Redwire Corp (RDW) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Redwire Corporation third-quarter 2025 earnings call. (Operator Instructions) Please note that this conference is being recorded. I will now turn the conference over to your host, Alex Curatolo, Senior Director of Investor Relations.

大家好，歡迎參加 Redwire 公司 2025 年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給主持人，投資者關係高級總監 Alex Curatolo。

Good morning, and thank you, Diego. Welcome to Redwire's third-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. 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.

早安，謝謝你，迭戈。歡迎參加 Redwire 2025 年第三季財報電話會議。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。在此提醒各位，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、預期、意圖或預測。

Our forward-looking statements are subject to risks and uncertainties that are described in more detail on slides 2 and 3. Additionally, to the extent we discuss non-GAAP measures during the call, please see slide 3, our earnings release or the investor presentation on our website for the calculation of these measures and their reconciliation to US GAAP measures.

我們的前瞻性聲明有風險和不確定性，詳情請參閱投影片 2 和 3。此外，如果我們在電話會議中討論非GAAP指標，請參閱投影片3、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; Jonathan Baliff, Redwire's Chief Financial Officer; and Chris Edmunds, Redwire's Chief Accounting Officer and incoming Chief Financial Officer, effective December 1, 2025.

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；Redwire 財務長 Jonathan Baliff；以及 Redwire 財務長兼即將上任的財務長 Chris Edmunds（將於 2025 年 12 月 1 日生效）。

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

接下來，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 third-quarter of 2025. Chris, our incoming Chief Financial Officer, will then present the financial highlights for the same period and discuss our 2026 outlook, after which we will open the call for Q&A. Please turn to slide 5. Now that we have a full quarter of performance from the combination of Redwire Space and Edge Autonomy, I would like to continue to emphasize the major transformation underway at Redwire.

謝謝你，亞歷克斯。在今天的電話會議上，我將概述我們在 2025 年第三季的主要成就。接下來，即將上任的財務長克里斯將介紹同期財務亮點，並討論我們對 2026 年的展望，之後我們將開放問答環節。請翻到第5張投影片。現在，Redwire Space 和 Edge Autonomy 的結合已經帶來了整整一個季​​度的效能數據，我想繼續強調 Redwire 正在進行的重大變革。

As you will see in our accomplishments and results, the technical, operational, and financial positioning of our platform has been significantly enhanced. As part of this transformation, I'm excited to introduce our updated vision statement, reflecting Redwire as an integrated space and defense tech company.

正如您將從我們的成就和成果中看到的那樣，我們平台的技術、營運和財務狀況都得到了顯著提升。作為此次轉型的一部分，我很高興地向大家介紹我們更新的願景聲明，它將 Redwire 定位為綜合性的航太和國防科技公司。

At Redwire, our expanded vision is to pioneer next-generation space and defense technologies that empower scientific discovery, advance global industries, and strengthen security, transforming how humanities explores, connects, and protects from the skies above to the stars beyond. Let's now turn to a discussion of highlights from the third-quarter of 2025. Please turn to slide 7.

在 Redwire，我們擴展的願景是開創下一代太空和國防技術，以推動科學發現，促進全球產業發展，加強安全，從而改變人類探索、連接和保護的方式，從天際到星辰。現在讓我們來討論一下 2025 年第三季的亮點。請翻到第7頁投影片。

As you can see from the highlights on this slide, the impact of our transformation, including the acquisition of Edge Autonomy was accretive to our financial performance. During third-quarter of 2025, we increased our adjusted gross margin to 27.1% in the third-quarter. We also saw sequential improvement of $24.8 million in our adjusted EBITDA. Additionally, we recorded significant revenue growth of 67.5% sequentially and 57% year-over-year to revenues of $103.4 million during the third-quarter. We continue to scale aggressively.

從這張投影片的亮點可以看出，我們的轉型，包括收購 Edge Autonomy，對我們的財務表現產生了正面影響。2025年第三季度，我們的調整後毛利率提高至27.1%。我們的調整後 EBITDA 也比上季成長了 2,480 萬美元。此外，第三季我們的營收季增 67.5%，年增 57%，達到 1.034 億美元。我們將繼續積極擴大規模。

From a growth perspective, we closed a number of key strategic opportunities, adding to our backlog by achieving a book-to-bill ratio of 1.25, resulting in backlog of $355.6 million as of September 30, 2025. We are greatly encouraged by our growth reflected in our strong book-to-bill in Q3 based on strong customer demand for our differentiated products. However, looking forward, we anticipate some issues with near-term timing of awards in Q4 resulting from the ongoing US government shutdown.

從成長的角度來看，我們抓住了許多關鍵的策略機遇，實現了 1.25 的訂單出貨比，增加了我們的積壓訂單，截至 2025 年 9 月 30 日，積壓訂單金額達到 3.556 億美元。第三季強勁的訂單出貨比反映了我們的成長，這主要得益於客戶對我們差異化產品的強勁需求，我們對此感到非常鼓舞。然而，展望未來，由於美國政府持續停擺，我們預計第四季度短期內授獎時間可能會出現一些問題。

In particular, we have seen delays in the US Army's long-range reconnaissance and similar UAS programs as well as a slow start to Golden Dome. We've ramped production capability to meet these needs, but have not yet seen awards begin to flow. Therefore, we anticipate the diminished government staff and resulting delay in contracting activity is likely to push a number of our anticipated awards out of the quarter. Notably, however, we do not see a decrease in demand, but rather a temporary near-term timing impact that supports a strong 2026 as the government returns to full strength.

尤其值得注意的是，美國陸軍的遠程偵察和類似的無人機系統項目出現了延誤，而「金色穹頂」計畫的啟動也較為緩慢。我們已經提高了生產能力以滿足這些需求，但尚未看到訂單開始紛至沓來。因此，我們預計政府人員減少以及由此導致的合約活動延遲可能會使我們預期的一些合約授予推遲到本季度之外。但值得注意的是，我們並未看到需求下降，而只是短期內的時間影響，隨著政府恢復全面運作，這將支撐 2026 年的強勁成長。

Please turn to slide 8. As Redwire nears completion of its transformation, expanding from exclusively space subsystems and components to becoming a highly scalable space and defense technology platform, I'd like to reorient investors to our five primary value-driving product areas. These value drivers represent the product areas where Redwire has differentiated intellectual property, first-mover advantage and recognized thought leadership in rapidly growing domains with sizable total addressable markets.

請翻到第8張幻燈片。隨著 Redwire 的轉型即將完成，從單純的空間子系統和組件擴展到高度可擴展的太空和國防技術平台，我想讓投資者重新專注於我們五個主要的價值驅動產品領域。這些價值驅動因素代表了 Redwire 在快速成長的領域中擁有差異化智慧財產權、先發優勢和公認的思想領導力的產品領域，這些領域擁有龐大的潛在市場。

They are differentiated next-gen spacecraft, particularly in VLEO and GEO like SabreSat, Phantom and Mako and others that support next-generation capabilities such as high-fidelity earth observation, quantum key distribution, in-space refueling, AI imaging and maneuverability.

它們是差異化的下一代航天器，尤其是在 VLEO 和 GEO 中，例如 SabreSat、Phantom 和 Mako 等，它們支援下一代功能，例如高保真地球觀測、量子密鑰分發、在軌加油、人工智慧成像和機動性。

Large space infrastructure, specifically our rollout solar arrays and international berthing and docking mechanisms where we provide building blocks for critical space infrastructure like space stations and Moon to Mars exploration. Microgravity development, where we are a global leader with decades of heritage and hundreds of experiments flown in the areas of biotechnology and advanced materials and manufacturing.

大型太空基礎設施，特別是我們的可展開式太陽能電池陣列和國際對接機制，我們為太空站和月球到火星探索等關鍵太空基礎設施提供建造模組。我們在微重力開發領域處於全球領先地位，擁有數十年的經驗，並在生物技術、先進材料和製造領域進行了數百次飛行實驗。

Combat proven UAS, namely the Stalker and Penguin series, where we supply combat-proven autonomous UAS built in the United States and Europe to war fighters in the most challenging battlefield environments. And finally, sensors and payloads such as optics and radio frequency systems where we support multi-domain missions ranging from airborne ISR to Artemis and the historic commercial moon landings. To underscore our strategic positioning in each area, I will share a brief description of the differentiators, a highlight or two from the third-quarter as well as examples of future growth targets as we move towards 2026.

實戰驗證的無人機系統，即 Stalker 和 Penguin 系列，我們向最具挑戰性的戰場環境中的作戰人員提供在美國和歐洲製造的、經過實戰驗證的自主無人機系統。最後，我們還提供光學和射頻系統等感測器和有效載荷，以支援從空中 ISR 到阿爾忒彌斯計畫和歷史性的商業登月等多領域任務。為了強調我們在各個領域的策略定位，我將簡要介紹我們的差異化優勢，第三季的亮點，以及我們邁向 2026 年的未來成長目標範例。

Please turn to slide 9. Starting with next-gen spacecraft. Redwire's key differentiators are that we have existing funded customers, classified personnel and facilities and a first-mover advantage in VLEO, GEO and space refueling and quantum secure satellites. During Q3, Redwire announced that we have reached an agreement with Thales Alenia Space to become the prime contractor for ESA's Skimsat mission, a technology demonstration mission for a spacecraft designed to operate in VLEO.

請翻到第9頁投影片。從下一代航天器開始。Redwire 的主要優勢在於我們擁有已獲得資金支持的客戶、機密人員和設施，以及在 VLEO、GEO 和太空燃料補給以及量子安全衛星方面的先發優勢。第三季度，Redwire 宣布已與泰雷茲阿萊尼亞太空公司達成協議，成為歐洲太空總署 Skimsat 任務的主承包商。 Skimsat 是一項技術演示任務，旨在為在 VLEO 中運行的太空船提供支援。

The Skimsat mission leverages Redwire's Phantom spacecraft, an advanced European VLEO platform out of our Belgian facility. With this prime ship, we further establish ourselves as a global leader in VLEO capabilities. In addition, we signed an MoU with Honeywell during the quarter for QK-VSAT.

Skimsat 任務利用了 Redwire 的 Phantom 太空船，這是一款先進的歐洲 VLEO 平台，產自我們位於比利時的工廠。憑藉這艘旗艦，我們進一步確立了自己在超低地球軌道飛行器（VLEO）領域的全球領先地位。此外，本季我們也與霍尼韋爾公司簽署了關於 QK-VSAT 的諒解備忘錄。

Under this ESA public-private partnership, we aim to combine Redwire's quantum platform technology with Honeywell's quantum optical payload as we build towards a QKD constellation. As we look for further growth opportunities, VLEO is a relatively untapped orbit with no dominant provider. Redwire is now executing on two prime contracts in VLEO, DARPA's Otter program in the US and ESA's Skimsat mission in Europe. And these funded contracts position us as an early mover and market leader in this exciting orbit.

在 ESA 的這項公私合作框架下，我們的目標是將 Redwire 的量子平台技術與 Honeywell 的量子光學有效載荷相結合，從而建立 QKD 星座。當我們尋求進一步的成長機會時，VLEO 軌道是一個相對未開發的領域，目前還沒有佔據主導地位的供應商。Redwire 目前正在執行兩項 VLEO 主要合同，分別是美國的 DARPA Otter 項目和歐洲的 ESA Skimsat 任務。這些獲得資金支持的合約使我們成為這一令人興奮領域的先驅和市場領導者。

We are leveraging this funded development to position VLEO for Golden Dome and growing European defense spending. In the future, we are targeting opportunities with the intelligence community, Air Force Research Lab, or AFRL, most notably our current TETRA program, Space Force as well as additional phases for DeepSAT and expanding our Honeywell partnership for QKDSat as just a few examples.

我們正在利用這項已獲資助的開發項目，使 VLEO 能夠參與金穹頂計劃，並滿足不斷增長的歐洲國防開支。未來，我們將專注於與情報界、空軍研究實驗室（AFRL）的合作機會，尤其是我們目前的 TETRA 計畫、太空部隊以及 DeepSAT 的後續階段，並擴大我們與霍尼韋爾在 QKDSat 方面的合作，這只是幾個例子。

Please turn to slide 10. Another key value driver is our large space infrastructure, where we are differentiated as a key supplier for products like ROSA and IBDM on funded contracts from customers with significant heritage and protected IP such as our rollout design. Our unmatched heritage with ROSA on the IFS continues to translate into follow-on orders from customers that need a proven solution.

請翻到第10張投影片。另一個關鍵價值驅動因素是我們龐大的空間基礎設施，我們作為 ROSA 和 IBDM 等產品的關鍵供應商，在擁有重大歷史傳承和受保護知識產權（例如我們的部署設計）的客戶的資助合約中脫穎而出。我們在 IFS 系統上與 ROSA 擁有無可比擬的優勢，這持續轉化為來自需要成熟解決方案的客戶的後續訂單。

During the quarter, Redwire was awarded a contract to develop and deliver rollout solar arrays or ROSA wings for Axiom's Commercial Space Station. Power is critical to a sustained presence in low earth orbit and another commercial station provider selecting ROSA further underscores our strong positioning in this key capability.

本季度，Redwire 獲得了一份合同，為 Axiom 的商業太空站開發和交付可展開式太陽能電池陣列或 ROSA 機翼。電力對於在近地軌道上持續存在至關重要，另一家商業太空站供應商選擇 ROSA 進一步凸顯了我們在這一關鍵能力領域的強大地位。

Building on Redwire's heritage from the ISS, DART, Blue Origin's Blue Ring, Thales Alenia Space GEO satellites, the power and propulsion element of Gateway and now Axiom's Commercial Space Station, Redwire is pursuing numerous follow-on opportunities to scale with our existing customers as their businesses grow. Additionally, we are aggressively pursuing orders for large space infrastructure such as ROSA and IBDM for other commercial space stations as well as other power-intensive spacecraft programs and Moon to Mars infrastructure like Artemis.

Redwire 憑藉其在國際太空站、DART、藍色起源的藍環、泰雷茲阿萊尼亞空間地球同步軌道衛星、Gateway 的動力和推進元件以及現在的 Axiom 商業空間站等方面的經驗，正在尋求眾多後續機會，以隨著現有客戶業務的增長而擴大規模。此外，我們正在積極爭取大型太空基礎設施的訂單，例如 ROSA 和 IBDM，用於其他商業太空站以及其他高耗能太空船計畫和月球到火星基礎設施，例如阿爾忒彌斯計畫。

Please turn to slide 11. With hundreds of microgravity experiments conducted, proven IP like PIL-BOX and existing funded commercial, governmental, and international customers, Redwire is at the forefront of microgravity development. We are decades ahead of many of our competitors.

請翻到第11頁。Redwire 已進行數百次微重力實驗，擁有 PIL-BOX 等成熟的智慧財產權，並擁有已獲得資助的商業、政府和國際客戶，處於微重力發展的前沿。我們比許多競爭對手領先幾十年。

During the third-quarter , Redwire launched 14 PIL-BOXes, studying 18 molecules to the International Space Station with three different partners: Bristol-Myers Squibb, Butler University and Purdue University. These PIL-BOXes are expected to return to earth in the coming months. With these, Redwire has now flown a total of 42 PIL-BOXes studying 35 unique molecules as of the end of the third-quarter, adding to our extensive heritage in pharmaceutical development on orbit.

第三季度，Redwire 與三個不同的合作夥伴（百時美施貴寶公司、巴特勒大學和普渡大學）向國際太空站發射了 14 個 PIL-BOX，研究了 18 種分子。這些 PIL-BOX 預計將在未來幾個月內返回地球。截至第三季末，Redwire 已累積發射 42 個 PIL-BOX 偵測器，研究了 35 種獨特的分子，進一步豐富了我們在軌道藥物開發方面的豐富經驗。

In terms of future growth, we see the potential impact is extraordinary. Pharma has less than a 10% success rate from Phase 1 trials to approval and a fast-approaching patent cliff that threatens approximately $350 billion in annual worldwide revenue from drugs losing exclusivity through 2030. We see Redwire's pharmaceutical development on orbit as offering a potential solution to these challenges as we will take advantage of the unique microgravity environment in space to grow seed crystals using Redwire's flight-proven PIL-BOX technology.

就未來成長而言，我們認為其潛在影響是巨大的。從 1 期臨床試驗到獲得批准，製藥業的成功率不到 10%，而且專利懸崖即將到來，到 2030 年，隨著藥物失去專利保護，每年全球約 3,500 億美元的收入將受到威脅。我們認為 Redwire 在軌道上進行的藥物開發為應對這些挑戰提供了一個潛在的解決方案，因為我們將利用太空中獨特的微重力環境，使用 Redwire 經過飛行驗證的 PIL-BOX 技術來生長晶種。

Our subsidiary, SpaceMD, will then sell or license these seed crystals to companies that can use them to create reformulated versions of existing drugs or entirely new therapeutics. We have a template for these commercial agreements and many successes with key partners in the biotech community to build on.

我們的子公司 SpaceMD 隨後將這些晶種出售或授權給能夠利用它們來創造現有藥物的改良版本或全新療法的公司。我們有此類商業協議的模板，並且與生物技術界的關鍵合作夥伴取得了許多成功，可以以此為基礎繼續發展。

Please turn to Slide 12. Next, let's turn to our combat-proven UAS. First, I'd like to take a moment to discuss a few key differentiators of the Stalker. The Stalker is a combat-proven UAS that is built on nearly 20 years of heritage with more than 300,000 flight hours, including in highly contested and harsh environments. The Stalker is silent, enabling covert surveillance and reconnaissance and minimizing detectability in contested or civilian-sensitive environments.

請翻到第12頁投影片。接下來，讓我們來看看我們久經沙場的無人機系統。首先，我想花點時間討論一下 Stalker 的幾個關鍵差異。Stalker 是一款經過實戰檢驗的無人機系統，擁有近 20 年的經驗積累，累計飛行時間超過 30 萬小時，包括在競爭激烈和惡劣的環境中飛行。Stalker 是一款靜音設備，可在有爭議或對平民敏感的環境中進行隱蔽監視和偵察，並最大限度地減少被發現的可能性。

The Stalker is also payload agnostic. More than 30 different third-party payloads have been integrated via our modular open systems approach, which enables plug-and-play integration. And finally, the Stalker Block 40 offers extended endurance of more than 18 hours, critical for long-range operations. We also have significant heritage with our Penguin series built in Regal Latvia, having delivered more than 200 Penguin aircraft to the Ukraine armed forces. European defense spending is growing rapidly and we are one of the few European-based suppliers with proven performance on the battlefield.

Stalker 也與有效載荷無關。透過我們的模組化開放系統方法，整合了 30 多種不同的第三方有效載荷，實現了即插即用的整合。最後，Stalker Block 40 的續航時間超過 18 小時，這對於遠程作戰至關重要。我們在 Regal Latvia 製造的 Penguin 系列飛機也擁有重要的歷史傳承，已向烏克蘭武裝部隊交付了 200 多架 Penguin 飛機。歐洲國防開支成長迅速，而我們是少數在戰場上擁有可靠戰績的歐洲供應商之一。

During the quarter, we were awarded and delivered Stalkers for the prototype phase agreement of the US Army's Long-range Reconnaissance or LRR program. The Stalker has previously been selected for two programs of record, the US Marine Corps Long-Range Long Endurance, and the UK Ministry of Defense's TIQUILA program.

本季度，我們獲得了美國陸軍遠程偵察（LRR）計劃原型階段協議的合同，並交付了Stalker無人機。Stalker 先前曾入選兩個正式項目，分別是美國海軍陸戰隊遠程長航時項目和英國國防部的 TIQUILA 項目。

In total, during the third-quarter, we shipped Stalker aircraft to eight different end customers in the United States and other allied countries, showing the global demand for the combat-proven Stalker platform. Clearly, Stalker is broadly fielded for a variety of mission sets with multiple countries and US military branches based on our differentiated capabilities. From unleashing American drone dominance in the US to the European Drone Defence Initiative, the demand signal is strong.

第三季度，我們共向美國和其他盟國的八個不同的終端客戶交付了 Stalker 飛機，這表明全球對經過實戰檢驗的 Stalker 平台的需求。顯然，Stalker 憑藉其差異化的能力，被廣泛應用於多個國家和美國軍事部門的各種任務。從美國無人機在美國的統治地位到歐洲無人機防禦倡議，需求訊號十分強烈。

With existing production facilities and a broad customer base, we are targeting future growth globally. Redwire is ready with production capacity and fielded aircraft to deliver on key programs like LRR as we move into 2026.

憑藉現有的生產設施和廣泛的客戶群，我們的目標是實現全球成長。隨著我們邁入 2026 年，Redwire 已做好生產能力和部署飛機的準備，以交付 LRR 等關鍵項目。

Please turn to slide 13. Finally, moving to sensors and payloads. Redwire has decades of heritage having delivered thousands of space-based sensors and payloads, including antennas, sun sensors, star trackers and cameras for some of the most high-profile missions.

請翻到第13頁。最後，我們來談談感測器和有效載荷。Redwire 擁有數十年的歷史，已為一些最受矚目的任務交付了數千個太空感測器和有效載荷，包括天線、太陽感測器、星追蹤器和相機。

Redwire now also has significant heritage with UAS sensors and payloads, having delivered more than 400 Octopus gimbals to the Ukraine armed forces, for example. These gimbals are compatible with a wide variety of UAS platforms. These are not just for Stalker and Penguin. We are selling these systems to other platform providers.

Redwire 目前在無人機系統感測器和有效載荷方面也擁有豐富的經驗，例如，該公司已向烏克蘭武裝部隊交付了 400 多個 Octopus 雲台。這些雲台與多種無人機系統平台相容。這些不只是給潛行者和企鵝準備的。我們正在將這些系統出售給其他平台提供者。

During the quarter, Redwire announced a partnership with Red Cat to integrate their Black Widow Small UAS onto the Stalker to support UAS Army Echelon missions. The Black Widow, which was selected by the Army for its short-range reconnaissance Tranche 2 program can be mounted under the center wing of the Stalker as a deployable payload.

本季度，Redwire 宣布與 Red Cat 建立合作夥伴關係，將他們的 Black Widow 小型無人機系統整合到 Stalker 無人機上，以支援陸軍梯隊無人機任務。黑寡婦無人機被陸軍選中用於其短程偵察第二階段計劃，可以作為可部署的有效載荷安裝在「潛行者」無人機的中央機翼下方。

By integrating best-of-breed short- and long-range reconnaissance systems, this partnership will provide war fighters on the front lines with mission -- with great mission reach and reliable data for effective decision-making. Stalker and gimbals are already integrated with controllers such as [ ATT&CK ] and CUDA technologies. And after Q3, we announced an MoU with UXV Technologies to enhance controller interoperability and align with the EU's ambitions to strengthen its defense industrial base through cross-border industrial cooperation.

透過整合一流的短程和遠程偵察系統，此次合作將為前線作戰人員提供任務能力——強大的任務覆蓋範圍和可靠的數據，以進行有效的決策。Stalker 和雲台已經與 [ ATT&CK ] 和 CUDA 技術等控制器整合。第三季結束後，我們宣布與 UXV Technologies 簽署諒解備忘錄，以增強控制器互通性，並與歐盟透過跨境產業合作加強其國防工業基礎的雄心保持一致。

As we look forward, we see significant growth opportunities for airborne and space-based sensors and payloads. The UAS EO/IR sensor market segment is forecasted to grow from approximately $1.6 billion in FY23 to approximately $4.8 billion in FY32, a 12.9% CAGR. Redwire targets future growth both with the US government and other key OEMs around the world for these products.

展望未來，我們看到機載和天基感測器及有效載荷領域存在巨大的成長機會。預計無人機光電/紅外線感測器市場細分將從 2023 財年的約 16 億美元增長到 2032 財年的約 48 億美元，複合年增長率為 12.9%。Redwire 的目標是與美國政府以及世界各地其他主要 OEM 廠商合作，共同推動這些產品的未來成長。

In space, the proliferation of satellites is expected to continue with an estimated 70,000 satellites expected to be launched over the next five years. Further, as capabilities like space situational awareness and airborne ISR become increasingly important, Redwire is positioned for continued growth in this area.

在太空領域，衛星數量的激增預計將持續下去，預計未來五年內將發射約 7 萬顆衛星。此外，隨著空間態勢感知和機載情報、監視與偵察等能力變得越來越重要，Redwire 已做好準備，在該領域持續發展。

Please turn to slide 14. Although in the near term we've seen delays from the US government shutdown, which is likely to push key awards into next year, our pipeline of opportunities remains very strong and we saw a positive trend in contracts awarded during the third-quarter as compared with the first half of 2025.

請翻到第14頁。儘管短期內由於美國政府停擺，我們看到了一些延誤，這可能會將一些重要的合約授予推遲到明年，但我們的機會儲備仍然非常強勁，而且與 2025 年上半年相比，我們在第三季度獲得的合約數量呈現積極的趨勢。

Our contract awards during the third-quarter of 2025 almost tripled year-over-year to $129.8 million with a book-to-bill ratio of 1.25 times, improving backlog to $355.6 million, including contracted backlog from international operations of $128.7 million or 36% of total backlog. As a reminder, we often see lumpy contract awards from quarter-to-quarter.

2025 年第三季度，我們的合約授予額年增近三倍，達到 1.298 億美元，訂單出貨比為 1.25 倍，積壓訂單增加至 3.556 億美元，其中包括來自國際業務的合約積壓訂單 1.287 億美元，佔總積壓訂單的 36%。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。

However, we continue to see a strong pipeline with an estimated $10 billion of identified opportunities across our space and airborne solutions, including approximately $3 billion in proposals submitted year-to-date as of September 30, 2025, inclusive of the year-to-date bids submitted by Edge Autonomy.

然而，我們仍然看到強勁的發展勢頭，在太空和機載解決方案領域，已確定的機會估計達 100 億美元，其中包括截至 2025 年 9 月 30 日提交的約 30 億美元的提案，其中包括 Edge Autonomy 今年迄今為止提交的投標。

Although the US government shutdown is likely to delay timing of Q4 awards into 2026 with key wins during the third-quarter and in the intervening weeks, we are pleased with the positive change in our trend line for contracts awarded and believe our pipeline of new opportunities is very strong, positioning us for continued growth for the next 12 months and beyond.

儘管美國政府停擺可能會將第四季度的授標時間推遲到 2026 年，並在第三季度及之後的幾週內取得重大勝利，但我們對已授標合約的趨勢線的積極變化感到滿意，並相信我們的新機會儲備非常強勁，這使我們能夠在未來 12 個月及以後繼續增長。

Please turn to slide 15. With that, I'd now like to turn the call over to Chris Edmunds, Redwire's Chief Accounting Officer. As previously announced, Chris will succeed Jonathan Baliff to become our Chief Financial Officer effective December 1, 2025. Chris brings deep knowledge of our business and significant finance and accounting expertise, and I look forward to working with him in his new role. Chris will now discuss the financial results for the third-quarter of 2025. Chris?

請翻到第15頁。接下來，我將把電話交給 Redwire 的首席會計長 Chris Edmunds。正如之前宣布的那樣，克里斯將接替喬納森·巴利夫，並於 2025 年 12 月 1 日起擔任我們的財務長。Chris 對我們的業務有著深刻的了解，並且擁有豐富的財務和會計專業知識，我期待與他在新的職位上共事。接下來，克里斯將討論2025年第三季的財務表現。克里斯？

Thank you, Pete. Before turning to slide 16, I want to highlight the photo on this page of the ribbon cutting for our new 15,000 square foot facility in Albuquerque, New Mexico, adjacent to the Kirkland Air Force Base. This facility will support a wide range of capabilities from space, missile defense, and other emerging war fighter domains as well as support work under the $45 million contract with the AFRL that was previously disclosed. Redwire is focused on optimizing our operational footprint and smartly investing in locations like Albuquerque, which are key to our nation's defense architecture.

謝謝你，皮特。在翻到第 16 張幻燈片之前，我想重點介紹本頁上的一張照片，照片內容是我們位於新墨西哥州阿爾伯克基的新 15,000 平方英尺的設施的剪彩儀式，該設施毗鄰柯克蘭空軍基地。該設施將支援太空、飛彈防禦和其他新興作戰領域的各種能力，並支援先前披露的與空軍研究實驗室簽訂的價值 4500 萬美元的合約下的工作。Redwire 致力於優化我們的營運佈局，並對像阿爾伯克基這樣對我們國家國防體系至關重要的地區進行明智的投資。

Please turn to slide 16. Let's turn to the financial results for the third-quarter of 2025, starting with revenue. Revenues for the third-quarter of 2025 increased by 50.7% year-over-year to a record $103.4 million, with Edge Autonomy contributing $49.5 million.

請翻到第16頁。讓我們來看看 2025 年第三季的財務業績，首先是營收。2025 年第三季營收年增 50.7%，達到創紀錄的 1.034 億美元，其中 Edge Autonomy 貢獻了 4,950 萬美元。

Turning to profitability. During the quarter, we saw a significant sequential improvement in our adjusted EBITDA from a negative $27.4 million in the second-quarter of 2025 to a negative $2.6 million in the third-quarter of 2025. This improvement is largely attributed to the 67.5% sequential increase in revenue and adjusted gross margin of 27.1%, offset by the unfavorable impact of VACs of $8.3 million.

轉向盈利。本季度，我們的調整後 EBITDA 實現了顯著的環比改善，從 2025 年第二季度的負 2,740 萬美元改善至 2025 年第三季的負 260 萬美元。這項改善主要歸功於營收季增 67.5% 和調整後毛利率達到 27.1%，但被 830 萬美元的 VAC 帶來的不利影響所抵消。

Finally, turning to cash and total liquidity. We ended the quarter with total liquidity of $89.3 million, which was comprised of $52.3 million of cash, $35 million of undrawn revolver capacity and $2 million in restricted cash. Although lower sequentially, this does represent a 46.2% year-over-year improvement in total liquidity.

最後，我們來談談現金和總流動性。本季末，我們的總流動資金為 8,930 萬美元，其中包括 5,230 萬美元現金、3,500 萬美元未提取循環信貸額度和 200 萬美元受限現金。儘管環比有所下降，但這確實代表總流動性同比增長了 46.2%。

Please turn to slide 17. I'd like to take a moment to provide some additional detail around third-quarter adjusted gross profit and cash used in operating activities. Starting with gross profit, as shown on the left-hand chart, during the quarter, we reported gross profit of $16.8 million and gross margin of 16.3%.

請翻到第17頁。我想花點時間，就第三季調整後的毛利和經營活動所用現金提供一些補充細節。從毛利說起，如左圖所示，本季我們報告的毛利為 1,680 萬美元，毛利率為 16.3%。

Included within these results was an $11.2 million noncash purchase accounting adjustment related to the Edge Autonomy acquisition. This represents the amount of the fair value step-up recorded through purchase accounting for the inventory sold this quarter, resulting in adjusted gross profit of $28 million with an adjusted gross margin of 27.1%.

這些結果包含與收購 Edge Autonomy 相關的 1,120 萬美元非現金購買會計調整。這代表本季透過購買會計處理記錄的已售存貨的公允價值增值金額，調整後毛利為 2,800 萬美元，調整後毛利率為 27.1%。

We believe that this adjusted gross margin is more representative of the potential of the combined business going forward as we have now fully recognized the inventory fair value step-up in earnings and it will no longer impact future gross margins. Second, as shown on the right-hand chart, we saw a significant and expected reduction in net cash used in operating activities during the third-quarter of 2025 as compared with the first two quarters.

我們認為，這項調整後的毛利率更能代表合併後業務未來的潛力，因為我們現在已經充分確認了存貨公允價值的增加，這將不再影響未來的毛利率。其次，如右圖所示，與前兩季相比，2025 年第三季營業活動所用淨現金出現顯著且預期的下降。

During the quarter, our use of cash from operations decreased significantly on a sequential basis from a use of $87.7 million during the second-quarter of 2025 to a use of $20.3 million during the third-quarter, an improvement of $67.3 million. Even excluding the impact of acquisition-related costs included in our Q2 2025 operating cash flows, this represents a sequential improvement of approximately $30 million. Although this quarter represents a sequential improvement, we continue to focus on profitability, expanding revenue and gross margin and driving efficient SG&A as we sharpen execution and we achieve profitability, including positive cash from operations.

本季度，我們的營運活動現金使用量較上季大幅下降，從 2025 年第二季的 8,770 萬美元降至第三季的 2,030 萬美元，減少了 6,730 萬美元。即使不計入 2025 年第二季經營現金流中包含的收購相關成本的影響，這也代表著環比改善約 3,000 萬美元。儘管本季業績環比有所改善，但我們仍將繼續專注於盈利能力、擴大收入和毛利率，並透過提高執行力和實現盈利（包括經營活動產生的正現金流）來推動高效的銷售、一般及行政費用。

In regards to capital allocation, we remain committed to a disciplined approach to fund our growth initiatives and maintain a prudent balance sheet. In line with this long-term capital sourcing strategy, we expect to file a prospectus supplement for a $250 million at-the-market or ATM equity offering program in the coming days.

在資本配置方面，我們將繼續秉持嚴謹的態度，為我們的成長計畫提供資金，並維持穩健的資產負債表。根據這項長期資本籌集策略，我們預計將在未來幾天內提交一份招股說明書補充文件，以進行 2.5 億美元的以市價發行或 ATM 股權發行計畫。

Please turn to slide 18, for a brief discussion of the outlook for the remainder of 2025. Although we are benefiting from a diversification in geographical customer mix and despite the improved book-to-bill of 1.25 during the third-quarter and the strong bookings we have seen thus far in October, the ongoing US government shutdown has pushed a number of anticipated awards out of the fourth-quarter and into 2026.

請翻到第 18 頁，簡要討論 2025 年剩餘時間的展望。儘管我們受益於客戶地理組合的多元化，儘管第三季訂單出貨比提高到 1.25，而且 10 月迄今的訂單量也十分強勁，但持續的美國政府停擺已將許多預期訂單從第四季度推遲到 2026 年。

As a result, for the 12 months ending December 31, 2025, including Edge Autonomy from the date of close, we are adjusting to a narrower expected revenue range of $320 million to $340 million. In closing, I'd like to reiterate that although impacts from the US government shutdown have necessitated a prudent revision in revenue guidance, we believe that these anticipated orders have been pushed out of the quarter and into 2026. They have not been lost.

因此，截至 2025 年 12 月 31 日的 12 個月（包括自交易完成之日起的 Edge Autonomy），我們將預期收入範圍調整為 3.2 億美元至 3.4 億美元。最後，我想重申，儘管美國政府停擺的影響迫使我們對收入預期進行了謹慎的調整，但我們相信這些預期訂單已經從本季推遲到 2026 年。他們並沒有失蹤。

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

那麼，請翻到第 19 張投影片，現在我將把電話交還給皮特。

Thank you, Chris. The transformation of Redwire with addition of Edge Autonomy has already been accretive to our financial profile, reflected in our year-over-year revenue growth of 50.7%, 27.1% adjusted gross margin and strong book-to-bill of 1.25 times.

謝謝你，克里斯。Redwire 透過 Edge Autonomy 的加入實現了轉型，這已經提升了我們的財務狀況，體現在我們同比增長 50.7% 的收入、27.1% 的調整後毛利率以及 1.25 倍的強勁訂單出貨比。

Finally, before we move to our question-and-answer session, as we announced in early October, our CFO, Jonathan Baliff, will be retiring from Redwire effective November 30, 2025. I'd like to take a moment to thank Jonathan for his leadership and valuable contributions throughout his tenure as he guided Redwire through critical phases of our evolution, both in his role as CFO and as a member of our Board. Thank you, Jonathan.

最後，在我們進入問答環節之前，正如我們在 10 月初宣布的那樣，我們的財務長 Jonathan Baliff 將於 2025 年 11 月 30 日從 Redwire 退休。我想藉此機會感謝喬納森在任期間的領導能力和寶貴貢獻，他帶領 Redwire 度過了發展的關鍵階段，無論是擔任財務長還是董事會成員。謝謝你，喬納森。

With that, I want to thank the entire Redwire team for their contribution to our results during the third-quarter of 2025. We will now open the floor for questions.

在此，我要感謝 Redwire 團隊全體成員為我們 2025 年第三季的表現所做的貢獻。現在開始接受提問。

(Operator Instructions)

（操作說明）

Sujeeva Desilva, ROTH Capital Partners.

Sujeeva Desilva，羅仕資本合夥人。

And Jonathan, best of luck with the transition. And Chris, congrats and good luck in the new role here. So starting with the revised guidance, appreciating that you did revise it down, what does that mean for the business looking toward 2026, given what you've seen happening during the second half of '25?

喬納森，祝你過渡期一切順利。克里斯，恭喜你，祝你在新的崗位上一切順利。因此，首先來看修訂後的指導意見，考慮到你們確實下調了指導意見，鑑於你們在 2025 年下半年所看到的情況，這對公司展望 2026 年意味著什麼？

Yes. So I think as Chris emphasized there in the paragraph on the guidance, these are not lost awards. These are just timing issues, particularly, as I mentioned, with the LRR program, the Army announced publicly right after the award of our prototyping contract that they would be awarding a production, capability towards the end of this year and that has not occurred. And we believe the reason that that hasn't occurred is because of the ongoing government shutdown.

是的。所以我覺得正如克里斯在指導意見的段落中所強調的那樣，這些獎項並沒有失去。這只是時間安排上的問題，特別是，正如我提到的，在遠程偵察車（LRR）項目上，陸軍在我們獲得原型合同後立即公開宣布，他們將在今年年底授予生產能力合同，但這種情況並沒有發生。我們認為，這種情況尚未發生的原因是政府持續停擺。

So we do expect those awards once the government shutdown ends to start to flow. But unfortunately, we only have approximately seven weeks or so of production time left in the quarter and that includes two holiday weeks with Thanksgiving and Christmas. So once the government reopens, and we believe the Army will start placing orders for the production element of LRR, we'll start producing those. And that would lead you to believe that -- and we also believe that that is setting us up for a strong 2026. Chris, anything you want to add?

因此，我們預計一旦政府停擺結束，這些獎勵就會開始發放。但不幸的是，本季我們只剩下大約七週的生產時間，其中還包括感恩節和聖誕節的兩個假期週。所以一旦政府重新開放，我們相信陸軍會開始訂購遠程偵察車的生產零件，我們就會開始生產這些零件。而這會讓你相信──我們也相信，這將為我們2026年的強勁發展奠定基礎。克里斯，你還有什麼要補充的嗎？

No, I think this is the first-quarter we've got the combined results and I think that's a stepping off point as the baseline as we start to go forward, right? So as we think about stepping from today forward and as the government reopens with our diversification geography, we are looking at '26 to be obviously a marked improvement on where we are. And I think we can start to see those trend lines as we're moving out.

不，我認為這是我們首次獲得合併後的結果，我認為這將是一個起點，作為我們未來發展的基準，對嗎？因此，當我們考慮從今天開始向前邁進，隨著政府重新開放，我們的多元化地理佈局也將得到改善時，我們預計 2026 年將會比我們現在的情況有明顯的進步。我認為隨著我們逐漸走出去，我們可以開始看到這些趨勢線。

Great. And just to understand that, was the EAC in the quarter, was that related to the government shutdown pushouts primarily?

偉大的。為了弄清楚這一點，本季 EAC 是否主要與政府停擺導致的支出增加有關？

No. The EAC was, again, a market improvement quarter-over-quarter as we continue to sharpen our execution. We put a lot of effort into that, but there remain a few space programs that we're rightsizing in terms of our delivery.

不。EAC 再次實現了環比改善，因為我們不斷提高執行力。我們為此投入了大量精力，但仍有一些太空專案需要我們調整交付規模。

Okay. Great. And my other question here is on the pipeline and bidding activity numbers you provided. And thanks, Pete, for the five areas and clarifying kind of the focuses going forward. Which of those five areas would you say maybe are the larger emphasis of the pipeline and bidding activity that you have in place today on a relative basis?

好的。偉大的。我還有一個問題，是關於您提供的管道和投標活動數據。謝謝皮特，你提出的五個面向以及明確了未來工作的重點。就您目前所進行的管道和招標活動而言，您認為這五個領域中，哪一部分的重點相對較大？

Yes. Well, it's a good question and we are trying to -- I appreciate you acknowledging that because we're really trying to point out where the value is being driven at Redwire, so people have more clarity on that. The good news is all five of them are areas with extraordinary potential.

是的。嗯，這是一個很好的問題，我們正在努力——我很感謝你承認這一點，因為我們確實想指出 Redwire 的價值驅動因素是什麼，以便人們對此有更清晰的了解。好消息是，這五個領域都具有巨大的潛力。

Now as we just talked about, the UAS orders, this is something be -- is a major priority for the Army and quite frankly, the Department of Defense in general, our existing customers, the Marine Corps and US SOCOM also have strong needs for UAS.

正如我們剛才所討論的，無人機系統訂單是陸軍的一項重要優先事項，坦白說，也是整個國防部的重要優先事項。我們現有的客戶，海軍陸戰隊和美國特種作戰司令部，對無人機系統也有強烈的需求。

So in terms of -- ironically, even though this is where we saw a pushout in the fourth-quarter into 2026, that seems -- that still remains to be an area that has a strong growth potential. But there's been a bit of a slow start to Golden Dome as well and we think the VLEO orbit, in particular, will have a role to play in that defense architecture. So we're really excited about that as well.

因此，諷刺的是，儘管我們看到第四季度推遲到了 2026 年，但這似乎仍然是一個具有強勁成長潛力的領域。但金穹頂的開局也有些緩慢，我們認為，特別是超低地球軌道將在這個防禦體系中發揮作用。所以我們對此也感到非常興奮。

Those can be sizable orders when you order a large VLEO spacecraft. We believe with the now nomination of Jared Isaacman, who has shown in the past a strong disposition for commercial LEO destinations or commercial space stations that funding may ramp up for the commercial -- for the CLD program for those space stations.

訂購大型超低地球軌道太空船時，這些訂單金額可能相當可觀。我們相信，隨著 Jared Isaacman 的提名，他過去曾表現出對商業近地軌道目的地或商業太空站的強烈傾向，商業——即這些太空站的 CLD 計劃——的資金可能會增加。

And you can see that Axiom is leaning forward. We're obviously in talks with all the commercial space station providers because of our heritage on the ISS. So we think that's really exciting as well. And over the longer term, we're just getting started. We continue to have a strong drumbeat in microgravity.

你可以看到 Axiom 正在向前傾斜。由於我們在國際太空站方面有著豐富的經驗，我們顯然正在與所有商業太空站供應商進行洽談。所以我們也覺得這非常令人興奮。從長遠來看，我們才剛起步。我們在微重力環境下依然保持著強勁的節奏。

It's not our largest revenue driver. But in terms of the potential for some of the pharmaceutical molecules that we've been working on, we see a lot of growth there. And even in sensors and payloads, that's a tried and true element of both the space and airborne market.

它並不是我們最大的收入來源。但就我們正在研究的一些藥物分子的潛力而言，我們看到了很大的成長空間。即使在感測器和有效載荷領域，這也是航太和航空市場中一個久經考驗的可靠要素。

And because we sell our payloads and not only use them on our own platforms, but sell them to other OEMs, we see strong growth there as not only coming from us selling more Stalkers and Penguins for UASs, but other people selling UASs in different categories that leverage our Octopus EO/IR sensors. So I guess it's kind of a long answer to your question, but the nice thing about it is we have many paths to victory here, it's just a matter of timing for us.

而且，由於我們銷售的有效載荷不僅用於我們自己的平台，還銷售給其他 OEM 廠商，因此我們看到強勁的成長不僅來自我們銷售更多用於無人機系統的 Stalker 和 Penguin，還來自其他銷售不同類別無人機系統的人利用我們的 Octopus EO/IR 感測器。所以，我想對你的問題的回答有點長，但好消息是我們有很多通往勝利的道路，對我們來說，這只是時機的問題。

Greg Konrad, Jefferies.

格雷格·康拉德，傑富瑞集團。

Maybe just sticking to one question. I think you had called out the gross margin improvement, which was noted, but you still had some level of VACs. I mean, how do you think about the right level of gross margins as the business comes back? And then just to reiterate, the fair value purchase adjustment, so that's gone going forward. That is just a one quarter adjustment?

或許就只提一個問題吧。我認為您已經提到了毛利率的改善，這一點也得到了認可，但是仍然存在一定程度的增值稅問題。我的意思是，隨著業務的復甦，您認為合適的毛利率水準是多少？最後再重申一下，公允價值購買調整，所以以後不再進行。那隻是季度調整嗎？

That's correct. So starting with the last part first, 27% to 30% gross margins should be our forward runway. The only reason it wasn't reflected to that and why we call it adjusted gross margin is because of that purchase accounting element. 30% is where we have in the past said is our stated goal for gross margins and where we think the business should be run rate forward, inclusive of any EAC adjustments. Now having said that, we are hyper focused on sharpening our execution.

沒錯。所以先從最後一部分說起，27% 到 30% 的毛利率應該是我們未來的發展目標。之所以沒有反映在毛利率中，以及我們稱之為調整後毛利率的原因，唯一的原因就是購買會計處理環節。 30%是我們過去設定的毛利率目標，也是我們認為公司未來營運水準（包括所有完工成本調整）應該達到的水準。話雖如此，我們目前仍高度專注於提升執行力。

So should we be able to continue to reduce the number of EACs we see on some of these development -- space development programs and as we move out of development and more of our revenue comes from production contracts on the space side, we could do better than 30%, but I think 30% is the right forecasting run rate for us. Chris, I don't know if there's anything you want to add there.

因此，如果我們能夠繼續減少某些開發項目（太空開發項目）中 EAC 的數量，並且隨著我們退出開發階段，更多收入來自太空領域的生產合同，我們或許可以做得更好，超過 30%，但我認為 30% 對我們來說是正確的預測運行率。克里斯，我不知道你還有什麼要補充的。

Yes, I think you hit it right. As we're looking at the balance of our product mix, we'll continue to make investments where we see expansion in this gross margin. But based on where we are, as Pete said, with the repeat orders like we've seen recently with the announcement of the rollout solar rays with Axiom, again, repeat product line, we'll continue to see that gross margin profile continue to land around that 30% margin, Greg.

是的，我覺得你說得對。在審視我們的產品組合平衡時，我們將繼續在那些我們認為毛利率可以成長的領域中進行投資。但正如皮特所說，根據我們目前的情況，隨著像最近與 Axiom 合作推出太陽能產品這樣的重複訂單的出現，也就是重複產品線，我們將繼續看到毛利率保持在 30% 左右，格雷格。

Scott Buck, H.C. Wainwright.

斯科特·巴克，H.C. 溫賴特。

I just want to ask about the commentary around the cost-cutting. Have you completed that cost-cutting process? And if so, what is the annual cost savings target?

我只是想問一下關於削減成本的評論。你們完成成本削減流程了嗎？如果屬實，年度成本節約目標是多少？

Well, I'll answer the first part, and then I'll turn it over to Chris here. So the short answer is no. We have not completed it. Whenever you do a major acquisition, it's an opportunity to completely review your overall structure. One of the core principles of our acquisition is that we're able to scale to get operating leverage, particularly around SG&A on a much larger platform.

好，我先回答第一部分，然後把問題交給克里斯。所以簡而言之，答案是否定的。我們還沒完成。每當你進行重大收購時，這都是一個全面審視公司整體架構的機會。我們收購的核心原則之一是，我們能夠擴大規模以獲得營運槓桿，尤其是在更大的平台上實現銷售、一般及行政費用方面的槓桿效應。

So we're going to continue to look at that. And quite frankly, we have a lean culture that we've been implementing and we've been moving a lot of our engineering and development operations towards lean principles. And so that will be a part of who we are going forward. In turning of size and scope, Chris, do you have any comments on that?

所以我們會繼續關注這個問題。坦白說，我們一直推行精實文化，並將許多工程和開發營運工作向精實原則靠攏。因此，這將成為我們未來發展的一部分。關於規模和範圍的問題，克里斯，你有什麼看法？

Yes, playing off of the lean culture. We've gone through -- continue to evaluate all of our processes across the company. And really, the cost control is kind of balanced across all the various elements of the P&L. We are stepping off and making a commitment to a $10 million run rate savings here across the portfolio. We are seeing obviously investments where it makes sense, but being smart about where we can be more efficient in getting operating leverage as we continue to grow the top end of our P&L.

是的，這是在迎合精實文化。我們已經對公司所有流程進行了評估，並將繼續進行評估。實際上，成本控制在損益表的各個組成部分之間達到了某種平衡。我們正在逐步推進，並承諾在整個投資組合中實現每年 1,000 萬美元的節省。我們顯然會在合理的地方進行投資，但同時也會明智地選擇在哪些方面可以提高營運效率，從而在不斷提升損益表高端部分的同時獲得更大的營運槓桿。

We will continue to run the lean program that we've invested in. We do see additional cost savings, again, from production efficiencies as we continue to grow the top end. But no, we're happy where we are. We see margin expansions, as we said on the last comment and we'll continue to see operating leverage with our G&A as we go.

我們將繼續推行我們已投入資金的精益生產計劃。我們確實看到了額外的成本節約，這再次歸功於生產效率的提高，因為我們不斷擴大高端產品線。不，我們對現狀很滿意。正如我們在上次評論中所說，我們看到了利潤率的擴張，隨著時間的推移，我們將繼續看到營運槓桿作用在一般及行政費用方面發揮作用。

Yes, one other thing, Scott -- yes, Scott, I have to mention cash as I retire from the company. This will have -- what Chris has said, will also benefit our cash and cash from operations as we look into the future too. We saw obviously sequential improvement in cash from ops and free cash flow. But all of the things that Pete and Chris are talking about are really meant to obviously decrease the cash burn and eventually become free cash flow positive.

是的，還有一件事，史考特——是的，史考特，我必須提一下我從公司退休時的現金安排。正如克里斯所說，展望未來，這也將有利於我們的現金流和經營活動現金流。我們看到營運現金流和自由現金流均出現了明顯的環比改善。但皮特和克里斯談論的所有事情，其真正目的顯然都是為了減少現金消耗，最終實現自由現金流為正。

And we have reached the end of the question-and-answer session. I will now turn the call over to Chris Edmunds for closing remarks.

問答環節到此結束。現在我將把電話交給克里斯‧艾德蒙茲，請他作總結發言。

Well, thank you all for your questions. Before concluding today's Q&A, as we've done the last quarters, we'd like to ask a select question from our retail community. Government contractors have been inconsistent as to whether they have been impacted by the government shutdown in 2025. Why do you expect to be impacted? Pete?

謝謝大家的提問。在結束今天的問答環節之前，和過去幾季一樣，我們想向零售社區提出一個精選問題。對於政府承包商是否受到 2025 年政府停擺的影響，各方說法不一。你預計會受到哪些方面的影響？皮特？

Thanks, Chris. As usual, a very poignant and observant question from our astute retail investor base. It's a good one. It's interesting. Like the question states, we've seen a lot of different feedback on the government shutdown. Quite frankly, I'm a little bit surprised that it hasn't impacted everybody in the government contracting sector. But for us specifically, I think it really comes down to the impact on the LRR program.

謝謝你，克里斯。像往常一樣，我們精明的散戶提出了一個非常深刻且富有洞察力的問題。這是個好主意。很有意思。正如問題所述，我們已經看到了許多關於政府停擺的不同回饋。坦白說，我有點驚訝它竟然沒有影響到政府承包業的每個人。但就我們而言，我認為這實際上取決於對輕軌項目的影響。

As I stated earlier, the Army had put out an article that they expected production to occur in the latter part of this year for LRR and that hasn't occurred because the government hasn't passed the budget. So those were not 2025 funds that they were playing off of. I also think that in many of our programs, we -- it just happened to line up that we were expecting contract awards to happen in the fourth-quarter and those contracts didn't come for some key programs.

正如我之前所說，陸軍曾發表文章稱，他們預計 LRR 將於今年下半年開始生產，但由於政府尚未通過預算，因此生產並未實現。所以他們動用的並不是2025年的資金。我也認為，在我們的許多項目中，恰好我們預期合約會在第四季度授予，但一些關鍵項目的合約卻沒有到來。

And for the large defense contractor, maybe I should say, for each defense and government contractor, it probably has to do with where you are in your contract cycle. So maybe some folks that are burning off backlog don't see quite the impact. But we invested a lot in being ready for production for the fourth-quarter to meet the operational demands for the drone initiatives that were out there and I'm confident they're coming. But that didn't materialize in the fourth-quarter. And with only seven weeks left for production, we think it's prudent at this time to revise down for ourselves.

而對於大型國防承包商來說，或許我應該說，對於每個國防和政府承包商來說，這可能與你的合約週期處於什麼階段有關。所以，一些正在清理積壓工作的人可能並沒有感受到這種影響。但是，我們投入了大量資源，為第四季度的生產做好準備，以滿足現有無人機專案的營運需求，我相信這些專案一定會成功。但這種情況在第四季並沒有出現。距離製作完成只剩七週時間，我們認為此時下調自己的預算是明智之舉。

So thank you for that question. And of course, all the engagement we get. With that, we appreciate everyone taking the time to listen today and go Redwire.

謝謝你的提問。當然，還有我們獲得的所有互動。在此，我們感謝大家今天抽出時間收聽並關注 Redwire。

Thank you, and that concludes today's call. All parts may disconnect. Have a good day.

謝謝，今天的電話會議到此結束。所有部件均可拆卸。祝你有美好的一天。