Red Cat Holdings Inc (RCAT) 2026 Q2 法說會逐字稿

Greetings, and welcome to the Red Cat 2Q 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Red Cat 2026 會計年度第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

I'll now turn the conference over to Ankit Hira, Investor Relations. Thank you, Ankit. You may begin.

現在我將把會議交給投資人關係部的 Ankit Hira。謝謝你，Ankit。你可以開始了。

Good afternoon, and welcome to Red Cat's second quarter 2026 earnings conference call. Joining us today 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 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.

各位下午好，歡迎參加 Red Cat 2026 會計年度第二季財報電話會議。今天與會的有 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，涉及未來事件以及 Red Cat 的業務策略與未來財務及營運表現。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存在重大差異。

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. These forward-looking statements reflect management's beliefs, estimates and predictions as of the date of this live broadcast, August 6, 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 contain references to non-GAAP financial measures such as adjusted EBITDA and key business metrics such as annual recurring revenue.

其中部分風險、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，包括其最近一期 Form 10-K 年度報告及其他 SEC 申報文件。這些前瞻性陳述反映管理層截至本次直播（2026 年 8 月 6 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，我們今天的發言亦包含對非 GAAP 財務衡量指標（例如調整後 EBITDA）以及關鍵業務指標（例如年度經常性收入）的引用。

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. 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.

非 GAAP 指標應與公司所報告之 GAAP 結果一併參考，而非作為其替代。上述非 GAAP 指標與其最直接可比之 GAAP 指標的調節表、所引用關鍵業務指標之定義，以及管理層納入上述非 GAAP 指標與關鍵業務指標之原因，均可於新聞稿中查閱。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 提供的連結供回放收聽。

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

接下來，我將把電話會議交給 Chris。

Thank you, Ankit. Good afternoon, everyone, and thank you for joining Red Cat's Q2 2026 earnings call. Operationally, the second quarter was an important quarter as we continued scaling production, expanding our family of systems and building the infrastructure necessary to support Red Cat's next phase of growth. As Jeff will discuss in a bit, demand across our markets remains strong. My team's job is to ensure that we can deliver at scale while maintaining the speed, quality and flexibility of our -- that our customers expect.

謝謝你，Ankit。各位下午好，感謝各位參加 Red Cat 2026 年第二季財報電話會議。就營運而言，第二季是重要的一季，我們持續擴大產能、擴充我們的系統產品家族，並建置支援 Red Cat 下一階段成長所需的基礎設施。如 Jeff 稍後將提到的，我們各個市場的需求仍然強勁。我團隊的工作是確保我們能在維持速度、品質與彈性的同時進行規模化交付——也就是我們的客戶所期待的。

We continue to improve operational metrics by supporting $20 million in quarterly revenue and improving gross margin to 16% -- the most important operational achievement of the quarter was our continued progress scaling manufacturing capacity across the organization. We previously noted that our manufacturing footprint increased fivefold since 2024 to 260,000 square feet. During this past quarter, we added an additional 12,000 square feet of manufacturing and engineering space in San Diego for APM operations.

我們持續改善營運指標，支撐單季 2,000 萬美元營收，並將毛利率提升至 16%——本季最重要的營運成果，是我們在全組織持續推進製造產能擴張方面的進展。我們先前提到，自 2024 年以來，我們的製造據點面積已增加五倍，達到 260,000 平方英尺。在過去這一季，我們在聖地牙哥為 APM 營運新增了 12,000 平方英尺的製造與工程空間。

To be clear, square footage is critical, but not the sole focus and all for capacity. We continue to focus on increasing throughput, improving efficiency and strengthening supply chain resiliency. Throughout the quarter, we continued expanding production capabilities, increasing inventory availability and investing in manufacturing process that support better quality and higher delivery volumes across our product portfolio.

需要說明的是，面積固然關鍵，但並非產能的唯一重點，也不是全部。我們仍專注於提升產出吞吐量、改善效率並強化供應鏈韌性。整個季度中，我們持續擴充生產能力、提高庫存可用性，並投資於製造流程，以在我們的產品組合中支援更佳品質與更高交付量。

We are seeing significant synergy gains through centrally driven collaboration across our multiple product platforms in areas of engineering, system integration, quality programs and supply chain optimization. These efforts help support continued deliveries across our autonomous platforms while positioning us for anticipated future demand.

我們透過由中央推動、跨多個產品平台的協作，在工程、系統整合、品質計畫與供應鏈最佳化等領域，正看到顯著的綜效提升。這些努力有助於支援我們自主平台的持續交付，同時也讓我們為預期的未來需求做好準備。

Importantly, this shows that we're not simply scaling capacity, we're building repeatable processes that enable us to consistently deliver as volumes grow. That includes investments in manufacturing systems, quality control, supplier management and operational analytics that improve visibility across the organization. As we continue to scale, maintaining quality and execution discipline remains a top priority. Operationally, we continue to make progress across several important programs.

重要的是，這顯示我們不只是擴大產能，我們正在建立可重複的流程，使我們能在出貨量成長時仍可持續且穩定地交付。其中包括對製造系統、品質控管、供應商管理與營運分析的投資，以提升全組織的可視性。隨著我們持續擴張規模，維持品質與執行紀律仍是首要任務。在營運面，我們在數個重要計畫上持續取得進展。

At Teal Drones, advancement to Gauntlet II of the drone dominance program was an important milestone. While the program is still ongoing, moving forward in the process reinforces our confidence in the competitiveness of the platform and the capabilities of our engineering and production teams. We remain focused on execution and supporting the program requirements moving forward. We also support -- we also continue to support growing international demand for secure American-made unmanned systems.

在 Teal Drones 方面，晉級「無人機制霸計畫」（drone dominance program）的 Gauntlet II 階段，是一項重要里程碑。雖然該計畫仍在進行中，但在流程中持續推進，強化了我們對該平台競爭力以及工程與生產團隊能力的信心。我們仍將專注於執行，並在後續持續支援該計畫的需求。我們也持續支援國際市場對安全、美國製造無人系統日益成長的需求。

Deliveries to international customers, including the Japan Ground Self Defense Force, further demonstrate our ability to deploy and support our platforms globally while expanding Red Cat's international footprint. One of the most exciting developments at Red Cat is the continued expansion of our family of systems.

對國際客戶（包括日本陸上自衛隊）的交付，進一步展現我們在全球部署並支援平台的能力，同時擴大 Red Cat 的國際版圖。Red Cat 最令人振奮的發展之一，是我們系統產品家族的持續擴張。

Our Black Widow platform continues gaining traction with customers that require secure, mission-ready small unmanned aerial systems. At the same time, we introduced the Hellcat, which extends our ability to support international defense customers with a globally configurable platform derived from the proven Black Window architecture. This creates additional opportunities to expand our addressable market while leveraging technologies and capabilities already proven in the field. Beyond aerial systems, we're also making meaningful progress in the maritime domain through Blue Ops.

我們的 Black Widow 平台持續獲得需要安全、可立即執行任務之小型無人航空系統客戶的青睞。同時，我們推出 Hellcat，透過一個源自已驗證之 Black Window 架構、可進行全球化配置的平台，延伸我們支援國際國防客戶的能力。這在運用既有已於實地驗證的技術與能力之同時，也創造更多擴大可服務市場的機會。除空中系統外，我們也透過 Blue Ops 在海事領域取得實質進展。

During the quarter, Blue Ops completed production validation testing of its V7 holes and moved into mass production of the Variant 7 uncrewed surface vessel, a US-built mission-adaptable maritime autonomy platform designed for the US and allied defense missions. The Variant 7 brings together domestic autonomy, command and control, communications and mission systems while supporting intelligence, surveillance and reconnaissance force protection, harbor and coastal security, contested logistics and other payload adaptable missions. This is an important part of how we are expanding Red Cat from an aerial systems provider into a broader all-domain autonomy platform.

本季期間，Blue Ops 完成其 V7 船體的生產驗證測試，並進入 Variant 7 無人水面載具的量產；該平台為美國製造、可依任務調整的海事自主平台，設計用於美國及盟國的國防任務。Variant 7 整合國產自主系統、指揮與控制、通訊與任務系統，可支援情報、監視與偵察、部隊防護、港口與沿岸安全、爭議環境後勤（contested logistics）及其他可依載荷調整的任務。這是我們將 Red Cat 從空中系統供應商，擴展為更廣泛的全域自主平台的重要一環。

Recently, we have been selected to participate in the US Office of Naval Research Global mACE3 and mACE4 operational experimentation events. These programs provide an opportunity to demonstrate advanced autonomous maritime capabilities alongside government and defense stakeholders and further validate the relevance of our Blue Ops and APM technologies and future naval operating concepts.

近期，我們獲選參與美國海軍研究辦公室（Office of Naval Research）的 Global mACE3 與 mACE4 作戰實驗活動。這些計畫提供機會，讓我們與政府及國防利害關係人一同展示先進的海事自主能力，並進一步驗證我們的 Blue Ops 與 APM 技術，以及未來海軍作戰概念的相關性。

We also continued validating the broader Blue Ops ecosystem in real-world maritime environments. The recent Navy services engagement further validates the demand we are seeing for a scalable US-built maritime autonomy and reinforces our confidence that Blue Ops is addressing a clear and urgent capability gap for naval customers.

我們也持續在真實海事環境中驗證更廣泛的 Blue Ops 生態系。近期與海軍單位的互動進一步驗證我們所看到對可規模化、美國製造海事自主能力的需求，並強化我們的信心：Blue Ops 正在為海軍客戶補足一項明確且迫切的能力缺口。

In May, we demonstrated the Blue Ops Variant 7 with Kymeta during an exercise in Key West, Florida, highlighting resilient communications on the move for autonomous maritime operations. for uncrewed surface vessels. Reliable connectivity is a critical enabler for operations at a distance, real-time data sharing, swarming and coordinated missions in the dynamic or contested environments. That event was another proof of point that the platform is not just a vessel, but a part of the integrated maritime autonomy stack that can support the types of operational requirements naval customers are increasingly prioritizing.

5 月，我們在佛羅里達州基韋斯特的一場演習中，與 Kymeta 一同展示 Blue Ops Variant 7，突顯自主海事作業中移動中的韌性通訊能力，適用於無人水面載具。可靠的連線能力是遠距作業、即時資料分享、蜂群（swarming）與協同任務在動態或受爭議環境中的關鍵推動因素。該活動再次證明，這個平台不僅是一艘載具，更是整合式海事自主技術堆疊的一部分，能支援海軍客戶日益優先重視的各類作戰需求。

Another major operational focus has been integrating the technologies and capabilities we've acquired over the past several quarters, and I would start with swarm autonomy. The Department of Defense's Swarm Forge initiative reflects clear direction of travel across the market. Customers want autonomous systems that can operate collaboratively, adapt in complex environments and generate meaningful effects with fewer operators.

另一個主要的營運重點，是整合我們在過去幾個季度所收購的技術與能力，我會先從蜂群自主（swarm autonomy）談起。國防部的 Swarm Forge 計畫反映了市場明確的發展方向。客戶希望自主系統能夠協同運作、在複雜環境中適應，並以更少的操作人員產生有意義的效果。

The program is designed to accelerate AI-enabled robotic warfare through recurring crucible events and move validated swarm packages, including mission software, coordination logic and interfaces and tactics toward operational transition in 90 days or less. This is why our integration of APM is so strategically important.

該計畫旨在透過定期的「淬鍊」活動加速 AI 賦能的機器人作戰，並在 90 天或更短時間內，將經驗證的蜂群套件（包括任務軟體、協調邏輯、介面與戰術）推進至作戰轉換。這也是為什麼我們整合 APM 在策略上如此重要。

APM brings multi-agent autonomy and distributed control capabilities that can help enable coordinated operations across air, land and sea. As customers increasingly focus on collaborative autonomous systems, we believe the swarming will be an important differentiator across the Red Cat family of systems. Our engineering teams are working to incorporate these capabilities into our future road map with the goal of supporting more coordinated, resilient and operationally effective mission profiles.

APM 帶來多代理自主與分散式控制能力，可協助實現跨空、陸、海的協同作戰。隨著客戶日益聚焦於協作式自主系統，我們相信蜂群能力將成為 Red Cat 系統家族的重要差異化因素。我們的工程團隊正致力於將這些能力納入未來路線圖，目標是支援更協同、更具韌性且在作戰上更有效的任務樣態。

Another important step forward during the quarter was our continued work demonstrating interoperability across leading autonomy platforms. During a recent joint demonstration with Anduril, our team showcased a multi-vendor fine, fix and finish workflow operating under a unified command and control architecture.

本季度另一項重要進展，是我們持續展示在領先自主平台之間的互通性。在近期與 Anduril 的聯合展示中，我們的團隊在統一的指揮與控制架構下，展示了多供應商的「發現、定位與完成」（find, fix and finish）工作流程。

The demonstration combined ISR provided by Black Window autonomous mission orchestration through APM's Paradigm software and kinetic effects capabilities integrated through Anduril's ecosystem. We believe these demonstrations validate our family of system strategy and show how Red Cat technologies can integrate into a broader defense architecture while supporting increasingly sophisticated multi-domain missions.

該展示結合了由 Black Window 提供的 ISR（情報、監視與偵察）、透過 APM 的 Paradigm 軟體進行的自主任務編排，以及透過 Anduril 生態系整合的動能效果能力。我們相信，這些展示驗證了我們的系統家族策略，並展現 Red Cat 技術如何整合進更廣泛的國防架構，同時支援日益精密的多域任務。

Equally important, these effects demonstrate that Red Cat can serve as a critical contributor within larger defense ecosystems, reinforcing the value of open interoperable architectures that combine the best-of-breed technologies from multiple providers. From there, the next operational constraint is Endurance, and that is what Quaze becomes highly complementary.

同樣重要的是，這些效果顯示 Red Cat 能在更大型的國防生態系中扮演關鍵貢獻者，進一步強化開放且可互通架構的價值，該架構能整合多家供應商的最佳技術。接下來的作戰限制是續航力（Endurance），而這正是 Quaze 高度互補之處。

Quaze adds wireless power transfer capabilities that address one of the most significant remaining barriers to persistent autonomy, keeping systems powered in the field without manual battery swaps, precise alignment or connector-based charging. Its platform is designed to support autonomous recharging across air, ground and maritime environments, including vehicle-mounted systems, drone-in-a-box solutions, uncrewed surface vessels, fixed infrastructure and underwater charging stations. While integration remains ongoing, we're encouraged by the opportunities this technology creates across multiple platforms.

Quaze 增加了無線電力傳輸能力，解決持續自主（persistent autonomy）最重要的剩餘障礙之一：讓系統在野外保持供電，而無需人工更換電池、精準對位或使用接頭式充電。其平台設計可支援跨空中、地面與海事環境的自主充電，包括車載系統、箱式無人機（drone-in-a-box）解決方案、無人水面載具、固定式基礎設施與水下充電站。雖然整合仍在進行中，但我們對這項技術在多個平台上帶來的機會感到鼓舞。

Together, APIM and Quaze strengthen two foundation pillars of autonomy stack, coordination and endurance. Swarming helps autonomous systems work together more intelligently, while wireless power helps keep those systems operating longer with less operator burden. When combined with our aerial and maritime platforms, these technologies enhance our ability to deliver more complete mission-ready solutions for customers operating across increasingly complex environments.

APIM 與 Quaze 共同強化了自主技術堆疊的兩大基礎支柱：協調與續航。蜂群能力讓自主系統能更智慧地協同運作，而無線供電則有助於讓這些系統在更少操作負擔下運行更久。結合我們的空中與海事平台後，這些技術提升了我們交付更完整、可立即執行任務之解決方案的能力，以滿足在日益複雜環境中運作的客戶需求。

Our customers increasingly want interoperable systems that work together seamlessly. They want common control interfaces. They want integrated data flows. They want a single partner that can support multiple mission requirements. That trend continues to accelerate as military organizations adopt multi-domain operating concepts and seek greater operational flexibility.

我們的客戶愈來愈希望系統具備互通性並能無縫協作。他們希望有共通的控制介面。他們希望有整合的資料流。他們希望有單一合作夥伴能支援多項任務需求。隨著軍事組織採用多域作戰概念並尋求更高的作戰彈性，這一趨勢持續加速。

Our approach is designed around those requirements. As we integrate new technologies, expand our portfolio and continue building common architectures across the organization, we believe Red Cat becomes increasingly valuable to customers looking for comprehensive solutions rather than standalone products. Looking ahead, our operational priorities remain straightforward.

我們的方法正是圍繞這些需求所設計。隨著我們整合新技術、擴充產品組合，並持續在組織內建立共通架構，我們相信 Red Cat 對於尋求全面解決方案而非單一產品的客戶而言，價值將日益提升。展望未來，我們的營運優先事項仍然明確。

First, continue scaling production and deliveries; second, continue integrating newly acquired technologies into fielded capabilities; third, maintain the agility and responsiveness that have become hallmarks of the company. We believe the operational foundation we have built over the past several years positions us to support future growth across air, land and maritime autonomy, and we're excited about the opportunities ahead.

第一，持續擴大生產與交付；第二，持續將新收購的技術整合為可部署的能力；第三，維持已成為公司標誌的敏捷性與回應速度。我們相信，過去幾年建立的營運基礎，使我們能支援未來在空、陸、海自主領域的成長，我們也對前方的機會感到振奮。

I'll now turn the call over to Christian to discuss our financial results.

接下來我把電話會議交給 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 second quarter of 2026, which demonstrates continued revenue growth, improving operating scale and the investments we are making to support our long-term growth strategy. For the second quarter of 2026, revenue was $20.2 million, representing an increase of 520% from $3.2 million in the prior year period.

謝謝你，Chris。我很高興向各位報告 Red Cat 於 2026 年第二季的財務表現，展現營收持續成長、營運規模改善，以及我們為支持長期成長策略所進行的投資。2026 年第二季營收為 2,020 萬美元，較去年同期的 320 萬美元成長 520%。

For the first six months of 2026, revenue totaled $35.7 million compared to $4.8 million in the prior year period. This performance was driven by continued deliveries across our drone portfolio, including Black Widow, FlightWave and APM platforms as well as ongoing execution against key defense programs and international opportunities. These results reflect growing customer demand, increased manufacturing output and the expanding scale of our operations.

2026 年上半年營收合計 3,570 萬美元，較去年同期的 480 萬美元增加。此表現主要來自我們無人機產品組合的持續交付，包括 Black Widow、FlightWave 與 APM 平台，以及對關鍵國防計畫與國際機會的持續執行。這些結果反映客戶需求成長、製造產出提升，以及我們營運規模的擴大。

Our gross margin performance also continued to improve. Gross profit for the second quarter was $3.3 million, representing a 16.1% gross margin, a significant improvement from 11.6% in the quarter of 2025 and a sequential improvement from 12.7% in the first quarter of 2026. The improvement reflects better absorption of manufacturing overhead, increased production volumes and operational efficiencies as we continue to scale the business.

我們的毛利率表現也持續改善。第二季毛利為 330 萬美元，毛利率 16.1%，較 2025 年同季的 11.6% 顯著提升，亦較 2026 年第一季的 12.7% 呈現季增。改善主要反映製造間接費用吸收更佳、產量提升，以及隨著業務擴張而帶來的營運效率。

We believe this demonstrates the underlying leverage in our operating model as revenue continues to grow. Capital expenditures totaled approximately $12.6 million during the first six months of 2026, primarily supporting manufacturing expansion at our Blue Ops division, facility improvements, production equipment and other infrastructure investments. These investments are intended to support anticipated future demand and expand our production capabilities.

我們相信，這顯示在營收持續成長下，我們營運模式具備內在的槓桿效應。2026 年上半年資本支出約 1,260 萬美元，主要用於支持 Blue Ops 事業部的製造擴張、廠房改善、生產設備及其他基礎設施投資。這些投資旨在支援預期的未來需求並擴大我們的產能。

Our strategic investments in future growth remained significant during the quarter. Total operating expenses were approximately $41.9 million, reflecting continued investment in personnel, manufacturing capacity, product development, acquisitions and infrastructure required to support our long-term growth objectives. These investments are designed to position Red Cat to capitalize on the significant opportunities we see emerging across defense, autonomy and multi-domain robotic systems.

本季度我們對未來成長的策略性投資仍然可觀。營業費用合計約 4,190 萬美元，反映我們持續投資於人員、製造產能、產品開發、併購，以及支援長期成長目標所需的基礎設施。這些投資旨在讓 Red Cat 能把握我們在國防、自主與多域機器人系統領域所看到的重大新興機會。

Research and development expense increased to approximately $14.2 million during the quarter, reflecting our commitment to innovation, autonomy, next-gen platforms and the continued expansion of our family of systems. These investments support future product development across aerial, maritime and technology and autonomous technologies while helping maintain our competitive edge in rapidly evolving defense markets.

本季度研發費用增加至約 1,420 萬美元，反映我們對創新、自主能力、下一代平台，以及持續擴展系統家族的承諾。這些投資支援未來在空中、海事與技術及自主技術方面的產品開發，同時有助於我們在快速演進的國防市場中維持競爭優勢。

Our balance sheet and liquidity position provides a significant competitive advantage, and we believe that Red Cat now has one of the strongest balance sheets in the sector and a strong foundation for executing our growth strategy. As of June 30, 2026, we held $325.6 million in cash compared to $167.9 million at year-end 2025. Working capital increased to approximately $396.5 million, providing substantial financial flexibility to invest in growth initiatives, pursue strategic opportunities and support increasing production requirements.

我們的資產負債表與流動性部位提供顯著的競爭優勢；我們相信 Red Cat 現在擁有本產業中最強健的資產負債表之一，並具備執行成長策略的堅實基礎。截至 2026 年 6 月 30 日，我們持有現金 3.256 億美元，較 2025 年底的 1.679 億美元增加。營運資金增加至約 3.965 億美元，提供充足的財務彈性，以投資成長計畫、把握策略機會並支援日益增加的生產需求。

Our inventory strategy continues to be an important component of our growth plan and use of cash. Inventory, including prepaid inventory, totaled approximately $84.8 million at quarter end, up from $30.4 million at year-end. This increase reflects a deliberate effort to secure critical components, strengthen supply chain resilience and position the company to support anticipated deliveries across existing programs and to deliver faster than our competition.

我們的庫存策略仍是成長計畫與現金運用的重要組成。期末庫存（含預付庫存）約 8,480 萬美元，較年末的 3,040 萬美元增加。此增加反映我們有意識地確保關鍵零組件、強化供應鏈韌性，並使公司能支援既有計畫的預期交付，且交付速度快於競爭對手。

We view this investment as a strategic enabler that allows us to respond quickly to customer demand while mitigating potential supply chain constraints. We view our balance sheet and inventory position as strategic assets with more than $325 million of cash and significant investments in inventory, manufacturing capacity and technology expansion, we believe we are in a prime position to support future growth opportunities in real time as they emerge. These investments provide flexibility to respond to customer demand, pursue strategic initiatives and continue expanding our capabilities across air, land and maritime autonomy.

我們將這項投資視為一項策略性推動力，使我們能夠在降低潛在供應鏈限制的同時，迅速回應客戶需求。我們將資產負債表與庫存部位視為策略性資產；憑藉超過3.25億美元的現金，以及對庫存、製造產能與技術擴張的重大投資，我們相信自己處於有利位置，能在未來成長機會出現時即時提供支援。這些投資提供了回應客戶需求、推進策略性計畫，並持續擴展我們在空中、陸地與海事自主領域能力的彈性。

Looking ahead, we remain confident in our long-term growth trajectory. Our target revenue remains between $150 million and $180 million. While the timing of individual contract awards and delivery schedules can create quarter-to-quarter variability, we continue to see substantial opportunities across domestic and international markets and believe the investments we are making today position us well to capitalize on those opportunities.

展望未來，我們對長期成長軌跡仍然充滿信心。我們的目標營收仍維持在1.5億至1.8億美元之間。雖然單一合約授予時點與交付排程可能造成季度間的波動，我們仍持續看到國內與國際市場的龐大機會，並相信我們今天所做的投資，能讓我們在把握這些機會方面具備良好定位。

Several key factors support our confidence in that outlook. First, we continue to see strong demand signals across defense and national security markets. Second, our manufacturing footprint, inventory position and production readiness provide us with the ability and speed to scale deliveries as opportunities materialize.

有幾項關鍵因素支撐我們對此展望的信心。第一，我們持續在國防與國家安全市場看到強勁的需求訊號。第二，我們的製造佈局、庫存部位與生產就緒度，使我們具備在機會成形時快速擴大交付規模的能力與速度。

Third, our recent acquisitions, including Quaze Technologies and APM Swarm Robotics expand our technology capabilities and addressable market while strengthening our position as an integrated all-domain autonomy platform. We also continue to see multiple growth vectors emerging across air, land and maritime autonomy, supported by increasing production readiness, expanding customer demand and continued progress across our strategic programs.

第三，我們近期的收購（包括Quaze Technologies與APM Swarm Robotics）擴展了我們的技術能力與可服務市場，同時強化我們作為整合式全域自主平台的地位。我們也持續看到在空中、陸地與海事自主領域出現多重成長動能，並由日益提升的生產就緒度、擴大的客戶需求，以及我們策略性專案的持續進展所支撐。

Market conditions remain highly favorable as defense customers increasingly prioritize autonomous and unmanned systems. Combined with our strong balance sheet, expanding product portfolio and growing operational scale, we believe Red Cat is uniquely positioned to participate in what we view as one of the most significant defense technology modernization cycles in decades.

市場環境仍然高度有利，因為國防客戶日益將自主與無人系統列為優先事項。結合我們強健的資產負債表、持續擴大的產品組合與不斷提升的營運規模，我們相信Red Cat具備獨特優勢，能參與我們認為數十年來最重要的國防科技現代化週期之一。

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

接下來，我把電話會議交給我們的執行長Jeff Thompson。

Thanks, Christian. Good afternoon, everyone, and thank you for joining us on this call. I am thrilled to start with our Q2 2026 results. We delivered a Q2 record of $20 million in revenue this quarter, a strong sequential increase of approximately 30% from the $15 million we reported in Q1 2026.

謝謝你，Christian。各位下午好，感謝大家參加本次電話會議。我很高興先從我們2026會計年度第二季的業績談起。本季我們創下第二季營收2,000萬美元的紀錄，較我們在2026會計年度第一季所報告的1,500萬美元，季增約30%，表現強勁。

Even more impressive is the gross profit of $3.3 million, which represents a sequential jump of about 66% from what we achieved in the first quarter. This translates to a gross margin of roughly 16% in Q2, up nicely from the 12% we posted in Q1. That is approximately a 20% -- 27% sequential margin increase. These sequential improvements show that our scaling efforts are working, higher volumes are flowing through, manufacturing efficiencies are kicking in, and we're seeing clear operating leverage quarter after quarter. Now let's look at the bigger picture.

更令人印象深刻的是毛利達330萬美元，較第一季的水準季增約66%。這相當於第二季約16%的毛利率，較第一季的12%明顯提升。約為20%—27%的季增毛利率提升。這些連續季度的改善顯示我們的擴張努力正在奏效：更高的出貨量正在反映出來、製造效率開始發揮作用，而且我們每一季都看到明確的營運槓桿。現在讓我們從更宏觀的角度來看。

The first half of 2026 compared to the first half of 2025. This is where the transformation of Red Cat really stands out. In the first six months of 2025, we generated just $4.8 million in total revenue and recorded a gross loss of about $0.5 million. Fast forward to the first half of 2026 and the contrast is dramatic. Combined first half 2026 revenue, $36 million, combined first half 2026 gross profit, $5.2 million.

將2026年上半年與2025年上半年相比。這正是Red Cat轉型最突出的地方。在2025年前六個月，我們的總營收僅480萬美元，並錄得約50萬美元的毛損。快轉到2026年上半年，對比非常鮮明。2026年上半年合計營收為3,600萬美元，2026年上半年合計毛利為520萬美元。

First half gross margins, approximately 15%. That's more than a 7 times increase equating to approximately 636% growth in revenue year-over-year. And we swung from a gross loss into a solid positive territory. The sequential strength we just delivered in Q2 is accelerating the momentum we built in Q1 and the first half of 2026 already looks completely different from where we stood just one year ago. While these financial milestones mark a significant turning point, the underlying engine driving the performance is a fundamental transformation in how we now operate.

上半年毛利率約15%。這是超過7倍的成長，相當於營收年增約636%。我們也從毛損轉為穩健的正向表現。我們在第二季交出的連續季度強勁表現，正在加速第一季所建立的動能，而2026年上半年的樣貌已與一年前截然不同。雖然這些財務里程碑標誌著重要的轉折點，但推動績效的底層引擎，是我們營運方式的根本性轉型。

Beyond the numbers, we have reshaped how Red Cat operates in defense technology. We are actively moving away from traditional requirements documents, many of which predate the lessons learned in Ukraine and shifting business development to sales and toward direct real-time theater feedback.

除了數字之外，我們也重塑了Red Cat在國防科技領域的運作方式。我們正積極擺脫傳統需求文件（其中許多早於從烏克蘭汲取的經驗教訓），並將業務開發從偏向銷售轉向直接、即時的戰區回饋。

We have rejected the legacy prime contractor model of middlemen resellers and trade show marketing. Instead, we have four deployed soldgineers who operate ankle-to-ankle with war fighters in active operational environments. By capturing direct feedback on active battlefields, we've compressed our product development cycles from years down to weeks.

我們拒絕了傳統主承包商模式中的中間商轉售與展會行銷。相反地，我們有四位已部署的「soldgineers」在實際作戰環境中與作戰人員並肩作業。透過在真實戰場上取得直接回饋，我們將產品開發週期從以年計縮短到以週計。

We continue to see competitive systems in the field that simply do not work, and we refuse to place substandard crap in the hands of US war fighters. As excited we are about our strong first half performance, the more important question is how we hit our revenue target, an objective we're highly confident in reaching.

我們仍在現場看到一些競爭系統根本無法運作，而我們拒絕把不合格的垃圾交到美國作戰人員手中。儘管我們對上半年強勁表現感到振奮，更重要的問題是我們如何達成營收目標——我們對達成該目標非常有信心。

As we highlighted back in the Innovation Day in February, 2026 is fundamentally a second half story. Last year, we delivered a vast majority of our revenue in just 1.5 quarters across Q3 and Q4. That performance was generated off a single product line with a single primary customer operating out of just 22,000 square feet of manufacturing space.

正如我們在2026年2月的Innovation Day所強調的，2026年本質上是一個「下半年」的故事。去年，我們絕大部分營收是在第三季與第四季合計僅1.5個季度內交付的。那樣的表現來自單一產品線、單一主要客戶，且僅在22,000平方英尺的製造空間內運作。

Fast forward to today, our scale, capacity, market positions are completely transformed. We entered the second half of 2026 backed by nine active products, approximately 270,000 square feet of expanded production capacity and unit economics featuring average selling prices in the hundreds of thousands of dollars rather than tens of thousands. The operational footprint we have built over the last year is designed to drive unprecedented growth, hit our targets and crush our second half execution.

快轉到今天，我們的規模、產能與市場地位已徹底改變。我們以九項在役產品、約270,000平方英尺的擴增產能，以及平均售價達數十萬美元（而非數萬美元）的單位經濟，進入2026年下半年。我們在過去一年建立的營運版圖，旨在推動前所未有的成長、達成目標，並在下半年執行上全力衝刺。

In summary, Red Cat has transformed our sales methodology, pioneered a new model of productive product development and compresses cycles from years to weeks, delivered record first half revenue, continued expanding gross margins on a clear path to profitability, launched new products, received our first orders for Blue Ops, closed two strategic acquisitions and massively scaled production. The factory is the weapon.

總結來說，Red Cat已轉型我們的銷售方法論，開創一種高效的產品開發新模式並將週期從以年計壓縮到以週計；創下上半年營收新高；在通往獲利的清晰路徑上持續擴大毛利率；推出新產品；取得Blue Ops的首批訂單；完成兩項策略性收購；並大幅擴張產能。工廠就是武器。

And I'll now turn it over to questions.

接下來我把時間交給提問。

(Operator Instructions) Austin Bohlig, Needham & Company.

(接線員指示) Austin Bohlig，Needham & Company。

Just maybe first want to dig into kind of like the Q2, like could you highlight maybe specifically what were the main revenue drivers, if you can break out between Teal and Black Widow and Blue Ops would be helpful.

我想先深入了解一下第二季的情況：你們能否具體說明主要的營收驅動因素是什麼？如果可以的話，能在Teal、Black Widow和Blue Ops之間做個拆分會很有幫助。

Yes. Well, there's very little anything other than currently for Q2 other than Black Widows and Hellcats. So that's still Q2 is mostly driven out of Teal -- but that's already -- as we already mentioned today, Apium and Blue Ops are getting paid to go to these exercises. They're on the board. We're very happy that we're finally diversifying our revenue. But we didn't break it out for which stuff is FANG, which stuff is Black Widows or anything like that.

是的。嗯，目前第二季幾乎沒有其他項目，主要就是Black Widows和Hellcats。所以第二季仍主要由Teal帶動——但如同我們今天已提到的，Apium和Blue Ops正在因參與這些演訓而獲得報酬。它們已經列入進度。我們很高興終於開始讓營收來源多元化。但我們沒有把哪些是FANG、哪些是Black Widows等做出拆分揭露。

Okay. Fair. And can you assume -- was the bulk of this revenue still related to the extended LRIP contract? Or are these new programs and new opportunities that you're selling into?

好的。合理。那你能否假設一下——這些營收的大部分是否仍與延長的 LRIP 合約有關？還是說這些是你們正在銷售的新專案與新機會？

No, it was a little less than half was coming out of the Army. There's been a lot of changes. The PM UAS office in Huntsville just got a whole new team put in last week. We're actually going to be meeting with them later, hopefully by tomorrow. They've got General Phillips just got a 2-star upgrade. He used to run it, and now they have new people in there. So we'll be able to continue with that, but only half of that revenue came from.

不，來自陸軍的不到一半。變化很多。亨茨維爾的 PM UAS 辦公室上週剛換上一整個新團隊。我們實際上稍後會跟他們會面，希望最晚明天。他們那邊的 Phillips 將軍剛升等為二星。他以前負責那邊，現在裡面換了新的人。所以我們能夠繼續推進，但那部分營收只有一半是來自那裡。

Yes. And Austin, if I can jump in. I mean, Jeff is spot on. I mean you look at our 10-K from 2025, Army was 73% of our revenue. That's how concentrated we were with the Army. Love the Army. Everything we've done in our relationship with the Army is very strong. And for the first six months, Jeff is right. It's right about 50%. What I'm so excited about as a CFO is the diversification. Our number two customer is an ally in Japan. Our number three customer is NSPA in Europe. So Great. Great story. I love how the business is growing and the customer base is expanding.

是的。Austin，如果我可以插一句。我是說，Jeff 說得完全正確。你看我們 2025 年的 10-K，陸軍占我們營收的 73%。我們對陸軍的集中度就是這麼高。我們很愛陸軍。我們與陸軍的合作關係所做的一切都非常穩固。而在前六個月，Jeff 說得沒錯。大約就是 50%。作為 CFO 我最興奮的是多元化。我們的第二大客戶是日本的一個盟友。我們的第三大客戶是歐洲的 NSPA。所以很棒。很棒的故事。我喜歡業務成長以及客戶基礎擴張的方式。

Okay. Perfect. And I guess to kind of lastly, looking at kind of the outlook, I guess, what gives you guys confidence in this big second half ramp? Are there any key programs we should be tracking? And then kind of piggybacking off of that, would love an update on the Ukraine opportunity and where that kind of stands?

好的。完美。我想最後再看一下展望，你們對下半年大幅放量的信心來自哪裡？有沒有任何我們應該追蹤的關鍵專案？另外順著這個問題，也想聽聽烏克蘭機會的最新進展，以及目前大概到哪個階段？

Great. Yes, some great questions, Austin. Yes, so the confidence is coming from -- we've been in Japan twice working with folks on the Variant 7 and now actually the variant -- not Variant 5. We've got a new name for it. You'll hear about it soon. So there's a lot of interest, thousands of boat interest across that whole region. We were just recently in Korea, where we had someone from the Army driving a boat in Palm Beach, 8,000 miles away on a phone using TAC.

很好。是的，Austin，問題很棒。是的，所以信心來自——我們已經兩次到日本，與當地人員就 Variant 7 合作，而現在其實是那個型號——不是 Variant 5。我們給它取了新名字。你們很快就會聽到。所以整個區域的興趣非常高，有成千上萬艘船的需求興趣。我們最近也在韓國，有一位陸軍人員在棕櫚灘、距離 8,000 英里之外，用手機透過 TAC 遙控駕駛一艘船。

So there's a lot of interest in that region. We're spending a lot of time there. Like I said, we've been in Japan twice this month. We're in Taiwan. We were in Korea. I'm heading back there in mid-September. So there's a ton of interest there. The Middle East has actually ramped up. Everyone is talking about USVs now. So there's so much interest coming from that. But then back into just budgets, right?

所以那個區域的興趣非常高。我們在那裡投入很多時間。如我所說，我們這個月已經兩次到日本。我們在台灣。我們去過韓國。我會在 9 月中旬再回去。所以那邊的興趣非常強。中東其實也在加速升溫。現在大家都在談 USV。所以那方面帶來了非常多的興趣。但再回到預算本身，對吧？

So the administration has told the Department of war that they want that the big beautiful bill, I think it's $152 billion. They want most of it at least contracted by the end of 2026, which is the end of next month. That's a massive amount of new money that people weren't really paying attention to. Plus the budget from last year is still not fully spent. And then the international operations are just insane. Like, for instance, again, we're in four live theaters currently.

所以政府已告訴國防部，他們希望那個「大而美的法案」，我想是 1,520 億美元。他們希望其中大部分至少在 2026 年底前完成簽約，也就是下個月月底。那是一大筆新增資金，很多人其實沒有真正注意到。再加上去年的預算仍未完全花完。而國際行動更是瘋狂。例如，我們目前在四個實戰戰區同步運作。

We're not going to say which ones, but the Ukraine opportunity is going very well. We've done some very interesting partnerships, again, which you'll hear about soon to position us as that frontline ISR drone, which is also now people are starting to understand that for the Drone Dominance Program, the fact that you need an ISR drone. We're so happy that the GDP has really looking at how that you have to have an ISR drone to complete that. But you should be hearing something from the Ukraine opportunity probably in the beginning of September from us.

我們不會說是哪四個，但烏克蘭的機會進展非常順利。我們做了一些非常有意思的合作夥伴關係——同樣你們很快會聽到——以把我們定位為前線 ISR 無人機；而且現在大家也開始理解，對於 Drone Dominance Program 而言，你需要一架 ISR 無人機。我們很高興 GDP 真的在看：你必須有一架 ISR 無人機才能把這件事做完整。不過，關於烏克蘭機會，你們大概會在 9 月初從我們這裡聽到一些消息。

Ashok Kumar, ThinkEquity.

Ashok Kumar，ThinkEquity。

Back to the second half coverage question, the roughly $114 million of second half revenue, the low end of your annual target. So how much is covered today by executed purchase orders or funded contract line items and how much remains in the pipeline? And then going back to the cost structure, as you highlighted, the OpEx stepped up 43% sequentially to $42 million. So the R&D is doubling. So what drove the step up, which programs absorbed the R&D increase and is skewed to the new base?

回到下半年覆蓋度的問題：下半年約 1.14 億美元的營收，對應你們全年目標的低端。那麼截至今天，有多少已由已簽署的採購訂單或已撥款的合約明細項目所覆蓋？還有多少仍在管線中？另外回到成本結構，如你們提到，營業費用（OpEx）季增 43% 至 4,200 萬美元。所以研發（R&D）翻倍。那麼是什麼驅動了這個上升？哪些專案吸收了研發增加？是否偏向新的基地（new base）？

And so what quarterly revenue reaches operating breakeven and which quarter do you expect to cross it? And the last question is the margin bridge, right? So gross margin improved from 13% to 16% -- so can you bridge us to the 30% you targeted for late this year, right? What margins do Army Japan and vessel revenues each carry -- and does 30% survive the vessel volumes slip to '27?

另外，單季營收要到多少才能達到營運損益兩平？你們預期在哪一季跨過？最後一個問題是毛利率的拆解（margin bridge），對吧？毛利率從 13% 提升到 16%——那你們能否拆解一下如何走到你們目標的今年稍晚 30%？陸軍、日本以及船舶營收各自的毛利率水準是多少——如果船舶出貨量延後到 2027 年，30% 的目標還站得住嗎？

All right. Lots of questions, Ashok. Do you want me to take the R&D first, guys, and then.

好。問題很多，Ashok。要不要我先回答研發的部分，各位，然後再……

Yes, sure.

好的，當然。

Divide and conquer. Just on the R&D, it's everything that we talked about. Drone dominance is part of why R&D increased. Hellcat, which is our Ukraine variant there. That was a big part of the spending.

分工合作。就研發而言，就是我們談到的所有事情。Drone dominance 是研發增加的原因之一。Hellcat，也就是我們在烏克蘭的那個變體。那是支出的一大部分。

In addition, we have Blue Ops prototypes that we're working on. TRICHON, we're working on. The team is working really hard. I mean it's easy to see the dollars. It's hard to see the weekend hours and all the time that the team is putting in that you have to, to have those products be successful. So the investments are being made right now real time in R&D.

此外，我們也在做 Blue Ops 的原型機。TRICHON 也在推進。團隊非常努力。我的意思是，金額很容易看見。但很難看見團隊投入的週末工時與所有時間——你必須這樣做，產品才會成功。所以這些投資正在此刻即時投入在研發上。

The next question. I'm drawing a blank. You were saying, margin profiles?

下一個問題。我一時想不起來。你剛剛是在問，毛利率結構？

Well, I can take some.

嗯，我可以回答一部分。

Okay, Back end? Okay.

好的，後段？好的。

So the contracts that give us confidence, you'll be hearing about again throughout the rest of August and September. As you know, this is sweeps. There's never been this much money in the history of sweeps available that's got to get spent by the end of September. And as those discussions become live contracts, we will let you know. There's also contracts that we have that we're not allowed to talk about.

讓我們有信心的那些合約，你們會在 8 月剩下的時間與 9 月期間再次聽到消息。如你所知，現在是 sweeps。在 sweeps 的歷史上，從來沒有這麼多資金可用，而且必須在 9 月底前花掉。當這些討論轉化為正式合約時，我們會通知你們。另外我們也有一些合約，因為限制而不能談。

So we won't talk about them. We'll keep our guidelines. We're told not to talk about it whatsoever or just to point to LinkedIn. So there's lots of things that we can elaborate over the next few weeks for everybody to people understand why we're so confident.

所以我們不會談論它們。我們會維持我們的指引。我們被告知完全不要談這件事，或是只要引導到 LinkedIn。因此，接下來幾週我們有很多事情可以進一步說明，讓大家理解為什麼我們如此有信心。

And the last question on the inventory conversion and gross margin, primarily the gross margin bridge, right, the transition from 16% to 30%?

最後一個問題關於庫存轉換與毛利率，主要是毛利率的橋接，對吧，也就是從 16% 轉到 30% 的過程？

Yes. A lot of that gross margin will increase as we approach the end of the year. So as our revenue ramps, our production ramps, there's going to be a lot of economies of scale that's going to drop that down as well as the improvement from a mix of our USVs, but we do expect to hit 30% towards the end of the year. So it might not be cumulative for the year, but towards the end of the year, our margins will hit 30%.

是的。隨著我們接近年底，毛利率有很大一部分會提升。因此，當我們的營收爬升、產量提升時，會出現大量規模經濟，進而把成本壓下來；再加上我們 USV 組合改善帶來的提升，我們確實預期在年底前後達到 30%。所以可能不會是全年累計的 30%，但在年底前後，我們的毛利率會達到 30%。

Yes. And Christian, you might want to comment on what Teal and Blue Ops look like if they hit their forecast that is part of our target revenue.

是的。Christian，你可能也想評論一下，如果 Teal 和 Blue Ops 達到他們的預測（這是我們目標營收的一部分），它們會是什麼樣子。

We spent a lot of CapEx, a lot of investment in Blue Ops. The great thing about the USV business is that our ROI is pretty fast on that. And Jeff's right, we hit -- if we hit our Q4 internal targets, we will absolutely have a profitable division within Blue Ops. The hurdles are not that high. You're talking boats here.

我們在 Blue Ops 上投入了大量資本支出（CapEx）與投資。USV 業務的好處在於，我們在那上面的投資報酬率（ROI）回收很快。Jeff 說得對——如果我們達成第四季的內部目標，Blue Ops 之內絕對會有一個獲利的事業部。門檻沒有那麼高。你談的是船。

It's less than 10 boats, and we're adding free cash flow to the business. On the Teal side, if we have incremental upside on Hellat, we are there. So on a standalone basis, those businesses are performing like we believe they can and will be on track to be profitable by the end of the year.

不到 10 艘船，我們就能為業務帶來自由現金流。在 Teal 方面，如果 Hellat 有額外的上行空間，我們就能達標。因此，以獨立（standalone）角度來看，這些業務的表現符合我們相信它們能做到的水準，並且可望在年底前走上獲利軌道。

Good. And just the last question on Army transition, right, replacement revenues from new programs arriving on time as the revenue base transitions, right? So are there any developments related to SRR to LRIP to OTA sequence, right, where there might be more of a timing issue there?

很好。最後一個問題是關於陸軍的轉換期，也就是在營收基礎轉換的同時，新計畫能否按時到位以補上替代營收，對吧？所以在 SRR 到 LRIP 到 OTA 的流程上，有沒有任何進展，可能會造成時程上的問題？

Yes. Well, they just went through a huge change. Once we have more information on that, we will get that to you once I meet the new team, which I'm hoping to later tomorrow or early next week. So as soon as we have something to report, but they just put in a whole new team, which is pretty exciting because we didn't know if they were going to keep going with that. And obviously, they are with a whole brand-new team in the SRR and PMUAS, and they actually just funded some stuff in the LRR portion to AAV. But we have a very unique customer base now for 2027.

有。嗯，他們剛經歷了一次重大變動。一旦我們掌握更多資訊，我在和新團隊會面後就會提供給你——我希望是明天晚些時候或下週初。所以只要有可報告的內容我們就會更新；但他們剛換上整個全新的團隊，這相當令人振奮，因為我們原本不確定他們是否會繼續推進。而顯然他們會繼續，SRR 和 PMUAS 都換成全新團隊，而且他們也在 LRR 的部分撥了一些經費給 AAV。但我們現在針對 2027 年有一個非常獨特的客戶基礎。

We really have to focus a lot. If you look at the Department of War, the new drones are, the DIU and DAWG, all of those things are set up to go really fast without long programs of record. And we're about to apply for SWAP that was on the DIU website last week, and you got until Monday to submit for that $100 million, and it's for a boat that has drones on it. So we feel pretty good about that. We'll see.

我們真的必須非常專注。如果你看國防部（Department of War），新的無人機、DIU 和 DAWG 等等，這些機制都是為了在沒有冗長正式建案（programs of record）的情況下快速推進。而我們正準備申請上週出現在 DIU 網站上的 SWAP，你們到週一前都可以提交那個 1 億美元的案子，它是用於一艘搭載無人機的船。所以我們對此感覺相當不錯。我們再看看。

The down select is only like a week after the submissions. So that's a pretty unique item for us. But you can see that these things aren't just coming from old school procurement programs of record. These things are fast hitting. You got to reply for them like DDP Crucible.

篩選（down select）大概在提交後一週就會進行。所以這對我們來說是相當獨特的項目。但你可以看到，這些事情不再只是來自傳統的正式採購建案。這些案子推進得很快。你必須像回覆 DDP Crucible 那樣去回應它們。

There's also some stuff going on in Swarm Forge. These crucibles are quick and the allocations to the people that win is quick. So I mean, the drone dominance could be $14 million to $28 million just in Q3 for us. So you've got to adapt to learn how these new organizations like the drones are, the DAWG and DIU work together and how they filter up to the Department of war as we continue to try to be a resource for all of them in giving our lessons learned in Ukraine and other places and other theaters that we've been in recently.

Swarm Forge 也有一些事情在進行。這些 crucible 的節奏很快，資源分配給勝出者的速度也很快。所以我的意思是，光是第三季，我們在 drone dominance 上可能就有 1,400 萬到 2,800 萬美元。因此你必須調整並學會這些新組織（例如無人機相關單位）、DAWG 與 DIU 如何協作，以及它們如何向上匯入國防部；同時我們也持續嘗試成為他們所有人的資源，分享我們在烏克蘭與其他地區、以及我們最近參與的其他戰區所得到的經驗教訓。

Got it. One last question, and congratulations again. Just the finish -- the raw materials, the $60 million, right, which suggests shipping is auto limited rather than production limited and your reserve ratio is down to 2% from 9% in December. So is that just a qualitative comment on that?

了解。最後一個問題，也再次恭喜。關於原物料那 6,000 萬美元，對吧，這似乎表示出貨是受限於（auto limited）而不是受限於產能，而且你們的備抵比率從 12 月的 9% 降到 2%。所以這只是想請你做個定性說明嗎？

Yes. I'll say -- I mean, Chris, I'm back on this, but on -- we're upgrading cameras right now. We're in the process. It's part of the reason why our margin has improved. I mean before, that's why our margin was negative. I mean if the Army wanted to make an adjustment, tweak engineering, we just take those costs because we're a great partner. Now we're at the part of where we are maturing, doing cost downs in the product, improving it. We have scale. It also means that we have more raw materials than we have before.

是的。我會說——我是說，Chris，我再補充一下——我們現在正在升級相機。我們正在進行中。這也是我們毛利率改善的部分原因。我的意思是，以前這就是為什麼我們毛利率是負的。如果陸軍想要做調整、微調工程，我們就把那些成本吸收掉，因為我們是很好的合作夥伴。現在我們進入成熟階段，開始對產品做降本、改善它。我們有規模。這也意味著我們的原物料比以前更多。

Yes. In our raw materials, there's no indications. Let me see how best say this. As we start to build up the Hellcats as well, they're the same hardware, the same product. And so there's no reason and no need to write off any inventory. So the reserve as a percentage of the total inventory has gone down.

是的。就我們的原物料而言，沒有任何跡象——我想想看怎麼說比較好。當我們也開始把 Hellcats 的產量拉起來時，它們是相同的硬體、相同的產品。因此沒有理由、也沒有必要去沖銷任何庫存。所以，備抵占總庫存的比例就下降了。

Alex Latimore, Northland Capital Markets.

Alex Latimore，Northland Capital Markets。

A question for me. I think I might have had it answered, but I just want to get some clarity. It sounds like the timing of revenues should step up sequentially 3Q into 4Q. I'm assuming that would be on contracts coming online in 3Q, fully materializing in 4Q. So some confirmation there. And then what is the rough split of UAV and USV revenue in the second half that you expect?

我有一個問題。我想可能已經被回答了，但我想再確認清楚。聽起來營收時點會在第三季到第四季呈現逐季上升。我假設那會是第三季開始上線的合約，在第四季完全反映出來。所以想請你確認一下。另外，你們預期下半年 UAV 與 USV 營收的大致拆分比例是多少？

Yes. So we haven't given specific guidance on splits yet. We just got our first revenue from Blue Ops. They're on the board and the division has been around less than a year. and they've won every exercise they've gone to, which is pretty exciting. The boat is getting a great reputation. We just put a Volvo engine in for the USV, which was requested by a certain country in the Middle East. They wanted the Volvo engine is something that they're looking for. So we won't be breaking it out. But you're correct.

是的。所以我們目前還沒有提供拆分的具體指引。我們剛拿到 Blue Ops 的第一筆營收。他們已經開始貢獻，而且這個事業部成立還不到一年；他們參加過的每一次演練都贏了，這相當令人振奮。這艘船正在建立很好的口碑。我們剛為 USV 裝上 Volvo 引擎，這是中東某個國家提出的要求。他們想要 Volvo 引擎，這是他們在尋找的配置。所以我們不會把它拆分揭露。但你說得沒錯。

There's a lot of stuff happening right now contracting, not just us, everyone in the defense industry, you're going to see a lot of contracts coming on board in the next few weeks going into September and people delivering. We've got -- I think we've got between 50 million and 80 million of sellable drones that could ship tomorrow if we got the order. And that's basically the Black Widows, basically and Hellcats. That's sitting there based on our demand that we're seeing and possible contracts that we're hopefully going to sign. Q3 and Q4 are going to obviously ramp dramatically, just like last year.

目前有很多事情正在發生、合約正在簽訂中，不只是我們，國防產業的每個人都是；接下來幾週一路到9月，你會看到很多合約陸續到位，大家也會開始交付。我們有——我想大約有5,000萬到8,000萬美元的可銷售無人機，如果我們拿到訂單，明天就能出貨。那基本上就是Black Widow，還有Hellcat。這些都已經備在那裡，基於我們看到的需求，以及我們希望能簽下的潛在合約。第三季和第四季顯然會大幅拉升，就像去年一樣。

Okay. Understood. And then to dig into APM a bit there. Can you talk about the opportunity, both qualitatively, maybe from partnerships with Anduril, how that positions you to win different market share outside of Swarm Forge? And then if you can comment on the financial pride pool opportunity of Swarm Forge as well.

好的。了解。接著想再深入談一下APM。你能談談這個機會嗎？包括定性層面，例如與Anduril的合作夥伴關係，如何讓你們在Swarm Forge之外、在不同市場份額上更有機會勝出？另外也請你評論一下Swarm Forge的財務「pride pool」機會。

Yes. Well, again, we haven't announced anything on projections or forecast specifically for APM. We just recently closed on the deal, and they have hit the ground running. They built -- they needed to build their team up. They did. Their technology is one of the best swarming technologies ever seen. It's super reliable. And if you've ever been to a swarm event, they're not usually super reliable.

可以。不過再說一次，我們尚未就APM特別公布任何預估或展望。我們最近才完成這筆交易，他們已經立刻展開行動。他們需要——他們需要把團隊擴編起來。他們做到了。他們的技術是我見過最好的蜂群技術之一。非常可靠。而如果你去過蜂群展示活動，通常不會那麼可靠。

So we will -- we'll be getting you more details on these new acquisitions, including Quaze, which we did a demo in Fort Eustis, and I couldn't believe the amount of interest that we got on the Quaze mat, mostly for the mounted soldiers for the Army. They were -- they are requesting them already to do a trial actually in California like two weeks ago, a week after that Fort Eustis demonstration. The way Quaze can expand things is you can get further into country. You don't have to touch anything.

所以我們會——我們會就這些新收購案提供更多細節，包括Quaze；我們在Fort Eustis做了示範，我簡直不敢相信大家對Quaze墊子的興趣之高，主要是給陸軍的乘載式（mounted）士兵使用。他們——他們其實已經在提出需求，要做試用；實際上在Fort Eustis示範後一週，也就是大概兩週前，就在加州要做一次試用。Quaze能擴展的方式是，你可以更深入到境內。你不需要去接觸任何東西。

If you're in Ukraine, you can leave those mats out there, stay in the trench and not run out to change batteries. There's so much stuff that Quaze and APM together can do and can drive for revenue. But it's too early for us to start making projections on these acquisitions we just closed.

如果你在烏克蘭，你可以把那些墊子留在那裡，待在壕溝裡，不用跑出去換電池。Quaze和APM結合起來能做、也能帶動營收的事情非常多。但我們才剛完成這些收購，現在就開始對它們做預測還太早。

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

It's Greg Pendy in for Brian Dobson. Yes, just was wondering if you could kind of touch on the gross margin expansion and how that might look out in the second half. You showed good gross margin expansion year-over-year and sequentially in 2Q, but now we're going to see a big pop in revenue. So just how should we be thinking about that?

我是代替Brian Dobson出席的Greg Pendy。是的，我只是想請你們大概談一下毛利率擴張，以及下半年可能會是什麼樣子。你們在第二季的毛利率不論年增或季增都擴張得不錯，但接下來營收會大幅跳升。所以我們應該怎麼看待這件事？

Yes, I'll touch upon it and then let the export finish, Christian. So just like we had -- when we had the Teal 2 product we launched, you can see this thing already happening the same way as the TL 2 happened. So when we started the Teal 2, we went from a negative like we did last year with negative margin and to a positive margin. We went from 10%, and I think to 20%, then we get to a 30% gross margin before we kind of turn down the Teal 2. And that's right about where we've been talking about.

好的，我先簡單說一下，然後讓負責財務的Christian補充完整。就像我們推出Teal 2產品時一樣，你已經可以看到同樣的事情正在發生，跟TL 2當時的情況一樣。所以當我們開始Teal 2時，我們從像去年那樣的負值——負毛利——轉為正毛利。我們從10%開始，我記得到20%，然後在我們逐步淡出Teal 2之前，毛利率提升到30%。而那大致就是我們一直在談的水準。

Christian just mentioned that Teal, if they hit the numbers that they're forecasted to hit, we'll be at cash flow breakeven. And the same thing for Blue Ops. So those margins obviously got to increase to get to those points. And Christian, if you want to be the detailed guy on the margins.

Christian剛提到，如果Teal達到他們預測的數字，我們就會達到現金流損益兩平。Blue Ops也是一樣。所以要達到那些點，毛利率顯然必須提升。Christian，如果你想更細談毛利率的話。

Yes, sure. I mean we're just at that stage right now, Greg. I mean that's the name of the game where we are a good partner with the Army. They have changes. We made the changes, but we can't operate at such a low gross margin forever.

好的，當然。我的意思是，Greg，我們現在正處在那個階段。這就是我們目前這個階段的關鍵：我們是陸軍的好夥伴。他們有變更。我們做了變更，但我們不可能永遠在這麼低的毛利率下營運。

And we've been very strategic and deliberate how we do that. We don't want to suffer any quality. We want better quality, better price, better scaling. That's where we're at right now, but we are really excited about Blue Ops. The higher the Blue Ops concentration, the higher the margins.

而我們在做法上一直非常有策略、也很審慎。我們不希望任何品質受影響。我們要更好的品質、更好的價格、更好的規模化。這就是我們現在所在的位置；但我們對Blue Ops非常興奮。Blue Ops的占比越高，毛利率就越高。

The margins are that accretive to the overall business.

這些毛利率對整體業務是具增益（accretive）的。

There are no further questions at this time. I'd like to pass it over to Jeff Thompson for any closing remarks.

目前沒有其他問題。我想把時間交給Jeff Thompson做結語。

Yes. I just want to say, again, thanks for everybody for joining us on this call. We're hitting our stride. All the hard work we did over the last year is paying off. We really focused on building our revenue.

好的。我想再次感謝各位參加這通電話會議。我們正在進入順風期。過去一年我們投入的所有辛苦工作正在開花結果。我們非常專注在建立我們的營收。

As I said at the Innovation Day, 2026 is huge revenue ramp, and then we want to be going into 2027, focusing on profitability. We're very well financed. We have a lot of money in the bank. We're going to continue to expand our products like we've done with the Hellcat, getting actual support from the front lines, from the zero line that's going to make sure that our war fighters have the best product in their rucksack or whatever the -- or on top of our boats. So again, thanks, everybody, and we'll see you in three months.

正如我在Innovation Day所說，2026年將是營收大幅拉升的一年，接著我們希望在進入2027年時，把重點放在獲利能力上。我們的資金非常充裕。我們銀行裡有很多現金。我們會持續擴展產品，就像我們在Hellcat上所做的一樣，從前線、從零線獲得實際回饋與支援，確保我們的作戰人員在背包裡——或不管是——或在我們船艇上方，擁有最好的產品。所以再次感謝各位，我們三個月後見。

Thank you.

謝謝。

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

今天的網路研討會到此結束。您現在可以掛斷線路。感謝各位的參與。