Mobilicom Limited (MOB) 2026 Q1 法說會逐字稿

Good afternoon, everyone. My name is Chris Donovan, Mobilicom's Head of Investor Relations. Welcome to Mobilicom's first quarter 2026 earnings results conference call. Joining me today are Oren Elkayam, Mobilicom's Founder and Chief Executive Officer; and Liad Gelfer, the company's Director of Finance. Earlier today, Mobilicom issued a press release announcing its financial results and business highlights for the three months ended March 31, 2026.

各位下午好。我叫 Chris Donovan，擔任 Mobilicom 投資人關係主管。歡迎參加 Mobilicom 2026 會計年度第一季財報電話會議。今天與我一同出席的有 Mobilicom 創辦人兼執行長 Oren Elkayam，以及公司財務總監 Liad Gelfer。今天稍早，Mobilicom 已發布新聞稿，公布截至 2026 年 3 月 31 日止三個月的財務結果與業務重點。

A copy of the release is available on the Investor Relations section of the company's website. Before we begin, I would like to remind everyone that certain statements made during this conference call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws.

新聞稿可於公司網站的投資人關係專區取得。在開始之前，我想提醒各位，本次電話會議中所作的某些陳述，可能構成《1995 年私人證券訴訟改革法》及其他證券法所定義的前瞻性陳述。

Forward-looking statements are based on management's current expectations, beliefs and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those described in these statements. For a more detailed description of these risks and uncertainties, please refer to Mobilicom's filings with the US Securities and Exchange Commission, including the Risk Factors section of the company's most recent annual report on Form 20-F and the subsequent reports furnished on Form 6-K.

前瞻性陳述係基於管理層目前的預期、信念與假設，並受風險與不確定性影響，可能導致實際結果與這些陳述所描述者存在重大差異。如需更詳細的風險與不確定性說明，請參閱 Mobilicom 向美國證券交易委員會（SEC）提交的文件，包括公司最近一期 Form 20-F 年報中的「風險因素」章節，以及其後以 Form 6-K 提供的報告。

All forward-looking statements speak only as of the date of today's call, and Mobilicom undertakes no obligation to publicly update or revise any forward-looking statements, except as required by applicable law. Following management's prepared remarks, we will open the call for analyst questions. As for the agenda today, there will be a brief introduction to Mobilicom for those joining the story for the first time, our 2026 outlook and progress we've made against it in Q1, an update on programs of record, including progress under the new US Army LASSO program and our new -- our two new US Tier 1 design wins, a cybersecurity regulatory momentum slide as well as Q1 2026 financial highlights and our equity and cash position.

所有前瞻性陳述僅截至今日電話會議之日有效，除非適用法律另有要求，Mobilicom 不承擔公開更新或修訂任何前瞻性陳述之義務。在管理層預先準備的發言結束後，我們將開放分析師提問。至於今日議程，將先為首次了解 Mobilicom 的與會者簡要介紹公司，接著說明我們對 2026 年的展望以及第一季在該展望下的進展，更新既定專案（programs of record），包括新的美國陸軍 LASSO 計畫進展，以及我們新增的——兩項新的美國一級（Tier 1）設計導入（design win），並介紹資安法規推動動能的投影片，以及 2026 年第一季財務重點與我們的股權及現金部位。

An update on our Q1 operational achievements will follow; and lastly, an analyst question-and-answer session with management. This webinar is being recorded and will be available for replay on ir.mobilicom.com.

接著將更新我們第一季的營運成果；最後是管理層與分析師的問答環節。本次網路研討會將錄音，並可於 ir.mobilicom.com 回放收聽。

With that, I would like to turn the call over to Oren Elkayam, Founder and Chief Executive Officer of Mobilicom. Oren, please go ahead.

接下來，我想把電話會議交給 Mobilicom 創辦人兼執行長 Oren Elkayam。Oren，請開始。

Thank you, Chris, and good afternoon, everybody, and I would like to thank you for joining us on this call. For those who joining us for the first time, the next few slides will be -- will enable me to introduce and provide a concise overview of Mobilicom. If you would like a longer version, they are available on our investor website, obviously. And we will present briefly who we are, what we do and how the company has strategically evolved to address a rapidly growing market and the cybersecurity opportunities around autonomous platform and unmanned systems. So let's maybe introduce Mobilicom at a glance.

謝謝你，Chris，各位下午好，也感謝各位參加本次電話會議。對於首次加入我們的朋友，接下來幾張投影片將——將讓我介紹並簡要概述 Mobilicom。如果您想看更完整的版本，當然也可在我們的投資人網站上取得。我們將簡要說明我們是誰、我們做什麼，以及公司如何策略性演進，以因應快速成長的市場，以及圍繞自主平台與無人系統的資安機會。那麼我們先從「Mobilicom 一覽」開始。

So Mobilicom offers essential IP-based high-value cybersecurity, software and hardware solutions. Those are subsystems within the drones, robotics bought and used by drones, robotics manufacturers to build their platforms. Those proprietary solutions are the ones that power, connect, secure and safeguard robotics. We can say that those are the heart and soul of the drones and robots.

Mobilicom 提供關鍵的 IP 型高價值資安、軟體與硬體解決方案。這些是無人機、機器人內部的子系統，由無人機與機器人製造商採購並用於打造其平台。這些專有解決方案可為機器人提供動力、連接、資安防護與安全保障。我們可以說，這些就是無人機與機器人的核心與靈魂。

Mobilicom is actually at the convergence of three major trends. One is the drones, second is cybersecurity and third is robotics autonomy, which position the company extremely well in the current evolution that we see in the defense as well as in the commercial market. If we would like to describe a little bit more about Mobilicom's offering and our visionary approach, we can see that Mobilicom has two core divisions. One is hardware solution. Those are hardened resilient communication and data system designed to operate in contested environment.

Mobilicom 實際上位於三大趨勢的交會點。第一是無人機，第二是資安，第三是機器人自主化；這使公司在我們於國防與商業市場看到的當前演進中具備極佳的定位。若要更進一步描述 Mobilicom 的產品與我們的願景式方法，可以看到 Mobilicom 有兩個核心事業部門。其一是硬體解決方案。這些是強固、具韌性的通訊與資料系統，設計用於在受干擾／對抗環境中運作。

And the second is cybersecurity and software solutions. Those focused on electronic warfare resistance, cybersecurity protection for the drone platforms and robotics. We can also see that Mobilicom hardware, which is hardened, holds significant key US defense and regulatory validation, including the Blue UAS framework Select. We have the Trusted Cyber certification, the NDAA validation, the DD1494 equipment frequency allocation approval. And during this quarter, Mobilicom was also included in the FCC new Trusted Drone list.

第二是資安與軟體解決方案。其重點在於電子戰抗性、無人機平台與機器人的資安防護。我們也可以看到，Mobilicom 的強固型硬體已取得多項關鍵的美國國防與法規驗證，包括 Blue UAS framework Select。我們擁有 Trusted Cyber 認證、NDAA 驗證、DD1494 設備頻率分配核准。此外在本季，Mobilicom 也被納入 FCC 新的 Trusted Drone 名單。

Collectively, all of those certifications and approvals strengthened Mobilicom's position with the US Department of War market for drones and autonomous systems and being part of the supply chain for America and may help streamline the qualification and procurement process for OEMs and defense programs seeking trusted compliant drone technology for American solutions.

綜合而言，所有這些認證與核准強化了 Mobilicom 在美國國防部無人機與自主系統市場中的地位，並成為美國供應鏈的一環；同時也可能協助簡化 OEM 與國防專案在尋求可信且合規的無人機技術（用於美國解決方案）時的資格認定與採購流程。

Our business model is very clear for those two, let's say, departments or offering. On the hardware. We established the customer relationship through the hardware solution that you see on the left side, the families of the datalink, the mesh networking, the ground control stations, which enable them the basic operational capabilities of drones, robotics. And those are generating about 50% to 60% gross margin for our business, which is very steep and high, and it's based on the IP and knowledge and know-how that we have embedded inside those products.

我們針對這兩個——可以說是部門或產品線——的商業模式非常清楚。在硬體方面，我們透過左側所示的硬體解決方案建立客戶關係，包括數據鏈（datalink）系列、網狀網路（mesh networking）、地面控制站（ground control stations），使其具備無人機與機器人的基本作業能力。這些為我們的業務帶來約 50% 至 60% 的毛利率，幅度相當可觀且偏高，並且是建立在我們嵌入於產品中的 IP、知識與專業技術之上。

Then we have the expansion into higher-value cybersecurity and software solution that can generate higher gross margin, which is close to 90% with limited direct competition as we see today. And that gives Mobilicom evolution into a very lucrative licensing per unit business model. Since we're already a hardware supplier for the drone manufacturers and the platforms, we can incorporate the cybersecurity and software solutions more efficiently without restarting a lengthy process with the platform and qualification or procurement with the same vendors we supply them the hardware, which makes our cross-sell opportunity easier and market expansion faster getting into scalability in our business.

接著我們擴展到更高價值的資安與軟體解決方案，可帶來更高的毛利率，接近 90%，且如我們目前所見，直接競爭有限。這使 Mobilicom 演進為非常具吸引力的按單位授權（per unit）商業模式。由於我們已是無人機製造商與平台的硬體供應商，因此能更有效率地導入資安與軟體解決方案，而無需重新啟動冗長的平台整合、資格認定或採購流程；對同一批我們供應硬體的廠商而言，這讓交叉銷售更容易、擴張更快速，並加速我們業務的可擴展性。

I would like to, with this slide, remind everybody what we previously discussed on our 2025 annual earnings update, what we expect in 2026 going to be a year of growth for the US drone ecosystem. And we believe we are extremely well positioned as one of the supply chain leaders for components for small-sized drones and loitering munition providers. In this slide is our forward-looking framework for 2026. The following slide will show how we progressed on the plan that we set for this year.

我想藉由這張投影片提醒各位，我們在 2025 年度財報更新中先前討論過的內容：我們預期 2026 年將是美國無人機生態系的成長之年。我們相信，作為小型無人機與滯空攻擊彈藥（loitering munition）供應商之零組件供應鏈領導者之一，我們具備極佳的定位。本投影片呈現我們對 2026 年的前瞻性架構。下一張投影片將展示我們在今年所設定計畫上的推進情況。

So let me go -- let me walk through the progress we have made against the 2026 outlook in Q1. On the hardware side, which is describing the Tier 1 customer pipeline, this is in addition to second and third tier customers. So we advised that on design win and R&D stages, our 2026 goal was three to four Tier 1 partners at this stage.

接下來我——我將帶各位回顧我們在第一季針對 2026 年展望所取得的進展。在硬體方面，這裡描述的是一級（Tier 1）客戶管線，此外也包含二級與三級客戶。我們先前說明，在設計導入（design win）與研發階段，我們 2026 年的目標是在此階段達到 3 到 4 家一級合作夥伴。

As for now, we have met the goal for the year with the four players, including the two leading US Tier 1 ISR drone platform for cybersecure SkyHopper and ICE electronic warfare software in the period, which we announced recently. In the initial production, the goal for the year was to be in three to four players, Tier 1 players and customers in this phase. As for now, we have three, all originating from the 2025 continuing with us. This continue to generate initial follow-on orders still within the low rate initial production scale to support ongoing commercialization activity, demos and initial deployment with both existing and prospective customers.

截至目前，我們已達成全年目標，累計有 4 家業者，其中包括在本期內兩家美國領先的一級 ISR 無人機平台，採用具資安防護的 SkyHopper 與 ICE 電子戰軟體；我們也在近期對外公告。在初始量產（initial production）方面，全年目標是有 3 到 4 家一級業者與客戶處於此階段。截至目前我們有 3 家，皆延續自 2025 年並持續與我們合作。這些客戶仍在低率初始量產（LRIP）規模下持續產生後續追加訂單，以支援持續的商業化活動、展示（demos）以及對既有與潛在客戶的初期部署。

On the ramp-up stage, which is -- the goal was two for the year, we are with one currently. Our existing ramp-up customer is accelerating into mass production under the OPF-L program of record deploying for the US Department of State.

在放量爬坡（ramp-up）階段——全年目標為 2 家——我們目前有 1 家。我們現有的放量爬坡客戶正加速進入既定專案 OPF-L 的大規模量產，並部署於美國國務院。

So the total Tier 1 customer, we anticipate -- we have right now 8 so far against the goal of 8 to 10 with the year still in front of us, and we believe that we will continue to grow on that. On the software and cybersecurity side, the AI autonomy and OEM ecosystem. The 2026 goal is for 4 to 6 OEM partners across NVIDIA and Qualcomm plus two AI autonomy software partners. The status is ongoing progress. We are continuing our engagement with the NVIDIA ecosystem and the partners that we have there for the hardware and the software that we published in 2025.

因此，第一級（Tier 1）客戶總數方面，我們預期——目前為止已有 8 家，對照目標 8 到 10 家，而今年仍有時間，我們相信這個數字將持續成長。在軟體與資安方面，聚焦於 AI 自主化與 OEM 生態系。2026 年目標是在 NVIDIA 與 Qualcomm 兩大平台上，達成 4 到 6 家 OEM 夥伴，並再加上兩家 AI 自主化軟體夥伴。目前狀態為持續推進中。我們持續深化與 NVIDIA 生態系的合作，以及與其中既有夥伴在 2025 年已發布之硬體與軟體上的合作。

And we are constantly working with Qualcomm and Qualcomm-based solution on the AI edge platforms and working with multiple engagements to fulfill the goal for the year. Let's discuss some of the operational progress and financial progress. So, on the operational side, production capacity, the status is ongoing progress as we planned. Our strategic long lead item inventory is building up continuously and component prebuying has been expanded above the initial plan as we see stronger-than-expected demand signals from our Tier 1 customers.

同時，我們也持續與 Qualcomm 以及基於 Qualcomm 的解決方案合作，聚焦 AI 邊緣平台，並透過多項合作案推進，以達成今年的目標。接著談談一些營運進展與財務進展。在營運面，產能方面的狀態如我們規劃，仍在持續推進中。我們的策略性長交期（long lead item）庫存持續增加，且因為從第一級客戶看到強於預期的需求訊號，我們已將零組件預先採購（prebuying）規模擴大至高於原先計畫。

The US manufacturing, our status is ongoing progress as contract manufacturers are in selection process in the United States with an on-site visit and final terms underway. I will come back to this in more details later in the call in the dedicated slide. From the program of record expansion, the status is confirmed as -- this is the headline of the quarter. We received a $2.2 million purchase order in Q1 under the initial OPF-L program of record. And under -- and there is an additional -- which is part of the ramp-up that we are experiencing.

美國製造方面，我們的狀態為持續推進中；目前在美國的代工製造商（contract manufacturers）正處於遴選流程，包含實地訪查與最終條款洽談。我稍後會在電話會議中、於專門的投影片再更詳細說明。就「列入正式採購計畫（program of record）」的擴展而言，狀態已確認——這是本季的重點。我們在第一季於最初的 OPF-L 正式採購計畫下，收到 220 萬美元的採購訂單（purchase order）。此外——還有額外的部分——這也是我們目前所經歷之放量（ramp-up）的一部分。

And separately, our Tier 1 customer in the United States has progressed under the additional program of record, which is the US Army LASSO program, which we'll cover both in the next slides. I would like to dedicate this slide on an update on the meaningful progress that was done and ongoing progressing with the programs of record. Let's spend a moment on the program of record picture because this is where the fundamental story of our US defense business sites.

另外，我們在美國的第一級客戶也在另一項正式採購計畫下取得進展，也就是美國陸軍 LASSO 計畫；我們會在接下來的投影片一併說明。我想用這張投影片專門更新在正式採購計畫上已完成且仍在持續推進的重大進展。我們先花點時間看正式採購計畫的全貌，因為這正是我們美國國防業務的核心故事所在。

First, during Q1, our Tier 1 customers has progressed under the US Army LASSO program, which is Low Altitude Stalking and Strike Ordnance. This is a program of record of the Army. The progress was -- this is an initial deployment phase to equip inventory brigade combat teams with man portable precision strike capability. What does it mean for -- probably ask?

首先，在第一季期間，我們的第一級客戶在美國陸軍 LASSO 計畫下取得進展；LASSO 指的是低空跟蹤與打擊彈藥（Low Altitude Stalking and Strike Ordnance）。這是陸軍的一項正式採購計畫。目前的進展是——這是一個初始部署階段，用於為步兵旅戰鬥隊（infantry brigade combat teams）配備可攜式精準打擊能力。這對——你們可能會問——意味著什麼？

So our cybersecurity datalink and electronic warfare software solutions are embedded with this customer platform. The LASSO progress, therefore, broadens the US defense footprint of platforms in which Mobilicom technology is embedded and could be deployed in masses and add a new US service branch, the US Army to customer base previously anchored by the Marine Corp.

我們的資安資料鏈（datalink）與電子戰軟體解決方案已嵌入該客戶的平台之中。因此，LASSO 的進展擴大了 Mobilicom 技術所嵌入的平台在美國國防領域的覆蓋面，這些平台可能被大規模部署，並為我們新增一個美國軍種分支——美國陸軍——使客戶基礎不再僅以海軍陸戰隊為主。

While we are thrilled by this inclusion, however, LASSO is currently in initial deployment phase, and we have no Mobilicom orders associated with this program to date. We anticipate that, that will change, but this is part of the progress that we see over those programs. What the LASSO progress does tell us and the investors is that something powerful and structural. The program of record winners tend to win additional programs of record. That is what we said in the past and that we are witnessing that is happening today.

雖然我們對於被納入其中感到非常振奮，但 LASSO 目前仍處於初始部署階段，迄今為止我們尚未收到與該計畫相關的 Mobilicom 訂單。我們預期這點將會改變，但這也是我們在這些正式採購計畫中所看到的進展之一。LASSO 的進展確實向我們與投資人傳達了一個強而有力且具結構性的訊息。正式採購計畫的得標者往往會再贏得更多正式採購計畫。這是我們過去說過的，而我們也正在見證它在今天發生。

That is the compounding dynamic of US defense procurement and is now visible -- visibly playing out for the platform for which we are embedded in. And now on to the fundamental program, the US Marine Corps, OPF-L. Already, we have close to thousands of systems already fielded in the recent years for testing, evaluations and use.

這就是美國國防採購的複利式動能，而現在正——清楚地——在我們所嵌入的平台上展現出來。接著回到最核心的計畫：美國海軍陸戰隊 OPF-L。近年來，我們已有接近數千套系統完成部署，用於測試、評估與實際使用。

The production for mass deployment start has commenced in January and the production is ramping up. All of Mobilicom recent US Tier 1 orders are related to this program, including the $2.2 million additional order we received in Q1. This program has a continued multiyear delivery cadence ahead of it. Usually, programs of record are at least for five years, most are extended for 10 years, and then there is additional procurement for spare parts, maintenance, training and so on.

用於大規模部署的量產已於 1 月啟動，且產能正在爬坡提升。Mobilicom 近期所有來自美國第一級客戶的訂單都與此計畫相關，包括我們在第一季收到的額外 220 萬美元訂單。此計畫未來仍有持續多年的交付節奏。通常正式採購計畫至少為期五年，多數會延長至十年，之後還會有備品、維護、訓練等額外採購。

So you understand the volume and the value of such program for a company like Mobilicom. I would like to take a step back from the individual programs in the slides and provide you with a full picture of our position in the US defense drones ecosystem, which that's essential if you compare Mobilicom to competition, newcomers and other players in this market. So currently, we have five very important regulatory or compliance certification. Starting with the Blue UAS framework Select.

因此你可以理解，這類計畫對 Mobilicom 這樣的公司而言，其量體與價值有多大。我想先從投影片中的個別計畫退一步，提供我們在美國國防無人機生態系中的整體定位全貌；若要將 Mobilicom 與競爭者、新進者及市場其他玩家比較，這點至關重要。目前，我們擁有五項非常重要的法規或合規認證。首先是 Blue UAS framework Select。

Select means that they selected us and did the entire process by the Department of Innovation for the Department of War. The NDAA certification, which was validated by DOW testers and evaluators. It's not self-declaration. It was a thorough process for software and hardware. We have the Trusted Cyber testing that we have done under the validation, the DD1494, and excuse me for the numerical description, this is electromagnetic registration within the Department of (inaudible), which is essential if you would like to catalog and include system for mass deployment within the US forces and the new FCC trusted drone designation, which defines Mobilicom as a critical provider for the US drones. And that's really important. I would like to say that products not on this list cannot participate in future US federal program. That's why it's a structural moat.

Select 的意思是，他們選定了我們，並由國防部的創新單位為戰爭部（Department of War）完成整套流程。NDAA 認證已由 DOW 的測試人員與評估人員驗證。這不是自我宣告。這是一個針對軟體與硬體的嚴謹流程。我們也完成了 Trusted Cyber 測試並通過驗證、DD1494——抱歉我用數字來描述——這是（聽不清）部門內的電磁登錄；若要在美軍中編目並納入系統以進行大規模部署，這是必要條件；以及新的 FCC trusted drone designation，將 Mobilicom 定義為美國無人機的關鍵供應商。這點非常重要。我想強調，不在這份清單上的產品，將無法參與未來的美國聯邦計畫。這就是為什麼它構成結構性的護城河。

Obviously, the programs of record deployment and the success today with those programs shows how those are positioned regulatory-wise and being embedded across the Department of War certification and regulation is translated into business, and we intend to continue with that and expand that. The operational channels footprint with the US. Our US production capacity is being extended. The dual US, Israel operation supporting us in our development, combat proven evaluation and then bringing solution to market.

顯然，正式採購計畫的部署，以及我們今天在這些計畫上的成功，顯示出我們在法規定位上的優勢；在戰爭部的認證與規範之下被嵌入各平台，會轉化為實際業務，我們也打算持續並擴大這一點。我們在美國的營運通路布局。我們的美國產能正在擴充。美國與以色列的雙重營運，支援我們的研發、實戰驗證評估，並將解決方案推向市場。

Established US Department of DLA partnership and sales channels are critical factors visited us on the different recent shows seen us with those partners, which are critical partners getting into the US procurement for the Department of War, which together give us flexibility to deliver into both allied government and commercial drones market later on. Let's take a moment to discuss the recent announcement from, I think, a week ago from one of the shows where we announced the two new design wins with Tier 1 -- this slide discuss one of the most important commercial developments since the annual call that we hold a few months ago.

我們已建立與美國國防部 DLA 的合作夥伴關係與銷售通路；這些關鍵因素也在近期不同展會中被看見——你們看到我們與這些夥伴同台——這些都是進入戰爭部採購體系的關鍵夥伴；同時也讓我們具備彈性，未來可交付至盟國政府與商用無人機市場。我們花點時間談談我想是一週前、在某個展會上發布的最新公告：我們宣布與第一級（Tier 1）客戶取得兩項新的 design win——這張投影片討論的是自我們幾個月前舉行的年度電話會議以來，最重要的商業進展之一。

We announced new design wins with two leading US Tier 1 defense drone manufacturer platforms for ISR, which means intelligence surveillance and reconnaissance drone platforms. So the first design win is with a well-known American drone manufacturer for a Group 1, which is handheld size ISR, intelligence surveillance drone platform supporting military application that already own and have deployment with the United States and scaling dramatically.

我們宣布在兩家美國領先的第一級國防無人機製造商平台上取得新的 design win，應用於 ISR，也就是情監偵（intelligence, surveillance and reconnaissance）無人機平台。第一個 design win 來自一家知名的美國無人機製造商，針對 Group 1（手持尺寸）的 ISR 情監偵無人機平台，用於軍事應用；該平台已在美國擁有並完成部署，且正在大幅擴張。

Mobilicom's SkyHopper datalink and the cybersecurity software suite are being integrated to extend operational range, improve resiliency in contested environment and provide advanced electronic warfare resistance and secure communication capabilities beyond the platform current configuration. Integration activity has been progressing over the past several months, and we currently anticipate to complete the integration process during the next quarter that will allow the customer to progress and catalog and use our solution and start selling them to obviously Department of War and other customers worldwide. The second Tier 1 design win, which is a major US defense and commercial aerospace conglomerate.

Mobilicom 的 SkyHopper 資料鏈（datalink）與資安軟體套件正被整合，以延伸作戰距離、提升在受干擾/對抗環境中的韌性，並提供超越該平台現有配置的先進電子戰抗性與安全通訊能力。整合工作在過去數月持續推進，我們目前預期將在下一季完成整合流程，使客戶能夠推進編目、採用我們的解決方案，並開始將其銷售給顯然包括戰爭部在內、以及全球其他客戶。第二個第一級 design win 來自一家大型的美國國防與商用航太複合企業。

This is for a Group 2 slightly bigger backpack sized ISR drone, intelligent surveillance drone platform designed for long-range mission, longer payload capacity. Mobilicom developed a tailored SkyHopper configuration specifically for this platform with the customer, including customized interfaces, mission-specific integration requirements and so forth.

這是用於一款第 2 組、尺寸略大、約背包大小的 ISR 無人機（智慧監視偵察無人機）平台，專為長程任務設計，具備更高的載荷承載能力。Mobilicom 與客戶共同為該平台開發了量身打造的 SkyHopper 組態，包括客製化介面、任務特定的整合需求等。

The combined SkyHopper and the ICE electronic warfare resistance solution is expected to enhance operational range, strength, resiliency and electronic warfare resistant capability and support more advanced operational scenarios for the customers' platform beyond what they have today. The integration and testing activity for the second design win are progressing very well. We anticipate to complete the validation process over the coming month or two, enabling the customer to begin offering the enhanced platform to the end users.

預期 SkyHopper 與 ICE 電子戰抗性解決方案的組合，將提升作戰範圍、效能、韌性與抗電子戰能力，並支援客戶平台較其目前更先進的作戰情境。第二個設計導入案的整合與測試進度非常順利。我們預期在未來一到兩個月內完成驗證流程，使客戶能開始向終端使用者提供強化後的平台。

So importantly, those two design wins represent two more seats at the US Tier 1 table for Mobilicom, with both OEMs selecting Mobilicom's cybersecure SkyHopper datalink and ICE electronic warfare software protection solutions. This reinforced the exact trajectory we said we were on, expanding presence across the trusted US defense drone platform as ISR and autonomous or loitering munition solution and increasing military-grade cybersecurity communication. I think it's, again, a good opportunity to discuss the cybersecurity regulatory momentum and what it means for Mobilicom. On the cybersecurity side, we are seeing an urgent need to meet cybersecurity regulations. But I would like to mention that Mobilicom's strategy was not developed in response to current market trends.

因此，重要的是，這兩個設計導入案代表 Mobilicom 在美國 Tier 1（第一級）供應鏈桌上又多了兩個席位，兩家 OEM 均選擇了 Mobilicom 具備網路安全防護的 SkyHopper 數據鏈，以及 ICE 電子戰軟體防護解決方案。這強化了我們所說的既定軌跡：擴大在受信任的美國國防無人機平台上的布局，涵蓋 ISR 與自主或滯空彈藥解決方案，並提升軍規等級的資安通訊能力。我認為這也是再次討論資安法規動能及其對 Mobilicom 意義的好時機。在資安方面，我們看到市場對符合資安法規有迫切需求。但我想提到，Mobilicom 的策略並非因應當前市場趨勢才制定。

Mobilicom began investing in drones and autonomous system cybersecurity years ago based on the belief that cybersecurity would eventually become a core requirement for scalable autonomous operation. The challenge was developing cybersecurity solutions specifically designed for small-sized drones or robots platform, where the size, the power consumption, the memory, the computing resources are highly constrained. Mobilicom developed a lightweight embedded cybersecurity solution optimized for this tactical edge environment while also working alongside with US defense standardization initiatives.

Mobilicom 多年前便開始投資無人機與自主系統的網路安全，基於我們相信資安最終將成為可規模化自主運作的核心要求。挑戰在於，需為小型無人機或機器人平台開發專用的資安解決方案，因其尺寸、耗電、記憶體與運算資源都高度受限。Mobilicom 開發了輕量化的嵌入式資安解決方案，針對此戰術邊緣環境最佳化，同時也與美國國防標準化倡議並行合作。

Today, we are seeing the market evolve in the direction we anticipated. The US defense cybersecurity frameworks that were published, including the CMMC standard, the Cyber Survivability endorsement standard, the CSRMC initiative, the new one that was released in November last year and the broader agenda by the Department of War called the Zero Trust strategy are increasing cybersecurity requirements across the drone and autonomous platform programs.

如今，我們看到市場正朝我們預期的方向演進。已發布的美國國防資安框架，包括 CMMC 標準、Cyber Survivability（網路存活性）背書標準、CSRMC 倡議（去年 11 月發布的新倡議），以及國防部更廣泛的「零信任」策略議程，正在提高無人機與自主平台計畫的資安要求。

The industry is moving beyond the basic onetime static cyber test that they had in the past towards an active always-on online cybersecurity protection embedded directly on the autonomy AI edge computing of those platforms. This is aligned with -- closely with Mobilicom OS3 cybersecurity software and the secure autonomy framework Mobilicom released, which were specifically designed for this new generation of requirements.

產業正從過去一次性的靜態資安測試，轉向主動、常時在線（always-on）的線上資安防護，直接嵌入這些平台的自主 AI 邊緣運算之中。這與 Mobilicom 的 OS3 資安軟體以及我們發布的安全自主框架高度一致，這些方案正是為新一代需求而設計。

As cybersecurity is becoming increasingly integrated into program of record and future large-scale drone deployments, we believe Mobilicom is well positioned as an early provider of purposely built cybersecurity solution for autonomous systems and specifically for small-sized loitering, drones and autonomous systems. Over time, this also creates a highly attractive recurring software licensing per unit opportunity for Mobilicom tied to deployed drone and robotics platforms.

隨著資安日益被納入正式採購計畫（program of record）以及未來大規模無人機部署之中，我們相信 Mobilicom 作為早期供應商，提供專為自主系統打造、尤其針對小型滯空無人機與自主系統的資安解決方案，具備良好定位。長期而言，這也為 Mobilicom 帶來極具吸引力的、按每台（每單位）計收的經常性軟體授權機會，並與已部署的無人機與機器人平台數量連動。

So now I would like to hand the call to Liad to walk through the Q1 2026 financial highlights as well as our equity and cash position.

接下來我想把電話會議交給 Liad，請他說明 2026 會計年度第一季的財務重點，以及我們的股權與現金部位。

Thank you, Oren. So three months ended March 31, 2026. The single number that frames the quarter is the $2.4 million in revenue visibility. Revenue visibility is what we cover recognized revenues plus confirmed backlog at quarter end. It was up 50% year over year.

謝謝你，Oren。截至 2026 年 3 月 31 日止的三個月。本季最能概括的單一數字是 240 萬美元的營收可視度（revenue visibility）。營收可視度是我們已認列的營收加上季末已確認的訂單積壓（backlog）。該指標年增 50%。

That is the metric that best captured what actually happened in Q1. Let me unpack the numbers behind it, okay? Revenue, we reported Q1 revenue of $548,000 against the $844,000 in Q1 2025. This difference is entirely driven by delivery timing rather than just market demand. Specifically, certain Q1 shipments were deferred into later quarters, okay, due to temporary procurement schedules as the customer transitioned to scale program of record production. The underlying demand remains intact.

這是最能反映第一季實際情況的指標。我來拆解其背後的數字，好嗎？營收方面，我們第一季報告營收為 54.8 萬美元，相較 2025 年第一季的 84.4 萬美元。這個差異完全是由交付時點所驅動，而不僅僅是市場需求。具體而言，由於客戶在轉換至正式採購計畫（program of record）的量產階段時，採購排程暫時調整，部分第一季出貨延後至後續季度。基本需求仍然完好。

The revenue has simply shifted out in time. Order backlog was $1.8 million at March 31 against 737,000 at the same point a year ago, up approximately 151% above the same point last year. Backlog more than doubled while reported revenue temporarily dipped. Post quarter momentum since March 31, the order book has continued to grow with additional orders from our US Tier 1 customer under the OPF program plus follow-on orders from other global customers, all of them to be delivered within 2026.

營收只是時間上往後移。截至 3 月 31 日的訂單積壓為 180 萬美元，相較一年前同一時間點的 73.7 萬美元，約年增 151%。在已報告營收暫時下滑的同時，積壓訂單卻增加逾一倍。自 3 月 31 日以來的季後動能方面，訂單簿持續成長，包含我們美國 Tier 1 客戶在 OPF 計畫下的追加訂單，以及其他全球客戶的後續訂單，全部預計於 2026 年內交付。

And as Oren just covered, two additional US Tier 1 design wins. Cash position, $17.7 million as of March 31. As we mentioned previously, zero debt, zero credit facility, zero convertible, clean balance sheet. During the quarter, we also terminated our ATM at-the-market facility, a deliberate decision made from a position of strength because we did not need it.

此外，如 Oren 剛才所述，還有兩項新增的美國 Tier 1 設計導入案。現金部位方面，截至 3 月 31 日為 1,770 萬美元。如先前提到，零負債、零授信額度、零可轉換工具，資產負債表乾淨。本季我們也終止了 ATM（at-the-market）隨市發行機制，這是基於我們不需要它、在強勢地位下做出的刻意決策。

That decision reflects the discipline we want to demonstrate to investors. We will only raise capital when it creates more value than it dilutes. Operating cash burn, approximately $528,000 per month in Q1. The increase is funding operation readiness and growth initiatives. The investment is targeted in three areas, each tied directly to revenue we expect to recognize within the next 12 to 18 months.

這項決策反映了我們希望向投資人展現的紀律。我們只會在募資能創造的價值大於稀釋效應時才會籌資。營運現金消耗方面，第一季約每月 52.8 萬美元。增加的部分用於營運就緒與成長計畫。投資聚焦於三個領域，且各自都直接對應我們預期在未來 12 至 18 個月內認列的營收。

First one is solution integration work for the new US Tier 1 manufacturers we are designing into, like these two new design wins we published recently. Second one, proactive long lead item inventory buildup for production scale deliveries, including for those under the OPF-L program of record and other orders to come.

第一項是為我們正在導入設計的新美國 Tier 1 製造商進行解決方案整合工作，例如我們近期公布的這兩個新設計導入案。第二項是為量產規模交付預先建立長交期物料庫存，包括 OPF-L 正式採購計畫（program of record）下的交付，以及其他即將到來的訂單。

And the third and the last one, our US manufacturing strategy and US team expansion. $17.7 million in cash combined with disciplined execution provides a runway toward positive cash flow as the order momentum continued to build through 2026. About our equity and cash position. These slides consolidate our equity structure and cash position as of March 31, 2026. On the capital structure, ordinary shares outstanding were 12.6 million as of March 31, 2026.

第三項也是最後一項，是我們的美國製造策略與美國團隊擴編。1,770 萬美元現金加上嚴謹執行，隨著 2026 年訂單動能持續累積，將提供我們邁向正向現金流的跑道。關於我們的股權與現金部位。這些投影片彙整了截至 2026 年 3 月 31 日的股權結構與現金部位。在資本結構方面，截至 2026 年 3 月 31 日，流通在外普通股為 1,260 萬股。

Warrant outstanding are 2.6 million. The majority is struck at $5, which representing another additional $12.9 million of additional capital if exercised. Fully diluted share was 15.2 million, excluding employee ESOP and RSU grants and 17.8 million, including all dilutive components. One thing to say compared to 2025, while the total fully diluted share did not change, we did see exercise of warrants in about 1.2 million, meaning it continue with this opportunity for additional future warrants exercise as the share will continue to increase. About the balance sheet and cash management metrics, this has been covered and discussed in the previous slide, so I will not return on that.

流通在外認股權證為 260 萬份。其中多數行使價為 5 美元，若行使將帶來額外 1,290 萬美元資金。完全稀釋股數為 1,520 萬股（不含員工 ESOP 與 RSU 授予），若包含所有稀釋性組成則為 1,780 萬股。相較 2025 年，有一點要說明：雖然完全稀釋股數總量未變，但我們看到約 120 萬份認股權證已被行使，這表示隨著股價持續上升，未來仍有進一步行使其他認股權證、帶來額外資金的機會。至於資產負債表與現金管理指標，前一張投影片已涵蓋並討論，因此我不再重複。

And now back to Oren.

現在把話筒交回給 Oren。

Thank you, Liad. This slide is -- has 6 styles of snapshot and recap of execution across customers, technology and partnership in Q1, most of which we have already covered, but I would like to briefly touch on two additional points. The international expansion. During the quarter, we announced design win with Asia Pacific customer, a UAE-based defense manufacturer with initial orders and an Israeli customer for India deployment with an initial order as well. The hardware first foot in the door playbook replicating across the regions. And we see those expansion important for future growth of the company beyond United States, which is our focus today. We also launched two new products during the -- during the quarter.

謝謝你，Liad。這張投影片——包含 6 種快照樣式，回顧我們在第一季於客戶、技術與合作夥伴面向的執行情況，其中大多數我們已經談過，但我想再簡要補充兩點。國際擴張。本季期間，我們宣布取得亞太地區客戶的設計導入（design win）：一家以阿聯酋為基地的國防製造商，已下了初始訂單；以及一位以印度部署為目標的以色列客戶，同樣也有初始訂單。以硬體先行、先打入門的策略手冊正在各區域複製推進。我們認為這些擴張對公司未來在美國以外的成長非常重要——而美國是我們今天的重點。我們也在本季推出兩項新產品。

So we continue with the innovation with maintaining the gap and answering the needs of the customers we are serving in America and Europe. The first, SkyHopper Tactical, which is a wearable software-defined communication solution purposely built in response to direct operational requirements from defense customers and designed for dismounted team operation in contested environment. And that was a requirement that came from the early deployment into programs of record with the Department of the United States.

因此，我們持續創新，維持領先差距並回應我們在美國與歐洲所服務客戶的需求。第一項是 SkyHopper Tactical，這是一套可穿戴的軟體定義通訊解決方案，專為回應國防客戶直接的作戰需求而打造，並設計用於在受爭奪環境中徒步分隊（dismounted team）的作業。而這項需求來自我們早期在美國相關部門的正式列裝計畫（programs of record）中的部署。

And per those requirements that came in the second half of 2025, new product was initiated, development was done and product was released in a very short time, and it will arrive to the hands of the soldier that will use that very soon. The SkyHopper MultiBand, our next-generation communication platform, featuring software-defined band selection solution, which is twice the widest available solution in the market until that product was released.

依據這些在 2025 年下半年提出的需求，我們啟動新產品，完成開發並在非常短的時間內發布，且很快就會交到將使用它的士兵手中。SkyHopper MultiBand 是我們的下一代通訊平台，具備軟體定義的頻段選擇方案，其可用頻寬是該產品推出前市場上最寬方案的兩倍。

So we are doubling the capacity of the frequencies and operational scenario from any other solution for this market, and that's unique, especially given that electromagnetic jamming interception and operation is the biggest issues today that we see in Ukraine, the Middle East and American operation abroad. And therefore, expanding or doubling on that give better opportunity and performance to carry on the mission in any operational scenario. I would like to -- overall, I would like to summarize our presentation to date. Overall, we believe that Mobilicom is entering an important transition period as Tier 1 defense programs advance from development to validation into broader production and deployment phases.

因此，我們把可用頻率容量與作戰情境能力提升到高於此市場任何其他方案的水準，這非常獨特，尤其是在電磁干擾、攔截與對抗作戰成為當前最大議題的背景下——我們在烏克蘭、中東以及美軍海外行動中都看到了這點。因此，擴展或加倍這些能力，能在任何作戰情境下提供更好的任務執行機會與效能。我想——整體而言，我想總結一下我們目前為止的簡報。整體來看，我們相信 Mobilicom 正進入一個重要的轉型期：隨著一級（Tier 1）國防計畫從開發階段推進到驗證，並進一步進入更廣泛的量產與部署階段。

Our investment thesis is centered on three core drivers. First, demand is building faster than current delivery timing. Backlog increased approximately 150% year-over-year. Revenues visibility increased 50% and Mobilicom secured additional few millions of dollars in orders for program of record for deployment in the United States in -- as a follow-on to a $1.5 million order in late 2025. Second, we believe Mobilicom's strategically -- strategic moat continues to widen through expanding programs of record exposure with the FCC trusted drone designation, the growing Tier 1 customer relationship and increasing cybersecurity requirements tied to the initiatives across autonomous defense systems.

我們的投資論點聚焦於三個核心驅動因素。第一，需求的累積速度快於目前的交付時程。積壓訂單（backlog）年增約 150%。營收能見度提升 50%，且 Mobilicom 取得額外數百萬美元的正式列裝計畫（program of record）訂單，用於在美國部署——作為 2025 年底 150 萬美元訂單的後續追加。第二，我們相信 Mobilicom 的策略性護城河持續擴大：透過 FCC「可信任無人機」指定所帶來的正式列裝計畫曝光度提升、與一級客戶關係的成長，以及與自主防禦系統各項倡議相關、日益提高的資安要求。

And third, the company is investing from the position of financial strength, ending the quarter with almost $18 million cash in hand, zero debt, no ATM facility while continuing to invest in inventory to supply customer demand and being production readiness, including US manufacturing footprint and cybersecurity solutions that support future production scalability opportunities and higher-margin recurring software revenue.

第三，公司在財務穩健的基礎上進行投資：本季末手上現金接近 1,800 萬美元、零負債、沒有 ATM 融資機制；同時持續投資庫存以供應客戶需求並達成量產就緒，包括美國製造據點與資安解決方案，以支援未來量產擴張機會，以及更高毛利、可重複的軟體經常性收入。

I think that this is the time to thank the leaders and employees around the world of Mobilicom for the tremendous effort this quarter. The execution, the dedication behind those results are all thanks to them. I also want to extend a specific thank to our Co-Founder, Yossi Segal, probably the smartest person I know. His continued innovation, technology leadership, which remains central to Mobilicom differentiation for the long-term vision.

我想現在是感謝 Mobilicom 全球各地領導團隊與員工在本季付出巨大努力的時刻。這些成果背後的執行力與投入都要歸功於他們。我也想特別感謝我們的共同創辦人 Yossi Segal，可能是我認識最聰明的人。他持續的創新與技術領導力，仍是 Mobilicom 長期願景差異化的核心。

Thanks to our entire team, we believe that Mobilicom is positioned at the right place at the right time with rapidly evolving defense and autonomous system market with significant opportunity ahead to scale and grow production programs ramp up, Tier 1 opportunity expansion and demand for trusted cybersecure drone and autonomous solutions acceleration. On behalf of the entire Mobilicom team, thank you for the continued support.

感謝我們整個團隊；我們相信 Mobilicom 正在對的時間、對的位置，面對快速演進的國防與自主系統市場，前方有顯著的擴張機會：量產計畫的放量成長、一級機會的擴大，以及對可信任、具資安防護的無人機與自主解決方案需求加速。我謹代表 Mobilicom 全體團隊，感謝各位持續的支持。

Chris, I think that this is the time to move to the Q&A.

Chris，我想現在可以進入問答環節了。

(Event Instructions)

(活動說明)

Barry Sine, Litchfield Hills Research.

Barry Sine，Litchfield Hills Research。

A couple of questions, if you don't mind. First of all, congratulations. I mean, two major Tier 1 design wins. So we're off to the races there. I also really appreciated the update you gave us from last quarter's expected goals, and it looks like we're really meeting those goals. So that's a great update. So thank you for that. Question is on the new US Tier 1 ISR design wins. Could you just walk us through typically, what is the path from a design win to the different milestones? And when might investors expect to see significant revenue coming from those new design wins?

如果不介意的話，我有幾個問題。首先，恭喜。我是說，兩個重大的 Tier 1 設計導入（design win）。所以我們在這方面算是全速起跑了。我也非常欣賞你們針對上季預期目標所提供的更新，看起來我們確實正在達成那些目標。所以這是很好的更新。謝謝你。問題是關於新的美國 Tier 1 ISR 設計導入。你能否帶我們了解一下，通常從 design win 到不同里程碑的路徑是什麼？投資人何時可能看到這些新 design win 帶來顯著營收？

Thank you, Barry. So I would like to say typically what we usually have and specifically for those specific programs. So for typical Mobilicom cycle with customers, and it's mainly dependent on the customers, Mobilicom is very fast and agile. So typically, 6 to 12 months for integration certification and then we move to initial production orders and then to ramp up. For the 2 new design wins, customer evaluation and integration through 2026 is already in very progressed stage.

謝謝你，Barry。我想先說明一般情況下我們通常會怎麼走，以及針對這些特定計畫的情況。就 Mobilicom 與客戶的典型週期而言——而且主要取決於客戶端——Mobilicom 的反應非常快速且敏捷。一般而言，整合與認證需要 6 到 12 個月，接著進入初始量產訂單，然後再放量爬坡。對於這兩個新的 design win，客戶評估與整合在 2026 年期間已經處於非常成熟的進展階段。

Therefore, we expect that they will translate from completion of all the validation testing and catalog into their sales catalog solutions within the third quarter, which allow them initial orders in late 2026 and material contribution of those platforms move to scale production in 2027 onwards. Short answer, initial revenue in 2026 and meaningful revenue in 2027.

因此，我們預期在第三季完成所有驗證測試並納入其銷售型錄（sales catalog）解決方案，這將使他們在 2026 年底下初始訂單，而這些平台在 2027 年起進入規模化量產後，將帶來實質貢獻。簡短回答：2026 年有初始營收，2027 年有具意義的營收。

And then presumably, because these are programs of record or large Tier 1s, not just in 2027, but continuing on beyond that.

那麼我推測，因為這些是正式列裝計畫（programs of record）或大型 Tier 1，不只是到 2027 年，之後也會持續下去。

Yeah. Both of those platforms are of very large known companies, significant, significant Tier 1 players that already have substantial business, both in the United States with the Department of War, but also with allied countries. Therefore, they don't have to look for the business. The business exists. And the fact that they are partnering with Mobilicom, integrating Mobilicom to close the gap on needs that they have that couldn't be met and answered with the current solution speaks volume about our opportunity and how fast they can scale that from validation and testing, which is completed right now and to business creation, which is...

是的。這兩個平台都屬於非常大型、知名的公司——非常、非常重要的 Tier 1 參與者——他們在美國與國防部都有相當可觀的業務，同時也服務盟國。因此，他們不需要去尋找業務。業務本來就存在。而他們選擇與 Mobilicom 合作、整合 Mobilicom 來補足其需求缺口——這些需求是現有方案無法滿足與回應的——充分說明了我們的機會，以及他們能多快從目前已完成的驗證與測試，推進到業務創造，而這將是……

Okay. And then my next question, you announced during the quarter, and you referenced this in the call about your recent -- most recent regulatory win, which is all of your products are in the FCC trusted drone program, and that is on top of multiple other compliance certifications. Can you walk us through what does that mean when you're going to a customer and competing for a design win? How does that impact customers' decisions, not just for US Tier 1s, but for other customers and internationally? Presumably, if you're that -- if you're meeting the standards in the US, that should benefit you globally.

好的。接著下一個問題：你們在本季宣布——你也在電話會議中提到——最近一次的法規/監管方面的勝利，也就是你們所有產品都納入 FCC 可信任無人機計畫，且這是在多項其他合規認證之上。你能否說明，當你們面對客戶並競爭 design win 時，這代表什麼？這如何影響客戶的決策，不僅是美國 Tier 1，也包括其他客戶與國際市場？我推測，如果你們符合美國的標準，應該也能在全球受益。

Yeah, definitely. So First, it was important that you mentioned, but I would like to note again that our full suite is covered, the SkyHopper datalink, the mesh networking, the ground control station, the OS3 cybersecurity for autonomous platform, the ICE electronic warfare software, all of them were defined in the papers and the publication made by the Department of War and the FCC public to the world under Mobilicom as trusted and critical components for America for drones, robotics.

是的，絕對如此。首先，你提到的重點很重要，但我想再強調一次：我們的完整產品組合都涵蓋在內——SkyHopper 數據鏈（datalink）、網狀網路（mesh networking）、地面控制站、用於自主平台的 OS3 資安、ICE 電子戰軟體——它們全部都在國防部與 FCC 對外發布的文件與公告中，被以 Mobilicom 名義界定為美國無人機、機器人等的可信任且關鍵的組件。

So that was amazing that they decided to include all of our offering. Second, federal customers and their OEMs can use our components without any restriction or risk for government exclusion, which means it signals to the market that Mobilicom is a critical technology provider for trusted drone, yet another validation for Mobilicom position by the government, which is the regulator.

因此，他們決定將我們的所有產品供應納入其中，這真的令人驚豔。第二，聯邦客戶及其 OEM 可在沒有任何限制或政府排除風險的情況下使用我們的元件，這表示它向市場傳遞出 Mobilicom 是受信任無人機的關鍵技術供應商；這也是政府（亦即監管機構）對 Mobilicom 地位的又一次驗證。

I would like to emphasize, it's creating a US small ecosystem of vendors that meet the different criteria who will enjoy the market scalability. You cannot buy something which is not within the ecosystem that was approved, certified and regulated, which is, in a sense, a walled garden opportunity for the players that are in this list, and it's a very, very short list. In addition to that, I think that the CSRMC and the CMMC standards and the Zero Trust strategy on cybersecurity are becoming gating criteria for mass production. Competitors facing delays before -- I mean, before they can ship to scale, and we do not.

我想強調的是，這正在打造一個符合不同標準、可享有市場規模化的美國小型供應商生態系。你無法購買不在這個已核准、已認證且受監管的生態系內的產品；從某種意義上說，這對名單上的參與者而言是一個「圍牆花園」式的機會，而且名單非常、非常短。此外，我認為 CSRMC 與 CMMC 標準，以及資安的零信任（Zero Trust）策略，正逐漸成為量產的門檻條件。競爭對手在出貨放量之前面臨延遲——我的意思是，在他們能夠規模化出貨之前——而我們沒有。

So we can anticipate that if customers would like to scale their production and they have to meet the cybersecurity criteria, they will not be allowed to do so without meeting those things. And therefore, we are the solution for the scalability going forward. And with your question to the regulatory procurement decisions, we witnessed that bids and programs recently initiated required that the winners will meet such regulation before they receive mass procurement orders. One example I can use is from the drone dominance initiative or program, which is very famous recently, where in the -- where several of the 11 winners named several months ago didn't receive eventually the commercial order and they didn't -- because they didn't meet those criteria.

因此我們可以預期，若客戶想要擴大其產量，且必須符合資安標準，他們若不滿足這些要求就不被允許這麼做。因此，我們就是未來規模化的解決方案。至於你提到的監管採購決策，我們看到近期啟動的投標與專案要求得標者在收到大量採購訂單之前，必須先符合此類法規要求。我可以舉一個例子：近期非常知名的「無人機主導（drone dominance）」倡議或計畫，其中——在——幾個月前公布的 11 家得獎者中，有幾家最終沒有收到商業訂單，而且他們沒有——因為他們不符合那些標準。

And that was a very powerful sign that it's great that you have technology and you pass the first hurdles of first phase, second phase. But before you are getting any commercial large quantity orders, most of the list of the 11 didn't receive that because they didn't met either those NDAA requirements by validation and testing, not by declaration, the cybersecurity requirements and other procurement registration that Mobilicom has. which then advise you the importance of what we have achieved for getting to the scalability with different programs in the United States going forward.

而那是一個非常強烈的訊號：你有技術、也通過第一道門檻（第一階段、第二階段）固然很好。但在你拿到任何商業性的大量訂單之前，那 11 家中的大多數之所以沒有拿到，是因為他們沒有透過驗證與測試（而非僅靠宣告）來滿足 NDAA 要求、資安要求，以及 Mobilicom 已具備的其他採購登錄要求。這也讓你明白我們所達成的成果之重要性，因為它攸關未來在美國不同專案中實現規模化。

Okay. And one more question, if you don't mind, please. You've talked about two key programs of record. So the first one, and I think that's tied to some of the large orders you've announced recently is the United States Marine Corps OPF-L program. The new one is the US Army LASSO program. The US Army is about 2.5 times bigger than the Marine Corps. So I'm assuming that this is a much larger potential opportunity with this new program of record than even the one that you already have won with OPF-L. Can you talk about that?

好的。如果你不介意，我還有一個問題。你談到了兩個關鍵的「正式列裝計畫」（program of record）。第一個，我想這與你們最近宣布的一些大額訂單有關，是美國海軍陸戰隊的 OPF-L 計畫。新的則是美國陸軍的 LASSO 計畫。美國陸軍的規模大約是海軍陸戰隊的 2.5 倍。所以我假設，相較於你們已在 OPF-L 贏得的正式列裝計畫，這個新的正式列裝計畫潛在機會要大得多。你能談談這點嗎？

Yeah. So any program of record is substantial for Mobilicom, given the fact that it's not a regular order, it's a long-term multiyear commitment of the government to buy, preserve their capability, maintain and replace and so forth. So any program of record is a huge one. Yes, you've mentioned the fact that our partner progressed on the LASSO program, which is not yet in the commercial stage, but it's getting there, and there is a few players over there. So the fact that our partner, the Tier 1 American platform maker that use our solutions or multiple of our products progress to the next phase is very important because once they win that, that can open a huge scalability opportunity, which is multiple times bigger than the OPF-L that we have today.

是的。對 Mobilicom 而言，任何正式列裝計畫都很可觀，因為它不是一般訂單，而是政府長期、跨年度的承諾：採購、維持能力、維護、汰換等等。所以任何正式列裝計畫都是非常大的案子。是的，你提到我們的合作夥伴在 LASSO 計畫上取得進展；該計畫尚未進入商業階段，但正在接近，而且那邊只有少數幾個參與者。因此，我們的合作夥伴——使用我們解決方案或多項產品的美國一級（Tier 1）平台製造商——能夠晉級到下一階段非常重要，因為一旦他們贏得該案，就能開啟巨大的規模化機會，其規模將是我們目前 OPF-L 的數倍。

So that's obvious. The Army is much, much bigger than the Marines and that could accelerate significantly our adoption, obviously. But what we said in the past is once you win the first one, your chances of winning the following ones are much bigger. And the fact that they move to the next phase actually prove what we said. And I would like to remind that these specific partners is not engaging on one program of record like the OPF-L.

所以這點很明顯。陸軍比海軍陸戰隊大得多，這顯然可能大幅加速我們的採用。但我們過去說過，一旦你贏得第一個，之後再贏得後續案子的機率會大很多。而他們進入下一階段的事實，實際上證明了我們所說的。我也想提醒一下，這些特定合作夥伴並不是只參與像 OPF-L 這樣的一個正式列裝計畫。

They are targeting 8, 4 in the US and four international. So you can imagine their importance for Mobilicom if they will scale to 2, 3, 4 of the 8. And that's obviously a strategic partner that we are proving our commitment to joint work and acceleration with him as we speak.

他們的目標是 8 個——美國 4 個、國際 4 個。所以你可以想像，若他們在這 8 個中擴大到 2、3、4 個，對 Mobilicom 的重要性會有多大。而這顯然是一個策略性合作夥伴；我們此刻也正在透過共同合作與加速推進來證明我們對他的承諾。

Blair Carey, I3 Capital.

Blair Carey，I3 Capital。

I just have a couple of quick questions here, more relating to not necessarily US operations. What -- we've seen a dramatic depreciation or appreciation of the new Israeli shekel versus the US dollar over the last even six months. I would say it's really accelerated over the last Q1 of this year. What is sort of the expense mix? And how are you guys thinking about hedging against your US revenues and your Israel expenses?

我這裡有幾個簡短問題，更多是與不一定是美國營運相關。我們看到過去甚至六個月內，新以色列謝克爾兌美元出現了大幅貶值或升值。我會說在今年第一季加速得更明顯。費用結構的組成大概是什麼？你們如何看待針對美元收入與以色列費用之間的避險？

So it's a tough question, but important question to be asked, and so I would like to address it. First, I would like to say that the fact that we have R&D and operation team and site in Israel is very important, given the fact that the Israeli -- that Israel is in the forefront of drones, robotics, autonomy and cybersecurity. Everybody clearly see the biggest cyber or drones companies coming from Israel.

這是一個棘手但重要、也值得問的問題，所以我想回應一下。首先，我想說我們在以色列設有研發與營運團隊及據點非常重要，因為以色列——以色列在無人機、機器人、自主化與資安領域處於最前沿。大家都清楚看到，最大的資安或無人機公司都來自以色列。

So being with foot on the ground, with sites over there, with R&D center over there, with talent over there is extremely important for Mobilicom in addition to the fact that the combat proven experience that we gain from our products being deployed over there and the technology that we understand and develop with in cooperation with the government over there is essential and priceless for Mobilicom going forward, introducing that innovation into America and elsewhere. So that's important to understand.

因此，在當地有據點、有研發中心、有當地人才，對 Mobilicom 極其重要；此外，我們的產品在當地部署所累積的實戰驗證經驗，以及我們與當地政府合作所理解並共同開發的技術，對 Mobilicom 未來而言是關鍵且無可取代的，能將這些創新引入美國及其他地區。所以這點很重要，需要理解。

Second, the recent year FX changes, and it's been, I think, in the last 12 months was significant, yes. It affects our new Israeli shekel, which is mainly labor costs for the team in Israel. Yet the production that we are doing in Israel is done under US dollars, which means that it's not suffering or affected by the changes in the FX currency between US dollars and new Israeli shekels.

第二，近一年的匯率變動——我想在過去 12 個月——確實很顯著。它影響到我們的新以色列謝克爾成本，主要是以色列團隊的人力成本。但我們在以色列進行的生產是以美元計價，這表示它不會因美元與新以色列謝克爾之間的匯率變動而受損或受到影響。

And third point, I think, is that the ongoing team growth in United States, the operation in United States, alongside with the planned US production capacity this year will decrease the effect of FX going forward while contributing to our business opportunity growth in the United States. In the short term, we also implement different defensive methodology FX currency, and that's another angle that we took on that.

第三點，我認為美國團隊的持續擴編、美國的營運，以及今年規劃的美國生產產能，將在推進美國業務機會成長的同時，降低未來匯率的影響。短期內，我們也採取不同的防禦性外匯方法，這也是我們處理該議題的另一個面向。

Okay. That helps me understand. And as I understand it right now, the current contract manufacturing is done both in Israel and the Philippines. Is that correct?

好的。這有助於我理解。據我了解，目前的委外代工製造同時在以色列與菲律賓進行。這是正確的嗎？

Currently, the production is done in Philippines and Israel, where we are producing -- everything is done under the US dollars. And then the new production capacity is built in the United States based on the Pentagon requirement and request and we increased our footprint in America and made it 100% American product, which we are proud of, aligning ourselves with the Department of War requirements and would like to win on the back of that additional business, obviously.

目前的生產在菲律賓與以色列進行，我們的——所有作業都以美元計價。接著，新的生產產能正依五角大廈的要求與需求在美國建立；我們擴大了在美國的布局，並將其打造為 100% 美國產品，我們對此感到自豪，讓自己與戰爭部（Department of War）的要求保持一致，並希望藉此贏得更多業務，顯然如此。

Yeah, I understand. Okay. So basically, over the course of this year, as the production capacity expands in the US, we should expect less impact as a result of foreign exchange on the cost structure is what I'm hearing.

是的，我了解。好的。所以基本上，在今年的過程中，隨著美國產能擴張，我們應該預期外匯對成本結構的影響會變小——這就是我聽到的。

Yeah, definitely. The fact that we're increasing our team over here and operation over here and production over here will balance the effects of the FX and give us a more balanced strategy for Mobilicom being an international company with different sites, yes.

是的，絕對是。我們在這邊擴編團隊、在這邊擴大營運、在這邊擴充生產，將能平衡外匯（FX）的影響，並讓 Mobilicom 作為一家在不同據點營運的國際公司，擁有更均衡的策略，是的。

So can you give me an idea about what's going on with the sales cycle and compare between what you've experienced in the US versus the rest of the world, in particular, APAC and in the NATO region countries?

那你能否讓我了解一下目前銷售週期的情況，並比較你在美國與世界其他地區（特別是亞太（APAC）以及北約（NATO）區域國家）的經驗？

So what we've seen in the US is affecting, obviously, Europe and Israel and other sites, which are -- worldwide, which are leaders in the drone evolution. And most of them are targeting also the American Department of Wore market. So we've seen that the fact that there is tremendous budgets being allocated by America to close the gap on the production scalability that was done by adversaries like Russia and elsewhere Iran, budgets and programs are being allocated and progressed rapidly. Therefore, we see momentum build in the market.

我們在美國看到的情況，顯然也影響到歐洲、以色列以及其他據點——也就是全球——這些地區在無人機演進方面都處於領先地位。而且其中多數也把目標鎖定在美國國防部市場。因此我們看到，美國正在投入龐大的預算來縮小在生產可擴展性方面與俄羅斯、以及其他如伊朗等對手所達成的差距，相關預算與計畫正在被配置並快速推進。因此，我們看到市場動能正在形成。

And therefore, we see more of players building their capacity and needs and adjusting their solution to mass market and adjusting their solution to meet with the challenges that we see in the battlefield where we have experienced and that accelerates the market momentum.

因此，我們看到更多業者正在建立產能與需求，並調整其解決方案以面向大眾市場，同時調整其解決方案以因應我們在戰場上所看到、也親身經歷過的挑戰，這也加速了市場動能。

Obviously, there is one end of the equation that fuel the entire anticipation of ramp-up. On the other hand, it takes time for large programs of record to be seeded or to be, let's say, deployed. But once they are deployed, the beauty behind those programs is that it will continue for long term. It's not one procurement process that I have to chase the other one. It's procurement processes that have multiyear, usually 5 to 10 years of constant deployment and delivery.

顯然，方程式的一端推動了整體對於加速擴產的預期。另一方面，大型正式計畫（programs of record）要被導入或是說部署，確實需要時間。但一旦部署完成，這些計畫的優點在於它們會長期持續。這不是一個採購流程結束後我就得去追下一個。而是多年度的採購流程，通常是 5 到 10 年的持續部署與交付。

And I would like to also mention that Mobilicom specifically, our biggest success so far is in the loitering munition space, which is one-way ticket kamikaze drones. What's when you use them, even for training, you have to buy another one, which makes the recurring revenue on the hardware let alone on the software. So we have a few things that are working well for us, although the recent wins were in a new field in intelligence and surveillance field. But our previous wins in integrations and design wins by multiple Tier 1 players are in the loitering, we are now expanding into ISR drones and other elements. So it's an exciting time because the cycles in the states, it really depends on the companies.

我也想提到，Mobilicom 目前為止最大的成功是在滯空攻擊彈藥（loitering munition）領域，也就是單程票的神風式自殺無人機。你一旦使用它們，即使是用於訓練，也必須再買一架，這使得硬體本身就能帶來經常性收入，更不用說軟體了。所以有幾件事對我們很有利，儘管近期的勝利是在情報與監視（intelligence and surveillance）這個新領域。但我們先前在整合與設計導入（design wins）方面、由多家一線（Tier 1）業者取得的成果是在滯空攻擊領域；我們現在正擴展到 ISR 無人機以及其他要素。所以這是一個令人振奮的時期，因為在美國的週期其實很取決於各家公司。

Some of the large, large companies we work with, obviously, are moving slower than Mobilicom. We are agile, very fast-moving company. Usually, we are ahead of the curve. We are before their needs, and we are waiting for them, which is obviously what you have to do when you're working with giants. But once the giants are getting to mass market deployment, it's a great machine to ride to success, and this is what Mobilicom is doing.

我們合作的一些非常大型的公司，顯然推進速度比 Mobilicom 慢。我們很靈活，是一家行動非常快速的公司。通常我們走在曲線之前。我們會先於他們的需求，然後等他們跟上；這顯然是與巨頭合作時必須做的事。但一旦巨頭開始進入大規模市場部署，那就是一台能帶你走向成功的強大機器，而 Mobilicom 正在做的就是這件事。

And just to follow on with that, how does that relate that cycle that you've described here today in the US relate to your efforts in Europe and in the APAC region? Are you winning deals faster? Are your partners winning deals faster because there's already a quasi-certification from the Department of War? Or do you have to go through the same sort of procurement journey?

接著追問一下，你今天在美國所描述的那個週期，與你們在歐洲與亞太地區的推進有何關聯？你們成交更快嗎？或是因為已經有來自國防部的某種準認證（quasi-certification），所以你們的合作夥伴成交更快？還是你們也必須走同樣的採購流程？

So I would like to use real data from real meetings from the last few weeks, okay? Let's not extrapolate. Let's give you some information. So in the last few weeks, Mobilicom was super busy across the globe. We've been in multiple conferences, exhibitions where we sponsored the event, had booths, lots of meetings with government procurement officers, program officers as well as OEMs and manufacturers, which are eventually our target customers.

我想用過去幾週真實會議的真實數據來說明，好嗎？我們不要外推。我給你一些資訊。在過去幾週，Mobilicom 在全球各地都非常忙碌。我們參加了多場會議與展覽，其中一些我們贊助了活動、設置攤位，並與政府採購官員、計畫官員，以及 OEM 與製造商進行了大量會議——而這些最終都是我們的目標客戶。

And we've done it in Europe and multiple locations in the United States. In those locations, obviously, we met with a lot of American companies, which are -- some of them are partners right now or in partnership and progress, but a lot of other European or Israeli companies. The fact that we have met with Mobilicom and they want to replace their existing solution and add Mobilicom to their offering is to mainly shortcut -- reduce the risk that once they will win something in America, they will have to replace their elements inside to something that America can trust, which is Mobilicom, one of a few players over there.

我們在歐洲以及美國多個地點都做了這些。在這些地點，我們當然也見了很多美國公司——其中一些目前是合作夥伴或正在推進合作——但也見了許多其他歐洲或以色列公司。我們與這些公司會面後，他們希望替換其既有解決方案並把 Mobilicom 納入其產品組合，主要是為了走捷徑——降低風險：也就是一旦他們在美國贏得案子，就不必再把內部元件更換成美國能信任的方案；而 Mobilicom 正是那邊少數能被信任的業者之一。

So it's opened the door for us for additional business with Israeli as well as European companies that now would like and open the gate for Mobilicom for partnership and integration on the back of our success in America because if they want to win the American or NATO market, they have to use solutions that were certified and approved in America. Therefore, it's accelerated or increased the opportunity for Mobilicom with companies outside of America. This is what I see. And I can name you, it's not one or two or three customers. Discussions were made and progress was made with multiple of those across the globe that we met in the recent weeks, in the recent two, three weeks.

因此，這為我們打開了與以色列以及歐洲公司進一步合作的門，這些公司現在希望、也願意為 Mobilicom 開門，進行合作與整合；其背後原因是我們在美國的成功，因為如果他們想贏得美國或北約市場，就必須使用在美國獲得認證與核准的解決方案。因此，這加速或提升了 Mobilicom 與美國以外公司的機會。這就是我所看到的。而且我可以告訴你，這不是一個、兩個或三個客戶。在最近幾週、最近兩三週內，我們與全球多家我們近期見到的公司都進行了討論並取得了進展。

I understand. Okay. That's somewhat helpful. And just quickly, your OEMs, are they -- is it still mostly airborne drones that they -- that is of interest? Or are you seeing -- are they seeing more interest in land and sea drones as well?

我了解。好的。這多少有些幫助。再快速問一下，你們的 OEM——他們感興趣的是否仍主要是空中無人機？還是你們看到——他們也看到對陸上與海上無人機的興趣正在增加？

One of our biggest -- one of the big Tier 1s that we are having from the 8 Tier 1s that we mentioned and discussed in Asia Pacific, huge conglomerate is all about ground robotics, okay? So this is ground robotics. We've done some implementation with other Tier 1s in Israel, which is maritime that was deployed to India. I mean, actively deployed in India. So we've seen and already implemented in other applications, which are either maritime or ground robotics from different kinds. But majority of loitering munition or small-sized drones, Group 1, Group 2, which are scalability-wise and volume-wise are the biggest and the lion's share of the market --

我們最大的——我們提到並在亞太地區討論過的 8 家一線（Tier 1）業者之一，是一家大型企業集團，主力完全在地面機器人，好嗎？所以那是地面機器人。我們也與以色列的其他一線業者做過一些導入，屬於海事領域，並已部署到印度。我的意思是，正在印度實際部署中。所以我們已經在其他應用中看到並完成導入，這些應用可能是海事或各類型的地面機器人。但就滯空攻擊彈藥或小型無人機（第 1 組、第 2 組）而言，從可擴展性與出貨量來看，它們是最大、也是市場的主要份額--

All right. Thank you, Oren, and thank you for those questions. With the interest of time, we're going to cut the presentation here. We saw some other questions come in via Q&A. We'll make sure to respond to you separately.

好的。謝謝你，Oren，也謝謝你的提問。為了時間起見，我們將在此結束簡報。我們看到還有一些其他問題透過 Q&A 進來。我們會確保另外回覆各位。

So that's going to conclude our session. On behalf of Oren, Liad and the entire team, I want to thank you for joining us today and your continued interest in Mobilicom.

那麼本次會議就到此結束。我謹代表 Oren、Liad 以及整個團隊，感謝各位今天參與，以及持續關注 Mobilicom。

A replay for this webinar, along with this presentation and related materials will be available shortly on the IR site at ir.mobilicom.com and along with the SEC filings, including our Form 20-F, can be found at sec.gov. For any follow-up questions, feel free to reach out to me directly, Chris Donovan at ir@mobilicom.com. Thank you very much for your time. Enjoy the rest of your day.

本次網路研討會的重播、連同本簡報與相關資料，將很快在投資人關係（IR）網站 ir.mobilicom.com 上提供；此外也可在 sec.gov 查閱我們向 SEC 提交的文件，包括 Form 20-F。如有任何後續問題，歡迎直接聯絡我，Chris Donovan，ir@mobilicom.com。非常感謝各位撥冗。祝各位今天剩下的時間愉快。