Unidentified Participant: Excellent. And is there a possibility that that award will be split up among the three which I believe is Vantage and Skypersonic? Is there that possibility that it is going to be awarded to simply one entity?
Jeff Thompson: We believe it’s going to be one entity, and it’s actually — I don’t want to correct you, but it’s not Skypersonic, it’s Skydio.
Unidentified Participant: No, I’m sorry — sorry about that.
Jeff Thompson: Yeah. That’s okay. So Skydio, I don’t know if you saw, but they recently got — they did a financing for $230 million or two point something billion valuation. And someone’s got an alarm going up. And that really makes us look inexpensive right here considering I think our position in the industry. But we believe we’re well positioned for Tranche 2, and we solely focus on the military. That’s just one of the customers that they deal with. I think they’re mostly doing consumers and some first responder stuff now, but our sole purpose is to make sure the warfighter has the tools for reconnaissance and to help with missile guidance and things of that nature. Something that I don’t think the other companies are well positioned to do or even want to do.
Unidentified Participant: Excellent. One final question, I appreciate your time. The four potential NATO contracts, have we been signed off on the DoD so that we’re not going to have any trip ups in terms of NATO interest or NATO country interest in our product? Or do we have to wait for the DoD to sign off on any sales?
Jeff Thompson: No. We have all the proper paperwork for, like, the original drones that we sold for in the NATO countries. We what all we hope. So someone orders them, we get through all of the ITAR regulations and all those things are all squared away. So nothing will hold us up in that that aspect.
Unidentified Participant: Excellent. Thank you for your time.
Jeff Thompson: Thank you.
Operator: This concludes the question-and-answer session from call participants. I will now return the call to Scott Gordon of CoreIR to read pre submitted questions from management. Scott?
Scott Gordon: Thanks again, Kate. Jeff, we received a few questions from investors recently and thought this would be a good forum for you to address them. So I’ll just kind of ask these in sequence. Do you have an update on the Border Patrol contract following the initial shipment of 54 drones to them? Do you expect more sales to the Border Patrol?
Jeff Thompson: Yeah. Well, we did receive the first order, which we shipped in January. We’re getting some great feedback from them, and we’ve learned a lot about the program. And let me just start with this is that, after getting to know some of these folks, these border agents are super users. They fly, I think, one in the air force. They fly tens of thousands of hours every month. These guys are heroes. They’re out there sometimes by themselves flying these drones. So we’re very happy to give them products that can help them, specifically thermal cameras that can make sure that no one sneaks up on them. But to address the market of Border Patrol from what we’ve gathered from our meetings is, they typically have about 400 drones that are in service, and they need to have 200 or so other drones to make sure there’s 400 always stay in service.
So I think the total addressable market for the Border Patrol could possibly be close to 600 drones. We’re not saying that we’re getting 600 drone order in the next couple of months, but we believe that that is up for — that’s an option to replace these older drones they’ve been flying.
Scott Gordon: Excellent. Switching over to Ukraine and other NATO countries, do you have anything to share from your recent trip to Europe? I mean, obviously, you shared some. Any success with Ukraine or other NATO countries? I think you touched on that a little bit, but maybe you can amplify.
