Ondas Holdings Inc (ONDS) 2024 Q3 法說會逐字稿

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

歡迎參加 Ondas Holdings Inc 2024 年第三季電話會議。（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's 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.

在我們開始之前，公司想提醒您，本次電話會議可能包含前瞻性陳述，雖然這些前瞻性陳述反映了昂達斯當前的判斷，但它們受到風險和不確定性的影響，可能導致實際結果與暗示的結果存在重大差異這些前瞻性陳述。

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

Ondas 定期向 SEC 提交的文件和今天發布的收益新聞稿中討論了這些風險因素，這些文件均可在公司網站上查看。除法律要求外，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。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。

A reconciliation of the non-GAAP financial measures to be -- 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.

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調節，該新聞​​稿可在我們網站的投資者關係部分找到。此非公認會計準則資訊是作為補充提供的，不能替代或優於根據公認會計準則編制的財務績效衡量標準。

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.

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 conference over to Eric Brock, Chairman and CEO. Please go ahead.

現在我想將會議交給董事長兼執行長 Eric Brock。請繼續。

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。我們感謝您與我們共度時光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; and Meir Kliner, President of Ondas Autonomous Systems and the founder and CEO of our Airobotics Subsidiary.

我很高興今天能與我們的領導團隊的主要成員一起加入，其中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；以及 Ondas Autonomous Systems 總裁兼 Airobotics 子公司創辦人兼執行長 Meir Kliner。

Now let's turn to the agenda. We will begin the call with some brief comments highlighting recent business developments 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 third quarter, 2024 results. We'll then provide a business update for Ondas Networks in our OAS business units where I will ask Guy and Meir to provide commentary around current business activity. Then we will wrap the call and open the floor for investor questions.

現在讓我們轉向議程。我們將在電話會議開始時發表一些簡短的評論，重點介紹 Ondas 網路和 Ondas 自治系統業務部門的最新業務發展。然後，我將致電尼爾，要求他對我們 2024 年第三季的業績進行財務審查。然後，我們將在 OAS 業務部門提供 Ondas Networks 的業務更新，我將請 Guy 和 Meir 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。

I will start the call by saying simply this is an exciting time for Ondas. Our hard work is translating into commercial success and that is being reflected not only in the recently announced orders but also in the maturation of the customer pipeline and the improving visibility for both OAS and Ondas networks. This supports our belief that we will have a significant revenue growth ahead, looking into Q4 and for 2025.

在通話開始時，我會簡單地說，這對 Ondas 來說是一個令人興奮的時刻。我們的努力正在轉化為商業上的成功，這不僅體現在最近宣布的訂單上，還體現在客戶管道的成熟以及 OAS 和 Ondas 網路可見性的提高上。這支持了我們的信念，即展望第四季和 2025 年，我們的營收將大幅成長。

The big news this quarter of course was the $14.4 million of orders OAS secured for our Iron Drone Raider and optimist platforms. This signaled our entry into military markets and established our Iron drone Raider system as a third revenue generating technology platform in the Ondas portfolio.

當然，本季的重大新聞是 OAS 為我們的 Iron Drone Raider 和 Optimist 平台獲得了 1,440 萬美元的訂單。這標誌著我們進入軍事市場，並將我們的 Iron 無人機 Raider 系統建立為 Ondas 產品組合中的第三個創收技術平台。

Further the expansion into global military markets has dramatically increased the TAM for OAS, but more importantly, the serviceable and obtainable market or TAM, that we can identify with customers today, which has also increased. I am incredibly proud of our team at OAS and their perseverance through a challenging war time. Clearly, the conflict in Israel has been disrupted from an operational and financial standpoint, but our team continues to rise to the occasion to support their country while continuing to advance the business. This is truly exceptional and that effort has translated into the largest bookings quarter in the company's history.

此外，向全球軍事市場的擴張極大地增加了 OAS 的 TAM，但更重要的是，我們今天可以與客戶識別的可服務和可獲得的市場或 TAM 也有所增加。我為美洲國家組織的團隊以及他們在充滿挑戰的戰爭時期堅持不懈的精神感到無比自豪。顯然，從營運和財務角度來看，以色列的衝突已經受到干擾，但我們的團隊繼續挺身而出，支持他們的國家，同時繼續推動業務。這確實是非凡的，這項努力已轉化為公司歷史上最大的預訂季度。

Further, the orders were received directly from the military customer representing programs of record for both Iron Drone and optimist in establishing and Ondas as a prime vendor while also establishing pricing and margins for our high performing autonomous drone platforms. 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, reusability and price point. This platform is positioned as a leading candidate to own the category for hard kill county UAS infrastructure.

此外，這些訂單直接來自軍事客戶，代表了 Iron Drone 和 Ondas 建立主要供應商的樂觀主義者的記錄計劃，同時也為我們的高性能自主無人機平台確定了定價和利潤。我們相信，從性能角度來看，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、獨特的硬殺傷執行、可重用性和價格點。該平台被定位為擁有硬殺縣無人機基礎設施類別的領先候選人。

We further believe there's 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.

我們進一步相信，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。

In addition, the Optimus System will now be deployed to secure military bases, border checkpoints, demonstrating the exceptional capabilities of this market leading system in high value security markets. We believe the optimist system was chosen for this critical security requirement due to its rugged military grade design in its unmatched reliability in performing autonomous operations. Further this new program for Optimus entails OAS enhancing the functionality to allow for more remote operations in complex GPS denied aerial environments.

此外，Optimus 系統現在將部署用於保護軍事基地、邊境檢查站的安全，以展示這個市場領先系統在高價值安全市場中的卓越功能。我們相信，樂觀的系統之所以被選擇來滿足這一關鍵的安全要求，是因為其堅固的軍用級設計以及在執行自主操作方面無與倫比的可靠性。此外，Optimus 的這項新計畫還需要 OAS 增強功能，以允許在複雜的 GPS 拒絕的空中環境中進行更遠端的操作。

Our ability to meet these military requirements is a testament to our engineering expertise which is demonstrated across both optimists and Iron Drone. This expertise is highly valued by our customers. I would like to stay on Optimus for a moment. We see a steepening demand curve for aero security and inspection services, utilizing remotely operated autonomous drone in a box systems.

我們滿足這些軍事要求的能力證明了我們的工程專業知識，樂觀主義者和 Iron Drone 都證明了這一點。我們的客戶高度評價這種專業知識。我想在擎天柱上停留片刻。我們看到，利用箱式系統中的遠端操作自主無人機，航空安全和檢查服務的需求曲線不斷陡峭。

As we scale with existing customers for military and public safety applications, we see evidence that security officials and project managers in military public safety and critical industrial markets are increasingly realizing our ability to satisfy the most demanding requirements to secure and protect high value assets and locations.

隨著我們擴大軍事和公共安全應用的現有客戶規模，我們看到有證據表明，軍事公共安全和關鍵工業市場的安全官員和專案經理越來越認識到我們有能力滿足最苛刻的要求，以確保和保護高價值資產和地點的安全。

The work to establish American robotics, scalable operations capability has advanced and customer pipelines are maturing. We see specific opportunities in public safety as well as the protection of critical assets including ports and the protection of critical technology infrastructure which includes data centers and semiconductor facilities. For Ondas Networks, I want to highlight progress on gaining clarity on the railroad's plans for the 900 megahertz network. This is reflected in the strategically important order our distribution partner Siemens secured for Metra, Chicago's primary commuter rail system. This is a significant milestone, and we will support a system-wide upgrade of the 900 megahertz network to the new A block for Metra beginning in the fourth quarter.

建立美國機器人技術、可擴展營運能力的工作已經取得進展，客戶管道也日益成熟。我們看到了公共安全以及保護包括港口在內的關鍵資產以及保護包括資料中心和半導體設施在內的關鍵技術基礎設施方面的特定機會。對於 Ondas Networks，我想強調在明確鐵路 900 兆赫網絡計劃方面取得的進展。這反映在我們的經銷合作夥伴西門子為芝加哥主要通勤鐵路系統 Metra 獲得的具有重要戰略意義的訂單中。這是一個重要的里程碑，我們將支援從第四季開始將 900 兆赫網路全系統升級到 Metra 的新 A 區塊。

In addition, we have gotten Siemens secured in order for an expansion of a live dot16 network in the 900 megahertz band with a Class 1 railroad in Chicago. This is an expansion of a trial network that has been operating with live traffic since the fourth quarter of last year and is now a new deployment phase with this rail operator. We expect this to result in broader deployment across Chicago for that railroad in 2025, with likely expansion from there.

此外，我們還獲得了西門子的支持，以便透過芝加哥的 1 級鐵路擴展 900 兆赫頻段的即時 dot16 網路。這是試驗網路的擴展，該試驗網路自去年第四季以來一直在即時交通運行，現在是該鐵路營運商的新部署階段。我們預計這將導致 2025 年該鐵路在整個芝加哥得到更廣泛的部署，並可能從那裡開始擴展。

The activity with both Metra and this freight railroad operator, Chicago, is an important development, and it clearly signals to the rest of the industry that Ondas networks and Siemens have established a comprehensive deployment and migration plan to support adoption of the dot16 wireless standard by North American railroads and a new 900 megahertz network. In short, we are demonstrating the robustness of the dot16 standard as we start 900 megahertz upgrades in Chicago, the most complex railroad wireless environment in the country.

與 Metra 和芝加哥貨運鐵路營運商的活動是一項重要進展，它向業界其他成員明確發出信號：Ondas 網路和西門子已經制定了全面的部署和遷移計劃，以支持 dot16 無線標準的採用北美鐵路和新的900 兆赫網絡。簡而言之，當我們在美國最複雜的鐵路無線環境芝加哥開始 900 兆赫茲升級時，我們正在展示 dot16 標準的穩健性。

In addition, we see a consensus emerging across our railroad customers regarding use cases from 900 megahertz that should lead to more system orders and deployments in 2025. Guy Simpson will expand on this increased transparency, but in short, we see the railroads using 900 megahertz as both a primary and redundant or secondary network. In certain regions, railroads will migrate the legacy ATCS function to the new 900 megahertz network. In other locations, legacy ATCS, also known as CTC, will move to the 220 megahertz network.

此外，我們看到鐵路客戶就 900 兆赫茲以上的用例達成了共識，這應該會在 2025 年帶來更多的系統訂單和部署。Guy Simpson 將進一步闡述這種增加的透明度，但簡而言之，我們看到鐵路使用 900 兆赫茲作為主要和冗餘或輔助網絡。在某些地區，鐵路將把傳統的 ATCS 功能遷移到新的 900 兆赫網絡。在其他地點，傳統 ATCS（也稱為 CTC）將遷移到 220 兆赫網路。

In the situations where CTC is moved to the 220 network, the railroads plan to use the 900 megahertz network as a backup system to host both CTC and positive train control applications. Either way, we are well positioned with a multi-purpose network hosting either primary train control applications or hosting CTC and PTC traffic as a secondary network. This demonstrates the value of our dot16 platform with increased capacity and flexibility that supports robust, general purpose, and multi-purpose network hosting. In this instance, PTC protocols will be carried on 900 megahertz.

在 CTC 轉移到 220 網路的情況下，鐵路計劃使用 900 兆赫網路作為備份系統來託管 CTC 和主動列車控制應用程式。無論哪種方式，我們都擁有一個多功能網絡，可以託管主要列車控制應用程序，也可以託管 CTC 和 PTC 流量作為輔助網絡。這證明了我們的 dot16 平台的價值，它具有更高的容量和靈活性，支援強大的通用和多用途網頁寄存。在這種情況下，PTC 協議將在 900 兆赫茲上運行。

So, to wrap up the introduction, I see momentum building with both business units as we move through the fourth quarter. We should see a significant pickup in revenue as we fulfill the backlog at OAS, and we should also see additional orders enter the backlog over the balance of Q4.

因此，在結束介紹時，我看到隨著第四季度的到來，兩個業務部門的勢頭都在增強。當我們完成 OAS 的積壓訂單時，我們應該會看到收入大幅回升，我們還應該看到在第四季度的剩餘時間內有更多訂單進入積壓訂單。

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

我現在將致電尼爾，提供詳細的第三季財務更新。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 roll-ups. 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 roll-outs in the 900 megahertz network and the development programs underway with Siemens and MxV Rail.

對於 Ondas Networks 來說，考慮到 900 兆赫網路目標商業部署以及西門子和 MxV Rail 正在進行的開發計劃之前客戶活動時間的不確定性，收入將隨季度波動。

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 and more of those customers enter fleet programs and recurring service revenue agreements in the United States and internationally.

同樣，OAS 的收入預計每個季度都會有所不同，並且隨著我們客戶群的擴大以及更多客戶在美國和國際上加入機隊計劃和經常性服務收入協議，該收入將正常化為更可預測的模式。

In the third quarter of 2024, revenues were approximately $1.5 million, as compared to approximately $2.7 million for Q3 2023. This was primarily a result of extended timelines at Ondas Networks related to the 900 megahertz activity with the Class 1 railroads, partially offset by increases at OAS as we started to fulfill the purchase orders received during the quarter.

2024 年第三季的營收約為 150 萬美元，而 2023 年第三季的營收約為 270 萬美元。這主要是由於 Ondas Networks 與 1 級鐵路的 900 兆赫活動相關的時間表延長，部分被 OAS 的增長所抵消，因為我們開始履行本季度收到的採購訂單。

Gross margin was $48,000 for Q3 2024, as compared to $555,000 for Q3 2023. Gross margin was 3% for Q3 2024, as compared to 21% for Q3 2023. The gross margin performance is due to the change in the mix of revenues in the third quarter of 2024, which included lower margin development projects as compared to product revenue with high gross margins in the prior year quarter, as well as certain fixed costs related to OAS service delivery. Gross margins can be volatile on a quarter-to-quarter basis due to low revenue levels and shifts in revenue mix between product, development, and service revenue.

2024 年第三季的毛利率為 48,000 美元，而 2023 年第三季的毛利率為 555,000 美元。2024 年第三季的毛利率為 3%，而 2023 年第三季的毛利率為 21%。毛利率表現是由於 2024 年第三季收入組合的變化，其中包括與去年同期高毛利率產品收入相比利潤率較低的開發項目，以及與美洲國家組織服務交付。由於收入水平較低以及產品、開發和服務收入之間收入結構的變化，毛利率可能會按季度波動。

Operating expenses were $8.7 million for Q3 2024, as compared to $6.5 million in Q3 2023. Cash operating expenses were $7.1 million, compared to $7.5 million. Cash operating expenses exclude non-cash operating expenses for depreciation and amortization of $1.3 million in both quarters, and stock-based compensation of $0.3 million in the third quarter of 2024, compared to the credit of $2.3 million in the third quarter of 2023.

2024 年第三季的營運費用為 870 萬美元，而 2023 年第三季的營運費用為 650 萬美元。現金營運支出為 710 萬美元，去年同期為 750 萬美元。現金營運支出不包括兩季的折舊和攤銷等非現金營運支出 130 萬美元，以及 2024 年第三季的 30 萬美元股票薪酬，而 2023 年第三季的貸項為 230 萬美元。

The operating loss was $8.7 million for Q3 2024, as compared to $5.9 million for Q3 2023, reflecting the lower revenue and the one-time compensation credit in the prior year. Adjusted EBITDA loss was $7.1 million for Q3 2024, as compared to $6.9 million for Q3 2023.

2024 年第三季的營運虧損為 870 萬美元，而 2023 年第三季的營運虧損為 590 萬美元，反映了上一年收入的減少和一次性補償信貸。2024 年第三季調整後 EBITDA 損失為 710 萬美元，而 2023 年第三季為 690 萬美元。

Now let's turn to the cash flow statement. We held cash and cash equivalents of $2.9 million as of September 30, 2024, compared to $15 million as of December 31, 2023. The nine-month cash provided by financing includes additional gross financing totaling $15 million, of which $6.95 million occurred in the third quarter. The $6.9 million included $4 million at Ondas holdings via a registered direct equity offering to a single institutional investor, and $2.95 million at Ondas Networks via secured loans from Charles & Potomac.

現在我們來看看現金流量表。截至 2024 年 9 月 30 日，我們持有現金及現金等價物為 290 萬美元，截至 2023 年 12 月 31 日為 1,500 萬美元。融資提供的九個月現金包括總計 1500 萬美元的額外融資總額，其中 695 萬美元發生在第三季。這 690 萬美元包括 Ondas Holdings 透過向單一機構投資者註冊的直接股權發行而獲得的 400 萬美元，以及 Ondas Networks 透過 Charles & Potomac 擔保貸款獲得的 295 萬美元。

Cash used in operations during the first nine months of 2024 decreased by $2.7 million, due primarily to lower operating expenses because of the integration of American Robotics and Airobotics, and cost-saving actions partially offset by an increase in inventory to support the purchase orders received in the third quarter of 2024.

2024 年前 9 個月營運中使用的現金減少了 270 萬美元，主要是由於 American Robotics 和 Airobotics 的整合導致營運費用降低，以及支持收到的採購訂單的庫存增加部分抵消了成本節約措施2024年第三季。

We expect cash utilization to improve in the fourth quarter. Improved cash efficiency comes from continued cost controls and operating expense leverage of our OAS business unit, given our expectation of a recovery in revenue and gross profit growth as we fulfill orders from the backlog beginning in the Q4 of 2024.

我們預計第四季現金利用率將有所改善。現金效率的提高來自於我們的 OAS 業務部門持續的成本控制和營運費用槓桿，考慮到我們預計隨著我們從 2024 年第四季開始履行積壓訂單，收入和毛利將出現復甦。

The company expects to fund its operations from the cash on hand as of September 30, 2024, proceeds from financing activities, gross profits generated from revenue growth, potential prepayments from customers for purchase orders, potential proceeds from warrants issued and outstanding and additional funds that the company may seek through equity or debt offerings and borrowings under additional notes payable, lines of credits, or other sources.

該公司預計將透過截至2024年9月30日的手頭現金、融資活動收益、收入增長產生的毛利、客戶採購訂單的潛在預付款、已發行和未償還認股權證的潛在收益以及額外資金為其營運提供資金。

In terms of the balance sheet, as of September 30, 2024, Ondas holdings had $27.8 million in convertible notes outstanding. And as mentioned previously, we had $1.5 million in convertible notes outstanding at Ondas Networks. We also had $1.45 million of non-convertible notes payable at Ondas Networks.

資產負債表方面，截至2024年9月30日，昂達斯控股未償還可轉換票據為2,780萬美元。如前所述，Ondas Networks 尚未償還的可轉換票據為 150 萬美元。我們也向 Ondas Networks 支付了 145 萬美元的不可轉換票據。

We have been focused on maintaining liquidity to fund our growth plan. Subsequent to September 30, we have raised an additional $3.55 million of capital. This funding in the current fourth quarter includes $3.5 million via a convertible note at OAS, a transaction led by Privet Ventures and Charles & Potomac. The Privet Ventures is an investment vehicle owned by our CEO, Eric Brock.

我們一直致力於維持流動性，為我們的成長計畫提供資金。9 月 30 日之後，我們又籌集了 355 萬美元的資金。目前第四季的這筆資金包括透過 OAS 發行的可轉換票據獲得的 350 萬美元，該交易由 Privet Ventures 和 Charles & Potomac 牽頭。Privet Ventures 是我們的執行長 Eric Brock 擁有的投資工具。

In addition, we've established a relationship with Clear, a working capital provider who provided $500,000 to Ondas Networks in October, backed by customer invoices. We expect to have additional liquidity via the Clear relationship to help support working capital needs as orders grow at both Ondas Networks and OAS.

此外，我們還與 Clear 建立了合作關係，Clear 是一家營運資金提供商，於 10 月向 Ondas Networks 提供了 50 萬美元，並有客戶發票作為支援。隨著 Ondas Networks 和 OAS 訂單的成長，我們預計將透過 Clear 關係獲得額外的流動性，以幫助支持營運資金需求。

And I will now hand the call back to Eric.

現在我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 at Ondas Networks and OAS.

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 Ondas Networks 和 OAS 業務開發活動和營運的最新情況。

As I hand the call to Guy, I want to reiterate that we are encouraged by the increasing transparency from certain railroads who have begun to communicate network architecture plans and their vision for 900 megahertz.

當我把電話交給蓋伊時，我想重申，某些鐵路公司的透明度不斷提高，我們對此感到鼓舞，這些鐵路公司已經開始傳達網絡架構計劃及其 900 兆赫茲的願景。

Of course, we continue to push the railroad customers for visibility on network deployment timelines and orders for 900 megahertz as we prepare for 2025. I have the utmost confidence that Ondas Networks wireless technology is critically valuable for the rail customers. Despite extended timelines, the opportunity in 900 megahertz, as well as with the other private networks for the Class I rails, in addition to global rail markets, remains substantial.

當然，在為 2025 年做準備時，我們會繼續推動鐵路客戶了解網路部署時間表和 900 兆赫的訂單。我堅信 Ondas Networks 無線技術對鐵路客戶至關重要。儘管時間延長，除了全球鐵路市場之外，900 兆赫以及 I 級鐵路的其他專用網絡的機會仍然很大。

Guy, please proceed.

夥計，請繼續。

Thank you, Eric. Once again, I'm happy to be here this morning and to share with our investors the progress that Ondas Networks is making. In previous calls, I've talked about the challenges of working with the railroad's timescales and the general lack of visibility for their deployment plans. The good news is that in Q3, things have definitely improved.

謝謝你，埃里克。我很高興今天早上再次來到這裡，與我們的投資者分享 Ondas Networks 所取得的進展。在之前的電話會議中，我談到了處理鐵路時間表的挑戰以及部署計劃普遍缺乏可見性。好消息是，第三季情況確實有所改善。

Our distribution partner, Siemens Mobility, received an order from Metra, the primary commuter rail system in Chicago, for a system-wide upgrade of their 900 megahertz network. This project includes the migration of the network to the new A-Block channels and the introduction of 802.16 to support general-purpose IP applications. Siemens Mobility also received an order from a Class 1 railroad to expand a 900 megahertz field trial, also in Chicago, that has been supporting live traffic for almost a year. As with Metra, this project includes migration and the deployment of 802.16 in the new 900 megahertz A-block. This activity will start later this month.

我們的分銷合作夥伴西門子移動收到了芝加哥主要通勤鐵路系統 Metra 的訂單，對其 900 兆赫網絡進行全系統升級。該專案包括將網路遷移到新的 A-Block 通道以及引入 802.16 以支援通用 IP 應用。西門子交通還收到了一家 1 級鐵路公司的訂單，要求擴大同樣在芝加哥的 900 兆赫現場試驗，該試驗已經支持實時交通近一年了。與 Metra 一樣，該專案包括在新的 900 兆赫 A 區塊中遷移和部署 802.16。這項活動將於本月晚些時候開始。

Multiple Class 1 railroads have expressed an interest in extending the new 900 megahertz network from its primary use of transporting legacy centralized train control, or CTC, traffic, to providing a backup for the positive train control, or PTC, applications operating on the 220 megahertz network. This strategy adds resiliency, redundancy, and diversity to critical railroad operations by eliminating single points of failure.

多家 1 級鐵路公司表示有興趣將新的 900 兆赫網路從傳輸傳統集中式列車控制 (CTC) 交通的主要用途擴展到為在 220 兆赫上運行的主動列車控制 (PTC) 應用程式提供備份網路。該策略透過消除單點故障，為關鍵鐵路運營增加了彈性、冗餘和多樣性。

Field trials of AirLink 802.16 products supporting the required IPCM messaging over 900 megahertz are scheduled to start later this month. This recent activity not only validates the commitment the AAR has made to the FCC, regarding the 900 megahertz network buildout, but also that the value of a general purpose network is now being recognized by the railroads.

支援超過 900 兆赫茲所需 IPCM 訊息傳遞的 AirLink 802.16 產品的現場試驗計劃於本月稍後開始。最近的這項活動不僅驗證了 AAR 就 900 兆赫網絡建設向 FCC 做出的承諾，而且還表明通用網絡的價值現在已得到鐵路部門的認可。

The successful integration of AirLink products into legacy 900 networks is a key milestone on the path to network migration. In Q3, we continued our support of multiple customers to achieve this critical objective. Beyond 900 megahertz, we continue to execute on the new PTC data radio program with our partner Siemens Mobility on behalf of Amtrak. First prototype radios were delivered to Amtrak in Q3, and the development activity is on track to be completed in Q1 of 2025. We are working with Siemens Mobility and Amtrak to expedite the delivery of the first production PTC data radios in Q2 of 2025.

AirLink 產品成功整合到傳統 900 網路中是網路遷移道路上的重要里程碑。在第三季度，我們繼續為多個客戶提供支援以實現這一關鍵目標。超過 900 兆赫茲後，我們將繼續與代表 Amtrak 的合作夥伴西門子交通一起執行新的 PTC 數據無線電計劃。第一批無線電原型機已於第三季交付給 Amtrak，開發活動預計將於 2025 年第一季完成。我們正在與西門子交通和 Amtrak 合作，加快在 2025 年第二季交付第一批量產 PTC 數據無線電。

We continue to work with Siemens in the UK on a new locomotive radio for the European market with key development milestones achieved in Q3 2024. We expect to deliver prototype radios in the next few weeks, and we are working with Siemens to identify and actively support the first field trials next year in Europe.

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 年第三季實現了關鍵的開發里程碑。我們預計在未來幾週內交付原型無線電，並且我們正在與西門子合作，確定並積極支持明年在歐洲的首次現場試驗。

In response to various unfortunate events in the rail industry and to support the safe operation of longer trains, the AAR has initiated a program to develop the next generation head-of-train and end-of-train, or NGHE, solution. Ondas Networks has recently participated in a comprehensive technology bake-off at the AAR's MxV rail test facility in Pueblo, Colorado. During these tests, we successfully demonstrated the enhanced performance of the new 802.16T standard compared with legacy HOT, EOT technology and other alternatives.

為了應對鐵路行業的各種不幸事件並支持較長列車的安全運行，AAR 啟動了一項開發下一代車頭和車尾（NGHE）解決方案的計劃。Ondas Networks 最近參加了在科羅拉多州普韋布洛的 AAR MxV 鐵路測試設施舉行的全面技術測試。在這些測試中，我們成功證明了新 802.16T 標準相對於傳統 HOT、EOT 技術和其他替代技術的增強性能。

Whilst the visibility of commercial orders for the 900 megahertz network is improving, we continue to manage our expenses prudently in advance of substantial commitments. Our confidence in the application of 802.16 wireless technology in the railroad space is finally being rewarded. While there is still much work to be done, I remain extremely positive on our outlook with the railroads. Time and time again, we have proven the value of our technologies and expertise across multiple applications and opportunities. We are building momentum on multiple fronts and well-positioned to execute on the pent-up demand.

雖然 900 兆赫網路商業訂單的可見性正在提高，但我們在做出重大承諾之前繼續謹慎管理我們的開支。我們對 802.16 無線技術在鐵路領域應用的信心終於得到了回報。儘管還有很多工作要做，但我對鐵路的前景仍然非常樂觀。我們一次又一次地證明了我們的技術和專業知識在多種應用和機會中的價值。我們正在多個方面積蓄動力，並做好充分準備來滿足被壓抑的需求。

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. 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 Optimus activities with customers.

謝謝你，蓋伊。我現在請 Meir Kliner 發言，向我們介紹 Ondas Autonomous Systems 的最新進展。梅爾的評論將包括有關 Iron Drone 和 Optimus 與客戶的活動的最新資訊。

Meir, please proceed.

梅爾，請繼續。

Thank you, Eric. Ondas autonomous systems had an outstanding quarter, positioning the business for a long-term success. Our hard work in advancing platform development allowed us to generate a record bookings quarter with $14.4 million in purchase orders. This positive trend in bookings validates our decision to focus energy on the military, homeland security, and public safety markets and expand the market for both Optimus and Iron Drone. We will address the increasing global need to protect and secure critical locations, infrastructure, industrial assets, and populations.

謝謝你，埃里克。昂達自動駕駛系統在本季表現出色，為該業務奠定了長期成功的基礎。我們在推進平台開發方面的辛勤工作使我們創造了創紀錄的預訂季度記錄，採購訂單達 1,440 萬美元。這種積極的預訂趨勢證實了我們將精力集中在軍事、國土安全和公共安全市場以及擴大 Optimus 和 Iron Drone 市場的決定。我們將滿足全球日益增長的保護關鍵地點、基礎設施、工業資產和人口的需求。

Airobotics is well-known for its ability to produce highly functional and most importantly, highly reliable autonomous systems meeting the most rigorous and complex standards and requirements. We are providing not just industrial-grade solutions, but also military-grade. Our Iron Drone and Optimus dual-use technology platforms demonstrate our proven ability to produce built-for-purpose and scalable autonomous systems. Of course, this is possible because of the talent and experience we have built within our organization. I will give more details about these bookings shortly.

Airobotics 以其生產功能強大、最重要的是高度可靠的自主系統的能力而聞名，能夠滿足最嚴格、最複雜的標準和要求。我們不僅提供工業級解決方案，還提供軍用級解決方案。我們的 Iron Drone 和 Optimus 兩用技術平台證明了我們生產專用且可擴展的自主系統的能力。當然，這是可能的，因為我們在組織內累積了人才和經驗。我很快就會提供有關這些預訂的更多詳細資訊。

During Q3, Airobotics's primary focus was on continuing to advance the capabilities of the Iron Drone Raider, which included enhancing navigation systems to support operations in complex airspace. In parallel, we are working with our customers and partners on establishing standard operational and sustainment activities to support the deployment of Iron Drone as a security infrastructure.

在第三季度，Airobotics 的主要重點是繼續提高 Iron Drone Raider 的功能，其中包括增強導航系統以支援複雜空域的操作。同時，我們正在與客戶和合作夥伴合作建立標準營運和維護活動，以支援 Iron Drone 作為安全基礎設施的部署。

In addition, our Optimus drone network operations with our local governmental partner in Dubai are expanding and the network is extensively utilized and performing extremely well. We are excited to be at the forefront of public safety urban drone action, where once thought to be futuristic drone operations are now becoming a day-to-day reality. We are looking forward to hearing more good news from Dubai by the end of this year.

此外，我們與杜拜當地政府合作夥伴的 Optimus 無人機網路業務正在擴大，該網路得到了廣泛的利用，並且表現非常出色。我們很高興能夠站在公共安全城市無人機行動的最前沿，曾經被認為是未來主義的無人機行動現在正在成為日常現實。我們期待今年年底從杜拜聽到更多好消息。

We are also working on expanding our market reach into Europe and will perform demonstrations in the second half of November for defense, security and critical infrastructure customers with our partner HHLA SKY at the port of Hamburg in Germany. In the US, American Robotics have successfully delivered a key contract with the United States Coast Guard for maritime emissions monitoring to support EPA Clean Port Initiative at the ports of Los Angeles and Long Beach as a prime vendor for a US federal agency.

我們也致力於將市場拓展至歐洲，並將於 11 月下半月與我們的合作夥伴 HHLA SKY 在德國漢堡港為國防、安全和關鍵基礎設施客戶進行演示。在美國，American Robotics 已成功與美國海岸防衛隊簽訂了一份關於海上排放監測的重要合同，以作為美國聯邦機構的主要供應商支持洛杉磯和長灘港口的 EPA 清潔港口計劃。

American Robotics also advanced and performed multiple demonstrations of the Optimus System to key potential customers, showcasing its capability to remotely operate BVLOS drone fleets by leveraging Optimus FAA type certifications and the Castrol system. We see the American Robotics customer pipeline deepening and maturing supported by continued successful demonstrations.

American Robotics 也向主要潛在客戶推進並進行了 Optimus 系統的多次演示，展示了其利用 Optimus FAA 類型認證和嘉實多系統遠端操作 BVLOS 無人機機隊的能力。我們看到美國機器人公司的客戶管道在持續成功的演示的支持下不斷深化和成熟。

Indeed, American Robotics will have the opportunity during the fourth quarter to conduct follow-up demonstrations on site with one of the largest police departments in the US. We believe AR customers are recognizing the unique capabilities of the Optimus System to meet the highest requirements in providing area security and intelligence for public safety, DOTs, ports and terminal operations, data centers, semiconductor facilities and construction project management.

事實上，美國機器人公司將有機會在第四季度與美國最大的警察部門之一進行現場後續演示。我們相信 AR 客戶正在認識到 Optimus 系統的獨特功能，可以滿足為公共安全、DOT、港口和碼頭運營、數據中心、半導體設施和建築項目管理提供區域安全和情報的最高要求。

In addition, OAS entered a strategic alliance with GenLab Venture Studio to develop mutual go-to-market models, leveraging their AI capabilities together with the best-in-class capabilities of the Optimus System in capturing for security and inspection applications and building the large data libraries required to develop sophisticated AI-driven data analytics tools.

此外，OAS 與 GenLab Venture Studio 建立了戰略聯盟，開發共同的上市模型，利用他們的 AI 能力與 Optimus 系統的一流能力來捕獲安全和檢查應用程序並構建大型開發複雜的人工智能驅動的數據分析工具所需的資料庫。

As I previously mentioned, we had record i-bookings for both the Iron Drone raider and Optimus platforms. I would like to explain and provide details on these orders and how we will deliver these systems and fulfill the customer purchases.

正如我之前提到的，我們的 Iron Drone raider 和 Optimus 平台的 i-books 都創下了紀錄。我想解釋並提供有關這些訂單的詳細信息，以及我們將如何交付這些系統並完成客戶的購買。

We received our initial order for Iron Drone raider systems which were deployed to demonstrate the capabilities in a controlled environment. Subsequently, we received an additional order for specific technical upgrades during August. Lastly, during September, we completed a third order for fleet deployment in multiple locations for this customer. These deployments are for live military activities defending borders, assets and ground forces. These orders for Iron Drone totaled approximately $9 million.

我們收到了 Iron Drone 襲擊者係統的初始訂單，該系統的部署是為了在受控環境中展示其功能。隨後，我們在 8 月收到了一份額外的特定技術升級訂單。最後，在 9 月份，我們為該客戶完成了第三份在多個地點部署車隊的訂單。這些部署是為了保衛邊境、資產和地面部隊的即時軍事活動。Iron Drone 的這些訂單總額約為 900 萬美元。

For the Optimus System, we received a significant order from a different division for the same military customer which amounted to approximately $5.4 million. These Optimus Systems are intended to provide a perimeter and border security. We believe there are few, if any, systems comparable to Optimus able to deliver persistent availability and reliability and meet the environmental and complex aerial operations required for military and homeland security deployments. This order demonstrates our ability to address these requirements and we expect this to support a large opportunity for military base and border security for this customer as well as for global defense customers including in the United States.

對於 Optimus 系統，我們從同一軍事客戶的不同部門收到了一份金額約 540 萬美元的大訂單。這些 Optimus 系統旨在提供週邊和邊界安全。我們相信，很少有系統能夠與 Optimus 相媲美，能夠提供持久的可用性和可靠性，並滿足軍事和國土安全部署所需的環境和複雜的空中作戰需求。該訂單證明了我們滿足這些要求的能力，我們預計這將為該客戶以及包括美國在內的全球國防客戶提供軍事基地和邊境安全的巨大機會。

In short, our serviceable and obtainable market for both Iron Drone and Optimus has expanded dramatically in the last six months. We intend to expand our distribution capabilities to address the global military and homeland security markets for both Iron Drone and the Optimus System.

簡而言之，我們的 Iron Drone 和 Optimus 的可用市場在過去六個月中急劇擴大。我們打算擴大我們的分銷能力，以滿足 Iron Drone 和 Optimus System 的全球軍事和國土安全市場需求。

We are looking forward to fulfilling the Q3 orders during Q4 and Q1 2025. As we deliver these systems, we are expanding success-based opportunities with this customer and many other governmental customers in the defense sector which will be our focus during Q4 and into 2025. We will be advancing the required specific upgrades of our systems and focusing on executing operational deployments in multiple locations and implementing sustainment activities to support our customers and partners.

我們期待在 2025 年第四季和第一季履行第三季的訂單。當我們交付這些系統時，我們正在與該客戶以及國防部門的許多其他政府客戶擴大基於成功的機會，這將是我們在第四季度和 2025 年期間的重點。我們將推進系統所需的特定升級，並專注於在多個地點執行營運部署並實施維護活動，以支援我們的客戶和合作夥伴。

We will also be working on securing follow-on volume orders and building our supply chain and services infrastructure to sustain our business growth. We are looking to capture new global defense customers leveraging these activities with our current customers.

我們還將努力確保後續批量訂單並建立我們的供應鏈和服務基礎設施以維持我們的業務成長。我們希望與現有客戶一起利用這些活動來吸引新的全球國防客戶。

As I mentioned in the opening, we are witnessing strong utilization of our drones network in Dubai and expect to see more orders coming during Q4. We are looking forward to expanding this network and services it provides to new stakeholders and applications with AI technology and other cutting-edge capabilities. OAS will continue to promote its solutions in Europe with our partner HHLA SKY and more potential customers.

正如我在開場白中提到的，我們目睹了杜拜無人機網路的強勁利用，並預計第四季度將收到更多訂單。我們期待透過人工智慧技術和其他尖端功能擴展該網路及其為新的利害關係人和應用程式提供的服務。OAS 將繼續與我們的合作夥伴 HHLA SKY 以及更多潛在客戶一起在歐洲推廣其解決方案。

We will drive the expansion of the Optimus System in the US market which is growing rapidly as more police departments and communities as well as owners and operators of critical infrastructure and technology assets realize the opportunity and benefits of fully autonomous drones.

我們將推動Optimus 系統在美國市場的擴張，隨著越來越多的警察部門和社區以及關鍵基礎設施和技術資產的所有者和運營商認識到全自動無人機的機會和好處，該市場正在快速成長。

I will hand the call now to Eric who will dig a little deeper into the public safety market and the rapidly growing and involving drones as a first responder market over the last few years.

我現在將電話交給艾瑞克（Eric），他將更深入地研究公共安全市場以及過去幾年快速成長並涉及無人機作為急救人員的市場。

Thank you, Meir. I want to take some time to share some context on the rapidly growing and evolving opportunity in public safety. For many years, public safety has been considered an attractive target market for drones for a very simple reason. Drones save lives. They save lives for both citizens and first responders themselves. Indeed, this market has always been a focus for Airobotics, and you can see that we are addressing the highest end of public safety in Dubai where you're deploying Optimus as drone infrastructure with our customer.

謝謝你，梅爾。我想花一些時間來分享一些有關公共安全領域快速成長和演變的機會的背景資訊。多年來，公共安全一直被認為是無人機有吸引力的目標市場，原因很簡單。無人機拯救生命。他們拯救了公民和急救人員的生命。事實上，這個市場一直是 Airobotics 的焦點，您可以看到我們正在解決杜拜最高端的公共安全問題，您正在與我們的客戶一起部署 Optimus 作為無人機基礎設施。

Operations like those we support in Dubai are increasingly being described as DFR 3.0, which I will come back to. But first, some context. When responding to emergencies, first responders like police officers and firefighters are faced with many unknowns. How serious is the issue? What is the threat? How many people are at risk and how many perpetrators are there? Are there weapons involved and so forth?

我們在杜拜支持的營運活動越來越多地被描述為 DFR 3.0，我稍後會談到這一點。但首先，有一些背景。在應對緊急情況時，警察和消防員等急救人員面臨許多未知因素。問題有多嚴重？威脅是什麼？有多少人處於危險之中，有多少肇事者？是否涉及武器等？

Not understanding these risks has consequences. When drones fail to arrive at the scene before officers, crucial issues ranging from car accidents to violent crimes can remain unaddressed. In the case of car accidents, for example, the absence of drones can lead to delayed assessments of the scene, hindering the identification of the most severely injured victims and slowing down the delivery of emergency medical services, such as ambulances. Without the aerial perspective, traffic flow around an accident might not be managed efficiently, causing further delays and secondary collisions, all of which creates real-world economic and social issues.

不了解這些風險會產生後果。當無人機無法在警察之前到達現場時，從車禍到暴力犯罪等關鍵問題都可能無法解決。例如，在發生車禍的情況下，缺乏無人機可能會導致現場評估延遲，阻礙識別最嚴重受傷的受害者，並減慢救護車等緊急醫療服務的提供。如果沒有空中視角，事故周圍的交通流可能無法有效管理，導致進一步的延誤和二次碰撞，所有這些都會造成現實世界的經濟和社會問題。

In a violent crime scenario, such as an armed robbery or assault, drones provide a vital real-time overview, helping to track suspects and gather crucial evidence. Without this rapid response, police officers might miss critical moments that could prevent further violence or aid in apprehending suspects. These examples and countless more underscore the importance of timely drone deployment to enhance situational awareness and response effectiveness.

在武裝搶劫或襲擊等暴力犯罪場景中，無人機可以提供至關重要的即時概覽，幫助追蹤嫌疑人並收集關鍵證據。如果沒有這種快速反應，警察可能會錯過可以防止進一步暴力或幫助逮捕嫌疑人的關鍵時刻。這些例子和無數其他例子強調了及時部署無人機以增強態勢感知和回應有效性的重要性。

So the drone as first responder or DFR concept evolved a number of years back as law enforcement and rescue organizations realized the benefits of equipping police officers and firefighters with manually operated tactical drones. We have seen many successful and growing implementations of drone programs around the country, and these organizations, their communities, and importantly, the folks in charge of municipal budgets have increasingly realized the value and scalability of autonomous drone networks.

因此，隨著執法和救援組織意識到為警察和消防員配備手動操作的戰術無人機的好處，無人機作為急救人員或 DFR 的概念在多年前就得到了發展。我們已經看到全國各地無人機計畫的許多成功且不斷增長的實施，這些組織、他們的社區，重要的是，負責市政預算的人員已經越來越意識到自主無人機網路的價值和可擴展性。

This is because attaching a piloted tactical drone to the dispatch unit doesn't shorten the response time, as the drone needs to be mobilized to the scene. For this purpose, a more strategic network of drones should be in place, allowing for shorter mobilization times by leveraging flight capabilities. This is now being called DFR 3.0 by some in the industry.

這是因為將有人駕駛的戰術無人機連接到調度單元並不會縮短反應時間，因為無人機需要被調動到現場。為此，應該建立更具戰略意義的無人機網絡，透過利用飛行能力來縮短動員時間。現在，業內一些人稱之為 DFR 3.0。

As we see in Dubai, public safety organizations are looking for automated drone platforms that are highly reliable and capable of true, fully remote and scalable operations. The autonomous drone adoption cycle is accelerating as agencies see the huge value from drones in saving lives. The high level of autonomy unlocks scalable operations, which we believe will drive the next leg of growth in public safety.

正如我們在杜拜看到的那樣，公共安全組織正在尋找高度可靠且能夠真正、完全遠端和可擴展操作的自動化無人機平台。隨著各機構看到無人機在拯救生命方面的巨大價值，自主無人機的採用週期正在加速。高度自治可以實現可擴展的運營，我們相信這將推動公共安全的下一階段成長。

As drone infrastructure is deployed, municipalities are seeking to centralize the remote operating centers and provide services across multiple agencies. In this instance, police, fire, transportation, ports, and many other municipal agencies can be served by shared drone infrastructure across an urban environment that is centrally operated by the public safety organization.

隨著無人機基礎設施的部署，市政當局正在尋求集中遠端操作中心並跨多個機構提供服務。在這種情況下，警察、消防、交通、港口和許多其他市政機構可以透過公共安全組織集中運作的城市環境中的共享無人機基礎設施來提供服務。

We can see the competition building around this use case as more and more drone companies are launching new drone box solutions. We are very excited to observe the market evolving around this application, not only because we have always known these are life-saving technologies and services with a positive impact on communities, but also because we have been working on this vision for almost a decade.

隨著越來越多的無人機公司推出新的無人機盒解決方案，我們可以看到圍繞此用例的競爭。我們非常高興看到圍繞該應用程式的市場不斷發展，不僅因為我們一直知道這些是對社區產生積極影響的救生技術和服務，而且因為我們近十年來一直致力於實現這一願景。

To be very clear, our Optimus System holds one of the most promising solutions for DFR 3.0, and we believe major public safety and security organizations are recognizing this. We have already nailed it in Dubai, and with our FAA-type certification, we are ready to provide this platform solution in US cities via American Robotics.

需要明確的是，我們的 Optimus 系統擁有 DFR 3.0 最有前途的解決方案之一，我們相信主要的公共安全和保全組織正在認識到這一點。我們已經在杜拜實現了這一目標，並且憑藉我們的 FAA 型認證，我們準備透過 American Robotics 在美國城市提供該平台解決方案。

Removing the human factor from drone operations is not an easy task. It requires deep technology and experience, which, of course, we have in states. So DFR 3.0 requires scalable shared infrastructure that is proven and reliable. It requires full autonomy, scalable remote operations, 24/7 availability, and the ability to service multiple agencies across a drone network. We look forward to sharing more details on this exciting DFR market in the quarters ahead.

從無人機操作中消除人為因素並不是一件容易的事。它需要深厚的技術和經驗，當然，我們各州都擁有這些技術和經驗。因此，DFR 3.0 需要經過驗證且可靠的可擴充共用基礎設施。它需要完全自主、可擴展的遠端操作、24/7 可用性以及透過無人機網路為多個機構提供服務的能力。我們期待在未來幾季分享有關這個令人興奮的 DFR 市場的更多詳細資訊。

Let's wrap the call now and summarize the outlook for Q4 and provide some context as to how and where the business will develop in 2025. We expect modest revenues for Ondas networks in Q4, mostly driven by development programs. However, we continue to see a major financial opportunity, 900 megahertz and beyond, and are optimistic that railroad orders will emerge in 2025.

現在讓我們結束電話會議，總結第四季度的前景，並提供一些有關 2025 年業務發展方式和發展方向的背景資訊。我們預計 Ondas 網路第四季的營收將不大，這主要是由開發計畫推動的。然而，我們仍然看到 900 兆赫及以上的重大金融機會，並對 2025 年出現鐵路訂單持樂觀態度。

For OAS, we see significant revenue growth beginning in the fourth quarter as we begin to fulfill the military orders announced in Q4. In addition, we expect to land additional orders at both Airobotics and American Robotics in Q4 and to build backlog for 2025. I believe the revenue recovery beginning at OAS this quarter will be strong and durable for both our Optimus and Iron Drone platforms. Demand for Optimus is expected from both existing customers in the Middle East and rest of the world, and a growing opportunity set in the United States with American Robotics.

對於美洲國家組織而言，隨著我們開始履行第四季度宣布的軍事訂單，我們預計第四季營收將開始顯著成長。此外，我們預計第四季將在 Airobotics 和 American Robotics 獲得更多訂單，並在 2025 年積壓訂​​單。我相信 OAS 本季開始的營收復甦對於我們的 Optimus 和 Iron Drone 平台來說都將是強勁且持久的。預計中東和世界其他地區的現有客戶都會對 Optimus 產生需求，而美國的 American Robotics 也將帶來不斷成長的機會。

We are deploying Iron Drone systems integrated with the requisite command and control infrastructure in the field and are developing standard operating procedures and sustainment activities with our customer and partners. We expect combat success will result in volume orders for the Iron Drone platform and an expansion of the program.

我們正在部署與現場必要的指揮和控制基礎設施整合的 Iron Drone 系統，並與我們的客戶和合作夥伴一起制定標準作業程序和維護活動。我們預計戰鬥的成功將導致 Iron Drone 平台的大量訂單和該計劃的擴展。

In parallel, we are preparing to increase production capacity, field deployment and sustainment capability, and expanded marketing to other defense and security customers globally. The opportunity to expand both Iron Drone and Optimus with our current customer as well as with allied militaries is substantial and likely to be additive to 2025 from an order and revenue standpoint. We believe we will demonstrate progress on the DFR 3.0 opportunity in the coming months, both with existing and new customers, including in the United States, which will also contribute to revenue in 2025.

同時，我們正準備提高生產能力、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。與我們目前的客戶以及盟軍一起擴展 Iron Drone 和 Optimus 的機會是巨大的，並且從訂單和收入的角度來看，到 2025 年可能會有所增加。我們相信，我們將在未來幾個月向包括美國在內的現有客戶和新客戶展示 DFR 3.0 機會的進展，這也將為 2025 年的收入做出貢獻。

I want to highlight I am very happy with the new customer demonstration training in Remote Operations Center in Maryland that Tim Tenney and our American Robotics team have stood up. This is supporting the maturation of our customer pipeline and accelerating sales cycles for customers and public safety as well as those protecting critical assets such as ports and critical technology infrastructure, including data centers and semiconductor facilities. We expect to establish additional similar customer centers in the United States in 2025, specifically targeting military customers and in Europe targeting DFR ports and critical infrastructure.

我想強調的是，我對蒂姆·坦尼和我們的美國機器人團隊在馬裡蘭州遠端操作中心舉行的新客戶演示培訓感到非常高興。這有助於我們客戶管道的成熟，並加快客戶和公共安全以及保護港口和關鍵技術基礎設施（包括資料中心和半導體設施）等關鍵資產的銷售週期。我們預計在 2025 年在美國建立更多類似的客戶中心，專門針對軍事客戶，在歐洲則針對 DFR 港口和關鍵基礎設施。

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.

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。我們擁有滿足這些市場最高端需求的產品平台和服務組合。

Turning now to our liquidity position in the Nasdaq listing. As Neil said, we may seek additional funds through equity or debt offerings and or borrowings under additional notes payable, lines of credit, or other sources. Additionally, we expect non-dilutive funding to be available to support working capital from our new financial partner, Clear, for both Ondas Networks and OAS.

現在談談我們在納斯達克上市的流動性狀況。正如尼爾所說，我們可能會透過股本或債務發行和/或根據額外應付票據、信貸額度或其他來源借款來尋求額外資金。此外，我們預計新的金融合作夥伴 Clear 將為 Ondas Networks 和 OAS 提供非稀釋性資金來支持營運資金。

We are grateful for Charles & Potomac's ongoing support and investment, and I personally participated in the OAS convertible with a $1 million investment. We remain very bullish on the outlook for Ondas in our business units.

我們感謝 Charles & Potomac 的持續支持和投資，我個人以 100 萬美元的投資參與了 OAS 可轉換債券。我們仍然非常看好 Ondas 在我們業務部門的前景。

In addition, we have requested an additional 180-day compliance period from the Nasdaq to regain compliance with Nasdaq's minimum bid price requirement. We believe we meet the requirements for an extension and will share an update on the request when we are notified by the Nasdaq.

此外，我們也要求納斯達克額外提供 180 天的合規期，以重新遵守納斯達克的最低買入價要求。我們相信我們滿足延期要求，並將在收到納斯達克通知後分享有關請求的最新資訊。

I want to now wrap our prepared remarks. This has been quite a year for Ondas where we've had to navigate issues ranging from rail timeline uncertainty to, of course, the conflicts in Israel. Our teams remain totally committed to our objectives, and we are positioned to deliver. We have now regained our momentum, and we expect to close 2024 on a strong note. Further, we are prepared for and very optimistic about 2025.

現在我想結束我們準備好的演講。對 Ondas 來說，今年是相當重要的一年，我們必須解決從鐵路時間表不確定性到以色列衝突等各種問題。我們的團隊仍然完全致力於我們的目標，並且我們有能力實現目標。我們現在已經恢復了勢頭，預計 2024 年將以強勁的勢頭結束。此外，我們已經為 2025 年做好了準備，並對 2025 年非常樂觀。

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

說了這麼多，我們看看還有沒有問題。操作員？

(Operator Instructions)

（操作員說明）

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂摩爾 (Mike Latimore)，北國資本市場。

Thanks on the big orders in the quarter there. In terms of the Iron Drone prospect, Eric talked about demonstrating combat success could lead to more volume orders. I guess can you explain that a little bit more? Have you had combat success? How long would it take? If not, how long would it take to prove that out? I'm just trying to get a sense of when another major Iron Drone order might come in.

感謝該季度的大訂單。就鋼鐵無人機的前景而言，埃里克談到展示戰鬥成功可能會帶來更多的訂單量。我想你能再解釋一下嗎？你有戰鬥成功嗎？需要多長時間？如果不是，需要多長時間才能證明這一點？我只是想了解何時會收到另一個主要的鋼鐵無人機訂單。

I'm going to ask Meir to comment on that. Thank you, Mike.

我將請梅爾對此發表評論。謝謝你，麥克。

Eric, do you want me to take it?

艾瑞克，你想讓我拿走嗎？

Yeah.

是的。

I can't say specifically about what's happening here in Israel, but as we mentioned before, we sell for IDF-specific Iron Drones and we worked together with them in the last eight months.

我無法具體說明以色列發生的事情，但正如我們之前提到的，我們銷售 IDF 專用的 Iron Drones，並在過去八個月中與他們合作。

Yeah. To add on that, we are in the process of delivering on the orders and we've described the activities around the delivery, which is installing the systems infrastructure, integrating with the technologies around command and control, detection, et cetera. As we're doing that, we're prepared to be live in operations. We can't give specifics on timelines as to where we are in that process.

是的。除此之外，我們正在交付訂單，我們已經描述了圍繞交付的活動，即安裝系統基礎設施，與命令和控制、檢測等技術整合。當我們這樣做時，我們已經準備好投入營運。我們無法詳細說明我們處於該過程中的哪個階段。

Okay.

好的。

I will say this, Mike, and I just say this. We do expect orders in 2025, but we can't be more precise just yet.

我會這麼說，麥克，我只是這麼說。我們確實預計 2025 年會有訂單，但目前還不能更準確。

Okay, got it. Then on the DFR opportunity in the US, do you need to get any kind of additional certifications to be able to have autonomous drones kind of working in these use cases you're pursuing?

好的，明白了。那麼，在美國的 DFR 機會中，您是否需要獲得任何類型的額外認證才能讓自主無人機在您追求的這些用例中運作？

No, we just have to go through the regulatory processes that we go through with all the other work we're doing here in the US. And with that, it would be integrating into the operations with the police departments we work with. I'd say the DFR opportunity ranges from, in terms of the applications, very similar, whether you're talking about working with public safety or protecting critical assets like ports, data centers, et cetera.

不，我們只需要經歷我們在美國所做的所有其他工作所經歷的監管流程。這樣，它將融入我們合作的警察部門的行動中。我想說，就應用而言，DFR 機會非常相似，無論您是在談論公共安全還是保護港口、資料中心等關鍵資產。

So you don't need any FAA sort of?

那麼你不需要任何 FAA 之類的東西嗎？

Sorry, just to add on what Eric said. So after we got the type certificate from the FAA, the Federal Aviation Administration, so the regular process is much more quicker and easier for us to deliver the first responder.

抱歉，只是補充一下艾瑞克所說的內容。因此，在我們獲得美國聯邦航空管理局（FAA）的型號證書後，我們可以更快、更輕鬆地交付第一響應者。

Got it. Great. And then the last one, just on gross margin. I know you talked about this quarter having project revenues. What is kind of a good gross margin to think about on this $14 million of orders?

知道了。偉大的。最後一個是毛利率。我知道您談到了本季的專案收入。對於這 1,400 萬美元的訂單來說，什麼樣的毛利率才算是好的呢？

For the $14 million, it will be north of 50%.

對於 1400 萬美元來說，這一數字將超過 50%。

Got it. Thanks a lot.

知道了。多謝。

Sure.

當然。

Glenn Mattson, Ladenberg Thalmann.

格倫馬特森，拉登伯格塔爾曼。

Hi, Yeah, congrats on that quarter. And the strong orders on the OAS side in particular. Remind me, sorry, I'm jumping across a couple of calls. Would you say the $14 million of orders that most would be recognized in Q4 and Q1? Did I hear that correctly?

嗨，是的，恭喜該季度。尤其是美洲國家組織方面的強勁訂單。提醒一下，抱歉，我跳過了幾通電話。您認為第 4 季和第 1 季最有可能獲得 1,400 萬美元的訂單嗎？我沒聽錯嗎？

Yes.

是的。

Great. And then talking about the Dubai opportunity, can you remind us, I believe the total order announcement early on was 22 systems. Can you remind me how many you've shipped so far? Was it 22 by the end of 2025? Is that still kind of the timeframe? Can you just give us a sense?

偉大的。然後談到杜拜的機會，您能提醒我們一下嗎？你能提醒我到目前為止你已經出貨了多少嗎？到2025年底已經是22了嗎？這仍然是一個時間框架嗎？你能給我們一個感覺嗎？

Yeah, so we've shipped eight systems to the customer, and they're still without having 22 systems by the end of 2025.

是的，我們已經向客戶交付了 8 個系統，但到 2025 年底他們仍然沒有 22 個系統。

Okay. So that potentially could backfill kind of -- because you're going to have like a surge in OAS revenue over a couple quarters here, and then there will be some new orders that come online, theoretically, as well as that to kind of backfill out the rest of the year. Do you think the year kind of trends higher as you go throughout the year, or do you think it's kind of front-end loading the top line?

好的。因此，這可能會產生某種回填，因為 OAS 收入將在幾個季度內激增，然後理論上會有一些新訂單上線，以及回填今年剩餘的時間。您認為這一年的趨勢是隨著全年的發展而走高，還是您認為這是前端加載的頂線？

I think it's certainly going to start strong with strong year-over-year growth. And I think we can sustain those levels and build on them through the rest of the year. So you're right. We have existing customers that -- we expect to grow with and also growing with our military customer and new military customers. And we pointed to activity here in the United States with American Robotics, which will be additive as well.

我認為它肯定會以強勁的同比增長開始強勁。我認為我們可以維持這些水平，並在今年剩餘時間繼續努力。所以你是對的。我們現有的客戶—我們希望與我們的軍事客戶和新的軍事客戶一起成長，也與他們一起成長。我們也提到了美國機器人公司在美國的活動，這也將是附加的。

Great. And nice to see some progress on the network side. Is there inventory that needs to be worked through at Siemens still at this point, or so will orders turn into revenue quickly, or will there be a lag in that process?

偉大的。很高興看到網路方面取得了一些進展。此時西門子是否仍有庫存需要處理，或者訂單會很快轉化為收入，還是過程會出現滯後？

There'll be a bit of a lag with these initial orders we've announced, but as the railroads expand and more railroads get engaged, Siemens will be in the need of reordering. So, the order from, say, Metra just to be specific, will be fulfilled from the Siemens inventory. But from here, we see them starting to eat through that. So 2025, we'll definitely be getting reorders based on our current expectations.

我們宣布的這些初始訂單將有一點滯後，但隨著鐵路的擴張和更多鐵路的投入使用，西門子將需要重新訂購。因此，具體來說，來自 Metra 的訂單將由西門子庫存來履行。但從這裡開始，我們看到他們開始承受這種痛苦。因此，到 2025 年，我們肯定會根據當前的預期獲得重新訂購。

Great. That's it from me. Thanks and congrats again.

偉大的。這就是我說的。再次感謝並恭喜。

Thank you.

謝謝。

Matthew Galinko, Maxim Group. Please go ahead.

馬修·加林科，Maxim 集團。請繼續。

Hey, thanks for taking my question. Hard to -- I guess, have a call this week without talking about the election a little bit. So, can you give us a preliminary view on how the change in US government control might change the trajectory of the DFR opportunity in the US and federal support of the domestic drone industry?

嘿，謝謝你回答我的問題。我想，本週打電話時很難不談選舉。那麼，您能否向我們介紹美國政府控制權的變化可能如何改變美國 DFR 機會的軌跡以及聯邦政府對國內無人機產業的支持？

Yeah, so, Matt, I'll say I think the support is really across both aisles for DFR and more broadly for commercial and military use with drones and integrating that into our security infrastructure. So, that's the short answer.

是的，所以，馬特，我想說，我認為支援確實跨越了 DFR 和更廣泛的商業和軍事用途無人機，並將其整合到我們的安全基礎設施中。所以，這就是簡短的答案。

I will say at the margin that we've seen with the new administration, a particular focus on supporting the domestic drone sector. But again, I think that's really broadly shared. But, as it relates to supporting US producers, I think if I netted it all out, I'd say it's a positive for sure.

我想說的是，我們看到新政府特別注重支持國內無人機產業。但我再次認為這確實得到了廣泛的認同。但是，由於這與支持美國生產商有關，我認為如果我全力以赴，我會說這肯定是積極的。

Got it. Thanks. I guess a follow-up to that. Is marketing Optimus to military in conjunction with Iron Drone an unexpected evolution for 2025? I know we've talked about it a little bit before, but it seems like it's come on relatively quickly. So maybe talk about where that's mapped against your expectations of Optimus's development.

知道了。謝謝。我想這是後續行動。2025 年，將 Optimus 與 Iron Drone 一起向軍方行銷是否會是意想不到的演變？我知道我們之前已經討論過這個問題，但看起來進展得相對較快。所以也許可以談談這與您對 Optimus 開發的期望有何不同。

Well, Matt, I think the answer is yes to that. We've always viewed Optimus as very robust in not just industrial-grade, but military-grade system. But we've seen in defense markets, globally, it's moved towards deploying more and more autonomous technologies. So, that's happened probably a bit quicker than we've seen. And there's no question that the order we received in Q3 for Optimus for the specific use cases to protect military bases and border checkpoints was as we're looking at other global defense customers.

嗯，馬特，我認為答案是肯定的。我們一直認為 Optimus 不僅在工業級系統中而且在軍用級系統中都非常強大。但我們在全球國防市場上看到，它正在朝著部署越來越多的自主技術的方向發展。所以，這發生的速度可能比我們看到的還要快一些。毫無疑問，我們在第三季收到的針對保護軍事基地和邊境檢查站的特定用例的 Optimus 訂單與我們正在尋找的其他全球國防客戶一樣。

So, I'd say, yeah, for sure, Optimus in 2025, as we're looking for global defense markets. It's probably coming a little sooner than we would have planned.

所以，我想說，是的，毫無疑問，Optimus 會在 2025 年出現，因為我們正在尋找全球國防市場。它可能比我們計劃的要早一點。

Got it. And final question for me, just the ability to scale Optimus production in light of that, maybe quicker build than that opportunity. Do you feel like you're in a position where you can source components and get the building done? Or what has to happen to get to that point?

知道了。對我來說最後一個問題是，鑑於此，擴大 Optimus 生產的能力可能比這個機會更快。您是否覺得自己可以採購組件並完成建置？或者說必須發生什麼才能達到這一點？

So, where we are today, we feel good about our production capabilities. And I'll remind you that the Optimus System is a very high-end solution. So, what we're not doing is building 1,000 or 10,000 small disposable or tradable drones that are $2,000, $5,000, $10,000. Our system is robust premium. So, we think on the supply chain that we're in good shape. But with that said, we do have to prepare for expanded demand. And we also have to ensure that we're able to produce locally particularly for the United States market. So, we're doing that work now to broaden our capabilities as it relates to supply chain.

因此，我們對今天的生產能力感到滿意。我要提醒您的是，O​​ptimus 系統是一個非常高端的解決方案。因此，我們不會製造 1,000 或 10,000 架小型一次性或可交易無人機，價格為 2,000 美元、5,000 美元、10,000 美元。我們的系統是強大的優質系統。因此，我們認為我們的供應鏈狀況良好。但話雖如此，我們確實必須為擴大的需求做好準備。我們還必須確保我們能夠在當地生產，特別是針對美國市場。因此，我們現在正在進行這項工作，以擴大我們與供應鏈相關的能力。

Great. Thank you.

偉大的。謝謝。

Sure. Thanks Matt.

當然。謝謝馬特。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

Hi, guys. Thanks a lot. Eric, maybe just once again, can you give us a bit of an update on how much you think that rails need to spend to clear the spectrum? And your best guess on the timing. And I guess, can they meet the FCC deadlines? I know it's a lot of moving parts out there. And then secondly just a bit of an update on liquidity and how do you meet the requirements over the next year that you have? And then, just kind of any update on the stock listing what you guys need to do. Thank you.

嗨，大家好。多謝。艾瑞克（Eric），也許再一次，您能否給我們一些最新信息，說明您認為鐵路需要花費多少來清理頻譜？以及您對時間的最佳猜測。我想，他們能滿足 FCC 的最後期限嗎？我知道那裡有很多活動部件。其次，請介紹一下流動性的最新情況，以及您如何滿足明年的要求？然後，就是關於股票清單的任何更新，你們需要做什麼。謝謝。

Sure. So, deadlines TAMs, liquidity, and Nasdaq listing. Okay. Working this down. So, on the deadlines, I'll say that -- be careful. And they have said publicly as recently as the third quarter that they intend to meet the deadline to retire the legacy network. And for us to be able to support that, we're going to need some lead times, right, because it's a big project. And we're working with them on that.

當然。因此，TAM、流動性和納斯達克上市的最後期限。好的。把這個工作下來。所以，在截止日期上，我會說——要小心。他們最近在第三季公開表示，他們打算在最後期限前淘汰舊網路。為了能夠支持這一點，我們需要一些交貨時間，對吧，因為這是一個大項目。我們正在與他們合作。

As it relates to TAMs, the TAM that we see still remains the same. You're talking about the same network coverage or territories that need to be covered in 900 megahertz. So the base station infrastructure is what it is. And then, of course the edge remotes for the applications around train control are what they are as well. We know those locations. So, we think they're similar. I will say that, and Tim, Guy went into some detail on the network architecture plans for the railroads. And one of the things that we've seen is that the railroads will be using 900 megahertz as a primary network in certain locations and also as a secondary or redundant network as well.

就 TAM 而言，我們看到的 TAM 仍然保持不變。您談論的是需要 900 兆赫覆蓋的相同網路覆蓋範圍或區域。所以基地台基礎設施就是這樣。當然，用於列車控制應用的邊緣遙控器也是如此。我們知道那些地點。所以，我們認為它們很相似。我要說的是，提姆、蓋伊詳細介紹了鐵路網路架構計畫。我們看到的一件事是，鐵路將使用 900 兆赫作為某些地點的主要網絡，同時也作為輔助或冗餘網絡。

And I think that is really -- it's great for us to get that visibility, because now we're getting confirmation that they intend to build. And we're still waiting on when that inflection point comes in orders, but we do see it's - we do believe it's coming soon. And that could mean that -- because now, if we're using 900 megahertz as a redundant network, it could mean we have more edge -- opportunity with edge remotes, because we'd be carrying multiple applications, including PTC backup in that situation.

我認為這對我們來說真的很重要，因為現在我們得到了他們打算建造的確認。我們仍在等待轉折點何時到來，但我們確實看到了——我們相信它很快就會到來。這可能意味著 - 因為現在，如果我們使用 900 兆赫茲作為冗餘網絡，這可能意味著我們擁有更多邊緣遙控器的機會，因為我們將攜帶多種應用程序，包括 PTC 備份情況。

And then, on the liquidity front, I'm limited in what I can say, other than our prepared remarks. We do see at Ondas Networks that Charles & Potomac has been very supportive. And that on OAS, as we outlined at our Investor Day in September, we do have a multistage capital plan. We've started the first phase of that, which was the offering that I participated in with Charles & Potomac. And I guess we can just say that we're going to continue to work on that.

然後，在流動性方面，除了我們準備好的發言之外，我能說的有限。我們確實在 Ondas Networks 看到 Charles 和 Potomac 給予了大力支持。正如我們在 9 月的投資者日所概述的，在 OAS 上，我們確實有一個多階段的資本計劃。我們已經開始了第一階段，這是我與 Charles & Potomac 一起參與的產品。我想我們可以說我們將繼續為此努力。

And the last question you had was around the listing. And we have applied to the Nasdaq for an extension. And we do believe we meet the requirements of that extension, and I think we're going to find out soon on that.

您的最後一個問題是關於清單的。我們已經向納斯達克申請延期。我們確實相信我們滿足了該延期的要求，而且我認為我們很快就會知道這一點。

Thank you.

謝謝。

Carter Mansbach, Forte Capital Group.

卡特‧曼斯巴赫，復地資本集團。

Good morning, gentlemen. First, I want to say three things. Thank you so much for the update on the listing, because that's been a level of angst for a lot of investors, and we look forward to hearing the update. Secondly, congratulations on the drone side of the business. $14.4 million is tremendous, considering where you guys have come from. And I think equally as important is the rails.

早安，先生們。首先，我想說三件事。非常感謝您更新上市訊息，因為這讓許多投資者感到焦慮，我們期待聽到更新訊息。其次，祝賀無人機方面的業務。考慮到你們來自哪裡，1440 萬美元是一個巨大的數字。我認為同樣重要的是導軌。

So if you could give me just more in English, some color on what exactly you've achieved with the rail one. And last point on this is, from my knowledge being involved with the company for so many years it seemed always that one rail goes, the others go with them, because they're all interconnected.

因此，如果您能給我更多的英文信息，請告訴我您在鐵路方面到底取得了什麼成就。最後一點是，從我參與該公司這麼多年的經驗來看，似乎總是有一條軌道在運行，其他軌道也隨之運行，因為它們都是相互關聯的。

So would you agree with that statement? And would you agree with the general statement that 2025 on this as a whole is the beginning of the hockey stick for the company?

那你同意這個說法嗎？您是否同意這樣的總體說法：2025 年總體上是公司曲棍球棒的開始？

All right, Carter. Yeah, so I'll start with the last comment and agree with you. I do believe 2025 is the beginning of the hockey stick, and maybe it's even Q4. You are spot on when you're suggesting that the railroads are interconnected. And the first rails to move on upgrading a major network, it's always the hardest. But it's very important, the activity we've seen in Chicago with Metra and the other Class 1 railroad that we've discussed, because what they're demonstrating is not just that the system is robust and meeting mission critical requirements.

好吧，卡特。是的，所以我將從最後一條評論開始並同意你的觀點。我確實相信 2025 年是曲棍球棒的開始，甚至可能是第四季。當您建議鐵路互連時，您說得很對。而升級主要網路的第一條軌道總是最困難的。但這非常重要，我們在芝加哥看到的 Metra 和我們討論過的其他 1 級鐵路的活動，因為他們所展示的不僅僅是系統的穩健性和滿足關鍵任務的要求。

Also demonstrating that with the customers have an operational and migration plan to deploy a new network. And that's really important because when you make these network upgrades, you have to do it in the context of rail operations continuing. So this is what we've talked about in the past is the backwards compatibility, for example. And then the migration plan is how you put new base stations in, make them backwards compatible with the remote radios. And then you continue to go and the railroads continue their operations.

也向客戶展示了部署新網路的營運和遷移計劃。這非常重要，因為當您進行這些網路升級時，您必須在鐵路運營持續的背景下進行。例如，這就是我們過去討論的向後相容性。然後，遷移計畫就是如何放置新基地台，使它們向後相容於遠端無線電。然後你繼續前進，鐵路繼續運作。

So I think you're going to see as we're going into 2025, there's going to be a lot more public conversation about this in the industry, because it's actually going. And this is something that we've been working on for the last five years. But when you see action in the field, things change. So was there anything else that you asked, Carter?

因此，我認為，隨著我們進入 2025 年，您將會看到，行業內將會有更多關於此問題的公開討論，因為它實際上正在發生。這是我們過去五年來一直在努力的事情。但當你看到現場的行動時，事情就會改變。卡特，你還有什麼想問的嗎？

Yeah. The only thing I was asking was just a little more color on what you actually achieved with the rail ones. So this latest development.

是的。我唯一要問的是，你對鐵路的實際成果有更多的了解。所以這是最新的進展。

So firstly, it's really simple. I think we achieved clarity. And Guy, maybe you can speak to that a bit.

首先，這非常簡單。我認為我們已經實現了清晰。蓋伊，也許你可以談談這一點。

Yeah, happy to, Eric. Hi, Carter. I think the key thing here is that all the time and effort that we've put into working with the railroads, either in their test labs or in field deployments, is paying off. It does take a while. The railroads move somewhat slowly and it does take them a while to figure it out. But as you made the point, I think that once the first one of them moves, especially in a place like Chicago, the others follow. And that is now happening. We're seeing that in that -- the diligence that we've put into and the time and effort into getting there, building confidence with them, that we have a long-term sustainable solution for them in the 900 megahertz is, again -- is paying off.

是的，很高興，艾瑞克。嗨，卡特。我認為這裡的關鍵是，我們在鐵路部門的測試實驗室或現場部署中投入的所有時間和精力都得到了回報。確實需要一段時間。鐵路的運行有些緩慢，他們確實需要一段時間才能弄清楚。但正如你所指出的那樣，我認為一旦他們中的第一個移動，特別是在像芝加哥這樣的地方，其他人就會跟隨。現在這種情況正在發生。我們看到，我們為此付出的努力、時間和精力，與他們建立了信心，我們在 900 兆赫茲領域為他們提供了長期可持續的解決方案，這再次是 - - 正在得到回報。

Okay. Well, guys, thank you so much. And I really appreciate the update. And congratulations on all the developments. 2025 should be very interesting. Thanks again.

好的。嗯，夥計們，非常感謝你們。我真的很感謝這次更新。並祝賀所有的進展。 2025年應該會很有趣。再次感謝。

Thanks, Carter.

謝謝，卡特。

Thank you.

謝謝。

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

我們的問答環節到此結束。我想將會議轉回埃里克·布洛克（Eric Brock）發表閉幕詞。

Okay. Thank you, Operator. I'm just going to close the call by simply thanking everyone again for attending. We have a lot of work to do and we're going to get right back at it. So in the meantime, we'll stay in touch, but we'll be talking soon. So, thank you very much. Have a great day.

好的。謝謝你，接線生。我將再次感謝大家的出席來結束這通通話。我們還有很多工作要做，我們會立即回來。因此，與此同時，我們將保持聯繫，但我們很快就會進行交談。所以，非常感謝。祝你有美好的一天。

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。