Ondas Holdings 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。（操作員指示）在我們開始之前，本公司想提醒您，本次電話會議可能包含前瞻性陳述。雖然這些前瞻性陳述反映了 Ondas 目前的最佳判斷，但它們受風險和不確定性的影響，可能導致實際結果與這些前瞻性陳述所暗示的結果有重大差異。這些風險因素在 Ondas 定期向美國證券交易委員會提交的文件和今天發布的收益新聞稿中進行了討論，這兩份文件均可在公司網站上查閱。

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.

除非法律要求，否則 Ondas 不承擔修改或更新任何前瞻性聲明以反映未來事件或情況的義務。在本次電話會議中，Ondas 將參考某些非 GAAP 財務指標。這些非公認會計準則指標並非依照公認會計原則編製。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.

此非 GAAP 資訊僅作為依照 GAAP 編製的財務績效指標的補充，而非替代或優於此指標。然而，管理階層認為這些非公認會計準則指標為投資者提供了有關我們業務基本趨勢的寶貴資訊。請注意，此事件正在被記錄。

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

現在，我想將演講交給董事長兼執行長 Eric Brock。請繼續。

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

好的，謝謝接線員，早安。首先，歡迎您參加我們的季度電話會議。我們感謝您今天加入我們並持續關注 Ondas。我很高興今天能與我們領導團隊的主要成員一起參加此次會議，其中包括我們的財務長 Neil Laird、Ondas Autonomous Systems 聯合執行長 Oshri Lugassy、OAS 總裁兼 Airobotics 創辦人 Meir Kliner 以及 Ondas Networks 執行長 Markus Nottelmann。

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.

現在讓我們開始討論議程。我將首先回顧 2025 年第二季的主要亮點。然後，我會將電話交給尼爾，讓他對我們 2025 年第二季的業績進行財務審查。然後，我們將為我們的 OAS 和 Ondas Networks 業務提供業務更新，我將要求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。我們將結束電話會議並開始回答投資者的提問。

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，我們舉行了一次 OAS 特定的投資者日會議，並分享了有關我們的計劃、進展和展望的大量細節。因此，我們今天會盡量簡潔一點。但同時，我們確實有很多事情要討論，所以我們現在就直接開始討論。

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，Q2 對 Ondas 來說又向前邁進了一步。我們表現良好，保持了良好勢頭，並實現了既能體現成長又能體現營運進步的季度。我們正在證明，在全球日益增長的順風和對我們的自主無人機平台的需求的支持下，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.

我們創造了創紀錄的 630 萬美元季度收入，比去年同期成長了 6 倍多，比上一季成長了 50%。這項業績是由 OAS 的嚴格執行推動的，我們執行現有計劃，擴大現有客戶，並與世界各地的新客戶一起開展新計劃。憑藉這一發展勢頭和不斷增長的訂單量，我們重申 2025 年全年收入目標至少為 2500 萬美元，其中 OAS 將創造超過 2000 萬美元的收入。

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，我們預計在 2025 年下半年將從新客戶那裡獲得具有重要策略意義的訂單。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到 2026 年繼續快速成長。

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 繼續擴大在歐洲、中東和美國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經過領先軍事客戶和新客戶的實戰驗證，而這種現實世界的驗證正在推動全球行銷活動。自二月以來，我們專門的鐵人無人機演示團隊一直在與全球客戶互動，激發他們對產生新需求的強烈興趣。

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，我們也看到了其不斷成長和成熟的管道。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。我們相信這可能是世界上第一個在類似位置實施緩解措施或部門 CUAS 層的項目，我們預計這些關鍵位置將成為 Ondas 的巨大市場。

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國土安全試點，預計該試點將轉變為多年期計畫。在 Optimus 方面，我們的阿聯酋無人機機隊持續擴大，用於執行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獲得額外成長，包括在美國的重要機會。我們還創造了更多的國防和國土安全機會，我們預計至少有幾個將在年底前完成。

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，我們透過有意義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頭尾系統的協議，這是對我們多年戰略發展工作的驗證。我們向 Amtrak 交付了新的 220 兆赫 ACSES 無線電，標誌著商業推廣的開始。我們繼續在芝加哥的 900 兆赫 A 區塊開展遷移活動，並看到更廣泛的 dot16 應用的現場活動增加。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 年實現持續成長做好準備。

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.

讓我們仔細看看這股勢頭背後的業務指標。在過去的 12 個月中，OAS 已獲得超過 3,900 萬美元的訂單，我們的積壓訂單已從 2024 年底的 1,000 萬美元增長到第二季末的 2,200 萬美元。積壓訂單的成長轉化為收入，我們在美國和歐洲的營運範圍也在擴大，以支持我們平台的大規模採用。

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最強勁的——處於有史以來最強勁的地位。我們在第二季結束時擁有 6860 萬美元的現金。7 月份，我們透過股權轉換的方式全部贖回了 Ondas Holdings 可轉換債券的剩餘餘額。由於沒有未償還的控股公司債務，我們擁有執行成長計畫的財務靈活性。從戰略上講，我們將繼續擴大我們的生態系統，我們將在本次電話會議中更詳細地解釋。

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.

與 Mistral 的合作有望加速美國政府對 Iron Drone 和 Optimus 的採用。我們與底特律製造系統的生產合作增強了美國供應鏈的彈性和成本效率。我們啟動了策略併購計劃，我們的策略管道正在不斷發展和成熟。簡而言之，我們目前正致力於建立一個可擴展、資金充足的營運平台，將積壓訂單轉化為收入，並為 2026 年的持續成長創造可預見性。

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.

我想強調一下上週 Ondas 的一個精彩時刻。正如我們在 7 月的 OAS 投資者日上詳細分享的那樣，無人機行業正受益於重大的政策利好。我們在這張投影片上重點介紹了其中的一些。昂達斯很高興看到美國聯邦航空管理局響應川普總統的行政命令，該命令的標題是“釋放美國無人機主導地位”，宣布啟動新的聯邦航空管理局規則制定流程，以便在全國範圍內開展 BB 損失無人機操作。

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時刻，Ondas 和其他行業領導者一直在努力實現這一點。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·達菲宣布了規則制定，在最顯眼的位置展示的三個無人機系統中，有兩個是我們的，左側是 Optimus 系統，中間是 Iron Drone Radar，就在講台下方。

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.

在如此重要的政策聲明中表現出的這種知名度凸顯了我們在自主航空系統領域的領導地位、我們所針對的軍民兩用市場以及 Ondas 在塑造美國無人機運營未來方面所發揮的作用。讓我明確一點，我們確實相信我們的業務將成為這些監管進步以及這裡概述的加強需求和政策順風的顯著受益者。

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的重大新聞，我們宣布與 Rift Dynamics 建立合作夥伴關係並進行投資。Rift 由無人機和國防工業先驅 Knut Roar Wiig 領導。克努特 (Knut) 是我和 Ondas 團隊的老朋友。他和他的團隊在國防和航空航天領域擁有豐富的經驗，並在歐洲無人機和國防生態系統中擁有深厚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討論的那樣，建立一家成功的國防和安全技術公司需要在所有主要領域實現本地化。Ondas 和 Rift 可以共同協助完成這些在地化工作，我們與 Rift 關係的正式化與我們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努力具有協同作用。

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、可歸因的無人機，專為擴大規模而設計。它非常適合偵察、打擊和其他關鍵任務，這些任務對經濟性、可靠性和大規模生產至關重要。正如 Rift 所概述的，黃蜂飛彈的使用成本低，損失也小，這與美國國防部的優先事項完全一致，國防部長 Pete Hegseth 呼籲大規模殺傷性武器來大規模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 從一開始就在做正確的事。他們在 Wasp 的設計上採用了全新的理念。這意味著他們可以從第一天開始使用高品質、符合保密協議的組件，滿足國防部對低成本、可大規模生產、可歸因的無人機平台的非常具體的要求。

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，這種靈活性將允許根據國防部當前的需求以及未來的發展進行細分。Rift 最大的優勢之一是他們制定的細緻的供應鏈準備，使他們能夠在該領域以關鍵的市場優勢批量交付產品。該供應鏈依賴合約製造商，我們與 Rift 一起確定了非常有能力的全球合約製造商，他們在歐洲和美國設有工廠，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，我們相信美國存在著巨大的創收機會。《一項美麗大法案》列出的單向可歸屬無人機的支出超過 10 億美元，這還不包括國防部預算的 ISR 型無人機支出，這也是 Wasp 法案所涉及的部分。作為此次合作和投資的一部分，我計劃加入 Rift 董事會，幫助支持他們的成長，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，我相信這段關係將從現在開始出現一些令人興奮的發展。

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 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，未來 12 個月將展現出顯著的營運槓桿。

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客戶活動時間的不確定性、與西門子和 MxV Rail、Amtrak 和東北走廊交付正在進行的開發計劃，以及正在進行的 900 兆赫以上的其他鐵路網絡工作和與客戶一起開發的新應用程序，收入將逐季度波動。同樣，隨著我們客戶群的擴大以及越來越多的客戶加入車隊計劃和定期服務協議，OAS 的收入預計每個季度都會有所不同，並趨於更可預測的模式。

Revenues increased 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.

第二季營收從去年第二季的 100 萬美元成長了 500% 以上，達到 630 萬美元。這一成長主要得益於 OAS 收入，今年該收入為 610 萬美元，而去年同期為 30 萬美元。這反映了過去 12 個月收到的訂單中的產品和服務的出貨量，特別是發往以色列、阿拉伯聯合大公國和歐洲的國防和國土安全客戶的產品和服務的出貨量。

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.

毛利為 330 萬美元，第二季毛利率為 53%，而 2024 年第二季毛虧損為 20 萬美元。毛利率年增是由於 OAS 高利潤產品收入增加，而 2024 年第二季服務和訂閱收入利潤率較低。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，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 年第二季的營運費用從 2024 年第二季的 810 萬美元增加至 1,260 萬美元，增加了 450 萬美元。我們的營運費用增加主要是由於為支援業務成長和策略措施而增加的人力資源成本。這些營運費用包括非現金項目，而且我們的非現金項目較去年同期成長。

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 年第二季的現金營運費用（不包括股票薪資、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。現金營運費用的增加包括約 100 萬美元的控股公司成本和其他策略成本，用於實施我們的併購計劃、重組資產負債表和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.

由於薪資以及隨著收入增加而增加的員工人數和獎金，員工成本增加了約 200 萬美元。此外，由於為聘用和留住員工和顧問而發行的股票選擇權和 RSU，營運費用中包含的股票薪酬增加了 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.

調整後的 EBITDA 從虧損 670 萬美元改善至虧損 580 萬美元。這反映了毛利率增加了 350 萬美元，超過了現金營運費用增加 280 萬美元。2025 年第二季的營業虧損為 920 萬美元，而 2024 年第二季的營業虧損為 830 萬美元。其他費用增加了 150 萬美元，主要是因為額外的利息支出，其中包括由於債務轉換加速而導致的債務發行成本的更快攤銷。

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 日為 3,000 萬美元。上半年經營活動現金流略為下降至 1,510 萬美元，而 2024 年上半年為 1,630 萬美元，與 EBITDA 的成長非常一致。

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，我們的融資活動現金流也達到 5,390 萬美元。其中包括 6 月份股票發行淨費用 4,270 萬美元和行使認股權證淨費用 1,000 萬美元。我們預計 2025 年現金利用率將持續改善。由於我們預計 2025 年收入和毛利將會增加，因此效率的提高來自 OAS 業務部門的營運費用槓桿。此外，我們與 Klear 的合作夥伴關係於 7 月擴大，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。此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.

再一次，在資產負債表上，截至 2025 年 6 月 30 日，我們持有現金 6,860 萬美元，而截至 2024 年 12 月 31 日，我們持有現金 3,000 萬美元。Ondas Holdings 未償還的可轉換債務為 520 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大量轉換為股權。剩餘餘額已於7月轉換，目前控股公司的可轉換債務為零。

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的結果感到滿意。截至 2025 年 6 月 30 日的股東權益為 9,080 萬美元，而截至 2024 年 12 月 31 日的股東權益為 1,660 萬美元。現在我們再來談談資本化問題。截至今天，我們擁有約 2.192 億股流通股，較 5 月份第一季投資者電話會議上的 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 的可轉換債務的完全消除和 6 月的股票發行以及持有最低限度員工股票選擇權和 RSU 的投資者行使認股權證有關。當然，透過消除可轉換債務和超過 5,440 萬美元的現金注入，Ondas 的資產負債表健康狀況得到了顯著改善，這兩項因素都使我們能夠很好地執行成長計劃。

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

說完這些，我現在將電話交還給 Eric。

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財務審查中傳達的兩件事。首先，我們相信，強勁的資產負債表對 Ondas 來說是一個巨大的競爭優勢，因為我們從優勢地位執行我們的核心和策略成長計畫。此外，我們打算維持 Ondas 強大的資本狀況，並為我們的投資者帶來最大利益。

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，我們的股份數量因投資者的支持而增加，其中包括相信我們的技術和終端市場的新機構持有者，他們也支持我們的願景並支持我們的核心策略成長計劃。我們有責任在我們所瞄準的人工智慧和自主驅動的全球國防和安全市場中取得勝利。從現在開始，我相信核心平台擴展和我們的併購計劃的結合將使我們能夠回報我們的投資者，感謝他們為幫助我們定位所做的重大貢獻——幫助我們為公司在未來幾個季度和幾年的成功做好準備。

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?

現在我們將轉向對我們業務部門的審查，並要求 Markus、Oshri 和 Meir 分享 Ondas Networks 和 OAS 的業務發展活動和營運的最新情況。Markus 將從 Ondas Networks 開始任職。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，很高興來到這裡向您通報我們的進展。首先要強調的是，IEEE 在第二季正式批准了 802.16t 無線標準。眾所周知，dot16t 標準是由 Ondas 率先提出的，在過去四年中，我們一直與業界不懈地合作，為正式採用做好準備。此類進步有助於我們的 dot16 平台在北美鐵路產業獲得更廣泛的接受。

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，4 月 11 日 AAR 選擇 dot16 作為 450 兆赫 NGHE 網路的無線主幹網路是對 Ondas 技術的另一個重要驗證。這不僅是NGHE 4.0規範發展的重要里程碑，也是對802.16技術和鐵路運營環境的重要認可，並有助於加速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.

我們正在與西門子合作，透過 ATCS 產品線建立支援集中列車控制的即時網絡，同時，我們也正在與多條 1 級鐵路和區域鐵路進行額外的 900 兆赫現場試驗，並進行全面部署。這些活動和 1 級試點正在測試新的用例，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，我們現在看到業界越來越認識到如何將 dot16 應用於關鍵的無線鐵路網絡，而該網絡數據容量的大幅增加以及新基於 IP 的用例的靈活性非常有價值。正如我們在此所展示的，所有鐵路專用網路的容量都得到了實質的增加。

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，在關鍵的主動列車控制安全應用所在的 220 兆赫頻譜中，dot16 可以將網路容量提高 5 倍。這將有助於鐵路部門避免昂貴的頻譜購買。160兆赫網路是鐵路公司擁有的最大的單一頻譜區塊，它代表著一個重大的新機遇，將傳統語音網路轉變為支援高容量VoIP的資料系統。我將在下一張幻燈片中更詳細地討論這一點，並指出 160 網路是按通道容量衡量的最大的鐵路網絡，並且無處不在，覆蓋北美每一英里的軌道。

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的利用率還不到該容量的 10%。正如我們接下來要討論的，將 160 兆赫從傳統 LMR 網路轉換為混合數據和 IP 語音網路的前景對於鐵路客戶和 Ondas 來說是一個重大機會。如上所述，人們對在 160 兆赫網路上部署 dot16 有著濃厚的興趣，我們正在演示如何透過單一 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，直接與後台系統連接的路邊系統、新的操作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 的潛力正在推動不斷增長的鐵路應用生態系統的創建。我們計劃在明年上半年將這些示範活動擴展到一級鐵路。

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.

儘管迄今為止缺乏大規模的商業網絡建設，但圍繞 Ondas 和我們的 dot16 功能的鐵路發展勢頭仍在繼續增強。我們正在支援正在進行的 900 兆赫部署，推動 A 區塊遷移到主要網路使用，並將 900 兆赫定位為某些 220 兆赫應用的替代路徑。正如我們在最近的投資者電話會議中討論的那樣，新的 900 兆赫 A 區塊被定位為 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.

我們也致力於在新的 900 兆赫網路上整合多個新應用程式。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安全的基於 IP 的系統，從而使新的數據密集型應用程式能夠支援高效的列車運行和安全工具。我們正在為一級運營商在黑暗區域進行 900 兆赫的現場測試，而我們與 Amtrak 合作的 220 兆赫 PTC 數據無線電項目仍在進行中，並將於本季度開始交付。我們也正在與其他東北走廊營運商討論進一步的部署。

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 將在年底前完成 4.0 標準，我們正在與 HOT 和 EOT 供應商合作，將下一代產品商業化。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，及時傳輸資料的需求也顯著增加。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。

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.

我們繼續與鐵路社區就 dot16 網路的重要價值及其支持的眾多應用進行交流。透過建構dot16應用生態系統，我們將持續推動Ondas技術平台的商業化。

I will now hand the call back to Eric.

我現在將把電話交還給 Eric。

Thank you, Markus. I will now ask Oshri 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。現在我請 Oshri Lugassy 發言並提供我們 OAS 業務部門的業務最新情況。Meir Kliner 和我也會對 OAS 業務擴展的進展進行評估。Oshri，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 自治系統在 2025 年第二季度保持強勁勢頭，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 6 倍多。今年迄今為止，OAS 已獲得價值 2,330 萬美元的訂單，推動了積壓訂單的成長，這反映了全球對 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，我們宣布了來自阿聯酋政府實體的 320 萬美元後續訂單，用於擴展支援公共安全營運的 Optimus 無人機網路。後來，當增加艦隊支援服務時，該訂單金額增加了 60 萬美元，達到 380 萬美元。本季後期，Airobotics 從一家主要國防客戶獲得了價值 1430 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 訂單，大大擴展了我們在全球國防領域的影響力。

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.

在第二季度，我們為 Iron Drone 的新國防和國土安全客戶爭取並執行了具有戰略意義的訂單。第一份訂單是來自北約成員國歐洲政府防務機構的價值 340 萬美元的訂單，成功在歐洲實施了該系統的首次作戰開發。第二份訂單是來自亞洲某政府機構的價值 170 萬美元的訂單，用於國土安全行動，未來有擴展的潛力，該訂單已經交付，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，American Robotics 公司獲得了美國一家主要人類公共安全機構的採購訂單，購買 Kestrel 鐵路系統，這是一個先進的無人機偵測和反無人機平台。我們對鐵無人機雷達系統的研發工作持續到了第二季度，展示了雷達無與倫比的自主反無人機能力，並透過高影響力的演示建立了信任。

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，我們直接與頂級國防和公共安全利益相關者進行了接觸。這已經使得 Iron Drone 在 2025 年第二季在歐洲和亞洲獲得了兩家新的客戶，並且還有更多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，我們計劃在美國和歐洲進行更多停留。每個活動都旨在將通路機會轉化為積極的計劃，並將計劃轉化為長期擴展。最近幾個月，我們參與了 Vanaheim 項目，這是美國和英國聯合發起的一項旨在塑造未來反無人機能力的計劃。鐵無人機的高度自主性、附屬設計和可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。我們將透過參與即將開展的項目繼續推廣它。

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.

我們的全球巡迴的另一個重要成果是與新的本地檢測系統和 C2 平台的整合。第二季度，我們成功完成與多個第三方偵測和C2系統的整合。每次完成的整合都證明了鐵無人機雷達系統的穩健性，並隨著系統成為關鍵國防和國土安全、承包商和最終用戶的真正即插即用組件而創造了更多的擴展機會。我們計劃繼續開展演示、[Demo 世界巡演、POL] 以及在歐洲和亞洲開展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.

回想一下，我們的策略是與更大的客戶合作進行初步試點項目，然後我們努力過渡到多年的基礎設施項目建設。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多個美國國防部服務部門展示我們的反無人機能力。《紐約郵報》強調，紐約警察局正在尋求擴大使用反無人機工具的權力，並特別強調了他們對部署美國機器人公司鐵無人機平台的興趣。我們與美國的重要合作夥伴和客戶進行了其他演示，其中包括我們九月參加的國際刑警組織聖地牙哥邊境反無人機博覽會。

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

我現在將電話交給梅爾，我們將討論我們的營運平台擴充。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，Oshri。作為我們快速擴張計畫的一部分，我們正在將 OAS 打造為一個完整的營運平台，不僅提供優質的產品，還提供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，從國防部到網路安全和急救人員，需要的不僅僅是創新。他們需要值得信賴、反應迅速、能提供一致成果的合作夥伴。

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.

在第二季度，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，重點關注國防和國土安全市場的自主無人機和人工智慧情報、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者。

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 先生擁有數十年在以色列國防研發、武器系統創新和業務發展方面的領導經驗，並曾擔任以色列國防部研發主管，累積了豐富的領導經驗。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.

我們正在投資我們的內部領導力，同時透過合作夥伴關係進行擴展，特別是在整合、分銷和現場服務方面，您將在未來幾個月內了解更多有關我們正在增加的人才的資訊。當然，這次活動也支持了我們在7月份美洲國家組織投資者日上所製定的併購計畫。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，我們收購了專門從事國防工業工程項目的以色列公司 Zickel Engineering。這個小型多學科團隊提供快速高品質的解決方案，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 的保護下能夠大幅成長。

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。在第二季至 2025 年期間，我們將擴展我們的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計畫的長期擴展。我們繼續開發和整合先進的實體 AI 功能以實現任務自主，包括 AI 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功能。

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.

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軍最終用戶廣泛部署的C2系統整合在一起。我們將整合能力視為產品分銷策略和市場進入計劃的關鍵驅動力。我們預計將在今年下半年宣布更多的合作夥伴關係和整合計畫。

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

我現在將電話交給艾瑞克，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，Meir，也謝謝你，Oshri 和 Markus。讓我們把焦點轉向美國市場的美國機器人公司。在監管方面，Optimus 在列入綠色無人機系統名單方面取得了實質進展，而 Iron Drone 則計劃於第三季提交申請。我想指出的是，自 2025 年 7 月起，所有綠色 UAS 平台都將自動添加到藍色 UAS 清除清單中。當然，藍色無人機認證對於國防部大規模採用 Optimus 和 Iron Drone 等系統至關重要。我相信我們很快就能並且將會分享更多有關這項進展的細節。

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，我們正在加速在美國的擴張，並宣佈在第二季度立即建立關鍵合作夥伴關係，支持與美國機器人公司在美國實施更大的市場進入策略。我們與 Mistral 的合作使我們獲得了進入聯邦採購管道的戰略性途徑，並得到了國防部和國土安全部 30 多年聯繫人追蹤經驗的支持。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國防部訂單。

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，根據需求環境、我們的平台成熟度以及我們的客戶通路開發活動，這是一個適度的目標。在生產方面，底特律製造系統將在其位於密西根州的 Kinetyc 工廠支援符合 NDA 要求的美國製造。這種合作關係增強了我們的供應鏈彈性，降低了成本，縮短了交貨時間，並透過大規模生產設計提高了毛利率。當我們宣布合作關係時，這項工作就立即開始了。

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，我想強調的是，我們正在積極尋求 Replicator-2 國防部計劃下的機會，同時建立一條美國管道，其中包括主要城市關鍵基礎設施項目、與現有公用事業客戶的車隊擴建、2025 年下半年在美國軍事基地的初始 Optimus 部署，以及與財富 100 強客戶合作的校園安全項目。當然，我們與 Rift 的合作也將成為未來幾季 American Robotics 故事的一部分。

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.

現在讓我們轉到 2025 年下半年的展望，首先介紹我們的策略成長計畫的現狀。在今年稍早的 OAS 投資者日上，我們提出了一個明確的機會，即建立一個規模化、人工智慧化、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該計劃。我們的策略是分層投資並資助成熟的、經過現場驗證的技術平台的進步，同時有針對性地投資人才和生態系統合作夥伴關係，以加強我們的全球和在地化市場進入能力。

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，並在國防、安全和關鍵基礎設施市場中建立我們的能力，這些市場在未來幾年將實現強勁成長。我們正在刻意建立一個超越單一產品的操作平台，整合自主 ISR、反無人機、任務規劃和即時交戰等功能，以提供符合全球國防、家庭和安全以及關鍵基礎設施客戶的營運重點的綜合解決方案。

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.

我們的併購通路強勁、多元且成熟。我們已經確定了多個目標，這些目標可以加速我們成熟、可立即執行任務的技術平台的路線圖，從而擴展我們為服務和整合合作夥伴提供的解決方案，從而加強客戶的採用。今天我們重點介紹了 Rift 交易和 Zickel Engineering，它們都具有高度的戰略意義。

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控制地位，但 Rift 是一種我們透過小額投資來鞏固合作關係的情況。Rift 的業務是輕資本業務，是開發低成本可歸屬無人機的必需品，坦白說，該公司不需要我們的資本。相反，Rift 之所以被 Ondas 吸引，是因為我們正在擴展這個全球營運平台。隨著未來幾個月我們的行銷工作日趨成熟，我們將提供有關 Rift 收入潛力的更多細節。

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.

Meir 也討論了 Zickel Engineering 的收購事宜。這是我們為 OAS 業務引入精英工程團隊的機會。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 能夠創造收入並為 OAS 的現金流做出積極貢獻，並幫助 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.

我們預計在 2025 年下半年實施一系列具有策略重要性和財務價值的策略收購。這些收購不僅將擴大我們的能力和市場範圍，還將增強我們的收入結構、利潤率狀況和經常性收入來源，在我們邁向 2026 年及以後的發展過程中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.

現在讓我們來談談我們的展望。正如我們一開始所說的，對 Ondas 來說，這是一個令人興奮的關鍵時刻。我們正在執行明確的多年成長計劃，我們創紀錄的上半年業績證實，我們在 OAS 和 Ondas Networks 上所做的基礎工作正在轉化為可衡量且加速的業務發展勢頭。我們仍然相信，2025 年將實現加速成長，利用我們在過去幾季創造的訂單活動、營運準備和市場吸引力。

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、營運影響和進一步採用。我們也專注於增加新的客戶計劃，特別是在國防和國土安全領域，目標是透過政府和政府管道以及直接參與來取得勝利。

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.

在我們上次通話中，我們將今年的目標提高到至少四個新的國防或國土安全客戶，我們相信這個目標仍然非常容易實現。發展我們的合作夥伴生態系統仍然是一個關鍵的推動因素，不僅對於全球銷售和行銷而言，而且對於現場支援、維持、供應鏈和生產也是如此。與合適的合作夥伴一起實現我們的業務在地化對於實現全球擴張至關重要。

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.

我們看到主要國防和國土安全供應商的參與度日益提高，他們希望與 Ondas 和 OAS 合作，為客戶提供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，我們的平台和營運計畫日趨成熟，正在產生成果。我們在這裡分享的成長反映了兩個業務部門的成長，其中大部分的近期加速來自 OAS。我們再次重申我們的收入目標，至少——對不起，至少 2500 萬美元，其中 OAS 預計今年將貢獻超過 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.

這種可見性得益於兩個部門強勁而成熟的產品線中積壓的訂單，目前積壓訂單已達 2,200 萬美元。我們預計下半年積壓訂單將進一步成長，同時營收轉換也將強勁。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，這為我們 2026 年的強勁開局奠定了基礎。最後，我們相信我們可以在 2025 年下半年執行至少兩次策略性收購，並且我們對策略管道的可見度非常強。

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。我們擁有領導團隊、平台和策略，我仍然相信 2025 年將被定義為我們公司的突破之年。

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。

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

我們現在開始問答環節。（操作員指示）

Mike Latimore, Northland Capital Markets.

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

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

今年我們取得了豐碩的成果，並且取得了令人印象深刻的成就。

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，我想，就在最後一張投影片上，你談到了 2300 多萬美元的預訂量。需求似乎非常多樣化，你可以透過多種方式達到或超過這個水平。但是您是否期待有一到兩筆大交易呢？或者也許只是澄清這些預訂信心的來源，以及國際與美國、Optimus 與 Iron Drone 的對比。對此需要澄清一點，因為這是一個強而有力的數字。

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.

是的，當然。因此，我將回顧我們的 OAS 投資者日，當時我概述了我們的行銷計劃以及我們如何與客戶一起制定計劃。通常，您會看到我們透過 POC 類型的小訂單來吸引新客戶。當然，我們實現了這一目標，然後我們的目標是將其擴展到基礎設施建設，那時訂單就會變得更大。

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.

我們目前正在實施幾個這樣的項目，我們確實相信——我們將繼續招募新飛行員，同時也轉變飛行員。因此，在接下來的 6、12、18 個月裡，您會看到訂單量不斷增加。到那時，我們的產品線中顯然有一些產品可以獲得數千萬美元的訂單。但當然，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視野。但我可以告訴你，這就是我們眼前所看到的規模。因此我認為指導意見可能相當保守，而且我認為目前這是一個好的位置。

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。然後您提到了兩次控制收購。這是除了您今天剛剛提到的那個小的之外的嗎？那麼我認為這會對收入產生正面影響嗎？

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——這是與 Zickel 和 Rift 的交易之外的。是的，我們收購的這些公司絕對能帶來收入。而且管道相當堅固。

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。對我來說這只是最後一個。本季的毛利率確實很好。這是否很好地反映了您的 OAS 業務的規模？

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。我確實認為隨著時間的推移，我們可以做得更好，對嗎？這來自於我們將在兩個平台上進行的產量和製造設計。所以我認為我們有機會做得更好。同時，我要提醒的是，我們還沒有達到規模。因此，季度與季度之間的波動可能會很大。但我認為，就目前而言，50% 的目標是一個不錯的目標。

Maxwell Michaelis, Lake Street Capital Markets.

馬克斯韋爾‧邁克爾斯 (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?

只是想回顧一下這兩次收購，以及它們與 2026 年有何關聯。因此，如果我回顧投資者日，我認為你們談到了 2026 年 OAS 收入為 4000 萬美元。我的意思是，它一直被認為是有機的嗎？或者這個 4000 萬美元的目標一直都包括 2025 年下半年的這兩次潛在收購？

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，對 2026 年的展望是完全自然的。因此，這些收購將對 2026 年以及 2025 年下半年的前景產生增值作用。

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，如果我們從州的角度來談，我們看看 Kestrel 的勝利，我相信，那是城市公共安全局。也許您能提供一些有關那次勝利的更多細節，以及您正在做的事情和用例？

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.

是的，當然。這是我們為 Kestrel 系統（一種空域感知工具）捕獲的第一個訂單。我們在 Kestrel 上進行的大部分工作實際上是在部署 Optimus 基礎設施時將其與 Optimus 在系統層級進行捆綁。但同時，我們看到各種反無人機產品的需求相當大。當我們考慮分層安全性時，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該系統，即 Kestrel，並且我認為我們可以在該領域看到 Optimus 的參與。這就是有關 Kestrel 命令的一些背景資訊。

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。對我來說這是最後一個了。我知道你們強調了《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局嗎？顯然，您可能不能說出他們的名字，但您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.

所以我想說，首先，全球以及美國對反無人機技術的興趣非常濃厚。同時，國防部、國土安全官員、主要城市公共安全組織正在進行大量活動，探索能力、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，監管方面正在採取行動，為紐約警察局等機構部署這些技術提供更多權限。所以我不想談論任何其他公共安全組織。有相當多的客戶對此感興趣，而且數量龐大。但同時，我想指出的是，這些法規正在不斷發展，並將為國防部、國土安全部和紐約警察局等主要公共安全組織部署無人機提供更多許可。

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?

Eric，關於 Ondas Networks，我的意思是，從品質上來說，我們似乎已經打破了僵局，而且我覺得我們看到的勢頭比過去幾年都要強勁。但是您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加深。提姆，正如你所知，你關注我們很長時間了，鐵路早期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 AR 監督的集中小組，對嗎？所以所有鐵路都參與其中。

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 確實非常關注網路專家。而我想說，在過去的 12 個月裡，我們看到，隨著 Markus Nottelmann 加入擔任首席執行官，這一進程尤其加快，我們越來越深入地了解每個鐵路組織，真正進入該領域，驗證能力，驗證性能，並致力於新的應用程序。如您所知，我們正在從孤立的網路（為單一目的而建立的傳統網路）轉向可以執行多種應用的通用 IP 網路。當我們證明這一點時，對話就會變得越來越有成效。

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.

因此，目前我們開始建造鐵路的頻率是 900 兆赫，並且仍在使用中。我們看到 AAR 宣布 450 兆赫網路（列車頭尾網路）已經選擇了 dot16t 技術。正如 Markus 所概述的，我們看到了人們對 160 的興趣。

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，我不知道你是否可以對此添加更多背景信息，但我認為很明顯我們已經在路線圖中了。我們正在努力——我只想說，我們仍在努力在第一個網路建成時實現這一轉變。但當我展望 2026 年時，我強烈感覺到 900 兆赫和 400 兆赫——或者 450 兆赫與列車末端應用都將產生收入。

But Markus, would you add anything?

但是馬庫斯，您還有什麼要補充嗎？

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。所以它與您描述的 OAS 非常相似。您從概念驗證開始，建立信心，然後從那裡開始發展，對嗎？所以這確實是我們在 2025 年上半年的重點。我們會繼續這樣做——繼續這些努力。我們從小規模的努力開始，最終實現更大規模的部署。因此，透過所有 1 級課程建立勢頭，一切都按計劃進行。

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 OAS。我猜想距離烏克蘭襲擊俄羅斯領土上的飛機只有兩個多月的時間。這似乎是喚醒世界的催化劑，提醒人們需要採取一些防禦措施。我知道您的分析師日只是一個月前的事了，您能否向我們介紹一下目前的管道進展？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.

是的，當然。因此，管道正在不斷增長，並且也在不斷進步。我們一直在做大量工作，從二月就在歐洲開始了。而且我們——所以您已經看到，我們確實首先在機場確保了客戶的安全。我們認為該計劃將會擴大。我們也一直在與歐洲的各個國土安全組織和軍隊進行實地工作。

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，我還要強調的是，有一個與瓦納海姆計畫相關的備受矚目的事件。這實際上是由美國陸軍贊助的。美國陸軍將其稱為“捕蠅器計劃”，幾週前在波蘭舉行了一些示威活動，我們也參與其中。正如 Oshri 在先前的演講中所說，那是 Vanaheim，是英國和美國國防部的聯合項目，這是一個持續數月的項目。

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、行業和合作夥伴正在學習很多東西，我認為這將向基礎設施部署過渡，而且將是多層次的。我們將 Iron Drone 平台與各種探測技術（主要是雷達和 C2 功能）結合，從中獲益良多。這些通常都是主要國防供應商帶來的能力。當然，這些都是我們的合作夥伴。因此，我認為，從總體上看，當你查看客戶活動、合作夥伴活動時，我認為我們建立了一個非常強大的管道，我們將在未來 3、6、12 個月內實現轉變。

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.

特別是在美國，正如我剛才所描述的，歐洲的許多參與其實都來自美國。我們確實在五月參與了 Mistral 專案的開發，開始快速推進我們在這裡的滲透，我們對所取得的進展感到非常滿意。所以這是一個很大的焦點。如果你看一下《一項偉大的美麗法案》以及國防部的預算和計劃，你就會知道，反無人機技術的支出佔了很大一部分，我們確實相信我們將參與其中。

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，您是否知道其他人也像您一樣嘗試推行 OAS 平台策略？也許您可以更詳細地闡述一下該平台的策略。我知道您剛才談到了無人機與雷達的結合。這似乎意味著你需要一個中立的平台，其中包含多種銷售管道、多個製造商和多種技術。而我猜，例如，Rift 可以與那種類型的平台結合嗎？其他平台也可以嗎？

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，絕對是。因此，如果我從兩個層面來考慮，Tim，那就是技術平台，即 Iron Drone 或 Optimus。因此，我們正在整合自主系統和實現這一目標的能力。正如我所描述的，我們經常與合作夥伴合作。這些系統是模組化的，對嗎？這使我們能夠在各種環境中工作。因此，當你來到美國時，就會有首選的雷達供應商，例如用於探測的雷達供應商。並且有多個。我們認識其中的很多人。如果我們還不了解所有問題，我們會了解的，但我對我們所取得的進展感到非常高興。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，我們真正轉型並專注於我們的商業模式和策略，是為了成為一個營運平台，對嗎？這是非常不同的。這有助於您觀察的後半部分，即您必須解決客戶問題，對吧。您需要整套規模化操作。如果你只有一個平台，那麼要做到這一點就非常困難，收入來源也單一。建立複雜的銷售和行銷能力來提供現場支援和維持是非常困難的，而且在單一的收入來源上成本非常高。

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.

而且在全球範圍內做到這一點也很困難。如果你進行這些投資，你擁有領先的技術，你希望能夠在所有盟國部署這些國防和安全平台。而實現這一點的方法就是在地化。

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.

所以如果我想到 Rift，它確實增加了我們的能力，對嗎？因此，如果我們能夠將第三個、第四個、第五個平台推向市場，我們的銷售和行銷規模就會更大。它也使我們的供應鏈規模更大，因為我們與底特律製造系統及其零件供應商的聯繫更加緊密。

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，如果我也說，你考慮一下 Rift 和它的合作夥伴關係，它不僅僅涉及分銷，我相信這將是一個主要的貢獻者。但它也為我們建立了關係，加強了我們在歐洲建立的關係，因為他們已經做了大量工作。所以我真的認為我們正在提供成功所需的技術平台。如果你沒有這個，你就什麼都沒有。但能夠大規模地實現這些目標，這對投資人來說才是真正有趣的，因為你可以非常非常有效地利用你的營運資本和財務資本來做到這一點。

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.

恭喜取得成果。奇怪的是——顯然，從您今天列出的所有內容可以清楚地看出，該公司將在 OAS 規模方面大幅提升。對現有的營運基礎設施（無論是容量方面）感到好奇。我不知道——我知道您現在與底特律製造系統公司以及其他公司都建立了合作關係。但是，您能否大致告訴我們，您是否需要進行更多的大規模投資或建立新的合作夥伴關係，以獲得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?

但其次，從營運角度來看，您是否擁有 OpEx 內的基礎設施。顯然，營運支出將隨著收入的成長而成長。但是，您是否需要建立任何系統或類似的東西來真正支持這個坡道？

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，Oshri 於三月正式加入我們，擔任 OAS 的聯合執行長。而且 — — 這是他的一個主要關注點，能夠建立領導團隊、合作夥伴關係和生態系統，以幫助支持我們今天在這裡討論的擴展，以及我們一直在展示的擴展。因此，我們所做的是，我們在 OAS 中組建了一個領導團隊，這只是另一個層面，它將幫助我們擴大所有這些重要的業務方面，包括銷售和行銷、現場支援、供應鏈以及諸如此類的真正關鍵的事情。

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.

我們也將繼續建立我們的顧問委員會，這將產生很大的影響。我們不僅將看起來不錯的人安排在甲板上，這些人還會對業務產生真正的影響並帶來很大的價值。

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.

然後我還指出要利用生態系統中的合作關係。因此，我們將建立我們的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實現盈利。因此，我們這樣做的方法之一就是讓這些供應商參與其中——當我們與他們進行整合時，例如在 C2 或雷達上，這也是我們向他們的客戶聯合推銷系統的機會。

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.

這就是我看待此事的背景。所以我們將花很多年去建造這家公司。格倫，我還要補充一點，當我們看到——當你看看我們的管道和我們在收購和合作中與之進行策略協調的人員時，你會發現我們不只是在收購技術。我們正在招募人才和專家。我們需要這種專業知識。我們需要這樣的規模。這是交易的一部分，我們在財務分析、估值工作等方面對此進行了規定。

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，我打電話遲到了，但又很快打了一次。您提到在年底之前贏得國防部合約。您似乎對此很有信心。您可能已經說過您可以多次獲勝。我不確定，但您是否有多個國防部潛在的大合約正在籌備中？

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.

您能贏得不只一次嗎？這是記錄的程序嗎？如果可以的話，再進一步充實一下就好了。

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。所以我只是想就此結束。我認為我們對管道的發展和進步感到非常滿意。我們正處於強勁的需求環境中。Mistral 的合作夥伴經驗非常豐富。我認為我很樂觀，我會這麼說。當然，很多事情都需要時機。那麼，如果我們做一、二或三件事，我們能在年底前完成嗎？我不知道。因此，我只想設定至少一個期望，然後我們會努力超越它。

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。我想將會議交還給 Eric Brock 做最後發言。

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。謝謝您，接線生。因此，在我們結束通話時，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 年將有一個好的開始。我們將致力於在 2025 年底至 2026 年保持這一勢頭。當然，我們也期待為您提供更多更新資訊。因此團隊將回到建設公司的重要工作中，我們希望你們度過美好的一天。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。