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

Ladies and gentlemen, thank you for standing by. Good afternoon and welcome to the Red Cat Holdings' December 31, 2024, 8-month stub period financial results and corporate update conference call.

女士們、先生們，感謝你們的支持。下午好，歡迎參加 Red Cat Holdings 2024 年 12 月 31 日 8 個月期末財務表現及公司更新電話會議。

(Operator Instructions)

（操作員指令）

Participants of this call are advised that the audio of this conference call is being broadcast live over the internet and is also being recorded for playback purposes. A webcast replay of the call will be available approximately one hour after the end of the call through April 30, 2025.

請參加本次電話會議的人員注意，本次電話會議的音訊將透過網路現場直播，同時也會被錄音以供播放。通話結束後約一小時將提供此通話的網路重播，直至 2025 年 4 月 30 日。

Joining us, today, from the Red Cat Holdings is Jeff Thompson, Chief Executive Officer and Interim Chief Financial Officer.

今天與我們一起參加的是 Red Cat Holdings 的執行長兼臨時財務長 Jeff Thompson。

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

在本次電話會議中，管理層將做出前瞻性陳述，包括有關 Red Cat 對進一步業績或營運結果的預期的陳述。

Forward-looking statements involve risks and other factors that may cause actual results to differ, materially, from those statements. For more information about these risks, please refer to the risk factors described in Red Cat's most recently filed periodic reports on Form 10-K and in Red Cat's press release that accompanies this call, particularly the cautionary statements in it.

前瞻性陳述涉及風險和其他因素，可能導致實際結果與這些陳述有重大差異。有關這些風險的更多信息，請參閱 Red Cat 最近提交的 10-K 表定期報告中所述的風險因素以及隨本次電話會議發布的 Red Cat 新聞稿中所述的風險因素，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, March 31, 2025. Except as required by law, Red Cat disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call.

本次通話的內容包含時間敏感訊息，僅截至今天（2025 年 3 月 31 日）準確。除法律要求外，Red Cat 不承擔公開更新或修改任何資訊以反映本次電話會議後發生的事件或情況的義務。

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

現在我很高興將電話轉給執行長傑夫湯普森。傑夫，請繼續。

Great. Thanks. Thanks, everybody, for joining the call tonight.

偉大的。謝謝。感謝大家參加今晚的電話會議。

This call is going to be brief, as we just hosted an Investor Day late last month and plan on having another Investor Day Town Hall in a couple of weeks.

這次電話會議將會很簡短，因為我們上個月底剛舉辦了一次投資者日會議，並計劃在幾週後再舉辦一次投資者日市政廳會議。

The Town Hall Investor Day will cover defense contracts, Office of Strategic Capital funding, continuing resolution updates, new partnerships, regulatory opportunities. And we will have the entire management team available.

市政廳投資者日將涵蓋國防合約、戰略資本辦公室資金、持續決議更新、新合作夥伴關係和監管機會。我們將派出整個管理團隊。

I'm housekeeping for this call. Hence, the reason for its brevity.

我正在接聽這通電話。這就是它簡短的原因。

We hired Chris Ericson as our CFO a couple of weeks ago. The FCC requires the CFO sign the 10-K, no exceptions. This document would have taken weeks to review. We did not even ask Chris to sign it. If Chris did sign that, (inaudible) would sign that, it would have been a big red flag anyway.

幾週前，我們聘請了克里斯·埃里克森 (Chris Ericson) 擔任我們的財務長。FCC 要求 CFO 簽署 10-K 文件，沒有例外。這份文件的審查可能需要數週時間。我們甚至沒有要求克里斯簽名。如果克里斯確實簽了那份文件，（聽不清楚）簽了那份文件，那無論如何都會是一個巨大的危險訊號。

I do want to give a shoutout to Sam Pelletier, our VP of Finance, and his team did a great job on the 10-K. The CFO limit prompted to have another Investor Update later this month, one that he can participate in.

我確實要對我們的財務副總裁 Sam Pelletier 表示感謝，他和他的團隊在 10-K 上做得非常出色。財務長的限制促使本月稍後舉行另一次投資者更新，他可以參加。

A quick update before we open it up for questions.

在我們開始回答問題之前，先快速更新一下。

Let's jump on to our Long Beach factory. Long Beach is up and running and shipped its first drones in March. We expect Flight Wave to be shipping drones every month from now on, as they expand and scale the Long Beach facility and as we clean up backlog. We'll get more details on the Investor Day Town Hall.

讓我們去往我們的長灘工廠。長灘公司已開始運作並於三月出貨了第一批無人機。我們預計，隨著 Flight Wave 擴大和擴大長灘工廠的規模以及我們清理積壓訂單，從現在開始 Flight Wave 每月都會運送無人機。我們將在投資者日市政廳會議上獲得更多詳細資訊。

Some updates on the Black Widow. Visual navigation is almost complete on the Black Widow. This is a vital feature that gives the Black Widow a unique competitive advantage. The software, as we mentioned previously, will expand our margins. The flight data and tests look incredible.

關於黑寡婦的一些最新消息。黑寡婦的視覺導航已接近完成。這是讓黑寡婦具有獨特競爭優勢的關鍵特徵。正如我們之前提到的，該軟體將擴大我們的利潤。飛行數據和測試看起來令人難以置信。

We also look forward to upgrading the Edge 130 soon to be on the TRICHON with visual navigation.

我們也期待很快對 Edge 130 進行升級，以便 TRICHON 具備視覺導航功能。

I told you folks I'd be brief. And with that, we're going to turn it right over to questions.

我告訴過你們我會簡短地說一說。接下來，我們將開始提問。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Glenn Mattson, Ladenburg Thalmann.

格倫馬特森、拉登堡塔爾曼。

Yeah. Hi, Jeff. Thanks for taking the question.

是的。你好，傑夫。感謝您回答這個問題。

I get that this is a quick update just on the stub period. More curious about -- looking ahead, can you give us some sense as to -- a little bit more on the timing, perhaps, on the signing of the SRR deal?

我知道這只是一個關於存根時期的快速更新。更令人好奇的是——展望未來，您能否給我們一些有關簽署 SRR 協議的時間表的資訊？

And then, the scope of LRIP, as you're seeing it as they're talking to you about it? Just the most recent update on that would be great.

那麼，當他們與您討論 LRIP 的範圍時，您如何看待它？只要有最新的更新就很好了。

Yeah. I figured everybody was going to keep going there, even though we're having a call in a couple weeks. But, anyway, thanks for the question, Glen. I've talked to you quite a bit, over the last few weeks, and a lot of other investors with you.

是的。我想每個人都會繼續去那裡，即使我們幾週後才會接到電話。但無論如何，謝謝你的提問，格倫。過去幾週，我和您以及許多其他投資者進行了多次交談。

So some activities, moving along. On a high level, I'll say we're pretty excited that the LRIP is going to be significantly higher than in the [nasty] report that came out in January, which will be fun to report, once you officially sign.

因此一些活動正在進行中。從高層次上講，我想說，我們非常高興 LRIP 將比 1 月發布的 [令人討厭的] 報告高得多，一旦您正式簽署，這將是有趣的報告。

We did -- I'm pretty sure that we got -- yesterday, the day before -- the features contract signed. We mentioned that it was going to be three contracts this year.

我們確實——我很確定——昨天，也就是前天——簽署了功能合約。我們提到今年將簽訂三份合約。

First would be features. Some additional features for the Black Widow for the SRR program.

首先是特點。為 SRR 程式添加一些 Black Widow 的附加功能。

Then, we'd sign LRIP, which we hope it's very soon. We'll let you know as soon as we do, probably during the town hall.

然後，我們會簽署 LRIP，我們希望它能很快完成。一旦有消息，我們會立即通知您，很可能是在市政廳會議期間。

And then, we have mass production later this year.

然後，我們將在今年稍後進行大規模生產。

Again, nothing's changed, except we knocked one of those off the list and that we're pretty excited about where LRIP will probably land.

再說一次，什麼都沒有改變，只是我們將其中一個從名單上剔除，並且我們對 LRIP 可能會落地的位置感到非常興奮。

Great. That's helpful.

偉大的。這很有幫助。

Just as a quick follow-up on the international front. Can you just talk about opportunities you're seeing with either NATO allies or in the Pacific? Just a general update versus where you might have thought about it a month ago or so when you did the Investor Day.

只是作為對國際前沿的快速跟進。您能談談您在北約盟國或太平洋地區看到的機會嗎？與您一個月前舉行投資者日時想到的相比，這只是一個一般性的更新。

Yeah. Actually, I'm getting that question quite a bit now. Mostly because of the tip between President Trump and Zelenskyy, everyone thought that everyone was going to turn into anti-US-based drones.

是的。實際上，我現在經常被問到這個問題。主要是因為川普總統和澤連斯基之間的暗示，每個人都認為每個人都會變成反美無人機。

Just to be very blunt and frank here, there are almost no drones in the category of the Black Widow, just because [DJI] -- unless you do Chinese drones, which NATO won't use -- there's almost no companies in that category, in the Black Widow category because [DJI] put them all out of business over the years.

坦白說，幾乎沒有任何無人機屬於「黑寡婦」類別，因為 [大疆創新]——除非你使用北約不會使用的中國無人機——幾乎沒有任何公司屬於這一類別，在「黑寡婦」類別中，因為 [大疆創新] 多年來讓它們全部停業。

And, specifically, there's nothing that's as robust as the Black Widow. Not only robust with the modular design, it's a very rugged drone, unlike a Chinese drone that feels like a toy.

具體來說，沒有什麼比黑寡婦更強大。它不僅採用模組化設計，而且是一款非常堅固的無人機，不像中國的無人機感覺像玩具。

It has EW capabilities and, now, has visual navigation. So a couple things.

它具有電子戰能力，現在還具有視覺導航能力。有幾件事。

One is we're continuing on the previous tenders and RFPs that everyone's getting frustrated that we have not updated on yet. Those are continuing.

一是，我們仍在繼續之前的招標和 RFP，但由於我們尚未更新，所以每個人都感到沮喪。這些仍在繼續。

But there was a consortium put together of all of the Europeans. It wasn't massive but it was a $2 billion to push Ukraine. And we were not excluded from some of these people looking to put together tenders for that.

但有一個由所有歐洲人組成的財團。雖然金額不大，但還是花了 20 億美元對付烏克蘭。我們也沒有被排除在那些希望為此進行招標的人之外。

So Europe is not ignoring the US manufacturers because of the tip between the Ukraine and the United States. All those things are still ongoing and some of them are actually more enhanced now.

所以歐洲並不會因為烏克蘭和美國之間的緊張關係而忽視美國製造商。所有這些事情仍在進行中，其中一些現在實際上得到了進一步加強。

Okay. Great? Good luck on that. I'll jump back in the queue. Thanks.

好的。偉大的？祝你好運。我將重新回到隊列中。謝謝。

Mike Latimore, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Mike Latimore 。

Alright. Yeah. Thanks very much. Great to hear about the feature contract, here.

好吧。是的。非常感謝。很高興聽到有關這裡的功能合約的資訊。

And then, you mentioned the VNav software in the prepared remarks, how should we think about that relative to your guidance? Cross sales, would that be incremental to guidance? How do we think about that, in terms of the financial impact? (multiple speakers) --

然後，您在準備好的評論中提到了 VNav 軟體，我們應該如何看待它相對於您的指導？交叉銷售是否會對指導增加？從財務影響的角度來看，我們如何看待這個問題？（多位發言者）——

Yeah. Great question.

是的。好問題。

We have not added that to any of our guidance yet. I don't want to say it's expensive, that's the wrong word. But it's such a required piece of software on every drone from now on and it's from one of the best software companies in the world.

我們尚未將其添加到任何指導中。我不想說它很貴，這個說法不準確。但從現在開始它將成為每架無人機的必備軟體，而且它來自世界上最好的軟體公司之一。

We think that we'll be able to get full price, albeit we haven't announced the pricing that we're working on with Palantir. I got to see the first video the other day. It's just incredible.

我們認為我們能夠獲得全價，儘管我們還沒有宣布與 Palantir 合作的定價。前幾天我看到了第一個影片。這真是令人難以置信。

To have this capability, it is one of the biggest problems that the army is having -- actually, every branch is happening -- because GPSs just do not work.

要擁有這種能力，這是軍隊面臨的最大問題之一——實際上，每個部門都面臨這個問題——因為 GPS 根本不起作用。

Putting any modules on a drone like the Black Widow would reduce flight time. There's a lot of quick-fix hardware platforms that just really don't work for drones our size.

在黑寡婦這樣的無人機上安裝任何模組都會減少飛行時間。有許多快速修復的硬體平台對於我們這種規模的無人機來說根本不起作用。

And, frankly, nobody has, basically, real-time map updates like Palantir can provide. So we're partnered with Palantir on this visual navigation. And we couldn't have a better partner because they're going to dominate visual navigation.

而且坦白說，基本上沒有人能夠提供像 Palantir 那樣的即時地圖更新。因此我們與 Palantir 合作進行視覺導航。我們找不到比他們更好的合作夥伴，因為他們將主導視覺導航。

But, yeah, this it's not included in any of our guidance, yet, so far. Once we get a quarter under our belt selling the software feature, we will probably update the street after we have a full quarter of selling this product.

但是，是的，到目前為止，這還沒有包含在我們的任何指導中。一旦我們能夠在銷售該軟體功能上取得一個季度的成功，我們可能會在銷售該產品一個完整季度後更新街道。

Got it. And then, how about just in terms of your company moving to Palantir's operating system? Maybe, a quick update on the status of that and when do you think that might be complete?

知道了。那麼，貴公司轉向 Palantir 的作業系統的情況如何？也許，快速更新一下該狀態，您認為什麼時候可以完成？

Yeah. We're just implementing it now.

是的。我們現在正在實施它。

I, actually, was able to be a keynote, week before last, out in Palo Alto; got to meet with a lot of other companies that are using it like Palantir, like Anduril, the Saronic, and companies like that.

事實上，上上週之前，我在帕洛阿爾托發表了主題演講；與許多其他使用它的公司會面，例如 Palantir、Anduril、Saronic 等等。

They think it's going to improve their margins. That's how well the system can work. So we're just in the very first few weeks of the installation, the good news is they're much quicker than if you've ever been to an SAP install. It's a much different game, already.

他們認為這會提高他們的利潤率。這就是系統能夠運作良好的原因。因此，我們才剛開始安裝幾週，好消息是，它們的安裝速度比你曾經參加過 SAP 安裝快得多。這已經是一場截然不同的比賽了。

So we're glad that we're getting it done, right now, before we're in mass production. But we believe it's going to give us so many efficiencies, get rid of a lot of redundancy across all of the factories.

因此我們很高興能在大規模生產之前完成這項工作。但我們相信它將大大提高我們的效率，消除所有工廠的大量冗餘。

And, as other companies have stated, they think it's going to improve their margins, dramatically.

而且，正如其他公司所說，他們認為這將大幅提高他們的利潤率。

Yeah. Makes sense.

是的。有道理。

Just last one for me and this may be more of a town hall question. But, at your Analyst Day, you talked about the potential of additional SRR funds this year, not next year but this year, can I get any additional context or review into that?

對我來說這只是最後一個問題，這可能更像是市政廳問題。但是，在分析師日上，您談到了今年增加 SRR 資金的潛力，不是明年而是今年，我能否獲得有關這方面的更多背景資訊或評論？

Yeah. It was a little scary if they didn't send that extension in an all, as they say on the hill, ask. We're going to be basically deleted. But they did continue it.

是的。如果他們不發送該延期申請，那就有點可怕了，就像他們在山上說的，問問。我們基本上會被刪除。但他們確實繼續這樣做了。

So as Brendan mentioned on our last Investor Day, last month, we requested another additional $100 million to what we wanted for 2025, which ends in September.

正如布倫丹在上個月的投資者日上提到的那樣，我們要求在 2025 年（9 月結束）的基礎上再增加 1 億美元的資金。

We're feeling pretty good about what LRIP is going to be through September. I think we're very comfortable with our 25% to 65% guidance, already. And that's not even -- we also get one full quarter of 2026 with the SRR contract.

我們對 9 月份的 LRIP 情況感到非常滿意。我認為我們已經對 25% 至 65% 的預期非常滿意了。這還不算——透過 SRR 合同，我們還獲得了 2026 年整整一個季​​度的時間。

We asked for an additional 100 million, frankly, just because this administration, every single person that's talking to them is talking about (inaudible) that drones are the future for warfare; that you're only going to have drones on the front, whether it's Generals that are speaking at West Point, whether it's Elon Musk, whether it's some of the most influential people at the administration, they're all moving away from exquisite, extensive systems into drones like ours.

坦白說，我們要求額外撥款 1 億美元，只是因為這個政府，每個與他們交談的人都在談論（聽不清楚）無人機是未來的戰爭；只有在前線才會使用無人機，無論是在西點軍校發表演講的將軍，還是伊隆馬斯克，還是政府中一些最有影響力的人物，他們都在從精緻、廣泛的無人機系統轉向像我們這樣的無人機。

And having a Program of Record, as this is happening with this new administration, doesn't hurt. So we asked for an additional $100 million for 2025. We're prepared to deliver that if they're able to get that.

而且，正如新政府正在做的那樣，擁有一個記錄計劃並不會有什麼壞處。因此我們要求為 2025 年額外撥款 1 億美元。如果他們能夠得到的話，我們準備提供。

Maybe, it ends up being $50 million, $25 million, $75 million, we don't know. Or it could be nothing. We're not depending on it, whatsoever. But, as I mentioned, we're very pleased with where we are, probably with LRIP, with the last few meetings that we've had on it.

也許最終會是 5000 萬美元、2500 萬美元、7500 萬美元，我們不知道。或者可能什麼都沒有。我們根本不依賴它。但是，正如我所提到的那樣，我們對目前的狀況感到非常滿意，可能對 LRIP 以及我們就此舉行的最近幾次會議感到非常滿意。

All right. Great. Thanks very much.

好的。偉大的。非常感謝。

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.

我想將會議交還給傑夫湯普森 (Jeff Thompson) 來做結束語。

Well, thanks, everybody, for joining. I apologize for the brief call but we'll give a detailed update, later this month, to the entire management team.

好吧，感謝大家的加入。我很抱歉通話時間太短，但我們將在本月稍後向整個管理團隊提供詳細的更新資訊。

We believe this will be much more beneficial for investors in reviewing out stub period covering 2 months from last year.

我們相信，這將更有利於投資者回顧去年 2 個月以來的存根期。

Thanks, again, everyone. I look forward to talking to you in a couple of weeks.

再次感謝大家。我期待幾週後與您交談。

The conference is 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。