Draganfly Inc (DPRO) 2025 Q4 法說會逐字稿

Welcome everybody to our call today. I'm just going to give it a minute here while people start to file in and then we'll get started.

歡迎各位參加我們今天的電話會議。我先稍等一下，讓大家陸續加入，然後我們就開始。

All right then, just make sure we keep on schedule. I think we will get started with today's call. So as always, greetings and welcome to everybody, two of the shareholders and stakeholders. To today's Draganfly 2025 Q4 and full year earnings call. My name is Rolly Bustos, and I am the Internal Investor Relations Representative here at Draganfly. We appreciate you all joining us today. We will start as usual with our CEO and President Cameron Chell, recapping the fourth quarter and full year earnings highlights.

好，那麼請大家確保我們按時進行。我想我們就開始今天的電話會議。一如往常，向各位股東與利害關係人致意並表示歡迎。歡迎參加今天的 Draganfly 2025 年第四季及全年財報電話會議。我叫 Rolly Bustos，是 Draganfly 的內部投資人關係代表。感謝各位今天撥冗參與。我們將照例先由執行長兼總裁 Cameron Chell 回顧第四季與全年財報重點。

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 have received. Though I know I talk to many of you often, as always, you are welcome to reach out to me with questions directly at investor.relations@Draganfly.com.

接著由財務長 Paul Sun 進行更詳細的財務回顧。最後我們將回覆已預先提交、我們所收到的問題。雖然我知道我經常與各位中的許多人聯繫，但一如往常，歡迎各位直接寄信至 investor.relations@Draganfly.com 向我提問。

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 event or financial results may differ from what might be discussed here.

提醒各位，本簡報可能包含前瞻性資訊與陳述。這些陳述不保證未來的營運表現或財務結果，不應對其過度依賴。任何未來事件或財務結果都可能與此處討論內容有所不同。

The company's results and statements are accurate as of today, March the 24, 2026. We're under no obligation to update or renew these statements outside material press release disclosure going forward. The full forward-looking disclaimer can be found on page 2 of this presentation. So Cam, if you're ready, please go ahead.

本公司之業績與陳述以今日（2026 年 3 月 24 日）為準且屬正確。除非未來透過重大新聞稿揭露，否則我們沒有義務更新或重申這些陳述。完整的前瞻性聲明免責條款可見於本簡報第 2 頁。那麼 Cam，如果你準備好了，請開始。

Great. Thanks, Rolly. We appreciate that. Thank you everybody for taking the time and your consideration to be here. We appreciate you as shareholders of the company, enthusiasts, and maybe even some fans. And certainly if there are any of our team members, employees, or customers here, we deeply appreciate you.

很好。謝謝你，Rolly。我們很感謝。也謝謝各位撥冗並願意出席。感謝各位作為公司股東、愛好者，甚至可能是一些粉絲。當然，如果今天也有我們的團隊成員、員工或客戶在場，我們由衷感謝各位。

First and foremost, we want to just throw out all our blessings and prayers to all of those who are fighting for our freedom today and those who are in service and away from their families. We wish them Godspeed.

首先，我們要向所有今天為我們的自由而奮戰、以及正在服役並遠離家人的人們獻上祝福與祈禱。祝他們一路平安、任務順利。

Q4 and year-end highlights for 2025. So 2025 was a really solid year for us in terms of, in particular, building on top of our infrastructure in preparation for the, I'll call it the predetermined revenue ramp that we will be experiencing throughout this year and certainly into '26.

2025 年第四季與年終重點。2025 年對我們而言是相當扎實的一年，特別是在基礎設施建置方面，為我們今年、以及延伸到 2026 年將經歷的（我稱之為）既定營收爬坡做好準備。

So we did have record revenues in '25. We were up 17.8% and closed off the year with $7.7 million. We had gross profit of $1.3 million on that, which we're pretty pleased with given all the R&D and all the additional work that we've been doing into our systems.

因此，我們在 2025 年創下營收新高。營收成長 17.8%，全年收官達 770 萬美元。毛利為 130 萬美元；考量到我們在研發以及系統額外投入的大量工作，我們對此相當滿意。

And trying to do our best to over-service our customers. And we ended the year with a cash balance of about $90 million. So a strong balance sheet for us to continue to build on as we move into '26 and '27. A few of the operational highlights for us this year.

同時也盡力為客戶提供超出預期的服務。年末現金餘額約 9,000 萬美元。因此我們的資產負債表相當強健，足以支撐我們在邁向 2026 與 2027 年時持續發展。以下是今年幾項營運重點。

And there were many, but in particular, Draganfly unveiled a new product line or a new product within our product line called the Outrider. And this was particularly built for the southern border multi-mission agenda or concept of operations.

重點很多，但其中之一是 Draganfly 發表了我們產品線中的一款新產品，名為 Outrider。這款產品特別是為美國南部邊境的多任務需求與作戰概念（CONOPS）所打造。

So the southern border sheriffs have a very unique situation in terms of securing the border. Now, a lot of the border flow in terms of just the mass migration coming through has been has been stemmed. However, the human trafficking, the firearms, the drugs has actually become more intense.

南部邊境的郡警長在邊境安全方面面臨非常獨特的情境。目前，就大規模移民穿越邊境的流量而言，已經有所遏止。然而，人口販運、槍枝與毒品活動反而變得更加猖獗。

And so the southern border commitment that our sheriffs have down there is actually even more imperative now than it was before. So the primary challenge, so we had a, from a special operations command, we were referred into the southern border sheriffs and in particular to Cochise County.

因此，南部邊境各郡警長在當地的投入與承諾，現在比以往更為迫切。主要挑戰在於：我們透過特種作戰司令部的引介，與南部邊境的郡警長接洽，特別是亞利桑那州的科奇斯郡（Cochise County）。

Now Cochise County is renowned as a southern border sheriff county. They secure much of the entire Arizona border. And the New Mexico border with covert cameras, an incredibly built from the ground up AI system and covert camera system that they built themselves. Now, when they get a hit on these cameras, the challenge is they've got up to two hours to get to that location.

科奇斯郡以南部邊境警長轄區聞名。他們負責守護亞利桑那州邊境的大部分區段，以及新墨西哥州邊境，並使用隱蔽攝影機、他們自行從零打造的強大 AI 系統與隱蔽攝影機系統。當這些攝影機偵測到目標時，挑戰在於他們最多只有兩小時能趕到該地點。

Their AI system is really effective on identifying if it's human trafficking, if it's drugs, they can even have a sense of what cartel it's coming from. Or even, or if it's firearms or a combination of any of those.

他們的 AI 系統在辨識是否為人口販運、毒品方面非常有效，甚至能大致判斷是來自哪個販毒集團。或者判斷是否為槍枝，或上述任一項的組合。

So then they've got to deploy resources into that area. So they've been experimenting for a couple of years with drones to be able to get to that area long before personnel can get to that area, whether that's by, razor, ATV, horse, or four-wheel drive. But often it takes up to a couple hours to get there. By the time you get there, your situational awareness and the actual feed. That you're operating in has changed dramatically. So they wanted to get drones to that location.

接著他們就必須把資源部署到該區域。因此他們這幾年一直在試驗使用無人機，讓無人機能在執法人員抵達之前更早到達現場，不論人員是搭乘 RZR 越野車、ATV、騎馬或四輪驅動車前往。但通常仍需要長達數小時才能到達。等你到達時，你的態勢感知以及你所依據的即時影像資訊往往已經發生了巨大變化。所以他們希望能讓無人機先到達該位置。

However, the majority of drones that were available to them, especially in particular the multi-rotor drones, really only had 30 to 40 minutes of flight time, which is enough to kind of get you there maybe, doesn't leave any dwell time and certainly doesn't give you enough time to get back. Also, the smaller drones really don't give you the ability to interdict and really only provide ISR, so intelligence, surveillance and reconnaissance, which is still hugely valuable.

然而，他們可取得的大多數無人機，尤其是多旋翼無人機，飛行時間通常只有 30 到 40 分鐘；這大概只夠你「也許」飛到現場，幾乎沒有滯空時間，更不用說還要有足夠時間返航。此外，小型無人機通常也不具備攔截能力，主要只能提供 ISR（情資、監視與偵察），但這仍然極具價值。

So the concept of operations that they challenged us with was how do we have a drone system that can get as a responder there quickly? How can it stay on task?

因此，他們提出要我們解決的作戰概念是：如何打造一套無人機系統，能夠作為快速反應者迅速抵達現場？它要如何能持續執行任務？

For a long enough time, and how can it do multi-mission? So multi-mission might be not just doing ISR, but can it interdict, actually hold people in place? Can it act as a communication hub? That particular area is famous for very challenging communications, dead spots, wild temperature swings, very large differentials in altitude, thin air, et cetera.

在足夠長的時間內，以及如何能執行多任務？所謂多任務，可能不只是做 ISR，而是能否進行攔截、實際把人員控制在原地？能否作為通訊樞紐？該區域以通訊極具挑戰而聞名，有許多訊號死角、劇烈的溫度變化、海拔高度差異很大、空氣稀薄等等。

You're starting at about 2000 feet above sea level, and. You're going up from there. So your performance on your motors is quite a bit different. There's a lot of variable factors in there. So we spent actually a couple of months working with them, inventing what we call our ITS teams or our integrated tactical solutions team. They spent time on horseback in razors, understanding the use cases, the concepts of operation.

你是從大約海拔 2000 英尺開始，而且。你會從那裡往上爬升。因此，你的馬達性能會有相當大的差異。其中有很多可變因素。所以我們其實花了幾個月與他們合作，建立我們所稱的 ITS 團隊，也就是整合戰術解決方案團隊。他們花時間騎馬在崎嶇地形中行進，理解使用情境與作業概念。

And then we went to work with the sheriffs, designing a drone platform that would enable them to be able to execute on all the missions, which isn't just interdiction and law enforcement, it's often search and rescue or personnel support.

接著我們與警長單位合作，設計一個無人機平台，使他們能夠執行所有任務；這不只是攔截與執法，往往也包括搜救或人員支援。

So what we designed for them was a drone system, or with them, excuse me, was a drone system that could do everything a fixed-wing drone could do, meaning it could stay up for multiple hours, and it could do everything the multi-rotor could do, which means it could actually carry things into place. Because a fixed-wing drone doesn't really have a lot of payload capacity, also takes up a lot more room to operate, and generally can't work in as adverse weather conditions which are quite variant in that particular area.

因此我們為他們設計的無人機系統——更正，是與他們共同設計的——是一套既能做到固定翼無人機能做的一切（也就是可連續滯空數小時），也能做到多旋翼能做的一切（也就是能實際把物資運送到指定位置）的系統。因為固定翼無人機的載重能力通常不高、需要更大的作業空間，而且一般也無法在那個地區相當多變的惡劣天候下運作。

So what we designed for them was the Outrider drone. Now, this is a drone that can stay aloft for seven hours, and it can carry up to GBP100. It can be a communication hub, can be an interjection device, can be a search and rescue device, it can be a resupply device, and certainly can act as a very sophisticated ISR device.

因此我們為他們設計的是 Outrider 無人機。這是一款可滯空七小時的無人機，並且可承載最高達 100 英鎊。它可以作為通訊樞紐、可作為攔截裝置、可作為搜救裝置、可作為補給投送裝置，當然也能作為非常先進的 ISR（情報、監視與偵察）裝置。

So they've got the best of all worlds when they did this. Now, the reason that we were able to deploy this very quickly is because Draganfly is one of only a very few companies, maybe arguably two, that have an entire product lineup. So everything from small FPV attributable one-way drones, suicide drones are sometimes called, that can be as small as five inches, right up to something as big as the Outrider, which is nine feet across.

所以他們在這件事上可說是兼得各種優勢。而我們之所以能非常快速地部署，是因為 Draganfly 是少數幾家公司之一——或許可以說只有兩家——擁有完整的產品線。從小型 FPV 一次性可歸因的單向無人機（有時也被稱為自殺式無人機），小到只有五吋，一直到像 Outrider 這麼大、翼展九英尺的機型。

And so we took our heavy lift drone, which was an all. Electric drone, and we actually built on top of that platform two diesel engines, a number of other modifications that gave it the capability to stay up for that amount of time and have that payload capacity.

因此我們採用了我們的重載無人機平台，原本是一款全。電動無人機，並且在該平台上加裝了兩具柴油引擎，以及多項其他改裝，使其具備能滯空那麼久並達到該載重能力的性能。

It also is. Interoperable with all the rest of our drone platforms. So when the sheriffs are training on one platform, they have the capability to actually fly the other platforms as well. Often you don't need a nine foot drone that can carry a hundred pounds if you've got a AI camera hit something that's closer. Or if you've got a unit that just happens to be, on the seat beside you in the truck, you just want to grab it, throw it, and get eyes on the situation.

它同時也。可與我們其他所有無人機平台互通。因此當警長單位在某一平台上受訓時，他們也具備實際操作其他平台的能力。很多時候，如果你有一台 AI 相機鎖定到更近的目標，你並不需要一架翼展九英尺、可載重一百磅的無人機。或者如果你剛好有一個單位就在卡車裡你旁邊的座位上，你只想拿起來、丟出去，立刻掌握現場狀況。

You might only need 40 minutes. It's a flight time in that case. But all of these things are connected. They all provide multiple views to multiple different command centers. It might be search and rescue, it might be the sheriffs, it might be the local PD, whoever the case may be.

在那種情況下你可能只需要 40 分鐘。的飛行時間。但這些東西彼此都是連結的。它們都能把多個視角提供給多個不同的指揮中心。可能是搜救單位、可能是警長單位、可能是當地警局（PD），視情況而定。

It might be border management or border control, and they've all got eyes on this as well. So this particular project has been extremely successful for us. We're really proud of the work that we did there, and we're very grateful to the sheriffs for trusting us and doing this work with us.

也可能是邊境管理或邊境管制，而他們也都能同步掌握畫面。因此這個專案對我們而言非常成功。我們對在那裡完成的工作感到非常自豪，也非常感謝警長單位信任我們並與我們一起完成這項工作。

Now, the nice thing that's come out of this is. We now have a border solution. We have a very unique solution that's just not an eloquent, excuse me, piece of equipment that's integrated into law enforcement, but it's also a piece of equipment that was designed with the concept of operations in mind.

而這件事帶來的一個好處是。我們現在有了一套邊境解決方案。我們有一個非常獨特的解決方案，它不只是——更正——一件優雅的設備、被整合進執法體系中，同時也是一件以作業概念為核心所設計的設備。

So we've got the experience working with the sheriffs in order to understand what are those operational requirements. That is expertise that we're now able to take into several border opportunities in multiple countries, multiple jurisdictions around the world. And it's really become an area of expertise for us.

因此我們透過與警長單位合作的經驗，得以理解那些作業需求是什麼。這些專業能力如今讓我們能把經驗帶到多個國家、全球多個司法管轄區的多個邊境機會中。而這也確實成為我們的一個專長領域。

The next thing that I wanted to mention is that we continue to resource up the company. So we're very fortunate to bring on Victor Myers and Keith Kimmel. Victor's a former Navy SEAL. Keith is a former Top Gun, both with incredible careers, highly educated, also very strong capital markets and sales backgrounds. And they are leading our military board of advisors, which effectively is they're leading our sales efforts within the military right now.

接下來我想提的是，我們持續為公司補強資源。因此我們非常幸運能延攬 Victor Myers 與 Keith Kimmel 加入。Victor 曾是海軍海豹部隊成員。Keith 曾是 Top Gun（頂尖飛行員），兩人都有令人驚嘆的職涯、受過高等教育，並且在資本市場與銷售方面也有非常強的背景。他們正在領導我們的軍事顧問委員會，實際上也就是目前在軍方領域帶領我們的銷售推進工作。

And what we have seen is them bringing an incredible amount of expertise. Again, not that they didn't have great drone expertise, but what they really had was operational expertise and contacts that trusted them, and we are learning so much from them and the organization that they're building within Draganfly that allows us to deliver solutions as opposed to just hardware or software.

而我們看到的是，他們帶來了極其豐富的專業能力。再次強調，不是說他們沒有很強的無人機專業，而是他們真正擁有的是作業層面的專業與信任他們的人脈；我們從他們以及他們在 Draganfly 內部建立的組織學到非常多，這讓我們能交付的是解決方案，而不只是硬體或軟體。

A really hot topic, as many of you know over the last maybe week or two, has been swarming. Now, swarming's a really important part of the drone ecosystem. In particular, it's had some attention over the last couple of weeks.

如各位所知，過去大概一到兩週一個非常熱門的話題是「蜂群」。蜂群是無人機生態系中非常重要的一部分。特別是它在過去幾週受到一些關注。

We've been doing swarming work. In fact, we've been building FPVs within our company for over 15 years. An important story that a lot of people don't really know is that it was the US Marines that developed FPVs. And they introduced them into Ukraine in 2022. Of course, the Ukrainians have taken it to an entire new level.

我們一直在做蜂群相關工作。事實上，我們公司內部打造 FPV 已經超過 15 年。一個很多人其實不太知道的重要故事是：FPV 是由美國海軍陸戰隊所開發。而他們在 2022 年把它們引入烏克蘭。當然，烏克蘭人把它提升到了全新的層次。

But it was the US Marines that designed, excuse me, designed FPVs into battle plans. And in fact, two of the folks that did all that original training work and much of the initial design work are now part of Draganfly. And so this swarming has always been an important component of what's going on. We're very fortunate to partner with multiple different swarming technologies, but in particular, we're really excited about what Paladine is doing.

但確實是美國海軍陸戰隊把 FPV——更正——把 FPV 納入作戰計畫的設計之中。而且事實上，當初負責原始訓練工作以及許多初期設計工作的兩位人士，現在都已加入 Draganfly。因此蜂群一直都是當前發展中的一個重要組成部分。我們非常幸運能與多種不同的蜂群技術合作夥伴合作，但特別是，我們對 Paladine 正在做的事情感到非常興奮。

They've got a very sophisticated swarming system. They've won some recent contracts, which we also made some more recent announcements with just in the last week, talking about who we're servicing with those contracts, their military contracts, and how those are being integrated into the Draganfly line. Now, our view of swarming and some AI.

他們擁有一套非常先進的蜂群系統。他們近期贏得了一些合約；我們也在上週剛發布了更近期的公告，說明我們透過這些合約正在服務哪些對象——這些是軍方合約——以及這些合約如何被整合進 Draganfly 的產品線。現在，我們對蜂群以及一些 AI 的看法是。

Software is we view it very much like a payload. So one of the things about the Draganfly line is that it has dozens and dozens of integrations. So often what happens is a customer shows up and they're like, hey, we need this particular surveillance camera or we need this particular AI system for whatever concept of operations that they're working with -- working on.

軟體我們非常把它視為一種「載荷」。因此，Draganfly 產品線的一個特點是，它擁有數十、數十種整合。所以常見的情況是，客戶上門後會說：嘿，我們需要這一款特定的監控攝影機，或我們需要這一套特定的 AI 系統，用於他們正在執行——正在規劃的某個作戰概念（CONOPS）。

And what works really well with the Draganfly system is that as we have all these different integrations, we have a platform that's multi-mission that can service that particular customer with the exact requirement. And so Paladine's a very important part of that, and we're really enthusiastic about the software and the work that they do and the contracts that they're winning and that we are winning together.

而 Draganfly 系統非常好用的一點在於：因為我們有這麼多不同的整合，我們有一個可多任務運用的平台，能以精準的需求規格來服務該客戶。因此 Paladine 是其中非常重要的一環；我們對他們的軟體、他們所做的工作、以及他們正在拿下的合約與我們共同贏得的合約，都感到非常振奮。

We did advance, we did showcase at the Advanced Drone System at AUSA. That was a really big show for us.

我們確實有推進，也在 AUSA 的 Advanced Drone System 上進行展示。那對我們來說是一場非常重要的大型展會。

We did have a large Ukrainian contingent of military folks come over, participate, speak, workshop, and we had a number of dignitaries from the DOW there as well. We performed a meaningful strategic planning session there, and we've seen a tremendous amount of things unfold since that show the Draganfly announced a strategic partnership with Defense Prime Global Ordinance. Now, Global Ordinance is one of the largest DLA defense primes out there.

我們確實有一大批烏克蘭軍方人員前來，參與、發言、進行工作坊；同時也有多位來自 DOW 的政要出席。我們在那裡進行了一場具實質意義的策略規劃會議，而自那次展會以來，我們看到大量進展陸續展開；Draganfly 也宣布與 Defense Prime Global Ordinance 建立策略夥伴關係。目前，Global Ordinance 是市面上最大的 DLA 國防主承包商之一。

Now, they're really well known for their ordinance work. They provide about, 80%-plus of the ordinance into Ukraine. They have an incredibly strong push into drones. They understand that in many cases, the drone is the ordinance. Not just in small FPV, but in larger formats, in swarming formats, in fixed-wing formats. And I believe that they are going to be one of the dominant DLAs in the drone space.

他們以軍火（ordnance）業務聞名。他們向烏克蘭提供約 80% 以上的軍火。他們在無人機領域也有極其強勢的推進。他們理解在許多情況下，無人機本身就是軍火。不僅是小型 FPV，也包括更大型的規格、蜂群規格、固定翼規格。我相信他們將會成為無人機領域中最具主導地位的 DLA 之一。

We have a very strong partnership with them. We're integrating deeply with them and are working hard to ensure that collectively that they are a DLA featuring Draganfly product capabilities, Draganfly's technology. Into their ecosystem as one of, if not, the largest ordinance provider in the market today.

我們與他們有非常強的合作關係。我們正與他們進行深度整合，並努力確保整體而言，他們作為 DLA 能在其生態系中主打 Draganfly 的產品能力與 Draganfly 的技術。把 Draganfly 納入他們的生態系，作為當今市場上最大（或至少是最大之一）的軍火供應商。

Draganfly, we also deployed. With autonomy, a landmine clearing mechanism. So they have a carpet that lays out and then has a number of explosives on it and very quickly clears a landmine, clears landmines and creates a path or a road. So we integrated with them on our heavy lift drone, where the heavy lift drone actually takes the carpet, lays it down, rolls it out, right, backs off carpet.

Draganfly 也進行了部署。與 Autonomy 的一套地雷清除機制。他們有一種「地毯」可以鋪設，並在其上配置多個炸藥，能非常快速地清除地雷、清除多枚地雷並開闢一條通道或道路。因此我們把它整合到我們的重載無人機上：重載無人機實際上把地毯運送過去、鋪下並展開，對吧，然後退出地毯區域。

Explodes, takes out all the landmines, and then we lay the next one on top of it, and so on and so forth, and then it collects all the actual autonomy landmine carpets.

接著引爆、清除所有地雷，然後我們再把下一張鋪在上面，如此反覆；最後再把所有 Autonomy 的地雷清除地毯回收。

We've had some great success with it. They're getting some significant traction in many areas of the world, and that's an exclusive integration that they did with the heavy lift. Look, one of the advantages that Draganfly, or one of the differentiators, excuse me, that Draganfly has, because of our 27 years of experience. We really focus on those integrations. So again, whether it's camera systems, whether it's radio systems, whether it's having partners like Autonomy Labs or Paladin work with them, they're all looking for ways to deploy their technology.

我們在這方面取得了很好的成果。他們在全球許多地區都獲得了顯著的市場動能，而那是他們與重載機型所做的獨家整合。你看，Draganfly 的優勢之一——或更準確地說，我們的差異化之一——來自於我們 27 年的經驗。我們非常專注於這些整合。所以再說一次，不論是攝影機系統、無線電系統，或是讓像 Autonomy Labs 或 Paladin 這樣的夥伴與我們合作，他們都在尋找部署其技術的方法。

I would say that we are certainly really strong in our ability to integrate those technologies so that the Draganfly product line has as many options as possible, in addition. Those partners of ours become a channel reseller for the Draganfly line.

我會說，我們在整合這些技術的能力上確實非常強，讓 Draganfly 產品線能有盡可能多的選項；此外，我們的這些夥伴也會成為 Draganfly 產品線的通路轉售商。

So we're going to continue to, you'll continue to see from us lots of integrations, primarily in the public safety and in the military space, but also in the commercial space. We have multiple energy. Projects on the go right now where we're integrating very very specialized either sensors or tools in the energy space on that Draganfly line and again the the reason that we typically are winning those types of Integrations is because we've got a product lineup that one can carry those types of tools if they're it's big enough drones it's not all just these small ISR drones but. But there's also multiple sizes of them.

因此我們會持續——你也會持續看到我們做大量整合，主要在公共安全與軍事領域，但也包括商業領域。我們在能源領域有多個。目前正在進行的專案，我們正在把非常、非常專業的感測器或工具整合到 Draganfly 產品線上；而我們通常能贏得這類整合的原因，是因為我們有一套產品陣容能承載這些工具——如果需要的是夠大的無人機——不全都是這些小型 ISR 無人機。而且我們也有多種尺寸規格。

So sometimes you need two types of tools, but you don't need a nine foot drone carrying a smaller tool. You might need our Commander 3XL, which can carry GBP22 to go up and do some of the tooling for the equipment that's on a power line or a windmill or on a pipeline.

所以有時你需要兩種工具，但你不需要一台九英尺的無人機去載一個較小的工具。你可能需要我們的 Commander 3XL，它可承載 GBP22，去執行一些針對電力線、風力發電機或管線設備的工具作業。

So to that measure, we had a Fortune 50 company, which happened to be a telecom company purchased our heavy lift drones, in fact, standardized on our heavy lift drones, in particular for standing up cell towers post-disaster. So this particular company, which is a household name, is now standardized on Draganfly. We're deploying drones with them on our heavy lift and on our Outrider, both tethered and untethered, in order to stand up cell phone towers.

因此，就這一點而言，我們有一家《財富》50 大企業——剛好是一家電信公司——採購了我們的重載無人機，事實上並將我們的重載無人機標準化，特別用於災後架設基地台。因此，這家家喻戶曉的公司現在已將 Draganfly 納入標準配置。我們正與他們一起部署無人機，使用我們的重載機型與 Outrider，包含有繫留與無繫留兩種方式，以便架設行動通訊基地台。

And now there's multiple other applications that they're looking at doing as well. So once we got the initial orders from the southern border sheriffs, we actually launched a significant demonstration for multiple agencies. Down on the Cochise border, we demonstrated the concept of operations.

而且現在他們也在評估多個其他應用。所以一旦我們拿到南部邊境郡警長的初始訂單後，我們實際上為多個機構啟動了一場大型示範。在 Cochise 邊境那邊，我們示範了作戰概念（CONOPS）。

We actually demonstrated three or four different concepts of operations. And it was that particular event that's now led to multiple jurisdictions, both national and international, that are looking at and/or engaging with the Outrider drone as their border protection standard.

我們實際上示範了三到四種不同的作戰概念。而正是那場活動，現在已促成多個司法管轄區（國內與國際）正在評估並／或與 Outrider 無人機接洽，將其作為邊境防護的標準。

So again, it's a brand new greenfield opportunity that we created with our partners. Because we're willing to take the time and we're really strong at being able to go out and do that integration type work, but first of all, understanding what the customer is looking for.

所以再說一次，這是一個我們與夥伴共同創造的全新綠地機會。因為我們願意投入時間，而且我們非常擅長外出執行這類整合工作——但首先，是理解客戶在尋找什麼。

We have secured a number of military orders as well from the Department of War. And so this strategic international military order for a Commander 3XL would commensurate with that as well. So we're seeing uptake not just from the DOW and also from the DND or the Canadian Armed Forces, CAF, but multiple military forces around the world.

我們也已從戰爭部（Department of War）取得多筆軍方訂單。因此，這筆針對 Commander 3XL 的策略性國際軍購訂單，也與此相符。所以我們看到的採用不僅來自 DOW，也來自 DND 或加拿大武裝部隊（CAF），以及全球多個軍事力量。

But they look to, in particular, as you would expect, what is the US doing? What is the US adopting? And so the credibility that we've been very fortunate enough to build within highly specialized special operations units, which you've seen by some of our press releases in this last quarter, are really lending to our credibility to be able to sell internationally as well, which has actually been a really pleasant surprise for us.

但他們特別會關注——這也如你所預期——美國在做什麼？美國在採用什麼？因此，我們很幸運能在高度專業的特種作戰單位中建立起的可信度——你在我們上一季度的一些新聞稿中也看得到——正大幅提升我們在國際銷售上的可信度，而這對我們來說其實是個非常令人愉快的驚喜。

To that note, we do have some significant partnerships in the Asia Pacific region. So as we look at the different areas in the world where drone adoption is either in place or where the next place is that they are really going to be adopted quickly, we have been pulled into many opportunities in Asia and Southeast Asia, probably with countries that you would expect, but also many other adjacent countries who are looking at the asymmetric situation in terms of combat theater of warfare and understanding quickly that they've got to try to catch up with this curve that's happening of every military in the world right now is rearming, and they're rearming with asymmetric capabilities in mind. Asymmetric in terms of cost to build.

就此而言，我們在亞太地區確實有一些重要的合作夥伴關係。因此，當我們觀察全球各地無人機採用已經落地、或下一個將會快速採用的地區時，我們在亞洲與東南亞被帶入了許多機會——可能包括你所預期的國家，也包括許多鄰近的其他國家；他們正從作戰戰區的非對稱態勢來看待問題，並迅速理解到：他們必須努力追上這條曲線，因為當下全球各國軍隊都在重新武裝，而他們是以非對稱能力為核心在重新武裝。所謂非對稱，指的是建造成本層面的非對稱。

Cost to deploy, and maximum effect for dollars spent. Not only that, but the actual strategy and tactics that these new asymmetric tools en masse are bringing to the table are actually providing them with an advantage. Now, just because everybody else is doing it, it's kind of like everybody else has to be doing it as well.

部署成本，以及在每一美元支出下達到最大效果。不僅如此，這些新型非對稱工具在大規模運用下所帶來的實際戰略與戰術，確實正在為他們提供優勢。而且，既然其他人都在做，某種程度上就像是大家也都必須跟著做。

And so, which I'll talk a little bit about in a minute as we talk about the Middle East. We also did receive another meaningful, very significant order win for us, FPV drones from the US Army. We'll continue to see many of these from individual units and brigades and special operations commands as they get more and more exposure to the Draganfly product, the Draganfly team, and the work that we get to do with them in order to purpose-build en masse equipment.

因此，稍後在我們談到中東時，我會再多說一點。我們也確實又拿到了一筆對我們而言很有意義、非常重大的訂單勝利——來自美國陸軍的 FPV 無人機訂單。隨著各個單位、旅級部隊與特種作戰司令部對 Draganfly 產品、Draganfly 團隊，以及我們與他們合作以大規模量身打造裝備的工作有越來越多的接觸與了解，我們將持續看到更多此類訂單。

That is very specific for their needs. And then, of course, a subsequent event that happened, which we are very grateful for, is we closed a $50 million registered direct offering, which was a no warrant straight common deal.

這些裝備是非常針對他們需求所設計的。然後，當然，還有一個後續發生的事件——我們非常感恩——是我們完成了一筆 5,000 萬美元的註冊直接發行（registered direct offering），這是一筆不附認股權證、純普通股的交易。

Just for a super quick review, our product lineup does not have the outrider on here, just haven't updated the deck, my apologies, but it goes everything from the Flex FPV, which is a very unique FPV that was designed in Ukraine from our experience over there. We've been boots on the ground since 2022 in Ukraine.

快速回顧一下，我們的產品線在這裡沒有包含 Outrider，只是簡報還沒更新，抱歉；但整體涵蓋從 Flex FPV 開始——這是一款非常獨特的 FPV，基於我們在烏克蘭的經驗而在烏克蘭設計。自 2022 年起，我們就在烏克蘭實地投入（boots on the ground）。

This particular drone is winning a ton of business with folks that get time on the stick because they understand the different capabilities that it has as opposed to just a typical drone. It does work extremely well as an ISR drone as well. It's got multiple capabilities in terms of if you can change the blade and arm sizes on it. So this particular drone can carry anything from GBP1 up to six kilograms.

這款特定無人機在那些實際上手操作（get time on the stick）的人群中拿下了大量業務，因為他們理解它相較於一般典型無人機所具備的不同能力。它作為 ISR 無人機也表現得非常出色。它在能力上也具備多種可變性，例如可以更換槳葉與機臂尺寸。因此，這款無人機可攜帶的載重範圍從 GBP1 到 6 公斤。

Anywhere from 1 kilometer up to 10 kilometers and of course you put fiber on it we could go further. The Apex drone is a drone that would be a replacement for any of you drone nerds out there of the M30 drone.

航程從 1 公里到 10 公里不等；當然，如果加上光纖（fiber），我們還能飛得更遠。Apex 無人機，對於各位無人機玩家來說，它可以作為 M30 無人機的替代品。

And the M30 is the DJI drone that's the second best seller that they've got, or the M30 or the M350 series. The Mavic, the small ISR, is their best one. And you will see an announcement from us on that very shortly. That's relatively, that is public news. I'm not telling anybody that isn't out there already. We're not displaying it here yet. There will be a product announcement on that coming, which we're really excited about, but this particular drone here can carry six kilograms.

M30 是 DJI 的無人機，是他們第二暢銷的產品，或者說是 M30 或 M350 系列。Mavic（小型 ISR）則是他們最暢銷的產品。你們很快就會看到我們對此的公告。那相對而言是公開資訊。我沒有透露任何外界尚未知悉的內容。我們目前還沒有在這裡展示。相關的產品公告即將發布，我們非常期待；而這一款無人機可攜帶 6 公斤載重。

Can fly for about 40 minutes, can carry multiple payloads, and again, fits into that multi-mission mode.

可飛行約 40 分鐘，可搭載多種酬載（payload），同樣也符合多任務（multi-mission）模式。

What we've learned from 27 years of experience is it's great to have a single-purpose drone, which could potentially be something like the Flex, but even that does ISR, or something like a DJI Navic or some of the other great ones out there like the Teal or the X10.

我們從 27 年的經驗中學到的是：擁有單一用途的無人機固然很好——可能像 Flex 這樣（但它其實也能做 ISR），或像 DJI Mavic，或市面上其他很棒的產品，例如 Teal 或 X10。

But again, even with the one that we have coming out, it does multi-mission. The more experience that. Drone teams get with these, the more that they want to have them be able to do more than just one thing. It's extra weight they're carrying, it's extra things they have to worry about, it's cognitive load, and so they want to have one platform.

但同樣地，即便是我們即將推出的那一款，也會是多任務。經驗越多，無人機團隊越熟悉這些系統，就越希望它們能做的不只是一件事。因為那會增加他們要攜帶的重量、增加需要操心的事項、提高認知負荷（cognitive load），因此他們希望能有一個單一平台。

Typically, the more experience they get, they can do more than one thing. The Commander 3XL is a 22-pound drone. It can carry about GBP22. Actually, you can do a bunch more than that, but we keep it under the 55-pound weight limit so that it's easy to qualify on a 107 license.

通常，經驗越多，他們就越能用同一平台完成不只一件事。Commander 3XL 是一款 22 磅的無人機。它可攜帶約 GBP22。其實它還能承載更多，但我們把它控制在 55 磅的重量上限以下，這樣就能更容易以 107 證照（Part 107 license）完成資格認定。

But this is a drone that's the workhorse of the unit. This thing can, there's really not much it can't do in terms of missions.

但這是一款部隊的主力工作機（workhorse）。就任務面向而言，它幾乎沒有什麼做不到的。

It's great for dropping FPVs from it. It's great for dropping ordinance. It's fantastic for doing logistics. It's just a big flying battery. So it's got terrific sensor capability, unbelievable ISR. Capabilities, and we're just seeing a ton of success with it. The heavy lift drone, this is a nine foot drone, flies for about 40 minutes, can carry GBP67. It's variant with two diesel engines on it.

它非常適合從上面投放 FPV。也很適合投放彈藥（ordinance）。用於後勤補給也非常出色。它基本上就是一顆大型飛行電池。因此它具備極佳的感測器能力、令人難以置信的 ISR能力，我們也看到它取得大量成功。重載無人機（heavy lift drone）方面，這是一款 9 英尺的無人機，飛行約 40 分鐘，可攜帶 GBP67。它也有搭載兩具柴油引擎的版本。

Actually, the Commander 3 XL can come with a diesel engine variant as well, so it can stay aloft for up to three hours. But the heavy lift drone with the diesel engine variant. On it can stay up for seven hours and carry up to GBP100. So, some really great capabilities.

其實 Commander 3XL 也可以提供柴油引擎版本，因此可滯空長達 3 小時。而重載無人機的柴油引擎版本可滯空 7 小時，並可攜帶最高 GBP100。因此具備一些非常出色的能力。

So when a particular unit, whether it's public safety or whether it's military, looks at the drone lineup, they come to realize, hey, wait a minute, we can solve all of our concepts of operations that we need and we can come up with other ones as well because we've got variability in what we do.

因此，當某個單位——無論是公共安全單位或軍方——檢視這條無人機產品線時，他們會意識到：等等，我們可以解決所有所需的作戰運用概念（CONOPS），而且也能延伸出其他概念，因為我們在執行上具備可變性。

Now, why this is really unique is that it takes a couple of years at least. To actually feel the new drone system. So while some other fantastic companies out there have been able to feel the great, small ISR drone and they stay focused in that area for the most part, for them to build an entire lineup of drones, regardless of the amount of money that you've got, it just takes time. And because we've been around for 27 years, that's why we've got the full lineup.

而這真正獨特之處在於：至少需要幾年時間，才能真正把新的無人機系統「做出來」（feel）。因此，雖然市面上也有一些非常出色的公司能夠打造很棒的小型 ISR 無人機，並且大多聚焦在該領域；但要建立一整套完整的無人機產品線，不論你有多少資金，都需要時間。而因為我們已經走過 27 年，這就是我們能擁有完整產品線的原因。

So this is nothing new that anybody hasn't heard before, but certainly there's been some events recently that have probably significantly grown the global market. So the amount of inbounds, and I'm sure you've heard this from other drone companies as well, the amount of inbounds that are now coming in from the Middle Eastern area. Because of obviously the unfortunate war in the region is enormous. And what's really unique about this is that each of these jurisdictions over there, they want their own capabilities.

所以這並不是什麼大家以前沒聽過的新鮮事，但近期確實發生了一些事件，可能已顯著擴大全球市場。因此，來電洽詢（inbounds）的數量——我相信你們也從其他無人機公司聽過——目前從中東地區湧入的洽詢量非常龐大。因為該地區顯然正在發生令人遺憾的戰爭。而真正獨特的是，那裡的每一個司法管轄區都希望擁有自己的能力。

So much like the allied forces, the US in particular, has taken a posture of we need to manage our own supply chain, we can't be at risk from global supply chains, we have to have our own technology, all these other jurisdictions are adopting that same. Posture.

就像盟軍一樣，尤其是美國，已採取一種立場：我們需要管理自己的供應鏈，我們不能承受全球供應鏈帶來的風險，我們必須擁有自己的技術；其他所有司法管轄區也都在採取同樣的立場。

Now, previously, for most offensive type of equipment, most jurisdictions cannot adopt that posture because they can't afford to build it themselves. They can't afford to research it, they can't afford to test it, they can't afford to build the expensive facilities required for these very elegant precision weapons or equipment out there. But what we've done now is we've entered into a realm of mass precision. And that mass can be built very inexpensively.

過去，對於大多數進攻型裝備而言，多數司法管轄區無法採取那種立場，因為他們負擔不起自行建造。他們負擔不起研發，負擔不起測試，也負擔不起建造這些極其精密的精準武器或裝備所需的昂貴設施。但我們現在所做的是，已進入一個「大規模精準」的領域。而這種大規模可以以非常低廉的成本建造。

And so you've got all of these jurisdictions out there now saying, well, we want to build them ourselves so that we can afford ourselves that same protection through the supply chain, but also maybe have our own unique capabilities as well, which might be regionalized or might be nationalized for their own particular reasons. And so for that, I think what you've seen is in particular, the North American drone companies have seen a swell of demand from that region over there in terms of, hey, how can you bring not just your device technology to the table, but your manufacturing technology, your experience in the field, et cetera.

因此，現在你會看到各個司法管轄區都在說：我們想要自己製造，這樣我們就能在供應鏈上獲得同樣的保護，同時也可能擁有我們自己的獨特能力——這些能力可能是區域化的，也可能是國家化的，出於他們自身特定的原因。所以就此而言，我認為你所看到的是，特別是北美的無人機公司，已經看到來自那個地區的需求激增：也就是說，嘿，你們能不能不只是把裝置技術帶上桌，還能把製造技術、實地經驗等等一併帶來。

So again, this drone market continues to shock me in terms of how big it is, and every time it gets. A little bit bigger. It's like the internet. Once you've got one use for it, then you realize there's two or three other uses or other people can use. And the more it propagates, the less expensive it gets for other people to propagate. So, we're in a 10 year super cycle around drones, which is, in my opinion, a subset of autonomy. And it's really being driven by policy by every national government and every military in the world right now, unprecedented.

所以再說一次，這個無人機市場的規模之大持續讓我震驚，而且每一次它都會再大一點。它就像網際網路一樣。一旦你找到一個用途，就會發現還有兩三個其他用途，或是其他人也能使用。而它傳播得越廣，其他人要再去傳播的成本就越低。所以，我們正處於一個圍繞無人機的10年超級循環中；在我看來，這是自主化（autonomy）的一個子集合。而且它確實是由當前全球每一個國家政府與每一支軍隊的政策所驅動，前所未有。

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

此時，我想把時間交給我們的財務長 Paul Sun，請他帶大家快速回顧我們的財務重點。Paul？

Yeah, sounds good. Thanks, Cam, and thanks, everyone, for joining the call. Appreciate it. So just looking at this brief income statement here, I'll take you through year-over-year changes. So as Cam mentioned at the outset, revenue for the year was up 17.8% from 2024. Full year revenue comprised of the $6.86 million from product sales was $861,000 coming from drone services.

好的，沒問題。謝謝你，Cam，也謝謝各位加入這通電話會議。非常感謝。那我就從這份簡要的損益表開始，帶大家看一下年對年的變動。如同 Cam 一開始提到的，今年營收較2024年成長17.8%。全年營收中，產品銷售為686萬美元，無人機服務收入為86.1萬美元。

Gross profit was $1.32 million for the year compared to $1.39 million from last year. This year's gross profit included a one-time non-cash write-down of inventory of $259,000, while last year's gross profit included a non-cash adjustment of $627,000 related to inventory. X-ing out these adjustments, gross profit decreased by $444,000 year-over-year as a percentage of sales, adjusted gross margin. Decreased from 30.9% in 2024 to 20.4% this year, and sales mix was the main driver here.

全年毛利為132萬美元，去年為139萬美元。今年的毛利包含一次性、非現金的存貨減記25.9萬美元；而去年的毛利則包含與存貨相關的非現金調整62.7萬美元。扣除這些調整後，毛利年對年減少44.4萬美元；以銷售額百分比來看，調整後毛利率由2024年的30.9%下降至今年的20.4%，主要驅動因素是銷售組合。

Total comprehensive loss for the year, including all non-cash items, was $22.9 million. Compared to a loss of $14.06 million last year. The comprehensive loss for the year ended December 31, '25, included non-cash changes comprised of a loss in fair value of derivative liability of $2.64 million. As a quick reminder, that's legacy back to a financing we did that is in a different currency than our reporting currency, so we have to report it as a liability. Now we had a recovery of an impairment of notes receivable of $69,000 and that write-down of inventory of $259,000.

全年總綜合損失（包含所有非現金項目）為2,290萬美元。相較去年損失1,406萬美元。截至12月31日的2025年度綜合損失包含若干非現金變動，其中包括衍生性負債公允價值損失264萬美元。提醒一下，這是源自我們先前做的一筆融資，該融資的幣別與我們的報導幣別不同，因此我們必須將其列為負債。此外，我們有應收票據減損回轉6.9萬美元，以及前述存貨減記25.9萬美元。

So otherwise would have had a comprehensive loss of $20.1 million versus last year's $15.3 million excluding that year's non-cash items. The largest contributor to the year-over-year change was an increase in office and miscellaneous wages and travel as we scale up the business.

因此，若排除上述非現金項目，今年的綜合損失本應為2,010萬美元；去年排除非現金項目後為1,530萬美元。年對年變動的最大貢獻因素，是隨著我們擴大業務規模，辦公室與雜項薪資及差旅費用增加。

Following that adjusted comprehensive loss per share this year would be $1.28 versus $1.46 that you see here, compared to the adjusted loss per share of $485 versus $4.45 last year, respectively, again, as shown here. And Kev, if we could just move to the next slide, please. I'll do a quick snapshot of Q4 '25, doing a year-over-year comparison to Q4 of last year.

接著，今年調整後每股綜合損失將為1.28美元，相較於你們在這裡看到的1.46美元；而調整後每股損失則分別為4.85美元，相較去年為4.45美元，如此處所示。Kev，如果可以的話，請切到下一張投影片。我會快速帶大家看一下2025年第四季（Q4 '25）的概況，並與去年第四季做年對年比較。

So here, revenue for the fourth quarter was up 18.5% to $1.91 million, up from the $1.61 million in the fourth quarter of 2024. Fourth quarter revenue comprised of $1.8 million from product sales, with $108,000 coming from drone services.

在這裡，第四季營收年增18.5%至191萬美元，高於2024年第四季的161萬美元。第四季營收由產品銷售180萬美元構成，無人機服務收入為10.8萬美元。

Gross profit was [$85.7K] compared to [$215.7K] in Q4 of last year. In Q4, this year had a one-time non-cash write-down of inventory of $244,000 and otherwise would have been a gross profit of [$329.7K] compared to a same period last year where there was a one-time inventory write-down of $167,000, making the adjusted gross profit there [$383.2K].

毛利為[85.7千美元]，去年第四季為[215.7千美元]。今年第四季包含一次性、非現金的存貨減記24.4萬美元；若不計此項，毛利本應為[329.7千美元]。相較之下，去年同期有一次性存貨減記16.7萬美元，使得調整後毛利為[383.2千美元]。

Adjusted gross margin for Q4 was 17.2% compared to last year's 23.7%. And this was a result of products and services mix comparing the two quarters.

第四季調整後毛利率為17.2%，去年為23.7%。這是由於兩個季度之間產品與服務組合差異所致。

Total comprehensive loss for the quarter, $9.3 million compared to a loss of $4.7 million in the same period last year. This quarter includes non-cash changes comprised of a fair value of derivative liability for the quarter of $788,000.

本季總綜合損失為930萬美元，相較去年同期損失470萬美元。本季包含非現金變動，其中包括本季衍生性負債公允價值變動78.8萬美元。

A one-time inventory write-down of $244,000 and would otherwise be a comprehensive loss for the quarter of $8.3 million versus an adjusted loss of $3.6 million in the same quarter for last year. The increase in loss primarily due to the higher office and miscellaneous costs and wages. And we'll stay on this page and we'll this time do, since we just did a year-over-year comparison for Q4, we'll now do a quarter-over-quarter look at Q4 this year versus Q3 of this year.

另有一次性存貨減記24.4萬美元；若不計此項，本季綜合損失將為830萬美元，相較去年同季調整後損失360萬美元。損失增加主要是由於較高的辦公室與雜項成本及薪資所致。我們先停留在這一頁；既然剛做完第四季的年對年比較，接下來我們將改做季對季比較，也就是今年第四季相較於今年第三季（Q3）。

So revenue for Q4 decreased 11.3% to $1.9 million compared to $2.15 million for Q3 of this year, mainly due to lower product sales. Gross margin for Q4 was 4.5% compared to 19.5% in Q3. However, if we back up that one-time inventory write-down that we mentioned earlier, gross margin again for Q4 this year, 17.2% compared to 21.5% adjusting for non-cash items in the previous quarter.

因此，第四季營收較第三季的215萬美元下降11.3%至190萬美元，主要是因為產品銷售較低。第四季毛利率為4.5%，相較第三季為19.5%。不過，若加回我們先前提到的一次性存貨減記，則今年第四季毛利率為17.2%，相較於前一季在調整非現金項目後的21.5%。

Total comprehensive loss, Q4, again, $9.3 million, compared to a comprehensive loss of $5.43 million in Q3 of '25. And again, please recall we had that fair value of derivative of $788, the write-down of inventory. So Q4, '25, comprehensive loss would have been the $8.3 million versus a loss of $3.54 million, excluding non-cash adjustments in Q3 of '25, again, increase in losses primarily due to higher. Miscellaneous costs and wage costs as we continue to scale the business.

第四季的總綜合損失再次為 930 萬美元，相較於 2025 年第三季的綜合損失 543 萬美元。同樣請回想，我們有衍生工具公允價值 788 美元，以及存貨減記。因此，2025 年第四季的綜合損失若排除 2025 年第三季的非現金調整，將會是 830 萬美元，相較於 354 萬美元的損失；再次說明，損失增加主要是因為較高的。雜項成本與薪資成本，因為我們持續擴大業務規模。

I think last slide here, Kim, is going to be a quick shot of some items on the balance sheet. Yeah, great. So you can see total assets here increased from 10.2 million to 101.3 million year over year, which is largely due to the increase in cash. The working capital surplus at December 31, 25 is 95.2 million versus 3.8 million from 2024, so quite strong. However, working capital would have been a surplus of 95.7 and shareholders' equity would have been 97.18 if we. Versus the $96.5 million shown here, if we Xed out the non-cash fair value of derivative liability of $492,000.

我想這裡最後一張投影片，Kim，會快速帶到資產負債表上的一些項目。是的，很好。所以你可以看到，總資產年增從 1,020 萬增加到 1 億 130 萬，主要是因為現金增加。截至 2025 年 12 月 31 日的營運資金盈餘為 9,520 萬，相較於 2024 年的 380 萬，因此相當強勁。不過，如果我們。若把 49.2 萬美元的非現金衍生負債公允價值剔除，則營運資金本會是 9,570 萬的盈餘，股東權益本會是 9,718 萬；相較於此處顯示的 9,650 萬美元。

Last year's adjusted working capital would have been $6.04 million and shareholders' equity would have been $6.81 million. So again, up strong. Year over year, and you can see we continue to have minimal debt. As Cam mentioned at the outset, cash at the end of the year was $90.1 million compared to $6.2 million at the end of last year, $24.

去年的調整後營運資金本會是 604 萬美元，股東權益本會是 681 萬美元。所以同樣地，強勁上升。年增幅度很強，而且你可以看到我們仍然維持極低的負債。如 Cam 在一開始提到的，年底現金為 9,010 萬美元，相較於去年年底 24 的 620 萬美元。

And of course, our current cash balance is higher even still following the US $50 million raise that Cam spoke about earlier.

當然，在 Cam 先前提到的 5,000 萬美元募資之後，我們目前的現金餘額更高。

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

到這裡，Cam，我把時間交還給你。

Great. Thanks, Paul. Great job, as always. So what I'm going to do is I'm going to turn it over to, or I'm going to go next into a bunch of questions that just stop sharing there, if that's okay with you guys. So let me jump into a bunch of questions that have come in.

太好了。謝謝，Paul。一如既往做得很棒。接下來我要做的是把它交給——或者我接著進入一連串問題；我先停止分享畫面，如果大家可以的話。那我就直接進入一些收到的問題。

So the first question that came in is that you've had a lot of meetings with the government and military of Canada. Do you see meaningful contracts coming from that?

第一個問題是：你們與加拿大政府和軍方進行了很多會議。你們是否看到會因此而產生具實質意義的合約？

Well, we're sure hopeful. The Canadian Defence Industrial Strategy is a paramount and monumental document put out by the Canadian government that outlines. The defense industrial strategy and the 78, I believe, maybe it's even higher than that, billion dollar spend over the next five years that the Canadian government is doing as it relates to defense.

嗯，我們當然非常希望如此。《加拿大國防工業策略》是加拿大政府發布的一份至關重要且具里程碑意義的文件，概述了。國防工業策略，以及我記得是 780 億美元——也許甚至更高——加拿大政府在未來五年與國防相關的支出。

A very large portion of that is scheduled to go into drones, in particular into class one and class two drones. There's, two manufacturers of drones in Canada in that category. Neither of our product lines crossover with each other. We have been very active with the Canadian government over the last year.

其中非常大的一部分預計將投入無人機，特別是第一級與第二級無人機。在加拿大，該類別的無人機製造商有兩家。我們的產品線彼此之間沒有重疊。過去一年我們與加拿大政府互動非常積極。

And in fact, two weeks ago, we completed an exclusive Draganfly only capabilities day organized by the Canadian or helped to be organized by the Canadian Armed Forces, which demonstrated the five vignettes or concepts of operation that they plan to put into immediate use, immediate. Being over the course of the next 18 months using Category 1 and Category 2 drones.

事實上，兩週前我們完成了一場僅限 Draganfly 的能力展示日，該活動由加拿大武裝部隊主辦（或協助主辦），展示了他們計畫立即投入使用的五個情境（vignettes）或作戰概念；所謂「立即」。是指在未來 18 個月內使用第一類與第二類無人機。

Within two weeks of that announcement, we were able to display successfully all five of those vignettes or concepts of operation, I would say flawlessly, and in an ice storm. So there was four concepts of operation that we planned on displaying. The fifth was an Arctic one, which we did not plan on displaying, but weather wasn't our friend that day, or maybe actually it was our friend, because we did move ahead with the capabilities day, regardless of the ice storm, and it went off very well. So there's a lot of activity happening there.

在該公告後兩週內，我們成功展示了全部五個情境或作戰概念，我會說幾乎是完美無瑕，而且是在冰暴中完成。原本我們計畫展示四個作戰概念。第五個是北極情境，我們原本不打算展示，但當天的天氣對我們不太友善——或者其實也算友善，因為我們仍然不顧冰暴照常進行能力展示日，而且進行得非常順利。所以那邊有很多活動正在發生。

I'm meeting with government at all levels, including Senate hearings, and I think we're well positioned up there. We'll continue to pragmatically move forward with the Canadian government. We're going to have to earn the business. Just because we're Canadian doesn't mean anybody gets it automatically, but it sure is a big advantage, and certainly I think we have the capabilities and we're building that trust.

我正在與各級政府會面，包括參與參議院聽證會，我認為我們在那裡的布局相當到位。我們會持續務實地與加拿大政府推進。我們必須靠實力贏得業務。僅僅因為我們是加拿大公司，並不代表任何人會自動把案子給我們，但這確實是很大的優勢；而且我相信我們具備能力，也正在建立信任。

The other question is, why do we think we didn't make it past gauntlet one in drone dominance? And do you think we'll reapply for Gauntlet 2?

另一個問題是：為什麼我們認為自己沒有通過 Drone Dominance 的第一關（Gauntlet 1）？你們覺得會再申請第二關（Gauntlet 2）嗎？

Gauntlet 1 was an incredible experience for us. We actually didn't get noticed that we were in Gauntlet 1 until 36 hours before, where most of their companies had a couple of weeks to prepare for it. We did show up. We did perform quite well. There was one mission set.

Gauntlet 1 對我們而言是一次非常棒的經驗。其實我們直到活動前 36 小時才收到通知我們被納入 Gauntlet 1，而多數公司有幾週時間準備。我們仍然到場了。我們的表現相當不錯。其中有一個任務組合。

That did involve live ordinance that because of the timeframe we couldn't perform. We think that's primarily the reason why we just didn't score on those particular points. We did score well on the other two categories and we think primarily that's why we didn't. We did learn a lot. There's definitely some things we could have done better. We are very aggressive about Gauntlet too.

涉及實彈（live ordinance），因為時間太趕我們無法執行。我們認為這主要是我們在那些特定評分點上沒有得分的原因。在另外兩個類別我們得分不錯，我們認為主要就是因此我們沒有。我們也學到很多。確實有一些事情我們可以做得更好。我們對 Gauntlet 2 的態度非常積極。

We've seen the other capabilities out there. They're great companies. There's fantastic industrial capacity that's being built in the United States because of this incredible, unique and brilliant format that they've put together. But we can more than compete with anybody there. And you'll see us in Gottman too. And we expect to be doing very well in it. So the Canada says there's really folk, they're really focusing on drones. Do you think.

我們看過其他競爭者的能力。他們都是很棒的公司。由於他們打造了這種令人驚豔、獨特且非常出色的模式，美國正在建立非常可觀的產業產能。但我們完全有能力與那裡的任何人競爭。你們也會在 Gottman 2 看到我們。而且我們預期會有非常好的表現。所以加拿大那邊說他們真的很——他們真的很專注在無人機上。你覺得。

That Draganfly is in a good position there. Well, I think I addressed that already, so I'll just move on. But the answer is, yeah, I think we're in a really good position there, but we're not taking anything for granted. And we'll continue to understand that we've got to earn that business, and it's a very discerning customer.

Draganfly 在那方面是否處於有利位置？嗯，我想我已經回答過了，所以我就往下。但答案是：是的，我認為我們在那裡的位置非常好，但我們不會把任何事視為理所當然。我們會持續理解我們必須贏得這筆業務，而且那是一位非常挑剔的客戶。

So there seems to be a lot more drone companies now than before. What are our competitive advantages to them? So for sure, there's a lot more drone companies and a lot more drone companies are going to figure out that it takes a lot more than ordering parts off Amazon and putting a toy up in the air to actually be able to service a public safety commercial or a military client. You're fielding, we're fielding aircraft here, highly regulated. Incredible demands in terms of the expectation and the performance requirements to actually be a commercial public safety or military unit or military device.

所以現在看起來無人機公司似乎比以前多了很多。我們相對於他們的競爭優勢是什麼？確實，無人機公司多了很多，而且會有越來越多無人機公司意識到：要能真正服務公共安全的商業客戶或軍方客戶，所需的不僅僅是從 Amazon 訂零件、把一台玩具飛上天而已。你們在部署、我們也在部署的是航空器，而且是高度受監管的。要成為商用公共安全單位或軍事單位／軍用裝置，在期望值與性能要求方面都有極其嚴苛的需求。

As mentioned earlier in the presentation, it takes up to two years to actually put a real commercial military or public safety unit up in the air. And so while you can kind of, I kind of feel it's like snowboarding. You can get really good the first day, but then you're going to spend two years being able to actually become a decent snowboarder. If you will.

如同先前簡報中提到的，真正要讓一個商用、軍用或公共安全單位的產品實際升空，最多可能需要兩年。所以你可以算是——我覺得這有點像滑雪板。第一天你就能變得很厲害，但接下來你會花兩年時間，才能真正成為一個還不錯的滑雪板玩家。如果你願意這麼說的話。

So I think, and there's lots of great innovation out there. I do think that the more successful startups are probably likely acquisition targets for some of the more established public players out there. Our primary competitive advantage is the amount of time that we've been doing this and that we have a full product lineup. That is completely integrated.

所以我認為，而且外面確實有很多很棒的創新。我也確實認為，那些更成功的新創，很可能會成為一些更成熟的上市公司之併購標的。我們最主要的競爭優勢，是我們投入這個領域的時間長度，以及我們擁有完整的產品線。而且是完全整合的。

I would hazard to say that there's really only two companies in the world that have that, and that would be DGI, and the other would be Draganfly. And we've been working on other product variants, or not product variants, product lines that come in and fill out that product line even more that you'll see come out this year. And when we come out with a product line, it's gone through the testing, it's been in customer's hands.

我大膽地說，全球真正具備這種能力的公司大概只有兩家：DGI，另一家就是 Draganfly。而我們也一直在開發其他產品變體——或者說不是變體，而是新的產品線——來進一步補齊並擴充整體產品線，你們今年會看到它們推出。而當我們推出一條產品線時，它已經經過測試，也已經在客戶手上使用過。

And it's designed specifically for concepts of operations and missions that we were asked to build for. So because of that longstanding reputation, that capability, our infrastructure is built out. The other thing, a lot of these newer startups, you're going to find out that it doesn't matter if you have the greatest whiz bang, if you can't build 10,000 of them in a month or 100,000 of them or have like some ridiculous demands that you can scale on.

而且它是針對我們被要求打造的作戰概念（CONOPS）與任務而專門設計的。因此，憑藉這段長期建立的聲譽與能力，我們的基礎設施也已經建置完成。另外一點是，很多這些較新的新創，你會發現：就算你有最炫、最厲害的東西也沒用，如果你無法在一個月內做出 10,000 台或 100,000 台，或面對一些荒謬的需求時仍能擴產。

Which, and scaling a drone is a whole bunch different than building 10 that work really well. You build 10,000 that work really well and have to have all the variants for the changes in potential operations. That in itself is an entire manufacturing process, an entire workflow that goes so far beyond, the understanding of how to put one or two or 10 elegant machines together at a low cost.

因為無人機的規模化量產，和做出 10 台表現很好的產品，是完全不同的事情。你要做出 10,000 台都表現很好的產品，還得因應不同潛在作業情境的變更，提供所有相應的變體。這本身就是一整套製造流程、一整套工作流，遠遠超出僅僅理解如何以低成本組裝一台、兩台或 10 台精巧機器的層次。

I think access to capital right now seems quite liberal. However, that is not going to be the case necessarily going forward as more and more winners are picked and customers become more and more discerning around knowing that they need to get a device.

我認為目前資金取得看起來相當寬鬆。然而，隨著越來越多的勝出者被選出、客戶在「他們需要取得一個裝置」這件事上變得越來越挑剔，未來未必仍會如此。

And a company that they can rely on. So I think we have a lot of competitive advantages. It doesn't mean that there's not going to be great competitors out there. I've been watching these cycles for 25 years.

以及他們可以信賴的一家公司。所以我認為我們有很多競爭優勢。這不代表外面不會有很強的競爭者。我已經觀察這些循環 25 年了。

Up until seven years ago, every North American drone company has gone out of business except for Draganfly. So more competition doesn't scare us. I think it's all floats, all boats rise. Right now, and the more innovation, the better. And the fact of the matter is that there could be 10 dragonflies or redcats or Hondas or whoever out there, it still isn't going to meet the demand. That's coming down the pipe.

直到七年前為止，北美所有無人機公司都倒閉了，除了 Draganfly。所以更多競爭不會嚇到我們。我認為這是水漲船高、大家一起受益。就目前而言，創新越多越好。而事實是，就算外面有 10 家像 Draganfly、Redcat、Honda 或其他任何公司，仍然無法滿足需求。那個需求正在一路湧來。

So kind of the last thing we're worried about right now is competition. We kind of revel in it because we like to see the innovation and it gives us a great insight into what might be coming as we're focused on other parts of scaling. So fifth question is, do you see yourself doing any acquisition? Seems like lots of the other drone companies are. Yeah, for sure we do.

所以我們現在最後才會擔心的事情之一，就是競爭。我們反而樂在其中，因為我們喜歡看到創新，也能讓我們在專注於擴產等其他面向時，對未來可能出現的趨勢有很好的洞察。所以第五個問題是：你們會做任何併購嗎？看起來很多其他無人機公司都在做。會的，當然會。

I think we are somewhat fundamentally different, though. We are pretty organically focused. We have great capability internally. I think that we spend a lot of time refining our product with our customers, not that others don't, but I do think the operational history pushes us that way a bit more.

不過我認為我們在根本上有些不同。我們相當重視有機成長。我們內部能力很強。我認為我們花很多時間和客戶一起打磨產品——不是說別人沒有——但我確實覺得我們的營運歷史讓我們更偏向這樣做。

That's, so we're very focused in our acquisition strategy. We do have a number of acquisitions that are in the pipeline. However, they're not necessarily, not that they're not that they don't come with significant revenue. That's not the driving force for us.

因此，我們的併購策略非常聚焦。我們確實有數個併購案正在推進中。不過，它們不一定——不是說它們不會帶來可觀營收。但那不是我們的主要驅動因素。

Fitting particular technologies that actually have a maturity of manufacturing in them or the design theory that's on them has a particular amount of experience that's been put into it that can allow it to be mass produced and fit within all of our partners, multi-mission focused, et cetera. Those are things that are really important to us. So yeah, you'll see us do some acquisitions.

我們更在意的是：能否補上特定技術，而這些技術本身具備製造成熟度，或其設計理論已累積一定程度的經驗投入，使其能夠量產，並能符合我們所有合作夥伴的多任務導向等需求，等等。這些對我們來說非常重要。所以是的，你們會看到我們做一些併購。

They will not come across. In my opinion, as haphazard at all, they would be very strategic, and again, we're playing for the next twenty-five years. We believe that Draganfly, in 10 years from now.

它們不會——以我看來——顯得毫無章法；它們會非常有策略性。而且再說一次，我們是在為未來 25 年布局。我們相信 Draganfly 在 10 年後。

For sure will be a drone company, but really drone companies will be super intelligence companies. Nothing collects data better than a drone. Nothing delivers anything better than a drone. And when you combine those two things in an autonomous world, the possibilities of drones are far beyond what the device is. And so, we keep that end in mind when we're thinking about what Draganfly will become and where our real leverage is.

當然仍會是一家無人機公司，但其實無人機公司將會是「超級智慧」公司。沒有任何東西比無人機更擅長蒐集資料。沒有任何東西比無人機更擅長遞送物品。而當你在一個自主化的世界裡把這兩件事結合起來，無人機的可能性遠遠超出裝置本身。因此，當我們思考 Draganfly 會成為什麼、以及我們真正的槓桿在哪裡時，我們一直把那個終局放在心上。

We tend to announce many partnerships and pilot projects. Are they translating into meaningful orders as your competitors?

我們經常宣布許多合作夥伴關係與試點專案。它們是否像你們的競爭對手那樣，轉化為有意義的訂單？

The answer is, yeah, they are. But again, I believe that our approach is somewhat much more organic and blue ocean. So if we think about the example I gave earlier around Cochise County, that's been now a year-long project that's turning into revenue and has created a blue ocean opportunity for us around border management. We don't see anybody approaching drones as border management. Now do we see people putting drones on borders?

答案是：有的，確實有。但同樣地，我相信我們的方法更偏向有機成長與藍海策略。所以如果我們回到我先前提到的 Cochise County 例子，那已經是一個為期一年的專案，正在轉化為營收，並且為我們在邊境管理方面創造了藍海機會。我們沒有看到任何人把無人機作為邊境管理來切入。那麼，我們有看到有人把無人機部署在邊境上嗎？

Yes, but do people have border management experience in terms of running, managing operations, designing, building, integrating information, super intelligence? Autonomy, AI around a total solution that we can work with on our partners. That's really the difference, and that's why I think maybe our partnerships are perceived to take a little bit longer. We can go by revenue, but then we got to integrate revenue, and then you got to write down all the costs around it, and then it's just.

是的，但人們在邊境管理方面是否具備經驗——就營運、管理作業、設計、建置、資訊整合、超級智慧而言？自主性、AI，圍繞著一個我們可以與合作夥伴共同運作的整體解決方案。那才是真正的差異，也因此我認為我們的合作關係可能被認為需要更長一點時間。我們可以只看營收，但接著就得把營收整合起來，然後你還得把所有相關成本都記錄下來，然後就變成只是……

I believe anyway, at least where our skill set lies, is that our customer deserves better than us just jamming a bunch of stuff on the topline.

無論如何，我相信至少就我們的技能所在而言，我們的客戶值得更好的，而不是我們只是把一堆東西硬塞到營收頂線上。

We are very capital markets focused, please don't misunderstand me, but we are a employee first, customer second, shareholder third organization. And if our employees are really satisfied about what they're doing, they'll win customers. If we're winning customers, we'll win shareholders. And that's a philosophy that has allowed us to survive. Yeah, we've stayed small, but we survived for 27 years. Now we're. We're really moving into a thrive mode, but I don't think we'll be at any time soon be moving away from the core principles that have established us with some great product line and some fantastic people in the organization.

我們非常專注於資本市場，請不要誤會我，但我們是一個以員工第一、客戶第二、股東第三為優先的組織。而如果我們的員工對他們正在做的事情真的感到滿意，他們就會贏得客戶。如果我們贏得客戶，我們就會贏得股東。這是一種讓我們得以存續的理念。是的，我們一直保持小規模，但我們存活了27年。現在我們……我們正真正進入茁壯模式，但我不認為我們在短期內會偏離那些核心原則；正是那些原則讓我們建立起一些很棒的產品線，以及組織裡一群非常出色的人才。

Can you expand on your integration with Paladine AI software stack and how it expands your total addressable market and potential new revenue? So I think I addressed this a bit earlier, but the reality is. Paladine's got a fantastic system and their swarming technology is very advanced compared to many others that are new and coming out and et cetera out there.

你能否進一步說明你們與 Paladine AI 軟體堆疊的整合，以及它如何擴大你們的可服務總市場（TAM）與潛在新營收？我想我先前已稍微提到，但現實是……Paladine 有一套非常出色的系統，他們的蜂群技術相較於許多新興、剛推出的其他方案等，確實先進得多。

We ourselves do have some of our own proprietary swarming capabilities. However, we do not want to compete with what the customer wants. We don't want to tell the customer or have to convince the customer what they're looking for. Paladine has got an incredible capability and a customer set that is really looking for their very specific capability. What we provide is a unique and really professional integration on screen.

我們自己也確實擁有一些自有的專有蜂群能力。然而，我們不想與客戶想要的東西競爭。我們不想告訴客戶、或必須去說服客戶他們在找什麼。Paladine 具備令人難以置信的能力，且其客戶群確實在尋求他們非常特定的能力。我們所提供的是一種獨特且非常專業的螢幕端整合。

Not just a drone, but a platform of drones that can now be utilized for all of that swarming technology. So imagine if you will, you build a swarming technology for an FPV drone. That's a pretty cool capability. But now imagine if you can build a swarming technology for a set of fixed wings, a heavy lift, a Commander 3XL that can drop FPVs. You can have an Apex drone coming in and doing targeting acquisition.

不只是單一無人機，而是一個無人機平台，現在可以用來承載所有那些蜂群技術。所以請想像一下，你為一架 FPV 無人機打造蜂群技術。那是相當酷的能力。但再想像一下，如果你能為一組固定翼、重載機、以及一架能投放 FPV 的 Commander 3XL 打造蜂群技術。你還可以讓一架 Apex 無人機進場進行目標指示與獲取。

Your capabilities now are much more different than somebody who has a cool swarming technology on FPVs. Not that that's not important and impressive and all the rest of it, but again, it's really trying to H1 in on what is it that the customer is needing. Needs now and is going to need and what are they learning that they actually need out there? And I think that's what we're trying to address.

那麼你的能力就會與僅在 FPV 上有很酷蜂群技術的人大不相同。並不是說那不重要、不令人印象深刻或其他，但再一次，重點是要真正聚焦在客戶需要的是什麼。他們現在需要、未來會需要什麼，以及他們在現場學到其實需要什麼？我想這就是我們試圖要解決的。

So while Paladine is a really important customer and an exquisite builder of swarming technology, there are other swarming and AI type technologies that will be incorporated into the platform. We want to be known as that platform that can do multi-mission, right, and address as many concepts of operation with as little cognitive load as possible. You don't want to have to relearn a drone. System, have different parts, have different supply chain, all the rest of it. So if we can incorporate all that complexity of logistics to the battlefield, right.

因此，雖然 Paladine 是一個非常重要的客戶，也是蜂群技術的精湛建構者，但還會有其他蜂群與 AI 類型技術被納入這個平台。我們希望被視為那個能執行多任務的平台，對吧，並以盡可能低的認知負荷來涵蓋盡可能多的作戰運用概念。你不希望必須重新學一種無人機。系統、不同零件、不同供應鏈，以及其他所有事情。所以如果我們能把所有那種後勤的複雜性整合到戰場上，對吧。

So people don't have to buy different drones to get different swarming capabilities as an example, or buy different drones to get different ISR capabilities. They can buy one system that can provide them likely the most fundamentally important thing, which is capacity, logistics and supply where it's needed, when it's needed.

這樣人們就不必為了不同的蜂群能力（例如）去買不同的無人機，或為了不同的 ISR 能力去買不同的無人機。他們可以買一套系統，這套系統很可能能提供他們最根本重要的東西：容量、後勤，以及在需要的地方、需要的時間提供補給。

Then that's what we believe. And that's what our customers have told us that they believe is going to be a winning combination. So, that was the end of the questions that Rolly forwarded off to me.

那就是我們所相信的。而那也是我們的客戶告訴我們、他們相信會是致勝組合的原因。所以，以上就是 Rolly 轉交給我的問題的結尾。

So in closing, first and foremost, again, just, blessings out to all the folks and the men and women who are fighting for our freedom today.

最後作個結語，首先也是最重要的，再次向所有今天為我們的自由而戰的各位人士、以及男女軍人致上祝福。

Second of all, thank you very much to our shareholders. We absolutely wouldn't be here without you, our customers. We appreciate the opportunity to be of service and in particular our employees. Thanks for your belief in what we're all doing together. On that note, I hope you all have a blessed day.

第二，衷心感謝我們的股東。沒有你們、以及我們的客戶，我們絕對不可能走到今天。我們感謝能有機會提供服務，尤其也要感謝我們的員工。謝謝你們相信我們大家一起正在做的事情。在此也祝各位有個蒙福的一天。