Draganfly Inc (DPRO) 2025 Q1 法說會逐字稿

Okay. To respect everyone's time, I think we will get started.

好的。為了尊重大家的時間，我想我們就可以開始了。

Again, greetings. Welcome to all the shareholders and stakeholders on today's Draganfly 2025 Q1 earnings call.

再次問候。歡迎所有股東和利害關係人參加今天的 Draganfly 2025 年第一季財報電話會議。

My name is Rolly Bustos. I am the Internal Investor Relations representative, here, at Draganfly. We appreciate you, all, joining us.

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。

We will start, as usual, with our CEO and President, Cameron Chell, recapping the first-quarter 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 have received.

像往常一樣，我們將首先由我們的執行長兼總裁卡梅倫·切爾 (Cameron Chell) 回顧第一季的收益。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 can reach out to me directly, at investor.relations@dragonfly.com.

像往常一樣，您可以直接透過 investor.relations@dragonfly.com 與我聯繫。

I remind everyone 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.

我提醒大家，本次演示可能包含前瞻性資訊和聲明。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。

The company's results and statements are accurate, as of today, May 8, 2025. We are under no obligation to update or renew these statements, outside of material press release disclosure, going forward.

截至 2025 年 5 月 8 日，該公司的業績和報表均準確無誤。除重大新聞稿揭露外，我們沒有義務更新或續訂這些聲明。

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

完整的前瞻性聲明和免責聲明可在本簡報的第 2 頁找到。

Cam, please go ahead.

卡姆，請繼續。

Great. Thanks very much, Rolly. Thank you to everybody for taking the time to join us, here, today. We appreciate it.

偉大的。非常感謝，羅利。感謝大家今天抽出時間來參加我們的會議。我們對此表示感謝。

If we can just move ahead a couple of slides, that would be great.

如果我們能向前移動幾張投影片，那就太好了。

Q1 saw a lot of activity, as I'm sure it did in the entire industry. And so, our revenue was $1.547 million, which is a 16% year-over-year increase. We had a gross profit of $310,000. And at the end of the quarter, we had cash of about -- just over $2 million.

我確信，第一季整個產業都十分活躍。因此，我們的收入為 154.7 萬美元，年增 16%。我們的毛利為 310,000 美元。截至本季末，我們的現金約為 200 多萬美元。

Next slide, please. In terms of the activity that we encountered over the quarter, it was a very busy quarter. In particular, we were selected by and signed an exclusive agreement with SafeLane, which is the world's largest demining and unexploited ordinance removal company; one of the oldest, as well.

請看下一張投影片。就我們本季遇到的活動而言，這是一個非常繁忙的季度。特別是，我們被全球最大的排雷和未利用彈藥清除公司SafeLane選中並與其簽署了獨家協議；也是最古老的協議之一。

They selected Draganfly as their primary partner for all aerial surveys. And so, going forward, SafeLane will be using Draganfly equipment, as well as our services in order to do all the aerial mapping and analysis, using proprietary software and AI tools for pre-work around demining projects.

他們選擇 Draganfly 作為所有航空調查的主要合作夥伴。因此，展望未來，SafeLane 將使用 Draganfly 設備以及我們的服務來進行所有航空測繪和分析，並使用專有軟體和 AI 工具進行排雷專案的前期工作。

Demining is a massive opportunity. Drones are now becoming standard fare to be used in the mining operations. However, it is highly technical; requires specific types of equipment to use, specific types of expertise.

排雷是一個巨大的機會。無人機現在已成為採礦作業的標準配備。然而，它的技術性很強；需要使用特定類型的設備，特定類型的專業知識。

Given the amount of data and experience that we have -- in particular, in Ukraine -- in this area and the AI that's required from the data that's been collected over the last number of years, we're really excited to see this as a primary service, going forward.

考慮到我們在該領域（尤其是在烏克蘭）擁有的數據量和經驗，以及過去幾年收集的數據所需的人工智慧，我們非常高興地看到這成為一項主要服務。

Draganfly does have a couple of primary services that we do offer because of the technical aspects of it. They do exist in the mining space, in the wildfire management and mitigation space; also, in the Wash Drone space.

由於技術方面的原因，Draganfly 確實提供了一些主要服務。它們確實存在於採礦領域、野火管理和緩解領域；此外，在 Wash Drone 領域。

We're very fortunate in Q1 -- and honored -- to have Chris Miller, who is the former Acting Secretary of Defense of the United States; also, former Green Beret Officer and Intelligence Officer, worked with the Pentagon for years -- obviously, worked his way up and became the Acting Secretary of Defense.

我們在第一季非常幸運，也很榮幸地邀請到美國前代理國防部長克里斯·米勒 (Chris Miller)；此外，他還曾任綠色貝雷帽軍官和情報官員，在五角大樓工作多年——顯然，他一路晉升，成為代理國防部長。

Chris has also been very kind to work and acts as a Spokesperson for us at many events and on national TV. He brings an incredible work ethic, a fantastic contact base, experience to the table.

克里斯也非常樂於工作，在許多活動和國家電視台上擔任我們的發言人。他擁有令人難以置信的職業道德、出色的人脈基礎和豐富的經驗。

Chris' mandate when he was working in government as the former Acting Secretary of Defense was actually to mandate the DoD to be able to create projects and technology services from the ground up. So he's a big advocate of not having top-down decisions made. And so, the access that he has provided to us into many aspects of the military has been fantastic.

克里斯在政府擔任前代理國防部長期間的職責實際上是授權國防部能夠從頭開始創建專案和技術服務。因此，他極力主張不要自上而下地做出決定。因此，他為我們提供了了解軍隊許多方面的機會，這真是太棒了。

And we look forward to the benefits of that and the work that we're doing with him and the military over the course of the next couple of years, as the massive amounts of budgets that actually were just talked about today in terms of automation and drones, in particular, are now starting to unfold within the NATO militaries.

我們期待由此帶來的好處以及我們在未來幾年與他和軍方合作的成果，因為今天實際上剛剛談到的在自動化和無人機方面的巨額預算現在開始在北約軍隊中展開。

We also announced a teaming agreement with Autonome Labs. Autonome Labs is a fantastic company that's actually designed a demining, I'll call it, blanket that sits on top of the surface; and then, has a number of ordinates on it that explode. And so, they have teamed with us to utilize our Heavy Lift drone, in particular, to actually go and place these blankets for demining operations.

我們也宣布與 Autonome Labs 達成合作協議。Autonome Labs 是一家很棒的公司，它設計了一種可以覆蓋在地面上的排雷毯。然後，其上有許多爆炸的縱座標。因此，他們與我們合作，利用我們的重型無人機，實際前往放置這些毯子，用於排雷作業。

This will be the first time that drones will be used in order to place this type of equipment in place. And we do expect the results of it to be obviously a lower cost of demining at faster speed and greater safety. So we're really happy to be selected by them to do it.

這將是首次使用無人機來放置此類設備。我們確實期望其結果顯然是排雷成本更低、速度更快、安全性更高。因此，我們很高興被他們選中來做這件事。

And the reason that these companies team with Draganfly isn't just because we got great equipment, it's because we have great subject matter expertise and the ability to build solutions with them. And then, these companies, of course, become a great channel for us and our equipment, as they go out and sell it into their markets.

這些公司與 Draganfly 合作的原因不僅是因為我們擁有出色的設備，還因為我們擁有豐富的專業知識以及與他們共同建立解決方案的能力。然後，這些公司當然就成為我們和我們的設備的重要管道，因為他們會將我們的設備銷往他們的市場。

We're also selected as Balko's UAS provider of choice. Balko builds and supplies a North American LiDAR system.

我們也被選為 Balko 的首選 UAS 提供者。Balko 建造並供應北美 LiDAR 系統。

And this is another example of our channel strategy. You've got companies out there building great payloads but they need NDAA-compliant drones in order to carry this particular type of equipment. And so, in order to be able to sell into North American providers, they need a North American drone manufacturer to work with.

這是我們的通路策略的另一個例子。有一些公司正在製造大型有效載荷，但他們需要符合 NDAA 標準的無人機才能運載這種特殊類型的設備。因此，為了能夠向北美供應商銷售產品，他們需要與北美無人機製造商合作。

All the integration, the software, the distribution, the inventory -- all the things that are a challenge for these organizations to work with because they're a LiDAR company and they're not a drone company, we've been able to work through with them. And they've become a great channel partner.

所有的整合、軟體、分銷、庫存——所有這些對於這些組織來說都是一個挑戰，因為他們是一家雷射雷達公司，而不是無人機公司，但我們已經能夠與他們合作解決。他們已經成為了優秀的通路夥伴。

Every time that they're going out and selling their LiDAR system now, they're also selling Draganfly drones as well. We've seen some terrific results with them in this current quarter that we're in. So thanks to them for that work.

現在，他們每次出去銷售 LiDAR 系統時，也會銷售 Draganfly 無人機。在本季度，我們已經看到了他們所取得的一些出色的成果。所以感謝他們的工作。

We have established a Public Safety Board of Advisors. This Board of Advisors has a number of very prominent public safety individuals that come out of many of the top public safety organizations, in particular, in North America.

我們已經成立了公共安全顧問委員會。這個顧問委員會由多位非常傑出的公共安全人士組成，他們來自許多頂級公共安全組織，尤其是北美的公共安全組織。

Paul Goldenberg is our Chair there. Paul's former Homeland Security, former Police Commissioner as well.

保羅‧戈登伯格 (Paul Goldenberg) 是我們的主席。保羅曾任國土安全局局長，也曾任警察局長。

And what this Board of Advisers has been able to do is provide us not just incredible product and subject matter expertise but access -- access into many of the top agencies. Not just in North America, in fact; globally, as it's turned out.

這個顧問委員會不僅能為我們提供令人難以置信的產品和專業知識，還能讓我們進入許多頂級機構。事實上，這不僅發生在北美；事實證明，這是全球性的。

And they've got us running at full speed, right now. I mean, our demo teams, like, yeah, it's -- they're overbooked. And we're certainly adding more folks, in that regard. So thanks to Paul and the team there for the great work.

現在他們已經讓我們全速運轉了。我的意思是，我們的演示團隊，是的，他們的預訂量已經超額了。在這方面，我們肯定會增加更多的人員。因此感謝 Paul 和團隊的出色工作。

We also have closed a $3.6 million financing, which will, again, carry us forward and allow us to continue to do the great work that the team is doing and move towards the large purchase orders that we're working on. So thanks.

我們還完成了 360 萬美元的融資，這將再次推動我們前進，讓我們能夠繼續完成團隊正在做的偉大工作，並朝著我們正在處理的大額採購訂單邁進。所以謝謝。

Next slide, please. From an operational standpoint, we did open up a new facility in Tampa. This Tampa facility, it also includes a full-testing facility that allows us to not just test drones but actually do live ordinates, as well.

請看下一張投影片。從營運的角度來看，我們確實在坦帕開設了一個新工廠。這個坦帕工廠還包括一個完整的測試設施，使我們不僅可以測試無人機，還可以進行即時座標測量。

It's strategically located in Tampa for two reasons. One, a great customer there that we have in special ops, in support of the work that we're going to be doing with them currently, obviously; but, obviously, the expanded work that we're looking forward to doing with them in the future.

它位於坦帕的戰略位置有兩個原因。首先，我們在特種作戰部隊中有一個很棒的客戶，顯然，他支持我們目前與他們合作的工作；但顯然，我們期待著將來與他們進行更廣泛的合作。

Also, what it does is it allows us to have strategic manufacturing in that particular location for our US, in particular, military orders but, also, our public safety orders. And this is really important on a number of different fronts but, in particular, as it relates to what's happening, geopolitically, with tariffs.

此外，它還使我們能夠在特定地點為美國進行戰略製造，特別是軍事訂單，以及公共安全訂單。這在許多不同方面都非常重要，特別是因為它與地緣政治和關稅問題有關。

So we are able to now be in a position to choose where -- depending on specific models and orders -- we're going to be manufacturing out of to, then, best utilize how we can best serve our customer and address any geopolitical tariff situation.

因此，我們現在能夠根據特定的型號和訂單來選擇生產地點，然後充分利用我們的最佳服務方式來為客戶服務，並應對任何地緣政治關稅問題。

We did some great partner work with Volatus, where we expanded our abilities in the high-value geospatial area; in particular, with power utility customers. What's incredible about this space is that it's all moving towards drone inspection.

我們與 Volatus 進行了一些出色的合作，擴展了我們在高價值地理空間領域的能力；特別是對於電力公司客戶。這個領域令人難以置信的是，一切都在朝著無人機檢查的方向發展。

And the fleets that are out -- that are in North America -- are actually now moving away from any of the former Chinese equipment that they had or foreign national equipment that they had to North American equipment.

而那些駐紮在北美的艦隊實際上正在從以前的中國裝備或外國裝備轉向北美裝備。

Draganfly is uniquely positioned here. Obviously, not just because of our North American -- both US and Canadian -- capabilities but, also, because of the type of equipment that we have in our Heavy Lift and our 3XL drone.

Draganfly 在此具有獨特的地位。顯然，這不僅是因為我們在北美（美國和加拿大）的能力，還因為我們的重型運輸機和 3XL 無人機所配備的設備類型。

So really excited about the work that is unfolded there with the Volatus. And they've been a great partner to be working with.

我對 Volatus 所做的工作感到非常興奮。他們是我們非常出色的合作夥伴。

They also have development of some very specific bathymetric LiDAR systems for oil and gas exploration in the ocean. And so, again, we were approached by them and a customer of theirs in order to utilize our equipment because of its heavy lift capability but, also, because of the software integration and engineering work we could do along with their bathymetric LiDAR system. So that has really opened up an incredible opportunity in that oil and gas exploration space for offshore exploration.

他們還開發了一些非常具體的測深雷射雷達系統，用於海洋石油和天然氣勘探。因此，他們和他們的客戶再次與我們聯繫，希望使用我們的設備，不僅因為我們的設備具有重型起重能力，還因為我們可以與他們的測深雷射雷達系統一起進行軟體整合和工程工作。因此，這確實為海上石油和天然氣勘探領域開闢了一個令人難以置信的機會。

We secured multiple waivers, again, this last quarter; in particular, for drone operations over people and moving vehicles in the Boston area, which is an incredibly congested space.

上個季度我們再次獲得了多項豁免；特別是在波士頓地區，無人機在人群和移動車輛上空作業時尤其如此，因為那裡是一個非常擁擠的空間。

And we continue to do our work with Massachusetts Department of Transportation, where we were awarded and won a pilot project there for medical delivery; but, also, with Boston Mass General, who's standing up a medical delivery service throughout Boston -- has selected Draganfly to do so.

我們繼續與馬薩諸塞州交通部合作，我們在那裡獲得了醫療運送試點計畫；而且，波士頓麻省總醫院 (Boston Mass General) 也在波士頓建立了醫療配送服務，並選擇 Draganfly 來提供這項服務。

Next slide. We unveiled our Apex drone last year. And this drone here is -- would fit into a category 1 drone; but it will be considered a large category 1 drone, for sure. But it does directly address the ISR market for both the military and for public safety.

下一張投影片。我們去年推出了 Apex 無人機。這架無人機屬於第 1 類無人機；但可以肯定的是，它將被視為大型 1 類無人機。但它確實直接針對軍事和公共安全的 ISR 市場。

The unique features of this is its payload capacity and its multi-use capability. So while we do see a number of smaller ISR drones being manufactured in North America, they're primarily a flying camera.

其獨特之處在於其有效載荷能力和多用途能力。因此，雖然我們確實看到北美製造了一些小型 ISR 無人機，但它們主要是飛行攝影機。

And what we see with this particular drone is a drone that was designed because of demand signals that we were getting out of the military and law enforcement for an ISR drone that has capability beyond just doing ISR -- meaning, Intelligence, Surveillance, and Reconnaissance.

我們看到的這架特殊無人機是根據軍事和執法部門發出的需求信號而設計的，這種無人機不僅具備 ISR 能力，還具備情報、監視和偵察能力。

So this onboard -- this is a drone that can do multi-unit payload capacity at the same time. It also has NVIDIA onboard computing for AI performance. So we're seeing a lot of demand around onboard processing, AI capabilities, advanced navigation capabilities -- all of which are very power-hungry requirements; and many of which, the payloads that those support are also power hungry and somewhat heavier.

因此，這是一架能夠同時承載多單位有效載荷的無人機。它還具有 NVIDIA 板載運算功能，可實現 AI 效能。因此，我們看到對機載處理、人工智慧功能、進階導航功能的需求很大——所有這些都是非常耗電的要求；其中許多衛星所支援的有效載荷也非常耗電，而且重量也比較重。

So we now have a drone in the market that's meeting that need. And we have tremendous demand around it. It comes with various communication links, interference resistance, (inaudible) radio capabilities, multi-channel capabilities, so anti -- GPS-denied environment capabilities and such.

所以我們現在在市場上推出了一款可以滿足這項需求的無人機。我們對此有龐大的需求。它配備了各種通訊鏈路、抗干擾能力、（聽不清楚）無線電能力、多通道能力、抗 GPS 拒絕環境能力等。

So really excited about how this has performed and how it's been accepted in the market. We'll continue, now, to press this forward as one of our main product lines. And I think that's something that's super important -- next slide, please -- to recognize about Draganfly and where it's positioned in the market.

我對它的表現以及它在市場上的接受程度感到非常興奮。現在，我們將繼續將其作為我們的主要產品線之一來推進。我認為這一點非常重要——請看下一張幻燈片——了解 Draganfly 及其在市場中的定位。

So there are some fantastic drones being made by many of the names that I'm sure some of the people on this call will recognize. And there's no but. They are just -- they've really come a long way.

我相信參加這次電話會議的一些人會認出許多大公司正在製造的一些出色的無人機。並且沒有但是。他們只是——他們確實已經走了很長的路。

Typically, those two drones are fitting into a couple of categories. One, the small ISR drone, which is a flying camera; and a variant of that, that might come in a drone-in-a-box to be able to do drone as first responder.

通常，這兩款無人機可以分為幾類。一是小型ISR無人機，是一種飛行攝影機；它的變體可能是盒裝無人機，以便能夠讓無人機作為第一響應者。

What we're seeing with our customers and why we've designed Draganfly in the way that we have is that the customers that we have are looking -- they certainly need that type of a drone. There's demand signal out there for it. And that's typically replacing the DGI (inaudible) type of scenario.

我們從客戶那裡看到的情況以及我們以這種方式設計 Draganfly 的原因是，我們的客戶正在尋找——他們確實需要這種類型的無人機。目前存在對此的需求訊號。這通常會取代 DGI（聽不清楚）類型的場景。

But where we're really seeing the demand has been -- okay, how do you have a product line that can address all the needs? So there's plenty of manufacturers of the small ISR drone out there but we need a drone that can do multi-payload or has capability beyond just being a camera or just flying out of a box. We need the ability to fly for three or four hours.

但我們真正看到的是需求——好吧，你如何擁有一條可以滿足所有需求的產品線？因此，市場上有許多小型 ISR 無人機製造商，但我們需要一種可以承載多種有效載荷或具有不僅僅是一台相機或可以從盒子中飛出來的功能的無人機。我們需要有飛行三到四個小時的能力。

So how do you do that with electricity? Well, you don't. You need a hybrid capability.

那麼如何利用電來實現這一點呢？嗯，你不知道。您需要混合能力。

How do you have a command -- a drone that can actually carry 20 or 30 pounds, stay up for x amount of time -- and can do multiple types of missions so I don't have to buy multiple types of drones and then, obviously, move right into our Heavy Lift drone?

如何指揮一架無人機，它實際上可以攜帶 20 或 30 磅的重量，在空中停留 x 段時間，並且可以執行多種類型的任務，這樣我就不必購買多種類型的無人機，然後顯然可以直接進入我們的重型運輸無人機？

It should be nice to be able to do that with a common operating system, with common attachments, with payloads that can fit across any one of those drone systems and such. And that's really a very unique -- what we're finding -- capability that Draganfly has.

如果能夠使用通用作業系統、通用配件以及可以適用於任何一種無人機系統的有效載荷等來實現這一點，那就太好了。我們發現，這是 Draganfly 所擁有的一項非常獨特的功能。

I would suggest that outside of DGI, of course, which is a massive company -- they're certainly not in North America -- but, maybe, even globally. Well, there's certainly somebody -- another organization -- that doesn't have a full product suite.

當然，我建議除了 DGI 之外，這是一家大型公司——他們當然不在北美——但也許甚至在全球範圍內。嗯，肯定有人——另一個組織——沒有完整的產品套件。

And the more that we deal with our customers, the more this is becoming a differentiator. So they want those common hookups. They want a common operating system. They want common flying characteristics. And they don't want to have to have one person trained on one system and, then, have to learn an entirely different system.

我們與客戶打交道越多，這一點就越成為我們的差異化因素。所以他們想要那些常見的聯絡方式。他們想要一個通用的作業系統。他們想要共同的飛行特性。他們不希望讓一個人接受一個系統的培訓，然後又必須學習一個完全不同的系統。

So this gives them that common operating feature. And, again, that fits in right with our Flex drones, which can be flown individually or autonomously or swarmed and/or even dropped from any one of these drone systems so that they become -- you've got a 3XL that's flying out there.

因此這為他們提供了通用的操作功能。而且，這再次與我們的 Flex 無人機完美契合，這些無人機可以單獨飛行、自主飛行、集群飛行，甚至可以從任何一個無人機系統上投放，這樣它們就變成了——你就有一架 3XL 無人機在那裡飛行。

There's a payload attachment that goes with that and software -- that Flex FPV drones can be dropped out of there and then, they can be swarmed and flown out.

有一個與之配套的有效載荷附件和軟體——Flex FPV 無人機可以從那裡投放，然後它們可以被蜂擁而至並飛出。

All of these drones have the ability to carry any number of payloads, including ordinance. So that's really the differentiator. These are workhorse drones with multiple applications.

所有這些無人機都能夠攜帶任意數量的有效載荷，包括彈藥。這才是真正的差別。這些是具有多種用途的主力無人機。

Next slide, please. I won't spend any time here. As we all know, the UAV market is growing exponentially, right now. For the most part, the large purchase orders and standardization of the industry has taken the last couple of years to get to. And we are now at the very front edge of seeing those large orders happen; not just for Draganfly, but for a number of companies.

請看下一張投影片。我不會在這裡花任何時間。眾所周知，無人機市場目前正在呈指數級增長。總體而言，該行業的大額採購訂單和標準化是近幾年才實現的。現在我們正處於看到這些大訂單發生的最前沿；不僅僅對於 Draganfly 如此，對於許多公司而言也是如此。

But there's three or four particular companies out there, maybe five, at the outside, in North America, that have the capability, ability; have been around long enough to actually have gone through all the testing selection processes; cleared all the, I'll call it, background checks, clearances, et cetera; and have the ability to meet the demand requirement.

但在北美以外，有三四家公司，或許有五家公司，具備這種能力；已經存在足夠長的時間，實際上已經經歷了所有的測試選擇過程；通過了所有我稱之為的背景調查、審查等等；並有能力滿足需求要求。

And that's the other big differentiator: is that Draganfly has the ability to meet the demand requirement for x amount of hundreds of drones on a particular order. And that's an incredibly strategic -- important strategic differentiator for us and maybe two or three other organizations in North America.

這是另一個巨大的區別：Draganfly 有能力滿足特定訂單中數百架無人機的需求。對我們以及北美其他兩三家組織來說，這是一個極具戰略意義的重要策略差異化因素。

Next slide, please. What I'll do here is I'll turn this over to Paul Sun, our CFO, to run us through our financials. Paul?

請看下一張投影片。我在這裡要做的是將任務交給我們的財務長 Paul Sun，讓他來為我們講解財務狀況。保羅？

That's great. Yeah. Thanks, Ken. Thanks, everybody, for joining.

那太棒了。是的。謝謝，肯。謝謝大家的參與。

I'll just take you through the slides, with some of our adjustments.

我將帶您瀏覽幻燈片並介紹我們的一些調整。

Revenue for the first quarter, as Cam said at the outset, up 16.4% to $1.5 million, up from $1.3 million from the first quarter of 2024.

正如 Cam 一開始所說，第一季的營收從 2024 年第一季的 130 萬美元成長 16.4% 至 150 萬美元。

Gross profit, $310,000, compared to $280,000 in Q1 of last year. This quarter did have a one-time non-cash recovery of a write-down of inventory. Usually, we have the other way. But in this case, it would have been $271,000 in gross profit compared to the same period last year, where we had a one-time inventory write-down of $149,000, making the adjusted gross profit there of $428,000.

毛利為 310,000 美元，而去年第一季為 280,000 美元。本季確實有一次性非現金的庫存減損回收。通常，我們會採用另一種方​​法。但在這種情況下，與去年同期相比，毛利將是 271,000 美元，而去年同期我們的一次性庫存減記為 149,000 美元，調整後的毛利為 428,000 美元。

Taking those adjustments into account, adjusted gross profit was 17.5% versus an adjusted gross margin for same period last year of 32%. And that's just a result of more sales coming from some lower-margin products this year versus last year.

考慮到這些調整，調整後的毛利為 17.5%，而去年同期的調整後毛利率為 32%。這只是因為今年一些低利潤產品的銷售量比去年增加。

Comprehensive loss for the quarter, $3.4 million, compared to what you see, here, officially stated as $1.9 million. However, as noted, there were some non-cash changes comprised of a fair value of derivative liability of $157,000; one-time recovery of inventory write-down, which we just spoke about; and the gain on notes receivable.

本季綜合虧損為 340 萬美元，而您在這裡看到的官方數據為 190 萬美元。然而，如上所述，存在一些非現金變化，包括衍生負債的公允價值 157,000 美元；一次性恢復我們剛才談到的庫存減值；以及應收票據收益。

So otherwise, it would have been a comprehensive loss of $3.7 million. And if we did the same thing, looking at last year's loss, it would have come in at $3.6 million. So, really, pretty much the same loss year over year. The slight increase is due to some higher office and admin and professional fees.

否則，綜合損失將達 370 萬美元。如果我們做同樣的事情，看看去年的損失，就會達到 360 萬美元。因此，實際上，每年的損失都差不多。輕微上漲是由於辦公室、管理和專業費用的增加。

If we go on to the next slide, please, we just did the year-over-year comparison. So, now, I'll just talk about the quarter over quarter; meaning, Q1 compared to last quarter -- being Q4 of 2024.

如果我們繼續看下一張投影片，請看一下，我們剛剛進行了同比比較。所以，現在我只想談談季度環比情況；意思是，第一季與上一季相比——是 2024 年第四季。

In this case, revenue was down a [a sneak], about 4% to $1.54 million compared to the $1.6 million reported in Q4, just some lower product sales, timing issues, that type of thing.

在這種情況下，收入下降了 [隱性]，與第四季度報告的 160 萬美元相比，下降了約 4%，至 154 萬美元，只是一些產品銷售額下降、時間問題之類的原因。

Gross margin, we talked about Q1 was 20%. That compares to 13.4% in Q4. Again, if we back out those one-time non-cash items, gross margin for Q1 was 17.5% compared to 24%, adjusted, for the previous quarter.

我們談到的第一季的毛利率是 20%。相比之下，第四季這一比例為 13.4%。同樣，如果我們剔除那些一次性非現金項目，第一季的毛利率為 17.5%，而上一季的毛利率為 24%（調整後）。

Total comprehensive loss for Q1. We talked about $3.5 million. In this case, it compares to a reported $4.7 million. But, again, we have some adjustments that we'd like to back out.

第一季綜合損失總額。我們談論的是350萬美元。在這種情況下，它與報告的 470 萬美元相比。但是，我們再次表示，我們想放棄一些調整。

If we do that, the comparative comprehensive loss would have been $3.7 million compared to a loss of $3.6 million, excluding non-cash adjustments. So, again, similar situation, pretty much same loss quarter over quarter. So that's, I guess, consistent.

如果我們這樣做，那麼比較綜合損失將為 370 萬美元，而不包括非現金調整的損失為 360 萬美元。因此，情況再次類似，每季的虧損幾乎相同。所以，我猜，這是一致的。

And then, I think on the next slide here, we'll just go through some balance sheet items. You can see here: total assets decreased from $10.2 million to $6.9 million from the end of December. That's largely due to the decrease in cash, as the company operates.

然後，我想在下一張投影片上，我們將介紹一些資產負債表項目。您可以在這裡看到：總資產從 12 月底的 1020 萬美元減少到 690 萬美元。這主要是由於公司營運過程中現金的減少。

Working capital surplus was $705,000 versus at December 31 of $3.8 million. However, working capital would have been a surplus of $2.7 million and shareholders' equity would be $3.5 million versus the $1.4 million shown here, if we ex out the non-cash fair value of derivative liability of $2 million.

營運資本盈餘為 705,000 美元，而 12 月 31 日為 380 萬美元。然而，如果我們扣除 200 萬美元的衍生負債非現金公允價值，營運資本將盈餘 270 萬美元，股東權益將為 350 萬美元，而不是這裡顯示的 140 萬美元。

So at the end of December, adjusted working capital would have been $6 million and shareholders' equity would have been $6.8 million -- just so you, guys, have the comparison.

因此，在 12 月底，調整後的營運資本將達到 600 萬美元，股東權益將達到 680 萬美元——這樣，大家就可以進行比較了。

We continue to have minimal debt. And as Cam mentioned at the beginning, cash balance, as of the end of March, was $2.1 million compared to December's number of $6.2 million. But, then, of course, we just, very recently, closed on the [USD3.6 million].

我們的債務仍然很少。正如 Cam 在一開始提到的，截至 3 月底的現金餘額為 210 萬美元，而 12 月的現金餘額為 620 萬美元。但是，當然，我們最近剛剛關閉了[360萬美元]。

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

說完這些，我就把它交還給你，卡姆。

Thank you, Paul. Sounds great. I think we can stop sharing.

謝謝你，保羅。聽起來很棒。我認為我們可以停止分享。

I think, Rolly, if I'm not mistaken, you've got questions that have come in that we can, maybe, address.

羅利，如果我沒有記錯的話，我想你有一些問題，我們也許可以解答一下。

Yeah, Cam. Thanks.

是的，卡姆。謝謝。

Yeah. I'm looking at the list now. We did get a few questions in; maybe, not as many as we normally do but some of them I think everybody, probably, has on top of their mind.

是的。我現在正在看清單。我們確實收到了一些問題；可能，沒有我們通常想到的那麼多，但我想，其中一些可能是每個人都在考慮的。

First one would be of how many more equity raises do you plan on doing before being profitable? Or, more specifically, when do you plan on being profitable?

第一個問題是，在實現盈利之前，您計劃進行多少次股權融資？或者更具體地說，您計劃何時實現盈利？

Yeah. Profitability is really all about sales, at this point. And I think we've got our costs where they need to be. Certainly, on a comp basis, I would suggest that we're spending a lot less money than competitors out there.

是的。目前，盈利能力實際上完全取決於銷售額。我認為我們的成本已經達到了應有的水準。當然，從比較的角度來說，我認為我們花的錢比競爭對手少很多。

I think, basically, we're going to need about $35 million to $40 million in revenue to be profitable. So that's a short answer of where it needs to be.

我認為，基本上，我們需要大約 3500 萬到 4000 萬美元的收入才能實現盈利。這就是關於其所需位置的簡短回答。

We don't give official guidance, in terms of where we think our numbers will be this year. Certainly, in terms of orders, I expect us to be well north of that number.

對於今年的數字，我們並沒有給出官方指導。當然，就訂單而言，我預計我們的訂單量將遠遠超過這個數字。

How quickly we produce those orders depend, obviously, on when we actually are signed off on those particular orders for this year. So we won't be profitable this year.

顯然，我們生產這些訂單的速度取決於我們何時真正簽署今年的這些特定訂單。所以今年我們不會獲利。

We certainly have a shot at being profitable next year -- a very good shot at being profitable next year. But it's going to take us just north of about $30 million to be profitable.

我們當然有機會在明年實現盈利——明年很有可能會獲利。但我們需要投入約 3000 萬美元才能獲利。

And, candidly, in this environment, with the customers that we're dealing with, that, in many respects, could be one order.

坦白說，在這種環境下，對於我們正在打交道的客戶來說，在很多方面，這可能是一個訂單。

Hopefully, that provides some clarity.

希望這能提供一些清晰的解釋。

Next one I have here is: Are we still on track to get large meaningful contracts?

我的下一個問題是：我們是否仍有望獲得有意義的大型合約？

Yeah. What we have right now and what we're displaying through our sales funnel right now are the 1s and the 2s and the 4s and the 5s. And they're consistently growing on an ongoing basis.

是的。我們現在擁有的以及我們透過銷售管道展示的是 1、2、4 和 5。並且它們持續不斷地成長。

But where we're spending the majority of our time -- certainly, at an executive level and our senior level -- are on these large contracts, which are incredibly intricate and complex.

但我們大部分時間（當然，在執行層面和高層）都花在這些大型合約上，這些合約極為錯綜複雜。

Total funnel, in that regard, is -- we have well over $100 million that's in the funnel. Short on that end, in terms of what we have hopeful expectations of, sometime in the next quarter.

就此而言，總漏斗是——我們的漏斗中有超過 1 億美元。就我們對下個季度某個時候的期望而言，我們對此抱持著希望。

Certainly, there's enough there that could make us profitable. But, yeah, we're dealing with nation states, militaries, very large public safety orders. And we're in a position to deliver on those now.

當然，那裡有足夠的資源可以讓我們獲利。但是，是的，我們正在處理民族國家、軍隊和非常大的公共安全命令。現在我們已經準備好實現這些目標了。

So that's really what the -- I can't say the entire focus but that is the ability: to focus on that, right now. And we feel we're very close on several fronts.

所以這確實是——我不能說是全部的焦點，但這就是能力：現在就專注於此。我們感覺我們在多個方面都非常接近。

Great. Do you think there will be consolidation in the drone industry?

偉大的。您認為無人機產業會出現整合嗎？

Yeah. There's going to continue to be consolidation on -- and we see it happening on an ongoing basis.

是的。整合將會持續進行——而且我們看到它正在持續發生。

From our perspective, we have not been aggressive in this regard just because we have a very modest market cap and we have the capabilities that we need to execute organically on orders that we think are completely exponential or will create completely exponential growth on the market cap or valuation compared to where we're at today.

從我們的角度來看，我們在這方面並沒有那麼積極，因為我們的市值非常適中，而且我們有能力有機地執行我們認為完全呈指數級增長的訂單，或者與今天的水平相比，這些訂單將使市值或估值完全呈指數級增長。

So we've chosen to keep our resources -- both in terms of capital, shares, and resource time -- very focused on organic situation. But it's -- weekly, might be a little bit of an exaggeration; but almost weekly, we see something that comes across our table that's interesting. But it will be some time before we execute in that regard.

因此，我們選擇將我們的資源（包括資本、股份和資源時間）重點放在有機情況上。但它是每週一次，可能有點誇張；但幾乎每週我們都會看到一些有趣的東西。但我們還需要一段時間才能實現這一目標。

But, yeah, we're going to see consolidation. Not because the market can't handle having more people in the market but the time between where we see the tipping point in the industry happening and where it has been and where it is at today -- that's that trough [ado] or whatever you call it -- that really takes a lot of resilience for companies to get through.

但是，是的，我們將會看到整合。這並不是因為市場無法承受更多的人進入市場，而是因為我們看到行業臨界點發生的時間與它過去所處的時間以及它現在所處的時間之間的時間——這就是低谷 [ado] 或無論你怎麼稱呼它——企業確實需要很大的韌性才能度過這段時間。

And I think there's a pretty good indicator out there -- of the three or four companies that have the capability to get across that trough. But there's a plethora of other technology and companies and talent out there that won't make it.

我認為現在有一個非常好的指標──有三到四家公司有能力渡過這個低谷。但還有許多其他技術、公司和人才無法成功。

So it's interesting times, for sure.

所以這肯定是一個有趣的時刻。

Great. I think you already touched on this a little bit. So you don't have to give a big answer. But will you be producing drones at the new Florida location?

偉大的。我想你已經稍微談及了這一點。所以你不必給一個很大的答案。但是您會在佛羅裡達州的新工廠生產無人機嗎？

We'll be doing, at least, subassembly work. Maybe not at that -- the answer is yes. We'll be doing subassembly work there.

我們至少會做一些組件工作。或許不是這樣——答案是肯定的。我們將在那裡進行組裝工作。

The large orders will be done through contract manufacturing in the States just because of the incredible volume there.

由於美國產量龐大，大額訂單將透過美國的合約製造來完成。

We still have -- of course, we have our full-on manufacturing facilities up in Canada, as well. And they'll satisfy parts of these orders, if necessary. But they are also for the Canadian market and the international market.

當然，我們在加拿大也擁有完整的製造設施。如果有必要，他們會滿足部分訂單。但它們也面向加拿大市場和國際市場。

So kind of more by luck than certainly by design. The geopolitical situation is serving us quite well.

所以這更多的是運氣使然，而不是設計使然。地緣政治情勢對我們十分有利。

We have a strategy that's not affected by the tariffs to a great degree. And, candidly, those tariffs actually haven't still come into effect. But even if they do, we've got a way that does address it.

我們的戰略不會受到關稅的很大影響。坦白說，這些關稅實際上尚未生效。但即使他們這樣做了，我們也有辦法解決這個問題。

In terms of our international work, the fact that we can produce out of Canada has really been a great benefit. Again, that's more by luck than by design.

就我們的國際工作而言，能夠在加拿大進行生產確實是一個巨大的優勢。再次強調，這更多的是運氣使然，而非設計使然。

And the Canadian market, in particular, has become incredibly strong for us; which, again, wasn't part of the overall business plan. But very excited that it's working out, as there's really -- depending on how you look at it, there's maybe one other manufacturer up in Canada. But other than that, that's our market to lose, if you will.

尤其是加拿大市場，對我們來說已經變得異常強勁；但這又不是整體商業計劃的一部分。但我很高興它能成功，因為真的——取決於你怎麼看待它，加拿大可能還有另一家製造商。但除此之外，如果你願意的話，這就是我們要失去的市場。

Okay. Great. I'm reading -- I'm looking at the last couple of questions here. And they're on the same theme. So I'm going to leave it on this last question -- I'm going to summarize.

好的。偉大的。我正在閱讀——我正在看這裡的最後幾個問題。而且它們的主題是相同的。因此我將把它留在最後一個問題上——我將進行總結。

And, basically, at the end, if you could just give us some color of what you expect the rest of the year to look like?

最後，您能否向我們簡單介紹一下您對今年剩餘時間的期望？

And the way this question was asked was: over the past several years, Draganfly has made significant capital investment to expand operations; however, revenues have seemed to be stagnant since 2023. When can investors expect this downtrend to cease?

而這個問題的提出方式是：過去幾年，Draganfly 進行了大量的資本投入來擴大營運；然而，自 2023 年以來收入似乎一直停滯不前。投資人何時可以預期這一下跌趨勢會停止？

Yeah. Our expectation is that this is the year. So sometime over the next two quarters, we expect to see that scale able to be [announceable].

是的。我們的期望是今年就是這樣。因此，在接下來的兩個季度裡，我們預計這一規模將能夠[可宣布]。

We have very good visibility on what's unfolding. Of course, we can only say what we can publicly say in time. So we're really comfortable with what will unfold. And that this year should be an incredibly strong year, if not the breakout year.

我們對正在發生的事情有非常清晰的了解。當然，我們只能說那些我們能及時公開說的話。因此，我們對即將發生的事情感到非常放心。今年即使不是突破性的一年，也應該是異常強勁的一年。

So signature sales, both in terms of size and quality of customer, are the key metrics to watch and the key metrics that we're focused on now.

因此，無論是就客戶規模還是品質而言，簽名銷售都是需要關注的關鍵指標，也是我們現在關注的關鍵指標。

Okay. Great. Thanks, Cam. Yeah.

好的。偉大的。謝謝，卡姆。是的。

I think that's a general theme that I get from investors and shareholders -- it's our year. And I definitely think it is. And, obviously, you do as well.

我認為這是我從投資者和股東那裡得到的一個普遍主題——這是我們的一年。我確實認為是這樣的。顯然，你也是一樣。

I'll leave it there for questions. As always, anyone on the call, you can always call me or email investor.relations@draganfly.com.

我將把它留在那裡以備提問。像往常一樣，任何參加通話的人都可以隨時打電話給我或發送電子郵件至 investor.relations@draganfly.com。

If you have something more specific to ask, I'd be happy to answer it at any time.

如果您有更具體的問題，我很樂意隨時回答。

But with that, Cam, I think this call is probably concluded.

但是，卡姆，我想這次通話可能已經結束了。

So I'll let you make a closing remark. And then, we can end it.

因此我請你做最後發言。然後，我們就可以結束它了。

Great. Thanks, Rolly. Thanks, in particular, to all the folks at Draganfly.

偉大的。謝謝，羅利。特別感謝 Draganfly 的所有人。

Our teams do incredible work. I see them going hard through the weekends, late into the evenings; road warriors all over the place, really deep innovation and commitment to our customers, our product.

我們的團隊做出了令人難以置信的工作。我看到他們整個週末都在努力工作，直到深夜；遍布各地的公路戰士，對我們的客戶和產品有著真正深入的創新和承諾。

So thank you to all of you. Thanks also to -- and in particular -- our customers, who are supporting the company, who really see the vision of what's unfolding; and have shown such an incredible commitment to work with Draganfly and allowing us to be your provider.

所以感謝你們所有人。我們也要特別感謝我們的客戶，他們支持著公司，真正看到了公司正在展現的願景；並表現出與 Draganfly 合作的極大決心，並允許我們成為您的供應商。

First and foremost, thanks to our shareholders. None of this could be happening without you. We appreciate your trust. We take very seriously your consideration and the investment that you've made in the company.

首先，感謝我們的股東。如果沒有你，這一切都不可能發生。我們感謝您的信任。我們非常重視您的考慮以及您對公司的投資。

So while thematically, the drone industry is a multibillion-dollar industry, incredibly intricate and complex. And we're really privileged and proud to be one of those three or four players that are standing on the precipice of multibillion-dollar-type valuations.

因此，從主題上講，無人機產業是一個價值數十億美元的產業，極其複雜。我們非常榮幸和自豪能夠成為這三、四家估值接近數十億美元的公司之一。

And so, thank you for your time there.

所以，感謝您在這裡度過的時間。

On that note, I will leave it. Rolly and I are open to questions and meetings any time that's at all reasonably possible. And we look forward to a great quarter-two update.

關於這一點，我就不多說了。只要合理可行，羅利和我隨時都願意回答問題並參加會議。我們期待第二季度的出色更新。

Thank you.

謝謝。