Draganfly Inc (DPRO) 2024 Q4 法說會逐字稿

So again, welcome and greetings to all shareholders, stakeholders to today's Draganfly 2024 Q4 and full-year earnings call. Again, my name is Rolly Bustos. I am the Internal Investor Relations representative here at Draganfly. We appreciate you all joining us. We will start with our CEO and President, Cameron Chell, recapping the fourth quarter and full year 2024 earnings headlines. Next will be a more detailed financial review with our CFO, Paul Sun. We will then conclude by addressing the pre-submitted questions we've received.

再次歡迎並問候所有股東、利害關係人參加今天的 Draganfly 2024 年第四季和全年收益電話會議。再次聲明，我的名字是 Rolly Bustos。我是 Draganfly 的內部投資者關係代表。我們感謝大家的加入我們。首先，我們的執行長兼總裁 Cameron Chell 將回顧 2024 年第四季和全年的獲利情況。接下來我們的財務長 Paul Sun 將進行更詳細的財務審查。最後，我們將解答我們收到的預先提交的問題。

As always, you are welcome to reach out to me any time directly at investor.relations@dragonfly.com. I will 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 company's results and statements are accurate as of today, March 27, 2025. We are under no obligation to update or renew these statements outside of material press release disclosure going forward. The full forward-looking disclaimer can be found on page 2 of this presentation and on the screen right now.

像往常一樣，歡迎您隨時透過 investor.relations@dragonfly.com 直接與我聯繫。我要提醒大家，本次演講可能包含前瞻性資訊和陳述。這些聲明並非對未來業績或財務結果的保證，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不同。該公司的業績和報表截至 2025 年 3 月 27 日均準確無誤。除未來重大新聞稿揭露外，我們沒有義務更新或續訂這些聲明。完整的前瞻性免責聲明可在本簡報的第 2 頁和目前螢幕上找到。

So without further ado, Cam, please go ahead.

所以不用多說，Cam，請繼續。

Good afternoon, everybody, and thanks so much for taking the time to be with us. We're thrilled about what's transpired over the last year, in particular, in our Q4, and we appreciate your trust and consideration in being here today. So just a couple of quick financial overview or highlights that we'll be running through today for our 2024 financial snapshot. Basically, we've really established a base revenue for the business, basically an amount of capital that or amount of --excuse me, revenue that just kind of rolls in on an automatic basis through our website inquiries and through the work of our excellent sales and business development teams. And we've also strengthened the liquidity in the business in terms of being able to raise capital, our volume in the stock and of course, the amount of sales and how we built our capacity to now meet the demand that's hitting the market.

大家下午好，非常感謝你們抽空與我們在一起。我們對過去一年，特別是第四季所取得的成就感到非常興奮，我們感謝您今天的信任和考慮。因此，我們今天將簡要介紹 2024 年財務快照中的幾個財務概況或要點。基本上，我們已經為業務建立了基本收入，基本上是一定數量的資本或數額——對不起，是透過我們的網站查詢以及透過我們優秀的銷售和業務開發團隊的工作自動產生的收入。我們也加強了業務的流動性，包括籌集資金的能力、庫存量，當然還有銷售量，以及我們如何建立產能來滿足市場的需求。

So our revenues for the year were $6.56 million. Our gross profit for the year was $1.39 million. Our cash balance at the end of the year was $6.25 million, and our gross margin was 21.3% with some non-cash write-downs that we took against that margin. And so our adjusted margin is 31% or just under 31%. Paul, next slide.

因此我們今年的收入是 656 萬美元。我們全年的毛利為 139 萬美元。我們年底的現金餘額為 625 萬美元，毛利率為 21.3%，其中我們對該利潤率進行了部分非現金減記。因此我們的調整後利潤率為 31% 或略低於 31%。保羅，下一張投影片。

So a couple of the other things just to talk through about our 2024 year, in particular, our Q4. So in Q4, we were selected early in the year by Mass Brigham General out of Boston in order to start to implement their home hospital delivery and medical delivery program. It was a very competitive situation for us to be able to be selected for that, and we're really honored and thankful to the team that was able to put this together. We actually completed Phase 1 of that pilot program and are actually now active in Phase 2 of that. And as a part of that, as we completed Phase 1, we've actually now received FAA waivers to operate over moving cars and vehicles in the Boston airspace. And so this is one of the busiest airspaces literally in the world.

因此，我還要談一些其他的事情，關於 2024 年，特別是我們的第四季。因此在第四季度，我們在年初被波士頓的麻省布萊根綜合醫院選中，開始實施他們的家庭醫院分娩和醫療分娩計劃。對我們來說，能夠被選中是一個非常有競爭力的情況，我們真的很榮幸並感謝能夠完成這項任務的團隊。我們實際上已經完成了該試點計劃的第一階段，並且目前正處於第二階段。作為其中的一部分，隨著我們完成第一階段，我們實際上已經獲得了美國聯邦航空局的豁免，可以在波士頓空域上空行駛的汽車和車輛上空飛行。因此，這裡實際上是世界上最繁忙的空域之一。

And the use case here is that Boston Mass General is looking to use medical drone delivery in order to facilitate drone deliveries between their literally hundreds of different clinics as well as their home hospital patients, where it can take hours and hours in order to get things like pharmaceuticals, test lab results, equipment, emergency medical supplies, things of this sort to locations, depending on traffic conditions or weather conditions and such. And so this is a leading-edge program that's being pioneered by Mass Brigham General. There are a number of hospitals that are now looking at this actively throughout the United States, and in my opinion anyway, looking to Mass General as the leader in this space. So we're honored again to be working with them on this.

這裡的用例是，波士頓麻省總醫院希望使用醫療無人機運送，以便在其數百個不同的診所以及其家庭醫院患者之間進行無人機運送，其中可能需要花費數小時才能將藥品、測試實驗室結果、設備、緊急醫療用品等物品運送到指定地點，具體取決於交通狀況或天氣條件等。這是由馬薩諸塞州布萊根總醫院率先推出的前沿項目。目前，全美有許多醫院正在積極研究這個問題，無論如何，在我看來，它們都希望麻省總醫院能成為這一領域的領導者。因此，我們很榮幸能再次與他們合作。

And this is also in conjunction with or excuse me, in addition to the recent announcement that we just made with Massachusetts Department of Transportation, where three companies selected to demonstrate medical delivery in the state of Boston, where we also did receive FAA waivers. So we've made some tremendous gains in that particular area.

這也是與我們剛剛與馬薩諸塞州交通部共同宣布的，其中三家公司被選中在波士頓州展示醫療服務，我們也獲得了美國聯邦航空管理局的豁免。因此，我們在該特定領域取得了巨大的進步。

Also in 2024, in Q4, big for us was the unveiling of our NDAA-compliant FlexForce FPV system. Now, an FPV is a first-person viewer drone. They're probably best known as drones that are being used in Ukraine right now to great effect. And these drones to be NDAA compliant has been quite an accomplishment, securing the supply chain, the components, the parts, working through all the certifications. And we have actually now have these particular drones in theater and operation, with some amazing news and upcoming events that we'll be able to talk about shortly in the coming weeks.

同樣在 2024 年第四季度，對我們來說意義重大的是推出符合 NDAA 標準的 FlexForce FPV 系統。現在，FPV 是一種第一人稱觀看無人機。它們最出名的可能是目前正在烏克蘭使用並發揮巨大作用的無人機。這些無人機符合 NDAA 標準是一項相當大的成就，確保了供應鏈、組件、零件的安全，並通過了所有認證。實際上，我們現在已經在戰場上使用這些特殊的無人機，我們將在未來幾週內討論一些令人驚訝的消息和即將發生的事件。

Our Q4 revenue, which is really one of the most exciting parts of highlights of our year, is up 76% year over year. Now, our revenue for the year is pretty flat, but the reason being is that we basically were at capacity. At the end of Q3, we were able to increase that capacity with our upgraded plant and our new plant actually just starting to come on stream. And so in Q4, we're able to see the result of that, and we've got a 76% gain. So we're really excited about what's unfolding here in the new year, our ability to meet demand and that demand continuing to increase out there.

我們的第四季營收是今年最令人興奮的亮點之一，年增了 76%。現在，我們今年的收入相當平穩，但原因是我們基本上已經達到產能了。在第三季末，我們透過升級工廠提高了產能，而新工廠實際上剛開始投產。因此在第四季度，我們能夠看到結果，並且獲得了 76% 的收益。因此，我們對新的一年將要發生的一切、我們滿足需求的能力以及不斷增長的需求感到非常興奮。

Feeling really good about Q1, but I can't say much more about that right now. Also, on the leadership front, honorable Andy Card, who's the former Chief of Staff of the White House, has joined our Advisory Board. Now, Andy was a previous Board member. He had other commitments, but he's such an integral member and a personal mentor. We're very, very pleased to have had him join our Advisory Board, and thank you to him for that.

對 Q1 感覺非常好，但目前我還不能透露太多。此外，在領導方面，前白宮辦公廳主任安迪卡德 (Andy Card) 先生已加入我們的顧問委員會。現在，安迪是前董事會成員。他還有其他承諾，但他是一位不可或缺的成員和私人導師。我們非常高興他能加入我們的顧問委員會，並對此表示感謝。

We've also introduced a new audit Chair, Kim Moody, who is a 30-year veteran in the audit and tax space. He has now actually taken on the audit chair and joined our Board of Directors and continues with the discipline and rigor that we've had in the past and will continue to have in the future. So thanks to Kim for coming on board. And I think if anybody looks at his background and his pedigree, you'll see that, once again, just the quality of people that we are very fortunate and able to attract to the organization is completely outstanding. Next slide, Paul.

我們還任命了一位新的審計主席 Kim Moody，他在審計和稅務領域擁有 30 年的豐富經驗。他現在實際上已經擔任審計主席並加入了我們的董事會，並繼續秉承我們過去和將來的紀律和嚴謹。感謝 Kim 的加入。我認為，如果有人看一下他的背景和血統，你會再次發現，我們非常幸運能夠吸引到這個組織的人才的素質非常出色。下一張投影片，保羅。

So in addition to the things in Q4, you can see that 2024 was a significant year for us, all kind of started off way back when we were integrating some of our product with multiple other vendors out there, as an example being Doodle Labs and UXV technologies. Now, the reason that this is important is that one of the characteristics of the Draganfly product line is that it's not insular. It's not a closed system.

因此，除了第四季度的事情之外，您可以看到 2024 年對我們來說是重要的一年，一切都始於我們將部分產品與其他多家供應商整合在一起，例如 Doodle Labs 和 UXV 技術。現在，這一點很重要，因為 Draganfly 產品線的特點之一就是它不是孤立的。這不是一個封閉的系統。

So everything that we build is modular. And so what that means is that we have dozens and dozens of integrations with other payloads. So we've got fantastic partners like Doodle, UXV, VRR, Mimir, numbers of different camera companies, LiDAR companies, and the list goes on. Basically, what they do is they've got a payload that they would like to or has used to be used as an incredible aerial sensor or delivery device. So we basically modularize all of our platforms across our entire product line so that those payloads can be adapted up and integrated into our drone systems.

所以我們建造的一切都是模組化的。這意味著我們與其他有效載荷有數十種整合。因此，我們擁有出色的合作夥伴，例如 Doodle、UXV、VRR、Mimir，以及許多不同的相機公司、LiDAR 公司等等。基本上，他們所做的就是獲得一個他們想要或曾經用來作為令人難以置信的空中感測器或運載設備的有效載荷。因此，我們基本上將整個產品線的所有平台模組化，以便這些有效載荷可以適應並整合到我們的無人機系統中。

So these partners, first of all, are an incredible sales channel for us. So they're out selling these products with us generally as the preferred drone partner. And the other advantage of this is that when we have customers come to us, often what happens, more often than not, is they come to us saying, hey, we've got this particular camera system or this particular AI system or whatever the case may be, and this is how we want to use it.

因此，這些合作夥伴首先對我們來說是一個不可思議的銷售管道。因此，他們通常將我們作為首選無人機合作夥伴來銷售這些產品。這樣做的另一個好處是，當客戶來找我們時，他們通常會說，嘿，我們有這個特定的攝影機系統或這個特定的人工智慧系統，或者不管是什麼，我們想這樣使用它。

We need a drone system that can support this. And that's just not in terms of flight time or payload capacity, but it's also software integration, expertise to operate, subject matter expertise in the particular verticals that we work in. And that's really our strategic advantage in terms of we can bring a total capability, not just a solution or a product, but a capability to our customers.

我們需要一個能夠支援這一點的無人機系統。這不僅涉及飛行時間或有效載荷能力，還涉及軟體整合、操作專業知識以及我們所從事的特定垂直領域的專業知識。這確實是我們的策略優勢，因為我們可以為客戶提供全面的能力，而不僅僅是解決方案或產品，而是一種能力。

We also do a number of services out there in very specific areas. And so those very, very technical services, things like wildfire, landline detection, medical delivery, those highly specialized services we also do, and that was highlighted in some of the work that we were doing with First Atlantic Nickel.

我們也在特定領域提供多項服務。因此，我們也提供那些非常技術性的服務，例如野火、固定電話探測、醫療運送等高度專業化的服務，這在我們與 First Atlantic Nickel 合作的一些工作中得到了強調。

Also in terms of some of the things that we did with our leadership this year, we're very, very honored to have a very distinguished entrepreneur, military veteran, and incredible product engineer, Tim Dunnigan, join us. Tim heads up a company that has developed a fantastic product called the Mjolnir. Now, this is an ordinance that fits onto drones, very sophisticated. It is fully integrated with our full product line as well. And Tim's company has been incredibly integral in introducing us to many, many military opportunities.

另外，就我們今年領導階層所做的一些事情而言，我們非常非常榮幸地邀請到非常傑出的企業家、退伍軍人和出色的產品工程師 Tim Dunnigan 加入我們。蒂姆領導的一家公司開發了一款名為 Mjolnir 的奇妙產品。現在，這是一項適用於無人機的法令，非常複雜。它也與我們的整個產品線完全整合。蒂姆的公司在向我們介紹許多軍事機會方面發揮了至關重要的作用。

Thomas Modly, who's the former Acting Secretary of the Navy of the United States, also joined our Board this year. Tom was actually the only person that was ever able to accomplish an audit of the US Navy. And again, adding to the strength of our governance, but also the strength of the expertise that we bring into that military vertical, not just from an operational standpoint but also from a procurement understanding point.

美國前海軍代理部長托馬斯·莫德利今年也加入了我們的董事會。湯姆其實是唯一能夠完成美國海軍審計的人。再次，不僅從作戰角度，而且從採購理解角度，增強了我們的治理實力，也增強了我們為軍事垂直領域帶來的專業知識實力。

You can see the rest of these here. It was a very busy year. These are just highlights. It's basically monthly. There was always something very significant happening that we were moving toward all the while, while we were getting our new plant capacity built out. Paul?

您可以在此處查看其餘內容。這是非常忙碌的一年。這些只是亮點。基本上是按月計算的。在我們擴大新工廠產能的同時，我們一直在努力實現一些非常重要的事情。保羅？

A few other just milestones in terms of the very specific verticals that we work in. In government and defense, we had our first DoD purchases that were generally into special ops. And that was of the Commander 3 XL and now our FPV drones. So really, really big milestones for us.

就我們所從事的具體垂直領域而言，還有其他一些里程碑。在政府和國防領域，我們的首次國防部採購主要針對特種作戰。以上是關於 Commander 3 XL 以及現在的 FPV 無人機。這對我們來說真的是一個非常重要的里程碑。

These are often two-year sales cycles that go through our customer understanding their concept of operations or what they call their ConOps, right through to selecting the type of drones they want, testing the type of drones they want, going through training on the types of drones, then actually putting them in some sort of theater to generally understand the resilience, make any modifications, adjust our entire standard operating procedure so that it fits smoothly into them, a full kind of audit process to make sure that we can meet their capacity demands, and then you start to get your initial purchases this quarter. So really excited about what the team has been able to do for our shareholders in that case.

這些銷售週期通常為兩年，其中包括我們的客戶了解他們的運營概念或他們所謂的 ConOps，選擇他們想要的無人機類型，測試他們想要的無人機類型，接受無人機類型的培訓，然後將它們實際放置在某種戰場上以大致了解其彈性，進行任何修改，調整我們的整個標準操作程序以使其最初因此，對於團隊在這種情況下為我們的股東所做的事情，我真的感到非常興奮。

We are engaged in multiple certification protocols being NDA compliant, DoD airworthy registration certificates, DIU Blue List, AUVSI Green list programs, all the different things that certify not just our drones, but our supply chain, our cybersecurity, the classifications and certifications, and clearances of our people, all the stuff that's required in order to operate in this government environment now as we see very, very dynamic geopolitics unfolding.

我們參與了多項符合保密協議 (NDA) 的認證協議、國防部適航登記證書、DIU 藍名單、AUVSI 綠名單計劃，所有這些認證不僅針對我們的無人機，還針對我們的供應鏈、網絡安全、人員的分類和認證以及許可，所有這些都是在當前政府環境中運營所必需的，因為我們看到非常非常動態的地緣政治正在展開。

And then a really, really big highlight that happened for us in Q4 was Chris Miller, the former Acting Secretary of Defense of the United States, joined our Board. And I don't know of many other companies, certainly growth companies of our size and certainly in this sector that would have the former Acting Secretary of the Navy and Defense and the former Chief of Staff of the White House, all sitting on their Board. I think it speaks volumes to the people and to the product that we have and to the commitment that these folks have into this industry as well as to us as a company and to our shareholders in particular.

第四季對我們來說非常非常重要的亮點是美國前代理國防部長克里斯·米勒加入了我們的董事會。我不知道有多少其他公司，尤其是像我們這樣規模和處於這個行業的成長型公司，會讓前海軍和國防部代理部長以及前白宮辦公廳主任都進入董事會。我認為這充分說明了我們員工和產品的價值，也說明了這些人對這個產業的承諾，也說明了我們公司和特別是我們股東的價值。

And then, of course, I mentioned we launched the Flex FPV system, which is a highly unique system. We don't publicize a lot of the specs around it because it has some incredibly unique features that we learned in the Ukraine that we brought back into the Five Eyes and the NATO forces. But the reason it's called Flex is that basically with one power core, you're able to adjust the size, distance, and mission profile that this Flex FPV can attain. So we're meeting some great success on that. I'm really excited about the work that's been done there.

然後，當然，我提到我們推出了 Flex FPV 系統，這是一個非常獨特的系統。我們並沒有公開它的許多規格，因為它具有一些我們在烏克蘭學到的獨特功能，並帶回了五眼聯盟和北約部隊。但它之所以被稱為 Flex，是因為基本上只需一個電源核心，您就可以調整此 Flex FPV 可以達到的尺寸、距離和任務設定檔。因此我們在這方面取得了巨大的成功。我對那裡所做的工作感到非常興奮。

On the international side, we did sign an Australian distributor, and we are making inroads into the government and the commercial market there. We participated in dozens and dozens of industry and private demos and events, both in the military, government, commercial, and industry side as well as multiple commercial pilot programs, as I mentioned earlier, in particular, in Boston.

在國際方面，我們確實簽約了一家澳洲分銷商，並且正在進入那裡的政府和商業市場。我們參加了數十場行業和私人演示和活動，涉及軍事、政府、商業和工業方面，以及多個商業試點項目，正如我之前提到的，特別是在波士頓。

On the search and rescue side, our highly specialized services division did deploy in support of search and rescue organizations that were using our product. We actually supported with pilots and expertise with some of those in live search and rescue operations. And of course, we've got our wildfire deployments, which we expect that business to possibly, well, more likely than not double this year. It was about $400,000 last year, and that continues to grow. And we really have a level of expertise there that's letting us design products for wildfire that are considerably more advanced than what we're seeing from competitors because again, we're not designing drones. We're designing capabilities based on the experience that we've got in those live situations. Paul?

在搜救方面，我們高度專業的服務部門確實部署了支援使用我們產品的搜救組織。我們實際上為現場搜救行動中的一些人員提供了飛行員和專業知識的支援。當然，我們已經部署了野火防治措施，我們預計今年這項業務可能會翻倍。去年約為 40 萬美元，並且還在繼續增長。我們確實擁有一定的專業知識，這讓我們能夠設計出比競爭對手的產品先進得多的野火防治產品，因為我們設計的不是無人機。我們根據在實際情況下獲得的經驗來設計功能。保羅？

I'll spend a very brief time here just for review. One of the things that Draganfly has as a North American manufacturer that is somewhat unique, in fact, incredibly unique is the fact that we have a full product lineup. So when we look at the other drone manufacturers that are true North American drone manufacturers, which is an incredibly important component in today's environment is that they have a product. Some of them have two products, or some of them have a product that kind of does two or three different things.

我將在這裡花一點時間進行回顧。身為北美製造商，Draganfly 的獨特之處，事實上，極其獨特的一點，就是我們擁有完整的產品陣容。因此，當我們看看其他真正的北美無人機製造商時，就會發現在當今環境下一個非常重要的因素就是他們擁有自己的產品。他們中的一些人有兩種產品，或者有些人的產品可以做兩三種不同的事。

We have a full product lineup that ranges from a 4-inch drone FPV drone to a 12-inch FPV drone through to our APEX heavy lift, super heavy lifts are coming this year. And what's unique about this is that all of these use the same flight control software. They can all use the same flight controllers. They're all interoperable with the different software integrations that we've done, the different payload integrations that we've done. And so what that means is that when we're dealing with a customer and they've got two or three different concepts of operations that they need to execute on, what they don't need to do is learn two or three different control systems or flight operation systems or software analysis systems, whatever the case is, no matter what system they're flying or whatever system their operators or pilots are controlling, that's all the same buttons, all the same controls, all the same, software systems regardless of the different payloads that we get integrated into it.

我們擁有完整的產品陣容，從 4 吋無人機 FPV 無人機到 12 吋 FPV 無人機，再到今年即將推出的 APEX 重型起重無人機和超重型起重無人機。它的獨特之處在於所有這些都使用相同的飛行控制軟體。它們都可以使用相同的飛行控制器。它們都可以與我們完成的不同軟體整合、不同有效載荷整合進行互通。這意味著，當我們與客戶打交道時，他們有兩到三種不同的操作概念需要執行，他們不需要學習兩到三種不同的控制系統、飛行操作系統或軟體分析系統，無論是哪種情況，無論他們駕駛什麼系統，或者他們的操作員或飛行員控制什麼系統，都是相同的按鈕、相同的控制、相同的軟體系統，無論我們整合到其中的有效載荷有何不同。

So we're finding great success in organizations that are saying, hey, we may need an FPV drone, but we also need a heavy lift drone for forward operating position logistics as an example. So this particular drone here, the Commander 3 XL -- I just see a typo, I'm sorry. It's got about a 45-minute plus flight time. It actually has just under a 25-pound payload capacity. So this is a 22- to 23-pound drone that can actually carry 25 pounds. So it's incredibly unique.

因此，我們發現有些組織取得了巨大成功，他們說，嘿，我們可能需要一架 FPV 無人機，但我們還需要一架重型無人機，以便前方作戰位置物流。所以這架特殊的無人機，Commander 3 XL——我剛剛看到一個打字錯誤，很抱歉。它的飛行時間大約為45分鐘以上。它的有效載荷能力實際上略低於 25 磅。這是一架重 22 到 23 磅的無人機，實際上可以承載 25 磅的重量。所以它非常獨特。

And you can see by the design in it, it's really designed to be able to handle logistics. It's got retracting landing gear, which gives a more surface area and actually a clear field of view underneath it for any of the camera operations. All of these drones from the APEX all the way up to the heavy lift have optional NVIDIA onboard computing capabilities. So we're well established in the AI, edge, and onboard computing capability, which is very important for things like doing instant survey, instant analysis, denied environment, non-GPS operations, all of the different things that we've learned in the different theaters that we've been operating in now for the last number of years. Next slide, Paul.

從它的設計中你可以看出，它確實是為處理物流而設計的。它有可伸縮起落架，這為任何攝影機操作提供了更大的表面積和清晰的視野。從 APEX 到重型運輸機的所有這些無人機都具有可選的 NVIDIA 機載運算功能。因此，我們在人工智慧、邊緣和機載運算能力方面已經很成熟，這對於進行即時調查、即時分析、拒絕環境、非 GPS 操作等非常重要，這些都是我們在過去幾年中在不同戰場上運作時學到的。下一張投影片，保羅。

Again, I won't belabor it, but this is a drone that we came out with this year, which is called the APEX drone. Now this is a 6.6-pound payload capacity. It is an ISR drone. We have chosen for this drone to be a little bit bigger than the typical ISR drones out there. So if you think about a DJI Mavic, this is a bigger drone or the Skydio X10 or [TLS] drone. This is a bigger drone for that because we have found that, in particular, our law enforcement wants more capacity. And they also want systems that aren't entirely integrated with only a specific camera system.

再說一次，我不想多說，但這是我們今年推出的無人機，名為 APEX 無人機。現在的有效載荷能力是 6.6 磅。這是一架 ISR 無人機。我們選擇的這款無人機比市面上常見的 ISR 無人機稍大。因此，如果您考慮 DJI Mavic，這是一款更大的無人機或 Skydio X10 或 [TLS] 無人機。這是一架更大的無人機，因為我們發現，特別是我們的執法部門需要更大的容量。他們還希望系統不能完全與特定的攝影系統整合。

So you can see, again, a large surface area underneath a very large battery capacity. The whole thing folds up into a backpack. But this thing here can carry, again, dozens and dozens of different camera operations. And there's not really another drone of this size that can do light LiDAR operations, even logistics operations, and still double up as an ISR drone. So we're finding a very unique market for this as well because what we're also seeing, in particular, in law enforcement, as they get more and more experience using drones, they have more and more use cases of where and how they want to use drones. And so typically, drone usage in the past has been just what they call ISR surveillance, so intelligent surveillance and reconnaissance. So in law enforcement terms, they just use surveillance.

因此，您可以再次看到，在非常大的電池容量下有一個很大的表面積。整個東西折起來放進背包裡。但這東西可以再次執行數十種不同的相機操作。而且實際上沒有其他這種尺寸的無人機可以進行輕型光達操作，甚至物流操作，並且還可以兼作 ISR 無人機。因此，我們也發現了一個非常獨特的市場，因為我們也看到，特別是在執法部門，隨著他們在使用無人機方面的經驗越來越多，他們在使用無人機的地點和方式方面有越來越多的用例。通常來說，過去無人機的用途就是所謂的 ISR 監視，即智慧監視和偵察。因此從執法角度來說，他們只是使用監視。

But now, they're looking for it to do many other things, carry heavier sensors, need longer flight time, and that's (technical difficulty) which is getting great demand now. Paul?

但現在，他們希望它能做許多其他事情，攜帶更重的感測器，需要更長的飛行時間，而這（技術難度）現在變得越來越重要。保羅？

And then, of course, we have our heavy lift, which is the one in the middle there, which is a 67-pound capacity drone, all folds up into a couple of Pelican cases. And this is primarily being used for forward operating base operations or some sort of medical logistics. So the UAV market is growing, leaps and bounds. It really is about to take off in a big, big way in North America. And I think what you have seen with any of the three or four kind of what we'll call real players, if I can say that, in the market out there is that all of our revenues are about at the same spot right now. But from all indications is that those top three or four players, all of their revenues are about to just start to explode, and they've been building capacity for the last couple of years and working with the customer base out there to help understand what their concept of operations is, what their specific use cases are going to be.

當然，我們還有重型運輸工具，也就是中間的那個，它是一架 67 磅容量的無人機，可以折疊起來放入幾個 Pelican 箱中。這主要用於前線作戰基地行動或某種醫療後勤。因此，無人機市場正在突飛猛進地成長。它確實即將在北美大規模起飛。我認為，從我們稱之為真正參與者的三、四種類型來看，如果我可以這麼說的話，目前市場上的所有公司的收入都處於同一水平。但所有跡像都表明，排名前三、四的參與者，他們的收入都將開始爆炸式增長，而且他們在過去幾年裡一直在建立產能，並與客戶群合作，以幫助了解他們的營運理念是什麼，他們的具體用例是什麼。

And I think we're very well positioned with a couple of other companies as well, but we're very well positioned to be able to answer that need and start to meet the demand in this particular market, which is absolutely huge.

我認為我們與其他幾家公司相比也處於非常有利的地位，但我們完全有能力滿足這一需求，並開始滿足這個特定市場的需求，這個市場絕對是巨大的。

I'm going to throw it over to Paul to run through our financial highlights, and then we'll circle around with a little bit more commentary, and we'll jump into questions. Paul?

我將讓保羅介紹我們的財務亮點，然後我們將進行一些評論，然後開始提問。保羅？

Sounds good. Thanks, Cam. Appreciate it. Thanks, everybody, for joining. So on this table here, we'll go over the year over year for the full year on the income statement.

聽起來不錯。謝謝，卡姆。非常感謝。謝謝大家的參與。因此，在此表格中，我們將逐年查看全年的損益表。

So revenue for the year was up slightly, as Cam mentioned, over 2023. Full-year revenue comprised of $5.37 million from product sales and $1.1 million coming from drone services. Gross profit was about $1.4 million for the year compared to $2.06 million from last year. This year's gross profit did include a onetime non-cash write-down of inventory of $627,000, while last year's gross profit included a non-cash adjustment of $332,000. So if we ex out these adjustments, gross profit decreased by $370,000 year over year. And as a percentage of sales, adjusted gross margin decreased from 36.5% in 2023 to the adjusted 30.9% for this year.

因此，正如 Cam 所提到的，今年的收入比 2023 年略有增加。全年收入包括來自產品銷售的 537 萬美元和來自無人機服務的 110 萬美元。今年毛利約 140 萬美元，去年為 206 萬美元。今年的毛利確實包括一次性非現金庫存減損 627,000 美元，而去年的毛利包括非現金調整 332,000 美元。因此，如果我們剔除這些調整，毛利將年減 37 萬美元。而作為銷售額的百分比，調整後的毛利率從 2023 年的 36.5% 下降到今年的調整後的 30.9%。

Total comprehensive loss for the year, including all non-cash items, was $14.06 million compared to a loss of $23.7 million last year. And the comprehensive loss for last year ended December 31 includes non-cash changes comprised of a gain in fair value derivative liability of about $1.8 million, a recovery of impairment of notes receivable of $40,000, and a write-down of inventory of $627,000 and otherwise would be a comprehensive loss of $15.3 million versus last year's $23.4 million, excluding non-cash items. So the largest contributors to the improvement in the year-over-year loss is a reduction in office and miscellaneous, professional fees, and some R&D. Following that, the adjusted comprehensive loss per share this year would be $4.85 versus $4.45 compared to an adjusted loss per share of $11.88 last year versus the $14.64 shown here.

包括所有非現金項目在內的全年綜合虧損總額為 1,406 萬美元，而去年的虧損為 2,370 萬美元。截至 12 月 31 日去年的綜合損失包括非現金變化，包括公允價值衍生負債收益約 180 萬美元、應收票據減損損失收回 4 萬美元、存貨減記 627,000 美元，否則綜合損失為 1,530 萬美元，而去年為 2,340 萬美元（不包括非現金項目）。因此，年比虧損改善的最大貢獻因素是辦公室及雜費、專業費用和部分研發費用的減少。因此，今年調整後的每股綜合虧損將為 4.85 美元，而去年調整後的每股虧損為 11.88 美元，此處顯示的每股虧損為 14.64 美元。

So on this table, we'll go through the quarter. First, we'll do year-over-year comparisons. So for the quarter this year, as mentioned at the outset, Q4 was up 76% to $1.61 million from $916,000 in the fourth quarter of 2023. Fourth-quarter revenue comprised of $1.4 million from product sales and $198,000 coming from drone services. Gross profit for the quarter was $215,000 compared to $258,000 in Q4 of last year.

因此，我們將透過這個表格來回顧這個季度。首先，我們將進行同比比較。因此，就今年第四季而言，正如一開始所提到的，第四季的營收從 2023 年第四季的 91.6 萬美元增長了 76%，達到 161 萬美元。第四季收入包括產品銷售 140 萬美元和無人機服務 198,000 美元。本季毛利為 215,000 美元，而去年第四季為 258,000 美元。

And this quarter did have a onetime non-cash write-down of inventory of $167,000 and otherwise would have been $383,000 compared to the same period last year, where there was a onetime write-down of inventory of $123,000, making that adjusted gross profit $382,000. So if you take that into account, adjusted gross profit was up a snick year over year, but adjusted gross margin was down a little bit year over year, and this was a result of more sales coming from higher-margin products last year versus this year.

本季確實有一次性非現金庫存減記 167,000 美元，否則將為 383,000 美元，而去年同期則有一次性庫存減記 123,000 美元，因此調整後的毛利為 382,​​000 美元。因此，如果考慮到這一點，調整後的毛利同比略有增長，但調整後的毛利率同比略有下降，這是因為去年高利潤產品的銷售額比今年有所增加。

And then going through the comprehensive loss for the quarter, it was $4.7 million compared to a loss of $4.2 million in the same period last year. This quarter does include a non-cash change comprised of a fair value of derivative liability, in this case, of $946,000 and a onetime inventory write-down of $167,000. So otherwise, it would be a comprehensive loss of $3.6 million versus an adjusted $4.2 million in the same quarter of last year. So the decrease in loss, again, due to lower professional fees, wage costs, and share-based compensation.

然後，本季的綜合虧損為 470 萬美元，而去年同期的虧損為 420 萬美元。本季確實包括非現金變化，包括衍生負債的公允價值（在本例中為 946,000 美元）和一次性庫存減記 167,000 美元。因此，否則，綜合虧損將達到 360 萬美元，而去年同期的調整後虧損為 420 萬美元。因此，損失的減少再次歸因於專業費用、工資成本和股權激勵的降低。

So we'll continue on this table, but given I just went year over year for Q4, now we'll do quarter over quarter. So that's Q4 of '24 versus Q3 of '24. So revenue, of course, for Q4 was $1.61 million, as mentioned. It's down 14% compared to the $1.88 million for Q3, mainly just due to some lower product sales.

因此，我們將繼續使用這個表格，但考慮到我剛剛對第四季度進行了同比分析，現在我們將對季度進行同比分析。這是 24 年第四季與 24 年第三季的對比。因此，正如所提到的，第四季的收入當然是 161 萬美元。與第三季的 188 萬美元相比下降了 14%，主要原因是部分產品銷售下降。

Gross margin percentage for Q4 was 13.4% compared to 23% in Q3 of '24. However, if we back out the onetime inventory write-down mentioned before, gross margin for Q4 was 24% compared to 32% after adjusting for non-cash items for Q3.

第四季的毛利率為 13.4%，而 24 年第三季的毛利率為 23%。然而，如果我們取消先前提到的一次性庫存減記，第四季的毛利率為 24%，而第三季調整非現金項目後的毛利率為 32%。

Comprehensive loss for Q4, as mentioned, $4.7 million compared to the comprehensive loss of $364,000 in Q3. However, there is that loss of derivative liability and those write-downs. So if we do an apples-to-apples comparison between Q4 and Q3, you end up at $3.6 million versus $3.7 million. So again, the decrease in loss for Q4 was due to lower professional fees and wage costs.

如上所述，第四季綜合虧損為 470 萬美元，而第三季綜合虧損為 364,000 美元。然而，存在衍生負債的損失和減記。因此，如果我們對第四季和第三季進行同類比較，最終結果是 360 萬美元對 370 萬美元。因此，第四季虧損的減少是由於專業費用和工資成本的降低。

So on the final slide here, looking at some balance sheet items. You can see our total assets increased from $8.3 million to $10.2 million year over year, and that's largely due to the increase in cash. Working capital surplus at the end of last year is $3.8 million versus the deficit of $717 million shown for 2023. However, with the working capital could have been a surplus of $6 million and shareholders' equity would be $6.8 million versus the $4.6 million shown here if we out the non-cash fair value of derivative liability of $2.2 million. And last year's adjusted working capital would have been $3.4 million, and shareholders' equity would have been $4.6 million.

因此，在最後一張投影片上，我們來看看一些資產負債表項目。您可以看到我們的總資產年比從 830 萬美元增加到 1020 萬美元，這主要是由於現金的增加。去年年底營運資本盈餘為 380 萬美元，而 2023 年則出現 7.17 億美元的赤字。然而，如果我們扣除 220 萬美元的衍生負債非現金公允價值，營運資本可能盈餘 600 萬美元，股東權益將為 680 萬美元，而這裡顯示的數字為 460 萬美元。去年調整後的營運資本為 340 萬美元，股東權益為 460 萬美元。

So an improvement year over year. And if you can see, we continue to have minimal debt. And I think I mentioned at the outset, our cash balance at the end of the year was $6.2 million compared to $3.1 million at the end of 2023.

因此，年復一年，我們都有進步。如果你能看到的話，我們的債務仍然很少。我想我一開始就提到過，我們今年年底的現金餘額為 620 萬美元，而 2023 年底為 310 萬美元。

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

因此，Cam，我會將其交還給你。

Great. Thanks, Paul. Appreciate it. I think what always gets me most excited is customer engagements, some incredible product being used and just seeing a customer actually -- maybe we'll stop sharing the screen, if that's okay with you, Paul. Thank you.

偉大的。謝謝，保羅。非常感謝。我認為最讓我興奮的是客戶互動，一些令人難以置信的產品被使用，並且只是實際看到客戶——也許我們會停止共享螢幕，如果你同意的話，保羅。謝謝。

And seeing customers really get excited about what their capabilities are and how we're saving time, money, and lives with them. However, where we are seeing that show up in the financials is that basically on the same year-over-year revenue, which again, still had a 76% increase in our Q4 revenue because we actually had our capacity come online. Earlier in the year, we're like heavily resource constrained because we were finishing up and building out our upgraded and new plants last year, and so a lot of focus was put on that. And so for us to then get that capacity and then meet the same numbers as last year with a 76% increase in Q4 was really exciting.

看到客戶對他們的能力以及我們如何幫助他們節省時間、金錢和生命感到非常興奮。然而，我們在財務數據中看到的是，與去年同期相比，收入基本上持平，但由於我們的產能實際上已經上線，因此第四季度的收入仍然增長了 76%。今年早些時候，我們的資源受到嚴重限制，因為我們去年完成並建造了升級的新工廠，因此我們把大量精力放在了這方面。因此，對於我們來說，獲得這樣的產能，並在第四季度實現 76% 的成長，達到與去年相同的數字，這真的令人興奮。

Further, what would suggest that we're tracking in the right direction is that on that same revenue number from last year, we had $23 million in losses. And that's because we started those plant build-outs and stuff the year before. But this year, on basically the same revenue line year over year, we only had $15 million in losses. So the trend is going in the right direction. And you can see now that as we just add fuel into the fire and start meeting the volume numbers. Hopefully, over the course of the next 18 to inside 24 months, we'll see profitability or at least EBITDA positive.

此外，有跡象表明，我們正在朝著正確的方向前進，那就是，在去年同樣的收入數字下，我們虧損了 2,300 萬美元。這是因為我們前一年就開始了工廠建設和其他工作。但今年，我們的營收與去年基本持平，虧損僅 1,500 萬美元。所以趨勢正朝著正確的方向發展。現在您可以看到，我們只需往火裡添加燃料，就能開始滿足數量要求。希望在未來 18 到 24 個月內，我們能夠實現盈利，或至少實現 EBITDA 正值。

So really excited about those comparisons and what's unfolding for us.

所以對於這些比較以及我們所看到的結果，我真的感到非常興奮。

So what I thought I'd do now, if it's okay, is I'm just going to switch over and take a look at some of the questions that just came in. So just give me one quick second to do that.

所以現在我想做的是，如果可以的話，我要切換一下，看看剛剛收到的一些問題。所以請給我一秒鐘的時間來做這件事。

Okay. So the first question that came in, just reading these quickly, Actually, the first and the third -- so we had six questions come in. And the first question and actually, this is also going to address the third question. So I'll read them both at the same time.

好的。所以第一個問題，只是快速閱讀一下，實際上，第一個和第三個——所以我們有六個問題。第一個問題，實際上，這也將解決第三個問題。所以我會同時閱讀它們。

So how will tariffs affect our business? And does the feud between Canada and the US affect our ability to get work in the US? So it obviously came from an existing shareholder or one of them did anyway. So that's fantastic.

那麼關稅將如何影響我們的業務？加拿大和美國之間的爭執是否影響我們在美國找工作的能力？因此，它顯然來自現有股東，或其中一位股東。這真是太棒了。

Well, surprisingly enough, and I wish this was a stroke of genius or brilliance on all of our part. It's not. It's more circumstantial luck than anything. The tariffs are benefiting us. And not that I want them in place because they're not benefiting probably a lot of folks out there.

嗯，這真是令人驚訝，我希望這是我們所有人的天才之舉或輝煌之舉。它不是。這更多的是偶然的運氣。關稅對我們有利。我並不是希望實施這些政策，因為它們可能並沒有為很多人帶來好處。

But the reality for us is we have US manufacturing capabilities and the large orders that not our one-offs, but our two-offs, those types of things, but our large order capacity can be met out of the US. And so for the most part, it is by the vast, vast most part, it's tariff exempt. Now, we have done also some work with our product that is built in Canada. We've adjusted some of our build of materials and such that we are using a little bit more US-specific component in there in order to reduce any tariffs. Also, a lot of the product that does get manufactured up in our Canadian plants actually comes from the US.

但對我們來說，現實情況是，我們擁有美國製造能力，而且大訂單不是一次性的，而是兩次的，諸如此類的事情，但我們的大訂單能力可以在美國得到滿足。因此，在大多數情況下，絕大多數情況下都是免關稅的。現在，我們也對在加拿大製造的產品做了一些工作。我們對一些材料的構成進行了調整，使用了一些美國特有的組件，以降低關稅。此外，我們加拿大工廠生產的許多產品實際上來自美國。

So there's a reaction process for those tariffs not to be affected. So even in the bold case, only about 15% of our build typically is even subject to tariffs. So between the demand in the market and our desire to make sales and maybe eat a bit of margin, we have not seen any net, I'll call it, decrease or adverse effect at this point in our sales. Also, there's just so much demand in the market right now that I think we're just going to continue to see our numbers move up accordingly. So that hasn't had a big effect on us.

因此，有一個反應過程來避免這些關稅受到影響。因此，即使在大膽的情況下，通常也只有約 15% 的建築需要繳納關稅。因此，在市場需求和我們銷售願望以及可能吃掉一點利潤之間，我們目前還沒有看到任何淨銷售額下降或不利影響。此外，目前市場需求如此之大，我認為我們的數字將繼續相應上升。所以這對我們沒有太大的影響。

And because we are both a US and Canadian-based organization, we have some advantages there to work with. Now, the other area that surprisingly has really helped us, which is unfortunate from an international relations standpoint, though I think it's short-lived, is the fact that at least up in Canada, there is now a mandate to deal with Canadian companies. And we're the only small UAS or I would call, qualified provider of UAS type systems of the drones that we make into those really, really important government and law enforcement agencies.

由於我們是一家總部位於美國和加拿大的組織，因此我們在合作方面具有一些優勢。現在，令人驚訝的是，另一個領域確實對我們有所幫助，儘管我認為這是短暫的，但從國際關係的角度來看這是不幸的，那就是至少在加拿大，現在有與加拿大公司打交道的授權。我們是唯一一家小型 UAS，或者說，唯一一家合格的 UAS 類型系統提供商，我們為那些非常非常重要的政府和執法機構提供無人機。

So really, what that means is you've got a territory, a country that is amongst the top 10 economies in the world. It's the population of California. It's got a larger economy than California. Well, maybe that's not quite true, but it certainly has a larger population than California. It has a much larger economy than, say, Russia, as an example.

所以實際上，這意味著你擁有一個領土，一個躋身世界十大經濟體的國家。這是加州的人口。它的經濟規模比加州更大。嗯，也許這並不完全正確，但它的人口確實比加州多。舉例來說，它的經濟規模比俄羅斯大得多。

And there's one manufacturer up there, and it's Draganfly. So we have seen increased demand up there, not just from the national kind of pride, if you will, but also because of the requirements for stronger border patrol and security. So we're kind of getting the benefits of this seemingly anyways. I don't think it certainly hasn't translated financially yet. But certainly, in terms of demand, that is the case.

那裡有一家製造商，那就是 Draganfly。因此，我們看到那裡的需求不斷增加，這不僅是出於民族自豪感，也是因為需要加強邊境巡邏和安全。所以無論如何我們似乎都從中獲益了。我認為它還沒有在財務上實現轉換。但就需求而言，情況確實如此。

Now, there will be some, I think, important announcements coming out related to that in terms of some of the work that we have done with some of the Canadian government up there and some of the programs that we're now involved with. So stay tuned for that.

現在，我認為將會發布一些與此相關的重要公告，涉及我們與加拿大政府進行的一些工作以及我們現在參與的一些項目。因此請繼續關注。

The next question I've got here is any updates on potential for meaningful contracts? Yes listen, I feel like a broken record as I'm sure every other CEO and CFO and COO of the other drone companies out there do as well. It has been a long couple of years since the real strong premise for larger contracts from North American drone manufacturers has come to bear. And it's taken a few years for all of them to now start to turn into programs of record. So we are parts of programs of record along with other vendors and payload providers of ours. And we don't overly promote those. That's for customer reasons. It's also for security reasons. But we are now starting to see those orders come in.

我的下一個問題是，有關有意義的合約的潛在性有任何更新嗎？是的，聽著，我感覺自己就像一張破唱片，我相信其他無人機公司的執行長、財務長和營運長也都這麼覺得。自從與北美無人機製造商簽訂更大合約的真正強大前提出現以來，已經過去了漫長的幾年。而現在，所有這些項目都花了幾年時間才開始轉變為記錄項目。因此，我們與其他供應商和有效載荷提供者一起參與了記錄計劃。我們不會過度宣傳這些。這是出於客戶的原因。這也是出於安全原因。但我們現在開始看到這些訂單湧入。

So when you get a large order of program of record, typically, what happens is, basically, it means you're allowed to sell into that organization like the DoD or the DND, the Department of National Defense or Department of Defense. But what you need to do is then you actually need to go and spend the time doing the work with all the different units and battalions and et cetera, et cetera, in order to sell your product in there. You've gone through all the technical. You've gone through all the clearances. So they know that they can deal with you. You know you're in good standing. And so now you still have to work through your concept of operations.

因此，當您獲得大量記錄項目訂單時，通常情況下，基本上意味著您被允許向該組織（如國防部或國防部）銷售產品。但你需要做的是，你實際上需要花時間與所有不同的單位、營隊等等合作，以便在那裡銷售你的產品。您已經完成了所有的技術工作。您已通過所有審批。所以他們知道他們可以和你打交道。你知道你的信譽很好。所以現在你仍然需要完善你的操作概念。

Also, there's still a lot of ambiguity, believe it or not, in, say, for example, the law enforcement industry or industry sector, where there's still a lot of departments that are not clear on can they buy Chinese drones or not. And most of them are definitely leaning away from the (technical difficulty) looking at things like training, et cetera. So it's just taken some time. And I suppose the saving grace here is that it's not unique to Draganfly.

此外，不管你信不信，在執法行業或工業領域仍然存在許多模糊之處，許多部門不清楚是否能購買中國無人機。他們中的大多數人肯定都傾向於避開（技術難度）而關注諸如訓練之類的事情。所以這只是花了一些時間。我認為這裡值得慶幸的是，這並不是 Draganfly 獨有的。

That also said, without trying to belabor the point, we are working on a tremendous amount of incredibly large orders. And it's the biggest reason that we built our capacity out over the last 1.5 years is very simply because we had to have that capacity in order to have those large orders secured. So I'm very hopeful to have some announcements coming within the next quarter or two, maybe at the outside for some very, very sizable announcements.

話雖如此，但無需贅述，我們正在處理大量非常大的訂單。我們在過去一年半中擴大產能的最大原因很簡單，因為我們必須擁有這樣的產能才能獲得那些大訂單。因此，我非常希望在接下來的一、兩個季度內能夠發布一些公告，或許是一些非常非常重大的公告。

We don't give guidance, and that's on the advice of our Board and our legal. But I can tell you that I'm sure glad we got that capacity built.

我們不提供指導，這是根據我們董事會和法律部門的建議。但我可以告訴你，我很高興我們建立了這種能力。

The next one is if the war in Ukraine ends, do you think we can benefit? A couple of interesting things about Ukraine. First of all, the Ukraine economy industry, ingenuity, they are amongst the best drone builders in the world because they've got the most amount of experience in at least in that military theater. So because of the very fortunate work that we've been able to do over there, pretty much since the beginning of the escalation of that war has enabled us to really get a lot of lessons.

下一個問題是，如果烏克蘭戰爭結束，您認為我們能受益嗎？關於烏克蘭的一些有趣的事情。首先，烏克蘭的經濟產業和創造力，他們是世界上最好的無人機製造商之一，因為他們至少在那個軍事領域擁有最多的經驗。因此，由於我們非常幸運能夠在那裡開展工作，幾乎從戰爭升級開始，我們就能夠真正學到很多教訓。

We've seen them incorporated into our designs today, including our FPV drone. And so we've already garnered great benefit from it. The other aspect of this is, in particular, our land mine services. So the ability for us to use our unique drones with our specific sensors and the unique software that we've got in order to do land mine survey is a multi-hundred million dollar market. And I do think that we are uniquely positioned to be a provider of those services and technology into that market.

我們今天已經看到它們融入我們的設計中，包括我們的 FPV 無人機。因此我們已經從中獲得了巨大的利益。另一個方面特別是我們的地雷服務。因此，我們能夠使用配備特定感測器和獨特軟體的獨特無人機進行地雷勘測，這是一個價值數億美元的市場。我確實認為，我們具有獨特的優勢，可以成為該市場服務和技術的提供者。

But if that war ended today, the need and the use of drones would not end today. It would continue to increase in demand. And unfortunately, right now, with the geopolitical instability around the world, there are any number of those conflict areas that are hot beds that we're actually seeing more demand out of than certainly much more demand out of than Ukraine.

但如果那場戰爭今天結束，無人機的需求和使用就不會今天結束。它的需求將會持續增加。不幸的是，目前，由於世界各地的地緣政治不穩定，許多衝突地區都是熱點地區，我們看到這些地區的需求實際上比烏克蘭的需求大得多。

Would management be able to provide details regarding the current progress of getting Draganfly drones added to the green and blue UAS lists? Additional details about Draganfly's participation in the 2024 Blue UAS Refresh Challenge would also be great.

管理層能否提供有關將 Draganfly 無人機添加到綠色和藍色 UAS 清單的當前進展的詳細資訊？有關 Draganfly 參加 2024 年藍色 UAS 更新挑戰賽的更多詳細資訊也非常好。

So we are candidly waiting for word back on our 3 XL in particular, on the blue list. We have big expectation or don't have any expectation that it's not going to run through. All of our tests and trials there went fantastic. It is a complex machine. It has many, many mission profiles on it. So a lot of those are going through testing. There's dozens of different payloads that we have integrated with it. So all those types of things are going through testing. And as it relates to our FPV product, we've now sold our FPV product into the DoD. So the APEX is going through green right now, and we have sold it into law enforcement.

因此，我們坦率地等待有關我們的 3 XL（特別是藍色名單上的）的回應。我們對此抱持著很大的期望，或者說，我們不認為它不會成功。我們在那裡進行的所有測試和試驗都進行得很順利。這是一台複雜的機器。它上面有許多任務概況。其中很多都正在接受測試。我們已經整合了幾十種不同的有效載荷。所以所有這些類型的東西都要經過測試。就我們的 FPV 產品而言，我們現在已經將我們的 FPV 產品出售給國防部。因此，APEX 目前正處於綠色通道，我們已將其出售給執法部門。

So there's also a bit of confusion in DIU right now just in terms of how much of that testing process went and some of the funding that they're receiving from the new administration or not receiving or how it's being reorganized. So they've been slow to announce. They've announced a few for sure, but they've been slow to announce a number of units out there that are likely to be approved. And so we'll continue to go down that path.

因此，目前 DIU 內部也存在一些混亂，例如測試過程進行了多少，他們從新政府那裡得到了哪些資金，或者沒有得到哪些資金，或者測試過程是如何重組的。所以他們一直沒有宣布這項消息。他們確實已經宣布了一些，但是卻遲遲沒有公佈可能獲得批准的單位數量。因此我們將繼續沿著這條道路前進。

In terms of AWRs, which are airworthy readiness certificates, we've gone through that process. We've got our NDAAs in place. And so we continue to be at the forefront of the certifications that are required. The last one here is, does the company currently see a pathway to profitability in 2025? Like I said, we don't give forward guidance, but I believe that we'll have enough orders or enough demand that if we could fill all that demand, we'd be profitable. But it will take us through and past into 2026 to have visibility on profitability, just to speak candidly.

就適航準備證書 (AWR) 而言，我們已經完成了這個過程。我們已經制定了國防授權法案。因此，我們繼續處於所需認證的前沿。最後一個問題是，該公司目前是否看到了 2025 年實現盈利的途徑？正如我所說，我們不會提供前瞻性指引，但我相信我們會有足夠的訂單或足夠的需求，如果我們能夠滿足所有需求，我們就會獲利。但坦白說，我們還需要到 2026 年才能看到獲利能力的可見度。

But we feel really good about where that's going and then what that means for the future of the company and us being a major and maybe even the major small UAS drone manufacturer. So Paul, any other questions or thoughts that you wanted to round off with?

但我們對於事情的發展方向感到非常滿意，也知道這對公司的未來以及我們作為一家大型甚至大型小型 UAS 無人機製造商的意義。那麼保羅，您還有其他問題或想法想要提出嗎？

No, I think that covers everything, Cam, on my side anyway. Thank you.

不，我認為那涵蓋了一切，Cam，無論如何，從我的角度來看。謝謝。

Rolly, can I turn it back to you to close this out and bring any of your final thoughts to the table?

羅利，我可以把話題轉回給你來結束這次談話，並提出你最後的想法嗎？

Sure. Thanks, Cam. Yes, again, sorry to everybody that we're a little bit late. Sometimes this happens. But once again, as always, we always appreciate you joining us. We appreciate your trust and your faith in our company. It's not always easy. I know I talk to most of you, but we are all working hard here at Draganfly. I can assure you of that.

當然。謝謝，卡姆。是的，再次向大家致歉，我們來得晚了一點。有時會發生這種情況。但再次，一如既往，我們非常感謝您加入我們。我們感謝您對我們公司的信任與信心。這並不總是那麼容易。我知道我和你們大多數人都聊過，但我們都在 Draganfly 努力工作。我可以向你保證這一點。

And like I said, my line is always open for anyone who wants to have a discussion or has any questions about this call. I'll be happy to speak with you. Great.

正如我所說的，我的熱線始終開放，歡迎任何想要討論或對本次通話有任何疑問的人。我很樂意和你談話。偉大的。

Thank you, everybody. Deeply appreciate it.

謝謝大家。深表感謝。