Would you pony up $1200 for a smartphone that doesn't ship until Q1 2018, has no published specifications, and is manufactured by a company that has never built a phone before? Probably not. But, if you are so bold, RED has announced the Hydrogen today, and they will happily take between 1200 and 1600 of your dollars for the privilege of owning one [if it ever comes to exist].
What processor does the Hydrogen have? We don't know. What version of Android does it run? Unclear. How big is the battery? Unknown. Is a battery included? Legitimately good question. (If this reference is not familiar to you, I highly recommend this video.)
What we do know is that the Hydrogen runs Android, has a 5.7" holographic display (get excited, it's 2011 all over again), and is modular in a very Moto Z-looking sort of way. Aside from that, there's a headphone jack (free of charge!), a USB-C port, and a whole lot of torx screws, which suggests to me that the Hydrogen will either be highly repairable or that RED knows absolutely nothing about designing phones and they won't make it into the final design (see: "Design shown may change").
It also appears to have - and I may be getting ahead of myself here - a camera. But based on this image, I cannot comfortably confirm the existence of this feature.
Red says the Hydrogen will ship in Q1 2018 and that modules for it won't be available at launch. It also heavily suggests the price of the Hydrogen will go up as it gets closer to launch due to the potential scarcity of display panels.
Something tells me a scarcity of orders may be a bigger problem.