Ondas Inc (ONDS) 2025 Q2 法說會逐字稿

Welcome to the Ondas Holdings, Inc. second-quarter 2025 conference call. (Operator Instructions) Before we begin, the company would like to remind you that this call may contain forward-looking statements. While these forward-looking statements reflect Ondas' best current judgment, they are subject to risks and uncertainties that could cause actual results to differ materially from those implied by these forward-looking statements. These risk factors are discussed in Ondas' periodic SEC filings and in the earnings press release issued today, which are both available on the company's website.

歡迎參加 Ondas Holdings, Inc. 2025 年第二季電話會議。（操作員說明）在開始之前，本公司想提醒您，本次電話會議可能包含前瞻性陳述。雖然這些前瞻性陳述反映了Ondas目前的最佳判斷，但它們受到風險和不確定性的影響，可能導致實際結果與這些前瞻性陳述所暗示的結果有重大差異。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以及今天發布的盈利新聞稿中均有討論，這兩份文件均可在公司網站上查閱。

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. 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 company -- at the Investor Relations section of our website.

除法律要求外，Ondas 不承擔任何義務修改或更新任何前瞻性聲明以反映未來事件或情況。在本次電話會議中，Ondas 將提及某些非公認會計準則財務指標。這些非GAAP指標並非依照公認會計原則編製。今天稍早發布的新聞稿中列出了非GAAP財務指標與最直接可比較的GAAP指標的調節表，該新聞稿可在公司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 that these non-GAAP measures provide investors with valuable information on the underlying trends of our business. Please note, this event is being recorded.

這些非公認會計準則資訊是作為依照公認會計準則編製的財務績效指標的補充，而不是替代或優於這些指標。然而，管理階層認為這些非GAAP指標為投資者提供了有關我們業務潛在趨勢的寶貴資訊。請注意，本次活動正在錄影。

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

現在我將把演講交給董事長兼執行長埃里克·布羅克。請繼續。

Well, thank you, operator, and good morning. I want to get started by welcoming you to our quarterly conference call. We appreciate you joining us today and for your continued interest in Ondas. I am happy to be joined today by key members of our leadership team, including Neil Laird, our CFO; Oshri Lugassy, the Co-CEO of Ondas Autonomous Systems; Meir Kliner, the President of OAS and Founder of Airobotics; and Markus Nottelmann, the CEO of Ondas Networks.

謝謝接線員，早安。首先，我謹歡迎各位參加我們的季度電話會議。感謝您今天蒞臨，也感謝您一直以來對Ondas的關注。今天我很高興能與領導團隊的重要成員們一起出席，其中包括我們的財務長尼爾·萊爾德；Ondas Autonomous Systems 的聯合執行長奧什裡·盧加西；OAS 總裁兼 Airobotics 創始人梅爾·克萊納；以及 Ondas Networks 的首席執行官馬庫斯·諾特爾曼。

Let's now turn to the agenda. I will begin with a review of our key highlights from the second quarter of 2025. I will then hand the call to Neil for a financial review of our Q2 2025 results. We will then provide a business update for our OAS and Ondas Networks businesses, where I will ask our business unit leaders, Oshri, Meir 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 wrap the call and open the floor for investor questions.

現在讓我們來看議程。我將首先回顧我們 2025 年第二季的主要亮點。然後我將把電話交給尼爾，讓他回顧我們 2025 年第二季的財務表現。接下來，我們將介紹 OAS 和 Ondas Networks 業務的最新進展，屆時我將請我們的業務部門負責人 Oshri、Meir 和 Markus 對當前的業務活動以及我們在業務計劃方面取得的進展進行評論。接下來，我將對 2025 年剩餘時間進行展望，我們預計這一年的營收成長將創歷史新高，主要由 OAS 推動。我們將結束電話會議，並開放投資者提問環節。

Now we met for an OAS-specific Investor Day about a month ago and shared a lot of detail on our plan, progress, and outlook. So we will try to be succinct today. But at the same time, we do have quite a bit to discuss, so we're going to jump right into it now.

大約一個月前，我們舉辦了美洲國家組織（OAS）投資者日活動，分享了我們計劃、進展和展望的許多細節。所以今天我們會盡量言簡意賅。但同時，我們確實有很多事情要討論，所以我們現在就直接進入正題。

I'll start by saying that Q2 was another step forward for Ondas. We executed well, sustained momentum, and delivered a quarter that reflects both growth and operational progress. We are demonstrating that our multiyear growth plan is firmly on track, supported by the growing global tailwinds and demand for our autonomous drone platforms.

首先我想說的是，第二季對Ondas來說又是向前邁出的一步。我們執行到位，保持了成長勢頭，本季業績既體現了成長，也反映了營運方面的進步。我們正在證明，在不斷增長的全球利好因素和對我們自主無人機平台的需求支持下，我們的多年增長計劃正在穩步推進。

We generated record quarterly revenue of $6.3 million, a more than sixfold increase over the same period last year and up 50% sequentially. This performance was driven by disciplined execution at OAS, where we are delivering against existing programs, expanding with existing -- with current customers and capturing new programs with new customers across the world. With this momentum and a growing order pipeline, we are reaffirming our full-year revenue target of at least $25 million in 2025, with more than $20 million to be generated by OAS.

我們本季創下了 630 萬美元的營收紀錄，比去年同期成長了六倍多，季增了 50%。這項業績得益於 OAS 的嚴格執行，我們不僅完成了現有項目，還拓展了與現有客戶的合作，並在全球範圍內贏得了新客戶的新項目。憑藉這一發展勢頭和不斷增長的訂單儲備，我們重申 2025 年全年營收目標至少為 2,500 萬美元，其中 OAS 將貢獻超過 2,000 萬美元。

Our customer pipeline is both growing and maturing and we expect to secure significant strategically important orders from new customers in the second half of 2025. This will enable us to meet our revenue goals for the year, while building backlog to support continued rapid growth into 2026.

我們的客戶管道正在不斷成長和成熟，我們預計將在 2025 年下半年從新客戶那裡獲得重要的策略訂單。這將使我們能夠實現今年的收入目標，同時累積訂單以支持 2026 年的持續快速成長。

From an execution standpoint, OAS continues to expand its footprint in defense and homeland security markets in Europe, the Middle East, and the United States. Our Iron Drone Radar system is combat proven with a leading military customer and now new customers, and that real-world validation is fueling a global marketing push. Since February, our dedicated iron drone demonstration team has been engaging customers worldwide, driving strong interest in generating new demand.

從執行角度來看，OAS 繼續擴大其在歐洲、中東和美國的國防和國土安全市場的影響力。我們的鐵無人機雷達系統已在領先的軍事客戶和新客戶中得到實戰驗證，這種現實世界的驗證正在推動全球市場推廣。自二月以來，我們專業的鐵無人機演示團隊一直在與世界各地的客戶互動，激發了人們對新需求的濃厚興趣。

Similarly, we are executing and expanding major programs for Optimus System, where we see a growing and maturing pipeline as well. Collectively, this quarter, we deployed Iron Drone under a NATO governmental order at an international airport in Europe. We believe this may have been the first mitigation or in sector CUAS layer at a location like this in the world and we expect these sorts of critical locations to be a large market for Ondas.

同樣，我們正在執行和擴展 Optimus System 的主要項目，我們也看到該項目的管道正在不斷增長和成熟。本季度，我們根據北約政府的命令，在歐洲的國際機場部署了 Iron Drone 無人機。我們認為這可能是世界上第一個在類似地點實施的緩解措施或扇區 CUAS 層，我們預計這類關鍵地點將成為 Onda 的一個大市場。

We also completed a successful homeland security pilot in Asia that we expect will convert into a multiyear program. On the Optimus side, our UAE drone box fleet continues to expand for public safety missions in urban environments and we expect additional growth this year from both existing and new customers, including important opportunities here in the United States. And we have generated additional defense and homeland security opportunities, at least several that we anticipate will close before year-end.

我們也在亞洲成功完成了一項國土安全試點項目，預計該項目將發展成為多年期項目。在 Optimus 方面，我們在阿聯酋的無人機機隊持續擴大，用於城市環境中的公共安全任務，我們預計今年現有客戶和新客戶都將帶來進一步的成長，包括在美國的重要機會。我們還創造了額外的國防和國土安全機會，至少有幾個我們預計在年底前完成。

At Ondas Networks, we advanced our long-term strategy with meaningful milestones. The Association of American Railroads formally selected our dot16 protocol for the next-generation head of Train end-of-train system, validating years of strategic development work. We delivered our new 220 megahertz ACSES radios to Amtrak, marking the start of a commercial rollout. We continued migration activity in Chicago's 900 megahertz A Block and saw increased field activity for broader dot16 applications. Overall, we are executing our plan, scaling production and service capabilities, deepening customer relationships, and positioning Ondas for sustained growth into 2026.

在 Ondas Networks，我們透過一系列意義重大的里程碑來推進了我們的長期策略。美國鐵路協會正式選擇我們的 dot16 協議作為下一代列車尾部系統的頭部，驗證了我們多年的戰略發展工作。我們向美國鐵路公司交付了新型 220 兆赫 ACSES 無線電，標誌著商業推廣的開始。我們在芝加哥 900 兆赫 A 區繼續進行遷移活動，並看到更廣泛的 dot16 應用領域活動增加。總體而言，我們正在執行我們的計劃，擴大生產和服務能力，深化客戶關係，並為 Ondas 在 2026 年的持續成長做好準備。

Let's take a closer look at the business metrics behind that momentum. In the last 12 months, OAS has secured over $39 million in orders and our backlog has grown to $22 million at the end of Q2, up from $10 million at the year-end 2024. This backlog growth is translating into revenue and our operational footprint in US and Europe is expanding to support scaled adoption of our platforms.

讓我們仔細看看推動這一發展勢頭的業務指標。在過去的 12 個月裡，OAS 獲得了超過 3,900 萬美元的訂單，截至第二季末，我們的積壓訂單已增至 2,200 萬美元，高於 2024 年底的 1,000 萬美元。積壓訂單的成長正在轉化為收入，我們在美國和歐洲的營運規模也在擴大，以支持我們平台的規模化應用。

Our balance sheet is the strongest -- in the strongest position ever. We ended Q2 with $68.6 million in cash. And in July, we fully retired the remaining balance of Ondas Holdings convertible notes through equity conversion. With no holding company debt outstanding, we have the financial flexibility to execute our growth plan. Strategically, we continue to expand our ecosystem, as we will explain in more detail during this call.

我們的資產負債表是史上最強勁的——處於有史以來最強的狀態。第二季末，我們持有現金6860萬美元。7 月，我們透過股權轉換的方式，完全償還了 Ondas Holdings 剩餘的可轉換債券。由於沒有控股公司債務，我們擁有足夠的財務靈活性來執行我們的成長計劃。從戰略上講，我們將繼續擴展我們的生態系統，我們將在本次電話會議中詳細解釋這一點。

The Mistral partnership is poised to accelerate US government adoption of Iron Drone and Optimus. Our production partnership with Detroit Manufacturing Systems strengthens US supply chain resiliency and cost efficiency. We launched our strategic M&A program and our strategic pipeline is both growing and maturing. In short, we are currently on track to build a scalable, well-capitalized operating platform, converting backlog into revenue and creating visibility for continued growth into 2026.

Mistral 的合作有望加速美國政府採用 Iron Drone 和 Optimus 技術。我們與底特律製造系統公司的生產合作關係增強了美國供應鏈的韌性和成本效益。我們啟動了策略併購計劃，我們的策略項目儲備正在不斷成長和成熟。簡而言之，我們目前正朝著建立可擴展、資金充足的營運平台的目標穩步前進，將積壓訂單轉化為收入，並為 2026 年的持續成長創造可見性。

I want to highlight a powerful moment for Ondas last week. As we shared in some detail at our OAS Investor Day in July, the drone sector is benefiting from significant policy tailwinds. We highlight some of them here on this slide. Ondas was thrilled to see the FAA in response to President Trump's executive order, which is awesomely entitled, Unleashing American Drone Dominance, announced the launch of new FAA rule-making process to enable BB loss drone operations nationwide.

我想重點介紹一下上週Ondas的一個精彩時刻。正如我們在7月份的美洲國家組織投資者日上詳細介紹的那樣，無人機產業正受益於重要的政策利好。我們在這張投影片中重點介紹其中一些。Ondas 非常高興地看到，為了回應川普總統名為「釋放美國無人機主導地位」的行政命令，美國聯邦航空管理局宣布啟動新的 FAA 規則制定程序，以允許在全國範圍內開展 BB 損失無人機作業。

This was a huge moment for the drone sector, and Ondas, along with other industry leaders have been working hard to get to this point. At the FAA's press conference in Washington, where Transportation Secretary, Sean Duffy, announced the rulemaking, two of the three drone systems on display front and center were ours, the Optimus system on the left-hand side and the Iron Drone Radar in the middle, right under the podium.

這對無人機行業來說是一個重要的時刻，Ondas 和其他行業領導者為此付出了巨大的努力。在華盛頓舉行的美國聯邦航空管理局新聞發布會上，交通部長肖恩·達菲宣布了這項規則制定，在最前面、最正中央展示的三套無人機系統中，有兩套是我們的，分別是左側的 Optimus 系統和中間講台正下方的 Iron Drone 雷達。

This visibility at such a pivotal policy announcement underscores our leadership in autonomous aerial systems, the dual-use markets we address and the role we at Ondas are playing in shaping the future of drone operations here in the United States. Let me be very clear, we do believe our business will be a significant beneficiary of these regulatory advances and the strengthening demand and policy tailwinds outlined here.

在如此重要的政策發布會上獲得如此高的曝光度，凸顯了我們在自主空中系統、我們所服務的兩用市場以及Ondas在塑造美國無人機運營未來方面所發揮的領導作用。讓我明確地說，我們相信，這些監管方面的進步以及這裡概述的不斷增強的需求和政策利好，將使我們的業務受益匪淺。

Let's take a moment now to talk about our big news from Friday, where we announced our partnership and investment with Rift Dynamics. Rift is led by drone and defense industry pioneer, Knut Roar Wiig. Knut is a long-time friend to me and our team at Ondas. He and his team bring tremendous pedigrees in the defense and aerospace sectors with deep operational experience and trusted relationships across Europe's drone and defense ecosystem.

現在讓我們花點時間來談談我們週五發布的重大新聞，我們宣布了與 Rift Dynamics 的合作關係和投資。Rift 由無人機和國防工業先驅 Knut Roar Wiig 領導。Knut 是我和 Ondas 團隊多年的老朋友。他和他的團隊在國防和航空航太領域擁有卓越的資歷，在歐洲無人機和國防生態系統中擁有豐富的營運經驗和值得信賴的關係。

As we discussed at our recent Investor Day, building a successful defense and security technology company will require localization in all major theaters. Together, Ondas and Rift can help with those localization efforts and the formalization of our relationship with Rift is synergistic with the relationships we are building with other defense partners in Europe and our broader on-the-ground efforts on the continent.

正如我們在最近的投資者日上所討論的那樣，要打造一家成功的國防和安全技術公司，需要在所有主要地區進行在地化。Ondas 和 Rift 攜手合作，可以幫助我們推進在地化工作。我們與 Rift 正式建立合作關係，與我們正在與歐洲其他國防夥伴建立的關係以及我們在歐洲大陸更廣泛的實地工作具有協同效應。

Rift's Wasp platform is a highly capable, low-cost, attributable drone designed for scale. It's ideally suited for reconnaissance, strike, and other critical missions where affordability, reliability, and mass production are paramount. As Rift has outlined, the Wasp is cheap to use and cheap to lose, and this aligns squarely with the US DoD's priorities and Secretary, Pete Hegseth called for mass lethality to equip our war fighters at scale.

Rift 的 Wasp 平台是一款功能強大、成本低廉、可歸屬的無人機，專為規模化應用而設計。它非常適合偵察、打擊和其他關鍵任務，在這些任務中，價格實惠、可靠性高、大量生產至關重要。正如 Rift 所概述的那樣，「黃蜂」無人機使用成本低，損失成本也低，這與美國國防部的優先事項完全一致，國防部長皮特·赫格塞斯呼籲大規模殺傷性武器裝備我們的作戰人員。

Rift is doing the right things out of the gates. They have used a clean sheet in the design of the Wasp. This means they can start with high-quality, NDA-compliant components on day one, meeting the very specific DoD requirements for a low-cost, mass producible, attributable drone platform.

Rift 從一開始就走對路了。他們在設計黃蜂戰機時完全是從零開始。這意味著他們從一開始就可以使用高品質、符合 NDA 規定的組件，滿足美國國防部對低成本、可大規模生產、可歸屬的無人機平台的具體要求。

Further, the system has extreme modularity and this flexibility will allow for segmentation based upon DoD requirements today and as they evolve in the future. One of Rift's greatest strengths is the meticulous supply chain preparation they've put in place, positioning them to deliver in volume at a critical go-to-market advantage in this space. That supply chain relies on contract manufacturers and we, along with Rift, have identified very capable global contract manufacturers with facilities in Europe and the US to produce significant volumes with very reasonable timelines.

此外，該系統具有極強的模組化特性，這種靈活性將允許根據國防部當前的需求以及未來不斷變化的需求進行分段。Rift 的最大優勢之一是其精心構建的供應鏈體系，使其能夠在市場競爭中佔據關鍵優勢，實現批量交付。該供應鏈依賴合約製造商，我們與 Rift 一起，已經確定了在歐洲和美國擁有工廠的非常有能力的全球合約製造商，能夠在非常合理的時間內生產大量產品。

Of course, we believe there is a significant revenue opportunity in the United States here. The spending on one-way attributable drones as laid out in the One Big Beautiful Bill was north of $1 billion and that is in addition to the DoD budgeted spending on ISR-type drones, which is a segment that Wasp addresses as well. As part of this partnership and our investment, I plan to join Rift's Board to help support their growth, and Ondas will benefit from their success. We intend to strongly support their efforts and I believe this relationship has some exciting avenues to grow from here.

當然，我們相信這在美國蘊藏著巨大的營收機會。根據《一項宏偉法案》的規定，用於單向歸屬無人機的支出超過 10 億美元，這還不包括國防部為 ISR 型無人機制定的預算支出，而 Wasp 也涉及這一領域。作為合作和投資的一部分，我計劃加入 Rift 的董事會，以幫助支持他們的發展，而 Ondas 也將從他們的成功中受益。我們打算大力支持他們的努力，我相信這段關係未來會有一些令人興奮的發展方向。

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

現在我將把電話交給尼爾，讓他提供詳細的財務最新情況。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 to demonstrate significant operating leverage in the next 12 months as revenues grow, though today's revenue levels do not yet cover our operating expenses.

謝謝你，埃里克。首先，我想提醒各位投資者，我們的財務報表反映的是 Ondas Networks 和 OAS 平台採用的早期階段。我們預計未來 12 個月隨著營收的成長，將展現出顯著的經營槓桿效應，儘管目前的營收水準還不足以涵蓋我們的營運支出。

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, the development programs underway with Siemens and MxV Rail, Amtrak, and Northeast corridor deliveries, as well as the ongoing work on additional rail networks beyond 900 megahertz and new applications being developed with customers. 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 these customers enter fleet programs and recurring service agreements.

對於 Ondas Networks 而言，由於 900 兆赫網絡目標商業推廣之前的客戶活動時間存在不確定性，以及與西門子和 MxV Rail、Amtrak 和東北走廊交付相關的開發項目正在進行中，以及 900 兆赫以外的其他鐵路網絡的持續開發和與客戶一起開發的新應用，其收入將逐季度波動。同樣，OAS 的收入預計也會逐季波動，隨著客戶群的成長以及更多客戶加入車隊計畫和定期服務協議，收入將趨於正常化，並形成更可預測的模式。

Revenues increased over 500% to $6.3 million in the second quarter from $1 million in the second quarter of last year. This increase was driven by OAS revenues, which were $6.1 million compared to $0.3 million a year ago. This reflects the shipment of products and services from the orders received over the past 12 months and specifically to defense and homeland security customers in Israel, United Arab Emirates, and Europe.

第二季營收成長超過 500%，達到 630 萬美元，去年第二季為 100 萬美元。這一增長主要得益於 OAS 收入，該收入為 610 萬美元，而一年前為 30 萬美元。這反映了過去 12 個月收到的訂單的產品和服務發貨情況，特別是向以色列、阿拉伯聯合大公國和歐洲的國防和國土安全客戶發貨的情況。

Gross profit was $3.3 million, representing a 53% gross margin in the second quarter as compared to a gross loss of $0.2 million in Q2 2024. The increase in gross margins year-over-year results from increased higher-margin products revenue at OAS compared to the lower margin service and subscription revenue in the second quarter of 2024. Our gross margins can be volatile on a quarter-to-quarter basis due to the revenue levels that reflect the early stages of platform adoption, certain fixed service costs reflected in our cost of goods sold, and shifts in the revenue mix between product, development, and services revenue.

第二季毛利為 330 萬美元，毛利率為 53%，而 2024 年第二季毛虧損為 20 萬美元。2024 年第二季度，OAS 的毛利率年增，原因是高利潤率產品收入較低利潤率服務和訂閱收入有所增加。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的變化，我們的毛利率可能會逐季度波動。

Operating expenses increased to $12.6 million for the second quarter of 2025 as opposed to $8.1 million in Q2 2024, an increase of $4.5 million. Our operating expenses increased primarily due to an increase in human resource costs to support our business growth and strategic initiatives. These operating expenses include noncash items and our noncash items were higher year over year.

2025 年第二季營運費用增至 1,260 萬美元，而 2024 年第二季為 810 萬美元，增加了 450 萬美元。我們的營運費用增加主要是由於人力資源成本增加，以支持我們的業務成長和策略措施。這些營運費用包括非現金項目，而且我們的非現金項目比去年同期增加。

Cash operating expenses, which exclude noncash items such as stock-based compensation, depreciation and amortization were $9.4 million in Q2 2025 compared to $6.6 million in Q2 2024, an increase of $2.8 million. The increase in cash operating expenses include approximately $1 million in holding company and other strategic costs to implement our M&A program, restructure the balance sheet, and establish internal processes to facilitate further growth.

2025 年第二季現金營運支出（不包括股票選擇權費用、折舊和攤提等非現金項目）為 940 萬美元，而 2024 年第二季為 660 萬美元，增加了 280 萬美元。現金營運支出增加約 100 萬美元，其中包括控股公司和其他策略成本，用於實施我們的併購計劃、重組資產負債表以及建立內部流程以促進進一步成長。

Employee costs were approximately $2 million higher because of salaries and for additional headcount and bonuses at OAS in line with the increased revenue. Additionally, stock-based compensation included in operating expenses increased by $1.6 million because of stock options and RSUs issued to hire and retain employees and advisers.

由於 OAS 的收入增加，員工薪資、額外人員招聘和獎金增加，員工成本增加了約 200 萬美元。此外，由於向員工和顧問發放股票選擇權和限制性股票單位，導致計入營運費用的股票選擇權補償增加了 160 萬美元。

Adjusted EBITDA improved from $6.7 million loss -- to a loss of $5.8 million. This reflects the increase in gross margin of $3.5 million, exceeding the increase in cash operating expenses of $2.8 million. The operating loss was $9.2 million in Q2 2025 compared to $8.3 million in Q2 2024. Other expense was $1.5 million higher, primarily because of additional interest expense, which included the faster amortization of debt issuance costs because of the accelerated conversion of debt.

調整後 EBITDA 從虧損 670 萬美元改善至虧損 580 萬美元。這反映出毛利增加了 350 萬美元，超過了現金營運費用增加了 280 萬美元。2025 年第二季營業虧損為 920 萬美元，而 2024 年第二季營業虧損為 830 萬美元。其他支出增加了 150 萬美元，主要是因為利息支出增加，其中包括因債務加速轉換而導致的債務發行成本攤銷加快。

So now let's turn our attention to the cash flow statement. We held cash of $68.6 million as of June 30, 2025, compared to $30 million as of December 31, 2024. Cash used in operations for the first six months decreased slightly to $15.1 million, compared to $16.3 million for the first six months of 2024, very much in line with the improvement in EBITDA.

現在讓我們把注意力轉向現金流量表。截至 2025 年 6 月 30 日，我們持有現金 6,860 萬美元，截至 2024 年 12 月 31 日，現金為 3,000 萬美元。2024 年上半年經營活動所用現金略微減少至 1,510 萬美元，而 2024 年上半年為 1,630 萬美元，這與 EBITDA 的改善非常吻合。

We also had cash from financing activities of $53.9 million in the first half of 2025. This includes $42.7 million net of expenses from the equity offering in June and $10 million from the exercise of warrants. We expect cash utilization to continue to improve throughout 2025. Improved efficiency comes from operating expense leverage at our OAS business unit given our expectation of increased revenue and gross profit growth over the course of 2025. Further, our expanded partnership with Klear, which we expanded in July, will support our revenue growth, including for revenue streams we have through our strategic acquisition program. This working capital support is non-dilutive credit facilities to fund certain inventory and accounts receivable balances.

2025 年上半年，我們也從融資活動中獲得了 5,390 萬美元的現金。這包括 6 月股權發行扣除費用後的 4,270 萬美元淨額，以及行使認股權證所得的 1,000 萬美元。我們預計現金利用率將在2025年持續改善。鑑於我們預計 2025 年 OAS 業務部門的收入和毛利將成長，因此透過提高營運費用槓桿作用，可以提高效率。此外，我們在 7 月擴大了與 Klear 的合作關係，這將支持我們的收入成長，包括我們透過策略性收購計畫獲得的收入來源。這種營運資金支援是非稀釋性信貸安排，用於為某些庫存和應收帳款餘額提供資金。

On the balance sheet, again, we held $68.6 million of cash as of June 30, 2025, compared to $30.0 million as of December 31, 2024. Ondas Holdings had $5.2 million in convertible debt outstanding, down from $44.6 million at the end of 2024, reflecting a significant conversion of our outstanding convertible notes into equity. The remaining balance was converted in July, and the holding company's convertible debt is now zero.

同樣，從資產負債表來看，截至 2025 年 6 月 30 日，我們持有 6,860 萬美元現金，而截至 2024 年 12 月 31 日，現金為 3,000 萬美元。Ondas Holdings 的未償可轉換債務為 520 萬美元，低於 2024 年底的 4,460 萬美元，這反映出我們未償可轉換票據已大量轉換為股權。剩餘餘額已於 7 月轉換完畢，控股公司的可轉換債務現已為零。

We are pleased with the results of our program to improve the structure of the balance sheet by raising cash and converting debt. Shareholders' equity as of June 30, 2025, was $90.8 million compared to $16.6 million as of December 31, 2024. And perhaps now a little bit more on our capitalization. We have approximately 219.2 million shares outstanding as of today, which is an increase from the 137.4 million shares outstanding on our quarterly first quarter investor call in May.

我們對透過籌集現金和轉換債務來改善資產負債表結構的計劃所取得的成果感到滿意。截至 2025 年 6 月 30 日，股東權益為 9,080 萬美元，而截至 2024 年 12 月 31 日，股東權益為 1,660 萬美元。現在或許可以再多談談我們的資本化問題。截至今日，我們約有 2.192 億股流通股，比 5 月份第一季投資者電話會議上公佈的 1.374 億股流通股有所增加。

As outlined here, this increase is primarily related to the complete elimination of the convertible debt at Ondas Holdings and the June equity offering, as well as the exercise of warrants by investors with a de minimis amount of employee stock options and RSUs. Of course, Ondas has benefited from a dramatic improvement in balance sheet health by the elimination of the convertible debt and the more than $54.4 million cash infusion, both of which positions us well to execute our growth plan.

如本文所述，此成長主要與 Ondas Holdings 的可轉換債券完全消除和 6 月的股權發行有關，以及持有少量員工股票選擇權和限制性股票單位的投資者行使認股權證。當然，Ondas 的資產負債表健康狀況得到了顯著改善，這得益於可轉換債務的消除和超過 5,440 萬美元的現金注入，這兩件事都使我們能夠更好地執行成長計劃。

And with that, I will now hand the call back to Eric.

接下來，我將把電話交還給艾瑞克。

Thank you, Neil. I want to take a moment to emphasize two things that Neil has communicated in his financial review. Firstly, we believe our strong balance sheet is a massive competitive advantage for Ondas, as we execute our core and strategic growth plan from a position of strength. Further, we intend to sustain Ondas' strong capitalization profile and use it to the maximum benefit for our investors.

謝謝你，尼爾。我想花點時間強調尼爾在他的財務報告中提到的兩件事。首先，我們相信我們強大的資產負債表是 Ondas 的巨大競爭優勢，因為我們能夠從優勢地位出發執行我們的核心和策略成長計畫。此外，我們打算維持 Ondas 強勁的資本實力，並最大限度地利用這一優勢為我們的投資者謀取利益。

Secondly, our share count has risen through the support of our investors, including new institutional holders who believe in our technology and end markets, but are also backing our vision and support our core plus strategic growth plan. We have a mandate to win in the AI-enabled and autonomy-driven global defense and security markets we are targeting. From here, I believe the combination of the core platform expansion and our M&A program will allow us to reward our investors for the significant contributions they have made to help position -- to help us position the company for the success we see in the coming quarters and years ahead.

其次，在投資者的支持下，我們的股份數量增加，其中包括相信我們的技術和終端市場的新機構投資者，他們不僅支持我們的願景，也支持我們的核心及策略成長計畫。我們的目標是在人工智慧賦能和自主驅動的全球國防和安全市場中贏得勝利。我相信，核心平台擴張和我們的併購計劃相結合，將使我們能夠回報投資者為幫助我們定位公司、為未來幾個季度和幾年內我們所看到的成功所做的重大貢獻。

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

現在我們將轉而審查我們的業務部門，並請 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。Markus 將從 Ondas Networks 開始。馬庫斯？

Thank you, Eric. We have been very busy at Ondas Networks, and it's great to be here and update you on our progress. I will start by highlighting that during the second quarter, the IEEE formally ratified the 802.16t wireless standard. As you are well aware, this dot16t standard was pioneered by Ondas and over the last four years, we have worked tirelessly with the industry to prepare for formal adoption. Advancements like this are contributing to a broadening acceptance of our dot16 platform across the North American rail industry.

謝謝你，埃里克。Ondas Networks 一直非常忙碌，很高興能來到這裡向大家報告我們的進展。首先我要強調的是，在第二季度，IEEE 正式批准了 802.16t 無線標準。如你所知，dot16t 標準是由 Ondas 開創的，在過去的四年裡，我們與業界不懈地努力，為正式採用該標準做好了準備。此類進步有助於我們的 dot16 平台在北美鐵路行業中獲得更廣泛的認可。

Indeed, the selection of dot16 as the wireless backbone for the 450 megahertz NGHE network by the AAR on April 11 was another important validation of Ondas' technology. This is not only an important milestone in the development of the NGHE 4.0 specification, but also a significant endorsement of 802.16 technology and the railroad operating environment and has helped accelerate discussions across all the rail frequencies.

事實上，AAR 於 4 月 11 日選擇 dot16 作為 450 兆赫茲 NGHE 網路的無線骨幹網，是對 Ondas 技術的另一個重要驗證。這不僅是 NGHE 4.0 規範發展中的一個重要里程碑，也是對 802.16 技術和鐵路運營環境的重大認可，並有助於加快所有鐵路頻率的討論。

While we are establishing live networks supporting centralized train control via the ATCS product lines with Siemens, we are also progressing additional 900 megahertz field trials with multiple Class 1s and regional railroads alongside these full-scale deployments. These activities and Class 1 pilots are testing new use cases that showcase the value of dot16 as a true multipurpose network.

在與西門子合作，透過 ATCS 產品線建立支援集中式列車控制的即時網路的同時，我們也在與多家一級鐵路公司和區域鐵路公司進行額外的 900 兆赫茲現場試驗，以配合這些全面部署。這些活動和 1 類試點計畫正在測試新的用例，以展示 dot16 作為真正的多用途網路的價值。

Importantly, we are now seeing broadening awareness within the industry on how dot16 can be applied across the critical wireless railroad networks where the massive capacity increases in data capacity and flexibility for the new IP-based use cases are extremely valuable. As we show here, the capacity increases across all railroad private networks are material.

重要的是，我們現在看到業界對 dot16 如何在關鍵的無線鐵路網路中應用的認識不斷加深，在這些網路中，資料容量的大幅提升以及基於 IP 的新用例的靈活性都極其有價值。正如我們在此所展示的，所有鐵路私營網絡的運力提升都是實質的。

For example, in the 220 megahertz spectrum, where the critical positive train control safety application resides, dot16 can increase network capacity by 5x. This would help the railroads avoid costly spectrum purchases. And the 160 megahertz network, the largest single spectrum block owned by the railroads, represents a significant new opportunity, transforming legacy voice networks into high-capacity VoIP-enabled data systems. I will discuss this in more detail on the next slide and note that the 160 network is the largest rail network as measured by channel capacity and is ubiquitous, covering every mile of track across North America.

例如，在 220 兆赫茲頻譜中，關鍵的列車自動控制安全應用就位於該頻譜中，dot16 可將網路容量提高 5 倍。這將有助於鐵路公司避免昂貴的頻譜購買費用。而 160 兆赫茲網路是鐵路公司擁有的最大單一頻譜區塊，代表著一個重要的新機遇，它將傳統的語音網路轉變為高容量的 VoIP 資料系統。我將在下一張幻燈片中更詳細地討論這一點，並指出，160 號鐵路網是按通道容量衡量的最大鐵路網，而且無處不在，覆蓋了北美每一英里的鐵軌。

Meanwhile, legacy voice or land mobile radio technology is utilizing less than 10% of this capacity. As we will discuss next, the prospect of converting 160 megahertz from a legacy LMR network to a hybrid data and voice over IP network is a significant opportunity for railroad customers and Ondas. As noted, there is strong interest in deploying dot16 over 160 megahertz networks and we're demonstrating how this can connect multiple applications, including mission-critical voice over a single IP network.

同時，傳統語音或陸地行動無線電技術僅利用了不到 10% 的這一容量。接下來我們將討論，將 160 兆赫茲的傳統 LMR 網路轉換為混合數據和語音 IP 網路的前景，對於鐵路客戶和 Ondas 來說是一個重要的機會。如前所述，人們對在 160 兆赫網路上部署 dot16 有著濃厚的興趣，我們正在展示如何透過單一 IP 網路連接多個應用程序，包括關鍵任務語音。

Our field trials are showing wayside systems tied directly into the back office, new operational applications and high-quality voice over IP communications that can meaningfully improve railroad safety and efficiency. Given the 160 megahertz system-wide coverage and channel capacity, the potential to convert these networks to dot16 is driving the creation of a growing ecosystem of rail applications. We plan to expand these demonstrations to a Class 1 railroad in the first half of next year.

我們的現場試驗表明，路邊系統直接與後台辦公室連接，新的營運應用程式和高品質的 IP 語音通訊可以顯著提高鐵路的安全性和效率。鑑於 160 兆赫茲的系統覆蓋範圍和通道容量，將這些網路轉換為 dot16 的潛力正在推動鐵路應用生態系統的不斷發展。我們計劃在明年上半年將這些示範計畫推廣到一級鐵路公司。

Despite the lack of wide-scale commercial network build-outs to date, momentum in rail around Ondas and our dot16 capabilities continue to build. We're supporting ongoing 900 megahertz deployments, progressing A Block migrations to primary network use and positioning 900 megahertz as an alternative path for certain 220 megahertz applications. As we have discussed in recent investor calls, the new 900 megahertz A Block is being positioned as both the primary network for CTC, as well as a secondary network for both CTC and PTC.

儘管迄今為止還沒有大規模的商業網絡建設，但圍繞 Ondas 的鐵路發展勢頭以及我們的 dot16 能力仍在不斷增強。我們正在支援 900 兆赫茲的持續部署，推進 A 區塊遷移到主要網路使用，並將 900 兆赫茲定位為某些 220 兆赫茲應用的替代路徑。正如我們在最近的投資者電話會議中所討論的那樣，新的 900 兆赫 A 頻段將被定位為 CTC 的主要網絡，以及 CTC 和 PTC 的輔助網絡。

We are also working on integrating multiple new applications on the new 900 megahertz network. We are demonstrating how the railroads can upgrade from outdated legacy single-purpose networks to modern and secure IP-based systems that enable new data-intensive applications to support efficient train operations and safety tools. We are field testing the 900 megahertz in dark territory for a Class 1 operator, while our 220 megahertz PTC data radio program with Amtrak remains on track, with deliveries starting this quarter. We're also in discussions with other Northeast corridor operators for additional deployments.

我們目前也正在努力將多個新應用程式整合到新的 900 兆赫網路上。我們正在展示鐵路如何從過時的傳統單一用途網絡升級到現代化、安全的基於 IP 的系統，從而支持新的數據密集型應用程序，以支持高效的列車運營和安全工具。我們正在為一家 1 類運營商在信號盲區進行 900 兆赫茲的實地測試，同時我們與 Amtrak 合作的 220 兆赫茲 PTC 數據無線電項目仍在按計劃進行，將於本季度開始交付。我們也正在與其他東北走廊營運商商討進一步部署事宜。

On the NGHE front, MxV Rail is finalizing the 4.0 standard by year-end, and we're engaging with HOT and EOT vendors to commercialize the next generation of products. As data-intensive IoT solutions are becoming more prominent on Class 1 railroads, the need for timely data transmission increases significantly. Ondas Networks is engaging with several Class 1s on solving long-standing data transmission needs.

在 NGHE 方面，MxV Rail 正在年底前完成 4.0 標準的製定，我們正在與 HOT 和 EOT 供應商合作，以實現下一代產品的商業化。隨著資料密集型物聯網解決方案在1級鐵路中變得越來越普遍，及時資料傳輸的需求也顯著增加。Ondas Networks 正在與多家一級營運商合作，解決長期存在的資料傳輸需求。

We continue to engage with the railroad community on the significant value of dot16 enabled networks and the many applications they enable. By building out an ecosystem of dot16 applications, we will continue to drive the commercialization of the Ondas technology platform.

我們將繼續與鐵路界探討 .16 網路的重要價值及其帶來的眾多應用。透過建構 dot16 應用生態系統，我們將繼續推動 Ondas 技術平台的商業化。

I will now hand the call back to Eric.

現在我將把電話轉回給埃里克。

Thank you, Markus. I will now ask Oshri Lugassy to take the floor and provide a business update for our OAS business unit. Meir Kliner and I will also weigh in on the progress of the OAS business expansion. Oshri, please proceed.

謝謝你，馬庫斯。現在我將請 Oshri Lugassy 發言，介紹一下我們 OAS 業務部門的最新業務狀況。我和梅爾·克萊納也將對美洲國家組織業務擴張的進展發表意見。奧什裡，請繼續。

Thank you, Eric. Ondas Autonomous System maintained strong momentum during Q2 2025, particularly in the defense and homeland security sectors, generating approximately $6.1 million in revenue, a more than sixfold increase from the same period in 2024. OAS has captured $23.3 million in orders year to date, driving backlog growth, which reflected continued strong global demand for the Optimus and Iron Drone platforms.

謝謝你，埃里克。Ondas 自主系統在 2025 年第二季度保持了強勁的發展勢頭，尤其是在國防和國土安全領域，創造了約 610 萬美元的收入，比 2024 年同期增長了六倍多。OAS 今年迄今已獲得 2,330 萬美元的訂單，推動了積壓訂單的成長，這反映出全球對 Optimus 和 Iron Drone 平台的持續強勁需求。

At the start of Q2, we announced a $3.2 million follow-on order from a governmental entity in the UAE to extend the Optimus drone network supporting public safety operations. This order expanded by $600,000 to $3.8 million when fleet support services were later added. Later in the quarters, Airobotics secured a $14.3 million order from a major defense customer, primarily for our Optimus drone system, the largest single Optimus covered in the company's history, significantly extending our presence in the global defense sector.

在第二季初，我們宣布從阿聯酋一家政府機構獲得 320 萬美元的後續訂單，用於擴展 Optimus 無人機網絡，以支持公共安全行動。後來加上艦隊支援服務後，訂單金額增加了 60 萬美元，達到 380 萬美元。本季晚些時候，Airobotics 從一家大型國防客戶那裡獲得了 1,430 萬美元的訂單，主要用於我們的 Optimus 無人機系統，這是該公司歷史上最大的單一 Optimus 系統，大大擴展了我們在全球國防領域的業務。

During Q2, we secured and executed strategically important orders for new defense and homeland security customers for Iron Drone. The first was a $3.4 million order from a European governmental defense agency in a NATO-member country, successfully executed the system first operational development in Europe. Second was a $1.7 million order from a governmental agency in Asia for homeland security operations with potential for future expansion, the order was delivered, and we look forward to receiving a follow-up order.

第二季度，我們為Iron Drone獲得了來自國防和國土安全領域新客戶的具有戰略意義的訂單，並成功執行了這些訂單。第一份訂單來自北約成員國的歐洲政府國防機構，價值 340 萬美元，成功執行了該系統在歐洲的首次作戰開發。其次，我們收到了來自亞洲某政府機構價值 170 萬美元的國土安全行動訂單，該訂單有未來擴展的潛力。該訂單已交付，我們期待收到後續訂單。

In the US market, American Robotics secured a purchase order from a major US human public safety agency for the Kestrel rail system, an advanced drone detection and counter-UAS platform. Our work through of the iron Drone radar systems continued through Q2, showcasing the radar's unmatched autonomous counter-UAS capabilities and building trust through high-impact demonstrations.

在美國市場，美國機器人公司從美國一家主要的公共安全機構獲得了Kestrel軌道系統的採購訂單，這是一種先進的無人機偵測和反無人機系統平台。在第二季度，我們繼續推進 Iron Drone 雷達系統的工作，展示了該雷達無與倫比的自主反無人機系統能力，並透過高影響力演示建立了信任。

During this demo, we engaged directly with top-tier defense and public safety stakeholders. This has already resulted in two new Iron Drone customers in Europe and Asia in Q2 2025 with additional customers and orders in progress.

在這次演示中，我們直接與國防和公共安全領域的頂級利益相關者進行了交流。這已為 Iron Drone 在 2025 年第二季在歐洲和亞洲帶來了​​兩家新客戶，並且還有其他客戶和訂單正在進行中。

More stops are planned in the US and Europe over the coming months. Each event is designed to turn pipeline opportunities into active programs and programs into long-term expansion. Recently and over a period of months, we participated in Project Vanaheim, a joint US and UK initiative created to shape the future of counter-UAS capabilities. The Iron Drone's high level of autonomy, collateral design, and usability offer a unique value proposition for sustained high-frequency operations in next-generation military and homeland security missions. We will continue to promote it through participation in upcoming projects.

未來幾個月，還將在美國和歐洲進行更多巡迴演出。每個活動都旨在將潛在機會轉化為實際項目，並將項目轉化為長期擴張。最近幾個月，我們參與了“Vanaheim 計畫”，這是一項由美國和英國聯合發起的倡議，旨在塑造反無人機系統能力的未來。Iron Drone 具有高度自主性、輔助設計和易用性，為下一代軍事和國土安全任務中的持續高頻作戰提供了獨特的價值主張。我們將繼續透過參與即將開展的項目來推廣它。

Another key outcomes of our global tour is integration with new local detection system and C2 platforms. In Q2, we successfully completed integrations with multiple third-party detection and C2 systems. Each completed integration proves the robustness of the Iron Drone Radar system and creates more opportunities for expansion as the system becomes a true plug-and-play component for key defense and homeland security, contractor, and end users. We plan to continue our work to with demo, [world tour with Demo, POL] and pilot programs in Europe and Asia to accelerate expansion.

我們全球巡迴活動的另一個重要成果是與新的本地檢測系統和 C2 平台整合。第二季度，我們成功完成了與多個第三方偵測和 C2 系統的整合。每一次成功的整合都證明了 Iron Drone 雷達系統的穩健性，並隨著該系統成為國防和國土安全、承包商和最終用戶的真正即插即用組件，創造了更多擴展機會。我們計劃繼續開展演示、[Demo世界巡迴展、POL]以及在歐洲和亞洲的試點項目，以加速擴張。

Recall, our strategy is to engage with larger customers for initial pilot programs, which we then work to transition to multiyear infrastructure program buildouts. In the US, we plan to demonstrate our Counter-UAS capabilities through the NYPD and with distribution and partners to multiple US DoD services branches during Q3. The New York Post highlighted that NYPD was seeking expanded authority to utilize counter-UAS tools and specifically highlighted their interest in deploying American Robotics Iron Drone platform. We have other demonstrations with important partners and customers in the United States, which includes our participation in the Interpol San Diego Border Counter-UAS Expo in September.

請記住，我們的策略是先與規模較大的客戶進行試點項目，然後努力將其過渡到多年基礎設施建設項目。在美國，我們計劃在第三季透過紐約警察局以及經銷商和合作夥伴向美國國防部多個部門展示我們的反無人機系統能力。《紐約郵報》強調，紐約警察局正在尋求擴大使用反無人機系統的權限，並特別強調了他們對部署美國機器人公司Iron Drone平台的興趣。我們在美國也與重要的合作夥伴和客戶進行了其他演示，其中包括我們參加 9 月在聖地牙哥舉行的國際刑警組織邊境反無人機系統博覽會。

I will hand the call now to Meir, where we will discuss our operating platform expansion. Meir?

現在我將把電話交給梅爾，我們將討論我們的營運平台擴展事宜。梅爾？

Thank you, Oshri. As part of our rapid expansion plan, we are building OAS as a full operating platform, not just great products, but the service delivery infrastructure to deploy them at scale. This includes sales and marketing, supply chain and production, field services and sustainment, finance and administration, legal, regulatory and government affairs. Our customers, ranging from defense ministries to online security and first responders need more than innovation. They need trusted, responsive partners who can deliver consistent results.

謝謝你，奧什裡。作為我們快速擴張計畫的一部分，我們正在將 OAS 建構成一個完整的營運平台，不僅包括優秀的產品，還包括大規模部署這些產品的服務交付基礎設施。這包括銷售和行銷、供應鏈和生產、現場服務和維護、財務和行政、法律、監管和政府事務。我們的客戶涵蓋國防部、網路安全機構和緊急應變人員等各個領域，他們需要的不僅僅是創新。他們需要值得信賴、反應迅速且能持續提供成果的合作夥伴。

During Q2, we established a new advisory board for OAS to support our global expansion and leadership focusing on autonomous drone and AI-powered intelligence, surveillance and reconnaissance, or ISR, platforms for the defense and homeland security markets. We also announced that Brigadier General Yaniv Rotem was our first appointee to a newly formed advisory Board.

第二季度，我們為 OAS 成立了一個新的顧問委員會，以支持我們的全球擴張和領導地位，重點關注面向國防和國土安全市場的自主無人機和人工智慧驅動的情報、監視和偵察 (ISR) 平台。我們也宣布，亞尼夫·羅特姆準將是我們新成立的顧問委員會的首位任命成員。

Mr. Rotem brings decades of leadership experience in Israel defense R&D, weapon system innovation and business development, leveraging his deep leadership experience as formal Head of R&D at the Israeli Ministry of Defense. His guidelines will help shape OAS' strategies direction in emerging technology and global defense partnerships. We will announce new high-impact advisory Board members in coming weeks.

Rotem 先生在以色列國防研發、武器系統創新和業務發展方面擁有數十年的領導經驗，這得益於他作為以色列國防部研發部門負責人積累的深厚領導經驗。他的指導方針將有助於塑造美洲國家組織在新興技術和全球國防夥伴關係方面的策略方向。我們將在未來幾週內宣布新的高影響力顧問委員會成員。

We are investing in our internal leadership, while simultaneously expanding through partnerships, especially for integration, distribution, and field services, and you will learn more about the talent we are adding in the coming months. Of course, this activity is also supporting the M&A program we laid out at the OAS Investor Day in July. Our M&A program is progressing nicely.

我們正在投資內部領導力，同時透過合作夥伴關係進行擴張，尤其是在整合、分銷和現場服務方面，您將在未來幾個月內了解我們正在增加的人才。當然，這項活動也支持我們在7月份美洲國家組織投資者日上提出的併購計畫。我們的併購計劃進展順利。

Recently, we acquired Zickel Engineering, an Israeli firm specializing in defense industry engineering projects. This small multi-disciplinary team delivers rapid high-quality solutions, enhancing our capabilities in advanced run and defense system development and strengthening our strategic relationships with military customers and vendors. We closed on this strategic acquisition in July and believe Zickel's business can grow significantly under Ondas umbrella.

最近，我們收購了 Zickel Engineering，這是一家專門從事國防工業工程項目的以色列公司。這支小型多學科團隊能夠快速提供高品質的解決方案，增強我們在先進運作和防禦系統開發方面的能力，並加強我們與軍事客戶和供應商的戰略關係。我們在 7 月完成了這項策略性收購，並相信 Zickel 的業務在 Ondas 的領導下能夠實現顯著成長。

We are building our platform, and we are confident our transition to scaled operating company will create lasting strategic advantages. During Q2 and into 2025, we are expanding our technical and field operation infrastructure to support higher production capacity, more field deployments, and long-term scaling of programs for defense and homeland security markets. We continue developing and integrating advanced physical AI features for mission autonomy, including AI-driven mission planning, target detection and identification, and other real-time engagement capabilities across both the Optimus and Iron Drone platforms.

我們正在建立我們的平台，我們相信，向規模化營運公司的轉型將創造持久的策略優勢。在第二季及 2025 年，我們將擴大技術和現場營運基礎設施，以支援更高的生產能力、更多的現場部署以及國防和國土安全市場專案的長期規模化。我們持續開發和整合先進的實體人工智慧功能，以實現任務自主性，包括人工智慧驅動的任務規劃、目標檢測和識別，以及 Optimus 和 Iron Drone 平台上的其他即時交戰能力。

In the first half of the year, our R&D and integration teams successfully integrated the Iron Drone with leading cutting-edge drone detection systems and widely deployed C2 systems used by NATO allied end users. We see our integration capabilities as a key driver of our product distribution strategy and go-to-market plans. We expect to announce more partnerships and integrations during the second half of the year.

今年上半年，我們的研發和整合團隊成功地將鐵無人機與領先的尖端無人機偵測系統以及北約盟國最終用戶廣泛使用的 C2 系統進行了整合。我們認為，我們的整合能力是我們產品分銷策略和市場推廣計劃的關鍵驅動力。我們預計將在今年下半年宣布更多合作關係和整合計畫。

I will now hand the call to Eric to discuss US activity at OAS. Eric?

現在我將把電話交給艾瑞克，讓他討論美國在美洲國家組織的活動。艾瑞克？

Thank you, Meir, and also to you, Oshri, and Markus. Let's turn our focus to American Robotics in the US markets. On the regulatory front, Optimus is making substantial progress towards inclusion on the Green UAS list, and Iron Drone is slated for submission in Q3. Effective July 2025, I want to note, all Green UAS platforms are automatically added to the Blue UAS cleared list. Of course, Blue UAS certifications are critical for DoD adoption at scale for systems such as Optimus and Iron Drone. I believe we can and will share more details on this progress soon.

謝謝你，梅爾，也謝謝你，奧什里和馬庫斯。讓我們把目光轉向美國市場的美國機器人技術。在監管方面，Optimus 在納入綠色無人機系統清單方面取得了實質進展，而 Iron Drone 則計劃在第三季提交申請。我想指出，自 2025 年 7 月起，所有綠色無人機系統平台都將自動添加到藍色無人機系統許可清單中。當然，對於像 Optimus 和 Iron Drone 這樣的系統而言，Blue UAS 認證對於美國國防部大規模採用至關重要。我相信我們很快就能分享更多關於這項進展的細節。

Operationally, we're accelerating our US expansion and announced key partnerships with immediate engagement during Q2, supporting a much larger go-to-market strategy with America Robotics in the United States. Our partnership with Mistral gives us strategic access to federal procurement channel backed by over 30 years of DoD and DHS contact tracking experience. Mistral is actively driving business development for both Optimus and Iron Drone Radar with a goal of securing at least one DoD order by year-end.

在營運方面，我們正在加速美國市場的擴張，並宣布了在第二季度立即開展的關鍵合作夥伴關係，以支持與美國機器人公司在美國開展的更大規模的市場推廣策略。我們與 Mistral 的合作使我們能夠策略性地進入聯邦採購管道，並擁有超過 30 年的國防部和國土安全部合約追蹤經驗。Mistral 正在積極推動 Optimus 和 Iron Drone Radar 的業務發展，目標是在年底前獲得至少一份美國國防部的訂單。

We believe this is a modest goal based on the demand environment, our platform maturity, and our customer pipeline development activity. On the production side, Detroit Manufacturing System will support NDA-compliant Made in USA manufacturing at its Kinetyc facility in Michigan. This partnership strengthens our supply chain resilience, reduces costs, shortens delivery time lines and improves gross margin profile through design for manufacture at scale. This work was started immediately when we announced the partnership.

我們認為，根據市場需求、平台成熟度和客戶通路開發活動來看，這是一個較為保守的目標。在生產方面，底特律製造系統將支援其位於密西根州 Kinetyc 工廠的符合 NDA 規定的美國製造生產。透過規模化生產的設計，此次合作增強了我們的供應鏈韌性，降低了成本，縮短了交貨時間，並提高了毛利率。這項工作在我們宣佈建立合作夥伴關係後立即啟動。

Lastly, I want to highlight that we are actively pursuing opportunities under the Replicator-2 DoD initiatives while building a US pipeline that includes major urban critical infrastructure programs, fleet expansions with existing utility customers, initial Optimus deployments at a US military base in the second half of 2025, and campus security programs with a Fortune 100 customer. Of course, our partnership with Rift is going to be part of the American Robotics story in the coming quarters as well.

最後，我想強調，我們正在積極尋求 Replicator-2 國防部計劃下的機會，同時構建美國項目渠道，其中包括大型城市關鍵基礎設施項目、與現有公用事業客戶擴大車隊規模、在 2025 年下半年在美國軍事基地進行 Optimus 的初步部署，以及與財富 100 強客戶開展校園安全項目。當然，在接下來的幾個季度裡，我們與 Rift 的合作也將成為美國機器人發展歷程的一部分。

Let's now transition to our outlook for the second half of 2025, starting with a status update on our strategic growth program. At our OAS Investor Day earlier this year, we laid out a clear opportunity to build a scaled, AI-enabled, and autonomous systems defense and security platform that can deliver advanced technology, integrated solutions and high-value services to customers globally. We've been methodical in advancing that plan. Our strategy is to layer in and finance the advancement of mature field-proven technology platforms, while making targeted investments in talent and ecosystem partnerships to strengthen both our global and localized go-to-market capabilities.

現在讓我們展望一下 2025 年下半年，首先介紹我們的策略成長計畫的最新進展。在今年稍早的 OAS 投資者日上，我們明確闡述了一個機會，即建立一個可擴展的、人工智慧驅動的、自主的系統防禦和安全平台，該平台可以為全球客戶提供先進的技術、整合解決方案和高價值服務。我們一直有條不紊地推進這項計劃。我們的策略是逐步引入並資助成熟的、經過現場驗證的技術平台的發展，同時有針對性地投資於人才和生態系統合作夥伴關係，以加強我們在全球和本地的市場推廣能力。

This approach allows us to address an increasingly broad technology, solutions and services offering to the emerging AI-enabled and autonomous systems markets and build our capabilities in defense, security, and critical infrastructure markets, which are poised for strong growth in the years ahead. We are deliberately building an operating platform that goes beyond individual products, integrating capabilities across autonomous ISR, counter-UAS, mission planning, and real-time engagement to deliver comprehensive solutions aligned with the operational priorities of defense, home and security and critical infrastructure customers worldwide.

這種方法使我們能夠為新興的人工智慧和自主系統市場提供日益廣泛的技術、解決方案和服務，並增強我們在國防、安全和關鍵基礎設施市場的能力，這些市場預計將在未來幾年實現強勁成長。我們正在刻意建立一個超越單一產品的營運平台，整合自主 ISR、反無人機系統、任務規劃和即時互動等能力，以提供符合全球國防、家庭安全和關鍵基礎設施客戶營運優先事項的全面解決方案。

Our M&A pipeline is robust, diverse, and maturing. We've identified multiple targets that can accelerate our road map for mature, mission-ready technology platforms that expand our solutions offering to service and integration partners that strengthen customer adoption. We have highlighted today the Rift transaction and Zickel Engineering, which are both highly strategic.

我們的併購專案儲備充足、種類繁多且日益成熟。我們已經確定了多個目標，這些目標可以加速我們成熟、可執行任務的技術平台的路線圖，從而擴展我們向服務和整合合作夥伴提供的解決方案，並加強客戶採用。今天我們重點介紹了 Rift 交易和 Zickel Engineering，這兩筆交易都具有很高的戰略意義。

While most strategic investments will be for control positions, Rift is a situation where we are cementing the partnership with a small investment. Rift's business is capital-light, a necessity for developing low-cost attributable drones, and the company, frankly, didn't need our capital. Rather, Rift was attracted to Ondas for the global operating platform we are scaling. We will provide more detail on the revenue potential at Rift as our marketing efforts mature in the coming months.

雖然大多數策略投資都是為了獲得控制權，但 Rift 的情況不同，我們透過小額投資來鞏固合作關係。Rift 的業務屬於輕資產運營，這對於開發低成本的可歸屬無人機來說是必要的，坦白說，該公司並不需要我們的資金。相反，Rift 被 Ondas 的全球營運平台所吸引，而 Ondas 正是我們正在擴展的全球營運平台。隨著未來幾個月行銷工作的不斷深入，我們將提供更多關於Rift收入潛力的詳細資訊。

Meir also discussed the Zickel Engineering acquisition. This was an opportunity for us to bring an elite engineering team into our OAS business. Zickel expands our capabilities and helps support an even deeper relationship with defense customers and partners in Israel. We expect Zickel to generate revenue and positively contribute to cash flow at OAS and help Ondas to generate new program and partnering opportunities in Israel. We are actively pursuing new contracts with the Zickel team.

梅爾也談到了對 Zickel Engineering 的收購。這讓我們有機會將一支頂尖的工程團隊引入我們的 OAS 業務。Zickel 擴展了我們的能力，並有助於與以色列的國防客戶和合作夥伴建立更深的關係。我們期望 Zickel 能為 OAS 創造收入並帶來現金流，同時幫助 Ondas 在以色列創造新的專案和合作機會。我們正在積極尋求與 Zickel 團隊簽訂新的合約。

We are on track to execute a number of what we believe will be strategically important and financially valuable strategic acquisitions in the second half of 2025. These acquisitions will not only expand our capabilities and market reach, but also enhance our revenue mix, margin profile, and recurring revenue streams, creating durable shareholder value as we scale into 2026 and beyond.

我們正按計劃推動多項我們認為具有重要戰略意義和經濟價值的策略性收購，這些收購將在 2025 年下半年完成。這些收購不僅將擴大我們的能力和市場覆蓋範圍，還將改善我們的收入結構、利潤率和經常性收入來源，隨著我們發展壯大到 2026 年及以後，將創造持久的股東價值。

Let's now turn to our outlook. As we said at the outset, this is an exciting and pivotal time for Ondas. We are executing against a clearly defined multiyear growth plan and our record first half confirms that the foundational work we've done across OAS and Ondas Networks is converting into measurable and accelerating business momentum. We continue to believe 2025 will deliver accelerated growth, leveraging the order activity, operational readiness and market traction we've created over the last several quarters.

現在讓我們來看看前景。正如我們一開始所說，對 Ondas 來說，這是一個令人興奮且至關重要的時刻。我們正在執行一項明確的多年增長計劃，而我們創紀錄的上半年業績也證實，我們在 OAS 和 Ondas Networks 所做的基礎性工作正在轉化為可衡量的、不斷加速的業務發展勢頭。我們仍然相信，憑藉過去幾季累積的訂單活動、營運準備和市場吸引力，2025 年將實現加速成長。

At OAS, our key objectives remain driving growth through the expansion of our ongoing Optimus and Iron Drone programs with current military and public safety customers, ensuring successful deployments, operational impact, and further adoption. We are also focused on adding new customer programs, particularly in the defense and homeland security sectors, targeting wins through both government and government channels and direct engagements.

在 OAS，我們的主要目標仍然是透過擴大我們正在與現有軍事和公共安全客戶合作的 Optimus 和 Iron Drone 專案來推動成長，確保成功部署、產生營運影響並進一步推廣應用。我們也專注於增加新的客戶項目，尤其是在國防和國土安全領域，目標是透過政府管道和直接合作來贏得項目。

On our last call, we increased our goal to capture at to at least four new defense or homeland security customers this year, and we believe that remains very achievable. Growing our partner ecosystem remains a critical enabler, not only for global sales and marketing, but also for field support, sustainment, supply chain and production. Localizing our business with the right partners is integral to scaling globally.

在上一次電話會議上，我們將今年爭取至少四個新的國防或國土安全客戶的目標提高了，我們相信這仍然很容易實現。發展我們的合作夥伴生態系統仍然是至關重要的推動因素，不僅對全球銷售和行銷如此，對現場支援、維護、供應鏈和生產也是如此。與合適的合作夥伴實現業務在地化，是實現全球擴張的關鍵所在。

We are seeing growing engagement from major defense and homeland security vendors that want to work collaboratively with Ondas and OAS to help support customers with integrated solutions and field support. We are meeting our goal of establishing new impactful industry partnerships to complement those already announced and look forward to sharing more details over the course of the second half of 2025.

我們看到，越來越多的國防和國土安全廠商希望與 Ondas 和 OAS 合作，以幫助客戶獲得整合解決方案和現場支援。我們正在實現建立新的、有影響力的行業合作夥伴關係的目標，以補充已經宣布的合作夥伴關係，並期待在 2025 年下半年分享更多細節。

Financially, the maturing of our platforms and operational plans is producing results. The growth we're sharing here reflects both business units with the bulk of the near-term acceleration coming from OAS. We are reaffirming our revenue target again of at least -- excuse me, at least $25 million with OAS expected to contribute more than $20 million this year.

從財務角度來看，我們平台和營運計劃的成熟正在產生效果。我們在此分享的成長反映了兩個業務部門的成長，其中近期的大部分成長加速來自 OAS。我們再次重申我們的營收目標，至少為——抱歉，至少為 2500 萬美元，其中 OAS 今年預計將貢獻超過 2000 萬美元。

This visibility is supported by a backlog that now stands at $22 million in a robust maturing pipeline across both units. We expect backlog to grow further in the second half alongside strong revenue conversion. We believe our bookings in the second half of 2025 should exceed the $23 million we achieved in the first half, again, setting us up for a strong start to 2026. Lastly, we believe we can execute at least two strategic acquisitions in the second half of 2025 and our visibility on the strategic pipeline is very strong.

目前，兩個部門都有價值 2,200 萬美元的強勁成熟訂單儲備，這為業績的可見性提供了佐證。我們預計下半年積壓訂單將進一步成長，同時營收轉換率也將強勁提升。我們相信，2025 年下半年的預訂量將超過上半年的 2,300 萬美元，這將再次為我們 2026 年的強勁開局奠定基礎。最後，我們相信我們可以在 2025 年下半年完成至少兩次策略收購，我們對策略收購計畫的前景非常樂觀。

To sum it up, we are delivering on our vision to scale Ondas. We have the leadership team, the platforms and the strategy in place, and I continue to believe 2025 is being defined as a breakout year for our company.

總而言之，我們正在實現擴大 Ondas 規模的願景。我們已經擁有了領導團隊、平台和策略，我仍然相信 2025 年將是我們公司取得突破性進展的一年。

Operator, we will now move to take investor questions.

操作員，現在我們將進入投資者提問環節。

We will now begin the question-and-answer session. (Operator Instructions)

現在開始問答環節。（操作說明）

Mike Latimore, Northland Capital Markets.

Mike Latimore，北地資本市場。

Great results and the list of accomplishments is impressive here this year.

今年取得了優異的成績，成就清單令人印象深刻。

Thank you, Mike.

謝謝你，麥克。

Eric, just on that last slide, I guess, you talked about $23 million-plus of bookings. It seems like demand is very diverse, and you could kind of hit that or exceed that in several ways. But are there one to two big deals that you're expecting here? Or maybe just clarify kind of the source of those bookings confidence and a little bit more international versus US, Optimus versus Iron Drone. A little clarity on that because that's a strong number.

艾瑞克，就在上一張投影片裡，我想你提到了超過 2300 萬美元的預訂。需求似乎非常多樣化，你可以透過多種方式達到甚至超過這個目標。但你預期會有那麼一兩筆大交易嗎？或者，或許可以澄清一下這些預訂信心的來源，以及國際市場與美國市場、Optimus 與 Iron Drone 之間的差異。需要對這個數字稍作解釋，因為它意義重大。

Yes, sure. So I'll refer back to our OAS Investor Day when I outlined our marketing program and how we're generating programs with customers. And typically, you'll see us capture a new customer with a POC type of small order. And of course, we deliver on that, and then we aim to expand those to infrastructure buildouts, and that's when the orders get larger.

當然可以。所以，我將回顧我們在 OAS 投資者日上的情況，當時我概述了我們的行銷計劃以及我們如何與客戶共同製定計劃。通常情況下，你會看到我們透過小額訂單進行概念驗證來獲取新客戶。當然，我們實現了這一點，然後我們的目標是將這些業務擴展到基礎設施建設，這時訂單規模就會更大。

We have a few of these programs now in motion, and we do believe that the -- we will continue to capture new pilots, but also convert the pilots. So what you'll see is just increasingly large orders as we're moving through the next 6, 12, 18 months. And at that point, there's clearly things in our pipeline where we can be capturing orders in the tens of millions of dollars. But of course, we want to put them into the outlook here in a formal way when they're more visible. But I can tell you that's the sort of scale that we do see in front of us. So I think the guidance could be quite conservative and I think that's a good place to be for the moment.

我們現在已經啟動了一些這樣的項目，我們相信——我們不僅會繼續招募新的飛行員，還會轉化現有的飛行員。因此，在接下來的 6 個月、12 個月、18 個月裡，你會看到訂單規模越來越大。到那時，我們顯然有一些項目正在籌備中，我們可以從中獲得數千萬美元的訂單。當然，當它們更加引人注目時，我們希望以正式的方式將它們納入這裡的展望中。但我可以告訴你，這就是我們眼前所看到的規模。所以我認為目前的指導方針可以比較保守，我認為這是目前比較適合的做法。

Yes, for sure. Sounds good. And then you mentioned two control acquisitions. Is that in addition to the small one you just referenced today? And then I assume would that be upside to revenue?

是的，當然。聽起來不錯。然後你提到了兩項控股收購。除了你今天提到的那個小的之外，還有這個嗎？那麼，我認為這對收入會有好處嗎？

Absolutely. Yes. So it is -- that's in addition to the transaction with Zickel and Rift. And yes, absolutely, these will be revenue-generating companies that we're acquiring. And the pipeline is quite robust.

絕對地。是的。確實如此——這還不包括與 Zickel 和 Rift 的交易。是的，沒錯，我們收購的這些都是能夠產生收入的公司。而且這條管道非常穩健。

Excellent. And just last one for me. The gross margin was really good in the quarter. Is that a good sort of reflection of what your OAS business looks like kind of at scale?

出色的。這是我最後一個問題了。本季的毛利率非常不錯。這是否很好地反映了您的 OAS 業務在規模化後的實際情況？

Yes, for sure. And I do think that over time, we can do better, right? And that comes from both volume, right, and design for manufacturing that we're going to do on both platforms. So I think we have opportunities to do better. At the same time, I will caution, we're still not at scale. So it will likely be volatile from quarter-to-quarter. But the 50% target, I think, is a good one for now.

是的，當然。而且我認為隨著時間的推移，我們可以做得更好，對吧？這既源於產量，也源於我們將在兩個平台上進行的製造導向的設計。所以我認為我們還有機會做得更好。同時，我要提醒大家，我們目前還沒有達到規模化程度。因此，其價格可能會出現季度間波動。但我認為，目前50%的目標是比較適合的目標。

Maxwell Michaelis, Lake Street Capital Markets.

Maxwell Michaelis，Lake Street Capital Markets。

Just kind of want to go back to the two acquisitions and maybe how that ties in with 2026. So if I look back at the Investor Day, I think you guys talked of $40 million for 2026 of OAS revenue. I mean, was that always thought to be organic? Or did this $40 million target always kind of include these two potential acquisitions in the second half of 2025?

我只是想回顧一下那兩項收購，以及它們與 2026 年的連結。回顧投資人日，我記得你們當時談到了 2026 年 OAS 收入達到 4000 萬美元的目標。我的意思是，那一直都被認為是天然的嗎？或者說，這 4000 萬美元的目標是否一直都包含了 2025 年下半年的這兩項潛在收購？

Right. So that outlook for 2026 is entirely organic. So these acquisitions will be accretive to the 2026 outlook, as well as well as the second half of 2025.

正確的。因此，2026 年的前景完全是自然成長的。因此，這些收購將有利於 2026 年的業績展望，以及 2025 年下半年的業績展望。

Okay. And then maybe if we go kind of say state side here, and we look at the Kestrel win with the, I believe, it was the Urban Public Safety Agency. Maybe can you offer up a little bit more detail around that win and maybe what you're doing, the use case around that?

好的。然後，如果我們把目光轉向美國本土，看看 Kestrel 的勝利，我相信，是由城市公共安全局獲勝的。您能否詳細介紹一下這場勝利，以及您正在進行的工作和相關的應用場景？

Yes, sure. So that was the first order we've captured for the Kestrel system, which is a airspace awareness tool. The bulk of our activity with Kestrel is really to bundle that at a system level with the Optimus as we deploy the Optimus infrastructure. But at the same time, we're seeing quite a bit of demand for all things counter-UAS. And when we think about that layered security, the Kestrel is part of that initial layer of detection.

當然可以。這是 Kestrel 系統獲得的第一個訂單，Kestrel 是一種空域感知工具。我們與 Kestrel 合作的大部分工作實際上是在部署 Optimus 基礎設施時，將其與 Optimus 在系統層面進行捆綁。但同時，我們看到市場對各種反無人機系統產品的需求相當大。當我們考慮這種分層安全性時，Kestrel 是初始偵測層的一部分。

So we'll see. I think with this customer, we have delivered the system, the Kestrel, and I think that's an area that we could see engagement on Optimus, for example. So that's some context around the Kestrel order.

我們拭目以待。我認為我們已經為這位客戶交付了 Kestrel 系統，我認為我們可以在 Optimus 等平台上看到這方面的合作。以上是關於紅隼目鳥類的一些背景介紹。

All right. And then just last one for me. I know you guys highlighted the New York Post and how they -- the NYPD had mentioned you guys. I mean is there any other police departments around the United States? You can't obviously probably say their name, but are you guys working with additional police departments around the US?

好的。最後，我還要再來一個。我知道你們重點報導了《紐約郵報》以及紐約警察局是如何提到你們的。我的意思是，美國還有其他警察部門嗎？你當然不能說出他們的名字，但是你們是否與美國各地的其他警察部門合作？

So I'll say, firstly, the interest globally and in the United States in counter drone technologies is just up and to the right and it's really, really intense. At the same time, there's a lot of activity where the ministries of defense, homeland security officials, major urban public safety groups are doing the work to explore capabilities, how these layers are integrated and et cetera.

所以首先我要說的是，全球和美國對反無人機技術的興趣正在上升，而且非常非常強烈。同時，國防部、國土安全部官員、主要城市公共安全團體正在進行大量活動，探索各種能力、如何整合這些層面等等。

In parallel, where there's activities on the regulatory side to allow more permissions for folks like NYPD to deploy these technologies. So I don't want to talk about any other public safety organizations. There's just a very significant amount of customers who are interested and they're big. But at the same time, I want to point to those regulations that are evolving and will be allowing more permissions for deploying our drone across, say, DoD, homeland security and major public safety organizations like NYPD.

同時，監管方面也在進行活動，允許像紐約警察局這樣的機構獲得更多部署這些技術的許可。所以我不想談論其他任何公共安全組織。確實有很多客戶對此感興趣，而且他們都是大客戶。但同時，我想指出這些法規正在不斷發展，並將允許在國防部、國土安全部和紐約警察局等主要公共安全機構中部署我們的無人機以獲得更多許可。

Timothy Horan, Oppenheimer.

提摩西霍蘭，奧本海默。

Eric, on Ondas Networks, I mean, qualitatively, it seems like we've broken the ice here and it feels like we're seeing more momentum, I think, than we've seen in a few years. But what are your thoughts on what's going on there?

艾瑞克，關於 Ondas Networks，我的意思是，從定性角度來看，我們似乎已經打破了僵局，而且感覺我們看到的勢頭比過去幾年都要強勁。但你對那裡發生的事情有什麼看法？

So firstly, I agree with you. The engagement with the railroads is both broadening and deepening. And as you know, Tim, you've been following us for a long time, a lot of the early work with the railroads was really centered on validating the technology and that was principally led by the Wireless Comms Committee, the Wireless Communications Committee, which is a centralized group that AR oversees, right? So all the railroads participate in that.

首先，我同意你的觀點。與鐵路的合作正在不斷擴大和深化。提姆，你也知道，你關注我們很久了，我們早期與鐵路部門合作的許多工作實際上都集中在驗證技術上，而這主要由無線通訊委員會領導，無線通訊委員會是一個由AR監管的集中小組，對吧？所以所有鐵路公司都參與其中。

At the same time, that WCC is really kind of focused on the network experts. And what we've seen over the last, I'd say, 12 months, and that's particularly accelerating with Markus Nottelmann joining as the CEO, we're getting deeper and deeper into each of the rail organizations and really in the field, validating capabilities, validating performance and also working on new applications. As you know, we're moving from the siloed networks, the legacy networks that are built for a single purpose to a general IP network where we can do multiple applications. And as we prove that, the conversations are getting more and more productive.

同時，WCC 實際上非常注重網路專家。在過去的 12 個月裡，我們看到，尤其是在 Markus Nottelmann 加入擔任執行長之後，這種趨勢更是加速發展，我們越來越深入地了解每個鐵路組織，真正深入一線，驗證能力，驗證性能，並致力於開發新的應用。如您所知，我們正在從孤立的網絡、為單一目的而構建的傳統網絡，轉向可以運行多種應用程式的通用 IP 網路。隨著我們不斷驗證這一點，對話也變得越來越有成效。

So at this point, where we started with the railroads is 900 megahertz and that's still in play. We have seen the AAR announce that the 450 megahertz network, which is a Head-of-Train, End-of-Train network has been -- the dot16t technology has been selected there. And as Markus outlined, we're seeing interest in 160.

所以目前，我們最初與鐵路合作時使用的是 900 兆赫茲，而且這個方案仍然有效。我們已經看到 AAR 宣布，450 兆赫茲網路（即列車頭端、列車尾端網路）已選擇 dot16t 技術。正如 Markus 所概述的那樣，我們看到人們對 160 感興趣。

So Markus, I don't know if you can add a bit more context to this, but I think it's clear that we are in the road map. And we're trying to get -- I'll just say this, we're still trying to get that inflection to when the first network gets built. But as I'm looking into 2026, I feel very strongly that both 900 megahertz and 400 megahertz -- or 450 megahertz with that End-of-Train application will be revenue generating.

所以馬庫斯，我不知道你能不能再補充一些背景信息，但我認為很明顯，我們已經在路線圖上了。我們正在努力——我只想說，我們仍在努力爭取在第一個網絡建成時達到那個轉折點。但展望 2026 年，我強烈認為 900 兆赫和 400 兆赫——或採用列車末端應用的 450 兆赫——都將帶來收入。

But Markus, would you add anything?

馬庫斯，你還有什麼要補充的嗎？

Yes. So it's quite similar to what you described with OAS. You start with a proof of concept, you build confidence and then you build out from there, right? So that's really what we've been focusing on in the first half of 2025. We continue that -- continue with those efforts. We start with small-scale efforts that ultimately lead to bigger deployments. So building momentum there with all the Class 1s, that's right on track.

是的。所以這和您描述的 OAS 的情況非常相似。先從概念驗證開始，建立信心，然後再逐步擴展，對吧？所以，這就是我們在2025年上半年重點關注的內容。我們將繼續這樣做——繼續努力。我們從小規模的努力開始，最終實現更大規模的部署。所以，隨著所有一級車手的加入，勢頭正盛，一切都在按計劃進行。

And then switching over to OAS. I guess it's only been two months or a little bit more since Ukraine attacked the planes on Russian soil. And it seems like that was the catalyst to wake up the world that you need some defense measures here. And I know your Analyst Day was only a month ago, but can you give us maybe just a sense of what's going on with the pipeline at this point? Yes.

然後切換到 O​​AS。我猜距離烏克蘭襲擊俄羅斯境內的飛機才過去兩個月左右。而這似乎成了喚醒世界，讓世人意識到我們需要採取一些防禦措施的催化劑。我知道你們的分析師日才過去一個月，但您能否給我們簡單介紹一下目前產品線的進展？是的。

Yes, sure. So the pipeline is growing, and it's also advancing. We've been doing a lot of work and started in Europe back in February. And we -- so you've seen that we did secure the customer firstly at the airport. We think that program will expand. And we've been doing other work on the ground with various, I'll say, homeland security organizations and militaries in Europe.

當然可以。所以，這條管道正在成長，也在不斷推進。我們做了很多工作，早在二月就在歐洲開始了。所以你們也看到了，我們先在機場確保了客戶的安全。我們認為該項目將會擴大規模。我們也與歐洲各地的國土安全組織和軍隊進行了其他實地工作。

I'll also highlight, Tim, that there was a high-profile event connected to Project Vanaheim. This was actually sponsored by the US Army. The US Army called it Project Fly Trap and there were some demonstrations in Poland just a couple of weeks ago, and we participated in that. And as Oshri said in his earlier remarks, that was that Vanaheim and which is a joint project with UK and the US DoDs, that's been a multi-month project.

提姆，我還要特別指出，與範納海姆計畫相關的一件備受矚目的事件。這項活動實際上是由美國陸軍贊助的。美國陸軍稱之為“捕蠅草計劃”，就在幾週前在波蘭進行了一些演示，我們也參與其中。正如奧什裡在先前的演講中所說，那就是瓦納海姆，這是一個與英國和美國國防部合作的項目，已經持續了數月。

So the customers and the industry, the partners are learning a lot, and I think that is going to be transitioning towards infrastructure deployments, and it will be multilayered. We've had the great benefit as we're doing that work to integrate the Iron Drone platform with various detection technologies, principally radar and C2 capabilities. And those are generally going to be capabilities that are brought by major defense vendors. And of course, those are our partners. So I think collectively, when you look at the customer activity, the partner activity, I think we set up a really robust pipeline, and we're going to look to convert that over the next 3, 6, 12 months.

因此，客戶、行業和合作夥伴都在學習很多東西，我認為這將向基礎設施部署過渡，而且這將是多層次的。我們在將 Iron Drone 平台與各種探測技術（主要是雷達和 C2 能力）整合的過程中獲得了巨大的好處。而這些能力通常都將由主要的國防供應商提供。當然，這些都是我們的合作夥伴。所以我認為，綜合來看，從客戶活動和合作夥伴活動來看，我們已經建立了一個非常強大的銷售管道，我們將在接下來的 3、6、12 個月內努力將其轉化為實際收益。

Specifically on the US, a lot of engagement, as I just described in Europe actually coming from the US. And we did engage in Mistral back in May to start to jump start our penetration here, and we're very happy with the traction we're getting. So it's a big focus. If you look inside the One Big Beautiful Bill and the DoD budgets and the programs, you know that there is a big focus on spending on counter drone technologies, and we do believe we're going to be part of that.

具體到美國，正如我剛才在歐洲所描述的那樣，許多參與實際上都來自美國。我們早在五月就與 Mistral 展開了合作，以加快我們在這裡的業務拓展，我們對目前的進展感到非常滿意。所以這是我們重點關注的領域。如果你仔細研究《一項宏偉法案》、國防部預算和相關項目，你會發現其中非常重視反無人機技術的支出，而我們相信我們將會參與其中。

And lastly, do you know of anyone else that's trying to pursue a platform strategy for OAS like you are? And maybe you can elaborate a little bit more on what the strategy is for that platform. I know you just talked about integrating drone with radar. That would seem to be you need kind of a neutral platform that multiple sales channels, multiple manufacturers, multiple technologies. And I guess, for example, can Rift tie into that type of platform and can others also?

最後，您是否認識其他像您一樣正在嘗試為 OAS 制定平台策略的人？或許您可以再詳細闡述平台的策略是什麼。我知道你剛才談到了將無人機與雷達結合。那似乎意味著你需要一個中立的平台，能夠支援多個銷售管道、多個製造商和多種技術。例如，Rift 能否連接這類平台？其他設備能否接取？

It does. Yes, absolutely. So if I think of it in two levels, Tim, there's technology platforms, which Iron Drone or Optimus are. So and we're integrating the autonomous systems and the capabilities that enable that. And very often, we're going to engage partners, as I've described. The systems are modular, right? And that enables us to work in all sorts of environments. So when you come to the United States, there's going to be preferred radar vendors, for example, for detection. And there's multiple. And we know a bunch of them. And if we don't know all of them yet, we will, but I'm really happy with the traction we're getting. So that's an example of technology platforms.

確實如此。是的，絕對的。提姆，如果我從兩個層面來考慮，那就是技術平台，像是鋼鐵無人機或擎天柱。所以，我們正在整合自主系統以及實現自主系統所需的功能。而且很多時候，我們會像我剛才描述的那樣，與合作夥伴合作。這些系統是模組化的，對吧？這使我們能夠在各種環境下工作。所以當你來到美國時，你會發現有你偏好的雷達供應商，例如用於探測的雷達供應商。而且不只一個。我們認識其中不少人。如果我們現在還不知道所有的事情，我們會知道的，但我對我們目前的進展感到非常滿意。這就是技術平台的一個例子。

At the same time, what we're really transitioning and focusing our business model and strategy is on becoming an operating platform, right? And that's a much different. That lends itself to the second half of your observation where you have to address customers, right. You need that whole suite of scaled operations. And if you have a single platform, it's very difficult to do that, single revenue stream. It's very difficult to build that sophisticated sales and marketing capability to field support and sustainment really, really hard and costly on a single revenue stream.

同時，我們正在真正轉型並專注於將我們的商業模式和策略轉變為營運平台，對吧？那可是截然不同的。這就引出了你觀察的後半部分，也就是你需要與客戶溝通的部分，對吧。你需要一整套可擴展的營運方案。如果你只有一個平台，那就很難做到這一點，只能獲得單一的收入來源。僅靠單一收入來源，很難建立起如此複雜的銷售和行銷能力，以提供現場支援和維護，這真的非常困難且成本高昂。

And it's also hard to do it globally. And if you're making these investments, you have leading technology, you want to be able to deploy these defense and security platforms across all allied nations. And the way you do that is localization.

而且在全球範圍內實施起來也很困難。如果你進行這些投資，擁有領先技術，你會希望能夠在所有盟國部署這些國防和安全平台。實現這一目標的方法就是本地化。

So if I think of Rift, it does add our capability, right? So we're getting more scale from our sales and marketing if we can add that third, that fourth, that fifth platform to market. It also gives us more scale on supply chain, right, because we're more relevant to the folks like Detroit manufacturing systems and the component providers thereof.

所以，如果我考慮 Rift，它確實增強了我們的能力，對吧？如果我們能將第三個、第四個、第五個平台推向市場，我們的銷售和行銷就能獲得更大的規模。這也讓我們在供應鏈方面擁有更大的規模，對吧？因為我們與底特律製造系統及其零件供應商等企業更加相關。

And then if I also go say, you think about Rift and it's a partnership, it's not just about the distribution here, which I do believe is going to be a major contributor. But it's also giving us relationships, strengthening relationships that we can build around in Europe because they've done that heavy work. So I really think of us as we're delivering technology platforms that is required for success. If you don't have that, you have nothing. But to be able to deliver those at scale, that's where it gets really interesting for investors where you can do that using your operating capital and your financial capital really, really efficiently.

然後，如果我再說，你想想 Rift，它是一種合作關係，這不僅僅是關於分銷，雖然我相信分銷將是一個重要的貢獻因素。但這也為我們帶來了關係，加強了我們可以在歐洲建立的關係，因為他們已經完成了這項艱鉅的工作。所以我認為，我們實際上是在提供成功所需的技術平台。如果你沒有那個，你就什麼都沒有了。但要大規模地實現這些目標，對於投資人來說，真正有趣的地方在於，你可以非常有效率地利用你的營運資本和財務資本來實現這一點。

Glenn Mattson, Ladenburg.

格倫馬特森，拉登堡。

Congrats on the results. Curious, the -- obviously, it's quite clear from everything you laid out today that the company is set to ramp significantly in terms of the scale in OAS. Curious about the operational infrastructure that's in place, either capacity-wise. I don't know -- I know you've got this relationship now with Detroit Manufacturing Systems and other things in place. But can you maybe just broadly give us a sense of if you need to make any more big investments or new partnerships to meet -- to have the kind of capacity you need to deliver these systems.

恭喜取得好成績。令人好奇的是——顯然，從你今天所闡述的一切來看，很明顯，該公司將在 OAS 的規模方面大幅提升。我對現有的營運基礎設施，包括產能方面，感到好奇。我不知道——我知道你現在和底特律製造系統公司建立了合作關係，還有其他一些事情也已經安排好了。但您能否大致說明一下，您是否需要進行更多重大投資或建立新的合作關係，才能具備交付這些系統所需的能力？

But then secondly, operationally, just do you have the infrastructure within the OpEx. Obviously, OpEx is going to grow with revenues. But is there anything you need to put in place like systems or that kind of thing to really to support this ramp?

其次，從營運角度來看，你的營運支出中是否具備相應的基礎設施？顯然，營運成本會隨著收入的成長而成長。但是，為了真正支持這一成長，是否需要建立一些系統之類的東西？

Yes. Terrific question. It's really important, Glenn. So Oshri joined us formally in March as the Co-CEO of OAS. And that -- this has been a major focus of his to be able to build the leadership team and the partnerships and the ecosystem to help support the scaling that we're talking about here today and we have been and what we've been demonstrating. So what we've done is, we are layering in a leadership team at OAS who is -- it's just another layer that's going to help us scale in all these important -- the aspects of the business, again, sales and marketing, the field support, supply chain and really critical things like that.

是的。非常好的問題。這真的很重要，格倫。因此，奧什裡於三月正式加入我們，擔任 OAS 的聯合執行長。而這正是他工作的重點——建立領導團隊、合作夥伴關係和生態系統，以幫助支持我們今天在這裡談論的規模化，以及我們一直在做的和已經展示的規模化。因此，我們所做的就是在 OAS 中增設一個領導團隊，這只是另一層，將幫助我們在所有這些重要的業務方面擴大規模，例如銷售和行銷、現場支援、供應鏈以及真正關鍵的方面。

We're also going to continue to build our Advisory Board, and that's going to be very impactful. We're not just putting people that look good in the deck, these are folks who are going to make a real impact on the business and be very accretive.

我們將繼續擴大顧問委員會，這將產生非常大的影響。我們不僅僅是把那些看起來不錯的人放進團隊，這些人將對公司產生真正的影響，並帶來巨大的收益。

And then I also point to leveraging the partnerships in the ecosystem. So we're going to build our internal capabilities and our OpEx spend, and we're going to try to do that with our revenue growth in a way that we get positive operating leverage and get that path to profitability. So one of the ways that we do that is by engaging these vendors around -- when we're integrating with them, for example, on the C2 or radar, that's also an opportunity for us to jointly market the systems to their customers.

此外，我還想指出要充分利用生態系統中的合作關係。因此，我們將提升內部能力和營運支出，並嘗試透過收入成長來實現這一目標，從而獲得積極的營運槓桿，並走上獲利之路。因此，我們實現這一目標的方式之一就是與這些供應商合作——例如，當我們在 C2 或雷達系統上與他們整合時，這也是我們向他們的客戶共同推銷這些系統的機會。

So that's the context around how I'm looking at that. So we're going to be building this company for many years. I'll also add this, Glenn, is when we see -- when you look at our pipeline and the folks that we strategically aligning with in and around acquisitions and partnerships, we're not just acquiring technologies. We're acquiring people and experts. And we need that expertise. We need that scale. So that's part of the transaction and we provide for that in our financial analysis, valuation work, et cetera.

這就是我看待這個問題的背景。所以我們將花很多年時間來發展這家公司。格倫，我還要補充一點，當你審視我們的專案儲備以及我們在收購和合作方面進行策略合作的伙伴時，你會發現我們不僅僅是在收購技術。我們正在招募人才和專家。我們需要這方面的專業知識。我們需要這樣的規模。所以這是交易的一部分，我們在財務分析、估值工作等方面都考慮到了這一點。

Very helpful and I was late in the call, but one more quick one. You mentioned winning the DoD contract before the end of the year. You seem to have high confidence in that. You may have said you could win multiple. I'm not sure, but do you have multiple DoD potential large contracts in the pipeline?

非常有幫助，雖然我通話遲到了，但我還是想再快速問一個問題。你提到在年底前贏得了國防部的合約。你似乎對此很有信心。你或許說過你可以贏得多個獎項。我不太確定，但你們目前是否有多個國防部潛在的大額合約正在洽談中？

Could you win more than one? Is it the programs of record? Just a little bit more flesh that out a little bit, if you could, would be great.

你有可能贏得不只一個獎項嗎？這是正式的節目單嗎？如果可以的話，請再補充一些細節，那就太好了。

Yes. So I just kind of want to leave at that. I think we're very happy with how the pipeline is developing and advancing. We are in a strong demand environment. Our partners at Mistral are very experienced. And I think I'm optimistic, I'll say that. And then, of course, a lot of these things get the timing. So if we do one or two or three, do we do it by year-end? I'm not sure. So what I would just like to do is set that expectation for at least one and then we'll try to beat it.

是的。所以我就想就此打住吧。我認為我們對管道的開發和進展非常滿意。我們目前處於強勁的需求環境中。我們在Mistral的合作夥伴經驗非常豐富。而且我認為我很樂觀，我得這麼說。當然，很多事情都需要把握時機。所以如果我們要做一兩項或三項，我們能在年底前完成嗎？我不知道。所以，我只想先設定一個目標，至少要達到一個，然後我們再努力超越它。

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。我謹將會議交還給埃里克·布羅克，請他作總結發言。

Okay. Thank you, operator. So 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. We're going to be focused on sustaining the momentum through the end of 2025 and into 2026. And of course, we look forward to providing you more updates along the way. So the team will go back to the important work of building the company, and we hope you have a great day. So thanks again.

好的。謝謝接線生。通話即將結束，我再次感謝您今天抽出時間與我們通話。正如我們之前所述，2025 年開局良好。我們將致力於保持這一發展勢頭，直至 2025 年底和 2026 年。當然，我們期待在此過程中為您提供更多最新消息。所以團隊將繼續投入公司建立的重要工作中，祝您今天過得愉快。再次感謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。