Redwire Corp (RDW) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Redwire Corporation second-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Redwire 公司 2025 年第二季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Alex Curatolo, Senior Director of Investor Relations. Thank you. You may begin.

現在，我很高興向大家介紹主持人，投資者關係高級總監 Alex Curatolo。謝謝。你可以開始了。

Good morning, and thank you, Shamali. Welcome to Redwire's second-quarter 2025 earnings call. We hope that you have seen our earnings release, which we issued yesterday afternoon. It has also been posted in the Investor Relations section of our website at rdw.com.

早安，謝謝你，沙瑪莉。歡迎參加 Redwire 2025 年第二季財報電話會議。希望您已經看過我們昨天下午發布的盈利報告。該公告也已發佈在公司網站 rdw.com 的投資者關係版塊。

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.

我想提醒大家，在電話會議期間，Redwire 管理階層可能會發表一些前瞻性聲明，這些聲明反映了我們對未來的信念、期望、意圖或預測。我們的前瞻性聲明有風險和不確定性，詳情請參閱投影片 3。

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簡報，以了解這些指標的計算方法及其與美國GAAP指標的調節情況。

I am Alex Curatolo, Redwire's Senior Director of 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 Alex Curatolo，Redwire 的投資者關係高級總監。今天與我一起參加電話會議的有 Redwire 董事長兼執行長 Peter Cannito 和 Redwire 財務長 Jonathan Baliff。

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

接下來，我想把電話交給皮特。皮特？

Thank you, Alex. During today's call I will outline notable items during the second quarter of 2025. Jonathan will then present the financial highlights for the same period and discuss our 2025 outlook. Finally, I will close the call by discussing our creation of a new entity, SpaceMD to advance the commercialization of our PIL-BOX space pharma strategy after which we will open the call for Q&A.

謝謝你，亞歷克斯。在今天的電話會議上，我將概述 2025 年第二季的一些重要事項。接下來，喬納森將介紹同期財務亮點，並討論我們對 2025 年的展望。最後，我將結束本次電話會議，討論我們為推進 PIL-BOX 太空製藥策略的商業化而成立的新實體 SpaceMD，之後我們將開放問答環節。

Please turn to slide 7. On our last earnings call, I introduced our 2025 growth strategy which is centered around five key principles.

請翻到第7頁投影片。在上次財報電話會議上，我介紹了我們以五項關鍵原則為核心的 2025 年成長策略。

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.

提供鎬和鏟，這意味著依託我們強大的產品基礎，這些產品擁有久經考驗的飛行經驗，構成了我們客戶太空任務的基礎。

Delivering multi domain platforms, which means executing our platform strategy by delivering highly differentiated space and airborne vehicles for critical missions including multi domain missions.

交付多域平台，這意味著透過交付高度差異化的太空和空中載具來執行我們的平台策略，以執行包括多域任務在內的關鍵任務。

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.

探索月球、火星及更遠的地方，這意味著要充分利用我們數十年來為太空探索提供系統的經驗，並完成雄心勃勃的登月、火星及更遠太空探索任務。

Unlocking breakthrough technologies, which means continuing to pursue breakthrough technologies and that could unlock new markets with game changing potential.

解鎖突破性技術，意味著繼續追求突破性技術，這些技術可以開拓具有顛覆性潛力的新市場。

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

最後，執行增值併購，這意味著鞏固我們透過以增值價格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 作為上市平台快速擴展的關鍵競爭優勢。

Over the next few slides, I will discuss a key win for each growth area to demonstrate how we are executing against them.

接下來的幾張投影片，我將討論每個成長領域的關鍵成果，以展示我們是如何實現這些成果的。

Please turn to slide 8. Starting with providing picks and shovels, during the quarter Redwire successfully completed the first deployment test for one of our Roll-Out Solar Array wings for the lunar Gateways power and propulsion element. These next generation Gateway ROSAs will generate an unprecedented 60 kilowatts of electricity, making these the most powerful ROSAs ever built.

請翻到第8張幻燈片。從提供鎬和鏟開始，Redwire 在本季度成功完成了月球門戶動力和推進元件的滾動式太陽能電池陣列翼的首次部署測試。這些新一代的網關 ROSA 將產生前所未有的 60 千瓦電力，使其成為有史以來建造的最強大的 ROSA。

In the coming months, the pair of wings will undergo additional testing as we prepare to deliver them to Maxar in the fourth quarter of 2025. We are proud to be delivering our well proven ROSAs to support this key capability. Successful execution on this critical capability continues to underscore our foundational position in advanced power generation.

在接下來的幾個月裡，我們將對這對機翼進行額外的測試，準備在 2025 年第四季將其交付給 Maxar 公司。我們很榮幸能夠提供我們久經考驗的 ROSA 來支持這項關鍵能力。成功實現這一關鍵能力，並持續鞏固了我們在先進發電領域的基礎地位。

Please turn to slide 9. Turning next to delivering multi domain platforms. During the quarter, we closed our acquisition of Uncrewed Aerial System, or UAS manufacturer Edge Autonomy, and we are already seeing significant positive conversion of their pipeline.

請翻到第9頁投影片。接下來將著手交付多域平台。本季度，我們完成了對無人駕駛航空系統（UAS）製造商 Edge Autonomy 的收購，我們已經看到他們的業務管道出現了顯著的積極轉化。

During the second quarter, our Stalker platform was added to the Defense Innovative Innovation Units, UAS Blue List which contains technology vetted and approved by the Department of Defense for universal use across government agencies. This selection streamlines our ability to deliver combat-proven, commercially developed UAS technology at scale to meet the evolving mission needs of the US government.

第二季度，我們的 Stalker 平台被添加到國防創新單元的無人機系統藍名單中，該名單包含經國防部審查和批准可在政府機構普遍使用的技術。此次甄選簡化了我們大規模交付經實戰驗證、商業開發的無人機系統技術的能力，以滿足美國政府不斷變化的任務需求。

Today, I would like to give you an update on a critical US army program called the Long Range Reconnaissance program or LRR. I'll start by providing a high-level description.

今天，我想向大家介紹美國陸軍一項名為「遠程偵察計劃」（LRR）的重要計劃的最新進展。我先提供一個概括性的描述。

LRR is a US army program of record to provide maneuver battalions with a UAS designed to support reconnaissance, surveillance, and target acquisition efforts. For LRR, systems will have aircraft weight of less than 55 pounds, range of 40 to 60 kilometers, an endurance of 5 to 10 hours, making our Stalker platform well suited to this specific set of requirements.

LRR 是美國陸軍的正式計劃，旨在為機動營提供無人機系統，以支援偵察、監視和目標獲取工作。對於遠程偵察機（LRR）而言，其飛機重量將小於 55 磅，航程為 40 至 60 公里，續航時間為 5 至 10 小時，這使得我們的 Stalker 平台非常適合這一特定要求。

For fiscal year 2026, the DoD's budget estimate for army aircraft procurement published this last June included approximately $325 million in funding for the LRR program. We believe Redwire Edge Autonomy is well-positioned to be a performer on this program.

美國國防部在去年六月公佈的 2026 財年陸軍飛機採購預算估算中，為遠程偵察機 (LRR) 項目撥款約 3.25 億美元。我們相信 Redwire Edge Autonomy 完全有能力在這個專案中取得優異成績。

Please turn to slide 10. As such, we're pleased to announce the award to Redwire Edge Autonomy of a prototype phase agreement by the US army to develop and deliver Stalker Uncrewed Aerial systems for the LRR program. Under the terms of the contract, we will deliver the Stalker UAS's which will be evaluated by the army and during hands on flight operations in the coming months. This is a strong signal that the US army recognizes the Stalker system as a potential future platform for their UAS architecture. We are proud to support this critical program and are committed to meeting the Army's evolving mission needs.

請翻到第10張投影片。因此，我們很高興地宣布，美國陸軍授予 Redwire Edge Autonomy 一份原型階段協議，為 LRR 專案開發和交付 Stalker 無人駕駛航空系統。根據合約條款，我們將交付 Stalker 無人機系統，這些無人機將在未來幾個月內由陸軍進行評估，並在實際飛行操作中進行測試。這強烈表明，美國陸軍已將 Stalker 系統視為其無人機系統架構未來的潛在平台。我們很榮幸能夠支持這項至關重要的計劃，並致力於滿足陸軍不斷變化的任務需求。

Please turn to slide 11. Moving next to exploring the Moon, Mars, and beyond. In early June, Redwire announced that our advanced manufacturing technology, Mason, passed Critical Design Review, or CDC, with NASA participation. Mason is an advanced tool suite designed to operate on the Moon and Mars and will enable the construction of berms, landing pads, and roads for future lunar and Martian habitats. This technology can reduce operational risks and protect assets from damage caused by regolith, the material on the surface of the moon, as lunar surface activity continues to increase. This is a critical milestone that brings Mason one step closer to launch in the future. And having completed the CDR, engineers at Redwire will begin to focus on fabricating a prototype and conducting functional testing of Mason.

請翻到第11頁。接下來，我們將探索月球、火星以及更遠的星球。6月初，Redwire宣布，我們的先進製造技術Mason通過了NASA參與的關鍵設計審查（CDC）。Mason 是一套先進的工具套件，設計用於在月球和火星上操作，它將能夠為未來的月球和火星棲息地建造堤壩、著陸平台和道路。隨著月球表面活動的不斷增加，這項技術可以降低營運風險，並保護資產免受月壤（月球表面的物質）造成的損害。這是重要的里程碑，使 Mason 距離未來的發射又更近了一步。完成 CDR 後，Redwire 的工程師將開始專注於製造原型並對 Mason 進行功能測試。

Please turn to slide 12. Now, let's turn to unlocking breakthrough technologies. During the second quarter, Redwire was selected by NASA to facilitate a space microalgae biotechnology experiment developed by the Indian Space Research Organization, International Center for Genetic Engineering and Biotechnology, and the National Institute of Plant Genome Research, New Delhi. For this research mission, Redwire will manage mission integration, scientific fulfillment and on-orbit operations. This is but the latest example of Redwire's reputation as a leader when it comes to microgravity research, not only in the US, but globally.

請翻到第12頁投影片。現在，讓我們來看看如何解鎖突破性技術。第二季度，Redwire 被 NASA 選中，協助印度太空研究組織、國際基因工程和生物技術中心以及新德里國家植物基因組研究所進行太空微藻生物技術實驗。對於這項研究任務，Redwire 將負責任務整合、科學成果實現和在軌運行。這只是 Redwire 在微重力研究領域（不僅在美國，而且在全球範圍內）作為領導者聲譽的最新例證。

Please turn to slide 13. Finally, when it comes to executing accretive M&A, our acquisition of Edge Autonomy was overwhelmingly approved by Redwire shareholders and closed on June 13, 2025. With Edge, Redwire is well-positioned to transform the future of multi domain operations and provide decisive advantages to US and allied warfighters. Integration is well underway, and our goal is to achieve commercial, operational, and financial integration objectives within 12 months.

請翻到第13頁。最後，在執行增值併購方面，我們對 Edge Autonomy 的收購獲得了 Redwire 股東的壓倒性批准，並於 2025 年 6 月 13 日完成。憑藉 Edge 技術，Redwire 已做好充分準備，改變多域作戰的未來，並為美國及其盟國的作戰人員提供決定性優勢。整合工作正在順利進行，我們的目標是在 12 個月內實現商業、營運和財務整合目標。

Please turn to slide 14. Next, I would like to discuss the impact of the US and international budgeting environment in the context of the industries we operate in. As we have previously discussed, delays in the US government budgeting process impacted Redwire during the first half of 2025, and in some cases, these delays have pushed out awards previously scheduled for the second half of 2025 into the beginning of 2026. Despite these delays, however, we have started to see positive trends from both the US and our allies that will present significant growth potential moving forward.

請翻到第14頁。接下來，我想探討美國和國際預算環境對我們所處產業的影響。正如我們之前討論過的，美國政府預算流程的延誤在 2025 年上半年對 Redwire 造成了影響，在某些情況下，這些延誤導致原定於 2025 年下半年授予的合約被推遲到 2026 年初。儘管存在這些延誤，但我們已經開始看到美國及其盟友的積極趨勢，這將為未來的發展帶來巨大的成長潛力。

Starting in the United States, in the Big Beautiful Bill, the US government is funding key programs Redwire could address, including Golden Dome, with funding of approximately $24 billion, and NASA Gateway, with funding of approximately $2.6 billion. Further, we see both the July 2025 unleash US military drone dominance memo and recently proposed Ukraine aid as positive indicators for our airborne platforms as we move into the back half of 2025 and towards 2026.

從美國開始，在《宏偉法案》中，美國政府正在資助Redwire可以解決的關鍵項目，包括金穹頂（撥款約240億美元）和NASA門戶（撥款約26億美元）。此外，我們認為，2025 年 7 月美國軍方發布的無人機優勢備忘錄以及最近提出的對烏克蘭的援助，對於我們進入 2025 年下半年並邁向 2026 年的空中平台而言，都是積極的信號。

Turning to the international environment, during a Summit in The Hague that took place this past June, NATO allies committed to invest 5% of gross domestic product annually on core defense requirements and defense and security related spending by 2035. Given our long-standing existing operations in Europe, we are considered local in multiple countries and are therefore significantly advantaged in our ability to participate in European government programs.

轉向國際環境，在今年 6 月於海牙舉行的峰會上，北約盟國承諾到 2035 年，每年將國內生產總值的 5% 用於核心國防需求以及國防和安全相關支出。鑑於我們在歐洲的長期運營，我們在多個國家被視為本地企業，因此我們在參與歐洲政府專案方面具有顯著優勢。

Also in June, Canada announced a plan to increase and accelerate investments in defense, with a cash increase of more than $9 billion anticipated in fiscal year 2025 to 2026. These developments are positive indicators for continued investment in the national security space and defense budgets both in the US and internationally as we move into the second half of the year and beyond, and Redwire is well-positioned to take advantage of these key trends.

同樣在 6 月，加拿大宣布了一項增加和加快國防投資的計劃，預計在 2025 至 2026 財年將增加超過 90 億美元的資金。這些發展是積極的信號，表明隨著我們進入下半年及以後，美國和國際上對國家安全領域和國防預算的持續投資，而 Redwire 已做好充分準備，可以利用這些關鍵趨勢。

Please turn to slide 15. Turning to our contract awards and backlogs, our contract awards during the second quarter of 2025 were $90.6 million with a book to bill ratio of 1.47 times and backlog of $329.5 million as of June 30, 2025, both an improvement on a sequential basis and inclusive of the backlog from the acquisition of Edge Autonomy. As a reminder, we often see lumpy contract awards from quarter to quarter. However, we continue to see strong and growing pipeline with an estimated $11 billion of identified opportunities across our space and airborne solutions, including approximately $2.5 billion in proposals submitted year to date as of June 30, 2025, inclusive of the year-to-date bids submitted by Edge Autonomy.

請翻到第15頁。再來看我們的合約授與需要提醒的是，我們經常看到每個季度合約授予數量出現波動。然而，我們持續看到強勁且不斷成長的業務管道，據估計，我們在太空和機載解決方案領域已確定的機會達 110 億美元，其中包括截至 2025 年 6 月 30 日提交的提案，總額約為 25 億美元，其中包括 Edge Autonomy 今年迄今為止提交的投標。

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 and if we land these larger opportunities. Due to the success of our transformational investments building the Redwire platform, we are now positioned to continuously pursue larger opportunities in 2025 and beyond.

我們持續努力提高我們正在追求的單一機會的平均規模，因此我們不斷累積投標項目，如果我們能拿下這些更大的機會，可能會導致積壓訂單大幅增加。由於我們在建立 Redwire 平台方面進行的變革性投資取得了成功，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 16. 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 second quarter of 2025. Jonathan?

請翻到第16頁。接下來，我想把電話交給 Redwire 的財務長 Jonathan Baliff，讓他來討論 2025 年第二季的財務表現。喬納森？

Thank you, Pete. Before turning to slide 17, I would like to highlight the photo on this page which is of our airborne flight operations team in Riga, Latvia, and they're preparing for the launch of a Penguin C VTOL UAS. With a vertical take-off and landing and range of approximately 180 kilometers, this aircraft can be rapidly deployed even in harsh environments like the one shown here.

謝謝你，皮特。在翻到第 17 張幻燈片之前，我想重點介紹一下本頁上的照片，照片中的是我們位於拉脫維亞裡加的空中飛行作業團隊，他們正在準備發射一架 Penguin C VTOL 無人機。該飛機具備垂直起降能力，航程約 180 公里，即使在像這樣的惡劣環境下也能快速部署。

Please turn to slide 17. Let's review the results for the second quarter of 2025, starting with revenue. Redwire's recorded revenue of $61.8 million was up sequentially. 2025 is a transition year for our customers, and we continue to see movement of revenue to the right on existing contracts and delay in awards across our customer classes, especially in the US during the first half of 2025.

請翻到第17頁。讓我們回顧一下 2025 年第二季的業績，先來看看營收。Redwire的營收為6,180萬美元，季增。 2025年是客戶過渡的一年，我們持續看到現有合約的收入成長趨勢向右移動，同時各類客戶（尤其是美國客戶）的合約授予工作也出現延遲，這種情況在2025年上半年尤為明顯。

Turning to profitability. During the quarter, we saw a sequential decrease in our adjusted EBITDA from a negative $2.3 million in the first quarter of 2025 to a negative $27.4 million in the second quarter of 2025. This quarter's adjusted EBITDA was primarily impacted by net unfavorable EAC of $25.2 million, and this related primarily to a single program in the company's RF system offerings, as this program saw an increase in estimated costs and based on the technical complexity of the work to be performed to meet customer specifications.

轉向盈利。本季度，我們的調整後 EBITDA 環比下降，從 2025 年第一季的負 230 萬美元降至 2025 年第二季的負 2,740 萬美元。本季度調整後的 EBITDA 主要受到淨不利 EAC 2520 萬美元的影響，這主要與公司射頻系統產品中的一個項目有關，因為該項目的預計成本增加，並且基於為滿足客戶規格而要執行的工作的技術複雜性。

Turning to net loss, we saw a sequential decrease to negative $97.0 million and this includes the EACs I just spoke about, as well as noncash expenses, transaction costs, and nonroutine activity that we will discuss in additional detail on the next slide.

再來看淨虧損，我們看到淨虧損環比減少至負 9700 萬美元，其中包括我剛才提到的 EAC，以及我們將在下一張幻燈片中詳細討論的非現金支出、交易成本和非日常活動。

Looking at our cash and total liquidity, we ended the quarter with a record level of total liquidity of $113.6 million, which was comprised of $76.5 million of cash, $35 million in undrawn revolver capacity, and $2.1 million of restricted cash. This is a 27.4% improvement over the $89.2 million in total liquidity at the end of the first quarter of 2025 and 103.4% year-over-year improvement in total liquidity.

從我們的現金和總流動性來看，本季末我們的總流動性達到了創紀錄的 1.136 億美元，其中包括 7,650 萬美元現金、3,500 萬美元未提取的循環信貸額度和 210 萬美元受限現金。與 2025 年第一季末的 8,920 萬美元總流動性相比，這提高了 27.4%；與去年同期相比，總流動性提高了 103.4%。

We had an expected increase in year over year and sequential use of operating free cash flow in the second quarter, but this is related to transaction and other investments, which again I'll go over on the next slide. We expect these levels of cash use to decrease in the second half of 2025.

第二季經營自由現金流的年比和環比使用量都出現預期成長，但這與交易和其他投資有關，我將在下一張投影片中詳細介紹。我們預計到 2025 年下半年，現金使用水準將會下降。

Please turn to slide 18. The transformational aspects of the Edge Autonomy transaction, as well as our organic opportunities for growth, provide significant benefits including an improved balance sheet and capitalization. So let's talk about some of these.

請翻到第18頁幻燈片。Edge Autonomy 交易的變革性方面，以及我們自身的成長機會，帶來了顯著的好處，包括改善資產負債表和資本狀況。那麼，我們來談談其中的一些問題。

The completion of the transaction had the issuance of approximately $260 million of equity and that repaid $120 million of debt and the repurchase of $61.5 million of the preferred securities, significantly reducing the fixed charges for the company and improved our capitalization ratios while also increasing shareholders equity from a negative $68.1 million in the first quarter of 2025 to a positive $907.6 million in the second quarter of 2025. However, there have been second-quarter impacts associated with these changes which improve the balance sheet and therefore we wanted to provide additional detail of the drivers of these changes specifically on our net loss for the second quarter of 2025 as compared to the second quarter of 2024.

交易完成後，發行了約 2.6 億美元的股權，償還了 1.2 億美元的債務，並回購了 6,150 萬美元的優先證券，顯著降低了公司的固定費用，提高了資本充足率，同時將股東權益從 2025 年第一季的負 6,810 萬美元增加到 2025 年第二季的6.76 億美元。然而，這些變化對第二季度產生了影響，改善了資產負債表，因此我們希望提供更多細節，說明這些變化的驅動因素，特別是與 2024 年第二季度相比，我們 2025 年第二季度的淨虧損情況。

As you can see on this slide, in addition to the EACs already discussed, Redwire's Q2 2025 net loss and cash flow was impacted by significant transaction-related and nonroutine activity and the net income was also impacted by some noncash charges.

正如您在這張投影片上看到的，除了已經討論過的 EAC 之外，Redwire 2025 年第二季的淨虧損和現金流還受到重大交易相關和非日常活動的影響，淨收入也受到一些非現金支出的影響。

Key among these were first, the $29.6 million increase in equity-based compensation primarily from the acquisition of Edge Autonomy. Second, a $20 million increase in interest expense from the repayment of debt to finance the Edge Autonomy transaction. And third, a $16.4 million increase in transaction expenses between the second quarter and 2024 -- between 2024 and 2025, which again, primarily relates to the accretive acquisition of Edge Autonomy. We do not expect this magnitude of noncash transaction related and nonroutine activity during the remainder of 2025.

其中最關鍵的是，首先是股權激勵增加了 2,960 萬美元，這主要來自對 Edge Autonomy 的收購。其次，為收購 Edge Autonomy 償還債務，導致利息支出增加 2,000 萬美元。第三，2024 年第二季至 2025 年期間的交易費用增加了 1,640 萬美元，這主要與 Edge Autonomy 的增值收購有關。我們預計在 2025 年剩餘時間內不會出現如此大規模的非現金交易相關和非例行活動。

Please turn to slide 19 for a brief discussion on the outlook for the rest of 2025. Our acquisition of Edge Autonomy closed on June 13, 2025, so we are now for the first time providing full-year Redwire 2025 guidance including the Edge Autonomy from the close date, again, June 13, 2025, through December 31, 2025, and this will be a range of $380 million to $445 million, which represents a 30.5% compound annual growth rate on fiscal year '23 to fiscal year '25 revenue at midpoint.

請翻到第 19 頁，簡要討論 2025 年剩餘時間的展望。我們對 Edge Autonomy 的收購已於 2025 年 6 月 13 日完成，因此我們現在首次提供 Redwire 2025 年全年業績指引，其中包括 Edge Autonomy 的業績，從收購完成之日（即 2025 年 6 月 13 日）至 2025 年 12 月 31 日，以 4.31 月 12 月為25 年2023 財年至 2025 財年收入的中點計算，複合年增長率為 30.5%。

In line with the Redwire post-acquisition range provided today, let's discuss the impacts to the combined forecast range which we had provided before. As part of the announcement, our combination with Edge Autonomy, we provided a combined financial forecast for fiscal year 2025 as if the transaction had closed on December 31, 2024. We're now revising our full-year combined revenue forecast to be in the range of $470 million to $530 million, which still represents a 43.2% compound annual growth rate from 2023 to '25 at midpoint. This represents less than a 13% reduction to our previously provided combined forecasts at the midpoint.

根據 Redwire 今天提供的收購後預測範圍，讓我們討論一下這對我們之前提供的綜合預測範圍的影響。作為公告的一部分，我們宣布與 Edge Autonomy 合併，並提供了 2025 財年的合併財務預測，假設該交易已於 2024 年 12 月 31 日完成。我們現在將全年合併收入預測修正為 4.7 億美元至 5.3 億美元，仍代表 2023 年至 2025 年的複合年增長率為 43.2%（中點）。這比我們之前提供的綜合預測中位數減少了不到 13%。

Please turn to slide 20, and I'll discuss the drivers of this revised revenue as well as the impact they had on adjusted EBITDA for 2025. First, as we mentioned earlier, Redwire's first half of 2025 was impacted by the uncertain timing of government contracting, including delays in the US government budget process related to a transition in administrations. We have seen some of our projected awards slip to the right and in some cases out of the year for both our space and airborne platforms, products, and solutions.

請翻到第 20 頁，我將討論此次修訂收入的驅動因素以及它們對 2025 年調整後 EBITDA 的影響。首先，正如我們之前提到的，Redwire 2025 年上半年的業績受到了政府合約時間不確定性的影響，包括與政府換屆相關的美國政府預算流程的延誤。我們發現，我們預期的一些獎項，包括我們的太空和機載平台、產品和解決方案，都已延至今年以外。

Second, as discussed, our second quarter 2025 saw a net unfavorable impact from EAC changes of $25.2 million, primarily related to a single program in our RF system offering, which is a development phase program, and I want to spend a moment to double clip on this topic.

其次，正如之前討論過的，2025 年第二季度 EAC 的變化給我們帶來了 2520 萬美元的淨不利影響，這主要與我們射頻系統產品中的一個項目有關，該項目處於開發階段，我想花點時間再詳細談談這個話題。

As part of our moving up the value chain growth strategy, Redwire manages the risk associated with nonrecurring engineering, or NRE, on development programs. Generally, these are development programs that can anchor Redwire into the production tail for validated requirements from our customers. An example of these pursuits that we've seen this dynamic in play include moving from providing just antennas to providing full RF payloads and also breaking into emerging markets such as low voltage distribution units.

作為我們向價值鏈上游發展策略的一部分，Redwire 管理著與開發專案中非經常性工程（NRE）相關的風險。一般來說，這些開發項目可以將 Redwire 固定在生產環節中，以滿足我們客戶已驗證的需求。我們已經看到這種動態在這些追求中發揮作用的一個例子是，從僅僅提供天線到提供完整的射頻有效載荷，以及打入低壓配電單元等新興市場。

Once the NRE is complete, Redwire generally both owns the intellectual property and is spec-ed in on our production programs with high switching costs for our customers, thus resulting in a much lower risk of losses moving forward. Furthermore, subsequent orders for these products tend to have much more predictable gross margins. At the same time, we recognize the need to manage the risk associated with these programs and are highly focused on minimizing EAC changes that impact our results in the future.

一旦 NRE 完成，Redwire 通常既擁有知識產權，又被納入我們的生產計劃，客戶的轉換成本很高，從而大大降低了未來遭受損失的風險。此外，這些產品的後續訂單往往具有更可預測的毛利率。同時，我們也意識到需要管理與這些專案相關的風險，並高度重視最大限度地減少未來可能影響我們績效的 EAC 變化。

Ultimately, we see such programs as having a short-term negative impact on profitability similar to IRAD while enabling future growth and profitability. So given these drivers for 2025 and at this time, we are withdrawing our previously provided adjusted EBITDA combined forecast for the full year 2025. Despite the revisions to our outlook in 2025, we believe that we are well-positioned to capitalize on high growth trends in the future.

最終，我們認為此類計劃會對獲利能力產生與 IRAD 類似的短期負面影響，但會促進未來的成長和獲利能力。鑑於 2025 年的這些驅動因素，我們現撤回先前提供的 2025 年全年調整後 EBITDA 合併預測。儘管我們對 2025 年的展望進行了調整，但我們相信，我們已做好充分準備，能夠掌握未來的高成長趨勢。

It's important also to note that our acquisition of Edge Autonomy lowers the proportion of our business exposed to EAC volatility. Our contracted backlog as of June 30, 2025, as Pete talked about, now includes almost $90 million in remaining contract value from contracts which recognize revenue at point in time instead of percent of completion revenue recognition. These budgetary movements we have begun to see, combined with the positioning and diversification of our space and now airborne product offerings provide us momentum heading towards 2026.

值得注意的是，我們收購 Edge Autonomy 降低了業務中受 EAC 波動影響的比例。正如皮特所說，截至 2025 年 6 月 30 日，我們的合約積壓訂單中，剩餘合約價值接近 9,000 萬美元，這些合約是按時確認收入，而不是按完工百分比確認收入。我們已經開始看到這些預算調整，再加上我們在空間和現在的空中產品供應方面的定位和多元化，為我們邁向 2026 年提供了動力。

Please turn to slide 21, and I'll now turn the call over back to Pete. Pete?

請翻到第 21 張投影片，現在我將把通話轉回給皮特。皮特？

Thank you, Jonathan. For those of you who have been following Redwire, you know that unlocking venture optionality has been a strategic opportunity. On Monday of this week, we announced our next major milestone in these endeavors to drive shareholder value, the creation of SpaceMD as a separate entity within Redwire to focus on commercializing drug development in space by partnering with pharmaceutical companies, scientists, and research institutions to develop a novel pipeline of innovative drugs and therapeutics.

謝謝你，喬納森。一直關注 Redwire 的朋友都知道，釋放創投選擇權一直是策略機會。本週一，我們宣布了在推動股東價值方面取得的下一個重大里程碑，即在 Redwire 內部創建 SpaceMD 作為獨立實體，專注於透過與製藥公司、科學家和研究機構合作，開發一系列創新藥物和療法，從而實現太空藥物開發的商業化。

Please turn to slide 22. With decades of experience and 28 PIL-BOXes flown to-date, we continue to establish ourselves as a true leader in microgravity operations, particularly when it comes to pharmaceutical research. Utilizing Redwire's proven PIL-BOX technology, the team will develop a pipeline of new and modified drugs uniquely manufactured in microgravity, accelerating solutions for disease treatment, and generating new revenue streams from sale or licensing.

請翻到第22頁。憑藉數十年的經驗和迄今為止已成功飛行的 28 台 PIL-BOX，我們不斷鞏固自己在微重力操作領域的真正領導者地位，尤其是在藥物研究方面。利用 Redwire 成熟的 PIL-BOX 技術，團隊將開發一系列在微重力環境下獨特製造的新藥和改良藥，加速疾病治療解決方案的開發，並透過銷售或授權產生新的收入來源。

SpaceMD represents the evolution of our venture optionality strategy, moving from experimentation to full commercialization with significant upstream revenue potential, unlocking value for our shareholders.

SpaceMD 代表了我們創投選擇策略的演變，從實驗階段走向全面商業化，具有巨大的上游收入潛力，為我們的股東釋放價值。

Please turn to slide 23. I want to emphasize that the technology and processes underlying SpaceMD are proven, and we are entering the commercialization phase. During the second quarter we signed an agreement with Aspera Biomedicines, a new commercial partner, to conduct space-based pharma research and analysis to advance the development of a cutting-edge cancer treatment, rebecsinib, a small molecule ADAR1 inhibitor.

請翻到第23頁。我想強調的是，SpaceMD 背後的技術和流程已經過驗證，我們正在進入商業化階段。第二季度，我們與新的商業合作夥伴 Aspera Biomedicines 簽署了一項協議，開展基於太空的藥物研究和分析，以推進尖端癌症治療藥物 rebecsinib（一種小分子 ADAR1 抑製劑）的開發。

Please turn to slide 24. In addition, I am excited to announce that Redwire SpaceMD has executed a trailblazing commercial royalty agreement for space drug research with ExesaLibero Pharma. Under the terms of this agreement, Redwire SpaceMD expects to receive royalties from the commercial sales of resulting pharmaceutical products.

請翻到第24頁。此外，我很高興地宣布，Redwire SpaceMD 已與 ExesaLibero Pharma 簽署了一項開創性的太空藥物研究商業特許權使用費協議。根據本協議條款，Redwire SpaceMD 預計將從由此產生的藥品的商業銷售中獲得特許權使用費。

This agreement signals a revolutionary paradigm shift for commercial utilization of microgravity. SpaceMD is translating the benefits of microgravity research into product value for our end customers with the goal of transforming the future of therapeutics while creating value for our shareholders.

該協議標誌著微重力商業利用方式的革命性典範轉移。SpaceMD 致力於將微重力研究的益處轉化為終端客戶的產品價值，目標是改變未來的治療方式，同時為股東創造價值。

Through SpaceMD, Redwire has created a new business model for the monetization of critical IP generated by future PIL-BOX missions.

透過 SpaceMD，Redwire 為未來 PIL-BOX 任務產生的關鍵 IP 的貨幣化創建了一種新的商業模式。

Please turn to slide 25. In closing, I would like to acknowledge that Q2 was a disappointing quarter for adjusted EBITDA compared to our expectations. We had one project, as Jonathan mentioned in particular, that encountered challenges which led to an adverse EAC change with an outsized impact on revenue and profitability for the quarter. Space is hard.

請翻到第25頁。最後，我想指出，與我們的預期相比，第二季的調整後 EBITDA 表現令人失望。正如喬納森特別提到的那樣，我們有一個項目遇到了挑戰，導致 EAC 發生不利變化，對該季度的收入和盈利能力產生了巨大影響。太空探索很艱難。

The team has taken numerous steps to address the challenges to get the program back on track. We are investing significant focus on operational execution. Despite this setback, there were also numerous achievements that we discussed that we believe position Redwire for long-term success.

團隊已採取多項措施應對挑戰，使專案重回正軌。我們將重點放在營運執行上。儘管遭遇了這一挫折，但我們也討論了許多我們認為能夠使 Redwire 長期成功並取得成功的成就。

Space is a long-term investment. The path to success is not linear. Our strategic horizon is measured in years, not months. There is strength in the diversity of our business and the fundamental foundations of our strategy remain positive.

太空探索是一項長期投資。通往成功的道路並非線性發展。我們的戰略視野是以年而不是月來衡量的。我們業務的多樣性蘊含著優勢，我們策略的基本面依然保持積極。

With that, I want to thank the entire and integrated Redwire team to include our new employees from Edge Autonomy for their contribution to our results during the second quarter of 2025, a truly global effort.

在此，我要感謝整個 Redwire 團隊，包括來自 Edge Autonomy 的新員工，感謝他們為我們在 2025 年第二季度取得的成績所做出的貢獻，這是一項真正的全球性努力。

We will now open the floor for questions.

現在開始接受提問。

(Operator Instructions) Colin Canfield, Cantor Fitzgerald.

（操作說明）Colin Canfield，Cantor Fitzgerald。

Thank you for the question. As we think about the work that needs to get done here, how do you think about the balance of work that needs to be done between accounting controls and the complexity of the engineering solution?

謝謝你的提問。當我們思考這裡需要完成的工作時，您認為會計控制和工程解決方案的複雜性之間需要完成的工作量應該如何平衡？

And then maybe if you could talk about kind of what are the key dynamics that you need to see before being able to reinstate your adjusted EBITDA guidance? Thank you.

那麼，您能否談談在恢復調整後 EBITDA 指引之前，您需要看到哪些關鍵動態？謝謝。

Yeah, that's a good question. And it's a good first question because obviously, it's a big part of -- this quarter was associated with the accounting of our acquisition. That has a direct impact, of course, on our reported numbers as well as the accounting of our programs.

嗯，問得好。這是一個很好的第一個問題，因為很明顯，這很大程度上與本季的收購會計處理有關。這當然會對我們公佈的數據以及我們專案的會計核算產生直接影響。

And I think that's why Jonathan took the time to try to articulate just how our developmental programs work in terms of EACs, because it's possible many of our shareholders don't understand what EAC estimate at completion really means and how you account for a program, a development program that's already happening in midstream.

我認為這就是為什麼喬納森花時間試圖闡明我們的開發項目是如何根據完工估算 (EAC) 運作的，因為我們的許多股東可能不理解完工時的 EAC 估算究竟意味著什麼，以及如何對一個已經在進行中的開發項目進行核算。

And the fact of the matter is, when you have a large number of development programs like you have in the space industry, EACs introduce a level of volatility during the development phase because what you're essentially doing is you are bidding a development program that in many cases has never been done before at a -- on a firm fixed price contract. And that's how our customers buy.

事實是，當像航太工業這樣有大量的研發項目時，工程估算合約會在研發階段引入一定程度的波動性，因為你本質上是在以固定價格合約對一個在很多情況下從未進行過的研發項目進行投標。這就是我們顧客的購買方式。

So the result sometimes is as you move through the program, you can encounter technical challenges that affect what you are projecting will be the ultimate cost to the program at any given time based on the percentage of completion of the program. And this is how EACs are calculated. There's an estimate at completion that occurs. Because of this, we endeavor to follow obviously the rules and general principles of accounting for these correctly, but that it can add some level of predictability when you have unpredictability, when you have a large portfolio of these first of a kind technologies in their development phase.

因此，有時在專案推進過程中，您可能會遇到技術難題，這些難題會影響您根據專案完成百分比預測的任何給定時間點的最終專案成本。這就是EAC的計算方法。完工時會有一個估算值。因此，我們努力遵循這些規則和一般原則進行正確核算，但當存在不可預測性，當擁有大量處於開發階段的首創技術組合時，它可以增加一定程度的可預測性。

As Jonathan tried to articulate, is that in many cases these development programs are moving towards production contracts. So despite the volatility of EACs, we remain optimistic overall on these programs because it's moving towards a production phase that tends to have, where the technological risk has now been significantly burned down and you move into just generating units in more of a production business model.

正如喬納森試圖闡明的那樣，在許多情況下，這些開發案正在朝著生產合約的方向發展。因此，儘管 EAC 存在波動，但我們總體上仍然對這些項目保持樂觀，因為它正朝著生產階段發展，而生產階段往往意味著技術風險已經大大降低，並且會進入以生產業務模式為主的發電階段。

But as we started to look at the impacts of EACs, especially late in the second quarter, and some of the changes that rapidly emerged associated with those, we decided that it would be prudent to do a complete portfolio review to understand this EAC dynamic that we have now seen for two quarters in a row before we continue to give EBITDA guidance. And so I'm going to turn it over to Jonathan to expound on that.

但隨著我們開始關注 EAC 的影響，尤其是在第二季末，以及與這些影響相關的一些迅速出現的變化，我們認為，在繼續給出 EBITDA 指引之前，謹慎的做法是進行一次全面的投資組合審查，以了解我們已經連續兩個季度看到的這種 EAC 動態。所以接下來我將把發言權交給喬納森，讓他詳細說明。

But the idea is when you combine some of that variability that we're seeing on these development programs that are in many cases technological firsts, with the uncertainty in the environment associated with things like CRs and delays in budgets, and not having clear visibility into which programs are going to get funded. The idea of there not being a current NASA administrator, full time NASA appointed administrator in place, that's why we decided to remove our EBITDA guidance for the remainder of the year as some of that uncertainty, regardless of the AAC starts to go away, specifically in the budgetary environment, that of course give us a higher confidence to do predictions in the future as well.

但問題在於，當我們把這些在許多情況下都是技術首創的研發項目所面臨的一些變數，與諸如CR和預算延誤等環境不確定性，以及無法清楚地了解哪些項目將獲得資助等因素結合起來時，就會出現問題。鑑於目前沒有美國太空總署局長，也沒有美國太空總署正式任命的局長，我們決定取消今年剩餘時間的 EBITDA 預期。隨著一些不確定性（無論 AAC 是否生效）開始消失，尤其是在預算環境方面，這當然會讓我們更有信心對未來進行預測。

Jonathan, anything you want to add?

喬納森，你還有什麼要補充的嗎？

No, I want to be very clear that you asked how did the team think about our accounting controls? Our accounting controls have improved significantly.

不，我想非常明確地說明，你問的是團隊如何看待我們的會計控制？我們的會計控制措施已顯著改善。

On top of that, the issues associated with this one product line or product offering the RF was part of a third-quarter review that was completed just recently. We're being conservative. We're taking the EAC in that program in our second-quarter queue and disclosure because those controls have significantly improved and I believe that the team is excellent.

此外，與該產品線或產品提供的射頻功能相關的問題是最近完成的第三季審查的一部分。我們採取的是保守策略。我們將在第二季的計劃和揭露中納入該計劃的 EAC，因為這些控制措施已經得到了顯著改善，而且我相信團隊非常出色。

As far as the EBITDA and other things that impact that, Pete has just mentioned it. The only thing I would add to what Pete has said and just to repeat, the acquisition of Edge Autonomy brings down the amount of contracts and revenue pretty significantly that's exposed to these fixed price contracts, which again, we have shown in the past to be both profitable and also free cash flow positive as we move forward and scale the business.

至於 EBITDA 和其他影響因素，Pete 剛才已經提過了。我只想補充皮特所說的，並重申一下，收購 Edge Autonomy 將大幅減少受這些固定價格合約影響的合約數量和收入，而我們過去已經證明，隨著我們不斷擴大業務規模，這些合約既能盈利，又能帶來正的自由現金流。

Got it. And then maybe if you could just talk about the due-diligence process that you conducted as part of the Edge Autonomy acquisition, as well as the investor due diligence of that acquisition during your recent raise with regards to the free cash flow profitability. So you discussed free cash flow right now. Is it still fair just considering kind of that due diligence of both parties to expect free cash flow positive next year?

知道了。然後，您能否談談您在收購 Edge Autonomy 時進行的盡職調查過程，以及在您最近的融資過程中，投資者對該收購進行的關於自由現金流盈利能力的盡職調查？所以你們剛才討論的是自由現金流。僅僅考慮到雙方的盡職調查，就預期明年自由現金流為正，這是否仍然公平？

So first of all, it's a company that has unique technologies and has been both growing and also achieving higher levels of gross margin as they are in a more mature production phase with these technologies. And again, the announcement of the LRR prototype contract is proof point of that. It is a company that has been able to achieve free cash flow positive, and we expect that to happen in the future especially as we scale the business.

首先，這家公司擁有獨特的技術，隨著這些技術在生產階段日益成熟，該公司一直在不斷發展壯大，毛利率也越來越高。再次，LRR原型合約的公佈就是最好的證明。這是一家已經實現自由現金流為正的公司，我們預期未來，尤其是在我們擴大業務規模之後，這種情況還會繼續發生。

We'll, in the future, give more details about that. But that business is providing the financial results that we expected in due diligence.

未來我們將提供更多細節。但該業務的財務表現符合我們在盡職調查中的預期。

Greg Konrad, Jefferies.

格雷格·康拉德，傑富瑞集團。

Hi, good morning. Maybe just to go back to the EACs, I mean sometimes when we hear the word fixed price development there's a negative connotation. When you think about retiring that risk, I mean has there been a shift in just overall mix? I mean, when you think about retiring that does the portion of the business that's fixed price development programs go down relative to production? Just trying to get a sense of if some of this is just tied to changes in the mix of development versus production programs.

您好，早安。也許我們還是回到EAC（環境評估證書）的話題上來吧，我的意思是，有時候當我們聽到「固定價格開發」這個詞時，會帶有負面的含義。當你考慮降低這種風險時，我的意思是，整體結構是否改變了？我的意思是，當你考慮退休時，固定價格開發專案在業務中所佔的比例相對於生產而言是否會下降？我只是想了解一下，這其中是否有些與開發專案和生產專案比例的變化有關。

Well, so no, I don't think it's tied to the changes in the mix. Actually going forward, the mix -- part of what we believe is one of the financial synergies of Edge Autonomy is the diversification of the kind of contracts we perform on and Jonathan hit that development percent complete programs versus production point in time, which Edge Autonomy brings predominantly production point in time. So our mix going forward will actually be better.

嗯，所以，我不認為這與混合物的變化有關。實際上，展望未來，我們認為 Edge Autonomy 的財務協同效應之一在於我們所執行的合約類型的多樣化，而 Jonathan 指出了開發完成百分比項目與生產時間點的差異，Edge Autonomy 主要帶來的是生產時間點。因此，我們未來的產品組合實際上會更好。

Essentially, we believe that this is just a function of where the space industry is right now. These contracts are let from fixed price. If you want to compete on them, you have to bid a firm fixed price job. In many cases, when you look at opportunity that comes up, you're trying to determine, you're comparing it, especially when you're trying to break into new markets with a technology that's never been done before to just purely developing the entire thing on IRAD.

從本質上講，我們認為這只是航太工業目前所處階段的函數。這些合約以固定價格出租。如果你想參與這些項目的競爭，你必須投標一個固定價格的項目。在許多情況下，當你看到機會出現時，你會試圖確定、比較它，尤其是當你試圖用一種以前從未有過的技術打入新市場時，你會考慮完全在 IRAD 上開發整個專案。

For contrast, I'll give you an example. If you were -- if a customer had a requirement to do something and they were willing to pay a firm fixed price for it, we could essentially build the entire thing on IRAD, expense it, and then once we know exactly how much it would cost, we could set that price for the customer, assuming that price is lower, assuming they want to wait that long, and assuming that that price is lower than what other people would bid, which usually isn't the case.

為了形成對比，我舉個例子。如果——如果客戶有需求做某事，並且願意為此支付固定價格，我們基本上可以在內部研發平台上建立整個項目，將其計入費用，然後一旦我們確切地知道成本是多少，我們就可以向客戶設定價格，假設這個價格較低，假設他們願意等待那麼長時間，並且假設這個價格低於其他人的報價，但這通常並非如此。

What happens usually instead in the space industry and again, I think this is just where the industry is right now with a lot of these first of the kind emerging tech programs is you bid the project and with the intent to be profitable but because it's a development project, you try to estimate that variability and include things like MR and other aspects to manage your risk. But sometimes, because you don't see many cost plus fixed fee projects anymore, but because they're firm fixed price, you can encounter a technological hurdle that the team didn't anticipate because it's a first of its kind type of development that can impact your profitability on the program.

通常情況下，航太工業（我認為目前許多此類首創新興技術項目都是如此）會進行項目投標，目的是盈利，但由於這是一個開發項目，所以要嘗試估算這種可變性，並納入混合部署和其他方面來管理風險。但有時，由於現在很少見到成本加固定費用項目，而是採用固定價格，你可能會遇到團隊沒有預料到的技術障礙，因為這是首創的開發類型，可能會影響項目的盈利能力。

Our perspective is that latter approach is better than just spending IRAD outright in the vast majority of our contracts. We retain the same level of IP through the contract as if we had done it entirely with our own money on IRAD. And we feel that sometimes the impacts that you occur with these riskier development projects in the aggregate is less than the amount of total IRAD that you would have to spend to do more of a develop on your own money first and then sell as a unit price later on.

我們的觀點是，後一種方法比在絕大多數合約中直接花費 IRAD 更好。透過合同，我們保留了與完全使用我們自己的資金在 IRAD 上進行開發時相同水平的知識產權。我們認為，有時這些風險較高的開發項目所產生的整體影響，小於您先用自己的資金進行更多開發，然後再以單位價格出售所需的全部 IRAD 金額。

Does that answer your question?

這樣回答了你的問題嗎？

That's helpful. And then maybe just to go back to the Blue List for Edge Autonomy, obviously a lot of excitement around UAS and drones. I mean what does that really mean for Edge Autonomy? How does that change conversations with customers and any read through in the impact of the international opportunity set with the addition on that list?

那很有幫助。然後，或許可以回到邊緣自主的藍名單，顯然，無人機系統和無人飛行器引起了很大的轟動。我的意思是，這對邊緣自主性究竟意味著什麼？這會如何改變與客戶的對話，以及在國際機會集中加入該項內容後，對相關影響的任何解讀？

Yeah. I think getting included on the Blue List is kind of table stakes now for competing in US government contracts in the UAS market. Although we usually win and we have programs of record with the Marine Corps in particular and other allies at scale that saw the advantages of our UAS platforms regardless, and the differentiation regardless of whether we were on a Blue List or not, this I think gives us additional credibility and makes it easier for the customer to check a box and say that this is a legitimate platform for a federal agency, not only in the DoD, but across all federal agencies to acquire. So the Blue List and DIU has taken on the initial vetting process and that our presumption is, is that federal agencies go to that list first when they're considering who they're going to include in future procurements.

是的。我認為，現在能夠進入藍名單已經成為參與美國政府無人機系統市場合約競爭的必要條件。雖然我們通常都能取得成功，而且我們與海軍陸戰隊以及其他盟友都有大規模的正式合作項目，這些項目都看到了我們無人機系統平台的優勢，無論我們是否在藍名單上，都體現了我們的差異化優勢，但我認為這給了我們額外的信譽，也讓客戶更容易勾選一個選項，並表示這是一個聯邦機構（不僅限於國防部，而是所有官方平台）可以採購的聯邦機構。因此，藍名單和國防工業部門 (DIU) 承擔了初步審查程序，我們的假設是，聯邦機構在考慮未來採購對象時，會先參考該名單。

And then maybe just to sneak one last one on SpaceMD. I mean, what changes with that business going forward as a new entity? What was the structure required to capture royalties? And maybe how are you thinking about that opportunity going forward as that gets separated out?

然後或許還可以偷偷在 SpaceMD 上再看一次。我的意思是，這家企業重組為新實體後，未來會發生哪些變化？要實現版稅收入的合理架構是什麼？那麼，隨著這項業務被剝離出來，您如何看待未來的發展機會？

Yeah. No, it's a great question. And quite frankly, much of the strategic thinking around this came from questions on earnings calls from you all, as well as investor questions and questions from our own Board about what does this strategic pillar that I talk about in 2024 called, unlocking venture optionality really mean?

是的。不，這是一個很好的問題。坦白說，圍繞這項策略的許多思考都源於各位在財報電話會議上提出的問題，以及投資者和我們董事會成員提出的問題，即我在 2024 年提到的這個戰略支柱——釋放風險投資選擇權——究竟意味著什麼？

And to be explicit about it, it was how do you unlock that venture potential and take it from being optionality to an actual value creating part of the business? And so as we started contemplating that, and we've had previous questions on calls about the business model and whether there was opportunity for generating royalties, we were working very hard on putting that together.

更確切地說，問題在於如何釋放這種創投的潛力，並將其從可選項轉變為企業實際創造價值的一部分？因此，當我們開始思考這個問題時，之前在電話會議上我們也曾被問及商業模式以及是否有可能產生版稅，我們一直在努力把這些整合起來。

The ExesaLibero agreement gave us a proof point that this was in fact a viable business model. And there are pharmaceutical companies out there that see the value of it, that they would be willing to sign an agreement of this type.

ExesaLibero 協議向我們證明了這確實是一種可行的商業模式。也有一些製藥公司看到了這種做法的價值，他們願意簽署這類協議。

So once we had the proof point associated with the strategy, we looked at some of the ways that competitors were positioning themselves, companies like Varda and the associated valuation and shareholder accretion that were generated by those businesses. And we thought to ourselves, well, perhaps by making it very distinct, we can unlock the venture optionality by putting significant focus and getting the right people with the right story focused on going out to the pharma industry to create the partnerships as part of this separate branding. Because in some cases, when you approach a pharma company as Redwire, they see you as a space infrastructure company less than as a development company. This gives us a vehicle to work inside those markets in the most streamlined and direct way possible. And again, like I said, the Aspera Biomedicines is a proof point, albeit that's a more traditional model where we're paid to run a facility.

因此，一旦我們獲得了與該策略相關的證明點，我們就研究了競爭對手的一些定位方式，例如 Varda 等公司，以及這些企業所產生的相關估值和股東增值。我們當時就想，或許透過使其與眾不同，我們可以集中精力，讓合適的人帶著合適的故事，專注於與製藥業建立合作關係，從而釋放創投的選擇權，這也是這個獨立品牌的一部分。因為在某些情況下，當你以 Redwire 的名義與製藥公司接洽時，他們更多地將你視為一家研發公司，而不是太空基礎設施公司。這使我們能夠以最精簡、最直接的方式在這些市場中開展工作。再說一遍，就像我剛才說的，Aspera Biomedicines 就是一個例證，儘管那是一個更傳統的模式，我們透過經營一家工廠來獲得報酬。

But certainly, the ExesaLibero is what we hope is the first of these proof points that show that this kind of model for microgravity drug development has finally come of age.

但可以肯定的是，我們希望 ExesaLibero 是第一個證明這種微重力藥物開發模型已經成熟的例子。

Suji Desilva, ROTH Capital Partners.

蘇吉‧德席爾瓦 (Suji Desilva)，羅仕資本合夥人。

You guys said I think you're conducting reviews of all your programs for kind of EACs and the assumptions baked in. Is that an ongoing effort right now? And when do you think that review process would conclude?

你們說你們正在對所有程序進行審查，以評估其 EAC 和其中隱含的假設。目前這項工作仍在進行中嗎？你認為審查過程何時會結束？

I mean, let's be clear, Suji, and I'll let Pete -- we, by nature of our programs, we conduct these reviews very regularly, right? What we're trying to say is we were conducting the reviews as part of after the second quarter was completed in July and as part of those reviews, both operational and financial. This is when the EAC became evident there was work being done as part of that. But again, these are part of the normal reviews that we believe are excellent accounting controls and in partnership with our operations.

我的意思是，蘇吉，咱們說清楚點，我讓皮特來說——由於我們項目的性質，我們會非常定期地進行這些審查，對吧？我們想表達的是，我們在7月份第二季結束後進行了審查，審查內容包括營運和財務兩方面。這時，EAC 才意識到，作為其中一部分的工作正在進行中。但再次強調，這些都是我們認為優秀的會計控制措施，也是我們營運部門合作的一部分，屬於正常的審核流程。

Go ahead, Pete.

請便，皮特。

Yeah, no, I'm glad you brought that up because I don't want to be misinterpreted. The reviews are systemic to what we do. This is what we do and we will always do it this way. I think the greater focus is on trying to characterize the whole EAC dynamic in our forecasting and making sure that we have the best processes in place to ensure that we capture any variability as early as possible.

是的，我很高興你提到了這一點，因為我不想被誤解。審核是我們工作中不可或缺的一部分。我們一直都是這樣做的，而且以後也會一直這樣做。我認為，更應該關注的是在我們的預測中嘗試描述整個東亞大氣環流動態，並確保我們擁有最佳流程，以確保我們儘早捕捉到任何變化。

Okay, and I appreciate that clarification. I understand these are first of their kind projects which are fixed fees. So this is a new kind of world for this.

好的，感謝您的解釋。我知道這些都是首創的固定費用項目。所以，這對它來說是一個全新的世界。

And then separately, congrats on the win for the Stalker. I'm curious, as you've been down selected or the prototype has been off awarded, are you the only one providing a prototype? Are there multiple and just remind us the competitive advantage of Stalker that may have helped you get an Edge in this program. I think it's a battery tech, but you can clarify that.

另外，恭喜 Stalker 獲勝。我很好奇，既然你們已經入選或原型設計已經確定，是不是只有你們一家提供原型設計？是否有多個？請提醒我們 Stalker 的競爭優勢，這些優勢可能有助於您在此專案中取得優勢。我認為這是電池技術的問題，但你能幫忙確認嗎？

Yeah, that's correct. We do not know who has been awarded prototype contracts, so we just don't know. The competitive advantage of Edge is, as you said, the range and duration of flight that we can achieve with our battery intellectual property that gives us best-in-class duration and range and duration for our group category in the UAS Group 2 category.

是的，沒錯。我們不知道哪些公司獲得了原型合同，所以我們一無所知。正如您所說，Edge 的競爭優勢在於，憑藉我們的電池智慧財產權，我們可以實現飛行範圍和持續時間，這使我們在 UAS Group 2 類別中擁有同類最佳的持續時間和航程。

Okay. All right, great. Thanks, Pete. Thanks, Jonathan.

好的。好的，太好了。謝謝你，皮特。謝謝你，喬納森。

Yeah, I'd probably add to that, too, that the combat proven operational performance is a key part of it, too. I think sometimes people overlook that the Marine Corps and Special Forces have already been using Stalker pretty extensively. So I can't speak for the Army, but I imagine that they looked at that as well.

是的，我可能還會補充一點，實戰檢驗過的作戰表現也是關鍵因素之一。我認為人們有時會忽略海軍陸戰隊和特種部隊已經廣泛使用 Stalker 軟體的事實。所以我不能代表陸軍發言，但我認為他們也考慮過這一點。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

As it relates to the contract with a large number of EACs, it's still ongoing and if so, how should we think about the margin profile going forward on that if you've already exceeded the cost, will they all be EACs? Will it, now that you've taken the EACs, start fresh and have normal gross margins? Just wanted to kind of understand the impact in the second half of the year if it's still ongoing.

至於與大量 EAC 簽訂的合同，目前仍在進行中。如果是這樣，我們該如何考慮未來的利潤率呢？如果已經超過了成本，它們是否都是 EAC？既然你已經計算了EAC，那麼它會重新開始並獲得正常的毛利率嗎？我只是想了解一下，如果這種情況持續下去，會對下半年產生什麼影響。

So, Brian, when we talk about taking this large EAC, we have been very conservative as part of this. And in any type of EAC, you have an ability over time to both again, continue to get cash flow, continue to get margin.

所以，布萊恩，當我們談到要承擔如此龐大的 EAC 時，我們一直非常保守。在任何類型的 EAC 中，隨著時間的推移，你都有能力再次實現這兩點：繼續獲得現金流，並繼續獲得利潤。

For this particular contract and without getting into too much detail, contract by contract, we generally want to be very conservative when we take it so that over time, as we perform, both cash flow comes in obviously at a better margin than what we've already taken. And that's kind of the history. That's why as part of most of our EACs, we then work as the project and the program is going to be ongoing to move forward.

對於這份特定的合同，無需過多贅述細節，就每份合約而言，我們通常希望在簽訂合約時非常保守，以便隨著時間的推移，隨著我們業績的提升，現金流的利潤率顯然會比我們已經獲得的利潤率更高。這就是大致的歷史。因此，作為我們大多數 EAC 的一部分，我們接下來的工作是確保專案和計劃能夠持續推進。

Okay. As it relates to the LRR program, that $325 million of initial funding, is that for one year for fiscal '26 or is that year marked and it will be $325 million for multiple years.

好的。就 LRR 計畫而言，這 3.25 億美元的初始資金，是指 2026 財年的一年資金，還是指 2026 財年，並且未來幾年都將是 3.25 億美元？

It's the 2026 one-year governmental budget line. And as I understand it, they budget on a year-by-year basis for the procurement to be spent in that year.

這是2026年一年期政府預算。據我了解，他們每年都會制定採購預算，用於當年的採購支出。

And how long at the valuation period do you think of the prototype?

在評估期內，您認為原型機需要多長時間？

I don't have any --

我沒有--

Yeah. Look, historically in all of these prototype phases, it doesn't go out very long, right? These are meant to then move into an operational phase. That's the way it is.

是的。從歷史上看，所有這些原型階段，產品上市時間都不會很長，對吧？這些項目隨後將進入運行階段。事情就是這樣。

I think we're thinking about it as if you look at the administration and the Department of Defense position on US drone dominance, I don't think they're being given a lot of time. The sentiment that we understand is that this is a major priority for this administration and they want to see UAS dominance in the near term.

我認為，從政府和國防部對美國無人機優勢的立場來看，他們並沒有得到太多時間。我們了解到，這是本屆政府的一項重要優先事項，他們希望在短期內看到無人機系統佔據主導地位。

That's how we interpreted the memo. I encourage anybody who is out there who is interested in the UAS market, go and read that memo.

我們就是這樣解讀這份備忘錄的。我鼓勵所有對無人機系統市場有興趣的人去閱讀那份備忘錄。

And just for all the investors out there, we plan on obviously coming out after this earnings announcement with more information about our UAS business, which we're really excited about. Tremendous growth wedge as part of the business that some of it we've talked about. Now that the combined companies are there, we plan on giving more information about this in the future. Pretty exciting.

對於所有投資者而言，我們計劃在本次財報發布後公佈更多關於我們無人機系統業務的信息，我們對此感到非常興奮。巨大的成長潛力是我們之前討論過的業務的一部分。現在合併後的公司已經成立，我們將來會公佈更多相關資訊。真令人興奮。

Griffin Boss, B. Riley Securities.

Griffin Boss，B. Riley Securities。

So is there anything more you could provide today as to what Edge's results were for the full second quarter and what its proportion of backlog is given that you said you included that in the backlog as well.

那麼，今天您能否提供更多關於 Edge 第二季度整體業績以及其積壓訂單佔比的資訊？因為您說過您也將其計入了積壓訂單中。

Yeah. So Griffin, again, to remind everybody that the transaction closed on June 13. So the results that are in the current disclosure and we'll release the 10-Q later today allows you to see a very small amount of results from Edge.

是的。所以，格里芬再次提醒大家，這筆交易已於 6 月 13 日完成。因此，目前披露的資訊以及我們今天稍後發布的 10-Q 表格中的結果，可以讓您看到 Edge 的一小部分結果。

For the rest of the year and then into '26, we'll obviously show the full results of Edge. However, as part of our disclosure, we'll disclose revenue and net income loss recognized for Edge from the acquisition 6/30 and pro forma results for the same three- and six- month period for June 30, both 2025 and June 30, 2024.

在今年剩餘的時間裡，以及進入 2026 年，我們顯然會展示 Edge 的全部結果。但是，作為我們揭露的一部分，我們將揭露 6 月 30 日收購 Edge 確認的收入和淨利虧損，以及 2025 年 6 月 30 日和 2024 年 6 月 30 日同期三個月和六個月的備考業績。

As you'll see when the 10-Q is filed, you can calculate the Q2 revenue for Edge, which was approximately $58 million. And so you'll be able to do that as part of when the Q comes out and then we'll be able to talk about that over the next number of months as we disclose more information about this exciting and accretive acquisition.

從 10-Q 表格提交後您將看到的，您可以計算出 Edge 的第二季收入，約 5,800 萬美元。因此，當季度報告發佈時，您就可以了解相關信息，然後在接下來的幾個月裡，隨著我們披露更多關於這項令人興奮且具有增值意義的收購的信息，我們將能夠討論這個問題。

Got it. Great. Thanks, Jonathan, for that. And then, yeah, next for me and apologize if this was covered earlier on. But regarding LRR, do you have any idea how many companies could potentially be down selected on that program? And also given that this is a program of record, how soon we could perhaps expect to see any potential award there?

知道了。偉大的。謝謝你，喬納森。然後，是的，接下來我要講的就是這個，如果之前已經講過了，我先道個歉。但是關於 LRR，您是否知道有多少家公司可能會被該專案淘汰？此外，鑑於這是一個正式的評選項目，我們大概多久才能看到任何可能的獎項公佈？

We do not know how many can be selected. We see us being having a purchase by the way, this wasn't just an invite to prototype, they're actually procuring the aircraft as having us well-positioned. But whether it's a winner take all or a couple awards, we don't have insight into the Army's plan there.

我們不知道能選出多少人。順便說一句，我們看到我們正在進行採購，這不僅僅是邀請我們進行原型機測試，他們實際上正在採購這架飛機，這讓我們處於有利地位。但究竟是贏家通吃還是只頒發幾個獎項，我們並不了解陸軍在這方面的計畫。

What was the second part of your question?

你問題的第二部分是什麼？

It was if you had any potential expectation for when we could see an award given. It's a program of record, so shouldn't be affected by the CRR?

就好像你對我們何時能看到頒獎典禮抱有任何期待似的。這是一個正式的節目，所以應該不會受到 CRR 的影響？

Yeah. We don't know, so -- but we do believe that the DoD has got very aggressive about making drone dominance a priority. So we're optimistic that it's not going to linger for long. I think maybe the most simplistic way I can answer this is that government fiscal years start in October, October 1.

是的。我們不知道，但我們相信美國國防部已經非常積極地將無人機優勢作為優先事項。所以我們樂觀地認為這種情況不會持續太久。我認為最簡單的回答方式是，政府財政年度從十月開始，也就是 10 月 1 日。

So when we talk about it being in budget for 2026, we don't mean after January, we mean in a couple or 1.5 months here or whatever it is will be when the budget for 2026 will be active. But obviously, there's been a lot of uncertainty around the timing of government programs associated with the budgeting process as we articulated. So when they will actually get to executing the contracts out of that October 2026 budget start, we're not trying to predict.

所以，當我們說要將其納入 2026 年預算時，我們指的不是 1 月之後，而是指幾個月或一個半月之後，或者不管多久之後，2026 年預算才會生效。但顯然，正如我們之前闡述的那樣，與預算編制過程相關的政府項目的時間安排存在許多不確定性。所以，我們並不試圖預測他們何時才能真正開始執行 2026 年 10 月預算啟動後的合約。

Scott Buck, H.C. Wainwright.

斯科特·巴克，H.C. 溫賴特。

Hi. Good morning, guys. Thanks for the time. Just one from me. With the closing of Edge, can you provide us with a little bit of color on what the information share looks like across Legacy, Redwire, and Edge today and maybe a bit of a road map on integration through the remainder of the year? That would be great.

你好。各位早安。感謝您抽出時間。我只有一個。隨著 Edge 的關閉，您能否為我們詳細介紹一下目前 Legacy、Redwire 和 Edge 之間的資訊共享情況，並就今年剩餘時間的整合計劃提供一些路線圖？那太好了。

Yeah. Well, I'll take the second half first and then Jonathan can take the first half. In terms of the road map for integration, obviously the number one thing that we start from an integration perspective is the financial integration for reporting. So that is obviously very well underway, has gone extremely well and has been our initial focus.

是的。那我先做後半部分，然後喬納森再做前半部分。就整合路線圖而言，從整合的角度來看，我們首先要著手的顯然是財務報告的整合。所以很明顯，這項工作進展非常順利，而且一直是我們的重點。

As we continue to progress, I would say the next big thing is looking at aligning strategic road maps and the allocation of investment and looking for those combined BD opportunities where multi domain provides a highly strategic differentiator for us. And that, of course, is also well underway.

隨著我們不斷取得進展，我認為下一個重要的事情是著眼於協調策略路線圖和投資分配，並尋找那些多領域業務拓展機會，這些機會能夠為我們帶來高度的策略差異化優勢。當然，這項工作也正在順利進行中。

And then we have a very robust integration framework as you can imagine, we've done this. This is our 11th acquisition, so we're following our playbook and I think I articulated in the script look to have it completed in about 12 months.

然後，正如你所想，我們擁有一個非常強大的整合框架，我們已經做到了這一點。這是我們的第 11 次收購，所以我們正在按照既定的策略進行，我認為我在計劃中已經明確表示，希望在大約 12 個月內完成。

I mean, Scott, I'll just say from a financial information standpoint and consistent with previous, especially the large acquisition that we did 2.5 years ago, the financial community will see and has already seen the information on Edge Autonomy is part of our proxy that we filed about two months ago. And so you're able to see that information as part of our 10-Qs and our 10-Ks.

我的意思是，史考特，從財務資訊的角度來看，與以往的情況一致，特別是我們2.5年前進行的大規模收購，金融界將會看到，而且已經看到了，有關Edge Autonomy的資訊是我們大約兩個月前提交的委託書的一部分。因此，您可以在我們的 10-Q 表格和 10-K 表格中看到這些資訊。

You'll also be able to see pro forma information similar to what I just spoke about in answering a previous question in which you'll see full Q2, you'll see that comparison to 2024, and then you'll see the same thing for subsequent quarters and the full year.

您還可以看到類似於我剛才在回答前一個問題時提到的預測信息，其中您將看到完整的第二季度數據，您將看到與 2024 年的比較，然後您將看到後續季度和全年的相同數據。

So we do expect you to be able to understand that business. It is a higher margin business on a gross basis at this current state because they're mature into production. But just use that as a guide in what we've already shown. And again, a very accretive transaction and again operating the way that we saw already with nice growth, high margins.

所以我們希望您能夠理解這項業務。目前來看，這是一個毛利潤率較高的行業，因為他們的生產已經成熟。但請以此為指導，參考我們已經展示的內容。而且，這筆交易再次帶來了巨大的收益，公司也像我們之前看到的那樣，實現了良好的成長和高利潤率。

Austin Moeller, Canaccord Genuity.

Austin Moeller，Canaccord Genuity。

Hi. Good morning, Pete and Jonathan. So my first question, how do you view NASA's new directive on future contract awards for the commercial LEO destinations program? And how do you expect that may impact your revenues versus the restored funding from Congress through the ISS?

你好。早上好，皮特和喬納森。所以我的第一個問題是，您如何看待 NASA 關於未來商業近地軌道目的地計畫合約授予的新指令？那麼，您認為這會對您的收入產生怎樣的影響，與國會透過國際太空站恢復的撥款相比呢？

Well, I'll take the latter part first. The restored funding for the ISS is obviously good for us. We do a lot of work on the International Space Station that leads to more shots on goal with PIL-BOX and our other microgravity innovations. So we're excited about that and we're excited about the recognition that having a presence in low earth orbit is really important to not only the US but our allies as well.

好吧，我先回答後半部。國際太空站復原撥款顯然對我們有利。我們在國際太空站上做了很多工作，這使得 PIL-BOX 和我們的其他微重力創新能夠獲得更多成功的機會。所以，我們對此感到興奮，也為人們認識到在近地軌道上擁有存在不僅對美國，而且對我們的盟友都非常重要而感到興奮。

And some of the variability that we've talked about in terms of uncertainty in the timing of things is to put a finer point on it is ESA, which is a very big customer of ours, looking to see what direction NASA is going to go in with some of the programs like the ISS, as well as the longer-term programs associated with Artemis, like Gateway. But I think we're starting to see through the budgetary process that the programs are going to be healthy here going forward.

我們之前討論過的一些關於時間安排不確定性的變化，更具體地說，是我們的一位非常重要的客戶——歐洲航天局（ESA）——正在關注美國宇航局（NASA）在國際太空站（ISS）等項目以及與阿爾忒彌斯計劃相關的長期項目（如門戶空間站）方面的發展方向。但我認為，透過預算流程，我們開始看到這些項目未來將會發展得很好。

In terms of CLD, I think it's good that we're seeing additional clarity there. I would point to, as we've discussed previously, Redwire's is positioned to be what we colloquially refer to as the orbital outfitter for government and commercial space stations. So as these space stations come online and the investment goes into building them out, whether it's funded by NASA or funded by individual companies, we're clearly an important subsystem provider for that since we have the proven rollout solar array capabilities on the International Space Station now.

就CLD而言，我認為看到這方面更加明朗是件好事。正如我們之前討論過的，Redwire 的定位是我們俗稱的政府和商業太空站的軌道設備供應商。因此，隨著這些太空站投入使用，無論是由 NASA 資助還是由各個公司資助，我們顯然都是重要的子系統供應商，因為我們現在在國際太空站上擁有成熟的太陽能電池陣列部署能力。

And we're of course -- well, it's been through a number of press releases with our associations with VAST and others, it's been well established that we're positioned to be providing onboard capability like our PIL-BOX and other microgravity capabilities for anyone who successfully executes their plan.

當然，我們——嗯，透過與 VAST 和其他機構的合作，我們發布了一系列新聞稿，已經充分證明，我們有能力為任何成功執行其計劃的人提供機載能力，例如我們的 PIL-BOX 和其他微重力能力。

Okay. And just a follow-up. Presumably you view the funding opportunity in fiscal year '26 as more favorable than the CR this year. Do you expect any Golden Dome contract awards that you're bidding on to be issued more in the first half or the second half of '26? And are you bidding as a prime contractor, a subcontractor, or both?

好的。還有一個後續問題。想必您認為 2026 財年的撥款機會比今年的 CR 撥款機會更有利。您預計您正在競標的任何金頂獎合約會在 2026 年上半年還是下半年頒發？您是以總承包商、分包商還是兩者皆是的身份參與投標？

So I can't discuss the details of our bidding strategy on Golden Dome other than to say we are actively bidding into Golden Dome in a variety of ways based on the early industry conferences that we have been invited to today. So we're an active participant in the Golden Dome acquisition.

因此，除了說我們正在根據今天受邀參加的早期行業會議，以各種方式積極參與金穹頂計畫的競標之外，我無法討論我們競標金穹頂計畫的具體策略。因此，我們積極參與了金頂大樓的收購。

In terms of timeline for Golden Dome, again, we don't -- part of, I think one of the major themes of the uncertainty in the second half of 2025 is there isn't a lot of insight right now as to when these programs are going to be awarded. But General Guetlein, who is leading the Golden Dome effort, has -- they only have three years that they've outlined to accomplish their goals. So I believe they will move out quickly.

至於金頂計畫的時間表，我們仍然不清楚——我認為，2025 年下半年不確定性的主要主題之一是，目前對於這些項目何時授予還沒有什麼了解。但領導金頂計畫的蓋特萊因將軍表示，他們只有三年時間來實現他們的目標。所以我相信他們會很快搬走。

But again, the -- when that actual -- it's a material. If you look at the fact that sitting in this chair last year, if you had asked me what the number one national security space program opportunity would be, I would have said the SDA tranches coming out of the Space Development Agency.

但再說一遍，當那實際發生時——它是一種材料。如果你回顧去年我坐在這個位置上的情況，如果你問我認為國家安全領域最重要的太空計畫機會是什麼，我會說是太空發展局推出的SDA計畫。

There has been a lot of uncertainty around that. And it seems to be kind of an on again, off again thing that's going on out there. How that -- those funds and the funding and the architecture and all that kind of stuff transitions into a new yet to be defined Golden Dome architecture does introduce an element of uncertainty.

這一點一直存在著許多不確定性。而且，目前的情況似乎是時好時壞。這些資金、資金、建築以及所有這些東西如何過渡到尚未定義的新金色穹頂建築，確實引入了一定的不確定性。

But all I can say similar to LRR is that we are very focused that these are the Department of Defense's priorities. So we're not, fortunately, a business that is -- even though there's uncertainty around it, we're not a business that's focusing on deprioritized trends. We have a lot to offer to these prioritized initiatives.

但我只能說，與 LRR 類似，我們非常重視這些，因為這些正是國防部的優先事項。所以，幸運的是，我們並不是一家專注於被邊緣化的趨勢的企業——儘管這方面存在不確定性，但我們並不是專注於被邊緣化的趨勢的企業。我們能為這些優先項目做出許多貢獻。

Great. Thank you for taking my question.

偉大的。感謝您回答我的問題。

We have reached the end of the question-and-answer session. And I would like to turn the floor back to Jonathan Baliff for closing remarks.

問答環節到此結束。現在，我想把發言權交還給喬納森·巴利夫，讓他做總結發言。

Thank you for your questions. Before we conclude today's Q&A and as we've done the last several quarters, we'd like to ask a select question drawn from our retail investor community.

謝謝你的提問。在結束今天的問答環節之前，我們將像過去幾個季度一樣，提出一個來自我們散戶投資者群體的特定問題。

Today's question comes from Reddit. Redwire owns a new domain, rdw.com, are you moving away from redwirespace.com. Pete?

今天的問題來自Reddit。Redwire 擁有了一個新網域 rdw.com，你們是不是要放棄 redwirespace.com 了？ Pete？

No, it's -- I'm always amazed by the attention to detail from the retail investor. They really do an incredible job noticing some of these moves.

不，我總是對散戶對細節的關注程度感到驚訝。他們確實非常敏銳地註意到了這些動向。

And I think it's an insightful question because we are moving forward as rdw.com, of course we're still Redwire, but Redwire has -- both Redwire Space as well as Edge Autonomy. And perhaps symbolically, the move to rdw.com really just underscores that a Redwire is no longer just a pure-play space company. We are a space and defense tech company.

我認為這是一個很有見地的問題，因為我們作為 rdw.com 正在向前發展，當然我們仍然是 Redwire，但 Redwire 已經擁有了 Redwire Space 和 Edge Autonomy。或許具有像徵意義的是，遷移到 rdw.com 確實強調了 Redwire 不再只是一家純粹的太空公司。我們是一家航太和國防科技公司。

And there's a lot of reasons why that is highly strategic. But I think in the context of the discussion we've had today, the thing I'd like to highlight most is Redwire has always had this position of being diversified across what we call things that are happening today that are generating revenue and profit today, as well as things that are happening in the bold future. And it's a bit of a hybrid because there are some companies who are more towards completely towards the venture side of things. They don't generate much near-term revenue.

這其中有許多原因說明它具有很高的戰略意義。但我認為，就我們今天討論的內容而言，我最想強調的是，Redwire 一直秉持著多元化的理念，既關注當下能夠產生收入和利潤的事物，也關注充滿希望的未來發展。它有點像混合體，因為有些公司更傾向於完全風險投資方面。它們短期內不會產生多少收益。

Certainly, profitability doesn't tend to be a focus area for those kind of companies. And then there's other companies who have great traditional revenue streams but don't have a bold vision for the future. We're a hybrid and that's what we try. We've always tried to articulate that when we talk our picks and shovels side of the business of providing subsystem components, as well as our unlocking breakthrough technologies part of our strategy in terms of the biotech.

當然，對於這類公司來說，獲利能力通常不是關注的重點。還有一些公司擁有良好的傳統收入來源，但對未來卻缺乏遠大的願景。我們是混合型企業，這也是我們努力的方向。我們一直試圖闡明這一點，當我們談論我們提供子系統組件的業務（包括鎬和鏟子）以及我們在生物技術方面解鎖突破性技術策略的一部分時。

The pivot to RDW is really just an extension of that. We look at the similarities between defense tech and space, and we recognize that defense tech in many cases is a much more mature market than the emerging space industry is. And therefore, expanding the vision to include both high tech things in space as well as high tech things like UAS's allows us to continue that tradition of trying to have that portfolio effect via our diversified strategy of things that are being procured now and that have really strong demand in the immediate future with things that have a much longer tail.

轉向RDW其實只是這種理念的延伸。我們研究了國防科技和航太領域的相似之處，並認識到國防科技在許多方面比新興的航太產業成熟得多。因此，將視野擴展到包括太空高科技以及無人機系統等高科技，使我們能夠繼續秉承這一傳統，透過多元化策略來實現投資組合效應，該策略既包括目前正在採購且在不久的將來需求非常強勁的產品，也包括具有更長遠發展前景的產品。

And in my closing remarks at the end, I talked about that space is a long-term investment and it has to be viewed that way in terms of how we certainly, I should say view it that way in terms of how things are going to play out.

最後，我在總結演講中談到，太空領域是一項長期投資，我們必須從這個角度來看待它，當然，我應該說，我們必須從這個角度來看待它，才能看到事情的發展方向。

But the pivot to rdw.com underscores that we also see a lot of value in having a strong base in the defense tech area that enables us to be patient to see how some of these programs like SpaceMD and others, play out over the long-term.

但轉向 rdw.com 也凸顯了我們在國防技術領域擁有強大基礎的巨大價值，這使我們能夠耐心觀察 SpaceMD 等計畫在長期發展中的表現。

So I appreciate that question. And again, our retail investors have a keen eye for that kind of thing. And I think that question, in particular, was insightful because it was a great way for me to use a symbolic change to underscore a much broader strategic pivot.

我很感謝你提出這個問題。再說一遍，我們的散戶對這類事情非常敏感。我認為這個問題尤其具有洞察力，因為它讓我能夠透過象徵性的變化來強調更廣泛的策略轉變。

So with that, thank you, all, for the questions. And as always, it's great to engage with the retail investor community as well, as all of you. And with that, we appreciate everybody taking the time to listen today and go Redwire.

那麼，謝謝大家的提問。和以往一樣，很高興能與散戶群體以及各位交流。最後，我們感謝大家今天抽出時間收聽並關注 Redwire。

Thank you. And this concludes today's conference, and you may disconnect your line at this time. We thank you for your participation.

謝謝。今天的會議到此結束，您可以掛斷電話了。感謝您的參與。