Ondas Holdings Inc (ONDS) 2025 Q3 法說會逐字稿

Good day, and welcome to the Ondas Holdings, Inc. third-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.

大家好，歡迎參加 Ondas Holdings, Inc. 2025 年第三季電話會議。（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。

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

這些風險因素在 Ondas 定期向美國證券交易委員會提交的文件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。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。

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

在本次電話會議中，Ondas 將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，該新聞稿可在我們網站的投資者關係部分查閱。

This non-GAAP information is provided as a supplement to, not as a substitute for or as superior to, measures of financial performance prepared in accordance with GAAP. However, management believes these non-GAAP measures provide investors with valuable information on the underlying trends of our business. 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指標能夠為投資者提供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 everyone to our quarterly conference call. We appreciate you joining us today and for your continued interest in Ondas. I'm happy to be joined this morning by key members of our leadership team, including Neil Laird CFO; Oshri Lugassy, the Co-CEO of Ondas Autonomous Systems; Meir Kliner, President of OAS and the 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。今天上午，我很高興能與領導團隊的重要成員們一起，包括首席財務官尼爾·萊爾德；Ondas Autonomous Systems 聯合首席執行官奧什裡·盧加西；OAS 總裁兼 Airobotics 創始人梅爾·克萊納；以及 Ondas Networks 首席執行官馬庫斯·諾特爾曼。

So let's turn to the agenda. We'll begin the call with a review of our key highlights from the third quarter of 2025. Then I'll hand the call to Neil for a financial review of our Q3 2025 results. After that, we'll provide business updates for our OAS and Ondas Networks business units, while I'll ask Oshri, Meir and Markus to share commentary on current business activity and progress against our plans.

那麼，讓我們來看看議程。我們將首先回顧 2025 年第三季的主要亮點。然後我會把電話交給尼爾，讓他對我們 2025 年第三季的業績進行財務回顧。之後，我們將提供 OAS 和 Ondas Networks 業務部門的最新業務進展，同時我會請 Oshri、Meir 和 Markus 分享他們對當前業務活動和計劃進度的評論。

During our OAS business review, we will also share some context on the progress of our strategic acquisition program. And we will also hear from Tal Cohen, the Founder and General Manager of Sentrycs, who is joining the call to share some insight into the Sentrycs technology platform and business as well as a strategic fit with Ondas.

在 OAS 業務回顧期間，我們還將分享有關我們策略性收購計劃進度的一些背景資訊。我們還將聽到 Sentrycs 的創始人兼總經理 Tal Cohen 的發言，他將加入電話會議，分享有關 Sentrycs 技術平台和業務以及與 Ondas 的戰略契合度的一些見解。

After the operational updates, I will share an outlook for the remainder of 2025 and beyond, and as we continue to see strong execution on our growth strategy and further momentum into 2026. Then we will wrap the call and open the floor for investor questions.

在介紹完營運情況後，我將分享對 2025 年剩餘時間及以後的展望，屆時我們將繼續大力執行成長策略，並在 2026 年保持進一步的成長動能。然後我們將結束電話會議，並開放投資者提問環節。

Let's start by setting the stage for today's discussion. Simply put, Ondas is positioned for success. That position wasn't luck. It's the result of years of hard work, discipline and planning. We earned it as of our investors. We've built a strong foundation through talent and perseverance and again, through the support of our investors. And now we find ourselves at the heart of an industry-wide transition.

讓我們先為今天的討論設定一個背景。簡而言之，Ondas 已經做好了成功的準備。那個位置並非偶然。這是多年辛勤工作、自律和計劃的成果。這是我們投資者的成果。我們憑藉著人才和毅力，以及投資者的支持，建立了堅實的基礎。現在，我們正處於整個產業轉型的核心。

The autonomous and unmanned systems, defense and security markets have reached an inflection point, moving from technology development to platform adoption. As we said many times, the market from here will be defined by scaled operating companies not by those simply introducing new technology platforms. Innovation and technological advancement remains critical, but they're not sufficient on their own to create high returns on capital and equity value.

自主和無人系統、國防和安全市場已經達到一個轉折點，從技術開發轉向平台採用。正如我們多次所說，未來的市場將由規模化的營運公司主導，而不是由那些僅僅推出新技術平台的公司所主導。創新和技術進步仍然至關重要，但它們本身並不足以創造高資本回報率和股權價值。

The winners from this point forward will be those who can leverage the extraordinary advancements in autonomy, unmanned systems and physical AI to build durable, efficient and scaled businesses. And that's exactly what we're doing at Ondas. We're demonstrating platform adoption and validation across both our Optimus and Iron Drone systems and with the new technology platforms we are layering in at OAS.

從現在開始，能夠利用自主系統、無人系統和實體人工智慧領域的非凡進步來建立持久、高效和可擴展業務的企業，將成為未來的贏家。而這正是我們在Ondas公司正在做的事。我們正在展示 Optimus 和 Iron Drone 系統以及我們在 OAS 中逐步引入的新技術平台的採用和驗證。

We're benefiting from strong market demand. while seeing firsthand at the beginning what we believe is a major counter UAS boom, where Ondas is extremely well positioned to win. In July, we laid out our core+ strategic growth plan, and the response has been tremendous. Truly a mandate from our investors to execute. We've immediately demonstrated execution on that plan.

我們正受益於強勁的市場需求，同時親眼目睹了我們認為即將出現的大規模反無人機系統（UAS）熱潮，而Ondas已做好充分準備贏得這場熱潮。7 月份，我們公佈了核心+策略成長計劃，反應非常熱烈。這是投資者賦予我們的重要使命。我們已立即展現了該計劃的執行力。

We are doing what we said we would do because we've been planning for this transition for years. This plan creates value across the board for our customers, partners and the incredible talent driving Ondas' growth. And, of course, it creates opportunity and long-term value for our investors. A key enabler of that success will be our balance sheet strength.

我們正在履行我們先前的承諾，因為我們為此轉型已經籌劃多年。這項計劃將為我們的客戶、合作夥伴以及推動 Ondas 發展的傑出人才創造全方位的價值。當然，這也為我們的投資者創造了機會和長期價值。實現這一目標的關鍵因素之一是我們穩健的資產負債表。

We've raised approximately $855 million since June to support our growth plan. We believe Ondas now has one of the strongest balance sheets in the industry, giving us access to a deep capital pool and a meaningful cost of capital advantage. Access to low-cost capital is the foundation of a true competitive advantage, one that allows us to move decisively, scale efficiently and lead confidently in the fast-growing markets we are attacking.

自六月以來，我們已籌集約 8.55 億美元以支持我們的成長計劃。我們相信，Ondas 目前擁有業內最強勁的資產負債表之一，這使我們能夠獲得雄厚的資本池和顯著的資本成本優勢。獲得低成本資本是真正競爭優勢的基礎，它使我們能夠果斷行動、高效擴張，並在我們正在進入的快速成長的市場中自信地引領潮流。

To support the coming boom and autonomous unmanned technologies, the industry needs scaled leaders, companies capable of operationalizing the technologies that have been validated in the field, Ondas is focused on that exactly and again, deliberately executing the growth plan that we laid out in July.

為了支持即將到來的繁榮和自主無人技術，該行業需要規模化的領導者，即能夠將已在實踐中驗證的技術投入營運的公司。 Ondas 正是專注於此，並再次有意識地執行我們在 7 月制定的成長計劃。

Now let's turn to the overview. Momentum continues to build at Ondas, and I'm very pleased to report that we delivered another record quarter, not just financially, but also operationally. In the third quarter, we generated $10.1 million of revenue, a more than sixfold increase year-over-year and up nearly 60% sequentially from Q2.

現在我們來看概覽部分。Ondas 的發展勢頭持續增強，我很高興地報告，我們不僅在財務上，而且在營運上，又取得了創紀錄的季度業績。第三季度，我們創造了 1,010 萬美元的收入，較去年同期成長超過六倍，較上季成長近 60%。

Our consolidated backlog log grew to $23.3 million, more than double where we started the year, and that number reaches over $40 million when including another $18 million related to acquisitions that have closed or pending closure in the fourth quarter. We expect our backlog to grow through the end of 2025 as our pipeline matures, given the strengthened visibility on customer order plans.

我們的合併積壓訂單總額成長至 2,330 萬美元，是年初的兩倍多；如果算上第四季已完成或待完成的收購相關的 1,800 萬美元，這一數字將超過 4,000 萬美元。隨著客戶訂單計畫的可見度增強，我們預計到 2025 年底，隨著我們業務管道的成熟，我們的積壓訂單將會成長。

Given the strength of our execution and our expectations for strong market demand, we are raising our full year 2025 revenue target to at least $36 million, which means we expect to generate more than $15 million in revenue for Q4. We are also establishing a goal for at least $110 million in revenue for 2026.

鑑於我們強大的執行力和對強勁市場需求的預期，我們將 2025 年全年營收目標提高到至少 3,600 萬美元，這意味著我們預計第四季度營收將超過 1,500 萬美元。我們也設定了 2026 年至少 1.1 億美元營收的目標。

The outlook for Q4 in 2026 is being driven primarily by OAS, where we continue to expand with existing customers and add new ones. Our customer pipeline is expanding and maturing, and we expect a strong end to 2025 from an order standpoint, which supports our outlook for significant ongoing growth in 2026.

2026 年第四季的前景主要由 OAS 驅動，我們將繼續擴大現有客戶的業務並增加新客戶。我們的客戶管道正在不斷擴大和成熟，從訂單角度來看，我們預計 2025 年將迎來強勁的收官，這將支持我們對 2026 年持續顯著增長的預期。

The OAS team is building the operating infrastructure to support a multiyear growth outlook where scaling production, fuel services and sustaining capabilities to meet accelerating global demand for our autonomous and unmanned systems. Oshri and Meir will share more details on the investments we are making in scaling operations.

OAS 團隊正在建立營運基礎設施，以支持多年的成長前景，擴大生產、燃料服務和維持能力，以滿足全球對我們自主和無人系統日益增長的需求。Oshri 和 Meir 將分享更多關於我們在擴大營運規模方面所做投資的細節。

At the same time, our strategic growth program is accelerating. This is the evolution we've been planning moving from stand-alone technology platforms towards a system of systems model that unites air, ground sensing and communications into an integrated autonomy ecosystem. The evolution enables a faster path to operational maturity and we believe unlocks significant upside to both revenue and profitability.

同時，我們的策略成長計劃正在加速推進。這就是我們一直在計劃的演進方向，從獨立的技術平台轉向系統模型，將空中、地面感測和通訊統一到一個整合的自主生態系統中。這一演變能夠更快地實現營運成熟，我們相信這將釋放巨大的收入和獲利能力提升空間。

To further maximize the opportunity ahead of us, we establish Ondas Capital, which we launched in the third quarter. Ondas Capital is building a technology bridge from Ukraine to the United States and Allied European nations, focused on scaling combat proven unmanned and dual-use technologies into production and commercialization. This initiative broadens our reach, strengthens our industrial base and supports the growing alignment between innovation, security and economic resilience.

為了進一步掌握眼前的機遇，我們成立了 Ondas Capital，該公司於第三季正式成立。Ondas Capital 正在建造一座從烏克蘭到美國和歐洲盟國的技術橋樑，專注於將經過實戰檢驗的無人和兩用技術擴展到生產和商業化。這項措施擴大了我們的影響力，增強了我們的產業基礎，並支持了創新、安全和經濟韌性之間日益增強的連結。

Meanwhile, Ondas Networks continues the hard work to drive adoption of its dot16 wireless connectivity platform. As Markus will share the AAR's wireless communications committee formally selected dot16 as a wireless road map standard for all AAR-owned frequencies, including the 900, 450 and now 160 megahertz networks. While the hard work will continue, this formal designation validates our long-term strategy and continues to position Ondas Networks at the center as a generational upgrade cycle for railroad communications across North America.

同時，Ondas Networks 繼續努力推動其 dot16 無線連接平台的普及。正如 Markus 將分享的那樣，AAR 的無線通訊委員會正式選擇 dot16 作為所有 AAR 擁有的頻率（包括 900、450 和現在的 160 兆赫網路）的無線路線圖標準。雖然艱苦的工作也將繼續，但這一正式頭銜肯定了我們的長期策略，並繼續將 Ondas Networks 定位為北美鐵路通訊世代升級週期的中心。

Finally, from a financial standpoint, the company remains exceptionally well capitalized. We raised approximately $855 million in equity in 2025, providing the capital strength to support our business plan, including both our core operations and our strategic initiatives. We are investing this capital to accelerate growth and shareholder value creation as we said we would.

最後，從財務角度來看，該公司仍然擁有非常充足的資本。我們在 2025 年籌集了約 8.55 億美元的股權，為我們的業務計劃提供了資金實力，包括我們的核心業務和戰略舉措。正如我們之前承諾的那樣，我們將投入這筆資金來加速成長並創造股東價值。

To summarize, Ondas is positioned for continued record growth through the balance of 2025 and into 2026, and we continue to build what we believe is an important and valuable defense and security technology company. I want to now provide some context for the critical objectives defined within our long-term business planning.

總而言之，Ondas 已做好準備，在 2025 年剩餘時間和 2026 年繼續保持創紀錄的成長，我們將繼續打造我們認為重要且有價值的國防和安全技術公司。現在我想為我們長期業務規劃中確定的關鍵目標提供一些背景資訊。

What you see here is a continuation of the strategic road map we've been building over the past year and road map that's now delivering real tangible results. Ondas today is no longer just a developer of market-leading technologies. We are building a scaled operating platform that connects world-class talent and technology along with partners and customers into a unified growth engine.

您在這裡看到的是我們過去一年來一直在製定的策略路線圖的延續，而該路線圖現在正在帶來真正的實際成果。如今，Ondas 已不再只是一家市場領先技術的開發商。我們正在建立一個規模化的營運平台，將世界一流的人才和技術與合作夥伴和客戶連結起來，形成一個統一的成長引擎。

At the center of this effort is Ondas Autonomous Systems where we continue to build the core OAS operational platform. Under Oshri leadership, that platform is scaling rapidly, supported by seasoned executives, and impactful cross-functional Advisory Board and a growing ecosystem of partners across technology, sales and production.

這項工作的核心是 Ondas 自主系統，我們將繼續建構 OAS 的核心運作平台。在 Oshri 的領導下，該平台正在迅速擴張，並得到了經驗豐富的管理人員、有影響力的跨職能顧問委員會以及涵蓋技術、銷售和生產等領域的不斷壯大的合作夥伴生態系統的支持。

Oshri and Meir will share more details on the operational infrastructure we are building later in the call. Over the last several months, we've expanded the scope of our capabilities through strategic acquisitions and investments that strengthen our operating foundation and extend our reach across multiple domains. We entered into a definitive agreement with Sentrycs, which will bring advanced Cyber-over-RF drone detection and mitigation to complement our Iron Drone Raider.

Oshri 和 Meir 將在稍後的通話中分享我們正在建造的營運基礎設施的更多細節。在過去的幾個月裡，我們透過策略性收購和投資擴大了我們的能力範圍，從而加強了我們的營運基礎，並擴大了我們在多個領域的覆蓋範圍。我們與 Sentrycs 達成了最終協議，這將帶來先進的基於射頻的網路無人機檢測和緩解技術，以補充我們的 Iron Drone Raider。

We added a Apeiro Motion, which expands us into unmanned ground systems, robotics and fiber optic communications, and we acquired Forum Defense, a leader in subsurface intelligence and demining robotics that brings a new dimension to OAS' autonomy portfolio. Other small yet strategic acquisitions that contribute engineering, AI and optics expertise were added, and that includes SPO, Zickel Engineering and Insight Intelligence sensors.

我們新增了 Apeiro Motion，這使我們得以涉足無人地面系統、機器人和光纖通訊領域；此外，我們還收購了 Forum Defense，該公司是水下情報和排雷機器人領域的領導者，這為 OAS 的自主系統產品組合帶來了新的維度。其他一些規模雖小但具有戰略意義的收購也為該公司帶來了工程、人工智慧和光學方面的專業知識，其中包括 SPO、Zickel Engineering 和 Insight Intelligence 感測器。

At the same time, we formed a strategic partnership and made a minority investment in Rift Dynamics, whose attributable drone platform and leadership in European defense markets, position us perfectly to capture new opportunities in allied regions. Taken together, these additions create a growing portfolio of capabilities that make Ondas a more complete and competitive company, spanning air, ground, sensing and communications technologies.

同時，我們與 Rift Dynamics 建立了策略合作夥伴關係，並對其進行了少數股權投資。 Rift Dynamics 擁有自主研發的無人機平台，並在歐洲國防市場中處於領先地位，這使我們能夠更好地掌握盟國地區的新機會。綜合來看，這些新增功能打造了不斷增強的能力組合，使 Ondas 成為一家更全面、更具競爭力的公司，業務涵蓋空中、地面、感測和通訊技術。

And as we expand this platform, we're also expanding our talent base, customer reach and partner ecosystem, each one reinforcing the other. This creates true operating leverage, which we believe will drive faster growth, stronger margins and higher profitability as we scale. And the speed at which we do this is very important.

隨著我們擴展這個平台，我們也在擴展我們的人才庫、客戶覆蓋範圍和合作夥伴生態系統，這三者相輔相成。這將創造真正的經營槓桿，我們相信隨著規模的擴大，這將推動更快的成長、更強的利潤率和更高的獲利能力。我們完成這項工作的速度非常重要。

The key message here is that is this is not just a compilation of technologies and corporate entities. We are building a scalable unified service delivery platform designed to service demanding customers and use cases and importantly, accelerate revenue growth and our path to profitability. We're building a stronger, more diversified Ondas, one capable of sustained performance, multi-domain leadership and meaningful long-term value creation.

這裡的關鍵訊息是，這不僅僅是技術和企業實體的集合。我們正在建立一個可擴展的統一服務交付平台，旨在服務於要求苛刻的客戶和用例，更重要的是，加速收入成長和實現盈利之路。我們正在打造一個更強大、更多元化的Ondas，一個能夠持續取得業績、在多個領域保持領先地位並創造有意義的長期價值的Ondas。

Now let's turn to Ondas Capital. We are very excited to have formally launched Ondas Capital, which represents a powerful new strategic growth platform for the company. Ondas Capital is a multiyear initiative designed to deploy up to $150 million to accelerate the transition of battle-tested unmanned and dual-use technologies from Ukraine and other allied nations into trusted US and European production.

現在讓我們來看看Ondas Capital。我們非常高興地正式推出 Ondas Capital，它代表著該公司一個強大的全新策略成長平台。Ondas Capital 是一項多年計劃，旨在投入高達 1.5 億美元，加速將烏克蘭和其他盟國經過實戰檢驗的無人和兩用技術轉移到值得信賴的美國和歐洲生產。

The mission is straightforward, to scale proven technologies in unmanned systems, AI, and dual-use innovation that are already validated in the field and ready for production whereby Ondas and our partner ecosystem can drive faster, more cost-effective deployment across the major defense and security markets in the US and Europe.

我們的使命很簡單，就是擴大無人系統、人工智慧和軍民兩用創新領域中已驗證有效的技術規模，這些技術已經在實際應用中得到驗證，並已準備好投入生產，從而使 Ondas 和我們的合作夥伴生態系統能夠在美國和歐洲的主要國防和安全市場中推動更快、更具成本效益的部署。

This effort is not just about capital. It's about building an industrial bridge between innovation and deployment. By integrating investment, production and market access, Ondas Capital will help drive commercialization of critical defense and security technologies strengthen the allied industrial ecosystem and create meaningful long-term value for our shareholders.

這項努力不僅僅關乎資金。其目的是在創新和應用之間搭建一座產業橋樑。透過整合投資、生產和市場准入，Ondas Capital 將有助於推動關鍵國防和安全技術的商業化，加強相關產業生態系統，並為我們的股東創造有意義的長期價值。

A major strategic benefit of Ondas Capital is its global footprint. We are anchored here in the United States, but we now have forward offices and key allied innovation in financial corridors, including Boston, New York, Kyiv, Tallinn, London and Frankfurt. Being on the ground in Eastern Europe and Ukraine is a critical advantage. It allows us to directly access cutting-edge combat moving technologies while working side by side with our partners and allies at the front line of innovation.

Ondas Capital 的一項主要策略優勢在於其全球佈局。我們以美國為基地，但目前我們在波士頓、紐約、基輔、塔林、倫敦和法蘭克福等金融中心設有前線辦事處和重要的聯盟創新機構。在東歐和烏克蘭擁有實地經驗是一項至關重要的優勢。它使我們能夠直接獲取尖端的作戰移動技術，同時與處於創新前沿的合作夥伴和盟友並肩工作。

This complements our deep operating experience in Israel where we've demonstrated how to take advanced defense technologies and scale them successfully through production, global partnerships and commercialization. We believe Ondas Capital will become a cornerstone for strategic growth, international collaboration and industrial resilience while creating new pathways for financial and operational expansion across the Ondas Group.

這與我們深厚的以色列營運經驗相輔相成，我們在以色列已經證明瞭如何利用先進的國防技術，並透過生產、全球合作和商業化成功地擴大其規模。我們相信，Ondas Capital 將成為策略性成長、國際合作和產業韌性的基石，同時為 Ondas 集團的財務和營運擴張創造新的途徑。

And finally, in the interest of time today, I'm keeping my comments brief, but I'm pleased to share that we plan to host a dedicated Ondas Capital investor call in December. James Acuna, who is leading this initiative, will join me, along with our leadership team to provide a deep dive into the opportunity, business model and financial plan for Ondas Capital. We're incredibly proud of the progress to date, and I look forward to sharing much more very soon.

最後，由於今天時間有限，我的演講將盡量簡短，但我很高興地宣布，我們計劃在 12 月舉辦一場專門針對 Ondas Capital 投資者的電話會議。領導這項計畫的 James Acuna 將與我以及我們的領導團隊一起，深入探討 Ondas Capital 的機會、商業模式和財務計畫。我們對迄今為止的進展感到無比自豪，我期待很快與大家分享更多資訊。

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 wanted to remind our investors that our financial statements reflect the early stage of platform adoption for our products and the initial success of our acquisition program. We expect to demonstrate a significant revenue increase over the next few quarters, both from organic growth and from our acquisition pipeline.

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我們產品平台採用的早期階段以及我們收購計劃的初步成功。我們預計未來幾季營收將大幅成長，這既包括內生成長，也包括收購計畫的推進。

Revenues increased over 580% to $10.1 million in the third quarter, up from $1.5 million in the third quarter of last year. This increase was driven by OAS revenues, which were $10 million compared to $1.0 million a year ago. It reflects the ongoing deliveries of Iron Drone and Optimus systems and contributions from Apeiro ground robots related services under contracts for military and public safety customers.

第三季營收成長超過 580%，達到 1,010 萬美元，而去年第三季為 150 萬美元。這一增長主要得益於 OAS 收入，該收入從一年前的 100 萬美元增長至 1000 萬美元。它反映了 Iron Drone 和 Optimus 系統的持續交付，以及 Apeiro 地面機器人相關服務根據與軍事和公共安全客戶的合約所做出的貢獻。

Gross profit was $2.6 million, representing a 26% gross margin in the third quarter. as compared to a gross profit of $0.05 million in Q3 of 2024. The increase in gross profit year-over-year results from increased higher-margin product revenue at OAS compared to lower margin service and subscription revenue in Q3 of 2024.

第三季毛利為 260 萬美元，毛利率為 26%，而 2024 年第三季毛利為 5 萬美元。2024 年第三季度，OAS 的毛利年增，主要原因是高利潤率產品收入增加，而低利潤率服務和訂閱收入則有所下降。

Gross margins can be volatile on a quarter-to-quarter basis due to revenue levels that reflect the early stages of platform adoption, certain fixed service costs reflected in our cost of goods sold and shifts in revenue mix between product development, product development and services revenue.

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、產品開發和服務收入之間的收入組合變化，毛利率可能會逐季度波動。

Operating expenses increased to $18.1 million for Q3 of 2025 as compared to $8.7 million in Q3 of 2024, an increase of $9.4 million. Our operating expenses increased primarily due to an increase in personnel costs as we are investing in leadership to support our business growth and strategic initiatives. Those operating expenses include an increase of $5 million of noncash items.

2025 年第三季營運費用增至 1,810 萬美元，而 2024 年第三季為 870 萬美元，增加了 940 萬美元。我們的營運費用增加主要是由於人員成本增加，因為我們正在投資於領導層，以支持我們的業務成長和策略舉措。這些營運費用包括非現金項目增加 500 萬美元。

Cash operating expenses, which exclude noncash items such as stock-based compensation, depreciation and amortization, were $11.6 million in the third quarter of 2025 compared to $7.2 million in Q3 of 2024, an increase of $4.4 million. The increase in cash operating expenses is due primarily to higher personnel costs, particularly with the OAS operating infrastructure build-out and similar Ondas Holdings -- similarly at Ondas Holdings to support expected business expansion in the coming quarters and the company's strategic growth plan. Adjusted EBITDA loss increased $1.7 million to a loss of $8.8 million for the current quarter. The operating loss was $15.5 million compared to $8.7 million in the third quarter of last year.

2025 年第三季現金營運支出（不包括股票選擇權費用、折舊和攤提等非現金項目）為 1,160 萬美元，而 2024 年第三季為 720 萬美元，增加了 440 萬美元。現金營運支出增加主要是由於人員成本上升，特別是 OAS 營運基礎設施建設和 Ondas Holdings 類似項目——Ondas Holdings 也類似，以支持未來幾季預期的業務擴張和公司的策略性成長計畫。本季調整後 EBITDA 虧損增加 170 萬美元，虧損額達 880 萬美元。營業虧損為 1,550 萬美元，而去年第三季為 870 萬美元。

Now let's turn to the cash flow statement. We had cash of $433 million as of September 30, 2025, compared to $30 million as of September 31, 2024 (sic -- December 31, 2024). Cash used in operations for the first nine months remained relatively flat at $26 million compared to $25.4 million for the first nine months of 2024.

現在我們來看現金流量表。截至 2025 年 9 月 30 日，我們的現金為 4.33 億美元，而截至 2024 年 9 月 31 日（原文如此，應為 2024 年 12 月 31 日），我們的現金為 3000 萬美元。前九個月的經營活動現金使用量基本持平，為 2,600 萬美元，而 2024 年前九個月為 2,540 萬美元。

Cash used in investing activities for the first nine months of 2025 included a handful of strategic investments as indicated on the slide. We find these investments as a good use of cash and expect much higher returns than money market investments. We have discussed in detail the strategic relationship with Rift previously.

2025 年頭九個月用於投資活動的現金包括一些策略性投資，如幻燈片所示。我們認為這些投資是合理利用現金的好方法，預期收益會比貨幣市場投資高得多。我們之前已經詳細討論過與Rift的策略合作關係。

As it relates to investments in companies such as LightPath, Kopin and Safe Pro, we believe we have unique expertise to evaluate the opportunity for financial returns. And these companies also offer strategic business relationships within our partner ecosystem. We generated cash from financing activities of $448.2 million during the first 9 months of 2025. The majority of this came from the equity offerings in June, August and September, in addition to $24.7 million from the exercise of warrants and stock options.

對於投資 LightPath、Kopin 和 Safe Pro 等公司，我們相信我們擁有獨特的專業知識來評估財務回報的機會。這些公司還能在我們的合作夥伴生態系統中建立策略性業務關係。2025 年前 9 個月，我們透過融資活動產生了 4.482 億美元的現金。其中大部分來自 6 月、8 月和 9 月的股權發行，此外還有 2,470 萬美元來自認股權證和股票選擇權的行使。

We expect operating cash utilization to continue to improve in the coming quarters. Improved cash 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 and into 2026.

我們預計未來幾季經營現金利用率將持續改善。鑑於我們預期 2025 年及 2026 年 OAS 業務部門的營收和毛利將成長，因此，提高現金效率得益於營運費用槓桿作用。

Further, our 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 is non-dilutive credit facilities to fund certain inventory and accounts receivable balances.

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。這筆營運資金是用於為某些庫存和應收帳款餘額提供資金的非稀釋性信貸安排。

Again, we held cash of $433.4 million as of September 30, 2025, compared to $30 million as of September 31, 2024. 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 September 30, 2025, was $487.2 million compared to $16.6 million as of September 31, 2024.

截至 2025 年 9 月 30 日，我們持有現金 4.334 億美元，截至 2024 年 9 月 31 日，現金為 3,000 萬美元。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 9 月 30 日，股東權益為 4.872 億美元，而截至 2024 年 9 月 31 日，股東權益為 1,660 萬美元。

Furthermore, Ondas' pro forma cash balances were $840.4 million and stockholders' equity was $894 million, adjusted for the $407 million in net proceeds raised in an equity offering on October 7, 2025, and before cash used for operations and to finance acquisitions and investments in the fourth quarter.

此外，Ondas 的備考現金餘額為 8.404 億美元，股東權益為 8.94 億美元，已根據 2025 年 10 月 7 日股權發行籌集的 4.07 億美元淨收益進行調整，但未扣除第四季度用於營運和收購及投資的現金。

And I'll hand it back to you now, Eric.

我現在就把它還給你，艾瑞克。

Now we will transition to a review of our business units and ask Markus, Oshri and Meir to provide -- to share updates on business development activity and operations at Ondas Networks and OAS. Let's start first with Markus, who is moving Ondas Networks and our dot16 platform deeper into the railroad operating groups, which will eventually have its rewards. Markus?

現在我們將轉而審查我們的業務部門，並請 Markus、Oshri 和 Meir 提供 Ondas Networks 和 OAS 的業務發展活動和營運的最新情況。我們先從 Markus 開始，他正帶領 Ondas Networks 和我們的 dot16 平台更深入地進入鐵路營運集團，最終會帶來回報。馬庫斯？

Thank you, Eric. It's great to be here and to update you on some of our key initiatives and developments in Q3. To pick up from our last earnings call, support throughout the rail sector continues to build around dot16P, the IEEE standard that Ondas has pioneered and continues to support in advance.

謝謝你，埃里克。很高興來到這裡，向大家報告我們第三季的一些重點舉措和進展。接續我們上次的財報電話會議，整個鐵路行業對 dot16P 的支持仍在不斷增強，這是 Ondas 開創並持續提前支持的 IEEE 標準。

In September, the Wireless Communications Committee, a specialized working group within the Association of American Railroads, announced that it has selected dot16 for all new developments in the AAR-owned frequencies. This represents the AAR's commitment to dot16, not only on the 900 and 450, but also on the 160 megahertz network. Again, this means that all of the AAR-owned frequencies are destined to adopt the dot16 wireless platform.

9 月，美國鐵路協會 (AAR) 下屬的專門工作小組——無線通訊委員會宣布，已選擇 dot16 作為 AAR 擁有的頻率上所有新開發項目的通用標準。這代表了 AAR 對 dot16 的承諾，不僅在 900 兆赫和 450 兆赫網絡上，而且在 160 兆赫網絡上也是如此。再次強調，這意味著 AAR 擁有的所有頻率都將採用 dot16 無線平台。

As outlined in the Q2 earnings call, the 160 megahertz network has characteristics that make it a compelling case for railroad investment. Specifically, the 160 megahertz network is ubiquitous, where there is rail, there is 160 megahertz coverage. This is the frequency where the railroads through the AAR own and operate 1.3 megahertz of spectrum, making it ideal for larger data-intensive IoT applications.

正如第二季財報電話會議所述，160兆赫網絡具有一些特點，使其成為鐵路投資的有力理由。具體來說，160兆赫網絡無所不在，有鐵路的地方就有160兆赫覆蓋。這是美國鐵路協會 (AAR) 旗下鐵路公司擁有和運營的 1.3 兆赫頻譜的頻率，使其成為大型數據密集型物聯網應用的理想選擇。

Off the railroad on spectrum, the 160-megahertz frequency also has the best propagation characteristics, making it ideal for difficult terrain and dark territory. Addressing dark territory applications by providing connectivity for railroad applications and staff represents a substantial opportunity for on those networks.

除了鐵路沿線的頻譜外，160兆赫茲頻率也具有最佳的傳播特性，使其成為複雜地形和黑暗區域的理想選擇。透過為鐵路應用和工作人員提供連接來解決暗區應用問題，為這些網路帶來了巨大的機會。

I would like to highlight how quickly momentum is building around dot16 on the 160 megahertz network. In Q4 and early next year, we are running several separate field trials on Class 1 and other railroads, 3 railroads that in aggregate address long-term industry needs in significant markets. Specifically, these POCs address communications, signaling and connected wayside topics as well as general connectivity topics for connected railroad workforce.

我想重點強調一下 dot16 在 160 兆赫網路上的發展勢頭是如何迅速增強的。在第四季和明年年初，我們將對一級鐵路和其他鐵路進行幾項獨立的實地試驗，這三條鐵路加起來可以滿足重要市場的長期行業需求。具體來說，這些概念驗證涉及通訊、信號和互聯路邊主題，以及互聯鐵路工作人員的一般連接主題。

This is significant as it moves Ondas networks from engaging with railroads on individual use cases to implement true dot16 general-purpose networks in which adding safety and operation-enhancing applications becomes plug and play. On the revenue front, we will be shipping the first Northeast corridor ACSES production units at the end of Q4 with further deliveries in 2026.

這意義重大，因為它使 Ondas 網絡從與鐵路公司就個別用例進行合作，轉變為實施真正的 dot16 通用網絡，在這種網絡中，添加安全和運營增強應用程序變得即插即用。在收入方面，我們將於第四季末交付第一批東北走廊 ACSES 生產單元，並於 2026 年繼續交付。

We take pride in the fact that our products will be used for a safety-critical positive train control application in the Northeast corridor on Amtrak. Our joint development program with Siemens Mobility India for Head-of-Train Radios has also progressed to deliveries and revenue within the next several months.

我們引以為傲的是，我們的產品將用於美國鐵路公司東北走廊上對安全至關重要的列車自動控制系統。我們與西門子交通印度公司共同開發的列車頭無線電系統專案也已取得進展，預計將在未來幾個月內交付產品並產生收入。

As many of you may be aware, in July, the Cybersecurity and Infrastructure Security Agency, also known as CISA, issued a notification related to the security issues with the current generation Head-of-Train and End-of-Train communications protocol. This has given railroads a significant reason to accelerate the finalization of the HoT/EoT Generation 4.0 specifications, given that the dot16 protocol that Ondas Networks developed for NGHE addresses those relevant security issues.

許多人可能已經知道，今​​年 7 月，網路安全和基礎設施安全局（CISA）發布了一份與當前一代列車頭端通訊協議的安全問題相關的通知。鑑於 Ondas Networks 為 NGHE 開發的 dot16 協議解決了相關的安全問題，這為鐵路公司加快 HoT/EoT 第四代規範的最終確定提供了重要的理由。

In September, the Wireless Communications Committee announced that the NGHE specifications will be completed in 2026. We continue to engage with the HoT and EoT manufacturers on design and product development tasks to take advantage of the updated WCC time line. We also continue to engage with the railroads on specific 900-megahertz applications, though timelines of large network deployments remain uncertain.

9 月，無線通訊委員會宣布 NGHE 規範將於 2026 年完成。我們繼續與HoT和EoT製造商就設計和產品開發任務進行合作，以充分利用更新的WCC時間表。我們也繼續與鐵路公司就具體的 900 兆赫應用進行磋商，但大規模網路部署的時間表仍不確定。

The 900-megahertz timelines are frustrating, though we are creating even more compelling opportunities in addition to the 900-megahertz network with the railroads and believe the market and financial opportunity for our dot16 technology remains significant.

900兆赫茲的進度令人沮喪，但除了與鐵路公司合作建設900兆赫茲網絡之外，我們還在創造更多令人信服的機會，並且相信我們的dot16技術的市場和財務機會仍然很大。

Overall, we are pleased with the commitment the industry is making to the adoption of dot16. Our direct engagement with railroads and vendors of wayside and telematics devices is accelerating the build-out of the dot16 ecosystem, which we expect will lead to accelerated commercialization and believe we will be able to demonstrate beginning of the adoption curve in 2026.

總的來說，我們對業界致力於採用 .16 標準感到滿意。我們與鐵路公司和路邊及遠端資訊處理設備供應商的直接合作正在加速 dot16 生態系統的構建，我們預計這將加速商業化進程，並相信我們將在 2026 年展示採用曲線的開端。

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 will also share some context on the progress of the build-out of the OAS operating platform. We will also be joined by Tal Cohen, the Founder and General Manager of Sentrycs, who will introduce the company, its technology platform and the strategic fit with Ondas and our Iron Drone platform.

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。Meir Kliner 也將分享有關 OAS 營運平台建置進展的一些背景資訊。我們還將邀請 Sentrycs 的創辦人兼總經理 Tal Cohen，他將介紹公司、其技術平台以及與 Ondas 和我們的 Iron Drone 平台的策略契合度。

Thank you, Eric. During Q3, we made a huge leap forward in building Ondas Autonomous System into a true defense tech and security firm. We are working relentlessly towards our vision of delivering next-generation autonomous and connected solutions for defense, homeland security and critical missions.

謝謝你，埃里克。第三季度，我們在將 Ondas Autonomous System 打造成一家真正的國防科技和安全公司方面取得了巨大飛躍。我們正不懈努力，朝著為國防、國土安全和關鍵任務提供下一代自主互聯解決方案的願景邁進。

OAS is shifting rapidly. We are dramatically expanding our talent base, our partnerships, our customer reach and our technological capabilities. In the upcoming slides, we will elaborate on how these elements are driving our growth. Our vision is to integrate advanced technology resilience and scale to create the autonomous infrastructure that nations and industry will rely on.

美洲國家組織正在迅速改變。我們正在大幅擴展人才儲備、合作夥伴關係、客戶覆蓋範圍和技術能力。在接下來的幻燈片中，我們將詳細闡述這些因素如何推動我們的成長。我們的願景是將先進的技術韌性和規模化相結合，打造國家和產業賴以生存的自主基礎設施。

Our goal is bold global to build a powerful global leader that delivers a complete portfolio of defense and security capabilities to the most important customers tasked with keeping the world safe. We are particularly focused on protecting from the surge in threats posed by drones. We are prioritizing combining sensor that can detect and track threats from small UAVs to large ones with the factors capable of mutualizing them safely, protecting the world's most critical assets.

我們的目標是成為一家強大的全球領導者，為肩負維護世界安全重任的最重要客戶提供全方位的國防和安全能力。我們尤其關注如何防範無人機帶來的日益增長的威脅。我們正在優先考慮將能夠探測和追蹤從小型無人機到大型無人機的威脅的感測器與能夠安全地相互制約的因素相結合，從而保護世界上最關鍵的資產。

We aim to reinforce national borders and forces with cutting-edge technology, enhancing surveillance and intelligence capabilities, protecting civilians in cities and securing essential infrastructure that sustain modern life. Across all our systems, we integrate advanced AI at multiple levels of autonomy from assisted to fully autonomous powered by some of the most sophisticated robotic technologies in the world.

我們的目標是利用尖端技術加強國家邊境和軍隊，增強監視和情報能力，保護城市平民，並確保維持現代生活的基本基礎設施安全。我們在所有系統中整合了先進的人工智慧，實現了從輔助到完全自主的多個自主級別，並由世界上一些最先進的機器人技術提供支援。

As we promised in our last meeting, we have built real momentum and equipped OAS with much stronger commercial, operational and technological muscles. During the quarter, we delivered record high revenues of approximately $10 million, marking the strongest performance in our history. Our backlog grew to $22.2 million at OAS as of September 30 and was more than $40 million when including the announced acquisitions.

正如我們在上次會議中所承諾的那樣，我們已經取得了真正的進展，並為美洲國家組織配備了更強大的商業、營運和技術實力。本季度，我們實現了約 1000 萬美元的歷史最高營收，創下公司歷史上的最佳業績。截至 9 月 30 日，OAS 的積壓訂單成長至 2,220 萬美元，如果包括已宣布的收購，則超過 4,000 萬美元。

Further, our customer pipeline remains robust, and we expect to close the year strongly with further backlog expansion. Indeed, we are tracking significant pipeline activity that we hope to share in the near term. This will support accelerating growth momentum into 2026. We advanced our M&A and strategic growth program and completed multiple strategic acquisitions, which are adding immediate operational and financial value to Ondas.

此外，我們的客戶管道依然強勁，我們預計將以進一步擴大的積壓訂單量為今年畫上圓滿的句號。事實上，我們正​​在追蹤一些重要的專案進展，希望在不久的將來與大家分享。這將有助於維持2026年的成長動能。我們推進了併購和策略性成長計劃，並完成了多項策略性收購，這些收購立即為 Ondas 帶來了營運和財務價值。

We established new partnerships and onboard top talent to strengthen and expand OAS' operational infrastructure. We achieved several important milestones across our portfolio. Optimus was officially listed on the GreenUAS framework with inclusion on the Blue US list pending with the US DoD.

我們建立了新的合作夥伴關係，並引進了頂尖人才，以加強和擴展美洲國家組織的營運基礎設施。我們在投資組合中實現了幾個重要的里程碑。Optimus 已正式列入 GreenUAS 框架，並正在等待美國國防部批准將其列入 Blue US 名單。

At the same time, we continued to expand our global pipeline for the Iron Drone Raider, strengthening our position in the fast-growing counter-UAS market. We successfully executed multiple counter-UAS. pilots in the US, Europe and Asia, demonstrating interoperability across our systems.

同時，我們繼續擴大 Iron Drone Raider 的全球供應管道，鞏固了我們在快速成長的反無人機系統市場中的地位。我們在美國、歐洲和亞洲成功執行了多次反無人機系統試點項目，證明了我們系統之間的互通性。

Iron Drone Raider was showcased at the INTERPOL counter-UAS IDICE 2025 exercise in San Diego, drawing strong interest from both US and international agencies. We have performed several similar demonstrations for US customers, which have been well received. Our Iron Drone Raider was also selected by Securiton Germany, a leading integration partner to the German armed forces and other critical security operators following successful system integration and demonstrations conducted in Germany by robotics.

「鋼鐵無人機突襲者」在聖地牙哥舉行的國際刑警組織反無人機系統 IDICE 2025 演習中亮相，引起了美國和國際機構的濃厚興趣。我們曾多次為美國客戶進行類似的演示，反應良好。在機器人技術公司在德國成功進行系統整合和演示後，我們的鋼鐵無人機突襲者也被德國 Securiton Germany 選中。 Securiton Germany 是德國武裝部隊和其他關鍵安全營運商的主要整合合作夥伴。

We expect this hard work to turn into demand in the coming months given the urgent need to protect critical infrastructure and borders in Europe, and we believe Ondas is positioned to lead here. Of course, our market position is even stronger with the addition to Sentrycs, which opens a tremendous opportunity to market a layered counter-UAS. solution suite.

鑑於歐洲迫切需要保護關鍵基礎設施和邊境，我們預計這項艱苦的工作將在未來幾個月轉化為需求，我們相信 Ondas 已準備好引領這一領域。當然，隨著 Sentrycs 的加入，我們的市場地位更加穩固，這為我們提供了一個巨大的機會來推廣分層式反無人機系統解決方案套件。

Similarly, our US pipeline continues to mature aligned with the growing demand for advanced defense and security solutions. Our marketing partner, Mistral, is helping support a growing and maturing set of pipeline opportunities with defense and homeland security customers. We formed a partnership and made a strategic investment with Rift Dynamics, including an initial order for the Wasp FVP drone. Rift is making impressive progress in Europe with the Wasp, and we are excited to support the global success, of course, including in the US

同樣，隨著對先進國防和安全解決方案的需求不斷增長，我們的美國產品線也不斷成熟。我們的行銷合作夥伴 Mistral 正在幫助我們支持與國防和國土安全客戶之間不斷成長和成熟的業務機會。我們與 Rift Dynamics 建立了合作夥伴關係並進行了戰略投資，其中包括 Wasp FVP 無人機的首批訂單。Rift 的 Wasp 產品在歐洲取得了令人矚目的進展，我們當然也樂於支持其在全球的成功，包括在美國的成功。

On the production side, we launched NDAA-compliant made in US fiber optics pools at American Robotics, strengthening our domestic production base. We have also advanced the required work to prepare the US supply chain for Optimus and Iron Drone and expect to have US built systems available in Q1 2026.

在生產方面，我們在美國機器人公司推出了符合 NDAA 標準的美國製造光纖池，加強了我們的國內生產基地。我們也推進了必要的準備工作，為 Optimus 和 Iron Drone 的美國供應鏈做好準備，預計將於 2026 年第一季推出美國製造的系統。

Finally, we continued scaling our operating platform through key leadership additions, most notably the appointment earlier this week of Major General Retired Yoav Har-Even, former CEO of Rafael Advanced Defense Systems to our Advisory Board. His experience and insight will significantly enhance our strategic depth as we continue expanding OAS globally.

最後，我們透過關鍵領導層的加入，繼續擴大我們的營運平台，最值得注意的是，本週早些時候任命了拉斐爾先進防禦系統公司前首席執行官、退役少將約阿夫·哈爾-埃文加入我們的顧問委員會。他的經驗和洞察力將大大增強我們的戰略深度，協助我們繼續在全球擴展美洲國家組織（OAS）。

I will now pass the call to Meir Kliner, who will share an update on the M&A programs and the operational scaling activities at OAS. Meir?

現在我將把電話轉給梅爾·克利納，他將分享美洲國家組織併購計畫和營運規模化活動的最新情況。梅爾？

Thank you, Ash. During the quarter, we accelerated the execution of our strategic growth program, which drives value creation through accelerated growth and a clear path to profitability. The first start after outlining the plan for investor in July, leveraging the work and the preparation we began earlier in the year.

謝謝你，阿什。本季度，我們加快了戰略成長計劃的執行，該計劃透過加速成長和明確的獲利路徑來創造價值。在7月份向投資者概述計劃之後，我們首次啟動了該計劃，並利用了我們今年早些時候開始的工作和準備。

Our acquisition program is off to a fast start after outlining the plan for investor just last July, which is leveraging the work and the preparation we began earlier in the year. Our M&A strategy remains highly focused and disciplined targeting companies and technologies that expand OAS' commercial reach and strengthen our product ecosystem.

我們的收購計劃在去年 7 月向投資者概述計劃後迅速啟動，該計劃充分利用了我們今年早些時候開始的工作和準備。我們的併購策略仍然高度專注和嚴謹，目標是擴大 OAS 的商業範圍並加強我們的產品生態系統的公司和技術。

Each acquisition we made contributes a unique capability within our multi-domain architecture, allowing us to integrate aerial, ground and other critical elements and systems into a unified system of systems. This integration merges ISR, counter-UAS, robotics, communications and sensing technologies under one interoperable platform.

我們進行的每一次收購都為我們的多域架構貢獻了獨特的能力，使我們能夠將空中、地面和其他關鍵要素和系統整合到一個統一的系統中。該整合將 ISR、反無人機系統、機器人、通訊和感測技術整合到一個可互通的平台下。

Synergies accelerate customer solution delivery, enhance revenue growth and increase operating leverage through OAS' scaled infrastructure and position OAS as a next-generation multi-domain defense and security leader. We are building a scaled and interoperable platform by bringing together a group of highly complementary companies, each representing a critical pillar of defense autonomy.

透過 OAS 的規模基礎設施，協同效應可加速客戶解決方案的交付，增強收入成長，提高營運槓桿，並將 OAS 定位為下一代多領域國防和安全領導者。我們正在建立一個可擴展且可互通的平台，該平台匯集了一批高度互補的公司，每家公司都代表著國防自主性的關鍵支柱。

In the last several months, we made significant progress in expanding the OAS platform through strategic acquisitions, adding 5 new companies that bring critical capabilities, technologies and customer relationships to our group. These acquisitions strengthen OAS across critical operational domains, including air, ground and cyber while expanding our global footprint with Tier 1 defense and security customers.

在過去的幾個月裡，我們透過策略性收購在擴展 OAS 平台方面取得了重大進展，新增了 5 家公司，為集團帶來了關鍵的能力、技術和客戶關係。這些收購增強了 OAS 在關鍵營運領域（包括空中、地面和網路）的實力，同時擴大了我們與一級國防和安全客戶的全球業務範圍。

With SPO, we are now engaged in critical components for missiles and advanced drone systems, reinforcing our access to the defense supply chain. Apeiro Motion marks our entry into ground robotics and payload systems, a key capability for broader defense and maneuvering forces operating in complex terrain.

透過與 SPO 的合作，我們現在參與飛彈和先進無人機系統的關鍵零件生產中，從而加強了我們進入國防供應鏈的管道。Apeiro Motion 標誌著我們進軍地面機器人和有效載荷系統領域，這是在複雜地形中作戰的更廣泛的國防和機動部隊的關鍵能力。

Foreign Defense expands our subground and engineering platforms, enabling OAS to participate in land clearance and mining operations, which are essential to modern defense missions. In the counter-UAS domain, our primary focus area, we added Insight Intelligent sensors, which delivers electro-optical and AI-driven identification of (inaudible) drones.

對外國防擴展了我們的地下和工程平台，使美洲國家組織能夠參與土地清理和採礦作業，這對現代國防任務至關重要。在反無人機系統領域（我們的主要關注領域），我們增加了 Insight Intelligent 感測器，可實現對（聽不見的）無人機的光電和人工智慧驅動識別。

And Sentrycs, which we entered into a definitive agreement with Cyber-over-RF technology provides one of the most effective and precise counter-UAS solution available, capable of naturalizing threats with minimal collateral impact. And with Zickel, which we acquired in July, we have further strengthened our elite engineering team, adding important capabilities valued by our defense customers.

我們與 Sentrycs 達成了最終協議，其 Cyber​​-over-RF 技術提供了一種最有效、最精確的反無人機系統解決方案，能夠以最小的附帶影響消除威脅。7 月我們收購了 Zickel 公司，進一步加強了我們的精英工程團隊，增加了國防客戶重視的重要能力。

Together, these companies significantly enhance OAS' technological depth, operational diversity and customer reach. solidifying our position as a next-generation multi-domain defense technology leader. We don't have time on a quarterly call to do a deep dive into the recently acquired companies, but we'll expand on the Sentrycs and ask Tal Cohen, Sentrycs Founder and General Manager, to share some thoughts in a few moments.

這些公司的加入將顯著提升OAS的技術深度、營運多樣性和客戶覆蓋範圍，鞏固我們作為下一代多領域國防技術領導者的地位。季度電話會議時間有限，無法深入探討最近收購的公司，但我們會詳細介紹 Sentrycs，並請 Sentrycs 創辦人兼總經理 Tal Cohen 稍後分享一些想法。

As we continue to scale Ondas Autonomous Systems, we are building a strong operational infrastructure that connects all elements of our business from our core operations and acquired companies to new talent and an expanding partner ecosystem. Our goal is to create a fully integrated operating platform that supports growth, accelerates execution and enhances efficiency across the group.

隨著 Ondas Autonomous Systems 的不斷發展壯大，我們正在建立一個強大的營運基礎設施，將我們業務的各個方面連接起來，從我們的核心營運和收購的公司到新的人才和不斷擴大的合作夥伴生態系統。我們的目標是創建一個完全一體化的營運平台，以支援集團的成長、加速執行並提高效率。

This integration is being supported by the establishment of a senior leadership layer at OAS, which will manage the integration and growth of the acquired businesses. The expanding OAS leadership runs across the critical disciplines, including sales and marketing, supply chain and field support, HR, legal and finance and accounting. We are expanding our go-to-market capabilities, aligning our global sales teams, partners and customer networks under one commercial framework.

為了支持這項整合，OAS 設立了高階領導階層，負責管理收購業務的整合和發展。OAS 不斷成長的領導團隊涵蓋了各個關鍵領域，包括銷售和行銷、供應鏈和現場支援、人力資源、法律、財務和會計。我們正在擴大市場拓展能力，將全球銷售團隊、合作夥伴和客戶網路整合到商業框架下。

On the same time, we are strengthening our operational backbone, unifying manufacturing, distribution and technology resources to support higher production capacity and faster deployment cycles. We also brought in new leadership and advisory talent to help guide execution and drive collaboration across all subsidiaries.

同時，我們正在加強營運基礎，整合製造、分銷和技術資源，以支援更高的產能和更快的部署週期。我們也引進了新的領導和顧問人才，以幫助指導執行並推動所有子公司之間的合作。

Finally, by connecting our technology platforms, talent and ecosystem partners, we are establishing the foundation for sustainable scale and long-term value creation as a multi-domain defense and security leader. The integrated structure is transforming OAS into a true multi-domain defense network where each company strengthens and amplifies the others, merging aerial, ground, sensing and cyber capabilities into one interoperable, scalable and autonomous system of systems.

最後，透過連接我們的技術平台、人才和生態系統合作夥伴，我們正在為成為多領域國防和安全領導者奠定可持續規模和長期價值創造的基礎。這種一體化結構正在將 OAS 轉變為一個真正的多域防禦網絡，其中每個公司都在加強和放大其他公司的能力，將空中、地面、感測和網路能力整合到一個可互通、可擴展和自主的系統之中。

Our counter-UAS segment, a key area of focus and growth will be anchored by the integration of Iron and Sentrycs. Together, delivering a complete hard and soft capabilities under a unified command and control architecture. This system of system framework is now coming together with each company contributing a critical capability to the broader OAS defense technology ecosystem.

我們的反無人機系統業務是重點關注和成長領域，將以 Iron 和 Sentrycs 的整合為基礎。在統一的指揮控制架構下，共同提供完整的硬體和軟體能力。目前，這個系統框架正在逐步形成，每家公司都為更廣泛的 OAS 國防技術生態系統貢獻了關鍵能力。

And as we move forward, we will continue adding companies and technologies to complete our portfolio and further strengthen OAS' position as a next-generation defense and security leader. I would like to take a moment to focus on Sentrycs. Sentrycs will expand OAS' global reach to Tier 1 defense, public safety and security agencies, organizations actively protecting critical infrastructure across more than 25 countries.

隨著我們繼續向前發展，我們將繼續增加公司和技術，以完善我們的產品組合，並進一步鞏固 OAS 作為下一代國防和安全領導者的地位。我想花點時間重點談談哨兵系統。Sentrycs 將擴大 OAS 的全球影響力，涵蓋超過 25 個國家的頂級國防、公共安全和保全機構以及積極保護關鍵基礎設施的組織。

Cyber-over-RF technology represents one of the most advanced counter-UAS solutions in the market today, enabling safe, precise and regulation compliant drone neutralizing without jamming or collateral interference. Sentrycs technology is already field proven, deployed globally across airports, defense facilities and public safety operations, demonstrating extended range, multi-target engagement and adaptability to evolving rider technologies.

網路射頻技術是目前市場上最先進的反無人機系統解決方案之一，它能夠安全、精確且符合法規地消除無人機，而不會造成乾擾或附帶幹擾。Sentrycs 技術已在實地得到驗證，已在全球機場、國防設施和公共安全行動中部署，展現出更遠的探測距離、多目標交戰能力以及對不斷發展的騎手技術的適應性。

This acquisition will position OAS with a unique software capability, perfectly complementing Iron Drone's hard kill system. And together, they create comprehensive counter-UAS architecture unmatched in the market. I will now hand the call over to Tal Cohen, General Manager of Sentrycs to review the company and this market of counter-UAS. Tal?

此次收購將使 OAS 擁有獨特的軟體能力，與 Iron Drone 的硬殺傷系統完美互補。他們共同打造了市場上無與倫比的全面反無人機系統架構。現在我將把電話交給 Sentrycs 的總經理 Tal Cohen，讓他來介紹一下公司和反無人機系統市場。塔爾？

Thank you, Meir, and thank you for having me today. At Sentrycs, we are truly excited to join Ondas. We believe this partnership will create a significant opportunity to deliver together with Ondas, the ideal solution to the evolving drone threat that has rapidly emerged over the past few years. I am pleased to highlight our Sentrycs is driving a major advancement in our CAS or counter unmanned area systems capability through our proprietary Cyber-over-RF technology or CoRF in short.

謝謝你，梅爾，也謝謝你今天邀請我。Sentrycs 非常高興能夠加入 Ondas。我們相信，此次合作將創造一個重要的機會，讓我們能夠與 Ondas 一起提供理想的解決方案，以應對過去幾年迅速出現的不斷演變的無人機威脅。我很高興地強調，我們的 Sentrycs 透過我們專有的 Cyber​​-over-RF 技術（簡稱 CoRF）推動了我們在 CAS 或反無人區域系統能力方面的重大進步。

CoRF works differently from a traditional gaming or kinetic solutions. Rather than broadly disrupting signals or deploying interceptors, Sentrycs system interacts directly with a drone communication protocol, the language between the drone and its controller, enabling us to detect, identify, track and then assume control of a hostile drone in seconds.

CoRF 的工作原理與傳統的遊戲或動能解決方案不同。Sentrycs 系統並非廣泛幹擾訊號或部署攔截器，而是直接與無人機通訊協定（無人機與其控制器之間的語言）進行交互，使我們能夠在幾秒鐘內檢測、識別、追蹤並控制敵對無人機。

Some of the operational advantages stand out. Rapid deployment and simplicity. Sentrycs system can be deployed in minutes in a signal case or mobile kit. Precision and safety, CoRF ensures zero interference with authorized drones, GNSS or nearby communication systems, enabling safe mitigation in civilian critical infrastructure and defense environments alike. Proven global performance.

其中一些營運優勢尤為突出。部署快速簡單。Sentrycs 系統可在幾分鐘內部署到訊號箱或行動套件中。CoRF 具有精準性和安全性，可確保對授權無人機、GNSS 或附近通訊系統零幹擾，從而在民用關鍵基礎設施和國防環境中實現安全緩解。全球業績卓著。

Sentrycs is already trusted by defense, public safety and infrastructure agencies in more than 25 countries. By integrating Sentrycs into the OAS architecture alongside our aerial platforms, ground systems and sensor networks, we will be delivering a complete detect to defeat C-UAS ecosystem. Sentrycs brings the soft layer of precise cyber protocol takeover, which pairs organically with our kinetic platforms for hard kill response.

Sentrycs 已獲得超過 25 個國家的國防、公共安全和基礎設施機構的信賴。透過將 Sentrycs 整合到 OAS 架構中，與我們的空中平台、地面系統和感測器網路一起，我們將提供一個完整的反無人機系統生態系統。Sentrycs 帶來了精準的網路協定接管的軟性層面，與我們的動能平台有機結合，實現強力打擊響應。

As drone threats become more agile, more numerous and more diverse across borders, critical infrastructure and contested environments, the CoRF capability give us the scalability, agility and compliance required for today's multi-domain defense posture. In short, with Sentrycs on board, we are not just reacting to drone threat. We will be proactively controlling them safely, reliably and at scale.

隨著無人機威脅變得更加靈活、數量更多、種類更多，跨越國界、關鍵基礎設施和對抗環境，CoRF 能力為我們提供了當今多域防禦態勢所需的可擴展性、靈活性和合規性。簡而言之，有了 Sentrycs 系統，我們就不僅僅是在應對無人機威脅了。我們將主動、安全、可靠地大規模控制它們。

Sentrycs' Global footprint is growing rapidly. We have now successfully deployed our solution in more than 25 countries, demonstrating the strong demand and the proven value of our technology for customers across the defense, security and public safety sectors. Sentrycs has reached more than 200 global deployments, reflecting strong and accelerating international adaptation among Tier 1 defense and security agencies worldwide. In Europe, we are active in 13 countries with 74 deployments, achieving 24% year-to-date growth.

Sentrycs的全球商業版圖正快速擴大。我們已成功在超過 25 個國家/地區部署了我們的解決方案，這表明國防、安全和公共安全領域的客戶對我們的技術有著強烈的需求和已證實的價值。Sentrycs 在全球部署超過 200 次，反映出世界一流國防和安全機構對它的國際化適應正在迅速增強。在歐洲，我們已在 13 個國家開展業務，共部署了 74 個項目，今年迄今實現了 24% 的成長。

In Asia, we have expanded across 6 countries with 82 deployments growing 32% year-to-date. And in North America, we have seen the fastest growth, 91% year-to-date with 34 deployments across three countries. We are also extending our presence in Africa, South America and Australia through new multi-agencies programs that highlight the scalability and versatility of our Counter-UAS technology.

在亞洲，我們已擴展到 6 個國家，部署了 82 個項目，今年迄今成長了 32%。在北美，我們的成長速度最快，今年迄今成長了 91%，在三個國家完成了 34 次部署。我們也透過新的多機構合作項目，擴大了我們在非洲、南美洲和澳洲的業務，這些項目突顯了我們反無人機系統的可擴展性和多功能性。

Altogether, this demonstrates not only the global scalability and operational readiness of Sentrycs, but also how this capability will reinforce OAS position as a trusted provider of field-proven multilayer C-UAS solution for defense and critical infrastructure protection. A combined solution will allow detection, mitigation and situational awareness under one coordinated architecture.

總而言之，這不僅證明了 Sentrycs 的全球可擴展性和運行準備情況，而且還證明了這一能力將如何鞏固 OAS 作為值得信賴的、經過現場驗證的多層 C-UAS 解決方案提供商的地位，該解決方案用於國防和關鍵基礎設施保護。綜合解決方案將允許在一個協調的架構下進行檢測、緩解和態勢感知。

We start with Sentrycs, which provides the first line of defense through its Cyber-over-RF technology. It delivers long-range detection, tracking and identification of the drones and enables safe cyber-based mitigation, taking control of the hostile drone and landing it without jamming or collateral interference. This also give us critical intelligence, real-time insights into the drone's identity, behavior and even its operator's location.

我們首先介紹 Sentrycs，它透過其 Cyber​​-over-RF 技術提供第一道防線。它能夠對無人機進行遠端探測、追蹤和識別，並實現安全的基於網路的緩解措施，控制敵對無人機並使其降落，而不會造成乾擾或附帶幹擾。這也能讓我們獲得關鍵情報，即時了解無人機的身份、行為，甚至是操作員的位置。

Next, we add the Iron Drone Raider, Ondas' autonomous kinetic interception system. It designed to automatically intercept and defeat any drone threat, including those that operate without radio control or GPS, completing the full spectrum protection layer. Finally, both systems feed into a unified situational awareness interface where data from Sentrycs and Iron Drone are fused into a single automated operational picture.

接下來，我們加入鋼鐵無人機突襲者，這是Ondas的自主動能攔截系統。它旨在自動攔截和擊敗任何無人機威脅，包括那些沒有無線電控製或 GPS 的無人機，從而完善全頻譜保護層。最後，這兩個系統將資料輸入到一個統一的態勢感知介面，來自 Sentrycs 和 Iron Drone 的資料整合到單一的自動化作戰圖景中。

This integration allows operators to detect, track and neutralize threats in real time while reducing the workload and improving decision-making accuracy. Together, these capabilities will deliver comprehensive counter-UAS. architecture, one that covers every threat type across every environment with precision, safety and automation.

此整合使操作人員能夠即時檢測、追蹤和消除威脅，同時減少工作量並提高決策準確性。這些能力結合起來將提供全面的反無人機系統架構，該架構能夠精確、安全、自動化地應對各種環境下的各種威脅類型。

When we look at the broader counter-UAS market, the opportunity ahead of us is extremely significant. Global demand for counter drone technologies is projected to grow from roughly $2.4 billion in 2024 to over $10.5 billion by 2030, representing a 27% compound annual growth rate. This growth is driven by the rapid escalation of drone threats across defense, homeland security and critical infrastructure sectors and by increasing government funding and regulation worldwide as we are seeing strong momentum across all regions.

當我們放眼整個反無人機系統市場時，眼前的機會極為巨大。全球對反無人機技術的需求預計將從 2024 年的約 24 億美元增長到 2030 年的超過 105 億美元，複合年增長率達 27%。這一增長是由國防、國土安全和關鍵基礎設施領域無人機威脅的迅速升級以及世界各國政府不斷增加的資金投入和監管所推動的，我們看到所有地區都呈現出強勁的發展勢頭。

Sentrycs is already well positioned in each of these markets with active deployments and a proven track record supporting Tier 1 defense and security agencies. If we move to the revenue outlook, Sentrycs continued to demonstrate exceptional growth, maintaining a triple-digit compound annual growth rate with bookings expected to more than triple over the next few years.

Sentrycs 已在這些市場中佔據有利地位，擁有積極的部署和為一級國防和安全機構提供支援的良好記錄。從營收前景來看，Sentrycs 繼續展現出非凡的成長勢頭，保持著三位數的複合年增長率，預計未來幾年預訂量將增長三倍以上。

The company also sustains a strong gross margin in the upper 70% range, underscoring the scalability and efficiency of its technology platform. Demand continues to increase across Europe, the United States and Southeast Asia, fueled by both the raising number of drone incidents and the urgent need for compliant, effective and automated defense solutions.

該公司還保持著高達 70% 以上的強勁毛利率，凸顯了其技術平台的可擴展性和效率。歐洲、美國和東南亞的需求持續成長，這不僅是由於無人機事件數量不斷增加，也是由於迫切需要合規、有效和自動化的防禦解決方案。

Our Cyber-over-RF approach provides exactly that, a simple, safe and proven method to detect, identify and neutralize drones without causing collateral interference, positioning Sentrycs and OAS to capture a meaningful share of this rapidly expanding $10 billion market. That will conclude my remarks. Thank you for having me here today. We are excited about what's ahead of us and look forward to sharing more great news with you soon.

我們的網路射頻方法正是如此，它提供了一種簡單、安全且經過驗證的方法來檢測、識別和摧毀無人機，而不會造成附帶幹擾，從而使 Sentrycs 和 OAS 能夠在這個快速增長的 100 億美元市場中佔據可觀的份額。我的發言到此結束。謝謝你們今天邀請我來這裡。我們對未來充滿期待，並期待盡快與您分享更多好消息。

With that, I'll hand the call back over to Eric. Eric?

這樣，我就把電話還給艾瑞克了。艾瑞克？

Thank you, Tal. As you know, we are thrilled to have Sentrycs join the Ondas team. We see exceptional talent at Sentrycs combined with market-leading technology, which we believe is extremely well positioned for the massive addressable market opportunity we have outlined. We believe Ondas is building a very strong position in front of a coming boom in C-UAS infrastructure deployments globally.

謝謝你，塔爾。如你所知，我們非常高興 Sentrycs 加入 Ondas 團隊。我們看到 Sentrycs 擁有傑出的人才和市場領先的技術，我們相信這使其在我們所概述的巨大潛在市場機會方面佔據了非常有利的地位。我們相信，Ondas 正在為即將到來的全球反無人機系統基礎設施部署熱潮奠定非常強大的地位。

We'll now turn to the outlook for Q4 and take a quick look into 2026 as well. As we highlighted throughout the year, our programmatic M&A effort remains very productive, and we believe it will continue to be highly accretive for our investors. We're continuing to build our corporate development team. And as we expand our capabilities, we're seeing the pipeline mature rapidly. Just as importantly, we're seeing significant inbound interest from potential partners, investors and acquisition candidates who view Ondas as a strategic home for their technologies and businesses.

接下來，我們將展望第四季度，並簡要展望一下 2026 年。正如我們全年所強調的，我們的程序化併購工作仍然非常高效，我們相信它將繼續為我們的投資者帶來豐厚的回報。我們正在繼續擴大企業發展團隊。隨著我們能力的提升，我們看到產品線正在迅速成熟。同樣重要的是，我們看到來自潛在合作夥伴、投資者和收購對象的濃厚興趣，他們將 Ondas 視為其技術和業務的策略歸宿。

The pipeline isn't just maturing, it's broadening. We're now seeing more established and operationally mature companies emerge as relevant targets, and that's exciting. It speaks to the strength of our reputation and the scale of opportunity we're creating for 2026 and beyond. At present, we have over 20 companies in the active M&A pipeline with advanced activity with 7 potential targets. Collectively, these opportunities represent more than $500 million in potential additional revenue, highlighting the material impact our strategic growth program can have as we continue to execute.

這條管道不僅日趨成熟，而且還在不斷拓寬。我們現在看到更多成熟且營運成熟的公司成為相關的收購目標，這令人興奮。這體現了我們強大的聲譽，以及我們為 2026 年及以後創造的巨大機會。目前，我們有超過 20 家公司處於活躍的併購專案階段，其中有 7 個潛在目標。總的來說，這些機會代表著超過 5 億美元的潛在額外收入，凸顯了我們的策略成長計畫在我們繼續執行的過程中所能產生的實質影響。

We believe this momentum positions us for a very strong 2026, one where our acquisitions and partnerships will not only add scale and capability, but also drive higher operating leverage, faster growth and sustained profitability. Ondas is building a platform designed for expansion, and we are confident that the next phase of our M&A program will continue to strengthen both our business and long-term shareholder value.

我們相信，這一勢頭將使我們在 2026 年取得非常強勁的成績，屆時我們的收購和合作不僅會增加規模和能力，還會推動更高的營運槓桿、更快的成長和持續的獲利能力。Ondas 正在建立一個旨在擴張的平台，我們相信，下一階段的併購計畫將繼續加強我們的業務和長期股東價值。

Let's turn to the financial and operational outlook. As we have highlighted, Ondas continues to build momentum, and we expect to see strong growth across all areas of the business led by OAS as we move through the balance of 2025 and into 2026. We believe we can comfortably meet the financial and operational objectives we outlined earlier this year. And today, we're updating those targets to reflect our progress and visibility.

接下來我們來看看財務和營運前景。正如我們所強調的，Ondas 繼續保持成長勢頭，我們預計在 2025 年剩餘時間和 2026 年，在 OAS 的引領下，公司所有業務領域都將實現強勁成長。我們相信我們能夠輕鬆實現今年早些時候制定的財務和營運目標。今天，我們將更新這些目標，以反映我們的進展和成果。

For the full year 2025, we're now raising our revenue target to at least $36 million, which puts our Q4 revenue target north of $15 million. Looking ahead, we've also -- we're also providing our first formal view into 2026. Based on the visibility we have today, we are targeting at least $110 million in revenue for 2026. And I would note that this number may, in fact, prove conservative given our expanding customer base, backlog and maturing customer pipeline as well as our expanded M&A opportunity set.

2025 年全年，我們將營收目標提高到至少 3,600 萬美元，這意味著我們第四季的營收目標將超過 1,500 萬美元。展望未來，我們也—我們也將首次正式展望 2026 年。根據我們目前掌握的情況，我們預計 2026 年的收入將至少達到 1.1 億美元。而且，考慮到我們不斷擴大的客戶群、積壓訂單和日益成熟的客戶管道，以及我們不斷擴大的併購機會，這個數字實際上可能還是保守的。

We also expect to announce additional acquisitions during Q4, continuing to execute our strategic growth program. As we stated previously, we continue to target the addition of a US DoD or DHS customer in 2025, which will represent another major milestone for the company. Of course, new acquisitions would be accretive to our 2026 outlook.

我們也預計在第四季度宣布更多收購計劃，繼續執行我們的策略成長計劃。正如我們之前所說，我們將繼續以在 2025 年新增美國國防部或國土安全部客戶為目標，這將是公司發展歷程中的另一個重要里程碑。當然，新的收購將有利於我們2026年的業績展望。

As it relates to Ondas Networks, we are heartened by the AAR's expanding commitment to dot16, where 3 major private wireless networks have now been formally designated for upgrade with dot16 technology. We do believe we will see meaningful adoption by the railroads in 2026, and this will help reward our investors for the strategic value we are creating with Ondas Networks. However, until we see the orders, our outlook today reflects only modest revenue expectations from Ondas Networks relative to the OAS business.

就 Ondas Networks 而言，我們很欣慰地看到 AAR 對 dot16 的投入不斷擴大，目前已有 3 個主要的專用無線網路被正式指定升級到​​ dot16 技術。我們相信，到 2026 年，鐵路產業將真正採用這項技術，這將有助於回報我們的投資者，因為他們為我們透過 Ondas Networks 創造的戰略價值做出了貢獻。然而，在看到訂單之前，我們今天的展望僅反映了 Ondas Networks 相對於 OAS 業務而言較為溫和的營收預期。

We will also continue to be as communicative as possible with our investors. To that front, we plan to host 2 dedicated events in Ondas Capital Investor Day in December, where we'll dive into that business unit strategy and investment road map and an OAS Investor Day in January, which will update our business plan from last July and focus on our plans to scale our operating platform, capture new customers as well as share our technology road map and a detailed financial plan for 2026.

我們將繼續盡可能與投資者保持溝通。為此，我們計劃在 12 月舉辦 Ondas Capital 投資者日，屆時我們將深入探討該業務部門的策略和投資路線圖；並在 1 月舉辦 OAS 投資者日，屆時我們將更新去年 7 月的商業計劃，重點介紹我們擴大營運平台規模、獲取新客戶的計劃，並分享我們的技術路線圖和 2026 年的詳細財務計劃。

In summary, Ondas is executing on all fronts. We're growing, scaling and expanding strategically. We've built an exceptionally strong foundation, and we're positioned to deliver a record year in 2025 while setting the stage for even greater performance in 2026.

總而言之，Ondas 在各方面都表現出色。我們正在進行策略性的成長、規模化和擴張。我們已經打下了非常堅實的基礎，我們有能力在 2025 年取得創紀錄的業績，同時為 2026 年取得更大的成就奠定基礎。

Before we wrap the call and take investor questions, I want to briefly revisit how our financial and operating models are designed to accelerate shareholder value creation. Of course, that's the bottom line for me and our leadership team and also the bottom line for you. The formula here is straightforward, and it's working.

在結束電話會議並回答投資者提問之前，我想先簡單回顧一下我們的財務和營運模式是如何設計的，以加速股東價值的創造。當然，這對我、我們的領導團隊、你們來說都是底線。這個方法很簡單，而且有效。

Our core growth plan is delivering momentum in massive end markets that are still in the early stages of a 10-plus year adoption cycle. We're driving revenue acceleration. And as we continue to scale, we're generating operating leverage across the platform. That combination with sustained growth and capital efficiency gives us visibility into increasingly profitable growth over time, which we believe will support a premium valuation for Ondas.

我們的核心成長計畫是在仍處於 10 年以上普及週期早期階段的龐大終端市場中實現成長勢頭。我們正在加速營收成長。隨著我們不斷擴大規模，我們正在整個平台上產生營運槓桿效應。持續成長和資本效率的結合，使我們能夠預見未來獲利能力不斷增強的成長，我們相信這將支撐 Ondas 獲得溢價估值。

Layered on top of that is our strategic growth plan, which amplifies those returns, leveraging our access to low-cost capital. With a premium valued operating platform, we're able to acquire premium capabilities and do so in a way that's highly accretive to both earnings and long-term value. Together, these models, our core operations and strategic expansion create a powerful cycle. We deploy growth capital, we drive operating scale, and we expand platform solutions that open new customer and market opportunities. This is how we intend to continue building shareholder value through execution, scalability and disciplined capital deployment that compounds over time.

在此基礎上，我們也制定了策略性成長計劃，利用我們獲得低成本資本的優勢，進一步擴大了這些回報。憑藉優質的營運平台，我們能夠獲得優質的能力，並且能夠以高度增值的方式提高收益和長期價值。這些模式、我們的核心營運和策略擴張共同創造了一個強大的循環。我們投入成長資本，擴大營運規模，並拓展平台解決方案，從而開拓新的客戶和市場機會。這就是我們打算如何透過執行力、可擴展性和有紀律的資本部署來持續創造股東價值的方式，這種部署會隨著時間的推移而產生複利效應。

I'm really excited to wrap up 2025 strongly and further excited to continue to leverage our momentum into 2026.

我非常高興能夠以強勁的勢頭結束 2025 年，並​​且更加興奮地希望能夠繼續保持這種勢頭，邁向 2026 年。

With that said, operator, we will now move to take investor questions.

話雖如此，操作員，我們現在將進入投資者提問環節。

(Operator Instructions)

（操作說明）

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾，H.C. 溫賴特。

Good morning, everyone. Thank you for taking my questions. Eric, very impressive, the speed at which you are executing. Just along those lines, you highlighted that you are pursuing seven deals that you are at advanced stages from an M&A perspective. Just to clarify, if you do close all those seven deals, are you saying annual revenues or at least the run rate could exceed $500 million per year?

各位早安。謝謝您回答我的問題。艾瑞克，你的執行速度非常驚人。正如您所強調的，您正在推動七項併購交易，這些交易目前都處於後期階段。為了澄清一下，如果你真的完成了這七筆交易，你是說年收入或至少年增長率可以超過 5 億美元嗎？

No, I'm not saying that specifically to the seven targets. We're talking more broadly about the pipeline we outlined.

不，我不是特指那七個目標人物。我們現在要更廣泛地討論的是我們之前概述的這條管道。

Okay, understood. Thank you for that. And then --

好的，明白了。謝謝。進而--

Let me just add, that's incremental to -- it is incremental to the revenue targets we gave for 2026.

我還要補充一點，這與我們為 2026 年設定的收入目標相比是增量的。

Okay. So that's where potential upside could come from outside of any other organic developments for you?

好的。所以，除了其他任何自然成長之外，潛在的收益可能就來自於此？

Right. We think it's going to be both paths.

正確的。我們認為兩條路都會走。

Understood. And then as we think about future OAS revenues, how should we think about onetime product or system sales versus any recurring revenue components from those sales?

明白了。那麼，當我們考慮未來的 OAS 收入時，我們應該如何看待一次性產品或系統銷售與這些銷售產生的任何經常性收入組成部分？

I think you're going to see the bulk of what we're doing in the next 12 to 18 months be the platform sales, so system sales and infrastructure build-outs. As we outlined in that July Investor Day, that's going to look and feel like recurring revenue because we've got this 10-year cycle. And as we build that installed base, we'll be increasingly putting services behind that.

我認為在接下來的 12 到 18 個月裡，我們大部分的工作將集中在平台銷售上，也就是係統銷售和基礎設施建設。正如我們在7月份的投資者日上所概述的那樣，這看起來和感覺起來都將是經常性收入，因為我們有一個10年的周期。隨著用戶基數的擴大，我們將越來越多地為這些用戶提供服務。

I'd also add that early here, we're seeing significant demand from defense markets. Those tend to be purchases. As you see us build the pipeline and start to pull that through on the commercial side, that lends itself to drone and Data-as-a-Service model. So you'll see that mix start to shift as well when commercial starts to grow.

我還想補充一點，目前我們已經看到國防市場有顯著的需求。這些通常指的是購物消費。正如你所看到的，我們建立了管道，並開始在商業方面推進，這很適合無人機和數據即服務模式。所以，當商業開始發展時，你會發現這種組合也會開始改變。

Got it. Just one more for me and then I'll get back in queue. With all of this M&A activity, how quickly can you eliminate sort of overlapping overheads from these recent acquisitions?

知道了。我再買一個，然後就重新排隊。在如此頻繁的併購活動中，如何盡快消除近期收購帶來的重疊支出？

Well, we really took some great pains today to outline that leadership team and that OAS operating platform layer that we're establishing. And that's going to be a significant leverage point for us. At the same time, the companies we're acquiring are growing quite a bit themselves. So what we're hoping to do and believe we can do with this operating platform layer I described is accelerate the revenue growth, but also the capital efficiency. And I don't think that means that we're going to have to be reducing costs with acquired companies. We're bringing that talent, and I think we're going to be growing that talent as well.

今天，我們確實花了很多心思來概述我們正在建立的領導團隊和 OAS 營運平台層。這將是我們的一大優勢。同時，我們收購的公司本身也在快速發展。所以，我們希望並且相信我們能夠透過我所描述的這個營運平台層來加速收入成長，同時也提高資本效率。我不認為這意味著我們必須透過收購公司來降低成本。我們正在引進這些人才，而且我認為我們也會培養出更多優秀的人才。

Thank you so much.

太感謝了。

Mike Latimore, Northland Capital Markets.

Mike Latimore，北地資本市場。

Great. Congrats. Many exciting developments here. I guess as you look at the guidance for '26, does that get you to EBITDA positive?

偉大的。恭喜。這裡有很多令人興奮的進展。我想，根據 2026 年的業績指引，這能實現 EBITDA 為正嗎？

We still believe that the operating businesses will be EBITDA positive by the second half of next year. And I think that case is even stronger as we're building the scale through the revenue additions. And let's stay tuned. We did say we're going to have a conference call in the first half of January to lay out the business plan and the financial model for 2026. And there, we'll give you a sense as to when we can cover the holding company costs.

我們仍然相信，到明年下半年，營運業務將實現 EBITDA 為正。而且我認為，隨著我們透過增加收入來擴大規模，這個理由就更加充分了。敬請期待。我們確實說過，我們將在一月上半月召開電話會議，制定 2026 年的商業計劃和財務模型。屆時，我們將向您說明我們何時能夠支付控股公司的費用。

Got it. And then the Sentrycs acquisition sounds very positive. I guess, as you think about the counter-UAS or counter drone market, do you expect most of your prospects to buy both Sentrycs and Iron Drone? Is that going to be a logical sale? Or would you have a big tranche in one category versus the other?

知道了。而且，收購 Sentrycs 的消息聽起來非常正面。我想，當您考慮反無人機系統或反無人機市場時，您是否認為您的大多數潛在客戶會同時購買 Sentrycs 和 Iron Drone 的產品？這筆交易合乎邏輯嗎？還是你會把很大一部分資金投入到某一類資產中，而不是另一類？

I think it depends on where these systems are going to be deployed. As you know, these are layered technologies. In many places, having the soft and hard kill will be appropriate in certain locations, having one may be more appropriate. So we'll have to see how that plays out.

我認為這取決於這些系統將部署在哪裡。如您所知，這些都是分層技術。在許多地方，同時擁有軟殺戮和硬殺戮是合適的；但在某些地方，只擁有一種可能更合適。所以，我們得看看事情會如何發展。

So -- but we do feel like we're in a very strong position as subject matter experts and the technologies we can bring that are operational best-in-class, that we can have a great deal of efficiency in guiding and value in guiding our customers to what those layers look at -- look like at specific locations.

所以——但我們確實覺得我們作為主題專家處於非常有利的地位，我們能夠帶來一流的營運技術，我們可以在指導客戶了解這些層在特定位置的外觀方面發揮很大的效率和價值。

And just last for me. In terms of the US market, which sort of product categories seem most promising for the US and maybe which type of government or government agencies seem most promising?

最後，就留給我吧。就美國市場而言，哪些產品類別在美國最有發展前景？哪些類型的政府或政府機構最有發展前景？

I'd say they're all promising for sure. We do see quite a demand signal here from the Department of Defense as well as DHS and critical infrastructure markets even for -- in public safety for the counter drone. So as we look into 2026, we expect the counter drone to likely lead the charge. However, we're going to see growth really across the board.

我覺得他們都很有前途。我們看到國防部、國土安全部以及關鍵基礎設施市場，甚至在公共安全領域，對反無人機的需求都相當強勁。展望 2026 年，我們預期反無人機可能會引領潮流。然而，我們將看到各方面都實現成長。

Okay, great, thanks a lot.

好的，太好了，非常感謝。

All right, great, thanks, Mike.

好的，太好了，謝謝你，麥克。

Tim Horan, Oppenheimer.

提姆霍蘭，奧本海默。

I got about 20 questions, but I'll keep it to three, though. Eric, it doesn't seem like Europe has much in the way of near air defenses at this point, but it sounds like it has been deployed in a few locations. But is that pretty accurate? And I guess, do you have the platform now to kind of go protect or sense and protect the nuclear facilities and other facilities? I mean, can that be up and running relatively quickly?

我收到了大約 20 個問題，但我只會回答三個。艾瑞克，目前看來歐洲似乎還沒有太多近程防空系統，但聽起來好像已經在某些地方部署了。但這種說法準確嗎？我想，你們現在是否有平台去保護或感知並保護核設施和其他設施？我的意思是，它能比較快速地投入使用嗎？

So yes, you're right. I think Europe, and it's really true globally, the counter drone infrastructure build-out really is just in its -- batters just coming for the first pitch. So we see a lot of greenfield here. At the same time, Europe is likely uniquely pressured here because the war in Ukraine is on their doorstep, and you're seeing many reports consistently of drone threats emerging in Europe.

是的，你說得對。我認為歐洲，甚至全球，反無人機基礎建設真的才剛開始——就像擊球手即將投出第一球一樣。所以我們看到這裡有很多未開發的土地。同時，歐洲可能面臨獨特的壓力，因為烏克蘭戰爭就在他們家門口，而且不斷有報告歐洲出現了無人機威脅。

So we think the urgency across Europe to protect critical infrastructure. You mentioned power plants for sure, airports, other critical assets, bases, borders, we see a significant demand there. So I do think this is going to be a place that's going to be very fruitful for us.

因此，我們認為保護關鍵基礎設施是歐洲的當務之急。您確實提到了發電廠、機場、其他重要資產、基地、邊境，我們看到這些領域有巨大的需求。所以我認為這裡對我們來說將會是一個非常有成果的地方。

And it sounds like Sentrycs is deployed in a bunch of locations. Is there any evidence of their technology works to protect these locations? Yes.

聽起來 Sentrycs 系統已經在很多地方部署了。是否有證據顯示他們的技術能夠有效保護這些地點？是的。

Yes, there's tons of evidence, and you can see it in the customer expansion. So this is a very robust proven technology and capability, and we think that curve -- that growth curve is going to be sustained.

是的，證據很多，從客戶成長就能看出來。所以這是一項非常成熟可靠的技術和能力，我們認為這種成長曲線將會持續下去。

So on the next question of integrating Iron Drone with Sentrycs, when will that actually be accomplished? When can you start deploying the platform, yes?

那麼，關於將鋼鐵無人機與哨兵系統整合的下一個問題，究竟何時才能真正實現呢？平台什麼時候可以開始部署？

Let's -- I'm going to defer that to our call in January. I don't want to put the time lines on that. I will add that the detection piece of what Sentrycs does is critical for the hard kill. You have to identify the threat to go mitigate. In Iron Drone, we have been integrating many different detection technology platforms, and we think that's going to be pretty straightforward for us to do with Sentrycs as well. But we'll give more specifics on that in January.

嗯……我決定把這個問題延後到一月的電話會議討論。我不想設定時間期限。我還要補充一點，哨兵系統的偵測功能對於徹底擊殺至關重要。你必須先辨識出威脅，才能採取緩解措施。在 Iron Drone 中，我們一直在整合許多不同的檢測技術平台，我們認為將 Sentrycs 整合到我們的系統中也會非常容易。但我們會在一月公佈更多細節。

Great. So I guess, lastly, how much does it cost to protect an airport or a site, do you think both the upfront cost for the customer and the ongoing annual cost?

偉大的。最後，我想問的是，保護機場或一個場所需要多少錢？您認為包括客戶的前期成本和持續的年度成本嗎？

Like always, it depends, Tim. It depends on how many -- are they deploying a detection technology? Are they doing the soft kill? Are they adding hard kill. So it depends, but it can run into the millions of dollars per airport for sure.

提姆，這和往常一樣，要看情況。這取決於有多少人——他們是否部署了檢測技術？他們是在進行軟殺戮嗎？他們是不是在增加硬殺技能？所以這要視情況而定，但可以肯定的是，每個機場的花費可能高達數百萬美元。

And is that an annual recurring fee, do you think? Or how does it compare like the upfront versus annual recurring?

你覺得那是每年的固定費用嗎？或者說，預付費用和年度續約相比如何？

There are recurring fees on that. But yes, again, it depends on what's being deployed. And I think we'll be able to lay that out in January, the financial models around this.

這會產生定期費用。但是，是的，這再次取決於部署的是什麼。我認為我們可以在一月份公佈相關的財務模型。

Thank you.

謝謝。

Austin Bohlig, Needham.

奧斯汀·博利格，尼德姆。

Hey guys, thanks for taking my question and congrats on the great results. First question, guys, is kind of on the new 2025 guide. The $11 million in uptick, it sounds like some of this organic success that's higher than your expectations? Or is the majority of this uptick coming from the recent acquisitions?

大家好，感謝你們回答我的問題，也恭喜你們取得了優異的成績。各位，第一個問題是關於新的 2025 年指南的。1100萬美元的成長，聽起來像是超乎您預期的自然成長？或者說，這波成長主要來自最近的收購？

It's both. I mean we're going to be -- just to be clear, we run the businesses at OAS as 1 unit, and we have 2 business units, Ondas Networks and OAS. And that's what we're going to be presenting to you on a go-forward basis. But the -- from the acquisitions in terms of contribution in Q3, we did highlight that Apeiro was additive, but we're seeing strength in the core business as well.

兩者兼具。我的意思是，我們將——為了明確起見，我們在 OAS 運營所有業務，我們有兩個業務部門，Ondas Networks 和 OAS。這就是我們接下來要向大家展示的內容。但就第三季的收購貢獻而言，我們確實強調了 Apeiro 的增值作用，但我們也看到了核心業務的強勁表現。

Okay. And then looking at kind of your guidance 2026 guide, how much additional M&A is baked into that $110 million number?

好的。然後，看看你們的 2026 年指導方針，1.1 億美元的數字中包含了多少額外的併購活動？

There's no additional M&A. It's only the acquisitions we have announced. It does include the Sentrycs acquisition, which we expect to close soon.

沒有其他併購交易。僅包括我們已經宣布的收購項目。其中包括對 Sentrycs 的收購，我們預計該收購很快就會完成。

Okay. Okay. And then last question, like understanding gross margins can kind of bounce quarter-to-quarter, but maybe like on an annual basis, how are you guys thinking about those trending next year? Obviously, with the Sentrycs 70%, that's going to be very accretive. But just trying to get a sense from a modeling perspective.

好的。好的。最後一個問題，我知道毛利率可能會在季度之間波動，但從年度角度來看，你們認為明年的毛利率趨勢如何？顯然，哨兵級70%的收益將會非常可觀。只是想從建模的角度來了解一下狀況。

Yes. So you'll see gross margins improve certainly into 2026. We've talked about 50% as our target. I still want to keep it there. However, let's see when we meet in January, we'll have a more precise outlook on that. But I do think 50% is a very comfortable number. And from there, I think we can see upside.

是的。因此，到 2026 年，毛利率肯定會提高。我們之前討論過，目標是達到50%。我仍然想把它放在那裡。不過，等到一月我們再次見面時，就會對此有更精確的展望了。但我認為 50% 是一個非常令人安心的數字。我認為從這一點來看，我們可以看到積極的一面。

Alright. Well, thank you, guys again and keep up all the great work.

好吧。再次感謝各位，請繼續保持！

Great, thanks Austin.

太好了，謝謝奧斯汀。

Glenn Mattson, Ladenburg.

格倫馬特森，拉登堡。

Yeah, hi, thanks for taking my call. Another one on Sentrycs for me, if you don't mind. The -- can you just talk about the -- obviously, there's unique capabilities because you can integrate it with all the other counter-UAS technology that you have. But can you help us understand how unique it is versus what other people have out there in terms of other soft kill solutions or drone capture takeover? Just kind of help us understand that a little bit.

你好，謝謝接聽我的電話。如果你不介意的話，我想再寫一篇關於哨兵的文章。——您能談談——顯然，它具有獨特的功能，因為您可以將其與您擁有的所有其他反無人機系統技術整合在一起。但您能否幫助我們了解一下，與其他軟殺傷解決方案或無人機捕獲接管方案相比，它的獨特之處在哪裡？請您稍微幫我們理解一下。

Sure. Maybe I'll ask Meir or Tal to -- Tal, you're probably equipped to take this.

當然。或許我會請梅爾或塔爾來做──塔爾，你可能有能力承擔這項工作。

Glad to assist. So just to make sure I understood the question correctly was what is the difference between general or additional or other effectors or software capabilities to (inaudible) capability?

樂意效勞。所以，為了確保我正確理解了這個問題，我想問一下，通用、附加或其他效應器或軟體功能與（聽不清楚）功能之間有什麼區別？

Yes, that's correct.

是的，沒錯。

So our question is based, as we explained during the presentation on the CoRF, Cyber-over-RF capability, meaning we can first detect and track and identify the drone in a passive manner. So we are not emitting or any -- creating any interference whatsoever.

因此，正如我們在 CoRF（基於射頻的網路通訊能力）演示中所解釋的那樣，我們的問題是基於以下幾點：我們可以首先以被動的方式檢測、追蹤和識別無人機。因此，我們沒有發射任何輻射或造成任何干擾。

And I think the most important part is for the mitigation, we assume control over the drone with starting to communicate quite -- while communicating with the drone and not by doing any jamming or inflicting any other communication collateral damage. So it's a very short, very safe, very limited and precise surgical soft kill technology.

我認為最重要的部分是緩解措施，我們透過與無人機進行安靜的通訊來控制無人機，而不是透過幹擾或造成任何其他通訊附帶損害。所以它是一種非常短、非常安全、非常有限且精確的外科軟殺傷技術。

Appreciate that. And to your knowledge, there's no one else doing something similar in terms of being able to do drone capture such as like that without interfering with other communication technologies.

謝謝。據你所知，目前還沒有其他人做類似的事情，能夠在不干擾其他通訊技術的情況下進行無人機拍攝。

There are other capabilities that are doing -- that are trying to do the same or to use the same technology. But currently, the technology is quite rare and very effective.

還有其他一些能力也在做同樣的事情——或者嘗試做同樣的事情，或者使用相同的技術。但目前這項技術還很罕見，而且非常有效。

I'll add, Glenn, if I could say, in our assessment of the market, the Sentrycs solution was hands down the most robust. And I'd also contrast this just to be -- make sure it's clear, we're not talking about jamming or spoofing radio links or GPS. We're talking about the Cyber-over-RF, which has significant benefits in performance. This is taking control of the drone and then landing it. So it's the threat is mitigated.

格倫，我還要補充一點，就我們對市場的評估而言，Sentrycs 的解決方案無疑是最強大的。我還要補充一點，確保大家明白，我們說的不是乾擾或欺騙無線電鏈路或 GPS。我們說的是基於射頻的Cyber​​-over-RF技術，它在性能方面具有顯著優勢。這是控制無人機並將其降落的過程。所以威脅已經緩解。

Very helpful. The last question I have is just on the guidance for '26. you talked about margins a little bit. That must give you some sense of like the mix that you anticipate from all these different products that you now have. Can you just give us a sense of like the confidence level in that mix and in that guidance, just kind of -- I think you talked about tracking the pipeline activity. Just is there a portfolio of various --

很有幫助。我最後一個問題是關於2026年的業績指引。您剛才稍微談到了利潤率。這應該能讓你對你現在擁有的所有這些不同產品混合在一起的效果有所了解。您能否讓我們了解一下您對這種組合和指導的信心程度，就說一下——我想您剛才提到了跟踪管道活動。是否存在各種各樣的投資組合？--

Yes. On the margin side -- yes, I get the question on the margin side, we're quite confident that margins will trend higher from these levels in '26 as we get scale and the mix certainly is going to improve as well.

是的。關於利潤率方面——是的，我明白大家對利潤率方面的問題，我們非常有信心，隨著規模的擴大，利潤率將在 2026 年從目前的水平開始走高，產品組合也肯定會得到改善。

Great. Okay, thanks guys.

偉大的。好的，謝謝大家。

Excellent.

出色的。

Matthew Galinko, Maxim Group.

馬修‧加林科，馬克西姆集團。

Hey, thanks for taking my question and congratulations on the quarter. I wanted to ask about this working capital, particularly inventory as we kind of see revenue scale pretty quickly. Is there -- should we expect a pretty significant buildup in inventory in critical components? And maybe as a follow-up to that, just how you feel on production capacity and any bottlenecks there that could limit the ramp?

嘿，謝謝你回答我的問題，也恭喜你本季取得好成績。我想問一下營運資金方面的問題，特別是庫存，因為我們看到收入成長得很快。我們是否應該預期關鍵零件的庫存會出現相當大的積壓？那麼，作為後續問題，您對產能有何看法？是否有任何可能限制產能爬坡的瓶頸？

All right. So I'll take the latter first. We believe we have ample capacity to meet this plan and our planning. So I'm not too concerned about that. Of course, it's going to be hard work. Oshri did highlight that we made -- we're making a lot of progress in the US in terms of production on the drone platforms, Iron Drone and Optimus. So we do believe that in Q1, we'll start to add systems here, and that's going to be able to meet demand we see here. So I feel pretty good about it.

好的。所以我先選後者。我們相信我們有足夠的能力來實現這項計劃和我們的規劃。所以我並不太擔心。當然，這會是一項艱苦的工作。奧什裡強調，我們在無人機平台 Iron Drone 和 Optimus 的生產方面，在美國取得了巨大的進展。因此我們相信，在第一季度，我們將開始在這裡增加系統，這將能夠滿足我們在這裡看到的需求。所以我感覺還不錯。

In terms of working capital, we'll probably be building a bit of inventory, but I don't find that too challenging. Obviously, we're well capitalized. We will focus at the same time on our cash conversion cycle. So we'll probably be able to give you more details at that meeting in January.

就營運資金而言，我們可能會增加一些庫存，但我認為這並不算太難。顯然，我們資金雄厚。同時，我們將重點放在現金週轉週期。所以，我們或許能在1月的會議上提供更多細節。

Great. Thank you. Sure.

偉大的。謝謝。當然。

Thanks, Matt.

謝謝你，馬特。

Jonathan Siegmann, Stifel.

喬納森·西格曼，斯蒂費爾。

Good morning, Ondas team. Thank you for taking my question, and congratulations on all the progress. Just the operating platform that you're putting together is really pretty unique. And I don't recall anyone having so much rapid success with acquiring businesses in a new industry like you are. I would love to hear how you're thinking about putting in incentive systems for your teams. I understand you'll give us more metrics in January. I just would like to hear a little bit about how you're thinking about the philosophy and how you measure performance and balancing the individual units and driving towards success for the integrated whole.

早安，Ondas團隊。感謝您回答我的問題，也恭喜您所取得的所有進展。你們正在搭建的這個作業系統平台確實非常獨特。我印像中，沒有人像你一樣，在一個全新的產業中如此迅速地成功收購企業。我很想了解你們是如何考慮為團隊建立的激勵機制。我知道你們會在一月提供更多指標。我只是想了解您是如何思考這個理念的，以及您是如何衡量績效、平衡各個部門並推動整體走向成功的。

Yes. Thanks, Jon. So you firstly mentioned the speed of the M&A, and that is -- I think that observation is spot on. We've articulated this really as an opportunity, probably a once-in-a-generation opportunity to provide a scaled platform for these important technologies, and I won't belabor that. But yes, we're moving fast and putting together the leadership team and incentivizing that team is really critical.

是的。謝謝你，喬恩。首先你提到了併購的速度，我認為這個觀察非常準確。我們已經把這明確地描述為一個機會，可能是千載難逢的機會，可以為這些重要技術提供一個規模化的平台，我就不再贅述了。是的，我們正在快速推進，組建領導團隊並激勵該團隊至關重要。

And I think what we're doing is building a situation where we'll all participate in the upside. So as we grow the business, it's certainly going to be able to increase cash compensation. But at the same time, we're also using equity incentives, and we find those to be very, very successful. The team that we're putting together believes in the mission.

我認為我們正在創造一種局面，讓大家都能從中受益。隨著業務的成長，現金補償肯定會增加。但同時，我們也採取了股權激勵措施，並且發現這些措施非常非常成功。我們正在組建的團隊認同這項使命。

There's a lot of excitement about the success we're having. So that certainly helps reinforce the performance even in our productivity. So I like that flywheel. And I guess that's really the answer. It's -- we're not doing anything unique on that front, I would say. But I think our team and I think the prospective management teams that we're talking to on the M&A side are excited about building a big company because, of course, they're looking at that as an opportunity to build substantial equity value. So I think that's going to work out well for us.

我們所取得的成功令大家感到非常興奮。所以這無疑有助於提高我們的生產力。所以我喜歡那個飛輪。我想這才是真正的答案。可以說，我們在這一方面並沒有做任何獨特的事情。但我認為我們的團隊以及我們正在洽談的潛在併購管理團隊都對打造一家大公司感到興奮，因為他們當然將此視為創造巨大股權價值的機會。所以我認為這對我們來說會是個好結果。

And ladies and gentlemen, this concludes today's question-and-answer session. I would like to turn the call back to Eric Brock for any closing remarks.

女士們、先生們，今天的問答環節到此結束。我想把電話轉回給埃里克·布羅克，讓他做最後的總結發言。

Okay. Well, thank you, operator. As we wrap the call, I want to thank you again for spending time with us today. As we outlined, we're expecting a strong finish to 2025, and we're focused on sustaining that momentum into 2026. We, as always, look forward to providing more updates along the way.

好的。謝謝接線生。通話即將結束，再次感謝您今天抽出時間與我們通話。正如我們之前所述，我們預計 2025 年將取得強勁的收官成績，並且我們將專注於把這種勢頭保持到 2026 年。我們將一如既往地期待在此過程中提供更多最新消息。

And I think that's probably going to be sooner rather than later. We do have a lot going on. And from here, enjoy the rest of the day, and we're going to get back to the important work of building the company. So thank you for attending.

而且我認為這一天可能很快就會到來。我們確實有很多事情要處理。那麼，請大家享受今天剩下的時光，我們將繼續投入公司建立這項重要的工作。謝謝各位的出席。

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

謝謝您，先生。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。