Redwire Corp (RDW) 2025 Q1 法說會逐字稿

Greetings. Welcome to the Redwire Corporation first-quarter 2025 earnings conference call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to your host, Alex Curatolo, Senior Director of Investor Relations. Thank you, you may begin.

問候。歡迎參加 Redwire Corporation 2025 年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。現在，我將會議交給主持人、投資者關係高級總監 Alex Curatolo。謝謝，你可以開始了。

Good morning, and thank you, Darryl. Welcome to Redwire's first-quarter 2025 earnings call. We hope that you have seen our earnings release, which we issued earlier this morning. 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 2025 年第一季財報電話會議。我們希望您已經看到了我們今天早上發布的收益報告。它也已發佈在我們的網站 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 risk 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風險和不確定性的影響，這些風險和不確定性在第 3 張投影片中進行了更詳細的描述。

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 (non-GAAP) 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 (US GAAP) 指標的調節。

I'm Alex Curatolo, Redwire's Senior Director of Investor Relations. Joining me on today's caller, Peter Cannito, Redwir's Chairman and Chief Executive Officer; and Jonathan Baliff, Redwire's Chief Financial Officer.

我是 Redwire 投資者關係高級總監 Alex Curatolo。和我一起參加今天電話採訪的還有 Redwir 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. Pete?

說完這些，我想把電話轉給皮特。皮特？

Thank you, Alex. During today's call, I will outline our key accomplishments during the first quarter of 2025, 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，亞歷克斯。在今天的電話會議上，我將概述我們在 2025 年第一季的主要成就，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。請翻到幻燈片 7。

On our last earnings call, I introduced 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.

在我們上次的收益電話會議上，我介紹了我們的 2025 年成長策略，該策略圍繞著五項關鍵原則，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傳統堅實的基礎上，為我們的客戶提供太空任務的基石。

The 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.

交付多領域平台，意味著透過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來執行我們的平台策略。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，並完成雄心勃勃的月球表面、火星及更遠的地方的任務。

Unlocking venture optionality, which means continuing to pursue breakthrough developments on advanced technologies that could unlock new markets with game changing potentials. And finally, executing accretive 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.

釋放風險選擇權，這意味著繼續追求先進技術的突破性發展，以開闢具有改變遊戲規則潛力的新市場。最後，執行增值性併購，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良好記錄，這是 Redwire 的關鍵競爭優勢，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 a recent key success for each growth area to demonstrate how we are executing against these focus areas.

在接下來的幾張投影片中，我將討論每個成長領域最近的關鍵成功，以展示我們如何針對這些重點領域開展工作。

Please turn to slide 8. Starting with picks, providing picks and shovels during the quarter, Redwire was awarded a contract from Thales Alenia Space to provide four docking systems for the European Space Agency's I-Hab habitation module.

請翻到第 8 張投影片。Redwire 從鎬頭開始，在本季度提供鎬和鏟子，並獲得了泰雷茲阿萊尼亞宇航公司的合同，為歐洲航天局的 I-Hab 居住艙提供四個對接系統。

The Redwire system is branded as the International Berthing and Docking Mechanism or IBDM. The IBDM will enable safe transfers of crew and cargo from the visiting spacecraft to I-Hab, supporting continuous operations and missions within the Lunar Space Station. This is a mission critical element of infrastructure that has applicability to space habitats and both crude and uncrude space capsules.

Redwire 系統稱為國際停泊與對接機制（IBDM）。IBDM 將使太空人和貨物能夠從來訪的太空船安全轉移到 I-Hab，從而支援月球太空站內的持續運作和任務。這是基礎設施的關鍵任務要素，適用於太空棲息地以及簡陋和非簡陋的太空艙。

Please turn to slide 9. Turning next to delivering multi-domain platforms, in February, Redwire announced the award of a study contract from ESA to develop the preliminary spacecraft design for the upcoming ARRAKIHS dark matter mission that will image faint galaxies in the nearby universe and provide insight into the nature of dark matter.

請翻到第 9 張投影片。接下來，Redwire 將提供多領域平台，今年 2 月，該公司宣布獲得 ESA 的一項研究合同，為即將到來的 ARRAKIHS 暗物質任務開發初步航天器設計，該任務將對附近宇宙中的暗淡星系進行成像，並深入了解暗物質的性質。

Redwire's solution is built around an adapted version of our flight proven small satellite platform Hammerhead showed on the right shown on the right of this slide. If selected for the implementation phase of the ARRAKIHS mission, Redwire would integrate the full satellite in our state of the art clean room facilities in Belgium, underscoring the maturity of our full mission systems capability in the European market.

Redwire 的解決方案是圍繞我們經過飛行驗證的小型衛星平台 Hammerhead 的改編版本構建的，如本幻燈片右側所示。如果被選中參與 ARRAKIHS 任務的實施階段，Redwire 將在比利時最先進的無塵室設施中整合整顆衛星，彰顯我們在歐洲市場全任務系統能力的成熟度。

These first quarter successes illustrate that Redwire is proudly building on decades of flight heritage, and we continue to play a critical role in developing organic capabilities for the European market as it pivots toward increased independence in space and defense. Please turn to slide 10.

第一季的成功表明，Redwire 自豪地以數十年的飛行傳統為基礎，隨著歐洲市場轉向增強太空和防禦的獨立性，我們將繼續在開發歐洲市場的有機能力方面發揮關鍵作用。請翻到第 10 張投影片。

Moving next to exploring the moon, Mars, and beyond, in early April, Redwire and ispace US signed a memorandum of understanding to jointly pursue commercial lunar exploration and science missions for the NASA CLPS initiatives, as well as additional private sector customers.

接下來，Redwire 將探索月球、火星及更遠的地方，4 月初，ispace US 和 Redwire 簽署了一份諒解備忘錄，共同為 NASA CLPS 計劃以及其他私營部門客戶開展商業月球探索和科學任務。

Redwire is a prime contractor on the CLPS IDIQ contract, which has a cumulative amount, maximum contract value of $2.6 billion through 2028. Redwire is proud to combine our advanced digital engineering, integration and testing, and lunar subsystems and payloads with ispace's proven lunar landing platform and mission operations to create a world class team to support future lunar missions. This partnership furthers our already robust set of capabilities for commercial lunar exploration.

Redwire 是 CLPS IDIQ 合約的主要承包商，該合約的累計金額最高為 26 億美元，有效期至 2028 年。Redwire 很自豪能夠將我們先進的數位工程、整合和測試以及月球子系統和有效載荷與 ispace 成熟的月球著陸平台和任務操作相結合，打造一支世界一流的團隊來支援未來的月球任務。此次合作進一步增強了我們本已強大的商業月球探索能力。

Please turn to slide 11. Turning to unlocking venture optionality, in April, Redwire launched both a new drug development technology and a cancer detection experiment to the International Space Station, as we scale our in-space pharmaceutical drug development.

請翻到第 11 張投影片。在解鎖創投選擇權方面，今年 4 月，Redwire 向國際太空站發射了一項新的藥物開發技術和一項癌症檢測實驗，以擴大我們在太空中的藥物開發規模。

Based upon our highly successful PIL-BOX platform, the high volume industrial crystallizer is capable of processing samples that are up to 200 times the volume of what could be processed in the original technology. To validate the new hardware, Redwire launched its Golden Ball's nanotechnology manufacturing demonstration, which I discussed on our last earnings call.

基於我們非常成功的 PIL-BOX 平台，大容量工業結晶器能夠處理的樣品體積是原始技術處理體積的 200 倍。為了驗證新硬件，Redwire 推出了 Golden Ball 奈米技術製造演示，我在上次財報電話會議上討論過這個問題。

The goal of the new industrial crystallizer technology is to further optimize large scale production of PIL-BOX pharmaceutical development in space to achieve economies of scale that significantly advance the business model potential.

新型工業結晶器技術的目標是進一步優化 PIL-BOX 藥物在太空中的大規模生產，以實現規模經濟，顯著提升商業模式潛力。

In addition, today Redwire is proud to announce that we have signed an agreement with a new commercial partner, Espero Biomedicines , to fly two additional PIL-BOX's to the ISS. Redwire will crystallize a new cancer treatment that Espero Biomedicines is working on.

此外，Redwire 今天很自豪地宣布，我們已與新的商業合作夥伴 Espero Biomedicines 簽署了一項協議，將向國際太空站運送另外兩個 PIL-BOX。Redwire 將具體體現 Espero Biomedicines 正在研究的一種新型癌症治療方法。

Redwire and Espero Biomedicines see this as the start of a long and fruitful partnership, and are excited to have -- we are excited to have a new commercial customer funding advanced biopharma development in space for the benefit of people on Earth. Please turn to slide 12.

Redwire 和 Espero Biomedicines 將此視為長期富有成效的合作的開始，並且很高興有新的商業客戶為太空中的先進生物製藥開發提供資金，造福地球人類。請翻到第 12 張投影片。

Finally, when it comes to executing accretive M&A, as many of you know, in January 2025, Redwire announced that it has signed an agreement to acquire Edge Autonomy. In March 2025, we announced that we had received all regulatory approvals needed to complete the transaction, and just this past Friday, May 9, 2025, we filed our definitive proxy with the SEC.

最後，談到執行增值併購，正如你們許多人所知，2025 年 1 月，Redwire 宣布已簽署收購 Edge Autonomy 的協議。2025 年 3 月，我們宣布已獲得完成交易所需的所有監管批准，就在 2025 年 5 月 9 日星期五，我們向美國證券交易委員會提交了最終代理書。

With these critical milestones behind us, we expect to close during the second quarter of 2025 with the special meeting scheduled for June 9, 2025. This transaction is expected to transform Redwire into a global leader in multi-domain autonomous technology, broadening our portfolio of mission critical space platforms to include combat proven autonomous airborne platforms. Please turn to slide 13.

在這些關鍵里程碑之後，我們預計將於 2025 年第二季結束，並於 2025 年 6 月 9 日舉行特別會議。這項交易預計將使 Redwire 成為多域自主技術的全球領導者，擴大我們的關鍵任務空間平台組合，包括經過實戰檢驗的自主機載平台。請翻到第 13 張投影片。

Next, I would like to discuss tariffs in the context of Redwire's supply chain. Redwire's supply chain provides resiliency in the current environment with a US-based supply chain for our US customer base, particularly on federally funded contracts, and with a European-based supply chain for our international customers. Our global manufacturing footprint serving local markets is a natural tariff mitigant.

接下來我想結合Redwire的供應鏈來討論關稅問題。Redwire 的供應鏈在當前環境下具有彈性，透過為我們的美國客戶群提供基於美國的供應鏈（尤其是聯邦資助的合約），以及為我們的國際客戶提供基於歐洲的供應鏈。我們的全球製造足跡服務於當地市場，這是一種天然的關稅減免措施。

As such, we have yet to see notable widespread price increases or shocks due to tariffs. We are addressing one-off cases with suppliers. However, we currently do not expect any material financial impact. Redwire will continue to monitor potential impacts closely as we manage our business through this dynamic environment.

因此，我們尚未看到因關稅而導致的明顯大範圍價格上漲或衝擊。我們正在與供應商解決一次性案例。不過，我們目前預計不會產生任何重大的財務影響。Redwire 將在這種動態環境中管理業務時繼續密切監控潛在影響。

In some instances, we believe that the current trade environment may lead to both increasing investment in US manufacturing and in European space and defense budgets that could benefit Redwire's significant manufacturing presence in both regions. Please turn to slide 14.

在某些情況下，我們認為當前的貿易環境可能會導致對美國製造業以及歐洲太空和國防預算的投資增加，這可能有利於 Redwire 在這兩個地區的顯著製造業影響力。請翻到第 14 張投影片。

As many of you likely saw, the recent Presidential budget request includes funding for key space and defense programs like Golden Dome, and Redwire is exploring multiple solutions throughout the Golden Dome layered defense architecture to help defeat threats targeted at the US homeland.

正如你們許多人可能看到的，最近的總統預算請求包括對「金色穹頂」等關鍵太空和防禦項目的資助，而 Redwire 正在探索整個「金色穹頂」分層防禦架構的多種解決方案，以幫助擊敗針對美國本土的威脅。

I'd like to highlight just a few examples of how Redwire solutions could be leveraged in support of these efforts. First, Redwire spacecraft to include our VLEO, LEO, GEO capabilities can be leveraged in a multi-orbit architecture to identify, detect, and potentially mitigate threats.

我想重點介紹幾個如何利用 Redwire 解決方案來支持這些努力的例子。首先，Redwire 太空船包含我們的 VLEO、LEO、GEO 功能，可在多軌道架構中用於識別、偵測並潛在地減輕威脅。

In addition, Redwire's space-based optical sensor capabilities that use the same develop that use the same technologies as developed in the cameras for Firefly's Blue Ghost and Intuitive Machines IM-2 lunar landers can be leveraged to develop timely threat detection and custody.

此外，Redwire 的太空光學感測器功能採用與 Firefly 的 Blue Ghost 和 Intuitive Machines IM-2 月球登陸器的攝影機相同的開發技術，可用於及時偵測和監控威脅。

And finally, Redwire's digitally engineered mission systems and integration or DEMSI agent-based digital engineering environment, enables end-to-end architecture assessment for threat mitigation. We are particularly well positioned because we have secure facilities and clearances to operate in this domain.

最後，Redwire 的數位化工程任務系統和整合或基於 DEMSI 代理的數位工程環境支援端到端架構評估以減輕威脅。我們的優勢尤其明顯，因為我們擁有安全的設施和許可，可以在該領域開展業務。

Redwire is aggressively pursuing multiple Golden Dome opportunities and looks forward to the opportunity to leverage our extensive national security heritage in defense of the United States, and is in discussions with relevant stakeholders. Please turn to slide 15.

Redwire 正在積極尋求多個金色穹頂機會，並期待有機會利用我們豐富的國家安全遺產來保衛美國，並正在與相關利益相關者進行討論。請翻到第 15 張投影片。

Turning to our contract awards and backlog, our contract awards during the first quarter of 2025 were $56.2 million with a book-to-bill ratio of 0.92 times, a significant improvement on both a sequential and year-over-year basis.

談到我們的合約授予和積壓訂單，我們在 2025 年第一季的合約授予金額為 5,620 萬美元，訂單出貨比為 0.92 倍，與上一季和去年同期相比都有顯著改善。

In addition, backlog remained relatively flat at $291.2 million as of March 31, 2025. 37% or $107.2 million of this contracted backlog is from our international operations in Europe. As we have continuously reinforced, we often see lumpy contract awards from quarter-to-quarter.

此外，截至 2025 年 3 月 31 日，積壓訂單保持相對平穩，為 2.912 億美元。其中 37% 或 1.072 億美元的合約積壓訂單來自我們在歐洲的國際業務。正如我們不斷強調的那樣，我們經常看到季度間合約授予出現波動。

Although we saw key wins for the first quarter coming out of the European market, including the contract for the IBDM I-Hab and ESA study contract for the ARRAKIHS mission mentioned previously, we also saw notable delays in awards in the US government market due to the transition of key decision makers in NASA, SDA, and other agencies, as well as budget uncertainty associated with new administration priorities.

儘管我們看到第一季度來自歐洲市場的關鍵合同，包括前面提到的 IBDM I-Hab 合同和 ESA 針對 ARRAKIHS 任務的研究合同，但我們也看到美國政府市場的合同授予明顯延遲，原因是 NASA、SDA 和其他機構的關鍵決策者的變動，以及與新政府優先事項相關的預算不確定性。

We believe these delays are temporary, and based on analysis of the Presidential budget request that includes funding for key space and defense programs like Golden Dome, we remain optimistic about the future of US national security space and defense budgets.

我們相信這些延遲是暫時的，並且根據對包括為金色穹頂等關鍵太空和國防計劃提供資金的總統預算請求的分析，我們仍然對美國國家安全太空和國防預算的未來持樂觀態度。

In the meantime, we continue to see a strong pipeline with an estimated $6 billion of identified opportunities, including approximately a $0.5 billion in proposals submitted during the first quarter of 2025. We continue our efforts to increase the average size of the individual opportunities we are pursuing, and as a result, we continue to have a pipeline of bids that could result in a substantial increase in backlog if we land some of these larger opportunities.

同時，我們繼續看到強勁的投資機會，預計已確定的投資機會價值 60 億美元，其中包括 2025 年第一季提交的價值約 5 億美元的提案。我們將繼續努力，以增加我們正在追求的個別機會的平均規模，因此，我們將繼續擁有一系列投標，如果我們獲得其中一些較大的機會，這可能會導致積壓訂單大幅增加。

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. Please turn to slide 16.

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。請翻到第 16 張投影片。

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 first quarter of 2025. Jonathan?

現在，我想將電話轉給 Redwire 財務長 Jonathan Baliff，討論 2025 年第一季的財務表現。喬納森？

Thank you, Pete. Before turning to slide 17, I would like to highlight the rendering on this page, which is ESA's PROBA-3 spacecraft using a version of Redwire's Hammerhead platform. During the first quarter, the PROBA-3 spacecraft, which launched in late 2024, demonstrated key on orbit milestones by autonomously acquiring and maintaining spacecraft formation flying over the course of two Earth orbits.

謝謝你，皮特。在翻到第 17 張幻燈片之前，我想重點介紹一下這一頁的渲染圖，它是 ESA 的 PROBA-3 航天器，使用了 Redwire 的 Hammerhead 平台的一個版本。在第一季度，於 2024 年底發射的 PROBA-3 太空船透過自主獲取和維持在兩個地球軌道上飛行的太空船編隊，展示了關鍵的在軌里程碑。

This is the world's first on orbit precision flying mission with two spacecraft maintaining their relative positions down to less than 1 millimeter while flying 150 meter apart in space. This is not only a significant technological achievement but also a critical step in achieving the mission objectives of studying the Sun's Corona forces. Kudos to our Redwire Space Europe team for making this possible. Please turn to slide 17.

這是世界上首次兩顆太空船在太空中相距150公尺飛行時，相對位置精度保持在1毫米以內的在軌精密飛行任務。這不僅是一項重大的技術成就，也是實現研究日冕力量任務目標的關鍵一步。感謝我們的 Redwire Space Europe 團隊使這一切成為可能。請翻到第 17 張投影片。

So let's review the results for the first quarter of 2025, starting with revenue. Redwire recorded revenues of $61.4 million a decrease both on a sequential and year-over-year basis. As Pete mentioned, although we saw key wins coming out of our European market, we also saw movement of revenue to the right on existing contracts and delays in awards across our customer classes, but especially in the US during this quarter.

那麼，讓我們回顧一下 2025 年第一季的業績，從收入開始。Redwire 的營收為 6,140 萬美元，季比和年比均有所下降。正如皮特所提到的，雖然我們在歐洲市場取得了關鍵勝利，但我們也看到現有合約的收入向右移動，並且各個客戶類別的合約授予出現延遲，尤其是在本季度的美國。

Turning to profitability, during the quarter, we saw a significant sequential improvement in our adjusted EBITDA from a negative $9.2 million in the fourth quarter of 2024 to a negative $2.3 million in the first quarter of 2025.

談到獲利能力，在本季度，我們的調整後 EBITDA 環比大幅改善，從 2024 年第四季的負 920 萬美元降至 2025 年第一季的負 230 萬美元。

Our adjusted EBITDA included a net unfavorable impact from EACs of $3.1 million. These net EAC changes were primarily due to additional unplanned labor and increased production costs related to the development of new technologies required to meet customer specifications, especially in our structures and mechanisms core offering as we transitioned to the new I-Hab contract he talked about.

我們的調整後 EBITDA 包括 EAC 帶來的 310 萬美元淨不利影響。這些淨 EAC 變化主要是由於額外的計劃外勞動力和與開發滿足客戶規格所需的新技術相關的生產成本增加，特別是在我們過渡到他談到的新 I-Hab 合約時我們的結構和機制核心產品。

Turning to net loss, we also saw a significant sequential improvement of more than $60 million achieving a net loss of $2.9 million as we continue on our path to profitability. Looking at our cash and total liquidity, we ended the quarter with a record level of available liquidity, $89.2 million.

談到淨虧損，我們也看到了連續超過 6000 萬美元的顯著改善，實現淨虧損 290 萬美元，我們繼續走在盈利的道路上。從我們的現金和總流動資金來看，本季末我們的可用流動資金達到了創紀錄的 8,920 萬美元。

This is a 39.2% improvement over the $64.1 million of total liquidity at the end of last year. We had an expected increase in year-over-year and sequential use of free cash in the first quarter, and this was inclusive of a $33.9 million shift in working capital.

這比去年年底的 6,410 萬美元總流動資金提高了 39.2%。我們預計第一季自由現金使用量將年比和季比增加，其中包括 3,390 萬美元的營運資金轉移。

This shift included one-time payments of $8 million related to litigation settlements and $3.4 million related to M&A activities. Even with this overall liquidity was enhanced by the $82.9 million exercise of our outstanding warrants. This represents an 82.3% exercise rate for these public warrants, and the cleaning up of this takes us a step closer to maturing our capitalization as we complete the edge autonomy acquisition.

這項轉變包括與訴訟和解相關的 800 萬美元一次性付款和與併購活動相關的 340 萬美元一次性付款。即便如此，我們行使 8,290 萬美元的未償認股權證仍提高了整體流動性。這意味著這些公共認股權證的行使率為 82.3%，而清理這些認股權證使我們在完成邊緣自主權收購的同時，距離資本成熟更近了一步。

Please turn to slide 18 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 December 31, 2024.

請翻到投影片 18，簡單討論 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，假設交易於 2024 年 12 月 31 日完成。

In 2025, there has been significant commercial market uncertainty, especially in the US defense and government services sector with the incoming new administration, and both Redwire and Edge Autonomy have seen some of our projected winds slip to the right. We acknowledge that there is volatility with the rest of 2025.

2025 年，商業市場存在很大的不確定性，尤其是隨著新政府上台，美國國防和政府服務領域也存在不確定性，Redwire 和 Edge Autonomy 都看到我們預測的風向有些向右偏轉。我們承認 2025 年剩餘時間仍存在波動。

However, our previous combined forecast was meant to be conservative, and as of today, we believe that we are still on track to end 2025 within our previously provided ranges. Therefore, we are reaffirming the combined forecast at this time. For revenue, as if the transaction had closed on December 31 2024, 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 fiscal year '23 to fiscal year 2025 at midpoint.

然而，我們先前的綜合預測是保守的，截至今天，我們相信我們仍然有望在 2025 年底之前達到我們之前提供的水平。因此，我們此時重申綜合預測。就收入而言，假設交易於 2024 年 12 月 31 日完成，Redwire 預測 2025 年全年綜合收入將在 5.35 億美元至 6.05 億美元之間，這意味著從 23 財年到 2025 財年的中期複合年增長率為 52.9%。

And for adjusted EBITDA to be between $70 million and $105 million which represents 138.8% compound annual growth rate from fiscal year '23 to year '25 at midpoint. Post closing, we expect to provide guidance for the remainder of 2025.

調整後的 EBITDA 介於 7,000 萬美元至 1.05 億美元之間，這意味著從 23 財年到 25 年中期，複合年增長率為 138.8%。交易完成後，我們預計將為 2025 年剩餘時間提供指導。

Please turn to slide 19, and I'll now turn the call back over to Pete.

請翻到第 19 張投影片，現在我將把電話轉回給 Pete。

Thank you, Jonathan. I want to thank the entire Redwire team for their contribution to our results during the first quarter of 2025, a truly global effort. We will now open the floor for questions.

謝謝你，喬納森。我要感謝整個 Redwire 團隊為我們 2025 年第一季的業績做出的貢獻，這是一項真正的全球性努力。我們現在開始回答問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Greg Konrad, Jefferies.

傑富瑞的格雷格·康拉德。

Good morning.

早安.

Morning, Greg.

早安，格雷格。

In the prepared remarks, I mean, one of the things you highlighted was Europe's increased independence in space and defense. Can you maybe talk about some of the risk given -- I think there's potential for some of the programs that the US and Europe partner on to potentially be pushed out versus maybe the opportunities on that independence and maybe what you're seeing, given some of the award flow out of Europe.

在準備好的發言中，您強調的一點是歐洲在太空和防禦方面獨立性的增強。您能否談談目前面臨的一些風險？我認為，美國和歐洲合作開展的一些項目可能會被推遲，而獨立帶來的機會以及您所看到的一些情況，考慮到一些獎項流出歐洲。

Yeah, thanks, Greg. That's an excellent question. So let's break it up first of all into two sides. One on the space side and then one on the defense side, right? So, and of course, we recognize that there's some overlap between the two, but on the space side, you really see kind of a wake-up call over in Europe.

是的，謝謝，格雷格。這是一個很好的問題。因此我們首先將其分為兩個方面。一個在空間方面，一個在防守方面，對嗎？因此，當然，我們認識到兩者之間存在一些重疊，但在空間方面，你確實看到歐洲出現了一種警鐘。

On the fact that they've started to fall behind the US and China in terms of having an independent national program for space, and this is resulting in a real interest in additional investment in that area.

事實上，他們在獨立的國家太空計畫方面已經開始落後於美國和中國，這導致他們對在該領域增加投資產生了真正的興趣。

Now we recognize that because the partnership between the US and Europe has been so close on some joint programs, that where those dollars flow to, which programs will be dynamic in the short term, but there's been a number of both in the press and quite frankly in some of the other companies that work on an international level in their earnings call, a discussion about if you take something like Gateway, for instance, Europe may not stop their development just because the US changes their strategy.

現在我們認識到，由於美國和歐洲在一些聯合項目上的合作非常密切，這些資金流向何處、哪些項目將在短期內發生變化，但無論是在媒體上，還是坦率地說，在其他一些在國際層面開展業務的公司在他們的收益電話會議上，都有很多討論，例如，如果你採取像 Gateway 這樣的項目，歐洲可能不會因為美國改變戰略而停止他們的發展。

They may just repurpose or redirect or look for new partners internationally to continue that development. So, I think -- we see both a positive trend in the fact that there's additional interest in just space spending overall in Europe as well as -- so that if the dollars move, they'll still be there, but it'll just be creating new opportunities, as well as some interest in continuing to fund programs that are already underway.

他們可能只是改變目標、重新定向或在國際上尋找新的合作夥伴來繼續這一發展。所以，我認為——我們看到一個積極的趨勢，即歐洲對太空支出的整體興趣有所增加——因此，如果資金流動，資金仍會存在，但這只會創造新的機會，同時也會有一些興趣繼續資助已經在進行的項目。

So I think it's too early to say. Quite frankly, that some of the current development that Europe is working on is going to go away, but like I said, if it does, it'll just move to something else, which when you look at the way Redwire is positioned with things like ARRAKIHS and Mars, which is somewhere where European dollars could pivot more too. We think that we'll be participating strongly regardless as long as the overall trend.

所以我認為現在說還太早。坦白說，歐洲目前正在進行的一些開發項目將會消失，但就像我說的，如果真的消失了，它就會轉向其他項目，當你看到 Redwire 與 ARRAKIHS 和 Mars 等項目的定位時，你就會明白，歐洲的資金也可能更多地轉向這些項目。我們認為，無論整體趨勢如何，我們都會大力參與。

A defense is even more interesting because Europe is going to continue to be a close ally of the US, but they're under a tremendous amount of pressure from their closest allies to actually increase their budgets in defense spending. So a Redwire obviously on the space side is well positioned to capitalize on that increase in defense spending, and of course, with the addition of Edge Autonomy, which has a very large manufacturing presence over in Latvia supporting European defense spending, will be even better positioned there as well.

國防問題更加有趣，因為歐洲將繼續成為美國的親密盟友，但他們面臨最親密盟友的巨大壓力，要求他們增加國防開支預算。因此，在太空領域，Redwire 顯然佔據了有利地位，可以利用國防開支的增加，當然，隨著 Edge Autonomy 的加入，該公司在拉脫維亞擁有龐大的製造基地，支持歐洲的國防開支，因此，Redwire 在那裡也將處於更有利的地位。

So, recognizing and I think this is a scheme you'll hear throughout, that the market is dynamic, so it's difficult to pinpoint exactly what programs dollars are going to go to. The key point is that in the overall macro environment, both space and defense are growth areas.

因此，認識到這一點並且我認為這是您會一直聽到的計劃，市場是動態的，因此很難準確地指出資金將流向哪些項目。關鍵在於，在整體宏觀環境下，太空和防禦都是成長領域。

And then maybe just for a follow-up, I mean, I think the lumpiness on the US side is fairly well appreciated. You had a fairly robust submitted bids last year and it seemed like Q1 was pretty strong in aggregate. Any kind of change as we sit here today in terms of what you see coming out of the US just given we have the skinny budget, the CR in place for 2025, have you seen any change or is it still relatively constrained as we sit here today?

然後也許只是為了後續行動，我的意思是，我認為美國方面的不穩定性得到了充分的理解。去年你們提交的投標相當強勁，而且第一季整體表現似乎相當強勁。就我們今天坐在這裡的情況而言，就您看到美國的情況而言，有什麼變化嗎？考慮到我們的預算緊張，2025 年的 CR 已經到位，您是否看到了任何變化，還是說我們今天坐在這裡的情況仍然相對受限？

Yeah, I think again, I would say the same basic theme applies in the near term because we don't have an asset administrator fully in place yet. There's dollar shifting around in defense where some things are being deprioritized while other things like Golden Dome are being highly prioritized.

是的，我再想想，我想說同樣的基本主題在短期內適用，因為我們還沒有完全到位的資產管理員。國防開支不斷變動，有些項目的優先順序被降低，而其他項目（如金頂）的優先順序則被提高。

It's a pretty dynamic environment. But we feel pretty confident that once the prioritizations are set that both the space budget for the United States, if you include national security and civil space, as well as the defense budget focused on space and particularly on drones, our strong growth trends. So we think we're really well positioned in the right areas where when the budget shakes out, you're going to see a lot of continuous opportunity.

這是一個相當有活力的環境。但我們非常有信心，一旦確定了優先事項，美國的太空預算（如果包括國家安全和民用太空）以及專注於太空特別是無人機的國防預算都將呈現強勁的成長趨勢。因此，我們認為我們在正確的領域處於非常有利的位置，當預算改變時，你會看到很多持續的機會。

So for us, some of this is just near term dynamics associated with new decision makers getting into their positions and making decisions. For example, people have talked about changes to The Gateway program in the US. It's important to emphasize that it's just a change in strategy which will ultimately end up with a change in focus. Where there any changes to the budgets for Gateway will likely be offset with increased funding for direct to lunar infrastructure or potential future Mars missions.

因此，對我們來說，其中一些只是與新決策者上任和做出決策相關的短期動態。例如，人們談論過美國 Gateway 計劃的變化。需要強調的是，這只是策略的改變，最終會導致重點的改變。如果 Gateway 預算有任何變化，則可能會透過增加直接登陸月球的基礎設施或未來潛在的火星任務的資金來抵消。

So again, although one of the really resilient and exciting things we believe about Redwire is that when you're focused on space infrastructure, even when the programs change, there's a really strong role for us to play. As a matter of fact, a reset may give us opportunity to get in on some programs on the ground floor. So highly dynamic environment, but not without great opportunities.

所以，儘管我們相信 Redwire 真正具有彈性和令人興奮的事情之一是，當你專注於太空基礎設施時，即使專案發生變化，我們仍然可以發揮非常重要的作用。事實上，重置可能會給我們機會參與一些底層專案。環境如此動態，但並非沒有巨大的機會。

Thank you.

謝謝。

Suji DeSilva, Roth Capital Partners.

蘇吉‧德席爾瓦 (Suji DeSilva)，羅斯資本合夥人。

Hi Pete. Hi, Jonathan. Congrats on keeping the guidance in a tough environment here. In a tough environment here. So, yeah, so maybe you could talk about the prioritization of the US Government programs. Can you talk about where drones is fitting in there anecdotally in terms of international domestic spend given the Edge Autonomy acquisition coming near close?

嗨，皮特。你好，喬納森。恭喜您在艱難的環境中保持指導。這裡的環境很艱苦。是的，也許您可以談談美國政府計畫的優先順序。鑑於 Edge Autonomy 收購即將到來，您能否談談無人機在國際國內支出方面處於什麼位置？

Yeah, well, I think two points that I'll make about that is number one is drones have proven themselves at this point, I think it's safe to say, as a force multiplier in combat via the conflict in Ukraine, you can open up almost any news source and you're going to read about the effectiveness of that capability. So, drones are here to stay.

是的，我想說兩點：第一，無人機已經證明了自己的價值，可以肯定地說，在烏克蘭衝突中，無人機作為戰鬥中的力量倍增器，你幾乎可以打開任何新聞來源，你都會讀到有關這種能力的有效性的文章。因此，無人機將繼續存在。

And I would say it's an area for growth in terms of defense spending. AUSA, the Army's big conference was recently held and there was a lot of talk how critical drones are, particularly at the tactical level, where Edge plays are to the future of US army war fighting and how additional investments are required in that area. There's a lot out there in the press about that.

我想說，這是國防開支的成長領域。美國陸軍大型會議 AUSA 最近召開，會上廣泛討論了無人機的重要性，特別是在戰術層面，Edge 對美國陸軍未來作戰的重要性，以及該領域需要多少額外投資。媒體上有很多關於此的報導。

So we're really excited about those developments. And quite frankly, that's why we started looking at Edge Autonomy, is because we saw those trends and wanted to engage in that as well as the idea that these drones are going to be closely integrated into a multi domain mission environment that will include space as well. So I think like I said, it's safe to say that drones are going to be a big part of defense spending, not only in the US but in the European market as well.

因此，我們對這些發展感到非常興奮。坦白說，這就是我們開始關注 Edge Autonomy 的原因，因為我們看到了這些趨勢，並希望參與其中，同時也希望這些無人機能夠緊密融入包括太空在內的多領域任務環境。所以我認為，就像我說的，可以肯定地說，無人機將成為國防開支的重要組成部分，不僅在美國，而且在歐洲市場也是如此。

Great, thanks, Pete. And my other question, you guys made a MOU announcement with ispace at Space Symposium. Curious what milestones we should watch there and how you think your combined approach to lunar missions may be differentiated in the marketplace. Thanks.

太好了，謝謝，皮特。我的另一個問題是，你們在太空研討會上與 ispace 宣布了一份諒解備忘錄。好奇我們應該關注哪些里程碑，以及您認為您們的月球任務綜合方法在市場上會有何不同。謝謝。

Yeah, good question. I think it's often or I know it hasn't been really emphasized that Redwire is a prime on the CLPS contract that has been funding missions from Firefly's Blue Ghost and Intuitive Machines. Heretofore, we've been a critical subsystem and component provider for those missions. And proudly so opportunity presented itself because ispace US is not a prime contractor to take a much larger role. So, it's a natural progression for us as we take on bigger and bigger opportunities to lead a full mission underpinned by their lunar lander.

是的，好問題。我認為人們經常強調，或者我知道人們並沒有真正強調，Redwire 是 CLPS 合約的主要內容，該合約一直在資助 Firefly 的 Blue Ghost 和 Intuitive Machines 的任務。迄今為止，我們一直是這些任務的關鍵子系統和元件提供者。值得驕傲的是，機會出現了，因為 ispace US 並不是一個能夠承擔更大角色的主承包商。因此，這對我們來說是一個自然的進步，因為我們承擔著越來越大的機會來領導以他們的月球著陸器為基礎的完整任務。

And there's a lot of technologies that Redwire brings to bear specifically around digital engineering subsystems and payloads and just the ability to run a really strong prime lead on CLPS that we're going to be unlocking here with this new partnership. So we're really excited about that and look forward to seeing the direction it heads. I'd say the next big milestone would be watching the team start to bid and win CLPS task orders and missions.

Redwire 帶來了許多技術，特別是在數位工程子系統和有效載荷方面，以及在 CLPS 上運行真正強大的主要領先優勢的能力，我們將透過這項新的合作夥伴關係來解鎖這些技術。因此，我們對此感到非常興奮，並期待看到它的發展方向。我想說下一個重要的里程碑是看到團隊開始競標並贏得 CLPS 任務訂單和使命。

Got it. Alright, great, thanks Pete. Thanks everybody.

知道了。好的，太好了，謝謝 Pete。謝謝大家。

Thank you.

謝謝。

Mike Crawford, B. Riley Securities.

邁克·克勞福德 (Mike Crawford)，B. Riley 證券。

Thank you. And regarding the retained pro forma annual guidance for 2025, can you just fill us in on some details on what's going on with Edge today? Approximately what revenue and EBITDA did the company attain, Q1 and how's the pipeline looking, et cetera?

謝謝。關於 2025 年保留的年度預測，您能否向我們詳細介紹 Edge 目前的情況？公司第一季的營收和 EBITDA 大約是多少？通路情況如何，等等？

Jonathan?

喬納森？

Sure. So Mike, thanks for the question. And again, we are not disclosing their first quarter of the time because when we will receive that information in a US GAAP format, we will disclose it and there is an ability to do that later. But I will say we have provided in the proxy that was final on Friday a lot of historic information about their revenues and adjusted EBITDA. And I would point you in that direction. I would also point you in direction that the company did increase its backlog.

當然。麥克，謝謝你的提問。再次強調，我們不會透露他們的第一季數據，因為當我們收到美國 GAAP 格式的資訊時，我們會披露，以後也可以這樣做。但我要說的是，我們在周五最終的代理中提供了大量有關其收入和調整後 EBITDA 的歷史資訊。我會給你指引這個方向。我還要指出的是，該公司確實增加了積壓訂單。

From what we disclosed when we announced the transaction in mid-January to today, their current backlog has grown to $99.4 million from low 70s. So, we're as part of the and it is a combined forecast, not guidance. Once we close the transaction, we know the exact date of the closing. We will then provide the street guidance for 2025 when the transaction closes. But again, take a look at the historical information concerning their revenues and their profitability and cash generation.

從我們 1 月中旬宣布交易時披露的資訊到今天，他們目前的積壓訂單已從 70 萬美元出頭增至 9,940 萬美元。因此，我們是其中的一部分，這是一個綜合預測，而不是指導。一旦我們完成交易，我們就會知道確切的完成日期。交易完成後，我們將提供 2025 年的街道指導。但再次，看看有關他們的收入、獲利能力和現金產生的歷史資訊。

And again, this is a company that's been able to grow pretty significantly and achieve a level of Operating leverage that has gross margins that will be accretive to Redwire. And so we're excited to get the transaction closed.

再說一次，這家公司已經能夠實現相當顯著的成長，並達到了一定的經營槓桿水平，其毛利率將為 Redwire 帶來成長。因此我們很高興能夠完成這筆交易。

Okay, thank you. And then follow-up is just on your own pipeline. Can't talk about Edge's pipeline, so do you characterize any? Can you give us any additional color on the what was like $0.5 billion bids submitted so far this year and any other big opportunities we should be tracking?

好的，謝謝。然後後續工作就按照您自己的流程進行。無法談論 Edge 的管道，那麼您能描述一下嗎？您能否向我們詳細介紹今年迄今為止提交的 5 億美元投標以及我們應該跟踪的其他重大機會？

Yeah, without getting into the specific contracts that we don't share for competitive reasons. I think the notable thing is if you look at our strategy in 2024 of moving up the value chain and the moves that we've made to go from being a primarily subsystems and components merchant supplier to having still that strong foundation of picks and shovels, but adding to it these spacecraft platforms in VLEO, LEO, GEO and even obviously highly sought after for Mars and deep space missions like Lightship and ARRAKIHS.

是的，我們不會因為競爭原因而分享具體的合約。我認為值得注意的是，如果你看看我們 2024 年提升價值鏈的戰略，以及我們所做的舉措，從主要的子系統和零部件供應商轉變為仍然擁有強大的鎬和鏟子基礎，但在此基礎上增加了這些 VLEO、LEO、GEO 中的航天器平台，甚至顯然在火星和深空任務中備受追捧，例如 Lightship 和 ARRAKIHS。

That strategy is allowing us to bid as prime on larger full mission spacecraft programs. And an example of this, as Suji pointed out, is priming Eclipse mission, for instance. So without getting into the specific opportunities you can see, or what I would point to is the execution of that moving up the value chain leading to larger and larger bids.

這項策略使我們能夠在更大規模的全任務太空船專案中擔任主要競標者。正如 Suji 指出的那樣，啟動 Eclipse 任務就是一個例子。因此，無需了解您所看到的具體機會，或者我想指出的是，執行這項舉措可以提升價值鏈，從而帶來越來越大的出價。

Great, thanks, Pete.

太好了，謝謝，皮特。

Thank you.

謝謝。

Colin Canfield, Cantor Fitzgerald.

科林·坎菲爾德、康托·費茲傑拉。

Hey, thanks. Just looking through the forecast numbers on Edge Autonomy with respect to cash flow. Like they're kind of on course to do maybe $60 million in free cash flow this year. So if you could maybe talk us through how we should think about organic Redwire and the moving pieces on free cash flow, specifically how we think about kind of 2Q indicators through the rest of the year. Thank you.

嘿，謝謝。只需查看 Edge Autonomy 上有關現金流的預測數字。例如他們今年的自由現金流有望達到 6,000 萬美元。因此，如果您可以向我們講講我們應該如何看待有機 Redwire 和自由現金流的變動部分，特別是我們如何看待今年剩餘時間的第二季指標。謝謝。

Sure, I'll take that one. Colin, thanks for your question. For us, there was always an expectation when you looked at the book-to-bill in the full year 2024 that as we said, we expected to have a use of cash in this quarter. You can see there was builds on the balance sheet both on the asset and the liability side, somewhat unusually. And so for us, we expect for one, revenues to some of the revenues that are moving into the second and third and fourth quarter to come about.

當然，我會選擇這個。科林，謝謝你的提問。對我們來說，當你查看 2024 年全年的訂單出貨比時，我們總是有一個預期，正如我們所說的，我們預計本季會使用現金。您可以看到資產負債表上的資產和負債兩方面都有所增加，這有點不尋常。因此，對我們來說，我們預計部分收入將在第二季、第三季和第四季實現。

We obviously have a certain level of bidding that we're doing that provides once you win some cash flow, you also see milestone payments start to come in where that provides cash flow. So you start to see some of the contract assets that you saw build in the first quarter start to come down. So we do expect cash flow to improve. We don't give guidance for free or operating cash flow, but we do expected on the Redwire side to improve as we go through the year.

顯然，我們正在進行一定程度的競標，一旦你贏得一些現金流，你還會看到里程碑付款開始到來，從而提供現金流。因此，您開始看到第一季建立的一些合約資產開始下降。因此我們確實預期現金流會改善。我們不提供免費或營運現金流的指導，但我們確實預計 Redwire 方面的情況會隨著時間的推移而改善。

Got it.

知道了。

And then just by the way you mentioned free cash flow. Sorry, I did want to. Because I want to answer your question completely. CapEx again will remain fairly low compared to other industrial companies.

順便說一下，您提到了自由現金流。抱歉，我確實想這麼做。因為我想完整地回答你的問題。與其他工業公司相比，資本支出仍將維持相當低的水準。

Our CapEx position, although we've made pretty significant investments in the first quarter, four point, almost $4.1 million, we expect it to continue to be moderate and we don't have very high levels of maintenance CapEx. And so again, we've always said we'd be less than 2%, 2.5% of revenue generally.

我們的資本支出狀況，雖然我們在第一季進行了相當大的投資，接近 410 萬美元，但我們預計它將繼續保持適度，而且我們的維護資本支出水平不會很高。所以，我們一直說，我們的收入一般會低於 2% 到 2.5%。

Got it. Appreciate that. And then for the EAC dynamics, maybe talking us through the mechanics of the recovery, what are the big moving pieces? How do we think about that? And then how do we think about that in 2025 versus 2026 in terms of getting that back via pricing?

知道了。非常感謝。然後對於東非共同體的動態，或許可以向我們介紹復甦的機制，其中最大的變動因素是什麼？我們對此有何看法？那麼，就透過定價收回成本而言，我們如何考慮 2025 年和 2026 年的收益呢？

Sure. I mean again, I think we've been very explicit that, we want and are working quite hard both project management working with our clients to bring these EACs down from there, from last year's levels. That being said, the EACs that we took the net unfavorable in first quarter really was due to a transition of the I-Hab contract from a PATT to a full contract. Not talking about that specific contract in the future, but all the contracts, we always look forward to working with our clients on that. Pete, I don't know if there's something you want to say.

當然。我的意思是，我認為我們已經非常明確地表示，我們希望並且正在努力與我們的客戶合作，將 EAC 從去年的水平降低。話雖如此，我們在第一季認為 EAC 淨值為負數，實際上是由於 I-Hab 合約從 PATT 轉變為完整合約。我們談論的不是未來的具體合同，而是所有合同，我們始終期待與客戶合作。皮特，我不知道你是否想說些什麼。

No, I was just going to add that one of the things we emphasize on almost every call it feels like is this idea of balancing growth and profitability. Redwire really tries to focus on balance and some of the EACs are fundamentally a part of growing pains.

不，我只是想補充一點，我們在幾乎每次通話中都會強調的一點就是平衡成長和獲利的想法。Redwire 確實致力於專注於平衡，而有些 EAC 從根本上來說都是成長煩惱的一部分。

When you're growing at double digit CAGR growth rates. If you think about, or I will articulate to you how we think about the evolution of some of the technologies that we're developing. Space is still a relatively new from an emerging technology perspective. So in many cases we're bidding on things that have never been done before that are going through a development phase which is a little less predictable, that will ultimately move into a production phase that will be highly predictable.

當你以兩位數的複合年增長率成長時。如果你考慮一下，或者我會向你闡明我們如何看待我們正在開發的一些技術的演變。從新興技術角度來看，太空仍然是一個相對較新的領域。因此，在許多情況下，我們競標的是以前從未做過的事情，這些事情正在經歷一個不太可預測的開發階段，最終將進入高度可預測的生產階段。

An example of that is if you look at the early stages years ago of ROSA when it was an emerging tech, there was a lot of programs that had more variability associated with developing out the ROSA baseline. Now that ROSA is moving more into a production capability, you see more stable profitability and execution on the program. So I'd just like to note some of these EACs are a result of leaning forward and bidding programs that are emerging tech programs that will result in some variability in cost in the near term. But once they move into production and scale, we'll recuperate some of those costs in future orders. Does that help?

例如，如果你回顧幾年前 ROSA 的早期階段，當時它還是一項新興技術，那麼你會發現有很多程式在開發 ROSA 基準時具有更多的變異性。現在，ROSA 的生產能力正在不斷增強，您可以看到該計劃的盈利能力和執行力更加穩定。因此，我只想指出，其中一些 EAC 是傾向於前瞻性和競標新興技術項目的結果，這些項目將在短期內導致成本出現一些變化。但一旦它們投入生產並擴大規模，我們將在未來的訂單中收回部分成本。這樣有幫助嗎？

Got it. Thank you. Appreciate it.

知道了。謝謝。非常感謝。

Brian Kinstlinger, Alliance Global Partners.

布萊恩金斯特林格 (Brian Kinstlinger)，Alliance Global Partners 成員。

Great. Thanks so much. During 2024, Redwire submitted just over $4 billion of proposals. Can you share what the total value of bids outstanding are at this time and what TCV of the awards you referenced that were delayed? And then as you look at the bids, how do you think about the gross margin mix versus what your gross margin looks like maybe in the trailing 12 months?

偉大的。非常感謝。2024 年，Redwire 提交了價值超過 40 億美元的提案。您能否分享目前未完成投標的總價值以及您提到的被延遲的獎項的TCV是多少？然後，當您查看出價時，您如何看待毛利率組合以及過去 12 個月的毛利率情況？

You want to take that one?

你想拿那個嗎？

I'll take that one. Thanks, Brian. So when you look at the bid submitted, the one question you're asking, we do not submit. We don't publicly disclose that information specifically about the margins. Again, the only thing I would say is we are bidding on larger projects and it's a mix. It's a mix. But there is a definitive desire as we bid these, that they would be higher margin than what we've been getting over the last 12 months.

我要那個。謝謝，布萊恩。因此，當您查看提交的投標時，您提出的一個問題是，我們沒有提交。我們不會公開揭露有關利潤的具體資訊。再說一次，我唯一想說的是，我們正在競標更大的項目，而且是混合的。這是一種混合。但我們在投標時確實希望獲得的利潤比過去 12 個月獲得的利潤更高。

As far as the bids today, the $529.6 million that we bid, if you look at the last 12 months of those bids, which I think you brought about, many of those are still being adjudicated. You saw the, the actual amount of bidding stay flat kind of year-over-year on a quarterly basis. You've seen our pipeline come down a little bit, but that's really due to the lumpiness and probably delays as the US Government executive transition is happening.

就今天的投標而言，我們投標了 5.296 億美元，如果你看一下過去 12 個月的投標（我認為是你提出的），你會發現其中許多投標仍在裁決中。您會看到，實際競標金額按季度與去年同期相比保持穩定。你已經看到我們的管道有所減少，但這實際上是由於美國政府行政權力交接過程中出現的不順暢和可能的延誤造成的。

But for the most part, we're still seeing pretty large projects, as Pete said, continuing to bid, especially in Europe. Right. If you look at the large win that we had in the first quarter with I-Hab, we're continuing to see Europe start to catch up. And so a large amount of our pipeline is global and continues to either be with commercial customers. If you look at our revenue mix, it was pretty interesting in the first quarter on just the quarterly revenue mix, which is kind of pointing in the direction of our trending.

但在大多數情況下，正如皮特所說，我們仍然看到相當大的項目繼續競標，特別是在歐洲。正確的。如果你看看我們在第一季與 I-Hab 取得的巨大勝利，我們就會繼續看到歐洲開始迎頭趕上。因此，我們的大量產品線是全球性的，並且繼續服務商業客戶。如果你看一下我們的收入組合，你會發現第一季的季度收入組合相當有趣，這在某種程度上指向了我們的趨勢。

We saw National Security on a year-over-year basis go from 16% of total revenue on a quarterly basis to 32%. You saw commercial revenue stay, roughly, kind of in and around our largest at around 40%. And then obviously our civil business continued to be, less than a third of our business. So the bottom-line is that's kind of the direction of our bidding also. And again, we're trying to get higher margins as we bid some of these larger projects.

我們看到國家安全業務佔季度總收入的比例年從 16% 上升至 32%。您會看到商業收入大致保持在最高水準的 40% 左右。顯然，我們的民用業務仍然不到我們業務的三分之一。所以底線是這也是我們競標的方向。而且，我們在競標一些較大的項目時正試圖獲得更高的利潤。

And I'll add to that about kind of the portfolio effect of what we're, how we're managing margins inside some of these bids. Like I said, we're constantly bidding or we're constantly balancing revenue, steep revenue growth with profitability. So there are some bids that we put in that are things that we've done for a long time in the portfolio that have really great gross margins. And then there's other large bids that may have substantial materials associated with it that may bring down gross margin percentage, but increase gross profit in an absolute value perspective.

我還要補充一點，關於我們的投資組合效應，我們如何管理這些投標中的利潤。就像我說的，我們一直在競標，或者說我們一直在平衡收入、大幅收入成長和獲利能力。因此，我們提出的一些投標是我們投資組合中已經做了很長時間的項目，它們的毛利率確實很高。還有其他大型投標可能涉及大量材料，這可能會降低毛利率，但從絕對值的角度來看會增加毛利。

And so that's why it can be challenging to make a definitive statement across the whole portfolio because we're managing it to optimize for both long-term revenue growth and profitability. But you do have instances where a really large win could reduce your gross margin percentage, but add to your gross margin absolute value, which that scaling effect enhances your EBITDA because the G&A doesn't grow at the same slope of the curve as your revenue does.

因此，對整個投資組合做出明確的聲明可能具有挑戰性，因為我們對其進行管理是為了優化長期收入成長和獲利能力。但確實存在這樣的情況，即一筆巨大的勝利可能會降低你的毛利率百分比，但會增加你的毛利率絕對值，這種規模效應會提高你的 EBITDA，因為 G&A 不會以與收入相同的曲線斜率增長。

So even though they might be a slightly lower gross margin on a percentage basis, overall, you're creating value, if that makes sense.

因此，即使以百分比計算毛利率可能略低，但總體而言，你正在創造價值，如果這說得通的話。

Great. And then my follow-up, maybe you could share what percentage in the trailing 12 months of revenue is funded by NASA? And then a ballpark. What percentage of your $6 billion pipeline is NASA related?

偉大的。然後我的後續問題是，也許您可以分享過去 12 個月的收入中有多少百分比是由 NASA 資助的？然後是一個棒球場。您的 60 億美元管道中有多少比例與 NASA 有關？

Let me take the first one. I kind of answered the first one. The civil business mix was roughly 29% of overall quarterly revenue. If you look at it on a LTM basis, it's slightly lower than that. A pretty nice percentage of that. We don't give publicly what that is, is NASA. Obviously, we have ESA as part of it, and there's some other small space administrations, but at least gives you directionally what we're talking about as far as the pipeline is concerned.

讓我選第一個。我回答了第一個問題。民用業務佔整個季度收入的約29%。如果從 LTM 的角度來看，它會略低於這個數字。其中相當可觀的比例。我們不會公開透露那是什麼，那是 NASA。顯然，我們有 ESA 作為其中的一部分，還有一些其他小型空間管理機構，但至少就管道而言，它為我們討論的內容提供了方向性。

We don't, for competitive reasons, give the specifics of whether it be civil or just specifically to NASA. I will say again, our commercial business, which has both national security and also some level of commercial business associated with satellites, like for example, the Thales ROSAs that we're building out, are also a meaningful part of our revenue growth today. And in the future.

基於競爭原因，我們不會透露具體用途，例如民用或僅供 NASA 使用。我再說一遍，我們的商業業務既涉及國家安全，也涉及與衛星相關的某種程度的商業業務，例如我們正在開發的泰雷茲 ROSA，也是我們今天收入成長的重要組成部分。並且在未來。

Okay, thank you.

好的，謝謝。

Scott Buck, H.C. Wainwright.

斯科特·巴克，H.C.溫賴特。

Hey, good morning guys. Thanks for taking my questions. I guess, I just have one this morning. Curious with the entrance of the UAV space with Edge, is that complete with just Edge or is there interest in expanding the capabilities similar to what you've done with legacy Redwire?

嘿，大家早安。感謝您回答我的問題。我想，今天早上我就吃了一個。好奇 Edge 進入無人機領域的情況，僅使用 Edge 是否就已完成，還是有興趣擴展類似於您對傳統 Redwire 所做的功能？

Yeah, I think it's fair to say that we're not going to change our strategy in that regard. We're making a transformation into being a pure play space company to both space and defense tech, particularly targeting those multi domain missions that utilize space and autonomous systems.

是的，我認為可以公平地說，我們不會改變這方面的策略。我們正在轉型成為一家專注於太空和國防技術的純粹太空公司，特別是針對那些利用太空和自主系統的多領域任務。

So I won't comment on any specifics for our strategy in autonomous systems in general, especially enabled by AI. But I think it's fair to say if you look at the history of Redwire, where we often have a land and expand strategy to any of the markets we enter, that is how we think about markets in the long-term.

因此，我不會對我們在自主系統方面的整體策略（尤其是由人工智慧支援的自主系統策略）的任何具體細節發表評論。但我認為，如果你回顧 Redwire 的歷史，你會發現我們經常對我們進入的任何市場採取土地和擴張策略，這就是我們對長期市場的思考。

Okay. Peter, is there preference between future deals being on the space side or unmanned, or is it just simply being opportunistic? Looking across the spectrum?

好的。彼得，未來的交易是傾向太空領域還是無人領域，還是只是簡單的機會主義？縱觀整個範圍？

Yeah, I think it's more the latter. We have a very distinct formula for what we go after to include it being accretive. So valuation matters very much to us. We don't just buy into high growth trends at any cost. So some of it is driven by opportunistic. But I would say it's fair that when you look at the public platform that we've established here and the difficulty that many companies are now having into getting into the public markets, especially subscale companies, there's an opportunity in both segments of the business here to expand through M&A.

是的，我認為後者更甚。對於我們所追求的目標，我們有一個非常獨特的公式，包括它的增值。因此估值對我們來說非常重要。我們不會不惜一切代價地追隨高成長趨勢。因此，其中一些是受機會主義驅動的。但我想說的是，當你看到我們在這裡建立的公共平台，以及許多公司現在進入公開市場所面臨的困難，特別是規模較小的公司，這兩個業務領域都有機會透過併購進行擴張。

Great. Well, I appreciate the added color guys. That's it from me.

偉大的。好吧，我很感謝你們添加的顏色。我說的就這些。

Thank you.

謝謝。

Thanks, Scott.

謝謝，斯科特。

Thank you. 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 closing comments.

謝謝。我們的問答環節已經結束。現在我想把發言權交還給喬納森·巴利夫，請他發表最後評論。

Thank you for the questions. Before we conclude today's Q&A, we'd like to continue the initiative we introduced on our fourth quarter call where Redwire asked a select question drawn from our retail investor community.

謝謝您的提問。在結束今天的問答之前，我們想繼續我們在第四季度電話會議上提出的倡議，其中 Redwire 向我們的散戶投資者社區提出了一個精選問題。

Here's today's question, which once again comes from Reddit. Can you elaborate on how your space infrastructure technologies like in-space manufacturing or advanced deployables are positioning Redwire to win future contracts Pete?

這是今天的問題，再次來自 Reddit。您能詳細說明一下您的太空基礎設施技術（例如太空製造或先進可部署技術）如何幫助 Redwire 贏得未來的合約嗎？ Pete？

Thanks, Jonathan. And yeah, I'm very excited to continue to incorporate the voice of the retail investor in our earnings call. We got a lot of really positive feedback the last time we did this. So thank you all for the continued support. We value our retail investors and thank you for this great question.

謝謝，喬納森。是的，我很高興在我們的收益電話會議中繼續聽取散戶投資者的聲音。上次我們這樣做時收到了很多非常正面的回饋。感謝大家一直以來的支持。我們重視散戶投資者，感謝您提出這個好問題。

The first thing that I'll say, when you talk about breaking down this question is can you elaborate on how your space infrastructure technology will position Redwire to win future contracts? And I think it's important to really understand the answer to this question, to understand of the different total addressable markets associated with space.

當您談到分解這個問題時，我要說的第一件事是，您能否詳細說明您的空間基礎設施技術將如何幫助 Redwire 贏得未來的合約？我認為真正理解這個問題的答案、了解與空間相關的不同總可尋址市場非常重要。

If you look at a pie chart of the TAMs in space, you'll quickly realize that in space infrastructure is one of the largest, if not largest TAM. Now admittedly the rocket guys get the best headlines because that's super exciting and we love them all because they're essentially our ride to space. But over the long-term, the future contracts are associated with building out infrastructure in LEO, VLEO as Redwire is starting to unlock that new orbit.

如果您查看太空中 TAM 的圓餅圖，您很快就會意識到太空基礎設施是最大的 TAM 之一，如果不是最大的 TAM。現在，不可否認的是，火箭人獲得了最好的頭條新聞，因為這非常令人興奮，我們都喜歡他們，因為他們基本上是我們進入太空的旅程。但從長遠來看，未來的合約與建造低地球軌道 (LEO) 和甚低地球軌道 (VLEO) 的基礎設施有關，因為 Redwire 正開始解鎖新的軌道。

GEO cislunar on the lunar surface, missions to Mars, ultimately on the Mars surface, deep space, there's just this tremendous growth in the future of space infrastructure. So that's really exciting from a Redwire perspective when you talk about winning future contracts because there's a lot of opportunity and one of the number one core lessons and anyone who's out there is going to start a business or get into the business is focus on the big TAM opportunities.

地球同步軌道地月探測器在月球表面飛行，火星任務，最終到達火星表面，深空，未來太空基礎設施將出現巨大的成長。因此，從 Redwire 的角度來看，當你談論贏得未來合約時，這真的令人興奮，因為有很多機會，而且最重要的核心經驗之一，也是任何想要創業或進入該行業的人都應該關注的巨大 TAM 機會。

And we certainly are. You mentioned though, how are we going to be competitive in things like through our technologies like in-space manufacturing and advanced deployables. And the important thing to note there is those are fundamental building blocks of space.

我們確實如此。不過，您提到了，我們如何透過太空製造和先進可部署技術在哪些方面保持競爭力。需要注意的重要一點是，這些是空間的基本組成部分。

So these are not obscure parts of this massive future growth that we massive future expansion that we anticipate in space infrastructure. We're focusing on things like deployables that have are applicable to LEO, GEO, cislunar, on the lunar surface, Mars, deep space, all these things. And we're not a startup in these places either.

因此，這些並不是我們預期未來太空基礎設施大規模擴張的隱晦部分。我們專注於可部署於低地球軌道、地球同步軌道、地月空間、月球表面、火星、深空等所有空間的事物。而我們在這些地方也不是一家新創公司。

So it's the virtuous cycle that is created by having demonstrated technologies that work that are going to position us for this expansion in future space infrastructure. Whether it's through NASA, ESA, international customers, national security customers, these fundamental building blocks and the fact that we're a proven player is what I think is going to position us to for those future contracts. So thank you for that question.

因此，這是一個良性循環，它透過展示有效的技術而形成，為我們未來太空基礎設施的擴張奠定基礎。無論是透過美國國家航空暨太空總署 (NASA)、歐洲太空總署 (ESA)、國際客戶還是國家安全客戶，我認為這些基本建造模組以及我們作為久經考驗的參與者的事實將使我們在未來的合約中佔據有利地位。謝謝你的提問。

I think it was a great question that gets fundamentally to our heritage plus innovation strategy, being a proven provider that knows how to operate in space and has many successes, but continuing to be that innovator as that space infrastructure expands into the future.

我認為這是一個很好的問題，從根本上觸及了我們的傳統加創新策略，即成為一家知道如何在太空中運作並取得許多成功的成熟供應商，但隨著太空基礎設施向未來擴展，我們將繼續成為創新者。

So with that, I'd like to thank everyone for their questions and appreciate taking the time to listen today and go Redwire.

因此，我要感謝大家提出的問題，並感謝您今天花時間聆聽並參觀 Redwire。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines at this time. Have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。現在您可以斷開線路。祝您有美好的一天。