Redwire Corp (RDW) 2025 Q4 法說會逐字稿

Greetings and welcome to the Red Wire Corporation full year and fourth quarter 2025 earnings call.

各位來賓，歡迎參加紅線公司2025年全年及第四季財報電話會議。

At this time, all participants are in a listen-only mode. A question-and-answer session will follow a formal presentation. If anyone should require operator assistance during the conference, please press 0 on your telephone keypad. As a reminder, this conference is being recorded.

目前，所有參與者均處於唯讀模式。正式演講結束後將進行問答環節。會議期間如有任何需要接線員協助，請按下電話鍵盤上的 0。再次提醒，本次會議正在錄影。

It is now my pleasure to introduce Alex Curatolo, senior Director of Investor Relations.

現在我很高興地向大家介紹投資者關係高級總監 Alex Curatolo。

Thank you. You may begin.

謝謝。你可以開始了。

And thank you Diego. Welcome to Redwire's full year and 4th 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.

謝謝你，迭戈。歡迎參加 Redwire 2025 年全年及第四季財報電話會議。希望您已經看過我們昨天下午發布的盈利報告。這些資訊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, Red wire 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 slides 2 and 3. Additionally, to the extent we discussed non-GAAP measures during the call, please see slide 3 in the appendix, our earnings release, or the investor presentation on our website for the calculation of these measures and their reconciliation to US GAAP measures.

我想提醒大家，在電話會議期間，Red Wire 管理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 2 和 3。此外，如果我們在電話會議中討論了非GAAP指標，請參閱附錄中的第3頁幻燈片、我們的收益報告或我們網站上的投資者演示文稿，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 Canito, RedWire's Chairman and Chief Executive Officer, and Chris Edmonds, RedWire's Chief Financial Officer. With that, I would like to turn the call over to Pete. Pete.

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 Canito 和 RedWire 財務長 Chris Edmonds。接下來，我想把電話交給皮特。皮特。

Thank you, Alex.

謝謝你，亞歷克斯。

During today's call, I will outline our key accomplishments during the full year and fourth quarter of 2025, after which Chris will present the financial highlights for the same period and discuss our 2026 outlook. We will then open the call for Q&A.

在今天的電話會議上，我將概述我們在 2025 年全年和第四季度取得的主要成就，之後 Chris 將介紹同期財務亮點並討論我們對 2026 年的展望。接下來我們將開放問答環節。

Please turn to slide 6.

請翻到第6張投影片。

In 2025, Redwire transformed from a pure play space provider to an agile, scaled multi-domain space and defense tech company.

2025年，Redwire從純粹的太空服務供應商轉型為敏捷、規模化的多領域太空和國防科技公司。

We closed our transformational acquisition of Edge Autonomy in June 2025 and have been successfully executing on our integration plan to include the full assumption of Edge Autonomy into the RedWire brand.

我們於 2025 年 6 月完成了對 Edge Autonomy 的變革性收購，並一直在成功執行我們的整合計劃，將 Edge Autonomy 完全納入 RedWire 品牌。

During 2025, Redwire moved up the value chain with 5 spacecraft platforms and multiple prime contracts in the US and Europe, and two mature combat-proven airborne platforms.

2025 年，Redwire 憑藉 5 個航天器平台和在美國和歐洲的多份主要合同，以及兩個成熟的、經過實戰檢驗的空中平台，在價值鏈上取得了長足進步。

We expanded our customer base to more than 170 civil, national security, and commercial space and defense tech customers, emphasizing our breadth and diversity.

我們將客戶群擴大到 170 多家民用、國家安全、商業航太和國防技術客戶，突顯了我們的廣度和多樣性。

We added approximately 660 employees for an ending headcount of approximately 1,410 employees around the globe.

我們新增了約 660 名員工，使全球員工總數達到約 1,410 人。

We ended 2025 with record contracted backlog of $411.2 million supported by strong bookings and a 1.52 book the bill in the fourth quarter, providing confidence as we move into 2026.

2025 年末，我們創紀錄的合約積壓訂單達到 4.112 億美元，這得益於強勁的訂單量和第四季度 1.52 的訂單結算比，這讓我們對 2026 年充滿信心。

And finally, as Chris will talk about in additional detail, strengthened our balance sheet and simplified our capital structure, ending with record year-end total liquidity of $130.2 million.

最後，正如克里斯將要詳細討論的那樣，我們加強了資產負債表，簡化了資本結構，最終實現了創紀錄的年末總流動資金 1.302 億美元。

Please turn to slide 7.

請翻到第7頁投影片。

The result of this major transformation in 2025 is a more balanced portfolio of differentiated products that position red wire for considerable scaling in 2026 and beyond.

2025 年的這項重大變革將帶來更均衡的差異化產品組合，使 red wire 在 2026 年及以後實現顯著規模化發展。

At the core of this transformation is the maturation of our product portfolio from predominantly new development programs to a balanced portfolio that includes mature programs that are scaling into production.

這項轉變的核心在於，我們的產品組合從以新開發專案為主轉變為以成熟專案為主、正在擴大生產規模的平衡組合。

As you can see on the chart on slide 7, in 2021, when Redwire first went public, the vast majority of our products, almost 75% in fact, were in the development phase, with just a few products moving to limited production in small quantities.

正如您在投影片 7 的圖表中看到的那樣，2021 年，當 Redwire 首次上市時，我們絕大多數產品（實際上接近 75%）都處於開發階段，只有少數產品以小批量進行有限生產。

During this early phase of our growth, we were primarily focused on penetrating the space market with new development programs.

在公司發展的早期階段，我們主要專注於透過新的開發項目打入太空市場。

What we often refer to as planting seeds or gaining toeholds. This was deliberate as we were establishing ourselves in a nascent space market that required new solutions and capabilities that hadn't been invented yet.

我們常說的播種或站穩腳步。這是有意為之，因為我們當時正在一個新興的太空市場中站穩腳跟，而這個市場需要一些尚未發明的新解決方案和能力。

At this point in our evolution, this new development often emphasized market share over gross margin and larger exposure to development risk.

在我們發展的這個階段，這種新的發展往往更注重市場份額而非毛利率，並且承擔更大的發展風險。

Moving forward in time to the present, however, through a number of organic and inorganic strategic investments, we have now matured our product mix to a balanced portfolio of development and production programs.

然而，隨著時間的推移，透過一系列有機和無機策略投資，我們現在已將產品組合完善為一個均衡的研發和生產項目組合。

The impact of this transformation to our future growth is often underappreciated and cannot be overstated.

這種轉變對我們未來發展的影響常常被低估，但其重要性怎麼強調都不為過。

At the end of 2025, we now estimate that over 2/3 of our revenue is moving into production, with a large portion of our UAS portfolio entering higher margin full rate production. This is a very different red wire than 5 years ago.

我們現在估計，到 2025 年底，我們超過 2/3 的收入將轉化為生產，我們 UAS 產品組合中的很大一部分將進入利潤更高的全速生產階段。這條紅線和五年前的紅線截然不同。

As we look forward to 2026, our portfolio is evolving to a more balanced mix of risk with opportunities for gross margin improvement.

展望 2026 年，我們的投資組合正向風險與毛利率提升機會更平衡的組合發展。

Make no mistake, we still plan to invest heavily in advancing critical technologies with high growth potential such as VLO, refuelable geo, quantum satellites, and our Stalker Block 40 UAS. But these growth investments are now supported by a broader portfolio and a proven framework for maturing our capabilities into production.

毫無疑問，我們仍然計劃大力投資於具有高成長潛力的關鍵技術，例如 VLO、可加油地球物理、量子衛星以及我們的 Stalker Block 40 無人機系統。但這些成長投資現在得到了更廣泛的投資組合和成熟的生產能力框架的支持。

Please turn to slide 8.

請翻到第8張幻燈片。

As part of this ongoing transformation, in January we announced that going forward, Redwire will be organized into two business segments, space and defense tech.

作為這項持續轉型的一部分，我們在 1 月宣布，今後 Redwire 將分為兩個業務部門：太空技術和國防技術。

These segments map to the 5 primary value drivers I described on our last earnings call, representing the product areas where red wire has differentiated intellectual property, first mover advantage, and recognized thought leadership in rapidly growing domains with sizable total addressable markets.

這些細分市場與我在上次財報電話會議上描述的 5 個主要價值驅動因素相對應，代表了 red wire 在快速增長的領域中擁有差異化知識產權、先發優勢和公認的思想領導力的產品領域，這些領域具有相當大的潛在市場。

Our space segment encompasses the next generation spacecraft, large space infrastructure, and microgravity development value drivers, and focuses on delivering for civil, national security, and commercial space customers.

我們的航太業務涵蓋下一代太空船、大型航太基礎設施和微重力開發價值驅動因素，並專注於為民用、國家安全和商業航太客戶提供服務。

Our defense tech segment encompasses the combat-proven UAS and sensors and payloads value drivers and focuses on systems, sensors, and payloads that provide intelligence, surveillance, and reconnaissance capabilities for US and allied warfighters across multiple domains.

我們的國防技術部門涵蓋了經過實戰檢驗的無人機系統、感測器和有效載荷等價值驅動因素，並專注於為美國及其盟國的作戰人員在多個領域提供情報、監視和偵察能力的系統、感測器和有效載荷。

Notably, this segment not only includes the operations from our acquisition of Edge autonomy, but also space-based sensors and payloads such as avionics, cameras, and RF systems.

值得注意的是，這一部分不僅包括我們收購 Edge autonomy 後的業務，還包括天基感測器和有效載荷，例如航空電子設備、攝影機和射頻系統。

We believe this new structure will enable us to maintain strong positioning and continue our growth trajectory across both established and rapidly emerging domains, as well as provide greater visibility into our unique positioning in space and defense.

我們相信，這項新架構將使我們能夠在成熟領域和快速發展的新興領域保持強大的市場地位並繼續保持成長勢頭，同時也將使我們在航太和國防領域的獨特地位更加清晰可見。

Next, I would like to briefly touch on a highlighter 2 from the 4th quarter for each of our 5 value drivers.

接下來，我想簡單介紹一下我們 5 個價值驅動因素中，第四季重點介紹的 2 個面向。

Please turn to slide 9.

請翻到第9頁投影片。

Starting with next gen spacecraft, during the 4th quarter, RedWire was awarded a $44 million Phase Two award to advance DARPA's Otter program.

從下一代太空船開始，在第四季度，RedWire 獲得了 4,400 萬美元的第二階段獎金，用於推進 DARPA 的 Otter 計畫。

Otter leverages the design of RedWire's Sabresat platform, and this phase Two contract provides its funding to complete manufacturing and deliver the spacecraft to launch.

Otter 公司利用了 RedWire 公司的 Sabresat 平台的設計，而第二階段合約為其提供了資金，以完成製造並將太空船交付發射。

Through our work with DARPA, we are strengthening our leadership in this critical domain and accelerating the development of cutting edge capabilities that will define the future of the Lee.

透過與 DARPA 的合作，我們正在加強我們在這一關鍵領域的領導地位，並加速開發尖端能力，這將定義 Lee 的未來。

Please turn to slide 10.

請翻到第10張投影片。

During the 4th quarter, Rewire successfully completed integration of 10 payloads for the European Space Agency's Sendai 3 satellite mission, marking a major milestone as it readies for launch in Q4 2026.

第四季度，Rewire 成功完成了歐洲太空總署仙台 3 號衛星任務的 10 個有效載荷的集成，這標誌著該任務在 2026 年第四季度發射前取得了重大里程碑式的進展。

The spacecraft is built with our highly versatile hammerhead Leo spacecraft platform, which has logged 50 years of on-orbit performance.

該航天器採用我們用途廣泛的鎚頭狀 Leo 航天器平台建造，該平台已在軌道上運行 50 年。

This mission aims to accelerate the development of new tech technologies and stimulate the European space ecosystem. As the prime contractor, Rewire is proud to lead these efforts.

此任務旨在加速新技術的發展，並促進歐洲航太生態系統的發展。作為總承包商，Rewire 很榮幸能夠領導這些工作。

Please turn to slide 11.

請翻到第11頁。

Turning to large space infrastructure, today, I am proud to introduce our extensible low profile solar array, or ELSA. Building on the experience, technical expertise, and success of our flight-proven Rosa product, ELSA is an innovative, high performance, low mass power solution that leverages the flexible substrate technology of Rosa in a smaller form factor.

談到大型太空基礎設施，今天，我很榮幸地向大家介紹我們的可擴展低剖面太陽能電池陣列，簡稱ELSA。ELSA 以我們經過飛行驗證的 Rosa 產品的經驗、技術專長和成功為基礎，是一款創新、高性能、低品質的電源解決方案，它利用 Rosa 的柔性基板技術，實現了更小的尺寸。

Whereas Rosa is our leading flexible array solution for large spacecraft or space stations such as Blue Ring and the ISS, ELSA is our equivalent for high quantity constellations of small satellites and provides 50% more power by volume than our traditional solar arrays of equivalent size.

Rosa 是我們針對大型太空船或太空站（如藍環和國際太空站）的領先柔性陣列解決方案，而 ELSA 是我們面向大量小型衛星星座的同等解決方案，其體積功率比我們同等尺寸的傳統太陽能電池陣列高出 50%。

Elsa is engineered for volume production and offers a step change improvement in modular, scalable design and rapid turnarounds to drive down costs and improve delivery times.

Elsa 專為大量生產而設計，在模組化、可擴展的設計和快速週轉方面實現了質的飛躍，從而降低了成本並縮短了交貨時間。

We look forward to announcing key ELSA contract awards in the near future as the industry recognizes the benefits and performance of this new product line.

隨著業界對這條新產品線的優勢和性能的認可，我們期待在不久的將來宣布重要的ELSA合約授予情況。

Please turn to slide 12.

請翻到第12頁投影片。

Also under our large space infrastructure value driver during the 4th quarter, Redwire was awarded an eight-figure contract by the exploration company to provide two international berthing and docking mechanisms, or IBDMs, developed in Belgium for their flagship spacecraft Nicks.

此外，在第四季度，Redwire 還受益於我們龐大的太空基礎設施價值驅動因素，該公司與一家勘探公司簽訂了一份價值數千萬美元的合同，為其旗艦航天器 Nicks 提供兩個在比利時開發的國際對接和停靠機制 (IBDM)。

This agreement marks a significant step in supporting Europe's burgeoning commercial space sector and follows an IBDM award from Talesalina Space we announced earlier in the year.

該協議標誌著在支持歐洲蓬勃發展的商業航太領域邁出了重要一步，此前我們已在今年稍早宣布從 Talesalina Space 獲得 IBDM 獎項。

This is an exciting example of how our investment in birthing and docking product development is now expanding into new opportunities for production.

這是一個令人興奮的例子，說明我們對分娩和對接產品開發的投入現在如何擴展到新的生產機會。

Please turn to slide 13.

請翻到第13頁。

Turning to our microgravity development value driver, during the quarter, Redwire was selected for a second contract supporting Aspero Biomedicine's research into a cancer kill switch.

談到我們的微重力開發價值驅動因素，本季度，Redwire 獲得了第二份合同，支持 Aspero Biomedicine 對癌症終止開關的研究。

Opera is revolutionizing oncology and regenerative medicine, and RedWire was proud to have once again been selected as a trusted implementation partner.

Opera 正在革新腫瘤學和再生醫學，RedWire 很榮幸再次被選為值得信賴的實施合作夥伴。

Under this follow-on contract, Opera's second set of on-orbit experiments will use Redwire's pillbox hardware to further understand the crystal structure of ADAR1P150 with the goal of creating better cancer drugs that improve patient outcomes here on Earth.

根據這份後續合同，Opera 的第二組在軌實驗將使用 Redwire 的藥盒硬件，進一步了解 ADAR1P150 的晶體結構，目標是創造更好的癌症藥物，從而改善地球上患者的治療效果。

Please turn to slide 14.

請翻到第14頁。

Let's turn now to our combat proven UAS value driver, which falls within our defense tech segment.

現在讓我們來看看我們久經沙場考驗的無人機系統價值驅動因素，它屬於我們的國防科技領域。

During the quarter, US Army soldiers began training with Redwire Stalker UAS, representing the first time in years that a new Group 2 UAS was used in support of a US Army course at Fort Rucker in Alabama.

本季度，美國陸軍士兵開始使用 Redwire Stalker 無人機系統進行訓練，這是多年來首次在阿拉巴馬州魯克堡的美國陸軍課程中使用新型 2 級無人機系統。

As a mature, combat proven commercial technology that is built using a modular open systems approach, Stalker allows for easy integration with third-party technologies, and this flexibility drew attention during the training demos. This further reinforces that Stalker is seen by the US Army as a critical part of their force design for long range reconnaissance training and operations.

Stalker 是一款成熟的、經過實戰檢驗的商業技術，採用模組化開放系統方法構建，可以輕鬆與第三方技術集成，這種靈活性在訓練演示中引起了人們的關注。這進一步印證了美國陸軍將 Stalker 視為其遠程偵察訓練和作戰部隊設計中的關鍵組成部分。

Please turn to slide 15.

請翻到第15頁。

In addition, during the fourth quarter, we announced the grand opening of our new 85,000 square foot facility in Ann Arbor, Michigan to increase production of fuel cells.

此外，在第四季度，我們宣布位於密西根州安娜堡的全新 85,000 平方英尺工廠盛大開業，以提高燃料電池的產量。

Our fuel cells are a key differentiator for our Stalker aircraft, allowing for extended range and endurance, silent operations, and easily sourced fuel.

我們的燃料電池是我們 Stalker 飛機的關鍵差異化優勢，可實現更遠的航程和更長的續航時間、更安靜的運行以及更便捷的燃料獲取。

This is another great example of our shift from predominantly development to full production capacity in our portfolio.

這是我們從以研發為主轉向全面生產能力的又一個很好的例證。

This new facility provides us the ability to scale production as the US Department of War executes on its drone dominance strategy.

隨著美國戰爭部執行其無人機主導戰略，這座新設施使我們能夠擴大生產規模。

Please turn to slide 16.

請翻到第16頁。

Lastly, moving to our sensors and payload value driver. During the quarter, Redwire received an award for Penguin CBal aircraft and Octopus Gimbel camera payloads for the Croatian Border Patrol.

最後，我們來談談感測器和有效載荷的價值驅動因素。本季度，Redwire 因向克羅埃西亞邊防部隊提供 Penguin CBal 飛機和 Octopus Gimbel 相機有效載荷而獲獎。

Funded under the European Border and Coast Guard Agency or Frontex, this award builds on successful border deployments around the world, and RedWire is proud to have been chosen again to provide these key technologies that are especially effective for border security and European defense initiatives.

該獎項由歐洲邊境和海岸警衛隊（Frontex）資助，建立在世界各地成功的邊境部署之上，RedWire 很榮幸再次被選中提供這些關鍵技術，這些技術對於邊境安全和歐洲國防計劃尤其有效。

Please turn to slide 17.

請翻到第17頁。

With that, I'd now like to turn the call over to Chris Edmonds, RedWire's Chief Financial Officer, to discuss the financial results for the 4th quarter of 2025. Chris.

接下來，我想把電話交給 RedWire 的財務長 Chris Edmonds，讓他來討論 2025 年第四季的財務表現。克里斯。

Thank you, Pete. Before turning to slide 18, I want to highlight the image on this page, which is a photo taken by a red wire camera during the Artemis 1 mission, the first in a series of increasingly complex missions to explore the moon and build towards the first crewed mission to Mars.

謝謝你，皮特。在翻到第 18 張幻燈片之前，我想重點介紹一下本頁上的這張圖片，這是阿爾忒彌斯 1 號任務期間由紅色電線相機拍攝的照片，這是探索月球並為首次載人火星任務做準備的一系列日益複雜的任務中的第一個。

Artemis 2 is anticipated to launch in the coming months, and red wire cameras will once again be on board to cap capture imagery from the mission.

阿爾忒彌斯2號預計將在未來幾個月內發射，屆時紅線攝影機將再次搭載在太空船上，以捕捉任務中的影像。

Please turn to slide 18.

請翻到第18頁幻燈片。

Now diving into our results. Despite delays in the US government budget process impacting both space and defense tech, revenue for 2025 increased by 10.3% year over year to $335.4 million coming in towards the top end of our provided range of 320 to $340 million.

現在深入分析我們的結果。儘管美國政府預算流程的延誤影響了太空和國防技術，但 2025 年的收入年增 10.3%，達到 3.354 億美元，接近我們提供的 3.2 億至 3.4 億美元範圍的上限。

Please turn to slide 19.

請翻到第19頁。

Next, I'd like to take a moment to provide some additional details around 4th quarter revenue and profitability.

接下來，我想花點時間提供一些關於第四季度收入和盈利能力的更多細節。

As as included in our earnings release yesterday afternoon and in our Form 10k to follow, we have for the first time provided financial details for our space and defense tech segments.

正如我們昨天下午發布的收益報告以及即將提交的 10-K 表格中所披露的那樣，我們首次提供了航太和國防技術部門的財務細節。

As Pete discussed at the beginning of today's presentation, our space segment includes next generation spacecraft, large space infrastructure, and microgravity development.

正如皮特在今天演講開始時所討論的那樣，我們的太空業務板塊包括下一代太空船、大型太空基礎設施和微重力開發。

And our defense tech segment includes combat proven UAS platforms, sensors, and payloads, both airborne and space-based.

我們的國防技術部門包括經過實戰檢驗的無人機系統平台、感測器和有效載荷，包括機載和天基無人機系統。

Starting with revenue, as shown on the right-hand chart during the fourth quarter, we reported total revenue of 108.8 million, representing a 56.4% increase on a quarterly, year to year basis.

從營收說起，如右圖所示，第四季我們報告的總收入為 1.088 億美元，比上一季年增 56.4%。

During the quarter, our revenue was balanced between our two segments, with our space segment recording revenue of 54.5 million and our defense tech segment recording revenue of 54.3 million.

本季度，我們的收入在兩個業務部門之間保持平衡，其中航太業務部門的收入為 5,450 萬美元，國防科技業務部門的收入為 5,430 萬美元。

I would note that the contributions from the acquisition of Edge Atonomy were the primary driver behind the significant increase for dispense tech on a quarterly, year over year basis.

需要指出的是，收購 Edge Atonomy 帶來的貢獻是分配科技季度年比大幅成長的主要驅動力。

Turning to profitability. While our fourth quarter 2025 gross margin of 9.6% is an improvement on a quarterly, year over year basis, gross margin improvement is a key focus area as we move into 2026 and drive more programs from development to production.

轉向盈利。雖然我們 2025 年第四季的毛利率為 9.6%，與去年同期相比有所提高，但隨著我們進入 2026 年並推動更多專案從開發到生產，毛利率的提高仍是我們關注的重點領域。

Leaving aside the net unfavorable impact from EACs of 17.8 million, our gross margin would have been in the mid-20% range, closer to what we believe is representative of the potential of our business going forward, given our mix across the maturation framework Pete spoke about earlier.

撇開 EAC 帶來的 1,780 萬淨不利影響不談，我們的毛利率本應在 20% 左右，更接近我們認為能夠代表我們業務未來潛力的水平，這得益於 Pete 之前提到的成熟度框架。

Our fourth quarter, 2025 net loss was 85.5 million, which was impacted by more than 40 million in non-recurring activity, including a 34.7 million goodwill impairment, 7.4 million impact from the equity incentive units assumed through the Edge Autonomy acquisition, and 1 million related to the early debt extinguishment, which I will talk about a little more in a moment.

我們 2025 年第四季淨虧損為 8550 萬美元，其中超過 4000 萬美元為非經常性活動，包括 3470 萬美元的商譽減值、通過收購 Edge Autonomy 而承擔的股權激勵單位的 740 萬美元影響，以及與提前償還債務相關的 100 萬美元

In addition, Redwire significantly increased in future technology during the quarter spent on research and development from 1.4 million in 2024 to $9.5 million in 2025.

此外，Redwire 在本季大幅增加了對未來技術的投入，研發支出從 2024 年的 140 萬美元增加到 2025 年的 950 萬美元。

Because of our confidence in signals we see with our customers and market, we see this investment contributing to the acceleration of our programs along the maturation framework.

由於我們對從客戶和市場中看到的訊號充滿信心，我們認為這項投資有助於加快我們專案在成熟框架內的推進。

We ended 2025 with fourth quarter adjusted EBITDA of 18.1 million, a decrease on a year to year basis. Our negative fourth quarter 2025 adjusted EBITDA results was largely due to unfavorable impacts from EACs of 17.8 million.

2025 年第四季調整後 EBITDA 為 1,810 萬美元，年減。我們 2025 年第四季調整後 EBITDA 為負值，主要是由於 EAC 1,780 萬帶來的不利影響。

Please turn to slide 2.

請翻到第二張幻燈片。

Finally, turning to a discussion of liquidity and capital structure, we have significantly strengthened our balance sheet and simplified our capital structure. We ended 2025 with record year-end total liquidity of $130.2 million comprised of $94.5 million in cash, $35 million in undrawn revolver capacity, and approximately $1 million in restricted cash, a significant year over year improvement in total liquidity.

最後，在討論流動性和資本結構時，我們已顯著加強了資產負債表並簡化了資本結構。2025 年末，我們的總流動資金創下 1.302 億美元的年末紀錄，其中包括 9,450 萬美元現金、3,500 萬美元未提取循環信貸額度以及約 100 萬美元受限現金，總流動資金較上年同期顯著提高。

During the year, we significantly delevered, repaying a net $125.5 million of debt, including repayment of $105.5 million of outstanding principal during the fourth quarter through proceeds from an efficient at the market or ATM program.

年內，我們大幅降低了槓桿率，淨償還了 1.255 億美元的債務，其中包括在第四季度透過有效的市場或 ATM 計劃的收益償還了 1.055 億美元的未償本金。

Our repayment during 2025 will result in an estimated annual interest savings of more than $14 million.

我們在 2025 年的還款預計將使我們每年節省超過 1,400 萬美元的利息。

During 2025, Redwire also saw a 57% reduction in convertible deferred stock outstanding through share repurchase and voluntary conversion.

2025 年，Redwire 透過股票回購和自願轉換，使其流通在外的可轉換遞延股票減少了 57%。

And an 83% reduction in outstanding warrants through exercise. We note that Red wire's remaining outstanding warrants will expire during the third quarter of 2026.

透過行使認股權證，未行使的認股權證減少了 83%。我們注意到，Red wire 剩餘的未行使認股權證將於 2026 年第三季到期。

Finally, in February 2026, the company amended its remaining credit agreement, extending the maturity to May 2029 and lowering their interest spread from SOFAR $700 to SOFAR $375 resulting in an annualized interest savings of approximately $3 million.

最後，在 2026 年 2 月，該公司修改了剩餘的信貸協議，將到期日延長至 2029 年 5 月，並將利差從 SOFAR 700 美元降至 SOFAR 375 美元，從而每年節省約 300 萬美元的利息。

Taken together, we estimate total annualized interest savings to be more than $17 million from our delevering and refinancing activities.

綜合來看，我們估計透過去槓桿化和再融資活動，每年可節省的利息總額將超過 1,700 萬美元。

Please turn to slide and contracts awarded as we move through the 4th quarter based from the US government shutdown impacted award timing in 2025. We continue to see a positive trend when compared with the first half of 2025. Our bookings during the fourth quarter of 2025 increased substantially, both year over year and sequentially to 164.9 million, with the fourth quarter of 2025 book to bill ratio of 1.52, bringing our 2025 full year book to bill ratio to 1.32 and improving backlog to a record 411.2 million.

請翻到幻燈片，了解隨著我們進入第四季度，受美國政府停擺影響，2025 年的合約授予時間將如何變化。與 2025 年上半年相比，我們繼續看到積極的趨勢。2025 年第四季，我們的預訂量年比和季均大幅成長至 1.649 億，2025 年第四季的訂單出貨比為 1.52，使 2025 年全年訂單出貨比達到 1.32，積壓訂單量也增至創紀錄的 4.112 億。

Looking to key performance indicators by segment during the fourth quarter of 2025, space bookings were 110.9 million driven by the Otter and Nick Awards previously discussed, and defense tech bookings were 54 million driven by demand for our Stalker and Penguin aircraft.

從 2025 年第四季各細分市場的關鍵績效指標來看，太空預訂量為 1.109 億美元，這主要得益於先前討論過的 Otter 和 Nick 獎項；國防技術預訂量為 5,400 萬美元，這主要得益於市場對我們 Stalker 和 Penguin 飛機的需求。

Turning to backlog by segment. As of December 31, 2025, space backlog was 299.8 million and defense tech backlog was 111.4 million. As a reminder, the majority of defense tech revenue is recognized at a point in time, whereas our space segment, the majority of revenue is recognized over time, driving different backlog profiles.

按部分處理積壓工作。截至 2025 年 12 月 31 日，太空領域的積壓訂單為 2.998 億美元，國防技術領域的積壓訂單為 1.114 億美元。需要提醒的是，國防科技的大部分收入是在某個特定時間點確認的，而航太領域的收入則是隨著時間的推移逐步確認的，這導致了不同的積壓訂單情況。

Although the US government shutdown delayed the timing of awards that had been expected in 2025, with key wins during the 4th quarter and line of sight in 2026, we are pleased with the continued positive change in our trend line for contracts awarded and believe our pipeline of new opportunities remains strong, giving us confidence in continued growth through 2026.

儘管美國政府停擺推遲了原定於 2025 年授予的合同，但隨著第四季度取得重大勝利，以及對 2026 年的展望，我們對已授予合同的趨勢線持續向好感到滿意，並相信我們的新機會儲備依然強勁，這使我們有信心在 2026 年繼續增長。

Please turn to slide 22 for a brief discussion of the outlook for 2026.

請翻到第 22 頁，簡單討論 2026 年的展望。

With continued acceleration in our contracts awarded during the fourth quarter and confidence provided by our record backlog of 411.2 million, we are forecasting full year 2026 revenue to be in the range of 450 to 500 million, which represents a 41.6% year over year growth rate at the midpoint.

由於第四季合約授予數量持續加速成長，加上創紀錄的 4.112 億美元積壓訂單帶來的信心，我們預測 2026 年全年營收將在 4.5 億至 5 億美元之間，其中值年增 41.6%。

I would note that given lingering time and impacts of the government shutdown, we expect our revenue to build as we move through 2026.

我想指出的是，考慮到政府停擺的持續時間和影響，我們預計到 2026 年，我們的收入將會成長。

With that, please turn to slide 23, and I'll now turn the call back over to Pete.

接下來，請翻到第 23 張投影片，現在我會把電話轉回給皮特。

Thank you, Chris.

謝謝你，克里斯。

As discussed earlier in the brief, RedWire's transformation in 2025 positions us to enter 2026 with great momentum as an integrated multi-domain space and defense tech company. As Chris discussed, We saw the continued acceleration in contract awards through the fourth quarter of 2025, and we enter 2026 with confidence provided by our record $411.2 million backlog despite budget headwinds during 2025 and into early 2026.

正如簡報前面所討論的，RedWire 在 2025 年的轉型使我們有信心以強大的勢頭進入 2026 年，成為一家綜合性的多領域太空和國防科技公司。正如克里斯所討論的，我們看到合約授予數量在 2025 年第四季度持續加速增長，儘管 2025 年和 2026 年初預算面臨不利因素，但我們憑藉創紀錄的 4.112 億美元積壓訂單，對 2026 年充滿信心。

In addition, we are bolstered by a strengthened balance sheet, simplified capital structure, and record end of year liquidity of $130.2 million.

此外，我們還受益於更強勁的資產負債表、更簡化的資本結構以及創紀錄的年末流動資金 1.302 億美元。

With that, I want to thank the Red Wire team for their achievements during 2025. We will now open the floor for questions.

在此，我要感謝 Red Wire 團隊在 2025 年的成就。現在開始接受提問。

Thank you. And at this time, we'll conduct our question-and-answer session.

謝謝。接下來，我們將進行問答環節。

If you would like to ask a question, please press star 1 on your telephone keypad.

如果您有任何疑問，請按下電話鍵盤上的星號 1。

Please limit yourselves today to one question.

今天請各位只提一個問題。

A confirmation tone will indicate your line is in the question queue. You may press 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the keys.

確認音表示您的線路已進入排隊佇列。如果您想從佇列中移除您的問題，可以按 2。對於使用揚聲器裝置的參與者，可能需要在按鍵前拿起聽筒。

Your first question comes from Brian Kinslinger with Alliance Global Partners. Please state your question.

你的第一個問題來自 Alliance Global Partners 的 Brian Kinslinger。請提出您的問題。

Great, thanks and congrats on the improving capital structure.

太好了，謝謝，也祝賀你們改善了資本結構。

My question is, how is management adjusting its pricing model in response to the abnormally low gross margin throughout 2025. Have you contemplated higher fixed price quoting in space, a more safer contracting vehicles such as Cost Plus or time and materials, especially for new products like Elsa.

我的問題是，面對2025年異常低的毛利率，管理階層將如何調整定價模式？您是否考慮過在太空領域採用更高的固定價格報價，以及更安全的合同方式，例如成本加成或工時和材料合同，特別是對於像 Elsa 這樣的新產品。

Thanks Brian, I appreciate your question. So there's a couple of dynamic things there. So I'll I'll address, two parts of this question, starting with the easiest and the last part first, we're, we basically have to like all, defense contractors.

謝謝布萊恩，謝謝你的提問。所以這裡面有一些動態因素。所以我會回答這個問題的兩個部分，先從最簡單的部分開始，也就是最後一部分。首先，我們基本上必須像所有國防承包商一樣。

We have to take our meet our customer where they are in terms of the kind of contracting that they do.

我們必須根據客戶的實際情況，了解他們目前的合約模式。

The Department of War has very openly discussed that they are moving away from cost plus and time and materials and looking for contractors that are willing to take on firm fixed price development. And it's for that reason that we really took the time and effort at the beginning of this call to understand the portfolio effect that if you want to get market share in this market, you have to be willing to do some investment, whether it be through IRAD if you want to bear the full cost or through additional development risk if you're willing to take on risk, but take on, payments from customers at the same time, you have to be willing to do that in order to get through the development phase to get to production, which leads me to the first part of your question where in terms of the pricing model it's not so much.

美國陸軍部已經公開表示，他們正在放棄成本加成和工時材料合同，轉而尋找願意承擔固定價格開發項目的承包商。正因如此，我們在本次通話之初才花費大量時間和精力來理解投資組合效應。如果你想在這個市場中獲得市場份額，就必須願意進行一些投資，無論是透過內部研發（IRAD）承擔全部成本，還是透過承擔額外的開發風險（如果你願意承擔風險），同時也要接受客戶的付款。你必須願意這樣做才能度過開發階段，最終實現生產。這就引出了你問題的第一部分，也就是定價模型方面的問題。

Trying to pad our pricing and ultimately losing when we're bidding against more aggressive competitors on the development phase of contract, but it's actually having that balanced portfolio I talk about where you may be taking on a More balanced set of development contracts with higher EAC risks, maybe lower margins as you buy yourself into the baseline in pursuit of a production tail. But now Redwire's in this position where we're taking on less of that as a percentage of the total portfolio. Now less of it doesn't mean we're bidding less. We're still aggressively going after those development programs in order to increase our market share and penetrate the, particularly on the space side of the market where the winners haven't really been determined yet. But with the transformational acquisition of Edge Autonomy, our portfolio, as you can see from that slide 7, is now much more balanced. We have a production level of programs that that are supporting that, and it's because of that production tail as the defense tech side of the business starts to scale, as we anticipate it will in 2026, we expect to see the gross margin improvements that you're looking for.

我們試圖提高價格，但最終在合約開發階段與更激進的競爭對手競標時失敗了。但實際上，我所說的平衡投資組合，意味著你可能會承擔更平衡的開發合約組合，雖然這些合約具有更高的 EAC 風險，利潤率也可能更低，因為你在追求生產尾部時已經將自己納入了基準。但現在 Redwire 的情況是，我們承擔的這類投資在總投資組合中所佔的比例越來越小。現在數量減少了，但這並不意味著我們的出價會降低。我們仍在積極推進這些開發項目，以提高我們的市場份額並滲透到市場，尤其是在太空領域，因為那裡的贏家還沒有真正確定。但隨著對 Edge Autonomy 的變革性收購，正如您從第 7 張投影片中看到的那樣，我們的產品組合現在更加平衡了。我們有一定數量的生產項目來支持這一點，正是由於這些生產項目，隨著國防科技業務開始擴大規模（我們預計在 2026 年實現），我們有望看到您所期望的毛利率改善。

You thanks very.

非常感謝。

Much.

很多。

Your next question comes from Griffin Boss with BRley Securities. Please state your question.

下一個問題來自 BRley Securities 的 Griffin Boss。請提出您的問題。

Hi, good morning, thanks.

您好，早安，謝謝。

For taking my question. So I guess for my one question I will.

感謝您回答我的問題。所以我想我會問最後一個問題。

Yeah, ask about Edge. So the 100+ aircraft to 7 countries post close, that's good to see. But do you have any insight on how many aircraft standalone Edge did in 2024 and then along the same lines you mentioned that, included in that 100 plus number were deliveries to the US Army via LRR. Does that mean you've received production orders at this stage, or is that referring to the stocker deliveries.

對，問問Edge的情況。所以，100多架飛機飛往7個國家的消息傳出後，這真是個好消息。但是，您是否了解 Edge 在 2024 年獨立交付了多少架飛機？正如您所提到的，這 100 多架飛機中包括透過 LRR 交付給美國陸軍的飛機。那是指你們目前已經收到生產訂單，還是指庫存出貨？

For the training purposes?

是為了培訓目的嗎？

Thank you.

謝謝。

Hey Griffin, thanks for your question, Chris. You want to take the count one?

嘿，格里芬，謝謝你的提問，克里斯。你想數到一嗎？

Yeah, so 100 aircraft since we closed the acquisition, they delivered about 200 aircraft this year, which is relatively consistent to where they were in the past year. Yeah, we really lean forward, even prior to the acquisition to build capacity to be able to handle the demand curve as the demand curve comes online. So for, the production here in the second half of the year, about 100 aircraft that is right in the middle of their production curve, but with scale capacity as we see the growth continue to come in with the order book as we talked about earlier, we'll have the ability to to to produce those aircraft as we go into 26 and beyond.

是的，自從我們完成收購以來，他們交付了 100 架飛機，今年交付了大約 200 架飛機，這與他們去年的交付量基本持平。是的，我們確實積極主動，甚至在收購之前就著手建立產能，以便在需求曲線上線時能夠應對需求曲線的變化。因此，今年下半年，這裡的產量約為 100 架飛機，正處於生產曲線的中間階段。但隨著規模化產能的提升，正如我們之前討論的那樣，訂單量持續增長，我們將有能力在 2026 年及以後生產這些飛機。

Good example of that is the investment we made in the 85,000 square foot for our fuel cell production in Ann Arbor, that we'll be able to see increased aircraft full rate production in 26.

一個很好的例子就是我們在安娜堡投資 85,000 平方英尺用於燃料電池生產，我們將在 26 年看到飛機全面投入生產。

Got it. Okay. And then just the second part of that was regarding LRR, and whether those are production orders or or referring to the, the.

知道了。好的。然後，第二部分是關於 LRR 的，以及這些是指生產訂單還是指…

Testing.

測試。

Yeah, that was part of the testing, so we're still, anticipating the full production order here to come, later.

是的，那是測試的一部分，所以我們仍在期待稍後到來的完整生產訂單。

This year. Yeah, one of the things that we're excited about in terms of our ability to accelerate growth in Q4 was, as a reminder that was still without a fully passed budget. So some of the things that we talked about in our last earnings call that we were expecting to come online, one of them being orders for the LRR program, was not included in that 1.52 book to bill. So that's still upside we anticipate in 2026.

今年。是的，讓我們感到興奮的是，就我們第四季加速成長的能力而言，需要提醒的是，當時的預算還沒有完全通過。因此，我們在上次財報電話會議上談到的一些我們預計會上線的項目，例如 LRR 項目的訂單，並沒有包含在 1.52 的訂單出貨比中。所以，我們預計2026年仍會有上漲空間。

Got it.

知道了。

Thank you, Pete.

謝謝你，皮特。

Thank you, Chris.

謝謝你，克里斯。

Thank you.

謝謝。

Thank you. And your next question comes from Scott Buck with HC Wainwright. Please state your question.

謝謝。下一個問題來自 HC Wainwright 公司的 Scott Buck。請提出您的問題。

Hi, good morning guys. Apologies if I missed this during the prepared remarks, but how much of the backlog is expected to be executed on over the next 12 months, or should I say calendar 2026? And then are there any large concentrations within that backlog that would drive a materially outsized revenue results in any given quarter or potentially risk slipping into 2027?

大家好，早安。如果我在您準備的發言中遺漏了這一點，請您見諒。請問預計在未來 12 個月內（或應該說到 2026 年）將完成多少積壓的工作？那麼，在這些積壓訂單中，是否存在任何可能在任何一個季度帶來顯著超額收入，或者有可能推遲到 2027 年才能實現的重大訂單集中度？

Yeah, hey, I appreciate it, Scott. So from a backlog standpoint, we've got about 50% or so, of the guide in backlog, and as we look at the risk profile across that backlog, there are no single orders that are binary that would meaningfully move, our view. One way or the other, pretty balanced across, the order book, both with, geography, diversification across the US and Europe, as well as across the, our various value drivers, so, about 50% or so of backlog, for the guide.

是的，謝謝你，斯科特。所以從積壓訂單的角度來看，我們大約有 50% 左右的訂單處於積壓狀態，當我們查看這些積壓訂單的風險狀況時，我們認為沒有哪個訂單是二元的，不會對訂單產生實質性的影響。無論如何，訂單簿在地理上相當均衡，涵蓋美國和歐洲，在各種價值驅動因素方面也實現了多元化，因此，該指南的積壓訂單約佔 50% 左右。

Yeah, one thing I'll add to that is, the, although we don't have anything, necessarily, in our forecast that we're looking at is a big, material size value driver in our pipeline, not necessarily backlog, we do have, especially on the space side, we do continue to have opportunities. Like consolation size, orders, that could materially change our profile, we're just, discounting those things in order to make sure that we, are focusing on, achieving our growth through what's already on the books.

是的，我還要補充一點，雖然我們的預測中並沒有真正意義上的、具有重大實質價值驅動因素的項目（不一定是積壓訂單），但我們確實有一些項目，尤其是在航太領域，我們仍然有很多機會。就像安慰獎的規模、訂單一樣，這些都可能從根本上改變我們的形象，我們只是忽略了這些事情，以確保我們專注於透過現有的計劃來實現成長。

Perfect, I appreciate that added color, guys.

太好了，我很喜歡這增添的色彩。

Thank you very much.

非常感謝。

It's got Your next question comes from Greg Konrad with Jeffries. Please share your question.

下一個問題來自 Jeffries 公司的 Greg Konrad。請提出您的問題。

Hi guys, this is Kra on for Greg.

大家好，我是Kra，替Greg上線。

Thank you for taking my question. So I guess sticking with backlog, what are you seeing in the broader order environment given some pickup in the three months, the 1.52 book to bill in Q4?

感謝您回答我的問題。所以，就積壓訂單而言，考慮到過去三個月訂單有所回升，第四季訂單出貨比為 1.52，您認為整體訂單環境如何？

How different are the order cycles between space and defense tech, and what are the expectations for book to bill in 2026 supporting growth there?

航太和國防科技的訂單週期有何不同？ 2026 年的訂單出貨比預期如何，才能支撐這兩個領域的成長？

Yeah, so thank you for your question and, so in terms of in the backlog.

是的，謝謝你的提問，至於積壓的工作，

In that 1.52, what it shows is, as we start to close, so last year we talked about a lot about moving up the value chain, and as we start to close bigger orders like Otter, which was a $44 million opportunity I mentioned full V Leo spacecraft order, you can see that the size of our orders are growing over time as part of that moving up the value chain strategy that we executed. In addition to that, you see another element with the eight figure IBDM order that contributed to that 1.52 backlog that we closed in the fourth quarter where we actually got two IBDM orders as we start to move into a more of a production phase, low rate, but still a production phase for the IBDM. So that was really the characteristic of the 4th quarter backlog build, and you know those are long programs, a yearlong or more programs that will be, that gives us confidence in our revenue build over 2026. In terms of the order cycles between space and defence tech, that's a very interesting question. The order cycles, and this is why, it's not really apples to apples when you look at backlog between defence tech and space will have a really stronger backlog because it'll be.

在這 1.52 中，它表明，隨著我們開始完成訂單，去年我們談了很多關於向價值鏈上游移動的問題，隨著我們開始完成像 Otter 這樣更大的訂單（我提到過，這是一個價值 4400 萬美元的機會）和完整的 V Leo 航天器訂單，你可以看到，作為我們執行的向價值鏈上游戰略的一部分，我們的訂單規模隨著時間的規模而增長。除此之外，還有另一個因素，那就是八位數的 IBDM 訂單，它促成了我們在第四季完成的 152 萬件積壓訂單。實際上，隨著我們開始進入 IBDM 的生產階段（雖然速度較慢，但仍然是生產階段），我們又獲得了兩份 IBDM 訂單。所以，這就是第四季度積壓訂單的特點，你知道，這些都是長期項目，一年或更長時間的項目，這讓我們對 2026 年的收入成長充滿信心。就航太和國防技術之間的訂單週期而言，這是一個非常有趣的問題。訂單週期是固定的，這就是為什麼，當你比較國防科技和航太領域的積壓訂單時，兩者並不具有可比性，因為國防科技和航太領域的積壓訂單會更多。

A multi-year backlog in many cases where the conversion cycle for defense tech is really fast, especially on orders where we have some level of inventory already on the balance sheet, so. Existing customer that already has a fleet of Stalker or Penguin aircraft can decide that they want to scale their fleet very quickly, submit a purchase order, and if we have that available in inventory or even if we have aircraft coming off the production line, we can fill. That order quickly and so the conversion for defense tech is a lot faster than on space. Chris, you want to add anything to that?

在許多情況下，由於國防技術的轉換週期非常快，導致多年積壓訂單，尤其是那些我們在資產負債表上已經有一些庫存的訂單。已經擁有 Stalker 或 Penguin 飛機機隊的現有客戶可以決定快速擴大機隊規模，提交採購訂單，如果我們有庫存，或者即使我們有飛機即將下線，我們也可以滿足他們的需求。這種指令迅速生效，因此國防技術的轉換速度比太空技術快得多。克里斯，你還有什麼要補充的嗎？

Well, I was just going to point out, from a book to bill standpoint in in the fourth quarter we were just over a 2x on the space side as Pete talked about and just out of 1 on the defence tech, which is just highlights that point.

嗯，我只是想指出，從帳面收入到帳單金額的比例來看，正如皮特所說，第四季度我們在太空領域的收入略高於 2 倍，而在國防科技領域則略高於 1 倍，這正好突顯了這一點。

Thank you so much.

太感謝了。

Thank you.

謝謝。

Thank you.

謝謝。

Your next question comes from Suji De Silva with Roth Capital Partners. Please state your question.

下一個問題來自羅斯資本合夥公司的蘇吉·德·席爾瓦。請提出您的問題。

Hi, Pete. Hi, Chris. Congratulations on the bookings improvement. So, just quick questions on the mix of space versus defense. I just some clarification on defense. Is there a material part of defense that's not the edge autonomy acquisition and what is the growth expectation in 26 roughly across space versus defense? Thanks.

嗨，皮特。嗨，克里斯。恭喜預訂量有所提升。那麼，關於空間和防守的組合，請教幾個問題。我只是想就防禦方面做一些澄清。除了邊緣自主獲取之外，國防領域還有哪些實質部分？ 26 年間，太空和國防領域的成長預期大致如何？謝謝。

So let me address the first part. So yes, the defense tech not only includes, the legacy edge autonomy capability, but it also includes, our portfolio of space optics, other payloads, and, our space RS systems. The reason for that is because when you go back and you look at, part of our early discussion about the synergies that we expected by being multi-domain in space.

那麼，讓我先回答第一部分。所以，是的，國防技術不僅包括傳統的邊緣自主能力，還包括我們的太空光學產品組合、其他有效載荷以及我們的太空遙感系統。原因在於，當你回顧我們早期關於在太空領域多領域合作所帶來的協同效應的討論時，你會發現，這與我們當時的設想不謀而合。

A lot of the things like optics or antennas or RF payloads are very similar across both UASs and satellites or spacecraft. So by putting them in the defense tech segment we're able to achieve those synergies and truly be a multi-domain in the way we go to market in those technologies. So yes, a material portion of defense tech. Is, part of the team from part of the legacy red wire space. Part, Chris, did you want to talk about the latter part of the question?

無人機和衛星或太空船上的光學元件、天線或射頻有效載荷等許多零件都非常相似。因此，透過將它們納入國防技術領域，我們能夠實現這些協同效應，並在這些技術的市場推廣中真正做到跨領域。是的，這是國防科技的重要組成部分。是來自傳統紅線空間團隊的一部分。克里斯，你想談談問題的後半部嗎？

Yeah, I mean, so Sushi, we were, we're pretty balanced across the segment in our fourth quarter. Yeah, we do see the fintech probably driving a little more contribution as we go through 26, just line of sight and where they are. The growth rate on the DT side, probably outperforms the space side, maybe closer to 20%. For a line of sight, but as Pete said on the space side, what's in the order book is what we're managing to, but there are some really big and interesting opportunities in the pipeline that could really accelerate the growth on the space side. But again, what we're looking at right now, pretty balanced, currently, and we do expect the DT side to start to take a little larger share as we get in the back part of 26.

是的，我的意思是，就壽司業務而言，我們在第四季度的整體業務比較均衡。是的，我們確實看到，隨著我們進入第 26 年，金融科技可能會帶來更多貢獻，這只是我們的視線和它們所處的位置。DT 領域的成長率可能超過太空領域，或許接近 20%。從長遠來看，正如皮特在太空領域所說，我們目前只能完成訂單簿上的項目，但還有一些非常重要和有趣的機會正在醞釀中，這些機會可能會真正加速太空領域的成長。但再說一遍，我們現在看到的情況相當平衡，而且我們預計隨著賽季進入第 26 賽季的後半段，防守端將開始佔據更大的份額。

All right, helpful color. Thanks, Pete. Thanks.

好的，這個顏色很有幫助。謝謝你，皮特。謝謝。

Chris. Thanks.

克里斯。謝謝。

Dude.

老兄。

Thank you.

謝謝。

Thank you, and we have reached the end of the question-and-answer session, so I'll now hand the floor to Peter Canito for closing remarks.

謝謝大家，問答環節到此結束，現在我將把發言權交給彼得·卡尼托，請他作總結發言。

Great, well, thank you all for the excellent questions. With that, we appreciate everyone taking the time to listen today and go red wire.

太好了，謝謝大家提出的好問題。在此，我們感謝大家今天抽出時間收聽並關注我們的節目。

Thank you. This concludes today's conference. All parties may disconnect.

謝謝。今天的會議到此結束。所有參與者均可中斷連線。