has been flying flawlessly.

該團隊的工作非常出色，新無人機一直能夠完美飛行。

And then on the FlightWave, once we close, we'll be doing simultaneous paths.

然後在 FlightWave 上，一旦我們關閉，我們將進行同步路徑。

They actually have a huge amount of demand right now, and we hope to be able to meet that demand for them, one by continuing to do the production they have in California and simultaneously, in parallel, building a production line in Salt Lake City.

他們現在實際上有大量的需求，我們希望能夠滿足他們的需求，方法之一是繼續在加州進行生產，同時在鹽湖城建造一條生產線。

So as you can see, we've been hiring quite a bit.

正如您所看到的，我們已經招募了很多人。

We're gearing up to do both those things I just talked about.

我們正在準備做我剛才談到的這兩件事。

Great.

偉大的。

You just mentioned a number of $25 billion potentially for FlightWave in 2025.

您剛才提到了 FlightWave 在 2025 年可能獲得 250 億美元的收入。

Is that based on some awards you expect to win?

這是基於您期望贏得的一些獎項嗎？

I did -- you mentioned a lot about the Family of Systems and the Replicator program and how maybe you're more applicable to be able to get awards against that revenue source, potential revenue source.

我確實提到過——您提到了很多關於系統系列和複製器計劃的內容，以及您如何更適合能夠根據該收入來源、潛在收入來源獲得獎勵。

So maybe just a little background on that color that you -- since you gave that number.

所以也許只是你提供的那個顏色的一些背景知識——因為你給了這個數字。

Thanks.

謝謝。

Yeah.

是的。

So the FlightWave system, we go from having a one-product company now into three drones, Family of Systems are all going to be working together through a single controller.

因此，FlightWave 系統，我們從單一產品公司發展成為三架無人機，系統系列都將透過一個控制器協同工作。

So the FlightWave capability puts us into a completely kind of different class of drone.

因此，FlightWave 功能使我們成為一種完全不同類別的無人機。

Even though it's still a Class 1 drone, it can compete against Class 2 drones with Class 1 pricing.

儘管它仍然是 1 級無人機，但它可以以 1 級定價與 2 級無人機競爭。

And that's been resonating very well and its unique capability in flight time that's more than its predecessors, but this one is rucksack portable.

這引起了很好的共鳴，其獨特的飛行時間能力超過了其前輩，但這款產品是背包式便攜型。

You don't need two people to launch it.

您不需要兩個人來啟動它。

It's not seven feet.

這不是七英尺。

You don't have to stand up and throw it in an open field and get shot at.

你不必站起來把它扔到空曠的地方然後被射擊。

So we think there's a huge amount of demand for this unique product.

因此，我們認為這種獨特產品的需求量很大。

And I think that the FlightWave is going to fill a huge void.

我認為 FlightWave 將填補一個巨大的空白。

The capability and the time frame and the distances and the speed, it's one of the -- yes, I think it's the fastest drone in the Blue UAS group.

能力、時間框架、距離和速度，它是——是的，我認為它是藍色無人機組中最快的無人機之一。

So it can get places very quick, they can go very high and it has very long flight time.

所以它可以很快到達目的地，可以飛得很高，而且飛行時間很長。

So we believe $10 million to $20 million was a very safe projection for next calendar year 2025 for that product.

因此，我們認為 2025 年該產品的 1,000 萬至 2,000 萬美元是一個非常安全的預測。

Great.

偉大的。

Thanks.

謝謝。

And last one for me, Jeff, you mentioned the NATO stuff, and I couldn't quite get what you said.

最後一個問題是，傑夫，你提到了北約的事情，我不太明白你說的是什麼。

I think you said down selected in the next two months and then I thought I heard you say awarded by the end of the year.

我想你說的是在接下來的兩個月內選擇，然後我想我聽到你說年底前授予。

Is that -- did I get both those right?

是不是──我都答對了？

And if not, maybe you can correct me.

如果沒有，也許你可以糾正我。

Yeah, once you get down selected, then you work on production contracts.

是的，一旦你被選中，你就可以簽訂生產合約。

So yes, you've got those time frames correct.

所以是的，你的時間框架是正確的。

Great, okay.

太好了，好吧。

Thanks.

謝謝。

Congrats and good luck.

恭喜你，祝你好運。

Thank you.

謝謝。

Carlo Corzine, Dawson James Securities.

卡洛‧科爾津 (Carlo Corzine)，道森‧詹姆斯證券公司。

Thank you.

謝謝。

Great quarter, Jeff.

很棒的季度，傑夫。

I wanted to kind of go back to the manufacturing capacity.

我想回到製造能力。

I think the full capacity in Salt Lake was 300 at one time.

我認為鹽湖城的最大容量一次是 300 人。

And now we've got -- I'd like to know how much to FlightWave, what their capacity is and where we're at in the capacity there?

現在我們——我想知道 FlightWave 有多少，他們的容量是多少，以及我們的容量處於什麼水平？

One thing we had always talked about because of so many contracts you can't announce was the backlog, hopefully, on a monthly basis, and we haven't seen that a lot.

由於有太多合約無法公佈，我們一直在談論的一件事是積壓，希望是每月一次，但我們還沒有看到很多。

I'd love to see that as you get contracts you can't speak about.

我很樂意看到當你拿到合約時你不能談論。

And last was, which one gives you the lethal payload?

最後一個問題是，哪一個可以為您提供致命的有效載荷？

Is that the new thing?

這是新事物嗎？

I thought it took like two years to get that kind of accreditation or did you buy that through one of the acquisitions?

我認為獲得此類認證需要兩年時間，還是您透過其中一項收購購買了該認證？

That's it.

就是這樣。

Great.

偉大的。

Thanks, Carlo.

謝謝，卡洛。

So I'll try to go in reverse here.

所以我會在這裡嘗試相反的做法。

So we don't actually make munitions that work on FANG, which is our FPV drone.

所以我們實際上並沒有生產適用於 FANG（我們的 FPV 無人機）的彈藥。

And we're also working on kinetic capability for the Teal 3.

我們也正在研究 Teal 3 的動力學功能。

So both of those birds will have strike capability.

所以這兩種鳥都有攻擊能力。

And long-term, we actually expect to look at, in long-term, I mean like next year, we're looking at having the Edge 130 be able to handle a kinetic payload also, which could be very compelling considering it would be a much longer-lasting loitering munition than even the Switchblade 300, which I think only has 12 minutes.

從長遠來看，我們實際上希望看到，從長遠來看，我的意思是像明年一樣，我們正在考慮讓 Edge 130 也能夠處理動能有效載荷，考慮到它將是非常引人注目的這是一種比Switchblade 300 更持久的徘徊彈藥，我認為Switchblade 300 只有12 分鐘。

So there's -- but when we partner, we're able to basically drop almost anything from these drop mechanisms.

所以，當我們合作時，我們基本上能夠從這些掉落機制中掉落幾乎任何東西。

They can be kinetic or they don't have to be kinetic.

它們可以是動態的，也可以不是動態的。

They could be supplies, they could be ammunition.

它們可能是補給品，也可能是彈藥。

So we don't have to get those approvals.

所以我們不必獲得這些批准。

The companies that are making the actual kinetics would have to get those approvals, which can take like two years.

製造實際動力學的公司必須獲得這些批准，這可能需要兩年的時間。

Okay.

好的。

And on the capacity at Salt Lake?

鹽湖城的容量呢？

Yes.

是的。

Yeah, I mean the Salt Lake facility can easily do 1,000s of drones -- not easily, it's hard to do 1,000s of drones a month.

是的，我的意思是鹽湖工廠可以輕鬆生產 1,000 架無人機——這並不容易，每月生產 1,000 架無人機非常困難。

But we can get to 1,000 drones a month for the Teal 2/Teal 3 based on getting the demand that we want from that.

但根據我們想要的需求，我們每月可以為 Teal 2/Teal 3 生產 1,000 架無人機。

So we're preparing, as you can see that we are preparing and getting ready for that type of scale immediately.

所以我們正在準備，正如你所看到的，我們正在為這種規模立即做好準備。

And the FlightWave capacity, we don't know yet.

至於 FlightWave 的容量，我們還不知道。

We're hopefully closing in the next week or two.

我們希望在接下來的一兩週內關閉。

We're going to ramp up their capacity dramatically.

我們將大幅提高他們的產能。

We're getting great demand signals on the Edge 130.

我們收到了有關 Edge 130 的強烈需求訊號。

It's a great bird.

這是一隻偉大的鳥。

It's a great team.

這是一支很棒的團隊。

But I don't have the answers on the FlightWave yet.

但我在 FlightWave 上還沒有得到答案。

Okay, thank you.

好的，謝謝。

(Operator Instructions)

（操作員說明）

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the call back over to Jeff Thompson for any closing remarks.

我想將電話轉回給傑夫湯普森，讓他發表結束語。

Great.

偉大的。

Well, thanks for joining us tonight.

好的，謝謝您今晚加入我們。

I want to thank our investors and our employees.

我要感謝我們的投資者和員工。

I want to thank the finance team for getting two years of audits done in three months.

我要感謝財務團隊在三個月內完成了兩年的審計。

That was a heavy lift.

那是一個沉重的負擔。

The entire field team for delivering an incredible prototype for the US Army.

整個現場團隊為美國陸軍提供了令人難以置信的原型。

And I saw a very interesting quote from the CEO of Rheinmetall today.

今天我看到萊茵金屬執行長的一句話非常有趣。

It doesn't convert so well from Germany, but he said, the super cycle, a long-term surge in defense spending is in full swing.

德國的情況不太好，但他表示，超級週期、國防開支的長期激增正在全面展開。

Now, I'll leave you with that.

現在，我就把這個留給你了。

Thanks, and good night.

謝謝，晚安。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。