Draganfly Inc (DPRO) 2022 Q4 法說會逐字稿

All right. I think to respect the time that we have and for everyone else's time, I think we'll get started. Greetings, and welcome to the Draganfly Q4 and full-year 2022 earnings call. As most of you know, my name is Rolly Bustos; I'm the internal Investor Relations here at Draganfly. I welcome each and every shareholder, stakeholder, and analysts who are joining us here today.

好的。我想尊重我們擁有的時間和其他人的時間，我想我們會開始的。大家好，歡迎來到 Draganfly 第 4 季度和 2022 年全年收益電話會議。正如你們大多數人所知，我的名字是 Rolly Bustos；我是 Draganfly 的內部投資者關係部。我歡迎今天加入我們的每一位股東、利益相關者和分析師。

The format of the call will be the same as previous ones and that it always begins with our CEO and President Cameron Chell discussing the fourth quarter and full-year operational highlights. From there, CFO Paul Sun will jump in and discuss the financials as we reported earlier this afternoon. We will then conclude as usual with our Lead Director, Scott Larson facilitating the Q&A portion, both live and the ones that were pre-submitted. Remember, you're always welcome to reach out to me at investor.relations@draganfly.com

電話會議的形式將與之前的電話會議相同，並且總是從我們的首席執行官兼總裁 Cameron Chell 討論第四季度和全年的運營亮點開始。正如我們今天下午早些時候報導的那樣，CFO Paul Sun 將從那裡開始討論財務狀況。然後，我們將像往常一樣與我們的首席總監 Scott Larson 一起結束現場和預先提交的問答部分。請記住，隨時歡迎您通過 investor.relations@draganfly.com 與我聯繫

Lastly, I want to remind everyone that this presentation may include forward-looking information and statements. These statements are not guarantees of future performance, and undue reliance should not be placed on them. Any future events or financial results may differ from what might be discussed here. The full forward-looking disclaimer can be found on page 2 of our presentation, and I'd be happy to send that to anybody upon request.

最後，我想提醒大家，本演示文稿可能包含前瞻性信息和陳述。這些陳述不是未來業績的保證，不應過分依賴它們。任何未來事件或財務結果可能與此處討論的內容不同。完整的前瞻性免責聲明可在我們演示文稿的第 2 頁找到，我很樂意應要求將其發送給任何人。

So Cam, please go ahead.

所以卡姆，請繼續。

Welcome, everyone, and thanks very much for joining us for our earnings call for Q4 and year-end 2022. I'm just going to do a share screen here if that's okay with everybody. One quick second. Excellent. Starting off right out of the gate, we did have a record year of revenue in 2022.

歡迎大家，非常感謝您加入我們的 2022 年第四季度和年底財報電話會議。如果大家都同意的話，我將在這裡做一個共享屏幕。快一秒。出色的。從一開始，我們就在 2022 年取得了創紀錄的收入。

We had total revenue of $7.605 million, and that would include $5.5 million of product and $2 million of services. Our gross margin normalized was 33%. However, due to one-time and noncash write-downs, which we were assertive and aggressive with over Q4 and the year-end, in particular, our gross margin on a non-cash basis was 10.4%. As of December 31, 2022, our cash balance was $7.8 million, just under $7.9 million, which is the budget that we had projected at the beginning of the year.

我們的總收入為 760.5 萬美元，其中包括 550 萬美元的產品收入和 200 萬美元的服務收入。我們的標準化毛利率為 33%。然而，由於一次性和非現金減記，我們在第四季度和年底特別自信和激進，我們的非現金毛利率為 10.4%。截至 2022 年 12 月 31 日，我們的現金餘額為 780 萬美元，略低於 790 萬美元，這是我們年初預計的預算。

So a couple of things just to note on this is that while we have incredible demand for product, in particular, our numbers have been constrained by our capacity to deliver, somewhat supply chain-related but more just manufacturing capacity. And as noted in a press release from last week, we have our new plant in Burnaby, British Columbia coming online as of the end of Q2 of this year. It is now already starting to produce a product for us. Candidly, again, the pipelines are really healthy.

因此，需要注意的幾件事是，雖然我們對產品的需求特別大，但我們的數量受到我們交付能力的限制，這在某種程度上與供應鏈相關，但更多的只是製造能力。正如上週發布的新聞稿所述，我們位於不列顛哥倫比亞省本拿比的新工廠將於今年第二季度末上線。它現在已經開始為我們生產產品。坦率地說，管道真的很健康。

So the majority of the of the product that's coming out of the new plant now is all going out for demos and, or demonstrations at our Texas flight facility as well. So a good problem to have, but nonetheless, that's just the stage of the development that we're at and somewhat expensive -- expected.

因此，現在新工廠生產的大部分產品都將在我們德克薩斯州的飛行設施進行演示和/或演示。所以這是一個很好的問題，但儘管如此，這只是我們所處的發展階段，而且有些昂貴 - 預期。

Just for a quick review because I know there's a lot of new people on the call, Draganfly is recognized as a leading commercial multi-rotor drone entity in North America. We are often cited as the oldest commercial drone manufacturer in the world. We have a rapidly growing drone manufacturing facility, capabilities, and obviously demand.

只是為了快速回顧一下，因為我知道電話中有很多新人，Draganfly 被公認為北美領先的商業多旋翼無人機實體。我們經常被認為是世界上最古老的商用無人機製造商。我們擁有快速增長的無人機製造設施、能力和明顯的需求。

We are very focused on artificial intelligence and data analytics, which again, will help reduce our constraint issues as we move forward on the manufacturing side. We do have a strong IP portfolio. We do invest heavily in R&D that's driven by customer demand. And we're pretty focused on new products, three of which we came out with just this year, which is why we've gone through the introduction of a new facility and new tooling, et cetera.

我們非常專注於人工智能和數據分析，這將再次有助於減少我們在製造方面前進時的約束問題。我們確實擁有強大的知識產權組合。我們確實在受客戶需求驅動的研發方面投入了大量資金。我們非常專注於新產品，其中三款是我們今年才推出的，這就是為什麼我們引入了新設施和新工具等。

From an industry standpoint, I think it's important to note that the industry today is about a $30 billion industry. The absolute vast majority of this industry today is in the military space. Probably somewhere in the neighborhood of 95% to 97% of that $30 billion is in that military space. There's a few percent or a couple of percent that's in the consumer or the prosumer space, which is dominated primarily by the Chinese or foreign national manufacturers, and then there's 1% or 2% in there that's commercial.

從行業的角度來看，我認為重要的是要注意當今的行業價值約為 300 億美元。今天這個行業的絕大部分都在軍事領域。在這 300 億美元中，大概有 95% 到 97% 都在軍事領域。消費者或專業消費者領域有百分之幾或幾個百分點，主要由中國或外國製造商主導，然後有 1% 或 2% 是商業領域。

The reports these days and the analysts would suggest that the majority of that growth now between the $30 billion and the $50 billion is going to happen in the commercial space, notwithstanding the outlier in Ukraine that's happened and really changed the entire military dynamic around small UAS, which certainly in my opinion, bodes well or even better for these particular numbers.

這些天的報告和分析人士認為，現在 300 億美元到 500 億美元之間的大部分增長將發生在商業領域，儘管烏克蘭發生了異常情況並真正改變了圍繞小型無人機的整個軍事動態，在我看來，這對於這些特定數字來說無疑是個好兆頭，甚至更好。

Operational highlights for us going forward is -- or operational highlights, excuse me, from the last year really has been the introduction of the new product lines. So two years ago, the FDA came out with new guidelines around how they were going to be approaching beyond visual line of sight early.

我們未來的運營亮點是 - 或運營亮點，對不起，從去年開始確實是新產品線的推出。所以兩年前，FDA 就如何儘早接近視線之外提出了新的指導方針。

And so this really was the advent of the commercial industry that propelled us forward to actually start doing some financings and move from a small technical development shop servicing primarily public safety for the last 20-some years into a full-blown manufacturer, which we have now been developing to do with an incredibly strong history with our engineering bench.

因此，這確實是商業行業的出現，推動我們真正開始進行一些融資，並從過去 20 多年主要為公共安全服務的小型技術開發商店轉變為一家成熟的製造商，我們擁有現在正在開發與我們的工程台有著令人難以置信的強大歷史。

So the three products that we introduced this year, which is a heavy lift, and there's actually really even a fourth product in here, but -- which is really a big lift for a development-stage company is first of all, the heavy lift drone. So that drone that you see in the far left there, that's about 9 feet in span. It can carry 70 pounds worth of payload.

所以我們今年推出的三款產品，這是一個沉重的提升，實際上這裡甚至還有第四個產品，但是 - 對於處於發展階段的公司來說，這確實是一個巨大的提升，首先是沉重的提升無人機。所以你在最左邊看到的那架無人機，它的跨度大約是 9 英尺。它可以攜帶 70 磅的有效載荷。

It has a flight time of 50 minutes, and that's a thermal-controlled or thermal-managed box there. So that box can keep things like pharmaceuticals or temperature-sensitive products apples-to-apples consistent temperature for up to 24 hours without utilizing any battery life. And it does it without the usage of any ice or anything like that. So it still remains very lightweight.

它有 50 分鐘的飛行時間，那是一個熱控或熱管理的盒子。因此，該盒子可以在不消耗任何電池壽命的情況下，讓藥品或對溫度敏感的產品保持一致的溫度長達 24 小時。它不需要使用任何冰或類似的東西就可以做到。所以它仍然非常輕巧。

That's a patented on technology that we utilize there. And so this particular drone is now actually -- it's demo units are out in the field. We are starting to take orders for it. Full production of this really gets going in about Q3. So into Q4, we'll start to see the initial sales of it, and Q1 of next year, we'll actually see that one start to ramp.

這是我們在那裡使用的專利技術。所以這架特殊的無人機現在實際上是——它的演示單元已經在現場了。我們開始接受訂單。全面生產真正在第三季度開始。所以進入第四季度，我們將開始看到它的初始銷售，而明年第一季度，我們實際上會看到它開始增加。

I'm going to save the middle one for last because that's really kind of our flagship at the moment on. But on the far right, what you'll see is a LIDAR system. Now that's a LIDAR system that with the weight that it used to have and the sensitivities that it used to have, that's a LIDAR system that typically would have had to been flown on a manned aircraft, a fixed-wing aircraft, or a helicopter.

我要把中間那個留到最後，因為那真的是我們目前的旗艦。但在最右邊，你會看到一個激光雷達系統。現在這是一個激光雷達系統，它具有過去的重量和靈敏度，這是一個通常必須在有人駕駛飛機、固定翼飛機或直升機上飛行的激光雷達系統。

We've got that nailed down into the size where it can actually fit onto a drone, one of the drones that we manufacture. Now, the other reason that we're very focused on some particular sensors in the market is simply because we see the sensor market starting to move the same direction as the drone market as it relates to security concerns and regulations.

我們已經將其固定到可以實際安裝到無人機上的尺寸，這是我們製造的無人機之一。現在，我們非常關注市場上某些特定傳感器的另一個原因僅僅是因為我們看到傳感器市場開始朝著與無人機市場相同的方向發展，因為它涉及安全問題和法規。

So nothing collects data better than a drone because you've got this aerial platform with terrific battery capability that can run very sophisticated sensors, but it's the sensors themselves that actually collect that data. And so we're now starting to see a hard bias or skew toward those sensors now being regulated or restricted in terms of where they can be bought from foreign national companies, the same way that we've seen with drones over the last 18 months.

所以沒有什麼比無人機更好地收集數據了，因為你擁有這個具有極好的電池容量的空中平台，可以運行非常複雜的傳感器，但實際上收集數據的是傳感器本身。因此，我們現在開始看到，在可以從外國公司購買的地方，這些傳感器受到監管或限制，這與過去 18 個月我們在無人機上看到的情況一樣.

So we think this bodes very well for not only just the sensors that we manufacture, but the amount of sensor integrations that we do and the amount of partnerships that we have. Because a lot of those sensor companies out there are now looking for North American-built platforms to replace the Chinese platforms that they can no longer fly on. And so you'll see -- we'll talk a little bit later, but you'll see a number of those platforms that we've announced and the terrific sales channels for us.

因此，我們認為這不僅預示著我們製造的傳感器，而且預示著我們所做的傳感器集成數量以及我們擁有的合作夥伴關係的數量。因為很多傳感器公司現在都在尋找北美製造的平台來取代他們無法再飛行的中國平台。所以你會看到 - 我們稍後會談，但你會看到我們已經宣布的許多平台以及我們的絕佳銷售渠道。

Now, the middle product there, this has really become our flagship product, and no surprise to us. But this is a drone that's about the size -- the surface area of your desk, if you will, your desk at work, your work desk. Now, it's not quite that deep or quite that high, but this is about a 2-foot by -- 2.5-foot diameter of a drone. So it's quite a bit bigger than what you may get the sense of from that picture.

現在，中間產品已經真正成為我們的旗艦產品，這對我們來說並不奇怪。但這是一架大小差不多的無人機——你的辦公桌的表面積，如果你願意的話，你的辦公桌，你的辦公桌。現在，它不是那麼深或那麼高，但這大約是無人機的 2 英尺乘 - 2.5 英尺直徑。所以它比你從那張照片中得到的感覺要大得多。

What's really unique about this drone are a couple of things. First of all, fully loaded, it is under 55 pounds. Now, that's important because it keeps it under the weight requirements for a whole different set of exemptions and flight restrictions that you would have to have as a commercial operator in order to fly it.

這架無人機的真正獨特之處有兩點。首先，滿載時，它不到 55 磅。現在，這很重要，因為它使它符合作為商業運營商必須擁有的一整套不同的豁免和飛行限制的重量要求才能駕駛它。

So when you think about 55 pounds, there's just an entirely different class of regulations, exemptions, et cetera. Now, that would apply to our heavy lift drone for sure. But this particular drone is about a 22-pound, 23-pound drone, and it carries about 23 to 24 pounds of weight and flies for about 50 minutes. So that keeps it under that 55-pound requirement.

所以當你想到 55 磅時，就會有完全不同類別的法規、豁免等。現在，這肯定適用於我們的重型無人機。但這種特殊的無人機大約是 22 磅、23 磅重的無人機，它攜帶大約 23 到 24 磅的重量，飛行時間大約為 50 分鐘。所以這讓它保持在 55 磅的要求之下。

It's unique in the market on a couple of different fronts. It's likely the most efficient drone in the market today. The other defining feature of this drone is that it has already 17 payloads that simply click in underneath. Now, this is super important because we've dubbed this as the Swiss Army knife of drones.

它在市場上的幾個不同方面都是獨一無二的。它可能是當今市場上最高效的無人機。這架無人機的另一個決定性特徵是它已經有 17 個有效載荷，只需點擊下方即可。現在，這非常重要，因為我們將其稱為無人機的瑞士軍刀。

So if you've got an existing inventory of payloads that you're looking to continue to utilize because you've got a significant investment in them, you've got training in them, you've got software built around them, et cetera, et cetera, you can utilize those payloads on this drone. So it's really meant as a modular platform.

因此，如果您有一個現有的有效載荷清單，您希望繼續使用這些有效載荷，因為您已經對它們進行了大量投資，您已經對它們進行了培訓，您已經圍繞它們構建了軟件，等等等等，您可以在此無人機上使用這些有效載荷。所以它實際上是一個模塊化平台。

The other thing to note is that this drone conveniently replaces the DJI M600. Now the DJI M600 carried about 15 pounds of weight, didn't quite carry what this would carry, but that drone has been disconnected. Now, they're discontinued entirely; it's end of life. And so all of those -- but all the payables still fit onto this particular drone.

另一件需要注意的事情是，這款無人機可以方便地取代 DJI M600。現在 DJI M600 攜帶了大約 15 磅的重量，並沒有完全攜帶它能攜帶的東西，但那架無人機已經斷開連接。現在，它們完全停產了；這是生命的盡頭。所以所有這些——但所有的應付款項仍然適合這架特殊的無人機。

So with the discontinuance of that drone, this fits really nicely into the marketplace in addition to the fact that it's North American made. So at this point, it's really the only replacement for tens of thousands of the M600s that are out there in the market today. We are taking orders on this right now. We are extremely backordered on this particular product, and we're really excited about the signature customers in all industries and defense that are now ordering this particular product.

因此，隨著該無人機的停產，除了它是北美製造的事實之外，它非常適合市場。所以在這一點上，它確實是當今市場上數以萬計的 M600 的唯一替代品。我們現在正在接受訂單。我們對該特定產品的缺貨情況非常嚴重，我們對現在訂購該特定產品的所有行業和國防領域的標誌性客戶感到非常興奮。

Just as a quick touch base, when you think about Draganfly, in the top-right corner there, that would be military and AI-based systems. In the bottom-left corner of this graph would be toys if you will. So you can see obviously that the work the Draganfly does, whether it's been our personnel, whether it's projects that we've worked on for military contractors, or whether it's product that we actually put out into the market, we definitely skew up into the right.

就像快速接觸基地一樣，當你想到 Draganfly 時，在右上角，那將是軍事和基於 AI 的系統。如果您願意，該圖的左下角將是玩具。所以你可以清楚地看到 Draganfly 所做的工作，無論是我們的人員，無論是我們為軍事承包商開展的項目，還是我們實際投放市場的產品，我們肯定會偏向於正確的。

And the timing of this really comes from the fact that we've been in the business for so long. We've got such a strong bench that can do this type of work. And so we're well positioned for this area of the market, which is where the market is growing, not just because of regulation, but because of also the additional utility that we've seen and the expertise that we've seen coming out of Ukraine.

這樣做的時機真的來自於我們從事這項業務已經很長時間了。我們有一個非常強大的板凳可以做這種類型的工作。因此，我們在這個市場領域處於有利地位，這個市場正在增長，這不僅僅是因為監管，還因為我們看到的額外效用和我們看到的專業知識烏克蘭。

As I mentioned earlier, Draganfly has been accepting a growing roster on our wait list of applicants and orders in order to take the Commander 3XL in Q4. And that's obviously when we'll have our new plant fully up to speed and starting to ramp. And we're really excited about the visibility that we've got on revenue going forward in that regard.

正如我之前提到的，Draganfly 一直在接受我們的申請人和訂單等候名單上越來越多的名單，以便在第四季度獲得 Commander 3XL。很明顯，那是我們新工廠全面加速並開始量產的時候。在這方面，我們對未來收入的可見性感到非常興奮。

Operational highlights from this last year, to tell you the truth, there's just pages and pages that we could go on talking about what the team has been able to put together this year. Of note, I think, is the work that we have done, and we are continuing to do and vastly expanding in Ukraine, in particular, our exclusive relationship with DEF-C, who is distributing our products, managing a bunch of demonstrations and integrations for us over there. The delivery of our first three and now more situational assessment drones for the state emergency services of Ukraine.

去年的運營亮點，說實話，我們可以繼續討論團隊今年能夠整合的內容。我認為值得注意的是我們已經完成的工作，我們將繼續在烏克蘭做並大幅擴展，特別是我們與 DEF-C 的獨家關係，DEF-C 負責分銷我們的產品，管理一系列演示和集成對我們那邊。我們為烏克蘭的國家緊急服務交付了前三架和現在更多的態勢評估無人機。

We had a number of contract engineering projects that we put together, including PromoDrone. The Commander 3XL drone was voted the best enterprise drone in the market by The Droning Company. CorrecTek, they did a full integration of our vital intelligence technology into their software for correctional institutions.

我們將許多合同工程項目放在一起，包括 PromoDrone。 Commander 3XL 無人機被 The Droning Company 評為市場上最好的企業級無人機。 CorrecTek，他們將我們重要的情報技術完全整合到他們用於懲教機構的軟件中。

Now, if you remember correctly, Vital Intelligence is our AI software utilizing machine vision that will enable our drones to be able to read vital signs. So we can read a heart rate, respiratory rate, blood pressure, blood oxygen level, heart rate variability, all from our cameras.

現在，如果你沒記錯的話，生命智能是我們利用機器視覺的人工智能軟件，它可以讓我們的無人機能夠讀取生命體徵。所以我們可以從我們的相機中讀取心率、呼吸頻率、血壓、血氧水平、心率變異性。

Now, this is incredibly important in many military applications, but it's really, really important in search and rescue applications. So search and rescue teams can determine the state potential -- the potential state of survivors and triage and triage victims in emergency situations.

現在，這在許多軍事應用中非常重要，但在搜索和救援應用中確實非常重要。因此，搜救隊可以確定狀態潛力——緊急情況下倖存者和分類受害者的潛在狀態。

Vermeer, which is now a premier provider into the military GPS-denied environments. So that literally, you can be flying drones in environments where you do not have GPS, and you can still do that accurately. Also in spoofed environments, where you've got multiple types of spoofing happening, including fake swarms, things like this.

威猛 (Vermeer)，現在是軍用 GPS 拒止環境的主要供應商。所以從字面上看，你可以在沒有 GPS 的環境中駕駛無人機，而且你仍然可以準確地做到這一點。同樣在欺騙環境中，你會發生多種類型的欺騙，包括假蜂群，諸如此類。

And so they've chosen to integrate into the Draganfly platform and have done extensive testing with their customers on our platform and vice versa. So we're really excited about what's unfolding there and the customers that we're jointly bringing to the table.

因此，他們選擇集成到 Draganfly 平台，並在我們的平台上與他們的客戶進行了廣泛的測試，反之亦然。因此，我們對那裡正在發生的事情以及我們共同帶來的客戶感到非常興奮。

One of the things that really caught the market's attention, and we're really excited about, is our relationship with Lufthansa. So Lufthansa Industry Solutions who is very, very strong in the marine industry. We're working on multiple applications with their customers in both man overboard, search and rescue, and with our Vital Intelligence technology for health and safety onboard, both cargo and cruise ships.

真正引起市場關注的事情之一，我們真的很興奮，是我們與漢莎航空的關係。 Lufthansa Industry Solutions 在海運業非常非常強大。我們正在與他們的客戶合作開發多種應用程序，包括人員落水、搜索和救援，以及我們的 Vital Intelligence 技術，以確保船上的健康和安全，包括貨船和遊輪。

Bluvec Technologies is a partner that we are working with in the Ukraine for counter drone technologies incorporated onto our flight platforms as well as us utilizing and integrating with their ground platforms. And so we actually have units that are working in [theater] today -- or about, excuse me. They are on route and about to be working in theater today. And we expect to see some really, really spectacular results coming from this, not just from the actual technical side, but from the sales side as well.

Bluvec Technologies 是我們在烏克蘭合作的合作夥伴，將反無人機技術整合到我們的飛行平台上，以及我們利用和整合他們的地面平台。所以我們今天實際上有在 [劇院] 工作的單位 - 或者大約，對不起。他們正在路上，今天即將在劇院工作。我們希望看到一些非常非常壯觀的結果，不僅來自實際的技術方面，而且來自銷售方面。

And then, of course, our relationship over in India, which is not a market we had thought we'd be working in this quickly. But given the geopolitical situations and the mandate from the Indian government around drones for agriculture, for geospatial work, and for the military, we've been very positively pulled into that market by some very strong players and just have a mind-blowing amount of work that's unfolding in that regard. That will also help us address some of our constraint issues as we go forward with manufacturing in the region as well.

然後，當然，我們在印度的關係，這不是我們認為我們會很快開展工作的市場。但考慮到地緣政治形勢和印度政府對無人機用於農業、地理空間工作和軍事的授權，我們已經被一些非常強大的參與者非常積極地拉進了這個市場，並且擁有令人驚嘆的數量在這方面正在進行的工作。這也將幫助我們解決我們在該地區推進製造業的一些制約問題。

I did want to touch specifically on Ukraine, and it's important for a number of reasons. Not since the advent of the tank in World War I have we seen a particular device or machinery have such an impact on theater or the conflict of theater. And so typically in the past, whoever has air dominance in a particular scenario generally has by far the upper hand, if not almost assured the winning hand. But air dominance has really been the purview of those with multi, multi, multi-million dollar platforms, manned aircraft and $12 million and $15 million and $20 million drones and satellite systems, et cetera, et cetera.

我確實想特別談談烏克蘭，出於多種原因它很重要。自從第一次世界大戰中坦克問世以來，我們還沒有見過一種特定的設備或機械對戰區或戰區衝突產生如此大的影響。因此，通常在過去，誰在特定情況下擁有製空權，即使不能幾乎確保獲勝，也通常佔據上風。但制空權確實是那些擁有多、多、數百萬美元平台、有人駕駛飛機以及 1200 萬美元、1500 萬美元和 2000 萬美元無人機和衛星系統等等的人的權限。

And what the Ukraine conflict unfortunately has revealed is the air dominance from 10,000 feet down now, which is everything at the tactical level is now dominated by small UAS. So we see budgets all over the world -- well, at least the visibility we have in NATO countries, shifting heavily into small UAS and dozens and dozens of different platforms to do this.

不幸的是，烏克蘭衝突揭示了現在從 10,000 英尺以下的製空權，即戰術層面的一切現在都由小型無人機控制。所以我們看到全世界的預算——好吧，至少我們在北約國家的可見性，大量轉向小型無人機系統和幾十個不同的平台來做到這一點。

And so the work that we're doing in the Ukraine while provides revenue, and we're really establishing on many different fronts our footprint there, it's just as important strategically, one, for us to understand how the equipment works in those regions. And it's one of the reasons that we're producing drones that certain customers are very, very akin to and can relate to because they've seen our experience in that area now translated into the product.

因此，我們在烏克蘭所做的工作在提供收入的同時，我們確實在許多不同的方面建立了我們在那裡的足跡，這在戰略上同樣重要，一個，讓我們了解設備在這些地區的工作方式。這是我們生產無人機的原因之一，某些客戶非常非常相似並且可以與之相關，因為他們已經看到我們在該領域的經驗現在已轉化為產品。

It also has garnered us incredible credibility in other areas of the world, knowing that we have boots on the ground and that we have equipment in theater and that we're learning on a daily basis how things work, not just obviously on a kinetic level because we don't do kinetic devices, but on things like humanitarian delivery, land mine detection, reconnaissance, surveillance, search and rescue. And of course, for those who choose to put kinetics on drones, we've learned a great amount of lessons as it relates to counter drone technology, spoofing technology, and electronic warfare.

它還為我們在世界其他地區贏得了令人難以置信的信譽，因為我們知道我們在地面上有靴子，我們在劇院裡有設備，而且我們每天都在學習事情是如何運作的，而不僅僅是在動力學層面因為我們不做動能裝置，而是做人道主義運送、地雷探測、偵察、監視、搜索和救援等事情。當然，對於那些選擇將動力學應用於無人機的人來說，我們已經吸取了大量與反無人機技術、欺騙技術和電子戰相關的經驗教訓。

We're there in a way where we're just not trying to sell product; we've been over there on speaking engagements. We've been very fortunate to be part of several conferences. We're working at various high levels of government in many different countries that are in support of Ukraine. And so we also have a really good sense of the dynamic that it takes in order to sell product and be a credible partner there.

在某種程度上，我們只是不想銷售產品；我們去過那裡演講。我們很幸運能參加幾個會議。我們在支持烏克蘭的許多不同國家的高層政府中工作。因此，我們也非常了解銷售產品並成為那裡可靠的合作夥伴所需的動力。

And so there are many channels to potentially sell product within Ukraine, but it's a very complex sale when you're actually going through the proper channels. And so it's been a long, arduous track, but, man, it's really starting -- well, it's paid off already, but it's really starting to pay off. And we see it as a massive credibility and sales generation piece for us for decades and decades to come.

因此，在烏克蘭境內有許多潛在的銷售產品的渠道，但當您真正通過適當的渠道時，這是一項非常複雜的銷售。所以這是一條漫長而艱鉅的道路，但是，伙計，它真的開始了——好吧，它已經得到了回報，但它真的開始得到回報了。我們將其視為我們未來幾十年的巨大信譽和銷售一代。

On that note, three of the key areas that we have been involved with -- these are not the only areas that we're involved with in that particular theater, is a land mine detection. It's probably interesting to note that it will take 40 years to demine Ukraine. And for every day of war, there's 30 days of demining. And drones are becoming probably one of the key tools now as we understand more over the last year how to use drones and how to use the sensors and how to build the software to utilize into the workflow of the demining crews.

關於這一點，我們參與的三個關鍵領域——這些不是我們在那個特定戰區參與的唯一領域，是地雷探測。值得注意的是，烏克蘭需要 40 年的時間才能排雷。戰爭的每一天，都有 30 天的排雷時間。隨著我們在過去一年中更多地了解如何使用無人機、如何使用傳感器以及如何構建軟件以用於排雷人員的工作流程，無人機現在可能正在成為關鍵工具之一。

Like I said, we have full-time crews over there now rotating in and out and there's 40 years of work there. And I'm confident in saying that we are a leading player in this space from a credibility standpoint and from a technical standpoint. You know, we got into Ukraine doing medical response drones. And that's really now conveyed more and more into logistics drones.

就像我說的，我們在那裡有全職工作人員，現在輪流進進出出，那裡已經工作了 40 年。而且我有信心說，從可信度和技術角度來看，我們是這個領域的領先者。你知道，我們進入烏克蘭進行醫療響應無人機。現在，這確實越來越多地體現在物流無人機中。

So we see many, many players over there using drones more and more to do logistics delivery. Now, these aren't the things that are necessary close to the front because drones right at the front have short lifespan and are really becoming much more sophisticated in terms of electronic warfare capability unless they're just a one-way throw-away-type drone for obvious reasons.

所以我們看到那邊有很多很多玩家越來越多的使用無人機來做物流配送。現在，這些並不是靠近前線所必需的東西，因為前線的無人機壽命很短，而且在電子戰能力方面確實變得更加複雜，除非它們只是一種單向丟棄-出於顯而易見的原因鍵入無人機。

But we see the logistics use of drones for military, public safety, and even on the commercial side now really growing. So we've learned a ton in this space over there. We're actually able to apply it back to the North American market.

但我們看到無人機在軍事、公共安全甚至商業方面的物流應用現在確實在增長。所以我們在那邊的這個空間裡學到了很多東西。我們實際上能夠將它應用回北美市場。

And then, of course, surveillance, reconnaissance, and search and rescue, we're very, very active and we've made some announcements around that and established ourselves as a credible player, who's in-country and working with the governments and organizations for the betterment of their cause and building a lot of trust in doing so. So we expect to continue to see some great things over there.

然後，當然，監視、偵察、搜索和救援，我們非常、非常活躍，我們已經就此發布了一些公告，並將自己確立為一個可靠的參與者，在國內並與政府和組織合作為了改善他們的事業，並在這樣做的過程中建立很多信任。所以我們希望在那裡繼續看到一些偉大的事情。

And, you know, we don't see other drone companies. We see lots of them trying to sell product or little garage shop operations, but we don't see professional teams over there from North America and nobody else does either. So it's well noted within the right circles and it's really starting to reach a great benefit for us.

而且，你知道，我們沒有看到其他無人機公司。我們看到他們中的很多人試圖銷售產品或經營小型車庫商店，但我們沒有看到來自北美的專業團隊，其他人也沒有。所以它在正確的圈子內得到了很好的注意，它真的開始為我們帶來巨大的好處。

At this note, I would like to turn it over to Paul Sun, our CFO, to review our financial results call. Paul?

在此說明中，我想將其轉交給我們的首席財務官 Paul Sun，以審查我們的財務業績電話會議。保羅？

Thanks very much, Cam, and thanks, everybody, for joining us as usual to listen to our results. So looking at the left here for the year-end revenue, as Cam mentioned at the outset, was up 8% to $7.6 million, up from $7 million from the same period last year. Full revenue comprised of $5.6 million in product sales with $2 million coming from drone services.

非常感謝，Cam，也感謝大家像往常一樣加入我們聽取我們的結果。所以看看左邊的年終收入，正如 Cam 一開始提到的那樣，增長了 8%，達到 760 萬美元，高於去年同期的 700 萬美元。全部收入包括 560 萬美元的產品銷售額和 200 萬美元的無人機服務收入。

Looking at gross profit, we came in at $790,000 for the year compared to $2.6 million last year due to the onetime non-cash write-down of inventory that Cam mentioned that occurred in Q4 of this year and otherwise would have been $2.8 million in gross profit for the 2022 year, representing an increase of 5%.

看看毛利潤，我們今年的毛利潤為 790,000 美元，而去年為 260 萬美元，這是由於 Cam 提到的今年第四季度發生的一次性非現金存貨減記，否則毛利潤為 280 萬美元2022年利潤增長5%。

Our gross margin as a percentage of revenues would have been 36.4% versus 37% last year, so pretty much flat year over year. Total comprehensive loss for the year was $27.3 million compared to a loss of $16.4 million last year. That loss ended this year includes a non-cash change comprised of a change in fair value of derivative liability of $5.5 million and expense for an impairment of a note receivable of $309,000, a write-down of inventory of $1.9 million, and expense for goodwill and intangibles of $6.4 million, and what otherwise have been a comprehensive loss of $24 million versus last year's $19.1 million, excluding non-cash items for last year as well.

我們的毛利率佔收入的百分比為 36.4%，而去年為 37%，同比基本持平。與去年虧損 1640 萬美元相比，全年綜合虧損總額為 2730 萬美元。今年結束的損失包括非現金變動，包括 550 萬美元的衍生負債公允價值變動和 309,000 美元的應收票據減值費用、190 萬美元的存貨減記和商譽費用和無形資產 640 萬美元，除此之外還有 2400 萬美元的綜合損失，而去年為 1910 萬美元，不包括去年的非現金項目。

So the largest contributors to the year-over-year increase are insurance costs, professional fees, advertising, marketing, and wages. Following that, the loss per share would be approximately $0.71 per share versus the loss shown here at $0.81 per share, again, if we back out those non-cash items.

因此，同比增長的最大貢獻者是保險成本、專業費用、廣告、營銷和工資。在此之後，如果我們取消這些非現金項目，每股虧損將約為每股 0.71 美元，而此處顯示的虧損為每股 0.81 美元。

Looking over to the right side, looking at Q4 doing a year-over comparison there, revenue for the fourth quarter was down about 19% to $1.3 million from $1.6 million in the fourth quarter of last year. Fourth quarter comprised of about $1 million for product sales was $300,000 coming from drone services.

看向右側，看看第四季度在那裡進行的同比比較，第四季度的收入從去年第四季度的 160 萬美元下降了約 19% 至 130 萬美元。第四季度約有 100 萬美元的產品銷售額，其中 30 萬美元來自無人機服務。

Gross profit was negative due to a onetime non-cash write-down that we took in Q4 as mentioned. Otherwise, it would have been $310,000 for the quarter. And gross margin as a percentage of revenues would have been 24% this quarter, down 14% from the same period last year. This was a result of more sales coming from lower margin products versus those sold in Q4 of last year. And as you know, for those that follow us, the product mix obviously changes from quarter to quarter so that can cause some lumpiness there.

如前所述，由於我們在第四季度進行的一次性非現金減記，毛利潤為負。否則，本季度將達到 310,000 美元。本季度毛利率佔收入的百分比為 24%，比去年同期下降 14%。這是因為與去年第四季度銷售的產品相比，利潤率較低的產品的銷售額增加了。如您所知，對於那些跟隨我們的人來說，產品組合顯然每個季度都在變化，因此可能會在那裡造成一些腫塊。

Comprehensive loss for the quarter was $16.6 million compared to income of $12.6 million in the same quarter of last year. This quarter includes non-cash change comprised of fair value of derivative, liability expense of $334,000, a write-down of 1.9 million in inventory, and expense on impairment of notes receivable of $1 million, and the expensive goodwill of intangibles of $6.4 million. Otherwise, that loss would have been $7.4 million versus a loss of $6.2 million. So the slight increase in loss was due to professional fees, wage costs, partially offset by lower insurance costs.

本季度的綜合虧損為 1660 萬美元，而去年同期為收入 1260 萬美元。本季度包括非現金變動，包括衍生品的公允價值、334,000 美元的負債費用、190 萬美元的存貨減記、100 萬美元的應收票據減值費用，以及 640 萬美元的無形資產昂貴商譽。否則，損失將是 740 萬美元，而不是 620 萬美元。因此，損失的輕微增加是由於專業費用、工資成本，部分被較低的保險成本所抵消。

And so now since we adjusted the Q4 year over year, we'll look at Q4 quarter over quarter comparing it to Q3. So revenue for Q4 decreased by about 29% to $1.3 million compared to $1.8 million for Q3 of 2022, mainly due to the lower product sales.

因此，由於我們逐年調整了第四季度，因此我們將逐季度與第三季度進行比較。因此，與 2022 年第三季度的 180 萬美元相比，第四季度的收入下降了約 29% 至 130 萬美元，這主要是由於產品銷售額下降。

Our gross margin, as mentioned, was negative due to that one-time inventory write down. Otherwise, it would have been 24% compared to 33% in Q3. Again, decreases due to the sales mix of the product sold that we just talked about.

如前所述，由於一次性庫存減記，我們的毛利率為負。否則，與第三季度的 33% 相比，這一比例為 24%。同樣，由於我們剛才談到的所售產品的銷售組合而減少。

Total comprehensive loss, $16.6 million -- we went through this -- compared to Q3 a comprehensive loss of $4.9 million. So remember, we had all those non-cash items. I won't mention those again. But if you break those out, the comprehensive loss would have been $7.4 million versus a loss of $5.3 million, excluding the non-cash adjustments that were made in Q3 of 2022.

綜合損失總額為 1660 萬美元——我們經歷了這個——與第三季度的綜合損失相比，綜合損失為 490 萬美元。所以請記住，我們擁有所有這些非現金項目。我不會再提那些了。但如果你把它們分開，綜合損失將是 740 萬美元，而不是 530 萬美元的損失，不包括 2022 年第三季度進行的非現金調整。

And if you could flip to the next page, I think we have quick snapshot on the balance sheet. Yes. Yes. So yes, here, you can see total assets now at $14.6 million. Most of the change due to a deployment of cash and a reduction of inventory and prepaids. The working capital surplus at the end of the year was $10.1 million. And if you ex out a non-cash value of derivative liability, which was actually quite small, the surplus would have been $10.2 million. So really no big change.

如果你能翻到下一頁，我想我們在資產負債表上有快速快照。是的。是的。所以是的，在這裡，您現在可以看到總資產為 1460 萬美元。大部分變化是由於現金的部署以及庫存和預付款項的減少。年末營運資金盈餘為1,010萬元。如果你排除衍生負債的非現金價值（實際上很小），盈餘將是 1020 萬美元。所以真的沒什麼大的變化。

Same with shareholders' equity, would be $11.1 million versus $11 million shown here. You can see that we continue to have minimal debt. And as Cam mentioned at the outset, our company's cash balance at the end of the year was $7.9 million.

與股東權益相同，將是 1110 萬美元，而此處顯示的是 1100 萬美元。你可以看到我們的債務仍然很少。正如 Cam 一開始提到的，我們公司年底的現金餘額為 790 萬美元。

And with that, I'll pass back to you, Cam.

有了這個，我會傳回給你，卡姆。

Thanks, Paul. I think maybe what we'll do now is I'll throw it over to Scott Larson and we'll open it up to Q&A. Scott?

謝謝，保羅。我想也許我們現在要做的是，我會把它交給 Scott Larson，我們會開放它進行問答。斯科特？

Yes. Thanks, Cam, and thanks, Paul. As we've done for the last number of calls, of course, a bunch of questions have come in in advance of the calls and questions that have come in and actually during the call right now a little more specific with regards to financials or just things or questions or comments on some of the things that Cam has said or Paul.

是的。謝謝，卡姆，謝謝，保羅。正如我們對最後幾個電話所做的那樣，當然，在電話和已經進來的電話之前已經提出了一堆問題，實際上在電話期間，現在在財務方面更具體一些，或者只是對 Cam 或 Paul 所說的某些事情的事情、問題或評論。

But with that said, we have had a number of questions that were sent in before to the Investor Relations line. So what I'll do is I'll just go ahead. Some of these are for Paul, some of these are for Cam.

但話雖如此，我們已經收到了一些之前發送到投資者關係熱線的問題。所以我要做的就是繼續前進。其中一些是給保羅的，其中一些是給卡姆的。

Cam, the first one is for you. What do you think the biggest revenue driver will be for the remainder of 2023?

凸輪，第一個是給你的。您認為 2023 年剩餘時間內最大的收入驅動因素是什麼？

Yes. I believe that the visibility would suggest to us that the biggest revenue driver for 2023 will be our 3XL, and that will really -- we'll start to see that start to amp up in Q3.

是的。我相信可見性會向我們表明，2023 年最大的收入驅動因素將是我們的 3XL，而這真的——我們將開始看到它在第三季度開始增加。

You know, that said, the crazy thing about this is there are so many outliers out there right now, which are not just the typical selling of this particular product line. This is something that's now providing us with some predictability. So on that front, I'll make the call and say it's going to be the 3XL that's going to drive the revenue.

你知道，這就是說，這件事的瘋狂之處在於現在有太多異常值，而不僅僅是這個特定產品線的典型銷售。這是現在為我們提供一些可預測性的東西。所以在這方面，我會打電話說這將是推動收入的 3XL。

And again, because that 3XL can have so many different payloads on it, it drives payloads sales as well. But just speak to that outlier piece, there are so many biz dev outliers outside of just the sales channel that are happening that could surprise us, so that's the best answer that I can give at this time.

再一次，因為 3XL 可以有很多不同的有效載荷，它也推動了有效載荷的銷售。但只要談談那個離群值，除了銷售渠道之外，還有很多業務開發離群值正在發生，這可能會讓我們感到驚訝，所以這是我此時可以給出的最佳答案。

Fair enough. Okay. There's a lot of other drone companies out there that are both better as well as less capitalized than Draganfly. What advantages does Draganfly have over the other competitors? Where does it fit into the market? What do you think some of the things that Draganfly is working on right now is going to have the greatest impact on shareholder value? Cam, that's for you as well?

很公平。好的。還有很多其他的無人機公司比 Draganfly 更好，也比 Draganfly 資本少。與其他競爭對手相比，Draganfly 有哪些優勢？它在哪裡適合市場？您認為 Draganfly 目前正在做的一些事情會對股東價值產生最大的影響？卡姆，那也是給你的嗎？

Yes. So in terms of competitors out there, being in the game, the business as long as Draganfly has and as long as I've been lucky enough to be part of the leadership team for almost close to 15 years here, we've seen Airware, Air Lily 3DR, GoPro, the list goes on. All better capitalized, all -- you know, crazy, big names behind them, amazing management teams.

是的。因此，就那裡的競爭對手而言，在遊戲中，只要 Draganfly 有業務，只要我有幸成為領導團隊的一員近 15 年，我們就看到了 Airware 、Air Lily 3DR、GoPro，不勝枚舉。所有資本都更好，所有 - 你知道的，瘋狂的，他們背後的大人物，驚人的管理團隊。

And what's really served us every single time is our history. We have a keen understanding of what the user is looking for. We are so user focused and so customer focused that while we think that there's a lot of companies who are very well capitalized, building some really, really cool products out there, I'm not 100% sure that those are the products that are really going to scale sustainably over time.

每次真正為我們服務的是我們的歷史。我們對用戶的需求有著敏銳的理解。我們是如此以用戶為中心，以客戶為中心，雖然我們認為有很多公司資本充足，正在開發一些非常非常酷的產品，但我不能 100% 確定這些產品是真正的產品隨著時間的推移可持續地擴展。

So I do think that our experience, even though we've been a small company, we've been the company that has survived. And so we take a very cautious approach to where the market is going because we know how fickle it is. And one regulatory change changes your production; it changes your product line very significantly.

所以我確實認為我們的經驗，即使我們是一家小公司，我們也是倖存下來的公司。因此，我們對市場走向採取非常謹慎的態度，因為我們知道市場變化無常。一項法規變更會改變您的生產；它極大地改變了您的產品線。

I would go on a limb here and say that the reason that Amazon backed off completely again for a second time on their programs is because the FAA took out the Type Certification certainty, right? So you had to go down -- you know, in order to do delivery, you're going to have to get your drones type certified. And now they're switching that around so you can get a 108 certification.

我會在這裡說，亞馬遜第二次完全退出他們的計劃的原因是因為美國聯邦航空局取消了類型認證確定性，對吧？所以你必須下降 - 你知道，為了進行交付，你將必須對你的無人機進行類型認證。現在他們正在改變這一點，這樣你就可以獲得 108 認證。

For those of you that are in the industry, you'll know what I'm talking about. That's hundreds of millions of dollars of investment that they've made into this. And you've got a lot of smaller companies. It's just -- whether they've admitted or not or whether people know it, it has wipe them up. Because they vet on Type Certification for drone delivery overpopulation. So I think our ongoing cautious approach to the product is going to be sustainable working directly with the customer.

對於從事該行業的人，您會知道我在說什麼。他們為此投入了數億美元。而且你有很多小公司。只是——不管他們承認與否，或者人們是否知道，它已經把他們消滅了。因為他們審查了無人機交付人口過剩的類型認證。所以我認為我們對產品的持續謹慎態度將是可持續的，直接與客戶合作。

Now I would suggest in record time, we brought out the 3XL and the heavy lift, but we had years of working with a customer base before that, knowing that that's what they were going to do. And we just were capitalized to pull the trigger on. And it would have been premature scaling as well. So we're going to continue to take a pragmatic approach and we think that's ultimately our advantage.

現在我建議在創紀錄的時間內推出 3XL 和重型升降機，但在此之前我們已經與客戶群合作多年，知道這就是他們要做的。我們剛剛被資本拉動扳機。而且它也將是過早的擴展。所以我們將繼續採取務實的方法，我們認為這最終是我們的優勢。

Okay. Any view on the recurring nature and longevity of the recent Ukraine contracts? How do you go about implementing them? Talk a little bit about some of the operational constraints as well as the opportunity given the uncertainty in the region.

好的。對近期烏克蘭合同的重複性和長期性有何看法？你如何著手實施它們？談談一些運營限制以及該地區不確定性帶來的機遇。

Yes. So I mean, if that conflict -- God willing -- ended today, you know, just in demining work, there's 40 more years, much less than reconstruction work, much less the understanding now of how small UAS is utilized in theory.

是的。所以我的意思是，如果那場衝突——上帝保佑——今天結束，你知道，僅僅在排雷工作中，還有 40 年的時間，比重建工作少得多，更不用說現在對理論上使用多小的 UAS 的理解了。

So if that conflict today, military budgets in the region are going to continue to increase for the next 10 years. And a significant or meaningful proportion of those are going to be spent on UAS, small UAS, because it is so efficient, so effective. So the fact that we're there, we're in the region, we're a trusted partner, again, we're not taking a next quarter view on this like, okay, how do we generate a bunch of cheap drones and sell it to somebody who kind of authorized and knows Bob's uncles' friends' brother type -- like these are -- we're really taking the time to make sure that we're built into the regulations, that we have the right clearances, those types of things. So this is a -- it's game changer.

因此，如果今天發生衝突，該地區的軍事預算將在未來 10 年繼續增加。其中很大一部分將用於 UAS，小型 UAS，因為它非常高效，非常有效。所以事實上我們在那裡，我們在該地區，我們是一個值得信賴的合作夥伴，再次，我們不會在下個季度對此採取看法，好吧，我們如何生產一堆廉價無人機和把它賣給某種授權並且知道 Bob 的叔叔的朋友的兄弟類型的人——就像這些人一樣——我們真的在花時間確保我們符合規定，我們有正確的許可，那些類型的東西。所以這是一個 - 它改變了遊戲規則。

Now how that also affects all the rest of the budgets from around the world, right? And the credibility that we've got boots on the ground in that space, it's game changer. Completely, in my opinion, puts Draganfly in an entire new level of the trajectory of this.

現在，這還如何影響世界各地的所有其他預算，對嗎？以及我們在那個領域的實地工作的可信度，它改變了遊戲規則。在我看來，完全將 Draganfly 置於一個全新的軌道水平。

And it really, really protects us from the number-one threat that Draganfly or any North American manufacturer had previous Ukraine, and that was for national manufacturing, right? That threat right now eliminated for at least 10 years, at least, just for all the practical reasons out there. So while we certainly wish that never happened, we're going to make the most of it and do the most that we can for our partners.

它真的，真的保護我們免受 Draganfly 或任何北美製造商在烏克蘭之前的頭號威脅，那是針對國家製造的，對吧？出於所有實際原因，這種威脅現在至少消除了 10 年。因此，儘管我們當然希望這種情況永遠不會發生，但我們將充分利用它並為我們的合作夥伴盡我們所能。

Can you talk a little about the opportunity in India?

你能談談印度的機會嗎？

Maybe I'll go ahead and take that myself. I have been a little more involved in that one, of course. Limited color on this. Over the last 18 months, 12 months, we've received calls from Indian companies, a number of them. Some of the largest multinational companies in the world, in fact, who called up and said, we're looking to explore drones in India and what that means and just kind of called in and started to talk about partnerships and things like that and what that might look like for the Indian market.

也許我會繼續自己做。當然，我更多地參與其中。顏色有限。在過去的 18 個月、12 個月裡，我們接到了來自印度公司的電話，其中有很多。世界上一些最大的跨國公司，事實上，他們打電話說，我們正在印度探索無人機，這意味著什麼，然後就打電話進來，開始談論合作夥伴關係之類的事情，以及什麼這可能看起來像印度市場。

For a little bit background, India, of course, it's a huge market. The government has come out and said that drones are going to be a significant part of a number of different initiatives that they have moving forward. We have made a couple of trips over there: once last October and one just a few weeks ago to kind of dig into that.

對於一些背景，印度當然是一個巨大的市場。政府已經站出來表示，無人機將成為他們推進的許多不同舉措的重要組成部分。我們在那裡進行了幾次旅行：去年 10 月一次，幾週前一次，以深入了解這一點。

We did announce a partnership with a company called RSI, which is a geospatial company. Been in India for the last 15 to 20 years, I'll say, and they have started to move into the UAV sector.

我們確實宣布與一家名為 RSI 的公司建立合作夥伴關係，這是一家地理空間公司。在過去的 15 到 20 年裡一直在印度，我會說，他們已經開始進入無人機領域。

So specifically with regards to the market or the opportunity over there, we think it's massive. They're looking for large drones that are specifically designed for 20,000-foot-type altitude, which isn't us, on one hand.

因此，特別是關於市場或那裡的機會，我們認為它是巨大的。一方面，他們正在尋找專為 20,000 英尺高度設計的大型無人機，而這不是我們。

On the other hand, there's a huge opportunity for mapping, cadastral, late deliveries, Coast Guard, border patrol. India has a number of active borders, of course, both, north, south -- north, west, and east. And so agriculture, screen mapping, forestry, disaster management, monsoons, flooding and things like that. They can't get deliveries across borders and bridges that are washed over rivers.

另一方面，測繪、地籍、延遲交貨、海岸警衛隊、邊境巡邏都有巨大的機會。印度有許多活躍的邊界，當然，包括北部、南部——北部、西部和東部。農業、屏幕製圖、林業、災害管理、季風、洪水等等。他們無法越過邊界和被河流沖刷的橋樑進行交貨。

And so when we were over there just a couple of weeks ago, they were talking about orders for -- you know, the governor is looking for tens of thousands of drones, in fact, across some of these different sectors. And in some cases, no limit almost. So certainly more than we'd have the ability to deliver on in the near term.

因此，就在幾週前，當我們在那裡時，他們正在談論訂單——你知道，州長正在尋找數万架無人機，事實上，跨越這些不同的部門。在某些情況下，幾乎沒有限制。所以肯定比我們有能力在短期內交付更多。

But the plan is to pursue India as heavily as we can. We think we have the right partner. We're going to keep going down that trail and look to get as much of this market as we can, working with a local provider, drones that are built over there who can better navigate some of that market over there for us.

但我們的計劃是盡可能地追擊印度。我們認為我們有合適的合作夥伴。我們將繼續沿著這條路走下去，並希望盡可能多地獲得這個市場，與當地供應商合作，在那裡建造的無人機可以更好地為我們導航那裡的一些市場。

And moving on to another question here. Cam, can you provide more color on the sales cycle? How's the pipeline looking currently in the macroeconomic environment? Have you been expanding the sales teams? Maybe we don't -- just keep in mind, of course, that we're not giving guidance here, but talk a little about the sales cycle and what some of our efforts look like.

並在這裡繼續另一個問題。 Cam，你能提供更多關於銷售週期的顏色嗎？目前在宏觀經濟環境中的管道情況如何？您是否一直在擴大銷售團隊？也許我們不——請記住，當然，我們不是在這裡提供指導，而是談談銷售週期和我們的一些努力是什麼樣子的。

Yes. So the sales cycle is about six months to a new customer, and it's still a big education process. So the decision to purchase drones seems to be eminent in the imbalance that we have coming in and -- but the sales cycle really does take some time.

是的。所以一個新客戶的銷售週期大約是六個月，這仍然是一個很大的教育過程。因此，購買無人機的決定似乎在我們所面臨的不平衡中表現突出——但銷售週期確實需要一些時間。

So some of that sales cycle has been a bit longer for us because we've had the new product coming out. And so people have wanted to wait for the new product. And then once it comes out, they like it and then they want to demo it, and then we got to test it. So it's just taken some time.

所以有些銷售週期對我們來說有點長，因為我們已經推出了新產品。所以人們一直想等待新產品。然後一旦它出來，他們喜歡它，然後他們想要演示它，然後我們必須測試它。所以這只是需要一些時間。

So the new flight center in Texas has been fantastic for us because we've been able to start to make that quite efficient and use the same systems over and over again, and bringing people in, organizations in for these demos. But it's still about a six-month cycle.

因此，得克薩斯州的新飛行中心對我們來說非常棒，因為我們已經能夠開始提高效率並一遍又一遍地使用相同的系統，並讓人們和組織參與這些演示。但它仍然是大約六個月的周期。

To existing customers, the cycle is still -- it's really only about three months. It's really like when the budget -- what their budget cycle is and when and how things come up. Now this is on the 3XL.

對於現有客戶來說，週期仍然是——實際上只有大約三個月。這真的很像預算的時間——他們的預算週期是什麼，什麼時候以及如何出現的。現在這是在 3XL 上。

The sales cycle on the demining has been a year, and that's even pretty short and sped up because of I think the circumstances involved. And so those engagements just kind of start falling into tasking orders now going forward. So some of those types of services and things, we'll see it shorten up a bit.

排雷的銷售週期是一年，甚至很短，而且由於我認為所涉及的情況而加快了速度。因此，這些參與現在開始屬於任務指令。所以其中一些類型的服務和東西，我們會看到它縮短了一點。

We have beefed up our marketing and our sales teams more. There's been a lot of training going on and now that the products are starting to come online with a little bit of volume, I mean, they're kicking into actual sales mode.

我們進一步加強了營銷和銷售團隊。已經進行了大量培訓，現在產品開始以一定數量上線，我的意思是，他們正在進入實際銷售模式。

But we take training quite seriously. So whether it's training on the product or product training or regulatory training or regulations training -- two very different things -- we've put that in place and we -- I would say we have a fully built-out sales team, but we have in -- we can't take more sales anyway. So we're pretty cognizant of not overbuilding it at the same time. But we brought new -- we brought sales leadership on in the last two quarters and we've got a sufficient number of the right sales folks who are really specialized in the particular areas that we're selling into.

但我們非常重視培訓。因此，無論是產品培訓還是產品培訓、法規培訓或法規培訓——兩件截然不同的事情——我們已經把它放在了適當的位置，而且我們——我想說我們有一個完整的銷售團隊，但我們有 - 無論如何我們不能接受更多的銷售。所以我們非常清楚不要同時過度構建它。但我們帶來了新的——我們在過去兩個季度帶來了銷售領導力，我們有足夠數量的合適的銷售人員，他們真正專注於我們銷售的特定領域。

Inbound-wise, I think we're probably upwards of a couple of thousand inbounds a month at this point. They're probably more than that if they weren't called so much. So you have to be very selective about who we work with and what we can promise right now.

在入站方面，我認為此時我們每個月可能有數千次入站。如果他們沒有被如此頻繁地調用，他們可能不止於此。所以你必須非常有選擇性地選擇我們與誰合作以及我們現在可以承諾什麼。

Paul, so maybe I'll give this one to you. What operational improvements are you embarking on at a company level to make things more efficient from a cost perspective? What does gross margin look like moving forward? How does this improve?

保羅，也許我會把這個給你。您在公司層面著手進行哪些運營改進，以從成本角度提高效率？未來的毛利率會怎樣？這如何改善？

Again, keep in mind that we're not giving guidance here, but maybe give a little bit of high-level comments on -- from an operational standpoint and efficiencies. What is the company doing?

同樣，請記住，我們不會在這裡提供指導，但可能會從運營的角度和效率方面給出一些高級評論。公司在做什麼？

Sure. Thanks, Scott. So from a company cost operational outlook, we've centralized the company if you will. So we have the parent and then three operational entities underneath it. We've gone through a robust centralization where we're looking to eliminate any potential duplication. And then, of course, gain synergies across the functional units, whether it's sales. As Cam just mentioned, we have sales, finance, marketing.

當然。謝謝，斯科特。因此，從公司成本運營的角度來看，如果您願意，我們已經將公司集中起來。所以我們有母公司，然後是它下面的三個運營實體。我們經歷了強大的集中化，我們希望消除任何潛在的重複。然後，當然，獲得跨職能部門的協同效應，無論是銷售。正如 Cam 剛才提到的，我們有銷售、財務和市場營銷。

So basically not only are we looking to eliminate duplication, but we're also looking to get those synergies, which will improve efficiencies. We've also put in an ERP across the entire organization, which will also help processes, make things a lot more efficient. And also, now decentralization, we're cross-pollinating opportunities across the various units.

因此，基本上我們不僅希望消除重複，而且我們還希望獲得這些協同效應，這將提高效率。我們還在整個組織中安裝了 ERP，這也將有助於流程，使事情變得更有效率。而且，現在權力下放，我們正在各個部門交叉授粉機會。

So you have Innovations. You have Dronelogics or Candrone in the US, so now it's a very holistic approach to the business. As we have always talked about, we're moving towards very much a solution-based business. And these are the things that we've put in place to not only make the company more efficient, but also save costs moving forward.

所以你有創新。你在美國有 Dronelogics 或 Candrone，所以現在它是一種非常全面的業務方法。正如我們一直在談論的那樣，我們正在朝著非常基於解決方案的業務發展。這些是我們已經採取的措施，不僅可以提高公司的效率，還可以節省未來的成本。

Okay, good. Cam, maybe I will -- it's 45 minutes here, we're just trying -- which is how we're trying to kind of measure these or keep these calls to. There's a couple of more questions here I think we can get to and maybe even one or two that have come in online, of course.

好的。 Cam，也許我會——這裡是 45 分鐘，我們只是在嘗試——這就是我們試圖衡量這些或保持這些呼叫的方式。當然，我認為我們還可以解決幾個問題，甚至可能還有一兩個在線問題。

But, Cam, back to you. Why are the revenues not increasing if demand is so high? You can talk about increasing -- increased demand for a long time, why the revenues not increasing to meet the demand that you talked about?

但是，卡姆，回到你身邊。如果需求如此之高，為什麼收入沒有增加？你可以談論增加 - 長期以來需求增加，為什麼收入沒有增加以滿足你談到的需求？

Yeah. The period -- post up. Yeah, just building out capacity to meet the demand. So the update, the first half of that was really understanding the product that we're building out to pick our lane. And once that was done, then putting the product out, testing it, all that type of stuff, which we've been -- which we've done. And then having the capacity on hand, the right machine, the right tooling, the right people, all that type of stuff.

是的。期間——發布。是的，只是建立能力來滿足需求。所以更新，前半部分是真正了解我們正在構建的產品來選擇我們的車道。一旦完成，然後將產品推出，測試它，所有這些類型的東西，我們已經 - 我們已經完成了。然後手頭有能力，合適的機器，合適的工具，合適的人，所有這些類型的東西。

And so that seems to be well in hand and close to being unleashed, if I can use that word. And so we're pretty comfortable with where things are going.

因此，如果我可以用這個詞的話，這似乎已經掌握在手中並且接近釋放。因此，我們對事情的發展方向感到非常滿意。

Okay. Let's take -- how much more time -- do we have time for one or two more? I think one could do. Let's take one that's come in here, which is with regards to the LIDAR and optics and imaging.

好的。讓我們——還有多少時間——我們還有時間再做一兩次嗎？我認為一個人可以做到。讓我們來看看這裡的一個，它與激光雷達、光學和成像有關。

Based on what I've seen and been reading, it's easier for the LIDAR optics imaging companies to take over the drone company than it is for drone company to attempt to building a comprehensive imaging offer. How big of a threat do you think that is? What is -- adding a little color here but -- and we did come out with a LIDAR. So what are your thoughts on that, Cam?

根據我所看到和閱讀的內容，激光雷達光學成像公司接管無人機公司比無人機公司嘗試建立綜合成像產品要容易得多。你認為這是多大的威脅？什麼是 - 在這裡添加一點顏色但是 - 我們確實推出了激光雷達。那麼你對此有何看法，卡姆？

Yes. So again, we're in a really privileged position where we've got such an experienced bench, probably the stretch for us to go from building drones to building sensors that we use on the drones, that we have used on drones for years and years probably isn't as big of a stretch for any -- some other drone companies.

是的。因此，我們再次處於一個非常有利的位置，我們擁有如此經驗豐富的長凳，這可能是我們從建造無人機到建造我們在無人機上使用的傳感器的延伸，我們已經在無人機上使用了多年，年對於任何其他無人機公司來說可能都不算長。

Now that said, we had the -- we can't build any sensor. Like I mean, there's very good sensor builders out there and a lot of those sensor -- so we had to pick and choose, we have to really pick our spots there. And so this particular LIDAR unit, we had demand on the services side. It fits into a particular part of the market and on our drones in a way that it was immediately cash flow positive for us, even if we just use it on our own services.

話雖如此，我們有——我們無法製造任何傳感器。就像我的意思一樣，那裡有非常好的傳感器製造商，而且有很多這樣的傳感器——所以我們必須挑選，我們必須真正挑選我們的位置。因此，這個特殊的激光雷達裝置，我們在服務方面有需求。它適合市場的特定部分和我們的無人機，即使我們只是將它用於我們自己的服務，它也會立即為我們帶來積極的現金流。

It also enables us to generate proprietary data that other LIDAR systems don't necessarily produce. And in doing that, we can come up with a unique data set that our competitors in the services business can't provide that same customer. And at the end of the day, you know, it's all about that unique data and then the analysis that you can provide from it. So that's why that particular LIDAR was important to us. We can't do just every sensor and nor would we want to.

它還使我們能夠生成其他 LIDAR 系統不一定生成的專有數據。在這樣做的過程中，我們可以得出一個獨特的數據集，我們在服務業務中的競爭對手無法為同一客戶提供這些數據集。歸根結底，您知道，一切都與獨特的數據有關，然後是您可以從中提供的分析。所以這就是為什麼那個特定的激光雷達對我們很重要。我們不能只做每個傳感器，我們也不想做。

Also, every -- a lot of those other sensor companies, they're looking for a platform to be on. So they've got a great sales channel; they've got demand. And so us integrating and doing that software work where their sensors work well with our -- and they really become our customer. We want to overservice them and provide them the best our capabilities down to their customers. Now they become a sales channel for us. So we don't necessarily want to go do all kinds of sensors.

此外，每個 - 許多其他傳感器公司，他們正在尋找一個平台。所以他們有一個很好的銷售渠道；他們有需求。因此，我們在他們的傳感器與我們的傳感器配合良好的地方集成並執行該軟件工作——他們真正成為我們的客戶。我們希望為他們提供過度服務，並向他們提供我們最好的能力給他們的客戶。現在他們成為我們的銷售渠道。所以我們不一定要去做各種傳感器。

In terms of a sensor company, building a drone, I would actually say it's probably somewhat the opposite. When you start getting into the regulations of flying something over people's heads, the certifications that are now required.

就傳感器公司而言，製造無人機，我實際上會說這可能有點相反。當您開始遵守在人們頭頂上飛東西的規定時，現在需要的認證。

This isn't -- you're right; you can buy a hobby drone and put some propellers on it and think you've got a drone. But when you're talking about something that's got to fly thousands of hours with liability and reliability and integrate with other sensor products and on and on and on and on, it's an incredibly complex business, notwithstanding the engineering behind it.

這不是——你是對的；你可以買一架業餘無人機，然後在上面裝上一些螺旋槳，然後就認為你擁有了一架無人機。但是，當您談論的是必須可靠且可靠地飛行數千小時並與其他傳感器產品集成等等的東西時，這是一項極其複雜的業務，儘管其背後的工程設計。

Anyways, the point of the question doesn't escape me, and you're right, and we're not going to build every sensor out there or nor should we.

無論如何，問題的重點並沒有逃避我，你是對的，我們不會在那裡建造每個傳感器，也不應該。

And I think the other part of that, just to add a little bit -- add to that with regards to what we heard from the market was the market was looking for North American-built LIDAR.

我認為另一部分，只是補充一點——關於我們從市場上聽到的，市場正在尋找北美製造的激光雷達。

Yes, 100%. Yeah.

是的，100%。是的。

Because of the type of data it takes, the data's sensitive. Of course, it can be. It's valuable data. And so having a North American-built offering in that particular product suite was where we decided to push it.

由於它採用的數據類型，數據是敏感的。當然可以。這是有價值的數據。因此，我們決定在該特定產品套件中提供北美製造的產品。

So I think that is it. There's been a number of questions that have come in online that have been answered. There's been a number of questions that were -- of course, they came in before that we've worked our way through. I think that's it for this. Paul -- Cam, we'll hand it back to you.

所以我認為就是這樣。網上提出的許多問題都得到了解答。有很多問題——當然，它們是在我們解決問題之前提出來的。我認為就是這樣。 Paul -- Cam，我們會把它還給你。

Thank you in particular to all the employees and the team members at Draganfly. I know how much work and commitment, whether you're back and forth to Ukraine, whether you go to India, whether you're on the finance team, getting these numbers out, whether the sales folks, engineering teams, like it's really -- it's just -- I'm inspired every day by the passion that you put into this and I can't thank you enough on behalf of myself and our shareholders for the work that you do.

特別感謝 Draganfly 的所有員工和團隊成員。我知道有多少工作和承諾，無論你來回烏克蘭，無論你去印度，無論你在財務團隊，得到這些數字，無論是銷售人員，工程團隊，就像它真的 - - 只是 - 我每天都被你投入其中的熱情所鼓舞，我無法代表我自己和我們的股東對你所做的工作表示感謝。

Our shareholders, you -- we understand you're trusting us and we understand the execution and the opportunity in front of us. We appreciate your patience. We're not here for the next quarter; we are here for another 25 years. And it is absolutely our intent to build a multi-billion dollar organization to be the number-one, -two, or -three player in this small UAS market globally.

我們的股東，你——我們知道你信任我們，我們理解我們面前的執行和機會。感謝您的耐心等待。我們下個季度不在這裡；我們在這裡又待了 25 年。我們絕對有意建立一個價值數十億美元的組織，成為全球這個小型無人機市場的第一、第二或第三名。

And so we're making decisions that are pragmatic and are not shortsighted, and we appreciate you as investors trusting that with us. And on that note, we really want to thank you for your time and appreciation and your consideration. I hope you have a great day.

因此，我們正在做出務實而不是短視的決定，我們感謝您作為投資者信任我們。在這一點上，我們真的要感謝您的時間和讚賞以及您的考慮。希望你有美好的一天;希望你今天過得很開心。