AIRO Group Holdings Inc (AIRO) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to AIRO Q2 2025 arranges call. (Operator Instructions)

感謝您的支持。我叫凱特，今天我將擔任您的會議主持人。此時，我謹歡迎大家參加 AIRO Q2 2025 安排電話會議。（操作員指示）

Thank you. I would now like to turn the call over to Dan Janson, Executive Vice President of Investor relations. Please go ahead.

謝謝。現在我想將電話轉給投資者關係執行副總裁 Dan Janson。請繼續。

Thank you, operator, and good morning everyone. Welcome to AIRO Group Holdings Inc second quarter 2025 earnings call, our first as a publicly traded company. We appreciate you joining us today and look forward to sharing an update on our progress and performance.

謝謝接線員，大家早安。歡迎參加 AIRO Group Holdings Inc 2025 年第二季財報電話會議，這是我們作為上市公司的首次收益電話會議。感謝您今天的加入我們，並期待分享我們的進展和表現的最新情況。

With me on the call are Dr. Chinjeev Kathuria, our Executive Chairman; Captain Joe Burns, our Chief Executive Officer, and Dr Mariya Pylpiv, our Chief Financial Officer. Replay information for today's call can be found in our earnings press release issued earlier this morning.

與我一起參加電話會議的還有我們的執行主席 Chinjeev Kathuria 博士、我們的執行長 Joe Burns 上尉和我們的財務長 Mariya Pylpiv 博士。在我們今天早上發布的收益新聞稿中可以找到今天電話會議的重播資訊。

Today's call will include forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to estimates and forecasts of financial and performance metrics, the intended use of proceeds from AIRO's IPO, the development, expected capabilities, potential customers, and regulatory approval of the jaunt cargo drone.

今天的電話會議將包括《1995 年私人證券訴訟改革法》安全港條款所定義的前瞻性陳述，包括但不限於與財務和績效指標的估計和預測、AIRO 首次公開募股所得款項的預期用途、短途貨運無人機的開發、預期能力、潛在客戶和監管部門批准有關的陳述。

AIRO's operational landscapes, demand for AIRO's systems and products, AIRO's plans for a manufacturing and engineering development facility, expectations concerning future products and developments, the market acceptance and opportunity of AIRO's products and services, and other statements that are not historical fact.

AIRO 的營運狀況、對 AIRO 系統和產品的需求、AIRO 的製造和工程開發設施計劃、對未來產品和發展的期望、AIRO 產品和服務的市場接受度和機會以及其他非歷史事實的陳述。

In addition to our prepared remarks, our earnings press release, SEC filings, and a replay of today's call can be found on our investor relations website at investor.theairogroup.com. Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements.

除了我們準備好的發言稿外，我們的收益新聞稿、美國證券交易委員會 (SEC) 文件以及今天電話會議的重播均可在我們的投資者關係網站 investor.theairogroup.com 上找到。前瞻性陳述涉及已知和未知的風險和不確定性，這些風險和不確定性可能導致我們的實際結果、績效或成就與前瞻性陳述中明示或暗示的結果、績效或成就有重大差異。

Forward-looking statements represent our management's beliefs and assumptions only as of the date made. Information on factors that could affect the company's financial results is included in its filing with the SEC from time to time, including the section titled Risk Factors in the company's final prospectus filed with the SEC on June 16, 2025, and the company's upcoming quarterly report on Form 10-Q for the quarter ended June 30, 2025.

前瞻性陳述僅代表我們管理階層截至作出之日的信念和假設。有關可能影響公司財務表現的因素的資訊包含在公司不時向美國證券交易委員會提交的文件中，包括公司於 2025 年 6 月 16 日向美國證券交易委員會提交的最終招股說明書中題為「風險因素」的部分，以及公司即將發布的截至 2025 年 6 月 30 日的季度 10-Q 表季度報告。

In addition, during today's call, we will discuss non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for or superior to measures of financial performance prepared in accordance with GAAP, reconciliations between GAAP and non-GAAP financial measures, and a discussion of the limitations of using non-GAAP measures versus their closest GAAP equivalent is available in our earnings release.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標。這些非 GAAP 財務指標是依照 GAAP 編製的財務績效指標的補充，而非替代或優於這些指標。 GAAP 和非 GAAP 財務指標之間的對帳以及使用非 GAAP 指標相對於最接近的 GAAP 指標的局限性的討論均可在我們的收益報告中找到。

With that, I'll turn the call over to our executive Chairman, Dr. Chiranjeev Kathuria.

說完這些，我將把電話轉給我們的執行主席 Chiranjeev Kathuria 博士。

Thank you, Dan, and thank you all for joining us. Today marks an exciting milestone, not just our first earnings call as a public company, but an opportunity to formally introduce AIRO to the investment community and share the foundations of who we are, what we've built, and where we're going. In a few minutes, Joe will share the progress from the quarter and more recently, and Mariya will cover our financials.

謝謝你，丹，也謝謝大家加入我們。今天標誌著一個令人興奮的里程碑，這不僅是我們作為上市公司的首次財報電話會議，也是向投資界正式介紹 AIRO 並分享我們是誰、我們建立了什麼以及我們未來發展方向的機會。幾分鐘後，喬將分享本季及最近的進展，瑪麗亞將介紹我們的財務狀況。

But first, a little bit about AIRO Group. We built an integrated aerospace and defense platform to serve the future of mobility, security, and training across high growth markets. Our mission is to deliver disruptive, dual use technologies through unmanned systems, pilot training, avionics, and electric immobility.

但首先，我們來簡單介紹一下 AIRO 集團。我們建構了一個綜合航空航太和國防平台，以服務高成長市場未來的移動性、安全性和培訓。我們的使命是透過無人系統、飛行員訓練、航空電子設備和電動靜止技術提供顛覆性的雙重用途技術。

Segments that are individually compelling and collectively transformative. Our platform is structured around four synergistic business segments. Drones delivering fully autonomous GPS denied unmanned aerial systems for military and commercial ISR missions. Avionics, a 20 year heritage business through Aspen Avionics, delivering over 14,000 systems with patented displays, sensors, and cockpit integration for both manned and unmanned aircraft.

這些片段單獨來看引人注目，集體來看卻具有變革性。我們的平台圍繞著四個協同業務部門建構。無人機可攜帶完全自主的 GPS，阻止無人機系統執行軍事和商業 ISR 任務。Avionics 是 Aspen Avionics 旗下一家擁有 20 年歷史的企業，為有人駕駛飛機和無人機提供超過 14,000 個具有專利顯示器、感測器和駕駛艙整合的系統。

Training Elite military and commercial pilot training with a focus on close air support, ISR and adversary air missions. We are a trusted contractor under the DoD's 5.7 billion CAS and CAS IDIQ. Electric Air mobility, pioneering vitals, and hybrid cargo drone solutions through our joint air mobility brand.

訓練菁英軍事和商業飛行員訓練，重點是近距離空中支援、ISR 和敵方空中任務。我們是國防部 57 億美元 CAS 和 CAS IDIQ 下的可信賴承包商。透過我們的聯合空中機動品牌，提供電動空中機動、開創性生命徵象和混合貨運無人機解決方案。

Using our patented slow rotor compound technology for safe, efficient, and scalable flight. We currently operate across nine locations with over 151 employees, 61,000 square feet of operational space, and maintain ISO9001 and AS9100 certifications. We are strategically located to serve both US and international defense markets.

使用我們專利的慢速轉子複合技術，實現安全、高效和可擴展的飛行。我們目前在 9 個地點開展業務，擁有 151 多名員工、61,000 平方英尺的營運空間，並擁有 ISO9001 和 AS9100 認證。我們的戰略位置能夠服務美國和國際國防市場。

With headquarters in Albuquerque, New Mexico, and major operations in Denmark and Montreal where we can deliver directly into NATO without navigating ITAR constraints, providing a structural advantage in cross-border logistics and responsiveness. This is a differentiated model.

我們的總部位於新墨西哥州阿爾伯克基，主要業務位於丹麥和蒙特利爾，我們可以在這些地方直接向北約發貨，而不受 ITAR 限制，從而在跨境物流和響應能力方面具有結構優勢。這是一種差異化的模式。

Our businesses aren't just adjacent, but deeply integrated, sharing technologies, supply chains, and operational capabilities. This creates a tangible advantage in cost structure, speed to market, and platform development.

我們的業務不僅相鄰，而且深度融合，共享技術、供應鏈和營運能力。這在成本結構、上市速度和平台開發方面創造了實際的優勢。

This interconnected structure enables several key advantages. One, shared R&D and manufacturing capabilities across drone and (inaudible) platforms. Two, cross-segment technology applications such as avionics, which are developed in-house and are being deployed across unmanned systems and advanced aircraft. Three, training infrastructure that supports our own fleet and serves as a proving ground for next gen platforms and four, supply chain overlap and cost synergies enhancing margin potential as we scale.

這種相互連接的結構有幾個關鍵優勢。一是跨無人機和（聽不清楚）平台共享研發和製造能力。二是跨領域的技術應用，如航空電子設備，這些技術由公司內部開發，並部署於無人系統和先進飛機。第三，培訓基礎設施支持我們自己的車隊，並作為下一代平台的試驗場；第四，供應鏈重疊和成本協同效應在我們擴大規模時增強了利潤潛力。

Across the board, our technologies are real, proven, and deployed. Take our RQ-35 Heidrun, a battle tested micro ISR drone with NATO grade capabilities, with over 500 missions per unit and operations in GPS denied high threat environments, it has become a critical ISR asset for modern militaries, backed by 200 million NATO aligned bookings in progress and AS9100 certified facilities, this segment is scaling rapidly to meet global demand due to geopolitical events and increased defense spending.

總體而言，我們的技術是真實的、經過驗證的和部署的。以我們的 RQ-35 Heidrun 為例，這是一款經過實戰檢驗的微型 ISR 無人機，具備北約級能力，每架飛機可執行超過 500 次任務，並在 GPS 拒絕的高威脅環境中運行，它已成為現代軍隊的關鍵 ISR 資產，並獲得 2 億份符合北約標準的訂單和 AS9100認證設施的支持，由於地緣政治事件和國防開支增加，這一領域正在迅速擴大，以滿足全球需求。

In Avionics, our Aspen Avionics business provides the cockpit infrastructure for both manned and unmanned systems with 20 years of flight heritage and strong OEM relationships, Aspen enhances safety and interoperability while supporting development of future military and civilian platforms.

在航空電子領域，我們的 Aspen 航空電子業務為載人和無人系統提供駕駛艙基礎設施，憑藉 20 年的飛行經驗和強大的 OEM 關係，Aspen 提高了安全性和互通性，同時支援未來軍事和民用平台的發展。

Our training division is another major differentiator with 10 years of sustained support to US and allied defense contractors, including participation in the 5.7 billion Combat Air Force, commercial air service, IDIQ program. AIRO delivers elite closed air support and ISR training through our coastal defense brand. We operate fixed-wing aircraft and modified systems from two dedicated US training centers and maintain a top secret facility clearance, an important barrier to entry that reinforces our trusted status.

我們的訓練部門是另一個主要的區別因素，10 年來一直為美國和盟國的國防承包商提供持續支持，包括參與價值 57 億美元的作戰空軍、商業航空服務和 IDIQ 計畫。AIRO 透過我們的海岸防禦品牌提供精英封閉空中支援和 ISR 訓練。我們在兩個專門的美國訓練中心操作固定翼飛機和改裝系統，並保持最高機密的設施許可，這是加強我們信任地位的重要進入障礙。

Finally, in electric air mobility, we're advancing a hybrid drone, and (inaudible) all strategy via our joint air mobility subsidiary. Earlier this quarter we unveiled a new middle mile cargo drone at EAA Adventures Oshkosh and expanded into Quebec's YMX Innovation zone, a forward leaning hub for advanced AIRO mobility innovation.

最後，在電動空中機動方面，我們正在推進混合動力無人機，並且（聽不清楚）透過我們的聯合空中機動子公司實施所有策略。本季早些時候，我們在 EAA Adventures Oshkosh 推出了一款新型中程貨運無人機，並將其擴展到魁北克的 YMX 創新區，這是先進 AIRO 行動創新的前瞻性中心。

With our patented slow rotor technology, our system combines the vertical lift of a helicopter with the cruise efficiency of a fixed winged aircraft. With this integrated platform as a key to long term value creation, where we're targeting a $315 billion total addressable market across all our business lines.

憑藉我們專利的慢速旋翼技術，我們的系統將直升機的垂直升力與固定翼飛機的巡航效率結合在一起。憑藉這個整合平台，我們可以實現長期價值創造，我們的目標是在所有業務線上實現 3,150 億美元的總目標市場。

We're already seeing robust adoption. Our 2024 revenues grew to $86.9 million, up from $43.3 million in 2023 and $17.1 million in 2022. We also have strong visibility with a 200 million plus bookings in progress. Our recent IPO is a natural next step in our evolution which enhances our financial flexibility, elevates our brand with global customers, and positions us to accelerate execution across our pipeline.

我們已經看到了強勁的採用。我們 2024 年的營收將成長至 8,690 萬美元，高於 2023 年的 4,330 萬美元和 2022 年的 1,710 萬美元。我們也擁有很強的知名度，正在進行的預訂量超過 2 億。我們最近的首次公開募股是我們發展過程中自然而然的下一步，它增強了我們的財務靈活性，提升了我們在全球客戶中的品牌形象，並使我們能夠加快整個流程的執行。

Most importantly, it strengthens our ability to innovate, scale, and deliver for our stakeholders. We are building AIRO for the long term. We have the right markets, the right model, and the right team, and we're just getting started.

最重要的是，它增強了我們為利害關係人進行創新、擴展和提供服務的能力。我們正在長期建設 AIRO。我們擁有正確的市場、正確的模式和正確的團隊，而且我們才剛起步。

With that, I'll hand the call over to our CEO Joe Burns.

說完這些，我將把電話交給我們的執行長喬·伯恩斯 (Joe Burns)。

Thank you, Chiranjeev. It's a pleasure to be with you all today. I'd like to echo Chiranjeev's enthusiasm as this is a proud moment for the AIRO team, and I'm grateful to be speaking to you all today on our first earnings call as a public company.

謝謝你，Chiranjeev。我很高興今天能和大家在一起。我想回應 Chiranjeev 的熱情，因為這對 AIRO 團隊來說是一個值得驕傲的時刻，我很高興今天能夠在我們作為上市公司的第一次收益電話會議上與大家交談。

AIRO had an excellent second quarter. We made important progress across all segments, advanced key strategic initiatives, and strengthened our operational foundation as we entered life as a public company.

AIRO 在第二季度表現出色。在成為上市公司的過程中，我們在各個領域都取得了重要進展，推進了關鍵策略舉措，並加強了營運基礎。

Let me walk you through the progress in each of our core businesses. Starting with drones, our flagship RQ-35 Heidrun platform continues to gain traction globally. This quarter, we announced the new US manufacturing and engineering facility to support domestic demand, enabled Blue UAS certification, and fulfill buy American requirements.

讓我向您介紹我們每個核心業務的進展。從無人機開始，我們的旗艦 RQ-35 Heidrun 平台在全球範圍內繼續受到關注。本季度，我們宣佈在美國設立新的製造和工程工廠，以滿足國內需求、獲得 Blue UAS 認證並滿足購買美國產品的要求。

The Hadron has now been deployed in more than 500 missions, many in high threat GPS and comms denied environments where it's electronic warfare resistance, extended range, and elite optics deliver outside battlefield value.

Hadron 目前已部署了 500 多次任務，其中許多是在高威脅 GPS 和通訊被拒環境中執行的，其電子戰抵抗能力、擴大射程和精銳光學系統可在戰場之外提供價值。

With strong interest from NATO aligned nations, this is a high margin, high growth business that we will look to expand further. We delivered over $75 million US dollars in drone-related revenue in 2024, representing 167% growth in our backlog here remains robust. We're also advancing our drones as a service model offering ISR cargo and emergency response capabilities for enterprise and defense customers.

由於北約成員國的強烈興趣，這是一個高利潤、高成長的業務，我們將尋求進一步擴大。2024 年，我們的無人機相關收入超過 7,500 萬美元，這意味著我們的積壓訂單成長了 167%，並且仍然保持強勁勢頭。我們也正在推進無人機服務模式，為企業和國防客戶提供 ISR 貨物和緊急應變能力。

In parallel, we're building out AIRO link, a proprietary drone communication and data platform which we view as a long-term infrastructure asset across autonomous flight operations. In Training, we recently completed a specialized 90 day naval special warfare deployment and continued to operate under multiple IDIQs with the US Department of Defense.

同時，我們正在建立 AIRO 鏈接，這是一個專有的無人機通訊和數據平台，我們將其視為自主飛行操作的長期基礎設施資產。在訓練中，我們最近完成了為期 90 天的海軍特種作戰部署，並繼續與美國國防部在多個 IDIQ 下進行行動。

We deliver elite close air support and ISR training through our coastal defense brand using a fleet of NATO certified aircraft and maintain a top secret facility clearance, a meaningful differentiator in this space that should not be overlooked.

我們透過我們的海岸防禦品牌，使用北約認證的飛機機隊提供精英近距離空中支援和 ISR 訓練，並保持最高機密設施許可，這是該領域不容忽視的重大差異化因素。

We're an active bidder on the USD1.6 billion close air support segment of CAAS contract and have a reliable, low cost, high utilization model that makes this a compelling alternative to traditional adversary air providers.

我們是價值 16 億美元的 CAAS 合約近距離空中支援部分的積極競標者，並且擁有可靠、低成本、高利用率的模式，這使其成為傳統敵方空中服務提供者的引人注目的替代方案。

We believe the growth opportunity in Training is not only durable, but accelerates our access to broader defense contracts and serves as a valuable R&D test bed across the platform. In electric air mobility, when we unveiled a new medium lift cargo drone at EAA Air venture Oshkosh, capable of carrying GBP250 to GBP500 over 200 miles. The sub-scale platform is built on our patented slow rotor compound technology, providing the vertical lift of a helicopter and the cruise efficiency of a fixed wing aircraft.

我們相信，培訓領域的成長機會不僅持久，而且可以加速我們獲得更廣泛的國防合同，並成為整個平台寶貴的研發試驗台。在電動空中機動領域，我們在 EAA Air 合資公司奧什科甚推出了一款新型中型貨運無人機，能夠運載價值 250 至 500 英鎊的貨物飛行 200 英里。此縮比平台採用我們專利的慢速旋翼複合技術構建，可提供直升機的垂直升力和固定翼飛機的巡航效率。

The cargo platform is set for commercialization in 2027, and we've already secured regulatory engagement and site access in Canada's YMX Innovation zone, which offers a faster certification path than comparable programs in the United States. This cargo first strategy de-risks our roadmap to passenger EV toll and opens use cases in military logistics, medical delivery, and last mile air freight.

該貨運平台預計將於 2027 年實現商業化，我們已獲得加拿大 YMX 創新區的監管參與和場地使用權，該創新區比美國同類項目提供更快的認證途徑。這項貨運優先策略降低了我們乘用電動車收費路線圖的風險，並在軍事物流、醫療運送和最後一英里空運中開闢了用例。

Finally, Avionics continues to be the heartbeat of interoperability across AIRO. Aspen Avionics has delivered more than 14,000 systems to date, and we're actively advancing development of next generation displays, sensors, and GPS solutions for both manned and unmanned aircraft.

最後，航空電子設備繼續成為 AIRO 互通性的核心。迄今為止，Aspen Avionics 已交付了超過 14,000 套系統，我們正在積極推進載人和無人機的下一代顯示器、感測器和 GPS 解決方案的開發。

The open architecture of our systems and their proven integration of drones, training aircraft, and future EVO platforms creates a feedback loop of innovation that is core to our strategy. We're also pursuing upgrades that reduce installation costs and enhance flight safety, contributing to strong OEM and aftermarket demand.

我們系統的開放式架構及其與無人機、訓練飛機和未來 EVO 平台的成熟整合創造了創新的回饋循環，這是我們策略的核心。我們也正在尋求降低安裝成本和提高飛行安全性的升級，從而滿足強勁的 OEM 和售後市場需求。

Aspen is an asset like, cash generative business with a long runway for margin expansion in category leadership. Taken together, these milestones reinforce what AIRO represents operational execution, technological differentiation, and a clear path to long-term growth.

Aspen 是一家資產類、現金生成型企業，在品類領先地位上擁有很長的利潤率擴張空間。總的來說，這些里程碑強化了 AIRO 所代表的營運執行、技術差異化以及明確的長期成長道路。

As we look ahead, we are entering a period of strong momentum and rising demand across our core markets. NATO defense spending is accelerating with a heightened focus on autonomy, ISR, and rapid response capabilities.

展望未來，我們正進入一個強勁發展動能和核心市場需求不斷增長的時期。北約國防開支正在加速成長，更加重視自主性、ISR 和快速反應能力。

US customers are seeking domestic solutions with field-proven reliability and production flexibility, and commercial and civil air mobility infrastructures beginning to mature, particularly in areas where cargo delivery precedes passenger applications.

美國客戶正在尋求具有經過現場驗證的可靠性和生產靈活性的國內解決方案，以及開始成熟的商業和民用空中交通基礎設施，特別是在貨物運輸先於客運應用的地區。

Let me dive a little deeper into this. NATO defense budgets are expanding with an increasing share allocated to autonomous and unmanned systems. Only 23 of the 32 member countries currently meet the 2% GDP defense spend target, and there's a strong momentum to raise this to 3% or higher. Meanwhile, the US has pushed for a 5% target from its allies.

讓我更深入地探討一下這個問題。北約國防預算正在擴大，分配給自主和無人系統的份額越來越大。目前，32個成員國中只有23個國家實現了國防開支佔GDP 2%的目標，而且有強勁的勢頭將該比例提高到3%或更高。同時，美國敦促其盟友實現 5% 的目標。

That shift alone creates a long term multi $100 billion opportunity across our core verticals. Our addressable market is estimated at $315 billion US spanning ISR drones, pilot training, avionics upgrades, and air mobility solutions. And our platform is built not just to access that market, but to expand into it quickly and credibly.

光是這一轉變就為我們的核心垂直領域創造了數千億美元的長期機會。我們的目標市場規模估計為 3,150 億美元，涵蓋 ISR 無人機、飛行員培訓、航空電子設備升級和空中機動解決方案。我們的平台不僅是為了進入該市場，而且是為了快速可靠地擴展到該市場。

In 2024, we delivered USD86.9 million in revenue, up from USD43.3 million in 2023 and USD17.1 million in 2022. That's a 126% CAGR driven by real world adoption of our technology and discipline execution across the business.

2024 年，我們的收入為 8,690 萬美元，高於 2023 年的 4,330 萬美元和 2022 年的 1,710 萬美元。這是 126% 的複合年增長率，由現實世界對我們技術的採用和整個企業的紀律執行所推動。

We enter our public life with bookings in progress of exceeding $200 million US supported by strong international defense demand and near-term US opportunities. We recently announced plans to expand our US footprint by adding a new manufacturing and engineering development facility dedicated to producing our flagship drone product, the RQ-35 Heidrun here in the US.

在強勁的國際國防需求和美國近期機會的支持下，我們已獲得超過 2 億美元的預訂，步入公共生活。我們最近宣布了擴大美國業務的計劃，在美國增加一個新的製造和工程開發設施，專門生產我們的旗艦無人機產品 RQ-35 Heidrun。

This new site will enable Aero to scale production efficiently, compete for American-made defense and commercial opportunities, and serve as a hub for future innovation in both commercial and military markets. As part of our US expansion plans, we are currently in the process of Blue UAS certification, which will enable us to manufacture and sell the RQ-35 Heidrun to the Department of Defense.

這個新工廠將使 Aero 能夠有效擴大生產規模，爭奪美國製造的國防和商業機會，並成為商業和軍事市場未來創新的中心。作為我們美國擴張計劃的一部分，我們目前正在進行 Blue UAS 認證，這將使我們能夠製造並向國防部銷售 RQ-35 Heidrun。

We can certainly estimate that the full process to take six months, but recent announcements by the Department of Defense expect to significantly expedite this timeline. We've already completed the framework process and are near complete with the foundry and on-ramp stages. We anticipate obtaining certification as soon as this year and are eager to begin selling our battle-proven drone platform to the US military.

我們當然可以估計整個過程需要六個月，但國防部最近的公告預計將大大加快這一時間表。我們已經完成了框架流程，並且鑄造和入口階段也已接近完成。我們預計最早在今年獲得認證，並渴望開始向美國軍方出售我們久經實戰考驗的無人機平台。

In the second half of 2025, our priorities are clear. Complete Blue UAS certification and expand US drone production, convert backlog to revenue with continued program delivery, accelerate strategic partnerships, particularly in training and air mobility, maintain disciplined investment across research and development, manufacturing and certification, and finally to deliver on the promise of our public listing with consistent execution and transparency.

2025年下半年，我們的重點很明確。完成 Blue UAS 認證並擴大美國無人機產量，透過持續的專案交付將積壓訂單轉化為收入，加速戰略合作夥伴關係，特別是在培訓和空中機動方面，保持在研發、製造和認證方面的嚴格投資，最終以一致的執行力和透明度兌現我們公開上市的承諾。

With that, I'll turn the call over to Mariya to walk through the financials.

說完這些，我會把電話轉給瑪麗亞，讓她介紹一下財務狀況。

Thank you, Joe, and good morning, everyone. For the second quarter of 2025, revenue was USD24.6 million, an increase of 151% compared to USD9.8 million in the prior year period. Growth was driven by continued execution across our core segments, drone training, and avionics as we expand existing contracts and begin to scale with platforms. Gross profit for the quarter was $15 million. Up from $5.8 million last year, gross margin was 61.2%, reflecting a favorable product mix and discipline operational execution.

謝謝你，喬，大家早安。2025年第二季度，營收為2,460萬美元，較去年同期的980萬美元成長151%。隨著我們擴大現有合約並開始擴大平台規模，成長的動力來自於我們核心部門、無人機培訓和航空電子設備的持續執行。本季毛利為 1500 萬美元。毛利率較去年同期的 580 萬美元有所增長，達到 61.2%，這反映了良好的產品組合和嚴格的營運執行。

We reported net income of USD5.9 million compared to a net loss of USD5.6 million in Q2 2024. The second quarter EBITDA was USD18.9 million a record for AIRO. Adjusted EBITDA was USD4.7 million compared to USD0.6 million in the prior year quarter. We continue to remain focused on execution as we invest in innovation, infrastructure, and growth.

我們報告的淨收入為 590 萬美元，而 2024 年第二季的淨虧損為 560 萬美元。第二季的 EBITDA 為 1,890 萬美元，創下了 AIRO 的歷史新高。調整後 EBITDA 為 470 萬美元，去年同期為 60 萬美元。我們在投資創新、基礎設施和成長的同時，繼續專注於執行。

On the second basis, we continue to see significant revenue growth in drones driven by increasing interest for our RK-35 Heidrun platform. Given recent announcements around accelerating drone deployment, particularly in the US, we have strategically decided to focus capital on scaling our drone business in response to growing market demand.

其次，由於人們對我們的 RK-35 Heidrun 平台的興趣日益濃厚，我們繼續看到無人機收入顯著增長。鑑於最近有關加速無人機部署的公告，特別是在美國，我們已策略性地決定集中資金擴大我們的無人機業務，以滿足不斷增長的市場需求。

For training, we recorded high revenues due to a specific government contract related to ground target vehicles. We also believe there are opportunities to grow our training revenues by acquiring additional aircraft to conduct new programs.

在培訓方面，我們因與地面目標車輛相關的特定政府合約而獲得了高額收入。我們也相信，透過購買更多飛機來開展新項目，我們的培訓收入有機會增加。

For avionics, we experience softer sales given the strategic decision to delay investments for in R&D in higher margin products for the general aviation and multi-engine aircraft markets. While prioritizing resources towards our drone segment. However, we expect to resume investments in both our training and avionics businesses now that we have completed our initial public offering.

對於航空電子設備，由於我們做出推遲對通用航空和多引擎飛機市場高利潤產品研發的投資的策略決策，我們的銷售出現疲軟。同時優先將資源投入我們的無人機領域。不過，我們現在已經完成了首次公開募股，我們預計將恢復對培訓和航空電子業務的投資。

Looking ahead, we expect positive momentum added into the second half of this year due to increased defense spending globally, particularly for drones and drone-related technologies.

展望未來，我們預計，由於全球國防開支增加，特別是無人機和無人機相關技術的開支，今年下半年將出現積極勢頭。

Turning to free cash flow and liquidity, we recorded positive net income for Q2 2025, which was affected by non-cash adjustments related to debt extinguishment and fair value adjustments of continued consideration and warrant liabilities.

談到自由現金流和流動性，我們在 2025 年第二季度錄得正淨收入，這受到與債務清償相關的非現金調整以及持續對價和認股權證負債的公允價值調整的影響。

Free cash flow were also impacted by increases in working capital related to growing our business. As of June 30, 2025, we had USD40.3 million in cash and cash equivalent. Following our IPO, we have significantly reduced our total debt and have positioned our balance sheet to support continued execution and growth.

自由現金流也受到與業務成長相關的營運資本增加的影響。截至 2025 年 6 月 30 日，我們擁有 4,030 萬美元現金和現金等價物。在首次公開發行之後，我們大幅減少了總債務，並調整了資產負債表以支持持續執行和成長。

Finally, I want to briefly discuss the visibility we have across our Drones and Training businesses, which will contribute significant revenues in the years to come.

最後，我想簡要討論一下我們的無人機和培訓業務的知名度，這將在未來幾年帶來可觀的收入。

As we have mentioned before, we have a line of sight to approximately 200 million of NATO bookings in progress, which will be converted into revenue over the next 18 months. Commercial agreements with individual NATO member countries, many of which we have strong relationships through demonstrating the high performance of our RT-35 Heidrun.

正如我們之前提到的，我們預計北約的預訂量約為 2 億，這些預訂將在未來 18 個月內轉化為收入。我們與北約各成員國簽訂了商業協議，透過展示我們的 RT-35 Heidrun 的高效能，與其中許多國家建立了牢固的關係。

We continue to see strong demand for our drone platform and believe there are significant opportunities to grow our bookings by expanding into unserved markets, introducing new drone products and services, and improving upon our existing platform.

我們繼續看到對我們的無人機平台的強勁需求，並相信透過擴展到未服務的市場，推出新的無人機產品和服務，以及改進我們現有的平台，我們的預訂量有很大成長機會。

On the training side, we have been selected as one of seven companies for the 5.7 billion IDHU contract to provide pilot training services for various branches of the US military. Specifically, we are focused on 1.6 billion of that contracts related to close air support services.

在培訓方面，我們被選為價值 57 億美元的 IDHU 合約的七家公司之一，為美國軍隊各個部門提供飛行員培訓服務。具體來說，我們重點關注的是與近距離空中支援服務相關的16億美元合約。

Looking forward, we remain focused on scaling our operations, converting our bookings to revenue, and driving long term shareholder value.

展望未來，我們將繼續專注於擴大營運規模、將預訂轉化為收入以及推動長期股東價值。

With that, I'll turn it back to Joe.

說完這些，我就把話題轉回給喬。

Thank you, Mariya. I want to leave with a few closing thoughts. AIRO is a purpose-built company designed to drive innovation and support emerging markets. We're serving real customers and railroad requirements in markets where reliability, performance, and trust are non-negotiable.

謝謝你，瑪麗亞。最後我想說幾點。AIRO 是一家致力於推動創新和支持新興市場的公司。我們為可靠性、性能和信任不容妥協的市場中的真實客戶和鐵路需求提供服務。

We've built a platform that is both agile and scalable. We're executing a strategy that combines near-term performance with long-term vision. Our public debut marks the beginning of a new chapter, but our mission remains the same, to deliver the technologies, systems, and training that define the future of aerospace and defense.

我們建構了一個既靈活又可擴展的平台。我們正在執行一項將近期業績與長期願景結合的策略。我們的公開亮相標誌著新篇章的開始，但我們的使命保持不變，即提供定義航空航天和國防未來的技術、系統和培訓。

Thank you again for joining us today, and we look forward to keeping you updated on our progress in the quarters ahead. With that operator, we are ready for questions.

再次感謝您今天的加入我們，我們期待在未來幾季向您通報我們的進展。有了這位接線員，我們就可以回答問題了。

(Operator Instructions)

（操作員指示）

Colin Canfield, Cantor.

科林·坎菲爾德，領唱者。

Hey, thank you for the question. Maybe going through the qualified drone pipeline, if you could kind of talk about how you see demand shaping up in the US versus Europe. I appreciate that the Blue USAS certification commentary, but where do you think kind of demand signals are the strongest in terms of the next incremental orders as we look forward? Thank you.

嘿，謝謝你的提問。也許透過合格的無人機管道，您可以談談您如何看待美國和歐洲的需求形成。我很欣賞 Blue USAS 認證的評論，但就我們展望的未來增量訂單而言，您認為哪種需求訊號最強？謝謝。

Thanks, Colin and maybe Joe if you want to take that.

謝謝，柯林，也許還有喬，如果你願意的話。

Hey Colin, good morning. So, demand signals to answer your second question first. Highest demand has been, I think we've seen so far for small and medium class tactical drones, primarily for ISR, which intelligence surveillance reconnaissance missions, particularly from the NATO expansion orders and other allied defense programs.

嘿，科林，早安。因此，需求訊號先回答你的第二個問題。我認為，迄今為止，我們看到的最高需求是小型和中型戰術無人機，主要用於 ISR，即情報監視偵察任務，特別是來自北約擴張命令和其他盟軍防禦計劃。

Europe so far continues to lead the current revenue contributions, but the US demand is accelerating. And we've sold our units to both Asia Pacific as well as North America. But the pipeline does remain strong. We have active bookings across NATO customers, other European defense agencies, and some new US defense opportunities.

歐洲目前仍是當前收入貢獻的主導者，但美國的需求正在加速成長。我們的產品銷往亞太地區和北美。但管道確實依然強勁。我們已與北約客戶、其他歐洲防務機構以及一些新的美國防務機會簽訂了有效訂單。

We've seen incremental inbound interest from USAs following DoD's July 10 announcement about drones. And Europe continues to lead the current revenue, but as I mentioned, US demand is accelerating and we've also sold units in the Asia Pacific as well as North America.

自從美國國防部 7 月 10 日宣布有關無人機的消息後，我們看到美國對此的興趣日益濃厚。歐洲繼續引領目前的收入，但正如我所提到的，美國的需求正在加速成長，我們的產品也在亞太地區和北美銷售。

Got it. And then maybe focusing on avionics. If you could just talk a little bit about the growth engine there, specifically maybe maybe talking through kind of how we should think about the partnership with Joby, as well as by extension of the relationship with [L3 Harris] as we kind of think about not just selling into like scaling platforms, right, but the concept of doing more kind of like prime outsourcing type work, as we get through the next kind of years and years of growth.

知道了。然後也許會專注於航空電子設備。如果您可以稍微談一談那裡的成長引擎，特別是談談我們應該如何看待與 Joby 的合作關係，以及與 [L3 Harris] 的關係的延伸，因為我們考慮的不僅僅是向擴展平台銷售，而是做更多類似主要外包類型的工作，因為我們將度過接下來的幾年和幾年的增長。

Sure. Our avionics growth is being driven by both the OEM integration, that is selling to brand new manufacturing and new platforms as well as retrofit we've traditionally sold bulk of our equipment into retrofit programs. And we are, as you referenced working with Joby Aviation, we had an announcement on that earlier this week, that really positions us as a trusted outsourcing partner for mission critical avionics systems. And it opens opportunities in larger defense and advanced air mobility markets as well beyond just the Joby positioning.

當然。我們的航空電子設備成長受到 OEM 整合的推動，即向全新製造和新平台銷售以及改造，我們傳統上將大部分設備出售給改造項目。正如您所提到的與 Joby Aviation 合作，我們本週稍早宣布了這一消息，這確實使我們成為關鍵任務航空電子系統值得信賴的外包合作夥伴。並且它還為更大的國防和先進的空中機動市場以及 Joby 定位帶來了機會。

Got it. And then maybe Mariya, if you could talk through the working capital building blocks through the year and kind of how we should think about the split of working capital, consumption versus, production in the next kind of six months.

知道了。然後，瑪麗亞，您能否談談全年營運資本的組成要素，以及我們應該如何考慮未來六個月營運資本、消費與生產的分配。

So our working capital needs are expected to increase in the second half of the year and just due to a higher accounts receivable from around Q3 and Q4 for (inaudible) deliveries, and we will expect inventory build up to support drone and avionics production for our new facility. The management of our accounts payables will be aligned with supply terms and cash inputs.

因此，預計我們的營運資金需求將在下半年增加，這僅僅是由於第三季和第四季左右（聽不清楚）交付的應收帳款增加，我們預計庫存將增加，以支持新工廠的無人機和航空電子設備生產。我們的應付帳款管理將與供應條款和現金投入保持一致。

Got it. Thank you.

知道了。謝謝。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

Hey, good morning guys. How are you?

嘿，大家早安。你好嗎？

Good, thanks.

很好，謝謝。

With the strong second quarter performance, I guess just how should we think about things trending to the bounce of the year more broadly? Can you provide any outlook update or anything?

鑑於第二季的強勁表現，我想我們應該如何更廣泛地看待今年的反彈趨勢？您能提供任何展望更新或任何資訊嗎？

Sure. Andre, I think, we can have maybe Joe and Maria. Joe gave on the earnings, his earnings call what he thinks are the priorities, and Joe, if you want to take that and then maybe followed by Mariya, just Joe in general.

當然。安德烈，我想，我們可以邀請喬和瑪麗亞。喬在收益電話會議上談到了他認為的優先事項，喬，如果你想聽聽這個，然後也許是瑪麗亞接著說，總的來說就是喬。

Sure, I mean, we're going to be putting near term CapEx. It's very targeted right now, and the largest of our investments are going to go to our new manufacturing facility, which is going to serve for US drone manufacturing and US engineering hub for that as well.

當然，我的意思是，我們將投入近期的資本支出。目前我們的目標非常明確，最大的投資將用於我們的新製造工廠，該工廠將為美國無人機製造和美國工程中心提供服務。

We have other spend that directed to facility upgrades. We're looking at new tooling for drones, drone production, and also sending money into our selective dollars into the training division to really qualify for more and more of the IDIQ task workers and that would be aircraft that are NATO certified and allow us to operate with more vigor into some of of these IDIQs.

我們還有其他支出用於設施升級。我們正在研究用於無人機的新工具、無人機生產，同時還將資金投入培訓部門，以真正讓越來越多的 IDIQ 任務工作人員獲得資格，這些飛機將獲得北約認證，使我們能夠更有活力地開展一些 IDIQ 任務。

Most of the gross investment is still going to be reflected in R&D rather than large scale assets. It allows us flexibility to scale to meet the backlog of demand. We're continuing to target investments in some core areas with drones, mid-size models for DoD applications, and then obviously to become Blue UAS certified to meet or to meet the compliance for that.

大部分總投資仍將體現在研發而非大型資產上。它使我們能夠靈活地擴展以滿足積壓的需求。我們將繼續在一些核心領域進行投資，包括無人機、國防部應用的中型模型，然後顯然要獲得 Blue UAS 認證以滿足或滿足合規性要求。

On the avionics side, we're going to spend invest into systems that are really put us in the higher end general aviation and multi-engine platforms. And we also, as referenced earlier have secured a contract for a large EV of the OEM. Then the electric air mobility side, it's really about focusing on our cargo platform, our hybrid cargo drive and that would be the development certification of that. So those all kind of lead into hopefully that, that answers some of your question, Andre.

在航空電子方面，我們將投資於真正使我們進入高端通用航空和多引擎平台的系統。而且如前所述，我們還獲得了 OEM 大型電動車的合約。然後，在電動空中交通方面，我們真正關注的是我們的貨運平台、我們的混合動力貨運驅動，這將是其開發認證。所以這些都希望能回答你的一些問題，安德烈。

Yeah, and then I think, Mariya, did you want to maybe add on actual financial targets that we should be kind of be thinking about, I mean.

是的，然後我想，瑪麗亞，你是否想添加一些我們應該考慮的實際財務目標，我的意思是。

Andre, currently we're not giving guidance in terms of the -- for the market.

安德烈，目前我們還沒有針對市場給予指引。

Okay, cool. Yeah, no problem. And then I guess just focusing on the build out at, sorry, there's a feedback I got. With the build out at the Phoenix facility, I mean, how many drones do you reckon you could actually produce this year, and how are things progressing currently and is there any possibility that Blue UAS certification might be able to pull to the left of it?

好的，很酷。是的，沒問題。然後我想只專注於構建，抱歉，我收到了回饋。隨著鳳凰城工廠的建設，我的意思是，您認為今年可以實際生產多少架無人機，目前進展如何，藍色無人機系統認證是否有可能在其左側拉動？

It's a great question. So a lot of the Blue US certification depends on what sort of the new process is. I think everybody on the phone is aware there was an announcement here about a month ago about revamping the whole process to streamline it. So there's always that possibility. We certainly would welcome any changes that could pull it into the left just a little bit.

這是一個很好的問題。因此，Blue US 認證很大程度上取決於新流程的類型。我想電話裡的每個人都知道，大約一個月前這裡曾發布過一項公告，要求改進整個流程以使其更加精簡。所以總是存在這種可能性。我們當然歡迎任何可以稍微向左傾斜的改變。

But you mentioned the Phoenix facility and we just announced an attempt to that we we did secure Phoenix facility to allow the space. Our intention is to to make that both an AS9100 facility that does take some time. We've done it before the other processes and our other facilities, but we will make that an AS9100, and it allows us to manufacture, at least the majority of the airframe for drone production in the United States, so we could sell within the United States as well.

但是您提到了菲尼克斯設施，我們剛剛宣布了一項嘗試，我們確實確保了菲尼克斯設施有足夠的空間。我們的目的是使其成為 AS9100 設施，但這需要一些時間。我們在其他流程和其他設施之前就已經這樣做了，但我們將使其成為 AS9100，它允許我們在美國製造至少大部分無人機機身，因此我們也可以在美國境內銷售。

This will help us with the compliance for US mandates and further support all that Blue UAS. So we have already started the blue process, and we are underway with sort of the framework around that and and then bringing the manufacturing here should help us expand into that area quite a bit. So it depends on what the new compliance matrix looks like. We know what the old one is and we think this one will be even a little bit more flexible than.

這將幫助我們遵守美國的法規並進一步支援所有藍色無人機系統。因此，我們已經啟動了藍色進程，並且正在圍繞該進程建立框架，然後將製造業帶到這裡應該可以幫助我們在很大程度上擴展到該領域。所以這取決於新的合規矩陣是什麼樣的。我們知道舊版本是什麼，我們認為這個版本會比舊版本更有彈性。

And just to give you a summary of what, Joe and Mariya were talking about. I think you saw our results were better than expected and a lot of that is driven by the geopolitical macro environment that Joe spoke about with increase in NATO spending to 5%, the new executive order, and the US beginning to focus on building out their drone capabilities.

讓我來概括一下喬和瑪麗亞談論的內容。我想您已經看到我們的業績好於預期，這在很大程度上受到喬所說的地緣政治宏觀環境的推動，例如北約支出增加到 5%、新的行政命令以及美國開始專注於建立其無人機能力。

And as you mentioned, our opening up our facilities increasing our manufacturing capabilities in the US. So I think we're very well positioned, going forward to grow all the segments of our business. I think, our Q2 was, our performance was better than expected based on the global, geopolitical and macro aspects of where we are and our performance of our HQ-35 drone business and now we're continuing to really build for the future and as Joe mentioned, I know our priorities are also strategic partnerships for training and air mobility focusing on the John cargo.

正如您所說，我們開放工廠是為了提高我們在美國的生產能力。因此，我認為我們已做好準備，繼續發展我們業務的所有領域。我認為，從全球、地緣政治和宏觀角度來看，我們的第二季業績好於預期，而且我們的 HQ-35 無人機業務表現也很好。現在，我們正在繼續為未來而努力，正如喬所提到的，我知道我們的首要任務也是建立以約翰貨物為重點的培訓和空中機動戰略夥伴關係。

Got it. You're very helpful. And then one more really quick question if I could just squeeze in. Can you just give an update, on the exact number of nations that you are currently selling to or in the process of trying to work with?

知道了。你很有幫助。然後我再問一個非常快速的問題，如果我可以擠進去的話。您能否更新目前您向哪些國家銷售產品或正在嘗試合作的具體國家數量？

As mentioned, yeah, I'll start then let Mariya, but as mentioned earlier, we, there are 32 NATO countries right now, and we are selling our RQ-35 directly into those NATO countries. Possibly 2025 of them are upping their contribution level for their GDP into producing and acquiring more aircraft. So we've got, we've announced there are public, there have been public announcements about multiple countries already.

正如所提到的，是的，我先從瑪麗亞開始，但正如之前提到的，我們目前有 32 個北約國家，我們正在將我們的 RQ-35 直接出售給這些北約國家。到2025年，這些國家可能將提高對GDP的貢獻水平，用於生產和購買更多的飛機。所以我們已經宣布了，已經有多個國家公開發布了公告。

I'm not sure the detail country that we're allowed to get into because some of the stuff is classified and once the government's release information, we certainly can talk about it and we'll have related, but there are multiple NATO countries that we're currently involved in.

我不確定我們被允許進入的具體國家，因為有些東西是機密的，一旦政府發布信息，我們當然可以談論它，我們會有相關的信息，但目前我們參與了多個北約國家。

Mariya, do you want to talk about any more of that?

瑪麗亞，你還想再談一下嗎？

I would just add that, outside of NATO countries we are focusing on Asia Pacific. We already started selling there as well as looking to North America. We've got an order from North America and we're actually working on increasing the demand here, especially having a facility in US.

我想補充一點，除了北約國家之外，我們的重點是亞太地區。我們已經開始在那裡銷售，並且放眼北美。我們收到了來自北美的訂單，實際上我們正在努力增加這裡的需求，特別是在美國設有工廠。

Got it, very helpful. I'll leave it there. Thanks.

明白了，非常有幫助。我就把它留在那裡。謝謝。

Hey, thanks Andre.

嘿，謝謝安德烈。

Colin Canfield, Cantor.

科林·坎菲爾德，領唱者。

Hey, just one quick follow up. Maybe talk through you mentioned avionics is a growth engine for the business, maybe kind of talk through how you think about GNSS versus GPS and essentially how the team is participating or how the team thinks about all [PNT] as as kind of a driver of both the OE side of that demand algorithm as well as the retrofit side of it. Thank you.

嘿，只需快速跟進一下。也許您提到航空電子設備是業務的成長引擎，也許您可以談談您如何看待 GNSS 與 GPS，以及團隊如何參與，或者團隊如何看待所有 [PNT] 作為需求演算法的 OE 方面以及改造方面的驅動因素。謝謝。

Yeah, thanks, Colin. I could, yeah, I'll feel that one. So, GNSS actually GPS is sort of the US branded name run by the US DoD for the original navigation technologies. GNS is sort of the global award for GPS amongst other systems that are out there, Galileo, Baidu, et cetera. So. We have multi-constellation receiver set that can pretty much look at every nav signal that's available, so we have a broadened horizon.

是的，謝謝，科林。是的，我可以，我會感受到的。因此，GNSS 實際上 GPS 是美國國防部為原始導航技術使用的美國品牌名稱。GNS 是 GPS 以及其他現有系統（如伽利略、百度等）的全球獎項。所以。我們擁有多星座接收器組，幾乎可以接收所有可用的導航訊號，因此我們擁有更廣闊的視野。

It's a great question because as we see right now in the Ukraine conflict that's in our operations there, the entire country of Ukraine is pretty much either jammed or spoofed from GPS. So alternative signals are really important. We have one of the few products that can actually navigate through that system. And that challenged environment without any real issues on our airframe.

這是一個很好的問題，因為正如我們現在在烏克蘭衝突中看到的，整個烏克蘭國家幾乎都受到了 GPS 幹擾或欺騙。因此替代訊號確實很重要。我們的產品是少數能夠真正通過該系統的產品之一。在這種充滿挑戰的環境下，我們的機身並沒有出現任何實際問題。

So having that capability that is truly alternative PNT as we call it. So PNT stands for position navigation and timing for those on the phone that weren't sure of that, but we're very engaged in that through high level engagements with the US government as well as foreign agencies and have a technology that can receive multiple receiver sets and as with anything that's jammers spoof, the more satellites and constellations you look at, you have a better chance of getting a good solid signal in our current GPS receiver set is really a true GNS receiver set, where it actually looks at multiple constellations.

因此，擁有這種能力才是我們所說的真正的替代 PNT。因此，對於那些在電話中不確定這一點的人來說，PNT 代表位置導航和授時，但我們通過與美國政府以及外國機構的高層接觸積極參與其中，並且擁有可以接收多個接收器組的技術，並且與任何干擾器欺騙一樣，您觀察的衛星和星座越多，您就越有可能在我們當前的 GPS 接收器組中獲得一個真正的星座，這實際上是多個星座，這實際上是一個真正的 GPS 字組。

So we've got a fantastic product. We've proven in battlefield deployments that we can fly through a lot of those types of environments. So really excited about the future in that because it is where we see all sorts of signaling going. So we're in a good strong position to be able to build products that can really kind of look through all the noise and give you good navigation and timing signals.

所以我們得到了一個出色的產品。我們已經在戰場部署中證明，我們可以飛越許多此類環境。我們對未來感到非常興奮，因為我們看到了各種訊號的發展。因此，我們處於有利地位，能夠製造出能夠真正過濾所有噪音並提供良好導航和計時訊號的產品。

Got it. Great color. Thank you.

知道了。顏色很棒。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you for joining. You may not disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。您不能斷開連線。

Thank you.

謝謝。