Red Cat Holdings Inc (RCAT) 2025 Q1 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 2025 first-quarter financial results and corporate update conference call.

下午好，歡迎參加紅貓控股 2025 財年第一季財務表現及公司更新電話會議。

(Operator Instructions) 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.

（操作員說明）本次電話會議的參與者請注意，本次電話會議的音訊正在透過網路進行現場直播，並且也被錄製用於回放。

A webcast replay of the call will be available approximately one hour after the end of the call through December 22, 2024.

電話會議的網路廣播重播將於電話會議結束後約一小時提供，直至 2024 年 12 月 22 日。

Joining us today from Red Cat Holdings are Jeff Thompson, Chief Executive Officer; and Lee Lunger, Chief Financial Officer.

今天加入我們的是 Red Cat Holdings 執行長 Jeff Thompson；和財務長李·隆格。

During this call, management will make 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 results 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 表定期結果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 contents of this call contains time-sensitive information that is accurate only as of today, September 23, 2024.

本次電話會議的內容包含時效性訊息，僅截至今天（2024 年 9 月 23 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, and welcome, everyone, to our first-quarter fiscal year 2025 earnings conference call.

謝謝並歡迎大家參加我們的 2025 財年第一季財報電話會議。

We'll begin with some housekeeping items, followed by the exciting launch of our new product line, the Family of Systems.

我們將從一些內務管理專案開始，然後是令人興奮的新產品線系統系列的推出。

Leah will then provide a detailed review of our financial results.

然後，利亞將對我們的財務業績進行詳細審查。

Afterward, I'll share our expectations and goals for the calendar year 2025.

隨後，我將分享我們對 2025 年的期望和目標。

Finally, Leah and I will be available to answer any questions you may have.

最後，利亞和我將回答您的任何問題。

So let's start with housekeeping.

那麼就讓我們從家政開始吧。

I am pleased to announce that following requests from our lawyers, auditors, analysts, Board members and many shareholders, we will be switching to a calendar year, starting January 2025.

我很高興地宣布，根據我們的律師、審計師、分析師、董事會成員和許多股東的要求，我們將切換到日曆年度，從 2025 年 1 月開始。

Our guidance will also align with calendar year for 2025.

我們的指導也將與 2025 年保持一致。

Leah will provide more details on the mechanics of this transition.

利亞將提供有關此轉變機制的更多細節。

I'm pleased to report another record quarter for Q1 with approximately $2.8 million in revenue, a 59% year-over-year increase.

我很高興地報告第一季再創新高，營收約 280 萬美元，年增 59%。

However, the real highlight of Q1 is that we delivered the final prototypes to the Army for IOT&E.

然而，第一季的真正亮點是我們向陸軍交付了最終原型用於 IOT&E。

IOT&E stands for initial operational test and evaluation.

IOT&E 代表初始操作測試和評估。

This process is used primarily in the military and defense sectors to assess whether a system or product is operationally effective and suitable for its intended use before it goes into full rate production.

該過程主要用於軍事和國防部門，用於在系統或產品投入全速生產之前評估其運作是否有效以及是否適合其預期用途。

We successfully delivered approximately 40 systems to the Army and built Teal 3 units for demos and partner integrations.

我們成功向陸軍交付了大約 40 個系統，並建構了 Teal 3 裝置用於演示和合作夥伴整合。

Within weeks, the Teal 3 proved to be immediate success.

幾週之內，Teal 3 就立即獲得了成功。

Our management, engineering and manufacturing teams quickly developed a plan to scale production for 2025.

我們的管理、工程和製造團隊迅速制定了 2025 年規模生產計畫。

Over the past four months, our engineering and manufacturing teams have been retooling and preparing for high volume production.

在過去的四個月裡，我們的工程和製造團隊一直在重組並為大量生產做好準備。

We are also implementing quality management systems to meet scaling requirements and achieve AS9100 certification in 2025.

我們也實施品質管理體系，以滿足擴展要求並在 2025 年獲得 AS9100 認證。

A common question from investors is whether we can meet the demand of an SRR contract or other large scale contracts.

投資者普遍關心的一個問題是我們能否滿足SRR合約或其他大型合約的需求。

The answer now is a resounding yes.

現在的答案是肯定的。

The pause in manufacturing in Teal 2 and building Army prototypes impacted Teal 2 sales in two ways.

Teal 2 的製造和陸軍原型機的建造暫停從兩個方面影響了 Teal 2 的銷售。

First, we couldn't produce and sell Teal 2 units while retooling our factory.

首先，我們在工廠改造期間無法生產和銷售 Teal 2 裝置。

And second, once customers learned about the Teal 3, some chose to wait for its release.

其次，一旦客戶了解到 Teal 3，有些人選擇等待它的發布。

This is similar to how no one buys a new Apple iPhone in August.

這類似於 8 月沒有人購買新的蘋果 iPhone 的情況。

We believe these strategies have been successful as evidenced by our record backlog of $13 million.

我們相信這些策略是成功的，我們創紀錄的 1,300 萬美元積壓訂單就證明了這一點。

More details on backlog during our guidance update.

我們的指南更新期間有關積壓的更多詳細資訊。

In Q1, we launched the Red Cat Family of Systems expanding from one product to three.

在第一季度，我們推出了 Red Cat 系列系統，從一種產品擴展到三種產品。

This diversification enhances our product range and revenue streams, which we believe reduces investment risk.

這種多元化增強了我們的產品範圍和收入來源，我們認為這降低了投資風險。

The past five months have been incredibly busy as we scaled engineering, scaled manufacturing, expanded our product offerings.

過去的五個月非常忙碌，我們擴大了工程規模，擴大了製造規模，擴大了我們的產品範圍。

We are no longer a one product company.

我們不再是一家單一產品公司。

Let's move on to products in Red Cat's Family of Systems.

讓我們繼續討論 Red Cat 系統系列中的產品。

Red Cat's Family of ISR and precision strike drones will provide the industry with an alternative to conventional ISR strike systems on the market that are high cost and non-retrievable.

Red Cat 的 ISR 和精確打擊無人機系列將為業界提供替代市場上成本高且不可回收的傳統 ISR 打擊系統。

Red Cat's sensor-to-shooter S2S system for identifying targets with optional precision strike capabilities is differentiated from other systems with its low cost portable drones.

Red Cat 的傳感器到射手 S2S 系統用於識別目標，具有可選的精確打擊功能，其低成本便攜式無人機與其他系統不同。

The objective of this new Family of Systems is to meet the increasingly urgent need of the Pentagon's initiatives for swarms of low-cost attributable ISR and surgical strike drones, deployable in air, land, and sea environments.

這個新系統系列的目標是滿足五角大廈對可在空中、陸地和海洋環境中部署的低成本ISR和外科手術式打擊無人機群的計畫日益緊迫的需求。

Red Cat's new family of low cost and portable unmanned ISR and precision lethal strike systems include three aircraft with complementary capabilities in a common ground control system such as the Android Tactical Assault Kit, otherwise known as ATAK for multi-vehicle command and control.

Red Cat 的低成本便攜式無人ISR 和精確致命打擊系統新系列包括三架飛機，這些飛機在通用地面控制系統中具有互補功能，例如Android 戰術攻擊套件，也稱為ATAK，用於多車輛指揮和控制。

These three systems are the Edge 130 Blue, currently the Teal 2, and last but not least, FANG, our new FPV drone.

這三個系統分別是 Edge 130 Blue，目前是 Teal 2，以及最後但並非最不重要的 FANG，我們的新型 FPV 無人機。

The Edge 130 Blue, a hybrid vehicle system can be assembled and then hand launched or ground launched in just one minute by a single user to capture high accuracy aerial imagery with long range autonomy.

Edge 130 Blue 是一種混合動力車輛系統，可由單一使用者在短短一分鐘內組裝並手動發射或地面發射，以捕捉具有遠距離自主能力的高精度航空影像。

Weighing only 1,200 grams, the Edge 130 has flown 2 hours in forward flight mode, which is the longest flight time of approved Blue UAS drones.

Edge 130重量僅1,200克，在前飛模式下可飛行2小時，這是經批准的藍色無人機最長的飛行時間。

Teal 2, everybody already knows about this drone, we've been selling for over 18 months.

Teal 2，大家都已經知道這款無人機了，我們已經銷售了 18 個月多了。

And then finally, FANG, an FPV drone that will add surgical strike capabilities.

最後，FANG，一款 FPV 無人機，將增加外科手術式打擊能力。

War fighters can combine and deploy these FPV drones with lethal payloads and ISR drones based on the mission profile for seek and destroy capabilities.

作戰人員可以根據任務概況將這些 FPV 無人機與致命有效載荷和 ISR 無人機組合和部署，以實現搜索和摧毀能力。

Since we just closed on FlightWave, I want to spend some time on the Edge 130 Blue.

由於我們剛剛結束了 FlightWave，我想花一些時間來了解 Edge 130 Blue。

The Edge 130 Blue is a unique product in the drone space.

Edge 130 Blue 是無人機領域的獨特產品。

It is a VTOL, vertical takeoff and landing, fixed-wing airplane that is portable and fits in a war fighter's rucksack.

它是 VTOL（垂直起降）固定翼飛機，便於攜帶，可裝入戰鬥機的背包中。

It has a long flight time on the Blue UAS Cleared List.

它在藍色無人機許可名單上擁有較長的飛行時間。

Demand for the Edge 130 have been much better than expected since we announced the LoI.

自從我們宣布意向書以來，Edge 130 的需求遠遠好於預期。

I will talk about the significant contract wins when I discuss our guidance after these comments.

當我在這些評論之後討論我們的指導時，我將談論重要的合約贏得。

I want to congratulate the FlightWave team on this engineering model.

我要祝賀 FlightWave 團隊開發出這個工程模型。

Now for the elephant in the room, Short Range Reconnaissance, SRR.

現在是房間裡的大象，短程偵察，SRR。

The last few years we have received our down selection for SRR prototype contracts in September.

過去幾年，我們在 9 月收到了 SRR 原型合約的預選。

The final production contract award has been scheduled for down selection in September 2024 for almost two years.

最終的生產合約定於 2024 年 9 月進行，為期近兩年。

In late August at the Pathfinder Conference in Huntsville, Alabama, the Army mentioned during a speech that SRR had a clear winner.

八月下旬，在阿拉巴馬州亨茨維爾舉行的探路者會議上，陸軍在演講中提到，SRR 顯然是贏家。

We are hoping to have an update from the Army for this call, but that is not the case.

我們希望得到陸軍關於此次電話會議的最新消息，但事實並非如此。

This is why we do not include SRR in our full year guidance for 2025 or any guidance.

這就是為什麼我們沒有將 SRR 納入 2025 年全年指導或任何指導中。

We work very hard to give the Army a product that meets and exceeds their requirements.

我們非常努力地為陸軍提供滿足並超越他們要求的產品。

We hope to hear back in the next few weeks.

我們希望在接下來的幾週內收到回覆。

I will now hand the call to Leah, after which we will talk about our guidance.

現在我將把電話轉給 Leah，之後我們將討論我們的指導。

Thank you, Jeff.

謝謝你，傑夫。

Hello, everyone, and thank you for joining the call this afternoon.

大家好，感謝您參加今天下午的電話會議。

Today I will be reviewing the highlights of our first quarter of fiscal 2025.

今天我將回顧 2025 財年第一季的亮點。

Revenue for the first quarter of fiscal '25 totaled $2.8 million compared to $1.7 million for the first quarter of the prior year.

25 財年第一季的營收總計 280 萬美元，而前一年第一季的營收為 170 萬美元。

This represents year-over-year growth of 59%.

這意味著同比增長 59%。

Gross margin for the quarter was negative 17% of revenue.

該季度毛利率為營收的負 17%。

This was entirely due to the final delivery of prototypes for the SRR Tranche 2 program and was not related to product sales.

這完全是由於SRR Tranche 2專案原型機的最終交付，與產品銷售無關。

We do not expect to have negative margins again in the future.

我們預計未來不會再次出現負利潤率。

In spite of this, we are thrilled to have completed this engineering effort and excitedly awaiting an announcement on whether we will be down selected for a production contract under the Short Range Reconnaissance program.

儘管如此，我們很高興完成了這項工程工作，並興奮地等待我們是否會被選中參加短程偵察計劃下的生產合約的公告。

Cash used in operations for the first quarter of fiscal '25 was $2.3 million.

2025 財年第一季營運所用現金為 230 萬美元。

This represents a decrease of $4.6 million or 66% compared to the same quarter in the prior fiscal year and remained flat sequentially.

與上一財年同季相比，減少了 460 萬美元，即 66%，與上一財年同期持平。

We continued to prioritize efforts to control costs without limiting growth.

我們繼續優先考慮在不限製成長的情況下控製成本。

We ended the quarter with $7.7 million in cash and just closed a debt deal securing an additional $8 million in financing.

本季結束時，我們擁有 770 萬美元現金，並且剛剛完成了一項債務交易，獲得了額外 800 萬美元的融資。

Looking to the future, we have been preparing manufacturing of our latest product, which we're calling the Teal 3 for right now.

展望未來，我們一直在準備製造我們的最新產品，我們現在稱之為 Teal 3。

We expect to produce this drone for several years, which will allow us to steadily increase margins over time.

我們預計這款無人機的生產時間將持續數年，這將使我們能夠隨著時間的推移穩步提高利潤。

As we have said in the past, we anticipate product margins to reach up to 50% under mass production.

正如我們過去所說，我們預計批量生產下的產品利潤率將達到50%。

Overall, we remain optimistic about the future of Red Cat and our ability to provide products that meet the needs of the war fighter.

總體而言，我們對紅貓的未來以及我們提供滿足戰士需求的產品的能力保持樂觀。

This is especially true with our new Family of Systems which includes the FlightWave Edge 130 Blue, the Teal 2, eventually Teal 3, and FANG.

對於我們的新系統系列尤其如此，其中包括 FlightWave Edge 130 Blue、Teal 2、最終的 Teal 3 和 FANG。

Additionally, we believe this multi-system strategy will lower investment risk through product diversification.

此外，我們相信這種多系統策略將透過產品多元化降低投資風險。

As Jeff mentioned, we are also going to be changing our fiscal year end from April 30 to December 31, beginning December 31, 2024.

正如傑夫所提到的，我們也將把我們的財政年度結束日期從 4 月 30 日改為 12 月 31 日，從 2024 年 12 月 31 日開始。

What this means from a reporting standpoint is that we will report quarter 2 results for the three months ended October 31, 2024, in accordance with the current fiscal year, then we will file a transition report 10-K for the eight months ended December 31, 2024.

從報告的角度來看，這意味著我們將根據本財年報告截至2024 年10 月31 日的三個月的第二季度業績，然後我們將提交截至12 月31 日的八個月的過渡報告10-K ，2024 年。

After that, all future filings will be based on a calendar year.

此後，所有未來的申請都將基於日曆年。

I'm now going to turn it back over to Jeff to provide guidance for the upcoming calendar year 2025 before we take questions.

現在，在我們回答問題之前，我將把它轉回給 Jeff，為即將到來的 2025 年提供指導。

Thanks, Leah.

謝謝，莉亞。

Red Cat expected to have news about SRR for this conference call.

紅貓預計將在本次電話會議上獲得有關 SRR 的消息。

And as you know, we are still waiting like everyone else on this call.

如您所知，我們仍然像本次電話會議的其他人一樣等待。

As I said earlier, we usually get down selection news in September, but preparing for this call without SRR was very eye opening.

正如我之前所說，我們通常會在 9 月收到選拔消息，但在沒有 SRR 的情況下為這次電話會議做準備真是令人大開眼界。

Without SRR or any other NATO programs of record, we are still growing revenue 200% a year in a very healthy growing company.

即使沒有 SRR 或任何其他有記錄的北約計劃，我們仍然是一家非常健康發展的公司，收入每年增長 200%。

If we get news in the next couple of weeks, we'll update our guidance for calendar 2025.

如果我們在接下來的幾週內收到訊息，我們將更新 2025 年日曆指南。

As stated in the press release, we expect revenue for 2025 of $50 million to $55 million, again, without SRR or any other programs of record from NATO.

如新聞稿所述，我們預計 2025 年的收入將達到 5,000 萬至 5,500 萬美元，同樣不包括 SRR 或北約任何其他記錄在案的項目。

We currently have a backlog of approximately $13 million, a company record.

目前，我們的積壓訂單約為 1,300 萬美元，創公司紀錄。

This could change day-to-day as we finish sweeps this week.

當我們本週完成掃蕩時，這種情況可能會每天改變。

We can now open it up for questions.

我們現在可以打開它來提問。

(Operator Instructions) Ashok Kumar, ThinkEquity.

（操作員說明）Ashok Kumar，ThinkEquity。

Thank you, Jeff and congratulations.

謝謝你，傑夫，恭喜你。

Two part questions.

兩部分問題。

You have a backlog of $13 million.

您的積壓金額為 1,300 萬美元。

Can you give us any color on the product mix?

您能為我們介紹產品組合的任何顏色嗎？

And the second part is will this backlog ship this calendar year?

第二部分是積壓的訂單今年會出貨嗎？

Thank you.

謝謝。

Great.

偉大的。

Thank you, Ashok.

謝謝你，阿肖克。

Yeah, this is a very exciting question.

是的，這是一個非常令人興奮的問題。

And we've never had a product mix question because we only had one product.

我們從來沒有遇到過產品組合問題，因為我們只有一種產品。

But about half of the backlog is FlightWave Edge 130 Blue, which as you know, we just closed about 16 days ago.

但大約一半的積壓訂單是 FlightWave Edge 130 Blue，如您所知，我們大約 16 天前剛剛關閉。

We had a lot of interest since we signed the OI because we're a great combination -- incredible engineering team over there and we have great manufacturing capability and access to capital.

自從我們簽署 OI 以來，我們引起了極大的興趣，因為我們是一個偉大的組合——那裡有令人難以置信的工程團隊，而且我們擁有強大的製造能力和資金來源。

We will -- we are hoping to ship a significant portion of that backlog by the end of calendar year.

我們希望在年底前運送大部分積壓訂單。

We're kind of in this really weird spot now where we're transitioning from our old fiscal year into a calendar year.

我們現在正處於一個非常奇怪的境地，我們正在從舊的財政年度過渡到日曆年度。

But we're just basically running so hard to build drones, ship drones, get rid of some of this backlog and prepare for 2025, which with the new guidance is up, pretty compelling even without SRR.

但我們基本上只是在努力建造無人機、運輸無人機，擺脫一些積壓，並為 2025 年做好準備，隨著新的指導方針的出台，即使沒有 SRR，這也相當引人注目。

Great.

偉大的。

Thank you very much and all the best.

非常感謝，祝一切順利。

Glenn Mattson, Ladenburg Thalmann.

格倫馬特森，拉登堡塔爾曼。

Hi, yeah, thanks for taking the questions and congrats on the progress.

你好，是的，感謝您提出問題並祝賀我們的進展。

So when you speak to the guidance, the $55 million for calendar 2025, can you talk about the mix involved with that?

因此，當您談到 2025 年 5500 萬美元的指導時，您能談談與之相關的組合嗎？

I know FlightWave, Jeff, I know you are pretty excited about some of the activity you're seeing around that.

我了解 FlightWave，Jeff，我知道您對圍繞該專案進行的一些活動感到非常興奮。

Can you just give us a balance of kind of where you expect that to shake out between the two main product lines and if there's FPV involved in that as well?

您能否告訴我們您期望在兩個主要產品線之間實現平衡，以及是否也涉及 FPV？

Yeah.

是的。

I think I'll start with the FPV portion.

我想我將從 FPV 部分開始。

FPV is the must have product for the war fighter on the battlefield.

FPV是戰場上戰士必備的產品。

So that's why we've included it in our Family of Systems.

這就是我們將其納入我們的系統系列的原因。

It really gives you a complete solution and strike capabilities.

它確實為您提供了完整的解決方案和打擊能力。

We don't think that the FPV is going to be a large portion of our revenue for next year, maybe $5 million to $8 million because they're very low cost.

我們認為 FPV 不會占我們明年收入的很大一部分，可能會達到 500 萬到 800 萬美元，因為它們的成本非常低。

I think the remaining revenue for 2025 from the forecasting that we've been working at will be pretty close to 50%, 50%, the Teal 3 and the Edge 130 Blue.

我認為，我們一直在預測的 2025 年剩餘收入將非常接近 Teal 3 和 Edge 130 Blue 的 50%、50%。

And we've been pretty conservative with our previous guidance and done pretty well before.

我們對之前的指導非常保守，之前做得很好。

So I think that's kind of a thumbnail of the mix of the $55 million.

所以我認為這只是 5500 萬美元組合的縮影。

Great, helpful of them.

太棒了，他們很有幫助。

Leah talked about I think it was at 50% gross margins, correct me if I'm wrong, but can you talk about if you're at that $55 million as you kind of hit in the back half of that run rate in the back half of next year, can you talk about what the margin profile would look like at that point or if there would be a greater scale needed to get to those target margins?

Leah 談到，我認為毛利率是 50%，如果我錯了，請糾正我，但是你能談談如果你達到了 5500 萬美元，因為你在後面的運行率中達到了後半部分嗎？下半年，您能否談談屆時的利潤狀況會是什麼樣子，或者是否需要更大的規模才能達到這些目標利潤？

Yeah, great question.

是的，很好的問題。

Just I'll just give some color before I hand it to Leah.

只是在把它交給莉亞之前我會先給它一些顏色。

For the last year in four or five months, we've been building the Teal 2.

去年的四、五個月裡，我們一直在打造 Teal 2。

It came out of the box very hot and was selling very well, still selling very well.

它開箱後非常熱，賣得很好，仍然賣得很好。

But we always knew that once we had the -- what we were delivering for the SRR prototypes is going to be the next red bird.

但我們一直都知道，一旦我們擁有了——我們為 SRR 原型提供的將是下一個紅鳥。

So we're switching air frames every couple of years.

所以我們每隔幾年就會更換機身。

You never get to that mass production.

你永遠無法實現大規模生產。

We are making a drone for three, four years straight, which would happen with the Teal 3.

我們連續三、四年製造無人機，而 Teal 3 就是這樣。

So and Leah has done some great modeling on how we get to 50%.

Leah 就如何達到 50% 做了一些很棒的建模。

But Leah, if you want to add to that?

但是莉亞，你想補充一下嗎？

Yeah, I'd be happy to.

是的，我很樂意。

I just -- I always love the example Jeff gave about the iPhone because I think we can all relate to holding out for the next one, and that's exactly what we've seen here.

我只是——我一直很喜歡 Jeff 給出的關於 iPhone 的例子，因為我認為我們都可以等待下一款 iPhone，而這正是我們在這裡看到的。

But thankfully, we don't anticipate that same situation anytime soon with the Teal 3 because we plan to produce it all of next year and for a longer time period after that.

但值得慶幸的是，我們預計 Teal 3 不會很快出現同樣的情況，因為我們計劃在明年以及之後的更長時間內生產它。

We expect to just steadily increase margins as we go and not having to change over the production lines and with the ability for our Teal engineering and manufacturing teams to really focus consistently on the Teal 3, we believe we can rapidly get to 50% margin.

我們預計，隨著我們的發展，利潤率將穩定提高，而不必改變生產線，而且我們的 Teal 工程和製造團隊有能力真正持續專注於 Teal 3，我們相信我們可以迅速達到 50% 的利潤率。

It's helpful.

這很有幫助。

When you did mention, Jeff, and you raised a little bit of debt, I believe, as post the quarter, can you talk about the amount of capital you might need to get to profitability?

傑夫，當你確實提到，並且你籌集了一些債務時，我相信，在本季度後，你能談談實現盈利可能需要多少資金嗎？

Or is there any color you can give there?

或者你可以給那裡什麼顏色嗎？

Yeah.

是的。

It's something we didn't even make it into the press release because we closed about two hours ago, but we raised approximately $8 million.

我們甚至沒有在新聞稿中提及這一點，因為我們大約兩個小時前就關門了，但我們籌集了大約 800 萬美元。

We have really worked really hard to get that done.

為了完成這項工作，我們真的非常努力。

We do expect this to get us to January, February timeframe, which for us is very important because any large contract wins, that's approximately when we would receive our first set of funds to build out any large production contracts.

我們確實希望這能讓我們達到一月、二月的時間表，這對我們來說非常重要，因為任何大型合約獲勝，大約就是我們收到第一批資金來建造任何大型生產合約的時候。

So our goal is just to get to those pre-payments without adding any more dilution.

因此，我們的目標只是在不增加任何稀釋的情況下獲得這些預付款。

So that's why we did this small piece of debt.

這就是我們欠下這筆小債的原因。

But Leah, if you want to give some of the parameters on the debt?

但是利亞，你是否想給一些關於債務的參數？

Yeah, definitely there are few main points I can go over.

是的，確實有幾個要點我可以回顧一下。

As Jeff mentioned, it will be proceeds of $8 million and there are no repayments for six months, which we're very excited about as Jeff said to just kind of getting through to that January, February timeframe.

正如傑夫所提到的，這將是800 萬美元的收益，並且六個月內無需還款，正如傑夫所說，我們對此感到非常興奮，因為傑夫說要度過1 月、2 月的時間範圍。

There are some warrants with it but warrant coverage is approximately 30%, and they're cash only.

有一些認股權證，但認股權證覆蓋率約為 30%，而且只收現金。

The exercise price on those warrants is $6.50. So if and when they are exercised, those will generate approximately an additional $4.9 million in proceeds.

這些認股權證的行使價為 6.50 美元。因此，如果行使這些權利，將產生約 490 萬美元的額外收益。

So yeah as you said, we've worked really hard on this, and we believe it will do a lot of good for the company and help us get through the next -- into next year.

所以，是的，正如您所說，我們在這方面非常努力，我們相信這將為公司帶來許多好處，並幫助我們度過接下來的一年。

Great.

偉大的。

Thanks for the color there.

感謝那裡的顏色。

And just last, discuss a couple of quick ones on SRR.

最後，討論一些有關 SRR 的快速問題。

Jeff, do you have any sense, I know you can be any day now, is there any type of like specific times that you're looking for when an announcement will be made, number one?

傑夫，你有任何感覺嗎？

And then can you just remind us one more time of the scope and I believe -- I have a number in my head like $79 million in the first fiscal -- government fiscal year, potentially as kind of the TAM or SAM, I guess maybe just a little more color on that would be great.

然後你能不能再提醒我們範圍，我相信——我腦子裡有一個數字，比如第一個財政年度的 7900 萬美元——政府財政年度，可能是 TAM 或 SAM 的形式，我想也許如果再多一點顏色那就太好了。

Thanks.

謝謝。

Yeah, thanks.

是的，謝謝。

Yeah we're like I said, it's been said publicly that there's a clear winner in it and it's done.

是的，我們就像我說的，已經公開表示，其中有一個明顯的贏家，而且已經完成了。

So but when you submit your final prototype, you don't really get to communicate.

因此，當您提交最終原型時，您並沒有真正進行交流。

So we don't -- you don't have any information until they call you and give you the news of down selection, usually three or four days before the rest of the world finds out.

所以我們不知道——你沒有任何信息，直到他們打電話給你並告訴你羽絨服選擇的消息，通常比世界其他地方知道要早三到四天。

We think it could happen anywhere from early October or maybe they wait to the big Army show they have every year AUSA.

我們認為這可能會在十月初的任何地方發生，或者也許他們會等待每年 AUSA 舉行的大型陸軍表演。

We're very confident.

我們非常有信心。

But until we get official notice, we have no idea.

但在收到正式通知之前，我們還不知道。

And yeah, there are some of the things that you can find online for the first year of deliveries between May and September of 2025 is approximately 79, that's the same stuff, -- that's the same number we found out there.

是的，你可以在網路上找到一些東西，2025 年 5 月到 9 月之間第一年的交付量約為 79 件，這是同樣的東西——這與我們在那裡發現的數字相同。

Great.

偉大的。

Okay.

好的。

Thanks.

謝謝。

I'll pass it on.

我會把它傳遞下去。

Thanks very much.

非常感謝。

Carlo Corzine, Dawson James Securities.

卡洛‧科爾津 (Carlo Corzine)，道森‧詹姆斯證券公司。

Hey, guys.

嘿，夥計們。

Just a couple of things.

只是幾件事。

The SRR, how does that tied (inaudible) Actually, I think the last conversation you'd thought you'd see some NATO orders.

SRR，這是如何聯繫在一起的（聽不清楚）實際上，我認為在上次談話中你會認為你會看到一些北約命令。

I know you've been working with five or six different countries, thought you'd see NATO wars possibly before SRR and are they tied together?

我知道您一直在與五到六個不同的國家合作，您認為您可能會在 SRR 之前看到北約戰爭，它們是否聯繫在一起？

I mean, if you don't get the SRR, will you get NATO, vice versa.

我的意思是，如果你沒有得到SRR，你就會得到北約，反之亦然。

And my second question is in the financials that just came out, are those combined, if not, when will they will be combined with FlightWave

我的第二個問題是，在剛剛公佈的財務數據中，這些是否已合併？

(inaudible)

（聽不清楚）

Yeah, okay, great.

是的，好的，太好了。

Yeah, so SRR and any NATO contracts are not -- they don't rely on each other whatsoever.

是的，所以 SRR 和任何北約合約都不是——它們不相互依賴。

We've been testing -- doing tests with certain Ministries of Defense for some almost 16 months now.

我們已經與某些國防部進行測試近 16 個月了。

We are -- we have a couple that are getting real close.

我們－我們有一對關係非常親密的夫妻。

We think we're pretty darn close to getting what we call the initial order.

我們認為我們已經非常接近獲得所謂的初始訂單了。

It is typically 100 or 200 systems to get the training started before they do a very significant buy.

通常需要 100 或 200 個系統在進行重大購買之前開始培訓。

And that's -- you're always waiting for that first order.

那就是——你總是在等待第一個訂單。

It's kind of like what happened with us in a Border Patrol, they give us an order for 50 before they give us a large order and we can -- the drone for the Border Patrol.

這有點像我們在邊境巡邏隊發生的事情，他們先給我們下了 50 架的訂單，然後給我們一個大訂單，我們可以——邊境巡邏隊的無人機。

So we are getting close with a couple of NATO right now.

因此，我們現在正在與一些北約組織保持密切聯繫。

We were hoping it would come in quicker.

我們希望它能更快到來。

We originally told one of them was supposed to happen in June.

我們最初告訴他們其中一個應該在六月發生。

We just have no control over these large bureaucratic systems.

我們只是無法控制這些龐大的官僚體系。

But if you look at some of the countries announcements in Europe, there's a lot of growth in what everyone's expecting to build their drone arsenal.

但如果你看看歐洲一些國家的公告，你會發現每個人都期望建立自己的無人機庫。

So we're feeling pretty good about that, and we're feeling pretty good about our SRR.

所以我們對此感覺非常好，並且對我們的 SRR 感覺非常好。

The financials

財務狀況

--

--

Are not combined yet.

還沒有合併。

Leah, do you want to

莉婭，你想嗎

--

--

When do you expect those to be combined and why didn't you go with a government year October 1 instead of calendar year?

您預計什麼時候將它們合併？

So for FlightWave, we closed that APA at the beginning of this month.

因此，對於 FlightWave，我們在本月初關閉了 APA。

And the financials reported today are through July 31.

今天公佈的財務數據截至 7 月 31 日。

And so FlightWave will be included in what we report as of October 31, that will be reported in mid-December.

因此，FlightWave 將包含在我們截至 10 月 31 日的報告中，該報告將於 12 月中旬報告。

And in that filing, it will include the September and October activity.

在該文件中，它將包括 9 月和 10 月的活動。

So it will be two of the three months.

所以這將是三個月中的兩個月。

And then Jeff can speak more to this.

然後傑夫可以對此進行更多發言。

But for the fiscal year, what we see a lot with the government contracts, the government fiscal year is through September, as you've stated but what we find is that their budget isn't always finalized, and then there are sometimes amendments and our contracts tend to be finalized around that December, January time frame.

但對於財政年度，我們在政府合約中看到很多，政府財政年度是到九月，正如你所說，但我們發現他們的預算並不總是最終確定，有時會有修正和調整。往往會在12 月、1 月的時間範圍內敲定。

And so building in a little bit of that delay with the calendar year, just will give us better visibility and better consistency for our company.

因此，在日曆年中增加一點延遲，只會為我們公司帶來更好的可見度和更好的一致性。

Carlo, just to give you a little bit more color on that.

卡洛，只是為了讓你對此有更多的了解。

Like I mentioned in my prepared notes is every single year for four years, we've been getting our down selection in September.

就像我在準備好的筆記中提到的那樣，四年來，我們每年都會在九月進行羽絨選擇。

They then give you a prototype contract for the next year of building the prototypes to hopefully win a production contract.

然後他們會給你一份明年建造原型的原型合同，以期贏得生產合約。

I don't know if you're aware, but they announced the MRR window, which is the company level, which was almost two weeks ago now, which was Andril Ghost and PDW.

我不知道你是否知道，但他們宣布了 MRR 窗口，這是公司級的，差不多是兩週前的事了，就是 Andril Ghost 和 PDW。

They're two years behind in that program from where we are now.

他們在該計劃上比我們現在落後了兩年。

We're going through a production contract.

我們正在簽訂生產合約。

But so you get a production contract or prototype contract right around now.

但是，您現在就可以獲得生產合約或原型合約。

Once you get down selected, we typically negotiate for two to three months.

一旦您被選中，我們通常會進行兩到三個月的談判。

We've signed probably last three years in December.

我們大概是在過去三年的12月簽約的。

By the time we have a closed deal, we're heading and we got to start getting our first checks in January.

當我們達成交易時，我們即將在一月開始收到第一筆支票。

So and if you look at all the continuing resolutions, they always get in the way.

因此，如果你看看所有持續的決議，它們總是會成為障礙。

So we're using their methodology to capture as much of it in something that's going to be more reliable for us, knowing that it's usually delayed, but we will typically get the full year and get to ship these items.

因此，我們正在使用他們的方法來捕獲盡可能多的東西，這對我們來說會更可靠，因為我們知道它通常會延遲，但我們通常會全年並開始運送這些物品。

Great, great.

太棒了，太棒了。

Thanks.

謝謝。

This concludes our question and answer session.

我們的問答環節到此結束。

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

我想將會議轉回傑夫湯普森（Jeff Thompson）發表閉幕詞。

Well, thanks, everybody, for jumping on.

嗯，謝謝大家的參與。

We obviously have an exciting year coming in 2025, maybe could be even more exciting in a few weeks.

顯然，2025 年將是激動人心的一年，也許幾週後會更加激動人心。

We will keep everybody informed as soon as we know.

一旦我們知道，我們將立即通知大家。

But regardless we are -- we're in great shape.

但無論如何，我們的狀態都很好。

We're excited.

我們很興奮。

We're building great stuff.

我們正在打造偉大的東西。

People love it.

人們喜歡它。

Our new product in FlightWave was fantastic.

我們的 FlightWave 新產品非常棒。

Our FANG product is fantastic.

我們的 FANG 產品非常棒。

The Teal 3 has got an incredible response.

Teal 3 獲得了令人難以置信的反響。

So we look forward to talking to you in the future.

因此，我們期待將來與您交談。

Thanks, everybody.

謝謝大家。

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。