Draganfly Inc (DPRO) 2026 Q2 法說會逐字稿

Hi, everybody. Welcome to our Q2 2026 earnings call. We'll just give this a minute. We just started it, but just letting people file in the room, and then we'll get started.

嗨，各位好。歡迎參加我們 2026 年第二季（Q2）財報電話會議。我們先稍等一下。我們剛開始，但先讓大家進入會議室，然後我們就開始。

Thank you. All right. I think to be respectful of everyone's time, we will get started just as people are still starting to file in. So as always, welcome and greetings to all the shareholders and stakeholders who always tend to join us on these calls. This time is the Draganfly 2026 Q2 earnings call. My name is Rolly Bustos. I'm the Internal Investor Relations rep here at Draganfly. We appreciate you all joining us as always.

謝謝。好。我想為了尊重大家的時間，即使仍有人陸續進來，我們也會開始。因此一如往常，歡迎並問候所有經常參與這些電話會議的股東與利害關係人。這次是 Draganfly 2026 年第二季（Q2）財報電話會議。我叫 Rolly Bustos。我是 Draganfly 內部投資人關係代表。一如往常，感謝各位加入我們。

We'll start with our CEO and President, Cameron Chell. He'll be talking about and recapping the second quarter. Next up will be a detailed financial review with our CFO, Paul Sun. We'll then conclude by addressing the pre-submitted questions we've received. As always, you're welcome to reach out to me directly at investor.relations@draganfly.com, if we didn't get to your question today.

我們將先由我們的執行長兼總裁 Cameron Chell 開始。他將談談並回顧第二季表現。接下來由我們的財務長 Paul Sun 進行詳細的財務回顧。之後我們將以回覆已預先提交的問題作結。一如往常，如果今天沒有回答到您的問題，歡迎直接透過 investor.relations@draganfly.com 與我聯繫。

I remind everyone that this presentation may include forward-looking information and statements. These statements are not guarantees of future performance or financial results and undue reliance should not be placed on them. Any future events or financial results may differ from what might be discussed here. The company's results and statements are accurate as of today, August 10, 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.

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可能與此處討論內容有所不同。公司之結果與陳述截至今日（2026 年 8 月 10 日）為準。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在本簡報第 2 頁以及目前螢幕上找到。

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

Cam，如果你準備好了，請開始。

Sounds great. Thanks Rolly. Sure appreciate it and appreciate everybody taking the time to afford us the opportunity to update our earnings call for this last quarter. So the net-net here is that Draganfly, we had a record quarter in our second quarter and we're really very pleased with the progress that we are moving forward with. It's super pragmatic. I understand that it's a very pragmatic approach compared to maybe, say, a number of other comps out in the industry, but we're super pleased with where we've ended up and what the pipeline looks like going forward.

聽起來很好。謝謝你，Rolly。非常感謝，也感謝大家撥冗讓我們有機會就上一季的財報電話會議向各位更新。總而言之，Draganfly 在第二季創下單季紀錄，我們對於持續推進的進展感到非常滿意。我們的做法非常務實。我知道相較於產業中其他一些同業，我們的方式可能更務實，但我們對目前的成果以及未來的案源管線（pipeline）非常滿意。

So our revenue was $2.664 million. That's a year-over-year increase of 26% with gross profit of $533,000 plus. We have a current cash balance of $131 million, and we did just over $2.5 million of product sales. Some of the highlights from the last quarter included IACLEA which is the International Association of Campus Law Enforcement Association or Officials/Professionals. This is a 3,000-strong campus association, and they signed an exclusive deal with Draganfly to provide their association members -- the 3,000 campuses that are a part of this -- with the training for drones and counter-drones on their campuses. It also includes product and they went through what I would call a pretty exhaustive series of tests and litmus tests and interviews and all the rest of it to determine who they were going to go with, who they were going to endorse and what program they were going to put in place.

我們的營收為 266.4 萬美元。年增 26%，毛利為 53.3 萬美元以上。目前現金餘額為 1.31 億美元，而我們的產品銷售額略高於 250 萬美元。上一季的一些亮點包括 IACLEA，也就是 International Association of Campus Law Enforcement Association or Officials/Professionals（國際校園執法協會／官員／專業人士）。這是一個擁有 3,000 名成員的校園協會，他們與 Draganfly 簽署了獨家協議，為其協會會員——也就是其中的 3,000 所校園——提供校園內無人機與反無人機的訓練。協議也包含產品；他們進行了我所稱相當徹底的一系列測試、門檻測試（litmus tests）、訪談等，以決定要與誰合作、要背書誰，以及要推行什麼樣的方案。

I would say that this was 50% based on product and 50% based on subject matter expertise and the quality of the training program that was being put forward that campuses will go through. So it's a tremendous market win for us. We have an immediate pipeline of over 50 campuses that signed up. We are in -- typical fashion of what we do, which I know is frustrating at times, taking a very pragmatic approach to how we do this. So we're moving up. We did some pilots previous to launching the whole program, which helped us establish what that training protocol would be, what were the use case scenarios and the concepts of operations that we were going to have to be planning for.

我會說，這其中 50% 取決於產品，另外 50% 取決於主題領域專業能力（subject matter expertise）以及所提出訓練計畫的品質，校園將依此接受訓練。因此，這對我們而言是一次重大的市場勝利。我們已經有超過 50 所校園的即時案源管線完成報名。我們也以一貫的方式——我知道有時會讓人感到挫折——採取非常務實的推進方法。所以我們正在逐步推進。在正式推出整個計畫之前，我們先做了一些試點（pilots），這幫助我們建立訓練流程、使用情境（use case scenarios）以及我們必須規劃的作業概念（concepts of operations）。

We had to make some key hires in campus security, counter-drone and a number of other tactical positions in order to really develop that right programming. And we're rolling out the first three campuses that have signed up with us in the next quarter. We'll assess those three campuses. We'll probably run them. We'll sign up another three of the 50 that are indicative in the pipe. And we'll run them for a quarter, then run the next ones for a quarter and get all that operational expertise, make the adjustments necessary and then we'll open up the spigot to it in probably the second quarter of next year, which works well in terms of most of the budget timing and actually most of the decision timing that it takes for things to move forward. But we really want to make sure that we've got a great reference base in this regard. It's a bit of a captured market for us. So really hats off to our public safety organization and how they organize this.

我們必須在校園安全、反無人機以及其他多個戰術職位上進行關鍵招募，才能真正打造出正確的方案設計。而我們將在下一季於首批三所已與我們簽約的校園展開部署。我們會評估這三所校園。我們可能會先跑一輪。接著再從管線中顯示的 50 所校園裡，再簽下另外三所。我們會再運行一季，然後下一批再運行一季，藉此累積所有作業面的專業經驗、進行必要調整；之後大概在明年第二季把規模全面放大（open up the spigot），這在多數預算時程以及推動決策所需的時間點上都很契合。但我們真的希望確保在這方面建立很好的參考案例基礎。對我們而言，這有點像是被我們掌握的市場（captured market）。所以真的要向我們的公共安全團隊致敬，感謝他們把這件事組織得很好。

I will mention as a subsequent event, we also did sign the Small and Rural Association and that's a very, very important association for us to sign as well. And part of our whole strategy here is not necessarily to go after the urban centers. So those urban centers are really well-serviced by organizations like Skydio, Axon, BRINC who are very, very targeted in those areas, have obviously very strong balance sheets, competent management teams, and we didn't want to be going head-to-head with those folks.

我也要提到一個後續事件：我們也與 Small and Rural Association（小型與鄉村協會）完成簽約，這對我們而言同樣是非常、非常重要的合作。而我們整體策略的一部分，並不一定是要去攻打都會中心。因為那些都會中心已經由 Skydio、Axon、BRINC 等組織提供非常完善的服務；他們在那些區域的目標非常明確，資產負債表顯然也很強健，管理團隊能力出色，我們不想與他們正面交鋒。

Now the campuses is a terrific set of organizations for us to go and work with, including the release of our drone-in-a-box solution to them. However, the rural, which makes up about 80% of police forces in the country but they're smaller. So they're a little bit more expensive to work with, but they're not quite as fussy. So you've got a balance there to work with. There are a couple of other associations that we're close to signing. But again, we're just -- we're trying to roll it out in a measured way.

至於校園，對我們而言是一組非常棒的合作對象，我們也將向他們推出我們的「盒裝無人機」（drone-in-a-box）解決方案。不過，鄉村地區約占全國警力的 80%，但規模較小。因此與他們合作的成本會稍高一些，但他們也不會那麼挑剔。所以這之間需要取得平衡。另外還有幾個協會我們已接近完成簽約。但同樣地，我們只是——希望以有節奏、可控的方式逐步推行。

We also completed the acquisition of Skip Dynamix. Now this is a really strategic acquisition for us. Skip Dynamix is -- the two founders involved here are former Navy grads. They're actually the individuals that designed the original FPVs for the Marines and over 15 years ago, trained Marines and built protocol around FPVs.

我們也完成了對 Skip Dynamix 的收購。這對我們而言是一項非常具策略性的收購。Skip Dynamix 的兩位創辦人都是前海軍官校畢業生。他們其實就是為海軍陸戰隊設計最初 FPV（第一人稱視角）系統的人，並在 15 年前就開始訓練海軍陸戰隊，並圍繞 FPV 建立作業流程（protocol）。

Now a lot of people don't know this, but FPVs weren't invented in Ukraine. They were introduced to Ukraine by the US Marines as a bit of a Hail Mary to like 'You guys are in a tough spot, try this.' And lo and behold, it worked. So the amount of experience that these two individuals brought to the organization -- not just in terms of their engineering prowess, capability, operational prowess, but also their contacts in the existing work that they do within the government -- was really important.

現在很多人不知道這件事，但 FPV 並不是在烏克蘭發明的。它們是由美國海軍陸戰隊引入烏克蘭的，有點像孤注一擲地說：「你們現在處境艱難，試試這個。」結果不出所料，真的奏效了。因此，這兩位人士為組織帶來的經驗量——不僅在工程實力、能力、作戰能力方面，還包括他們在政府既有工作中所建立的人脈——都非常重要。

Now this particular product that you see in the picture there, that is initially designed as a one-way attributable fixed-wing drone. So the part of the strategy here is twofold, and we see it unfolding exactly as these guys had predicted. There's two reasons that fixed wings will become much, much more prevalent over the coming couple of years. First of all, if there's engagement in Taiwan or the South Pacific, you're dealing with a surface area -- an ocean -- that's 5 times the size of the Atlantic. Distance matters, and you're not going to be using quadcopters in those types of engagements.

現在你在圖片中看到的這款特定產品，最初是設計成一種單向、可歸因的固定翼無人機。所以這裡的策略有兩個面向，而我們也正看到它完全如這些人所預測的那樣展開。未來幾年固定翼之所以會變得更加、更加普遍，有兩個原因。首先，如果在台灣或南太平洋發生交戰，你面對的是一個表面積——海洋——是大西洋 5 倍的區域。距離很重要，而在那類交戰中你不會使用四旋翼。

And it will basically be a naval or a marine or a beachfront type of engagement. So you need a different type or piece of equipment. And this is positioning us for that spend that's coming up in that regard. It is our estimation that the 100-nautical-mile Lucas program -- this is exactly what this is targeted toward -- and we're down to the final few contestants or selections for that, and we feel pretty good about it.

而那基本上會是海軍、海軍陸戰隊或灘頭型態的交戰。所以你需要不同類型或不同件的裝備。而這也讓我們能夠在相關支出即將到來之際，提前卡位。我們估計 100 海里 Lucas 計畫——這正是本產品所鎖定的目標——目前已進入最後幾個競爭者或最終入選名單的階段，我們對此相當有信心。

Now interestingly enough this particular plane is also an excellent ISR. It could be hand thrown. It could be from a ship or from the shore. So it's like an anywhere, anytime, very easily man packable. And an interesting piece of the construction around this product is the fact that it's not composite. It's actually a thermoform. So we can mass produce this thing today. Today we can push out tens of thousands of these things in a month at very, very low cost, like four figure cost. And that's really important, and they're completely customizable inside. So depending on the type of radio that you want to run or the type of payload that you want to have or ordinance or such. So it's very, very modular as well. So it really fits our philosophy of modular drones.

有趣的是，這架特定飛機同時也是一個非常出色的 ISR（情報、監視與偵察）平台。它可以手拋起飛。也可以從船上或岸上起飛。所以它幾乎是隨時隨地都能用，而且非常容易以人員背負方式攜行。而這個產品在結構上的一個有趣之處在於，它不是複合材料。它其實是熱成型（thermoform）。因此我們今天就能量產這個產品。今天我們就能以非常、非常低的成本——大約是四位數的成本——在一個月內推出數以萬計的單位。這點非常重要，而且其內部完全可客製化。所以取決於你想使用的無線電類型、想搭載的酬載類型、彈藥等。因此它也非常、非常模組化。這也非常符合我們「模組化無人機」的理念。

Draganfly was very proud to be awarded by DEVCOM development of a counter-drone system. This is an ultra-light, ultra-mobile counter-drone system. It has all kinds of different use cases. The primary use case was forward-operating bases or even squads that have to go out and maybe spend time overnight and need to protect personnel. It does include a tethered drone. It includes an effector that can be either kinetic or RF and some pretty sophisticated software on the tracking side. So we're really excited about what's happening there and how that's -- we've got strong experience in the counter-drone space, but winning this DEVCOM contract is significant and I believe translates into hundreds of millions of dollars of revenue, not just within the US DoW, but in the international markets as well over the coming years.

Draganfly 很自豪獲得 DEVCOM 授予的反無人機系統開發案。這是一套超輕量、超機動的反無人機系統。它有各式各樣不同的使用情境。主要使用情境是前進作戰基地，甚至是必須外出、可能需要過夜並保護人員的分隊。它包含一架繫留式無人機。也包含一個效應器（effector），可為動能式或 RF（射頻）式，並在追蹤端配備相當先進的軟體。所以我們對那邊正在發生的事情以及其發展感到非常振奮——我們在反無人機領域有很強的經驗，但贏得這份 DEVCOM 合約意義重大，我相信它在未來幾年不僅會在美國 DoW（戰爭部）體系內，也會在國際市場轉化為數億美元的營收。

We launched a brand-new line of cameras in a partnership with a company called Blitz. And you can see by the picture of that camera there, this is not a typical consumer dual-use type camera. It is a hybrid of a military camera and a dual-use commercial camera, but packed in a case and container that is much more durable and the optics on it are incredible compared to what you would get in a prosumer or in a dual-use type drone. And this is a bit of a trend that we see in the defense side of the business where you see the quality of the product, even if it's dual-use, moving up the food chain.

我們與一家名為 Blitz 的公司合作，推出了一條全新的相機產品線。從那張相機的圖片你可以看出來，這不是典型的消費級兩用相機。它是軍用相機與商用兩用相機的混合體，但裝在更耐用的外殼與容器中，而且其光學表現相較於你在準專業（prosumer）或兩用型無人機上能取得的水準要出色得多。而這也是我們在國防業務端看到的一個趨勢：即使是兩用產品，其品質也正在往更高階的層級提升。

And I would suggest this is also a reason that we continue to see a slight -- a meaningful delay in our revenue ramp because the specifications and qualifications that are being asked for are being refined on the fly. So we may have a large order and then as the order gets there, they're like, 'Hey can you make this tweak?' And then you've got to redesign some cameras. And candidly, this is why we worked in partnership to develop this entire camera system. It's very unique to Draganfly. It'll fit on any of our models. It'll also fit onto other drone models as well and really launches us into the optics business.

我認為這也是我們持續看到營收爬坡略有——但具實質意義的——延遲的原因之一，因為被要求的規格與資格條件正在邊做邊精煉。所以我們可能拿到一張大訂單，但當訂單要落地時，他們會說：「嘿，你能不能做這個微調？」然後你就得重新設計一些相機。坦白說，這也是為什麼我們要以合作夥伴方式來開發整套相機系統。它對 Draganfly 來說非常獨特。它可以安裝在我們任何一款機型上。也能安裝到其他無人機機型上，並真正讓我們切入光學業務。

Draganfly, the Flex, the FPV drone was selected by two additional US Department of War units. I can tell you that these are all Special Forces units and we're really proud of the fact and pleased with the fact that these particular Special Forces units are selecting the Flex drone. There's a couple of primary reasons that we can't really talk about but a couple of them that are disposable is in particular that you've got arms and blades that you can switch out. So what that means is that you've got variability in your mission profile without having to carry a whole bunch more equipment.

Draganfly 的 Flex（FPV 無人機）被另外兩個美國戰爭部單位選用。我可以告訴你，這些都是特種部隊單位；我們對於這些特種部隊單位選擇 Flex 無人機這件事感到非常自豪，也非常高興。其中有幾個主要原因我們不能多談，但可以公開的一點是：它的機臂與槳葉可以更換。這代表你在不必攜帶一大堆額外裝備的情況下，就能讓任務構型具備變化性。

But the unintended consequence of that design was that you can fit between 3 and 4 times as many drones in the same space whether that's a backpack or the back of a truck because of the way they pull apart and it takes seconds to pull apart or put together. But the way they do, they just pack nicely into very contained spaces. So again, that wasn't part of the original design concept in terms of what the benefit was, but it's actually turning out to be an incredible benefit.

但這個設計帶來的非預期結果是：由於它可以拆開的方式，你可以在同樣的空間裡裝下 3 到 4 倍數量的無人機——不論是背包或卡車後斗——而且拆裝只需要幾秒鐘。而且它們的拆裝方式讓它們能很整齊地收納在非常受限的空間裡。所以再一次，這並不是原始設計概念中所預期的效益，但實際上正變成一個令人驚豔的優勢。

Now the performance of it will match -- the difference between FPVs out there in terms of speed and maneuverability is marginal between any of them. But because you can put some bigger blades on this even with shorter arms you actually can do some bigger payloads and some more sophisticated radios. Some of these are actually being used in live situations right now even as ISR drones. So some great lessons that have come out of that, and we see a great future for this particular one.

至於性能表現——市面上各種 FPV 在速度與機動性方面的差異，其實都很有限。但因為即使在較短的機臂上你也能裝上更大的槳葉，所以實際上可以承載更大的酬載，以及更複雜的無線電設備。其中一些目前甚至已在實戰情境中使用，作為 ISR 無人機。因此我們從中獲得了一些很棒的經驗教訓，也看好這一款的未來。

ACSL and Draganfly have partnered to bring NDAA-compliant Japanese drones into the Canadian and actually into the US market as well but into the Canadian market it's exclusive. But into both of these markets it's important to note that these are not just typical ACSL Japanese-made drones. This is originally a drone that was originally designed by Hitachi but the ACSL drones that are in our lineup, are in our lineup because we've integrated them with our other drones. So you'll see on the front of the ACSL drone a camera system that pops off and another camera that can pop on whether it be a thermal, a higher res, hyperspectral or whatever the case may be. There's four different cameras. But those cameras now also pop off and are being fitted onto the APEX drone and eventually onto all of the drones. So we'll have an interchangeable camera system that will be included in the ACSL line. Now only Draganfly will have that interchangeable capability with ACSL. So we're building strategic differentiators into this particular product line.

ACSL 與 Draganfly 已合作，將符合 NDAA 規範的日本無人機引進加拿大市場，實際上也引進美國市場，但在加拿大市場是獨家。不過在這兩個市場都必須強調：這些並不只是一般典型的 ACSL 日本製無人機。這款無人機最初是由日立（Hitachi）設計，但我們產品線中的 ACSL 無人機之所以能納入，是因為我們已將它們與我們的其他無人機進行整合。所以你會在 ACSL 無人機前端看到一套可拆卸的相機系統，並可換裝另一顆相機，不論是熱成像、更高解析度、高光譜（hyperspectral）或其他類型。共有四種不同相機。但這些相機現在也能拆下並安裝到 APEX 無人機上，並最終擴展到所有無人機上。因此我們將擁有一套可互換的相機系統，並納入 ACSL 產品線。而在 ACSL 方面，只有 Draganfly 具備這種可互換能力。所以我們正在為這條產品線打造策略性的差異化優勢。

Now the reason that we didn't build this product ourselves is that everybody builds this product and it's typically a low-margin product but it's something that you've got to have in your product mix because it's a very convenient and popular-sized drone and it works great for ISR whether that be in military, public safety or industrial. But that particular drone model in our opinion is a race to the bottom. So we wanted to come up with a strategy that would still allow us to scale, still build some unique capabilities within our product line but also not have us utilize valuable resources to develop a me-too type product. And I'm not suggesting ACSL is a me-too or that company is a me-too. They've done some really, really cool things here, but this is all they do. You really have to just be focused in that particular product line if you're going to be even somewhat successful.

我們之所以沒有自己打造這項產品，原因在於每個人都在做這種產品，而且它通常是低毛利產品，但它又是你在產品組合中必須具備的，因為這是一款非常方便、尺寸也很受歡迎的無人機，且在 ISR（情報、監視與偵察）方面表現非常出色，無論是在軍事、公共安全或工業領域。但就我們的看法，那一款特定的無人機型號是一場走向低價競爭的賽跑。因此我們希望提出一個策略，既能讓我們擴張規模、在產品線中建立一些獨特能力，同時也不必動用寶貴資源去開發一款「你有我也有」的產品。我並不是在暗示 ACSL 是「你有我也有」，或那家公司是「你有我也有」。他們在這裡做了很多非常、非常酷的事情，但他們就只做這個。如果你要在那條特定產品線上取得哪怕一點點成功，你真的必須非常專注。

And, of course, our product line tends to be first of all interchangeable, modular. Arguably we're still the only folks out there that have a fully integrated product line across six different drone sets. So if you're a squad, a company, a battalion, a brigade, you've got all the different drone sections that you can pick from one supplier. We supply everybody from a squad right up to brigade.

當然，我們的產品線首先傾向於可互換、模組化。可以說，我們仍然是市面上唯一一家在六種不同無人機系列之間擁有完整整合式產品線的公司。所以如果你是一個班、一個連、一個營或一個旅，你可以從同一家供應商選擇所有不同的無人機分隊/類別。我們的供應對象涵蓋從班一直到旅。

We don't go up to command level because those are typically drones that are Category 3 drones. But interestingly enough the biggest demand signal that we see over the next couple of years is going to be medium- and long-range strike drones. And hence that's exactly why we bought the expertise and technology behind Skip Dynamix. So you will see us entering into at least the medium-strike and likely the long-strike area over the next number of years as well.

我們不做到指揮層級，因為那通常是第 3 類無人機。但有趣的是，我們在未來幾年看到最大的需求訊號，將會是中程與長程打擊無人機。因此這也正是我們收購 Skip Dynamix 背後專業能力與技術的原因。所以在未來幾年，你會看到我們至少會進入中程打擊，並且很可能也會進入長程打擊領域。

I had the great pleasure of -- man that picture is -- I got to talk to our PR department. That was a long time ago. But anyway I had the great pleasure of providing testimony to the Canadian Senate specifically talking about how to speed up the procurement cycles: one, to help industrialize the military complex in Canada; but two, to help ensure that they are able to get the equipment they need in the time frame they need because everything is sped up.

我很榮幸——天啊那張照片——我得跟我們公關部門談談。那是很久以前的事了。不過總之，我很榮幸能在加拿大參議院作證，特別談到如何加快採購週期：第一，協助加拿大軍工體系工業化；第二，確保他們能在所需的時間範圍內取得所需裝備，因為一切都在加速。

Now it's interesting because Canada has also in many respects become a leading voice and a leading industrial nation even within the European pack. So much of that testimony was applied over into NATO. I was invited also by the Prime Minister's Office to attend a NATO summit in Turkey along with six other Canadian defense executives. And it was probably one of the most productive and insightful trips that I've ever had the pleasure of being on with direct contact with multiple world leaders talking specifically about procurement cycles, where we're at in the drone space, what are the things that we need to do to be effective long term. Not next quarter, but what do we need to do to build a successful long-term industrial base.

現在這很有意思，因為加拿大在許多方面也已成為領先的聲音與領先的工業國家，甚至在歐洲陣營之中也是如此。因此，那些證詞有很大一部分也被延伸應用到北約（NATO）。我也受總理辦公室邀請，與另外六位加拿大國防產業高階主管一同前往土耳其參加一場北約峰會。那大概是我參與過最具生產力、也最有洞見的一次行程之一，能直接接觸多位世界領袖，專門討論採購週期、我們在無人機領域所處的位置，以及我們需要做哪些事情才能在長期有效。不是下一季，而是我們需要做什麼來建立一個成功的長期工業基礎。

So it's premature to say right now, but you will see massive procurement coming out of the Canadian market even by the end of this year which is another reason that our procurement and revenue cycle will see a significant bulge in it because we've had to remain measured in order to meet that demand on a timeline that's going to be required of us. So again, we've worked ourselves into a very privileged situation to be able to serve the people that serve, and we're hopefully going to be able to do the job that's being asked of us.

所以現在說還言之過早，但你將會看到加拿大市場釋出大量採購，甚至在今年年底前就會出現；這也是我們的採購與營收週期會出現顯著「隆起」的另一個原因，因為我們必須保持審慎節奏，才能在要求的時程內滿足那個需求。所以再次強調，我們讓自己處於一個非常有利的位置，能夠服務那些為人民服務的人；我們也希望能把被交付給我們的任務做好。

At this point I'm going to turn it over to our CFO, Paul Sun, to run through the financial highlights. Paul?

接下來我把時間交給我們的財務長 Paul Sun，請他帶大家快速看一下財務重點。Paul？

Yes. Thanks, Cam. Thanks everyone for joining. So yes, this first slide here we'll look at a snapshot of the second quarter comparing it to the year-over-year quarter last year. So revenue as Cam mentioned 26% up to $2.7 million from $2.1 million in the second quarter of '25. Second quarter revenue comprised of $2.6 million in product sales with $100,000 for the balance coming from drone services. Gross profit $533,100 compared to $504,000 in Q2 of last year.

是的。謝謝你，Cam。也謝謝各位參與。那麼，是的，這第一張投影片我們先看第二季的快照，並與去年同期季度做年對年比較。如 Cam 提到，營收成長 26%，從 2025 年第二季的 210 萬美元增至 270 萬美元。第二季營收由 260 萬美元的產品銷售構成，其餘 10 萬美元來自無人機服務。毛利為 533,100 美元，去年第二季為 504,000 美元。

We did have a onetime noncash write-down of inventory of $43,700 and otherwise would have been $576,800 compared to the same period last year where there was a onetime inventory write-down of $10,400 making the adjusted gross profit $515,000 last year. Adjusted gross margin for Q2 was 21.7% compared to last year's adjusted number of 24.3%. This was a result of products and services mix comparing the two quarters as some products have different margin profiles than others.

我們確實有一次性、非現金的存貨減記 43,700 美元；若不計此項，毛利本應為 576,800 美元。對照去年同期，當時也有一次性存貨減記 10,400 美元，使得去年調整後毛利為 515,000 美元。第二季調整後毛利率為 21.7%，相較去年調整後的 24.3%。這是由於兩個季度之間的產品與服務組合差異所致，因為不同產品的毛利率結構不同。

Total comprehensive loss for the quarter was $11.8 million compared to a loss of $4.7 million in the same period last year. This quarter does include that noncash write-down of inventory of the $43,700 and a small fair value of derivative liability loss of $8,900. You'll recall that's from a February '24 financing that we did where it's just the way we report functionally in Canadian, so we have to account for that as a derivative. So loss otherwise would have been a comprehensive loss of $11.7 million versus an adjusted loss of $4.6 million in the same quarter of 2025. Increase is primarily due to higher office and admin cost, R&D, share-based comp, professional fees, travel and wages.

本季總綜合損失為 1,180 萬美元，去年同期損失為 470 萬美元。本季包含上述 43,700 美元的非現金存貨減記，以及 8,900 美元的衍生負債公允價值小額損失。各位會記得，那是源自我們在 2024 年 2 月做的一筆融資；由於我們在加拿大的功能性報導方式，我們必須將其作為衍生工具入帳。因此，若不計這些項目，損失將為 1,170 萬美元的綜合損失，相較 2025 年同季調整後損失 460 萬美元。增加主要來自較高的辦公與行政成本、研發、股份基礎給付、專業費用、差旅與薪資。

And if we can go to the next slide please to do a quarter-over-quarter change. Looks good. Yes, so revenue for Q2 was up 15.2% to $2.7 million again compared to the $2.3 million for Q1 of this year in '26 mainly due to higher product sales. Gross margin for Q2 was 20% compared to 15% in Q1 of '26. However if we back up that onetime inventory write-down that I mentioned before gross margin for Q2 would have been 21.7% compared to 19.6% adjusting for noncash items in the previous quarter.

如果可以的話，請到下一張投影片，來看季對季的變化。看起來很好。是的，第二季營收季增 15.2% 至 270 萬美元，相較於 2026 年第一季的 230 萬美元，主要是因為產品銷售增加。第二季毛利率為 20%，相較 2026 年第一季的 15%。不過，如果把我先前提到的一次性存貨減記加回，第二季毛利率將為 21.7%，相較於上一季在調整非現金項目後的 19.6%。

Total comprehensive loss for Q2 again $11.8 million compared to a comprehensive loss of $5.7 million for Q1 of '26. And, of course, you'll recall we had that loss in fair value of derivative liability of $8,900 and the write-down of inventory of $43,700. So Q2 would have been $11.7 million compared to a loss of $6.6 million, excluding noncash adjustments in Q1 of this year. Again, increase in quarter-over-quarter was primarily due to the same factors being high office and admin costs, R&D, share issuance cost, professional fees, travel and wages as the company continues to scale as per Cam's earlier comments.

第二季總綜合損失同樣為 1,180 萬美元，相較 2026 年第一季的綜合損失 570 萬美元。當然，各位會記得我們有 8,900 美元的衍生負債公允價值損失，以及 43,700 美元的存貨減記。因此，第二季將為 1,170 萬美元，相較於本年度第一季在排除非現金調整後的損失 660 萬美元。再次強調，季對季增加主要仍是相同因素：較高的辦公與行政成本、研發、股份發行成本、專業費用、差旅與薪資，因公司持續擴張，正如 Cam 先前所提。

Moving to the last financial slide here. I think we've got a snapshot of the balance sheet. So you can see total assets increased from $101.3 million to $154 million from the end of the year, largely due to the increase in cash. You'll recall we did do a relatively large financing in February of this year. The working capital surplus as at June 30 was $144 million versus $95.2 million from the end of 2025. Shareholder equity was $148.9 million at quarter end compared to $96.6 million at the end of last year. However, both working capital and shareholders' equity would have been a little bit higher if we ex'ed out those noncash fair value of derivative liability that I mentioned earlier for the quarter as well as at year-end. You can see we continue to have minimal debt and our cash balance at the end of this quarter was $131.9 million compared to $90.2 million at the end of '25 as again we did that February financing.

接著來看最後一張財務投影片。我想我們這裡有一張資產負債表的快照。因此你可以看到，總資產自年末由 1.013 億美元增加至 1.54 億美元，主要是因為現金增加。你會記得我們在今年 2 月進行了一筆相對較大規模的融資。截至 6 月 30 日的營運資金盈餘為 1.44 億美元，相較於 2025 年年末的 9,520 萬美元。股東權益在本季季末為 1.489 億美元，較去年年末的 9,660 萬美元增加。不過，如果把我先前提到的本季以及年末的衍生性負債之非現金公允價值變動排除，營運資金與股東權益都會略高一些。你可以看到我們仍維持極低的負債，而本季季末的現金餘額為 1.319 億美元，相較於 2025 年年末的 9,020 萬美元；同樣地，這是因為我們在 2 月完成了那次融資。

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

那麼我把時間交還給你，Cam。

Great. Thank you, Paul. Appreciate it. Just a super quick review. This is our core line here along with two additional -- actually three additional products. So we've got the Flex FPV, the APEX, the Commander, the Heavy Lift Drone. That Heavy Lift also comes in a hybrid called the Outrider which is up to seven hour flight time with a 67-kilogram payload capacity. And the ORCA the beginning of our fixed-wing line, our medium- and long-range strike. This is currently short-range strike. Short-range we're calling 100 nautical miles. Depending on the area that you're working in like 100 nautical miles would actually be about a medium-range strike drone in the Ukrainian theater. But in the Pacific theater that's a short range.

很好。謝謝你，Paul。感謝。我快速回顧一下。這是我們的核心產品線，另外還有兩個額外——其實是三個額外產品。所以我們有 Flex FPV、APEX、Commander、Heavy Lift Drone（重載無人機）。這款 Heavy Lift 也有一個混合動力版本，稱為 Outrider，最長可達 7 小時飛行時間，載重能力為 67 公斤。以及 ORCA，這是我們固定翼產品線的起點，屬於中程與長程打擊。目前這是短程打擊。我們把短程定義為 100 海里。視你作業的區域而定，例如在烏克蘭戰區，100 海里其實大約會被視為中程打擊無人機。但在太平洋戰區，那就是短程。

And then, of course, we've got the SOTEN which is unique -- with the modifications that we've made and the integrations that we've done, that is a unique product for us. You will continue to see product rollout from us over the coming quarters as well. I shouldn't say more than that but pretty excited about the things that are being driven by customer demand and where we're positioning those things from both our military and in particular public safety customers.

然後，當然，我們還有 SOTEN，它很獨特——透過我們所做的改裝與整合，這對我們而言是一項獨特的產品。在接下來幾個季度，你也會持續看到我們推出新產品。我不應該說太多，但對於由客戶需求所推動的事項，以及我們如何在軍方、尤其是公共安全客戶兩端進行定位，我們都感到非常振奮。

So there are a number of questions that came in that Rolly provided to me so I'm just going to read them here if that's okay and do my best to answer them. So could you discuss Draganfly's strategy in the current UAS -- counter-UAS market? Is Draganfly developing its own counter-UAS system or do you expect these capabilities to be delivered primarily through strategic partnerships and integrations.

有一些問題是 Rolly 提供給我的，所以如果可以的話，我就直接在這裡念出來，並盡力回答。你能否談談 Draganfly 在目前 UAS——反制 UAS 市場中的策略？Draganfly 是在開發自有的反制 UAS 系統，還是你預期這些能力主要會透過策略夥伴關係與整合來交付？

So great question. And I think as one of the advantages that we have or one of the strengths that we have is the fact that we've been building drones for 27 years. We understand the vulnerabilities of them extremely well. And we have -- we were doing counter-drone work 15 years ago. Well it was 12 years ago. We built a drone that shot nets out using airbag explosives under contract with AeroVironment who was a big customer of ours at that time. And we've seen many progressions and one-offs that we've built for different programs out there.

這是個很好的問題。我認為我們的一項優勢或強項在於，我們已經製造無人機 27 年了。我們非常了解它們的弱點。而且我們——我們在 15 年前就做過反無人機的工作。嗯，其實是 12 年前。我們曾在與 AeroVironment 的合約下打造一款能發射網具的無人機，使用的是安全氣囊爆炸裝置；當時 AeroVironment 是我們的大客戶。我們也看過許多演進版本，以及為不同專案打造的各種一次性（one-off）方案。

So we are developing our counter-drone capabilities. We have purposely not tried to be first to market in this regard because it is like the UAS space, a very fast-moving, continually changing space, more because tactics from aggressors can change so quickly. And because it's such a nascent industry, the concepts of operations and the use cases all change super quickly. So we're definitely an innovative company. We don't try to be first movers but we definitely take the time to do the research and be very innovative so that when we are coming out with stuff it works and can be really well deployed.

因此我們正在開發我們的反無人機能力。我們刻意沒有在這方面追求搶先上市，因為這個領域就像 UAS 領域一樣，是一個變化非常快速、持續演進的市場，尤其是因為攻擊方的戰術可能變得非常快。而且由於這是一個相當新興的產業，作戰概念（CONOPS）與使用情境也都變化得非常快。所以我們確實是一家創新公司。我們不追求成為第一批進入者，但我們一定會花時間做研究並保持高度創新，確保當我們推出產品時，它能運作良好並且能被有效部署。

So our counter-drone strategy is being able to have certain specific capabilities that are unique but that can also be applied into existing product out there so that we want to be able to use the existing well-established counter-drone companies to be able to be channel partners of ours. Now we've been very fortunate and won the DEVCOM contract in order to build an ultralight, ultramobile counter-drone system for the Department of War. Which is a massive opportunity for us as I mentioned before, hundreds of millions of dollars over the coming years is the potential. And it's certainly on track. There are a couple of partners in there. There's a tether company that's in there that we've partnered with in order to provide some of the unique capabilities of the proposed -- or the system that we did propose.

因此，我們的反無人機策略是具備某些獨特的特定能力，同時也能套用到市面上既有的產品中；我們希望能運用既有、成熟的反無人機公司作為我們的通路合作夥伴。我們非常幸運地拿下 DEVCOM 合約，為戰爭部（Department of War）打造一套超輕量、超機動的反無人機系統。如我先前提到的，這對我們而言是巨大的機會，未來幾年潛在規模可達數億美元。而且目前確實進展順利。其中有幾個合作夥伴。我們與一家繫留（tether）公司合作，以提供我們所提案之——或我們所提案系統的一些獨特能力。

But for the most part the hardcore IP underneath, the tracking system, how everything integrates together, the fact that it's modular, it can use multiple types of effectors whether that be kinetic, soft kinetic, low collateral, RF, whatever the case, is all entirely unique to us. So the short answer is we're developing our counter-drone capabilities. It will have proprietary aspects to it ,but we're certainly not afraid of partnering or purchasing or joint venturing. What we really care about is providing the greatest amount of safety to the people that we serve. And that's the approach that we'll continue to take on that.

但大致上，底層的核心智慧財產（IP）、追蹤系統、各項整合方式、模組化設計，以及它可使用多種類型的效應器（effectors）——不論是動能、軟動能、低附帶損害、射頻（RF）等各種情境——這些都完全是我們獨有的。所以簡短的答案是：我們正在開發我們的反無人機能力。它會包含專有的部分，但我們當然也不排斥合作、收購或合資。我們真正重視的是，為我們所服務的人提供最大程度的安全。這也將是我們在這方面持續採取的方法。

So do we think anything will come of our attending the NATO summit? The NATO summit was one of the most fascinating experiences. And I've been to NATO summits before. Not invited in at this level for sure and certainly not maybe in times that are as unpredictable as they are right now with the types of budgets that are going into NATO-type countries. We will undoubtedly see more than significant results from this NATO summit and the ongoing NATO participation that we will have and the unique position that Canada presents within NATO as being a North American company but a part of the European Defense Act and really having a leadership position there.

那麼，我們認為參加北約峰會會帶來什麼成果嗎？北約峰會是一次最令人著迷的經驗之一。而且我以前也參加過北約峰會。但肯定沒有在這個層級受邀進入，尤其可能也不是在像現在這樣充滿不確定性的時期——各類預算正投入到北約型國家之中。我們毫無疑問會從這次北約峰會，以及我們後續持續參與北約的活動中，看到非常顯著的成果；同時，加拿大在北約中的獨特定位——作為北美公司、但又是《歐洲防務法案》的一部分，並在其中具備領導地位——也將帶來助益。

So our international business we're very fortunate that we have manufacturing in Canada and the United States and representation in both countries. All the way up to a Board level about 85% plus of our shareholders are US citizens. However because of the domicile of Canada and what that affords us is the ability to have some really nice open doors not just within NATO but also within many Latin American, many Asian, many Eastern Bloc countries. So we see a tremendous amount of opportunity in those markets, and we see very strong support from the Canadian government in order to supply and -- both for geopolitical but also for economic reasons we're getting some great support in that regard. So we'll really start ramping up our capabilities within that regard. So it was a fantastic trip and incredible learning for all of us.

就我們的國際業務而言，我們非常幸運在加拿大與美國都有製造能力，並且在兩國都有代表據點。一直到董事會層級，我們約有 85% 以上的股東是美國公民。然而，由於公司註冊地在加拿大，這帶給我們的好處是能夠打開一些非常好的大門，不僅是在北約體系內，也包括許多拉丁美洲、許多亞洲，以及許多東歐集團國家。因此我們在這些市場看到非常巨大的機會；同時我們也看到加拿大政府提供強力支持以進行供應與——基於地緣政治以及經濟因素，我們在這方面獲得了很好的支持。因此我們將會開始在這方面大幅提升我們的能力。所以這趟行程非常精彩，也讓我們所有人都收穫良多。

Is Canada going to be an important revenue source for us? Can we expect contracts to be announced? The answer to both of those is yes. We never planned in our original business plan that Canada would be an overwhelming like almost even material revenue source for us. And it's really turning out to be quite the opposite. One, the budgets are very significant. It's the 10 or 11 largest economy in the world that's literally deploying tens and tens of billions of dollars over very short periods of time with the best talent that they've got in order to have these capabilities. Some very unique things about Canada is a massive coastline so marine is becoming a specialty for us. Arctic without question is becoming a specialty for us and Canada really wants to position itself as an Arctic expertise. And it is geographically a big part of their responsibility, whether it be NORAD or their own sovereignty. So pleasantly it is.

加拿大會成為我們重要的營收來源嗎？我們是否可以期待合約將被公布？這兩個問題的答案都是肯定的。在我們最初的商業計畫中，我們從未規劃加拿大會成為對我們而言壓倒性、甚至接近具重大性（material）的營收來源。而實際發展卻恰恰相反。第一，預算規模非常可觀。加拿大是全球第10或第11大經濟體，正以他們最優秀的人才，在非常短的時間內實際投入數百億、數百億美元來建置這些能力。加拿大有一些非常獨特之處：其海岸線極長，因此海事領域正成為我們的專長之一。毫無疑問，北極也正成為我們的專長，而加拿大確實希望將自身定位為北極專業國家。從地理上看，這也是他們責任的重要部分，無論是NORAD（北美防空司令部）或是他們自身的主權維護。所以，令人欣喜的是確實如此。

Now that said, I don't want to take away for one second our commitment into the United States. We have facilities in Florida. We have additional facilities that will be very large facilities that will be stood up before the end of the year along with personnel to meet the demand that is there. And I know there's that question, well if the demand is there why don't the numbers show it? And it is intricate. The reality is we've just got to have that capacity for when the ball drops. And the ball's dropped and it's dropping. So it's just we're probably maybe three or four quarters behind some of the other comps out there in terms of the ramp that they saw. However, I think because of some of the international opportunities we've certainly got as large, if not larger, total TAM to be able to provide.

不過話說回來，我不想在任何一秒鐘內削弱我們對美國市場的承諾。我們在佛羅里達有設施。我們還有額外的設施——在年底前會建置完成、而且規模會非常大——並會搭配人員配置，以滿足現有需求。我知道也有人會問：如果需求真的存在，為什麼數字沒有反映出來？這其中很複雜。現實是，我們必須先具備那樣的產能，等到「球落下」的那一刻。而球已經落下，而且還在持續落下。所以只是我們在需求爬坡（ramp）上，可能比其他同業可比公司（comps）晚了大概三到四個季度。不過，我認為因為我們確實擁有一些國際機會，我們的總可服務市場（TAM）至少同樣大，甚至可能更大，足以讓我們提供服務。

And also because we've got a full product suite which we've spent a lot of time building out. Again, being that first mover is not the most important thing to us. Being a complete mover is the most important thing to us. So buyers are becoming much more discerning very quickly. And so, it's over the last number of years of education something that flew could be sold. However, that is not the case anymore. And so, they want to have these integrated systems to provide and execute on integrated missions, whether that's public safety, military or frankly even industrial.

另外，因為我們擁有完整的產品組合，而這是我們花了很多時間建構出來的。再說一次，成為第一個進入者（first mover）對我們而言不是最重要的。成為「完整的進入者」（complete mover）才是最重要的。因此，買方正非常快速地變得更有鑑別力。過去幾年在市場教育的過程中，只要能飛的東西就能賣出去。但現在已經不是這樣了。因此，他們希望擁有這些整合式系統，用來提供並執行整合任務，不論是公共安全、軍事，坦白說甚至是工業用途。

So we've seen an impact from Skip Dynamix. Had we seen an impact from the Skip Dynamix acquisition? Yes. The impact certainly isn't on the revenue side but that wasn't the objective. The objective here was the talent both from a pure intellect standpoint, also from an integrity standpoint and also from a contact standpoint. And it was the technology itself. We are thrilled around the thermoplastic technology, which reduces the weight and the cost and the scalability of these things. It's like nothing else I've seen out there.

所以我們確實看到了來自 Skip Dynamix 的影響。我們是否看到了收購 Skip Dynamix 的影響？是的。這個影響當然不在營收端，但那本來就不是目標。這裡的目標是人才——不僅是純粹智識層面，也包括品格操守（integrity）層面，以及人脈／聯繫（contact）層面。同時也包括技術本身。我們對熱塑性（thermoplastic）技術感到非常振奮，它能降低重量、降低成本，並提升這些產品的可擴展性。這就像我在市場上所見過的任何東西都不一樣。

So that is a really, really important aspect of why we -- and so we've seen a big impact and we're going to see very sizable orders because of it. And orders not just in the particular ORCA or Dolphin product lines but also the learnings that are being applied into the other areas of our product line.

所以這是我們為什麼——以及因此我們已經看到很大影響——的一個非常、非常重要的面向，而且我們也將因為它看到非常可觀的訂單。而這些訂單不僅會出現在特定的 ORCA 或 Dolphin 產品線，也會包括把這些學到的經驗應用到我們產品線的其他領域。

So what has been the feedback and initial interest in the drone programs from IACLEA? Do we have an idea of what revenue that these partnerships will bring? So the small and also the small rural SRLEEA. Listen that represents 80% of the police forces in the United States. It's just that simple. It's just not something -- we're just trying to be where other people aren't, number one, and aren't thinking are important.

那麼，IACLEA 對無人機計畫的回饋與初步興趣如何？我們是否知道這些合作夥伴關係會帶來多少營收？另外還有小型以及小型鄉村的 SRLEEA。聽著，那代表美國80%的警力單位。就這麼簡單。這不是什麼——我們只是想去到別人不在的地方，第一點；也去到別人不認為重要的地方。

Now the use cases in some of those areas are different than pure urban areas but they lend themselves to the type of work that we have traditionally done. Traditionally our drones have been a bit bigger, longer distances, heavier payloads. And when you're in those rural areas that's exactly what you've got to do. So you're going to be looking at situations where a small little Mavic 3 or ISR drone just doesn't fly for 15 minutes. That's not going to get you across a farmer's field, much less across the county.

而在其中一些地區的使用情境（use cases）與純都市地區不同，但它們很適合我們傳統上所做的工作類型。傳統上，我們的無人機體型更大、航程更遠、載重更高。而當你在那些鄉村地區時，這正是你必須做到的。所以你會遇到一些情況：一台小小的 Mavic 3 或 ISR 無人機只飛15分鐘，根本不適用。那樣不可能讓你飛越一片農田，更別說跨越整個郡（county）了。

So those are the types of things that we're looking at, and we think it's going to have a very big impact because like I say it's 80% of the police forces out there fit into that category that I wouldn't say we've got locked up, but we got a stranglehold on and hopefully we'll be able to provide the right type of service to continue to earn that position.

所以這些就是我們正在看的事情，我們認為它會帶來非常大的影響，因為如我所說，外面有80%的警力單位都屬於那個類別；我不會說我們已經把它完全鎖定，但我們確實有很強的掌控力（stranglehold），也希望我們能提供正確類型的服務，持續贏得並維持那個地位。

So as Rolly mentioned, we are available as much as possible and reasonable to answer any questions. We appreciate everybody's time and thank you for the consideration that you've given us today.

所以如 Rolly 所提，我們會在盡可能且合理的範圍內保持可聯繫，以回答任何問題。感謝各位撥冗，也謝謝大家今天對我們所給予的關注與考量。