Topic: 2026 revenue scenarios and Ukraine drone opportunity
Key points:
Analyst notes street estimates range between $100M and $170M for 2026; mgmt says they are "very comfortable in the top half of that" but will not commit until contracts are in hand.
Ukraine front uses 350,000 Chinese ISR drones per year, presenting a massive replacement opportunity.
Boat segment: post-Innovation Day, Gulf states are issuing "massive RFPs" with faster timelines; Navy inquiries are up; Variant 7 with ACS Bullfrog and Aeon's Zeus is positioned as a counter-Shahed solution.
Mgmt stance: Bullish — mgmt comfortable with top half of $100M–$170M range, sees long-term Strait of Hormuz protection need (not years, "forever"), and Ukraine opportunity is "big."
Q2 — Mike Latimore
Topic: SRR full-rate production contract and USV orders
Key points:
SRR full-rate production contract (Black Widow) expected "any day"; possible immediate Epic Fury orders could delay it by a week or two.
USV: mgmt did not guide to a Q2 order; hull #6 through #15 (previously for demos only) will now be shipped to customers as quickly as possible.
Asked about building to 1,000 drones/month before contracts: mgmt says "We're there. We're doing that now."
Mgmt stance: Neutral-to-bullish — SRR progress is "fantastic" with funding and Epic Fury demand, but no firm dates given; USV urgency is high but no committed order timeline.
Q3 — Jeffrey Thompson (closing remarks)
Topic: Guidance update cadence and forward outlook
Key points:
Will not wait for next quarterly call to update guidance; will release information as soon as contracts are in hand.
Reiterates belief that "every quarter is going to be a record going forward."
Mgmt stance: Bullish — committed to timely disclosure and record growth trajectory.