Draganfly Inc (DPRO) 2026 Q1 法說會逐字稿

All right. I think to respect everybody's time, I think we will get started here. So again, greetings, and welcome to all the shareholders and stakeholders who are joining us on today's Draganfly 2026 Q1 earnings call.

好的。我想為了尊重大家的時間，我們就從這裡開始。再次向各位問候，並歡迎所有在今天參加 Draganfly 2026 年第一季（Q1）財報電話會議的股東與利害關係人。

My name is Rolly Bustos, and I am the Internal Investor Relations rep here at Draganfly. We appreciate you, as always, joining us. We will start with our CEO and President, Cameron Chell, recapping the first quarter. Next will be a more detailed financial review with our CFO, Paul Sun. We will then conclude, as always, by addressing the pre-submitted questions that we have received.

我叫 Rolly Bustos，是 Draganfly 的內部投資人關係代表。一如既往，我們感謝各位的參與。我們將先由執行長兼總裁 Cameron Chell 回顧第一季表現。接著由財務長 Paul Sun 進行更詳細的財務檢視。最後，我們也將一如往常，回覆我們收到的預先提交問題。

Though I know many of you, as always, anybody is welcome to reach out to me directly at investor.relations@draganfly.com, and I'd be happy to have a conversation. 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.

雖然我一如既往地認識在座許多人，但也歡迎任何人直接透過 investor.relations@draganfly.com 與我聯繫，我很樂意與您交流。提醒各位，本簡報可能包含前瞻性資訊與陳述。這些陳述並非對未來績效或財務結果的保證，不應對其過度依賴。

Any future events or financial results may differ from what might be discussed here. The company's results and statements are accurate as of today, May 11, 2026. We are under no obligation to update or renew these statements outside of material press release disclosure going forward. The full forward-looking disclaimer can be found on page 2 of this presentation and on the screen right now.

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。本公司之結果與陳述截至今日（2026 年 5 月 11 日）為準。除非未來以重大新聞稿揭露，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在本簡報第 2 頁以及目前螢幕上找到。

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

那麼 Cam，如果你準備好了，請開始。

Great. Thanks, Rolly, and I really appreciate everybody's time and consideration and joining us on today's Q1 earnings call. So I'll start off with the financial highlights for Q1 2026. So our revenue in Q1 2026 was $2.3 million plus, which represents a 49% plus year over year increase and about $2.2 million in product sales. That's $347,761 of gross profit.

太好了。謝謝你，Rolly，也非常感謝各位撥冗並參加今天的第一季財報電話會議。我先從 2026 年第一季的財務重點開始。我們 2026 年第一季營收為 230 萬美元以上，年增 49% 以上，其中約 220 萬美元來自產品銷售。毛利為 347,761 美元。

And currently, as of March 31, 2026, we have a cash balance of just over $147 million. So overall, we're very pleased with the quarter in terms of the year over year growth in sales, and we continue to take a very pragmatic approach on how we're scaling into very particular customers that we're targeting to be our base over the next decade.

截至 2026 年 3 月 31 日，我們的現金餘額略高於 1.47 億美元。整體而言，我們對本季的表現非常滿意，尤其是銷售的年增成長；同時，我們也持續以非常務實的方式擴張，聚焦於我們鎖定、並希望在未來十年成為我們基礎客群的特定客戶。

To talk a little bit more specifically about the sales highlights for Q1, we had a number of significant sales primarily into our military vertical. We did announce at the beginning of the quarter an order of FPV drones from the US Army. This was from an existing customer of ours, which we are continuing to build a very strong relationship with, and we'll talk a little bit more about that later.

更具體談到第一季的銷售亮點，我們有多筆重要銷售，主要集中在軍事垂直領域。我們在本季初宣布，美國陸軍向我們下訂 FPV 無人機。這筆訂單來自我們既有客戶；我們正持續與其建立非常穩固的合作關係，稍後也會再多談一些。

We also secured a strategic international military orders for our Commander 3 XLs. We also announced a project and a sale along with Palladyne AI, who is on an Air Force contract right now regarding swarming technologies, incorporating the use of Draganfly drones. We announced a Fortune 50 telecom company purchasing Draganfly heavy lift drones for disaster response.

我們也取得一筆具策略性的國際軍方訂單，採購我們的 Commander 3 XL。此外，我們也與 Palladyne AI 一同宣布一項專案與銷售；Palladyne AI 目前正執行一項空軍合約，內容與蜂群（swarming）技術相關，並納入 Draganfly 無人機的使用。我們也宣布一家《財富》50 大電信公司採購 Draganfly 重載無人機，用於災害應變。

And this is actually for lifting cell towers up either for doing repairs or when systems are down or in emergency response situations. And in fact, they're switching over their entire fleet from a Chinese fleet now actually into a Draganfly fleet, in particular, because of our heavy lift capability. And we also announced Draganfly Outrider sales along the -- with Cochise County and a number of other counties along the southern border, where we provided what we call our Outrider drone, which is a long-range heavy lift drone for doing patrol, search and rescue, personnel support, surveillance and communication networking. So overall, a really important quarter for us in terms of delivering really important strategic imperatives to very, very select and specific customers that we've been targeting for quite some time.

這實際上是用來吊掛基地台塔架，無論是進行維修，或在系統停擺、或緊急應變情境下使用。事實上，他們正在把整個機隊從原本的中國機隊，轉換為 Draganfly 機隊，特別是因為我們的重載能力。我們也宣布 Draganfly Outrider 的銷售，與科奇斯郡（Cochise County）以及南部邊境沿線的多個郡合作；我們提供所謂的 Outrider 無人機，這是一款長航程重載無人機，可用於巡邏、搜救、人員支援、監控與通訊網路建置。總體而言，這對我們是非常重要的一季，因為我們向少數且非常精準、且我們鎖定已久的客戶，交付了關鍵的策略性任務。

And that's going to continue to be our strategy. We really want to -- we have the opportunity to be selective right now about who we're targeting into. And the reason that we're targeting those specific customers does lend into a larger strategy around how we're building out our capability and how eventually that beachhead then leads to further and further advancements into our particular markets, which are designated somewhat differently from some of our comparables out there. Also, in terms of a financial highlight from Q1 was we did close a $50 million US financing and we're really pleased with the actual investors that came into that fund.

而這也將持續是我們的策略。我們目前確實有機會在鎖定對象上保持選擇性。之所以鎖定那些特定客戶，是因為這與更大的策略相呼應：我們如何建構自身能力，以及最終如何以這個「灘頭堡」推動在特定市場中持續、進一步的拓展；而我們的市場定位，也與部分同業可比公司有所不同。另外，第一季的財務亮點之一是我們完成了 5,000 萬美元的美國融資，我們對參與該資金的投資人非常滿意。

They were, by far, I would say, 90% were long-only, very well-known Tier 1 funds that came into that. And so it really elevated us from that kind of microcap market up into the small even beginning of the mid-cap market. We also had new initiation of research on us from some great banks. We appreciate their support. And we look to continue to build those relationships.

我會說其中高達 90% 是長期持有（long-only）、非常知名的一級（Tier 1）基金。因此，這確實讓我們從微型股市場提升到小型股，甚至開始邁向中型股市場的初期階段。我們也獲得一些優秀銀行對我們啟動新的研究覆蓋。我們感謝他們的支持。並期待持續深化這些關係。

And as we move forward, while we're really well cashed up now, we do believe that in the far future, we will have the opportunity to finance at much higher levels as sales will demand that additional growth again. For the remainder of this year, though, we're not expecting that. Strategically, a number of things also unfolded for us in Q1.

展望未來，雖然我們目前現金非常充裕，但我們相信在更長遠的未來，隨著銷售帶動額外成長需求，我們將有機會以更高的規模進行融資。不過在今年剩餘時間內，我們並不預期會有這樣的需求。在策略面，第一季也有多項進展。

So we did bolster our military and defense capabilities by bringing on two gentlemen who now head up all of our military sales partnerships and initiatives in that regard and business development. Larry Thewline is still heading -- is now heading all of our military sales, and he's working along with Vic and Keith, who are both former Tier 1 operators, both come out of Deutsche Bank after their Tier 1 careers and have done just an incredible job in terms of helping us continue to scale our business development and sales operations, align that with our production capabilities, our R&D and our research capabilities.

我們透過延攬兩位先生來強化軍事與國防能力；他們目前負責我們所有軍方銷售合作夥伴關係、相關倡議以及業務開發。Larry Thewline 仍在領導——現在是負責我們所有軍方銷售；他與 Vic 及 Keith 一起合作。Vic 與 Keith 兩位都是前一級（Tier 1）作戰人員，在其 Tier 1 職涯後轉任至德意志銀行（Deutsche Bank），並在協助我們擴大業務開發與銷售營運、使其與產能、研發與研究能力對齊方面，做出了極其出色的工作。

And I can definitely say that we're operating at new levels with individuals that we're very pleased to work with across many militaries throughout the world, in particular, the Department of War right now. Draganfly is uniquely positioned in that regard to support Canada's new $2 billion military commitment to Ukraine. Now that's actually since this slide was made, that's actually gone up to $3 billion. And as many of you will know is that Canada has actually committed 5% over the next number of years of its GDP to rearm its military. Now that's a big number, like it's certainly not a big number compared to the DoD -- or excuse me, the DoW and what they spend.

我可以很明確地說，我們正以新的層級在運作；我們也非常樂於與這些人合作，並與全球多個軍方合作，尤其是目前的戰爭部（Department of War）。在這方面，Draganfly 具備獨特的定位，可支援加拿大對烏克蘭新的 20 億美元軍事承諾。其實自這張投影片製作以來，該金額已提高到 30 億美元。而各位也知道，加拿大已承諾在未來數年將其 GDP 的 5% 用於軍備重整。這是一個很大的數字——當然，與 DoD——或更正，與 DoW 的支出相比，仍不算大。

But in terms of the mid-market country and what it's spending, it's now amongst the top military spenders in the world. A massive function of what they're doing is on autonomy and in particular, aerial and drone autonomy. And there's a very, very select few companies, maybe one, maybe two in Canada that can meet this demand. So we're highly engaged at, I would say, probably every level of CAF, what they call Canadian Armed Forces, and DND at this time and working extremely hard in order to progress the contracts that we've been working on with them over the last couple of years.

但就一個中型國家的支出規模而言，它如今已躋身全球軍事支出最高的國家之列。他們所做的一大重點在於自主化（autonomy），尤其是空中與無人機的自主化。在加拿大，能滿足這項需求的公司非常、非常少，可能只有一家，也可能兩家。因此，我們目前與我所說的幾乎 CAF（加拿大武裝部隊，Canadian Armed Forces）的各個層級，以及國防部（DND）都保持高度互動，並正極其努力推進我們在過去幾年與他們合作洽談的合約。

Their requirements are coming out. They have an equivalent of what's called -- what's known in the United States as Drone Dominance, the 1 million drone program. It will be many more than 1 million drones that are produced down in the States as part of that and subsequent programs. There's an equivalent program up in Canada, which we're deeply embedded in as well.

他們的需求正在浮現。他們有一個相當於美國所稱——也就是在美國被稱為「無人機優勢」（Drone Dominance）的百萬架無人機計畫。作為該計畫及後續計畫的一部分，在美國本土生產的無人機數量將遠遠超過100萬架。加拿大也有一個對應的計畫，我們同樣深度參與其中。

We also announced our strategic defense partnership with Prime Global Ordnance. And Global Ordnance is, as an example, the largest supplier of ordinance into the Ukraine. They have a strategic view that much of the drone market, at least the drone market they're dealing with, they view drones as an ordinance or as a munition.

我們也宣布與Prime Global Ordnance建立策略性國防合作夥伴關係。以Global Ordnance為例，它是向烏克蘭供應軍械（ordnance）的最大供應商。他們的策略觀點是，無人機市場——至少是他們所涉足的無人機市場——他們將無人機視為軍械或彈藥（munition）。

And as such, they are really building a strategic focus in drones, and we're super pleased that they've chosen us as their prime supplier into this market. So we've got a couple of dozen major initiatives ongoing with them as well. And we have a very large presence -- well, large presence for us anyway at SOF Week coming up in addition to a very large presence with Global Ordnance. It should be noted that Global Ordnance was just one of five companies that was selected for the drone dominance munition program as well. We also announced a strategic defense partnership in the Asia Pacific region.

因此，他們正以無人機為核心建立真正的策略重點，而我們非常高興他們選擇我們作為進入該市場的主要供應商。所以我們也與他們同步推進數十項重大計畫。此外，即將到來的SOF Week上，我們也會有非常大的參與——至少就我們而言是很大的參與——並且Global Ordnance也將有非常大的參與。值得注意的是，Global Ordnance也只是被選入「無人機優勢」彈藥計畫的五家公司之一。我們也宣布在亞太地區的策略性國防合作夥伴關係。

This is with Babcock. And so Babcock is a large British prime who's very strong in the Indo-Pacific region. And so we are building very similar to what we're building with Global Ordnance as a strategic relationship as a prime drone supplier, not just -- well, for a number of reasons, but primarily because of our capabilities across multiple drone platforms. So a lot of departments, units, et cetera, are still defining what they are looking for in terms of their drone capability.

這項合作是與Babcock進行。Babcock是一家大型英國主承包商（prime），在印太地區實力非常強。因此，我們正在建立一種類似於與Global Ordnance所建立的策略關係，作為主要無人機供應商；不僅——嗯，原因有很多，但主要是因為我們在多個無人機平台上的能力。因此，許多部門、單位等仍在界定他們在無人機能力方面究竟在尋找什麼。

And so what that means is that these primes need to be able to work with an organization that doesn't have necessarily, hey, this is our drone that we sell, it does ISR work or this is our drone that we sell, and it does logistics work. They're really looking for an organization that has a capability across all these drone systems that's interoperable, and that's turning out to be one of our major strategic advantages.

這意味著，這些主承包商需要能與某個組織合作，而該組織不一定是那種——嘿，這就是我們賣的無人機，它做ISR任務；或這就是我們賣的無人機，它做物流任務。他們真正尋找的是一個在所有這些無人機系統上都具備能力、且可互通（interoperable）的組織，而這正逐漸成為我們的一項主要策略優勢。

It takes a little bit longer to implement that across many of these units because they're looking at it strategically rather than tactically what can we get happening right now. But we're finding the benefit of it is gaining momentum quickly. Then a subsequent event, which is worth noting is that we were selected by two additional units within the Department of War.

要在許多這類單位中落實這件事會花更長時間，因為他們是以策略層面而非戰術層面來看——也就是現在立刻能做什麼。但我們發現，其效益正在快速累積動能。接著還有一件值得一提的事：我們被戰爭部（Department of War）旗下另外兩個單位選中。

All I could really say is that these are special operation units. And -- but what's really important is that they're special operation types of units. And these are the types of units that are selecting the Draganfly product. And they're selecting it for many reasons, not just because of the company's capability, but also the product performance and our flexibility across that entire product line. So we are thrilled on this, and that will have heavy bearing on exactly what our numbers will pan out for this year. On that note, and I'm going to come back to talk a little bit about our strategy in a bit.

我真正能說的是，這些是特種作戰單位。而——但真正重要的是，它們屬於特種作戰類型的單位。而這些正是正在選用Draganfly產品的單位類型。他們選擇它的原因很多，不僅是因為公司的能力，也包括產品表現，以及我們在整條產品線上的彈性。因此我們對此非常振奮，而這將對我們今年最終呈現的數字產生重大影響。說到這裡，我稍後會再回來談一點我們的策略。

I'm going to throw it over to Paul to actually talk about our results from this last -- or from Q1. Paul?

我把時間交給Paul，請他實際談談我們上一季——也就是第一季（Q1）的業績結果。Paul？

Thanks, Cam. Thanks, everyone, for joining. Yeah. So I'll just take you through year-over-year comparisons for the first quarter of '26. So revenue for the first quarter, as Cam mentioned at the outset, was up 49.8% to $2.3 million, up from $1.5 million in the first quarter of '25. First quarter revenue did comprise of $2.2 million of product sales with the balance coming from drone services. Gross profit, $347,700 compared to $310,100 in Q1 of last year.

謝謝你，Cam。也謝謝各位的參與。是的。那我就帶各位看一下2026年第一季的年對年比較。第一季營收，如Cam在開場提到的，成長49.8%至230萬美元，較2025年第一季的150萬美元增加。第一季營收包含220萬美元的產品銷售，其餘來自無人機服務。毛利為347,700美元，較去年第一季的310,100美元增加。

Q1 did have a onetime noncash write-down of inventory of $105,800 and otherwise would have been $453,600 compared to the same period last year where there was a onetime inventory write-down recovery of $38,700, making the adjusted gross profit of $271,400 last year. So taking all those things into account, adjusted gross margin for Q1 this year was 19.6% compared to last year's adjusted 17.5%. And again, this was a result of product and service mix comparing the two quarters, but they were quite similar.

第一季包含一次性、非現金的存貨減記105,800美元；若排除此項，毛利原本會是453,600美元；相較之下，去年同期有一次性存貨減記回轉38,700美元，使去年調整後毛利為271,400美元。綜合考量上述因素，今年第一季調整後毛利率為19.6%，去年調整後為17.5%。同樣地，這是兩個季度之間產品與服務組合差異所致，但其實相當接近。

Total comprehensive loss for the quarter was $5.7 million compared to a loss of $3.4 million in the same period last year. This quarter includes the noncash change comprised of a fair value derivative liability gain of $1 million and that onetime inventory write-down that I mentioned of $105,800.

本季綜合損失（total comprehensive loss）為570萬美元，較去年同期的340萬美元損失增加。本季包含非現金變動，其中包括衍生性負債公允價值變動利益100萬美元，以及我提到的那筆一次性存貨減記105,800美元。

It also included a share issuance cost of $2.4 million related to a derivative liability from the February financing and its treatment on the income statement versus it normally being treated on the balance sheet. So the loss would have otherwise been a comprehensive loss of $4.2 million versus an adjusted loss of $3.6 million in the same quarter of '25. The increase year over year is primarily due to higher office and miscellaneous costs, travel and wages.

此外，還包含240萬美元的股份發行成本，與2月融資所產生的衍生性負債及其在損益表上的認列方式有關（相較於通常在資產負債表上處理）。因此，若不計上述因素，損失原本會是綜合損失420萬美元，而2025年同季的調整後損失為360萬美元。年對年增加主要是由於辦公室及雜項成本、差旅與薪資較高。

Moving on to the next slide to look at the quarterly table. We obviously just went through the year over year comparison. So here, we'll just do a quarter over quarter comparison with Q1 of this year and Q4 of last year. So revenue for Q1 increased by 20.9% to $2.3 million compared to the $1.9 million reported for Q4. The difference was mainly due to higher product sales.

接著看下一張投影片的季度表。我們剛剛已經走過年對年比較。因此這裡我們改做季對季比較，將今年第一季與去年第四季相比。第一季營收較第四季增加20.9%至230萬美元，第四季為190萬美元。差異主要來自較高的產品銷售。

Gross margin percentage for Q1 was 15% compared to 4.5% in Q4 of last year. However, again, if we back out that onetime inventory write-down mentioned before, gross margin for Q1 was 19.6% compared to 17.2%, adjusting noncash items for the previous quarter being Q4. Total comprehensive loss for Q1, again, was $5.7 million compared to a comprehensive loss of $9.3 million for Q4 of '25.

第一季毛利率為15%，去年第四季為4.5%。不過，同樣地，如果把前面提到的一次性存貨減記排除，第一季毛利率為19.6%；而在調整上一季（即第四季）的非現金項目後，第四季為17.2%。第一季綜合損失同樣為570萬美元，相較於2025年第四季的綜合損失930萬美元。

Again, you'll recall the gain in fair value of derivative liability of $1 million and the write-down of inventory of $105,000 plus that onetime share issuance cost on the P&L versus the balance sheet of $2.4 million. So again, comprehensive loss for Q1 of this year was $4.2 million, comparing it to an adjusted loss of $8.3 million of Q4 last year.

同樣提醒各位，包含衍生性負債公允價值變動利益100萬美元、存貨減記約105,000美元，以及那筆一次性在損益表（P&L）認列、而非在資產負債表認列的240萬美元股份發行成本。因此，今年第一季的綜合損失為420萬美元；相較之下，去年第四季的調整後損失為830萬美元。

So the decrease quarter over quarter is primarily due to lower office and miscellaneous costs, in this case, comparing the two quarters. And then on the last page here, I think, just going through some balance sheet items. You can see our total assets increased from $101.3 million to $161.1 million, and that's largely due to an increase in cash. Working capital surplus as at March 31 was $154.4 million versus the $95.2 million from the end of 2025. Shareholders' equity, very healthy $155.8 million at quarter end compared to $96.6 million at the end of last year.

因此，季對季下降主要是由於辦公室及雜項成本較低，在此是比較這兩個季度。然後在最後一頁，我想簡單帶一下資產負債表的一些項目。你可以看到我們的總資產從101.3百萬美元增加到161.1百萬美元，主要是因為現金增加。截至3月31日的營運資金盈餘為154.4百萬美元，相較於2025年底的95.2百萬美元。股東權益在季末為155.8百萬美元，狀況非常健康，相較於去年底的96.6百萬美元。

However, if we look at both working capital and shareholders' equity, it would have been even been higher if we ex out those noncash fair value of derivative liability. But again, very healthy nevertheless. You can see we continue to have minimal debt. And as mentioned, our company's cash balance at the end of the quarter being March 31 was $147 million compared to the end of December, which was at $90.2 million, again, because of the February financing that Cam touched on earlier on.

不過，如果我們同時看營運資金與股東權益，若把那些衍生性負債的非現金公允價值影響剔除，數字其實會更高。但再說一次，整體仍然非常健康。你可以看到我們仍維持極低的負債水準。另外如先前提到，我們公司在本季末（3 月 31 日）的現金餘額為 1.47 億美元，相較於 12 月底的 9,020 萬美元有所增加，這同樣是因為 Cam 先前提到的 2 月融資所致。

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

接下來，Cam，我把時間交還給你。

Great. Thanks, Paul. Great job. I just want to talk a little bit about our product lineup because it does speak greatly to a strategic differentiator that we have. Many of the questions I'll be able to address that came in that will speak to this as well.

很好。謝謝你，Paul。做得很棒。我想稍微談一下我們的產品組合，因為這充分體現了我們的一項策略性差異化優勢。我也能回答一些剛剛收到的問題，而這些問題同樣會與此相關。

So again, having been around for 27-plus years, what we are really good at is delivering what the customer needs. And what we have seen through the last number of years that we believe will play out very strongly in the coming year or two is that as the customer gets more and more sophisticated, and this is just isn't military. This is public safety and industrial as well, but it's really emphasized in the military side of things is that in the beginning of the cycle, they're looking to understand what drones do, how they can be used and they've got a specific use case in mind.

再說一次，我們已經深耕 27 年以上，我們真正擅長的是交付客戶所需要的東西。而我們在過去幾年所看到、並相信在未來一兩年會非常明顯發酵的是：隨著客戶越來越成熟——而且這不僅是軍方——也包括公共安全與工業領域，但在軍事端尤其被強調——在週期初期，他們會想先了解無人機能做什麼、如何使用，並且心中有一個特定的使用情境。

But as soon as you start moving to concepts of operations, how do you have integrated operations? How do you do targeting? How do you do repeater drones? How do you have communication set up? What's your targeting being done with? What is the actual strike capability? How do you rearm, resupply? How do you support personnel that are in the area, you realize quickly that you don't need a drone to pull off a concept of operations.

但一旦你開始進入作戰概念（CONOPS）的層次：你要如何進行整合式作業？如何進行目標指示？如何使用中繼無人機？如何建立通訊架構？你的目標指示是用什麼來完成？實際的打擊能力是什麼？如何重新武裝、補給？如何支援在區域內的人員？你很快就會意識到，要完成一套作戰概念，並不是只需要一架無人機。

You need a series of drones. So we spent a lot of time upfront because of the 27 years working with this, recognizing that this is -- that the overall game and dominance in this space is not going to be done by a drone. It's going to be done by a platform. It's going to be done by something that can service a concept of operations. So everything that we do is built in a modular fashion and can take on multiple types of payloads and is all interoperable. So if you look at the -- even the basic designs of the drones that we put out, they are all designed to have their own internal payloads, but they all have the capabilities for external payloads as well.

你需要的是一系列無人機。因此，基於 27 年的實務經驗，我們在前期投入了大量時間，並認知到——在這個領域的整體競局與主導地位，不會靠單一無人機達成。而是要靠一個平台。要靠能夠支援作戰概念的平台化方案。因此，我們所做的一切都以模組化方式建構，可搭載多種類型的酬載，且全部具備互通性。所以你若看我們推出的無人機——即便是最基本的設計——都被設計成可搭載內建酬載，同時也具備外掛酬載的能力。

Many of the customers that we have coming to us are -- and some of them even from the same units even within the same yes, units within units, if you will, trying to be less as specific as I can be, they have different requirements around what their AI does, what type of sensors they want, what type of mapping they need. And so all of our systems are able to incorporate multiple types of payloads from multiple types of vendors.

許多找上門的客戶——其中有些甚至來自同一個單位、甚至同一單位內的不同小組（可以說是單位中的單位；我會盡量不說得太具體）——他們對 AI 要做什麼、想要什麼類型的感測器、需要什麼樣的測繪能力，都有不同需求。因此，我們所有系統都能整合來自多家供應商的多種類型酬載。

So if we have one particular sensor that's required and we need to mix it with another type of sensor, we spend a lot of time doing those integrations with those partners. Now the added benefit to that is all of those partners also become channel sales partners for us in that regard. So now we are doing some vertical integration of some of those key assets through some M&A work that we're doing. But for the most part, we're very, very partner-centric in order to build those capabilities into each one of these units. Now each one of these units also operate with each other and across separate and different and sometimes diverse communication platforms.

如果某個任務需要特定感測器，且還要與另一種感測器混搭，我們會花很多時間與合作夥伴完成這些整合。而這樣做的額外好處是：這些合作夥伴也會在某種程度上成為我們的通路銷售夥伴。因此，我們目前也透過一些正在進行的併購（M&A）工作，對部分關鍵資產做垂直整合。但大多數情況下，我們非常、非常以合作夥伴為中心，把這些能力建構到每一個單位之中。此外，這些單位彼此之間也能互相協同運作，並可跨越不同、分離、甚至有時相當多元的通訊平台。

Again, interoperability across the unit and different unit and different branches of the DoD is becoming increasingly important, not just so that they have interoperable capability, but so that they can deconflict their existing operations or their upcoming concepts of operations. So the fact that we can go in and we can offer people one place to have consistent interoperability, one place to do the maintenance work, interoperable parts, a consistent supply chain, all the things that are really, really difficult in the market right now, we have been addressing upfront.

同樣地，在同一單位內、不同單位之間，以及國防部（DoD）不同軍種之間的互通性正變得愈來愈重要；不只是為了具備互通能力本身，也為了能在既有作業或即將採用的作戰概念之間進行去衝突（deconflict）。因此，我們能夠提供一個單一窗口：一致的互通性、一個地方做維護作業、可互通的零組件、一致的供應鏈——以及目前市場上非常、非常難做到的所有事情——我們都已在前期著手解決。

And so we're really pleased with the progress that we're making there. And in addition to this, you can expect Draganfly to be adding to this product line this year on products that we have been working into the concepts of operations over the last couple of years.

因此，我們對目前取得的進展感到非常滿意。此外，你也可以期待 Draganfly 今年會在這條產品線上持續新增產品——這些產品是我們在過去幾年已逐步納入作戰概念並持續推進的。

One of the advantages that we do have in the market is because we have been around so long, we are able to field an entire product line. It generally takes a couple of years to get a new product into the market. Now pretty much anybody can slap some propellers on an airframe and throw it up in the air, but that's a long way from actually getting something to a TRL9 or something operational that can be worked in a very, very harsh environment, much less in conjunction with other systems out there.

我們在市場上的一項優勢是：因為我們存在已久，所以能夠部署完整的產品線。一般而言，把一項新產品導入市場通常需要幾年時間。現在幾乎任何人都能在機體上裝幾個螺旋槳就把它飛上天，但那距離真正把產品做到 TRL9（技術成熟度等級 9）或做到可在非常嚴苛環境中運作的實用系統，還差得很遠，更不用說還要能與外部其他系統協同運作。

So while other companies, I do believe, are going to be moving into additional product lines, and I don't mean going out and necessarily just buying another company and bolting on something. I mean actually building it so that it's interoperable. It takes -- it just takes a lot of time. So I think we've got to step up in this regard.

因此，雖然我相信其他公司也會擴展到更多產品線——我不是指單純去買另一家公司、把某個東西硬接上來——而是指真正把它打造到可互通。這需要——確實需要大量時間。所以我認為我們在這方面已經領先一步。

Now 100%, I believe that our comps out there are going to be very successful in the market, if not just generated by the incredible demand signals that we're getting, not just in the United States, not just in allies, but across even developing nations right now who are all looking for that asymmetric capability because this is still a relatively very inexpensive capability compared to what the alternatives are out there in the market. So this is really important to us and a big part of our strategic differentiator. Of course, the other strategic differentiator that's working out well for us is the fact that we manufacture on both sides of the North American border. We've got great representation in both countries.

另外，我百分之百相信市場上的同業也會非常成功——即便只是因為我們收到的需求訊號非常強勁；不僅在美國、不僅在盟國，甚至在許多開發中國家也是如此——大家都在尋求那種不對稱能力，因為相較於市場上其他替代方案，這仍是一種相對非常低成本的能力。因此，這對我們非常重要，也是我們策略性差異化的一大部分。當然，另一個對我們很有利的策略性差異化因素是：我們在北美邊境兩側都有製造能力。我們在兩個國家都有很強的在地代表性。

And as we go abroad in many of the international opportunities out there right now, often the credibility, the fact that we are selling into the Department of War right now, meeting those standards, et cetera, but then are actually approaching it maybe from a position of a European or Canadian type of provider that also provides us some great sales opportunities as well.

而當我們走向海外、把握目前許多國際機會時，往往「可信度」——也就是我們目前正向戰爭部（Department of War）銷售、符合其標準等等——再加上我們在對外推進時，可能以某種歐洲或加拿大供應商的定位切入，這也為我們帶來一些很好的銷售機會。

So overall, a really positive quarter for us. It has laid the groundwork for what we expect to be some really outstanding quarters coming forward.

總體而言，這對我們是一個非常正面的季度。它也為我們預期未來將出現的一些非常亮眼的季度奠定了基礎。

On that, I am going to open the Q&As that came in. If you can just give me one quick second here. Appreciate your patience. So I'm reading these directly from -- I'll never get -- well, there's only 6 or 7 of them.

接下來，我要開始回答收到的問答（Q&A）。請給我一點點時間。感謝各位耐心等候。我會直接從——我永遠都不會把它——嗯，反正只有 6、7 個問題。

So one of the questions that came up here is, are you gaining traction with the Canadian government military for orders? I was hoping something would have been announced after the end of March budget cycle. Can you comment?

其中一個問題是：你們是否在加拿大政府軍方的訂單方面取得進展？我原本希望在 3 月預算週期結束後會有公告。你能評論一下嗎？

Yeah, certainly, we're super deep on -- I don't think I'm overexaggerating by saying probably every level of CAF, Canadian Armed Forces and Department of National Defense in Canada, politically, bureaucratically, operator based, et cetera. There are about four or five significant programs that have been announced through Canadian DNA.

是的，當然，我們在——我不認為我是在誇大其詞——可以說我們幾乎深入到加拿大武裝部隊（CAF）以及加拿大國防部在加拿大的各個層級，無論是政治層面、官僚體系、作戰單位層面等等。透過加拿大國防部（DND）已宣布大約四到五個重要計畫。

We are participating in all of them. We're well positioned, I believe, in all of them presently. And in fact, the big CANSEC conference is in two weeks. We have two separate sets of exclusive and private demonstrations that are happening at request in addition to all the, I'll call it, the Drone Dominance or what's called MINERVA up in Canada programs, the Arctic military programs, et cetera, et cetera. So we continue to take a pragmatic approach.

我們參與了所有這些計畫。我相信目前我們在每一個計畫中都處於有利位置。事實上，大型的 CANSEC 會議將在兩週後舉行。除了我稱之為「無人機制霸」（Drone Dominance）或加拿大所稱的 MINERVA 計畫、北極軍事計畫等等之外，我們還應邀安排了兩組獨家且私密的展示示範。因此我們持續採取務實的做法。

We've got our manufacturing setup up there. And I think we're meeting that challenge honorably and on target at this time. So like I say, the budgets up there are significant. And just given the fact that there's so few less competitors in that regard, we think we're well placed.

我們在那邊已建立製造配置。我認為目前我們正以負責任的方式迎接挑戰，並且進度符合目標。所以如我所說，那邊的預算規模相當可觀。再加上在這方面競爭者相對更少，我們認為我們的布局很到位。

Second question here is, are you going to participate in Drone Dominance Gauntlet II? The answer is yes. We participated in Drone Dominance Gauntlet I. We were down selected in that. We did not make the final grade. There was some nuance as to why that didn't happen. We were only scored on two of the three challenges there, and we still only just narrowly missed it. And there was some circumstance of why we were not able to participate in three.

第二個問題是，你們會參加 Drone Dominance Gauntlet II 嗎？答案是會。我們參加過 Drone Dominance Gauntlet I，而且在其中進入了下一輪篩選。我們沒有進入最終評級。其中有一些細節原因導致未能進入。我們只在三項挑戰中的兩項被評分，但即便如此也只是些微差距未達標。而且也有一些情況使我們無法參與第三項。

But given that, we -- in my opinion, we most certainly would have made it. We're very, very excited about Gauntlet II about what we can bring to the table, what our capabilities are. And again, because we bring so much operational experience to the table from the work that we've done abroad, in particular in Ukraine, we think we're well suited for this.

但即便如此，以我看來，我們幾乎肯定本來是能通過的。我們對 Gauntlet II 非常、非常興奮，對於我們能帶來什麼、我們的能力是什麼，都很有信心。而且再次強調，因為我們在海外、特別是在烏克蘭的工作帶來了大量作戰經驗，我們認為我們非常適合參與這項計畫。

We seem well cashed up, but I'm afraid of further dilution. Do you expect further raises? Or can you be specific on what scenarios you would go back to market? That basically right now, it would be M&A scenario or massive, massive orders. But even really big orders right now at this point with cash on hand, it's not a reason for us to finance.

我們看起來現金很充裕，但我擔心進一步稀釋。你們預期還會再募資嗎？或者你能具體說明在什麼情境下你們會回到市場籌資嗎？基本上目前會是併購（M&A）的情境，或是非常、非常大的訂單。但即便是現在這個時間點的很大訂單，以我們手上的現金水位，也不構成我們需要融資的理由。

We do have some very meaningful M&A ongoing, and we do expect to make some of those announcements upcoming. And a couple of them of our are large size that we could potentially go back to market for those. But that will be dependent on how the market is doing, what that dilution might be and the accretive nature of hopefully what our shareholders are rewarded for, for these particular acquisitions.

我們確實有一些非常重要的併購案正在進行中，也預期近期會發布其中一些公告。其中有幾個規模很大，我們可能會為了那些案子回到市場籌資。但這將取決於市場狀況、可能造成的稀釋程度，以及我們希望這些特定收購能帶給股東的增益（accretive）特性。

We have been very pragmatic about what we're looking at in terms of acquisitions. I am happy to say that these would be significant revenue and EBITDA adds. That said, that's not why we're buying them. We're buying them to execute on the interoperable strategy and the capacity capability, which lends to our ability to innovate more quickly and secure our supply chain more succinctly. Those have been -- we've been very, very disciplined about that.

在收購標的的評估上，我們一直非常務實。我很高興地說，這些收購將會顯著增加營收與 EBITDA。不過話說回來，這不是我們收購它們的原因。我們收購它們是為了落實互通（interoperable）策略，以及產能與能力（capacity capability），這有助於我們更快創新並更精準地強化供應鏈安全。在這些方面——我們一直非常、非常自律。

And we've looked at well, hundreds is an exaggeration, but dozens and dozens of opportunities, and we've narrowed it down to a couple that we've been moving forward with. So what revenues are you currently getting out of Ukraine? It's nominal. Specifically from Ukraine, I would say that the answer is very nominal. But in terms of Ukraine purchasing equipment being sponsored by other countries that are purchasing on behalf of Ukraine, we do expect that to be meaningful. We have not built that into our consensus for this year.

我們看過——說上百個有點誇張——但確實是數十個、數十個機會，最後收斂到幾個我們正在推進的案子。那你們目前從烏克蘭獲得多少營收？很少。具體來說，直接來自烏克蘭的部分，我會說非常少。但就烏克蘭採購、由其他國家贊助並代表烏克蘭採購設備而言，我們預期那會是有意義的規模。我們尚未把這部分納入今年的市場一致預期（consensus）。

So if anyone doesn't know, we don't, at this point, give guidance. However, we think that there's really solid consensus out there amongst the analysts right now. We're very comfortable that we will hit consensus this year. And our consensus is based on orders and contracts that we have in hand currently. They are not based on home runs or a drone dominance or a MINERVA or a big sale in Ukraine or any number of the other dozen-plus outlier-type projects that we're well down the path of. So again, we just feel that at this point, in order to build strong credibility, not just with the market, but very importantly, with our customers is that we're not trying to overpromise.

所以如果有人不知道，我們目前不提供財測指引（guidance）。不過我們認為分析師目前對我們的市場一致預期相當扎實。我們非常有信心今年能達成一致預期。而我們的一致預期是建立在我們目前手上已取得的訂單與合約之上。它們不是建立在「一擊即中」的大案、或 Drone Dominance、或 MINERVA、或在烏克蘭的一筆大銷售、或其他十多個我們已推進很深的離群型（outlier-type）專案之上。所以再次強調，我們覺得此刻為了建立強大的可信度——不僅對市場，更重要的是對客戶——我們不想過度承諾。

We're really trying to be pragmatic about our approach to it. Like I say, we've been around for 27 years. We're not chasing the next quarter, at least not yet. We're probably a couple of years away from worrying about what happens next quarter. Right now, we're really establishing ourselves strategically so that we have a base to ensure that we can be doing very, very significant revenues in the relative near future. So drone sector is currently seeing record budgets for DAWG, D-A-W-G.

我們真的在努力以務實的方式來推進。如我所說，我們已經營運 27 年。我們不在追逐下一季，至少現在還不是。我們大概還要再過幾年才需要擔心下一季會發生什麼。目前我們真正要做的是在策略上建立自身定位，確保我們有一個基礎，能在相對不遠的未來創造非常、非常可觀的營收。所以無人機產業目前在 DAWG（D-A-W-G）方面看到創紀錄的預算。

Please describe how Draganfly is positioned across different categories of spending and what is likely the most significant near-term revenue opportunities. So there are certainly the big RFPs out there like a Drone Dominance, and there are a number of those out there from the Marines as an example, also in other nations as an example, which I've spoken to a bit.

請說明 Draganfly 在不同支出類別中的布局，以及短期內最重要的營收機會可能是什麼。確實有一些大型的 RFP（招標案），例如 Drone Dominance；也有不少類似案子，例如來自海軍陸戰隊的案子，或其他國家的案子，我也稍微談過一些。

But where -- and so we're chasing those, and we think we're well positioned. It'd be naive to say, oh, we're going to win all of them, but we're going to win our fair share of them. I'm confident in that, and maybe even hopefully more than our fair share of them. That said, in terms of the specific military opportunities, which this whole call seems to be skewed towards, if you look at something called Executive Order 44807, that's where 06 and 05 command level personnel can be making purchasing decisions.

但我們——所以我們正在追逐那些案子，而且我們認為自己位置很好。如果說我們會贏下全部，那就太天真了，但我們會贏得我們應得的那一份。我對此有信心，甚至希望能贏得超過我們應得的份額。話雖如此，就特定的軍事機會而言——這通電話會議看起來整體偏向這個方向——如果你看一個叫做 Executive Order 44807 的行政命令，那是讓 O-6 與 O-5 指揮層級人員可以做出採購決策的依據。

So I think it's really important to watch some things like the Army marketplace, the Marine marketplace. These are Amazon-type closed websites where 05 and 06 commands can go in and make purchases. And these are coming to bear later in the year.

所以我認為密切關注像是陸軍 marketplace、海軍陸戰隊 marketplace 這類平台非常重要。這些是類似 Amazon 的封閉式網站，O-5 與 O-6 指揮單位可以進去進行採購。而這些平台會在今年稍晚開始發揮作用。

And I think you're going to watch really closely who are the first movers who are chosen to be on that. And so pre those coming out, that Executive Order 44807 is a really important order because if you look at the 05s and 06s, many of which are in special operations that are making the early decisions now who are they choosing and evidenced by what we talked about earlier in the presentation and the sales that we have made in first quarter, that's where we continue to win.

我認為你會需要非常密切地觀察，誰是第一批行動者、誰會被選入那個平台。因此在那些平台推出之前，Executive Order 44807 是一項非常重要的命令；因為如果你看 O-5 與 O-6，其中很多在特種作戰單位，他們現在正在做早期決策：他們選擇了誰？而從我們先前簡報中提到的內容，以及我們第一季完成的銷售就能看出來——那正是我們持續取勝的地方。

And most important for us at this point is to continue to win in our military business is to continue to win with that war fighter to continue to win with that 05 and 06. The operators need to believe in the equipment and the people that are building the equipment and supplying the equipment and understanding the concepts of operations. And so that's where we're really spending our time right now. Again, a little bit slower, a little bit more pragmatic.

而對我們目前而言，最重要的是要持續在軍事業務上取勝：持續贏得前線作戰人員（war fighter）的認可，持續贏得 O-5 與 O-6 的認可。操作人員必須信任設備，也必須信任打造設備、供應設備的人，並且理解作戰運用概念（concepts of operations）。因此這就是我們現在真正投入時間的地方。同樣地，步調稍慢一些、更務實一些。

I'm not saying what anybody else is doing is wrong, but this is where we find that we can exercise the skills that we have, the capabilities that we have the best. And again, because of the different personnel that we have and the long-standing experience.

我並不是在說其他人做的事情是錯的，但這正是我們能夠最充分運用我們所具備的技能與能力的地方。而且再一次，因為我們擁有不同的人才配置以及長期累積的經驗。

So Draganfly is sitting on $140 million in cash and the stock is trading relatively low. I don't understand they're saying less than $2 a share, but that's not quite true. Obviously, maybe they're talking enterprise value. Can you help investors understand why the market is undervaluing Draganfly compared to all other drone companies when Draganfly could be in a commanding position compared to some of your counterparts?

所以 Draganfly 手上握有 1.4 億美元現金，而股價相對偏低。我不太理解他們說每股不到 2 美元，但那並不完全正確。顯然，也許他們談的是企業價值。你能否協助投資人理解，為什麼市場相較於其他所有無人機公司低估了 Draganfly，尤其當 Draganfly 相較於你們的一些同業可能處於更具主導性的地位？

And what do you see as the clearest path forward in the next 6 to 12 months in closing the gap of investor confidence, and that is a great question. We are very, very aware of this, and I think it represents an incredible buying opportunity in Draganfly. So if you're looking at an organization that's not chasing the quarter, but building something really sustainable across a strategy that's around understanding what are the longer-term concept of operations and how are they going to have to be met by a particular company.

你認為在未來 6 到 12 個月內，縮小投資人信心落差最清晰的前進路徑是什麼？這是一個非常、非常好的問題。我們非常、非常清楚這件事，我認為這代表現在投資 Draganfly 是一個極佳的買進機會。所以如果你在看的是一家不追逐單季表現、而是在建立真正可持續的事業體的組織，其策略核心在於理解長期的作業概念（CONOPS）是什麼，以及特定公司將如何滿足這些需求。

That's likely why we're a bit of a laggard in this space. We recognize we are. We're not panicked by it at all. We've seen 7 or 8 drone cycles in the past, of course, nothing like this. And every single time, everybody has been bigger, everybody has been smarter, everybody's had more cash, everybody's got the better engineers, the better -- whatever the case is. And every single time, they're all gone and Draganfly is still here.

這很可能就是為什麼我們在這個領域看起來稍微落後一些。我們承認確實如此。我們完全不為此恐慌。過去我們見過 7 或 8 次無人機產業循環，當然，沒有一次像這次這樣。而每一次，大家都更大、大家都更聰明、大家都有更多現金、大家都有更好的工程師、更好的——不管是什麼情況。但每一次，他們都消失了，而 Draganfly 仍然在這裡。

Now I don't think in this particular cycle, everybody is going to be all gone. There's some really great operators out there, and they're doing a fantastic job. I do get a sense a little bit more that, one, they were cashed up sooner. So they're three or four quarters ahead of us in terms of maybe some of that cycle. And also their strategies are a bit different.

現在我不認為在這一輪循環中，所有人都會消失。外面有一些非常優秀的營運者，他們做得非常出色。我確實有一點感覺是：第一，他們更早完成資金到位。所以就這個循環而言，他們可能比我們早了三到四個季度。另外，他們的策略也有些不同。

And again, not saying their strategies are wrong. It's just not a strategy that lends to what we want to build and where we think will be an ultimate one of significant dominant players in the space. And those strategies might be larger acquisitions, unrelated acquisitions, revenue-based acquisitions, maybe some sales between companies that help those revenue numbers -- bolster those revenue numbers a bit.

再說一次，我不是在說他們的策略是錯的。只是那不是一種有助於我們想打造的方向、以及我們認為最終會成為此領域重要主導玩家之一的策略。而那些策略可能是更大型的併購、不相關的併購、以營收為導向的併購，或是公司之間的一些銷售安排，用來讓營收數字——把營收數字稍微墊高一些。

And again, all not bad strategies, all can work. But for us, our capability is really based on infield work, proving out that product and working from the ground up. Now I do think we have some great top cover. We've made some incredible resource acquisitions or hires in the last six months.

同樣地，這些都不是不好的策略，也都可能奏效。但對我們而言，我們的能力真正建立在前線實地工作、把產品驗證出來，並且由下而上推進。現在我確實認為我們有很好的高層支持。過去六個月我們完成了一些非常出色的資源併入或人才招募。

I think we have an incredibly strong Board that also has a very pragmatic approach to what the militaries around the world, in particular, the DoW, want to see and how they want to be treated, what type of company that they want to deal with. And again, not saying that the other companies are not the types of companies they want to deal with, but our capabilities lend to this particular strategy.

我認為我們有一個極其強大的董事會，而且對於全球各國軍方——特別是 DoW——想看到什麼、希望如何被對待、以及他們想要合作的是什麼類型的公司，都採取非常務實的做法。再說一次，我不是在說其他公司不是他們想合作的類型，但我們的能力更契合這個特定策略。

So I think it represents an incredible buying opportunity in Draganfly right now when you compare our capability to the other capabilities that are out there. It's just a matter of time before that revenue number more than, in my opinion, catches up and probably surpasses maybe where a number of others are, maybe not all of them, but certainly where a number of the others are.

因此我認為，當你把我們的能力與市場上其他能力相比，現在的 Draganfly 代表一個極佳的買進機會。在我看來，只是時間問題，我們的營收數字不僅會追上，甚至很可能會超越其他一些公司——也許不是全部，但至少會超過其中不少。

The press release on Friday, the 8th was pretty vague, but exciting. Any color on what potential size these deals might be? So the press release on Friday was about two additional sales into Department of War units. All I can say is that they were special operations type of units.

週五（8 日）的新聞稿相當含糊，但令人振奮。能否補充一下這些交易可能的規模？所以週五的新聞稿是關於另外兩筆銷售，交付給戰爭部（Department of War）的單位。我能說的只有，它們是特種作戰類型的單位。

And two things. First of all, these are the leading types of units that other nonspecial operations units are looking to in terms of what capabilities are they building and who are they choosing to build them with. So in the bigger picture, the potential size of them is much larger even than just the size within these specific units. However, what we have seen is in the units that I would loosely call us embedded with, we definitely have one unit that we are entirely embedded with.

有兩點。首先，這些是領先型的單位，其他非特種作戰單位會觀察它們正在建立哪些能力、以及選擇與誰合作來打造這些能力。因此從更大的角度來看，其潛在規模甚至遠大於僅限於這些特定單位內的規模。不過，我們看到的是，在我大致稱之為我們「嵌入式」合作的單位中，我們確實有一個單位是我們完全嵌入其中。

The other ones that we are being relied on as a preferred vendor and partner. We continue to see every single month, their orders going up, but not just their orders, their actual requirements changing and they're coming to us because, hey, we got a requirement change, we have an idea, we want to do this.

其他單位則把我們視為首選供應商與合作夥伴而倚重我們。我們持續看到每個月，他們的訂單都在增加；但不只是訂單，他們實際的需求也在變化，而他們會來找我們，因為——嘿，我們的需求變更了，我們有個想法，我們想做這個。

We've got a budget for that. Can you guys pull this off? Can you put people in this situation and can we design something together? So the potential size of these things certainly is well into the tens of millions, if not more, just within units, right? And again, this has got nothing to do with the RFPs out there or the larger programs which are also participating in.

我們對此有預算。你們能做到嗎？你們能把人員投入這種情境，然後我們一起設計出某個方案嗎？所以這些事情的潛在規模，單就單位內而言，肯定是數千萬美元等級，甚至更多，對吧？而且再說一次，這與外面那些 RFP 或更大型的計畫無關——那些我們也正在參與。

So not to be vague. I think it's understandable why we're required to be vague on many of these things, but the numbers will prove themselves out. So on that note, I hope we've been thorough enough for everybody today. We really appreciate the time and consideration. As always, we want to throw our thanks out to our people in Draganfly, to our shareholders and of course, to our customers, whether they're in public safety, industrial or on the military side, we appreciate the freedom you provide for us and the quality of life.

所以並不是要含糊其詞。我想大家可以理解，為什麼我們在許多事情上必須保持含糊，但數字終究會證明一切。因此在這個基礎上，我希望我們今天對大家已經足夠詳盡。我們非常感謝各位的時間與關注。一如既往，我們要向 Draganfly 的同仁、我們的股東，當然也向我們的客戶致謝——無論是在公共安全、工業領域或軍事端——我們感謝你們為我們帶來的自由與生活品質。

On that note, we continue to look forward to be of service, saving time, money and lives. And thank you for your loyalty and your attention today.

在此同時，我們也將持續期待能夠提供服務，節省時間、金錢與生命。也感謝各位今天的支持與關注。