Draganfly Inc (DPRO) 2025 Q3 法說會逐字稿

Hello everyone. Welcome to the Draganfly 2025 Q3 earnings call. We see people starting to file in now, so we'll just give it one quick minute and then we'll get started.

大家好。歡迎參加 Draganfly 2025 年第三季財報電話會議。我們看到人們開始陸續進來了，所以我們再等一分鐘，然後就開始。

All right. To respect everybody's time, I think we will get going right away. So again, greetings, and welcome to all the shareholders and stakeholders for joining us today for the Draganfly 2025 Q3 earnings call. My name is Rolly Bustos, and I am the Internal Investor Relations representative here at Draganfly. We appreciate you joining us.

好的。為了尊重大家的時間，我想我們馬上開始吧。再次向各位股東及利害關係人致以問候，歡迎各位參加今日 Draganfly 2025 年第三季財報電話會議。我叫 Rolly Bustos，是 Draganfly 公司的內部投資人關係代表。感謝您的參與。

As always, we'll start with our CEO and President, Cameron Chell, recapping the third-quarter earnings highlights. Next will be a more detailed financial review with our CFO, Paul Sun. We will conclude, as always, by addressing the pre-submitted questions we have received. You are welcome to reach out to me any time at investor.relations@draganfly.com, if you have further questions.

像往常一樣，我們將首先由我們的執行長兼總裁卡梅倫·切爾回顧第三季收益亮點。接下來，我們將與財務長 Paul Sun 進行更詳細的財務審查。最後，我們將照例回答先前收到的已提交問題。如有任何疑問，歡迎隨時透過 investor.relations@draganfly.com 與我聯繫。

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

我在此提醒各位，本次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，不應過度依賴這些聲明。未來的任何事件或財務結果都可能與此處討論的內容有所不同。

The company's results and statements are accurate as of today, November 12, 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 the screen right now.

截至2025年11月12日，公司業績及聲明均準確無誤。除重大新聞稿揭露外，我們沒有義務在未來更新或續簽這些聲明。完整的前瞻性免責聲明現在顯示在螢幕上。

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

卡姆，如果你準備好了，請開始。

Sounds great. Thanks, Rolly. Really appreciate that. And thank you, everybody, for taking the time to be with us today. We really deeply appreciate your time and consideration.

聽起來不錯。謝謝你，羅利。非常感謝。謝謝大家今天抽空與我們相聚。我們衷心感謝您抽出寶貴時間並給予考慮。

So maybe just to hit the highlights out of the gate. So our revenue for Q3 2025 was $2.155 million, an increase of 14.4% year over year, that includes $1.6 million of product sales and about $530,000 of services. Our gross profit was $420,000, and our cash balance as of the September 30, 2025, was just underneath $70 million.

所以，或許應該先突顯重點。因此，我們 2025 年第三季的營收為 215.5 萬美元，年增 14.4%，其中包括 160 萬美元的產品銷售額和約 53 萬美元的服務收入。我們的毛利為 42 萬美元，截至 2025 年 9 月 30 日，我們的現金餘額略低於 7,000 萬美元。

So maybe just to run through a few of the highlights for the quarter. In particular, these are the ones that we felt were certainly material and meaningful to the shareholder and our future revenues. So first of all, we are unveiling the Outrider Southern Border drone, which is a Multi-Mission Drone in a Live Operation at Cochise County. So we -- basically, that whole operation is where we've got the Southern border sheriffs, basically commissioned by a heavy rider or what we call an Outrider drone, which is a drone that we designed with the Southern border sheriffs to be able to address the very specific mission sets that are required along the southern border.

那麼，我們不妨簡單回顧一下本季的一些亮點。特別是，我們認為這些對股東和我們未來的收入來說肯定是實質的、有意義的。首先，我們要展示 Outrider 南部邊境無人機，這是一款多任務無人機，目前正在科奇斯縣進行實戰演練。所以，基本上，整個行動就是我們與南部邊境警長合作，委託一架重型無人機或我們稱之為「外援無人機」的無人機執行任務。這架無人機是我們與南部邊境警長共同設計的，旨在完成南部邊境沿線所需的非常具體的任務。

This very unique drone, which has a large addressable border opportunity globally, not just along the southern border, is actually a drone that really uniquely positions itself to be doing pretty much anything a fixed wing surveillance aircraft can do with the versatility of a Heavy Lift multi-rotor drone. And we'll talk a little bit more, and I know there's some Q&A that came in around that as well.

這款非常獨特的無人機，在全球範圍內，尤其是在南部邊境地區，擁有巨大的潛在應用機會。它實際上是一款真正獨特的無人機，能夠像固定翼偵察機一樣執行幾乎所有任務，同時又具備重型多旋翼無人機的多功能性。我們再多聊一會兒，我知道也收到了一些相關的問答。

So that was a very significant win for us. And in fact, on Monday of next week, we are actually doing the inaugural missions with that drone going live and operational, so we're really excited about the 100 or so different government and international representatives that will be there, witnessing and participating in those missions along the border in Arizona.

所以這對我們來說是一場意義非常重大的勝利。事實上，下週一，我們將進行無人機的首次試飛任務，屆時無人機將正式投入使用，我們非常興奮，因為屆時將有大約 100 位來自不同政府和國際組織的代表到場，見證並參與在亞利桑那州邊境進行的這些任務。

So we also significantly bolstered our military and defense capabilities with the appointment of both Victor Meyers and Keith Kimmel. Both are incredibly accomplished war fighters that bring very, very strong, both educational and operational backgrounds to the table. They are heading up our military Board of advisers. They're operational within the business and are supporting our sales teams as well as our operational teams. So we're super thrilled to have brought them on board, and they're very well-known certainly within the community.

因此，我們透過任命維克多·邁耶斯和基思·金梅爾，大大增強了我們的軍事和國防能力。他們都是戰功卓著的戰士，擁有非常非常強大的教育和作戰背景。他們領導我們的軍事顧問委員會。他們在公司內部負責運營，為我們的銷售團隊和營運團隊提供支援。我們非常高興能邀請他們加入，而且他們在社區內也相當有名。

We were approached and very pleased to put a deal together with Paladin AI, and so we are actually collaborating on a specific opportunity that was brought to us from a military customer, but in addition to that, we are putting together and incorporating their AI into our drone fleet. We have several AIs that are being incorporated into our drone fleet. We treat our AI kind of similar to payloads. And what that means is that because our entire systems are modular, whether it's a particular type of camera, a particular type of payload, a particular type of sensor or even a particular type of AI, all of our system, right from hardware through the software, through design, is all managed in a way that can all be modular.

我們非常高興地與 Paladin AI 達成了合作協議，目前我們正在合作開發一個由軍方客戶提出的特定項目，除此之外，我們還將他們的 AI 技術整合到我們的無人機機隊中。我們正在將多款人工智慧技術整合到我們的無人機機隊中。我們對待人工智慧的方式與對待有效載荷的方式有些類似。這意味著，由於我們的整個系統都是模組化的，無論是特定類型的相機、特定類型的有效載荷、特定類型的感測器，甚至是特定類型的人工智慧，我們整個系統，從硬體到軟體，再到設計，都是以模組化的方式進行管理的。

So if we've got a customer that's coming to us that has a particular workflow requirement that requires a specific AI over another, we can incorporate that into it. Paladin has done some fantastic work in the industry, especially in forming. And so we're really, really excited about the opportunity that we've been able to put together, that they've been able to put together with us and vice versa. And so we expect big things out of this relationship, and it does start off with a specific customer that we are working with.

因此，如果客戶向我們提出特定的工作流程要求，需要使用特定的 AI 而不是其他 AI，我們可以將該 AI 整合到我們的工作流程中。Paladin 在業界做出了許多傑出的貢獻，尤其是在成型方面。因此，我們非常非常興奮能夠促成這樣的合作機會，他們能夠與我們合作，反之亦然。因此，我們對這段合作關係寄予厚望，而這一切都始於我們正在合作的特定客戶。

We also announced that Drone Nerds, who is the largest reseller in the United States, has taken on the Draganfly line, in particular, for public safety, but also for military as well. So we spent probably a year working with them, really helping ensure that we are positioned well within the customer base that they're going to. They're a very discerning organization, and we really fit well within their NDAA-compliant strategy. And it should be noted, and I think I'm speaking with all accuracy here, is that in terms of a manufacturer, not just in North America, but a manufacturer anywhere in the world that has a comprehensive lineup of NDAA-compliant drones, I think we can point to Draganfly as the leader, if not really the only NDAA-compliant manufacturer out there that has five-plus drone systems that are all NDAA compliant.

我們也宣布，美國最大的經銷商 Drone Nerds 已開始經銷 Draganfly 產品線，特別是用於公共安全領域，但也用於軍事領域。因此，我們花了大約一年的時間與他們合作，真正幫助確保我們在他們的目標客戶群中佔據有利地位。他們是一個非常有眼光的組織，而我們與他們符合《國防授權法案》的策略非常契合。需要指出的是，而且我認為我在這裡所說的完全準確，就製造商而言，不僅在北美，而且在全世界範圍內，如果要尋找一家擁有全面符合 NDAA 標準的無人機產品的製造商，我認為我們可以指出 Draganfly 是領導者，即使它不是唯一一家擁有五款以上符合 NDAA 標準的無人機系統的製造商。

And those range right from small FPV drones that we're selling into the military right through to the Outrider drone, which is a hybrid dual diesel engine, seven-hour, 100-pound capacity drone. So Drone Nerds has got this capability now to be able to offer that entire product line, in particular, down to their public safety. So we're really thrilled to be -- have been selected by them and get to work with them.

這些產品涵蓋範圍很廣，從我們向軍方銷售的小型 FPV 無人機，到 Outrider 無人機，後者是一款混合動力雙柴油引擎無人機，續航時間為 7 小時，載重 100 磅。所以 Drone Nerds 現在有能力提供全系列產品，特別是面向公共安全領域的產品。所以，我們非常興奮能夠被他們選中，並有機會與他們合作。

We also had a fantastic show at AUSA. And this is really meaningful for us. So AUSA is the Army Association Show, basically the big military show in the United States. We were able to display there with our partner, which is the next highlight there, Global Ordinance. So Global Ordinance is one of the largest, what's known as DLA primes out there, one of the largest suppliers of munitions and equipment into Ukraine, as an example, amongst many other things, multibillion-dollar organization.

我們在AUSA的演出也非常精彩。這對我們來說意義非凡。所以 AUSA 是陸軍協會展，基本上是美國最大的軍事展。我們能夠與我們的合作夥伴 Global Ordinance 一起在那裡進行展示，這也是那裡的下一個亮點。因此，Global Ordinance 是最大的 DLA 主承包商之一，也是向烏克蘭提供彈藥和裝備的最大供應商之一，除此之外，它還是數十億美元的企業。

And so they featured our drones along with them and have now brought us into multiple opportunities that we're working side by side on. So this show was really a coming out show for Draganfly in terms of our capabilities and capacities, and we had just an overwhelming response. Now this was also highlighted by the fact that we had a very significant announcement with the US Army, which we'll talk about in just one second.

因此，他們展示了我們的無人機，現在我們有機會與他們並肩合作，共同參與多個專案。所以，這場演出對 Draganfly 來說，真的是一次展現我們實力和能力的亮相演出，而且我們得到了非常熱烈的反響。此外，我們也與美國陸軍發布了一項非常重要的公告，這一點也凸顯了這一點，我們稍後會詳細介紹。

We also announced that Autonomy Labs, which is a fantastic and strong UK company, basically decided to standardize on our platform being the Heavy Lift, which is not the hybrid version, but the actual electric version to be able to lay out their mine clearing, what they call, carpet. And so this is another great example, at least in my opinion, of payload companies who are looking to capitalize on the drone market, but are looking for the right manufacturer and the right solution provider to actually build their payloads around.

我們還宣布，英國一家實力雄厚的優秀公司 Autonomy Labs 基本上決定採用我們的 Heavy Lift 平台作為標準配置，該平台並非混合動力版本，而是真正的電動版本，以便鋪設他們的掃雷設備，也就是他們所說的「地毯」。因此，至少在我看來，這又是一個很好的例子，說明有效載荷公司希望利用無人機市場，但同時也在尋找合適的製造商和合適的解決方案提供者來建造他們的有效載荷。

So one of the key components of our modularity and our full product line is the fact that a payload is only going to be as successful as a drone platform as it can fly on. So our -- core strategy of ours is to be able to cater to those channel partners, those payload companies, again, whether they're things like LED signs that we've done before, or whether they're mine clearing carpets, or whether they're particular camera systems or AI systems, the more of those that we can integrate into our drones, the bigger channel that we have that those payload providers are actually selling into as well. And that is a -- it's a key component.

因此，我們模組化和完整產品線的關鍵組成部分之一是，有效載荷的成功與否取決於無人機平台是否能成功飛行。因此，我們的核心策略是能夠滿足這些通路合作夥伴、有效載荷公司的需求，無論是像我們以前做過的 LED 顯示屏，還是掃雷地毯，亦或是特定的相機系統或人工智能係統，我們能夠將越多的產品集成到我們的無人機中，我們的有效載荷提供商實際銷售的渠道就越大。這是一個——這是一個關鍵組成部分。

So Draganfly having been in the business for 25-plus years now. We have that experience to be able to integrate all those other payloads into it. And it takes a long time to get enough integrations to build some critical mass around somebody -- an end user, a customer going, hey, wait a minute, I need to run this payload not just on a small ISR drone, but I also need to put it in conjunction with a medium lift logistics drone. And so for them to be able to make an investment once into a particular payload, but use it across multiple use cases because they've got different size of drones that those payloads can fit on to, we're finding that as a significant strategic differentiator or accommodator, if you will, for the customers that we're dealing with in the market and our payload providers.

Draganfly 已經在這個行業經營了 25 年以上。我們擁有將所有其他有效載荷整合到其中的經驗。要獲得足夠的集成，從而圍繞某個最終用戶或客戶建立起一定的規模，需要很長時間——比如，最終用戶或客戶會說：“等等，我需要的不僅僅是在小型 ISR 無人機上運行這個有效載荷，而且我還需要將其與中型運輸物流無人機結合使用。”因此，對於他們來說，只需對特定有效載荷進行一次投資，即可在多種使用場景中使用該有效載荷，因為他們有不同尺寸的無人機可以適配這些有效載荷，我們發現這對於我們在市場上的客戶和我們的有效載荷提供商來說，是一個重要的戰略差異化因素或適應因素。

So again, thrilled to have done this project with Autonomy Labs. We displayed with them over at the DESI show in London, and they've really knocked it out of the park in terms of the amount of orders that they were lining up and the amount of testing that they've got going on with multiple militaries around the world.

再次感謝 Autonomy Labs 為我完成這個專案。我們在倫敦的 DESI 展會上與他們一起展出了產品，他們在訂單數量和與世界各地多支軍隊進行的測試數量方面都取得了巨大的成功。

We also demonstrated both our Flex FPV and our Commander 3 XL platform at the invitation-only US Army T-Rex experimental showcase. We were there actually, as I mentioned, by invite. We were demonstrating the 3XL and the FPV and how they can work in conjunction with each other. Again, if you think about that Commander 3 XL, which is above my left shoulder here, you really do notice that flat bottom on it because that gives a huge surface area for different payloads and multiple sensor capabilities.

我們也在美國陸軍 T-Rex 實驗展示會上（僅限受邀者參加）展示了我們的 Flex FPV 和 Commander 3 XL 平台。正如我之前提到的，我們是被邀請前往的。我們當時正在展示 3XL 和 FPV，以及它們如何協同工作。再說一遍，如果你仔細看看我左肩上方的 Commander 3 XL，你肯定會注意到它的平底，因為這為不同的有效載荷和多種感測器功能提供了巨大的表面積。

And so if you would also think about FPVs that are underneath that platform, and so you've got the 3XL, which can carry FPVs to a particular location, maybe a GPS denied location because the 3XL can handle the type of sophistication and radios required to be able to fly in those environments, and then be able to deploy FPVs from close range.

因此，如果您再考慮一下該平台下的 FPV，那麼 3XL 可以將 FPV 帶到特定位置，例如 GPS 訊號受限的位置，因為 3XL 可以處理在這些環境中飛行所需的複雜程度和無線電設備，然後能夠從近距離部署 FPV。

The next notable one to bring up is that we have now -- we're well into working with standing up seven new plants in the United States. through our contract manufacturing arrangement. We are in the midst of tooling those plants right now. That is going to more than quadruple our capacity.

接下來值得一提的是，我們目前正透過合約製造安排，在美國穩步推進七家新工廠的建設。我們目前正在對這些工廠進行設備改造。這將使我們的產能增加四倍以上。

And for any of those that don't know that we currently in our own plants, we've got about $100 million of capacity that is now just kind of coming online. It took us until about Q3 to get that fully built out. We are now starting to produce on those particular lines, in particular, for the US Army order that we announced about four weeks ago now. And so -- but these seven new plants coming online, based on demand that we've got coming through, will give us somewhere in the range of about four times that capacity by the end of next year.

對於那些還不知道的人來說，我們目前在自己的工廠裡有大約 1 億美元的產能，現在正陸續投入使用。我們花了大約第三季才把這個專案完全建成。我們現在開始按照這些生產線進行生產，特別是為了滿足我們大約四周前宣布的美國陸軍訂單。因此——根據我們目前的需求，這七家即將投產的新工廠到明年年底將使我們的產能達到目前的四倍左右。

The company that we selected to go with, it was an arduous process, but the group that we selected to go with, their real specialty is -- I mean, they're great contract manufacturing. They were very accommodating about the tooling and the training that we need to provide, but they are very, very good on global logistics and supply chain management. And that's super key to us, in particular, because of the type of army orders that we're now entertaining.

我們最終選擇合作的公司是一個漫長的過程，但我們最終選擇的這家公司，他們的真正專長是——我的意思是，他們非常擅長合約製造。他們非常配合我們提供的工具和培訓，而且他們在全球物流和供應鏈管理方面非常非常出色。這對我們來說尤其重要，因為我們現在正在考慮的是軍隊的命令類型。

We're also, I believe, very uniquely positioned as an organization to support not just NATO, but in particular, the Canadian government. So Canada has now announced that 5% of their GDP is going to be moving towards defense spending. That's literally billions of dollars of new spending in this coming year. And there's upwards of $2 billion in the next couple of years spent just on drone technology.

我認為，作為一個組織，我們擁有非常獨特的優勢，不僅可以支持北約，而且尤其可以支持加拿大政府。加拿大現已宣布，將把國內生產毛額的5%用於國防開支。這意味著來年將新增數十億美元的支出。未來幾年，光是在無人機技術領域的投入就將超過 20 億美元。

Now, because of the unfortunate tariff war, which is working out fantastic for Draganfly between Canada and the United States, Canada has a very explicified Canadian policy right now. And given the fact that we have manufacturing plants and strong routes from Canada, we're very well-positioned there, and have several initiatives ongoing in order to address that market and are likely -- there might be two companies in the whole country of Canada that can address that market for the Canadian D&D., and in fact, the other company right now only has one particular type of drone and it's more of a helicopter that would address that. So we think we're incredibly well positioned up there and thrilled to be able to be a service to that nation.

現在，由於加拿大和美國之間不幸的關稅戰（這對 Draganfly 來說簡直是天賜良機），加拿大目前有著非常明確的政策。鑑於我們在加拿大擁有製造工廠和強大的運輸路線，我們在那裡佔據了非常有利的地位，並且正在進行多項舉措以開拓該市場。很可能——在整個加拿大，可能只有兩家公司能夠滿足加拿大國防和國防市場的需求。事實上，另一家公司目前只有一種特定類型的無人機，它更像是一種直升機，可以滿足該市場的需求。所以我們認為我們在那裡佔據了非常有利的地位，並且很高興能夠為那個國家服務。

Not only to the nation of Canada, but because of our Canadian manufacturing, our opportunities in the Arctic, both with US, NORAD, Canada, and the Arctic states of Sweden, Denmark, et cetera, really seem to be also burgeoning quite well. So again, I would love to say that was part of our strategy. It wasn't. It's more luck than anything, but we're super proud to be in that position, and we look forward to servicing those organizations and customers over the coming years.

不僅對加拿大這個國家而言，而且由於加拿大製造業的發展，我們在北極地區的機會，無論是與美國、北美防空司令部、加拿大，還是與瑞典、丹麥等北極國家合作，似乎也發展得相當好。所以，我再次希望那也是我們策略的一部分。並非如此。這更多的是運氣使然，但我們非常自豪能取得這樣的成就，並期待在未來幾年為這些機構和客戶提供服務。

And then we did have a Fortune 50 telecom company start to buy our Heavy Lift Drones. Now, their Heavy Lift Drone in this particular case is being used for communication support on post-natural disaster. And we've been very, very hopeful with this particular Fortune 50 telecommunication company to actually expand the relationship.

後來，一家財富 50 強電信公司開始購買我們的重型運輸無人機。現在，他們的重型運輸無人機在這個特定案例中被用於自然災害後的通訊支援。我們一直對這家財富 50 強電信公司抱持著極大的希望，希望能真正擴大合作關係。

So this is part of two big initiatives that are happening. First of all, they're moving away from the Chinese manufacturing, and they were very explicit about needing a really solid long-term partner that had NDAA-compliant drones and had the capability to serve them at scale.

這是正在進行的兩項重大計劃的一部分。首先，他們正在擺脫對中國製造的依賴，並且他們非常明確地表示需要一個真正可靠的長期合作夥伴，該合作夥伴擁有符合 NDAA 標準的無人機，並且有能力大規模地為他們提供服務。

So this was an initial order, but it was a really important order for us. And in the event that we see more orders from this particular company, we see it as a signal from them that they're standardizing on our fleet. And of course, those order sizes get well into the hundreds. And when I say hundreds, again, I'm not talking about a small ISR drone. I'm talking about a very sizable 9-foot drone that has incredible capabilities, is standing up cell towers, has tethered components to it, and such.

所以這是第一筆訂單，但對我們來說是一筆非常重要的訂單。如果這家公司為我們下了更多訂單，我們認為這是他們正在將我們的車隊作為標準化設備的信號。當然，這些訂單的規模通常都達到數百件。而且我再說一遍，我說的數百架，不是指小型 ISR 無人機。我指的是一架體型非常大的 9 英尺無人機，它擁有令人難以置信的功能，可以架設基地台，並帶有繫繩組件等等。

So -- and then, of course, a very notable subsequent event from Q3, which was incredible for us as a company and as shareholders was that we announced an order for our FPVs from the US Army. Now, this particular order, though we have to remain shy on some of the details of it. I can tell you that the reason that we won this order, I think, is -- I'd like to say it's because we have a terrific FPV platform that does have some incredibly unique features, designed from our experience being boots on the ground in the Ukraine since 2022. But I think the other reason that we frankly won this is that this particular order isn't just about providing drones, it's actually providing supply chain and logistical support.

所以——當然，第三季發生了一件非常值得注意的後續事件，這對我們公司和股東來說都是不可思議的，那就是我們宣布美國陸軍訂購了我們的FPV（第一人稱飛行器）。至於這個特殊的訂單，雖然我們不得不對其中的一些細節保持沉默。我可以告訴你，我們贏得這份訂單的原因是——我想說，是因為我們擁有一個非常棒的 FPV 平台，它有一些非常獨特的功能，這些功能是根據我們自 2022 年以來在烏克蘭實地考察的經驗設計的。但我認為我們贏得這場戰役的另一個原因是，這份訂單不僅僅是提供無人機，實際上還包括提供供應鏈和物流支援。

We're actually training this particular section of the Army to actually be assembling and manufacturing our drones so that they can do modifications on the fly. And then we're actually supporting that and providing the logistics for the resupply of all those drones into those locations. So it's actually Draganfly manufacturing on US Army location and presumably, hopefully, locations.

我們正在訓練陸軍的這個特定部門，讓他們能夠組裝和製造我們的無人機，以便他們可以隨時進行改裝。然後，我們實際上正在為此提供支持，並為向這些地點補給所有這些無人機提供後勤保障。所以，Draganfly 實際上是在美國陸軍基地以及其他一些地點進行生產。

So really, really significant. It took about 1.5 years, maybe plus in order to actually put this order together. And it is one of the reasons that about two years ago, a little less than two years ago, I guess, about 18 months ago, excuse me, is why we still -- we started building out our capacity. So over the last two years, we basically had to cap our sales. We had to rebuild a bunch of our capacity in order to meet the demand of this and the other particular similar orders that we anticipate coming down from this.

所以，這真的非常重要。從下單到最終完成這個訂單，大概花了1年半甚至更長。這也是大約兩年前，或者說不到兩年前，大概18個月前，抱歉，我們開始擴大產能的原因之一。因此，在過去的兩年裡，我們基本上不得不限制銷售額。為了滿足此次訂單以及我們預計由此而來的其他類似訂單的需求，我們不得不重建我們的大部分產能。

So just a quick review. This is our drone platform. This view here does not include the Outrider drone, which actually goes live next Monday on the Arizona border. And that drone itself would look very similar to the drone that's on the far right side, the Heavy Lift Drone, other than the fact that it has combustion engines on it as well. It can come with a variant of either one or two engines. It has the capability to fly up to seven hours and carry 100 pounds of payload.

簡單回顧一下。這是我們的無人機平台。此處顯示的畫面不包括 Outrider 無人機，該無人機將於下週一在亞利桑那州邊境正式投入使用。而且，這架無人機本身看起來與最右邊的重型運輸無人機非常相似，但它也裝有內燃機。它可以配備單引擎或雙引擎版本。它能夠飛行長達7小時，並攜帶100磅的有效載荷。

That particular drone will be doing everything from communications, mesh networking, surveillance, reconnaissance, actual interdiction, logistical resupply, medical emergency support, and many, many other things. I mean, it is truly a drone that fits just an incredible array of use cases.

那架無人機將執行各種任務，包括通訊、網狀網路、監視、偵察、實際攔截、後勤補給、醫療緊急支援等等。我的意思是，這真是一款用途極為廣泛的無人機。

So the event next Monday has over 100 people coming from multiple countries, all pretty border-focused. And the word that we're getting now is that we called this drone the outrider, but most people are calling it the border drone now because it's a purpose-built border drone.

所以下週一的活動將有來自多個國家的 100 多人參加，而且都與邊境問題密切相關。我們現在得到的消息是，我們之前稱這架無人機為“先鋒”，但現在大多數人稱它為“邊境無人機”，因為它是專門為邊境地區設計的無人機。

The TAM on border and border surveillance for drones is literally globally in the hundreds of millions of dollars per year for this particular product line. So we have some pretty high hopes and certainly, early indications are that this is going to be a leading driver of sales for us, even next year, even though we hadn't planned on it being a big driver of sales until 2027.

全球範圍內，無人機邊境和邊境監視領域的市場規模每年高達數億美元。因此我們抱有很高的期望，而且初步跡象表明，這將成為我們明年銷售的主要驅動力，儘管我們原本計劃到 2027 年才使其成為銷售的主要驅動力。

You can see the other drone line up there, which I think I've explained pretty well in past calls. The key thing here is that they're all interoperable, all the payloads fit across it. If we've done an integration on one drone, whether it's with an AI and yes, our Flex, even the FPV drone there has AI incorporated into it, whether we do it with that drone or all the way up to the Heavy Lift Drone or the commander -- excuse me, the Outrider drone, you're working with the same common operating environment, the same connections, the same buttons in the same places, flight characteristics, and so on and so forth.

您可以看到上面另一條無人機航線，我想我在之前的通話中已經解釋得很清楚了。關鍵在於它們都具有互通性，所有有效載荷都能相容。如果我們已經在一架無人機上進行了集成，無論是與人工智能集成，是的，我們的 Flex 無人機，甚至是 FPV 無人機都集成了人工智能，無論我們是在這種無人機上進行集成，還是在重型運輸無人機或指揮官——抱歉，是 Outrider 無人機上進行集成，您都將使用相同的通用操作環境、相同按鈕的連接、相同位置的相同按鈕、飛行特性等等。

So it's also of note that the old DGI payloads that were supported by DGI, also fit into this modularity. So if somebody's got an investment into a payload, they got FLIR cameras, or they got whatever it is, and they're having to get rid of their DGI fleet, but they do not want to lose their investment into their FLIR cameras or their other payloads, those payloads actually integrate right into what we're doing as well. So again, it's just some experience there that's helped us think through how do we progress our customers into a new full product line.

因此值得注意的是，DGI 支援的舊版 DGI 有效載荷也符合這種模組化設計。所以，如果有人投資了有效載荷，例如 FLIR 相機或其他設備，並且不得不淘汰他們的 DGI 設備，但他們不想損失對 FLIR 相機或其他有效載荷的投資，那麼這些有效載荷實際上也可以直接整合到我們正在做的事情中。所以，再次強調，這方面的一些經驗幫助我們思考如何引導客戶過渡到全新的完整產品線。

I won't spend much time here. But basically, the military impact for what's happening in the small UAV market is incredible. We recently saw in the last couple of weeks, the US government talking about getting well over 1 million drones. And I know one of the questions that came in is, do we think we're going to get our piece of that.

我不會在這裡待太久。但總的來說，小型無人機市場的發展對軍事領域的影響是巨大的。最近幾週，我們看到美國政府談到要購買超過100萬架無人機。我知道有人問，我們是否認為我們能從中分一杯羹。

And certainly, that's what we've been planning on for years and working toward, and we are one of the few companies in North America that have that capability or capacity to be able to meet that demand.

當然，這正是我們多年來一直在計劃和努力的方向，而且我們是北美少數有能力滿足這種需求的公司之一。

So we're pretty excited about what's happening there. We do have some validation around the Army orders that we previously sold in Special Forces and now into the Army as well as the many other initiatives that we've got going on across the whole Department of War.

所以我們對那裡正在發生的事情感到非常興奮。我們確實對先前向特種部隊以及現在向陸軍銷售的訂單以及我們在整個戰爭部開展的許多其他舉措進行了一些驗證。

At this point, what I'd like to do is, I'd like to turn it over to Paul Sun, our CFO, to run through our financial highlights. Paul?

接下來，我想把發言權交給我們的財務長保羅·孫，讓他來介紹一下我們的財務亮點。保羅？

Yeah. Thanks, Cam. Thanks, everyone, for joining. Appreciate it.

是的。謝謝你，卡姆。謝謝大家的參與。謝謝。

Just taking you through these tables here. Revenue for the third quarter was $2.16 million, up 14.4% from $1.89 million in the third quarter of 2024. Third quarter revenue did comprise of the $1.62 million from product sales with the balance coming from drone services that Cam mentioned at the outset.

我只是帶你看一下這些表格。第三季營收為 216 萬美元，比 2024 年第三季的 189 萬美元成長了 14.4%。第三季收入包括產品銷售的 162 萬美元，其餘部分來自 Cam 在開頭提到的無人機服務。

Gross profit, $421,000 this quarter compared to $441,000 in Q3 of last year. This quarter did have a one-time noncash write-down of inventory of $43,000. And otherwise, gross profit would have been $464,000 gross profit for Q3 of 2024 would have been $617,000 if we took away the one-time inventory write-down of $176,000 from the same period last year. So taking these noncash items into account, gross margin would have been 21.5% this quarter versus 32.7% year over year.

本季毛利為 421,000 美元，去年第三季為 441,000 美元。本季確實有一筆 43,000 美元的非現金庫存減損。否則，毛利將為 464,000 美元；如果我們從去年同期扣除一次性存貨減值 176,000 美元，2024 年第三季的毛利將為 617,000 美元。因此，如果將這些非現金項目考慮在內，本季的毛利率將為 21.5%，而去年同期為 32.7%。

Total comprehensive loss for the quarter was $5.4 million, compared to a loss of $364,000 in the same quarter last year. This quarter did include noncash changes comprised of a fair value of derivative liability loss of $1.8 million, that $43,000 inventory write-down that I mentioned and a gain on a notes receivable of $35,000. So otherwise, it would have been a comprehensive loss of $3.6 million.

本季綜合虧損總額為 540 萬美元，去年同期虧損為 36.4 萬美元。本季確實包含非現金變動，其中包括 180 萬美元的衍生負債公允價值損失、我所提及的 4.3 萬美元的存貨減損以及 3.5 萬美元的應收票據收益。否則，損失總額將達 360 萬美元。

The same period last time had a one-time noncash change in derivative liability of $3.6 million. The $176,000 inventory write-down that I mentioned, and then a gain on an impairment note of $8,000. So the comprehensive loss from last year would have been $3.8 million. So the decrease in loss is due to primarily foreign exchange gain and lower professional fees, offset by higher office and miscellaneous costs, wage costs and share-based payments.

上年同期衍生負債發生一次性非現金變動 360 萬美元。我提到的 176,000 美元的存貨減值，以及 8,000 美元的減損收益。因此，去年的綜合虧損額為 380 萬美元。因此，虧損減少主要是由於外匯收益和專業費用降低，但被更高的辦公室和雜項成本、工資成本和股權支付所抵消。

If we move to the next slide, please. Yeah, we just went through the year-over-year changes. So here, I'll do a quarter over quarter between Q3 of this year and Q2 of this year. Revenue for Q3 '25 increased $41,000 to $2.16 million, up from the $2.12 million in Q2 of '25, an increase of 2% due to higher product sales. The gross margin for Q3 '25, again, was 19.5% compared to 23.9% for Q2 '25.

請切換到下一張投影片。是的，我們剛剛完成了同比變化統計。所以，在這裡，我將對今年第三季和今年第二季之間的情況進行季度環比分析。2025 年第三季營收增加 41,000 美元，達到 216 萬美元，高於 2025 年第二季的 212 萬美元，成長 2%，這主要得益於產品銷售額的成長。2025 年第三季的毛利率為 19.5%，而 2025 年第二季的毛利率為 23.9%。

Again, if we back out that one-time inventory write-down mentioned before for Q3, and the $10,000 write-down from Q2 '25, gross margin, again, would have been 21.5% for Q3 and 24.3% for Q2, with the difference being product mix during the quarters.

再說一遍，如果我們剔除前面提到的第三季一次性庫存減值，以及 2025 年第二季 10,000 美元的減值，那麼第三季的毛利率將為 21.5%，第二季的毛利率將為 24.3%，差異在於各季度的產品組合。

Total comprehensive loss for Q3, again, was $5.4 million compared to $4.7 million for Q2 of '25. And again, please recall, we had that loss in fair value of derivative liability of the $1.8 million, the write-down of inventory of $43,000, and the gain on the note of $35,000, so the comprehensive loss would have been $3.6 million. If we adjust for the noncash items in Q2, which included a noncash gain of a derivative liability of $180,000, a write-down of $10,000 of inventory, and a gain on a note of $8,000 that loss would have been $4.6 million. So the quarter-over-quarter decrease in loss is primarily due to the foreign exchange gain and lower professional fees, offset by wage costs and share-based payments.

第三季綜合虧損總額為 540 萬美元，而 2025 年第二季為 470 萬美元。再次提醒大家，我們有180萬美元的衍生負債公允價值損失、4.3萬美元的存貨減損以及3.5萬美元的票據收益，因此綜合損失將達到360萬美元。如果我們對第二季的非現金項目進行調整，其中包括 18 萬美元的衍生負債非現金收益、1 萬美元的存貨減損以及 8,000 美元的票據收益，那麼損失將達到 460 萬美元。因此，季度虧損減少主要是由於外匯收益和專業費用降低，但被工資成本和股權激勵支出所抵銷。

Going to the next slide, please. So just kind of looking at some high-level balance sheet items here. You can see total assets increased from the $10.2 million at the end of '24 to $77 million, which is largely due to the increase in cash over the year. Working capital as at the end of September was $69 million versus $3.8 million at the end of December.

請進入下一張投影片。所以，這裡我們主要看一下資產負債表上的一些高階項目。你可以看到總資產從 2024 年底的 1020 萬美元增加到 7700 萬美元，這主要是由於一年內現金的增加。截至9月底，營運資金為6,900萬美元，而12月底為380萬美元。

However, if we ex out the fair value of derivative liability of $3 million, working capital would have been a surplus of $73 million this quarter and $6 million at the end of December last year.

但是，如果我們剔除 300 萬美元的衍生負債公允價值，那麼本季營運資金盈餘將達到 7,300 萬美元，而去年 12 月底的盈餘為 600 萬美元。

Doing the same analysis for the shareholders' equity at this quarter end would be $73 million versus the $70 million shown and $6.8 million at the end of December versus the $4.6 million shown here. And as you can see, we continue to have minimal debt. And our company's cash balance, as Cam mentioned at the outset, was $69.9 million at the end of September, compared to $6.3 million at the end of December.

對本季末股東權益進行同樣的分析，結果為 7,300 萬美元，而此處顯示的為 7,000 萬美元；對 12 月底股東權益進行同樣的分析，結果為 680 萬美元，而此處顯示的則為 460 萬美元。正如您所看到的，我們的債務仍然極低。正如 Cam 在開頭提到的，我們公司的現金餘額在 9 月底為 6,990 萬美元，而 12 月底為 630 萬美元。

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

那麼，我就把麥克風交還給你了，卡姆。

Great. Thanks, Paul. So what I'll do now, if it's all right with everybody, is I'll jump into some of the questions. There's nine questions that came in. I'll certainly do my best to be timely and answer them as thoroughly as is reasonably and regulatorily possible.

偉大的。謝謝你，保羅。如果大家不介意的話，我現在就直接回答幾個問題。共收到九個問題。我一定會盡我所能及時、詳盡地回答這些問題，只要在合理和監管允許的範圍內即可。

So the first one that we've got here is, it says you seem to have more cash on hand now than ever, what are the scenarios or use cases for any potential future raise?

所以我們遇到的第一個問題是，它說你現在似乎比以往任何時候都擁有更多的現金，那麼未來任何潛在的融資場景或用例是什麼？

So we'll be opportunistic about potential future raises. We -- I think, we've raised less cash certainly than our comparables out there, and we're cognizant of cash being a strategic advantage. That said, we're highly, highly sensitive to dilution and shareholder value.

所以我們會抓住未來潛在的加薪機會。我認為，我們籌集的資金肯定比同類公司少，而且我們意識到現金是一項策略優勢。也就是說，我們對股權稀釋​​和股東價值非常非常敏感。

So basically, we've got $70 million cash on hand. We're burning about $1.5 million a month. Things are scaling in a great way. Pipelines are -- literally, I can't even say the numbers because they're really truly unbelievable.

所以，我們手頭上基本上有7000萬美元現金。我們每月大約燒掉150萬美元。各項業務都在以非常好的方式成長。管道構建——真的，我什至無法說出具體數字，因為它們真的令人難以置信。

So there's not an acute need to raise cash. And we certainly, as a company that's been around for 27 years, we're able to -- we think we have very good visibility to EBITDA positive and cash flow positive over some time here. That said, there are some key acquisitions that we're interested in. They are, to be clear, not necessarily acquisitions around technology or a particular product. Our acquisitions, which I think is a bit different than our comps out there are very focused on the people.

所以目前沒有迫切需要籌資。當然，作為一家成立 27 年的公司，我們有能力——我們認為我們非常有把握在未來一段時間內實現 EBITDA 為正和現金流為正。話雖如此，我們對一些關鍵收購案很感興趣。需要明確的是，這些收購不一定是圍繞著技術或特定產品進行的。我認為，我們與其他競爭對手的收購方式略有不同，我們非常注重人才。

So -- we have the -- we're in a fortunate position to be able to build what we sell and integrate what we sell. We're highly engineering-focused and customer integration organization. So what's most important to us is having the right team and people to be able to do that.

所以——我們很幸運，能夠自己生產我們銷售的產品，並整合我們銷售的產品。我們是一家高度注重工程技術和客戶整合的組織。所以對我們來說，最重要的是擁有合適的團隊和人員來實現這一目標。

So there are some pretty cool acquisitions out there that do have some great products and tech that fit with what we're doing, but they're probably not at the size or scale that maybe we see some of the comps out there doing because really what we're interested in is culture and how those people fit in, how we better serve our customers, how that can scale, how that can add to the scalability of what our customers are asking for us right now because the scalability that's being asked of us is truly astronomical.

所以，市面上有一些很棒的收購案例，它們擁有一些很棒的產品和技術，與我們正在做的事情很契合，但它們的規模可能不如一些競爭對手，因為我們真正感興趣的是文化以及這些人如何融入，我們如何更好地服務客戶，如何擴展規模，如何增加我們目前客戶要求的可擴展性，因為客戶要求的可擴展性確實是天文數字。

So us is not about layering in more acquisitions, which can sometimes be more problems. We're really about layering in the right personalities, people and leadership and technical capability in order to meet the demand that's at hand right now. And of course, those customers who are making those demands and they -- and that's kind of really where the market is at right now, we want them to be incredibly confident with the people that we're bringing on. So that tends to be a bit of our acquisition focus, which I think is probably another one of the questions in here.

所以，我們並不打算透過不斷收購來增加業務，因為這有時反而會帶來更多問題。我們真正關注的是引入合適的人才、領導力和技術能力，以滿足當前的需求。當然，那些提出這些要求的客戶——而這正是目前市場的現狀——我們希望他們對我們引進的人才充滿信心。所以這往往是我們收購的重點，我認為這也可能是這裡要討論的另一個問題。

So in terms of raises, if we needed to do a raise for an acquisition, we would consider that. If it was opportunistic in the market, everybody says when the cash is there and you're in growth phase, you kind of really want to make sure that you do not take it. But we're going to be -- we're definitely going to be prudent about that to the best of our ability.

所以，就加薪而言，如果我們需要為了收購而加薪，我們會考慮的。如果是在市場上的投機行為，大家都說，當現金充裕且公司處於成長階段時，你真的應該確保不要出手。但是我們一定會盡我們所能，謹慎行事。

So the second question that came in is, can you expand on the press release about manufacturing and overseas military facilities? How large is the potential here in terms of revenue? Are the financial metrics of this much different than manufacturing is done in North America and then shipped as a final product?

第二個問題是，您能否詳細介紹有關製造業和海外軍事設施的新聞稿？從收入角度來看，這裡的潛在收益有多大？這種情況下的財務指標與在北美生產然後作為最終產品運輸的情況有很大不同嗎？

So I'll speak to the extent that I can about this. So the manufacturing in overseas facilities is very specifically in military facilities where they're manufacturing a Draganfly product. And it's a little bit more of assembly than manufacturing.

所以，我會盡我所能談談這件事。因此，海外工廠的生產製造特指在軍事設施中生產的 Draganfly 產品。而且它更像是組裝而不是製造。

The prime driver here is that those facilities need to be able to modify and have capabilities that they don't need to go back through a procurement cycle in order to order some new capability on a drone. They need to be able to do those modifications and such themselves. So they need to be trained in how to manufacture, how to modify, how to repair, how to change the product within the concept of operations that might be changing in their tactical situation at that time. And so that's really the driving premise.

主要驅動因素是這些設施需要能夠進行改造，並且具備相應的能力，這樣他們就不需要重新經歷採購流程來訂購無人機的某些新功能。他們需要能夠自己進行這些修改等等。因此，他們需要接受培訓，學習如何製造、如何改裝、如何修理、如何根據當時戰術狀況的變化而改變產品。所以，這就是其核心前提。

And then the other part of that is, is an Army base ever going to be able to do that on scale? If you think about what's happening in places like the Ukraine right now, you have individual brigades that are using hundreds of thousands of drones per month. And so you're not going to get that kind of scale on an army base. So you need a partner that can actually still provide that scale into your theater of operations while you still have the capability to actually make the modifications or drive your technology or tactics forward. And so that's more of the type of relationship that's here, which is why it is so strategic and such a big deal.

另一方面，陸軍基地是否有可能大規模地做到這一點？想想現在烏克蘭等地正在發生的事情，你會發現一些旅級單位每個月都在使用數十萬架無人機。所以，在軍事基地裡是不可能出現那種規模的。所以你需要一個合作夥伴，能夠在你的作戰區域內提供這種規模，同時你仍然有能力進行實際的修改或推動你的技術或戰術向前發展。所以，這就是這裡存在的關係類型，這也是為什麼它如此具有戰略意義，如此重要的原因。

In terms of scale, all I can say is that there's a lot of brigades in the US Department of War and in all the NATO and the 5 I countries. And when I was at AUSA, one of the big announcements from the Army was that every soldier is going to be trained on a drone, every single soldier. And the reason is that if you think about those FPVs right now, which are not -- they're just the tip of the iceberg of what's coming, and they tend to be the focus right now. But basically, every soldier has a grenade that can go 10 kilometers. Now that's -- I mean, that's what they choose to use it for. So the scale is absolutely enormous.

就規模而言，我只能說美國戰爭部、所有北約成員國和五大聯盟國家都有很多旅級單位。當我參加美國陸軍協會（AUSA）時，陸軍宣布的一項重大消息是，每位士兵都將接受無人機訓練，每位士兵都將接受訓練。原因在於，如果你仔細想想現在的那些 FPV（第一人稱視角飛行器），它們只是未來發展趨勢的冰山一角，而它們目前往往是人們關注的焦點。但基本上，每個士兵都有一枚射程可達 10 公里的手榴彈。現在，我的意思是，他們選擇用它來做這件事。所以規模絕對非常巨大。

But then when you also look at what's happening on the logistics side, on the resupply side and all the rest of it, and they need that embedded manufacturing capability, which is what we're calling it a hybrid embedded manufacturing, I really am not at liberty to say what the sizes are, but you can figure out pretty quick that it's numbers that are just completely astronomical.

但是，當你再看看物流方面、補給方面以及其他所有方面的情況，以及他們需要的嵌入式製造能力（我們稱之為混合嵌入式製造），我真的不方便透露具體規模，但你可以很快意識到，這些數字簡直是天文數字。

So the US has stated that they intend to order millions of drones. Do you think we'll be able to get a meaningful piece of that?

因此，美國已聲明計劃訂購數百萬架無人機。你認為我們能從中獲得有意義的一部分嗎？

I do. And it doesn't have to be a big percentage of it for it to be meaningful. And the ethos that Draganfly is, we want to make sure that every one of our customers, whether they're military, industrial, commercial, whatever the case is, our job is to help ensure that our customer is unbeatable, absolutely uncompetable. And so again, whether that's a military or an industrial customer, what we like to do is add value.

我願意。即使比例不大，也有意義。Draganfly 的理念是，我們希望確保我們的每位客戶，無論是軍方、工業界、商業界，還是其他任何領域，我們的工作都是幫助確保我們的客戶所向披靡，絕對無可匹敵。所以，無論是軍方客戶還是工業客戶，我們都喜歡為他們創造價值。

So will we eventually be the biggest drone manufacturer in the world or something? I don't know, and that's actually not our goal. We want to be the best partner to our customers that make them uncompetable. So we really want to continue to be that high-value, highly sought-after organization that brings a lot of experience and a lot of consciousness to the table in terms of the products and the services that we're able to enable our customers with. So the short answer is, yeah, I think we can get a piece of it, and we'll just keep working to do so.

所以，我們最終會成為世界上最大的無人機製造商嗎？我不知道，而且那其實也不是我們的目標。我們希望成為客戶的最佳合作夥伴，使他們在競爭中脫穎而出。因此，我們真心希望繼續成為一個高價值、備受追捧的機構，在產品和服務方面，憑藉豐富的經驗和高度的意識，為客戶提供卓越的產品和服務。所以簡而言之，是的，我認為我們可以分得一杯羹，我們會繼續努力實現這個目標。

Canada has said that they want to purchase Canadian-made drones. Can we expect meaningful orders from Canada and the Department of Defense at some point?

加拿大方面表示，他們希望購買加拿大製造的無人機。我們能否期待在某個時候收到來自加拿大和美國國防部的重要訂單？

I believe so. I can't give you predictability or any deeper insight, but I think we are as well-positioned by far as anybody in the world to be able to provide that very big budget. We don't often think of Canada as a military force.

我相信是這樣。我無法給出可預測的結果或更深入的見解，但我認為，就提供如此龐大的預算而言，我們比世界上任何人都更有優勢。我們通常不會把加拿大視為一支軍事力量。

That said, it's about the seventh-largest economy in the world, and now you get 5% of that economy going into rearming and reimagining what they're doing. And a very meaningful part of that is going into drone technologies as is all military budgets now because we've moved from into an entire new phase, where everything is actually becoming about -- not just about automation, but about autonomy. And the leading edge of autonomy is, quite frankly, drones, whether it's controlling autonomy, being autonomous, being in airspace, managing aerospace, all of it, drones are the leading edge of that. And so even small military budgets now are meaningful because so much of that budget is being focused into this particular area.

也就是說，它是世界第七大經濟體，現在卻有 5% 的經濟體用於重新武裝和重新構想他們的發展方向。而其中非常重要的一部分，就是像現在所有軍費預算一樣，投入到無人機技術中，因為我們已經進入了一個全新的階段，在這個階段，一切實際上都變成了——不僅僅是自動化，而是自主性。坦白說，自主性的前沿技術就是無人機，無論是控制自主性、實現自主飛行、在空域中飛行或管理航空航天，所有這些方面，無人機都是最前沿的技術。因此，即使是較小的軍事預算現在也意義重大，因為其中很大一部分預算都集中在這個特定領域。

So is border security still the main focus for the company?

那麼，邊境安全仍然是該公司的主要關注點嗎？

Yeah. I mean, if Cochise County and the Southern Sheriffs is any indication of where we've been fortunate enough, very blessed to be able to be positioning ourselves as a border management specialist, not just with our drones, but with our tactical solutions team to be able to understand the ConOps and integrate the understanding of the ConOps into functional equipment, yes, border management, border security is a huge, huge piece of what we're doing.

是的。我的意思是，如果科奇斯縣和南部警長們的情況可以作為參考，那麼我們很幸運，非常幸運能夠將自己定位為邊境管理專家，不僅依靠我們的無人機，還依靠我們的戰術解決方案團隊來了解作戰概念，並將對作戰概念的理解融入到功能性設備中，是的，邊境管理、邊境安全是我們工作中非常重要的一部分。

And I do find that we're pretty uniquely positioned there because it is a particular specialty that isn't just about ISR. When you've got folks coming over that border, you've got search and rescue situations, you've got human trafficking, you've got weapons, you've got armed militias, you've got drugs coming in.

而且我發現我們在這方面有相當獨特的優勢，因為這是一個特殊的專業領域，它不僅僅關乎 ISR。當有人越過邊境時，就會出現搜救情況、人口販運、武器、武裝民兵、毒品流入等問題。

So the variance of what's happening is so incredible that you need to have a specialized team that really understands how to work with our -- with the law enforcement professionals and the super great people along the border that are holding our economy and our people safe in order to be able to provide that service.

因此，目前的情況變化如此之大，以至於我們需要一支專門的團隊，真正了解如何與我們的執法專業人員以及邊境上那些維護我們經濟和人民安全的優秀人員合作，才能提供這項服務。

So again, those tactical solutions that we provide, the integrated services that we have at a tactical level are really our strategic differentiator for building great product.

所以，我們提供的這些戰術解決方案，我們在戰術層面的綜合服務，才是我們打造優秀產品的真正戰略差異化優勢。

Do we see consolidation with the drone industry?

我們會看到無人機產業出現整合嗎？

For sure. Yeah, there's -- I think we're going to continue to see a great expansion. A lot of small companies, they're talking about 1 million drones. They're talking about easing procurement.

一定。是的，我認為我們將繼續看到巨大的擴張。許多小公司都在談論訂購100萬架無人機。他們正在討論簡化採購流程。

They're talking, what's going to -- like -- this is not an easy business. You're talking about putting aircraft in the air. And so any way you slice it, a lot of people can order parts off Amazon and think they can build a drone.

他們在討論接下來會發生什麼事——這可不是一件容易的事。你們說的是讓飛機升空。所以無論從哪個角度來看，很多人都可以從亞馬遜訂購零件，然後認為自己可以組裝無人機。

But when you're talking about building drones at these levels, with these mission-critical requirements and/or flying them over people or vehicles or that type of stuff, I mean, you're just dealing in an environment that most people do not understand. Then on top of that, trying to scale production, that's a whole other set of problems out there. So we think there's going to be a big rush of folks.

但是，當你談到要製造這種等級的無人機，滿足這些關鍵任務要求，或讓無人機飛越人群、車輛或其他類似目標時，我的意思是，你所處的環境是大多數人不了解的。除此之外，如何擴大生產規模又是另一系列問題了。所以我們認為將會出現大量人流。

There is a big rush of folks into the industry. We've seen it seven or eight times before over the last 25-plus years. There's going to be fallout from it, and there's going to be great talent available out there, and we're hopeful to pick up some of that talent because there are super talented people in lots of organizations that are working on these problems, including our comps out there.

大量人員湧入這個行業。在過去的25多年裡，我們已經見過七、八次這種情況了。這件事會產生一些影響，也會湧現出許多優秀人才，我們希望能夠招攬到其中的一些人才，因為很多組織，包括我們的競爭對手在內，都有非常有才華的人在致力於解決這些問題。

I think our comps are probably obvious names. They're going to do great. There's kind of like the four or five companies out there that have kind of made it through some very lean times, have some capacity capability now, have some experience. And they've got enough scars like we all have enough scars where we're going to muddle our way through and be able to solve these solutions or solve these problems at scale. And so I think the industry in general is starting to shape up quite nicely. There's also a couple of privates that will do well. But yeah, there's going to be consolidation for sure as there always is.

我認為我們的競爭對手的名字應該都很明顯。他們一定會做得很好。目前市面上大概只有四、五家公司撐過了非常艱難的時期，現在具備了一定的產能，也累積了一些經驗。他們身上有很多傷疤，就像我們所有人身上都有很多傷疤一樣，我們會跌跌撞撞地摸索前進，最後能夠大規模地解決這些問題。所以我認為整個產業正在朝著相當不錯的方向發展。還有幾名私立學校的球員也會表現出色。但沒錯，一定會有整合，就像一直以來那樣。

So can you give us an update on what your production capacity is and if you had planned to increase in 2026?

那麼，您能否告知我們貴公司目前的產能情況，以及您是否計劃在 2026 年提高產能？

Yeah. So our number one focus is our organic capacity, which is -- can do up to about $100 million. And that's what we really want to make sure that we're streaming that in '26. And then -- but we are bringing on more capacity in '26, and so it will expand far beyond that, but our focus is on our organic capability.

是的。因此，我們首要關注的是我們的有機產能，也就是——可以達到大約 1 億美元。而這正是我們真正想要確保在 2026 年能夠播出的內容。然後——但我們在 2026 年將增加更多產能，因此產能將遠遠超出這個範圍，但我們的重點是我們的自主生產能力。

We -- part of the reason that we've got outsourcing capability that we're bringing on stream is for some of our supply chain management and being able to provide from different parts of the countries and different parts of the borders to ensure that we've got efficiency around tariffs, efficiency around manufacturing, delivery, supply chain, et cetera.

我們之所以引入外包能力，部分原因是為了更好地管理我們的供應鏈，並能夠從國家的不同地區和邊境的不同區域提供服務，以確保我們在關稅、製造、交付、供應鏈等方面提高效率。

So again, pretty unique positioning in terms of North American manufacturing and being able to suffice all parts of North American and European, in particular, manufacturing. So again, it wasn't part of the master plan, but it sure worked out well for us. And it was maybe a little part of the master plan, but not all that much.

所以，就北美製造業而言，這是一個非常獨特的定位，能夠滿足北美和歐洲（尤其是）製造業的各個方面。所以，這雖然不在原計劃之內，但對我們來說結果卻非常好。這或許是整體計畫的一小部分，但並不重要。

So can you tell us what percentage of revenues would be military versus commercial? Do you expect military to be a major part of your revenue going forward?

那麼，您能告訴我們軍用收入和商業收入分別佔總收入的百分比嗎？您預計未來軍費收入會成為您主要的收入來源嗎？

Yeah. Right now, it's -- I'm going to say we've had our revenue capped here for the last couple of years, and that's certainly now about to change very quickly or is changing very quickly. And I would say that military is, let's call it, 30%-ish of that. But that will be -- next year, it will be 90% just one single order dwarfs the numbers that we've done for the last three years. And there's multiple types of those orders that are falling into place.

是的。目前的情況是——我想說，過去幾年我們的收入一直處於停滯狀態，而這種情況肯定即將迅速改變，或者正在迅速改變。我認為，軍事方面大約佔其中的 30% 左右。但明年將會是那樣——僅僅一個訂單就能使我們過去三年取得的成績相形見絀，達到 90%。而且，這類訂單有多種類型正在陸續落實。

So it could be 99%. We could see our commercial or our public safety market go up 200% this year. And military sales will still be 90% just because the individual order sizes, and then the resupply and everything else is just so absolutely mind-boggling.

所以可能是99%。今年我們的商業或公共安全市場可能會成長 200%。軍售仍將佔 90%，因為單一訂單的規模，再加上補給和其他所有事情，實在是太令人難以置信了。

So what do you feel differentiates Draganfly?

那你覺得Draganfly的獨特之處在哪裡呢？

Our integrated practices, our integrated tactical services. That is a big differentiator for us. So when we worked on the Cochise product, we spent months on the border on horseback, on ATV. We understand the communication points where the holes were.

我們的一體化實踐，我們的一體化戰術服務。這是我們的一大優勢。所以，當我們研發 Cochise 產品時，我們花了幾個月的時間騎馬、騎著全地形車在邊境地區進行考察。我們了解了溝通中存在漏洞的關鍵點。

We got to learn where the cartels were, how they think, what they operate, what are their techniques, like all of that stuff. And then we sat with the sheriffs of the southern border, and we spent the time designing what is the capabilities that they need to meet.

我們必須了解販毒集團的所在地、他們的思考方式、他們的運作方式、他們的技術手段等等。然後我們與南部邊境的警長坐下來，花時間設計他們需要哪些能力才能滿足這些需求。

So whether that was that instance, whether it's some of our industrial clients, whether it was the opportunity that we created over the last -- was provided to us, excuse me, over the last two years with this latest Army contract, it was that same process. It didn't start with the product. It started with understanding the concept of operations, the use cases, and then -- and really kind of figuring out, okay, what can make your situation such that we can help make you uncompetable. And I think that's our differentiator.

所以，無論是那次事件，或是我們的一些工業客戶，亦或是我們在過去兩年透過最新的陸軍合約所創造的機會，都是同樣的流程。這一切並非始於產品本身。首先要了解營運的概念、用例，然後——真正弄清楚，好吧，是什麼讓你的情況變得如此，以至於我們可以幫助你變得不具競爭力。我認為這就是我們的優勢所在。

Now, further to that, we've got 25 years of experience that allows us to have a full product line. So we can actually leverage that and be able to provide those types of products out there and services. So at the end of the day, it's our people. And I hate saying that because it sounds like such a typical answer, but that is how we utilize the incredible talent that we've got in the company in order for us to be differentiated.

此外，我們擁有 25 年的經驗，這使我們能夠擁有完整的產品線。因此，我們可以利用這一點，向市場提供這類產品和服務。所以歸根究底，還是我們的人民。我討厭這麼說，因為這聽起來像是一個很典型的答案，但這就是我們利用公司裡擁有的傑出人才，讓我們脫穎而出的方式。

I do think the fact that we've got manufacturing not just like on two -- across two borders is a big differentiator as well because that Canadian market has turned into a monster opportunity. And so that's pretty unique as well.

我認為，我們擁有跨越兩個國界的製造業，這本身就是一個巨大的優勢，因為加拿大市場變成了一個巨大的機會。所以這一點也相當獨特。

So -- and I think ultimately, what will carve out a durable market share for us over the next three years, from a strategic standpoint, we're all about creating blue ocean opportunities. So there are a number of companies, and there's a whole bunch more coming that are going after that kind of Mavic 3 replacement, small ISR drone, which is a lucrative market right now. But ultimately, that market, in our opinion, what we've seen over the years is that's a market that's going to continue to get chipped away at.

所以——我認為最終，從戰略角度來看，未來三年內能夠為我們贏得持久市場份額的關鍵在於創造藍海機會。所以現在有很多公司，而且還有更多公司即將加入，都在瞄準 Mavic 3 的替代產品——小型 ISR 無人機，這是一個目前利潤豐厚的市場。但最終，我們認為，根據我們多年來的觀察，這個市場將會繼續被蠶食。

There's multiple players going after it. Right now, they're $30,000. A year from now, there'll be $20,000. 18 months from now, they're going to be $4,000 drones again. And maybe the comps out there aren't going to agree with me on that.

有多方玩家都在爭奪它。現在它們的價格是 3 萬美元。一年後，無人機的價格將達到 2 萬美元。 18 個月後，無人機的價格將回到 4,000 美元。或許其他競爭對手不會同意我的觀點。

And then the risk is actually -- there are -- everybody thinks that DGI came in and dominated the market. Well, we have to remember that the North American market was being dominated by multiple foreign manufacturers, primarily out of Asia. And if it wasn't DGI, it was going to be one of them that basically took the rest of us out in North America. It's just that DGI was so good. They were able to dominate those players as well.

而風險實際上在於——確實存在——每個人都認為DGI進入市場並佔據了主導地位。我們必須記住，當時北美市場主要由多家外國製造商主導，這些製造商主要來自亞洲。如果不是DGI，那也會是他們中的一家，他們基本上會把我們北美的其他人都淘汰出局。只是DGI真的太棒了。他們也能夠壓制那些球員。

Well, a lot of those players were from countries that can produce NDAA-compliant products. So if I were to make a prediction, in a number of years from now, we're going to see the Eastern Europeans, we're going to see the Southeast Asians, we're going to see them in that kind of small competitive ISR prosumer space, again, with NDAA product. Now, we got kind of like a three- to five-year kind of window here where that isn't going to be the case, but it's also not been a reason where we've really kind of focused on that particular product line.

嗯，很多球員都來自能夠生產符合NDAA規定的產品的國家。所以，如果讓我預測一下，幾年後，我們將看到東歐國家、東南亞國家、以及那些在競爭激烈的 ISR 專業消費領域中，再次使用 NDAA 產品的國家。現在，我們大概有三到五年的時間窗口，這種情況不會再發生了，但這也不是我們真正專注於該特定產品線的原因。

If you look at the rest of the other five products that we've got, they kind of skip over that piece. Now, we've got some strategic alliances and such in that area so that we can address it with our customers, but that's just not a piece of the market that we've seen North American manufacturers be overly successful with.

如果你看看我們其他的五款產品，你會發現它們都忽略了這一點。現在，我們在這個領域建立了一些策略聯盟等等，以便我們能夠與客戶一起解決這個問題，但這並不是我們看到北美製造商在這個市場領域取得太大成功的一個方面。

Now, the market is very different, and I could be completely wrong on it. But notwithstanding, when we take on a market like the border, we're building a border solution, and we think that we've created a very unique scenario where we've got an addressable TAM where it's going to be very tough for other folks to compete in there because of the job that we do, making our customers so uncompetable.

現在市場情況大不相同，我的判斷可能完全錯誤。儘管如此，當我們進入邊境這樣的市場時，我們正在建立邊境解決方案，我們認為我們已經創造了一個非常獨特的局面，在這個局面下，我們擁有一個可觸及的潛在市場，由於我們所做的工作，我們的客戶變得如此不具競爭力，其他公司將很難在這個市場中與之競爭。

And so whether it's that particular product or the embedded hybrid manufacturing product or any number of the others that we either have and/or will be announcing, we like to create blue ocean opportunities. So we've got these pockets or hides of burgeoning high-margin business that are very attuned and custom and ideal for the products that we make.

因此，無論是這款特定產品、嵌入式混合製造產品，還是我們已經擁有和/或將要發布的任何其他產品，我們都喜歡創造藍海機會。因此，我們擁有一些蓬勃發展的高利潤業務領域，這些領域與我們生產的產品非常契合，具有強大的客製化性和理想性。

And that's a multibillion-dollar sales funnel, certainly over the coming years. And so we don't necessarily have to be, hey, let's go build a typical drone and have to be the number one or the number two player. We're -- even though we're a small company right now, we are the number one or number two player in the markets that we are addressing, and they are large total addressable markets.

那將是一個價值數十億美元的銷售管道，而且在未來幾年內肯定會如此。因此，我們不一定要成為第一或第二名，而是要製造一架典型的無人機。雖然我們目前是一家小公司，但在我們所處的市場中，我們是排名第一或第二的公司，而且這些市場規模龐大。

So on that note, I am going to wrap up the call. Rolly, thank you so much for all the work that you do. I know that I get so much feedback from shareholders about how candid you are, how hard you work, you're 24/7. And I encourage anybody that if you've got questions or anything that you need help with to, reach out to Rolly. He also has the rest of the organization standing behind him in order to be of greatest service that we can be to our shareholders, all of which none of this would be possible.

那麼，我就說到這裡，結束這通通話吧。Rolly，非常感謝你所做的一切工作。我知道股東們常常回饋說你很坦誠，工作很努力，一天24小時都在工作。我鼓勵大家，如果你們有任何問題或需要任何幫助，都可以聯絡 Rolly。他背後還有整個組織的支持，以便我們能夠為股東提供最大的服務，如果沒有他的支持，這一切都不可能實現。

And then finally, just to our team members and to our employees, you're the most important thing that we have going out there. And that ethos of helping make our customers completely uncompetable is the ethos that keeps -- certainly keeps my passion going, and I see you guys executing that every single day with customers in ways just going deeper for them than I've seen across many, many organizations I've been lucky enough to be a part of over the last 35, 40 years of entrepreneurship. So I couldn't be more proud.

最後，我想對我們的團隊成員和員工說，你們是我們最重要的資產。幫助客戶完全失去競爭力的概念，正是讓我保持熱情的來源。我看到你們每天都在以比我過去 35、40 年創業生涯中參與過的許多組織更深入的方式，為客戶實踐這一理念。我感到無比自豪。

Thank you so much, everybody, for being here, and reach out if you have any questions.

非常感謝各位的到來，如有任何疑問，請隨時聯繫。

Thanks, everybody.

謝謝大家。