Red Cat Holdings Inc (RCAT) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you so much. Greetings, and welcome to the Red Cat quarterly earnings.

各位女士、先生，萬分感謝。大家好，歡迎參加 Red Cat 季度財報電話會議。

(Operator Instructions)

(接線員指示)

It is now my pleasure to introduce your host, [Ankit Hira], Investor Relations.

現在很榮幸為各位介紹今天的主持人，[Ankit Hira]，投資人關係部。

Thank you, [Ankit]. You may begin.

謝謝，[Ankit]。您可以開始了。

Good afternoon, and welcome to Red Cat's first-quarter 2026 earnings conference 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 at Red Cat's business strategy and future financial and operating performance, including Red Cat's target revenue.

各位下午好，歡迎參加 Red Cat 2026 會計年度第一季財報電話會議。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 Red Cat 未來事件、業務策略以及未來財務與營運表現（包括 Red Cat 的目標營收）。

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 REDCat's SEC filings, including its most recent annual report on Form 10-K and other SEC filings. These forward-looking statements reflect management's beliefs, estimates, and predictions as of the date of this live broadcast, May 7, 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.

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該等陳述所明示或暗示者出現重大差異。其中部分風險、不確定性與假設已在 REDCat 向美國證券交易委員會（SEC）提交的文件中討論，包括其最近一期 Form 10-K 年報及其他 SEC 文件。這些前瞻性陳述反映管理層截至本次直播（2026 年 5 月 7 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之義務。

Finally, I would like to remind everyone that this call will be recorded and made available for replay via a link available in the Investor Relations section of the company's website at ir.redcatholdings.com. With that, I'll now turn the call over to Jeff.

最後提醒各位，本次電話會議將被錄音，並將透過公司網站投資人關係專區（ir.redcatholdings.com）提供的連結供回放。接下來我把電話交給 Jeff。

Thank you, [Ankit].

謝謝，[Ankit]。

Good afternoon and thank you for joining Red Cat's Q1 2026 earnings call.

各位下午好，感謝各位參加 Red Cat 2026 年第一季財報電話會議。

Secretary Hegseth last week at a hearing on the Hill announced that Defense Autonomous Warfare Group, DAWG, will have a $54 billion budget for drones, drone dominance, and counter, but also said it would be closer to $74 billion.

上週，Hegseth 部長在國會山莊的一場聽證會上宣布，國防自主作戰小組（Defense Autonomous Warfare Group，DAWG）將擁有 540 億美元的無人機、無人機制霸與反制預算，但他也表示金額可能更接近 740 億美元。

And added that announcing a new unified command that would add to this $74 billion and is made in USA only.

他並補充，將宣布成立一個新的統一司令部，這將把該預算提高至 740 億美元，而且僅限美國製造（Made in USA）。

This is 2027 funding, which is only 4.5 months away.

這是 2027 年度的資金，距今只剩 4.5 個月。

On top of this good news, the DOW has stated they intend to spend the 2025, $156 billion reconciliation bill related to defense in fiscal 2026. It's not going to go over three years now.

除了這項利多之外，DOW 表示他們打算在 2026 會計年度動用與國防相關的 2025 年 1,560 億美元協調法案（reconciliation bill）資金。現在不會再分三年支出了。

Only $30 billion has been obligated through April.

截至 4 月，僅有 300 億美元已完成撥付承諾（obligated）。

Fiscal 2026 also ends in 4.5 months.

2026 會計年度也將在 4.5 個月後結束。

The funding has finally been turned on in a big way for 2026 and is magnitudes higher for 2027, specifically for UAVs and USVs. These are great tailwinds, so let's get started.

2026 年的資金終於以大規模方式啟動，而 2027 年的規模更是大幅提高，特別是針對 UAV 與 USV。這些都是非常有利的順風因素，那我們就開始吧。

I am pleased to report we delivered record quarterly revenue of $15.5 million. Representing an 849% increase compared to the same period last year.

我很高興報告，我們創下單季營收新高，達 1,550 萬美元。較去年同期成長 849%。

This is remarkable growth considering the government shutdown at the end of last year.

考量到去年年底的政府停擺，這樣的成長相當驚人。

I'm going to review our opportunity pipelines that tie into our target revenue with our multi-domain family of systems.

我將回顧我們與目標營收相連結的機會管線，這些機會來自我們跨域（multi-domain）的系統家族。

We'll start with FAANG and Drone Dominance, then FlightWave Trichon, of course, the Teal Black Widow, and then finally, the BlueOps Fleet.

我們將先談 FAANG 與無人機制霸（Drone Dominance），接著是 FlightWave Trichon，當然還有 Teal Black Widow，最後是 BlueOps 艦隊。

Then Chris Ericson will review operations.

接著 Chris Ericson 將回顧營運狀況。

Then Chris Morrison will review financials, and then we will take your questions.

然後 Christian Morrison 將回顧財務表現，之後我們將回答各位的提問。

Let's start with FAANG and drone dominance.

先從 FAANG 與無人機制霸開始。

We are gearing up for Gauntlet 2 in August.

我們正在為 8 月的 Gauntlet 2 做準備。

We have been working with the DDP and believe this will be a much smoother and realistic competition.

我們一直與 DDP 合作，並相信這將是一場更順暢、更貼近實際的競賽。

FPV drones, which are called shooters, need a sensor.

FPV 無人機（稱為「射手」）需要感測器。

To complete the sensor shooter kill chain.

以完成「感測器—射手」的殺傷鏈（kill chain）。

We believe we are the only made in USA company with a Blue List approval sensor, Black Widow, successfully deployed in Ukraine and other theaters.

我們相信，我們是唯一一家美國製造、且擁有「藍名單」（Blue List）核准感測器（Black Widow）的公司，並已在烏克蘭及其他戰區成功部署。

We believe that 350,000 FPV drones would need between 10,000 and 17,000 Black Widows, depending on ratios of sensors to shooters.

我們認為，35 萬架 FPV 無人機將需要約 1 萬到 1.7 萬套 Black Widow，取決於感測器與射手的配置比例。

Red Cat is integrating our targeting from the Black Widow into FAANG and other FPV partners.

Red Cat 正將 Black Widow 的目標指示能力整合至 FAANG 以及其他 FPV 合作夥伴。

This gives us tighter integration into the kill chain and a competitive advantage.

這讓我們在殺傷鏈中具備更緊密的整合度，並形成競爭優勢。

Flightwave, our first demo Trichons are being delivered in a few weeks.

關於 FlightWave，我們首批 Trichon 展示機將在幾週內交付。

The features on this new version are stunning.

這個新版本的功能令人驚艷。

The demand for the Edge 130 has always been significant, but as you know it is too fragile for war fighters.

市場對 Edge 130 的需求一直很強勁，但如各位所知，它對作戰人員而言過於脆弱。

We'll be updating the street in the upcoming months but believe this can be a winning drone in sweeps this year.

我們將在未來幾個月向市場更新進展，但我們相信它今年在各項評測（sweeps）中有機會成為勝出機種。

Onto the Black Widow. We could spend an hour on what we've been doing with the Black Widow.

接著談 Black Widow。我們可以花一小時來談我們在 Black Widow 上所做的工作。

The Black Widow is currently in three theaters.

Black Widow 目前已在三個戰區部署。

Word spreads fast when you have a combat proven capability and the scale to produce them.

當你擁有經戰鬥驗證的能力，以及量產規模時，口碑傳播得非常快。

This led to an invite to the Pentagon to share lessons learned as a successful platform in the most contested battlefield in the world.

因此我們受邀前往五角大廈，分享在全球最具爭奪性的戰場上，作為成功平台的經驗教訓。

Most importantly, we want to bring these capabilities back to the US warfighter.

最重要的是，我們希望把這些能力帶回美國作戰人員手中。

The Black Widow is EW-proven and capable, proven in GPS-denied battlefields, flight time of 52-plus minutes, and over 10-kilometer range.

Black Widow 已證實具備並通過電子戰（EW）環境考驗，並在 GPS 受限（GPS-denied）的戰場中驗證；續航時間超過 52 分鐘，航程超過 10 公里。

These features have positioned the Black Widow with a large opportunity pipeline for 2026.

這些特性使 Black Widow 在 2026 年擁有龐大的機會管線。

This pipeline consists of the US Army, with our final LRIP contract soon, and the OTA, Marines, Air Force, drone dominance, Ukraine, Japan, Philippines, and Taiwan.

該管線包括：美國陸軍（我們的最終 LRIP 合約即將到位）、OTA、海軍陸戰隊、空軍、無人機制霸計畫、烏克蘭、日本、菲律賓與台灣。

We currently have the supply chain and inventory to build $220 million worth of Black Widows. And can step on the gas if needed.

我們目前具備供應鏈與庫存，可生產價值 2.2 億美元的 Black Widow。如有需要，也能加速擴產。

As we reported last quarter, the Ukraine opportunity could be for over 100,000 black widows.

如同我們上季所報告，烏克蘭的機會可能超過 10 萬套 Black Widow。

We are completing the final integrations actually this week and hope to have them tested next month in theater.

我們正在完成最後的整合工作，實際上就在本週，並希望下個月能在戰區完成測試。

Let's talk about the BlueOps fleet.

接下來談 BlueOps 艦隊。

The Valdosta factory is operational.

Valdosta 工廠已投入運作。

We have started 3D printing the 5-meter boat.

我們已開始 3D 列印 5 公尺船艇。

We have approximately 145 fiberglass hulls built to be built this year, and we will have approximately 100 3D printed boats.

今年我們預計將建造約 145 艘玻璃纖維船體，並將有約 100 艘 3D 列印船艇。

That's a potential of approximately $150 million in USV sales this year.

這代表今年 USV 銷售的潛在規模約為 1.5 億美元。

The Variant 7 has received a lot of attention recently, with President Trump talking about the machine gun that is mounted on the Variant 7.

Variant 7 近期受到高度關注，川普總統也談到安裝在 Variant 7 上的機槍。

The machine gun is made in USA by our partners, ACS.

該機槍由我們的合作夥伴 ACS 在美國製造。

This combination is very powerful.

這種組合威力非常強大。

The Strait of Hormuz has been a great example of the need for this type of weapon system.

荷姆茲海峽一直是凸顯此類武器系統需求的絕佳例子。

Our team is in the region now by invitation, and we believe we will be a very valuable partner in the Arabian Peninsula.

我們的團隊目前應邀在該地區，我們相信我們將成為阿拉伯半島非常有價值的合作夥伴。

We have also been invited to INDOPACOM next month and will be participating in the RFP for the 1,300 USDs in Taiwan, which will be awarded first quarter next year.

我們也受邀於下個月前往 INDOPACOM，並將參與台灣 1,300 架 USD 的 RFP（徵求提案），該案預計於明年第一季授標。

Look forward to your questions, and we'll hand it over to Chris.

期待各位的提問，接下來交給 Chris。

Thank you, Jeff. Good afternoon, everyone. Our operational performance in Q1 2026 reflects the strength of our execution capabilities and our ability to scale efficiently in response to unprecedented demand. We achieved remarkable operational metrics by supporting the $15.5 million in quarterly revenue, while simultaneously improving our gross margin to 13%. The increase in margin is a testament to our operational discipline and process optimization, while significantly scaling our manufacturing footprint more than 500% year-over-year.

謝謝你，Jeff。各位下午好。我們在 2026 年第一季的營運表現，反映出我們執行能力的強勁，以及在前所未有的需求下高效率擴張的能力。在支撐單季 1,550 萬美元營收的同時，我們也將毛利率提升至 13%，達成亮眼的營運指標。毛利率的提升證明了我們的營運紀律與流程優化，同時我們的製造版圖較去年同期大幅擴張超過 500%。

We expect our margins to continue to improve through 2026, moving us closer to our ultimate target gross margin of 30%.

我們預期毛利率將在 2026 年持續改善，使我們更接近最終 30% 的目標毛利率。

Now, as a point of emphasis, please note, our current manufacturing footprint is specifically designed for growth and efficiency and can support well over $1 billion of annual revenue between our UAVs and USVs.

另外特別強調一點：我們目前的製造版圖是為成長與效率而設計，結合我們的 UAV 與 USV 產線，每年可支援遠超過 10 億美元的年營收規模。

The operational landscape has evolved dramatically with customers demanding faster delivery cycles and enhanced performance specifications. We've responded by investing strategically in our supply chain resilience and manufacturing capacity, enabling us to meet accelerated delivery timelines while maintaining the rigorous quality standards essential for military applications. Our inventory and prepaid inventory position of $62.7 million demonstrates our proactive approach to securing critical components and positioning ourselves for continued growth and acceleration.

隨著客戶要求更快的交付週期與更高的性能規格，營運環境已大幅演變。我們透過對供應鏈韌性與製造產能的策略性投資作出回應，使我們能在維持軍用應用所需嚴格品質標準的同時，滿足加速的交付時程。我們 6,270 萬美元的存貨與預付存貨部位，展現我們主動確保關鍵零組件並為持續成長與加速做好布局的作法。

During the quarter, we successfully navigated several operational challenges, including supply chain complexities associated with specialized drone components and temporary disruption caused by the federal government shutdown.

本季期間，我們成功因應多項營運挑戰，包括與專用無人機零組件相關的供應鏈複雜性，以及聯邦政府停擺造成的短暫干擾。

We addressed these challenges through diversified supplier relationships, strategic inventory positioning, and enhanced production planning. Our team's agility in adapting to these conditions while maintaining delivery commitments underscores the robustness of our operational framework.

我們透過供應商關係多元化、策略性存貨配置，以及強化生產規劃來解決這些挑戰。我們團隊在維持交付承諾的同時，能靈活適應這些情況，凸顯我們營運架構的穩健性。

We are committed to continuous innovation and next-generation platform development. These investments have yielded significant product enhancements across our drone portfolio with particular focus on extending flight endurance, improving payload capacity, and enhancing autonomous navigation capabilities. Our engineering teams have successfully integrated advanced sensor technologies and improved communication systems that provide superior situational awareness for operators in the field.

我們致力於持續創新與下一代平台開發。這些投資已在我們的無人機產品組合上帶來顯著的產品強化，特別聚焦於延長續航時間、提升載重能力，以及強化自主導航能力。我們的工程團隊已成功整合先進感測技術與改良的通訊系統，為前線操作人員提供更優異的態勢感知能力。

The Black Widow platform continues to set industry benchmarks with its exceptional reliability and versatility in diverse operational environments. Recent enhancements include upgraded imaging systems with enhanced low-light performance, extended battery life providing up to 52 minutes of flight time, and improved weather resistance capabilities that enable operations in challenging conditions.

Black Widow 平台憑藉其在多元作戰環境中的卓越可靠性與多用途性，持續樹立產業標竿。近期強化包括：升級影像系統以提升低光源表現、延長電池續航使飛行時間可達 52 分鐘，以及提升耐候能力以支援在嚴峻條件下執行任務。

Also, just this past month, the Black Widow became the first Group 1 UAS device to successfully integrate with Anduril's Lattice platform. And we have integrated the Black Widow with SignLink, Ukraine's battle-proven, satellite-free, GPS-denied positioning network system. The SignLink integration completes the development phase, and birds will be delivered to Ukraine at the beginning of June for validation testing and the final step to start replacing hundreds of thousands of Chinese-made drones in Ukraine.

此外，就在上個月，Black Widow 成為第一款成功與 Anduril 的 Lattice 平台整合的第 1 組（Group 1）UAS 裝置。我們也已將 Black Widow 與 SignLink 整合；SignLink 是烏克蘭經戰場驗證、無衛星、可在 GPS 受限環境下運作的定位網路系統。SignLink 的整合已完成開發階段，機體將於 6 月初交付烏克蘭進行驗證測試，並完成最後一步，以開始在烏克蘭替換數十萬架中國製無人機。

These improvements directly address customer feedback, operational requirements, and strengthening our competitive advantage and customer satisfaction levels.

這些改進直接回應客戶回饋與作戰需求，並強化我們的競爭優勢與客戶滿意度。

Our newly acquired Apium Swarm Robotics capabilities represent a quantum leap in coordinated unmanned operations, enabling multiple drones to operate autonomously as a unified system. This technology provides unprecedented tactical advantages, allowing for complex mission profiles, including coordinated surveillance, area coverage, and synchronized data collection that would be impossible with individual isolated devices.

我們新近取得的 Apium 群體機器人（Swarm Robotics）能力，讓協同無人作戰實現量子躍進，使多架無人機能以統一系統自主運作。此技術帶來前所未有的戰術優勢，可執行複雜任務輪廓，包括協同監偵、區域覆蓋與同步資料蒐集，這些都是單一、彼此孤立的裝置無法達成的。

Red Cat's unique value proposition lies in our integrated ecosystem approach, combining best-in-class hardware with sophisticated software solutions and comprehensive support services. Our platform delivers a unified client experience from initial deployment through ongoing operations, with intuitive control interfaces, real-time data analytics, and seamless integration with existing military command and control systems. This holistic approach reduces training requirements, accelerates deployment timelines, and maximizes operational effectiveness, creating substantial value for our customers while building long-term partnership relationships that drive recurring revenue opportunities.

Red Cat 的獨特價值主張在於我們採取整合式生態系策略，將同級最佳硬體、精密軟體解決方案與完整支援服務結合。我們的平台從初始部署到持續運作提供一致的客戶體驗，具備直覺式控制介面、即時資料分析，並可與既有軍用指揮管制系統無縫整合。此一全方位作法可降低訓練需求、加速部署時程並最大化作戰效能，為客戶創造可觀價值，同時建立可帶動經常性收入機會的長期合作夥伴關係。

With that being said, I'll now turn the call over to Christian to discuss our financial results.

接下來，我將把電話會議交給 Christian，請他說明我們的財務結果。

Thank you, Chris. I'm pleased to present Red Cat's financial performance for the first quarter of 2026, which demonstrates steady improvements, strong operational leverage, and the scalability of our business model. For the first quarter of 2026, revenue was $15.5 million, representing an increase of 849% from $1.6 million in the prior year period.

謝謝你，Chris。我很高興向各位報告 Red Cat 2026 年第一季的財務表現，展現穩健改善、強勁的營運槓桿，以及我們商業模式的可擴展性。2026 年第一季營收為 1,550 萬美元，較去年同期的 160 萬美元成長 849%。

This performance was primarily driven by continued drone deliveries under our U.S. Army short-range reconnaissance program, deliveries of our Black Widow drones to a European NATO ally, and deliveries of FlightWave Edge 130 drones.

此一表現主要受惠於：我們在美國陸軍短程偵察計畫下持續交付無人機、向歐洲一個北約盟國交付 Black Widow 無人機，以及交付 FlightWave Edge 130 無人機。

These deliveries reflect increased order volumes, enhanced manufacturing capacity, and an expanding geographic footprint, coupled with diversified product offerings. We believe these results validate the strength of our core business as we move into a significantly larger phase of growth.

這些交付反映出訂單量增加、製造產能提升與地理布局擴大，並搭配多元化的產品供應。我們相信，隨著我們進入顯著更大的成長階段，這些結果驗證了我們核心業務的實力。

Our gross margin performance was also impressive, improving from negative in Q1 2025 to positive 12.7% in Q1 2026. This improvement in the positive territory reflects the operational leverage inherent in our business model, improved manufacturing efficiencies, and better cost management as we scale our production volumes.

我們的毛利率表現同樣亮眼，從 2025 年第一季的負值改善至 2026 年第一季的正 12.7%。毛利率轉正反映我們商業模式內含的營運槓桿、製造效率提升，以及在擴大產量時更佳的成本管理。

The positive gross margin improvement marks a significant inflection point, demonstrating our ability to generate profitable revenue growth.

毛利率轉正的改善是一個重要的拐點，顯示我們具備創造獲利性營收成長的能力。

Our strategic investments in future growth were substantial during the quarter.

本季我們對未來成長的策略性投資相當可觀。

Operating expenses increased to $29.3 million, driven by investments in personnel and infrastructure to support the scaling and volumes required to achieve the significant revenue growth we expect in 2026 and beyond.

營業費用增加至 2,930 萬美元，主要因投資人員與基礎設施，以支援擴張與達成我們預期在 2026 年及之後顯著營收成長所需的產量規模。

We continue to focus on research and development expenses, which increased to $8.0 million during the quarter, reflecting our commitment to innovation and next-generation platform development. These investments are critical to maintaining our technological leadership and expanding our addressable market opportunities across military, government, and commercial applications.

我們持續聚焦研發費用，本季增加至 800 萬美元，反映我們對創新與下一代平台開發的承諾。這些投資對於維持我們的技術領先地位，並擴大我們在軍事、政府與商業應用領域的可服務市場機會至關重要。

Capital expenditures totaled $6.8 million during the quarter, which primarily included manufacturing equipment and facility improvements at our BlueOps USV division in Georgia and other company-wide infrastructure to support our production scaling requirements.

本季資本支出合計 680 萬美元，主要包括位於喬治亞州的 BlueOps USV 事業部之製造設備與廠房改善，以及其他全公司範圍內的基礎設施，以支援我們的產能擴張需求。

Our balance sheet strength and liquidity position provides a solid foundation for executing our growth strategy and capitalizing on the significant opportunities ahead.

我們強健的資產負債表與流動性部位，為執行成長策略並把握未來重大機會提供了穩固基礎。

As of March 31, 2026, we maintained exceptional liquidity with net working capital of $190.6 million, this representing a robust current ratio that ensures our ability to meet operational obligations and invest in growth initiatives without financial constraints.

截至2026年3月31日，我們維持了極為充裕的流動性，淨營運資金為1.906億美元，這代表強健的流動比率，確保我們有能力履行營運義務並投資成長計畫，而不受財務限制。

Our cash position of $131.9 million reflects our strategic deployment of capital to support rapid business expansion and inventory positioning for anticipated contract fulfillment.

我們的現金部位為1.319億美元，反映我們策略性地運用資本，以支持業務快速擴張並進行庫存配置，以因應預期的合約履約需求。

The substantial inventory and prepaid inventory balance of $62.7 million represents a strategic investment in securing critical components and positioning ourselves for accelerated delivery capabilities.

高達6,270萬美元的存貨及預付存貨餘額，代表我們在確保關鍵零組件並強化加速交付能力方面的策略性投資。

This inventory build reflects our proactive supply chain management and confidence in our contract pipeline, ensuring that we can meet customer delivery requirements in an environment of strong demand while mitigating potential supply chain constraints.

此一存貨增加反映我們主動的供應鏈管理以及對合約管線的信心，確保在需求強勁的環境下能滿足客戶交付要求，同時降低潛在的供應鏈限制。

Looking ahead, we are confident in our ability to deliver strong financial performance for the remainder of 2026.

展望未來，我們對於在2026年剩餘期間交出強勁財務表現充滿信心。

Our target annual revenue for the short to medium term is expected to be between $150 million and $180 million, representing significant growth compared to 2025.

我們短至中期的年度營收目標預計介於1.5億至1.8億美元之間，較2025年呈現顯著成長。

As revenues materialize over time, we expect gross margins to approach 30%.

隨著營收逐步實現，我們預期毛利率將接近30%。

Several key factors are driving our target revenue.

有數項關鍵因素正在推動我們的目標營收。

First, the resolution of the federal government shutdown has cleared the path for accelerated contract execution and payment processing, eliminating some temporary headwinds.

第一，聯邦政府停擺問題的解決已為加速合約執行與付款處理掃清道路，消除部分暫時性逆風。

Second, our strategic inventory positioning ensures we can meet aggressive delivery timelines without supply chain delays.

第二，我們的策略性庫存配置確保能在不受供應鏈延誤影響下，滿足具挑戰性的交付時程。

Third, our Blue Ops division is trending ahead of schedule in its production capabilities of USVs with increasing demand signals.

第三，隨著需求訊號升溫，我們的Blue Ops事業部在無人水面載具（USV）產能方面的進度優於原先規劃。

In addition, our recent acquisition of Apium Swarm Robotics and our pending Quays Technologies acquisition expand our addressable market and enhance our competitive differentiation in high-value segments.

此外，我們近期收購Apium Swarm Robotics，以及尚待完成的Quays Technologies收購案，擴大了我們的可服務市場，並強化我們在高價值細分市場的競爭差異化。

It is important to note that we expect increased revenues as we anticipate our BlueOps and FlightWave divisions will begin to provide meaningful revenue contributions.

需要特別指出的是，隨著我們預期BlueOps與FlightWave事業部將開始帶來具意義的營收貢獻，我們預期營收將增加。

The timing of our short-range reconnaissance program deliveries, combined with the letter of request from the Armed Forces of Ukraine and our ever-growing international contracts that include NATO and INDOPACOM allies and other opportunities in the Middle East, represents significant growth opportunities. Market conditions remain exceptionally favorable, with global defense spending continuing to prioritize unmanned systems and our ability to continue to unlock substantial international opportunities. The increasing urgency around drone technology adoption, demonstrated by accelerated procurement cycles, supports our expectation of continued strong demand through 2026 and beyond.

我們短程偵察計畫的交付時點，加上烏克蘭武裝部隊的請求函（letter of request），以及我們持續成長的國際合約（包含NATO與INDOPACOM盟友及中東其他機會），代表重大的成長機會。市場狀況仍然極為有利，全球國防支出持續優先投入無人系統，而我們也有能力持續開拓可觀的國際機會。無人機技術採用的急迫性日益提高，並由加速的採購週期所印證，支持我們對2026年及其後需求將持續強勁的預期。

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

接下來，我們很樂意回答各位的問題。接線員，請開放問答環節。

Thank you. We'll now be conducting a question-and-answer session.

謝謝。我們現在將進行問答環節。

(Operator Instructions)

(接線員指示)

Our first question has come from the line of Mike Latimore with Northland Securities.

我們的第一個問題來自Northland Securities的Mike Latimore。

Please proceed with your questions.

請開始提問。

Great. Yeah. So maybe just a little clarification on the guidance. You got into a certain range, very strong growth relative to '25

好的。是。我想就指引再請教一點釐清。你們給了一個區間，相較於2025年是非常強勁的成長。

You said short to medium-term range. Can you just sort of clarify what that means a little bit?

你提到是短至中期的區間。可以再稍微說明一下這代表什麼意思嗎？

Yeah. So, our target revenue of $150 million to $180 million is -- it says it right there, annual, so short to medium-term.

可以。所以，我們1.5億到1.8億美元的目標營收——如同上面寫的，是年度數字，因此是短至中期的目標。

So, we are -- we've spent the last almost eight months in Ukraine working on the Black Widow to get it to where it is. It's very interesting.

我們——過去將近八個月都在烏克蘭投入Black Widow的工作，把它做到現在的水準。這非常有意思。

Because we're one of the only people that are doing this. Everyone says they're not going to use stuff in the Army or any other of these contracts in the U.S. Unless it works in Ukraine.

因為我們是少數真正這樣做的人之一。大家都說，除非在烏克蘭能運作，否則美國陸軍或其他美國合約不會採用這些東西。

If you look at our competitors, specifically in this range of drone, they're making crap that hasn't changed in two years, our drone changes every three weeks. So, with that, we have been able to build an amazing opportunity pipeline for just the teal is close to like $700 million.

如果你看我們的競爭對手，特別是在這個級距的無人機，他們做的東西兩年都沒變；而我們的無人機每三週就會改版一次。因此，我們已經建立了一個非常驚人的機會管線，僅teal就接近7億美元。

So, now that the funding has been unleashed, we are ready to perform. We have everything we need to start shipping. We are proven. Everyone likes the equipment. Everyone likes what we're doing. We're also we just got I don't know if you saw the announcement by the Air Force about the F-35s working with the Black Widow, displaying our screens there. So, that target revenue of $150 million to $180 million, we are very comfortable with, considering the, again, the opportunity pipeline just for the teal, Black Widow is almost $700 million.

所以，現在資金已經釋出，我們已準備好執行。我們具備開始出貨所需的一切。我們已被驗證。大家都喜歡這些設備。大家都喜歡我們正在做的事。另外，我們也——我不知道你是否看到空軍關於F-35與Black Widow協同作業的公告，並在那裡展示了我們的螢幕。因此，考量到僅teal、Black Widow的機會管線就接近7億美元，我們對1.5億到1.8億美元的目標營收非常有把握。

Then, Jeff, you gave some numbers on the production volumes for the USV this year.

接著，Jeff，你提到今年USV的產量數字。

Can you just mention those again? I didn't quite get them.

可以再說一次那些數字嗎？我沒有完全聽清楚。

What's the -- is that going to go into inventory? Is that to support programs or is that like maybe a little more clarity on that?

那——這些會進入存貨嗎？是用來支援專案，還是可以再多一點說明？

Yeah, so the -- as you know BlueOps did not exist seven months ago, eight months ago now. And a lot of you on this call have been to our location during Innovation Day. And that location is filled with potential customers every week now, from every branch, from every agency.

好的，所以——如你所知，BlueOps在七個月前、現在八個月前都還不存在。而在座很多人於創新日（Innovation Day）時都來過我們的據點。而那個據點現在每週都擠滿了潛在客戶，來自各軍種、各機構。

We got invited to an exercise recently. I can't talk about it, but we are crushing it. And the demand and the opportunity for Blue Ops is massive. As I mentioned, we were invited to the region of the Strait. That wasn't us, that we were invited by some very important people.

我們最近受邀參加一場演訓。我不能談細節，但我們表現非常出色。Blue Ops的需求與機會非常龐大。如我提到的，我們受邀前往海峽地區。那不是我們主動去的，而是一些非常重要的人邀請我們。

But we do have some hard constraints when you're building boats. They're much bigger and larger than what Mitch is building for the teal Black Widow. I mean, Mitch could turn it up from $220 million to $500 million very rapidly and very easily. He's going to be building $221 million no matter what this year.

但在造船時確實有一些硬性限制。它們比Mitch為teal Black Widow所做的東西大得多。我的意思是，Mitch可以非常快速、非常容易地把規模從2.2億美元拉升到5億美元。無論如何，他今年都會做到2.21億美元的產量。

But with the boats. We, because we only had one mold, now we have two molds, we're limited by molds and tooling to make boats. So, we can't make the tooling go any quicker. They're hard to make and they take time. So, our first year, we're making more than we said earlier, we're going to make 145 fiberglass hulls.

但就船而言。我們因為原本只有一個模具，現在有兩個模具，所以我們受限於模具與工裝來製造船體。因此，我們無法讓工裝製作更快。它們很難做，也需要時間。所以第一年，我們的產量會比先前說的更多——我們將製造145個玻璃纖維船殼。

So, that and we believe they're all going out the door.

而且我們相信這些都會出貨。

And then on top of that, we just started printing this week, the 5-meter, more kamikaze style, 5-meter 3D printed boats. Now, you notice that I said that's about 245 boats altogether, but I only said it's only 40 million probably.

此外，我們本週剛開始列印5公尺、較偏神風式風格的5公尺3D列印船。你會注意到我說總共大約245艘船，但我也說這大概只會是4,000萬美元左右。

If we sell all those plastic boats and about $90 million if we sell all of the fiberglass boats this year.

如果我們今年把那些塑膠船全部賣掉，以及如果我們把所有玻璃纖維船都賣掉，約可達9,000萬美元。

So, we can sell the plastic 3D-printed 5-meter kamikaze boats very inexpensively and with still great margins. Now, as Christian talked about earlier, as we -- the TL2 went from negative 10% to 10% to 20%, then to 30% gross margins. We believe we can replicate that with the Black Widow, but that gross margin that we're trying to get to in Q4, just trying to close in on that 30%, would change dramatically if we sell more boats. If we sell all these boats, that margin would go up. And we haven't put anything in from any of the software from Palantir, which is still moving along. We actually have another meeting with them tomorrow.

所以，我們可以非常低成本地銷售塑膠3D列印的5公尺神風艇，同時仍然維持很好的毛利率。現在，如同 Christian 先前提到的，隨著我們——TL2 的毛利率從負10%到10%、到20%，再到30%。我們相信在 Black Widow 上也能複製這樣的表現，但我們在第四季想要達到的那個毛利率、也就是努力逼近30%的目標，如果我們賣出更多船，將會出現顯著變化。如果我們把這些船都賣掉，那個毛利率會上升。而且我們還沒有把 Palantir 的任何軟體收入算進來，那部分仍在推進中。我們其實明天還會再跟他們開一次會。

People are now starting to want to look at visual navigation.

現在人們開始想要看視覺導航。

As we're in multiple theaters, we're getting a lot of interesting demands for that software.

由於我們在多個戰區運作，我們收到很多對那套軟體很有意思的需求。

Got it. Great. And then just last on the -- you talked about the FAANG opportunity, drone dominance, and the need for the Black Widow and better sensors in that program. If they bought these black widows for the Drone Dominance program, would that come through the funding for Drone Dominance, or would that be a separate allocation?

了解。很好。最後一點——你提到 FAANG 的機會、Drone Dominance（無人機制霸），以及該計畫對 Black Widow 和更好感測器的需求。如果他們為 Drone Dominance 計畫採購這些 Black Widow，會由 Drone Dominance 的資金撥付，還是會是另一筆獨立的預算配置？

Well, this has been a discussion with all the people that are involved there, and we've been trying to help them.

嗯，這一直是與所有參與其中的人在討論的事情，而我們也一直在努力協助他們。

So, I think what Drone Dominance is about $1 billion, if I'm correct.

所以，我想 Drone Dominance 大約是10億美元，如果我沒記錯的話。

So if you're going to buy 350,000 FPV drones. They're useless without a sensor, which I mean, the way they're used, and we're in theater every single day, is a drone like the Mavic 3 typically from DGI finds the targets and then tells the FPV drones where to go. They don't just go out and search for them because they have horrible cameras in their analog. It's like driving through snow. The way they're used in the Ukraine has a sensor, which is an ISR drone similar to the Black Widow, and we're hoping to replace all them. So, if you buy 350,000 drones and don't have a sensor. Those 350,000 FPV drones are actually useless.

所以如果你要買35萬架 FPV 無人機。沒有感測器它們就毫無用處；我的意思是，以它們的使用方式來看，而我們每天都在戰區，通常是像 DJI 的 Mavic 3 這類無人機先找到目標，然後告訴 FPV 無人機該往哪裡去。它們不會自己出去搜尋，因為它們的類比影像相機非常糟。就像在雪地裡開車一樣。在烏克蘭的使用方式是要有一架感測器機，也就是一架 ISR 無人機，類似 Black Widow，而我們希望能把那些全部替換掉。所以，如果你買了35萬架無人機卻沒有感測器。那35萬架 FPV 無人機其實是毫無用處的。

So, people are starting to get that. So, they're going to start having ways to have a sensor shooter in the gauntlet.

所以，人們開始理解這一點了。因此，他們會開始想辦法在這個「感測器—射手」的組合中配置感測器機。

So, if you look at different ratios, we did a low ratio, we did a medium ratio, we didn't even do a high ratio, and that's 10,000 to 17,000 Black Widow-style drones.

所以，如果你看不同的比例，我們做了低比例、做了中比例，我們甚至還沒做高比例，而那就已經是1萬到1.7萬架 Black Widow 類型的無人機。

You can't get around that. If it's not us, it's got to be someone else. And by the way, our competitors, they're drones, they don't work. They're crap. They haven't changed them since 2024. We change ours every three weeks. They're a requirements document. That's what they do. They go to requirements and they build crappy drones. And sorry, I digress.

你繞不開這件事。如果不是我們，就一定得是別人。順帶一提，我們的競爭對手——他們的無人機根本不能用。很爛。他們自2024年以來就沒改過。我們每三週就更新一次。他們只是在做需求文件。他們就是做這個。他們照著需求去做，然後做出很爛的無人機。抱歉，我扯遠了。

Got it. No, that makes sense.

了解。不，這很合理。

Very good.

非常好。

Well, that covers it for me right now. Appreciate it.

好，我目前就到這裡。感謝。

Great. Thanks, Mike.

很好。謝謝你，Mike。

Thank you.

謝謝。

Thank you so much. Our next questions come from the line of Austin Bohlig with Needham. Please proceed with your questions.

非常感謝。下一位提問者是 Needham 的 Austin Bohlig。請開始提問。

Hey, guys. Thanks for taking the question.

嗨，各位。謝謝讓我提問。

Just first one, just want to go back to kind of like the new updated guidance.

第一個問題，我想回到你們最新更新的財測指引。

I think historically you guys have provided some like granularity on like what's Black Widow, Flightwave, USV. Would love any additional color of how we should be thinking about the different buckets driving this outlook.

我想過去你們通常會提供一些更細的拆分，例如 Black Widow、Flightwave、USV 各占多少。希望你們能多補充一些看法，讓我們知道在這個展望中，各個不同類別應該如何理解、以及是哪些在驅動。

Well, that's a great question. So, as I was mentioning in our opportunity pipeline, we've got -- I'll give you some -- I'm not going to give exact numbers for each customer, but with the Army, you got LRIP, which we're working on our final contract for that, so that'll finally be over with.

嗯，這是個很好的問題。所以，如同我在機會管線提到的，我們有——我給你一些方向——我不會對每個客戶給出精確數字，但在陸軍方面，你們有 LRIP（低率初期生產），我們正在處理那份最終合約，所以那件事終於會告一段落。

And then we into OTA, which we've been simultaneously negotiating, but it's very linear with them.

接著我們會進入 OTA（其他交易協議），我們也一直同步在談，但他們的流程非常線性、一步一步來。

We also have other branches in the armed services that are, to be frank, some of them are bigger than SRR.

我們在其他軍種也有案子；坦白說，其中一些規模比 SRR 還大。

The SRR is such an antiquated program. It really hasn't kept up with the numbers compared to other branches that are now getting their funding and looking for ways for their soldiers to get products that actually work in battlefields. Drone dominance is another bucket. I'm just talking Black Widow right now, Austin, for your models. Drone dominance is also, we believe, is going to be a pretty good bucket for us for the end of this year and into 2027.

SRR 是一個非常過時的計畫。相較於其他軍種，SRR 在數量上其實沒有跟上；其他軍種現在拿到資金，並在尋找方法，讓他們的士兵能取得在戰場上真正能用的產品。Drone Dominance 是另一個類別。Austin，我現在只談 Black Widow，方便你們建模。我們也相信 Drone Dominance 對我們而言，會是今年年底到2027年一個相當不錯的收入來源。

We've got Israel. Is going to be a part of this.

我們還有以色列。這也會是其中一部分。

The Air Force, which they put out their own announcement about the Black Widow working with the F-35s. We don't know how big that's going to be. I think there's about 500 of those.

還有空軍，他們自己也發布了公告，提到 Black Widow 與 F-35 協同運作。我們不確定那會有多大規模。我想那大約有500架。

And then Ukraine, we didn't even put Ukraine fully into our opportunities pipeline because the opportunities pipeline would go from like $700 million to $2 billion.

然後是烏克蘭；我們甚至沒有把烏克蘭完整納入我們的機會管線，因為那樣機會管線會從大約7億美元跳到20億美元。

Immediately. So, we're giving some caution around Ukraine until we get through next month, but that has actually been our focus. Ukraine, if you own a business and everyone's asking, hey, OTA, and I'm like, did you guys not listen to the last call? We could replace hundreds of thousands of drones in the Ukraine, and they want them, and they need them, and they're going -- we talk to them every week.

立刻就會變成那樣。所以，在我們度過下個月之前，我們對烏克蘭會保持一些審慎，但那其實一直是我們的重點。烏克蘭——如果你在經營一家公司，而大家一直問「嘿，OTA 呢？」我會想說，你們難道沒聽上一通電話會議嗎？我們可以在烏克蘭替換數十萬架無人機，他們想要、也需要，而且他們——我們每週都跟他們談。

That should be the focus. And.

那才應該是重點。而且。

To be frank, the Army might barely, probably won't make it into the top three of customers on revenue this year, even though they're going to be a great staple and a great platform.

坦白說，陸軍今年在營收上可能勉強、甚至大概不會進入前三大客戶，儘管他們會是一個很好的長期支柱與很好的平台。

So Ukraine is another bucket. Japan, we announced recently, they're continuing to buy. And then we have an incredible trip to Taiwan, Korea and Japan next month, and we'll hopefully be able to update the street on some of those adventures. So, that's just the bucket for Black Widow for your modeling, okay? When you go into Blue Ops, we are physically limited by the amount of boats we're going to make of about 245 boats made this year, which is phenomenal. And going into '27, we hope to get to that 650 to 1,000, at least, production numbers that we can get to. So, BlueOps, if you capped it at and it's mostly V7s, but there are going to be some V5s, we're making V5s and V7s with the 3D printing, so we can use that to listen to customer feedback as we're doing that, but that one kind of has a cap unlike.

所以烏克蘭是另一個桶。日本方面，我們最近宣布，他們會持續採購。接著下個月我們將有一趟很精彩的行程去台灣、韓國和日本，希望能就其中一些進展向市場更新。所以，這就是 Black Widow 這個桶，供你們建模用，好嗎？當你進到 Blue Ops，我們在實體產能上受限於今年大約只能做 245 艘船，這非常驚人。而到 2027 年，我們希望至少能把產量提升到 650 到 1,000 艘的水準。所以 BlueOps，如果你把它封頂，而且主要是 V7，但也會有一些 V5；我們用 3D 列印同時做 V5 和 V7，這樣在製作過程中也能吸收客戶回饋，但這一塊跟其他的不太一樣，是有上限的。

Mitch McDonald, the President of Teal, can step on the gas from that 221 that he's building this year in a month, and change dramatically how many drones we can deliver. And then FlightWave, we still have that pinned at around $40 million in production this year in the second half of the year. So, if you put all those you put all that just the production that we can do that we're going to do no matter what, it's $388 million in 2026.

Teal 的總裁 Mitch McDonald，可以在一個月內從他今年要做的 221 架加速衝刺，並大幅改變我們能交付多少架無人機。另外 FlightWave，我們仍把今年下半年產量鎖定在大約 4,000 萬美元。所以，如果你把所有這些——也就是我們不管怎樣都會做、也有能力做的產量——加總起來，2026 年就是 3.88 億美元。

Okay, that's super helpful. And I guess kind of like going down the P&L, how should, it might be a better question for Christian, how should we be thinking about kind of OpEx throughout the year on a quarterly basis? Is what you guys did on an absolute a pretty good run rate?

好的，這非常有幫助。我想沿著損益表往下看，關於全年按季度來看 OpEx（營運費用）應該怎麼思考——這可能更適合問 Christian——我們應該怎麼看？你們目前這個絕對金額的水準，算是一個不錯的 run rate（常態化水準）嗎？

How should we be thinking about that?

我們應該怎麼思考這件事？

Yeah, that's going to go up a little bit in the back half of the year, it just naturally has to.

是的，下半年會上升一點，這在自然情況下就是必然的。

But yeah, it's within the realm, I'd probably flex it.

不過對，仍在合理範圍內，我大概會讓它有些彈性調整。

Up maybe 15%, 20% for the back half of the year.

下半年可能上調大約 15% 到 20%。

Okay. Awesome. Well, thank you guys for the questions.

好的。太棒了。謝謝各位的提問。

Yeah, you bet.

好的，沒問題。

Thank you so much. Our next questions are going to come from the line of Brian Dobson with Clearstreet. Please proceed with your questions.

非常感謝。接下來的提問來自 Clearstreet 的 Brian Dobson。請開始提問。

Hey, thanks so much. Thanks for taking my questions.

嗨，非常感謝。謝謝讓我提問。

You're welcome, Brian.

不客氣，Brian。

So, how important is the integration of Anduril Lattice into your weapons systems? You mentioned that Black Widow is now in the system. Do you believe that's going to be a gold standard for Pentagon procurement?

那麼，將 Anduril Lattice 整合進你們的武器系統有多重要？你提到 Black Widow 現在已經在系統裡了。你認為這會成為五角大廈採購的黃金標準嗎？

I can take that because I've been involved pretty deeply with that. Thanks for the question, Brian. Nice to finally meet you.

這題我可以回答，因為我在這方面參與得相當深入。謝謝你的問題，Brian。很高興終於見到你。

There was a notice yesterday throughout the Army that we got that if you're not integrated into Lattice, you're not working with the Army, it was kind of the message. I just paraphrased that, it's not the exact wording.

昨天我們收到一則在陸軍內部發布的通知，大意是：如果你沒有整合進 Lattice，你就不算是在跟陸軍合作——訊息大概是這樣。我只是意譯，並非原文逐字。

And we were the event that we were at a few weeks ago, we were the only people there from the SRR program and that had integrated and has actually integrated into Lattice, as Chris Ericson mentioned earlier. So yeah, I believe that if you're not integrated into Lattice, you're going to have some problems going forward. You're going to get forced to do it no matter what.

而且幾週前我們參加的那個活動上，我們是 SRR 計畫中唯一到場、且已經整合、並且如 Chris Ericson 先前提到的，實際完成與 Lattice 整合的團隊。所以是的，我相信如果你沒有整合進 Lattice，未來會遇到一些問題。不管怎樣，你都會被迫去做。

Yeah, very good. And then I guess just shifting gears a little bit. So, on BlueOps, unmanned surface vessels, relatively new domain for the company, maybe you could just give a little bit of color on what you see as the opportunity there over the next two or three years and how you view demand evolving not only from the United States, but from our allies when compared with, call it, air system demand?

了解，很好。那我再稍微換個話題。關於 BlueOps 的無人水面載具（USV），對公司來說算是相對新的領域；你能否多補充一些未來兩到三年你看到的機會，以及你如何看待需求的演變——不僅是美國，也包括盟友——相較於所謂的空中系統需求？

Yeah, so the bottom line is blue ops could probably surpass all of the UAVs next year.

好的，總結來說，Blue Ops 明年可能會超過所有 UAV 的規模。

The demand, let's face it, 70% of the world is water, and we can launch our other products from this, but the market is massive, and there's not a lot of quality players.

需求方面，坦白說，世界有 70% 是水域，我們也能從這個平台發射我們的其他產品；市場非常巨大，而且高品質的玩家不多。

We started as boat builders, and what we're seeing a lot, and I can't give any details. But we've been in a lot of situations where our competitors' boats are failing and ours are actually prevailing, because we started as boat builders and we build sturdy boats that can get smashed around and are very high-quality, and then you put your tech stack on it, but if they can't handle the ocean eats everything.

我們一開始就是造船的，我們看到很多情況——我不能透露細節。但我們在很多場景裡看到競品的船在失效，而我們的船反而能撐住、能勝出，因為我們從造船起家，造的是堅固、能被撞得七零八落仍能運作、而且品質很高的船；然後你再把你的技術堆疊放上去。但如果船體扛不住，海洋會把一切都「吃掉」。

So, there's nothing it doesn't want to eat. So, you have to make your boats super reliable, specifically when they're going as fast as ours go and when they have the capabilities that ours have. A human couldn't stand on that boat; they would get sick or get hurt doing the turns and the speeds that we're doing it. Now add the payloads, which makes us super unique, is -- we're talking about the President talking about these machine guns from ACS. They are great anti-FPV and anti-Shahed killers. So, this is a very sought after combat weapon system right now all over the globe.

沒有什麼是它不想吃的。所以你必須把船做得非常可靠，尤其是當它們像我們的船一樣跑得那麼快、又具備我們這些能力時。人類不可能站在那艘船上；以我們做的轉彎與速度，人會暈船或受傷。再加上載荷，我們非常獨特的一點是——我們談到總統提到的那些來自 ACS 的機槍。它們是很強的反 FPV 與反 Shahed 的殺手。所以這是一套目前在全球都非常搶手的作戰武器系統。

And we're over there now.

而我們現在就在那邊。

And it's very important for us. We think that our allies will be buying a lot of USVs. And we came out of this. The interesting part is drones had never been mass manufactured in the United States. The boat industry has been going on for hundreds of years and we got the best boat builders we believe in the world. So, we started with high, high-quality and based on a third-generation product that's already been in theaters. So, we had a kind of a head start, which put us at the front of the line and now we're competing and we're proving everyone that we do have what we believe is the best USV out there. Now we can do different sizes, we went from whiteboard to floating in the water by December with our first boat. Now we can compress that down with 3D printing to have weeks, we can try new models, and now our mold capability, we can actually start making our own molds in the next few months, so we won't have to rely on people to make our tooling, we'll make our own tooling. So, the opportunity for the USVs is massive, but it also helps create a combined, we can put our black widows on there, we can put the Trichon on there.

這對我們非常重要。我們認為盟友會採購大量 USV。而我們從這裡得到的——有趣的是——無人機在美國過去從未被大規模量產。造船業已經存在數百年，而我們相信我們擁有世界上最好的造船工匠。所以我們是從非常、非常高的品質起步，而且是基於已經在戰區使用過的第三代產品。因此我們有某種先發優勢，讓我們站在隊伍最前面；現在我們在競爭，也在向所有人證明，我們確實擁有我們所相信的、目前市面上最好的 USV。現在我們也能做不同尺寸；我們從白板設計到 12 月第一艘船下水漂浮，只花了很短時間。現在透過 3D 列印，我們可以把週期壓縮到以「週」為單位，能嘗試新模型；而且憑藉我們的模具能力，接下來幾個月我們就能開始自己做模具，這樣就不必依賴別人來做我們的工裝，我們會自己做工裝。所以 USV 的機會非常巨大，同時也有助於打造一個整合式的——我們可以把 Black Widow 放上去，也可以把 Trichon 放上去。

We've partnered with ACS. There are so many payloads that want to be on our boat right now. We are getting massive traction with the Variant 7 right now.

我們已與 ACS 建立合作夥伴關係。目前有非常多的載荷想要上我們的船。我們的 Variant 7 目前正獲得巨大的市場牽引力。

Yeah, that's great. And correct me if I'm wrong, I think some of your boat builders came from Hinckley Yachts. So slightly different application, but impressive maritime heritage.

是的，太棒了。如果我沒記錯的話，你們的一些造船團隊成員來自 Hinckley Yachts。所以雖然應用場景略有不同，但令人印象深刻的海事傳承。

So just one final one for me. You made some exciting tuck-ins during the quarter.

那我最後一個問題。你們在本季做了幾筆令人振奮的補強式併購（tuck-ins）。

How do you see these benefiting the broader platform? And how are you thinking about M&A going forward, right, in terms of your desire to either develop tech in-house or go out and buy it?

你如何看待這些交易對更廣泛平台的助益？以及你們未來對併購（M&A）的思考是什麼，也就是在希望自行內部開發技術，或是出去收購之間如何取捨？

We've kind of been doing both because we built BlueOps, as and thank you for noticing that we've got one of the best premier families and we're working with Hodgden Yachts as our prototype shop, another premier boat builder.

我們其實兩者都在做，因為我們打造了 BlueOps；也謝謝你注意到，我們擁有最頂尖的船艇家族之一，並且與 Hodgden Yachts 合作作為我們的原型製造工坊，這也是另一家頂級造船商。

But we developed that entire tech stack in-house. There are other things that we will acquire. We want to have a lot of vertical integration so that we own the entire boat, we own the entire drone.

但那整套技術堆疊是我們完全內部自行開發的。也有一些事情我們會透過收購取得。我們希望有高度的垂直整合，讓我們擁有整艘船、也擁有整架無人機。

All of these things, we do a little bit of both.

這些事情我們兩種方式都會做一些。

So, now that we have Apium to be able to do our swarming, everyone keeps talking about swarming, but no one can do it reliably.

所以，現在我們有了 Apium 來做群飛／蜂群（swarming），大家一直在談蜂群，但沒有人能可靠地做到。

So, we're pretty excited about Apium. None of the Apium's revenue is in our target revenue.

所以我們對 Apium 感到非常興奮。Apium 的營收完全沒有納入我們的目標營收之中。

Nothing from Quay's is in there.

Quay's 的也沒有算在裡面。

So, we're excited to show our swarming capabilities because now it's starting to show up in all the requirements across the DOW. So, we are very happy that we're bolting that on.

所以我們很期待展示我們的蜂群能力，因為現在它開始出現在整個 DOW 的各項需求之中。因此我們非常高興能把這項能力加裝上去。

We can also swarm our boats with their technology.

我們也可以用他們的技術讓我們的船進行蜂群協同。

Thank you very much.

非常感謝。

Thank you so much. Our next question has come from the line of John Hickman with Ladenburg Thalmann. Please proceed with your questions.

非常感謝。下一個問題來自 Ladenburg Thalmann 的 John Hickman。請開始提問。

Hello. Can you hear me? Yes.

你好。聽得到我嗎？聽得到。

We got you, John.

我們聽得到你，John。

Hey, I'm kind of brand new to this story, but a lot of questions.

嗨，我算是剛接觸這個故事，但有很多問題。

The other questions have been very helpful.

前面其他人的問題很有幫助。

Could you elaborate a little bit on what the shutdown cost you?

你能否多談一點停擺（shutdown）讓你們付出了什麼成本？

We don't have any details on that, but just the delays alone.

我們沒有那方面的細節，但光是延遲本身就……

People are -- even though during a continuing resolution year, you're usually allowed to use.

即使在持續決議（continuing resolution）年度，你通常仍被允許使用。

The amount up to your previous budget. But for the entire SRR program, it was only $70 million. So, that's not much for them to be able to say, hey, we got money to push around. And we ended up getting $40 million out of that once the shutdown was complete. So, it's just delays. I don't think that it's going to cost us total. I think it's just got pushed out a month or two. Just like everyone else that's in the defense industry, we are all feeling the spigot turn on the last couple of weeks.

最多到你上一年度預算的金額。但對整個 SRR 計畫而言，只有 7,000 萬美元。所以他們能說「嘿，我們有錢可以調度」的空間不大。而在停擺結束後，我們最終從那裡拿到了 4,000 萬美元。所以主要就是延遲。我不認為這會讓我們在總額上有成本損失。我認為只是時程往後推了一兩個月。就像國防產業的其他人一樣，過去幾週我們都感受到資金閥門開始打開。

The money's loosened up. There's a ton of it coming. All of that $130 billion from the -- that they released for defense is going to be spent -- it has to be spent now if they're going to do it for fiscal '26 by the end of September. And then the budget, which was hundreds of millions of dollars, is now $74 billion with whatever they're going to add on with unified command for drones, counter drones, USVs, and drone dominance. So, the drone, which starts October 1, just a few, four months away.

資金變得更寬鬆了。有大量資金正在進來。他們釋出的那 1,300 億美元（用於國防）都會被花掉——如果他們要在 9 月底前完成 2026 財年的規劃，現在就必須花掉。然後那個原本是數億美元的預算，現在變成 740 億美元，外加他們還會在無人機統一指揮、反無人機、USV（無人水面載具）以及無人機優勢等項目上再加碼。所以無人機相關預算從 10 月 1 日開始，也就是再幾個月、四個月後。

So, the -- now that we have budgeting on time, like the year before we didn't have a budget, at least this year we have a budget, and next year we have a massive budget. So, I don't think there'll be delays, but you can never tell with government.

所以——現在我們的預算編列是準時的；像前一年我們沒有預算，但至少今年我們有預算，而明年我們會有一個非常龐大的預算。因此我不認為會有延遲，但政府的事你永遠說不準。

So we are -- we're hoping it stays smooth, and the numbers are so large, you have to be able to produce.

所以我們——希望一切維持順暢，而且數字這麼大，你必須具備生產能力。

And we can produce. So, we're pretty excited about that, but we don't see it as a loss, we just see it got moved to the right in timeline.

而我們能生產。所以我們對此相當興奮，但我們不把它視為損失，只是把時程往後移了一點。

Okay, so I know you were ranting earlier about competition.

好，那我知道你剛才在談競爭時有點激動。

Yeah.

對。

Is there a competitor you're worried about or respect?

有沒有哪個競爭對手是你擔心或尊敬的？

Yeah, I would say more so in the boat space, 'cause I mean, we went in a down selection process.

有，我會說更多是在船艇領域，因為我們走過一個篩選（down selection）流程。

And, there was a clear winner. Those are the Army's words, not ours.

而且有一個明確的勝出者。那是陸軍的說法，不是我們的。

And if you don't change your bird at all, if it's a two-year-old bird, that's not going to make it. So, that doesn't really scare me. We're in the front, we're ankle to ankle with the Ukrainian warfighters, at the zero line, and we're changing our birds all the time. We have a great team that's doing that for Red Cat. And we're continuing. We're already in three theaters now because of this method of showing our products to people is let's go to the front line and do that. So, our product changes every three weeks right now. It's probably going to go down to a week or days. We have an office in Ukraine now, and we're going to be hiring some local coders. So, we're going to be going really fast with the Black Widow, and our competitors are going really slow. In the boats, there are some.

如果你完全不改你的「鳥」（bird，指無人機），如果那是一台兩年前的機型，那是撐不住的。所以那不太讓我害怕。我們在最前線，和烏克蘭的作戰人員肩並肩，在零線（zero line），而且我們一直在改我們的「鳥」。我們有一個很棒的團隊在為 Red Cat 做這件事。而且我們持續在做。因為這種向人展示產品的方法就是：到前線去展示，所以我們現在已經在三個戰區了。因此我們的產品現在每三週就會變更一次。之後可能會縮短到一週甚至幾天。我們現在在烏克蘭有辦公室，也會聘用一些當地的程式開發者。所以我們會用 Black Widow 跑得非常快，而我們的競爭對手跑得很慢。在船艇方面，確實有一些競爭者。

There's some, people that have been around for a long time, like Kraken.

有一些在市場上存在很久的公司，例如 Kraken。

So, I'm not going to say the same types of things about them.

所以我不會用同樣的方式去評論他們。

Then there's, well, obviously Saronic.

然後還有，嗯，當然是 Saronic。

I think they moved up to like the bigger boats, but they're probably, we haven't really seen them in theater yet with us.

我想他們往更大型的船艇移動了，但他們可能——我們在戰區裡還沒有真的看到他們和我們同場。

So, they're probably a good company.

所以他們可能是一家不錯的公司。

Then you've got BlackSea, which makes the GARC.

接著是 BlackSea，他們製造 GARC。

Which when we were at Portugal, I don't think they won anything there, but I'm not sure about them, but what you will see, I think, in the boat industry, you're going to see us do really well by our performance as a boat builder, and then what's -- very unique, which I've said it a million times about the Edge 130 and now the Trichon, it does stuff that no other drone does, and it had huge amounts of demand, but we did not want to put a bad taste in people's mouths and ship them these drones, and they break in a couple of weeks. Actually, we brought them to the Ukraine with our new radio systems in them just to test them. They loved our fixed-wing solution, but the bird barely lasted a full day. So, that bird is probably the most unique with competitive advantage than our other products.

我們在葡萄牙的時候，我覺得他們在那裡沒有贏得任何東西，但我不太確定他們的情況。不過我認為你會看到的是，在船舶產業裡，我們會因為作為造船商的表現而做得非常好。然後還有一個——非常獨特的地方，我已經把 Edge 130、現在還有 Trichon 說過無數次：它能做到其他任何無人機都做不到的事，需求量非常大，但我們不想讓人們留下不好的印象，把這些無人機出貨給他們，結果兩週就壞掉。其實，我們把它們帶到烏克蘭，並裝上我們新的無線電系統，只是為了測試。他們很喜歡我們的固定翼解決方案，但那架「鳥」幾乎撐不過一整天。所以，那架「鳥」相較於我們其他產品，可能是最獨特、最具競爭優勢的。

One question about the sensor you make for your drones. Do you make that sensor yourself, or is that outsourced?

有一個關於你們為無人機製作的感測器的問題。那個感測器是你們自己做的，還是外包的？

Well, sensor is just kind of a term for sensor shooter. The sensor is the Black Widow drone, or like, let me back up, because a lot of people do not understand. How this works with FPV drones.

嗯，「感測器」其實比較像是一個用來指「感測／射手」的術語。所謂的感測器是 Black Widow 無人機——或者我先退一步講，因為很多人不理解。FPV 無人機是怎麼運作的。

They've never been to Ukraine. They've never worked with these people. They have these teams that have a bunch of FPV drones with them, and they don't go out and just search for targets. They have an ISR drone. Typically right now, it's DGI Mavics, which we're hoping to replace. They go through 350,000 of those DGI Mavics in Ukraine right now. So, the Mavics go out and find the tanks or the mortars of the human beings.

他們從沒去過烏克蘭。他們從沒跟這些人一起工作過。他們有一些小隊，隨身帶著一堆 FPV 無人機，但他們不會出去就只是搜尋目標。他們有一架 ISR 無人機。目前通常是 DGI Mavics，我們希望能取代它。烏克蘭現在用掉了 35 萬架那種 DGI Mavics。所以，Mavics 會出去找到坦克、迫擊砲，或是人員。

And they tell the FPV guys where to go. Sometimes it's literally verbally. It's that primitive, but it's very effective. 80% of the deaths are from FPV. So, in drone dominance, if they just buy 350,000 FPV drones, they're kind of useless. Actually, they're absolutely useless. They're analog cameras and they're very hard to see. So, you need a sensor. It's just a term. It's not like an actual sensor that senses stuff. The Black Widow has a bunch of sensors that gets it out there.

然後他們告訴 FPV 的人該往哪裡去。有時候真的就是口頭講。就是那麼原始，但非常有效。80% 的死亡是由 FPV 造成的。所以在無人機制霸上，如果他們只買 35 萬架 FPV 無人機，其實沒什麼用。實際上，完全沒用。它們是類比相機，而且非常難看清楚。所以你需要一個「感測器」。那只是個術語。不是那種真的去感測什麼的實體感測器。Black Widow 有一堆感測器，能把它送到前方。

In contested environments and finds the bad guys and tell the FPV guys, the shooter, what to go kill. So, it's basically a sniper rifle, you would never use a sniper rifle without a scope. We're the scope, they're the sniper rifle.

在受干擾的環境中找到壞人，並告訴 FPV 的人——也就是射手——該去擊殺什麼。所以基本上就像狙擊步槍一樣，你不會在沒有瞄準鏡的情況下使用狙擊步槍。我們就是瞄準鏡，他們就是狙擊步槍。

And that's all done electronically, it doesn't, no human intervention there.

而這一切都是以電子方式完成的，沒有任何人工介入。

For -- well, lots of times in Ukraine, because these are DGI drones, they're not going to interface with anything else. You can't call DGI and say, hey, can you make our FPV drones integrate for targeting?

至於——嗯，在烏克蘭很多時候，因為這些是 DGI 的無人機，它們不會跟其他任何東西介接。你也不可能打電話給 DGI 說，嘿，你們能不能讓我們的 FPV 無人機整合目標指示？

With us, we will. We will do that. We're doing it right now for drone dominance.

但我們可以。我們會做這件事。我們現在就正在為「無人機制霸」做這件事。

So, we believe that the drone dominance program is going to need significant amounts of sensors, which are ISR drones, if not the Black Widow, it's going to have to be some ISR drone.

所以我們相信，「無人機制霸」計畫將需要大量的感測器——也就是 ISR 無人機；如果不是 Black Widow，也必須是某種 ISR 無人機。

Well, thank you. Appreciate it. I'll be in touch later, okay?

好的，謝謝。感謝你。我晚點再聯絡你，好嗎？

Great.

很好。

Sounds good, John. Thank you.

聽起來不錯，John。謝謝。

Thank you so much. This does conclude today's question-and-answer session. I would now like to hand the call back over to Jeff Thompson for any closing remarks.

非常感謝。今天的問答環節到此結束。我現在把電話交回給 Jeff Thompson，請他做結語。

Great. Thanks for coming. We are super excited about this year. It's going to be, as you've seen with our target revenue, it's going to be a great year.

太好了。謝謝各位參與。我們對今年感到非常興奮。正如你們從我們的目標營收所看到的，這將會是很棒的一年。

And I want to thank a lot of people. We've got a team of people going around the globe working with these warfighters. We're in three theaters right now because of that. And that feedback gets back to our factories. And I want to thank all the factory workers in Teal at Salt Lake City. You guys are doing amazing jobs.

我也想感謝很多人。我們有一個團隊在全球各地奔走，與這些作戰人員一起工作。因此我們目前在三個戰區。而那些回饋會回到我們的工廠。我也要感謝位於鹽湖城的 Teal 工廠所有員工。各位做得非常出色。

We're getting orders and we ship them the next day because we have so much production. And the same. Valdosta, which I can't wait to get back up there hopefully next week. That factory is going to be exciting when people get to see it. We're having a big ribbon cutting there.

我們接到訂單後隔天就出貨，因為我們的產能非常充足。同樣地。還有 Valdosta，我迫不及待想回去，希望下週就能回去。等大家看到那座工廠時一定會很興奮。我們會在那裡舉行盛大的剪綵儀式。

Everyone is really crushing it in our factories across the globe. The factory is the weapon and look forward to seeing you folks next quarter.

我們在全球各地的工廠，大家都表現得非常亮眼。工廠就是武器，期待下個季度再見到各位。

Thank you so much. That does conclude today's teleconference. We appreciate your participation. You may disconnect at this time. Enjoy the rest of your day.

非常感謝。今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。祝您今天剩下的時間愉快。