Draganfly Inc (DPRO) 2023 Q3 法說會逐字稿

Hello, all. Welcome to the Draganfly Q3 earnings call. We are just going to give us a couple of extra minutes for people to file in, and then we'll get started.

大家好。歡迎參加 Draganfly 第三季財報電話會議。我們只需要額外幾分鐘的時間讓人們提交申請，然後我們就會開始。

We'll just give it one more minute. Thank you.

我們再等一分鐘。謝謝。

All right. To be respectful of everybody's time, I think we will get started, right away here.

好的。為了尊重每個人的時間，我想我們馬上就開始吧。

Greetings, and welcome for all shareholders and stakeholders to today's Draganfly 2023 Q3 earnings call. My name is Rolly Bustos, and while I know most of you, I remind all others that I am the internal Investor Relations representative here at Draganfly. We appreciate you joining us today.

大家好，歡迎所有股東和利害關係人參加今天的 Draganfly 2023 年第三季財報電話會議。我的名字是 Rolly Bustos，雖然我認識你們大多數人，但我提醒所有其他人，我是 Draganfly 的內部投資者關係代表。我們感謝您今天加入我們。

We'll start as usual with our CEO and President, Cameron Chell, discussing the third-quarter operational highlights. From there, our CFO, Paul Sun, will discuss the financials. And as always, we will conclude with our Lead Director, Scott Larson, facilitating the Q&A portion. You are welcome to reach out to me individually after the call at investor.relations@draganfly.com.

我們將像往常一樣首先與我們的執行長兼總裁卡梅倫·切爾 (Cameron Chell) 討論第三季度的營運亮點。接下來，我們的財務長 Paul Sun 將討論財務狀況。像往常一樣，最後我們將由我們的首席總監 Scott Larson 主持問答部分。歡迎您在通話後透過 Investor.relations@draganfly.com 單獨與我聯繫。

Once again, I'll remind everyone that this presentation may include forward-looking information and statements. These statements are not guarantees of future performance or financial results, and undue alliance 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 this presentation, and I'd be happy to send that to anybody upon request.

我再次提醒大家，本簡報可能包含前瞻性資訊和陳述。這些聲明不是對未來業績或財務結果的保證，不應對其進行不正當的聯盟。任何未來事件或財務結果可能與此處討論的有所不同。完整的前瞻性免責聲明可以在本簡報的第 2 頁上找到，我很樂意根據要求將其發送給任何人。

So Cam. please go ahead.

所以卡姆.請繼續。

Thanks, Rolly. Thanks other members of the management executive for being here. I know we also have multiple customers and partners attending. Most prominently, thanks to our shareholders for being here today. I'm pleased to announce that we have just had a record quarter in 2023 on revenues of about $2.138 million with product sales of $1.6 million and a provision of services of just under $0.5 million.

謝謝，羅利。感謝管理人員的其他成員來到這裡。我知道我們還有多個客戶和合作夥伴參加。最重要的是，感謝我們的股東今天來到這裡。我很高興地宣布，我們在 2023 年剛剛實現了創紀錄的季度收入約 213.8 萬美元，產品銷售額為 160 萬美元，提供的服務略低於 50 萬美元。

Also, exciting to report is our gross margin of just under 42%. So we had a gross profit this last quarter of $894,000. Our cash balance at the end of the quarter was $2.4 million, and we did a subsequent financing of $4.5 million, which closed on October 30. I think most notably in this as it relates to the revenue is that our two plants are now up and operational. We finished the second plant and just turned it on in Q3. And I think we've started to see that now production flow off of the benches and off of the line and feel good, really good, about how we're now going to be able to satisfy people have start to see scale.

此外，令人興奮的是我們的毛利率略低於 42%。所以上個季度我們的毛利是 894,000 美元。本季末我們的現金餘額為240 萬美元，隨後我們進行了450 萬美元的融資，該融資於10 月30 日結束。我認為，在這方面最值得注意的是，因為它與收入相關，我們的兩個工​​廠現在已經建成並投入運作。操作。我們完成了第二座工廠，並在第三季剛啟用。我認為我們已經開始看到現在的生產流程已經離開了工作台和生產線，並且對於我們現在將如何能夠滿足人們開始看到規模的感覺很好，真的很好。

And I think it's really important to note the world and geopolitical situation and really what's happening in the drone space as it relates specifically to scale. So we have, in the past, talked about the scaling of the commercial industry and how it's really starting to come into its own with first, the advent of many regulations, but most prominently beyond visual line of sight. But a little around two years ago, now as the Ukraine conflict broke out, the reality is that small UAVs have proven incredibly effective in the fear of a conflict in defense. And so much so that the entire strategy and tactics around air dominance has shifted.

我認為注意到世界和地緣政治局勢以及無人機領域正在發生的事情非常重要，因為它與規模特別相關。因此，我們過去曾討論過商業行業的規模化，以及它如何真正開始發揮作用，首先是許多法規的出現，但最突出的是超出了視線。但大約兩年前，隨著烏克蘭衝突的爆發，事實證明小型無人機在應對防禦衝突方面非常有效。以至於圍繞制空權的整個戰略和戰術都改變了。

So previously, air dominance was all about large man systems, integrated communications, AWACS system, integrated data analysis, and real-time impact analysis. And today, from 5,000 feet down, air dominance is all about small UAV. So almost regardless of the mass and the size of demand and large infrastructure air dominance that we've known or come to know in the defense field. If any given area you're putting up multiples of small UAVs, you will have a strategic advantage and tactical dominance on your area of operation, and that is a significant change.

此前，制空權主要依賴大型人員系統、綜合通訊、預警機系統、綜合資料分析和即時影響分析。如今，從 5,000 英尺以下的空中，制空權全靠小型無人機。因此，幾乎不管我們在國防領域已經知道或逐漸了解的需求量和規模以及大型基礎設施的空中優勢。如果在任何給定區域部署多架小型無人機，您將在您的作戰區域擁有戰略優勢和戰術優勢，這是一個重大變化。

Now, that we've kind of been preaching that this would happen for years, but it took the unfortunate conflict in Ukraine for this to become completely understood. So we're now seeing budgets, massive budgets from the NATO countries, those only we have visibility with NATO and friendly countries are now moving, not just to autonomy -- but certainly to autonomy -- but predominantly within that autonomy, that would be to air autonomy because again, that is where you can establish dominance for the most part.

現在，我們多年來一直在宣揚這種情況會發生，但直到烏克蘭發生不幸的衝突後，人們才完全理解這一點。因此，我們現在看到來自北約國家的大量預算，那些只有我們能在北約和友好國家中看到的國家現在正在轉向，不僅是自治——而且肯定是自治——但主要是在自治範圍內，這將是空中自治權，因為這也是你可以在很大程度上建立統治地位的地方。

So whether it's Eastern Europe, whether it's the unfortunate circumstances in the Middle East, whether it's the incredible emerging market of border security in Africa that now can afford to do border security because they don't have to build air forces or satellite comms or satellite observation to be able to do it. So we see huge opportunities now in that market as it relates to border security and small UAVs or the Southeast Asia theater, including Taiwan, and the potential challenges around territorial disputes and such with China. It is absolutely being dominated by UAV discussions.

因此，無論是東歐，無論是中東的不幸情況，還是非洲令人難以置信的邊境安全新興市場，現在有能力進行邊境安全，因為他們不必建立空軍或衛星通訊或衛星觀察才能做到。因此，我們現在在該市場看到了巨大的機遇，因為它涉及邊境安全和小型無人機或包括台灣在內的東南亞戰區，以及圍繞領土爭端等與中國的潛在挑戰。無人機討論絕對佔據主導地位。

Just speak to this a little bit, approximately looking at about $20 billion of growth between now and 2030 in the small UAV market. This is being led by defense. So rather than large infrastructure systems, defense is now looking to put in tens of thousands of swarms of drones in order to counterbalance the threats that may be out there and the efficiencies that come along with the small, relatively inexpensive units.

稍微談談這一點，從現在到 2030 年，小型無人機市場的成長大約是 200 億美元。這是由防守主導的。因此，國防部現在不再考慮部署大型基礎設施系統，而是尋求部署數以萬計的無人機群，以抵消可能的威脅以及小型、相對便宜的單位所帶來的效率。

So defense innovation unit announced the replicator programs, this is the Pentagon program dedicated to basically deploying tens of thousands of drones in the next couple of years of various sizes. So these will range from the Category 3 the way down to Category 1, probably more focused around Category 2 and Category 3 that we, which we play in, and we're really excited about what these opportunities are. And we have seen a marked increase in pipeline, which we think will be adding to our order flow here shortly. I guess I really note within the space.

因此，國防創新部門宣布了複製機計劃，這是五角大廈的計劃，致力於在未來幾年內基本上部署數萬架各種規模的無人機。因此，這些範圍將從第 3 類一直到第 1 類，可能更關注我們所參與的第 2 類和第 3 類，我們對這些機會感到非常興奮。我們已經看到管道數量顯著增加，我們認為很快就會添加到我們的訂單流中。我想我確實注意到了這個空間。

So you can see by our product, the products that we have built historically and that we have in market now, the type of work that we've done with our contract engineering division and the personnel that we have. Up into the right, that's AI and military type of operations. Down into the left, consumer-type drones.

因此，您可以透過我們的產品看到我們歷史上生產的產品和現在市場上的產品，我們與合約工程部門完成的工作類型以及我們擁有的人員。右邊是人工智慧和軍事類型的行動。進入左側，消費型無人機。

And so you can see that our Draganfly 3XL drone, our search and rescue drones, our heavy lift drones. They are all skewing up into the right. And so of course, we don't play into pure military space. We play in the commercial/military space.

因此，您可以看到我們的 Draganfly 3XL 無人機、我們的搜救無人機、我們的重型起重無人機。他們都向右傾斜。當然，我們不會涉足純粹的軍事領域。我們在商業/軍事領域發揮作用。

Now, whether designer by luck, this is the space that the military is looking to pull from. It's from the consumer space. The ability for -- not the consumer space -- the commercial space, the ability for militaries to tap into the commercial manufacturers who are now starting to gain some scale, including Draganfly, in fact, I would say, led by Draganfly, that have the ability to field and deploy this type of equipment and do rapid innovation, iteration, and production in order to meet the demands of this market. This is what's won the day in the Ukraine theater. This seems to be what we'll be pushing forward on the agenda in the other theaters as well proven by data and proven by actually what we've seen happen in the Ukraine where again, Draganfly had the fortunate opportunity to be very active.

現在，無論設計師是否幸運，這都是軍方正在尋求的空間。它來自消費者領域。商業領域——而不是消費者領域——的能力，軍隊利用商業製造商的能力，這些製造商現在開始獲得一定的規模，包括 Draganfly，事實上，我想說，在 Draganfly 的領導下，能夠部署和部署此類設備並進行快速創新、迭代和生產，以滿足該市場的需求。這就是烏克蘭戰區贏得勝利的原因。這似乎是我們將在其他戰區推進的議程，數據也證明了這一點，我們在烏克蘭所看到的實際情況也證明了這一點，Draganfly 再次有幸非常活躍。

Just taking a quick look at our products here. We've got our heavy lift done. This is about a nine-foot across drone carry 70 pounds. It's got a 50-minute operational flight time. It's can be used for multiple types of operations, whether it's sensor, ISR delivery. Even in the commercial space, this is being used in wildfire type of situations, to carry equipment, to carry chainsaws, as is the 3XL to the first to the right there.

在這裡快速瀏覽一下我們的產品。我們已經完成了繁重的工作。這大約是一架 9 英尺寬的無人機，可承載 70 磅的重量。它的運作飛行時間為 50 分鐘。它可用於多種類型的操作，無論是感測器、ISR 交付。即使在商業領域，它也被用於野火類型的情況，用於攜帶設備、攜帶鏈鋸，就像右邊第一個的 3XL 一樣。

Now, this last quarter, we did introduce 3XL hybrid. We've got incredible demand on this hybrid. So basically what happened is we built the 3XL and our customers, in particular in the military, pipeline came back and said we need this drone, but we need it in a format that can fly for three-plus hours. And so we designed along with a partner of 70 cc engine that integrates onto the 3XL and to provide up to three-hour flight times with an additional 4 kilograms, that's just under 9 pounds of payload. So it's got lots of sensor capability. It's got lots of payload and ordinance capability still at that weight. We can actually go longer than that if you make the payload gasoline as well. So you could fly this thing for eight-plus hours. So it's potentially everything from a loitering munition to a very sophisticated ISR platform.

現在，在上個季度，我們確實推出了 3XL 混合型。我們對這款混合動力車的需求令人難以置信。所以基本上發生的事情是我們建造了 3XL，我們的客戶，特別是軍事客戶，管道回來說我們需要這架無人機，但我們需要它的格式可以飛行三個多小時。因此，我們與合作夥伴一起設計了 70 cc 發動機，該發動機集成到 3XL 上，可提供長達 3 小時的飛行時間，同時增加 4 公斤重量，即略低於 9 磅的有效載荷。所以它有很多感測器功能。在這個重量下，它仍然具有大量的有效載荷和法規能力。如果你也生產有效載荷汽油，我們實際上可以走得更遠。所以你可以飛行這個東西八個多小時。因此，它可能是從巡飛彈藥到非常複雜的 ISR 平台的一切。

The precision drop-down, which system we introduced that in Q2, we now see orders happening in Q3, for it pushing into Q4. This has got lots of applications, both commercial and military. Right below, that is a quick delivery, quick release delivery box. Important to note on this box is really the innovations around this blocks that allow for a number of other military applications to happen. But this is built on top of the medical delivery platform that we introduced into the market about a year and a half ago.

我們在第二季度引入了精度下拉系統，現在我們看到訂單發生在第三季度，因為它已進入第四季度。這已經有很多商業和軍事應用。正下方，那是一個快速投遞、快速釋放的投遞箱。在這個盒子上值得注意的重要一點是圍繞這個模組的創新，這些創新允許許多其他軍事應用的發生。但這是建立在我們大約一年半前引入市場的醫療交付平台之上的。

The starting X2 drone is getting terrific traction. There are a number of preorders coming in. We have not officially recorded on our books any of those orders as of yet, but we're basically in a position now to start the production on those and great work to the promo ground team, then this will have an impact for us come Q1 and Q2.

首發的 X2 無人機獲得了巨大的關注。有很多預購訂單進來。到目前為止，我們還沒有在我們的賬簿上正式記錄任何這些訂單，但我們現在基本上已經可以開始製作這些訂單了，並且宣傳團隊做得很好，然後這將對我們第一季和第二季產生影響。

And then obviously, the Commander 3XL, this base platform that was designed by our product team and engineers really isn't a category by itself. It is not that small type of ISR drone, it's a very competitive market. Not that we don't make those on our work benches, but on our production line, this is the area that we're focusing on a bit more Category 2-ish and up and above between this and the heavy lift drone to be able to provide longer battery life multiple different sensors. We've got dozens and dozens and dozens of different integrations that are built for this drone. It's really that multipurpose drone that can be used for anything from ISR through to delivery of any type of almost imaginable payload that you can think through. And it's really just a big flying battery that's really everything ends and begins and ends up with your design of the battery. So lots of other product initiatives that are happening, they're all customer driven, but this platform is really what's launching us right now.

顯然，Commander 3XL 這個由我們的產品團隊和工程師設計的基礎平臺本身並不是一個類別。這不是小型 ISR 無人機，而是一個競爭非常激烈的市場。並不是說我們不在我們的工作台上製造這些產品，而是在我們的生產線上，這是我們重點關注的領域，該領域比重型無人機更能達到 2 類以上的水平。為多個不同的感測器提供更長的電池壽命。我們已經為這架無人機建構了數十種不同的整合。它確實是一種多用途無人機，可用於從情監偵到運送您能想到的任何類型的幾乎可以想像的有效載荷。它實際上只是一個大型飛行電池，一切的結束、開始和結束都取決於您對電池的設計。許多其他產品計劃正在發生，它們都是由客戶驅動的，但這個平台確實是我們現在推出的。

Some operational highlights for the last quarter. We secured the first defense orders for the Commander 3XL with the US military, and it's being utilized to enhance mission success, in particular in GPS-denied environments. So incredibly important and incredibly [tacting], you need a very robust platform in order to house all of the additional equipment sensors, radios, shields, antennas, et cetera, in order to operate in those environments. So really thrilled that we were selected in this regard. And we are engaged at multiple levels, with multiple militaries divisions of -- at our training center going through testing and then preparing for the specs to on production.

上季度的一些營運亮點。我們從美國軍方獲得了第一批 Commander 3XL 防禦訂單，它被用來提高任務成功率，特別是在 GPS 無法識別的環境中。如此重要且令人難以置信的[策略]，您需要一個非常強大的平台來容納所有附加設備感測器、無線電、屏蔽、天線等，以便在這些環境中運行。非常高興我們在這方面被選中。我們在多個級別、多個軍事部門參與——在我們的訓練中心進行測試，然後為生產規格做好準備。

We were also selected by State Geological Survey. Now, this is important that -- on lots of reasons because that geological survey is a heavy lift in terms of the battery requirement in the sensors that they are using, and it is helping standardize this drone for this type of work across the other State Geological Survey organizations.

我們也被國家地質調查局選中。現在，這一點很重要- 出於多種原因，因為地質調查對他們所使用的傳感器的電池要求而言是一個沉重的負擔，並且它有助於標準化這種無人機在其他州的此類工作地質調查機構。

Now, again, in order to do this, you have to be an NDAA-compliant drone. You have to have met stringent testing requirements, cybersecurity requirements in order to demonstrate that you don't have the security breach and such. I know there's a lot of talk about, oh, how you have to be Blue UAS, you have to be this. We've been selling into these environments, not necessarily the military, but into the agencies for years. So though we're not necessarily on the Blue UAS, we are able to sell into these markets because of past history and because of our NDAA compliance and because we have that proven track record.

現在，為了做到這一點，您必須是符合 NDAA 要求的無人機。您必須滿足嚴格的測試要求、網路安全要求，才能證明您沒有安全漏洞等。我知道有很多人在談論，哦，你必須成為藍色無人機，你必須成為這個。多年來，我們一直在向這些環境（不一定是軍隊，而是向機構）進行銷售。因此，儘管我們不一定使用藍色無人機，但由於過去的歷史、我們的 NDAA 合規性以及我們擁有可靠的記錄，我們能夠向這些市場銷售產品。

That said, we are working diligently as it relates to Green UAS and expect those types of certifications to follow as well. We had a very significant sale this last quarter into the Department of Corrections. And as many people would know, the corrections market for the drone industry is significant. We do believe that this is probably the largest sale of equipment into the corrections industry to date, and our pipeline, though it's not represented yet in our order book, our pipeline is very, very robust in the corrections market. And that would be both drone and counter drone technology, as well as our vital intelligence technology, which provides health monitoring simply through the camera for prison populations and intake protocol.

也就是說，我們正在努力與綠色無人機相關，並期望這些類型的認證也能被遵循。上個季度我們向懲教署進行了一筆非常大的出售。正如許多人所知，無人機產業的校正市場非常重要。我們確實相信，這可能是迄今為止懲教行業最大的設備銷售，我們的管道雖然尚未出現在我們的訂單中，但我們的管道在懲教市場中非常非常強大。這將是無人機和反無人機技術，以及我們重要的情報技術，它只需通過攝影機即可為監獄人口和接收協議提供健康監測。

We also, this last quarter, went to work for the Canadian governments. In particular, a provincial government that had over 300 wildfires raging at one particular time. So we've signed a multiyear contract with that province where we're providing crews and our drones in order to provide visual oversight hot spotting thermal flights at night to check for ground fires. Next year, we're moving into equipment delivery. Really have quickly become a leader in this space with operational experience and setting the standard operating procedures in order to expand this to other provinces, as well as several states that we are in discussions with. So we do expect, unfortunately, a very robust fire season next year with multiple engagements happening throughout North America.

上個季度我們也為加拿大政府工作。特別是某個省政府，在某一特定時間發生了 300 多起山火。因此，我們與該省簽署了一份多年期合同，我們將向該省提供機組人員和無人機，以便在夜間提供視覺監督熱點熱飛行，以檢查地面火災。明年，我們將進入設備交付階段。確實很快就成為該領域的領導者，擁有營運經驗並製定標準作業程序，以便將其擴展到其他省份以及我們正在討論的幾個州。因此，不幸的是，我們確實預計明年的火災季節將非常強勁，整個北美地區將發生多起火災。

A leader in the energy research industry has standardized -- an association has also standardized on the Commander 3XL drone. And this is really important because this particular customer is responsible for making the recommendation of how they inspect their infrastructure nationwide and having them standardized on the Commander 3XL drone is a significant win for us because as we prove that platform out with them over the course of this next six or eight months, presumably and hopefully will become that recommendation. I think we're well down that path for the rest of the industry, in this particular energy industry, which has a potential of thousands of drones annually.

能源研究行業的領導者已經實現了標準化，一個協會也對 Commander 3XL 無人機進行了標準化。這非常重要，因為這個特定的客戶負責就如何檢查全國範圍內的基礎設施提出建議，並在Commander 3XL 無人機上進行標準化，這對我們來說是一個重大勝利，因為我們在整個過程中與他們一起證明了該平台的可行性。接下來的六到八個月，想必並且希望將成為這一建議。我認為對於該行業的其他行業來說，我們已經沿著這條道路走下去了，在這個特定的能源產業，每年都有數千架無人機的潛力。

A couple of the last few operational highlights. Though I'll just mention is some certainly the unveiling of our Commander 3XL hybrid. It was the first time we've gone into the gas engine business. It's not the first gas engine drone that we've made, but in terms of doing it at scale, this is the first time that we've done it. And we've really, I think, nailed this particular product. And again, the pipeline, not quite yet the order book yet, but the order book significant. But that pipeline is so much bigger than we expected on this thing.

最後幾個操作亮點。不過我只想提一下我們的 Commander 3XL 混合動力車的亮相。這是我們第一次涉足燃氣發動機業務。這不是我們製造的第一架燃氣發動機無人機，但就大規模生產而言，這是我們第一次做到。我認為我們確實已經鎖定了這個特定的產品。再說一次，管道，還不是訂單簿，但訂單簿很重要。但這個管道比我們預期的要大得多。

The other thing I wanted to mention here is we had our first customer, what we call the Draganflyer Xperience. So our first user event, our first customer event, at our Joint A.I.R Center down in Texas. And that Joint A.I.R Centers become a real strategic differentiator for us. It's allowing us to bring in multiple groups and give them time on this tick, give them time with the software, run use-case scenarios, do everything from a land mine detection right through to hostage situation, right through to combat scenario, right through to policing scenarios, mapping survey, energy inspection. It is really a differentiator for us. And if anything of size, we're actually pushing people to go through to use the equipment and to take the training. They are even ahead of time because it really allows us to build a relationship with them. It really gets their competence up in terms of what this product is, how it's been built, how it's really been thought about as pilots doing the designing and actually coming up working with these use cases and our customers. And so we look forward to having a very, very busy year at the Joint A.I.R Center in Texas.

我想在這裡提到的另一件事是我們有了第一個客戶，我們稱之為 Draganflyer Xperience。我們的第一次用戶活動，我們的第一次客戶活動，在德克薩斯州的聯合 A.I.R 中心舉行。聯合 A.I.R 中心成為我們真正的策略優勢。它使我們能夠引入多個小組，給他們時間，讓他們有時間使用軟體，運行用例場景，完成從地雷探測到人質情況，直到戰鬥場景，直到警務場景、測繪調查、能源檢查。這對我們來說確實是一個差異化因素。如果有任何規模的話，我們實際上是在推動人們使用設備並接受培訓。他們甚至提前了，因為這確實讓我們能夠與他們建立關係。它確實提高了他們在產品是什麼、它是如何構建的、作為飛行員進行設計以及實際與這些用例和我們的客戶合作時如何思考它的能力。因此，我們期待在德克薩斯州的聯合 A.I.R 中心度過非常非常忙碌的一年。

But I can't stress enough, the new manufacturing plants. I was asked the question today. When are we really going to see this industry scale, and who is scaling in the industry? We've talked about a number of companies who have some fantastic products, but the fact is nobody yet in North America as scaled has got nothing to do with it. The demand signals are all there. There is no question about it.

但我怎麼強調都不為過，新的製造工廠。今天有人問我這個問題。我們什麼時候才能真正看到這個產業規模，誰在產業中擴大規模？我們已經討論過許多公司擁有一些出色的產品，但事實是，在北美，還沒有一家公司能夠與它無關。需求訊號都在那裡。毫無疑問。

The issue is the manufacturing base has still been so young and immature that it has not -- had been able to be at the point of where it can commit to and guaranty the demand signal that it's coming. So you don't get a government customer that comes up and says, hey, we want 100 or 200 or 500 of these things. Can you produce them? Anybody can say, yes. But the next thing they'll do is they will go and they will check out your facilities, check out your infrastructure, your processes, and ensure you can produce 500 in that next month or two. And if you don't have that capacity, you don't get the order no matter how good your equipment is.

問題是，製造基地仍然如此年輕和不成熟，以至於它還沒有能夠達到能夠承諾和保證即將到來的需求訊號的程度。所以你不會遇到政府客戶說，嘿，我們想要 100 或 200 或 500 個這樣的東西。你能生產它們嗎？任何人都可以說，是的。但他們接下來要做的就是檢查你的設施、基礎設施、流程，並確保你可以在接下來的一兩個月內生產 500 件。如果你沒有這個能力，那麼無論你的設備有多好，你也拿不到訂單。

So right now, the industry is all about who can produce, and so I'd really want to stress again by just how impressed I am with the team that have put the new plans together, where we stand on them, and the capacity that we're now able to meet.

所以現在，這個行業的關鍵在於誰可以生產，所以我真的想再次強調一下，我對製定新計劃的團隊印像如何，我們對這些計劃的立場，以及我們的能力我們現在可以見面了。

On that note, I'm going to turn it over to Paul Sun, our CFO, to review the financials. Paul?

關於這一點，我將把它交給我們的財務長 Paul Sun 來審查財務狀況。保羅？

Yeah. Thanks, Cam. Thanks, everyone, for joining. Yeah, just a quick snapshot for Q3. As Cam mentioned at the outset, Q3 revenue did represent our best Q3 to date. Revenue for the third quarter was up 14% to $2.1 billion, up from $1.8 million in the third quarter of last year. Third-quarter revenue comprised of $1.65 million from product sales, balance coming from drone services. The increase in revenue is due primarily to higher product sales versus a year ago.

是的。謝謝，卡姆。謝謝大家的加入。是的，這只是第三季的快速快照。正如 Cam 在開頭提到的，第三季的收入確實代表了我們迄今為止最好的第三季。第三季營收成長 14%，達到 21 億美元，高於去年第三季的 180 萬美元。第三季收入包括 165 萬美元來自產品銷售，餘額來自無人機服務。收入的成長主要是由於產品銷售量較上年同期增加。

Gross profit, Cam mentioned $895,000, actually would have been a bit higher at $903,000, excluding a small one-time cash write-down of inventory. Our gross margin as a percentage of revenue was 42% and would have been a little bit higher than that 42.2% this quarter, up 44.1% from Q3 of last year. The increase in gross margin as a percentage was primarily a result of sale that was using inventory that had previously been written off, which made the margin higher.

卡姆提到，毛利為 895,000 美元，如果不包括少量的一次性現金減記庫存，實際上會更高一些，達到 903,000 美元。我們的毛利率佔營收的百分比為 42%，比本季的 42.2% 略高，比去年第三季成長 44.1%。毛利率百分比的增加主要是由於使用先前註銷的庫存進行銷售，這使得毛利率更高。

Total comprehensive loss for the quarter was $5.5 million compared to a comprehensive loss of $5 million in the same quarter last year. This quarter includes a noncash change comprised of a small write-down of $8,600 of inventory and an impairment of notes receivable of $105,000 and would otherwise be a comprehensive loss of $5.4 million.

本季綜合虧損總額為 550 萬美元，去年同期綜合虧損為 500 萬美元。本季度包括一項非現金變動，其中包括 8,600 美元的庫存小額減記和 105,000 美元的應收票據減值，否則將產生 540 萬美元的綜合損失。

In Q3 of 2022, there was a loss that included a gain in fair value of derivative liability of $305,000 and otherwise been a loss of $5.3 million. So as a result, the year-over-year change in loss was minimal and mostly driven by the benefit of an FX translation from last year as SG&A expenses this year was down, this quarter year over year.

2022 年第三季度，出現了虧損，其中包括衍生性商品負債公允價值收益 30.5 萬美元，其他方面的虧損為 530 萬美元。因此，虧損的年比變化很小，主要是由於去年的外匯換算帶來的好處，因為今年本季的銷售管理及行政費用較去年同期下降。

If you can go to the next slide on slide 10. We just went through year-over-year changes so now we look at quarter over quarter. Again, for Q3 revenue was $2.1 million increased by 12.6% compared to $1.9 million for Q2 due both to higher product sales and services. Gross margin, percentage for Q3 was 41% due to a small inventory write-down and otherwise would have been 42.2% compared to 24.6% in Q2 of this year. So on an adjusted basis, gross margin would have been up 71.5% quarter over quarter. The increase is primarily due to sales that were used previously written-off inventory, as we just mentioned.

如果您可以轉到投影片 10 的下一張投影片。我們剛剛經歷了同比變化，所以現在我們看看季度與季度之間的變化。同樣，由於產品銷售和服務的增加，第三季的收入為 210 萬美元，比第二季的 190 萬美元增長了 12.6%。由於庫存減記較小，第三季的毛利率為 41%，否則本應為 42.2%，而今年第二季為 24.6%。因此，在調整後的基礎上，毛利率將較上季成長 71.5%。正如我們剛才提到的，這一增長主要是由於使用了先前註銷的庫存進行的銷售。

Total comprehensive loss again for Q3 was $5.5 million compared to a comprehensive loss of $6.9 million in Q2 of this year. And again, we'll recall that there was a small noncash write-down of inventory in Q3 and a write-down of notes receivable. So if we excluded that, loss would have been $5.4 million. While in Q2, we had a write-down of inventory of $122,000. So if we excluded that, so it's a fair comp. Q2's loss would have been $6.8 million. So our loss this quarter was quite a bit better quarter over quarter, primarily due to higher revenues and lower operating costs.

第三季的綜合虧損總額再次達到 550 萬美元，而今年第二季的綜合虧損為 690 萬美元。再次，我們會記得第三季有少量非現金庫存減記和應收票據減記。因此，如果我們排除這一點，損失將為 540 萬美元。在第二季度，我們的庫存減記為 122,000 美元。因此，如果我們排除這一點，那麼這是一個公平的比較。第二季的損失將為 680 萬美元。因此，我們本季的虧損比上一季好得多，這主要是由於收入增加和營運成本降低。

And then on the next slide. Looking at our balance sheet, you can see our total assets decreased from $14.6 million at the end of '22 to $9.1 million, which was largely due to the use of cash. Working capital surplus at the end of this quarter was $2.7 million versus $10 million at the end of 2022. You can see we continue to have minimal debt. Our company's cash balance was at $2.5 million compared to $7.8 million compared to December 31 of last year. And as Cam mentioned at the outset, we did complete a financing for USD3.5 million.

然後在下一張投影片上。查看我們的資產負債表，您可以看到我們的總資產從 22 年底的 1460 萬美元減少到 910 萬美元，這主要是由於現金的使用。本季末的營運資本盈餘為 270 萬美元，而 2022 年底為 1000 萬美元。您可以看到我們的債務仍然很少。我們公司的現金餘額為 250 萬美元，而去年 12 月 31 日為 780 萬美元。正如 Cam 在開頭提到的，我們確實完成了 350 萬美元的融資。

With that, I'll pass back to you again.

這樣，我會再傳回給你。

Thank you, Paul. Scott, I'll turn it over to you if that's okay.

謝謝你，保羅。史考特，如果可以的話我會把它交給你。

Yeah, thanks. We have had as is kind of typical for us. We get a bunch of questions that come in prior to this. And so we have a number of questions that we're trying to get through as many as we can. Of course, Cam has already answered. I think several of them as Paul with regard to the numbers and the results and so forth. But there's a few here that are different.

是的，謝謝。我們經歷過的事情對我們來說是典型的。在此之前我們收到了很多問題。因此，我們有很多問題，我們正在努力解決盡可能多的問題。當然，卡姆已經回答了。我認為他們中的一些人在數字和結果等方面與保羅一樣。但這裡有一些不同的地方。

Cam, we'll start with you. What are new areas that we're seeing most opportunities in kind of large opportunities in the pipeline? Where did that come from, what is it within corrections, facilities, energy scanning? Just give us a little color maybe on some of the new opportunities that we haven't seen in the past?

卡姆，我們就從你開始。我們在哪些新領域中看到了最多的機會以及正在醞釀的巨大機會？它從哪裡來？它在懲戒、設施、能源掃描中是什麼？只是給我們一些過去沒有見過的新機會的色彩嗎？

Yeah. So I think the thing to note is that most of the opportunities are coming from government, one form or the other. We certainly have a nice flow of inbound commercial that are working through the system that we've obviously closed a few of them. But if we look at the systems that we have closed and if we look at our order book that we know that we have and those very sizable needle movers now that we'll be pushing through our production that they're all government -- I should say, they are 90% government based.

是的。所以我認為需要注意的是，大多數機會都來自政府，無論是哪一種形式。我們當然有一個很好的入站廣告流，這些廣告流正在通過系統運行，但我們顯然已經關閉了其中的一些。但是，如果我們看看我們已經關閉的系統，如果我們看看我們的訂單簿，我們知道我們擁有這些非常大的針推動者，現在我們將推動我們的生產，它們都是政府的——我應該說，他們90%都是政府主導的。

So that wasn't as predominant before in terms of the pipeline. But that's what is coming through on the close. And from that, it's lots of agency work, and the vast majority of it now is military work. So whether it's Airborne or Army or Air Force or Marines, like all of those different groups and they all have sizable orders. They really like utilizing the air center that we have. And it's not uncommon in history where we see that the military adoption really set the tone and build the use case for what that also that comes in the commercial sector as well.

因此，就管道而言，這在以前並不占主導地位。但這就是收盤時所發生的事情。由此而來，有許多機構工作，而現在其中絕大多數是軍事工作。因此，無論是空降兵、陸軍、空軍還是海軍陸戰隊，就像所有這些不同的團體一樣，他們都有大量的訂單。他們真的很喜歡利用我們擁有的空氣中心。在歷史上，我們看到軍事採用確實為商業領域的應用奠定了基調並建立了用例，這種情況並不罕見。

Okay. Can you provide a little bit of an update on the production facility in Saskatoon. You did talk about it, but maybe a little more color. What's the capacity, supply chain issues that have come up in the past? Maybe a little commentary on some of those issues.

好的。您能否提供有關薩斯卡通生產設施的一些最新資訊？你確實談到了這一點，但也許還有更多色彩。過去出現過哪些產能、供應鏈問題？也許對其中一些問題進行一些評論。

Yeah. Paul Mullen and team have done an excellent job in terms of the design of the product right from the ground up from years, a few years ago when we started working through that our plan and around the design that we had to have so that we ensure that we weren't going to be in a situation where we were overly dependent on supply chain that we didn't have some sort of management influencer or swappable equipment or processes, too. So with the advent of the new plant in Saskatoon, in particular, we've now we've eliminated that more because of the actual manufacturing additional capabilities that we've built in there.

是的。 Paul Mullen 和團隊從幾年前開始就從頭開始設計產品，做得非常出色，當時我們開始製定我們的計劃並圍繞我們必須擁有的設計，以便我們確保我們不會陷入過度依賴供應鏈的情況，因為我們也沒有某種管理影響者或可更換的設備或流程。因此，隨著薩斯卡通新工廠的出現，我們現在已經消除了更多工廠，因為我們在那裡建立了實際的製造附加能力。

So our plants organically should be able to do $45 million a year worth of production. And beyond that, we can push everything up to contract engineering. You need your initial couple of plants at least and to be able to do those types of numbers and get your certifications and your ISOs and build your prototypes and get your initial production runs off before you can be in a position to put it out to contract engineering. So we feel we're at that spot now where we can scale. And at least, me personally, I have confidence that we'll be running at capacity this coming year.

因此，我們的有機工廠每年應該能夠生產價值 4500 萬美元的產品。除此之外，我們可以將一切推向合約工程。您至少需要最初的幾個工廠，並且能夠完成這些類型的數字，獲得認證和 ISO，建立原型並完成初始生產，然後才能將其交付合約工程。所以我們覺得我們現在已經到了可以擴展的地步了。至少，就我個人而言，我有信心我們明年將滿載運轉。

Any more news or updates on Ukraine? Is it still a focus? Hasn't been a whole lot in the last little bit. Where do you see the next three to six months look like both from a UAV standpoint that perhaps our Draganfly fits into the mix?

關於烏克蘭還有更多新聞或更新嗎？仍然是焦點嗎？最近一段時間並沒有太多。從無人機的角度來看，您認為未來三到六個月的情況會是怎樣，也許我們的 Draganfly 適合其中？

Yeah. So initially, we were quite focused on humanitarian efforts and very pleased to do that as that conflict has matured. The type of drill bit is in theory there is also matured significantly. So the drilling that we would have put into that environment within the first few months or even six months. That scenario would last 10 minutes there now. I mean, it's just the level of sophistication around jamming and radiofrequency skipping and GPS-denied environments and such like that.

是的。因此，最初，我們非常關注人道主義努力，並且隨著衝突的成熟，我們很高興這樣做。這類型鑽頭在理論上也已顯著成熟。因此，我們會在最初幾個月甚至六個月內在該環境中進行鑽探。這種情況現在會持續 10 分鐘。我的意思是，這只是乾擾、射頻跳躍和 GPS 拒絕環境等的複雜程度。

So I think Ukraine, potentially in terms of the news factor, has been overshadowed as of recent because of the unfortunate events in the Middle East. But the demand for drone is actually increasing. And the amount of people that have a level of sophistication to know what they need to buy, what they want to buy is increasing significantly as well. The testing environments are being standardized. So we see things like the mining being a multi-decade opportunity for Draganfly there.

因此，我認為，就新聞因素而言，烏克蘭最近由於中東發生的不幸事件而蒙上了陰影。但對無人機的需求實際上正在增​​加。知道自己需要買什麼、想買什麼的人的數量也在顯著增加。測試環境正在標準化。因此，我們認為採礦對於 Draganfly 來說是一個數十年的機會。

ISR work is something that we're very active with, and that market is absolutely growing. But utilizing the Commander 3XL for a dual purpose, so that is ISR as well as other potential combat. Scenarios is really a big appeal for that market. So we're very active. We're a little quieter than we have been over there for probably some good reasons. But that is still the biggest immediate drone market in the world that we're actively engaged.

ISR 工作是我們非常積極參與的事情，而這個市場絕對在成長。但將 Commander 3XL 用於雙重目的，即 ISR 以及其他潛在的戰鬥。場景對於這個市場確實有很大的吸引力。所以我們非常活躍。我們比那邊安靜一點，可能有一些很好的原因。但這仍然是我們積極參與的世界上最大的直接無人機市場。

And any plans on reducing costs expenses going forward?

未來有減少成本支出的計畫嗎？

Yeah, absolutely. We actually have gone through a cost reduction exercise. It started a bit last quarter. We saw that in the numbers. We were able to implement that on many levels here very recently. And a big part of why we were able to do that, I believe, without losing any operational efficiency, it's because we have very clear visibility with our order book now.

是的，絕對是。我們實際上已經進行了成本削減活動。上個季度就開始了。我們從數字中看到了這一點。最近我們能夠在很多層面上實現這一點。我相信，我們之所以能夠做到這一點，而不損失任何營運效率，很大一部分原因是我們現在對訂單簿有了非常清晰的可見性。

So let's talk about a year ago. A year ago, there are 15 markets or 15 verticals that you're all you're trying to capture, which is going to be the biggest, which is moving the fastest, which has the greatest opportunity, which is regulatory has regulatory impact, et cetera, et cetera. And so you're moving through those at the same time. We're building out plant capacity and trying to be very careful about where we place the specifics of that plant capacity in terms of resources because we're not sure exactly which one -- eventually five years from now, these will all have thought and been incredible markets. But as you're working through the start-up phase and into the scale phase, where do you actually put those resources to make sure that you're not trying to do everything to everybody?

那我們就來談談一年前的事情吧。一年前，有 15 個市場或 15 個垂直產業是你想要佔領的，這將是最大的、發展最快的、機會最大的、監管具有監管影響的，等等，等等。所以你會同時經歷這些。我們正在建造工廠產能，並試圖非常小心地將工廠產能的具體情況放在資源方面，因為我們不確定到底是哪一個——最終五年後，這些都會考慮並確定都是令人難以置信的市場。但是，當您經歷啟動階段並進入規模階段時，您實際上將這些資源放在哪裡，以確保您不會試圖對每個人做所有事情？

Well, we've gone through that in this last year. And we now have a very clear idea because we have the order book to support it as to where we can put those resources. So what that's allowed us to do is get you prudently go through some cost reduction exercises. But actually be able to do it the way we're okay, we can make a rational judgment here that this cost is okay to let go right now because the opportunity over here doesn't cost us by not going after it a bit more aggressively. So we're able to measure opportunity cost now and be more focused in the approach that we have in the very specific markets that we're going after.

嗯，去年我們已經經歷過這件事了。我們現在有了一個非常清晰的想法，因為我們有訂單簿來支持我們可以將這些資源放在哪裡。因此，我們能夠做的就是讓您謹慎地進行一些降低成本的活動。但實際上能夠按照我們認為可以的方式去做，我們可以在這裡做出理性的判斷，這個成本現在就可以放棄，因為這裡的機會不會因為不更積極地追求而付出代價。因此，我們現在能夠衡量機會成本，並更加專注於我們所追求的特定市場的方法。

A few more here for sure, a few more good ones, actually. Comment on current business with Windfall, we mentioned this on the last earnings call, things are moving up ahead. Any updates there? What does it look like? Obviously, not giving guidance here, but maybe a couple of thoughts or comments on some of the downstream stuff, particular within the mining sector that we do with Windfall Geotek.

當然還有一些，實際上還有一些更好的。評論一下目前與 Windfall 的業務，我們在上次財報電話會議上提到這一點，事情正在向前發展。有更新嗎？它是什麼樣子的？顯然，這裡不提供指導，但也許對下游的一些東西有一些想法或評論，特別是在我們與 Windfall Geotek 合作的採礦領域。

Yeah, we're absolutely committed and understand clearly that we are an important player in the data world. And in fact, I would suggest that over time, Draganfly is -- will be a data company. I mean, we'll be known as a drone company. Our advantage being is that we can customize drones and sensors in order to collect data for our customers that maybe others can't right, which is really the strategic differentiator for our customer. Again, whether that's a commercial, an energy, a government, a military, it's all about in many respects the quality of that data. And so because of our integrated approach and capabilities that is a major strategic differentiator for us going forward.

是的，我們絕對致力於並清楚地了解我們是數據世界的重要參與者。事實上，我建議隨著時間的推移，Draganfly 將成為一家數據公司。我的意思是，我們將被稱為無人機公司。我們的優勢是我們可以客製化無人機和感測器，以便為我們的客戶收集其他人可能無法正確的數據，這確實是我們客戶的策略差異化因素。同樣，無論是商業、能源、政府或軍事，在許多方面都與數據的品質有關。因此，由於我們的綜合方法和能力，這是我們前進的主要策略差異化因素。

So mining is one of those first areas that allows us to collect data and provide it back to the customer that other people necessarily haven't been able to collect. So I'm not at liberty right now to speak specifically about Windfall, but I can say that it is a very robust market, and it is an absolute focus for us in the commercial market. Mining, in particular, and mining data. It will be a template for how data is collected and used and how AI is employed into other markets. Mining will be that way. Windfall's got an incredible platform that we're building on. And again, last quarter, I could have talked about an order book. Actually, last quarter, I could have talked about a pipeline with Windfall. Next quarter -- quarter end, we'll be able to talk about our order book. So we're really excited about what's happening there.

因此，挖掘是我們能夠收集數據並將其返回給客戶的首要領域之一，而其他人不一定能夠收集到這些數據。所以我現在不能具體談論Windfall，但我可以說這是一個非常強勁的市場，也是我們在商業市場的絕對焦點。挖掘，特別是挖掘資料。它將成為如何收集和使用數據以及如何將人工智慧應用於其他市場的模板。挖礦也會是這樣。 Windfall 有一個令人難以置信的平台供我們打造。上個季度，我再次談論了訂單簿。事實上，上個季度，我本來可以談論 Windfall 的管道。下個季度——季度末，我們將能夠談論我們的訂單簿。所以我們對那裡發生的事情感到非常興奮。

When Draganfly goes to drone conferences and UAV shows and things like that, how do you see the competitive mix between Draganfly and some of the other drone companies? Where do you -- where do we see that the company fits into this? What are some of the other things other companies are doing that Draganfly might want to emanate in the future, copy in the future? Maybe give a little color and context in terms of how we fit into the market?

當 Draganfly 參加無人機會議和無人機表演以及類似活動時，您如何看待 Draganfly 和其他一些無人機公司之間的競爭組合？您在哪裡—我們在哪裡看到該公司適合這種情況？其他公司正在做的其他事情有哪些是 Draganfly 可能希望在未來推出並複製的？也許可以就我們如何融入市場提供一些色彩和背景？

Yeah, there's incredible, incredible creativity and brain power in this space. And I never want to profess root causes to the smartest folks out there. Every time I go to a show or I get to meet other folks in the drone space, just like, wow, where did you come up with that? And how did you think about that? Like really, really stuff that just like grabs you just go that it's really impressive.

是的，這個領域有著令人難以置信的創造力和腦力。我從來不想向最聰明的人坦白根本原因。每次我去看演出或遇到無人機領域的其他人時，我都會想，哇，你是從哪裡想到這個的？你是怎麼想的？就像真的、真的東西一樣，就像抓住你一樣，它真的很令人印象深刻。

I think some of the differentiator, in particular, around Draganfly having been around so long is that the objects that we chase are customer driven. And so there's a lot of shiny objects that we don't go after. And because we know that they're not going to have a production capacity either in terms of being able to be produced or have a demand signal where it might be the coolest thing in the world, but it might be a $2 million market, right? Or it might be a $20 million market, but that's five years from now.

我認為，特別是 Draganfly 的一些差異化因素已經存在了很長一段時間，那就是我們追逐的對像是客戶驅動的。所以有很多閃亮的物體我們不會去追求。因為我們知道他們不會有生產能力，無論是在能夠生產方面還是在需求訊號方面，它可能是世界上最酷的東西，但它可能是一個 200 萬美元的市場，對吧？或者它可能是一個 2000 萬美元的市場，但那是五年後的事了。

So I think we really -- over the last number of years, one could have argued five years, six years ago, that our drone capability was minimal. And it's certainly compared to what it is today. It was, but we were still in the drone business producing drones, where no other North American manufacturer to speak up was there. But we were doing contract engineering for the military contractors. We were doing really interesting projects in academia and getting paid for.

所以我認為，在過去的幾年裡，人們可能會在五年、六年前說，我們的無人機能力微乎其微。當然，與今天的情況相比。確實如此，但我們仍在生產無人機的無人機業務中，沒有其他北美製造商可以發言。但我們正在為軍事承包商做合約工程。我們在學術界做了非常有趣的專案並獲得報酬。

So we've been able to move with the market. And now what we see is that the market is ready to scale and add production. And I think that we're meeting that right there where it's at. I also think that we're very focused on utility-type drones as opposed to one the coolest, latest thing or kind of like the smaller backpack-type drove?

所以我們能夠隨著市場的發展而改變。現在我們看到的是市場已經準備好擴大規模並增加產量。我認為我們正在就地會面。我還認為我們非常關注實用型無人機，而不是最酷、最新的無人機或類似較小的背包式無人機？

I think it's a very competitive market. We do build those off of our work benches, but off a production line that's a pretty tough low-margin business to be in, unless you've got something really strategic. And we think we do and some of that will happen in time, but the demand signals just not quite there yet.

我認為這是一個競爭非常激烈的市場。我們確實在我們的工作台上建造了這些產品，但在生產線上，這是一個非常艱難的低利潤業務，除非你有真正的策略性的東西。我們認為我們確實做到了，其中一些會及時發生，但需求訊號還沒有完全實現。

There's been another -- a number of other joint companies that have closed down. We keep hearing reports about that in the market. Are we getting to consolidation? Would have Draganfly fit into that mix? Are we looking at other kind of opportunities for companies that have wound down, close down, sign technology? What does that look like? And I think this is the last question by the way, so go ahead and answer that.

還有另外一些合資公司已經倒閉。我們不斷聽到市場上有關這方面的報道。我們正在整合嗎？ Draganfly 會融入其中嗎？我們是否正在為那些已經倒閉、關閉、簽署科技的公司尋找其他機會？那看起來像什麼？順便說一句，我認為這是最後一個問題，所以請繼續回答。

Yeah. You know, walking to [Florida] last CUAV show, it seemed to be kind of like a reoccurring theme. There was like how these companies are going to be here next year type of type of thing. So yeah, there's definitely consolidation in the industry. The commercial market has taken longer to adopt and get there, again, by about that fourth or fifth time in the cycle. And the difference here is, though, is that the regulations are much further along. And we are seeing commercial adoption.

是的。你知道，走到[佛羅裡達]最後一次 CUAV 展會時，這似乎是一個反覆出現的主題。就像這些公司明年將會出現的那樣。所以，是的，產業肯定存在整合。商業市場需要更長的時間才能採用並達到這一目標，大約是週期中的第四或第五次。不過，這裡的差別在於，法規要更進一步。我們正在看到商業應用。

The second and the bigger difference that's come to the forefront is the fact that the military market is now -- not just prevalent, it's just overwhelming. The challenge for companies that generally -- not all -- but generally haven't been around for a long time or gone through a bunch of that rigor that's required in order to sell into government-type customers, military in particular, is that it doesn't matter if you've got the greatest whiz-bang. If you can't get the production, if you can't like -- I mean sizable production and all those types of things, it's just not a viable product for those types of customers.

第二個也是最重要的一個差異是，軍事市場現在不僅盛行，而且勢不可擋。對於那些通常（不是全部）但通常存在時間不長或沒有經歷過向政府類客戶（尤其是軍方）銷售產品所需的一系列嚴格要求的公司來說，面臨的挑戰是：如果你擁有最偉大的天才，那並不重要。如果你無法獲得生產，如果你不能喜歡——我的意思是大規模生產和所有這些類型的東西，那麼對於這些類型的客戶來說，它就不是一個可行的產品。

So we're going to see consolidation. We're very focused on organic growth. Right now, our hands are full, like we don't need to do an acquisition. We don't need to bolster say it. We don't need to -- we just need to execute on what's in front of us right now, and we'll be a standout in terms of scale. And I think likely there's others a couple of others out there that might be in that same position of speculating a little bit. But I could speak with confidence that that's where we're going. Not that we're opposed to acquisitions at all. But given where some of the valuations are right now and given where the market's going and given what we need to do organically just to meet demand, we're probably not looking at acquisitions at the timeframe.

所以我們將看到整合。我們非常注重有機成長。現在，我們的手很忙，就像我們不需要進行收購一樣。我們不需要支持說出來。我們不需要——我們只需要執行現在擺在我們面前的事情，我們就會在規模上脫穎而出。我認為可能還有其他一些人可能也有同樣的猜測。但我可以自信地說，這就是我們要去的地方。並不是說我們完全反對收購。但考慮到目前的一些估值，考慮到市場的走向，考慮到我們需要有機地做些什麼來滿足需求，我們可能不會在這個時間範圍內考慮收購。

Now that said, something is going to come up within quarters. Now, we're going to announce what, but we don't -- but there's nothing imminently that we're on right now.

話雖如此，幾季內就會出現一些情況。現在，我們要宣布什麼，但我們沒有——但我們現在沒有什麼迫在眉睫的事情。

Okay. Well, that's the list of questions on, I will I'll send it back to you to adjourn the meeting, wrap it up, and then that'll be it for this shareholder call.

好的。好吧，這就是問題清單，我會把它發回給你，讓你休會，總結一下，然後這就是這次股東電話會議的內容。

Thank you, everybody, for taking the time. We went this time without taking live questions as we got a bunch of feedback that it seemed quite distracting actually. So we really encourage -- I love the live question, a piece of it. So we'll look to see some feedback. And if we go back to that or not next time, but by all means, don't be afraid to reach out to us. Rolly is always available. The rest of the executive will certainly do their best to respond quickly as well.

謝謝大家抽出時間。這次我們沒有接受現場提問，因為我們收到了一堆回饋，實際上這似乎很分散注意力。所以我們真的鼓勵——我喜歡現場提問，其中一部分。因此，我們將尋求一些回饋。無論我們下次是否再回到這個問題，但無論如何，請不要害怕與我們聯繫。羅利隨時可用。其他高階主管肯定也會盡力快速回應。

First and foremost, I'd like to thank our employees for sticking with us. It's been a real grind, and we've gone through some cost reduction stuff as well at the same time that we're scaling the business. So thank you for your time, trust, and patience. To our customers, our business is all about you, and so thanks for your time, trust, and patience. And our shareholders, we'll look to work hard to create shareholder value for you. So thank you for your time today, and we look forward to a great quarter coming.

首先，我要感謝我們的員工堅持與我們合作。這是一個真正的磨難，我們在擴大業務的同時也經歷了一些降低成本的事情。感謝您的時間、信任與耐心。對於我們的客戶來說，我們的業務與您息息相關，因此感謝您的時間、信任和耐心。而我們的股東，我們將努力為您創造股東價值。感謝您今天抽出寶貴的時間，我們期待著一個美好的季度的到來。