Ondas Inc (ONDS) 2025 Q4 法說會逐字稿

Welcome to the Ondas Inc fourth quarter and fiscal year 2025 conference call. (Operator Instructions)

歡迎參加 Ondas Inc 2025 會計年度第四季暨全年財報電話會議。(接線員指示)

Before we begin, the company would like to remind you that this call may contain forward-looking statements. While these forward-looking statements reflect Ondas' best current judgment, they are subject to risks and uncertainties that could cause actual results to differ materially from those implied by these forward-looking statements. These risk factors are discussed in on this Periodic SEC filings and in the earnings press release issued on Monday, 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.

在開始之前，公司提醒各位，本次電話會議可能包含前瞻性陳述。儘管這些前瞻性陳述反映了 Ondas 目前最佳判斷，但其仍受風險與不確定性影響，可能導致實際結果與這些前瞻性陳述所暗示者出現重大差異。相關風險因素已於公司定期向 SEC 提交之文件以及週一發布的財報新聞稿中討論，兩者皆可於公司網站取得。除法律要求外，Ondas 不承擔修訂或更新任何前瞻性陳述以反映未來事件或情況之義務。

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

在本次電話會議中，Ondas 將提及若干非 GAAP 財務衡量指標。這些非 GAAP 指標並非依一般公認會計原則編製。非 GAAP 財務衡量指標與最直接可比之 GAAP 指標的調節表，已載於我們週一發布的新聞稿中，可於公司網站「投資人關係」專區取得。此非 GAAP 資訊係作為補充，而非替代或優於依 GAAP 編製之財務績效衡量指標。然而，管理層認為，這些非 GAAP 指標可為投資人提供有關我們業務基本趨勢的有價值資訊。

Please also note today's event is being recorded. At this time, I would like to turn the floor over to Eric Brock, Chairman and CEO. Please go ahead.

另請注意，今日活動將被錄音。此刻，我想把時間交給董事長兼執行長 Eric Brock。請開始。

Thank you, operator, and good morning. We appreciate you joining us today and for your continued interest in Ondas. Let me start by setting the stage for today's discussion. Simply put, Ondas is delivering a whole strategic growth plan we have consistently outlined over the past year. We are doing what we said we would do.

謝謝接線員，大家早安。感謝各位今天加入我們，並持續關注 Ondas。我先為今天的討論定下基調。簡而言之，Ondas 正在落實我們在過去一年中一再闡述的整體策略性成長計畫。我們正在做我們說過會做的事。

We are seeing strong momentum across the business. Revenue growth and increasing market adoption are validating our strategy. At the same time, our acquisitions are adding meaningful strategic value and expanding the scope of what we can deliver to customers.

我們看到整體業務展現強勁動能。營收成長與市場採用率提升正在驗證我們的策略。同時，我們的併購正在帶來具實質意義的策略價值，並擴大我們可為客戶交付的範疇。

Importantly, this is not happening in isolation. Our business strategy is actively driving the buildout of a scaled operating platform, one that is designed to support global deployment, localization, and long-term growth. And as that operating platform scales, we are beginning to see it reflected in our financial model.

重要的是，這並非孤立發生。我們的業務策略正積極推動可規模化營運平台的建置；該平台旨在支援全球部署、本地化以及長期成長。隨著該營運平台擴大規模，我們開始在財務模型中看到其反映。

So when you look at Ondas today, what you're really seeing is a company where strategy is translating into execution, execution is building the platform, and the platform is driving financial outcomes. We believe this dynamic positions us for significant upside as we move through 2026 and beyond.

因此，當你看 Ondas 今日的狀態，你真正看到的是：策略正在轉化為執行，執行正在打造平台，而平台正在推動財務成果。我們相信，這種動態使我們在邁向 2026 年及其後期間具備顯著上行空間。

So let's turn to the agenda. I want to highlight that today's investor update will be a bit different than our typical earnings call. We're now at the end of March. And importantly, we provided a comprehensive strategic update at our OAS Investor Day in January along with additional financial and business updates throughout the quarter. So rather than walking you through a detailed recap of 2025, we're going to focus today on the transformation of Ondas and how that transformation has continued to accelerate into the first quarter of 2026.

接著我們來看議程。我想強調，今天的投資人更新將與我們一般的財報電話會議略有不同。我們現在已是三月底。更重要的是，我們已在一月的 OAS 投資人日提供了全面的策略更新，並在本季期間持續提供額外的財務與業務更新。因此，我們今天不會帶各位逐項回顧 2025 年的細節，而是聚焦於 Ondas 的轉型，以及該轉型如何在 2026 年第一季持續加速。

Note that we expect our prepared remarks to be on the longer side this morning, considering the significant activity at Ondas in recent months. Our goal is to give you a clear view of how the business is scaling across our technology portfolio, our expanding operating platform and go-to-market strategy and the rapid maturation of our financial model.

請注意，鑑於 Ondas 近幾個月的重大活動，我們今天上午的事先準備講稿預期會較長。我們的目標是讓各位清楚了解：公司如何在技術產品組合、持續擴張的營運平台與市場進入策略上擴大規模，以及我們財務模型如何快速成熟。

We'll begin with a brief introduction and then discuss our new joint venture with Heidelberg, ONBERG Autonomous Systems, which is a key component of our European strategy. We'll also cover the World View acquisition announced on Monday, which is scheduled to close in Q2 2026, along with our partnership with Palantir and how, together, we are building a scalable, software-defined multi-domain ISR platform. Neil will then provide a brief financial review. After that, we will provide a brief update on Ondas Networks and then focus on Ondas Autonomous Systems and our strategic growth program and emphasize how we are creating and compounding value as we scale the business. We'll close with our outlook and then open the call for questions.

我們將先做簡短介紹，接著討論我們與 Heidelberg 新成立的合資企業 ONBERG Autonomous Systems，這是我們歐洲策略的關鍵組成。我們也將說明週一宣布的 World View 收購案（預計於 2026 年第二季完成交割），以及我們與 Palantir 的合作，並闡述我們如何共同打造可規模化、軟體定義的多域 ISR 平台。接著 Neil 將提供簡要的財務回顧。之後，我們將簡要更新 Ondas Networks 的進展，並把重點放在 Ondas Autonomous Systems 與我們的策略性成長計畫，強調我們如何在擴大業務規模的同時創造並複利累積價值。最後我們將提供展望，並開放提問。

I'm pleased to be joined this morning by key members of our leadership team, including Neil Laird, our Chief Financial Officer; Oshri Lugassy, Co-CEO of Ondas Autonomous Systems and Meir Kliner, President of OAS, all of whom are quite familiar to you. Neil and I will lead today's presentation, and we'll aim to be efficient with your time. Oshri and Meir will be available during the Q&A to address questions, particularly details around our technology platforms, operations, and growth initiatives.

今天上午很高興與我們領導團隊的關鍵成員一同出席，包括財務長 Neil Laird；Ondas Autonomous Systems 共同執行長 Oshri Lugassy，以及 OAS 總裁 Meir Kliner，各位對他們都相當熟悉。Neil 與我將主導今天的簡報，並力求有效運用各位的時間。在問答環節，Oshri 與 Meir 也將在場回應問題，特別是關於我們的技術平台、營運與成長計畫的細節。

I will continue now by highlighting the momentum we are seeing across the business and importantly, how that momentum is accelerating into 2026. Starting with 2025, we delivered strong performance across both our core business and our strategic initiatives. We generated over $50 million in revenue, well ahead of our earlier targets and exited the year with a significantly expanded backlog, reflecting growing customer demand and market adoption.

接下來我將重點說明我們在整體業務所看到的動能，以及更重要的，該動能如何在 2026 年持續加速。先從 2025 年談起，我們在核心業務與策略性計畫兩方面都交出強勁表現。我們創造了超過 5,000 萬美元的營收，遠高於先前目標，並在年底以顯著擴大的在手訂單（backlog）作結，反映客戶需求與市場採用持續成長。

At the same time, we are raising our 2026 revenue outlook to at least $375 million, representing a substantial step-up from prior expectations. This reflects both the strength of our core business and the impact of our strategic growth program. Importantly, we are investing ahead of that growth, particularly in the first half of 2026, to support what we expect to be a significant revenue ramp in the back half of the year and beyond.

同時，我們將 2026 年營收展望上調至至少 3.75 億美元，較先前預期大幅提升。這反映了我們核心業務的強勁表現以及策略性成長計畫的影響。重要的是，我們正提前投入以支撐該成長，特別是在 2026 年上半年，為我們預期在下半年及其後出現的顯著營收爬坡做好準備。

On the strategic side, we've made meaningful progress accelerating the build-out of our systems-of-systems platform. In the first quarter alone, we announced five accretive acquisitions that expand our capabilities across multiple domains, while also enhancing our financial profile. We've done this with a highly attractive capital position ending the year with a pro forma cash balance of over $1.5 billion, which gives us the flexibility to continue executing our strategy at scale. And finally, we've continued to invest in leadership and operational infrastructure to ensure we can integrate and scale these capabilities effectively.

在策略面，我們在加速建置「系統之系統」（systems-of-systems）平台方面取得實質進展。僅第一季，我們就宣布了五項具增益性的收購，擴展我們在多個領域的能力，同時也改善我們的財務輪廓。我們是在極具吸引力的資本狀況下完成這些布局：年底以備考（pro forma）現金餘額超過 15 億美元作結，使我們具備彈性，得以持續以規模化方式執行策略。最後，我們也持續投資於領導團隊與營運基礎建設，以確保能有效整合並擴大這些能力。

So when you step back, what you see is a business that not only exceeded expectations in 2025, but has also accelerated its strategic road map, and we are carrying that momentum into 2026 with a high degree of confidence. I'm excited to introduce ONBERG, our European joint venture with Heidelberg, a key step in Ondas' global expansion and our localized go-to-market platform for Europe.

因此，當你退一步來看，你會看到一個不僅在 2025 年超越預期、也加速其策略路線圖的業務；我們正以高度信心將這股動能帶入 2026 年。我很高興介紹 ONBERG——我們與 Heidelberg 在歐洲成立的合資企業，這是 Ondas 全球擴張的重要一步，也是我們面向歐洲的在地化市場進入平台。

Delivering defense and security solutions today requires more than advanced technology. It demands local manufacturing, talent, and alignment with national and regional priorities. This is especially true in Europe where defense spending is rising to rapidly deploy modern capabilities, including unmanned and autonomous systems.

在今日交付國防與安全解決方案，所需的不僅是先進技術。更需要在地製造、人才，以及與國家與區域優先事項的一致性。這在歐洲尤其如此；歐洲國防支出正在上升，以快速部署現代化能力，包括無人與自主系統。

ONBERG is our answer to this market need. This joint venture with Heidelberg, a leading German industrial platform provides local manufacturing, engineering and life cycle support that meet European sovereignty requirements. Heidelberg's established relationships with government and defense procurement channels across Germany and NATO and aligned customers further strengthen our position.

ONBERG 正是我們對此市場需求的回應。我們與 Heidelberg（德國領先的工業平台）成立的這家合資企業，提供符合歐洲主權要求的在地製造、工程與全生命週期支援。Heidelberg 與德國及北約（NATO）各地政府與國防採購管道，以及理念一致的客戶之既有關係，也進一步強化了我們的市場地位。

By combining Ondas systems-of-systems expertise with Heidelberg's local infrastructure, we're creating a sovereign aligned platform ready to deliver large-scale programs across the EU. ONBERG has already identified strong demand for OAS platforms, particularly in Germany and Ukraine where requirements for autonomous systems are immediate. Strategically, ONBERG enables us to participate directly in European programs as a localized provider critical to winning in this market.

透過結合 Ondas 的系統之系統（systems-of-systems）專業能力與 Heidelberg 的在地基礎設施，我們正在打造一個符合主權對齊（sovereign aligned）的平台，已準備好在整個歐盟交付大規模專案。ONBERG 已經辨識出對 OAS 平台的強勁需求，特別是在德國與烏克蘭，當地對自主系統的需求迫在眉睫。在策略上，ONBERG 讓我們能以在地化供應商的身分直接參與歐洲專案，這對於在此市場取勝至關重要。

Financially, ONBERG represents significant upside. While our current European business is growing, our forecasts do not yet include new incremental revenue from ONBERG. As ONBERG becomes operational in the coming months, we expect it to drive meaningful growth beyond our existing targets. Ondas holds a 51% controlling interest in ONBERG ensuring we capture the value as the platform scales.

從財務面來看，ONBERG 代表顯著的上行空間。雖然我們目前的歐洲業務正在成長，但我們的預測尚未納入 ONBERG 帶來的新增增量營收。隨著 ONBERG 在未來幾個月開始營運，我們預期它將帶動超越既有目標的實質成長。Ondas 持有 ONBERG 51% 的控股權，確保在平台擴張時我們能掌握其價值。

So overall, ONBERG is an important extension of our global strategy. Localizing our platform, expanding our addressable market, and positioning Ondas to participate in one of the fastest-growing defense markets in the world.

因此整體而言，ONBERG 是我們全球策略的重要延伸。透過平台在地化、擴大可服務市場（TAM），並讓 Ondas 得以參與全球成長最快的國防市場之一。

Let me now turn to what we believe is one of the most important strategic developments for Ondas, the acquisition of World View and our partnership with Palantir. Starting with World View. This acquisition brings a unique and highly strategic capability into our platform, persistent sensing in the stratosphere.

接下來我想談談我們認為對 Ondas 最重要的策略發展之一：收購 World View，以及我們與 Palantir 的合作夥伴關係。先從 World View 開始。這項收購為我們的平台帶來一項獨特且高度策略性的能力：在平流層進行持續感測（persistent sensing）。

The stratosphere sits between traditional airspace and low-earth orbit and it is increasingly being recognized as a critical domain for defense, homeland security and commercial ISR applications. By adding this stratospheric layer, we are accelerating the build-out of our systems-of-systems architecture expanding from ground and air into a truly multi-domain ISR platform.

平流層位於傳統空域與近地軌道之間，並日益被視為國防、國土安全以及商業 ISR（情監偵）應用的關鍵領域。透過加入這一平流層層級，我們正在加速建構系統之系統架構，從地面與空中擴展到真正的多域 ISR 平台。

Now equally important is how this capability is being integrated, and that's where Palantir comes in. We are very excited about our partnership. We believe Palantir is one of the most important force multipliers for Ondas as we scale this platform globally.

同樣重要的是這項能力如何被整合，而這正是 Palantir 發揮作用之處。我們對這項合作夥伴關係感到非常振奮。我們相信，當我們在全球擴展此平台時，Palantir 將是 Ondas 最重要的戰力倍增器（force multiplier）之一。

Through this relationship, we have access to Palantir's full AIP software stack from operational platforms like Warp Speed and Foundry to mission-critical systems, including Maven and advanced command and control capabilities. This enables a software-defined ISR architecture or data across stratospheric aerial and ground systems is fused in real time into actionable intelligence. Importantly, this is not just technology integration.

透過這項合作，我們可使用 Palantir 完整的 AIP 軟體堆疊，從 Warp Speed、Foundry 等作業平台到任務關鍵系統，包括 Maven 以及先進的指揮與控制能力。這使得一個以軟體定義的 ISR 架構得以實現：跨平流層、空中與地面系統的資料可即時融合，轉化為可採取行動的情報。重要的是，這不僅僅是技術整合。

It is an active commercial partnership. We are already working together on market development, pursuing tailored solutions and program opportunities where our combined capabilities are differentiated. Palantir is also engaged strategically as we expand our layered ISR platform helping shape how we scale over time.

這是一項積極的商業合作夥伴關係。我們已經在市場開發上共同合作，追求量身打造的解決方案與專案機會，在這些領域我們的綜合能力具備差異化優勢。隨著我們擴展分層式 ISR 平台，Palantir 也在策略層面參與其中，協助塑造我們隨時間推進的擴張方式。

So when you step back, the combination of World View, Ondas and Palantir is creating something unique, a scalable, multilayered ISR platform that integrates sensing, data, and decision-making into a unified operational system. We believe this platform positions us extremely well for the next generation of defense and intelligence programs, and we expect this partnership to be a meaningful driver of upside as we move through 2026 and into 2027, accelerating our ability to penetrate what we see as a large and high-value market opportunity for layered ISR systems at scale.

因此從更宏觀的角度來看，World View、Ondas 與 Palantir 的結合正在創造一個獨特的成果：一個可擴展、具多層次的 ISR 平台，將感測、資料與決策整合為一個統一的作業系統。我們相信，這個平台讓我們在下一代國防與情資專案上具備極佳的競爭位置；並且我們預期，隨著我們走過 2026 年並進入 2027 年，這項合作將成為重要的上行驅動因素，加速我們切入我們所見規模龐大且高價值的分層式 ISR 系統市場機會。

Before we go deeper into the World View platform and how it fits into our broader ISR strategy, I want to take a moment to introduce Ryan Hartman, President and CEO of World View. The entire Ondas leadership team, including Oshri and myself, is excited to partner with Ryan and the World View team as we accelerate our systems-of-systems road map.

在我們更深入探討 World View 平台以及它如何融入我們更廣泛的 ISR 策略之前，我想先花點時間介紹 World View 的總裁暨執行長 Ryan Hartman。整個 Ondas 領導團隊，包括 Oshri 與我本人，都很期待與 Ryan 及 World View 團隊合作，加速推進我們的系統之系統路線圖。

Ryan is a true industry pioneer with critical experience across Raytheon and Insitu as well as serving as the UAS representative on the FAA NextGen Advisory Committee and on the FAA Drone Advisory Committee. He brings a proven track record of scaling advanced aerospace technologies into real-world mission-critical deployment. We believe Ryan and his team will be instrumental in scaling this platform and capturing the significant opportunities ahead, particularly in the United States as we expand across defense, intelligence, and homeland security markets.

Ryan 是真正的產業先驅，擁有在 Raytheon 與 Insitu 的關鍵經驗，並曾擔任 FAA NextGen 諮詢委員會的 UAS 代表，以及 FAA 無人機諮詢委員會成員。他具備將先進航太技術規模化並落地至真實任務關鍵部署的實證成績。我們相信，Ryan 與其團隊將在擴展此平台並掌握未來重大機會方面扮演關鍵角色，特別是在美國市場，因為我們將在國防、情資與國土安全市場持續擴張。

Ryan will walk you through the World View platform, including the Stratollite system, key use cases and how this integrates into our broader software-defined multi-domain ISR architecture. He'll also touch on how our partnership with Palantir is helping us accelerate market development and expand program opportunities. Ryan, over to you.

Ryan 將帶領各位了解 World View 平台，包括 Stratollite 系統、關鍵使用案例，以及它如何整合進我們更廣泛的、以軟體定義的多域 ISR 架構。他也會談到我們與 Palantir 的合作如何協助加速市場開發並擴大專案機會。Ryan，交給你。

Thank you, Eric. The team at World View is thrilled to join forces with Ondas and excited about working closely with you and the entire leadership team across Ondas and OAS. I also appreciate the opportunity to be here today with our investors. I'm excited to share our vision for an interconnected intelligent multi-domain ISR ecosystem and why World View is such an important part of that future.

謝謝你，Eric。World View 團隊很高興能與 Ondas 攜手合作，也很期待與你以及 Ondas 與 OAS 的整個領導團隊密切合作。我也很感謝今天有機會在此與我們的投資人見面。我很期待分享我們對互聯、智慧化的多域 ISR 生態系的願景，以及為什麼 World View 是這個未來中如此重要的一部分。

At World View, we have helped make the stratosphere an operational domain. For a long time, the stratosphere was largely overlooked. It sits between traditional aircraft operations and space. It was understood scientifically but had not been fully operationalized for persistent sensing. That changed in a very visible way in early 2023 when a Chinese high-altitude balloon incident reshaped how governments think about the strategic importance of the stratosphere.

在 World View，我們協助讓平流層成為可運作的作業領域。長期以來，平流層大多被忽視。它位於傳統航空器作業與太空之間。它在科學上早已被理解，但尚未被充分作業化以支援持續感測。這在 2023 年初出現了非常明顯的轉變：一宗中國高空氣球事件重塑了各國政府對平流層戰略重要性的看法。

World View is uniquely positioned to meet the growing demand for stratospheric intelligence, surveillance and reconnaissance from the US Department of War, Department of Homeland Security, allied governments across the world and an expanding range of commercial customers. We build stratospheric platforms that can remain over an area of interest for 30 days or more. We do that by using the four directional wind bands that exist at different altitudes in the stratosphere by changing altitude with ballasted air, we can navigate or station keep over a target area. It is simple in principle, but complex in execution because you are steering a month-long mission using stratospheric physics.

World View 具備獨特優勢，可滿足美國戰爭部（Department of War）、國土安全部（Department of Homeland Security）、全球盟國政府，以及日益擴大的商業客戶對平流層情監偵（ISR）日益成長的需求。我們打造可在關注區域上空停留 30 天或更久的平流層平台。我們透過利用平流層不同高度存在的四個風向帶，並藉由壓艙空氣改變高度，來進行航行或在目標區域上空定點保持（station keep）。原理很簡單，但執行非常複雜，因為你是在運用平流層物理來操控一個長達一個月的任務。

Navigation becomes a vertical decision that creates a horizontal result. We call these platforms Stratollites. Stratollites operate in the stratosphere and often overlooked a strategically important layer of the atmosphere. They deliver a unique combination of persistence, proximity, resolution, and flexibility. UAVs are precise and responsive, but their endurance is measured in hours.

導航成為一個垂直方向的決策，卻產生水平方向的結果。我們將這些平台稱為 Stratollites。Stratollites 在平流層運作，而平流層往往是一個被忽略但具有戰略重要性的氣層。它們提供持續性、接近性、解析度與彈性兼具的獨特組合。無人機（UAV）精準且反應迅速，但其續航通常以小時計。

Satellites are global and predictable, but they operate in fixed orbits with limited revisit. Stratollites fill the gap between those two domains. They can deliver high resolution sensing than satellites with much longer endurance than UAVs. And we have built this as a flexible platform architecture, not a single-purpose asset. We have designed a family of Stratollites in different shapes and sizes to meet different mission requirements from long duration, navigable altitude-controlled systems with high size, weight, and power capacity to shorter duration tactical free float systems.

衛星具備全球覆蓋且可預測，但它們在固定軌道上運行，重訪頻率有限。Stratollites 填補了這兩個領域之間的缺口。它們可提供比衛星更高解析度的感測，同時具備遠長於無人機的續航能力。而且我們將其打造為一種彈性的平台架構，而非單一用途資產。我們設計了一系列不同形狀與尺寸的 Stratollites，以滿足不同任務需求：從具長航時、可導航、以高度控制的系統（具備高尺寸/重量/功率承載能力），到較短航時的戰術自由漂浮系統。

On top of that, we configure payloads to the mission whether a customer needs electrooptical data, hyperspectral imaging, infrared sensing, communications capabilities, or a combination of any of those and more, we can tailor the system to the objective. That configurable architecture allows us to serve a broad mix of defense and commercial missions.

此外，我們會依任務配置載荷：無論客戶需要電光資料、高光譜成像、紅外線感測、通訊能力，或上述任意組合甚至更多，我們都能依目標量身打造系統。這種可配置的架構使我們能服務多元的國防與商業任務組合。

For maritime surveillance and in-theater operations to border security, critical infrastructure, energy, mining, disaster response, and wildfire monitoring. Today, we are seeing demand expand as more customers understand the strategic and economic value of persistent sensing and insight from the stratosphere. Right now, for example, stratospheric platforms like ours are being contemplated as a key layer of the $1-trillion Golden Dome system. We are also actively preparing for the inclusion of our technology in support of active US Department of War operations like Epic Fury.

從海事監視與戰區內作戰到邊境安全、關鍵基礎設施、能源、採礦、災害應變與野火監測。如今，隨著更多客戶理解來自平流層的持續感測與洞察所具備的戰略與經濟價值，我們看到需求正在擴大。例如目前，像我們這樣的平流層平台正被納入考量，作為價值1兆美元的「金色穹頂」（Golden Dome）系統的一個關鍵層級。我們也正積極準備，將我們的技術納入支援美國戰爭部（US Department of War）正在進行的作戰行動，例如「Epic Fury」。

But the stratosphere is only one domain. It offers unique advantages just as UAVs, land systems and space-based assets offer their own unique advantages. Even within the UAV segment, different classes of systems serve very different operational needs.

但平流層只是其中一個領域。它具備獨特優勢，就如同無人機（UAV）、地面系統與太空資產也各自具備其獨特優勢。即使在無人機領域內，不同等級的系統也服務於截然不同的作戰需求。

And that is exactly what both World View and Ondas recognized independently and early. World View's vision has been to move beyond a single domain sensing company and build toward a broader, integrated multi-domain AI-powered ISR architecture. Ondas has been pursuing a highly complementary vision, building a portfolio of autonomous systems across adjacent domains with the same underlying belief that the future of ISR is not platform by platform, it is networked, interoperable and decision centric.

而這正是 World View 與 Ondas 各自獨立且很早就認知到的。World View 的願景，是超越單一領域的感測公司，朝向更廣泛、整合式、由 AI 驅動的多領域 ISR 架構發展。Ondas 也在推進高度互補的願景，在相鄰領域打造一套自主系統組合，並秉持同樣的核心信念：ISR 的未來不是一個平台接一個平台，而是網路化、可互通、以決策為中心。

That shared vision is why joining forces made so much sense. This is not a case of one company plugging into another company's road map. It is the combination of two companies that we're moving toward the same future from different points of strength. World View brings the stratospheric layer and a heritage of persistent sensing, Ondas brings complementary autonomous systems and a heritage of building toward multi-domain integration. Together, we can move faster and build more cohesively than either company could alone.

這個共同願景，正是我們攜手合作如此合理的原因。這不是一家公司接入另一家公司的路線圖。而是兩家公司從各自的優勢出發，朝同一個未來前進的結合。World View 帶來平流層層級與持續感測的傳承，Ondas 帶來互補的自主系統與推動多領域整合的經驗。合在一起，我們能比任何一家公司單打獨鬥更快推進、也能更一致地建構。

Because the broader ISR market still has a structural problem today. Across the industry, most systems still operate in walled gardens, separate data feeds, separate tools, separate teams, separate timelines. Customers are left stitching together fragments just to understand what is happening, let alone act on it. The operator should not have to carry which domain the data came from. The operator should care whether the decision is right, fast, and accountable. By joining forces with Ondas and through our recently announced partnership with Palantir, we are building a true system of systems, unified intelligence with one operational picture. That means one workflow language and one set of decision loops that can task the right asset at the right moment.

因為更廣泛的 ISR 市場目前仍存在結構性問題。在整個產業中，多數系統仍在「圍牆花園」中運作：資料來源各自分離、工具各自分離、團隊各自分離、時程各自分離。客戶只能把碎片拼湊起來才能理解正在發生什麼，更遑論採取行動。操作人員不應該還要背負資料來自哪個領域。操作人員應該關心的是決策是否正確、迅速且可追責。透過與 Ondas 的結盟，以及我們近期宣布與 Palantir 的合作夥伴關係，我們正在打造真正的「系統之系統」（system of systems），以單一作戰圖像呈現的統一情報。這意味著一套工作流程語言與一組決策迴圈，能在正確時刻指派正確資產。

If you need persistence and proximity, the stratosphere can hold station and support edge inference close to the area of interest. If you need precision and rapid tactical response, a UAV or land-based system can execute the mission. If you need broader context, additional domains like satellites can complete the frame.

如果你需要持續性與近距離覆蓋，平流層平台可以定點滯空，並在接近關注區域的位置支援邊緣推論。如果你需要精準度與快速戰術反應，無人機或地面系統可以執行任務。如果你需要更廣的脈絡，衛星等其他領域資產可以補齊整體畫面。

What makes that multi-domain picture operational is the Palantir-powered AI infrastructure we are building underneath it. At the operations layer, it helps increase efficiency across planning, production, mission management, and fleet coordination by connecting workflows that are often fragmented today.

讓這種多領域圖像能真正落地運作的，是我們在其底層建構、由 Palantir 驅動的 AI 基礎設施。在作業層面，它透過連結目前往往碎片化的工作流程，提升規劃、產製、任務管理與機隊協調的效率。

At the mission layer, it enables edge inference that can ingest, fuse, and contextualize data from across these domains into a single operational picture. The result is not just more visibility. It is decision-ready insight that helps operators understand what matters, act faster and do so with greater confidence.

在任務層面，它實現邊緣推論，能夠攝取、融合並情境化來自各領域的資料，形成單一作戰圖像。其結果不只是更高的可視性。而是可直接用於決策的洞察，協助操作人員理解關鍵事項、更快行動，並以更高信心執行。

Operationally, this also creates a more unified structure that allows the portfolio of companies to maintain their platform-centric expertise while benefiting from a common ISR tool set, shared tasking, processing, exploitation and dissemination workflows and shared support functions where that creates leverage. The simplest way to think about it is this, we are connecting persistence, autonomy, and AI into one operational workflow in a way that has not existed before.

在作戰運作上，這也建立更統一的架構，使公司組合中的各平台仍可維持其以平台為核心的專業，同時受益於共同的 ISR 工具組、共享的任務指派、處理、利用與傳遞（PED）工作流程，以及在能產生槓桿之處共享支援職能。最簡單的理解方式是：我們正以前所未有的方式，把持續性、自主性與 AI 連接到同一套作業工作流程中。

We are building what we call an interconnected intelligence ecosystem. In practical terms, that means connecting platforms, sensors, software, and operators so customers can move from data to decisions faster. And that is where we believe the market is going. It is not enough to collect more data. The value is turning that data into decisions faster, more coherently and across domains. We believe the future of ISR is multi-domain interoperable and decision centric. World View brings the stratospheric layer, Ondas brings complementary autonomous systems and Palantir brings the software and AI backbone. Together, we're building a more connected way to operate.

我們正在打造我們所稱的「互聯智慧生態系」。實務上，這代表把平台、感測器、軟體與操作人員連接起來，讓客戶能更快從資料走向決策。而這正是我們認為市場的走向。僅僅蒐集更多資料並不足夠。價值在於更快、更一致、並跨領域地把資料轉化為決策。我們相信 ISR 的未來是多領域可互通、以決策為中心。World View 帶來平流層層級，Ondas 帶來互補的自主系統，而 Palantir 帶來軟體與 AI 的骨幹。我們正共同打造一種更互聯的作業方式。

Eric, I'll hand it back to you. Thank you.

Eric，我把時間交還給你。謝謝。

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

我現在把電話會議交給 Neil，由他提供詳細的財務更新。

Thank you, Eric. We are pleased to report strong fourth quarter and full year results, which we believe represent an inflection point in the growth of the business, both organically and through our strategic growth program. We believe these results validate both the strength of our core business and the scalability of our operating model as we move into a significantly larger phase of growth.

謝謝你，Eric。我們很高興報告第四季與全年表現強勁；我們相信，這代表公司成長的拐點，無論是有機成長或透過我們的策略性成長計畫。我們認為這些結果驗證了核心業務的實力，以及在邁入顯著更大規模的成長階段時，我們營運模式的可擴展性。

Revenue in the fourth quarter was $30.1 million up 629% year-over-year and nearly 200% sequentially from the third quarter. This performance was at the high end of our preliminary guidance and reflects strong demand across our Ondas Autonomous Systems segment.

第四季營收為3,010萬美元，年增629%，且較第三季季增近200%。此表現位於我們先前初步指引的高端，反映 Ondas 自主系統（Ondas Autonomous Systems）部門的強勁需求。

Importantly, organic revenue growth was also strong, increasing 63% year-over-year, driven by continued deliveries of Iron Drone and Optimus systems. Gross profit was $12.7 million, representing a 42% gross margin, a significant improvement from 21% in the prior year and 26% in the third quarter. This reflects both favorable product mix and the benefits of scaling revenue across our cost base.

重要的是，有機營收成長同樣強勁，年增63%，主要由 Iron Drone 與 Optimus 系統持續交付所帶動。毛利為1,270萬美元，毛利率42%，較去年同期的21%以及第三季的26%顯著改善。這反映了有利的產品組合，以及在既有成本基礎上擴大營收規模所帶來的效益。

Operating expenses increased to $36.1 million, driven primarily by investments in personnel and infrastructure to support the scaling of our operating platform as well as increased activity related to our acquisition program. We view these investments as intentional and necessary to support the significant revenue growth we expect in 2026 and beyond.

營業費用增加至3,610萬美元，主要由於我們在人員與基礎設施上的投資，以支援營運平台的擴張，以及與我們併購計畫相關活動增加。我們認為這些投資是有意為之且必要的，以支援我們預期在2026年及之後的顯著營收成長。

Let me briefly address the movement in other expenses during the quarter, which was primarily driven by a noncash accounting item related to our October 2025 financing. As a result of the structure of that financing, certain warrants are required to be classified as a liability and mark-to-market each reporting period using a Black Scholes valuation methodology. In the fourth quarter, this resulted in a noncash charge of approximately $82.2 million, which is reflected in other expenses. Importantly, this charge is purely accounting-driven and does not impact our cash position, operations, or the underlying economics of the business.

我簡要說明本季其他費用的變動，主要是由與我們2025年10月融資相關的一項非現金會計項目所驅動。由於該融資的結構，部分認股權證必須分類為負債，並在每個報導期間採用 Black-Scholes 估值方法進行按市價重估。在第四季，這導致約8,220萬美元的非現金費用，並反映於其他費用中。重要的是，這筆費用純屬會計處理所致，不影響我們的現金部位、營運或業務的基本經濟實質。

The valuation of these warrants can fluctuate meaningfully from period to period based on factors such as our stock price, volatility assumptions, and time to maturity. And as a result, we expect this line item to introduce variability into our reported earnings going forward.

這些認股權證的估值可能會因我們股價、波動率假設與到期時間等因素，在各期之間出現顯著波動。因此，我們預期此項目將在未來對我們所報告的盈餘帶來波動性。

We believe it is important for investors to focus on the underlying operating performance of the business, where we are seeing strong revenue growth, expanding backlog and continued execution of our strategic plan. I also note that this noncash charge was partially offset by approximately $10.7 million of other income, primarily driven by interest earned on our cash balances following our recent capital raises. Cash operating expenses were $23.6 million. A summary of cash operating expenses was included as a table in our earnings release and as an appendix to this presentation.

我們認為投資人應聚焦於公司基本的營運表現；在這方面，我們正看到強勁的營收成長、在手訂單（backlog）擴大，以及策略計畫的持續落實。我也補充說明，這筆非現金費用部分被約1,070萬美元的其他收入所抵銷，主要來自我們近期增資後，現金餘額所賺取的利息收入。現金營運費用為2,360萬美元。現金營運費用摘要已以表格形式納入我們的財報新聞稿，並作為本簡報的附錄。

Net loss for the quarter was $101 million driven by the $82.2 million noncash charge related to warrants discussed above. Adjusted EBITDA was a loss of $9.9 million compared to $7 million in the prior year. Overall, the financial results reflect a business that is scaling rapidly, investing ahead of growth, and beginning to demonstrate the operating leverage embedded in our model.

本季淨損為1.01億美元，主要係由上述與認股權證相關的8,220萬美元非現金費用所致。調整後EBITDA為虧損990萬美元，較去年同期的700萬美元虧損相比。整體而言，財務結果反映出公司業務正快速擴張、在成長前期超前投入，並開始展現我們商業模式中所內含的營運槓桿效益。

Turning to our full year results. For 2025, we generated $50.7 million in revenue, representing 605% growth compared to $7.2 million in 2024 and at the high end of our previously issued guidance range. This level of growth reflects both strong execution in our core business and the early impact of our strategic growth program.

接著說明我們的全年業績。2025年，我們創造營收5,070萬美元，較2024年的720萬美元成長605%，並達到先前發布之財測區間的高端。此一成長幅度反映了我們核心業務的強勁執行力，以及策略性成長計畫的初步成效。

Full year gross margin improved significantly to 40% compared to 5% in the prior year, driven by higher volumes and improved product mix, particularly in the fourth quarter. For the full year, other expense was primarily driven by the previously discussed noncash warrant revaluation related to our October 2025 financing, resulting in an $82.2 million charge for the year. As noted, this is a mark-to-market accounting adjustment with no impact on our cash operations or underlying business performance and may introduce variability in reported results going forward. This noncash expense was partially offset by approximately $7.7 million of other income, primarily from interest earned on our cash balances. Cash operating expenses were $53 million, net loss for the year was $133.4 million with the warrant accounting and other noncash expenses being major contributors to the increase year-over-year.

全年毛利率顯著提升至40%，相較前一年的5%，主要受惠於出貨量增加與產品組合改善，尤其在第四季更為明顯。就全年而言，其他費用主要來自前述與我們2025年10月融資相關的非現金認股權證重估，導致全年認列8,220萬美元費用。如前所述，這是按市價衡量（mark-to-market）的會計調整，對我們的現金營運或基本業務表現沒有影響，但未來可能使報告結果出現波動。該非現金費用部分被約770萬美元的其他收入所抵銷，主要來自我們現金餘額所賺取的利息。現金營運費用為5,300萬美元；全年淨損為1.334億美元，其中認股權證會計處理及其他非現金費用是年增的主要因素。

Adjusted EBITDA for the full year was a loss of $31.3 million compared to a loss of $28.5 million in 2024, reflecting increased investment in personnel, infrastructure, and integration to support the next phase of growth.

全年調整後EBITDA為虧損3,130萬美元，較2024年的2,850萬美元虧損增加，反映我們為支援下一階段成長而加大在人員、基礎設施與整合方面的投資。

Now turning to our cash flow and capital position. We ended the year with $594 million in cash, cash equivalents and restricted cash compared to $30 million at the end of 2024. As Eric noted earlier, following our recent capital raise, our pro forma cash balance is over $1.5 billion providing significant financial flexibility to execute our growth strategy.

接著說明我們的現金流與資本狀況。我們年底持有的現金、約當現金及受限制現金為5.94億美元，較2024年底的3,000萬美元大幅增加。如Eric先前所提，隨著近期完成募資，我們的備考（pro forma）現金餘額超過15億美元，提供執行成長策略所需的高度財務彈性。

Cash used in operating activities for the full year was $38.7 million compared to $33.5 million in 2024. This includes approximately a $10.7 million increase in accounts receivable in line with revenue growth. Cash used in investing activities was $260 million, the majority of which approximately $207 million was deployed into acquisitions as part of our strategic growth program.

全年營運活動使用現金為3,870萬美元，較2024年的3,350萬美元增加。其中包含應收帳款增加約1,070萬美元，與營收成長一致。投資活動使用現金為2.60億美元，其中大部分約2.07億美元用於策略性成長計畫下的併購。

In addition, we invested approximately $51 million into short- and long-term investments including a number of strategic investments. These investments are aligned with our broader platform strategy. They support key partners, enhance access to critical technologies, improve supply chain efficiency, and we believe will generate attractive returns over time.

此外，我們投入約5,100萬美元於短期與長期投資，其中包含多項策略性投資。這些投資與我們更廣泛的平台策略一致。其目的在於支持關鍵合作夥伴、提升取得關鍵技術的能力、改善供應鏈效率，且我們相信隨時間推移將帶來具吸引力的報酬。

Cash provided by financing activities was $863 million, primarily from our equity offerings throughout the year along with proceeds from warrant and option exercises. Looking ahead, we expect cash efficiency to improve over the course of 2026 as revenue and gross profit scale. We do expect higher cash usage in the first half of the year, reflecting continued investment ahead of growth. However, as we move through the second half, we expect to see meaningful improvement driven by operating leverage particularly within our OAS segment.

籌資活動提供現金為8.63億美元，主要來自我們全年進行的股權發行，以及認股權證與選擇權行使所得款項。展望未來，隨著營收與毛利規模擴大，我們預期2026年期間現金效率將逐步改善。我們確實預期上半年現金使用將較高，反映在成長前期持續投入。然而，進入下半年後，我們預期將看到由營運槓桿帶動的顯著改善，特別是在我們的OAS部門。

Turning to the balance sheet. We believe Ondas now has one of the strongest balance sheets in the sector and a key competitive advantage as we scale the business. We ended the year with $594 million in cash and following our January equity raise, our pro forma cash position increased to approximately $1.5 billion. This provides us with significant financial capacity to execute on both our organic growth and strategic initiatives.

接著談資產負債表。我們相信Ondas目前擁有本產業中最強健的資產負債表之一，並在業務擴張過程中形成關鍵競爭優勢。我們年底持有5.94億美元現金，且在1月完成股權募資後，我們的備考現金部位提升至約15億美元。這使我們具備充足的財務能力，同時推動內生成長與策略性計畫。

At the same time, the balance sheet was further strengthened by reducing debt by approximately $41.7 million during the year, leaving only a modest debt profile at year-end held by certain subsidiaries, including Ondas networks. The previously discussed warrant liability was recorded at $489 million at year-end. And again, this liability is expected to fluctuate higher and lower perhaps significantly quarter-to-quarter based upon Ondas share price and other value is relevant for Black Scholes valuation and quarterly changes in this measure will result in noncash impacts on our GAAP net income. As a result, our shareholders' equity has increased to approximately $441 million compared to just $17 million at the end of 2024.

同時，資產負債表亦因全年減少約4,170萬美元負債而進一步強化，使得年底僅剩由部分子公司（包括Ondas Networks）持有的溫和負債水準。前述的認股權證負債於年底入帳為4.89億美元。再次強調，該負債預期將依Ondas股價及其他與Black-Scholes估值相關的變數而在各季間上下波動，且此衡量數的季度變動將對我們的GAAP淨利造成非現金影響。因此，我們的股東權益已增至約4.41億美元，較2024年底僅1,700萬美元大幅提升。

So overall, we've significantly improved both the scale and the quality of the balance sheet, positioning the company with a capital flexibility and cost of capital advantage to support our growth strategy.

總體而言，我們已大幅提升資產負債表的規模與品質，使公司具備資本運用彈性與資金成本優勢，以支持我們的成長策略。

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

接下來我把電話會議交回給Eric。

Thank you, Neil. I want to take a moment to expand on what Neil discussed regarding our balance sheet and liquidity because we believe this is a key differentiator for Ondas. We are benefiting from strong and growing investor support. That support is reflected not only in the strength of our balance sheet, but also in our continued access to capital and a clear cost of capital advantage relative to many subscale competitors in our sector.

謝謝你，Neil。我想花點時間補充Neil剛才關於我們資產負債表與流動性的說明，因為我們認為這是Ondas的一項關鍵差異化優勢。我們正受惠於強勁且持續成長的投資人支持。這份支持不僅體現在我們資產負債表的強度上，也體現在我們持續取得資本的能力，以及相較於本產業許多規模較小的競爭者更具明顯優勢的資金成本。

Since June of 2025, we have raised approximately $1.8 billion including the $1 billion financing we completed in January of this year. That January financing was led by a large US-based institutional investor who knows the Ondas business well and has been a long-time supporter of the company. Importantly, the prefunded warrants associated with that financing have been fully exercised and are in the share count, and we believe the investor currently holds less than 5% of our outstanding shares.

自2025年6月以來，我們已募得約18億美元資金，其中包括我們於今年1月完成的10億美元融資。該1月融資由一家美國大型機構投資人主導，該投資人對Ondas業務非常熟悉，且長期支持公司。重要的是，與該融資相關的預付資金認股權證（prefunded warrants）已全數行使並已計入股本，我們相信該投資人目前持有的流通股比例低於5%。

More broadly, we are seeing continued growth in our institutional ownership base. Based on Capital IQ data, institutions now hold approximately 33% of our shares. We are actively working to further broaden that base. And we believe Ondas is well positioned for inclusion in additional indices, including the Russell 2000 as we move through 2026. So overall, we see our capital position and investor support as a meaningful competitive advantage, one that enables us to execute our strategy at scale.

更廣泛而言，我們看到機構持股基礎持續成長。根據Capital IQ資料，機構投資人目前持有約33%的股份。我們正積極努力進一步擴大該基礎。且我們相信，隨著2026年的推進，Ondas具備納入更多指數的良好條件，包括Russell 2000。因此整體而言，我們將資本實力與投資人支持視為一項重要的競爭優勢，使我們能以規模化方式執行策略。

Let me briefly touch on Ondas' networks. 2025 was an important year for Ondas Networks, highlighted by the formal adoption of our IEEE 802.16 or .16, technology by the Association of American Railroads, as the communications protocol for the next-generation Head of Train/End of Train standard. This is a significant milestone and reflects years of development and validation, including our ongoing collaboration with MXP Rail.

我簡要談一下Ondas Networks。2025年對Ondas Networks而言是重要的一年，其中一大亮點是美國鐵路協會（Association of American Railroads, AAR）正式採用我們的IEEE 802.16（或.16）技術，作為下一代列車頭端/尾端（Head of Train/End of Train）標準的通訊協定。這是一項重大里程碑，反映多年研發與驗證成果，包括我們與MXP Rail持續的合作。

More broadly, the AAR has now signaled its intent to adopt .16 across all of its communications networks, which we believe confirms Ondas Networks position as a foundational technology provider for next-generation rail communications. This is a very important development given the large total addressable market with the Class 1 rails in North America and underpins what we believe is substantial value underlying Ondas' networks software-defined networking capability and the network upgrade opportunity that will eventually accrue to Ondas shareholders.

更廣泛而言，AAR現已表明其意圖在其所有通訊網路中採用.16，我們認為這確認了Ondas Networks作為下一代鐵路通訊之基礎技術供應商的地位。鑑於北美一級鐵路（Class 1 rails）龐大的總可服務市場（TAM），這是一項非常重要的發展，並支撐我們所認為的Ondas Networks軟體定義網路能力所蘊含的可觀價值，以及最終將回饋給Ondas股東的網路升級機會。

From a commercial perspective, we are seeing continued progress with interest in 160 megahertz accelerating from many parts of the industry. We are now engaged with all Class 1 railroads and are advancing multiple infield proof-of-concept deployments particularly around 160-megahertz network applications. These efforts are generating strong feedback, and we expect to begin converting these into commercial opportunities in the second half of 2026.

從商業面來看，我們看到業界多方對160 MHz的興趣持續升溫並加速。我們目前已與所有一級鐵路業者合作，並正推進多項現場概念驗證（proof-of-concept）部署，特別聚焦於160 MHz網路應用。這些工作帶來強勁回饋，我們預期在2026年下半年開始將其轉化為商業機會。

At the same time, ACSES radios for Amtrak are now in production with initial deliveries expected to be completed in the first half of the year. While we are disappointed in the timelines with respect to driving network deployments with our rail customers, we continue to see meaningful long-term value in the Ondas Networks business. As adoption of .16 expands and commercial deployments begin to scale. Of course, we are working to realize that value for our investors, and we think we will make measurable progress in 2026.

同時，Amtrak 的 ACSES 無線電目前已進入量產，預計首批交付將於上半年完成。儘管我們對於與鐵路客戶推動網路部署的時程感到失望，但我們仍持續看見 Ondas Networks 業務具備顯著的長期價值。隨著 .16 的採用擴大且商業部署開始規模化。當然，我們正努力為投資人實現該價值，並且我們認為在 2026 年將取得可衡量的進展。

Let me now turn back to Ondas Autonomous Systems and the broader platform. As we outlined at our Investor Day in January, we are executing against a clear plan across both our core business and our strategic growth program and we are making strong progress. We've already covered our 2025 performance at the OAS Investor Day in January. So rather than revisit that, I want to focus today on how the business has evolved and transformed in the last few months.

現在讓我把話題轉回 Ondas Autonomous Systems 以及更廣泛的平台。正如我們在 1 月的投資人日所概述，我們正依循一項清晰的計畫，同步推進核心業務與策略性成長方案，並且進展強勁。我們已在 1 月的 OAS 投資人日中涵蓋了 2025 年的表現。因此，我今天不再重述，而是聚焦於過去幾個月業務如何演進與轉型。

Specifically, I want to walk you through how we've expanded our technology and capabilities, how we are now positioned across multiple high-value market segments and how we have significantly broadened our operating platform. What you'll see in the next few slides is the result of that transformation, how Ondas is evolving into a scaled multi-domain autonomy platform with the ability to deliver integrated solutions at a global level.

具體而言，我想帶各位了解我們如何擴展技術與能力、我們如今如何在多個高價值市場區隔中就位，以及我們如何大幅拓寬營運平台。接下來幾張投影片所呈現的是這項轉型的成果：Ondas 正演進為可規模化的多領域自主平台，具備在全球層級交付整合式解決方案的能力。

This is where the strategy becomes visible in the platform we've built. As depicted on this slide, Ondas has undergone a significant transformation in just the last nine months. I want to highlight the five new acquisitions from Q1 2026, Rotron, Mistral, BIRD, INDO Earth, and now World View, which have materially expanded both the scope and scale of our platform.

這正是我們所建構的平台讓策略具體可見之處。如本投影片所示，Ondas 在過去短短九個月內經歷了重大轉型。我想特別強調 2026 年第一季的五項新收購：Rotron、Mistral、BIRD、INDO Earth，以及現在的 World View，這些收購在平台的範疇與規模上都帶來了實質擴張。

Ryan Hartman and I shared details regarding World View and the strategic fit and road map earlier. We will also provide some context for the other acquired companies a bit later on the call. But make no mistake, these acquisitions are not just additive. They are highly strategic. We are adding mission-ready technologies, established customer relationships and exceptional talent across multiple domains. This is accelerating the build-out of our systems-of-systems architecture and expanding our ability to deliver integrated solutions at scale as these companies are also accelerating the scaling of our operating platform.

Ryan Hartman 與我先前已分享 World View 的細節，以及其策略契合度與路線圖。我們也會在稍後的電話會議中，為其他收購公司提供一些背景說明。但請不要誤會，這些收購不只是單純的加總。它們具有高度策略性。我們正在導入可立即投入任務的技術、既有的客戶關係，以及跨多個領域的卓越人才。這正在加速我們「系統之系統」架構的建置，並擴大我們以規模交付整合式解決方案的能力，因為這些公司也正在加速我們營運平台的規模化。

At the same time, this transformation is having a direct impact on our financial model. We are building a significantly larger backlog, increasing our revenue base, and expanding our gross profit pool, all of which support operating leverage as we scale and that operating leverage is what ultimately drives our path to profitability.

同時，這項轉型也正直接影響我們的財務模型。我們正在建立顯著更大的在手訂單（backlog）、提升營收基礎，並擴大毛利池；這些都支持我們在規模化過程中的營運槓桿，而營運槓桿最終將推動我們邁向獲利的路徑。

So this is not just about growth. It's about building a platform that can scale efficiently and generate strong financial outcomes over time. This is a step change in the scale and maturity of the Ondas operating and financial platform.

因此，這不僅僅是成長。而是要打造一個能夠高效率擴張、並隨時間推移產生強勁財務成果的平台。這是 Ondas 營運與財務平台在規模與成熟度上的一次躍升。

Just 12 months ago, Ondas Autonomous Systems was primarily focused on two markets: ISR and counter UAS with two core platforms: the Optimus system and Iron Drone Raider. Today, that has changed significantly. Our market opportunity set has been transformed. We are now positioned across four high-value defense technology verticals, including Counter-UAS, ISR, loitering munitions and one-way attack systems and unmanned ground vehicles. And with the addition of World View, we've extended that capability even further into the stratosphere, adding an entirely new domain to our aerial and ground capabilities.

就在 12 個月前，Ondas Autonomous Systems 主要聚焦於兩個市場：ISR 與反無人機（counter UAS），並以兩個核心平台為主：Optimus 系統與 Iron Drone Raider。如今，情況已大幅改變。我們的市場機會組合已完成轉型。我們現在已在四個高價值國防科技垂直領域中就位，包括反無人機、ISR、滯空彈藥與一次性攻擊系統，以及無人地面載具。而隨著 World View 的加入，我們更進一步將能力延伸至平流層，為我們的空中與地面能力新增了一個全新的領域。

So what you're seeing is a substantial expansion, not only in our technology base but also in the financial opportunities available for Ondas. We've moved from a focused set of capabilities into a broad multi-domain platform positioned to compete across some of the fastest-growing segments in the global defense market. This slide brings together visually everything we've been discussing.

因此，各位看到的是一項大幅擴張，不僅在我們的技術基礎上，也在 Ondas 可取得的財務機會上。我們已從一組聚焦的能力，轉變為一個廣泛的多領域平台，得以在全球國防市場中一些成長最快的區隔展開競爭。這張投影片以視覺方式整合了我們一直在討論的所有內容。

Here, you can see the breadth of our aerial and ground-based platforms, combined with the software-enabled command and control layer and AI-driven applications that sit on top. What makes this powerful is not just the individual systems, it's the integration. We are building a unified platform where sensors, effectors and autonomous systems are connected through a common C2 and software layer, enabling coordinated real-time operations across multiple domains. And with our partnership with Palantir, we are able to take that integration even further, deploying these capabilities into broader mission level systems with advanced data fusion, AI-driven analytics, and decision support. So rather than offering stand-alone products, we are delivering an integrated operational capability, one that allows customers and partners like Palantir to move from data to decisions faster and to execute missions more effectively.

在這裡，各位可以看到我們空中與地面平台的廣度，並結合由軟體驅動的指揮與控制層，以及其上的 AI 驅動應用。其強大之處不僅在於各個獨立系統，而在於整合。我們正在打造一個統一的平台，讓感測器、效應器與自主系統透過共同的 C2 與軟體層連結，從而在多個領域實現協同的即時作戰。並且透過與 Palantir 的合作夥伴關係，我們能將這種整合推進得更深，將這些能力部署到更廣泛的任務層級系統中，具備先進的資料融合、AI 驅動分析與決策支援。因此，我們不是提供獨立產品，而是在交付一套整合的作戰能力，使客戶與像 Palantir 這樣的合作夥伴能更快地從資料走向決策，並更有效地執行任務。

With that foundation in place, let me now turn to how we are scaling this platform through our strategic growth program. Over the past several months, we've announced a series of strategic acquisitions that are expanding both our capabilities and our market access. These businesses play very specific roles within the OAS platform, enhancing our technology stack strengthening our go-to-market capabilities and accelerating our ability to deliver integrated solutions at scale.

在這個基礎到位後，接下來我將談談我們如何透過策略性成長方案來擴大這個平台。在過去幾個月，我們宣布了一系列策略性收購，正在擴展我們的能力與市場觸及。這些業務在 OAS 平台中扮演非常明確的角色，強化我們的技術堆疊、提升我們的市場進入能力，並加速我們以規模交付整合式解決方案的能力。

I covered World View with Ryan earlier in the call. Here, I want to walk through Mistral, Rotron, BIRD and INDO Earth. And highlight how these transactions are contributing to the evolution of our financial model, adding revenue, expanding our gross profit pool, and supporting operating leverage. Importantly, we view these acquisitions as highly accretive, not only to our financial profile, but to the long-term enterprise value of Ondas as we continue to scale.

我先前已在本次電話會議中與 Ryan 談過 World View。在這裡，我想帶各位了解 Mistral、Rotron、BIRD 與 INDO Earth。並說明這些交易如何促進我們財務模型的演進：增加營收、擴大毛利池，並支持營運槓桿。重要的是，我們認為這些收購具有高度增益性（accretive），不僅對我們的財務輪廓如此，隨著我們持續擴張，對 Ondas 的長期企業價值亦然。

Let me start with Mistral which has been a partner of Ondas since the second quarter of last year and is one of our most strategically important acquisitions. Mistral is a direct accelerant for our US market expansion. It enables Ondas to operate as a prime contractor significantly expanding our access to major US defense programs while also adding critical manufacturing and program execution capabilities.

我先從 Mistral 談起。Mistral 自去年第二季起即為 Ondas 的合作夥伴，也是我們最具策略重要性的收購之一。Mistral 是我們拓展美國市場的直接加速器。它使 Ondas 能以主承包商（prime contractor）身分運作，大幅擴大我們接觸美國主要國防計畫的機會，同時也補強關鍵的製造與專案執行能力。

Mistral also brings meaningful market experience and customer access across UAVs, loitering munitions, and ground robotics, aligning closely with the core segments of our platform. The company has already captured programs in excess of $1 billion, which we expect to generate significant pull-through revenue. We also expect Mistral to contribute meaningful backlog to Ondas upon closing, which we anticipate in the second quarter.

Mistral 也在無人機（UAV）、滯空彈藥與地面機器人領域帶來重要的市場經驗與客戶觸及，與我們平台的核心區隔高度一致。該公司已取得超過 10 億美元的計畫，我們預期將帶來顯著的帶動式（pull-through）營收。我們也預期 Mistral 在交割後將為 Ondas 貢獻可觀的在手訂單（backlog），我們預計交割將在第二季完成。

Just as importantly, Mistral brings deep US market development expertise, helping us localize our Israeli developed platforms for US requirements and accelerate adoption across defense and security customers. We expect Mistral to be a meaningful driver of revenue growth and EBITDA leverage beginning in the second quarter of 2026 and continuing as we scale our presence in the US market.

同樣重要的是，Mistral 帶來深厚的美國市場開發專業，協助我們將以色列研發的平台在地化以符合美國需求，並加速在國防與安全客戶中的採用。我們預期 Mistral 將自 2026 年第二季起成為營收成長與 EBITDA 槓桿的重要驅動力，並在我們擴大美國市場布局的過程中持續發揮作用。

Next, let me highlight Rotron Aerospace. Rotron significantly expands our aerial capabilities, adding long-range UAV platforms in the Talend platform, autonomous strike systems with the Defender and Stratos platforms and advanced propulsion technologies. This is particularly important as modern defense strategies continue to shift toward low-cost attritable mass-scale autonomous systems that can be deployed efficiently and cost effectively in contested environments. With Rotron, we are extending our platform beyond ISR into a more complete strike and effector layer. Strengthening our overall multi-domain architecture.

接下來，我想重點介紹 Rotron Aerospace。Rotron 大幅擴展我們的空中能力，新增 Talend 平台的長航程無人機平台、以 Defender 與 Stratos 平台為代表的自主打擊系統，以及先進推進技術。這點尤其重要，因為現代國防策略正持續轉向低成本、可消耗（attritable）、可大規模部署的自主系統，能在受爭奪環境中以高效率且具成本效益的方式部署。透過 Rotron，我們將平台從 ISR 延伸至更完整的打擊與效應器層。並強化我們整體的多領域架構。

In addition, Rotron provides a strong local presence in the United Kingdom, where it is competing for programs, including the project break stop, a one-way effector or OWE program. Rotron positions Ondas to engage directly with UK and broader NATO rearmament programs, which are seeing significant acceleration. So strategically, Rotron enhances both our technology stack and our geographic reach while positioning Ondas to participate in the next generation of autonomous defense systems, where scale, autonomy and affordability are critical.

此外，Rotron 在英國提供強大的在地據點，並正在競標多個專案，包括 project break stop（Break Stop 專案）、單向效應器（one-way effector，OWE）計畫。Rotron 使 Ondas 能夠直接參與英國及更廣泛的北約（NATO）再武裝計畫，而這些計畫正顯著加速推進。因此，從策略面來看，Rotron 同時強化我們的技術堆疊與地理覆蓋範圍，並使 Ondas 得以參與下一代自主防禦系統；在該領域中，規模化、自主性與可負擔性至關重要。

Next, BIRD Aerosystems. BIRD adds a critical airborne protection layer to our platform with advanced ISR and counter UAS capabilities designed to protect both manned and unmanned systems. This is particularly important in today's environment where the increasing lethality and proliferation of low-cost UAS and loitering munitions is driving strong demand for effective airborne protection solutions across both military and security applications. At the core, our proven mission-critical technologies, including laser-based DIRCM systems, which autonomously detect, track and defeat incoming missile threats in real time, providing active protection in highly contested environments.

接下來是 BIRD Aerosystems。BIRD 以先進的 ISR（情報、監視與偵察）與反無人機系統（counter UAS）能力，為我們的平台增添關鍵的空中防護層，用以保護有人與無人系統。在當前環境下，低成本 UAS 與滯空彈藥（loitering munitions）的殺傷力提升與擴散，正推動軍事與安全應用對有效空中防護解決方案的強勁需求；因此這一點尤為重要。核心方面，我們具備經驗證的任務關鍵技術，包括以雷射為基礎的 DIRCM 系統，可自主即時偵測、追蹤並擊敗來襲飛彈威脅，在高度對抗環境中提供主動防護。

Importantly, BIRD brings access to long cycle program of record defense budgets, supporting more predictable and recurring revenue streams, along with high-margin systems already deployed on leading global platforms. Strategically, BIRD strengthens our ability to deliver integrated ground to air defense architectures while contributing meaningful backlog, revenue, and EBITDA as we scale the business.

重要的是，BIRD 帶來可接觸長週期、列入正式計畫（program of record）的國防預算，支撐更可預測且可重複的營收來源，同時也帶來已部署於全球領先平台的高毛利系統。從策略面來看，BIRD 強化我們交付整合式「地對空」防禦架構的能力，並在我們擴大業務規模的同時，貢獻具意義的在手訂單（backlog）、營收與 EBITDA。

Finally, INDO Earth. INDO Earth expands our ground system strategy into military engineering vehicles, providing entry into large-scale defense procurement programs with immediate revenue contribution. This adds a scalable platform in heavy ground equipment with strong visibility into revenue and gross profit, supported by active programs and customer demand.

最後是 INDO Earth。INDO Earth 將我們的地面系統策略延伸至軍用工程車輛，使我們得以切入大規模國防採購計畫，並立即貢獻營收。這為重型地面裝備新增一個可擴展的平台，在既有專案與客戶需求的支持下，對營收與毛利具有高度可見度。

Importantly, INDO Earth also provides a funded services platform in Israel, which we expect will support the broader OAS business and drive meaningful operating expense leverage as we continue to scale our operations in the region. Strategically, this is an important step in broadening our systems-of-systems architecture into the heavy grad segment, complementing our aerial and ISR capabilities.

同樣重要的是，INDO Earth 也在以色列提供一個具資金支持的服務平台，我們預期這將支援更廣泛的 OAS 業務，並在我們持續擴大該地區營運規模的同時，帶來顯著的營業費用槓桿效益。從策略面來看，這是將我們的「系統之系統」架構拓展至重型地面（heavy grad）領域的重要一步，並與我們的空中與 ISR 能力形成互補。

Over time, we see a clear opportunity to integrate autonomy and advanced technologies into these platforms, creating next-generation robotic engineering systems. INDO Earth is a great business and financial opportunity for Ondas. It not only contributes near-term revenue backlog, but also establishes a foundation for long-term growth in autonomous ground systems.

隨著時間推進，我們清楚看到將自主化與先進技術整合進這些平台的機會，打造下一代機器人工程系統。INDO Earth 對 Ondas 而言是一項極佳的業務與財務機會。它不僅貢獻短期的營收在手訂單，也為自主地面系統的長期成長奠定基礎。

Let me bring this all together. We believe these acquisitions significantly accelerate our systems-of-systems strategy while driving meaningful scale in our financial model. This is exactly how we designed our strategy from the outset.

讓我把這些整合起來說明。我們相信，這些收購將顯著加速我們的「系統之系統」策略，同時在我們的財務模型中帶來具意義的規模化效應。這正是我們從一開始就設計的策略運作方式。

The key takeaway here is the level of accretion we are generating both to our financial model and to our enterprise value. Across these five acquisitions, we will deploy approximately $550 million of capital and based on our current estimates, these businesses are expected to generate approximately $230 million of revenue in 2026. We view that as a very attractive entry point, particularly given the growth profiles of these businesses and the operating leverage we expect to achieve as they are integrated into the Ondas platform.

這裡的關鍵重點在於：我們正在為財務模型與企業價值帶來的增厚（accretion）程度。在這五項收購中，我們將投入約 5.5 億美元資本；依據目前估算，這些業務預計在 2026 年合計創造約 2.3 億美元營收。我們認為這是一個非常具吸引力的切入點，特別是考量到這些業務的成長特性，以及在其整合進 Ondas 平台後，我們預期可實現的營運槓桿。

Importantly, many of these businesses, particularly Mistral, BIRD and INDO Earth have contracted revenue and/or significant backlog, a steep revenue growth curve supported by strong industry tailwinds. And meaningful expected EBITDA generation over the next 12 to 18 months. At the same time, Rotron and World View represent technology-driven platform businesses with strong long-term growth potential as adoption of their capabilities accelerates, aided by the integration with the Ondas operating platform.

重要的是，這些業務中有許多——尤其是 Mistral、BIRD 與 INDO Earth——擁有已簽約營收及／或可觀的在手訂單，在強勁產業順風的支撐下呈現陡峭的營收成長曲線。並且在未來 12 至 18 個月內，預期可產生具意義的 EBITDA。同時，Rotron 與 World View 則代表以技術驅動的平台型業務；隨著其能力的採用加速，並在與 Ondas 營運平台整合的助力下，具備強勁的長期成長潛力。

So this is not just about adding revenue, it's about expanding our gross profit pool driving operating leverage and enhancing the overall quality of our earnings over time. And importantly, we believe this model is repeatable. We are building a disciplined, programmatic M&A capability that allows us to acquire strategic assets at attractive valuations, integrate them into our platform and drive both growth and margin expansion. We look forward to demonstrating that value creation over time but we believe these transactions are already meaningfully accretive and will become increasingly so as we scale.

因此，這不只是增加營收，而是擴大我們的毛利池、推動營運槓桿，並隨時間提升整體獲利品質。而且重要的是，我們相信這個模式可以複製。我們正在建立一套嚴謹、可程式化的併購（M&A）能力，使我們能以具吸引力的估值收購策略性資產，將其整合進平台，並同時推動成長與利潤率擴張。我們期待隨時間展現這種價值創造，但我們相信這些交易已經帶來具意義的增厚效果，且將在我們擴大規模時愈發明顯。

Let me take a moment to step back and explain how this model works and why we believe it is both highly accretive and repeatable. It starts with identifying and acquiring customer validated technology and services platforms operating in markets and categories with strong secular growth tailwinds. In many cases, these businesses are capital constrained. They have strong products and market demand but lack the capital and infrastructure to fully scale making Ondas as an attractive partner to support the next leg of business growth and value creation that allows us to acquire them at attractive entry valuations.

讓我花一點時間退一步說明這個模式如何運作，以及為何我們相信它既高度增厚又可複製。首先是辨識並收購已獲客戶驗證的技術與服務平台，且其所處市場與類別具備強勁的長期結構性成長順風。在許多情況下，這些企業受限於資本。它們擁有強勁的產品與市場需求，但缺乏足夠資本與基礎設施以全面擴張；因此 Ondas 成為具吸引力的合作夥伴，可支援其下一階段的業務成長與價值創造，並使我們得以在具吸引力的切入估值下完成收購。

At the same time, Ondas benefits from a premium valuation supported by the operating platform we've built and the capital our investors have provided. That creates a favorable dynamic where we can acquire high-quality assets at attractive valuations and integrate them into a scaled platform. That's what we refer to as day 1 value creation.

同時，Ondas 也受益於溢價估值，這得益於我們所建立的營運平台以及投資人提供的資本。這形成有利的動態，使我們能以具吸引力的估值收購高品質資產，並將其整合進一個已具規模的平台。這就是我們所稱的「第 1 天價值創造」（day 1 value creation）。

But the more powerful part of the model is what happens after the acquisition. We see what we call a growth double dip. First, these businesses benefit from the underlying growth in their markets. And second, they grow faster as part of the Ondas platform through our go-to-market capabilities, operational infrastructure, and access to capital. We are already seeing this in practice. Companies like Sentrycs and 4M, for example, are outperforming the assumptions we made when underwriting the acquisitions. The upside is driven by our growth double dip by virtue of their integration into the OAS platform.

但這個模式更強大的部分，是收購完成後所發生的事。我們看到所謂的「成長雙重紅利」（growth double dip）。第一，這些企業受益於其市場本身的成長。第二，作為 Ondas 平台的一部分，它們會透過我們的市場進入（go-to-market）能力、營運基礎設施與資本取得而更快成長。我們已在實務上看到這點。例如 Sentrycs 與 4M 等公司，其表現正超越我們在收購承作（underwriting）時所做的假設。這些上行空間來自於它們整合進 OAS 平台後所帶來的成長雙重紅利。

And beyond the individual businesses, there is also a portfolio effect. As we integrate these platforms into a systems-of-systems architecture and go to market with more complete multi-domain solutions, we create greater value for customers, which we believe will drive higher revenue and improve margins over time.

此外，除了單一企業之外，還存在投資組合效應。當我們將這些平台整合進「系統之系統」架構，並以更完整的多領域解決方案推向市場時，我們能為客戶創造更高價值；我們相信這將隨時間推動更高營收並改善利潤率。

So overall, this is not just a series of acquisitions or a portfolio of capabilities. Our operating and financial models drive a compounding value creation flywheel, and we believe this strategic growth program will be a major driver of shareholder value in both the near and long term.

因此整體而言，這不僅是一連串收購或一個能力組合。我們的營運與財務模型驅動一個複利式的價值創造飛輪；我們相信這項策略性成長計畫將在短期與長期都成為推動股東價值的重要動能。

Let me now turn to how this translates into our outlook. Here, we will focus on our key operating priorities and provide context on the M&A pipeline as well as update our financial targets. Let me firstly touch on our key operating priorities as we move through 2026. At the core, we remain focused on driving order growth, expanding our backlog and delivering continued revenue growth across the business while leveraging the expanded technology base we've built. We are also continuing to invest in and advance our manufacturing capabilities to support scale and meet increasing demand.

接下來我將說明這如何轉化為我們的展望。在此，我們將聚焦於關鍵營運優先事項，提供併購管線（M&A pipeline）的背景資訊，並更新我們的財務目標。首先，我先談談我們在邁向 2026 年過程中的關鍵營運優先事項。核心上，我們仍專注於推動訂單成長、擴大在手訂單，並在整體業務中持續實現營收成長，同時運用我們已建立並擴充的技術基礎。我們也持續投資並提升製造能力，以支援規模化並滿足不斷增加的需求。

On the technology road map, advancing the autonomous border protection infrastructure program remains a major focus. This has significant strategic and financial potential, and we expect it to be an important driver for the business as it progresses. In addition, we are rapidly developing what we refer to as a Shahed killer interceptor, and we are optimistic about our ability to field the competitive system in what is becoming a very important market segment.

在技術路線圖方面，推進自主邊境防護基礎設施計畫仍是主要重點。這具有重大的策略與財務潛力，我們預期隨著其推進，將成為業務的重要驅動因素。此外，我們正在快速開發我們所稱的「Shahed 殺手」攔截器（interceptor），並對於在這個正變得極為重要的市場區隔中部署具競爭力的系統能力保持樂觀。

Beyond our core road map, we have also established several new growth platforms that we believe offer meaningful upside to our current financial outlook. Importantly, we have not yet incorporated material contributions from some of these initiatives into our forecast. That includes the layered ISR go-to-market efforts with Palantir, where we are seeing encouraging early engagement and believe this could become a meaningful growth driver as programs develop.

除了我們的核心路線圖之外，我們也建立了數個新的成長平台，我們相信這些平台可為我們目前的財務展望帶來具意義的上行空間。重要的是，我們尚未將其中部分計畫的重大貢獻納入我們的預測。其中包括與 Palantir 合作的分層 ISR 市場推進（go-to-market）工作；我們看到令人鼓舞的早期互動，並相信隨著專案推進，這可能成為重要的成長驅動因素。

Similarly, ONBERG is actively pursuing opportunities in Germany and Ukraine. While we have not yet included revenue from this joint venture in our outlook, we are optimistic about its potential as visibility improves. So overall, we see multiple avenues for upside beyond our current plan as these platforms begin to convert into orders and revenue over time. We will surely keep you updated on this progress.

同樣地，ONBERG 正積極在德國與烏克蘭尋求機會。雖然我們尚未將這家合資企業的營收納入展望，但隨著能見度提升，我們對其潛力感到樂觀。因此整體而言，隨著這些平台逐步轉化為訂單與營收，我們看到在現行計畫之外仍有多條上行途徑。我們一定會持續向各位更新這項進展。

Let me spend a moment on our strategic growth program and M&A pipeline. Our programmatic M&A effort, led by Mark Green continues to be highly productive. We've built a disciplined team and process that spans technical, market, financial and legal expertise, along with dedicated post-merger integration processes to ensure we can efficiently scale these businesses once acquired.

我想花一點時間談談我們的策略性成長計畫與併購（M&A）管線。由 Mark Green 領導的系統性併購工作持續非常有成效。我們建立了一支紀律嚴謹的團隊與流程，涵蓋技術、市場、財務與法務專業，並配備專門的併後整合流程，以確保我們在收購後能有效率地擴大這些業務規模。

As we continue to demonstrate execution, we are seeing increasing inbound interest, including from larger and more mature companies and their investors. We view this as strong validation of our platform and strategy. We believe our ability to source, execute and integrate acquisitions is becoming a core competitive advantage for Ondas. Our pipeline remains robust with over $500 million of potential revenue across active opportunities.

隨著我們持續展現執行力，我們看到越來越多的主動接洽興趣，其中包括來自規模更大、成熟度更高的公司及其投資人。我們將此視為對我們平台與策略的強力驗證。我們相信，我們在尋源、執行與整合收購方面的能力，正逐步成為 Ondas 的核心競爭優勢。我們的管線仍然強勁，活躍機會所對應的潛在營收超過 5 億美元。

That said, our focus is not on driving the size of the pipeline, it's on quality. We are highly selective and prioritize targets that are strategically aligned, financially accretive and that enhance our systems-of-systems road map. The opportunity set is much larger, and we are careful on how we prioritize and sequence our M&A activity.

話雖如此，我們的重點不在於追求管線規模，而在於品質。我們非常嚴格篩選，並優先考量在策略上契合、在財務上具增益（accretive），且能強化我們「系統中的系統」（systems-of-systems）路線圖的標的。可選機會集合其實更大，而我們會謹慎地決定如何優先排序與安排併購活動的節奏。

In terms of capital allocation, we've utilized equity in recent transactions as a way to align with sellers and reflect the value of the platform we are building. At the same time, we remain flexible. We will deploy both equity and cash as appropriate, while maintaining a strong balance sheet.

在資本配置方面，我們在近期交易中運用股權，作為與賣方對齊並反映我們正在打造之平台價值的一種方式。同時，我們也保持彈性。我們將視情況同時運用股權與現金，同時維持強健的資產負債表。

And finally, on the topic of dilution versus accretion, our focus is always on value creation. When we issue equity, the key question is what we are acquiring in return. As we've outlined, we believe these transactions are highly accretive and we will continue to demonstrate that through our results over time.

最後，關於稀釋（dilution）與增益（accretion）的議題，我們的重點始終是創造價值。當我們發行股權時，關鍵問題在於我們換回來的是什麼資產。如同我們所說明的，我們相信這些交易具有高度增益性，我們也將隨著時間透過營運成果持續證明這一點。

Let me now turn to our updated financial outlook. We are increasing our 2026 revenue target to at least $375 million which represents more than a doubling of the outlook we provided at our Investor Day in January. This increase reflects upside across both our core business and the contribution from the acquisitions we have announced in the first quarter. For the first quarter, we expect revenue in the range of $38 million to $40 million, representing strong year-over-year growth. The full impact of these acquisitions will build over time.

接下來我談談我們更新後的財務展望。我們將 2026 年營收目標上調至至少 3.75 億美元，這相較於我們在 1 月投資人日所提供的展望增加逾一倍。這項上調反映了我們核心業務的上行空間，以及我們在第一季宣布之收購案所帶來的貢獻。就第一季而言，我們預期營收介於 3,800 萬至 4,000 萬美元，代表強勁的年增成長。這些收購案的完整影響將隨時間逐步顯現。

In Q1, BIRD is the only newly acquired company expected to contribute meaningfully with the majority of revenue from acquisitions ramping from Q2 through the rest of the year. We also expect backlog to increase significantly in the first quarter, driven by continued order momentum in the core business as well as the addition of backlog from the newly acquired companies.

在第一季，BIRD 是唯一預期會有顯著貢獻的新收購公司；來自收購案的大部分營收將自第二季起一路爬升至今年其餘期間。我們也預期第一季的在手訂單（backlog）將大幅增加，主要受核心業務持續的接單動能所帶動，並加上新收購公司所帶來的在手訂單。

From an investment perspective, we will see increased operating expenses at both Ondas Inc and OAS in the first and second quarter of 2026, as we continue to build out the team and infrastructure required to support a much larger enterprise. We view these investments as essential to enabling the next phase of growth, and we expect them to drive meaningful operating leverage over time as revenue scales. Importantly, we are maintaining our path to profitability.

從投資角度來看，2026 年第一與第二季，Ondas Inc 與 OAS 的營運費用將增加，因為我們持續擴充團隊與基礎設施，以支援規模大得多的企業。我們認為這些投資對於啟動下一階段成長至關重要，並預期隨著營收擴張，長期將帶來顯著的營運槓桿。重要的是，我們仍維持通往獲利的路徑。

We expect our product companies to reach positive EBITDA in the third quarter of 2026, followed by OAS in the third quarter of 2027 and Ondas Inc in the first quarter of 2028. And as we begin to integrate our recent acquisitions and realize the benefits of scale, we believe there is potential to accelerate these timelines. So overall, we believe our outlook reflects a business that is scaling rapidly with strong visibility, increasing momentum and multiple opportunities for upside as we move through 2026 and beyond.

我們預期我們的產品公司將在 2026 年第三季達到 EBITDA 轉正，接著 OAS 於 2027 年第三季轉正，而 Ondas Inc 於 2028 年第一季轉正。隨著我們開始整合近期收購並實現規模效益，我們相信有機會加速這些時程。因此整體而言，我們認為本次展望反映的是一個在強勁能見度、動能提升下快速擴張的業務，並在 2026 年及其後仍有多項上行機會。

Finally, the unmanned and autonomy sectors are transitioning from development to deployment with end markets still early in a 10-plus year adoption cycle and increasing urgency for industry maturity. This creates a generational opportunity for leaders like Ondas, reinforcing our focus on executing the core and strategic growth plan.

最後，無人化與自主化產業正從研發階段轉向部署階段；終端市場仍處於 10 年以上採用週期的早期階段，且產業成熟的迫切性日益提高。這為像 Ondas 這樣的領導者創造了世代性的機會，也強化了我們專注於執行核心與策略性成長計畫的方向。

With that said, I want to thank you again for spending the time with us. Operator, we will now move to take investor questions.

話說到這裡，我想再次感謝各位撥冗與我們交流。接線員，我們現在開始進入投資人提問。

(Operator Instructions) Austin Bohlig, Needham.

(接線員指示) Austin Bohlig，Needham。

Congrats on all the solid results. The first question I had is just given kind of the increasing conflict we're seeing in the Middle East, how has the business may have progressed or order flow or interest since that conflict began?

恭喜你們取得一連串穩健的成果。我的第一個問題是，鑑於我們看到中東衝突升溫，自衝突開始以來，業務進展、接單流量或市場興趣有什麼變化？

Austin, thank you. So without a doubt, that is driving more activity. So we're seeing more demand, more RFP, more urgency. And of course, that's also supporting the long-term thesis we have around how we're building our business and the markets and capabilities we're focused on.

Austin，謝謝你。毫無疑問，這正在帶動更多活動。因此我們看到更多需求、更多 RFP（徵求提案）、更高的急迫性。當然，這也支持我們長期的論點：也就是我們如何打造業務，以及我們所聚焦的市場與能力。

I'll ask Meir Kliner maybe to give some more texture to that answer. Meir?

我請 Meir Kliner 也許補充一些更具體的說明。Meir？

Sure. We believe we have the right products at the right time through our tech companies we are well positioned in both ISR and counter UAS, which are the two of the most critical capabilities in today's operational environment. We have seen a very strong demand right now, particularly for the system that we are already proven and deployed around the world.

好的。我們相信透過旗下科技公司，我們在正確的時間提供了正確的產品；我們在 ISR 與反無人機系統（counter UAS）兩個領域都具備良好定位，而這兩項正是當今作戰環境中最關鍵的能力之一。我們目前看到非常強勁的需求，特別是針對我們已在全球驗證並部署的系統。

By the way, looking ahead, we don't see this as a short-term dynamic. If anything, once the current conflicts end, there will be a broader recognition that these threats are not going away. So the budget for the government and defense organization is going to increase dramatically, and hopefully, we will be there to supply our capabilities with our tech companies. Thank you.

順帶一提，展望未來，我們不認為這只是短期現象。如果有什麼不同的話，一旦目前的衝突結束，外界將更廣泛地認知到這些威脅不會消失。因此政府與國防組織的預算將大幅增加，而我們希望能透過旗下科技公司在那裡提供我們的能力。謝謝。

All right. And I guess just one follow-up for you guys. Really appreciate the color on kind of the revenue contribution from these recent and sizable acquisitions. For that 2026 kind of number you guys provided in the deck. Should we assume that's what's going to be recognized? Or is that kind of like a pro forma revenue number?

了解。那我還有一個追問。非常感謝你們就近期且規模不小的收購案之營收貢獻提供的說明。關於你們在簡報中提供的 2026 年那個數字。我們是否應該假設那就是將被認列的營收？還是那比較像是備考（pro forma）的營收數字？

So we've given you the target of at least $375 million. We have quite a bit of visibility. We did share some details around what I do believe and I was emphasizing our conservative outlook that we underwrote for the acquired companies in Q1 and I'd highlight that those numbers are full year outlooks. So you got to consider the fact that we're going to only be consolidating the bulk of them over the last three quarters of the year. So that's the way to think about the math there.

我們給出的目標是至少 3.75 億美元。我們有相當高的能見度。我們確實分享了一些細節：我也強調了我們對第一季收購公司所採用的保守展望假設；我想特別指出，那些數字是全年展望。因此你必須考量到，我們只會在今年最後三個季度中的大部分時間把它們併入合併報表。這就是你應該如何理解其中的計算方式。

Jon Siegmann, Stifel.

Jon Siegmann，Stifel。

So the multilayered ISR, I appreciate all the details on World View. It's been a challenge for the military and industry, just to stick even a single pair of these sensors together. Can you comment a bit on how the customers are going to procure this ambitious capability? And is it possible we'll see some near-term contracts? Or is this something that Ondas might participate as a prime? Or is this as a sub to Palantir or somebody else?

所以關於多層式 ISR，我很感謝你們提供所有關於 World View 的細節。對軍方和產業而言一直是個挑戰，光是把這些感測器中的一對組合在一起都不容易。你能否談談客戶將如何採購這項雄心勃勃的能力？以及我們是否可能在短期內看到一些合約？或者這是 Ondas 可能以主承包商身分參與的項目？又或者是作為 Palantir 或其他公司的分包商？

All right. Great question, Jon, and I'm going to ask Ryan to provide some context. Ryan?

好的。很好的問題，Jon，我會請 Ryan 提供一些背景說明。Ryan？

Yes. Jon, great question. So in the near term, we expect contracts for the single domains and procuring intelligence surveillance and reconnaissance as a service from those domains. The strategy that we have for a service or a system of systems, will ultimately give us the ability to contract for multi-domain with single customers. So we're seeing movement in the customer base to procure multi-domain through single sources. And the partnership with Palantir enables us to provide a portal for customers to be able to access that multi-domain ISR. So it will take some time to build out the Palantir layer of the technology. But once that's built out, we'll be able to start offering multi-domain ISR as a service to specific customers.

是的。Jon，很好的問題。因此在短期內，我們預期會有針對單一領域的合約，並且從這些領域以服務方式採購情報、監視與偵察（ISR）。我們對於「服務」或「系統之系統」的策略，最終將讓我們具備與單一客戶簽訂多領域合約的能力。因此我們看到客戶群正在朝向透過單一來源採購多領域能力的趨勢。而與 Palantir 的合作夥伴關係，使我們能提供一個入口網站，讓客戶可以存取該多領域 ISR。因此建置 Palantir 這一層技術需要一些時間。但一旦建置完成，我們就能開始向特定客戶提供多領域 ISR 即服務。

All right. And I'd emphasize that the Stratollite in the stratosphere that's operational today, and it is leveraging some of the work that World View has done with Palantir so we're demonstrating the value and we do believe that we're going to be able to integrate it into other layers that Ondas has and will have in the future.

好的。我也要強調，目前在平流層運作中的 Stratollite，正利用 World View 與 Palantir 所做的一些工作，因此我們正在展示其價值；我們確實相信，未來我們將能把它整合到 Ondas 現有以及未來將擁有的其他層級之中。

And then maybe just one on Mistral, great acquisition there. I think most of us are familiar with the HERO system. But our sense is it's more diversified than just that product line. You mentioned $1 billion IDIQ, which is the hero. Just can you talk a bit more about the other products they produce.

另外再問一個關於 Mistral 的問題，那是一筆很棒的收購。我想我們大多數人都熟悉 HERO 系統。但我們的理解是，它不僅僅只有那條產品線，業務更為多元。你提到 10 億美元的 IDIQ（不定期交付/不定量）合約，那是 HERO。能否再多談談他們生產的其他產品？

Yes, Jon, that's a great point. The HERO is an important product line and program from Mistral, but they do have a bunch of other active systems that they're selling and quite a lot of capabilities around that. So Meir, can you provide some more context around the other things that Mistral is bringing.

是的，Jon，這點說得很好。HERO 是 Mistral 一條重要的產品線與專案，但他們也有許多其他正在銷售的現役系統，以及圍繞這些系統的相當多能力。所以 Meir，你能否就 Mistral 帶來的其他內容提供更多背景？

So Eric, it was hard to hear. Can you repeat the question, please?

Eric，我這邊聽得不太清楚。可以請你重複一下問題嗎？

Yes. So the question Meir is, on Mistral in addition to the loitering munitions, the HERO systems. The other revenue-generating platforms.

可以。Meir，問題是：關於 Mistral，除了滯空彈藥（loitering munitions）、HERO 系統之外，還有哪些能帶來營收的平台？

Yes, they have not only loitering munition, also ISR and also ground vehicle, I think that we talked about it before that we used to work in Mistral in our portfolio companies, also in the UTV and ISR drones and ground units. So I think it's the whole system. And this is specific in the segments that we are working. And this was one of our interests when we're talking about Mistral. And right now, they have the project for the ISR and not only loitering munition.

是的，他們不只有滯空彈藥，也有 ISR，還有地面車輛；我想我們之前談過，我們過去在 Mistral 的投資組合公司也有合作，包括 UTV、ISR 無人機以及地面單位。所以我認為它是一整套系統。而這正好符合我們所耕耘的細分領域。這也是我們在討論 Mistral 時的一個關注重點。而且目前他們也有 ISR 的專案，不僅僅是滯空彈藥。

Timothy Horan, Oppenheimer.

Timothy Horan，Oppenheimer。

Eric, can you give us a sense of these acquisitions, what you think the organic growth rate is? And also, can you just talk about the bottlenecks to growth? Is it go-to-market? Is it your manufacturing capacity? Is it just getting yes, any color around that?

Eric，你能否讓我們了解一下，針對這些收購，你認為有機成長率會是多少？另外，也請談談成長的瓶頸是什麼？是市場推進（go-to-market）嗎？是你們的製造產能嗎？還是只是取得客戶點頭的問題？能否提供一些說明？

And then lastly, you have some revenue targets out there for 2030. It seems like you're kind of well ahead of schedule there? Just any thoughts on that revenue target?

最後，你們對 2030 年有一些營收目標。看起來你們似乎已經大幅超前進度？對那個營收目標有什麼想法嗎？

Yes. So I'll start with the last observation, and I agree with that. So we are quite confident with the businesses that we've put together here, the momentum we have, the success we think we're demonstrating with the model that, that $1.5 billion target is very visible.

是的。我先從最後那點觀察開始，我同意你的看法。我們對於目前整合起來的這些業務、我們所擁有的動能，以及我們認為透過這個模式所展現的成功，都相當有信心；那個 15 億美元的目標非常清晰可見。

So coming back to the first question, we did -- if you look at Ondas in the core as it was ending 2025, the full year pro forma revenue would have been in the $90 million to $95 million range. So clearly, we were looking for significant growth when we started the year, and we shared that $175 million target at our OES Investor Day in January.

回到第一個問題，如果你看 Ondas 的核心業務，在 2025 年底時，全年備考（pro forma）營收大約會落在 9,000 萬到 9,500 萬美元的區間。所以很明顯地，我們在今年一開始就尋求顯著成長，並且在 1 月的 OES 投資人日分享了 1.75 億美元的目標。

And I would say that in our increase here to $375 million, we see that core growth even stronger. So we feel really good with our visibility, and we think the growth is going to remain significant going into '27 for sure and beyond.

我會說，當我們把目標提高到 3.75 億美元時，我們看到核心成長更為強勁。因此我們對可見度感到非常樂觀，並且認為成長在 2027 年以及之後都將持續顯著。

And what's the bottleneck to growth? Is it -- I mean, do you have the manufacturing capacity? Do you have the salespeople?

那成長的瓶頸是什麼？是——我的意思是，你們有製造產能嗎？你們有業務人員嗎？

Yes, I don't -- I mean, there are no bottlenecks to what we've laid out. But of course, we're going to have to continue -- because we have the capacity identified and we have been building aggressively the OAS platform, which we've emphasized on this call today, and we're going to continue to do that.

是的，我不——我的意思是，對於我們所規劃的內容，沒有瓶頸。但當然，我們必須持續——因為我們已經確認了產能，並且一直在積極建置 OAS 平台，這也是我們今天在電話會議中強調的，我們也會繼續這麼做。

We're also investing in integration so that the acquired companies can leverage the OAS platform out of the gates to its greatest extent. So at the same time, of course, this is quite a significant revenue ramp in business opportunities. So we're going to have to build the manufacturing capacity in partners as we're going forward. We'll keep you posted on how we're doing that. But I don't think we have any unique bottlenecks, and we can deliver what we're targeting for the year for sure.

我們也在投資整合，讓被收購公司能從一開始就最大程度地運用 OAS 平台。同時，當然，這是一個相當顯著的營收爬坡與商機提升。因此在往前推進時，我們將需要與合作夥伴一起擴充製造產能。我們會持續向各位更新我們如何推進這件事。但我不認為我們有任何獨特的瓶頸，而且我們肯定能達成今年的目標。

And just lastly on World View. Are we talking thousands of balloons in the stratosphere, ultimately, our tens of thousands, hundreds of thousands, I mean, how are you thinking about this? And can you create a cellular network of these stratosphere balloons?

最後再問一個關於 World View 的問題。我們最終談的是在平流層部署數千個氣球，還是數萬個、數十萬個？我的意思是，你們是怎麼思考這件事的？你們能否用這些平流層氣球建立一個蜂巢式（cellular）的網路？

Yes. Great. So Ryan, maybe you could share a couple of things a bit about the as-a-service element of this and then add some details around the various payloads that we see customers engaging in and how the markets may open further for other use cases.

可以。很好。Ryan，也許你可以分享幾點關於這裡「即服務」元素的內容，並補充一些我們看到客戶正在採用的各種載荷（payload），以及市場如何可能因其他使用情境而進一步開展的細節。

Yes, happy to. Thanks for the question. So the way we operate today is we provide data and intelligence as a service. And so essentially, the way that I've looked at it in the past is data is the new oil, the more data you produce and process, the more customers you can create on a per-flight basis. So when we're looking at the market, we're seeing some great movement in the US Air Force moving towards a program of record. We've seen stated demand that would equate to 250 flights per year just for that one customer.

好的，很樂意。謝謝你的問題。我們目前的運作方式是以服務形式提供資料與情報。因此本質上，我過去的看法是：資料是新的石油；你產出並處理的資料越多，就能以每次飛行為基礎創造越多客戶。所以當我們觀察市場時，我們看到美國空軍正朝向「正式列案計畫」（program of record）有很好的進展。我們也看到已表述的需求，僅就那一位客戶而言，就相當於每年 250 次飛行。

In addition to that, we're seeing movement on Golden Dome where the stratosphere is an important layer to the overall Golden Dome architecture. Our assessment is that Golden Dome will make up hundreds of flights per year for that specific capability.

除此之外，我們也看到「Golden Dome」方面的進展，其中平流層是整體 Golden Dome 架構中的重要層級。我們的評估是，針對該特定能力，Golden Dome 每年將構成數百次飛行任務。

And then when we think about kind of the broader market, those two specific customers would make up upwards of 450 flights per year. We see equivalent capabilities necessary for Australia, Canada, and other allied partners around the world. And then we're building out a commercial capability as well where our technology can be used for things like oil and gas pipeline monitoring, where we can be detecting methane.

接著，當我們思考更廣泛的市場時，這兩個特定客戶合計每年將可達 450 次以上的飛行任務。我們也看到澳洲、加拿大以及全球其他盟友夥伴同樣需要等效能力。此外，我們也正在建置商業化能力，使我們的技術可用於例如油氣管線監測等用途，並可偵測甲烷。

And we see use cases for monitoring railways and power lines. Anything that's long linear infrastructure, the stratosphere has a unique advantage of being able to see a significant amount of that infrastructure in a single image. And having the right sensors gives us the ability to turn the stratosphere into a very useful asset for, like I mentioned, detecting things like methane, obstructions on railway, falling power lines or foliage encroachment on power lines, things like that.

我們也看到用於監測鐵路與電力線路的應用情境。任何長距離線性基礎設施，平流層具備獨特優勢，能在單張影像中看到相當大範圍的該類基礎設施。而搭配合適的感測器，我們就能把平流層變成非常有用的資產，例如我提到的偵測甲烷、鐵路上的障礙物、電力線路掉落或植被侵入電力線路等。

And then on the communications question, yes, absolutely. We can provide a unique mesh networking and/or 4G/5G connectivity from our platforms. So as we start to build out the commercial side, we'll leverage the size, weight, and power of the Stratollite to be able to carry multiple sensors or multiple capabilities on a single flight that ultimately increases the gross margin per flight and produces significant revenue on a single flight. So we're quite excited about the number of use cases, excited about the growth and not just the defense market, but the commercial market as well.

至於通訊的問題，是的，絕對可以。我們可以從平台提供獨特的網狀網路（mesh networking）以及／或 4G/5G 連線能力。因此，當我們開始擴展商業端時，我們將利用 Stratollite 在尺寸、重量與功耗（SWaP）上的優勢，使其能在單次飛行中搭載多種感測器或多種能力，最終提升每次飛行的毛利率，並在單次飛行中產生可觀營收。所以我們對於眾多應用情境、成長動能感到非常興奮，而且不僅是國防市場，也包括商業市場。

So to answer your question specifically, are we talking hundreds, thousands, or tens of thousands, I believe that scale, we'll be operating thousands of flights per year and something on the order of 50% gross margin on a per flight basis.

因此，具體回答你的問題：我們談的是數百、數千，還是數萬的規模——我相信在那樣的規模下，我們每年將營運數千次飛行任務，且以每次飛行計算的毛利率約在 50% 左右。

Max Michaelis, Lake Street Capital Markets.

Max Michaelis，Lake Street Capital Markets。

If we go back to the core business, Iron Drone and Optimus, I know you gave out guidance. I think it was last fall or summer. You talked about a $25 million and $45 million in 2026. I was curious if you can kind of update us on what that looks like now. I know just with -- I just kind of want to get an idea of sort of the organic growth rate of the original core business.

如果回到核心業務，Iron Drone 和 Optimus，我知道你們給過指引。我想那是在去年秋天或夏天。你們談到 2026 年分別是 2,500 萬美元與 4,500 萬美元。我想了解你們現在能否更新一下目前看起來如何。我知道只是因為——我只是想大概了解一下原本核心業務的自然成長率。

I think the -- what I'll say, Max, is that the growth rate there is similar to what I've outlined by giving the tools with the 90 to 95 core, which is essentially doubling this year. And what I'll add is that we're seeing particular strength on the counter drone side with both Iron Drone and Sentrycs and that's going to be growing faster than Optimus.

Max，我想我會說，那邊的成長率與我先前概述的相近，也就是我提到 90 到 95 的核心工具（業務）所反映的情況，本質上今年會翻倍。另外我要補充的是，我們在反無人機端看到特別強勁的動能，包含 Iron Drone 與 Sentrycs，而這部分的成長會快於 Optimus。

Okay. And that kind of leads into my next question. I was just hoping you can kind of call out maybe some of the 2025 acquisitions, ones that are sort of outperforming your original expectations is probably just soon to calling you out on the 2026 acquisitions, but anything that helps kind of around the 2025 acquisitions.

好的。那也引出我的下一個問題。我希望你能點名談談 2025 年的一些收購案，哪些表現超出你們原先的預期——現在要你談 2026 年的收購可能還太早，但任何有助於理解 2025 年收購案的資訊都可以。

It's a good question. I think I can say we're very happy with all the companies and how they're performing. I did highlight in the prepared remarks, Sentrycs and 4M and I've done that because those are some deals that we've announced recently during the fourth quarter. With that said, Roboteam seeing significant demand in Apeiro Motion as well. So I'm expecting that we'll be able to demonstrate that they're outperforming as well to you this year. So we're pretty happy with the portfolio we've put together.

這是個好問題。我想我可以說，我們對所有公司及其表現都非常滿意。我確實在事先準備的發言中提到 Sentrycs 和 4M，因為那是我們在第四季期間最近宣布的一些交易。話雖如此，Roboteam 在 Apeiro Motion 方面也看到顯著需求。因此我預期今年我們也能向你們證明它們同樣表現超出預期。所以我們對目前組合起來的投資組合相當滿意。

Michael Legg, Ladenburg.

Michael Legg，Ladenburg。

Congrats on all the success to date. Can you talk a little bit about the integration of all these acquisitions and how you're doing that internally, keeping management, et cetera?

恭喜你們迄今取得的所有成功。你能否談談這些收購案的整合，以及你們在內部如何進行整合、如何留任管理團隊等等？

Yes, sure. So we have established at both OAS and the Ondas level, what we call PMI activity. So it's the post-merger integration activities. And that's a very important part of the story there. It's making sure communications across the companies and up and down, right? So we can get that operating leverage is optimized. So we're going to continue to invest in that PMI activity because it's critical otherwise, we're very happy with retention, and that's something we're obviously sizing up before we enter into acquisitions.

好的，當然。因此，我們在 OAS 與 Ondas 層級都建立了我們所稱的 PMI 活動。也就是併購後整合（post-merger integration）活動。而這是其中非常重要的一部分。它確保公司之間以及上下之間的溝通順暢，對吧？如此我們才能把營運槓桿最佳化。因此我們會持續投資於 PMI 活動，因為這至關重要；除此之外，我們對留任率非常滿意，而這也是我們在進行收購前顯然會先評估的事項。

I think what we see from the companies we acquire is that there's a lot of excitement to join Ondas because we're creating more opportunities for them to really grow the business that they've worked so hard to create. So I think the talent that's coming on and the way we're motivating them. Obviously, there's compensation plans that do that properly but it's an exciting place because we're putting together this go-to-market model that makes the original objectives from these leadership teams around building their businesses, everything. We're just creating more opportunity for them. And I think that's just going to reinforce as we continue to deliver on the operating and financial plan we have shared with you today.

我想我們從所收購的公司看到的是，他們對加入 Ondas 感到非常興奮，因為我們正在為他們創造更多機會，讓他們能真正擴大他們辛苦打造的業務。所以我認為新加入的人才，以及我們激勵他們的方式。當然，有能妥善達成這點的薪酬計畫，但這是一個令人振奮的地方，因為我們正在建立這個市場推進（go-to-market）模式，讓這些領導團隊原本打造事業的目標——所有的一切——都能實現。我們只是為他們創造更多機會。而我認為，當我們持續交付今天與各位分享的營運與財務計畫時，這點只會更加強化。

Great. And then just a follow-up question. On the systems and systems approach, can you talk about how much of that you think will come from Ondas internal systems? And how much would be third-party coordinations? So if you look at the internal or the core, as I describe it, that's going to continue to grow.

很好。接著一個追問。關於「系統與系統」（systems and systems）的方式，你能否談談你認為其中有多少會來自 Ondas 的內部系統？又有多少會是第三方的協作整合？所以如果你看內部或核心（如我所描述的），那部分將會持續成長。

So as I said on the call, if you were with us 12 months ago, we were, of course, very focused on Optimus and Iron Drone. As we ended the year, we had built out a UGV portfolio. We've expanded our aero platforms in Counter-Drone Systems so that becomes the new core.

如同我在電話會議上所說，如果你在 12 個月前就與我們一起，你會知道我們當時當然非常聚焦在 Optimus 和 Iron Drone。而在年底時，我們已建立了一個 UGV 產品組合。我們也在反無人機系統中擴展了我們的航空平台，因此那就成為新的核心。

And then, of course, in the first quarter here, we've added even more exceptional platforms that do expand and they deepen and expand the systems and systems capabilities. And Ryan shared a graphic there, which I thought was really important. It showed all the layers. And we're going to begin to pull them together. So I think you should expect us to add more layers, more valuable platforms that fit that model I shared around how they become very accretive to the operating plan, very accretive to customers, right? Customers are looking for companies like Ondas and Palantir to bring this together to make it scalable and valuable so we'll continue on this path.

然後，當然，在今年第一季，我們又加入了更多卓越的平台，進一步擴大並深化「系統與系統」的能力。Ryan 在那裡分享了一張圖，我認為非常重要。它展示了所有層級。而我們將開始把它們整合在一起。因此我認為你們應該預期我們會加入更多層級、更多符合我所分享模型的高價值平台——也就是它們如何對營運計畫具有高度增益（accretive）、對客戶具有高度增益，對吧？客戶正在尋找像 Ondas 和 Palantir 這樣的公司把這些整合起來，使其可規模化並創造價值，因此我們會持續走在這條路上。

Alex Latimore, Northland.

Alex Latimore，Northland。

Great information here. Thanks for putting this together. This is very vivid. My question here was regarding the acquisition cadence. I was wondering if you could step through what the acquisition cadence will look like for this year and then potentially going forward and then which capabilities are the highest priority in that pipeline, whether it's hardware, software, or different manufacturing assets.

這裡的資訊很棒。謝謝你們整理這些內容。這非常清楚生動。我的問題是關於收購節奏。我想請你們說明一下今年的收購節奏會是什麼樣子，以及未來可能的走向；另外，在那條管線中，哪些能力是最高優先順序——不論是硬體、軟體，或不同的製造資產。

Yes. Good question. I'll start with the latter, and then I'll get to the cadence. So I think it's pretty straightforward. We're going to continue to deepen the aerial and ground capabilities.

是的。好問題。我先從後者開始，然後再談節奏。所以我認為這相當直接。我們將持續深化空中與地面能力。

You do bring up a good point, the C2, the command-and-control capabilities is another in sensors at the edge, you also see that in our strategic pipeline. So I'm expecting to be able to bring more to the table there as software enablement becomes even more valuable.

你確實提出了一個很好的觀點，C2（指揮與控制）能力是另一項在前沿端（edge）的感測器能力，你也會在我們的策略管線中看到。因此，隨著軟體賦能變得更有價值，我預期我們能在那方面帶來更多成果。

In terms of cadence, I don't -- March was an interesting month because we had a bunch of deals. Many of them had been started months before and came down and we were able to get into definitive agreements right around the same time. So I don't -- I wouldn't measure three or four deals a month.

就節奏而言，我不會——3月是個有趣的月份，因為我們有一批交易。其中許多在數月前就已啟動，最後在差不多同一時間落地，我們也幾乎同時簽到最終協議。所以我不會——我不會用每月三、四筆交易來衡量。

At the same time, there is active conversations. And they could be bunched. They could be sequenced with greater time in between. It just remains to be seen but we will continue to pursue the strategic program because it is so valuable.

同時，我們確實有積極的洽談。它們可能會集中發生。也可能會以更長的時間間隔依序推進。這還有待觀察，但我們會持續推進這個策略計畫，因為它非常有價值。

Understood. And then regarding the C2 platform, I was wondering what your intentions are there? Are you planning to build or acquire a sort of single pane of glass C2 platform to connect all your systems? Or is that where Palantir comes in? And then what level of customer demand are you seeing for that.

了解。那接著關於C2平台，我想知道你們的意圖是什麼？你們是否計畫自行建置或透過併購，打造一個「單一視窗」（single pane of glass）的C2平台來連接你們所有系統？還是這就是Palantir要扮演的角色？另外，你們看到客戶對此的需求程度如何？

Yes. So it's both. So clearly, if you think about the systems and then there's the systems-of-systems, each autonomous system has its own command to control because these can be deployed as infrastructure or for specific use cases by specific customers. We need to make those -- each system be able to be integrated with more -- with other systems, right? So we need to be able to plug into other command and control architectures and we're able to and then, of course, we're going through the Palantir activity, which is the broadest integration around system to systems. So you're going to start to see us -- it's really all of it. It's really at the system level, it's at, say, regional deployments and then there's the wider deployments like the Palantir Maven system that becomes really important.

是的。所以兩者都有。很明顯，如果你從系統本身來看，還有「系統之系統」（systems-of-systems），每個自主系統都有自己的指揮與控制，因為這些系統可以作為基礎設施部署，或由特定客戶針對特定用例部署。我們需要讓每個系統——能夠與更多——與其他系統整合，對吧？因此我們必須能夠接入其他指揮與控制架構；我們做得到；當然，我們也在推進Palantir相關合作，這是系統對系統層面最廣泛的整合。所以你將開始看到我們——其實是全部都在做。涵蓋系統層級、例如區域部署層級，以及更廣域的部署，例如Palantir Maven系統，這就變得非常重要。

So there's internal development, and you'll also see us -- there's opportunities for us to bring in high-value capabilities around command and control. And we'll see if that comes to fruition. But we don't -- we do have -- our systems are designed to be plugged and play by and large, with what the customer needs to deploy, right? So we can fit into their architecture. We can solve the problem for them or we can fit into what they need us to fit into.

所以我們有內部開發，同時你也會看到——我們也有機會引入在指揮與控制方面的高價值能力。我們會看看是否能夠落地。但我們不——我們確實有——我們的系統在很大程度上是以即插即用（plug-and-play）方式設計，配合客戶需要部署的內容，對吧？因此我們可以融入他們的架構。我們可以替他們解決問題，或是融入他們需要我們融入的部分。

Matthew Galinko, Maxim Group.

Matthew Galinko，Maxim Group。

Congrats on the results. Is the ONBERG structure is something you can repeat in other regions? Or is it something you look to do elsewhere?

恭喜這次的成果。ONBERG的架構是否可以在其他地區複製？或者你們是否也會考慮在其他地方採用？

It's a good question. So yes, it's something we can repeat. I'm not sure if we will. Europe is -- was a particularly interesting opportunity for us because we have been building out our capabilities around systems, and you've heard us speak really strong about the need to be local. And as we started to get to know Heidelberg, who is our partner and understand their capabilities, it really made a lot of sense for us to join forces. So could you see us do that in other markets? I think so, but maybe we'll see how we proceed with ONBERG first. I don't see another market with as the same significance to do a joint venture as we do with what we're doing with ONBERG.

這是個好問題。所以是的，這是我們可以複製的。我不確定我們是否會。歐洲對我們而言是——是一個特別有趣的機會，因為我們一直在建立我們在系統方面的能力，而且你也聽過我們非常強調在地化的必要性。當我們開始更了解Heidelberg（我們的合作夥伴）並理解他們的能力時，對我們來說聯手合作就非常合理。所以你會看到我們在其他市場也這麼做嗎？我想有可能，但也許我們會先看看ONBERG的推進情況。我看不到另一個市場在合資的重要性上能與我們在ONBERG所做的相提並論。

Got it. And my follow-up is, as we look towards 2028 for positive adjusted EBITDA. Can you kind of point to where we'll see OpEx leverage, kind of what line items? Like are we going to continue to see R&D kind of steady with integration and then program development or kind of where will we see the leverage hit?

了解。我的追問是，當我們展望到2028年實現調整後EBITDA轉正時，你能否大致指出我們會在哪些方面看到營業費用（OpEx）的槓桿效益、會落在哪些科目？例如，我們是否會看到研發在整合與專案開發下維持相對穩定，或是槓桿效益會主要出現在哪裡？

Great question, and it's going to be hard for me to be specific. I do think R&D, we're going to continue to invest there. And I don't have a target at the moment for what that is going to be as a percentage of revenue. I think we're going to get sales and marketing and supply chain leverage. We're going to get gross margin leverage.

好問題，但我很難給出具體細項。我確實認為研發方面我們會持續投資。而且我目前沒有一個目標，說研發占營收的比例會是多少。我認為我們會在銷售與行銷以及供應鏈上取得槓桿效益。我們也會取得毛利率的槓桿效益。

So the thesis here, and I think we're demonstrating that if you look at the manufacturing partnerships and the relationships we're building, is that when you can -- we can bring multiple platforms in aerial, ground platforms are really for a manufacturing partner and a component supplier very similar you get -- you become more important to your component vendor, you become more important to your manufacturing partners. And that -- in the scale you provide to them, they can turn back to you with better pricing and cost of goods sold and things like that. So I think the leverage comes in cost of goods sold. It's like -- it's going to come with sales and marketing because we're going to be getting larger deals, right, over time.

所以這裡的核心論點——我認為我們正在證明——如果你看我們的製造合作夥伴關係以及我們正在建立的合作關係——是當你能——我們能把多個平台帶進來，無論是空中平台或地面平台，對製造合作夥伴與零組件供應商而言其實非常相似；你會——你會變得對零組件供應商更重要，也會對製造合作夥伴更重要。而且——你提供給他們的規模，他們就能以更好的定價、銷貨成本等回饋給你。所以我認為槓桿效益會出現在銷貨成本（COGS）。同時——也會出現在銷售與行銷上，因為隨著時間推進，我們會拿到更大的案子，對吧？

And then there's the field services as well when you have -- I'll take INDO Earth as an example. INDO Earth, we have a Roboteam. We have Apeiro Motion. We have now built a very serious ground portfolio, and we can have the synergies around how we support customers in the field, right? We have folks out to service the dozers from INDO Earth, they can be the same folks who can do that with UGVs, so I think that -- those are the sorts of things we'll look at for efficiencies around the financial model.

另外還有現場服務（field services），當你有——我以INDO Earth為例。在INDO Earth，我們有Roboteam。我們有Apeiro Motion。我們現在已建立一個非常扎實的地面產品組合，並且能在我們如何在現場支援客戶方面產生協同效益，對吧？我們派出去維修INDO Earth推土機的人員，也可以是同一批人去支援UGV，因此我認為——這些就是我們在財務模型中會尋求的效率提升方向。

And with that, we've reached the end of today's question-and-answer session. I'd like to turn the floor back over to Eric Brock for closing remarks.

至此，我們已到達今天問答環節的結束。我想把時間交回給Eric Brock做結語。

All right. Thank you, operator. And as we wrap the call, I want to say thank you again for spending time with us today. As we've discussed, we have had a strong start to 2026, and we're focused on sustaining that momentum throughout the year. We look forward to providing you more updates along the way as we do, and we're going to get back to doing the work, and we look forward to speaking again soon. Have a great day.

好的。謝謝，主持人。在我們結束本次電話會議之際，我想再次感謝各位今天撥冗與會。如同我們所討論的，我們在2026年有一個強勁的開局，並且專注於在全年維持這股動能。我們也期待在推進過程中持續向各位提供更多更新；接下來我們要回去繼續把工作做好，也期待不久後再次與各位交流。祝各位有美好的一天。

And with that, ladies and gentlemen, we'll be concluding today's conference call and presentation. We thank you for joining. You may now disconnect your lines.

至此，各位女士先生，我們將結束今天的電話會議與簡報。感謝各位參與。您現在可以掛斷電話線。