Draganfly Inc (DPRO) 2024 Q1 法說會逐字稿

Hello, and welcome to everyone that are joining us today for the call. Let's just give it one more minute and ask people, join in.

您好，歡迎今天加入我們電話會議的所有人。讓我們再給它一分鐘，請人們加入。

All right. To respect everybody's time, I think we will get started today. So as usual, greetings, and welcome to all shareholders and stakeholders in today's Draganfly 2024 Q1 Earnings Call. My name is Rolly Bustos, and I am the internal Investor Relations representative here at Draganfly. We appreciate you joining us.

好的。為了尊重大家的時間，我想我們今天就開始吧。像往常一樣，我們向參加今天的 Draganfly 2024 年第一季財報電話會議的所有股東和利害關係人致以問候和歡迎。我叫 Rolly Bustos，是 Draganfly 的內部投資人關係代表。我們感謝您加入我們。

We will start with our CEO and President, Cameron Chell, recapping the first quarter earnings headline.

首先，我們的執行長兼總裁卡梅倫·切爾 (Cameron Chell) 回顧了第一季的收益標題。

Good afternoon.

午安.

Then quickly, we will have a more detailed financial review from our CFO, Paul Sun, then Cam will discuss some operational highlights and subsequent events. As usual, we will conclude with our Lead Director, Scott Larson, moderating the pre-submitted questions we have received. As always, you are welcome to reach out to me at investor.relations@draganfly.com.

然後很快，我們的財務長 Paul Sun 將進行更詳細的財務審查，然後 Cam 將討論一些營運亮點和後續事件。像往常一樣，我們將由我們的首席總監 Scott Larson 主持結束，他將主持我們收到的預先提交的問題。一如既往，歡迎您透過 Investor.relations@draganfly.com 與我聯繫。

Once again, I 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 reliance should not be placed on them. Any future events or financial results may differ from what might be discussed here. The forward-looking disclaimer can be found on page 2 of this presentation.

我再次提醒大家，本簡報可能包含前瞻性資訊和陳述。這些報表不是對未來業績或財務表現的保證，不應過度依賴它們。任何未來事件或財務結果可能與此處討論的有所不同。前瞻性免責聲明可在本簡報的第 2 頁找到。

So Cam, if you're ready, please go ahead.

所以卡姆，如果你準備好了，請繼續。

I sorry, everyone. I just had a computer glitch there. Let me just some just give me second here to hold the line document backup. I apologize. Sorry about that. Versus always happens right at the worst, worse moment.

對不起，大家。我剛剛在那裡的電腦出了故障。讓我先給我第二個時間來儲存行文檔備份。我道歉。對於那個很抱歉。對抗總是發生在最糟糕、最糟糕的時刻。

Great. Thanks, everybody, for your patience. I appreciate that.

偉大的。謝謝大家的耐心等待。我很感激。

Okay. So for Q1, so our Q1 revenues were $1.3 million somewhat by design. That included $1.2 million in product sales and just under $100,000 of services. Now it's important to note that this is a 45% increase Q over Q from our Q4 of last year.

好的。對於第一季度，我們第一季的營收在某種程度上是 130 萬美元。其中包括 120 萬美元的產品銷售額和近 10 萬美元的服務。現在值得注意的是，與去年第四季相比，該季度增長了 45%。

Now as most of you probably realize we've gone through a major upgrade of two plants last year, and we're able to bring on our main plant in the end of Q3, beginning of Q4 of last year. And we've been preparing our throttling, if you will, basically for expected incoming orders that we've been working on now for about a year and a half, in particular from our military customers, a number of announcements leading up to this, you will have noticed our sales into military customers, which are all kind of precursor in order for us to be able to meet the demand signals that were given to us by the military.

現在，你們中的大多數人可能已經意識到，我們去年對兩家工廠進行了重大升級，我們能夠在去年第三季末、第四季初啟用我們的主要工廠。如果你願意的話，我們一直在準備我們的節流，基本上是針對預期的傳入訂單，我們現在已經處理了大約一年半的時間，特別是來自我們的軍事客戶，在此之前發布了許多公告，您會注意到我們對軍事客戶的銷售，這些都是我們能夠滿足軍方向我們發出的需求信號的先兆。

I'll talk a little bit more about this after Paul runs through the numbers, exactly where we're at in this cycle and the steps that we've taken in order to prepare for. So we had a gross profit of $280,000, which is about a 21% margin. Our cash balance as of the end of Q1 was $4 million, and we had a subsequent event just right after the Q here of another $3.5 million. So we're in a strong cash position. And as Paul will run through, you'll see that our burn rate is declining significantly.

在保羅瀏覽這些數字之後，我將更多地談論這個問題，包括我們在這個週期中所處的具體位置以及我們為做好準備而採取的步驟。所以我們的毛利是 28 萬美元，大約是 21% 的利潤率。截至第一季末，我們的現金餘額為 400 萬美元，在本季結束後我們又舉辦了一項後續活動，現金餘額為 350 萬美元。因此，我們擁有充足的現金狀況。正如保羅所講的，你會發現我們的資金消耗率正在顯著下降。

So without further ado, and before I get into some of the operational highlights, I'll turn it over to Paul Sun, our CFO, to run through the financial results. Paul?

因此，言歸正傳，在介紹一些營運亮點之前，我將把它交給我們的財務長 Paul Sun 來介紹一下財務表現。保羅？

Yes. Thanks, gents. Thanks, everyone, for joining just kind of went through the revenue numbers. I'll just go through this table real quick on. So he talked about quarter over quarter in this table. We're doing a year-over-year comparison so for our Q1 of this year, we did $1.3 million. That's about 16%, down from $1.6 million in the first quarter of 2023. Again, part of the reason is what Kevin talked about in terms of the transition, we had, again, revenue comprised $1.2 million of product sales with the balance coming from drone services. He did talk about the gross profit being 280 grand compared to 443 in Q1 of last year.

是的。謝謝，先生們。謝謝大家的加入，我們只是簡單了解收入數據。我將快速瀏覽一下這張表。所以他在這張表中談了四分之一。我們正在進行同比比較，因此今年第一季我們的收入為 130 萬美元。這比 2023 年第一季的 160 萬美元下降了約 16%。同樣，部分原因是凱文在過渡方面談到的，我們的收入再次包括 120 萬美元的產品銷售，餘額來自無人機服務。他確實談到毛利為 280 美元，而去年第一季為 443 美元。

I will note there was a one-time noncash write-down of inventory of about $148,000. So gross profit would have been $429,000. And so gross profit for Q1 2023, if you kind of X out, the noncash would have been five, 20, if you take away the one-time inventory write-down that we just talked about, it's basically a flat year over year, gross profit of about 32%

我要指出的是，庫存的一次性非現金減記約為 148,000 美元。因此毛利將為 429,000 美元。因此，2023 年第一季的毛利，如果你算 X 的話，非現金將是 5、20，如果你去掉我們剛才談到的一次性庫存減記，它基本上與去年同期持平，毛利約32 %

Total comprehensive loss for the quarter was $1.89 million compared to a loss of $7.1 million that is again partially we're talking about the burn that Cam just mentioned. Again, there are some noncash changes in that number. There was a fair value of derivative liability of about $1.8 million inventory write-down of $148,000, and we had a small gain on an impairment of a note receivable of $6,700.

該季度的總綜合虧損為 189 萬美元，而虧損為 710 萬美元，這又是我們談論 Cam 剛才提到的燒錢的部分原因。同樣，這個數字也有一些非現金變動。衍生負債的公允價值約為 180 萬美元，庫存減記為 148,000 美元，我們因應收票據減值 6,700 美元而獲得了小額收益。

So, the loss would have been $3.5 million versus an adjusted loss of $7.1 million a year ago. So again, a pretty big decrease in the year over year loss primarily due to lower office and miscellaneous costs, professional fees and wages.

因此，損失將為 350 萬美元，而一年前調整後的損失為 710 萬美元。同樣，虧損同比大幅下降，主要是由於辦公室和雜項成本、專業費用和工資的降低。

If we now go on to the next table, the quarterly table. Yes, so we just went through the year-over-year changes, so now we'll do kind of the quarter-over-quarter changes between this quarter and Q4 of last year. So revenue for Q1 increased $413,000 to $1.3 million, up from $916,000 in Q4 of last year, again, an increase of 45% due to higher product sales.

如果我們現在繼續看下一張表，即季度表。是的，我們剛剛經歷了同比變化，所以現在我們將在本季和去年第四季之間進行季度環比變化。因此，第一季的營收從去年第四季的 91.6 萬美元增加了 41.3 萬美元，達到 130 萬美元，由於產品銷量增加，營收再次成長了 45%。

Gross margin percentage for Q1 was 21%, again comparing to 28.3% versus Q4. Again, if we back out those numbers, the true comp is 32% for this quarter compared to 41% of last quarter, with the difference being really product mix between the quarters, some products that have higher margin, some services have higher margins. So it really kind of depends on where they fall in the quarter.

第一季的毛利率為 21%，而第四季的毛利率為 28.3%。再次強調，如果我們推翻這些數字，本季的真實競爭率為32%，而上季為41%，差異在於各季度之間的實際產品組合，一些產品的利潤率更高，一些服務的利潤率更高。所以這實際上取決於它們在本季度的排名。

In terms of comprehensive loss for Q1, again, $1.89 million compared to $4.2 million for Q4 of last year. Again, we had a gain in fair value of derivative liability of $1.8 million. The write-down of inventory and the gain on the note receivable. So if you back that out comprehensive loss against $3.5 million, if we do the same analysis with Q4 of last year, they're lost pretty much stays the same at $4.2 million So again, our loss is go is getting better. It's lower due to professional fees and wage costs.

就第一季的綜合虧損而言，同樣為 189 萬美元，而去年第四季的綜合虧損為 420 萬美元。我們再次獲得了 180 萬美元的衍生負債公允價值收益。存貨的減記和應收票據的收益。因此，如果你將綜合損失與 350 萬美元掛鉤，如果我們對去年第四季進行相同的分析，他們的損失幾乎保持在 420 萬美元不變，因此，我們的損失正在變得更好。由於專業費用和工資成本，它較低。

So on the final table here on the next page just kind of looks at a high level on our balance sheet. You can see our total assets increased slightly from $8.3 million to $9 million from the end of 2023 to the end of March, largely due to an increase in cash.

因此，在下一頁的最終表格中，我們可以看到我們資產負債表的高水準。你可以看到，從2023年底到3月底，我們的總資產略有增加，從830萬美元增加到900萬美元，這主要是因為現金的增加。

Working capital as at the end of this quarter was $534,000 compared to what is shown here as a deficit of $717,000. However, if we x out that noncash fair value of derivative liability again of $4 million, in that particular case, working capital would be a surplus of $4.6 million this quarter and $3.5 million at the end of December of last year.

截至本季末的營運資本為 534,000 美元，而此處顯示的赤字為 717,000 美元。然而，如果我們再次剔除衍生負債的非現金公允價值 400 萬美元，在這種特殊情況下，本季營運資金將盈餘 460 萬美元，去年 12 月底盈餘為 350 萬美元。

Doing the same analysis for the shareholders' equity at this quarter end, it would be $5.7 million versus the $1.7 million shown here and $4.6 million at the end of December versus the $408,000 shown here. So you can really see the derivative does swing the number. And again, it is a non-cash number. Again, we continue to have minimal debt. And as Cam mentioned at the outset, the Company's cash balance is $4.3 million compared to $3.1 million at the end of December of last year.

對本季末的股東權益進行相同的分析，結果為 570 萬美元，而此處顯示的為 170 萬美元，12 月底的股東權益為 460 萬美元，而此處顯示的為 408,000 美元。所以你確實可以看到導數確實改變了數字。再說一次，它是一個非現金數字。同樣，我們的債務仍然很少。正如 Cam 在開頭提到的，該公司的現金餘額為 430 萬美元，而去年 12 月底為 310 萬美元。

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

這樣，我會把它傳回給你，Cam

And that cash balance is not inclusive of the subsequent event of the $3.5 million.

該現金餘額不包括後續事件中的 350 萬美元。

From an operational standpoint, it was an important quarter for us. Again, our big focus through the end of last year and the beginning of this year was really tooling for and securing what we believe are, by all indications, the larger, in particular, military contracts that we've been working on for the last 1.5 years plus.

從營運角度來看，這對我們來說是一個重要的季度。再說一遍，去年年底和今年年初，我們的主要重點實際上是為我們認為的工具和確保我們認為的，從所有跡象來看，更大的合同，特別是我們去年一直致力於的軍事合同1.5年以上。

That said, a couple of things of note in preparation for this is we did announce an additional partnership with ParaZero, the drone safety systems, which are standardizing on our commander 3XL system. And we actually are using this on a project that we announced with [Boston Mass General Brigham Hospital] where we were selected by them to perform their medical delivery.

也就是說，為此做準備時值得注意的幾件事是，我們確實宣布了與無人機安全系統 ParaZero 的額外合作夥伴關係，該系統正在我們的 Commander 3XL 系統上實現標準化。實際上，我們正​​在與[波士頓麻省總布里格姆醫院]宣布的一個項目中使用它，他們選擇我們來執行他們的醫療交付。

So they're moving forward in Massachusetts with a significant pilot, which will enable them to be delivering things like test kits, samples, pharmaceuticals, etcetera, which normally take hours and hours to get through the city that they are now looking to do by drone. So this was a very, very prestigious win for us, and kudos to the team for putting this together with this excellent crew.

因此，他們正在馬薩諸塞州進行一項重要的試點工作，這將使他們能夠運送檢測試劑盒、樣品、藥品等物品，而這些物品通常需要數小時才能穿過他們現在想要做的城市無人機。因此，這對我們來說是一次非常非常有聲望的勝利，我們對團隊和優秀的團隊表示敬意。

Mass General worked closely with the Department of Transportation and they've actually been working on this project for a number of years in contact with the FAA as well, we also announced Doodle Labs, a number of projects with them. Doodle, in addition to this, also just got approved over in the Ukraine theater on testing where we've been for a couple of years. So that was a significant announcement for us as well as UXV Technologies.

麻省總醫院與交通部密切合作，實際上他們多年來一直在與美國聯邦航空管理局聯繫，致力於這個項目，我們也宣布了塗鴉實驗室，以及與他們合作的許多項目。除此之外，Doodle 剛剛在烏克蘭劇院獲得批准，我們已經在那裡進行了幾年的測試。因此，這對我們以及 UXV Technologies 來說都是一個重要的公告。

So UXV has a very particular and specified controller that's ruggedized and very important, in particular, in military applications. And so we've been working with both these companies for the last 1.5 years, and we're able to formalize our relationship with them and actually announce it in anticipation of a number of the other projects that we've got coming up.

因此，UXV 有一個非常特殊且指定的控制器，該控制器堅固耐用且非常重要，特別是在軍事應用中。因此，我們在過去 1.5 年裡一直與這兩家公司合作，我們能夠正式與他們建立合作關係，並在我們即將開展的許多其他項目的預期中實際宣布這一關係。

We were also at the AUVSI conference, which is an extremely interesting conference for us. Recently, probably the greatest level of activity that we've ever had as an organization with multiple specific customers coming to the conference to not just speak with us but do a number of strategic planning sessions as we roll out with them.

我們也參加了 AUVSI 會議，這對我們來說是一次非常有趣的會議。最近，這可能是我們作為一個組織舉辦的最大規模的活動，有多個特定客戶參加會議，不僅與我們交談，而且在我們與他們一起推出時進行了許多戰略規劃會議。

Also on that front, we are enrolled in what's called the Green program with AUVSI. And the Green program, or what they call the Green List, is a list that supersedes the Blue List. So originally, when the Blue list first came out, I was very dismissive of it. And this was a mistake on my report. Because we have been selling into and continue to sell into government agencies in North America for the last 20 plus years, I really looked at the Blue List as a marketing thing and we weren't candidly overimpressed with what they were certified. Little did we know that it would become a very important list to be on.

同樣在這方面，我們也加入了 AUVSI 的綠色計畫。綠色計劃，或他們所說的綠名單，是一個取代藍名單的名單。所以本來藍榜剛出來的時候我是很不屑的。這是我的報告中的一個錯誤。因為在過去的20 多年裡，我們一直在向北美的政府機構銷售產品，而且還在繼續向它們銷售產品，所以我確實將藍名單視為一種營銷手段，坦白說，我們並沒有對他們所獲得的認證印象深刻。我們幾乎不知道它將成為一個非常重要的清單。

Now there is provisions that if you sell into government agencies or into the military in particular, they can make a request to the Blue List to include you on the Blue List. And we've had those requests made on our behalf by the military. But Blue's out of budget. So they're not including more people on that list.

現在有規定，如果您向政府機構或特別是軍隊銷售產品，他們可以向藍名單提出請求，將您納入藍名單。我們已經收到了軍方代表我們提出的這些請求。但 Blue 超出了預算。所以他們不會在該名單上包含更多人。

So AUVSI came out with what's called the Green List, which actually supersedes the Blue List. So if you're on the Green List, then you supersede Blue. So we're going through Green certification right now. But other than delaying some of the sales cycle by a few weeks, the Blue List has not prevented us from selling or being eligible to sell into the government requirements that we have because we already were selling, we are already NDAA compliant and we already sell into the military.

因此，AUVSI 推出了所謂的“綠名單”，它實際上取代了“藍名單”。因此，如果您在綠名單上，那麼您就取代了藍名單。所以我們現在正在通過綠色認證。但除了將部分銷售週期推遲幾週外，藍名單並沒有阻止我們按照政府要求進行銷售或有資格進行銷售，因為我們已經在銷售，我們已經符合 NDAA 要求，並且我們已經在銷售進入軍隊。

Further to this, we did enter our drones into a contest. And we were awarded the best enterprise drone, the best delivery drone. And actually, I forget what the other award was. But we're pretty pleased with and really kudos off to our engineering team for the work that they put together and the valuations that they went through in order to do this.

除此之外，我們確實讓我們的無人機參加了一場比賽。我們也獲得了最佳企業無人機、最佳送貨無人機獎。事實上，我忘記了另一個獎項是什麼。但我們對我們的工程團隊非常滿意，並為他們所做的工作以及為此進行的評估表示讚賞。

The First Nations is becoming a really important player in drones across North America, simply because of the mapping and the survey work and, in particular, because of the mining and the fire prevention or wildfire work. So we were selected by a number of organizations throughout the quarter but, in particular, the Ulkatcho Nation, which has a very, very strong program that they're moving forward with federal firefighting authorities.

原住民正在成為整個北美無人機領域真正重要的參與者，這僅僅是因為測繪和調查工作，特別是因為採礦和防火或野火工作。因此，整個季度我們被許多組織選中，特別是 Ulkatcho Nation，該組織有一個非常非常強大的計劃，他們正在與聯邦消防當局一起推進。

Along with this, similar, the Squamish Search & Rescue has entered into a partnership with us, whereby they have selected Draganfly, not only just our drones but actually the entire Draganfly, as the exclusive drone provider and solution provider for all of their search and rescue. And they are one of the busiest search and rescue organizations in North America, well over 100 calls per year, fast water rescues, mountain rescues, searches, loss hiker, just the list goes on.

同時，類似地，斯闊米甚搜尋與救援組織也與我們建立了合作夥伴關係，他們選擇了Draganfly，不僅是我們的無人機，而且實際上是整個Draganfly，作為他們所有搜索和救援的獨家無人機提供者和解決方案提供者。他們是北美最繁忙的搜救組織之一，每年接到超過 100 個呼叫，快速水上救援、山區救援、搜尋、失蹤徒步旅行者等等。

There probably isn't much of anything that they haven't had to do. And the use cases that they're presenting for why they selected, in particular, the 3XL, and the Heavy Lift actually, are pretty unique and well positioned for us. So this is strategic for us because it's also an organization that's looked at by many search and rescue organizations as the leading indicator of what they're doing with their drone programs and how they're looking to move forward.

可能沒有多少事情是他們不需要做的。他們展示的用例（特別是 3XL 以及實際的 Heavy Lift）對我們來說非常獨特且定位良好。因此，這對我們來說具有戰略意義，因為它也是一個被許多搜索和救援組織視為他們的無人機計劃正在做什麼以及他們希望如何前進的領先指標。

We also announced a partnership with MMS. So MMS is a company that does provide many tactical options for the military and has sold into many military organizations. MMS has selected Draganfly as a drone of choice to deliver many of their tactical payloads. And we've been on multiple demonstrations with them over the last year and a bit, and we're able to finally announce that partnership.

我們也宣布與 MMS 建立合作關係。因此，MMS 是一家確實為軍隊提供許多戰術選擇的公司，並且已向許多軍事組織出售產品。MMS 選擇 Draganfly 作為首選無人機來運送許多戰術有效載荷。在過去一年多的時間裡，我們與他們進行了多次演示，我們終於能夠宣布這種合作關係。

I think it's important to note also that in terms of some of the administrations and such that we've been doing, I want to draw attention in particular to the demo training and evaluation that we went through at Fort Liberty. We had the great pleasure of training over 200 special and conventional forces on our 3XL and on our new FlexForce Modular FPV UAV.

我認為還需要注意的是，就我們一直在做的一些管理而言，我想特別提請注意我們在自由堡經歷的演示培訓和評估。我們非常高興在 3XL 和新型 FlexForce 模組化 FPV 無人機上訓練了 200 多名特種部隊和常規部隊。

So the FlexForce FPV is the first NDAA-compliant FPV to be utilized within the forces. It's gone through full evaluation. I can't give more detail than that at this time but know that we came out with this product for the expressed purpose based on demand that was coming for this particular product as an NDAA-compliant device. So it has some incredibly unique features. We are not overly compelled to talk a lot about some of the features of this particular product.

因此，FlexForce FPV 是第一個在部隊中使用的符合 NDAA 的 FPV。已經經過全面評估。目前我無法提供更多詳細信息，但我們知道我們推出該產品是為了滿足該特定產品作為符合 NDAA 的設備的需求而推出的明確目的。因此它具有一些令人難以置信的獨特功能。我們並沒有過多地談論這個特定產品的一些功能。

It is very strategically differentiated not just because it's an FPV but because of the features of this particular FPV that were designed in part by the very specific requirements that we're asked for, for this particular product. We're really excited about where this is going to go, who's buying it. We have stood up a production line for this now as part of the evaluation process that we had to go through for this to be a product that could be purchased by the DoD and several different defense forces.

它在策略上非常與眾不同，不僅因為它是一款 FPV，還因為這款特定 FPV 的功能部分是根據我們針對這款特定產品提出的非常具體的要求而設計的。我們對它的發展方向以及誰會購買它感到非常興奮。我們現在為此建立了一條生產線，作為評估過程的一部分，我們必須經過該評估過程，才能將其成為可以由國防部和幾個不同的國防部隊購買的產品。

We had a very successful SOF Week. The SOF Week is the Special Operation Forces Week where we did hold live demos with just about 19 specifically different agencies in partnership with MMS. And that was a full day and a live site just out of Tampa. Again, this was in support of the orders that we're ramping up for right now.

我們度過了非常成功的 SOF 週。SOF 週是特種作戰部隊週，我們與 MMS 合作，與大約 19 個不同的機構進行了現場展示。那是一整天的時間，是坦帕郊外的一個現場現場。同樣，這也是為了支持我們目前正在增加的訂單。

I'm not going to spend a lot of time on our product review other than what I did mention here that we did introduce the FlexForce Modular FPV UAV. You'll notice that, that center section's blurred out. That's for many different reasons. But know that it basically is modular. And what I can tell you is that this particular FPV can change sizes, dimensions and flight characteristics within minutes in the field and without the use of any tools. And this is really important because it increases the range, the payload capacity, the actual tactics that can be used with this particular FPV. It can be used in full acrobatic mode. Very skilled clients can use this without any stabilization.

除了我在這裡提到的我們確實推出了 FlexForce 模組化 FPV 無人機之外，我不會花太多時間在我們的產品評論上。您會注意到，中心部分變得模糊了。這是出於許多不同的原因。但要知道它基本上是模組化的。我可以告訴您的是，這種特殊的 FPV 可以在現場幾分鐘內改變尺寸、尺寸和飛行特性，並且無需使用任何工具。這非常重要，因為它增加了該特定 FPV 的航程、有效負載能力以及可使用的實際策略。它可以在完整的雜技模式下使用。非常熟練的客戶可以在沒有任何穩定的情況下使用它。

So you can flip this thing around and it flies in the 100-mile-an-hour range, sustainable at 93 miles per hour. And you can imagine that the 4-inch size or the 9-inch size, this thing at 93 miles an hour is just completely unstoppable. Now it does have, uniquely, some electronic, I'll call it, warfare capabilities and GPS-denied environment capabilities which, again, at this time, is a unique feature for an FPV.

所以你可以翻轉這個東西​​，它的飛行速度可達每小時 100 英里，可持續飛行速度為每小時 93 英里。而且你可以想像，4吋尺寸或9吋尺寸，這時速93英哩的東西簡直是完全勢不可擋的。現在，它確實擁有一些獨特的電子戰能力，我將其稱為“GPS 拒絕環境能力”，這也是 FPV 的獨特功能。

One thing that you could look for in this FPV actually is this FPV or multiples of these FPVs actually can be launched from a 3XL or from the Heavy Lift, again, some very unique features that are part of the requirements that we built for going forward here.

實際上，您可以在這款 FPV 中尋找的一件事是，該 FPV 或多個 FPV 實際上可以從 3XL 或重型升降機發射，同樣，一些非常獨特的功能是我們為未來構建的要求的一部分在這裡。

So, on that note, I am going to open it up to Scott Larson, our Lead Director, for some questions. Scott?

因此，就此而言，我將向我們的首席總監 Scott Larson 提出一些問題。史考特？

Yes. Thanks, Cam. We have had a number of questions who have come in prior to this. Of course, we always encourage people to e-mail the questions in. We try to get through as many of them as we can. I have a number here, and I think still one or two are maybe coming in. So let's kind of get to them.

是的。謝謝，卡姆。在此之前我們收到了一些問題。當然，我們總是鼓勵人們透過電子郵件發送問題。我們嘗試盡可能多地解決這些問題。我這裡有一個電話號碼，我想也許還有一兩個人會進來。那麼讓我們來了解一下它們。

Cam, maybe talk a little bit about some of the stuff we're doing internationally. We've talked about that in the past. It wasn't a whole lot of stuff there, and obviously, we're not trying to get ahead of ourselves, but what are some of the international markets that we're looking at, how are they developing, what kind of effort, time, resources and things like that and what are we hoping to see out of some of them.

卡姆，也許可以談談我們在國際上所做的一些事情。我們過去已經討論過這個問題。那裡的東西並不多，顯然，我們並不是想超越自己，而是我們正在關注哪些國際市場，它們是如何發展的，做出了什麼樣的努力，時間、資源和類似的東西，以及我們希望從中看到什麼。

Yeah, I think there's probably two may actually be three specific areas that we'd like to address in that regard or that we probably should address in that regard. So, the first is India. So, India where there is a very, very big potential market for us and we have some very strong partnerships there and have done a considerable amount of work to be ready to execute in that particular region.

是的，我認為實際上可能有兩個或三個特定領域是我們希望在這方面解決的，或者我們可能應該在這方面解決的。那麼，第一個就是印度。因此，印度對我們來說有一個非常非常大的潛在市場，我們在那裡有一些非常強大的合作夥伴關係，並且已經做了大量的工作，準備在該特定地區執行。

Now as you well already may know that Draganfly is located in Canada and the United States. And as it relates to India, Canada and India have had some tough relations in the past six to eight months, which seemed to be working through. Those relations have slowed down our progress in that particular market. We don't think it's going to impede it long term and we continue to work in a manner that we can. But in terms of being able to push that forward as quickly as we would like, that has run into a bit of international geopolitical scenarios whereby we just had to slow that down a little bit. We do not see it as a long-term impediment. However, it is something that is just a little bit holding pattern at the moment.

現在您可能已經知道 Draganfly 位於加拿大和美國。就印度而言，在過去六到八個月裡，加拿大和印度的關係有些緊張，但目前看來正在解決。這些關係減緩了我們在該特定市場的進展。我們認為這不會長期阻礙它，我們將繼續以力所能及的方式開展工作。但就能夠以我們希望的速度推進這一進程而言，這已經遇到了一些國際地緣政治情景，我們不得不稍微放慢腳步。我們不認為這是一個長期障礙。然而，目前這種模式只是有點固定。

The other area that's been really interesting for us, we did announce some work in the MENA region, and we are working there on a delivery project with the government, whereby we will be providing deliveries in the area. And that's again about as much as I can say about it. And that, in turn, has led us to do an awful lot of work also in Africa. So we've been very active in that region. I can't really say much more about that, but it is a surprisingly busy area for drones and drones of our particular use case as well. So I think we can look to see a lot more of activity from the entire drone industry out of Africa, and we're active there in many regards.

我們真正感興趣的另一個領域是，我們確實宣布了在中東和北非地區的一些工作，我們正在與政府合作進行一個交付項目，我們將在該地區提供交付服務。我能說的就這麼多了。這反過來又促使我們在非洲也做了大量的工作。所以我們在該地區一直非常活躍。我真的不能對此說太多，但對於無人機和我們特定用例的無人機來說，這也是一個令人驚訝的繁忙區域。因此，我認為我們可以看到非洲整個無人機產業的更多活動，我們在許多方面都很活躍。

And then the final one to touch base on is just our NATO partners. And so because of the DoD evaluations that we've gone through with our drilling systems and the ability for them to be used by the DoD in special forces, we've got considerable inquiry that comes in from the NATO partners. And so we have been a bit surprised about the robust nature of it. We've been very, very selective about where and who we've pursued those with just for the simple fact that, based on the demand signal and what we're planning for, we will likely be at capacity here by the end of the year.

最後一個接觸的基地就是我們的北約夥伴。因此，由於國防部對我們的鑽井系統進行了評估，以及國防部在特種部隊中使用這些系統的能力，我們收到了來自北約合作夥伴的大量詢問。因此，我們對其強大的特性感到有點驚訝。我們對在哪裡和誰尋找這些人非常非常有選擇性，只是為了一個簡單的事實，根據需求信號和我們的計劃，到年底我們可能會在這裡達到產能。

And so we're being very cautious about what we're taking on, when we're taking on, how we're taking things on because those order sizes with NATO partners are also very, very significant. But our primary partner has been the DoD and then secondary looking to work in conjunction with the DoD.

因此，我們對我們正在採取的行動、何時採取行動以及如何採取行動非常謹慎，因為與北約合作夥伴的訂單規模也非常非常重要。但我們的主要合作夥伴是國防部，其次是尋求與國防部合作。

Okay. Tom, what is the approximate capacity utilization of the company's expanded manufacturing facilities and how much of and we talked about expansion. We announced, of course, we've talked about on the last call as to how much of the capacity we have that are using how much is left, what does that look like?

好的。湯姆，公司擴大的生產設施的產能利用率大約是多少，我們談到了擴張。當然，我們宣布，我們在上次電話會議上討論了我們正在使用的容量有多少，還有多少容量，這是什麼樣的？

Yes. So organic capacity on the production side, not including services, would be about $100 million. Now that would be across what was two and is now three production lines. It's more than three lines, but it's three production products, being the Heavy Lift, being the 3XL and now being the FlexForce FPV. Yes, so we've got about $100 million worth of organic capacity. Now those three lines, we can now move those to outsourced manufacturing as well within the United States when the demand signals.

是的。因此，生產方面的有機產能（不包括服務）約為 1 億美元。現在，這將跨越兩條生產線，現在是三條生產線。它有超過三個生產線，但它是三個生產產品，分別是 Heavy Lift、3XL 和現在的 FlexForce FPV。是的，我們擁有價值約 1 億美元的有機產能。現在，當需求訊號出現時，我們可以將這三條生產線轉移到美國境內的外包製造。

But we need at least that much internally in order to meet the DoD type requirements and sizes that we believe we have coming. That's probably the best way for me to say it. And of course, that's all within a secure environment, and it's been audited and clearances and cybersecurity and all the rest of it. So that's basically where we're targeting. And did you ask where we're at in terms of current capacity, Scott? I'm sorry

但我們內部至少需要這麼多，才能滿足我們認為即將到來的國防部類型要求和規模。這可能是我最好的表達方式。當然，這一切都是在安全的環境中進行的，並且已經過審核、許可和網路安全以及其他所有工作。這基本上就是我們的目標。史考特，你有沒有問過我們目前的產能狀況如何？對不起

Just what's the capacity utilization, yes, I think you answered it. So it's 15- or 20-ish, I suppose, is probably the idea, if we do the opposite math there.

產能利用率是多少，是的，我想你已經回答了。所以我想，如果我們在那裡做相反的數學計算，可能是 15 或 20 左右。

Yes. And it all depends on a lot of different variables and mixes and sometimes the time frames get compressed where you got to jam stuff into a quarter more quickly and, at other times, you can spread it out. So whether it's 15% or 20% right now, it's circumstantial.

是的。這一切都取決於許多不同的變數和混合，有時時間框架會被壓縮，你必須更快地將東西塞進四分之一，而在其他時候，你可以將其展開。所以現在無論是15%還是20%，都是視情況而定的。

There's a question or two here on the Blue List. I think you answered that, of course, earlier in the presentation. Talk a little about what you see in the industry as a whole, any broader trends? You mentioned a couple of conferences that you've been at, any kind of trends throughout the industry that you or other partners of Draganfly have kind of seen? And what do you think that looks like?

藍名單上有一兩個問題。當然，我想你在演講的早些時候就回答了這個問題。談談您對整個行業的看法，有什麼更廣泛的趨勢嗎？您提到了您參加過的一些會議，您或 Draganfly 的其他合作夥伴看到了整個行業的任何趨勢嗎？你覺得那是什麼樣子的？

I don't know if it's an industry trend, but the thing to me that's been most notable at the shows the last six or eight months has been basically the emergence of maybe two or three, maybe three or four drone manufacturers that are beyond having a great product. So I think there's probably a dozen North American-based drone manufacturers that have great product. The real crux of where the industry is at right now is you have to have great product and you have to have capacity.

我不知道這是否是一個行業趨勢，但對我來說，過去六到八個月的展會上最引人注目的事情基本上是出現了兩到三個，也許三到四個無人機製造商，他們超越了一個很棒的產品。所以我認為北美可能有十幾家無人機製造商擁有出色的產品。該行業目前所處的真正關鍵是你必須擁有出色的產品並且你必須擁有產能。

So it's taken a number of years for the industry to get to a point between regulation and demand signal, which is now unfortunately being driven by geopolitics. The commercial requirements are growing, but the demand signal on the geopolitical side, I'll call it the military side, is just so significant.

因此，該行業花了很多年的時間才達到監管和需求訊號之間的平衡點，不幸的是，現在這種需求是由地緣政治驅動的。商業需求不斷增長，但地緣政治方面（我稱之為軍事方面）的需求訊號非常重要。

And because those are, I'll call it, mission-critical, the bigger issue there isn't just great product. It's capacity, right, and capability in terms of being able to meet orders. And that goes everything from clearances to quality, to cybersecurity to, obviously, capacity and all the rest of it. And I would say that there's a number of great drone companies out there with great product, but there's probably three maybe that can now meet the capacity of the orders that are going to be required.

因為這些都是我所說的關鍵任務，所以更大的問題不僅僅是偉大的產品。它是能力、權利和能夠滿足訂單的能力。這涉及從許可到質量，到網路安全，顯然，到容量和所有其他方面。我想說，有許多偉大的無人機公司擁有出色的產品，但現在可能有三個可以滿足所需訂單的容量。

So the industry, in this last, I'll call it, six months, nine months maybe, it'd really become evident that you have to be nimble and quick to be able to adapt your drone capabilities quickly. But none of that matters if you can't meet the capacity requirements or demands that are coming down the line. And so that would be, to me, in terms of like the very, very tactical look at the industry right now. Probably for the first time ever, in the North American drone industry, there's three-ish companies that could meet the capacity demand. And that's really where our governments have been trying to get the industry, to.

所以這個行業，在最後，我會稱之為六個月，也許九個月，它真的變得很明顯，你必須靈活和快速，才能快速適應你的無人機功能。但如果您無法滿足容量要求或即將出現的需求，那麼這一切都無關緊要。因此，對我來說，這就是目前對該行業非常非常戰術性的看法。在北美無人機產業，這可能是有史以來第一次有大約三家公司可以滿足產能需求。這確實是我們的政府一直試圖讓這個產業達到的目標。

And so I think we're on the precipice of that happening. And it's probably somewhat obvious what those three-ish companies are. And not that there won't be other players, but there's really an opportunity now in this category one and category two drones. And I would suggest that we're probably in the position to be the dominant player in category two drones, that's drones that are greater than [GBP55 ] but have a kinetic energy that will hurt people if the drones fell on them and would even suggest that we're the only company that have drones approved in that area with particular customers. So I see things forming up, if that makes sense, Scott.

所以我認為我們正處於這種情況發生的邊緣。這三家左右的公司是什麼，可能已經很明顯了。並不是說不會有其他參與者，但現在在一類和二類無人機中確實存在機會。我建議我們可能會成為第二類無人機的主導者，即大於 [55 英鎊] 的無人機，但其動能如果無人機落在人身上，就會傷害人，甚至會建議我們是唯一在該領域擁有特定客戶批准使用無人機的公司。所以我認為事情正在形成，如果這有意義的話，斯科特。

Yes. We've talked in the past about some supply chain issues. Are those just across the industry? And are those fully solved? What does that look like? Any of the macro issues that are affecting supply chain, particularly for some of these larger contracts that may be coming down?

是的。我們過去討論過一些供應鏈問題。這些只是整個產業嗎？這些問題完全解決了嗎？那看起來像什麼？有哪些宏觀問題正在影響供應鏈，特別是對於一些可能會下降的較大合約？

I think for the most part, their work they're worked through maybe not exactly on the payload side. I think on the drone side, not just for us, but for the other manufacturers out there, I think that they've worked hard to get that sorted out because they've had to fit in order too, it represents that they can meet the demand. However, there is still some challenge on the payload side with maybe some of the different sensors out there that require some particular chips or some particular types of cameras.

我認為在大多數情況下，他們所做的工作可能並不完全是在有效載荷方面。我認為在無人機方面，不僅對我們而言，對其他製造商也是如此，我認為他們已經努力解決這個問題，因為他們也必須遵守順序，這代表他們可以滿足需求。然而，有效載荷方面仍然存在一些挑戰，可能有一些不同的感測器需要一些特定的晶片或一些特定類型的相機。

Two more questions here from one again, a question on is it going to be the financing? I know we can't disclose this but any any thoughts or comments there on the last financing? And we've talked about us kind of trimming some costs and perhaps being prudent move at a more prudent moving forward any any thoughts or comments on that?

這裡又問了兩個問題，一個問題是融資嗎？我知道我們不能透露這一點，但對上次融資有什麼想法或評論嗎？我們已經討論過我們會削減一些成本，也許會採取更謹慎的行動，對此有什麼想法或評論嗎？

Yes. I think a couple of things. We've worked really hard, and we've been fortunate, very fortunate, to be in a spot where we've seen costs come down significantly. We definitely did some belt-tightening and looking at where we could do that. And those are always painful decisions that you go through when you do those types of things. But you've seen pretty much every major company in the world go through that type of stuff recently.

是的。我認為有幾件事。我們非常努力地工作，而且我們非常幸運，能夠看到成本大幅下降。我們確實做了一些勒緊褲腰帶的事情，並考慮在哪裡可以做到這一點。當你做這些事情時，你總是會經歷一些痛苦的決定。但你最近已經看到世界上幾乎所有大公司都經歷過這類事情。

But moreover, we were fortunate because we got to a spot where the majority of the products that we have brought out and the heavy-lifting work that we had to put in place in order to be able to meet this demand signal and the capacity were basically done. So we're at a spot now where we're on plan, those costs started coming down significantly.

但更重要的是，我們很幸運，因為我們已經推出了大部分產品，並且為了滿足這一需求信號和產能而必須開展繁重的工作。所以我們現在正處於計劃中，這些成本開始大幅下降。

And now as we start to see sales, us being able to put an emphasis on sales, not that it wasn't before, we just couldn't turn it on because we were at capacity by the end of Q2 last year, which is you've basically seen us flat since then or just kind of managing or meeting the most important customer demand that we had to. And so we've been fortunate in this spot where we've seen that come down. That's a bit more circumstantial than it is us going through cost-cutting. So I'm not sure if I answered the whole question for you, Scott

現在，當我們開始看到銷售時，我們能夠將重點放在銷售上，而不是以前沒有，我們只是無法打開它，因為我們在去年第二季度末就達到了產能，這是從那時起，您基本上看到我們表現平平，或者只是管理或滿足我們必須做的最重要的客戶需求。所以我們很幸運在這個地方我們看到了這種情況的下降。這比我們削減成本的情況要具體一些。所以我不確定我是否回答了你的整個問題，斯科特

Yes, if you did, I think that's only fine. I think on the last question here, unless there's one or two that come out of the next minute or so on any we've talked a lot about contracts and you're talking about now at any point. Any thoughts on timing is obviously long lead type things. What are your thoughts on kind of some of those coming to fruition, of course, without being without trying to get too too far ahead of ourselves here?

是的，如果你這樣做了，我想那就很好了。我認為關於這裡的最後一個問題，除非在下一分鐘左右出現一兩個問題，我們已經談論了很多關於合約的問題，而您現在正在談論任何時候。任何關於時機的想法顯然都是長期引導型的事情。當然，您對其中一些即將取得成果的想法有何看法，當然，又不想在這裡走得太遠？

They're coming, and they keep getting bigger requirements keep slightly changing. Whether it's Congress approving budgets, whether it's changing situations in the field, whether it's getting through the last steps of evaluations, whether it's, all of a sudden, immediate requirements and needs for FPV drones as well as our other drones, or swarming technologies, all of these things are things that then you have to go through extensive testing and extensive evaluation and certifications and such, and we're not the only ones that are going through this.

他們來了，而且不斷變得更大，要求也不斷發生細微的變化。無論是國會批准預算，無論是現場情況的變化，無論是完成最後的評估步驟，無論是突然對 FPV 無人機以及我們的其他無人機或蜂群技術的迫切要求和需求，所有這些事情都必須經過廣泛的測試、廣泛的評估和認證等，而且我們並不是唯一經歷這些的人。

I think a sophisticated informed investor in this space knows who the two to four companies are that are positioned for this. And if one of them had the $30 million and $50 million orders, and they were all happening and nobody else did, or two of the four did, you could maybe make some calls on whether that company is going to get them. But I think you're going to see the industry, not just Draganfly, dropping these in short order.

我認為這個領域經驗豐富、消息靈通的投資人知道有哪些兩到四家公司適合這個領域。如果其中一家公司拿到了3000 萬美元和5000 萬美元的訂單，而且這些訂單都發生了，而其他人沒有這樣做，或者四家公司中的兩家這樣做了，你也許可以打電話詢問該公司是否會收到這些訂單。但我認為你會看到整個產業，而不僅僅是 Draganfly，在短時間內放棄這些。

Yes, I don't know what to say. The orders, they'll happen when they'll happen. And there's nobody else to fill them. That's the bottom line. So, we're not taking that for granted, and we're working very hard every day to make sure that that we're going to be able to do our duty

是的，我不知道該說什麼。命令，當它們發生時就會發生。而且沒有其他人可以填補它們。這是底線。因此，我們並不認為這是理所當然的，我們每天都在非常努力地工作，以確保我們能夠履行我們的職責

Just maybe last question that's come in actually just right now, we've talked about this in the past, of course. Any more consolidation? Some things have been announced. Some companies have closed the doors. There's been a sale of two or something. Are you expecting that to continue?

也許是現在才提出的最後一個問題，當然，我們過去已經討論過這個問題。還有整合嗎？有些事情已經宣布了。有些公司已經關門了。已經賣了兩件了。你期待這種情況會持續下去嗎？

There will be consolidation. There is consolidation happening. I don't think there's going to be a lot of M&A activity because I think those two to four companies out there don't have time to do an M&A. We've looked at it lots, and not that we're not going to continue to look at it, but we don't have time. Our organic growth is so imminent and so big and so taxing to meet the requirements in demands. Integrating another company at this time, I think that would be a heavy lift for the folks that are in the trenches doing the real business right now. That's just my own opinion, but that would be my expectation.

將會出現整合。整合正在發生。我認為不會有很多併購活動，因為我認為那兩到四家公司沒有時間進行併購。我們已經研究了很多，並不是說我們不會繼續研究它，而是我們沒有時間。我們的有機成長迫在眉睫，規模如此之大，要滿足需求的要求又如此繁重。此時整合另一家公司，我認為這對現在在一線從事真正業務的人來說將是一個沉重的負擔。這只是我自己的意見，但這將是我的期望。

I do think we have seen yet another cycle of North American drone companies that didn't last, and we're kind of seeing another bunch of new drone start-ups that are kind of coming into it. A lot of people think this is an easy industry. You put four blades on a battery and you can fly the thing, without realizing that it's the regulatory environment, the testing, the demands. This is an aircraft in the air. It is a highly technical, highly regulated business, which really lends credence and valuation to the companies that are positioned well now.

我確實認為我們已經看到了北美無人機公司的另一個週期，但這種週期並沒有持續多久，而且我們也看到了另一批新的無人機新創公司即將進入其中。很多人認為這是一個輕鬆的行業。你把四個葉片放在電池上，然後你就可以駕駛它，而沒有意識到這是監管環境、測試和需求。這是空中的飛機。這是一項技術含量高、監管嚴格的業務，確實為目前定位良好的公司提供了信任和估值。

So we'll see consolidation, but I don't really think because of M&A. Until these kind of two to four companies that I keep referring to reach a critical mass, then I think there's a level of M&A from either the primes or some of the Tier 1 sub-primes that will be looking to play in the category one, category two space as it starts becoming a more and more important part of the military complex as well as the commercial complex out there.

所以我們會看到整合，但我認為不是因為併購。在我一直提到的這類兩到四家公司達到臨界規模之前，我認為頂級公司或一些一級次級公司將進行一定程度的併購，這些公司將尋求在第一類中發揮作用，第二類空間開始成為軍事綜合體以及商業綜合體中越來越重要的一部分。

And that critical mass is happening. So you may see consolidation of these two to four companies, maybe not necessarily together, but by bigger companies in a year-ish from now. But between now and then, I don't think you're going to see these two to four buy companies. I think you're going to see companies go into business and these two to four rising even further

這種臨界質量正在發生。因此，你可能會看到這兩到四家公司進行整合，也許不一定是一起整合，但從現在開始一年左右就會被更大的公司整合。但從現在到那時，我認為你不會看到這兩到四家收購公司。我認為你會看到公司開始營業，其中兩到四家公司的成長率甚至更高

Okay. Well, that is the end of the questions and thanks for sending them and everybody appreciate those. And again, as always, if there's other ones that you guys think of that was turned into but trying to get to them, of course, as best we can. But Cam, back to you to close and wind this up.

好的。好了，問題到此結束，感謝您發送這些問題，大家都很感激。像往常一樣，如果你們認為還有其他的東西已經變成了，但我們會盡力實現它們，當然，我們會盡力而為。但是卡姆，回到你來結束並結束這一切。

And this guy, first and foremost, thank you to our customers and to the people that have continued to work with us and develop these products. So it's an honor to be a service to both our government and our commercial customers.

首先，這個人要感謝我們的客戶以及繼續與我們合作並開發這些產品的人。因此，能夠為我們的政府和商業客戶提供服務是我的榮幸。

And I can't say enough about our sales or engineering or customer service and the people that really are building something here that's incredibly special and really, really important. And of course, to our shareholders.

對於我們的銷售、工程或客戶服務，以及真正在這裡建立非常特別且非常非常重要的東西的人們，我無法說太多。當然，還有我們的股東。

It's been a very long call, and I know a lot of you have been very, very patient with us. And we appreciate your trust, and we'll continue hard to do the best we can to hold that trust.

這是一次很長的通話，我知道你們很多人對我們都非常非常有耐心。我們感謝您的信任，我們將繼續努力做到最好，以保持這種信任。