Red Cat (RCAT) 16 Dec 242025 Q2 Earnings call transcript

So when I'm going to welcome everybody, and then hopefully, Stan jumps in here. And thanks again, everybody, for joining us for our call for the last parts of 2024 as we switch to our new calendar year in 2025. I'm going to have Leah start with some of the disclosure stuff. She'll then hand it off to me, and we'll get moving here. We've got a lot to talk about.

read for you can Leah, the us? disclosures So

Thanks, Jeff. Yes.

presentation, Stan to call playback of just are this it Hopefully, So Update Fiscal advised Zoom today's is in question, an you the for ask 'XX back questions. that everyone, to Q&A the Conference submit will ask be opportunity Second After Corporate Holdings a and Redcat to conference welcome, being To be Results call purposes. recorded Quarter Call. can there function. this through will moderate that. Participants Financial

So Jeff Hitchcock, joining Lunger, Chief Officer; us Chief today Chief Leah Officer. from Red Cat Holdings myself, Geoffrey Revenue Thompson, are Financial and Officer; Executive

future making statements, will this results. that performance management During for including or forward-looking call, operational address be statements expectations Red Cat's

may risks results involve and actual materially these that factors other statements. cause from statements differ to Forward-looking

risks, as Cat's call about Red as law, on to For information Cat it. The update Red the Cat's these this this call go to that call. It cautionary required Jeff, ahead. content any particularly statements pleasure of that recently turn in XXXX. time-sensitive XX, the my Red to events publicly risk of Jeff in information the Officer. Form or filed over obligation that most more please only by to periodic to any occur Executive after reports December accompanies disclaims this revise Thompson, reflect accurate press factors and today, described circumstances Except or is call, is Chief contains refer information release XX-K the now

super a of about. we usually bit to this little said, fun news. a stuff on and housekeeping are bit Leah bit over I'm color Jeff's start we going few for Today's a and have We just great going it a of is news as I talk But little so other hand to things happening again, Well, Leah. Thanks, to And off. a little Like of and lot updates sad all second fun. here. not that have of be do guidance. more a to

Thanks, Jeff.

this So as I'm that CFO reasons. to family inform just due everyone going I opportunity Cat have to of take to Red resigned

of disability needs and to note, such an company, longer I'm have pregnant. devote share least. to to has actually my been such prioritize exciting to difficult I the I've the and a more time children well. do company. On decision, his X truly, positive the can family say of have that but my leaving a This very little, a the increased required sad for the X extremely chosen be especially needs to my an months Just the of job time also needs I'm no

the So we've been some planning interim I kind support after of baby. have for

Jeff, we're change, that. of this to with now line. time So let accelerating just you that that I'll add anything kind want you

Thanks, we're sad you This -- is go, yes. Leah. to see

great is have candidates We bunch CFO time. the to when some been with a the had of news do have doing drone Leah space. out been good some industry -- the quite help talking that this They of that only we it in some expertise for have baby. There's we've a

this. miss to be going be going accelerate we We're So going to of I Leah, kind just okay. have -- We're planning for everything. is going been think we're this to have to but to

be with it XX,XXX sole We've is Maven, what's know the of would artificial this really and with mostly some Everybody phone I'm the what we working been is on that's move Palantir, SRR the new So Palantir's say source partnership going on the we of I've going intelligence, there. taking to stuff Black or their partnering out today, winner Widow, we're about doing into since all folks I wants drones kind are that with and to on to is Maven with wrong. We're and did of going these AUSA that, day. which visual happened D.C. And which it with amazing. now navigation is been

most going So DoD. is your this by to fits day be rucksack, keep Black X Widow of ever birds capable that all I the saying it And fielded the long.

selling So will capability can The testing again, biggest a back X Geoff let's drones some with deeper. And going great identify problems that dig that which have objects. he's useless. high-level Geoff in we you're this into the to will well, drone we've face has and battlefield. any battlefield this It stuff you're basically EW, go to to -- completed the of because actually They're now -- just warfare, EW don't been GPS. and a are when in work dig GPS' electronic done some in World in right is and Doodle forever. little

continue that now. to navigation visual no images. is do visual goal future is satellite out to access have Our to just GPS the The They not black a Palantir XX the real-time navigation. even and on the window right other. this in unlike There's to utilize in trying companies ship there has capabilities

what We So and most to that X map have you're road that can comparing get What the a the the of battlefield the visual. on in buildings disappears, to and sees visual you navigation you're Black not the work board, mapping real-time camera will if disappear the anymore. updates Widow.

going battlefield. strike is is something you be safer capabilities, difficult the giving defeat thing going war fighter And that's a to add more to them in this So lethal. our when very really make you're and to

this. just finally -- been quite some this working on for on that we're integrating really we we've working time. a They're the drones already but and and happened, that's announced today, So thing it great

of So good A happen there. lot going that's stuff to

So each add we we question does to going this is revenue other The financially? deal that is get with just how to this additional drone work sell. this

haven't out yet. We put pricing the

bird visual going navigation, going is high-margin be that Palantir. that's in best put this haven't navigation that we're that very every revenue want We space. visual going to is to But software out share people on the specifically the we drone go believe the with be working to

will going XX% an be The our accelerate bring margins margins add-on. we add to hopefully It even once to is to software margins up side. and gross hardware this path will our So the profitability. with to the just get our

Just out $XX going some to And to wide we put touch million on guidance $XXX And goalposts. to a because to little coming million. $XX bit back from be $XX of million we our kind goalposts there, it. guidance we'll upped million

we SRR-related be next happening goalposts not contracting we're few are adding which in think So The that's wide revenue the completely basically need, weeks. total. will is the to -- all what the that to we be going into

before be New an to early January. York will We Analyst having We probably hoping it Day down were pin in tonight. in

actually signing going everybody. contracts on giving more to firm just those But that CRO. be we'll holidays. been all in hand over an it up few able after a we've with posts the detail weeks And we'll to bit the So and update give you our that, to I'm goal be Geoff maybe for little a Hitchcock,

you, we X,XXX. astounding joining. Thank that I'm at it's the numbers, looking everybody, have like for Jeff. Thanks,

XX. watching too long this Now wasn't right it or And it we XX was ago, X,XXX now. have people

it, the you Leah reasoning work was make company everything on. all minute a into what this I but thank and for for going for it the She done me want she's wish best. little take thank to understand for with. Hopping bit got point. So sad. to the joy a joining. I does her up a do I of to we

quotes Friday, And customers we and So those requesting be as been weeks internationally. first of X no the budgeting DoD. customers. and pricing both are $XX.X and going RFPs, Widow to think USG to I gone door ago, U.S. that foremost, They're this since This inundated have million, through doing of the the SRR by SRR all quotes is announcement right customers. Preponderance in response Black about have now. DoD, out around is

trigger So CRNs, that. pull when they the the can on

excited we're super We're getting about great platform. So the demand globally signals on new that.

start stated, excited we're budgets getting again, up that. to I ends the then, the the the trigger on and pulled we So individual CR allocated entities, are about to when expect those. super as And

have We're up stuff, that award. off. of navigation in time some to of finish frame since visual We're we've award. with their an X request now, the for for the been expecting hard discussions to being R&D, to that the expecting That's kick them. contract. responded R&D January the We Army Right X-month in

rate We short we're for when contract briefing the scheduled going to are off like. full more to contracts understanding have reconnaissance going lot production January. range in initial kick and some LRIP That's a of what look get time

you to some next have over to still be of in But until So again, months, and for we'll sometime, guys don't keep that's updated down, right? sit Right answers that. couple January we'll supposed we know we're on the have -- scheduled now, you.

we've and and of the went As and right, space the a market remaining this X looking leader been fact they're Palantir a which had at night, companies, day leathal night is Jeff of navigate where out that announcement a to the in was been will lot day about requested, is battlefield. down navigation. Palantir come that talking visual and GPS flying weather, solve both us navigation. we're a that accurately this and we today, the that will make problem. has don't make the ability GPS to Army problems more hardest And that for while and it domain, the do honestly I all just and need us bringing all, our at visual-based all a feel day platform to safely size, And solves

and -- of sense Doodle space our something where hopping GPS The other actually very GPS strong. problem, our offer contested X They environments is And in RF not the their partnership within that band, environments. it's hopping hopping it's within was problems, frequency with bands. radio The contested jamming jamming right? with we've a X software, Labs X or then

it very very makes jam. to So hard, difficult

to going reiterate, be again, to very working of we're Palinter, So kind hard.

going we're to X months. Jeff, pipe going take think to about can you think us it's in. I I

take but The of I continues, questions the good space for about platform integration I'll excited. we will this They're think it's we to better going work than I going think it's that, market wait We're dominant X year. Lots get be to But your we're excited. the have months when showing a later. do. done. to in that very software. this us globally very to most still Army, Subject work before

just I speak Army translate it want hand Mr. talking he's Leah, we resolution to on some off CR, the from continuing the of Hitchcock. about to The Before budgets.

be production you I signed. On do that said in hoping rate to that's going Full continues stressed second mostly getting new than money again, XXXX. that January be And is going still to in found loosened done start money half to about, with since talking be It the that's first months lot XXXX. going been up needs on to to [indiscernible] quicker that $X just starts million, the that. of in Geoff, We're soon. contracts for to approximately to we're features. still LRIP that think have these going it dealing pretty a just demo some in again, X additional public. the was of to we're the of half we're software the So I new Palantir

So we will LRIP ready software ready. it that for have be will

fully Now the navigation integrated Doodle's XXX. when on the put the probably be it technology on will another exciting because on into the edge quickly putting Trican point be right going Widow, the visual is Black to Edge we're once there have flight we version we onto

to locations. the cured. able the artificial The only have artificial do go So small and And on really world GPS we also a great. drone. not our It's we do will in battlefield have and best intelligence be it things that EW to X with that, on from hardest and drones, intelligence through

going hand off that, So it I'm with take to Leah, away. to it

Thank right. All you, Jeff.

fiscal Before of remind fiscal April into everyone December from XX, XX December XXXX. want the our we're year our changing just dive XX, highlights financial beginning quarter, I to second that end I to

results So today, with year. October we're XX, quarter previous X ended reporting the XXXX, for our fiscal X accordance months in

based be We're $X.X be the phase. Year-to-date X will XXXX. a middle revenues $X.X December calendar transition report transition kind compared for ended all XX, XX-K future that, filings next After for on months this period same will million the year. year. million in of report totaled last Our to

to due Black it's decision and focus to on decrease, year-over-year XX% strategic the company's the Widow. So

our start period of and targeted year-to-date production Widow in revenue compared selling plan of efforts was Widow to positive in prioritizing to prepare dramatically short-term revenue. Similarly, or we're of While have steadily delivery program fiscal margin spite the and mass lower Also, and of the over short-range for still winner led to same resulted for the sales the of of our Black Web thrilled Army's manufacturing plan of long-term X, we prototypes we Teal to SRR Tranche successful, X production X, Teal over efforts produce XXXX, to margins. In growth before, which XX% year. Black shifted years, was year. U.S. lower-than-planned calendar record. to for increasing the This Widow last Black due the negative XX% this, final margins than at as on the primarily selected the in program to but been we've have we're quantities of several said -- focus connaissance the We gross time. this the been gross have

acquisition the we the adding of FlightWave, to Additionally, -- during quarter mix. closed product Edge-XXX our

mass future of family systems, expect with to to we under now the gross So reach up XX% in margins production. our

only contract last an we In second accounts million, This compared fiscal Army not fulfill quarter increase staffing to million sales to period of and have began XX% used same with cash to closed in but and Black increase financing. $X anticipate ensure ended resources our representing receivable dissimilar, the is cash Edge since the Widow XXX we $XX.X future. We right? the an and additional $X.X that quarter, Web the and demands other operations the of ability year. in So totaled to the other in million also the

Thompson. evaluating for to cash with future I as I'll over still our back we're So I we it turn should long-term specify, that, mean, growth. And Jeff. prepare needs

Yes. Great.

it not was So we're when easier -- round practice ourselves moderating here. was around We're here. much Stan kind the us guiding of

got take questions, want. I I've that. can up you can I do hold if so that Jeff, I know.

Yes, e-mailed ones bunch on a from the there. me just the of some of analysts

coming kind all just because bet of up let be questions but fundraising. about -- you in going of to are the or me just So -- lot also round a I

more holders bank, ended about Leah -- got million $X just are shares on the weighing to got quarter. coming those, said, possibly million. $X the from debt the we we've on the probably not cash. as in the have So got new we We features closed some warrants $X of we now them worth cash million that's January money in expect that the their are are another exercise Army. We believe cashless. registered They We that

candidate. a we XX for early if think supposed end XX to can million. XX by -- receive $XX to little million X know the of that a have been it as office XX check $XXX capital, decision and $XXX very want are to They possible that million. They to to need them. we million for wait applying we perfect all just that hopefully So the in raise X healthy January. about program. It's March, I as of early be of applying We're as or until should There's we give XX we also loans available which make strategic now. to appropriated between we money for and $XXX February, We're to to it companies. to notified categories does $XX million off or We're

We have a of record. program

hope that it's you we interest. And strategic capital's very waive can repaying loan can all we there's you read low that also the there So that get for publicly -- years. it, out can also

So it's of type grant-like very funds.

had going coming So to already ways without we've of plenty the got in. dilution. And access with I'm questions as of some grab that, to we've capital

of The Glenn first Mattson questions are Ladenburg. from

has of Can asking integration further want the the I'll them. with relationship for and driven I'll and touch read the about a question. more It's to want sound the relationship to collaboration to going guys was how questions, you you questions. great you X before to together? That's them was respond read done to talk but I Palantir. read to work get customer much how came that by much of still the done along, how on

for, at working initial be have September, to that testing. We our I'll going We've leave technology are months since X that. it actually with a of customer on the early in least been of next and requested complete hope at them for with said, this AUSA couple joint we drones. in working I just to like this

moving actually not, much guidance? So pretty frame this is is you upside can could the into provide? Well, a question. good how there from built if that's And upside Palantir it quickly. Also,

million drone does So want million. additional $XX $XXX of Widow we include each that don't give software. take will revenue going That did think think any this -- not to anyone is guidance Black I not to on probably to -- I

Palantir that get additional nab drone be will there this and So intelligence every artificial you revenue on on single every biz drone.

will to this situation. guidance, new add but relatively that So is a our

any haven't pricing We given yet. or details

wait the pricings, have just of that terms in to we me think latest a for of we you next that again, rate part. OpEx bit, what the either are your can little get commitment capital guidance. The we we mentioned, once needs remind I those covered that that I production. funding, the type DoD? And assumptions I is, level will add LRIP time and have full or just And of will but of investment, to So and trying as CapEx to upfront question out payments get through find -- or

Street to get gross number obviously, as hardware and to quickly the possible. We'll has out compared XX% with Next Ashok expand the on ThinkEquity. gosh. Palantir? from want question going per Oh, that. revenue the that yet. to window. we're black drone what per drone high and we We I Would to is know stamp software hoping We knew question, very can as previous to software continue of don't to Kumar have let everyone hope to as revenue get AI the from know we margins there expect you margins

you factor we be As will soon the and up running? know. When FlightWave know, you as we'll do think let

good question. a That's

just in. are to starting move we So

style X be where of about to on in we in We signed able and X right of office more top bunch start-up have out. put about Now to or sitting just of a other real the out hope They'll factory get tables their basically, months. a they're in that's lease. there just a Teal like X now. weeks like factory mapped And then it spread a out, production each look will line hopefully, factory, a

have goals they -- XXX to the got with some they've have. for almost orders So at they already. drones trying are all orders that we meet the

need we ship So build to and them them.

ship So to we them hope QX. in

Palantir will we're the with once yes, quick. And to on be will window, software move did the I we're right be adding done integration that it Edge Yes, relatively earlier, going mention up So we XXX. XXX? Black the to Edge to

Mac question. Next of Creek Capital. Kevin Drive

bring said adapt Widow first to good program. was we other the and Black United do business This for cetera. You is to actually basically that responders, SRR it non-Army a really because there's going the question i.e., How to built spec for law up winning et expect enforcement later. you Army were things in States, some

and NDAA years. ban the it the if So past it through of for bill DGI goes December sure Otel year. I'm new and And the DJI the something within through, will yet, [indiscernible] last banned when XX not house. X usually but be this a is on on goes voted Hotel

to So able you get anymore. be not will drones Chinese

been the in is from of the for we've agency was, Kevin's place. And black does, customs once be border window we equipment build us. now. have right as that going thing, same first about has DJI war $XXX to question requirements government who TAM But put is customs, or the the this numbers a work in the asking in the does every is drive DGI our Brendan, we have responders, almost X gave that Army a Black is for -- there's the what either fighter, think the we patrol, million Now did with holding specifically a we able ban to that done Widow specifically past, the and we Teal for that

could So enforcement. law responders these do and work for first work for

we that generous I'm we every of Army. be gets Scadio big weren't we competitors, X were that for that $XXX market if TAM, very So frankly, And going get to X with a of ignoring at. that it looking these to focused while of our TAM X we the million, and of on be could

been in So be that and after that's at at last there ARCC We've I'll few. are Great there's DJI White of going to a be going some things the but conference massive will question, to than to been Wolf invited and to trading just are be from the put many invited are -- we a year. going TAM any efforts January quite going February? Yes, few banks holidays, banned. our be going drop we is presenting hotel to few now and last bigger we've that Alpha to investment to get some towards Kevin. Tim quite right so a days that. out them, say schedule conference

referencing difficult our small mean, e-mails. financials, the just they're to chat, Listen not now, call, got RCAP drone. aero Hats Well, SRR Here's this if said is X at came SRR. Well, interesting. business and they haven't I environment the looking AVAV that's in that's shipped they single I forwarded. participate drone a did and we finance of that that why in right FY

look than just have to Jeff also say about have that in at remind the in it's this, they that industry now in anything might up They financials better and say have product I'll with you weren't I everything down better I XX% realize on the And did industry, almost than in company X it, quarters selected. -- will you'll X. software Tranche but and will when margins. a like or participate end think something this our So that

They go. we lost won. you Here

Okay.

have? the So go have ones a keeps that Leah, as We'll from feeding have Stan. anymore to live the if that's to all feed ones I don't me. Stan you

can Okay. I Yes, Jeff. [indiscernible] this, got I've

from land with else like What the able send to in being partnership drones landscape competitive a cetera? Does company have water, recharge, the a is for OPTT? anyone et So Cockle. Hassan data,

address can this. Mike

that's when land not because only know is in I it a right? able there's was So was the [indiscernible] reliable there doesn't Red landscape, it talking ops. With actually has one the purpose-built Cat surface that to high competitive The solutions the future that approach be water. being that and taking land vehicle approaches about purpose-built, on water lands the in of it necessarily said, to unmanned when that have the with we we're in and competitive something I initiatives. being amphibious it that's to drone, much about for But water, they if landscape we're did drones because some for talk

So of will just to box. with surface don't future so cat. to keep hives know use charge skin what there's anybody people compelling. lots ways We've initiatives doing a drones to selected on vehicles Red I the that Not that. the unmanned grave. actually many while that that's doing makes they're Cat cradle in the That's

take here. increase you another Right. We'll the missing these out how Great. gross Sarkar margins? Thank please names, can contract describe Palantir says, you. I'm but Apologize help Sambody will if X

it's Yes, simple. pretty

while So margins, out first about the ever to factory so just you airframe we're to and just what have in be that's the City switch industry. have the we've look we stamping going for Lake don't the for same get to the at time Salt if recently. We that been and so quarter done important myself, Leah XX% in aircraft Geoff after quite to that build quarter, modeling this seeing gross excited aircraft do some time

globe all other across the the top it's parts on MODs and there of years, all put branches the actually Army, can software but the DoD and not their that going want be for drone now, to of knowing to only people our product. this other the So

margins and with list of the and amount could So now up just up the critical record. hardware. get moved a prices your get stuff. we're I squeak that. critical so further on ordering because because extra of move any hard we're getting better to chips of XX% and doing It's to little you out program all because mean with that we're we We -- gross the a list scale than

with that the a bit. just hardware you're to XX% helps with side. But going gross So get not margins to margins little

been do and which revenue. Palantir visual machine artificial some margin is add real-time that mitigation, wars. to That is high data can updates, difficult Now in XX for very objects for intelligence that's combined with software learning years from do very with collecting

not some $XX,XXX, near you throw of software. I -- number, you if the a XX%. $XX,XXX I'm do per a on drone can those up number things, So can just do software to going margins XX%, the give that are

on increase us to our dramatically which you put gets flow margins going the can XX% gross to margins, So you add margins hopefully profitability cash those forward, software quicker.

Okay. The Have is that seen on any next to expected SRR NATO from were for. here the that Rao. award? on we movement other running contracts that to hear question is clarity timeline Any EU like awaiting and Akshay pointing Hitchcock into

Yes. And...

for Thanks ask I the it way. by question, that asking day. every

awaiting were several SRR announcement. Yes. There the NATO countries

work through we of million over in the direct it But opportunities we're Timing, going until of continues We won't continues for commercial working it several that. of last are them. for some with Values, weeks, for that. this sales, FMS that of engaged part release $XX.X to actively but we that cases, to not have at couple some point is is it as through either to work NATO.

this. add to me Actually, let

So his and that going guidance related they X team SRR They foreign come new the They other scare guidance is now. predict the the hot. did of in of bring with Geoff out revenue. military so the how through -- have forecast our sales. no And up, idea we Hitchcock was in probably But come right to and things day. with And is weekly nowhere.

huge. day, wasn't they X number a III drone for Class We the but the other but it requests have and thought Class a drones for very one, large was we had

out coming but So anywhere. of -- that's

some. sure there's in formulatary we'll sales So that get but no predictions there, I'm

in some keep we're to engineering important the It's of now, doing in net first build, assets. that marketing which to going the is mind, folks right process

anybody. haven't even Black we taking out So been to show Widow

first basically visited that year again. to going we're have everybody the and revisit over when of assets, we've ever the those after So we start process all

people it they before it and buy most it. So to see want touch

demos. work, after starting to demo after demo demo after we're So

fact the that I've numbers So seen are fly. XX improve. we've seen there that's and that in I out for think -- quotes space. this my never only even never it XX.X got in the to But somebody years going

think pretty I So incredible. it's

All guys. right. Thank you,

comes steps Red long-term sectors? plan and Johnson. does Cat to in from in Christopher the And Holdings question to particularly are in both contracts taken How spaces? secure Another drone defense differentiate what market, itself being commercial

take I'll Jeff. as well, that So

you. I was going to to just hand it

Yes.

There's but it, asking going responders dual can same -- the that have The that thing but the environments first asking are hooks now, is focus looking and the things drone. The for right very work, you we the both is blasting. the right the RID, and for going work to always already finishing right getting XX% ways. program is Palantir we ways, an about that board contested. very I for, thing midyear, the be we're at that. get on government GPS jamming going to to disruptive working do the big to get U.S. urban community work got don't is getting going we into are nothing ready will are other is now the then So right to RF flying We're to going if people next start both ID both thing software going the incorporated And in military after remote for into right? So you've other system start SRR that design to be radios first now, to approach but love. I'm international to to and do because has looking would it of DFR the that. want that's up Army, integrated RID for it not for some done, talk much probably have unique

at looking addressing we're to new that market as creative So sure well. we're make and ways

next we little add bit that, a go Leah, before just to I'll to the question.

from So focused those the -- revenue is building drones some laser-focused things. But Chinese Border going truck, does the total we've but of the in and significant, with quite available back a smaller to basically strong to for again, SRR market nature, the a think chunk that But the can been been on of $X and Patrol That's that's it's drones, away a billion manufacturers. probably and of capability for do way a of that's now becoming addressable we've or drone the almost even on that time. fit taken hive, be which swarm great warfighter. new it a having things XX of

locations, those chase a swarm. small things of all building. drones that in lot surround bunch they for you a could New use to want do the of There's down They where things a of Jersey. They safety. all do can So can all great the they

But new us. exciting pretty TAM Just kidding. this is yes, to

expand putting our We some will on for XXXX does it capabilities and calendar. be effort

I now. that say So that can

All right. in next came question for just This Hitchcock.

to even don't limit drones countries? Luca to have selling out contract does I throw So the you from with to foreign DoD U.S. From Soja, hand. the

all. through, to right? will partners Not Not right? slice to sell that at have list, we'll with. will still go exportable. The As our not but There's and at be It Palantir be as require be something license, all. worked a software export to anybody. That on it's to unfamiliar may XX. foreign bad EAR to will be we're totally be you're not countries, going able long the boy It

that just a be of developing for of that internationally. will what sell be that, getting But So approved able slice we'll matter to state. it's through a SRR, there we're

Great.

question from George Next Raymond.

see. of it the this contracts the yes, might how last you contracts administration might available? and be size affect I future one, or the of of think address but we'll Can volume sentiments

Mr. Well, I to can to any add start wants and Hitchcock with morning has that. that

don't safer, talk how this drones are is a of of buy from last less. We the probably efficiency fielded fit costs a couple soldiers into they now that to to dollars So it you build they make robot can like and [indiscernible] days, they drone better, world. models administration army lethal. lot said when perfectly and ours want this many in than the ever the largest lot more of times capable now, specifically more tens and the cost machines, like any And there's drone administration, of exquisite in has millions been big

for mean the XXXX founders United Board that's on the have adviser. They're got Jr. good we very other on the Trump So Board U.S. States the manufacturing And to constitution when really that that into us was bored. as thing the I'm capital, is an the back XXXX be going we forward. I'm Mac. do of of great going X think X I good Donald We to excited a capital. company drone is a have actually our sorry, bring in space. They've relationship. My

I think So Cat. that this be administration Red will for great

Leah? that's the think I one, last

to apologize. here. I improve just Yes. continue do kind in we say we're here. your if is to this -- format through And of to want everything that trying we we're digging I set question, into will new missed

end if you will session. that have to think closing that want final would question-and-answer any be just great. our I remarks, And So Jeff,

Yes.

of review So do let's little here. a just bit

an in we'll a about We'll We get some so for So which got just a to cash meeting lot type do more GPS in more not going say for And Lake the that. darn SRR visual things have of has his love there with City, from to that sole that We intelligence excited. to have features is It's we're of production that. all anymore. Black then the will Black no extra taking January. Widow don't And want required. seeing artificial We on win LRIP. getting January I same a contract be to to start the talk Battlefield contract. We're capability. We nice LRIP few to Widow. now that possibly Hitchcock pretty full-rate great. from go kickoff at Salt FlightWave. we today, are navigation, going and care the those LRIP announced guys And be source

FlightWave the very flight list. There's the unique enough on way. Edge a We're updates anyone in right new going lot Edge It's the spent bird year. not UAS lot on a be very capable the of to bird. a going Blue nearly has the have time XXX. of by after the more XXX best We out have time to

I thanks a tuned the on Merry So for news. our and for stay Day. wish for being Stay Analyst everybody call. tuned want to Christmas, any

here we broke X I think a on record at with point. almost X,XXX people

everybody. thanks, So

Thank you.

Thank you.