Ondas Holdings Inc (ONDS) 2023 Q4 法說會逐字稿

Welcome to the Ondas Holding Inc fourth quarter and full year 2023 conference call. (Operator Instructions) 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.

歡迎參加 Ondas Holding Inc 2023 年第四季及全年業績電話會議。（操作員說明）在開始之前，本公司想提醒您，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Onda目前的最佳判斷。這些前瞻性聲明存在風險和不確定性，可能導致實際結果與這些聲明所暗示的結果有重大差異。

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 and Ondas undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances, except as required by law.

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盈利新聞稿中均有討論，這兩份文件均可在公司網站上查閱。除法律要求外，Ondas 不承擔任何義務修改或更新任何前瞻性聲明以反映未來事件或情況。

During this call, Ondas will refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared 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 Investors Relations section of our website.

在本次電話會議中，Ondas 將提及某些非公認會計準則財務指標。這些非GAAP指標並非依照公認會計原則編製。我們今天稍早發布的新聞稿中列出了非GAAP財務指標與最直接可比較的GAAP指標的調節表，該新聞稿可在我們網站的投資者關係部分查閱。

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 note this event is being recorded.

這些非公認會計準則資訊是作為依照公認會計準則編製的財務績效指標的補充，而不是替代或優於這些指標。然而，管理階層認為這些非GAAP指標能夠為投資者提供有關我們業務潛在趨勢的寶貴資訊。請注意，本次活動正在錄影。

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

現在我將把演講交給董事長兼執行長埃里克·布羅克，請開始吧。

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. I'm happy to be joined today by key members of our leadership team, including our CFO, Yishay Curelaru, who return to Ondas in January after being called to duty to serve his countries.

謝謝接線員，早安。首先，我謹歡迎各位參加我們的季度電話會議。我們感謝您抽空與我們交流，也感謝您對我們公司的關注。今天我很高興能與領導團隊的重要成員們一起出席，其中包括我們的首席財務官伊沙伊·庫雷拉魯，他將於一月份返回翁達斯，此前他已被召回為國效力。

In addition, we will hear from both Meir Kliner, who is President of Ondas Autonomous Systems and the Founder and CEO of Airobotics subsidiary, and Tim Tenne, who's the CEO of American robotics. Meir and Tim will provide updates on the business plan and outlook for our drone businesses.

此外，我們也將聽取 Ondas Autonomous Systems 總裁兼 Airobotics 子公司創辦人兼執行長 Meir Kliner 和 American Robotics 執行長 Tim Tenne 的演講。Meir 和 Tim 將介紹我們無人機業務的商業計劃和前景的最新進展。

In addition, we are joined today by Guy Simpson, the President and Chief Operating Officer Ondas Networks. This is the first quarterly investor call Guy is attending and he will help provide the business update for Ondas Networks. He has been the CEO at Ondas Networks for the last 13 years in his instrumental in managing our business by leading much of our direct facing customer development and service activity.

此外，今天我們也邀請了 Ondas Networks 的總裁兼營運長 Guy Simpson。這是蓋伊第一次參加季度投資者電話會議，他將協助提供 Ondas Networks 的業務最新進展。在過去的 13 年裡，他一直擔任 Ondas Networks 的首席執行官，在管理我們的業務方面發揮了重要作用，領導了我們大部分面向客戶的直接開發和服務活動。

Now let's turn the agenda, we'll start the call with some brief comments, highlighting some recent announcements and I will then provide a high-level review of 2023 and how we are positioned for success in 2024.

現在讓我們轉換議程，我們將以一些簡短的評論開始本次電話會議，重點介紹一些最近的公告，然後我將對 2023 年進行高層次的回顧，以及我們如何為 2024 年的成功做好準備。

I will then hand the call to Yishay for our financial review of our fourth quarter and full year 2023 results. We will then provide a business update for our Ondas Networks in our OAS business units where I will ask Guy, Meir, Tim provide commentary around current business activity. Then we will wrap the call and open the floor for investor questions.

接下來，我將把電話交給 Yishay，由他來為我們回顧 2023 年第四季和全年的財務表現。接下來，我們將介紹 Ondas Networks 在 OAS 業務部門的最新業務情況，屆時我將請 Guy、Meir 和 Tim 對目前的業務活動進行評論。然後我們將結束電話會議，並開放投資者提問環節。

Let's begin today's update by highlighting a few recent announcements we have shared with investors beginning with this morning's news that Joe Popolo, CEO of Charles and Potomac Capital has been appointed to the Ondas Holdings' Board of Directors.

今天，我們首先要重點介紹我們最近與投資者分享的一些公告，首先是今天早上宣布 Charles and Potomac Capital 的首席執行官 Joe Popolo 已被任命為 Ondas Holdings 的董事會成員。

I am very grateful for Joe's willingness to serve on the Board and help advise me in the management team on our growth plan. This, along with Joe significant financial interest in the company is a huge endorsement in the opportunity we have created Ondas that reflects a belief in our ability to drive significant returns for our investors in the years ahead, I will highlight that Joe has a long and successful track record as a business operator and investor.

我非常感謝喬願意加入董事會，並在我們的成長計畫方面為管理團隊提供建議。這一點，再加上喬在公司擁有的重大經濟利益，是對我們為Ondas創造的機會的巨大認可，也體現了我們對未來幾年為投資者帶來重大回報能力的信心。我要強調的是，喬作為一名企業經營者和投資者，擁有長期且成功的業績記錄。

This includes leading the growth of large profitable businesses as well as exit from such successful ventures as an investor. As the single largest investor in Ondas Joe's incentives are directly aligned with our shareholders, which is exactly what we want at Ondas.

這包括領導大型盈利企業的發展，以及以投資者的身份從這些成功的企業中退出。作為 Ondas 的最大單一投資者，Joe 的激勵機制與我們的股東直接相關，這正是我們在 Ondas 所希望的。

In short, this is great news for Ondas, I welcome Joe to the Board, and we are excited to work even more closely together in the quarters and years ahead. I also want to highlight our announcement on February 26, that we secured $8.6 million of new finance. As we announced, the funding was led by Charles and Potomac and provides additional growth capital to support our business plan.

總之，這對 Ondas 來說是個好消息，我歡迎 Joe 加入董事會，我們期待在未來的幾季和幾年裡更加緊密地合作。我還想重點介紹我們在2月26日宣布的消息，我們獲得了860萬美元的新融資。正如我們宣布的那樣，這筆資金由 Charles 和 Potomac 領投，為我們的商業計劃提供了額外的成長資金。

This is the second investment that [CNPs] lead after originally leading a $15 million investment in Ondas Networks in Q3 last year. We also announced the formation of Ondas Autonomous Holdings known as OAH. OAH is a new drone holding company established to hold our drone operations, which we operate under the Ondas Autonomous Systems business units, bringing American Robotics and Airobotics under the OAH corporate umbrella is a continuation of the integration we embarked on after closing the Airobotics acquisition in January 2023. We believe this structure will provide many operational and financial benefits as we scale the OAS business globally around our world-class technology platform. We'll discuss this in more detail later in the call.

這是 [CNPs] 繼去年第三季領投 Ondas Networks 1500 萬美元之後的第二筆投資。我們也宣布成立了 Ondas Autonomous Holdings，簡稱 OAH。OAH 是一家新成立的無人機控股公司，旨在管理我們的無人機業務。我們透過 Ondas Autonomous Systems 業務部門經營這些無人機業務，將 American Robotics 和 Airobotics 納入 OAH 公司旗下，是我們於 2023 年 1 月完成對 Airobotics 的收購後開始的整合工作的延續。我們相信，隨著我們圍繞世界一流的技術平台在全球範圍內擴展 OAS 業務，這種結構將帶來許多營運和財務方面的好處。我們將在稍後的通話中更詳細地討論這個問題。

2023 was a breakout year for Ondas, for the full year, we generated record revenues of $15.7 million, which was a 7-fold increase from the prior year. This include $5 million of revenue in Q4, which was above our prior expectations. And Ondas Networks growth was driven by initial orders from Siemens to feed the market with inventory ahead of the expected 900 megahertz adoption curve.

2023 年是 Ondas 的突破之年，全年收入創下 1,570 萬美元的紀錄，比前一年增長了 7 倍。其中包括第四季 500 萬美元的收入，超出我們先前的預期。Ondas Networks 的成長得益於西門子的初始訂單，這些訂單旨在為市場提供庫存，以應對預期的 900 兆赫茲普及曲線。

While the order ramp on 900 megahertz was further delayed versus our prior expectations, we have nonetheless made substantial progress in the field with customers. Guy will provide more detail later regarding the complex systems integration process in which we are engaged with customers.

雖然 900 兆赫茲的訂單量成長速度比我們之前的預期有所延遲，但我們仍然在與客戶的合作中取得了實質進展。Guy 稍後將詳細介紹我們與客戶合作的複雜系統整合流程。

We believe we are in the final stage of the adoption of the new dot16 standard, which will allow the Class I rails to launch the 900 megahertz build-out, driving a commercial order cycle for Ondas. And Ondas Networks we see ATCS deadlines generating more activity and urgency to engage in finnish proving out the scalable integration of ATCS in the migration to the new network.

我們相信我們正處於採用新的 DOT16 標準的最後階段，這將使 I 類軌道能夠啟動 900 兆赫茲的建設，從而推動 Onda 的商業訂單週期。我們看到 Ondas Networks 的 ATCS 截止日期促使他們更加積極主動地參與芬蘭的驗證工作中，以證明 ATCS 在遷移到新網路過程中的可擴展整合。

Despite the sluggish orders with the 900 megahertz network, our confidence in the rail opportunity is only growing, and we foresee demand building in many areas even beyond 900 megahertz.

儘管 900 兆赫網絡的訂單增長緩慢，但我們對鐵路運輸的機會卻越來越有信心，我們預見到即使在 900 兆赫之外的許多領域，需求也會不斷增長。

This stands from an increase in the growing awareness of our 802.16 technology across the global rail sector and with other rail vendors. This is creating visibility around significant new opportunities for network upgrades beyond 900 megahertz in a new rail sectors such as passenger in transit.

這是由於全球鐵路業和其他鐵路供應商對我們的 802.16 技術認識不斷提高。這為在新的鐵路領域（例如客運）進行 900 兆赫以上的網路升級創造了重要的全新機會。

Our Ondas autonomous systems business unit having an exceptional year with market adoption kicking in to drive revenues to $9 million for 2023. This was ahead of the $8 million goal we shared at the time of the closing of the Airobotics acquisition. This also represented a massive increase well relative to the less than $1 million revenue base we had in 2022.

我們的 Ondas 自主系統業務部門今年表現出色，市場接受度不斷提高，預計 2023 年營收將達到 900 萬美元。這比我們在完成對 Airobotics 的收購時設定的 800 萬美元目標提前了。與 2022 年不到 100 萬美元的收入基礎相比，這也代表著巨大的成長。

OAS revenue growth is being driven by fleet adoption with a particularly impressive drone infrastructure fleet, build out being supported by our operations in Dubai, where public safety and security are driving the initial use case there for Optimus, we believe our Optimus system is the only truly automated platform, seeing scaled deployment in large-scale operations in urban environments globally. Of course, we are very proud of this, as we move into 2024.

OAS 收入成長主要得益於機隊的採用，尤其是令人印象深刻的無人機基礎設施機隊。我們在杜拜的營運為機隊的建設提供了支持，在杜拜，公共安全和安保是 Optimus 在該地的最初應用場景。我們相信，我們的 Optimus 系統是唯一真正自動化的平台，在全球城市環境的大規模營運中得到規模化部署。當然，展望2024年，我們為此感到非常自豪。

We are seeing broadening opportunities at OAS with marketing efforts in the United States beginning to gain positive traction. We have strengthened the leadership team through the addition of Tim Tenne at CEO. American Robotics, and Tim is growing his customer service team with proven talent in defense, government and commercial sectors.

我們看到，隨著在美國的市場推廣工作開始取得積極成效，OAS 的機會正在不斷擴大。我們透過任命 Tim Tenne 為首席執行官，加強了領導團隊。美國機器人公司，提姆正在擴充他的客戶服務團隊，團隊成員都來自國防、政府和商業領域，擁有經驗豐富的優秀人才。

As Meir and Tim will discuss the Optimus system inventory availability is improving after the delays related to the Gaza conflict. We believe inventory availability will improve in Q2 and beyond. This will enable additional customer activity here in the US in internationally, it will allow us to engage a growing and maturing customer pipeline.

梅爾和提姆將討論，在加薩衝突造成的延誤之後，Optimus 系統的庫存可用性正在改善。我們相信第二季及以後庫存供應情況將會改善。這將有助於我們在美國和國際上進行更多客戶活動，並使我們能夠接觸到不斷成長和成熟的客戶管道。

In the United States American Robotics has wrapped up its proof of value in demo work with MassDOT Aeronautics division. We are quite excited about the prospects there. We believe this was a very successful program and we anticipate working with the commonwealth on follow on activities.

在美國，American Robotics 已完成與馬薩諸塞州交通部航空部門的展示工作，證明了其價值。我們對那裡的發展前景感到非常興奮。我們認為這是一個非常成功的項目，我們期待與聯邦政府合作進行後續活動。

We believe that the critical infrastructure, public safety, government and industrial sectors will continue to drive the UAS market and be the central focus for our capabilities and solutions in the last quarter, we have noticed a large increase in [RFPs] and inbound leads from these same sectors to align with our leadership and offerings.

我們相信，關鍵基礎設施、公共安全、政府和工業部門將繼續推動無人機系統市場的發展，並成為我們上一季能力和解決方案的核心重點。我們注意到，這些部門的招標邀請書和潛在客戶數量大幅增加，以配合我們的領導地位和產品。

To wrap up the overview, I wanted to highlight that we are very excited about the prospects for the Iron Drone Raider system. As we disclosed in November 2023, we are responding to an urgent need in Israel for the Iron Drone Raider capability. The Raider system meet counter-UAS requirements in other defense use cases by rapidly in autonomously, launching multiple high-speed unmanned aircraft to perform multiple missions to protect from the threat of hostile drone.

最後，我想強調的是，我們對鋼鐵無人機突襲者係統的前景感到非常興奮。正如我們在 2023 年 11 月所揭露的那樣，我們正在響應以色列對「鋼鐵無人機突襲者」能力的迫切需求。Raider 系統透過快速自主地發射多架高速無人機執行多項任務，以滿足其他國防用途的反無人機系統要求，從而抵禦敵方無人機的威脅。

This is clearly an incredible opportunity, and we are very excited about our ability to deliver a valuable solution to friendly defense security forces around the world. Meri and Tim will share more on this opportunity this morning.

這顯然是一個絕佳的機會，我們非常高興能夠為世界各地的友好國防安全部隊提供有價值的解決方案。今天上午，梅里和蒂姆將分享更多關於這個機會的資訊。

I am now going to hand the call the Yishay for the financial review, Yishay?

我現在要把電話交給 Yishay 進行財務審查，Yishay 好嗎？

Thanks Eric, as I get started, I want to remind our investors that the figures we're about to discuss and compensate the inclusion of Airobotics financial effective from January 23, 2023, following our successful acquisition. This strategic move has significantly augmented our operational effectiveness and revenue stream, increased our market presence and enhancing shareholder value. Further, despite the added scale from the addition of Airobotics, as you will see, operating expenses are down year-over-year, reflecting an extreme focus on OpEx efficiency that will continue.

謝謝埃里克，在開始之前，我想提醒我們的投資者，我們即將討論的數字和補償金包含了自 2023 年 1 月 23 日起生效的 Airobotics 財務數據，這是我們成功收購 Airobotics 後的結果。這項策略性舉措顯著提高了我們的營運效率和收入來源，增強了我們的市場份額，並提升了股東價值。此外，儘管收購 Airobotics 後規模有所擴大，但正如您將看到的，營運費用同比下降，這反映出公司對營運效率的極度重視，這種重視將持續下去。

Turning to the Q4 2022 result, we had a strong finish to the -- in the fourth quarter of 2023, revenues increased to $5 million compared to $0.5 million in Q4 2023. Although more than 10-fold increase in revenues was primarily a result of higher product sales and development revenue compared to prior year periods.

回顧 2022 年第四季業績，我們取得了強勁的收官——2023 年第四季度，營收增至 500 萬美元，而 2023 年第四季為 50 萬美元。儘管收入成長超過 10 倍，但這主要是由於產品銷售和研發收入比上年同期增加。

At Ondas Networks revenue in fourth quarter of 2023 were driven by product sales to Siemens and development projects. Revenues at OAS were primarily driven by a continued buildout of the Optimus fleets by our governmental customers in Dubai.

Ondas Networks 2023 年第四季的營收主要得益於向西門子銷售產品和開發專案。OAS 的收入主要得益於我們在杜拜的政府客戶不斷擴大 Optimus 車隊。

For Ondas Networks revenues will fluctuate from quarter to quarter, given the uncertainty around the timing of customer activity in front of the targeted commercial rollout for the 900 megahertz rollout networks and the development programs underway with Siemens and MxV.

由於 900 兆赫茲網路目標商業推廣之前的客戶活動時間存在不確定性，以及與西門子和 MxV 正在進行的開發項目，Ondas Networks 的收入將逐季度波動。

Similarly, revenues that OAS are expected to vary from quarter-to-quarter and to normalize into a more predictable pattern as we grow our customer base and more of those customers and their fleet programs and recurring services agreements in the United States and internationally.

同樣，OAS 的收入預計會逐季度波動，隨著我們在美國和國際上擴大客戶群，以及更多客戶及其車隊計劃和經常性服務協議的實施，收入將趨於正常化，形成更可預測的模式。

Gross profit increased to $1.7 million for Q4 '23 compared to $0.3 million for Q4 2022 gross profit as a percentage of revenues remains variable in the near term and decreased to approximately 35% for Q4 2023 compared to 56% for Q4 2022 as a result of lower margin product mix.

2023 年第四季毛利增至 170 萬美元，而 2022 年第四季毛利為 30 萬美元。由於利潤率較低的產品組合，毛利潤率在短期內仍會波動，2023 年第四季毛利約為 35%，而 2022 年第四季毛利潤率為 56%。

Operating expenses decreased to $14.4 million for Q4 2023 as compared to $34.8 million in Q4 2022. The sharp drop in operating expenses was primarily due to recognition of $19.4 million non-cash charge of goodwill impairment in 2022 and decreased R&D activities.

2023 年第四季營運費用降至 1,440 萬美元，而 2022 年第四季為 3,480 萬美元。營運費用大幅下降主要是由於 2022 年確認了 1,940 萬美元的非現金商譽減損支出以及研發活動減少。

Recurring cash operating expenses, which exclude marketing expenses and non-recurring costs, outlined in the supplemental section of this table were $8.7 million in Q4 2023 of [32%] decline from $12.9 million in Q4 2023.

本表補充部分列出的經常性現金營運支出（不包括行銷支出和非經常性成本）在 2023 年第四季為 870 萬美元，比 2023 年第四季的 1,290 萬美元下降了 32%。

The sharp decline in recurring cash operating expenses was due to strong cost controls despite the addition of Airobotics in 2023. And the increase in revenues this demonstrates the operating leverage we have across businesses as we drive expected revenue growth in the coming quarters and years, we will discuss the non-cash and non-recurring cost when we review the full year P&L, it is in a very moment.

儘管在 2023 年收購了 Airobotics，但由於嚴格的成本控制，經常性現金營運支出大幅下降。收入的成長表明，隨著我們在未來幾個季度和幾年內推動預期收入成長，我們在各個業務領域都擁有營運槓桿。我們將在審查全年損益表時討論非現金和非經常性成本，現在正是時候。

The company narrowed the operating loss to $12.6 million for Q4 2023, as compared to $34.5 million for Q4 2022 operating loss improvement was driven by expense controls and low and over non-cash charges as mentioned. Adjusted EBITDA loss narrowed to $7 million for Q4 2023 as compared to $4.6 million for Q4 2022.

該公司2023年第四季的營業虧損收窄至1,260萬美元，而2022年第四季的營業虧損為3,450萬美元。如前所述，營業虧損的改善主要得益於費用控制以及非現金支出的減少和超額支出。2023 年第四季調整後 EBITDA 虧損收窄至 700 萬美元，而 2022 年第四季為 460 萬美元。

Turning to the full year results, the fiscal year of 2023 revenues grow $15.7 million, which was a dramatic increase year-over-year versus only $2.1 million recognized in 2022. Revenue growth was strong at both Ondas Networks and Ondas Autonomous Systems. Both business units posted record level of revenues. Gross profit increased by 6-fold for 2023 as compared to 2022.

從全年業績來看，2023 財年的營收成長了 1,570 萬美元，與 2022 年僅確認的 210 萬美元相比，這是一個巨大的同比增長。Ondas Networks 和 Ondas Autonomous Systems 的營收成長都很強勁。兩個業務部門的營收均創歷史新高。2023 年毛利比 2022 年成長了 6 倍。

Gross margins were 41% for 2023 as compared to 52% for 2022, primarily due to a larger proportion of low-margin product sales and services in the revenue mix during 2023. Operating expenses narrowed sharply to approximately $46.1 million for 2023, as compared to $70.5 million for 2022.

2023 年的毛利率為 41%，而 2022 年為 52%，主要是由於 2023 年收入組合中低利潤率產品銷售和服務所佔比例較大。2023 年營運費用大幅收窄至約 4,610 萬美元，而 2022 年為 7,050 萬美元。

The largest component of the decrease in operation expenses was due to a one-time non-cash goodwill impairment charge of $19.4 million, which was recognized in 2022. Included in operating expenses are non-cash expenses, including depreciation, amortization, stock-based compensation, as well as charges of certain impairment of assets.

營運費用減少的最大部分是由於 2022 年確認的一次性非現金商譽減損費用 1,940 萬美元。營運費用包括非現金支出，例如折舊、攤提、股票選擇權費用以及某些資產減損費用。

As outlined here, impairment of right of use of assets and leasehold improvement of $2.5 million was recognized in 2023. This impairment was connected to the American Robotics and Airobotics integration and office space reduction and subleases in order to create additional cash savings.

如本文所述，2023 年確認了資產使用權和租賃改良的減損 250 萬美元。此次減損與美國機器人公司和空中機器人公司的整合以及辦公空間縮減和轉租有關，目的是為了節省更多現金。

An additional non-cash charge is an impairment of long-term equity investment of $1.5 million related to our investment in Dynam A.I. in 2023.

另一項非現金支出是與我們 2023 年對 Dynam A.I. 的投資相關的長期股權投資減損 150 萬美元。

As mentioned earlier, a goodwill impairment charge of $19.5 million was recognized in 2022. In total, non-cash expenses and impairment charges totaled $10 million in 2023 and $29.3 million in 2022. Recurring cash operating expenses, which exclude non-cash expenses and non-recurring costs, totaled $36.1 million in 2023, a 13% reduction versus $41.2 million in 2022.

如前所述，2022 年確認了 1,950 萬美元的商譽減損費用。2023 年非現金支出和減損費用總計 1,000 萬美元，2022 年總計 2,930 萬美元。2023 年經常性現金營運支出（不包括非現金支出和非經常性成本）總計 3,610 萬美元，比 2022 年的 4,120 萬美元減少了 13%。

The bulk of the decline in recurring cash operating expenses was in R&D spending, which was offset by increased sales and marketing costs. This shift in OpEx reflects our focus in driving platform adoption and revenue growth across the business. The company realized an operating loss of $39.7 million in 2023 as compared to a loss of $69.4 million in 2022.

經常性現金營運支出下降的大部分原因是研發支出減少，但銷售和行銷成本的增加抵消了下降。營運支出的轉變反映了我們致力於推動平台普及和業務收入成長的重點。該公司 2023 年的營業虧損為 3,970 萬美元，而 2022 年的虧損為 6,940 萬美元。

Operating loss decreased primarily as a result of the aforementioned decrease in operating expenses, including the $9.4 million goodwill impairment charge. Net loss was approximately $44.8 million for 2023 as compared to a net loss of $73.2 million for 2022.

營業虧損減少主要是由於上述營業費用減少，其中包括 940 萬美元的商譽減損支出。2023 年淨虧損約 4,480 萬美元，而 2022 年淨虧損為 7,320 萬美元。

Excluding non-cash and non-recurring costs, the company's adjusted EBITDA loss narrowed to approximately $29.7 million for 2023 as compared to $40.1 million for 2022.

在剔除非現金和非經常性成本後，該公司 2023 年調整後的 EBITDA 虧損收窄至約 2,970 萬美元，而 2022 年為 4,010 萬美元。

Now let's turn to the cash flow statement. We held cash of $15 million as of December 31, 2023 as compared to $29.8 million as of December 31, 2022. The decline in cash is primarily a result of operating expenses include and $5.5 million of cash used to repay debt in the first half of 2023 this use of cash was supported by $24 million in net proceeds raised from the previously announced financing at Ondas Networks and Ondas Holdings early in the third quarter of 2023.

現在我們來看現金流量表。截至 2023 年 12 月 31 日，我們持有現金 1,500 萬美元，而截至 2022 年 12 月 31 日，我們持有現金 2,980 萬美元。現金減少主要是由於營運支出，以及2023年上半年用於償還債務的550萬美元現金。這筆現金的使用得到了先前宣布的Ondas Networks和Ondas Holdings在2023年第三季初融資所得的2,400萬美元淨收益的支持。

Cash used in operation during 2023 reflect ongoing investment in the business as we drive platform adoption across our Ondas Networks and OAS. We expect cash utilization to improve significantly as we move through 2024. Improved cash efficiency comes from operating expenses leverage at both companies as we focus spending on driving customer adoption and growth in revenues and -- gross profit. As noted, we ended the year with $15 million in cash.

2023 年營運中使用的現金反映了我們對業務的持續投資，因為我們正在推動 Ondas Networks 和 OAS 平台的普及。我們預計，隨著2024年的推進，現金利用率將顯著改善。兩家公司透過提高營運費用槓桿率，將支出重點放在推動客戶採用率和收入成長以及毛利成長上，從而提高了現金效率。如前所述，我們在年底時擁有1500萬美元現金。

In February, we announced an $8.6 million capital raise through the sale of Ondas Holdings common stock and Ondas Networks preferred stock in a financing led by Charles and Potomac Capital. Pro forma of these financing and net transaction expenses, the company would have had $23.4 million of cash as of December 31, 2023.

今年 2 月，我們宣布透過出售 Ondas Holdings 普通股和 Ondas Networks 優先股籌集 860 萬美元資金，此次融資由 Charles 和 Potomac Capital 牽頭。扣除這些融資和淨交易費用後，截至 2023 年 12 月 31 日，該公司將擁有 2,340 萬美元現金。

As of December 31, 2023, we had $28.5 million in convertible notes outstanding. I want to highlight that the convertible notes have maturities in April 25 and July 25 which means we have some time to manage the amortization and create condition to equitize the notes under more favorable conditions. It is our objective to equitize these notes as soon as we can by using shares to retire the notes either via monthly amortization. So to say, these notes convert entirely into equity prior to maturity.

截至 2023 年 12 月 31 日，我們有 2,850 萬美元的可轉換債券未償還。我想強調的是，這些可轉換債券的到期日分別為 4 月 25 日和 7 月 25 日，這意味著我們有一些時間來管理攤銷，並創造條件，以便在更有利的條件下將這些債券轉換為股權。我們的目標是盡快將這些票據轉換為股權，透過每月攤提的方式，利用股份來償還這些票據。也就是說，這些票據在到期前會完全轉換為股權。

I will now hand over the call back to Eric.

現在我將把電話轉回給埃里克。

Well, thank you, Yishay. Now we will transition to a review of our business units and as Guy Simpson and Meir Kliner to share updates on recent activity in the field with customers and industry partners. We also have Tim Tenne to share comments regarding American Robotics and drill down a bit into the outlook for OAS in the United States.

謝謝你，伊沙伊。現在我們將轉而審查我們的業務部門，並由蓋伊辛普森和梅爾克萊納向客戶和行業合作夥伴分享最近在該領域的活動的最新進展。我們也邀請了 Tim Tenne 來分享他對美國機器人技術的看法，並深入探討美國 OAS 的發展前景。

Before I hand the floor to Guy, I want to provide a couple of important updates Ondas Networks. Firstly, we have made a leadership change, at Ondas Networks, Stewart Kantor is no longer with the company. In addition, Guy Simpson has been appointed as a new President at Ondas Networks.

在把發言權交給蓋伊之前，我想向Ondas Networks提供一些重要的最新資訊。首先，Ondas Networks 的領導階層發生了變動，Stewart Kantor 已不再是該公司的一員。此外，蓋伊辛普森已被任命為Ondas Networks的新總裁。

As I mentioned at the beginning of the call, Guy has had a long tenure as COO of Ondas Networks. I relied on him to manage our growing team from an internal operation standpoint. And in parallel, his leadership has spanned from spearheading our production capacity ramp to leading technical field solutions engineering teams, while also being out in front on the most critical customer related activity.

正如我在通話開始時提到的，蓋伊長期擔任 Ondas Networks 的營運長。我依靠他從內部營運的角度來管理我們不斷成長的團隊。同時，他的領導能力涵蓋了從帶頭提高產能到領導技術現場解決方案工程團隊，同時也走在最關鍵的客戶相關活動的前列。

We rely on Guy extensively and I have I'm happy to have him assume the added responsibilities as President as we move forward to scale the company.

我們非常依賴蓋伊，我很高興他能承擔起總裁的額外職責，帶領公司不斷成長。

The purpose and benefit of the management change is to align the company to be super focused on driving the order ramp in revenue growth we are targeting while charting a path to profitability. We have done exceptional work Ondas developing innovative, world-class wireless technology for mission critical networks.

管理層變動的目的和好處是使公司能夠高度專注於推動我們目標中的訂單成長和收入成長，同時制定實現盈利的路線圖。Ondas 在為關鍵任務網絡開發創新、世界一流的無線技術方面取得了卓越的成就。

Now it's time to intensively focus our energies towards delivering these solutions in the field to customers at scale. We believe our business is at an inflection point. We believe commercial deployments, 900 megahertz will begin soon and that the opportunity in 900 megahertz in the other private networks for the Class I rails in addition to global rail markets remains substantial. Guy I am now handing the call over to you.

現在是時候集中精力，大規模地將這些解決方案推廣到現場，服務客戶了。我們認為公司正處於一個轉捩點。我們相信，900兆赫的商業部署很快就會開始，除了全球鐵路市場之外，900兆赫在其他專用網路中為一級鐵路提供的機會仍然很大。蓋伊，現在把電話交給你了。

Thank you, Eric. It's a pleasure to be here and to have the opportunity to work with our investors. At Ondas Networks we generated $6.7 million in revenues during 2023, led by product shipments for customers. This represented a 250% increase in revenues compared with 2022.

謝謝你，埃里克。很高興來到這裡，並有機會與我們的投資者合作。Ondas Networks 在 2023 年創造了 670 萬美元的收入，主要得益於向客戶交付的產品。與 2022 年相比，收入成長了 250%。

2023 was also marked by Ondas Networks, making investments to significantly increase its production capacity, which supported record production and shipment volumes for the year. We continue to be fully engaged with Siemens the Class I rails and our transit customers to further prepare for large-scale commercial deployments at 900 megahertz. Furthermore, we continue our work with the AAR and our rail customers on a development roadmap for dot16 networks, including a number of future products and additional networks beyond 900 megahertz.

2023 年，Ondas Networks 也進行了投資，大幅提高了產能，從而實現了當年創紀錄的生產和出貨量。我們將繼續與西門子、一級鐵路和我們的交通運輸客戶充分合作，為900兆赫的大規模商業部署做好進一步準備。此外，我們繼續與 AAR 和我們的鐵路客戶合作，制定 dot16 網路的發展路線圖，其中包括許多未來的產品和 900 兆赫以上的其他網路。

Internationally, we have ongoing activity with Siemens for Indian Railways as well as the development of a new locomotive radio for the European market, a program that will be completed in 2024.

在國際上，我們正​​與西門子合作，為印度鐵路開發產品，同時也為歐洲市場開發新型機車無線電設備，該項目將於 2024 年完成。

And lastly, we have several ongoing business development activities with the passenger and transit rails in North America and international markets. We anticipate sharing new activity in these markets, particularly around the passenger rail side soon.

最後，我們在北美和國際市場的客運和軌道運輸領域開展了多項業務拓展活動。我們預計很快將分享這些市場，特別是客運鐵路領域的新動態。

As our investors know, we have engaged in a long-term program with Siemens and the Class 1 railroads to pursue an upgrade of the 900 megahertz networks. I wanted to take some time and provide a factual update related to our work on that 900 megahertz network, while sharing some context on the opportunity and the path ahead.

正如我們的投資者所知，我們已經與西門子和一級鐵路公司開展了一項長期計劃，以推進 900 兆赫網絡的升級。我想花點時間，就我們900兆赫網絡的工作提供一些事實更新，同時分享一些關於機會和未來發展方向的背景資訊。

First, the Class 1 railroads have agreed with the FCC to vacate the legacy 900 megahertz channel, in return the FCC has provided new greenfield spectrum known as the A block for the railroads to build new modern network to build a new modern network for operational and safety use cases, under first engage the AAR in development work on 900 megahertz in 2019. In April 2020, the FCC issued a formal order for the rails to vacate the legacy 900 megahertz spectrum.

首先，一級鐵路公司已與 FCC 達成協議，放棄傳統的 900 兆赫頻道。作為交換，FCC 為鐵路公司提供了新的綠地頻譜，即 A 頻段，用於建造新的現代化網絡，以滿足營運和安全使用需求。 2019 年，鐵路公司首次與美國鐵路協會 (AAR) 合作，進行 900 兆赫的開發工作。2020 年 4 月，美國聯邦通訊委員會 (FCC) 發布正式命令，要求鐵路公司騰出原有的 900 兆赫頻譜。

Also in April 2020, we signed a partnership with Siemens to address this 900 megahertz migration opportunity and to upgrade the ATCS application from the legacy 900 megahertz network. So Ondas and Siemens have been deeply engaged on this project for more than four years. And let's be clear, we have accomplished a lot. After extensive lab and field testing of our full max based platform and significant joint product development efforts with Siemens, the AAR announced the selection of dot16 as the technology for the new 900 megahertz network.

同樣在 2020 年 4 月，我們與西門子簽署了合作協議，以應對 900 兆赫茲遷移的機會，並將 ATCS 應用從傳統的 900 兆赫茲網路升級。因此，Ondas 和西門子在這個項目上已經深入合作了四年多。需要明確的是，我們已經取得了許多成就。經過對我們基於 max 的全平台的廣泛實驗室和現場測試，以及與西門子進行的大量聯合產品開發工作，AAR 宣布選擇 dot16 作為新的 900 兆赫網絡的技術。

This selection was announced by the AARs wireless communications committee, WCC in March 2023. Since then, we have worked in the field on end-to-end systems integration with multiple railroads. This work is with the railroads train operating groups, principally the communications and signaling or [CNF] team. Systems integration, often encompassing many disparate legacy elements is complex. The good news is the handling complexity is a huge strength of Ondas and a significant reason why just customers value our expertise. But of course, it takes work. And in the railroad business, developing scalable processes is rarely a straight line as you have seen.

這項評選結果由 AAR 無線通訊委員會 (WCC) 於 2023 年 3 月宣布。從那時起，我們便開始與多家鐵路公司合作，從事端到端系統整合的工作。這項工作是與鐵路列車營運部門合作完成的，主要是與通訊和信號或 [CNF] 團隊合作。系統整合通常涉及許多不同的遺留元素，因此非常複雜。好消息是，處理複雜性是 Ondas 的一大優勢，也是顧客重視我們專業知識的重要原因。當然，這需要付出努力。正如你所看到的，在鐵路行業，開發可擴展的流程很少是一帆風順的。

So let's take a closer look and describe precisely where we are and the outlook ahead. We believe we are in the final stages of the complex systems integration process connected to upgrading the 900 megahertz network.

那麼，讓我們仔細看看，準確地描述一下我們目前所處的位置以及未來的前景。我們相信，與升級 900 兆赫網路相關的複雜系統整合過程已進入最後階段。

If you've been listening closely, you'll have heard me repeat the term systems integration many times, this is an important concept to understand. The work that Ondas and Siemens and the railroads train operations group is focused on the integration of new modern systems with legacy technologies.

如果你一直仔細聽，就會聽到我重複「系統整合」這個詞，這是一個需要理解的重要概念。Ondas、西門子和鐵路列車營運集團的工作重點是將新的現代化系統與傳統技術結合。

The first what do we mean by a system? The 900 megahertz network upgrade isn't just a communications event. The first application on the new 900 megahertz network, Siemens advanced train control system or ATCS is the same application that has been running for at least two decades.

首先，我們所說的系統是什麼意思？900兆赫網路升級不只是一項通訊事件。在新的 900 兆赫網路上的第一個應用是西門子先進列車控制系統 (ATCS)，而該系統已經運行了至少二十年。

This means that Ondas and Siemens are upgrading the ATCS application and introducing a new communications technology simultaneously. The system integration of ATCS and the dot16 network requires backwards compatibility with many other complementary technologies within rail operations starting at the railway side and all the way to the back office applications.

這意味著 Ondas 和西門子正在同時升級 ATCS 應用並引入新的通訊技術。ATCS 和 dot16 網路的系統整合需要與鐵路運營中的許多其他互補技術向後相容，從鐵路方面一直到後台應用程式。

Some of this technology is more than 20 years old. And as we move forward, we and the customers are learning that other tangential technology needs to be upgraded as well. Understandably, this integration effort must be done carefully. Even minor issues can impact time lines more than we would like.

其中一些技術已經有20多年的歷史了。隨著我們不斷前進，我們和客戶都逐漸意識到，其他一些相關的技術也需要升級。可以理解，這項整合工作必須謹慎進行。即使是微小的問題，也可能對工期造成超出我們預期的影響。

The good news is that both Siemens and Ondas as well as the customers are committed to doing the hard work. And we believe we are close to validating the systems integration efforts, upon final acceptance from our leading cloud foreign customer. We believe initial commercial orders will come from this railroad as well as two smaller rail systems with whom we are also currently engaged.

好消息是，西門子、Ondas 以及客戶都致力於完成這項艱鉅的工作。我們相信，一旦得到我們領先的海外雲端客戶的最終驗收，我們就離驗證系統整合工作的目標更近了一步。我們相信，最初的商業訂單將來自這家鐵路公司以及我們目前也在合作的兩家較小的鐵路系統。

Importantly, the other Class 1 railroads are tracking this activity closely, and we expect them to advance their own field work with Ondas and Siemens and then signal their 900 megahertz network objectives, planning and time lines once our systems integration process has been validated. Of course, while we are reluctant to publicly discuss FCC deadlines after all, they are the rails deadlines, not ours.

重要的是，其他一級鐵路公司都在密切關注這一動態，我們預計，一旦我們的系統整合流程得到驗證，他們將與 Ondas 和 Siemens 推進各自的現場工作，並公佈其 900 兆赫網絡目標、規劃和時間表。當然，儘管我們不願公開討論 FCC 的最後期限，但畢竟那是鐵路的最後期限，而不是我們的。

We do believe that these deadlines are motivating increased engagement. We believe the hard work on systems integration is nearly behind us and the order and deployment cycle we have been waiting for is becoming increasingly visible. We look to build the order book and backlog with more railroads planning, ATCS upgrades and wider 900 megahertz network build-out. 2024 will be a good year of success in the field, and we will build on the increased production capability established in 2023 and further expand our service delivery model with training and marketing programs designed to drive expanded use of the dot16 technology.

我們相信這些截止日期能夠激勵更多人參與其中。我們相信系統整合的艱苦工作即將結束，我們一直期待的訂單和部署週期也越來越明顯。我們期待透過更多鐵路公司的規劃、ATCS升級以及更廣泛的900兆赫網絡建設來增加訂單量和積壓訂單。 2024年將是該領域取得豐碩成果的一年，我們將鞏固2023年建立的產能提升，並透過旨在推動DOT16技術更廣泛應用的培訓和市場推廣計劃，進一步拓展我們的服務交付模式。

So let me try to succinctly summarize the outlook at Ondas Networks, we will drive orders, backlog, delivery and deployment of systems this year to start the 900 megahertz network upgrade cycle for the railroads. We feel like we are close the customer feedback on the hard task of systems integration has been universally positive we are very close. As we have stated previously we continue to move forward aggressively on securing new orders and now have the capabilities to meet our customers production needs.

那麼，讓我簡要地總結一下 Ondas Networks 的前景，我們將在今年推動訂單、積壓訂單、交付和系統部署，以啟動鐵路 900 兆赫網絡升級週期。我們感覺已經非常接近目標了，客戶對系統整合這項艱鉅任務的回饋普遍積極，我們離目標非常接近了。正如我們之前所說，我們將繼續積極推動新訂單的獲取，現在我們有能力滿足客戶的生產需求。

In parallel, Siemens and Ondas are advancing our services capability to support wide-scale adoption and deployment of our dot16 wireless technology. As we advance, we are seeing a broadening and also a deepening of the engagement across the industry.

同時，西門子和Ondas正在提升我們的服務能力，以支援我們的dot16無線技術的廣泛採用和部署。隨著我們不斷前進，我們看到整個產業的參與範圍不斷擴大，參與度也不斷加深。

This includes the Class 1 rail customers we have been working with since 2019. And now transit and passenger rail operators, more generally, there is an increasing demand for new networks and new products and a new geographic markets and also to develop new rail ecosystem, flash vendor relationships. We have outlined some of this here and expect more announcements soon on this front.

這包括我們自 2019 年以來一直合作的 1 類鐵路客戶。現在，更廣泛地說，公共交通和客運鐵路營運商對新網路、新產品、新地理市場以及發展新的鐵路生態系統、快速建立供應商關係的需求日益增長。我們已在此概述了其中的一些內容，預計很快將在這方面發布更多公告。

As we grow, we will pay close attention to spending levels on operating costs as we drive towards profitability, we are increasingly focusing our OpEx dollars on driving revenue and supporting a path to profitability.

隨著公司的發展，我們將密切關注營運成本的支出水平，努力實現盈利，並將營運支出資金越來越多地用於推動收入成長和支持獲利之路。

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

現在我把電話轉回給艾瑞克。艾瑞克？

Thank you, guys. I will now ask Meir Kliner to take the floor and update us on the progress with customers that Ondas Autonomous Systems, and provide insight into recent developments at OAS and the outlook from here. Meir?

謝謝大家。現在我將請梅爾·克萊納發言，向我們介紹Ondas Autonomous Systems在客戶方面的進展，並深入分析OAS的最新發展以及未來的展望。梅爾？

Thank you, Eric, 2023 was a pivotal year for Ondas Autonomous Systems. We have been able to achieve our goals outlined in our roadmap to enable our vision for expanding our fully autonomous drones and the transformative solutions they offer for critical operations.

謝謝你，艾瑞克，2023年對Ondas Autonomous Systems來說是至關重要的一年。我們已實現路線圖中概述的目標，從而實現了我們擴展全自主無人機及其為關鍵營運提供的變革性解決方案的願景。

Our team has worked out over the past two years to bring Ondas to this point, we are concluding 2023 with record high revenues a strong validate market feed for the Optimus system and a very promising position in the market with the Iron Drone Raider system.

過去兩年，我們的團隊努力使 Ondas 達到了現在的水平，我們在 2023 年實現了創紀錄的收入，Optimus 系統獲得了強有力的市場驗證，Iron Drone Raider 系統在市場上也佔據了非常有利的地位。

We believe that Ondas currently holds two of the most promising drone technologies in the market and a very strong and capable team to implementing them as a critical drone infrastructure in civil and military operations. During 2023, the Optimus system has proven its value for ongoing surveillance and emergency response operations in Dubai, UAE, demonstrating the disruptive potential of our trusted technology in current security operations worldwide.

我們相信，Ondas 目前擁有市場上兩項最有前途的無人機技術，並且擁有一支非常強大且有能力的團隊，能夠將這些技術作為民用和軍事行動中的關鍵無人機基礎設施加以實施。2023 年，Optimus 系統在阿聯酋杜拜的持續監控和緊急應變行動中證明了其價值，展現了我們值得信賴的技術在全球當前安全行動中的顛覆性潛力。

In the US, we have made significant progress demonstrating the capabilities of the Optimus system to the Massachusetts Department of Transportation and its stakeholders. Our Optimus drone, as received an [1EX] type certification by the FAA, make it in the first one in a box and data capturing one to achieve such certification. This milestone not only allows our team to continue working with the FAA on events, completely autonomous operation in complex environments such as cities and metropolitan areas, but also signifies that our technology has reached a very mature stage.

在美國，我們已取得重大進展，向麻州交通部及其利害關係人展示了 Optimus 系統的功能。我們的 Optimus 無人機已獲得美國聯邦航空管理局 (FAA) 的 [1EX] 型式認證，是首款採用盒裝和資料收集方式獲得此類認證的無人機。這一里程碑不僅使我們的團隊能夠繼續與美國聯邦航空管理局合作開展活動，在城市和都市區等複雜環境中實現完全自主運行，而且還標誌著我們的技術已經達到了非常成熟的階段。

Our global potential market in security, critical infrastructure protection and remote monitoring services is vast. We will continue executing our plan, focusing on market penetration of the public safety and transportation departments serving port and terminal operations, emergency response and large construction projects, as our drone and data as a service business models have proven to be scalable.

我們在安防、關鍵基礎設施保護和遠端監控服務領域的全球潛在市場非常廣闊。我們將繼續執行我們的計劃，重點是滲透服務於港口和碼頭運營、應急響應和大型建設項目的公共安全和交通部門的市場，因為我們的無人機和數據即服務商業模式已被證明是可擴展的。

We are receiving strong indications of the value of shared drone infrastructure demonstrated with our customers. The impact of our full-scale world's first Urban Drone network is reflected in our 2023 revenues and growth as we have delivered an additional systems to our customer in Dubai. This is a continuation of our governmental customer stating its intention to deploy a city wide network. During 2023 and recently, major public safety and security groups from the US and international markets received demonstration of the Optimus system network capabilities it's dramatic impact on response time it's probably highlighted with our customer, reducing it from 4 minutes to 70 seconds in the Optimus network coverage areas creating a network effect and synergy of Optimus drone fleets deployed as a smart network of drones.

我們已經從客戶那裡獲得了強有力的回饋，證明了共享無人機基礎設施的價值。我們全球首個全面城市無人機網路的影響體現在我們 2023 年的收入和成長中，因為我們已向我們在杜拜的客戶交付了額外的系統。這是我們政府客戶宣布計劃部署城市範圍網路的後續行動。在 2023 年及近期，來自美國和國際市場的主要公共安全團體都體驗了 Optimus 系統網絡的功能，其對響應時間的巨大影響可能已經引起了我們客戶的關注，在 Optimus 網路覆蓋區域內，響應時間從 4 分鐘縮短到 70 秒，從而產生了網絡效應，Optimus 網絡覆蓋區域內，響應時間從 4 分鐘縮短到 70 秒，從而產生了網絡效應，Optimus 無人機群作為智能無人機網絡部署，實現了協同網絡效應。

We will keep working and targeting our expansion in the UAE to additional civil and industrial infrastructure customers and use cases, focusing on shared infrastructure deployment models with multiple customers and leveraging our operational footprint for local and export opportunities from the UAE.

我們將繼續努力，爭取在阿聯酋拓展業務，吸引更多民用和工業基礎設施客戶及應用案例，重點關注與多個客戶共享基礎設施部署模式，並利用我們在阿聯酋的營運佈局，尋求本地和出口機會。

2023 was a significant year for Iron Drone Raider counted one system. We have acquired and enhance the system to become one of the most prominent solutions for some of the most challenging problems posed by hosted once, we have received a grant from the Israeli Innovation Authority to help support this enhancement.

2023 年對 Iron Drone Raider 來說是意義非凡的一年，它統計了一個系統。我們已經收購並改進了該系統，使其成為解決託管服務中最具挑戰性問題的最傑出解決方案之一。此外，我們還獲得了以色列創新局的撥款，以幫助支持這項改進。

As conflict in Ukraine and Israel escalate, we are witnessing the growing impact of small autonomous drone the damage they cause and the difficulty in detecting and effectively neutralizing them in a timely manner with minimal collateral damage. We have responded to the urgent requirements of defense and security forces in Israel and worldwide.

隨著烏克蘭和以色列衝突的升級，我們目睹了小型自主無人機日益增長的影響，它們造成的破壞，以及在最大限度減少附帶損害的情況下，及時發現並有效消除它們的困難。我們已響應以色列和世界各地國防和安全部隊的緊急需求。

We are rapidly integrating and enhancing this promising technology to address all aspects and become a significant player in this domain. After initially entering the market in Israel, and we are planning to develop a global marketing plan. We are already in conversation with the US defense and security entities as we explore partnerships for distribution and system integration worldwide to capture market position in this large market, that also includes the protection of political, industrial and civil infrastructure and sensitive public locations.

我們正在快速整合和改進這項前景廣闊的技術，以解決各個方面的問題，並成為該領域的重要參與者。在初步進入以色列市場之後，我們計劃制定全球行銷計劃。我們正在與美國國防和安全機構進行對話，探索在全球範圍內建立分銷和系統整合合作夥伴關係，以在這個龐大的市場中佔據市場地位，該市場還包括保護政治、工業和民用基礎設施以及敏感的公共場所。

Ondas has also made significant progress in the US market during 2023, our reorganization program aiming to leverage the core advantage of integrating American Robotics and Airobotics has been fruitful.

2023年，Ondas在美國市場也取得了顯著進展，我們旨在利用整合美國機器人和航空機器人技術的核心優勢的重整計畫取得了豐碩成果。

I will now end the call to Tim Tenne, CEO of American Robotics to provide an update on the business advances we are making, at American Robotics.

現在我將結束與美國機器人公司執行長蒂姆·坦尼的通話，他將介紹美國機器人公司在業務方面的最新進展。

Thank you, Meir 2023 was a significant year for American Robotics since quarter four and throughout quarter one, we have continued to consolidate, build and mature our customer pipeline, focusing on fleet opportunities and shared infrastructure models for the defense, government, and commercial sectors within the United States.

感謝梅爾，2023 年對美國機器人公司來說是個意義非凡的一年。自第四季以來，我們一直在鞏固、建立和完善我們的客戶管道，專注於美國國防、政府和商業領域的車隊機會和共享基礎設施模式。

During this period, we have successfully conducted a proof of concept with the e Mass Department of Transportation division of Aeronautics, which included demonstrations of the Optimus systems wide array of capabilities at multiple locations and in wide ranging environment, we are planning to advance our marketing efforts with additional governmental customers as part of our go to market penetration plan and to launch more programs during 2024.

在此期間，我們已成功與馬薩諸塞州交通部航空部門進行了概念驗證，其中包括在多個地點和各種環境下演示 Optimus 系統的各種功能。作為我們市場滲透計畫的一部分，我們計劃與更多政府客戶推廣行銷工作，並在 2024 年推出更多專案。

Our pipeline includes Departments of Transportations, ports and terminals, public safety, rail, utilities and oil and gas offering them our unique trusted solutions to some of the most challenging problems of remote monitoring and infrastructure missions.

我們的客戶涵蓋交通運輸部、港口和碼頭、公共安全部門、鐵路部門、公用事業部門以及石油和天然氣部門，我們為他們提供獨特可靠的解決方案，以應對遠端監控和基礎設施任務中最具挑戰性的問題。

We are advancing our business and operational capabilities with a lean and effective team of proven experts and expecting Optimus inventory arrivals during quarter two, with the new inventory, we will be able to support increased installations of Optimus systems for more programs and new sites with the arrival of these new systems, we are building a world-class customer service and experience center at our new Maryland location that allows for unfettered demonstrations of products and is in close proximity to defense, government and commercial customers.

我們正在透過一支精幹高效的專家團隊來提升業務和營運能力，並預計 Optimus 庫存將在第二季到貨。有了這些新庫存，我們將能夠支援更多項目和新站點安裝更多 Optimus 系統。隨著這些新系統的到來，我們正在馬裡蘭州的新址建立一個世界一流的客戶服務和體驗中心，該中心可以自由地展示產品，並且靠近國防、政府和商業客戶。

Together with the FAA type certification of the Optimus drone and our ability to operate consistently beyond visual line of sight. These demonstrations will make a huge impact.

結合 Optimus 無人機的 FAA 型號認證以及我們持續進行超視距飛行的能力。這些示威活動將產生巨大影響。

Our team's ingenuity and professionalism were proven this quarter, working in coordination with the FAA to receive an important beyond visual line of sight waiver based upon a solution that will enable autonomy and adoption of our systems for customers, which I'll discuss shortly in more detail.

本季度，我們團隊的創造力和專業精神得到了證明，我們與美國聯邦航空管理局 (FAA) 協調合作，獲得了一項重要的超視距豁免，該豁免基於一項解決方案，該方案將使客戶能夠自主使用我們的系統，我稍後將對此進行更詳細的討論。

I would like to highlight our achievements in the proof of concept program accomplished with the Mass Department of Transportation. During this program, American Robotics demonstrated a multitude of use cases, including inspection of rail and other critical assets, surveillance and emergency response applications, automated mapping and survey by our autonomous Optimus system.

我想重點介紹一下我們與馬薩諸塞州交通部合作完成的概念驗證專案所取得的成就。在本次活動中，美國機器人公司展示了眾多應用案例，包括鐵路和其他關鍵資產的檢查、監控和緊急應變應用以及透過我們的自主 Optimus 系統進行自動測繪和勘測。

We have continued to build and integrate an ecosystem of technological partners and together with the unique features of the Optimus system, enable our access to complex airspace, which is critical for delivering continuous effective drone missions without limitations.

我們不斷建構和整合技術合作夥伴生態系統，並結合 Optimus 系統的獨特功能，使我們能夠進入複雜的空域，這對於不受限制地持續有效地執行無人機任務至關重要。

As mentioned earlier, the unrivaled aviation, safety and regulatory experience was proven in concert of having an FAA certified UAS and the patented seen [avoid] system that enabled the rapid approval of a beyond visual line of sight waiver from which allows for truly remote operations.

如前所述，無與倫比的航空、安全和監管經驗，結合獲得美國聯邦航空管理局 (FAA) 認證的無人機系統 (UAS) 和專利的視距規避系統，使得超視距豁免能夠快速獲得批准，從而實現真正的遠端操作。

This remarkable achievement was loaded by MassDOT, further solidifying our leadership in the UAS industry. This program further validates our assumptions with respect to the size of opportunities with the Department of Transportation in the United States and worldwide, and establishing a scalable framework end-to-end automated data solution that supports customer requirements.

這項卓越成就由馬薩諸塞州交通部發布，進一步鞏固了我們在無人機系統產業的領先地位。該計劃進一步驗證了我們對美國和全球交通部機會規模的假設，並建立了一個可擴展的端到端自動化數據解決方案框架，以滿足客戶需求。

We are continuing to explore and validate additional deployment locations throughout the United States supporting our expansion efforts. As mentioned previously, we are excited to introduce the Raider system to defense and government clients and believe the Raider is an important capability and solution for the US market, especially given the refocus of UAS into defense and security budgets.

我們將繼續探索和驗證美國各地的其他部署地點，以支援我們的擴張工作。如前所述，我們很高興向國防和政府客戶介紹 Raider 系統，並相信 Raider 對美國市場來說是一項重要的能力和解決方案，尤其是在無人機系統重新聚焦於國防和安全預算的情況下。

Finally, we continue to evaluate and add partnerships that enable our autonomous network strategy and framework. Both sense, hive and resilience, which were announced this quarter are central to this framework.

最後，我們將繼續評估並增加合作關係，以實現我們的自主網路策略和框架。本季宣布的感知、蜂巢和韌性都是該框架的核心。

I will now hand back the call to Meir.

現在我將把電話交還給梅爾。

Thank you, Tim. We are pleased with the growth in 2023. And looking forward to continuing this momentum in 2024, we will continue to grow our revenue and orders for our fleet deployments in the UAE, secure additional customer engagement in the US and expand into other international markets. We are planning to start initial operations in Europe where our marketing teams have already begun some business development activities.

謝謝你，提姆。我們對2023年的成長感到滿意。展望 2024 年，我們將繼續保持這一發展勢頭，繼續增加我們在阿聯酋的艦隊部署收入和訂單，在美國獲得更多客戶參與，並拓展到其他國際市場。我們計劃在歐洲進行初步運營，我們的市場團隊已經在當地開展了一些業務拓展活動。

We are optimistic for our ability to accelerate business development in the US, leveraging American Robotics footprint to penetrate DOTs public safety and critical industrial markets. We will continue with ecosystem development, working with partners to provide full spectrum drone platforms, services and data integration. We focused on scaling our production capability in 2024.

我們對加速在美國的業務發展充滿信心，我們將利用美國機器人公司的市場佈局，打入交通部公共安全和關鍵工業市場。我們將繼續推動生態系統發展，與合作夥伴共同提供全方位的無人機平台、服務和數據整合。我們重點關注2024年擴大生產能力。

We are building and delivering inventory expanding to 15 new Optimus system on order and preparing new production orders for H2 2024, to satisfy expected demand. We believe Iron Drone Raider will launched this year and we look forward to sharing more news and now the Iron Drone Raider. We are establishing production capabilities in parallel as we work with customers and partners to formulate orders. As I mentioned before, we believe we are well positioned to maintain momentum and generate significant growth in 2024.

我們正在擴充庫存，目前已訂購 15 套新的 Optimus 系統，並準備 2024 年下半年的新生產訂單，以滿足預期需求。我們相信 Iron Drone Raider 將於今年發布，我們期待與大家分享更多消息，現在就來聊聊 Iron Drone Raider。我們正在同步建立生產能力，同時與客戶和合作夥伴共同製定訂單。正如我之前提到的，我們相信我們已做好充分準備，在 2024 年保持成長勢頭並實現顯著成長。

As we have announced, we have decided to create Ondas Autonomous Holdings to scale up our drone business. Eric will talk about this great initiative, and I look forward to sharing that outlook with you the next time we meet.

正如我們之前宣布的那樣，我們決定成立 Ondas Autonomous Holdings 公司，以擴大我們的無人機業務規模。艾瑞克會談到這項偉大的計劃，我期待下次見面時與您分享他的觀點。

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

艾瑞克，我的正式發言到此結束，現在我把電話交還給你。

Thank you, Meri, Tim. Before we wrap up the call, I want to take a moment and discuss the recently announced establishment of Ondas Autonomous Holdings or OAH as an intermediate drone holding company, bringing American Robotics and Airobotics under the OAH corporate umbrella is essentially a continuation of the integration, we embarked on after closing the Airobotics acquisition in January 2023.

謝謝你，梅里，提姆。在結束通話之前，我想花點時間討論一下最近宣布成立的 Ondas Autonomous Holdings 或 OAH，作為一家中間無人機控股公司，將 American Robotics 和 Airobotics 納入 OAH 的企業旗下，這本質上是我們繼 2023 年 1 月完成對 Airobotics 的收購後開始的整合工作的延續。

This will provide many operational and financial benefits as we scale the OAS business globally around our world-class technology platform as we illustrate here, OAH is a wholly owned and controlled subsidiary and controlled by the public company Ondas Holding from a consolidated basis, nothing has changed the benefits of this new corporate structure are multi-fold. Firstly, we expect to realize significant operational flexibility with a corporate structure entirely focused on the global development and delivery of best-in-class autonomous aerial security and data solutions.

這將帶來許多營運和財務上的好處，因為我們將圍繞我們世界一流的技術平台在全球範圍內擴展 OAS 業務。正如我們在這裡所展示的，OAH 是上市公司 Ondas Holding 的全資子公司，並由其從合併層面控制，沒有任何改變，這種新的公司結構帶來的好處是多方面的。首先，我們希望透過完全專注於全球開發和交付一流的自主空中安全和資料解決方案的公司結構，實現顯著的營運靈活性。

The markets we service our large dynamic and rapidly growing a pure play drilling solutions company is the appropriate corporate structure. The financial benefits are also significant. We measure our back market valuation opportunities with OAH in the many billions of dollars. We have an exceptional opportunity to grow a large profitable business and in doing so stake out a dominant position in a massive fast-growing market.

我們服務的市場規模龐大、充滿活力且快速發展的純粹鑽井解決方案公司是合適的企業結構。經濟收益也相當可觀。我們以 OAH 為基準，衡量我們回溯市場估值機會，金額高達數十億美元。我們擁有一個絕佳的機會，可以發展成為一家大型獲利企業，並在一個快速成長的龐大市場中佔據主導地位。

Having a clean independent balance sheet will lower our cost of capital dramatically. We are in a difficult financial climate for drone companies. We have many competitive advantages that matter to our customers and partners. These advantages are chiefly our best-in-class proven technology platforms and roadmap, our regulatory capabilities, and of course, our incredibly talented team that advantage will be amplified by a strong balance sheet. Just watch, we plan to have an Investor Day focused on OAH during Q2, then we will lay out an expanded business plan, which we think will be well received.

擁有乾淨獨立的資產負債表將大幅降低我們的資金成本。目前無人機公司面臨艱難的財務環境。我們擁有許多對客戶和合作夥伴至關重要的競爭優勢。這些優勢主要體現在我們一流的成熟技術平台和發展路線圖、我們的監管能力，當然還有我們才華橫溢的團隊，而強勁的資產負債表將進一步放大這些優勢。請拭目以待，我們計劃在第二季度舉辦一場以 OAH 為主題的投資者日活動，屆時我們將公佈一份擴展後的商業計劃，我們認為該計劃將受到歡迎。

Let's wrap the call now and summarize the outlook. We aren't giving formal guidance today. We have a lot of confidence in the full year outlook. However, right now, we want to be conservative, given we still need to secure that initial 900 megahertz volume order. At Ondas Networks, we will complete the systems integration effort, as Guy discussed, it is closed from their visibility on pipeline in abilities this gear orders improves quite a bit.

現在我們結束通話，總結一下前景。我們今天不發布正式指導意見。我們對全年前景非常有信心。但是，鑑於我們仍需確保最初的 900 兆赫茲訂單，目前我們希望採取保守的做法。在 Ondas Networks，我們將完成系統整合工作，正如 Guy 所討論的那樣，它已經結束了，因為他們對管道的可見性，這種設備訂單的能力得到了很大的改善。

The opportunity, to the Ondas Networks remains as big as ever, we continue to see the TAM on 900 megahertz at $400 million. You will see us increase our serviceable addressable market or TAM this year with new customers and network opportunities beyond 900.

對 Ondas Networks 而言，機會依然巨大，我們繼續看到 900 兆赫茲頻段的潛在市場規模為 4 億美元。今年，我們將透過新增客戶和拓展網路機會，使我們的服務目標市場（TAM）超過 900 個，從而擴大我們的服務目標市場。

Remember dot16 is poised to be the private wireless network technology for all the private rail networks so stay tuned. At OAS we will see continued growth with existing customers importantly, we see the prospect of adding multiple new customers this year that have significant potential to drive fleet adoption and accelerate our growth curve.

請記住，dot16 有望成為所有專用鐵路網路的專用無線網路技術，敬請期待。在 OAS，我們將繼續與現有客戶保持成長，更重要的是，我們看到了今年新增多個客戶的前景，這些客戶具有推動車隊採用和加速我們成長曲線的巨大潛力。

In addition, we believe the Iron Drone Raider is hitting a sweet spot in a drone market segment. See explosive growth will be a major catalyst for -- valuation in short, we do expect 2024 to be a very good year when it's all said and done.

此外，我們認為Iron Drone Raider在無人機市場細分領域找到了一個絕佳的定位。我們認為爆炸性​​成長將成為估值的主要催化劑——簡而言之，我們預計 2024 年最終將是一個非常好的年份。

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

那麼，操作員，請問大家還有什麼問題嗎？

(Operator Instructions) Glenn Mattson, Ladenburg Thalmann.

（操作說明）Glenn Mattson，Ladenburg Thalmann。

Yeah, hi thanks for taking the questions. The -- so a couple of times you guys mentioned inventory as a -- I don't know, perhaps a gating factor in the drone space in terms of growth can you just talk about that availability of inventory now and perhaps I guess the time line as to when you think that inventory problem alleviated itself versus what backlog you have now and how you expect that backlog to kind of ship throughout the year that would be helpful. Thanks.

是的，你好，謝謝你回答這些問題。你們之前幾次提到庫存，說庫存可能是無人機領域成長的限制因素。你們能不能談談目前的庫存情況，以及你們認為庫存問題何時得到緩解，與目前的積壓訂單相比如何，以及你們預計這些積壓訂單將如何在今年內交付？這些資訊會很有幫助。謝謝。

Yeah, Glenn. I'll answer this and then I'll ask Meri to provide a few more details. So we were building systems as we communicated to investors last year. And of course, some sort of trying to sequence that for deliveries in the second half, the events in Gaza the conflict did through the supply chain and some in the production capability off, it really pushed out the timing of completion of builds and delivery of systems to us, so we're at the point where we're seeing that relieve itself, we've had some units delivered on recently we expect that to pick up and Meri maybe you can give a little bit more detail on that?

是的，格倫。我會先回答這個問題，然後再請梅里提供更多細節。所以，去年我們在與投資人溝通的同時，也在建構各種系統。當然，為了在下半年按順序交付，我們做了一些努力。加薩衝突影響了供應鏈，也影響了部分生產能力，這確實推遲了系統建造完成和交付給我們的時間。現在我們看到這種情況正在緩解，最近已經交付了一些設備，我們預計交付量將繼續增加。梅里，能詳細說說嗎？

Sure thanks, Eric. So as you mentioned, we are in the manufacturing phase. And right now we are in the timeline of every two weeks. We got new system from the supplier. So I think we are in good shape about it.

謝謝你，埃里克。正如您所提到的，我們目前處於生產階段。目前我們正處於每兩週一次的週期。我們從供應商收到了一套新系統。所以我覺得我們在這方面情況不錯。

Okay thanks, and if I could ask another one just on network side, the I guess with the ramp in deployments coming a little slower than expected, perhaps can you just give a sense of the it doesn't appear, I guess perhaps for the Class 1 railroad, if they start to ramp up a little faster as this year goes by, though perhaps be able to meet some of the hard deadlines that the -- has been set by the government, but it doesn't appear that maybe some of the other Class 1 railroads are as far along down the path. Can you guys get a sense of urgency on their side, same thing with urgency in terms of the guidelines and the deadlines and what the plan would be if they were to not meet those and that kind of thing?

好的，謝謝。如果可以的話，我想再問一個關於網路方面的問題。我想，由於部署進度比預期要慢一些，您能否簡單介紹一下，對於一級鐵路公司來說，如果他們今年開始加快部署速度，或許能夠滿足政府設定的一些硬性期限，但其他一些一級鐵路公司似乎還沒有達到同樣的進度。你們能否感受到他們那邊的迫切感？同樣，你們能否感受到他們對指導方針和截止日期的緊迫感，以及如果他們不能遵守這些規定會採取什麼計劃等等？

Sure yeah. So as we said, I that we gave some context on this, and I'll circle back to that -- regarding deadlines. But I do want to emphasize that these are the real deadlines as we talk to the AAR principally the Wireless Communications Committee they continue to express confidence in being able to meet the deadlines. But again, I'll leave that to them.

當然可以。正如我們所說，我們已經對此進行了一些說明，我稍後會再談到這一點——關於截止日期。但我確實想強調，這些才是真正的最後期限。當我們與美國航空學會（AAR）特別是無線通訊委員會進行溝通時，他們仍然表示有信心能夠按時完成任務。不過，這件事就交給他們吧。

In terms of the process Glenn, we are doing this now as Guy I've shared this in great detail, the complex systems integration work, and that's a process that is being done with one rail in particular, we have a couple of other transit rails involved as well. And this is sort of typical, I would say, of how the AAR and WCC work. It doesn't make sense for Ondas and Siemens to be stretched across [6 of rail] systems simultaneously during the same program to demonstrate the scalability of the network in ATCS integration and migration to the new band.

格倫，就流程而言，我們現在正在進行這項工作，正如蓋伊所說，我已經非常詳細地分享過，這是一項複雜的系統集成工作，這是一個專門針對一條軌道交通線路進行的工作，我們還有其他幾條軌道交通線路也參與其中。我認為，這在某種程度上是 AAR 和 WCC 的典型運作方式。在同一個專案中，為了展示 ATCS 整合和遷移到新頻段的網路可擴展性，同時讓 Ondas 和 Siemens 的系統覆蓋 [6 個鐵路] 系統是沒有意義的。

So you're seeing, as we do this work of very regular interaction with the broader WCC on our progress. And our belief is that as we validate this, we do believe we're close that the engagements, the other railroads is going to be we're not starting at ground zero. Essentially they'll go through a process where they start to install themselves, getting comfortable with how that process works.

所以你可以看到，我們在進行這項工作的過程中，會與更廣泛的世界基督教協會就我們的進展進行非常定期的互動。我們相信，隨著我們對這一點的驗證，我們相信我們離目標很近了，與其他鐵路公司的合作意味著我們不會從零開始。從本質上講，他們會經歷一個自我適應的過程，逐漸熟悉這個過程是如何運作的。

But the fact that we have gone through and I'd say ironed out the kinks with all the legacy technologies and how they play with our new systems on a modern network. And I think the belief is that the -- other railroads can be engage fairly quickly.

但事實上，我們已經克服了所有傳統技術與我們在現代網路上的新系統之間的各種問題，並且可以說已經解決了這些問題。我認為大家的共識是，其他鐵路公司可以很快接手。

Great that's good color, Eric thanks for that.

太好了，顏色真好看，艾瑞克，謝謝你。

Sure thanks Glenn.

謝謝你，格倫。

(Operator Instructions) Tim Horan, Oppenheimer.

（操作說明）蒂姆·霍蘭，奧本海默。

Thanks, guys you think you have enough cash now to make it to free cash flow -- free cash flow positive or introduce more fundraising?

謝謝各位，你們覺得現在的現金流足以實現自由現金流為正，還是需要進一步融資？

I think we'll see we'll do some more fund raising Tim, and we're trying to position the company so that our access to capital on better terms is possible (multiple speakers)

提姆，我想我們還會繼續籌集資金，我們正在努力調整公司定位，以便能夠以更優惠的條件獲得資金。（多位發言者）

Yeah, we're not going to we're not going to disclose that amount. Now I think you can look at the current OpEx levels of about something on a cash basis, about $7.5 million per quarter. Is kind of what the OpEx is. And then of course, we need to we will be driving revenue growth, gross profit, and that's going to increase fund the business.

是的，我們不會透露具體金額。現在我認為你可以看一下目前的營運支出水平，以現金計算，大約是每季 750 萬美元。這其實就是營運支出（OpEx）的本質。當然，我們還需要推動營收成長和毛利成長，這將為企業提供更多資金。

Got it. And so just back to the rails and the 900 megahertz, do you have a best guess one -- initially they have to vacate the spectrum and the second phase at this point, absent the FCC time line? And do you have a best guess this point what that means of revenue for you guys in total?

知道了。那麼，回到鐵路和 900 兆赫茲頻段的問題上，您能否給出一個最佳猜測——首先，他們必須騰出頻譜，而第二階段目前還不清楚，除非 FCC 給出時間表？那麼，您目前能否大致估算一下，這對你們的總收入又意味著什麼？

Yeah, I hesitate to put some numbers on it. We still look at the addressable market and we made this point on the call as the same, we just see things pushed to the right a bit here, but we do believe the order cycle will begin soon as we clear these final hurdles.

是的，我不太想給出具體的數字。我們仍然關注潛在市場，我們在電話會議上也表達了同樣的觀點，只是目前情況略有變化，但我們相信，一旦我們克服了這些最後的障礙，訂單週期很快就會開始。

And with respect to the timing, the legacy 900 network retirement date remains the September 2025, but we have not seen any change of that. And then build-out requirements in the first that kick in the first half of 2026. So we do believe that there's a urgency here on that as we have success on demonstrating the integration, but we're going to get a lot more visibility on -- plans for the entire sector.

至於時間安排，傳統的 900 網路退役日期仍然是 2025 年 9 月，但我們還沒有看到任何變化。然後是 2026 年上半年開始實施的第一階段建設要求。因此，我們認為此事具有緊迫性，因為我們在展示整合方面取得了成功，但我們將對整個行業的計劃有更清晰的了解。

Got it so do you think this year is still primarily year for taking orders or will we actually start, as should we expect shipments more in '25 or should we expect shipments in '24?

明白了，所以你認為今年仍然是主要接受訂單的年份，還是我們會真正開始接受訂單？我們應該預期 2025 年出貨，還是 2024 年出貨？

I think we're going to get shipments in '24.

我認為我們會在 2024 年收到貨物。

Got it and then is it just the one partner that you're working on the systems integration that you don't. How long is this the process taken? And it sounds like we are weeks away or months away from that being finalized. And how long do you think would for others to kind of prove out the system integration?

明白了，那麼是不是只有你負責系統整合的那個合作夥伴你不了解？這個過程需要多長時間？聽起來距離最終敲定這件事可能還需要幾週甚至幾個月的時間。你認為其他人需要多長時間才能驗證系統整合性？

So I think we're very close what we're doing in the field is sort of real time, I would say, and I hesitate to put a more finer point on that. Because you're not there until you're there, but we have been in the field now for this effort done with this one particular class one for better part of six-months. And as we said on the call, there's there's things that come up right.

所以我覺得我們目前在現場所做的工作非常接近即時，我不敢妄下斷言。因為只有真正到達那裡，你才能算到達那裡。但為了這項工作，我們已經在這個領域工作了近六個月，專門針對這一類學員。正如我們在電話會議中所說，總是會有一些事情發生。

And even innocuous integration with -- small piece of the legacy system, sometimes we'll lose to order send you back, you have to wait for an upgrade of the services that they have a component of the system and they get back in and finish.

即使是與遺留系統的一小部分進行無害的集成，有時我們也會丟失訂單，需要您等待系統組件升級後才能重新連接並完成。

So we believe we've done the vast bulk. I would say I think we may have done it all, but I don't want to make that point until we're able to say, finished.

所以我們相信我們已經完成了絕大部分工作。我想說，我們可能已經完成了所有的事情，但在我們能夠宣布完成之前，我不想妄下斷言。

So I think it's close. And then from there obviously will be communicating this with -- Siemens in their customer. The forms I've told you about before, like the WCC and what the individual railroads, and I think we -- from there going to be more engagement with people trying to do same sort of process. But again, it doesn't start at ground zero because we've demonstrated the path in the field with how the systems get integrated.

所以我覺得結果很接近。然後，顯然會與他們的客戶服務方西門子進行溝通。我之前跟你說過，像 WCC 和各個鐵路公司那樣的形式，我認為我們——從那裡開始，將會有更多的人參與到嘗試做同樣事情的過程中。但同樣，這並非從零開始，因為我們已經在實際應用中展示了系統整合的路徑。

Got it so for the remaining rails, you think it's more of a instead of a 6-month to 8-month process, you think it's more of a 3-month to 4-month process for each of them?

明白了，所以對於剩下的軌道，你認為與其說是 6 個月到 8 個月的過程，不如說是每個軌道 3 個月到 4 個月的過程？

Yeah, it's definitely shorter. And I would hope it's shorter than that. I think the second railroad will go a lot faster. The third railroad will go faster than that. What we're really doing here is demonstrating the systems integration and also the scalable processes to integrate and migrate to the new band.

是的，它肯定更短。我希望它比這短一些。我認為第二條鐵路的建設速度會快得多。第三條鐵路的速度會比這更快。我們在這裡真正要做的是展示系統集成，以及將系統集成並遷移到新頻段的可擴展流程。

Got it and -- so sounds like we might be in a situation where we need to ship like $100 million worth of equipment with like a, I mean to meet the timeframe within like a 6-month to 9-month period, do you have the manufacturing capability to do that?

明白了——所以聽起來我們可能面臨這樣的情況：我們需要交付價值 1 億美元的設備，我的意思是，要在 6 到 9 個月的時間內完成，你們有這樣的生產能力嗎？

So we need to add capacity to hit those numbers. You mentioned right. So that's the short answer I do believe as we're moving through the second half and in 2025 that we're going with increased visibility we can do that along with obviously working closely with our manufacturing partners.

所以我們需要增加產能才能達到這些目標。你說得對。所以，這就是我的簡短回答。我相信，隨著我們進入下半年，到 2025 年，隨著能見度的提高，我們可以做到這一點，當然，這離不開與我們的製造合作夥伴的密切合作。

Thank you.

謝謝。

(Operator Instructions) Carter Mansbach, Forte Capital Group.

（操作說明）卡特·曼斯巴赫，Forte Capital Group。

Good morning, guys. First of all, congratulations on all the progress that you guys have made. So couple of questions. So Eric, I think I heard you say early in the call about other vendors, are there other vendors that you're talking to or working with besides Siemens for the rails?

各位早安。首先，恭喜你們所取得的所有進步。我有幾個問題。艾瑞克，我好像在通話初期聽到你提到了其他供應商，除了西門子之外，你還在與其他鐵路供應商洽談或合作嗎？

So the short answer is yes, we have and I'll remind you that when we deploy this network, there's multiple technologies that need to be integrated. So that's one thing that I like.

所以簡而言之，答案是肯定的，我們已經部署了該網路。我還要提醒大家，在部署該網路時，需要整合多種技術。這是我喜歡的一點。

Secondly, this is a global rail market, and we have a outstanding relationship with Siemens, that's only getting stronger, but there's just more opportunity out there when we think about global rail. So that's what I can share with you today.

其次，這是一個全球鐵路市場，我們與西門子有著非常良好的關係，而且這種關係還在不斷加強，但當我們考慮全球鐵路時，就會發現還有更多的機會。這就是我今天想跟大家分享的內容。

Fair enough, all right second question, maybe a little more complicated. So you said that you're going to have a call Investor Call regarding this possible spin off the drone business. So can you give us any insight of what it looks like? Are we talking about two separate stocks? I mean, I just have a lot of questions coming in from investors, we have no clarity. So are we looking two separate entities with or two separate stock symbols? Can you give us anything until we actually have a call about?

好吧，第二個問題可能稍微複雜一些。所以你說過你會召開一次投資者電話會議，討論無人機業務可能分拆上市的事宜。你能為我們描述一下它的樣子嗎？我們說的是兩隻不同的股票嗎？我的意思是，我收到了投資者提出的許多問題，我們目前還沒有明確的答案。所以，我們是在討論兩個獨立的實體，還是兩個不同的股票代號？在正式通話之前，您能為我們提供一些資訊嗎？

Yeah, I think the short answer to that is it may -- it might be what we do. So where -- we have established as OAH as a intermediate holding company and that can be a funding vehicle where we raise capital specific to the drone businesses.

是的，我認為簡短的回答是，這可能是——或許這就是我們要做的事。因此，我們已經成立了 OAH 作為中間控股公司，它可以作為融資工具，為無人機業務籌集專門的資金。

And that could be as similar to the way we've done. We've raised capital Ondas Networks and or it could be a connection with a public market transaction, let's say, a spin out or subsidiary [IPO], but there's a range of and options that we'll be evaluating and we'll probably share more of that when we have our investor call.

這可能和我們之前的做法非常相似。我們已經為 Ondas Networks 籌集了資金，或者這可能與公開市場交易有關，例如分拆或子公司上市（IPO），但我們將評估一系列方案和選擇，我們可能會在投資者電話會議上分享更多相關資訊。

It sounds good. Yeah it sounds like the drone side will be a lot leaner and it'll be great to have them separate entities.

聽起來不錯。是的，聽起來無人機業務方面會精簡很多，將它們作為獨立實體運作會很棒。

I will thanks for your time congratulations on all the accomplishments I look forward to see what happens in 2024.

感謝您抽出時間，祝賀您所取得的所有成就，我期待看到2024年會發生什麼。

Thank you, Carter.

謝謝你，卡特。

Next question comes from Aditya with Northland Capital. Please go ahead.

下一個問題來自 Northland Capital 的 Aditya。請繼續。

Hi this is Aditya on behalf of Mike Latimore, could you give some color on how much of the expected drone revenue should come from international customers versus domestic?

您好，我是 Aditya，代表 Mike Latimore，請問您能否簡要說明一下，預計無人機收入中，國際客戶和國內客戶分別佔多大比例？

Yeah, this is a good question. I think you could expect us to drive probably more than half of our revenue this year from international markets. But I do think you'll see us get traction with some very important customers here in the US and that over time, the US market is very likely to be the biggest one for us, a little more context on that.

是的，這是一個很好的問題。我認為今年我們超過一半的收入可能會來自國際市場。但我認為你會看到我們在美國的一些非常重要的客戶那裡獲得成功，而且隨著時間的推移，美國市場很可能成為我們最大的市場，這裡再補充一些背景資訊。

As you think about building expectations and building financial models is when we're working with our initial customers, wherever they are in the world. Typically what you'll see is one or small handful of systems be deployed. And of course, we're focused on customers that can scale multiple systems fleet. So as we demonstrated in Dubai and the public safety market there, I start with a couple and of course, now we're into a wide fleet deployment.

當你思考如何建立預期和建立財務模型時，我們就會與我們的首批客戶合作，無論他們身在世界何處。通常情況下，你會看到部署一個或少數幾個系統。當然，我們主要關注能夠擴展多系統叢集的客戶。正如我們在杜拜及其公共安全市場所展示的那樣，我先從幾個開始，當然，現在我們已經進入了大規模車隊部署階段。

So we saw more of it last year and a bigger amount in terms of number systems and we do expect this year we'll see more. So hopefully that gives you enough a color now we've seen on growth regionally.

所以去年我們看到了更多這樣的情況，而且在數位系統方面數量也更多，我們預計今年將會看到更多。希望以上內容能讓您對區域成長有所了解。

Got it could you also give some color on the gross margin range you would expect from drone revenue for this year?

明白了，您能否也簡單說明一下您預計今年無人機收入的毛利率範圍？

I'm not going to give that guidance just yet, that depends on a lot of factors, including -- what the mix is, either the outright sales of the system or on the as-a-service model. So I think we're going to hold back and share more details on. I will say that we believe we are the big market is the data as a service market and we'll be able to share some a lot of color on the unit economics we see there -- Investor Day.

我現在還不打算給出這方面的指導，這取決於許多因素，包括──具體是哪種模式，是直接銷售系統還是採用服務模式。所以我覺得我們會先保留意見，稍後再分享更多細節。我想說的是，我們相信我們在數據即服務市場佔據著巨大的市場地位，我們將在投資者日上分享我們在該領域看到的單位經濟效益的更多細節。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Matthew Galinko, Maxim Group.

（操作說明）Matthew Galinko，Maxim Group。

Hey, thank thanks for taking my questions. Maybe firstly, I just wanted to focus a little bit on maybe your thoughts of timing for US fleet deployments in drones is that something that following the past DOT work could be 2025 event or just sort of frame for us what the path is to starting to get some sort of fleet deployments in the US?

嘿，謝謝你回答我的問題。首先，我想重點談談您對美國無人機機隊部署時間的看法，根據交通部之前的工作，這是否會是 2025 年的事情，或者您能否為我們概述一下美國開始進行某種形式的無人機機隊部署的路徑？

I don't want to I'm going to speak more broadly about when I answer that question, Matt, not specific to mass DOT. So with 2025, we do believe that we're going to have customers who are in a fleet expansion mode. And I think you'll see this year, we're going to be engaging multiple customers who can do just that, so that's what the work we're doing with customers is really trying to qualify them to ensure that they have the capability and the intent to scale -- these technology.

我不想……馬特，我回答這個問題時會更廣泛地談論它，而不是具體到馬薩諸塞州交通部。因此，我們相信到 2025 年，我們將會有客戶處於車隊擴張階段。我認為今年你會看到，我們將與多個能夠做到這一點的客戶合作，所以我們與客戶合作的真正目的是為了評估他們的能力，以確保他們有能力和意願來擴展這些技術。

Okay, thanks. And then can you also maybe frame where Iron Drone stands against kind of the traditional fleet deployments that you've looked at, is that something that can kind of looking into 2025 be a bigger contributor for a period of time? Just given where your focus is currently and where budgets are?

好的，謝謝。那麼，您能否也闡述 Iron Drone 與您研究過的傳統艦隊部署方式相比有何不同？展望 2025 年，它是否會在一段時間內發揮更大的作用？僅就您目前的關注點和預算而言？

Sure. I'll ask Meri to expand. But I think what you'll see in the near term is, as we've communicated, we're really focused on the initial customer in Israel. And we're excited about that we think come we're seeing. We do believe we're seeing success and look to hope to be able to share more specifics on that soon.

當然。我會請梅里詳細說明。但我認為，正如我們之前溝通的那樣，在短期內，你們將會看到我們真正專注於以色列的首批客戶。我們對此感到興奮，我們認為我們正在看到這種情況。我們相信我們正在取得成功，並希望很快能夠分享更多細節。

And we also highlighted some of the work we're doing to bring this to the US market. But Meri, maybe you can provide some context as to on what the engagement looks like, production capability is things like that to the rest of '24 to '25?

我們還重點介紹了我們為將這項技術引入美國市場所做的一些工作。但是梅里，或許你可以提供一些背景信息，說明一下這項合作的具體情況，比如生產能力等方面，對2024年至2025年剩餘時間的影響？

Yeah, right now we are in the final stage of the deployment and the system with what's happening in Israel. And as you mentioned, Eric, we're going to expand into United States, I think soon a couple of months, and we really believe that we have the best solution for this kind of threats, and I hope that we will show the world very soon about that.

是的，目前我們正處於部署的最後階段，而該系統與以色列的情況密切相關。正如你所提到的，艾瑞克，我們即將進軍美國市場，我想大概幾個月後就會實現。我們堅信我們擁有應對此類威脅的最佳解決方案，我希望我們很快就能向世界展示這一點。

Okay thank you.

好的，謝謝。

Thanks, Matt.

謝謝你，馬特。

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

問答環節到此結束，現在我將會議交還給埃里克·布羅克，請他作總結發言。

Okay thank you, operator. I'm going to close the call by simply just thanking you again for attending. As always, we have a lot of work ahead and we will get right back at it. And I look forward to keeping you informed on our progress, I hope you all have a great day.

好的，謝謝接線生。最後，我再次感謝各位的參加，以此結束本次通話。像往常一樣，我們還有很多工作要做，我們會馬上投入工作。我期待著向大家報告我們的進展，祝大家今天過得愉快。

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

會議已經結束。感謝您參加今天的演示，您現在可以斷開連接了。