Red Cat Holdings Inc (RCAT) 2025 Q2 法說會逐字稿

Do you have a copy of the disclosure?

您有披露的副本嗎？

Yeah, I was just going to say, why don't I get our opening remarks going firsthand here.

是的，我只是想說，為什麼我不在這裡直接發表我們的開場白呢？

So I'm welcome everybody and then hopefully, Stan jumps in here.

所以我歡迎大家，希望史丹也能加入進來。

And thanks again everybody for joining us for our call for the last parts of 2024 as we switched to our new calendar year in 2025.

再次感謝大家在 2024 年最後階段加入我們的呼籲，因為我們已將 2025 年轉入新的日曆年。

I'm going to have Leah start with some of the disclosure stuff.

我將讓莉亞從一些披露的內容開始。

She'll then hand it off to me and we'll get moving here, we got a lot to talk about.

然後她會把它交給我，我們就會搬到這裡，我們有很多話要談。

So Leah, can you read the disclosures for us?

Leah，你能為我們讀出揭露的內容嗎？

Yeah.

是的。

Thanks, Jeff.

謝謝，傑夫。

So welcome, everyone, to the Red Cat Holdings Fiscal '25 second quarter financial results and corporate update conference call.

歡迎大家參加紅貓控股 25 年第二季財務表現及公司更新電話會議。

After today's presentation, there will be an opportunity to ask questions.

今天的演講結束後，將有機會提問。

To ask a question, you just can submit it through the Zoom Q&A function.

如需提問，您只需透過 Zoom 問答功能提交即可。

Hopefully, Stan will be back in to moderate that.

希望史丹能回來緩和這一點。

Participants of this call are advised that this conference call is being recorded for playback purposes.

本次通話的參與者請注意，本次電話會議正在錄音以供回放。

So joining us today from Red Cat Holdings are Jeff Thompson, Chief Executive Officer; myself, Leah Lunger, Chief Financial Officer; and Geoffrey Hitchcock, Chief Revenue Officer.

今天加入我們的是 Red Cat Holdings 執行長 Jeff Thompson；我自己是 Leah Lunger，財務長；和首席營收長傑弗瑞·希區考克。

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 these 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, December 16, 2024.

本次通話的內容包含時效性訊息，僅截至今天（2024 年 12 月 16 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, go ahead.

傑夫，繼續吧。

Thanks Leah.

謝謝莉亞。

Well, so just a little bit of housekeeping again as we usually start off.

好吧，就像我們通常開始的那樣，再次進行一些內務處理。

Like I said, we have a lot of fun stuff to talk about today's news and a few other great things that are happening and Jeff's updates and a little bit more color and guidance.

就像我說的，我們有很多有趣的事情可以談論今天的新聞和其他一些正在發生的偉大事情以及傑夫的更新以及更多的色彩和指導。

But not all of it's going to be super fun.

但並不是所有的事情都會非常有趣。

We do have a little bit of sad news and I'm going to hand this over to Leah for a second here.

我們確實有一些悲傷的消息，我將在這裡將其交給利亞。

Thanks, Jeff.

謝謝，傑夫。

So I'm just going to take this opportunity to inform everyone that I have resigned as CFO of Red Cat due to family reasons.

所以我想藉此機會通知大家，由於家庭原因，我辭去了紅貓CFO的職務。

Just to share a little, one of my children has a disability and his needs have increased such that I can no longer devote the time required to do my job well.

順便分享一下，我的一個孩子患有殘疾，他的需求增加了，以至於我無法再投入所需的時間來做好我的工作。

This has been an extremely difficult decision, to say the least.

至少可以說，這是一個極為困難的決定。

I'm very sad to be leaving especially at such an exciting time for the company, but I've chosen to prioritize the needs of my family and truly, the needs of the company.

我對離開感到非常難過，尤其是在公司如此令人興奮的時刻，但我選擇優先考慮我家人的需求，以及公司的真正需求。

On a more positive note, I'm also actually 5 months pregnant.

從更積極的角度來看，我實際上也懷孕了 5 個月。

So we've been planning for some kind of interim support after I have the baby.

所以我們一直在計劃在我生完孩子後提供某種臨時支持。

So now with this change, we're just kind of accelerating that time line.

因此，現在透過這項變化，我們只是加快了這條時間線。

Jeff, I'll let you add anything that you want to that.

傑夫，我會讓你添加任何你想要的內容。

Thanks, yes.

謝謝，是的。

This is -- we're sad to see you go, Leah.

莉婭，我們很遺憾看到你離開。

We have a -- the only good news out of this is that we do have a bunch of candidates that we've been talking to help when Leah had the baby.

我們有一個——唯一的好消息是，我們確實有一群候選人，我們一直在討論在莉亞生孩子時為他們提供幫助。

There's some great CFOs with some industry expertise in the drone space.

有一些出色的財務長在無人機領域擁有一些行業專業知識。

They have been doing it for quite some time.

他們這樣做已經有一段時間了。

So I think this is going to be -- we're going to be okay.

所以我認為我們會沒事的。

We're going to miss Leah, but we have been kind of planning for this.

我們會想念莉亞的，但我們已經為此做好了計劃。

We're just going to have to accelerate everything.

我們必須加速一切。

So with that, I'm going to kind of move on into some of the stuff that's happened.

因此，我將繼續討論已經發生的一些事情。

Mostly today, I've been on the phone all day.

今天大部分時間我都在打電話。

Everybody wants to know about what's going on with this new partnership that we did with Palantir, and it is really amazing.

每個人都想知道我們與 Palantir 的新合作關係進展如何，這真的很棒。

We've been working with these folks since AUSA and DC. And what we are doing now is we're taking the Black Widow, which is the winner of SRR sole source which is going to be 12,000 drones out there.

自 AUSA 和 DC 以來，我們一直與這些人合作。我們現在要做的是黑寡婦，它是 SRR 唯一來源的獲勝者，該來源將是 12,000 架無人機。

We're partnering with Palantir's visual navigation and their artificial intelligence, Maven or Maven, I don't want to say it wrong.

我們正在與 Palantir 的視覺導航和他們的人工智慧、Maven 或 Maven 合作，我不想說錯。

So this Black Widow is going to be one of the most capable birds ever fielded by the DoD.

因此，這隻黑寡婦將成為國防部有史以來部署的最有能力的鳥類之一。

And it fits your rucksack, I keep saying that all day long.

而且它適合你的背包，我整天都這麼說。

So this drone has the capability to identify objects.

所以這架無人機具有辨識物體的能力。

It can -- well, let's just go back to some of the high-level stuff and Geoff will dig into this because he's been selling drones forever.

它可以——好吧，讓我們回到一些高級的東西，傑夫會深入研究這個，因為他一直在銷售無人機。

The two biggest problems that you're going to face when you're in a battlefield right now is EW, electronic warfare, which we actually have some great testing that we've done and completed in EW World with Doodle and again, Geoff will dig in a little deeper.

當你現在在戰場上時，你將面臨的兩個最大的問題是電子戰，電子戰，我們實際上已經在電子戰世界中用 Doodle 完成了一些很好的測試，傑夫將再次進行測試。挖得更深一些。

And GPS.

還有全球定位系統。

GPS' are -- don't work in any battlefield.

GPS 在任何戰場上都不起作用。

They're basically useless.

它們基本上沒什麼用。

Our goal is to not even ship a GPS on the Black Widow in the future and just continue to utilize visual navigation.

我們的目標是未來黑寡婦不再配備 GPS，而只是繼續使用視覺導航。

The visual navigation that Palantir has is unlike no other.

Palantir 的視覺導航與眾不同。

There's 40 companies out there trying to do this right now.

目前有 40 家公司正在嘗試這樣做。

But they have access to real-time capabilities in the satellite images.

但他們可以存取衛星圖像中的即時功能。

So if you're in a battlefield and three of the buildings disappear and the road disappears, most visual navigation will not work anymore.

因此，如果您身處戰場，並且其中三座建築物消失並且道路消失，則大多數視覺導航將不再起作用。

We can get real-time updates to that mapping that you're comparing the visual.

我們可以獲得您正在比較視覺效果的映射的即時更新。

What the camera sees to what the map you have on board, the Black Widow.

相機所見即為你船上的地圖，黑寡婦。

So this thing is going to be very difficult to defeat in the battlefield.

所以這東西在戰場上是很難打敗的。

And when you add our strike capabilities, you're really giving a war fighter is something that's going to make them safer and more lethal.

當你增加我們的打擊能力時，你真的給了戰士一些東西，讓他們更安全、更致命。

So that's a really great thing that just happened, and we finally announced it today, but we're -- we've been working on this for quite some time.

所以，這是剛剛發生的一件非常偉大的事情，我們今天終於宣布了這一消息，但我們已經為此努力了一段時間。

They're already working on the drones and integrating this.

他們已經在研究無人機並將其整合。

So a lot of good stuff that's going to happen there.

所以那裡將會發生很多好事。

The other question we get with this deal is how does this work financially?

我們在這筆交易中遇到的另一個問題是，這在財務上如何運作？

So this is just going to add additional revenue to each drone that we sell.

因此，這只會為我們銷售的每架無人機增加額外收入。

We haven't put the pricing out yet.

我們還沒有公佈定價。

We haven't put out the revenue share that we're working with Palantir.

我們尚未公佈與 Palantir 合作的收入分成。

But this is going to be very high-margin software that's going to go on every bird that people want visual navigation, specifically visual navigation that we believe is going to be the best in the drone space.

但這將是利潤率非常高的軟體，將安裝在人們想要視覺導航的每隻鳥上，特別是我們認為將成為無人機領域最好的視覺導航的軟體。

So this is going to be an add-on.

所以這將是一個附加元件。

It will bring our margins up even once we get to the 50% gross margins with just the hardware side.

即使我們僅在硬體方面達到 50% 的毛利率，它也會提高我們的利潤率。

The software will add to our margins and hopefully accelerate our path to profitability.

該軟體將增加我們的利潤，並有望加速我們的獲利之路。

Just going to touch on guidance a little bit because we'll be coming back to it.

只是稍微談一下指導，因為我們稍後會回來討論它。

And we upped our guidance from $50 million to $55 million goalposts, and we put some kind of wide goalposts out there, $80 million to $120 million.

我們將指導目標從 5,000 萬美元提高到 5,500 萬美元，並設定了某種寬目標，即 8,000 萬美元到 1.2 億美元。

So that's basically adding what we think SRR-related revenue is going to be to the total.

因此，這基本上就是我們認為與 SRR 相關的收入將會加到總收入中。

The wide goalposts are -- we're not completely into all the contracting that we need, which will be happening in the next few weeks.

廣泛的目標是——我們還沒有完全參與我們需要的所有合同，這將在接下來的幾週內發生。

We will be probably having an Analyst Day in New York in early January.

我們可能會在一月初在紐約舉辦分析師日活動。

We were hoping to pin it down before tonight.

我們希望在今晚之前確定下來。

So we'll be actually giving an update just in a few weeks after the holidays.

因此，我們實際上將在假期後幾週內發布更新。

And we'll be able to give you more detail on all the contracts that we've been signing and maybe firm up those goal posts a little bit for everybody.

我們將能夠向您提供有關我們已簽署的所有合約的更多詳細信息，也許還可以為每個人堅定一些目標。

But with that, I'm going to hand it over to Geoff Hitchcock, our CRO.

但接下來，我將把它交給我們的 CRO 傑夫希區考克 (Geoff Hitchcock)。

Thank you, Jeff.

謝謝你，傑夫。

Thanks everybody for joining.

感謝大家的加入。

I'm looking at the numbers.

我正在看數字。

It's astounding that we have like 1.1. Now, we have 1,100 people watching this right now, and it wasn't too long ago, it was 10 or 12.

令人驚訝的是我們有 1.1 版本。現在，我們現在有 1,100 人在觀看這個節目，就在不久之前，還只有 10 或 12 人。

So thank you all for joining.

謝謝大家的加入。

I do want to take a minute and thank Leah for everything she's done for the company up to this point.

我確實想花一點時間感謝 Leah 迄今為止為公司所做的一切。

I wish her the best.

我祝她一切順利。

I understand the reasoning for it, but it does make me sad.

我明白其中的道理，但這確實讓我感到難過。

She was a joy to work with.

和她一起工作很愉快。

Hopping into a little bit of what we got going on.

跳進我們正在發生的一些事情。

So, first and foremost, since the SRR announcement about three weeks ago, we have been inundated by customers requesting quotes and pricing in response to RFPs both through DoD, USG and internationally.

因此，首先也是最重要的是，自從大約三週前宣布 SRR 以來，我們已經被國防部、美國政府和國際上要求報價和定價以響應 RFP 的客戶所淹沒。

And I think as of Friday, the quotes that have gone out the door right around $14.7 million.

我認為截至週五，報價已約為 1,470 萬美元。

This is no SRR customers, this is all Black Widow customers.

這不是SRR客戶，這都是黑寡婦客戶。

Preponderance of those are going to be US DoD.

其中大部分將是美國國防部。

They're doing budgeting now.

他們現在正在做預算。

So when the CRNs, they can pull the trigger on that.

因此，當 CRN 出現時，他們可以扣動扳機。

So we're super excited about that.

所以我們對此感到非常興奮。

We're getting great demand signals globally on the new platform.

我們在新平台上收到了全球巨大的需求訊號。

So we're super excited about that.

所以我們對此感到非常興奮。

And then again, as I stated, when the CRNs and the budgets are allocated out to the individual entities.

然後，正如我所說，當 CRN 和預算分配給各個實體時。

We expect the triggers to start getting pulled on those.

我們預計這些觸發器將開始被觸發。

We have been in discussions with the army since the award.

自獲獎以來，我們一直在與軍隊進行討論。

Right now we responded to their request for a R&D six month R&D contract.

現在我們回應了他們的六個月研發合約的請求。

We're expecting to kick that off, that's to finish up some of the hard stuff, visual navigation being one of them.

我們希望以此開始，完成一些困難的事情，視覺導航就是其中之一。

We're expecting that in the January time frame for award.

我們預計在一月份的頒獎時間範圍內。

We have the short range reconnaissance contract kick-off briefing scheduled for some time in January.

我們計劃在一月份的某個時間舉行短程偵察合約啟動簡報會。

That's when we're going to get a lot more understanding of what the initial LRIP and full rate production contracts are going to look like.

那時我們將對最初的 LRIP 和全速生產合約是什麼樣子有更多的了解。

So over the next couple of months, we'll have some answers for you right now.

因此，在接下來的幾個月裡，我們將為您提供一些答案。

We're still don't know until we have the sit down, right?

在我們坐下來之前我們仍然不知道，對吧？

But again, that's supposed to be scheduled in January sometime and we'll keep you guys updated on that.

但同樣，這應該安排在一月份的某個時候，我們會及時向大家通報最新情況。

As Jeff was talking about the Palantir announcement that went out today, right?

Jeff 正在談論今天發布的 Palantir 公告，對嗎？

We've been looking at a lot of companies and this is one of the hardest remaining problems to solve that the army had requested, which is both day and night visual navigation.

我們一直在考察很多公司，這是軍隊要求解決的最難解決的問題之一，即白天和夜間視覺導航。

Palantir has been a market leader in this space for a while and the fact that they're bringing it down to a platform our size solves the GPS problem.

Palantir 長期以來一直是這一領域的市場領導者，事實上，他們將其降低到我們規模的平台上，解決了 GPS 問題。

And I do honestly feel that a day will come where we don't need GPS at all and we're just flying visual based navigation.

老實說，我確實認為有一天我們根本不需要 GPS，而只需使用基於視覺的導航即可飛行。

And that would -- that will make us all domain all weather, day and night ability to navigate safely and accurately and make us more lethal on the battlefield.

這將使我們能夠全天候、晝夜安全、準確地航行，並使我們在戰場上更具殺傷力。

The other problem, that was one of two problems, right?

另一個問題，這是兩個問題之一，對吧？

The GPS jamming or GPS contested environments and then the RF jamming, contested environments.

GPS 幹擾或 GPS 競爭環境，然後是 RF 幹擾、競爭環境。

And we've, our partnership with Doodle Labs is very strong.

我們與 Doodle Labs 的合作關係非常牢固。

They offer something in our space with their frequency hopping sense software where it's not actually hopping within a band, it's hopping within six radio bands.

他們透過跳頻感知軟體在我們的空間中提供了一些東西，它實際上並不是在一個頻段內跳頻，而是在六個無線電頻段內跳頻。

So makes it very hard, very difficult to jam.

所以這使得堵塞變得非常困難。

So again, to kind of reiterate Palantir, we're going to be working very hard.

所以，再次重申 Palantir，我們將非常努力地工作。

I think we're going to -- I think it's going to take us about six months.

我認為我們將花費大約六個月的時間。

Jeff, you can pipe in.

傑夫，你可以插話了。

I think it's going to take us about six months before we're shown to the Army, that software, they're very excited, we're very excited.

我認為我們需要大約六個月的時間才能向陸軍展示該軟體，他們非常興奮，我們也非常興奮。

But I think it's going to be a going to be a good year.

但我認為這將是美好的一年。

Lots of work still to do.

還有很多工作要做。

The work continues, but we will have the most dominant platform in this market space globally when we get these -- this integration done.

這項工作仍在繼續，但當我們完成這些整合時，我們將擁有全球市場空間中最具主導地位的平台。

So other than that, I'll wait for your questions later.

除此之外，我稍後會等你的問題。

Before we hand it off to Leah, I just want to translate some of the Army speak from Mr. Hitchcock.

在我們將其交給利亞之前，我只想翻譯一下希區考克先生的一些陸軍演講。

The CR, he's talking about the continuing resolution on budgets.

CR，他正在談論有關預算的持續決議。

So that money is going to be loosened up pretty soon.

所以這筆錢很快就會放鬆。

It just needs to be signed.

只需要簽名即可。

On some of the contracts that he was talking about, again, we're getting additional new found money that's going to be approximately $3 million, Geoff, I think you said that we're going to do in January for these new features.

在他談到的一些合約中，我們再次獲得了額外的新資金，大約為 300 萬美元，傑夫，我想你說過我們將在 1 月為這些新功能做準備。

LRIP starts again, continues to still start in the first half of 2025.

LRIP再次啟動，仍於2025年上半年繼續啟動。

Full rate production still stressed in the second half of 2025.

2025 年下半年滿載生產仍面臨壓力。

And since (inaudible) has been dealing mostly with Palantir, we're going to have the software on that drone a lot quicker than that.

由於（聽不清楚）主要與 Palantir 打交道，我們將比這更快地在無人機上安裝軟體。

We're hoping to demo it in just two months to the public.

我們希望在短短兩個月內向公眾演示它。

So we will have it ready for LRIP that software will be ready.

因此，我們將為 LRIP 做好準備，軟體也將準備就緒。

Now another exciting point is once we have it integrated fully onto the Black Widow, we're going quickly right on to the flight Edge 130 probably be into the [Tricon] version when we put visual navigation on there because will be putting the Doodle's technology on the Edge 130.

現在另一個令人興奮的點是，一旦我們將其完全整合到「黑寡婦」上，我們很快就會進入Edge 130 飛行，當我們在那裡放置視覺導航時，可能會進入[Tricon] 版本，因為將採用Doodle 的技術在邊緣130。

So it will also be able to do EW and go through GPS denied locations.

因此它還能夠進行電子戰並穿越 GPS 拒絕的地點。

The two hardest things to do on a battlefield with small drones, and we have that cured.

在使用小型無人機的戰場上，最困難的兩件事我們已經解決了。

And not only that, we have artificial intelligence from the best artificial intelligence in the world on our drone.

不僅如此，我們的無人機上還擁有來自世界上最好的人工智慧的人工智慧。

It's really great.

真的很棒。

So with that, I'm going to hand it off to Leah, take it away.

所以，我要把它交給莉亞，把它拿走。

All right.

好的。

Thank you, Jeff.

謝謝你，傑夫。

Before I dive into the financial highlights of our second fiscal quarter, I just want to remind everyone that we're changing our fiscal year end from April 30 to December 31, beginning December 31, 2024.

在深入探討第二財季的財務亮點之前，我只想提醒大家，我們將把財年結束日期從 4 月 30 日改為 12 月 31 日，從 2024 年 12 月 31 日開始。

So today, we're reporting quarter two results for the six months ended October 31, 2024, in accordance with our previous fiscal year.

因此，今天，我們根據上一財年報告截至 2024 年 10 月 31 日的六個月的第二季業績。

Our next report will be a transition report 10-K for the eight months ended December 31, 2024.

我們的下一份報告將是截至 2024 年 12 月 31 日的八個月的過渡報告 10-K。

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

此後，所有未來的申請都將基於日曆年。

We're kind of in this middle transition phase.

我們正處於中間過渡階段。

Year-to-date revenues totaled $4.3 million compared to $5.7 million for the same period last year.

年初至今的收入總額為 430 萬美元，而去年同期為 570 萬美元。

This is a 24% year-over-year decrease and it's due to the company's strategic decision to focus on Black Widow.

年減 24%，這是由於該公司專注於《黑寡婦》的策略決策。

And while we're still selling the Teal 2, we have dramatically shifted manufacturing and sales efforts to prepare for mass production of Black Widow in calendar 2025, prioritizing long term growth over short term revenue.

雖然我們仍在銷售 Teal 2，但我們已經大幅調整了製造和銷售工作，為 2025 年《黑寡婦》的量產做好準備，將長期成長置於短期收入之上。

Similarly gross margin year-to-date was negative 12% of revenue compared to positive 25% in the same period last year.

同樣，今年迄今的毛利率佔收入的比例為負 12%，而去年同期為正 25%。

This was primarily due to the final delivery of the prototypes for the SRR Tranche 2 program at the start of the fiscal year.

這主要是由於 SRR Tranche 2 專案的原型機在本財年年初最終交付。

And also our focus on Black Widow and Web led to lower than planned production quantities of Teal 2, which resulted in lower than targeted gross emergences.

此外，我們對《黑寡婦》和《蜘蛛網》的關注也導致了《青色 2》的產量低於計劃，從而導致總出現量低於目標。

In spite of this, our efforts have been successful and we're thrilled to have been selected as the winner of the US Army's short range reconnaissance program of record.

儘管如此，我們的努力還是成功的，我們很高興被選為美國陸軍短程偵察計劃記錄的獲勝者。

We plan to we've said this before but we plan to produce the Black Widow for several years, steadily increasing margins over time.

我們之前已經說過這​​一點，但我們計劃在幾年內生產《黑寡婦》，並隨著時間的推移穩步提高利潤。

Additionally, during quarter two, we closed the acquisition of flight wave, adding the Edge 130 to our product mix.

此外，在第二季度，我們完成了對 Flight Wave 的收購，將 Edge 130 添加到我們的產品組合中。

So now with our family of systems, we expect to reach up to 50% gross margins in the future under mass production.

因此，現在透過我們的系統系列，我們預計未來在批量生產下毛利率將達到 50%。

And so cash used in operations totaled $12.5 million representing an 11% increase compared to the same period last year.

因此，營運中使用的現金總計 1,250 萬美元，比去年同期成長 11%。

This is similar right.

這也是類似的吧。

In the second fiscal quarter, we began to increase staffing and other resources to ensure our ability to fulfill the demands of not only the Army contract, but also other sales of Black Widow Web and the Edge 130 that we anticipate in the future.

在第二財季，我們開始增加人員配置和其他資源，以確保我們不僅能夠滿足陸軍合約的需求，而且還能滿足我們未來預期的 Black Widow Web 和 Edge 130 的其他銷售需求。

We ended the quarter with $5.7 million in cash and accounts receivable and have since closed an additional $6 million financing.

本季結束時，我們擁有 570 萬美元的現金和應收帳款，此後又完成了 600 萬美元的融資。

So we're still evaluating our long term cash needs as we prepare for future growth.

因此，在為未來成長做準備時，我們仍在評估長期現金需求。

With that, I'll turn it back over to Jeff.

有了這個，我會把它轉回給傑夫。

I should specify, I mean, Thompson.

我應該具體說明，我是說，湯普森。

Yeah.

是的。

Great.

偉大的。

So we're kind of moderating ourselves here.

所以我們在這裡有點節制自己。

We're not the practice round.

我們不是練習輪。

It was much easier when Stan was guiding us around here.

當史丹引導我們來這裡時，事情就變得容易多了。

I can take questions, Jeff, if you want.

傑夫，如果你願意的話，我可以回答問題。

I've got that hold up so I can do that.

我已經堅持住了，所以我可以做到這一點。

I know

我知道

(multiple speakers) --

（多位發言者）——

Yes, he just e-mailed me a bunch of the ones from some of the analysts on there.

是的，他剛剛通過電子郵件給我發送了一些來自那裡的一些分析師的信息。

So -- but let me just also just kind of round up because a lot of -- I bet you all the questions are going to be coming in are about fundraising.

所以——但讓我也簡單總結一下，因為很多——我敢打賭，所有的問題都會與籌款有關。

So as Leah said, we've got cash in the bank, we ended the quarter.

正如利亞所說，我們在銀行裡有現金，我們在本季結束時。

We just closed on $6 million worth of -- we got some more cash.

我們剛剛完成了價值 600 萬美元的融資——我們獲得了更多現金。

We got about possibly $3 million coming in January from the new features on the Army.

一月份我們可能從陸軍的新功能中獲得了大約 300 萬美元的收入。

We believe that the debt holders have warrants that are not cashless.

我們認為債務持有人擁有非現金認股權證。

They are weighing the money we expect them now their shares are registered to probably exercise those, that's another $5 million.

他們正在權衡我們期望他們支付的資金，現在他們的股票已登記，可能行使這些資金，即另外 500 萬美元。

So we are very healthy to wait until we need to make a decision to hopefully raise as little money as possible as we also have been notified to that we should be applying for the office of strategic capital, which does loans between $10 million and $150 million.

因此，我們非常願意等待，直到我們需要做出決定，希望籌集盡可能少的資金，因為我們也被告知我們應該申請戰略資本辦公室，該辦公室提供 1000 萬至 1.5 億美元的貸款。

They just appropriated $998 million for that program.

他們剛剛為該計劃撥款 9.98 億美元。

It's available now.

現在可以使用了。

We're applying for it in early January.

我們一月初就申請了。

We're supposed to know by the end of February, early March, if we can receive that $10 million to $150 million.

我們應該會在 2 月底、3 月初知道是否能收到 1,000 萬至 1.5 億美元。

They all want to give it to 10 to 15 -- 10 or 15 companies.

他們都想把它交給 10 到 15 家——10 或 15 家公司。

There's about 15 categories and I think we check off six or eight of them.

大約有 15 個類別，我想我們會勾選其中的六到八個類別。

We're a perfect candidate.

我們是完美的候選人。

We have a program of record.

我們有一個記錄在案的計劃。

So we hope that we can get that strategic capital's very low interest.

所以我們希望我們能夠獲得戰略資本的非常低的利息。

And there's also -- you can read it, it's all out there publicly that you can also waive repaying the loan for years.

還有——你可以閱讀它，它都是公開的，你也可以放棄多年償還貸款。

So it's very grant-like type of funds.

所以這是一種非常類似贈款的基金類型。

So we've got plenty of ways to access capital without dilution.

因此，我們有很多方法可以在不稀釋的情況下獲得資本。

And with that, I'm going to grab some of the questions as we've already had coming in.

接下來，我將回答一些我們已經提出的問題。

The first questions are from Glenn Mattson of Ladenburg.

第一個問題來自拉登堡的格倫·馬特森。

I'll read the questions.

我將閱讀問題。

It's going to sound goofy when I read the questions, but I'll read them and respond to them.

當我閱讀這些問題時，這聽起來很愚蠢，但我會閱讀它們並回答它們。

I want to touch more on the relationship with Palantir.

我想多談談與 Palantir 的關係。

Can you talk further about how that came along, how much collaboration was done before?

您能否進一步談談這是如何發生的，之前進行了多少合作？

How much integration still has to get done and was the relationship driven by customer asking for the two of you guys to work together?

還需要完成多少集成，這種關係是由客戶要求你們兩個一起工作驅動的嗎？

That's a great question.

這是一個很好的問題。

We are actually going to be working with a joint customer that requested this technology on one of our drones.

實際上，我們將與一位聯合客戶合作，該客戶要求在我們的一架無人機上使用這項技術。

I'll just leave it at that.

我就這樣吧。

We've been working with them for, like I said, since AUSA in early September, and we hope to have this complete in the next couple of months for at least initial testing.

正如我所說，自 9 月初的 AUSA 以來，我們一直在與他們合作，我們希望在接下來的幾個月內完成這項工作，至少進行初步測試。

So this is moving pretty quickly.

所以這進展得很快。

Also, is there upside from Palantir built into the guidance, and if not, can you frame how much upside it could provide?

另外，Palantir 的指導是否有其優點？

Well, that's actually a good question.

嗯，這實際上是一個好問題。

So we did give guidance of $80 million to $120 million.

所以我們確實給了 8000 萬至 1.2 億美元的指引。

That does not include any additional revenue on each Black Widow drone that will probably -- I think -- I don't think anyone is not going to want to take this software.

這還不包括每架黑寡婦無人機的任何額外收入，我認為，我認為沒有人會不想使用這個軟體。

So there will be additional revenue on every drone that you get this Palantir biz nab and artificial intelligence on every single drone.

因此，每架無人機都會獲得額外的收入，因為你獲得了 Palantir 商業服務，每架無人機都配備了人工智慧。

So that will add to our guidance, but this is a relatively new situation.

因此，這將增加我們的指導，但這是一個相對較新的情況。

We haven't given pricing or any details yet.

我們尚未給出定價或任何細節。

So once we have those pricings, that will add to the guidance.

因此，一旦我們有了這些定價，就會增加指引。

The next question is, in terms of funding, can you just remind me the time your latest assumptions or needs of investment, either OpEx or CapEx level of commitment DoD?

下一個問題是，在資金方面，您能否提醒我您最新的投資假設或需求，無論是國防部的營運支出還是資本支出水準？

And I think we -- I covered that a little bit, but again, we are trying to wait and find out what type of upfront payments we'll get for LRIP and full rate production.

我認為我們 - 我對此進行了一些介紹，但我們再次嘗試等待並找出我們將為 LRIP 和全速生產獲得哪種類型的預付款。

And as I just mentioned that we have the capital to get through that part.

正如我剛才提到的，我們有資本完成這一部分。

Next question, Ashok Kumar from ThinkEquity.

下一個問題是來自 ThinkEquity 的 Ashok Kumar。

Would you expand on the previous question of what revenue per drone we can expect with AI software from Palantir?

您能否詳細闡述先前的問題，即透過 Palantir 的人工智慧軟體，我們對每架無人機的預期收入是多少？

I knew everyone is going to want to know that.

我知道每個人都會想知道這一點。

We don't have the per drone revenue number yet.

我們還沒有每架無人機的收入數據。

We hope to get there as quickly as possible.

我們希望盡快到達那裡。

We'll let the Street know and obviously, software has very high margins compared to hardware and we're hoping to get to that 50% gross margins as we continue to stamp out the Black Widow.

我們會讓華爾街知道，顯然，與硬體相比，軟體的利潤率非常高，我們希望在繼續消滅黑寡婦的過程中達到 50% 的毛利率。

As soon as we know, we'll let you know.

一旦我們知道，我們會立即通知您。

When do you think the FlightWave factor will be up and running?

您認為 FlightWave 因素什麼時候會啟動並運行？

That's a good question.

這是個好問題。

So we are just starting to move in now.

所以我們現在才剛開始搬進來。

We just signed a lease.

我們剛剛簽了租約。

We hope to have more of a start-up style factory in about three or four weeks where basically, they're sitting on top of each other in their office right now.

我們希望在大約三到四個星期內建立更多的新創工廠，基本上，他們現在在辦公室裡坐在一起。

They'll be able to spread out, put a bunch of tables out there and just get a production line that's mapped out.

他們將能夠分散開來，在那裡放一堆桌子，然後就可以獲得一條規劃好的生產線。

And then it will look like a real factory like the Teal factory, hopefully, in about two months.

希望在大約兩個月後，它就會看起來像蒂爾工廠一樣真正的工廠。

So we are trying to meet some goals that they have at the -- with all the orders they have.

因此，我們正在努力透過他們擁有的所有訂單來實現他們的一些目標。

They've got orders for almost 250 drones already.

他們已經收到了近 250 架無人機的訂單。

So we need to build them and ship them.

所以我們需要建造它們並運送它們。

So we hope to ship them in Q1.

所以我們希望在第一季出貨。

So it will be up relatively quick.

所以上升的速度會比較快。

And will we be adding the Palantir software to the Edge 130?

我們是否會將 Palantir 軟體加入 Edge 130 中？

Yeah, I did mention that earlier, yes, once we're done with Black window, we're going to move right to integration on the Edge 130.

是的，我之前確實提到過，是的，一旦我們完成了 Black window，我們將直接在 Edge 130 上進行整合。

Next question.

下一個問題。

Kevin Mac of Creek Drive Capital.

Creek Drive Capital 的 Kevin Mac。

You said Black Widow was basically built to spec for the Army SRR program.

你說過「黑寡婦」基本上是按照陸軍 SRR 計劃的規格建造的。

How do you expect to adapt it for winning non-Army business in the United States, i.e., law enforcement and first responders, et cetera.

您期望如何調整它以贏得美國的非陸軍業務，即執法和急救人員等。

This is a really good question because there's actually some other things that we were going to bring up later.

這是一個非常好的問題，因為我們稍後還會提出一些其他的事情。

So the ban of DJI and Autel is passed the house.

於是DJI和Autel的禁令就被眾議院通過了。

And I'm not sure if the Senate has voted on it yet, but when this new NDAA bill goes through, it usually goes through on December 20 something for the last 2 years.

我不確定參議院是否已經對此進行了投票，但是當這項新的 NDAA 法案通過時，通常會在 12 月 20 日通過過去兩年的事情。

DJI and Autel will be banned within a year.

DJI 和 Autel 將在一年內被禁止。

So you will not be able to get Chinese drones anymore.

所以你將無法再獲得中國無人機。

Now what that does, Brendan, who does our government work is we -- with the numbers that we have been able to drive from the customs holding the DJI equipment in customs, we think that there's going to be a TAM of about $975 million once this DJI ban is put in place.

現在，布倫丹，我們的政府工作人員是我們——根據我們從海關運出的在海關持有 DJI 設備的數量，我們認為一旦 TAM 約為 9.75 億美元這項大疆禁令已經實施。

And as Kevin's question was, we did build the Black Widow specifically for the war fighter, specifically for the requirements that the Army gave us.

正如凱文的問題所言，我們確實專門為戰士、特別是陸軍給我們的要求建造了黑寡婦。

But in the past, we've done the same thing, and we have first responders, border patrol, almost every agency is either has a Teal 2 or is asking for a Black Widow right now.

但在過去，我們也做過同樣的事情，我們有急救人員、邊境巡邏人員，幾乎每個機構要么有青色 2，要么現在正在要求黑寡婦。

So these do work for first responders and could work for law enforcement.

因此，這些確實適用於急救人員，也適用於執法部門。

So with that TAM of $975 million, I'm going to be very generous to one of our competitors, if Skydio gets two and we get one for every of these -- of that TAM, that could be a big market that we weren't looking at.

因此，有了9.75 億美元的TAM，我將對我們的競爭對手之一非常慷慨，如果Skydio 獲得兩個，而我們每一個都獲得一個- 對於那個TAM，這可能是一個我們以前沒有的大市場。

And frankly, we were ignoring it while we focused on the Army.

坦白說，當我們專注於陸軍時，我們忽略了它。

So that's a massive TAM that we are going to put some efforts towards now that DJI and Autel are going to be banned.

因此，既然 DJI 和 Autel 將被禁止，我們將為此做出一些努力，這是一個巨大的 TAM。

Great question, Kevin.

好問題，凱文。

[Tim White] from Alpha Wolf Trading.

[蒂姆懷特]來自 Alpha Wolf Trading。

Is RCAT going to be presenting at any investment conference in January and February?

RCAT 是否會在一月和二月出席任何投資會議？

Yeah, we've been invited to quite a few.

是的，我們受邀參加了很多活動。

We've been invited to so many things at the last few days.

在過去的幾天裡，我們被邀請參加許多活動。

We will get our conference schedule out right after the holidays, but there's going to be quite a few of them, and there are going to be some bigger banks than last year.

我們將在假期結束後立即制定會議日程，但會議的數量將會相當多，而且將會有一些比去年更大的銀行。

I'll just say that.

我就這麼說吧。

Here's one of the e-mails.

這是其中一封電子郵件。

I mean, chat, just came in that I just got forwarded.

我的意思是，聊天，剛剛進來，我剛剛被轉發。

Listen to the AVAV that's AeroVironment FY call, and they said that small drone business is difficult referencing RCAT financials, and that's why they did not participate in SRR.

聽聽 AVAV 的 AeroVironment FY 電話會議，他們說小型無人機業務很難參考 RCAT 財務數據，這就是他們沒有參與 SRR 的原因。

Well, that's interesting.

嗯，這很有趣。

Well, if they're looking at our finance right now, we haven't shipped a single SRR drone.

好吧，如果他們現在查看我們的財務狀況，就會發現我們還沒有發貨一架 SRR 無人機。

So look at our financials in two quarters and I think you'll realize when you have a product like this will have 50% margins.

因此，看看我們兩個季度的財務狀況，我想您會意識到，當您擁有這樣的產品時，利潤率將達到 50%。

And now with software on it, it's better than almost anything in the industry or better than everything in the industry, I'll just say that -- and I will also remind that company that Jeff might have something to say about this, but they did participate in Tranche 1.

現在有了軟體，它比行業中的幾乎任何東西都好，或者比行業中的所有東西都好，我只是這麼說——我還會提醒該公司，傑夫可能對此有話要說，但他們確實參加了第一階段。

(multiple speakers) They were down selected.

（多個發言者）他們被淘汰了。

There you go, they lost, we won.

就這樣，他們輸了，我們贏了。

Okay.

好的。

So that's all the ones that stan keeps feeding me.

這就是史丹一直餵我吃的所有東西。

I will have to go to the live ones as I don't have a feed anymore from Stan.

我將不得不去看直播，因為我不再有史丹的消息了。

Leah if you

莉婭如果你

(multiple speakers) --

（多位發言者）——

I've got this Jeff.

我有這個傑夫。

Yeah, it can really.

是的，確實可以。

Okay.

好的。

So from Hassan Cockle, what is the competitive landscape for drones being able to land in the water recharge, send data, et cetera.

哈桑·科克爾（Hassan Cockle）表示，能夠在補給水中著陸、發送數據等的無人機的競爭格局是什麼？

Does anyone else have a partnership with a company like OPTT?

還有其他人與 OPTT 這樣的公司有合作關係嗎？

Mike can address this.

麥克可以解決這個問題。

So the competitive landscape, there's not much competitive landscape actually for drones being able to land in the water because that has to be a purpose-built drone, right?

因此，競爭格局實際上對於能夠在水中著陸的無人機來說並沒有太多競爭格局，因為那必須是專用無人機，對嗎？

The only reliable one that I know of is AeroVironment's [Puma] because it was purpose-built, I was there when they did it for amphibious ops.

據我所知，唯一可靠的是 AeroVironment 的 [Puma]，因為它是專門製造的，當他們為兩棲作戰做這件事時我就在場。

With that being said, it doesn't necessarily have to land in the water.

話雖如此，它不一定必須降落在水中。

But if it lands on something that's in the water, and that's the approach we're taking with some high solutions and unmanned surface vehicle approaches that we're talking about when we talk about Red Cat future initiatives.

但如果它降落在水中的物體上，這就是我們在談論紅貓未來計劃時所討論的一些高級解決方案和無人駕駛地面車輛方法所採取的方法。

So there's lots of ways to skin a cat.

所以給貓剝皮的方法有很多種。

We've just selected to use unmanned surface vehicles with hives that will keep the drones on charge while they're in the box.

我們只是選擇使用有蜂巢的無人駕駛地面車輛，讓無人機在盒子裡時保持充電。

Not many people are doing that.

沒有多少人這樣做。

I don't know anybody actually that's doing that cradle to grave.

我不知道有誰真正從搖籃到墳墓都在這樣做。

That's what makes the Red Cat future initiatives so compelling.

這就是紅貓未來計劃如此引人注目的原因。

Right.

正確的。

Great.

偉大的。

Thank you.

謝謝。

We'll take another one here.

我們將在這裡再拿一份。

Apologize if I'm messing up these names.

如果我弄亂了這些名字，請道歉。

But Sambodhi Sarkar says, can you please describe how the Palantir contract will help increase gross margins?

但 Sambodhi Sarkar 說，您能描述一下 Palantir 合約將如何幫助提高毛利率嗎？

Yeah, it's pretty simple.

是的，這很簡單。

So if you look at what we've been seeing for quite some time in the modeling that myself, Geoff and Leah have done while we're in the factory in Salt Lake City recently, we do get to about 50% gross margins, just stamping out the same aircraft quarter after quarter, so excited that we don't have to switch aircraft for the first time ever and just build this airframe that's going to be so important to the industry.

因此，如果你看看我們最近在鹽湖城工廠時，我、Geoff 和 Leah 在建模中看到的情況，我們確實達到了 50% 左右的毛利率，只是一個季度又一個季度地淘汰同一架飛機，我們非常興奮，以至於我們不必第一次更換飛機，而只需建造這架對行業來說非常重要的機身。

So people can actually put their software on top of our drone now, knowing it's going to be there for years, not only to the Army, but all the other branches and all the other parts of the DoD and MODs across the globe that want this product.

因此，人們現在實際上可以將他們的軟體放在我們的無人機上，因為知道它會在那裡存在很多年，不僅是陸軍，還有全球所有其他部門以及國防部和國防部的所有其他部分都需要這個產品。

So your 50% gross margins with just hardware, it's hard to get any further than that.

因此，光靠硬體就能達到 50% 的毛利率，很難再有比這更高的了。

I mean you could squeak out a little extra with scale and getting better prices because of the amount of ordering we're doing now and because we're a program of record.

我的意思是，由於我們現在正在進行的訂單量以及我們是一個創紀錄的計劃，您可以通過規模獲得一些額外的收入並獲得更好的價格。

We move up the list because we're critical to -- we -- so we get moved up on the critical chips list and all that stuff.

我們在名單上排名靠前，因為我們對——我們——至關重要，所以我們在關鍵晶片名單和所有其他東西上排名靠前。

So that helps with margins a little bit.

所以這對利潤率有一點幫助。

But, no -- you're not going to get to 70% gross margins with just the hardware side.

但是，不，僅靠硬體方面的毛利率是不可能達到 70% 的。

Now add Palantir software that can do visual mitigation, which is very difficult to do with real-time updates, combined with artificial intelligence from some that's been collecting objects and data for machine learning for 20 years in wars.

現在添加 Palantir 軟體，該軟體可以進行視覺緩解，這是很難透過即時更新來做到的，並結合一些在戰爭中收集物體和數據以進行機器學習的人工智慧。

That is very high margin revenue.

這是非常高的利潤收入。

So if you throw some number, I'm not going to give a number on the software.

因此，如果你拋出一些數字，我不會在軟體上給出數字。

I just -- you can do a $10,000, $20,000 per drone of software that can do those things, their margins are up near 80%, 90%.

我只是——你可以用每架無人機 10,000 美元、20,000 美元的軟體來做這些事情，他們的利潤率提高了近 80%、90%。

So you put those software margins add on to our 50% gross margins, you can dramatically increase the margins going forward, which hopefully gets us to cash flow profitability quicker.

因此，如果將這些軟體利潤加上我們 50% 的毛利，就可以大幅提高未來的利潤，這有望讓我們更快實現現金流獲利。

Thanks, Jeff.

謝謝，傑夫。

Okay.

好的。

The next question here is from Akshay Rao.

下一個問題來自 Akshay Rao。

Have we seen any movement on NATO and other EU contracts that were awaiting clarity on the SRR award?

我們是否看到北約和其他正在等待 SRR 裁決明確的歐盟合約有任何動向？

Any timeline expectations here like that?

這裡有類似的時間表期望嗎？

He's pointing to Hitchcock.

他指著希區考克。

Why don't you answer that for us?

為什麼不替我們回答這個問題呢？

Yes.

是的。

Thanks for asking that question.

感謝您提出這個問題。

By the way, I ask it every day.

順便說一句，我每天都會問。

Yeah.

是的。

Yeah.

是的。

Yes.

是的。

There were several NATO countries awaiting the SRR announcement.

有幾個北約國家正在等待 SRR 的宣布。

We are actively engaged with them timing.

我們正在積極與他們合作安排時間。

We're not going to release at this point as it continues to work through that values.

我們目前不會發布，因為它會繼續透過這些值發揮作用。

We won't either until it continues to work through that.

在它繼續解決這個問題之前我們也不會這樣做。

But part of that $14.7 million over the last couple of weeks, some of that is for FMS cases, some of it's for direct commercial sales.

但在過去幾週的 1,470 萬美元中，一部分用於 FMS 案例，一部分用於直接商業銷售。

But we have several opportunities for working in NATO.

但我們有很多在北約工作的機會。

Actually, let me add to this.

事實上，讓我補充一下。

So our guidance is -- the new guidance is with SRR related revenue.

所以我們的指導是——新的指導是與 SRR 相關的收入。

And we -- was going through the weekly forecast with Geoff and his team the other day.

前幾天我們正在與傑夫和他的團隊一起查看每週天氣預報。

And one of the things that they did bring up, and so probably [scared] Hitchcock right now, but we have no idea how to predict foreign military sales.

他們確實提出了其中一件事，所以現在可能會讓希區考克感到害怕，但我們不知道如何預測對外軍售。

They come in out of nowhere.

他們不知從何而來。

They come in hot.

它們很熱。

We have very large requests the other day, but it wasn't for a Class I drones for a Class III drone and they thought we had one, but the number was huge.

前幾天我們有很大的要求，但不是一級無人機，而是三級無人機，他們認為我們有一個，但數量很大。

So -- but that's coming out of anywhere.

所以——但這來自任何地方。

So there's no foreign military sales predictions in there, but I'm sure that we'll get some.

因此，其中沒有對外軍售預測，但我確信我們會得到一些。

And it's important to keep in mind folks that right now we're in the process of doing the first engineering build, which is going to net some marketing assets.

重要的是要記住，現在我們正在進行第一個工程構建，這將獲得一些行銷資產。

So we haven't even taken Black Widow out to show anybody.

所以我們甚至沒有把黑寡婦拿出來給任何人看。

So after the first of the year when we have those assets, we're basically going to revisit everybody we've ever visited and start that process all over again.

因此，在我們擁有這些資產的第一年之後，我們基本上將重新拜訪我們曾經訪問過的每個人，並重新開始這個過程。

So, most people want to see it and touch it before they buy it.

因此，大多數人在購買之前都希望看到它並觸摸它。

So we're starting to work demo after demo, after demo, after demo.

所以我們開始一個又一個的演示，一個又一個的演示。

So I think the numbers are only going to improve, but the fact that we've got $14.7 million in quotes out there for somebody that's never even seen it fly.

所以我認為這個數字只會有所改善，但事實上我們已經為那些從未見過它飛過的人提供了 1470 萬美元的報價。

I've never seen that in my 20 years in this space.

我在這個領域 20 年裡從未見過這種情況。

So I think it's a -- it's pretty incredible.

所以我認為這是非常令人難以置信的。

All right.

好的。

Thank you guys.

謝謝你們。

Another question comes from Christopher Johnson.

另一個問題來自克里斯多福·約翰遜。

How does Red Cat holdings plan to differentiate itself in the drone market, particularly in defense and commercial sectors?

紅貓控股計畫如何在無人機市場，特別是國防和商業領域中脫穎而出？

And what steps are being taken to secure long term contracts in both spaces?

正在採取哪些措施來確保這兩個領域的長期合約？

Well, I'll take that as well.

好吧，我也接受這個。

Jeff

傑夫

--

--

I was just going to hand it to you.

我正想把它交給你。

Yeah

是的

(multiple speakers)

（多個發言者）

Yeah.

是的。

So right now, focus is getting ready for the SRR program, finishing up the system for both US and international government work.

因此，現在的重點是為 SRR 計劃做好準備，完成美國和國際政府工作的系統。

The next big thing we have to do after that is get our ID -- remote ID incorporated into the drone.

之後我們要做的下一件大事就是取得我們的 ID——將遠端 ID 整合到無人機中。

The board design already has the hooks for that done.

電路板設計已經完成了這項任務。

But the first thing we're going to do is get it right for the army.

但我們要做的第一件事就是為軍隊做好準備。

And then we will start looking probably mid-year getting our ID integrated into that.

然後我們可能會在年中開始考慮將我們的 ID 整合到其中。

We're looking at some other things that would be very disruptive to the community that first responders are going to love.

我們正在研究一些其他會對社區造成很大破壞的事情，而這些事情是急救人員會喜歡的。

I'm not going to talk much about it right now because I don't want other people to start working on it, but we have an approach that's going to be very unique to that.

我現在不打算過多談論它，因為我不希望其他人開始研究它，但我們有一個非常獨特的方法。

And 90% of the -- 90% of DFR and USG asking for the same thing the military is asking for, right?

90% 的 DFR 和 USG 的 90% 要求的東西與軍方要求的相同，對吧？

So you can -- if you've got GPS jamming, the pal -- the Palantir software is going to work both ways.

所以你可以——如果你有 GPS 幹擾，朋友——Palantir 軟體將雙向工作。

The Doodle radios are going to work both ways, flying in urban environments are always contested.

Doodle 收音機具有雙向功能，在城市環境中飛行總是存在爭議。

They're nothing but RF blasting.

它們只不過是射頻爆破。

So we're looking at new and creative ways to make sure we're addressing that market as well.

因此，我們正在尋找新的、創意的方法，以確保我們也能滿足這個市場的需求。

I'll just add a little bit to that, Leah, before we go to the next question.

Leah，在我們討論下一個問題之前，我會補充一點。

So again, we've basically been laser-focused on building a drone that's for the warfighter.

再說一次，我們基本上專注於為戰士製造無人機。

But having a drone and swarm capability or even the smaller hive, which does 12 drones, it can fit in the back of a truck, that's -- think of the Border Patrol and things of that nature, that's a great way to do those things.

但是，擁有無人機和集群能力，甚至更小的蜂巢（可容納12 架無人機），它可以裝在卡車後面，那就是——想想邊境巡邏隊和類似性質的東西，這是做這些事情的好方法。

But now with the new total addressable market of almost $1 billion is becoming available and taken away from the Chinese strong manufacturers.

但現在，隨著近 10 億美元的新潛在市場的出現，中國強大的製造商被奪走了。

That's a chunk of revenue that it's probably going to be significant, but we've been focused on SRR for quite some time.

這是收入的一大塊，可能會很重要，但我們已經關注 SRR 相當長一段時間了。

So all of those locations, they can all use a small swarm.

所以所有這些地點，他們都可以使用小群。

They surround the building.

他們包圍了建築物。

They can do all the things that they want to do for safety.

為了安全，他們可以做所有他們想做的事情。

There's a lot of great things where you could chase down a bunch of drones in New Jersey.

在新澤西州，有很多很棒的事情可以追捕無人機。

Just kidding.

只是在開玩笑。

But yes, this new TAM is pretty exciting to us.

但是，是的，這個新的 TAM 讓我們非常興奮。

We will be putting some effort on it and does expand our capabilities for 2025 calendar.

我們將為此付出一些努力，並在 2025 年日曆上擴展我們的能力。

So that I can say that now.

所以我現在可以這麼說。

All right.

好的。

And this next question just came in for Hitchcock.

希區考克剛剛提出了下一個問題。

So don't even have (multiple speakers) from Luca Soja does the contract with the US DoD limit you from selling drones to foreign countries.

因此，即使沒有盧卡·索亞（Luca Soja）的（多個發言者），與美國國防部的合約也會限制您向外國出售無人機。

Not at all, not at all.

一點也不，一點也不。

There's going to be a slice that go to our partners in foreign countries, right?

會有一部分分給我們在國外的合作夥伴，對吧？

As long as you're not on the bad boy list, we'll be able to sell to anybody.

只要你不在壞男孩名單上，我們就可以把產品賣給任何人。

It'll still be EAR 99.

仍然是 EAR 99。

So it will be totally exportable.

所以它將是完全可出口的。

The Palantir software will have to be worked through, right?

Palantir 軟體必須通過，對吧？

That may require an export license, but it's not something we're unfamiliar with.

這可能需要出口許可證，但這並不是我們不熟悉的事情。

So it's just a matter of getting that approved through state.

因此，這只是獲得州批准的問題。

But yeah, what we're developing for SRR, there will be a slice of that we'll be able to sell internationally.

但是，是的，我們正在為 SRR 開發的產品，其中一部分將能夠在國際上銷售。

Great.

偉大的。

Thank you.

謝謝。

All right.

好的。

Next question from George Raymond.

喬治·雷蒙德提出下一個問題。

I think this might be the last one.

我想這可能是最後一次了。

But yeah, we'll see.

但是，是的，我們拭目以待。

Can you address sentiments of the future administration and how it might affect the size of contracts or volume of contracts available?

您能否談談未來政府的看法以及它可能如何影響合約規模或可用合約數量？

Well, I can start with that and Mr. Hitchcock has any more he wants to add to that.

好吧，我可以從這個開始，希區考克先生還有更多他想補充的內容。

So there's been a lot of talk from this administration, how they don't like big exquisite machines, they cost tens of millions of dollars when you can buy drones like ours that are probably more capable than any drone ever fielded and now it fits in your rucksack and costs a lot less.

因此，本屆政府有很多言論，他們如何不喜歡大型精緻的機器，當你可以購買像我們這樣的無人機時，它們要花費數千萬美元，這些無人機可能比任何部署過的無人機都更強大，現在它適合你的背包，成本要低得多。

We fit perfectly into the efficiency models to make soldiers better, safer, more lethal.

我們完美地融入效率模型，讓士兵變得更好、更安全、更致命。

And this administration has said many times now, specifically in the last couple of days, they want to build the largest drone and robot army in the world.

本屆政府已經多次表示，特別是在過去幾天，他們希望建立世界上最大的無人機和機器人軍隊。

So that's one great thing that we think is going to be very good for us going forward, and we do have a good relationship.

因此，我們認為這是一件對我們未來非常有好處的偉大事情，而且我們確實擁有良好的關係。

My other company that I'm on the Board of, I'm one of the founders is UMAC.

我擔任董事會成員的另一家公司（我是創辦人之一）是 UMAC。

We actually have Donald Trump [Junior] on our Board as an adviser.

實際上，我們的董事會中有唐納德·特朗普（小唐納德·特朗普）擔任顧問。

They're really excited to bring US manufacturing back into the United States in the drone space.

他們非常高興能夠將美國製造業帶回美國的無人機領域。

They've got a 1989 capital -- I mean 1789 capital, sorry, when the constitution was finally ratified.

他們有 1989 年的首都——我的意思是 1789 年的首都，抱歉，憲法最終被批准的時候。

So I think that this administration will be great for Red Cat.

所以我認為本屆政府對紅貓來說將是偉大的。

I think that's the last one, Leah?

我想這是最後一篇了，莉亞？

Yeah.

是的。

And I just want to say, if we missed your question, I do apologize since we're kind of trying to sift through everything here.

我只想說，如果我們錯過了你的問題，我深表歉意，因為我們正在嘗試篩選這裡的所有內容。

We will continue to improve in this new format that we're digging into here.

我們將繼續改進我們在這裡深入研究的這種新格式。

So I think that will end our question-and-answer session.

我認為我們的問答環節就到此結束。

And Jeff, if you just want to have any final closing remarks, that would be great.

傑夫，如果您只想做最後的結束語，那就太好了。

Yes.

是的。

So let's just do a little bit of review here.

因此，讓我們在這裡做一些回顧。

So we're pretty darn excited.

所以我們非常興奮。

We don't have to talk about possibly win an SRR anymore.

我們不必再談論是否可能贏得 SRR。

It's so nice to not have to say that.

不用這麼說真是太好了。

We want a sole source contract.

我們想要一份獨家來源合約。

We're getting some extra cash from that contract to do a few more features that we'll get in January.

我們將從該合約中獲得一些額外的現金來完成我們將在一月份獲得的更多功能。

We'll start LRIP.

我們將啟動 LRIP。

We got a kick-off meeting for LRIP in January at Salt Lake City, which is great.

我們一月份在鹽湖城召開了 LRIP 啟動會議，這非常棒。

I love seeing all those guys and Mr. Hitchcock will be there taking care of that.

我喜歡看到所有這些人，希區考克先生會在那裡處理這件事。

And then we go from LRIP to full-rate production with the Black Widow.

然後我們從 LRIP 轉向全速製作《黑寡婦》。

And now that Black Widow has a lot more capability.

現在黑寡婦擁有更多的能力。

We just announced today, artificial intelligence for the Battlefield visual navigation, no GPS required.

我們今天剛剛宣布，人工智慧用於戰場視覺導航，無需 GPS。

And those same type of things are going to be going on the FlightWave.

這些相同類型的事情也將在 FlightWave 上進行。

We have not spent nearly enough time on the FlightWave Edge 130, it's a very unique bird, it's a very capable bird has the best flight time out of anyone in the Blue UAS list.

我們在 FlightWave Edge 130 上花費的時間還不夠多，它是一隻非常獨特的鳥，它是一隻非常有能力的鳥，在藍色 UAS 列表中的任何飛機中擁有最佳的飛行時間。

There's going to be a lot more on the Edge 130.

Edge 130 也將提供更多功能。

We're going to have a lot of updates by the way, right after the new year.

順便說一下，新年過後我們將會有許多更新。

So stay tuned for our Analyst Day.

所以請繼續關注我們的分析師日。

Stay tuned for any news.

請繼續關注任何消息。

I want to wish everybody a Merry Christmas, and thanks for being on the call.

我祝大家聖誕快樂，謝謝您接聽電話。

I think we broke a record with almost 1,200 people on here at one point.

我想我們一度打破了這裡有近 1,200 人的記錄。

So thanks, everybody.

謝謝大家。

Thank you.

謝謝。

Thank you.

謝謝。