Ondas Holdings Inc (ONDS) 2024 Q2 法說會逐字稿

Welcome to the Ondas Holdings, Inc., second-quarter 2024 conference call. (Operator Instructions)

歡迎參加 Ondas Holdings, Inc. 2024 年第二季電話會議。（操作員說明）

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

在我們開始之前，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昂達斯目前的最佳判斷，但它們受到風險和不確定性的影響，可能導致實際結果與這些前瞻性陳述所暗示的結果有重大差異。Ondas 定期向 SEC 提交的文件和今天發布的財報新聞稿中討論了這些風險因素，這些文件均可在公司網站上查看。Ondas 不承擔修改或更新任何前瞻性聲明以反映未來事件或情況的義務，除非法律要求。

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 Investor Relations section of our website. This non-GAAP information is provided as a supplement to, not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. However, management believes these non-GAAP measures provide investors with valuable information on the underlying trends of our business. Please note, this event is being recorded.

在本次電話會議中，Ondas 將提及某些非 GAAP 財務指標。這些非公認會計準則衡量指標並非依照公認會計原則制定。我們今天稍早發布的新聞稿顯示了非公認會計準則財務指標與最直接可比較的公認會計準則財務指標的對賬，該新聞稿可在我們網站的投資者關係部分找到。此非公認會計原則資訊是作為根據公認會計原則編制的財務績效衡量標準的補充，而不是替代或優於其。然而，管理階層認為這些非公認會計準則衡量標準為投資者提供了有關我們業務基本趨勢的寶貴資訊。請注意，此事件正在被記錄。

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

我現在想將演講交給董事長兼執行長 Eric Brock。

Thank you, operator, and good morning. I want to get started by welcoming you to our quarterly conference call. We appreciate the time you're spending with us, and for your interest in our company.

謝謝您，接線員，早安。首先，我想歡迎您參加我們的季度電話會議。我們感謝您與我們一起度過的時間以及您對我們公司的興趣。

I'm happy to be joined today by key members of our leadership team, including our Interim CFO, Neil Laird; Guy Simpson, the President and Chief Operating Officer of Ondas Networks; Meir Kliner, President of Ondas Autonomous Systems and the Founder and CEO of our Airobotics subsidiary; and Tim Tenney, CEO of American Robotics.

我很高興今天能與我們領導團隊的主要成員一起加入，包括我們的臨時財務長 Neil Laird；蓋伊辛普森 (Guy Simpson)，Ondas Networks 總裁兼營運長； Meir Kliner，Ondas Autonomous Systems 總裁兼 Airobotics 子公司創辦人兼執行長；坦尼 (Tim Tenney)，美國機器人公司執行長。

Let's turn to the agenda. We will start the call with some brief comments highlighting recent business development at both our Ondas Networks and Ondas Autonomous Systems business units. I will then hand the call to Neil for a financial review of our second-quarter 2024 results. We will then provide a business update for Ondas Networks and our OAS business units, where I will ask Guy, Meir and Tim, to provide commentary around current business activity. Then, we will wrap the call and open the floor for investor questions.

讓我們轉向議程。我們將以一些簡短的評論開始電話會議，重點介紹我們的 Ondas 網路和 Ondas 自治系統業務部門最近的業務發展。然後，我將致電尼爾，要求他對我們 2024 年第二季的業績進行財務審查。然後，我們將為 Ondas Networks 和我們的 OAS 業務部門提供業務更新，我將請 Guy、Meir 和 Tim 就當前業務活動提供評論。然後，我們將結束電話會議並開始接受投資者提問。

While we continue to progress critical customer activity during the second quarter, positioning Ondas for long-term growth, I will begin the call by acknowledging the disappointing start to 2024 from a revenue perspective. While this was consistent with expectations we set at our last call, it is nonetheless disappointing to you as well as to me and our team.

雖然我們在第二季度繼續推動關鍵客戶活動，使 Ondas 實現長期成長，但我將首先從收入角度承認 2024 年開局令人失望。雖然這符合我們在上次電話會議中設定的期望，但對於您、我和我們的團隊來說，這仍然令人失望。

Extended timelines relative to our expectations for railroad deployment plans and 900 megahertz remain an issue, and the impact from the Gaza war, which created inventory, production and other bottlenecks, served to push out customer and business development activity at both Airobotics and American Robotics. Nonetheless, we did achieve important technical and operational milestones across the business units, which demonstrates that we are positioned for long-term success driving adoption of our technology platforms across the large markets we address.

與我們對鐵路部署計劃和 900 兆赫茲的預期相比，時間延長仍然是一個問題，而加薩戰爭的影響造成了庫存、生產和其他瓶頸，從而推動了 Airobotics 和 American Robotics 的客戶和業務開發活動。儘管如此，我們確實在各個業務部門實現了重要的技術和營運里程碑，這表明我們已經做好了長期成功的準備，推動我們的技術平台在我們所涉足的大型市場中得到採用。

Focusing initially on Ondas Networks, I want to highlight that we have completed important systems integration efforts in the 900-megahertz network. Two customers, which include a Class I railroad in Chicago and a commuter railroad in the southwest, are operating live Airlink wireless networks at 900 megahertz. In addition, we have executed a successful field trial with a third customer, a major transit authority in the Midwest. Due to this work, our distribution partners secured the first commercial order for ATCS in the 900-megahertz band during the second quarter.

首先關注 Ondas Networks，我想強調我們已經完成了 900 兆赫網路中的重要係統整合工作。芝加哥的一家 I 級鐵路和西南部的一家通勤鐵路等兩個客戶正在運營 900 兆赫的即時 Airlink 無線網路。此外，我們也與第三家客戶（中西部的一家主要運輸機構）進行了成功的現場試驗。透過這項工作，我們的分銷合作夥伴在第二季度獲得了第一個 900 兆赫頻段 ATCS 商業訂單。

In addition, we expect both the Class I Rail and the transit rail operator, I mentioned, to submit purchase orders for area-wide deployments, both in Chicago, which would take us to three area-wide Airlink deployments in the second half of 2024. We are happy to see this commercial acceptance as this further validates our dot16 technology as a platform for the new 900-megahertz network. Guy Simpson will share more details on our field operations and pipeline engagement with both the railroads and our partner, Siemens, as well as the progress we are making on advancing the 220-megahertz PTC data radio, which we are developing on behalf of Amtrak and the Northeast Corridor.

此外，我們預計 I 級鐵路和交通鐵路營運商（我提到過）都將在芝加哥提交區域範圍部署的採購訂單，這將使我們在 2024 年下半年實現三個區域範圍的 Airlink 部署。我們很高興看到這種商業接受，因為這進一步驗證了我們的 dot16 技術作為新 900 兆赫網路的平台。Guy Simpson 將分享更多有關我們與鐵路公司和合作夥伴西門子的現場運營和管道合作的詳細信息，以及我們在推進 220 兆赫茲 PTC 數據無線電方面取得的進展，該無線電是我們代表 Amtrak 和東北走廊。

While the Gaza conflict was disrupted from an operational and financial standpoint, I am proud of how our team at OAS rose to the occasion to support their country and continue to advance the business. While the situation remains difficult, the stakes remain high, and the work we are doing is essential. That exceptional effort included amazing work at Airobotics to accelerate the productization of our autonomous counter-drone platform, the Iron Drone Raider.

雖然從營運和財務角度來看，加薩衝突受到了乾擾，但我對美洲國家組織的團隊如何挺身而出支持他們的國家並繼續推動業務感到自豪。儘管情況依然困難，但風險仍然很高，我們正在做的工作至關重要。這項非凡的努力包括 Airobotics 為加速我們的自主反無人機平台 Iron Drone Raider 的產品化所做的出色工作。

As we said on our last call, the Raider is a home-run product which has benefited from an intense capability upgrade program, in partnership with our customers, to meet the urgent needs to protect the homeland. We have advanced the Raider product specifications to meet cutting edge military requirements, which include mobility, autonomy and precision. Those capabilities are enabled by the integration of sophisticated technologies, including onboard sensors and AI-driven software algorithms that allow for navigation and high-performance levels in complex GPS-denied aerial environments.

正如我們在上次電話會議中所說，襲擊者是一款本壘打產品，得益於與客戶合作的密集能力升級計劃，以滿足保護家園的迫切需求。我們改進了 Raider 產品規格，以滿足最先進的軍事要求，包括移動性、自主性和精確性。這些功能是透過整合先進的技術來實現的，包括機載感測器和人工智慧驅動的軟體演算法，允許在複雜的 GPS 拒絕的空中環境中進行導航和高性能水平。

In addition, we have been able to perform extensive testing in real-world conditions to validate these capabilities. We have satisfied those requirements, which allowed us to secure two significant customers for Iron Drone with initial orders. One of those orders was provided by a large global defense vendor and the other, a direct purchase from a major military end customer. The purchase by the military end customer was a particularly significant event for the company, establishing Ondas as a prime vendor with locked in pricing in economics for our high-performing counter drone platform.

此外，我們已經能夠在現實條件下進行廣泛的測試來驗證這些功能。我們滿足了這些要求，這使我們能夠透過初始訂單為 Iron Drone 贏得兩個重要客戶。其中一份訂單是由一家大型全球國防供應商提供的，另一份則是從一家主要軍事最終客戶那裡直接購買的。軍事最終客戶的購買對公司來說是一個特別重要的事件，使 Ondas 成為主要供應商，並鎖定了我們高性能反無人機平台的經濟定價。

This morning, we announced a second order from our initial military customer, which is funding an expansion of our program introducing the Iron Drone Raider into live, security and combat operations. This order will fund continued system integration and enhancements as well as certain sustainment activities. We expect demonstrating combat success in the coming months will result in volume orders for the Iron Drone platform. In parallel, we are preparing an increase in production capacity, field deployment and sustainment capability, and expanded marketing to other defense and security customers globally.

今天早上，我們宣布了我們最初的軍事客戶的第二份訂單，該訂單正在資助我們的計劃擴展，將 Iron Drone Raider 引入現場、安全和戰鬥行動。該訂單將為持續的系統整合和增強以及某些維持活動提供資金。我們預計未來幾個月的戰鬥成功將帶來 Iron Drone 平台的大量訂單。同時，我們正在準備提高生產能力、現場部署和維護能力，並擴大對全球其他國防和安全客戶的行銷。

Now I want to put the Iron Drone success into its proper context. And that is this, we are establishing a leading position in the counter-drone market at Ondas. We believe the Iron Drone Raider is a best-in-class autonomous solution from a performance standpoint, with its capabilities in complex environments, unique hard-kill execution and price point.

現在我想把鋼鐵無人機的成功放在適當的背景下。就是這樣，我們正在 Ondas 建立反無人機市場的領先地位。我們相信，從效能角度來看，Iron Drone Raider 是同類最佳的自主解決方案，具有複雜環境下的功能、獨特的硬殺執行力和價格點。

We believe there is a significant global market for Iron Drone to protect from the growing threat of hostile drones. I see substantial expansion opportunities in the global defense market. In fact, we are seeing tangible engagement with additional military customers already, and those government-to-government marketing opportunities are supported by our initial military customer. The emergence of the defense sector as a material growth vector for Ondas cannot be overstated. It demonstrates the true dual-use nature of our technology platforms, and results in a massive increase in not only the total addressable market, but also drives a much higher Serviceable and Obtainable Market, or SOM.

我們相信，Iron Drone 有一個重要的全球市場，可以抵禦日益增長的敵對無人機威脅。我看到全球國防市場存在著巨大的擴張機會。事實上，我們已經看到與更多軍事客戶的實際接觸，而這些政府對政府的營銷機會得到了我們最初的軍事客戶的支持。國防部門的出現作為 Ondas 的物質成長載體，怎麼強調都不為過。它展示了我們技術平台真正的雙重用途性質，不僅導致了整個潛在市場的大幅成長，而且還推動了更高的可服務和可獲取市場（SOM）。

As we moved into the second half of 2024, we are seeing broadening opportunities at OAS. The demand environment for aerial security platforms like Optimus and Iron Drone is strengthening, and we believe we have entered a significant and durable upcycle, supporting our long-term business plan and value creation opportunity.

進入 2024 年下半年，我們看到美洲國家組織的機會不斷擴大。對 Optimus 和 Iron Drone 等空中安全平台的需求環境正在加強，我們相信我們已經進入了一個重要且持久的升級週期，支持我們的長期業務計劃和價值創造機會。

While Iron Drone has gotten a lot of attention as of late, let's also highlight our business development activity with American Robotics, as we open a large US market for our services and technology platforms. American Robotics announced a landmark deal with the US Coast Guard. We garnered a fixed-price contract for a program designed to perform emissions monitoring at the Port of Long Beach. This is in support of the EPA Clean Ports initiatives intended to improve air quality. The service we provide is consistent with certified solutions worldwide, as maritime regulations around air quality are uniform globally, and we believe it's the first time the US Coast Guard has contracted to this capability.

雖然 Iron Drone 最近受到了很多關注，但我們也要強調我們與 American Robotics 的業務開發活動，因為我們為我們的服務和技術平台打開了一個巨大的美國市場。美國機器人公司宣布與美國海岸防衛隊達成一項具有里程碑意義的協議。我們獲得了一份固定價格合同，該合約旨在在長灘港進行排放監測。這是為了支持旨在改善空氣品質的 EPA 清潔港口計劃。我們提供的服務與全球經過認證的解決方案一致，因為有關空氣品質的海事法規在全球範圍內是統一的，我們相信這是美國海岸防衛隊首次與此能力簽訂合約。

It is important to emphasize that while this is an initial pilot, it is not an experiment. This is a fully operational program, and vessels that violate air quality limitations will be held accountable by the Coast Guard. We believe this solution is properly architected and can develop into a big opportunity for American Robotics, Tim will share more details. With the focus turning to defense, military and homeland security, remember, both the Optimus and Iron Drone platforms are dual-use, targeting huge commercial and government markets as well.

需要強調的是，雖然這是一個初步試點，但它並不是一個實驗。這是一個全面運作的計劃，違反空氣品質限制的船隻將被海岸警衛隊追究責任。我們相信這個解決方案的架構合理，可以為 American Robotics 發展成為一個巨大的機會，Tim 將分享更多細節。隨著焦點轉向國防、軍事和國土安全，請記住，Optimus 和 Iron Drone 平台都是雙重用途的，也針對巨大的商業和政府市場。

We expect existing customers to grow their Optimus suites later this year, while the pipeline for new customer engagement is both expanding and maturing. The pipeline now includes military customers. I'm also pleased with significant fleet opportunities we see in the United States with American Robotics, where we are engaged with public safety departments, and operators of critical industrial and technology infrastructure and assets. We expect to have more to share in those markets as we move through the second half.

我們預計現有客戶將在今年稍後擴展他們的 Optimus 套件，同時新客戶參與管道正在擴大和成熟。該管道現在包括軍事客戶。我也對美國機器人公司在美國看到的重要機隊機會感到高興，我們與公共安全部門以及關鍵工業和技術基礎設施和資產的營運商合作。隨著下半年的到來，我們預計將在這些市場上獲得更多份額。

So to wrap up the introduction, the weak first-half revenue belies the value we are building with customers across our technology platforms. We do have work to do to outline the 900-megahertz deployment plans with customers, and we will work hard to secure those build-out plans. At OAS, we see the commercial adoption cycle for Optimus, reengaging in a huge new product opportunity for Iron Drone. This will lead to a material recovery in revenue in the second half of 2024.

因此，總結介紹，上半年疲弱的收入掩蓋了我們透過科技平台與客戶建立的價值。我們確實需要與客戶一起制定 900 兆赫的部署計劃，並且我們將努力確保這些擴建計劃的實施。在 OAS，我們看到了 Optimus 的商業採用週期，為 Iron Drone 重新帶來了巨大的新產品機會。這將導致 2024 年下半年收入大幅復甦。

I will now hand the call to Neil to provide the detailed second-quarter financial update. Neil?

我現在將致電尼爾，提供詳細的第二季財務更新。尼爾？

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

謝謝，埃里克。在開始之前，我想提醒我們的投資者，我們的財務報表反映了 Ondas Networks 和 OAS 平台採用的早期階段，以及為更大規模的商業推廣所做的準備。儘管目前的收入水準尚未涵蓋我們的營運支出，但我們預計隨著收入的成長，營運槓桿將顯著增加。

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 rollouts in the 900-megahertz network, and the development of programs underway with Siemens and MxV Rail. Similarly, revenues at OAS are expected to vary from quarter to quarter and to normalize into a more predictable pattern as we grow our customer base, more of those customers enter fleet programs and recurring service agreements in the United States and internationally.

對於 Ondas Networks 來說，考慮到客戶活動時間的不確定性、在 900 兆赫網路的目標商業部署以及與西門子和 MxV Rail 正在進行的專案開發之前，收入將隨季度波動。同樣，OAS 的收入預計每個季度都會有所不同，並隨著我們客戶群的擴大、更多的客戶在美國和國際上加入機隊計劃和定期服務協議，將正常化為更可預測的模式。

In the second quarter of 2024, revenues were approximately $1 million as compared to approximately $5.5 million for the second quarter of 2023. This was primarily a result of extended time lines at Ondas Networks related to the 900-megahertz activity with the Class I Railroads, and supply chain disruptions connected to the Gaza war at our OAS business unit.

2024 年第二季的營收約為 100 萬美元，而 2023 年第二季的營收約為 550 萬美元。這主要是由於 Ondas Networks 與 I 級鐵路的 900 兆赫茲活動相關的時間線延長，以及我們的 OAS 業務部門與加薩戰爭相關的供應鏈中斷。

Gross profit was negative $190,000 for Q2 2024 as opposed to $3.1 million for Q2 2023. Gross margin was negative 20% for Q2 2024 as opposed to 56% for Q2 2023. The gross margin performance is primarily due to subscale operations, given the low revenue recorded in the quarter relative to the recurring cost of services provided, as well as, revenue being primarily typically low-margin development programs. Gross margins can be volatile on a quarter-to-quarter basis due to low revenue levels and shift in revenue mix between product development and product development and service revenues.

2024 年第二季的毛利為負 19 萬美元，而 2023 年第二季的毛利為 310 萬美元。2024 年第二季的毛利率為負 20%，而 2023 年第二季的毛利率為 56%。毛利率表現主要歸因於規模化運營，因為相對於所提供服務的經常性成本而言，本季度錄得的收入較低，而且收入主要主要是低利潤的開發項目。由於收入水平較低以及產品開發與產品開發和服務收入之間收入結構的轉變，毛利率可能會按季度波動。

Operating expenses decreased to $8.1 million for the second quarter of 2024 as opposed to $11.6 million in the second quarter of 2023. The sharp drop in operating expenses was primarily due to strict controls on cash expenditures and decreased R&D activity, both at Networks and OAS. This decrease in operating expenses emphasizes the ongoing benefits from the restructuring of our Ondas Autonomous Systems business unit in connection with the integration of American Robotics and Airobotics, after the Airobotics acquisition closed in January 2023.

2024 年第二季營運費用降至 810 萬美元，而 2023 年第二季營運費用為 1,160 萬美元。營運費用大幅下降主要是由於 Networks 和 OAS 對現金支出的嚴格控制以及研發活動的減少。營運費用的下降凸顯了在 2023 年 1 月 Airobotics 收購結束後，與 American Robotics 和 Airobotics 的整合有關的 Ondas Autonomous Systems 業務部門重組所帶來的持續效益。

The company narrowed operating loss to $8.3 million for the second quarter of 2024 as compared to $8.5 million for the second quarter of 2023.

該公司 2024 年第二季的營運虧損收窄至 830 萬美元，而 2023 年第二季的營運虧損為 850 萬美元。

Adjusted EBITDA loss was $6.7 million for Q2 2024 as opposed to $5.6 million for Q2 2023.

2024 年第二季調整後 EBITDA 損失為 670 萬美元，而 2023 年第二季為 560 萬美元。

And now let's turn to the cash flow statement. We held cash and cash equivalents of $5 million as of June 30, 2024, as compared to $15 million as of December 31, 2023. The first-half cash provided by financing includes an additional gross funding totaling $8.5 million.

現在我們來看看現金流量表。截至2024年6月30日，我們持有現金及現金等價物為500萬美元，而截至2023年12月31日，我們持有現金及現金等價物為1,500萬美元。上半年融資提供的現金包括總計 850 萬美元的額外融資總額。

Cash used in operations during the first half of 2024 decreased by $5.6 million due to -- primarily due to the lower operating expenses discussed just now, as well as lower investment in working capital as we collected receivables from the higher revenues in the previous year. We expect cash utilization to improve significantly as we move into the second half of 2024. Improved cash efficiency comes from both continued cost control and operating expense leverage at our OAS business unit, given our expectation of a recovery in revenue and gross profit growth in the second half of 2024.

2024 年上半年營運中使用的現金減少了 560 萬美元，主要是由於剛才討論的營運費用較低，以及我們從上一年較高收入中收取的應收帳款而減少了營運資本投資。我們預計，進入 2024 年下半年，現金利用率將顯著改善。鑑於我們預計 2024 年下半年收入和毛利將恢復成長，現金效率的提高來自於我們 OAS 業務部門持續的成本控制和營運費用槓桿。

As noted, we ended Q2 with $5 million in cash. As of June 30, 2024, we had $29.2 million of convertible notes outstanding. As we previously stated, it is our objective to equitize these notes by using shares to retire the note side of our monthly amortization, or to see these notes convert entirely to equity prior to maturity.

如前所述，我們在第二季結束時擁有 500 萬美元現金。截至 2024 年 6 月 30 日，我們的未償還可轉換票據為 2,920 萬美元。正如我們之前所說，我們的目標是透過使用股票來償還我們每月攤銷的票據部分，或看到這些票據在到期前完全轉換為股權，從而使這些票據公平化。

I will now hand the call back to Eric.

我現在將把電話轉回給埃里克。

Thank you, Neil. Now, we will transition to a review of our business units and ask Guy Simpson and Meir Kliner to share updates on business development activity and operations. We will also ask Tim Tenney to share comments regarding American Robotics and the outlook for OAS in the United States.

謝謝你，尼爾。現在，我們將轉向對業務部門進行審查，並請 Guy Simpson 和 Meir Kliner 分享業務開發活動和營運的最新情況。我們還將邀請蒂姆·坦尼分享有關美國機器人公司和美洲國家組織在美國前景的評論。

As I hand the call to Guy, I want to reiterate that I have confidence in our ability to grow an important business at Ondas 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. While timelines have extended, the opportunity at 900 megahertz as well as with other private networks for the Class I rails, in addition to global rail markets remain substantial.

當我把電話交給 Guy 時，我想重申，我對 Ondas Networks 發展重要業務的能力充滿信心，因為我們部署的無線技術對於鐵路客戶、大型工業供應商和新興 MC 至關重要。系統。雖然時間表有所延長，但除了全球鐵路市場之外，900 兆赫茲以及 I 級鐵路的其他專用網路的機會仍然很大。

Guy, please proceed.

夥計，請繼續。

Thank you, Eric.

謝謝你，埃里克。

Once again, I'm happy to be here this morning and to share Ondas Networks updates for our investors. Following on from previous calls, I will provide an incremental update on 900-megahertz network upgrades and migrations. Although progress towards wide-scale deployment has been slower than we would like, there have been some significant milestones recently.

我很高興今天早上再次來到這裡，為我們的投資者分享 Ondas Networks 的最新動態。繼之前的電話會議之後，我將提供有關 900 兆赫茲網路升級和遷移的增量更新。儘管大規模部署的進展比我們希望的要慢，但最近已經出現了一些重要的里程碑。

Our distribution partner, Siemens Mobility, received the first commercial Airlink order for a system-wide upgrade of the commuter railroad network in the Southwest. As a reminder, Siemens Airlink products are powered by our FullMAX software-defined networking platform. This network is now in full live operation using exclusively Airlink radio products and the progressive migration to 802.16 operation in the A block is underway.

我們的分銷合作夥伴西門子移動收到了第一份商業 Airlink 訂單，用於對西南地區的通勤鐵路網絡進行全系統升級。請注意，Siemens Airlink 產品由我們的 FullMAX 軟體定義網路平台提供支援。該網路目前完全使用 Airlink 無線電產品進行全面運行，並且正在逐步遷移到 A 區的 802.16 運行。

Furthermore, this migration supports the introduction of new IP applications using the same 900-megahertz network infrastructure. This is a key benefit of 802.16 technology in creating general purpose networks that are flexible, expandable and allow for the adoption of new operating and safety technologies. This is unlike the legacy application-specific networks that are capable of only a single use case.

此外，此遷移支援使用相同的 900 兆赫網路基礎架構引入新的 IP 應用程式。這是 802.16 技術在創建靈活、可擴展並允許採用新操作和安全技術的通用網路方面的關鍵優勢。這與僅支援單一用例的傳統特定應用網路不同。

Our systems integration activity with the Class I Railroad in Chicago continues, with Airlink products supporting live network operations. We are currently planning the next phase with this customer, which we expect to complete in the second half of 2024.

我們與芝加哥 I 級鐵路的系統整合活動仍在繼續，Airlink 產品支援即時網路營運。我們目前正與該客戶規劃下一階段，預計於 2024 年下半年完成。

Also in Chicago, we have completed the establishment of three discrete labs in which a transit customer is evaluating dot16 technology and planning for field trials. We expect our distribution partner to receive an order for a system-wide upgrade in Q3 2024. Our work with the AAR and in particular, its wireless communications Committee, or WCC, continues. As reported in the last earnings call, the AAR has repeated its public commitment to the 900 networks migration and the deadlines imposed by the FCC. They have also restated the critical role of dot16 as being key to their future network plans. The successful integration of Airlink products into legacy 900-megahertz networks is a key milestone on the path to network migration.

同樣在芝加哥，我們已經完成了三個獨立實驗室的建立，其中一位交通客戶正在評估 dot16 技術並規劃現場試驗。我們預計我們的分銷合作夥伴將在 2024 年第三季收到系統範圍升級的訂單。我們與 AAR、特別是其無線通訊委員會 (WCC) 的合作仍在繼續。正如上次財報電話會議所報導的，AAR 重申了其對 900 網路遷移的公開承諾以及 FCC 規定的最後期限。他們也重申 dot16 的關鍵角色是其未來網路計畫的關鍵。Airlink 產品成功整合到傳統 900 兆赫網路中是網路遷移道路上的重要里程碑。

In Q2, we continued our support of multiple customers to achieve this critical objective. The introduction of new dot16 applications helps to reinforce the value of a general-purpose network being created as part of the migration to the 900-megahertz A block. We are working with multiple customers to integrate a variety of IP-based solutions in parallel with the legacy critical train control, or CTC application. In one example, the 900-megahertz network can be used as a complementary and redundant path of positive train control applications.

在第二季度，我們繼續為多個客戶提供支援以實現這一關鍵目標。新的 dot16 應用程式的引入有助於增強作為遷移到 900 兆赫茲 A 區塊的一部分而創建的通用網路的價值。我們正在與多個客戶合作，將各種基於 IP 的解決方案與傳統的關鍵列車控製或 CTC 應用程式並行整合。在一個範例中，900兆赫網路可以用作主動列車控制應用的補充和冗餘路徑。

Key to securing further commercial orders from the railroads is to work within their standard procedures. Railroad budgets for 2025 will typically be determined in the second half of 2024 and finalized in Q4. And we are working with our distribution partner to secure orders. Of course, we are also continuing to pursue opportunities to capture orders within 2024 budgets.

從鐵路公司獲得更多商業訂單的關鍵是按照其標準程序進行工作。2025 年的鐵路預算通常會在 2024 年下半年確定，並在第四季最終確定。我們正在與我們的分銷合作夥伴合作以確保訂單。當然，我們也持續尋找機會，在2024年的預算範圍內取得訂單。

We are executing on the new PTC Data Radio program for Amtrak and the first prototypes have recently been delivered for evaluation. We expect the development program to be completed in Q1 2025 and commercial deliveries to start in Q2.

我們正在為 Amtrak 執行新的 PTC 數據無線電計劃，第一批原型機最近已交付用於評估。我們預計開發計畫將於 2025 年第一季完成，商業交付將於第二季開始。

We continue to work with Siemens in the UK on a new locomotive radio for the European market with important development milestones being achieved in Q2 2024. The delay in commercial orders for the 900-megahertz network has created pressure on the networks business. We have taken specific actions to manage expenses, including headcount reduction and a sharp focus on direct revenue-generating activities.

我們繼續與英國西門子合作，為歐洲市場開發一款新型機車無線電，並於 2024 年第二季實現重要的開發里程碑。900兆赫網路商業訂單的延遲給網路業務帶來了壓力。我們採取了具體行動來管理開支，包括裁員和專注於直接創收活動。

I remain extremely positive on the outlook for our dot16 wireless technology with the railroads. There is little doubt that new network investment is required and that we have proven the value of our technology and capabilities. I am hopeful that as the railroads move through their 2025 budgeting process, we will receive more clarity in the coming months in terms of orders and deployment plans for 2025.

我對 dot16 無線技術在鐵路領域的前景仍然非常樂觀。毫無疑問，需要新的網路投資，並且我們已經證明了我們的技術和能力的價值。我希望，隨著鐵路部門完成 2025 年預算編制流程，我們將在未來幾個月內獲得更多關於 2025 年訂單和部署計劃的資訊。

Now, I will hand the call back to Eric. Eric?

現在，我將把電話轉回給埃里克。艾瑞克？

Thank you, Guy.

謝謝你，蓋伊。

I will now ask Meir Kliner to take the floor and update us on progress at Ondas Autonomous Systems. Meir's comments will include an update on Iron Drone and our intensive engagements with customers. Note that as it relates to the iron Drone Raider, there are certain technical and operational details that are considered sensitive, which we aren't able to share at this moment. Though Meir will give you a good feel about what makes Iron Drone special, and the advancements we have made with customers and in the commercialization of the Raider. Meir?

我現在請 Meir Kliner 發言，向我們介紹 Ondas Autonomous Systems 的最新進展。梅爾的評論將包括 Iron Drone 的最新情況以及我們與客戶的密切接觸。請注意，由於它與鐵製無人機襲擊者有關，因此某些技術和操作細節被認為是敏感的，但我們目前無法分享。不過，Meir 會讓您很了解 Iron Drone 的特殊之處，以及我們與客戶以及 Raider 商業化的進步。梅爾？

Thank you, Eric.

謝謝你，埃里克。

During Q2, we continued to witness strong growth in demand for our unmanned systems and solutions in the defense and online security markets. The ongoing conflicts and events worldwide are underscoring the significant role of unmanned area systems, particularly in low altitude areas for both offense and defense missions. Almost every organization worldwide that is involved in national security is gearing up their use of drones for various missions and seeking solutions to protect against outside drone attacks.

第二季度，我們繼續見證國防和線上安全市場對我們的無人系統和解決方案的需求強勁增長。世界各地持續發生的衝突和事件凸顯了無人區域系統的重要作用，特別是在低空地區的進攻和防禦任務中。全球幾乎所有涉及國家安全的組織都在準備使用無人機執行各種任務，並尋求解決方案以防止外部無人機攻擊。

Ondas is well positioned to respond to this growing demand, offering revolutionary technology and unmatched operational readiness. Both the Optimus system and Iron Drone Raider have essentially no competitive alternatives that offer equivalent capabilities to operate continuously in both civil and military environments even under our weather condition and limited access to infrastructure, such as GPS, internet and cellular networks.

Ondas 能夠很好地滿足這一不斷增長的需求，提供革命性的技術和無與倫比的營運準備。Optimus 系統和Iron Drone Raider 本質上都沒有具有競爭力的替代品，即使在我們的天氣條件和基礎設施（例如GPS、互聯網和蜂窩網絡）訪問受限的情況下，也能提供在民用和軍事環境中連續運轉的同等功能。

Airobotics' primary focus during Q2 was on enhancing the capabilities of Iron Drone Raider to meet the urgent needs of our customers in these military environments. We have succeeded in advancing and showcasing the capabilities of the Iron Drone Raider system and have already secured both a global defense entity and a major military organization as customers. We have also secured the first order for the deployment of the Iron Drone Raider in a combat environment, as we recently announced.

Airobotics 在第二季的主要重點是增強 Iron Drone Raider 的功能，以滿足這些軍事環境中客戶的緊急需求。我們成功地推進並展示了 Iron Drone Raider 系統的功能，並已經獲得了全球國防實體和主要軍事組織的客戶。正如我們最近宣布的那樣，我們還獲得了在戰鬥環境中部署 Iron Drone Raider 的第一份訂單。

We are advancing our Optimus system inventory build plan and believe that the Optimus system will be required by existing and many additional customers due to the growth in the defense markets. Our teams in the US and Israel are working on advancing the Optimus system configuration to address the needs of defense and homeland security customers. We look forward to sharing more news about the new opportunities with the Optimus Systems, soon.

我們正在推進 Optimus 系統庫存建設計劃，並相信由於國防市場的成長，現有客戶和許多其他客戶將需要 Optimus 系統。我們在美國和以色列的團隊正在致力於改進 Optimus 系統配置，以滿足國防和國土安全客戶的需求。我們期待很快與 Optimus Systems 分享更多有關新機會的消息。

In the US, American Robotics secured a fixed price contract with the US Coast Guard for emissions monitoring at the Port of Long Beach, and further developed our customer pipeline for Optimus Systems in US governmental sectors. American Robotics hosted several successful demonstrations and the new vision and operational center in Baltimore, showcasing its unparalleled capabilities in Beyond Visual Line of Sight phone operations and automation capabilities. As I previously mentioned, many security organizations worldwide are seeking solutions to protect against outside drones.

在美國，American Robotics 與美國海岸防衛隊簽訂了長灘港排放監測固定價格合同，並進一步開發了美國政府部門 Optimus Systems 的客戶管道。美國機器人公司在巴爾的摩舉辦了許多成功的演示和新的視覺和營運中心，展示了其在超視距電話操作和自動化功能方面無與倫比的能力。正如我之前提到的，世界各地的許多安全組織正在尋求解決方案來防範外部無人機。

I would like to take a few minutes to elaborate on the Iron Drone Raider, it's automation features and advantages. The Raider Drone launches from a designated protected storage, this storage can host one to three drones, keeping the Raider Drone hot and ready for a quick launch. It's crucial to have the drones ready for emission as the interception window of opportunities is typically limited.

我想花幾分鐘詳細介紹一下 Iron Drone Raider，它的自動化功能和優點。Raider 無人機從指定的受保護儲存中發射，可容納一到三架無人機，使 Raider 無人機保持熱狀態並為快速發射做好準備。讓無人機做好發射準備至關重要，因為攔截機會的窗口通常是有限的。

Deploying Iron Drone system is a cost-effective solution compared to deploying manual or automated machine guns, missiles and expensive laser systems, which may not always be applicable as they can cause more collateral damage than the hostile drone itself. Once the Iron Drone Raider receives an estimated location of the target, typically from a radar or another detection system, the Raider automatically launches from its pod and starts flying to this estimated location.

與部署手動或自動機槍、飛彈和昂貴的雷射系統相比，部署Iron Drone 系統是一種經濟高效的解決方案，後者可能並不總是適用，因為它們可能比敵方無人機本身造成更多的附帶損害。一旦 Iron Drone Raider 通常從雷達或其他偵測系統接收到目標的估計位置，Raider 就會自動從其吊艙發射並開始飛往該估計位置。

This flight is entirely autonomous and is based on an advanced system that we have developed that integrates designated hardware with AI models and optical flows. During the flight, the Raider uses its build in thermal camera to search for and find the hostile drone and recognize it with its advanced AI software. We have invested significant efforts in training our algorithms to recognize different types of drones under various operational conditions.

這次飛行是完全自主的，基於我們開發的先進系統，該系統將指定硬體與人工智慧模型和光流整合在一起。在飛行過程中，攻擊者使用其內建熱像儀來搜尋和發現敵方無人機，並透過其先進的人工智慧軟體識別它。我們投入了大量精力來訓練我們的演算法，以識別不同操作條件下不同類型的無人機。

After autonomously detecting the target, the Raider Drone begin to track it and fly towards a meeting point. The Raider uses its guiding camera, computing power and onboard micro-radar to calculate a flight route for interception, maintaining an optimal and close-range position from the target. This stage requires fast and robust computing and highly responsive motor configuration to be able to maneuver autonomously with the target. The Raider than intercepts the target by operator command with a designated ballistic net. The net can be attached to parachute to reduce collateral damage if operating in over populated areas.

在自主偵測到目標後，襲擊者無人機開始追蹤目標並飛向集合點。襲擊者利用其導引攝影機、運算能力和機載微雷達來計算攔截的飛行路線，保持與目標的最佳近距離位置。此階段需要快速、強大的計算和高響應性的馬達配置，以便能夠針對目標進行自主機動。然後，攻擊者根據操作員的命令用指定的彈道網攔截目標。如果在人口稠密的地區進行操作，該網可以連接到降落傘上以減少附帶損害。

Now in Q2, Airobotics secured a purchase order from a major defense company for the Iron Drone Raider. In addition, we recently announced Ondas received an initial order from a significant military customer to provide the first systems for operational deployments, adding in the protection of military unit for the borders and other critical assets from hostile drones. And today, we announced that the military customers has expanded the program via a second order.

現在，在第二季度，Airobotics 獲得了一家大型國防公司的 Iron Drone Raider 採購訂單。此外，我們最近宣布Ondas 收到了一位重要軍事客戶的初步訂單，為作戰部署提供第一套系統，增加了對邊境軍事單位和其他關鍵資產的保護，使其免受敵方無人機的攻擊。今天，我們宣布軍事客戶已透過第二份訂單擴大了該計劃。

We are concentrating on progressing this order through a multi-stage structured world map, building a supply chain and service infrastructure for sustainment while working on demonstrating the system and capturing new global defense customers. We anticipate additional volume orders in the second half of 2024 based on successful combat operations.

我們正集中精力透過多階段結構化世界地圖來推進這項訂單，建立供應鏈和維持服務基礎設施，同時努力展示該系統並吸引新的全球國防客戶。基於成功的作戰行動，我們預計 2024 年下半年會有更多訂單。

Airobotics continue to expand operations with a local governmental entity in Dubai, supporting the world's first drone network infrastructure for public safety and other public services. We have secured and renewed and expanded service agreement for the support and maintenance of the Optimus Systems fleet deployed in Dubai. The deployed fleet of Optimum System has been extensively utilized by the local government entity. This initiative is expected to continue with the aim of achieving a fleet of more than 20 systems by the end of 2025.

Airobotics 繼續擴大與杜拜當地政府實體的業務，支援世界上第一個用於公共安全和其他公共服務的無人機網路基礎設施。我們已獲得、更新和擴大了服務協議，以支援和維護部署在杜拜的 Optimus Systems 機隊。Optimum System 部署的車隊已被地方政府實體廣泛使用。該舉措預計將繼續下去，目標是到 2025 年底實現超過 20 個系統的艦隊。

We are expanding our business in the UAE with additional deployments and locations. During Q2, we continued our market reach activities to expand into Europe, addressing this through reseller partnerships with HHLA Sky and C-Astral Aerospace in Germany, Slovenia and other European countries.

我們正在透過更多的部署和地點來擴展我們在阿聯酋的業務。第二季度，我們繼續進行市場拓展活動，向歐洲擴張，透過與德國、斯洛維尼亞和其他歐洲國家的 HHLA Sky 和 ​​C-Astral Aerospace 經銷商合作夥伴關係解決了這個問題。

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

現在，我將把電話轉交給 American Robotics 執行長 Tim Tenney，介紹我們在 American Robotics 所取得的業務成就的最新情況。

Thank you, Meir.

謝謝你，梅爾。

We have just completed the buildout of our new demonstration training and operations center, which was launched via a grand opening event in June at our Baltimore County, Maryland headquarters. We were very excited to see the positive reception of local, state and federal leadership to include the Deputy Regional Administrator for the Federal Aviation Administration, as well as many other dignitaries. The launch has already paved the way for increased opportunities as we have seen large municipal, state and other potential customers come and provide actionable and positive feedback on the products, location and operations. This has led to increased demand for the deployment of the Optimus system with potential customers in both government and commercial segments.

我們剛剛完成了新的示範培訓和營運中心的建設，該中心於 6 月在馬裡蘭州巴爾的摩縣總部舉行了盛大的開幕活動。我們非常高興地看到地方、州和聯邦領導層的積極接待，其中包括聯邦航空管理局副地區管理局局長以及許多其他政要。此次發布已經為增加機會鋪平了道路，因為我們已經看到大型市政、州和其他潛在客戶的到來，並對產品、位置和營運提供了可操作的積極回饋。這導致政府和商業領域的潛在客戶對部署 Optimus 系統的需求增加。

We are also pleased to share that American Robotics landed an important strategic win with the US Coast Guard by securing a fixed price contract for a program designed to perform emissions monitoring at the ports of Los Angeles and Long Beach. The aerial collection of data via specialized and certified payload will allow the EPA in US Coast Guard increased capability that increases the compliance of vessels entering US ports in alignment with the EPA Clean Ports initiatives.

我們也很高興地與大家分享，美國機器人公司與美國海岸防衛隊取得了重要的戰略勝利，為旨在在洛杉磯和長灘港口進行排放監測的項目簽訂了固定價格合約。透過專門且經過認證的有效載荷進行空中數據收集，將使美國海岸防衛隊的 EPA 增強能力，提高進入美國港口的船舶與 EPA 清潔港口計劃保持一致的合規性。

Compliance with the global standards around maritime emissions is intended to improve air quality. Being selected by the US Coast Guard for this critical and complex operation continues to prove that both commercial and government customers trust American Robotics to provide the right capabilities and solutions. It's important to emphasize that this is being treated by the US Coast Guard as an initial operation.

遵守有關海上排放的全球標準旨在改善空氣品質。被美國海岸防衛隊選中執行這項關鍵而複雜的行動，繼續證明商業和政府客戶都相信 American Robotics 能夠提供正確的功能和解決方案。需要強調的是，美國海岸防衛隊將此視為初步行動。

Given the importance of this mandate, we are confident this will only grow as a requirement for the EPA and US Coast Guard. We believe that this has the potential to develop into a much larger opportunity for American Robotics with the possibility of a program of record for persistent inspection across all major US ports. We are executing the program over the next couple of weeks, and we look forward to sharing more details in the future.

鑑於這項任務的重要性，我們相信這只會成為美國環保署和美國海岸防衛隊的要求。我們相信，這有可能為美國機器人公司帶來更大的機遇，並有可能在美國所有主要港口實施持續檢查記錄計劃。我們將在接下來的幾週內執行該計劃，並期待將來分享更多細節。

American Robotics is also advancing its go-to-market plans in US defense and security markets with both Optimus and Iron Drone. We demonstrated our Optima system to key customers, which included public safety as well as a major technology infrastructure provider in Texas. This demonstration showcased its capability to remotely operate drone fleets Beyond Visual Line of Sight via the leveraging of Optimus FAA type certification and the Kestrel system.

American Robotics 也透過 Optimus 和 Iron Drone 推進其在美國國防和安全市場的上市計劃。我們向主要客戶展示了我們的 Optima 系統，其中包括公共安全部門以及德克薩斯州的一家主要技術基礎設施提供者。此次演示展示了其透過利用 Optimus FAA 型號認證和 Kestrel 系統在視野之外遠端操作無人機機隊的能力。

We also successfully hosted demonstrations for key potential customers with the Kestrel system, an airspace monitoring system comprised of active and passive technology that is fused with air traffic situational awareness software. This system satisfies regulatory detect and avoid requirements, enabling full autonomous and remote Beyond Visual Line of Sight operations. 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.

我們還成功為關鍵潛在客戶舉辦了 Kestrel 系統演示，該系統是一種空域監控系統，由主動和被動技術組成，並與空中交通態勢感知軟體相整合。該系統滿足監管檢測和規避要求，實現完全自主和遠端超視距操作。我們預計新的機會將在 2024 年下半年生效，我期待讓我們的投資者了解這些活動。

I will now hand the call back to Eric.

我現在將把電話轉回給埃里克。

Let's wrap the call now, summarize the outlook, and provide context for where we are and where we are going. We're going to continue to hold off on providing a formal outlook for 2024. While we expect modest revenues for Ondas Networks in the second half, mostly driven by development programs, we continue to see a major financial opportunity in 900 megahertz and beyond.

現在讓我們結束這通通話，總結一下前景，並提供我們目前的情況和未來發展方向的背景資訊。我們將繼續延後提供 2024 年的正式展望。雖然我們預計 Ondas Networks 下半年的收入將不大（主要是由開發計劃推動），但我們仍然看到 900 兆赫及以上的重大財務機會。

Recall from our last call, public comments made by the AAR in May and June suggest the Railroads are intending to build out the 900-megahertz network. And it also suggests they will have some urgency. We are working hard to drive visibility on time lines around 900 megahertz, and we and our partner are asking for orders. In addition, the Railroads typically complete budgets in the October and November time period, as Guy stated, we believe that will help support clarity for the outlook in 2025. We have made it clear customers that we need ordering plans well in advance to fulfill deployments, which we expect to occur in 2025.

回想一下我們上次的電話會議，AAR 在 5 月和 6 月發表的公開評論表明鐵路公司打算建造 900 兆赫網絡。這也顯示他們會有一些緊迫感。我們正在努力提高 900 兆赫左右時間線上的可見性，並且我們和我們的合作夥伴正在尋求訂單。此外，正如蓋伊所說，鐵路通常在 10 月和 11 月期間完成預算，我們相信這將有助於明確 2025 年的前景。我們已向客戶明確表示，我們需要提前製定訂購計劃才能完成部署，我們預計將在 2025 年完成部署。

For OAS, we see a significant recovery in revenue beginning in the second half, and I believe the recovery will be strong and durable in the coming years, supported by demand from Optimus from both existing customers in the Middle East and rest of World, and a growing opportunity in the United States with American Robotics. We also believe the Optimus platform has significant potential with military customers, and this is now part of our customer pipeline.

對於 OAS，我們看到下半年開始收入顯著復甦，我相信在中東和世界其他地區現有客戶 Optimus 需求的支持下，未來幾年的復甦將強勁且持久，美國機器人公司在美國提供了越來越多的機會。我們也相信 Optimus 平台在軍事客戶中具有巨大潛力，現在它已成為我們客戶管道的一部分。

The need to protect and secure military locations, critical civil and industrial infrastructure and technology assets, and for public safety and emergency response capabilities continues to grow in importance. We have the product platforms and services portfolio to meet the needs of the highest end of these markets from a performance and reliability standpoint. To that end, our new customer training and demonstration center with American Robotics in Maryland is allowing us to efficiently engage customers and is likely to accelerate sales cycles.

保護軍事地點、關鍵民用和工業基礎設施和技術資產以及公共安全和緊急應變能力的需求日益重要。我們擁有的產品平台和服務組合可以從性能和可靠性的角度滿足這些市場最高端的需求。為此，我們與美國機器人公司在馬裡蘭州建立的新客戶培訓和演示中心使我們能夠有效地吸引客戶，並可能加快銷售週期。

A brief word about the US market and American Robotics. In recent quarters, we have noticed a notable maturation of the US market from an end customer standpoint. Commercial customers realize the value of the drone for aerial security and intelligence are improving their expertise in integrating drones into their operating environments, and are securing budgets for expanded operations. Public safety may be the best example where demand is booming, and many public safety departments are looking to scale Drone as a First Responder, or DFR programs.

關於美國市場和美國機器人公司的簡短介紹。最近幾個季度，從最終客戶的角度來看，我們注意到美國市場顯著成熟。商業客戶意識到無人機對於空中安全和情報的價值，正在提高將無人機整合到其操作環境中的專業知識，並為擴大營運確保預算。公共安全可能是需求蓬勃發展的最佳例子，許多公共安全部門正在尋求擴大無人機作為第一個響應者（DFR）計畫的規模。

We are seeing significant interest in Optimus for high-end use cases, where markets are most mature and require safety and advanced autonomy, have high system utilization demand, and most of all, require proven reliability. We believe Optimus is in its own class as an industrial and even military grade platform to meet these requirements. Optimus is still new to the US and with our new Baltimore location, we are seeing the most sophisticated users of drones indicate significant interest in our platform as well as our ability to integrate safety and regulatory solutions to support field deployments and flight operations. We will look to leverage that with comprehensive programs designed around scalable fleet operations with American Robotics. I am optimistic we will be able to share updated proof points as we move through the second half with Optimus and AR.

我們看到 Optimus 對高端用例產生了濃厚的興趣，這些用例的市場最成熟，需要安全性和先進的自主性，具有很高的系統利用率需求，最重要的是，需要經過驗證的可靠性。我們相信 Optimus 是同類中的工業級甚至軍事級平台，可以滿足這些要求。Optimus 對美國來說仍然是新事物，隨著我們在巴爾的摩的新基地，我們看到最先進的無人機用戶對我們的平台以及我們整合安全和監管解決方案以支援現場部署和飛行操作的能力表現出濃厚的興趣。我們將尋求利用美國機器人公司圍繞可擴展車隊營運設計的綜合計劃來利用這一點。我樂觀地認為，隨著 Optimus 和 AR 進入下半年，我們將能夠分享更新的證據。

I want to also note that we continue to work on funding plans to address our liquidity position. We may seek additional funds through our equity or debt offerings and/or borrowings under additional notes payable, lines of credit or other sources. We noted in the earnings release that Charles & Potomac has invested $1.5 million via Senior Notes in Ondas Networks. Of course, we are grateful for the continued support of Charles & Potomac. I believe we have tremendously valuable technology platforms and have both demonstrated product market fit with customers and proven we can deploy these technologies with attractive unit economics.

我還想指出，我們將繼續制定融資計劃，以解決我們的流動性狀況。我們可能會透過我們的股權或債務發行和/或額外應付票據、信用額度或其他來源的借款來尋求額外資金。我們在財報中指出，Charles & Potomac 透過高級票據向 Ondas Networks 投資了 150 萬美元。當然，我們感謝 Charles & Potomac 的持續支持。我相信我們擁有非常有價值的技術平台，並且已經證明了產品市場適合客戶，並證明我們可以以有吸引力的單位經濟效益部署這些技術。

I believe there are experienced defense, industrial and technology partners who see that value. Our objective is to properly capitalize the businesses and support the focused business and financial plan we have created to operationalize, enable and enable the scalable expansion we are working hard at driving. We also plan to hold an Investor Day in the first half of September, where we will focus on Ondas' Autonomous System. The event will take place at our Baltimore location, where we will provide system demonstrations, as well as, a detailed overview of our business plan with an in-depth look at the financial model and outlook for OAS. We will share details and logistics next week. I encourage our investors to make the trip to Baltimore for this, though we will also offer a live broadcast of the event.

我相信經驗豐富的國防、工業和技術合作夥伴都看到了這價值。我們的目標是適當地利用業務資本並支持我們制定的重點業務和財務計劃，以實施、實現和實現我們正在努力推動的可擴展擴張。我們也計劃在 9 月上半月舉辦投資者日，專注於 Ondas 的自治系統。活動將在我們位於巴爾的摩的地點舉行，我們將在那裡提供系統演示以及我們業務計劃的詳細概述，並深入探討 OAS 的財務模型和前景。我們將在下週分享詳細資訊和物流。我鼓勵我們的投資者為此前往巴爾的摩，儘管我們也將提供該活動的現場直播。

So I will close by saying the outlook remains very positive for Ondas. Ondas Networks is taking longer than we want, but we have the dot16 platform solution and are committed to delivering for customers. We will get there. Our drone businesses are poised for an inflection point as we recover from war disruptions. We expect to deliver on demand for Optimus and, of course, capitalize on the exceptional opportunity with Iron Drone as we introduce this platform and capture a new revenue stream. I believe we will have a strong second half and have an extremely bright future.

因此，我最後要說的是，昂達斯的前景仍然非常樂觀。Ondas Networks 花費的時間比我們想要的要長，但我們擁有 dot16 平台解決方案，並致力於為客戶提供服務。我們會到達那裡。隨著我們從戰爭破壞中恢復過來，我們的無人機業務即將迎來一個轉折點。我們希望能夠按需交付 Optimus，當然，當我們推出 Iron Drone 平台並獲得新的收入來源時，我們也會利用 Iron Drone 的絕佳機會。我相信我們會有一個強勁的下半年，並且有一個極其光明的未來。

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

說到這裡，我們看看還有沒有什麼問題。操作員？

(Operator Instructions) Glenn Mattson, Ladenburg.

（操作員說明）Glenn Mattson，拉登堡。

First, on the Networks business. Could you kind of just give us a better sense of the scope of some of these things, you talked about the trends of the authority in the Northeast valuing dot16 and you expect a system-wide upgrade order potentially in the third quarter? There's the first commercial order of Airlink live operations of 802.6 migration leading to new IP applications being deployed.

首先是網路業務。您能否讓我們更了解其中一些事情的範圍，您談到了東北部當局對 dot16 的評估趨勢，並且您預計第三季可能會下達全系統升級訂單？Airlink 的第一個 802.6 遷移即時營運商業訂單導致新的 IP 應用程式部署。

Can you just kind of help us understand some of the size and scope of the, as best you can as far as from what do you know right now in terms of the magnitude? And then maybe you could frame it along the lines of like, is there the scope of work that you expected, say, six months ago versus where you are today in relation to the migration plan for Q3 '15 or whatever, where we are in terms of how far along on track we are and all that kind of stuff?

您能否根據您目前所知的規模，盡可能幫助我們了解一些規模和範圍？然後也許你可以按照這樣的思路來構建它，是否有你預期的工作範圍，比如說，六個月前與你今天的情況相比，與15 年第三季度的遷移計劃或其他什麼有關，我們所處的位置我們在正軌上走了多遠以及諸如此類的事情？

Sure, Glenn. So what we're talking about with these three customers that we're active in the field with are, what we're describing as area-wide networks. So these are smaller deployments, and they're going to be largely fulfilled out of Siemens inventory. And as we're doing that, we're working with customers on the broader deployment plans across wider systems.

當然，格倫。因此，我們與活躍在該領域的這三個客戶談論的是我們所描述的區域網路。因此，這些都是較小的部署，並且大部分將由西門子庫存來完成。在我們這樣做的同時，我們正在與客戶合作制定跨更廣泛系統的更廣泛部署計劃。

So a little more context, as we said, two of those three customers are transit operators, and of course, their footprints are going to be much smaller, individually. Now transit as a whole, there's a lot of territory to cover, but specific transit customers are typically based in city environments. As opposed to the Class I freights, which collectively, amongst the six freight operators, cover the entire country.

因此，正如我們所說，更多的背景信息，這三個客戶中有兩個是交通運營商，當然，他們的足跡會小得多。現在，交通作為一個整體，有很多領域需要覆蓋，但特定的交通客戶通常位於城市環境中。與 I 類貨運相反，I 類貨運由六家貨運業者共同涵蓋整個國家。

So what we're trying to do is use these proof points, show the deployment activity, demonstrate how we deploy the network, how it's installed and operated and maintained? And as we're doing that, working with the customers on these broader wide area deployments across their systems.

那麼我們要做的就是利用這些證據，展示部署活動，展示我們如何部署網絡，如何安裝、操作和維護？當我們這樣做時，與客戶合作在他們的系統上進行更廣泛的廣域部署。

And just your commentary on --

只是你的評論--

And Glenn, maybe I'll just say on scale -- I'm sorry I interrupt but you did ask about scale. And of course, we think this is a big opportunity. We've given market size information at least a couple of times around the TAM for 900, which we think is over $400 million. And a good chunk of that, the obtainable market out of the gate here is the initial build-out of the new 900-megahertz network, which we think is half of that.

格倫，也許我會說規模——很抱歉我打斷了你，但你確實問過規模問題。當然，我們認為這是一個很大的機會。我們至少多次提供 TAM 900 市場規模信息，我們認為該市場規模超過 4 億美元。其中很大一部分是新的 900 兆赫網絡的初步建設，我們認為這只是其中的一半。

So obviously, we continue to have a big opportunity. And what we need to do with these customers is just drive them further down the path. And we do believe that the budgeting process that they're going through now will be providing for the beginning of deployments.

顯然，我們仍然擁有巨大的機會。我們需要對這些客戶做的就是推動他們沿著這條路走得更遠。我們確實相信他們現在正在經歷的預算流程將為部署的開始做好準備。

That's helpful. On the OAS side, UAE was a big part of the kind of back half, I think, projections and everything, and it sounds like you guys continue to make progress with them. You talked about this service arrangement that you've added and stuff. Can you just talk about the potential for further deployments in the second half? Do you still expect that? And is it the same pace as you previously had expected?

這很有幫助。在美洲國家組織方面，阿聯酋是後半場的重要組成部分，我認為，預測和一切，聽起來你們繼續與他們一起取得進展。您談到了您新增的服務安排之類的內容。您能否談談下半年進一步部署的可能性？你還期待這樣嗎？這與您之前預期的速度相同嗎？

Yes, certainly. So we have talked about our government customer, which is a public safety group in the UAE deploying fleets across the city of Dubai. They have publicly said that they intend to deploy 22 systems by the end of 2025, and that is a plan that they've reiterated multiple times, including in the first half of this year.

是的，當然。我們討論了我們的政府客戶，這是阿聯酋的一個公共安全組織，在杜拜市部署了車隊。他們公開表示，打算在 2025 年底之前部署 22 個系統，並且他們已經多次重申了這項計劃，包括今年上半年。

Today, we've deployed about eight systems with them, and we do have -- we've been expanding the services capabilities around that to support the broader network build-out. So we expect them to come back with a significant order in the second half, which is consistent with what we've seen in the last couple of years.

今天，我們已經部署了大約八個系統，而且我們確實已經圍繞這些系統擴展了服務功能，以支援更廣泛的網路建設。因此，我們預計他們將在下半年帶來大量訂單，這與我們過去幾年所看到的情況一致。

In addition, I want to highlight that we are really building three revenue streams now. Optimus has really started to get traction in the Middle East and rest of world. Of course, we've described some of the activity we've had on the commercial side with American Robotics. I do think we're going to get at least a win or two here in the US in the second half. And the customers that we're working with in the US are substantial, and do have the capability, and I would say the intent, if we begin deploying with them to build fleets.

此外，我想強調的是，我們現在確實正在建立三個收入來源。Optimus 確實開始在中東和世界其他地區受到關注。當然，我們已經描述了我們與 American Robotics 在商業方面開展的一些活動。我確實認為下半場我們在美國至少會取得一兩場勝利。我們在美國合作的客戶數量龐大，並且確實有能力，如果我們開始與他們一起部署來建造機隊，我想說的是他們的意圖。

So I do think we've got some activity here with AR. And then we have a third revenue line, which is starting to mature, clearly, which is Iron Drone in the military sector. So I do think we're setting up for really a strong recovery after some disruptions that I referred to in our comments that held us back a bit in the first half.

所以我確實認為我們已經在 AR 方面開展了一些活動。然後我們有第三條收入線，顯然它已經開始成熟，那就是軍事領域的 Iron Drone。因此，我確實認為，在經歷了我在評論中提到的一些幹擾之後，我們正在為真正強勁的復甦做好準備，這些幹擾使我們在上半年受到了一些阻礙。

That's great. And then I guess, last, the US government has kind of been on this initiative a little bit to kind of help build the industrial drone manufacturing and production base given the realities of what's going on in the world. And so can you just talk about, generally speaking, the level of support you see in terms of their interest in the kind of supporting you amongst many of the players that are out there? You talked about some new military orders and things like that. So maybe just a little more commentary on the general backdrop versus as you see it?

那太棒了。最後，我想，考慮到世界上正在發生的現實，美國政府已經採取了這項舉措，以幫助建立工業無人機製造和生產基地。那麼，您能否談談，一般來說，您所看到的支持水平，即他們對在許多玩家中支持您的興趣？你談到了一些新的軍事命令之類的事情。那麼，也許只是對整體背景與您所看到的情況進行更多評論？

Yes. Let me kind of keep a high level at least as I start to discuss this. So there is major support coming, really from all levels of government, both federal and specifically for DoD and DHS, but not limited to that. You see what we're doing here with the Coast Guard and the EPA, for example.

是的。至少在我開始討論這個問題時，讓我保持一個高水準。因此，各級政府都提供了重大支持，包括聯邦政府和專門針對國防部和國土安全部的支持，但不僅限於此。例如，您可以看到我們與海岸防衛隊和美國環保署一起所​​做的事情。

Understanding -- the government is clearly understanding the value of drones as tools for security and inspection and of course, defense and security as well. And that's both on the offense and defense. And then of course, we're typically on the security side. And as they do that, they're putting a lot of dollars to work and building programs and ecosystems to support not just OEMs who are developing and deploying these technologies for government applications, but they're also taking some great pains to help support any ecosystem.

理解－政府清楚地理解無人機作為安全和檢查工具的價值，當然還有國防和安全。這無論是在進攻還是防守上都是如此。當然，我們通常是在安全方面。在這樣做的同時，他們投入了大量資金來建立專案和生態系統，不僅支持為政府應用開發和部署這些技術的原始設備製造商，而且還付出了巨大的努力來幫助支援任何生態系統。

And what I mean about the ecosystem is the supply chain, the production capacity, the services capabilities and even the regulations. And all of these are interrelated, and we can see support on all levels. And as that support comes and you see the intentions of the federal government, and it does come down to some state and local activities, some very specific to what we're doing.

我所說的生態系統是供應鏈、生產能力、服務能力甚至法規。所有這些都是相互關聯的，我們可以看到各個層面的支持。當這種支持到來時，你會看到聯邦政府的意圖，它確實取決於一些州和地方的活動，其中一些活動非常具體於我們正在做的事情。

What I am seeing is that's encouraging in a big way the private sector to amplify that investment and demand signal that's coming from the government. So we think broadly, there's a big tailwind here for what we do. And I do believe that we're benefiting in a big way because what we're bringing is a very special unique technology that's valuable.

我看到的是，這在很大程度上鼓勵私營部門放大來自政府的投資和需求訊號。因此，我們從廣泛的角度思考，我們所做的事情有很大的推動力。我確實相信我們正在受益匪淺，因為我們帶來的是一種非常特殊且有價值的獨特技術。

(Operator Instructions) Jim Powers, private investor.

（操作員說明）Jim Powers，私人投資者。

I'd like some color on bandwidth allocation for the European Union to address that TAM. Is there a block -- a single block of frequency available or will it be fragmented for the rail?

我想了解歐盟的頻寬分配情況，以解決 TAM 問題。是否有一個塊——可用的單一頻率塊，或者它會被分割成鐵路？

So the opportunity in the European Union, and just, by the way, we do have some activity that's specific to development programs with our partner, Siemens. But I think the question is more broadly about what the opportunity is. And I'd say, in a lot of ways, it's very similar to the US, where Railroads and other critical infrastructure industries who are operating critical infrastructure and assets over extremely wide fields need to use low-frequency band networks that are private because it's mission-critical. So there's a huge installed base in Europe that looks a lot like what we see in the US. And we do see opportunities to bring our technology there.

因此，歐盟的機會，順便說一句，我們確實與我們的合作夥伴西門子進行了一些針對開發計劃的活動。但我認為更廣泛的問題是機會是什麼。我想說，在很多方面，這與美國非常相似，在美國，鐵路和其他關鍵基礎設施行業在極其廣泛的領域運營關鍵基礎設施和資產，需要使用私有的低頻段網絡，因為它是關鍵任務。因此，歐洲有一個巨大的安裝基礎，看起來很像我們在美國看到的。我們確實看到了將我們的技術帶到那裡的機會。

I will say where it differs a little bit is that the public infrastructure as it relates to wireless networks is a little bit more densely deployed. So that's for folks like Vodafone, Orange, other tele carriers across Europe. And that's because the population intensity is a bit different or quite a bit different than we see here in the United States. But at the same time, it's not unlike what you see here. There's a mixture of private wireless networks for mission-critical activity. There's fiber, of course, in certain areas and then in some places for some use cases, you'll see both public and cellular networks and satellite systems being deployed.

我想說的一點不同之處在於，與無線網路相關的公共基礎設施的部署更加密集。這適用於沃達豐、Orange 以及歐洲其他電信業者。這是因為人口密度與我們在美國看到的有點不同或相當不同。但同時，它與您在這裡看到的並沒有什麼不同。有多種專用無線網路用於關鍵任務活動。當然，在某些地區有光纖，然後在某些地方的某些用例中，您會看到公共和蜂窩網路以及衛星系統正在部署。

Is it -- does it have to be done on an individual country basis or does Brussels handle it centrally?

是否必須在單一國家的基礎上進行，還是布魯塞爾集中處理？

It's going to be done by rail operator, really, the private networks and connectivity is unique to each railroad. So you don't necessarily see a coordinated network deployment.

這將由鐵路營運商完成，實際上，每條鐵路的專用網路和連接都是獨一無二的。因此，您不一定會看到協調的網路部署。

With that said, similar to what we see in the US, there's obviously standards and coordination amongst the railroad operators and the vendors who are providing technology into these networks that connect to the wireless networks. So the standards are things, I guess, to watch. And obviously, the IEEE standard is going to be an option for those railroad operators and regulators.

話雖如此，與我們在美國看到的情況類似，鐵路營運商和為連接無線網路的網路提供技術的供應商之間顯然存在標準和協調。所以我想，標準是值得關注的。顯然，IEEE 標準將成為鐵路營運商和監管機構的選擇。

I was referring to the issuance of licenses for the bandwidth itself from the government entities, not the railroads.

我指的是政府實體而不是鐵路部門核發的頻寬許可證。

Okay. So I'm not familiar with what you're talking about specifically, but the -- my understanding is that whether they're owned outright or provided by the frequency coordinators at the federal level that the existing wireless networks that are low band would be upgradable with our technology.

好的。所以我不熟悉你具體談論的內容，但我的理解是，無論它們是完全擁有的還是由聯邦一級的頻率協調員提供的，現有的低頻段無線網路都將是可透過我們的技術進行升級。

Matthew Galinko, Maxim Group.

馬修·加林科，Maxim 集團。

Eric, I guess, do you expect more of the Iron Drone pipeline to go directly through defense customers as opposed to sort of an intermediary? And I guess is that surprising the way it's developed so far? And I guess, just how do you expect that to progress?

艾瑞克，我想，您是否期望更多的鋼鐵無人機管道直接通過國防客戶而不是某種中間人？我想到目前為止它的發展方式是否令人驚訝？我想，您預期事情會如何進展？

It's a great question, Matt, and I don't think I want to make -- put a stake in the ground on that because it depends. But the reason we are going direct to the customer is really because our technology platform needs to be integrated and is capable of being integrated into a variety of technologies, in particular, that being the detect technologies, which are often going to be Raider systems. So if you're a military customer and you need a counter UAS system like ours for securing and protecting against hostile drones, you want us to be able to be integrated into any detect technology, as an example.

這是一個很好的問題，馬特，我想我不想在這個問題上下注，因為這取決於情況。但我們直接面對客戶的原因實際上是因為我們的技術平台需要整合並且能夠整合到各種技術中，特別是檢測技術，通常是 Raider 系統。因此，如果您是軍事客戶，並且需要像我們這樣的反無人機系統來保護和防禦敵方無人機，那麼您希望我們能夠整合到任何偵測技術中。

I'll also add that -- and we didn't really emphasize this on the call, that the system -- the Iron Drone System has also been enhanced for mobility. That also means that what that means is it's able to be installed on a vehicle, a ground vehicle and it's mobile. So similarly, we will need to integrate the system with customers who have ground equipment that the militaries want to deploy.

我還要補充一點——我們在電話會議上並沒有真正強調這一點，即該系統——Iron Drone System 也增強了機動性。這也意味著它可以安裝在車輛、地面車輛上並且是移動的。同樣，我們需要將該系統與擁有軍方想要部署的地面設備的客戶整合。

So that's the answer. I will say going direct, and we did highlight this, but I'd just reemphasize provides many, many, many advantages to us, including the ability to really set the economics for the system, which is good as opposed to trying to be bundled into various systems on each sale.

這就是答案。我會說直接進行，我們確實強調了這一點，但我只是再次強調為我們提供了很多很多的優勢，包括真正設定係統經濟性的能力，這比試圖捆綁是好的每次銷售時都會進入不同的系統。

And then I'd also add that some customers, including this one, when you qualified as a vendor, you become eligible for what we refer to as government-to-government sales. What that means is your customer actually is marketing you to allied countries. And I think that's going to be a very significant source of new customer activity for us, and it's already started. I mean we made that point on the call.

然後我還要補充一點，一些客戶，包括這個客戶，當您獲得供應商資格時，您就有資格獲得我們所說的政府對政府銷售。這意味著您的客戶實際上正在向盟國推銷您。我認為這將成為我們新客戶活動的一個非常重要的來源，而且它已經開始了。我的意思是我們在電話中明確了這一點。

All right. And maybe just as a follow-up, just, I guess, presuming you get more of the direct sales as opposed to the alternative, what with Iron Drone, did that create any conversations to expand the visibility of Optimus Systems and their role they could play and in DoD and different defense systems? Or is it -- is the conversation fairly limited?

好的。也許只是作為一個後續行動，我想，假設你獲得了更多的直接銷售而不是替代品，那麼有了 Iron Drone，這是否創造了任何對話來擴大 Optimus Systems 的可見性以及他們可以發揮的作用在國防部和不同的防禦系統中發揮作用？還是是——談話相當有限？

I'd say you're spot on, and we did make the point on the call that these conversations and activities around securing critical locations naturally lead themselves to what we're capable of doing with Optimus for homeland security and defense. So now this is specifically a market that is emerging. Now it's always been available to us, but it hasn't been a focus for us to the extent it is going to be going forward.

我想說你說得對，我們確實在電話中指出了這一點，即這些圍繞確保關鍵地點安全的對話和活動自然會引導我們與擎天柱一起為國土安全和國防做些什麼。所以現在這是一個正在興起的市場。現在我們一直可以使用它，但它並沒有成為我們未來的焦點。

Great. Maybe one last question. I think you qualified the Iron Drone opportunity a couple of times with the defense customers. I don't know if you meant it as pending success in its current use or if it's been tested and it's actively moving towards that commercial order. But can you just clarify if you're sort of waiting for more performance data of actual use for further go ahead for order? Or are you already there?

偉大的。也許還有最後一個問題。我認為您曾多次向國防客戶證明了鋼鐵無人機的機會。我不知道您的意思是它目前的使用尚未成功，還是已經過測試並且正在積極朝著商業訂單邁進。但您能否澄清一下，您是否正在等待更多實際使用的性能數據，以便進一步訂購？或者你已經在那裡了？

Yes, I'd say -- so given the unique circumstances where we really had a shock to militaries globally around how the battlefields evolve so quickly, and where drones have become such a threat. So we've been working, as we've described on urgent activities around upgrading the system for even new military requirements, and that's particularly around the capabilities with -- to deploy the Iron Drone in complex area or environments where you don't have GPS and reliable communications links.

是的，我想說的是，考慮到獨特的情況，我們確實對戰場演變如此之快以及無人機已成為如此大威脅的全球軍隊感到震驚。因此，正如我們所描述的，圍繞升級系統以滿足新的軍事需求的緊急活動，我們一直在努力，特別是在沒有能力的複雜區域或環境中部署鋼鐵無人機的能力GPS 和可靠的通信鏈路。

So as we've done that, we've been in parallel, doing extensive testing, and we've had the really incredible good fortune to do that hand-in-hand with our customer and military partners. And really, I'd say, sort of real-world environments for this sort of stuff. So now, as we've gone to the next level, we've done extensive real-world testing and validation. And these initial orders that we've discussed are intended to put us into now live combat and security operations.

因此，在我們這樣做的同時，我們一直在並行進行廣泛的測試，並且我們非常幸運地與我們的客戶和軍事合作夥伴攜手合作。事實上，我想說的是，這類東西的真實環境。現在，當我們進入下一個階段時，我們已經進行了廣泛的實際測試和驗證。我們討論過的這些初始命令旨在讓我們立即投入實戰和安全行動。

And we do see that happening over the next couple of months. We have all the confidence in the world that we can capture the hostile drones as intended, and that's going to be very valuable. And as we do that, we do believe the customers will come back for expanded volume orders. And of course, we need to be putting in parallel here, the capacity to do -- to address and fulfill those orders.

我們確實看到這種情況在接下來的幾個月內發生。我們對世界充滿信心，相信我們能夠按計劃捕獲敵方無人機，這將非常有價值。當我們這樣做時，我們確實相信客戶會回來接受更多的訂單。當然，我們需要同時具備處理和履行這些訂單的能力。

So does that answer your question, Matt?

那麼這能回答你的問題嗎，馬特？

It does.

確實如此。

(Operator Instructions) Glenn Mattson, Ladenburg.

（操作員說明）Glenn Mattson，拉登堡。

Just as a follow-up to that last point, can you talk about the capacity plans for Iron Drone and where you -- what kind of cost you need to build something out and where you intend to do it? And what kind of production levels you expect to build to?

作為最後一點的後續行動，您能否談談 Iron Drone 的容量計劃以及您在哪裡 - 您需要什麼樣的成本來構建某些東西以及您打算在哪裡做？您期望達到什麼樣的生產水準？

Yes, sure. So on a relative basis, building the Iron Drone is much simpler, less complex system than the Optimus system. So what we're having here is really at the low volumes, which we'll see over the next, I'll say, quarter or two, we'll be doing that in-house.

是的，當然。因此，相對而言，建造鋼鐵無人機比擎天柱系統簡單得多，複雜性也低得多。因此，我們現在的產量確實很低，我們將在接下來的一兩個季度看到這一點，我們將在內部進行。

And that will be tens of systems a month. We'll go up to hundreds of systems with contract manufacturers, and we've been identifying them already. And then, of course, we'll move to thousands of systems with larger and more diverse group of contract manufacturers as we move through 2025, we'll be able to create that capability.

每月將有數十個系統。我們將與合約製造商合作開發數百個系統，並且我們已經確定了它們。當然，到 2025 年，我們將轉向擁有更大、更多樣化的合約製造商群體的數千個系統，我們將能夠創造這種能力。

There are no more questions in queue. This concludes our question-and-answer session. I would like to turn the conference back over to Eric Brock for any closing remarks.

隊列中沒有更多問題。我們的問答環節到此結束。我想將會議轉回埃里克·布洛克（Eric Brock）發表閉幕詞。

Okay. Thank you, operator.

好的。謝謝你，接線生。

So I'll just close the call by thanking you again for attending. We do hope that you can join us in Baltimore for our OAS Investor Day. It's going to be a great opportunity to touch and feel the technology platforms and see them in action. And I think you're going to be impressed by the opportunities we have created in the business plan we have developed to capitalize on the investments we have made in these technology platforms as well as the global distribution and services capabilities that we're going to demonstrate.

因此，我將再次感謝您的出席來結束此通話。我們真誠地希望您能參加我們在巴爾的摩舉辦的美洲國家組織投資者日活動。這將是一個觸摸和感受技術平台並看到它們運行的絕佳機會。我認為您會對我們在商業計劃中創造的機會印象深刻，我們制定了利用我們在這些技術平台上進行的投資以及我們將要開發的全球分銷和服務能力的機會。

So we have a lot of work ahead, so we're going to get right back at it, and we do look forward to keeping you informed on our progress. So I hope you have a great day, and we'll talk soon.

因此，我們還有很多工作要做，因此我們將立即回來，並且我們確實期待向您通報我們的進展。希望您今天過得愉快，我們很快就會再談。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。