AIRO Group Holdings Inc (AIRO) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is [Jeannie] and I will be your conference operator today. At this time, I would like to welcome everyone to the AIRO third-quarter 2025 earnings call. (Operator Instructions)

感謝您的耐心等待。我叫珍妮，今天我將擔任你們的會議接線生。在此，我謹代表AIRO公司歡迎各位參加2025年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Dan Johnson, Executive President of Investor Relations (sic - Executive Vice President of Investor Relations). You may begin.

現在我將把電話交給投資者關係執行總裁丹·約翰遜。（原文如此 - 投資人關係執行副總裁）。你可以開始了。

Thank you, operator, and good morning, everyone. Welcome to AIRO Group Holdings Incorporated third-quarter 2025 earnings call. We appreciate you joining us today and look forward to sharing an update on our progress and performance. With me on the call are Dr. Chirinjeev Kathuria, our Executive Chairman; Capt. Joe Burns, our Chief Executive Officer; and Dr. Mariya Pylypiv, our Chief Financial Officer. Replay information for today's call can be found in our earnings press release issued earlier this morning.

謝謝接線員，大家早安。歡迎參加AIRO集團控股有限公司2025年第三季財報電話會議。感謝您今天蒞臨，我們期待與您分享我們的最新進展和業績。與我一同參加電話會議的有：我們的執行主席 Chirinjeev Kathuria 博士；我們的執行長 Joe Burns 上尉；以及我們的財務長 Mariya Pylypiv 博士。今天的電話會議回放資訊可在我們今天早上早些時候發布的盈利新聞稿中找到。

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, including fourth-quarter and full-year 2025 expected results, statements regarding AIRO's joint venture with Nord Drone Group and proposed joint venture with Bullet, including the goals of and opportunities for each joint venture and the ability to consummate the joint ventures on the terms described herein or at all and the timing thereof, the timing and the development of CEW capabilities, AIRO's plans for a manufacturing and engineering development facility, expectations concerning expanded Canadian operations, future products and developments, the intended use of proceeds from AIRO's follow-on offering, the market acceptance and opportunity of AIRO's products and services, and other statements that are not historical facts.

今天的電話會議將包含符合 1995 年《私人證券訴訟改革法案》安全港條款的前瞻性陳述，包括但不限於與財務和業績指標的估計和預測相關的陳述，包括 2025 年第四季度和全年預期業績；關於 AIRO 與 Nord Drone Group 的合資企業以及與 Bullet的擬議合資企業的陳述，包括每個合資企業的目標和機遇，以及能否按照本文所述條款完成合資企業或能否完成合資企業及其時間安排；CEW 能力的開發和時間安排；AIRO 的製造和工程開發設施計劃；關於擴大加拿大業務的預期；未來產品和發展；AIRO 後續發行所得的預期款項的預期服務；

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.

除了我們事先準備好的演講稿外，您還可以在我們的投資者關係網站 investor.theairogroup.com 上找到我們的獲利新聞稿、提交給美國證券交易委員會的文件以及今天電話會議的錄音。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績效、表現或成就與前瞻性陳述中明示或暗示的內容有重大差異。

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 September 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會不時地包含在公司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的「風險因素」部分，以及公司即將提交的截至 2025 年 9 月 30 日的季度報告表格（10-Q 表格）。

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 the 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GAAP財務指標。這些非公認會計準則財務指標是依照公認會計準則編製的財務績效指標的補充，而不是替代或優於後者。有關 GAAP 和非 GAAP 財務指標之間的調整以及使用非 GAAP 指標相對於其最接近的 GAAP 等效指標的局限性的討論，請參閱我們的盈利報告。

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

接下來，我將把電話交給我們的執行主席奇林吉夫·卡圖裡亞博士。

Thank you, Dan, and thank you all for joining us. I'm pleased to join you all today as we review our progress during the third quarter. We have lots to share as we executed several initiatives during the quarter, including two new joint ventures with Nord Drone and Bullet, completing a follow-on offering, and orders across our four key verticals.

謝謝你，丹，也謝謝各位的參與。今天很高興能和大家一起回顧第三季的工作進度。本季我們執行了多項舉措，包括與 Nord Drone 和 Bullet 成立兩家新的合資企業、完成後續產品發行以及在我們四個主要垂直領域獲得訂單，因此有很多成果要與大家分享。

Before turning to our results, let me briefly reintroduce AIRO Group. We built an integrated aerospace and defense platform positioned at the intersection of mobility, security, and training. Our mission is to deliver dual-use technologies that advance the future of flight across four synergistic segments.

在介紹我們的研究結果之前，請容許我簡要地重新介紹AIRO集團。我們打造了一個集機動性、安全性和訓練性於一體的綜合航空航天和國防平台。我們的使命是提供兩用技術，以推動未來航空業在四個相互協同的領域發展。

Drones, fully autonomous GPS-denied unmanned aerial systems for defense and commercial ISR missions. including our battle-tested RQ-35 Heidrun platform now deployed across NATO forces. Avionics. Through Aspen Avionics, a 20-year heritage business with over 14,000 systems delivered, providing flight displays, sensors, and integration solution used in both manned and unmanned aircraft.

無人機，完全自主、無GPS幹擾的無人飛行系統，用於國防和商業ISR任務。其中包括我們久經沙場的RQ-35 Heidrun平台，該平台現已部署在北約部隊中。航空電子設備。透過 Aspen Avionics，一家擁有 20 年歷史、交付超過 14,000 套系統的企業，提供用於有人駕駛和無人駕駛飛機的飛行顯示器、感測器和整合解決方案。

Training, elite military and commercial flight training through our Coastal Defense brand, a trusted DoD contractor under the $5.7 billion CAF-CAS IDIQ program. Electric Air Mobility, led by Jaunt Air Mobility, developing next-generation eVTOL and hybrid cargo drone platforms leveraging our patented slow rotor compound technology.

透過我們的 Coastal Defense 品牌，提供精英軍事和商業飛行訓練。 Coastal Defense 是價值 57 億美元的 CAF-CAS IDIQ 計劃下值得信賴的國防部承包商。由 Jaunt Air Mobility 領導的 Electric Air Mobility 正在開發下一代 eVTOL 和混合動力貨運無人機平台，利用我們專利的慢速旋翼複合技術。

AIRO operates across nine facilities in the US, Canada, and Europe with ISO 9001 and AS9100 certifications and the ability to serve NATO customers directly. Our business share R&D, avionics integration, and manufacturing infrastructure create a meaningful cost and speed advantages as we scale.

AIRO 在美國、加拿大和歐洲的九個設施中運營，擁有 ISO 9001 和 AS9100 認證，並能夠直接為北約客戶提供服務。我們在研發、航空電子設備整合和製造基礎設施方面的業務共享，為我們擴大規模創造了顯著的成本和速度優勢。

During the quarter, AIRO announced two important strategic partnerships aimed at expanding our unmanned systems portfolio and manufacturing scale. First, we signed a joint venture agreement with Nord Drone to focus on accelerating deployment of combat-proven UAS across the US, Ukraine, and NATO markets. Under the terms of the JV agreement, AIRO will contribute manufacturing oversight, R&D, and government procurement expertise, while Nord Drone brings proprietary technology, production facilities, and established defense relationships.

本季度，AIRO宣布了兩項重要的策略合作夥伴關係，旨在擴大我們的無人系統產品組合和製造規模。首先，我們與 Nord Drone 簽署了一項合資協議，旨在加速在美國、烏克蘭和北約市場部署經過實戰檢驗的無人機系統。根據合資協議條款，AIRO 將提供製造監督、研發和政府採購的專業知識，而 Nord Drone 將帶來專有技術、生產設施和已建立的國防關係。

Nord Drone currently produces 4,000 drones per month with the capacity to scale to 25,000 units, and its systems are already active in the front-line operation. This collaboration will integrate Nord Drone's high-volume, battlefield-tested platforms with AIRO's RQ-35 Heidrun, and broader unmanned portfolio. significantly broadening our reach and accelerating our ability to meet allied operational needs. Consummation of the joint venture is subject to a number of closing conditions.

Nord Drone 目前每月生產 4,000 架無人機，產能可擴展至 25,000 架，其係統已在前線作戰中投入使用。此次合作將把Nord Drone公司高產量、久經戰場考驗的平台與AIRO公司的RQ-35 Heidrun無人機以及更廣泛的無人機產品組合整合起來，從而顯著擴大我們的業務範圍，並加快我們滿足盟軍作戰需求的能力。該合資企業的完成取決於若干交割條件。

We also signed a letter with Bullet, a Ukrainian developer of high-speed unmanned interceptor systems. The proposed 50-50 joint venture will produce and deploy Bullet's six-wing turbojet UAV technology across the U.S. and NATO defense markets and Ukraine. The interceptor platform achieves speeds up to 300 miles an hour, offers a 200-kilometer range, and supports payloads from 2.5 to 9 kilograms, making it one of the fastest and most adaptable unmanned aerial defense systems available today.

我們也與烏克蘭高速無人攔截系統開發商 Bullet 公司簽署了一封信函。擬議中的 50-50 合資企業將在美國和北約國防市場以及烏克蘭生產和部署 Bullet 的六翼渦輪噴射無人機技術。該攔截平台最高時速可達 300 英里，射程達 200 公里，有效載荷從 2.5 公斤到 9 公斤不等，是目前最快、適應性最強的無人機防禦系統之一。

The venture will expand production capacity in both the US and Ukraine, accelerate R&D on next-generation interceptor and strike variants, and pursue qualified contracts with the US Department of Defense, NATO, and allied ministries. The LOI is non-binding and subject to the execution of a definitive joint venture agreement.

該合資企業將擴大在美國和烏克蘭的生產能力，加快下一代攔截器和打擊型飛彈的研發，並尋求與美國國防部、北約和盟國政府簽訂合格合約。該意向書不具約束力，須以簽署正式合資協議為準。

Together, these initiatives reinforce AIRO's platform as a leading integrator of combat-proven, high-performance, unmanned technologies, extending our collaboration across both tactical ISR and aerial defense applications, and advancing our mission to deliver next-generation solutions for the US and allied forces worldwide.

這些舉措共同鞏固了 AIRO 作為領先的實戰驗證型高性能無人技術整合商的平台地位，擴展了我們在戰術 ISR 和空中防禦應用領域的合作，並推進了我們為美國及其盟軍提供下一代解決方案的使命。

With strong momentum across each segment, a $200 million-plus booking pipeline, and expanded demand in both defense and advanced air mobility markets, AIRO is well-positioned for substantial growth and long-term value creation.

憑藉各個細分市場的強勁勢頭、超過 2 億美元的預訂儲備以及國防和先進空中交通市場需求的擴大，AIRO 已做好充分準備，實現實質性增長和長期價值創造。

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

接下來，我將把電話交給我們的執行長喬·伯恩斯。

Thank you, Chirinjeev. It's a pleasure to be with you all today. Let me walk you through the progress in each of our core businesses. Our drone business continues to demonstrate strong momentum, supported by rising defense budgets and growing demand for autonomous ISR platforms.

謝謝你，奇林吉夫。今天能和大家在一起真是太好了。讓我帶您了解我們各項核心業務的進展。由於國防預算增加和對自主ISR平台的需求不斷增長，我們的無人機業務繼續保持強勁的發展勢頭。

During the quarter, we launched the AI-capable, full-stack version of our RQ-35 Heidrun, extending our leadership in GPS-denied and AI-enabled operations across Ukraine and NATO markets. Additionally, Sky-Watch, together with the University of Aalborg and a third partner, has been awarded $4.5 million to develop counter-electronic warfare technology for integration into Sky-Watch UAS platforms, with development starting in Q1 2026 and the first demonstrator expected in Q2 or Q3 of 2026.

本季度，我們推出了具備人工智慧功能的全端版 RQ-35 Heidrun，進一步鞏固了我們在烏克蘭和北約市場 GPS 停用和人工智慧賦能作戰領域的領先地位。此外，Sky-Watch 與奧爾堡大學和第三家合作夥伴一起獲得了 450 萬美元的撥款，用於開發反電子戰技術，以整合到 Sky-Watch 無人機系統平台中。開發工作將於 2026 年第一季開始，第一個演示器預計將於 2026 年第二季或第三季推出。

We also advanced several initiatives to scale production and expand global reach. In Denmark, Sky-Watch is completing the modernization of its Støvring facility in Q4, which will meaningfully increase capacity and operational efficiency. Our Phoenix facility continues US progress towards US drone manufacturing, and particularly the RQ-35 Heidrun. We expect the facility to be online as planned, with the first RQ-35 Heidrun drones assembled there by the end of this year.

我們也推動了多項舉措，以擴大生產規模和拓展全球業務。在丹麥，Sky-Watch 將於第四季完成其 Støvring 工廠的現代化改造，將顯著提高產能和營運效率。我們在鳳凰城的工廠繼續推動美國無人機製造，特別是 RQ-35 海德倫無人機的製造。我們預計該設施將按計劃投入使用，首批 RQ-35 海德倫無人機將於今年年底前在那裡組裝完成。

To support continued international growth, we opened a sales hub in Singapore to serve the Asia-Pacific region, initiated new trial programs across both the Asia-Pacific region and the EU, and expanded our local presence in Ukraine to remain close to end users and evolving battlefield needs. Additionally, Sky-Watch achieved CMMC cybersecurity certification, an important milestone for future US defense programs, and launched a multi-year R&D initiative to double its engineering team by 2026, ensuring continued innovation in high-end UAV systems. And finally, we are progressing and on track to receiving blue UAS certification for our RQ-35 Heidrun drones in the first half of 2026.

為了支持持續的國際成長，我們在新加坡開設了銷售中心，服務於亞太地區，在亞太地區和歐盟啟動了新的試驗項目，並擴大了我們在烏克蘭的本地業務，以便與最終用戶保持密切聯繫，並滿足不斷變化的戰場需求。此外，Sky-Watch 獲得了 CMMC 網路安全認證，這是美國未來國防計劃的一個重要里程碑，並啟動了一項多年研發計劃，目標是在 2026 年前將其工程團隊規模擴大一倍，以確保高端無人機系統持續創新。最後，我們的 RQ-35 Heidrun 無人機正在穩步推進，預計在 2026 年上半年獲得藍色 UAS 認證。

Our training division delivered another solid quarter, executing over 1.7 million in task orders for the Naval Special Warfare and the United States Air Force, supporting gross joint ground and air training missions. We are nearly complete modifying our S-211 aircraft, almost flight ready for upcoming contracts, and have begun modification of our L-39 aircraft to support live ordnance training missions targeted to begin by year end.

我們的訓練部門又完成了一個穩健的季度，為海軍特種作戰部隊和美國空軍執行了超過 170 萬份任務訂單，支援了大規模的聯合地面和空中訓練任務。我們已基本完成 S-211 飛機的改裝，幾乎可以執行即將到來的合同，並且已經開始改裝 L-39 飛機，以支持計劃於年底開始的實彈訓練任務。

Importantly, we have submitted a sources sought response for the next Naval Special Warfare Contract, projected at approximately 20 million for over five years. These efforts reinforce Coastal Defense's position as a trusted provider of specialized military flight training for the US and allied nations.

重要的是，我們已經提交了下一份海軍特種作戰合約的資訊徵詢書，預計合約金額約為 2000 萬美元，為期五年多。這些努力鞏固了 Coastal Defense 作為美國及其盟國值得信賴的專業軍事飛行訓練提供者的地位。

At Jaunt, we've made significant progress in advancing our next-generation cargo drone and the eVTOL programs. We publicly unveiled our medium-lift cargo drone at EAA AirVenture at Oshkosh, designed for 200 to 500-pound payloads and a range exceeding 200 miles, in an outfit that drew strong interest from commercial and defense stakeholders.

在 Jaunt，我們在推動下一代貨運無人機和 eVTOL 專案方面取得了重大進展。我們在奧什科甚舉行的 EAA 航空冒險展上公開展示了我們的中型貨運無人機，該無人機設計用於運載 200 至 500 磅的有效載荷，航程超過 200 英里，引起了商業和國防利益相關者的濃厚興趣。

We also expanded into Quebec's YMX Innovation Zone, enabling real-world testing, certification, and collaboration with local regulators. Jaunt was selected as a partner on the MACADA program with TALIS Canada and Vertiko Mobility to advance and detect and avoid technologies for UAV and eVTOL operations. We continue working closely with Transport Canada and NAV Canada to enable VVLOS operations and have completed key supplier sections for propulsion, battery, and flight control systems.

我們也拓展了業務範圍，進入魁北克省的 YMX 創新區，以便進行實際測試、認證，並與當地監管機構合作。Jaunt 與 TALIS Canada 和 Vertiko Mobility 一起被選為 MACADA 專案的合作夥伴，以推進無人機和 eVTOL 操作的偵測和規避技術。我們繼續與加拿大交通部和加拿大導航公司密切合作，以實現超視距飛行，並已完成推進、電池和飛行控制系統的關鍵供應商部分。

Engineering activities ramping up in the fourth quarter as we prepare for the initial BVLOS flight testing in the YMX ecosystem. Additionally, Jaunt is pursuing Canadian support, including grants, reimbursements, and tax incentives, of which roughly 30% is already committed, and the balance remains subject to additional program approvals.

隨著我們在 YMX 生態系統中準備進行首次超視距飛行測試，工程活動將在第四季度加速推進。此外，Jaunt 正在尋求加拿大政府的支持，包括撥款、報銷和稅收優惠，其中約 30% 已落實，其餘部分仍需獲得其他項目的批准。

Aspen Avionics continues to invest in new products, and the uptick in general aviation flying supports continued retrofit activity. During the quarter, we began development of the next generation NextNav MAX 2 program, now funded and targeted availability in late of 2026. Aspen secured a multi-year OEM purchase order from established OEM, and then additional orders from foreign air force.

Aspen Avionics 繼續投資研發新產品，通用航空飛行量的增加也支持了其持續的改裝活動。本季度，我們啟動了下一代 NextNav MAX 2 專案的開發，該專案目前已獲得資金，目標是在 2026 年底投入使用。Aspen 從一家知名 OEM 廠商獲得了一份多年期的 OEM 採購訂單，隨後又從外國空軍獲得了額外的訂單。

We are also working with an international aircraft integrator that has placed a large order for displays and batteries with all deliveries expected by year end. These wins highlight Aspen's strong OEM relationships and growing international presence in both civil and defense markets.

我們還與一家國際飛機整合商合作，該公司已下了大筆顯示器和電池訂單，預計所有產品將於年底前交付。這些勝利凸顯了 Aspen 與 OEM 廠商之間強大的合作關係，以及其在民用和國防市場日益增長的國際影響力。

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

接下來，我會把電話交給瑪麗亞，讓她來詳細解說財務狀況。

Thank you, Joe, and good morning, everyone. As of November 14, we have already booked $24.5 million of fourth-quarter revenue in drone segments, reflecting shipments that shifted out of the third quarter. For the third quarter of 2025, revenue was $6.3 million compared to $23.7 million in the prior-year period.

謝謝你，喬，大家早安。截至 11 月 14 日，我們在無人機領域已確認 2,450 萬美元的第四季度收入，這反映了從第三季度轉移出來的出貨量。2025 年第三季度，營收為 630 萬美元，而去年同期為 2,370 萬美元。

Our customer requested a capability upgrade on a short notice on the RQ-35 Heidrun to meet evolving operational needs. We paused planned Q3 shipments to implement the change and retrofit completed units. Approximately 20 million of Q3 shipments shifted as a result. The retrofit work increases revenue per unit and does not change the underlying contract scope beyond the configuration update.

為了滿足不斷變化的作戰需求，我們的客戶要求在短時間內對 RQ-35 Heidrun 進行能力升級。我們暫停了原定的第三季發貨計劃，以實施變更並對已完成的設備進行改造。受此影響，第三季約有 2,000 萬件產品出貨量發生轉移。改造工程提高了單位收入，除了配置更新之外，不會改變合約的基本範圍。

Gross profit for the quarter was $2.8 million and gross margin was 44% as compared to $16.3 million and 68.7% in the prior-year period. Margin reflects product mix and shipment timing. Training delivered higher margins due to increased ground target vehicle programs. Avionic margins were stable on the lower volume. Drone margin was affected by a pause and retrofit work ahead of fourth quarter deliveries.

本季毛利為 280 萬美元，毛利率為 44%，而去年同期分別為 1,630 萬美元及 68.7%。利潤率反映了產品組合和出貨時間。由於地面目標車輛項目的增加，訓練帶來了更高的利潤。航空電子設備的裕度在較低體積下保持穩定。無人機利潤率受到第四季度交付前暫停和改造工作的影響。

Year-to-date gross margin was 58.1% driven by lower proportion of Drone revenue in the mix. EBITDA loss was $5.7 million, an improvement from $23.1 million loss in the prior-year quarter. Adjusted EBITDA loss was $8 million compared to a positive $10.9 million in the prior-year quarter. The movement reflects the revenue timing described above and higher public company costs as we scale.

今年迄今的毛利率為 58.1%，主要原因是無人機收入在總收入中所佔比例較低。EBITDA虧損為570萬美元，較上年同期虧損2,310萬美元有所改善。調整後的 EBITDA 虧損為 800 萬美元，而去年同期則獲利 1,090 萬美元。這項變更反映了上文所述的收入成長時間以及隨著公司規模擴大而增加的上市公司成本。

We recorded a net loss of $8 million compared to a net loss of $30.3 million in Q3 of 2024. On a segment basis, our defense drone solution continued to advance with cutting-edge technologies, ensuring that end users maintain a decisive technological advantage in operational environments.

我們錄得淨虧損 800 萬美元，而 2024 年第三季淨虧損為 3,030 萬美元。從各方面來看，我們的國防無人機解決方案不斷採用尖端技術向前發展，確保最終用戶在作戰環境中保持決定性的技術優勢。

Aligning our products with those rapid updates is a core strength and a key differentiator for AIRO Group. Occasionally, component replacements and integration of new technologies can shift certain deliveries from one quarter to the next. This timing adjustment does not reflect any change in underlying demand or our confidence in future performance.

讓我們的產品與這些快速更新保持同步是 AIRO 集團的核心優勢和關鍵差異化因素。有時，零件更換和新技術的整合可能會導致某些產品的交付時間從一個季度推遲到下一個季度。此次時間調整併不反映潛在需求的任何變化，也不反映我們對未來績效的信心。

Customer requirements remain strong and we are fully committed to meeting them. We are actively collaborating across our internal teams, supply chain partners, and end users to maintain agility and responsiveness. Our focus remains on delivering best-in-class technology while strengthening our ability to adapt quickly to evolving mission needs.

客戶需求依然強勁，我們將全力滿足這些需求。我們正積極與內部團隊、供應鏈合作夥伴和最終用戶合作，以保持敏捷性和回應能力。我們將繼續專注於提供一流的技術，同時增強我們快速適應不斷變化的任務需求的能力。

As of end of Q3, we have over $119 million in bookings in progress to be delivered in 2025 and 2026. For training, we recorded growth from ground-targeted vehicle programs and increased activity from IDAQ contract. For Avionics, we experienced lower revenue as we deliberately sequenced R&D and commercialization activities to prioritize drone production in prior periods.

截至第三季末，我們有超過 1.19 億美元的訂單正在處理中，將於 2025 年和 2026 年交付。在培訓方面，我們記錄到地面目標車輛項目的成長以及IDAQ合約活動的增加。在航空電子設備方面，由於我們刻意安排研發和商業化活動的先後順序，優先發展無人機生產，因此前期的收入有所下降。

Turning to cash flow and liquidity. As of September 30, 2025, we had $83.7 million in cash and cash equivalents. During the quarter, we successfully completed a follow-on offering, raising $89.4 million in growth proceeds. This significantly straightened our balance sheet and provides substantial resources for growth investments across all four operating segments and to pursue opportunistic acquisitions of complementary businesses, products, services, or technologies.

接下來討論現金流和流動性問題。截至 2025 年 9 月 30 日，我們擁有 8,370 萬美元的現金及現金等價物。本季度，我們成功完成了後續發行，籌集了 8,940 萬美元的成長資金。這大大改善了我們的資產負債表，並為所有四個營運部門的成長投資提供了大量資源，並可用於尋求對互補業務、產品、服務或技術的機會性收購。

As we noted earlier, third-quarter revenue was impacted by timing, primarily related to customer requests to incorporate additional technological capabilities into our drone platform. This required sourcing new components on a short notice, which created sourcing issues within the quarter. The company is actively working to source additional supply as well as implemented multiple sources for key components. Importantly, those standing related effects not lost demand, and we expect the associated revenue to convert as component availability improves.

正如我們之前提到的，第三季收入受到時間因素的影響，主要與客戶要求將額外的技術功能整合到我們的無人機平台有關。這需要在短時間內採購新的零件，導致本季出現採購問題。該公司正積極尋求更多供應來源，並已實施了關鍵零件的多種採購管道。重要的是，這些持續存在的相關影響並未導致需求下降，我們預期隨著零件供應情況的改善，相關收入將會相應增加。

Given those factors, we expect full-year 2025 revenue to exceed 2024 revenue of $86.9 million. This outlook reflects AIRO's organic operations and does not include potential contributions from our recently announced joint ventures with Nord Drone or Bullet, which remain subject to financial agreements and regulatory approvals.

鑑於這些因素，我們預計 2025 年全年收入將超過 2024 年的 8,690 萬美元收入。這項展望反映了 AIRO 的有機運營，並不包括我們最近宣布與 Nord Drone 或 Bullet 成立的合資企業可能做出的貢獻，這些合資企業仍需獲得財務協議和監管部門的批准。

In summary, while near-term timing and supply chain dynamics influence the quarter, the fundamentals of our business remain strong. Our diversified platform, growing order pipeline, and expanding production capacity give us confidence that we are well-positioned for continued growth into 2026 and beyond.

總而言之，雖然短期的時間安排和供應鏈動態會對本季產生影響，但我們業務的基本面依然強勁。我們多元化的平台、不斷增長的訂單管道和不斷擴大的生產能力，使我們有信心，我們已做好充分準備，在 2026 年及以後繼續保持成長。

With that, operator, we're ready for questions.

好了，操作員，我們準備好回答問題了。

(Operator Instructions)

（操作說明）

Colin Canfield, Cantor.

科林·坎菲爾德，坎托爾。

Maybe if we could just talk through kind of the $100 million orders in progress and when we expect to see that materialize and backlog. And then if you could talk about how you expect the building blocks of revenue to shake out for next year, specifically for drones.

或許我們可以詳細討論正在進行中的價值 1 億美元的訂單，以及我們預計何時能夠看到這些訂單最終交付，還有積壓訂單的問題。然後，如果您能談談您預計明年收入組成要素將如何變化，特別是無人機方面。

Thanks, Colin. Joe, maybe if you want to start, followed by Mariya.

謝謝你，科林。喬，如果你想先開始的話，然後是瑪麗亞。

Sorry. Sure. Thanks, Colin. Appreciate the question. You know, our current visibility for orders for the remainder of this year and for 2026 is still solid. So that's the number that we've talked about, and that's the $200 million. Mariya?

對不起。當然。謝謝你，科林。感謝您的提問。你知道，我們目前對今年剩餘時間和 2026 年的訂單前景依然十分樂觀。這就是我們剛才談到的數字，那就是 2 億美元。瑪麗亞？

Yes. So thank you, Joe. Thank you, Colin. So Colin, right now, as of Q3, we have about more than $190 million, close to $200 million, as Joe mentioned, when we look across the divisions. And those orders are to be delivered in the next 18 months. We recently expanded our BD and sales efforts, specifically focusing on Asia Pacific as well as North America. And that's where you will see a lot of ramp up and focus.

是的。所以，謝謝你，喬。謝謝你，科林。所以科林，就目前而言，截至第三季度，正如喬所提到的，當我們縱觀各個部門時，我們擁有超過 1.9 億美元，接近 2 億美元。這些訂單將在未來 18 個月內交付。我們最近擴大了業務拓展和銷售力度，尤其專注於亞太地區和北美地區。在那裡，你會看到很多加速推進和重點關注的環節。

In terms of the building blocks and our cash, we are very strategically positioned right now on expansion and growth. As we discussed previously, we are focusing on spending on our R&D for Drones, continuously modifying and improving our technologies. In our Avionics, we are focusing on delivery of new products. In our training, we are expanding in the investments into new equipment that will allow us to qualify for more programs. And with our Air Mobility, we are funding R&D, but we recently got confirmation that 30% of the funding that we're expecting from the government support is confirmed, and we will be hearing more on that in the next quarter.

就基礎設施和現金流而言，我們目前在擴張和成長方面處於非常有利的戰略位置。正如我們之前討論過的，我們正集中精力投入無人機的研發中，不斷改進和完善我們的技術。在航空電子設備領域，我們專注於新產品的交付。在培訓方面，我們正在增加對新設備的投資，這將使我們能夠參加更多計畫。在我們的空中交通領域，我們正在資助研發，但我們最近確認，我們預期從政府獲得的支持資金的 30% 已經到位，我們將在下一季度聽到更多相關消息。

And this is Joe. If I could add one more building block, Colin, and it's that we did open our Phoenix facility in North Phoenix. and that will be for production of AS9100 types of materials such as drones and avionics. So that has been officially opened.

這位是喬。科林，如果我還能補充一點，那就是我們在北鳳凰城開設了鳳凰城工廠。該工廠將用於生產符合AS9100標準的材料，例如無人機和航空電子設備。所以它已經正式開放了。

Got it. And then maybe in terms of the Air Mobility R&D, just quantify the level of R&D spend you're targeting this year in Air Mobility and how you think about that progressing into next year? And then maybe talk about what sort of progress the team has made around government officials exploring that capability as a military or municipal capability? And when we might expect initial study contracts for the Air Mobility platform?

知道了。那麼，就空中機動研發而言，能否量化一下您今年在空中機動領域的研發支出目標水平，以及您認為明年該領域的發展前景如何？然後或許可以談談該團隊在政府官員探索將這種能力作為軍事或市政能力方面取得了哪些進展？那麼我們何時才能看到空中交通平台的初步研究合約呢？

Mariya, do you want to start?

瑪麗亞，你想先開始嗎？

Go ahead, Mariya, please.

請繼續，瑪麗亞。

So in terms of our work in Canada, just to level set, we anticipate that approximately 17% of funding will be coming from AIRO internal funds, then about 30% to 40%, it will be customer supported, customer advances, and remainder will be government funding.

因此，就我們在加拿大的工作而言，為了明確起見，我們預計大約 17% 的資金將來自 AIRO 內部資金，然後大約 30% 到 40% 將來自客戶支援、客戶預付款，其餘部分將來自政府資金。

As I mentioned previously, we have confirmation that 30% of the government funding is already confirmed, and we are moving forward with next stages, and it's per mile delivery. And we expect to receive next approvals in the next quarters. In terms of quantifying it, In our work, we have received very positive discussions with the government officials and a lot of support for our efforts and dual usage of the cargo drones.

正如我之前提到的，我們已經確認政府資金的 30% 已經到位，我們正在推進下一階段的工作，而且是按英里計費的。我們預計將在接下來的幾個季度獲得下一批批准。就量化而言，在我們的工作中，我們與政府官員進行了非常積極的討論，並得到了他們對我們的努力以及貨運無人機雙重用途的大力支持。

Joe, back to you.

喬，把鏡頭交給你了。

Sure. We talked a little bit about the government, municipal, or military capability, and I can say that Jaunt is very actively engaged and funded by the Quebec government currently in developing a corridor from Montreal to the First Nation communities. That's a very key project along our cargo eVTOL project.

當然。我們稍微談了一下政府、市政或軍事能力，我可以說，Jaunt 目前非常積極地參與並獲得了魁北克政府的資助，正在開發一條從蒙特利爾到原住民社區的走廊。這是我們貨運電動垂直起降飛行器專案中的一個非常關鍵的項目。

The cargo ground is being developed for dual use, though. And as you've seen, the Canadian government has just announced a massive investment in military funding, which we will certainly apply for. So we're excited to continue our strong partnership with Canada, in the YMX Zone specifically.

不過，這片貨運場地正在開發為兩用場地。正如你所看到的，加拿大政府剛剛宣布了一項大規模的軍事資金投資計劃，我們肯定會申請這項資金。因此，我們很高興能夠繼續與加拿大，特別是YMX區域，保持牢固的合作關係。

And the only thing, Colin, you know, I would add in terms of the Phoenix facility, we continue to US progress towards the US road manufacturing, particularly R2-35, and we expect that facility to be online as planned with the first R2-35 drones assembled there by, you know, the end of the year.

科林，關於鳳凰城工廠，我唯一要補充的是，我們繼續推進美國公路製造，特別是 R2-35 無人機的製造，我們預計該工廠將按計劃上線，並在年底前組裝首批 R2-35 無人機。

Yeah, and part of that, the key is the actual blue US certification program, which will allow us then to further bid into more US military programs. That program has shifted quite a bit over the last few months, but we're fairly confident in its current state. We understand the hurdles required to get there. We plan on being first half of 2026 to be blue US certified for our initial drone run.

是的，其中一部分關鍵在於美國藍軍認證計劃，這將使我們能夠進一步競標更多美國軍事項目。該計劃在過去幾個月裡發生了很大的變化，但我們對其目前的狀態相當有信心。我們了解實現目標需要克服的障礙。我們計劃在 2026 年上半年獲得美國藍標認證，進行首次無人機試飛。

Brett Linzey, Mizuho.

Brett Linzey，瑞穗銀行。

Wanted to follow up on the blue certification. So you noted the first half '26, but perhaps just a finer point on that manufacturing expansion to scale. What do you see as the unit production per month as you ramp those facilities? And then have you taken any inbound orders from the DoD at this point, or is it still contingent upon this blue cert?

想跟進一下藍色認證的情況。所以你提到了 2026 年上半年，但或許可以更細緻地指出製造業擴張的規模問題。隨著這些設施的逐步完善，您預計每月的單位產量是多少？那麼，目前您是否已收到國防部的任何訂單，還是仍取決於這份藍皮書的審批結果？

Joe?

喬？

Yeah. So clearly the production rate will continue to grow. I mean, we're going to run our first prototypes this year up to six to understand the process and everything we need to do to get them up and running. But we feel that ultimately we could support at least a third of the volume of what we are currently manufacturing in Denmark throughout 2026.

是的。因此，生產率顯然會繼續增長。我的意思是，我們今年將運行我們的第一批原型機，最多六個，以了解整個流程以及我們需要做的一切才能讓它們運作起來。但我們認為，到 2026 年，我們最終至少可以維持目前在丹麥生產的三分之一的產量。

And I'm sorry, Brad, I forgot your second half of your question.

布拉德，對不起，我忘了你問題的後半部。

Yeah, just have you taken any inbound orders from the DoD at this point? Or is it really contingent upon that blue certification first?

是的，請問目前你們有沒有接到國防部的任何指令？或者說，這真的取決於先獲得藍色認證嗎？

It is contingent upon blue certification at this time. However, there are some prototype systems that we are in delivery or discussion with the DoD that we really can't talk about at this point in time.

目前這取決於是否獲得藍色認證。然而，我們正在向美國國防部交付或討論一些原型系統，但目前我們真的無法談論這些系統。

Okay, understood. And then maybe just shifting over to the Nord Drone Group JV, can you talk a little bit about the economics of the JV? What's the incremental capital required to fund the entity? And then how did the profit economics structure between you and your partner there?

好的，明白了。然後，我們不妨轉到 Nord Drone Group 合資企業，您能談談該合資企業的經濟狀況嗎？為該實體提供資金所需的新增資本是多少？那麼，你和你的合夥人之間的利潤經濟結構是怎麼樣的呢？

So I can start. So basically, just to give you an overall, it's accelerating the deployment of the combat-proven UAS across US, Ukraine, and the NATO markets. Under the terms of the JV agreement, AIRO will contribute manufacturing, oversight, R&D, and government procurement experience. Nord Drone will bring its proprietary technology that's producing 4,000 drones a month. That can scale up to 25,000 drones and these systems are already active in the front line.

這樣我就可以開始了。簡而言之，它正在加速在美國、烏克蘭和北約市場部署經過實戰檢驗的無人機系統。根據合資協議條款，AIRO 將貢獻其在製造、監管、研發和政府採購方面的經驗。Nord Drone 將帶來其專有技術，該技術每月可生產 4,000 架無人機。該系統最多可部署 25,000 架無人機，而這些系統已經在前線投入使用。

So in terms of the economics, it's a 50-50 joint venture. And as we scale up in Ukraine, AIRO will receive 50% of the economics of the revenue and profit. And also as NATO and the US DoD want to stockpile these FPV proven drones, will also share in 50% of the revenues and profits. So for us, it's a substantial joint venture that allows us to scale both in Ukraine, in the US DoD, and NATO.

所以從經濟角度來看，這是一個五、五開的合資企業。隨著我們在烏克蘭擴大規模，AIRO 將獲得 50% 的收入和利潤。此外，由於北約和美國國防部希望儲備這些經過 FPV 驗證的無人機，他們還將分享 50% 的收入和利潤。因此，對我們來說，這是一個意義重大的合資企業，使我們能夠在烏克蘭、美國國防部和北約擴大規模。

Andre Madrid, BTIG.

安德烈·馬德里，BTIG。

I want to circle back to blue UAS. It seems like you kind of noted to it, but pushed out a little bit after we had thought that it was going to maybe get pulled to the left a little bit. Can you maybe talk about what exactly those hurdles are?

我想再回到藍色無人機系統（UAS）的話題。看起來你好像注意到了這一點，但在我們以為它可能會稍微向左偏一點之後，你又稍微把它推了出去。能否具體談談這些障礙是什麼？

I would have thought that with a lot of the favorable rulings and commentary coming out of the Pentagon that there would have been everything that maybe could have hold this more forward as opposed to pushing it back. So I'm just curious what happened there.

我原以為，鑑於五角大廈方面發布的許多有利裁決和評論，應該會有一些因素可以推動此事取得更大進展，而不是將其推遲。所以我很好奇那裡發生了什麼事。

Well, a multiple factor. And this is Joe, by the way, Andre. Good morning. So multiple factors. One, we had a fairly significant government shutdown that everybody on the phone is aware of that absolutely stopped any progress in this particular area. The second is a lot of announcements were made about blue UAS changing. However, the process of blue UAS changing was not defined yet.

嗯，這是多種因素共同作用的結果。順便說一下，這位是喬，安德烈。早安.所以是多種因素造成的。第一，我們經歷了一次相當嚴重的政府停擺，電話裡的每個人都知道這件事，這完全阻礙了該領域的任何進展。第二點是，有許多關於藍色無人機系統變化的公告發布。然而，藍色無人機系統的變化過程尚未明確。

So we are now into the point where those processes are being defined. We are working with a large industry trade group to be in the middle of the hopper. We are just now getting the requirements that we need to actually do it. So we've kind of been in the sit and wait mode, continuing to develop our internal processes and build out our infrastructure to be ready for this. And we're now just starting to see some of the situations and requirements that we need to actually certify by.

所以我們現在就進入了定義這些流程的階段。我們正與一個大型產業協會合作，力求處於產業中心地位。我們現在才剛剛獲得實際進行這項工作所需的條件。所以，我們一直處於坐等時機的狀態，不斷完善內部流程，並建立基礎設施，為應對這種情況做好準備。而我們現在才開始看到一些我們需要實際進行認證的情況和要求。

I'd put an analog on, if you're going to certify an aircraft with the FAA, and you don't have the certification standards in hand, it's pretty hard to say, I'm going to go ahead and move this thing to the left. We were expecting those, but obviously, for all the reasons I just said, we don't have the actual parameters in hand yet, but they're starting to come out. And the trade groups that we're working with are very strong with this, so we're very confident now in our path forward.

我舉個例子，如果你要向美國聯邦航空管理局 (FAA) 申請飛機認證，但你又沒有認證標準，那就很難說，我要把這東西往左移。我們預料到了這些，但顯然，由於我剛才所說的所有原因，我們還沒有掌握實際的參數，但它們正在陸續出現。我們正在合作的行業協會在這方面非常有實力，所以我們現在對未來的道路充滿信心。

That's really helpful, Joe. Thank you. I guess on that point, you did note the expansion of the Danish facility. Could you maybe explain where monthly production of RQ-35 is at now with that expansion, or maybe just what percent increase that provides?

這真的很有幫助，喬。謝謝你。我想關於這一點，您確實注意到了丹麥工廠的擴建。能否解釋一下此次擴增後 RQ-35 的月產量目前是多少，或是增加幅度是多少百分比？

Mariya, do you have that number in front of you?

瑪麗亞，你手邊有那個號碼嗎？

Brad, just to answer your question, currently expansion of the facility will allow us to deliver our current bookings in progress. So as I mentioned earlier, we have about more than $190 million in bookings in progress to be delivered from Q3 through 2026. So that allows us to be able to deliver them on time and without any issues.

布拉德，回答你的問題，目前設施的擴建將使我們能夠交付目前正在進行的預訂。正如我之前提到的，我們有超過 1.9 億美元的訂單正在進行中，這些訂單將從第三季到 2026 年交付。這樣一來，我們就能準時交付產品，而且不會有任何問題。

This now concludes our question-and-answer session. I would like to turn the call over to Joe Burns, Chief Executive Officer, for closing remarks.

我們的問答環節到此結束。我謹將電話交給執行長喬·伯恩斯，請他作總結發言。

Thank you, everybody. I appreciate your time and listening today. It's been a fun and challenging quarter for us just coming out of the IPO. We are extensively in the process now of creating internal processes and really building a very solid foundation for the future.

謝謝大家。感謝您今天抽空聆聽。對我們來說，剛完成IPO的這個季度既充滿樂趣又充滿挑戰。我們目前正在大力推動內部流程的創建，並為未來打下堅實的基礎。

We have an excellent order book. We had a few challenges around timing on some orders due to customer requirements in the wartime environment, but we have met all those and are really excited about the future, meeting our expectations for the total year, and then a fairly significant expansion into 2026.

我們的訂單非常充足。由於戰時環境下的客戶要求，我們在部分訂單的交付時間上遇到了一些挑戰，但我們已經克服了所有這些挑戰，並且對未來感到非常興奮，我們實現了全年的預期目標，並在 2026 年實現了相當大的擴張。

Thank you again for your time, everybody, and we appreciate all the questions and answers.

再次感謝各位抽出時間，我們非常感謝大家提出的所有問題和答案。

Ladies and gentlemen, that concludes today's call. Thank you all for joining you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位參與，現在可以斷開連結了。