Draganfly Inc (DPRO) 2025 Q2 法說會逐字稿

So right now, you're joining us today for Draganfly's 2025 Q2 earnings call. My name is Rolly Bustos, and I am the Internal Investor Relations Representative here at Draganfly. We appreciate you all joining us.

現在，您可以參加 Draganfly 2025 年第二季財報電話會議。我叫 Rolly Bustos，是 Draganfly 的內部投資人關係代表。感謝大家的加入。

As always, we'll start with our CEO and President, Cameron Chell, recapping the second-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 that we received. As always, we are welcome to reach out to me directly at investor.relations@draganfly.com.

像往常一樣，我們將首先從我們的執行長兼總裁卡梅倫·切爾 (Cameron Chell) 回顧第二季度的收益頭條。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。像往常一樣，歡迎透過 investor.relations@draganfly.com 直接與我聯繫。

I remind everyone that this presentation may include forward-looking information and statements. These statements are not guarantees of future performance or financial results, and undue reliance should not be placed on them. Any future events or financial results may differ from what might be discussed here.

我提醒大家，本簡報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。

The company's results and statements are accurate as of today, August 11, 2025. We're 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.

該公司的業績和聲明截至 2025 年 8 月 11 日均準確無誤。除今後重大新聞稿揭露外，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 頁找到。

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

所以 Cam，如果你準備好了，請繼續。

Great. Thanks, Rolly. Appreciate that, everybody. Terribly sorry for the delay and appreciate your patience and consideration. We're pleased to be hosting our 2025 Q2 earnings call.

偉大的。謝謝，羅利。感謝大家。非常抱歉造成延誤，感謝您的耐心和考慮。我們很高興召開 2025 年第二季財報電話會議。

And just to start off with a couple of highlights. So our revenue for Q2 was $2.155255 million. This represents a Q over Q -- there's a bit of a typo there. It's a Q over Q of 37% increase and a 22% year-over-year increase. Our product sales were $1.9 million last quarter, and our provision of services was $213,000.

首先介紹幾個亮點。因此，我們第二季的營收為 215.5255 萬美元。這表示 Q 上的 Q - 這裡有點打字錯誤。環比成長 37%，年增 22%。上個季度我們的產品銷售額為 190 萬美元，我們提供的服務金額為 213,000 美元。

We had $504,000 of gross profit, which is a 9.3% increase year over year, and we had a gross margin of about 24%. Our current cash balance as of the end of Q2 was just over $22 million, that's as of June 30, but due to a subsequent financing, our cash balance currently is approximately $68 million.

我們的毛利為 504,000 美元，年增 9.3%，毛利率約為 24%。截至第二季末（6 月 30 日），我們的當前現金餘額略高於 2,200 萬美元，但由於後續融資，我們的現金餘額目前約為 6,800 萬美元。

This has been a busy Q for us, and there's been a lot of activity in the subsequent Q in the drone world. And you can see probably by the level of activity leading into the current Q we're in based on the last Q, the amount of work that we've done is reflective of what is actually unfolding in the drone industry.

對我們來說這是一個繁忙的季度，在接下來的季度中無人機領域也有很多活動。您可能可以根據上一季的情況，從當前季度的活動水平可以看出，我們所做的工作量反映了無人機行業的實際情況。

So a couple of highlights or a number of highlights. First of all, there is that our Commander 3XL plus DROPS, which is a payload provider that we work with, which is a smart payload system, achieved a 100% success rate at the U.S. Army SMEX25 event. This is an incredible achievement, both on the part of our partner DROPS, the integration work that we've done and the actual rigidity and ruggedness of the Commander 3XL to be able to provide this incredibly rigorous result from SMEX25. So really, really proud of our product teams and our partnership teams, how they pulled this off and the coverage that we're getting within the DoD.

因此有幾個亮點或多個亮點。首先，我們合作的有效載荷提供者 Commander 3XL 加 DROPS（一種智慧有效載荷系統）在美國陸軍 SMEX25 活動中取得了 100% 的成功率。這是一個令人難以置信的成就，不僅體現在我們的合作夥伴 DROPS 身上，也體現在我們所做的整合工作上，以及 Commander 3XL 的實際剛性和堅固性上，使其能夠提供 SMEX25 的這一極其嚴格的結果。我真的為我們的產品團隊和合作團隊感到自豪，他們成功完成了這項工作，並且得到了國防部的報告。

Draganfly also announced in Q2 the closing of a $13.75 million public offering, which again has really bolstered that balance sheet for us. And the market has responded relatively well. The Canadian, along with the Europeans, increased significant budgets for the modernization of their defense forces and increased spending for NATO.

Draganfly 也在第二季宣布完成 1,375 萬美元的公開發行，這再次增強了我們的資產負債表。且市場反應也比較良好。加拿大與歐洲國家一樣，增加了大量預算用於國防力量的現代化建設，並增加了對北約的支出。

Now in particular, for Draganfly, this is important because we do have such strong Canadian roots and are the only native drone manufacturer in Canada. And so what that enables us is that there's really only two manufacturers in Canada: one is actually owned by a US company; and then, of course, there's us, and we've been around for 27 years now. We have strong roots into law enforcement and into the defense department up here and are very well positioned for that incredible increase in spending and budget and nationalization that's happening in Canada. So we do think we're very uniquely positioned in that regard.

特別是對於 Draganfly 來說，這一點非常重要，因為我們確實有著深厚的加拿大根基，並且是加拿大唯一的本土無人機製造商。因此，加拿大實際上只有兩家製造商：一家實際上歸美國公司所有；當然，還有我們，我們已經存在 27 年了。我們在執法部門和國防部門有著深厚的根基，並且完全有能力應對加拿大正在發生的支出、預算和國有化的驚人成長。因此，我們確實認為我們在這方面具有非常獨特的地位。

Now Draganfly was also selected for a US Southern border drone pilot program. And this is in Cochise County with the Cochise County Sheriff's Department, which is a renowned border sheriff's department, probably the pinnacle of sheriff's department as it relates to border management. It's been visited by both President Trump and Vice President Vance and the Governor, et cetera, and really is a boots-up groundbreaking organization in terms of how they man their border there.

現在，Draganfly 也被選為美國南部邊境無人機試點計畫的一部分。這是科奇斯縣的科奇斯縣治安部門，這是一個著名的邊境治安部門，可能是邊境管理方面治安部門的巔峰。川普總統、萬斯副總統、州長等人都曾造訪過該中心，就如何管理邊境而言，該中心確實是一個開創性的組織。

So the biggest challenge that they've got actually is incorporating drones with their existing camera systems and AI. Existing drone systems today just don't have the battery life in order to complete the mission that they need. They've got a couple of hours of border to coverage. And most of the -- at least the US manufacturers for the types of drones that they were having only have about a 30-minute lifespan. And that doesn't even get them to the border in some cases, much less be able to be in a situation where they're able to hover, provide surveillance, help with interdictions or apprehensions.

因此，他們面臨的最大挑戰實際上是將無人機與現有的攝影系統和人工智慧結合。現有的無人機系統沒有足夠的電池壽命來完成所需的任務。他們有幾個小時的邊境報道時間。而且大多數——至少美國製造商生產的無人機的使用壽命只有大約 30 分鐘。在某些情況下，他們甚至無法到達邊境，更不用說能夠盤旋、進行監視、協助攔截或逮捕了。

So we've designed with them an incredible border drone that has up to seven hours of flight time. It's a hybrid model. It has all the features of what a fixed-wing aircraft could do, so hours and hours of ISR, surveillance type of capabilities but also heavy payload capability. So it can carry over 100 pounds into an area that's required to either deliver medical equipment, provide supplies for the folks on the ground, help with interdictions, hover over suspects, trail suspects. It ties into the AI system that they've got designed in Cochise County as well as it provides point-to-point communications.

因此，我們與他們一起設計了一款令人難以置信的邊境無人機，其飛行時間長達七小時。這是一種混合模型。它具備固定翼飛機的所有功能，包括數小時的 ISR、監視能力以及重型有效載荷能力。因此，它可以攜帶超過 100 磅的重物進入需要運送醫療設備、為地面人員提供物資、協助攔截、盤旋在嫌疑人上方、追蹤嫌疑人的區域。它與他們在科奇斯縣設計的人工智慧系統相連，並提供點對點通訊。

This drone can operate at well over 11,000 feet in various temperatures because of the extremes in the area, and we're thrilled to have been selected for that. That will be a TRL 9 or operationally ready by November and is really being now -- has become what is unexpectedly but very pleasantly surprised, a showcase for other border agencies out there. So we're really excited about our capability there and getting to work with Cochise County.

由於該地區的極端氣候，該無人機可以在各種溫度下在超過 11,000 英尺的高度運行，我們很高興被選中。到 11 月，它將達到 TRL 9 級別或投入運營，現在它確實正在——出乎意料但令人驚訝的是，它已經成為其他邊境機構的展示平台。因此，我們對於我們在那裡的能力以及與科奇斯縣的合作感到非常興奮。

I think the advantage that Draganfly and one of the reasons that we were selected there is we're willing to take the time and really understand the concept of operations that they were needing to address and to be able to take our existing platforms and adapt them into their particular concept of operations.

我認為 Draganfly 的優勢以及我們被選中的原因之一是我們願意花時間真正了解他們需要解決的營運概念，並能夠利用我們現有的平台並將其融入他們的特定營運概念中。

Because Draganfly has got 25 years -- 27 years of experience, and we've got a full range of drones, which is fairly unique within the North American environment, other than say maybe a DGI, we can take those drones and accommodate them into the specific or the particular concept of operations for each one of our customers, whether they be law enforcement, military, or commercial.

因為 Draganfly 擁有 25 到 27 年的經驗，並且我們擁有全系列的無人機，這在北美環境中相當獨特，除了 DGI 之外，我們可以將這些無人機納入我們每個客戶的具體或特定的操作概念中，無論他們是執法部門、軍隊還是商業部門。

Further to this, Draganfly, we showcased our tactical drone at the innovation and global defense summit in Latvia. That was an invite-only event. We were invited there on behalf of the Canadian Department of National Defence. And again, we were the only drone company there that had a full range of drones.

此外，Draganfly 在拉脫維亞舉行的創新和全球防禦高峰會上展示了我們的戰術無人機。那是一個僅限受邀者參加的活動。我們代表加拿大國防部受邀前往那裡。而且，我們是那裡唯一一家擁有全系列無人機的公司。

Now our primary drone that was -- really garnered most of the attention there was our FPV drone. So we did announce, as you can see on the next little block there, that Draganfly announced delivery of our Flex FPV system to a major US prime defense contractor. So this is a household name that you see out there that was looking to take our drones, incorporate their technology into them, and then provide them as a prime into different departments of the defense.

現在我們的主要無人機——真正吸引了最多關注的是我們的 FPV 無人機。因此，我們確實宣布，正如您在下一個小塊中看到的那樣，Draganfly 宣布向美國一家主要國防承包商交付我們的 Flex FPV 系統。所以，這是一個家喻戶曉的名字，它希望採用我們的無人機，將其技術融入其中，然後將其作為主要武器提供給國防部的不同部門。

It's an incredibly unique design. It has some features that are proprietary to us, both in its capabilities, its payload capacity, its integration with AI and such. I can't say much more about it than that, but we are getting terrific traction with this particular FPV in DoD, DNDs, a couple of different MoDs, ministry of defenses around the world. So we're really thrilled.

這是一個非常獨特的設計。它具有一些我們專有的功能，包括其功能、有效載荷能力、與人工智慧的整合等等。我不能透露更多，但這款特殊的 FPV 在國防部、國防部、幾個不同的國防部以及世界各地的國防部中獲得了極大的關注。所以我們真的非常興奮。

Now what makes this drone unique for us is that we've been in Ukraine since 2022. And this particular drone was designed from actual experience in Ukraine as to what they're experiencing there, what are the aspects that needed to be incorporated or brought into that particular conflict theater. And so we're able to bring that experience back to our North American, European, and Five Eye partners and not just be able to provide a great product but actually help design concepts of operation.

這架無人機對我們來說的獨特之處在於我們自 2022 年以來就一直在烏克蘭。這款特殊的無人機是根據烏克蘭的實際經驗設計的，他們了解那裡的情況，知道需要將哪些方面融入或帶入特定的衝突地區。因此，我們能夠將這些經驗帶回我們的北美、歐洲和五眼聯盟合作夥伴，不僅能夠提供優質的產品，而且實際上能夠幫助設計營運理念。

And you're going to see more and more of that with defense contractors over the coming years where they need to be integrated actually deeper into the process. And with Secretary Hegseth's announcement about moving the decision tree down to lower into the command level, this is exactly what they wanted to have accomplished where they've got the boots on the ground that are dealing with the actual situations, helping design the product, not just from a product standpoint but also from a supply chain standpoint and a training standpoint to be able to do modifications literally in hours now as opposed to years.

未來幾年，你會看到越來越多的國防承包商需要更深入地融入這個流程。隨著赫格塞斯部長宣布將決策樹下移至更低的指揮層級，這正是他們想要實現的目標，他們派出實地人員處理實際情況，幫助設計產品，不僅從產品的角度，而且從供應鏈和培訓的角度，能夠在數小時內完成修改，而不是數年。

We also announced the establishment of our Public Safety Advisory Board. Paul Goldenberg is heading that up for us. Paul comes from an incredible career in law enforcement and homeland security. And he has -- with his team has absolutely lit up the public safety market for us. We have participated in half a dozen exclusive conferences throughout the United States and now in Europe as well, featuring our full lineup of drones.

我們也宣布成立公共安全諮詢委員會。保羅·戈登伯格 (Paul Goldenberg) 為我們領導這項工作。保羅在執法和國土安全領域有著令人難以置信的職業生涯。他和他的團隊確實為我們照亮了公共安全市場。我們參加了在美國各地以及歐洲舉行的六場獨家會議，展示了我們的全系列無人機。

And again, our drones are multi-use and multi-mission. And that's really the capability that we're highlighting within public safety, is that often you may have one drone that I'll say our competitors are selling out there, which are -- which is very good product, but it does one mission or -- and that's generally an ISR or a surveillance mission.

再次強調，我們的無人機具有多用途和多任務功能。這確實是我們在公共安全領域所強調的能力，通常你可能有一架無人機，我會說我們的競爭對手正在銷售這種無人機，這是非常好的產品，但它只執行一項任務，通常是 ISR 或監視任務。

Where you bring in something like the Apex, it is a little bit bigger. The advantage, however, is that now you have a multi-mission drone that can do everything from ISR to search and rescue missions. So really great for those small and rural or campus or tribal situations or larger departments that have missions that are beyond just surveillance-type missions.

當你引入像 Apex 這樣的東西時，它會稍微大一點。然而，其優勢在於，現在您擁有了一架多任務無人機，可以執行從 ISR 到搜索和救援任務的所有任務。這對於那些小型、農村、校園、部落環境或較大的部門來說真的很棒，因為它們的任務不僅僅是監視類型的任務。

We did close as well an additional $3.6 million of capital. I think it also should be noted that we had about $8 million worth of warrants that were exercised in this current quarter. And that's why you get such a strong balance sheet that we've now accomplished in these last two quarters.

我們也確實完成了另外 360 萬美元的融資。我認為還應該注意到，我們在本季度行使了價值約 800 萬美元的認股權證。這就是為什麼我們在過去兩個季度中取得瞭如此強勁的資產負債表。

As noted previously in years that have passed, we are very active in the demining space. The demining space to us is a strategic imperative. It demonstrates our public safety and our military capabilities. So we announced that Draganfly and Autonome Labs signed and are working on a teaming agreement to take their UAV-based, excuse me, demining mesh deployment solution.

正如過去幾年所指出的，我們在排雷領域非常活躍。對我們來說，掃雷空間是一項策略要務。它展示了我們的公共安全和軍事能力。因此，我們宣布 Draganfly 和 Autonome Labs 簽署了合作協議，並正在製定基於無人機的排雷網格部署解決方案。

So what Autonome Labs has is a mesh net that fits over a contaminated area, whether that's in an active theater or whether it's in a benign theater, but it needs to be cleared. And it actually explodes everything that's underneath that mesh net.

因此，Autonome Labs 擁有的是一個覆蓋受污染區域的網狀網，無論是在活躍的劇院還是在良性劇院，但都需要清理。它實際上會炸毀網狀物下面的所有東西。

So what they've exclusively signed with us is the ability to deliver that net using our Commander 3XL and Heavy Lift Drones over a particular area. Now what's interesting about that is that actually allows for a much more rapid deployment of this. So it moves it from not just a humanitarian but also into an active theater scenario as well. So we're thrilled about what's happening in the demining space, the leadership that we're taking there, and the work that we have done.

因此，他們與我們簽署的獨家協議是使用我們的 Commander 3XL 和重型無人機在特定區域投放該網路的能力。現在有趣的是，這實際上可以實現更快速的部署。因此，它不僅從人道主義場景轉變為活躍的戲劇場景。因此，我們對排雷領域正在發生的事情、我們在該領域發揮的領導作用以及我們所做的工作感到非常興奮。

Now we were active and did complete some demining missions in Ukraine in the last quarter as well, which again informed our AI databases. And I would say that we are participating in probably or most likely the most advanced AI system for demining.

現在我們很活躍，並且在上個季度在烏克蘭完成了一些排雷任務，這再次為我們的人工智慧資料庫提供了資訊。我想說的是，我們正在參與可能是或最有可能是最先進的人工智慧排雷系統。

Now right now, demining is really still centered around mapping anomalies that are on the ground, primarily using hyperspectral, but there are many other sensors that are involved as well, everything from ground-penetrating radar to magnetometers to RGB. But the multispectral along with those other sensors is providing great AI data that we're hopeful eventually will allow for very accurate and rapid demining operations.

目前，排雷工作實際上仍以繪製地面異常地圖為中心，主要使用高光譜，但也涉及許多其他感測器，從探地雷達到磁力儀到 RGB。但是多光譜和其他感測器正在提供大量的人工智慧數據，我們希望最終能夠實現非常準確和快速的排雷行動。

Peter Lambrinakos -- sorry, Peter, if I butchered that a little bit, has also joined our Advisory Board. Peter's public safety record is second to none. He is a former member of the Montreal Police Department where he held several very senior positions. He was also the Founding Chief of the VIA Rail policing system, along with many other attributes. He also is on the faculty of public safety at the University of Ottawa. In addition to that, he sits on the military police board commission.

Peter Lambrinakos——抱歉，Peter，如果我說得有點誇張的話，他也加入了我們的顧問委員會。彼得的公共安全記錄是首屈一指的。他曾是蒙特婁警察局的警員，擔任過多個高階職位。他也是 VIA Rail 警務系統的創始人兼首席執行官，並擁有許多其他榮譽。他也是渥太華大學公共安全系的教師。除此之外，他也是憲兵委員會委員。

Draganfly was selected by SafeLane for a multiyear landmine detection partnership, that was in Ukraine, and we're working on several other initiatives with them as well. SafeLane is the largest demining and ordinance, unexploited IED organization or corporation in the world, and we're thrilled to have a partnership with them.

Draganfly 被 SafeLane 選中，與其在烏克蘭進行為期多年的地雷探測合作，我們也正在與他們合作其他幾項計畫。SafeLane 是世界上最大的排雷和未利用簡易爆炸裝置組織或公司，我們很高興能與他們建立合作關係。

We were also selected by Balko as their UAS provider, and they have placed multiple orders with us. Balko is the manufacturer of an incredible LiDAR system. And we've been able to work a fantastic partnership with them whereby they have moved some of their systems that before had to be used on helicopters can now be used on our drones. And they're meeting with great success because of the fantastic work that our team and they have done together in terms of being able to be providing a fast, rapid, and inexpensive comparatively solution to what was available before.

我們也被 Balko 選為其 UAS 供應商，他們向我們下了多份訂單。Balko 是一家出色的 LiDAR 系統製造商。我們與他們建立了良好的合作關係，他們將一些以前只能在直升機上使用的系統轉移到了我們的無人機上。他們取得了巨大的成功，因為我們的團隊和他們共同努力，提供了比以前更快、更迅速、更便宜的解決方案。

And this payload partnership strategy that we have is really important to us. So our systems are designed to take multiple payloads. We do not put proprietary payloads. We do have some proprietary technology in terms of some of our integration and certainly in terms of some of our AI, but we are payload agnostic. And the reason that we want to do that is we want as many of those payloads out there incorporated with our drones so that they're actually a channel partner selling our drones along with their payloads.

我們的有效載荷合作夥伴策略對我們來說非常重要。因此我們的系統設計為可以承載多個有效載荷。我們不放置專有有效載荷。就某些整合以及某些人工智慧而言，我們確實擁有一些專有技術，但我們對有效載荷並無概念。我們這樣做的原因是，我們希望將盡可能多的有效載荷與我們的無人機結合起來，這樣他們實際上就是銷售我們的無人機及其有效載荷的通路合作夥伴。

And what we'll find across commercial, military, and law enforcement is the fact that quite often, what they fall in love with is a particular software or payload or sensor that meets their specific need. And when it meets their specific need, the next big question is, okay, what drone can carry that specific need?

我們發現，在商業、軍事和執法領域，他們往往喜歡某種能夠滿足其特定需求的軟體、有效載荷或感測器。當它滿足了他們的特定需求時，下一個大問題是，什麼無人機可以滿足這種特定需求？

And at this point, I would hazard to say, but I will say that we are likely -- certainly a leader and maybe the best certainly North American company out there that can provide multiple payloads, including old DGI payloads that are not Chinese made, but they can incorporate payloads that were used on DGI drones.

在這一點上，我冒昧地說，但我會說我們很可能——肯定是領導者，也許是最好的，肯定是北美公司，可以提供多種有效載荷，包括不是中國製造的舊 DGI 有效載荷，但它們可以結合在 DGI 無人機上使用的有效載荷。

Now why is that important? It's because the investment that's made by organizations in their payloads or in their sensors can now be transferred on to Draganfly drones without having to necessarily repurchase those particular sensors while still removing the Chinese drone, which is now becoming a mandate, not just in military and law enforcement but now across many commercial organizations as well.

為什麼這很重要？這是因為，組織在其有效載荷或感測器上所做的投資現在可以轉移到 Draganfly 無人機上，而不必重新購買那些特定的感測器，同時仍然去除中國無人機，這現在不僅在軍事和執法部門而且在許多商業組織中都已成為一種強制性要求。

We did secure a strategic military order for the Commander 3XL UAV systems. This order was an initial order, many further systems to come behind it. It took us literally a couple of years to get these orders between capacity testing, product testing, concept of operations understanding, and then integration of those particular payloads that are being used on to the Commander 3XL.

我們確實獲得了 Commander 3XL 無人機系統的戰略軍事訂單。此訂單是初始訂單，之後還會有許多其他系統。我們花了幾年的時間才獲得這些訂單，包括容量測試、產品測試、操作概念理解，以及將要使用的特定有效載荷整合到 Commander 3XL 上。

This was -- this particular order was a direct order. It wasn't necessarily through a prime. And we're thrilled at the implications of what this means and the likely programs of record that follow very quickly behind this particular and other orders that we're working on right now.

這是——這個特定命令是直接命令。這不一定是透過質數來實現的。我們對這項命令的含義以及緊接著這項命令和其他我們正在執行的命令之後可能採取的行動感到非常興奮。

We did announce recently here as a subsequent event the closing of a $25 million registered direct offering with existing shareholders that were in the company. And so we're thrilled to put that together, and we thank them for their ongoing support. And then the Commander 3XL on a separate contract was selected directly by the U.S. Department of Defense for very specific missions that this -- that the 3XL was designed to carry out.

我們最近確實宣布了後續活動，即向公司現有股東完成 2500 萬美元的註冊直接發行。因此，我們很高興能夠實現這一點，並感謝他們一直以來的支持。然後，美國國防部根據單獨的合約直接選擇了 Commander 3XL，用於執行 3XL 所設計的非常特殊的任務。

So I think overall, within that military command, we are developing a reputation for being able to understand concepts of operation, taking our full product suite and being able to adapt the dual use, which is a big mandate within the military for very rigorous but specific military operations. Every time one of these happens, it gives us further exposure to additional military units and additional arms within the DoD.

因此，我認為總體而言，在軍事指揮部內，我們正在建立能夠理解作戰概念、採用全套產品並能夠適應雙重用途的聲譽，這對於軍隊中非常嚴格但具體的軍事行動來說是一項重大任務。每次發生這種情況，我們就會進一步接觸國防部內的更多軍事單位和更多武器。

So each one of these things, the implication of a win is much bigger than necessarily just the sizes of those wins, which are still material, and we'll start to continue to see those results pay out over the following quarters.

因此，每一件事，勝利的含義遠遠大於勝利的規模，這些規模仍然是實質性的，我們將在接下來的幾個季度繼續看到這些成果的回報。

As mentioned a bit earlier, we are, at least to my knowledge, probably as a North American manufacturer have the most extensive line of drones. And this isn't something that you just can put together, and hey, let's build more drones and at times, we've been criticized for not being focused on one particular type of drone.

如同前面所提到的，至少就我所知，我們可能是北美擁有最廣泛無人機產品線的製造商。這不是你能組裝起來的東西，嘿，讓我們製造更多的無人機，有時，我們會因為沒有專注於某一特定類型的無人機而受到批評。

But it is important to keep in mind that we have 27 years of history. And so you've got platforms that have been developed over a much longer period of time with much more airtime and testing than, say, many of the even longer or long-standing drone companies in North America that are maybe seven or eight years old. And so a function of that legacy is really important to us, and it's something that I continue to highlight.

但重要的是要記住我們已經有27年的歷史了。因此，與北美許多成立時間更長或更久的無人機公司（可能只有七、八年歷史）相比，這些平台的開發時間更長，飛行時間和測試時間也更長。因此，這項遺產的功能對我們來說非常重要，這也是我一直強調的一點。

But you can see that we range everywhere from a very small FPV drone that's the smallest of 5 inch arms and blades all the way up to our Heavy Lift Drone, which is about 9 feet across. And what isn't on here is actually some additional product that's bigger and the Cochise County border patrol drone, which is a version of that Heavy Lift Drone on your -- on the first one there on the far left but is a hybrid with a combination of engines on it.

但您可以看到，我們的產品範圍非常廣泛，從最小的 5 英寸機臂和葉片的小型 FPV 無人機，一直到寬約 9 英尺的重型無人機。這裡實際上沒有展示一些更大的附加產品，即科奇斯縣邊境巡邏無人機，它是您看到的重型無人機的一個版本——最左邊第一個，但它是一種混合型無人機，配備了多種發動機。

So again, these all work on similar flight systems. They have similar flight characteristics. Everybody is only training on them once. For the most part, if you can fly an Apex, you can fly a heavy lift. And from a training perspective, all of that is incredibly, incredibly important for our customers.

所以，這些都是基於類似的飛行系統。它們具有相似的飛行特性。每個人只需接受一次訓練。大多數情況下，如果您可以駕駛 Apex，那麼您就可以駕駛重型飛機。從培訓的角度來看，所有這些對我們的客戶來說都極為重要。

All of them have the same universal mounts, which are universal to the industry. And again, we're payload-agnostic, and we really focus on integrating our payload partners for optimal performance into this product line, thus creating a bigger channel and more versatility for the Draganfly line.

它們都具有相同的通用支架，這些支架對於行業來說是通用的。再次強調，我們與有效載荷無關，我們真正專注於將我們的有效載荷合作夥伴整合到該產品線中，以實現最佳性能，從而為 Draganfly 系列創造更大的管道和更多的多功能性。

So I do think it's important, again, to highlight the military impact and what's happening throughout the entire world and how fast it's growing and the final adoption now that is starting to happen within militaries. And that universality amongst our drones is really playing a big part in the success that we are seeing in this particular area.

因此，我確實認為，再次強調軍事影響、全世界正在發生的事情、其發展速度以及現在軍隊內部開始採用的最終情況非常重要。我們的無人機的通用性確實對我們在這一特定領域的成功發揮了重要作用。

Along this line, I think it is important to note that we do manufacture both in Canada and the United States, and we have very strong representation throughout the entire world, again, a bit because of our legacy but also because we have a footprint in Canada and in the United States, which is unique amongst drone manufacturers.

沿著這條思路，我認為值得注意的是，我們確實在加拿大和美國都有生產，並且我們在全世界都有很強的代表性，這在一定程度上是因為我們的傳統，也是因為我們在加拿大和美國都有足跡，這在無人機製造商中是獨一無二的。

At this point, I'm going to throw it over to Paul Mullen (sic - Paul Sun), who will run through the details of the financials. And then I believe Rolly has got some questions that have come in. Paul?

現在，我將把話題交給保羅·穆倫 (Paul Mullen)（原文如此 - Paul Sun），他將詳細介紹財務狀況。然後我相信羅利已經提出了一些問題。保羅？

Yeah. Thanks, Cam. Thanks, everyone, for joining. So as Cam mentioned at the outset, revenue for the second quarter was $2.1 million, up 22% from $1.7 million in the second quarter of 2024. Second-quarter revenue comprised of $1.9 million in product sales with the balance coming from drone services.

是的。謝謝，卡姆。謝謝大家的參與。正如 Cam 一開始提到的，第二季的營收為 210 萬美元，比 2024 年第二季的 170 萬美元成長 22%。第二季的收入包括 190 萬美元的產品銷售額，其餘收入來自無人機服務。

Gross profit, $505,000 this quarter compared to $462,000 in Q2 of last year. This quarter had a one-time non-cash write-down of inventory of $10,000 and otherwise would have been a gross profit of $515,000. Gross profit for Q2 of last year same period would have been $596,000 if we took away the one-time inventory write-down that that period had of $134,000. And taking these non-cash items into account, gross margin would have been 24.4% for this quarter compared to 34.4% year over year.

本季毛利為 505,000 美元，而去年第二季為 462,000 美元。本季一次性非現金庫存減記 10,000 美元，否則將獲得 515,000 美元的毛利。如果我們扣除去年同期的一次性庫存減損 134,000 美元，那麼該季度的毛利將達到 596,000 美元。考慮到這些非現金項目，本季的毛利率為 24.4%，而去年同期為 34.4%。

Total comprehensive loss for the quarter of $4.7 million compared to a loss of $7.1 million in the same quarter last year. This quarter included that non-cash write-down of inventory of $10,000. It also included a derivative liability loss of $180,000 and a gain on the notes receivable of $8,000 and otherwise would have been a comprehensive loss of $4.6 million.

本季綜合虧損總額為 470 萬美元，而去年同期的虧損為 710 萬美元。本季包括 10,000 美元的非現金庫存減記。它還包括 18 萬美元的衍生負債損失和 8,000 美元的應收票據收益，否則綜合損失將達到 460 萬美元。

Same period last year had a one-time change in non-cash derivative liability of $2.6 million, a $134,000 inventory write-down and a gain on impairment of notes receivable of $4 million and otherwise would have been a comprehensive loss of $4.4 million. So the slight increase in loss is due to higher office and miscellaneous costs, wage costs, and share-based payments offset by professional fees.

去年同期非現金衍生負債一次性變動為 260 萬美元，庫存減損 13.4 萬美元，應收票據減損收益為 400 萬美元，否則將產生 440 萬美元的綜合損失。因此，虧損略有增加是由於辦公室和雜費、工資成本以及股權支付增加，但被專業費用所抵消。

Cam, if you can just go to the next slide there, on the quarterly side. We just went through the year-over-year changes. So here, we'll just go through the quarter-over-quarter changes between Q2 and Q1 of 2025. Again, Q2 '25 increased by $567,000 to $2.1 million, up from the $1.5 million in revenue we saw in Q1 of this year, an increase of 37% due to higher product sales.

卡姆，請翻到下一張投影片，關於季度的部分。我們剛剛經歷了逐年的變化。因此，在這裡，我們將只介紹 2025 年第二季和第一季之間的季度環比變化。同樣，2025 年第二季度的收入增加了 567,000 美元，達到 210 萬美元，高於今年第一季的 150 萬美元，由於產品銷量增加，增長了 37%。

Gross margin percentage for Q2, again, was 24% compared to 20% for Q1 of this year. Again, if we back out that one-time inventory write-down that we mentioned before for Q2 and $39,000 that we had to back out for Q1, gross margin for Q2 would have been the 24% versus 17.5% in Q1 of this year, with the difference being products mix during the various quarters.

今年第二季的毛利率為 24%，而第一季為 20%。再一次，如果我們取消先前提到的第二季的一次性庫存減記和第一季必須取消的 39,000 美元，那麼今年第二季的毛利率將是 24%，而第一季度的毛利率為 17.5%，差異在於各個季度的產品組合。

Comprehensive loss for Q2, as mentioned, $4.7 million compared to $3.4 million for Q1. Again, remember, we had a loss in fair value of derivative liability, a write-down of inventory and a gain on notes receivable. So that adjustment would have got us to $4.6 million. If we did the same for Q1, we would have got to a loss of $3.6 million, and again, the increase in loss quarter over quarter primarily due to higher office and admin and some wage costs.

如前所述，第二季綜合虧損為 470 萬美元，而第一季為 340 萬美元。再次記住，我們的衍生負債的公允價值出現了損失，庫存出現了減記，應收票據出現了收益。因此，這項調整將使我們的收入達到 460 萬美元。如果我們對第一季採取同樣的措施，我們將虧損 360 萬美元，而且虧損額環比增加，主要是由於辦公室和管理費用以及一些工資成本增加。

Moving on, I think, to the last slide here, Cam, on the balance sheet. You can see our total assets increased from $10.2 million at the end of 2024 to $28.4 million, which is largely due to the increase in cash that Cam talked about earlier.

卡姆，我想，請繼續看資產負債表上的最後一張投影片。您可以看到我們的總資產從 2024 年底的 1020 萬美元增加到 2840 萬美元，這主要是由於 Cam 之前提到的現金增加。

Working capital at the end of June 30 was $22.4 million versus $3.8 million at the end of December. However, if we x out that fair value of derivative liability of $2.2 million that we have on our balance sheet, working capital would have had been a surplus of $24.6 million this quarter and $6 million at the end of December of last year.

6 月 30 月底的營運資金為 2,240 萬美元，而 12 月底為 380 萬美元。然而，如果我們扣除資產負債表上 220 萬美元的衍生負債公允價值，本季營運資金將盈餘 2,460 萬美元，去年 12 月底將盈餘 600 萬美元。

Doing the same exercise for the shareholders' equity, at the end of this quarter would have been $25 million versus the $22.9 million shown here and the $6.8 million at the end of December versus the $4.6 million shown here. And as always, we continue to show here that we have minimal debt. And I think Cam also mentioned cash at the end of the quarter was $22.6 million, but subsequent due to the warrant exercises and the July financing, we're approximately at $68 million in cash.

對股東權益進行同樣的計算，本季末股東權益應為 2,500 萬美元，而此處顯示的為 2,290 萬美元；12 月底股東權益應為 680 萬美元，而此處顯示的為 460 萬美元。像往常一樣，我們繼續在這裡表明我們的債務很少。我認為 Cam 也提到本季末的現金為 2,260 萬美元，但隨後由於認股權證行使和 7 月融資，我們的現金約為 6,800 萬美元。

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

說完這些，我就把它交還給你，卡姆。

Thanks, Paul. So on that note, I think if you take the overall comprehensive loss inclusive of derivative liabilities, what we'll see is that our revenues continue to increase pragmatically at this point where we continue to manage costs, and in fact, we're dropping our overall operating expense as a percentage.

謝謝，保羅。因此，就這一點而言，我認為，如果將整體綜合損失包括衍生負債，我們會看到，在我們繼續管理成本的情況下，我們的收入將繼續務實地增加，事實上，我們正​​在降低整體營運費用的百分比。

So it's this -- I think it's also really important to note that none of these sales here represent the large outlier sales that we have been working on for a number of years and have built our capacity in order to facilitate. And that's really the boom, I guess, we can call it, that I think all the shareholders and management are working toward. And I think it's really important to continue to note that I think we're very well positioned to participate in the drone future.

所以就是這樣——我認為同樣需要注意的是，這裡的這些銷售都不代表我們多年來一直致力於的大型異常銷售，並且我們已經建立了我們的能力來促進這種銷售。我想，這才是真正的繁榮，我們可以稱之為繁榮，我認為所有股東和管理階層都在為此努力。我認為，繼續關注這一點非常重要，我認為我們已做好充分準備參與無人機的未來發展。

So on that note, why don't I throw it back to you, Rolly? I think you had a bunch of questions. I think you sent some of them over to me this morning. I apologize, I haven't had a chance to look at them yet, but I look forward to answering them now.

那麼，就這一點而言，我為什麼不把它拋給你呢，羅利？我想你有很多疑問。我想您今天早上已經把其中一些發給我了。很抱歉，我還沒有機會看它們，但我現在期待回答它們。

Okay. Thanks, Cam. Yes, honestly, you've actually answered a lot of them in the presentation, so I'm going to kind of bounce around a little bit so we don't repeat ourselves. Can we just start with the first one here a shareholder sent me in? He said he noticed that Draganfly has been on the AUVSI Green List pending for a long time now. Can you comment on this? And what, if anything, does the new drone memo by Secretary Hegseth mean for these classifications, for example, the Green and Blue Lists?

好的。謝謝，卡姆。是的，說實話，您在演講中實際上已經回答了很多問題，所以我會稍微回答一下，這樣我們就不會重複了。我們可以從股東發給我的第一個問題開始嗎？他說，他注意到 Draganfly 已經在 AUVSI 綠色名單上等待了很長時間。您能對此發表評論嗎？那麼，赫格塞斯部長發布的新無人機備忘錄對於這些分類（例如綠色和藍色名單）又意味著什麼呢？

Yeah. That sounds great. I've said this before, and I'll say it again, and I got to take the hit on it, when the Blue List first came out, I was opposite from our management team. I was like, hey, this Blue List thing is not that important. It's going to be a marketing thing. We're already selling into police. We're already selling into the military. We've done military contracting for years and years, like why do we need to be on the Blue List? I don't get it. We were NDAA-compliant before there was a such thing as NDAA and have always been very conscientious of our supply chain. So we didn't pursue it, and that was a mistake on my part.

是的。聽起來不錯。我以前說過，現在我再說一遍，我必須承擔責任，當藍名單第一次出來時，我與我們的管理團隊是對立的。我當時想，嘿，這個藍色名單的事情並不是那麼重要。這將是一場行銷活動。我們已經向警方銷售了。我們已經開始向軍方銷售產品。我們多年來一直從事軍事承包業務，為什麼我們需要被列入藍名單？我不明白。在《國防授權法案》頒布之前，我們就已經遵守該法案，並且始終非常認真地對待我們的供應鏈。所以我們沒有繼續追求它，這是我的一個錯誤。

So we have various units that are now in on Blue List testing. We have also submitted to Green List. There was confusion for quite some time if -- or in-clarity, excuse me, if Green did equal Blue or Blue did equal Green, and now we do have that clarity that it is. And right in the midst of that, now the Defense Innovation Unit has announced they're coming out with a number of other adjudicators that will also be able to provide the clearances or the testing for Blue List.

因此，我們目前有多個單位正在接受藍名單測試。我們也已提交綠色名單。很長一段時間以來，人們一直感到困惑——或者不清楚，對不起，綠色是否等於藍色，或者藍色是否等於綠色，現在我們確實清楚了這一點。就在此過程中，國防創新部門宣布，他們將推出一些其他評審員，他們也將能夠為藍名單提供批准或測試。

So we're in the process of it. There's no un-normal delay around it other than the kind of the clarity around all the regulations and what it means. It has not stopped us from selling into defense and into law enforcement. Most of the large defense decisions are still being based around capabilities, performance and capacity and personnel. Those are really kind of the four key factors.

我們正在進行這一過程。除了對所有法規及其含義的明確說明之外，沒有出現不正常的延遲。這並沒有阻止我們向國防和執法部門銷售產品。大多數重大國防決策仍然基於能力、性能、容量和人員。這些確實是四個關鍵因素。

And if you can demonstrate those, and in our case, we can -- we clearly can demonstrate and have been through audits and such, that our supply chain -- all four of those factors meet the criteria and such. And so as these large orders come through, there are plenty of waivers available to the different departments and commanders within the DoD in order to get the waivers because you do pass those tests. So it's certainly not that it's a priority to us. It's just that it hasn't prevented us at this point from any significant order or held us up in any particular way.

如果您能證明這些，就我們的情況而言，我們可以——我們可以清楚地證明，並且已經通過了審計等，我們的供應鏈——所有這四個因素都符合標準等等。因此，隨著這些大訂單的到來，國防部內的不同部門和指揮官可以獲得大量豁免，因為你確實通過了這些測試。所以這當然不是我們的首要任務。只是目前它還沒有阻止我們下達任何重要訂單，也沒有以任何特殊方式阻礙我們。

Secretary Hegseth's memo and the positioning of the defense department recently further does validate this, not suggesting that Blue isn't important and not suggesting that we're not going to continue to pursue it. And if anything, it will -- all of those waivers that need to be done at a command level in order to accept something that's not on Blue still has to be done.

赫格塞斯部長的備忘錄和國防部最近的定位進一步證實了這一點，這並不意味著藍色不重要，也不意味著我們不會繼續追求它。如果有的話，它會——所有那些需要在指揮級別上完成的豁免，以便接受一些不在藍軍範圍內的事情，仍然必須完成。

So there are a number of other -- which there are lots of start-ups, and hey, let's build drones, and a lot of people think it's easy. It isn't, and that process is not going to get easier. It's just that there's a mandate for the -- at a command level for people to go out and get what they need.

因此還有很多其他的——有很多新創企業，嘿，讓我們製造無人機吧，很多人認為這很容易。事實並非如此，而且這個過程不會變得更容易。這只是在指揮層面上授權人們出去獲取他們所需要的東西。

And so it really plays well for somebody like Draganfly.

因此，對於 Draganfly 這樣的人來說，它確實發揮了很好的作用。

Great. Thanks, Cam. I'm going to jump to the next one here. It seems that you now have a very healthy cash balance. What plans do you have for these funds?

偉大的。謝謝，卡姆。我要跳到下一個。看來您現在的現金餘額非常健康。您對這些資金有什麼規劃？

We're still very focused on organic growth. Capacity building is in place, fortunately, and thanks to our shareholders. And so we're going to be very pragmatic with our cash. We are scaling in particular our ability to iterate even quicker. So this is a key function within, in fact, not just military but within police and commercial.

我們仍然非常注重有機成長。幸運的是，能力建設已經到位，這要感謝我們的股東。因此，我們將非常務實地使用我們的現金。我們正在特別擴大我們更快迭代的能力。因此，這其實不僅是軍隊內部的關鍵職能，也是警察和商業內部的關鍵職能。

Drones are a competitive advantage, but everybody is going to have them, which is great for Draganfly and the drone industry, but a differentiator will be how quickly can you iterate. So a lot of our focus is on that.

無人機是一種競爭優勢，但每個人都會擁有它們，這對 Draganfly 和無人機行業來說很棒，但區別在於你能多快地進行迭代。因此我們的重點都放在了這一點上。

That does bring up us taking a look at some M&A activity. And we do have some of that going on. However, it's not our focus. So there are some pretty cool and exciting things that could unfold in that direction. But again, we've managed to stay in business for 27 years because we don't make a lot of knee-jerk moves.

這確實讓我們專注於一些併購活動。我們確實正在發生一些這樣的事情。然而，這不是我們的重點。因此，朝著這個方向可能會發生一些非常酷且令人興奮的事情。但是，我們之所以能夠堅持經營 27 年，是因為我們並沒有做出很多下意識的舉動。

And so it's also why we don't provide guidance. Other comparable companies out there have provided some really robust guidance. And from an order standpoint, I 100% believe their guidance. From an execution standpoint, it's very, very tough to scale in the way that they want with the types of products that the industry is demanding.

這也是我們不提供指導的原因。其他同類公司也提供了一些非常強大的指導。從訂單的角度來看，我 100% 相信他們的指導。從執行的角度來看，要以他們想要的方式擴展產業所需的產品類型是非常非常困難的。

So basically, what it means is that we're going to be able to do what we say and that our customers, which are very large customers, have a lot of confidence now in our balance sheet. So if ever before, that was a question, them saying, hey, you're a small company. You're only like 60, 70 people. Can you execute? You've only got a few million dollars on your balance sheet. Do we really want to make a bet on you?

所以基本上，這意味著我們將能夠做到我們所說的，並且我們的客戶（非常大的客戶）現在對我們的資產負債表非常有信心。所以，如果以前有人問過這個問題，他們會說，嘿，你是一家小公司。你們只有 60、70 個人。你能執行嗎？你的資產負債表上只有幾百萬美元。我們真的想跟你打賭嗎？

Right now, this is a big insurance policy for them. And that's the biggest impact. Not that we won't use it wisely, not that we won't use it to drive growth, but right now, proving that product up and ensuring that our customers have confidence in this, which is inclusive of a strong balance sheet, is really the most important thing.

目前，這對他們來說是一份重要的保險單。這就是最大的影響。並不是說我們不會明智地使用它，也不是說我們不會用它來推動成長，但現在，證明該產品並確保我們的客戶對此有信心，其中包括強大的資產負債表，才是最重要的。

Great. Thanks. That's very helpful. The next one is kind of just an extension to the capacity issue you've been talking about. With hopeful meaningful contracts coming, can you comment on how you're positioned in terms of production capacity to fill them? Are we able to scale quickly if need be?

偉大的。謝謝。這非常有幫助。下一個問題只是您所談論的容量問題的延伸。隨著充滿希望的有意義的合約即將到來，您能否評論一下您在生產能力方面如何定位以填補這些合約？如果需要的話，我們能夠快速擴大規模嗎？

Yeah. There's a few aspects to this. So first of all, we built up our production capacity over the last couple of years, which was actually a requirement to even get to the point of being able to get the orders that we have coming in now. So now that we have the confidence and we've demonstrated the capability to build capacity in short periods of time and iterate in short periods of time in very specific but widely needed and used concepts of operation, we're very well positioned.

是的。這其中涉及幾個面向。首先，我們在過去幾年中提高了生產能力，這實際上是達到能夠獲得現在訂單的程度的必要條件。所以現在我們有信心，並且已經證明了我們有能力在短時間內建立能力，並在短時間內迭代非常具體但廣泛需要和使用的運營概念，我們處於非常有利的位置。

We are also continuing to pursue additional contract manufacturing capability so that we can scale even more. But that is like -- that's more than an announcement, that you just don't go, yeah, we signed a contract.

我們也將繼續尋求額外的合約製造能力，以便我們能夠進一步擴大規模。但這就像——這不僅僅是一個公告，你只是說，是的，我們簽了合約。

Like I'm not so sure how other folks out there in a matter of months -- I mean we've spent 18 months evaluating the contract manufacturers that we were going to go with, designing tools that can fit into their operation, ensuring that they've got the right personnel, ensuring that we've got the personnel that can train the right personnel, ensuring that they can iterate just as fast, understanding their supply chain management, working with our customers to understand how their supply chain requirements fit in with our contract manufacturers.

就像我不太確定其他人在幾個月內會怎麼做一樣——我的意思是我們花了 18 個月的時間評估我們將要合作的合約製造商，設計適合他們運營的工具，確保他們擁有合適的人員，確保我們擁有可以培訓合適人員的人員，確保他們可以同樣快​​速地迭代，了解他們的供應鏈管理，與我們的客戶合作，了解他們的供應鏈要求如何與我們的合約製造商相適應我們的合約。

So candidly, I feel like some of the announcements that have been made out there have been like, hey, we got to get an announcement out there about scalability and contract manufacturing. And again, I haven't evaluated their decisions. That's their -- it's not my job to do that. But I know from our process is that you don't -- that's just not something that you can take lightly.

所以坦白說，我覺得已經發布的一些公告就像是，嘿，我們必須發布有關可擴展性和合約製造的公告。再說一次，我還沒有評估他們的決定。那是他們的事——那不是我的工作。但我從我們的流程中知道，你不會——這不是你可以掉以輕心的事。

So we're really, really thrilled about our direction there and our capabilities. And it really comes down to when you sit in front of that customer and they ask really detailed question -- they don't ask the question, yes, can you contract manufacture? They want to know the nuts and the bolts and the serial numbers and inventories on hand, and it really gets -- and their personnel.

因此，我們對我們的方向和能力感到非常興奮。而實際上，當你坐在客戶面前時，他們會問非常詳細的問題——他們不會問這樣的問題：是的，你能承包製造嗎？他們想要了解零件的詳細資訊、序號和庫存，以及他們的人員。

So it really gets into a detailed approach that you don't have a second to hesitate on those answers with those particular customers. So I think we're positioned well, probably not perfectly, we'll make some mistakes, but I think we got this.

因此，它確實是一種詳細的方法，您無需再猶豫向特定客戶提供答案。所以我認為我們的定位很好，可能不是完美的，我們會犯一些錯誤，但我認為我們做到了。

Great. Thank you. Just a couple more here. Given the recent surge in police departments adopting drones as first responders, can you comment on whether Draganfly has seen inbound interest or engagement from agencies considering this model?

偉大的。謝謝。這裡還有幾個。鑑於最近採用無人機作為第一個響應者的警察部門數量激增，您能否評論一下 Draganfly 是否已經引起了正在考慮採用這種模式的機構的興趣或參與？

Yeah, everybody is interested in it. And what's interesting about that public safety market is that the very large departments have spent the last maybe 18 or 24 months, other than a few innovators who have even been at it longer than that, with DFR drone as a first responder, which is going to be an absolute game-changer for public safety.

是的，每個人都對此感興趣。公共安全市場的有趣之處在於，除了少數創新者之外，大型部門在過去的 18 或 24 個月裡已經將 DFR 無人機作為第一個響應者，這將徹底改變公共安全格局。

But most of the inquiries we see coming in today are still like about regulation, about how do you train pilots, like I mean they're still trying to figure out budgets. There's still a lot of question, believe it or not, about whether it's going to be Chinese allowed or not, which is not, in my opinion. And whether that's right, wrong or different doesn't matter.

但我們今天看到的大多數詢問仍然是關於監管、如何培訓飛行員，我的意思是他們仍在試圖確定預算。不管你信不信，關於是否允許中國人入境仍存在許多疑問，在我看來，這是不被允許的。無論正確、錯誤或不同，都無關緊要。

The point is, I believe it's not. And so the inquiry levels are still really there. Now again, some of the larger departments have adopted or in the process of adopting, and some really innovative departments, maybe a dozen of them in the States, are real leaders in this regard.

關鍵是，我相信事實並非如此。因此，詢問水平仍然存在。現在，一些較大的部門已經採用或正在採用，而一些真正具有創新精神的部門（美國可能有十幾個這樣的部門）在這方面是真正的領導者。

So in terms of having multiple drones that can fit into a DFR response, not just with just an ISR drone or just a VTOL or whatever the case be, but drones that are actually multi-mission is weighing heavily into the decisions and the positioning that we've got.

因此，就擁有多架可適應 DFR 響應的無人機而言，不僅僅是 ISR 無人機或 VTOL 無人機或其他任何情況，而且實際上多任務的無人機對我們的決策和定位具有重大影響。

So in terms of the boxes, the response, the automation, that type of stuff, it's all stuff that's well within our capabilities, and we're very active in that space. Candidly, we're not focused on the really, really big departments. There's other competitors there that are in there with their small ISR drones. They make a great product. They are willing to spend heavily to earn that business.

因此，就盒子、回應、自動化等類型的東西而言，都是我們能力範圍內的東西，而且我們在這個領域非常活躍。坦白說，我們並不關注那些真正大的部門。還有其他競爭對手也擁有小型 ISR 無人機。他們生產出很棒的產品。他們願意投入巨資來贏得這項業務。

We think long term that we'll be there. But if we look at all the rest of the market out there, which is the majority of the market being small, rural, campus, tribal, private security, that's where we're just getting tremendous traction right now.

我們長期認為我們會到達那裡。但如果我們看看其他市場，就會發現大部分市場都是小型、農村、校園、部落、私人保全，而這些正是我們現在獲得巨大吸引力的地方。

And of course, they're dealing with much less different type of budget constraints. Sometimes the budgets are smaller, but they're quicker to move. Sometimes in the private security space, they're much larger and they're quicker to move. So we like where we're at in that space, and we're going to continue to focus down that.

當然，他們面臨的預算限制類型也少得多。有時預算較少，但行動較快。有時在私人安全領域，它們的規模更大，行動也更快。所以我們喜歡我們在這個領域的位置，並且我們將繼續關注這一點。

Again, we have such a strategic advantage with our Board of Advisers. And the other aspect of police enforcement that seems to be working really well for us is international being up in Canada, over in Europe and the UK, parts of Eastern Europe. and some parts of Asia as well because of our NDAA compliance and our multi-mission drone platforms.

再次，我們的顧問委員會具有這樣的策略優勢。我們在警察執法方面似乎也做得很好的另一方面是國際執法，例如加拿大、歐洲、英國、東歐部分地區，以及亞洲部分地區，這都歸功於我們遵守《國防授權法》以及我們的多任務無人機平台。

Great. Okay. I'm just going to give you one more question here, but I'll just remind everyone on the call that if your question did not get answered or if you have another one, please reach out to me, investor.relations@draganfly.com. And as always, I'll try my very best to answer it for you.

偉大的。好的。我在這裡再問大家一個問題，不過我還要提醒大家，如果你們的問題沒有得到解答，或者還有其他問題，請聯絡我：investor.relations@draganfly.com。像往常一樣，我會盡力解答。

So Cam, it seems possible that an end to the Ukraine conflict might be coming. Does this negatively impact Draganfly or the drone industry as a whole?

所以卡姆，烏克蘭衝突似乎即將結束。這會對 Draganfly 或整個無人機產業產生負面影響嗎？

No. Well, I think the cat's out of the bag, and the unfortunate Ukraine conflict has absolutely revealed the imperative nature of drones. So what we're seeing is now the rest of the world grasping and catching on to how and why they need to use drones. That conflict, I don't -- personally believe even if it comes to an end tomorrow, drone use will likely continue to increase.

不。好吧，我認為秘密已經洩露，不幸的烏克蘭衝突徹底揭示了無人機的必要性。因此，我們現在看到的是世界其他地區正在掌握並了解他們需要如何以及為什麼使用無人機。我個人認為，即使這場衝突在明天結束，無人機的使用也可能會繼續增加。

So the primary drone use right now is FPV over there. That drone use, if that conflict were to end tomorrow, will go to ISR, logistics, demining, reconstruction. I mean the list just goes on and on and on. And in fact, in many respects, different types of drones, I think, again, that are reflected by a product line that we have will get used.

因此，目前無人機的主要用途是 FPV。如果衝突明天結束，無人機將用於情報、監視與偵察、後勤、排雷和重建。我的意思是這個清單可以一直列下去。事實上，我認為，在許多方面，不同類型的無人機都會被使用，這反映在我們的產品線中。

So there's not a lot of North American drones being sold in Ukraine. The Ukraine are incredible innovators. They're incredible engineers. They're built -- I mean they are purpose-building their product and going hard. So the internal industry over there would change greatly, but the posture of the external industry outside of Ukraine would not other than the fact that it's incredible teachings, learning, and training ground for us.

因此，在烏克蘭銷售的北美無人機並不多。烏克蘭是令人難以置信的創新者。他們都是優秀的工程師。他們是——我的意思是，他們正在專門打造他們的產品，並且努力工作。因此，那裡的內部產業將發生巨大變化，但烏克蘭以外的外部產業態勢不會改變，除了它對我們來說是一個令人難以置信的教學、學習和訓練場所。

Okay. Great. I think that will be it for the questions, Cam, to respect everyone's time. I know we started a little bit late. If you can just give some final thoughts to everyone on the call.

好的。偉大的。卡姆，我想問題就到這裡了，為了尊重大家的時間。我知道我們開始得有點晚。如果您能向電話中的每個人說幾句最後的話。

Well, first and foremost, I really want to thank our shareholders for their consideration. I know it's been a long haul for many of you, many of us as well. So whether you're new or old, we appreciate the trust, and we take that very, very seriously.

嗯，首先，我真的要感謝我們的股東的考慮。我知道對你們中的許多人，對我們中的許多人來說，這是一個漫長的過程。因此，無論您是新客戶還是舊客戶，我們都非常感謝您的信任，並且我們對此非常重視。

Our customers, thank you for your consideration and trust, and we're going to continue to work hard to make you uncompetitive, meaning that nobody can compete with you. So our internal goal is to give you a strategic advantage.

我們的客戶，感謝您的考慮和信任，我們將繼續努力讓您失去競爭力，這意味著沒有人可以與您競爭。因此，我們的內部目標是為您提供策略優勢。

And then certainly, to the team members at Draganfly, I know how hard you're working. Your commitment is inspiring to absolutely everybody, including our customers in terms of what you show to them. So we're just sitting here in a lot of gratitude right now. We know how much work we have to do, and we know we're going to just grind it out, and we'll be here for the long term and appreciate everybody's support.

當然，對於 Draganfly 的團隊成員，我知道你們工作有多努力。您的承諾激勵了所有人，包括您向我們的客戶展示的一切。所以我們現在只是滿懷感激地坐在這裡。我們知道我們有多少工作要做，我們知道我們會努力工作，我們會長期在這裡，感謝大家的支持。