Ondas Holdings Inc (ONDS) 2023 Q2 法說會逐字稿

Welcome to the Ondas Holdings, Inc. Second Quarter 2023 Conference Call. (Operator Instructions)

歡迎參加 Ondas Holdings, Inc. 2023 年第二季度電話會議。 （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.

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昂達斯目前的最佳判斷，但它們受到風險和不確定性的影響，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。 Ondas 定期向 SEC 提交的文件和今天發布的收益新聞稿中討論了這些風險因素，這些文件均可在公司網站上查看。 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，除非法律要求。

During this call, the company will refer to certain non-GAAP financial measures. These non-GAAP measures are not paired in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is shown in our press release issued earlier today, which is available at the Investor Relations section of our website. This non-GAAP information is provided as a supplement to, not as a substitute for or as superior to measures of financial performance prepared in accordance with GAAP. However, management believes these non-GAAP measures provide investors with valuable information on the underlying trends of our business. Please also note that this event is being recorded today.

在這次電話會議中，公司將參考某些非公認會計準則財務指標。這些非公認會計原則衡量指標並非按照公認會計原則配對。我們今天早些時候發布的新聞稿顯示了非公認會計準則財務指標與最直接可比的公認會計準則財務指標的對賬，該新聞稿可在我們網站的投資者關係部分找到。此非公認會計原則信息是作為對根據公認會計原則編制的財務業績衡量標準的補充，而不是替代或優於這些衡量標準。然而，管理層認為這些非公認會計準則衡量標準為投資者提供了有關我們業務基本趨勢的寶貴信息。另請注意，今天正在記錄此事件。

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

現在我想將演講交給董事長、首席執行官兼總裁埃里克·布洛克 (Eric Brock)。請繼續。

Well, thank you, operator, and good morning. I want to get started by welcoming everyone to our second quarter investor call. As always, we appreciate the time you're spending with us and your interest in our company. I'm happy to be joined today by Derek Reisfield, our CFO; as well as Stewart Kantor, the Founder, President and CFO of Ondas Networks; and Meir Kliner, the Founder and CEO of Airobotics and the President of Ondas Autonomous Systems. Today, we plan to review our financial performance and strategic progress for the recently completed second quarter and discuss our outlook for the second half of 2023 and beyond.

好的，謝謝您，接線員，早上好。首先，我想歡迎大家參加我們的第二季度投資者電話會議。一如既往，我們感謝您與我們共度時光以及您對我們公司的興趣。我很高興今天邀請我們的首席財務官德里克·雷斯菲爾德 (Derek Reisfield) 加入我們的行列。以及 Ondas Networks 創始人、總裁兼首席財務官 Stewart Kantor；以及 Airobotics 創始人兼首席執行官兼 Ondas Autonomous Systems 總裁 Meir Kliner。今天，我們計劃回顧最近完成的第二季度的財務業績和戰略進展，並討論我們對 2023 年下半年及以後的展望。

Now let's turn to the agenda. We will start today's call with some brief comments about the second quarter performance and the significant progress we have made in advancing the adoption of our technology platforms. I will also spend some time reviewing the recent financings we announced in July. I will then hand the call over to Derek for a detailed review of our second quarter financial performance. As part of the financial review, I will discuss our balance sheet and liquidity position and then provide an update on our outlook for the rest of 2023. Then we will transition and provide a business unit update for Ondas Networks in -- Ondas Autonomous Systems, where I will ask Stewart and Meir to provide commentary around current business activity. We will then wrap the call and open the floor for investor questions.

現在讓我們轉向議程。我們將在今天的電話會議開始時對第二季度的業績以及我們在推動技術平台的採用方面取得的重大進展進行一些簡短的評論。我還將花一些時間回顧一下我們 7 月份宣布的最新融資情況。然後我會將電話轉交給德里克，詳細審查我們第二季度的財務業績。作為財務審查的一部分，我將討論我們的資產負債表和流動性狀況，然後提供我們對2023 年剩餘時間的展望的最新信息。然後我們將過渡並提供Ondas Networks 業務部門的最新信息——Ondas Autonomous Systems、我將請斯圖爾特和梅爾對當前的商業活動發表評論。然後我們將結束電話會議並開始接受投資者提問。

As we move through the second quarter, we continue to pick up momentum with our customers at both Ondas Networks and Ondas autonomous systems. We are now driving platform adoption, which we expect to broaden with both existing customers and with new customers and ecosystem partners globally. This momentum was evidenced by top line revenue reaching $5.5 million in the second quarter. This quarterly performance brings first half revenue to $8 million, which is an eightfold increase versus just $1 million for the first half of 2022. The momentum also allowed us to secure $25 million in additional funding from sophisticated private and institutional investors. I will discuss the financing in more detail shortly, though I will like that these investors have performed substantial diligence on our technology and market opportunity. In my opinion, this capital raise reflects confidence in the value of our proprietary technology platforms in the end markets and customers we are targeting for growth.

隨著第二季度的到來，我們繼續與 Ondas Networks 和 Ondas 自主系統的客戶保持良好的勢頭。我們現在正在推動平台的採用，我們希望在全球範圍內擴大現有客戶以及新客戶和生態系統合作夥伴的採用範圍。第二季度營收達到 550 萬美元，證明了這一勢頭。這一季度業績使上半年收入達到800 萬美元，與2022 年上半年僅為100 萬美元相比，增長了八倍。這一勢頭還使我們能夠從成熟的私人和機構投資者那裡獲得2500 萬美元的額外資金。我將很快更詳細地討論融資，但我希望這些投資者對我們的技術和市場機會進行了大量的調查。在我看來，此次融資反映了我們對我們的專有技術平台在終端市場和我們的增長目標客戶中的價值的信心。

Regarding these end markets, Ondas Networks is now deep in field activity with specific rail customers in advance of what we believe is the beginning of major volume orders in the 900 megahertz network. This activity is focused on identifying locations and applications for initial volume deployments. In addition, Siemens has negotiating key terms with select rails for purchase agreements around pricing, volume and build-out time lines.

關於這些終端市場，Ondas Networks 目前正在深入開展與特定鐵路客戶的現場活動，我們認為 900 兆赫網絡大批量訂單即將開始。此活動的重點是確定初始批量部署的位置和應用程序。此外，西門子還與選定的鐵路公司就定價、數量和建設時間表等採購協議的關鍵條款進行了談判。

While this work is advancing, the migration of ATCS to the new 900 megahertz frequency band is poised to be the first application deployed in 900 as migrating the ATCS Systems from the legacy network is mission-critical. Stewart will share more details around our work with Siemens and the Class I rail customers and the outlook for 900 megahertz deployments.

雖然這項工作正在推進，但 ATCS 向新的 900 兆赫頻段的遷移有望成為 900 中部署的第一個應用程序，因為從舊網絡遷移 ATCS 系統是關鍵任務。斯圖爾特將分享有關我們與西門子和 I 級鐵路客戶合作的更多細節以及 900 兆赫部署的前景。

At OAS, fleet adoption continues to move along with the completion of the proof of concept in Abu Dhabi, and as a robotics executes commercial fleet orders for the Optima system from additional customers and partners in the Gulf. We also announced expansion into 2 new large markets that being firstly in India, where we entered into a partnership with Aero A2Z, a firm with deep local knowledge with a particular strength in government security and defense markets. We also announced a partnership in Saudi Arabia with Saudi Excellence and I am particularly excited about this opportunity. Saudi Excellence is heavily involved in the Saudi Vision 2030 initiatives, which is helping to drive significant economic growth and transform the Saudi economy. The partnership with Saudi Excellence comes on the heels of our successes in the UAE and allows us to bring our Optima system to a large, fast-growing Saudi market.

在 OAS，隨著阿布扎比概念驗證的完成，車隊的採用繼續推進，並且機器人執行來自海灣地區其他客戶和合作夥伴的 Optima 系統商業車隊訂單。我們還宣布擴張到兩個新的大型市場，首先是在印度，我們與 Aero A2Z 建立了合作夥伴關係，Aero A2Z 是一家對當地有深入了解的公司，在政府安全和國防市場方面具有特殊優勢。我們還宣布與沙特卓越公司在沙特阿拉伯建立合作夥伴關係，我對這個機會感到特別興奮。沙特卓越積極參與沙特 2030 年願景計劃，該計劃有助於推動經濟顯著增長並實現沙特經濟轉型。繼我們在阿聯酋取得成功之後，與沙特卓越公司的合作使我們能夠將 Optima 系統引入快速增長的大型沙特市場。

Of course, since closing the Airobotics acquisition in January, we have invested time and energy to introduce the Optimus System to industrial and government markets here in the United States with a particular focus on public safety, smart city and oil and gas customers. As evidenced by our customer and partner announcements with MassDOT Aeronautical and critical infrastructure and Skyfire and public safety, these efforts in the U.S. are beginning to gain traction. As we increase Optimus System inventory, we expect additional customer announcements in the second half of 2023. Meir will share details around the continued advances in fleet operations the new partnerships in India and Saudi Arabia and the progress we are making in the United States.

當然，自一月份完成對 Airobotics 的收購以來，我們投入了時間和精力，將 Optimus 系統引入美國的工業和政府市場，特別關注公共安全、智慧城市以及石油和天然氣客戶。正如我們的客戶和合作夥伴與 MassDOT 航空和關鍵基礎設施以及 Skyfire 和公共安全部門發布的聲明所證明的那樣，這些努力在美國已開始獲得關注。隨著我們增加Optimus 系統庫存，我們預計將在2023 年下半年發布更多客戶公告。Meir 將分享有關車隊運營持續進步、在印度和沙特阿拉伯的新合作夥伴關係以及我們在美國取得的進展的詳細信息。

So to wrap up the introduction, we are now beginning to scale at both Ondas Networks and OAS. I am happy with how we are positioned to grow our business in the coming quarters supported by our recently fortified balance sheet. We are continuing to focus on driving orders, customer adoption and revenue growth in addition to maintaining cost discipline as we work to drive down cash burn and move towards profitability.

因此，為了結束介紹，我們現在開始在 Ondas Networks 和 OAS 上進行擴展。我對我們在未來幾個季度在最近強化的資產負債表的支持下發展業務的定位感到滿意。除了保持成本控制外，我們還將繼續專注於推動訂單、客戶採用和收入增長，努力減少現金消耗並實現盈利。

Before I hand the call to Derek to review our Q2 results, I want to take a moment to provide some details around the $25 million we raised in the 2 recently announced funding transactions. As I mentioned at the outset, in a difficult funding market, we were fortunate to be supported by 2 groups of well-funded investors, whereby we were able to firstly secure $15 million to deliver on the Ondas Networks growth plan and then $10 million at the holding company to scale our drone platforms and fund public company costs. As we are all aware, these financings remove a significant overhang for the company as our need for capital was weighing on our shares. The Ondas Networks investment was led by Charles & Potomac. And last Friday, we completed the final closing for their $15 million investment.

在我打電話給德里克審查我們第二季度的業績之前，我想花點時間提供一些有關我們在最近宣布的兩筆融資交易中籌集的 2500 萬美元的細節。正如我在一開始提到的，在融資市場困難的情況下，我們很幸運得到了兩組資金雄厚的投資者的支持，我們能夠首先獲得1500 萬美元來實現Ondas Networks 的增長計劃，然後在Ondas Networks 上獲得1000 萬美元。控股公司擴大我們的無人機平台並為上市公司成本提供資金。眾所周知，這些融資消除了公司的重大懸而未決的問題，因為我們對資本的需求正在壓低我們的股價。 Ondas Networks 的投資由 Charles & Potomac 牽頭。上週五，我們完成了他們 1500 萬美元投資的最終交割。

The C&P groups include sophisticated investors, some with extensive senior level wireless rail backgrounds and their investment was made after extensive independent diligence on our FullMAX Wireless technology platform, the dot16 standard and the growth opportunity with the Class I rails. I believe that the C&P investment is a significant validation of the potential value creation ahead at Ondas Networks as the C&P Group is putting their own personal capital behind our company. Importantly, we believe this capital injection into Ondas Networks will fully fund the growth plan there by allowing our shareholders to maintain control and benefit from the significant value creation we see over the next few years. In addition, the C&P group may become a large investor in Ondas Holdings, given the warrants they received as part of this transaction. This further aligns the incentives of our public shareholders with a large supportive financial partner.

C&P 集團包括經驗豐富的投資者，其中一些具有廣泛的高級無線鐵路背景，他們的投資是在對我們的FullMAX 無線技術平台、dot16 標準和I 級鐵路的增長機會進行廣泛的獨立調查後做出的。我相信 C&P 投資是對 Ondas Networks 未來潛在價值創造的重要驗證，因為 C&P 集團將自己的個人資本投入到我們公司的背後。重要的是，我們相信對 Ondas Networks 的注資將為該公司的增長計劃提供充分資金，讓我們的股東保持控制權並從我們在未來幾年看到的巨大價值創造中受益。此外，鑑於 C&P 集團在本次交易中獲得的認股權證，他們可能會成為 Ondas Holdings 的大投資者。這進一步將我們的公眾股東的激勵與大型支持性金融合作夥伴結合起來。

At the holding company, our existing convertible note investor exercised their right to invest another $10 million in gross proceeds from new convertible notes, which have a 2-year maturity. I will provide additional details on the terms of the convertible note in the C&P Group investment when we discuss our balance sheet. Net-net, these financings put Ondas on a much firmer ground, and I'm pleased with the outcome and excited about our ability to execute from here for our shareholders.

在控股公司，我們現有的可轉換票據投資者行使其權利，將新可轉換票據的總收益再投資 1000 萬美元，新可轉換票據的期限為 2 年。當我們討論我們的資產負債表時，我將提供有關 C&P 集團投資中可轉換票據條款的更多詳細信息。 Net-net，這些融資使 Ondas 奠定了更加堅實的基礎，我對結果感到滿意，並對我們從這里為股東執行的能力感到興奮。

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

我現在要把電話轉給德里克進行財務審查。德里克？

Thanks, Eric. As I get started, I want to remind our investors that our financial statements reflect the early stage of platform adoption for both Ondas Networks and OAS and the preparation for large commercial rollouts. We expect significant operating leverage as revenues grow, though today's revenue levels do not yet cover our operating expenses.

謝謝，埃里克。在開始之前，我想提醒我們的投資者，我們的財務報表反映了 Ondas Networks 和 OAS 平台採用的早期階段以及大規模商業推廣的準備工作。儘管目前的收入水平尚未覆蓋我們的運營支出，但我們預計隨著收入的增長，運營槓桿將顯著增加。

Revenue for the periods presented have been generated by both Ondas Networks and the OAS business units and totaled approximately $5.5 million for the second quarter of 2023, which was a significant increase from the $600,000 of revenue generated in the second quarter of 2022. Quarter-over-quarter revenues also showed robust growth of more than 100% from the $2.6 million in revenue reported in the first quarter of 2023.

所示期間的收入由 Ondas Networks 和 OAS 業務部門共同產生，2023 年第二季度的收入總計約為 550 萬美元，比 2022 年第二季度的 60 萬美元收入大幅增長。季度收入也較2023 年第一季度報告的260 萬美元強勁增長超過100%。

Growth was primarily the result of both higher product shipments at Ondas Networks and deployments of Optimus System related to customer activity for OAS in the UAE. Gross profit for the second quarter of 2023 was approximately $3.1 million, a tenfold increase from the same period in 2022 when gross profit was approximately $300,000.

增長主要得益於 Ondas Networks 產品出貨量的增加以及與阿聯酋 OAS 客戶活動相關的 Optimus 系統的部署。 2023年第二季度的毛利潤約為310萬美元，比2022年同期的毛利潤約30萬美元增長了十倍。

Operating expenses declined slightly to approximately $11.6 million in the second quarter of 2023 as compared to $11.7 million in the prior year, despite the larger business operations, which now includes a full quarter of Airobotics expenses. Cash operating expenses were equal to approximately $8.8 million which was about in line with expectations. Over the next few quarters, we believe that we will realize additional benefits from the OAS integration on the cost side.

儘管業務運營規模擴大（目前包括整個季度的 Airobotics 費用），但 2023 年第二季度的運營費用仍小幅下降至約 1160 萬美元，而上一年為 1170 萬美元。現金運營支出約為 880 萬美元，與預期基本一致。在接下來的幾個季度中，我們相信我們將在成本方面從 OAS 集成中獲得額外的好處。

Noncash expenses, including stock-based compensation and depreciation and amortization totaled approximately $2.9 million for the second quarter of 2023. This is up slightly from the noncash expenses of $2.6 million in the second quarter of 2022. The company realized an operating loss of approximately $8.5 million for the second quarter of 2023 as compared to $11.4 million for the second quarter of 2022. The decline in operating losses was primarily due to higher revenue and gross profit generated during this quarter.

2023 年第二季度的非現金支出（包括基於股票的薪酬以及折舊和攤銷）總計約為290 萬美元。這比2022 年第二季度的非現金支出260 萬美元略有增加。該公司實現了約8.5 美元的運營虧損2023 年第二季度的營收為 1140 萬美元，而 2022 年第二季度為 1140 萬美元。運營虧損下降主要是由於本季度產生的收入和毛利潤增加。

Excluding the noncash expenses, the company generated an EBITDA loss of $5.6 million in the second quarter of 2023, which was an improvement compared with an $8.8 million EBITDA loss for the second quarter of 2022. The company realized a net loss of $9 million for the second quarter of 2023 as compared to an $11.4 million loss in the second quarter of 2022. The lower loss was due to higher revenues and gross profit during the quarter.

不包括非現金費用，該公司 2023 年第二季度的 EBITDA 虧損為 560 萬美元，與 2022 年第二季度 880 萬美元的 EBITDA 虧損相比有所改善。該公司去年實現淨虧損 900 萬美元。 2023年第二季度的虧損為1140 萬美元，而2022 年第二季度的虧損為1140 萬美元。虧損減少是由於該季度收入和毛利潤增加。

Now let's turn to the balance sheet. We ended the first quarter with $3.1 million in cash, prior to closing the $25 million funding transactions announced in July. Pro forma for the funding transactions, Ondas cash balance was approximately $27.1 million. We will provide more details on the pro forma balance sheet in a moment.

現在讓我們轉向資產負債表。在完成 7 月份宣布的 2500 萬美元融資交易之前，我們第一季度末擁有 310 萬美元現金。預計融資交易中，Ondas 現金餘額約為 2710 萬美元。我們稍後將提供有關預計資產負債表的更多詳細信息。

The cash burn in the first half reflects ongoing investment in the business. So the burn was elevated due to certain one-off and non-restructuring costs related to the acquisition of Airobotics and the integration of Airobotics and American Robotics into the OAS business unit. In addition to the integration costs, we used approximately $11.6 million of cash for working capital and debt repayment alone in the first half of 2023, which included approximately $6.1 million in working capital investment, including inventory and receivables in the first half and cash debt repayments of approximately $5.5 million related to the convertible note amortization and retirement of a loan at Airobotics.

上半年的現金消耗反映了對該業務的持續投資。因此，由於與收購 Airobotics 以及將 Airobotics 和 American Robotics 整合到 OAS 業務部門相關的某些一次性和非重組成本，燒錢有所增加。除了整合成本外，我們僅在2023年上半年就使用了約1160萬美元現金用於營運資金和債務償還，其中包括約610萬美元的營運資金投資，包括上半年的庫存和應收賬款以及現金債務償還約 550 萬美元與 Airobotics 的可轉換票據攤銷和貸款償還有關。

As Eric will outline next, our businesses remain capital light from a CapEx perspective, and we believe that as we grow revenues and gross profits, while controlling expenses, our cash burn will decline in the coming quarters.

正如埃里克接下來將概述的那樣，從資本支出的角度來看，我們的業務仍然是輕資本，我們相信，隨著我們收入和毛利潤的增長，同時控制支出，我們的現金消耗將在未​​來幾個季度下降。

I will now hand the call back to Eric.

我現在將把電話轉回給埃里克。

Thank you, Derek. As described previously, the recent funding has substantially fortified our balance sheet and placed us on a strong footing to execute our growth plan. Pro forma for the funding, Ondas had approximately $27.1 million in cash as of June 30. Between the original and new convertible notes, we have approximately $31 million in outstanding loan balances that we will look to equitize as soon as we can. The way to drive equitization of the notes and by extension, a deleveraging of our balance sheet is through execution of our business plan and growing our market capitalization for the benefit of our investors.

謝謝你，德里克。如前所述，最近的融資極大地增強了我們的資產負債表，並為我們執行增長計劃奠定了堅實的基礎。截至 6 月 30 日，Ondas 預計融資金額約為 2710 萬美元現金。在原始可轉換票據和新可轉換票據之間，我們約有 3100 萬美元的未償還貸款餘額，我們將盡快將其資產化。推動票據股權化以及資產負債表去槓桿化的方法是執行我們的業務計劃並增加我們的市值，以造福我們的投資者。

Regarding the convertible notes, we and the investor also agreed to extend the maturity of the original convertible notes from October 2024 to April 2025. This works to reduce the monthly amortization of that original note. Note that the exchange price for the notes to convert into shares prior to maturity is now approximately $1.45 per share. The convertible preferred shares at Ondas Networks, which provided C&P Group investors with an effective 28% equity interest in our Ondas network subsidiary are reflected as a minority interest in the consolidated balance sheet.

關於可轉換票據，我們和投資者還同意將原始可轉換票據的期限從2024年10月延長至2025年4月。這有助於減少原始票據的每月攤銷。請注意，在到期前將票據轉換為股票的兌換價格目前約為每股 1.45 美元。 Ondas Networks 的可轉換優先股為 C&P 集團投資者提供了 Ondas 網絡子公司 28% 的有效股權，該股在合併資產負債表中作為少數股東權益反映。

Let's now move to discuss the financial outlook before turning to a review of our business units. Firstly, we are poised to have a very strong year at Ondas as both business units transition to generating revenue growth. In 2023, we are demonstrating real demand for our technology platform and that they are commercially ready and scalable. We expect the growth this year to continue in 2024 and beyond, and we believe our expectations for substantial multiyear growth remain achievable. With that said, our trajectory can be lumpy and difficult to forecast as our adoption curves are just beginning. For the full year 2023, we expect to fall short of the ambitious revenue targets we laid out to begin the year. This is largely the result of a slower production rate at Ondas Networks, initially due to component availability challenges we identified on our last conference call, which were exacerbated by a tight working capital position that constrained our ability to make component purchase commitments.

現在讓我們先討論財務前景，然後再回顧我們的業務部門。首先，隨著兩個業務部門都轉向產生收入增長，我們預計 Ondas 將迎來非常強勁的一年。到 2023 年，我們將展示對我們的技術平台的真正需求，並且它們已具備商業準備和可擴展性。我們預計今年的增長將持續到 2024 年及以後，並且我們相信我們對多年大幅增長的預期仍然可以實現。話雖如此，我們的發展軌跡可能會崎嶇不平且難以預測，因為我們的採用曲線才剛剛開始。對於 2023 年全年，我們預計將無法實現年初制定的雄心勃勃的收入目標。這主要是 Ondas Networks 生產率下降的結果，最初是由於我們在上次電話會議上發現的組件可用性挑戰，而緊張的營運資金狀況限制了我們做出組件採購承諾的能力，從而加劇了這一挑戰。

More recently, component availability has improved. And of course, with the recent financings, we have working capital to accelerate production. As such, we have launched plans to increase production activity from here. However, given 6-month lead times from production to shipment, catching up on our original revenue targets via product shipments is going to be difficult. We will certainly try. With respect to OAS, our outlook remains unchanged as we execute with customers and drive additional order activity in both international markets as well as in the United States. Despite the shortfall versus earlier targets, we still see significant growth in the second half of 2023 and into 2024 and 2025 across both business units. We expect to generate at least $7 million of revenue over the second half of 2023, which brings a new target for revenue to approximately $15 million for the full year.

最近，組件可用性得到了改善。當然，通過最近的融資，我們有營運資金來加速生產。因此，我們已經啟動了增加生產活動的計劃。然而，考慮到從生產到發貨需要 6 個月的交貨時間，通過產品發貨來追趕我們最初的收入目標將是困難的。我們一定會嘗試。就 OAS 而言，我們的前景保持不變，因為我們與客戶合作並推動國際市場和美國的額外訂單活動。儘管與之前的目標相比存在差距，但我們仍然預計兩個業務部門在 2023 年下半年以及 2024 年和 2025 年將實現顯著增長。我們預計 2023 年下半年將產生至少 700 萬美元的收入，這使得全年收入的新目標達到約 1500 萬美元。

I want to reiterate, we are tracking meaningful volume orders with Siemens and advancing field work and expect to share an update on the order front as available. As we scale adoption and deliver revenue growth, we will remain focused on controlling expenses as we drive towards improved profitability. We expect cash operating expenses to be approximately $9 million for the third quarter of 2023, which is consistent with targets in the recently completed quarter. We are continuing to manage OpEx efficiently, and we will look to maintain cost discipline going forward.

我想重申，我們正在與西門子跟踪有意義的批量訂單並推進現場工作，並希望分享可用的訂單方面的最新信息。隨著我們擴大採用規模並實現收入增長，我們將繼續專注於控制費用，以提高盈利能力。我們預計 2023 年第三季度的現金運營支出約為 900 萬美元，這與最近完成的季度的目標一致。我們將繼續有效地管理運營支出，並且我們將尋求保持未來的成本紀律。

Now we will transition to a review of our business units and ask Stewart Kantor and Meir Kliner to share updates on recent activity in the field with customers and industry partners. We will start with Stewart, who will update us on the current status with the rails on dot16 adoption and focus on the work with customers in our preparations for volume deployment on the new 900 megahertz network.

現在，我們將轉向對我們的業務部門進行審查，並要求 Stewart Kantor 和 Meir Kliner 與客戶和行業合作夥伴分享該領域近期活動的最新情況。我們將從 Stewart 開始，他將為我們介紹有關 dot16 採用的最新狀態，並重點關注與客戶合作，為新的 900 兆赫網絡上的批量部署做準備。

Stewart?

斯圖爾特？

Great. Thank you, Eric. At Ondas Networks, we had a record revenue quarter, driven by shipments for customers. We delivered approximately $1.5 million in product and development revenue in the second quarter with a new record delivery product shipments to Siemens. This is coming off a solid first quarter of approximately $1 million in revenue with the previous record amount of shipments. Moreover, we're fully engaged with Siemens in the Class I rails to further prepare for large-scale commercial deployments at 900 megahertz. And with the adoption of the standard in March 2023, we see increasing amounts of deployment planning among the Class Is.

偉大的。謝謝你，埃里克。在 Ondas Networks，在客戶出貨量的推動下，我們的季度收入創歷史新高。第二季度，我們交付了約 150 萬美元的產品和開發收入，向西門子交付的產品出貨量創下新紀錄。第一季度營收約 100 萬美元，出貨量創歷史新高。此外，我們還與西門子在 I 類軌道方面進行全面合作，進一步為 900 兆赫的大規模商業部署做好準備。隨著 2023 年 3 月該標準的採用，我們看到 I 類中的部署規劃數量不斷增加。

We are now working hand-in-hand on deployments with key rail personnel with direct budget responsibility. Specifically, in July, we commenced work with a major rail visiting their critical ATCS locations and completing detailed site surveys in preparation of new ATCS installations. As we shared on our last call, the announcement by the American Association of Railroads in March that the dot16 platform was chosen for deployment in the greenfield 900 megahertz network combined with the approaching deadlines to retire the legacy 900 megahertz network by September 2025, is advancing the formal activity of the rails around migrating the network.

我們現在正在與直接負責預算的主要鐵路人員攜手合作進行部署。具體來說，我們於 7 月開始與一家主要鐵路公司合作，訪問其關鍵的 ATCS 位置並完成詳細的現場調查，為新的 ATCS 安裝做準備。正如我們在上次電話會議中分享的那樣，美國鐵路協會在3 月份宣布，選擇dot16 平台在新建900 兆赫茲網絡中部署，加上到2025 年9 月淘汰傳統900 兆赫茲網絡的最後期限即將到來，這一消息正在推進鐵路圍繞遷移網絡的正式活動。

Our initial deployments are focused on critical network and high-traffic locations as well as new vital communications endpoints such as rail crossings. We believe this work in the areas of focus reflects positively on how the rails have come to value the 900 megahertz opportunity. Simultaneously to this work, Siemens is actively negotiating purchase orders with select rails.

我們最初的部署側重於關鍵網絡和高流量位置以及鐵路道口等新的重要通信端點。我們相信，重點領域的這項工作積極地反映了鐵路部門如何重視 900 兆赫的機會。在開展這項工作的同時，西門子正在積極與選定的鐵路公司就採購訂單進行談判。

In terms of development and standardization, MxV Rail, which is a subsidiary of the AAR, is thoroughly engaged on the dot16 network integration plans with a continued focus on the new network controller and critical dot16 functionality, including key high demand features like peer-to-peer networking. We expect our activity with MxV to continue to expand as new use cases and additional frequency bands are targeted for 802.16 integration.

在開發和標準化方面，AAR 的子公司 MxV Rail 全面參與了 dot16 網絡集成計劃，持續關注新的網絡控制器和關鍵的 dot16 功能，包括點對點等關鍵高需求功能- 對等網絡。我們預計，隨著新用例和更多頻段的目標是 802.16 集成，我們與 MxV 的活動將繼續擴大。

On the production side, after early challenges in obtaining key components described earlier by Eric, we have alleviated many of the constraints which impacted our first 2 quarters of shipments. And our recent financing gives us the necessary working capital to continue to build inventory and transition to contract manufacturers, which will allow us to ramp production. And as we ramp production, lead times may limit our ability to ship as much product as we had initially planned for, but we are making every effort to move faster.

在生產方面，在經歷了埃里克前面描述的獲取關鍵組件的早期挑戰之後，我們已經緩解了影響前兩個季度出貨量的許多限制。我們最近的融資為我們提供了必要的營運資金，可以繼續建立庫存並過渡到合同製造商，這將使我們能夠提高產量。隨著我們提高產量，交貨時間可能會限制我們運送最初計劃的產品的能力，但我們正在盡一切努力加快步伐。

With the new capital secured, we intend to move forward aggressively on obtaining new orders and growing our production capabilities. We have recently engaged a new U.S. contract manufacturer, who we believe is capable of allowing us to scale rapidly in front of the 900 megahertz migration. We see a need to build the inventory with Siemens in front of what we continue to believe will be a significant network build-out across the Class I rails in 2024 and 2025. To be clear, we are seeing some migration on 900 megahertz this year as the rails begin to move, and that will drive revenue growth in the second half, tempered of course, by the aforementioned early production bottlenecks. So despite the slower production ramp, we expect Ondas Networks will still grow revenue in Q3 and Q4.

在獲得新資本後，我們打算積極推進獲得新訂單和提高生產能力。我們最近聘請了一家新的美國合同製造商，我們相信該製造商能夠讓我們在 900 兆赫茲遷移之前快速擴展。我們認為有必要與西門子一起建立庫存，我們仍然相信 2024 年和 2025 年將在 I 類鐵路上進行重大網絡建設。需要明確的是，今年我們看到了一些 900 兆赫的遷移隨著鐵軌開始移動，這將推動下半年的收入增長，當然，受到上述早期生產瓶頸的影響。因此，儘管產量增速放緩，我們預計 Ondas Networks 第三季度和第四季度的收入仍將增長。

At the same time, we will continue to foster our existing and new development programs. The Siemens locomotive program previously announced for Europe is well advanced and has recently expanded in [Scout]. And we have now responded to 2 major passenger and transit network proposals, which appear to be very promising. As we grow, we will pay close attention to spending levels on operating costs as we drive towards profitability. As revenue and gross profits grow with increasing demand and shipments, we expect to be increasingly self-funding as we move through the year and into 2024.

與此同時，我們將繼續促進現有和新的發展計劃。先前宣布的歐洲機車項目進展順利，最近在[Scout] 得到了擴展。我們現在已經回應了兩項主要的客運和交通網絡提案，這些提案看起來非常有希望。隨著我們的發展，我們將密切關注運營成本的支出水平，以實現盈利。隨著收入和毛利潤隨著需求和出貨量的增加而增長，我們預計從今年到 2024 年，我們將越來越多地自籌資金。

Now I'll hand the call back to Eric. Eric?

現在我將把電話轉回給埃里克。埃里克？

Thank you, Stewart. I will now ask Meir Kliner to take a floor and update us on progress with customers at Ondas Autonomous Systems and provide some insight into the outlook for the rest of 2023. Meir?

謝謝你，斯圖爾特。我現在請 Meir Kliner 發言，向我們介紹 Ondas Autonomous Systems 與客戶的最新進展，並提供一些對 2023 年剩餘時間前景的見解。Meir？

Thank you, Eric. We continue to build momentum at Ondas Autonomous System in the second quarter with revenue reaching $4 million, a substantial increase over Q1 revenues of $1.5 million. Our team continues to execute well, as evidenced by the successful completion of our proof-of-concept in Abu Dhabi, UAE, and the ongoing advancement of activity with existing customers as well as new customers and partners globally. In Dubai, we are continuing to expand our relationship with the government. We secured an additional service agreement for our deployed systems and plan to expand OAS operation and footprint in the city later this year.

謝謝你，埃里克。我們第二季度繼續增強 Ondas 自治系統的發展勢頭，收入達到 400 萬美元，比第一季度 150 萬美元的收入大幅增長。我們的團隊繼續表現良好，我們在阿聯酋阿布扎比成功完成概念驗證，以及與全球現有客戶以及新客戶和合作夥伴的活動不斷取得進展就證明了這一點。在迪拜，我們正在繼續擴大與政府的關係。我們為已部署的系統簽訂了額外的服務協議，併計劃在今年晚些時候擴大 OAS 在該市的運營和覆蓋範圍。

We anticipates steady growth throughout 2023 and into 2024 with ongoing fleet expansion in Abu Dhabi, Dubai and other countries in the region as we welcome new customers. We provided investors an important update in July on our type certification activities with the FAA as we report to receiving FAA-type certification for the Optimus System, our focus is qualifying and acquiring customers in the United States.

我們預計 2023 年和 2024 年將實現穩定增長，隨著我們歡迎新客戶，阿布扎比、迪拜和該地區其他國家的機隊將持續擴張。 7 月份，我們向投資者提供了關於我們與 FAA 的型式認證活動的重要更新，因為我們報告稱 Optimus 系統已獲得 FAA 型式認證，我們的重點是在美國進行資格認證並獲取客戶。

We have secured an agreement with the Massachusetts Department of Transportation, MassDOT, aeronautical department for proof-of-concept program, which includes demonstrations to relevant stake orders across the state. These demonstrations may attract other government agencies for Massachusetts and beyond. We are excited to showcase our Optimus System, which is state-of-the-art capabilities and functionality, which can enter the various use cases desired by the public agency in charge of providing critical services to the state of Massachusetts.

我們已與馬薩諸塞州交通部、MassDOT、航空部門就概念驗證計劃達成協議，其中包括在全州範圍內對相關股權訂單進行演示。這些示威活動可能會吸引馬薩諸塞州及其他地區的其他政府機構。我們很高興展示我們的 Optimus 系統，該系統具有最先進的能力和功能，可以進入負責向馬薩諸塞州提供關鍵服務的公共機構所需的各種用例。

Additionally, we have made significant progress in our partnership with Skyfire, a leading consulting firm in the drone public safety field. By combining Skyfire's expertise in [Police One] programs in various states with our type certificate Optimus System, we have made game-changing advantage. We and Skyfire believe the market for Drone First Responder, or DFR, is very large and that spending on Drone solutions in public safety market is now going rapidly. Again, we are excited to bring Optimus to the U.S. market where we see significant demand and firmly believe in the substantial opportunity to drive fleet adoption as one infrastructure.

此外，我們與無人機公共安全領域領先的諮詢公司 Skyfire 的合作也取得了重大進展。通過將 Skyfire 在各州 [Police One] 項目中的專業知識與我們的型號認證 Optimus System 相結合，我們取得了改變遊戲規則的優勢。我們和 Skyfire 相信無人機急救員 (DFR) 的市場非常大，而且公共安全市場中無人機解決方案的支出目前正在迅速增長。我們再次很高興將 Optimus 引入美國市場，我們看到了巨大的需求，並堅信推動車隊採用作為一種基礎設施的巨大機會。

On the strategic side, as previously announced, the Optimus System has successfully completed its noise certification, which was the less test required by the FAA to obtain a type certificate for the system. Our dedicated team is currently finalizing the last reports and submissions to the FAA, and we can see the certification process coming to its conclusion soon.

在戰略方面，正如之前宣布的那樣，Optimus 系統已成功完成噪聲認證，這是 FAA 為獲得系統型式證書所需的較少測試。我們的專業團隊目前正在敲定最後的報告並提交給美國聯邦航空管理局，我們可以看到認證過程很快就會結束。

I would like to take a moment to explain why the type certification is such an important milestone for OAS. In the United States, anyone wants to operate a drone for capturing data or parcel delivery purposes must comply with certain requirements. The most common one is flying the drone in line of sight of a pilot. Additionally, drones are not allowed to fly over people at night over sensitive infrastructure and more. To conduct drone flights outside of these requirements, the operator must apply for a waiver for each specific area and time. And waivers are not always granted by the FAA. For a system like the Optimus, we can launch hundreds of flights every week with no human involvement. The FAA needs to understand the worthiness level of the aircraft, just like in men aircraft. The type certification process aims to establish solid criteria that the FAA can rely on to understand the engineering and concept of operations of the Optimus System.

我想花點時間解釋一下為什麼型式認證對於 OAS 來說是一個如此重要的里程碑。在美國，任何人想要操作無人機用於捕獲數據或包裹遞送目的都必須遵守某些要求。最常見的一種是在飛行員的視線範圍內飛行無人機。此外，無人機不得在夜間飛越敏感基礎設施等區域的人員上空。要在這些要求之外進行無人機飛行，運營商必須針對每個特定區域和時間申請豁免。美國聯邦航空局並不總是會授予豁免。對於像 Optimus 這樣的系統，我們每周可以發射數百次航班，而無需人工參與。美國聯邦航空局需要了解飛機的價值水平，就像民用飛機一樣。型號認證過程旨在建立可靠的標準，美國聯邦航空局可以依靠該標準來了解 Optimus 系統的工程和操作概念。

When the type certification process is completed, the robotics will be able to work with the FAA on complex operations, similar to what we are conducting in the UAE. For example, flights for public safety and municipal use cases, which include flying over people, roads, critical infrastructure, like government buildings and power plants, as well as other urban features.

當類型認證過程完成後，機器人將能夠與美國聯邦航空局合作進行複雜的操作，類似於我們在阿聯酋進行的操作。例如，用於公共安全和市政用例的飛行，包括飛越人員、道路、關鍵基礎設施（如政府大樓和發電廠）以及其他城市特徵。

Based on the Optimus System and its new certification, American Robotics along with our new partners in the U.S. will be able to offer one of the world's best solutions for automated streamline area data captured by drones. In addition to our growing efforts to enter the U.S. market, we have been working on OAS' global expansions to other regions. We announced our partnership with Aero A2Z, an Indian company specialized in security and defense systems and presenting the Optimus and Iron Drone Raider systems and a designated expo in India, which stimulated significant interest from the local industry. We are optimistic that this partnership will produce drone opportunity.

基於 Optimus 系統及其新認證，American Robotics 與我們在美國的新合作夥伴將能夠為無人機捕獲的自動流線型區域數據提供世界上最好的解決方案之一。除了加大力度進入美國市場外，我們還一直致力於 OAS 向其他地區的全球擴張。我們宣布與Aero A2Z 建立合作夥伴關係，Aero A2Z 是一家專門從事安全和防禦系統的印度公司，展示了Optimus 和Iron Drone Raider 系統，並在印度舉辦了一場指定博覽會，激發了當地行業的濃厚興趣。我們樂觀地認為這種合作夥伴關係將帶來無人機機會。

Additionally, we have initiated a new relationship with Saudi Excellence Corp., a leading Saudi company providing next-generation security and defense technologies to Saudi government and enterprises [accord] the KSA. Together, we will work on establishing a local office in the Kingdom and the strategic alliance to offer our solutions in this growing market.

此外，我們還與沙特卓越公司建立了新的關係，該公司是一家領先的沙特公司，為沙特政府和企業提供下一代安全和防禦技術[根據]沙特阿拉伯。我們將共同致力於在沙特建立當地辦事處和戰略聯盟，以便在這個不斷增長的市場中提供我們的解決方案。

We see enormous opportunities within country in defense and security as well as in industrial and smart city applications. We expect to share more details on our entrance into the Indian and Saudi markets in the coming months.

我們看到國內國防和安全以及工業和智慧城市應用領域存在巨大機遇。我們預計在未來幾個月內分享有關進入印度和沙特市場的更多細節。

Lastly, Eric's appointment to the Board of Directors of the Commercial Drone Airlines, CDA, was an important achievement for the company. The CDA is an important industry body that collaborates closely with the key policymakers and the FAA, DOT, White House and Congress to promote one business in various industries in the USA.

最後，埃里克被任命為商業無人機航空公司 (CDA) 董事會成員，這是該公司的一項重要成就。 CDA 是一個重要的行業機構，與主要政策制定者以及 FAA、DOT、白宮和國會密切合作，以促進美國各個行業的一項業務。

We continue to expect more fleet deployments during 2023 and anticipate achieving additional milestones related to the expansion of Optimus and Iran Drone in the U.S. and other countries. Progressing as planned, we are successfully delivering on fleet deployments in the UAE and look forward to announcing additional orders in the country.

我們繼續預計 2023 年會有更多機隊部署，並預計實現與 Optimus 和伊朗無人機在美國和其他國家擴張相關的更多里程碑。按照計劃，我們正在成功完成在阿聯酋的機隊部署，並期待在該國宣布更多訂單。

In addition, we are actively advancing new market expansion with local partners in Saudi Arabia and India. We remain focused on accelerating U.S. business development by leveraging American Robotics U.S. footprint to penetrate public safety, smart city, construction and other industrial markets. To achieve this, we are expanding our sales team and presales activities to engage with a large number of customers and ecosystem partners.

此外，我們還與沙特阿拉伯和印度當地合作夥伴積極推進新的市場拓展。我們仍然專注於利用美國機器人公司在美國的足跡，滲透公共安全、智慧城市、建築和其他工業市場，加速美國業務發展。為了實現這一目標，我們正在擴大我們的銷售團隊和售前活動，以與大量客戶和生態系統合作夥伴進行互動。

Additionally, we are building inventory and expect to complete manufacturing and deliver 10 new Optimus System by the end of '23. We have a total of 15 Optimus systems on order.

此外，我們正在建立庫存，預計到 23 年底完成製造並交付 10 個新的 Optimus 系統。我們總共訂購了 15 套 Optimus 系統。

As we look ahead, we firmly believe that what we are witnessing today in the U.S. drone market is only the tip of the iceberg. The concept of drone-in-a-box and substantial benefits, autonomous drones has become a consensus understanding and many entities are seeking to remove drone operators for rooftops. As processes like type certification come together, we envision this market growing exponentially, and OES is well positioned to lead this revolution.

展望未來，我們堅信，今天在美國無人機市場所看到的只是冰山一角。盒裝無人機的概念和實質性好處、自主無人機已成為共識，許多實體正在尋求消除屋頂上的無人機操作員。隨著型式認證等流程的整合，我們預計這個市場將呈指數級增長，而 OES 完全有能力引領這場革命。

This completes my formal remarks. Eric, I'm going to hand the call back to you now.

我的正式發言到此結束。埃里克，我現在把電話轉給你。

Thank you, Meir. Before we turn the call over to Q&A, I want to reiterate that we remain bullish outlook for Ondas and believe our business is strengthening considerably. We have worked extremely hard to position for growth, though, as we all know, we and our investors have had a bumpy 12 months. The challenges we have faced, which included extended time lines, particularly on the rail side with Ondas Networks have been exacerbated by a more difficult funding backdrop for small emerging technology companies.

謝謝你，梅爾。在我們將電話轉入問答環節之前，我想重申，我們仍然看好 Ondas 的前景，並相信我們的業務正在大幅加強。我們非常努力地為增長做好準備，但眾所周知，我們和我們的投資者度過了坎坷的 12 個月。我們面臨的挑戰，包括時間線延長，特別是在 Ondas Networks 的鐵路方面，由於小型新興科技公司的融資環境更加困難，這些挑戰進一步加劇。

Nonetheless, I believe we are clearly on the path to monetize the significant investments we have made in our FullMAX and Optimus platform technologies. Of course, this growth plan is now supported by our strengthened balance sheet. The Class I rails are now engaged deeply in formal planning for the 900 megahertz network migration, and we believe visibility in the big ramp ahead is improving dramatically. We will look for volume orders as we move through the fall and in parallel, work to scale production to be prepared to meet the expected order ramp.

儘管如此，我相信我們顯然正在將我們在 FullMAX 和 Optimus 平台技術方面所做的重大投資貨幣化。當然，這一增長計劃現在得到了我們強化的資產負債表的支持。 I 類鐵路現在正在深入參與 900 兆赫網絡遷移的正式規劃，我們相信前方大坡道的可見性正在顯著提高。我們將在秋季尋找批量訂單，同時努力擴大生產規模，為滿足預期的訂單增長做好準備。

At OAS, fleet deployments are valid in the safety and reliability of our Optimus System as well as the value our automated drone services provide. This is driving faster engagement with a broader set of partners and customers across the globe, including in new markets such as India and Saudi Arabia and of course, in the United States as well. The broader engagement for both networks and OAS is exactly what you want to see when you're in the early stage of technology adoption, and is evidence that we are in the initial stage on the hedge curve of exponential growth.

在 OAS，機隊部署對我們的 Optimus 系統的安全性和可靠性以及我們的自動化無人機服務提供的價值是有效的。這推動了與全球更廣泛的合作夥伴和客戶的更快接觸，包括印度和沙特阿拉伯等新市場，當然還有美國。當您處於技術採用的早期階段時，網絡和美洲國家組織的更廣泛參與正是您希望看到的，並且證明我們正處於指數​​增長的對沖曲線的初始階段。

We expect to grow orders and deliveries in the second half, which will allow us to maintain the momentum we have built coming into 2023 with a significant ramp in 2024 and beyond. This growth, combined with continued cost discipline will allow us to reward our shareholders. From here, I firmly believe the outlook for Ondas is only getting better and better.

我們預計下半年訂單和交付量將增加，這將使我們能夠保持進入 2023 年的勢頭，並在 2024 年及以後大幅增長。這種增長加上持續的成本控制將使我們能夠回報股東。從這裡開始，我堅信昂達斯的前景只會越來越好。

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

說了這麼多，我們看看還有沒有問題。操作員？

(Operator Instructions) At this time we will take our first question will come from Tim Horan with Oppenheimer.

（操作員說明）此時我們將接受蒂姆·霍蘭和奧本海默提出的第一個問題。

Can you give us a sense of how much in orders you've received from the rails? And just trying to understand the process or maybe -- it seems like most of the orders have to come in, in the next 9 to 12 months if it's going to be 6 months to deliver. And then can you just talk about the gross margins on the rail equipment. And I guess related to this, if you can't talk about how many orders now, can you give us a sense of how much in orders you expect in the next 12 months? And then are you basically -- can you talk about what you're anticipating? Like are you starting to build the equipment in front of the orders?

您能否告訴我們您從鐵路收到的訂單量是多少？只是想了解一下流程，或者也許 - 似乎大多數訂單都必須在接下來的 9 到 12 個月內收到，如果交付需要 6 個月的話。然後您能談談鐵路設備的毛利率嗎？我想與此相關的是，如果您不能透露現在有多少訂單，您能否告訴我們您在未來 12 個月內預計的訂單量是多少？然後你能談談你的預期嗎？就像你開始在訂單前製造設備一樣嗎？

And can you talk about how much equipment you've ordered here? And then the working capital, is that still a problem? Or do you think you've kind of totally solved that at this point? I know that's a mix of questions. Just trying to understand the whole process on the rails here from -- when you -- what orders you received, when do you put in the -- when do you start making the equipment? And then basically, have you started making equipment in front of the orders?

您能談談您在這裡訂購了多少設備嗎？那麼營運資金，這還是一個問題嗎？或者你認為你現在已經完全解決了這個問題嗎？我知道這是一個混合問題。只是想了解整個流程，從 - 當你 - 你收到什麼訂單，你什麼時候投入 - 你什麼時候開始製造設備？然後基本上，你有沒有在訂單之前開始製造設備？

Great. Tim, I'll start with the gross margin question first, and then we'll talk about the ordering process and expectations of how we'll build over the next few quarters. So gross margins on the Ondas Networks system side are targeted at 50% to 60%. You'll see that bounce around a little bit until we get into these bigger volumes. But of course, we do see the volumes ramping but that's what it looks like on the margins. And we'll give more clarity on that as we get the volume revenue pull-through.

偉大的。蒂姆，我首先從毛利率問題開始，然後我們將討論訂購流程以及對未來幾個季度如何建設的預期。所以Ondas Networks系統端的毛利率目標是50%到60%。在我們進入更大的交易量之前，您會看到它會稍微反彈。當然，我們確實看到銷量在增加，但這只是邊緣的情況。當我們獲得批量收入時，我們會更清楚地說明這一點。

In terms of the order and inventory building process, but what we're doing in the field today with customers is really working hand-in-hand with Siemens. Discussing with customers, locations, requirements in terms of what applications and equipment they want to hook up first. In and around that, of course, we're talking about volumes and pricing, et cetera. Siemens is handling the bulk of your negotiations on that front. And what we do with Siemens is in parallel, we're planning for production and capacity ramp.

就訂單和庫存建立流程而言，我們今天在現場與客戶所做的事情實際上是與西門子攜手合作。與客戶、地點和要求討論他們想要首先連接哪些應用程序和設備。當然，我們談論的是銷量和定價等等。西門子正在處理您在這方面的大部分談判。我們與西門子的合作是並行的，我們正在規劃生產和產能提升。

So as we're moving through this year, we are targeting significant orders and having conversations and see about the timing of our inventory production in front of that. So the dynamic is with these -- what we do expect to be a big build-out in 2024 and 2025 to meet deadlines that we need to start ramping production now. And we're doing that in front of what we think is we expect to receive the orders over the balance of year. So we'll be building inventory for Siemens and we think returning into 2024, the demand for even more building will certainly increase.

因此，今年我們的目標是大量訂單，並進行對話，了解在此之前的庫存生產時間。因此，我們預計將在 2024 年和 2025 年進行大規模擴建，以滿足我們現在需要開始提高產量的最後期限。我們正在這樣做，我們預計將在今年餘下時間收到訂單。因此，我們將為西門子建造庫存，我們認為回到 2024 年，對更多建築的需求肯定會增加。

Can you talk about the dollar amount of orders you've kind of replaced in? If you're going to get like 200 million orders in the next 12 to 18 months, I mean, it would suggest you need like $100 million of working capital at a 50% gross margin. How do you kind of plan on funding that?

您能談談您替換的訂單金額嗎？我的意思是，如果您要在未來 12 到 18 個月內獲得 2 億份訂單，那麼建議您需要 1 億美元左右的營運資金，毛利率為 50%。您打算如何為其提供資金？

So we do have -- we are expecting to have a payment arrangements to Siemens to help support component inventory build. So that's one aspect of it. And we also expect to have a very attractive payment terms in terms of when we ship and bill and receive payments. So we think that's going to help us quite a bit on working capital. Was there another element of that question?

因此，我們確實有 - 我們期望向西門子做出付款安排，以幫助支持零部件庫存的建設。這是一方面。我們還希望在發貨、開具賬單和收款方面擁有非常有吸引力的付款條件。所以我們認為這將對我們的營運資金有很大幫助。這個問題還有其他因素嗎？

Can we talk about how much like the rough size of orders you placed at this point?

我們可以談談您目前所下訂單的大致規模嗎？

So yes, I don't want to do that just yet. I mean part of this conversation with the Siemens in the railroad is we're negotiating. And we certainly, as you can understand, want to work to get to firm commitments on this upfront to an extent where sort of signaling that we want to build inventory in front of that, I would not want to put a number on that because that would delay some of the impetus on getting those (inaudible) so I want to sort of defer on that question at the moment.

所以，是的，我現在還不想這樣做。我的意思是，與西門子鐵路部門的對話的一部分是我們正在談判。正如您所理解的，我們當然希望努力在這方面預先做出堅定的承諾，以某種程度表明我們希望在此之前建立庫存，我不想對此給出數字，因為那會延遲獲得這些（聽不清）的一些動力，所以我現在想推遲討論這個問題。

And do you have a sense of when the orders will really start kicking in? Is it third quarter this year, fourth quarter, first quarter of next year? And then the revenues, I'm guessing are 6 to 9 months after the orders to kick in, but do you have a sense when the orders will really start flowing?

您是否知道訂單何時真正開始生效？是今年第三季度、第四季度、明年第一季度嗎？然後收入，我猜是訂單開始後 6 到 9 個月，但你知道訂單何時真正開始流動嗎？

Yes. So a couple of things. So the orders that Siemens secure then turns to us, we do expect over the balance of the year. And I think I'll say in the next few months, I don't want to put a specific timing on it, again, given where we are in these discussions from a competitive standpoint. But of course, having the visibility we do on the expected ramp and knowing that we need equipment, we can start ramping now and I thought we're only going to be building capacity through the year. So I can't get any more granular than that at this point.

是的。有幾件事。因此，我們確實預計今年剩餘時間裡，西門子獲得的訂單會轉向我們。我想我會在接下來的幾個月裡說，考慮到我們從競爭的角度來看我們在這些討論中所處的位置，我不想再次給出具體的時間安排。但是，當然，有了我們在預期斜坡上所做的可見性並知道我們需要設備，我們現在就可以開始斜坡，我認為我們只會在這一年中建設產能。所以目前我無法得到比這更詳細的信息。

Okay. Got it. But it seems like you're kind of expecting the orders really ramp in the fourth quarter and the first quarter, and then the revenues really ramped second and the third quarter of next year. Is that fair to say your best guess at this point?

好的。知道了。但似乎您預計第四季度和第一季度的訂單會真正增加，然後明年第二季度和第三季度的收入會真正增加。現在說出你的最佳猜測是否公平？

It is fair to say when we think about the very large revenue numbers that we believe are ahead of us. But I do think that if we're moving through the year into Q1, I think Q1 will be -- see a nice uptick as well.

公平地說，當我們想到我們認為前方的巨大收入數字時。但我確實認為，如果我們今年進入第一季度，我認為第一季度也會出現不錯的增長。

So you kind of expect to receive revenue from these orders in Q1 will be a pretty good uptick. Okay. And so can you give us a sense of how much you've received an order so far, you're expecting Q1? I know you had some guidance on bookings for the -- at the beginning of the year for this year. Can you give us a sense where you're tracking the

因此，您預計第一季度從這些訂單中獲得的收入將會大幅增加。好的。那麼您能否告訴我們到目前為止您收到了多少訂單，您預計第一季度會收到多少訂單？我知道你們在今年年初就預訂了一些指導。您能否讓我們了解一下您在哪裡跟踪

Yes. So we haven't -- we didn't give guidance on bookings as we gave targets for revenues. And of course, we've updated that today. And I don't want to go further on the bookings side as we -- as we're moving into the second half, we'll update you as we can.

是的。所以我們沒有——我們沒有提供預訂方面的指導，因為我們給出了收入目標。當然，我們今天已經更新了。我不想在預訂方面進一步討論，因為我們即將進入下半年，我們將盡力向您通報最新情況。

(Operator Instructions) Our next question will come from Matthew Galinko with Maxim Group.

（操作員說明）我們的下一個問題將來自 Maxim Group 的 Matthew Galinko。

I'll be brief. I wanted to maybe get a little bit more color on the contract manufacturer that you're engaged with now. Any fixed commitments there? And just to the extent that you do expect the volume orders from rails in the next year or 2. Is this manufacturer in a place to meet that capacity? Or do you expect to have to do more work to get to that point?

我會簡短地說。我想多了解一下你們現在合作的合同製造商。有什麼固定的承諾嗎？就您確實預計明年或兩年內來自鐵路的批量訂單而言。這家製造商是否有能力滿足該產能？或者您預計需要做更多的工作才能達到這一點？

I'm going to ask Stewart to share more details. On this contract manufacturer, this is a firm that we've been working with to qualify for quite some time now. And it's -- we've been doing that in parallel with Siemens. And again, it was an anticipation of obviously the increase in volumes. So Stewart, what would you add to that?

我將請斯圖爾特分享更多細節。在這家合同製造商中，我們已經與這家公司合作了相當長一段時間，以獲得資格。我們一直在與西門子同時開展這方面的工作。再次，這是對銷量明顯增加的預期。斯圖爾特，你想補充什麼？

Yes. Matthew, so we -- this is the contract manufacturer in the U.S. is one we qualified with Siemens, and they support Siemens in many of their product lines. So we feel they're very capable. And as we secured the new working capital, we've now engaged them and have turned over some critical boards in our development that have been a bottleneck in the past. So they are prepared to ramp and are well qualified. We also have another manufacturer in Canada that's supporting us for some other key components. So I think we feel very confident with them.

是的。馬修，所以我們——這是美國的合同製造商，是我們與西門子合作的合格製造商，他們在許多產品線中為西門子提供支持。所以我們覺得他們非常有能力。當我們獲得新的營運資金時，我們現在已經與他們合作，並移交了一些過去一直是我們發展瓶頸的關鍵董事會。因此，他們已做好準備，並且具備充分的資格。我們在加拿大還有另一家製造商為我們提供其他一些關鍵部件的支持。所以我認為我們對他們非常有信心。

Got it. And maybe just on a -- help me understand the type certification and how that factors into timing on the pipeline, build and engagement with U.S. entities. And it doesn't seem like you've needed it to, to ramp up engagement, but just if you could help me understand a little bit better. Is it a question of, hey, we get the certification and you expect U.S. orders imminently or still several months post for additional evaluation before you get to something in volume in the U.S.?

知道了。也許只是幫助我了解類型認證以及它如何影響管道、建設和與美國實體的接觸時間。看起來你並不需要它來提高參與度，但只要你能幫助我更好地理解一點就好了。這是一個問題，嘿，我們獲得了認證，您希望美國訂單立即或幾個月後進行額外評估，然後您才能在美國批量生產？

Thanks, Matt. So the type certification itself has or lacked the we formally received it has not been a barrier to conversations with customers because there's other ways we can get out and receive approvals for flight operations. I think what you'll do is see is that in our marketing efforts, it's a lot easier to have these conversations. And it's easier for customers to engage more quickly when we have this level of quality that's being validated by things like type certification, as well as the experience we're able to point to all the flight hours, for example, commercial deployment in urban environments in the UAE. So I can -- I think you can think of it as an accelerant of the activity with customers, maybe it's going to be more efficient in the sales process will be shorter as a result. Meir, would you add anything to that?

謝謝，馬特。因此，我們正式收到的型號認證本身有或沒有，並沒有成為與客戶對話的障礙，因為我們還有其他方式可以出去並獲得飛行運營的批准。我認為您會看到，在我們的營銷工作中，進行這些對話要容易得多。當我們擁有通過類型認證等方式驗證的質量水平以及我們能夠指出所有飛行時間的經驗（例如，在城市環境中的商業部署）時，客戶會更容易更快地參與進來在阿聯酋。所以我可以——我想你可以把它看作是與客戶的活動的促進劑，也許銷售過程會更高效，結果會更短。梅爾，你能補充一下嗎？

Yes. So we finished the last asset we need to do with the FAA, and now we're waiting for the final approval. In our opinion, it's going to make a game changer in the industry because this is the first time that anyone will get this approval to fly above people without the need with specific waiver. And as Eric mentioned, it will give us the ability to accelerate and scale as a operate deal with clients in more quickly because we will have this approval, and we can open new markets in the United States to build one infrastructure in human area and not only in remote area.

是的。我們完成了需要與美國聯邦航空管理局 (FAA) 合作的最後一項工作，現在正在等待最終批准。我們認為，這將改變該行業的遊戲規則，因為這是第一次任何人都可以獲得在人上空飛行的批准，而無需特定的豁免。正如埃里克提到的，這將使我們能夠更快地加速和擴大與客戶的運營交易，因為我們將獲得這一批准，並且我們可以在美國打開新市場，在人類領域建立一個基礎設施，而不是僅在偏遠地區。

(Operator Instructions) Our next question will come from William Morrison with B. Riley.

（操作員說明）我們的下一個問題將由 William Morrison 和 B. Riley 提出。

You wouldn't have to be particularly insightful to understand that there might be inventories shortages going out. So what exactly went wrong? Because like the last 5 times we talked about this, it was under control. So what changed like who dropped the ball?

您不必特別有洞察力就能理解可能會出現庫存短缺。那麼到底出了什麼問題呢？因為就像我們過去 5 次談到的那樣，事情已經得到控制。那麼發生了什麼變化，比如誰丟球了？

Well, Bill, we did -- I'll refer back to our last conference call, we highlighted some of the component bottlenecks that we had been experiencing as we're really ramping up volume production for the first time. So we've done a lot of work to qualify supplier components, but the first time you enter into these volume orders with them, they can catch them off [guard] .

好吧，比爾，我們做到了——我會回顧一下我們上次的電話會議，我們強調了我們在第一次真正提高批量生產時遇到的一些組件瓶頸。因此，我們做了很多工作來驗證供應商組件的資格，但是當您第一次與他們簽訂這些批量訂單時，他們可能會讓他們措手不及。

So as Stewart had mentioned, we relieve those specific bottlenecks. And today, we believe the supply chain is in pretty good shape for us. We're going to be particularly active sort of focusing on advanced purchases for certain components in addition to qualifying other component vendors for diversification, but that's kind of how we've dealt with it. But we did highlight this on the last call. I'd say a bigger issue has been particularly as we're moving to the contract manufacturer has been having the working capital base to make commitments to volume purchases of components to ramp production.

正如斯圖爾特所提到的，我們緩解了這些特定的瓶頸。今天，我們相信供應鏈對我們來說狀況良好。除了使其他組件供應商有資格實現多元化之外，我們將特別積極地關注某些組件的提前採購，但這就是我們處理問題的方式。但我們在上次通話中確實強調了這一點。我想說，一個更大的問題是，特別是當我們轉向合同製造商時，我們一直擁有營運資金基礎來承諾批量購買零部件以提高產量。

And we -- as you know, we completed a financing in July. We were trying to get that financing in a bit earlier, but these things can sometimes take some time. So we really have just started to ramp, as we described with the contract manufacturer and these other component orders for higher volumes after we announced the funding and given the lead times, the ability to pull that through the supply, the production is -- means that some of that will go into Q1.

如您所知，我們在 7 月份完成了融資。我們試圖早一點獲得融資，但這些事情有時可能需要一些時間。因此，正如我們在宣布資金後與合同製造商和這些其他組件訂單中所描述的那樣，我們確實剛剛開始增加產量，並考慮到交貨時間，通過供應拉動生產的能力 - 意味著其中一些將進入第一季度。

And how much of this is applicable to OAS?

其中有多少適用於美洲國家組織？

OAS is -- we're talking specifically about Ondas Networks related to the supply chain ramp. OAS has -- we have entered the year, as you recall, we closed the Airobotics acquisition in January. And at that time, we ordered 50 new Optimus System. And we were expecting to receive 10 in the second half of the year, and we're still on track for that.

OAS 是——我們具體討論的是與供應鏈提升相關的 Ondas Networks。正如您所記得的，OAS 已經進入了這一年，我們在一月份完成了對 Airobotics 的收購。當時，我們訂購了 50 套新的 Optimus 系統。我們預計在今年下半年收到 10 份，而且我們仍在朝著這個目標邁進。

All right. And then what about major fleet orders we've been kind of looking for those for a while, not like 10, but hundreds of systems.

好的。那麼我們一段時間以來一直在尋找的主要機隊訂單呢，不是 10 個，而是數百個系統。

We going to give us a little time on hundreds per customer. When we came into the year with the Optimus System, we spoke of the activity in UAE, those customers were the furthest along commercial adoption fleet adoption. And we targeted -- or we've highlighted that the customers have been publicly discussing in the UAE at least 50 units, of course, through 2025. We still -- we're kind of working with them to build that out. Elsewhere, when we're talking about new markets like India, Saudi Arabia, of course, in the United States, we've identified early customers and partners. We're going to work with them, but you'll see them sort of start to ramp in a more deliberate way, right, to take maybe a couple of systems up to 5, they goes out. And then from there, we can scale more quickly as they get the experience and we do perfecting how we deliver the solution, so -- and again the valuable experience. So I guess we'll see how -- we do think we're on that path in the UAE. And as you'll -- as we were able to share with you customer activity with these other markets and specifically in the U.S. as well, you'll as we get busy with the customers, we'll give you more plans on what we think pet deployments look like.

我們將給每個客戶數百個時間一點時間。當我們進入 Optimus 系統的這一年時，我們談到了阿聯酋的活動，這些客戶是在商業採用車隊採用方面走得最遠的客戶。我們的目標——或者我們已經強調，客戶已經公開討論在阿聯酋至少購買 50 台，當然，到 2025 年。我們仍然——我們正在與他們合作，以實現這一目標。在其他地方，當我們談論印度、沙特阿拉伯等新市場時，當然還有美國，我們已經確定了早期的客戶和合作夥伴。我們將與他們合作，但你會看到他們開始以一種更審慎的方式開始發展，對吧，可能需要幾個系統，最多 5 個，他們就會退出。然後，當他們獲得經驗時，我們可以更快地擴展規模，並且我們會完善我們交付解決方案的方式，因此，再次獲得寶貴的經驗。所以我想我們會看看如何——我們確實認為我們在阿聯酋正在走上這條道路。正如您所見，我們能夠與您分享這些其他市場的客戶活動，特別是在美國，當我們忙於與客戶合作時，我們將為您提供更多關於我們的計劃想想寵物部署的樣子。

And with that, this will conclude our question-and-answer session. I'd like to turn the conference back over to Eric Brock for any closing remarks.

至此，我們的問答環節就結束了。我想將會議轉回埃里克·布羅克（Eric Brock）發表閉幕詞。

Okay. Thank you, operator. Just going to close the call today by thanking you again for attending. As always, we have a lot of work ahead, and we're going to get right back at it. And we look forward to staying in touch and keeping you informed on our progress. So have a great day. Thank you.

好的。謝謝你，接線員。今天結束通話，再次感謝您的出席。與往常一樣，我們還有很多工作要做，我們將立即回去。我們期待與您保持聯繫並隨時向您通報我們的進展。祝你有美好的一天。謝謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開線路。