Red Cat Holdings Inc (RCAT) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to Red Cat's third quarter 2025 earnings conference call. My name is Steve, and I'll be your operator for today's call.

下午好，歡迎參加紅貓公司2025年第三季財報電話會議。我叫史蒂夫，我將擔任您今天通話的接線生。

Joining us are the Red Cat's CEO, Jeff Thompson; and CFO, Chris Ericson. Please note that certain information discussed on today's call will include forward-looking statements of our future events and Red Cat's business strategy and future financial and operating performance. These forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict and may cause actual results to differ materially from those stated or implied by those statements. Certain of these risks, uncertainties and assumptions are discussed in Red Cat's SEC filings, including its most recent annual report on Form 10-K and other SEC filings.

與我們一同出席的有紅貓公司首席執行官傑夫·湯普森和首席財務官克里斯·埃里克森。請注意，今天電話會議上討論的某些資訊將包括對我們未來事件、Red Cat 的業務策略以及未來財務和營運績效的前瞻性陳述。這些前瞻性陳述僅為預測，且有難以預測的風險、不確定性和假設，可能導致實際結果與這些陳述中明示或暗示的結果有重大差異。Red Cat 向美國證券交易委員會提交的文件（包括其最新的 10-K 表格年度報告和其他文件）中討論了其中一些風險、不確定性和假設。

These forward-looking statements reflect management's belief, estimate and prediction as on date of this live broadcast, November 13, 2025. and Red Cat undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this call. In addition, our comments on the call today contains reference to non-GAAP financial measures such as adjusted EBITDA and key business metrics such as annual recurring revenue. Non-GAAP measures should be viewed in addition to and not as alternative for the company's reported GAAP results.

這些前瞻性陳述反映了管理階層截至本次直播之日（2025 年 11 月 13 日）的信念、估計和預測。 Red Cat 不承擔任何義務在本次電話會議之後修改或更新任何前瞻性陳述以反映事件或情況。此外，我們今天在電話會議上的評論中提到了非GAAP財務指標，例如調整後的EBITDA，以及關鍵業務指標，例如年度經常性收入。非GAAP指標應被視為公司已公佈的GAAP績效的補充，而不是替代。

A reconciliation of these non-GAAP measures to their most directly comparable GAAP measures as well as definition of the key business metrics referenced and management reasons for including the non-GAAP measures and key business metrics referenced may be found in the press release. Finally, I would like to remind everyone that this call will be recorded and made available for replay via a link available in Investor Relations section of the company's website at ir.redcatholdings.com.

新聞稿中提供了這些非GAAP指標與其最直接可比較的GAAP指標的調節表，以及所引用的關鍵業務指標的定義和管理層納入所引用的非GAAP指標和關鍵業務指標的原因。最後，我想提醒大家，本次電話會議將被錄音，並透過公司網站 ir.redcatholdings.com 投資者關係部分的連結提供回放。

With that, I'll turn the call over to Jeff.

接下來，我會把電話交給傑夫。

The 2025 earnings call.

2025 年財報電話會議。

2025 earnings call. I will start by providing some high-level commentary on our financial results and then share exciting updates about our unique market position and revenue growth initiatives. Red Cat delivered a record-breaking third quarter with revenues of $9.6 million, up 200% from second quarter of 2025. Q4 will be more revenue in one quarter than we have ever done in a 12-month period. A majority of that almost $40 million of revenue in 2025 will have been shipped in the second half of Q3 and Q4, that's just 1.5 quarters. This performance reflects the accelerating adoption of our drone and robotic solutions across defense and national security sectors. Our product portfolio has reached new levels of validation and market acceptance. We are uniquely positioned and have built capacity to meet the US Army's need for 1 million drones. We are ready with speed and volume.

2025年財報電話會議。我將首先對我們的財務表現進行一些高層次的評論，然後分享有關我們獨特的市場地位和收入成長計劃的激動人心的最新進展。Red Cat 第三季創下歷史新高，營收達 960 萬美元，比 2025 年第二季成長 200%。第四季營收將超過我們以往12個月的總營收。2025 年近 4,000 萬美元的收入中，大部分將在第三季下半季和第四季完成交付，這僅相當於 1.5 個季度。這一表現反映了我們的無人機和機器人解決方案在國防和國家安全領域加速得到應用。我們的產品組合已達到新的驗證水準和市場接受度。我們擁有獨特的優勢，並已具備滿足美國陸軍100萬架無人機需求的能力。我們已做好充分準備，速度和數量都已就緒。

Here are additional milestones we achieved this quarter. The limited rate initial production Tranche 2 contract we signed in July 2025 has expanded. It is now $35.1 million. We launched Blue Ops, our new maritime division focused on uncrewed surface vessels with facilities now established in Georgia, Maine and Southeast Florida. Our FANG FPV drone was officially added to the Blue UAS cleared list, a critical validation for U.S. government use and now being used by other PM UAS categories. We successfully completed flight testing with Palantir's Visual Navigation software on our Black Widow platform, enabling operations in GPS-denied environments and now a Black Widow product option that will improve Black Widow margins through software sales.

以下是我們本季取得的其他里程碑式成就。我們在 2025 年 7 月簽署的有限速率初始生產第二批次合約已經擴大。現在是3510萬美元。我們推出了 Blue Ops，這是我們新的海事部門，專注於無人水面艦艇，目前在喬治亞州、緬因州和佛羅裡達州東南部都設有設施。我們的 FANG FPV 無人機已正式加入 Blue UAS 認證名單，這是對美國政府使用的重要驗證，現在也被其他 PM UAS 類別所使用。我們已成功在 Black Widow 平台上使用 Palantir 的視覺導航軟體完成了飛行測試，實現了在 GPS 受限環境下的運行，現在 Black Widow 又多了一個產品選項，可以透過軟體銷售提高 Black Widow 的利潤率。

We announced a strategic partnership with AeroVironment, enabling deployment of FANG from the P550 UAS, part of the LR program of record and Edge Autonomy is deploying the Black Widow on their long-range platform. Our Black Widow system was approved for NATO NSPA catalog, opening doors to NATO members and partner nations and possible foreign military sales. To unpack that a bit more with added color, our limited rate production contract for the Black Widow system valued at $35 million demonstrates the military's confidence in our technology and manufacturing capabilities. The total contract in 2025 is now approaching $40 million for the US Army alone.

我們宣布與 AeroVironment 建立戰略合作夥伴關係，從而能夠從 P550 無人機系統部署 FANG 系統，這是遠程無人機計劃的一部分；Edge Autonomy 正在其遠端平台上部署 Black Widow 無人機。我們的黑寡婦系統已獲準列入北約國家戰略採購計畫 (NSPA) 目錄，為北約成員國和夥伴國家以及可能的對外軍售打開了大門。為了更詳細地說明這一點，我們價值 3500 萬美元的黑寡婦系統限量生產合約表明了軍方對我們的技術和製造能力的信心。到 2025 年，光是美國陸軍一項合約的總金額就已接近 4,000 萬美元。

While we experienced a 6- to 7-week delay due to change orders that pushed the first shipments to mid-August, this reflects dynamic nature of defense requirements and our ability to adapt to solutions to meet evolving specifications. We received the new changes at the end of July. We iterated and delivered the first LRIP drones three weeks later. We proved that we can do quick changes and continue to ship at volume. Perhaps the most exciting strategic expansion is the launch of Blue Ops. Our new Maritime division, this represents a natural extension of our autonomous systems expertise into a high-growth adjacent market. Our partnership in Europe with a battle-proven boat technology gives Blue Ops a three-year advantage in the USV space, and we expect our first boat hulls to be completed in December with potential pricing from about $750,000 to $1.5 million per unit.

雖然由於變更訂單導致首批貨物交付推遲了 6 到 7 週，推遲到 8 月中旬，但這反映了國防需求的動態性以及我們適應不斷變化的規範並調整解決方案的能力。我們在七月底收到了新的變更通知。我們進行了迭代，並在三週後交付了首批低速初始生產（LRIP）無人機。我們已經證明，我們可以快速做出改變，並繼續保持大量出貨。或許最令人興奮的策略擴張是藍色行動的推出。我們新成立的海事部門，代表我們將自主系統專業知識自然地擴展到了一個高成長的鄰近市場。我們與歐洲一家擁有久經沙場考驗的船艇技術的公司建立了合作關係，這使得 Blue Ops 在無人水面艇領域擁有三年的優勢，我們預計我們的第一批船體將於 12 月完成，每艘的潛在價格約為 75 萬美元至 150 萬美元。

This division opens up substantial new revenue opportunities. We now opened 155,000-square-foot manufacturing facility in Georgia, capable of building more than 500 to 1,000 vessels per year and established a sales showroom and lab in Southeast Florida and a prototype partner in Maine that has built some of the most complex boat technology in the industry. We believe this is the most undervalued Red Cat asset. If we only ship 200 boats at the low end of pricing, that is $150 million in revenue. Red Cat believes factories are the moat. Additional expansion strategies are propelled by the need for manufacturing, speed and volume, and we believe factories are becoming a new moat for defense. We have doubled our manufacturing space in Salt Lake City and doubled our manufacturing space in Los Angeles, and we have U.S. capabilities for 1,000 USVs a year and can build a new hull design in months to production.

這一部門的成立帶來了大量新的收入機會。我們現在在喬治亞州開設了一家佔地 155,000 平方英尺的製造工廠，每年可建造 500 至 1,000 多艘船舶；並在佛羅裡達州東南部設立了銷售展廳和實驗室；在緬因州設立了一家原型合作夥伴，該合作夥伴建造了業內一些最複雜的船舶技術。我們認為這是紅貓資產中最被低估的資產。如果我們只以最低價格交付 200 艘船，那也將獲得 1.5 億美元的收入。紅貓認為工廠是護城河。製造、速度和規模的需求推動了進一步的擴張策略，我們認為工廠正在成為國防的新護城河。我們在鹽湖城和洛杉磯的生產空間分別擴大了一倍，我們在美國每年有能力生產 1000 艘無人水面艇，並且可以在幾個月內將新的船體設計投入生產。

Now to provide the Army SRR program update. We continue to execute on the US Army's short-range reconnaissance program. The LRIP contract signed in July has been expanded and is now valued at $35 million. So let me share some context on changes in our revenue outlook and where our projections are shifting slightly to the future. The highly anticipated SRR contract took an extended amount of time to finalize. The government budget was not signed until July 4, and we're still receiving changes to the black window as late as the last week in July. The unanticipated delays shifted our expected revenue recognition by about 6 to 7 weeks to the right, but our long-term trajectory remains unchanged. In fact, the recent expansion of the LRIP contract to $35 million gives us further excitement of the future trajectory of U.S. public announcements and specifically the 1 million drones last week.

現在來報告陸軍戰略儲備和重建（SRR）計劃的最新進展。我們繼續執行美國陸軍的短程偵察計劃。7 月簽署的低速即期 (LRIP) 合約已擴大，現在價值 3,500 萬美元。那麼，讓我來分享一下我們收入預期變化的一些背景信息，以及我們對未來的預測有哪些小幅調整。備受矚目的SRR合約耗時較長才最終敲定。政府預算直到7月4日才簽署，而直到7月最後一周，我們仍在收到有關預算變更的通知。意料之外的延誤使我們的預期收入確認時間向右推遲了大約 6 到 7 週，但我們的長期發展軌跡保持不變。事實上，最近低速初始生產合約金額擴大到 3,500 萬美元，讓我們對美國未來的公開聲明，特別是上週宣布的 100 萬架無人機，更加感到興奮。

We expect to announce additional contracts and partnerships in the coming months, including developments in our USV segment, Edge 130 move to Trichon, new power capabilities combined with swarming. Given some of the delays mentioned, we are needing to lower our full year revenue guidance range from -- for 2025 to between $34.5 million to $37.5 million. Q4 guidance is just below a $100 million annual run rate. We remain very optimistic about our ability to recover revenue from the delayed continuing resolution known as the One Big Beautiful Bill and the government shutdown of 2025. Demand has grown significantly in the last 3 months with the Army alone looking for millions of drones. We are currently implementing Warp Speed in Salt Lake City and expect to send Palantir and 4 deployed engineers to FlightWave Long Beach facility then soon to Georgia for the Blue Ops facility.

我們預計將在未來幾個月內宣布更多合約和合作夥伴關係，包括我們在無人水面艇領域的進展、Edge 130 向 Trichon 的轉移、新的動力能力與集群作戰能力的結合。鑑於上述一些延誤情況，我們需要將2025年全年營收預期範圍從－下調至3,450萬美元至3,750萬美元之間。第四季預計年運行率略低於 1 億美元。我們對從被稱為「一個大而美好的法案」的延期持續決議和 2025 年政府停擺中收回收入的能力仍然非常樂觀。過去三個月，無人機需求大幅成長，光是陸軍就需要數百萬架無人機。我們目前正在鹽湖城實施 Warp Speed 計劃，預計將派遣 Palantir 和 4 名部署工程師前往 FlightWave 長灘工廠，然後很快前往喬治亞州的 Blue Ops 工廠。

We believe running our factories utilizing Palantir's Warp Speed will give us lower cost, higher margin, better operating metrics, better visibility and help us dominate against old trusty prime vendors. As you know, we also previously announced our new product with partnership with Palantir for digital navigation. We also expect to launch other important products from Palantir on the Black Widow and the USV products earlier next year as partnerships continue to grow with Palantir utilizing their AI products.

我們相信，利用 Palantir 的 Warp Speed 來運營我們的工廠，將為我們帶來更低的成本、更高的利潤、更好的營運指標、更好的可見性，並幫助我們戰勝那些老牌可靠的供應商。如您所知，我們之前也宣布了與 Palantir 合作推出的全新數位導航產品。我們也預計明年年初在 Black Widow 和 USV 產品上推出 Palantir 的其他重要產品，因為與 Palantir 的合作關係不斷加強，我們將利用他們的 AI 產品開展合作。

I will now turn the call over to Chris to discuss our financial results.

現在我將把電話交給克里斯，讓他來討論我們的財務表現。

All right. Thank you, Jeff, and good afternoon, everyone. I appreciate everyone jumping on today. As Jeff mentioned, we're pleased with our record third quarter 2025 results, absolutely ecstatic. Our financial performance reflects the success of our ongoing strategic initiatives and our commitment to delivering value to our shareholders. On the income statement side, revenues were $9.6 million for the third quarter of 2025. Now this is trending up from $3.2 million in the second quarter and up further from the $1.6 million in Q1 of 2025. This improving trend is due to increasing product revenue as we have started delivering drones to the US Army under the SRR program.

好的。謝謝你，傑夫，大家下午好。感謝今天所有參與的朋友。正如傑夫所說，我們對2025年第三季創紀錄的業績感到非常滿意，簡直欣喜若狂。我們的財務表現反映了我們正在實施的策略措施的成功，以及我們致力於為股東創造價值的承諾。從損益表來看，2025 年第三季的營收為 960 萬美元。目前這一數字正呈上升趨勢，從第二季的 320 萬美元成長到 2025 年第一季的 160 萬美元。這一改善趨勢是由於產品收入增加所致，因為我們已開始根據 SRR 計劃向美國陸軍交付無人機。

Gross profit was $638,000 in the third quarter of 2025, up from $375,000 in the second quarter of 2025. Margins have been primarily driven by higher revenues in the two consecutive quarters. Q3 gross profit was a large increase compared to the gross loss of $392,000 in the third quarter of 2024, an improvement of over $1 million. On a percentage basis, gross profit for this quarter was 7% compared to a gross loss of 30% during the third quarter of 2024. The year-over-year same quarter change is due to higher utilization of plant capacity and decreased inventory obsolescence in 2025 compared to 2024. On our operating expense side, we've strategically increased the areas of R&D and G&A to support our rapid growth trajectory and market expansion initiatives.

2025 年第三季毛利為 638,000 美元，高於 2025 年第二季的 375,000 美元。利潤率的成長主要得益於連續兩季營收的成長。第三季毛利較 2024 年第三季 39.2 萬美元的毛虧損大幅成長，改善超過 100 萬美元。以百分比計算，本季毛利為 7%，而 2024 年第三季毛虧損為 30%。與 2024 年相比，2025 年的年比變化是由於工廠產能利用率更高，庫存過時情況減少。在營運費用方面，我們已策略性地增加了研發和一般及行政費用，以支援我們的快速成長軌跡和市場擴張計劃。

During Q3 of 2025, we invested approximately $6 million into R&D, a quarterly increase of 66% over Q2 of 2025. We have accelerated R&D to focus on growing our technological leadership in all areas, including, but not limited to, unmanned maritime surface vessels, advanced communication systems, electrical, optical and thermal sensor technology, universal flight controls, AI-based navigation systems and swarming capabilities to say the least, plenty of other areas that we're spending R&D as well to improve our technologies. General and administrative expenses have grown to $9.2 million for Q3 of 2025, a quarterly increase of 48% over Q2 of 2025. This is to support our larger organization, including the establishment of our Blue Ops division and the operational infrastructure required to manage our expanding operations.

2025 年第三季度，我們在研發方面投入了約 600 萬美元，比 2025 年第二季成長了 66%。我們加快了研發步伐，致力於提升我們在各個領域的技術領先地位，包括但不限於無人水面艦艇、先進通訊系統、電氣、光學和熱感測器技術、通用飛行控制、基於人工智慧的導航系統和集群能力等等，我們還在其他許多領域投入研發，以改進我們的技術。2025 年第三季一般及行政費用成長至 920 萬美元，較 2025 年第二季成長 48%。這是為了支持我們更大的組織，包括建立我們的藍軍行動部門以及管理我們不斷擴大的業務所需的營運基礎設施。

Now on to the balance sheet and cash flow side. The most significant trend across our balance sheet and cash flow metrics is the strengthening foundation we're building for sustained growth and profitability. We've ended the quarter with $212.5 million in cash and receivables. This liquidity positions us well to execute on our SRR obligations, scale our USV division and pursue other strategic growth opportunities. The investments we're making in working capital, manufacturing capabilities and organizational infrastructure are already generating returns through accelerated revenue growth and enhanced market position, positioning us for continued success as we scale our operations and capture the tremendous opportunities in the defense drone market. Despite the timing shift of revenue that Jeff talked about, we remain confident in our ability to meet long-term goals. Our production capacity continues to improve with minimal constraints. We are on track to scale up drone output to 1,000 units a month by early 2026, and our USV manufacturing is building up with first deliveries expected in Q2 of 2026.

接下來來看資產負債表和現金流量表。從我們的資產負債表和現金流指標來看，最顯著的趨勢是我們正在為持續成長和獲利能力建立更堅實的基礎。本季末，我們的現金和應收帳款總額為 2.125 億美元。充足的流動性使我們能夠更好地履行 SRR 義務，擴大 USV 部門規模，並尋求其他策略成長機會。我們在營運資金、製造能力和組織基礎設施方面的投資已經透過加速收入成長和增強市場地位產生了回報，這使我們能夠在擴大業務規模和抓住國防無人機市場的巨大機會的過程中繼續取得成功。儘管傑夫提到了收入時間上的變化，但我們仍然有信心實現長期目標。我們的生產能力在盡可能少的限制下持續提升。我們正按計劃推進，到 2026 年初將無人機產量提高到每月 1000 台，我們的無人水面艇製造也在不斷擴大，預計將於 2026 年第二季開始交付。

On the capital allocation side, we are focused on deploying capital across three key areas: our USV division build-out of Blue Ops, estimated to be a $20 million to $25 million investment to fully operationalize the division. Strategic investments targeting technologies in farming battery tech, AI and communications, among others. And the third, our facility expansion with completion of our facility expansions in Salt Lake City and Los Angeles here in the next 3 to 4 months and then also in Georgia with our Blue Ops facility.

在資本配置方面，我們專注於將資本部署到三個關鍵領域：我們的無人水面艇部門的藍軍行動建設​​，預計需要 2,000 萬至 2,500 萬美元的投資才能使該部門全面運作。戰略投資主要針對農業電池技術、人工智慧和通訊等領域的技術。第三，我們將在未來 3 到 4 個月內完成鹽湖城和洛杉磯的設施擴建，然後是喬治亞州的 Blue Ops 設施擴建。

General outlook. Turning our guidance to the full year 2025, as Jeff mentioned, we expect revenues to be between $34.5 million to $37.5 million. This represents Q4 revenues between $20 million and $22 million or a sequentially quarterly increase of 170%, more than doubling the Q3 revenues. This continued strong sequential growth driven by our accelerated Black Widow production ramp and thank system deliveries following Blue UAS certification. This guidance reflects our confidence in our production capabilities with our anticipated manufacturing scaling from 500 to 1,000 drones per month in Q1 of 2026 and our strong order visibility from both existing defense customers and new opportunities generated through our NATO catalog approval.

總體情況。展望 2025 年全年，正如 Jeff 所提到的，我們預計收入將在 3,450 萬美元至 3,750 萬美元之間。這意味著第四季營收在 2,000 萬美元至 2,200 萬美元之間，比第三季營收成長 170%，是第三季營收的兩倍多。這一持續強勁的成長得益於我們加速提升 Black Widow 的生產能力，以及 Blue UAS 系統獲得認證後交付的感謝系統。這項指導意見反映了我們對自身生產能力的信心，預計到 2026 年第一季度，無人機的製造規模將從每月 500 架擴大到 1000 架，並且我們來自現有國防客戶的強勁訂單前景以及通過北約目錄批准而產生的新機會。

Several key factors are driving our optimistic outlook for the remainder of 2025 and into 2026. Our limited rate production contract for Black Widow Systems provides a solid foundation of committed revenue, while our expanded production capacity position allows us to capture additional opportunities as they emerge. With the launch of Blue Ops opens an entirely new revenue stream and significant potential, giving our pricing expectations between $750,000 to $1.5 million per vessel and the growing demand for autonomous maritime solutions. Our strategic partnerships with Palantir and AeroVironment are beginning to generate collaborative opportunities that should contribute meaningfully to our revenue growth trajectory. Market conditions continue to be exceptionally favorable in our solutions.

幾個關鍵因素促使我們對 2025 年剩餘時間和 2026 年持樂觀態度。我們與 Black Widow Systems 簽訂的有限產量合約為我們提供了穩定的收入基礎，同時我們擴大的生產能力使我們能夠抓住湧現的更多機會。Blue Ops 的推出開啟了全新的收入來源和巨大的潛力，我們預計每艘船的定價將在 75 萬美元到 150 萬美元之間，對自主海上解決方案的需求也在不斷增長。我們與 Palantir 和 AeroVironment 的策略合作夥伴關係正在開始產生合作機會，這將對我們的營收成長軌跡做出有意義的貢獻。我們的解決方案在市場環境下仍擁有極為有利的條件。

Defense spending on autonomous systems is accelerating globally, driving by evolving geopolitical driven by evolving geopolitical dynamics and the proven effectiveness of drone technology in modern conflicts. The emphasis on domestic manufacturing and supply chain security creates substantial competitive advantages for Red Cat, while our international expansion through NATO approval opens up significant new market opportunities. We're also seeing increased interest in our maritime capabilities as defense organizations recognize the strategic importance of Unmanned Surface Vessels. Our internal initiatives are positioned to drive sustained growth beyond the current quarter.

受不斷變化的地緣政治動態以及無人機技術在現代衝突中已被證明的有效性的推動，全球國防在自主系統方面的支出正在加速成長。對國內製造和供應鏈安全的重視為紅貓公司創造了巨大的競爭優勢，而我們透過北約批准進行的國際擴張則開闢了重要的新市場機會。隨著國防組織意識到無人水面艦艇的戰略重要性，我們也看到人們對我們海上能力的興趣日益濃厚。我們的內部舉措旨在推動本季之後的持續成長。

In closing, we remain focused on disciplined execution, strategy expansion and delivering shareholder value. We are pleased with the progress we have made on each of our strategic initiatives and operational performance of the business. And with that, happy to answer your questions.

最後，我們將繼續專注於嚴謹的執行、策略的拓展和為股東創造價值。我們對各項策略性舉措和業務營運績效所取得的進展感到滿意。那麼，我很樂意回答您的問題。

So operator, Stephen, if you would please open up the line for Q&A.

接線生史蒂芬，請你開通問答線。

(Operator Instructions)

（操作說明）

Austin Bohlig, Needham.

奧斯汀·博利格，尼德姆。

Hey guys, thanks for taking my question. First one, we're just curious on an update regarding the full rate production order. It sounded like previously, you guys were hoping to secure that by the end of the year. Is that still kind of the expectation? And any idea on like sizing of that opportunity?

各位好，感謝你們回答我的問題。首先，我們只是想了解一下全面生產訂單的最新進展。聽起來你們之前是希望在年底前實現這個目標的。現在人們仍然抱持這種期望嗎？對這個機會的規模有什麼想法嗎？

Hey Austin, thanks for the question. Well, we hope that, that was going to be by the end of the year, but that was before the shutdown. We're still communicating with -- they're using OTAs from now on, as you probably heard Secretary Hegseth last Friday. We do not know the size yet, but considering that LRIP is closing in on a $40 million size. If you look at the President's budget, it's for 2250 systems for SRR, which they have at about $148 million now. Until budgets are approved, no one knows what that's going to be. But I think the size is going to be dramatically larger from the $40 million basically we got in 2025.

嗨，奧斯汀，謝謝你的提問。我們希望能在年底前實現，但那是在停工之前。我們仍在與他們溝通——從現在開始他們將使用OTA（線上協議），正如你可能在上週五聽到的赫格塞斯部長所說。我們還不知道規模，但考慮到 LRIP 的規模接近 4000 萬美元。如果你看一下總統的預算，你會發現其中有 2250 個 SRR 系統，目前大約需要 1.48 億美元。在預算獲得批准之前，誰也不知道最終結果會是什麼樣子。但我認為，到 2025 年，規模將會比我們目前所獲得的 4,000 萬美元大幅成長。

Okay. Great. And then just on the boat opportunity, shipping, it sounds like in Q2 of next year. What is the type of cadence for revenue opportunity do you think that could be next year for you guys?

好的。偉大的。至於船舶運輸方面的機會，聽起來像是明年第二季。你們認為明年可能出現的收入機會節奏會是什麼樣的呢？

Well, as I said in my comments, if we only sold 200 boats, that's $150 million, and that would be the least expensive 5-meter boat. We're starting with the 7-meter variant, which has lots of opportunities for missiles, torpedoes, black widows. It comes in many, many different configurations because it's the bigger size. And those will be probably in the midrange of that $750 million to $1.5 million. But we think there's a robust need for shipbuilding as there was also an executive order just like the Drone Dominance Executive Order. The U.S. is way further behind in shipbuilding and way further behind than Ukrainians are with their naval capabilities. So we believe it could be a pretty robust revenue stream for us in 2026. A little too early to start giving guidance on that.

正如我在評論中所說，如果我們只賣出 200 艘船，那就是 1.5 億美元，而且這將是最便宜的 5 公尺船。我們先從7公尺型號開始，它有很多機會搭載飛彈、魚雷和黑寡婦飛彈。由於尺寸較大，所以它有很多很多不同的配置。這些金額可能在 7.5 億美元到 150 萬美元的中間值。但我們認為造船業有著強勁的需求，因為也曾有類似無人機主導權行政命令那樣的行政命令。美國在造船方面遠遠落後烏克蘭，其海軍能力也遠遠落後於烏克蘭。因此，我們相信到 2026 年，它可能會成為我們相當穩定的收入來源。現在就此給出指導意見還為時過早。

We did have a very successful outing in Portugal in September. And once the first hulls are ready to demo, we're probably booked the first 3 months of the year giving demos to almost everybody who wants to take our meeting because of our partner that we have in Europe has 3 years of proven -- battle-proven, not battle-tested, battle proven, which is a key differentiator in the Black Sea. So we expect to get all the meetings. It's going to be up to us to show them how good our brand-new hull is and our capabilities are. And we're actually probably going to add a lot more robust capabilities with additional cameras than they are in other countries right now.

我們在九月的葡萄牙之行非常成功。一旦第一批船體準備好進行演示，我們今年的前三個月可能就被安排滿了，幾乎每個想參加我們會議的人都會被安排進行演示，因為我們在歐洲的合作夥伴擁有 3 年的實戰經驗——是實戰經驗，而不是經過實戰檢驗的經驗，這在黑海是一個關鍵的差異化優勢。所以我們希望能夠參加所有會議。接下來就看我們能否向他們展示我們全新的船體有多好，以及我們的能力有多強了。而且我們很可能會增加比其他國家目前更強大的功能，配備更多攝影機。

Okay, all right, well thank you guys for that, best of luck the rest of the year.

好的，謝謝大家，祝你們今年剩下的日子一切順利。

Mike Latimore with Northland Capital Markets.

Mike Latimore，來自 Northland Capital Markets。

All right. I guess on the -- you mentioned the 6- to 7-week delay. Just maybe can you provide a little framework on how much revenue recognition was influenced by that, which products, which programs were affected?

好的。我猜你剛才提到了 6 到 7 週的延誤。您能否簡單說明一下，收入確認受此影響的程度，哪些產品、哪些項目受到了影響？

Well, there's a lot of moving pieces to that, Mike. A, because they keep changing the contract from the Army. The good news is we're already delivering on it. We did a delivery today. As we mentioned, we're going to be doing more than 100% growth in Q4. Basically, the way I would look at it, Mike, is if you took -- instead of our production shipping starting in the beginning of July, if you just shifted everything 6 to 7 weeks to the right, nothing has changed with our demand from our customers to -- from the previous guidance. I would say the only thing that was significantly different from -- that held us up in demand was that we had to do some reconfiguring, which I mentioned this publicly about 2 months ago. The FlightWave Edge 130 is a great flying machine, but it's not a very robust tool to hand a soldier that's going to be pretty rough with it.

嗯，這其中涉及很多方面，麥克。A，因為他們不斷更改與陸軍的合約。好消息是我們已經朝著這個方向努力了。我們今天送貨了。正如我們之前提到的，第四季我們的成長率將超過100%。基本上，麥克，我的看法是，如果我們把生產發貨時間從 7 月初推遲 6 到 7 週，而不是像之前那樣從 7 月初開始，那麼我們客戶的需求就不會發生變化——與之前的指導相比，情況也不會有任何改變。我認為唯一與以往顯著不同的是——導致我們需求成長受阻的原因是，我們必須進行一些重新配置，我大約在兩個月前公開提到這一點。FlightWave Edge 130 是一款很棒的飛行器，但它並不是一款非常堅固耐用的工具，不適合交給會粗暴使用它的士兵。

So the $25 million that we were expecting to have from FlightWave this year, we decided to rip the Band-Aid off early and start that reconfigure a couple of months ago, as I mentioned on a previous call, to make that Edge 130 a more robust aircraft so that a soldier could handle it and would not be breaking it and so the decision was to just move straight to the Trichon instead of messing with the interim version. And that's where we are. That's the only -- and we expect the $25 million in 2025 from FlightWave, which we're not going to get because of that.

因此，我們決定提前結束今年從 FlightWave 獲得的 2500 萬美元撥款，並在幾個月前開始進行重新配置，正如我在之前的電話會議中提到的那樣，目的是使 Edge 130 成為一架更堅固的飛機，以便士兵能夠操控它，並且不會將其損壞。因此，我們決定直接採用 Trichon，而不是去折騰過渡版本。這就是我們目前的處境。這是唯一的問題——我們原本期望在 2025 年從 FlightWave 獲得 2500 萬美元，但由於這個原因，我們拿不到這筆錢了。

Okay. Got it. And then it looks like inventory almost doubled sequentially. Is that largely finished goods, Black Widow? Like what's in there?

好的。知道了。然後，庫存似乎比上季幾乎翻了一番。黑寡婦，這差不多是成品了嗎？裡面裝的是什麼？

Yes. So I'll let Chris take that.

是的。那我就讓克里斯來做這件事吧。

Not finished goods, but raw materials inventory ramp-up, a lot of deposits in there as well. As we've started production now, of course, at the very beginning of any type of process like this, you do have a lot of long lead time lead items that have to build up. And so as we built that out to prepare for, especially the big ramp starting up in Q1 for these deliveries, we've built up that inventory. But that's all in raw materials and parts for those inventories as well as deposits.

不是成品，而是原料庫存增加，裡面還有很多存款。當然，既然我們現在已經開始生產，那麼在任何類型的流程的開始階段，都會有很多交貨週期長的先導項目需要累積起來。因此，為了做好準備，特別是為第一季即將開始的大規模交付做好準備，我們已經建立了庫存。但這些都只是庫存中的原料和零件以及存款。

Did you say that was for Blue Ops or Black Widow or both?

你是說那是給《藍色行動》還是《黑色寡婦》用的，還是兩者都用？

Black Widow. So a majority of that is Black Widow, smaller portion FlightWave. Blue Ops, we're going to start having that to ramp up this next quarter, but you won't see that yet.

黑寡婦。所以其中大部分是 Black Widow，一小部分是 FlightWave。藍色行動，我們將在下個季度開始逐步加強，但你們現在還看不到。

Got it. Okay. And then just thinking about Blue Ops in '26, what -- I think you're launching, again, the demos. Like what's the next -- maybe walk through a couple of steps here. The -- which programs are most visible? What do you think sort of sales cycles are, funding cycles are? When do you think you might get some commercial wins there?

知道了。好的。然後想到 2026 年的 Blue Ops，我想你們又要推出試玩版了。接下來該做什麼——也許可以按以下步驟進行。哪些項目最引人注目？你認為銷售週期和融資週期分別是什麼類型的？你覺得什麼時候能在那裡取得一些商業上的成功？

Yeah. Well, there's a lot of stuff that's going to be coming up in the 2026 budget for shipbuilding, USVs. It's all out there for the taking. We believe because of our platform is mature compared to competitors, it's 3 years old. It's been the most successful against the Russian Navy and that we have actually improved the hulls dramatically, have some of the best boat building capabilities, and we have the capability to scale rapidly with lots of volume coming out of Georgia. That factory used to do 850 Lake boats per year before we took it over in September.

是的。嗯，2026 年的預算中將會出現很多關於造船和無人水面艇的項目。一切都唾手可得。我們認為，與競爭對手相比，我們的平台已經成熟，它已經有 3 年的歷史了。它對俄羅斯海軍取得了最大的成功，而且我們實際上已經大幅改進了船體，擁有一些最好的造船能力，我們有能力迅速擴大規模，從格魯吉亞大量生產。在我們九月接管之前，那家工廠每年生產 850 艘湖用船。

The USVs that we're making don't require bathrooms. They don't require upholstery. They don't require sound systems. They're much simpler boats to build. There is some great technology in them. There's a lot of sensors. There's a lot of comms. We actually just tested our tech stack this week on a traditional commercial boat. That's not one of our USVs coming out of the factory, and we're able to drive that boat from pretty much anywhere in the world through Starlink, and we've been demoing that in Florida.

我們製造的無人水面艇不需要衛生間。它們不需要軟墊。它們不需要音響系統。它們的建造要簡單得多。它們蘊含著一些很棒的技術。這裡有很多感測器。有很多交流。實際上，我們本週剛在一艘傳統的商用船上測試了我們的技術堆疊。那不是我們工廠生產的無人水面艇，我們可以透過星鏈從世界任何地方操控這艘船，我們一直在佛羅裡達州進行展示。

So our tech stack is getting mature. We're pretty stoked about that. But -- we'll be able to give you much stronger updates early in Q1. The demo in Portugal was very successful for us. The people know that there's a U.S. option of the most successful USV in the industry. So we'll be able to update you on where we'll be next year -- early next year.

我們的技術棧正在日趨成熟。我們對此感到非常興奮。但是—我們將在第一季初就為您提供更可靠的最新消息。我們在葡萄牙的演示非常成功。人們都知道，美國擁有業界最成功的無人水面艇（USV）產品。所以，我們明年年初就能告訴大家我們的動向了。

Glenn Mattson with Ladenburg Thalmann.

Glenn Mattson 與 Ladenburg Thalmann 合作。

Nice to see the revenue ramp. I imagine there's a lot of moving parts still, but the gross margin was up, obviously year-over-year, still sub-10%. Like what's your expectation, Chris, in Q4, given this higher revenue level? And can you just remind us where you think you'll be when you're at a higher scale, say, later next year or whatever that may be?

很高興看到營收成長。我想還有很多環節需要調整，但毛利率顯然比去年同期有所成長，但仍低於 10%。克里斯，鑑於目前較高的營收水平，你對第四季的預期是什麼？那麼，您能否提醒我們一下，當您達到更高規模時，比如說明年晚些時候或其他什麼時候，您認為自己會在哪裡？

Yeah, absolutely. Yes, we do expect this margin of 7% to increase up continuing on to next quarter as well as building up into next year. So we're going to expect to see it probably right around 10% for Q4 and then breaking into Q1 through the end of next year, that will continuously increase, projecting towards 20% by the end of next year. This is part of full utilization of the overhead implementing into it and then starting to bring down the cost on the supply chain. It's for the first time of ramping up, things are a little bit more expensive. But as we accelerate that, we will be able to bring down the cost of that as well. And so that will extend on the low end, 20% by the end of next year, shooting for around 30% to 35% in the long run.

是的，絕對的。是的，我們預計這一7%的利潤率將在下一季持續成長，並在明年繼續攀升。因此，我們預計第四季度這一比例可能在 10% 左右，然後進入明年第一季度，一直到明年年底，這一比例將持續增長，預計到明年年底將達到 20%。這是充分利用現有資源，逐步降低供應鏈成本的一部分。這是首次大規模擴張，所以成本會稍微高一些。但隨著我們加快這一進程，我們也能降低成本。因此，到明年年底，這一比例將先達到 20%，長期目標是達到 30% 到 35% 左右。

And Glenn, just to add to that, we have to look at each system as a separate entity when we're looking at how to get these gross margins up. So if you look at the Teal products we had in the past, the Teal 2 went from negative 10% to right around 8% to 10% in its first quarter to 20% then to plus 30% each quarter. So previous ramping experience was that it will go up nice and steadily quarter after quarter, specifically as the revenue grows, like we're seeing triple-digit growth next quarter, and we expect similar growth going forward. But each one -- each device is going to have a different margin. FlightWave's margins are actually slightly higher than the Black Widow.

格倫，我還要補充一點，在考慮如何提高毛利率時，我們必須將每個系統視為獨立的實體。所以，如果你看看我們過去推出的 Teal 產品，Teal 2 的成長率從 -10% 上升到第一季的 8% 到 10% 左右，然後上升到 20%，之後每季都上升到 30%。先前的業績成長經驗表明，業績會逐季穩定成長，尤其是在收入成長的情況下，例如我們預計下個季度將實現三位數成長，我們預計未來也會有類似的成長。但是每個設備－每個設備的裕量都會有所不同。FlightWave 的利潤率實際上略高於 Black Widow。

So once we get that switched to the Trichon, that will probably help our margins on an overall basis. But we look at them per unit. We have the Black Widow, we have the Trichon, we have the FANG and we have the USVs. They all have different margin capabilities in their maturity.

所以一旦我們把生產線換成 Trichon，這可能會從整體上提高我們的利潤率。但我們是從單位角度來看它們的。我們有黑寡婦，我們有三叉戟，我們有FANG，我們還有無人水面艇。它們在成熟度方面都具有不同的利潤能力。

Great. When it comes to the Trichon, what programs are you targeting in terms of like the uptake for that UAV?

偉大的。就 Trichon 無人機而言，你們的目標項目有哪些，例如該無人機的普及應用？

Yeah. What's interesting is the demand is very strong for the -- even the Edge 130, but it's currently not to where we want it to be. We've done some incredible improvements to it in the last couple of months to make it more reliable and adding features, all the things that we're getting feedback on. If there's lots of different programs. Your MRR is still wide open. We could look at MRR with the Trichon. There's a lot of different things. Border patrols really like the Trichon, long-range capabilities with it.

是的。有趣的是，市場對 Edge 130 的需求非常強勁，但目前還沒有達到我們想要的水平。在過去的幾個月裡，我們對它進行了一些令人難以置信的改進，使其更加可靠，並添加了一些功能，所有這些都是我們收到的反饋。如果有很多不同的項目。您的月度經常性收入仍然有很大的提升空間。我們可以用 Trichon 來研究 MRR。有很多不同的東西。邊境巡邏隊非常喜歡Trichon，因為它具備遠程射擊能力。

We could also turn it into a loitering munition. It's a very unique aircraft. Our sales team love it. We just need to make it more robust. And once it's more robust, there's a lot of things we can do with that platform. It flies the longest on the Blue UAS list. It's one of the fastest drones on the Blue UAS list. So if we can make it a more robust aircraft, it's going to sell very well.

我們還可以把它改造成巡彈。這是一架非常獨特的飛機。我們的銷售團隊非常喜歡它。我們只需要讓它更穩健一些。一旦平台更加完善，我們就可以利用它做很多事情。它是藍色無人機系統中飛行時間最長的無人機。它是Blue UAS名單中速度最快的無人機之一。所以如果我們能把它造得更堅固耐用，它一定會賣得很好。

Great. And then I'm just trying to think about like the first part of '26. I know you're not giving guidance, but like if your prior guidance at the low end was, say, $80 million and you're coming in now just ballpark, say, $40 million, although it's lower than that be $40, say, that's a $40 million delta, and you're saying basically $25 million of that is FlightWave. So the remaining $15 million or so is kick out into Q1. Is that fair? And then what else backfills into Q1 to rise sequentially, say, from Q4 in your mind, Jeff?

偉大的。然後我就試著去想一下 2026 年上半年的事。我知道你沒有給出具體指導，但是，假設你之前的最低指導是 8000 萬美元，而現在你只是粗略估計 4000 萬美元，雖然實際金額比這低，比如說 4000 萬美元，那麼就有 4000 萬美元的差額，而你又說這其中基本上有 2500 萬美元是 FlightWave 的。因此，剩餘的約 1500 萬美元將在第一季發放。這樣公平嗎？那麼，傑夫，在你看來，還有什麼可以填補 Q1 的空缺，從而從 Q4 開始逐步上升呢？

Well, obviously, just to bash the haters, the haters out there said that our LRIP contract was $12 million. It's $35 million. The plan for what you see in the President's budget is for $2250 next year, which is probably a small number after the Army announcing they need to deliver 1 million drones over the next year or 2. So all the numbers seem to be going up. LRIP went up. We believe all of 2026 is going to go up. So we're not going to get into guidance yet in 2026. We got burned severely by the government, massive postponements through half the year and then a government shutdown. So we're going to wait until we have our OTA contract, which is going to give us a very great barometer for 2026.

顯然，為了回擊那些噴子，那些噴子說我們的 LRIP 合約價值 1200 萬美元。是3500萬美元。總統預算中的計劃是明年撥款 2250 美元，考慮到陸軍宣布他們需要在未來一兩年內交付 100 萬架無人機，這可能是一個很小的數字。所以所有數字似乎都在上升。LRIP上升了。我們認為2026年全年都會上漲。因此，我們暫時不會對 2026 年做出指導。我們被政府狠狠坑了一把，半年來大規模延期，然後政府又關門了。所以我們將等到拿到OTA合約後再做決定，這將為我們提供2026年的一個重要風向標。

And if you look at how SRR LRIP worked out, Skydio got 7, we got 35. The Black Widow is doing some incredible things in Europe right now. We expect the Black Widow to end up dominating this category of drone, the way it's performing in very contested environments, and we're just going to continue to improve the Black Widow and give the Army a product that we're proud of so that they can be safe and more lethal. So long answer to we're not going to give 2026 guidance with the way this government has been operated. As soon as we sign the OTA contract, which who knows when it's going to be signed, I'm not going to give dates on that. I'm starting to learn at least.

如果你看看 SRR LRIP 的結果，Skydio 獲得了 7 個，我們得到了 35 個。黑寡婦現在在歐洲可謂風生水起。我們預計「黑寡婦」無人機最終將在該類無人機中佔據主導地位，因為它在競爭激烈的環境中表現出色。我們將繼續改進「黑寡婦」無人機，為陸軍提供一款我們引以為傲的產品，使他們能夠更安全、更致命地作戰。所以，對於「鑑於本屆政府目前的運作方式，我們不會給出2026年的指導意見」這個問題，我的回答是：一旦我們簽署了OTA合約（至於何時簽署，誰也不知道，所以我不會給出具體日期）。我至少開始學到東西了。

But yes, we're not concerned with 2026 being significantly larger than 2025. Now just to back up here a little bit, all this revenue that we're talking about, almost all of it is from the Black Widow. So we're not getting contributions from the Blue Ops yet and from FlightWave. We expect them to significantly contribute next year, but we're not ready to give guidance yet. So we're hoping to be able to do that at the beginning of next year.

但是，我們並不擔心 2026 年的規模會比 2025 年大很多。現在讓我們稍微回顧一下，我們談論的所有這些收入，幾乎全部來自黑寡婦。所以，我們目前還沒有收到 Blue Ops 和 FlightWave 的貢獻。我們預計他們明年將做出重大貢獻，但我們現在還不便給予具體指引。所以我們希望能在明年年初實現這個目標。

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

我們的問答環節到此結束。我謹將會議交還給傑夫湯普森，請他作總結發言。

Well, thanks, everybody, for joining. We're pretty excited about what's going on. We're excited about where we're going with the Army. We're excited where we'll go with all the other groups. We're going to continue to just keep building and delivering drones. Thanks again for everybody joining.

謝謝大家的參與。我們對目前的情況感到非常興奮。我們對陸軍的未來發展方向感到興奮。我們很興奮能與其他團隊一起走向未來。我們將繼續持續製造和交付無人機。再次感謝大家的參與。

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

謝謝。會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。謝謝。