Ondas Inc (ONDS) 2026 Q2 法說會逐字稿

Welcome to the Ondas Inc. second-quarter 2026 earnings and business update conference call.

歡迎參加 Ondas Inc. 2026 年第二季財報與業務更新電話會議。

(Operator Instructions)

(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 can cause actual results to differ materially from those implied by these forward-looking statements. These risk factors are discussed in Ondas' periodic SEC filings and in earnings release issued today, which are both available on the company's website.

在我們開始之前，公司提醒您，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，但仍存在風險與不確定性，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。這些風險因素已在 Ondas 定期向 SEC 提交的文件以及今日發布的財報新聞稿中討論，兩者皆可於公司網站查閱。

Ondas undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances, except as required by law. During this call, Ondas will refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most direct comparable GAAP measures is shown in our press release issued today, 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.

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的義務。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 財務指標與最直接可比的 GAAP 指標之調節表已載於我們今日發布的新聞稿中，可於本公司網站的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。

However, management believes these non-GAAP measures provide investors with valuable information on the underlying trends of our business. Please note, this event is being recorded. I would now like to turn the presentation over to Eric Brock, Chairman and CEO. Please go ahead.

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。請注意，本活動將被錄音。現在我想把簡報交給董事長兼執行長 Eric Brock。請開始。

Thank you, operator, and good morning, everyone. We appreciate you joining us today and your continued interest in Ondas. I'm pleased to be joined this morning by key members of our leadership team. Neil Laird, our Chief Financial Officer and Treasurer; Oshri Lugassy, Co-CEO of Ondas Autonomous Systems; Meir Kliner, President of OAS; and Ryan Hartman, CEO of Ondas Sentinel. We have a lot to cover today, so we will dive right in.

謝謝接線員，各位早安。感謝各位今天加入我們，並持續關注 Ondas。我很高興今天早上與我們領導團隊的關鍵成員一同出席。包括我們的財務長兼財務主管 Neil Laird；Ondas Autonomous Systems 共同執行長 Oshri Lugassy；OAS 總裁 Meir Kliner；以及 Ondas Sentinel 執行長 Ryan Hartman。今天要談的內容很多，我們就直接開始。

Let's turn to today's agenda. I'll begin with a high-level review of our second-quarter performance, the continued execution of our Core + Strategic Growth plan and the progress we are making toward building One Ondas. Neil will then review our second-quarter financial results, balance sheet and the investments supporting the significant growth we expect in the second half of 2026 and beyond.

我們先看今天的議程。我將先從高層次回顧第二季表現、持續推進我們的「核心 + 策略成長」計畫，以及我們在打造「One Ondas」方面的進展。接著 Neil 將回顧第二季財務結果、資產負債表，以及支撐我們預期在 2026 年下半年及之後顯著成長的各項投資。

We will then provide a growth and operational update, including commercial momentum, major customer programs, expansion across our four strategic market segments and the continued scaling of our global operating platform. We will also discuss the integration of our expanding technology portfolio and our progress toward delivering AI-enabled multi-domain systems of systems solutions.

接下來我們將提供成長與營運更新，包括商業動能、主要客戶專案、在四大策略市場區隔的擴張，以及我們全球營運平台的持續擴大規模。我們也將討論不斷擴充的技術組合之整合，以及我們在交付 AI 賦能的多領域「系統之系統」解決方案方面的進展。

I'll close with our updated financial outlook and management priorities for the next phase of Ondas' growth. We will then open the call for questions. Let me begin with the operating model behind our strategy. Ondas continues to execute its Core + Strategic Growth plan. And to be clear, Ondas is not simply a collection of acquired companies.

最後我將以更新後的財務展望與管理團隊在 Ondas 下一階段成長的優先事項作結。之後我們將開放提問。我先從支撐我們策略的營運模式談起。Ondas 持續執行其「核心 + 策略成長」計畫。需要說清楚的是，Ondas 並不只是由收購而來的公司拼湊而成。

We are building and operating one integrated global platform, One Ondas. That means assembling mission-ready technologies, world-class engineering talent, experienced leadership teams, customer relationships and operational capabilities and then integrating those assets into a unified growth platform. The value of this model becomes most visible when we combine technologies across domains.

我們正在打造並營運一個整合的全球平台——One Ondas。這意味著匯集可立即投入任務的技術、世界級工程人才、經驗豐富的領導團隊、客戶關係與營運能力，並將這些資產整合為一個統一的成長平台。當我們跨領域結合技術時，這種模式的價值最為明顯。

We are connecting persistent multi-domain ISR capabilities to the complete detect, identify, track and defeat chain. In Counter-UAS, for example, we are bringing customers a unique layered architecture that can include passive detection, cyber takeover, electronic warfare, interception and fully autonomous kinetic defeat. These integrated capabilities are designed to protect critical locations from hostile drones ranging from small FPV drones to larger, more sophisticated threats.

我們正將持續性的多領域 ISR（情監偵）能力，連結到完整的「偵測、識別、追蹤與擊敗」鏈條。以反無人機（Counter-UAS）為例，我們為客戶帶來獨特的分層架構，可包含被動偵測、網路接管、電子戰、攔截以及全自主的動能摧毀。這些整合能力旨在保護關鍵地點，抵禦從小型 FPV 無人機到更大型、更複雜威脅的敵對無人機。

We are integrating these capabilities through software-defined command and control, enabling customers to operate a coordinated system of systems rather than a collection of disconnected products. But technology integration is only part of the equation. We are also integrating engineering resources, sales and marketing teams across more than 60 countries, production and supply chain capabilities, field support, training, sustainment and customer service. As we have said before, exceptional technology that is useful, built to customer requirements and operational in the field is essential.

我們透過軟體定義的指揮與控制來整合這些能力，使客戶能操作一個協同的「系統之系統」，而非一堆彼此不相連的產品。但技術整合只是方程式的一部分。我們也在整合工程資源、遍及 60 多個國家的銷售與行銷團隊、生產與供應鏈能力、現場支援、訓練、維保（sustainment）與客戶服務。如同我們先前所說，具備卓越技術、真正有用、依客戶需求打造並能在現場運作，是至關重要的。

Developing that technology is extremely challenging, and we are proud to have operationalized the incredible portfolio we have at Ondas. With that said, technology by itself is not sufficient to win. Customers in global defense, homeland security, public safety and critical infrastructure markets need partners that can deploy, support and sustain mission-critical systems at scale. That is what One Ondas is all about. It is how we create value for customers, employees, partners and shareholders.

開發這些技術極具挑戰，我們也以能在 Ondas 將這個令人驚豔的產品組合落地並投入實際運作為榮。但即便如此，僅有技術本身仍不足以取勝。全球國防、國土安全、公共安全與關鍵基礎設施市場的客戶，需要能夠大規模部署、支援並維持關鍵任務系統的合作夥伴。這正是 One Ondas 的核心。這也是我們為客戶、員工、合作夥伴與股東創造價值的方式。

It is how we win. And Ondas is playing to win. The execution of our strategy is increasingly reflected in our financial performance with these KPIs demonstrating the strength and momentum of our business. We delivered another quarter of record revenue, generating approximately $83.8 million in the second-quarter. That represents more than 13-fold growth versus a year ago.

這也是我們取勝的方式。而 Ondas 正以取勝為目標。我們策略的執行正日益反映在財務表現上，這些 KPI 展示了我們業務的實力與動能。我們再度交出創紀錄的單季營收，第二季營收約為 8,380 萬美元。相較一年前成長超過 13 倍。

We expect to sustain this momentum and deliver another significant revenue ramp in the second half of 2026. Based on our results, backlog and current visibility, we are also increasing our full year 2026 revenue target to a range of $525 million to $550 million. The growth is broad-based across the portfolio, supported by continued strength in our Core businesses, the conversion of large orders already in backlog and the transition of several emerging platforms from development and qualification into deployment.

我們預期將維持這股動能，並在 2026 年下半年再度實現顯著的營收躍升。基於我們的業績、在手訂單（backlog）與目前能見度，我們也將 2026 全年營收目標上調至 5.25 億至 5.50 億美元區間。此成長來自整體產品組合的廣泛推進，並由核心業務的持續強勁、已在在手訂單中的大型訂單轉換，以及多個新興平台從研發與認證階段轉入部署所支撐。

Our two-year strategic program pipeline has expanded to more than $11 billion and our pro forma backlog now stands at approximately $757 million, including DZYNE and Cyberhawk, growing more than 11 times during 2026 and providing substantial revenue visibility. Meanwhile, order momentum remains strong.

我們兩年期策略專案管線已擴大至超過 110 億美元，而我們的備考（pro forma）在手訂單目前約為 7.57 億美元（包含 DZYNE 與 Cyberhawk），在 2026 年成長超過 11 倍，並提供可觀的營收能見度。同時，接單動能仍然強勁。

We have already captured approximately $105 million of new orders quarter-to-date, further adding to backlog during this Q3. At the same time, we continue investing in the operating platform required to support this growth.

截至本季目前為止，我們已取得約 1.05 億美元的新訂單，並在本次第三季進一步增加在手訂單。同時，我們也持續投資於支撐此成長所需的營運平台。

Cash operating expenses were elevated in the quarter, reflecting the full quarter impact of businesses added earlier in the year, principally World View and Mistral as well as approximately $29 million of growth investment across corporate development, Ondas Capital, partner initiatives and the broader operating platform. We made these investments ahead of the significant revenue and gross profit ramp we expect in the second half and beyond. We expect the growth in these OpEx investments to moderate from here, providing substantial operating leverage as revenue scales.

本季現金營運費用偏高，反映了今年稍早納入之業務對本季的完整季度影響，主要包括 World View 與 Mistral，以及約 2,900 萬美元的成長投資，涵蓋企業發展、Ondas Capital、合作夥伴計畫與更廣泛的營運平台。我們在預期下半年及之後將出現顯著的營收與毛利躍升之前，提前進行了這些投資。我們預期自此之後，這些營運費用（OpEx）投資的成長將趨於緩和，隨著營收擴張帶來可觀的營運槓桿。

We also remain very well capitalized. We ended June with approximately $1.4 billion in cash, cash equivalents, restricted cash and short-term investments. Even after deploying $325 million for new acquisitions in Q3, we retained significant financial flexibility to support organic growth, scale our operating platform and execute our strategic growth program. This chart is a simple visual of the transformation underway in our financial performance. Quarterly revenue has grown from approximately $4.2 million in the first-quarter of 2025 to $83.8 million in the second-quarter of 2026.

我們的資本水準也依然非常充足。我們在6月底持有約14億美元的現金、約當現金、受限制現金及短期投資。即使在第三季投入3.25億美元用於新併購之後，我們仍保有顯著的財務彈性，以支持內生成長、擴大我們的營運平台並執行我們的策略性成長計畫。這張圖以簡單的視覺方式呈現我們財務表現正在進行的轉型。季度營收已從2025年第一季約420萬美元成長至2026年第二季的8,380萬美元。

We believe this is what the early part of the S-curve should look like. Technology adoption curves are generally not linear. They are exponential. Once platforms are validated, customer requirements are established, and programs move from testing into scale deployment, growth can accelerate rapidly. Our strategy is designed around that dynamic.

我們認為這正是S曲線早期階段應有的樣貌。科技採用曲線通常不是線性的。而是指數型的。一旦平台獲得驗證、客戶需求確立，且專案從測試階段進入規模化部署，成長便可能迅速加速。我們的策略正是圍繞這種動態所設計。

As we execute our Core + Strategic Growth plan, we are not only expanding the technology portfolio, but also building the operating platform required to support an exponential growth curve across production, supply chain, customer deployment, field support and sustainment. Importantly, the underlying Core growth of our businesses remains a major driver of the financial model and the economic value we are creating.

在我們執行「核心 + 策略性成長」計畫的同時，我們不僅在擴充技術組合，也在打造支援指數型成長曲線所需的營運平台，涵蓋生產、供應鏈、客戶部署、現場支援與維保。重要的是，我們各項業務的底層核心成長仍是財務模型與我們正在創造之經濟價值的主要驅動力。

On a pro forma basis, assuming our current portfolio companies had been owned throughout both periods, Ondas generated approximately 85% organic revenue growth in the second-quarter compared with Q2 2025. That is an important distinction. The growth reflected here is not simply the result of adding acquired revenue, our underlying businesses are also expanding rapidly within the Ondas platform.

以備考（pro forma）基礎計算，假設我們目前的投資組合公司在兩個期間皆為我們所持有，Ondas在第二季相較於2025年第二季實現約85%的內生營收成長。這是一個重要的區別。此處反映的成長並非僅來自併購帶入的營收，我們的底層業務也正在Ondas平台內快速擴張。

Core organic growth is a theme we will return to throughout today's discussion. We have strong momentum and are positioned for growth to accelerate further during the second half of 2026 and into 2027. This slide provides additional detail showing the growth model is working.

核心內生成長是我們今天討論中會反覆回到的主題。我們動能強勁，並已就位，預期成長將在2026年下半年並延續至2027年進一步加速。本頁投影片提供更多細節，顯示成長模型正在奏效。

The model begins with strong mission-ready technology platforms in markets with very significant customer demand. That technology and demand are supported by the operating platform Ondas is building, providing working capital, global customer relationships, expanded sales capabilities, production resources, supply chain support and field services.

該模型始於具備任務就緒（mission-ready）的強大技術平台，且所處市場擁有非常可觀的客戶需求。這些技術與需求由Ondas正在建構的營運平台所支撐，提供營運資金、全球客戶關係、擴大的銷售能力、生產資源、供應鏈支援與現場服務。

As mentioned, on a pro forma basis, Ondas delivered approximately 85% organic year-over-year revenue growth during the second-quarter. Backlog also continued to grow, increasing approximately 33% sequentially from Q1 to Q2 on an organic basis. We continue to see a particularly strong organic ramp across the Ondas Autonomous Systems businesses.

如前所述，以備考基礎計算，Ondas在第二季實現約85%的內生年增營收成長。積壓訂單（backlog）亦持續成長，以內生口徑計算，從第一季到第二季季增約33%。我們持續看到Ondas Autonomous Systems業務出現特別強勁的內生成長爬坡。

Sentrycs continues to see substantial demand for its Cyber-over-RF Counter-UAS systems, with second-quarter pro forma revenue up approximately 298% year-over-year. The Sentrycs team is performing extremely well, benefiting from the expanding global sales platform, customer access and operating resources available through Ondas.

Sentrycs對其「Cyber-over-RF」反無人機（Counter-UAS）系統仍見到可觀需求，第二季備考營收年增約298%。Sentrycs團隊表現極為出色，受惠於透過Ondas所提供、持續擴大的全球銷售平台、客戶觸達與營運資源。

Our success at the FIFA World Cup and recent win with the Jacksonville Jaguars are early signs that Ondas is winning as the long-term investment cycle kicks into high gear. Airobotics also delivered very strong growth, with revenue up approximately 112% year-over-year.

我們在FIFA世界盃的成功，以及近期贏得傑克遜維爾美洲虎隊（Jacksonville Jaguars）的案子，都是在長期投資週期進入高速運轉之際，Ondas正在勝出的早期跡象。Airobotics同樣交出非常強勁的成長，營收年增約112%。

That growth was supported by Iron Drone, continued customer demand for autonomous drone infrastructure and new integrated systems of systems customer engagements. Similarly, 4M delivered approximately 258% year-over-year pro forma revenue growth with the capital, customer access, operating support and international reach of Ondas behind it. 4M is expanding its intelligent demining and land intelligence business into substantially larger programs.

該成長受Iron Drone帶動、對自主無人機基礎設施的持續客戶需求，以及新的整合式「系統之系統」（systems of systems）客戶合作案所支撐。同樣地，在Ondas提供的資本、客戶觸達、營運支援與國際觸角加持下，4M實現約258%的備考營收年增。4M正將其智慧排雷與地面情報（land intelligence）業務擴展至規模顯著更大的專案。

Rotron is proving to be another excellent addition to our portfolio. Rotron captured approximately $34.2 million in orders during the second-quarter alone compared with approximately $25 million of expected 2026 revenue we underwrote in the acquisition. Rotron's international pipeline outside the UK is also expanding under Ondas, and we believe its capabilities in jet propulsion, Precision Strike, UAV development and platform commercialization will be meaningful value creators over the coming years. This performance is not isolated to one company or market segment.

Rotron證明是我們投資組合中的另一項極佳補強。僅第二季，Rotron就取得約3,420萬美元訂單，相較之下，我們在收購時所承作（underwrote）的2026年預期營收約為2,500萬美元。在Ondas的支持下，Rotron在英國以外的國際商機管線也在擴大；我們相信其在噴射推進、精準打擊（Precision Strike）、無人機（UAV）開發與平台商業化方面的能力，將在未來數年創造具意義的價值。這樣的表現並非僅限於單一公司或單一市場區隔。

We are seeing strong organic growth across multiple businesses and the data increasingly validates both our operating platform thesis and our execution. I want to pause on this slide because it illustrates the One Ondas operating model. At the top is Ondas Inc., responsible for capital allocation, corporate strategy, the Ondas brand, investor engagement, governance and overall enterprise direction. Beneath that is our shared operational platform. This layer provides capabilities across supply chain and production, field support and services, global sales and marketing, government affairs, finance and corporate infrastructure.

我們在多項業務上都看到強勁的內生成長，而數據也日益驗證我們對營運平台的論點以及我們的執行力。我想在這張投影片稍作停留，因為它說明了「One Ondas」營運模式。最上層是Ondas Inc.，負責資本配置、公司策略、Ondas品牌、投資人互動、治理以及整體企業方向。其下是我們共享的營運平台。此層提供供應鏈與生產、現場支援與服務、全球銷售與行銷、政府事務、財務與公司基礎設施等能力。

These shared resources accelerate commercialization, improve execution and allow the specialized technology companies within Ondas to scale more efficiently. Those specialized companies bring deep domain expertise, differentiated intellectual property, exceptional engineering talent, established customer relationships and mission-ready products.

這些共享資源可加速商業化、提升執行成效，並讓Ondas旗下的專業技術公司更有效率地擴張。這些專業公司帶來深厚的領域專長、差異化的智慧財產、卓越的工程人才、既有的客戶關係以及任務就緒的產品。

We are integrating those capabilities across four major high-growth market segments. Aerial Security, ISR and Persistent Intelligence, Precision Strike and Autonomous Ground Systems with AI software serving as a common enabling layer across the portfolio. Exceptional technology is merely the starting point in these markets. Customers need complete solutions built to requirements, integrated, reliably delivered and supported across the mission life cycle.

我們正將這些能力整合到四個主要的高成長市場區隔：空中安全（Aerial Security）、ISR與持續情資（Persistent Intelligence）、精準打擊（Precision Strike）以及自主地面系統（Autonomous Ground Systems），並以AI軟體作為貫穿整個投資組合的共同賦能層。

Partners need a platform to bring technologies to market and pursue larger global programs. Employees need the resources, infrastructure and capital to scale innovation. And investors need this model, too. Our shared operating layer deploys capital more efficiently, accelerates revenue, reduces duplication and generates increasing P&L leverage as the platform scales, leverage that is fundamental to sustained profitability and attractive long-term returns. Oshri and Ryan will discuss this model in greater depth later, including how we are integrating technologies, pursuing larger programs and scaling execution across the portfolio.

合作夥伴需要一個平台，將技術推向市場並爭取更大型的全球專案。員工需要資源、基礎設施與資本，以擴大創新。投資人也需要這個模式。我們的共享營運層能更有效率地部署資本、加速營收、降低重複投入，並在平台擴張時產生愈來愈高的損益表槓桿（P&L leverage）；這種槓桿是維持長期獲利能力與具吸引力長期報酬的根本。Oshri與Ryan稍後將更深入討論此模式，包括我們如何整合技術、爭取更大型專案，以及如何在整個投資組合中擴大執行。

As we deploy capital and scale Ondas, one of our most important responsibilities is ensuring we have the strongest, most capable leadership team possible. We have made tremendous progress. Across Ondas, we are assembling a mission-driven leadership team deeply committed to delivering robust operational autonomous capabilities to customers in defense, homeland security, public safety and critical infrastructure markets across the United States, Israel and Allied nations. I am pleased to welcome David Barnea as President and Chairman of Ondas Defense Limited. David joins Ondas following a distinguished career serving the state of Israel, most recently as Director of the Mossad.

在我們部署資本並擴大Ondas規模的同時，我們最重要的責任之一，是確保擁有最強、最具能力的領導團隊。我們已取得巨大進展。在Ondas各處，我們正組建一支以使命為導向的領導團隊，深度致力於向美國、以色列及盟國的國防、國土安全、公共安全與關鍵基礎設施市場客戶，交付強健的作業型自主能力。我很高興歡迎David Barnea出任Ondas Defense Limited總裁兼董事長。David在為以色列國服務的傑出職涯後加入Ondas，最近的職務為摩薩德（Mossad）局長。

He brings nearly three decades of intelligence, national security and operational leadership experience and intimate knowledge of modern warfare and the current battlefield. David's mandate is to help lead our global expansion, strengthen our relationships with international defense and security customers and advance the integration and adoption of our AI-enabled multi-domain Autonomous Systems platform.

他擁有近三十年的情報、國家安全與作戰領導經驗，並對現代戰爭與當前戰場有深刻理解。David的任務是協助領導我們的全球擴張、強化與國際國防與安全客戶的關係，並推進我們AI賦能的多域自主系統平台之整合與採用。

He will work closely with me, Oshri and the broader leadership team to maximize the impact of our technologies and services across our global customer base. To summarize, our plan is working, and I am extremely proud of our team's performance. We have had a very strong first half and believe we can accelerate this momentum through the remainder of the year.

他將與我、Oshri 以及更廣泛的領導團隊緊密合作，以在我們的全球客戶基礎上最大化我們技術與服務的影響力。總結而言，我們的計畫正在奏效，我對團隊的表現感到無比自豪。我們上半年表現非常強勁，並相信可在今年剩餘期間進一步加速這股動能。

The revenue ramp we expect in the second half is significant and increasingly visible through our backlog, order book and deployment schedules. Demand remains broad-based and we expect to benefit from major program deliveries and new product adoption cycles across each of our principal market segments.

我們預期下半年的營收爬坡幅度可觀，並且透過我們的積壓訂單、訂單簿與部署時程，能見度正持續提升。需求仍然廣泛存在，我們預期將受惠於各主要市場區隔中的重大專案交付與新產品採用週期。

As we convert these orders into revenue, we are expanding production, supply chain, deployment and field-support capacity to meet customer requirements efficiently and reliably. In Aerial Security and Counter-UAS, we continue to see strong global demand across the portfolio. We expect Sentrycs' Cyber-over-RF platform to remain a key growth driver as customers increasingly adopt layered multisite counter drone infrastructure.

隨著我們將這些訂單轉化為營收，我們正在擴充生產、供應鏈、部署與現場支援能力，以高效率且可靠地滿足客戶需求。在空中安全與反無人機（Counter-UAS）方面，我們持續看到整體產品組合在全球範圍內的強勁需求。隨著客戶日益採用分層式多站點反無人機基礎設施，我們預期 Sentrycs 的 Cyber-over-RF 平台仍將是關鍵成長動能。

We also believe IonStrike, which came to Ondas through our recent acquisition of DZYNE, is positioned to begin receiving commercial volume orders and initial deliveries during the second half of the year. We see urgent demand for cost-effective kinetic solutions like IonStrike, capable of defending against increasingly sophisticated Shahed-class drones and coordinated swarms.

我們也相信 IonStrike（透過近期收購 DZYNE 而納入 Ondas）已具備條件，於今年下半年開始獲得商業量產訂單並進行初期交付。我們看到市場對 IonStrike 這類具成本效益的動能（kinetic）解決方案有迫切需求，其可防禦日益精密的 Shahed 級無人機與協同蜂群攻擊。

In Precision Strike, Mistral is positioned to begin deliveries against approximately $240 million of aggregated orders associated with the US Army LUS IDIQ. We also expect continued advancement on Project Brakestop, while Rotron ramps production and deliveries against material orders and a growing international pipeline.

在精準打擊（Precision Strike）方面，Mistral 已具備條件，開始針對與美國陸軍 LUS IDIQ 相關、合計約 2.4 億美元的彙總訂單進行交付。我們也預期 Project Brakestop 將持續推進，同時 Rotron 將加速提升產能並針對具實質性的訂單與日益成長的國際商機管線進行交付。

Across ISR and persistent intelligence, our backlog and pipeline for both ULTRA and Stratollite deployments continue to grow. We have been expanding production and operational capacity to support the launch of ULTRA programs and the increased adoption of Stratollites for maritime domain awareness and other persistent ISR missions.

在 ISR 與持續情報（persistent intelligence）方面，我們針對 ULTRA 與 Stratollite 部署的積壓訂單與商機管線持續成長。我們一直在擴充生產與營運能力，以支援 ULTRA 專案的啟動，以及 Stratollites 在海事領域態勢感知與其他持續 ISR 任務中的採用增加。

In autonomous ground systems, INDO Earth is expected to begin deliveries during the fourth-quarter on the combat machinery program, which has total program potential of approximately $140 million. These programs represent important customer adoption curves. As initial deployments move into larger-scale production and follow-on requirements, we believe they can support meaningful sustained growth across the platform.

在自主地面系統方面，INDO Earth 預期將於第四季開始交付作戰機械（combat machinery）專案，該專案的總體潛在規模約為 1.4 億美元。這些專案代表重要的客戶採用曲線。隨著初期部署進入更大規模的量產與後續需求，我們相信它們可在整個平台上支撐具意義且可持續的成長。

Our priorities remain clear: continue driving organic growth, convert backlog efficiently, leverage the investments we have made in our scalable operating platform and demonstrate the strength of the Ondas' financial model. That concludes my introductory comments. I will now hand the call over to Neil, who will review our second-quarter financial performance. Neil?

我們的優先事項仍然明確：持續推動內生成長、有效率地轉化積壓訂單、善用我們在可擴展營運平台上的投資，並展現 Ondas 財務模型的強勁性。以上為我的開場說明。接下來我將把電話交給 Neil，由他回顧我們第二季的財務表現。Neil？

Thank you, Eric. The second-quarter showed record revenue and represented another important step forward in demonstrating the scalability of our financial model. Revenue increased to approximately $83.8 million, up 67% sequentially and more than 13 times the prior year period. Importantly, this wasn't simply acquisition-driven. On a pro forma organic basis, assuming our current portfolio had been owned in both periods, revenue grew approximately 85% year-over-year, reflecting strong execution across our underlying businesses and proving out the power of our growth platform.

謝謝你，Eric。第二季創下營收新高，並代表我們在證明財務模型可擴展性方面又向前邁出重要一步。營收增加至約 8,380 萬美元，季增 67%，且較去年同期成長超過 13 倍。重要的是，這並非僅由併購所驅動。以備考（pro forma）內生口徑計算，假設我們目前的產品組合在兩個期間皆已持有，營收年增約 85%，反映我們核心業務的強勁執行力，並驗證我們成長平台的威力。

With $175 million of new orders during the quarter and continued strength into Q3, we believe that customer demand remains exceptionally strong across our platform. Gross profit increased to approximately $36 million, while adjusted gross margin, a new metric, which excludes the noncash items of stock compensation expense and amortization of acquisition-related intangible assets, was 50.4%, relatively stable from 51.5% in the prior quarter despite normal product mix variability.

本季新增訂單達 1.75 億美元，且第三季延續強勁態勢，我們認為整個平台的客戶需求仍然異常強勁。毛利增加至約 3,600 萬美元；而調整後毛利率（adjusted gross margin）為一項新指標，排除股票薪酬費用與併購相關無形資產攤銷等非現金項目，為 50.4%，儘管存在正常的產品組合波動，仍較前一季的 51.5% 相對穩定。

As we've discussed previously, quarterly margins will fluctuate as deliveries shift between programs. We expect some gross margin pressure in the second half due to mix and recently acquired excess capacity. However, our longer-term target remains to achieve gross margins in excess of 50%.

如我們先前所討論，季度毛利率將隨著不同專案的交付切換而波動。由於產品組合以及近期收購帶來的超額產能，我們預期下半年毛利率將面臨一些壓力。然而，我們的長期目標仍是達成超過 50% 的毛利率。

Operating expenses increased to approximately $199 million, but more than half of the total consisted of noncash or acquisition-related items such as stock compensation, contingent consideration, revaluation, amortization of intangible assets as well as $4.4 million in acquisition-related transaction costs. To better understand the business, we encourage investors to look at our underlying adjusted cash operating expenses, which amounted to approximately $93 million during the quarter.

營業費用增加至約 1.99 億美元，但其中超過一半為非現金或併購相關項目，例如股票薪酬、或有對價、重估、無形資產攤銷，以及 440 萬美元的併購相關交易成本。為了更好地理解業務，我們鼓勵投資人關注我們的基礎調整後現金營業費用（adjusted cash operating expenses），本季約為 9,300 萬美元。

This includes normal operating expenses as well as investments to support the integration of recently acquired businesses, continued deployment of Palantir Foundry and Warp Speed, commercialization activities and infrastructure required to support the significant revenue growth we expect over the coming quarters. second-quarter represented a large increase as we invested ahead of and in support of a transformational growth curve. The important distinction is that the growth of our operating expense will normalize in the third-quarter and beyond, while revenue and gross profit are expected to rise significantly, resulting in significant leverage in our model.

其中包含正常營運費用，以及用於支援近期收購業務整合、持續部署 Palantir Foundry 與 Warp Speed、商業化活動，以及支援我們在未來幾季預期顯著營收成長所需的基礎設施投資。第二季的金額大幅增加，因為我們在一條具轉型意義的成長曲線之前並為其提供支援而提前投入。重要的差異在於，我們的營業費用成長將在第三季及之後趨於正常化，而營收與毛利預期將顯著上升，從而在我們的模型中帶來顯著的營運槓桿。

Given these investments, which are occurring ahead of a broader revenue ramp, adjusted EBITDA was a loss of approximately $51 million during the quarter. This result was consistent with our expectation that the second-quarter would represent the peak in adjusted EBITDA losses.

鑑於這些投資發生在更廣泛的營收爬坡之前，本季調整後 EBITDA 虧損約 5,100 萬美元。此結果符合我們的預期，即第二季將是調整後 EBITDA 虧損的高峰。

As revenue accelerates during the second half, we expect those investments to begin producing meaningful operating leverage. Turning to the balance sheet, which remains strong and provides us with significant advantages. We ended the quarter with approximately $1.4 billion in cash, cash equivalents, restricted cash and short-term investments compared to $616 million at the end of 2025.

隨著下半年營收加速，我們預期這些投資將開始產生具意義的營運槓桿。接著談資產負債表，其仍然強勁，並為我們帶來顯著優勢。本季末我們持有約 14 億美元的現金、約當現金、受限制現金與短期投資，相較於 2025 年底的 6.16 億美元。

Included in our total assets are investments in unaffiliated public and private companies totaling $70 million. 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.

我們總資產中包含對非關聯之上市與私營公司的投資，合計 7,000 萬美元。這些投資與我們更廣泛的平台策略一致。它們支持關鍵合作夥伴、強化取得關鍵技術的管道、提升供應鏈效率，且我們相信隨時間推移將帶來具吸引力的回報。

During the third-quarter, we've already deployed approximately $325 million of cash to complete the DZYNE and Cyberhawk acquisitions, both important elements for our near-term and long-term growth outlook. Our balance sheet allows us to invest aggressively in our operating platform, support larger customer opportunities and continue executing our disciplined acquisition strategy from a position of strength.

在第三季期間，我們已動用約 3.25 億美元現金完成 DZYNE 與 Cyberhawk 的收購，兩者皆是我們近期與長期成長展望的重要組成。我們的資產負債表使我們能以強勢地位積極投資於營運平台、支援更大型的客戶機會，並持續執行我們嚴謹的併購策略。

If there's one message we'd like investors to take away from today's call, it's that our confidence in the trajectory of the business has never been stronger. We believe the first half of 2026 has validated the strategic investments we've made over the past year.

如果要投資人從今天的電話會議帶走一個訊息，那就是：我們對業務發展軌跡的信心從未如此強烈。我們相信 2026 年上半年已驗證我們在過去一年所做的策略性投資。

We entered the second half with record backlog, accelerating production, strong demand signals across a rapidly expanding product set, an exceptionally strong balance sheet and increasing confidence in our outlook. We believe the foundation is now in place for substantial growth and meaningful operating leverage over the coming quarters. With that, I'll turn it back to Eric.

我們以下半年開局：創紀錄的積壓訂單、加速的產能提升、在快速擴張的產品組合上出現強勁的需求訊號、極為強健的資產負債表，以及對前景日益提升的信心。我們相信，未來幾季實現可觀成長與具意義的營運槓桿所需的基礎已經到位。接下來我把時間交回給 Eric。

As Neil noted, adjusted cash operating expense increased significantly in the second-quarter to approximately $93 million. There were two principal drivers of that increase. First, our strategic M&A program added new businesses to the Ondas platform. These come with operating costs, but also bring meaningful revenue and gross profit, established customer relationships, contracted backlog and expanding pipelines. We believe these additions materially strengthen Ondas' earnings power and long-term growth potential and should be viewed as investments in scale, not incremental overhead.

如 Neil 所提到，第二季調整後現金營業費用大幅增加至約 9,300 萬美元。造成該增幅的主要原因有兩項。第一，我們的策略性併購計畫為 Ondas 平台新增了業務。這些業務伴隨營運成本，但也帶來可觀的營收與毛利、既有的客戶關係、已簽約的積壓訂單，以及持續擴張的商機管線。我們相信這些新增項目實質強化了 Ondas 的獲利能力與長期成長潛力，應被視為規模化投資，而非額外的間接費用。

Second, we continue to invest in the growth platform at both Ondas Inc. and across our operating platform. At the Ondas Inc. level, in addition to our underlying finance, accounting and governance expenses, we invested approximately $29 million in growth OpEx related to corporate development, Ondas Capital, ecosystem and partner initiatives and our operating platform, including our work with Palantir. At the operating platform level, growth OpEx in terms of OAS leadership and operating infrastructure totaled approximately $6 million.

第二，我們持續在 Ondas Inc. 以及我們整體營運平台上投資於成長平台。在 Ondas Inc. 層面，除我們既有的財務、會計與公司治理費用外，我們約投入 2,900 萬美元於與企業發展、Ondas Capital、生態系與合作夥伴計畫及我們的營運平台（包括與 Palantir 的合作）相關的成長營運費用（OpEx）。在營運平台層面，就 OAS 領導團隊與營運基礎設施而言的成長營運費用合計約 600 萬美元。

These are deliberate front-loaded investments to ensure Ondas can integrate acquisitions efficiently, expand its global sales and marketing reach, scale supply chain and production and provide the field support, sustainment and services a much larger business requires. We are not building the operating platform for the Ondas of today, but for the significantly larger company, we expect Ondas to become.

這些是刻意前置投入的投資，以確保 Ondas 能夠有效率地整合併購、擴大全球銷售與行銷觸及、擴充供應鏈與生產規模，並提供更大型企業所需的現場支援、維持運作（sustainment）與服務。我們打造的營運平台不是為了今日的 Ondas，而是為了我們預期 Ondas 將成為的、規模顯著更大的公司。

We believe we are well on our way, driving substantial growth, generating increasing operating leverage and building a large and profitable global company over the next 12-plus months. Much of our growth OpEx is discretionary, and we expect the rate of growth in these expenses to moderate from here as revenue and gross profit continue to scale. Let's now turn to our growth and operational update.

我們相信我們正穩步前進，在未來 12 個月以上推動顯著成長、產生愈來愈高的營運槓桿，並打造一家大型且獲利的全球公司。我們的成長營運費用有相當部分屬於可裁量支出，我們預期隨著營收與毛利持續擴大，這些費用的成長率將自此趨於緩和。接下來讓我們進入成長與營運更新。

Oshri and Ryan will cover our customer engagement, expanding pipeline and major programs, along with the continued integration of our businesses under the One Ondas operating model. They'll also address the global scale we're building across sales, partnerships, supply chain and field support and the integrated multi-domain systems of systems platforms we're bringing to market where software-enabled integration is delivering broader, more valuable customer solutions.

Oshri 與 Ryan 將說明我們的客戶互動、擴大的商機管線與主要專案，以及在 One Ondas 營運模式下持續整合我們各項業務的進展。他們也將談到我們在銷售、合作夥伴、供應鏈與現場支援方面所建立的全球規模，以及我們推向市場的整合式多領域「系統之系統」平台；在這些平台中，軟體賦能的整合正提供更廣泛、更具價值的客戶解決方案。

Before I hand over to Oshri, I want to highlight an important addition to our advisory board, and that is General Charlie Flynn, who joined the Ondas Advisory Board earlier this month. General Flynn recently retired from the US Army after 39 years of distinguished service.

在我交棒給 Oshri 之前，我想強調我們顧問委員會的一項重要新增成員：查理・弗林（Charlie Flynn）上將，他於本月稍早加入 Ondas 顧問委員會。弗林上將在美國陸軍服務 39 年、功勳卓著，近期已退役。

A 4-Star General, he most recently served as Commanding General of US Army Pacific and previously as the Army's Deputy Chief of Staff for operations, plans and training. General Flynn is well suited to help Ondas navigate the US Department of War and Allied Ministries of Defense, refine our multi-domain ISR and Autonomous Systems road map and position our platforms for broader operational adoption. He brings exceptional experience, judgment and relationships to Ondas, shares our mission and understands the urgency of delivering advanced autonomous capabilities to the United States and its allies.

身為四星上將，他最近的職務為美國陸軍太平洋司令部司令，先前亦曾擔任陸軍作戰、計畫與訓練副參謀長。弗林上將非常適合協助 Ondas 應對美國國防部與盟國國防部門、精進我們的多領域 ISR 與自主系統路線圖，並使我們的平台能更廣泛地被作戰運用採納。他為 Ondas 帶來卓越的經驗、判斷力與人脈關係，認同我們的使命，並理解向美國及其盟友交付先進自主能力的急迫性。

I'm grateful that Charlie has chosen to support Ondas, and we look forward to his contributions as we continue building and scaling the company. With that, I'll hand over to Oshri to discuss our growth and operational progress.

我很感謝 Charlie 選擇支持 Ondas，我們也期待他在我們持續打造並擴大公司規模的過程中所做出的貢獻。接下來我把時間交給 Oshri，請他說明我們的成長與營運進展。

Thank you, Eric. Ondas has built a deep, differentiated solutions portfolio across four strategic market segments: Aerial Security, ISR and Persistent Intelligence, Precision Strike and Autonomous Ground Systems. In Aerial Security, we provide technologies to detect, identify, track and defeat threats across the full counter drone kill chain. Our ISR and persistent intelligence portfolio provides multilayer surveillance from the stratosphere through long-endurance airborne platforms and down to the tactical edge. In Precision Strike, we are delivering affordable autonomous launched effects aligned with the growing demand for scalable, mission-ready mass.

謝謝你，Eric。Ondas 已在四個策略性市場區隔建立深厚且具差異化的解決方案組合：空中安全（Aerial Security）、ISR 與持續情資（Persistent Intelligence）、精準打擊（Precision Strike）以及自主地面系統（Autonomous Ground Systems）。在空中安全方面，我們提供技術以在完整的反無人機「擊殺鏈」（kill chain）中偵測、識別、追蹤並擊敗威脅。我們的 ISR 與持續情資產品組合提供多層次監偵能力，涵蓋從平流層、長航時空中平台到戰術前沿。在精準打擊方面，我們正交付可負擔的自主發射效應器（launched effects），以符合對可擴展、任務就緒之大規模能力日益成長的需求。

And in unmanned ground systems, our portfolio includes robotic ground platforms supporting demining, engineering, logistics, border security and operations in contested environments. Supporting all 4 segments is an expanding portfolio of AI-enabled software and command and control capabilities, the unified command core, connecting sensing, decision-making, autonomous operations and mission execution across domains. This is central to our strategy.

在無人地面系統方面，我們的產品組合包含機器人地面平台，可支援排雷、工兵、後勤、邊境安全以及在對抗環境中的作業。支撐上述四個區隔的是持續擴充的 AI 賦能軟體與指揮管制能力產品組合；其統一指揮核心（unified command core）可跨領域連結感測、決策、自主作業與任務執行。這是我們策略的核心。

We are increasingly able to offer customers integrated systems of systems solutions rather than stand-alone products. Our core technology platforms are mission-ready and operational, and we are building increasingly mature customer relationships as we demonstrate both our technology road map and our ability to manufacture, deploy, sustain and support these systems in the field with excellence and at scale.

我們愈來愈能為客戶提供整合式「系統之系統」解決方案，而非單一獨立產品。我們的核心技術平台已達任務就緒並可投入運用；隨著我們展示技術路線圖，以及以卓越且可規模化的方式在現場製造、部署、維持運作並支援這些系統的能力，我們也正在建立更成熟的客戶關係。

That operational credibility is reflected in the representative customer base on this slide. Across the United States, Ondas supports customers, including the US Air Force, Army, Navy, Special Operations Command, Department of Homeland Security and NASA. Internationally, our customers include the Israel Defense Forces and MAFAT, the Australian Defense Forces, the Japan Self-Defense Forces, the Royal Thai Army and the Dubai Police, among others. We also serve major critical infrastructure and industrial customers, including PG&E, Southern California Edison, Shell, Chevron, National Grid and Reliance.

這樣的營運可信度反映在本頁投影片所列的代表性客戶基礎。在美國，Ondas 服務的客戶包括美國空軍、陸軍、海軍、特種作戰司令部、國土安全部以及 NASA。在國際市場，我們的客戶包括以色列國防軍與 MAFAT、澳洲國防軍、日本自衛隊、泰國皇家陸軍以及杜拜警察等。我們也服務重要的關鍵基礎設施與工業客戶，包括 PG&E、南加州愛迪生（Southern California Edison）、Shell、Chevron、National Grid 與 Reliance。

We have worked hard to earn these organizations' trust, and we are extremely proud of these relationships. That trust is built through technology performance, operational reliability, successful delivery and support in demanding real-world environments.

我們努力贏得這些組織的信任，並對這些合作關係深感自豪。這份信任建立在技術表現、營運可靠性、在嚴苛真實環境中的成功交付與支援之上。

Our strategy is focused on increasing Ondas' relevance and mind share within these customers, expanding from individual technologies and initial deployments into broader, integrated long-duration programs. We believe that will support an exceptional market position for Ondas as a trusted global solutions provider and lay the foundation for the large, durable business we intend to build. Our expanding technology portfolio, broader customer access and increasing operational maturity are translating into a rapidly growing pipeline.

我們的策略聚焦於提升 Ondas 在這些客戶中的相關性與心佔率（mind share），從單一技術與初期部署，擴展到更廣泛、整合式且長期的專案計畫。我們相信這將支持 Ondas 成為值得信賴的全球解決方案供應商，並為我們計畫打造的大型、具持久性的業務奠定基礎。我們持續擴大的技術組合、更廣泛的客戶觸及，以及日益成熟的營運能力，正轉化為快速成長的商機管線。

Our two-year strategic program pipeline now exceeds $11 billion, up more than 2.5 times since our last update in May. This pipeline includes many dozens of program submissions globally and is robust across the major geographic markets in which we operate. Recent acquisitions, particularly DZYNE, contributed important new platforms, customer relationships and program opportunities to this pipeline. Equally important, the pipeline is also expanding organically on a same portfolio basis. That organic growth reflects the scaling of Ondas' direct sales and marketing organization, deeper engagement with existing customers and the growing number of distribution and strategic partners extending our reach.

我們兩年期策略性專案管線目前已超過 110 億美元，較我們 5 月上次更新增加逾 2.5 倍。此管線包含全球數十件專案提案，並在我們營運的主要地理市場中展現強勁動能。近期的併購，尤其是 DZYNE，為此管線帶來重要的新平台、客戶關係與專案機會。同樣重要的是，在相同產品組合基礎上，管線也正以有機方式擴張。這種有機成長反映了 Ondas 直營銷售與行銷組織的擴張、與既有客戶更深度的互動，以及愈來愈多的經銷與策略合作夥伴在延伸我們的觸及範圍。

Ryan will discuss that commercial infrastructure shortly. The size, breadth and geographic diversity demonstrate the expanding relevance of our portfolio and the scale of opportunity now available to Ondas. More important than pipeline size is our ability to convert opportunities into programs, which we are increasingly demonstrating. The programs highlighted on this slide span border security and smart demining, military engineering vehicles, Lethal Unmanned Systems, Autonomous UAV swarms, long-range precision strike, stratospheric maritime surveillance and contested logistics. These are meaningful programs, some of which have potential values of upwards of $1 billion in size.

Ryan 稍後將討論該商業基礎設施。其規模、廣度與地理多元性，展現了我們產品組合的相關性持續提升，以及 Ondas 目前可取得的機會規模。比起管線規模更重要的是我們將機會轉化為專案的能力，而我們正愈來愈多地證明這一點。本頁投影片所強調的專案涵蓋邊境安全與智慧排雷、軍用工兵車輛、致命無人系統（Lethal Unmanned Systems）、自主 UAV 群（swarm）、長程精準打擊、平流層海事監偵以及對抗環境後勤（contested logistics）。這些都是具實質意義的專案，其中部分的潛在價值規模可達 10 億美元以上。

Looking forward, we see a strong near-term capture pipeline and expect additional strategically important awards during the second half of 2026. Those opportunities include ISRT programs led by our ultra-long endurance aircraft, kinetic counter-UAS programs involving IonStrike, persistent stratospheric ISR programs and additional opportunities across our unmanned ground vehicle portfolio.

展望未來，我們看到短期內強勁的可得標（capture）管線，並預期在 2026 年下半年取得更多具策略重要性的得標案。這些機會包括由我們超長航時飛機主導的 ISRT 專案、涉及 IonStrike 的動能反無人機系統（kinetic counter-UAS）專案、持續性平流層 ISR 專案，以及我們無人地面車（UGV）產品組合的其他機會。

Another important example was the Digital Bat program we announced this week, whereby Ondas is providing the Israeli MOD with a next-generation one-way attack system. As we deliver against our existing backlog and pursue these new programs, we are deepening critical relationships across the US combatant commands, NATO and allied militaries and the Israel Defense Forces.

另一個重要例子是我們本週宣布的 Digital Bat 專案，Ondas 將為以色列國防部（MOD）提供下一代單向攻擊系統。在我們交付既有在手訂單（backlog）並追求這些新專案的同時，我們也正深化與美國各戰區司令部、北約與盟國軍隊，以及以色列國防軍之間的關鍵關係。

These relationships are increasingly focused on broader mission requirements and integrated solutions, not simply an individual platform purchase. That shift positions Ondas to participate in larger, longer-duration programs and deliver more value across the customer mission. To reinforce our ability to convert pipeline into orders, this slide highlights selected commercial activity since April 1. As demonstrated, we are seeing a strong order cadence with an increasing number of large deals, which have continued into Q3. This order activity is diversified across all four target market segments: Aerial Security, ISR and Persistent Intelligence, Precision Strike and Autonomous Ground Systems.

這些關係正日益聚焦於更廣泛的任務需求與整合式解決方案，而不僅僅是單一平台的採購。這項轉變使 Ondas 得以參與規模更大、期間更長的計畫，並在客戶任務中交付更高價值。為強化我們將管線轉化為訂單的能力，本頁重點呈現自 4 月 1 日以來的部分商業活動。如圖所示，我們正看到強勁的訂單節奏，且大型交易數量持續增加，並延續至第三季。此訂單活動分散於四個目標市場區隔：空中安全（Aerial Security）、ISR 與持續情資（ISR and Persistent Intelligence）、精準打擊（Precision Strike）以及自主地面系統（Autonomous Ground Systems）。

It also reflects a growing, increasingly diverse set of customers, geographies and mission requirements. This demonstrates the leverage we are beginning to realize from our expanded sales organization, customer access, partner network and commercial infrastructure. We are pleased with our progress and remain focused on achieving even greater results. Our focus is sustaining and accelerating this order capture through the remainder of 2026 and beyond. Lastly, before I hand over to Ryan, I want to provide more detail on our backlog.

這也反映出客戶、地理區域與任務需求的組合正在成長且日益多元。這顯示我們擴大的銷售組織、客戶觸達、合作夥伴網路與商業基礎設施，正開始帶來槓桿效益。我們對進展感到滿意，並將持續專注於取得更佳成果。我們的重點是在 2026 年剩餘期間及其後，維持並加速此一訂單取得。最後，在我交棒給 Ryan 之前，我想更詳細說明我們的在手訂單（backlog）。

Our pro forma backlog at June 30 was $757 million. That represents an increase of approximately 66% sequentially from the $457 million of pro forma backlog at the end of the first-quarter. The increase reflects both the newly acquired businesses and strong organic order capture across the existing Ondas portfolio. As Eric mentioned earlier, with over $100 million in orders Q3 to date, our backlog is continuing to grow as well. Our backlog is diversified across our 4 market segments and geographically, providing meaningful revenue visibility and shows demand is not dependent on a single product, customer program or region.

截至 6 月 30 日，我們的備考（pro forma）在手訂單為 7.57 億美元。相較第一季末備考在手訂單 4.57 億美元，季增約 66%。此增幅反映新併購業務，以及 Ondas 既有產品組合在有機訂單取得方面的強勁表現。如 Eric 先前提到，第三季迄今訂單已超過 1 億美元，我們的在手訂單也持續成長。我們的在手訂單在四個市場區隔與地理區域上均具分散性，提供有意義的營收能見度，並顯示需求不依賴單一產品、客戶計畫或地區。

Our immediate priority is execution, delivering against this backlog, supporting customers and converting a meaningful portion of these orders into revenue during the second half of 2026. At the same time, we remain focused on replenishing and expanding the backlog organically through continued pipeline conversion. With that, I will hand over to Ryan.

我們當前的首要任務是執行：依據這些在手訂單交付、支援客戶，並在 2026 年下半年將其中相當部分的訂單轉化為營收。同時，我們仍專注於透過持續的管線轉換，以有機方式補充並擴大在手訂單。接下來我把時間交給 Ryan。

Thank you, Oshri. Ondas has made tremendous progress building the global operating platform required to support our rapidly expanding business. As we scale, it is critical that we do so under a One Ondas strategy. We are not a collection of independent companies. We are integrating our talent, technologies, customer relationships, infrastructure and operating capabilities to leverage the considerable resources we have assembled across the organization.

謝謝你，Oshri。Ondas 在建立支援我們快速擴張業務所需的全球營運平台方面，已取得巨大進展。隨著我們擴大規模，關鍵在於必須在「One Ondas」策略下進行。我們不是一群彼此獨立的公司集合。我們正整合人才、技術、客戶關係、基礎設施與營運能力，以運用我們在整個組織中所匯聚的可觀資源。

The benefits extend across every major aspect of our business: sales and marketing, supply chain and production, field support, sustainment and services, engineering and product development, technology integration and finance and accounting. Today, Ondas operates in more than 60 countries through 25 physical locations with approximately 1,700 employees around the world.

其效益涵蓋我們業務的每個主要面向：銷售與行銷、供應鏈與生產、現場支援、維保與服務、工程與產品開發、技術整合，以及財務與會計。目前，Ondas 透過 25 個實體據點在 60 多個國家營運，全球約有 1,700 名員工。

This footprint provides the local market knowledge and customer proximity to compete globally while letting our businesses draw on shared expertise and capabilities across the broader Ondas platform. This scale strengthens our ability to pursue and deliver larger programs, expand production, deploy systems more rapidly and provide customers the reliable field support and service they require. Our footprint continues to grow, but scale itself is not the objective.

此一佈局提供在地市場知識與貼近客戶的優勢，使我們能在全球競爭，同時也讓各事業單位可運用更廣泛的 Ondas 平台所共享的專業與能力。這樣的規模強化我們追求並交付更大型計畫、擴充產能、更快速部署系統，以及為客戶提供其所需的可靠現場支援與服務的能力。我們的佈局仍在擴大，但規模本身並非目標。

The goal is to make every Ondas business more capable, more efficient and more valuable as part of an integrated global platform. We believe this One Ondas operating model will support faster growth, stronger customer outcomes and increasing operating leverage as the business scales. Having significantly expanded our global footprint through both organic growth and strategic acquisitions, our focus is now on scaling the operating platform. We're building the infrastructure required to support a much larger enterprise. Across manufacturing, commercial operations, partner networks and global facilities, we've substantially increased capacity and reach over the past year.

目標是讓每一個 Ondas 事業在整合式全球平台的一部分之下，更有能力、更有效率、也更具價值。我們相信，這種 One Ondas 營運模式將在業務擴張時，支援更快成長、更佳客戶成果，以及更高的營運槓桿。在透過有機成長與策略性併購大幅擴展全球佈局之後，我們目前的重點轉向擴大營運平台的規模。我們正在建置支援更大型企業所需的基礎設施。在製造、商業營運、合作夥伴網路與全球設施方面，我們在過去一年已大幅提升產能與觸及範圍。

We're deliberately building an organization that can support growth at scale. We are creating the operational foundation needed to serve more customers, execute more programs and deliver across a broader set of mission requirements than ever before. That's where our Palantir partnership becomes especially important. Foundry is helping us establish a common operating framework that connects data, workflows and decision-making across the enterprise. It gives leadership real-time visibility into operations and lets teams coordinate across manufacturing, supply chain, flight operations and finance.

我們正有計畫地打造一個能支援規模化成長的組織。我們正在建立營運基礎，使我們能服務更多客戶、執行更多計畫，並交付比以往更廣泛的任務需求。這正是我們與 Palantir 的合作夥伴關係特別重要之處。Foundry 正協助我們建立共同的營運框架，將全企業的資料、工作流程與決策連結起來。它讓管理層能即時掌握營運狀況，並使團隊能在製造、供應鏈、飛行作業與財務之間協同運作。

As we integrate acquired businesses and expand our capabilities, this infrastructure becomes a powerful force multiplier, helping us scale efficiently while improving execution across the enterprise. As we've been building the foundation, we're also accelerating integration and quickly realizing value. One of the biggest challenges in any acquisition strategy is integration. Historically, bringing together systems, processes, operational data, supply chains and business functions can take years. Our integration strategy, coupled with our Palantir partnership, fundamentally changes that dynamic.

隨著我們整合併購而來的業務並擴展能力，這套基礎設施將成為強大的倍增器，協助我們在提升執行力的同時高效率擴張。在建置基礎的同時，我們也在加速整合並迅速實現價值。任何併購策略中最大的挑戰之一就是整合。過去，將系統、流程、營運資料、供應鏈與各項業務職能整合在一起，可能需要數年時間。我們的整合策略，加上與 Palantir 的合作，從根本上改變了這種態勢。

Foundry dramatically accelerates integration, allowing us to bring newly acquired organizations into the Ondas ecosystem in a fraction of the traditional time line. The impact extends beyond software deployment. Faster integration means faster visibility into operations, faster standardization of processes, faster collaboration between teams and ultimately, faster realization of the value from our acquisitions. We believe this capability represents a meaningful competitive advantage, allowing us to rapidly transform acquired technologies, talent and operations into a unified enterprise platform capable of operating at significantly greater scale. Ultimately, Foundry is becoming the operating system that enables Ondas to move with speed while maintaining the agility to innovate and grow.

Foundry 大幅加速整合，使我們能在遠短於傳統時程的時間內，將新併購的組織納入 Ondas 生態系。其影響不僅止於軟體部署。更快的整合意味著更快掌握營運能見度、更快的流程標準化、更快的團隊協作，並最終更快實現併購所帶來的價值。我們相信此能力構成一項重要的競爭優勢，使我們能迅速將併購取得的技術、人才與營運轉化為統一的企業平台，並具備在顯著更大規模下運作的能力。最終，Foundry 正成為使 Ondas 能以速度推進、同時維持創新與成長敏捷性的作業系統。

We have made significant progress, translating capabilities and next-generation solutions as we operationalize our system of systems strategy. First, our Iron Wave product line is not only operational, but being fielded by a customer with very strong performance. Iron Wave provides forward-deployed aerial and ground-based ISR capabilities through an integrated platform architecture designed to support mission execution at the tactical edge. This is another important step in expanding our ability to deliver multi-domain solutions to customers. Second, we're beginning to see the real benefits of combining the technologies acquired across the Ondas portfolio.

我們已取得顯著進展：在推動「系統中的系統」策略落地的同時，將能力與次世代解決方案轉化為可營運成果。首先，我們的 Iron Wave 產品線不僅已投入運作，且正由客戶部署並展現非常強勁的效能。Iron Wave 透過整合式平台架構，提供前沿部署的空中與地面 ISR 能力，該架構旨在支援戰術前緣的任務執行。這是我們擴大向客戶交付多域解決方案能力的另一個重要步驟。第二，我們開始看到將 Ondas 產品組合中所併購的技術加以結合所帶來的實質效益。

A strong example is the effort combining DZYNE's Sawtooth counter-UAS technology with Sentrycs' Cyber-over-RF capabilities. This unified solution will soon enable a more complete detect, identify and defeat capability, bringing multiple layers of sensing, electronic effects and command and control into one platform. We believe this integration can create a highly differentiated counter-UAS capability that addresses a rapidly growing market requirement and demonstrates the value of our systems of systems approach.

一個強而有力的例子，是將 DZYNE 的 Sawtooth 反無人機（counter-UAS）技術與 Sentrycs 的 Cyber-over-RF 能力結合的工作。這套統一解決方案很快將能提供更完整的偵測、識別與擊敗能力，將多層感測、電子效應以及指揮與控制整合至單一平台。我們相信，這種整合可打造高度差異化的反無人機能力，回應快速成長的市場需求，並展現我們「系統中的系統」方法的價值。

Finally, I'd like to update you on SkyWeaver, our Edge AI platform being developed with Palantir. Last week, we successfully conducted both ground and aerial testing of the SkyWeaver platform, validating key aspects of the architecture and providing a clear path toward final development and broader operational integration.

最後，我想向各位更新 SkyWeaver——我們與 Palantir 共同開發的邊緣 AI 平台。上週，我們成功完成 SkyWeaver 平台的地面與空中測試，驗證了架構的關鍵面向，並為最終開發與更廣泛的作業整合提供清晰路徑。

SkyWeaver is designed to serve as a unifying intelligence layer across the Ondas portfolio, enabling operators to ingest, process and act on information from multiple domains in real time. As it matures, we believe it will become a foundational capability supporting true system of systems operations across air, ground and future mission environments. Taken together, these developments reflect our broader strategy, integrating advanced technologies, accelerating innovation through software and delivering multi-domain operational capabilities that help customers make better decisions when every second counts.

SkyWeaver 的設計旨在作為 Ondas 產品組合的統一智慧層，使營運方能夠即時從多個領域匯入、處理並採取行動。隨著其日益成熟，我們相信它將成為一項基礎能力，支援跨空中、地面及未來任務環境的真正「系統之系統」作戰。綜合而言，這些進展反映了我們更廣泛的策略：整合先進技術、透過軟體加速創新，並交付多領域作戰能力，協助客戶在分秒必爭時做出更佳決策。

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

接下來，我把電話交回給 Eric。

Thank you, Ryan. The work Ryan just described, embedding AI-enabled command and control across our platforms is central to how we differentiate our systems of systems offerings as we scale. Let's now turn to our outlook for the second half of 2026 and the priorities guiding the next chapter of Ondas' growth.

謝謝你，Ryan。Ryan 剛才所描述的工作——在我們的平台中嵌入 AI 賦能的指揮與控制——是我們在擴張過程中用以差異化「系統之系統」解決方案的核心。現在讓我們談談 2026 年下半年的展望，以及引導 Ondas 下一階段成長的優先事項。

As highlighted throughout today's presentation, Ondas has transformed its business and built meaningful scale. At the same time, we're scaling the operating platform to commercialize and deliver these technologies globally, improving capital efficiency, strengthening unit economics, accelerating delivery and supporting the much larger programs we're now pursuing.

如同今天簡報中多次強調，Ondas 已完成業務轉型並建立了具意義的規模。同時，我們也在擴大營運平台，以在全球商業化並交付這些技術，提升資本效率、強化單位經濟效益、加速交付，並支援我們目前正在追求的更大型專案。

The opportunity ahead requires us to keep scaling, and management is focused on four priorities. First, commercial scale. Converting our backlog and pipeline, expanding our global reach and turning initial deployments into recurring long-duration programs.

前方的機會要求我們持續擴張，而管理團隊聚焦於四項優先事項。第一，商業規模。將我們的在手訂單與商機管線轉化為營收、擴大全球觸及範圍，並把初期部署轉為可重複、長週期的專案。

Second, operational scale. Strengthening shared capabilities across the platform, expanding global manufacturing capacity and driving consistent execution as volumes increase.

第二，營運規模。強化平台內的共享能力、擴大全球製造產能，並在出貨量增加時推動一致的執行。

Third, AI and innovation. Embedding agentic AI, autonomy and advanced software more deeply across the portfolio to deliver integrated, software-defined multi-domain solutions rather than stand-alone products.

第三，AI 與創新。在整個產品組合中更深度地嵌入代理式 AI、自主能力與先進軟體，以交付整合式、軟體定義的多領域解決方案，而非單一獨立產品。

Fourth, corporate development. Disciplined portfolio expansion through strategic acquisitions, technology partnerships, including our work with Palantir and further expansion into key global markets. These priorities reinforce one another, converting the demand we're seeing into sustained revenue growth, stronger operating leverage and long-term value for our customers and shareholders.

第四，企業發展。透過策略性併購與技術合作夥伴關係（包括我們與 Palantir 的合作），以及進一步拓展至關鍵全球市場，以有紀律地擴充產品組合。這些優先事項彼此相互強化，將我們所看到的需求轉化為可持續的營收成長、更強的營運槓桿，以及為客戶與股東創造長期價值。

Against that backdrop, we are increasing our full year 2026 revenue target to between $525 million and $550 million. At the midpoint, this would represent more than 10 times Ondas' 2025 revenue and greater than 30% organic growth on a year-over-year pro forma basis. For the third-quarter, we expect revenue of between $140 million and $155 million. At the midpoint, that represents approximately 73% sequential growth and greater than 30% organic growth year-over-year on a pro forma basis. Clearly, our outlook implies another significant sequential ramp in both the third and fourth-quarters.

在此背景下，我們將 2026 全年營收目標上調至 5.25 億至 5.50 億美元。以中位數計算，這將代表 Ondas 2025 年營收的 10 倍以上，且以年對年備考（pro forma）基礎計算，有機成長超過 30%。對於第三季，我們預期營收介於 1.40 億至 1.55 億美元。以中位數計算，這代表約 73% 的季對季成長，且以備考基礎計算，年對年有機成長超過 30%。顯然，我們的展望意味著第三季與第四季都將出現另一波顯著的逐季拉升。

We believe we have meaningful visibility into that ramp through our backlog and rapidly expanding pipeline. Importantly, we expect growth to remain broad-based across market segments as depicted in this pie chart. Several major programs already in backlog are also expected to contribute meaningfully during the second half. We are beginning volume shipments against more than $240 million of orders captured under the US Army's $982 million lethal unmanned strike IDIQ.

我們相信，透過在手訂單與快速擴張的商機管線，我們對這波拉升具有相當程度的可視性。重要的是，如同此圓餅圖所示，我們預期成長將在各市場區隔間維持廣泛分布。在手訂單中已有數個大型專案也預期在下半年做出顯著貢獻。我們正開始針對美國陸軍 9.82 億美元致命無人打擊 IDIQ 項下所取得的逾 2.40 億美元訂單進行量產出貨。

We also expect growing contributions from ULTRA and IonStrike as those platforms begin their adoption curves and volume deliveries during the third and fourth-quarters. Similarly, INDO Earth is expected to begin delivering against the $140 million combat engineering vehicles program announced earlier this year.

我們也預期 ULTRA 與 IonStrike 的貢獻將持續增加，因為這些平台在第三季與第四季開始進入採用曲線並進行量產交付。同樣地，INDO Earth 預期將開始針對今年稍早宣布的 1.40 億美元戰鬥工兵車輛專案進行交付。

As Neil discussed, our first half cost structure reflected substantial front-loaded investment in the operating platform required to support this growth. As revenue and gross profit scale, we expect adjusted EBITDA losses to narrow in the second half, beginning in the third-quarter, while we continue investing in the opportunities ahead. We see upside to our previously announced adjusted EBITDA profitability objectives and are pulling forward the time line by one quarter.

如 Neil 所述，我們上半年的成本結構反映了為支援此成長所需之營運平台的大量前置投資。隨著營收與毛利擴大，我們預期調整後 EBITDA 虧損將在下半年收斂，並自第三季開始改善，同時我們仍將持續投資於前方的機會。我們看到先前公布之調整後 EBITDA 獲利目標存在上行空間，並將時程提前一季。

We now expect our operating platform, consisting of Ondas' Autonomous Systems and Ondas Sentinel to reach profitability in the fourth-quarter of 2026. And for Ondas Inc. to reach company-wide adjusted EBITDA profitability in the fourth-quarter of 2027. Finally, if we execute against the planned fourth-quarter ramp, we expect to exit 2026 at $1 billion in annualized run rate revenue. Indeed, we are tracking well ahead of our 2030 target of $1.5 billion in revenue by perhaps a couple of years.

我們現在預期，我們的營運平台（由 Ondas Autonomous Systems 與 Ondas Sentinel 組成）將於 2026 年第四季達到獲利。而 Ondas Inc. 將於 2027 年第四季達到全公司層級的調整後 EBITDA 獲利。最後，若我們能按計畫完成第四季的拉升，我們預期 2026 年底的年化營收運行率（run rate）將達到 10 億美元。事實上，我們的進度明顯超前 2030 年 15 億美元營收目標，可能提前約兩年達成。

We have significant work ahead, but the strength of our backlog, the breadth of our pipeline and the increasing scale of the operating platform give us confidence we can sustain momentum through the balance of 2026 and into 2027. Let me wrap up our prepared remarks before we open the call for questions. We believe Ondas is positioned to win in large and expanding defense and security markets.

我們前方仍有大量工作要做，但在手訂單的強勁、商機管線的廣度，以及營運平台規模的持續擴大，讓我們有信心能在 2026 年剩餘期間並延續至 2027 年維持動能。在開放提問之前，讓我先總結我們的準備發言。我們相信 Ondas 已具備在規模龐大且持續擴張的國防與安全市場中勝出的定位。

We have built a differentiated portfolio across four strategic market segments, supported by growing backlog and commercial momentum, a global customer base, strategic partnerships and an increasingly integrated technology and operating platform. Most importantly, we believe we have a clear path to profitable, scalable growth.

我們已在四個策略性市場區隔建立具差異化的產品組合，並由不斷成長的在手訂單與商業動能、全球客戶基礎、策略夥伴關係，以及日益整合的技術與營運平台所支撐。最重要的是，我們相信我們擁有一條清晰的路徑，通往可獲利且可擴張的成長。

And we plan to demonstrate that operating leverage as we move through 2026 into 2027. Our focus now is execution, converting backlog, delivering on major programs, integrating our capabilities across the platform and realizing the operating leverage inherent in the model. We believe these assets, technologies and execution capabilities position Ondas to build the global leader in autonomous defense and security technologies and create substantial long-term value. Thank you again for joining us today. Operator, we will now open the call for questions.

我們也計畫在 2026 年邁向 2027 年的過程中展現這種營運槓桿。我們目前的重點是執行：轉化在手訂單、交付重大專案、在平台內整合我們的能力，並實現此模式內含的營運槓桿。我們相信，這些資產、技術與執行能力使 Ondas 具備打造全球自主國防與安全技術領導者的條件，並創造可觀的長期價值。再次感謝各位今天加入我們。接線員，我們現在開放提問。

(Operator Instructions)

(接線員指示)

Austin Bohlig, Needham.

Austin Bohlig，Needham。

Congrats on the great results and solid execution. I guess I just wanted to dig into the big uptick in kind of the pipeline opportunity, you're going from about $4 billion to $11 billion. I was curious on if you could maybe elaborate on like what is included in the DZYNE acquisition, but then also what was new incremental organically? It looks like APAC saw a really big uptick in this pipeline.

恭喜你們取得很好的成果並且執行穩健。我想我主要想深入了解商機管線機會的大幅上升，你們從約 40 億美元提升到 110 億美元。我想請你們進一步說明，DZYNE 併購案中包含了哪些內容，以及另外有哪些是有機新增的增量？看起來亞太地區（APAC）的管線出現了非常大的躍升。

Yes. Austin, thank you. So the uptick in our strategic pipeline is really broad-based across the 4 market segments we're active in. And as you can see, it is also broad-based regionally. DZYNE has certainly brought quite a bit on the ISR and counter drone systems in particular.

是的。Austin，謝謝。我們策略性商機管線的上升，確實是在我們所參與的四個市場區隔中全面發生。而且如你所見，在區域分布上也同樣相當廣泛。DZYNE 的確帶來了不少內容，特別是在 ISR（情報、監視與偵察）以及反無人機系統方面。

In Europe, we're seeing strength across segments as well. I highlight what we're seeing with -- on Precision Strike with Rotron. And we think these are also very relevant, and we're seeing demand in Asia Pac as well. I do want to highlight -- I'll come back to General Flynn has joined us. He is -- part of his mandate is to help us penetrate and serve the Asia Pacific region. So we think that's going to be supportive in us pulling through this pipeline.

在歐洲，我們也看到各區隔的強勁表現。我特別想強調我們在精準打擊（Precision Strike）方面與 Rotron 的進展。我們認為這些也非常相關，而且我們在亞太地區同樣看到需求。我也想特別提到——我稍後會再回到這點——General Flynn 已加入我們。他的任務之一是協助我們滲透並服務亞太地區。因此我們認為，這將有助於我們推動並轉化這條商機管線。

Awesome. Well, and then maybe just one quick follow-up. So I appreciate the color on kind of the pro forma organic revenue in the quarter, 85%. And I believe for the full year, you said it will imply around 30% organic growth. I'm just kind of curious if you can maybe -- is that an apples-to-apples comparison between the two? Or does that 30% number imply something else?

太棒了。那麼，接著可能再一個簡短的追問。所以我很感謝你對本季備考（pro forma）有機營收約85%所提供的補充說明。而且我相信你提到全年將意味著大約30%的有機成長。我只是有點好奇，你是否可以說明一下——這兩者之間是否是同口徑（apples-to-apples）的比較？還是說這個30%的數字代表了其他含義？

Well, clearly, as we're moving through the year into 2027, the base we're comparing to is growing. So what I'm seeing from here is a 30% to 40% growth level across the portfolio. Of course, some of the systems and markets we're in will grow faster than others. But I think it's fair to say that we're seeing underlying demand and adoption curves across the board. And that's the context I can share. So if you're thinking about the 2027, those are the metrics I'd be focused on.

嗯，很明顯，隨著我們在年度進程中邁向2027年，我們拿來比較的基期也在成長。所以我從目前看到的是，整個產品組合的成長水準大約在30%到40%。當然，我們所處的一些系統與市場會比其他的成長更快。但我認為可以公平地說，我們在各方面都看到了底層需求與採用曲線。這就是我能分享的背景。所以如果你在思考2027年，我會聚焦在這些指標上。

Okay. Yes. And I guess as my quick follow-up was, so as we think about 2027, like is this kind of 30% revenue CAGR something that's sustainable? Or how should we be thinking about growth as we enter next year?

好的。是的。我想我那個簡短追問是，當我們思考2027年時，像這種約30%的營收年複合成長率（CAGR）是否可持續？或者我們在進入明年時，應該如何看待成長？

I think it is sustainable. And I'd also add that we have some very significant platforms that are really just beginning their adoption curves. One thing you've seen in Ondas over the course of 2026 is that the frequency and size of the orders we're capturing has been growing. And I think that's going to be the case as we're moving over the next 3, 6 to 12 months. So the growth rates we're talking about, I think we're trying to achieve higher growth rates, but 30% to 40% would be very attractive and strong performance, all the same.

我認為是可持續的。我也想補充，我們有一些非常重要的平台，其採用曲線其實才剛開始。你在Ondas於2026年的表現中看到的一點是，我們拿到的訂單頻率與規模都在成長。而我認為在接下來3個月、6個月到12個月的推進過程中，情況也會如此。所以就我們談到的成長率而言，我認為我們正努力達成更高的成長率，但即便如此，30%到40%仍會是非常有吸引力且強勁的表現。

Jon Siegmann, Stifel.

Jon Siegmann，Stifel。

Congratulations on the backlog and revenue. Just maybe one question on the corporate investments. I know, Eric, you mentioned these are onetime in nature. Just -- and you're confident you're pulling forward the EBITDA targets next year. But are these -- it was unclear to us if these costs will scale down on a dollar basis or a percentage basis? Just maybe you can expand a little bit more on what you're actually investing, given it diverges from your confidence next year?

恭喜你們的在手訂單（backlog）和營收表現。我可能有一個關於公司投資的問題。我知道Eric，你提到這些屬於一次性（onetime）性質。另外——你也有信心明年能把EBITDA目標提前達成。但我們不太清楚的是，這些成本是會以金額（dollar）基礎下降，還是以占比（percentage）基礎下降？能否再多展開說明一下你們實際在投資什麼，因為這看起來與你對明年的信心有所背離？

Yes, yes, sure Thanks, Jon. So I think the level of spending on the corp dev and Ondas Capital and partner programs is probably a steady state, at least for the next 6 to 12 months. We may see that moderate -- or we're certainly going to see it moderate and we potentially could see a decline into 2027. At the same time, we do believe we're going to grow -- we're growing a substantial business. And those investments are really designed to make -- ensure that we're capturing market position in a market we think has a very strong growth curve over the next 5 to 10 years.

是的，是的，當然可以，謝謝你，Jon。我認為在企業發展（corp dev）、Ondas Capital以及合作夥伴計畫上的支出水準，至少在接下來6到12個月大概會維持在一個穩態（steady state）。我們可能會看到它趨於溫和——或者我們肯定會看到它趨於溫和，並且在2027年之前有可能出現下降。同時，我們確實相信我們將會成長——我們正在打造一個規模可觀的業務。而這些投資的目的，主要是為了確保我們能在一個我們認為未來5到10年具有非常強勁成長曲線的市場中，取得並鞏固市場地位。

So I think you're going to see the operating leverage from Ondas on strong revenue growth and gross profit generation.

所以我認為你會看到Ondas在強勁的營收成長與毛利產生之下，帶來營運槓桿（operating leverage）。

Scott Searle, ROTH Capital.

Scott Searle，ROTH Capital。

Congrats on the momentum that you continue to build with the M&A opportunities. Eric, this was sort of answered in the opening remarks. But I want to dive in a little bit more in terms of continuing to build the systems of systems and multidomain approach. Now that's been unified with the SkyWeaver platform. How is it really changing the level of engagement with government agencies and potential customers out there?

恭喜你們在併購（M&A）機會上持續累積的動能。Eric，這在開場致詞中某種程度上已經回答過。但我想再深入一點，談談你們持續打造「系統中的系統」（systems of systems）與多領域（multidomain）方法。現在這已經與SkyWeaver平台整合統一。它究竟如何改變你們與政府機關及潛在客戶的互動深度？

What's built into the pipeline when you look at that huge $11 billion ramping up from $4 billion, I think, prior quarter? And when do we start to see some of the conversion of these, I'll call them larger multi-diverse multi-domain sort of opportunities? When does that start to transition into the P&L? And then just a real quick one, follow-up on the financials and OpEx. Given the time lines for the closure of DZYNE and Cyberhawk, how should we be thinking about normalized OpEx as we're exiting the fourth-quarter of this year?

當你看那個龐大的管線（pipeline），從我記得上一季大約40億美元攀升到110億美元，裡面包含了什麼？以及我們何時開始看到這些——我稱之為更大型、更多元、跨多領域的機會——開始轉換（conversion）？這些何時會開始反映到損益表（P&L）？然後再很快一個問題，關於財務與營業費用（OpEx）的追問。考量DZYNE與Cyberhawk完成交割（closure）的時間表，我們在今年第四季結束時，應該如何看待正常化（normalized）的OpEx？

Sure. So let me take the last one first. So clearly, adding DZYNE in the Q3 P&L will present a step-up in operating expenses. At the same time, that's coming with higher revenues and gross profit and that's -- when we talk about our outlook for both the top line and the operating leverage, that's reflected -- the expectations around DZYNE and the contribution to the P&L over the next six-plus months is reflected in that outlook. So we do expect operating leverage and DZYNE to provide operating leverage on top of that.

好的。那我先回答最後一個。很明顯，把DZYNE納入第三季的損益表（P&L）會使營業費用出現一個台階式上升（step-up）。同時，這也會帶來更高的營收與毛利；而當我們談到對營收端（top line）與營運槓桿的展望時，這些——對DZYNE的預期，以及未來六個月以上對損益表的貢獻——都已反映在該展望之中。因此我們確實預期會有營運槓桿，而DZYNE也將在此基礎上提供額外的營運槓桿。

In terms of customer engagement and pulling through pipeline, we certainly see a lot of receptivity to the systems of systems, but of course, it's not just that. It's Ondas and companies like Ondas becoming platform companies, where we can deliver the technologies and the road maps and start to add more and more autonomy to the unmanned operations.

就客戶互動與帶動管線落地而言，我們確實看到市場對「系統中的系統」有很高的接受度，但當然不僅如此。這也關乎Ondas，以及像Ondas這樣的公司成為平台型公司（platform companies），使我們能交付技術與產品路線圖（road maps），並開始在無人化作業中加入越來越多的自主性（autonomy）。

So when we're seeing customers, they really like our technology road map and capabilities. They're also very excited about the financial strength, the ability to energize supply chains and ability to deliver in the field and support and sustain systems in the field. So what I'm seeing is that we're bringing the talent together, we're bringing the technologies together and that the customers are very receptive to that because you're seeing a company like Ondas step up and be able to be a long-term partner in critical technologies that are really essential to securing our country.

所以當我們與客戶交流時，他們非常喜歡我們的技術路線圖與能力。他們也對我們的財務實力、活化供應鏈的能力，以及在現場交付、支援並維持系統運作的能力感到非常振奮。因此我看到的是，我們正在把人才整合起來、把技術整合起來，而客戶對此非常買單，因為你看到像Ondas這樣的公司正在提升到一個層級，能成為關鍵技術的長期合作夥伴，而這些技術對於確保我們國家的安全至關重要。

Ryan, could you add -- would you add anything to the systems of systems, SkyWeaver, in particular and how that's impacting conversations in terms of us growing?

Ryan，你能否補充——特別是關於「系統中的系統」與SkyWeaver，以及它如何影響我們在成長相關對話中的進展？

Yes. Thanks, Eric, and thanks, Scott, for the question. I'd add two things. As it relates to the pipeline, how you view SkyWeaver in that pipeline. There's two things that I would add.

可以。謝謝你，Eric，也謝謝你，Scott，提出這個問題。我想補充兩點。就管線而言，你如何在管線中看待SkyWeaver。我會補充兩件事。

First is through the addition of SkyWeaver into our platforms, we're increasing the probability of win for programs that need to be connected into the customer C2 systems and through the ability to do mission autonomy. And then the second thing I would add is that it enables an increase in cross-selling.

第一，透過把SkyWeaver加入我們的平台，我們提高了在那些需要連接到客戶C2系統、並且需要具備任務自主（mission autonomy）能力的專案中勝出的機率（probability of win）。第二點我要補充的是，它也使交叉銷售（cross-selling）得以提升。

So when you have a stratospheric balloon with SkyWeaver, that can be connected to an ULTRA in the Group 5 UAS space and they can be collaborating on a mission. It just increases the ability to sell Stratollites where there are ULTRA customers or vice versa. And in our customer engagements, those are exactly the kinds of things that they're looking for is the ability to autonomously connect our platforms and provide a greater level of mission autonomy.

因此，當你有一個搭載 SkyWeaver 的平流層氣球時，它可以與第 5 組 UAS 領域中的 ULTRA 連接，並且它們可以在任務上協同合作。這只會提升在有 ULTRA 客戶的地方銷售 Stratollites 的能力，或反過來亦然。而在我們與客戶的互動中，他們正在尋找的正是這類能力：能夠自主地連接我們的平台，並提供更高程度的任務自主性。

Operator?

接線員？

Timothy, your line may be muted.

Timothy，你的線路可能被靜音了。

Sorry, I didn't hear the question. I apologize for that. Eric, you've put together an incredible world-class set of physical AI assets and software, Board and management. The $11 billion pipeline is kind of scary to execute on. And I know you're very focused on it.

抱歉，我沒有聽到問題。我為此致歉。Eric，你打造了一套令人驚豔、世界級的實體 AI 資產與軟體，以及董事會與管理團隊。要執行這條 110 億美元的商機管線有點令人畏懼。而我知道你非常專注在這件事上。

Ryan, you did touch on this, but on slide 9, you talked about the operational platform. Can you give us -- and I know you're saying you're integrating these companies quicker than basically, most kind of roll-ups work. Can you elaborate on how you've built that operational platform? I know you said Palantir is partnering there. What cloud are you using?

Ryan，你確實提到過這點，但在第 9 頁投影片，你談到了營運平台。你能否跟我們說明一下——我知道你說你整合這些公司的速度比大多數併購整合（roll-up）快得多。你能否詳細說明你們是如何建立這個營運平台的？我知道你提到 Palantir 在那裡合作。你們使用的是哪個雲端？

How much is AI involved? How quickly can you kind of integrate these companies together? Any more color there would be very helpful.

AI 參與的程度有多高？你們大概能多快把這些公司整合在一起？如果能再多補充一些細節會非常有幫助。

Yes, sure. So just first, Tim, we're very deliberate in building out a scalable operating platform, and I do bristle a bit at the term roll-up because what we're doing is combining exceptional technologies, adding value across domains. And then we're doing that. We're investing in the operating platform which is, first and foremost, a people process, right? So we've added incredible leadership.

好的，當然。首先，Tim，我們在打造可擴展的營運平台方面非常審慎；而且我對「roll-up」這個詞有點反感，因為我們正在做的是把卓越的技術結合起來，並在不同領域之間創造附加價值。然後我們也確實在做這件事。我們正在投資於營運平台，而這首先是一套人員與流程，對吧？因此我們引進了非常出色的領導團隊。

You've seen over the past 12 months with Oshri Lugassy coming on in his critical role, partnered with Meir and many, many leaders inside of Ondas. More recently, Ryan Hartman and Matt McCue have joined, and they both have experienced leading large organizations. And of course, we've also added David Barnea to help us globalize the business. So leadership is really, really essential. On the technology side, I will ask Ryan to expand upon what we're doing with Palantir. Maybe he can be more specific on some of the technical aspects of it as well. So Ryan?

你在過去 12 個月已經看到 Oshri Lugassy 在其關鍵職務上加入，並與 Meir 以及 Ondas 內部許多領導者合作。最近，Ryan Hartman 和 Matt McCue 也加入了，他們兩位都有領導大型組織的經驗。當然，我們也加入了 David Barnea 來協助我們將業務全球化。所以領導力真的、真的非常重要。在技術面，我會請 Ryan 進一步說明我們與 Palantir 的合作。也許他也能更具體談談其中一些技術細節。Ryan？

Yes. Thanks for the question. So there's a couple of things we're doing. So a lot of the integration is built on Foundry and Warp Speed. And so we have worked with Palantir to design AI agents, have read/write capability into ERPs, into MRPs and material planning systems into inventory systems and financial systems.

是的。謝謝你的問題。我們正在做幾件事。很多整合是建立在 Foundry 和 Warp Speed 之上。因此我們與 Palantir 合作設計 AI 代理（agents），讓它們具備對 ERP、MRP 與物料規劃系統、庫存系統以及財務系統的讀寫能力。

And ultimately, what that enables us to do is have a unified picture of the businesses and create efficiencies through supply chain and manufacturing processes and then even doing things like building AI agents to merge policies. So we can merge a policy in a couple of minutes versus days and weeks for teams to write new policies or adopt policies. All of this is built on GovCloud and Microsoft Azure.

最終，這讓我們能夠對各項業務形成一個統一的全貌，並透過供應鏈與製造流程創造效率，甚至做一些像是建立 AI 代理來合併政策這樣的事情。因此我們可以在幾分鐘內合併一項政策，而不是讓團隊花上數天或數週去撰寫新政策或採用政策。這一切都建立在 GovCloud 與 Microsoft Azure 之上。

So we're staying compliant with our security requirements and legislation related to having our facility clearance licenses and CMMC Level 2s, et cetera. So yes, it's largely based on AI and the ability to use AI to create a common operating picture.

因此我們能持續符合安全要求與相關法規，包括我們設施許可（facility clearance）證照與 CMMC Level 2 等等。所以是的，這在很大程度上是以 AI 為基礎，並利用 AI 來建立共同的營運全貌。

And over time, we'll start to gracefully degrade or sunset some of the legacy systems in the background, but we won't have to have merged them because we've created a common operating picture built on Palantir Foundry.

隨著時間推進，我們會開始逐步、平順地降級或汰除一些背景中的舊有系統，但我們不必把它們完全合併，因為我們已經建立了一個以 Palantir Foundry 為基礎的共同營運全貌。

I mean, Ryan, how mature is this? And how much better can it get? Like when did it really become operational?

我的意思是，Ryan，這成熟度到什麼程度了？還能變得多好？像是它什麼時候才真正開始投入運作？

So some of the first tools became operational about a week after World View was acquired by Ondas. So we started there. We built the infrastructure. The first thing we built was an inventory management tool, then a supply chain tool and then started to build out some of the other tools. So all of the tools that I've mentioned are operational today.

一些最早的工具在 Ondas 收購 World View 後大約一週就開始投入運作。所以我們從那裡開始。我們建立了基礎架構。我們打造的第一個工具是庫存管理工具，接著是供應鏈工具，然後開始建置其他一些工具。所以我提到的所有工具目前都已在運作中。

We're actively using them to integrate DZYNE and World View to start with. And then we'll be adding additional tools. But everything I've mentioned is already operational and has been for months.

我們正積極使用它們，先整合 DZYNE 與 World View。接著我們會再加入更多工具。但我提到的所有內容都已經在運作，而且已經運作了好幾個月。

So Eric, lastly, do you have a sense of how much you've improved revenue growth or margins for the portfolio companies?

那麼 Eric，最後，你是否有概念你們為投資組合公司提升了多少營收成長或毛利率？

We've got underlying growth rates that are extremely high adoption -- multiyear adoption curves that are really just launching now. So I don't necessarily see us improving them as much as unlocking them, right? We're putting the infrastructure that can drive the adoption, support the adoption. Again, it is a multiyear cycle on everything we have in our portfolio. So that's the context I would share.

我們的底層成長率非常高——是多年期的採用曲線，而這些曲線其實現在才剛開始啟動。所以我不一定會說我們是在改善它們，而更像是在把它們解鎖，對吧？我們正在建立能夠推動採用、支援採用的基礎設施。再說一次，我們投資組合中的每一項業務都是多年期循環。這就是我想分享的背景。

Clarke Jeffries, Piper Sandler.

Clarke Jeffries，Piper Sandler。

One thing that stands out is these comments around momentum accelerating in the second half of '26 as deliveries are ramping on counter drone, ISR and Precision Strike. I wanted to ask what the expectations are on Precision Strike versus ISR in the second half and maybe specifically a little bit of color on what's organic in the sequential ramp in Q4. You called out some Lethal Unmanned Systems deliveries in the second half and INDO Earth starting in Q4, but wondering if you could put a little bit more color on maybe the shape of the curve for that Lethal Unmanned Systems segment and if that's a big portion of the ramp to Q4? And then one follow-up.

有一點很突出，就是你們提到隨著反無人機、ISR 與精準打擊的交付量提升，2026 年下半年動能將加速。我想問的是，下半年對精準打擊相對於 ISR 的預期是什麼？另外也想更具體了解一下，Q4 逐季爬坡中有多少是有機成長所帶來的。你們提到下半年會有一些致命無人系統（Lethal Unmanned Systems）的交付，以及 INDO Earth 會在 Q4 開始，但想請你們再多補充一些細節：在致命無人系統這個分部，其曲線形狀大概會是怎樣？以及它是否會是推動 Q4 爬坡的重要部分？然後我還有一個追問。

Sure. So the LUS program was first captured by Mistral late last year, it was in the fourth-quarter, I believe. And since that time, they've been preparing and energizing the supply chain and moving forward on production and the things they need to do to turn orders into deliveries. And we feel like we've made quite a bit of progress on that. I'll point to just in the last week or so, a couple of weeks, I think it was, we saw an additional order on that IDIQ.

好的。LUS 計畫是由 Mistral 在去年年底首次拿下的，我記得是在第四季。從那時起，他們一直在準備並啟動供應鏈，推進生產，以及把訂單轉化為交付所需做的各項工作。我們覺得在這方面已經取得相當多進展。我也想指出，就在最近一週左右、或兩週前，我想是那時，我們看到該 IDIQ 又新增了一筆訂單。

So clearly, the systems are in demand, and we're working through now, as I said, scaling production so we can begin commercial deliveries in Q3 and Q4. And I think we're going to see that program continue -- deliveries on that into 2027 as well. I don't want to put a number on it, and I also don't want to shape the quarters around it because as we're doing this, it's putting a stick in the ground as to when will the deliveries come and what quarter they're in is hard to say at the moment. At the same time, the demand here in our growth is broad. So we feel good about what we're talking about in the second half. But the LUS program will be a material part of it, of course.

因此很明顯，這些系統需求強勁，而我們目前正如我所說，在擴大產能，以便我們能在 Q3 與 Q4 開始商業交付。而我認為我們也會看到該計畫在 2027 年持續交付。我不想給出一個數字，我也不想用它來描繪各季度的形狀，因為在我們推進的同時，等於是在釘下一個時間點：交付何時到來、落在哪一季，目前很難說。同時，我們的需求與成長是廣泛分布的。所以我們對於下半年所談的內容感到樂觀。但 LUS 計畫當然會是其中一個重要的組成部分。

Yes, certainly. It seems like the market is accelerating in some of these Core programs and we're sort of gauging the ramp that's coming over the next 12 months. Just on.

是的，當然。看起來市場在某些核心專案上正在加速，我們也在評估未來12個月即將到來的爬坡幅度。就……而言。

I'll add to that. So clearly, on the counter drone and Precision Strike, the demand is significant. And I think this is going to be over really the foreseeable future. We came into -- or as you've seen with Epic Fury and the conflict in the Middle East and certainly in Ukraine, the strike and counter drone, they go hand in hand. And we just have not built enough inventories here.

我補充一下。很明顯，在反無人機與精準打擊方面，需求非常可觀。而且我認為在可預見的未來都會如此。我們進入——或者如你所見，隨著 Epic Fury 以及中東衝突，當然還有烏克蘭的情勢，打擊與反無人機是相輔相成的。而我們在這方面的庫存一直沒有建立得足夠。

In fact, on a sustainable basis, we're going to have to have much larger inventories of these technologies. So we're getting ready, not just in the second half here, but into 2027 and beyond. These are important categories for Ondas.

事實上，從可持續的角度來看，我們必須為這些技術建立更大規模的庫存。因此我們正在做準備，不僅是今年下半年，也延伸到2027年及以後。這些都是對 Ondas 很重要的類別。

Yes, certainly. And that was my follow-up question. Just on the $105 million of orders quarter-to-date, there's even a mention of $90 million of proposals on the long-endurance ISR segment. It's just appreciable to me that you have $300 million tied to Precision Strike, $258 million tied to ISR, over 70% of the backlog to these two categories. Is the order pipeline pretty similar to that?

是的，當然。這也是我接下來的追問。就截至本季目前為止的1.05億美元訂單而言，還提到在長航時 ISR（情監偵）領域有9,000萬美元的提案。我注意到，你們有3億美元與精準打擊相關、2.58億美元與 ISR 相關，這兩大類別合計占積壓訂單超過70%。訂單管線的結構也大致相同嗎？

Is it consistent? Or are there any other segments that are disproportionately adding to the kind of the quarter-to-date volume of orders?

是否一致？或者是否有其他業務分部在截至本季目前為止的訂單量中，占比不成比例地增加？

Yes. Clarke, it really is broad. So it's -- I think, for our platform technologies, the underlying growth is just very strong. And it's not any single platform that's going to drive our success.

是的。Clarke，實際上是相當廣泛的。所以——我認為，就我們的平台技術而言，底層成長動能非常強。而且不會是任何單一平台來驅動我們的成功。

Michael Latimore, Northland Capital Markets.

Michael Latimore，Northland Capital Markets。

So on the -- just on the supply chain, how is the health of the supply chain? Are there any constraints you're seeing in any categories? And then second, with Cyberhawk buying into the kind of critical infrastructure space, commercial relative to defense, is that something that you might expand on going forward, doing more acquisitions in the kind of the commercial space?

那麼就——供應鏈方面，目前供應鏈的健康狀況如何？你們是否在任何類別看到限制？第二，Cyberhawk 進入關鍵基礎設施這類領域，相較於國防，偏商用的部分，這是否是你們未來可能擴展的方向，例如在商用領域進行更多併購？

So supply chain and the industrial, let's start with industrial. Yes, we do see Cyberhawk as a platform company that we can build around, and we're seeing -- and they came with quite a bit of a pipeline in terms of strategic options or opportunities. And of course, Ondas has been active in these markets as well. So I do see the industrial segment for us has been important to build and I see the opportunity is here. On the supply chain, we were doing all the hard work to energize supply chains, particularly in the new programs that we're going to see adoption.

那我們先談供應鏈與工業端，先從工業端開始。是的，我們確實把 Cyberhawk 視為一個可以圍繞其打造的平台型公司；而且我們看到——他們帶來了相當多的管線，就策略選項或機會而言。當然，Ondas 也一直在這些市場中積極布局。因此我確實認為，工業分部對我們而言一直是重要的建設方向，而且我也看到機會就在眼前。至於供應鏈，我們一直在做大量艱難的工作來強化供應鏈，特別是我們預期將被採用的新專案。

So I highlight what we're seeing with long-endurance ISR as well as Counter-Strike, with DZYNE. We talked a bit about Mistral in their supply chain work and the production ramp they're preparing for. So we've got challenges. There's no question. They're not unique to Ondas, but we do think we've got -- we put the strategies and capacity to fulfill what we're trying to do over the course of the year into 2027.

因此我會強調我們在長航時 ISR 以及與 DZYNE 合作的反打擊（Counter-Strike）方面所看到的情況。我們也談到一些 Mistral 在供應鏈上的工作，以及他們正在為產能爬坡所做的準備。所以我們確實面臨挑戰。毫無疑問。這些挑戰並非 Ondas 獨有，但我們認為——我們已經建立了策略與產能，能在今年到2027年的期間內，履行我們要做的事情。

And Mike, I think we're going to have a regular conversation around this each quarter because the industry is growing a lot, Ondas is growing a lot. And we have to, as an industry, build ecosystems around this and build scale. And we think that comes back to the thesis and the philosophy around how Ondas is building a scaled platform. We think we need more of this. And we also think we need that on the vendor side as well.

而且 Mike，我想我們每一季都會就此進行例行討論，因為整個產業成長很快，Ondas 也成長很快。我們必須以產業的角度，圍繞這些需求建立生態系並擴大規模。我們認為這也回到 Ondas 如何打造可規模化平台的論點與理念。我們認為需要更多這樣的做法。同時我們也認為，在供應商端也需要如此。

Congrats on the strong results here.

恭喜你們交出強勁的成果。

Amit Dayal, H.C. Wainwright.

Amit Dayal，H.C. Wainwright。

The main question, I guess, I have right now, Eric, is just around what's driving the M&A strategy from this point forward? Are you still looking to fill maybe gaps in the portfolio? Or is it more revenue-oriented? Just any color on that would be helpful.

我想我目前最主要的問題，Eric，是接下來驅動你們併購策略的因素是什麼？你們是否仍在尋找補足投資組合中的可能缺口？或者更偏向以營收為導向？若能提供一些說明會很有幫助。

Sure. So firstly, I don't see gaps on our portfolio, but I do see quite a bit of opportunity to deepen each segment we're in. And the opportunity set for strategic acquisitions remains strong, disciplined. It's really important to drive our strategic program along with our financial model. These deals have to be accretive and they have to strengthen the operating platform in parallel and advance our objectives around profitability and growth and market position. So I think we're disciplined in financial accretion. Strategic accretion is really going to be the emphasis.

當然。首先，我不認為我們的投資組合有缺口，但我確實看到在我們所處的每個分部都有相當多加深布局的機會。而策略性併購的機會集合仍然強勁，我們也會保持紀律。非常重要的是，要在推動我們的策略計畫的同時，也符合我們的財務模型。這些交易必須具增益性（accretive），並且同時強化營運平台，推進我們在獲利能力、成長與市場地位方面的目標。因此我認為我們在財務增益性上是有紀律的。策略增益性將會是重點。

Understood. And then just a follow-up with respect to the backlog. As that number grows, how should we think about the backlog being filled within one or two quarters or maybe slightly longer, I guess, maybe 12-month time frame? Just any color on that.

了解。接著就積壓訂單再追問一下。隨著這個數字成長，我們應該如何看待積壓訂單在一到兩季內被消化，或是可能稍微更久、例如12個月的時間框架？能否提供一些說明。

Sure. So the pipeline is large and growing as we articulated. It's also maturing. I mentioned earlier, what we're seeing is opportunities to move our order size up and the cadence as well in terms of the velocity of order capture. Now we have this global platform, right?

好的。如我們所說，管線很大且持續成長。同時也在成熟。我先前提到，我們看到的機會是提高單筆訂單規模，以及在訂單取得速度（order capture velocity）方面提升節奏。現在我們有這個全球平台，對吧？

We've got footprints in many markets, and they're maturing. So I do believe that we have the wherewithal to continue to grow backlog as we're scaling the P&L, the revenue.

我們在許多市場都有據點，而且這些據點正在成熟。因此我確實相信，當我們在擴大損益表（P&L）與營收規模時，我們也有能力持續增加積壓訂單。

Max Michaelis, Lake Street Capital Markets.

Max Michaelis，Lake Street Capital Markets。

Congrats on the quarter. I just want to go back to sort of the organic revenue growth of 85%. Thanks for the data as well around Sentrycs, Airobotics as well as 4M. Those segments seem to be kind of rolling hot here. Just curious to know, I know we're talking big growth rates of 85%.

恭喜這一季的表現。我想回到有機營收成長85%這點。也謝謝你們提供關於 Sentrycs、Airobotics 以及 4M 的數據。這些分部看起來近期表現相當火熱。我只是想了解一下，我知道我們在談85%這樣很高的成長率。

But is there any other segments of the business now that may not be performing to what you guys originally had expected and sort of what the game plan around that is to kind of get those segments of the business up and moving?

但目前是否有其他業務分部的表現，可能沒有達到你們原先的預期？以及你們的計畫是什麼，來讓那些分部的業務加速推進、運轉起來？

I can't highlight a segment that we're disappointed in. What I would say is that from a resource and capital allocation standpoint, where we're going to spend our time, we make decisions. So if we're seeing -- so we're seeing -- having particular success with one platform, a specific customer, we'll spend more time and attention to drive that. And sometimes that could be at the expense of attention on another platform.

我無法特別指出有哪個分部讓我們失望。我想說的是，從資源與資本配置的角度，我們會做取捨，決定把時間花在哪裡。所以如果我們看到——我們看到——某個平台、某個特定客戶取得特別好的成果，我們就會投入更多時間與關注來推動它。而有時這可能會以減少對另一個平台的關注為代價。

So -- but I wouldn't say that, that's a weakness in the platform we're not focused on. It's just what we're trying to do is get the highest returns for our time and capital we're deploying on the OpEx side.

所以——但我不會那樣說，那是我們沒有聚焦的平臺弱點。我們正在做的只是要讓我們在營運費用（OpEx）端所投入的時間與資本，取得最高的報酬。

And then last follow-up for me. Can you touch on -- give a little bit more detail on sort of the Digital Bat program that you guys announced the other day with Israel?

然後我最後一個追問。你能否談談——就你們前幾天與以色列宣布的 Digital Bat 計畫，提供更多一些細節？

Yes, sure. That's a great program. We're really excited to support it. And Meir, I'll ask you to expand on it.

好的，當然。那是一個很棒的計畫。我們非常興奮能夠支持它。Meir，我請你再補充說明。

Sure. As we wrote in the announcement, we're going to manufacture and mass production of FPV drones. Next generation is going to be in the battlefield. As Eric said, we are very happy about that, and we're going to have a big manufacturing site to have the ability to build a mass production in the short term. And we are very excited about that, and we will take it to the next phase also more and more territories, not only in Israel.

當然。正如我們在公告中所寫，我們將製造並量產 FPV 無人機。下一代將會投入戰場。如 Eric 所說，我們對此非常高興，而且我們將建立一個大型製造基地，以便在短期內具備量產能力。我們對此非常振奮，並且也會把它帶到下一階段，拓展到越來越多的地區，不僅僅是在以色列。

Matthew Galinko, Maxim Group.

Matthew Galinko，Maxim Group。

Congrats on the results. With respect to the, I guess, pull forward on EBITDA positive for the -- on the corporate level, I'm just curious looking a year out, whether you can say, as you think about capital deployment at that point when you hit that milestone, do you expect to be more selective in how you might deploy towards acquisitions or how you'll make allocation decisions to maintain that positive EBITDA going forward? Or is it going to be just situational on kind of where the market and opportunities are?

恭喜這次的業績表現。關於——我想是公司層級 EBITDA 轉正時點的提前，我想請教的是，往後看一年，當你們達成那個里程碑、思考資本部署時，你們是否預期在併購投入上會更為挑選，或在資本配置決策上會更謹慎，以維持未來持續的 EBITDA 正值？還是說會視市場狀況與機會而定？

Well, it's a great question, Matt, and I believe we're very selective. But today, we're going to continue to be -- I'll come back to the discipline around the financial model and accretion. Of course, that does also means that we're very focused on demonstrating EBITDA leverage. In the near term, I'd say over the next 6 to 12 months, we want to demonstrate that EBITDA and operating leverage. At the same time, we'll be investing to ensure we're capturing as much market position as we can because as we've outlined in the past, we think this market is going to grow significantly.

嗯，這是個很好的問題，Matt，我相信我們一直都非常挑選。但就今天而言，我們會持續——我會回到財務模型與增益（accretion）的紀律。當然，這也意味著我們非常專注於展現 EBITDA 的槓桿效應。短期來看，我會說在未來 6 到 12 個月，我們希望展現 EBITDA 與營運槓桿。同時，我們也會投資以確保盡可能掌握市場地位，因為如同我們過去所說，我們認為這個市場將會顯著成長。

We're going to penetrate these unmanned and autonomous sectors. And it's going to also -- the value is going to accrue to platform companies, and there's going to be fewer and fewer of them. As such, what we're trying to really do is capture market capitalization for our investors. So -- but when thinking about those investments, that's on OpEx, ensuring we have the right operating infrastructure to win and support and drive bigger and faster growth. That's not OpEx.

我們將深入這些無人化與自主化領域。而且價值也會更多地累積到平臺型公司身上，這類公司將會越來越少。因此，我們真正想做的是為投資人爭取市值成長。所以——在思考這些投資時，那是屬於 OpEx，確保我們具備正確的營運基礎設施，以贏得市場、支援並推動更大、更快的成長。那不是 OpEx。

So -- that's not OpEx related to the M&A program. The M&A program comes in with companies that we've modeled. We see significant revenue opportunity, gross profit and we expect them all to be very highly accretive as we're spreading that gross profit and operating income across Ondas Inc. and the growth platform we have at the holding company.

所以——那不是與併購（M&A）計畫相關的 OpEx。併購計畫是針對我們已建模的公司。我們看到顯著的營收機會與毛利，並且預期它們都將具有很高的增益性，因為我們會把這些毛利與營業利益分攤到 Ondas Inc. 以及我們在控股公司層級的成長平臺上。

Got it. And just as a follow-up. Iron Wave, I think you mentioned you had a successful deployment there. I'm just wondering if it moves the needle for other potential customers.

了解。再追問一下。Iron Wave，我想你提到那邊有一次成功的部署。我想知道這是否會對其他潛在客戶產生影響、帶來推動作用？

Absolutely. We're seeing tremendous feedback. And in fact, as we're thinking -- if you look at our pipeline and how we're expecting the cadence of orders in the coming months and quarters, we do think Iron Wave will be very material. But we think we can expand firstly with our current customer and the success there should open other markets for us. So there is interest globally in Iron Wave all day long.

絕對會。我們看到非常強烈的回饋。事實上，當我們在思考——如果你看我們的銷售管線，以及我們預期未來幾個月與幾個季度的訂單節奏，我們確實認為 Iron Wave 會非常關鍵。但我們也認為，我們可以先在現有客戶上擴大，而那裡的成功應該會為我們打開其他市場。所以全球對 Iron Wave 的興趣一直都很高。

This concludes our question-and-answer session. I would like to turn the conference back over to Eric Brock for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Eric Brock，請他做結語。

Okay. Thank you, operator. So as we wrap the call, I want to thank you again for spending time with us this morning. As we outlined, we are very pleased with where the business is, and we do expect a strong second half of 2026. We're focused on execution and on sustaining this momentum into 2027.

好的。謝謝你，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早上撥冗與我們交流。如我們所述，我們對業務目前的狀況非常滿意，並且我們確實預期 2026 年下半年會很強勁。我們專注於執行，並將這股動能延續到 2027 年。

We look forward to providing more updates in the coming weeks and months. So we'll go back now to do the important work of building the company, and we hope you have a great day. Thank you.

我們期待在未來幾週與幾個月提供更多更新。那麼我們現在回去做打造公司的重要工作，也希望各位今天過得愉快。謝謝。