Ondas Holdings Inc (ONDS) 2024 Q4 法說會逐字稿

Welcome to the Ondas Holdings Inc., fourth quarter and full year 2024 conference call. (Operator Instructions)

歡迎參加 Ondas Holdings Inc. 2024 年第四季和全年電話會議。（操作員指示）

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 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's periodic SEC filings and in the earnings press release issued today, which are both available on the company's website.

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 Ondas 目前的最佳判斷，但它們受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。這些風險因素在 Ondas 定期向美國證券交易委員會提交的文件和今天發布的收益新聞稿中進行了討論，這兩份文件均可在該公司的網站上查閱。

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.

除非法律要求，否則 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 將參考某些非 GAAP 財務指標。這些非公認會計準則指標並非依照公認會計原則編製。

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.

我們今天稍早發布的新聞稿中顯示了非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳情況，該新聞稿可在我們網站的投資者關係部分查閱。

This non-GAAP information is provided as a supplement to, not as a substitute for, or a 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.

此非 GAAP 資訊僅作為依照 GAAP 編製的財務績效指標的補充，而非替代或優於此指標。然而，管理階層認為這些非公認會計準則指標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。

Well, thank you, operator, and good morning. I want to get started by welcoming you to our quarterly conference call. We appreciate you joining us today and for your continued interest in Ondas.

好的，謝謝接線員，早安。首先，歡迎您參加我們的季度電話會議。我們感謝您今天加入我們並持續關注 Ondas。

I'm happy to be joined today by key members of our leadership team, including Neil Laird, our Interim CFO; and Meir Kliner, President of Ondas Autonomous Systems and the Founder and CEO of our Airobotics subsidiary, both whom are very familiar to you.

我很高興今天能與我們領導團隊的關鍵成員一起參加會議，其中包括我們的臨時財務長 Neil Laird；以及 Ondas Autonomous Systems 總裁兼我們 Airobotics 子公司的創始人兼首席執行官 Meir Kliner，他們兩位你們都非常熟悉。

We're also joined by two new members of our leadership team for their first investor called Ondas. Of course, I am speaking about Oshri Lugassi, our new Co-CEO of Ondas Autonomous Systems; and Markus Nottelmann, the new CEO of Ondas Networks.

我們的領導團隊也迎來了兩位新成員，他們是他們的第一位投資者 Ondas。當然，我說的是 Ondas Autonomous Systems 的新聯合執行長 Oshri Lugassi；以及 Ondas Networks 的新執行長 Markus Nottelmann。

I'm excited to have Markus and Oshri here with us. They bring exceptional leadership and industry experience that is sure to be invaluable. Further, both have been known to Ondas for a while now and are already making an impact in the field with customers. You'll hear more about these two leaders later in the call.

我很高興 Markus 和 Oshri 能來到這裡。他們帶來了卓越的領導力和行業經驗，這無疑是無價的。此外，Ondas 已經了解這兩家公司一段時間了，並且已經在該領域對客戶產生了影響。稍後您將在電話會議中聽到更多關於這兩位領導人的資訊。

So let's now turn to the agenda. I'll begin with a review of our key highlights from 2024 and provide an outlook for 2025, where we anticipate a record year of revenue growth primarily driven by Ondas. I will also share some important details on the partnership we announced yesterday with Palantir.

現在讓我們開始討論議程。我將首先回顧我們 2024 年的主要亮點，並對 2025 年進行展望，我們預計 2025 年的營收成長將創歷史新高，這主要得益於 Ondas 的推動。我還將分享我們昨天與 Palantir 宣布的合作關係的一些重要細節。

Neil will then walk through our financial results for the fourth quarter in full year 2024. And after that we will provide a business update where I will ask Markus, Oshri, and Meir to provide their perspective on the progress within our Ondas Networks and OAS business units. Then, I will wrap the call and move to take investor questions.

尼爾隨後將介紹我們 2024 年全年第四季的財務表現。之後，我們將提供業務更新，我將請 Markus、Oshri 和 Meir 就我們的 Ondas Networks 和 OAS 業務部門的進展提供他們的看法。然後，我將結束通話並開始回答投資者的提問。

2024 was a defining year for Ondas, marked by pivotal milestones that sets the stage for accelerated growth in 2025 and beyond. It was also marked by overcoming challenges, and I am extremely proud of our teams across Ondas.

2024 年對 Ondas 來說是具有決定性意義的一年，這一年標誌著公司邁出了關鍵的一步，為 2025 年及以後的加速成長奠定了基礎。我們也克服了許多挑戰，我為我們在 Ondas 的團隊感到非常自豪。

Recall that early in 2024, we faced the challenges of extending timelines on this networks and of course the war activities in Israel, which place pressure on our operating capabilities.

回想一下，在 2024 年初，我們面臨著延長該網路時間線的挑戰，當然還有以色列的戰爭活動，這給我們的作戰能力帶來了壓力。

Nonetheless, we persevered through these challenges. We firmly established our presence in the global defense market, securing two major programs of record with a key military customer in the Middle East for both our Optimus and Iron Drone Raider platforms. These programs validate or dual use autonomous drone technology and have also dramatically increased both our TAM and the serviceable and obtainable market or SAM, and they're expected to increase the velocity of our business at OAS.

儘管如此，我們還是克服了這些挑戰。我們在全球國防市場牢固確立了地位，與中東地區的主要軍事客戶就我們的 Optimus 和 Iron Drone Raider 平台達成了兩項重大項目。這些項目驗證了自主無人機技術的雙重用途，同時也大大增加了我們的TAM以及可服務和可獲得的市場或SAM，預計它們將提高我們在OAS的業務速度。

Iron Drone radar is now positioned as the market defining platform for low kinetic county UAS in the mitigation of drone threats, needing the critical need for drone interception in contested environments. This market is seeing massive demand growth, and we believe our opportunity is to position Iron Drone as a category owner.

Iron Drone 雷達目前被定位為低動能縣級無人機系統的市場定義平台，用於緩解無人機威脅，滿足在有爭議的環境中攔截無人機的迫切需求。這個市場正在經歷巨大的需求成長，我們相信我們的機會是將 Iron Drone 定位為類別所有者。

We recently announced that we have launched an Iron Drone demo team which has already begun to engage customers globally. And we are already seeing tangible activity with additional military and homeland security customers. We're engaging with these new defense and homeland security customers through government to government channels as well as through our own direct marketing efforts.

我們最近宣布，我們已經成立了 Iron Drone 演示團隊，該團隊已經開始與全球客戶互動。我們已經看到更多軍事和國土安全客戶進行了切實的活動。我們透過政府對政府管道以及我們自己的直接行銷努力與這些新的國防和國土安全客戶接觸。

As Meir will share, we have similarly engaged with new customers around our Optimus system, which is now being deployed to secure military bases and border checkpoints, demonstrating the exceptional capabilities of this market leading system and high value security markets in both defense and critical industrial markets.

正如梅爾所分享的，我們也圍繞著我們的 Optimus 系統與新客戶進行了類似的接觸，該系統目前正在部署以保護軍事基地和邊境檢查站，展示了這一市場領先的系統以及國防和關鍵工業市場中高價值安全市場的卓越能力。

Beyond our commercial traction, we invested significant energy to enhance operational efficiencies to scale our growth, ensuring we are positioned to meet demand. That includes furthering the development of our supply chain and field services capabilities.

除了商業吸引力之外，我們還投入了大量精力來提高營運效率，擴大成長規模，確保我們能夠滿足需求。這包括進一步發展我們的供應鏈和現場服務能力。

Enhancing our operational platform is a perpetual focus for us and will be critical as we drive growth across technology platforms, geographies, and end markets. Despite the lack of revenue traction on those networks, we further solidified our position in technology network road maps for our customers, which of course includes Amtrak, but also broadening our engagement with new industry and ecosystem partners.

增強我們的營運平台是我們永遠關注的重點，這對於我們推動跨技術平台、地理和終端市場的成長至關重要。儘管這些網路缺乏收入吸引力，但我們進一步鞏固了我們在客戶技術網路路線圖中的地位，其中當然包括美國鐵路公司，同時也擴大了我們與新產業和生態系統合作夥伴的合作。

We close the year with a $10 million backlog primarily with OAS, reinforcing the strength of our pipeline and the visibility we now have on future revenue. That backlog and buttressed by a growing invisible order book. This gives us confidence in projecting at least $20 million in revenues from OAS. It supports the total revenue expectations of $25 million for Ondas Holdings in 2025.

今年年底，我們主要與 OAS 簽訂了 1000 萬美元的積壓訂單，這增強了我們的通路實力和對未來收入的可預見性。積壓訂單和不斷增長的隱形訂單支撐了這一趨勢。這使我們有信心預測 OAS 的收入至少為 2000 萬美元。它支持 Ondas Holdings 在 2025 年實現 2,500 萬美元的總收入預期。

Recall that we originally set expectations for 2025 revenue at $15 million to $18 million for OAS at our investor day in September 2024. And I stated that we want to set conservative expectations, which we will strive to beat at that time. This remains the case with our updated outlook today, which I will touch on in some more detail at the end of today's call.

回想一下，在 2024 年 9 月的投資者日上，我們最初將 2025 年 OAS 的營收預期設定為 1,500 萬至 1,800 萬美元。我說過，我們希望設定保守的預期，屆時我們將努力超越這項預期。我們今天更新的展望仍然如此，我將在今天的電話會議結束時更詳細地討論這一點。

We also fortified our capital position, raising $35 million in Q4 alone, which met the goals we articulated back in our last investor update. This provided us with a strong liquidity position and financial runway to execute our expansion strategy with confidence.

我們還鞏固了我們的資本地位，僅在第四季度就籌集了 3500 萬美元，這實現了我們在上次投資者更新中闡明的目標。這為我們提供了強大的流動性狀況和財務基礎，讓我們能夠充滿信心地執行擴張策略。

Ondas enters 2025 stronger than ever with a clear runway for growth and defense, homeland security, and critical infrastructure security markets.

Ondas 將以比以往更強勁的勢頭邁入 2025 年，為國防、國土安全和關鍵基礎設施安全市場提供清晰的成長路徑。

As we look ahead, 2025 is set to be an acceleration year for Ondas, with momentum building from our execution in 2024, we believe we are positioned to deliver record revenue as we scale our existing programs and expand into new customer opportunities.

展望未來，2025 年將成為 Ondas 的加速年，隨著 2024 年執行工作的推進，我們相信，隨著我們擴大現有計劃並拓展新客戶機會，我們將能夠實現創紀錄的收入。

We have the following key objectives for 2025. Firstly, we tend to drive growth with existing programs and customers. We are intensely focused on executing and expanding on existing programs with Optimus and Iron Drone, ensuring successful deployments is sustained customer adoption.

我們對 2025 年有以下主要目標。首先，我們傾向於利用現有的專案和客戶來推動成長。我們專注於執行和擴展 Optimus 和 Iron Drone 的現有計劃，確保成功部署並獲得客戶的持續採用。

As we build on what we have, we plan further expansion through new customer programs. Our defense and homeland security engagements in Israel and the UAE provide a strong foundation for broader adoption. From here, we expect to secure multiple additional military customers in 2025, leveraging both G2G channel opportunities in addition to Ondas's direct marketing efforts.

在鞏固現有基礎的同時，我們計劃透過新的客戶計畫進一步擴大規模。我們在以色列和阿聯酋的國防和國土安全合作為更廣泛的採用奠定了堅實的基礎。從現在開始，我們預計在 2025 年將獲得多個額外的軍事客戶，利用 G2G 通路機會以及 Ondas 的直接行銷努力。

We believe these efforts will be enhanced with Oshri's leadership based on his demonstrated success in securing over $20 million -- $20 billion in defense contract sales by leading the go to market strategy at one of Israel's most important global defense companies.

我們相信，在奧斯利 (Oshri) 的領導下，這些努力將得到加強，因為他曾領導以色列最重要的全球國防公司之一的市場戰略，成功確保了超過 2000 萬至 200 億美元的國防合約銷售額。

Of course, we will also look to pull through on our existing pipeline with critical infrastructure and public safety customers in the US and Europe, which also presents substantial growth opportunities.

當然，我們也將尋求與美國和歐洲的關鍵基礎設施和公共安全客戶建立現有的合作關係，這也帶來了巨大的成長機會。

We intend to continue to invest to scale our operating platform. We're building a scalable infrastructure with investments in supply chain, sustainment, and field services to support long-term customer adoption. These activities will have the benefit of leveraging our new partnership with Palantir, whereby they are providing their foundry AI systems for enterprise resource, efficiencies, which I will stand upon in a moment.

我們打算繼續投資以擴大我們的營運平台。我們正在建造可擴展的基礎設施，投資於供應鏈、維護和現場服務，以支援長期客戶採用。這些活動將有利於利用我們與 Palantir 的新合作夥伴關係，透過該合作夥伴關係，他們將為企業資源提供其代工廠 AI 系統，提高效率，我稍後將會談到這一點。

Lastly, we intend to build further build strategic value at on this networks, despite timeline challenges. We continue to believe in both the long-term opportunity data on networks and the strategic value of the business, and we are intent on realizing that value.

最後，儘管面臨時間上的挑戰，我們仍打算進一步建構該網路的戰略價值。我們始終相信網路的長期機會數據和業務的策略價值，並且我們致力於實現這一價值。

Recall the private wireless is a platform to create value along the technology ecosystem at the edge of rail operations. The capacity and flexibility to drive new applications supporting advanced intelligent safety and operating systems is strategically valuable for both our rail customers and the large rail edge technology vendors.

回想一下，私人無線是一個在鐵路運營邊緣的技術生態系統中創造價值的平台。驅動支援先進智慧安全和操作系統的新應用的能力和靈活性對於我們的鐵路客戶和大型鐵路邊緣技術供應商都具有戰略價值。

Under Markus's leadership, we expect to see broader customer and partner engagement, ensuring continued progress in 900 megahertz rail network deployments while exploring additional product and network opportunities.

在 Markus 的領導下，我們期望看到更廣泛的客戶和合作夥伴參與，確保 900 兆赫鐵路網絡部署繼續取得進展，同時探索更多產品和網路機會。

With a strengthened leadership team, validated market traction, and a robust pipeline, Ondas is poised for transformative growth in 2025. As the year progresses, I believe a deeper customer pool, a growing order book and backlog, and our continuous focus on operational scale will support a growth flywheel.

憑藉更強大的領導團隊、經過驗證的市場吸引力以及強大的產品線，Ondas 已準備好在 2025 年實現變革性成長。隨著時間的推移，我相信更深層的客戶群、不斷增長的訂單和積壓訂單以及我們對營運規模的持續關注將支持成長飛輪。

With proper execution, this will be a year when our investments in technology, operations, and market expansion deliver tangible results for our customers and our investors.

透過適當的執行，今年我們在技術、營運和市場擴張方面的投資將為我們的客戶和投資者帶來實際的成果。

Yesterday, we announced a strategic partnership with Palantir Technologies, a leading provider of AI systems. I'm very excited about engaging with Palantir and the breadth of great capabilities and solutions they bring to the markets we care about.

昨天，我們宣布與領先的人工智慧系統供應商 Palantir Technologies 建立策略合作夥伴關係。我很高興能與 Palantir 合作，並期待他們能為我們關心的市場帶來廣泛的強大功能和解決方案。

This is an incredibly important relationship which we have established with significant long-term benefits to Ondas. Initially, we will leverage Palantir's Foundry AI platform to scale OAS's operating platform in support of our revenue ramp.

我們建立的這種關係非常重要，它將為 Ondas 帶來重大的長期利益。最初，我們將利用 Palantir 的 Foundry AI 平台來擴展 OAS 的營運平台，以支援我們的營收成長。

With foundry, we aim to unify data and streamline operations which will help enable scalable adoption of our Optimus system and Iron Drone Raider globally. This entails connecting to our supply chain production, as well as our field services and sustainment activities with customers across the world.

透過代工廠，我們的目標是統一數據並簡化操作，這將有助於在全球範圍內擴展我們的 Optimus 系統和 Iron Drone Raider 的採用。這需要連接我們的供應鏈生產以及與世界各地客戶的現場服務和維持活動。

This will also ultimately extend to our product and solutions development where we are likely to create further AI enabled advancements in our platform capabilities in support of evolving custom requirements for autonomy and data intelligence.

這最終也將延伸到我們的產品和解決方案開發，我們可能會在我們的平台功能中創造進一步的人工智慧進步，以支援不斷發展的自主性和數據智慧的客製化要求。

I believe Palantir see similar scope for product and market development as we advance our relationship. I expect this partnership to ultimately be a force multiplier across a number of important facets of our business and look forward to sharing more details as we begin to integrate foundry, eventually other talented AI capabilities into our business.

我相信，隨著我們關係的發展，Palantir 也看到了類似的產品和市場發展前景。我希望這種合作關係最終能夠成為我們業務許多重要方面的力量倍增器，並期待在我們開始將代工廠、最終將其他優秀的人工智慧能力整合到我們的業務中時分享更多細節。

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

我現在將把電話交給尼爾，讓他提供詳細的財務更新資訊。尼爾？

Thank you, 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 rollouts.

謝謝你，埃里克。首先，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更大規模商業推廣的準備工作。

We expect significant operating leverage as revenues grow, for today's revenue levels do not yet cover our operating expenses. 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 of the 900 megahertz network and the development programs underway with Siemens and MXV rail.

我們預計，隨著收入的成長，營運槓桿將顯著增加，因為目前的收入水準還無法涵蓋我們的營運費用。對於 Ondas Networks 而言，由於 900 兆赫網絡的目標商業推出以及與西門子和 MXV 鐵路正在進行的開發計劃之前客戶活動時間的不確定性，其收入將逐季度波動。

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

同樣，隨著我們客戶群的擴大，以及越來越多的客戶加入美國和國際的車隊計劃和定期服務協議，OAS 的收入預計每個季度都會有所不同，並趨於更可預測的模式。

Revenues increased 173% to $4.1 million quarter over quarter for the three months ending December 31, 2024. Compared to $1.5 million for the three months ending September 30, 2024. And we're down 18% from $5 million for the three months ending December 31, 2023.

截至 2024 年 12 月 31 日的三個月，營收季增 173%，達到 410 萬美元。相比之下，截至 2024 年 9 月 30 日的三個月為 150 萬美元。截至 2023 年 12 月 31 日的三個月，我們的營收較 500 萬美元下降了 18%。

Revenues from Ondas Networks were $0.5 million, relatively flat compared to the third quarter of 2024, and down $1.1 million from the fourth quarter of 2023. This was primarily a result of extended timelines related to the 900 megahertz activity with the Class I railroads.

Ondas Networks 的營收為 50 萬美元，與 2024 年第三季相比基本持平，比 2023 年第四季下降 110 萬美元。這主要是由於一級鐵路 900 兆赫活動時間延長所致。

OAS revenues were $3.6 million an increase of $2.6 million or 260% from the third quarter of 2024, and an increase of 10% from the fourth quarter of 2023. This increase reflects the shipment of products and services from the $14.4 million in orders, primarily related to the two new programs secured with a military customer in the third quarter of 2024.

OAS 營收為 360 萬美元，比 2024 年第三季增加 260 萬美元（260%），比 2023 年第四季增加 10%。這一增長反映了 1,440 萬美元訂單中的產品和服務的出貨量，主要與 2024 年第三季與軍事客戶達成的兩個新項目有關。

Gross profit was $0.9 million or 22% for Q4 2024, as opposed to $0.1 million or 3% for the third quarter of 2024 and $1.7 million or 35% for the fourth quarter of 2023. The increase in gross margins from the third quarter results from increased product revenue at OAS.

2024 年第四季的毛利為 90 萬美元，佔 22%，而 2024 年第三季的毛利為 10 萬美元，佔 3%，2023 年第四季的毛利為 170 萬美元，佔 35%。第三季毛利率的增加是由於 OAS 產品收入的增加。

Compared to the fourth quarter of 2023, the decrease reflects the lack of higher margin product sales at Ondas Networks and slightly lower margins at OAS because of the inclusion of third-party products in the current quarter revenue.

與 2023 年第四季相比，這一下降反映了 Ondas Networks 缺乏高利潤產品銷售，以及由於本季度收入中包含了第三方產品導致 OAS 利潤率略有下降。

Gross margins can be volatile on a quarter to quarter basis, due to revenue levels that reflect the early stage of platform adoption and shifts in revenue mix between product development and service revenues.

由於收入水準反映了平台採用的早期階段以及產品開發和服務收入之間的收入結構變化，因此毛利率可能每個季度都會波動。

Operating expenses decreased to $9.4 million for the fourth quarter of 2024, as opposed to $8.7 million in the third quarter of 2024 and $14.4 million in the fourth quarter of 2023. The decrease from the prior year was primarily due to a $4.0 million non-cash impairment charge in the fourth quarter of 2023 and various cost savings implemented in 2024 at Ondas Networks. The increase from the third quarter was primarily the result of a credit loss charge in the current quarter.

2024 年第四季的營運費用降至 940 萬美元，而 2024 年第三季為 870 萬美元，2023 年第四季為 1,440 萬美元。與前一年相比的下降主要是由於 2023 年第四季 400 萬美元的非現金減損費用以及 Ondas Networks 在 2024 年實施的各種成本節約。與第三季相比的成長主要是由於本季的信貸損失費用。

Cash operating expenses were $7.9 million in the fourth quarter of 2024 compared to $8.7 million in the third quarter of 2024. These exclude non-cash operating expenses for depreciation and amortization of $1.2 million in both quarters, stock-based compensation of $0.3 million in the fourth quarter of 2024 compared to $0.4 million in the fourth quarter of 2023, and impairment of long-term assets charge of $4 million in the fourth quarter of 2023.

2024 年第四季的現金營運費用為 790 萬美元，而 2024 年第三季的現金營運費用為 870 萬美元。上述數字不包括兩個季度的 120 萬美元折舊及攤銷非現金營運費用、2024 年第四季的 30 萬美元股票薪酬（2023 年第四季為 40 萬美元）以及 2023 年第四季的 400 萬美元長期資產減損費用。

The operating loss was $8.5 million for the fourth quarter of 2024 compared to $12.6 million for the fourth quarter of 2023. Adjusted EBITDA loss was $7 million for the fourth quarter, about the same as the $7 million for the fourth quarter of 2023.

2024 年第四季的營業虧損為 850 萬美元，而 2023 年第四季的營業虧損為 1,260 萬美元。第四季調整後 EBITDA 虧損為 700 萬美元，與 2023 年第四季的 700 萬美元大致相同。

For the full year of 2024, revenues were $7.2 million as opposed to $15.7 million for the full year 2023. This was largely due to extended timelines at Ondas Networks and war-related disruptions in Israel for OAS that impacted operations, particularly in the first half of 2024.

2024 年全年營收為 720 萬美元，而 2023 年全年營收為 1,570 萬美元。這主要是由於 Ondas Networks 的時間延長以及以色列戰爭導致的 OAS 中斷影響了運營，尤其是在 2024 年上半年。

Gross profit was $0.3 million for the full year 2024, as compared to $6.4 million for the full year of 2023, reflecting lower revenue compared to fixed operations costs, particularly at OAS. We expect margins to recover in 2025 with higher revenues and improved scale from larger production volumes at OAS.

2024 年全年毛利為 30 萬美元，而 2023 年全年毛利為 640 萬美元，反映出與固定營運成本相比收入較低，尤其是在 OAS 方面。我們預計，隨著 OAS 產量增加、收入增加和規模擴大，利潤率將在 2025 年恢復。

Operating expenses for the full year of 2024 were $35.0 million as compared to $46.1 million for the full year of 2023. The reduction was due to the absence of one-time non-cash charges of $4 million in 2024, achieving the full savings from the integration of American robotics and air robotics operations to form OAS that was implemented during 2023, and additional cost savings achieved at Ondas Networks during 2024.

2024 年全年營運費用為 3,500 萬美元，而 2023 年全年營運費用為 4,610 萬美元。減少的原因是 2024 年沒有 400 萬美元的一次性非現金費用，實現了 2023 年實施的美國機器人和空中機器人業務整合形成 OAS 的全部節省，以及 2024 年 Ondas Networks 實現的額外成本節省。

Cash operating expenses were $28.9 million for the full year of 2024, a decline of $7.2 million from 2023. This was due to the OAS integration mentioned previously and cost savings achieved at Ondas Networks. Adjusted EBITDA with our loss was $28.5 million for 2024, as compared to $29.7 million for 2023.

2024 年全年現金營運支出為 2,890 萬美元，較 2023 年減少 720 萬美元。這是由於前面提到的 OAS 整合以及 Ondas Networks 實現的成本節約。2024 年調整後 EBITDA（含虧損）為 2,850 萬美元，而 2023 年為 2,970 萬美元。

So now let's turn to the cash flow statement. We held cash of $30 million as of December 31, 2024, compared to $15 million as of December 31, 2023. The full year cash provided by financing includes additional financing totalling $50.2 million of which $35.3 million occurred in the fourth quarter.

現在讓我們來看看現金流量表。截至 2024 年 12 月 31 日，我們持有現金 3,000 萬美元，而截至 2023 年 12 月 31 日，我們持有現金 1,500 萬美元。全年融資提供的現金包括總計 5,020 萬美元的額外融資，其中 3,530 萬美元發生在第四季。

Ondas Holdings received proceeds from convertible loans of $28.3 million. OAS received $5.1 million and Ondas Networks received $1.9 million.

Ondas Holdings 獲得了 2830 萬美元的可轉換貸款收益。 OAS獲得 510 萬美元，Ondas Networks 獲得 190 萬美元。

Cash used in operations during the full year decreased slightly to $33.5 million. Investments in working capital accounted for $4.8 million of its usage compared to $3.9 million in 2023.

全年經營活動現金使用量略為下降，為 3,350 萬美元。營運資本投資佔其使用量的 480 萬美元，而 2023 年為 390 萬美元。

We expect cash utilization to improve in 2025. Improved cash efficiency comes from operating expense leverage at our OAS business unit, given our expectation of a recovery in revenue and gross profit growth over the course of '25 and continued cost controls across the company.

我們預計 2025 年現金利用率將會提高。鑑於我們預計 25 年期間收入和毛利將出現復甦，且整個公司將繼續控製成本，因此現金效率的提高源於 OAS 業務部門的營運費用槓桿。

The company expects to fund its operations from cash on hand of $30 million as of December 31, 2024 from gross profits achieved from revenue growth, potential pre-payments from customers for purchase orders, and potential proceeds from warrants issued and outstanding, and additional funds are needed that the company may seek through equity or debt offerings and borrowings under additional notes payable, lines of credit or other sources.

該公司預計，截至 2024 年 12 月 31 日，其庫存現金為 3000 萬美元，資金來源包括收入增長帶來的毛利潤、客戶對採購訂單的潛在預付款以及已發行和未償還認股權證的潛在收益，如果需要額外資金，公司可能透過發行股票或債券以及根據額外應付票據、借款額度或其他來源來尋求信用額度。

As of December 31, 2024, Ondas Holdings had $52 million in debt outstanding. $9.6 million of this balance has been converted into equity during the first quarter of 2025. $6.2 million of Ondas Holdings convertible debt matures in April of 2025, a further $12 million in July of 2025, and the balance of $24.9 million in December of 2026.

截至 2024 年 12 月 31 日，Ondas Holdings 未償還債務為 5,200 萬美元。其中 960 萬美元已於 2025 年第一季轉換為股權。 Ondas Holdings 的 620 萬美元可轉換債務將於 2025 年 4 月到期，另有 1,200 萬美元將於 2025 年 7 月到期，餘額 2,490 萬美元將於 2026 年 12 月到期。

We have been focused on maintaining liquidity to fund our growth plan and raised a further $0.9 million in convertible notes at Ondas Networks in January. We have also established a relationship with [Claire], a working capital provider to allow us to factor receivables as needed. We also anticipate that the maturing notes will either be converted into equity or will have their terms extended.

我們一直致力於保持流動性以資助我們的成長計劃，並於 1 月在 Ondas Networks 又籌集了 90 萬美元的可轉換票據。我們也與營運資金提供者 [Claire] 建立了合作關係，以便我們根據需要對應收帳款進行保理。我們也預計到期的票據將轉換為股權或延長其期限。

And I will now hand the call back to Eric.

現在我將把電話交還給 Eric。

Thank you, Neil. Now we will transition to a review of our business units and ask Markus, Oshri, and Meir to share updates on business development activity and operations at Ondas Networks and OAS.

謝謝你，尼爾。現在我們將轉向對我們業務部門的審查，並要求 Markus、Oshri 和 Meir 分享 Ondas Networks 和 OAS 的業務發展活動和營運的最新情況。

As I hand the call the Markus to provide a business update for Ondas Networks, I want to reiterate how excited we are to add this level of talent to our management team. Markus brings deep experience in railroad operations, industrial technology, and strategic finance.

當我將電話交給 Markus 來提供 Ondas Networks 的業務更新時，我想重申一下，我們對將這種級別的人才加入我們的管理團隊感到非常興奮。Markus 在鐵路營運、工業技術和戰略財務方面擁有豐富的經驗。

In addition to financial and strategic roles within the private equity industry, his experience included senior leadership positions at Sperry Rail Service and Acuren Inspections, subsidiaries of Rockwood Holdings. There he focused on integrating new technologies into railroad markets and was instrumental in driving improved operational efficiency and revenue velocity.

除了在私募股權行業擔任財務和策略職務外，他的經驗還包括在 Rockwood Holdings 的子公司 Sperry Rail Service 和 Acuren Inspections 擔任高階領導職務。在那裡，他專注於將新技術融入鐵路市場，並在提高營運效率和收入速度方面發揮了重要作用。

These experiences are highly relevant and complimentary to the exceptional technical talent at Ondas Networks, enabling us to drive deeper conversations with customers and business partners. I am very confident that Markus is the right person to help us drive the adoption of our dot16 technology across rail networks. Markus, welcome to the call. The floor is yours.

這些經驗與 Ondas Networks 的傑出技術人才高度相關且互補，使我們能夠與客戶和業務合作夥伴進行更深入的對話。我非常有信心，Markus 是幫助我們推動 dot16 技術在鐵路網路中應用的合適人選。馬庫斯，歡迎參加電話會議。現在輪到你了。

Thank you, Eric. And I start, I want to say simply that I'm happy to join on those networks, and I'm grateful for the opportunity to work with you and the board, as well as with Guy Simpson, our COO, and the extremely talented team we have it on those networks.

謝謝你，埃里克。首先，我想簡單地說，我很高興加入這些網絡，我很感激有機會與您和董事會以及我們的首席營運官蓋伊辛普森 (Guy Simpson) 以及我們在這些網絡上的極具才華的團隊合作。

I believe we have an exceptional technology platform with our dot16 system, and we also have extremely valuable expertise in industrial networks, which of course extends to the railroad communications.

我相信我們的dot16系統擁有卓越的技術平台，而且我們在工業網路方面也擁有極為寶貴的專業知識，當然這也延伸到了鐵路通訊領域。

Together with -- together, this has the promise of creating significant value for both our railroad customers and the broader rail technology ecosystem. Of course, we have a lot of work ahead of us to drive adoption and leverage the significant efforts we have made to create business development opportunities.

總的來說，這有望為我們的鐵路客戶和更廣泛的鐵路技術生態系統創造巨大的價值。當然，我們還有很多工作要做，以推動採用並利用我們所做的重大努力來創造業務發展機會。

With that introduction, it's great to join you today to provide you with a review of key developments at Ondas Networks in 2024. And how we are positioning ourselves for '25.

透過這樣的介紹，我們很高興今天能和大家一起回顧 Ondas Networks 在 2024 年的主要發展。以及我們如何為 25 年做好定位。

While we continue to support the railroad industry with their specific 900 megahertz network needs, we are also positioning Ondas Network's robust technology platform to address the railroad's broader communication needs.

在我們繼續支持鐵路行業特定的 900 兆赫網絡需求的同時，我們也在定位 Ondas Network 強大的技術平台，以滿足鐵路更廣泛的通訊需求。

I will expand on this in a moment, but first I'll provide an update on our specific activities and outlook for the 900 megahertz network. In 2024, one of our distribution partners, Siemens Mobility, received and fulfilled an order from Metra, the primary commuter rail system in Chicago for a system-wide upgrade of their 900 megahertz network.

我稍後會詳細說明這一點，但首先我將介紹我們針對 900 兆赫網絡的具體活動和前景。2024 年，我們的經銷合作夥伴之一西門子交通公司收到並履行了芝加哥主要通勤鐵路系統 Metra 的訂單，要求對其 900 兆赫網絡進行全系統升級。

This project includes the migration of the network to the new A-Block channels and the introduction of 802.16 to support IP applications.

該專案包括將網路遷移到新的 A-Block 通道並引入 802.16 以支援 IP 應用。

In addition to Metra, a Class I railroad has also deployed and is operating a live 900 megahertz system with the airing equipment in the Chicago area. Both of these infrastructure upgrades highlight the seamless upgrade process associated with our technology and the benefits to be gained from the dot16 platform.

除 Metra 外，芝加哥地區的一家一級鐵路公司也部署並運行了配備廣播設備的 900 兆赫實時系統。這兩次基礎設施升級都凸顯了與我們的技術相關的無縫升級流程以及從 dot16 平台獲得的好處。

Rather than continue to operate their silo communications platforms as is, multiple Class Is are evaluating the possibility of having the 900 and 220 megahertz networks act as backups for the critical systems that run in each of these networks.

多個一級機構不再繼續按原樣運行各自的通訊平台，而是在評估將 900 和 220 兆赫網路作為每個網路中運行的關鍵系統的備份的可能性。

Specifically, there's an interest in extending the new 900 megahertz network from its primary use of transporting legacy centralized train control traffic to providing a backup for the positive train control applications operating on the 220 megahertz network.

具體來說，人們有興趣將新的 900 兆赫網路從主要用於傳輸傳統的集中式列車控制流量擴展到為在 220 兆赫網路上運行的主動列車控制應用程式提供備份。

This strategy adds resiliency, redundancy, and diversity to critical railroad coming operations by eliminating single points of failure. We're supporting various Class Is in their evaluations and based on the results to date, expect that this strategy will be adopted for network rollout by at least several Class Is.

該策略透過消除單點故障，為關鍵鐵路運營增加了彈性、冗餘度和多樣性。我們正在支援各種 I 類企業進行評估，根據迄今為止的結果，預計至少有多個 I 類企業將在網路部署中採用此策略。

The Class I railroads through the AAR has communicated on several occasions at the end of last year and earlier this year that the Class Is are firmly committed to meet the 900 megahertz transmission satellites as well as the related buildout timeline.

一級鐵路公司透過 AAR 在去年年底和今年年初多次表示，一級鐵路公司堅定致力於滿足 900 兆赫傳輸衛星以及相關建設時間表。

The railroad's communication needs extend far beyond the 900 megahertz network. Just as our customers are beginning to examine their broader communication needs, we intend to bring our capabilities to bear in providing holistic communication solutions.

鐵路的通訊需求遠遠超出了 900 兆赫網絡。正如我們的客戶開始審視他們更廣泛的溝通需求一樣，我們也打算發揮我們的能力來提供整體溝通解決方案。

In the 220 megahertz band, we continue to execute on the new PTC data radio program for Amtrak in the Northeast Corridor. The first prototype radios were delivered to Amtrak in Q3, and the development activity is on track to be completed in Q1.

在 220 兆赫頻段，我們繼續為東北走廊的 Amtrak 執行新的 PTC 資料無線電計畫。第一批原型無線電已於第三季交付給美國鐵路公司 (Amtrak)，開發活動預計將於第一季完成。

We expect deliveries of the new 220 megahertz radios to begin in the second quarter of 2025, with the subsequent rollout to other operators in the Northeast Corridor.

我們預計新的 220 兆赫無線電將於 2025 年第二季開始交付，隨後將推廣給東北走廊的其他營運商。

In the 450 megahertz band, we are making steady progress with next generation head of train end of train technology. Testing of our communications technology is complete, and we're working with several head of train end of train equipment manufacturers on integrating our technology. We expect that this will lead to commercialization at the end of 2025.

在 450 兆赫頻段，我們正在穩步推進下一代列車車頭車尾技術的研究。我們的通訊技術測試已經完成，我們正在與幾家列車頭端設備製造商合作整合我們的技術。我們預計這將在 2025 年底實現商業化。

Next generation head of train, end of train, or NGHE is critical to the railroad industry to ensure significant improvement in safe train operations as well as to enable operations of longer trains.

下一代列車頭、列車尾或 NGHE 對鐵路行業至關重要，可確保顯著提高列車運行安全，並實現更長列車的運行。

Both NGHE and the Northeast Corridor work highlight on this networks breadth and depth and communication expertise. Our goal for 2025 is to work directly with the Class Is and other industry stakeholders to address broad industry communication needs and provide solutions for long-standing industry challenges.

NGHE 和東北走廊的工作都凸顯了該網路的廣度、深度和通訊專業知識。我們 2025 年的目標是直接與 Class I 和其他產業利害關係人合作，解決廣泛的產業溝通需求，並為長期存在的產業挑戰提供解決方案。

Since the beginning of the year, we have engaged with several Class Is and other industry stakeholders on topics related to large volume data transmission and railroad operations. This is an industry-wide topic with significant implications for safety, operational continuity, and capital spend.

自今年年初以來，我們與多家一級鐵路公司和其他行業利益相關者就大容量數據傳輸和鐵路運營相關主題進行了交流。這是一個全行業的議題，對安全、營運連續性和資本支出有重大影響。

The railroad operating environment presents some significant challenges, rendering off the shelf technology irrelevant. The Class Is are looking to on those networks to provide comprehensive solutions that overcome these challenges.

鐵路營運環境帶來了一些重大挑戰，現成的技術已不再適用。Class I 正在尋求在這些網路上提供克服這些挑戰的綜合解決方案。

We are applying our broad expertise to design, develop, and commercialize solutions that address these real communication needs of the Class Is. We look forward to updating you on this topic throughout 2025.

我們正在運用我們廣泛的專業知識，設計、開發並商業化解決方案，以滿足I級艙的實際通訊需求。我們期待在2025年為您提供關於此主題的最新資訊。

I will now hand the call back to Eric.

我現在將把電話交還給 Eric。

Thank you, Markus. I will now ask Oshri Lugassi to take the floor and share his thoughts on the opportunities ahead at OAS. As I do, I want to say once again how thrilled we are to have him join Ondas. Oshri brings several decades of leadership experience in military operations and autonomous systems, having served with great acclaim with the Israeli Defense Forces, where he commanded over 30,000 personnel.

謝謝你，馬庫斯。現在我請奧什裡·盧加西發言並分享他對美洲國家組織未來機會的看法。正如我所做的那樣，我想再次說我們非常高興他能加入 Ondas。奧斯里在軍事行動和自主系統方面擁有數十年的領導經驗，曾在以色列國防軍服役，指揮過 30,000 多名士兵，並獲得了高度讚譽。

Prior to joining Ondas, Oshri served as Vice President of Marketing at Rafael Advanced Defense Systems. At Rafael, he had prolific success leading the marketing and execution of critical security capabilities totaling over $20 billion in government to government defense contract sales and helped grow Rafael's defense technology footprint globally.

在加入 Ondas 之前，Oshri 曾擔任拉斐爾先進防禦系統公司的行銷副總裁。在拉斐爾公司，他取得了巨大的成功，領導了政府對政府國防合約銷售總額超過 200 億美元的關鍵安全功能的營銷和執行，並幫助擴大了拉斐爾在全球的國防技術影響力。

His industry relationships with defense ministries, military forces, and intelligence agencies worldwide are sure to be hugely valuable as Ondas continues to expand into defense and homeland security markets. After Oshri's comments, he will hand the call to Meir Kliner, who will provide a detailed update on the business development progress at OAS. Oshri, please proceed.

隨著 Ondas 繼續向國防和國土安全市場擴張，他與世界各地國防部、軍隊和情報機構的產業關係必將發揮巨大作用。Oshri 演講結束後，他將把電話交給 Meir Kliner，後者將詳細介紹 OAS 的業務發展進度。Oshri，請繼續。

Thank you, Eric, and I also want to thank you and the board for the opportunity to join the team and advance the important work we are doing together, and I am also happy to join the call and engage with our investors in this forum.

謝謝你，艾瑞克，我也想感謝你和董事會給我這個機會加入團隊，推進我們共同開展的重要工作，我也很高興參加這次電話會議，並在這個論壇上與我們的投資者進行交流。

Let me begin by sharing that I joined Ondas Autonomous Systems because I believe. The future of defense is rooted in systems that autonomous, intelligent, and built for real world operations. Having spent years working on government to government defense programs, I've seen firsthand how critical advanced technology is protecting people. Defense isn't just about equipment. It's about delivering reliable, field proven solutions that support those on the front lines and strengthen national security.

首先，我想說的是，我加入 Ondas Autonomous Systems 是因為我相信。國防的未來植根於自主、智慧且為現實世界操作而建構的系統。我多年來一直致力於政府間的防禦項目，親眼目睹了先進技術對於保護人民的重要性。防禦不僅與裝備有關。它旨在提供可靠的、經過實地驗證的解決方案，為前線人員提供支援並加強國家安全。

Global threats are evolving at an unprecedented pace and traditional defense systems cannot keep up. There is an urgent need for AI-driven autonomous solutions that can operate 24/7, integrate seamlessly with allied forces. Ondas is uniquely positioned as a leader in autonomous defense technology, bringing combat proven AI driven solutions to allied forces.

全球威脅正以前所未有的速度演變，傳統的防禦系統無法跟上。迫切需要能夠全天候運作並與盟軍無縫整合的人工智慧驅動的自主解決方案。Ondas 在自主防禦技術領域處於領先地位，為盟軍提供經過實戰檢驗的人工智慧驅動解決方案。

With our advanced platform and operational expertise, we are poised to shape the future of modern warfare and strengthen national security. At the core of our success is the talent and expertise of our teams at a robotics in Israel and American robotics in the US. These teams bring decades of experience in developing and deploying autonomous technologies, ensuring that we deliver not just innovation, but real world capabilities that defense forces can trust.

憑藉我們先進的平台和作戰專業知識，我們準備塑造現代戰爭的未來並加強國家安全。我們成功的核心是以色列機器人團隊和美國機器人團隊的才華和專業知識。這些團隊擁有數十年開發和部署自主技術的經驗，確保我們不僅提供創新，還提供國防部隊可以信賴的現實世界能力。

Looking ahead, my vision is clear. We will become one of the leading next generation defense technology providers. Delivering autonomous systems that enhance security operations and provide real tactical adventures.

展望未來，我的願景清晰。我們將成為領先的下一代國防技術提供者之一。提供增強安全操作並提供真正戰術冒險的自主系統。

Our ability to operate across both US and allied defense ecosystems gives us strategic edge, as we work closely with government agencies, security forces and defense partners to deploy mission critical solutions where they are needed most. We are not just adapting to the future. We are shaping with practical results driven solutions that protect people and secure nations.

我們能夠在美國和盟國的國防生態系統中開展行動，這為我們提供了戰略優勢，因為我們與政府機構、安全部隊和國防合作夥伴密切合作，在最需要的地方部署關鍵任務解決方案。我們不僅僅是在適應未來。我們正在製定切實可行的解決方案，以保護人民和國家安全。

So I am thrilled to be here and working with a strong team. We are fully committed to both our mission and to delivering great outcomes for our investors.

因此我很高興來到這裡並與一支強大的團隊合作。我們全心全意地致力於我們的使命並致力於為我們的投資者帶來豐厚的成果。

I will now hand over the call to Meir, who will give you a detailed update on our activities. I look forward to the quarters and years ahead with all of you. Thank you.

現在我將把電話交給梅爾，她將向大家詳細介紹我們的活動。我期待與大家一起度過未來的幾個季度和幾年。謝謝。

Thank you, Oshri. It is great to have you here with us today. I look forward to seeing your leadership at OAS help us drive the expansion of our business in the defense and homeland security sectors.

謝謝你，Oshri。今天您能和我們在一起真是太好了。我期待看到您在美洲國家組織的領導幫助我們推動國防和國土安全領域的業務擴張。

2024 was a remarkable year for Ondas Autonomous Systems. We established a new business around our cutting edge county drone system, the Iron Drone Raider, secured our first deal with a strategic defense customer for our legacy system, Optimus, and have already begun deploying these orders in a real world operational environment.

2024 年對 Ondas Autonomous Systems 來說是個意義非凡的一年。我們圍繞著尖端的縣級無人機系統 Iron Drone Raider 建立了新業務，與戰略防禦客戶就我們的傳統系統 Optimus 達成了第一筆交易，並且已經開始在現實世界的營運環境中部署這些訂單。

In the US market, American robotics made significant progress in expanding our footprint and strengthening relationships with strategic partners. We launched our training and demo center in Maryland, successfully conducted demonstrations, and obtained designated waivers and unique technological approvals to enable fully autonomous behind visual line of sight flights.

在美國市場，美國機器人在擴大影響力和加強與戰略合作夥伴的關係方面取得了重大進展。我們在馬裡蘭州建立了培訓和演示中心，成功進行了演示，並獲得了指定的豁免和獨特的技術批准，從而實現了完全自主的視距後飛行。

Outside of America, we continued scaling our drone network in Dubai while expanding our business into Europe and Asia, developing key relationships with customers and strategic partners.

在美國以外，我們繼續擴大在杜拜的無人機網絡，同時將業務擴展到歐洲和亞洲，與客戶和戰略合作夥伴發展關鍵關係。

In Europe, we secured multiple agreements with local distributors and integrators and conducted real world demonstrations of both the Iron Drone and the Optimus Systems. These activities have already resulted in significant business development progress, and we look forward to sharing more details on our business progress in this country soon.

在歐洲，我們與當地分銷商和整合商達成了多項協議，並對 Iron Drone 和 Optimus Systems 進行了真實世界的演示。這些活動已經取得了重大的業務發展進展，我們期待很快分享有關我們在這個國家的業務進展的更多細節。

The nature of modern warfare, as seen in recent global conflicts is rapidly involving creating new demands for both defensive and offensive technologies. OAS is in a unique position with both Optimus and Iron Drone Raider undergoing accelerated upgrades and rigorous testing in real world combat environments.

從最近的全球衝突可以看出，現代戰爭的本質正在迅速對防禦和進攻技術產生新的需求。OAS 處於獨特的地位，其擎天柱和鋼鐵無人機攻擊者都在現實世界的戰鬥環境中進行加速升級和嚴格測試。

We closed 2024 with significant deals involving key customers with strong expansion potential in 2025 and beyond through government to government agreements and multi-million dollar opportunities in the global defense market driving by the next generation warfare and cutting edge defense technology.

2024 年，我們透過政府間協議與關鍵客戶達成了多項重要交易，這些客戶在 2025 年及以後具有強大的擴張潛力，並且在下一代戰爭和尖端國防技術的推動下，在全球國防市場上擁有數百萬美元的商機。

The robotics is currently focused on fulfilling major military and defense contracts, enhancing our products with next generation capabilities, meeting defense specific operational needs and deploying our systems according to plan.

機器人目前專注於履行主要的軍事和國防合同，透過下一代功能增強我們的產品，滿足國防特定的作戰需求並按計劃部署我們的系統。

Our initial platform Optimus stands out in the market for its maturity, scalability, and advanced capabilities. Unlike first generation one in a box solutions that struggled with automated landing, battery and pilot swapping, and fully automated data handling, Optimus has already surpassed these challenges.

我們最初的平台 Optimus 因其成熟度、可擴展性和先進的功能在市場上脫穎而出。與第一代一體式解決方案不同，第一代一體式解決方案在自動著陸、電池和飛行員更換以及全自動數據處理方面面臨困難，而 Optimus 已經克服了這些挑戰。

It operates autonomously, even in disconnected environments without reliance on internet connectivity or external networks. Our defense customers recognize Optimus as a scalable platform as we are actively collaborating to integrate advanced AI driven autonomy to make it truly unstoppable in emission critical scenarios.

它可以自主運行，即使在斷開連接的環境中也無需依賴互聯網連接或外部網路。我們的國防客戶認為 Optimus 是一個可擴展的平台，因為我們正在積極合作，整合先進的人工智慧驅動的自主性，使其在排放關鍵場景中真正勢不可擋。

Iron Drone Raider has been tested and refined with real world operational feedback, making it in the most versatile and mature countdown inter sector on the market today. We are continuously integrating it with other advanced defense systems and enhancing its features through a designated program with our defense partners.

Iron Drone Raider 已經透過現實世界的作戰回饋進行了測試和改進，使其成為當今市場上功能最齊全、最成熟的倒數跨部門產品。我們正不斷將其與其他先進的防禦系統結合，並透過與國防合作夥伴共同製定的指定計劃來增強其功能。

I am confident that we will soon witness additional breakthroughs and new capabilities that will further strengthen our position as a leader in next-gen autonomous defense technology.

我相信，我們很快就會看到更多的突破和新的能力，這將進一步鞏固我們在下一代自主防禦技術方面的領先地位。

During 2024, we managed to fulfil most of our business development targets, creating our marketing infrastructure in targeting regions and sectors. In the US market, American Robotics completed the establishment of its customer demonstration and training center at its new Maryland headquarters, supporting the introduction of Optimus and Iron Drone Raider to the defense, public safety, and critical infrastructure sectors.

2024年，我們成功實現了大部分業務發展目標，並在目標地區和產業建立了行銷基礎設施。在美國市場，American Robotics在其位於馬裡蘭州的新總部完成了客戶演示和培訓中心的建立，以支持將Optimus和Iron Drone Raider引入國防、公共安全和關鍵基礎設施領域。

In addition, the Optimus System was showcased through multiple BVLOS demonstrations, including New York, Texas, and Massachusetts, providing its ability to execute fully autonomous missions without an on-site pilot or visual observer. Our marketing activity at American Robotics is gaining traction and our customer pipeline is maturing.

此外，Optimus 系統還透過紐約、德克薩斯和馬薩諸塞州等地的多個 BVLOS 演示進行了展示，證明了其無需現場飛行員或目視觀察員即可執行完全自主任務的能力。我們在 American Robotics 的行銷活動正在獲得關注，我們的客戶管道也日趨成熟。

I am happy to report today that we have received a purchase order from a large US water utility based on the east coast where we will deploy an Optimus System along with our Kestrel Aerospace awareness system. The Optimus System will be used to secure important water resources in support of the local community, and we believe this program could expand from here.

今天我很高興地報告，我們已收到位於美國東海岸的一家大型自來水公司的採購訂單，我們將在那裡部署 Optimus 系統以及我們的 Kestrel Aerospace 感知系統。Optimus 系統將用於確保重要的水資源，以支持當地社區，我們相信該計劃可以從此擴展。

American Robotics integrated the Kestrel system, and advanced airspace monitoring solution combining active and passive detection technologies with air traffic situational awareness software. This system meets regulatory detect and avoid the requirements, enabling behind visual line of site operations and fully autonomous one's missions.

American Robotics 整合了 Kestrel 系統和先進的空域監控解決方案，將主動和被動偵測技術與空中交通態勢感知軟體結合。該系統滿足監管部門的偵測和規避要求，可實現視距後操作和完全自主執行任務。

A BVLOS waiver was achieved, allowing for flights over people and moving vehicles, further expanding American Robotics operational capabilities. We also executed a contract with the US Coast Guard maritime emission monitoring, supporting EPA Clean Port initiatives at the Port of Los Angeles and Long Beach. This milestone positions American Robotics as a prime vendor for US federal agencies.

獲得了 BVLOS 豁免，允許飛行在人員和移動車輛上空，進一步擴展了美國機器人公司的營運能力。我們還與美國海岸警衛隊海上排放監測部門簽訂了合同，支持美國環保署在洛杉磯港和長灘港的清潔港口計劃。這一里程碑使 American Robotics 成為美國聯邦機構的主要供應商。

In the Middle East, we have expanded our business footprint and continued our project in Dubai and Israel, our Optimus networks in this region performing hundreds of flights every week, completely autonomously, 24/7 over populated urban areas.

在中東，我們擴大了業務範圍，並繼續在杜拜和以色列開展項目，我們在該地區的 Optimus 網路每週執行數百次飛行，完全自主，全天候在人口稠密的城市地區飛行。

We are very excited to see this level of operational maturity in the Optimus System, and we will soon have more news on scaling up our drone network in Dubai and additional locations. In Europe, we have partnered with HHLA Sky and C-Astral Aerospace, expanding our reach into key markets such as Germany and Slovenia.

我們非常高興看到 Optimus 系統達到這種操作成熟度，我們很快就會有更多關於擴大杜拜和其他地區無人機網路的消息。在歐洲，我們與 HHLA Sky 和 ​​C-Astral Aerospace 合作，將業務範圍擴展到德國和斯洛維尼亞等主要市場。

We conducted multiple demonstration of Optimus and Iron Drone Raider for key customers and partners, reinforcing a robotics growing market presence in the region. We recently announced the launch of our Iron Drone demo team in Europe, and we are already seeing strong engagement and positive results, which we believe will lead to important commercial activity in 2025.

我們向主要客戶和合作夥伴進行了 Optimus 和 Iron Drone Raider 的多次演示，鞏固了機器人在該地區日益增長的市場地位。我們最近宣佈在歐洲成立 Iron Drone 演示團隊，並且已經看到了強大的參與度和積極的成果，我們相信這將在 2025 年帶來重要的商業活動。

We have also announced that Ondas and Volatus Aerospace formed a strategic partnership to enhance border surveillance, utilizing advanced and drone technologies, reinforcing OAS's role in security and defense applications.

我們還宣布，Ondas 和 Volatus Aerospace 建立了戰略合作夥伴關係，以加強邊境監視，利用先進的無人機技術，加強 OAS 在安全和防禦應用中的作用。

I would like to thank all of our teams in the Robotics and American Robotics. I believe we are making very significant progress. In the last year and as 2025 started, we have witnessed big changes in the world, in the market and within our company. Every day, we see our systems getting better and conversations with more top customers. I'm looking forward to sharing some more news with you soon.

我要感謝我們機器人技術和美國機器人技術的所有團隊。我相信我們正在取得非常重大的進展。在過去的一年以及2025年的開始，我們見證了世界、市場和公司內部的巨大變化。每天，我們都看到我們的系統變得越來越好，並且與更多頂級客戶進行對話。我期待很快與您分享更多新聞。

I will now hand over the call to Eric so he can provide the outlook for 2025.

現在我將把電話交給 Eric，以便他能夠提供 2025 年的展望。

Thank you, Meir. Let's now turn to our outlook. I am excited for Ondas and believe 2025 will see accelerated growth, leveraging the momentum from our successes in 2024. So let me set that stage for you. Our key objectives at OAS include driving growth through the expansion of our ongoing Optimus and Iron Drone programs with our current military and public safety customers, ensuring successful deployments and further customer adoption.

謝謝你，梅爾。現在讓我們來談談我們的展望。我為 Ondas 感到興奮，並相信 2025 年將會加速成長，並藉助 2024 年成功的勢頭。那麼就讓我來為你搭建這個舞台吧。我們在 OAS 的主要目標包括透過與現有軍事和公共安全客戶擴展我們正在進行的 Optimus 和 Iron Drone 專案來推動成長，確保成功部署和進一步的客戶採用。

We also plan to expand new customer programs, particularly in the defense and homeland security sectors and aim to secure additional military customers through both governance and government channels and direct marketing. Similarly, we are focused on leveraging our dual-use capabilities across critical infrastructure and public safety sectors to capture new customers in the US and in Europe.

我們還計劃擴大新客戶計劃，特別是在國防和國土安全領域，並旨在透過治理和政府管道以及直接行銷來獲得更多軍事客戶。同樣，我們專注於利用我們在關鍵基礎設施和公共安全領域的雙重用途能力來吸引美國和歐洲的新客戶。

To support this growth, we will continue to invest in scaling our operating platform with a focus on supply chain and field services and leveraging our new partnership with Palantir to enhance efficiencies through AI. At Ondas Networks, we are committed to building strategic value by advancing private wireless networks for critical rail operating and safety systems.

為了支持這一成長，我們將繼續投資擴展我們的營運平台，重點關注供應鏈和現場服務，並利用與 Palantir 的新合作夥伴關係透過人工智慧提高效率。在 Ondas Networks，我們致力於透過推進關鍵鐵路營運和安全系統的私人無線網路來建立戰略價值。

As Markus highlighted, that entails driving the 900 megahertz build-out as well as broadening the use cases at the edge, which will include additional applications on 900 megahertz as well as the other private rail bands, including the new systems such as NGHE at 450 megahertz.

正如 Markus 所強調的，這需要推動 900 兆赫的建設以及擴大邊緣的使用案例，其中將包括 900 兆赫以及其他私有鐵路頻段上的附加應用，包括 450 兆赫的 NGHE 等新系統。

Given the building momentum at Ondas, we expect to generate record revenues for 2025. This is supported by a significant backlog we bring into the year and visibility we have on the order intentions of customers. Indeed, our business development pipeline is expanding, and we also expect a record year for bookings and backlog growth.

鑑於 Ondas 的發展勢頭，我們預計 2025 年的營收將創歷史新高。這得歸功於我們今年累積的大量訂單以及我們對客戶訂單意向的了解。事實上，我們的業務發展管道正在擴大，我們預計今年的預訂量和積壓訂單成長將創歷史新高。

For the full year, we expect to generate $25 million in revenue across Ondas business units. We believe this is a conservative forecast. For OAS, we are raising our revenue outlook to at least $20 million as compared to our initial $15 million to $18 million given at our OAS Investor Day in September 2024.

我們預計 Ondas 各業務部門全年收入將達到 2,500 萬美元。我們認為這是一個保守的預測。對於 OAS，我們將營收預期從 2024 年 9 月 OAS 投資者日上給出的最初 1,500 萬至 1,800 萬美元上調至至少 2,000 萬美元。

We want to carefully manage expectations at Ondas Networks due to the lack of tangible orders in hand today. For now, we have a conservative outlook expecting just $5 million in revenue for 2025. Of course, these numbers would change dramatically to the upside with the network build-out, which I believe is inevitable.

由於目前缺乏實際訂單，我們希望謹慎管理 Ondas Networks 的預期。目前，我們保守估計 2025 年的營收僅 500 萬美元。當然，隨著網路建設，這些數字將發生巨大的變化，我認為這是不可避免的。

For some more context on the outlook, when sharing targets, our objective is to provide as much transparency as we can when setting expectations on financial performance. There is always risk in providing revenue targets, but it is important to help our investors evaluate both our potential and performance.

為了對前景有更多了解，在分享目標時，我們的目標是在設定財務績效預期時盡可能提供透明度。提供收入目標總是有風險的，但幫助我們的投資者評估我們的潛力和績效非常重要。

Simply put, we believe these revenue targets are conservative. We are targeting huge markets with proprietary and valuable platform technologies. We're engaging with various customers at both OAS and Ondas Networks who could enter into and expand programs around our platforms that could substantially increase this outlook.

簡而言之，我們認為這些收入目標比較保守。我們正利用專有的、有價值的平台技術瞄準巨大的市場。我們正在與 OAS 和 Ondas Networks 的各種客戶合作，他們可以加入並擴展圍繞我們平台的計劃，從而大大增加這種前景。

Of course, that is our goal, and I hope we will be able to do that in 2025. With a strengthened leadership team and validated market traction, I believe we are poised for significant growth supported by a robust pipeline and a focus on operational scale. We are focused on delivering for our customers and for you, our investors. To sum it up, we are executing our vision to scale Ondas, and I believe 2025 will be a breakout year.

當然，這是我們的目標，我希望我們能夠在2025年實現這一目標。憑藉更強大的領導團隊和經過驗證的市場吸引力，我相信，在強大的產品線和對營運規模的關注的支持下，我們將實現顯著成長。我們專注於為我們的客戶和我們的投資者提供服務。總而言之，我們正在執行擴大 Ondas 規模的願景，我相信 2025 年將是突破的一年。

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

話雖如此，讓我們看看是否還有任何問題。操作員？

Glenn Mattson, Ladenburg Thalmann.

格倫馬特森、拉登堡塔爾曼。

Yeah. Hey guys, thanks for taking the question and congrats on the progress at OAS. Nice to see the $10 million of backlog coming into the year. Can you just give us some more color on your visibility into the number you provided at least $20 million. A couple of things like just the timing of how you see that kind of when you expect orders to come in, in order to get them shipped and out this year? And then also generally the mix that you envision between Optimus and Iron Drone.

是的。嘿，大家好，感謝你們回答這個問題，並祝賀 OAS 的進步。很高興看到今年的積壓訂單量達到 1000 萬美元。您能否向我們進一步說明您所提供的至少 2000 萬美元這個數字。有幾個問題，例如您預計訂單何時到達，以便今年發貨？然後通常還可以想像擎天柱和鋼鐵無人機之間的混合。

Sure, Glenn. Thanks for the question. So bringing the $10 million into this year, we expect that to be realized and recognized in revenue in the first and second quarter. And we are actively engaged with various customers, both on the military side, new customers that is, for new programs with Iron Drone as well as customers on Iron Drone and Optimus who are looking to expand programs, and that specifically is with our major military customer in the Middle East and of course, our public safety customer in Dubai.

當然，格倫。謝謝你的提問。因此，我們預計今年的 1000 萬美元將在第一季和第二季實現並確認為收入。我們正積極與各種客戶合作，包括軍事方面的客戶、新客戶（即 Iron Drone 的新專案客戶）以及希望擴展 Iron Drone 和 Optimus 專案的客戶，特別是我們在中東的主要軍事客戶，當然還有我們在杜拜的公共安全客戶。

On the Dubai customer, can you give us an update on had you shipped any units in Q4? And maybe just a general sense of how many you expect in '25 or if --

關於杜拜客戶，您能否告訴我們您在第四季是否有任何產品出貨？也許只是對 25 年預計的數量有一個大概的了解，或者--

Yeah. I'm not able to share specific details on that, but there's an active and advanced dialogue, specifically on that. We didn't ship units in Q4. But I guess I won't forecast the Q1 specifically for that just yet.

是的。我無法分享有關該問題的具體細節，但目前就該問題正在進行積極且深入的對話。我們在第四季沒有出貨。但我想我現在還不會針對這一點對第一季進行具體的預測。

Okay. Great. I'll jump in the queue and let someone else go.

好的。偉大的。我會插隊並讓其他人先走。

Alright. Thanks, Glen.

好吧。謝謝，格倫。

Matthew Galinko, Maxim Group

馬修·加林科（Matthew Galinko），馬克西姆集團

Hey, good morning. Thanks for taking my questions. I wanted to maybe check in on the first responder opportunity in the US market. How is that developing? And how are any, I guess, changes to access to drones? How is that impacting first responder interest in the Optimus platform?

嘿，早安。感謝您回答我的問題。我想了解美國市場上急救員的機會。進展如何？我猜，無人機的使用權有什麼改變嗎？這對急救人員對 Optimus 平台的興趣有何影響？

Yeah. Thank you, Matt. So there is quite a bit of interest in Optimus specifically. But of course, as we've shared on recent calls, and I know you're observing in the market, demand for DFR programs generally across the US is growing very rapidly. And we do expect to participate.

是的。謝謝你，馬特。因此，人們對 Optimus 特別感興趣。但當然，正如我們在最近的電話會議中所分享的，而且我知道您在市場上觀察到，美國各地對 DFR 計劃的需求正在迅速增長。我們確實希望參與。

We highlighted at the end of last year that we had a demonstration with a public safety customer, a major one. That was -- and then in the first quarter this year, we have performed a pilot program for that. It was a major pilot program, which was successful. And I guess I need to leave it at that. We're going to see from here how things progress with that customer on commercial orders and things like that.

我們在去年年底強調，我們與一位重要的公共安全客戶進行了演示。那是——然後在今年第一季度，我們為此進行了試點計劃。這是一個重大的試點項目，並且取得了成功。我想我應該就此打住。我們將從這裡了解該客戶在商業訂單等方面的進展。

Got it. All right. And just as my follow-up, I guess it wouldn't be conference call if we didn't ask about US's tariff posture and how that might influence your ability to deliver product and how it might affect costs. So just curious how you are positioned against some of the tariff issues and how nimble you can be to kind of offset some of that?

知道了。好的。正如我的後續問題，如果我們不詢問美國的關稅立場以及這將如何影響您交付產品的能力以及如何影響成本，我想那就不會是電話會議了。所以我很好奇您是如何應對一些關稅問題的，以及您如何靈活地抵消其中的一些影響？

Well, I don't see it having a major impact for us. We are not sourcing much, if anything, really from China directly. And so I think that's a simple answer, Matt. At the same time, I do say policy, I blow it up a little bit more. I think policy, particularly the Trump administration is proved to be extremely supportive for Western and US producers like us. So I do think that's going to be a nice tailwind for us really in the near term.

嗯，我認為它不會對我們產生重大影響。如果有的話，我們實際上直接從中國採購的並不多。所以我認為這是一個簡單的答案，馬特。同時，我確實談到了政策，我把它誇大了一點。我認為政策，特別是川普政府的政策，對像我們這樣的西方和美國生產商提供了極大的支持。所以我確實認為這在短期內對我們來說確實會是一個很好的順風。

Great. Thank you.

偉大的。謝謝。

Mike Latimore, Northland Capital.

麥克·拉蒂莫爾 (Mike Latimore)，Northland Capital。

Hey, hi, This is Aditya on behalf of Mike Latimore. Could you give some color on the gross margins for this year?

嘿，嗨，我是代表 Mike Latimore 的 Aditya。能透露一下今年的毛利率嗎？

Yeah, sure. So we're expecting gross margins to recover this year, specifically driven by OAS and improved volumes. So if I'm looking at the first couple of quarters, you should probably look at them to be in the 40% range. And I think they can get to 50% or better as we're moving through the second half.

是的，當然。因此，我們預計今年毛利率將會回升，主要是受到 OAS 和銷售成長的推動。因此，如果我看前幾季度，你可能會認為它們應該在 40% 的範圍內。我認為隨著我們進入下半年，他們的支持率可以達到 50% 甚至更高。

And could you also give some color on how many drones you have in the inventory? And how much do you expect to manufacture this year?

能否透露庫存中有多少架無人機？您預計今年的產量是多少？

I don't want to share those details.

我不想分享這些細節。

All right. Got it. Thank you.

好的。知道了。謝謝。

Thank you.

謝謝。

Carter Mansbach, Forte Capital Group.

卡特·曼斯巴赫（Carter Mansbach），Forte Capital Group。

Good morning, gentlemen. Congrats on all that you've achieved and I look forward to '25. I need some clarity on Palantir. So it seems that you put out a press release yesterday with a partnership. You doubled and tripled down on that during this call. And it seems there's confusion as to the meaning of partnership.

先生們，早安。恭喜你所取得的所有成就，我期待 25 年。我需要對 Palantir 有一些了解。看起來您昨天發布了一份與合作夥伴有關的新聞稿。在這通電話中，您加倍甚至三倍地強調了這一點。人們似乎對合作關係的意義有些困惑。

So clearly, Palantir gave you permission to put out that press release. It reads as if you're utilizing their product, not partnering with them. So please explain to me and I guess, shareholders why it's considered a partnership and how are they actually a partner? Thank you.

很明顯，Palantir 允許您發布該新聞稿。讀起來就好像你在使用他們的產品，而不是與他們合作。所以請向我解釋一下，我猜，股東們，為什麼這被視為合夥關係，以及他們實際上是如何成為合夥人的？謝謝。

Sure. So first of all, as you're well aware, Palantir has vast capabilities and that range -- for build those capabilities range from enterprise resource planning systems. And of course, foundry AI is one of the key pieces or services they provide there. But that also includes tools around making autonomy more robust. And they have tools, data analytics, for example, that can be combined with the data we collect via our sensors that provide actionable intelligence.

當然。首先，如您所知，Palantir 擁有強大的功能，其範圍涵蓋企業資源規劃系統等。當然，代工廠 AI 是他們提供的關鍵部分或服務之一。但這也包括讓自主性更加強大的工具。他們擁有工具，例如數據分析，可以與我們透過感測器收集的數據結合，提供可操作的情報。

So in that sense, Palantir also serves as an integrator of capabilities where they can take complete advanced AI-enabled solutions directly to customers. So today, for us, the first step is really to integrate foundry AI, but I do believe longer term that we will see this evolve with Palantir AI being embedded in the product and solutions we develop on behalf of customers in terms of the technology road map. And this partnership does call for some elements of that, that we'll likely be able to share in the future.

因此從這個意義上來說，Palantir 也扮演了功能整合商的角色，他們可以將完整的先進的 AI 解決方案直接提供給客戶。因此，對我們來說，今天第一步實際上是整合代工廠 AI，但我相信，從長遠來看，我們將看到這一進程隨著 Palantir AI 在技術路線圖方面嵌入到我們代表客戶開發的產品和解決方案中而不斷發展。這種合作關係確實需要一些這樣的元素，我們將來可能會分享這些元素。

Okay, great. Thanks guys. Best of luck.

好的，太好了。謝謝大家。祝你好運。

Thank you.

謝謝。

Glenn Mattson, Ladenburg Thalmann.

格倫馬特森、拉登堡塔爾曼。

Yeah. Just on the network side, could someone just comment about the level of significance that the new administration is putting on whatever timelines that were previously in place? Obviously, it seems like I believe it was April 2026, there was a deadline to meet some sort of FCC requirements. Just what the status of that is, what the general thought is on how the administration is going to enforce that or extend that? Or just thoughts around that would be great. Thanks.

是的。僅在網路方面，有人能否評論一下新政府對先前製定的時間表的重視程度？顯然，我相信那是 2026 年 4 月，這是滿足某種 FCC 要求的最後期限。目前情況如何？政府將如何執行或延長這項政策？或者僅僅圍繞這一點思考就很好了。謝謝。

Yeah. Let me take a crack at it, and I'll see if Markus has anything to add. So firstly, we let the railroads speak to the deadlines. And as Markus highlighted, the AAR has publicly said they expect to meet the deadlines. And I'd highlight there's a couple of deadlines that matter.

是的。讓我嘗試一下，看看 Markus 是否有任何補充。因此，首先，我們讓鐵路部門說明最後期限。正如 Markus 所強調的，AAR 已公開表示他們希望按時完成任務。我想強調的是，有幾個重要的截止日期。

Firstly, there's September 2025, where they've agreed to retire the legacy network and that spectrum is being returned back to the FCC for -- to be reused elsewhere. And then there is also what is known as utilization requirements.

首先，他們同意在 2025 年 9 月淘汰傳統網絡，並將頻譜歸還給 FCC，以便在其他地方重新使用。然後還有所謂的利用率要求。

So they're required to utilize the spectrum or in that instance, if they don't, the rules typically would require the spectrum to be the new spectrum, I'm talking about the greenfield, also known as the A-Block to be returned to the FCC.

因此，他們必須利用頻譜，或者在這種情況下，如果他們不這樣做，規則通常會要求頻譜成為新頻譜，我說的是綠地，也稱為 A 區塊，需要歸還給 FCC。

So that's simply it. I do believe that well, let me leave it at that. I don't want to speculate on what the administration or the FCC thinks about this. But Markus, would you add anything? I mean, perhaps you can share a bit more on the 220 and the 900 megahertz, the redundant network strategies and things like that as well as the other use cases in addition to CTC and PTC backup on that [900].

就是這樣。我確實相信，好吧，我就不多說了。我不想猜測政府或聯邦通訊委員會對此有何看法。但是馬庫斯，您還有什麼要補充嗎？我的意思是，也許您可以分享更多關於 220 和 900 兆赫、冗餘網路策略和類似的東西，以及除了 CTC 和 PTC 備份之外的其他用例[900]。

Yeah, certainly. Thanks, Eric. So really, the administration is new still, although it probably seems like it's been a long time already to some people, but still things are still shaking out at the FRA at the FCC. And I think, as Eric said, speaking for them in terms of what actions they will take and when they will enforce decisions, I think that's probably premature and the agencies have to speak for themselves.

是的，當然。謝謝，埃里克。所以實際上，這個政府仍然很新，儘管對某些人來說可能已經存在很長時間了，但聯邦通信委員會和聯邦稅務局的情況仍然在改變。我認為，正如艾瑞克所說，就他們將採取什麼行動以及何時執行決定而言，現在就代表他們發言可能為時過早，各機構必須自己發言。

Now I do think the railroads are becoming more sophisticated in terms of how they look at their overall communication strategy. The idea of creating redundancy between the 220 and the sorry, the 220 and the 900 megahertz networks, I think that's a very real consideration for many of the Class Is. They do realize they have to upgrade their communications capabilities.

現在我確實認為鐵路部門在看待其整體溝通策略方面正變得更加成熟。在220兆赫和900兆赫網絡之間建立冗餘的想法，我認為對許多一級防禦系統來說是一個非常現實的考慮。他們確實意識到必須升級自己的通訊能力。

They want to move away from single point of failure, and we're supporting them in those efforts. And as stated earlier in the presentation, again, those efforts are very real. We have a number of trials out on our pilot projects out on some of the Class Is. And as those programs close out, we expect to see network-wide rollout of those capabilities.

他們希望擺脫單點故障，我們正在支持他們的努力。如同演講中前面所提到的，這些努力是切實的。我們在一些I級艦艇上開展了多項試點計畫。隨著這些專案的結束，我們預計這些功能將在整個網路範圍內推廣。

Okay. Great, thanks for the color and I guess we'll see how the, look forward to further updates as the year progresses. Thank you.

好的。太好了，謝謝你的顏色，我想我們會看到，期待隨著時間的推移有進一步的更新。謝謝。

Yep. Thanks, Glen.

是的。謝謝，格倫。

Matthew Galinko, Maxim Group.

馬修‧加林科 (Matthew Galinko)，馬克西姆集團 (Maxim Group)。

Hey, thanks. Can you maybe give us a refresher on the competitive environment for drone in the box, maybe domestically and international, more on the Optimus side?

嘿，謝謝。您能否為我們重新介紹無人機的競爭環境，可能是國內的，也可能是國際的，更多是 Optimus 方面的？

The question was on the competitive environment?

問題是關於競爭環境嗎？

Yeah.

是的。

Sure. So I'll start by just discussing capabilities. And I think we would highlight that Optimus has unique capabilities around persistent availability and functionality with the persistent availability being particularly important for DFR applications where critical security is obviously critical. And that, of course, is enabled by our ability to swap batteries, right? So the dronal, your mission comes back, it's available immediately for the next mission.

當然。因此我將首先討論能力。我認為我們要強調的是，Optimus 在持久可用性和功能方面具有獨特的能力，而持久可用性對於關鍵安全性顯然至關重要的 DFR 應用程式尤其重要。當然，這是透過我們更換電池的能力實現的，對嗎？因此，無人機返回後，您的任務即可立即用於下一個任務。

It's also critically important that the dock itself is industrial grade. And I think that's where we are able to work in very difficult conditions, particularly from a weather standpoint, either hot or cold environments, and that is a key differentiator.

碼頭本身的工業級水平也至關重要。我認為這就是我們能夠在非常困難的條件下工作的原因，特別是從天氣的角度來看，無論是炎熱還是寒冷的環境，這是一個關鍵的區別因素。

Otherwise, I think you'll see in the US, [Scadio obviously has a very competitive drone in the box capability. You'll see DJI as well with the design and capabilities of Scadio] system and DJI are fairly comparable. And I think that's the two that we see the most.

否則，我認為你會看到在美國，[Scadio 顯然擁有非常有競爭力的無人機盒裝能力。你會看到大疆也擁有與 Scadio 相同的設計和功能] 系統，而大疆相當具有可比性。我認為這是我們最常看到的兩個。

Got it. Thank you. And just as a follow-up, again, on the rail side, you brought up the scenario of, I guess, the railroad looking to eliminate single points of failure in their communications. Does that open up any avenue for competitors to 802.11 or dot16 to sort of work their way into the network now? Or do you still feel as confident as you were on our last update that you're sort of in a prime position?

知道了。謝謝。作為後續問題，再次就鐵路方面而言，您提到了鐵路希望消除通訊中的單點故障的情況。這是否會為 802.11 或 dot16 的競爭對手進入網路開闢任何途徑？或者您仍然像我們上次更新時一樣自信，認為自己處於領先地位？

No, we don't see any new competition to 802.16 for the private wireless networks.

不，我們沒有看到私人無線網路領域出現任何對 802.16 的新競爭。

Was there a follow up Matthew?

馬修，還有後續嗎？

No, that was it. Thank you.

不，就是這樣。謝謝。

[Craig Scott, CSR Consulting]

[Craig Scott，企業社會責任顧問公司]

Hey Eric, good call, nice call. Glad to see the progress being made. Could you just take us through a little bit of the cash position? And I know you have about $30 million on the books at the end of the year and what you foresee as a slowdown in cash burn or any possible need for more capital in 2025? Thank you.

嘿，艾瑞克，打得好，打得漂亮。很高興看到取得的進展。您能否向我們簡單介紹一下現金狀況？我知道您今年年底的帳面餘額約為 3000 萬美元，您預計 2025 年現金消耗會放緩嗎？或有可能需要更多資金嗎？謝謝。

Sure. So thank you, Craig. And we feel very good about our cash position for 2025. And of course, as we're moving through the year and seeing the revenue ramp we're going to realize some operating leverage that will bring the burn down progressively. So we would expect sequential growth in revenues for each quarter this year and for gross profit as well. So cash burn will be declining.

當然。所以謝謝你，克雷格。我們對 2025 年的現金狀況感到非常滿意。當然，隨著我們度過這一年並看到收入的成長，我們將實現一些營運槓桿，從而逐步降低成本。因此，我們預計今年每季的營收和毛利都會持續成長。因此現金消耗將會下降。

Okay. Thank you. I'm good.

好的。謝謝。我很好。

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。我想將會議交還給 Eric Brock 做最後發言。

Well, thank you. And as we wrap up, I do want to give you just a preview that we do expect to see an article run tomorrow in braking defense. This article is going to provide an update on our activity with Iron Drone and Optimus and share context on the progress we are making in military and homeland security markets. So please keep your eyes open for that.

好的，謝謝你。在我們結束之前，我確實想給你一個預覽，我們確實希望明天看到一篇關於煞車防禦的文章。本文將介紹我們在 Iron Drone 和 Optimus 的活動的最新情況，並分享我們在軍事和國土安全市場的進展。所以請留意這一點。

With that said, we appreciate you spending time with us today. I will reiterate that we expect a great year in 2025, and I do look forward to keeping you informed of our progress. So I hope you have a great day. Thanks again.

話雖如此，我們感謝您今天抽出時間與我們在一起。我要重申，我們期待 2025 年將是偉大的一年，我也期待隨時向您通報我們的進展。我希望你度過愉快的一天。再次感謝。

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。