Red Cat Holdings Inc (RCAT) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Red Cat quarterly earnings. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Red Cat 季度財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host Ankit Hira, Investor Relations. Thank you, Ankit. You may begin.

現在我很榮幸介紹本次主持人：投資人關係部的 Ankit Hira。謝謝你，Ankit。你可以開始了。

Good afternoon, and welcome to Red Cat's fourth-quarter and full-year 2025 earnings call. Joining us are Red Cat's CEO, Jeff Thompson; COO, Chris Ericson; and CFO, Christian Morrison. Please note that certain information discussed on the call today will include forward-looking statements for our future events and Red Cat's business strategy and future financial and operating performance.

各位下午好，歡迎參加 Red Cat 2025 年第四季與全年財報電話會議。與會者包括 Red Cat 執行長 Jeff Thompson、營運長 Chris Ericson，以及財務長 Christian Morrison。請注意，今天電話會議中討論的部分資訊將包含前瞻性陳述，涉及我們未來事件、Red Cat 的業務策略，以及未來財務與營運表現。

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 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.

這些前瞻性陳述僅為預測，並受難以預測的風險、不確定性與假設影響，可能導致實際結果與這些陳述所明示或暗示者有重大差異。部分風險、不確定性與假設已在 Red Cat 向美國證券交易委員會（SEC）提交的文件中討論，包括最近一期 Form 10-K 年報及其他 SEC 文件。

These forward-looking statements reflect management's beliefs, estimates, and predictions as of the date of this live broadcast, March 18, 2026, 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 will contain references to non-GAAP financial measures such as adjusted EBITDA and key business metrics.

這些前瞻性陳述反映管理層截至本次直播（2026 年 3 月 18 日）之信念、估計與預測；Red Cat 不承擔在本次電話會議日期之後，因事件或情況變化而修訂或更新任何前瞻性陳述的義務。此外，我們今天的評論將提及非 GAAP 財務衡量指標，例如調整後 EBITDA，以及關鍵業務指標。

Non-GAAP measures should be viewed in addition to and not as an alternative for the company's reported GAAP results. A reconciliation of these non-GAAP measures to their most directly comparable GAAP measures as well as definitions of the key business metrics referenced and management's reasons for including the non-GAAP measures and key business metrics referenced may be found in the press release.

非 GAAP 指標應與公司依 GAAP 報告的結果一併看待，而不應作為其替代。非 GAAP 指標與其最直接可比之 GAAP 指標的調節表、所提及關鍵業務指標的定義，以及管理層納入上述非 GAAP 指標與關鍵業務指標的原因，均可在新聞稿中查閱。

Finally, I would like to remind everyone that this call will be recorded and made available for replay via link available on the Investor Relations section of the company's website at ir.redcatholdings.com.

最後提醒各位，本次電話會議將被錄音，並將提供重播；重播連結可於公司網站投資人關係專區 ir.redcatholdings.com 取得。

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

接下來，我把電話交給 Jeff。

Thanks, Ankit. Good afternoon, and thank you for joining Red Cat's Q4 2025 earnings call. I'm going to let Chris Ericson, our COO; and Chris Morrison, our CFO, discuss last year's extraordinary Q4 results, which annualized would be over $100 million. I am going to cover Blue Ops, Black Widow work in Ukraine, drone dominance and guidance.

謝謝你，Ankit。各位下午好，感謝各位參加 Red Cat 2025 年第四季財報電話會議。我先請我們的營運長 Chris Ericson 與財務長 Chris Morrison 討論去年表現非凡的第四季成果；若以年化計算，將超過 1 億美元。我將說明 Blue Ops、Black Widow 在烏克蘭的工作、無人機制霸（Drone Dominance）以及財測展望。

A year ago on the same call, we announced our new mission, Maritime USVs. We found a management dream team in the early summer to build this division. The new team spent many weeks in Europe to learn how these boats were so successful against the Russian Navy. By August, we had preliminary designs. And by December, we had a boat in the water driving autonomously and out-of-the-box ATAC capable.

一年前在同一場電話會議上，我們宣布了新的任務：海事 USV（無人水面載具）。我們在初夏找到一支管理層夢幻團隊來建立這個事業部。新團隊花了好幾週在歐洲學習這些船艇如何能對俄羅斯海軍取得如此成功的戰果。到 8 月，我們已有初步設計。到 12 月，我們已讓一艘船下水，能自主航行，並且開箱即具備 ATAC 能力。

We found a boat factory in Georgia, signed a lease for 155,000 square feet. That factory just went operational approximately one month ago, and we'll have full rate production tooling later this month. We believe and are confident that they can build over 100-plus USVs in 2026 as we ramp up production capability to thousands.

我們在喬治亞州找到一座船艇工廠，並簽下 155,000 平方英尺的租約。該工廠約在一個月前正式投入運作，我們將在本月稍晚完成滿載產能所需的生產工裝。我們相信並有信心，隨著我們將產能提升至數千艘，他們在 2026 年可建造 100 艘以上的 USV。

Blue Ops is a strategic and important part of Red Cat's family of systems. It opens the rest of the globe for Red Cat. Our family of systems was limited to 30% of earth. With our new Variant 7 and other hulls, we can now launch from 100% of the globe. We believe that our Blue Ops USVs can keep our war fighters out of harm's way and make them more lethal.

Blue Ops 是 Red Cat 系統家族中具策略性且重要的一環。它為 Red Cat 打開了全球其他市場。過去我們的系統家族僅能涵蓋地球的 30%。透過新的 Variant 7 與其他船體，我們現在可以從全球 100% 的區域發射／部署。我們相信 Blue Ops 的 USV 能讓我們的作戰人員遠離危險，並提升其致命性。

We believe Blue Ops could be very helpful in Venezuela, in the USVIs, the Gulf of America, Cuba, and urgently in the Strait of Hormuz. Blue Ops demonstrated partners on Innovation Day that was timely. We demonstrated short-range and long-range counter drone capability. For short range, we have the ACS Bullfrog on the front of the Variant 7 that can shoot down FPV drones up to 1,500 yards and can do the same to a Shahed-136.

我們認為 Blue Ops 在委內瑞拉、USVIs、美洲灣、古巴，以及更迫切的荷姆茲海峽，都可能非常有幫助。Blue Ops 在創新日（Innovation Day）展示了合作夥伴，時機恰到好處。我們展示了短程與長程的反無人機能力。在短程方面，我們在 Variant 7 船首搭載 ACS Bullfrog，可在最遠 1,500 碼擊落 FPV 無人機，也能對 Shahed-136 做到同樣效果。

For long range, we have the Aeon's Zeus that can travel 20 kilometers and take out Shahed-136 at a very low cost. The two weapon systems combined on the Variant 7 controlled miles away can deliver a potent deadly deterrent for short-range and long-range counter drone operations.

在長程方面，我們有 Aeon 的 Zeus，可航行 20 公里，並以非常低的成本摧毀 Shahed-136。這兩套武器系統結合於 Variant 7 上，並可在數英里外進行控制，能為短程與長程反無人機作戰提供強而有力、致命的嚇阻。

Let's move on to recent work in Ukraine with the Black Widow. Last fall, we deployed a team to Ukraine in hopes to get them a drone to replace the Chinese ISR drones and to verify the drones we are delivering to soldiers would work in an actual battlefield. The team received an MOU and an LOC and recently LOR, a letter of request. I'm going to have Chris Ericson, who just got back from Ukraine last night, give more details on this mission.

接著談談 Black Widow 近期在烏克蘭的工作。去年秋天，我們派出一支團隊前往烏克蘭，希望提供一款無人機以取代中國製 ISR（情監偵）無人機，並驗證我們交付給士兵的無人機能在真實戰場上運作。團隊取得了一份 MOU 與一份 LOC，近期也取得 LOR（請求函）。我將請昨晚剛從烏克蘭返國的 Chris Ericson 提供更多任務細節。

I also want to thank the Red Cat ICC team for this hard and dangerous work. Drone dominance. As you know, we do not make the cut at drone dominance Gauntlet I. I have a ton of excuses, but I'm not going to go there. We are preparing for Gauntlet II and hope to have better results. But we believe even if we lose every stage of the Gauntlet, we will still be one of the larger beneficiaries of the program.

我也要感謝 Red Cat ICC 團隊在這項艱難且危險的工作上的付出。無人機制霸（Drone Dominance）。如各位所知，我們在 Drone Dominance Gauntlet I 未能入選。我有很多理由，但我不打算在此多談。我們正在為 Gauntlet II 做準備，希望能有更好的結果。但我們相信，即使我們在 Gauntlet 的每個階段都失利，我們仍將是該計畫較大的受益者之一。

There's going to be a total award of 350,000 FPV drones. Going by the Ukrainian ratio of 20:1, that requires 17,500 ISR drones or 8,750 SRR systems. Sensor shooter requires a sensor, and that's what the Black Widow is. We will support the Drone Dominance program in any way we can.

該計畫的總獎項將涵蓋 350,000 架 FPV 無人機。依照烏克蘭 20:1 的比例，這需要 17,500 架 ISR 無人機或 8,750 套 SRR 系統。感測器—射手（sensor shooter）需要一個感測器，而 Black Widow 就是那個感測器。我們將以任何可行方式支持 Drone Dominance 計畫。

Guidance. We are not currently ready to offer official guidance. We want to have our government contracts in hand before we give guidance. We do not want a replay of last year during the continuing resolution. Fortunately, we have a budget for 2026, which also just received an additional $150 billion, and it looks like we'll be getting another $50 billion for Iran. We don't have to wait until the next quarterly to give an update on guidance. And as soon as we have the contracts in hand, we will update the market.

財測展望。我們目前尚未準備好提供正式財測指引。在給出指引之前，我們希望先把政府合約拿到手；我們不希望重演去年在持續決議（continuing resolution）期間的情況。所幸我們已有 2026 年預算，且剛新增 1,500 億美元，看起來還會再為伊朗增加 500 億美元。我們不必等到下一次季度電話會議才更新財測。一旦合約到手，我們將向市場更新。

And with that, I will hand this to Chris Ericson.

說到這裡，我把時間交給 Chris Ericson。

Thank you, Jeff, and good afternoon, everyone. With that intro, I'll skip ahead a little bit and talk about the most interesting part of my script. Yes, I just returned from Ukraine yesterday. My first overarching impression is that I was in awe of the spirit of resiliency of the Ukrainian people. They continue to show how David could stand up to Goliath, and my favorite retort to that comment was only comparable if David wasn't given a sling and rocks.

謝謝你，Jeff，各位下午好。有了這段開場，我就稍微跳過一些內容，直接談我講稿中最有意思的部分。是的，我昨天才剛從烏克蘭回來。我第一個整體印象是，我對烏克蘭人民堅韌不拔的精神感到由衷敬佩。他們持續展現出大衛如何能挺身對抗歌利亞；而我最喜歡對這句話的回應是：只有在大衛沒有被給予投石索和石頭的情況下，才算得上可比。

We have now established an office in Kyiv and have a fabulous team. We are building the business and relationships to most effectively, one, test our equipment at the front and obtain true feedback; two, identify new product and integration partners with battle-proven technology; and three, use this knowledge to increase the efficacy of our unmanned systems.

我們現在已在基輔設立辦公室，並擁有一支非常出色的團隊。我們正在建立業務與關係，以最有效地：第一，在前線測試我們的設備並取得真實回饋；第二，辨識具備實戰驗證技術的新產品與整合合作夥伴；第三，運用這些知識提升我們無人系統的效能。

I'm happy to report that we have tested multiple systems at the front and proven that our tech works and works really well. This has now resulted with Red Cat receiving a letter of request from Ukrainian forces to provide our systems to begin replacing the use of Chinese-made ISR drones. Black Widow's compact rugged design and secure communications architecture has proven invaluable in real-world deployments, which will contribute directly to mission success for our defense customers.

我很高興報告，我們已在前線測試多套系統，並證明我們的技術確實可行，而且表現非常出色。這也使 Red Cat 收到烏克蘭部隊的請求函，要求提供我們的系統，以開始取代使用中國製的 ISR 無人機。Black Widow 緊湊且堅固耐用的設計，以及安全的通訊架構，已在真實部署中證明其價值，並將直接促成我們國防客戶的任務成功。

And finally, this past week, we entered into a joint development agreement with a Ukrainian state-owned partner to bring new battle-proven technology to our USVs. This agreement is a huge step forward as we are the first nongovernmental entity to successfully enter into this type of deal, which will enable the future transfer of battle-proven technology to us and our allies.

最後，在過去這一週，我們與一家烏克蘭國營合作夥伴簽署聯合開發協議，將新的實戰驗證技術導入我們的 USV。這項協議是重大進展，因為我們是第一家成功達成此類交易的非政府實體，將使未來把經實戰驗證的技術轉移給我們及我們的盟友成為可能。

So let's change directions a little bit and talk about how the factory is the weapon. We have quickly learned through current global conflicts how important factories and capacity are critical infrastructures in supporting a country's defense. Over the past year, we focused on acquiring talent, improving processes and tools, transforming from a fast-moving start-up to a repeatable, high-reliability production enterprise that can deliver quantity and quality and stability to our customers.

接著我們稍微轉個方向，談談「工廠就是武器」這件事。透過當前全球衝突，我們很快學到工廠與產能作為關鍵基礎設施，對支援一個國家的國防有多麼重要。過去一年，我們專注於延攬人才、改善流程與工具，從快速前進的新創，轉型為可重複、具高可靠度的生產型企業，能為客戶交付數量、品質與穩定性。

Our operational performance in Q4 2025 reflects the successful execution of our multi-domain strategy and our ability to adapt rapidly to the evolving defense technology landscape. We achieved remarkable production scalability while maintaining the quality and security standards our defense customers demand. This represents our ability to search production capacity, demonstrating the operational agility that sets Red Cat apart in the defense contractor community.

我們在 2025 年第四季的營運表現，反映出我們成功執行多領域策略，以及快速因應不斷演變的國防科技環境的能力。我們在維持國防客戶所要求的品質與安全標準的同時，達成了顯著的產能擴張。這展現了我們擴充生產能力的實力，並證明了使 Red Cat 在國防承包商社群中脫穎而出的營運敏捷性。

We remain on track to scale Black Widow Drones output to 1,000 units a month in the first half of 2026, and our USV boat manufacturing will have first deliveries expected in Q2 of 2026. The regulatory landscape shift following NDAA Section 1709 implementation has fundamentally changed how we operate, creating unprecedented opportunities while requiring enhanced focus on supply chain security and domestic sourcing.

我們仍按計畫在 2026 年上半年把 Black Widow 無人機的產量擴大到每月 1,000 台；而我們的 USV 船艇製造預計將於 2026 年第二季開始首批交付。NDAA 第 1709 條落實後所帶來的法規環境變化，從根本上改變了我們的營運方式，在創造前所未有機會的同時，也要求我們更聚焦於供應鏈安全與國內採購。

We responded by strengthening our American manufacturing capabilities and expanding our network of trusted domestic suppliers. Our NDAA-complaint supply chain has become a significant competitive differentiator, allowing us to capture market share from foreign competitors who can no longer serve defense and government customers.

我們的回應是強化美國本土製造能力，並擴大可信賴的國內供應商網絡。我們符合 NDAA 規範的供應鏈已成為重要的競爭差異化因素，使我們能從已無法再服務國防與政府客戶的外國競爭者手中取得市占。

Our manufacturing expansion has been transformational with overall facility square footage increasing from 36,000 square feet last year or two years ago to 254,000 square feet in Utah and across new locations in Florida, Georgia, and California. Our Salt Lake facility now operates at an impressive capacity, having produced 50 Black Widow drones per day, proving the ability of producing 1,000 drones per month on a single shift. The facility has room to triple the manufacturing lines and add additional shifts.

我們的製造擴張具有轉型意義，整體廠房面積從去年或兩年前的 36,000 平方英尺，增加到位於猶他州以及佛羅里達州、喬治亞州與加州新據點合計 254,000 平方英尺。我們的鹽湖城廠目前以令人印象深刻的產能運作，曾達到每日生產 50 架 Black Widow 無人機，證明單班制即可達成每月 1,000 架的產能。該設施仍有空間可將製造產線擴增至三倍，並增加額外班次。

Our FlightWave facility in Torrance can produce 125 Edge 130 drones per month using only one-third of its available space. Additionally, our Valdosta, Georgia facility provides 155,000 square feet dedicated to our expanding Blue Ops maritime production capabilities and room to produce more than 100 boats per month. This strategic expansion positions us to meet accelerating customer demand while maintaining our commitment to quality and security standards.

我們位於托倫斯（Torrance）的 FlightWave 廠僅使用其可用空間的三分之一，就能每月生產 125 架 Edge 130 無人機。此外，我們在喬治亞州瓦爾多斯塔（Valdosta）的設施提供 155,000 平方英尺，專用於我們持續擴張的 Blue Ops 海事生產能力，並具備每月生產超過 100 艘船的空間。這項策略性擴張使我們能在維持對品質與安全標準承諾的同時，滿足加速成長的客戶需求。

During the quarter, we triumphed when faced with the challenge of rapidly scaling production to meet accelerating customer demand and still maintained our rigorous quality standards this record quarter. We also expanded our manufacturing partnerships, most notably with Hodgdon Shipbuilding, to ensure ability to quickly pivot for growing demands across all operational domains.

本季我們在面對為滿足快速升溫的客戶需求而必須迅速擴大產能的挑戰時取得勝利，並在這個創紀錄的季度仍維持嚴格的品質標準。我們也擴大製造合作夥伴關係，尤其是與 Hodgdon Shipbuilding 的合作，以確保能在所有營運領域因應日益成長的需求而快速調整。

Our expansion into maritime operations through Blue Ops represents perhaps our most significant operational advancement, extending our family of systems approach beyond the air and land domains to uncrewed surface vessels. These USVs leverage the same autonomous technologies and secure communications that have made our aerial platform successful while addressing the growing demand for maritime domain awareness and operations.

我們透過 Blue Ops 擴展至海事作業，或許代表我們最重大的營運進展，將「系統家族」的方法從空中與陸地領域延伸至無人水面載具。這些 USV 採用與我們空中平台成功相同的自主技術與安全通訊，同時回應對海事領域態勢感知與作業日益增加的需求。

The partnership with Hodgdon Shipbuilding brings proven shipbuilding expertise to our advanced autonomous capabilities, creating a unique value proposition in the maritime defense market. This operational growth has truly placed us in prime position for the future where the factory is the weapon.

與 Hodgdon Shipbuilding 的合作為我們先進的自主能力帶來經驗證的造船專業，於海事國防市場創造獨特的價值主張。這項營運成長確實讓我們在「工廠就是武器」的未來占據絕佳位置。

I'm sure you may have some follow-on questions, but first, I'll turn the call over to Christian to discuss our financial results, after which we'll take questions. Christian?

我相信各位可能還有一些後續問題，但在那之前，我先把電話會議交給 Christian 來說明我們的財務結果，之後我們再進行問答。Christian？

Thank you, Chris. I'm pleased to present Red Cat's financial performance for the fourth quarter and full-year 2025, which represents a transformational period in our company's growth trajectory. For the fourth quarter of 2025, revenue was $26.2 million, up $25.0 million year over year and up $16.6 million sequentially as deliveries accelerated.

謝謝你，Chris。我很高興向各位報告 Red Cat 於 2025 年第四季及 2025 全年的財務表現，這段期間代表我們公司成長軌跡中的轉型階段。2025 年第四季營收為 2,620 萬美元，年增 2,500 萬美元，並因交付加速而較前一季增加 1,660 萬美元。

This growth was driven by robust defense and government customer demand, our expanded program wins, and our ability to rapidly scale production for mission-critical requirements. Gross margin was 4.2%, up 85% year over year and down 2.4% sequentially, reflecting mix and ramp dynamics typical of our growth phase. For the full-year 2025, revenue was $40.7 million, up $25.1 million year over year.

這項成長主要由強勁的國防與政府客戶需求、我們擴大的專案得標，以及我們為關鍵任務需求快速擴大產能的能力所帶動。毛利率為 4.2%，年增 85%，季減 2.4%，反映出我們成長階段典型的產品組合與爬坡動態。2025 全年營收為 4,070 萬美元，年增 2,510 萬美元。

Gross margin was 3.1%, up 332 basis points year over year, partially driven by scale benefits and manufacturing improvements. Gross margin can be volatile on a quarter-to-quarter basis due to revenue levels that include fixed costs reflected in our cost of goods sold and investments in productions that are not yet at scale.

毛利率為 3.1%，年增 332 個基點，部分受惠於規模效益與製造改善。由於營收水準會影響固定成本在銷貨成本中的反映，以及我們對尚未達到規模化的生產所進行的投資，毛利率在各季度之間可能會有波動。

We are continuously implementing more efficient processes and procedures that will enable us to capitalize on the expected increased demand and growth. Our ability to deliver and perform has remained strong alongside our focus on rapidly scaling operations, reflecting our disciplined approach to cost management and the premium value of our American-made secure drone platforms.

我們持續導入更高效率的流程與作業程序，使我們能把握預期將增加的需求與成長。在我們專注於快速擴大營運規模的同時，我們的交付與履約能力仍維持強勁，反映出我們在成本管理上的紀律作風，以及我們美國製造之安全無人機平台所具備的高端價值。

Operating expenses in 2025 were $67.8 million compared to $32.9 million in the prior year. This increase in operating expenses were focused, planned, and deliberate to enable us for the accelerated growth we experienced in 2025 and, more importantly, for further growth expansion going forward. We increased our headcount by 85%, which primarily included increased engineers and corporate headquarter functional positions.

2025 年的營業費用為 6,780 萬美元，較前一年的 3,290 萬美元增加。這項營業費用的增加是聚焦、規劃且刻意為之，旨在讓我們能支撐 2025 年所經歷的加速成長，更重要的是支撐未來進一步的成長擴張。我們的人力編制增加了 85%，主要包括增加工程師以及公司總部的職能性職位。

Research and development expenses were $17.9 million compared to $8.1 million in the prior year. This increase in R&D investments is focused on advancing our core platforms, developing new capabilities in artificial intelligence and machine learning, and enhancing the interoperability of our family systems across air, land, and maritime domains. Our investments in the business demonstrate the inherent value of positioning and the pricing power that comes with being a trusted domestic supplier in the defense market.

研發費用為 1,790 萬美元，較前一年的 810 萬美元增加。這項研發投資的增加，聚焦於推進我們的核心平台、開發人工智慧與機器學習的新能力，以及提升我們系統家族在空中、陸地與海事領域之間的互通性。我們對業務的投資展現了定位所帶來的內在價值，以及作為國內可信賴的國防市場供應商所具備的定價能力。

Regarding our investment priorities, we've made strategic investments across multiple areas to support our growth trajectory and maintain our competitive advantages. We remain focused on deploying capital across three key areas. The first area of focus is our USV division build-out, which is estimated to be a $30 million to $40 million investment to fully operationalize the division. Second, we remain focused on strategic acquisitions. And thirdly, increasing inventory and managing our supply chain to meet customer demand.

就我們的投資優先事項而言，我們已在多個領域進行策略性投資，以支持我們的成長軌跡並維持競爭優勢。我們仍專注於在三個關鍵領域部署資本。第一個重點是我們 USV 事業部的建置，估計要投入 3,000 萬至 4,000 萬美元，才能使該事業部全面投入營運。第二，我們仍專注於策略性併購。第三，增加庫存並管理供應鏈以滿足客戶需求。

One of the most notable improvements in our financial profile has been our improved cash position and working capital management. Our cash increased from $9.2 million at the end of 2024 to $167.9 million at the end of 2025, providing us with substantial financial flexibility to pursue strategic initiatives and capitalize on market opportunities. These results demonstrate Red Cat's evolution into a premier defense technology company with the financial strength and operational capabilities to capitalize on the tremendous market opportunities ahead of us.

我們財務概況最顯著的改善之一，是現金部位提升以及營運資金管理改善。我們的現金由 2024 年底的 920 萬美元增加至 2025 年底的 1.679 億美元，為我們追求策略性計畫並把握市場機會提供了充足的財務彈性。這些成果展現 Red Cat 已演進為一流的國防科技公司，具備財務實力與營運能力，能把握我們面前龐大的市場機會。

Our working capital position has strengthened considerably, driven by our enhanced cash position, healthy AR, and strategic inventory investments. We increased our inventory from $13.6 million to $30.4 million during 2025, reflecting our proactive approach to supply chain management and our commitment to meeting accelerating customer demand.

我們的營運資金狀況顯著強化，主要受惠於現金部位提升、健康的應收帳款（AR）以及策略性的庫存投資。我們在 2025 年將庫存由 1,360 萬美元增加至 3,040 萬美元，反映我們在供應鏈管理上的前瞻作法，以及我們致力於滿足加速成長的客戶需求。

The strategic nature of this inventory build becomes especially important when considering the supply chain requirements and the extended lead times for specialized components in the current regulatory environment. Looking ahead to 2026, we're positioned for continued strong performance driven by several key factors that reinforce our confidence in Red Cat's growth trajectory.

在目前的監管環境下，考量供應鏈需求以及特殊零組件較長的交期，這項庫存建立的策略性特質就顯得格外重要。展望 2026 年，在多項關鍵因素的推動下，我們已具備持續強勁表現的有利條件，這些因素也進一步強化我們對 Red Cat 成長軌跡的信心。

While we are not providing annual guidance at this time, we expect to maintain revenue momentum throughout the year. Our revenues are supported by our expanding and increasingly diversified customer base and growing international presence. When we gain additional visibility as we progress throughout the year, we look forward to updating the market. We are also being mindful of the ongoing geopolitical developments that are currently in the headlines. We are also influencing our international expansion plans, particularly in the Middle East and Asia Pacific region.

雖然我們目前不提供年度財測指引，但我們預期全年將維持營收動能。我們的營收受惠於客戶基礎持續擴大且日益多元化，以及國際布局的成長。隨著我們在年度進程中取得更多能見度，我們期待向市場更新。我們也留意目前新聞焦點中的持續地緣政治發展。這些因素也正在影響我們的國際擴張計畫，特別是在中東與亞太地區。

While current allied relationships remain strong, changes in defense priorities or procurement policies could affect the timing or scale of international opportunities. We're also monitoring potential changes in defense spending priorities as new administrations and congressional leadership evaluate budget allocations across different military capabilities.

儘管目前盟友關係仍然穩固，但國防優先事項或採購政策的變化，可能影響國際機會的時點或規模。我們也在關注，隨著新政府與國會領導層評估不同軍事能力之間的預算分配，國防支出優先順序可能出現的變化。

And with that, we're now happy to answer your questions. Operator, will you please open up the line for Q&A?

接下來，我們很樂意回答各位的問題。接線員，請為問答環節開放線路，好嗎？

(Operator Instructions) Austin Bohlig, Needham.

(接線員指示) Needham 的 Austin Bohlig。

Congrats on the solid Q4 execution, guys, and it seems like the pipeline is really strong. Understanding you guys aren't giving kind of formal guidance, which I think is prudent, there seems to be a ton of tailwinds, everything from SRR to this boat opportunity, drone dominance now with this really unique opportunity in Ukraine. Any way you can give us some kind of different scenarios on what 2026 could look like?

恭喜各位第四季執行表現扎實，而且看起來案源管線真的很強。我理解你們不提供正式指引，我認為這很審慎，但似乎有很多順風因素，從 SRR 到這個船艇機會，再到無人機主導地位，以及在烏克蘭這個非常獨特的機會。你們能否提供一些不同情境，讓我們了解 2026 年可能會是什麼樣子？

Yes. We don't want to get ahead of our skis again. But I mean, there's a range from all of you out there between $100 million and $170 million, very wild -- crazy goalposts right now. We're fine. We're very comfortable in the top half of that, but we're not ready to commit to it until we get contracts in hand to give our official guidance.

是的。我們不想再次操之過急。不過，我的意思是，你們各位目前的預期區間大概在 1 億到 1.7 億美元之間，現在的目標範圍非常大——相當瘋狂。我們沒問題。我們對於落在該區間的上半部非常有信心，但在我們拿到合約、能提供正式指引之前，我們還不準備承諾。

Okay. No, that's fair. And then just wanted to dive into this new Ukraine opportunity. This seems pretty incremental. Do you guys have any idea of like how many you could be potentially replacing?

好的。不，這很合理。接著我想深入了解這個新的烏克蘭機會。這看起來是相當增量的機會。你們是否知道可能會替換的數量大概有多少？

Yes. Well, I'm going to have Chris Ericson answer that because he just got back last night, and he was in the room when they notified us.

是的。嗯，我會請 Chris Ericson 來回答，因為他昨晚才剛回來，而且他在他們通知我們時就在現場。

Yes. So we were there with the war fighters and the guys who are collecting all the data there, and they came back and I asked them the question, they said 350,000 ISR drones a year, Chinese ISR drones is what they're going through a year on the Ukraine front, a massive number.

是的。所以我們當時與作戰人員以及在那裡蒐集所有資料的人在一起；他們回來後我問了他們這個問題，他們說在烏克蘭前線，他們一年消耗 35 萬架 ISR 無人機——是中國製的 ISR 無人機——數量非常龐大。

Wow. So a big opportunity there. I guess kind of lastly for me and more just kind of want to touch on all businesses, the boat segment. Obviously, what's going on in Hormuz. Have you guys noticed any sort of increase in maybe RFP or interest just given the heightened conflict in the waterways or anything you could talk about there?

哇。所以那是一個很大的機會。我想最後一個問題，較偏向整體業務，想談談船艇業務。顯然，荷姆茲海峽正在發生的事情。鑑於水域衝突升溫，你們是否注意到 RFP 或興趣有任何增加？有沒有什麼可以分享的？

Yes. So Austin, you were at Innovation Day and two days later, the war started. And our biz dev team, all of our different teams have been getting stuff coming at us in every which way and direction some people calling, asking panic questions, what can we get here and now? As things calm down a little bit, it looks like there's going to be some pretty massive RFPs coming out of the Gulf states.

是的。所以 Austin，你參加了 Innovation Day，而兩天後戰爭就開始了。我們的商務開發團隊以及各個團隊都從四面八方收到各種訊息，有些人打電話來、帶著恐慌式問題詢問：我們現在立刻能拿到什麼？隨著情勢稍微冷卻，看起來海灣國家將會釋出一些規模相當龐大的 RFP。

They won't take as long as traditional RFPs. We're seeing an uptick in some Navy inquiries that were at Innovation Day. We are hearing a lot about counter. People want counter. As I explained in my prepared comments, the Variant 7 has a great counter configuration with the ACS Bullfrog, which can take down FPVs and also can take down Shaheds at close range.

它們不會像傳統 RFP 那樣耗時那麼久。我們看到一些在 Innovation Day 出現過的海軍詢問有所增加。我們聽到很多關於反制（counter）的需求。大家都想要反制能力。如同我在事先準備的評論中所說，Variant 7 搭配 ACS Bullfrog 具備很好的反制配置，可擊落 FPV，也能在近距離擊落 Shahed。

And that combined with the Aeon's Zeus is something we're going very quickly at, and they're ramping very rapidly to be able to be a great solution, a counter solution for the Shaheds. And they also don't require a pilot like a lot of the Ukrainian solutions to take down a Shahed. So a lot of great tech coming out of Ukraine for counter Shaheds, but we think that we can also help dramatically in the Strait of Hormuz.

而這再加上 Aeon 的 Zeus，是我們正在非常快速推進的方向；他們也正在非常迅速地擴產，能夠成為一個很好的解決方案、用來對抗 Shahed 的替代方案。而且它們也不需要飛行員，不像許多烏克蘭用來擊落 Shahed 的解決方案那樣需要飛行員。所以烏克蘭在反制 Shahed 方面有很多很棒的技術，但我們也認為，我們同樣能在荷姆茲海峽提供顯著的協助。

And you got to remember, everyone is talking about how this is so urgent right now in the Strait, but we believe that the Strait is going to need to be protected for, not years, forever from now on. No longer is it going to be acceptable for the world to be held hostage by that one gap in small area there between the Persian Gulf and the Gulf of Oman.

而你得記住，現在大家都在談論海峽情勢有多麼緊迫，但我們相信，這條海峽將需要被保護——不是幾年，而是從今以後永遠都需要。世界不再能接受被那個狹小區域、位於波斯灣與阿曼灣之間的單一缺口所挾持。

So we think this is a very long-term solution is to not have billion ships escorting tankers. We prefer to do it with 30 or 40 USVs, 10, 20 on each side and/or doing port protection being close to the shore of Iran to make sure that nothing is coming out with our counter capabilities.

所以我們認為，這是一個非常長期的解決方案：不是讓數以十億計的船隻去護航油輪。我們更傾向用 30 到 40 艘無人水面載具（USV）來做——每一側 10 到 20 艘——以及／或進行港口防護，靠近伊朗海岸，確保在我們的反制能力之下，沒有任何東西能夠出來。

Well, guys, keep up the great work.

各位，繼續保持出色的工作。

Mike Latimore, Northland.

Northland 的 Mike Latimore。

So yes, congrats on the strong year. That was great. As you think about the full-rate production contract, is that something that you would anticipate getting sort of one main order? Or would there be separate tranches over there?

所以，是的，恭喜你們這一年表現強勁。那很棒。當你們思考全速率量產合約時，你們是否預期會拿到某種單一的主要訂單？還是會分成不同批次（tranches）？

Are you talking for the Black Widow with the SRR program?

你是指 SRR 計畫下的 Black Widow 嗎？

Yes, sorry. Yes, exactly.

是的，不好意思。對，沒錯。

Yes. Okay. Because there's a -- we're going into full-rate production, hopefully very soon with the boats also. So yes, great question. So as Austin alluded to earlier, there's an influx of orders related to Epic Fury. We're expecting, and again, not going to give dates to have our new OTA full-rate production contract any day. There is some possibilities of getting some immediate orders for Epic Fury, which might delay a week or two the other contract.

是的。好的。因為我們也希望很快就能讓船艇進入全速率量產。所以，是的，好問題。如同 Austin 先前提到的，與 Epic Fury 相關的訂單正在湧入。我們預期——再次強調，我不會給出日期——我們新的 OTA 全速率量產合約隨時可能到手。也有可能會先拿到一些 Epic Fury 的即時訂單，這可能會讓另一份合約延後一到兩週。

But we're progressing the ship every month still for SRR and things are looking fantastic with the SRR program with their funding and now with Epic Fury and a lot of other needs that we're hearing out of the Department of War for Black Widows.

但我們仍然每個月都在推進 SRR 的船艦進度，而且 SRR 計畫在資金到位的情況下進展非常好；現在又有 Epic Fury，以及我們從戰爭部（Department of War）那邊聽到的許多其他對 Black Widow 的需求。

Excellent. And I think in your prepared remarks, you talked about anticipating an order for the USV in the second quarter, I believe. I guess can you give a little more color there in terms of type of customer region, that sort of thing?

很好。我記得你在事先準備的講稿中提到，預期第二季會有一筆 USV 的訂單。你能否再多提供一些細節，例如客戶類型、區域之類的？

I'm sorry, I don't know which order in the second quarter you heard.

不好意思，我不確定你聽到的是哪一筆第二季的訂單。

I thought you said something about a USV -- or anticipating a USV order in the second quarter. No?

我以為你說了某個 USV——或是預期第二季會有一筆 USV 訂單。沒有嗎？

No, we did not say that, but we are hoping -- people are very interested in our USVs. There's a lot of urgency around our USVs right now. We were previously going to use our first 15 for demos only. And now we're going to -- hull number six, which is just coming out now today. Hull number six from 15 are now going to be hopefully shipped to customers as quickly as we can make them.

沒有，我們沒有那樣說，但我們希望——大家對我們的 USV 非常有興趣。目前對我們的 USV 有很強的急迫性。我們原本打算把前 15 艘只用於展示（demo）。但現在我們將——第六艘船體（hull number six）今天剛下線。在這 15 艘中的第六艘起，現在希望能盡快出貨給客戶，速度取決於我們能造得多快。

Excellent. And last thing on -- you talked about getting to 1,000 drones a month. Would you sort of start building to that rate even before having the contracts?

很好。最後一點——你提到要達到每月 1,000 架無人機。你們會在合約到手之前就開始把產能拉到那個速度嗎？

We're there. We're doing that now.

我們已經到了。我們現在就在做。

Our next question comes from Ashok Kumar with ThinkEquity. Looks like we lost Ashok there. I don't see any more questions. And with that, I'll pass it back to management.

下一個問題來自 ThinkEquity 的 Ashok Kumar。看起來我們和 Ashok 斷線了。我沒有看到更多問題。那麼，我把時間交回給管理層。

Great. Well, thanks, everybody, for coming on. We had about 400 people on this call today. A lot of exciting stuff happening across the globe. Chris Ericson's great news that we'll be working very hard on quickly and scaling to help fulfill all the things that are going on. Again, we will not be waiting for an official quarterly call to update people on guidance.

很好。感謝各位參與。今天這通電話大約有 400 人在線。全球各地都有很多令人振奮的事情正在發生。Chris Ericson 的好消息，我們會非常努力、快速推進並擴大規模，以協助滿足目前正在發生的各項需求。再次強調，我們不會等到正式的季度電話會議才向大家更新指引。

As soon as we have our contracts in hand, we will get that information out to the market. We're very excited. We still believe that every quarter is going to be a record going forward, and we're excited to get back to work. Thanks again.

一旦我們把合約拿到手，我們就會把資訊發布到市場。我們非常興奮。我們仍然相信，未來每一季都會再創新高，我們也很期待回去繼續工作。再次感謝。

Thank you, everyone.

謝謝各位。

This concludes today's webinar. You may disconnect at this time. Thank you, everyone, for your participation.

今天的線上說明會到此結束。您現在可以中斷連線。感謝各位的參與。