Ondas Holdings Inc (ONDS) 2024 Q1 法說會逐字稿

Welcome to the Ondas Holdings Inc. first quarter 2024 conference call. (Operator Instructions) Before we begin, the company would like to remind you that this call may contain forward-looking statements.

歡迎參加 Ondas Holdings Inc. 2024 年第一季財報電話會議。（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。

While these forward they make forward looking statements reflect on 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.

雖然這些前瞻性陳述反映了Onda目前的最佳判斷，但它們受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與這些前瞻性陳述所暗示的結果有重大差異。

These risk factors are discussed and on Ondas periodic SEC filings and in the earnings press release issued today, which are both available on the company's website and US undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances, except as required by law.

這些風險因素已在Onda定期提交給美國證券交易委員會的文件以及今天發布的盈利新聞稿中進行了討論，這些文件均可在公司網站上查閱。除法律要求外，美國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, as shown in our press release issued earlier today, which is available at the Investor 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。如我們今天稍早發布的新聞稿所示，非GAAP財務指標與最直接可比較的GAAP指標的調節表已發布，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 superior to measures of financial performance prepared in accordance with GAAP. However, management believes that 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補充資訊提供的，而不是替代或優於按照公認會計準則編制的財務績效指標。然而，管理階層認為這些非GAAP指標為投資者提供了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 conference presentation over to Eric Brock, Chairman and CEO. Please go ahead.

現在我謹將會議報告交給董事長兼執行長埃里克·布羅克。請繼續。

Well thank you, operator, and good morning. I want to get started by welcoming everyone to our quarterly conference call. We appreciate the time you're spending with us and for your interest in our company. I'm happy to be joined today by key members of our leadership team, including our CFO, Yishay Curelaru; Guy Simpson, President and Chief Operating Officer of our Ondas Networks; Meir Kliner, President of our Ondas Autonomous systems in the foundries, and CEO robotics subsidiary; Tim Tenne, CEO of American robotics.

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，其中包括我們的財務長 Yishay Curelaru；Ondas Networks 的總裁兼營運長 Guy Simpson；Ondas 代工廠自主系統總裁兼機器人子公司執行長 Meir Kliner；以及 American Robotics 的執行長 Tim Tenne。

Now let's turn to the agenda. We will start the call with some brief comments highlighting recent business developments at both our Ondas Networks in autonomous systems business units. I will then hand the call to issue for a financial review of our first quarter 2024 results.

現在讓我們來看看議程。我們將首先簡要介紹我們 Ondas Networks 和自主系統業務部門最近的業務發展。然後我將把電話會議交給相關部門，以對我們 2024 年第一季的業績進行財務審查。

We will then provide a business update for August networks in our OAS business units, where I will ask Guy Meir and Tim provide commentary around current business activity, then we will wrap the call and open the floor for investor questions.

接下來，我們將介紹 OAS 業務部門八月份的網路業務最新進展，屆時我將請 Guy Meir 和 Tim 對當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。

I expect today's call to be on the shorter side. Given we have shared a detailed update on our last investor call just six weeks ago when we delivered our annual results for 2023. That investor call covered quite a bit of activity from Q1.

我預計今天的電話會議時間會比較短。鑑於我們六週前剛剛在上次投資者電話會議上分享了詳細的最新情況，當時我們發布了 2023 年年度業績。那次投資者電話會議涵蓋了第一季的相當多的業務活動。

Even so we have been productive in the last six weeks, it as we will discuss, we have advanced our key business priorities at both honest networks and OAS business units. Before we dig into that, I want to start by acknowledging the disappointing start to 2024 from a revenue perspective. As we mentioned on our call on April 1, we expect a good year from a growth perspective.

即便如此，在過去的六週裡，我們也取得了豐碩的成果。正如我們將要討論的，我們在 honest networks 和 OAS 業務部門都推進了關鍵業務重點。在深入探討這個問題之前，我想先承認，從收入角度來看，2024 年的開局令人失望。正如我們在4月1日的電話會議上提到的，從成長的角度來看，我們預計今年將是美好的一年。

However, our revenue will be heavily weighted to the second half of 2024, given headwinds we faced the start of the year, namely the extended time lines with the Class one railroads to deploy our technology in upgrading the legacy 900 megahertz network as well as the interruptions with our OAS business unit related to the Gaza conflict.

然而，鑑於年初我們面臨的不利因素，即一級鐵路公司在升級傳統 900 兆赫網絡方面部署我們技術的進度有所延遲，以及與加沙衝突相關的 OAS 業務部門的中斷，我們的收入將嚴重集中在 2024 年下半年。

Recall with the Gaza conflict, the production of Optimus systems was negatively impacted, which created a bottleneck in advancing marketing activity. Nonetheless, we are optimistic about the adoption cycle ahead for our three technology platforms, which include, of course, on Ondas networks FullMAX dot16 compliant software defined network platform as well as OAS Optima system in iron drone rater.

回想一下加薩衝突，Optimus 系統的生產受到了負面影響，這對推進行銷活動造成了瓶頸。儘管如此，我們對未來三個技術平台的採用週期持樂觀態度，這些平台當然包括 Ondas 網路上的 FullMAX dot16 相容軟體定義網路平台以及 Iron Drone Rater 中的 OAS Optima 系統。

The value of our dot16 technology was further confirmed with the order we announced today to provide an upgraded 220 megahertz PTC data radio for a key Northeast corridor passenger railroad customer specifications for this upgraded PTC data radio required compatibility with the IEEE 812.

我們今天宣布的訂單進一步證實了我們的 dot16 技術的價值，該訂單將為東北走廊一條重要的客運鐵路客戶提供升級的 220 兆赫 PTC 數據無線電。此升級的 PTC 數據無線電的規格要求與 IEEE 812 相容。

16 wireless standard, which of course provides the customer the flexibility to engage a wireless network upgrade road map across that Northeast corridor. This is a landmark deal and we are very excited to open the passenger rail market and expand our serviceable addressable market or SAM to that very large 220 megahertz network.

16 無線標準，這當然為客戶提供了靈活性，使其能夠根據東北走廊的情況制定無線網路升級路線圖。這是一項具有里程碑意義的交易，我們非常高興能夠開拓客運鐵路市場，並將我們的服務可尋址市場（SAM）擴展到這個非常大的 220 兆赫網絡。

We are also excited about last week's update where we highlighted the first commercial order for our Ion drone platform. Iron-Drone Raider is a home run product with what we believe are market leading performance specifications.

我們也對上週的更新感到興奮，其中重點介紹了我們的 Ion 無人機平台的首個商業訂單。Iron-Drone Raider 是一款非常成功的產品，我們認為它擁有市場領先的性能規格。

We have worked intently with our customer in defense partners to add even more capability to the operator and we look forward to sharing these details on the Raider specifications and technology enhancements. At a later time.

我們與國防合作夥伴密切合作，為操作員增加了更多能力，我們期待分享有關 Raider 規格和技術改進的細節。稍後。

We expect to receive additional orders for the Android platform in the coming months as we prepare for volume production and expanded marketing to other defense and security customers globally. These new orders from the Ondas Networks in our OAS business unit demonstrate the market leadership and valuable innovation, we are bringing to protect and secure provision of critical services and operation of critical infrastructure assets.

隨著我們為大量生產和擴大對全球其他國防和安全客戶的行銷做準備，我們預計在未來幾個月內將收到更多 Android 平台的訂單。我們 OAS 業務部門的 Ondas Networks 的這些新訂單表明了我們在保護和保障關鍵服務提供和關鍵基礎設施資產運營方面所展現的市場領導地位和寶貴創新。

At Ondas Networks, all signs continue to support a major growth opportunity. Starting with the 900 megahertz network where activity continues to advance on the 900 megahertz program, we have made more progress on the systems integration effort we described on our last call.

Ondas Networks 的所有跡像都表明，公司正迎來巨大的成長機會。從 900 兆赫網絡開始，900 兆赫計畫的活動仍在繼續推進，我們在上次電話會議中描述的系統整合工作方面取得了更多進展。

Guy will provide more details, but I am happy to share upfront that we have now completed the integration and backwards compatibility on the legacy 900 megahertz network with two railroads, including a Class one railroad in Chicago and with a smaller commuter rail system in the Southwest.

Guy 會提供更多細節，但我很高興提前分享，我們現在已經完成了與兩條鐵路的舊式 900 兆赫網絡的集成和向後兼容，其中包括芝加哥的一條一級鐵路和西南地區一個較小的通勤鐵路系統。

Our progress was validated when our distribution partner receive an order in early May for assistant wide deployment on behalf of that commuter railroad.

5月初，我們的分銷合作夥伴收到了一份代表該通勤鐵路公司進行全面部署的訂單，這驗證了我們的進展。

There's still more work in Chicago, which is related to the two demonstrating the final migration to the new 900 megahertz frequency band, and that migration is being planned now. As we move into 2024, we are seeing broadening opportunities at OAS.

芝加哥還有更多工作要做，這與最終遷移到新的 900 兆赫頻段的兩個演示有關，而該遷移目前正在規劃中。展望 2024 年，我們看到美洲國家組織 (OAS) 的機會正在擴大。

With geopolitical conflicts rising as evidenced by the tensions in the Ukraine, Middle East and Taiwan. The need to protect and secure critical infrastructure assets and services is a significant focus from governments, defense and homeland security officials as well as for operators of critical technology in industrial assets. These tailwinds are strong and strengthening and benefit our office and Iron-Drone platforms.

地緣政治衝突日益加劇，烏克蘭、中東和台灣的緊張局勢就是明證。保護和保障關鍵基礎設施資產和服務的需求是各國政府、國防和國土安全官員以及工業資產中關鍵技術營運商的重點領域。這些順風強勁且不斷增強，有利於我們的辦公室和 Iron-Drone 平台。

In addition to our milestone for Iron-Drone. We continue to advance the customer marketing activity on our Optimus system, our marketing efforts in the US and Europe, adding to a robust pipeline of attractive customer activities. Our efforts in the Middle East continue to perform well. Meir and Tim will share more details later on the call.

除了我們 Iron-Drone 的里程碑之外。我們持續推動 Optimus 系統的客戶行銷活動，加強在美國和歐洲的行銷力度，為極具吸引力的客戶活動儲備提供強而有力的支援。我們在中東的努力持續取得良好成效。Meir 和 Tim 稍後將在電話會議上分享更多細節。

And as Meir and Tim will discuss the optimal system inventory availability is improving. This will enable additional customer activity here in the US and internationally and allows us to engage a growing and maturing customer pipeline.

正如梅爾和蒂姆將要討論的那樣，最佳系統庫存可用性正在提高。這將有助於我們在美國和國際上開展更多客戶活動，並使我們能夠與不斷成長和成熟的客戶群建立聯繫。

I want to highlight the partnership. We signed last week with HHLA of Sky, a drone services unit of HHLA, the largest terminal operator at the Port of Hamburg in Germany, which is Europe's third largest seaports.

我想重點介紹一下這種合作關係。上週，我們與 HHLA 旗下的無人機服務部門 Sky 簽署了協議。 HHLA 是德國漢堡港最大的碼頭營運商，而漢堡港是歐洲第三大海港。

This is an important relationship on the Ondas Autonomous Systems business unit with our Sky, we are bringing an ability to drive fleet adoption of optimus systems and build scalable aerial security and data intelligence programs for global terminal operators where our customer pipeline is growing. I would add that we believe HHLA Sky will also provide entry across government and industrial markets and the large German drone market.

這是 Ondas Autonomous Systems 業務部門與 Sky 之間重要的合作關係，我們能夠推動機隊採用 Optimus 系統，並為全球終端運營商構建可擴展的空中安全和數據智能計劃，而我們的客戶渠道正在不斷增長。我還要補充一點，我們相信 HHLA Sky 也將為政府和工業市場以及龐大的德國無人機市場提供進入管道。

So to wrap up the introduction, so weak first half revenue belies the value we are building with customers across our technology platforms. The order for the 220 megahertz PTP data radio is a huge signal of broad adoption of dot16 across global rail markets and the strategic value of our FullMAX connectivity platform.

綜上所述，上半年疲軟的收入掩蓋了我們正在透過我們的技術平台與客戶共同創造的價值。220兆赫PTP數據無線電的訂單是dot16在全球鐵路市場廣泛採用的巨大訊號，也反映了我們FullMAX連接平台的戰略價值。

Further the commercialization of the ion growth rate are transitions that platform to revenue generation and solidifies our OES business unit as an important player in a fast-growing market for autonomous systems, providing security and intelligence to critical markets such as defense security, public safety and critical infrastructure operations in a world that's requiring more and more of this expertise.

進一步實現離子成長率的商業化，是向收入平台轉型，鞏固了我們的 OES 業務部門在快速成長的自主系統市場中的重要地位，為國防安全、公共安全和關鍵基礎設施運營等關鍵市場提供安全和情報，而這個世界對這類專業知識的需求越來越大。

I will now hand the call to Yishay to provide the detailed Q1 financial update. Yishay?

現在我將把電話交給 Yishay，由他來提供第一季財務方面的詳細情況。伊沙伊？

Thank you. Eric. As I get started, I want to remind our investors that the figures were about to discuss encompass the inclusion of Airobotics financial effective from January 23, 2023. Following our successful acquisition.

謝謝。埃里克。首先，我想提醒各位投資者，我們即將討論的數據包含了自 2023 年 1 月 23 日起生效的 Airobotics 財務數據。繼我們成功收購之後。

This strategic move has significantly augmented our operational effectiveness and revenue stream increased our market presence and enhancing our shareholder value. Further, despite the added scale from the addition of Airobotics, as you will see, operating expenses, both cash and noncash OpEx are down quarter-over-quarter reflecting an extreme focus on OpEx efficiency. That will continue.

這項策略性舉措顯著提高了我們的營運效率和收入來源，增強了我們的市場地位，並提升了我們的股東價值。此外，儘管收購 Airobotics 後規模有所擴大，但正如您所看到的，營運支出（包括現金和非現金營運支出）環比下降，這反映出公司對營運效率的極度重視。這種情況還會持續下去。

Turning to the Q1 2014 note, we had a slow start to the year in the first quarter of '24 revenues decreased to $625,000 compared to $2.6 million in Q1 '23. The decrease in revenues was primarily a result of extended time lines at Ondas Networks related to the 900 megahertz activities with the Class one railroads and supply chain disruption connected to the Gaza War at our Alvarez business units.

回顧 2014 年第一季的業績，我們今年的開局比較緩慢，2024 年第一季的營收下降到 62.5 萬美元，而 2023 年第一季的營收為 260 萬美元。收入下降主要是由於 Ondas Networks 與一級鐵路公司開展 900 兆赫茲活動相關的工期延長，以及我們 Alvarez 業務部門因加薩戰爭而導致的供應鏈中斷。

For Ondas Network, revenues will fluctuate from quarter to quarter, given the uncertainty around timing of customer activity in front of the targeted commercial rollout in the 900 megahertz network and development programs underway with payments and MxV rail.

對於 Ondas Network 而言，由於 900 兆赫網絡目標商業推廣之前客戶活動的時間存在不確定性，以及正在進行的支付和 MxV 鐵路開發項目，其收入將逐季波動。

Similarly, revenue at OAS are expected to vary from quarter to quarter and to normalize into more predictable pattern as we grow our customer base and more of those customers enter fleet programs and recurring service agreements in the United States and internationally.

同樣，OAS 的收入預計會逐季度波動，隨著我們客戶群的增長，以及更多客戶在美國和國際上加入車隊計劃和定期服務協議，收入將趨於正常化，並形成更可預測的模式。

Gross profit decreased to negative $400,000 for Q1 '24 as compared to $1 million for Q1 '23. Gross margin was negative for Q1 '24 as compared to 39.6% for Q1 '23. The disappointing gross margin performance is primarily due to subscale operations, given the low revenue recorded in the quarter relative to recurring cost of services provided, as well as product development cost overruns on typically low margin development projects.

2024 年第一季毛利下降至負 40 萬美元，而 2023 年第一季毛利為 100 萬美元。2024 年第一季毛利率為負，而 2023 年第一季毛利率為 39.6%。令人失望的毛利率表現主要是由於營運規模不足，因為本季度記錄的收入相對於提供的服務的經常性成本較低，以及通常利潤率較低的開發項目的產品開發成本超支。

Gross margin can be volatile on quarter by quarter basis due to low revenue levels and shift in quarter mix between products development services revenue. Please note that we are targeting higher gross margin at Ondas Network on new development progress such as the PTC data radio announced day.

由於收入水平較低以及產品、開發和服務收入之間的季度結構變化，毛利率可能會逐季度波動。請注意，我們正致力於提高 Ondas Network 的毛利率，尤其是在 PTC 數據無線電發布日等新發展進度方面。

Operating expenses decreased to $8.7 million for Q1 '24 as compared to $13.7 million in Q1 '23. The sharp drop in operating expenses was primarily due to controls on cash activities and decreased R&D activity both in networks and OAS.

2024 年第一季營運費用降至 870 萬美元，而 2023 年第一季為 1,370 萬美元。營運費用的大幅下降主要是由於對現金活動的控制以及網路和 OAS 研發活動的減少。

This decrease in operating expenses emphasizes the ongoing benefits on the restructuring of our understood Autonomous Systems business unit in connection with the integration of American robotics and Airobotics after the Airobotics acquisition closed in January 23.

營運費用的減少凸顯了我們對自主系統業務部門進行重組所帶來的持續效益，這得益於在 1 月 23 日 Airobotics 收購完成後，American Robotics 和 Airobotics 的整合。

The company narrowed operating loss to $9.1 million for Q1 '24 as compared to $12.6 million for Q1 '23, although revenue decreased, our operating loss improved 28% year-over-year and was largely driven by strong expense control and lower noncash charges. Adjusted EBITDA loss narrowed 24% year-over-year to $7.7 million for Q1 '24 as compared to $10.2 million for Q1 '23.

公司2024年第一季營業虧損收窄至910萬美元，而2023年第一季為1,260萬美元。儘管收入下降，但營業虧損年增了28%，這主要得益於強有力的費用控制和非現金支出減少。2024 年第一季調整後 EBITDA 虧損年減 24%，至 770 萬美元，而 2023 年第一季為 1,020 萬美元。

Now let's turn to the cash flow statement, we had cash and cash equivalents of $14.6 million as of March 31, '24 as compared to $14.2 million as of March 31, 2023. Q1 cash provided by financing includes additional gross financing totaling $8.6 million.

現在讓我們來看看現金流量表，截至 2024 年 3 月 31 日，我們的現金及現金等價物為 1,460 萬美元，而截至 2023 年 3 月 31 日，這一數字為 1,420 萬美元。第一季融資提供的現金包括額外融資總額 860 萬美元。

Cash used in operation during Q1 '24 decreased by $5.3 million due to primarily the restructuring of our Ondas Autonomous System business unit. We expect cash utilization to improve significantly as we move forward into 2024.

2024 年第一季經營活動所用現金減少了 530 萬美元，主要原因是 Ondas 自主系統業務部門進行了重組。我們預計，隨著我們邁入 2024 年，現金利用率將顯著改善。

Improved cash efficiencies come from operating expenses leverage at both companies as we focused spending on driving customer adoption and growth in revenues and gross profit as noted, we ended Q1 with $14.6 million in cash.

兩家公司透過提高營運費用槓桿率來提高現金效率，因為我們將支出重點放在推動客戶採用率和收入及毛利成長。如前所述，我們在第一季末擁有 1460 萬美元現金。

In February, we announced an $8.6 million capital raise through the sales of Andaz holding common stock and Ondas Networks preferred stock financing led by Charles and Potomac Capital. As of March 31, 2024, we had $27.4 million in convertible notes outstanding.

今年 2 月，我們宣布透過出售 Andaz 控股普通股和 Ondas Networks 優先股融資籌集了 860 萬美元資金，由 Charles 和 Potomac Capital 牽頭。截至 2024 年 3 月 31 日，我們有 2,740 萬美元的可轉換債券未償還。

I want to highlight that the convertible notes have maturities in April 2025 and July 2025, 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 share to retire the notes either we are monthly amortization or to see those notes convert entirely to equity prior to maturity.

我想強調的是，這些可轉換債券的到期日分別為 2025 年 4 月和 2025 年 7 月，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，透過每月攤提或在到期前將這些票據全部轉換為股權來償還這些票據。

I will now hand over the call back to Eric.

現在我將把電話轉回給埃里克。

Thank you. Now we will transition to a review of our business units. And as Guy Simpson, Meir Kliner to share updates on recent activity in the field with customers and industry partners was also asked Tim Tenne to share comments regarding America robotics and drill down a bit into the outlook for OAS in the United States.

謝謝。接下來，我們將對各業務部門進行審查。蓋伊·辛普森和梅爾·克利納向客戶和行業合作夥伴分享了該領域的最新動態，蒂姆·坦恩也應邀就美國機器人技術發表評論，並深入探討了美國 OAS 的前景。

As I hand the call to Guy, I want to reiterate that I have confidence in our ability to grow an important business at US networks as we deploy wireless technology that is critically valuable for the rail customers and the large industrial vendors and emerging MC-IoT technology ecosystem.

在我將電話交給蓋伊之前，我想重申，我對我們有能力在美國網路公司發展一項重要的業務充滿信心，因為我們正在部署對鐵路客戶、大型工業供應商和新興的 MC-IoT 技術生態系統至關重要的無線技術。

We believe commercial deployments on 900 megahertz will begin soon certainly this year and that the opportunity in 900 megahertz as well as with the other private networks for the Class 1 rails in addition to global rail markets remains substantial.

我們相信，900兆赫的商業部署很快就會開始，肯定會在今年開始，而且900兆赫以及其他專用網絡在1級鐵路和全球鐵路市場方面的機會仍然很大。

Guy, please proceed.

蓋伊，請繼續。

Thank you, Eric. I'm happy to be here this morning. And to share on US networks update for our investors. As stated earlier in the call, we provided a very detailed status update of the 900 megahertz upgrade activity recently and so my comments today will focus on our incremental progress and outlook.

謝謝你，埃里克。我很高興今天早上能來到這裡。並在美國網路上與我們的投資者分享最新進展。正如之前在電話會議中所述，我們最近提供了 900 兆赫升級活動的非常詳細的最新進展，因此我今天的演講將重點關注我們取得的進展和展望。

I am happy to share that we have achieved the systems integration goals for our Airlink ATCS products and demonstrated backwards compatibility in the live legacy 900 megahertz network of a Class 1 railroad in Chicago.

我很高興地宣布，我們的 Airlink ATCS 產品實現了系統整合目標，並在芝加哥一家一級鐵路公司的 900 兆赫茲傳統網路中證明了向後相容性。

Our next step with this railroad is to advance the migration of the installed AirLink systems to the new 900 megahertz frequency band. And we believe we have the right plan to do just that this effort is currently being planned with the customer, and we expect to complete this migration effort in the second quarter.

下一步，我們將推進已安裝的 AirLink 系統向新的 900 兆赫頻段的遷移。我們相信我們有正確的計劃來實現這一目標，目前我們正在與客戶一起制定計劃，預計將在第二季完成這項遷移工作。

In addition, we have completed a second systems integration with a commuter railroad in the Southwest. Our distribution partner has already received an order on behalf of this customer, signaling their confidence in our ability to upgrade the legacy 900 megahertz network.

此外，我們還完成了與西南地區一家通勤鐵路公司的第二次系統整合。我們的分銷合作夥伴已經代表該客戶收到訂單，這表明他們對我們升級原有 900 兆赫網絡的能力充滿信心。

And let me highlight this is the first system-wide commercial order in the 900 megahertz network. This is a significant milestone, validating the progress we are making with this important network.

我要強調的是，這是 900 兆赫網路的首個系統級商業訂單。這是一個重要的里程碑，驗證了我們在這個重要網路上的進展。

Furthermore, we are starting the now well proven systems integration process with the Midwest commuter railroads. As we recommended, they have purchased equipment to establish multiple labs in which they will evaluate Airlink products and dot16 technology for various applications.

此外，我們正在與中西部通勤鐵路公司啟動目前已行之有效的系統整合流程。正如我們建議的那樣，他們購買了設備，建立了多個實驗室，將在這些實驗室中評估 Airlink 產品和 dot16 技術在各種應用中的表現。

The other Class 1 rails continue to closely track our progress success in Chicago is expected to lead to further engagement with Class 1 rails on planning and time lines for their own 900 megahertz network. We, along with the rail customers and Siemens have learned a lot through these initial integration activities and we believe we have created scalable processes that can be deployed in other regions across all railroad operations.

其他一級鐵路公司繼續密切關注我們的進展，預計我們在芝加哥的成功將促使一級鐵路公司進一步參與其自身 900 兆赫網絡的規劃和時間表。我們與鐵路客戶和西門子一起，透過這些初步的整合活動學到了很多東西，我們相信我們已經創建了可擴展的流程，可以部署到其他地區的所有鐵路運營中。

Wanted to take a moment and highlight some recent public statements by the AAR regarding plans for the 900 megahertz network and some key takeaways on May 2, the AAR submitted a comment letter to the FCC in response to regulatory filings related to a 900 megahertz spectrum licenses in this comment letter, the ARR made some strong statements related to the value of the new 900 megahertz spectrum and the networks for train operations.

我想藉此機會重點介紹美國鐵路協會 (AAR) 最近就 900 兆赫網絡計劃發表的一些公開聲明以及一些關鍵要點。 5 月 2 日，AAR 向聯邦通信委員會 (FCC) 提交了一封評論信，以回應與 900 兆赫頻譜許可證相關的監管文件。在這封評論信中，AAR 就新的 900 兆赫頻譜和用於列車運營的網路的價值發表了一些強有力的聲明。

Also, the ARR stated that the 900 megahertz frequency band was critical, highly valuable and that the 900 megahertz network was a key component of the industry's next-generation network plans.

此外，ARR 也指出，900 兆赫頻段至關重要，極具價值，900 兆赫網路是該產業下一代網路計畫的關鍵組成部分。

Furthermore, they signaled the critical role the dot16 wireless technology will play in the 900 megahertz buildout while also referencing the other private license spectrum bands. I remind our investors that the railroads currently operate for mission critical private networks across the 160, 220, 450 and 900 megahertz frequency bands.

此外，他們也指出dot16無線技術將在900兆赫茲頻段建置中發揮關鍵作用，同時也提到了其他私有授權頻譜頻段。我提醒各位投資者，鐵路公司目前在 160、220、450 和 900 兆赫頻段上運作關鍵任務專用網路。

We believe the ARR reference to future innovative technologies across the full suite of spectrum band highlights the opportunity for Ondas and its dot16 platforms to support network upgrades across all of the legacy networks operated by the railroads. We will continue to work hard to realize this massive market opportunity and support the ARR requirements.

我們認為，ARR 提及未來在整個頻譜範圍內採用創新技術，凸顯了 Ondas 及其 dot16 平台支援鐵路營運的所有傳統網路進行網路升級的機會。我們將繼續努力抓住這一巨大的市場機遇，並滿足年度經常性收入（ARR）要求。

Let's turn now to the major announcement we made today regarding the 220 megahertz PTC data radios Ondas Networks has entered into an agreement with our distribution partner to provide an upgraded on locomotive radio for a key Northeast Corridor passenger railroad. This radio will be backwards compatible with the legacy 20 megahertz network and host positive carry train control, a critical safety application.

現在讓我們來看看今天我們發布的關於 220 兆赫 PTC 數據無線電的重要公告。 Ondas Networks 已與我們的經銷合作夥伴達成協議，為東北走廊的一條重要客運鐵路提供升級的機車無線電。該無線電將向下相容於傳統的 20 兆赫網絡，並支援正向傳輸列車控制，這是一項關鍵的安全應用。

Importantly, this new radio will replace a discontinued legacy radio and is designed for adoption across the Northeast corridor where track is shared by other passenger transit and even freight railroad operators.

重要的是，這款新型無線電將取代已停用的老式無線電，其設計旨在在整個東北走廊推廣使用，該走廊的軌道與其他客運交通甚至貨運鐵路運營商共用。

The new 220 data radio will offer an upgrade path to dot16, which was a specific requirement of the rail customer. I want to note that this project has already started, and we are on track to deliver production radios in the first quarter of 2025.

新的 220 數據無線電將提供升級到 DOT16 的途徑，這是鐵路客戶的特定要求。我想指出，這個專案已經啟動，我們正按計畫推進，並將於 2025 年第一季交付量產收音機。

One final note on the 220 megahertz program. This win represents a new rail market passenger and transit, a new private network, 220 megahertz and a new application positive train control. In short it expands our service addressable market or SAM in the rail sector. In addition, our work with the AAR and specifically with MxV rail continues to point to expanded engagement regarding new networks and applications.

關於 220 兆赫茲計劃，還有最後一點要補充。此次得標代表鐵路客運和運輸的新市場、新的私人網路、220兆赫茲頻段以及列車自動控制系統的新應用。簡而言之，它擴大了我們在鐵路領域的服務可觸及市場（SAM）。此外，我們與 AAR 以及特別是與 MxV 鐵路的合作繼續表明，在新的網路和應用方面，雙方的合作將會擴大。

For example, work with the Class 1 railroads on advancing the commercial commercialization of our base station controller to provide dynamic frequency resource management and our new use cases for 900 megahertz, including CTC over ITCM to provide the required redundancy for the 220 megahertz PTC safety network.

例如，與一級鐵路公司合作，推進我們基地台控制器的商業化，以提供動態頻率資源管理，以及我們 900 兆赫的新用例，包括透過 ITCM 實現 CTC，為 220 兆赫 PTC 安全網路提供所需的冗餘。

Now I will hand the call back to Eric.

現在我把電話轉回給艾瑞克。

Thank you, Guys. I will now ask Meir Kliner to take the floor and update us on progress at Odyssey autonomous systems and provide insight into recent developments at OES. and the outlook from here. Meir?

謝謝各位。現在我將請梅爾·克萊納發言，向我們介紹奧德賽自主系統公司的最新進展，並深入探討OES的最新發展以及未來的展望。梅爾？

Thank you, Eric. In the first quarter, we announced the formation of Ondas Autonomous Holding, Inc. OAH. This newly formed one holding company is intended to enhance our operational and financial flexibility as we scale our drone business worldwide.

謝謝你，埃里克。第一季度，我們宣布成立 Ondas Autonomous Holding, Inc. (OAH)。新成立的這家控股公司旨在增強我們在全球擴展無人機業務時的營運和財務靈活性。

OAH we leverage our market leading autonomous drone platforms, the optimal system and the Ireland run rate, I mean driving focused and scalable operating models targeted towards providing comprehensive areas, security and data solutions for specific industry verticals.

OAH 利用我們市場領先的自主無人機平台、最佳系統和愛爾蘭的運行速度，我的意思是推動專注且可擴展的營運模式，旨在為特定行業垂直領域提供全面的區域、安全和數據解決方案。

Of course, these initial vertical markets where we are demonstrating scalable, go to market success, including public safety and emergency response, critical infrastructure, construction, project management and data centers.

當然，我們正在展示可擴展的市場推廣成功的這些初始垂直市場包括公共安全和緊急應變、關鍵基礎設施、建築、專案管理和資料中心。

Our customer pipeline has expanded significantly in recent months as our investments in our services organization in both US and Europe, which include partnerships like we announced last week with HHLA Sky and C-Astral aerospace begin to mature. Our ability to meet this growing demand visibility has improved with optimal system production now catching up after the dislocation from the Gaza War.

近幾個月來，隨著我們在美國和歐洲的服務機構的投資（包括我們上週宣布的與 HHLA Sky 和 ​​C-Astral 航空航天公司的合作關係）開始成熟，我們的客戶管道顯著擴大。加薩戰爭造成的混亂局面結束後，隨著最佳系統生產逐漸恢復，我們滿足不斷增長的需求的能力也提高了。

On production, we expect to receive delivery of the 15 systems currently being produced by Q3 2024. We are making plans to expand production behind these systems. During Q1 and what is secured and expanded services agreement to support the growing fleet of our optimal systems in the UAE and Israel.

在生產方面，我們預計將於 2024 年第三季收到目前正在生產的 15 套系統。我們正在製定計劃，以擴大這些系統背後的生產能力。在第一季度，我們獲得了保障和擴展的服務協議，以支援我們在阿聯酋和以色列不斷成長的最佳化系統機隊。

Additionally, Airobotics continued its expansion in the United Arab Emirates with a local governmental entity is deploying the world's first one network infrastructure for public safety and other public services. This initiative is expected to continue aiming to achieve a fleet of more than 20 systems by the end of 2025.

此外，Airobotics 繼續在阿拉伯聯合大公國擴張，當地政府實體正在部署世界上第一個用於公共安全和其他公共服務的網路基礎設施。該計劃預計將繼續推進，目標是在 2025 年底前建造超過 20 套系統。

As we continue to support this network expansion, we see a growing potential for expanded commercial use cases in the UAE, and we hope to have more to say on this later this year.

隨著我們繼續支持這項網路擴展，我們看到了阿聯酋商業應用案例不斷擴展的潛力，我們希望今年稍後能就此發表更多評論。

In the council's one domain, we have successfully completed the Eldon walk to tailor the island one way the system for certain military requirements. This achievement is evident in our recent announcement of initial purchase order for major defense company.

在委員會的管轄範圍內，我們已成功完成了艾爾登步道項目，以根據某些軍事需求對島嶼進行單向改造。我們最近宣布獲得一家大型國防公司的首筆採購訂單，這充分證明了我們所取得的成就。

We believe the system specifications for the data are best in class and even disruptive as compared to other systems in the market. The incredible effort and accomplishments by our team positions Ondas very well in a fast-growing market.

我們相信，與市場上其他系統相比，該系統的數據規格是一流的，甚至是顛覆性的。我們團隊付出的巨大努力和所取得的成就，使 Ondas 在快速成長的市場中佔據了非常有利的地位。

While Tim and I will provide an update on US business activity, I want to highlight our business development activities in Europe, where we have established a marketing effort that includes the formation of new partnerships that help leverage the local market expertise of these three raiders.

雖然我和 Tim 將介紹美國業務的最新進展，但我更想重點介紹我們在歐洲的業務拓展活動。我們在歐洲開展了行銷活動，包括建立新的合作夥伴關係，以幫助利用這三位收購者的本地市場專業知識。

We believe the market potential in Europe is significant, where we can bring our vast experience and credibility in protecting and monitoring critical assets to key customers in transportation, construction and many other critical operations.

我們相信歐洲市場潛力巨大，我們可以將我們在保護和監控關鍵資產方面的豐富經驗和信譽帶給交通運輸、建築和許多其他關鍵營運領域的關鍵客戶。

I want to finish my prepared remarks by highlighting that we are operating in robotics and American on what is in a full synergy effectively bringing into the table the core advantages of OAH. Together, we are leveraging world-class technology with proven value and reliability, which we are combining with scalable solutions targeting at focused vertical markets and use cases.

我想在結束我的演講時強調，我們在機器人領域和美國開展業務，這充分發揮了協同效應，有效地將 OAH 的核心優勢帶入工作中。我們共同利用世界一流的技術，這些技術具有久經考驗的價值和可靠性，並結合可擴展的解決方案，針對特定的垂直市場和用例。

I will now hand the call over to Tim Tenne, CEO of American robotics to provide an update on the business achievements we are making at American robotics.

現在我將把電話交給美國機器人公司執行長提姆‧坦內，讓他介紹一下我們美國機器人公司所取得的業務成就。

Thank you, Meir. During the first quarter, we successfully completed a proof of value program with the mass Department of Transportation aeronautical division, which included flawless demonstrations of the Optimus System and our newly positioned Kestrel Detect and avoid solution at the Massachusetts Maritime Academy.

謝謝你，梅爾。在第一季度，我們與馬薩諸塞州交通部航空部門成功完成了一項價值驗證計劃，其中包括在馬薩諸塞州海事學院完美演示 Optimus 系統和我們新部署的 Kestrel 探測和規避解決方案。

These demonstration showcased our ability to operate the optimal system consistently with remote operations beyond visual line of sight this demonstration is continuing to drive a maturing pipeline within the defense, federal, state and commercial segments, which positions us well for successful sales and deployment.

這些演示展示了我們能夠始終如一地運行最佳系統，即使在視線範圍之外的遠端操作中也能保持最佳狀態。此次演示正在不斷推動國防、聯邦、州和商業領域的成熟發展，這使我們能夠成功地進行銷售和部署。

We have also expanded our ecosystem around field operations and technology infrastructure via new partnerships. At American robotics, for example, we secured a partnership with Senhive, a leading provider of a portable passive detection system for drones. Also known as a counter unmanned aircraft system as well as additional capability for tracking participating and non-cooperative air traffic.

我們還透過新的合作夥伴關係，擴展了我們在現場營運和技術基礎設施方面的生態系統。例如，在美國機器人公司，我們與領先的無人機便攜式被動檢測系統供應商 Senhive 建立了合作關係。也稱為反無人機系統，以及追蹤參與和非合作空中交通的附加功能。

Additionally, we have partnered with ResilienX, a leader in data quality assurance and real-time aviation safety management systems for highly automated and autonomous systems. Together, these partnerships will assist on this and elevating autonomous drone operations through advanced integration of aerospace, safety and management systems.

此外，我們還與 ResilienX 建立了合作關係，該公司是高度自動化和自主系統的資料品質保證和即時航空安全管理系統的領導者。這些合作關係將共同促進無人機自主運行，並透過航空航太、安全和管理系統的先進整合來提升無人機自主運作水準。

American Robotics engaged in the Green UAS program to certify compliance with the highest levels of cyber security and supply chain requirements of the US National Defense Authorization Act.

美國機器人公司參與了綠色無人機系統計劃，以證明其符合美國國防授權法案規定的最高級別的網路安全和供應鏈要求。

The Green UAS program is administered by the Association for Uncrewed Vehicle Systems International in partnership with the US Department of Defense and many state governments with the purpose of enhancing the country's UAS technology base. American robotics expect to complete the green UAS qualification during quarter three.

綠色無人機系統計畫由國際無人駕駛飛行器系統協會與美國國防部和許多州政府合作管理，旨在增強美國的無人機系統技術基礎。美國機器人公司預計將在第三季完成綠色無人機系統認證。

We expect to be completed on the build-out of our new demonstration training and operation center to be launched on our Baltimore County, Maryland headquarters in June. We look forward to sharing more detailed information with everyone soon. We are seeing an increased demand for the deployment of the Optimus system with potential customers in both government and commercial segments.

我們預計位於馬裡蘭州巴爾的摩縣總部的新示範培訓和營運中心將於 6 月竣工啟用。我們期待盡快與大家分享更詳細的資訊。我們看到，政府和商業領域的潛在客戶對 Optimus 系統的部署需求不斷增長。

Lastly, American robotics is advancing its go-to-market plans in US defense and security markets with both optimism and Iron-Drone. We anticipate new opportunities that will come into effect during the second half of 2024. And I look forward to keeping our investors informed on these activities.

最後，美國機器人技術正以樂觀的態度和「鋼鐵無人機」計畫推進其進軍美國國防和安全市場的計畫。我們預計在 2024 年下半年將出現新的機會。我期待著讓我們的投資者了解這些活動的進展。

I will now hand the call back to Eric.

現在我將把電話轉回給埃里克。

Let's wrap a call now and summarize the outlook and provide context for where we are. We're going to continue to hold off and providing a formal outlook for 2024. We want to be conservative given we still need to secure that initial 900 megahertz order. We do believe order and revenue visibility will improve in the second half.

現在我們結束通話，總結一下前景，並說明我們目前所處的背景。我們將繼續延後發布 2024 年的正式展望。鑑於我們仍需確保最初的 900 兆赫訂單，我們希望採取保守的做法。我們相信下半年訂單和收入的可見性將會提高。

We continue to work hard in the recent AAR public comment suggests the railroads are intending to build out the $900 megahertz network and it also suggests that they will have some urgency. For OAS, customer engagement, conversations and negotiations and orders.

我們繼續努力，最近 AAR 的公開評論表明，鐵路公司打算建造價值 900 兆赫茲的網絡，也表明他們對此感到有些緊迫。對於 OAS 而言，客戶互動、對話、談判和訂單。

As well as field trials continue to build and the availability of Optimus Systems will help support a recovery in revenue growth. The various distribution partnerships we have secured, such as the HHLA Sky announcement last week are also expected to add to our revenue in the second half.

隨著實地試驗的不斷推進，Optimus Systems 的可用性將有助於支持收入成長的復甦。我們達成的各種分銷合作夥伴關係，例如上周宣布的與 HHLA Sky 的合作，預計也將在下半年增加我們的收入。

Lastly, Iron-Drone will be accretive to the revenue outlook, now that has been officially launched and accepted by a very important reference customer. So the outlook remains positive for Ondas. I understand may be frustrated with our choppy performance from a financial and operational standpoint.

最後，Iron-Drone 的推出以及其被一位非常重要的參考客戶接受，將提升公司的收入前景。因此，Ondas 的前景仍然樂觀。我理解大家可能對我們在財務和營運方面表現不穩定感到失望。

We share your frustrations, especially giving our belief that we have created extremely valuable technology platforms in very large high growth end markets. We are continuing to work hard to deliver this to you. We're working on business plans and funding strategies, which include capital strategies at our OAH business unit, which we believe will accelerate the execution of its business plan.

我們理解你們的沮喪，尤其是考慮到我們相信我們已經在非常龐大且高成長的終端市場中創造了極具價值的技術平台。我們正在繼續努力，爭取盡快將這項服務交付給您。我們正在製定商業計劃和融資策略，其中包括 OAH 業務部門的資本策略，我們相信這將加速其商業計劃的執行。

My confidence remains high. We are doing amazing things for our customers and partners and it’s our job to make sure that we, meaning our investors and our team will be rewarded. It isn't easy for sure, but we remain 100% committed and we will work hard to deliver for you.

我的信心依然很高。我們正在為我們的客戶和合作夥伴做著令人驚嘆的事情，而我們的職責就是確保我們（即我們的投資者和團隊）獲得回報。這當然不容易，但我們仍將百分之百投入，努力為您提供優質服務。

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

那麼，就讓我們來看看大家還有什麼問題吧。操作員？

(Operator Instructions) Tim Horan, Oppenheimer.

（操作說明）蒂姆·霍蘭，奧本海默。

Yes, hey, Eric. It's great that the kind of rails kind of reaffirm to the FCC of meeting that kind of deadline to clear the spectrum and can you just give us a little bit more color on that. You don't how much you think they need to spend to meet the or the intent in that letter and on just a rough update when you think of revenues kind of start coming here?

是的，嗨，埃里克。很高興看到這些協議再次向 FCC 確認了按時清理頻譜的承諾，您能否再詳細解釋一下？你不知道他們為了實現信中的目標或意圖需要花費多少錢，也不知道當你想到收入開始成長時，他們大概需要花多少錢？

Okay. So in terms of sizing, we still look at the TAM as we've shared with you often in the past, I do I would point to specific numbers that they are used in their comment letter. I think that's a nice number that we've used in terms of size. However, I think it does refer to legacy equipment, so it's not necessarily apples to apples.

好的。所以就規模而言，我們仍然會參考 TAM，就像我們過去經常和你們分享的那樣，我會指出他們在評論信中使用的具體數字。我認為就規模而言，我們使用的數字很合適。但是，我認為這指的是舊設備，所以不一定能完全相提並論。

And then in terms of timing, as you know, we've been discussing the last couple of calls, we are very active across the board with the AAR and specifically in Chicago. That activity is being watched very closely. We do believe that we will have success there and that will lead to commercial orders and further engagement with other railroads on their plans for upgrading of legacy networks.

至於時間安排方面，正如您所知，我們最近幾次電話會議都在討論這個問題，我們與美國建築師協會（AAR）以及芝加哥方面都非常活躍。這一活動正受到密切關注。我們相信我們會在那裡取得成功，這將帶來商業訂單，並促使我們與其他鐵路公司就其傳統網路升級計劃進行進一步合作。

So is there any change in on you? It's been a few years. I think since you updated the TAM, is there any change in your pricing strategy or scope of the work whatsoever? And do you think you'll on. Yes, I guess you have a best guess on when the revenues might start coming in at this point on? It seems like it's some of the firm orders now that revenues are probably more like next year, multiple awards are multi-year.

你那邊有什麼變化嗎？已經過去幾年了。我想問一下，自從您更新了TAM之後，您的定價策略或工作範圍是否有任何變化？你認為你會繼續下去嗎？是的，我想你現在應該對收入何時開始產生有一個大致的估計吧？現在看來，一些確定的訂單，其收入可能要到明年才能到賬，而且多個獎項都是多年期的。

So I don't want to make any commitments in terms of time lines because we do need the visibility. I do would refer again and I covered this in the statement that they're expecting to meet the deadlines to move off the legacy network. As a reminder, those are September 2025. Behind addition, there's a build-out requirement with the railroads have to show substantial coverage to the FCC that deadline is April 2026.

所以我不想在時間表方面做出任何承諾，因為我們需要一定的透明度。我會再次提及此事，我在聲明中也提到過，他們預計能夠按時完成從舊網路遷移的最後期限。再次提醒，這些日期是 2025 年 9 月。此外，鐵路公司還需滿足建設要求，向聯邦通信委員會 (FCC) 證明其已實現實質覆蓋，截止日期為 2026 年 4 月。

So the initial deadline, so less than 18-months away in April 2026 is about two years and actually less than two years. So we're going to get a bit busy. And you said that's all I can tell you, Tom, I do want to hold off on putting stakes in the ground on the revenue side until we get orders. I will add if orders come that and we have built a bit of inventory, so we can be responsive.

所以最初的最後期限，也就是 2026 年 4 月，還有不到 18 個月的時間，大約是兩年，實際上不到兩年。所以接下來我們會有點忙。你說，湯姆，我只能告訴你這些了，在接到訂單之前，我想暫緩在收入方面做出任何預測。如果有訂單，我會補充庫存，而且我們已經建立了一些庫存，所以我們可以快速回應。

Great on. And can you then maybe just update us on your liquidity situation? Do you think you need to raise more capital at this point A and B, can you just remind us from what your fully diluted shares outstanding are now on a fully diluted base?

太棒了。那麼，您能否簡單介紹一下您的資金週轉？您認為目前是否需要籌集更多資金？ A、B，您能否提醒我們一下，您目前的完全稀釋後流通股數是多少？

I don't have that in front of me on the share count, I'll have to get back to you.

我手邊沒有股份數量方面的數據，我得稍後再回覆你。

Okay.

好的。

But on the liquidity side, we do expect to raise capital. And I've said that on the last call six weeks ago, and we pointed specifically to some activity with OAH. So I'd like to just leave it at that.

但在流動性方面，我們確實需要籌集資金。我在六週前的上次電話會議上也說過這一點，我們特別提到了 OAH 的一些活動。所以我就說到這裡吧。

Okay. Should you think this cash burn rate is kind of good for another quarter or two or would there be any changes to the cash burn?

好的。您認為目前的現金消耗速度在未來一、兩個季度內是否還可以接受，還是需要調整現金消耗速度？

Yes, I think you'll see our cash OpEx at these levels. And then on the revenue side will drive or May, I'd say, maybe in these levels or maybe slightly lower. And then we look into the second half, we have gross profit generation picking up with revenue and would you like to have that drive the cash utilization down.

是的，我認為你會看到我們的現金營運支出維持在這些水準。至於營收方面，我認為五月可能會維持在這個水平，或者略低一些。然後我們展望下半年，隨著收入的成長，毛利也在增加，您是否希望這能降低現金使用率？

Thank you.

謝謝。

(Operator Instructions) Glenn Mattson, Ladenburg Thalmann.

（操作說明）Glenn Mattson，Ladenburg Thalmann。

Hey guys. Thanks for taking the questions. Yeah, just can you give us a sense on the OAH side about there's been, I guess, a little bit of push out based on some of the disruptions you mentioned. Just can you give us a sense of the scope of what do you feel do you see for that unit versus where you were say at the beginning coming into the year?

嘿，大家好。謝謝您回答問題。是的，您能否從 OAH 的角度談談您提到的那些幹擾因素，看看是否有一些人員被擠出來的情況？您能否簡要介紹一下您對該部門未來發展前景的看法，以及您年初時對該部門發展前景的預期與現在相比有何變化？

So, I expect our drone businesses to be up year over year in revenue. The reason for the work first half weakness is clearly the war, which was disruptive, and we'll share that with you at OH., there is pent up demand and I want to be specific. We are careful about the specifics on some of the pipeline. But clearly, there's a of course, that's for competitive reasons.

因此，我預計我們的無人機業務收入將年增。上半年工作表現疲軟的原因很明顯是戰爭造成的破壞，我們將在OH會議上與大家分享這一點。目前有被壓抑的需求，我想具體說明一下。我們對管道某些細節的處理非常謹慎。但很顯然，這當然是出於競爭原因。

But we're seeing quite a bit of activity in public safety, the Dubai police and the UAE governmental entity. It continues to be very active and we're having great success expanding the fleet there. But we think that continues. They have publicly stated again, their attempt to build a citywide infrastructure. And we do see commercial activity or commercial opportunities in the UAE as well.

但我們看到公共安全領域，包括杜拜警方和阿聯酋政府機構，都開展了相當多的活動。這項業務持續非常活躍，我們在那裡擴大船隊規模也取得了巨大成功。但我們認為這種情況還會持續下去。他們再次公開表示，他們正努力建造全市基礎設施。我們也看到了阿聯酋的商業活動或商業機會。

That activity in Dubai is leading to more engagement with global security and law enforcement groups. So we're very encouraged by that. We have highlighted some of the demand we're seeing from ports and specifically the excite ports. We're talking about terminal operators where we're going to be building specific programs around security and aerial intelligence or inspection.

杜拜的這些活動正在促使其與全球安全和執法團體進行更多合作。我們對此感到非常鼓舞。我們已經重點介紹了我們從港口，特別是熱門港口看到的一些需求。我們正在與碼頭營運商討論，我們將圍繞安全和空中情報或檢查制定具體的方案。

And the HHLA Sky relationship that we established this quarter is a good example of us in the direction we're heading there. Certainly departments of transportation and other government agencies are engaged. So we see quite a bit of opportunity. And I would also add that we have a new a revenue generator platform and the hydrogel rater, we did announce that order last week, we're expecting more orders. So that's going to help support revenue growth this year.

我們本季與 HHLA Sky 建立的合作關係，正是我們朝著這個方向努力的一個很好的例子。交通部門和其他政府機構肯定都參與其中了。所以我們看到了很多機會。我還要補充一點，我們有一個新的收入生成平台和水凝膠評級器，我們上周宣布了該訂單，我們預計會有更多訂單。所以這將有助於今年的收入成長。

Okay on iron drone when you as the pipeline begins to build or whatever, is it more for ICE and firm more military applications? Or is it sometimes like more security and public safety type things. And what do you think when you're when you're competing against and drone platforms or whatever, and that type of application, what where do you think you stand or what do you see winners like a bake-off versus you or somebody else that?

好的，關於鐵無人機，當管道開始建造或其他什麼的時候，它更多的是用於內燃機和更專業的軍事應用嗎？或者有時候更像是保全和公共安全方面的事情？當你在與無人機平台或其他類似應用程式競爭時，你認為你的地位如何？還是你認為誰會像烘焙大賽中的選手一樣勝出？

So the initial demand here is clearly going to be with military for military use cases and that's where our first orders will come in. We see big, we believe, with this customer that we have substantial growth opportunity.

因此，最初的需求顯然將來自軍方，用於軍事用途，而我們的第一批訂單也將來自軍方。我們認為，與這位客戶合作將帶來巨大的成長機會。

Now, I'd also say we're seeing quite a bit of interest from other governments, homeland security groups and defense groups as well. So that's where you're going to see us play. And we feel specifically for the counter-UAS platforms that intercept hostile grows that the specifications that we're bringing to the table and the reliability that we're demonstrating that we have a best in class product.

現在，我也看到其他政府、國土安全組織和國防組織對此表現出相當大的興趣。所以，你們將在那裡看到我們比賽。我們尤其認為，對於攔截敵方無人機的反無人機系統平台而言，我們提出的規格和我們所展示的可靠性表明，我們擁有同類最佳的產品。

So the market for counter drone systems is big and growing very rapidly. So we think we're well positioned there to build a very nice business on and that's going to be starting now a lot of efforts.

因此，反無人機系統市場規模龐大，且成長速度非常快。所以我們認為我們在那裡擁有良好的發展前景，可以建立一個非常好的企業，而這現在將需要付出很多努力。

Great. And maybe a second question on the Optimus. Just when you're competing for ports and that kind of stuff, and are you the kind of go-to solution and people just need to convert to two to becoming drone operators, users type thing? Or is there is there oftentimes there's two or three competitors going for that business and you're having to compete on either features or price or anything like that?

偉大的。或許還可以問第二個關於擎天柱的問題。當你在爭奪港口之類的資源時，你是否是那種首選解決方案，人們只需要轉換方向，成為無人機操作員或使用者之類的？或者，通常情況下，會有兩到三個競爭對手爭奪這塊市場，而你必須在功能、價格或其他方面競爭？

So it's -- so I guess I'll just share with you. How I look at it is the solution we offer from a reliability and functionality standpoint, it's really unmatched on what we can provide you security intelligence. We can do it 24 hours a day, seven days a week, and that's incredibly valuable solution. We do see quite a bit of activity in these markets using drones.

所以——所以我想我還是跟你分享一下吧。在我看來，從可靠性和功能性的角度來看，我們提供的解決方案在安全情報方面確實是無與倫比的。我們可以一週七天，一天 24 小時全天候工作，這是一個非常有價值的解決方案。我們確實看到這些市場中有很多使用無人機的活動。

But most of them are piloted single-purpose on they don't have the persistency. And again, the intelligence of the range of solutions that we can bring from an analytic standpoint. So as you see spending grow of the value of the growth being realized and incorporated into workflows, I think that what we're doing is extremely competitive.

但它們大多是針對單一目的的試點項目，缺乏持久性。再次強調，從分析的角度來看，我們能夠提供一系列智慧解決方案。因此，隨著支出不斷增長，成長的價值也得以實現並融入工作流程，我認為我們所做的一切都極具競爭力。

And I think that we're going to be helping drive growth in these markets. So I like our position.

我認為我們將有助於推動這些市場的成長。所以我很滿意我們目前的處境。

Okay, great. Thanks for the color, guys.

好的，太好了。謝謝你們提供的色彩。

Thanks, Glenn.

謝謝你，格倫。

(Operator Instructions) Carter Mansbach, Forte Capital Group.

（操作說明）卡特·曼斯巴赫，Forte Capital Group。

Good morning, guys. So I guess congratulations on the [$2.8 billion] computer. Is there any way that we can know the name of the company that you signed this contract with And if not, why?

各位早安。所以，我想說，恭喜你們拿到了這台價值 28 億美元的電腦。我們能否知道您與哪家公司簽訂了這份合約？如果不能，為什麼？

Well, what I'll say is that to me, let me give you some background on the request for proposal that came from a couple of different places in the Northeast corridor, including Amtrak and those are public. We disclosed our piece on the cost. The engagement we've had is covering with our partner, Siemens. So this order that provide for us comes from Siemens and Siemens is very active with all the Northeast corridor customers.

嗯，我想說的是，讓我先介紹一下東北走廊幾個不同地方（包括美國鐵路公司）提出的招標要求的背景，這些都是公開的。我們公佈了有關成本的部分。我們與合作夥伴西門子的合作涵蓋了所有方面。所以，我們收到的這份訂單來自西門子，而西門子與東北走廊的所有客戶都非常密切。

So, I don't want to say specifically, Carter. But it's a radio for a key northeast corridor customer and we believe that the northeast corridor rails which includes MBTA, New Jersey Transit, Long Island rail, MTA and Amtrak, as well as certain straight rail operators like CSX.

所以，我不想具體說是卡特。但這是為東北走廊的重要客戶打造的收音機，我們相信東北走廊鐵路包括 MBTA、新澤西州交通局、長島鐵路、MTA 和 Amtrak，以及某些直軌鐵路運營商，如 CSX。

There will be the target for this radio, and it's important to also understand that this radio is being developed because the legacy radio incentive license fee has been discontinued.

這台收音機將有其目標受眾，但同樣重要的是要了解，這台收音機的開發是因為傳統的收音機激勵許可證費用已經停止收取。

That's helpful. So that's a conversation has been floated about. You guys mentioned that Tim mentioned it. So the number in that article or that piece was $69 million. So what piece of that action is could be thoughts on this?

那很有幫助。所以，這個問題已經被討論過了。你們都提到了提姆提到了這件事。所以那篇文章或那篇報導裡提到的數字是 6,900 萬美元。那麼，這行動的哪一部分可能是對此的看法呢？

So I can't talk specifically about those numbers because as a our numbers and they calculate them themselves, what I will say is that in the new rig a band as they call it, the new 900 megahertz frequency that we are as far as we know the only radio that's certified, the only system wireless systems certified by the FCC it operate.

所以我不能具體談論這些數字，因為這是我們自己的數字，他們自己計算出來的。我只能說，在新設備中，他們稱之為頻段，也就是新的 900 兆赫頻率，據我們所知，我們是唯一獲得 FCC 認證的無線電系統，也是唯一獲得 FCC 認證的無線系統。

Okay. Last question regarding this spin off of the drone industry business, can we get any type of feel as to what the timeframe is? Because you said it in the last call, I don't understand it investors don't understand how logistically that's going to happen. Can you give us any color as to how what's going to happen and when you're going to be discussing it further? Thanks.

好的。關於無人機產業分拆業務的最後一個問題，我們能否大致了解一下時間安排？因為你在上一次電話會議上說過，我不明白，投資人也不明白這在實際操作中將如何實現。您能否透露一下接下來會發生什麼，以及何時會進一步討論此事？謝謝。

I can't give you specifics on that. What I did say or reiterate is that the conversations with investors are active. So I'll say this, there's a variety of scenarios on that could play out today and in the future, which revolved investment and potentially spinning a company off into a separate entity.

我無法提供具體細節。我說過或重申的是，與投資者的對話仍在積極進行中。所以我想說的是，現在和將來可能會出現各種各樣的情況，這些情況都與投資以及將公司分拆成獨立實體有關。

Okay, thanks. Appreciate it.

好的，謝謝。謝謝。

(Operator Instructions) Mike Latimore, Northland Capital.

（操作說明）Mike Latimore，Northland Capital。

Hi this is [Adithya] on behalf of Mike Latimore, could you give some color on what kind of revenue mix between autonomous systems and networks could be. But for this year?

您好，我是 [Adithya]，代表 Mike Latimore，您能否簡要介紹一下自主系統和網路之間的收入組成可能是什麼？但今年呢？

Well, I would say the outlook for the year is our Autonomous Systems business unit will likely have higher revenue than on its networks, but I don't want to forecast the mix.

嗯，我認為今年我們的自主系統業務部門的收入可能會高於其網路業務部門的收入，但我不想預測具體的收入組成。

Got it. And also, could you give some color on that? What is the average selling price on your console drones?

知道了。另外，能否詳細解釋一下？你們的家用遊戲機無人機的平均售價是多少？

We're not disclosing that at the moment for competitive reasons.

出於競爭原因，我們目前不會透露相關資訊。

Well thank you

謝謝。

I will tell you that we believe it's because this is a very valuable product at price points that are very competitive and I think lower than other systems we see out there and that we can deliver at a very attractive margin.

我認為這是因為這款產品非常有價值，價格極具競爭力，而且我認為比市面上其他同類產品價格更低，並且我們還能以非常可觀的利潤率交付。

Got it. Thank you.

知道了。謝謝。

Thanks.

謝謝。

(Operator Instructions) Matthew Galinko, Maxim Group.

（操作說明）Matthew Galinko，Maxim Group。

Hey, good morning. Thanks for taking my questions. I'm wondering how much custom integration work you expect and to be required as the raters sold to other military and defense applications?

嘿，早安。謝謝您回答我的問題。我想知道，隨著評級工具被銷售到其他軍事和國防應用領域，您預計需要進行多少客製化整合工作？

Good question that I don't think we necessarily have a lot of work on the system itself, right? So the UAV and the, um, the docking station. However, when we go to other markets, there may be different detect technologies. And when we talk about the tech vertical and talking about radar systems, our radar systems, I'm sorry.

問得好，我覺得我們不一定需要在系統本身上做很多工作，對吧？所以，無人機和，嗯，對接站。但是，當我們進入其他市場時，可能會遇到不同的檢測技術。當我們談到科技垂直領域，談到雷達系統，談到我們的雷達系統時，我很抱歉。

So if we have a different radar system, we need to integrate into that radar system, which is some it's a pretty straightforward process and not necessarily very costly.

所以如果我們有不同的雷達系統，我們需要將其整合到該雷達系統中，這是一個相當直接的過程，而且不一定很昂貴。

Got it. Okay. And then I guess a follow-up to that and just given some of the supply chain hiccups you've seen on the optimist side, do you expect or how do you navigate any limitations or ongoing? There's limitations when it comes to scaling up the separator business?

知道了。好的。然後我想就此追問一下，考慮到樂觀一方所看到的供應鏈的一些小問題，您預計會遇到哪些限製或持續存在的問題，或者您將如何應對這些問題？分離器業務規模化發展是否有限制？

A good question. So the current plans are to produce the operator in Israel. And as we access customers globally, we're likely to produce in other regions as well. And I will tell you that we the complexity with the Raider system is dramatically less than what we see with the Optima system on that's though materials in a build standpoint.

問得好。所以目前的計劃是在以色列生產該操作員。隨著我們面向全球客戶拓展業務，我們也可能會在其他地區進行生產。我可以告訴你們，從材料和構造的角度來看，Raider 系統的複雜性遠低於 Optima 系統。

So and so we think we've got this current the orders that we're tracking now, we think we can produce, and we've identified the plan to do that. But again, I do I do think I'll say this for both optimism and in Raider, we will have plans to build in other parts of the world, and we'll have more specifics to that when we're ready to do so.

所以，我們認為我們已經掌握了目前我們正在追蹤的訂單情況，我們認為我們可以生產，並且我們已經制定了生產計劃。但再次強調，出於樂觀態度，就 Raider 而言，我們計劃在世界其他地區進行擴張，時機成熟時，我們會公佈更多細節。

Great. And I guess final question on that thread it hit and Tom just looking out to 2025, I know you're not you're giving your 2024 outlook, but down relative to how you see demand on the autonomous side developing on both the optimist and Rader side, do you expect every year could haṁve pull through in '25 that, that that pace outpaces optimism or is it going to be a more gradual, uptake.

偉大的。我想關於那個帖子的最後一個問題是，湯姆，你正在展望2025年，我知道你沒有給出2024年的展望，但是相對於你對自動駕駛需求發展的樂觀預期和悲觀預期，你認為2025年每年的增長速度都會超過樂觀預期，還是會是一個更漸進的過程？

Great question. So I believe 2025 for both of these platforms is going to be significant. I think that I would say Optimus will still be larger from a revenue standpoint and where we're going to see revenue driven is through existing customers and fleet adoption. But as we're moving this year through 2024, you can see a number of very significant customers engaged, which will start to turn into fleets in 2025 as well.

問得好。所以我認為2025年對於這兩個平台來說都將是意義非凡的一年。我認為從收入角度來看，Optimus 的規模仍然會更大，而收入成長的主要動力將來自於現有客戶和車隊採用。但隨著我們進入 2024 年，你可以看到許多非常重要的客戶參與其中，這些客戶也將在 2025 年開始發展成為車隊。

So there's a lot of pent-up demand for what we're doing here with Optimus Sametime instant thing with greater. The Raider will expand with the existing customer is our strong belief, but we think we're going to be able to engage other homeland security and defense groups.

所以，對於我們在這裡用 Optimus Sametime 即時功能所做的事情，存在著很大的潛在需求。我們堅信，Raider 將隨著現有客戶的擴大而發展壯大，但我們也認為我們能夠與其他國土安全和國防組織合作。

You add it all up. I mean, given the revenue models, I think I think Optimus will probably still be larger than later, but they're both going to grow significantly.

你把所有加起來。我的意思是，考慮到收入模式，我認為Optimus的規模可能仍然會比Later大，但它們都會顯著成長。

Great. Thank you.

偉大的。謝謝。

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

（操作說明）問答環節到此結束。我謹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 just going to close the call by simply thanking you again for attending. We have a lot of work ahead and we're going to get right back at it and look forward to keeping you informed on our progress. I hope you have a great day.

好的。謝謝接線生。我只想再次感謝各位的出席，以此結束這通通話。我們還有很多工作要做，我們會立即投入工作，並期待隨時向您報告我們的進度。祝你今天過得愉快。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。