Draganfly Inc (DPRO) 2024 Q3 法說會逐字稿

Okay. To be respectful of everybody's time, I think we will get started today. So as always, greetings, and welcome to all the shareholders and stakeholders on today's Draganfly 2024 Q3 earnings call. My name is Rolly Bustos, and I am the Internal Investor Relations representative here at Draganfly. We appreciate you all joining us.

好的。為了尊重每個人的時間，我想我們今天就開始。一如既往，向參加今天的 Draganfly 2024 年第三季財報電話會議的所有股東和利益相關者致以問候和歡迎。我叫 Rolly Bustos，是 Draganfly 的內部投資人關係代表。我們感謝大家加入我們。

As usual, we'll start with our CEO and President, Cameron Chell, recapping the third-quarter earnings headlines. We'll move right into a more detailed financial review with CFO, Paul Sun. And then, as always, we'll conclude with our Chairman, Scott Larson, facilitating the pre-submitted questions that we have received. You're always welcome to reach out to me at investor.relations@draganfly.com if we did not get to your question today. I remind everyone that this presentation may include forward-looking information and statements.

像往常一樣，我們將從執行長兼總裁卡梅倫·切爾 (Cameron Chell) 開始，回顧第三季度的盈利頭條。我們將與財務長 Paul Sun 進行更詳細的財務審查。然後，像往常一樣，我們將由主席斯科特·拉爾森（Scott Larson）總結，以促進我們收到的預先提交的問題。如果我們今天沒有回答您的問題，歡迎您隨時透過investor.relations@draganfly.com 與我聯繫。我提醒大家，本簡報可能包含前瞻性資訊和陳述。

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 full forward-looking disclaimer can be found on page 2 of this presentation.

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。完整的前瞻性免責聲明可在本簡報的第 2 頁找到。

So Cam, I think we're ready. Please go ahead.

卡姆，我想我們已經準備好了。請繼續。

Great. Thanks very much, Rolly, and thanks, everybody, for joining us today. It's a great pleasure to be here. So the market continues to be relatively robust with an incredible amount of business development that's unfolding, in particular, around, well, all of our products, but in particular, around the APEX Drone, which we launched last quarter.

偉大的。非常感謝羅利，也感謝大家今天加入我們。很高興來到這裡。因此，市場仍然相對強勁，大量業務正在展開，特別是圍繞我們所有的產品，尤其是我們上季度推出的 APEX 無人機。

So the financial highlights for the quarter is that we had revenue of $1.885 million, which is seasonally our best Q3 ever. We had product sales of $1.3 million and services of $0.5 million. So we had gross profit of $440,000 with a margin of 23%. And Paul will explain a number of things as he goes through his presentation, talking through actually how that margin calculates out to be a bit larger than that.

因此，本季的財務亮點是我們的收入為 188.5 萬美元，這是我們有史以來最好的第三季。我們的產品銷售額為 130 萬美元，服務銷售額為 50 萬美元。所以我們的毛利是 44 萬美元，利潤率為 23%。保羅在演講時將解釋許多事情，並詳細討論如何計算出比這個差值更大的值。

And of course, we've got cash on hand right now of a little over $3.9 million, close to $4 million. So we're in a really stable position.

當然，我們現在手頭上有現金略多於 390 萬美元，接近 400 萬美元。所以我們處於一個非常穩定的位置。

We've got really good biz dev on the go. We've got a lot of our systems dialed in, and really looking forward to what this means for Q4 and going forward. In terms of the operational highlights for Q3, we had Honorable Mr. Andy Card, the former White House Chief of Staff, who previously was a Board member of ours, has joined our Advisory Board. Of course, he stepped off the Board earlier this year just for some other commitments that he had been making.

我們擁有非常優秀的商務開發人員。我們已經撥通了很多系統，並且非常期待這對第四季度和未來意味著什麼。從第三季的營運亮點來看，我們有前白宮幕僚長、我們的董事會成員安迪卡德先生加入了我們的顧問委員會。當然，他今年早些時候退出董事會只是因為他一直在做出的一些其他承諾。

He's such a key contributor and, of course, a mentor on many levels. And so he's still working with us closely advising the Board and helping us provide access into many accounts and relationships that are incredibly important to us as we build out Draganfly in this amazing industry that's just on the verge of completely booming.

他是個重要的貢獻者，當然，也是許多層面上的導師。因此，他仍在與我們密切合作，為董事會提供建議，並幫助我們提供對許多客戶和關係的訪問權限，這些對我們來說非常重要，因為我們在這個即將完全蓬勃發展的令人驚嘆的行業中建立了Draganfly。

Another highlight for us as an organization was launching the APEX Drone. We'll talk a little bit more about the product spec around the APEX Drone, but this is a drone that we think is -- that we've pretty much nailed into the smaller Category 1 drone, and we have got significant demand on it, which we'll talk a little bit as well. Also, we wanted to talk about a couple of our military orders.

作為一個組織，我們的另一個亮點是推出 APEX 無人機。我們將更多地討論APEX 無人機的產品規格，但我們認為這是一款無人機- 我們幾乎已經將其固定在較小的1 類無人機中，並且我們對它有很大的需求，我們也會稍微討論一下。另外，我們想談談我們的一些軍事命令。

So VRR, which is an organization that's got in the tens of millions of dollars of business that -- and grants for its particular technology, which is the swarming technology, whereby what's happening is you've got a Commander 3XL and you've got what's called the HellHive which the Commander 3XL carries and is integrated with, and then it launches our FPV drones.

VRR 是一個擁有數千萬美元業務的組織，並為其特定技術（即蜂群技術）提供資助，所發生的事情就是你擁有了 Commander 3XL，並且你擁有了Commander 3XL 攜帶並整合了所謂的HellHive ，然後它發射我們的FPV 無人機。

So VRR developed this technology. Separately, they've come to us to do the contract engineering for the actual HellHive. And their primary integration for this use case, of which we've now been selling to the military, is the 3XL, the Commander 3XL, and the Flex FPV drones. We also had a military order through TB2.

所以VRR開發了這項技術。另外，他們來找我們為實際的地獄蜂巢進行合約工程。我們現在向軍方銷售的該用例的主要整合是 3XL、Commander 3XL 和 Flex FPV 無人機。我們也透過 TB2 獲得了軍事命令。

TB2 has an incredibly innovative box that's basically a drone comes in, lands on the box. It's got a magnetic attachment to it. It picks up into the hundreds of pounds depending on the drone profile that you're using. The box actually charges the drone while it flies, and then they've got multiple integrations of different types of payload. So it might be a logistics payload carrying medical supplies.

TB2 有一個令人難以置信的創新盒子，基本上是一架無人機進來，降落在盒子上。它有一個磁性附件。根據您使用的無人機配置文件，它會重達數百磅。該盒子實際上在無人機飛行時為其充電，然後他們對不同類型的有效負載進行了多種整合。所以它可能是運載醫療用品的後勤酬載。

It might be a munitions payload. It might be a robotic dog. It might be whatever the case is. But as the drones come in and pick up, these payloads are actually getting charged. So the drones are running continuous missions.

它可能是彈藥有效載荷。它可能是一隻機器狗。可能無論情況如何。但當無人機飛來並拾取時，這些有效載荷實際上正在充電。所以無人機正在執行連續的任務。

So an incredibly exciting project that the military is working to adopt. And now we've made some sales in that area as well. And I think what's really important to note here is that in this is that the drones that we have are being utilized in so many use cases. In fact, I don't think it's inaccurate to suggest that every single week, there's a new use case coming from some government agency, three-letter agency, some variant of the military to be able to utilize the drone platforms that we have.

這是軍方正在努力採用的一個令人難以置信的令人興奮的項目。現在我們在該地區也取得了一些銷售。我認為這裡真正需要注意的是，我們擁有的無人機正在如此多的用例中使用。事實上，我認為每週都會有來自一些政府機構、三字母機構、軍方的某些變體的新用例能夠利用我們擁有的無人機平台，這並不是不準確的。

And keep in mind that the drone platforms that we've built are all universal in the fact that they use the same controllers, they use the same batteries, they use the same flight systems. So there's a lot less training whether you're flying an FPV or whether you're flying a heavy drone or a super heavy drone.

請記住，我們建造的無人機平台都是通用的，因為它們使用相同的控制器、相同的電池、相同的飛行系統。因此，無論您是駕駛 FPV 還是駕駛重型無人機或超重型無人機，訓練都會少得多。

Further to that, it's really important to note that all the mounts and all the payloads are universal. So you can run -- as long as it can have the weight bearing, you can run a payload on an APEX or on a 3XL and they're interchangeable. And this is something that's really come across strongly as a value proposition for us. We also announced a Fortune 50 oil and gas company having adopted the drone-in-a-box solution, utilizing the APEX Drone and Nightingale Security.

除此之外，值得注意的是，所有安裝座和所有有效負載都是通用的。所以你可以跑步——只要它能承受重量，你就可以在 APEX 或 3XL 上運行有效負載，而且它們是可以互換的。這對我們來說確實是一個強烈的價值主張。我們也宣布財富 50 強石油和天然氣公司已採用盒裝無人機解決方案，利用 APEX 無人機和 Nightingale Security。

This is a massive, massive customer. And this drone-in-a-box installation that we've done primarily for security, but also for field inspection purposes represents an opportunity of literally tens of thousands of sites for us. It was a year-long cycle to the sales cycle to get through and the testing cycle. It was very competitive, and we're really pleased on how that's worked out for us. Let's talk a little bit about the APEX Drone.

這是一個非常非常大的客戶。我們安裝的這種盒裝無人機主要是為了安全，但也為了現場檢查的目的，這為我們提供了數以萬計的站點的機會。從銷售週期到測試週期，需要長達一年的週期。競爭非常激烈，我們對結果感到非常高興。讓我們來談談 APEX 無人機。

So this is a drone that we launched that is a Category 1 drone. This particular drone fits in between our Flex FPV drone and our Commander 3XL. So the Commander 3XL drone is really a medium lift drone that enables much longer ranges and a very, very broad capability across all kinds of types of payloads. Now the -- this particular drone -- the common comment that we get back about the 3XL, regardless of its utility, is the fact that it is quite large. It's about the size of a coffee table.

這是我們推出的 1 類無人機。這款特殊的無人機介於我們的 Flex FPV 無人機和 Commander 3XL 之間。因此，Commander 3XL 無人機實際上是一款中型無人機，可實現更遠的航程，並具有涵蓋各種類型有效載荷的非常非常廣泛的能力。現在，對於這款特殊的無人機，我們得到的關於 3XL 的普遍評論是，無論其實用性如何，它都相當大。它大約有一張咖啡桌那麼大。

And so while you can run dual payloads and such with it and carry heavy loads, it's not really all that convenient to be packing around. So this particular drone fits inside of a backpack. It has a capacity of 5 pounds of payload capacity. You can run dual payloads on it, and you can get optional NVIDIA chips with it. So the reason that it's got the NVIDIA chips that go with it, quite frankly, is because of the edge computing and the AI capabilities that are now being required for drones to run.

因此，雖然您可以使用它來運行雙有效載荷等並攜帶重物，但打包起來並不是那麼方便。所以這架特殊的無人機適合放在背包裡。它的有效負載能力為 5 磅。您可以在其上運行雙負載，並且可以獲得可選的 NVIDIA 晶片。坦白說，它之所以配備 NVIDIA 晶片，是因為無人機運行現在需要邊緣運算和人工智慧功能。

So this is going to allow for things like real-time processing onboard, which affects not just the drone performance and your ability to do real-time navigation in contested areas where GPS might not be available, but it also enables for real-time processing of payloads.

因此，這將允許機載即時處理等功能，這不僅會影響無人機的性能以及您在可能無法使用 GPS 的有爭議區域進行即時導航的能力，還可以實現即時處理有效負載。

Now a really key strategy of ours is to work with payload partners. So as mentioned earlier, we've got great partners like VRR or TB2 that are selling their -- that have incredible payload use cases into, in their cases, military applications. But it's not just a matter of having a drone that can carry that or integrate that with the software, but those payloads, they can't -- well, not in TB2's case because it's actually a battery. But in most of the -- well, in fact, in every other case, unless it's a battery as a payload, those payloads suck a lot of battery life.

現在我們的一個真正關鍵的策略是與有效負載合作夥伴合作。如同前面所提到的，我們有像 VRR 或 TB2 這樣的優秀合作夥伴，他們正在銷售他們的產品，這些產品在軍事應用中擁有令人難以置信的有效負載用例。但這不僅僅是擁有一架可以攜帶它或將其與軟體整合的無人機的問題，而是那些有效載荷，它們不能——嗯，在TB2 的情況下不能，因為它實際上是一塊電池。但在大多數情況下——事實上，在所有其他情況下，除非它是電池作為有效負載，否則這些有效負載會消耗大量電池壽命。

So being able to have a drone of this size, which is really, again, a flying battery, and be able to do real-time processing on board is an incredible advantage for our payload partners, which then increases the amount of use cases that this particular drone is capable of. So military is an obvious market for this, but where we're actually getting the greatest demand right now is in law enforcement. And again, because it has all the capabilities of a Commander 3XL, except for the amount of weight it can carry, but it can fit inside of a backpack. So we're really excited about how this is unfolding for us, and we think we've nailed it right into that sweet spot.

因此，能夠擁有這種尺寸的無人機（這實際上是一個飛行電池），並且能夠在機上進行即時處理，對於我們的有效負載合作夥伴來說是一個令人難以置信的優勢，從而增加了使用案例的數量這種特殊的無人機有能力。因此，軍事是一個明顯的市場，但我們現在實際上需求最大的是執法部門。再說一遍，因為它具有 Commander 3XL 的所有功能，除了可承載的重量之外，但它可以放入背包內。因此，我們對這一切的進展感到非常興奮，我們認為我們已經把它釘在了最佳位置。

Now what we have decided not to do is to focus our product line into the small surveillance drone. There's this -- we can see that that's a very crowded market. It is dominated by the Chinese manufacturers, though they're going to -- they have and are going to continue to have a tough time to be selling that product into North American accounts and certainly not into military or law enforcement accounts. However, it is still a very, very competitive market.

現在我們決定不再將我們的產品線集中在小型無人偵察機上。我們可以看到這是一個非常擁擠的市場。它由中國製造商主導，儘管他們已經並將繼續經歷一段艱難的時期，將產品銷售到北美客戶，當然不是軍事或執法客戶。然而，這仍然是一個競爭非常非常激烈的市場。

It generally is also a lower-margin business, and we think that market is still a bit of a race to the bottom. So we're going to continue to stay away from that really small drone footprint, unless it's an FPV drone specifically for military purposes.

它通常也是一個利潤率較低的業務，我們認為市場仍然有點競底競爭。因此，我們將繼續遠離那些佔地面積很小的無人機，除非它是專門用於軍事目的的 FPV 無人機。

And the FPV drone that we've designed and is now in use is a very unique drone in the fact that it has one power system, but three different sizes of arms and blades that it can be used with. So if you need to fly it through a window, you can use that FPV. If you need to fly it 12 miles out for a military mission one way, then you've got that capability with it as well.

我們設計並正在使用的 FPV 無人機是一款非常獨特的無人機，因為它只有一個動力系統，但可以使用三種不同尺寸的手臂和葉片。因此，如果您需要讓它飛過窗戶，您可以使用 FPV。如果您需要以一種方式將其飛行 12 英里外執行軍事任務，那麼您也可以使用它。

So speaking just to that a little bit. This is the primary drone lineup, again, not that we don't have custom builds or other drones available for select clients. But it goes all the way from, on the far right there, the heavy lift drone with a capacity of 30 kilograms all the way down to our Flex FPV drone. And in between there on the Commander 3XL, we also have a full electric variant or we've got a variant that's a hybrid with gas, which gives it up to 2.5 hours of flight capability.

所以只談一點。再次強調，這是主要的無人機陣容，並不是說我們沒有可供特定客戶使用的客製化版本或其他無人機。但它一直從最右邊的載重量為 30 公斤的重型無人機一直到我們的 Flex FPV 無人機。在 Commander 3XL 之間，我們也有全電動型號或燃氣混合型號，可提供長達 2.5 小時的飛行能力。

We continue to see incredible demand from the industry -- we have been seeing incredible demand for 2 years. But the -- by the time -- it was really about two years ago that we see the NATO militaries post the Ukraine -- beginning of the Ukraine conflict really getting serious about adopting Category 1 and Category 2 drones. And it's frankly taken that long for them to develop their use cases, their mission profiles, basically go through selection processes, determine who they're going to work with, testing criteria, et cetera, et cetera.

我們繼續看到來自該行業的令人難以置信的需求——我們已經看到令人難以置信的需求已經有兩年了。但是，到了大約兩年前，我們看到北約軍隊在烏克蘭衝突開始後真正開始認真對待採用 1 類和 2 類無人機。坦白說，他們花了很長時間來開發他們的用例、他們的任務概況、基本上經歷選擇過程、確定他們將與誰合作、測試標準等等。

And we're now seeing -- and you'll see it not just with us as a drone company, but you're starting to see it now with some other publicly traded drone companies, you're starting to see those order sizes come in. And it's a fairly small group. And so we all kind of are now able to see who's landing where, pun intended, and exactly what the capabilities are and what either military or law enforcement, public safety or even industrial customers are choosing and who they're choosing them from and where those strengths lie.

我們現在看到 - 你不僅會看到我們作為一家無人機公司，而且你現在開始看到其他一些上市的無人機公司，你開始看到這些訂單規模來了在。這是一個相當小的群體。因此，我們現在都能夠看到誰在哪裡著陸（雙關語），以及確切的能力是什麼，以及軍事或執法、公共安全甚至工業客戶正在選擇什麼，以及他們從誰那裡選擇這些能力。是謊言。

So I think that there's three or four players out there that you're really going to start to see emerge based on the history, based on their capabilities with the drones that they've got, based on the testing criteria that they've gone through and that they've kind of got through these final selection parts or passes. Now the other piece of that is, can you scale your business?

所以我認為，根據歷史，根據他們擁有的無人機的能力，根據他們所採用的測試標準，你真的會開始看到三到四個玩家出現。 。現在的另一件事是，你能擴大你的業務嗎？

So it's great to have a drone that does all kinds of cool things. Does it have the airtime on it? Does it have the testing requirements and certifications on it? And then ultimately, can you produce enough for these particular customers? Because their orders come in massive amounts all at once.

因此，擁有一架可以做各種酷事的無人機真是太棒了。有播出時間嗎？它有測試要求和認證嗎？最終，您能否為這些特定客戶生產足夠的產品？因為他們的訂單一下子就大量湧來。

So I'll leave the rest for Q&A as it relates to the operational highlights and product and sales. And at this point, I'll turn it over to Paul Sun to run through our financial results. Paul?

因此，我將剩下的部分留給問答，因為它與營運亮點、產品和銷售有關。此時，我將把它交給 Paul Sun 來查看我們的財務表現。保羅？

Yes. Thanks, Cam, and thanks, everybody, for joining our call. I'll just go through the year-over-year numbers here for third quarter. So starting with revenue, we came in at, call it, $1.9 million, down 11.8% from $2.1 million in the third quarter of last year. Third-quarter revenue comprised of $1.3 million from product sales with the balance coming from drone services.

是的。謝謝卡姆，謝謝大家加入我們的電話會議。我將在這裡查看第三季的同比數據。因此，從營收開始，我們的營收為 190 萬美元，比去年第三季的 210 萬美元下降了 11.8%。第三季收入包括 130 萬美元來自產品銷售，其餘部分來自無人機服務。

Gross profit $441,000 compared to $895,000 in Q3 of last year due to one-time non-cash write-downs of inventory of $176,000, otherwise would have been $617,000. Gross profit for the same period last year would have been $903,000 if we took away the same onetime inventory write-downs associated with that period. So taking these non-cash items into account, gross margin would have been 32.7% versus 42.2% year over year.

毛利為 441,000 美元，而去年第三季為 895,000 美元，原因是一次性非現金減記庫存 176,000 美元，否則毛利為 617,000 美元。如果我們扣除與該期間相關的一次性庫存減記，去年同期的毛利將為 903,000 美元。因此，考慮到這些非現金項目，毛利率將為 32.7%，而去年同期為 42.2%。

On the loss side, total comprehensive loss for the quarter was $365,000 compared to a loss of $5.5 million in the same quarter of last year. However, this quarter does include noncash changes comprised of a fair value of derivative liability gain of $3.6 million, the inventory write-down that I spoke about, $176,000, a gain on an impairment of notes receivable of $7,000.

在虧損方面，本季綜合虧損總額為 36.5 萬美元，去年同期虧損為 550 萬美元。然而，本季確實包括非現金變化，包括衍生性商品負債收益公允價值 360 萬美元、我談到的庫存減記 176,000 美元、應收票據減損收益 7,000 美元。

So if we ex those things out, the loss would have been around $3.8 million versus an adjusted loss of $5.6 million a year ago. So the decrease in loss year over year is primarily due to lower office and miscellaneous expenses, professional fees and wage costs. So Cam, if you can move to the next slide so we can go through the quarterly table there. That's great. Thank you.

因此，如果我們剔除這些因素，損失將約為 380 萬美元，而一年前調整後的損失為 560 萬美元。因此，虧損年減主要是由於辦公室和雜項費用、專業費用和工資成本的減少。卡姆，請轉到下一張投影片，以便我們可以瀏覽季度表。那太棒了。謝謝。

So yes, we just went through the year-over-year changes. So now I'll just do a quarter-over-quarter analysis, looking at Q3 versus Q2, all in 2024. So revenue was up $152,000 to the $1.9 million, up from $1.7 million in Q2 of this year, which is an increase of about 8.8%, primarily due to higher service sales.

所以，是的，我們剛剛經歷了同比變化。因此，現在我將進行季度環比分析，比較 2024 年的第三季和第二季。因此，收入從今年第二季的 170 萬美元增加到 190 萬美元，增加了 152,000 美元，增幅約為 8.8%，這主要是由於服務銷售額的增加。

Gross margin percentage for Q3 was 23.4% compared to 26.6% for Q2. If we back out that one-time inventory write-down that we talked about in both quarters, gross margin would have been 32.7% versus 34.4% in Q2. So that slight difference just really being the product mix quarter over quarter.

第三季的毛利率為 23.4%，而第二季的毛利率為 26.6%。如果我們取消我們在兩個季度談到的一次性庫存減記，毛利率將為 32.7%，而第二季為 34.4%。因此，這種細微的差異實際上只是季度與季度之間的產品組合。

Total comprehensive loss for Q3 we talked about, the $365,000. Now we're comparing it to $7.1 million for Q2. Of course, we had that gain in fair value of derivative liability of $3.6 million, the write-down of inventory, the gain on impairment of notes. So if we ex those things out, as a reminder, comprehensive loss for Q3 would have been $3.8 million.

我們談到的第三季綜合虧損總額為 365,000 美元。現在我們將其與第二季的 710 萬美元進行比較。當然，我們有 360 萬美元的衍生負債公允價值收益、庫存減記、票據減損收益。因此，提醒一下，如果我們剔除這些因素，第三季的綜合損失將為 380 萬美元。

If we do the same for Q2, that loss would have been $4.4 million. So similarly to the year-over-year decrease in loss, again, primarily due to lower SG&A expenses such as wages, also professional fees, partially offset by slightly higher R&D and share-based payments for this quarter.

如果我們對第二季採取同樣的做法，損失將為 440 萬美元。因此，與虧損年減類似，這主要是由於工資、專業費用等銷售管理費用的降低，部分被本季研發和股份支付的略微增加所抵銷。

So on the next page, Cam, we'll just have a quick snapshot of the kind of the balance sheet here, yes. So yes, you can see that total assets increased from $8.3 million to $8.5 million from the end of 2023, which is largely due to the increase in cash. Working capital as at the end of this quarter was $3.5 million versus the deficit shown at the end of December of $717,000.

因此，在下一頁，卡姆，我們將快速了解資產負債表的類型，是的。所以是的，你可以看到總資產從 2023 年底開始從 830 萬美元增加到 850 萬美元，這很大程度上是由於現金的增加。截至本季末的營運資金為 350 萬美元，而 12 月底的赤字為 71.7 萬美元。

However, if we ex out the fair value of derivative liability of $1.3 million, working capital would have been $4.8 million this quarter and $3.5 million last year. Doing the same for shareholders' equity, this quarter would have been $5.6 million versus the $4.3 million shown here and $4.6 million at the end of December versus the $408,000 shown here.

然而，如果我們剔除 130 萬美元的衍生負債公允價值，本季的營運資金將為 480 萬美元，去年為 350 萬美元。對股東權益進行同樣的處理，本季的股東權益將為 560 萬美元，而此處顯示的為 430 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。

We do continue to have minimal debt. And as Cam alluded to at the front of the presentation, cash balance is, call it, $4 million compared to $3.1 million at the end of December.

我們的債務仍然很少。正如 Cam 在簡報開頭提到的，現金餘額為 400 萬美元，而 12 月底為 310 萬美元。

With that, I'll pass it back to you, Cam. Thanks.

這樣，我會把它傳回給你，卡姆。謝謝。

Great. Thanks, Paul. Why don't we go right into Q&A because I think that's highly productive and allows us to answer a lot of the curiosities that our shareholders and investors have and gives a good overview of what's going on in the market and with the company right now. Scott?

偉大的。謝謝，保羅。為什麼我們不直接進行問答，因為我認為這非常有成效，可以讓我們回答股東和投資者的許多好奇心，並很好地概述市場和公司目前的情況。史考特？

Yes. Thanks, Cam. I just want to reiterate and welcome from the Board's standpoint who is on the call. So as we've done with previous calls, there's been a bunch of questions that have come in. I'm looking at them on my screen here.

是的。謝謝，卡姆。我只想從董事會的角度重申並歡迎參加電話會議的人員。正如我們之前的電話會議所做的那樣，出現了很多問題。我正在螢幕上看著它們。

A few that have come in, in real time during the chat that we've tried to answer and so forth. And so we have a list of six or seven questions, maybe seven or eight, just some cross over here. I'll go ahead and ask them to either Cam or Paul, direct them as needed.

在聊天過程中即時出現的一些問題，我們試著回答等等。所以我們有一個六、七個問題的清單，也許七、八個，只是這裡有一些交叉。我會繼續讓他們去找卡姆或保羅，根據需要指導他們。

There's a couple of things we always can't answer just because we don't give guidance. And so there's a little bit of nuance here, but we'll try to kind of piece together, parse together as well some of the questions here.

有一些事情我們總是無法回答，因為我們不提供指導。因此，這裡有一些細微差別，但我們將嘗試拼湊、解析這裡的一些問題。

So Cam, will the Trump election help win or delay any new military contracts? Any thoughts there on what happens south of the border in the US? How that impacts Canada? What that looks like? How that impacts us?

那麼卡姆，川普當選會有助於贏得或推遲任何新的軍事合約嗎？對於美國邊境以南發生的事情有什麼想法嗎？這對加拿大有何影響？那看起來像什麼？這對我們有何影響？

We've got operations down there, of course. But just maybe a little color or context regarding what the new administration -- how that might impact some of the things that we're seeing, if at all?

當然，我們在那裡有業務。但也許只是關於新政府的一些色彩或背景——這可能會如何影響我們所看到的一些事情，如果有的話？

Yeah. So in terms of our overall numbers, it won't have any impact because the percentage of penetration that, not just us, but some other public drone companies out there have into the markets that would be affected by, say, the Trump administration is still so small that even if they made a sweeping change on something, the NATO militaries, in particular, and specifically here the US military, they're just starting their adoption cycle. And so there's hundreds of millions of dollars of purchases that need to be happened just because drones are the new reality within the military.

是的。因此，就我們的總體數字而言，它不會產生任何影響，因為不僅是我們，還有其他一些上市無人機公司進入市場的滲透率，這些市場將受到川普政府的影響。之小，以至於即使他們對某些事情做出了徹底的改變，特別是北約軍隊，特別是美國軍隊，他們也才剛開始他們的採用週期。因此，僅僅因為無人機成為軍隊中的新現實，就需要進行數億美元的採購。

But from a policy standpoint, we do expect to see significant increase in the Pac Rim, the Pacific Rim area, which by size, dwarfs the budget sizes required or looked at in the Eastern European theater. So if there is offset, it's actually a much bigger offset.

但從政策角度來看，我們確實預期環太平洋地區將大幅增加，其規模使東歐戰區所需或考慮的預算規模相形見絀。因此，如果存在偏移，它實際上是一個更大的偏移。

But the expectation is, no -- I mean, there may be policy changes and some shifts, but overall, the penetration is so small that drones are being adopted and there's a very few select players now that are left in the ring to be able to provide the products and requirements necessary.

但預期是，不——我的意思是，可能會有政策變化和一些轉變，但總體而言，無人機的滲透率如此之小，以至於無人機正在被採用，現在只有極少數的精選參與者能夠留在圈子裡提供必要的產品和要求。

Any new sales -- yes, so since we announced the distributor partnership in Australia, what does that look like traction? What's the sales cycle? How does that -- these are all mostly the long lead items, of course. But what does that look like? Any color or context there?

任何新的銷售——是的，自從我們宣佈在澳洲建立經銷商合作夥伴關係以來，這看起來有什麼吸引力？銷售週期是怎麼樣的？這是怎麼回事——當然，這些大多都是長週期項目。但這是什麼樣子的呢？有什麼顏色或背景嗎？

Yes, yes. So the sales cycle that we started in Australia this year would be similar to the sales cycle that we've started in earnest with a couple of our different and now meaningful military clients about 1.5 years ago. So it's going to take a solid year to get through that sales cycle.

是的，是的。因此，我們今年在澳洲開始的銷售週期將類似於大約 1.5 年前我們與幾個不同的、現在有意義的軍事客戶認真開始的銷售週期。因此，需要整整一年的時間才能完成該銷售週期。

We are in testing. We are in pilot projects. We are in use case and mission profiling.

我們正在測試中。我們正在進行試點計畫。我們正在進行用例和任務分析。

The budget season there is kind of opposite to the budget season here. They're down in their summer. So about early Q2, that's when we start to see some budgets opening up and such.

那裡的預算季節與這裡的預算季節有點相反。他們正值夏天。因此，關於第二季度初，我們開始看到一些預算開放等。

But yes, the response has been fantastic. This speaks largely to the Pac Rim opportunities within the military that are likely to be unfolding at large scale in the next couple of years, which is why we thought it was really important to be entering into that market down there.

但是，是的，反應非常好。這在很大程度上說明了環太平洋地區軍事領域的機會，這些機會可能在未來幾年內大規模展開，這就是為什麼我們認為進入該市場非常重要。

Australia will be a very big launching pad. Australia is also really forward-thinking in its public safety work and its search and rescue work, first responder work, which is a key market for us as well. So yes, really confident about what will be unfolding there.

澳洲將成為一個非常大的發射台。澳洲在公共安全工作、搜救工作、急救人員工作方面也具有真正的前瞻性，這對我們來說也是一個關鍵市場。所以，是的，我對那裡將要發生的事情非常有信心。

But you do need time on the ground to make that happen. But I think we've got the right representation and we're in the right offices.

但你確實需要時間來實現這一目標。但我認為我們有正確的代表，而且我們在正確的辦公室。

Any updates on M&A? We've talked about it before. It's come up on previous shareholder calls. There's been lots of reports in the industry about companies that are going through some difficulties.

有關併購的最新消息嗎？我們之前已經討論過。這是在之前的股東電話會議上提到的。業內有很多關於公司正在經歷困難的報道。

And I think we've even disclosed in the past that we take a look at all of them. But any more thoughts on this?

我認為我們過去甚至已經透露過我們會研究所有這些。但對此還有更多想法嗎？

It's still really active, and we've still elected not to participate up until this point. And I know on our desks that there are a couple of things that look pretty interesting. But again, it's an opportunity cost. And the focus on our organic growth and meeting the demand that continues to build and is kind of committed and getting through budget cycles and getting through final sign-offs and that type of stuff, you just can't compare right now us taking on too many other things. That said, there are some pretty interesting things going on.

它仍然非常活躍，直到此時我們仍然選擇不參與。我知道我們的辦公桌上有一些看起來非常有趣的東西。但同樣，這是機會成本。專注於我們的有機成長，滿足不斷增長的需求，並做出承諾，完成預算週期，完成最終簽核之類的事情，你現在無法與我們相比還有很多其他的事情。也就是說，正在發生一些非常有趣的事情。

We'll continue to see consolidation in the space. Building drones for these types of use cases is a lot trickier than people think when it comes out of the game. There are so many variables. So we'll remain active. We'll continue to see lots of activity, but we're in a spot where we just have to be incredibly discerning.

我們將繼續看到該領域的整合。為這些類型的用例建立無人機比人們想像的要棘手得多。有很多變數。所以我們將保持活躍。我們將繼續看到大量的活動，但我們正處於一個必須具有令人難以置信的洞察力的境地。

Yes, I would just -- from my own personal thoughts on that, some of this stuff ends up on my plate as well, of course. We don't -- it would be an exaggeration to say every week, but certainly fairly regularly they just keep coming in either from bankers or someone in the mix, advisers who have clients that are struggling, going into some level of receivership protection, whatever that is, and they're looking for either consolidation, asset sale, shareholder sale.

是的，我只是——從我個人的想法來看，當然，其中一些東西最終也會出現在我的盤子裡。我們沒有——說每週都很誇張，但肯定相當定期地，他們只是不斷地從銀行家或其他人那裡來，顧問的客戶陷入困境，進入某種程度的接管保護，不管是什麼，他們都在尋求整合、資產出售、股東出售。

And so a lot does come through our desk, kind of trickles in. We look at all of it. We scratch a bunch of it. We decline it, as Cam mentioned. But it's certainly been part of what we've talked about before.

因此，我們的辦公桌上確實有很多東西，一點一點地流入。我們審視這一切。我們抓了一堆。正如卡姆所說，我們拒絕了。但這肯定是我們之前討論過的一部分。

And I don't think any of that's an exaggeration. It's probably not going to change. But to Cam's point, these are opportunity costs. And so we have to be measured and make the right decisions, which I think we've done a pretty good job so far when it comes to that.

我認為這些都不誇張。它可能不會改變。但在卡姆看來，這些都是機會成本。因此，我們必須進行衡量並做出正確的決定，我認為到目前為止我們在這方面做得非常好。

Yes. I mean this is about the seventh cycle that having -- the company having been around for 25 years, this is about the seventh cycle of this that we've seen. And of course -- and all indications are that this is the cycle that actually it will pop. And we'll see that beyond explosive growth of drones. And so the few companies that are out there that are -- it's still a game about survival.

是的。我的意思是，這大約是該公司已經存在 25 年的第七個週期，這大約是我們所看到的第七個週期。當然，所有跡像都表明，這就是它實際上會流行的周期。我們將看到無人機爆炸性增長之外的情況。因此，少數幾家公司仍然認為，這仍然是一場關於生存的遊戲。

And if you're going to -- it's going to be last man standing. With great product and great customers, there's lots of reasons you are last man or last person standing. But that's still the game. And this time, instead of there will only be one company in North America that's left standing, there will be three or four, which still isn't enough, frankly. So it's been interesting this time and probably a bit more catastrophic in terms of the amount of companies that really got excited and jumped in hard this time and with lots of funding, and they just didn't make it.

如果你要——這將是最後一個站著的人。憑藉出色的產品和出色的客戶，您有很多理由成為最後一個或最後一個站著的人。但這仍然是遊戲。這一次，北美將不再只有一家公司倖存下來，而是三到四家，坦白說，這仍然不夠。所以這次很有趣，而且可能更具災難性，因為這次有很多公司真正興奮起來並投入了大量資金，但他們只是沒有成功。

That kind of leads pretty well into the next question, which is regarding supply chain. I think a couple -- three years ago that was a concern. We've talked about in the last couple of shareholder calls that that's less of an issue.

這就很好地引出了下一個問題，即有關供應鏈的問題。我認為三年前，這是一個令人擔憂的問題。我們在過去幾次股東電話會議中已經討論過，這不是一個問題。

But frankly, there's been new reports that have come out even over the last few months that other companies probably with regards to -- or as an effect of some of the large military contracts that have been discussed, where companies have come out and said that the supply chain is an issue again, particularly because of impacts from the China issues and so forth. So any thoughts there?

但坦白說，甚至在過去的幾個月裡，也出現了其他公司可能關注的新報告，或者是由於已經討論過的一些大型軍事合約的影響，這些公司已經出面表示：供應鏈再次成為一個問題，特別是因為中國問題等的影響。那麼有什麼想法嗎？

What does it look like for Draganfly? How much of an issue is this? How are we mitigating around it? How much can we expect to mitigate around it?

蜻蜓是什麼樣子的？這是多大的問題？我們如何緩解它？我們可以期望在多大程度上緩解它？

Yes, yes. No, it's an issue again. It doesn't have any direct effect on us at the moment. But it is an issue again or becoming an issue again, but for different reasons.

是的，是的。不，這又是一個問題。目前對我們沒有任何直接影響。但這又是一個問題，或者再次成為一個問題，但原因不同。

So the last time supply chain was a real matter was kind of COVID-related and just not being able to get supply. Today, the supply chain issue is kind of two-fold. One, people who are in the industry and in the node see the demand curve and where the buying cycle is about to hit. And so it's like a basketball going through a garden hose. So that will work itself out in some time.

因此，供應鏈上一次真正出現的問題與新冠疫情有關，只是無法取得供應。如今，供應鏈問題有兩個面向。第一，產業內和節點中的人們可以看到需求曲線以及購買週期即將到來的位置。這就像籃球穿過花園水管一樣。所以這在一段時間後會自行解決。

However, the variable is part one of this, which is now the security concerns. So a bunch of that supply chain is not coming from specifically domestic sources. It might not be Chinese, but it's still coming from overseas or very close to China in those Pac Rim areas.

然而，變數是其中的一部分，這就是現在的安全問題。因此，該供應鏈的大部分並非來自特定的國內來源。它可能不是中國的，但它仍然來自海外或在環太平洋地區非常接近中國。

So it's very easy for that supply chain to be disrupted. So the concern is around the dependence of the geographical location and supply from that area into where it needs to be manufactured for all other kinds of security reasons.

因此供應鏈很容易被破壞。因此，人們擔心的是地理位置的依賴性以及出於所有其他安全原因從該地區到需要製造它的地方的供應。

So we will see an ancillary market growing in North America. It will take a few years for it to happen, where more and more of these parts and certainly the critical parts will be manufactured here. There's a number -- so the build of materials being all North American or all NATO-based or all protected supply chain based is going to become a reality in the drone space. But there's a lot of really smart people thinking about it in the top three or four companies.

因此，我們將看到北美的輔助市場不斷成長。這需要幾年的時間才能實現，越來越多的這些零件，當然還有關鍵零件將在這裡生產。有許多——因此，在無人機領域，材料的製造全部來自北美或全部基於北約或全部基於受保護的供應鏈將成為現實。但在前三、四家公司中，有許多非常聰明的人正在思考這個問題。

Again, at least I know we are -- I think we're -- well, nobody is ahead of the curve, but I think we're on the curve in terms of being able to address those concerns from our customers going forward. But in the short term as it relates specifically to our financials, and I know we don't give guidance. I wish we could, or I wish we did. But it shouldn't have an effect here certainly in the next three to four quarters.

再說一次，至少我知道我們——我認為我們——嗯，沒有人走在前面，但我認為我們在能夠解決客戶未來的這些擔憂方面處於領先地位。但從短期來看，因為它與我們的財務狀況特別相關，我知道我們不會提供指導。我希望我們能做到，或者我希望我們做到了。但在接下來的三到四個季度內，它肯定不會產生影響。

What do you -- yes, again, with you saying that we don't give guidance, what do we think the next 3 to 9, 12 months is going to look like with regards to -- these are long-lead items. So any context around there? Is the funnel getting bigger? Is it pushing out? Just maybe a little bit color there and, again, without overstepping any of the lines.

您怎麼看——是的，再說一次，您說我們不提供指導，我們認為未來 3 到 9、12 個月會是什麼樣子——這些都是長期專案。那麼那裡有什麼背景嗎？漏斗變大了嗎？是擠出來的嗎？也許只是在那裡加一點顏色，並且再次強調，不要超越任何界限。

Yeah. So the funnel, which I'll call confirmed, has definitely pushed to the right for all kinds of administrative reasons and such. The funnel does continue to grow, but it's almost pointless. I would say the funnel just continues -- it continues to get refined. So we're swapping in items that are either higher margin or more use case critical for us and our focus in for -- and we're taking other orders and pushing them further out.

是的。因此，由於各種管理原因等原因，我將其稱為「已確認」的漏斗肯定已向右推。漏斗確實在持續成長，但這幾乎毫無意義。我想說，這個漏斗還在繼續——它繼續得到完善。因此，我們正在更換利潤率更高或對我們和我們的重點更重要的用例的項目 - 我們正在接受其他訂單並將其進一步推遲。

And that's kind of what we see. There's no point in the funnel getting bigger. It's already just enormous. But I do see -- and we haven't giving guidance in the past, but I do see us in a spot finally. And I know I certainly alluded to this before, but I can say with a very high degree of confidence, we're more than on track for our best Q4 ever by far.

這就是我們所看到的。漏斗變大是沒有意義的。它已經非常巨大了。但我確實看到了——我們過去沒有提供指導，但我確實看到我們終於找到了合適的位置。我知道我之前確實提到過這一點，但我可以非常有信心地說，我們完全有能力實現迄今為止最好的第四季。

And the size of opportunities that we'll be able to talk about in Q4 are orders of magnitude bigger than what we do on a yearly basis. So if that gives some indication. And they're really fun projects. They're really interesting work.

我們將在第四季度討論的機會規模比我們每年討論的機會規模大幾個數量級。那麼如果這給出了一些跡象。它們都是非常有趣的項目。它們真的是很有趣的工作。

Which of the drones is getting the most attention? So which are the drones within our suite of products right now is getting the most attention?

哪款無人機最受關注？那麼，我們的產品套件中哪些無人機目前最受關注呢？

Man, that is a great question. And as soon as I think of the one I'm going to say, I think, but the other one is getting the -- so right now, FPVs are incredibly hot and those sales cycles are shortening. And in the first quarter, we didn't anticipate that they were going to be requiring this much demand.

夥計，這是一個很好的問題。當我想到我要說的一個時，我想，但另一個正在得到 - 所以現在，第一人稱視角（FPV）非常熱門，而且這些銷售週期正在縮短。在第一季度，我們沒有預料到他們會需要這麼多的需求。

So FPVs are very, very hot. But we also launched the APEX this last quarter, and it fits into a spot where we're being asked to produce this thing by so many people. So we'll be delivering those in Q4 at some significant scale. So that's also very hot for us.

所以 FPV 非常非常熱門。但我們還在上個季度推出了 APEX，它適合許多人要求我們生產這個產品的情況。因此，我們將在第四季大規模交付這些產品。所以這對我們來說也很熱門。

The Commander 3XL, it's got the longest amount of time with pilots on the stick out there, having tested it, having put it through its paces. And we've got the most amount of payload partners that have integrated with the 3XL. And quite frankly, they're generating demand for us. So those are the three platforms that are shortest to having to create the sales bubble that finally, hopefully, will get spit out at the end of the garden hose.

Commander 3XL 是飛行員在地面上待命時間最長的飛機，經過測試和測試。我們擁有最多數量的與 3XL 整合的有效負載合作夥伴。坦白說，他們正在為我們創造需求。因此，這三個平台最容易產生銷售泡沫，最終預計將在花園軟管的末端吐出。

We see significant interest on our heavy lift because a lot of people have just seen the utility of drones. And we'll have some additional product announcements in a couple of quarters around even heavier drones there. So definitively, I couldn't tell you. Like we built our products based on customer demand and we built them to be interoperable.

我們看到人們對我們的重型運輸很感興趣，因為很多人剛剛看到了無人機的實用性。我們將在幾個季度內發布一些關於更重型無人機的額外產品。所以我確實不能告訴你。就像我們根據客戶需求建立產品一樣，我們將它們建構成可互通的。

So we're seeing demand across our categories. But right now, I would have to say that the majority of inbound and immediate pressures is probably around FPV. But to us, FPVs is a bit of a loss leader because they're a low cost often one-way product.

因此，我們看到了各個類別的需求。但現在，我不得不說，大部分入站壓力和即時壓力可能都圍繞著 FPV。但對我們來說，第一人稱視角有點虧本，因為它們是一種低成本且往往是單向的產品。

Now there are some very interesting developments happening with those one-way products, where they're getting -- the requirements are being asked to be more sophisticated, being able to operate in GPS-denied environments, et cetera, because -- everybody hears about the effectiveness of FPVs, but you also don't hear about the fact that their success rate -- their effectiveness is based on numbers, but their percentage of success rate is much, much lower than anybody would like to talk about.

現在，這些單向產品正在發生一些非常有趣的發展，它們的要求變得更加複雜，能夠在沒有 GPS 的環境中運行，等等，因為——每個人都聽到了關於FPV 的有效性，但你也沒有聽說它們的成功率這一事實——它們的有效性是基於數字的，但它們的成功率百分比比任何人想要談論的要低得多。

So there is a level of sophistication that's going up there. But they're also a means to an end for us. So FPVs are going to allow us to sell a lot of HellHives and a lot of 3XLs because people want to get these FPVs deeper into particular geographic regions and they want to be able to swarm with them. And so again, the level of sophistication in the FPV and using things like the 3XL as a mothership or a carrying case for them is -- drives significant sales with good margin for us.

所以那裡有一定程度的複雜性。但它們也是我們達到目的的一種手段。因此，FPV 將使我們能夠銷售大量 HellHives 和大量 3XL，因為人們希望將這些 FPV 深入到特定的地理區域，並且希望能夠與它們一起蜂擁而至。再說一次，FPV 的複雜程度以及使用 3XL 等東西作為母艦或手提箱為我們帶來了可觀的銷售和良好的利潤。

Perfect. Thank you for that. That is actually all the questions we have. There's been a couple that have come in that have been answered online in kind of real time. But in terms of questions, that is all the ones that came in.

完美的。謝謝你。這實際上是我們所有的問題。有幾個進來的人已經在網路上得到了即時答案。但就問題而言，這就是所有進來的問題。

I think I would like just to reiterate what Rolly said at the onset, which is if there's -- feel free to e-mail in. We do, do our best to get back to you right away. Thoughts, comments, things like that incorporate into some of our disclosures, if need be. But certainly, feel free to e-mail through the Investor Relations questions, comments on what's happening here, and we'll do our best to answer them without crossing any of the disclosure issues.

我想我想重申羅利一開始所說的話，那就是如果有的話，請隨時發送電子郵件。我們會盡力立即回覆您。如果需要的話，想法、評論等都可以納入我們的一些披露中。但當然，請隨時透過電子郵件發送投資者關係問題、對這裡發生的事情的評論，我們將盡力回答這些問題，而不會涉及任何披露問題。

So with that, Cam, I'll send it back to you to end this out and look to close it off.

因此，卡姆，我會將其發送回給您以結束此事件並希望將其關閉。

Well, first of all, I really want to thank our shareholders and investors for the extreme patience that they've displayed. It has been a real grind for you we understand. But I think we're in the right place at the right time. We'll be one of the last ones standing. We have an incredible product lineup.

嗯，首先，我真的要感謝我們的股東和投資人所展現的極大耐心。我們理解，這對您來說確實是一種折磨。但我認為我們在正確的時間出現在正確的地點。我們將是最後堅持下來的人之一。我們擁有令人難以置信的產品陣容。

We have an incredible service ethic. The ethos of the company is all about making our customer uncompetable, being able to provide them with strategic differentiation, whether they're military or police or industrial or whatever the case is. And I think we're meeting that order. And I think we continue to build a reputation as a really, really strong player in the market that can do things that a lot of other companies can't do.

我們擁有令人難以置信的服務道德。公司的精神就是讓我們的客戶變得無與倫比，能夠為他們提供戰略差異化，無論他們是軍事、警察、工業或其他任何情況。我認為我們正在履行這項命令。我認為我們將繼續建立作為市場上真正非常強大的參與者的聲譽，我們可以做許多其他公司無法做到的事情。

I also really want to thank our partner and employee base. People are working like ridiculous hours. They're doing crazy amounts of travel. They're like bending over backwards for the customer.

我還要衷心感謝我們的合作夥伴和員工群體。人們的工作時間很荒謬。他們進行了大量的旅行。他們就像是在為顧客竭盡全力。

They are -- I mean it's really -- at the end of the day, it is about the people that are attached to the mission and the passion that we have around that mission. So I just really deeply want to thank our Board, the executive and, most importantly, our frontline people, who are just crushing it. I mean, the stories we hear back all the time about what we're able to do and what it's going to mean for our customers' future is really incredible. So thank you for that.

我的意思是，歸根結底，它們是關於那些執著於使命的人們以及我們圍繞該使命所抱持的熱情。因此，我真的要深深感謝我們的董事會、高階主管，最重要的是，感謝我們的第一線員工，他們正在全力以赴。我的意思是，我們一直聽到的關於我們能夠做什麼以及這對客戶的未來意味著什麼的故事確實令人難以置信。所以謝謝你。

Thanks, everybody, for your time and patience, and we look forward to a fantastic Q4.

感謝大家的時間和耐心，我們期待第四季的精彩表現。