Redwire Corp (RDW) 2024 Q4 法說會逐字稿

Greetings and welcome to the Redwire Corporation Q4 and full year 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Jeffrey Zeunik, SVP Financial Planning and Analysis.

問候並歡迎參加 Redwire Corporation 2024 年第四季和全年財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹財務規劃和分析資深副總裁 Jeffrey Zeunik。

Thank you. You may begin.

謝謝。你可以開始了。

Good morning and thank you, Darryl. Welcome to Redwire's fourth quarter and full year 2024 earnings call. We hope that you've seen our earnings release which we issued yesterday afternoon. It has also been posted in the Investor Relations section of our website at redwirespace.com.

早安，謝謝你，達裡爾。歡迎參加 Redwire 2024 年第四季和全年財報電話會議。我們希望您已經看到了我們昨天下午發布的收益報告。它也被發佈在我們的網站 redwirespace.com 的投資者關係部分。

Let me remind everyone that during the call, Redwire management may make forward-looking statements that reflect our beliefs, expectations, intentions, or predictions of the future. Our forward-looking statements are subject to risks and uncertainties that are described in more detail on slide 3.

讓我提醒大家，在電話會議中，Redwire 管理階層可能會做出反映我們對未來的信念、期望、意圖或預測的前瞻性陳述。我們的前瞻性陳述受到風險和不確定性的影響，這些風險和不確定性在第 3 頁中有更詳細的描述。

Additionally, to the extent we discuss non-GAAP measures during the call, please see slide 4, our earnings release or the investor presentation on our website for the calculation of these measures and their reconciliation to US GAAP measures.

此外，如果我們在電話會議中討論非公認會計準則指標，請參閱投影片 4、我們的收益報告或我們網站上的投資者介紹，以了解這些指標的計算及其與美國公認會計準則指標的調節。

I am Jeff Zeunik, Redwire Senior Vice President of Financial Planning and analysis and Investor relations. Joining me on today's call are Peter Cannito, Redwire's Chairman and Chief Executive Officer; and Jonathan Baliff, Redwire's Chief Financial Officer.

我是 Jeff Zeunik，Redwire 財務規劃與分析及投資者關係資深副總裁。參加今天電話會議的還有 Redwire 董事長兼執行長 Peter Cannito；以及 Redwire 財務長 Jonathan Baliff。

With that, I would like to turn the call over to Pete.

說到這裡，我想把電話轉給皮特。

Thank you, Jeff. During today's call, I will outline our key accomplishments during 2024, and Jonathan will then present the financial highlights for the same period. We will then discuss our 2025 outlook, after which we will open the call for Q&A. Please turn to slide 7.

謝謝你，傑夫。在今天的電話會議上，我將概述我們在 2024 年取得的主要成就，然後喬納森將介紹同一時期的財務亮點。然後我們將討論 2025 年的展望，之後我們將開始問答環節。請翻到第 7 張投影片。

During 2024, Redwire effectively executed on the four key principles of our 2024 growth strategy, leading to approximately 25% revenue growth and a strong positioning for 2025. During the year, Redwire continued to provide critical picks and shovels as a trusted supplier to some of the most remarkable missions of the year.

2024 年，Redwire 有效執行了我們 2024 年成長策略的四項關鍵原則，實現約 25% 的營收成長並為 2025 年奠定了強勁的基礎。在這一年中，Redwire 作為值得信賴的供應商，繼續為今年的一些最引人注目的任務提供關鍵的鎬和鏟子。

For example, in 2024, Redwire delivered 186 sensors, including sun sensors, star trackers, and cameras to our customers. Additionally, Redwire effectively scaled our production capabilities to meet growing demand through affordable capital investments. For example, in 2024, we increased the number of ROSA Arrays under contract by 23.8% year-over-year.

例如，2024 年，Redwire 向我們的客戶交付了 186 個感測器，包括太陽感測器、星體追蹤器和攝影機。此外，Redwire 透過可負擔的資本投資有效擴大了我們的生產能力，以滿足不斷增長的需求。例如，到 2024 年，我們簽訂的 ROSA 陣列數量年增了 23.8%。

Also, in order to be better positioned for scalability and growth, Redwire effectively moved up the value chain from trusted supplier to strategic platform provider with the introduction of five spacecraft platforms across multiple orbits serving the US and international markets. SabreSat and Phantom VLEO, Thresher and Hammerhead VLEO, and Mako for [Mio] Geo.

此外，為了更好地實現可擴展性和成長，Redwire 有效地將價值鏈從值得信賴的供應商提升為策略平台供應商，推出了五個跨多個軌道的太空船平台，服務於美國和國際市場。SabreSat 和 Phantom VLEO、Thresher 和 Hammerhead VLEO 以及 [Mio] Geo 的 Mako。

And finally, Redwire made incredible advancements in the field of microgravity manufacturing that furthered our venture optionology strategy by launching 27 pillboxes for partners including Eli Lilly, Bristol Myers Squibb, and ExesaLibero Pharma.

最後，Redwire 在微重力製造領域取得了令人難以置信的進步，透過為 Eli Lilly、Bristol Myers Squibb 和 ExesaLibero Pharma 等合作夥伴推出 27 個藥盒，進一步推進了我們的創投選擇策略。

Please turn to slide 8. Taking a look at Redwire 2024 execution by the numbers. Redwire executed on programs for more than 100 customers, with greater than 85% of revenues coming from our many government and Marquee customers around the world, showcasing our strong revenue diversity.

請翻到第 8 張投影片。透過數字來看看 Redwire 2024 的執行情況。Redwire 為 100 多個客戶執行了項目，其中 85% 以上的收入來自我們遍布全球的眾多政府和 Marquee 客戶，展示了我們強大的收入多樣性。

In addition, Redwire announced the launch of more than 70 products and solutions on 15 launches during the year, and that doesn't include product launches that did not get announced due to customer confidentiality. We expanded our footprint across the globe, adding three facilities, two in California and one in Poland.

此外，Redwire 在今年的 15 場發表會上宣布推出 70 多種產品和解決方案，這還不包括因客戶保密而未宣布的產品發布。我們擴大了全球業務範圍，新增了三處工廠，其中兩處在加利福尼亞，另一處在波蘭。

And as you can see in the right hand column, our performance resulted in a robust year-over-year top line growth of 24.7% to record annual revenue of $304.1 million. Please turn to slide 9. Turning to our contract awards and backlog, our contract awards during the full year 2024 were $229.8 million. Our book to bill ratio was 0.76 times for the year, and we ended 2024 with a backlog of $296.7 million.

正如您在右側欄中看到的，我們的業績表現強勁，營業收入年增 24.7%，年收入達到創紀錄的 3.041 億美元。請翻到第 9 張投影片。談到我們的合約授予和積壓訂單，我們 2024 年全年的合約授予金額為 2.298 億美元。我們全年的訂單出貨比為 0.76 倍，到 2024 年底，我們的積壓訂單量為 2.967 億美元。

As we have continuously reinforced, we often see lumpy contract awards from quarter to quarter. We continued to expand our pipeline with an estimated $7.1 billion of identified opportunities, including approximately $4.1 billion in proposals submitted during full year 2024.

正如我們不斷強調的那樣，我們經常看到各個季度的合約授予數量不等。我們繼續擴大我們的投資管道，已發現的投資機會價值約為 71 億美元，其中包括 2024 年全年提交的約 41 億美元的提案。

This is a result of our moving up the value chain and scaling production growth principles leading to larger bids, as you can see on the upper right hand side of this slide, this represents a significant increase of 334.3% over the corresponding prior year period.

這是我們提升價值鍊和擴大生產成長原則的結果，從而獲得了更大的投標，正如您在這張投影片的右上角所看到的，這比去年同期顯著增長了 334.3%。

This growth and bids submitted throughout the year is a result of our effort to increase the average size of the individual opportunities we are pursuing. We are now bidding on individual programs in the $100 million plus award value on a more regular cadence. Of course there is no guarantee we will win these opportunities.

這種增長和全年提交的投標是我們努力增加我們所追求的個別機會的平均規模的結果。我們目前正在以更規律的節奏對獎金額達 1 億美元以上的單一項目進行競標。當然，我們不能保證一定能贏得這些機會。

However, we now have a pipeline of bids that could result in a substantial increase in backlog if we land some of these larger opportunities. Because of the success of our transformational investments building the Redwire platform in 2024, we are now positioned to continuously pursue larger opportunities in 2025 and beyond.

然而，我們現在有一系列的投標，如果我們獲得一些較大的機會，可能會導致積壓訂單大幅增加。由於我們在 2024 年建立 Redwire 平台的轉型投資取得了成功，我們現在有能力在 2025 年及以後不斷尋求更大的機會。

Please turn to slide 10. With that, I'd now like to turn the call over to Jonathan Baliff, Redwire's Chief Financial Officer, to discuss the financial results for the fourth quarter and full year 2024.

請翻到第 10 張投影片。現在，我想將電話轉給 Redwire 財務長 Jonathan Baliff，討論 2024 年第四季和全年的財務表現。

Thank you, Pete. As we said before, we're on slide 10, so let's review 2024 with a focus on full year results. Starting with revenue, Redwire's full year and fourth quarter performance illustrate the strong positive growth momentum that Redwires demonstrated during 2024 and over the past three years. Our full year 2024 revenues reached a record $304.1 million a 24.7% increase on a year-over-year basis. This excellent revenue growth was achieved despite having a $17.7 million net unfavorable estimate at completion or EAC adjustment that resulted from program replanning, which we'll discuss further.

謝謝你，皮特。正如我們之前所說，我們現在在第 10 張投影片上，所以讓我們回顧一下 2024 年，並專注於全年業績。從營收開始，Redwire 的全年和第四季業績說明了 Redwires 在 2024 年及過去三年表現出的強勁正成長動能。我們 2024 年全年營收達到創紀錄的 3.041 億美元，年增 24.7%。儘管由於專案重新規劃導致完工時淨虧損或 EAC 調整產生 1,770 萬美元，但仍實現瞭如此出色的收入成長（我們將對此進行進一步討論）。

Turning to profitability in 2024, we recorded positive adjusted EBITDA for three out of four quarters and positive free cash flow for two out of four quarters, including fourth quarter 2024. However, our fourth quarter adjusted EBITDA was a negative $9.2 million primarily due to unfavorable net EAC adjustments for the quarter.

談到 2024 年的獲利能力，我們在四個季度中有三個季度的調整後 EBITDA 為正，在四個季度中有兩個季度（包括 2024 年第四季）的自由現金流為正。然而，我們第四季的調整後 EBITDA 為負 920 萬美元，主要原因是本季淨 EAC 調整不利。

As a result, for full year 2024, Redwire realized an adjusted EBITDA loss of $0.8 million. You should note that these EACs also impacted our net loss, which was additionally impacted by other one-off items that I'll talk about momentarily. EAC adjustments are project accounting measurements most often associated with fixed price contracts that occur when a project doesn't proceed exactly as planned. EA adjustments result from changes in project execution, timing, and costs that can either accelerate or delay recognition of revenue, and Redwire face both.

因此，2024 年全年，Redwire 的調整後 EBITDA 虧損為 80 萬美元。您應該注意到，這些 EAC 也影響了我們的淨虧損，而淨虧損也受到我稍後將談到的其他一次性項目的影響。EAC 調整是專案會計測量，通常與固定價格合約相關，當專案未完全按計劃進行時就會發生這種情況。EA 調整源自於專案執行、時間和成本的變化，這些變化可能會加速或延遲收入確認，而 Redwire 則面臨這兩種情況。

An unfavorable EAC adjustment results in revenue being recognized in future periods while costs remain at actual levels in the present. And these adjustments then impact revenue, gross profit, net income, and adjust to the top. But turning to our cash from operations during the fourth quarter of 2024, net cash provided by operations totalled a positive $7.1 million and this is a sequential and significant improvement of $24.7 million over the third quarter of 2024.

不利的 EAC 調整會導致收入在未來期間被確認，而成本在當前仍保持在實際水準。這些調整將影響收入、毛利、淨收入，並進行調整至最高點。但談到我們 2024 年第四季的經營現金流，經營活動提供的淨現金總計為正 710 萬美元，與 2024 年第三季相比，連續顯著成長 2,470 萬美元。

On a full year basis, we saw a use of cash from operations of $17.3 million and this is despite achieving two quarters of positive free cash flow during 2024. The full year results reflect the deliberate investments we have made into organic and M&A growth, including more than $20 million in capital expenditures, internal research and development, and a variety of important corporate investments that flow through SG&A.

從全年來看，我們的經營活動現金流為 1,730 萬美元，儘管 2024 年我們實現了兩個季度的正自由現金流。全年業績反映了我們對有機成長和併購成長的謹慎投資，包括超過 2,000 萬美元的資本支出、內部研發以及透過銷售、一般和行政管理費用 (SG&A) 進行的各種重要公司投資。

This includes $4.1 million of capital expenditures in the fourth quarter of 2024, our highest quarterly CapEx expense since going public. We do expect these investments to yield better revenue growth, scale, and returns on invested capital in 2025 and beyond, and we've clearly continued to demonstrate our ability to financially perform now while also making investments for growth, risk reduction, and profitability in 2025 and beyond.

其中包括 2024 年第四季的 410 萬美元資本支出，這是我們上市以來最高的季度資本支出。我們確實希望這些投資能夠在 2025 年及以後帶來更好的收入成長、規模和投資回報，而且我們已經清楚地繼續展示了我們現在的財務表現能力，同時也為 2025 年及以後的增長、降低風險和盈利能力進行了投資。

Finally, our total liquidity at the end of 2024 was $64.1 million comprised of $48.7 million in available liquidity and $15.4 million in restricted cash. Subsequent to the end of 2024, in 2025 to date, our total available liquidity has been significantly expanded by the $65.5 million. We've collected associated with the exercise and resumption of our public warrants through March 7th, 2025.

最後，截至 2024 年底，我們的總流動資金為 6,410 萬美元，其中包括 4,870 萬美元的可用流動資金和 1,540 萬美元的受限現金。繼 2024 年底之後，2025 年至今，我們的總可用流動資金已大幅擴大至 6,550 萬美元。我們已收集了截至 2025 年 3 月 7 日的與行使和恢復公共認股權證相關的資訊。

Please turn to slide 11. In order to provide additional insight into the nature of our 2024 net loss, we provided here a breakdown of the key drivers of the year-over-year decrease. In summary, Redwire's 2024 net loss was primarily impacted by significant non-routine activity as shown on this slide, which bridges between '23 and '24. Key among these were the $49.9 million dollar increase in a loss recognized for the non-cash warrant liability fair value adjustment.

請翻到第 11 張投影片。為了進一步了解我們 2024 年淨虧損的性質，我們在此提供了同比下降的主要驅動因素的細分。總而言之，Redwire 2024 年的淨虧損主要受到本投影片所示的重大非例行活動的影響，該活動跨越了 23 年和 24 年之間。其中最主要的是非現金認股權證負債公允價值調整確認的損失增加了 4,990 萬美元。

Also, a $14.2 million dollar increase in net unfavorable EAC impacts already discussed, a $9.8 million increase in litigation settlement and related expenses, and a $9.1 million increase in transaction expenses between '23 and '24.

此外，已經討論過的 EAC 淨不利影響增加了 1,420 萬美元，訴訟和解和相關費用增加了 980 萬美元，23 年至 24 年間交易費用增加了 910 萬美元。

Please turn the slide 12. In summary, though not without growing pains, 2024 was a transformational year for Redwire. We entered 2025 well positioned with robust revenue growth, demonstrated cost control, and ample liquidity.

請轉動幻燈片12。總而言之，儘管並非沒有成長的煩惱，但 2024 年對 Redwire 來說卻是轉型的一年。進入 2025 年，我們將擁有強勁的收入成長、有效的成本控制和充足的流動性。

And with that, I'd like to turn the call over to Pete, to provide a discussion on our 2025 outlook.

接下來，我想將電話轉給 Pete，討論一下我們對 2025 年的展望。

Thank you, Jonathan. Please turn to slide 13. Now we would like to focus on our 2025 growth strategy which is centered around five key principles. Providing picks and shovels, which means delivering on our strong foundation of proven products with demonstrated flight heritage that form the building blocks of space missions for our customers.

謝謝你，喬納森。請翻到第 13 張投影片。現在，我們想專注於以五項關鍵原則為中心的 2025 年成長策略。提供鎬和鏟子，這意味著在我們經過驗證的產品和經過驗證的飛行歷史的堅實基礎上，為我們的客戶提供構成太空任務基石的產品。

Delivering multi-domain platforms, which means executing our platform strategy by delivering highly differentiated space and airborne platforms for critical missions to include multi-domain missions. Exploring the moon, Mars, and beyond, which means capitalizing on our decades of experience in providing systems for space exploration and delivering on ambitious missions to the lunar surface, to Mars, and beyond. Advancing venture optionality, which means continuing to pursue breakthrough developments on advanced technologies that could create new markets with game changing potential.

交付多領域平台，這意味著執行我們的平台策略，為包括多領域任務在內的關鍵任務提供高度差異化的太空和機載平台。探索月球、火星及更遠的地方，這意味著利用我們數十年來提供太空探索系統的經驗，並完成登陸月球表面、火星及更遠地方的雄心勃勃的任務。提升創投選擇性，這意味著繼續追求先進技術的突破性發展，從而創造具有改變遊戲規則潛力的新市場。

And finally, executing a creative M&A, which means continuing our proven track record of effectively creating enterprise value by acquiring technologically differentiated companies at a creative values, a key competitive advantage of Redwire which enables us to continue to rapidly scale as a public platform.

最後，執行一項創意的併購，這意味著繼續我們透過以創意價值收購技術差異化公司來有效創造企業價值的成功經驗，這是 Redwire 的一個關鍵競爭優勢，使我們能夠繼續作為公共平台快速擴展。

Over the next few slides, I will discuss examples of early successes to demonstrate how we are already executing against these focus areas. Please turn to slide 14. Starting with providing picks and shovels in early 2025, 2 lunar landers with Redwire cameras on board headed to the moon. Firefly's Blue Ghost, which landed on the lunar surface on March 2, 2025, and Intuitive Machines IM-2, which landed on the lunar surface on March 6, 2025.

在接下來的幾張投影片中，我將討論早期成功的例子，以展示我們如何針對這些重點領域開展工作。請翻到第 14 張投影片。從 2025 年初提供鎬和鏟開始，兩艘搭載 Redwire 攝影機的月球登陸器將前往月球。螢火蟲號藍色幽靈飛船將於2025年3月2日登陸月球表面，直覺機器IM-2太空船將於2025年3月6日登陸月球表面。

Redwire's cameras provided critical data and stunning images such as the ones shown on the right of this slide. These cameras leveraged decades of flight heritage on prestigious missions, including acting as the eyes of Orion on NASA's Artemis I mission.

Redwire 的相機提供了關鍵數據和令人驚嘆的圖像，例如本幻燈片右側所示的圖像。這些相機利用了數十年來在著名任務中的飛行經驗，包括在美國宇航局的阿爾忒彌斯一號任務中充當獵戶座的眼睛。

Please turn to slide 15. Next, delivering multi-domain platforms. In early February, Redwire was proud to announce that it has been awarded a contract to deliver a Mako spacecraft to support Tetra-6, a US Space Force Space Systems Command mission in geosynchronous orbit or GEO.

請翻到第 15 張投影片。接下來，提供多領域平台。2 月初，Redwire 很自豪地宣布，它已獲得一份合同，將交付一艘 Mako 航天器以支援美國太空部隊太空系統司令部在地球同步軌道或 GEO 執行的 Tetra-6 任務。

Tetra-6 is a follow-on contract to Tetra-5 for which Redwire is delivering to Mako spacecraft. The Mako spacecraft for both the Tetra-5 and Tetra-6 missions will be the first satellites in GEO to be refueled and demonstrate compatibility with multiple available refueling mechanisms.

Tetra-6 是 Tetra-5 的後續合同，Redwire 負責向 Mako 太空船交付產品。用於執行 Tetra-5 和 Tetra-6 任務的 Mako 太空船將成為首批在地球同步軌道 (GEO) 進行加油的衛星，並將展示與多種可用加油機制的兼容性。

Please turn to slide 16. Moving next to exploring the moon, Mars, and beyond. Redwire has been awarded a study contract by the European Space Agency to conceptual conceptualize a spacecraft platform that could be delivered to Mars as part of the agency's light ship initiative. Redwire's solution is built around an adapted version of our highly versatile small satellite platform, Hammerhead, and our proven avionics capabilities.

請翻到第 16 張投影片。接下來探索月球、火星及更遠的地方。Redwire 已獲得歐洲太空總署的一項研究合同，旨在概念化一個可送往火星的航天器平台，作為該機構輕型飛船計劃的一部分。Redwire 的解決方案是圍繞我們高度通用的小型衛星平台 Hammerhead 的改良版本以及我們成熟的航空電子功能構建的。

Redwire's European facility in Belgium has more than 40 years of spaceflight heritage, developing spacecraft platforms and success delivering innovative technology for game changing ESA programs, including as the prime contractor for ESA's PROBA-1, PROBA-2, and PROBA-V missions, which have a combined flight history of 50 years without failure.

Redwire 位於比利時的歐洲工廠擁有 40 多年的航太歷史，開發了太空船平台並成功為改變遊戲規則的 ESA 專案提供了創新技術，包括作為 ESA 的 PROBA-1、PROBA-2 和 PROBA-V 任務的主承包商，這些任務的總飛行歷史長達 50 年，從未出現過故障。

Please turn to slide 17. Turning to advancing venture optionality, Redwire is excited to announce our upcoming Golden Balls investigation, which is looking into the production of gold nanospheres, a high potential space enabled product for biomedical applications including managing cancer or other diseases. There is an existing market for gold nanospheres, and by and by producing them in space during this investigation, Redwire aims to yield higher quality, more uniform gold nanospheres.

請翻到第 17 張投影片。談到推進創投選擇性，Redwire 很高興地宣布我們即將進行的「金球」調查，該調查研究金奈米球的生產，這是一種具有很高潛力的太空產品，可用於生物醫學應用，包括治療癌症或其他疾病。目前，金奈米球市場已經存在，Redwire 計劃在本次研究期間在太空中生產它們，以生產出更高品質、更均勻的金奈米球。

In addition to the Golden Balls investigation, Redwire also has several other payloads expected to launch in the coming months, including 4 additional pillboxes building on the success of the 28 pillboxes launched today.

除了「金球」調查之外，Redwire 還有幾種其他有效載荷預計在未來幾個月內發射，包括在今天成功發射 28 個碉堡的基礎上再發射 4 個碉堡。

Please turn to slide 18. Finally, when it comes to executing a creative M&A, as many of in January 2025, Redwire announced that it has signed an agreement to acquire Edge Autonomy. This transaction is expected to transform Redwire into a global leader in multi-domain autonomous technology, broadening its portfolio of mission-critical space platforms to include combat-proven autonomous airborne platforms. This transaction is expected to close during the second quarter of 2025.

請翻到第 18 張投影片。最後，在執行創意併購方面，正如許多人一樣，2025 年 1 月，Redwire 宣布已簽署收購 Edge Autonomy 的協議。這項交易預計將使 Redwire 轉變為多域自主技術的全球領導者，擴大其任務關鍵型空間平台組合，包括經過實戰驗證的自主機載平台。該交易預計將於 2025 年第二季完成。

Please turn to slide 19. Now let's turn the focus towards the combination of Redwire and Edge Autonomy platforms. Edge Autonomy is a leader in providing field-proven innovative autonomy and unrede airborne systems, advanced optics, and resilient energy solutions, and currently brings two airborne platforms to market the VXE30 series, an airborne platform focused on the US market, and the Penguin series, which is focused on the high potential European defense market as well as the global UAS market.

請翻到第 19 張投影片。現在讓我們將焦點轉向 Redwire 和 Edge Autonomy 平台的結合。Edge Autonomy 是提供經過實地驗證的創新自主性和不受限制的機載系統、先進光學元件和彈性能源解決方案的領導者，目前向市場推出了兩個機載平台：VXE30系列（專注於美國市場的機載平台）和Penguin系列，專注於潛力巨大的歐洲國防市場以及全球 UAS 市場。

Redwire is a leading provider of space-based platforms to national security, civil and commercial customers, and currently brings five space-based platforms to market. By combining with Edge Autonomy, we extend our platform strategy to become multi-domain. Multi-domain capability is critical to our national security customers as they start moving towards the future of advanced war fighting concepts such as the Joint all domain Command and Control or JADC2 strategy.

Redwire 是向國家安全、民用和商業客戶提供太空平台的領先供應商，目前已向市場推出五個太空平台。透過與 Edge Autonomy 結合，我們將平台策略擴展為多領域。當我們的國家安全客戶開始邁向聯合全局指揮與控製或 JADC2 戰略等未來先進作戰概念時，多域能力至關重要。

Like our customers, we believe in a future where autonomous space and airborne vehicles collaborate during multi-domain operations that deliver a strategic advantage. Therefore, this combination provides competitive differentiation by supporting integrated missions from the surface of the Earth to the surface of the moon, Mars, and beyond.

與我們的客戶一樣，我們相信未來自主空間和空中飛行器將在多領域作戰中協作並帶來戰略優勢。因此，這種組合透過支持從地球表面到月球表面、火星及更遠地方的綜合任務，提供了競爭差異化。

Please turn to slide 20. The broad benefits of this transformational transaction can be categorized into three key areas technical, operational, and financial. Starting with the technical benefits of the combination. Edge Autonomy systems leverage similar operational technology such as avionics, optical sensors, computer vision, AI, and autonomy software, and like Redwire, Edge Autonomy brings proven flight heritage. As a result, these technologies are already in production.

請翻到第 20 張投影片。此次轉型交易的廣泛利益可分為三個關鍵領域：技術、營運和財務。從組合的技術優勢開始。Edge Autonomy 系統利用類似的操作技術，如航空電子設備、光學感測器、電腦視覺、人工智慧和自主軟體，並且與 Redwire 一樣，Edge Autonomy 擁有經過驗證的飛行經驗。目前，這些技術已經投入生產。

Moving to the operational benefits of the combination, combining autonomous airborne and space platforms will meet customer mission requirements for multi-domain operations.

從組合的作戰優勢來看，結合自主機載和太空平台將滿足客戶對多領域作戰的任務要求。

Redwire satellites and Edge Autonomy airborne airborne vehicles are designed for similar missions such as intelligence collection and communications, to name a few. Further, Redwire and Edge Autonomy have complementary geographic operations and paths to growth, especially in Europe, where space and defense markets are forecasted to grow.

Redwire 衛星和 Edge Autonomy 空中飛行器設計用於執行類似的任務，例如情報收集和通訊等。此外，Redwire 和 Edge Autonomy 擁有互補的地理運作和成長路徑，尤其是在歐洲，預計那裡的太空和國防市場將會成長。

Finally, with respect to financial, we expect the combination with Edge Autonomy to accelerate growth across key financial metrics with the added scale driving operating leverage in cash flows and to position Redwire with a stronger balance sheet and enhanced credit quality. I speak for the entire team when I say that we couldn't be more excited to welcome the Edge Autonomy team to Redwire, and I look forward to building a multi-domain defense tech company together.

最後，在財務方面，我們預計與 Edge Autonomy 的合併將加速關鍵財務指標的成長，擴大規模將推動現金流的經營槓桿，並使 Redwire 擁有更強勁的資產負債表和更高的信用品質。我代表整個團隊說，我們非常高興歡迎 Edge Autonomy 團隊加入 Redwire，我期待共同建立多領域防禦技術公司。

Finally, please turn aside 21 for a brief discussion of the outlook for 2025. As part of the announcement of our combination with Edge Autonomy, we provided a financial forecast for fiscal year 2025 as if the transaction closed on January 1, 2025, and we are reaffirming that forecast at this time.

最後，請把第 21 欄放在一邊，簡單討論一下 2025 年的展望。作為我們與 Edge Autonomy 合併公告的一部分，我們提供了 2025 財年的財務預測，就好像交易於 2025 年 1 月 1 日完成一樣，我們此時重申該預測。

To reiterate taking the sum of the stand-alone full year fiscal 2025 forecasts for Redwire and Edge Autonomy, Redwire is forecasting full year 2025 combined revenue to be in the range of $535 million to $605 million which represents a 52.9% compound annual growth rate from FY '23 to the FY '25 revenue at the midpoint.

重申將 Redwire 和 Edge Autonomy 的 2025 財年全年獨立預測相加，Redwire 預測 2025 年全年合併收入將在 5.35 億美元至 6.05 億美元之間，這意味著從 23 財年到 25 財年中點的複合年增長率為 52.9%。

In addition, we expect the added scale from the combination with Edge Autonomy will significantly increase operating leverage and cash flow. As a result, and taking the sum of the stand-alone full year 2025 forecast for Redwire and Edge Autonomy into account, Redwire is forecasting full year combined adjusted EBITDA to be between $70 million and $105 million which represents a 138.8% compound annual growth rate from FY '23 to FY '25 adjusted EBITDA at the midpoint.

此外，我們預計與 Edge Autonomy 合併後擴大的規模將顯著提高營運槓桿和現金流。因此，考慮到 Redwire 和 Edge Autonomy 的 2025 年全年獨立預測總和，Redwire 預測全年合併調整後 EBITDA 將在 7,000 萬美元至 1.05 億美元之間，這意味著從 23 財年到 25 財年調整後 EBITDA 的中位數複合年增長率為 138%。

It is important to note that these numbers are intended to be conservative and do not include run rate synergies, but actually do include continued investments and expenses, including integration planned in FY '25. Even taking these investments into account, we expect the combined company to be free cash flow positive in 2025.

值得注意的是，這些數字是保守的，並不包括運行率協同效應，但實際上包括了持續的投資和支出，包括 25 財年計劃的整合。即使考慮到這些投資，我們預計合併後的公司在 2025 年的自由現金流仍將為正。

Further, the transaction consideration positions Redwire to have a significantly stronger balance sheet with enhanced credit quality as a result of better operational and financial scale. Please turn to slide 22. With that, I want to thank the entire Redwire team for their contribution to our results during 2024, a truly global effort. We believe 2024 was a transformational year for Redwire as we balanced top line and bottom line performance.

此外，由於營運和財務規模的改善，交易對價將使 Redwire 擁有更強勁的資產負債表和更高的信用品質。請翻到第 22 張投影片。在此，我要感謝整個 Redwire 團隊為我們 2024 年的表現所做的貢獻，這是一項真正的全球性努力。我們相信 2024 年是 Redwire 轉型的一年，因為我們平衡了營收和利潤表現。

In 2024 we capitalized on our solid foundation as a merchant supplier of critical space subsystems and components to transform into a strategic platform provider with soon to be two uncrewed airborne systems and five spacecraft to fuel our future expansion. We believe with the acquisition of Edge Autonomy we are well positioned and stronger than ever and look forward to an exciting 2025.

2024 年，我們利用作為關鍵空間子系統和組件的商業供應商的堅實基礎，轉型為戰略平台提供商，即將擁有兩個無人駕駛機載系統和五艘航天器，為我們未來的擴張提供動力。我們相信，透過收購 Edge Autonomy，我們將比以往任何時候都更加強大，並期待令人興奮的 2025 年。

We will now open the floor for questions.

我們現在開始回答提問。

(Operator Instructions) Greg Conrad, Jeffrie.

（操作員指示）格雷格康拉德，傑弗裡。

Good morning. Hey Greg.

早安.嘿，格雷格。

Maybe just to start on the guidance. I mean, appreciate the pro forma guidance, but any insight into underlying Redwire organic growth, I mean just given the wide pro forma range, how much of that is timing of the deal versus other swing factors and maybe what are the main drivers of the top and bottom end of the range?

也許只是開始提供指導。我的意思是，我很欣賞這份預測指引，但對於 Redwire 潛在的有機成長，您有何見解？我的意思是，鑑於預測範圍很廣，其中有多少是交易時機與其他波動因素造成的，以及影響範圍頂端和底端的主要驅動因素是什麼？

Let me take that, Greg.

讓我來接手，格雷格。

So look, we're giving you actually a full year as if the deal was closing on December 31st, and it's a combined forecast range. As we get closer to giving pro forma information out on a US GAAP basis in the, as we approach the end of the first quarter and then the second quarter, you'll get more information to understand that. But again, we're giving you everything you need to understand on a combined forecast for revenue in EBITDA.

所以你看，我們實際上給你了一整年的數據，就好像這筆交易是在 12 月 31 日完成的，這是一個綜合的預測範圍。隨著我們越來越接近根據美國公認會計準則提供預測信息，隨著我們接近第一季末和第二季末，您將獲得更多資訊來了解這一點。但再次強調，我們將為您提供有關 EBITDA 收入綜合預測的所有資訊。

Now let's just talk about the growth rates. If you look at the growth rates for Redwire, especially these last three years, we've grown at roughly between 15% and 25% revenue growth, and that's pretty much on an organic basis. If you look at Edge Autonomy over their period of time and even not going back too far, but the last couple of years, they've grown between 20% and 30% organically. The combined business, even without synergy, should be able to grow around 20% organically with further additions.

現在我們只討論成長率。如果你看看 Redwire 的成長率，特別是最近三年，我們的營收成長率大約在 15% 到 25% 之間，而且這基本上是有機成長。如果您觀察 Edge Autonomy 的發展歷程，甚至不回溯太久，但在過去幾年中，他們的有機成長率達到了 20% 至 30%。即使沒有協同效應，合併後的業務也應該能夠透過進一步的補充實現 20% 左右的有機成長。

And so when we look at '25, which is still somewhat of a transition year for both companies as large contracts are still, being formed and the companies themselves are bidding on especially a lot of European space and defense, we feel confident and that's why we're giving this range, but it's fairly wide because especially on the space side, the nature of our business. So hopefully that answers your question or at least gives you more detail.

因此，當我們展望25年時，這對兩家公司來說仍是一個過渡年，因為大型合約仍在形成，而且兩家公司本身正在競標大量歐洲太空和防禦項目，我們感到很有信心，這就是我們給出這個範圍的原因，但它相當寬泛，因為特別是在太空方面，這是我們業務的性質。希望這能回答您的問題，或至少為您提供更多細節。

And then maybe just combining the the EACs and and cash, first on the EACs, I mean how do you think about those trending into 2025 and then just on cash you you had a good Q4, good working capital release. I mean how do you think about all of that rolling into free cash flow conversion in 2025 just given, some of the investments that you've talked about?

然後也許只是將 EAC 和現金結合起來，首先是 EAC，我的意思是您如何看待它們在 2025 年的趨勢，然後僅在現金方面，您就獲得了良好的第四季度業績，良好的營運資金釋放。我的意思是，考慮到您剛才談到的一些投資，您如何看待 2025 年所有這些都會轉化為自由現金流轉換？

Yeah, good question, Greg. I'll address the ACs, and then I'll turn it over to Jonathan to talk about cash impact. So as when you're first starting out bidding a program, some of the nature of the firm fixed price that bid that we are bidding when we break into a new market have some non-recurring engineering associated with them as you develop these new technologies that in some cases have never been built before and as a result, as you move through the through those, as part of the growing pain of entering these new markets and introducing these new technologies, you some, sometimes run into these.

是的，格雷格，你問得好。我將向 AC 致辭，然後將交給喬納森討論現金影響。因此，當您第一次開始競標一個專案時，當我們進入一個新市場時，我們所競標的固定價格的某些性質會與您開發這些新技術時的一些非經常性工程相關，在某些情況下，這些新技術以前從未被構建過，因此，當您經歷這些時，作為進入這些新市場和引入這些新技術的成長痛苦的一部分，您有時會遇到這些問題。

Replanning on the programs that result in the EAC and an unfavorable unfavorable EAC that pushes the revenue out into a future period while keeping the cost in the same period, thus having an impact both on revenue and the bottom line. The goal is to continue to refine our bid processes and where possible to include more management reserve, to reduce the total impact of the EACs.

重新規劃導致 EAC 的計劃和不利的 EAC，將收入推到未來時期，同時將成本保持在同一時期，從而對收入和底線產生影響。我們的目標是繼續改進我們的投標流程，並盡可能納入更多的管理儲備，以減少 EAC 的整體影響。

But also, as you move from early non-recurring engineering, when these technologies are first being developed and proven, after you get the flight heritage, you move into production and then those A revenue should be a lot more predictable and stable, and you'll see the EAC's tail off over time. Jonathan, you want to talk a little bit about.

但是，當你從早期的非經常性工程轉變時，當這些技術首次被開發和驗證時，在你獲得飛行傳統之後，你就會進入生產階段，然後這些收入應該更加可預測和穩定，你會看到 EAC 隨著時間的推移而逐漸減少。喬納森，你想談談嗎？

I guess, yeah, my comments I agree with everything Pete said. Again, transformational yield, but not without growing pains, and this is an example of growing pains. Let me just reemphasize, no one at Redwire is happy about these net EAC unfavorable adjustments. But you know we're in essence trying to do better on a total revenue basis, and you're seeing from a percentage standpoint still pretty low compared to our peers. But you know when we look at the future, we're meant to be neutral on our ESCs as we move forward with a number of tools at hand that Pete just talked about.

我想，是的，我的評論我同意皮特所說的一切。再次，轉型帶來利益，但並非沒有成長的煩惱，這就是成長煩惱的例子。讓我再強調一下，Redwire 的任何人都不會對這些淨 EAC 不利調整感到高興。但您知道，我們本質上是在試圖在總收入方面做得更好，而且從百分比的角度來看，與我們的同行相比，我們的百分比仍然相當低。但你知道，當我們展望未來時，我們應該對我們的 ESC 保持中立，因為我們會利用 Pete 剛才談到的一些工具繼續前進。

I think as you pointed out, the cash flows were positive despite the EACs because they don't have a direct cash impact on the period that they're recorded.

我認為正如您所指出的，儘管存在 EAC，但現金流仍然為正，因為它們對記錄期間沒有直接的現金影響。

That's right.

這是正確的。

Thank you.

謝謝。

Our next questions come from the line of Scott Buck, HC Wainwright. Please proceed with your questions.

我們的下一個問題來自 HC Wainwright 的 Scott Buck。請繼續提出您的問題。

Hey, good morning, guys. Thanks for taking my questions. Peter, it sounds like a full year '25 revenue guide. There are some potential benefits from combining the businesses that are not fully captured in the guidance. Can we get some additional color and what those synergies could look like?

嘿，大家早安。感謝您回答我的問題。彼得，這聽起來像是一份 25 年全年收入指南。合併業務可以帶來一些潛在好處，但這些好處並未在指引中充分體現。我們能否獲得一些額外的資訊以及這些協同作用會是什麼樣子？

Yeah, great question, and, you're right, as I pointed out, we didn't, we took a conservative approach and didn't put revenue synergies, in there. But the fact of the matter is, we have a really strong presence, geographically that aligned between the two companies with major engineering centers in Belgium, and Latvia, and a new office for expansion in Poland.

是的，很好的問題，而且，你是對的，正如我指出的那樣，我們採取了保守的方法，並沒有將收入協同效應納入其中。但事實是，我們在地理位置上擁有非常強大的影響力，兩家公司在比利時和拉脫維亞設有主要工程中心，並在波蘭設有新的擴張辦公室。

And so there's opportunities there. There's opportunities to go into Ministry of Defense customers on the revenue side. That are either buying spacecraft now and are looking for opportunities to acquire UAS systems from a trusted supplier and or vice versa, countries that are currently buying UAS capabilities from Edge Autonomy that are very interested in expanding in space so that's an example.

因此，那裡有機會。在收入方面，有機會進入國防部客戶。舉個例子，有些國家現在正在購買太空船，並正在尋找機會從值得信賴的供應商那裡獲取 UAS 系統，反之亦然。有些國家目前正在從 Edge Autonomy 購買 UAS 功能，並且對太空領域的擴張非常感興趣。

You can also obviously do all the traditional playbooks when you look at M&A in terms of consolidating manufacturing capabilities not only in Europe but also in the US. But we think that the growth is the real story here, the organic intrinsic growth that both of these organizations have demonstrated over the last three years, and that's what we're forecasting. So any additional revenues synergies that we squeeze out above any of the costs associated with integration will just be additional upside.

當你從鞏固製造能力的角度考慮併購時，你顯然也可以採取所有傳統的策略，不僅在歐洲，而且在美國也是如此。但我們認為成長才是真正的成長，這兩個組織在過去三年中都表現出了有機的內在成長，而這正是我們的預測。因此，我們在整合相關成本之上擠出的任何額外收入協同效應都將是額外的好處。

Great, I appreciate that. And then my second one, can you just remind us what Edge's pipeline looks like on a stand-alone basis?

太好了，我很感激。然後我的第二個問題是，您能否提醒我們一下 Edge 的管道在獨立基礎上是什麼樣的？

Sure, so we gave some description of that when we announced the transaction back in January. Their pipeline is different than ours. They have fleets of their stalkers and penguins out there in which they do fleet replacement, fleet upgrades, and a number of other aspects that mirrors. A bit more like commercial aerospace, so their programs of record, although growing, is about $100 million is what we disclosed for '23. We'll give more updates, but their sales cycle is very short.

當然，我們在一月份宣布交易時就對此進行了一些描述。他們的管道與我們的不同。他們擁有由潛行者和企鵝組成的艦隊，負責艦隊替換、艦隊升級以及許多其他方面的事情。有點像商業航空航天，因此他們的記錄項目雖然在增長，但我們披露的'23年項目金額約為 1 億美元。我們會提供更多更新，但它們的銷售週期非常短。

They generally are a much more mature company, and so a lot of their customers will buy to increase those fleets, and that's in essence their competitive. Because it's hard to replace the fleets for their especially DoD and MOD customers and as those expand, then you get almost like an annual recurring revenue that happens as part of both the expansion, replacement, and upgrades, but it's about $100 million right now and again they are bidding in the future on very large projects also, so we do expect that to grow.

他們通常是一家更成熟的公司，因此許多客戶會購買以增加這些車隊，而這本質上就是他們的競爭力。因為對於他們的特別是國防部和國防部的客戶來說，更換艦隊非常困難，而且隨著艦隊的擴大，那麼你幾乎會得到一筆年度經常性收入，這筆收入是擴張、更換和升級的一部分，但現在大約是 1 億美元，而且他們將來還會競標非常大的項目，所以我們確實預計這個數字會增長。

So Jonathan highlights a key point here that you know I talked about the benefits of this transaction in the context of technical, operational and financial. And on the financial side, one of the things we're really excited about is the UAS market is just a more mature industry. Than spaces right now, so it looks different. It has this fleet replacement aspect to it that is much more predictable, fewer EACs, etc. And that's very complementary to Redwire, which is in a less mature industry that tends to have a lot of this non-recurring injury or non-recurring engineering.

因此喬納森在這裡強調了一個關鍵點，你知道我從技術、營運和財務的角度談論了這筆交易的好處。從財務方面來看，讓我們真正興奮的事情之一是 UAS 市場是一個更成熟的行業。比現在的空間好，所以看起來不一樣。它具有更可預測的車隊更換方面，更少的 EAC 等。這與 Redwire 非常互補，Redwire 處於一個不太成熟的行業，往往存在大量非經常性傷害或非經常性工程。

So if you think about it, when you walk into a Redwire facility, you'll see a lot of engineers and technicians working on a single spacecraft that is standardized, but is highly be spoke for the particular customer mission in there, and that's the way that has to do with the maturation of the industry, whereas in the UAS industry these are things that are being moved of a production line, much more like in the automotive industry.

所以如果你仔細想想，當你走進 Redwire 工廠時，你會看到很多工程師和技術人員在一艘標準化的航天器上工作，但該航天器高度針對特定的客戶任務，這就是與行業成熟度有關的方式，而在 UAS 行業，這些東西正在從生產線上轉移，更像汽車行業。

So it's very complementary. You have lower backlog because the sale cycles are smaller compared to the multi-year contracts that you get in a space contract. But they're complementary in the sense that they have less of that, variability associated with, doing technological things that have never been done before. And we think that's going to smooth things out for us over time.

所以這是非常互補的。與太空合約中的多年期合約相比，銷售週期較短，因此積壓訂單較少。但它們是互補的，因為它們在做以前從未做過的技術事情時，變化性較少。我們認為，隨著時間的推移，事情將會逐漸順利解決。

And just to add one thing, Scott, and briefly is their pipeline also is changing quickly with the European defense environment, that dynamic environment increasing, and so we'll be giving more information about the pipeline, especially in Europe, over the over the coming months.

斯科特，我還要補充一點，簡而言之，他們的管道也隨著歐洲國防環境的快速變化而變化，這種動態環境正在不斷增強，因此我們將在未來幾個月內提供更多有關管道的信息，特別是在歐洲。

Great, I appreciate the added color there, guys, and I'm looking forward to '25.

太好了，我很欣賞那裡添加的色彩，夥計們，我期待著'25。

Now our next questions come from the line of Brian Kinstlinger, Alliance Global Partners.

現在我們的下一個問題來自 Alliance Global Partners 的 Brian Kinstlinger。

Great, thanks so much. With the new administration's clear positioning in Ukraine or unclear for that matter, are there any changes you expect for edges Ukraine-related revenue compared to your previous internal expectations? And then maybe touch on the overall budgetary environment in the US and procurement cycle for the Redwire business.

太好了，非常感謝。新政府對烏克蘭的定位是明確還是不明確，與您先前的內部預期相比，您預期烏克蘭相關收入會有什麼變化嗎？然後也許會涉及美國的整體預算環境和 Redwire 業務的採購週期。

Yeah, hey, Brian, how are you? The good question as usual. So talking about the Ukraine first and foremost, we took a very conservative position on forecasting the Ukraine portion of the edge's future revenue, and if you go back to the presentation that we did.

是的，嘿，布萊恩，你好嗎？像往常一樣，這是個好問題。因此，首先談到烏克蘭，我們對烏克蘭未來收入部分的預測持非常保守的立場，如果你回顧我們所做的演示。

And I believe we [8K'd] some information on this as well. We put out some detail on our conservative approach. However, I would like to highlight whether we all hope for peace in the Ukraine, and, but whether the peace happens tomorrow or not, we're still seeing real opportunity. Because any peace in the Ukraine, will likely based on the current discussions that we're tracking, result in some sort of demilitarization zone or peacekeeping effort.

而且我相信我們也 [8K] 了一些有關此的資訊。我們對我們的保守方法進行了一些詳細說明。然而，我想強調的是，無論我們都希望烏克蘭實現和平，但無論明天和平是否實現，我們仍然看到真正的機會。因為根據我們正在追蹤的當前討論情況，烏克蘭的任何和平都可能產生某種形式的非軍事區或維和行動。

And the way you're going to, we believe that is going to be executed is using drones as a surveillance capability to monitor the peace or to potentially monitor a persistent, really indefinite deli at least for the near future, demilitarization zone. So, again, regardless of what happens in the Ukraine. We feel we're protected to the downside because we took a very conservative approach in forecasting edges revenue and like I said, there's more details out there that we put out, but we also see peace in Ukraine as not being a standstill or a total stop.

而我們認為，你要執行的方式是使用無人機作為監視能力來監視和平或至少在不久的將來可能監視一個持續的、真正不確定的非軍事區。所以，不管烏克蘭發生什麼，我再說一次。我們認為我們不會遭遇下行風險，因為我們在預測邊緣收入時採取了非常保守的方法，而且正如我所說，我們會公佈更多細節，但我們也認為烏克蘭的和平不會陷入停滯或完全停止。

Possibly even an opportunity for peacekeeping drone technology as well. In terms of the continuing resolution and everything that's going on in the government, this is actually not unknown territory for companies like Redwire.

這甚至可能為維和無人機技術帶來機會。就持續的解決方案以及政府正在進行的一切而言，對於 Redwire 這樣的公司來說，這實際上並不是未知領域。

Those of us who have been around for many years doing this actually lived through sequestration. And the fact of the matter is that, because of the large, oftentimes multi-year contracts, that, we have, typically companies like Redwire defense contractors in general or federal contractors in general, whether a short-term.

我們多年來一直從事這項工作的人實際上都經歷過預算緊縮。事實是，由於我們簽訂的合約規模較大，通常是多年期合同，通常與 Redwire 國防承包商或聯邦承包商等公司簽訂，無論是短期合約。

Even government shutdowns if hopefully it doesn't come to that, but because we continue to work on our contracts, and as far as delays, as far as we've heard from the government, we haven't heard about any delays on our procurements. Any of our major procurements yet in many cases we're a supplier and the orders continue as prime contractors continue to execute, but I think it's too early to say right now based on where the political process is for us to make any predictions about the long term impact on that.

即使政府關門，希望不會發生這種情況，但因為我們繼續履行合同，至於延誤，據我們從政府那裡聽到的消息，我們沒有聽說我們的採購有任何延誤。我們的任何重大採購在許多情況下都是供應商，隨著總承包商繼續執行，訂單也會繼續，但我認為現在根據政治進程的進展情況來判斷這一點還為時過早，我們無法對此做出任何長期影響的預測。

Financially, Brian, we're very protective. We've got record liquidity, obviously we spent some money obviously in 2024 but had it more than covered, and again we have some level of discretion over our spending, but we feel, in a really good position.

布萊恩，在財務方面，我們非常謹慎。我們擁有創紀錄的流動性，顯然我們在 2024 年花了一些錢，但已經超過了覆蓋範圍，而且我們對支出有一定程度的自由裁量權，但我們覺得自己處於非常有利的地位。

Great my follow up is.

很好，我的後續行動是。

You talked about larger programs, $100 million plus total contract value. Does the competitive landscape change who you're competing with essentially on these larger programs? And then just a quick numbers question with the warrant redemption that you mentioned. Can you update us on the share account?

您談到了更大的項目，合約總價值超過 1 億美元。競爭格局是否會改變你們在這些大型專案中的競爭對手？然後，就您提到的認股權證贖回問題，我們來快速問一個數字問題。您能向我們更新一下股票帳戶的情況嗎？

Sure. Yes, the competitors can change, although in Europe, we've already been functioning, as a prime, in many cases. So, I think over in Europe, our competitive landscape won't shift materially, but yes, when we choose to prime. However, I will say that our prime strategy is very selective.

當然。是的，競爭對手可能會發生變化，儘管在歐洲，在許多情況下我們已經發揮了主要作用。所以，我認為在歐洲，我們的競爭格局不會發生實質變化，但是，當我們選擇做好充分準備時，情況就會改變。不過，我要說的是，我們的主要策略是非常選擇性的。

Being a merchant supplier in many of the existing architectures is already foundational to Redwire. So our prime strategy is to look at areas where there's white space, where there is no clear leader already. And where we can offer a future technology through our platforms that isn't currently being done.

成為許多現有架構中的商家供應商已經成為 Redwire 的基礎。因此，我們的首要策略是尋找那些尚無明顯領先者的空白領域。我們可以透過我們的平台提供目前尚未實現的未來技術。

And the example I'll give is in VLEO rather than attacking the proliferated LEO, market, we're trying to do a leap ahead into what we think is the future of hybrid orbit architectures. To include VLEO, and in that particular case, because of our technological differentiation, the competitive landscape is, really a small handful of people that are trying to build that market.

我給的例子是，在甚低地球軌道 (VLEO) 領域，我們不是進攻日益擴張的低地球軌道 (LEO) 市場，而是試圖向前邁進一步，邁向我們認為的混合軌道架構的未來。包括 VLEO，在這種特殊情況下，由於我們的技術差異，競爭格局實際上是少數人試圖建立該市場。

In terms of the share count, Jonathan, do you have that.

就股票數量而言，喬納森，你有嗎？

So as of Friday concerning the redemptions, the total share count as of Friday, which we'll disclose in our 10K, 75,573,294 shares.

截至週五，關於贖回的情況，我們將在 10K 中披露截至週五的總股數為 75,573,294 股。

Thank you so much.

太感謝了。

Thank you. Our next questions come from the line of Griffin Boss, B Riley Securities.

謝謝。我們的下一個問題來自 B Riley Securities 的 Griffin Boss。

Hi, good morning, and thanks for taking my question. So I just want to start out on bookings. I understand obviously bookings are lumpy, but this is the first time, I believe that I recall since going public that LTM book to bill fell below 1. So, just given the magnitude of your bids submitted, the $1.2 billion in the in the quarter $4.1 billion on the year.

大家早安，感謝您回答我的問題。所以我只是想開始預訂。我明白訂單量顯然是不穩定的，但這是自上市以來第一次，我記得 LTM 訂單出貨比低於 1。因此，僅根據您提交的投標金額來看，本季的投標金額為 12 億美元，而去年同期的投標金額為 41 億美元。

Can you talk about how many of those bids, maybe are still outstanding today? Are you seeing longer contract award cycles? Are you losing more bids than historically, any context around that could that would be helpful?

您能談談其中有多少投標至今仍未完成嗎？您是否看到合約授予週期更長了？您輸掉的投標是否比歷史上要多，有關這方面的任何資訊是否有幫助？

Bids, pipeline and backlog are this constant back and forth depending on when whenever you snap the chalk at Redwire, right? So, we're obviously constantly trying to move things from pipeline into backlog. But something can move from pipeline into backlog pretty quickly, especially from the bid submitted number.

投標、管道和積壓訂單都是不斷地來回反复，取決於你在 Redwire 上什麼時候簽字，對嗎？因此，我們顯然不斷地嘗試將事物從管道轉移到積壓狀態。但有些事情可能很快就會從渠道轉移到積壓狀態，尤其是從提交的投標數量來看。

So I think we are, we kind of look at them as a combined factors to look at when we do our revenue forecasting to substantiate it and right now, although you're correct that our current book to bill is below you can see that on the pipeline side, it's fairly large, so I think what we'd like to see occur in the next quarter is for more of those bids to move out of submitted but into and into backlog, but I don't think it's we have enough data to say that that is anything other than a timing.

因此我認為，我們在進行收入預測時將它們視為需要考慮的綜合因素，以證實這一點。目前，儘管您說得對，我們目前的訂單出貨比低於預期，但您可以看到，在管道方面，它相當大，所以我認為我們希望在下個季度看到的是，更多的投標從已提交狀態轉為積壓狀態，但我認為我們沒有足夠的數據來表明這只是一個時間問題。

Perspective, I wouldn't lean forward and say that we see any changes in terms of government procurement timelines as of yet. It just seems to be where each of these different bids are in the process, certainly. Some people point to the holidays as being a slow period, but again, that's just speculation. I don't know, Jonathan, you want to say.

從這個角度來看，我不會傾向於認為我們目前看到政府採購時間表方面有任何變化。看起來，確實，每個不同的出價都處於這個過程之中。有些人指出假期是一個淡季，但這只是猜測。我不知道，喬納森，你想說什麼。

Griffin, the wide range that we use 535 to 605 takes some of this into account because again it's a longer sale cycle for the current bids outstanding and there are no doubt that they're larger bids too, but you know that's kind of how we'll disclose it right now and we'll give you updates.

格里芬，我們使用的 535 到 605 這個寬泛的範圍已經考慮到了其中的一些因素，因為對於當前未決出價來說，銷售週期更長，而且毫無疑問它們的出價也更大，但你知道這就是我們現在披露信息的方式，我們會向你提供最新消息。

Okay, fair enough, thanks for that and just a second one for me, given that we're just a few weeks away from the end of the first quarter, is there any sort of directional guidance you could give for the first quarter? Obviously I know you didn't provide it, but directionally could be helpful, I think for us to understand kind of the cadence looking looking into the year now that we're almost through the first quarter.

好的，足夠了，謝謝你，對我來說這只是第二個問題，考慮到我們距離第一季結束只有幾週時間，您能為第一季度提供什麼方向性指導嗎？顯然，我知道你沒有提供，但從方向上看可能會有幫助，我認為對於我們來說，既然我們已經快要度過第一季了，我們就可以了解今年的節奏。

Well, no, obviously, we don't give quarterly guidance, and I think if you look at what we're doing right now, we're hyper-focused on closing on Edge Autonomy, which will materially change. The overall profile, so I think stand by and once we close, we'll have some additional information on the remainder of the year that Jonathan referenced earlier.

嗯，不，顯然，我們不提供季度指導，我想如果你看看我們現在正在做的事情，我們高度專注於完成 Edge Autonomy，這將發生實質性的變化。總體情況，所以我認為請稍候，一旦我們結束，我們將獲得喬納森之前提到的有關今年剩餘時間的一些更多資訊。

Okay, alright, thanks.

好的，好的，謝謝。

Our next questions come from the line of Suji Desilva, Roth Capital Partners.

我們的下一個問題來自 Roth Capital Partners 的 Suji Desilva。

Hi Pete. Hi Jonathan. So just to understand the combined, yeah, I guess, just to understand the combined company guidance for the full year, you said it's conservative. I just want to understand maybe there's a percent of backlog coverage you're using this year going into '25 versus what you've done with Redwire guidance, full year guidance in the past years that might be helpful to understand how much higher backlog coverage is maybe this year is an element of conservatism?

嗨，皮特。你好，喬納森。所以只是為了了解合併情況，是的，我想，只是為了了解全年的合併公司指導，你說這是保守的。我只是想了解一下，與 Redwire 指導和過去幾年的全年指導相比，您今年使用的積壓覆蓋率可能有一個百分比，這可能有助於了解積壓覆蓋率有多高，也許今年是一種保守主義的因素？

Let me take that. Let me try to give you some additional color on how we come up with these forecasts. We do basically a line by line look at each opportunity in the pipeline while also taking a look at of the backlog and of course the pipeline is weighted based on peak what we call [PO] probability of that the procurement is going to go forward and pin, which is our probability of a win.

讓我來接手。讓我試著向您進一步解釋我們如何得出這些預測。我們基本上是逐行查看渠道中的每個機會，同時也查看積壓情況，當然，渠道的權重取決於我們所說的峰值 [PO]，即採購將向前推進和確定的概率，也就是我們獲勝的概率。

So we go line by line on that and we look at the different probabilities and we bring in a number of different experts to give us additional insights, and it's really a bottoms up build up and then we look at macro factors like saying, okay, what if the war in Ukraine ends or, how much do we want to really lean into, war related revenues which, as I stated, was not a lot we wanted to make sure that we were conservative there and that's how we come up with these forecasts.

因此，我們逐行進行研究，查看不同的機率，並請許多不同的專家為我們提供更多見解，這實際上是一種自下而上的積累，然後我們研究宏觀因素，比如說，好吧，如果烏克蘭戰爭結束了會怎樣，或者我們真正想要依靠多少戰爭相關收入，正如我所說的，這並不是很多，我們希望確保我們在這方面是保守的，這就是我們得出這些預測的方式。

We also take a look at a little bit on our burn rates and we try to make a forecast based on looking at where we are in terms of each one of the projects we're at and and that and that can kind of give you a good idea of how much your revenue is going to.

我們也會看一下我們的燒錢率，並試著根據我們所處的每個項目的狀況做出預測，這樣就可以讓你很好地了解你的收入將會有多少。

A come from backlog, but it's not as simple as having like a heuristic like percentage of pipeline and backlog that moves in. We actually get into the nitty gritty of looking at, well, this one is expected to be awarded in March and it's this size and it has a probability of this probability of occurring and us winning, and that would give us a certain runtime and we build out a number of spreadsheets on that.

A 來自於積壓，但它並不像啟發式地計算出流入的管道和積壓的百分比那麼簡單。我們實際上深入研究了細節，嗯，這個獎項預計將在三月份頒發，它的規模是這樣的，它發生的概率是這樣的，我們獲勝的概率是這樣的，這將給我們一定的運行時間，我們在此基礎上建立了一些電子表格。

So I can't give as a result of that kind of detailed bottoms up approach to forecasting, I can't give you, a high level heuristic number to use for what I think you're looking for. I don't know, Jonathan, do you have.

因此，我無法給出這種自下而上的詳細預測方法的結果，也無法為您提供我認為您正在尋找的高級啟發式數字。我不知道，喬納森，你有嗎？

We have given an ability for investors and analysts to look at our average contract length, which in Redwire that is very, known and knowable that you know we're 2.5 years, two plus two years, and so then you can kind of use that as a way to look at also at least our disclosed backlog when we get closer to closing and then other information concerning Edge Autonomy we'll give out to look at them and then as a combined basis, but Pete gave a really good overview there.

我們為投資者和分析師提供了查看我們的平均合約期限的功能，在 Redwire 中，這是眾所周知的，您知道我們的合約期限是 2.5 年、兩年加兩年，因此您可以使用它作為一種方式來查看至少我們在接近完成時披露的積壓訂單，然後我們會提供有關 Edge Autonomy 的其他信息，以便您查看它們，然後作為綜合的基礎，但 Pete 非常好的概述了。

Okay, great, I appreciate the discussion of the probably awaited approach the pipeline there and also on the lunar interplanetary mission opportunity, I think that cadence is going to pick up here. We already saw two missions this month.

好的，太好了，我很感謝你們對可能期待已久的管道建設以及月球星際任務機會的討論，我認為這裡的節奏會加快。這個月我們已經看到了兩次任務。

What is the opportunity for Redwire to expand its content there? It seems like cameras are your primary opportunity. Are we missing there's other elements or there can be in the future? Any color that would be helpful

Redwire 在那裡擴展其內容的機會是什麼？看來相機是您的主要機會。我們是否遺漏了其他元素或未來可能會出現的元素？任何有用的顏色

Yeah, great question. So we've talked about Mason in the past, which is a program where we're building a technology to build landing pads on the moon. So that's an example of our lunar technology. Obviously we're highlighting in this call light ship or our study for light ship. So we're really excited about the fact that we're well positioned and got.

是的，很好的問題。我們過去曾談論過梅森，這是一個我們正在開發用於在月球上建造著陸台的技術的項目。這就是我們的月球技術的一個例子。顯然，我們在此強調的是輕型船舶或我們對輕型船舶的研究。因此，我們對於自己所處的有利位置和所取得的成果感到非常興奮。

The confidence of ETA to be one of the study members I'm looking at building a spacecraft to go to Mars. That's really from an organization like ESA to select a company like Redwire and their confidence in our hammerhead platform, I think underscores the way we're thought of in terms of a competitive participant in future Mars exploration and vehicles for future Mars exploration. Of course we have the cameras that you mentioned as well.

ETA 有信心成為我正在考慮建造的前往火星的太空船的研究成員之一。這確實是來自 ESA 這樣的組織選擇像 Redwire 這樣的公司以及他們對我們的 hammerhead 平台的信心，我認為這強調了我們在未來火星探索和未來火星探索車輛方面的競爭參與者地位。當然我們也有您提到的攝影機。

So, and many of our vehicles, particularly Mako, are such that they have the wherewithal to be able to operate in cislunar. The other aspect of it that I'll point to is in terms of we've talked about our microgravity manufacturing in the past.

所以，我們的許多飛行器，特別是 Mako，都具備在地月上運作的必要條件。我要指出的另一個面向是我們過去討論過的微重力製造。

We like to say, make it, don't take it. So we believe that there's a real opportunity for microgravity manufacturing when you start looking at building out permanent lunar infrastructure as well as, quite frankly, a venture to Mars, they're going to be very limited on the amount of material that they'll be able to bring. So having Redwire like manufacturing capabilities on board, could be something that could be missions. So we're looking at those kind of things as part of our participation in our active participation in that community.

我們喜歡說，創造它，不要要求它。因此我們相信，當你開始考慮建造永久性的月球基礎設施以及坦率地說登陸火星時，微重力製造將有一個真正的機會，他們能夠攜帶的材料數量將非常有限。因此，擁有像 Redwire 這樣的製造能力可能是一項使命。因此，我們將這些事情視為我們積極參與該社區的一部分。

Alright, great, thanks. Great rundown, very exciting.

好的，太好了，謝謝。很棒的概要，非常令人興奮。

We have reached the end of our question and answer session. I would now like to turn the floor back over to Jonathan Baliff for any closing remarks.

我們的問答環節已經結束。現在我想將發言權交還給喬納森·巴利夫，請他做最後發言。

So first I want to thank all the institutional analysts, sell side analysts for your questions, but before we conclude today's call, we'd like to actually at Redwire introduce a new initiative in which we will draw a question or two today it'll be one drawn from our retail investor community. And so today's question comes from our Reddit community.

因此，首先我要感謝所有機構分析師、賣方分析師的提問，但在我們結束今天的電話會議之前，我們想在 Redwire 推出一項新舉措，今天我們將提出一兩個問題，這些問題將來自我們的散戶投資者社區。今天的問題來自我們的 Reddit 社群。

And this will be for both of us if it's really for Pete. What percentage of Redwire's business is based in Europe able to service the European space and defense efforts which we've been hearing a lot about these past number of weeks.

如果這真的是為了皮特，那麼這對我們倆來說都是好事。Redwire 的業務中有多少比例位於歐洲，能夠為歐洲太空和防禦工作提供服務？過去幾週我們聽到了很多關於這一點的消息。

Thank you, Jonathan. Clearly based on the question we received from the analysts, the retail investor is thinking along the same lines. I'm really excited first of all about this initiative and the ability to incorporate the voice of the retail investor into our earnings call.

謝謝你，喬納森。顯然，根據分析師向我們提出的問題，散戶投資者的想法也是一樣。首先，我對這項舉措以及將散戶投資者的聲音納入我們的收益電話會議的能力感到非常興奮。

So from a technological standpoint, both Redwire and Edge Autonomy have platforms specifically focused on the overseas market, particularly the European market, with Phantom and hammerhead satellites. For Redwire obviously we're the platform for the ESA Skimsat, which is the Premiere VLEO. Program, over in ESA, which has both civil as well as potential defense application and Edge Autonomy, has very notably the Penguin series of UAS, that is currently a combat proven platform operating in Ukraine as we've discussed.

因此，從技術角度來看，Redwire 和 Edge Autonomy 都擁有專門針對海外市場（特別是歐洲市場）的平台，其中包括 Phantom 和 hammerhead 衛星。對於 Redwire 來說，顯然我們是 ESA Skimsat 的平台，它是首屈一指的 VLEO。歐洲太空總署的項目既有民用項目，也有潛在的國防應用和 Edge Autonomy 項目，其中最引人注目的是企鵝系列無人機系統，正如我們所討論的，它目前是一個在烏克蘭運行的經過實戰驗證的平台。

From an operational viewpoint, both Redwire and Edge Autonomy have significant physical footprints in Europe to serve our European and international customers. Redwire has a large engineering facility in Belgium. We have an engineering facility in Luxembourg and recently announced our expansion in Poland and Edge Autonomy has facilities in Latvia, and as of January 2025, a very small facility in the Ukraine.

從營運角度來看，Redwire 和 Edge Autonomy 在歐洲都擁有重要的實體足跡，為我們的歐洲和國際客戶提供服務。Redwire 在比利時擁有一家大型工程工廠。我們在盧森堡設有一個工程工廠，最近宣布了在波蘭的擴張，Edge Autonomy 在拉脫維亞設有工廠，截至 2025 年 1 月，我們在烏克蘭設有一個非常小的工廠。

So given that our products are produced for European customers in Europe, we don't have any anticipated tariff risks because the products that are built for the European market are produced in our European facilities, so we're well positioned to take advantage of any trends that may emerge in Europe as a result.

因此，鑑於我們的產品是在歐洲為歐洲客戶生產的，我們沒有任何預期的關稅風險，因為為歐洲市場生產的產品是在我們的歐洲工廠生產的，所以我們可以很好地利用歐洲可能出現的任何趨勢。

From a financial perspective for full year 2024, we had $153.8 million or 50.6% of Redwire's revenue based on the location of where a customer came from. So even if it was produced in the US, the customer was in Europe, which represented 117.1% increase over 2023 revenues of $70.8 million and as we previously disclosed for FY '23, which is the most recent audited numbers we have, approximately 57% of Edge Autonomy's revenue was derived from international defense customers. So obviously Edge Autonomy is very well positioned with their manufacturing facility in Latvia as well.

從 2024 年全年的財務角度來看，根據客戶所在地計算，我們的收入為 1.538 億美元，佔 Redwire 收入的 50.6%。因此，即使它是在美國生產的，客戶也在歐洲，這比 2023 年的 7,080 萬美元的收入增長了 117.1%，正如我們之前披露的 23 財年（這是我們掌握的最新審計數據）一樣，Edge Autonomy 約 57% 的收入來自國際國防客戶。因此顯然 Edge Autonomy 在拉脫維亞的製造工廠也具有非常有利的地位。

And finally, as has been widely discussed, why is this important. European defense budgets are slated to ramp up and given the factors discussed above, we believe Redwire is well positioned as we move into 2025 and beyond in those markets. So great question from our friends on Reddit, and we look forward to continued engagement with our retail investor community.

最後，正如廣泛討論的那樣，為什麼這很重要。歐洲國防預算預計將會增加，考慮到上述因素，我們相信 Redwire 在 2025 年及以後的市場中將佔據有利地位。Reddit 上的朋友們提出了非常好的問題，我們期待與散戶社群繼續合作。

So with that, we appreciate everyone taking the time to listen today and go Redwire.

因此，我們感謝大家今天花時間聆聽並使用 Redwire。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may just connect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可能只需連接您的線路即可。祝你剩餘的時光愉快。