Draganfly Inc (DPRO) 2024 Q2 法說會逐字稿

Okay, thank you. Respectful of everyone's time, even though I see people still coming in, I think we'll get started today.

好的，謝謝。尊重每個人的時間，儘管我看到人們仍然進來，但我想我們今天就開始吧。

Greetings, and welcome to all shareholders and stakeholders to today's Draganfly 2024 Q2 earnings call. My name is Rolly Bustos, and I am the Internal Investor Relations Representative here at Draganfly. I've talked to many of you in the past. We appreciate you joining us.

大家好，歡迎所有股東和利害關係人參加今天的 Draganfly 2024 年第二季財報電話會議。我叫 Rolly Bustos，是 Draganfly 的內部投資人關係代表。我過去和你們很多人談過。我們感謝您加入我們。

We will start with our CEO and President, Cameron Chell, recapping the second-quarter earnings headlines. We will then move right into a more detailed financial review with our CFO, Paul Sun. Cam will then jump back in and discuss some operational highlights and subsequent events as well as go through the pre-submitted questions we have received. Like always, you are welcome to reach out to me at investor.relations@draganfly.com at any time.

首先，我們的執行長兼總裁卡梅倫·切爾 (Cameron Chell) 回顧了第二季度的盈利頭條。然後，我們將與我們的財務長 Paul Sun 一起進行更詳細的財務審查。然後，卡姆將返回並討論一些營運亮點和後續事件，並仔細研究我們收到的預先提交的問題。一如既往，歡迎您隨時透過 Investor.relations@draganfly.com 與我聯繫。

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 will be found on page 2 of the presentation.

我提醒大家，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。前瞻性免責聲明位於簡報的第 2 頁。

So Cam, please go ahead.

那麼卡姆，請繼續。

Thanks, Rolly. Thanks everybody for taking the time to hook up with us today, we really appreciate it, to the 2Q 2024 earnings call for Draganfly. As mentioned, the disclaimer, this presentation will be posted on the website under the Investor Relations tab immediately following the call. The disclaimer could be found on slide 2.

謝謝，羅利。感謝大家今天抽出時間與我們聯繫，我們非常感謝 Draganfly 的 2024 年第二季財報電話會議。如免責聲明所述，本簡報將在電話會議後立即發佈在網站的「投資者關係」標籤下。免責聲明可以在投影片 2 上找到。

So just to hit the financial highlights, basically, in the Q2 2024, we had organic revenue of $1.732 million, that consisted of $1.3 million, close to $1.4 million in product sales, and then provision of services of $345,000. This is a 30% increase quarter over quarter from our last quarter, which I'll speak to why that's the case and why we now see sales starting to move forward again here shortly.

因此，就財務亮點而言，基本上，在 2024 年第二季度，我們的有機收入為 173.2 萬美元，其中包括 130 萬美元、接近 140 萬美元的產品銷售，以及 345,000 美元的服務提供。與上一季相比，季度環比增長了 30%，我將解釋為什麼會發生這種情況，以及為什麼我們現在看到銷售很快開始再次向前發展。

Also, in Q2 2024, our gross profit was $461,000, with a gross margin of 26.6%. Paul Sun, our CFO, will speak to some of the detail around that of why the actual operating gross margin was a bit higher and healthy. And then, we have a cash balance of $5.2 million.

此外，2024 年第二季度，我們的毛利為 461,000 美元，毛利率為 26.6%。我們的財務長 Paul Sun 將詳細介紹為什麼實際營運毛利率略高且健康。然後，我們的現金餘額為 520 萬美元。

So let me jump in a little bit into the operational highlights, which I'll actually speak back to some of these financials, and then we'll have Paul run through the details of the financials. But I think most notably, some of the work that we did in through Q2 was a bit of a Board shuffle. And so, we want to really thank our former chairman, John Mitnick, for the services he provided to the company and to his career moves now, where he's moved on to.

因此，讓我稍微談談營運亮點，我實際上會回顧其中一些財務數據，然後我們將讓保羅詳細介紹財務數據。但我認為最值得注意的是，我們在第二季所做的一些工作有點像董事會洗牌。因此，我們要衷心感謝我們的前董事長約翰·米特尼克 (John Mitnick) 為公司提供的服務以及他現在的職業發展（他已經跳槽到那裡）。

We're really, really pleased to invite three new Board members to the Board of Draganfly. Very notably, Secretary Thomas Modly, who was the former Under Secretary and Acting Secretary of the United States Navy, the most senior civilian personnel that -- well, the person that runs the navy. Thomas also has a very illustrious career, West Point grad, ran the entire defense division for PricewaterhouseCoopers for years, and we are thrilled with what he is already contributing and bringing to the table.

我們非常非常高興邀請三位新董事會成員加入 Draganfly 董事會。非常值得注意的是托馬斯·莫德利部長，他是美國海軍前副部長和代理部長，是最高級的文職人員——嗯，是管理海軍的人。湯瑪斯也有非常輝煌的職業生涯，西點軍校畢業生，多年來一直在普華永道管理整個國防部門，我們對他已經做出的貢獻和帶來的成果感到興奮。

Kim Moody also joined us. Kim is a long-time tax accountant and audit specialist, ran his own firm for a couple of decades, now consults to it because he sold out. He's sitting in our Public Board. He's now actually heading up our Audit Committee. And Kim is also very well-placed politically in the Canadian environment. And so, we look to him as well in terms of our government relations and business development work within the Canadian government and the DND up in Canada.

金穆迪也加入了我們。金是一位長期的稅務會計師和審計專家，經營自己的公司幾十年了，現在因為他賣光了而向該公司提供諮詢。他是我們公共董事會的成員。他現在實際上是我們審計委員會的負責人。金在加拿大環境中的政治地位也非常好。因此，我們在加拿大政府和加拿大 DND 內的政府關係和業務發展工作方面也期待他。

Tim Dunnigan Sr. is a very experienced entrepreneur, particularly in the military space. He's a three-tour combat veteran, has launched several companies that have had programs of record with different departments within the DoD, and brings to us a wealth of operational knowledge both from an entrepreneurial perspective, but also from a military perspective and actually understanding how we're moving through a bunch of our products and services through several military organizations throughout the world, but in particular the DoD.

老蒂姆鄧尼根 (Tim Dunnigan Sr.) 是一位經驗豐富的企業家，尤其是在軍事領域。他是一名三巡的戰鬥老兵，創辦了幾家公司，這些公司與國防部內的不同部門都有記錄項目，他為我們帶來了豐富的運營知識，無論是從企業家的角度，還是從軍事的角度，以及實際了解如何我們正在透過世界各地的多個軍事組織（特別是國防部）來推廣我們的大量產品和服務。

Also of note, Tim was actually a co-founder and the CEO of the largest drone services company, which still is, in the United States. He's not with them anymore; he's gone to several other ventures since then. But he brings incredible, incredible experience. He's also a PhD candidate which is specializing in AI ethics with the use of drones. So incredible, incredible depth that has come to our Board, and we're really excited about what they're already contributing.

另外值得注意的是，蒂姆實際上是美國最大的無人機服務公司的聯合創始人兼首席執行官，該公司仍然是美國。他不再和他們在一起了；從那以後他又去了其他幾家企業。但他帶來了令人難以置信的、令人難以置信的經歷。他還是一名博士生，專門研究無人機使用的人工智慧倫理問題。我們的董事會擁有如此令人難以置信的深度，我們對他們已經做出的貢獻感到非常興奮。

On the operational side, a couple of highlights to talk about, Mass General Brigham selected Draganfly to be their provider of both equipment and services of choice to be setting up their drone delivery programs, in particular as it relates to their home-hospital delivery, Phase 1 of those are actually commencing next month.

在營運方面，有幾個值得討論的亮點，麻省總醫院布里格姆選擇Draganfly 作為他們選擇的設備和服務提供商，以建立他們的無人機交付項目，特別是因為它與他們的家庭醫院交付相關，其中第一階段實際上將於下個月開始。

There's been extensive planning that's gone into the launch of these initial services, which includes work with Mass DoD and the FAA to make it happen. This was -- it's an incredibly prestigious opportunity for us, and was basically, for intents and purposes, every drone provider out there that has a delivery-type service was in the mix to win this opportunity, and we won it in Q2. So we're really excited about what's unfolding there.

這些初始服務的推出已經進行了廣泛的規劃，其中包括與馬薩諸塞州國防部和美國聯邦航空局合作以實現這一目標。這對我們來說是一個令人難以置信的機會，基本上，出於意圖和目的，每個擁有交付類型服務的無人機提供者都在贏得這個機會，我們在第二季度贏得了它。所以我們對那裡正在發生的事情感到非常興奮。

And also, just wanted to highlight a little bit on the Green UAS and Blue UAS front, these are certifications out there that a number of select drone companies have. We do not have Blue UAS, and, candidly, this is something that way back a couple of years ago, I didn't think was that important because we were already selling into the organizations as an NDAA compliant drone manufacturer.

另外，我想強調一下綠色無人機和藍色無人機方面的一點，這些是許多精選無人機公司擁有的認證。我們沒有藍色無人機，坦白說，這是幾年前的事情，我認為這並不重要，因為我們已經作為符合 NDAA 的無人機製造商向組織銷售產品。

However, it's become a bit of a marketing thing and is an important thing to have. But it hasn't prevented us from getting any sales because of the history we've got as a company. We are enrolled in a Green UAS program, which is an equivalent and, arguably, higher type of certification.

然而，它已經成為一種行銷的東西，而且是一件很重要的事情。但這並沒有阻止我們獲得任何銷售，因為我們公司有著悠久的歷史。我們參加了綠色無人機計劃，這是一種同等的、可以說是更高類型的認證。

We also are involved deeply in many military certifications that trump these, it might be the wrong way to put it, certainly are harder certifications to attain but we've been working with and complying with for years. So we are going down these paths. So and again, they haven't prevented us from any sales. And I think we're unique in that regard because of our 24 -- 25-year history. But we are endeavoring and pushing down them quite quickly.

我們也深入參與了許多超越這些的軍事認證，這可能是錯誤的方式，當然是更難獲得的認證，但我們多年來一直在努力並遵守這些認證。所以我們正在沿著這些道路走下去。一次又一次，他們並沒有阻止我們進行任何銷售。我認為我們在這方面是獨一無二的，因為我們擁有 24 至 25 年的歷史。但我們正在努力並很快地推動它們。

On the services side, I did want to touch base. First Atlantic Nickel, we signed a significant contract with them to provide services for properties they've got in Atlanta, Canada. But this is important beyond just the type of contract it is. It's because of the type of mineral that they're going after. It is a strategic mineral, and it's a massive potential deposit that you've got on hand. And this is really an ideal scenario that's setting up our data division that's enabling us for the AI work that we're doing with the data we're collecting around mining.

在服務方面，我確實想接觸一下。First Atlantic Nickel，我們與他們簽署了一份重要合同，為他們在加拿大亞特蘭大擁有的資產提供服務。但這不僅僅是合約類型的重要內容。這是因為他們要尋找的礦物類型。它是一種戰略礦物，也是您手邊擁有的巨大潛在礦藏。這確實是一個理想的場景，它建立了我們的數據部門，使我們能夠利用我們在採礦過程中收集的數據進行人工智慧工作。

So on the services side, we've consolidated a number of our services into particular areas that we believe that can really scale. So things like forestry are very important to us because we can collect incredible data there that we can feed back to our client. So it's a service on top of the actual just flight services and equipment that we provide. And this would include mining as a strategic initiative for us as well. So we're going to continue to push down that path.

因此，在服務方面，我們將許多服務整合到我們認為可以真正擴展的特定領域。因此，像林業這樣的事情對我們來說非常重要，因為我們可以在那裡收集令人難以置信的數據，然後將這些數據回饋給我們的客戶。因此，這是我們提供的實際飛行服務和設備之上的服務。這也包括將採礦作為我們的策略性舉措。因此，我們將繼續沿著這條道路前進。

The other one that's of note is the wildfire services that we provide. I can't name the actual governments here that we work for, but we have government contracts, multiyear contracts to provide wildfire services. And what these services typically are involved with us is flying night missions with our equipment to look for hot spots, host, teams having been into a particular area and then looking for root fires.

另一個值得注意的是我們提供的野火服務。我無法說出我們在這裡工作的實際政府的名稱，但我們有政府合同，提供野火服務的多年合約。這些服務通常與我們一起參與的是使用我們的設備執行夜間任務，尋找熱點、主機、進入特定區域的團隊，然後尋找根源火災。

Interestingly enough, over the course of this last quarter, we have also been doing frontline work, flying while crews are active during the day, providing everything from fire direction, weather reports, a number of different environmental sensors. And we've increased this contract in particular from kind of like an on-call contract two years ago to a couple of full-time crews last year to up to five full-time crews now this year and we expect that that will continue to grow next year.

有趣的是，在上個季度的過程中，我們也一直在進行一線工作，在機組人員白天活躍的情況下進行飛行，提供從火災方向、天氣預報到許多不同環境感測器的一切資訊。我們已經增加了這份合同，特別是從兩年前的待命合同到去年的幾個全職工作人員，今年現在最多有五個全職工作人員，我們預計這種情況將繼續下去明年成長。

And we believe that by next year we'll actually be doing equipment -- and we've done some testing with this -- actually, equipment delivery dropping things like or bringing in things like chainsaws and hoses and shovels and fuel and a number of different things like that live during active action.

我們相信，到明年，我們將真正開始生產設備——我們已經對此進行了一些測試——實際上，設備交付會丟棄或引入諸如鏈鋸、軟管、鏟子、燃料和許多物品之類的東西。

So we're really getting incredible experience hands on with this and we now have a number of other government wildfire services throughout North America that are actually studying and looking at the work that we're doing here and so we'll continue to expand this service.

因此，我們在這方面確實獲得了令人難以置信的實踐經驗，現在北美各地還有許多其他政府野火服務機構正在研究和研究我們在這裡所做的工作，因此我們將繼續擴大這項服務。

Just recently we announced that we have signed -- after a long process of making a selection, we have signed a distributor in Australia. This came out of direct feedback that we were getting from the Australian and New Zealand military that were looking for the particular products that we sell that are of course non-Chinese; the heavy lift, the 3XL, and our FPV drones.

就在最近，我們宣布我們已經簽約——經過漫長的選擇過程，我們已經在澳洲簽約了一家經銷商。這是我們從澳洲和紐西蘭軍方獲得的直接回饋，他們正在尋找我們銷售的特定產品，當然這些產品不是中國的；重型無人機、3XL 無人機和我們的 FPV 無人機。

And so, we're very pleased to announce that, we've signed a deal with the Drone Institute -- the Drone Technology Institute out of Australia, who is the primary seller of drones into the US military and such. So we'll be down at the Land Forces Conference in September, which is the main military conference, annual conference down there, launching our products with them.

因此，我們非常高興地宣布，我們已經與無人機研究所（澳洲的無人機技術研究所）簽署了一項協議，該研究所是美國軍方等領域無人機的主要銷售商。因此，我們將參加九月份的陸軍會議，這是主要的軍事會議，年度會議，與他們一起推出我們的產品。

We've got a weeklong ahead of time demonstrations and stuff throughout many parts of the country with our particular products as well. So we expect that it's a Five Eyes country, and very closely aligned with the United States and Canada and Great Britain, et cetera. So we're really excited about the opportunity in getting pulled into that market.

我們還提前一周在全國許多地區進行了針對我們特定產品的演示和活動。因此，我們期望它是一個五眼國家，並且與美國、加拿大和英國等國家密切合作。因此，我們對進入該市場的機會感到非常興奮。

We have done some private label product with Knightscope and so pretty excited about the pipeline that they're building in that regard. And I think that's notable because they're super active in the space. And this is somewhat for manned drones, but more it's about drone-in-a-box type solutions to work with their automated security systems as well.

我們已經與 Knightscope 合作開發了一些自有品牌產品，並對他們在這方面建立的管道感到非常興奮。我認為這是值得注意的，因為他們在這個領域非常活躍。這在某種程度上適用於載人無人機，但更多的是關於盒裝無人機類型的解決方案，以與其自動化安全系統配合使用。

Squamish Search and Rescue, an important contract to us because Squamish is one of the busiest search and rescue units in all of North America. It's an outdoor area, everything from ocean to swift current to alpine recreation. They respond to hundreds of calls per year. They've now gone exclusive with Draganfly product in particular because of the capabilities and modularity of 3XL that we bring to the table.

斯闊米甚搜救隊對我們來說是一份重要的合同，因為斯闊米甚是整個北美最繁忙的搜救單位之一。這是一個戶外區域，從海洋到急流再到高山休閒，應有盡有。他們每年回覆數百通電話。他們現在已經成為 Draganfly 產品的獨家產品，特別是因為我們帶來了 3XL 的功能和模組化。

We're providing everything from swift current rescue to alpine observation, alpine rescue, location finding, logistics, dropping of emergency supplies, the wealth of knowledge that we're gaining in terms of working with them and the spin offs of the other search and rescue units that look to Squamish and are looking to the services that we're now providing there have been pretty extensive. So we're pretty excited about the ongoing work that we do with public safety.

我們提供一切服務，從急流救援到高山觀察、高山救援、定位、後勤、緊急物資投放、我們在與他們合作中獲得的豐富知識以及其他搜索和救援的副產品。在那裡提供的服務的救援單位相當廣泛。因此，我們對我們正在進行的公共安全工作感到非常興奮。

Ulkatcho First Nation, they have signed an alliance with us. They're an exclusive product supplier for drones. They're using drones from everything from mining surveys, search and rescue, wildfire work, et cetera. We have a full-training program with them, and it's actually a model now for other First Nations that are looking to build out their drone services.

烏爾卡喬原住民，他們與我們簽署了聯盟。他們是無人機的獨家產品供應商。他們使用無人機進行採礦調查、搜救、野火工作等各個領域。我們為他們提供了全面的培訓計劃，這實際上是其他正在尋求建立無人機服務的原住民的一個模型。

Again, they provide everything from wildfire services right through to security to survey, and mining and forestry. ParaZero is a strategic partner of ours. We work closely with them on a number of initiatives as it relates to parachutes, medical delivery, military applications and, of course, commercial enterprise applications. Recently the FAA has announced that for drones that are under 3.5 pounds that they have got a parachute on them, they've got a much reduced or streamlined waiver process to do flights over people.

同樣，他們提供從野火服務到安全、調查、採礦和林業的一切服務。ParaZero 是我們的策略夥伴。我們與他們在許多專案上密切合作，涉及降落傘、醫療傳輸、軍事應用，當然還有商業企業應用。最近，美國聯邦航空局 (FAA) 宣布，對於重量低於 3.5 磅且配備降落傘的無人機，他們可以大幅減少或簡化在人員上空飛行的豁免流程。

So that's pretty exciting with some additional product announcements that we've got coming up shortly. And then we've also got a strategic alliance ordeal that we put together with Doodle Labs to continue to work and grow the excellent work that they've done in. And that we've been able to provide both in the Ukraine theater and locally in a GPS denied environment.

因此，我們很快就會發布一些其他產品，這非常令人興奮。然後，我們還與 Doodle Labs 建立了策略聯盟考驗，以繼續努力並發展他們所做的工作。我們已經能夠在烏克蘭戰區和本地 GPS 被拒絕的環境中提供這種服務。

So some pretty exciting things that are unfolding on all fronts. I just want to highlight again, the military impact. So the military impact globally is approximately $20 billion in growth for small, what we'll call Category 1 and Category 2 drones between now and 2030. And a very large portion of that is going to be NDAA compliant non-Chinese drones.

因此，一些非常令人興奮的事情正在各個方面展開。我只想再次強調軍事影響。因此，從現在到 2030 年，小型無人機（我們稱之為 1 類和 2 類無人機）的全球軍事影響將增加約 200 億美元。其中很大一部分將是符合《國防授權法》的非中國無人機。

And so, there's really three or four people right now that are positioned to be able to provide on scale and meet this type of market. So it's probably about a $20 billion opportunity spread across three or four at least North American companies and probably three or four other companies in a couple of the other parts of the world. But I think it's really important to understand, and this really -- I was on a Board call this morning, and the impact really hit me.

因此，現在確實有三、四個人能夠大規模提供並滿足此類市場。因此，這可能是一個價值 200 億美元的機會，分佈在至少三到四家北美公司，也可能分佈在世界其他幾個地區的三到四家公司。但我認為理解這一點非常重要，這確實是——今天早上我參加了董事會電話會議，它的影響確實對我產生了影響。

One of our Board members explained that less than four years ago, any drone operation that was done by, at least the Navy, had to be signed off at an incredible senior level, actually at the most senior level. And that was only four years ago. And so when we talk about the impact of the $20 billion market for small UAVs just in the military, the issue isn't the demand, the issue is working through the process for that demand to become scalable.

我們的一位董事會成員解釋說，不到四年前，至少由海軍執行的任何無人機操作都必須得到令人難以置信的高層（實際上是最高層）的批准。而那隻是四年前的事了。因此，當我們談論 200 億美元的小型無人機市場對軍事領域的影響時，問題不在於需求，而是如何讓需求變得可擴展。

And so while the military has come to companies like us and really weeded the rest of the industry out based on first of all the product, second of all the people, which is reflected in the product, and then third of all your ability to scale. And that's really came down to that last aspect for the three or four companies that are left to serve this market is they're the ones that are able to scale. But it takes an incredibly long time to work through that opportunity to scale.

因此，雖然軍隊已經來到像我們這樣的公司，並真正淘汰了行業的其他公司，首先是產品，其次是產品中反映的所有人員，然後是你的擴展能力。對於剩下的三四家服務於這個市場的公司來說，這實際上歸結為最後一個方面，他們是那些能夠擴大規模的公司。但要抓住這個機會擴大規模需要非常長的時間。

Much different than, say, some of the activity and much of the activity that happens in the Ukraine theater where they're able to just put together $800 drones as FPVs, Chinese parts, whatever it doesn't matter, I mean, there's certainly implications for quality control and reliability around those, but yeah, we hear about these really big volumes of numbers that are happening in the drone industry, but we fail to recognize that those volumes are actually very low priced drones that are not working at a level that would be satisfactory to many of the NATO or the Five Eye-type of countries out there.

與烏克蘭戰區發生的一些活動和大部分活動有很大不同，在那裡他們能夠將價值 800 美元的無人機組裝成 FPV，中國零件，無論什麼都沒關係，我的意思是，肯定有這些對質量控制和可靠性的影響，但是，是的，我們聽說無人機行業正在發生大量的數字，但我們沒有意識到這些數量實際上是價格非常低的無人機，無法正常工作這將使許多北約或五眼國家感到滿意。

That said, the Ukraine is a very important market for us, which I'll touch base on. I have gone through this slide before, but it's slightly adjusted because we have added some new product lines into this. In particular, this black dot up here, should have FPV in front of it. I apologize. But that's the new FPV product that we've introduced in the last quarter in a bit, which is very unique.

也就是說，烏克蘭對我們來說是一個非常重要的市場，我將談到這一點。我之前已經瀏覽過這張投影片，但它略有調整，因為我們在其中添加了一些新的產品線。特別是這裡的這個黑點，前面應該會有 FPV。我道歉。但這是我們上個季度推出的新 FPV 產品，非常獨特。

I'll talk about it, but it does again emphasize the fact that the work that we're doing is not down in these lower priced drones. And so, the ability and capabilities to work these through these very sophisticated channels both on the military, the public safety, the government aspects, other than the military and the -- I'll call it the enterprise, which is different than the commercial enterprises, they have many of the same security concerns, many of the same safety concerns, many of the same requirements that the government agencies have.

我會談論它，但它確實再次強調了一個事實，即我們正在做的工作並沒有在這些價格較低的無人機中下降。因此，透過這些非常複雜的管道來實現這些目標的能力和能力，包括軍事、公共安全、政府方面，而不是軍事和——我稱之為企業，這與商業不同企業，他們有許多相同的安全問題，許多相同的安全問題，許多與政府機構相同的要求。

And so, working through that product, and we've chosen to go down these product lines because we don't want to be in a situation where we're constantly in a race to the bottom in terms of providing a low cost or inferior type of product.

因此，在開發該產品時，我們選擇沿用這些產品線，因為我們不想陷入這樣的境地：在提供低成本或劣質產品方面，我們不斷陷入底線競爭。

So I'm not going to spend much time on this. We've got our heavy lift drone. We actually have commissions around a heavy, heavy lift drone, which is larger than this drone here. This drone here carries 67 kilograms, which we are shipping now in small quantities but growing as we get more airtime on it. And as mentioned, there's even a bigger unit than this coming out that's under commission. We've got our Commander 3XL Hybrid, our Precision Delivery Systems. We've got our quick delivery, release delivery boxes. These can also be winched down.

所以我不會在這上面花太多時間。我們有重型無人機。實際上，我們有一架重型無人機的委託，它比這裡的這架無人機還要大。這裡的這架無人機載重 67 公斤，我們現在運輸的數量很少，但隨著飛行時間的增加，數量也在增加。正如前面提到的，還有比這個更大的單位正在投入使用。我們有 Commander 3XL Hybrid，我們的精密輸送系統。我們有快速交貨，釋放交貨箱。這些也可以用絞盤吊下來。

But basically, the Commander 3XL remains at this point to be the stalwart of our sales and efforts, which is really known as the Swiss Army Knife of drones, which has dozens and dozens of different, not just applications, but payloads that now fit onto this. And so getting all that integration work, whether it's precision or targeting cameras or logistics systems or whatever the case is, is really kind of winning the day for us. We're starting to see scale on.

但基本上，Commander 3XL 目前仍然是我們銷售和努力的中流砥柱，它確實被稱為無人機領域的瑞士軍刀，它不僅有數十種不同的應用程序，而且還具有現在適合的有效載荷。因此，完成所有整合工作，無論是精確度、瞄準相機、物流系統或其他任何情況，對我們來說確實是勝利。我們開始看到規模化。

As mentioned, and I want to go into just a little bit of detail here, the Flex FPV. So this is a first-person viewer drone. This is a very unique drone. It is an FPV drone. It is a full NDAA-compliant FPV drone. So it is available to be purchased by Five Eyes, NATO, and many of the other allied countries out there. It has some incredibly unique features, not a lot of which that I will go into details, but in terms of range, transmission capability, and adaptability to be able to fly missions as small as through windows, or missions as large as several kilometers away that can carry six-kilogram payloads all on one airframe is incredibly unique.

如前所述，我想在這裡稍微介紹一下 Flex FPV。這是第一人稱觀看無人機。這是一架非常獨特的無人機。這是一款 FPV 無人機。它是一款完全符合 NDAA 標準的 FPV 無人機。因此，五眼聯盟、北約和許多其他盟國都可以購買它。它具有一些令人難以置信的獨特功能，我不會詳細介紹其中的許多功能，但在範圍、傳輸能力和適應性方面，能夠執行小到透過窗戶的任務，或大到幾公里外的任務它可以在一個機身上承載六公斤的有效載荷，這是非常獨特的。

And we've now trained over 200 special ops forces in the United States on this drone. It is being included in the Ranger School on the training side. And so over the course of next year, again, we do expect to see a significant scaling of this particular product.

現在，我們已經在美國對 200 多名特種部隊進行了這架無人機的訓練。它被納入遊騎兵學校的訓練範圍。因此，在明年，我們確實預計會看到這項特定產品的大幅擴展。

I think it's important to note that this particular product, all these product lines are all integrated with each other as well. So what you'll -- what you may have heard about there is the ability for these FPV drones to actually start swarming. And but the capability of this drone combined, say, with the 3XL or the Heavy Lift, if you will, is actually this drone, which can fly into a GPS-denied environment and actually have laser targeting on it, can then drop swarms of these drones here, which have much shorter ranges and don't have the cost on it to be able to put GPS-denied countermeasures -- type of electronic countermeasures on it.

我認為重要的是要注意這個特定的產品，所有這些產品線也都是相互整合的。因此，您可能聽說過這些 FPV 無人機能夠真正開始蜂擁而至。但是，這款無人機的功能實際上與3XL 或Heavy Lift 相結合，如果你願意的話，實際上這款無人機可以飛入GPS 無法識別的環境，並且實際上可以對其進行雷射瞄準，然後可以投放大量的這裡的這些無人機的航程要短得多，而且不需要花費任何成本就能夠在其上部署 GPS 拒絕對抗措施（電子對抗措施）。

So this can get deep into a territory and then these things here can be dropped and used for whatever mission profile they have. That's the type of capability that we've been working in and going through several tests with many different militaries out there. So again, we're really excited about where the entire product line is going and where our customers are taking us.

因此，這可以深入到一個領域，然後這裡的這些東西可以被丟棄並用於它們具有的任何任務配置檔案。這就是我們一直在研究的能力類型，並與許多不同的軍隊進行了多次測試。再說一次，我們對整個產品線的走向以及我們的客戶將我們帶到哪裡感到非常興奮。

So, on that note, I know that there's lots of questions, I'll come to them at the end. But on that note, I'm going to turn it over to Paul here. What I did want to just quickly highlight is that this quarter, we saw a 30% increase in our revenue. We have seen a flat year overall. That's primarily been due to the fact that we've had a requirement to build out the capacity to scale all of these product lines for the large orders to be able to qualify for the military-type contracts.

因此，就這一點而言，我知道有很多問題，我會在最後回答這些問題。但就此而言，我要把它交給保羅。我想快速強調的是，本季我們的營收成長了 30%。我們看到了整體平穩的一年。這主要是因為我們需要建立擴展所有這些產品線的能力，以便大訂單能夠有資格獲得軍事類型合約。

And so that has taken a lot of focus for us to do that and to be able to get through all of the certifications and audits that were required in order to be able to continue to meet the requirements of the military products and testing that we've gone through.

因此，我們需要花很多精力來做到這一點，並能夠通過所需的所有認證和審核，以便能夠繼續滿足我們的軍用產品和測試的要求。

We were able to complete that right around the first quarter of -- even toward the end of the fourth quarter of last year. And so we had some hangover in order to kind of clean up and take not a breather, but really just kind of get caught up in Q1. And then Q2, we've started to see this scale, both in terms of our military contracts but also being able to pay attention to our traditional market, our commercial market, and our public safety folks.

我們在去年第一季甚至第四季末就完成了這項任務。因此，我們有一些宿醉，以便清理並休息，但實際上只是陷入了第一季。然後第二季度，我們開始看到這種規模，無論是在我們的軍事合約方面，還是能夠關注我們的傳統市場、商業市場和公共安全人員。

So pretty excited about us starting to see that scale start to happen again. And I'll address some of those questions in the Q&A section here as well.

看到這種規模再次出現，我們感到非常興奮。我也將在此處的問答部分解決其中一些問題。

So maybe Paul, if it's okay with you, I will -- I'll throw it over to you.

所以也許保羅，如果你同意的話，我會把它交給你。

Yeah, absolutely. Thanks, Cam. And thanks everybody for joining our call. Appreciate it.

是的，絕對是。謝謝，卡姆。感謝大家加入我們的電話會議。欣賞它。

So yeah, just looking here, we're going to do a year-over-year comparison. So revenue for the second quarter was $1.7 million. As Cam mentioned, just down 8% from $1.8 million in the same quarter last year, second quarter revenue comprised of $1.4 million of product sales with the balance being from drone services. Gross profit was $462,000 compared to $467,000 in Q2 of last year, but there was a one-time non-cash write-down of inventory of $134,000, so otherwise would have been $596,000.

所以，是的，看看這裡，我們將進行同比比較。因此第二季的營收為 170 萬美元。正如 Cam 所提到的，第二季度收入由 140 萬美元的產品銷售組成，與去年同期的 180 萬美元相比僅下降 8%，其餘部分來自無人機服務。毛利為 462,000 美元，去年第二季為 467,000 美元，但庫存一次性非現金減記為 134,000 美元，否則毛利為 596,000 美元。

Gross profit for the same period last year would have been $589,000, so if we took away the one-time inventory write-down from that period, that's the direct comp. And as Cam mentioned at the outset, our gross margin would have been 34.4% versus the 26.6% and 1.4% versus the 26.6%. And the direct comparison would be 31.1% for the same period last year, so up a few points year over year on the gross margin side.

去年同期的毛利為 589,000 美元，因此，如果我們扣除該期間的一次性庫存減記，這就是直接補償。正如 Cam 在開頭提到的那樣，我們的毛利率將分別為 34.4% 和 26.6%，以及 1.4% 和 26.6%。直接比較去年同期為 31.1%，因此毛利率比去年同期上升了幾個百分點。

Total comprehensive loss for the quarter was $7.1 million compared to a loss of $9 million in the same quarter last year. Like usual, this quarter does include a non-cash change and comprised a fair value derivative loss of $2.6 million, that inventory write-down that I mentioned and a small gain on an impairment of a notes receivable of $4,000.

本季綜合虧損總額為 710 萬美元，去年同期虧損為 900 萬美元。與往常一樣，本季確實包括非現金變動，包括 260 萬美元的公允價值衍生性商品損失、我提到的庫存減記以及 4,000 美元的應收票據減損的小額收益。

So otherwise, that $7.1 million loss would have actually been a $4.4 million loss versus an adjusted loss of $6.8 million a year ago, so year over year, quite a bit better on the loss. And that's due to lower office and miscellaneous costs, professional fees, wage costs, et cetera.

因此，否則的話，這 710 萬美元的損失實際上是 440 萬美元的損失，而一年前調整後的損失為 680 萬美元，所以與去年同期相比，損失要好得多。這是由於辦公室和雜項成本、專業費用、工資成本等的降低。

So can we just flip to the next quarterly table there? We just went through the year over year, so now we'll just do a quarter-over-quarter change between this quarter and Q1 of this year. So again, revenue $1.7 million, that increased by $403,000 from $1.3 million in Q1, an increase of 30% due to higher product sales.

那我們可以翻到下一個季度表嗎？我們剛剛經歷了逐年變化，所以現在我們將在本季度和今年第一季之間進行季度環比變化。同樣，收入為 170 萬美元，比第一季的 130 萬美元增加了 403,000 美元，由於產品銷量增加，增長了 30%。

Gross margin, as mentioned, 26.6% compared to 21.1% from Q1. Again, if we back out those one-time write downs, would have been 34.4% versus 32.2% for Q1. So a few points higher quarter over quarter on the gross margin as well.

如前所述，毛利率為 26.6%，而第一季為 21.1%。同樣，如果我們取消這些一次性減記，第一季的減記率為 34.4%，而第一季為 32.2%。因此，毛利率也比上一季高了幾個百分點。

Total comprehensive loss, we mentioned $7.1 million, this time compared to $1.9 million for the first quarter. Please recall that non-cash fair value of derivative liability of 2.6, the inventory write down, and the gain on the notes receivable. So the comprehensive loss, again, would have been $4.4 million. If we adjust the same non-cash items for Q1, that loss would have been 3.6. So Q2 had a bit higher loss than Q1. That's because of some higher professional fees done in Q2 versus in Q1.

我們提到的綜合虧損總額為 710 萬美元，而第一季為 190 萬美元。請記住，2.6的衍生負債的非現金公允價值、存貨減記以及應收票據收益。因此，綜合損失再次為 440 萬美元。如果我們調整第一季相同的非現金項目，損失將為 3.6。所以第二季的損失比第一季高一些。這是因為第二季的專業費用比第一季更高。

And then, on the final page, Cam, you can see here our total assets did increase to $8.3 million, sorry, from $8.3 million to $9.9 million from the end of the year, which is largely due to an increase in cash. The working capital as at the end of June was a deficit of $3.7 million versus the deficit of $717,000. However, we did have a big fair value of derivative liability of $9.4 million on our balance sheet. And again, that's due to us meeting the company reporting in the Canadian currency versus US and some other things.

然後，在最後一頁上，卡姆，你可以看到我們的總資產確實增加到了 830 萬美元，抱歉，從年底開始從 830 萬美元增加到了 990 萬美元，這主要是由於現金的增加。截至 6 月底，營運資金赤字 370 萬美元，而赤字為 71.7 萬美元。然而，我們的資產負債表上確實有 940 萬美元的衍生負債公允價值。再說一遍，這是因為我們與該公司會面，以加拿大貨幣與美元和其他一些貨幣進行報告。

So that's why it's treated as a liability. Again, it's a non-cash item. So if you back that out, working capital would have been a surplus of $5.7 million and $3.5 million at the end of the year.

這就是為什麼它被視為負債。再次強調，它是非現金項目。因此，如果您取消這一點，年底營運資金將分別為 570 萬美元和 350 萬美元的盈餘。

Doing the same thing with shareholders' equity at the end of this quarter, that would have been a shareholder's equity of $6.8 million versus the $2.6 million that you see here and $4.6 million at the end of December versus the [408] shown here. You can see we continue to have minimal debt and as Cam mentioned at the outset, our cash balance is at $5.3 million compared to $3.1 million at the end of the year.

對本季末的股東權益進行同樣的操作，則股東權益將為680 萬美元，而您在此處看到的為260 萬美元，而12 月底的股東權益為460 萬美元，而此處顯示的[ 408] 則為460 萬美元。您可以看到我們的債務仍然很少，正如 Cam 在開頭提到的，我們的現金餘額為 530 萬美元，而年底為 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，卡姆。

Great. Thanks, Paul. So I'm just going to jump into the questions that came in and were submitted to me, if that's okay with everybody. So the first question I've got here is that the market is telling us there's something of concern going on. Are we at risk of bankruptcy?

偉大的。謝謝，保羅。因此，如果大家都同意的話，我將直接討論收到並提交給我的問題。因此，我在這裡遇到的第一個問題是，市場告訴我們正在發生一些令人擔憂的事情。我們面臨破產的風險嗎？

Well, this is an opinion, and as CEO, you can imagine it's a biased opinion. I do not believe that we're at risk of bankruptcy. I think probably if you're a pure black and white numbers auditor person, you could argue the risk involved here or not. This is a venture company, and it is risky. I do not believe that we are at risk of bankruptcy. I think we've got an incredibly experienced Board. We've got an incredibly experienced management team. We've been in this type of position before.

嗯，這是一個觀點，作為首席執行官，你可以想像這是一個有偏見的觀點。我不認為我們面臨破產的風險。我想如果你是純粹的黑白數字審計師，你可能會爭論這裡涉及的風險或不爭論。這是一家創投公司，風險很大。我不認為我們面臨破產的風險。我認為我們有一個經驗豐富的董事會。我們擁有一支經驗豐富的管理團隊。我們以前也經歷過這種情況。

I think we have a very clear understanding, a good strategy, and a very clear understanding of what it takes to drive this company through $100 million-plus of sales in the very near future. And that's what we've scaled the company to do. And we've scaled the company to be able to do that based on the demand indications that we've got at hand. And which is a rigorously evaluated pipeline. So you're not able to attract the type of people we have on the Board if we didn't have a real company, real product, real opportunity, and real demand.

我認為我們對如何在不久的將來推動這家公司實現 1 億美元以上的銷售額有著非常清晰的認識和良好的策略。這就是我們擴大公司規模的目的。我們已經擴大了公司規模，以便能夠根據我們手頭上的需求指示來做到這一點。這是一條經過嚴格評估的管道。因此，如果我們沒有真正的公司、真正的產品、真正的機會和真正的需求，你就無法吸引我們董事會中的這類人。

So we continue to be financeable. I think we continue to make a bunch of the right moves in order to be a long-term sustainable company. We have generally raised much, much less money than the competitors that are in the same position as us. And so, I think in many respects, not taking away from the challenges in particular that we've recently faced or the intricacies of the drone industry, but I think we're in a very, very strategically well-positioned place to see the exponential growth that this industry is, has not yet, but is going to experience.

所以我們繼續有融資能力。我認為我們將繼續採取一系列正確的舉措，以成為一家長期可持續發展的公司。一般來說，我們籌集的資金比與我們處於相同地位的競爭對手要少得多。因此，我認為在很多方面，尤其是我們最近面臨的挑戰或無人機行業的複雜性，但我認為我們處於一個非常非常有利的戰略位置，可以看到該行業目前尚未但即將經歷指數級增長。

So our competitors seem to be winning both in revenue and stock price. What are they getting right that we don't seem to be?

因此，我們的競爭對手似乎在營收和股價方面都取得了勝利。哪些事情是他們做對了而我們卻做不到的？

Well, I think not all of our competitors are doing well, but there are a couple that from in terms of their valuation and stock price, they are doing well. And I think they're really good companies. I think probably the one in particular that's being referred to here, I'll not directly reference but speak to, which would be they have pretty much a single product that they've done a very good job on and very good job of positioning in the military. And I do believe that that particular company is going to win either all or a significant portion of the programmer record that they're generally competing with.

嗯，我認為並非所有競爭對手都做得很好，但從估值和股價來看，有一些競爭對手做得很好。我認為他們是非常好的公司。我想可能是這裡特別提到的一個，我不會直接提及，而是談論，他們幾乎有一種產品，他們在這方面做得非常好，並且在定位方面做得非常好軍隊。我確實相信該特定公司將贏得他們通常與之競爭的全部或大部分程式設計師記錄。

They also have a single product, so that's allowed them to focus and keep their product strategy and able to scale that product without maybe the size of infrastructure that somebody like we've had to or the complexity of the types of sales that we're working through, which is a very, very good strategy.

他們也有單一產品，因此這使他們能夠專注並保持他們的產品策略，並且能夠擴展該產品，而無需像我們這樣的人必須擁有的基礎設施規模或我們正在銷售的類型的複雜性努力工作，這是一個非常非常好的策略。

The reason that we stayed away from that particular strategy was because that particular product line, which is a smaller Category 1 drone, is a very competitive space and will be the most competitive space out there. We've seen over the last 25 years, every single North American company who's tried to compete solely in that space has gone out of business.

我們之所以不採用這種特定策略，是因為該特定產品線（即較小的 1 類無人機）是一個競爭非常激烈的領域，並且將是最具競爭力的領域。我們已經看到，在過去 25 年裡，每家試圖只在該領域競爭的北美公司都已經倒閉了。

Now I don't think this company that we're speaking about is going to go out of business. I think that the market is very different today because of the military environment, drones, regulations, all of that type of stuff. But it still would be the most competitive space out there. And so, we've continued to want to differentiate from that particular space. And that particular space will see foreign competitors come in, low cost providers, maybe not necessarily Chinese, though my opinion differs a little bit.

現在我不認為我們正在談論的這家公司會倒閉。我認為，由於軍事環境、無人機、法規以及所有此類因素，今天的市場非常不同。但它仍然是最具競爭力的領域。因此，我們一直希望與那個特定的空間區分開來。在這個特定的領域，外國競爭對手將會進入，低成本供應商，也許不一定是中國供應商，儘管我的觀點略有不同。

I think that Chinese still going to be a very strong factor in the North American market, nowhere near what it is, obviously, and regulation justifiably is going to, or legislation is going to take care of a bunch of that. But there are a number of non-North American providers that can do these types of drones.

我認為中國仍將成為北美市場的一個非常重要的因素，顯然，遠未達到現在的水平，監管或立法將解決這個問題。但有許多非北美供應商可以生產此類無人機。

And I think that's going to be some price sensitivity in there. I'm not taking anything away from that particular company that we're talking about here. I think that they've done a fantastic job. You will see us in that particular space, but it's because the product that we have that comes into that space will be integrated with the full product line of heavy, heavy, heavy hybrid 3XL and FPV drones.

我認為這其中會有一定的價格敏感度。我並沒有從我們在這裡討論的那家特定公司拿走任何東西。我認為他們做得非常出色。您會在那個特定的領域看到我們，但這是因為我們進入該領域的產品將與重型、重型、重型混合 3XL 和 FPV 無人機的完整產品線整合。

So the customers that we're working with are really looking for integrated solutions that can do things like carry FPV drones and integrate with them and do laser targeting and logistic systems that just don't do one type of logistics, but can actually do multiple types of logistics, or whether it's medical delivery or ship to shore or whatever the case is.

因此，與我們合作的客戶確實在尋找整合解決方案，可以執行諸如攜帶FPV 無人機並與其整合以及雷射瞄準和物流系統之類的任務，這些系統不只是執行一種類型的物流，而是實際上可以執行多種類型的物流。

So I think they're just a little further ahead of the curve in terms of us, and they've done a good job of it. And the better they do, the better it is for the entire industry, and I can only wish them all the best. So I think they're doing fantastic. But that's why I think the one or two companies that we're thinking about out there are probably a little bit further in front of us.

所以我認為他們只是比我們領先一點，而且他們做得很好。他們做得越好，對整個行業就越好，我只能祝他們一切順利。所以我認為他們做得很好。但這就是為什麼我認為我們正在考慮的一兩家公司可能比我們走得更遠。

So when do we see us getting some real meaningful contracts?

那麼我們什麼時候才能看到一些真正有意義的合約呢？

I see it this year. Yeah, I mean, we've seen the advanced contracts of those. We've been working on them for a couple of years. We've got some initial orders that we've been receiving, gone through the testing process. We know who's not left at the table and who is, and we're there and stuff. So, that, again, I'm not giving a forward-looking statement, but if you want my opinion, I think we'll see some very meaningful, very meaningful contracts this year.

我今年看到了。是的，我的意思是，我們已經看到了這些的高級合約。我們已經為它們工作了幾年。我們已經收到了一些初步訂單，並且已經完成了測試過程。我們知道誰沒有留在談判桌上，誰留在了談判桌上，我們就在那裡等等。因此，我再次強調，我不會發表前瞻性聲明，但如果你想聽聽我的意見，我認為今年我們會看到一些非常有意義的合約。

Have we considered strategic alternatives such as mergers?

我們是否考慮過合併等策略選擇？

The drone space is seeing a lot of that happening right now. And for sure, we've looked at different companies. We've been approached by some different companies. Those are always types of alternatives out there. It's not something that we're looking at considering right now. We think basically organic growth, two or three large contract announcements, and yeah, it's just an entirely different valuation game. It's exponential.

無人機領域現在正在發生很多這樣的事情。當然，我們研究了不同的公司。一些不同的公司已經與我們接洽。這些總是存在的替代方案。這不是我們現在正在考慮的事情。我們認為基本上是有機成長，兩三個大型合約公告，是的，這只是一個完全不同的估值遊戲。這是指數級的。

And I've seen this before in other industries and companies I've been lucky enough to be involved with. So I think, yeah, I think patience and fortitude is in general our best tact right now. But yeah, we're going to do what's smart for shareholders. And so, if that comes up one way or the other, we'll have to -- we're obligated to take a look at those types of things.

我以前在我有幸參與的其他行業和公司中也見過這種情況。所以我認為，是的，我認為耐心和毅力通常是我們目前最好的策略。但是，是的，我們會做對股東有利的事情。因此，如果以某種方式出現這種情況，我們將不得不——我們有義務考慮這些類型的事情。

So -- and do we expect to be at full production capacity by the end of 2024?

那麼，我們預計到 2024 年底就能達到滿載生產嗎？

For the most part, we're -- yeah, at the end, we'll be ready to be at full production capacity. And all it takes is one of the contracts to drop through or start scaling in order for us to be there. So in all likelihood, the answer is yes.

在大多數情況下，我們——是的，最終，我們將準備好滿載生產。我們所需要的只是放棄或開始擴展其中一份合同，以便我們能夠實現這一目標。所以很可能，答案是肯定的。

Are we involved in the Replicator program?

我們參與了 Replicator 計劃嗎？

I think every drone company in one form or the other is involved in the Replicator program. And of the three or four kind of, I'll call it majors even though we're all very small companies at this point, and soon not to be in my opinion. But so the answer from that regard is yes.

我認為每家無人機公司都以某種形式參與了 Replicator 計畫。在三、四種類型中，我稱之為專業公司，儘管我們目前都是非常小的公司，而且在我看來很快就不會成為這樣的公司。但從這方面來看，答案是肯定的。

Are there any worries or supply chain issues now or you think in the future, especially Asian-made components?

現在或您認為未來是否存在任何擔憂或供應鏈問題，尤其是亞洲製造的零件？

The answer is yes. It's a really dynamic field. So we do see some supply chain that would typically be out of China moving into parts of Malaysia and other parts of Southeast Asia, which is going to provide some coverage for the NDA compliance requirements and allow the North American market to scale. In those smaller type of, Category 1 drones, that's also going to provide some price pressure, not for some time, but it also can provide some capabilities in terms of the types of payloads and additional components that you can put on them.

答案是肯定的。這是一個非常充滿活力的領域。因此，我們確實看到一些供應鏈通常會從中國轉移到馬來西亞部分地區和東南亞其他地區，這將為 NDA 合規要求提供一定的覆蓋範圍，並允許北美市場擴大規模。在那些較小類型的1 類無人機中，這也會帶來一些價格壓力，但不會持續一段時間，但它也可以在有效負載類型和可以安裝在其上的附加組件方面提供一些功能。

So it is a constraining factor and will be for a number of years. But the second, it's not a constraining factor, we're going to start seeing price pressure. So overall, I'm not worried about it. We'll sort of self out or we'll figure out how to deal with it. But at this point, it's kind of not really an issue.

因此，這是一個限制因素，並將持續多年。但第二，這不是一個限制因素，我們將開始看到價格壓力。所以總的來說，我並不擔心。我們會自我解決，或者我們會想出如何處理它。但在這一點上，這並不是真正的問題。

What do we think the potential out of Australia is?

我們認為澳洲的潛力是什麼？

The Australian potential is massive, not just because it's a significant market and important Five Eyes partner, but it's in Southeast Asia and it is the stepping off point for all the concerns that are happening, say, for example with Taiwan or China.

澳洲潛力巨大，不僅因為它是一個重要的市場和重要的「五眼聯盟」合作夥伴，而且它位於東南亞，是解決所有正在發生的問題的起點，例如與台灣或中國的問題。

And so, it's strategically very important for us to have made this move into Australia. We have the luxury of being pulled into the situation because of the work that we have been doing initially in Ukraine and then obviously historically with US contractors, and now the US and the Canadian military. So to be able to have those militaries present at a number of our trainings, and the work that we're doing, with the different parts of the DOD has been a great advantage.

因此，進軍澳洲對我們來說具有非常重要的戰略意義。我們有幸被捲入這種情況，因為我們最初在烏克蘭所做的工作，然後顯然歷史上與美國承包商合作，現在又與美國和加拿大軍方合作。因此，能夠讓這些軍隊與國防部不同部門一起參與我們的一些訓練以及我們正在進行的工作，這是一個很大的優勢。

So we got pulled into it. So we're super lucky there. But we've also been informed it's an imperative. You need to be there strategically. And so I think we've got to jump on the space, down there. In particular, with the categories or product types that we have, not necessarily just the one small ISR that everybody seems to sell but having things like the 3XL; the advanced FPVs; the heavy lift; the heavy, heavy lifts; the hybrid drones as integrated product lines.

於是我們就被拉進去了。所以我們在那裡非常幸運。但我們也被告知這是勢在必行的。你需要有策略地在那裡。所以我認為我們必須跳到下面的空間。特別是，就我們擁有的類別或產品類型而言，不一定只是每個人似乎都在銷售的一種小型 ISR，而是有像 3XL 這樣的東西；先進的 FPV；重物；很重很重的電梯；混合動力無人機作為整合產品線。

That's we're kind of singled out there. So there isn't really anybody else that's doing it in the same manner that we are. So the fact that we're early movers there, we're pretty excited about the opportunity. And it's tens and tens and tens of millions of dollars in our opinion.

這就是我們被單獨挑出來的原因。所以實際上沒有其他人以與我們相同的方式做這件事。事實上，我們是那裡的先行者，我們對這個機會感到非常興奮。我們認為這是數千萬美元。

So -- and where are we going to be sending drones to Ukraine?

那麼，我們將向烏克蘭哪裡派遣無人機呢？

The war looks far from over. That war unfortunately is far from over. Maybe even when it's over, the drone demand will be actually just as big because everything from the surveillance to the demining to the reconnaissance to security, it'll all be done by drones. It won't be done by people, that's for sure. But it's far from over and we are selling drones there, so -- and we're going to continue, and we will -- I think you'll be pretty pleased with a number of the initiatives, that will hopefully be announced here shortly around it.

戰爭看起來還遠遠沒有結束。不幸的是，這場戰爭遠未結束。也許即使結束了，無人機的需求實際上也會一樣大，因為從監視到排雷，從偵察到安全，這一切都將由無人機完成。這不會是人做的，這是肯定的。但這還遠未結束，我們正在那裡銷售無人機，所以 - 我們將繼續，我們將 - 我認為您會對許多舉措感到非常滿意，希望很快就會在這裡宣布圍繞它。

That's the end of the questions that I've got. But please feel free to email Rolly and with any further questions, email me, I'll do my best to get back to you. It's pretty hard to keep up with the demand on that, but between Rolly and I, we'll do our best to make sure that we communicate as transparently as we're allowed to on everything that's moving forward.

我的問題到此結束。但請隨時給 Rolly 發電子郵件，如有任何其他問題，請給我發電子郵件，我會盡力回复您。滿足這方面的需求是相當困難的，但在羅利和我之間，我們將盡最大努力確保我們在進展中的所有事情上盡可能透明地進行溝通。

I do want to recognize the fact that we have had a really challenging market. It is due to the fact that, we continue to burn money. That said, last year in the first six months of the year, our operational burn was -- cash burn was $11.6 million of money that we spent just on operations. And this last six months, it was just -- or I think it's $6.4 million.

我確實想承認這樣一個事實：我們面臨著一個非常具有挑戰性的市場。這是因為我們繼續燒錢。也就是說，去年前 6 個月，我們的營運消耗是——現金消耗為 1,160 萬美元，僅用於營運。在過去的六個月裡，它只是——或者我認為是 640 萬美元。

And again -- and the important part is a lot of that operational burn was due last year to building out capacity. And this year, it's all about product and sales and operations and implementing and integrating. So I -- we do feel we're on track. Our Board seems to be very comfortable with where we're at, notwithstanding, we feel the pain, that the shareholders feel when we've seen these drops, most recently.

再說一次，重要的是去年的營運消耗很大一部分是由於產能建設造成的。今年，一切都與產品、銷售、營運以及實施和整合有關。所以我——我們確實覺得我們走上了正軌。我們的董事會似乎對我們目前的處境感到非常滿意，儘管最近我們看到這些股價下跌時，我們也感受到了股東們的痛苦。

We think they're highly misunderstood. We think we also -- well, we think we do, we have a concentration of a few shareholders that hold large positions that can move those markets pretty dramatically. But as we continue to mature as a company, we do believe that we'll see exponential growth and that'll be reflected in the stock price hopefully as well.

我們認為他們被嚴重誤解了。我們認為我們也——嗯，我們認為我們確實如此，我們集中了少數持有大量頭寸的股東，這些頭寸可以極大地推動這些市場。但隨著我們作為一家公司的不斷成熟，我們確實相信我們將看到指數級增長，這也有望反映在股價中。

So we appreciate your patience. We empathize with the challenges but we're going to continue to focus on great product, focus on great customers, focus on great people, and now get ready to sell. So thank you for all your time today. Appreciate it.

所以我們感謝您的耐心等待。我們理解這些挑戰，但我們將繼續專注於優秀的產品、優秀的客戶、優秀的人才，現在就做好銷售的準備。感謝您今天抽出寶貴的時間。欣賞它。