Ondas Inc (ONDS) 2026 Q3 法說會逐字稿

Welcome to the Ondas Inc third quarter 2026 Earnings and Business Update conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Before we begin, the company would like to remind you that this call may contain forward-looking statements. While these forward-looking statements reflect Ondas' best current judgment, they are subject to risks and uncertainties that could cause actual results to differ materially from those implied by these forward-looking statements. These risk factors are discussed in Ondas' periodic SEC filings and in the earnings press, release issued today, which are both available on the company's website.

歡迎參加 Ondas Inc 2026 年第三季財報與業務更新電話會議。所有與會者將以僅收聽模式參與。如需協助，請按星號鍵後再按 0，以示意會議專員。在今天的簡報之後，將提供提問機會。如欲提問，您可在電話鍵盤上按星號再按 1。如欲撤回您的問題，請按星號再按 2。在開始之前，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存在重大差異。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 directly 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. 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 conference over to Eric Brock, Chairman and CEO. Please go ahead.

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 指標並非依照一般公認會計原則編製。非 GAAP 財務衡量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，並可於本公司網站「投資人關係」專區取得。此非 GAAP 資訊係作為補充，而非取代或優於依 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本公司業務基本趨勢的有價值資訊。請注意，本活動將被錄音。現在我想將電話會議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 am pleased to be joined this morning by key members of our leadership team. Neil Laird, our Chief Financial Officer, and I will take you through the formal presentation this morning. Patrick Huston, Ondas COO and General Counsel, Oshri Lugassy, Co-CEO of Ondas Autonomous Systems, Meir Kliner, President of OAS, and Ryan Hartman, CEO of Ondas Sentinel, also join us today and will be available during the Q&A. We have a lot to cover today, so we will dive right in. Let's turn to today's agenda. I will begin with a high-level review of our third quarter performance and the continued execution of our Core Plus strategic growth plan.

謝謝主持人，大家早安。感謝各位今天加入我們，並持續關注 Ondas。我很高興今天早上有我們領導團隊的關鍵成員一同出席。我們的財務長 Neil Laird 與我將帶各位進行今天上午的正式簡報。Ondas 營運長兼總法律顧問 Patrick Huston、Ondas Autonomous Systems 共同執行長 Oshri Lugassy、OAS 總裁 Meir Kliner，以及 Ondas Sentinel 執行長 Ryan Hartman 也將與會，並在問答環節提供協助。今天要涵蓋的內容很多，我們將直接切入主題。讓我們看一下今天的議程。我將先從高層次回顧第三季表現，以及我們持續推進 Core Plus 策略性成長計畫的執行情況。

We will also share important context on Regna AI, the new initiative designed to capitalize on our growing expertise in building valuable software tools leveraging Sovereign AI capabilities on behalf of U.S. and allied defense ecosystem. Neil will then review our third quarter financial results, balance sheet, and the investments we are making to support the significant growth we expect for Q4 and throughout 2027. 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. I will close with our updated financial outlook and management priorities for the next phase of Ondas' growth. We will then open the call for questions.

我們也將分享 Regna AI 的重要背景資訊；這是一項新計畫，旨在把握我們在打造有價值的軟體工具方面日益增長的專業能力，並代表美國及盟友的國防生態系運用 Sovereign AI 能力。接著 Neil 將回顧我們第三季的財務結果、資產負債表，以及我們為支持第四季與 2027 年全年預期的顯著成長所進行的投資。之後我們將提供成長與營運更新，包括商業動能、主要客戶專案、在四個策略性市場區隔的擴張，以及我們全球營運平台的持續擴大規模。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。然後我們將開放提問。

If there are three key takeaways we want analysts and investors to leave this call with, they are: first, we are establishing a scaled global business with a strong foundation for sustained long-term organic growth. Second, we have multiple opportunities to drive outsized growth, including ULTRA, IonStrike, Regna AI, and others, with the potential to meaningfully accelerate our growth trajectory. Third, we are laser-focused on rapidly scaling production and deployment capabilities to capitalize on accelerating demand for our solutions. I am pleased to begin by highlighting the significant progress we made against our long-term business objectives during an exceptionally productive third quarter. Our performance and industry fundamentals continue to strengthen, creating what we believe is a compelling opportunity for Ondas investors. During the quarter, we expanded our capabilities across the value chain, from complete autonomous systems to mission-critical components and enabling technologies.

如果要讓分析師與投資人在本次電話會議後帶走三個關鍵重點，那就是：第一，我們正在建立一個具規模的全球性業務，並擁有可支撐長期、可持續內生成長的堅實基礎。第二，我們有多項機會推動超額成長，包括 ULTRA、IonStrike、Regna AI 等，具備顯著加速我們成長軌跡的潛力。第三，我們高度聚焦於快速擴大生產與部署能力，以把握對我們解決方案日益加速的需求。我很高興先強調我們在一個特別高產的第三季中，針對長期業務目標所取得的重大進展。我們的表現與產業基本面持續走強，為 Ondas 投資人創造了我們認為相當具吸引力的機會。在本季期間，我們沿著價值鏈擴展能力，涵蓋從完整自主系統到任務關鍵元件與賦能技術。

The acquisitions of DZYNE and Cyberhawk strengthened our position in U.S. defense and critical infrastructure, adding important technologies, services, customer relationships, and growth opportunities. Insignito, Ottopia, and Caribou Labs added advanced acoustic sensing, resilient communications, remote operations, and navigation capabilities for GPS-denied environments. The acquisition of GATE, together with the pending acquisitions of Stemme and Aran Defense, is accelerating the expansion of our supply chain and production capacity. Stemme adds airframe engineering and manufacturing, GATE adds mission-critical electronic fuzing and safe and armed technologies, and Aran will add multidisciplinary engineering and high-volume manufacturing capabilities. By integrating these assets, we are addressing supply chain bottlenecks, reducing reliance on third parties, and improving product performance, cost, margins, and delivery. We are focused on building the industrial capacity required to deliver for customers at scale and capture this market opportunity for our investors.

收購 DZYNE 與 Cyberhawk 強化了我們在美國國防與關鍵基礎設施領域的地位，新增了重要技術、服務、客戶關係與成長機會。Insignito、Ottopia 與 Caribou Labs 則為 GPS 受限環境增添先進聲學感測、韌性通訊、遠端操作與導航能力。收購 GATE，加上尚待完成的 Stemme 與 Aran Defense 收購案，正加速擴張我們的供應鏈與產能。Stemme 增加機體工程與製造能力，GATE 增加任務關鍵的電子引信以及保險與解保險（safe and armed）技術，而 Aran 將增加跨領域工程與高產量製造能力。透過整合這些資產，我們正在解決供應鏈瓶頸、降低對第三方的依賴，並改善產品效能、成本、毛利率與交付能力。我們專注於建立在規模化交付客戶所需的工業產能，並為投資人掌握這項市場機會。

Execution of our Core strategic growth plan is translating directly into results. Third quarter revenue reached a record $167.5 million, more than 16x the prior- year period and nearly double Q2. We expect another significant sequential increase in Q4, with revenue above $250 million. We are raising our full- year 2026 target to at least $550 million and introducing a 2027 target of at least $1.1 billion. That outlook reflects broad-based growth across our core businesses, backlog conversion, and emerging platforms moving into scaled deployment. Order momentum remains strong. Backlog reached approximately $835 million at September 30th, up 36% sequentially, and more than 12x the Q4 2025 level, providing meaningful visibility across aerial security, persistent intelligence, precision strike, and autonomous ground systems. We continue to invest in the infrastructure needed to convert that demand into revenue.

我們 Core 策略性成長計畫的執行正直接轉化為成果。第三季營收創下 1.675 億美元新高，較去年同期成長逾 16 倍，且接近第二季的兩倍。我們預期第四季將再出現顯著的季增，營收將超過 2.5 億美元。我們將 2026 年全年目標上調至至少 5.5 億美元，並提出 2027 年至少 11 億美元的目標。該展望反映了核心業務的廣泛成長、在手訂單（backlog）轉換，以及新興平台進入規模化部署。訂單動能仍然強勁。截至 9 月 30 日，在手訂單約為 8.35 億美元，較前一季成長 36%，且較 2025 年第四季水準高出逾 12 倍，為空中安全、持續性情報、精準打擊與自主地面系統提供了具意義的能見度。我們持續投資所需基礎設施，以將該需求轉化為營收。

Q3 included approximately $37 million of discretionary growth investment across corporate development, Ondas Capital, Regna AI, and the operating capabilities required to scale production, deployment, field support, and sustainment. Importantly, growth OpEx is moderating as revenue and gross profit scale, supporting meaningful operating leverage. With approximately $820 million in cash equivalents, restricted cash, and short-term investments at quarter end, we remain well-capitalized to execute. Taken together, these results show that our strategy is working and position Ondas for continued growth through Q4 and into 2027. This chart provides a simple visual of the transformation underway in our financial performance. As we have highlighted in the past, we believe this is what the early stages of an S-curve adoption cycle should look like. Technology adoption curves are generally not linear.

第三季包含約 3,700 萬美元的自主性成長投資，涵蓋企業發展、Ondas Capital、Regna AI，以及擴大生產、部署、現場支援與維保（sustainment）所需的營運能力。重要的是，隨著營收與毛利擴大，成長型營運費用（OpEx）正在趨於緩和，支撐顯著的營運槓桿。截至季末，我們擁有約 8.2 億美元的現金等價物、受限制現金與短期投資，資本實力仍然充足，足以推動執行。綜合而言，這些結果顯示我們的策略正在奏效，並使 Ondas 得以在第四季及邁向 2027 年持續成長。此圖表以簡單視覺呈現我們財務表現正在進行的轉型。如同我們過去所強調，我們相信這正是 S 型曲線採用週期早期階段應有的樣貌。技術採用曲線通常並非線性。

Once platforms are validated, customer requirements are established, and programs move from development and testing into scaled deployment, revenue can accelerate rapidly. Our strategy is designed around that dynamic. We are not only expanding the technology portfolio, we are building the production, supply chain, deployment, field support, and sustainment capabilities required to support this growth at scale. Importantly, the growth shown here is not simply the result of acquisitions. Our underlying businesses are also expanding rapidly within the Ondas platform. As the next slide demonstrates, strong organic growth remains a major driver of our financial model and the economic value we are creating. Organic growth at Ondas was 64% in Q3 on an apples-to-apples basis with the prior year. We believe very few companies in our sector are growing at this rate.

一旦平台完成驗證、客戶需求確立，且專案從開發與測試階段進入規模化部署，營收便可能快速加速成長。我們的策略正是圍繞這種動態所設計。我們不僅在擴充技術產品組合，也在建置支援此一規模化成長所需的生產、供應鏈、部署、現場支援與維持運作（sustainment）能力。重要的是，此處所呈現的成長並非僅由併購所帶動。我們的核心業務也正在 Ondas 平台內快速擴張。如下一張投影片所示，強勁的有機成長仍是我們財務模型與我們正在創造之經濟價值的主要驅動力。以同口徑（apples-to-apples）與前一年相比，Ondas 在第三季的有機成長為 64%。我們相信，在我們所處的產業中，能以此速度成長的公司屈指可數。

Importantly, we expect organic growth to accelerate further in Q4, reaching at least 75% year-over-year on a pro forma basis, based on our guidance. Simply put, our model is working. 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. On the right, we show some recent key acquisitions that are growing faster now that they have the benefits of being integrated into the broader Ondas platform. Sentrycs continues to benefit from strong demand for its Cyber-over-RF, c ounter-UAS systems, with Q3 pro forma revenue up more than 3.5x year-over-year. We now expect to achieve our original 2027 bookings target in 2026, supported by strong counter-drone demand and new distribution channels.

同樣重要的是，根據我們的指引，我們預期第四季有機成長將進一步加速，在備考（pro forma）基礎上年增至少達 75%。簡而言之，我們的模式正在奏效。此模式始於在具備極其顯著客戶需求的市場中，擁有強大且可投入任務（mission-ready）的技術平台。該技術與需求由 Ondas 正在打造的營運平台所支撐，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。右側我們展示了一些近期關鍵併購案，這些公司在整合進更廣泛的 Ondas 平台後，成長速度更快。Sentrycs 持續受惠於其 Cyber-over-RF 反無人機（counter-UAS）系統的強勁需求，第三季備考營收年增超過 3.5 倍。在強勁反無人機需求與新通路的支持下，我們現在預期可於 2026 年達成原先 2027 年的接單（bookings）目標。

4M generated nearly 3x its prior year Q3 revenue and is positioned to outperform our original 2026 model by 2.3x, reflecting improved customer access, operating support, and Ondas' international reach. Meanwhile, Rotron converted strong Q2 order growth into 250% year-over-year revenue growth in Q3. Mistral began producing and shipping against the LUS IDIQ, driving 136% organic growth in Q3. We expect this momentum to continue into Q4 and 2027. This performance is not isolated to one company or market segment. As the data continues to show, Ondas is seeing strong organic growth across multiple businesses, increasingly validating both our operating platform thesis and our execution. We are excited to share some details around Regna AI, our new sovereign artificial intelligence company founded by Ondas in response to one of the most important opportunities in defense technology. That is bringing advanced AI directly into mission-critical operations.

4M 的第三季營收接近前一年同期的 3 倍，並有望以 2.3 倍的幅度超越我們原先的 2026 年模型，反映其客戶觸達改善、營運支援提升，以及 Ondas 的國際觸角。同時，Rotron 將第二季強勁的訂單成長轉化為第三季年增 250% 的營收成長。Mistral 開始針對 LUS IDIQ 進行生產與出貨，帶動第三季 136% 的有機成長。我們預期此一動能將延續至第四季與 2027 年。這樣的表現並非侷限於單一公司或單一市場區隔。如數據持續顯示，Ondas 正在多項業務上看到強勁的有機成長，並日益驗證我們的營運平台論點與執行力。我們很高興分享 Regna AI 的一些細節；這是 Ondas 因應國防科技領域最重要機會之一而成立的全新主權人工智慧公司。其目標是將先進 AI 直接導入任務關鍵作業。

Regna AI develops mission-specialized AI models that governments and defense partners can own, control, and securely deploy. These models transform sensitive operational data into actionable intelligence, supporting ISR, threat detection, counter-UAS, and autonomous mission orchestration. Our approach combines NVIDIA's open weight model ecosystem, providing the AI foundation, along with Palantir's software platforms, which enable secure integration, training, and deployment. To this, Ondas brings the operational advantage with deployed defense systems and mission expertise around multi-domain ISR, autonomy, sensor fusion, and command and control. Our target customers include the U.S. Department of War, allied governments, and defense companies seeking Sovereign AI capabilities that operate securely across classified environments, sovereign clouds, and the tactical edge. We believe Regna AI can be a significant value creator for Ondas investors.

Regna AI 開發任務專用（mission-specialized）的 AI 模型，使政府與國防合作夥伴能夠擁有、控制並安全部署。這些模型可將敏感的作業數據轉化為可採取行動的情報，支援 ISR（情報、監視與偵察）、威脅偵測、反無人機（counter-UAS）以及自主任務編排。我們的方法結合 NVIDIA 的開放權重（open weight）模型生態系，提供 AI 基礎，並搭配 Palantir 的軟體平台，以實現安全的整合、訓練與部署。在此基礎上，Ondas 透過已部署的國防系統與任務專業，帶來營運優勢，涵蓋多域 ISR、自主化、感測器融合，以及指揮與控制。我們的目標客戶包括美國戰爭部（U.S. Department of War）、盟國政府，以及尋求可在機密環境、主權雲與戰術邊緣安全運作之主權 AI 能力的國防公司。我們相信 Regna AI 可為 Ondas 投資人創造顯著價值。

First, Regna AI creates an opportunity to turn a development cost center into a valuable business by leveraging investments Ondas is already making in Sovereign AI. As Regna AI attracts customers and external support as a standalone company, we believe our ownership can become an important source of long-term value for Ondas shareholders. Second, Regna AI expands the commercial opportunity beyond Ondas' own platforms. These capabilities can serve governments, defense companies, and other technology providers, opening new software and services revenue opportunities. External customer revenue and dedicated growth capital could support a broader development program without relying exclusively on Ondas to fund it. Third, Regna AI strengthens the core Ondas portfolio. Our deployed systems and mission expertise provide a practical foundation for development, while Regna AI's mission-specialized models can advance intelligence, autonomy, and command and control across our ISR, counter-UAS, and unmanned systems.

第一，Regna AI 透過運用 Ondas 已在主權 AI 上進行的投資，創造將研發成本中心轉化為有價值業務的機會。隨著 Regna AI 以獨立公司身分吸引客戶與外部支持，我們相信我們的持股可成為 Ondas 股東長期價值的重要來源。第二，Regna AI 將商業機會擴展至 Ondas 自有平台之外。這些能力可服務政府、國防公司及其他技術供應商，開啟新的軟體與服務營收機會。外部客戶營收與專屬成長資本可支援更廣泛的開發計畫，而不必完全依賴 Ondas 單獨出資。第三，Regna AI 強化 Ondas 的核心產品組合。我們已部署的系統與任務專業為開發提供務實基礎，而 Regna AI 的任務專用模型可推進我們在 ISR、反無人機（counter-UAS）與無人系統上的情報、自主化，以及指揮與控制能力。

The objective is to create value in both directions, a growing AI business and more capable, differentiated Ondas solutions. Ultimately, we believe the future of defense belongs to companies that combine intelligent software with autonomous physical systems. Regna AI positions Ondas to lead in both and creates another powerful engine for long-term shareholder value. This concludes my introductory comments, and I will now hand the call over to Neil, who will review our third quarter financial performance and balance sheet.

目標是在雙向創造價值：一方面打造成長中的 AI 業務，另一方面形成更強大且差異化的 Ondas 解決方案。最終，我們相信國防的未來屬於能將智慧軟體與自主實體系統結合的公司。Regna AI 使 Ondas 得以在兩者領域皆居於領先地位，並為股東長期價值再添一具強勁引擎。以上為我的開場說明，接下來我將把電話會議交給 Neil，由他回顧我們第三季的財務表現與資產負債表。

Thank you, Eric. The third quarter showed record revenue and represented another important step forward in demonstrating the scalability of our financial model. Revenue increased to approximately $167.5 million, up 100% sequentially and more than 16x 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 64% year-over-year, reflecting strong execution across our underlying businesses. Combined with approximately $214 million of new orders during the quarter and $507 million in the first nine months of the year, we believe these results demonstrate that customer demand remains exceptionally strong across our platform. Gross profit was $36.5 million, while adjusted gross margin, which excludes the non-cash items of stock-based compensation expense, amortization of acquisition-related intangible assets, qualifying acquisition-related employee costs, and inventory step-up, was 34.8%.

謝謝你，Eric。第三季創下營收新高，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 1.675 億美元，較前一季成長 100%，且較去年同期成長超過 16 倍。重要的是，這並非僅由併購所驅動。以備考有機基礎計算，假設我們目前的投資組合在兩個期間皆已持有，營收年增約 64%，反映我們核心業務的強勁執行。再加上本季新增訂單約 2.14 億美元，以及今年前九個月累計 5.07 億美元，我們相信這些結果顯示平台各項業務的客戶需求仍然異常強勁。毛利為 3,650 萬美元；而調整後毛利率（排除以股份為基礎之薪酬費用、併購相關無形資產攤銷、符合條件的併購相關員工成本，以及存貨增值（inventory step-up）等非現金項目）為 34.8%。

As we previously communicated, we expected gross margin to decline sequentially in Q3, reflecting a higher concentration of revenue from lower-margin precision strike programs, including the LUS program at Mistral. Gross margin saw some modest further pressure from temporary factors, including production inefficiencies associated with scaling the LUS program, as well as further swings in mix. Operating expenses increased to approximately $226 million from $199 million in the prior quarter. To better understand the business, we encourage investors to look at our underlying adjusted cash operating expenses, which amounted to approximately $119 million, up from $88.8 million in the prior quarter. This includes normal operating expenses as well as discretionary growth investments to support the continued transformational growth curve we expect over the coming quarters and years.

如我們先前所溝通，我們預期第三季毛利率將較前一季下滑，反映營收中來自較低毛利之精準打擊（precision strike）專案的比重提高，其中包括 Mistral 的 LUS 專案。毛利率亦受到一些暫時性因素的溫和進一步壓力影響，包括 LUS 專案擴產過程中的生產效率不彰，以及產品組合（mix）的進一步波動。營業費用由前一季的約 1.99 億美元增加至約 2.26 億美元。為更好理解業務，我們建議投資人關注我們的基礎調整後現金營運費用，約為 1.19 億美元，高於前一季的 8,880 萬美元。其中包含正常營運費用，以及用以支援我們預期在未來數季與數年持續呈現轉型式成長曲線的自主性成長投資。

The third quarter saw a moderation in the growth of OpEx, despite the addition of large acquisitions such as DZYNE. In the third quarter, we continued to invest for growth with R&D expense of $61.6 million, up $30 million, sequentially driving future product innovation and integration. Adjusted EBITDA showed a loss of $59.7 million, increasing $13.4 million sequentially. Our OpEx was roughly in line with our expectations, and this higher loss was the result of our temporary gross margin impacts. We expect gross margins to remain in the mid-30% range in the Q4 period due to continued mix of lower-margin revenue. That said, we expect a rebound to historical trends in 2027.

第三季營運費用（OpEx）成長趨緩，儘管納入了如 DZYNE 等大型併購案。第三季我們持續為成長投入，研發費用為 6,160 萬美元，較前一季增加 3,000 萬美元，以推動未來產品創新與整合。調整後 EBITDA 虧損為 5,970 萬美元，較前一季增加 1,340 萬美元。我們的營運費用大致符合預期，而虧損擴大主要是暫時性的毛利率影響所致。由於低毛利收入組合持續存在，我們預期第四季毛利率將維持在 30% 中段水準。即便如此，我們預期在 2027 年回升至歷史趨勢。

As Eric will outline later in more detail in our outlook section, we believe the combination of higher revenue and improving gross margin and more modest OpEx growth will help us show meaningful operating leverage in future periods. Indeed, we expect a significant reduction in adjusted EBITDA losses in Q4 and a steady improvement going forward. We have pulled forward our expectation for adjusted EBITDA break-even on a company-wide basis to Q3 2027 from our prior assumption of Q4 2027 based on our expectations for revenue, gross profit, and expense growth. To conclude, we believe we are executing well against our long-term business plan. Although adjusted EBITDA declined in the third quarter, we expect a significant improvement in the fourth quarter and believe we remain ahead of plan on our path to company-wide profitability in 2027. Turning to the balance sheet, which remains strong and provides us with significant advantages.

如 Eric 稍後在展望章節將更詳細說明，我們認為較高的營收、改善中的毛利率，以及較為溫和的營運費用成長，將有助於我們在未來期間展現顯著的營運槓桿。確實，我們預期第四季調整後 EBITDA 虧損將大幅收斂，並在之後持續穩步改善。基於我們對營收、毛利與費用成長的預期，我們已將公司整體調整後 EBITDA 損益兩平的時間點，自先前假設的 2027 年第四季提前至 2027 年第三季。總結而言，我們認為我們正有效執行長期業務計畫。儘管第三季調整後 EBITDA 下滑，我們預期第四季將顯著改善，並相信在邁向 2027 年公司整體獲利的路徑上，我們仍領先於計畫。接著談資產負債表，其仍然強健，並為我們帶來顯著優勢。

We ended the quarter with approximately $820 million in cash equivalents, restricted cash, and short-term investments, compared to $616 million at the end of 2025 and approximately $1.4 billion at the end of Q2. Included in our total assets are investments in unaffiliated public and private companies totaling $65 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. During the third quarter, we deployed approximately $431 million of cash to complete key acquisitions, which have added significant scale, technology capabilities, talent and growth opportunities, and are important elements for our near-term and long-term growth outlook. Our balance sheet allows us to invest aggressively in our operating platform and support larger customer opportunities.

本季期末，我們持有約 8.20 億美元的約當現金、受限制現金與短期投資；相較之下，2025 年底為 6.16 億美元，而第二季期末約為 14 億美元。我們總資產中包含對非關聯之上市與非上市公司的投資，合計 6,500 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進將帶來具吸引力的報酬。第三季期間，我們動用約 4.31 億美元現金完成關鍵併購，這些併購帶來顯著的規模、技術能力、人才與成長機會，並且是我們短期與長期成長展望的重要要素。我們的資產負債表使我們能積極投資於營運平台，並支援更大型的客戶機會。

As an example, we saw inventory grow to $111 million from $59 million sequentially, again to support our growing business. Last quarter, we highlighted that our confidence that the trajectory of the business has never been stronger. Our performance in Q3 only enhanced that conviction. Our focus now turns to capitalizing on the tremendous growth opportunities ahead of us, made possible by the exceptional work our team has done throughout the year to build the foundation, capabilities, and market position needed to capture them. Looking ahead to Q4 and 2027, we expect substantial growth to continue, with meaningful operating leverage emerging as we scale the business. With that, I'll turn it back to Eric.

例如，為支援業務成長，我們的存貨由前一季的 5,900 萬美元增加至 1.11 億美元。上季我們強調，我們對業務發展軌跡的信心從未如此強烈。第三季的表現更強化了這份信念。我們目前的重點轉向把握眼前龐大的成長機會；這些機會得以實現，源於團隊全年卓越的工作，建立了掌握機會所需的基礎、能力與市場地位。展望第四季與 2027 年，我們預期強勁成長將持續，並在業務規模擴大時逐步展現顯著的營運槓桿。接下來我把時間交還給 Eric。

Thank you, Neil. As Neil noted, adjusted cash operating expense increased to approximately $119 million in the third quarter, driven by two principal factors. First, our strategic M&A program added new businesses to the Ondas platform. These companies bring operating costs, but they also contribute 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. Second, we continued investing in the growth platform at both Ondas Inc and across our operating businesses. At Ondas Inc, in addition to our underlying finance, accounting, and governance expenses, we invested $27.6 million in growth OpEx related to corporate development, Ondas Capital, ecosystem and partner initiatives, and the broader operating platform, including our work with Palantir and initial investments in Regna AI.

謝謝你，Neil。如 Neil 所提，第三季調整後現金營運費用增加至約 1.19 億美元，主要由兩項因素驅動。第一，我們的策略性併購（M&A）計畫為 Ondas 平台新增了業務。這些公司帶來營運成本，但同時也貢獻可觀的營收與毛利、既有客戶關係、已簽約的訂單積壓（backlog），以及持續擴大的商機管線。我們相信這些新增業務實質強化了 Ondas 的獲利能力與長期成長潛力，應視為規模化投資，而非額外的間接費用。第二，我們持續在 Ondas Inc 以及各營運事業體層面投資成長平台。在 Ondas Inc，除既有的財務、會計與公司治理費用外，我們亦投入 2,760 萬美元的成長型營運費用，用於企業發展、Ondas Capital、生態系與合作夥伴計畫，以及更廣泛的營運平台，包括與 Palantir 的合作及對 Regna AI 的初期投資。

In aggregate, the investment in growth OpEx at the Ondas Inc level was slightly lower than in the second quarter. At the operating platform level, growth OpEx for OAS leadership and infrastructure totaled $9.5 million, up from $6 million, as we continued building the leadership and capabilities required to scale. In total, we classify approximately $37 million in Q3 OpEx related to growth initiatives. These are deliberate, front-loaded investments designed to integrate acquisitions efficiently, expand our global commercial reach, scale supply chain and production, and provide the field support, sustainment, and services a much larger business requires. We are building the operating platform not for the Ondas of today, but for the significantly larger company we expect Ondas to become. Apart from planned investment in Regna AI, we expect growth OpEx to continue to moderate in the fourth quarter and into 2027.

整體而言，Ondas Inc 層級的成長型營運費用投資較第二季略低。在營運平台層級，用於 OAS 領導團隊與基礎建設的成長型營運費用合計 950 萬美元，高於先前的 600 萬美元，因我們持續建置規模化所需的領導力與能力。總計而言，我們將第三季約 3,700 萬美元的營運費用歸類為成長計畫相關。這些是有意為之、前置投入的投資，旨在有效整合併購、擴大全球商業觸及、擴充供應鏈與產能，並提供更大型企業所需的前線支援、維持運作（sustainment）與服務。我們打造營運平台並非為了今日的 Ondas，而是為了我們預期 Ondas 將成為的更大型公司。除對 Regna AI 的既定投資外，我們預期成長型營運費用將在第四季及至 2027 年持續趨緩。

Because much of this spending is discretionary, rising revenue and gross profit should create meaningful operating leverage as we scale. Let's now turn to our growth and operational update. I will review the continued expansion of our multi-domain platform, recent contract awards, and the strong demand developing across our four strategic market segments. We will also discuss the progress we are making to scale ULTRA and IonStrike, expand our supply chain and production capacity, and build the global operating infrastructure required to deliver for customers at scale. Ondas has built a deep, differentiated solutions portfolio across the four strategic market segments shown here: 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.

由於這些支出多屬可裁量性，隨著營收與毛利上升，我們在擴大規模時應能形成顯著的營運槓桿。接著我們轉向成長與營運更新。我將回顧我們多領域平台的持續擴張、近期合約得標，以及在四個策略市場區隔中逐步形成的強勁需求。我們也將討論我們在擴大 ULTRA 與 IonStrike 規模、擴充供應鏈與產能，以及建置支援大規模交付客戶所需的全球營運基礎設施方面的進展。Ondas 已在此處所示的四個策略市場區隔建立深厚且具差異化的解決方案組合：空中安全、ISR 與持續情資、精準打擊，以及自主地面系統。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（counter-drone kill chain）中偵測、識別、追蹤並擊敗威脅。

Our ISR and persistent intelligence portfolio provides multi-layer 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. In autonomous ground systems, our portfolio includes robotic ground platforms supporting demining, engineering, logistics, border security, and operations in contested environments. Supporting all four 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. Across these four segments, we are increasingly focused on integrating our technologies and solutions while investing in internal development to expand our capabilities, enhance our offerings, and create new opportunities for growth.

我們的 ISR 與持續情資產品組合提供多層次監偵能力，涵蓋自平流層、長航時空中平台，直至戰術前沿。在精準打擊方面，我們提供具成本效益的自主發射效應（launched effects），以符合對可擴展、任務就緒之大規模能力日益增長的需求。在自主地面系統方面，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，以及在爭奪環境中的作業。支撐這四個區隔的是持續擴大的 AI 賦能軟體與指揮管制能力組合；其統一指揮核心可跨領域連結感測、決策、自主作業與任務執行。在這四個區隔中，我們愈來愈聚焦於整合我們的技術與解決方案，同時投資內部研發以擴充能力、強化產品供給，並創造新的成長機會。

Each of these four segments addresses significant global markets, supporting a strong, sustainable organic growth trajectory with opportunities for outsized growth that could meaningfully accelerate our business beyond the core. We continue to show solid order activity, highlighted by some of the key awards we have received since June 30th, shown on this slide. This order activity is diversified across all four target market segments: aerial security, ISR and persistent intelligence, precision strike, and autonomous ground systems. It also reflects a growing, increasingly diverse set of customers, geographies, and mission requirements. Our newly acquired businesses are contributing important contract wins as we expand their access to customer relationships, partners, and sales channels across Ondas. Examples include U.S. Department of War activity involving ULTRA, Dronebuster, and IonStrike, together with significant orders for GATE and Bron. These wins demonstrate the breadth of demand across both complete systems and mission-critical components.

這四個區隔各自對應重大的全球市場，支撐強勁且可持續的內生成長軌跡，並具備超額成長機會，可在核心業務之外顯著加速我們的業務發展。我們持續展現穩健的接單動能，亮點包括自 6 月 30 日以來取得的部分關鍵得標，如本投影片所示。這些接單活動分散於四個目標市場區隔：空中安全、ISR 與持續情資、精準打擊，以及自主地面系統。同時也反映出客戶、地理區域與任務需求的組合正在擴大且日益多元。我們新併購的業務正貢獻重要的合約勝利，因我們透過 Ondas 擴大其對客戶關係、合作夥伴與銷售通路的觸及。例子包括涉及 ULTRA、Dronebuster 與 IonStrike 的美國戰爭部（U.S. Department of War）相關活動，以及對 GATE 與 Bron 的重大訂單。這些勝利展現了市場對完整系統與任務關鍵元件兩方面的廣泛需求。

We are demonstrating increasing leverage 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. Here we highlight our backlog, as well as the global nature of our current and future revenue outlook. Our backlog now stands at $835 million and is up 36% sequentially, reflecting both newly acquired businesses in the quarter and strong organic order capture across the Ondas portfolio. Our backlog is diversified across both market segments and geographies, providing meaningful revenue visibility and reducing dependence on any single product, customer, program, or region.

我們正展示出來自擴大後的銷售組織、客戶觸達、合作夥伴網路以及商業基礎設施所帶來的槓桿效益持續提升。我們對目前的進展感到滿意，並將持續專注於取得更卓越的成果。我們的重點是在 2026 年剩餘期間及其後持續維持並加速此一訂單取得動能。在此我們重點說明我們的在手訂單（backlog），以及我們目前與未來營收展望的全球性布局。我們目前在手訂單達 8.35 億美元，較前一季成長 36%，反映本季新併購業務的貢獻，以及 Ondas 產品組合中強勁的有機訂單取得。我們的在手訂單在市場區隔與地理區域上均具多元化，提供具意義的營收可見度，並降低對任何單一產品、客戶、專案/計畫或地區的依賴。

That said, we have made it a point to grow the U.S. business given the large long-term domestic opportunity, and that focus is paying off, as we highlight here that the U.S. represented more than 50% of total revenue in Q3. We expect to see a growing contribution from the U.S. However, it's worth highlighting that our customer base is more diversified globally than many peers, which provides stability during uncertain budget periods in the U.S. It's also important to highlight that Ondas' backlog consists of customer orders and awarded programs, rather than the broader unfunded opportunity pipeline. Our immediate priority is execution, delivering against this backlog, supporting customers, and converting a meaningful portion of these orders into revenue during the fourth quarter of 2026. At the same time, we remain focused on replenishing and expanding the backlog organically through continued pipeline conversion.

話雖如此，鑑於美國國內長期機會龐大，我們一直刻意推動美國業務成長，而這項聚焦正開始展現成效；如我們在此強調，美國在第三季占總營收逾 50%。我們預期美國的貢獻將持續提升。不過也值得強調的是，與許多同業相比，我們的客戶基礎在全球範圍內更為多元，這在美國預算不確定期間可提供穩定性。同時也重要的是要指出，Ondas 的在手訂單由客戶訂單與已獲授予的計畫所構成，而非更廣泛、尚未獲資金支持的機會管線。我們當前的首要任務是執行：針對這些在手訂單交付、支援客戶，並在 2026 年第四季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。

Despite a large revenue outlook for Q4, we continue to expect our backlog to grow as we exit 2026. Let me now highlight two particularly significant growth opportunities that have emerged from our DZYNE acquisition. Of course, I am talking about the ULTRA and IonStrike platforms, both of which are seeing advancements in customer activities. ULTRA is a low-cost, long-endurance intelligence, surveillance, and reconnaissance, or ISR, platform that we believe is exceptionally well-positioned to address a growing and urgent military requirement. Recent conflicts have exposed the vulnerability and high cost of traditional unmanned ISR platforms, with significant aircraft losses reinforcing the need for more affordable, attritable alternatives. At the same time, the growing need to operate across greater distances is placing additional pressure on legacy ISR solutions. ULTRA addresses these challenges with approximately three times the flight endurance at just 1/5 the cost of traditional platforms.

儘管第四季的營收展望可觀，我們仍預期在 2026 年結束時在手訂單將持續成長。接下來我想重點說明兩項因我們收購 DZYNE 而浮現、特別重要的成長機會。當然，我指的是 ULTRA 與 IonStrike 兩大平台，兩者的客戶活動皆持續推進。ULTRA 是一款低成本、長航時的情報、監視與偵察（ISR）平台，我們相信其具備極佳定位，可滿足日益成長且迫切的軍事需求。近期衝突暴露了傳統無人 ISR 平台的脆弱性與高成本；大量飛機損失更凸顯需要更可負擔、可消耗（attritable）的替代方案。同時，跨更遠距離作戰的需求增加，也對既有 ISR 解決方案帶來額外壓力。ULTRA 以約為傳統平台 3 倍的飛行續航力、僅為其 1/5 的成本來應對這些挑戰。

Again, three times the flight endurance at 1/5 the cost. This is compelling, particularly when higher-cost legacy systems are seeing survivability issues that are driving the requirement for mixed-fleet operations. Increased endurance means fewer aircraft are needed to maintain the same level of persistent surveillance. Combined with significantly lower acquisition and operating costs, ULTRA offers a fundamentally more attractive economic model. To put that into perspective, at the bottom here on slide 18, we illustrate the economics of maintaining a combat air patrol, or CAP, using legacy MQ-9 aircraft versus ULTRA. A traditional MQ-9 CAP requires nearly $200 million in upfront investment, with annual operating costs exceeding $50 million. ULTRA can provide comparable ISR coverage for approximately $25 million upfront and $23 million in annual operating costs.

再次強調：飛行續航力提升 3 倍、成本僅為 1/5。這一點極具吸引力，特別是在高成本的既有系統面臨生存性問題、進而推動混合機隊作戰需求的情況下。更長的續航力意味著維持同等程度的持續監視所需的飛機數量更少。再加上顯著更低的採購與營運成本，ULTRA 提供了根本上更具吸引力的經濟模型。為了具體說明，在第 18 頁投影片底部，我們比較使用既有 MQ-9 飛機與 ULTRA 來維持戰鬥空中巡邏（CAP）的經濟性。傳統 MQ-9 的 CAP 需要近 2 億美元的前期投資，年度營運成本超過 5,000 萬美元。ULTRA 可用約 2,500 萬美元的前期投入與 2,300 萬美元的年度營運成本，提供相當的 ISR 覆蓋。

These are extraordinary economic advantages, particularly as the Department of War looks to rapidly replenish and expand ISR capacity while addressing the operational vulnerabilities of legacy systems. For Ondas, this represents a potentially transformative opportunity. We are already seeing demand signals for dozens of ULTRA aircraft, with the potential to scale into a substantial installed base, supporting what we believe could ultimately become a $1 billion annual recurring service revenue opportunity. Given the significant opportunity ahead of us, we are taking decisive steps to scale production to meet anticipated demand. Here we highlight our recently announced definitive agreement to acquire Stemme, the German manufacturer of ULTRA's airframe and a critical component of the platform. Bringing Stemme in-house will give us greater control over our supply chain, production capacity, and the pace of expansion, positioning us to execute against what we believe is a substantial long-term growth opportunity.

這些都是非同尋常的經濟優勢，尤其在戰爭部（Department of War）希望快速補充並擴大 ISR 能力、同時解決既有系統作戰脆弱性的背景下更是如此。對 Ondas 而言，這代表一項可能具變革性的機會。我們已看到對數十架 ULTRA 飛機的需求訊號，並有潛力擴大為可觀的裝機基礎，支撐我們認為最終可能成為每年 10 億美元的年度經常性服務營收機會。鑑於前方龐大的機會，我們正採取果斷措施擴大產能，以滿足預期需求。在此我們重點說明近期宣布的具約束力最終協議：收購 Stemme——ULTRA 機體（airframe）的德國製造商，也是該平台的關鍵組件。將 Stemme 納入內部後，我們將能更有效掌控供應鏈、生產能力與擴張節奏，使我們得以執行我們認為具實質長期成長潛力的機會。

Importantly, this vertical integration also provides an opportunity to further enhance ULTRA's already attractive margin profile by capturing more of the value within the manufacturing process. Stemme's existing European manufacturing facility is currently operating at just 25% capacity utilization, providing room to increase production within our existing footprint. In addition, Stemme's type-certified aircraft and established manufacturing processes provide a strong foundation to accelerate production in the U.S., where we intend to establish up to 345,000 sq ft of additional manufacturing capacity. We believe we are well-capitalized to support this expansion, though may consider opportunities to access non-dilutive sources of capital to help fund an accelerated production ramp. Together, these initiatives position us to scale ULTRA production to as many as 10 aircraft per month by 2028, supporting what we believe could become one of the most significant growth opportunities in our portfolio.

重要的是，這項垂直整合也讓我們有機會透過掌握製造流程中更多價值，進一步提升 ULTRA 原本就具吸引力的毛利結構。Stemme 現有的歐洲製造工廠目前產能利用率僅 25%，在既有據點內仍有空間提升產量。此外，Stemme 具備型式認證（type-certified）的飛機與成熟的製造流程，為我們在美國加速量產提供堅實基礎；我們計畫在美國建立最多 345,000 平方英尺的新增製造產能。我們相信資本結構足以支持此擴張，但也可能考慮取得非稀釋性資金來源的機會，以協助資助更快速的產能爬坡。綜合而言，這些措施使我們得以在 2028 年前將 ULTRA 產能擴大至每月最多 10 架，支撐我們認為可能成為我們產品組合中最重要的成長機會之一。

Let's turn to IonStrike, our cost-effective kinetic counter-UAS interceptor designed to address one of the most urgent requirements in global defense. We continue to advance IonStrike with U.S. government customers, building on the important development and validation work completed with the U.S. Air Force. The market requirement is clear. Adversaries are industrializing the production of increasingly capable Shahed-type drones, creating demand for defensive systems that can be deployed in very large quantities. As we have discussed previously, we are pursuing initial commercial orders and can now share that we have submitted a response to a $45 million sole source RFP, reflecting progress toward operational use and scale deployment. While we are limited in the details we can share, we believe the requirement is urgent. We are preparing our production base so that we can move quickly if awarded.

接著談 IonStrike：這是我們具成本效益的動能式反無人機系統（counter-UAS）攔截器，旨在滿足全球國防領域最迫切的需求之一。我們持續與美國政府客戶推進 IonStrike，並以先前與美國空軍完成的重要研發與驗證工作為基礎。市場需求十分明確。對手正將更高性能的「Shahed 類」無人機生產工業化，因而催生可大量部署的防禦系統需求。如我們先前所述，我們正爭取初期商業訂單；目前也可分享，我們已就一項 4,500 萬美元的單一來源（sole source）RFP 提交回覆，顯示我們在邁向作戰使用與規模化部署方面取得進展。由於可揭露資訊有限，我們無法分享更多細節，但我們相信該需求相當迫切。我們正準備生產基礎，以便一旦得標即可迅速行動。

In addition, IonStrike was recently selected for a $10 million integration order with a new U.S. government customer. This order is related to a new operational environment, and we look forward to sharing more on this as we can. Of course, the growing threat from Shahed-class drones creates an economic challenge as well as an operational one. Customers need an interceptor that can defeat these threats without relying on weapons, costing hundreds of thousands of dollars per engagement. IonStrike is designed for that mission. It is a fire-and-forget system, requires no operator after launch, can be deployed across land, maritime, and airborne applications, and has a targeted sales price below $50,000 per unit. Cost parity is critical here, as is the ability to produce at scale. We are now preparing our production base for rapid scale.

此外，IonStrike 近期也獲一位新的美國政府客戶選定，取得一筆 1,000 萬美元的整合訂單。此訂單與一個新的作戰環境相關，我們期待在可行時分享更多資訊。當然，Shahed 級無人機日益增加的威脅，除了作戰層面，也帶來經濟層面的挑戰。客戶需要一種攔截器，能在不依賴每次交戰成本高達數十萬美元的武器情況下擊敗這些威脅。IonStrike 即為此任務而設計。它是「發射後不管」（fire-and-forget）系統，發射後不需要操作員介入，可部署於陸上、海上與空中應用，且目標銷售價格低於每套 50,000 美元。在此，成本對等（cost parity）至關重要，同樣關鍵的是具備規模化生產能力。我們目前正為快速擴產準備生產基礎。

We expect to reach hundreds of units per month early in 2027 and to expand toward thousands of units per month beginning in late 2027. We are also developing IonStrike as a family of interceptors and precision strike systems that can address multiple missions, launch configurations, and operational environments, and we look forward to sharing more details on this roadmap over time. As IonStrike moves from integration into fielded deployment, we believe it can become a meaningful growth platform for Ondas and address a multi-billion-dollar annual market opportunity. Our focus is execution, completing customer integration, converting proposals into production orders, and building the capacity required to meet global demand at scale. We have also continued to strengthen the Ondas platform through a series of targeted acquisitions that add important enabling technologies across our major market segments. This slide highlights four of those additions.

我們預期在 2027 年初達到每月數百套的產量，並自 2027 年末開始擴展至每月數千套。我們也正將 IonStrike 開發為一個攔截器與精準打擊系統家族，可涵蓋多種任務、發射配置與作戰環境，並期待隨時間推進分享此路線圖的更多細節。隨著 IonStrike 從整合階段走向實際部署，我們相信它可成為 Ondas 具意義的成長平台，並切入每年數十億美元規模的市場機會。我們的重點在於執行：完成客戶整合、將提案轉化為量產訂單，並建立滿足全球規模化需求所需的產能。我們也透過一系列具針對性的併購持續強化 Ondas 平台，為我們主要市場區隔增添關鍵的賦能技術。本頁投影片重點呈現其中四項新增項目。

I want to focus first on GATE and Bron Technologies, which establish a strong position for Ondas in the fast-growing electronic safe and arm devices, or ESADs, and advanced electronic fusing for precision weapons, missiles, and interceptors. These are highly specialized safety-critical components, and qualified production capacity is increasingly constrained across the global precision strike supply chain. GATE brings proven engineering, established customer relationships, and a scalable international production footprint, including NATO-based non-ITAR manufacturing through Bron in Poland. Strategically, this acquisition does more than just add an attractive standalone business. With GATE, Ondas is now a leading supplier of high-quality and, importantly, low-cost ESAD and kinetic systems. This also ensures we have access to a critical component in a supply-constrained kinetic package and offers significant gross margin capture for Ondas' precision strike and interceptor platforms. The other acquisitions shown here are also important building blocks.

我想先聚焦 GATE 與 Bron Technologies；它們使 Ondas 在快速成長的電子安全與解保險裝置（electronic safe and arm devices，ESADs）以及用於精準武器、飛彈與攔截器的先進電子引信領域建立強勢地位。這些是高度專業、攸關安全的關鍵元件，而在全球精準打擊供應鏈中，合格的生產產能正日益受限。GATE 帶來經驗證的工程能力、既有的客戶關係，以及可擴展的國際化生產佈局，其中包括透過位於波蘭的 Bron 進行以北約為基礎、非 ITAR 的製造。在策略上，這項併購不僅僅是增加一個具吸引力的獨立業務。藉由 GATE，Ondas 現已成為高品質且更重要的是低成本 ESAD 與動能系統的領先供應商。這也確保我們能取得在供應受限的動能套件中一項關鍵元件，並為 Ondas 的精準打擊與攔截器平台帶來可觀的毛利擷取空間。此處所示的其他併購同樣是重要的基石。

Caribou Labs adds resilient positioning, navigation, and communications capabilities for GNSS-denied and contested environments. Insignito adds an AI-enabled acoustic sensing layer that can identify and track drones by their unique signatures, further strengthening our counter-UAS detection architecture. Ottopia adds proven teleoperation and autonomy software that we believe can accelerate the autonomy path for Ondas' unmanned ground vehicles and heavy combat machinery portfolio. We expect to share more about each of these capabilities in the coming quarters as we integrate them across the portfolio and convert their technology advantages into larger customer solutions and new revenue opportunities. Before turning to the outlook, I want to highlight that we have established the Ondas Land Systems Division within OAS to bring five companies together under one strategy with a clear focus on autonomous ground vehicles.

Caribou Labs 增添了在 GNSS 受阻與對抗環境下的韌性定位、導航與通訊能力。Insignito 增添了 AI 賦能的聲學感測層，可依據無人機的獨特特徵辨識並追蹤目標，進一步強化我們的反無人機（counter-UAS）偵測架構。Ottopia 增添了經驗證的遠端操作與自主軟體，我們相信可加速 Ondas 無人地面載具與重型作戰機械產品組合的自主化路徑。隨著我們在未來幾季將這些能力整合至整體產品組合，並把技術優勢轉化為更大型的客戶解決方案與新的營收機會，我們預期將分享更多相關內容。在談到展望之前，我想強調我們已在 OAS 內成立 Ondas Land Systems Division，將五家公司在單一策略下整合，並明確聚焦於自主地面載具。

The purpose is straightforward: to put unmanned systems at the first point of contact, reducing personnel exposure while helping customers carry out demanding ground missions. This is our bots before boots vision in practice. By combining our capabilities in robotics, autonomy, platforms, protection, and smart demining, we can deliver more complete solutions tailored to the customer's mission. Shared engineering and coordinated operations will accelerate development, integration, manufacturing, deployment, and support while capturing cost synergies through streamlined operations. This also positions us to compete for larger multi-year defense programs. We can bring a broader portfolio to each opportunity with one coordinated team accountable for delivery. We are currently tracking approximately $3.25 billion of identified, unweighted potential pipeline opportunities for land systems through 2031. We are building this division to turn these opportunities into awarded programs and sustained growth. Let's now turn to our outlook for the fourth quarter in 2027.

其目的很直接：讓無人系統站上第一接觸點，降低人員暴露風險，同時協助客戶執行高要求的地面任務。這正是我們「bots before boots」願景的具體實踐。透過整合我們在機器人、自主、平台、防護與智慧排雷方面的能力，我們能提供更完整、且依客戶任務量身打造的解決方案。共享工程與協同營運將加速研發、整合、製造、部署與支援，同時透過流程精簡取得成本綜效。這也使我們具備競逐更大型多年期國防計畫的條件。我們能以一個協同團隊對交付負責，將更廣泛的產品組合帶入每一個機會。目前我們正追蹤截至 2031 年、約 32.5 億美元已辨識但未加權的陸上系統潛在管線機會。我們正在打造此事業部，將這些機會轉化為得標計畫與持續成長。現在讓我們轉向 2027 年第四季的展望。

As we highlighted earlier, we expect a strong finish to a transformational year. We are targeting full-year 2026 revenue of at least $550 million, including more than $250 million in the fourth quarter. We also expect order momentum to remain strong and to exit the year with backlog above the $835 million reported at September 30th, providing substantial visibility into 2027. That growth is supported by major programs already underway, including Mistral's Lethal Unmanned Systems program, INDO Earth's combat engineering vehicles, and continued global demand across our counter-UAS portfolio. Indeed, we see organic growth continuing to be robust and expect at least 75% organic year-over-year growth on a same-store basis for Q4, higher than the 64% we saw in Q3. Looking to 2027, we expect ULTRA and IonStrike to become increasingly material contributors as customers advance and production scales.

如同先前所強調，我們預期這個具轉型意義的一年將以強勁表現收尾。我們的目標是 2026 全年營收至少 5.5 億美元，其中第四季超過 2.5 億美元。我們也預期訂單動能將維持強勁，並在年底時的在手訂單（backlog）高於 9 月 30 日所報告的 8.35 億美元，為 2027 年提供可觀的能見度。該成長由已在進行中的主要計畫所支撐，包括 Mistral 的致命無人系統（Lethal Unmanned Systems）計畫、INDO Earth 的作戰工程車輛，以及我們反無人機產品組合在全球持續的需求。確實，我們看到內生成長持續強勁，並預期第四季在同店基礎（same-store basis）下的有機年增率至少 75%，高於第三季的 64%。展望 2027 年，隨著客戶推進與產能擴張，我們預期 ULTRA 與 IonStrike 將成為愈發重要的貢獻來源。

We are also focused on expanding recurring and repeat revenue across the platform through software, services, sustainment, and longer-duration customer programs. Against that backdrop, we are initiating a 2027 revenue target of at least $1.1 billion. That outlook does not include potential acquisitions and assumes organic growth of more than 40%. As revenue and gross profit scale, we expect meaningful operating leverage. As mentioned, we continue to expect the operating platform to achieve adjusted EBITDA profitability in the fourth quarter of 2026. We are also pulling forward the profitability timeline for Ondas Inc and now expect company-wide adjusted EBITDA profitability in the third quarter of 2027, one quarter earlier than our previous target. Let me wrap up our prepared remarks before we open the call for questions. We are seeing very strong demand across U.S. and allied defense and security markets.

我們也專注於透過軟體、服務、維保（sustainment）以及更長週期的客戶計畫，在整個平台上擴大經常性與重複性營收。在此背景下，我們提出 2027 年營收目標至少 11 億美元。該展望不包含潛在併購，並假設有機成長超過 40%。隨著營收與毛利擴大，我們預期將出現顯著的營運槓桿。如前所述，我們仍預期營運平台將於 2026 年第四季達成調整後 EBITDA 獲利。我們也將 Ondas Inc 的獲利時程提前，現預期公司整體將於 2027 年第三季達成調整後 EBITDA 獲利，較先前目標提前一季。在開放提問之前，讓我先總結我們事先準備的發言。我們在美國及盟國的國防與安全市場看到非常強勁的需求。

The capabilities represented across the Ondas portfolio are rapidly moving from development and evaluation into operational adoption. Indeed, they are increasingly essential to the modern mission. Our adversaries are innovating, deploying, and industrializing autonomous aerial and ground systems, precision effects, sensing, and mission software at scale. The United States and its allies cannot cede that advantage, and we do not believe they will. Despite the political tensions we see in Washington, across Europe, and in other allied capitals, we believe the need to invest in these capabilities has broad and durable support across aisles in Congress. This is a structural, multi-year demand cycle supported by operational urgency and increasingly resilient procurement priorities. Ondas has been built specifically for this adoption curve. We have assembled a differentiated portfolio of software-enabled capabilities across aerial security, persistent intelligence, precision strike, autonomous ground systems, and AI-enabled command and control.

Ondas 產品組合所代表的各項能力，正快速從研發與評估階段走向作戰採用。事實上，它們正日益成為現代任務不可或缺的一部分。我們的對手正在以規模化方式創新、部署並產業化自主空中與地面系統、精準效應、感測與任務軟體。美國及其盟友不能放棄這項優勢，而我們也不認為他們會。儘管我們在華盛頓、歐洲及其他盟國首都看到政治緊張情勢，我們相信投資這些能力的需求在國會跨黨派之間具有廣泛且持久的支持。這是一個結構性、跨多年的需求循環，由作戰急迫性與日益具韌性的採購優先順序所支撐。Ondas 正是為了這條採用曲線而打造。我們已建立一個具差異化的、軟體賦能的能力組合，涵蓋空中安全、持續情資、精準打擊、自主地面系統，以及 AI 賦能的指揮與控制。

We continue to deepen and integrate those capabilities while expanding the supply chain, manufacturing, field support, and sustainment infrastructure required to deliver reliably at scale. These investments strengthen our position with customers and support the much larger company we are building. We also believe the platform company model is required for our industry to scale. Customers need integrated, mission-ready systems that can be delivered and supported across the operational lifecycle. Investors need a financial model that deploys capital efficiently, generates operating leverage, and supports sustained investment in innovation and growth. That is the model we are building at Ondas, a diversified global business with multiple drivers of organic growth, an expanding base of recurring revenue, and the scale to efficiently deploy capital and sustain investment in innovation. Importantly, we believe a growing portion of our business will be driven by recurring and repeat revenue streams.

我們持續深化並整合這些能力，同時擴充供應鏈、製造、現地支援與維保基礎設施，以在規模化交付時維持可靠性。這些投資強化我們在客戶端的地位，並支撐我們正在打造的更大型公司。我們也相信，平台型公司模式是本產業實現規模化所必需的。客戶需要可整合、任務就緒的系統，能在整個作戰生命週期中交付並獲得支援。投資人需要一個能有效部署資本、產生營運槓桿，並支持對創新與成長持續投入的財務模型。這就是我們在 Ondas 正在打造的模式：一個多元化的全球業務，具備多重內生成長驅動因素、持續擴大的經常性營收基礎，以及能有效部署資本並維持對創新投資的規模。重要的是，我們相信我們業務中愈來愈大的部分將由經常性與重複性營收來源所驅動。

This includes software, services, and sustainment, as well as mission-critical components designed into customer platforms that generate repeat orders and are difficult to substitute. Together, these revenue streams provide greater visibility, durability, and predictability as our business scales. Our focus continues to be on execution, converting backlog, delivering on major programs, scaling production, integrating our technologies, and demonstrating the profitable growth our platform model can generate. In closing, I want to restate the three main takeaways from today's call, which we mentioned at the outset of our call. First, Ondas is establishing a scaled global business with a strong foundation for sustained long-term organic growth. Second, we have multiple opportunities to drive outsized growth, including ULTRA, IonStrike, Regna AI, and others, with the potential to meaningfully accelerate our growth trajectory. And thirdly, we are laser-focused on rapidly scaling production and deployment capabilities to capitalize on accelerating demand for our solutions.

這包括軟體、服務與維保（sustainment），以及被設計進客戶平台、可帶來重複訂單且難以替代的任務關鍵組件。隨著我們業務規模擴大，這些營收來源共同提供更高的可視性、耐久性與可預測性。我們的重點仍在於執行：轉化在手訂單（backlog）、交付重大專案、擴大產能、整合我們的技術，並證明我們的平台模式能帶來的獲利性成長。最後，我想重申今天電話會議的三個主要重點，這些我們在開場時已提到。第一，Ondas 正在建立一個具規模的全球業務，並擁有可支撐長期、持續的內生成長的堅實基礎。第二，我們有多項機會推動超額成長，包括 ULTRA、IonStrike、Regna AI 等，並有潛力實質加速我們的成長軌跡。第三，我們高度聚焦於快速擴大生產與部署能力，以把握對我們解決方案日益加速的需求。

We believe Ondas is positioned to become a global leader in autonomous defense and security technologies and to create substantial long-term value for our customers and shareholders. Thank you again for joining us today. Operator, we will now open the call for questions.

我們相信 Ondas 已具備條件成為自主防務與安全技術的全球領導者，並為客戶與股東創造可觀的長期價值。再次感謝各位今天與會。主持人，我們現在開放提問。

(Operator Instructions)

（接線員指示）

Trevor Walsh, Citizens

Trevor Walsh，Citizens

Great. Good morning, all. Thanks for taking the questions. I wanted to talk a little bit about ULTRA, if I could. Eric, can you maybe unpack that $1 billion recurring revenue stat that you had on the slide and you talked about in the prepared remarks, and what really does that consist of, and is that really a U.S.-dependent type of number, or is that broadly for the platform? Just a little bit more color there would be helpful. Thanks.

很好。各位早安。感謝接受提問。如果可以的話，我想稍微談一下 ULTRA。Eric，你能否進一步拆解一下投影片上你提到的「10 億美元經常性收入」這個數字？它實際包含哪些內容？另外，這個數字是否高度依賴美國市場，還是更廣泛地適用於整個平台？如果能多提供一些背景說明會很有幫助。謝謝。

Hey, Trevor. Thank you for the question, and it's an important one. I want to ask Ryan to unpack that for us.

嗨，Trevor。謝謝你的提問，這確實很重要。我想請 Ryan 來為我們拆解說明。

Yeah. Thanks, Trevor. I appreciate the question. If you look at just the global demand for combat air patrols or combat lines with the U.S. Air Force and our allied partners, there's approximately 110 combat air patrols that are deployed globally. What we see and what we're experiencing today is an increase in what we would call a mixed fleet of systems for combat air patrols. You saw Secretary Meink mention in a speech recently that they deployed both Reapers and ULTRAs to great effect. What he's talking about is that mixed fleet for a combat air patrol. In seeing that mixed fleet, we're seeing that there is operational utility of having both Reapers and ULTRAs in support of a combat air patrol.

好的。謝謝你，Trevor。我很感謝這個問題。如果你看美國空軍以及我們盟國夥伴在全球對戰鬥空中巡邏（combat air patrols）或戰鬥航線（combat lines）的需求，全球大約部署了 110 個戰鬥空中巡邏單位。我們目前看到並正在經歷的是：在戰鬥空中巡邏任務中，所謂「混合機隊」系統的使用正在增加。你也看到 Meink 部長最近在演講中提到，他們同時部署了 Reaper 與 ULTRA，且效果顯著。他所指的就是戰鬥空中巡邏任務的混合機隊。在看到這種混合機隊後，我們也看到同時使用 Reaper 與 ULTRA 來支援戰鬥空中巡邏，在作戰上具有實用性。

For Ondas, the ongoing annual cost of a combat air patrol or the revenue for a combat air patrol is $23 million. If you just extend that to less than half of the global combat air patrols, that gets us to $1 billion in sustained revenue on an annualized basis, not inclusive of the acquisition cost of the platform.

對 Ondas 而言，一個戰鬥空中巡邏單位每年的持續成本，或可對應的營收為 2,300 萬美元。如果把這個數字延伸到全球戰鬥空中巡邏單位中不到一半的規模，按年化計算即可達到 10 億美元的可持續營收，且不包含平台的採購成本。

Yeah, I will also add that, Trevor, that is a U.S. number.

是的，我也補充一下，Trevor，這是一個以美國為基礎的數字。

Perfect. Yeah, that makes sense. I appreciate the explanation. If I can just do one quick follow-up. I understand that the gross margin outlook is the pressure there is extending into Q4 and potentially into 2027, and it sounds like that is more a mix type of outcome that is somewhat out of your control because obviously you want to just sell what you can get out the door. But I am just trying to bridge or marry you pulling forward the adjusted EBITDA outlook a quarter forward next year. Should we expect gross margins to significantly get back or abate the pressures there and get back to that 40%+ range to meet that adjusted EBITDA goal?

了解。是的，這樣就說得通了。感謝你的說明。如果我可以再追問一個簡短的問題。我理解毛利率展望的壓力會延續到第四季，甚至可能延伸到 2027 年；而聽起來這更多是產品組合（mix）造成的結果，某種程度上不完全在你們控制之內，因為你們當然會希望能出貨多少就賣多少。但我想把這點與你們把明年調整後 EBITDA 展望提前一季達成這件事連結起來。我們是否應該預期毛利率會顯著回升、壓力緩解，並回到 40% 以上的區間，以達成調整後 EBITDA 的目標？

Is that sort of the best way to think about it, or as far as the timing of both sort of coming together, or am I missing something there?

這樣理解是否是最佳方式？或者就兩者在時間點上如何同時到位而言，我是不是漏掉了什麼？

Yeah, good question. You are right. There is a combination of mix for sure, but some inefficiencies as we were ramping programs and driving scale. We think both will improve to the upside moving into and through 2027. And we do have that longer term target, I would say over the next 12-24 months to get that into the 45%to50% range. As it relates to the expectations around profitability and being EBITDA positive on a consolidated level, we are just getting increased visibility around the revenue ramp and the gross profit ramp vis-à-vis our operating expenses. We think we are on track.

是的，這是個好問題。你說得沒錯。確實有產品組合的因素，但在我們拉升專案、推動規模化的過程中，也存在一些效率不彰。我們認為這兩者在邁入並貫穿 2027 年的過程中都會朝正向改善。而就較長期目標而言，我會說在未來 12 到 24 個月內，毛利率要提升到 45% 到 50% 的區間。至於對獲利能力的預期，以及在合併層級達到 EBITDA 轉正，我們只是對營收爬坡與毛利爬坡相對於營業費用（operating expenses）的走勢，獲得了更高的可視性。我們認為進度符合預期。

Terrific. Thanks all for the questions. I will hop back in the queue.

太好了。謝謝各位回答問題。我回到隊列裡。

Austin Bohlig, Needham & Company

Austin Bohlig，Needham & Company

Hey, guys. Thanks for taking the question, and congrats on the solid quarter and strong outlook. Maybe just one on that $1.1 billion guide with backlog expecting to grow in Q4. Do you guys expect the majority of that to get filled in 2027? If that is true, it leaves roughly a few hundred million dollars to hit that target, so the $1.1 billion feels conservative. I am curious on if you could lay out potential upside scenarios and what that might look like.

嗨，各位。謝謝接受提問，也恭喜本季表現穩健、展望強勁。我想問一下你們提出的 11 億美元指引，且預期第四季在手訂單（backlog）會成長。你們是否預期其中大部分會在 2027 年完成交付／認列？如果是這樣，距離達成該目標大概只剩幾億美元，因此 11 億美元看起來偏保守。我想請你們談談可能的上行情境，以及可能會是什麼樣子。

Hey, Austin, great question. Of course, we are still in 2026, so I want to defer getting into some more granular conversation around upside. $1.1 billion is a substantial step forward for us, and we do have quite a bit of visibility, and I think that is going to improve this quarter because we do see a strong pipeline and are optimistic about the bookings cadence as we are going through the quarter. We do endeavor to give targets that are conservative, and we are working very hard to establish that and sustain that track record of delivering for our investors. I feel good about the $1.1 billion, and of course, we are going to work really hard to put a higher or to outperform that.

嗨，Austin，這是個很好的問題。當然，我們目前仍在 2026 年，所以我想先避免進入更細部的上行討論。11 億美元對我們而言是很大的一步，我們也具備相當程度的可視性；而我認為本季這點會進一步改善，因為我們確實看到強勁的案源管線（pipeline），並且在本季推進過程中，對接單節奏（bookings cadence）感到樂觀。我們確實致力於提供相對保守的目標，同時也非常努力建立並維持一個能為投資人兌現承諾的交付紀錄。我對 11 億美元很有信心；當然，我們也會非常努力去達成更高的結果、或超越該目標。

All right, perfect. Then maybe just one more, and on the M&A front, but uniquely enough this morning, a public satellite company announced their first acquisition in the unmanned ground space, and their whole rationale is they believe space is becoming an important layer within this modern warfare domain. I am just kind of curious, it feels like a natural extension for Ondas to kind of expand into the space domain. How do you guys view that, and what would that maybe look like?

好的，了解。那我再問一個，關於併購（M&A）方面。今天早上有一家上市的衛星公司宣布了他們在無人地面領域的第一筆收購，他們的核心理由是：他們認為太空正在成為現代戰爭領域中的重要一層。我有點好奇，這看起來像是 Ondas 自然可以延伸、擴展到太空領域的一個方向。你們怎麼看這件事？以及這可能會是什麼樣子？

Yeah, so I think for sure, and we describe our ISR business as multi-domain, and of course, that starts with the stratosphere for us, where we bring unique capabilities. That goes all the way down through, of course, the ULTRA platform, a group five long-endurance drone, group three, two, and one, both ISR and strike. We do have an interest in the space domain, but I do not think it is time for us to unpack that and give an outlook as to how we may approach it. I do not feel it is essential to us or that it is a gap, but it would be an opportunity.

是的，我認為毫無疑問，而且我們將我們的 ISR 業務描述為多領域（multi-domain），當然，對我們而言這從平流層開始，我們在那裡帶來獨特的能力。接著一路往下，當然包括 ULTRA 平台：第五組長航時無人機，以及第三、第二與第一組，涵蓋 ISR 與打擊任務。我們確實對太空領域有興趣，但我不認為現在是我們把它攤開來談、並就我們可能如何切入提供展望的時候。我不覺得這對我們而言是必要的，或是存在缺口，但它會是一個機會。

All right.

好的。

Thank you, guys. We'll keep up the great work.

謝謝各位。我們會繼續把工作做好。

Jonathan Siegmann, Stifel.

Jonathan Siegmann，Stifel。

Hey, good morning. Thank you for taking my question. A lot of good news in the quarter. Maybe talk a little bit about the ground vehicle opportunity. Now that it's entering production, can you talk a little bit about what's firmly ordered and the production rate supported in 2027? And just how do you reserve for any contingencies related to that steep ramp that you have? Thank you.

嗨，早安。謝謝讓我提問。本季有很多好消息。也許請談談地面車輛的機會。現在它正進入量產階段，能否談談目前已確定下單的數量，以及 2027 年可支援的產能／生產速率？另外，面對你們這個陡峭的爬坡（ramp），你們如何為相關的任何突發狀況預作準備？謝謝。

Thanks, sir. Jon, so we've got quite a bit going on in our land systems business, and as we said today, we've combined that under a single leadership team, and that includes 4M, it includes our Roboteam and Ottopia, Apeiro, as well as INDO Earth. As we're moving into Q4 in the first half of 2027, you're going to see the INDO Earth orders in program ship. We think that has a possibility of expanding, actually, with additional orders. We see 4M continue to deliver on its land clearance activities, and we actually see opportunities there to have more follow-on orders around major cleanup programs that we've announced in Israel. We think that there's generally a strong demand. I'll add that the Iron Wave systems have been deployed and have been well received, and we're expecting to grow that business into 2027 as well.

謝謝您。Jon，我們的陸上系統業務目前有相當多進展；正如我們今天所說，我們已將其整合到單一的領導團隊之下，其中包括 4M、我們的 Roboteam 與 Ottopia、Apeiro，以及 INDO Earth。隨著我們進入第四季並邁向 2027 年上半年，你會看到 INDO Earth 的訂單開始進入專案出貨（program ship）。我們認為它其實有機會透過追加訂單而擴大。我們看到 4M 持續在其地面清除（land clearance）作業上交付成果；而且我們也看到機會，能在我們於以色列宣布的重大清理計畫周邊取得更多後續訂單。我們認為整體需求普遍強勁。我再補充一點：Iron Wave 系統已部署且反應良好，我們也預期該業務將一路成長到 2027 年。

I don't want to give a specific number on what that looks like for 2027, but I do think it's going to be a big chunk of the mix. And we did share what that looks like in terms of targets in our outlook for the land systems business.

我不想就 2027 年的具體數字做出說明，但我確實認為它會在組合中占很大一部分。而且我們也在對陸上系統業務的展望中，分享了相關目標大致會是什麼樣子。

Good. Thank you. Then I'll ask just one on budgets, just because we're in such a dynamic environment and recognizing there's not a clean answer on some of these things. But just how much of your growth could be dampened if we don't have an extended CR or not be able to pass reconciliation? And then over in Israel, can you give some context on what could change and not change if the U.S. stops supporting funds over there? Thank you.

很好，謝謝。那我再問一題關於預算的問題，因為目前環境非常動態，也理解有些事情沒有明確答案。但如果我們沒有延長的 CR（持續決議），或無法通過協調法案（reconciliation），你們的成長可能會被壓抑多少？另外在以色列那邊，如果美國停止提供資金支持，你能否提供一些背景：哪些可能會改變、哪些不會改變？謝謝。

Okay, I'll start with the latter on Israel, and then I'll ask Ryan to share more context on the U.S. market and some of those dynamics you're highlighting. Firstly, we have a very strong foundation in Israel. In fact, none of the business we have today has been funded or is expected to be funded by the U.S. government. So we feel like we have a very good position there. And of course, Israel had an election, and they're forming a new government. We think our business there is very strong. We're going to continue to invest in Israel's security. And Israel, like all the markets we're seeing, is undergoing a shift towards unmanned systems, autonomy, robotics, and it's quite clear that Ondas is an important part of that market there.

好的，我先回答後半段關於以色列的部分，然後我會請 Ryan 針對你提到的美國市場及相關動態補充更多背景。首先，我們在以色列有非常穩固的基礎。事實上，我們目前在那裡的業務沒有任何一部分是由美國政府出資，或預期會由美國政府出資。因此我們覺得我們在那裡的定位非常好。當然，以色列剛完成選舉，正在組成新政府。我們認為我們在那裡的業務非常強勁。我們將持續投資以色列的安全。而以色列和我們所看到的所有市場一樣，正轉向無人系統、自主化、機器人；很明顯 Ondas 是那個市場的重要一環。

We're going to continue to invest, and I don't see a significant impact on any pullback in funding from the United States to Israel impacting us. I do think of that as just opportunity. Ryan, would you share some insight onto the U.S. business and outlook? And I'll highlight before you do that, the United States is now about half our business, and I think that's going to continue to be the biggest market for Ondas. Ryan?

我們會持續投資，而且我不認為美國對以色列資金支持若出現任何縮減，會對我們造成顯著影響。我反而把那視為一種機會。Ryan，你能否分享一些對美國業務與展望的看法？在你開始之前我先強調一下：美國現在約占我們業務的一半，而且我認為它將持續是 Ondas 最大的市場。Ryan？

Yeah. Thanks, Eric. Jon, thank you for the question. For the work we are doing currently in the U.S., all of that work is either currently in a 2026 budget, therefore transitioning into a CR at current levels. In addition to that, a lot of the growth that we are seeing is supported by O&M budgets and not new starts. We feel quite confident that we are isolated from a continuing resolution and that an extended CR is not going to impact the growth that we see in front of us. I will also highlight that in a CR, the offerings that we have, and I will speak specifically to ULTRA, enable the U.S. Air Force to extend the combat air patrols and the combat lines on a global level at a lower cost to the U.S. government.

好的，謝謝 Eric。Jon，謝謝你的問題。就我們目前在美國進行的工作而言，這些工作要嘛已納入 2026 年預算，因此在 CR 下會以目前水準延續。此外，我們看到的許多成長是由 O&M（營運與維護）預算支持，而不是新案（new starts）。我們相當有信心，我們基本上不會受到持續決議的影響，延長的 CR 也不會影響我們眼前看到的成長。我也要強調，在 CR 情境下，我們的產品與方案——我特別指 ULTRA——能讓美國空軍以更低的成本，在全球層面延長戰鬥空中巡邏（combat air patrols）與作戰線（combat lines）。

We believe that the O&M budgets will actually go further than they would have otherwise gone in being able to provide that very important capability around the world. All of our other programs, like I said, are supported with current budgets and O&M.

我們相信 O&M 預算實際上會比原本更「耐用」，也就是能走得更遠，從而在全球提供那項非常重要的能力。我們其他所有專案，如我所說，都是由現有預算與 O&M 支持。

Tim Horan, Oppenheimer

Tim Horan，Oppenheimer

Thanks, guys. On IonStrike , going from hundreds to thousands in manufacturing, is that relatively linear, that scale?

謝謝各位。關於 IonStrike，製造量從數百提升到數千，這樣的擴產是相對線性的嗎？

Sure. We are today shipping against or preparing to ship against the orders that we described on the call, Tim, and those are low-rate production. As we are moving into 2027, we have a plan to scale that production, and of course, we will do that in concert with our customer as we are looking towards reorders. Ryan, would you add anything to that?

當然可以。我們目前正在依照我們在電話會議中所描述的訂單出貨，或為出貨做準備，Tim，而那些屬於低速率量產（low-rate production）。隨著我們邁向 2027 年，我們有一個擴大產能的計畫；當然，我們會與客戶協同進行，並在展望再訂單（reorders）時同步推進。Ryan，你要補充嗎？

The only thing I would add is that we have all of the manufacturing footprint that we need to scale it to the levels we are talking about in 2027. We are adding the people resources to be able to support that growth, and we are well aligned with our supply chain to be able to scale at the rates that we are talking about.

我唯一要補充的是：我們已具備所需的全部製造場地與產能基礎（manufacturing footprint），可以把規模擴到我們所談的 2027 年水準。我們正在增加人力資源以支援該成長，並且我們與供應鏈高度一致，能以我們所談的速率進行擴產。

Yeah, so we will spend some more time, Tim, going through the details of the capacity expansion for IonStrike as we get more visibility into follow-on orders. So, stay tuned.

是的，所以 Tim，隨著我們對後續訂單有更多能見度，我們會花更多時間帶大家了解 IonStrike 的產能擴張細節。敬請期待。

I mean, can you talk about the demand for that qualitatively? I mean, if the demand is there, you are talking about this being at least a billion-dollar run rate business in a year.

我的意思是，你能否從質性角度談談對它的需求？我是說，如果需求確實存在，你們談的是這在一年內至少會成為年化營收規模達 10 億美元的業務。

Well, yeah. The demand is massive, and there is a massive shortage in interceptors, and it is a critical requirement. We know that is the case in Ukraine. We know that is the case in the Middle East as well, and the case in Europe. So yeah, I think we are in an environment where we are well-positioned. We have got the product that is meeting requirements for this next-generation Shahed, which is a menace in Ukraine and elsewhere. I think we are actively working on this capacity expansion because we do expect this to become a significant business for us.

嗯，是的。需求非常龐大，而攔截器嚴重短缺，這是一項關鍵需求。我們知道烏克蘭就是如此。我們也知道中東如此，歐洲也是如此。所以是的，我認為我們所處的環境讓我們具備很好的有利位置。我們的產品能滿足下一代 Shahed 的需求，這在烏克蘭及其他地區都是一大威脅。我認為我們正積極推動產能擴張，因為我們確實預期這將成為我們一項重要的業務。

Just to follow up on the ULTRA, I am just trying to understand ultimately what the overall size of the market could be. I mean, do you think many, many more countries would adopt CAPs like this? If you are going to be a quarter of the total cost or much, much lower cost, do you think the U.S. would adopt a lot more? Thanks.

我想就 ULTRA 追問一下，我只是想了解最終整體市場規模可能會有多大。我的意思是，你認為會有更多、更多國家採用這樣的 CAP 嗎？如果你們的成本能做到總成本的四分之一，或是低得多，你認為美國會採用更多嗎？謝謝。

We sure do. Ryan, what would you add to this in terms of the international opportunity?

我們當然認為會。Ryan，就國際機會而言，你會補充什麼？

Yeah. Everything that we have talked about thus far is specific to the U.S. We see growing demand in the Indo-Pacific region and in the European market. Global demand, or international demand, is about 25%-30% of the overall demand for combat air patrols. That is a significant portion of what we see. Our focus today is on responding to U.S. Air Force demand. Once that is satisfied and we are at a steady rate with the U.S. Air Force, we will see steady growth in the international market.

是的。我們到目前為止談到的內容都聚焦在美國。我們看到印太地區以及歐洲市場的需求正在成長。全球需求或國際需求約占戰鬥空中巡邏（CAP）整體需求的 25%–30%。這是我們所看到的一個相當可觀的比重。我們今天的重點是回應美國空軍的需求。一旦那部分需求被滿足，且我們與美國空軍的供應節奏達到穩定，我們將看到國際市場的穩定成長。

Michael Latimore, Northland Capital Markets

Michael Latimore，Northland Capital Markets

Great. Thanks, yeah. Congrats on the strong growth here. With regard to Regna AI, can you talk a little bit more about the dynamics around that? What are the sales cycles like there, deployment timelines, and then, how do you price it, gross margin, deal size? A little more detail on Regna would be great.

很好。謝謝，是的。恭喜你們這裡的強勁成長。關於 Regna AI，你們能否再多談一點相關的動態？那邊的銷售週期如何、部署時程如何，另外，你們如何定價、毛利率、單筆交易規模？如果能提供更多 Regna 的細節就太好了。

All right, great. Great question. Ryan, you've been busy on this call. I'm going to ask you to expand on this.

好，太好了。問得很好。Ryan，你在這通電話裡很忙。我想請你就這點再延伸說明。

Yeah, thank you. Great question. I'll start with the sales cycle. What does that look like? Whenever a customer is deploying Sovereign AI, there's really two elements that are important for them to be able to deploy. The first is the hardware layer. This is whether it be on-prem or air-gapped Sovereign AI. We work with those customers to establish a sovereign hardware environment and then deploy the Sovereign AI models, the open-weight models, on their hardware. The sales cycle is pretty straightforward. This is mostly software sales with a little bit of hardware infrastructure. We expect sales cycles to be measured in single-digit months, in most cases within a quarter.

好的，謝謝。問得很好。我先從銷售週期開始。那會是什麼樣子？每當客戶要部署 Sovereign AI 時，實際上有兩個要素對他們能夠部署很重要。第一個是硬體層。不論是地端（on-prem）或是氣隙隔離（air-gapped）的 Sovereign AI，我們都會與客戶合作建立主權硬體環境，然後在他們的硬體上部署 Sovereign AI 模型，也就是開放權重（open-weight）模型。銷售週期相當直接。這主要是軟體銷售，搭配少量硬體基礎設施。我們預期銷售週期多以個位數月份衡量，多數情況下在一個季度內完成。

The overall deployment model is once hardware is identified or established for these customers, our job is to forward deploy engineers to design the overall model architecture for them and the post-training environment, and then separately have the researchers that post-train and fine-tune the models based on their mission data. The revenue profile is the forward deployed engineers plus the researchers, and then the compute and storage sales specific to operating their models.

整體部署模式是：一旦為這些客戶確認或建立硬體，我們的工作就是派遣前線部署工程師（forward deploy engineers）為他們設計整體模型架構與後訓練（post-training）環境；另外再由研究人員根據他們的任務資料對模型進行後訓練與微調（fine-tune）。營收結構來自前線部署工程師與研究人員的服務，並加上為其模型運行所需的運算與儲存銷售。

Awesome. Great. Eric, you talked about one of the goals is growing the recurring revenue over time. Can you just bracket that a little bit more, like in 2027, what percent of revenue could that be, or longer term?

太棒了。很好。Eric，你提到其中一個目標是隨時間推進提高經常性收入。你能否再把範圍界定得更清楚一些，例如到 2027 年，經常性收入可能占營收的百分之多少，或是更長期？

Yeah, I can't put any more precision on it today. The recurring and reoccurring revenue is a small piece of our revenue stream today. But as the installed base grows and we mature to more systems of systems and software-driven revenues, I think you can see it grow dramatically. So, we'll be sharing more updates on that as we see that dynamic play through, but I'm very optimistic about it.

是的，我今天無法給出更精確的數字。目前經常性與重複性收入在我們的營收來源中仍只占很小一部分。但隨著裝機基礎擴大，以及我們成熟到更多「系統中的系統」與軟體驅動的營收，我認為你會看到它大幅成長。因此，當我們看到這個動態逐步展開時，會分享更多更新，但我對此非常樂觀。

Clarke Jeffries, Piper Sandler

Clarke Jeffries，Piper Sandler

Hello. Thank you for taking the question. I was just curious if you could remind us on any significant deliveries that were planned in the ISR segment for the second half of this year. I noticed it's the only category that didn't sequentially grow in the backlog, and it was one of those. The target revenue expectation jumped to 27% in that category. Any color on timing of revenue recognition and backlog to revenue transition in ISR specifically.

你好。謝謝讓我提問。我只是想請你們提醒一下，今年下半年在 ISR（情報、監視與偵察）部門是否規劃了任何重大交付。我注意到它是唯一一個在積壓訂單（backlog）上沒有呈現季比成長的類別，而且它也是其中之一。該類別的目標營收預期上調到 27%。能否談談 ISR 這塊在營收認列時點，以及從積壓訂單轉為營收的節奏？

I think the ISR business is on plan. I think the dynamic you're talking about is more of other parts of the business growing faster, perhaps, in terms of orders. As we've highlighted on the call, we're expecting a significant ramp in our ISR, specifically around ULTRA, and we do think the World View business is looking. We've got significant pipeline opportunities into 2027.

我認為 ISR 業務按計畫進行。我想你提到的動態，更多是業務的其他部分在訂單成長上可能更快。正如我們在電話會議中強調的，我們預期 ISR 會顯著爬坡，特別是圍繞 ULTRA；我們也確實認為 World View 業務看起來不錯。我們到 2027 年都有相當可觀的管線機會。

Perfect. Then just talking about these adjusted EBITDA timelines and the ability to pull it forward here another quarter in terms of the overall corporate number, what's making the most difference there? It seems to be a very bullish tone in terms of the bookings and the growth outlook, but curious maybe under the hood in terms of any kind of efficiency or operating expense management that you're seeing from any of those, the Palantir partnership or otherwise. What's making the most difference here? Thank you.

很好。那再談到這些調整後 EBITDA 的時程，以及把整體公司層面的時間點再往前拉一個季度的能力，最主要的差異來自哪裡？在訂單與成長展望方面的語氣似乎非常樂觀，但我也想了解一些更底層的因素，例如效率提升或營運費用管理方面，你們是否從 Palantir 的合作或其他方面看到成效。到底是什麼帶來最大的差異？謝謝。

Yeah, the biggest difference is just the revenue and gross profit expansion we're seeing in 2027 is significant. We're going from doing over $500 million in revenue this year, and we're funding that business so it can be $1 billion plus next year. So we've made a lot of investments in the last several quarters, specifically to scale the business to handle a much bigger revenue stream, not just in 2027, but into 2028. I'll also add that as we're given the targets around profitability and EBITDA break-even, we've been deliberately conservative because we want to get, again, coming back to my earlier statement, it's important for us to deliver a track record of meeting expectations and even exceeding them. So, I think that we've got strong momentum into 2027.

是的，最大的差異就是我們在 2027 年看到的營收與毛利擴張非常顯著。我們今年的營收將超過 5 億美元，而我們正在為這項業務提供資金支持，使其明年能達到 10 億美元以上。因此，在過去幾個季度我們做了大量投資，特別是為了擴大規模，讓業務能承接更大的營收規模，不僅是 2027 年，也延伸到 2028 年。我也要補充的是，當我們提出獲利能力與 EBITDA 損益兩平的目標時，我們刻意採取較保守的做法，因為我們希望——回到我先前的說法——對我們而言，交出符合預期、甚至超越預期的成績紀錄非常重要。所以，我認為我們在邁向 2027 年方面具備強勁動能。

We're going to be generating significantly higher levels of revenue and gross profit, and of course, that's what it takes to get the operating leverage, and that's what we've been signaling to bring us to drive profitability of the business. It's just that simple.

我們將產生顯著更高水準的營收與毛利，當然，這正是取得營運槓桿所需要的，也是我們一直在傳達、用以推動公司獲利能力的方向。就是這麼簡單。

Thank you very much.

非常感謝。

Matthew Galinko from Maxim Group

Maxim Group 的 Matthew Galinko

Great. Thanks. First question is on, I guess, can you expand a little bit on the funding concept for Regna and expectations for the timeline to become a material revenue contributor? Sounds like you're not necessarily including it in your early 2027 forecast, but just wanted to level set there.

很好。謝謝。第一個問題是，關於 Regna 的資金籌措概念，您能否再多展開一些，以及預期它成為具實質貢獻的營收來源的時間表？聽起來你們不一定把它納入 2027 年初期的預測，但我想先把基準釐清。

Yeah, sure. We're not including the Regna financial outlook in our forecast today, so it would be upside. As we've outlined or highlighted, Matt, we are pursuing Regna with financial partners, and I want to hold off on the details until we're able to complete the conversations with those investors. I highlight that the conversations are advanced. It's with Tier 1 VCs with deep experience in building AI infrastructure and services businesses. As we secure that funding, we're going to be able to share a lot more about the financial model looking into 2027 and beyond.

好的，當然。我們今天的預測中沒有納入 Regna 的財務展望，所以它會是上行空間。如我們先前所概述或強調的，Matt，我們正與財務夥伴一起推進 Regna，我想在與這些投資人完成對話之前，先保留細節。我可以強調的是，相關對話已相當深入。對象是具備深厚 AI 基礎設施與服務型企業建置經驗的一線（Tier 1）創投。一旦我們取得該筆資金，我們就能分享更多關於 2027 年及之後的財務模型。

Great. Thanks. My follow-up, I guess, is on working capital and inventory. Had a pretty nice build in third quarter, and obviously a pretty significant revenue ramp for 2027. I'm curious if you could maybe go into the working capital dynamics that we could expect to see into the fourth quarter and as you kind of pursue that ramp for 2027. Thanks.

很好。謝謝。我的追問是關於營運資金與存貨。第三季存貨有相當不錯的增加，而 2027 年顯然有很顯著的營收爬坡。我想請你們談談，第四季以及你們推進 2027 年爬坡過程中，營運資金動態可能會是什麼樣子。謝謝。

Sure. So, yeah, we are building inventory and capacity in front of this very steep revenue curve, so we can deliver against that. I'd expect to see us build inventory during this quarter to support a stronger growth in 2027 as well.

當然。是的，我們正在這條非常陡峭的營收曲線之前先行建立存貨與產能，以便能夠交付。我預期本季我們會持續增加存貨，以支援 2027 年更強勁的成長。

And of course, Matt, then we're going to switch to another question. We're working very hard on cash conversion cycles. It's a very big focus internally to ensure we're managing our working capital as efficiently as possible.

當然，Matt，接著我們會換下一個問題。我們正非常努力改善現金轉換週期。這是內部非常重要的重點，以確保我們盡可能有效率地管理營運資金。

Sameer Joshi, H.C. Wainwright

H.C. Wainwright 的 Sameer Joshi

Hey, good morning. Thanks for taking my questions. I just wanted to understand the cash spend over the next 12 - 15 months. How should we look at it in terms of acquisition budget versus CapEx versus just operating costs?

嗨，早安。謝謝回答我的問題。我想了解未來 12 到 15 個月的現金支出。在併購預算、資本支出（CapEx）以及一般營運成本之間，我們應該如何看待？

Sure. I'll start first with investing in the business. We have a significant opportunity to do that, and we've highlighted some of the things we're doing specifically on production capacity and supply chains. I'm expecting us to continue to have that focus. So you'll probably see CapEx move higher, and I'll likely be in a position to give you more details on that as we're in 2027, and certainly by the time we report our Q4 results, but perhaps before that. There is a significant opportunity for us around ULTRA, where we've acquired Stemme to onshore the production capacity in the U.S., which is critically important for the customer, but also in and around IonStrike, where we see, as we've discussed on the call, a dramatic opportunity here to really grow a big business. Then IonStrike actually can be a family of systems.

好的。我先從對業務的投資談起。我們在這方面有很大的機會，我們也已強調一些正在做的事情，特別是在產能與供應鏈上。我預期我們會持續維持這個重點。因此你們可能會看到資本支出提高；至於更細節的資訊，我可能要到 2027 年時才能提供更多，當然最晚在我們公布第四季（Q4）業績時一定會提供，但也可能更早。在 ULTRA 方面我們有很大的機會，我們已收購 Stemme，將產能移回美國本土，這對客戶至關重要；同時在 IonStrike 方面也是如此，正如我們在電話會議中討論的，我們看到一個非常巨大的機會，能把它做成一門大生意。此外，IonStrike 實際上也可以發展成一個系統家族。

We are exploring that, and I am hopeful that we can share more details probably early in Q1 next year. Otherwise, on the acquisition side, we still continue to see a very strong acquisition pipeline. I think our thesis around building operating platforms or having operating platforms be the right model to scale and deliver these unmanned and autonomous systems to the critical markets where we are focused on.

我們正在探索這點，我希望大概在明年第一季（Q1）初能分享更多細節。另外在併購方面，我們仍然看到非常強勁的併購案源管線。我認為我們關於打造營運平台、或以營運平台作為擴張模型的論點是成立的，因為這是把這些無人與自主系統擴大規模並交付到我們所聚焦的關鍵市場的正確方式。

Our customers are showing there is value in this, the partners, the talent, and of course, the investors are. At the same time, thinking about the cash utilization in our acquisition program more broadly, we are going to be very financially disciplined. The cost of capital matters when we are thinking about acquisitions. They all have to be financially accretive to our investors, and that is the measuring stick, right? They have to be financially accretive. We do not have to do anything today.

我們的客戶正在展現這其中的價值，合作夥伴、人才，當然還有投資人也是如此。同時，從更廣義的併購計畫現金使用來看，我們會非常嚴守財務紀律。在思考併購時，資金成本很重要。所有交易都必須對投資人具財務增益（accretive），這就是衡量標準，對吧？必須具財務增益。我們今天不必做任何事。

We have a complete company. We are operational across four important domains. We now have a global footprint, and we have incredible talent. We have more than enough internal opportunities coming back to that investment I was just referring to a moment ago to drive growth and operating leverage in the business. I still believe that the Core strategic plan works, but given where we are in this market environment, I think you can expect us to be more moderate and more deliberate in the acquisition program when you are thinking about our use of cash and the use of capital.

我們是一家完整的公司。我們在四個重要領域都有營運能力。我們現在也具備全球布局，並擁有卓越的人才。回到我剛才提到的投資，我們內部有綽綽有餘的機會來推動成長與營運槓桿。我仍然相信 Core 的策略計畫是可行的，但考量目前的市場環境，我認為你們可以預期我們在併購計畫上會更溫和、更審慎，尤其是在思考現金使用與資本運用時。

Just a quick one on 4Q outlook. I think you beat your own guidance and consensus quite handsomely in 3Q, but the 4Q seems to be at the same or similar levels at the $250+ million, $255 million around. Was there anything that was pulled from 4Q into 3Q that enabled the beat, or is our 4Q guidance just being conservative?

再快速問一個關於第四季（4Q）展望。我認為你們在第三季（3Q）大幅超越自家指引與市場共識，但第四季看起來仍在相同或相近水準，大約是 2.5 億美元以上、約 2.55 億美元左右。是否有任何原本屬於第四季的項目被提前到第三季，因而促成超預期？還是你們的第四季指引只是比較保守？

Firstly, we don't pull anything forward. When we have customers who provide orders, they need capabilities, and we deliver against our production timelines. Today is better than tomorrow. That's always going to be the case. If you're thinking into Q4, we're just giving a target that we think is achievable, if not beatable, and we think it's a strong performance.

首先，我們不會把任何東西提前。當客戶下單時，他們需要能力，我們就依照生產時程交付。今天比明天好。這永遠都會是事實。如果你在看第四季，我們只是給出一個我們認為可達成、甚至有機會超越的目標，而且我們認為那會是很強勁的表現。

Understood. I just wanted to congratulate on a really nice presentation. Business is complicated, but it is very well presented.

了解。我只是想恭喜你們，簡報做得非常好。業務很複雜，但呈現得非常清楚。

Thank you, Samir.

謝謝你，Samir。

Max Michaelis, Lake Street

Lake Street 的 Max Michaelis

Yep. Hey, guys. Congrats on the quarter. Just one from me, and it's on IonStrike. Looking at the rest of the market, I know Anduril, Raytheon, Quantum Systems, all got products in a similar space. I mean, can you help differentiate the technology at IonStrike versus these other guys, and then maybe help us out where that $50,000 per unit sits compared to the rest of the market?

是的。嗨，各位。恭喜這一季的表現。我只有一個問題，關於 IonStrike。看看市場上其他公司，我知道 Anduril、Raytheon、Quantum Systems 都有在相近領域的產品。你們能否協助區分 IonStrike 的技術相較於這些其他公司的差異？另外也請幫我們理解一下，每台 50,000 美元的定價在市場上相對於其他產品大概落在什麼位置？

Yeah, sure. Ryan, I'm going to hand this to you.

好的，當然。Ryan，我把這個交給你。

Yep. Great, Max. Great question. There's a couple things that differentiate IonStrike, and I'll get to the price for the system here in a second. From a capability point of view, IonStrike was designed to integrate with current C2 systems. In addition to that, it's not a fire-and-forget system, which is another key differentiator of the system. A customer can either abort or retarget the system to a higher priority target mid-flight using current command and control systems and targeting systems. From a cost per kill point of view, this is the huge differentiator for IonStrike. The other systems that you talked about are still systems that are rather exquisite and measured in hundreds of thousands of dollars on a cost per system, and therefore a cost per kill basis.

是的。很好，Max。問得很好。IonStrike 有幾點差異化，我等一下也會談到系統的價格。從能力面來看，IonStrike 的設計是可與現有的 C2 系統整合。此外，它不是「發射後不管」的系統，這也是該系統另一個關鍵差異點。客戶可在飛行途中透過現有的指揮與控制系統及目標指示系統，選擇中止或將系統重新指向更高優先級的目標。從每次擊殺成本的角度來看，這是 IonStrike 最大的差異化。你提到的其他系統仍屬於相當精密的系統，單套系統成本以數十萬美元計，因此在每次擊殺成本的基礎上也同樣如此。

Whereas IonStrike was designed from the very beginning to achieve cost parity against the target set, and in this case, the Shahed 136 class systems. Both from a capability point of view and from a price point of view, it is clearly differentiated, and we are seeing that in the demand that continues to grow for IonStrike.

相較之下，IonStrike 從一開始的設計目標就是在成本上與目標集合達到對等，而在此案例中指的是 Shahed 136 等級的系統。無論在能力面或價格面，它都具有明顯差異化，我們也從 IonStrike 持續成長的需求中看到了這一點。

Jon Hickman, Ladenburg

Jon Hickman，Ladenburg

Hey, nice quarter. You just talked about all the acquisitions you have been making. Could you give us some indication of where you are in integrating those altogether and to a point that you would be, say you are finished with that?

嗨，本季表現不錯。你剛剛談到你們進行的所有併購。你能否給我們一些指標，說明你們在把這些併購整合在一起方面進展到哪個階段，以及到什麼程度你們會說，例如，整合已經完成？

Yeah, sure. We have made significant progress, and this is something that we work on every day. The key to getting this operating leverage and profitability is being able to deliver our capabilities to customers efficiently. We are working really hard on building that operating platform. We have pointed to the investments we have made. Of course, a big part of those investments are firstly in leadership, where we have assembled an incredible team. Then also there is the production and delivery capabilities, and we are spending a lot of time sharing with you how we are doing that, and we are going to continue to do that. Drive scale in the supply chain, drive scale in the production, drive scale in the field services and sustainment, and that is going to be an ongoing basis. I feel like we are in a really good spot here.

好的，當然。我們已取得顯著進展，這也是我們每天都在做的事情。要取得這些營運槓桿與獲利能力，關鍵在於能夠有效率地把我們的能力交付給客戶。我們正非常努力地打造那個營運平台。我們也提到過我們所做的投資。當然，這些投資很大一部分首先是在領導團隊上，我們已組建了一支非常出色的團隊。另外也包括生產與交付能力，我們花了很多時間與各位分享我們如何做到這點，而且我們會持續這麼做。推動供應鏈規模化、推動生產規模化、推動現場服務與維保（sustainment）規模化，而這將會是持續性的工作。我覺得我們目前處於非常好的位置。

We highlighted today that we have created a land systems business, so a division or segment, and that is going to be where our ground capabilities are delivered. At the same time, we are also a systems company, so our land groups are working and integrating technologies with other parts of Ondas, for example, the counter-drone systems and the kinetic systems. I think you should expect us to show you more of that organization of the company. I will point to another place, Ondas Sentinel, right? We have got World View.

我們今天也強調，我們已建立一個陸上系統（land systems）事業，也就是一個事業部或部門，這將是我們交付地面能力的所在。同時，我們也是一家系統公司，因此我們的陸上團隊也在與 Ondas 的其他部分合作並整合技術，例如反無人機系統與動能系統。我想你們可以期待我們向各位展示更多這種公司的組織架構。我也會指出另一個地方，Ondas Sentinel，對吧？我們有 World View。

Okay.

好的。

Thank you. Appreciate it.

謝謝。感謝。

And now DZYNE under Ryan's leadership. We have got an incredible leadership team there, and we are going to market as one Ondas. Again, we have made a tremendous progress there, and it is going to be a massive focus for us.

而現在在 Ryan 的領導下還有 DZYNE。我們那裡也有一支非常出色的領導團隊，我們以「一個 Ondas」的方式推向市場。再次強調，我們在那方面已取得巨大的進展，而這也將是我們的重點工作。

With that, ladies and gentlemen, we will be concluding today's question and answer session. I would like to turn the floor back over to Eric Brock for any closing comments.

那麼，各位女士先生，我們將結束今天的問答環節。我想把時間交回給 Eric Brock，請他做任何結語。

Okay, thank you. It was a great call today. We appreciate all the questions and engagement, and we appreciate you joining us. Thank you for your continued interest in Ondas. We are going to get back to work, and we look forward to updating you on our progress. Operator, we can conclude the call.

好的，謝謝。今天的電話會議很成功。我們感謝大家的提問與參與，也感謝各位加入我們。謝謝各位持續關注 Ondas。我們將回到工作崗位，並期待向各位更新我們的進展。接線員，我們可以結束本次電話會議。

(Closing Remarks)

（結語）