Red Cat Holdings Inc (RCAT) 2025 Q1 法說會逐字稿

Good day and welcome to the Red Cat Holdings first quarter 2025 earnings release and quarterly update conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Red Cat Holdings 2025 年第一季財報發布和季度更新電話會議。（操作員指示）請注意，此事件正在被記錄。

During this call, management will be making forward-looking statements, including statements that address Red Cat's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from those statements.

在本次電話會議中，管理層將做出前瞻性陳述，包括涉及 Red Cat 對未來業績或營運結果的預期的陳述。前瞻性陳述涉及風險和其他因素，可能導致實際結果與這些陳述有重大差異。

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, 10-Q and in the 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、10-Q 表定期報告中描述的風險因素以及隨附本次電話會議的 Red Cat 新聞稿中所述的風險因素，特別是其中的警示性聲明。

The content of this call contains time sensitive information that is accurate only as of today, May 14, 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.

本次通話內容包含時間敏感訊息，僅截至今天（2025 年 5 月 14 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。

I would now like to turn the conference over to Chris Erickson, CFO. Please go ahead.

現在我想將會議交給財務長克里斯·埃里克森 (Chris Erickson)。請繼續。

Thank you very much and welcome and good afternoon, everyone. Super excited to have everyone join today. This is Chris Erickson, CEO of Red Cap, and with us on the call as well is Jeff Thompson, our CEO.

非常感謝，歡迎大家，下午好。今天非常高興大家能加入。我是 Red Cap 的執行長 Chris Erickson，與我們一起參加電話會議的還有我們的執行長 Jeff Thompson。

I know most folks on the call want to hear more from Jeff on this morning's announcement, which has been super exciting, but I'm first going to take my two minutes of fame to give you a few key financial highlights for the quarter.

我知道電話中的大多數人都想聽聽傑夫對今天早上宣布的更多消息的解釋，這個消息非常令人興奮，但首先我想利用我的兩分鐘時間來向大家介紹一下本季度的一些關鍵財務亮點。

First, I'm excited to share the Black Widow manufacturing started this month to begin deliveries to the Army in June. We currently have a non-SRR backlog of $10 million for Black Widow and Edge 130s to start delivering in June.

首先，我很高興地告訴大家，「黑寡婦」直升機已於本月開始製造，並將於 6 月開始向陸軍交付。目前，我們有價值 1000 萬美元的非 SRR 積壓訂單，用於 Black Widow 和 Edge 130，並將於 6 月開始交付。

As far as our guidance goes, we are reiterating our 2025 annual revenue guidance of $80 million to $120 million. Also, please note that consistent with previous communications, we also reiterate that the bulk of this revenue will be recognized in the latter half of 2025.

就我們的指導而言，我們重申 2025 年年收入指引為 8,000 萬美元至 1.2 億美元。另外，請注意，與先前的溝通一致，我們也重申，這筆收入的大部分將在 2025 年下半年確認。

We ended the quarter with $9 million in cash and receivables, which was immediately bolstered with the $30 million capital raise in April. This liquidity has given us strength and ability to expand our manufacturing to meet the significant rampant deliveries in the second half of 2025.

本季末，我們的現金和應收帳款為 900 萬美元，而 4 月籌集的 3,000 萬美元資金又立即補充了這一餘額。這種流動性使我們有實力和能力擴大生產以滿足 2025 年下半年大量交付的需求。

We are currently expanding our fly wave manufacturing facility in California to produce beyond 150 drones per month, and we have started discussions to expand our Black Widow production to an additional manufacturing facility outside of Utah to take us beyond our 600 plus drones per month.

我們目前正在擴建位於加州的 Fly Wave 製造工廠，每月生產超過 150 架無人機，並且我們已經開始討論將 Black Widow 的生產擴展到猶他州以外的另一個製造工廠，使我們的無人機每月產量超過 600 架。

Now, with that being said, I want to turn the time over to Jeff at his commentary and give us more details on the new USV division.

現在，話雖如此，我想將時間交給傑夫進行評論，並向我們提供有關新 USV 部門的更多詳細資訊。

Yeah. Thanks for joining the call and thanks, Chris. I'm also going to be brief as we have received a ton of questions all day, so I want to get to them in the Q&A.

是的。感謝您參加電話會議，謝謝，克里斯。由於我們一整天都收到了大量問題，所以我將簡短地回答這些問題，所以我想在問答環節中回答這些問題。

I'm going to start with FlightWave and then Black Widow and SRR and then finally our exciting SUV news from this morning. The FlightWave, we have good news and bad news, and Chris touched on this.

我將從 FlightWave 開始，然後是 Black Widow 和 SRR，最後是今天早上令人興奮的 SUV 新聞。對於 FlightWave，我們有好消息和壞消息，Chris 也談到了這一點。

We continue to have very strong demand for the Edge 130. Shawn Webb, our new President, is doing a great job scaling, but to get to those 150 drones per month by the end of the year, we'll run out of space.

我們對 Edge 130 的需求持續強勁。我們的新任總裁 Shawn Webb 在擴大規模方面做得非常出色，但要在今年年底前達到每月 150 架無人機的目標，我們的空間將不夠。

150 drones per month, it's approximately $81 million in annual run rate. So instead of moving in six months, we're ripping off the band-aid now and moving into a larger facility.

每月 150 架無人機，年運行成本約 8,100 萬美元。因此，我們不再等六個月再搬走，而是現在就搬進更大的工廠。

Same landlords with no penalties or paying to rents. We have brought a lot of expertise in process improvements along with product improvements and more reliable production.

同樣的房東，無需支付罰款或租金。我們在流程改善、產品改進和更可靠的生產方面帶來了大量專業知識。

FlightWave is going to be a world-class production facility. I want to thank the team out there, they're doing a great job. Let's move to the Black Widow.

FlightWave 將成為世界一流的生產設施。我要感謝那裡的團隊，他們做得非常好。讓我們來看看黑寡婦。

We have similar news with the Black Widow production, we're also seeing strong demand that it's not SRR related and we're going to be starting a second geographical location in California to give us more capacity and redundancy. And with the possible large plus ups in the new budget, we want to be prepared.

我們在《黑寡婦》的生產方面也有類似的消息，我們也看到了與 SRR 無關的強勁需求，我們將在加州設立第二個地理位置，以提供更多的產能和冗餘。由於新預算可能會大幅增加，我們希望做好準備。

SRR, we know that everyone is waiting on this contract to be signed, so are we. Internally, the contracts are called TD1, TD2, and TD3. TD1 is the one that we signed in late March.

SRR，我們知道大家都在等待這份合約的簽署，我們也是。在內部，這些合約被稱為 TD1、TD2 和 TD3。TD1 是我們在三月底簽署的。

TD2 is a contract for UVC, which is the universal controller, and we've got some great news and results coming in the next few weeks on this incredible project. TD3 is what most people refer to as LRIP.

TD2 是針對通用控制器 UVC 的合同，在接下來的幾週內，我們將在這個令人難以置信的項目上獲得一些好消息和成果。TD3 就是大多數人所說的 LRIP。

We have not received the final contract yet, but I did actually sign some paperwork that was, last night that was connected to TD3 LRIP. So we're hoping to see this soon.

我們還沒有收到最終合同，但昨晚我確實簽署了一些與 TD3 LRIP 相關的文件。所以我們希望很快能看到這一點。

We, also right before I got on the call, so I'm changing my script that I had 20 minutes ago. I started seeing parts of the LRIP contract or TD3 come across the portal.

就在我接電話之前，我正在修改我 20 分鐘前的腳本。我開始在入口網站上看到 LRIP 合約或 TD3 的部分內容。

We haven't had a chance to re review through anything. It might just be the services side of the contract, but, we expect to have this contract any day now if not tonight or tomorrow morning.

我們還沒有機會重新審查任何事情。這可能只是合約的服務方面，但是，如果不是今晚或明天早上，我們預計很快就會有這份合約。

And as soon as we know, we will let you hear. We are probably going to let the Army announce first and then we will follow up with a more detailed release.

一旦我們知道了，我們會立即通知您。我們可能會先讓陸軍宣布，然後再發布更詳細的消息。

We're also hearing, like reported in the Wall Street Journal, that there is a large plus upcoming out of the $150 billion. And there was a $3.1 billion announcement today from the House Armed Services Committee for unmanned vessel production.

我們也聽說，正如《華爾街日報》報道的那樣，這 1500 億美元中即將出現一筆巨額收益。今天，眾議院軍事委員會宣布撥款 31 億美元用於無人艦艇生產。

Let's talk about unmanned vessels. Our new maritime divisions so, we've been working on this new platform for a long time, and I want to thank Brett Velicovich for his travel and diligence. We are building this in a different way than our competitors.

讓我們來談談無人船。我們的新海事部門，我們已經在這個新平台上工作了很長時間，我要感謝 Brett Velicovich 的旅行和勤奮。我們採用與競爭對手不同的方式來建構這套體系。

US, these are boats. Boats are hard to build and scale, specifically if you don't have years of experience. We are partnering with some of the best boat builders in the world, and boats need propulsion any jet propulsion to avoid props getting stuck in netting surrounding the ships.

美國，這些是船。建造和擴大船隻非常困難，特別是如果你沒有多年的經驗的話。我們正在與世界上一些最好的船舶製造商合作，船舶需要任何噴氣推進器來推進，以避免螺旋槳卡在船舶周圍的網中。

We have expertise on our team that started the jet boat craze, so we started this from the boat side, not from the tech side. We are also going to have a boat yard now in Florida that will build these boats, and they will be made in USA.

我們團隊擁有掀起噴射快艇熱潮的專業知識，因此我們從船舶方面而不是技術方面開始這項事業。我們還將在佛羅裡達州建立一個船廠來建造這些船隻，而這些船隻將在美國製造。

On the tech stack, we are fortunate to partner with the best solution that is used every day in a war zone, and is used very successfully and has destroyed more assets than any other company, or probably any Navy, in fact.

在技術層面，我們很幸運能夠與戰區中每天使用的最佳解決方案合作，並且該解決方案的使用非常成功，摧毀的資產比任何其他公司，甚至任何海軍都要多。

We are not announcing our partner's name for competitive reasons and for security reasons. We will have a product later this year that is made in USA with the most proven tech stack in the industry, and a boat yard cranking out these USVs every month.

出於競爭和安全原因，我們不會公佈合作夥伴的名稱。我們將在今年稍後推出在美國製造的產品，該產品採用了業內最成熟的技術堆棧，並且船廠每個月都會大量生產這些 USV。

And with that, I want to open it up to questions.

現在我想開始回答問題。

(Operator Instructions)

（操作員指示）

Ashok Kumar, ThinkEquity.

ThinkEquity 的 Ashok Kumar。

Well, the first question on revenue guidance and visibility, what are the key milestones or contracts, that you must materialize, in the coming quarters to reach this goal? And two is the maritime autonomy and the USV launch with entry into the unmanned service vessel market.

那麼，關於收入指導和可見性的第一個問題，為了實現這一目標，在接下來的幾個季度中，您必須實現哪些關鍵里程碑或合約？二是海上自主化和USV的推出，進入無人服務船市場。

What is the expected, revenue contribution from the segment for 2025? And how do you assess the competitive landscape and the company's differentiation in the maritime autonomy and any update on the Russell 2000?

預計該部門 2025 年的收入貢獻為何？您如何評估競爭格局和公司在海上自治方面的差異化以及羅素 2000 指數的最新情況？

Sure. Well, hold on, I'm ready writing these down here, Ashok, thanks for all those questions. I'll start with the last one.

當然。好吧，等一下，我準備把這些寫下來，阿肖克，謝謝你提出這些問題。我先從最後一個開始。

We don't get officially notified, but for the Russell 2000, but we are significantly above the lower goal posts that were from last year. So, we're expecting to be part of that reconstitution at the end of this month.

我們沒有收到正式通知，但對於羅素 2000 指數而言，我們已經明顯高於去年的最低目標。因此，我們預計將在本月底參與重組。

So we're pretty excited about that. On the competition space in the USVs, there's not many people building USVs of this size, that have factories that are ready to start, building boats, don't have a boat shipyard.

所以我們對此感到非常興奮。在無人水面艇的競爭領域，建造這種規模的無人水面艇的人並不多，他們沒有隨時可以開工的工廠，沒有可以建造船隻的船廠。

And frankly, the competitors have kind of gone from basically a Silicon Valley model where they get a ton of money. They've never built a boat before.

坦白說，競爭對手基本上已經脫離了矽谷模式，他們可以從中獲得大量金錢。他們以前從未造過船。

They put a bunch of folks on the board and basically try to start from scratch. We're kind of doing the opposite of that.

他們把一群人安排到董事會，基本上是從零開始。我們做的恰恰相反。

We're going with some of the best boat builders in the world. We have a way to get into the boat manufacturing very inexpensively.

我們將與世界上一些最好的船舶製造商合作。我們有辦法以非常低的成本進入船舶製造領域。

So we expect to have a productive boat yard in Florida by the end of Q3. I don't think there's going to be significant revenue in 2025 from this, although we have had a lot of partners call us today that want to use their products on our boat, whether it's missiles, we're putting our own drones on these.

因此，我們預計到第三季末，佛羅裡達州將擁有一個高效的船廠。我認為到 2025 年我們不會從中獲得可觀的收入，儘管今天有很多合作夥伴打電話給我們，希望在我們的船上使用他們的產品，無論是導彈，還是我們將自己的無人機放在上面。

We're fortunate that we also have a drone company that has flying drones. These are just floating drones.

我們很幸運，我們還有一家擁有飛行無人機的無人機公司。這些只是漂浮的無人機。

So we can actually combine our swarms on top of these USVs. It's going to be a very powerful and very useful product set for helping in choke points in the INDOPACOM region.

因此我們實際上可以將我們的蜂群組合在這些 USV 之上。這將是一套非常強大且非常有用的產品，有助於解決印太司令部地區的瓶頸問題。

So we think we're in a really good spot for places like INDOPACOM. So that's where we think we're going to shine having this type of range and having drones that are now gone through a five year process and we're actually down selected for the Army.

因此，我們認為對於印太司令部這樣的地方來說，我們處於非常有利的位置。因此，我們認為我們將在這種射程和無人機方面大放異彩，這些無人機已經經過了五年的研發，實際上已經被陸軍選中。

So we have a good combination. So and I don't remember the other question, but if you want to ask one more, and we'll move on.

所以我們有一個很好的組合。所以我不記得其他問題了，但如果你想再問一個，我們就可以繼續。

I got it. And just the margin improvement in Palantir partnership, Jeff, how soon do you expect to realize tangible cost reductions and margin improvement from deployment of Palantir's warp speed manufacturing OS?

我得到了它。傑夫，僅就 Palantir 合作夥伴關係帶來的利潤率提高而言，您預計多久能透過部署 Palantir 的超速製造作業系統實現切實的成本降低和利潤率提高？

And then in terms of factory utilization, at Long Beach, what is the current and target monthly production capacity? And how does this align with the anticipated order flow for the rest of the year?

那麼就工廠利用率而言，長灘工廠的當前和目標月生產能力是多少？這與今年剩餘時間的預期訂單流有何關聯？

Yeah. So as we mentioned, our goal was to get to approximately 150 drones per month for FlightWave by the end of this year. I'm hoping we still get there. We'll have plenty of room to do so, which will give us a pretty dramatic run rate going into 2026.

是的。正如我們所提到的，我們的目標是到今年年底，FlightWave 每月的無人機產量達到約 150 架。我希望我們仍然能夠到達那裡。我們將有足夠的空間來實現這一目標，這將使我們在 2026 年實現相當可觀的運行率。

But as also, as Chris has just mentioned, we are now producing FlightWaves every month. We're now producing black widows every month. We've gone a few quarters now with fully loaded cost basis with no revenue, and that changes starting now, which is great.

但正如克里斯剛才提到的，我們現在每個月都會製作 FlightWaves。我們現在每個月都會生產黑寡婦。我們已經有幾個季度處於完全成本基礎而沒有收入的狀態，而這種情況從現在開始發生了變化，這很好。

So we don't have factory utilization yet to give you. But like I mentioned in my prepared comments, there is about $1 billion plus up we're hearing all over the hill in the last week or so that's going to be going towards the UAS group.

因此我們還沒有工廠利用率可以提供給您。但正如我在準備好的評論中提到的那樣，我們在過去一周左右聽到的消息是，大約 10 億美元將用於 UAS 集團。

So we're pretty excited about that. And the best way to prepare for that is to have drones that you can ship right away.

所以我們對此感到非常興奮。為此做好準備的最佳方式是擁有可以立即出貨的無人機。

So that is the goal is to ramp up production, have geographical diversity and to ramp the Black Widow as drastically as possible because in recent meetings with SRR leadership, they told us very frankly saying as soon as we field LRIP, we are going to go big and that lines up with what they said in the Wall Street Journal recently that the army is going to go big, for small drones and small weapons, like we're constantly hearing where drone where Doge is heading and where the headset, set death is heading. I think we're in a great spot.

因此，我們的目標是提高產量，實現地域多樣性，並儘可能大幅度地增加「黑寡婦」的數量，因為在最近與 SRR 領導層的會議中，他們非常坦率地告訴我們，一旦我們部署 LRIP，我們就會大展宏圖，這與他們最近在《華爾街日報》上所說的一致，軍隊將大展宏圖，使用小型耳機、Doge」的方向，就像我們聽到的方向，就像我們的方向我認為我們處境很好。

Got it. One last question Jeff is just the key milestones or contracts that must materialize in the coming quarters to reach your annual guidance and just the liquidity of the cash burn, right with $30 million raise post quarter, right?

知道了。傑夫，最後一個問題是，為了達到你的年度指導，必須在未來幾個季度實現關鍵的里程碑或合同，以及現金消耗的流動性，對嗎？季度後增加 3000 萬美元，對嗎？

And operating cash outflow of $16 million right? Question, any color on the liquidity there at the current burn rate?

經營現金流出 1600 萬美元，對嗎？問題是，在目前的消耗率下，那裡的流動性如何？

Yeah. I mean, we did just raise $30 million. And as Chris said, that we ended the quarter before that with $9 million. So we are very well financed right now, very excited about that. Now we're just worrying about building drones, and we are. So I think we're, again, financially, we're in a great spot right now.

是的。我的意思是，我們確實剛剛籌集了 3000 萬美元。正如克里斯所說，我們在上一季結束時的利潤為 900 萬美元。所以我們現在資金非常充足，對此感到非常興奮。現在我們只關心製造無人機，事實也確實如此。所以我認為，從財務角度來看，我們現在處於一個很好的狀態。

Thank you and all the best.

謝謝您，祝您一切順利。

Glenn Mattson, Ladenburg.

格倫馬特森，拉登堡。

Yeah, I think taking the question. Just quickly first on the color in the language sounds like the year is going to be even more back end loaded than we previously thought. But can you just talk about there's a good amount of inventory.

是的，我想回答這個問題。首先，從語言的顏色來看，今年的後端負載將比我們之前想像的還要大。但您能否談談庫存量有多少？

The inventory is risen a bit and you had some backlog coming into this year. And so can you just talk about why you're adjusting these the capacity that you have and making, expansions there?

庫存略有增加，今年還存在一些積壓訂單。那麼，您能否談談為什麼要調整現有產能並進行擴展？

But can you talk about what you can do in the meantime in terms of generating revenue and say in Q2 and your thoughts around that?

但是，您能否談談您在第二季度可以做些什麼來創造收入以及您對此的想法？

Yeah. So we, I mean, the whole goal was we would have been producing Black Widows sooner and using that inventory if we had a final version from our partners. And we didn't get that until the very, I think March 27.

是的。所以，我的意思是，我們的整個目標是，如果我們從合作夥伴那裡得到最終版本，我們就會更快地生產黑寡婦並使用該庫存。直到 3 月 27 日我們才得到這個消息。

So there's no way we're going to be building drones that weren't, up to the request from our biggest customer, our soon to be biggest customer. So that's why we had to wait until this quarter to start building.

因此，我們絕不會製造不符合我們最大客戶（即將成為我們最大客戶）要求的無人機。所以這就是為什麼我們必須等到本季才開始建設。

So you'll start seeing that, obviously we've got plenty of money to get the inventory in. And we don't have long lead times for anything anymore.

所以你會開始看到，顯然我們有足夠的資金來獲取庫存。我們不再需要為任何事花費很長的準備時間。

I think our longest lead time now is six to eight weeks, which we plan for. So you'll start seeing that go down, but we'll also just continue now that we're going to start ramping both production lines, we'll have some hiccups with FlightWave switching into a new place, but it's right down the street.

我認為我們現在最長的準備時間是六到八週，這是我們計劃的。所以你會開始看到這種情況下降，但我們現在也會繼續，因為我們將開始擴大這兩條生產線，在 FlightWave 轉移到新地方時我們會遇到一些小問題，但它就在街上。

It's about a quarter mile away. So that's not going to be a big hiccup, but we'll be able to lay out the factory perfectly before we move, and it's going to be a beautiful facility that's going to be able to scale very quickly.

距離大約四分之一英里。所以這不會是一個大問題，但我們能夠在搬遷之前完美地規劃工廠，這將是一個美麗的設施，並且能夠快速擴展。

On the Black Widow side, we're just adding a location. So we're not going to disrupt the Black Widow production going forward as we start making deliveries to the SRR program of record next month. So, I don't know if I answered the question.

在黑寡婦方面，我們只是增加了一個位置。因此，當我們下個月開始向 SRR 計劃交付產品時，我們不會中斷「黑寡婦」的生產。所以，我不知道我是否回答了這個問題。

Yeah. No, it's very helpful. I was just wondering if there's some finished goods that are in inventory that you could ship against the backlog that you came into the year with, maybe in FlightWave or something. Just curious, if there's any of that going on as well.

是的。不，這很有幫助。我只是想知道，您是否有一些庫存成品可以根據今年的積壓訂單進行發貨，也許是透過 FlightWave 或類似方式。只是好奇，是否也發生了這樣的事。

I'm still not sure I understand your question.

我仍不確定我是否理解了你的問題。

I thought in my opinion I thought there was like a $13million or $15 million backlog coming into the year for FlightWave stuff mostly. So I was just thinking if you could ship against that backlog with some finished goods.

我認為，我認為今年 FlightWave 產品的積壓訂單金額主要在 1,300 萬美元或 1,500 萬美元左右。所以我只是在想你是否可以用一些成品來彌補積壓的訂單。

Yeah, we did actually deliver some of those. Some of that was delivered with the Australian deal that we received in some of, even a little bit of it last year, but the FlightWave, and some of it in February.

是的，我們確實交付了其中一些。其中一些是透過我們去年達成的澳洲協議實現的，甚至有一小部分，還有 FlightWave，還有一些是在二月實現的。

So that has brought down some of the backlog, but the FlightWave, I think we'll end up going up in backlog against, with the FlightWave because it's now that we have drones to fly in demo, we will be able to get out there.

因此，這減少了一些積壓訂單，但我認為 FlightWave 的積壓訂單最終會增加，因為現在我們有無人機可以進行演示飛行，我們將能夠將其帶到那裡。

We are a tremendous amount of demand to see this bird fly, and we're just getting them in the hands of our sales team now, now that we've got some production ones under our belt and the sales team can actually get drones to go demo. So we have brought some of that down from $13 to as Chris mentioned, $10.

我們對於觀看這種鳥飛行的需求非常大，現在我們正將它們交到我們的銷售團隊手中，現在我們已經有了一些生產經驗，銷售團隊實際上可以使用無人機進行演示。因此，正如克里斯所說，我們將部分價格從 13 美元降至 10 美元。

Great. Moving on to the Surface Vessel program. So I'm not clear, are you partnering with the shipbuilder? Or you going to own a shipyard? And how does that work?

偉大的。繼續討論水面艦艇計畫。所以我不清楚，您是否與造船廠合作？還是你要擁有一座造船廠？那它是如何運作的呢？

And I'm just also thinking about the President signing the directive on shipbuilding in the US and if there's maybe some federal support or just some directive by the federal government for this kind of activity.

我也在考慮總統簽署關於美國造船業的指令，以及聯邦政府是否會為此類活動提供一些支持或指示。

Yeah. We have, even before the announcement today we have been meeting with the correct people that are behind all of that in the administration. And there's, as I mentioned today, there was just a $3.1 billion unmanned vessel that came out of the Armed Services Committee.

是的。甚至在今天宣布這一消息之前，我們就一直在與政府中幕後操縱這一切的相關人士會面。正如我今天提到的，軍事委員會剛剛提出了價值 31 億美元的無人駕駛船。

There's the executive order for bringing shipbuilding to the United States is thing we're directly responding to, and we're getting great support from this administration. So I think that to back in the other question, we are going to own a boat yard in Florida, we are getting the partnerships that we're doing are helping us with some of the prototypes that we're building to build the molds, to build the plugs, to build the top.

我們正在直接回應將造船業引入美國的行政命令，並且我們得到了本屆政府的大力支持。所以我認為回到另一個問題，我們將在佛羅裡達州擁有一個船廠，我們正在建立的合作夥伴關係將幫助我們製造一些原型，以建造模具、建造插頭和建造頂部。

I mean, the top of this vessel, is kind of like a stealth bomber has special curves and I mean, angles that deflect the radar. These things are fast, so they can get to the enemy and before they even know it's coming.

我的意思是，這艘船的頂部有點像隱形轟炸機，有特殊的曲線，我的意思是，有可以偏轉雷達的角度。這些東西速度很快，所以它們可以在敵人意識到之前就到達敵人身邊。

We have specific radar paint on these things. They're very complex vessels, but they're just boats. And you got to build the hull first.

我們在這些東西上塗上了專門的雷達塗料。它們是非常複雜的船舶，但它們只是船而已。你必須先建造船體。

And so we will have a boat yard building these hulls and putting all the propulsion systems in there. And we have some of the best folks in the space to do that.

因此，我們將有一個船廠來建造這些船體，並在裡面安裝所有的推進系統。我們擁有該領域最優秀的人才來做這件事。

Great. Super helpful and very exciting. My last one for me is can you just give it, do you have a, are you comfortable sharing an estimate for what CapEx would be this year with all these plans going on?

偉大的。非常有幫助並且非常令人興奮。我的最後一個問題是，您能否給出一個估計，在實施所有這些計劃的情況下，您是否願意分享今年的資本支出是多少？

We don't have it for this call. We're digging in right now and building out this bill of materials that we need for this new USV, all of the cameras, the satellite communications, the magic that we're partnering with that goes into this box, the artificial intelligence and all of the stuff that makes us such a lethal vessel is not mapped out in a bill of materials to the factory yet, but we'll be able to get that information to you probably to the next call.

我們沒有這個電話。我們現在正在深入研究並製定這艘新型 USV 所需的物料清單，包括所有攝影機、衛星通訊、與我們合作的、用於這個盒子的魔法、人工智慧以及使我們成為如此致命的船隻的所有東西，這些都還沒有在工廠的物料清單中列出，但我們很可能能夠在下次通話中將這些資訊提供給您。

Great. Thanks Jeff, for answering the question and congrats on all the progress.

偉大的。謝謝 Jeff 回答了這個問題，並祝賀你取得的所有進展。

Great, thank you.

太好了，謝謝。

Mike Lattimore, North Bank Capital Markets.

麥克‧拉蒂莫爾 (Mike Lattimore)，北岸資本市場。

Alright, great, thanks very much. Yeah, on the USV the partnership here, can you talk a little bit about the genesis of this partnership?

好的，太好了，非常感謝。是的，關於 USV 的合作關係，您能稍微談談這次合作關係的起源嗎？

Were you and this other company pursuing similar programs together SRR win create more communications? Or just what was the genesis of this partnership?

您和這家公司是否共同推行類似的計劃，以 SRR 贏得更多的溝通？或者說，這次合作的起源是什麼？

Yeah. So I'll go way back, and we've been looking in certain regions to look at some of this technology that's proven that we know, that has actually been in combat and through Brett's relationships, we found the best in the world at this right now.

是的。所以我會回顧過去，我們一直在某些地區尋找一些已被證明的技術，這些技術實際上已經投入戰鬥，並且透過布雷特的關係，我們發現了目前世界上最好的技術。

And we've actually already, we did apply for the CAMP project, which is the DIU project for UUVs and USVs. So we have already applied for, I don't know if it's a program of record, but they're pretty large contracts.

事實上，我們已經申請了 CAMP 項目，即針對 UUV 和 USV 的 DIU 項目。所以我們已經申請了，我不知道這是否是一個記錄項目，但它們是相當大的合約。

We are jointly going after these. And as everyone knows, if you're going to the DIU, it's going to be made in USA and NDA compliant.

我們正在共同追求這些目標。眾所周知，如果您要去 DIU，它將在美國製造並符合 NDA 要求。

So that's what we're going to be doing. These boats are going to be made in USA and they're going to be NDA compliant. But yes, we are pretty excited how fast we're running right now and getting into the market and the market's kind of coming to us.

這就是我們要做的。這些船將在美國製造，並將符合保密協議。但是的，我們對我們現在的運行速度、進入市場的速度以及市場走向我們感到非常興奮。

The phone calls I was getting today were crazy. So we're pretty excited that we're going to have this boat running right out of the box because we already know how it all works because it's working today.

我今天接到的電話都很瘋狂。因此，我們非常高興這艘船能夠立即投入運行，因為我們已經知道它是如何運作的，因為它今天就可以運行。

It worked yesterday. It's a very complete solution. These are not prototypes, these are going to be out of the box effective weapons.

昨天它起作用了。這是一個非常完整的解決方案。這些不是原型，而是開箱即用的有效武器。

Got it. And it would just be something that, say, Palantir would want to integrate with and use data on this, just like they use with your drones too, or?

知道了。這只是 Palantir 想要整合並使用其中數據的東西，就像他們對你的無人機使用的那樣，不是嗎？

Yeah. No, absolutely. That's something that with our partners, actually, we are not only on the tax side but, we're going to be also utilizing warp speed for this new factory in Florida. So, these things are going to tie in greatly.

是的。不，絕對不是。實際上，我們與合作夥伴不僅在稅收方面達成了一致，而且我們還將以極快的速度為佛羅裡達州的這家新工廠提供服務。所以，這些事情將會緊密地連結在一起。

And I think when we bring the software stack from Palantir along with this proven technology partner we have that I think we're going to have an incredible solution that that's never been seen before.

我認為，當我們將 Palantir 的軟體堆疊與這個經過驗證的技術合作夥伴結合起來時，我們將獲得前所未有的令人難以置信的解決方案。

Got you. And then in terms of your non-SRR business for the year, can you highlight who might be some of the more important customers kind of within that non-SRR bucket this year?

明白了。然後就您今年的非 SRR 業務而言，您能否強調今年非 SRR 業務中哪些客戶可能是比較重要的客戶？

Yeah. So we have existing customers we've had for years that we went up against in some bake-offs with our competitors. If you look at Border Patrol has been a customer for years, and now think of this, there's 79,000 miles of the United States coastline.

是的。因此，我們擁有多年的現有客戶，我們在與競爭對手的一些較量中與他們展開了競爭。如果你看看邊境巡邏隊多年來一直是我們的客戶，現在想想，美國海岸線長達 79,000 英里。

We can monitor these coasts with these boats that are autonomous, do not need people, don't need to sleep, could be constantly monitoring the entire coast could have, Black Widows and/or Edge 130s on there soon to be TRICHON.

我們可以使用這些自主的船隻來監測這些海岸，這些船隻不需要人員，不需要睡覺，可以不斷監測整個海岸，很快就會有 Black Widows 和/或 Edge 130s 來監測 TRICHON。

So once they do spot something, they can send the drone towards them. They also, there's a lot of different customers in the first responder space that would look at this.

因此，一旦他們發現什麼東西，他們就可以派遣無人機前往。他們也，在急救領域有很多不同的客戶會注意這一點。

You've got Puerto Rico that's constantly battling smugglers between the islands and, Puerto Rico. So there's a lot of use cases for non-SRR capabilities.

波多黎各一直在與島嶼之間的走私者作鬥爭，波多黎各。因此，非 SRR 功能有許多用例。

Again, NATO is still pushing along for us. We've actually, there are actually some folks are in our office in Salt Lake this week. So there are lots of other customers besides SRR. And probably the revenue from non-SRR to the second half will be at least equal to SRR, if not bigger.

再說一次，北約仍在為我們努力前進。事實上，本週確實有一些人在鹽湖城的辦公室。因此，除了 SRR 之外還有很多其他客戶。而下半年非SRR的收入很可能至少會與SRR持平，甚至更大。

Yeah. And just last one for me. In terms of the cash operating expense, you had in the first quarter here, how should we think about that trending throughout the year?

是的。對我來說這只是最後一個。就第一季的現金營運費用而言，我們應該如何看待全年的趨勢？

Yeah. So I think I kind of mentioned it, we've been here before where we had, when we were launching the TL-2, we had negative 10% gross margins because we had a fully loaded factory and had zero revenue. And then as we've basically been in that pattern, that flight pattern the last two or three quarters.

是的。所以我想我提到過，我們以前也遇到過這種情況，當我們推出 TL-2 時，我們的毛利率為負 10%，因為我們的工廠滿載運轉，但收入為零。然後，我們基本上一直處於這種模式，過去兩三個季度的飛行模式。

So we are now delivering drones from both FlightWave and from the Black Widow. So that's going to someone's driving. That's going to reduce the cash needs very rapidly and it'll improve our margins also very rapidly.

因此，我們現在同時從 FlightWave 和 Black Widow 運送無人機。所以這需要有人駕駛。這將迅速減少現金需求，也將迅速提高我們的利潤率。

And like I said, we didn't even mention, I think Ashok asked it earlier, none of this guidance has any Palantir or revenue in it. And to just give a little bit of details on the guidance because I had a bunch of questions about this over the last few weeks.

就像我說的，我們甚至沒有提到，我認為 Ashok 之前問過這個問題，這些指導中都沒有任何 Palantir 或收入。我只是想提供一些有關指導的細節，因為過去幾週我對此有很多疑問。

Actually people said, with the continuing resolution and slowing down your contract award, which hopefully it's tonight. But should we change our guidance? And myself and Chris have been putting the modelling together and it might look daunting to people on the outside.

實際上人們說，隨著決議的繼續，合約授予的速度也會減緩，希望是今晚。但我們應該改變我們的指導方針嗎？我和克里斯一直在一起進行建模，對於外人來說，這可能看起來令人生畏。

But the way we're looking at it is to meet the bottom end of the guidance is FlightWave does $25 and -- $25 million, we're very comfortable with that specifically with the way it's going to ramp.

但我們的看法是，為了達到指導的底線，FlightWave 的營收將達到 2500 萬美元到 2500 萬美元，我們對此非常滿意，特別是考慮到它的增長方式。

On the Black Widow side, now with this new geographical diverse location that we're getting up and running as quickly as possible, you look at the last two quarters and you break up, yes what's left over is $55 million, right? So some of that will be taken up in Q2.

就《黑寡婦》而言，現在我們正在盡快啟動並運行這個新的地理分佈多樣化的拍攝地點，你看看過去兩個季度的數據，然後分拆，是的，剩下的是 5500 萬美元，對吧？因此，其中一些問題將在第二季解決。

And whatever's left, you can just split that between these two locations, Utah and California, and they can split that delivery. I don't think the problem is going to be demand in our contracts. I think it's going to be delivery.

剩下的，你可以把它分成兩部分，分別送到猶他州和加州，然後他們再分擔運送。我認為問題不在於我們的合約需求。我認為這將是送貨。

So we've been really working on that. So if you break up the last two quarters for the Black Widow, half will come from California, half will come from Utah or 60% Utah, 40% California. So we are still comfortable with our guidance.

所以我們一直在努力做到這一點。因此，如果將黑寡婦的最後兩季分開，一半來自加州，一半來自猶他州，或 60％ 來自猶他州，40％ 來自加州。因此我們對我們的指導仍然感到滿意。

I got it. Alright, great, thanks, best of luck.

我得到了它。好的，太好了，謝謝，祝你好運。

This concludes our question-and-answer session. I would like to turn the conference back over to Jeff Thompson for any closing remarks.

我們的問答環節到此結束。我想將會議交還給傑夫湯普森 (Jeff Thompson) 來做結束語。

Well, thanks everyone. It's been very exciting times. I spent a lot of time in some boat yards. We are now going to have three product lines. We got two of them shipping now, so we're very excited about this.

好的，謝謝大家。這是非常令人興奮的時刻。我在一些船廠度過了很多時間。我們現在將擁有三條產品線。目前我們已經有兩台機器在運送，因此我們對此感到非常興奮。

And as we were getting updates during the call, we're very confident of finally getting, as we call it TD-3 contract or as the rest of the world knows it as LRIP. And as I mentioned earlier in the call, we are going to have the Army announce it first, and then you'll be hearing about it in detail from us.

當我們在通話中獲得最新消息時，我們非常有信心最終獲得我們所說的 TD-3 合約或世界其他地方所稱的 LRIP。正如我之前在電話中提到的，我們將首先讓陸軍宣布這一消息，然後你們將從我們這裡詳細了解這一消息。

So, this has been a big week. We were hoping we got that announcement before today, but it looks like it's very close and everyone just have a great night.

所以，這是重要的一周。我們希望在今天之前就能收到這個公告，但看起來很快就能知道了，希望大家能度過一個愉快的夜晚。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。