Ondas Holdings Inc (ONDS) 2022 Q4 法說會逐字稿

Welcome to the Ondas Holdings Incorporated Fourth Quarter and Full Year 2022 Conference Call. (Operator Instructions).

歡迎來到 Ondas Holdings Incorporated 第四季度和 2022 年全年電話會議。 （操作員說明）。

Before we begin, the company would like to remind you that this call may contain forward-looking statements. While these forward-looking statements reflect Ondas' best current judgment, they are subject to risks and uncertainties that could cause actual results to differ materially from those implied by these forward-looking statements. These risk factors are discussed in Ondas' periodic SEC filings and in the earnings press release issued today, which are both available on the company's website. Ondas undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances, except as required by law. Please note this event is being recorded.

在我們開始之前，公司想提醒您，本次電話會議可能包含前瞻性陳述。雖然這些前瞻性陳述反映了 Ondas 當前的最佳判斷，但它們受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與這些前瞻性陳述所暗示的結果存在重大差異。這些風險因素在 Ondas 定期向美國證券交易委員會提交的文件和今天發布的收益新聞稿中進行了討論，它們都可以在公司網站上找到。除非法律要求，否則 Ondas 不承擔修改或更新任何前瞻性陳述以反映未來事件或情況的義務。請注意正在記錄此事件。

I would now like to turn the presentation over to Eric Brock, Chairman and CEO. Please go ahead.

我現在想將演示文稿轉交給董事長兼首席執行官 Eric Brock。請繼續。

Well, thank you, operator, and good morning. I want to get started by welcoming everyone to our quarterly conference call. We appreciate the time you're spending with us and for your interest in our company. Today's call will be a bit shorter than we're used to for these quarterly updates as we just met a few weeks back at our virtual investor event. At that time, we provided both a comprehensive business development review and a detailed outlook for 2023 for both our Ondas Networks and Ondas Autonomous Systems business units.

好的，謝謝接線員，早上好。我想首先歡迎大家參加我們的季度電話會議。感謝您與我們共度時光，感謝您對我們公司的關注。今天的電話會比我們習慣於這些季度更新要短一些，因為我們幾週前剛剛在我們的虛擬投資者活動中見過面。當時，我們為 Ondas Networks 和 Ondas Autonomous Systems 業務部門提供了全面的業務發展回顧和 2023 年的詳細展望。

So today, we plan to review our financial performance in a bit more detail and provide updates on recent activity with both Ondas Networks and Ondas Autonomous Systems business units. In that conversation, we'll focus on current activity in the field with customers and partners. As you continue to see, Ondas is picking up momentum, we have had a strong start to the year and look forward to sharing details of this customer activity with you. So let's go.

因此，今天，我們計劃更詳細地審查我們的財務業績，並提供關於 Ondas Networks 和 Ondas Autonomous Systems 業務部門最近活動的更新。在那次對話中，我們將重點關注當前與客戶和合作夥伴在該領域的活動。正如您繼續看到的那樣，Ondas 正在回升勢頭，我們今年開局強勁，期待與您分享此客戶活動的詳細信息。所以我們走吧。

I'm happy to be joined today by our CFO, Derek Reisfield; and our President, Reese Mozer. In addition, we will hear from Stewart Kantor, the Founder and President of Ondas Networks; and Meir Kliner, Airobotics Founder and CEO. Recall that in connection with the closing of the Airobotics acquisition, we established a new business unit, we call Ondas Autonomous Systems or OAS, which combines the drone operations of American Robotics, Airobotics and now Iron Drone. Meir is the President of OAS and it's my pleasure to have him join us today on his initial investor call with Ondas.

我很高興今天我們的首席財務官 Derek Reisfield 加入我的行列；以及我們的總裁 Reese Mozer。此外，我們還將聽取 Ondas Networks 創始人兼總裁 Stewart Kantor 的講話；和 Airobotics 創始人兼首席執行官 Meir Kliner。回想一下，在完成對 Airobotics 的收購後，我們成立了一個新的業務部門，我們稱之為 Ondas Autonomous Systems 或 OAS，它結合了 American Robotics、Airobotics 和現在的 Iron Drone 的無人機業務。 Meir 是 OAS 的總裁，我很高興他今天能與我們一起參加他與 Ondas 的首次投資者電話會議。

Now let's turn to the agenda. We will start the call with some brief comments about the state of our business entering 2023. I will then hand the call over to Derek for a financial review, and we will briefly recap the 2023 outlook. Then we will provide a business update for Ondas Networks in our OAS business units, where I will ask Stewart and Meir to provide commentary around current business activity. Again, since we have previously provided a deep dive at the virtual investor event in February, these updates will be mainly focused on recent events and on the ground activity we are driving here in the first quarter. We will then wrap the call and open the floor for investor questions.

現在讓我們談談議程。我們將以一些關於我們進入 2023 年的業務狀況的簡短評論開始電話會議。然後我會將電話轉交給 Derek 進行財務審查，我們將簡要回顧 2023 年的前景。然後，我們將在我們的 OAS 業務部門提供 Ondas Networks 的業務更新，我將要求 Stewart 和 Meir 提供有關當前業務活動的評論。同樣，由於我們之前在 2 月份的虛擬投資者活動中進行了深入探討，因此這些更新將主要集中在最近的事件和我們在第一季度在這裡推動的實地活動上。然後，我們將結束電話會議，並為投資者提問開場。

We expect 2023 to be a very good year for Ondas, both with our Ondas Networks and OAS business units. We entered the year with momentum, fresh-on successes in 2022, where we secured our initial commercial orders signifying the validation of our technology platforms and their scalability with customers. At Ondas Networks, the volume order from Siemens in the 900 megahertz network was a significant event because rail networks are large and strategically important and this adoption is beginning. The strategic value of the 900 megahertz network in all private networks, frankly, is becoming more and more apparent today. We have outlined in a number of occasions how private wireless networks enable safe and efficient train operations and specifically how new industrial broadband capabilities like Ondas' dot16 compliant system, we call FullMAX and the value that provides rail customers with the ability to adopt new and advanced safety technologies.

我們預計 2023 年對 Ondas 來說將是非常好的一年，包括我們的 Ondas 網絡和 OAS 業務部門。我們在 2022 年以勢頭和新的成功進入了這一年，我們獲得了最初的商業訂單，這標誌著我們的技術平台及其可擴展性得到了客戶的認可。在 Ondas Networks，西門子在 900 兆赫茲網絡中的批量訂單是一個重大事件，因為鐵路網絡規模龐大且具有戰略重要性，而且這種採用正在開始。 900 兆赫網絡在所有專網中的戰略價值，坦率地說，在今天變得越來越明顯。我們已經在多個場合概述了專用無線網絡如何實現安全高效的列車運營，特別是新的工業寬帶功能（如 Ondas 的 dot16 兼容系統，我們稱之為 FullMAX）以及為鐵路客戶提供採用新的和先進的能力的價值安全技術。

The 900 megahertz network has come into focus with the national attention today on rail safety. With this attention, the technologies that will be implemented to make our railways efficient and safe are becoming ever more clear. Through all this conversation, again, which is happening nationally, one thing is obvious. You need robust wireless networks to implement and enhance safety systems along the track on locomotives and railcars and a highway crossings. Ondas Networks' FullMAX wireless platform is well positioned to help address these challenges around connecting these technologies that the rail industry is facing today.

900兆赫網絡成為當今國家對鐵路安全關注的焦點。有了這種關注，使我們的鐵路高效和安全的技術將變得越來越清晰。通過所有這些正在全國范圍內發生的對話，有一件事是顯而易見的。您需要強大的無線網絡來實施和增強機車和軌道車軌道以及高速公路交叉口的安全系統。 Ondas Networks 的 FullMAX 無線平台能夠很好地幫助解決鐵路行業當今面臨的連接這些技術的挑戰。

We believe the rail sector, which always has large capital expenditure budgets is poised to accelerate investment in Safety Technologies. Ondas and Siemens are active in the conversations around how this will happen, and we will talk a lot more about that today. At OAS, we have also seen fleet adoption begin as Airobotics secured initial commercial orders for the Optimus System for customers and partners in the UAE, where we are beginning citywide deployments of urban drone infrastructure in Dubai and Abu Dhabi. This is a development in the drone industry that is nothing short of groundbreaking.

我們相信，一直擁有大量資本支出預算的鐵路行業有望加速對安全技術的投資。 Ondas 和西門子積極參與有關這將如何發生的對話，我們今天將就此進行更多討論。在 OAS，隨著 Airobotics 為阿聯酋的客戶和合作夥伴獲得 Optimus 系統的初始商業訂單，我們也看到機隊開始採用，我們開始在迪拜和阿布扎比的城市範圍內部署城市無人機基礎設施。這是無人機行業的一項發展，堪稱開創性的。

Flying autonomous unmanned systems in a densely populated urban setting is an unparalleled achievement and demonstrates the massive lead we have in defining these UAS markets. In short, we believe Ondas entered 2023 position to drive significant increase in revenue, which we believe will help support the scaling of our company and put us on a path to profitability. Again, we believe 2023 is going to be an excellent year for Ondas in the beginning of a long investment cycle in our mission-critical IoT and drone businesses.

在人口稠密的城市環境中飛行自主無人系統是一項無與倫比的成就，證明了我們在定義這些無人機市場方面的巨大領先地位。簡而言之，我們認為 Ondas 進入 2023 年將推動收入大幅增長，我們相信這將有助於支持我們公司的規模擴大並使我們走上盈利之路。同樣，我們相信 2023 年對於 Ondas 來說將是出色的一年，這是我們關鍵任務物聯網和無人機業務長期投資週期的開始。

I'm now going to hand the call over to Derek for the financial review.

我現在要把電話轉給德里克進行財務審查。

Thanks, Eric. As I get started, I want to remind our investors that our financial statements reflect investment in preparation for larger commercial rollouts within our Ondas Networks and Ondas Autonomous Systems business units. As we outlined in our investor update last month, we believe we will see that commercial adoption in 2023. Revenues for the periods presented have been primarily generated by FullMAX product sales and service revenues for customers, including Class I railroads. In addition to product development programs with Siemens and field activity with autonomous drone installations.

謝謝，埃里克。在開始時，我想提醒我們的投資者，我們的財務報表反映了為準備在我們的 Ondas 網絡和 Ondas 自治系統業務部門內進行更大規模的商業推廣而進行的投資。正如我們在上個月的投資者更新中概述的那樣，我們相信我們將在 2023 年看到商業採用。所列期間的收入主要來自 FullMAX 產品銷售和客戶服務收入，包括 I 類鐵路。除了與西門子的產品開發計劃和自主無人機安裝的現場活動。

Of course, we believe this activity has been valuable, serving to establish the broader opportunity, which we expect to lead to significant growth in FullMAX-based wireless systems and Optimus deployments in 2023 and in the coming years. For the fourth quarter of 2022, revenues were approximately $500,000. This was a decrease from $600,000 for Q4 last year. Revenues during the recent quarter were generated by FullMAX product sales driven by orders from Siemens as well as development revenues as we advance the HOT and European product development programs with Siemens.

當然，我們相信這項活動很有價值，有助於創造更廣泛的機會，我們預計這將在 2023 年和未來幾年導致基於 FullMAX 的無線系統和 Optimus 部署的顯著增長。 2022 年第四季度的收入約為 500,000 美元。這比去年第四季度的 600,000 美元有所減少。最近一個季度的收入來自西門子訂單推動的 FullMAX 產品銷售以及我們與西門子推進 HOT 和歐洲產品開發計劃時的開發收入。

Based upon the low level of revenues in the pre-commercialization period, gross profits remained low during the fourth quarter of 2022 at roughly $300,000. Operating expenses increased to $34.8 million for the fourth quarter of 2022 as compared with $7.2 million in the prior year. The rise in operating expenses was primarily due to an increase in research and development expenses, professional fees associated with the Airobotics acquisition, along with an increase in depreciation, amortization and stock-based compensation expense. We consider the acquisition-related expenses to be nonrecurring. We also recorded a $19.4 million noncash charge for impairment of goodwill.

基於商業化前時期的低收入水平，2022 年第四季度的毛利潤仍然很低，約為 300,000 美元。 2022 年第四季度的運營費用增至 3480 萬美元，而去年同期為 720 萬美元。運營費用的增加主要是由於研發費用的增加、與收購 Airobotics 相關的專業費用，以及折舊、攤銷和基於股票的補償費用的增加。我們認為與收購相關的費用是非經常性的。我們還記錄了 1940 萬美元的商譽減值非現金費用。

The goodwill impairment is an accounting charge reflecting the write-down in the carrying value of the American Robotics acquisition. We perform regular analysis related to goodwill and given the dramatic decline in valuations of comparable small emerging technology and the decline in our share price, we believe the write-down is prudent. While we understand the accounting treatment, we remain very positive on the strength of our IP portfolio and the business outlook across both our business units and do not believe the goodwill write-down has a significant impact on our business. Aside from the $19.4 million goodwill impairment charge, noncash expenses totaled $2.5 million for the fourth quarter of 2022.

商譽減值是一項會計費用，反映了 American Robotics 收購賬面價值的減記。我們對商譽進行定期分析，鑑於可比較的小型新興技術的估值急劇下降以及我們股價的下跌，我們認為減記是謹慎的。雖然我們了解會計處理方法，但我們對知識產權組合的實力和我們兩個業務部門的業務前景仍然非常樂觀，並且認為商譽減記不會對我們的業務產生重大影響。除了 1,940 萬美元的商譽減值費用外，2022 年第四季度的非現金支出總計 250 萬美元。

Stock-based compensation was approximately $1.5 million in the fourth quarter. That increased by approximately $200,000 from the prior year. Depreciation and amortization expenses increased from $700,000 in the fourth quarter of 2021 to approximately $1 million in the fourth quarter of 2022. Operating expenses in the fourth quarter of 2022 also included professional and advisory fees related to the Airobotics acquisition. Once again, we consider these acquisition-related expenses to be nonrecurring. Excluding noncash expenses and nonrecurring professional fees related to the Airobotics transaction, operating expenses were equal to approximately $12.3 million, which were higher than expected due to accelerated spending on customer-related activities at American Robotics.

第四季度基於股票的薪酬約為 150 萬美元。這比上一年增加了大約 200,000 美元。折舊和攤銷費用從 2021 年第四季度的 700,000 美元增加到 2022 年第四季度的約 100 萬美元。2022 年第四季度的運營費用還包括與 Airobotics 收購相關的專業和諮詢費用。我們再次將這些與收購相關的費用視為非經常性費用。不包括與 Airobotics 交易相關的非現金支出和非經常性專業費用，運營支出約為 1230 萬美元，高於預期，這是由於 American Robotics 在客戶相關活動上的加速支出。

With the completion of Airobotics acquisition, we restructured our activities in the autonomous drone segment. We believe this will lead to significantly lower operating costs going forward at the combined entity. We believe the additional investments we made were prudent and necessary for the expansion of our services and capabilities to ultimately drive larger revenue opportunities over the long term. The company realized an operating loss of approximately $34.5 million for the fourth quarter of 2022 as compared to $7 million for the fourth quarter of 2021. This loss includes the aforementioned noncash and nonrecurring expenses. We generated an adjusted EBITDA loss of $12.6 million in the fourth quarter, excluding these noncash expenses as compared with a $5 million EBITDA loss for the fourth quarter of 2021. Also noted the increase in both cash and noncash expenses related to the business development activity in preparation to meet the demands of a growing business.

隨著對 Airobotics 收購的完成，我們重組了我們在自主無人機領域的活動。我們相信這將大大降低合併後實體的運營成本。我們認為，我們進行的額外投資是審慎的，對於擴展我們的服務和能力以最終在長期內推動更大的收入機會是必要的。該公司在 2022 年第四季度實現了約 3450 萬美元的運營虧損，而 2021 年第四季度為 700 萬美元。該虧損包括上述非現金和非經常性費用。我們在第四季度產生了 1260 萬美元的調整後 EBITDA 虧損，不包括這些非現金支出，而 2021 年第四季度的 EBITDA 虧損為 500 萬美元。還注意到與業務發展活動相關的現金和非現金支出均有所增加準備滿足不斷增長的業務需求。

Now let's look at our full year results. For the full year of 2022, revenues were $2.1 million. This was a decrease from $2.9 million during the full year of 2021. Revenues during the 2022 period were generated by product sales driven by our order from Siemens as well as development revenues as we advance the HOT and European product development programs with Siemens. Gross profit increased to approximately $1 million for 2022. This was roughly equal to the gross profit of $1 million last year on higher sales. Gross margin improved significantly to 52% for 2022 compared with a gross margin of 38% in the prior year period. Again, this low level of gross profit reflects a period of pre-commercial adoption of our technology platforms.

現在讓我們看看我們的全年業績。 2022 年全年收入為 210 萬美元。這比 2021 年全年的 290 萬美元有所減少。2022 年期間的收入來自西門子訂單推動的產品銷售以及我們與西門子推進 HOT 和歐洲產品開發計劃時的開發收入。到 2022 年，毛利潤增至約 100 萬美元。這大致相當於去年銷售額增加帶來的 100 萬美元毛利潤。與去年同期的 38% 的毛利率相比，2022 年的毛利率顯著提高至 52%。同樣，這種低水平的毛利反映了我們的技術平台處於商業前採用階段。

As we have described in our prior calls, due to the historically lumpy nature of development programs and customer product sales and services, gross margins can be volatile on a quarterly basis. The margin improvement is primarily due to a larger proportion of high-margin product sales and services in the revenue mix during 2022. Operating expenses increased to $70.5 million for all of 2022 as compared to $19.1 million in the prior year. $19.4 million of the operating expense was due to the noncash charge related to goodwill impairment. Also, the rise in operating expenses was primarily due to an increase in research and development expenses, professional fees associated with the Airobotics acquisition, along with an increase in depreciation, amortization and stock-based compensation expense.

正如我們在之前的電話中所描述的那樣，由於開發計劃和客戶產品銷售和服務的歷史波動性，毛利率可能按季度波動。利潤率的提高主要是由於高利潤產品銷售和服務在 2022 年的收入組合中所佔比例更大。2022 年全年的運營費用從上一年的 1910 萬美元增加到 7050 萬美元。 1940 萬美元的運營費用是由於與商譽減值相關的非現金費用。此外，運營費用的增加主要是由於研發費用的增加、與收購 Airobotics 相關的專業費用，以及折舊、攤銷和基於股票的補償費用的增加。

Aside from the $19.4 million goodwill impairment charge, noncash expenses totaled $9.9 million for the full year of 2022, including stock-based compensation of $5.9 million, that increased by approximately $2.6 million from the prior year. Depreciation and amortization expenses increased from $1.5 million in 2021 to approximately $4 million in 2022. Operating expenses in 2022 also included professional and advisory fees related to the Airobotics acquisition of approximately $2.1 million. Once again, we consider these acquisition-related expenses to be nonrecurring. Excluding noncash expenses and nonrecurring professional fees related to the Airobotics transaction, operating expenses were equal to approximately $39 million, which were higher than expected due to accelerated spending on customer-related activity at American Robotics.

除了 1,940 萬美元的商譽減值費用外，2022 年全年的非現金支出總額為 990 萬美元，其中包括 590 萬美元的股票薪酬，比上年增加了約 260 萬美元。折舊和攤銷費用從 2021 年的 150 萬美元增加到 2022 年的約 400 萬美元。2022 年的運營費用還包括與 Airobotics 收購相關的專業和諮詢費用，約為 210 萬美元。我們再次將這些與收購相關的費用視為非經常性費用。不包括與 Airobotics 交易相關的非現金支出和非經常性專業費用，運營支出約為 3900 萬美元，高於預期，這是由於 American Robotics 在客戶相關活動上的加速支出。

With the completion of the Airobotics acquisition, we restructured our activities in the autonomous drone segment. We believe this will lead to significantly lower operating costs going forward at the combined entity. We believe the additional investments we made were prudent and necessary for the expansion of our services and capabilities to ultimately drive larger revenue opportunities over the long term. The company realized an operating loss of approximately $70.5 million for 2022 as compared to $19 million for 2021. This loss includes the aforementioned noncash and nonrecurring expenses. We generated an adjusted EBITDA loss of approximately $40 million for the full year 2022, excluding these noncash expenses as compared with $13.2 million EBITDA loss in the prior year. As noted, the increase in both cash and noncash expenses related to business development activity and preparation to meet the demands of a growing business.

隨著對 Airobotics 收購的完成，我們重組了我們在自主無人機領域的活動。我們相信這將大大降低合併後實體的運營成本。我們認為，我們進行的額外投資是審慎的，對於擴展我們的服務和能力以最終在長期內推動更大的收入機會是必要的。該公司在 2022 年實現了約 7050 萬美元的運營虧損，而 2021 年為 1900 萬美元。該虧損包括上述非現金和非經常性費用。我們在 2022 年全年產生了約 4000 萬美元的調整後 EBITDA 虧損，不包括這些非現金支出，而上一年的 EBITDA 虧損為 1320 萬美元。如前所述，現金和非現金支出的增加與業務發展活動和為滿足不斷增長的業務需求所做的準備有關。

Now let's turn to the balance sheet. We ended the fourth quarter of 2022 with a $29.8 million of cash. Our cash position was aided by the convertible note offering. Outside of the new convertible notes, we maintain a minimal long-term debt and a $58.2 million equity position. Of course, our equity position reflects the substantial investments made in our technology platforms.

現在讓我們轉向資產負債表。我們以 2980 萬美元的現金結束了 2022 年第四季度。我們的現金頭寸得益於可轉換票據發行。在新的可轉換票據之外，我們維持最低限度的長期債務和 5820 萬美元的股權頭寸。當然，我們的股權狀況反映了對我們技術平台的大量投資。

I will now hand the call back to Eric.

我現在將電話轉回給埃里克。

Well, thank you, Derek. As you know, we believe 2023 will be the year when Ondas begins to monetize the substantial investments we have made in our business development. We expect to generate significant revenue growth in our reaffirming our outlook from February and our target for $26 million to $30 million of revenue for the full year. We expect adjusted EBITDA losses to narrow to $19 million to $24 million for the year. Our outlook is supported by over $13 million in backlog and visibility into expected demand from our existing customers as we move through 2023.

好吧，謝謝你，德里克。如您所知，我們相信 2023 年將是 Ondas 開始將我們在業務發展中所做的大量投資貨幣化的一年。我們希望在重申 2 月份的展望和全年收入 2600 萬至 3000 萬美元的目標時產生顯著的收入增長。我們預計今年調整後的 EBITDA 虧損將收窄至 1900 萬至 2400 萬美元。到 2023 年，我們的前景得到了超過 1300 萬美元的積壓訂單和對現有客戶預期需求的可見性的支持。

We expect cash utilization to improve significantly. Improved cash efficiency comes from operating expense leverage at Ondas Networks with expected growth in revenue and gross profit. A similar dynamic exists at OAS, where we believe the integrated companies will operate with dramatically lower cost as a combined company focused on optimizing the Optimus platform in the field with customers.

我們預計現金利用率將顯著提高。現金效率的提高來自 Ondas Networks 的運營費用槓桿以及收入和毛利潤的預期增長。 OAS 也存在類似的動態，我們相信合併後的公司將以極低的運營成本作為一家專注於與客戶一起優化現場 Optimus 平台的合併公司。

Now we will transition to business unit review and ask Stewart Kantor and Meir Kliner to share updates on recent activity in the field with customers and industry partners. We're going to start with Stewart, who will update us on the current status with the rails on 900 megahertz and share some details around the value of our technology in the context of the national conversation around rail safety. Stewart?

現在我們將過渡到業務部門審查，並請 Stewart Kantor 和 Meir Kliner 與客戶和行業合作夥伴分享該領域最近活動的更新。我們將從斯圖爾特開始，他將向我們介紹 900 兆赫茲鐵路的最新狀態，並在全國鐵路安全對話的背景下分享我們技術價值的一些細節。斯圖爾特？

Great. Thank you, Eric. We believe Ondas Networks, along with our strategic partner, Siemens Mobility is well positioned to accelerate the adoption of our FullMAX wireless technology and our dot16 platform. Over the past few years, we, Siemens, the Class I rails, the Association of American Railroads and their technical arm, MxV Rail, have worked diligently to lay the groundwork for the wide adoption of our dot16 based technology in the 900 megahertz band, and that adoption is happening now.

偉大的。謝謝你，埃里克。我們相信 Ondas Networks 以及我們的戰略合作夥伴 Siemens Mobility 能夠很好地加速採用我們的 FullMAX 無線技術和我們的 dot16 平台。在過去的幾年裡，我們西門子、I 類鐵路、美國鐵路協會及其技術部門 MxV Rail 一直在努力工作，為在 900 兆赫茲頻段廣泛採用我們基於 dot16 的技術奠定基礎，這種採用現在正在發生。

In this quarter, we've begun to deliver on our initial volume orders to Siemens on behalf of BNSF and CSX and look for deliveries to accelerate in the next quarter. We're also working closely with Siemens and the rail customers to expand the order book, and we expect follow-on orders from BNSF and CSX as well as new launch orders from additional Class Is. Currently, we are actively engaged with all 7 of the American North American Class Is on various aspects of network adoption, including having established inroads in the 160 megahertz frequency band for data applications. This is also a safety-critical network.

在本季度，我們已經開始代表 BNSF 和 CSX 向西門子交付初始批量訂單，並期待在下一季度加快交付速度。我們還與西門子和鐵路客戶密切合作以擴大訂單，我們期待 BNSF 和 CSX 的後續訂單以及來自其他 Class Is 的新啟動訂單。目前，我們正積極與美國北美 Class Is 的所有 7 個成員就網絡採用的各個方面進行接觸，包括在 160 兆赫頻段的數據應用方面取得進展。這也是一個安全關鍵網絡。

Internationally, we have our ongoing activity with Siemens for Indian Railways as well as a new locomotive radio program for the European market. And lastly, we have ongoing business development activities with the passenger and transit rails in North America and in international markets, and we anticipate new activity in these markets. We'd also like to emphasize that rail safety is not new to us or to our customers, and we will outline in a few moments here, specifically how recent -- the recent national focus on rail safety aligns with our core strengths. We want to emphasize that mission-critical networks are fundamental to train operations and their integrated safety systems.

在國際上，我們正在與西門子就印度鐵路開展活動，並為歐洲市場推出新的機車無線電節目。最後，我們在北美和國際市場上與客運和運輸鐵路進行著持續的業務發展活動，我們預計這些市場會出現新的活動。我們還想強調，鐵路安全對我們或我們的客戶來說並不陌生，我們將在這裡簡要介紹一下，特別是最近——最近國家對鐵路安全的關注與我們的核心優勢相一致。我們要強調的是，關鍵任務網絡是訓練操作及其綜合安全系統的基礎。

The North American rails operate continent-wide train systems and require modern wireless technology to implement large-scale connectivity, edge computing and automation technologies. The rail sector has invested and continues to invest heavily in their train operations and safety is front and center to everything they do. However, the integration of safety technologies has many challenges, often the core of which is reliance on reliable railroad-wide communications. Most of the geography, the traverse, is highly remote with challenging terrain. This is where our 802.16 technology and licensed radio spectrum comes into play.

北美鐵路運營著全大陸的火車系統，需要現代無線技術來實施大規模連接、邊緣計算和自動化技術。鐵路部門已經並將繼續對其列車運營進行大量投資，安全是他們所做一切的重中之重。然而，安全技術的集成面臨許多挑戰，其核心通常是對可靠的全鐵路通信的依賴。大多數地理區域，即橫斷面，都非常偏遠，地形具有挑戰性。這就是我們的 802.16 技術和許可無線電頻譜發揮作用的地方。

Also, you may recall that in May 2020, when the FCC awarded the rails new 900 megahertz greenfield spectrum. One of the primary reasons cited for the award was the expected implementation of safety-based applications, including increased support for rail integrity applications, continuous crossing monitoring and advanced defect detection, which includes the hot bearing detectors, also known as hot box detectors that we've been hearing a lot about recently. It also provides redundancy for positive train control. Over the last 2 years, the rail industry has worked with Ondas, Siemens and other ecosystem vendors to develop a standards-based wireless system that would be robust and secure and would provide higher data capacity and flexibility in order to upgrade the private wireless communications network they own and operate, starting with the 900 megahertz.

此外，您可能還記得 2020 年 5 月，當時 FCC 授予鐵路新的 900 兆赫茲綠地頻譜。獲得該獎項的主要原因之一是基於安全的應用程序的預期實施，包括增加對鐵路完整性應用程序的支持、連續交叉監控和先進的缺陷檢測，其中包括熱軸承檢測器，也稱為熱箱檢測器，我們最近聽說了很多。它還為積極的列車控制提供冗餘。在過去的 2 年裡，鐵路行業與 Ondas、西門子和其他生態系統供應商合作開發了一種基於標準的無線系統，該系統將穩健、安全，並提供更高的數據容量和靈活性，以升級專用無線通信網絡他們擁有並運營，從 900 兆赫開始。

Some of this work has taken place inside the IEEE process where the 802.16 wireless standard is evolving to incorporate additional capabilities that will support long-term adoption by the railroads. We're also working cooperatively with the AAR through MxV Rail in Pueblo, Colorado, as they determine how 802.16 will be implemented as a rail standard. And you may recall that MxV has been operating their own dot16 rail line, implementing use cases and focused on integrating existing and new applications into rail operations.

其中一些工作已在 IEEE 流程內進行，其中 802.16 無線標準正在不斷發展，以納入支持鐵路長期採用的其他功能。我們還通過位於科羅拉多州普韋布洛的 MxV Rail 與 AAR 合作，因為他們決定如何將 802.16 作為鐵路標準實施。您可能還記得 MxV 一直在運營他們自己的 dot16 鐵路線、實施用例並專注於將現有和新應用程序集成到鐵路運營中。

Now let's turn our attention to detail on some of the safety systems and applications that rails operate and where our 802.16 wireless communications technology comes into play. On this slide, you can see a whole host of applications and devices that the rails use today are planned to use in the future to address safety and operational purposes. Most of the current applications operate on frequency-specific networks owned by the rails at 900 megahertz, 450 megahertz, 160 and 220 megahertz. So why is it like this? Well, most of these networks evolved over time and were introduced to meet certain needs at certain times to address certain problems.

現在，讓我們將注意力轉向軌道運行的一些安全系統和應用程序的細節，以及我們的 802.16 無線通信技術發揮作用的地方。在這張幻燈片上，您可以看到軌道今天使用的大量應用程序和設備計劃在未來用於解決安全和操作目的。大多數當前應用程序在鐵路擁有的特定頻率網絡上運行，頻率分別為 900 兆赫、450 兆赫、160 和 220 兆赫。那麼為什麼會這樣呢？好吧，這些網絡中的大多數隨著時間的推移而發展，並被引入以滿足特定時間的特定需求以解決特定問題。

But with the advancement in digital wireless technology like 802.16 and Internet protocol, the same protocol we all use today in our home and enterprise networks. The rails are seizing on the opportunity to move away from application and frequency-specific networks to what we call general purpose IP data networks. These networks can support multiple applications at the same time, offering redundancy and expansion of current and planned applications. As we know, right now, at your home or in your office, you really don't care or don't even know whether you're on 1 WiFi frequency or another as long as your applications work and whether that connectivity occurs over WiFi, a cell phone network or an Ethernet cable.

但隨著 802.16 和 Internet 協議等數字無線技術的進步，我們今天在家庭和企業網絡中使用的是相同的協議。鐵路正在抓住機會從應用程序和特定頻率的網絡轉移到我們所謂的通用 IP 數據網絡。這些網絡可以同時支持多個應用程序，為當前和計劃中的應用程序提供冗餘和擴展。正如我們所知，現在，在您的家中或辦公室，您真的不在乎甚至不知道您使用的是 1 個 WiFi 頻率還是另一個頻率，只要您的應用程序正常工作以及連接是否通過 WiFi 發生即可、手機網絡或以太網電纜。

This is the same direction the rails must go in order to build their own private networks and expand capacity. Remember, they need private networks because they are addressing nationwide connectivity and have to travel from the most urban dense areas to the most remote areas, illustrated by their need for connectivity even in places like the Mojave Desert with not a cell tower anywhere to be seen. So what you see on this slide with the implementation of 802.16 standard at 900 megahertz, the rails can now host multiple of these applications on the same network with high quality of service and reliability and importantly, get to set those levels.

為了建立自己的專用網絡和擴展容量，鐵路必須走同樣的方向。請記住，他們需要專用網絡，因為他們要解決全國范圍內的連接問題，並且必須從城市最密集的地區前往最偏遠的地區，即使在莫哈韋沙漠等任何地方都看不到手機信號塔的地方，他們也需要連接，這說明了這一點.因此，您在這張幻燈片上看到的是，隨著 802.16 標准在 900 兆赫茲的實施，rails 現在可以在同一網絡上託管多個這些應用程序，並提供高質量的服務和可靠性，重要的是，可以設置這些級別。

Let's just take one example that has been in the news lately. Hot Box defect detectors. The rails with the new network capacity based on our modern wireless standard can conduct more hot box detectors on to the same network without the ongoing telecoms operating costs. It's an exciting time for Ondas and we appreciate the vision and foresight, the AAR and the rails have had to see the value of our technology come to the forefront when national tension is so focused on the safety of critical infrastructure.

讓我們舉一個最近出現在新聞中的例子。熱箱缺陷檢測器。具有基於我們現代無線標準的新網絡容量的軌道可以在同一網絡上引導更多的熱盒探測器，而無需持續的電信運營成本。這對 Ondas 來說是一個激動人心的時刻，我們欣賞遠見和遠見，AAR 和鐵路不得不在國家緊張局勢如此關注關鍵基礎設施的安全時看到我們技術的價值走到最前沿。

I'll now hand this back over to Eric. Eric?

我現在將其交還給埃里克。埃里克？

Well, thank you, Stewart. And I want to reemphasize your final comment. The purpose of our work with the rails has been to introduce wireless technology that enables the ongoing improvements to safety and efficiency that the rails are always pursuing but are difficult to implement. So indeed, it is an exciting time for us to see the value of our technology come to the forefront when national attention is so focused on the safety of critical infrastructure. I want to now transition to an update on activity at Ondas Autonomous Systems. When I hand to Meir, he will share some updates on our work with customers and partners. He will expand upon our relationships in the UAE with the Dubai Police and SkyGo and also touch on the recent announcement we made highlighting a deployment that we have with Intel.

好吧，謝謝你，斯圖爾特。我想再次強調你的最後評論。我們與鐵路合作的目的是引入無線技術，以實現鐵路一直追求但難以實施的安全性和效率的持續改進。因此，當國家的注意力如此集中在關鍵基礎設施的安全上時，我們看到我們技術的價值走到了最前沿，這確實是一個激動人心的時刻。我現在想過渡到 Ondas Autonomous Systems 的活動更新。當我交給 Meir 時，他將與客戶和合作夥伴分享我們工作的一些最新進展。他將擴展我們在阿聯酋與迪拜警方和 SkyGo 的關係，並談到我們最近宣布的重點是我們與英特爾的部署。

We will start with some commentary around the World Police Summit, where our Optimus platform in Iron Drone counter UAS systems are generating tremendous interest amongst growing awareness of our capabilities in both public safety and homeland security. But before I hand to Meir, I want to play a brief video. This video was created by the Dubai Police and demonstrates the vision for how they are integrating Optimus into their public safety operations. Of course, this is a vision we share and are implementing in the real world today with the Dubai police. So let's put it the video now.

我們將從圍繞世界警察峰會的一些評論開始，我們在 Iron Drone 反 UAS 系統中的 Optimus 平台在人們對我們在公共安全和國土安全方面的能力的認識不斷提高的過程中引起了極大的興趣。但在我交給 Meir 之前，我想播放一段簡短的視頻。該視頻由迪拜警方製作，展示了他們如何將 Optimus 整合到他們的公共安全行動中的願景。當然，這是我們今天與迪拜警方在現實世界中分享並正在實施的願景。那我們現在放視頻吧。

[Video Presentation]

[視頻介紹]

So, Meir, please proceed.

所以，Meir，請繼續。

Thank you, Eric. And I want to start by saying it's a pleasure to be here for my first investor call with Ondas. Before I proceed, I want to take a brief moment and share how excited our team at Airobotics is to join forces with Ondas and American Robotics. We worked extremely hard to get to where we are today. Together, we have the ability to achieve great things. We have hit the ground running after closing the acquisition in January and establishing the Ondas Autonomous System global business unit. We are seeing tremendous momentum with customers and the combination with Ondas has put us in a strong position to expand our current relationships and bring our technology to global markets, including the United States.

謝謝你，埃里克。首先，我想說很高興來到這裡參加我與 Ondas 的第一次投資者電話會議。在我繼續之前，我想花點時間分享一下我們 Airobotics 的團隊對與 Ondas 和 American Robotics 聯手感到多麼興奮。我們非常努力地工作以達到今天的水平。在一起，我們有能力成就偉大的事情。在 1 月份完成收購併建立 Ondas Autonomous System 全球業務部門後，我們已經開始運作。我們看到了客戶的巨大發展勢頭，與 Ondas 的合併使我們處於有利地位，可以擴大我們目前的關係並將我們的技術推向包括美國在內的全球市場。

The recent orders in the UAE for fleet deployment of our Optimus System for urban public safety, homeland security and smart city use cases validate the safety and reliability as well as the value of our Optimus platform to customers. This was quite evident last week in Dubai, where we attended the World Police Summit, which is widely attended by the largest and most sophisticated leaders in public safety and homeland security across the globe.

最近在阿聯酋訂購我們的 Optimus 系統用於城市公共安全、國土安全和智慧城市用例的車隊部署訂單驗證了 Optimus 平台的安全性和可靠性以及我們的 Optimus 平台對客戶的價值。上週在迪拜，這一點非常明顯，我們在那裡參加了世界警察峰會，全球公共安全和國土安全領域規模最大、經驗最豐富的領導人廣泛參加了此次峰會。

As Eric showed in the video, the Optimus platform was highlighted in multiple video segments by the Dubai Police as they outline the vision for smart police infrastructure. We share the vision and believe we are here today [we drill] scalable technology as urban drone infrastructure that is setting the pace for the future of public safety and homeland security. At the summit, we also presented our counter UAS system from Iron Drone. In a moment, I will share more details about the Iron Drone system, but I want to highlight the huge interest in counter UAS solutions and specifically on the capabilities of our system.

正如 Eric 在視頻中展示的那樣，迪拜警方在多個視頻片段中重點介紹了 Optimus 平台，因為他們概述了智能警察基礎設施的願景。我們有共同的願景，並相信我們今天在這裡 [我們鑽探] 可擴展技術作為城市無人機基礎設施，為公共安全和國土安全的未來設定了步伐。在峰會上，我們還展示了來自 Iron Drone 的反無人機系統。稍後，我將分享有關 Iron Drone 系統的更多細節，但我想強調人們對反 UAS 解決方案的巨大興趣，特別是我們系統的功能。

It's an exciting product and the early feedback after the public launch is promising. We announced an expanded relationship with the Dubai Police at the end of the summit. As part of this agreement, the Dubai Police expressed an intent to purchase Iron Drone systems, this came after a successful system demonstration. In addition, Airobotics and the Dubai Police agreed to work together on further technology development around our AI capabilities and to continue to enhance the solutions that Ondas Autonomous Systems can provide to global public safety markets. We expect orders and installations to grow in Dubai as we move through 2023, and we continue to scale up the urban drone infrastructure within this important partnership.

這是一款令人興奮的產品，公開發布後的早期反饋很有希望。我們在峰會結束時宣布擴大與迪拜警方的關係。作為該協議的一部分，迪拜警方表示有意購買 Iron Drone 系統，這是在系統演示成功之後。此外，Airobotics 和迪拜警方同意圍繞我們的 AI 能力展開進一步的技術開發，並繼續增強 Ondas Autonomous Systems 可以為全球公共安全市場提供的解決方案。我們預計，到 2023 年，迪拜的訂單和安裝量將會增長，並且我們將繼續在這一重要的合作夥伴關係中擴大城市無人機基礎設施。

At the summit, it was quite clear that there is extensive and growing interest globally in both Optimus and Iron Drone systems. That interest is coming for both potentially large customers and blue-chip industry vendors, which we aim to establish partnerships with. We have previously announced that the Dubai Police has begun a program to adapt the Optimus platform across the city to support enhanced public safety across the city. We have installed systems and are operating on a regular daily basis with higher reliability and availability of the system. We are off to a great start and look forward to the Optimus fleet footprint expanding in the coming years.

在峰會上，很明顯全球對 Optimus 和 Iron Drone 系統的興趣廣泛且不斷增長。潛在的大客戶和藍籌行業供應商都對這種興趣感興趣，我們的目標是與之建立合作夥伴關係。我們之前已經宣布，迪拜警方已經啟動了一項計劃，在全市範圍內調整 Optimus 平台，以支持加強全市的公共安全。我們已經安裝了系統並每天定期運行，系統的可靠性和可用性更高。我們有了一個良好的開端，並期待 Optimus 車隊的足跡在未來幾年擴大。

Similarly, we announced a $3.5 million order from Abu Dhabi-based SkyGo in addition to the intent to enter into joint venture to provide aerial data services for smart city use cases in the UAE. SkyGo is an excellent partner, bringing in leadership and application expertise in addition to incredible vision as to where we can take drone services in the UAE. SkyGo is connected with multiple customers across the UAE, and we look forward to sharing more details about our activity here in the near future.

同樣，我們宣布了來自阿布扎比的 SkyGo 的 350 萬美元訂單，此外還有意成立合資企業，為阿聯酋的智慧城市用例提供航空數據服務。 SkyGo 是一個優秀的合作夥伴，除了對我們可以在阿聯酋的哪些地方提供無人機服務的令人難以置信的願景之外，還帶來了領導和應用專業知識。 SkyGo 與阿聯酋的多個客戶建立了聯繫，我們期待在不久的將來在這里分享有關我們活動的更多詳細信息。

Lastly, we recently announced an extension of our service agreement with a global semiconductor manufacturing firm where we have been providing both aerial security and safety services in addition to surveilling, mapping and other inspection applications. We believe the construction project management market is well suited for adoption of our Optimus System and the data services embedded in our insightful data platform. From a central data portal, provide very insightful construction project manager, their clients, in addition to vendors and suppliers are able to track project progress. The information and analytics help to keep a project on track from a time and budget standpoint, offering the potential for significant efficiencies and cost savings.

最後，我們最近宣布延長與一家全球半導體製造公司的服務協議，除了監視、測繪和其他檢查應用之外，我們一直在該公司提供空中安保和安全服務。我們相信建設項目管理市場非常適合採用我們的 Optimus 系統和嵌入我們富有洞察力的數據平台中的數據服務。從一個中央數據門戶，提供非常有洞察力的建設項目經理，他們的客戶，除了供應商和供應商之外，都能夠跟踪項目進度。從時間和預算的角度來看，信息和分析有助於使項目保持在正軌，從而提供顯著提高效率和節省成本的潛力。

We believe this market is large and growing strongly and are developing strategies to further expand in construction markets. Lastly, I want to focus on Iron Drone, the counter UAS system. We announced the Iron Drone acquisition last summer and formally closed the transaction last week. Iron Drone has unique insights into solutions required to counter hostile drones. The threat of hostile drones in both military and civilian markets has grown dramatically in recent years. The threat is particularly acute with small low-cost drone that are being used as weapons and are capable of causing significant damage.

我們相信這個市場很大並且增長強勁，並且正在製定進一步擴大建築市場的戰略。最後，我想重點介紹反無人機系統 Iron Drone。我們去年夏天宣布收購 Iron Drone，並於上周正式完成交易。 Iron Drone 對對抗敵方無人機所需的解決方案有著獨到的見解。近年來，敵對無人機在軍用和民用市場的威脅急劇增加。對於被用作武器並能夠造成重大破壞的小型低成本無人機，這種威脅尤為嚴重。

Iron Drone has introduced the radar, which is an autonomous platform, as you can see here on this slide, the radar system is a module that is deployed in a container or port, which have the 3 small UAVs. When a hostile drone is identified near a sensitive location, the radar drones can be deployed at extremely high speeds to intercept the threat. The radar is equipped with a mapping system that can capture the hostile drone. A parachute ensures that the hostile drone is safely landed so it can be secured as evidence, while safely protecting assets and people on the ground. The physical capture method of counter UAS is differentiated by other counter UAS methods, which use jamming of radio frequencies or GPS signals to disable the drone mid-operation.

Iron Drone 推出了雷達，這是一個自主平台，正如您在這張幻燈片上看到的那樣，雷達系統是一個部署在集裝箱或港口的模塊，其中有 3 架小型無人機。當在敏感位置附近識別出敵方無人機時，雷達無人機可以以極高的速度部署以攔截威脅。雷達配備了測繪系統，可以捕獲敵方無人機。降落傘可確保敵方無人機安全著陸，以便將其作為證據，同時安全地保護地面上的資產和人員。反無人機的物理捕獲方法與其他反無人機方法不同，後者使用無線電頻率或 GPS 信號干擾來禁用無人機中途操作。

Jamming methods or countering hostile drone have significant drawbacks near sensitive civilian locations such as airports, government buildings and business areas as they can disrupt critical communications. We see significant market potential for Iron Drone. It has obvious use cases protecting high valued civilian infrastructure and public services in addition to homeland security. We also see military potential and expect this to be revenue-generating product in 2023.

干擾方法或對抗敵方無人機在機場、政府大樓和商業區等敏感民用地點附近存在重大缺陷，因為它們會中斷關鍵通信。我們看到了 Iron Drone 的巨大市場潛力。除了國土安全之外，它還有保護高價值民用基礎設施和公共服務的明顯用例。我們還看到了軍事潛力，並預計這將在 2023 年成為創收產品。

Eric, I'm going to hand the call back to you so we can provide some closing remarks.

埃里克，我會把電話轉給你，這樣我們就可以發表一些結束語。

Well, thank you, Meir. And let's wrap this up with a couple of closing remarks before we shift to questions. I want to reiterate, management is committed to delivering for investors. We believe we are on the right track to build a large successful company that defines the large high-value end markets we are addressing. We are well positioned to monetize our valuable proprietary platform technologies, which have been funded by you, our investors, and the substantial efforts of our team. We are particularly excited that Ondas Networks is the hard work we have put in to create valuable next-generation wireless technology for safety critical networks is poised to be recognized as a critical component of rail safety upgrades.

好吧，謝謝你，梅爾。在我們轉向問題之前，讓我們用幾句結束語來總結一下。我想重申，管理層致力於為投資者提供服務。我們相信我們正走在正確的軌道上，可以建立一家成功的大型公司，定義我們正在處理的大型高價值終端市場。我們已準備好將我們寶貴的專有平台技術貨幣化，這些技術由您、我們的投資者和我們團隊的大量努力資助。我們特別興奮的是，Ondas Networks 是我們為安全關鍵網絡創造有價值的下一代無線技術所付出的辛勤工作，有望被公認為鐵路安全升級的關鍵組成部分。

We believe that activity around safety at the natural level creates upside for Ondas. Similarly, fleet deployments of Optimus are off to a great start with our initial customers, launching urban drone infrastructure in major cities. As we build inventory and advance marketing efforts with our customers globally, including in important sectors such as oil and gas and public safety in the United States, we expect to drive an S-curve adoption highlighting the long-term value of our Optimus System to both customers and investors. We expect revenue growth and a focus on efficiency will demonstrate our ability to drive shareholder value, which we believe will be reflected in our share price. That is an important focus for our team, as I know it is for you. Again, I think this is going to be a great year for Ondas.

我們相信，在自然層面圍繞安全開展的活動為 Ondas 帶來了好處。同樣，Optimus 的艦隊部署在我們的初始客戶中有了一個良好的開端，在主要城市推出了城市無人機基礎設施。隨著我們與全球客戶建立庫存並推進營銷工作，包括在美國的石油和天然氣以及公共安全等重要行業，我們希望推動 S 曲線採用，突出我們的 Optimus 系統的長期價值客戶和投資者。我們預計收入增長和對效率的關注將證明我們有能力推動股東價值，我們相信這將反映在我們的股價中。這是我們團隊的一個重要重點，據我所知，這也是您的重點。同樣，我認為今年對 Ondas 來說將是豐收的一年。

With that, let's see if there are any questions. Operator?

有了這個，讓我們看看是否有任何問題。操作員？

(Operator Instructions) The first question today comes from Mike Latimore with NCM.

（操作員說明）今天的第一個問題來自 NCM 的 Mike Latimore。

So I guess, Eric, the $13 million of backlog, how do you think about when that will -- or when will that get recognized? Is it more first half weighted, second half weighted?

所以我想，埃里克，1300 萬美元的積壓，你如何看待它什麼時候會——或者什麼時候會得到認可？是上半場加權多，下半場加權多嗎？

I think you're going to see a build through the year, firstly, in terms of the revenue target. The backlog we have today is going to be largely recognized over the first couple of quarters. So we'll be shipping some of the systems that Siemens has ordered on behalf of rail starting this quarter, as Stewart mentioned, that will be larger in the second quarter. And then you'll see a similar ramp with -- in terms of recognized revenue on the orders we pronounced in Dubai and Abu Dhabi for the drone platforms.

我認為你將看到全年的構建，首先是收入目標。我們今天的積壓將在前幾個季度得到很大程度的認可。因此，正如斯圖爾特所提到的，我們將從本季度開始運送西門子代表鐵路訂購的一些系統，這些系統將在第二季度變得更大。然後你會看到類似的增長——就我們在迪拜和阿布扎比宣布的無人機平台訂單的確認收入而言。

Okay. And then in terms of cash OpEx, what level should we think about in the first and second quarter?

好的。然後就現金運營支出而言，我們應該在第一季度和第二季度考慮什麼水平？

It's comparable to what you've been expecting, Mike. So one of the things we've done with the restructuring is putting Airobotics and American Robotics together as we've been able to take a lot of cost out of the business. So it's a larger opportunity, but a much more efficient operating spend. And then I'll also add that the Ondas Networks outlook continues to offer quite a substantial operating leverage and we made that point again. We've essentially won a platform sale, and it does start with 900 megahertz, but the incremental operating expense need is fairly modest as we do grow the orders of shipments.

邁克，這與您的預期相當。因此，我們通過重組所做的其中一件事就是將 Airobotics 和 American Robotics 放在一起，因為我們已經能夠從業務中節省大量成本。所以這是一個更大的機會，但更有效的運營支出。然後我還要補充一點，Ondas Networks 的前景繼續提供相當可觀的運營槓桿，我們再次強調了這一點。我們基本上贏得了平台銷售，它確實從 900 兆赫開始，但隨著我們確實增加了發貨訂單，增加的運營費用需求相當適中。

Yes. And then on the drone business, I mean is it fair to say that the best prospect for incremental orders comes from the Dubai Police here. So if we're thinking about new orders you don't have, is that the most logical placement it would come from?

是的。然後在無人機業務上，我的意思是說增加訂單的最佳前景來自這裡的迪拜警方是否公平。因此，如果我們正在考慮您沒有的新訂單，那麼這是最合乎邏輯的位置嗎？

That's the most logical place but not the only place for sure. We do see opportunity more broadly in the region. And we are working on some of the activities here in the U.S., which is obviously a very large market. And you'll hear more about that as we're moving through the year because those conversations continue, but we're also building inventory to address what we think will ultimately be substantial demand in the U.S. So...

這是最合乎邏輯的地方，但肯定不是唯一的地方。我們確實在該地區更廣泛地看到了機會。我們正在美國開展一些活動，這顯然是一個非常大的市場。你會聽到更多關於這一年的消息，因為這些對話仍在繼續，但我們也在建立庫存，以解決我們認為最終將在美國產生大量需求的問題。所以......

Great. And then just last one on Iron Drone. What -- how do you charge for that? What's sort of, I don't know, the average price per unit?

偉大的。然後是 Iron Drone 上的最後一個。什麼 - 你如何收費？我不知道，每單位的平均價格是多少？

We haven't disclosed pricing yet. And so I guess I'm going to defer. I do believe that the unit economics on the Iron Drone platform will be very attractive, but we haven't disclosed pricing yet.

我們還沒有透露定價。所以我想我會推遲。我確實相信 Iron Drone 平台上的單位經濟效益會非常有吸引力，但我們還沒有透露定價。

(Operator Instructions) The next question comes from Timothy Horan with Oppenheimer.

（操作員說明）下一個問題來自 Timothy Horan 和 Oppenheimer。

So we've obviously had some horrific train derailments here and learning more and more about them all the time. And it sounds like you're kind of implying that this might accelerate the build-out of the 900 megahertz network anyway and maybe other bands and the buildout might be a little bit bigger. I guess could you give us an update on what the rails are thinking of when they will turn on the 900 megahertz and when they can start utilizing that? And maybe just overall, how much would the initial build, just any updated thoughts? And when are they planning on shutting down the legacy spectrum?

所以我們顯然在這裡發生了一些可怕的火車脫軌事件，並且一直在不斷地了解它們。聽起來你有點暗示這可能會加速 900 兆赫網絡的建設，也許其他頻段和建設可能會更大一些。我想您能否向我們介紹一下鐵路部門在考慮何時開啟 900 兆赫茲以及何時可以開始使用它的最新情況？也許只是總體而言，初始構建需要多少，只是任何更新的想法？他們計劃什麼時候關閉傳統頻譜？

Okay. So Tim, you're right. We do believe that this, as we describe it, the national conversation around rail safety does a couple of things. So we do think it is going to accelerate the spending on all the technologies related to the safety upgrades. But it also does have an added benefit of building awareness around Ondas and the private network more generally, and it does start with 900. But we think all the private networks that they have are going to be part of a longer-term solution. So as it relates to retiring their legacy spectrum, they still have the deadlines we've discussed in the past that we believe are important, and that's in 2025. So that's the answer.

好的。所以蒂姆，你是對的。我們確實相信，正如我們所描述的，圍繞鐵路安全的全國對話起到了一些作用。因此，我們確實認為它將加速與安全升級相關的所有技術的支出。但它也確實有一個額外的好處，可以更廣泛地提高人們對 Ondas 和專用網絡的認識，它確實從 900 開始。但我們認為他們擁有的所有專用網絡都將成為長期解決方案的一部分。因此，當涉及到淘汰他們的遺留頻譜時，他們仍然有我們過去討論過的我們認為很重要的最後期限，那就是 2025 年。這就是答案。

And I'll add, Tim, that as the conversations are taking place here, we talked to, as you would expect, the railroads every day. We also work with the AAR and of course, MxV Rail. That's a very important relationship, and we're doing this all with Siemens as well. We're seeing a lot of activity in D.C. and I'm sure you are as well. And of course, folks like Congress, DOT, EPA, other agencies are all involved. And there's activity around legislations related to specifically to rail safety. So we're doing what we can to make sure we're part of that conversation in D.C.

蒂姆，我要補充一點，正如您所期望的那樣，隨著對話在這裡進行，我們每天都在與鐵路部門交談。我們還與 AAR 合作，當然還有 MxV Rail。這是一個非常重要的關係，我們也在與西門子一起做這一切。我們在華盛頓看到了很多活動，我相信你也是。當然，國會、DOT、EPA 和其他機構等人都參與其中。並且圍繞專門與鐵路安全相關的立法開展活動。因此，我們正在盡我們所能確保我們參與到華盛頓特區的對話中。

So that there's awareness and we want to ensure that there's awareness around how these solutions come together. And that legislation is likely to have new industry requirements and it's likely to call for the densification of technologies like hot box detectors, which Stewart described it during his presentation. And so it'd be densifying, it's also upgrading technology. We do believe that networks are going to be the backbone of that. I'll recall that the positive train control effort was a significant one for the rail industry. And that positive train control rollout, which the AAR says was the billions of dollars of costs, many billions. That doesn't happen without the 220 megahertz network, right? That doesn't happen with a wireless backbone. And that really highlights the value of what we're doing is an enabling technology and enabling platform.

這樣就有意識了，我們希望確保人們意識到這些解決方案是如何組合在一起的。而且該立法可能會有新的行業要求，並且可能要求對熱箱探測器等技術進行緻密化，斯圖爾特在他的演講中對此進行了描述。所以它會緻密化，它也在升級技術。我們確實相信網絡將成為其中的支柱。我記得積極的列車控制工作對鐵路行業來說意義重大。積極的列車控制部署，AAR 稱這是數十億美元的成本，數十億美元。沒有 220 兆赫茲網絡就不會發生這種情況，對嗎？無線骨幹網不會發生這種情況。這真正凸顯了我們正在做的事情的價值是支持技術和支持平台。

So any update on the total cost of the initial 900 megahertz build-out and when they would like to get that network up and running, do you have any best guesstimate at this point?

那麼關於最初 900 兆赫茲擴建的總成本的任何更新以及他們希望何時啟動和運行該網絡，您目前是否有任何最佳猜測？

No, I think the fact of the matter is this network is a priority. It's always been important. And that's why you've seen the AAR. And it goes back to the AAR and FCC, they negotiated with the 900 megahertz swap. And we shared some of the language from that report from the FCC, specifically talking about safety technologies. You've seen the AAR and the industry more broadly very active with us in that 802.16 working group that we put the folks on the slide. So you see -- and that's all been public. And now they are also active in the rail lab working on integrating our dot16 platform into many aspects of rail operations. So the AAR has been active.

不，我認為事實是這個網絡是一個優先事項。這一直很重要。這就是您看到 AAR 的原因。這可以追溯到 AAR 和 FCC，他們就 900 兆赫交換進行了談判。我們分享了 FCC 報告中的一些語言，特別是安全技術。您已經看到 AAR 和更廣泛的行業在 802.16 工作組中與我們一起非常活躍，我們將人們放在幻燈片上。所以你看——這一切都是公開的。現在他們還活躍在鐵路實驗室，致力於將我們的 dot16 平台集成到鐵路運營的許多方面。所以 AAR 一直很活躍。

This doesn't necessarily -- I'd say, as we outlined the TAM last -- on our last call in February, we did make a deliberate effort to say, okay, this is the initial build and then of course, there's the incremental build. And whether or not it increases the sizable overall TAM? My sense is, it does. Stewart also mentioned sort of what we -- our experience was in our homes, right, as we put WiFi in. You have data capacity, you tend to use it, right? So we started with 1 PC or 1 phone and now we have all these other edge devices in our house, and that's the same thing. So I think the TAM probably does increase. I don't think we have to make any formal statements about that today, but it's likely to see that there's an acceleration in upgrades of technologies. And of course, you need the networks to do that.

這不一定——我會說，正如我們上次概述 TAM 時一樣——在我們 2 月份的最後一次電話會議上，我們確實做出了有意的努力說，好吧，這是初始構建，然後當然還有增量構建。它是否會增加可觀的整體 TAM？我的感覺是，確實如此。斯圖爾特還提到了我們——我們在家中的體驗，對吧，因為我們安裝了 WiFi。你有數據容量，你傾向於使用它，對吧？所以我們從 1 台 PC 或 1 部手機開始，現在我們家裡有所有這些其他邊緣設備，這是一回事。所以我認為 TAM 可能確實增加了。我認為我們今天不必就此發表任何正式聲明，但很可能會看到技術升級正在加速。當然，你需要網絡來做到這一點。

Great. And then can you give us a sense on the cash burn per quarter the next few quarters? And do you have enough cash to make it to breakeven in your current model? Or how much more do you need to raise.

偉大的。然後你能告訴我們未來幾個季度每個季度的現金消耗情況嗎？您是否有足夠的現金在當前模型中實現收支平衡？或者你還需要籌集多少資金。

Yes. So I'll give you the same answer as we did at the event of February. We believe our cash needs are modest, certainly relative to the opportunities we're attacking. And they're largely on working capital build to of course fund growth, and we do think we have access to capital ranging from nondilutive sources, for example, prepayments or credit lines vis-a-vis the orders we have and expect to get. There's other things. We mentioned the joint venture and that sort of model as we're just -- as we're growing the distribution for the Optimus platform. Those joint ventures can fund certain operating expenses.

是的。所以我會給你與我們在 2 月份的活動中所做的相同的答案。我們相信我們的現金需求是適度的，當然相對於我們正在攻擊的機會而言。他們主要是建立營運資本，當然是為增長提供資金，我們確實認為我們可以獲得非稀釋性來源的資本，例如，預付款或信貸額度與我們擁有和預期獲得的訂單有關。還有其他事情。我們提到了合資企業和那種模式，因為我們正在增加 Optimus 平台的分佈。這些合資企業可以支付一定的運營費用。

So -- and of course, the equity markets are potential as well. So I think we -- our cash needs will be modest, certainly relative to the growth and opportunities we have ahead of us and the strategic value of our technology, to really big customers and partners.

所以——當然，股票市場也很有潛力。所以我認為我們 - 我們的現金需求將是適度的，當然相對於我們前面的增長和機會以及我們技術的戰略價值，對於真正的大客戶和合作夥伴。

Great. So lastly, I didn't really understand the answer to Mike's question on your operating expenses, I think, were close to $13 million in the quarter. You've taken some steps here. Can you talk about what operating expenses will be maybe in the first and second quarter? Yes, I just don't know the order of magnitude on the expense reductions.

偉大的。所以最後，我真的不明白邁克關於你的運營費用問題的答案，我認為，本季度接近 1300 萬美元。你在這裡採取了一些步驟。你能談談第一季度和第二季度的運營費用嗎？是的，我只是不知道費用削減的數量級。

Yes, they'll be lower and probably call it in the $11 million range for OpEx.

是的，它們會更低，並且可能將其稱為 OpEx 的 1100 萬美元範圍內。

(Operator Instructions) The next question is from Mike Latimore with NCM.

（操作員說明）下一個問題來自 NCM 的 Mike Latimore。

I guess just 2 follow-up questions here. You talked about developing or working on artificial intelligence within your drone program. Can you just highlight a little bit more about what the end application is? Is it object detection? Is it insights and changes? Or just exactly what might the result of that investment be?

我想這裡只有 2 個後續問題。您談到了在您的無人機項目中開發或致力於人工智能。您能否再多強調一下最終應用程序是什麼？是物體檢測嗎？是感悟和改變？或者，這項投資的確切結果可能是什麼？

That's a great question. And I'll ask Meir if he could shed some light on it. I'm not sure to the extent what we'd want to talk about because I think you're addressing specifically the announcement with the Dubai Police. So Meir, is there something you can say specific to what we're doing with AI and incorporating that into Optimus and/or the counter drone system that the Dubai Police...

這是一個很好的問題。我會問 Meir 是否可以闡明它。我不確定我們要討論的範圍，因為我認為您正在專門針對迪拜警方的公告。那麼 Meir，你能不能具體說說我們正在用 AI 做什麼，並將其整合到 Optimus 和/或迪拜警方的反無人機系統中......

Yes. I can say in high level that we try to take the application to the next level of automation. We're talking about application for the municipality for to reduce the response time by triggering and by having alert if something changed in the picture, in the video, and the mapping and things like that and specifically to take the next level to the application to the next level of automation.

是的。我可以高層次地說，我們試圖將應用程序提升到一個新的自動化水平。我們正在討論申請市政當局通過觸發並在圖片、視頻、地圖和類似的事情發生變化時發出警報來減少響應時間，特別是將應用程序提升到一個新的水平下一級自動化。

Great. And then what would be the analyst for the Dubai Police to further expand the use of your products throughout the city. Is it just kind of getting these first deployments up and running? Or what gets them to sort of that next level of expansion?

偉大的。然後，迪拜警方的分析師將如何進一步擴大您的產品在整個城市的使用範圍。是否只是讓這些首次部署啟動並運行？或者是什麼讓他們進入下一個擴展階段？

Well, I would say there's plans to do this citywide, which they've talked about publicly. And Meir, maybe you can share a little bit more color on kind of how we think this does work in the field and the things we're doing.

好吧，我想說有計劃在全市範圍內開展這項工作，他們已經公開討論過這一點。梅爾，也許你可以分享更多關於我們認為這在該領域如何起作用以及我們正在做的事情的顏色。

Again, I will say in high level, not specific on Dubai Police. The dock inspections that are already deployed over the city or on the city that gives real-time video to commanding control, it can be remote commanding control and operate it automatically and just transfer the video to the [ND] commanding control and cover the old city. And I remember to all of us that one dock inspection that can cover 80 square kilometer. It's about, I think, 31 square mile.

同樣，我會高級別地說，而不是具體針對迪拜警方。已經部署在城市上空或在城市上空的碼頭檢查，給指揮控制實時視頻，可以遠程指揮控制，自動運行，只需將視頻傳輸到[ND]指揮控制並覆蓋舊的城市。我記得給我們所有人的是一次可以覆蓋80平方公里的碼頭檢查。我想大約有 31 平方英里。

Yes. And to that point, we've talked about this previously, but that the math around the coverage and the areas that they're looking at would indicate 24 systems. So we think you should hear more about this as we're moving through the year.

是的。至此，我們之前已經討論過這個問題，但是圍繞覆蓋範圍和他們正在查看的區域進行的數學計算表明有 24 個系統。因此，我們認為您應該在這一年中聽到更多有關此的信息。

This concludes our question-and-answer session. I would like to turn the conference back over to Eric Brock for any closing remarks.

我們的問答環節到此結束。我想將會議轉回 Eric Brock 的閉幕詞。

Okay. Well, thank you, operator. I want to just close the call by thanking you again for attending. As always, we do have a lot of work to do, so we're going to get back at it. And we look forward to keeping you informed of our progress. So have a great day, and thanks again.

好的。嗯，謝謝接線員。我想通過再次感謝您的出席來結束通話。與往常一樣，我們確實有很多工作要做，因此我們將重新開始。我們期待讓您了解我們的進展。祝你有美好的一天，再次感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。