Ondas Holdings Inc (ONDS) 2025 Q1 法說會逐字稿

Welcome to the Ondas Holdings, Inc., first-quarter 2025 conference call. (Operator Instructions)

歡迎參加 Ondas Holdings, Inc. 2025 年第一季電話會議。（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' 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.

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。

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

這些風險因素在 Ondas 定期向美國證券交易委員會提交的文件和今天發布的收益新聞稿中進行了討論，這兩份文件均可在公司網站上查閱。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。

During this call, Ondas will refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is shown in our press release issued earlier today, which is available at the Investor Relations section of our website.

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。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 as superior to measures of financial performance prepared in accordance with GAAP. However, management believes these non-GAAP measures provide investors with valuable information on the underlying trends of our business.

此非 GAAP 資訊僅作為補充提供，不能替代或優於依照 GAAP 編制的財務績效指標。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。

Please note, this event is being recorded. I would now like to turn the conference over to Eric Brock, Chairman and CEO. Please go ahead.

請注意，此事件正在被記錄。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 you joining us today and for your continued interest in Ondas. I'm happy to be joined today by key members of our leadership team, including Neil Laird, our Interim CFO; Oshri Lugassy, the Co-CEO of Ondas Autonomous Systems; and Markus Nottelmann, the CEO of Ondas Networks.

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。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； Ondas Autonomous Systems 聯合執行長 Oshri Lugassy；以及 Ondas Networks 執行長 Markus Nottelmann。

So let's now turn to the agenda. I will begin with a review of our key highlights from the first quarter of 2025. I will then hand the call to Neil for a financial review of our Q1 2025 results. We will then provide a business update for our OAS and Ondas Networks business units, where I will ask Oshri and Markus to provide commentary around current business activity and the progress we are making on our business plans. I will then provide an outlook for the remainder of 2025, where we continue to anticipate a record year of revenue growth, primarily driven by OAS. We will then wrap the call and open the floor for investor questions.

現在讓我們開始討論議程。我將首先回顧 2025 年第一季的主要亮點。然後，我會將電話交給尼爾，讓他對我們 2025 年第一季的業績進行財務審查。然後，我們將為我們的 OAS 和 Ondas Networks 業務部門提供業務更新，我將請 Oshri 和 Markus 對目前的業務活動以及我們在業務計劃上取得的進展發表評論。然後，我將對 2025 年剩餘時間的情況進行展望，我們預計今年的營收成長將創歷史新高，這主要得益於 OAS 的推動。然後我們將結束電話會議並開始回答投資者的提問。

Let me start by saying we have a very positive story to tell today. And as you're well aware, we have worked extremely hard over a long period of time to build the exceptional capabilities represented by our technology platforms across both OAS and Ondas Networks. Not only that, we have also worked to both demonstrate their value to our customers and begin to drive adoption in the large critical markets we are addressing. These efforts are beginning to pay dividends in very tangible ways, indeed in ways that you, as investors, can measure.

首先我想說，今天我們要講一個很正面的故事。如您所知，我們長期以來一直非常努力地建立 OAS 和 Ondas Networks 技術平台所代表的卓越功能。不僅如此，我們還努力向客戶展示它們的價值，並開始推動我們所針對的大型關鍵市場的應用。這些努力開始以非常明顯的方式帶來回報，事實上，作為投資者，您可以衡量這些回報。

With this backdrop, Ondas entered 2025 with strong momentum, especially with Ondas Autonomous Systems. We put up a strong quarter from both a growth and operational standpoint, further accelerating our multiyear growth plan, which is also being supported by growing global tailwinds and demand for our autonomous drone platforms. As we will outline, we are expanding existing customer programs and securing new programs with new customers across the world.

在此背景下，Ondas 以強勁勢頭進入 2025 年，尤其是 Ondas 自主系統。無論從成長或營運的角度來看，我們都取得了強勁的季度業績，進一步加速了我們的多年成長計劃，這也得到了全球順風和對我們的自主無人機平台的需求的支持。正如我們將要概述的，我們正在擴大現有的客戶計劃，並與世界各地的新客戶簽訂新計劃。

In Q1, we generated $4.2 million in revenue, primarily driven by execution against the $10 million backlog we began 2025 with. We also secured more than $9 million of additional orders year-to-date, further growing our backlog to $16.8 million. In addition, we have strong visibility on a number of additional orders for both Iron Drone and Optimus that are likely to further increase our backlog by the end of the second quarter as well as during the second half of 2025.

在第一季度，我們創造了 420 萬美元的收入，這主要得益於我們在 2025 年初達成的 1,000 萬美元積壓訂單的執行。今年迄今為止，我們還獲得了超過 900 萬美元的額外訂單，使我們的積壓訂單進一步增加到 1,680 萬美元。此外，我們對 Iron Drone 和 Optimus 的大量額外訂單有著清晰的預期，這些訂單可能會在第二季末以及 2025 年下半年進一步增加我們的積壓訂單。

With this momentum in a growing order pipeline, we are reaffirming our full year revenue goal of at least $25 million for 2025 with at least $20 million to be generated by our OAS business unit. OAS continues to deliver against existing customer programs while expanding its presence with new defense and homeland security customers across Europe, the Middle East and the US. Notably, our Iron Drone Raider system is now operational in a live combat environment with a leading military customer, further demonstrating its status as a best-in-class low collateral counter UAS platform.

憑藉不斷增長的訂單量，我們重申 2025 年全年營收目標至少為 2,500 萬美元，其中 OAS 業務部門創造至少 2,000 萬美元。OAS 繼續履行現有客戶計劃，同時擴大其在歐洲、中東和美國的新國防和國土安全客戶的影響力。值得注意的是，我們的「鐵無人機襲擊者」系統現已在一家領先的軍事客戶的實戰環境中投入使用，進一步證明了其作為一流的低附帶反無人機平台的地位。

The Iron Drone demonstration team, which we launched in February, has been successfully engaging customers, and these marketing activities are generating significant new demand supported by the Iron Drone's real-world combat readiness. We are actively investing behind the Iron Drone expansion to support the scaling of this platform with customers.

我們在二月啟動的「鐵無人機」演示團隊已經成功吸引了客戶，這些行銷活動在「鐵無人機」真實世界戰備能力的支持下，產生了顯著的新需求。我們正在積極投資 Iron Drone 的擴展，以支援該平台與客戶的擴展。

As we talk further about specific customers, orders and backlog, I want to take a moment to remind our investors that certain customer activities at OAS can be sensitive or even classified in nature. This is obviously true for many of our defense and homeland security customers, but this can also be the case with certain commercial customers as well. As a result, we need to be sensitive to this while being as transparent as possible on our business development progress, understanding this constraint.

當我們進一步談論特定客戶、訂單和積壓訂單時，我想花點時間提醒我們的投資者，OAS 的某些客戶活動可能具有敏感性質，甚至是機密性質的。對於我們的許多國防和國土安全客戶來說，這顯然是正確的，但對於某些商業客戶來說，情況也可能如此。因此，我們需要對此保持敏感，同時盡可能透明地公開我們的業務發展進展，以理解這項限制。

With that said, I am happy to report today that we are announcing our third customer for Iron Drone with a $1.7 million order. This is a governmental customer that will deploy Iron Drone for border security. This newly announced customer today for Iron Drone is in addition to the initial order from a European governmental entity in NATO member country we announced a few weeks ago, whereby the Iron Drone Radar is being deployed to protect critical locations.

話雖如此，我很高興今天報告，我們宣布了 Iron Drone 的第三個客戶，訂單價值 170 萬美元。這是一位政府客戶，將部署 Iron Drone 來保障邊境安全。今天宣布的這位 Iron Drone 新客戶是我們幾週前宣布的來自北約成員國歐洲政府實體的初始訂單的補充，該訂單將部署 Iron Drone 雷達來保護關鍵位置。

These new customers are demonstrating the global opportunity for Iron Drone as we pursue our strategy to establish a platform as a category leader for low kinetic CUAS threat mitigation. These new customers also mean we have met our initial goal of adding two new military or homeland security customers in 2025, in addition to our initial military customer we secured in the second half of 2024.

在我們推行建立低動能 CUAS 威脅緩解類別領先平台的策略之際，這些新客戶為 Iron Drone 帶來了全球機會。這些新客戶也意味著，除了我們在 2024 年下半年獲得的第一個軍事客戶之外，我們還實現了在 2025 年增加兩個新的軍事或國土安全客戶的初始目標。

With proper execution, we will be able to expand these new Iron Drone customer programs with future orders. I want to add that with our new customer goal met for 2025, we now also expect to add even more military and homeland security customers this year beyond these initial two.

透過適當的執行，我們將能夠透過未來的訂單擴展這些新的 Iron Drone 客戶計劃。我想補充一點，隨著我們 2025 年新客戶目標的實現，除了最初的兩個客戶之外，我們預計今年將增加更多的軍事和國土安全客戶。

The Optimus Drone fleet in the UAE for DFR use continues to expand under the DroneBox program with new deployments supporting public safety missions in urban environments. We expect additional growth in 2025 for Optimus, including with existing customers as well as new customers, including those in the United States where we are pursuing important business.

在 DroneBox 計畫下，阿聯酋用於 DFR 的 Optimus 無人機隊繼續擴大，新的部署支援城市環境中的公共安全任務。我們預計 Optimus 在 2025 年將進一步成長，包括現有客戶和新客戶，其中包括我們正在進行重要業務的美國客戶。

At Ondas Networks, we made meaningful progress, which included the selection of dot16 by the Association of American Railroads or the AAR as a communications protocol standard for the Next Generation Head of Train/End of Train or NGHE system. This validates our long-term strategic efforts and positions us for commercial adoption for rail networks across the 900 megahertz, 220 megahertz and 450 megahertz frequency bands.

在 Ondas Networks，我們取得了有意義的進展，其中包括美國鐵路協會 (AAR) 選擇 dot16 作為下一代列車頭/列車尾或 NGHE 系統的通訊協議標準。這驗證了我們長期的戰略努力，並為我們在 900 兆赫、220 兆赫和 450 兆赫頻段的鐵路網絡的商業應用奠定了基礎。

In addition, the 802.16t standard for which we created the design in critical software-based intellectual property was formally ratified by the IEEE committee last week. Recall that the AAR and its railroad members were actively involved in designing the requirements for the dot.16t standard. This is another marker of success for Ondas and was especially gratifying given the rigorous work of our team and the leadership we have displayed to drive this new standard on behalf of our customers and the rail vendor ecosystem.

此外，我們在關鍵軟體智慧財產權中創建的 802.16t 標準已於上週獲得 IEEE 委員會的正式批准。回想一下，AAR 及其鐵路成員積極參與設計 dot.16t 標準的要求。這是 Ondas 的另一個成功標誌，尤其令人欣慰的是，我們團隊的嚴謹工作以及我們為代表客戶和鐵路供應商生態系統推動這一新標準所展現的領導力。

Lastly, while the 900 megahertz deployments remain slow, we are seeing encouraging signs with key customers actively running small-scale critical live network deployments, and we are also integrating new IP-based applications, which we believe will result in additional system sales over time. Of course, Markus will share more details later in the call.

最後，雖然 900 兆赫的部署仍然緩慢，但我們看到了令人鼓舞的跡象，主要客戶正在積極運行小規模關鍵實時網絡部署，而且我們也在集成新的基於 IP 的應用程序，我們相信這將隨著時間的推移帶來額外的系統銷售。當然，Markus 將在稍後的電話會議中分享更多細節。

Overall, we are executing well against our strategy, expanding our production and service capabilities to scale with demand, deepening customer relationships and positioning Ondas for sustained growth throughout 2025 and into 2026.

總體而言，我們正在順利執行我們的策略，擴大我們的生產和服務能力以適應需求，深化客戶關係，並為 Ondas 在 2025 年和 2026 年實現持續成長做好準備。

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. We expect significant operating leverage as revenues grow, though today's revenue levels do not yet cover our operating expenses.

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。儘管今天的收入水平還不能覆蓋我們的營運費用，但我們預計隨著收入的增長，營運槓桿將顯著增加。

For Ondas Networks, revenues will fluctuate from quarter-to-quarter given the uncertainty around the timing of customer activity in front of the targeted commercial rollouts in the 900 megahertz network and the development programs underway with Siemens and MxV Rail. Similarly, revenues at OAS are expected to vary from quarter-to-quarter and to normalize into a more predictable pattern as we grow our customer base and more of those customers enter fleet programs and recurring service agreements.

對於 Ondas Networks 而言，由於 900 兆赫網絡的目標商業推廣以及與西門子和 MxV Rail 正在進行的開發計劃之前客戶活動時間的不確定性，其收入將逐季度波動。同樣，隨著我們客戶群的擴大以及更多客戶加入車隊計劃和定期服務協議，OAS 的收入預計將逐季度變化，並趨於更可預測的模式。

Revenues increased over 500% to $4.2 million in Q1 2025 from $0.6 million in Q1 2024. Revenues from Ondas Networks were $0.2 million, relatively flat compared to $0.3 million from Q1 2024 and were primarily the result of extended time lines related to 900 megahertz field deployments with the Class 1 railroads.

營收從 2024 年第一季的 60 萬美元成長 500% 以上，達到 2025 年第一季的 420 萬美元。Ondas Networks 的收入為 20 萬美元，與 2024 年第一季的 30 萬美元相比基本持平，這主要是由於與一級鐵路 900 兆赫現場部署相關的時間表延長。

OAS revenues were $4.0 million, an increase of over 600% from Q1 of 2024. This increase reflects the shipment of products and services from the $14.4 million orders primarily related to the two new programs secured with a military customer in the third quarter of 2024. We also recognized revenues from additional deployments in the United Arab Emirates.

OAS 營收為 400 萬美元，較 2024 年第一季成長 600% 以上。這一增長反映了 2024 年第三季與軍事客戶達成的兩個新項目相關的 1,440 萬美元訂單的產品和服務的出貨量。我們也確認了在阿拉伯聯合大公國額外部署的收入。

Gross profit was $1.5 million, representing a 35% gross margin in Q1 2025 as compared to a $0.4 million gross loss in Q1 of 2024. The increase in gross margins year-over-year results from increased higher-margin product revenues at OAS compared to lower-margin service and subscription revenue in Q1 2024. Gross margins can be volatile on a quarter-to-quarter basis due to revenue levels that reflect the early stages of platform adoption, certain fixed service costs reflected in our cost of goods sold and shifts in revenue mix between product, development and services revenue.

毛利為 150 萬美元，2025 年第一季的毛利率為 35%，而 2024 年第一季的毛虧損為 40 萬美元。毛利率年增是由於 2024 年第一季 OAS 的高利潤產品收入與低利潤服務和訂閱收入相比有所增加。由於收入水準反映了平台採用的早期階段，某些固定服務成本反映在我們的銷售成本中，以及產品、開發和服務收入之間的收入組合發生變化，因此毛利率可能在季度間波動。

Operating expenses increased to $11.8 million for Q1 of 2025 as compared to $8.7 million in Q1 of 2024. Cash operating expenses were $9.0 million in Q1 2025 compared to $7.3 million in Q1 2024. The increase in cash operating expense was the result of investments in head count and programs at OAS to support the business growth we discussed above.

2025 年第一季的營運費用從 2024 年第一季的 870 萬美元增加至 1,180 萬美元。2025 年第一季的現金營運費用為 900 萬美元，而 2024 年第一季為 730 萬美元。現金營運費用的增加是由於 OAS 對員工數量和項目進行投資以支持我們上面討論的業務成長。

Operating expenses also increased because of additional stock compensation expense. The operating loss was $10.3 million for Q1 2025 as compared to $9.1 million for Q1 2024. Adjusted EBITDA loss was $7.5 million for Q1 2025, improving slightly from the $7.7 million loss in Q1 of 2024.

由於額外的股票薪酬費用，營運費用也增加了。2025 年第一季的營業虧損為 1,030 萬美元，而 2024 年第一季的營業虧損為 910 萬美元。2025 年第一季調整後 EBITDA 虧損為 750 萬美元，較 2024 年第一季的 770 萬美元虧損略有改善。

So now let's turn to the cash flow statement. We held cash of $25.4 million as of March 31, 2025, compared to $30 million as of December 31, 2024, and $14.6 million as of March 31, 2024. The increase from March 2024 reflects the financing received during the last 12 months less cash used in operations. Cash used in operations during Q1 of 2025 decreased slightly to $6.7 million compared to $7.5 million for Q1 2024 as we saw improved cash collections from the orders received and shipped in 2024 and early 2025.

現在讓我們來看看現金流量表。截至 2025 年 3 月 31 日，我們持有現金 2,540 萬美元，而截至 2024 年 12 月 31 日為 3,000 萬美元，截至 2024 年 3 月 31 日為 1,460 萬美元。自 2024 年 3 月起的成長反映了過去 12 個月收到的融資減去營運所用的現金。2025 年第一季營運現金使用量略微下降至 670 萬美元，而 2024 年第一季為 750 萬美元，因為我們看到 2024 年和 2025 年初收到和出貨的訂單的現金回款有所增加。

We also received cash from financing activities of $2.3 million, including proceeds from warrants exercises, government grants and other financing. We expect cash utilization to continue to improve in 2025. Improved cash efficiency comes from operating expense leverage at our OAS business unit, given our expectation of increased revenue and gross profit over the course of 2025.

我們也從融資活動中獲得了 230 萬美元的現金，其中包括認股權證行使、政府補助和其他融資的收益。我們預計 2025 年現金利用率將持續改善。鑑於我們預計 2025 年收入和毛利將會增加，現金效率的提高來自於我們 OAS 業務部門的營運費用槓桿。

The company expects to fund its operations from the cash on hand of $25.4 million as of March 31, 2025, gross profits generated from revenue growth, potential prepayments from customers for purchase orders, potential proceeds from warrants issued and outstanding and additional funds if needed, that the company may seek through equity or debt offerings and/or borrowings under additional notes, payable lines of credit or other sources.

該公司預計將利用截至 2025 年 3 月 31 日的 2540 萬美元現金、收入增長產生的毛利潤、客戶為採購訂單支付的潛在預付款、已發行和未償還認股權證的潛在收益以及必要時的額外資金來為其運營提供資金，公司可能透過股票或債務發行和/或根據額外資金、應付這些資金或其他資金來尋求這些來源的票據。

Turning to the balance sheet. Again, we held cash of $25.4 million as of March 31, 2025, compared to $30 million as of December 31, 2024. As of March 31, 2025, Ondas Holdings had $25.4 million in convertible debt outstanding down from $44.6 million as of the end of 2024, reflecting a significant conversion of our outstanding convertible notes into equity.

轉向資產負債表。同樣，截至 2025 年 3 月 31 日，我們持有現金 2,540 萬美元，而截至 2024 年 12 月 31 日，我們持有現金 3,000 萬美元。截至 2025 年 3 月 31 日，Ondas Holdings 未償還的可轉換債務為 2,540 萬美元，低於 2024 年底的 4,460 萬美元，這反映了我們未償還的可轉換票據已大量轉換為股權。

We're pleased to say that during the second quarter to date, we have seen further debt reduction via conversion of convertible notes to equity and our outstanding balances on the convertible notes as of today have been reduced to $20.6 million. This debt reduction included conversion of notes that were due to mature at the end of April. Of course, we plan to support the conversion of these remaining notes to equity before maturity.

我們很高興地說，截至目前的第二季度，我們透過將可轉換票據轉換為股權進一步減少了債務，截至今天，我們的可轉換票據未償還餘額已減少至 2,060 萬美元。此次債務減免包括轉換將於四月底到期的票據。當然，我們計劃支持這些剩餘票據在到期前轉換為股權。

And I will now hand the call back to Eric.

現在我將把電話交還給 Eric。

Thank you, Neil. While the debt conversions Neil highlighted added more shares to the share count than we would have liked, the reduction in debt at the holding company is a significant positive, in my opinion. With that context, I thought it would be helpful to spend a few minutes here to dig a bit more into our cap table. As you are aware, significant funding of our growth plan has come from the raising of capital through convertible notes.

謝謝你，尼爾。雖然尼爾強調的債務轉換使股票數量增加的幅度超出了我們的預期，但我認為，控股公司的債務減少是一個重大利好消息。在這樣的背景下，我認為花幾分鐘時間深入了解我們的股權結構表會很有幫助。如您所知，我們成長計畫的大部分資金來自於透過可轉換票據籌集的資金。

Since October 2022, we have raised $70 million in cash, which represented $80.5 million in convertible notes due when including original issue discount or OID. This $80.5 million includes the $34.5 million of notes that were invested at the end of 2024 just last December. While these notes have fixed conversion prices, they also have a feature that allows for monthly amortization, whereby they can be converted into shares at a conversion price calculated using a discount to a VWAP measure if the VWAP is below the fixed conversion price.

自 2022 年 10 月以來，我們已籌集 7,000 萬美元現金，其中包括原始發行折扣或 OID 在內的 8,050 萬美元可轉換票據。這 8,050 萬美元包括去年 12 月剛投資的 2024 年底的 3,450 萬美元票據。雖然這些票據具有固定的轉換價格，但它們也具有允許每月攤銷的功能，即如果 VWAP 低於固定轉換價格，它們可以按照使用 VWAP 指標折扣計算的轉換價格轉換為股票。

While the terms of the notes are fully disclosed in our SEC filings, we are providing some additional context to help investors calculate the potential additional shares to be issued to satisfy the balance of the outstanding convertible notes. But first, let's discuss the increase in share count from 93.2 million to 137.4 million during the first five months of 2025 year-to-date.

雖然票據條款已在我們提交給美國證券交易委員會的文件中完整披露，但我們仍提供一些額外的信息，以幫助投資者計算為滿足未償還可轉換票據餘額而可能發行的額外股份。但首先，讓我們討論一下 2025 年前五個月迄今股票數量從 9,320 萬股增加到 1.374 億股的情況。

Note that the bulk of the shares, as we show here, are related to the conversion of the convertible notes, which include unamortized discounts and accrued interest. The average conversion price for these additional shares was approximately $0.68. The low conversion price was unfortunate and a function of a significant decline in our share price despite what we believe is a significantly improving company fundamentals.

請注意，正如我們在此所示，大部分股份與可轉換票據的轉換有關，其中包括未攤銷折扣和應計利息。這些額外股份的平均轉換價格約為 0.68 美元。儘管我們相信公司基本面正在顯著改善，但轉換價格較低是令人遺憾的，也是導致我們股價大幅下跌的原因。

It is management's view that market-related factors exacerbated the pressure on our shares and resulted in Ondas issuing more shares due to the conversion than we may have otherwise. Going forward, we anticipate the conversion of the remaining $23.8 million of outstanding notes, which includes unamortized discounts and accrued interest into additional shares. We have shared the maturities and conversion prices here on this slide for your information.

管理層認為，市場相關因素加劇了我們股票的壓力，並導致 Ondas 因轉換而發行的股票數量超過我們原本可能發行的數量。展望未來，我們預計將剩餘的 2,380 萬美元未償還票據（包括未攤銷折扣和應計利息）轉換為額外股份。我們在這張投影片上分享了到期日和轉換價格，供您參考。

The best outcome, of course, is for the shares to appreciate above the fixed conversion price. If this happens, we will issue another 18.7 million shares as depicted here to eliminate the debt. Of course, if the shares are below the fixed conversion prices, the incremental shares issued upon conversion using a conversion price calculated with a discount to VWAP method would result in more shares being issued above the 18.7 million described within.

當然，最好的結果是股票升值至高於固定轉換價格。如果發生這種情況，我們將發行另外 1,870 萬股股票（如圖所示）來消除債務。當然，如果股份低於固定轉換價格，則使用以VWAP折扣法計算的轉換價格轉換時發行的增量股份將導致發行的股份數量超過其中所述的1870萬股。

We encourage investors to perform their own analysis, and we are merely sharing this perspective to provide additional tools to help you make your own assessments. Now we will transition to a review of our business units and ask Oshri and Markus to share updates on business development activity and operations at Ondas Networks and OAS.

我們鼓勵投資人進行自己的分析，我們分享這種觀點只是為了提供額外的工具來幫助您做出自己的評估。現在我們將轉向對我們業務部門的審查，並要求 Oshri 和 Markus 分享 Ondas Networks 和 OAS 的業務發展活動和營運的最新情況。

As a reminder, both Oshri and Markus took the reins as CEOs of their respective business units during the first quarter of 2025. Both are highly experienced and bring exceptional and relevant talent to their leadership positions. I am pleased with their performance and believe they will be highly successful driving growth for our companies.

提醒一下，Oshri 和 Markus 都在 2025 年第一季擔任各自業務部門的執行長。兩人都擁有豐富的經驗，並為各自的領導職位帶來了傑出且相關的才能。我對他們的表現感到滿意，並相信他們將會非常成功地推動我們公司的成長。

Markus will now provide an update on our business activity and the outlook for Ondas Networks. Markus?

Markus 現在將介紹我們的業務活動和 Ondas Networks 的前景。馬庫斯？

Thank you, Eric. 2025 has been an exciting year so far for Ondas Networks, and I'm happy to join the call and update our investors on some important developments. On April 11, the Association of American Railroads Wireless Communications Committee announced that dot16 has been selected as the communications protocol for all future head-of-train and end-of-train devices. This is not only an important milestone in the development of the NGHE 4.0 specifications, but also a significant endorsement of 802.16 technology in the railroad operating environment.

謝謝你，埃里克。到目前為止，2025 年對 Ondas Networks 來說是令人興奮的一年，我很高興能參加電話會議並向我們的投資者通報一些重要的進展。4月11日，美國鐵路協會無線通訊委員會宣布，dot16已被選為未來所有列車頭尾設備的通訊協定。這不僅是NGHE 4.0規範發展的重要里程碑，也是802.16技術在鐵路營運環境中的重要認可。

The Wireless Communications Committee made its decision after a rigorous technical evaluation and competitive technology comparison at the AAR's MxV research facility in Colorado. We were pleased to see that our capabilities performed as strongly as they did as the industry continues to see the dot16 technology platform and Ondas as the leading capability to upgrade private wireless networks in the railroad sector. I would like to take this opportunity to thank both the Ondas and MxV technical teams who put a lot of time and energy into getting us to this point.

無線通訊委員會在科羅拉多州的 AAR MxV 研究機構進行了嚴格的技術評估和競爭技術比較後做出了決定。我們很高興地看到，我們的能力表現得如此強勁，因為業界繼續將 dot16 技術平台和 Ondas 視為升級鐵路領域私人無線網路的領先能力。我想藉此機會感謝 Ondas 和 MxV 技術團隊，他們投入了大量的時間和精力才讓我們達到這一點。

With the NGHE Communications protocol selected, the remaining NGHE 4.0 specification will now be finalized. This effort is being led by MxV, and we expect that the full specifications will be complete by the end of this year. In anticipation of the final specifications, which primarily relate to end-of-train device functionality, we are proactively engaging with head-of-train and end-of-train device manufacturers to be in a position to commercialize next-generation head-of-train devices in early 2026 and end-of-train devices shortly thereafter.

隨著 NGHE 通訊協定的選定，剩餘的 NGHE 4.0 規範現在將最終確定。這項工作由 MxV 領導，我們預計完整的規範將在今年年底前完成。為了預期最終規範（主要涉及列車尾部設備功能），我們正在積極與列車頭部和列車尾部設備製造商合作，以便在 2026 年初實現下一代列車頭部設備的商業化，並在不久後實現列車尾部設備的商業化。

Last week, the Institute of Electrical and Electronics Engineers, or IEEE, formally ratified 802.16t, the latest iteration of the dot16 standard. Securing the dot16 standard was a multiyear process that took a tremendous amount of energy and talent from many people at Ondas and throughout the ecosystem. Further, this standard has been tailored to the unique requirements of private industrial wireless networks, particularly for the needs of the Class 1 railroads who collectively operate continent-wide wireless networks supporting critical operating and safety systems, enabling the efficient and safe operations of trains.

上週，電氣電子工程師協會 (IEEE) 正式批准了 802.16t，這是 dot16 標準的最新版本。確保 dot16 標準的安全是一個多年的過程，耗費了 Ondas 和整個生態系統中許多人的大量精力和才智。此外，該標準還針對私人工業無線網路的獨特要求進行了定制，特別是針對一級鐵路的需求，這些鐵路共同運營覆蓋整個大陸的無線網絡，支持關鍵的運行和安全系統，從而實現列車的高效和安全運行。

I would like to use this opportunity to thank the Ondas Networks engineering team as well as many of our Class 1 partners who contributed to the development of this standard. dot16t represents a significant improvement in throughput and latency, which further underscores the benefits to be gained by converting legacy narrowband networks to dot16 general purpose networks.

我想藉此機會感謝 Ondas Networks 工程團隊以及為該標準制定做出貢獻的許多一級合作夥伴。 dot16t 代表著吞吐量和延遲的顯著改善，這進一步強調了將傳統窄頻網路轉換為 dot16 通用網路所能獲得的好處。

The ratification of dot16t solidifies dot16's role in NGHE and the 900 megahertz transition and more importantly, it opens the door to addressing the capacity issues the Class 1's face in other networks, including, of course, the strategically important 220 megahertz and 116 megahertz networks. We continue to work closely with our partners in the railroad industry on delivering existing projects as well as on developing solutions for long-standing needs.

dot16t 的批准鞏固了 dot16 在 NGHE 和 900 兆赫過渡中的作用，更重要的是，它為解決 1 類在其他網絡中面臨的容量問題打開了大門，當然包括具有重要戰略意義的 220 兆赫和 116 兆赫網絡。我們繼續與鐵路行業的合作夥伴密切合作，交付現有項目並開發滿足長期需求的解決方案。

I am pleased that certain 900 megahertz deployments are proceeding as expected, demonstrating continued progress on what we believe will ultimately be wide-scale adoption of dot16 in this greenfield network. Metro, Chicago's Regional Transit Authority, placed a follow-on order for 900 megahertz equipment with our partner, Siemens, to ensure system-wide coverage. Metro's plans call for system-wide deployment to be completed in September 2025.

我很高興看到某些 900 兆赫的部署正在按預期進行，這表明我們相信 dot16 最終將在這個綠地網路中大規模採用，這正在不斷取得進展。芝加哥地區交通管理局 Metro 與我們的合作夥伴西門子簽訂了 900 兆赫設備的後續訂單，以確保全系統覆蓋。Metro 計劃於 2025 年 9 月完成全系統部署。

We have also been working closely with customers on 900 megahertz applications, including the integration of PTC messaging currently hosted on the 220 megahertz band. This will allow railroads to use 900 megahertz as either a primary or secondary network for CTC and PTC operations. This testing is proceeding well, and we expect our partner, Siemens, to receive an additional order from a Class 1 railroad to equip an entire subdivision with 900 megahertz equipment.

我們也一直與客戶在 900 兆赫應用方面密切合作，包括整合目前在 220 兆赫頻段上託管的 PTC 訊息傳遞。這將允許鐵路使用 900 兆赫作為 CTC 和 PTC 運營的主要或次要網絡。此次測試進展順利，我們預計我們的合作夥伴西門子將收到一級鐵路的額外訂單，為整個分局配備 900 兆赫的設備。

A subdivision-wide deployment opens the door to division and network-wide deployments on this Class 1 as well as others for the same use case. With another Class 1, we are developing additional specific use cases for 900 megahertz equipment in dark territory operations. Once fully demonstrated, we expect these use cases to be relevant to other Class 1 operators.

分區範圍的部署為該 1 類以及相同用例的其他類別的分區和網路範圍的部署打開了大門。利用另一個 1 類，我們正在為暗區作業中的 900 兆赫設備開發其他特定用例。一旦充分展示，我們預計這些用例將與其他 1 類操作員相關。

In the 220 megahertz spectrum, we continue to execute on the PTC data radio on behalf of Amtrak. We expect to start delivering PTC radios in early Q3. Once the Amtrak work is complete, we expect a rollout to other operators in the Northeast corridor. As data-intensive IoT solutions are becoming more prominent on Class 1 railroads, the need for data transmission increases significantly. Ondas Networks is engaging with several Class 1s on solving long-standing data transmission needs.

在 220 兆赫頻譜中，我們繼續代表 Amtrak 執行 PTC 資料無線電。我們預計將於第三季初開始交付 PTC 收音機。一旦 Amtrak 的工作完成，我們預計將向東北走廊的其他營運商推出。隨著資料密集型物聯網解決方案在一級鐵路上變得越來越突出，對資料傳輸的需求也顯著增加。Ondas Networks 正與多家 Class 1 公司合作解決長期存在的資料傳輸需求。

Our work on dot16 and our industrial wireless communications capabilities and expertise put us in an excellent position to partner with our customers and rail vendors to develop solutions with long-term viability. We will keep the investor community informed as we commercialize these efforts. I will now hand the call back to Eric.

我們在 dot16 上的工作以及我們的工業無線通訊能力和專業知識使我們處於有利地位，可以與我們的客戶和鐵路供應商合作開發具有長期可行性的解決方案。在將這些努力商業化的過程中，我們將隨時向投資人通報情況。我現在將把電話交還給 Eric。

Thank you, Markus. I will now ask Oshri Lugassy to take the floor and provide a business update for our OAS business unit. Oshri, please proceed.

謝謝你，馬庫斯。現在我請 Oshri Lugassy 發言並提供我們 OAS 業務部門的業務最新情況。Oshri，請繼續。

Thank you, Eric. Ondas Autonomous Systems entering 2025, maintaining strong momentum, particularly in the defense and homeland security sector. We generated $4 million in revenues and secured over $9 million in orders year-to-date. We have been working closely together to accelerate the building of OAS into a leading provider of next-generation defense and security technology platforms.

謝謝你，埃里克。Ondas Autonomous Systems 進入 2025 年，保持強勁勢頭，尤其是在國防和國土安全領域。今年迄今為止，我們的收入已達 400 萬美元，訂單金額超過 900 萬美元。我們一直密切合作，加速將OAS打造為下一代國防和安全技術平台的領先供應商。

Our core focus is delivering tactical solutions based on software-defined autonomous aerial systems, supported by our deep engineering capabilities and our ability to operate across both US and allied defense ecosystems. While I will elaborate on our go-to-market progress in the following slides, I want to highlight that our strategy is demonstrating success that is evidenced by the ongoing business development growth we have demonstrated so far in 2025.

我們的核心重點是提供基於軟體定義的自主航空系統的戰術解決方案，並由我們深厚的工程能力和在美國及盟國國防生態系統中運作的能力提供支援。雖然我將在接下來的幻燈片中詳細闡述我們的市場進入進展，但我想強調的是，我們的策略正在取得成功，這一點從我們在 2025 年迄今為止所展示的持續業務發展成長中可以看出。

In January, we received an order from a major defense company for the integration of new applications into the Iron Drone Raider system. This includes testing and development of features designed to counter ground-based threats. This will be a new use case for the Iron Drone platform, and we will have more to say on this at a later date.

今年 1 月，我們收到一家大型國防公司的訂單，要求將新的應用程式整合到 Iron Drone Raider 系統中。這包括測試和開發旨在應對地面威脅的功能。這將是 Iron Drone 平台的一個新用例，我們稍後會對此進行更多說明。

Recently, we have secured to initial multimillion dollar orders for the Iron Drone radar from major customers. At the end of Q1, OAS secured a $3.2 million purchase order from a governmental entity in the UAE to expand its Optimus Drone network infrastructure. This supports the ongoing development of autonomous aerial services under the UAE's Drone Box program. enabling rapid response, public safety and emergency operations in urban environments.

最近，我們已從主要客戶那裡獲得了價值數百萬美元的 Iron Drone 雷達初始訂單。第一季末，OAS 從阿聯酋政府機構獲得了 320 萬美元的採購訂單，用於擴展其 Optimus Drone 網路基礎設施。這支持了阿聯酋無人機箱計畫下自主航空服務的持續發展。實現城市環境中的快速反應、公共安全和緊急行動。

Since then, we have added two new homeland security customers for our Iron Drone platform. In April, we announced we had secured a $3.4 million order from a European defense contractor to deploy Iron Drone on behalf of a NATO member country to protect critical locations. And as Eric highlighted in his opening remarks, today, we announced that we secured non-US governmental customer for on drones related to border security.

自那時起，我們為 Iron Drone 平台增加了兩位新的國土安全客戶。今年 4 月，我們宣布已獲得一家歐洲國防承包商的價值 340 萬美元的訂單，代表北約成員國部署「鐵無人機」來保護關鍵地點。正如艾瑞克在開幕詞中所強調的那樣，今天，我們宣布我們已經獲得了與邊境安全相關的無人機的非美國政府客戶。

These two new Iron Drone customers are important milestones demonstrating the strong market position for Iron Drone in the global markets. We are pursuing an opportunity to position the radar as the market leader for the low kinetic counter US mitigation capabilities. As part of our US expansion efforts, we formed a strategic partnership with Palantir Technologies, which began with the integration of their Foundry AI platform to support the scaling of OAS supply chain, production and field operations.

這兩位 Iron Drone 的新客戶是重要的里程碑，彰顯了 Iron Drone 在全球市場上的強大市場地位。我們正在尋求機會，將雷達定位為低動能對抗美國緩解能力的市場領導者。作為我們美國擴張計劃的一部分，我們與 Palantir Technologies 建立了戰略合作夥伴關係，首先整合他們的 Foundry AI 平台，以支援 OAS 供應鏈、生產和現場營運的擴展。

We expect this relationship to expand and drive AI-enabled product innovation around advanced autonomy capabilities as well as business development opportunities. We also announced a strategic partnership with Volatus Aerospace to enhance border surveillance and situational awareness through the use of our autonomous aerial systems, where we are together targeting specific market opportunities and split programs.

我們期望這種關係能夠擴大並推動圍繞高級自主能力和業務發展機會的人工智慧產品創新。我們也宣布與 Volatus Aerospace 建立戰略合作夥伴關係，透過使用我們的自主航空系統加強邊境監視和態勢感知，我們共同瞄準特定的市場機會和分項計畫。

The new customers and industry partners we have announced highlight OAS as growth potential in global defense and security markets, and they reflect our strategic advantages, enabling us to work closely with government agencies, security forces and the defense and security ecosystem to deploy mission-critical solutions where they are needed most. I'd like to take a moment to revisit our go-to-market strategy as we continue advancing the expansion of OAS across global defense and security markets.

我們宣布的新客戶和產業合作夥伴凸顯了OAS在全球國防和安全市場中的成長潛力，它們反映了我們的戰略優勢，使我們能夠與政府機構、安全部隊以及國防和安全生態系統密切合作，在最需要的地方部署關鍵任務解決方案。隨著我們繼續推進 OAS 在全球國防和安全市場的擴張，我想花點時間重新審視我們的市場進入戰略。

Ondas offers functional thing proven and highly reliable software-defined drone solutions built to meet the most rigorous and complex operational requirements. These built-for-purpose systems are in demand across both security-related government applications and high-value civil and commercial use cases.

Ondas 提供功能完善、經過驗證且高度可靠的軟體定義無人機解決方案，旨在滿足最嚴格和最複雜的操作要求。這些專用系統在安全相關的政府應用和高價值的民用和商業用例中都很受歡迎。

According to recent industry research, this market represent a multibillion dollar opportunity and are expected to continue growing significantly over the coming decade, and we evaluate the global defense and security market for our Optimus and Iron Drone-based solutions, we see significant upside even under conservative assumptions with limited disruption focused on specific applications and targeted customers.

根據最近的行業研究，這個市場代表著數十億美元的商機，預計未來十年將繼續大幅增長，我們對基於 Optimus 和 Iron Drone 解決方案的全球國防和安全市場進行評估，即使在保守的假設下，我們也看到了顯著的上升空間，因為特定應用和目標客戶的中斷有限。

The combined total addressable market for both systems specific to just defense and HLS markets represents a multibillion-dollar opportunity, particularly in areas like border protection and the safeguarding of military assets. We are seeing strong global demand for Iron Drone Raider as nations seek multilayer innatic counter UAS solutions. Our system stands out as combat-ready and built for real-world deployment.

針對國防和 HLS 市場的這兩種系統的總目標市場總額代表著數十億美元的商機，特別是在邊境保護和軍事資產保護等領域。隨著各國尋求多層本土對抗無人機系統解決方案，我們看到全球對「鐵無人機襲擊者」的需求強勁。我們的系統具有出色的戰鬥準備能力，並且適合在現實世界中部署。

In 2025, we are scaling global demos for Iron Drone and Optimus targeting major defense and HLS customers across Europe and other key regions, which is leading to more and more customers and partner pipeline activity. We are also building partnerships to support localization, integration and go-to-market execution, especially in the US and Europe.

2025 年，我們將擴大 Iron Drone 和 Optimus 的全球展示，目標是歐洲和其他主要地區的主要國防和 HLS 客戶，這將帶來越來越多的客戶和合作夥伴通路活動。我們也正在建立合作夥伴關係以支援本地化、整合和上市執行，尤其是在美國和歐洲。

Finally, we are advancing US-based manufacturing planes to align with defense procurement priorities and strengthen our supply chain. In conclusion, OAS is executing with urgency and discipline securing customers, building scale and advancing strategic partnerships that support our long-term growth objectives. I am confident in our trajectory and excited about the opportunities ahead in 2025 and beyond.

最後，我們正在推進美國製造的飛機，以符合國防採購優先事項並加強我們的供應鏈。總之，OAS 正在緊急且有紀律地執行，以確保客戶、擴大規模並推進策略合作夥伴關係，以支持我們的長期成長目標。我對我們的發展軌跡充滿信心，並對 2025 年及以後的機會感到興奮。

Thank you, Oshri. In short, the growth model for OAS is to firstly capture programs of record and then expand those programs. In parallel, we use that experience and market validation to add new customers via new programs and then expand those in a similar manner. The net result, a growing customer and program base with expansion that generates recurring business activity across more and more customers and programs.

謝謝你，Oshri。簡而言之，OAS 的成長模式是先擷取記錄程序，然後再擴展這些程序。同時，我們利用這些經驗和市場驗證透過新計劃增加新客戶，然後以類似的方式擴大這些客戶。最終結果是，客戶和專案基礎不斷擴大，並在越來越多的客戶和專案中產生經常性的業務活動。

We believe this growth curve will be significant and look forward to delivering on this expansion over the course of 2025 and then again in 2026. So let's dig into the outlook. As I said at the outset, this is an exciting time for Ondas. We are executing against a clearly defined multiyear growth plan. Our strong start to 2025 confirms that the foundational work we've done across OAS and Ondas Networks is converting into measurable business momentum.

我們相信這一成長曲線將具有重要意義，並期待在 2025 年和 2026 年實現這一擴張。那麼讓我們深入探討一下前景。正如我在一開始所說的，對於 Ondas 來說，這是一個激動人心的時刻。我們正在執行明確的多年增長計劃。我們 2025 年的強勁開局證實了我們在 OAS 和 Ondas Networks 上所做的基礎工作正在轉化為可衡量的業務動力。

We continue to believe 2025 will see accelerated growth, leveraging the business momentum we have created over the last several quarters. Our key objectives at OAS continue to 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.

我們仍然相信，憑藉過去幾季創造的業務勢頭，2025 年將實現加速成長。我們在 OAS 的主要目標仍然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 government to government channels and direct marketing. Indeed, on our last call, we said we wanted to capture at least two new defense or homeland security customers this year, and we have now done that with the recent Iron Drone customer announcements.

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，並旨在透過政府對政府管道和直接行銷來獲得更多軍事客戶。事實上，在我們上次的電話會議上，我們說我們希望今年至少獲得兩個新的國防或國土安全客戶，而隨著最近 Iron Drone 客戶公告的發布，我們已經實現了這一目標。

We now believe we can add more of these customers via programs this year and have increased our goal from two to four new military or homeland security customers for the full year 2025. Growing our partner ecosystem will be critical to support not just global sales and marketing, but also field support and sustainment as well as supply chain and production activities.

我們現在相信，我們可以透過今年的專案增加更多這樣的客戶，我們已經將 2025 年全年新增軍事或國土安全客戶的目標從 2 個增加到 4 個。擴大我們的合作夥伴生態系統對於支援全球銷售和行銷、現場支援和維護以及供應鏈和生產活動都至關重要。

Localizing our business with the support of partners is integral, and we are seeing growing engagement from large defense and homeland security vendors interested in working with Ondas and our OAS business unit. We expect to establish at least two new important partner relationships in 2025 to add to the Palantir Technologies and Volatus Aerospace partnerships we announced earlier this year.

在合作夥伴的支持下實現業務在地化至關重要，我們看到越來越多的大型國防和國土安全供應商有興趣與 Ondas 和我們的 OAS 業務部門合作。我們預計在 2025 年建立至少兩個新的重要的合作夥伴關係，以補充我們今年早些時候宣布的 Palantir Technologies 和 Volatus Aerospace 合作夥伴關係。

On the financial side, the maturing of our technology platforms and operational plans is driving meaningful results for our revenue and growth outlook. The financial metrics we share here reflect both business units with the bulk of the growth, of course, being driven by OAS in 2025. As these targets demonstrate, we are clearly making the transition to building a healthy and growing company and driving a path to profitability firstly at OAS with Ondas Networks profitability still leveraged to the launch of a network build-out by the Class 1 railroads.

在財務方面，我們技術平台和營運計劃的成熟正在為我們的收入和成長前景帶來有意義的成果。我們在此分享的財務指標反映了兩個業務部門的成長，當然，其中大部分成長將由 2025 年的 OAS 推動。正如這些目標所表明的，我們顯然正在轉型，建立一家健康、不斷發展的公司，並首先在 OAS 推動盈利之路，而 Ondas Networks 的盈利能力仍然得益於一級鐵路網絡建設的啟動。

We are reaffirming our target for at least $25 million in revenues for 2025, led by OAS, which is expected to deliver at least $20 million in sales this year. The visibility on this growth outlook is increasingly supported by a growing backlog, which now stands at $16.8 million, including both business units and an expanding and maturing customer pipeline. We expect the backlog to grow further in 2025 beyond these levels with new orders while also growing our revenues as described. We expect this growth to be sustained or even accelerated into 2026.

我們重申我們的目標，在 2025 年實現至少 2500 萬美元的收入，其中 OAS 為主導，預計今年的銷售額將至少達到 2000 萬美元。不斷增長的積壓訂單越來越多地證明了這一成長前景的可見性，目前積壓訂單已達 1,680 萬美元，其中包括業務部門和不斷擴大和成熟的客戶管道。我們預計，到 2025 年，隨著新訂單的增加，積壓訂單量將進一步超過這些水平，同時我們的收入也將如前所述成長。我們預計這一成長將持續甚至加速到 2026 年。

Quite clearly, we believe we are demonstrating a transition to a strong and sustained growth period, which will leverage the significant investments we have made in developing our technology platforms and end markets. To sum it up, we are executing on our vision to scale Ondas, and I continue to believe 2025 will be a breakout year.

很明顯，我們相信我們正在向強勁而持續的成長期過渡，這將利用我們在開發技術平台和終端市場方面所做的大量投資。總而言之，我們正在執行擴大 Ondas 規模的願景，我仍然相信 2025 年將是突破的一年。

Before we wrap up, I have some final comments to share. Firstly, as we announced this morning, Joe Popolo will be stepping down from the Ondas Board as he takes on new responsibilities connected to his nomination to be the US ambassador to the Kingdom of the Netherlands.

在我們結束之前，我還有一些最後的評論要分享。首先，正如我們今天上午宣布的那樣，喬·波波洛將辭去 Ondas 董事會職務，因為他將承擔與他被提名擔任美國駐荷蘭王國大使相關的新職責。

On behalf of our Board, our team and our shareholders, I want to thank Joe for his dedicated service and exceptional leadership during a pivotal time in Ondas' growth. Joe brought valuable perspective to the boardroom, guidance to our leadership team, and played an important role in helping direct our strategy as we scaled our operations and pursued major market opportunities.

我謹代表董事會、團隊和股東，感謝喬在 Ondas 發展的關鍵時期所做的奉獻和卓越的領導。喬為董事會帶來了寶貴的觀點，為我們的領導團隊提供了指導，並在我們擴大業務規模和尋求重大市場機會的過程中發揮了重要作用，幫助指導我們的策略。

While Joe will be missed, I expect his successors at the Charles & Potomac Group to remain important and engaged investors in Ondas, and we are excited for the impact he will make on behalf of the citizens of the United States. We're proud of his appointment and wish him great success in this important role serving our country. Joe, thank you again from all of us at Ondas.

儘管我們會懷念喬，但我希望查爾斯和波托馬克集團的繼任者能夠繼續成為 Ondas 的重要和積極的投資者，我們也對他將代表美國公民產生的影響感到興奮。我們對他的任命感到自豪，並祝福他在為國家服務的這一重要職位上取得巨大成功。喬，Ondas 全體人員再次向您表示感謝。

Secondly, I want to provide some context into our filing for a $225 million shelf registration. We believe having a shelf registration statement on file is part of a responsible corporate financial strategy. And while $225 million is certainly large relative to our market capitalization, I do not believe it is large relative to the opportunities we have in front of us in the coming years.

其次，我想提供一些有關我們申請 2.25 億美元擱置註冊的背景資訊。我們認為，保留一份擱置登記聲明是負責任的企業財務策略的一部分。儘管 2.25 億美元相對於我們的市值來說無疑是一個很大的數目，但我認為，相對於我們未來幾年面臨的機會來說，這個數字並不大。

We continue to believe that there are billions of dollars of market capitalization available for companies like Ondas focused on capitalizing on the emerging investment cycle we are seeing in defense and security markets globally. So the shelf registration statement gives us the required flexibility to invest behind this investment cycle as we grow a large and important company. I want to be very clear, we will be sensitive to our cost of capital, which, of course, is the inverse to our stock price.

我們仍然相信，對於像 Ondas 這樣專注於利用全球國防和安全市場新興投資週期的公司來說，有數十億美元的市值可用。因此，在我們發展大型重要公司的過程中，擱置註冊聲明為我們提供了在此投資週期後進行投資所需的靈活性。我想非常清楚地表明，我們會對資本成本非常敏感，當然，這與我們的股票價格相反。

While the share price is low, we need to be extremely sensitive to that, and we will be. As I consider our outlook and the performance I expect our team to deliver, I believe that as we execute upon our growth plan, we will be rewarded by investors with a higher share price. This will also come with a mandate to both accelerate our growth plan and participate further in industry consolidation.

雖然股價較低，但我們需要對此保持高度敏感，而且我們會這樣做。當我考慮我們的前景和我期望我們團隊實現的表現時，我相信，隨著我們執行成長計劃，我們將以更高的股價獲得投資者的回報。這也將伴隨著加速我們的成長計劃和進一步參與行業整合的授權。

I believe capitalizing on the organic and strategic growth opportunities ahead will support compounded growth and shareholder value in the coming years. We will be deliberate here, but first things first, of course. We need to deliver on our plan and earn the right from investors to invest more in our business. It is our intention to maintain a healthy balance sheet and prudently invest behind the opportunities we have created, and we will use shareholder value accretion as a critical litmus test for all of our corporate financial strategies.

我相信，利用未來的有機和策略成長機會將支持未來幾年的複合成長和股東價值。我們會慎重考慮，但當然要先做重要的事。我們需要履行我們的計劃並贏得投資者對我們業務進行更多投資的權利。我們的目標是保持健康的資產負債表並謹慎地投資我們創造的機會，我們將把股東價值成長作為我們所有公司財務策略的關鍵試金石。

With that said, I want to wrap the call by highlighting our intention to host a second OAS-focused Investor Day likely in the second half of June. At this event, we want to provide a detailed update on our business plan and financial outlook. As you know, we have made significant progress since our last OAS-focused Investor Day in September 2024.

話雖如此，我想在電話會議結束時強調，我們打算在 6 月下半月舉辦第二屆以 OAS 為重點的投資者日。在這次活動中，我們希望提供有關我們的業務計劃和財務前景的詳細更新。如您所知，自 2024 年 9 月上一次以 OAS 為重點的投資者日以來，我們取得了重大進展。

We have advanced and matured our technology platforms, added customers and partners and increased our pipeline of opportunity. This Investor Day will be a good opportunity to mark-to-market our plan and provide some context on our multiyear outlook and the expanding opportunity set at Ondas. So stay tuned for details.

我們的技術平台不斷進步和成熟，增加了客戶和合作夥伴，並增加了我們的機會管道。本次投資者日將是一個很好的機會來按市價調整我們的計劃，並提供一些關於我們多年期展望和 Ondas 不斷擴大的機會的背景信息。請關注詳情。

Operator, we will now move to take investor questions.

接線員，我們現在將回答投資者的提問。

(Operator Instructions) Maxwell Michaelis, Lake Street Capital Markets.

（操作員指示）Maxwell Michaelis，Lake Street Capital Markets。

Solid quarter, especially there on the drone side. I want to dig in on the drone side real quick here. When we think about follow-on orders from some of these customers over the past, let's say, a couple of months, we talk follow-on orders here. Are you typically seeing a bump in those follow-on orders in terms of size?

本季表現穩健，尤其是無人機方面。我想在這裡快速深入了解無人機方面。當我們考慮過去幾個月中這些客戶的後續訂單時，我們在這裡討論後續訂單。您是否通常會看到後續訂單的數量出現成長？

So yes, the initial orders are often pilot programs in nature. We work to install and operate the system. And as we do that, we're in parallel making plans for significant expansions, I would say. So that's the model we use. If you go back to last year, you would see similar activity with our initial military customer. And of course, that led to larger sales in the second half. And we think even there, we're going to see expansion. So the short answer is yes. These programs have significant upside.

所以是的，最初的訂單通常本質上是試點項目。我們致力於安裝和作業系統。我想說，當我們這樣做的時候，我們也在同時制定重大擴張的計畫。這就是我們使用的模型。如果回顧去年，您會看到我們最初的軍事客戶開展了類似的活動。當然，這導致下半年銷售增加。我們認為，即使在那裡，我們也會看到擴張。所以簡短的回答是肯定的。這些項目具有顯著的優勢。

And then when we look to that NATO customer, the European customer, are you having further discussions with other countries around that area?

那麼，當我們關注北約客戶、歐洲客戶時，您是否與該地區的其他國家進行了進一步的討論？

Yes, absolutely. And I'll give some context on Europe. There's been a significant shift in policies on defense spending. And of course, that's wrapped up into a larger geopolitical story and we see ourselves as major beneficiaries.

是的，絕對是。我將介紹一些歐洲的背景。國防開支政策發生了重大轉變。當然，這與更大的地緣政治故事有關，我們認為自己是主要受益者。

And I would say, specifically, as it relates to drone activities and counter UAS activities, I'll remind our investors that Europe is really on the doorstep of Ukraine, Russia and the threats we see in Europe are real and they're taking them seriously. So they're preparing. So I do expect a significant investment cycle. And I think our platforms, and I'll highlight Iron Drone because that's where we're making our initial step, are significantly differentiated and valuable, and we're getting a great reception.

我想說，具體來說，就無人機活動和反無人機活動而言，我要提醒我們的投資者，歐洲實際上就在烏克蘭和俄羅斯的門口，我們在歐洲看到的威脅是真實存在的，他們對此非常重視。所以他們正在做準備。所以我確實預期會出現一個重要的投資週期。我認為我們的平台（我將重點介紹 Iron Drone，因為這是我們邁出的第一步）具有顯著的差異化和價值，並且受到了熱烈歡迎。

Glenn Mattson, Ladenburg.

格倫馬特森，拉登堡。

Nice progress on Iron Drone for sure. Optimus also seems to be doing a little better. You talked about additional growth in 2025 for Optimus existing and new, including USA. Can you just give us some background and color on what opportunities you're pursuing in that side of the drone business?

Iron Drone 確實取得了良好進展。Optimus 的表現似乎也好一些。您談到了 2025 年 Optimus 現有產品和新產品（包括美國）的額外成長。您能否向我們介紹一下您在無人機業務方面尋求的背景和機會？

So I'd say if you look out into the rest of the year, we do have existing customers that will expand programs, and I'll highlight the initial military customer in that program we captured last year as well, of course, as what we're doing in the UAE. We did announce on our March call that we had secured our first customer for Optimus in the United States.

所以我想說，如果你展望今年剩餘時間，我們確實有一些現有客戶會擴大項目，我也會重點介紹去年我們獲得的該項目的初始軍事客戶，當然還有我們在阿聯酋所做的事情。我們確實在三月的電話會議上宣布，我們已經在美國獲得了 Optimus 的第一位客戶。

We're not able to give details on that just yet, but I do expect us to be able to do so in the coming months. And then beyond that, we're targeting those markets. It's public safety, it's security, homeland security and defense, and the protection of critical infrastructure assets. And I think I'd leave it at that, Glenn, but it's really a significant opportunity, and we're maturing that pipeline.

我們目前還不能提供詳細信息，但我希望我們能夠在未來幾個月內提供。除此之外，我們也瞄準了這些市場。這是公共安全、安全、國土安全和防禦以及關鍵基礎設施資產的保護。格倫，我想我會就此打住，但這確實是一個重要的機會，我們正在完善這個管道。

Maybe in the US, when you're going after public safety or critical infrastructure, what budgetary dollars is that coming from? Is it federal money or is it state or local?

也許在美國，當你追求公共安全或關鍵基礎設施時，預算資金來自哪裡？這是聯邦資金還是州或地方的資金？

It's really both, and it depends on where we're going. So what we're seeing in public safety is there are more and more dollars available for what we call the drones first responder programs. So I do see us benefiting from that. What you'll see is that's typically going to be funded by state and local governments. And oftentimes, it's special departments in these organizations that are funding innovation and new technology deployments to modernize infrastructure.

事實上兩者皆有，而且取決於我們要去哪裡。因此，我們在公共安全領域看到的是，用於所謂的無人機急救計畫的資金越來越多。所以我確實看到我們從中受益。您會發現這通常由州和地方政府提供資金。通常，這些組織中的特殊部門會資助創新和新技術部署以實現基礎設施現代化。

And of course, on the federal side, we see quite a bit of that. And we do believe if you think about and this is true certainly in the United States, DoD, homeland security spending, but also globally that not only are budgets increasing significantly, the mix shift towards autonomous systems and capabilities that we're bringing to the table is very, very significant. So the demand and funding environment is improving really every day.

當然，在聯邦方面，我們看到了相當多這樣的情況。我們確實相信，如果你想想的話，這當然適用於美國國防部、國土安全支出，而且在全球範圍內，不僅預算在大幅增加，而且我們提出的向自主系統和能力的混合轉變也非常非常重要。因此，需求和融資環境確實每天都在改善。

Last one for me. The President in the Middle East signing a lot of defense-related deals for US defense tech and stuff like that. Do you view that as an opportunity for you guys? You obviously have some Middle East business already. So what's your ability to get yourself into that mix with those talks?

對我來說是最後一個。美國總統在中東簽署了許多與美國國防技術等相關的國防協議。您認為這對你們來說是一個機會嗎？顯然您已經有一些中東業務了。那麼，您有什麼能力讓自己參與這些對話呢？

I absolutely believe we can be part of those conversations. But I guess I'd have to leave it at that, Glenn. We do have active marketing efforts in all the major regions of the world.

我絕對相信我們可以參與這些對話。但我想我必須就此打住，格倫。我們確實在世界所有主要地區開展了積極的營銷工作。

(Operator Instructions) Matthew Galinko, Maxim Group.

（操作員指示）Matthew Galinko，Maxim Group。

Can you maybe touch on maybe what the margin profile is of the more recent orders for Iron Drone and what you have in the pipeline?

您能否談談 Iron Drone 近期訂單的利潤情況以及您正在籌備中的項目？

Sure. I'm going to defer getting as specific as I think you'd like me to get at this moment. And I say that largely for competitive reasons. You should think of our systems as having both Optimus and Iron Drone margins north of 50%. And I would say that Iron Drone margins are better than Optimus. I'd also add that initial orders, we've got quite a bit of pricing power. But at the same time, we're being very deliberate about building the business. So let me leave it at that, Matt.

當然。我將推遲提供我認為您希望我現在提供的具體資訊。我這樣說主要是出於競爭的原因。您應該認為我們的系統具有 Optimus 和 Iron Drone 的 50% 以上的利潤率。我想說 Iron Drone 的利潤率比 Optimus 好。我還要補充一點，對於初始訂單，我們擁有相當大的定價權。但同時，我們也非常謹慎地發展業務。那麼，馬特，我就講到這裡吧。

And then I don't think it would be a call this year if we didn't talk about tariff risk and if you see any risk to the supply chain as you try to scale production?

那麼，如果我們不談論關稅風險，並且您在嘗試擴大生產規模時是否看到供應鏈存在任何風險，那麼我認為今年就不會做出決定？

In the last call, when we talked about this, it was still early and a lot has happened. And I said I didn't expect a big impact from tariffs and that's largely because we're very careful to source away from China. We design our platforms to be NDA compliant. And of course, the focus on China in this trade war has been so acute.

在上次通話中，當我們談論此事時，時間還很早，已經發生了很多事情。我說我並不認為關稅會帶來太大的影響，這主要是因為我們非常謹慎地從中國以外採購。我們設計的平台符合保密協議 (NDA)。當然，此次貿易戰中中國成為焦點。

I would say, as we sit here today that the magnitude of the tariffs that have been announced on China was massive. It appears to be less massive given recent reports. However, it's still significant. We also saw Israel get hit with the tariffs. So the question that I think we have to ask is, will the supply chain in the US and Europe inflate or deflate as a result? Or put another way, what are the direct or indirect impacts? So it's really hard to quantify.

我想說，今天我們坐在這裡，對中國徵收的關稅金額是巨大的。從最近的報告來看，其規模似乎沒有那麼大。但它仍然意義重大。我們也看到以色列受到關稅的打擊。所以我認為我們必須要問的問題是，美國和歐洲的供應鏈會因此膨脹還是收縮？或者換句話說，直接或間接的影響是什麼？所以這真的很難量化。

I do think from Israel, we will see a bit of a bump unless things normalize, which is what I believe will happen. But if we do stay with a 17% tariff there, we'll probably see some impact. At the same time, we are active, and we made this comment today on the call with our plans. We're advancing plans, I would say, to move production in the United States. So net-net, I think it's too early to say. But I would think that for us, the direct and indirect impacts are going to be manageable.

我確實認為，除非以色列局勢恢復正常，否則我們會看到一些波動，而我相信這種情況會發生。但如果我們確實維持 17% 的關稅，我們可能會看到一些影響。同時，我們也很積極，我們在今天的電話會議上就我們的計劃發表了這一評論。我想說，我們正在推進將生產轉移到美國的計劃。所以總的來說，我認為現在說還太早。但我認為，對我們來說，直接和間接的影響是可以控制的。

Mike Latimore, Northland Capital Markets.

麥克‧拉蒂莫爾 (Mike Latimore)，北國資本市場 (Northland Capital Markets)。

As you look at the pipeline for OAS, how does it roughly break out between expansion opportunities with current customers and new logos?

當您查看 OAS 的管道時，它大致如何在現有客戶的擴張機會和新標誌之間脫穎而出？

There's significant expansion opportunities with new logos, and that's the case in really the regions of the world that we've identified. So I do expect our core customers to grow with us this year and next year. But then we're going to be layering on new programs and new customers. And that's where we get to that S curve I've referred to in the past. And by the way, I'll say, let me just be very, very clear, none of this is easy.

新標誌意味著巨大的擴張機會，而這正是我們所確定的世界各個地區的情況。因此我確實希望我們的核心客戶今年和明年能夠與我們一起成長。但隨後我們將推出新的項目並吸引新的客戶。這就是我之前提到的 S 曲線。順便說一句，我要說得非常非常清楚，這一切都不容易。

It's not easy at all, but nothing is harder than getting your first customer. And of course, the second customer is not easy. But after that, when you demonstrate performance, you demonstrate leadership and capabilities, and we're hitting this market that is massive today, but unpenetrated because these capabilities like Iron Drone and Optimus are just emerging as scalable. So I expect a significant new customer program growth in 2025, 2026 and beyond.

這並不容易，但沒有什麼比獲得第一位客戶更難的了。當然，第二個顧客不容易對付。但在此之後，當你展示出性能時，你就展示了領導力和能力，我們正在進入這個目前規模巨大但尚未滲透的市場，因為像 Iron Drone 和 Optimus 這樣的功能才剛開始具有可擴展性。因此，我預計 2025 年、2026 年及以後新客戶計畫將顯著成長。

So new customers will be a bigger driver than expansions in current customers?

那麼，新客戶會比現有客戶的擴張產生更大的推動作用嗎？

In '25, it's going to be both. In '26, it will be both as well. I can't get more specific on that, but let me think about that for the Investor Day because we were doing some analysis.

在 2025 年，兩者將會同時發生。在 1926 年，兩者也將同時發生。我無法更具體地說明這一點，但讓我在投資者日考慮一下，因為我們正在做一些分析。

It just sounds like there's broad-based demand here. You mentioned the potential for prepayments on some contracts. Can you elaborate a little bit on that? How prevalent might that be?

聽起來這裡有廣泛需求。您提到了某些合約可能需要預付款。能詳細說明一下嗎？這種現像有多普遍？

I think that's a comment that's more specific to Ondas Networks. But both OAS and Ondas Networks, we do have, and we've highlighted this before, a relationship with Clear that helps fund purchase orders. And so there is some working capital facilities that we can access. So it's going to be a combination of both. So more on the network side.

我認為這是針對 Ondas Networks 的更具體的評論。但是，OAS 和 Ondas Networks 都與 Clear 有合作關係，我們之前也強調過這一點，這有助於為採購訂單提供資金。因此，我們可以使用一些營運資金工具。所以這將是兩者的結合。因此更關注網路方面。

And then in terms of manufacturing capacity for Optimus and Iron Drone, like how many can you build per month presently? And where does that capacity go by year-end?

那麼就 Optimus 和 Iron Drone 的製造能力而言，目前您每月可以生產多少台？那麼到年底這些產能將會流向哪裡呢？

So I don't have specifics on the monthly that we can share. I'll highlight that we're not a low end or small drone commodity play. We're making higher-end systems. So what I'll say is that we have ample capacity to hit our plans in Israel. I'm talking about OAS, of course. And that's where we're producing the systems today. And then as we're moving through this year, we're going to build capacity in the United States. So stay tuned on that.

因此，我沒有可以分享的月度具體資訊。我要強調的是，我們不是低端或小型無人機商品公司。我們正在製造更高端的系統。所以我想說的是，我們有足夠的能力在以色列實現我們的計劃。我當然是在談論美洲國家組織 (OAS)。這就是我們今天生產系統的地方。隨著今年的到來，我們將在美國建立產能。請繼續關注。

This concludes our question-and-answer session. I would now 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。現在我想將會議交還給 Eric Brock 並請他作結語。

Thank you, operator. As we wrap the call, I want to thank you again for spending time with us today. As we outlined, 2025 is off to a great start, and we look forward to providing more updates this year as we execute our growth plan. And of course, that includes the OAS Investor Day. So we'll be in touch, and I hope you have a great day. Thanks again.

謝謝您，接線生。在我們結束通話之際，我想再次感謝您今天抽出時間與我們在一起。正如我們所概述的，2025 年開局良好，我們期待在今年執行成長計畫時提供更多更新。當然，這包括美洲國家組織投資者日。所以我們會保持聯繫，希望您度過愉快的一天。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。