国防科技峰会要点：Forterra将自主性技术推向一线

USA | Aerospace & Defense Electronics Defense Tech Summit Takes: Forterra DeliveringAutonomy to the Front Line We hosted Josh Araujo, CEO of Forterra, at our First Annual Jefferies DefenseTechnology Summit. Key takes: 1) Forterra's deep history delivering self-drivingtech across the DoD and commercial; 2) Multi-mission offering positions as onlyautonomy vendor across all autonomous ground vehicle programs; 3) Commonhardware/software stack allows quick customization for broad missions; 4)Platform agnostic and flexibility to tap into front-end comm systems. Pioneering Self-Driving Tech.Forterra is developing self-driving technology that has a deep historydating back 20 years w/ deployment to Afghanistan as far back as 2009. The platform-agnostictech supports driving in any terrain or environment with a digital backbone for on-ground assetsto push technology onto the front lines. The full compute software systems have the ability to beretrofitted onto existing vehicles or installed on the factory line with the OEM primes. End-to-End Autonomy For Ground Vehicles.Forterra offers several products that drive anautonomous ecosystem. This includes AutoDrive, which is the self-driving platform allowingvehicles to complete missions and be controlled from anywhere in the world. TerraLink is thecommand and control backbone for AutoDrive and can tie into the Army's tactical network and othersystems and operate in bandwidth-constrained environments with high latency. OASIS is deliveredon top of the two as middleware or a series of API and protocols to allow communication withpayloads and other vehicles. Prime of Autonomy With Focus on Software and Compute.For most contracts, Forterra is theprime contractor working along with the manufacturer to integrate autonomy and deliver a turnkeysolution. This includes working with many major ground vehicle manufacturers from BAE Systemsto Oshkosh (ROGUE-Fires). The goal is to create an ecosystem of payloads and self-driving systemswhich take the front line out of harm's way. Focus On Commonality.Forterra is focused on common hardware and software stack, with somemodification across programs where the user interacts with the system. These customizations areon top of the common hardware/software stack. This commonality can allow a retrofit sometimesin less than a day per vehicle and a broad mission set. Competitive Advantages are Speed and Flexibility.Forterra's business model is focused on speed,being able to go from contract award to the delivery of autonomous systems in a few months,which is faster than the traditional primes. There is some benefit to the legacy and headstart aroundhardening and productizing systems for field deployment. Autonomy always needs to adjust to thenature of the mission. Creating Effective Dual-Use Systems.Dual-use technology is key, as exhibited in areas such assmartphones, which have been integrated into battlefield communication systems. Forterra looksat it the same way in addressing the commercial market, giving a broader range of data andcustomers. Working with both the DoD and commercial, the challenges improve the product andhone the capability for the warfighter. The commercial market is also a larger market, allowingleverage to economies of scale and enhancements with the benefit going back to the warfighter. Greg Konrad, CFA * | Equity Analyst+1 (212) 284-2391 | gkonrad@jefferies.comSheila Kahyaoglu * | Equity Analyst+1 (212) 336-7216 | sheila.kahyaoglu@jefferies.com Mulit-Domain Operations.Systems need to be connected locally and across the battlefield withsystems able to talk in local mesh networks or across communications systems. TerraLink andOASIS enable the systems to talk to one another and tie into any front-end command and control.The reality is wars are fought on the ground, with ground vehicles far outnumbering ships andmaritime assets. Speaker Bio Josh Araujois the Chief Executive Officer of Forterra. He previously served Forterra as ChiefOperating Officer and in that role garnered key insights across all company operations and nowbrings his dynamic experience in corporate development, finance, and operations to the CEOposition. Josh joined Forterra in 2021 and led the company’s successful Series A fundraising, and throughthat process became a trusted leader advisor across all core disciplines of the company and helpedspearhead development of Forterra's Autonomy as a Service business model. Josh has more than 20 years of experience across military, investment banking, and financialleadership roles. He was previously CFO of OGT Engineering and Construction, and prior to thatserved as Senior Vice President in Jefferies Industrials Investment Banking Group, where he workedon a broad range of M&A, debt, and equity capital market transactions in the aerospace, defense, andgovernment sectors. Josh started his finance career as an M&A associate at Lazard, focusing on avariety of public and private transactions in the industria